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Webster 1828 Edition

ppr.

Letting or leasing under a lease or by a lessee.

Noun.

The act or practice of letting lands by lessees or tenants. [This is called also subletting.]

underletting

underletting ‎(plural underlettings)

Synonym of subletting
- 2006, Susan Bright, Landlord and Tenant Law: Past, Present and Future (page 4)
  In the marketplace, it is important that tenants of business premises should be able to assign their leases or grant underlettings, in good times and bad.