Document:

$2,000,000 Revolving Note, dated December 6, 2006

 Exhibit 10.41 
 REVOLVING NOTE 
  

			
	 $2,000,000.00
	 	Minneapolis, Minnesota
		 	December 6, 2006

 1. FOR VALUE RECEIVED, VIRTUAL RADIOLOGIC CORPORATION, a Delaware corporation (the “Borrower”), hereby
promises to pay to the order of ASSOCIATED BANK, NATIONAL ASSOCIATION, a national banking association (the “Lender”), at its banking house located in Plymouth, Minnesota, the principal sum of Two Million and 00/100 Dollars ($2,000,000.00),
or so much thereof as may be advanced by the Lender to or for the benefit of the Borrower pursuant to that certain Revolving Loan Agreement of even date herewith by and between the Borrower and the Lender (the “Loan Agreement”), and which
remains unpaid, in lawful money of the United States and immediately available funds, together with interest on the outstanding balance accruing as of the date hereof at a rate equal to the Prime Rate of Interest (as hereinafter defined), as the
same changes from time to time, with such rate to be adjusted on and effective as of the same day the Prime Rate of Interest changes. Notwithstanding the foregoing, under no circumstances will the interest rate on this Note be less than five percent
(5.00%) per annum. 
 2. Accrued interest on this Note shall be due and payable monthly on the first (1st) day of each calendar month commencing on
January 1, 2007, and continuing on the first (1st) day of each calendar month thereafter until this Note is paid in full. The full amount of principal plus accrued interest hereon shall be due and payable on the Revolving Line of Credit
Expiration Date. 
 3. Interest hereunder shall be calculated on the basis of a year of three hundred sixty (360) days, but charged on the basis of the
actual number of days principal is unpaid. 
 4. As used herein, the term “Prime Rate of Interest” shall mean the Lender’s prime rate of
interest (or equivalent successor rate) as a basis for determining the rate of interest on commercial borrowing, whether or not the Lender makes loans to other borrowers at, above or below said rate. 
 5. The outstanding principal balance of this Note may be prepaid in whole or in part at any time at the option of the Borrower without penalty or premium. For purposes
of the foregoing, the term “prepayment” shall include any payment following acceleration of this Note. All prepayments shall be applied to amounts due hereunder in inverse order of maturity and shall not reduce the amount or change the due
dates of the regular installments provided for above. 
 6. If any installment of principal or interest on this Note (including, without limitation, the
installment due and payable on the Revolving Line of Credit Expiration Date is not paid within ten (10) days of the due date thereof, the Borrower shall pay to the Lender a late charge equal to five percent (5.00%) of the amount of such
installment. 
 7. Notwithstanding anything to the contrary contained herein, at all times after an Event of Default has occurred and is continuing, interest
shall accrue on amounts outstanding hereunder at a rate equal to five percent (5.00%) per annum in excess of the rate otherwise payable hereunder, as the same changes from time to time. 

 8. All payments and prepayments shall, at the option of the Lender, be applied first to any costs of collection, second
to any late charges, third to accrued interest on this Note and the remainder thereof to principal. 
 9. Notwithstanding anything to the contrary contained
herein, if the rate of interest, late payment fee or any other charges or fees due hereunder are determined by a court of competent jurisdiction to be usurious, then said interest rate, fees and/or charges shall be reduced to the maximum amount
permissible under applicable Minnesota law. 
 10. This Note is issued pursuant to the terms and provisions of the Loan Agreement and is secured pursuant to
the Security Agreement, and the Lender is entitled to all of the benefits provided for in said agreements. 
 11. Unless otherwise defined herein, all
capitalized terms used herein shall have the meanings assigned to such terms in the Loan Agreement. 
 12. Upon the occurrence of an Event of Default and at
any time thereafter, the outstanding principal balance hereof plus accrued interest hereon plus all other amounts due hereunder shall, at the option of the Lender, be immediately due and payable, without notice of demand. 
 13. Upon the occurrence of an Event of Default, and at any time thereafter, the Lender shall have the right to set off any and all amounts due hereunder by the Borrower
to the Lender against any indebtedness or obligation of the Lender to the Borrower. 
 14. Upon the occurrence of an Event of Default and at any time
thereafter, the Borrower promises to pay all costs of collection of this Note, including but not limited to attorneys’ fees, paid or incurred by the Lender on account of such collection, whether or not suit is filed with respect thereto and
whether or not such costs are paid or incurred, or to be paid or incurred, prior to or after the entry of judgment. 
 15. Demand, presentment, protest and
notice of nonpayment and dishonor of this Note are hereby waived. 
 16. This Note shall be governed by and construed in accordance with the laws of the
State of Minnesota without giving effect to the choice of law provisions thereof. 
 17. The Borrower hereby irrevocably submits to the jurisdiction of any
Minnesota state court or federal court over any action or proceeding arising out of or relating to this Note, the Loan Agreement, the Security Agreement and any instrument, agreement or document related thereto, and the Borrower hereby irrevocably
agrees that all claims in respect of such action or proceeding may be heard and determined in such Minnesota state or federal court. The Borrower hereby irrevocably waives, to the fullest extent it may effectively do so, the defense of an
inconvenient forum to the maintenance of such action or proceeding in Minnesota. The Borrower irrevocably consents to the service of copies of the summons and complaint and any other process which may be served in any such action or proceeding by
the mailing by United 

  

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States certified mail, return receipt requested, of copies of such process to the Borrower’s last known address. The Borrower agrees that judgment final
by appeal, or expiration of time to appeal without an appeal being taken, in any such action or proceeding shall be conclusive and may be enforced in any other jurisdictions by suit on the judgment or in any other manner provided by law. Nothing in
this Paragraph shall affect the right of the Lender to serve legal process in any other manner permitted by law or affect the right of the Lender to bring any action or proceeding against the Borrower or its property in the courts of any other
jurisdiction to the extent permitted by law. 
  

			
	VIRTUAL RADIOLOGIC CORPORATION
		
	By:	 	 Mark Marlow

	Its:	 	CFO

  

			
	 STATE OF MINNESOTA
	 	)
		 	)
	 COUNTY OF HENNEPIN
	 	)

 The foregoing instrument was acknowledged before me this 6th day of December, 2006, by Mark Marlow, the CFO of Virtual Radiologic Corporation, a Delaware corporation, for and on behalf of the
corporation. 
 Cynthia Ann Story 
 Cynthia Ann Story 
 12–6–2006

                     

 
  

 - 3 -Security Agreement, dated as of December 6, 2006

 Exhibit 10.42 
 SECURITY AGREEMENT 
 THIS SECURITY AGREEMENT (this “Agreement”), is made as of this 6th day of December,
2006, by VIRTUAL RADIOLOGIC CORPORATION, a Delaware corporation (the “Debtor”), in favor of ASSOCIATED BANK, NATIONAL ASSOCIATION, a national banking association (the “Secured Party”). 
 In order to secure the payment of all obligations of the Debtor to the Secured Party pursuant to that certain Revolving Loan Agreement of even date herewith (the
“Loan Agreement”) by and between the Debtor and the Secured Party, as evidenced by that certain Revolving Note of even date herewith in the original principal amount of $2,000,000 (the “Note”), executed by the Debtor and payable
to the Secured Party and each and every other debt, liability and obligation of every type and description which the Debtor may now or at any time hereafter owe to the Secured Party (whether such debt, liability or obligation now exists or is
hereafter created or incurred, whether it arises under or is evidenced by this Agreement, the Loan Agreement, the Note or any other present or future instrument or agreement or by operation of law, and whether it is direct or indirect, due or to
become due, absolute or contingent, primary or secondary, liquidated or unliquidated, or sole, joint or joint and several) (all such debts, liabilities and obligations of the Debtor to the Secured Party are herein collectively referred to as the
“Secured Obligations”), the Debtor hereby agrees as follows: 
 1. SECURITY INTEREST AND COLLATERAL. In order to secure the payment and
performance of the Secured Obligations, the Debtor hereby grants to the Secured Party a security interest (herein called the “Security Interest”) in and to the following property (hereinafter collectively referred to as the
“Collateral”): 
 any and all furniture, fixtures, machinery, equipment, inventory, accounts (including, but not limited to, all
health-care-insurance receivables), deposit accounts, vehicles, prepaid insurance, letter-of-credit rights, supplies, patents, patent rights, copyrights, trademarks, trade names, goodwill, royalty rights, franchise rights, chattel paper (including,
but not limited to, electronic chattel paper and tangible chattel paper), license rights, documents, instruments, investment property, software, payment intangibles, general intangibles and any and all other goods, now owned or hereafter acquired by
the Debtor and wherever located, together with all supporting obligations, substitutions and replacements for and products and proceeds of any of the foregoing property and, in the case of all tangible Collateral, together with (i) all
accessories, attachments, parts, equipment, accessions and repairs now or hereafter attached or affixed to or used in connection with any such goods, and (ii) all warehouse receipts, bills of lading and other documents now or hereafter covering
such goods. 
  

 2. REPRESENTATIONS, WARRANTIES AND AGREEMENTS. The Debtor hereby represents and warrants to, and covenants and
agrees with, the Secured Party as follows: 
 (a) The Collateral will be used primarily for business purposes. The Collateral shall be located
at 5995 Opus Parkway, Minnetonka, Minnesota 55343 and other future business addresses of which the Debtor has provided notice to the Lender. 
 (b) The Debtor is a Delaware corporation and the address of the Debtor’s chief executive office is 5995 Opus Parkway, Minnetonka, Minnesota 55343, and it keeps and will keep all of its books and records with respect to all of its
accounts at such address. The Debtor shall not change its state of organization or chief executive office without the Secured Party’s prior written consent. 
 (c) If any part or all of the Collateral will become so related to particular real estate as to become a fixture, the Debtor will promptly advise the Secured Party as to real estate concerned and the record owner
thereof and execute and deliver any and all instruments necessary to perfect the Security Interest therein and to assure that such Security Interest will be prior to the interest therein of the owner of the real estate. 
 (d) During the preceding five (5) years, the Debtor has not changed its name or operated or conducted business under any trade name or
“d/b/a” which is different from its corporate name except for the Debtor’s prior name, Virtual Radiologic Consultants, Inc. The Debtor shall promptly notify the Secured Party of any change in such name or if it operates or conducts
business under any trade name or “d/b/a” which is different from such name. 
 (e) The Debtor has (or will have at the time the
Debtor acquires rights in Collateral hereafter acquired or arising) and will maintain absolute title to each item of Collateral free and clear of all security interests, liens and encumbrances, except the Security Interest, and such other security
interests as are permitted under the Loan Agreement (the Security Interest and the security interests permitted under the Loan Agreement are hereinafter collectively referred to as the “Permitted Interests”), and will defend the Collateral
against all claims or demands of all persons other than the Secured Party and those holding Permitted Interests. Except as permitted in the Loan Agreement, the Debtor will not sell or otherwise dispose of the Collateral or any interest therein
except that until an Event of Default (as defined in the Loan Agreement) has occurred the Debtor may sell inventory in the ordinary course of its business. 
 (f) The Debtor will not permit any Collateral to be located in any state (and, if a county filing is required, in any county) in which a financing statement covering such Collateral is required to be, but has not in
fact been, filed. 
 (g) The Debtor authorizes the Secured Party to file all of the Secured Party’s financing statements and amendments
to financing statements, and all terminations of the filings of other secured parties, all with respect to the Collateral, in such form and substance as the Secured Party, in its sole discretion, may determine. 
  

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 (h) All rights to payment and all instruments, documents, chattel paper and other agreements constituting
or evidencing Collateral are (or will be when arising or issued) the valid, genuine and legally enforceable obligation, subject to no defense, set-off or counterclaim (other than those arising in the ordinary course of business) of each account
debtor or other obligor named therein or in the Debtor’s records pertaining thereto as being obligated to pay such obligation. The Debtor will not agree to any modification, amendment or cancellation of any such obligation without the Secured
Party’s prior written consent, and will not subordinate any such right to payment to claims of other creditors of such account debtor or other obligor. 
 (i) The Debtor will (i) keep all Collateral in good repair, working order and condition, normal depreciation excepted, and will, from time to time, replace any worn, broken or defective parts thereof;
(ii) other than taxes and other governmental charges contested in good faith and by appropriate proceedings, promptly pay all taxes and other governmental charges levied or assessed upon or against any Collateral or upon or against the
creation, perfection or continuance of the Security Interest; (iii) keep all Collateral free and clear of all security interests, liens and encumbrances except the Permitted Interests; (iv) at all reasonable times, permit the Secured Party
or its representatives to examine or inspect any Collateral, wherever located, and to examine, inspect and copy the Debtor’s books and records pertaining to the Collateral and its business and financial condition and to discuss with account
debtors and other obligors requests for verifications of amounts owed to the Debtor; (v) keep accurate and complete records pertaining to the Collateral and pertaining to the Debtor’s business and financial condition and will submit to the
Secured Party such periodic reports concerning the Collateral and the Debtor’s business and financial condition as the Secured Party may from time to time reasonably request; (vi) promptly notify the Secured Party of any loss or material
damage to any Collateral or of any material adverse change, known to the Debtor, in the prospect of payment of any sums due on or under any instrument, chattel paper or account constituting Collateral; (vii) if the Secured Party at any time so
requests promptly deliver to the Secured Party any instrument, document or chattel paper constituting Collateral, duly endorsed or assigned by the Debtor to the Secured Party; (viii) at all times keep all Collateral insured against risks of
fire (including so called extended coverage), theft, collision (in case of collateral consisting of motor vehicles) and such other risks and in such amounts as the Secured Party may reasonably request, with any loss payable to the Secured Party to
the extent of its interest and notify the Secured Party in writing of any loss or damage to the Collateral or any part; (ix) from time to time execute such financing statements or other forms, including, without limitation, patent and trademark
recordation forms, as the Secured Party may reasonably deem required to be filed in order to perfect the Security Interest and, if any Collateral is covered by a certificate of title, execute such documents as may be required to have the Security
Interest properly noted on a certificate of title; (x) pay when due or reimburse the Secured Party on demand for all costs of collection of any of the Secured Obligations and all other out-of-pocket expenses (including in each case all
attorneys’ fees) incurred by the Secured Party in connection with the creation, perfection, satisfaction or enforcement of the Security Interest or the execution or creation, continuance or enforcement of this Agreement or any or all of the
Secured Obligations including expenses incurred in any litigation or bankruptcy or insolvency proceedings; (xi) execute, 
  

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 deliver or endorse any and all instruments, documents, assignments, security agreements and other
agreements and writings which the Secured Party may at any time reasonably request in order to secure, protect, perfect or enforce the Security Interest and the Secured Party’s rights under this Agreement, including, without limitation, an
assignment of claim with respect to any account which is a government receivable; (xii) not use or keep any Collateral, or permit it to be used or kept, for any unlawful purpose or in violation of any federal, state or local law, statute or
ordinance; (xiii) permit the Secured Party at any time and from time to time to send requests (both before and after the occurrence of an Event of Default under the Loan Agreement) to account debtors or other obligors for verification of
amounts owed to Debtor; and (xiv) not permit any Collateral to become part of or to be affixed to any real property, without first assuring to the reasonable satisfaction of the Secured Party that the Security Interest will be prior and senior
to any interest or lien then held or thereafter acquired by any mortgagee of such real property or the owner or purchaser of any interest therein. If the Debtor at any time fails to perform or observe any agreement contained in this
Section 2(i), and if such failure shall continue for a period of ten (10) calendar days after the Secured Party gives the Debtor written notice thereof (or, in the case of the agreements contained in clauses (viii) and (ix) of
this Section 2(i), immediately upon the occurrence of such failure, without notice or lapse of time) the Secured Party may (but need not) perform or observe such agreement on behalf and in the name, place and stead of the Debtor (or, at the
Secured Party’s option, in the Secured Party’s own name) and may (but need not) take any and all other actions which the Secured Party may reasonably deem necessary to cure or correct such failure (including, without limitation, the
payment of taxes, the satisfaction of security interests, liens or encumbrances (other than Permitted Interests), the performance of obligations under contracts or agreements with account debtors or other obligors, the procurement and maintenance of
insurance, the execution of financing statements, the endorsement of instruments, and the procurement of repairs, transportation or insurance); and, except to the extent that the effect of such payment would be to render any loan or forbearance of
money usurious or otherwise illegal under any applicable law, the Debtor shall thereupon pay the Secured Party on demand the amount of all moneys expended and all costs and expenses (including attorneys’ fees) incurred by the Secured Party in
connection with or as a result of the Secured Party’s performing or observing such agreements or taking such actions, together with interest thereon from the date expended or incurred by the Secured Party at the rate provided for in the Note.
To facilitate the performance or observance by the Secured Party of such agreements of the Debtor, the Debtor hereby irrevocably appoints (which appointment is coupled with an interest) the Secured Party, or its delegate, as the attorney-in-fect of
the Debtor with the right (but not the duty) from time to time to create, prepare, complete, execute, deliver, endorse or file, in the name and on behalf of the Debtor, any and all instruments, documents, financing statements, forms, applications
for insurance and other agreements and writings required to be obtained, executed, delivered or endorsed by the Debtor under this Section 2. 
 3.
ASSIGNMENT OF INSURANCE. The Debtor hereby assigns to the Secured Party, as additional security for the payment of the Secured Obligations, any and all moneys (including but not limited to proceeds of insurance and refunds of unearned
premiums) due or to become due under, and all other rights of the Debtor under or with respect to, any and all policies of insurance covering the Collateral, and the Debtor hereby directs the issuer of any such policy to 

  

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pay any such moneys to the Secured Party. Before and upon the occurrence of an Event of Default under the Loan Agreement, and at any time thereafter, the
Secured Party may (but need not) in its own name or in the Debtor’s name, execute and deliver proofs of claim, receive all such moneys (subject to the Debtor’s rights), endorse checks and other instruments representing payment of such
monies, and adjust, litigate, compromise or release any claim against the issuer of any such policy. 
 4. COLLECTION OF ACCOUNTS. The Secured Party
may, or at the Secured Party’s request, the Debtor shall, either prior to or after the occurrence of an Event of Default under the Loan Agreement, and at any time thereafter, notify any account debtor or any obligor on an instrument to make
payment directly to a post office box specified by and under the sole control of the Secured Party, whether or not the Secured Party was theretofore making collections with respect thereto, and the Secured Party shall be entitled to take control of
any proceeds thereof. If so requested by the Secured Party, the Debtor shall insert appropriate language on each invoice directing its customers to make payment to such post office box. The Debtor hereby authorizes and directs the Secured Party to
deposit into a special collateral account to be established and maintained with the Secured Party all checks, drafts and cash payments, received in said lock box. All deposits in said collateral account shall constitute proceeds of Collateral and
shall not constitute payment of any of the Secured Obligations. At its option, the Secured Party may, at any time, apply finally collected funds on deposit in said collateral account to the payment of the Secured Obligations in such order of
application as the Secured Party may determine, or permit the Debtor to withdraw all or any part of the balance on deposit in said collateral account. If a collateral account is so established the Debtor agrees that it will promptly deliver to the
Secured Party for deposit into said collateral account, all payments on accounts and chattel paper received by it. All such payments shall be delivered to the Secured Party in the form received (except for the Debtor’s endorsement where
necessary). Until so deposited, all payments on accounts and chattel paper received by the Debtor shall be held in trust by the Debtor for and as the property of the Secured Party and shall not be commingled with any funds or property of the Debtor.

 5. REMEDIES. Upon the occurrence of an Event of Default under the Loan Agreement, and at any time thereafter, the Secured Party may exercise any
one or more of the following rights or remedies if any or all of the Secured Obligations are not paid when due: (i) exercise and enforce any or all rights and remedies available after default to a secured party under the Uniform Commercial
Code, including but not limited to the right to take possession of any Collateral, proceeding without judicial process or by judicial process (without a prior hearing or notice thereof, which the Debtor hereby expressly waives), and the right to
sell, lease or otherwise dispose of or use any or all of the Collateral; (ii) the Secured Party may require the Debtor to assemble the Collateral and make it available to the Secured Party at a place to be designated by the Secured Party which
is reasonably convenient to both parties; (iii) exercise its rights under any lessors’ agreements regardless of whether or not the Debtor is in default under such leases; and (iv) exercise or enforce any or all other rights or
remedies available to the Secured Party by law or agreement against the Collateral, against the Debtor or against any other person or property. The Secured Party is hereby granted a non-exclusive, worldwide and royalty-free license to use or
otherwise exploit all trademarks, franchises, copyrights and patents of the Debtor that the Secured Party deems necessary or appropriate to the disposition of any Collateral. If notice to the Debtor of any intended disposition of Collateral or any
other intended action is required by law in a particular instance, such notice shall be deemed commercially reasonable if given (in the manner specified in Section 6 below) at least ten (10) calendar days prior to the date of intended
disposition or other action. 
  

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 6. MISCELLANEOUS. This Agreement does not contemplate a sale of accounts or chattel paper, and, as provided by
law, the Debtor is entitled to any surplus and shall remain liable for any deficiency. This Agreement can be waived, modified, amended, terminated or discharged, and the Security Interest can be released, only explicitly in a writing signed by the
Secured Party. A waiver signed by the Secured Party shall be effective only in the specific instance and for the purpose given. Mere delay or failure to act shall not preclude the exercise or enforcement of any of the Secured Party’s rights or
remedies. All rights and remedies of the Secured Party shall be cumulative and may be exercised singularly or concurrently, at the Secured Party’s option, and the exercise or enforcement of any one such right or remedy shall neither be a
condition to nor bar the exercise or enforcement of any other. All notices to be given to the Debtor shall be deemed sufficiently given if deposited in the United States mails, registered or certified, postage prepaid, or personally delivered to the
Debtor at its address set forth herein. The Secured Party’s duty of care with respect to Collateral in its possession (as imposed by law) shall be deemed fulfilled if the Secured Party exercises reasonable care in physically safe keeping such
Collateral or, in the case of Collateral in the custody or possession of a bailee or other third person, exercises reasonable care in the selection of the bailee or other third person, and the Secured Party need not otherwise preserve, protect,
insure or care for any Collateral. The Secured Party shall not be obligated to preserve any rights the Debtor may have against any other party, to realize on the Collateral at all or in any particular manner or order, or to apply any cash proceeds
of Collateral in any particular order of application. This Agreement shall be binding upon and inure to the benefit of the Debtor and the Secured Party and their respective heirs, representatives, successors and assigns and shall take effect when
signed by the Debtor and delivered to the Secured Party, and the Debtor waives notice of the Secured Party’s acceptance hereof. The Secured Party may execute this Agreement if appropriate for the purpose of filing, but the failure of the
Secured Party to execute this Agreement shall not affect or impair the validity or effectiveness of this Agreement. Except to the extent otherwise required by law, this Agreement shall be governed by the laws of the State of Minnesota and, unless
the context otherwise requires, all terms used herein which are defined in Articles 1 and 9 of the Uniform Commercial Code, as in effect in said state, shall have the meanings therein stated and all capitalized terms used herein which are defined in
the Loan Agreement shall have the meanings therein stated. If any provision or application of this Agreement is held unlawful or unenforceable in any respect, such illegality or unenforceability shall not affect other provisions or applications
which can be given effect, and this Agreement shall be construed as if the unlawful or unenforceable provision or application had never been contained herein or prescribed hereby. All representations and warranties contained in this Agreement shall
survive the execution, delivery and performance of this Agreement and the creation and payment of the Secured Obligations. 
  

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 IN WITNESS WHEREOF, the Debtor has executed and delivered to the Secured Party this Security Agreement as of the day and
year first above written. 
  

			
	VIRTUAL RADIOLOGIC CORPORATION
		
	By:	 	 /s/ Mark Marlow

	Its:	 	CFO

  

			
	 STATE OF MINNESOTA
	 	)
		 	)
	 COUNTY OF HENNEPIN
	 	)

 The foregoing instrument was acknowledged before me this 6th day of December, 2006, by Mark Marlow, the CFO of Virtual Radiologic Corporation, a Delaware corporation, for and on behalf of the corporation.

 Cynthia Ann Story 
 Cynthia ann Story 
 12-6-2006 
 

 
  

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