The following Banking & Finance guidance note Produced in partnership with Bryan Cave Leighton Paisner LLP provides comprehensive and up to date legal information covering:
Once a rolling stock lessor has taken delivery of rolling stock from the manufacturer, maintenance arrangements will be put in place to ensure that the rolling stock is properly maintained. The maintenance arrangements used will depend on a number of factors, although one of the more common maintenance arrangements for new rolling stock used in the UK passenger operations is a train services agreement, (TSA). For more information on the various maintenance options, see Practice Note: Rail finance—leasing and maintenance arrangements.
This Practice Note outlines the core provisions of a typical TSA.
A TSA is usually a bi-partite arrangement between a maintenance provider (usually the manufacturer of the rolling stock or one of its affiliates) and the operator. Occasionally, the lessor may also be a party to a tri-partite TSA.
The maintenance provider will be required to provide a variety of different services and it is usual for a TSA to distinguish between 'standard services' and 'additional services'.
Standard services are those services which the maintenance provider must carry out as standard in exchange for the operator paying a standard service payment. Standard services will typically include:
interior and exterior cleaning, replenishing water and stocks of consumables and maintenance and repair of the rolling stock, and
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