Section 9: Where a hotel had opted for a lease granted under section 6 (1C) pursuant to

9. Where a hotel had opted for a lease granted under section 6 (1C) pursuant to section 6 (1E) and has, in respect of the period ended 31 July 2012, not paid or underpaid its accrued rental, the unpaid rental may be payable in 3 consecutive equal yearly instalments, not later than 31 January, with interest at 7.9 per cent per annum, calculated as from 1 August 2012, the first instalment being payable in 2013, provided that— (a) in respect of its accounting period ending at any time during 2012, the hotel— (i) has incurred a loss or its profit does not exceed 5 per cent of its turnover; and (ii) has not declared any dividends; and (b) the hotel undertakes in writing to the Ministry that it will not declare any dividends during the period 1 January 2013 to 31 January 2015. PART III – ANNUAL RENTAL