93ZAACancellation of certificate that applies to an indirect infrastructure borrowing etc.—holder ceases to be a resident

#### 93ZAA Cancellation of certificate that applies to an indirect infrastructure borrowing etc.—holder ceases to be a resident (1) If: (a) a certificate held by an incorporated company (not in the capacity of trustee) applies to: (i) an indirect infrastructure borrowing that relates to a direct infrastructure borrowing; or (ii) a refinancing infrastructure borrowing that relates to an indirect infrastructure borrowing covered by subparagraph (i); and (b) at the time when the company became the holder of the certificate, the holder was a non‑exempt resident company; and (c) the holder has ceased to be a non‑exempt resident company before the end of the applicable borrower requirement period; the DAA is taken to have cancelled the certificate with effect from the time of the cessation. For this purpose, the applicable borrower requirement period is the borrower requirement period in relation to the direct infrastructure borrowing. (2) If: (a) a certificate held by a partnership (not in the capacity of trustee) applies to: (i) an indirect infrastructure borrowing that relates to a direct infrastructure borrowing; or (ii) a refinancing infrastructure borrowing that relates to an indirect infrastructure borrowing covered by subparagraph (i); and (b) the holder was a non‑exempt resident corporate limited partnership in relation to the year of income in which the partnership became the holder of the certificate; and (c) the holder has ceased to be a non‑exempt resident corporate limited partnership in relation to a year of income in which any part of the applicable borrower requirement period occurs; the DAA is taken to have cancelled the certificate with effect from the time of the cessation. For this purpose, the applicable borrower requirement period is the borrower requirement period in relation to the direct infrastructure borrowing. (3) If a certificate is cancelled under subsection (1) or (2), the cessation is taken to be the ground relied on by the DAA for cancelling the certificate.