Supplemental Letter, dated September 16, 2011



 Exhibit 4.35 
  





 
  

			
	From:	  	Piraeus Bank A.E. (the “Bank”)
		
	To:	  	BOONE STAR OWNERS INC. of Marshall Islands
		  	IOKASTI OWNING COMPANY LIMITED of Marshall Islands (each the “Borrower” and together the “Borrowers’)

 Subject: Loan Agreement, as amended and supplemented in force, for an amount up to US$
90,000,000 between Piraeus Bank A.E. and the Borrowers signed on
5th October, 2007 (the “Loan Agreement”).

 Dear Sirs, 
 Further to
the recent discussions during which the Borrowers have jointly requested the amendment of the Loan Agreement for the purposes of facilitating earlier prepayment of the same, we are pleased to inform you that the Bank proposes to amend the Loan
Agreement as set out under sections A to D below. 
 A. The Loan Agreement shall be amended as follows: 

a) Clause 7.4 shall be fully deleted and replaced by the following new clause 7.4: 

“The Borrowers or each of them may prepay the whole or any part of the Loan (any such part being a minimum of $500,000 or any larger
sum which is an integral multiple of $500,000) at any time.” 
 b) Clause 7.5 shall be fully deleted and replaced by the following new
clause 7.5: 
 “No prepayment may be effected under clause 7.4 unless the Borrowers shall have given the Bank one
(1) day’s notice of their intention to make such prepayment. Every notice shall be effective only on actual receipt by the Bank, shall be irrevocable, shall specify the amount of the Loan to be prepaid, shall specify which deposit account
of the Borrower(s) is to be debited with the prepayment amount, and shall oblige the Borrowers to make such prepayment on the date specified.” 
 B. Upon execution hereof by the Lender and the Borrowers, the Loan Agreement shall be deemed formally amended by virtue of the provisions of Section A above. 

C. Moreover the Bank shall release and lift all shipmortgages and all other security established and existing over the assets of the respective Borrower
by virtue of the Security Documents within three (3) Piraeus business days in the event of a Greek flag and seven (7) Piraeus business days in the event of a Maltese flag from receipt of the above prepayment notice from the Borrower,
provided only that the quoted prepayment amounts, to be drawn by the Bank in accordance with the instructions of the Borrowers (or any of them), are sufficient for the full and final payment and discharge of all due and owing payment obligations of
the Borrowers or either of them under or pursuant to the Loan Agreement and the Master Agreement (if any). 
 It is agreed that the Bank may
exceptionally require, and the Borrowers shall consent, to create a pledge over the respective bank accounts of the Borrowers or either of them, to which the prepayment amounts are credited or are to be credited as identified in the respective
prepayment Notice, or whatever other security on the funds reserved for the prepayment under the Loan Agreement and the Master Agreement (if applicable). 
 D. This Letter shall be governed by, and construed in accordance with, English law and all disputes in connection with this Letter, if any, shall exclusively be resolved before the Courts of London, U.K.

 In order to confirm your agreement to the above, we kindly request you to initial all pages of all originals of this letter and to sign,
indicating also the date of signature, all five (5) originals. 
 DA IOKASTI BOONE AMENDMENT LETTER 

PIRAEUS BANK GROUP HEADQUARTERS 
 4, AMERIKIS
ST., GR-105 64 ATHENS, GREECE, TEL.: +30 210 333 5000, www.piraeusbank.gr 
  







 



 
 EXECUTED and DELIVERED as a DEED on this 16th day of September 2011 by Piraeus Bank SA 

 

									
	acting by	  	Maria Young	 	)	  	/s/ Maria Young
		  	Jason Dallas	 		  	/s/ Jason Dallas
				
	such execution being witnessed by	  	/s/ YANNIS CHARALAMBIDES	 	)	  	
		  		  	YANNIS CHARALAMBIDES	 		  	
		  		  	ATTORNEY - AT - LAW	 		  	
		  		  	15, PINDAROU STR.	 		  	
		  		  	106 73 ATHENS - GREECE	 		  	
		  		  	TEL.: 210 3807771 - FAX: 210 3607885	 		  	
	
	Accepted and agreed
	for and on behalf of BORROWER 1
	EXECUTED and DELIVERED as a DEED on this 16th day of September 2011
				
	acting by	  	PAPAPONTIKOU EUGENIA	 	)	  	




	  
 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.: +30 210 6140580 - Fax: +30 210 6140267	 		  
	  
 Accepted and agreed
	  
	for and on behalf of BORROWER 2
	EXECUTED and DELIVERED as a DEED on this 16th day of September 2011
				
	acting by	  	PAPONTIKOU EUGENIA	 	)	  	




	  
 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.: +30 210 6140580 - Fax: +30 210 6140267	 		  
	  
 Read and Acknowledged
	  	
	for and on behalf of DRYSHIPS INC. in its capacity as CORPORATE GUARANTOR	  	
	EXECUTED and DELIVERED as a DEED on this 16th day of September 2011	  	
				
	by	  	PAPAPONTIKOU EUGENIA	 	)	  	 





	  
 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.: +30 210 6140580 - Fax: +30 210 6140267	 		  
	  
 Read and Acknowledged
	  
	for and on behalf of IALYSOS OWNING COMPANY LIMITED of Marshall Islands in its capacity as CORPORATE GUARANTOR
	EXECUTED and DELIVERED as a DEED on this 16th day of September 2011
		  		  		 	)	  	 





		  		  		 	)	  
		  		  		 	)	  
	  
 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.: +30 210 6140580 - Fax: +30 210 6140267	 		  

 PB MARINER NAUTICA AMENDMENT LETTER 

  
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