Document:

SECOND
      AMENDMENT AGREEMENT

     

    FEBRUARY
      16, 2007

     

    This
      Second Amendment Agreement (this “Amendment”) constitutes (i) Amendment No. 3 to
      the Securities Purchase Agreement between Carsunlimited.com, Inc., a Nevada
      corporation (the “Company”) and Fursa Master Global Event Driven Fund LP ( the
“Investor”) dated as of August 9, 2006, as amended by Amendment No. 1 thereto
      and Amendment Agreement between the Company and the Investor dated October
      16,
      2006 (the “Agreement”) and November 10, 2006, respectively, and (ii) Amendment
      No. 3 to the Registration Rights Agreement between the Company and the Investor
      dated August 9, 2006, as amended by Amendment No. 1 to the Securities Purchase
      Agreement and Amendment Agreement between the Company and the Investor dated
      October 16, 2006 and November 10, 2006, respectively. Capitalized terms used
      but
      not otherwise defined in this Amendment have the meanings assigned to them
      in
      the Agreement and the Registration Rights Agreement.

     

    RECITALS

     

    A.  WHEREAS,
      the Agreement sets forth undertakings of the Company to effect a reverse stock
      split and reincorporate in Delaware within certain periods following the Closing
      of the transactions under the Agreement and the Company has requested the
      Investor to consent to an extension of the period during which the Company
      shall
      effect the reverse stock split and to include a requirement that the Investor
      provide prior notice or demand before the Company shall be required to
      reincorporate in Delaware; 

     

    B.  WHEREAS,
      the Registration Rights Agreement sets forth undertakings of the Company to
      file
      a registration statement pursuant to the Securities Act of 1933, as amended,
      covering the resale of the Registrable Securities and to have such registration
      statement declared effective within certain periods and the Company has
      requested the Investor to consent to an extension of the periods during which
      the Company may file a registration statement covering the resale of the
      Registrable Securities and the date by which such registration statement must
      be
      declared effective; and

     

    C.  WHEREAS,
      the Company and the Investor wish to amend the Agreement and the Registration
      Rights Agreement in the manner set forth in this Amendment. 

     

    AGREEMENT
      

     

    NOW,
      THEREFORE, in consideration of the foregoing and the promises and covenants
      contained herein and in the Agreement and the Registration Rights Agreement,
      and
      for other good and valuable consideration the receipt of which is hereby
      acknowledged, the parties agree as follows:

     

    
      	1.  	
              Amendment
                To the Agreement:

            

    

     

    
      	1.1.  	
              Registration
                Rights Agreement.
                The first sentence of Section 1.6 of the Agreement is hereby amended
                by
                deletion of the phrase “by December 31, 2006”, and insertion, in lieu
                thereof, of the phrase “by March 16, 2007.” The second sentence of Section
                1.6 of the Agreement is hereby amended by deletion of the phrase
“March
                31, 2007”, and insertion, in lieu thereof, of the phrase “June 15, 2007”.
                

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

       

    

    
      	1.2.  	
              Reverse
                Stock Split.
                Section 7.5 of the Agreement is hereby amended by deletion of the
                phrase
                “By December 31, 2006”, and insertion, in lieu thereof, of the phrase “By
                March 16, 2007”.

            

    

     

    
      	1.3.  	
              Domicile
                in Delaware.
                Section 7.4 of the Agreement is hereby amended and restated in its
                entirety as follows: “Within forty five (45) days following demand made by
                the Note Requisite Holders at any time during the period commencing
                on the
                first anniversary of the Closing Date and ending on the third anniversary
                of the Closing Date, the Company (through a merger with a subsidiary)
                shall reincorporate in the State of
                Delaware.”

            

    

     

    
      	2.  	
              Amendment
                to the Registration Rights Agreement.
                

            

    

     

    
      	2.1.  	
              Registration.
                The first sentence of Section 2.1 (a) of the Registration Rights
                Agreement
                is hereby amended by (i) deletion of the phrase “by December 31, 2006”,
                and insertion, in lieu thereof, of the phrase “by March 16, 2007”; and
                (ii) deletion of the phrase “March 31, 2007”, and insertion, in lieu
                thereof, of the phrase “June 15, 2007”. In addition, the Registration
                Rights Agreement is hereby further amended to permit the Company,
                to
                include in any registration statement filed for the benefit of the
                Note
                Requisite Holders, the numbers of shares of common stock of the Company
                being sold for the account of those other shareholders of the Company
                identified in Appendix A hereto, it being understood and agreed by
                the
                Company that such other shareholders shall not share or otherwise
                participate in the exercise of any rights that the Note Requisite
                Holders
                have pursuant to the Registration Rights Agreement (other than the
                right
                to be indemnified by the Company for liabilities under the federal
                securities laws resulting from any misstatements or omissions of
                the
                Company in any such registration statement). This Amendment should
                not be
                deemed to be, or construed as, consent by the Investors to include
                any
                securities other than Registrable Securities and the securities identified
                in Appendix A herein into the registration statement filed for the
                benefit
                of the Investor. 

            

    

     

    
      	2.2.  	
              Limitation
                on Subsequent Registration Rights.
                Section 2.3 of the Registration Rights Agreement is hereby amended
                by
                deletion of the phrase “following the Effectiveness Date” and insertion,
                in lieu thereof, of the phrase “after the Registration Statement becomes
                effective.” 

            

    

     

    
      	3.  	
              Effect
                of Amendment.
                Except as expressly modified by this Amendment, the Agreement and
                the
                Registration Rights Agreement shall remain unmodified and in full
                force
                and effect. 

            

    

     

    
      	4.  	
              Entire
                Agreement.
                This Amendment together with the Agreement and the Registration Rights
                Agreement constitute the full and entire understanding and agreement
                among
                the Company and the Investor with regard to the
                subject matters hereof.

            

    

     

    
      	5.  	
              Headings. The
                headings contained in this Amendment are for convenience of reference
                only
                and are not to be given any legal effect and shall not affect the
                meaning
                or interpretation of this
                Amendment.

            

    

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

     

    
      	6.  	
              No
                Waiver.
                This Amendment shall not be deemed to be, or construed as, a further
                or
                continuing waiver of any term, condition or provision in the Agreement,
                the Registration Rights Agreement, the Note, the Guaranty or any
                related
                documents or instruments in any future instance.
                

            

    

     

     

    SIGNATURE
      PAGES FOLLOW

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    

    IN
      WITNESS WHEREOF, the parties have executed this Amendment effective as of the
      date that the last party signs this Amendment. 

     

    
      	 	 	 
	 	COMPANY:
	 	 
	 	CARSUNLIMITED.COM,
              INC.
	 
 	 
 	 
 
	 	By:  	/s/ Geoffrey
              Donaldson
	 	 	 
	 	Name: Geoffrey Donaldson
	 	 
	 	Title:
              Chief Executive Officer
	 	 
	 	Address:
              305 Madison Avenue, Suite 4510
              305 Madison Avenue New
              York, NY 10165
	 	 
	 	Facsimile Number: 
	 	 
	 	Date of Signature: February 16,
              2007

    

     

    Company
      Signature Page to Amendment Agreement February
      16, 2007

     

    
      
        
          
          

        

        
          
          

          
            

          

        

        
          
          

        

      

    

    
      	 	 	 
	 	INVESTOR:
	 	 
	 	
              FURSA
                MASTER GLOBAL EVENT

              DRIVEN
                FUND LP

            
	 
 	 
 	 
 
	 	By: 	Fursa Alternative Strategies, LLC, its Investment
              Advisor
	 	 	 
	 	 	 
	 	By:  	/s/ Patrick
              Brennan
	 	
            
	 	Name:
              Patrick Brennan
	 	 
	 	Title: Chief Administrative Officer
	 	 
	 	Address: 200 Park Avenue, 54th Floor
	 	 
	 	New York, New York 10166-3399
	 	 
	 	Facsimile Number: 
	 	 
	 	Date of Signature: February 16,
              2007

    

     

    Investor
      Signature Page to Amendment Agreement February 16, 2007

     

    
      
        
        

      

      
        
        

        
          

        

      

      
        
        

      

    

    

      
        	 	
                CARS
                  shares to be registered

              	 	
                 

              	 	 	 	 	 	
                APPENDIX
                  A

              
	 	 	 	 	 	 	 	 	 	 
	 	
                Actual
                  Shares outstanding

              	 	 	 	
                Shares/Warrants

              	 	
                Fully
                  Diluted

              	 	
                Non-
                  Diluted

              
	
                1

              	
                Karen
                  Nazzareno

              	 	 	 	
                2,558,928

              	 	
                0.55%

              	 	
                2.67%

              
	
                1

              	
                DeDe
                  Yoder

              	 	 	 	
                5,119,793

              	 	
                1.11%

              	 	
                5.33%

              
	
                1

              	
                Marvin
                  Anderman

              	 	 	 	
                1,950,397

              	 	
                0.42%

              	 	
                2.03%

              
	
                1

              	
                DeDe
                  & Oliver Dominick

              	 	 	 	
                3,900,795

              	 	
                0.84%

              	 	
                4.06%

              
	
                1

              	
                Donald
                  Sussman

              	 	 	 	
                3,900,795

              	 	
                0.84%

              	 	
                4.06%

              
	
                1

              	
                Robert
                  Valick

              	 	 	 	
                3,900,795

              	 	
                0.84%

              	 	
                4.06%

              
	
                1

              	
                Edward
                  Whalen

              	 	 	 	
                3,900,795

              	 	
                0.84%

              	 	
                4.06%

              
	
                1

              	
                Howard
                  Wilson

              	 	 	 	
                975,199

              	 	
                0.21%

              	 	
                1.02%

              
	
                1

              	
                Chester
                  Gelband

              	 	 	 	
                2,925,596

              	 	
                0.63%

              	 	
                3.05%

              
	
                1

              	
                David
                  Holtzer

              	 	 	 	
                1,950,397

              	 	
                0.42%

              	 	
                2.03%

              
	
                1

              	
                Barry
                  Newburger

              	 	 	 	
                1,950,397

              	 	
                0.42%

              	 	
                2.03%

              
	
                1

              	
                Ed
                  Bond

              	 	 	 	
                975,199

              	 	
                0.21%

              	 	
                1.02%

              
	
                1

              	
                Robin
                  Bartosh

              	 	 	 	
                5,851,192

              	 	
                1.26%

              	 	
                6.09%

              
	
                1

              	
                Steve
                  Levin

              	 	
                Conv
                  Debt

              	 	
                2,422,747

              	 	
                0.52%

              	 	
                2.52%

              
	
                1

              	
                Lynn
                  November

              	 	
                Conv
                  Debt

              	 	
                2,422,747

              	 	
                0.52%

              	 	
                2.52%

              
	
                1

              	
                Schottenfeld
                  Qualified Associates

              	 	
                Conv
                  Debt

              	 	
                9,690,990

              	 	
                2.09%

              	 	
                10.09%

              
	
                1

              	
                Schottenfeld
                  Group, LLC

              	 	
                Schottenfeld
                  Conv Debt

              	 	
                4,845,495

              	 	
                1.05%

              	 	
                5.05%

              
	
                1

              	
                J
                  Roebling Fund

              	 	
                Schottenfeld
                  Conv Debt

              	 	
                4,845,495

              	 	
                1.05%

              	 	
                5.05%

              
	
                1

              	
                Adam
                  Etra

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                285,066

              	 	
                0.06%

              	 	
                0.30%

              
	
                1

              	
                Anthony
                  McCarthy

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                2,850,664

              	 	
                0.62%

              	 	
                2.97%

              
	
                1

              	
                Antonio
                  Sulcis

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                1,425,332

              	 	
                0.31%

              	 	
                1.48%

              
	
                1

              	
                Belza
                  Development Corp

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                3,563,331

              	 	
                0.77%

              	 	
                3.71%

              
	
                1

              	
                Dan
                  Boyle

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                285,066

              	 	
                0.06%

              	 	
                0.30%

              
	
                1

              	
                David
                  Reiniger

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                285,066

              	 	
                0.06%

              	 	
                0.30%

              
	
                1

              	
                Donald
                  Nicholson

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                570,133

              	 	
                0.12%

              	 	
                0.59%

              
	
                1

              	
                Douglas
                  McCormick

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                285,066

              	 	
                0.06%

              	 	
                0.30%

              
	
                1

              	
                Howard
                  Fishman

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                142,533

              	 	
                0.03%

              	 	
                0.15%

              
	
                1

              	
                Ferrari
                  Driving School

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                855,199

              	 	
                0.18%

              	 	
                0.89%

              
	
                1

              	
                Gary
                  Miller

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                2,137,998

              	 	
                0.46%

              	 	
                2.23%

              
	
                1

              	
                Gary
                  Miller and June Miller

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                1,425,332

              	 	
                0.31%

              	 	
                1.48%

              
	
                1

              	
                George
                  Watson

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                570,133

              	 	
                0.12%

              	 	
                0.59%

              
	
                1

              	
                Jeffrey
                  Naftol

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Jeffrey
                  Weberman

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Lee
                  Hoevel

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                142,533

              	 	
                0.03%

              	 	
                0.15%

              
	
                1

              	
                Lindsey
                  Etra

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                427,600

              	 	
                0.09%

              	 	
                0.45%

              
	
                1

              	
                Louis
                  and Maria Chicca

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                1,425,332

              	 	
                0.31%

              	 	
                1.48%

              
	
                1

              	
                Marc
                  Rotter

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Mark
                  Bartling

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                570,133

              	 	
                0.12%

              	 	
                0.59%

              
	
                1

              	
                Matthew
                  Etra

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                285,066

              	 	
                0.06%

              	 	
                0.30%

              
	
                1

              	
                MIchael
                  Etra

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                570,133

              	 	
                0.12%

              	 	
                0.59%

              
	
                1

              	
                Michelangelo
                  Pinto

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                427,600

              	 	
                0.09%

              	 	
                0.45%

              
	
                1

              	
                Mitchell
                  Cybulski & Yuriko Dai-Cybulski

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                2,850,664

              	 	
                0.62%

              	 	
                2.97%

              
	
                1

              	
                Paul
                  Kaye Family Trust

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                142,533

              	 	
                0.03%

              	 	
                0.15%

              
	
                1

              	
                Richard
                  Etra

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                1,140,266

              	 	
                0.25%

              	 	
                1.19%

              
	
                1

              	
                Richard
                  Loggie

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Richard
                  Sarli

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Salvatore
                  Amato

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Salvatore
                  Cinquemani

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                427,600

              	 	
                0.09%

              	 	
                0.45%

              
	
                1

              	
                Steve
                  Grgas

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                142,533

              	 	
                0.03%

              	 	
                0.15%

              
	
                1

              	
                Timothy
                  Lawler

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                2,850,664

              	 	
                0.62%

              	 	
                2.97%

              
	
                1

              	
                Tina
                  Laurenti

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                285,066

              	 	
                0.06%

              	 	
                0.30%

              
	
                1

              	
                Tomislava
                  Grgas

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                712,666

              	 	
                0.15%

              	 	
                0.74%

              
	
                1

              	
                Vicky
                  Lanzieri Giannetti

              	 	
                CARS
                  UL (Ocean Drive)

              	 	
                570,133

              	 	
                0.12%

              	 	
                0.59%

              
	 	
                Subtotal
                  Actual Shares Outstanding

              	 	 	 	
                96,015,189

              	 	
                20.74%

              	 	
                100.00%

              
	 	 	 	 	 	 	 	 	 	 
	
                1

              	
                Shares
                  Underlying Mellon Debt

              	 	 	 	
                286,803,669

              	 	
                61.97%

              	
                 

              	 
	 	
                 

              	 	 	 	
                 

              	 	
                 

              	 	 
	 	
                Warrants
                  - Fursa (formerly Mellon)

              	 	 	 	 	 	 	 	 
	
                1

              	
                Mellon
                  HBV Warrants - 22% of mellon shares

              	 	
                Mellon
                  US

              	 	
                12,619,361

              	 	
                2.73%

              	
                 

              	 
	
                1

              	
                Mellon
                  HBV Warrants - 22% of mellon shares

              	 	
                Mellon
                  Global

              	 	
                50,477,446

              	 	
                10.91%

              	 	 
	
                1

              	
                Mellon
                  Additional Warrants - amend #2 10/06

              	 	
                Mellon
                  US

              	 	
                2,868,037

              	 	
                0.62%

              	 	 
	
                1

              	
                Mellon
                  Additional Warrants - amend #2 10/06

              	 	
                Mellon
                  Global

              	 	
                11,472,146

              	 	
                2.48%

              	 	 
	 	 	 	 	 	 	 	 	 	 
	 	
                Other
                  Warrants

              	 	 	 	 	 	 	 	 
	
                1

              	
                Lynn
                  November

              	 	 	 	
                100,000

              	 	
                0.02%

              	 	 
	
                1

              	
                Steve
                  Levin

              	 	 	 	
                100,000

              	 	
                0.02%

              	 	 
	
                1

              	
                Schottenfeld
                  Qualified Associates

              	 	 	 	
                400,000

              	 	
                0.09%

              	 	 
	
                1

              	
                Ronald
                  Weiss

              	 	
                Schottenfeld
                  Group

              	 	
                133,334

              	 	
                0.03%

              	 	 
	
                1

              	
                Richard
                  Schottenfeld

              	 	
                Schottenfeld
                  Group

              	 	
                133,333

              	 	
                0.03%

              	 	 
	
                1

              	
                David
                  Koch

              	 	
                Schottenfeld
                  Group

              	 	
                133,333

              	 	
                0.03%

              	 	 
	
                1

              	
                Richard
                  Harriton

              	 	 	 	
                500,000

              	 	
                0.11%

              	 	 
	
                1

              	
                Sloan
                  Securities Corp

              	 	 	 	
                80,000

              	 	
                0.02%

              	 	 
	
                1

              	
                Beckman,
                  Lieberman, Barandes

              	 	 	 	
                208,568

              	 	
                0.05%

              	 	 
	
                1

              	
                Patrick
                  Murphy

              	 	 	 	
                400,000

              	 	
                0.09%

              	 	 
	
                1

              	
                Frank
                  Ingrasia

              	 	 	 	
                400,000

              	 	
                0.09%

              	 	 
	 	 	 	 	 	 	 	 	 	 
	 	
                Potentially
                  Issuable Shares

              	 	 	 	
                366,829,227

              	 	
                79.26%

              	 	 
	 	 	 	 	 	 	 	 	 	 
	 	
                Shares
                  Fully Diluted

              	 	 	 	
                462,844,416

              	 	
                100.00%Exhibit
      10.1

     

    TERM
      LOAN AGREEMENT

    Dated
      as of February 20, 2007

    

     

    CorVu
      Corporation, a Minnesota corporation (the “Borrower”), located at 3400 West
      66th
      Street, Suite 445, Edina, MN 55435, and Commerce Bank, a Minnesota state banking
      corporation (the “Bank”), located at 7650
      Edinborough Way, Suite 150, Edina,
      MN 55435, agree as follows:

     

    ARTICLE
      I.

    DEFINITIONS

     

    Section
      1.1    Definitions.
      As used in this Agreement the following terms shall have the following meanings
      (such meanings to be equally applicable to singular and plural forms of the
      terms defined):

     

    (a)    “Affiliates”
      means any of the following Persons:

     

    (i)    any
      director, officer or employee of the Borrower;

     

    (ii)    any
      person who, individually or with his immediate family, beneficially owns or
      holds 5% or more of the voting equity interests in the Borrower; or

     

    (iii)    any
      Subsidiary and any company in which any Person described above owns a 5% or
      greater equity interest.

     

    (b)    “Applicable
      Percentage” means the following percentages relating to the principal amounts
      outstanding on the Note from time to time:

     

    (i)    with
      respect to all principal amounts then outstanding on the Note not in excess
      of
      the amount on deposit in the Cash Collateral Account as of the end of the
      previous month, a percentage equal to 2.60% plus the nominal annual interest
      rate being paid by the Bank on the Cash Collateral Account as of the end of
      the
      previous month;

     

    
      
         

      

      
         

        
          

        

      

      
         

      

    

     

    (ii)    with
      respect to all principal amounts then outstanding on the Note in excess of
      the
      amount on deposit in the Cash Collateral Account as of the end of the previous
      month if such amount on deposit did not equal at least $2,300,000.00, a
      percentage equal to the then Prime Rate plus 1.50%;

     

    (iii)    with
      respect to all principal amounts then outstanding on the Note in excess of
      the
      amount on deposit in the Cash Collateral Account as of the end of the previous
      month if such amount on deposit equaled at least $2,300,000.00, a percentage
      equal to the then Prime Rate plus 1.0%.

     

    (c)    “Business
      Day” means any day other than a Saturday, Sunday or a public holiday or the
      equivalent under the laws of the State of Minnesota or the United States of
      America.

     

    (d)    “Cash
      Collateral Account” means a deposit account established and maintained by the
      Borrower at the Bank under Section 2.7 with respect to which the only Persons
      with “control” (as defined in Minn. Stat. §336.9-104) are the Borrower and the
      Bank.

     

    (e)    “Debt”
      means (i) indebtedness for borrowed money or for the deferred purchase price
      of
      property or services, (ii) obligations as lessee under leases that have been
      or
      should be, in accordance with generally accepted accounting principles, recorded
      as capital leases, (iii) obligations under direct or indirect guaranties in
      respect of, and obligations (contingent or otherwise) to purchase or otherwise
      acquire, or otherwise to assure a creditor against loss in respect of,
      indebtedness or obligations of others of the kinds referred to in clause (i)
      or
      (ii) above, and (iv) liabilities in respect of unfunded vested benefits under
      plans covered by Title IV of ERISA.

     

    
      
         

      

      
        2

        
          

        

      

      
         

      

    

     

    (f)    “Debt
      Service Coverage Ratio” for any time period means a ratio the numerator of which
      is the sum of the Borrower’s net income during that period plus interest,
      depreciation and amortization expense during that period less any distributions
      or dividends paid to equity holders during that period and the denominator
      of
      which is the sum of interest expense during that period plus that portion of
      the
      principal of the Borrower’s Debt coming due during that period.

     

    (g)    “Event
      of Default” means one of the events specified in Section 6.1.

     

    (h)    “Loan
      Documents” means this Agreement, the Note, the Security Agreement, the Corporate
      Guaranty, the Personal Guaranty and all other documents to be executed in
      connection with this Agreement.

     

    (i)    “Loan
      Party” means any Person obligated under any Loan Document.

     

    (j)    “Note”
      means the Note described in Section 2.2.

     

    (k)    “Person”
      means an individual, corporation, limited liability company, partnership, joint
      venture, trust or unincorporated organization or governmental agency or
      political subdivision thereof.

     

    (l)    “Prime
      Rate” means the prime rate published in the Wall
      Street Journal
      as the base rate on corporate loans posted by at least 75% of the nation’s 30
      largest banks.

     

    (m)    “Subsidiary”
      means any entity of which more than 50% of the outstanding equity interests
      having ordinary voting power to elect a majority of the Board of Directors,
      Board of Governors or comparable governing body of such entity (irrespective
      of
      whether or not at the time equity interests of such entity shall or might have
      voting power upon the occurrence of any contingency) is at the time directly
      or
      indirectly owned by the Borrower, by the Borrower and one or more other
      Subsidiaries, or by one or more other Subsidiaries.

     

    
      
         

      

      
        3

        
          

        

      

      
         

      

    

     

    (n)    “Tangible
      Net Worth” means the aggregate of the capital stock, paid in surplus and
      retained earnings of the Borrower (excluding stock of the Borrower held by
      the
      Borrower), determined and computed in accordance with generally accepted
      accounting principles consistently applied from year to year, less the book
      value of all assets of the Borrower that would be treated as intangibles under
      generally accepted accounting principles including without limitation, such
      items as goodwill, trademarks, tradenames, service marks, copyrights, patents,
      licenses, internet domain names, uniform resource locators, and website
      contracts and registration rights and less the book value of all obligations
      owed to the Borrower by any of its Affiliates.

     

    Section
      1.2    Accounting
      and Other Terms.
      All accounting terms not specifically defined in this Agreement shall be
      construed in accordance with generally accepted accounting principles
      consistently applied as such principles may change from time to time. Other
      terms defined herein shall have the meanings ascribed to them
      herein.

     

    ARTICLE
      II.

    TERM
      LOAN

     

    Section
      2.1    Commitment
      for Term Loan.
      The Bank hereby lends to the Borrower, and the Borrower hereby borrows from
      the
      Bank, the amount of $3,200,000.00 (the “Term Loan”).

     

    Section
      2.2    The
      Note.
      The Term Loan shall be evidenced by a promissory note (the “Note”) that is in
      substantially the form of Exhibit A attached hereto and is delivered to the
      Bank
      pursuant to Article III.

     

    
      
         

      

      
        4

        
          

        

      

      
         

      

    

     

    Section
      2.3    Interest
      and Payments.
      The Borrower shall repay, and shall pay interest on, the aggregate unpaid
      principal amount of the Term Loan in accordance with the Note, except that
      after
      and during the continuance of an Event of Default the Borrower shall pay
      interest at an annual rate equal to 3.0% in excess of the rate of interest
      otherwise provided under the Note. All payments of principal, interest and
      fees
      under this Agreement shall be made when due to the Bank in immediately available
      funds. All computations of interest shall be made by the Bank on the basis
      of
      the actual number of days elapsed in a year of 360 days. Whenever any such
      payment shall be due on a non-Business Day, such payment shall be made on the
      next succeeding Business Day, and such extension of time shall be included
      in
      the computation of interest or fees, as the case may be. The Bank is expressly
      authorized to charge any principal or interest payment, when due, to Borrower’s
      demand deposit account maintained at the Bank, or, if that account shall not
      contain sufficient funds, to any other account maintained by the Borrower at
      the
      Bank.

     

    Section
      2.4    Voluntary
      Prepayment.
      The Borrower may prepay the Note in whole, but not in part, at any
      time.

     

    Section
      2.5    Mandatory
      Prepayment. The Note in its entirety shall become due and payable
      contemporaneously with the closing of any merger or consolidation of the
      Borrower with any other Person or the sale, transfer, conveyance, lease or
      other
      disposition of (whether in one transaction or in a series of transactions)
      all
      or a substantial portion of the Borrower’s assets (whether now owned or
      hereafter acquired) to any other Person.

     

    Section
      2.6    Use
      of Proceeds.
      The proceeds of the Term Loan shall be used to repay existing Debt owed by
      the
      Borrower to ComVest Investment Partners II LLC (“ComVest”) and to redeem up to
      17,000 shares of Series C preferred stock in the Borrower by ComVest at a price
      not to exceed $100.00 per share plus any accrued and unpaid dividends on such
      stock.

     

    
      
         

      

      
        5

        
          

        

      

      
         

      

    

     

    Section
      2.7    Cash
      Collateral Provisions.
      On or about the date of this Agreement, the Borrower has established the Cash
      Collateral Account with the Bank in an amount of not less than $2,000,000.00.
      So
      long as any amount remains unpaid on the Note, (i) the Borrower will have no
      right to withdraw any principal from the Cash Collateral Account and (ii) the
      Borrower will maintain the Cash Collateral Account with the Bank in the
      following minimum amounts:

     

    
      	
              Time
                Period:

            	
              Minimum
                Amount:

            
	 	 
	
              Through
                April 29, 2007

            	
              $2,000,000.00

            
	
              April
                30, 2007 through June 29, 2007

            	
              $2,100,000.00
                (First Threshold)

            
	
              June
                30, 2007 through July 30, 2007

            	
              $2,200,000.00
                (Second Threshold)

            
	
              After
                July 30, 2007

            	
              $2,300,000.00
                (Third Threshold)

            

    

     

    If
      by April 30, 2007, the Borrower has met the First Threshold with respect to
      the
      Cash Collateral Account at a time that no Event of Default has then occurred
      and
      is continuing, the maximum principal amount subject to the Personal Guaranty
      shall permanently be reduced to $200,000.00. If by June 30, 2007, the Borrower
      has met the Second Threshold with respect to the Cash Collateral Account at
      a
      time that no Event of Default has then occurred and is continuing, the maximum
      principal amount subject to the Personal Guaranty shall permanently be reduced
      to $100,000.00. If by July 31, 2007, the Borrower has met the Third Threshold
      with respect to the Cash Collateral Account at a time that no Event of Default
      has then occurred and is continuing, the Personal Guaranty shall released in
      its
      entirety and shall be returned to the Personal Guarantor. The Borrower is
      authorized to meet each or all of the Thresholds prior to the dates set forth
      above. The reduction in, and release of, respectively, the Personal Guaranty
      shall become effective at the time the Borrower meets the Threshold in question,
      so long as no Event of Default has occurred and is continuing at such
      time.

     

    
      
         

      

      
        6

        
          

        

      

      
         

      

    

     

    ARTICLE
      III.

    CONDITIONS
      OF LENDING

     

    Section
      3.1    Conditions
      Precedent to Term Loan Advance.
      The Bank shall have no obligation to make the Term Loan unless the Bank shall
      have received on or before the date of disbursement the following documents
      or
      items:

     

    (a)    The
      Note, properly executed and delivered on behalf of the Borrower.

     

    (b)    A
      security agreement (the “Security Agreement”), in a form acceptable to the Bank,
      properly executed and delivered on behalf of the Borrower and the Corporate
      Guarantor, granting to the Bank a security interest in all of the Borrower’s and
      Corporate Guarantor’s inventory, accounts, equipment, general intangibles and
      other property described therein as security for the performance of the
      Borrower’s obligations under this Agreement and the Note, together with any
      UCC-1 Financing Statement or other document deemed necessary or desirable by
      the
      Bank to perfect the security interest granted by the Security
      Agreement.

     

    (c)    A
      certified copy of the resolutions of the Board of Directors of the Borrower
      and
      the Corporate Guarantor, approving the execution and delivery of the Loan
      Documents to which it is a party and approving all other matters contemplated
      by
      this Agreement.

     

    (d)    A
      certificate by the Secretary or any Assistant Secretary of the Borrower and
      the
      Corporate Guarantor certifying the names of the officer or officers of the
      Borrower and the Corporate Guarantor authorized to sign the Loan Documents
      to
      which it is a party, together with a sample of the true signature of such
      officer.

     

    
      
         

      

      
        7

        
          

        

      

      
         

      

    

     

    (e)    Favorable
      opinion of counsel to the Borrower and the Corporate Guarantor in a form and
      as
      to such matters as the Bank may request

     

    (f)    The
      Cash Collateral Account in a principal amount of not less than
      $2,000,000.00.

     

    (g)    A
      guaranty (the “Corporate Guaranty”) of CorVu North America, Inc. (the “Corporate
      Guarantor”), in a form satisfactory to the Bank, guaranteeing the Borrower’s
      obligations under this Agreement and the Note.

     

    (h)    A
      guaranty (the “Personal Guaranty”) of James L. Mandel, Joseph J. Caffarelli and
      David C. Carlson (collectively, the “Personal Guarantor” and, together with the
      Corporate Guarantor, the “Guarantors”), in a form satisfactory to the Bank,
      guaranteeing the Borrower’s obligations under this Agreement and the Note,
provided
      that the Personal Guaranty shall be subject to reduction and release under
      the
      circumstances described in Section 2.7.

     

    In
      addition, the Bank shall have no obligation to make the Term Loan if on or
      before the date of disbursement, any event has occurred and is continuing,
      or
      will result from such Term Loan, that constitutes an Event of Default or would
      constitute an Event of Default but for the requirement that notice be given
      or
      time elapse or both.

     

    ARTICLE
      IV.

    REPRESENTATIONS
      AND WARRANTIES

     

    Section
      4.1    Representations
      and Warranties of the Borrower.
      To induce the Bank to make the Term Loan, the Borrower represents and warrants
      as follows:

     

    (a)    Existence
      of Borrower.
      The Borrower is a corporation duly incorporated, validly existing and in good
      standing under the laws of the state indicated at the beginning of this
      Agreement. The Borrower has not, in the past five years, operated under any
      name, including any trade name or assumed name, other than the name indicated
      at
      the beginning of this Agreement.

     

    
      
         

      

      
        8

        
          

        

      

      
         

      

    

     

    (b)    Authority
      to Execute.
      The execution, delivery and performance by the Borrower of the Loan Documents
      to
      which it is a party are within the Borrower’s corporate powers, have been duly
      authorized by all necessary corporate action, do not and will not conflict
      with
      any provision of law or of the charter or bylaws of the Borrower or of any
      agreement or contractual restriction binding upon or affecting the Borrower
      or
      any of its property, and need no further shareholder or creditor
      consent.

     

    (c)    Binding
      Obligation.
      This Agreement is, and the other Loan Documents when delivered hereunder will
      be, legal, valid and binding obligations of the Loan Parties enforceable against
      such Persons in accordance with their respective terms.

     

    (d)    Governmental
      Approval.
      No consent of, or filing with, any governmental authority is required on the
      part of any Loan Party in connection with the execution, delivery or performance
      of any Loan Documents.

     

    (e)    Financial
      Statements.
      The audited financial statements of the Borrower as of June 30, 2006, copies
      of
      which have been furnished to the Bank, have been prepared in conformity with
      generally accepted accounting principles consistently applied and present fairly
      the financial condition of the Borrower as of such dates, and the results of
      the
      operations of the Borrower for the financial periods then ended, and since
      such
      date, there has been no materially adverse change in such financial
      condition.

     

    
      
         

      

      
        9

        
          

        

      

      
         

      

    

     

    (f)    Litigation.
      No litigation or governmental proceeding is pending or threatened against the
      Borrower that may have a materially adverse effect on the financial condition
      or
      operations of the Borrower.

     

    (g)    Title
      to Assets.
      The Borrower has good and marketable title to all assets used in connection
      with
      its trades or businesses, and none of such assets is subject to any mortgage,
      pledge, lien, security interest or encumbrance of any kind, except for current
      taxes not delinquent, security interests in favor of ComVest and purchase money
      liens on, and leases of, equipment as have been disclosed to the Bank prior
      to,
      or contemporaneously with, this Agreement.

     

    (h)    Taxes.
      The Borrower has filed all federal and state income tax returns that are
      required to be filed, and has paid all taxes shown on such returns to be due
      and
      all other tax assessments received by it to the extent that such assessments
      have become due.

     

    (i)    ERISA.
      No plan (as that term is defined in the Employee Retirement Income Security
      Act
      of 1974 (“ERISA”)) of the Borrower (a “Plan”) that is subject to Part 3 of
      Subtitle B of Title 1 of ERISA had an accumulated funding deficiency (as such
      term is defined in ERISA) as of the last day of the most recent fiscal year
      of
      such Plan ended prior to the date hereof, or would have had such an accumulated
      funding deficiency on such date if such year were the first year of such Plan,
      and no material liability to the Pension Benefit Guaranty Corporation has been,
      or is expected by the Borrower to be, incurred with respect to any such Plan.
      No
      Reportable Event (as defined in ERISA) has occurred and is continuing in respect
      to any such Plan.

     

    (j)    Defaults.
      The Borrower is not in default in the payment of principal or interest on any
      indebtedness for borrowed money and is not in default under any instrument
      or
      agreement under or subject to which any indebtedness for borrowed money has
      been
      issued, and no event has occurred and is continuing that, with or without the
      lapse of time or the giving of notice, or both, constitutes or would constitute
      an event of default under any such instrument or agreement or an Event of
      Default hereunder.

     

    
      
         

      

      
        10

        
          

        

      

      
         

      

    

     

    (k)    Patents
      Trademarks, Etc.
      The Borrower has good and marketable title to, or licenses to use, all patents,
      trademarks, processes, copyrights, franchises and licenses title to which is
      necessary for the operation of the Borrower’s businesses.

     

    (l)    Regulation
      U.
      The Borrower is not engaged in the business of extending credit for the purpose
      of purchasing or carrying margin stock (within the meaning of Regulation U
      issued by the Board of Governors of the Federal Reserve System), and, except
      for
      the stock purchase described in Section 2.6, no proceeds of the Term Loan will
      be used to purchase or carry any margin stock or to extend credit to others
      for
      the purpose of purchasing or carrying any margin stock.

     

    ARTICLE
      V.

    COVENANTS
      OF THE BORROWER

     

    Section
      5.1    Affirmative
      Covenants.
      So long as the Note shall remain unpaid, the Borrower will, unless the Bank
      shall give its prior written consent:

     

    (a)    Financial
      Reporting.
      Furnish to the Bank: (i) as soon as available and in any event within 60 days
      after the end of each quarter of each fiscal year of the Borrower, consolidated
      and consolidating balance sheets of the Borrower as of the end of such quarter
      and consolidated and consolidating statements of income and retained earnings
      of
      the Borrower for the period commencing at the end of the previous fiscal year
      and ending with the end of such quarter, certified by the chief financial
      officer of the Borrower; (ii) as soon as available and in any event within
      120
      days after the end of each fiscal year of the Borrower, (A) a copy of the annual
      report for such year for the Borrower, containing consolidated and consolidating
      financial statements for such year certified in a manner acceptable to the
      Bank
      by independent public accountants acceptable to the Bank and (B) a budget and
      projections prepared by the Borrower in a form acceptable to the Bank for the
      following fiscal year; (iii) promptly upon the sending or filing thereof copies
      of all public reports issued by the Borrower to any of its security holders,
      to
      the Securities and Exchange Commission or to any national securities exchange;
      (iv) promptly upon the filing or receiving thereof, copies of all reports that
      the Borrower files under ERISA or that the Borrower receives from the Pension
      Benefit Guaranty Corporation if such report shows any material violation or
      potential violation by the Borrower of its obligations under ERISA; (v) such
      other information concerning the conditions or operations, financial or
      otherwise, of the Borrower and the Corporate Guarantor as the Bank from time
      to
      time may reasonably request; (vi) until the Personal Guaranty has been released
      pursuant to Section 2.7, a signed and current personal financial statement
      of
      each Personal Guarantor by May 31 of each year.

     

    
      
         

      

      
        11

        
          

        

      

      
         

      

    

     

    (b)    Visitation
      Rights.
      At any reasonable time and from time to time, permit the Bank or any agents
      or
      representatives thereof, to examine and make copies of and abstracts from the
      records and books of account of, and visit the properties of, the Borrower
      and
      the Corporate Guarantor, and to discuss the affairs, finances and accounts
      of
      the Borrower and the Corporate Guarantor with any of its respective officers
      or
      directors. The Borrower will reimburse the Bank for its reasonable costs and
      expenses of conducting such periodic examinations.

     

    (c)    Notification
      of Default, Etc.
      Notify the Bank as promptly as practicable (but in any event not later than
      5
      Business Days) after the Borrower obtains knowledge of: (i) the occurrence
      of
      any event that constitutes an Event of Default or that would constitute an
      Event
      of Default with the passage of time or the giving of notice or both; or (ii)
      the
      commencement of any litigation or governmental proceedings of any type that
      could materially adversely affect the financial condition or business operations
      of the Borrower.

     

    
      
         

      

      
        12

        
          

        

      

      
         

      

    

     

    (d)    Compliance
      Certificate.
      At the time any financial statement is required to be provided to the Bank
      under
      this Agreement, the Borrower will provide to the Bank a certificate of the
      chief
      financial officer of the Borrower substantially in the form of Exhibit B
      attached hereto (appropriately completed). If that certificate shows that an
      Event of Default or any event that would constitute an Event of Default with
      the
      passage of time or the giving of notice or both, has occurred, the certificate
      shall state in reasonable detail the circumstances surrounding such event and
      action proposed by the Borrower to cure such event.

     

    (e)    Keeping
      of Financial Records and Books of Account.
      Maintain proper financial records in accordance with generally accepted
      accounting principles consistently applied that fully and correctly reflect
      all
      financial transactions and all assets and liabilities of the Borrower and the
      Corporate Guarantor.

     

    (f)    Tangible
      Net Worth.
      Maintain at all times Tangible Net Worth according to the following
      schedule:

     

    
      	
              Calendar
                Year

            	
              Required
                Level of Tangible Net Worth

            
	 	 
	
              2007

            	
              Not
                less than a negative $4,500,000

            
	
              2008

            	
              Not
                less than a negative $3,750,000

            
	
              2009

            	
              Not
                less than a negative $3,000,000

            

    

     

    
      
         

      

      
        13

        
          

        

      

      
         

      

    

     

    (g)    Debt
      Service Coverage Ratio.
      Maintain as of the end of each calendar quarter, beginning with December 31,
      2007, a Debt Service Coverage Ratio for the 12-month period ending at the end
      of
      such quarter of not less than 1.25 to 1.

     

    (h)    Maintenance
      of Insurance.
      Maintain such insurance with reputable insurance carriers as is normally carried
      by companies engaged in similar businesses and owning similar property, and
      name
      the Bank as loss payee on all policies insuring personal property in which
      the
      Bank has a security interest and provide the Bank with certificates of insurance
      evidencing its status as a loss payee. The loss payee endorsement shall provide
      for payment to the Bank notwithstanding any acts or omissions of the Borrower
      and shall require notice to the Bank 30 days prior to the expiration or
      cancellation of the insurance.

     

    (i)    Maintenance
      of Properties, Etc.
      Maintain and preserve all of its properties, necessary or useful in the proper
      conduct of its business in good working order and condition, ordinary wear
      and
      tear excepted.

     

    (j)    Payment
      of Taxes.
      Pay all taxes, assessments and governmental charges of any kind payable by
      it as
      such taxes, assessments and charges become due and before any penalty shall
      be
      imposed, except as the Borrower shall contest in good faith and by appropriate
      proceedings providing such reserves as are required by generally accepted
      accounting principles.

     

    (k)    Compliance
      with ERISA.
      Cause each benefits Plan to comply and be administered in accordance with those
      provisions of ERISA that are applicable to such Plan.

     

    
      
         

      

      
        14

        
          

        

      

      
         

      

    

     

    (l)    Preservation
      of Corporate Existence, Etc.
      Preserve and maintain its corporate existence, rights, franchises and privileges
      in the jurisdiction of its incorporation, and qualify and remain qualified,
      as a
      foreign corporation in each jurisdiction in which such qualification is
      necessary or desirable in view of its business and operations or the ownership
      of its properties, and cause the Corporate Guarantor to do so.

     

    Section
      5.2    Negative
      Covenants.
      So long as the Note shall remain unpaid, the Borrower will not, unless the
      Bank
      shall give its prior written consent which consent shall not be unreasonably
      withheld:

     

    (a)    Liens.
      Create or suffer to exist any mortgage, pledge, lien, security interest or
      other
      encumbrance with respect to any assets now owned or hereafter acquired by the
      Borrower or the Corporate Guarantor except those encumbrances made in favor
      of
      the Bank or purchase money liens on, or leases of, equipment.

     

    (b)    Transactions
      with Affiliates.
      Engage in any transaction (including, without limitation, loans or financial
      accommodations of any kind) with any Affiliate, provided that such transactions
      are permitted if they are on terms no less favorable to the Borrower than would
      be obtainable if no such relationship existed.

     

    (c)    Investments
      in Other Persons.
      Make any loan or advance to any Person, or purchase or otherwise acquire the
      capital stock, assets, or obligations of, or any interest in, any other Person
      other than readily marketable direct obligations of the United States of
      America, deposits in commercial banks of recognized standing operating in the
      United States of America, transactions with the Corporate Guarantor and existing
      transactions with Subsidiaries.

     

    
      
         

      

      
        15

        
          

        

      

      
         

      

    

     

    (d)    Change
      in Nature of Business.
      Make any material change in the nature of the business of the Borrower, taken
      as
      a whole, as carried on at the date hereof.

     

    (e)    Dividends,
      Etc.
      Purchase or redeem any of its capital stock, declare or pay any dividends (other
      than stock dividends) thereon, make any cash or property distribution to
      shareholders, or set aside any funds for such purpose, except that so long
      as no
      Event of Default has occurred and is continuing the Borrower may pay dividends
      on its Series B Convertible Preferred Stock as such dividends come
      due.

     

    ARTICLE
      VI.

    DEFAULT

     

    Section
      6.1    Events
      of Default.
      “Events of Default” in this Agreement means any of the following
      events:

     

    (a)    Failure
      of the Borrower to pay the principal of the Note when due or, if payable on
      demand, upon demand;

     

    (b)    Failure
      of the Borrower to pay any interest or fees required to be paid hereunder or
      under the Note when due;

     

    (c)    Any
      representation or warranty made by, or on behalf of, any Loan Party in, or
      pursuant to, any Loan Document shall prove to have been incorrect in any
      material respect when made or the Borrower or the Corporate Guarantor shall
      dispose of any collateral described in the Security Agreement in violation
      of
      the Security Agreement;

     

    (d)    Default
      in performance of any other covenant or agreement of any Loan Party in, or
      pursuant to, any Loan Document and continuance of such default or breach for
      a
      period of 30 days after written notice thereof to such Person by the
      Bank;

     

    
      
         

      

      
        16

        
          

        

      

      
         

      

    

     

    (e)    Any
      Loan Party shall generally not pay its or his debts as such debts become due,
      or
      shall admit in writing its or his inability to pay its or his debts generally,
      or shall make a general assignment for the benefit of creditors; or any
      proceeding shall be instituted by or against any Loan Party seeking to
      adjudicate it or him a bankrupt or insolvent, or seeking liquidation, winding
      up, reorganization, arrangement, adjustment, custodianship, protection, relief,
      or composition of it or him or its or his debts under any law relating to
      bankruptcy, insolvency or reorganization or relief of debtors, or seeking the
      entry of an order for relief, or the appointment of a receiver, custodian,
      trustee, or other similar official for it or him or for any substantial part
      of
      its or his property; or any Loan Party shall take any corporate action to
      authorize any of the actions set forth above in this subsection; and in the
      case
      of a proceeding of the type described in this paragraph commenced against any
      Loan Party, that proceeding shall not be dismissed within 60 days or that Loan
      Party shall consent to that proceeding;

     

    (f)    The
      Borrower or any Subsidiary shall fail to pay any Debt (but excluding Debt
      evidenced by the Note) of the Borrower or such Subsidiary, or any interest
      or
      premium thereon, when due (whether by scheduled maturity, required prepayment,
      acceleration, demand or otherwise) and such failure shall continue after the
      applicable grace period, if any, specified in the agreement or instrument
      relating to such Debt; or any other default under any agreement or instrument
      relating to any such Debt, or any other event, shall occur and shall continue
      after the applicable grace period, if any, specified in such agreement or
      instrument, if the effect of such default or event is to accelerate, or to
      permit the acceleration of, the maturity of such Debt; or any such Debt shall
      be
      declared to be due and payable, or required to be prepaid (other than by a
      regularly scheduled required prepayment), prior to the stated maturity
      thereof;

     

    
      
         

      

      
        17

        
          

        

      

      
         

      

    

     

    (g)    Any
      guaranty or any third party security agreement securing any indebtedness of
      the
      Borrower to the Bank shall be repudiated or revoked, or purported to be
      repudiated or revoked;

     

    (h)    The
      entry against any Loan Party of a final judgment, decree or order for the
      payment of money in excess of $100,000.00 and the continuance of such judgment,
      decree or order unsatisfied for a period of 30 days without a stay of
      execution;

     

    (i)    Any
      Reportable Event (as defined in ERISA) shall have occurred with respect to
      a
      Plan and continue for 30 days; or any Plan shall have been terminated by the
      Borrower not in compliance with ERISA, or a trustee shall have been appointed
      by
      a court to administer any Plan, or the Pension Benefit Guaranty Corporation
      shall have instituted proceedings to terminate any Plan or to appoint a trustee
      to administer any Plan.

     

    Section
      6.2    Rights
      and Remedies.
      If any Event of Default shall occur and be continuing, the Bank may exercise
      any
      or all of the following rights and remedies:

     

    (a)    Declare
      the Note, all interest thereon, and all other obligations under, or pursuant
      to,
      any Loan Document to be immediately due and payable, and upon such declaration
      such Note, interest and other obligations shall immediately be due and payable,
      without presentment, demand, protest or any notice of any kind, all of which
      are
      expressly waived;

     

    
      
         

      

      
        18

        
          

        

      

      
         

      

    

     

    (b)    Exercise
      any right or remedy under the Security Agreement, or any other right or remedy
      of a secured party under the Uniform Commercial Code as in effect in
      Minnesota;

     

    (c)    Exercise
      any other right or remedy available to the Bank at law or in
      equity.

     

    ARTICLE
      VII.

    MISCELLANEOUS

     

    Section
      7.1    No
      Waiver; Cumulative Remedies.
      No failure or delay on the part of the Bank in exercising any right or remedy
      under, or pursuant to, any Loan Document shall operate as a waiver thereof,
      nor
      shall any single or partial exercise of any such right, remedy or power preclude
      other or further exercise thereof, or the exercise of any other right, remedy
      or
      power. The remedies in the Loan Documents are cumulative and are not exclusive
      of any remedies provided by law.

     

    Section
      7.2    Amendments
      and Waivers.
      No amendment or waiver of any provision of any Loan Document shall be effective
      unless such amendment or waiver is in writing and is signed by the Bank, and
      such amendment or waiver shall be effective only in the specific instance and
      for the specific purpose for which it was given.

     

    Section
      7.3    Notices,
      Etc.
      All notices and other communications provided for hereunder shall be in writing
      (including telecopier communication) and mailed or telecopied or delivered,
      if
      to the Borrower, at its address stated in the preamble hereof, Attention: Joseph
      J. Caffarelli; and if to the Bank, at its address stated in the preamble hereof,
      Attention: James Senske; or, as to each party, at such other address as shall
      be
      designated by such party in a written notice to the other party. All such
      notices and communications shall, when mailed or telecopied, be effective when
      deposited in the mails or transmitted by telecopier, respectively, addressed
      as
      provided above, except that notices to the Bank pursuant to the provisions
      of
      Article II shall not be effective until received by the Bank.

     

    
      
         

      

      
        19

        
          

        

      

      
         

      

    

     

    Section
      7.4    Costs and Expenses.
      The Borrower agrees to pay on demand all costs and expenses of the Bank in
      connection with the preparation of the Loan Documents, including reasonable
      attorneys fees and legal expenses, as well as all costs and expenses of the
      Bank, including reasonable attorneys fees and expenses, in connection with
      the
      administration and enforcement of the Loan Documents (whether suit is commenced
      or not).

     

    Section
      7.5    Right
      of Set-off.
      Upon the occurrence and during the continuance of any Event of Default the
      Bank
      is hereby authorized at any time and from time to time, to the fullest extent
      permitted by law, to set off and apply any and all deposits (general or special,
      time or demand, provisional or final) at any time held and other indebtedness
      at
      any time owing by the Bank to or for the credit or the account of the Borrower
      or any Guarantor against any and all of the obligations of the Borrower now
      or
      hereafter existing under any Loan Document, irrespective of whether or not
      the
      Bank shall have made any demand under any Loan Document and although such
      obligations may be unmatured. The Bank agrees promptly to notify the Borrower
      after any such set-off and application, provided that the failure to give such
      notice shall not affect the validity of such set-off and application. The rights
      of the Bank under this Section are in addition to other rights and remedies
      (including, without limitation, other rights of set-off) that the Bank may
      have.

     

    Section
      7.6    Governing
      Law.
      All Loan Documents shall be governed by the laws of the State of Minnesota.
      Any
      term used in this Agreement and not otherwise defined shall have the definition
      given that term in the Uniform Commercial Code as in effect in the State of
      Minnesota from time to time, and such definition automatically shall change
      on
      the effective date of any amendment to the Uniform Commercial Code that changes
      such definition. If any term in this Agreement shall be held to be illegal
      or
      unenforceable, the remaining portions of this Agreement shall not be affected,
      and this Agreement shall be construed and enforced as if this Agreement did
      not
      contain the term held to be illegal or unenforceable. The Borrower hereby
      irrevocably submits to the jurisdiction of the Minnesota District Court, Fourth
      District, and the Federal District Court, District of Minnesota, Fourth
      Division, over any action or proceeding arising out of or relating to this
      Agreement and agrees that all claims in respect of such action or proceeding
      may
      be heard and determined in any such court.

     

    
      
         

      

      
        20

        
          

        

      

      
         

      

    

     

    Section
      7.7    Binding
      Effect; Assignment.
      All Loan Documents shall be binding upon and inure to the benefit of the Loan
      Parties and the Bank and their respective successors and assigns. No Loan Party
      shall have the right to assign its rights or interest under any such agreement
      without the prior written consent of the Bank.

     

    [Signatures
      follow on next page]

     

    
      
         

      

      
        21

        
          

        

      

      
         

      

    

    IN
      WITNESS WHEREOF, the parties have caused this Agreement to be executed by their
      duly authorized officers as of the date first above written.

     

    
      	 	 	CorVu Corporation
	 	 	 	 
	 	 	By	/s/ Joseph
              J.
              Caffarelli
	
            	 	 	
              
Its
President
	 	 	 	 

    

    
       

      
        	 	 	Commerce Bank
	 	 	 	 
	 	 	By	/s/ James
                E.
                Senske
	
              	 	 	
                
Its
President
	 	 	 	 

      

       

      
        
           

        

        
          22

          
            

          

        

        
           

        

      

    

    EXHIBIT
      A

    PROMISSORY
      NOTE

     

    
      	$3,200,000.00	
              Dated:
                February 20,
                2007

            

    

            

     

    For
      value received, CorVu Corporation, a Minnesota corporation (the “Borrower”)
      promises to pay to the order of Commerce Bank (the “Bank”), at its offices in
      Minneapolis, Minnesota, in lawful money of the United States of America, the
      principal amount of $3,200,000.00; together with interest on any and all
      principal amounts remaining unpaid hereon from the date of this Note until
      said
      principal amounts are fully paid at a fluctuating annual rate equal to the
      Applicable Percentage (as defined in the Loan Agreement). Each change in the
      fluctuating interest rate shall take effect simultaneously with the
      corresponding change in the Applicable Percentage.

     

    Interest
      shall be due and payable on the first day of each calendar month starting on
      March 1, 2007 and continuing until this Note is paid in full. Principal shall
      be
      paid in quarterly installments of $75,000.00 each on the first day of each
      March, June, September and December in each year, starting on September 1,
      2007
      and continuing until February 28, 2008 when all principal and accrued interest
      shall be due and payable in full.

     

    
      
         

      

      
        A-1

        
          

        

      

      
         

      

    

     

    This
      Note is the Note referred to in, and is entitled to the benefits of, the Term
      Loan Agreement dated as of the date hereof (the “Loan Agreement”) between the
      Borrower and the Bank, which Loan Agreement, among other things, contains
      provisions for the acceleration of the maturity of this Note upon the happening
      of certain stated events, for an increase to the interest
      rate upon the happening of certain stated events, and for prepayments of the
      principal amount due under this Note upon stated terms and
      conditions.

    
       

      
        	 	 	CorVu Corporation
	 	 	 	 
	 	 	By	 
	
              	 	 	
                
Its

	 	 	 	 

      

      
         

        
          
             

          

          
            A-2

            
              

            

          

          
             

          

        

      

    

    EXHIBIT
      B

    FORM
      OF COMPLIANCE CERTIFICATE

     

    I,
      the _________________________ of CorVu Corporation (the “Borrower”), hereby
      provide this Compliance Certificate in accordance with Section 5.1(d) of the
      Term Loan Agreement (the “Agreement”) dated as of February 20, 2007 between the
      Borrower and Commerce Bank.

     

    I
      certify that as of the date hereof:

     

    
      	 	
              (1)

            	
              The
                representations and warranties of the Borrower contained in Article
                IV of
                the Agreement are correct as though made on the date
                hereof.

            

    

     

    
      	 	
              (2)

            	
              No
                event has occurred and is continuing that constitutes an Event of
                Default
                under the Agreement or would constitute an Event of Default but for
                the
                requirement that notice be given or time elapse or
                both.

            

    

     

    
      	 	
              (3)

            	
              The
                Borrower’s State of formation is
                Minnesota.

            

    

     

    I
      further certify that as of _____________________, 20__:

     

    
      	 	
              (1)

            	
              Tangible
                Net Worth as defined in the Agreement was a negative $______________
                compared to a requirement in the Agreement of a negative
                $__________________.

            

    

     

    
      	 	
              (2)

            	
              The
                Debt Service Coverage Ratio as defined in the Agreement was ____
                to 1
                compared to a minimum in the Agreement of 1.25 to
                1.

            

    

    

     

    
      	
              Dated:
                _______________________________

            	
              Title:
                _______________________________

            

    

    

    
      
         

      

        B-1

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