A licence permitting a tenant of commercial property to underlet the whole of the property comprised in its lease. The tenant's lease may be either an "old" or "new" lease for the purposes of the Landlord and Tenant (Covenants) Act 1995. The underlease will be a new lease for the purposes of that Act.

The licence also permits the change the use of the property.

The document contains optional guarantee provisions for use where there is a tenant's guarantor, or a new guarantor for the undertenant.