Date 18 December 2006Loan Agreement • August 7th, 2007 • Paragon Shipping Inc. • Deep sea foreign transportation of freight
THIS LOAN AGREEMENT originally made on 18 December 2006 and as amended and restated by an Amending and Restating Agreement (as defined below) is made
PARAGON SHIPPING INC. 10,300,000 Class A Common Shares ($0.001 par value per Share) UNDERWRITING AGREEMENTUnderwriting Agreement • August 7th, 2007 • Paragon Shipping Inc. • Deep sea foreign transportation of freight • New York
Date 25 July 2007Loan Agreement • August 7th, 2007 • Paragon Shipping Inc. • Deep sea foreign transportation of freight
The Lenders have agreed to make available to the Borrower a term loan facility in an amount of up to the lesser of (a) US$300,000,000 and (b) 65 per cent. of the aggregate Market Value of the Ships to (i) refinance the existing indebtedness secured on the Existing Ships and (ii) to finance the purchase price of the Target Ships and/or the Replacement Ship. The Borrower will on-lend the Loan to the Owners to assist them in refinancing the Existing Ships and in financing the acquisition of the Target Ships and/or the Replacement Ship.
