d1276773_ex4-14.htm








EXHIBIT 4.14


 


 


COMMERZBANK


 


 



	
Commerzbank AG, Domstr. 18, 20095 Hamburg / Germany


 


Paragon Shipping Inc.


Attn: Mr. Robert Perri & Mr. Michael Bodouroglou


15, Karamanli Avenue


GR 166 73 Voula, Athens


 


GREECE

	  	
CoC Global Shipping


 


Carlo Glaeser


Postal address:


Domstr. 18, 20095 Hamburg / Germany


Telephone +49 40 37699 652


Fax +49 40 37699 649


carlo.glaeser©commerzbank.com







 


1 August 2011


 


Credit Facility dated 29th November 2007 (as amended and supplemented from time to time) — Waiver of Asset Cover Ratio Covenant


 


Dear Michael, Dear Robert,


 


We refer to our previous discussions and correspondence with regard to your waiver request with regard to the Asset Cover Ratio Covenant wherein we have been asked to waive the said Covenant of Cl. 15.1 in its current form for the closed 2nd quarter 2011. We would like to outline the basis on which terms & conditions an approval to the aforementioned has been obtained. Those terms include but are not limited to the following:


 


Waiver Period: 1. April 2011 — 30. Juni 2011


 


Dividend Payments: We understood from the Borrower that no Dividend payment will be made for the 2nd Qu. 2011


 


Waiver Fee: USD 8,500 flat, payable on the 12th August 2011 or such later date as the Lender may agree.  In case of finalization and documentation of the restructuring of the existing credit facility, the Waiver Fee shall be applicable towards the Upfront Fee mentioned in the Commitment Letter dated 15th July 2011 and thereby reduce the Upfront Fee payment respectively.


 


Borrowers Undertaking: The Borrower undertakes to place and/or maintain immediately after the signing of this Letter, in the accounts of Commerzbank a deposit equal to the next repayment instalment in the amount of USD 2,144 Mio. and with a maturity of three (3) months or such shorter period, but in any case such maturity shall be at least failing to the next repayment date of the Credit Facility.


 


All other terms and conditions shall remain unchanged.


 


We hope that the terms & conditions set out herein are acceptable for you, in which case we ask you to kindly confirm your acceptance of the terms and conditions by duly signing, dating & returning to us the executed version.


 




Kind regards


 


COMMERZBANK


 



	
/s/ Carlo Glaeser   


(Carlo Glaeser)

	  	
/s/ Kristin Rölver  


(Kristin Rölver)







 


 



	
Chairman of the Supervisory Board: Klaus-Peter Muller Board of Managing Directors: Martin Blessing (Vorsitzender/Chairman),


Frank Annuscheit, Markus Beumer, Achim Kassow, Jochen Kltisges, Michael Reuther, Stefan Schmittmann, Ulrich Sieber, Eric Struz, Martin Zielke

	  	
Commerzbank Aktiengesellschaft, Frankfurt am Main


Registered Office: Frankfurt am Main Reg.No. 32000


VAT No. DE 114 103 514







 


 




  





  











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Page 2 8/1/2011


 


                                     Coc Global Shipping




Accepted on behalf of the Borrower and the Corporate Guarantors








 



	
/s/ George Skrimizeas    


Authorized Signatory


George Skrimizeas

	  	
Athens, 1st August 2011


Place, Date


	  	  	  
	/s/ Maria Stefanou          

Authorized Signatory


Maria Stefanou

	 	
Athens, 1st August 2011


Place, Date









 






 


 


SK 25744 0001 1276773