EXHIBIT 10.7
                                  ------------

                         SENIOR SECURED PROMISSORY NOTE
                         ------------------------------

THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS
AMENDED (THE "ACT"), NOR UNDER ANY APPLICABLE STATE SECURITIES LAWS. THIS
SECURITY HAS BEEN ACQUIRED FOR INVESTMENT AND THIS SECURITY MAY NOT BE SOLD OR
TRANSFERRED IN THE ABSENCE OF AN EFFECTIVE REGISTRATION OF IT UNDER THE ACT OR
AN OPINION OF COUNSEL OR OTHER EVIDENCE ACCEPTABLE TO THE MAKER THAT SUCH SALE
OR TRANSFER IS EXEMPT FROM REGISTRATION UNDER THE ACT. THIS SECURITY MAY NOT BE
TRANSFERRED EXCEPT UPON THE CONDITIONS SPECIFIED IN THIS NOTE AND THE SECURITIES
PURCHASE AGREEMENT, DATED FEBRUARY __, 2005 (THE "PURCHASE AGREEMENT"), AND NO
TRANSFER OF THIS SECURITY SHALL BE VALID OR EFFECTIVE UNLESS AND UNTIL SUCH
CONDITIONS SHALL HAVE BEEN COMPLIED WITH. THE TRANSFERABILITY OF THIS SECURITY
IS SUBJECT TO THE TRANSFER RESTRICTIONS SET FORTH HEREIN AND IN THE PURCHASE
AGREEMENT, A COPY OF WHICH WILL BE PROVIDED TO THE HOLDER HEREOF UPON WRITTEN
REQUEST TO THE MAKER.

                                CORVU CORPORATION

             FORM OF SENIOR SECURED NON-CONVERTIBLE PROMISSORY NOTE

THIS SENIOR SECURED NOTE IS MADE AND DELIVERED PURSUANT TO THE PURCHASE
AGREEMENT AND SUBJECT TO THE TERMS AND CONDITIONS THEREOF. THIS SENIOR SECURED
NOTE IS SECURED BY THE COLLATERAL DESCRIBED IN A CERTAIN SECURITY AGREEMENT,
DATED AS OF EVEN DATE HEREWITH (THE "SECURITY AGREEMENT").



                                                               February 11, 2005
$1,500,000

            FOR VALUE RECEIVED, CORVU CORPORATION, a Minnesota corporation (the
"Maker"), promises to pay to the order of COMVEST INVESTMENT PARTNERS II LLC, a
Delaware limited liability company or its registered assigns (the "Holder") on
or before a date which shall be the earlier of (i) thirty-six (36) months
following the Closing Date, (ii) a merger or combination of the Company or the
sale, transfer or other disposition of all or substantially all of the assets of
the Company or (iii) the acquisition by a single entity, person or a "group"
within the meaning of Rule 13d-1 of the Exchange Act, of more than fifty percent
(50%) of the voting power or capital stock of the Company (on a fully-diluted
basis) (the "Maturity Date") the principal amount of One Million Five Hundred
Thousand Dollars ($1,500,000) together with all accrued and unpaid interest
thereon, unless this Note is sooner converted in accordance with the terms set
forth herein. All capitalized terms used but not defined herein shall have the
meaning set forth in the Purchase Agreement.

            1. Interest Rate. The unpaid balance of the principal amount of this
Note shall accrue simple interest (the "Interest") at a rate (the "Interest
Rate") per annum as follows:

                  Months 1-12 of the Senior Secured Note      6% per annum
                  Months 13-24 of the Senior Secured Note     9% per annum
                  Months 25-36 of the Senior Secured Note     12% per annum

Interest shall begin accruing as of the date hereof through the Maturity Date.
Interest shall accrue on a quarterly basis and on the date of a conversion, if
applicable, and shall be computed on the basis of a 365-day year, for the actual
number of days involved. If any Event of Default has occurred and is continuing,
the Senior Secured Note shall bear interest at a rate of the then-applicable
Interest plus four percent (4%) per annum until such time as such Event of
Default has been cured.

            2. Payment of Principal Amount and Interest. Accrued Interest shall
be due and payable on a quarterly basis. Such payments shall be made either by
wire transfer or by delivery to the Holder of a check payable to the Holder.

            3. Prepayment.

                  (a) Optional Prepayment. Notwithstanding the foregoing, at any
time after the Closing Date, the Maker shall have the right to prepay all or any
portion of the then-outstanding principal balance of this Note, together with
accrued but unpaid Interest thereon, without premium or penalty, upon ten (10)
days' prior written notice to Holder.

                                       8
<PAGE>

                  (b) Mandatory Prepayment. In the event the Maker issues Common
Stock Equivalents other than an Exempt Issuance during the term of this Note,
the Maker shall prepay all or a portion of the then-outstanding principal amount
of this Note, together with all accrued but unpaid Interest thereon, using Fifty
Percent (50%) of the net proceeds received by the Maker from such sale (or any
lesser portion necessary) to repay the then-outstanding principal and interest
amount of the Note; provided, however, that the Preferred Shares have first been
redeemed, in whole, in accordance with its terms.

      All prepayments pursuant to this Section 3 shall be applied first to the
interest outstanding hereunder prior to their application to the outstanding
principal amount hereof. Upon full prepayment of this Note, the Holder shall
surrender this Note for cancellation, after which this Note shall be of no
further force or effect.

            4. Security Interest. This Note shall be senior in lien priority to
all other Indebtedness (existing or future) of the Maker (other than Permitted
Liens (as defined in the Security Agreement)) and shall be secured by a first
priority perfected lien and security interest in the Collateral (as defined in
the Security Agreement).

            5. Events of Default. This Note shall become due and payable upon
any of the following events, herein called "Events of Default":

                  (a) failure of the Maker to pay the principal amount, interest
or any other amounts due under this Note as and when due;

                  (b) a material breach by the Maker, or the material failure by
the Maker to perform, any representation, warranty, covenant or agreement made
by the Maker in this Note or any other Transaction Document, or any related
instrument, document or agreement (subject to any applicable cure periods);

                  (c) Maker's application for, or Maker's consent to, the
appointment of a receiver, trustee or liquidator for the Maker or any of its
properties;

                  (d) filing by the Maker of a voluntary petition in bankruptcy
or a petition or an answer seeking reorganization or an arrangement with
creditors;

                  (e) the entry against the Maker of a court order approving a
petition filed against it under the federal bankruptcy laws by a creditor other
than the Holder, which order shall not have been vacated or set aside or
otherwise terminated within sixty (60) days;

                  (f) with respect to any instrument or agreement for borrowed
money to which the Maker is or becomes a party, (i) an event of default has
occurred and has been declared by any third party to such instrument or
agreement, the amount of the declared default exceeds Fifty Thousand Dollars
($50,000), and such third party has accelerated any payments due under such
instrument or agreement or (ii) an event of default has occurred and has been
declared by any third party to such instrument or agreement, the amount of the
declared default exceeds Three Hundred Thousand Dollars ($300,000), provided,
that the foregoing shall not constitute a default if the Maker, with advise of
its legal counsel, has made a good faith determination that such amount is not
due and that the Maker has valid and reasonable defenses against non-payment of
such amount.

                  (g) the Maker agrees to pay in full settlement of any
litigation, proceeding or action, or a judgment is entered by a court of
competent jurisdiction with respect to any litigation, proceeding or action
involving the Maker (other than any settlement entered into or judgment entered
with respect to obligations incurred by the Maker in the ordinary course of
business and which were accrued for on the balance sheet of the Maker in the
ordinary course of business), of at least Three Hundred Thousand Dollars
($300,000) in any one instance or One Million Dollars ($1,000,000) in the
aggregate, in each case that is not covered by any insurance maintained by the
Maker.

            6. Transferability. Subject to compliance with applicable federal
and state securities laws, this Note shall be transferable solely in accordance
with Section 5.6 of the Purchase Agreement. In no event may the Holder assign
this Note separate from an assignment of its rights under the Security
Agreement. Any such transfer shall be effected by the presentation of this Note
to the Maker for transfer, accompanied by a duly completed and executed
Assignment Form in the form attached hereto as Exhibit A, and an opinion of
counsel of the Holder in form reasonably satisfactory to the Maker that the
transfer may be properly made under an exemption from registration under the
Securities Act and applicable state securities laws. Any transfer made in
violation of this Section 6 shall be void.

                                       9
<PAGE>

            7. Definitions. As used in this Note, the following term shall have
the following meaning:

            "Business Day" means any day that is not a Saturday, a Sunday or
other day on which banks are required or authorized by Law to be closed in The
City of New York.

            8. Notices. Any notice, request or other communication required or
permitted hereunder shall be in writing, and shall be deemed delivered upon
personal delivery or facsimile transmission, one (1) business day after being
sent via a reputable nationwide overnight courier services, or two (2) business
days after deposit in the mail addressed as follows:

            If to the Maker:

                         CORVU CORPORATION
                         3400 West 66th Street, Suite 445
                         Edina, Minnesota 55435
                         Attention: Chief Financial Officer
                         Facsimile No.: (952) 843 7752

            With copies to:

                         Justin M. MacIntosh
                         C/o CorVu Australasia Pty. Ltd.
                         Level 8, 821-843 Pacific Highway,
                         Chatswood NSW  2067
                         Australia
                         Facsimile: (011-61 2) 9495 5444

                         Fredrikson & Byron, P.A.
                         200 South Sixth Street, Suite 4000
                         Minneapolis, Minnesota 55402
                         Attention:  John H. Stout or Barbara Muller
                         Facsimile No.: (612) 492 7077

            If to the Holder:

                         COMVEST INVESTMENT PARTNERS II LLC
                         830 Third Avenue
                         New York, NY 10022
                         Attention:  Carl Kleidman
                         Facsimile No.:  (212) 829-5978

            With a copy to:

                         Greenberg Traurig, LLP
                         The MetLife Building
                         200 Park Avenue, 14th Floor
                         New York, NY 10166
                         Attention:  Alan I. Annex, Esq.
                         Facsimile No.:  (212) 801-6400

Either party may change by notice the address to which notices to it are to be
addressed.

            9. Successors and Assigns. All covenants, agreements and
undertakings in this Note by or on behalf of any of the parties shall bind and
inure to the benefit of the respective successors and assigns of the parties.

                                       10
<PAGE>


            10. Governing Law. This Note shall be governed by, construed under
and interpreted and enforced in accordance with laws of the State of New York,
without giving effect to principles of choice of law. Any action or proceeding
arising out of or relating to this Note shall be commenced in a federal or state
court having competent jurisdiction in the State of New York, and for the
purpose of any such action or proceeding, each of the parties and any assignees
thereof submits to the personal jurisdiction of the State of New York. The
parties hereby irrevocably consent to the exclusive personal jurisdiction of any
state or federal court for New York County in the State of New York or the
Southern District of New York. The parties hereby waive any objection to venue
and any objection based on a more convenient forum in any action instituted
under this Note.

            11. Remedies. The Maker stipulates that the remedies at law of the
Holder in the event of any default or threatened default by the Maker in the
performance of or compliance with any of the terms of this Note are not and will
not be adequate, and that such terms may be specifically enforced by a decree
for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

            12. Amendments. The terms and provisions of this Note may not be
modified, altered or amended except in accordance with Section 9 of the Security
Agreement.

            13. Headings. The descriptive headings of the several paragraphs of
this Note are inserted for purposes of reference only, and shall not affect the
meaning or construction of any of the provisions hereof.

                                       11
<PAGE>


            IN WITNESS WHEREOF, the Maker has executed this Note and has
delivered it to the Holder, on the day and year first above written.

                                  CORVU CORPORATION


                                  By:      /s/ David C. Carlson
                                           -------------------------------------
                                           Name:   David C. Carlson
                                           Title:     Chief Financial Officer


                                       12
<PAGE>

                                    Exhibit A
                                    ---------


                                   ASSIGNMENT


       FOR VALUED RECEIVED, the undersigned Holder of the attached Senior
Secured Note (the "Note") issued by CorVu Corporation (the "Maker") hereby
sells, assigns and transfers unto the persons below, all right, title and
interest of the undersigned in and to the obligations evidenced by the Note, and
does hereby irrevocably constitute and appoint _______________________
attorney-in-fact to transfer the Note on the books of the Maker with full power
of substitution in the premises.

Dated:   _________________________




Signature:        ________________________

Fill in for new Registration of Note:

---------------------------------
Name of Noteholder


Address of Noteholder:     __________________________
                             _________________________
                             _________________________


                                       13