Common use of PAYMENT OF LESSOR'S COST Clause in Contracts

PAYMENT OF LESSOR'S COST. Subject to the terms and conditions of this Agreement and in reliance on the representations and warranties contained herein or made pursuant hereto, on the Closing Date, Initial Owner Participant will make payments in accordance with Section 2.3 for the Vessels initially acquired by it and contributed and sold to the Shipowner for charter to Charterers as provided in this Agreement, in an aggregate amount equal to the sum of the Lessor’s Cost of each Vessel; provided, however, that the aggregate amount paid by Owner Participant pursuant to this Section 2.1 and Section 2.3 shall not exceed $60,000,000.

PAYMENT OF LESSOR'S COST. Subject to the terms and conditions of this Agreement and in reliance on the representations and warranties contained herein or made pursuant hereto, on the Closing Date, Initial Date the Owner Participant will advance funds to the Shipowner to enable the Shipowner to make payments in accordance with Section 2.3 for the Vessels initially acquired accepted by it and contributed and sold to the Charterer on behalf of the Shipowner for charter to Charterers as provided in this Agreement, Agreement in an aggregate amount equal to the sum of the Lessor’s Cost of each VesselVessel ; provided, however, that the aggregate amount paid by Owner Participant the Shipowner pursuant to this Section 2.1 and Section 2.3 shall not exceed $60,000,00045,000,000.00.