<PAGE>   1
                           GRID TIME PROMISSORY NOTE
                          (Prime Rate - 360-Day Basis)

$150,000                                                   New York, New York
                                                           March 8, 1996

        For value received, the undersigned unconditionally (and if more than
one, jointly and severally) promises to pay to the order of THE CHASE
MANHATTAN BANK (NATIONAL ASSOCIATION) (the "Bank"), at its principal office
located at 1 Chase Manhattan Plaza, New York, New York 10081, the principal
amount of One Hundred Fifty Thousand DOLLARS ($150,000) or, if less, the unpaid
principal amount of each loan made to the undersigned by the Bank and
outstanding under this Note, on the maturity date(s) as shown on the attached
schedule or any continuation of the schedule.

        The undersigned promise(s) to pay interest on the unpaid balance of the
principal amount of each such loan from and including the date of each such loan
to but excluding the due date of such loan at a variable rate per annum equal
to: (a) that rate of interest from time to time announced by the Bank at said
principal office as its prime commercial lending rate (the "Prime Rate") plus
(b) 1/2% (the "Margin"). Interest shall be payable on the first day of each
calendar month (commencing on the first such date occurring after the date of
the first such loan) and on any payment of such principal. Any principal not
paid when due (whether at stated maturity, by acceleration or otherwise) shall
bear interest from and including the date due to but excluding the date paid in
full at a variable rate per annum equal to: (x) 2% plus (y) the Prime Rate plus
(z) the Margin; such interest to be payable on demand and on any payment of such
principal. The interest rate on this Note shall change in accordance with, and
changes in such interest rate shall be effective as of the effective date of,
announcements by the Bank of changes in the Prime Rate. Interest shall be
calculated on the basis of a year of 360 days for the actual number of days
elapsed.

        All payments under this Note shall be made in lawful money of the
United States of America and in immediately available funds at the Bank's
principal office specified above. If any loan evidenced by this Note becomes
due and payable on a Saturday, Sunday or a day that is not a banking day in
New York City, the maturity of such loan shall be extended to the next
succeeding banking day, and interest shall be payable for such extension on
such loan at the rate of interest specified in this Note. The Bank may (but
shall not be obligated to) debit the amount of any payment under this Note that
is not made when due to any deposit account of (any of) the undersigned with
the Bank. If the undersigned are more than one, all obligations of each of the
undersigned under this Note shall be joint and several. This Note may be
prepaid without penalty.

        The date, amount and maturity date of each loan under this Note and
each payment of principal, loan(s) to which such principal is applied (which
shall be at the discretion of the Bank) and the outstanding principal balance
of loans, shall be recorded by the Bank on its books and prior to any transfer
of this Note (or, at the discretion of the Bank at any other time) endorsed by
the Bank on the schedule attached or any continuation of the schedule. Any such
endorsement shall be conclusive in the absence of manifest error.

        If any of the following events of default shall occur with respect to
(any of) the undersigned: (a) the undersigned shall fail to pay the principal
of, or interest on, this Note, or any other amount payable under this Note, as
and when due and payable; (b) any representation or warranty made or deemed made
by the undersigned in this Note or in any document granting security or support
for (or otherwise executed in connection with) this Note or by any third party
supporting or liable with respect to this Note (whether by guaranty,
subordination, grant of security or any other credit support, a "Third Party")
in any document evidencing the obligations of a Third Party (this Note and all
of the foregoing documents of the undersigned or a Third Party being the
"Facility Documents") or which is contained in any certificate, document,
opinion, financial or other statement furnished at any time under or in
connection with any Facility Document, shall prove to have been incorrect in any
material respect on or as of the date made or deemed made; (c) the undersigned
or any Third Party shall fail to perform or observe any term, convenant or
agreement contained in any Facility Document on its part to be performed or
observed; (d) the undersigned or any Third Party shall fail to pay when due any
indebtedness (including but not limited to indebtedness for borrowed money) or
if any such indebtedness shall become due and payable, or shall be capable of
becoming due and payable at the option of any holder thereof, by acceleration of
its maturity, or if there shall be any default by the undersigned or any Third
Party under any agreement relating to such indebtedness; (e) the undersigned or
any Third Party: (i) shall generally not, or be unable to, or shall admit in
writing its inability to, pay its  debts as such debts become due; (ii) shall
make an assignment for the benefit of creditors; (iii) shall file a petition in
bankruptcy or for any relief under any law of any jurisdiction relating to
reorganization, arrangement, readjustment of debt, dissolution or liquidation;
(iv) shall have any such petition filed against it and the same shall remain
undismissed for a period of 30 days or shall consent or acquiesce thereto; or
(v) shall have had a receiver, custodian or trustee appointed for all or a
substantial part of its property; (f) the undersigned or any Third Party shall
die, dissolve or for any reason cease to be in existence or if the undersigned
or any Third Party is a partnership, any general partner shall die, dissolve or
for any reason cease to be in existence or cease to be a partner; (g) any Third
Party Facility Document shall at any time and for any reason cease to be in full
force and effect or shall be declared null and void, or its validity or
enforceability shall be con-
<PAGE>   2
tested by the relevant Third Party of such Third Party shall deny it has any
further liability or obligation under any Facility Document or shall fail to
perform its obligation under any Facility Document; (h) any security agreement
or other agreement (whether by the undersigned or any Third Party) granting a 
security interest, lien, mortgage or other encumbrance securing obligations 
under any Facility Document shall at any time and for any reason cease to 
create a valid and perfected first priority security interest, lien, mortgage 
or other encumbrance in or on the property purported to be subject to such 
agreement or shall cease to be in full force and effect or shall be declared 
null and void, or the validity or enforceability of any such agreement shall 
be contested by any party to such agreement, or such party shall deny it has 
any further liability or obligation under such agreement or any such party 
shall fail to perform any of its obligations under such agreement. THEN, in 
any such case, if the Bank shall elect by notice to the undersigned, the 
unpaid principal amount of this Note, together with accrued interest shall 
become forthwith due and payable; provided that in the case of an event of 
default under (e) above, the unpaid principal amount of this Note, together 
with accrued interest, shall immediately become due and payable without any 
notice or other action by the Bank.

        The undersigned waive(s) presentment, notice of dishonor, protest and
any other notice or formality with respect to this Note.

        The undersigned agree(s) to reimburse the Bank on demand for all costs,
expenses and charges (including, without limitation, fees and charges of
external legal counsel for the Bank and costs allocated by its internal legal
department) in connection with the interpretation performance or enforcement of
this Note.

        This Note shall be binding on (each of) the undersigned and its
successors and assigns and shall inure to the benefit of the Bank and its
successors and assigns, except that the undersigned may not delegate any
obligations hereunder without the prior written consent of the Bank. Without
limiting any provision of this Note, the obligations under this Note shall
continue in full force and effect and shall be binding on: (a) the estate of
the undersigned if (any of) the undersigned is an individual, and (b) any
successor partnership and on previous partners and their respective estates if
(any of) the undersigned is a partnership, regardless of any change in the
partnership as a result of death, retirement or otherwise.

        The undersigned consent(s) to the nonexclusive jurisdiction and venue
of the state or federal courts located in the City of New York, Service of
process by the Bank in connection with any dispute shall be binding on the
undersigned if sent to the undersigned by registered mail at the address(es)
specified below. The undersigned waive(s) any right the undersigned may have to
jury trial.

        This Note shall be governed by, and interpreted and construed in
accordance with, the law of the State of New York; provided that the foregoing
is not intended to limit the maximum rate of interest which may be charged or
collected by the Bank on this Note if, under the law applicable to it, the Bank
may charge or collect such interest at a higher rate than is permissible under
the law of said State. In no case shall the interest on this Note exceed the
maximum amount which the Bank may charge or collect under such law applicable
to it.

Address for notices:

20 West 20th Street             Linographics (Delaware) Corporation

New York, NY 10011              By:
                                Title: President
                                By:
                                Title:

Address for notices:

                                By:
                                Title:
                                By:
                                Title:

<PAGE>   3
                             GUARANTY BY CORPORATION

         WHEREAS, Linographics (Delaware) Corporation (hereinafter referred to
as the "Borrower"), a corporation organized under the laws of Delaware,
(has obtained or desires or may desire at some time and/or from time to time to
obtain financial accommodation from THE CHASE MANHATTAN BANK, N.A. and/or any of
its subsidiaries and/or affiliates (hereinafter, with their respective
successors and assigns, collectively or individually, as the context may
require, referred to as the "Bank"); and

         WHEREAS, the undersigned (hereinafter referred to as the "Guarantor"),
a corporation organized under the laws of Delaware, represents that it owns
directly or indirectly a substantial amount of the stock of the Borrower and/or
is financially interested in its affairs and expects to derive advantage from
each and every such accommodation;

         1. NOW, THEREFORE, for valuable consideration, the receipt whereof by
the Guarantor is hereby acknowledged, and to induce the Bank, at its option, at
any time or from time to time, to extend financial accommodation, with or
without security, to or for the account of the Borrower, or in respect of which
the Borrower may be liable in any capacity (the term "financial accommodation"
including, without limitation, extension of loans, credit or accommodation,
issuance or confirmation of letters of credit or creation of acceptances, or
discount or purchase of, or loans on, accounts, leases, instruments, securities,
documents, chattel paper and other security arrangements, or other property, or
entering into any foreign exchange, precious metals or other contract or
agreement between Borrower and the Bank), the Guarantor hereby unconditionally
guarantees to the Bank, irrespective of the validity, regularity or
enforceability of any instrument, writing or arrangement relating to or the
subject of any such financial accommodation (each such instrument, writing or
arrangement being hereinafter referred to as, and included in the term, "Credit
Arrangement") or of the obligations thereunder and irrespective of any present
or future law or order of any government (whether of right or in fact and
whether the Bank shall have consented thereto) or of any agency thereof
purporting to reduce, amend, restructure or otherwise affect any obligation of
the Borrower or other obligor or to vary the terms of payment, that the Borrower
will promptly perform and observe every agreement and condition in any Credit
Arrangement to be performed or observed by the Borrower, that all sums stated to
be payable in, or which become payable under, any Credit Arrangement, and all
other sums which may be owing by the Borrower to the Bank now or hereafter, will
be promptly paid in full when due, whether at maturity or earlier by reason of
acceleration or otherwise, or, if now due, when payment thereof shall be
demanded by the Bank, together with interest and any and all legal and other
costs and expenses paid or incurred in connection therewith by the Bank, and, in
case of one or more extensions of time of payment or renewals, in whole or in
part, of any Credit Arrangement or obligation, that the same will be promptly
paid or performed when due, according to each such extension or renewal, whether
at maturity or earlier by reason of acceleration or otherwise. The Guarantor
agrees that, as between the Guarantor and the Bank, the obligations of the
Borrower guaranteed hereunder may be declared to be due and payable for purposes
of this guaranty notwithstanding any stay, injunction or other prohibition which
may prevent, delay or vitiate any such declaration as against the Borrower and
that, in the event of any such declaration (or attempted declaration), such
obligations (whether or not due and payable by the Borrower) shall forthwith
become due and payable by the Guarantor for purposes of this guaranty. The
Guarantor further guarantees that all payments made by the Borrower to the Bank
on any obligation hereby guaranteed will, when made, be final and agrees that
if any such payment is recovered from, or repaid by, the Bank in whole or in
part in any bankruptcy, insolvency or similar proceeding instituted by or
against the Borrower, this guaranty shall continue to be fully applicable to
such obligation to the same extent as though the payment so recovered or repaid
had never been originally made on such obligation.

         2. The Guarantor hereby consents that from time to time, without notice
to or further consent of the Guarantor, the performance or observance by the
Borrower of any Credit Arrangement or obligation may be waived or the time of
performance thereof extended by the Bank, and payment of any obligation hereby
guaranteed may be accelerated in accordance with any agreement between the Bank
and any party liable with respect thereto, or may be extended, or any Credit
Arrangement may be renewed in whole or in part, or the terms of any Credit
Arrangement or any part thereof may be changed, including increase or decrease
in the rate of interest thereon, or any collateral therefor may be exchanged,
surrendered or otherwise dealt with as the Bank may determine, and any of the
acts mentioned in any Credit Arrangement may be done, all without affecting the
liability of the Guarantor hereunder. The Guarantor hereby waives presentment of
any instrument, demand of payment, protest and notice of non-payment or protest
thereof or of any exchange, sale, surrender or other handling or disposition of
any such collateral, and any requirement that the Bank exhaust any right, power
or remedy or proceed against the Borrower under any Credit Arrangement or
against any other person under any other guaranty of, or security for, any of
the obligations guaranteed hereunder. No payment by the Guarantor pursuant to
any provision hereunder shall entitle the Guarantor, by subrogation to the
rights of the Bank or otherwise, to any payment by the Borrower (or out of the
property of the Borrower) except after payment in full of all sums (including
interest, costs and expenses) which may be or become payable by the Borrower to
the Bank at any time or from time to time.

         3. This guaranty shall be a continuing guaranty,and the co-guarantor or
co-guarantors,if any or any other party liable upon or in respect of any
obligation hereby guaranteed may be released without affecting the liability of
the Guarantor, and the Bank may continue to act in reliance hereon until the
receipt by the Bank, at its principal office at 1 Chase Manhattan Plaza, New
York, New York 10081, and by the departments and offices of the Bank extending
financial accommodation to the Borrower, of written notice from the Guarantor
not to give further financial accommodation in reliance hereon, provided that
such notice shall not affect the obligations of the Guarantor hereunder with
respect to any such accommodation given prior to such notice.

LEGAL 7A 12-84 PTG. 10-86
<PAGE>   4
        4. The Bank may assign this guaranty or any of its rights and powers
hereunder, with all or any of the obligations hereby guaranteed, and may assign
and/or deliver to any such assignee any of the Security herefor and, in the
event of such assignment, the assignee hereof or of such rights and powers and
of such Security, if any such Security be so assigned and/or delivered, shall
have the same rights and remedies as if originally named herein in place of the
Bank, and the Bank shall be thereafter fully discharged from all responsibility
with respect to any such Security so assigned and/or delivered.

        5. Notice of acceptance of this guaranty and of the incurring of any
and all of the obligations of the Borrower hereinbefore mentioned is hereby
waived. This guaranty and all rights, obligations and liabilities arising
hereunder shall be governed by and construed according to the laws of the State
of New York. Unless the context otherwise requires, all terms used herein which
are defined in the Uniform Commercial Code shall have the meanings therein
stated.

        6. As security for its obligations hereunder, the Guarantor hereby
grants to the Bank a security interest in, a general lien upon and/or right of
set-off of, the following (herein referred to as the Security): All personal
property and fixtures of the Guarantor, whether now or hereafter existing or
now owned or hereafter acquired and wherever located, of every kind and
description, tangible or intangible, including, but not limited to, the balance
of every deposit account, now or hereafter existing, of the Guarantor with the
Bank and any other claim of the Guarantor against the Bank, now or hereafter
existing, and all money, goods (including equipment, farm products and
inventory), instruments, securities, documents, chattel paper, accounts,
contract rights, general intangibles, credits, claims, demands, precious metals
and any other property, rights and interests of the Guarantor, and shall include
the proceeds, products and accessions of and to any thereof. With respect to
the Security, or any part thereof, which at any time shall come into the
possession or custody or under the control of the Bank or any of its agents,
associates or correspondents, for any purpose, the right is expressly granted
to the Bank, at its discretion, to transfer to or register in the name of
itself or its nominee any of the Security; to exchange any of the Security for
other property upon any reorganization, recapitalization or other readjustment
and in connection therewith to deposit any of the Security with any committee
or depositary upon such terms as it may determine; to notify any account debtor
or obligor on an instrument to make payment to the Bank; and to exercise or
cause its nominee to exercise all or any powers with respect to the Security
with the same force and effect as an absolute owner thereof; all without notice
(except such notice as may be required by applicable law and cannot be waived)
and without liability except to account for property actually received by it.
Without limiting the generality of the foregoing, payments, distributions
and/or dividends, in securities, property or cash, including without limitation
dividends representing stock or liquidating dividends or a distribution or
return of capital upon or in respect of the Security or any part thereof or
resulting from any split-up, revision or reclassification of the Security or
any part thereof or received in exchange for the Security or any part thereof
as a result of a merger, consolidation or otherwise, shall be paid directly to
and retained by the Bank and held by it until applied as herein provided, as
additional collateral security pledged under and subject to the terms hereof.
To the extent permitted by applicable law, the Bank shall have the right, with
or without legal process and with or without prior notice or demand, to take
possession of the Security or any thereof and to enter any premises for the
purpose of taking possession thereof. The Bank shall be deemed to have
possession of any of the Security in transit to or set apart for it or any of
its agents, associates or correspondents. The right is expressly granted to the
Bank, at its discretion, to file one or more financing statements under the
Uniform Commercial Code naming the Guarantor as debtor and the Bank as secured
party and indicating therein the types or describing the items of Security
herein specified. Without prior written consent of the Bank the Guarantor will
not file or authorize or permit to be filed in any jurisdiction any such
financing or like statement in which the Bank is not named as the sole secured
party. The Bank shall not be required to take any steps necessary to preserve
any rights against prior parties to any of the Security. The Bank may use or
operate any of the Security for the purpose of preserving the Security or its
value in the manner and to the extent the Bank deems appropriate, but the Bank
shall be under no obligation to do so.

        7. In the event of default under this guaranty, the Guarantor shall, at
the request of the Bank, assemble the Security at such place or places as the
Bank designates in its request. The Bank shall have the rights and remedies
with respect to the Security of a secured party under the Uniform Commercial
Code (whether or not the Code is in effect in the jurisdiction where the rights
and remedies are asserted). In addition, with respect to the Security, or any
part thereof, which shall then be or shall thereafter come into the possession
or custody of the Bank or any of its agents, associates or correspondents, the
Bank may sell or cause to be sold in the Borough of Manhattan, New York City,
or elsewhere, for cash or on credit or for future delivery, without assumption
of any credit risk, all or any of the Security at any broker's board or at
public or private sale, in any reasonable manner permissible under the Uniform
Commercial Code (except that, to the extent permitted thereunder, the Guarantor
hereby waives the requirements of said Code), free from any claim or right of
whatsoever kind, including any equity of redemption, of the Guarantor, any such
demand, notice or right and equity being hereby expressly waived and released.
The Guarantor will pay to the Bank all expenses (including reasonable
attorneys' fees and legal expenses incurred by the Bank) of, or incidental to,
any actual or attempted sale or any exchange, enforcement, collection,
compromise or settlement of any of the Security or receipt of the proceeds
thereof, and for the care of the Security and defending or asserting the claims
of the Bank in respect thereof, by litigation or otherwise; and all such
expenses shall be obligations of the Guarantor hereunder.

        8. FOREIGN CURRENCY OBLIGATIONS. With respect to each obligation (or
portion thereof) hereby guaranteed that is payable in a foreign currency, the
following provisions shall apply: the Guarantor shall be obligated to pay the
Bank the unpaid amount of such guaranteed obligation in the same foreign
currency and place in which such guaranteed obligation is payable by its terms;
provided, however, that the Guarantor may, at its option (or, if for any reason
whatsoever the Guarantor is unable to effect payment of such unpaid amount as
aforesaid the Guarantor shall be obligated to pay to the Bank at its principal
office in New York City the

<PAGE>   5
equivalent of such unpaid amount in United States currency computed at the
Bank's selling rate, most recently in effect on or prior to the date such
guaranteed obligation becomes due, for cable transfers of such foreign currency
to the place where such guaranteed obligation is payable. In any case in which
the Guarantor shall make or shall be obligated to make such payment in United
States currency, the Guarantor shall hold the Bank harmless from any loss
incurred by the Bank arising from any change in the value of United States
currency in relation to such foreign currency between the date such guaranteed
obligation becomes due and the date the Bank is actually able, following the
conversion of the United States currency paid by the Guarantor into such foreign
currency and remittance of such foreign currency to the place where such
guaranteed obligation is payable, to apply such foreign currency to such
obligation. The term "foreign currency" as used herein shall be deemed to refer
to that type of such currency which under applicable laws and regulations may be
used to pay and discharge such guaranteed obligation.

        9. No provision of this guaranty may be modified or waived without the
prior written consent of the Bank.

8th day of March, 1996, 


                                        Unidigital Inc.


Attest:                                 By  /s/  William E. Dye
                                          -------------------------------
/s/  Stephen McErlain                   Title: President
------------------------------
Secretary





[Seal]

<PAGE>   6

                                 )
STATE OF _______________________ )
                                 ) ss.:
COUNTY OF ______________________ )
                                 )


        On the 8th day of March, 1996, before me came William Dye, to me known,
who, being by me duly sworn, did depose and say that he resides at 305 Second
Avenue, New York, N.Y.; that he is President of Unidigital Inc., the
corporation described in and which executed the foregoing instrument; that he
knows the seal of said corporation; that the seal affixed to said instrument is
such corporate seal; that it was so affixed by order of the Board of Directors
of said corporation; and that he signed his name thereto by like order.
                        
                                [initial DF] /s/ William E. Dye
                                            -----------------------------

        I, Stephen McErlain as Secretary of Unidigital Inc., a corporation duly
organized and existing under the laws of Delaware, hereby certify that a
meeting of the Board of Directors of said Corporation was duly called and held
on the 8th day of March, 1996, and that at said meeting, at which a quorum was
present and voting throughout, the following preambles and resolution, upon
motion duly made and seconded, were duly and unanimously adopted:

        "WHEREAS, Linographics (Delaware) Corporation (hereinafter referred to
        as the 'Borrower'), a corporation organized and existing under the laws
        of Delaware has obtained or desires or may desire at some time and/or
        from time to time to obtain loans or other financial accommodation from
        or conduct transactions with The Chase Manhattan Bank, N.A. and/or any
        of its subsidiaries and/or affiliates (hereinafter referred to as the
        'Bank'); and

        WHEREAS, this Corporation owns directly or indirectly a substantial
        amount of the stock of the Borrower and/or is financially interested
        in its affairs and expects to derive advantage from each and every
        such loan, accommodation and/or transaction,

        NOW, THEREFORE, BE IT

        RESOLVED, that this Corporation guarantee the liabilities and
        obligations of the Borrower and of others to the Bank in the manner set
        forth in the agreement of guaranty presented to this meeting, which said
        agreement of guaranty and all of the terms and provisions thereof are in
        all respects approved and adopted, and that any of the officers of this
        Corporation be and hereby are, and each of them hereby is, authorized
        and directed to execute in the name and on behalf of this Corporation
        and to deliver to the Bank an agreement of guaranty in said form with
        such changes, if any, as the officer or officers of this Corporation
        executing the same may approve, and to do such other acts and things as
        may be necessary or advisable in order to carry out and perform on the
        part of this Corporation the covenants, conditions and agreements on its
        part to be carried out and performed as provided in said agreement of
        guaranty and in order to carry out and effect the full intent and
        purposes of this resolution."

        As said Secretary, I further certify that the foregoing preambles and
resolution have not been repealed, annulled, altered or amended in any respect
but remain in full force and effect and that the annexed instrument is the form
of the agreement of guaranty presented to said meeting and referred to in and
approved by the aforesaid resolution.

        IN WITNESS WHEREOF, I have hereunto set my hand and affixed the seal of
the said Corporation this 8th day of March, 1996

                                        [initial DF] /s/ Stephen McErlain
                                                    ----------------------
                                                    As Secretary of Said
                                                    Corporation


[Seal]