12(1)Where any licence ceases to have effect at any time on or after the transfer date by virtue of any provision of this Part of this Schedule, any liability of the licence holder which has accrued before that time under or by virtue of the licence shall not be affected by the licence so ceasing to have effect.
(2)Where any such licence (“the existing licence”) so ceases to have effect but the licence holder is granted in its place a licence (“the new licence”) in pursuance of any provision of this Part of this Schedule, any agreement—
(a)made between the licence holder and any other person before the time when the existing licence so ceases to have effect, and
(b)framed (whether expressly or by implication) by reference to the existing licence or to the licence holder’s status as the holder of that licence,
shall (unless it expressly provides otherwise) have effect as from that time with such modifications as are necessary to take account of the replacement of the existing licence by the new licence or of the licence holder’s new status as the holder of the new licence (as the case may require).
(3)References in sub-paragraph (2) to an agreement include references—
(a)to an oral agreement, and
(b)to a deed, bond or other instrument.