Document:

CONSENT
      AND SIXTEENTH AMENDMENT

    TO
      LOAN AND SECURITY AGREEMENT

    

    THIS
      CONSENT AND SIXTEENTH AMENDMENT
      TO LOAN AND SECURITY AGREEMENT (this
      "Amendment") is made and entered into as of September 2, 2008, by and among
      SMF
      Energy Corporation,
      a
      Delaware corporation and successor-by-merger to Streicher Mobile Fueling, Inc.,
      a Florida corporation ("SMF"); SMF
      Services, Inc.,
      a
      Delaware corporation ("SSI"); H
      & W Petroleum Company, Inc.,
      a Texas
      corporation ("H & W" and, together with SMF and SSI, collectively,
      "Borrower"); and Wachovia
      Bank, National Association,
      a
      national banking association and successor-by-merger to Congress Financial
      Corporation (Florida) ("Lender").

    

    RECITALS

    

    A. Borrower
      and Lender are parties to that certain Loan and Security Agreement dated
      September 26, 2002 (as at any time amended, restated, supplemented or otherwise
      modified, the "Loan Agreement"). The Obligations under (and as defined in)
      the
      Loan Agreement are guaranteed by Streicher
      Realty, Inc.,
      a
      Florida corporation ("Guarantor").

    

    B. The
      parties hereto desire to amend the Loan Agreement upon the terms and subject
      to
      the conditions hereinafter set forth.

    

    NOW,
      THEREFORE, for and in consideration of Ten Dollars ($10.00) in hand paid and
      other good and valuable consideration, the receipt and sufficiency of which
      are
      hereby severally acknowledged, the parties hereto, intending to be legally
      bound, hereby agree as follows:

    

    1. Each
      capitalized term used in this Amendment, unless otherwise defined herein, shall
      have the meaning ascribed to such term in the Loan Agreement. 

    

    2. Borrower
      has requested that Lender consent to SMF's incurrence of unsecured Subordinated
      Debt pursuant to one or more Convertible Promissory Notes dated on or around
      September 2, 2008, in form and substance similar to the form of Convertible
      Promissory Note attached hereto as Exhibit
      A
      with
      only such changes as may be disclosed to and accepted by Lender in writing
      in
      its discretion, executed by SMF in favor of certain investors (the "September
      2008 Subordinated Debt Issuance"). Lender hereby consents to the September
      2008
      Subordinated Debt Issuance, provided that: (a) the proceeds of such Subordinated
      Debt shall be fully funded and received by SMF on or prior to December 31,
      2008,
      and shall be used by Borrower exclusively for working capital purposes, (b)
      Lender shall have received and approved, prior to the date that such
      Subordinated Debt is incurred, copies of the proposed documents intended to
      evidence the September 2008 Subordinated Debt Issuance, with true, correct
      and
      complete copies of such executed documents to be furnished to Lender promptly
      after execution, (c) such Subordinated Debt shall be subject and subordinate
      to
      the payment of the Obligations pursuant to Subordination Agreements in form
      and
      substance similar to the form of Subordination Agreement attached hereto as
      Exhibit
      B
      with
      only such changes as may be disclosed to and accepted by Lender in writing
      in
      its discretion, (d) such Subordinated Debt shall otherwise be subject to the
      terms of Section
      9.9(e)
      of the
      Loan Agreement, and (e) the total aggregate principal amount Borrower is allowed
      to receive under the September 2008 Subordinated Debt Issuance and under the
      New
      Preferred Stock Issuance, as contemplated by (and as defined in) that certain
      consent letter dated as of August 15, 2008, by Lender to Borrower (the "August
      2008 Consent Letter"), cannot exceed $1,500,000.

    

    3. Subject
      to the satisfaction of each of the conditions precedent set forth in this
      Amendment, the Loan Agreement is hereby amended by deleting Section
      1.37
      of the
      Loan Agreement in its entirety and by substituting in lieu thereof the
      following:

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    "Interest
      Rate" shall mean, as to Prime Rate Loans, the rate of two and three-quarters
      percent (2.75%) per annum in excess of the Prime Rate and, as to Eurodollar
      Rate
      Loans, the rate of five and one-half percent (5.50%) per annum in excess of
      the
      Adjusted Eurodollar Rate (based on the London Interbank Offered Rate applicable
      for the Interest Period selected by Borrower as in effect two (2) Business
      Days
      prior to the commencement of the Interest Period, whether such rate is higher
      or
      lower than any rate previously quoted to Borrower); provided,
      that,
      notwithstanding anything to the contrary contained herein, the Interest Rate
      shall mean the rate of five and three-quarters percent (5.75%) per annum in
      excess of the Prime Rate as to Prime Rate Loans and the rate of eight and
      one-half percent (8.50%) per annum in excess of the Adjusted Eurodollar Rate
      as
      to Eurodollar Rate Loans, at Lender's option, without notice, (a) either (i)
      for
      the period on and after the date of termination or non-renewal hereof until
      such
      time as all Obligations are indefeasibly paid and satisfied in full in
      immediately available funds, or (ii) for the period from and after the date
      of
      the occurrence of any Event of Default, and for so long as such Event of Default
      is continuing as determined by Lender and (b) on the Revolving Loans at any
      time
      outstanding in excess of the Borrowing Base or the Revolving Loan Limit (whether
      or not such excess(es) arise or are made with or without Lender's knowledge
      or
      consent and whether made before or after an Event of Default).

    

    4. Borrower
      hereby ratifies and reaffirms the Obligations, each of the Financing Agreements
      and all of Borrower's covenants, duties, indebtedness and liabilities under
      the
      Financing Agreements.

    

    5. To
      induce
      Lender to enter into this Amendment and to grant the accommodations set forth
      herein, Borrower hereby acknowledges and stipulates that the Loan Agreement
      and
      the other Financing Agreements executed by Borrower are legal, valid and binding
      obligations of Borrower that are enforceable against Borrower in accordance
      with
      the terms thereof; all of the Obligations are owing and payable without defense,
      offset or counterclaim (and to the extent there exists any such defense, offset
      or counterclaim on the date hereof, the same is hereby waived by Borrower);
      and
      the security interests and liens granted by Borrower in favor of Lender are
      duly
      perfected, first priority security interests and liens.

    

    6. To
      induce
      Lender to enter into this Amendment and to grant the accommodations set forth
      herein, Borrower hereby represents and warrants to Lender that no Default or
      Event of Default exists on the date hereof; the execution, delivery and
      performance of this Amendment have been duly authorized by all requisite
      corporate action on the part of Borrower and this Amendment has been duly
      executed and delivered by Borrower; and except as may have been disclosed in
      writing by Borrower to Lender prior to the date hereof, all
      of
      the representations and warranties made by Borrower in the Loan Agreement are
      true and correct on and as of the date hereof.

    

    7. In
      consideration of Lender's willingness to enter into this Amendment and to grant
      the accommodations set forth herein, Borrower hereby agrees to pay to Lender
      (i)
      a nonrefundable amendment fee (the "Amendment Fee") in the amount of five
      thousand dollars ($5,000) in immediately available funds on the date hereof,
      which shall be fully earned on the date hereof, and (ii) on
      demand,
      all
      costs and expenses incurred by Lender in connection with the preparation,
      negotiation and execution of this Amendment and any other Financing Documents
      executed pursuant hereto and any and all amendments, modifications, and
      supplements thereto, including, without limitation, the costs and fees of
      Lender's legal counsel and any taxes or expenses associated with or incurred
      in
      connection with any instrument or agreement referred to herein or contemplated
      hereby.

    

    8. The
      effectiveness of the consent and amendment to the Loan Agreement set forth
      in
      this Amendment is subject to the satisfaction of each of the following
      conditions precedent, in each case in form and substance satisfactory to
      Lender:

    

    
      
         

      

      
        -2-

        
          

        

      

      
         

      

    

    (a) Lender
      shall have received duly executed and delivered counterparts of this Amendment
      from Borrower and Guarantor;

    

    (b) Lender
      shall have received full payment of the Amendment Fee;

    

    (c) Borrower
      shall have received all of the proceeds of the Subordinated Debt contemplated
      by
Section
      2
      of this
      Amendment, and Lender shall have received a fully-executed original counterpart
      of each Subordination Agreement contemplated by Section
      2
      of this
      Amendment with respect to such Subordinated Debt; and 

    

    (d) no
      Default or Event of Default shall exist or occur on the date
      hereof.

    

    9. Upon
      the
      effectiveness of the consent and amendment set forth in this Amendment, each
      reference in the Loan Agreement to "this Agreement," "hereunder," or words
      of
      like import shall mean and be a reference to the Loan Agreement, as amended
      by
      this Amendment.

    

    10. This
      Amendment shall be binding upon and inure to the benefit of the parties hereto
      and their respective successors and assigns.

    

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

    

    12. Except
      as
      otherwise expressly provided in this Amendment, nothing herein shall be deemed
      to amend or modify any provision of the Loan Agreement or any of the other
      Financing Agreements, each of which shall remain in full force and effect.
      This
      Amendment is not intended to be, nor shall it be construed to create, a novation
      or accord and satisfaction, and the Loan Agreement as herein modified shall
      continue in full force and effect.

    

    13. This
      Amendment may be executed in any number of counterparts and by different parties
      to this Amendment on separate counterparts, each of which, when so executed,
      shall be deemed an original, but all such counterparts shall constitute one
      and
      the same agreement. Any manually-executed signature page delivered by a party
      by
      facsimile or other electronic transmission shall be deemed to be an original
      signature page hereto.

    

    14. To
      induce Lender to enter into this Amendment and to grant the accommodations
      set
      forth herein, Borrower
      hereby releases and forever discharges 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, whether liquidated or unliquidated,
      contingent or fixed, determined or undetermined, at law or in equity, which
      Borrower had, now has, or may at any time 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 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 acknowledges that this
      provision is a material inducement for Lender entering into this Amendment
      and
      that this provision shall survive the payment in full of all Obligations and
      the
      termination of all Financing Agreements.

    

     

    
      
         

      

      
        -3-

        
          

        

      

      
         

      

    

    
 

    To
      the fullest extent permitted by applicable law, each party hereto hereby waives
      the right to trial by jury in any action, suit, counterclaim or proceeding
      arising out of or related to this Amendment.

    

    IN
      WITNESS WHEREOF, the parties hereto have caused this Amendment to be executed
      and delivered by their duly authorized officers as of the day and year first
      above written.

    

    

    
      	 	
              "LENDER":

               

              WACHOVIA
                BANK, NATIONAL ASSOCIATION

               

              By:
                /s/
                Pat
                Cloninger                                                     

              Name:
                Pat Cloninger

              Title:
                Director

            
	 	 
	 	
              "BORROWER":

               

              SMF
                ENERGY CORPORATION

               

              By:
                /s/
                Michael S.
                Shore                                               

              Name:
                Michael S. Shore

              Title:  
                Senior Vice President & Chief Financial Officer

               

               

              SMF
                SERVICES, INC.

               

              By:
                /s/
                Michael S.
                Shore                                               

              Name:
                Michael S. Shore

              Title:  
                Senior Vice President & Chief Financial Officer

               

               

              H
                & W PETROLEUM COMPANY, INC.

               

              By:
                /s/
                Michael S.
                Shore                                               

              Name:
                Michael S. Shore

              Title:  
                Senior Vice President & Chief Financial Officer

            
	 	 

    

     

    
 

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    JOINDER

    

    The
      undersigned: (1) acknowledges and confirms that Lender’s loans, advances and
      credit to Borrower have been, are and will continue to be of direct economic
      benefit to the undersigned, (2) acknowledges that it has previously waived
      any
      right to consent to the foregoing Amendment or any future amendment to the
      Loan
      Agreement but, nevertheless, consents to all terms and provisions of the
      foregoing Amendment that are applicable to it, and agrees to be bound by and
      comply with such terms and provisions, and (3) acknowledges and confirms that
      its guaranty in favor of Lender executed in connection with the Loan Agreement
      is valid and binding and remains in full force and effect in accordance with
      its
      terms (without defense, setoff or counterclaim against enforcement thereof),
      which include, without limitation, its guaranty in connection with the Loan
      Agreement, as modified by the foregoing Amendment.

     

    
      

      
        	 	
                
                  "GUARANTOR":

                  

                  STREICHER
                    REALTY, INC.,

                  a
                    Florida corporation

                  

                  By:
                    /s/
                    Michael S.
                    Shore                                               

                  Name:
                    Michael S. Shore

                  Title:  
                    Senior Vice President & Chief Financial
                    Officer

                

              
	 

      

    

    
 

    

 

    
      
        
          Consent
            and Sixteenth Amendment to Loan and Security
            Agreement

        

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      A

    TO

    CONSENT
      AND SIXTEENTH AMENDMENT

    TO
      LOAN AND SECURITY AGREEMENT

    

    

    Form
      of Convertible Promissory Note

    

    (See
      Attached)

     

     

     

     

     

     

     

     

     

     

     

    
      
        
          Consent
            and Sixteenth Amendment to Loan and Security
            Agreement

        

      

      
         

        
          

        

      

      
         

      

    

     

    EXHIBIT
      B

    TO

    CONSENT
      AND SIXTEENTH AMENDMENT

    TO
      LOAN AND SECURITY AGREEMENT

    

    

    Form
      of Subordination Agreement

    

    (See
      Attached)

     

     

     

     

     

     

     

     

     

    
      
        
          
            Consent
              and Sixteenth Amendment to Loan and Security
              AgreementSUBORDINATION
      AGREEMENT

    

    

    THIS
      SUBORDINATION AGREEMENT executed effective as of the 2nd
      day of
      September 2008, by and between [________________]
      (“Loan
      Holder”),
      Wachovia Bank, National Association (“Lender”),
      SMF
      Energy Corporation, a Delaware corporation (“SMF”),
      H
& W Petroleum Company, Inc. (“H
      & W”)
      and
      SMF Services, Inc. (“SSI”)
      (SMF,
      H & W and SSI are referred to collectively as “Borrower”).

    

    WITNESSETH:

    

    WHEREAS,
      Loan Holder is the legal owner and holder of an unsecured Promissory Note dated
      September 2, 2008 executed
      by SMF in favor of Loan Holder (the “Note”)
      (the
      loan evidenced by the Note, together with any present or future unsecured
      indebtedness of Borrower to Loan Holder of every kind and description, direct
      or
      contingent, due or not due, original, renewed or extended and whether now in
      existence or hereafter arising in connection with the Note are referred to
      as
      the “Subordinated
      Debt”);
      and

    

    WHEREAS,
      Lender and Borrower have entered into that certain Loan and Security Agreement
      dated September 26, 2002, (as at any time amended, the “Loan Agreement”) and
      certain other loan documents in connection therewith (collectively, the
“Loan
      Documents”)
      which
      provides to Lender a first priority security interest (“Lender’s
      Security Interest”)
      in
      certain assets of Borrower whether now owned or hereafter acquired (the
“Collateral”),
      in
      exchange for prior and continuing loans by Lender to Borrower (the “Loans”);
      and

    

    WHEREAS,
      Borrower will materially benefit as a result of Lender continuing to make Loans
      to Borrower; and

    

    WHEREAS,
      because the Notes are convertible into shares of Borrower’s common stock, Loan
      Holder has an equity interest in Borrower and will therefore benefit from Lender
      continuing to extend the Loans to Borrower; and

    

    WHEREAS,
      Loan Holder acknowledges that Lender is willing to continue extending the Loans
      only on the condition that the Subordinated Debt be subordinate and inferior
      to
      the Loans, and to all other indebtedness of Borrower to Lender, whether now
      in
      existence or hereafter created; and

    

    WHEREAS,
      Loan Holder has agreed to subordinate the Note and Subordinated Debt to the
      lien
      and effect of the Loans and Lender’s security interest and all security
      instruments securing the Loans, and all other indebtedness of Borrower to Lender
      of every kind and description, direct or contingent, due or not due, secured
      or
      unsecured, original, renewed
      or
      extended, whether now in existence or hereafter arising; and

    

    WHEREAS,
      Loan Holder acknowledges that Lender would not continue to extend the Loans
      without the execution of this Agreement by Loan Holder and by any other
      subsequent lenders to Borrower (“Other
      Loan Holders”);
      and

    

    
      
         

      

      
         

        
          

        

      

      
         

      

    

    NOW,
      THEREFORE, in consideration of, and as an inducement to Lender to continue
      to
      extend the Loans to Borrower, Loan Holder, Lender and Borrower do hereby agree
      as follows:

    

    1. The
      facts
      as set forth above are true and correct and are incorporated herein by
      reference.

    

    2. Loan
      Holder and Borrower do hereby warrant and represent that either (a) the Note
      represents the only indebtedness currently outstanding which is due and owing
      from Borrower to Loan Holder or (b) all other indebtedness of Borrower to Loan
      Holder has already been subordinated to the Loans by Loan Holder by an
      instrument substantially identical to this Subordination Agreement, which
      instrument remains in full force and effect.

    

    3. Loan
      Holder hereby unconditionally subordinates the Note and Subordinated Debt to
      the
      Loans and all other present and future debts and obligations of Borrower to
      Lender, including all obligations of Borrower to Lender of every kind and
      description, direct or contingent, due or not due, secured or unsecured,
      original, renewed or extended, whether now in existence or hereafter arising
      and
      to the lien and effect of Lender’s Security Interest in and to the Collateral
      and to all Loan Documents and all other debts and obligations of Borrower to
      Lender. 

    

    4. Loan
      Holder and Borrower do hereby warrant, represent and agree that no payment
      (principal, interest or any other payment) shall be made, permitted or accepted
      under the Note or Subordinated Debt (or under any other document or agreement)
      until all of the Loans have been fully paid and the Loan Agreement terminated,
      excepting for payments of interest in money or shares of stock of Borrower
      which
      shall be permitted so long as no Event of Default (as defined in the Loan
      Documents) has occurred and is continuing. If any payment is made to a Loan
      Holder in payment of the Note or the Subordinated Debt or otherwise, or if
      any
      security or proceeds thereof is received on account of the Note or the
      Subordinated Debt contrary to the terms of this Agreement, the Borrower agrees
      that the same shall be and constitute an Event of Default. Loan Holder
      acknowledges that (i) upon the occurrence of an Event of Default, Lender shall
      be entitled to immediately exercise all remedies provided to Lender in
      connection with the Collateral and under the Loan Documents, and (ii) following
      the occurrence of such Event of Default and so long as the same shall be
      continuing, (A) each and every amount paid by or on behalf of any Borrower
      to
      such Loan Holder or items received by such Loan Holder (from any Borrower or
      from an individual or an entity on behalf of any Borrower) from and after such
      occurrence shall be forthwith paid by such Loan Holder to Lender, in precisely
      the form received (except for such Loan Holder’s endorsement, where necessary),
      to be credited and applied, in Lender’s sole discretion, upon any indebtedness
      (principal and/or interest and/or otherwise as Lender may elect, in its sole
      discretion) then owing to Lender by Borrower and, whether matured or unmatured,
      and, until so delivered, the same shall be held in trust by such Loan Holder
      as
      the property of Lender; and (B) in the event of a failure of a Loan Holder
      to
      endorse any instrument for the payment of monies so received by such Loan Holder
      payable to such Loan Holder’s order, Lender, or any officer or employee of
      Lender, is hereby irrevocably constituted and appointed attorney-in-fact
      (coupled with an interest) for Loan Holder and such Loan Holder’s heirs,
      representatives, successors and assigns, with full power to make any such
      endorsement and with full power of substitution. Notwithstanding anything herein
      to the contrary and in accordance with the terms and conditions of the Note
      or
      Subordinated Debt, (i) Loan Holder may, at Loan Holder’s election, convert all
      or part of the Note or Subordinated Debt into common stock of SMF to the extent
      permitted by the terms of the Note or as may subsequently be agreed by Borrower
      and Loan Holder and (ii) Borrower shall be entitled, so long as no Event of
      Default (as defined in the Loan Documents) has occurred and is continuing,
      to
      repay to Loan Holder in accordance with the terms of the Note, as the same
      may
      be hereinafter amended, the outstanding principal balance of the Note and the
      Subordinated Debt associated therewith from the proceeds of any issuance or
      sale
      by SMF of equity or debt securities after the date hereof (but only to the
      extent of the net proceeds from such issuance or sale), and Loan Holder may
      accept and retain any such payment without regard to the provisions of this
      Agreement. 

    

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

    5. Loan
      Holder agrees that it will not exercise any collection rights with respect
      to
      the Note or Subordinated Debt, will not take possession of, sell or dispose
      of,
      accept any lien on, or otherwise deal with, any Collateral, and will not
      exercise or enforce any right or remedy which may be available to Loan Holder
      with respect to the Note or Subordinated Debt upon default of Borrower under
      the
      Loans or any other indebtedness of Borrower to Lender or under the Subordinated
      Debt until such time as the Loans, as the same may be modified from time to
      time, including all principal, interest and other charges associated therewith,
      have been paid in full and no other debts or obligations are due and owing
      from
      Borrower to Lender and the Loan Agreement terminated. Loan Holder agrees to
      promptly notify Lender, in writing, by certified mail, return receipt requested,
      of any default by Borrower under the Notes or Subordinated Debt; and Lender
      agrees to promptly notify Loan Holder in the same manner of any Event of
      Default, but failure of Lender to notify Loan Holder shall not negate the Event
      of Default. If an indenture trustee is appointed for the Note or Subordinated
      Debt, then Lender may give notice to the trustee in lieu of notice to Loan
      Holder. 

    

    6. Upon
      any
      distribution of the assets or readjustment of indebtedness of Borrower, whether
      by reason of reorganization, liquidation, dissolution, bankruptcy, receivership,
      assignment for the benefit of creditors, or any other action or proceeding
      involving the readjustment of all or any part of the Subordinated Debt or the
      application of the assets of the Borrower to the payment or liquidation thereof,
      either in whole or in part, Lender shall be entitled to receive payment in
      full
      of any and all indebtedness under the Loans or otherwise then owing to Lender
      by
      Borrower prior to the payment of all or any of the Subordinated
      Debt.

    

    7. Loan
      Holder (severally and not jointly) agrees that Loan Holder shall not transfer,
      assign, encumber, hypothecate or subordinate, at any time while this Agreement
      remains in effect, any right, claim or interest of any kind in or to any of
      its
      Subordinated Debt, either principal or interest or otherwise, unless such
      transfer, encumbrance, hypothecation or subordination is made upon prior written
      notice to Lender, subject to this Subordination Agreement, and the transferee
      or
      recipient has expressly assumed the covenants and obligations contained herein;
      and provided further that there shall promptly be placed on each of the Notes
      a
      legend reciting that the same is subject to this Agreement.

    

    8. Loan
      Holder acknowledges that Lender may, at any time, in its discretion, increase
      or
      decrease the amount of the Loans, renew or extend the time of payment of all
      or
      any portion of the Loans or any other existing or future indebtedness or
      obligations of Borrower to Lender and/or waive or delay in enforcing any rights
      or release any collateral relative thereto at any time(s) and, in reference
      thereto, to modify or amend the Loan Documents (including, without limitation,
      to add or release any person or entity as a borrower or guarantor thereunder,
      to
      accept additional collateral as security for the Loans or to release any
      existing Collateral, to expand the Events of Default contained therein, to
      expand Lender’s enforcement remedies thereunder, or otherwise) and/or make and
      enter into such agreement(s), compromise(s) and other indulgence(s), as Lender
      may deem proper or desirable, without notice to or further assent of Loan
      Holder, all without in any manner impairing or affecting this Agreement or
      any
      of Lender’s rights hereunder.

    

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

    9. Loan
      Holder hereby agrees that Loan Holder will render to Lender, upon demand, from
      time to time, a statement of the account of such Loan Holder with Borrower.
      Borrower agrees to duly comply with and conform with each and every term of
      this
      Agreement, on its part required to be performed.

    

    10. All
      notices, demands and communications given or made hereunder or pursuant thereto
      shall be in writing and shall be hand delivered, delivered by recognized
      expedited carrier, or mailed by registered or certified mail with postage
      prepaid, addressed in each case as follows and shall be deemed to have been
      given or made when so mailed:

     

    
      
        	
                To
                  Loan Holder:

              	
                [Name]

              
	 	
                [Address]

              
	 	
                [Address]

              
	 	 
	
                To
                  Lender:

              	
                Wachovia
                  Bank, National Association.

              
	 	
                110
                  East Broward Boulevard

              
	 	
                Suite
                  20508

              
	 	
                Miami,
                  FL 33301

              
	 	
                Attention:
                  Portfolio Manager

              
	 	 
	 	 
	
                To
                  Borrower:

              	
                SMF
                  Energy Corporation.

              
	 	
                200
                  West Cypress Creek Road

              
	 	
                Suite
                  400

              
	 	
                Fort
                  Lauderdale, FL 33309

              
	 	
                Attn:
                  Richard E. Gathright,
                  President

              

      

    

    

    or
      to
      such other address or to such other person as any party shall designate to
      the
      others for such purposes in the manner hereinabove set forth.

    

    11. The
      parties hereto acknowledge and agree that Loan Holder shall be deemed to have
      appointed Lender as Loan Holder’s attorney-in-fact (coupled with an interest)
      for the purposes of ensuring compliance with Lender’s rights under Section 4
      hereof and, in any bankruptcy or other insolvency proceeding, to give Lender
      the
      right (without any obligation or liability): (a) to file proofs of claim
      for the Subordinated Debt, either in Lender’s or Loan Holder’s name; (b) to
      receive any assets of Borrower distributed on account of the Subordinated Debt
      for application to the Loans; (c) to vote claims for the Subordinated Debt
      to accept or reject any plan of reorganization or liquidation; and (d) to
      take any action in such bankruptcy or other insolvency proceeding that Loan
      Holder would be authorized to take in respect of the Subordinated Debt but
      for
      this Agreement. The terms of this Agreement shall remain in full force and
      effect until the Loan and any other indebtedness of any Borrower to Lender,
      or
      any Replacement Facility (as defined below) is indefeasibly paid in full and
      Lender’s commitments to make further extensions of credit to any Borrower have
      been terminated

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

    12. This
      Agreement may be signed in multiple counterparts, and each such counterpart
      shall have the same binding force and effect as if it were signed by all parties
      hereto. This Agreement shall be governed by the laws of the State of Delaware.
      The terms of this Agreement cannot be waived, changed or terminated, except
      by a
      written document signed by Lender. This Agreement shall be binding upon the
      undersigned and their successors and assigns and shall inure to the benefit
      of
      and shall be enforceable by Lender, and any participants, successors or assigns
      of Lender. In addition, any person or entity whose loans (a “Replacement
      Facility”)
      are
      used to refinance and pay in full the Loan shall be deemed for all purposes
      hereof to be the successor to Lender, and from and after the date of any such
      refinancing and satisfaction in full of the Loan, such persons or entities
      shall
      be deemed a party hereto in the place and stead of Lender, as if such persons
      or
      entities had been original signatories hereto, and all loans, advances,
      liabilities, debit balances, covenants and duties at any time or times owed
      by
      Borrowers to such successor shall be deemed for all purposes hereunder to
      constitute and be the “Loan”.

    

    13. WAIVER
      OF JURY TRIAL.
      BORROWER, LOAN HOLDER AND LENDER HEREBY MUTUALLY, KNOWINGLY, WILLINGLY,
      INTENTIONALLY AND VOLUNTARILY WAIVE THEIR RIGHT TO TRIAL BY JURY AND NO PARTY
      NOR ANY ASSIGNEE, SUCCESSOR, HEIR, OR LEGAL REPRESENTATIVE OF THE PARTIES (ALL
      OF WHOM ARE HEREINAFTER COLLECTIVELY REFERRED TO AS THE “PARTIES”) SHALL SEEK A
      JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM OR ANY OTHER LITIGATION
      PROCEEDING BASED UPON OR ARISING OUT OF THIS AGREEMENT OR THE LOAN DOCUMENTS
      OR
      ANY INSTRUMENT EVIDENCING, SECURING OR RELATING TO THIS AGREEMENT OR THE LOAN
      DOCUMENTS, THE INDEBTEDNESS OR OTHER OBLIGATIONS REFERRED TO HEREIN OR ANY
      RELATED AGREEMENT OR INSTRUMENT, ANY OTHER COLLATERAL FOR THE INDEBTEDNESS
      REFERRED TO HEREIN OR ANY COURSE OF ACTION, COURSE OF DEALING, STATEMENTS
      (WHETHER VERBAL OR WRITTEN) OR ACTIONS RELATING TO THE LOAN OR TO THIS
      AGREEMENT. THE PARTIES ALSO WAIVE ANY RIGHT TO CONSOLIDATE ANY ACTION IN WHICH
      A
      JURY TRIAL HAS BEEN WAIVED WITH ANY OTHER ACTION IN WHICH A JURY TRIAL HAS
      NOT
      BEEN WAIVED. THE PROVISIONS OF THIS PARAGRAPH HAVE BEEN FULLY NEGOTIATED BY
      THE
      PARTIES. THE WAIVER CONTAINED HEREIN IS IRREVOCABLE, CONSTITUTES A KNOWING
      AND
      VOLUNTARY WAIVER, AND SHALL BE SUBJECT TO NO EXCEPTIONS. LENDER HAS IN NO WAY
      AGREED WITH OR REPRESENTED TO LOAN HOLDER OR ANY OTHER PARTY THAT THE PROVISIONS
      OF THIS PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

     

     

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    IN
      WITNESS WHEREOF, the undersigned have executed this Subordination Agreement
      as
      of the date first written above.

     

    
      
        	
                LOAN
                  HOLDER:

              	
                [Name
                  of Investor]

              
	 	 
	 	 
	 	 
	 	
                By:________________________________

              
	 	
                Name:______________________________

              
	 	
                Title:_______________________________

              
	 	 
	
                LENDER:

              	
                WACHOVIA
                  BANK, NATIONAL ASSOCIATION

              
	 	 
	 	 
	 	 
	 	
                By:________________________________

              
	 	
                Name:______________________________

              
	 	
                Title:_______________________________

              
	 	 
	
                BORROWER:

              	
                SMF
                  ENERGY CORPORATION

              
	 	 
	 	 
	 	 
	 	
                By:________________________________

              
	 	
                Richard
                  E. Gathright

              
	 	
                Chief
                  Executive Officer & President

              
	 	 
	 	
                H
                  & W PETROLEUM COMPANY, INC.

              
	 	 
	 	 
	 	 
	 	
                By:________________________________

              
	 	
                Richard
                  E. Gathright

              
	 	
                Chief
                  Executive Officer & President

              
	 	 
	 	
                SMF
                  SERVICES, INC.

              
	 	 
	 	 
	 	 
	 	
                By:________________________________

              
	 	
                Richard
                  E. Gathright

              
	 	
                Chief
                  Executive Officer &
President

              

      

    

     

    
      
         

      

      
        6

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