2.—(1) There shall be exempt from tax, the interest payable by MDAC 4 Pte Ltd to GE Japan Corporation on a loan granted under the Loan Agreement dated 9th March 2012, for partially financing the purchase of the aircraft with Manufacturer’s Serial Number 1571 (referred to in this Notification as “the aircraft”).
(2) The exemption under sub‑paragraph (1) —
(a)
is subject to the terms and conditions specified in the letter of approval dated 23rd April 2013 issued by the Ministry of Finance and addressed to MD Aviation Capital Pte Ltd; and
(b)
shall not apply to any interest payable after the earliest of the following:
(i)
14th November 2014;
(ii)
the date of termination of the Loan Agreement;
(iii)
the date on which the aircraft is transferred or disposed of by MDAC 4 Pte Ltd.