Exemption
2.—(1)  There shall be exempt from tax the interest payable by BOC Aviation Pte. Ltd. to Arcu Aircraft Leasing Limited under —
(a)the Aircraft Head Lease dated 31st December 2009 in respect of one Airbus A320‑200 aircraft with Manufacturer’s Serial Number 4066, in the period from 23rd December 2012 to 22nd March 2013 (both dates inclusive); and
(b)the Aircraft Head Lease dated 31st December 2009 in respect of one Airbus A320‑200 aircraft with Manufacturer’s Serial Number 4077, in the period from 5th May 2013 to 21st May 2013 (both dates inclusive).
(2)  The exemption under sub‑paragraph (1) is subject to the terms and conditions specified in the letter of approval dated 3rd July 2013 addressed to BOC Aviation Pte. Ltd.