A licence to assign a lease of commercial property which is a "new" lease for the purposes of the Landlord and Tenant (Covenants) Act 1995. The licence also permits the assignee to change the use of the property.

The licence provides for an optional authorised guarantee agreement (AGA) to be given by 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 tenant's guarantor who is giving a sub-guarantee of the tenant's obligations in the AGA (GAGA) or a new guarantor for the assignee.