FA00/SCH22/PARA91

(1) Paragraph 90 (defeased leasing) is subject to the following exceptions.

(2) It does not apply to the provision of security of any of the following kinds by the lessee, or a person connected with the lessee-

(a)a mortgage of the ship;

(b)security attaching-

(i) to the ship's earnings, or

(ii) to the proceeds of insurance policies on the ship;

(c) security over rental rebates arising from the arm's length sale of the ship;

(d) any other form of security relating to assets, sums or rights arising directly from the ordinary operation of the ship or from arm's length transactions involving the ship.

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