Singapore legislation
Regulation 3
Regulation 3
Meaning of “applicable loan”
Subregulation 1
In this Notification, an applicable loan is a loan (or other arrangement similar to a loan) obtained on or before 31 May 2021 by an approved container investment enterprise —
that is obtained solely for a purpose specified in sub-paragraph (2); or
where the purposes for which it is obtained include any one or more purposes specified in sub-paragraph (2).
Subregulation 2
The purposes mentioned in sub‑paragraph (1) are —
the acquisition by the enterprise of one or more containers;
the acquisition by the enterprise of all the shares of a special purpose vehicle that has sole legal and beneficial ownership of one or more containers;
(ba)the acquisition by the enterprise of all the shares issued by a special purpose vehicle (called in this paragraph the additional shares) where —
the enterprise has sole legal and beneficial ownership of all the shares of the special purpose vehicle immediately before the additional shares are issued;
the acquisition of the additional shares is for the purpose of financing the acquisition by the special purpose vehicle of one or more containers; and
the special purpose vehicle has sole legal and beneficial ownership of each container mentioned in sub-paragraph (ii);
(bb)the grant of a loan by the enterprise to a special purpose vehicle where —
the enterprise has sole legal and beneficial ownership of all the shares of the special purpose vehicle;
the loan is granted by the enterprise for the purpose of financing the acquisition by the special purpose vehicle of one or more containers; and
the special purpose vehicle has sole legal and beneficial ownership of each container mentioned in sub-paragraph (ii); or
the financing of qualifying payments on a previous loan that is obtained by the enterprise solely for any of the following purposes, or where the purposes for which it is obtained by the enterprise include any one or more of the following:
the acquisition of one or more containers;
the acquisition of all the shares of a special purpose vehicle that has sole legal and beneficial ownership of one or more containers;
the acquisition of the additional shares mentioned in sub-paragraph (ba) for the purpose of financing the acquisition of one or more containers mentioned in that sub-paragraph in the circumstances mentioned in sub-paragraph (ba)(i), (ii) and (iii);
the grant of a loan by the enterprise in connection with the acquisition of one or more containers mentioned in sub-paragraph (bb) in the circumstances mentioned in sub-paragraph (bb)(i), (ii) and (iii).
Subregulation 2A
For the purposes of sub-paragraph (2)(b), (ba), (bb) and (c)(ii), any treasury share in a special purpose vehicle is to be disregarded when determining whether an approved container investment enterprise —
has sole legal and beneficial ownership of all the shares in the special purpose vehicle; or
acquires all the shares issued by the special purpose vehicle.
Subregulation 3
A reference to the acquisition of one or more containers in the provision in the first column of the following table includes any one or more of the activities mentioned in sub-paragraph (3A) if (and only if) the circumstance in the second column of the table corresponding to that provision exists:First columnSecond column(a)Sub-paragraph (2)(a) or (c)(i)The loan or previous loan (as the case may be) obtained by the container investment enterprise is for both the acquisition of the container or containers by the enterprise and the activity or activities(b)Sub-paragraph (2)(ba)(ii) or (c)(iii)The acquisition by the container investment enterprise of the additional shares in the special purpose vehicle is for both the acquisition of the container or containers by the special purpose vehicle and the activity or activities(c)Sub-paragraph (2)(bb)(ii) or (c)(iv)The loan granted by the container investment enterprise to the special purpose vehicle is for both the acquisition of the container or containers by the special purpose vehicle and the activity or activities.
Subregulation 3A
For the purposes of sub-paragraph (3), the activities are as follows:
the purchase or installation of any equipment within or on any of the containers;
the inspection of any of the containers before accepting its delivery, and the obtaining of any report of such inspection;
the purchase of any intermodal equipment.
Subregulation 4
In this paragraph, a special purpose vehicle is a company —
that is incorporated for the purpose of owning or both owning and leasing —
any container; or
any container and any intermodal equipment; or
whose only business is the owning or both the owning and leasing of —
any container; or
any container and any intermodal equipment.
Subregulation 5
In this Notification, a reference to an applicable loan obtained by an approved container investment enterprise includes a reference to a loan obtained by the enterprise before it is approved as such.