Document:

Exhibit 10.16

     

    
      

      

    

    
 

    Exhibit
      10.16

    

    

    REVOLVING
      NOTE

    

    Denver,
      Colorado

    September
      28, 2006 $3,500,000

    

    This
      Revolving Note is executed and delivered under and pursuant to the terms of
      that
      certain Securities Purchase Agreement dated as of September 28, 2006 (the
“Purchase
      Agreement”)
      by and
      among ACROSS AMERICA REAL ESTATE CORP., a Colorado corporation (the
“Company”),
      BOCO
      INVESTMENTS, LLC, a Colorado limited liability company, GDBA INVESTMENTS LLLP,
      a
      Colorado limited liability limited partnership, and JOSEPH C. ZIMLICH. Each
      capitalized term used herein, and not otherwise defined, shall have the meaning
      ascribed thereto in the Purchase Agreement. This Revolving Note (the
“Note”)
      is the
      Revolving Note referred to in the Purchase Agreement and is subject to all
      the
      agreements, terms and conditions therein contained. 

    

    FOR
      VALUE
      RECEIVED, the Company hereby promises to pay to the order of GDBA INVESTMENTS,
      LLLP, a Colorado limited liability limited partnership or registered assigns
      (the "Holder")
      on or
      before September 28, 2009 (the "Maturity
      Date")
      the
      principal sum of Three Million Five Hundred Thousand Dollars ($3,500,000),
      or,
      if different, from such amount the unpaid principal balance of the Revolving
      Loans pursuant to the Purchase Agreement (the “Principal”).

     

    All
      payments due under this Note shall be made in lawful money of the United States
      of America. At the time of the initial disbursement of a Revolving Loan and
      at
      each time any additional Revolving Loan shall be requested hereunder or
      repayment made in whole or in part thereon, a notation thereof shall be made
      on
      the books and records of the Company. The failure to record any such amounts
      or
      any error in recording such amounts shall not, however, limit or otherwise
      affect the obligations of the Company under this Note to repay the principal
      amount of the Revolving Loans, together with all interest accruing thereon.
      

    

    1. Interest;
      Payments 

    

    (a) Interest
      Rate.
      Subject
      to Section 1(b) and 1(c), this Note shall bear interest on the unpaid Principal
      balance hereof at the rate (the “Interest
      Rate”)
      per
      annum equal to the greatest of: 

    

    (i) the
      ninety day average for U.S. Treasury Notes with a 10-year maturity as determined
      on the last Business Day of each calendar quarter, using the constant maturity
      calculation, plus
      650
      basis points;

    

    (ii) eleven
      percent (11%); or 

    
      
        
        

      

      
        -
          1
          -

        
          

        

      

      
        
        

      

    

    (iii) the
      highest effective interest rate accruing on any outstanding Indebtedness for
      Borrowed Money of the Company at any time during the applicable calendar
      quarter.

    

    (b) Default
      Interest.
      If an
      Event of Default has occurred and is continuing, interest shall accrue on the
      unpaid Principal balance of this Note at a rate (the “Default
      Interest Rate”)
      equal
      to the higher of (i) the Interest Rate plus 800 basis points, or (ii)
      twenty-four percent (24%) per annum. 

    

    (c) Applicable
      Law.
      Notwithstanding any provision of this Note, the Purchase Agreement or any other
      agreement to the contrary, the Company shall not be required to pay, and the
      Holder shall not be permitted to receive, any compensation that constitutes
      interest under Applicable Law in excess of the maximum amount of interest
      permitted by Applicable Law.

    

    (d) Interest.
      Accrued
      and unpaid interest on the unpaid Principal balance of all Revolving Loans
      outstanding from time to time shall be computed on the basis of a 365-day year
      and the actual number of days elapsed and shall be payable quarterly on the
      last
      Business Day of each calendar quarter, beginning December 29, 2006. The
      applicable Interest Rate for each calendar quarter shall be determined as
      provided in Section 1(a) on the last Business Day of each calendar quarter.
      

    

    (e) Payments.
      All
      payments shall be made at such address as the Holder shall hereafter give to
      the
      Company by written notice made in accordance with the provisions of this Note.
      Whenever any amount expressed to be due by the terms of this Note is due on
      any
      day which is not a Business Day, the same shall instead be due on the next
      succeeding day which is a Business Day and, in the case of any interest payment
      date which is not the date on which this Note is paid in full, the extension
      of
      the due date thereof shall not be taken into account for purposes of determining
      the amount of interest due on such date. In the event the aggregate outstanding
      principal balance of all Revolving Loans by the Holder hereunder exceeds such
      Holder’s Revolving Loan Commitment, the Company shall, without notice or demand
      of any kind, immediately make such repayments of the Revolving Loans or take
      such other actions as are satisfactory to the Holder as shall be necessary
      to
      eliminate such excess. The entire unpaid Principal amount of this Note, together
      with any unpaid interest thereon, shall be due and payable on the Maturity
      Date,
      unless payable sooner in accordance with the provisions of this Note or the
      Purchase Agreement. 

     

    (f) Prepayment.
      The
      unpaid Principal balance of this Note, together with all accrued and unpaid
      interest, may at the Company’s option be prepaid in whole or in part, at any
      time or from time to time upon ten (10) days’ prior written notice to the Holder
      stating the Principal amount to be prepaid and the date on which such prepayment
      shall be made. Any prepayments hereunder shall be applied first, to all interest
      accrued but unpaid at such prepayment date and second, to outstanding Principal
      amounts. 

    

    2. Subordination.
      The
      payment of principal and interest on this Note is hereby subordinated to the
      Senior Debt and Holder will not ask, demand, sue for, take or receive from
      the
      Company, by setoff or in any other manner, the whole or any part any amount
      payable with respect

    
      
        
        

      

      
        -
          2
          -

        
          

        

      

      
        
        

      

    

    to
      this
      Note (whether such amounts represent principal or interest, or obligations
      which
      are due or not due, direct or indirect, absolute or contingent), including,
      without limitation, the taking of any negotiable instruments evidencing such
      debt, nor any security for any of the Note, unless and until all Senior Debt,
      whether now existing or hereafter arising, shall have been fully and
      indefeasibly paid in full in cash and satisfied and all financing arrangements
      between the Company and all holders of the Senior Debt have been terminated;
      provided,
      however,
      that
      Holder may receive from the Company scheduled payments of principal and interest
      with respect to this Note on an unaccelerated basis (including early prepayments
      pursuant to Section 1(f)) so long as no Senior Default has occurred and is
      continuing or would result therefrom. If a Senior Default has occurred and
      is
      continuing or would result from any scheduled payment of principal or interest
      by the Company with respect to this Note, then, until the Senior Default which
      has occurred or which would result from such payment has been cured, no payment
      of principal or interest shall be deemed due or otherwise payable under this
      Note. 

    

    3. Events
      of Default.
      Each of
      the following events shall be deemed an “Event
      of Default”:

    

    (a) The
      Company fails to pay the Principal hereof or interest thereon when due on this
      Note, whether at maturity, upon acceleration or otherwise;

    

    (b) Bankruptcy,
      insolvency, reorganization or liquidation proceedings or other proceedings
      for
      relief under any bankruptcy law or any law or the relief of debtors shall be
      instituted by or against the Company or any subsidiary of the Company, unless
      such proceeding shall be stayed within thirty (30) days; 

    

    (c) The
      Company or any subsidiary of the Company shall make an assignment for the
      benefit of creditors, or apply for or consent to the appointment of a receiver
      or trustee for it or for a substantial part of its property or business, or
      such
      a receiver or trustee shall otherwise be

    appointed;

    

    (d) Any
      representation or warranty of the Company made herein or in any agreement,
      statement or certificate given in writing pursuant hereto or in connection
      herewith (including, without limitation, the Purchase Agreement or the
      Registration Rights Agreement), shall be false or misleading in any material
      respect when made and the breach of which has (or with the passage of time
      will
      have) a material adverse effect on the rights of the Holder with respect to
      this
      Note, or the Purchase Agreement; 

    

    (e) Any
      representation or warranty of the Company made in any Request for Advance shall
      be false or misleading in any material respect; 

    

    (f) Any
      material failure by the Company to perform or observe any of its covenants
      contained in the Purchase Agreement where such failure continues for a period
      in
      excess of five (5) days after written notice from the Holder or actual knowledge
      of the Company of such failure;

    
      
         

        
        

      

      
        -
          3
          -

        
          

        

      

      
        
        

      

    

    (g) If
      a
      final judgment, writ or similar process is entered or filed against the Company
      or any subsidiary of the Company or any of its property or other assets in
      an
      amount in excess of $50,000, which is not, within twenty (20) days after the
      entry thereof, discharged or the execution thereof stayed pending appeal, or
      within twenty (20) days after the expiration of such stay, such judgment is
      not
      discharged; 

    

    (h) 
      Any
      default with respect to any other Indebtedness for Borrowed Money or liabilities
      of the Company or any of its subsidiaries in any amount in excess of (i) $50,000
      individually or in the aggregate with respect to Indebtedness for Borrowed
      Money, (ii) $50,000 individually with respect to liabilities and (iii) $100,000
      in the aggregate with respect to liabilities and Indebtedness for Borrowed
      Money, provided,
      that
      such event shall only constitute an “Event of Default” where the effect of such
      default is to permit the holder thereof to accelerate the maturity of such
      Indebtedness for Borrowed Money or liabilities, as the case may be, but only
      if
      (x) the holder elects to exercise such a right to accelerate the maturity of
      such Indebtedness for Borrowed Money or liabilities, as the case may be, and
      (y)
      where such default continues for a period of fifteen (15) days after written
      notice from the Holder or actual knowledge of the Company of such a default,
      and
provided,
      further,
      that a
      default with respect to liabilities shall not constitute an “Event of Default”
where the Company in good faith objects to the amount or obligation to pay
      the
      applicable liability and makes appropriate reserves for such liability, if
      necessary, in accordance with GAAP.             

    

    (i) Any
      liquidation, dissolution or winding up of the Company and its subsidiaries
      or
      its business; 

    

    (j) If
      the
      Company reports a net loss, as determined in accordance with U.S. generally
      accepted accounting principles, in excess of (i) $1,000,000 for any calendar
      quarter after the date hereof, or (ii) $2,500,000 for any three consecutive
      calendar quarters after the date hereof; 

    

    (k) Any
      event, circumstance or conditions exists which could reasonably be expected
      to
      result in a Material Adverse Effect on the Company and its Subsidiaries,
provided that
      the
      Holder shall provide thirty (30) days written notice to the Company if it
      intends to declare an Event of Default under this paragraph 3(k) and provide
      the
      Company with an opportunity to present evidence satisfactory to the Holder
      in
      its sole discretion that such event, circumstance or condition has been
      remedied; or 

    

    (l) The
      Company shall fail to maintain the listing of the Common Stock on at least
      one
      of the OTCBB or any equivalent replacement exchange, the Nasdaq Global Select
      Market, the Nasdaq Global Market, the Nasdaq Capital Market, the New York Stock
      Exchange or the American Stock Exchange

    

    4. Consequences
      of Event of Default

    

    (a) If
      there
      shall occur, after the fulfillment of any applicable notice and cure provisions
      (if any), any Event of Default specified in sections (a), (b) or (c) of Section
      3 hereof, the unpaid Principal balance of this Note and all accrued interest
      thereon shall be immediately due and

    
      
        
        

      

      
        -
          4
          -

        
          

        

      

      
        
        

      

    

    payable,
      without presentment, demand, protest or notice of any kind, all of which are
      expressly waived. 

    

    (b) If
      there
      shall occur, after the fulfillment of any applicable notice and cure provisions
      (if any), any Event of Default other than those listed in Section 4(a) above,
      the Holder may, at its option, by written notice to the Company, declare the
      entire Principal balance of his Note and all accrued interest thereon due and
      payable, and the same shall thereupon become immediately due and payable without
      presentment, demand, protest or (except as required hereby) notice of any kind,
      all of which are expressly waived. 

    

    (c) If
      an
      Event of Default shall occur, the Company shall pay the Holder hereof all costs
      of collection, including reasonable attorneys' fees.

    

    5. Definitions

    

    “Applicable
      Law”
means
      that law in effect from time to time and applicable to this Note which lawfully
      permits the contracting, charging, taking, reserving and/or collection of the
      highest permissible lawful, non-usurious rate of interest or amount of interest
      on or in connection with this Note.

    

    “Business
      Day”
means
      any day other than a Saturday, Sunday or a day on which commercial banks in
      the
      city of Denver, Colorado are authorized or required by law or executive order
      to
      remain closed. 

    

    “Senior
      Debt”
means
      all indebtedness, obligations and other liabilities of the Company to Vectra
      Bank Colorado, national association, pursuant to that certain First Amendment
      to
      Credit Agreement dated August 3, 2006, as amended.

    

    “Senior
      Default”
means
      any “Default,” “Event of Default” or any condition or event that (with or
      without notice, lapse of time, or both) would permit Holders of Senior Debt
      to
      accelerate the maturity of such Senior Debt if that condition or event were
      not
      cured or removed within any applicable grace or cure period set forth
      therein.

    

    6. Miscellaneous
      

    

    (a) No
      failure or delay on the part of the Holder in the exercise of any power, right
      or privilege hereunder shall operate as a waiver thereof, nor shall any single
      or partial exercise of any such power, right or privilege preclude other or
      further exercise thereof or of any other right, power or privileges. All rights
      and remedies existing hereunder are cumulative to, and not exclusive of, any
      rights or remedies otherwise available. 

    

    (b) 
      Any
      notice herein required or permitted to be given shall be in writing and may
      be
      personally served or delivered by courier or sent by United States mail and
      shall be deemed to have been given upon receipt if personally served (which
      shall include telephone line facsimile transmission) or sent by courier or
      three
      (3) days after being deposited in the United 

    
      
        
        

      

      
        -
          5
          -

        
          

        

      

      
        
        

      

    

    States
      mail, certified, with postage pre-paid and properly addressed, if sent by mail.
      For the purposes hereof, the addresses of the parties for receipt of notice
      hereunder are: 

    

    If
      to
      the Company:

    

    Across
      America Real Estate Corp.

    1660
      Seventeenth Street, Suite 450

    Denver,
      Colorado 80202

    Attention:
      Chief Executive Officer

    Telephone:
      (303) 893-1003

    Facsimile:
      (303) 893-1005

    

    With
      a
      copy to:

    

    David
      Wagner & Associates, P.C.

    8400
      East
      Prentice Ave. 

    Penthouse
      Suite

    Greenwood
      Village, Colorado 80111

    Attention:
      David J. Wagner, Esq.

    Telephone:
      (303) 793-0304 

    Facsimile:
      (303) 409-7650

    

    If
      to
      the Holder:

    

    GDBA
      Investments, LLLP

    1440
      Blake Street, Suite 310

    Denver,
      CO 80202

    Facsimile:
      (720) 932-9397

    Attention:
      Chief Executive Officer

    

    With
      a
      copy to

    

    Davis
      & Ceriani P.C.

    Suite
      400, Market Center

    1350
      Seventeenth Street

    Denver,
      CO 80202

    Facsimile:
      (303) 534-4618

    Attention:
      Patrick J. Kanouff 

     

    (c) This
      Note
      and any provision hereof may only be amended by an instrument in writing signed
      by the Company and the Holder. The term "Note" and all reference thereto, as
      used throughout this instrument, shall mean this instrument as originally
      executed, or if later amended or supplemented, then as so amended or
      supplemented. 

    
      
        
        

      

      
        -
          6
          -

        
          

        

      

      
        
        

      

    

    (d) This
      Note
      shall be binding upon the Company and its successors and assigns, and shall
      inure to be the benefit of the Holder and its successors and assigns.
      Notwithstanding anything in this Note to the contrary, this Note may be pledged
      as collateral in connection with a bona fide margin account or other lending
      arrangement.

    

    (e) Wherever
      possible, each provision of the Purchase Agreement and this Note shall be
      interpreted in such manner as to be effective and valid under applicable law,
      but if any provision of the Purchase Agreement or this Note shall be prohibited
      by or be invalid under such law, such provision shall be severable, and be
      ineffective to the extent of such prohibition or invalidity, without
      invalidating the remaining provisions of the Purchase Agreement or this Note.
      

    

    (f) This
      Note
      shall be enforced, governed by and construed in accordance with the laws of
      the
      State of Colorado applicable to agreements made and to be performed entirely
      within such state, without regard to the principles of conflict of laws. The
      parties hereto hereby submit to the exclusive jurisdiction of federal or state
      courts located in Denver, Colorado with respect to any dispute arising under
      this Note. Both parties irrevocably waive the defense of an inconvenient forum
      to the maintenance of such suit or proceeding. Both parties further agree that
      service of process upon a party mailed to the notice address set forth in this
      Note by registered first class mail shall be deemed in every respect effective
      service of process upon the party in any such suit or proceeding. Nothing herein
      shall affect either party’s right to serve process in any other manner permitted
      by law. Both parties agree that a final non-appealable judgment in any such
      suit
      or proceeding shall be conclusive and may be enforced in other jurisdictions
      by
      suit on such judgment or in any other lawful manner. 

    

    

    
      
        
        

        
        

      

      
        -
          7
          -

        
          

        

      

      
        
        

        
        

      

    

    IN
      WITNESS WHEREOF, Company has caused this Note to be signed in its name by its
      duly authorized officer this 28th day of September, 2006.

    

     

    
      	 	 	 
	 	 
	 
 	 
 	
              
 ACROSS
                AMERICA REAL ESTATE CORP.

               

            
	 	By:  	/s/ Ann
              L. Schmitt
	 	
              

              Name: Ann L. Schmitt
	 	 Title:
              Chief Executive
              Officer

     

    
      
        
        

      

      
        -
          8
          -Exhibit 10.11 - Second Amendment to Agreement and Plan of Merger

    
      

      

    

    

      SECOND
        AMENDMENT TO AGREEMENT AND PLAN OF MERGER

       

      This
        Second Amendment to Agreement and Plan of Merger (this “Amendment”), dated
        September 27, 2006, is made by and among Dauphin Technology, Inc., an Illinois
        corporation (“Dauphin”), GeoVax Acquisition Corp., a Georgia corporation and
        wholly-owned subsidiary of Dauphin (“Merger Subsidiary”), and GeoVax, Inc., a
        Georgia corporation (“GeoVax”).

      

      WHEREAS,
        the
        parties to this Amendment entered into that certain Agreement and Plan of
        Merger
        dated January 20, 2006 (as amended to date, the “Merger Agreement”);
        and

       

      WHEREAS,
        the
        parties to this Amendment desire to amend the Merger Agreement as hereinafter
        provided;

       

      NOW,
        THEREFORE,
        in
        consideration of the premises and other good and valuable consideration,
        the
        receipt and sufficiency of which are hereby acknowledged, the parties to
        this
        Amendment agree as follows:

       

      1.  All
        capitalized terms not defined herein shall have the respective meanings assigned
        to them in the Merger Agreement. 

       

      2.  The
        last
        sentence of Section 1.3(a) of the Merger Agreement is hereby modified to
        read as
        follows:

      

      “As
        a
        result of the Merger, each share of GeoVax Common Stock will be converted
        into
        the right to receive 29.6521
        Dauphin
        Shares and each share of GeoVax Preferred Stock will be converted into the
        right
        to receive 29.6521 Dauphin Shares.”

       

       

      3.  The
        first
        sentence of Section 4.3 of the Merger Agreement is hereby modified to read
        as
        follows: 

       

      “The
        authorized capital stock of GeoVax consists of (i) 50,000,000 shares of common
        stock, no par value, of which 10,548,648 shares are issued and outstanding,
        and
        (ii) 20,000,000
        shares of preferred stock, no par value, of which 5,987,520 shares are issued
        and outstanding.”

      

      4.  Schedules
        1.3(b), 1.7(b), 1.10 and Schedule (IV) of the Merger Agreement are hereby
        modified and replaced in their entirety in the form annexed hereto as
Exhibit
        A.

       

      5.  Except
        as
        amended hereby, the Merger Agreement shall continue in full force and effect
        in
        accordance with its terms.

       

      [SIGNATURE
        PAGE FOLLOWS]

       

       

       

      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

      

       

      IN
        WITNESS WHEREOF,
        the
        parties have executed this Amendment as of the date set forth
        above.

       

      
        	
                Dauphin
                  Technology, Inc., an Illinois corporation

                 

                 

                By:
                  /s/
                  Andrew J. Kandalepas

                Andrew
                  J. Kandalepas, President

              	
                GeoVax,
                  Inc., a Georgia corporation

                 

                 

                By:
                  /s/
                  Donald G. Hildebrand

                Donald
                  G. Hildebrand, CEO

                 

              
	 	
                 

                GeoVax
                  Acquisition Corp., a Georgia corporation

                 

                 

                By:
                   /s/
                  Andrew J. Kandalepas

                 Andrew
                  J. Kandalepas, President

              

      

      
 

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       

       -2-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00110-of-00352.parquet"}]]