Commercial Leases · glossary
A guarantee by a tenant that assigns its lease that the assignee will pay the rent and keep the lease's promises. The lease defines it by section 16 of the 1995 Act. It lasts until the assignee assigns with consent, and Fellgate must claim each missed month within six months. Definition: authorised guarantee agreement · Chapter 8 · see Assignment
Explained in Chapter 8, Assignment and Underletting, of Commercial Leases.
The same Act gives the landlord an answer. If the lease makes it a condition of consent, the landlord can require the old tenant to guarantee the assignee (section 16). This guarantee is called an authorised guarantee agreement, or AGA. Paragraph (c) of clause 5.6 makes it a condition, and clause 1.1 borrows the Act's meaning…Read Chapter 8, Assignment and Underletting →
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an authorised guarantee agreement within the meaning of section 16 of the Landlord and Tenant (Covenants) Act 1995;Read the definition in the document →
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