A licence to assign an underlease of commercial property where the undertenant requires the consent of the tenant and the landlord (the undertenant's landlord and superior landlord) to the assignment. The underlease is assumed to be a "new" lease for the purposes of the Landlord and Tenant (Covenants) Act 1995.

The licence provides for an optional authorised guarantee agreement (AGA) to be given by the undertenant to the tenant, either on the terms set out in the licence or in a separate document.

The document also contains optional guarantee provisions for use where there is a undertenant's guarantor who is giving a sub-guarantee of the undertenant's obligations in the AGA (GAGA) or a new guarantor for the assignee.