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EXHIBIT 10.3

 

 

 

TEXAS CITIZENS BANK, N.A.

 

LETTER OF CREDIT # 116

 

TO

 

NATIONAL AGENCY OF NATURAL RESOURCES

 

TIRANA

 

National Agency of Natural Resources

Mr. Besjan Pesha

Executive Director

Bulevardi “Bajram Cum”

Biloku “Vasil Shanto”

Tirana, Albania

 

We have been informed that Sky Petroleum, Inc. has entered into a Production Sharing Contract for the Albania Blocks Four, Five and Dumre with the Ministry of Economy, Trade and Energy of Albania effective January 3, 2011 (hereafter “the PSC”) and understand that, according to the provisions of the PSC a Performance Guarantee is required.

 

We have been further informed that pursuant to the terms of the PSC Sky Petroleum, Inc. has undertaken during the First Exploration Period to carry out a Work Program in the Contract Area (all as described in the PSC) and in so doing to spend an amount of United States Dollars One Million, Five Hundred Thousand (US$ 1,500,000.00).

 

At the request of Sky Petroleum, Inc., we, Texas Citizens Bank, N. A., 4949 Fairmont Parkway, Pasadena, TX., 77504, hereby guarantee and undertake to pay you any amount or amounts not exceeding the sum of United States Dollars One Million Five Hundred Thousand (US$ 1,500,000.00) as the case may be, upon receipt by us of your first demand made in accordance with the claim procedures detailed below.

 

Your demand must be submitted by letter, and must be accompanied by:

 

	
●

	
Your statement stating that the principal is in material breach of its obligations under the underlying contract and the respect in which the Principal is in material breach

 

	
●

	
A copy of your notice to Sky Petroleum, Inc. (dated at least thirty (30) days prior to the date of your demand), informing Sky Petroleum, Inc. of a material breach of its Work Program obligations under the PSC, the nature and quantum of the material breach and of your intention to demand payment under this Guarantee if the material breach is not remedied within fifteen (15) days from the date of your notice; and

 

	
●

	
Your signed declaration stating that Sky Petroleum, Inc. has failed to remedy the material breach detailed in your notice by the date specified.

 

Any demand hereunder and the documents specified above must be received by us at our above address in accordance with the aforesaid claim procedure on or before the date of expiry of the Guarantee as described below, after which date this Guarantee will be of no effect whatsoever.

 

A demand submitted by facsimile transmission will not be accepted.

 

This guarantee shall enter into force on August 1, 2011 and shall remain valid until the earlier of (a) August 1, 2012 or (b) the date when the total amount of the Guarantee has been drawn or reduced as set out in the next following paragraph.

 

The amount of this Guarantee shall be reduced every month or three months, as agreed in between AKNB and Sky Petroleum, Inc. during the First Exploration Period by an amount equal to the sum spent by Sky Petroleum, Inc. on its Work Program obligations during such month or three months, such reductions to be effected in accordance with monthly or quarterly written statements issued by the National Agency of Natural Resources to Sky Petroleum, Inc., a copy of which shall be forwarded to us and we shall accept same as conclusive evidence for reductions of our engagement under this guarantee.

 

The Guarantee is personal to you and is not transferable or assignable (except with our prior written consent which is not to be unreasonably withheld.)

 

This guarantee is subject to the Uniform Rules for Demand Guarantees, ICC Publication No. 458, and to the extent not inconsistent therewith, shall be governed by and construed in accordance with Swiss Law, place of Jurisdiction is Zurich, Switzerland.

 

 

TEXAS CITIZENS BANK, N.A.

 

 

BY:   /s/ Tom Watson                                                                              

TOM WATSON

REGIONAL PRESIDENTdwssex1003.htm

 

Exhibit 10.03(a)

 

 

AMENDMENT NO. 1

 

 

TO

 

 

AMENDED AND RESTATED MANAGEMENT AGREEMENT

 

 

WHEREAS, MORGAN STANLEY SMITH BARNEY SPECTRUM STRATEGIC L.P. (formerly known as Morgan Stanley Dean Witter Spectrum Strategic L.P.), a Delaware limited partnership (the “Partnership”), CERES MANAGED FUTURES LLC, a Delaware limited liability company (formerly Demeter Management Corporation, the “General Partner”), and ECLIPSE CAPITAL MANAGEMENT, INC., a Delaware corporation (the “Trading Advisor”), have agreed to amend the Amended and Restated Management Agreement, dated as of the 1st day of June, 2000 (the “Management Agreement”), among the Partnership, the General Partner, and the Trading Advisor, to reduce the monthly management fee rate payable to the Trading Advisor and to increase the monthly incentive fee rate payable to the Trading Advisor.  Terms used and not otherwise defined herein have the meanings ascribed to such terms in the Management Agreement.

 

WHEREAS, all provisions contained in the Management Agreement remain in full force and effect and are modified only to the extent necessary to provide for the amendments set forth below.

 

NOW, THEREFORE, the parties hereto hereby amend the Management Agreement as follows:

 

1.           Effective December 1, 2010, Demeter Management LLC (formerly known as Demeter Management Corporation) was merged into Ceres Managed Futures LLC.  In such connection, all references in the Management Agreement to the “General Partner” shall be deemed to mean Ceres Managed Futures LLC.

 

2.           The monthly management fee rate equal to 1/12 of 3% (a 3% annual rate) referred to in Section 6(a)(i) of the Management Agreement is hereby reduced to a monthly management fee rate equal to 1/12 of 2.00% (a 2.00% annual rate).

 

3.           The monthly incentive fee rate equal to 15% referred to in Section 6(a)(ii) of the Management Agreement is hereby increased to a monthly incentive fee rate equal to 20%.

 

4.           The foregoing amendments shall take effect as of the 1st day of July, 2011.

 

5.           This Amendment No. 1 may be executed in one or more counterparts, each of which shall be deemed an original but all of which together shall constitute the same agreement.

 

  

  

  

6.           This Amendment No. 1 shall be governed and construed in accordance with the laws of the State of New York.

  

  

  

 

IN WITNESS WHEREOF, this Amendment to the Management Agreement has been executed for and on behalf of the undersigned as of the 9th day of May, 2011.

 

	
  

	
MORGAN STANLEY SMITH BARNEY SPECTRUM STRATEGIC L.P.

 

	
  

	
By:  Ceres Managed Futures LLC,

 

	
  

	
General Partner

 

	
  

	
By:

	
/s/  Walter Davis­­­­­­­­­­

 

	
  

	
Name:

	
Walter Davis

 

	
  

	
Title:

	
President

 

	
  

	
CERES MANAGED FUTURES LLC

 

	
  

	
By:

	
/s/  Walter Davis­­­­­­­­

 

	
  

	
Name:

	
Walter Davis

 

	
  

	
Title:

	
President

 

	
  

	
ECLIPSE CAPITAL MANAGEMENT, INC.

 

	
  

	
By:

	
/s/  Thomas W. Moller­­­­

 

	
  

	
Name:

	
Thomas W. Moller

 

	
  

	
Title:

	
Presidentdwsfex1001b.htm

  

 

 

 

Exhibit 10.01(b)

 

 

                                                                   AMENDMENT NO. 2

                                                                                 TO

                                   AMENDED AND RESTATED MANAGEMENT AGREEMENT

 

 

 

WHEREAS, MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P. (formerly known as Dean Witter

 

 

Spectrum Select L.P.), a Delaware limited partnership (the “Partnership”), CERES MANAGED FUTURES LLC, a

 

 

Delaware limited liability company (formerly Demeter Management Corporation, the “General Partner”), and RABAR

 

 

MARKET RESEARCH, INC., an Illinois corporation (the “Trading Advisor”), have agreed to amend the Amended

 

 

and Restated Management Agreement, dated as of the 1st day of June, 1998, as amended by the Amendment No.

 

 

1 thereto as of the 3rd day of October, 2006 (the “Management Agreement”), among the Partnership, the General

 

 

Partner, and the Trading Advisor, to reduce the monthly management fee rate payable to the Trading Advisor

 

 

and to increase the monthly incentive fee rate payable to the Trading Advisor. Terms used and not otherwise

 

 

defined herein have the meanings ascribed to such terms in the Management Agreement.

 

 

 

 

WHEREAS, all provisions contained in the Management Agreement remain in full force and effect and are

 

 

modified only to the extent necessary to provide for the amendments set forth below.

 

 

NOW, THEREFORE, the parties hereto hereby amend the Management Agreement as follows:

 

 

1. Effective December 1, 2010, Demeter Management LLC (formerly known as Demeter Management

 

 

Corporation) was merged into Ceres Managed Futures LLC. In such connection, all references in the Management

 

 

Agreement to the “General Partner” shall be deemed to mean Ceres Managed Futures LLC.

 

 

2. The monthly management fee rate equal to 5/24 of 1.00% (a 2.50% annual rate) referred to in Section 6(a)(i)

 

 

of the Management Agreement is hereby reduced to a monthly management fee rate equal to 1/12 of 2.00% (a 2.00%

 

 

annual rate).

 

 

3. The monthly incentive fee rate equal to 17.5% referred to in Section 6(a)(ii) of the Management Agreement is

 

 

hereby increased to a monthly incentive fee rate equal to 20%.

 

 

4. The foregoing amendments shall take effect as of the 1st day of July, 2011.

 

 

5. This Amendment No. 2 may be executed in one or more counterparts, each of which shall be deemed an original

 

 

but all of which together shall constitute the same agreement.

 

 

6. This Amendment No. 2 shall be governed and construed in accordance with the laws of the State of New York. 

 

 

  

  

  

 

 

IN WITNESS WHEREOF, this Amendment to the Management Agreement has been executed

 

 

for and on behalf of the undersigned as of the 9th day of May, 2011.

 

	  	
MORGAN STANLEY SMITH BARNEY SPECTRUM SELECT L.P.

 

 

	
  

 

 

	
By: Ceres Managed Futures LLC,

 

By:  /s/ Walter Davis 

                                                                        Name:  Walter Davis

                                                                        Title:     President

 

                                                                CERES MANAGED FUTURES LLC  

 

                                                                By:  /s/ Walter Davis 

                                                                         Name:  Walter Davis

                                                                        Title:     President

 

                                                               RABAR MARKET RESEARCH, INC.

 

                                                                By:  /s/ Paul Rabar 

                                                                         Name:  Paul Rabar

                                                                         Title:     President

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