REVOLVING CREDIT NOTE $10,000,000 New York, New York March 24, 1998 FOR VALUE RECEIVED, the undersigned UNIDIGITAL INC., a Delaware corporation (the "Borrower"), hereby unconditionally promises to pay on the Revolving Credit Termination Date to the order of CANADIAN IMPERIAL BANK OF COMMERCE (the "Lender"), at the office of Canadian Imperial Bank of Commerce located at 425 Lexington Avenue, New York, New York 10017, in lawful money of the United States of America and in immediately available funds, the principal amount of the lesser of (a) TEN MILLION DOLLARS ($10,000,000) and (b) the aggregate unpaid principal amount of all Revolving Credit Loans made by the Lender to the undersigned pursuant to Section 4.1 of the Credit Agreement referred to below. The undersigned further agrees to pay interest in like money at such office on the unpaid principal amount hereof from time to time from the date hereof at the rates per annum and on the dates as provided in Section 4.1 of the Credit Agreement referred to below, until paid in full (both before and after judgment). The holder of this Revolving Credit Note is authorized to, and so long as it holds this Note shall, record the date, Type and amount of each Revolving Credit Loan made by the Lender pursuant to Section 4.1 of the Credit Agreement, each Continuation thereof and each Conversion of all or a portion thereof to another Type pursuant to Section 6.2 of the Credit Agreement, the date and amount of each payment or prepayment of principal thereof and, in the case of Eurodollar Loans, the length of each Interest Period and the Eurodollar Rate with respect thereto, on the schedules annexed hereto and constituting a part hereof, or on a continuation thereof which shall be annexed hereto and constitute a part hereof, and any such recordation shall constitute prima facie evidence of the accuracy of the information so recorded, provided that failure of the Lender to make any such recordation (or any error in such recordation) shall not affect the obligations of the Borrower under this Revolving Credit Note or under the Credit Agreement. This Revolving Credit Note is one of the Revolving Credit Notes referred to in the Credit Agreement, dated as of March 24, 1998 (as amended, supplemented or otherwise modified from time to time, the "Credit Agreement"), among the Borrower, the lenders from time to time parties thereto (the "Lenders") and Canadian Imperial Bank of Commerce, as Administrative Agent for the Lenders thereunder, is entitled to the benefits thereof, is secured as provided therein and is subject to optional and mandatory prepayment in whole or in part as provided therein. Terms used herein which are defined in the Credit Agreement shall have such defined meanings unless otherwise defined herein or unless the context otherwise requires. Upon the occurrence of any one or more of the Events of Default specified in the Credit Agreement, all amounts then remaining unpaid on this Note shall become, or may be declared to be, immediately due and payable, all as provided therein. The Borrower expressly waives diligence, presentment, protest, demand and other notices of any kind. This Revolving Credit Note shall be governed by, and construed and interpreted in accordance with, the laws of the State of New York. UNIDIGITAL INC. By /s/ William E. Dye --------------------------------- Name: William E. Dye Title: Chief Executive Officer SCHEDULE A to Revolving Credit Note --------------------- LOANS, CONVERSIONS AND PAYMENTS OF BASE RATE LOANS Amount of Amount of Base Rate Eurodollar Loans Unpaid Amount Loans Converted Principal of Base Converted into Amount of Balance of Rate into Base Eurodollar Principal Base Rate Notation Date Loan Rate Loans Loans Repaid Loans Made by - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- ------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- ------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- - ---- ------- ---------- ---------- --------- ---------- -------- SCHEDULE B to Revolving Credit Note --------------------- LOANS, CONVERSIONS AND PAYMENTS OF EURODOLLAR LOANS Amount of Euro- Amount of dollar Amount of Interest Eurodollar Loan Base Rate Period and Loans Unpaid (and Loans Eurodollar Converted Amount Principal Contin- Converted Rate with into Base of Prin- Balance of uations into Euro- Respect Rate cipal Eurodollar Notation Date Thereof) dollar Loans Thereto Loans Repaid Loans Made by - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- -------- - ---- -------- ------------ --------- --------- ------- ----------- --------