Document:

EX-10.19

 Exhibit 10.19 
  

	To:	Paragon Shipping Inc. 

 13 September 2013 

Dear Sirs, 
 $90,000,000 loan to Paragon Shipping Inc.

  

	1	We refer to the Loan Agreement dated 19 November 2007 (the ‘‘Original Loan Agreement”) made between (1) yourselves as borrower, (2) the banks and financial institutions listed in
schedule 1 thereto as lenders, (3) UniCredit Bank AG as agent, (4) UniCredit Bank AG as arranger, (5) UniCredit Bank AG as security trustee and (5) UniCredit Bank AG as swap bank as amended and restated by a first supplemental
agreement dated 25 February 2009 (the “First Supplemental Agreement”), as amended and restated by a second supplemental agreement dated 24 March 2010 (the “Second Supplemental Agreement”), as amended and
supplemented by a third supplemental agreement dated 29 December 2010 (the “Third Supplemental Agreement”), as amended and supplemented by a fourth supplemental agreement dated 27 October 2011 (the “Fourth
Supplemental Agreement”), as further amended and supplemented by a fifth supplemental agreement dated 30 November 2012 (the “Fifth Supplemental Agreement”) and a supplemental letter dated 18 January 2013 (the
“Supplemental Letter” and, together with the First Supplemental Agreement, the Second Supplemental Agreement, the Third Supplemental Agreement, the Fourth Supplemental Agreement and the Fifth Supplemental Agreement, the “Principal
Agreement”), made between (inter alios) the Borrower and the Creditor Parties, relating to a secured credit facility of up to Ninety million Dollars ($90,000,000). The aggregate principal amount outstanding under the Principal Agreement as
at the date hereof is $24,087,000. 

  

	2	Words and expressions defined in the Loan Agreement shall have the same meaning where used in this letter. 

  

	3	We refer to clause 2.1.2 of the Fifth Supplemental Agreement and, following your written request, we, in our capacity as Agent, for and on behalf of the Lenders, agree to extend the waiver of application of paragraph
(a) of clause 12.4 of the Principal Agreement from 1 January 2014 (as already waived under the Fifth Supplemental Agreement) to 1 July 2014. For the avoidance of doubt, our agreement and extension contained in this letter shall not
apply to any other paragraphs of clause 12.4. 

  

	4	Further, we, in our capacity as Agent, for and on behalf of the Lenders hereby agree that, notwithstanding any other provisions of the Facility Agreement to the contrary, the prepayment made by you to the Lenders on
13 September 2013 in the amount of $1,500,000 has been and/or shall be applied in reduction by $500,000 each, of the next three (3) repayment instalments, commencing with the repayment instalment falling due in November 2013 (but without
prejudice to the right of the Borrower under clause 8.16 of the Principal Agreement, which shall be preserved on the terms specified therein, in respect of each of the fifth to twelfth (inclusive) repayment instalments referred to in clause 8.1 of
the Principal Agreement, if and to the extent they are not reduced by the prepayment referred to in this paragraph 5). 

  

	5	Our agreements set out above is conditional on (a) the Borrower paying to the Agent (for the account of the Lenders) an extension fee in the amount of $60,217.50 on the date of this letter and (b) the Borrower
and the other Security Parties returning a copy of this letter to us duly executed by their authorised representatives no later than the date of this letter. 

  

	6	Save as amended by this letter, all other terms and conditions of the Principal Agreement shall remain in full force and effect and this letter and the Principal Agreement shall be read and construed as one instrument.

  

	7	Each of the Security Parties hereby confirms, acknowledges and consents to the above agreements and arrangements contained in this letter and further acknowledges and agrees that each of the Finance Documents to which
each is a party will remain in full force and effect notwithstanding the above agreements and arrangements contained in this letter. 

  
 1 

	8	This letter is a Finance Document. 

  

	9	Please confirm your agreement to the terms of this letter by signing and returning a copy of this letter. 

  

	10	This letter and any non-contractual obligations connected with this letter are governed by English law. 

  
 2 

							
	 Yours faithfully
  
	 		  		  	
	 /s/ Vassilis Mantzavinos
	 		  	 /s/ Pericles Lykoudis
	  	
	 For and on behalf of

UNICREDIT BANK AG

as Agent
	 		  	 For and on behalf of

UNICREDIT BANK AG

as Agent
	  	

 We hereby acknowledge and agree to the terms of this letter. 

 

	
	  /s/ Michael Bodouroglou

	Michael Bodouroglou, President/Chairman/CEO
	 For and on behalf of
 PARAGON SHIPPING
INC.
 as Borrower

 We hereby acknowledge and agree to the terms of this letter. 

 

					
	  /s/ Michael Bodouroglou
	 		  	  /s/ George Skrimizeas

	 Michael Bodouroglou
 Directors

For and on behalf of
 FRONTLINE MARINE COMPANY

as Owner
	 		  	George Skrimizeas

 We hereby acknowledge and agree to the terms of this letter. 

 

					
	  /s/ Michael Bodouroglou
	 		  	  /s/ George Skrimizeas

	 Michael Bodouroglou
 Directors

For and on behalf of
 TRADE FORCE SHIPPING S.A.

as Owner
	 		  	George Skrimizeas

 We hereby acknowledge and agree to the terms of this letter. 

 

					
	  /s/ George Skrimizeas
	 		  	  /s/ Maria Stefanou

	 George Skrimizeas
 Directors

For and on behalf of
 OPERA NAVIGATION CO

as Owner
	 		  	Maria Stefanou

 We hereby acknowledge and agree to the terms of this letter. 

 

					
	  /s/ George Skrimizeas
	 		  	  /s/ Maria Stefanou

	 George Skrimizeas
 Directors

For and on behalf of
 ALLSEAS MARINE S.A.

as Approved Manager
	 		  	Maria Stefanou

  
 3EX-10.64

 Exhibit 10.64 

ASSIGNMENT AGREEMENT 

This assignment agreement (this “Agreement”) is made effective as of September 19, 2013 by and between ALLSEAS MARINE S.A., a
Liberian corporation (the “Assignor”), and PARAGON SHIPPING INC., a Marshall Islands corporation (the “Assignee” and together with the Assignor, the “Parties”). 

WHEREAS, the Parties are affiliated entities and are both engaged in the business of owning, operating, managing and / or chartering drybulk
carriers. 
 WHEREAS, the Assignor, directly or through one or more wholly-owned subsidiaries, is party to two shipbuilding contracts (each
a “Shipbuilding Contract” and collectively the “Shipbuilding Contracts”) with Yangzhou Dayang Shipbuilding Co., Ltd., (the “Yard”) for the construction of two Ultramax drybulk carriers, Hull No. DY152 and Hull No.
DY153, of 63,500 dwt each with delivery from the Yard scheduled for the second and third quarters of 2014, respectively (each a “Newbuilding” and collectively the “Newbuildings”). 

WHEREAS, the Assignor desires to transfer to the Assignee or one or more of its wholly-owned subsidiary designees, and the Assignee desires to
take from the Assignor, all of Assignor’s interest, right and obligations under each Shipbuilding Contract, subject to the terms and conditions set forth herein and in a novation agreement to be entered into between the Assignor, or its
wholly-owned subsidiary, and the Assignee, or its wholly-owned subsidiary (each a “Novation Agreement” and collectively the “Novation Agreements”), or, alternatively at the Assignee’s option, to sell one or both
Newbuildings, each pursuant to a memorandum of agreement (“MOA”), to be delivered to the Assignee or one or more of its wholly-owned subsidiary designees upon delivery from the Yard pursuant to the Shipbuilding Contracts. 

AGREEMENT 
 For
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the Assignor and the Assignee agree to the following: 
 1.
Transfer of Newbuilding Contracts 
 Subject to the Assignee’s option described below under “Transfer of
Newbuildings,” the Assignor hereby agrees to use its commercially reasonable best efforts to satisfy or cause to be satisfied each of the conditions set forth below and to enter into the Novation Agreements with the Assignee containing usual
and customary terms and conditions for the assignment of newbuilding contracts on an arms-length basis, and upon the satisfaction of each of the conditions set forth below, the Assignee agrees to enter into the Novation Agreements. The consideration
for the novation of each Newbuilding Contract shall be $26,500,000, less the amount of the remaining obligations which the Assignee shall assume under the Shipbuilding Contract. 

The execution and delivery of the Novation Agreements by each Party is subject to the satisfaction of the following conditions: 

 

	 	(a)	the Assignor shall obtain the consent or acknowledgement of the Yard to the novation of the Newbuilding Contracts pursuant to the Novation Agreements: and 

	 	(b)	the Assignor shall cause to be issued to and on behalf of the Assignee, or one or more of its wholly-owned subsidiary designees, a refund guarantee relating to each Newbuilding Contract; and 

 

	 	(c)	the completion of a public offering (the “Offering”) of the Assignee’s common shares, par value $0.01, raising net proceeds to the Assignee of not less than $22 million, provided however, that if
conditions (a) and (b) above are satisfied and the Assignee raises net proceeds in the Offering of less than $22 million but more than $10 million, then the Assignee shall agree to the novation of one Shipbuilding Contract from the
Assignor. 

 3. Transfer of Newbuildings 

At the option of the Assignee, and in lieu of the rights and obligations of the Parties as described above under “Transfer of Newbuilding
Contracts,” the Assignor hereby agrees to use its commercially reasonable best efforts to satisfy or cause to be satisfied each of the conditions set forth below and to enter into the MOAs with the Assignee containing usual and customary terms
and conditions for the sale of vessels on an arms-length basis, and upon the satisfaction of each of the conditions set forth below, the Assignee agrees to enter into the MOAs. The consideration for the sale of each Newbuilding shall be $26,500,000,
with 30% of the purchase price payable on execution of the MOA and the balance of the purchase price payable on delivery of the vessel. In addition, the Assignee agrees that it, or one of its wholly-owned subsidiaries, will enter into a management
agreement with the Assignor with respect to any Newbuilding subject to an MOA providing for the payment of fees to Assignor for newbuilding supervision equivalent to the fees relating to newbuilding supervision payable under the existing management
agreements between Assignee and Assignor. 
 The execution and delivery of the MOAs by each Party is subject to the satisfaction of the
following conditions: 
  

	 	(a)	the Assignor shall cause to be issued to and on behalf of the Assignor, or one or more of its wholly-owned subsidiary designees, a refund guarantee relating to each Newbuilding Contract; and 

 

	 	(b)	the completion of a public offering (the “Offering”) of the Assignee’s common shares, par value $0.01, raising net proceeds to the Assignee of not less than $22 million, provided however, that if
condition (a) above is satisfied and the Assignee raises net proceeds in the Offering of less than $22 million but more than $10 million, then the Assignee shall agree to the entry into an MOA for the purchase of one Newbuilding from the
Assignor. 

 4. Governing Law. This Agreement and the rights and obligations of the Parties shall be governed by and construed in
accordance with the laws of the State of New York. 
 5. Further Assurances. The Parties agree to execute, or to cause one be executed by one or ore
affiliated entities, to execute, acknowledge and deliver all such instruments and take all such actions as reasonable necessary to effectuate the transfer of the Shipbuilding Contracts or the Newbuildings and the assignment of the Refund Guarantees.

 4. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and to their respective heirs, executors,
administrators, successors and assigns. 

 5. Counterparts. This Agreement may be executed in multiple counterparts, each of which shall be deemed an
original and all of such counterparts together shall constitute one agreement. To facilitate execution of this Agreement, the Parties may execute and exchange counterparts of signature pages by telephone facsimile. 

 EXECUTED as of the date set forth above. 

 

			
	ALLSEAS MARINE S.A.
		
	By:	 	 /s/ Maria Stefanou

	Name:	 	 Maria Stefanou

	Title:	 	 Vice President / Secretary

	
	PARAGON SHIPPING LTD
		
	By:	 	 /s/ Michael Bodouroglou

	Name:	 	 Michael Bodouroglou

	Title:	 	 Chairman, President and Chief Executive Officer

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