484. Tenant guaranteeing performance of covenant by assignee.

Where, on an assignment1, a tenant2 is to any extent released from a tenant covenant of a tenancy3 by virtue of the Landlord and Tenant (Covenants) Act 1995 ('the relevant covenant'), nothing in that Act4 precludes him from entering into an authorised guarantee agreement with respect to the performance of that covenant by the assignee5. For these purposes, an agreement is an 'authorised guarantee agreement' if:

  1.  

    (1)     under it, the tenant guarantees the performance of the relevant covenant to any extent by the assignee6; and

  2.  

    (2)     it is entered into in the following circumstances7:

    1.  

      (a)     by virtue of a