2.—(1) The interest payable by Armada Kraken Pte. Ltd. —| (a) | to the respective lenders mentioned in the first column of the following table; | | (b) | in respect of the respective loan amounts mentioned in the second column of the table used to finance the conversion and refurbishment of the vessel, Armada Kraken, to a Floating Production Storage and Offloading vessel; | | (c) | under the respective agreements mentioned in the third column of the table; and | | (d) | that is due and payable during the respective periods mentioned in the fourth column of the table, |
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| | | | Period (both dates inclusive) |
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| Maybank International Labuan Branch |
| | | Bridging loan agreement dated 31 March 2014 |
| | 29 September 2014 to 18 December 2015 |
| | | Term loan agreement dated 7 July 2015 |
| | 18 December 2015 to 30 November 2017 |
| | National Bank of Abu Dhabi Pjsc, Labuan Branch |
| | | Term loan agreement dated 7 July 2015 |
| | 18 December 2015 to 31 December 2016 |
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| (2) Any interest rate swap payment made for the purpose of hedging against fluctuations in the rate of the interest mentioned in sub‑paragraph (1), and payable from 12 May 2016 to 18 December 2017 (both dates inclusive) by Armada Kraken Pte. Ltd. to Malayan Banking Berhad, is exempt from tax. |
| (3) The exemptions under sub‑paragraphs (1) and (2) are subject to the terms and conditions specified in the letter of approval dated 24 March 2020 issued by the Ministry of Finance and addressed to Bumi Armada Berhad. |
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