Supplemental Letter, dated June 29, 2011



 Exhibit 4.41 
  


					
	From:	  	EFG Eurobank Ergasias SA (the “Lender”)
		
		  	and Eurobank EFG Private Bank Luxembourg SA (the “Account Bank”)
			
		  	To:	  	IASON OWNING COMPANY LIMITED (the “Borrower”)
		  		  	Trust Company Complex
		  		  	Ajeltake Road
		  		  	Ajeltake Island
		  		  	Majuro
		  		  	Marshall Islands
		  		  	MH96960

 29th June 2011 

Dear Sirs 
 US$47,000,000 loan to the Borrower

  

	1.	We refer to a loan agreement dated 16 November 2007 as amended and supplemented by a first supplemental agreement dated 15 April 2010 and as further amended
and supplemented by a second supplemental agreement dated 27 January 2011 (as the same may be further amended and/or supplemented from time to time, the “Loan Agreement”) and made between the Borrower and the Lender in respect
of a loan facility of up to US$47,000,000 (the “Loan”). 

  

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


 

	3.	For the purposes of this Letter: 


“Deposit Account” means an account opened or to be opened and maintained by the Borrower with the Account Bank; and

 “Deposit” means such amounts as are standing to the credit of the Deposit Account from time to time.

  

	4.	Pursuant to discussions between us, we have agreed at the request of the Borrower that: 


 

	(a)	at any time the Borrower may issue a notice to prepay the whole or any part of the Loan; 


 

	(b)	on the date specified in such notice as the date on which the Loan or, as the case may be, the specified part thereof is to be prepaid, the Deposit or, as the case may
be, the relevant part thereof, shall be applied by the Account Bank or the Lender as applicable or shall be deemed to have been applied by the Lender or the Account Bank towards satisfaction of the Borrower’s obligations under the Loan
Agreement and the Loan Agreement shall be satisfied to (he same extent; if as a result of such notice there are no amounts outstanding under the Loan Agreement and the Master Agreement (if any), the mortgages on any relevant ship shall be released
forwith; 


  
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	(c)	the notice period required pursuant to the voluntary prepayment provisions of the Loan Agreement shall be reduced to 1 day only if the Deposit (or the relevant part
thereof) is to be used in making the relevant prepayment of the Loan or any part thereof. 

  

	5.	Until the Deposit is applied or deemed applied towards satisfaction of the Borrowers obligation under the Loan Agreement, as provided in this Deed, no restriction
whatsoever is to apply to the Deposit, which Deposit shall be deemed excess cash and the Borrower shall retain unrestricted liberty in disposing thereof. 

  

	6.	Further, upon execution hereof by the Lender, the Account Bank and the Borrower, this Letter shall constitute a formal deed of amendment to the Loan Agreement.


  

	7.	the prepayment provisions of the Loan Agreement shall (as modified and amended pursuant to paragraph 4 of this Letter) apply to any such prepayment.


 The notice provisions of the Loan Agreement shall apply (mutatis mutandis) to this Letter and shall apply to any written
instructions received from the Borrower as outlined in the preceding paragraphs. 
 Please confirm your agreement to the terms of this Letter by
signing for acceptance. 
 This Letter shall be governed by, and construed in accordance with, English law. This Letter shall be deemed to be
executed and delivered as a Deed under English law notwithstanding that any party has executed under hand. 
 Yours faithfully 

 

					
	 EXECUTED and DELIVERED as a DEED by
 EFG EUROBANK ERGASIAS SA,
 acting by ILLEGIBLE

such execution being witnessed by
	  	 )
 )

)
 )
	  	 /s/ Illegible            /s/ Illegible

	  	  
	  	  
	  	  
			
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	EUROBANK EFG PRIVATE BANK LUXEMBOURG SA	  	)	  	
	acting by THEODOROS SIMEONIDIS	  	)	  	/s/ Theodoros Simeonidis
	Athina Daskagianni	  	)	  	/s/ Athina Daskagianni
	such execution being witnessed by	  	)	  	


  
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 Agreed and accepted this 29 day of June 2011 by execution as follows: 

 

					
	EXECUTED and DELIVERED as a DEED by	  	)	  	
	IASON OWNING COMPANY LIMITED	  	)	  	
	acting by Eugenia Papapontikou	  	)	  	/s/ Eugenia Papapontikou
	such execution being witnessed by	  	)	  	

  

					
		  	/s/ EUGENIA TH. VOULIKA	  	
		  	EUGENIA TH. VOULIKA	  	
		  	Attorney - at - law	  	
		  	52, Ag. Konstantinou Street - 151 24 Marousi	  	
		  	Athens, Greece	  	
		  	Tel.: +30 2106140580 - Fax: +30 2106140267	  	


  
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