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