Singapore legislation
Regulation 2
Regulation 2
General definitions
Subregulation 1
In this Notification, unless the context otherwise requires —
Definition
“approved container investment enterprise” has the same meaning as in section 43P of the Act, and includes a partnership approved by the Minister (or such person as the Minister may appoint) under section 43P of the Act as applied by section 36 of the Act;
Definition
“Authority” means the Maritime and Port Authority of Singapore established by section 4 of the Maritime and Port Authority of Singapore Act 1996;
Definition
“container” and “intermodal equipment” have the same meanings as in section 43P(7) of the Act;
Definition
“finance lease”, in relation to one or more containers, means a lease of the container or containers (including any arrangement or agreement in connection with the lease) which has the effect of transferring substantially the obsolescence, risks or rewards incidental to the ownership of the container or containers to the lessee;
Definition
“original container” means any of the containers mentioned in paragraph 3(2)(a), (b), (ba), (bb) or (c) or 5(1), but excludes a container that replaces another container under the terms of the agreement for the applicable loan or applicable finance lease (as the case may be) after that other container is disposed of or lost at sea;
Definition
“qualifying payment”, in relation to an applicable loan or applicable finance lease, means any of the following payments made in connection with the applicable loan or applicable finance lease:
either —
in the case of an applicable loan —interest; or
in the case of an applicable finance lease — any payment liable to be made by the lessee to the lessor under the finance lease that is not attributable to the repayment of principal;
front-end fees;
commitment fees;
interest rate swap payments;
currency swap payments;
arranger fees;
arrangement fees;
retainer fees;
agency fees;
security trustee fees;
Definition
“specified person”, in relation to an applicable loan or applicable finance lease, means a person who —
is not resident in Singapore; and
either —
does not (alone or in association with others) carry on a business in Singapore, and does not have a permanent establishment in Singapore; or
carries on a business in Singapore (alone or in association with others) or has a permanent establishment in Singapore, but no arrangement, management or service relating to the applicable loan or applicable finance lease is made or performed through that business or that permanent establishment.
Subregulation 2
For the purpose of this Notification, a reference in the definition of “approved container investment enterprise” to such person as the Minister may appoint is, on or after 12 April 2024, to an authorised body.