Exemption of interest and commitment fees payable by Wellard Ships Pte. Ltd.
2.—(1)  There shall be exempt from tax the interest and commitment fees payable by Wellard Ships Pte. Ltd. to NIBC Bank N.V. on a loan granted under the Loan Agreement dated 28th October 2011 and the Transfer Certificate dated 6th August 2013, for partially financing the construction and pre‑delivery financing of the vessel “Ocean Shearer”.
(2)  The exemption under sub‑paragraph (1) —
(a)is subject to the terms and conditions specified in the letter of approval dated 27th September 2013, issued by the Ministry of Finance and addressed to the Maritime and Port Authority of Singapore; and
(b)shall not apply to any interest and commitment fees payable after the earliest of the following:
(i)31st December 2023;
(ii)the date of termination of the loan;
(iii)the date on which the vessel referred to in sub‑paragraph (1) is transferred or disposed of by Wellard Ships Pte. Ltd.;
(iv)the date on which both of the following conditions are satisfied:
(A)the registry of the vessel referred to in sub‑paragraph (1) is closed, deemed to be closed or suspended under the Merchant Shipping Act (Cap. 179);
(B)Wellard Ships Pte. Ltd. ceases to be an approved international shipping enterprise under section 13F of the Act because of the revocation or withdrawal of the approval.