Regulation 8

the applicable loan is obtained for more than one purpose, any one of which is not specified in paragraph 4(2);

any of the purposes specified in paragraph 4(2) for which the applicable loan is obtained relates to any ship that is not a foreign ship;

any foreign ship to which the applicable loan relates is disposed of,then the exemption under sub‑paragraph (1) applies only to the amount of the qualifying payment derived by the formulawhere —

A is the principal of the applicable loan;

B is the part of the principal of the applicable loan that is not attributable to any purpose specified in paragraph 4(2);

C is the part of the principal of the applicable loan that is attributable to a purpose specified in paragraph 4(2) but that relates to each ship that either —

is not a foreign ship; or

is a foreign ship but is disposed of; and

D is the amount of the qualifying payment.

on or after the day that X fails to satisfy any condition imposed by the Minister mentioned in sub‑paragraph (1);

after the day that X disposes of any of its shares in the special purpose vehicle, if the loan is for, or one of the purposes of the loan is for, a purpose mentioned in paragraph 4(2)(b), (c), (d) or (f)(ii), (iii) or (iv); or

on or after the day that the approval of X as an approved international shipping enterprise or approved shipping investment enterprise (as the case may be) is revoked or withdrawn.

sub‑paragraph (1) has operated to exempt from tax any qualifying payment liable to be made under an agreement for an applicable loan mentioned in that sub‑paragraph; and

the term of the approval of X as an approved international shipping enterprise or approved shipping investment enterprise (as the case may be) subsequently expires,then any qualifying payment that X is liable to make under that agreement on or after the date of the expiry to a specified person mentioned in that sub‑paragraph, is also exempt from tax.