2.—(1) The interest payable between 2 July 2013 and 14 February 2014 (both dates inclusive) by Mortimer Pte. Ltd. to Mach Invest International S.A. on the portion of a loan granted under the Loan Agreement dated 13 May 2013 (as amended by the Loan Agreement dated 13 August 2013 and the Loan Agreement dated 4 October 2013) used for the purpose of repaying cash advances obtained by Mortimer Pte. Ltd. from Jaccar Holdings to partially finance —| (a) | the purchase of the vessel, “JS Tamise” (formerly known as “JS Congo”) by Greenship Bulk 9 Pte Ltd; and | | (b) | the purchase of the vessel, “JS Mekong” by Greenship Bulk 10 Pte Ltd, |
(2) The amount of interest that is exempt from tax under sub‑paragraph (1) is to be computed in accordance with the formula:| where A | is the amount of interest payable by Mortimer Pte. Ltd. to Mach Invest International S.A. between 2 July 2013 and 14 February 2014 (both dates inclusive) on the loan granted under the Loan Agreement dated 13 May 2013 (as amended by the Loan Agreement dated 13 August 2013 and the Loan Agreement dated 4 October 2013). |
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| (3) The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 1 December 2014 issued by the Ministry of Finance and addressed to Mortimer Pte. Ltd. |
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