Document:

Exhibit 10.1

                                CORVU CORPORATION

                             1996 STOCK OPTION PLAN
                     (AS AMENDED THROUGH DECEMBER 18, 2003)

                                   SECTION 1.
                                   DEFINITIONS
                                   -----------

As used herein, the following terms shall have the meanings indicated below:

(a) "Affiliates" shall mean a Parent or Subsidiary of the Company.

(b) "Committee" shall mean a Committee of two or more directors who shall be
appointed by and serve at the pleasure of the Board. In the event the Company's
securities are registe"red pursuant to Section 12 of the Securities Exchange Act
of 1934, as amended, each of the members of the Committee shall be a
"Non-Employee Director" within the meaning of Rule 16b-3, or any successor
provision, as then in effect, of the General Rules and Regulations under the
Securities Exchange Act of 1934 as amended.

(c) The "Company" shall mean CorVu Corporation, a Minnesota corporation.

(d) "Fair Market Value" shall mean (i) if such stock is reported in the national
market system or is listed upon an established stock exchange or exchanges, the
reported closing price of such stock in such national market system or on such
stock exchange or exchanges on the date the option is granted or, if no sale of
such stock shall have occurred on that date, on the next preceding day on which
there was a sale of stock; (ii) if such stock is not so reported in the national
market system or listed upon an established stock exchange, the average of the
closing "bid" and "asked" prices quoted by a recognized specialist in the Common
Stock of the Company on the date the option is granted, or if there are no
quoted "bid" and "asked" prices on such date, on the next preceding date for
which there are such quotes; or (iii) if such stock is not publicly traded as of
the date the option is granted, the per share value as determined by the Board,
in its sole discretion by applying principles of valuation with respect to all
such options.

(e) The "Internal Revenue Code" is the Internal Revenue Code of 1986, as amended
from time to time.

(f) "Option Stock" shall mean Common Stock of the Company (subject to adjustment
as described in Section 12) reserved for options pursuant to this Plan.

(g) The "Optionee" for purposes of Section 9 is an employee of the Company or
any Subsidiary to whom an incentive stock option has been granted under the
Plan. For purposes of Section 10, the "Optionee" is the consultant or advisor to
or director, employee or officer of the Company or any Subsidiary to whom a
nonqualified stock option has been granted.

(h) "Parent" shall mean any corporation which owns, directly or indirectly in an
unbroken chain, fifty percent (50%) or more of the total voting power of the
Company's outstanding stock.

(i) The "Plan" means the CorVu Corporation 1996 Stock Option Plan, as amended
hereafter from time to time, including the form of Option Agreements as they may
be modified by the Board from time to time.

(j) A "Subsidiary" shall mean any corporation of which fifty percent (50%) or
more of the total voting power of outstanding stock is owned, directly or
indirectly in an unbroken chain, by the Company.

                                       18
<PAGE>

                                   SECTION 2.
                                     PURPOSE
                                     -------

      The purpose of the Plan is to promote the success of the Company and its
Subsidiaries by facilitating the employment and retention of competent personnel
and by furnishing incentive to officers, directors, employees, consultants, and
advisors upon whose efforts the success of the Company and its Subsidiaries will
depend to a large degree.

      It is the intention of the Company to carry out the Plan through the
granting of stock options which will qualify as "incentive stock options" under
the provisions of Section 422 of the Internal Revenue Code and "nonqualified
stock options" pursuant to Section 10 of this Plan. The grant of all such
options shall, to the extent required, comply with Section 16(b) of the
Securities Exchange Act of 1934, the Internal Revenue Code, or any other
applicable law or regulation. Adoption of this Plan shall be and is expressly
subject to the condition of approval by the shareholders of the Company within
twelve (12) months after the adoption of the Plan by the Board of Directors. In
no event shall any stock options be exercisable prior to the date this Plan is
approved by the shareholders of the Company. If shareholder approval of this
Plan is not obtained within twelve (12) months after the adoption of the Plan by
the Board of Directors, any stock options previously granted shall be revoked.

                                   SECTION 3.
                             EFFECTIVE DATE OF PLAN
                             ----------------------

      The Plan shall be effective upon its adoption by the Board of Directors of
the Company, subject to approval by the shareholders of the Company as required
in Section 2.

                                   SECTION 4.
                                 ADMINISTRATION
                                 --------------

      The Plan shall be administered by the Board of Directors of the Company
(hereinafter referred to as the "Board") or by a Committee which may be
appointed by the Board from time to time. The Board or the Committee, as the
case may be, shall have all of the powers vested in it under the provisions of
the Plan, including but not limited to exclusive authority (where applicable and
within the limitations described herein) to determine, in its sole discretion,
whether an incentive stock option or nonqualified stock option shall be granted,
the individuals to whom, and the time or times at which, options shall be
granted, the number of shares subject to each option and the option price and
terms and conditions of each option. The Board, or the Committee, shall have
full power and authority to administer and interpret the Plan, to make and amend
rules, regulations and guidelines for administering the Plan, to prescribe the
form and conditions of the respective stock option agreements (which may vary
from Optionee to Optionee) evidencing each option and to make all other
determinations necessary or advisable for the administration of the Plan. The
Board's, or the Committee's, interpretation of the Plan, and all actions taken
and determinations made by the Board or the Committee pursuant to the power
vested in it hereunder, shall be conclusive and binding on all parties
concerned. No member of the Board or the Committee shall be liable for any
action taken or determination made in good faith in connection with the
administration of the Plan.

      In the event the Board appoints a Committee as provided hereunder, any
action of the Committee with respect to the administration of the Plan shall be
taken pursuant to a majority vote of the Committee members or pursuant to the
written resolution of all Committee members.

                                   SECTION 5.
                                  PARTICIPANTS
                                  ------------

      The Board or the Committee, as the case may be, shall from time to time,
at its discretion and without approval of the shareholders, designate those
employees, directors, officers, directors, consultants, and advisors of the
Company or of any Subsidiary to whom nonqualified stock options shall be granted
under this Plan; provided, however, that consultants or advisors shall not be
eligible to receive stock options hereunder unless such consultant or advisor
renders bona fide services to the Company or Subsidiary and such services are
not in connection with the offer or sale of securities in a capital raising
transaction. The Board or the Committee, as the case may be, shall, from time to
time, at its discretion and without approval of the shareholders, designate
those employees of the Company or any Subsidiary to whom incentive stock options
shall be granted under this Plan. The Board or the Committee may grant
additional incentive stock options or nonqualified stock options under this Plan
to some or all participants

                                       19
<PAGE>

then holding options or may grant options solely or partially to new
participants. In designating participants, the Board or the Committee shall also
determine the number of shares to be optioned to each such participant. The
Board may from time to time designate individuals as being ineligible to
participate in the Plan.

                                   SECTION 6.
                                      STOCK
                                      -----

      The Stock to be optioned under this Plan shall consist of authorized but
unissued shares of Option Stock. Four Million Five Hundred Thousand (4,500,000)
shares of Option Stock shall be reserved and available for options under the
Plan; provided, however, that the total number of shares of Option Stock
reserved for options under this Plan shall be subject to adjustment as provided
in Section 12 of the Plan. In the event that any outstanding option under the
Plan for any reason expires or is terminated prior to the exercise thereof, the
shares of Option Stock allocable to the unexercised portion of such option shall
continue to be reserved for options under the Plan and may be optioned
hereunder.

                                   SECTION 7.
                                DURATION OF PLAN
                                ----------------

      Incentive stock options may be granted pursuant to the Plan from time to
time during a period of ten (10) years from the effective date as defined in the
Plan. Nonqualified stock options may be granted pursuant to the Plan from time
to time after the effective date of the Plan and until the Plan is discontinued
or terminated by the Board.

                                   SECTION 8.
                                     PAYMENT
                                     -------

      Optionees may pay for shares upon exercise of options granted pursuant to
this Plan with cash, certified check, Common Stock of the Company valued at such
stock's then Fair Market Value as defined in Section 9(d) below, or such other
form of payment as may be authorized by the Board or the Committee. The Board or
the Committee may, in its sole discretion, limit the forms of payment available
to the Optionee and may exercise such discretion any time prior to the
termination of the Option granted to the Optionee or upon any exercise of the
Option by the Optionee.

                                   SECTION 9.
                 TERMS AND CONDITIONS OF INCENTIVE STOCK OPTIONS
                 -----------------------------------------------

      Each incentive stock option granted pursuant to the Plan shall be
evidenced by a written stock option agreement (the "Option Agreement"). The
Option Agreement shall be in such form as may be approved from time to time by
the Board or Committee and may vary from Optionee to Optionee; provided,
however, that each Optionee and each Option Agreement shall comply with and be
subject to the following terms and conditions:

      (a) Number of Shares and Option Price. The Option Agreement shall state
      the total number of shares covered by the incentive stock option. To the
      extent required to qualify the Option as an incentive stock option under
      Section 422 of the Internal Revenue Code, or any successor provision, or
      under the laws of or any other applicable law or regulation, the option
      price per share shall not be less than one hundred percent (100%) of the
      Fair Market Value of the Common Stock per share on the date the Board or
      the Committee, as the case may be, grants the option; provided, however,
      that if an Optionee owns stock possessing more than ten percent (10%) of
      the total combined voting power of all classes of stock of the Company or
      of its parent or any Subsidiary, the option price per share of an
      incentive stock option granted to such Optionee shall not be less than one
      hundred ten percent (110%) of the Fair Market Value of the Common Stock
      per share on the date of the grant of the option. The Board or the
      Committee, as the case may be, shall have full authority and discretion in
      establishing the option price and shall be fully protected in so doing.

      (b) Term and Exercisability of Incentive Stock Option. The term during
      which any incentive stock option granted under the Plan may be exercised
      shall be established in each case by the Board or the Committee, as the
      case may be. To the extent required to qualify the Option as an incentive
      stock option under Section 422 of the Internal Revenue Code, or any
      successor provision, or any other applicable law or regulation, in no
      event shall any incentive stock option be exercisable during a term of
      more than ten (10) years after the date on which it is granted; provided,
      however, that if an

                                       20
<PAGE>

      Optionee owns stock possessing more than ten percent (10%) of the total
      combined voting power of all classes of stock of the Company or of its
      parent or any Subsidiary, the incentive stock option granted to such
      Optionee shall be exercisable during a term of not more than five (5)
      years after the date on which it is granted. The Option Agreement shall
      state when the incentive stock option becomes exercisable and shall also
      state the maximum term during which the option may be exercised. In the
      event an incentive stock option is exercisable immediately, the manner of
      exercise of the option in the event it is not exercised in full
      immediately shall be specified in the Option Agreement. The Board or the
      Committee, as the case may be, may accelerate the exercise date of any
      incentive stock option granted hereunder which is not immediately
      exercisable as of the date of grant.

      (c) Other Provisions. The Option Agreement authorized under this Section 9
      shall contain such other provisions as the Board or the Committee, as the
      case may be, shall deem advisable. Any such Option Agreement shall contain
      such limitations and restrictions upon the exercise of the option as shall
      be necessary to ensure that such option will be considered an "incentive
      stock option" as defined in Section 422 of the Internal Revenue Code or to
      conform to any change therein.

                                   SECTION 10.
               TERMS AND CONDITIONS OF NONQUALIFIED STOCK OPTIONS
               --------------------------------------------------

      Each nonqualified stock option granted pursuant to the Plan shall be
evidenced by a written Option Agreement. The Option Agreement shall be in such
form as may be approved from time to time by the Board or the Committee and may
vary from Optionee to Optionee; provided, however, that each Optionee and each
Option Agreement shall comply with and be subject to the following terms and
conditions:

      (a) Number of Shares and Option Price. The Option Agreement shall state
      the total number of shares covered by the nonqualified stock option.
      Unless otherwise determined by the Board or the Committee, as the case may
      be, the option price per share shall be one hundred percent (100%) of the
      Fair Market Value of the Common Stock per share on the date the Board or
      the Committee grants the option.

      (b) Term and Exercisability of Nonqualified Stock Option. The term during
      which any nonqualified stock option granted under the Plan may be
      exercised shall be established in each case by the Board or the Committee,
      as the case may be. The Option Agreement shall state when the nonqualified
      stock option becomes exercisable and shall also state the maximum term
      during which the option may be exercised. In the event a nonqualified
      stock option is exercisable immediately, the manner of exercise of the
      option in the event it is not exercised in full immediately shall be
      specified in the stock option agreement. The Board or the Committee, as
      the case may be, may accelerate the exercise date of any nonqualified
      stock option granted hereunder which is not immediately exercisable as of
      the date of grant.

      (c) Withholding. The Company or a Subsidiary, as the case may be, shall be
      entitled to withhold and deduct from future wages of the Optionee all
      legally required amounts necessary to satisfy any and all withholding and
      employment-related taxes attributable to the Optionee's exercise of a
      nonqualified stock option. In the event the Optionee is required under the
      Option Agreement to pay the Company, or make arrangements satisfactory to
      the Company respecting payment of, such withholding and employment-related
      taxes, the Board or Committee, as the case may be, may, in its discretion
      and pursuant to such rules as it may adopt, permit the Optionee to satisfy
      such obligation, in whole or in part, by delivering shares of the
      Company's Common Stock or by electing to have the Company withhold shares
      of Common Stock otherwise issuable to the Optionee having a Fair Market
      Value equal to the minimum required tax withholding, based on the minimum
      statutory withholding rates for federal and state tax purposes, including
      payroll taxes, that are applicable to the supplemental income resulting
      from the exercise of the nonqualified stock option. In no event may the
      Company withhold shares having a Fair Market Value in excess of such
      statutory minimum required tax withholding. The Optionee's election to
      have shares withheld for this purpose shall be made on or before the date
      the option is exercised or, if later, the date that the amount of tax to
      be withheld is determined under applicable tax law. Such election shall be
      approved by the Board or Committee, as the case may be, and otherwise
      comply with such rules as the Board or Committee may adopt to assure
      compliance with Rule 16b-3, or any successor provision, as then in effect,
      of the General Rules and Regulations under the Securities Exchange Act of
      1934, if applicable.

      (d) Other Provisions. The Option Agreement authorized under this Section
      10 shall contain such other provisions as the Board, or the Committee, as
      the case may be, shall deem advisable.

                                       21
<PAGE>

                                   SECTION 11
                               TRANSFER OF OPTION
                               ------------------

      No incentive stock option shall be transferable, in whole or in part, by
the Optionee other than by will or by the laws of descent and distribution and,
during Optionee's lifetime, such option may be exercised only by the Optionee.
If the Optionee shall attempt any transfer of any incentive stock option granted
under the Plan during the Optionee's lifetime, such transfer shall be void and
the incentive stock option, to the extent not fully exercised, shall terminate.

      The Board or Committee, as the case may be, may, in its sole discretion,
permit the Optionee to transfer any or all nonqualified stock options to any
member of the Optionee's "immediate family" as such term is defined in Rule
16a-1(e) promulgated under the Securities Exchange Act of 1934, or any successor
provision, or to one or more trusts whose beneficiaries are members of such
Optionee's "immediate family" or partnerships in which such family members are
the only partners; provided, however, that the Optionee cannot receive any
consideration for the transfer and such transferred nonqualified stock option
shall continue to be subject to the same terms and conditions as were applicable
to such nonqualified stock option immediately prior to its transfer.

                                   SECTION 12.
                    RECAPITALIZATION, SALE, MERGER, EXCHANGE
                    ----------------------------------------
                                 OR LIQUIDATION
                                 --------------

      In the event of an increase or decrease in the number of shares of Common
Stock resulting from a subdivision or consolidation of shares or the payment of
a stock dividend or any other increase or decrease in the number of shares of
Common Stock effected without receipt of consideration by the Company, the
number of shares of Option Stock reserved under Section 6 hereof and the number
of shares of Option Stock covered by each outstanding option and the price per
share thereof shall be adjusted by the Board to reflect such change. Additional
shares which may be credited pursuant to such adjustment shall be subject to the
same restrictions as are applicable to the shares with respect to which the
adjustment relates.

      Unless otherwise provided in the stock option agreement, in the event of
the sale by the Company of substantially all of its assets and the consequent
discontinuance of its business, or in the event of a merger, consolidation,
exchange, reorganization, reclassification, extraordinary dividend, divestiture
(including a spin-off) or liquidation of the Company (collectively referred to
as a "transaction"), the Board may provide for one or more of the following:

      (a) the equitable acceleration of the exercisability of any outstanding
      options hereunder;

      (b) the complete termination of this Plan and cancellation of outstanding
      options not exercised prior to a date specified by the Board (which date
      shall give Optionees a reasonable period of time in which to exercise the
      options prior to the effectiveness of such transaction);

      (c) that Optionees holding outstanding incentive or nonqualified options
      shall receive, with respect to each share of Option Stock subject to such
      options, as of the effective date of any such transaction, cash in an
      amount equal to the excess of the Fair Market Value of such Option Stock
      on the date immediately preceding the effective date of such transaction
      over the option price per share of such options; provided that the Board
      may, in lieu of such cash payment, distribute to such Optionees shares of
      stock of the Company or shares of stock of any corporation succeeding the
      Company by reason of such transaction, such shares having a value equal to
      the cash payment herein; or

      (d) the continuance of the Plan with respect to the exercise of options
      which were outstanding as of the date of adoption by the Board of such
      plan for such transaction and provide to Optionees holding such options
      the right to exercise their respective options as to an equivalent number
      of shares of stock of the corporation succeeding the Company by reason of
      such transaction.

The Board may restrict the rights of or the applicability of this Section 13 to
the extent necessary to comply with Section 16(b) of the Securities Exchange Act
of 1934, the Internal Revenue Code, or any other applicable law or regulation.
The grant of an option pursuant to the Plan shall not limit in any way the right
or power of the Company to make adjustments, reclassifications, reorganizations
or changes of its capital or business structure or to merge, exchange or
consolidate or to dissolve, liquidate, sell or transfer all or any part of its
business or assets.

                                       22
<PAGE>

                                   SECTION 13.
                               INVESTMENT PURPOSE

      No shares of Common Stock shall be issued pursuant to the Plan unless and
until there has been compliance, in the opinion of Company's counsel, with all
applicable legal requirements, including without limitation, those relating to
securities laws and stock exchange listing requirements. As a condition to the
issuance of Option Stock to Optionee, the Board or Committee, as the case may
be, may require Optionee to (a) represent that the shares of Option Stock are
being acquired for investment and not resale and to make such other
representations as the Board or Committee shall deem necessary or appropriate to
qualify the issuance of the shares as exempt from the Securities Act of 1933 and
any other applicable securities laws, and (b) represent that Optionee shall not
dispose of the shares of Option Stock in violation of the Securities Act of 1933
or any other applicable securities laws.

      As a further condition to the grant of any nonqualified stock option or
the issuance of Option Stock to Optionee, Optionee agrees to the following:

            (a) In the event the Company advises Optionee that it plans an
      underwritten public offering of its Common Stock in compliance with the
      Securities Act of 1933, as amended, and the underwriter(s) seek to impose
      restrictions under which certain shareholders may not sell or contract to
      sell or grant any option to buy or otherwise dispose of part or all of
      their stock purchase rights of the underlying Common Stock, Optionee will
      not, for a period not to exceed 180 days from the prospectus, sell or
      contract to sell or grant an option to buy or otherwise dispose of any
      nonqualified stock option granted to Optionee pursuant to the Plan or any
      of the underlying shares of Common Stock without the prior written consent
      of the underwriter(s) or its representative(s).

            (b) In the event the Company makes any public offering of its
      securities and determines in its sole discretion that it is necessary to
      reduce the number of issued but unexercised stock purchase rights so as to
      comply with any states securities or Blue Sky law limitations with respect
      thereto, the Board of Directors of the Company shall have the right (i) to
      accelerate the exercisability of any nonqualified stock option and the
      date on which such option must be exercised, provided that the Company
      gives Optionee prior written notice of such acceleration, and (ii) to
      cancel any options or portions thereof, in reverse chronological order
      based on the date or dates on which such options or portions thereof would
      have become exercisable according to the original vesting schedule set
      forth in the related stock option agreements, which Optionee does not
      exercise prior to or contemporaneously with such public offering.

            (c) In the event of a transaction (as defined in Section 11 of the
      Plan) which is treated as a "pooling of interests" under generally
      accepted accounting principles, Optionee will comply with Rule 145 of the
      Securities Act of 1933 and any other restrictions imposed under other
      applicable legal or accounting principles if Optionee is an "affiliate"
      (as defined in such applicable legal and accounting principles) at the
      time of the transaction, and Optionee will execute any documents necessary
      to ensure compliance with such rules.

      The Company reserves the right to place a legend on any stock certificate
      issued upon exercise of an option granted pursuant to the Plan to assure
      compliance with this Section 13.

                                   SECTION 14.
                             RIGHTS AS A SHAREHOLDER
                             -----------------------

      An Optionee (or the Optionee's successor or successors) shall have no
rights as a shareholder with respect to any shares covered by an option until
the date of the issuance of a stock certificate evidencing such shares. No
adjustment shall be made for dividends (ordinary or extraordinary, whether in
cash, securities or other property), distributions or other rights for which the
record date is prior to the date such stock certificate is actually issued
(except as otherwise provided in Section 12 of the Plan).

                                   SECTION 15.
                              AMENDMENT OF THE PLAN
                              ---------------------

      The Board may from time to time, insofar as permitted by law, suspend or
discontinue the Plan or revise or amend it in any respect; provided, however,
that no such revision or amendment, except as is authorized in Section 12, shall
impair the terms and conditions of any option which is outstanding on the date
of such revision or amendment to the material detriment of the Optionee without
the consent of the Optionee. Notwithstanding the foregoing, no such revision or
amendment shall (i) materially increase the number of shares subject to the Plan
except as provided in Section 12 hereof, (ii) change the designation of the
class of employees

                                       23
<PAGE>

eligible to receive options, (iii) decrease the price at which options may be
granted, or (iv) materially increase the benefits accruing to Optionees under
the Plan without the approval of the shareholders of the Company if such
approval is required for compliance with the requirements of the Internal
Revenue Code or any other applicable law or regulation. Furthermore, the Plan
may not, without the approval of the shareholders, be amended in any manner that
will cause incentive stock options to fail to meet the requirements of Section
422 of the Internal Revenue Code, or any other applicable law or regulation.

                                   SECTION 16.
                        NO OBLIGATION TO EXERCISE OPTION
                        --------------------------------

      The granting of an option shall impose no obligation upon the Optionee to
exercise such option. Further, the granting of an option hereunder shall not
impose upon the Company or any Subsidiary any obligation to retain the Optionee
in its employ for any period.

                                       24Exhibit 10.2

                               SILICON VALLEY BANK
                           SPECIALTY FINANCE DIVISION

                     ACCOUNTS RECEIVABLE FINANCING AGREEMENT

      This ACCOUNTS RECEIVABLE FINANCING AGREEMENT (the "Agreement"), dated as
of the Effective Date is between Silicon Valley Bank, Specialty Finance Division
of ("Bank"), and CorVu North America, Inc. a Minnesota corporation ("Borrower"),
whose address is 3400 West 66th Street, Suite 445, Edina, MN 55435 and with a
FAX number of ____________________.

1. Definitions. In this Agreement:

     "Accounts" are all existing and later arising accounts, contract rights,
and other obligations owed Borrower in connection with its sale or lease of
goods (including licensing software and other technology) or provision of
services, all credit insurance, guaranties, other security and all merchandise
returned or reclaimed by Borrower and Borrower's Books relating to any of the
foregoing.

      "Account Debtor" is defined in the California Uniform Commercial Code and
shall include any person liable on any Financed Receivable, such as, a guarantor
of the Financed Receivable and any issuer of a letter of credit or banker's
acceptance.

      "Adjustments" are all discounts, allowances, returns, disputes,
counterclaims, offsets, defenses, rights of recoupment, rights of return,
warranty claims, or short payments, asserted by or on behalf of any Account
Debtor for any Financed Receivable.

      "Advance" is defined in Section 2.2.

      "Advance Rate" is 80%, net of deferred revenue and offsets related to each
specific Account Debtor, or another percentage as Bank establishes under Section
2.2.

      "Affiliate" of a Person is a Person that owns or controls directly or
indirectly the Person, any Person that controls or is controlled by or is under
common control with the Person, and each of that Person's senior executive
officers, directors, partners and, for any Person that is a limited liability
company, that Person's managers and members.

      "Applicable Rate" is a rate per annum equal to (A) the Prime Rate plus
2.50 percentage points, if CorVu Corporation's Tangible Net Worth is less than
$1 for the prior Reconciliation Period, or (B) the Prime Rate plus 2.00
percentage points, if CorVu Corporation's Tangible Net Worth is greater than $1,
but less than $1,000,000 for the prior Reconciliation Period; or (C) the Prime
Rate plus 1.50 percentage points, if CorVu Corporation's Tangible Net Worth is
greater than $1,000,000 for the prior Reconciliation Period.

      "Borrower's Books" are all Borrower's books and records including ledgers,
records regarding Borrower's assets or liabilities, the Collateral, business
operations or financial condition and all computer programs or discs or any
equipment containing the information.

      "Code" is the California Uniform Commercial Code.

      "Collateral" is attached as Exhibit "A".

      "Collateral Handling Fee" is defined in Section 3.5.

      "Collections" are all funds received by Bank from or on behalf of an
Account Debtor for Financed Receivables.

      "Compliance Certificate" is attached as Exhibit "B".

                                       25
<PAGE>

      "Contingent Obligation" is, for any Person, any direct or indirect
liability, contingent or not, of that Person for (i) any indebtedness, lease,
dividend, letter of credit or other obligation of another such as an obligation
directly or indirectly guaranteed, endorsed, co-made, discounted or sold with
recourse by that Person, or for which that Person is directly or indirectly
liable; (ii) any obligations for undrawn letters of credit for the account of
that Person; and (iii) all obligations from any interest rate, currency or
commodity swap agreement, interest rate cap or collar agreement, or other
agreement or arrangement designated to protect a Person against fluctuation in
interest rates, currency exchange rates or commodity prices; but "Contingent
Obligation" does not include endorsements in the ordinary course of business.
The amount of a Contingent Obligation is the stated or determined amount of the
primary obligation for which the Contingent Obligation is made or, if not
determinable, the maximum reasonably anticipated liability for it determined by
the Person in good faith; but the amount may not exceed the maximum of the
obligations under the guarantee or other support arrangement.

      "Effective Date" is the date in which Bank executes this Agreement.

      "Event of Default" is defined in Section 9.

      "Facility" is an extension of credit by Bank to Borrower in order to
finance receivables with an aggregate Account Balance not exceeding the Facility
Amount.

      "Facility Amount" is $1,000,000.

      "Facility Fee" is defined in Section 3.4.

      "Facility Period" is the period beginning on this date and continuing
until June 29, 2005, unless the period is terminated sooner by Bank with notice
to Borrower or by Borrower under Section 3.6.

      "Finance Charges" is defined in Section 3.2.

      "Financed Receivables" are all those accounts, receivables, chattel paper,
instruments, contract rights, documents, general intangibles, letters of credit,
drafts, bankers acceptances, and rights to payment, and all proceeds, including
their proceeds (collectively "receivables"), which Bank finances and make an
Advance. A Financed Receivable stops being a Financed Receivable (but remains
Collateral) when the Advance made for the Financed Receivable has been finally
paid.

      "Financed Receivable Balance" is the total outstanding amount, at any
time, of any Financed Receivable.

      "Good Faith Deposit" is described in Section 3.9.

      "Guarantor" means any guarantor of the Obligations.

      "Indebtedness" is (a) indebtedness for borrowed money or the deferred
price of property or services, such as reimbursement and other obligations for
surety bonds and letters of credit, (b) obligations evidenced by notes, bonds,
debentures or similar instruments, (c) capital lease obligations and (d)
Contingent Obligations.

      "Ineligible Receivable" is any accounts receivable:

      (A)   that is unpaid (90) calendar days after the invoice date, unless
            agreed to otherwise in writing by Bank and Borrower; or

      (B)   that is owed by an Account Debtor that has filed, or has had filed
            against it, any bankruptcy case, assignment for the benefit of
            creditors, receivership, or Insolvency Proceeding or who has become
            insolvent (as defined in the United States Bankruptcy Code) or who
            is generally not paying its debts as they become due; or

      (C)   for which there has been any breach of warranty or representation in
            Section 6 or any breach of any covenant in this Agreement; or

      (D)   for which the Account Debtor asserts any discount, allowance,
            return, dispute, counterclaim, offset, defense, right of recoupment,
            right of return, warranty claim, or short payment.

                                       26
<PAGE>

     "Insolvency Proceeding" are proceedings by or against any person under the
United States Bankruptcy Code, or any other bankruptcy or insolvency law,
including assignments for the benefit of creditors, compositions, extensions
generally with its creditors, or proceedings seeking reorganization,
arrangement, or other relief.

      "Invoice Transmittal" shows accounts receivable which Bank may finance
and, for each receivable, includes the Account Debtor's, name, address, invoice
amount, invoice date and invoice number and is signed by Borrower's authorized
representative.

      "Lockbox" is described in Section 6.2.

      "Obligations" are all advances, liabilities, obligations, covenants and
duties owing, arising, due or payable by Borrower to Bank now or later under
this Agreement or any other document, instrument or agreement, account
(including those acquired by assignment) primary or secondary, such as all
Advances, Finance Charges, Administrative Fees, interest, fees, expenses,
professional fees and attorneys' fees or other.

      "Person" is any individual, sole proprietorship, partnership, limited
liability company, joint venture, company, trust, unincorporated organization,
association, corporation, institution, public benefit corporation, firm, joint
stock company, estate, entity or government agency.

      "Prime Rate" is Bank's most recently announced "prime rate," even if it is
not Bank's lowest rate.

      "Reconciliation Day" is the last calendar day of each month.

      "Reconciliation Period" is each calendar month.

      "Subordinated Debt" is debt incurred by Borrower subordinated to
Borrower's debt to Bank (and identified as subordinated by Borrower and Bank).

      "Subsidiary" is for any Person, or any other business entity of which more
than 50% of the voting stock or other equity interests is owned or controlled,
directly or indirectly, by the Person or one or more Affiliates of the Person.

      "Tangible Net Worth" is, on any date, the consolidated total assets of
CorVu Corporation and its Subsidiaries minus, (i) any amounts attributable to
(a) goodwill, (b) intangible items such as unamortized debt discount and
expense, Patents, trade and service marks and names, Copyrights and research and
development expenses except prepaid expenses, and (c) reserves not already
deducted from assets, and (ii) Total Liabilities.

      "Total Liabilities" is on any day, obligations that should, under GAAP, be
classified as liabilities on Borrower's consolidated balance sheet, including
all Indebtedness, and current portion Subordinated Debt allowed to be paid, but
excluding all other Subordinated Debt.

2.    Financing of Accounts Receivable.

      2.1. Request for Advances. During the Facility Period, Borrower may offer
      accounts receivable to Bank, if there is not an Event of Default. Borrower
      will deliver an Invoice Transmittal for each accounts receivable it
      offers. Bank may rely on information on or with the Invoice Transmittal.

      2.2. Acceptance of Accounts Receivable. Bank is not obligated to finance
      any accounts receivable. Bank may approve any Account Debtor's credit
      before financing any receivable. When Bank accepts a receivable, it will
      pay Borrower the Advance Rate times the face amount of the receivable (the
      "Advance"). Bank may, in its discretion, change the percentage

                                       27
<PAGE>

      of the Advance Rate. When Bank makes an Advance, the receivable becomes a
      "Financed Receivable." All representations and warranties in Section 6
      must be true as of the date of the Invoice Transmittal and of the Advance
      and no Event of Default exists would occur as a result of the Advance. The
      aggregate amount of all Financed Receivables outstanding at any time may
      not exceed the Facility Amount.

3. Collections, Finance Charges, Remittances and Fees. The Obligations shall be
subject to the following fees and Finance Charges. Fees and Finance Charges may,
in Bank's discretion, be charged as an Advance, and shall thereafter accrue fees
and Finance Charges as described below. Bank may, in its discretion, charge fee
and Finance Charges to Borrower's deposit account maintained with Bank.

      3.1. Collections. Collections will be credited to the Financed Receivables
      Balance, but if there is an Event of Default, Bank may apply Collections
      to the Obligation in any order it chooses. If Bank receives a payment for
      both Financed Receivable and a non Financed Receivable, the funds will
      first be applied to the Financed Receivable and, if there is not an Event
      of Default, the excess will be remitted to the Borrower, subject to
      Section 3.10.

      3.2. Finance Charges. In computing Finance Charges on the Obligations, all
      Collections received by Bank shall be deemed applied by Bank on account of
      the Obligations 1 Business Day after receipt of the Collections. Borrower
      will pay a finance charge (the "Finance Charge") on each Financed
      Receivable which is the Applicable Rate divided by 360 multiplied by the
      number of days each such Financed Receivable is outstanding multiplied by
      the outstanding Financed Receivable Balance for such Financed Receivable.
      After an Event of Default, Obligations accrue interest at 5 percent above
      the Applicable Rate effective immediately before the Event of Default. The
      Finance Charge is payable when the Advance made based on such Financed
      Receivable is payable in accordance with Section 4.1 hereof.

      3.3. (Intentionally Left Blank)

      3.4. Facility Fee. A fully earned, non-refundable facility fee of $8,000
      is due upon execution of this Agreement.

      3.5. Collateral Handling Fee. (A) If CorVu Corporation's Tangible Net
      Worth is less than $1 for the prior Reconciliation Period, Borrower will
      pay to Bank a collateral handling fee equal to 0.5% per month of the
      outstanding Financed Receivable Balance for each Financed Receivable
      outstanding (the "Collateral Handling Fee"), or (B) if CorVu Corporation's
      Tangible Net Worth is greater than $1, but less than $1,000,000 for the
      prior Reconciliation Period, Borrower's Collateral Handling Fee will be
      equal to 0.375%, or (C) if CorVu Corporation's Tangible Net Worth is
      greater than $1,000,000 for the prior Reconciliation Period, Borrower's
      Collateral Handling Fee will be equal to 0.155%. The Collateral Handling
      Fee is payable when the Advance made based on such Financed Receivable is
      payable in accordance with Section 4.1 hereof. After an Event of Default,
      the Collateral Handling Fee will increase an additional 0.50% effective
      immediately before the Event of Default.

      3.6. (Intentionally Left Blank)

      3.7. Accounting. After each Reconciliation Period, Bank will provide an
      accounting of the transactions for that Reconciliation Period, including
      the amount of all Financed Receivables, all Collections, Adjustments,
      Finance Charges, the Collateral Handling Fee and the Administrative Fee.
      If Borrower does not object to the accounting in writing within 30 days it
      is considered correct. All Finance Charges and other interest and fees
      calculated on the basis of a 360-day year and actual days elapsed.

      3.8. Deductions. Bank may deduct fees, finance charges and other amounts
      due from any Advances made or Collections received by Bank.

      3.9. Good Faith Deposit. Borrower has paid to Bank a Good Faith Deposit of
      $2,000 to initiate Banks due diligence review process. Any portion of the
      deposit not utilized to pay expenses will be applied to the Facility Fee.

      3.10. Account Collection Services. All Borrowers' receivables are to be
      paid to the same address/or party and Borrower and Bank must agree on such
      address. If Bank collects all receivables and there is not an Event of
      Default or an event that with notice or lapse of time will be an Event of
      Default, within five (5) days of receipt

                                       28
<PAGE>

      of those collections, Bank will give Borrower, the receivables collections
      it receives for receivables other than Financed Receivables and/or amount
      in excess of the amount for which Bank has made an Advance to Borrower,
      less any amount due to Bank, such as the Finance Charge, Administrative
      Fee, Collateral Handling Fee and expenses or otherwise. This Section does
      not impose any affirmative duty on Bank to do any act other than to turn
      over amounts. All receivables and collections are Collateral and if an
      Event of Default occurs, Bank need not remit collections of Collateral and
      may apply them to the Obligations.

4.    Repayment of Obligations.

      4.1. Repayment on Maturity. Borrower will repay each Advance on the
      earliest of: (a) the date on which payment of the Financed Receivable with
      respect to which the Advance is made, (b) the date on which the Financed
      Receivable is no longer an Eligible Account, (c) the date on which any
      Adjustment is made to the Financed Receivable (but only to the extent of
      the Adjustment if the Financed Receivable remains otherwise an Eligible
      Account), (d) the date on which there is a breach of any warranty or
      representation set forth in Section 6 or a breach of any covenant in this
      Agreement, or (e) the Maturity Date (including any early termination).
      Each payment will also include all accrued Finance Charges and Collateral
      Handling Fees with respect to such Advance and all other amounts then due
      and payable hereunder.

      4.2. Repayment on Event of Default. When there is an Event of Default,
      Borrower will, if Bank demands (or, in an Event of Default under Section
      9(B), immediately without notice or demand from Bank) repay all of the
      Advances. The demand may, at Bank's option, include the Advance for each
      Financed Receivable then outstanding and all accrued Finance Charges,
      Administrative Fees, attorneys and professional fees, court costs and
      expenses, and any other Obligations.

5. Power of Attorney. Borrower irrevocably appoints Bank and its successors and
assigns it attorney-in-fact and authorizes Bank, regardless of whether there has
been an Event of Default, to:

      (A)   Sell, assign, transfer, pledge, compromise, or discharge all or any
            part of the Financed Receivables:

      (B)   Demand, collect, sue, and give releases to any Account Debtor for
            monies due and compromise, prosecute, or defend any action, claim,
            case or proceeding about the Financed Receivables, including filing
            a claim or voting a claim in any bankruptcy case in Bank's or
            Borrower's name, as Bank chooses:

      (C)   Prepare, file and sign Borrower's name on any notice, claim,
            assignment, demand, draft, or notice of or satisfaction of lien or
            mechanics' lien or similar document;

      (D)   Notify all Account Debtors to pay Bank directly;

      (E)   Receive, open, and dispose of mail addressed to Borrower;

      (F)   Endorse Borrower's name on check or other instruments;

      (G)   Execute on Borrower's behalf any instruments, documents, financing
            statements to perfect Bank's interests in the Financed Receivables
            and Collateral; and

      (H)   Do all acts and things necessary or expedient.

6.    Representations, Warranties and Covenants.

      6.1. Representations and Warranties. Borrower represents and warrants for
each Financed Receivable:

      (A)   It is the owner with legal right to sell, transfer and assign it;

      (B)   The correct amount is on the Invoice Transmittal and is not
            disputed;

      (C)   Payment is not contingent on any obligation or contract and it has
            fulfilled all its obligations as of the Invoice Transmittal date;

                                       29
<PAGE>

      (D)   It is based on an actual sale and delivery of goods and/or services
            rendered, due to Borrower, it is not past due or in default, has not
            been previously sold, assigned, transferred, or pledged and is free
            of any liens, security interests and encumbrances;

      (E)   There are no defenses, offsets, counterclaims or agreements for
            which the Account Debtor may claim any deduction or discount;

      (F)   It reasonably believes no Account Debtor is insolvent or subject to
            any Insolvency Proceedings;

      (G)   It has not filed or had filed against it Insolvency Proceedings and
            does not anticipate any filing;

      (H)   Bank has the right to endorse and/ or require Borrower to endorse
            all payments received on Financed Receivables and all proceeds of
            Collateral.

      (I)   No representation, warranty or other statement of Borrower in any
            certificate or written statement given to Bank contains any untrue
            statement of a material fact or omits to state a material fact
            necessary to make the statement contained in the certificates or
            statement not misleading.

      6.1.1 Additional Representations and Warranties. Borrower represents and
warrants as follows:

      (A)   Borrower is duly existing and in good standing in its state of
            formation and qualified and licensed to do business in, and in good
            standing in, any state in which the conduct of its business or its
            ownership of property requires that it be qualified. The execution,
            delivery and performance of this Agreement has been duly authorized,
            and does not conflict with Borrower's organizational documents, nor
            constitute an Event of Default under any material agreement by which
            Borrower is bound. Borrower is not in default under any agreement to
            which or by which it is bound.

      (B)   Borrower has good title to the Collateral. All inventory is in all
            material respects of good and marketable quality, free from material
            defects.

      (C)   Borrower is not an "investment company" or a company "controlled" by
            an "investment company" under the Investment Company Act. Borrower
            is not engaged as one of its important activities in extending
            credit for margin stock (under Regulations G, T and U of the Federal
            Reserve Board of Governors). Borrower has complied with the Federal
            Fair Labor Standards Act. Borrower has not violated any laws,
            ordinances or rules. None of Borrower's properties or assets has
            been used by Borrower, to the best of Borrower's knowledge, by
            previous persons, in disposing, producing, storing, treating, or
            transporting any hazardous substance other than legally. Borrower
            has timely filed all required tax returns and paid, or made adequate
            provision to pay, all taxes. Borrower has obtained all consents,
            approvals and authorizations of, made all declarations or filings
            with, and given all notices to, all government authorities that are
            necessary to continue its business as currently conducted.

      6.2. Affirmative Covenants. Borrower will do all of the following:

      (A)   Maintain its corporate existence and good standing in its
            jurisdictions of incorporation and maintain its qualification in
            each jurisdiction necessary to Borrower's business or operations.

      (B)   Give Bank at least 10 days prior written notice of changes to its
            name, organization, chief executive office or location of records.

      (C)   Pay all its taxes including gross payroll, withholding and sales
            taxes when due and will deliver satisfactory evidence of payment if
            requested.

      (D)   Upon request, provide a written report within 10 days, if payment of
            any Financed Receivable does not occur by its due date and include
            the reasons for the delay.

      (E)   Provide Bank with, as soon as available, but no later than 180 days
            after the last day of CorVu Corporation's fiscal year, CorVu
            Corporation's audited consolidated financial statements prepared
            under GAAP, consistently applied, together with an unqualified
            opinion on the financial statements from an independent certified
            public accounting firm reasonably acceptable to Bank.

                                       30
<PAGE>

      (F)   Execute any further instruments and take further action as Bank
            requests to perfect or continue Bank's security interest in the
            Collateral or to effect the purposes of this Agreement.

      (G)   Provide Bank with a Compliance Certificate no later than 30 days
            following each Reconciliation Period or as requested by Bank.

      (H)   Provide Bank with, as soon as available, but no later than 30 days
            following each Reconciliation Period, a company prepared balance
            sheet and income statement, prepared under GAAP, consistently
            applied, covering Borrower's operations during the period together
            with an aged listing of accounts receivable and accounts payable.

      (I)   Immediately notify, transfer and deliver to Bank all collections
            Borrower receives for Financed Receivables.

      (J)   Borrower will remit all payment's for Accounts to the Bank by the
            close of business on each Friday along with a detailed cash receipts
            journal and shall immediately notify and direct all of the
            Borrower's Account Debtor's to make all payment's for Borrower's
            Accounts to a lockbox account established with the Bank ("Lockbox")
            or to wire transfer payments to a cash collateral account that Bank
            controls. It will be considered an immediate Event of Default if the
            Lockbox is not set-up and operational within 45 days from the date
            of this Agreement.

      (K)   Borrower will allow Bank to audit Borrower's Collateral, including
            but not limited to Borrower's Accounts, at Borrowers expense, no
            later than 90 days of the execution of this Agreement and annually
            thereafter; provided, however, if an Event of Default has occurred,
            Bank may audit Borrower's Collateral, including but not limited to
            Borrower's Accounts at Bank's sole discretion and without
            notification and authorization from Borrower.

      (L)   Borrower will maintain its primary operating and deposit accounts
            with Bank, which relationship shall include Borrower maintaining
            account balances in any accounts with or through Bank representing
            at least 80% of all account balances of Borrower at any financial
            institution.

      6.3. Negative Covenants. Borrower will not do any of the following without
Bank's prior written consent:

      (A)   Assign, transfer, sell or grant, or permit any lien or security
            interest in the Collateral.

      (B)   Convey, sell, lease, transfer or otherwise dispose of the
            Collateral.

      (C)   Create, incur, assume, or be liable for any indebtedness.

      (D)   Become an "investment company" or a company controlled by an
            "investment company," under the Investment Company Act of 1940 or
            undertake as one of its important activities extending credit to
            purchase or carry margin stock, or use the proceeds of any Advance
            for that purpose; fail to meet the minimum funding requirements of
            ERISA, permit a Reportable Event or Prohibited Transaction, as
            defined in ERISA, to occur; fail to comply with the Federal Fair
            Labor Standards Act or violate any other law or regulation, or
            permit any of its subsidiaries to do so.

7. Adjustments. If any Account Debtor asserts a discount, allowance, return,
offset, defense, warranty claim, or the like (an "Adjustment") or if Borrower
breaches any of the representations, warranties or covenants set forth in
Section 6., Borrower will promptly advise Bank. Borrower will resell any
rejected, returned, or recovered personal property for Bank, at Borrower's
expense, and pay proceeds to Bank. While Borrower has returned goods that are
Borrower property, Borrower will segregate and mark them "property of Silicon
Valley Bank." Bank owns the Financed Receivables and until receipt of payment,
has the right to take possession of any rejected, returned, or recovered
personal property.

                                       31
<PAGE>

8. Security Interest. Borrower grants to Bank a continuing security interest in
all presently and later acquired Collateral to secure all Obligations and the
performance of each of Borrower's duties hereunder. Any security interest will
be a first priority security interest in the Collateral.

9. Events of Default. Any one or more of the following is an Event of Default.

      (A)   Borrower fails to pay any amount owed to Bank when due;

      (B)   Borrower files or has filed against it any Insolvency Proceedings or
            any assignment for the benefit of creditors, or appointment of a
            receiver or custodian for any of its assets;

      (C)   Borrower becomes insolvent or is generally not paying its debts as
            they become due or is left with unreasonably small capital;

      (D)   Any involuntary lien, garnishment, attachment attaches to the
            Financed Receivables or any Collateral;

      (E)   Borrower breaches any covenant, agreement, warranty, or
            representation is an immediate Event of Default;

      (F)   Borrower is in default under any document, instrument or agreement
            evidencing any debt, obligation or liability in favor of Bank its
            affiliates or vendors regardless of whether the debt, obligation or
            liability is direct or indirect, primary or secondary, or fixed or
            contingent;

      (G)   An event of default occurs under any Guaranty of the Obligations or
            any material provision of any Guaranty is not valid or enforceable
            or a Guaranty is repudiated or terminated;

      (H)   A material default or Event of Default occurs under any agreement
            between Borrower and any creditor of Borrower that signed a
            subordination agreement with Bank;

      (I)   Any creditor that has signed a subordination agreement with Bank
            breaches any terms of the subordination agreement; or

      (J)   (i) A material impairment in the perfection or priority of the
            Bank's security interest in the Collateral; (ii) a material adverse
            change in the business, operations, or conditions (financial or
            otherwise) of the Borrower occurs; or (iii) a material impairment of
            the prospect of repayment of any portion of the Advances occurs.

10.   Remedies.

      10.1. Remedies Upon Default. When an Event of Default occurs, (1) Bank may
      stop financing receivables or extending credit to Borrower; (2) at Banks
      option and on demand, all or a portion of the Obligations or, for to an
      Event of Default described in Section 9(B), automatically and without
      demand, are due and payable in full; (3) apply to the Obligations any (i)
      balances and deposits of Borrower it holds, or (ii) any amount held by
      Bank owing to or for the credit or the account of Borrower; and (4) Bank
      may exercise all rights and remedies under this Agreement and the law,
      including those of a secured party under the Code, power of attorney
      rights in Section 5 for the Collateral, and the right to collect, dispose
      of, sell, lease, use, and realize upon all Financed Receivables and
      Collateral in any commercial manner. Borrower agrees that any notice of
      sale required to be given to Borrower is deemed given if at least five
      days before the sale may be held.

      10.2. Demand Waiver. Borrower waives demand, notice of default or
      dishonor, notice of payment and nonpayment, notice of any default,
      nonpayment at maturity, release, compromise, settlement, extension, or
      renewal of accounts, documents, instruments, chattel paper, and guaranties
      held by Bank on which Borrower is liable.

      10.3. Default Rate. If any amount is not paid when due, the amount bears
      interest at the Applicable Rate plus five percent until the earlier of (a)
      payment in good funds or (b) entry of a final judgment when the principal
      amount of any money judgment will accrue interest at the highest rate
      allowed by law.

11. Fees, Costs and Expenses. The Borrower will pay on demand all fees, costs
and expenses (including attorneys' and professionals fees with costs and
expenses) that Bank incurs from: (a) preparing, negotiating, administering, and
enforcing this Agreement or related agreement, including any amendments, waivers
or consents, (b) any litigation or dispute relating to the Financed Receivables,
the Collateral, this Agreement or any other agreement, (c) enforcing any rights
against Borrower or any

                                       32
<PAGE>

guarantor, or any Account Debtor, (d) protecting or enforcing its interest in
the Financed Receivables or other Collateral, (e) collecting the Financed
Receivables and the Obligations, and (f) any bankruptcy case or insolvency
proceeding involving Borrower, any Financed Receivable, the Collateral, any
Account Debtor, or any Guarantor.

12. Choice of Law, Venue and Jury Trial Waiver. California law governs this
Agreement. Borrower and Bank each submit to the exclusive jurisdiction of the
State and Federal courts in Santa Clara County, California.

BORROWER AND BANK EACH WAIVE THEIR RIGHT TO A JURY TRIAL OF ANY CLAIM OR CAUSE
OF ACTION ARISING OUT OF OR BASED UPON THIS AGREEMENT OR ANY CONTEMPLATED
TRANSACTION, INCLUDING CONTRACT, TORT, BREACH OF DUTY AND ALL OTHER CLAIMS. THIS
WAIVER IS A MATERIAL INDUCEMENT FOR BOTH PARTIES TO ENTER INTO THIS AGREEMENT.
EACH PARTY HAS REVIEWED THIS WAIVER WITH ITS COUNSEL.

13. Notices. Notices or demands by either party about this Agreement must be in
writing and personally delivered or sent by an overnight delivery service, by
certified mail postage prepaid return receipt requested, or by FAX to the
addresses listed at the beginning of this Agreement. A party may change notice
address by written notice to the other party.

14.   General Provisions.

      14.1. Successors and Assigns. This Agreement binds and is for the benefit
      of successors and permitted assigns of each party. Borrower may not assign
      this Agreement or any rights under it without Bank's prior written
      consent, which may be granted or withheld in Bank's discretion. Bank may,
      without the consent of or notice to Borrower, sell, transfer, or grant
      participation in any part of Bank's obligations, rights or benefits under
      this Agreement.

      14.2. Indemnification. Borrower will indemnify, defend and hold harmless
      Bank and its officers, employees, and agents against: (a) obligations,
      demands, claims, and liabilities asserted by any other party in connection
      with the transactions contemplated by this Agreement; and (b) losses or
      expenses incurred, or paid by Bank from or consequential to transactions
      between Bank and Borrower (including reasonable attorneys fees and
      expenses), except for losses caused by Bank's gross negligence or willful
      misconduct.

      14.3. Time of Essence. Time is of the essence for performance of all
      obligations in this Agreement.

      14.4. Severability of Provision. Each provision of this Agreement is
      severable from every other provision in determining the enforceability of
      any provision.

      14.5. Amendments in Writing, Integration. All amendments to this Agreement
      must be in writing. This Agreement is the entire agreement about this
      subject matter and supersedes prior negotiations or agreements.

      14.6. Counterparts. This Agreement may be executed in any number of
      counterparts and by different parties on separate counterparts and when
      executed and delivered are one Agreement.

      14.7. Survival. All covenants, representations and warranties made in this
      Agreement continue in force while any Financed Receivable amount remains
      outstanding. Borrower's indemnification obligations survive until all
      statutes of limitations for actions that may be brought against Bank have
      run.

      14.8. Confidentiality. Bank will use the same degree of care handling
      Borrower's confidential information that it uses for its own confidential
      information, but may disclose information; (i) to its subsidiaries or
      affiliates in connection with their business with Borrower, (ii) to
      prospective transferees or purchasers of any interest in the Agreement,
      (iii) as required by law, regulation, subpoena, or other order, (iv) as
      required in connection with an examination or audit and (v) as it
      considers appropriate exercising the remedies under this Agreement.
      Confidential information does not include information that is either: (a)
      in the public domain or in Bank's possession when disclosed, or becomes
      part of the public domain after disclosure to Bank; or (b) disclosed to
      Bank by a third party, if Bank does not know that the third party is
      prohibited from disclosing the information.

                                       33
<PAGE>

     14.9. Other Agreements. This Agreement may not adversely affect Banks
     rights under any other document or agreement. If there is a conflict
     between this Agreement and any agreement between Borrower and Bank, Bank
     may determine in its sole discretion which provision applies. Borrower
     acknowledges that any security agreements, liens and/or security interests
     securing payment of Borrower's Obligations also secure Borrower's
     Obligations under this Agreement and are not adversely affected by this
     Agreement. Additionally, (a) any Collateral under other agreements or
     documents between Borrower and Bank secures Borrowers Obligations under
     this Agreement and (b) a default by Borrower under this Agreement is a
     default under agreements between Borrower and Bank.

      BORROWER: CorVu North America, Inc.

By _______________________________________
Title ____________________________________

BANK:  SILICON VALLEY BANK

By________________________________________
Title ____________________________________

Effective Date: __________________________

                                       34
<PAGE>

EXHIBIT A

      The Collateral consists of all of Borrower's right, title and interest in
and to the following whether owned now or hereafter arising and whether the
Borrower has rights now or hereafter has rights therein and wherever located:

      All goods and equipment now owned or hereafter acquired, including,
without limitation, all machinery, fixtures, vehicles (including motor vehicles
and trailers), and any interest in any of the foregoing, and all attachments,
accessories, accessions, replacements, substitutions, additions, and
improvements to any of the foregoing, wherever located;

      All inventory, now owned or hereafter acquired, including, without
limitation, all merchandise, raw materials, parts, supplies, packing and
shipping materials, work in process and finished products including such
inventory as is temporarily out of Borrower's custody or possession or in
transit and including any returns upon any accounts or other proceeds, including
insurance proceeds, resulting from the sale or disposition of any of the
foregoing and any documents of title representing any of the above;

      All contract rights and general intangibles (as such definitions may be
amended from time to time according to the Code), now owned or hereafter
acquired, including, without limitation, goodwill, trademarks, servicemarks,
trade styles, trade names, patents, patent applications, leases, license
agreements, franchise agreements, blueprints, drawings, purchase orders,
customer lists, route lists, infringements, claims, computer programs, computer
discs, computer tapes, literature, reports, catalogs, design rights, income tax
refunds, payments of insurance and rights to payment of any kind;

      All now existing and hereafter arising accounts, contract rights,
royalties, license rights and all other forms of obligations owing to Borrower
arising out of the sale or lease of goods, the licensing of technology or the
rendering of services by Borrower (as such definitions may be amended from time
to time according to the Code) whether or not earned by performance, and any and
all credit insurance, insurance (including refund) claims and proceeds,
guaranties, and other security thereof, as well as all merchandise returned to
or reclaimed by Borrower;

      All documents, cash, deposit accounts, securities, securities
entitlements, securities accounts, investment property, financial assets,
letters of credit, letter of credit rights, certificates of deposit, instruments
and chattel paper and electronic chattel paper now owned or hereafter acquired
and Borrower's Books relating to the foregoing;

      All copyright rights, copyright applications, copyright registrations and
like protections in each work of authorship and derivative work thereof, whether
published or unpublished, now owned or hereafter acquired; all trade secret
rights, including all rights to unpatented inventions, know-how, operating
manuals, license rights and agreements and confidential information, now owned
or hereafter acquired; all mask work or similar rights available for the
protection of semiconductor chips, now owned or hereafter acquired; all claims
for damages by way of any past, present and future infringement of any of the
foregoing; and

      All Borrower's Books relating to the foregoing and any and all claims,
rights and interests in any of the above and all substitutions for, additions
and accessions to and proceeds thereof.

                                       1

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