2.—(1) The interest payable from 28 May 2015 to 29 September 2015 (both dates inclusive) by China Ore Shipping Pte Ltd to —| (a) | Cosco Investments Limited in respect of a loan amount of US$181,560,000 under a loan agreement dated 28 May 2015 (called in this paragraph the Cosco loan agreement); and | | (b) | China Shipping Development (HK) Marine Co., Ltd in respect of a loan amount of US$174,440,000 under a loan agreement dated 28 May 2015 (called in this paragraph the China Shipping loan agreement), |
| for the purposes of acquiring the vessels “Yuan Zhen Hai”, “Yuan Jian Hai”, “Yuan Shi Hai” and “Yuan Zhuo Hai”, is exempt from tax. |
(2) The exemption under sub-paragraph (1) —| (a) | is subject to the conditions specified in the letter of approval dated 7 July 2016 issued by the Ministry of Finance and addressed to the Maritime Port Authority of Singapore and the Inland Revenue Authority of Singapore; and | | (b) | does not apply —| (i) | in the case of the Cosco loan agreement, to interest payable after the earliest of the following:| (A) | 29 September 2015; | | (B) | the date of termination of the Cosco loan agreement; | | (C) | the date on which China Ore Shipping Pte Ltd transfers or disposes of any of the vessels; | | (D) | the date immediately before the date of deregistration of any of the vessels from the Singapore Registry of Ships; and |
| | (ii) | in the case of the China Shipping loan agreement, to interest payable after the earliest of the following:| (A) | 29 September 2015; | | (B) | the date of termination of the China Shipping loan agreement; | | (C) | the date on which China Ore Shipping Pte Ltd transfers or disposes of any of the vessels; | | (D) | the date immediately before the date of deregistration of any of the vessels from the Singapore Registry of Ships. |
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