Document:

Exhibit 10.15

INCENTRA SOLUTIONS, INC. AND CERTAIN OF ITS
SUBSIDIARIES

MASTER SECURITY AGREEMENT

	
 

	
 

	
To:

	
Calliope
 Capital Corporation

	
 

	
c/o Laurus
 Capital Management, LLC

	
 

	
335 Madison
 Avenue, 10th Floor

	
 

	
New York,
 New York 10017

Date: July 31,
2007

To Whom It May
Concern:

          1.
To secure the payment of all Obligations (as hereafter defined), Incentra
Solutions, Inc., a Nevada corporation (the “Company”), each of the other
undersigned parties (other than Calliope Capital Corporation ( “Calliope”), and
each other entity that is required to enter into this Master Security Agreement
(each an “Assignor” and, collectively, the “Assignors”) hereby assigns and
grants to Calliope a continuing security interest in all of the following
property now owned or at any time hereafter acquired by any Assignor, or in
which any Assignor now has or at any time in the future may acquire any right,
title or interest (the “Collateral”): all cash, cash equivalents, accounts,
accounts receivable, deposit accounts, inventory, equipment, goods, fixtures,
documents, instruments (including, without limitation, promissory notes),
contract rights, commercial tort claims set forth on Exhibit B to this Master
Security Agreement, general intangibles (including, without limitation, payment
intangibles and an absolute right to license on terms no less favorable than
those currently in effect among our affiliates, but not own intellectual
property), chattel paper, supporting obligations, investment property
(including, without limitation, all equity interests owned by any Assignor),
letter-of-credit rights, trademarks, trademark applications, tradestyles,
patents, patent applications, copyrights, copyright applications and other
intellectual property in which any Assignor now has or hereafter may acquire
any right, title or interest, all proceeds and products thereof (including,
without limitation, proceeds of insurance) and all additions, accessions and
substitutions thereto or therefore. In the event any Assignor wishes to finance
the acquisition in the ordinary course of business of any hereafter acquired
equipment and has obtained a commitment from a financing source to finance such
equipment from an unrelated third party, Laurus agrees to release its security
interest on such hereafter acquired equipment so financed by such third party
financing source. Except as otherwise defined herein, all capitalized terms
used herein shall have the meaning provided such terms in the Securities
Purchase Agreement (defined below). All items of Collateral which are defined
in the UCC shall have the meanings set forth in the UCC. For purposes hereof,
the term “UCC” means the Uniform Commercial Code as the same may, from time to
time, be in effect in the State of New York; provided, that in the event that,
by reason of mandatory provisions of law, any or all of the attachment,
perfection or priority of, or remedies with respect to, Caliope’s security
interest in any Collateral is governed by the Uniform Commercial Code as in
effect in a jurisdiction other than the State of New York, the term “UCC” shall
mean the Uniform Commercial Code as in effect in such other jurisdiction for
purposes of the provisions of this Agreement relating to such attachment,
perfection, priority or remedies and

for purposes
of definitions related to such provisions; provided further, that to the extent
that the UCC is used to define any term herein and such term is defined
differently in different Articles or Divisions of the UCC, the definition of
such term contained in Article or Division 9 shall govern.

          2.
The term “Obligations” as used herein shall mean and include all debts,
liabilities and obligations owing by each Assignor to Calliope arising under,
out of, or in connection with: (i) that certain Securities Purchase Agreement
dated as of the date hereof by and between the Company and Calliope (the
“Securities Purchase Agreement”) and (ii) the Related Agreements referred to in
the Securities Purchase Agreement (the Securities Purchase Agreement and each
Related Agreement, as each may be amended, modified, restated or supplemented
from time to time, are collectively referred to herein as the “Documents”), and
in connection with any documents, instruments or agreements relating to or
executed in connection with the Documents or any documents, instruments or
agreements referred to therein or otherwise, including, without limitation,
obligations and liabilities of each Assignor for post-petition interest, fees,
costs and charges that accrue after the commencement of any case by or against
such Assignor under any bankruptcy, insolvency, reorganization or like
proceeding (collectively, the “Debtor Relief Laws”), and in connection with any
other indebtedness, obligations or liabilities of any Assignor to Calliope,
whether now existing or hereafter arising, direct or indirect, liquidated or
unliquidated, absolute or contingent, due or not due and whether under,
pursuant to or evidenced by a note, agreement, guaranty, instrument or
otherwise, in each case, irrespective of the genuineness, validity, regularity
or enforceability of such Obligations, or of any instrument evidencing any of
the Obligations or of any collateral therefor or of the existence or extent of
such collateral, and irrespective of the allowability, allowance or
disallowance of any or all of the Obligations in any case commenced by or
against any Assignor under Debtor Relief Laws.

          3.
Each Assignor hereby jointly and severally represents, warrants and covenants
to Laurus that:

	
 

	
 

	
 

	
 

	
(a)

	
it is a
 corporation, partnership or limited liability company, as the case may be,
 validly existing, in good standing and organized under the respective laws of
 its jurisdiction of organization set forth on Schedule A, and each Assignor
 will provide Calliope thirty (30) days’ prior written notice of any change in
 its jurisdiction of organization;

	
 

	
 

	
 

	
 

	
(b)

	
its legal
 name is as set forth in its Certificate of Incorporation or other
 organizational document (as applicable) as amended through the date hereof
 and as set forth on Schedule A, and it will provide Calliope thirty (30)
 days’ prior written notice of any change in its legal name;

	
 

	
 

	
 

	
 

	
(c)

	
its
 organizational identification number (if applicable) is as set forth on
 Schedule A hereto, and it will provide Calliope thirty (30) days’ prior
 written notice of any change in its organizational identification number;

	
 

	
 

	
 

	
 

	
(d)

	
it is the
 lawful owner of its respective Collateral and it has the sole right to grant
 a security interest therein and will defend such Collateral against all
 claims and demands of all persons and entities;

2

	
 

	
 

	
 

	
 

	
(e)

	
it will keep
 its respective Collateral free and clear of all attachments, levies, taxes,
 liens, security interests and encumbrances of every kind and nature
 (“Encumbrances”), except (i) Encumbrances securing the Obligations and (ii)
 to the extent said Encumbrance does not secure indebtedness in excess of
 $100,000 and such Encumbrance is removed or otherwise released within ten
 (10) days of the creation thereof;

	
 

	
 

	
 

	
 

	
(f)

	
it will, at
 its and the other Assignors joint and several cost and expense keep the
 Collateral in good state of repair (ordinary wear and tear excepted) and will
 not waste or destroy the same or any part thereof other than ordinary course
 discarding of items no longer used or useful in its or such other Assignors’
 business;

	
 

	
 

	
 

	
 

	
(g)

	
it will not
 without Calliope’s prior written consent, sell, exchange, lease or otherwise
 dispose of the Collateral, whether by sale, lease or otherwise, except in the
 ordinary course of business and except for the disposition or transfer in the
 ordinary course of business during any fiscal year of obsolete and worn-out
 equipment or equipment no longer necessary for its ongoing needs, having an
 aggregate fair market value of not more than $100,000.

	
 

	
 

	
 

	
 

	
(h)

	
(i) it will
 insure or cause the Collateral to be insured against loss or damage by fire,
 theft, burglary, pilferage, loss in transit and such other hazards consistent
 with past practices. If any such Assignor fails to do so, Calliope may
 procure such insurance and the cost thereof shall be promptly reimbursed by
 the Assignors, jointly and severally, and shall constitute Obligations;

	
 

	
 

	
 

	
 

	
 

	
(ii) it will
 expressly agree that if additional loss payees and/or lender loss payees,
 other than Calliope, are named to the Collateral, Calliope will always be
 assigned to first lien position until all Calliope obligations have been met;

	
 

	
 

	
 

	
 

	
(i)

	
it will at
 all reasonable times and upon reasonable notice allow Calliope or Calliope’s
 representatives free access to and the right of inspection of the Collateral;

	
 

	
 

	
 

	
 

	
(j)

	
such
 Assignor (jointly and severally with each other Assignor, if any) hereby
 indemnifies and saves Calliope harmless from all loss, costs, damage,
 liability and/or expense, including reasonable attorneys’ fees, that Calliope
 may sustain or incur to enforce payment, performance or fulfillment of any of
 the Obligations and/or in the enforcement of this Master Security Agreement
 or in the prosecution or defense of any action or proceeding either against
 Calliope or any Assignor concerning any matter growing out of or in
 connection with this Master Security Agreement, and/or any of the Obligations
 and/or any of the Collateral except to the extent caused by Calliope’s own
 negligence or willful misconduct (as determined by a court of competent
 jurisdiction in a final and nonappealable decision); and

	
 

	
 

	
 

	
 

	
(k)

	
all
 commercial tort claims (as defined in the Uniform Commercial Code as in
 effect in the State of New York) held by any Assignor are set forth on Schedule

3

	
 

	
 

	
 

	
B to this
 Master Security Agreement; each Assignor hereby agrees that it shall
 promptly, and in any event within five (5) Business Days after the same is
 acquired by it, notify Calliope of any commercial tort claim acquired by it
 and unless otherwise consented to in writing by Calliope, it shall enter into
 a supplement to this Master Security Agreement granting to Calliope a
 security interest in such commercial tort claim, securing the Obligations.

          4.
The occurrence of any of the following events or conditions shall constitute an
“Event of Default” under this Master Security Agreement:

	
 

	
 

	
 

	
          (a)
 Breach of any material covenant, warranty, representation or statement made
 or furnished to Calliope by any Assignor or on any Assignor’s benefit was
 false or misleading in any material respect when made or furnished, and if
 subject to cure, shall not be cured for a period of fifteen (15) days; or

	
 

	
 

	
 

	
          (b)
 the occurrence of an “Event of Default” as defined in the Securities Purchase
 Agreement.

          5.
Upon the occurrence of any Event of Default and at any time thereafter,
Calliope may declare all Obligations immediately due and payable and Calliope
shall have the remedies of a secured party provided in the Uniform Commercial
Code as in effect in the State of New York, this Agreement and other applicable
law. Upon the occurrence of any Event of Default and at any time thereafter,
Calliope will have the right to take possession of the Collateral and to
maintain such possession on its premises or to remove the Collateral or any
part thereof to such other premises as Calliope may desire. Upon Calliope’s
request, each of the Assignors shall assemble or cause the Collateral to be
assembled and make it available to Calliope at a place reasonably designated by
Calliope. If any notification of intended disposition of any Collateral is
required by law, such notification, if mailed, shall be deemed properly and
reasonably given if mailed at least ten (10) business days before such disposition,
postage prepaid, addressed to any Assignor either at such Assignor’s address
shown herein or in the Securities Purchase Agreement or at any subsequent
address appearing on Calliope’s records for such Assignor. Any proceeds of any
disposition of any of the Collateral shall be applied by Calliope to the
payment of all expenses in connection with the sale of the Collateral,
including reasonable attorneys’ fees and other legal expenses and disbursements
and the reasonable expense of retaking, holding, preparing for sale, selling,
and the like, and any balance of such proceeds may be applied by Calliope
toward the payment of the Obligations in such order of application as Calliope
may elect, and each Assignor shall be liable for any deficiency. The parties
hereto each hereby agree that the exercise by any party hereto of any right
granted to it or the exercise by any party hereto of any remedy available to it
(including, without limitation, the issuance of a notice of redemption, a
borrowing request and/or a notice of default), in each case, hereunder, under
the Securities Purchase Agreement or under any other Related Agreement shall
not constitute confidential information and no party shall have any duty to the
other party to maintain such information as confidential.

          6.
If any Assignor defaults in the performance or fulfillment of any of the terms,
conditions, promises, covenants, provisions or warranties on such Assignor’s
part to be performed or fulfilled under or pursuant to this Master Security
Agreement, Calliope may, at its

4

option without
waiving its right to enforce this Master Security Agreement according to its
terms, immediately or at any time thereafter and without notice to any
Assignor, perform or fulfill the same or cause the performance or fulfillment
of the same for each Assignor’s joint and several account and at each
Assignor’s joint and several cost and expense, and the reasonable cost and
expense thereof (including reasonable attorneys’ fees) shall be added to the
Obligations and shall be payable on demand with interest thereon at the highest
rate permitted by law.

          7.
Each Assignor appoints Calliope, any of Calliope’s officers, employees or any
other person or entity whom Calliope may designate as its attorney, with power
to execute such documents in its behalf and to supply any omitted information
and correct patent errors in any documents executed by any Assignor or on any
Assignor’s behalf; to file financing statements against the Assignors covering
the Collateral; to sign the name of each Assignor on public records; and to do
all other things Calliope deems necessary to carry out this Master Security
Agreement. Each Assignor hereby ratifies and approves all acts of the attorney
and neither Calliope nor the attorney will be liable for any acts of commission
or omission, nor for any error of judgment or mistake of fact or law other than
gross negligence or willful misconduct (as determined by a court of competent
jurisdiction in a final and non-appealable decision). This power being coupled
with an interest, is irrevocable so long as any Obligations remains unpaid. 

          8.
No delay or failure on Calliope’s part in exercising any right, privilege or
option hereunder shall operate as a waiver of such or of any other right,
privilege, remedy or option, and no waiver whatever shall be valid unless in
writing, signed by Calliope and then only to the extent therein set forth, and
no waiver by Calliope of any default shall operate as a waiver of any other
default or of the same default on a future occasion. Calliope’s books and
records containing entries with respect to the Obligations shall be admissible
in evidence in any action or proceeding, shall be binding upon each Assignor
for the purpose of establishing the items therein set forth (absent manifest
error) and shall constitute prima facie proof thereof. Calliope shall have the
right to enforce any one or more of the remedies available to Calliope,
successively, alternately or concurrently. Each Assignor agrees to join with
Calliope in executing financing statements or other instruments to the extent
required by the Uniform Commercial Code in form satisfactory to Calliope and in
executing such other documents or instruments as may be required or reasonably
deemed necessary by Calliope for purposes of affecting or continuing Calliope’s
security interest in the Collateral.

          9.
The Assignors shall jointly and severally pay all of Calliope’s out-of-pocket
costs and expenses, including reasonable fees and disbursements of in-house or
outside counsel and appraisers, in connection with the preparation, execution
and delivery of the Documents, and in connection with the prosecution or
defense of any action, contest, dispute, suit or proceeding concerning any matter
in any way arising out of, related to or connected with any Document. The
Assignors shall also jointly and severally pay all of Calliope’s reasonable
fees, charges, out-of-pocket costs and expenses, including fees and
disbursements of counsel and appraisers, in connection with (a) the
preparation, execution and delivery of any waiver, any amendment thereto or
consent proposed or executed in connection with the transactions contemplated
by the Documents, (b) Calliope’s obtaining performance of the Obligations under
the Documents, including, but not limited to the enforcement or defense of
Calliope’s security interests, assignments of rights and liens hereunder as
valid perfected security interests, (c) any attempt to inspect, verify,
protect, collect, sell, liquidate or otherwise dispose of any Collateral, (d)
any

5

appraisals or
re-appraisals of any property (real or personal) pledged to Calliope by any
Assignor as Collateral for, or any other Person as security for, the
Obligations hereunder and (e) any consultations in connection with any of the
foregoing. The Assignors shall also jointly and severally pay Calliope’s
customary bank charges for all bank services (including wire transfers)
performed or caused to be performed by Calliope for any Assignor at any
Assignor’s request or in connection with any Assignor’s loan account (if any)
with Calliope. All such costs and expenses together with all filing, recording
and search fees, taxes and interest payable by the Assignors to Calliope shall
be payable on demand and shall be secured by the Collateral. If any tax by any
nation or government, any state or other political subdivision thereof, and any
agency, department or other entity exercising executive, legislative, judicial,
regulatory or administrative functions of or pertaining to government (each, a
“Governmental Authority”) is or may be imposed on or as a result of any
transaction between any Assignor, on the one hand, and Calliope on the other
hand, which Calliope is or may be required to withhold or pay, the Assignors
hereby jointly and severally indemnify and hold Calliope harmless in respect of
such taxes, and the Assignors will repay to Calliope the amount of any such
taxes which shall be charged to the Assignors’ account; and until the Assignors
shall furnish Calliope with indemnity therefor (or supply Calliope with
evidence satisfactory to it that due provision for the payment thereof has been
made), Calliope may hold without interest any balance standing to each
Assignor’s credit (if any) and Calliope shall retain its liens in any and all
Collateral.

          10.
THIS MASTER SECURITY AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED
IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS
MADE AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF
LAWS. All of the rights, remedies, options, privileges and elections given to
Calliope hereunder shall inure to the benefit of Calliope’s successors and
assigns. The term “Calliope” as herein used shall include Calliope, any parent
of Calliope’s, any of Calliope’s subsidiaries and any co-subsidiaries of
Calliope’s parent, whether now existing or hereafter created or acquired, and
all of the terms, conditions, promises, covenants, provisions and warranties of
this Agreement shall inure to the benefit of and shall bind the
representatives, successors and assigns of each Assignor and each of the
foregoing. 

          11.
Each Assignor hereby consents and agrees that the state of federal courts
located in the County of New York, State of New York shall have exclusive
jurisdiction to hear and determine any claims or disputes between Assignor, on
the one hand, and Calliope, on the other hand, pertaining to this Master
Security Agreement or to any matter arising out of or related to this Master
Security Agreement, provided, that Calliope and each Assignor acknowledges that
any appeals from those courts may have to be heard by a court located outside
of the County of New York, State of New York, and further provided, that nothing
in this Master Security Agreement shall be deemed or operate to preclude
Calliope from bringing suit or taking other legal action in any other
jurisdiction to collect the Obligations, to realize on the Collateral or any
other security for the Obligations, or to enforce a judgment or other court
order in favor of Calliope. Each Assignor expressly submits and consents in
advance to such jurisdiction in any action or suit commenced in any such court,
and each Assignor hereby waives any objection which it may have based upon lack
of personal jurisdiction, improper venue or forum non conveniens. Each Assignor
hereby waives personal service of the summons, complaint and other process
issues in any such action or suit and agrees that service of such summons,
complaint and

6

other process
may be made by registered or certified mail addressed to such assignor at the
address set forth on the signature lines hereto and that service so made shall
be deemed completed upon the earlier of such Assignor’s actual receipt thereof
or three (3) days after deposit in the U.S. mails, proper postage prepaid.

          The
parties desire that their disputes be resolved by a judge applying such
applicable laws. Therefore, to achieve the best combination of the benefits of
the judicial system and of arbitration, the parties hereto waive all rights to
trial by jury in any action, suit, or proceeding brought to resolve any
dispute, whether arising in contract, tort, or otherwise between Calliope,
and/or any Assignor arising out of, connected with, related or incidental to
the relationship established between them in connection with this Master
Security Agreement or the transactions related hereto.

          12.
It is understood and agreed that any person or entity that desires to become an
Assignor hereunder, or is required to execute a counterpart of this Master
Security Agreement after the date hereof pursuant to the requirements of any
Document, shall become an Assignor hereunder by (x) executing a Joinder
Agreement in form and substance satisfactory to Calliope, (y) delivering
supplements to such exhibits and annexes to such Documents as Calliope shall
reasonably request and (z) taking all actions as specified in this Master
Security Agreement as would have been taken by such Assignor had it been an
original party to this Master Security Agreement, in each case with all
documents required above to be delivered to Calliope and with all documents and
actions required above to be taken to the reasonable satisfaction of Calliope.

          13.
All notices from Calliope to any Assignor shall be sufficiently given if mailed
or delivered to such Assignor’s address set forth below.

	
 

	
 

	
 

	
 

	
Very truly
 yours,

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title: Senior
 Vice President, Chief 
Corporate Development Officer & Treasurer

	
 

	
Address:
 1140 Pearl Street

	
 

	
Boulder, CO
 80302

	
 

	
 

	
 

	
 

	
MANAGEDSTORAGE
 INTERNATIONAL, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Assistant Secretary 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

7

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS 
INTERNATIONAL, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Assistant Secretary

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS OF THE 
NORTHEAST, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
 

	
PWI
 TECHNOLOGIES, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS OF 
CALIFORNIA, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
NETWORK
 SYSTEM TECHNOLOGIES, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

8

	
 

	
 

	
 

	
 

	
Title:
 Secretary

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
 

	
TACTIX, INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
 

	
INCENTRA
 HELIO ACQUISITION CORP., INC.

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title: Secretary

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
 

	
ACKNOWLEDGED:

	
 

	
 

	
 

	
 

	
CALLIOPE
 CAPITAL CORPORATION

	
 

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:

	
 

	
Title:

9

SCHEDULE A

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Borrower Name 

	
  

	
Date of

Organization 

	
  

	
Jurisdiction of

Organization 

	
  

	
Organizational

Identification

Number 

	
  

	
Federal Tax

Identification

Number 

	

	
 

	

	
 

	

	
 

	

	
 

	

	
Incentra
 Solutions

	
 

	
4/27/95

	
 

	
Nevada

	
 

	
C7006-1995

	
 

	
86-0793960

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
ManagedStorage

 International, Inc.

	
 

	
3/7/2000

	
 

	
Delaware

	
 

	
3188876

	
 

	
04-3506252

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra
 Solutions

 International, Inc.

	
 

	
2/18/04

	
 

	
Delaware

	
 

	
3766180

	
 

	
20-8611239

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
PWI
 Technologies

	
 

	
12/23/97

	
 

	
Washington

	
 

	
601 840 570

	
 

	
91-1870684

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra
 Solutions of

 California

	
 

	
2/14/05

	
 

	
Delaware

	
 

	
3925903

	
 

	
20-2373782

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Network
 System Technologies

	
 

	
10/10/96

	
 

	
Illinois

	
 

	
59061348

	
 

	
36-4108009

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Tactix, Inc.

	
 

	
12/10/92

	
 

	
Oregon

	
 

	
323217-88

	
 

	
93-1098930

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Alaska

	
 

	
725139

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Incentra
 Helio

 Acquisition Corporation

 – newly forming for

 acquisition corporation

 (not formed yet)

	
 

	
July 2007

	
 

	
Delaware

	
 

	
Not assigned

	
 

	
Not assigned

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
 

	
Helio
 Solutions, Inc.

 (company being merged

 into Incentra Helio

 Acquisition Corp)

	
 

	
4/19/2001

	
 

	
California

	
 

	
2340599

	
 

	
77-0572101

11

SCHEDULE B

COMMERCIAL TORT CLAIMS

12Exhibit 10.16

SUBSIDIARY GUARANTY

	
 

	
 

	
New York,
 New York

	
July 31, 2007

          FOR
VALUE RECEIVED, and in consideration of note purchases from, or credit
otherwise extended or to be extended by Calliope Capital Corporation
(“Calliope”) to or for the account of INCENTRA SOLUTIONS, INC., a Nevada
corporation (the “Company”) from time to time and at any time and for other
good and valuable consideration and to induce Calliope, in its discretion, to
purchase such notes or make other extensions of credit and to make or grant
such renewals, extensions, releases of collateral or relinquishments of legal
rights as Calliope may deem advisable, each of the undersigned (and each of
them if more than one, the liability under this Guaranty being joint and
several) (jointly and severally referred to as “Guarantors” or “the
undersigned”) unconditionally guaranties to Calliope, its successors, endorsees
and assigns the prompt payment when due (whether by acceleration or otherwise)
of all present and future obligations and liabilities of any and all kinds of
each Company to Calliope and of all instruments of any nature evidencing or
relating to any such obligations and liabilities upon which such Company or one
or more parties and such Company is or may become liable to Calliope, whether
incurred by such Company as maker, endorser, drawer, acceptor, guarantors,
accommodation party or otherwise, and whether due or to become due, secured or
unsecured, absolute or contingent, joint or several, and however or whenever
acquired by Calliope, whether arising under, out of, or in connection with (i)
that certain Securities Purchase Agreement dated as of the date hereof and
between the Company and Calliope (the “Securities Purchase Agreement”) and (ii)
each Related Agreement referred to in the Securities Purchase Agreement (the
Securities Purchase Agreement and each Related Agreement, as each may be
amended, modified, restated and/or supplemented from time to time, are
collectively referred to herein as the “Documents”), or any documents,
instruments or agreements relating to or executed in connection with the
Documents or any documents, instruments or agreements referred to therein or
otherwise, or any other obligations or liabilities of such Company to Calliope,
whether now existing or hereafter arising, direct or indirect, liquidated or
unliquidated, absolute or contingent, due or not due and whether under,
pursuant to or evidenced by a note, agreement, guaranty, instrument or
otherwise (all of which are herein collectively referred to as the
“Obligations”), and irrespective of the genuineness, validity, regularity or
enforceability of such Obligations, or of any instrument evidencing any of the
Obligations or of any collateral therefor or of the existence or extent of such
collateral, and irrespective of the allowability, allowance or disallowance of
any or all of the Obligations in any case commenced by or against any Company
under Title 11, United States Code, including, without limitation, obligations
or indebtedness of any Company for post-petition interest, fees, costs and
charges that would have accrued or been added to the Obligations but for the
commencement of such case. Terms not otherwise defined herein shall have the
meaning assigned such terms in the Securities Purchase Agreement. In
furtherance of the foregoing, the undersigned hereby agrees as follows:

          1.
No Impairment. Calliope may at any time and from time to time, either
before or after the maturity thereof, without notice to or further consent of
the undersigned, extend the time of payment of, exchange or surrender any
collateral for, renew or extend any of the Obligations or increase or decrease
the interest rate thereon, or any other agreement with any Company or with any
other party to or person liable on any of the Obligations, or interested

therein, for
the extension, renewal, payment, compromise, discharge or release thereof, in
whole or in part, or for any modification of the terms thereof or of any
agreement between Calliope and any Company or any such other party or person,
or make any election of rights Calliope may deem desirable under the United
States Bankruptcy Code, as amended, or any other federal or state bankruptcy,
reorganization, moratorium or insolvency law relating to or affecting the enforcement
of creditors’ rights generally (any of the foregoing, an “Insolvency Law”)
without in any way impairing or affecting this Guaranty. This Guaranty shall be
effective regardless of the subsequent incorporation, merger or consolidation
of any Company, or any change in the composition, nature, personnel or location
of any Company and shall extend to any successor entity to each Company,
including a debtor in possession or the like under any Insolvency Law.

          2.
Guaranty Absolute. Subject to Section 5(c) hereof, each of the
undersigned jointly and severally guarantees that the Obligations will be paid
strictly in accordance with the terms of the Documents and/or any other
document, instrument or agreement creating or evidencing the Obligations, regardless
of any law, regulation or order now or hereafter in effect in any jurisdiction
affecting any of such terms or the rights of any Company with respect thereto.
Guarantors hereby knowingly accept the full range of risk encompassed within a
contract of “continuing guaranty” which risk includes the possibility that a
Company will contract additional obligations and liabilities for which
Guarantors may be liable hereunder after such Company’s financial condition or
ability to pay its lawful debts when they fall due has deteriorated, whether or
not such Company has properly authorized incurring such additional obligations
and liabilities. The undersigned acknowledge that (i) no oral representations,
including any representations to extend credit or provide other financial
accommodations to any Company, have been made by Calliope to induce the
undersigned to enter into this Guaranty and (ii) any extension of credit to any
Company shall be governed solely by the provisions of the Documents. The
liability of each of the undersigned under this Guaranty shall be absolute and
unconditional, in accordance with its terms, and shall remain in full force and
effect without regard to, and shall not be released, suspended, discharged,
terminated or otherwise affected by, any circumstance or occurrence whatsoever,
including, without limitation: (a) any waiver, indulgence, renewal, extension,
amendment or modification of or addition, consent or supplement to or deletion
from or any other action or inaction under or in respect of the Documents or
any other instruments or agreements relating to the Obligations or any
assignment or transfer of any thereof, (b) any lack of validity or
enforceability of any Document or other documents, instruments or agreements
relating to the Obligations or any assignment or transfer of any thereof, (c)
any furnishing of any additional security to Calliope or its assignees or any
acceptance thereof or any release of any security by Calliope or its assignees,
(d) any limitation on any party’s liability or obligation under the Documents
or any other documents, instruments or agreements relating to the Obligations
or any assignment or transfer of any thereof or any invalidity or
unenforceability, in whole or in part, of any such document, instrument or
agreement or any term thereof, (e) any bankruptcy, insolvency, reorganization,
composition, adjustment, dissolution, liquidation or other like proceeding
relating to any Company, or any action taken with respect to this Guaranty by
any trustee or receiver, or by any court, in any such proceeding, whether or
not the undersigned shall have notice or knowledge of any of the foregoing, (f)
any exchange, release or nonperfection of any collateral, or any release, or
amendment or waiver of or consent to departure from any guaranty or security,
for all or any of the Obligations or (g) any other circumstance which might
otherwise constitute a defense available to, or a discharge of, the

2

undersigned.
Any amounts due from the undersigned to Calliope shall bear interest until such
amounts are paid in full at the highest rate then applicable to the
Obligations. Obligations include post-petition interest whether or not allowed
or allowable.

          3.
Waivers.

	
 

	
 

	
 

	
          (a)
 This Guaranty is a guaranty of payment and not of collection. Calliope shall
 be under no obligation to institute suit, exercise rights or remedies or take
 any other action against any Company or any other person or entity liable
 with respect to any of the Obligations or resort to any collateral security
 held by it to secure any of the Obligations as a condition precedent to the
 undersigned being obligated to perform as agreed herein and each of the
 Guarantors hereby waives any and all rights which it may have by statute or
 otherwise which would require Calliope to do any of the foregoing. Each of
 the Guarantors further consents and agrees that Calliope shall be under no
 obligation to marshal any assets in favor of Guarantors, or against or in
 payment of any or all of the Obligations. Each of the undersigned hereby
 waives all suretyship defenses and any rights to interpose any defense,
 counterclaim or offset of any nature and description which the undersigned
 may have or which may exist between and among Calliope, any Company and/or
 the undersigned with respect to the undersigned’s obligations under this
 Guaranty, or which any Company may assert on the underlying debt, including
 but not limited to failure of consideration, breach of warranty, fraud,
 payment (other than cash payment in full of the Obligations), statute of
 frauds, bankruptcy, infancy, statute of limitations, accord and satisfaction,
 and usury. 

	
 

	
 

	
 

	
          (b)
 Each of the undersigned further waives (i) notice of the acceptance of this
 Guaranty, of the extensions of credit, and of all notices and demands of any
 kind to which the undersigned may be entitled, including, without limitation,
 notice of adverse change in any Company’s financial condition or of any other
 fact which might materially increase the risk of the undersigned and (ii)
 presentment to or demand of payment from anyone whomsoever liable upon any of
 the Obligations, protest, notices of presentment, non-payment or protest and
 notice of any sale of collateral security or any default of any sort.

	
 

	
 

	
 

	
          (c)
 Notwithstanding any payment or payments made by the undersigned hereunder, or
 any setoff or application of funds of the undersigned by Calliope, the
 undersigned shall not be entitled to be subrogated to any of the rights of
 Calliope against any Company or against any collateral or guarantee or right
 of offset held by Calliope for the payment of the Obligations, nor shall the
 undersigned seek or be entitled to seek any contribution or reimbursement
 from any Company in respect of payments made by the undersigned hereunder,
 until all amounts owing to Calliope by each Company on account of the
 Obligations are indefeasibly paid in full and Calliope’ obligation to extend
 credit pursuant to the Documents has been irrevocably terminated. If,
 notwithstanding the foregoing, any amount shall be paid to the undersigned on
 account of such subrogation rights at any time when all of the Obligations
 shall not have been paid in full and Calliope’s obligation to extend credit
 pursuant to the Documents shall not have been terminated, such amount shall
 be held by the undersigned in trust for Calliope, segregated from other funds
 of the undersigned, and shall forthwith upon, and in any event within

3

	
 

	
 

	
 

	
two (2)
 business days of, receipt by the undersigned, be turned over to Calliope in
 the exact form received by the undersigned (duly endorsed by the undersigned
 to Calliope, if required), to be applied against the Obligations, whether
 matured or unmatured, in such order as Calliope may determine, subject to the
 provisions of the Documents. Any and all present and future obligations and
 liabilities of each Company to any of the undersigned are hereby waived and
 postponed in favor of, and subordinated to the full payment and performance
 of, all Obligations of each Company to Calliope.

          4.
Security. All sums at any time to the credit of the undersigned and any
property of the undersigned in Calliope’s possession or in the possession of
any bank, financial institution or other entity that directly or indirectly,
through one or more intermediaries, controls or is controlled by, or is under
common control with, Calliope (each such entity, an “Affiliate”) shall be
deemed held by Calliope or such Affiliate, as the case may be, as security for
any and all of the undersigned’s obligations and liabilities to Calliope and to
any Affiliate of Calliope, no matter how or when arising and whether under this
or any other instrument, agreement or otherwise. 

          5.
Representations and Warranties. Each of the undersigned hereby jointly
and severally represents and warrants (all of which representations and
warranties shall survive until all Obligations are indefeasibly satisfied in
full and the Documents have been irrevocably terminated), that:

	
 

	
 

	
 

	
          (a)
 Corporate Status. It is a corporation, partnership or limited
 liability company, as the case may be, duly formed, validly existing and in
 good standing under the laws of its jurisdiction of formation indicated on
 the signature page hereof and has full power, authority and legal right to
 own its property and assets and to transact the business in which it is
 engaged.

	
 

	
 

	
 

	
          (b)
 Authority and Execution. It has full power, authority and legal right
 to execute and deliver, and to perform its obligations under, this Guaranty
 and has taken all necessary corporate, partnership or limited liability
 company, as the case may be, action to authorize the execution, delivery and
 performance of this Guaranty.

	
 

	
 

	
 

	
          (c)
 Legal, Valid and Binding Character. This Guaranty constitutes its legal,
 valid and binding obligation enforceable in accordance with its terms, except
 as enforceability may be limited by applicable bankruptcy, insolvency,
 reorganization, moratorium or other laws of general application affecting the
 enforcement of creditor’s rights and general principles of equity that
 restrict the availability of equitable or legal remedies. 

	
 

	
 

	
 

	
          (d)
 Violations. The execution, delivery and performance of this Guaranty
 will not violate any requirement of law applicable to it or any contract,
 agreement or instrument to which it is a party or by which it or any of its
 property is bound or result in the creation or imposition of any mortgage,
 lien or other encumbrance other than in favor of Calliope on any of its
 property or assets pursuant to the provisions of any of the foregoing, which,
 in any of the foregoing cases, could reasonably be expected to have, either
 individually or in the aggregate, a Material Adverse Effect.

4

	
 

	
 

	
 

	
          (e)
 Consents or Approvals. No consent of any other person or entity
 (including, without limitation, any creditor of the undersigned) and no
 consent, license, permit, approval or authorization of, exemption by, notice
 or report to, or registration, filing or declaration with, any governmental
 authority is required in connection with the execution, delivery,
 performance, validity or enforceability of this Guaranty by it, except to the
 extent that the failure to obtain any of the foregoing could not reasonably
 be expected to have, either individually or in the aggregate, a Material
 Adverse Effect.

	
 

	
 

	
 

	
          (f)
 Litigation. No litigation, arbitration, investigation or
 administrative proceeding of or before any court, arbitrator or governmental
 authority, bureau or agency is currently pending or, to the best of its
 knowledge, threatened (i) with respect to this Guaranty or any of the
 transactions contemplated by this Guaranty or (ii) against or affecting it,
 or any of its property or assets, which, in each of the foregoing cases, if
 adversely determined, could reasonably be expected to have a Material Adverse
 Effect.

	
 

	
 

	
 

	
          (g)
 Financial Benefit. It has derived or expects to derive a financial or
 other advantage from each and every loan, advance or extension of credit made
 under the Documents or other Obligation incurred by the Companies to
 Calliope.

	
 

	
 

	
 

	
          (h)
 Solvency. As of the date of this Guaranty, (a) the fair saleable value
 of its assets exceeds its liabilities and (b) it is meeting its current
 liabilities as they mature.

          6.
Acceleration.

	
 

	
 

	
 

	
          (a)
 If any breach of any covenant or condition or other event of default shall
 occur and be continuing under any agreement made by any Company or any of the
 undersigned to Calliope, or any Company or any of the undersigned should at
 any time become insolvent, or make a general assignment, or if a proceeding
 in or under any Insolvency Law shall be filed or commenced by, or in respect
 of, any of the undersigned, or if a notice of any lien, levy, or assessment
 is filed of record with respect to any assets of any of the undersigned by
 the United States of America or any department, agency, or instrumentality
 thereof, or if any taxes or debts owing at any time or times hereafter to any
 one of them becomes a lien or encumbrance upon any assets of the undersigned
 in Calliope’s possession, or otherwise, any and all Obligations shall for
 purposes hereof, at Calliope’s option, be deemed due and payable without
 notice notwithstanding that any such Obligation is not then due and payable
 by the Companies.

	
 

	
 

	
 

	
          (b)
 Each of the undersigned will promptly notify Calliope of any default by such
 undersigned in its respective performance or observance of any term or
 condition of any agreement to which the undersigned is a party if the effect
 of such default is to cause, or permit the holder of any obligation under
 such agreement to cause, such obligation to become due prior to its stated
 maturity and, if such an event occurs, Calliope shall have the right to
 accelerate such undersigned’s obligations hereunder.

          7.
Payments from Guarantors. Calliope, in its sole and absolute discretion,
with or without notice to the undersigned, may apply on account of the
Obligations any payment from the undersigned or any other guarantors, or
amounts realized from any security for the

5

Obligations,
or may deposit any and all such amounts realized in a non-interest bearing cash
collateral deposit account to be maintained as security for the Obligations.

          8.
Costs. The undersigned shall pay on demand, all costs, fees and expenses
(including expenses for legal services of every kind) relating or incidental to
the enforcement or protection of the rights of Calliope hereunder or under any
of the Obligations.

          9.
No Termination. This is a continuing irrevocable guaranty and shall
remain in full force and effect and be binding upon the undersigned, and each
of the undersigned’s successors and assigns, until all of the Obligations have
been indefeasibly paid in full and Calliope’s obligation to extend credit
pursuant to the Documents has been irrevocably terminated. If any of the
present or future Obligations are guarantied by persons, partnerships,
corporations or other entities in addition to the undersigned, the death,
release or discharge in whole or in part or the bankruptcy, merger,
consolidation, incorporation, liquidation or dissolution of one or more of them
shall not discharge or affect the liabilities of any undersigned under this
Guaranty.

          10.
Recapture. Anything in this Guaranty to the contrary notwithstanding, if
Calliope receives any payment or payments on account of the liabilities
guaranteed hereby, which payment or payments or any part thereof are
subsequently invalidated, declared to be fraudulent or preferential, set aside
and/or required to be repaid to a trustee, receiver, or any other party under
any Insolvency Law, common law or equitable doctrine, then to the extent of any
sum not finally retained by Calliope, the undersigned’s obligations to Calliope
shall be reinstated and this Guaranty shall remain in full force and effect (or
be reinstated) until payment shall have been made to Calliope, which payment
shall be due on demand.

          11.
Books and Records. The books and records of Calliope showing the account
between Calliope and each Company shall be admissible in evidence in any action
or proceeding, shall be binding upon the undersigned for the purpose of
establishing the items therein set forth and shall constitute prima facie proof
thereof (absent manifest error).

          12.
No Waiver. No failure on the part of Calliope to exercise, and no delay
in exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by Calliope of any right,
remedy or power hereunder preclude any other or future exercise of any other
legal right, remedy or power. Each and every right, remedy and power hereby
granted to Calliope or allowed it by law or other agreement shall be cumulative
and not exclusive of any other, and may be exercised by Calliope at any time
and from time to time.

          13.
Waiver of Jury Trial. EACH OF THE UNDERSIGNED DESIRES THAT ITS DISPUTES
BE RESOLVED BY A JUDGE APPLYING APPLICABLE LAWS. THEREFORE, TO ACHIEVE THE BEST
COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, EACH OF
THE UNDERSIGNED HERETO WAIVES ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION, SUIT,
OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER ARISING IN CONTRACT,
TORT, OR OTHERWISE BETWEEN CALLIOPE, AND/OR ANY OF THE UNDERSIGNED ARISING OUT
OF, CONNECTED WITH, RELATED OR INCIDENTAL TO THE

6

RELATIONSHIP
ESTABLISHED BETWEEN THEM IN CONNECTION WITH THIS GUARANTY, ANY DOCUMENT OR THE
TRANSACTIONS RELATED HERETO OR THERETO.

          14.
Governing Law; Jurisdiction. THIS GUARANTY CANNOT BE CHANGED OR
TERMINATED ORALLY, AND SHALL BE GOVERNED BY AND CONSTRUED AND ENFORCED IN
ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE
AND PERFORMED IN SUCH STATE, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS.
EACH OF THE UNDERSIGNED HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL
COURTS LOCATED IN THE COUNTY OF NEW YORK, STATE OF NEW YORK SHALL HAVE
EXCLUSIVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN ANY
OF THE UNDERSIGNED, ON THE ONE HAND, AND CALLIOPE, ON THE OTHER HAND,
PERTAINING TO THIS GUARANTY OR ANY OF THE DOCUMENTS OR TO ANY MATTER ARISING
OUT OF OR RELATED TO THIS GUARANTY OR ANY OF THE DOCUMENTS; PROVIDED,
THAT EACH OF THE UNDERSIGNED ACKNOWLEDGES THAT ANY APPEALS FROM THOSE COURTS
MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF THE COUNTY OF NEW YORK,
STATE OF NEW YORK; AND FURTHER PROVIDED, THAT NOTHING IN THIS
GUARANTY SHALL BE DEEMED OR OPERATE TO PRECLUDE CALLIOPE FROM BRINGING SUIT OR
TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO COLLECT THE OBLIGATIONS,
TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE OBLIGATIONS, OR TO
ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF CALLIOPE. EACH OF THE
UNDERSIGNED EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN
ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND EACH UNDERSIGNED HEREBY
WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL
JURISDICTION, IMPROPER VENUE OR FORUM NON CONVENIENS. EACH OF THE
UNDERSIGNED HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER
PROCESS ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH
SUMMONS, COMPLAINT AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED
MAIL ADDRESSED TO SUCH UNDERSIGNED IN ACCORDANCE WITH SECTION 18 AND THAT
SERVICE SO MADE SHALL BE DEEMED COMPLETED UPON THE EARLIER OF SUCH
UNDERSIGNED’S ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE
U.S. MAILS, PROPER POSTAGE PREPAID.

          15.
Understanding With Respect to Waivers and Consents. Each Guarantor
warrants and agrees that each of the waivers and consents set forth in this
Guaranty is made voluntarily and unconditionally after consultation with
outside legal counsel and with full knowledge of its significance and
consequences, with the understanding that events giving rise to any defense or
right waived may diminish, destroy or otherwise adversely affect rights which
such Guarantor otherwise may have against any Company, Calliope or any other person
or entity or against any collateral. If, notwithstanding the intent of the
parties that the terms of this Guaranty shall control in any and all
circumstances, any such waivers or consents are determined to be

7

unenforceable
under applicable law, such waivers and consents shall be effective to the
maximum extent permitted by law.

          16.
Severability. To the extent permitted by applicable law, any provision
of this Guaranty which is prohibited or unenforceable in any jurisdiction
shall, as to such jurisdiction, be ineffective to the extent of such
prohibition or unenforceability without invalidating the remaining provisions
hereof, and any such prohibition or unenforceability in any jurisdiction shall
not invalidate or render unenforceable such provision in any other
jurisdiction.

          17.
Amendments, Waivers. No amendment or waiver of any provision of this
Guaranty nor consent to any departure by the undersigned therefrom shall in any
event be effective unless the same shall be in writing executed by each of the
undersigned directly affected by such amendment and/or waiver and Calliope.

          18.
Notice. All notices, requests and demands to or upon the undersigned,
shall be in writing and shall be deemed to have been duly given or made (a)
when delivered, if by hand, (b) three (3) days after being sent, postage
prepaid, if by registered or certified mail, (c) when confirmed electronically,
if by facsimile, or (d) when delivered, if by a recognized overnight delivery
service in each event, to the numbers and/or address set forth beneath the
signature of the undersigned.

          19.
Successors. Calliope may, from time to time, without notice to the
undersigned, sell, assign, transfer or otherwise dispose of all or any part of
the Obligations and/or rights under this Guaranty. Without limiting the
generality of the foregoing, Calliope may assign, or grant participations to,
one or more banks, financial institutions or other entities all or any part of
any of the Obligations. In each such event, Calliope, its Affiliates and each
and every immediate and successive purchaser, assignee, transferee or holder of
all or any part of the Obligations shall have the right to enforce this
Guaranty, by legal action or otherwise, for its own benefit as fully as if such
purchaser, assignee, transferee or holder were herein by name specifically
given such right. Calliope shall have an unimpaired right to enforce this
Guaranty for its benefit with respect to that portion of the Obligations which
Calliope has not disposed of, sold, assigned, or otherwise transferred.

          20.
Joinder. It is understood and agreed that any person or entity that
desires to become a Guarantor hereunder, or is required to execute a
counterpart of this Guaranty after the date hereof pursuant to the requirements
of any Document, shall become a Guarantor hereunder by (x) executing a joinder
agreement in form and substance satisfactory to Calliope, (y) delivering
supplements to such exhibits and annexes to such Documents as Calliope shall
reasonably request and/or as may be required by such joinder agreement and (z)
taking all actions as specified in this Guaranty as would have been taken by
such such Guarantor had it been an original party to this Guaranty, in each
case with all documents required above to be delivered to Calliope and with all
documents and actions required above to be taken to the reasonable satisfaction
of Calliope.

          21.
Release. Nothing except indefeasible payment in full of the Obligations
shall release any of the undersigned from liability under this Guaranty.

8

          22.
Remedies Not Exclusive. The remedies conferred upon Calliope in this
Guaranty are intended to be in addition to, and not in limitation of any other
remedy or remedies available to Calliope under applicable law or otherwise.

          23.
Limitation of Obligations under this Guaranty. Each Guarantor and
Calliope (by its acceptance of the benefits of this Guaranty) hereby confirms
that it is its intention that this Guaranty not constitute a fraudulent
transfer or conveyance for purposes of the Bankruptcy Code, the Uniform
Fraudulent Conveyance Act or any similar Federal or state law. To effectuate
the foregoing intention, each Guarantor and Calliope (by its acceptance of the
benefits of this Guaranty) hereby irrevocably agrees that the Obligations
guaranteed by such Guarantor shall be limited to such amount as will, after
giving effect to such maximum amount and all other (contingent or otherwise)
liabilities of such Guarantor that are relevant under such laws and after
giving effect to any rights to contribution pursuant to any agreement providing
for an equitable contribution among such Guarantor and the other Guarantors
(including this Guaranty), result in the Obligations of such Guarantor under
this Guaranty in respect of such maximum amount not constituting a fraudulent
transfer or conveyance.

[REMAINDER OF THIS PAGE IS BLANK.

SIGNATURE PAGE IMMEDIATELY FOLLOWS]

9

          IN
WITNESS WHEREOF, this Guaranty has been executed by the undersigned as of the
date and year here above written.

	
 

	
 

	
 

	
 

	
PWI
 TECHNOLOGIES, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation:

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS OF CALIFORNIA, INC.

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation:

	
 

	
 

	
 

	
 

	
 

	
MANAGEDSTORAGE
 INTERNATIONAL, INC.

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Assistant Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation:

10

	
 

	
 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS INTERNATIONAL, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Assistant Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation: 

	
 

	
 

	
 

	
INCENTRA
 SOLUTIONS OF THE NORTHEAST, INC.

	
 

	
 

	
 

	
By: 

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title:
 Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation: 

	
 

	
 

	
 

	
NETWORK
 SYSTEM TECHNOLOGIES, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew Richman

	
 

	
Title:
 Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation: 

	
 

	
 

	
 

	
TACTIX, INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

11

	
 

	
 

	
 

	
 

	
Title:
 Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation: 

	
 

	
 

	
 

	
INCENTRA
 HELIO ACQUISITION CORP., INC.

	
 

	
 

	
 

	
By:

	
 

	
 

	
 

	

	
 

	
Name:
 Matthew G. Richman

	
 

	
Title: Secretary

	
 

	
 

	
 

	
Address:
 1140 Pearl Street Boulder, CO 80302

	
 

	
 

	
 

	
Telephone:
 (303) 440-7829

	
 

	
Facsimile:
 (303) 449-9584

	
 

	
State of
 Formation: 

12

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00128-of-00352.parquet"}]]