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 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 accepted by the Charterer on behalf of the Shipowner 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 the Shipowner pursuant to this Section 2.1 shall not exceed $45,000,000.00.

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 the Date, Initial Owner Participant will advance funds to the Shipowner to enable the Shipowner to make payments in accordance with Section 2.3 for the Vessels accepted initially acquired by the Charterer on behalf of it and contributed and sold to 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 Vessel Vessel; provided, however, that the aggregate amount paid by the Shipowner Owner Participant pursuant to this Section 2.1 and Section 2.3 shall not exceed $45,000,000.0060,000,000.