Document:

Unassociated Document

    
      Exhibit
        10.1

      

      Amendment
        No. 4 to License Agreement of January 26, 2001

       

       

      Wayne
        State University (“WSU”), Barbara Ann Karmanos Cancer Institute (”KCI”)
        (together, “Licensors”), and GlycoGenesys, Inc., formerly known as SafeScience,
        Inc. (“Licensee”) desire to effect the following amendment of the License
        Agreement between the Licensors and Licensee dated as of January 26, 2001,
        as
        amended (the “Agreement”).

       

      
        	1.  	
                Section
                  3.1(f) of the Agreement shall be amended and shall read in full
                  as
                  follows: “Within thirty (30) days following the date on which the FDA
                  approves an NDA of Licensee covering any Licensed Product (such
                  date, the
                  “FDA Approval Date”), Licensee will pay Licensors one million, five
                  hundred thousand dollars ($1,500,000) plus any such amounts due
                  pursuant
                  to Section 6.2(b).”

              

      

      

      
        	2.  	
                Section
                  3.1(h) of the Agreement shall be amended and shall read in full
                  as
                  follows: “Total payments under Sections 3.1 (d-g) shall not exceed three
                  million dollars ($3,000,000), plus any such amounts due pursuant
                  to
                  Section 6.2(b).”

              

      

      

      
        	3.  	
                Section
                  6.2 (b) of the Agreement shall be amended and shall read in full
                  as
                  follows: “Licensors may, at their sole discretion, terminate this
                  Agreement in the event that Licensee has not received FDA or equivalent
                  agency approval for the sale of a Licensed Product by January 1,
                  2008;
                  provided, however, that Licensee shall have the right to extend
                  the date
                  by which FDA or equivalent agency approval is required by one or
                  two
                  years, at its sole option. Licensee shall exercise such option
                  by
                  providing written notice (the “Option Notice”) to Licensors on or prior to
                  December 31, 2007. If the Option Notice has not been provided by
                  October
                  31, 2007, the Licensee will notify the Licensors by said October
                  31, 2007
                  of its intent, or not, of providing the Option Notice by December
                  31,
                  2007. If Licensee exercises such option, Licensee shall pay Licensors
                  an
                  amount within thirty (30) days following the FDA Approval Date
                  equal to
                  the product of the number of months (pro rata for any partial months)
                  from
                  the date of the Option Notice to the FDA Approval Date times ten
                  thousand
                  dollars ($10,000.00). Such amount shall be in addition to the $1,500,000
                  due under Section 3.1(f).”

              

      

      

      
        	4.  	
                Section
                  2.6 of the Agreement shall be amended and shall read in full as
                  follows:
                  “Diligence.
                  Licensee has represented to Licensors, to induce Licensors to issue
                  this
                  license, that it will diligently pursue commercialization of the
                  Licensed
                  Patents and Licensed Technology, including, without limitation,
                  its
                  obligations pursuant to Sections 3.1(c) and (d). Determination
                  of
                  diligence shall be made with reference to objective criteria, including,
                  without limitation, Licensee's obligation to (a) maintain Licensee’s
                  efforts under the existing IND application covering GCS-100 with
                  the Food
                  and Drug Administration ("FDA") or file a new IND or equivalent
                  filing
                  with the FDA or other appropriate regulatory agency if such IND
                  or
                  equivalent filing is required; (b) initiate clinical trials by
                  December
                  31, 2007 designed to support an NDA filing covering GCS-100; and
                  (c)
                  introduce Licensed Products to the market within six (6) months
                  following
                  receipt of necessary marketing approvals from the FDA and other
                  appropriate regulatory agencies.

              

      

      

      
        	5.  	
                Except
                  as expressly amended by this Amendment No. 4, all other terms and
                  provisions shall remain in full force and effect (including Section
                  9.6
                  (Counterparts)). Capitalized terms used in this Amendment No. 4
                  and not
                  defined herein are used with the meaning ascribed to them in the
                  Agreement. 

              

      

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

       

      IN
        WITNESS WHEREOF, Licensee and Licensors have caused this Amendment No. 4
        to the
        Agreement to be duly executed on their behalf by their respective
        representatives as of September 30, 2005

       

      GlycoGenesys,
        Inc.

      By:
        /s/
        Bradley J Carver  

      Name:
        Bradley
        J Carver

      Title:
        President
        and CEO

       

      
        	Barbara Ann Karmanos Cancer
                Institute 	Wayne State University 	 
	By: /s/John
                Ruckdeschel 	By: /s/
                Fred H. Reinhart 	 
	Name: John
                Ruckdeschel 	Name: Fred
                H. Reinhart 	 
	Title: CEO 	Title: Assistant
                Vice President for Research,
                Technology Transfer OfficeFIFTH
        AMENDMENT TO LOAN AND SECURITY AGREEMENT

      

      

      THIS
        FIFTH AMENDMENT TO LOAN AND SECURITY AGREEMENT (the "Fifth Amendment"), made
        and
        entered into as of the 1st day of October, 2005, by and among Streicher Mobile
        Fueling, Inc., a Florida corporation (hereinafter referred to as "Original
        Borrower"), SMF Services, Inc., a Delaware corporation (hereinafter referred
        to
        as "Second Borrower"), H&W Petroleum Company, Inc., a Texas corporation
        (hereinafter referred to as "New Borrower" and, collectively with Original
        Borrower and Second Borrower, as "Borrower") and Wachovia Bank, National
        Association, successor by merger to Congress Financial Corporation (Florida)
        (hereinafter referred to as "Lender").

      

      R  E  C  I
	   T
	   A  L  S:

      

      A. On
        September 26, 2002, Original Borrower and Lender entered into a Loan
        and
        Security Agreement (the "Agreement"), establishing a revolving line of credit
        (the "Revolving Loans") by Lender in favor of Original Borrower.

      

      B. Original
        Borrower and Lender executed a Consent and First Amendment to Loan and Security
        Agreement dated as of March 31, 2003 (the "First Amendment"), consenting
        to
        certain subordinated debt of Original Borrower and modifying certain defined
        terms in the Agreement.

      

      C. Original
        Borrower and Lender executed a Second Amendment to Loan and Security Agreement
        dated as of August 29, 2003 (the “Second Amendment”), (1) permitting Original
        Borrower to incur certain additional secured Indebtedness, and (2) releasing
        Lender's security interest in the patents (including the related trade names
        utilized in such patents) constituting a portion of the Collateral, subject
        to
        the terms and conditions stated therein.

      

      D. Original
        Borrower and Lender executed a Third Amendment to Loan and Security Agreement
        dated as of August 30, 2003 (the "Third Amendment"), modifying certain terms
        of
        the Agreement in order to reflect that the amount of the additional secured
        Indebtedness contemplated by the Second Amendment exceeded the actual amount
        thereof.

      

      E. Original
        Borrower, Second Borrower and Lender executed a Fourth Amendment to Loan
        and
        Security Agreement dated as of February 18, 2005 (the "Fourth Amendment"),
        adding Second Borrower as an additional borrower under the Revolving Loans,
        extending the term of the Agreement, and modifying the applicable Interest
        Rate,
        the unused line fee and certain covenants of the Agreement.

      

      F. New
        Borrower has purchased certain assets from Harkrider Distributing Company,
        Inc.,
        a Texas corporation, (the "Asset Purchase"), Original Borrower desires to
        acquire all of the outstanding shares of New Borrower's capital stock (the
        "Stock Purchase"), and Original Borrower is incurring certain unsecured and
        additional secured Indebtedness (the "Acquisition Financing") in order to
        finance the Stock Purchase.

      

      
        
           

        

        
           

          
            

          

        

        
           

        

      

      G. Borrower
        and Streicher Realty, Inc., a Florida corporation, have requested that Lender
        add New Borrower as an additional borrower under the Revolving Loans, increase
        the Maximum Credit amount for the Revolving Loans, add certain inventory
        to the
        Borrowing Base, decrease the applicable Interest Rate, extend the term of
        the
        Agreement and modify certain covenants of the Agreement, and Lender is agreeable
        to same, subject to the terms and conditions hereinafter set forth.

      

      NOW
        THEREFORE, in consideration of the mutual covenants of the parties hereto,
        and
        for other good and valuable consideration, it is agreed as follows:

      

      1. The
        foregoing statements are true and correct and are incorporated herein as
        if set
        forth in full.

      

      2. Unless
        otherwise defined herein, all terms used herein shall have the definitions
        specified in the Agreement, as modified by the First Amendment, the Second
        Amendment, the Third Amendment, and the Fourth Amendment; all references
        hereinafter made to the Agreement to include the modifications thereto
        effectuated pursuant to the First Amendment, the Second Amendment, the Third
        Amendment, and the Fourth Amendment.

      

      3. Borrower
        confirms and acknowledges that the balance due Lender under the Revolving
        Loans
        as of the close of business on October 1, 2005 was the principal amount of
        $3,334,535.81 plus accrued interest since the date last paid, all free and
        clear
        of any defense, set-off or counterclaim.

      

      4. The
        Agreement is hereby modified as follows (all references to Sections and
        Subsections being the applicable Sections and Subsections of the
        Agreement):

      

      
        	 	
                (a)

              	
                The
                  term "Borrower" shall hereafter refer to Original Borrower, Second
                  Borrower and New Borrower (as redefined in this Fifth Amendment),
                  as
                  co-borrowers (each a
                  "Co-Borrower").

              

      

      

      
        	 	
                (b)

              	
                Section
                  1.6 is amended and restated in its entirety to read as
                  follows:

              

      

      

      1.6 "Borrowing
        Base" shall mean, at any time, the amount equal to: (a) eighty-five (85%)
        percent of the (i) Net Amount of Eligible Accounts and (ii) Unbilled Gallons
        Delivered, plus
        (b) the
        lesser of (i) $3,500,0000 (the "Inventory Loan Limit") or (ii) the lesser
        of
        sixty-five (65%) percent multiplied by the Value of the Eligible Inventory
        of
        New Borrower consisting of finished goods or eighty-five (85%) percent of
        the
        Net Recovery Percentage multiplied by the Value of such Eligible Inventory,
        less
        (c) any
        Reserves. For purposes only of applying the Inventory Loan Limit, Lender
        may
        treat the then undrawn amounts of outstanding Letter of Credit Accommodations
        for the purpose of purchasing Eligible Inventory as Revolving Loans to the
        extent Lender is in effect basing the issuance of the Letter of Credit
        Accommodations on the Value of the Eligible Inventory being purchased with
        such
        Letter of Credit Accommodations. In determining the actual amounts of such
        Letter of Credit Accommodations to be so treated for purposes of the sublimit,
        the outstanding Revolving Loans and Reserves shall be attributed first to
        any
        components of the lending formulas set forth above that are not subject to
        such
        sublimit, before being attributed to the components of the lending formulas
        subject to such sublimit. The amounts of Eligible Inventory of New Borrower
        shall, at Lender’s option, be determined based on the lesser of the amount of
        Inventory set forth in the general ledger of New Borrower or the perpetual
        inventory record maintained by New Borrower.

      

      
        
           

        

        
          2

          
            

          

        

        
           

        

      

      
        	 	
                (c)

              	
                Section
                  1.34 shall hereafter additionally reference and include the Information
                  Certificate of New Borrower dated October 1,
                  2005.

              

      

      

      
        	 	
                (d)

              	
                In
                  Section 1.37, the amount “three-quarters (.75%) percent per annum” is
                  substituted in lieu of the amount "one and three-quarters (1.75%)
                  percent
                  per annum."

              

      

      

      
        	 	
                (e)

              	
                In
                  Section 1.45, the amount “$20,000,000.00” is substituted in lieu of the
                  amount “$10,000,000.00”.

              

      

      

      
        	 	
                (f)

              	
                The
                  “Reserves”, as defined in Section 1.58, shall specifically include,
                  without limitation, (a) the aggregate amount of each Borrower's
                  accounts
                  payable owing to Chevron/Texaco at any time, and (b) the Value
                  of all
                  Inventory located at premises owned or operated by
                  Exxon/Mobil.

              

      

      

      
        	 	
                (g)

              	
                Section
                  1.69 is amended and restated in its entirety to read as
                  follows:

              

      

      

      1.69 “Excluded
        Assets” shall mean (i) the Vehicles of Second Borrower acquired from Shank
        C&E Investments, L.L.C. (“Shank”) on February 18, 2005 and securing the
        January 2005 Indebtedness (hereinafter defined), including future additions,
        parts, accessories, attachments, substitutions, repairs, related intangibles
        and
        improvements and replacements to or of any such Vehicle, (ii) the
        Equipment
        of
        Second Borrower acquired from Shank on February 18, 2005 and securing the
        January 2005 Indebtedness, including future additions, parts, accessories,
        attachments, substitutions, repairs, related intangibles and improvements
        and
        replacements to or of any such Equipment, (iii) the intangible assets of
        Second
        Borrower acquired from Shank on February 18, 2005, securing the January 2005
        Indebtedness and listed on Schedule
        A
        hereto,
        (iv) the Vehicles owned by New Borrower on October 1, 2005 and securing the
        September 2005 Indebtedness (hereinafter defined), including future additions,
        parts, accessories, attachments, substitutions, repairs, related intangibles
        and
        improvements and replacements to or of any such Vehicle, (v) the Equipment
        owned
        by New Borrower on October 1, 2005 and securing the September 2005 Indebtedness,
        including future additions, parts, accessories, attachments, substitutions,
        repairs, related intangibles and improvements and replacements to or of any
        such
        Equipment, and (vi) any future additions, parts, accessories, attachments,
        substitutions, repairs, related intangibles and improvements and replacements
        to
        or of the Vehicles and Equipment leased by New Borrower on October 1,
        2005.

      

      
        
           

        

        
          3

          
            

          

        

        
           

        

      

      
        	 	
                (h)

              	
                The
                  following defined terms and definitions are added to Section
                  1:

              

      

      

      1.70 “Capital
        Expenditures” shall mean expenditures made or  liabilities
        incurred for the acquisition of any fixed assets or  improvements,
        replacements, substitutions or additions thereto  which
        have a useful life of more than one year, including the total  principal
        portion of Indebtedness under Capital Leases.

      

      1.71 “Eligible
        Inventory” shall mean Inventory of New Borrower consisting of finished goods
        held for resale in the ordinary course of the business of New Borrower which
        are
        acceptable to Lender based on the criteria set forth below. In general, Eligible
        Inventory shall not include (a) work-in-process or raw materials; (b) components
        which are not part of finished goods; (c) spare parts for equipment; (d)
        packaging and shipping materials; (e) supplies used or consumed in such
        Borrower’s business; (f) Inventory at premises other than those owned or leased
        and controlled by such Borrower; provided,
        that,
        (i) as
        to locations which are leased by such Borrower, if Lender shall not have
        received a Collateral Access Agreement from the owner and lessor with respect
        to
        such location, duly authorized, executed and delivered by such owner and
        lessor
        (or Lender shall determine to accept a Collateral Access Agreement that does
        not
        include all required provisions or provisions in the form otherwise required
        by
        Lender), Lender may, at its option, establish such Reserves in respect of
        amounts at any time due or to become due to the owner and lessor thereof
        as
        Lender shall determine, and (ii) as to locations owned and operated by a
        third
        person, if Lender shall not have received a Collateral Access Agreement from
        the
        owner and operator with respect to such location, duly authorized, executed
        and
        delivered by such owner and operator (or Lender shall determine to accept
        a
        Collateral Access Agreement that does not include all required provisions
        or
        provisions in the form otherwise required by Lender), Lender may, at its
        option,
        establish such Reserves in respect of amounts at any time due or to become
        due
        to the owner and operator thereof as Lender shall determine, provided that,
        in
        addition, if required by Lender, in order for such Inventory at locations
        owned
        and operated by a third person to be Eligible Inventory, Lender shall have
        received: (x) UCC financing statements between the owner and operator, as
        consignee or bailee and such Borrower, as consignor or bailor, in form and
        substance satisfactory to Lender, which are duly assigned to Lender and (y)
        a
        written notice to any lender to the owner and operator of the first priority
        security interest in such Inventory of Lender; (g) Inventory subject to a
        security interest or lien in favor of any Person other than Lender except
        those
        permitted in this Agreement subject to any liens except those permitted in
        this
        Agreement that are subject to an intercreditor agreement in form and substance
        satisfactory to Lender between the holder of such security interest or lien
        and
        Lender; (h) bill and hold goods; (i) unserviceable, obsolete or slow moving
        Inventory; (j) Inventory which is not subject to the first priority, valid
        and
        perfected security interest of Lender; (k) returned, damaged and/or defective
        Inventory; (l) Inventory purchased or sold on consignment, and (m) Inventory
        located outside the United States of America. The criteria for Eligible
        Inventory set forth above may only be changed and any new criteria for Eligible
        Inventory may only be established by Lender in good faith based on either:
        (a)
        an event, condition or other circumstance arising after the date hereof,
        or (b)
        an event, condition or other circumstance existing on the date hereof to
        the
        extent Lender has no written notice thereof from New Borrower prior to the
        date
        it becomes a Borrower under this Agreement, in either case under clause (a)
        or
        (b) which adversely affects or could reasonably be expected to adversely
        affect
        the Inventory in the good faith determination of Lender. Any Inventory which
        is
        not Eligible Inventory shall nevertheless be part of the
        Collateral.

      

      
        
           

        

        
          4

          
            

          

        

        
           

        

      

      1.72 “Net
        Recovery Percentage” shall mean the fraction, expressed as a percentage, (a) the
        numerator of which is the amount equal to the amount of the recovery in respect
        of the Inventory at such time on a “net orderly liquidation value” basis as set
        forth in the most recent acceptable appraisal of Inventory received by Lender
        in
        accordance with Section 7.3, net of operating expenses, liquidation expenses
        and
        commissions, and (b) the denominator of which is the applicable original
        cost of
        the aggregate amount of the Inventory subject to such appraisal.

      

      1.73 “Value”
        shall mean, as determined by Lender in good faith, with respect to Inventory,
        the lower of (a) cost computed on a first-in first-out basis in accordance
        with
        GAAP or (b) market value, provided,
        that,
        for
        purposes of the calculation of the Borrowing Base, (i) the Value of the
        Inventory shall not include: (A) the portion of the value of Inventory equal
        to
        the profit earned by any Affiliate on the sale thereof to any Borrower or
        (B)
        write-ups or write-downs in value with respect to currency exchange rates
        and
        (ii) notwithstanding anything to the contrary contained herein, the cost
        of the
        Inventory shall be computed in the same manner and consistent with the most
        recent appraisal of the Inventory received and accepted by Lender prior to
        the
        date New Borrower became a Borrower under this Agreement, if any.

      

      
        
           

        

        
          5

          
            

          

        

        
           

        

      

      
        	 	
                (i)

              	
                Section
                  2.1(c), reading as follows, is added immediately after
                  Section 2.1(b):

              

      

      

      (c) Lender
        may, in its discretion, from time to time, upon not less than five (5) days
        prior notice to any Borrower, reduce the lending formula(s) with respect
        to
        Eligible Inventory to the extent that Lender determines in good faith that:
        (i)
        the number of days of the turnover of the Inventory for any period has adversely
        changed or (ii) the liquidation value of the Eligible Inventory, or any category
        thereof, has decreased, including any decrease attributable to a change in
        the
        nature, quality or mix of the Inventory. The amount of any decrease in the
        lending formulas shall have a reasonable relationship to the event, condition
        or
        circumstance which is the basis for such decrease as determined by Lender
        in
        good faith. In determining whether to reduce the lending formula(s), Lender
        may
        consider events, conditions, contingencies or risks which are also considered
        in
        determining Eligible Accounts, Eligible Inventory or in establishing
        Reserves.

      

      
        	 	
                (j)

              	
                Section
                  2.2(d) is amended and restated in its entirety to read as
                  follows:

              

      

      

      (d) In
        addition to being subject to the satisfaction of the applicable conditions
        precedent contained in Section 4 hereof and the other terms and conditions
        contained herein, no Letter of Credit Accommodations shall be available unless
        each of the following conditions precedent have been satisfied in a manner
        satisfactory to Lender: (i) Borrower shall have delivered to the proposed
        issuer
        of such Letter of Credit Accommodation at such times and in such manner as
        such
        proposed issuer may require, an application in form and substance satisfactory
        to such proposed issuer and Lender for the issuance of the Letter of Credit
        Accommodation and such other documents as may be required pursuant to the
        terms
        thereof, and the form and terms of the proposed Letter of Credit Accommodation
        shall be satisfactory to Lender and such proposed issuer, (ii) as of the
        date of
        issuance, no order of any court, arbitrator or other Governmental Authority
        shall purport by its terms to enjoin or restrain money center banks generally
        from issuing letters of credit of the type and in the amount of the proposed
        Letter of Credit Accommodation, and no law, rule or regulation applicable
        to
        money center banks generally and no request or directive (whether or not
        having
        the force of law) from any Governmental Authority with jurisdiction over
        money
        center banks generally shall prohibit, or request that the proposed issuer
        of
        such Letter of Credit Accommodation refrain from, the issuance of letters
        of
        credit generally or the issuance of such Letters of Credit Accommodation;
        and
        (iii) the Excess Availability, prior to giving effect to any Reserves with
        respect to such Letter of Credit Accommodations, on the date of the proposed
        issuance of any Letter of Credit Accommodations, shall be equal to or greater
        than: (A) if the proposed Letter of Credit Accommodation is for the purpose
        of
        purchasing Eligible Inventory and the documents of title with respect thereto
        are consigned to the issuer, the sum of (1) the percentage equal to one hundred
        (100%) percent minus the then applicable percentage with respect to Eligible
        Inventory set forth in the definition of the term Borrowing Base multiplied
        by
        the Value of such Eligible Inventory, plus (2) freight, taxes, duty and other
        amounts which Lender estimates must be paid in connection with such Inventory
        upon arrival and for delivery to one of New Borrower's locations for Eligible
        Inventory within the United States of America and (B) if the proposed Letter
        of
        Credit Accommodation is for any other purpose or the documents of title are
        not
        consigned to the issuer in connection with a Letter of Credit Accommodation
        for
        the purpose of purchasing Inventory, an amount equal to one hundred (100%)
        percent of the face amount thereof and all other commitments and obligations
        made or incurred by Lender with respect thereto. Effective on the issuance
        of
        each Letter of Credit Accommodation, a Reserve shall be established in the
        applicable amount set forth in Section 2.2(d)(iii)(A) or Section
        2.2(d)(iii)(B).

      

      
        
           

        

        
          6

          
            

          

        

        
           

        

      

      
        	 	
                (k)

              	
                In
                  order to secure the Obligations, New Borrower grants to Lender
                  the
                  security interest in Collateral pursuant to Section
                  5.1.

              

      

      

      
        	 	
                (l)

              	
                Section
                  7.1(a)(v), reading as follows, is added immediately after Section
                  7.1(a)(iv):

              

      

      

      (v) as
        soon
        as possible after the end of each week (but in any event within three (3)
        Business Days after the end thereof), on a weekly basis or more frequently
        as
        Lender may request, (A) perpetual inventory reports, and (B) inventory reports
        by location and category (including identifying Inventory at locations owned
        and
        operated by third parties or on consignment).

      

      
        	 	
                (m)

              	
                Section
                  7.3 is amended and restated in its entirety to read as
                  follows:

              

      

      

      7.3 Inventory
        Covenants.
        With
        respect to the Inventory: (a) Borrower shall at all times maintain inventory
        records reasonably satisfactory to Lender, keeping correct and accurate records
        itemizing and describing the kind, type, quality and quantity of Inventory,
        Borrower's cost therefor and daily withdrawals therefrom and additions thereto;
        (b) New Borrower shall conduct a physical count of the Inventory at least
        once
        each year, but at any time or times as Lender may request on or after an
        Event
        of Default, and promptly following such physical inventory shall supply Lender
        with a report in the form and with such specificity as may be reasonably
        satisfactory to Lender concerning such physical count; (c) New Borrower shall
        not remove any Inventory from the locations set forth or permitted herein,
        without the prior written consent of Lender, except for sales of Inventory
        in
        the ordinary course of New Borrower's business and except to move Inventory
        directly from one location set forth or permitted herein to another such
        location and except for Inventory shipped from the manufacturer thereof to
        New
        Borrower which is in transit to the locations set forth or permitted herein;
        (d)
        upon Lender's request, New Borrower shall, at its expense, no more than two
        (2)
        in any twelve (12) month period, but at any time or times as Lender may request
        on or after an Event of Default, deliver or cause to be delivered to Lender
        written appraisals as to the Inventory in form, scope and methodology acceptable
        to Lender and by an appraiser acceptable to Lender, addressed to Lender and
        upon
        which Lender is expressly permitted to rely; (e) Borrower shall produce,
        use,
        store and maintain the Inventory with all reasonable care and caution and
        in
        accordance with applicable standards of any insurance and in conformity with
        applicable laws (including the requirements of the Federal Fair Labor Standards
        Act of 1938, as amended and all rules, regulations and orders related thereto);
        (f) none of the Inventory or other Collateral constitutes farm products or
        the
        proceeds thereof; (g) Borrower assumes all responsibility and liability arising
        from or relating to the production, use, sale or other disposition of the
        Inventory; (h) Borrower shall not sell Inventory to any customer on approval,
        or
        any other basis which entitles the customer to return or may obligate Borrower
        to repurchase such Inventory; (i) Borrower shall keep the Inventory in good
        and
        marketable condition; and (j) Borrower shall not, without prior written notice
        to Lender or the specific identification of such Inventory with respect thereto
        provided by Borrower to Lender pursuant to Section 7.1(a) hereof, acquire
        or
        accept any Inventory on consignment or approval.

      

      
        
           

        

        
          7

          
            

          

        

        
           

        

      

      
        	 	
                (n)

              	
                Section
                  9.9(i), reading as follows, is added immediately after
                  Section 9.9(h):

              

      

      

      (i)
        Indebtedness of Borrower evidenced by the 10% Senior Secured Notes due August
        31, 2010, dated as of September 1, 2005 in the aggregate principal amount
        of
        $3,000,000 (the "September 2005 Indebtedness") and secured by a security
        interest in the Excluded Assets owned by New Borrower, all pursuant to
        documentation containing terms satisfactorily subordinating such Indebtedness
        to
        the Obligations and otherwise acceptable to Lender.

      

      
        
           

        

        
          8

          
            

          

        

        
           

        

      

      
        	 	
                (o)

              	
                Section
                  9.17 is amended and restated in its entirety to read as
                  follows:

              

      

      

      9.17 Capital
        Expenditures.
        Borrower shall not make Capital Expenditures which in the aggregate exceed
        $1,500,000 during fiscal year 2006 or $750,000 during any fiscal year
        thereafter.

      

      
        	 	
                (p)

              	
                Section
                  9.19(f) is amended and restated in its entirety to read as
                  follows:

              

      

      

      (f) all
        out-of-pocket expenses and costs heretofore and from time to time hereafter
        incurred by Lender during the course of periodic field examinations of the
        Collateral and Borrower's operations (which, in the absence of an Event of
        Default and exclusive of acquisition preliminary examinations and take-over
        examinations, shall not exceed three (3) per year), plus a per diem charge
        at
        the rate of $800 per person per day for Lender's examiners in the field and
        office; and 

      

      
        	 	
                (q)

              	
                Section
                  9.21 is amended and restated in its entirety to read as
                  follows:

              

      

      

      9.21 Fixed
        Charge Coverage Ratio.
        Borrower shall not, as of each quarter end in which the Average Excess
        Availability is less than $3,000,000 and at all times following the occurrence
        of an Event of Default, on a cumulative basis for that fiscal year, permit
        the
        ratio of (a) EBITDA to (b) Fixed Charges to be less than 1.0 to
        1.0.

      

      
        	 	
                (r)

              	
                In
                  Section 12.1, the "Renewal Date" in subsection (a) is extended
                  to the date
                  five (5) years from the date of the
                  Agreement.

              

      

      

      5. Each
        and
        every reference to the Agreement in the other Financing Agreements shall
        be
        deemed to refer to the Agreement, as modified by this Fifth
        Amendment.

      

      6. The
        effectiveness of this Fifth Amendment is subject to satisfactory compliance
        with
        conditions precedent requiring that Lender shall have received:

      

      
        	 	
                (a)

              	
                copies
                  of the final executed documents (i) evidencing and securing the
                  10% Senior
                  Secured Notes due August 31, 2010, and (ii) pertaining to the Asset
                  Purchase and the Stock Purchase, including, without limitation,
                  the
                  subordination agreement in Lender's favor with respect to the Acquisition
                  Financing, all in form and substance satisfactory to
                  Lender;

              

      

      

      
        	 	
                (b)

              	
                satisfactory
                  results of all Lender's due diligence with respect to the assets
                  of New
                  Borrower;

              

      

      

      
        
           

        

        
          9

          
            

          

        

        
           

        

      

      
        	 	
                (c)

              	
                evidence,
                  in form and substance satisfactory to Lender, that Lender has valid
                  perfected and first priority security interests in and liens upon
                  the
                  Collateral furnished by New
                  Borrower;

              

      

      

      
        	 	
                (d)

              	
                all
                  requisite corporate action and proceedings in connection with this
                  Fifth
                  Amendment and the other Financing Agreements shall be satisfactory
                  in form
                  and substance to Lender, and Lender shall have received all information
                  and copies of all documents, including records of requisite corporate
                  action and proceedings which Lender may have requested in connection
                  therewith, such documents where requested by Lender or its counsel
                  to be
                  certified by appropriate officers or governmental
                  authorities;

              

      

      

      
        	 	
                (e)

              	
                Lender
                  shall have received, in form and substance satisfactory to Lender,
                  all
                  consents, waivers, acknowledgments and other agreements from third
                  persons
                  which Lender may deem necessary or desirable in order to permit,
                  protect
                  and perfect its security interests in and liens upon the Collateral
                  furnished by New Borrower or to effectuate the provisions or purposes
                  of
                  the Agreement and the other Financing Agreements, including
                  acknowledgments by lessors, mortgagees and warehousemen of Lender’s
                  security interests in the Collateral, waivers by such persons of
                  any
                  security interests, liens or other claims by such persons to the
                  Collateral and agreements permitting Lender access to, and the
                  right to
                  remain on, the premises to exercise its rights and remedies and
                  otherwise
                  deal with the Collateral;

              

      

      

      
        	 	
                (f)

              	
                Lender
                  shall have received evidence of insurance and loss payee endorsements
                  required under the Agreement and under the other Financing Agreements,
                  in
                  form and substance satisfactory to Lender, and certificates of
                  insurance
                  policies and/or endorse-ments naming Lender as loss
                  payee;

              

      

      

      
        	 	
                (g)

              	
                an
                  executed guarantee agreement from Streicher Realty, Inc. for the
                  Obligations, in form and substance acceptable to
                  Lender;

              

      

      

      
        	 	
                (h)

              	
                current
                  certificates of good standing for New Borrower from the Secretary
                  of State
                  of Texas;

              

      

      

      
        	 	
                (i)

              	
                current
                  Articles of Incorporation and certified By-laws for New
                  Borrower;

              

      

      

      
        	 	
                (j)

              	
                the
                  written opinion of counsel for New Borrower, in form and substance
                  acceptable to Lender; and

              

      

      

      
        	 	
                (k)

              	
                such
                  additional documents, instruments and agreements as are required
                  hereunder
                  as well as those which Lender or its counsel may reasonably
                  request.

              

      

      

      7. As
        partial consideration for Lender adding New Borrower as a co-borrower under
        the
        Revolving Loans, and amending the Agreement as provided above, Lender has
        fully
        earned a nonrefundable facility fee in the amount of Fifty Thousand Dollars
        ($50,000) which shall be paid to Lender simultaneously with the execution
        of
        this Fifth Amendment, irrespective of any actual further funding under the
        Revolving Loans.

      

      
        
           

        

        
          10

          
            

          

        

        
           

        

      

      8. Borrower
        represents and warrants to Lender that, except as has been otherwise disclosed
        to Lender in writing, the representations and warranties contained in the
        Agreement and all related loan documentation are true and correct on and
        as of
        the date hereof (with the same force and effect as if made on and as of the
        date
        hereof, other than representations and warranties made as of a specific date
        which shall be deemed made as of such date) and with respect to this Fifth
        Amendment and the related documentation referenced herein, and that no Default
        or Event of Default shall have occurred and be continuing. Specifically,
        Original Borrower represents and warrants that its Articles of Incorporation
        and
        Bylaws, certified on September 26, 2002 were not amended on or subsequent
        to their aforesaid certification date, other than the July 23, 2003 amendment
        to
        Articles of Incorporation increasing the number of authorized shares of common
        stock from 20,000,000 to 50,000,000 shares, and Second Borrower represents
        and
        warrants that its Certificate of Incorporation and Bylaws, certified on February
        18, 2005 were not amended on or subsequent to their aforesaid certification
        date.

      

      9. Borrower
        acknowledges and confirms that all Collateral furnished in connection with
        the
        Agreement, except patents, continue to secure the Obligations and indebtedness
        thereunder, as hereby modified.

      

      10. Borrower
        and Obligor each hereby release and forever discharge Lender and each and
        every
        one of its directors, officers, employees, representatives, legal counsel,
        agents, parents, subsidiaries and affiliates, and persons employed or engaged
        by
        them, whether past or present (hereinafter collectively referred to as the
        "Lender Releasees"), of and from all actions, agreements, damages, judgments,
        claims, counterclaims, and demands whatsoever, liquidated or unliquidated,
        contingent or fixed, determined or undetermined, at law or in equity, which
        Borrower or Obligor, had, now has, or may have against the Lender Releasees,
        or
        any of them, for, upon or by reason of any matter, cause or thing whatsoever
        to
        the date of this Fifth Amendment, whether arising out of, related to or
        pertaining to the Obligations, the Financing Agreements, or otherwise,
        including, without limitation, the negotiation, closing, administration,
        and
        funding of the Obligations or the Financing Agreements. Borrower and Obligor
        each acknowledges that this provision is a material inducement for Lender
        entering into this Fifth Amendment and this provision shall survive payment
        in
        full of all Obligations and termination of all Financing
        Agreements.

      

      11. Borrower
        shall pay all out-of-pocket expenses incurred by Lender in connection with
        the
        preparation for and closing of the transaction contemplated under this Fifth
        Amendment, including, without limitation, the fees and expenses of special
        counsel for Lender. In addition, Borrower shall pay any and all taxes (together
        with interest and penalties, if any, applicable thereto) and fees, including,
        without limitation, documentary stamp taxes, now or hereafter required in
        connection with the execution and delivery of the Agreement, as hereby amended,
        and all related documents, instruments and agreements.

      

      
        
           

        

        
          11

          
            

          

        

        
           

        

      

      12. Except
        as
        expressly modified herein, all terms and provisions of the Agreement, and
        all
        other documents, instruments and agreements executed and/or delivered in
        connection with the Agreement, shall remain unchanged and in full force and
        effect; provided,
        however,
        in the
        event of any inconsistency, incongruity or conflict between the terms of
        the
        Agreement and the terms of this Fifth Amendment, the terms of this Fifth
        Amendment shall govern and control. No consent of Lender hereunder shall
        operate
        as a waiver or continuing consent with respect to any instance or event other
        than those specified herein. Neither this Fifth Amendment nor
        any
        earlier waiver or amendment of the Agreement will constitute a novation or
        have
        the effect of discharging any liability or obligation evidenced by the Agreement
        or any related document. This Fifth Amendment shall not be deemed to prejudice
        any rights or remedies which Lender may now have or may have in the future
        under
        or in connection with the Agreement or the Financing Agreements or any of
        the
        instruments or agreements referred to therein, as the same may be amended,
        restated or otherwise modified. This Fifth Amendment is part of the Agreement
        and constitutes a Financing Agreement thereunder.

      

      13. All
        covenants, agreements, representations and warranties contained herein shall
        be
        binding upon and inure to the benefit of the parties hereto, their respective
        successors and assigns, except that Borrower shall not have the right to
        assign
        its rights hereunder or any interest herein without the prior written consent
        of
        Lender.

      

      14. This
        Fifth Amendment may be executed in any number of counterparts and by different
        parties hereto in separate counterparts, each of which, when so executed,
        shall
        be deemed to be an original and shall be binding upon all parties, their
        successors and assigns, and all of which taken together shall constitute
        one and
        the same agreement. 

      

      15. This
        Fifth Amendment shall be governed by, and construed and interpreted in
        accordance with, the laws of the State of Florida, without giving effect
        to its
        conflict of law principles.

      

      16. LENDER,
        BORROWER AND OBLIGOR EACH HEREBY KNOWINGLY, VOLUNTARILY AND INTENTIONALLY
        WAIVE
        ANY RIGHT THEY MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED
        HEREON, OR ARISING OUT OF, UNDER OR IN CONNECTION WITH THIS FIFTH AMENDMENT
        OR
        THE AGREEMENT AND ANY AGREEMENT, DOCUMENT OR INSTRUMENT EXECUTED IN CONJUNCTION
        HEREWITH, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER
        ORAL
        OR WRITTEN) OR ACTIONS OF ANY PARTY HERETO. THIS PROVISION IS A MATERIAL
        INDUCEMENT FOR LENDER ENTERING INTO THIS FIFTH AMENDMENT.

      
        
           

        

        
          12

          
            

          

        

        
           

        

      

      

      IN
        WITNESS WHEREOF, the parties hereto have executed this Fifth Amendment the
        day
        and year first above written.

       

       

      
        	 	
                BORROWER:

                

                STREICHER
                  MOBILE FUELING, INC., a Florida corporation

                

                By:/s/Richard
                  E.
                  Gathright                                       
                   

                Name:
                  Richard
                  E.
                  Gathright                                      
                   

                Title:  
                  President
                  and Chief Executive
                  Officer        
                   

                

                

                

                SMF
                  SERVICES, INC., a Delaware corporation

                

                By:/s/Richard
                  E.
                  Gathright                                       
                   

                Name:
                  Richard
                  E.
                  Gathright                                      
                   

                Title:  
                  President
                  and Chief Executive
                  Officer          

                

                

                

                H&W
                  PETROLEUM COMPANY, INC., a Texas corporation

                

                By:/s/Richard
                  E.
                  Gathright                                         

                Name:
                  Richard
                  E.
                  Gathright                                      
                   

                Title:  
                  Chief
                  Executive
                  Officer                                   

                

                

                

                LENDER:

                

                WACHOVIA
                  BANK, NATIONAL ASSOCIATION, SUCCESSOR BY MERGER TO CONGRESS FINANCIAL
                  CORPORATION (FLORIDA)

                

                

                By:/s/Pat
                  Cloninger                                                    

                Name:
                  Pat Cloninger

                
                  
                    Title:
                    Vice President

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