Document:

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                                                                    EXHIBIT 10.2

                                NAVISITE, INC.

                             COMMON STOCK WARRANT

                                     No. 2

                               December 15, 2000
                                  __________

THIS COMMON STOCK WARRANT AND ANY SECURITIES ISSUABLE UPON THE EXERCISE OR
CONVERSION OF THIS COMMON STOCK WARRANT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE TRANSFERRED OR OTHERWISE
DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH ACT OR PURSUANT TO AN
EXEMPTION FROM REGISTRATION UNDER SUCH ACT.

                                   __________

                      Warrant to Purchase 2,601,626 Shares
                                of Common Stock

     NaviSite, Inc., a Delaware corporation (the "Company"), hereby certifies
that, for value received, CMGI, Inc., a Delaware corporation ("CMGI"), or any
transferee to whom this warrant (the "Warrant") is properly transferred (the
"Holder"), is entitled, on the terms set forth below, to purchase from the
Company at any time until 5:00 p.m., Boston time, on December 15, 2005 (the
"Expiration Date") 2,601,626 fully paid and nonassessable shares of the Common
Stock, par value $0.01 per share (the "Common Stock"), of the Company, at a
price per share equal to $6.91875, subject to adjustments as provided below (the
"Purchase Price").

     This Warrant is being issued pursuant to the Note and Warrant Purchase
Agreement dated December 12, 2000 between the Company and CMGI (the "Note and
Warrant Purchase Agreement").

     1.   Exercise of Warrant; Conversion of Warrant; Transfer of Warrant.

          (a)  Exercise of Warrant.  At any time prior to 5:00 p.m. on the
               -------------------
Expiration Date, the rights represented by this Warrant may be exercised by the
Holder, in whole or in part, upon surrender of this Warrant to the Company,
together with an executed Notice of Exercise or Conversion, substantially in the
form attached hereto as Exhibit A, at the Company's primary executive office,
                        ---------
with payment by check to the Company of the amount obtained by multiplying
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the number of shares of Common Stock with respect to which this Warrant is being
exercised by the Purchase Price.

          (b)  Conversion of Warrant.  In addition to, and without limiting, any
               ----------------------
other rights of the Holder hereunder, the Holder may elect to convert this
Warrant, in whole or in part, into shares of Common Stock at any time prior to
5:00 p.m. on the Expiration Date by surrendering this Warrant to the Company,
together with an executed Notice of Exercise or Conversion substantially in the
form attached hereto as Exhibit A, at the Company's primary executive office.
                        ---------
Upon receipt of such notice and surrender of the Warrant by the Holder, or on
such later date as specified in the Notice of Exercise or Conversion, the
Company shall deliver to the Holder within a reasonable time, without payment by
the Holder of any cash or other consideration, that number of shares of Common
Stock computed using the following formula:

          X =  Y(A-B)
               ------
                 A

Where:    X =  the number of shares of Common Stock to be issued to the Holder.

          Y =  the number of shares of Common Stock with respect to which this
               Warrant is being converted.

          A =  the Fair Market Value, as defined below, of one share of Common
               Stock.

          B =  Purchase Price.

               If the Common Stock is traded on the Nasdaq National Market, the
Fair Market Value of one share of Common Stock shall be the closing price quoted
on the Nasdaq National Market, as published in The Wall Street Journal on the
                                               -----------------------
date of determination of Fair Market Value. If the Common Stock is not traded on
the Nasdaq National Market, but is traded on an exchange or over-the-counter,
the Fair Market Value of one share of Common Stock shall be the closing price
quoted on the exchange on which the Common Stock is listed or the average of the
closing bid and asked prices of the Common Stock quoted in the Over-the-Counter
Market Summary, whichever is applicable, on the date of determination of Fair
Market Value. In all other cases, the Fair Market Value of one share of Common
Stock shall be determined in good faith by the Company's Board of Directors (the
"Board").

          (c)  Partial Exercise.  Upon any partial exercise or conversion, the
               -----------------
Company will issue to the Holder a new Warrant for the number of shares of
Common Stock as to which this Warrant was not exercised or converted.

          (d)  Fractional Shares.  No fractional shares of Common Stock shall be
               ------------------
issued upon any exercise or conversion of this Warrant.  Instead of any
fractional share which would otherwise be issuable upon exercise or conversion,
the Company shall pay a cash amount in respect of each fractional share at a
price equal to an amount calculated by multiplying such

                                       2
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fractional share (calculated to the nearest 1/100th of a share) by the Fair
Market Value of a share of Common Stock on the date of exercise or conversion,
as applicable, minus the Purchase Price. Payment of such amount shall be made in
cash or by check payable to the order of the Holder at the time of delivery of
any certificate or certificates arising upon such exercise or conversion.

          (e)  Taxes.  The Company will not be required to pay any tax imposed
               ------
in connection with any transfer involved in the issuance of a Warrant or a
certificate for shares of Common Stock in any name other than that of the Holder
hereof, and in such case, the Company will not be required to issue or deliver
any stock certificate or Warrant until such tax is paid.

          (f)  Transfer of Warrant.  Transfer of this Warrant to a third party
shall be effected by execution and delivery of the Notice of Assignment attached
hereto as Exhibit B and surrender of this Warrant for registration of transfer
          ---------
of this Warrant at the primary executive office of the Company, together with
funds sufficient to pay any applicable transfer tax.  Upon receipt of the duly
executed Notice of Assignment and the necessary transfer tax funds, if any, the
Company, at its expense, shall execute and deliver, in the name of the
designated transferee or transferees, one or more new Warrants representing the
right to purchase a like aggregate number of shares of Common Stock.

     2.   Antidilution Provisions.

          (a)  Reorganization, Reclassification or Recapitalization of the
               -----------------------------------------------------------
Company. In case of (i) a capital reorganization, reclassification or
-------
recapitalization of the Company's capital stock (other than in the cases
referred to in Section 2(c) hereof), (ii) the Company's consolidation or merger
with or into another corporation in which the Company is not the surviving
entity, or a merger in which the Company is the surviving entity but the shares
of the Company's capital stock outstanding immediately prior to the merger are
converted, by virtue of the merger, into other property, whether in the form of
securities, cash or otherwise, or (iii) the sale or transfer of all or
substantially all of the Company's assets, then, as part of such reorganization,
reclassification, recapitalization, merger, consolidation, sale or transfer,
lawful provision shall be made so that there shall thereafter be deliverable
upon the exercise of this Warrant or any portion thereof (in lieu of or in
addition to the number of shares of Common Stock theretofore deliverable, as
appropriate) and without payment of any additional consideration, the number of
shares of stock or other securities of property to which the holder of the
number of shares of Common Stock which would otherwise have been deliverable
upon the exercise or conversion of this Warrant or any portion thereof at the
time of such reorganization, reclassification, recapitalization, consolidation,
merger, sale or transfer would have been entitled to receive in such
reorganization, reclassification, recapitalization, consolidation, merger, sale
or transfer. This Section 2(a) shall apply to successive reorganizations,
reclassifications, recapitalizations, consolidations, mergers, sales and
transfers and to the stock or securities of any other corporation that are at
the time receivable upon the exercise or conversion of this Warrant or any
portion thereof. If the per share consideration payable to the Holder for shares
of Common Stock in connection with any transaction described in this Section
2(a) is in a form other than cash or marketable securities, then the value of
such consideration shall be determined in good faith by the Board.

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          (b)  Splits and Combinations.  If the Company at any time or from time
               ------------------------
to time after the date of this Warrant subdivides any of its outstanding shares
of Common Stock into a greater number of shares, the Purchase Price in effect
immediately prior to such subdivision shall be proportionately reduced, and,
conversely, if the outstanding shares of Common Stock are combined into a
smaller number of shares, the Purchase Price in effect immediately prior to such
combination shall be proportionately increased.

          (c)  Reclassifications.  If the Company reclassifies or otherwise
               ------------------
changes any of the securities into which this Warrant may be convertible into
the same or a different number of securities of any other class or classes, this
Warrant shall thereafter be convertible into such number and kind of securities
as would have been issuable as the result of such change with respect to the
securities into which this Warrant was convertible immediately prior to such
reclassification or other change and the Purchase Price therefor shall be
appropriately adjusted.

          (d)  Liquidation; Dissolution.  If the Company shall dissolve,
               -------------------------
liquidate or wind up its affairs, the Holder shall have the right, but not the
obligation, to exercise this Warrant effective as of the date of such
dissolution, liquidation or winding up. If any such dissolution, liquidation or
winding up results in any cash distribution to the Holder in excess of the
aggregate Purchase Price for the shares of Common Stock for which this Warrant
is exercisable, then the Holder may, at its option, exercise this Warrant
without making payment of such aggregate Purchase Price and, in such case, the
Company shall, upon distribution to the Holder, consider such aggregate Purchase
Price to have been paid in full, and in making such settlement to the Holder,
shall deduct an amount equal to such aggregate Purchase Price from the amount
payable to the Holder.

          (e)  Adjustment Certificates.  Upon any adjustment of the Purchase
               ------------------------
Price or the number of shares of Common Stock issuable upon exercise or
conversion of this Warrant, a certificate, signed by (i) the Company's President
and Chief Financial Officer or (ii) any independent firm of certified public
accountants of recognized national standing the Company selects at its own
expense, setting forth in reasonable detail the events requiring the adjustment
and the method by which such adjustment was calculated, shall be mailed to the
Holder at the address set forth in Section 6 hereof and shall specify the
adjusted Purchase Price and the number of shares of Common Stock issuable upon
exercise or conversion of the Warrant after giving effect to the adjustment.

          (f)  No Impairment.  The Company shall not, by amendment of its
               --------------
Certificate of Incorporation or through any reorganization, recapitalization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the
Company, but shall at all times in good faith assist in the carrying out of all
provisions of this Section 2 and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Holder against
impairment. The Company shall not be deemed to have avoided or to be seeking to
avoid the observance or performance of any of the terms to be

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observed or performed hereunder by issuing securities after the Closing Date for
a consideration per share less than the Purchase Price then in effect.

          (g)  Application.  Except as otherwise provided herein, all
               ------------
subsections of this Section 2 are intended to operate independently of one
another. If an event occurs that requires the application of more than one
subsection, all applicable subsections shall be given independent effect.

     3.   Notices of Record Date.  In case (a) the Company takes a record of the
holders of the Common Stock for the purpose of entitling them to receive any
dividend or other distribution, or any right to subscribe for or purchase any
shares of stock of any class or any other securities;  (b) of any capital
reorganization of the Company, any reclassification of the capital stock of the
Company, any consolidation or merger of the Company with or into another
corporation, or any conveyance of all or substantially all of the assets of the
Company to another corporation; or (c) of any voluntary dissolution, liquidation
or winding-up of the Company; then, in each such case, the Company will mail or
cause to be mailed to each Holder of a Warrant at the time outstanding a notice
specifying, as the case may be, (i) the date on which a record is to be taken
for the purpose of such dividend, distribution or right, and stating the amount
and character of such dividend, distribution or right, or (ii) the date on which
such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up is to take place, and time, if any is to
be fixed, as of which the holders of record of Common Stock (or such other stock
or securities at the time receivable upon the exercise or conversion of the
Warrant) will be entitled to exchange their shares of Common Stock (or such
other stock or securities) for securities or other property deliverable upon
such reorganization, reclassification, consolidation, merger, conveyance,
dissolution, liquidation or winding-up, and, in the case of a reorganization,
consolidation, merger or conveyance, the fair market value of such securities or
other property as determined by the Board.  Such notice shall be mailed at least
ten days prior to the date specified therein.

     4.   Replacement of Warrant.  Upon receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an
indemnity agreement in such reasonable amount as the Company may determine, or
(in the case of mutilation) upon surrender and cancellation thereof, the Company
at its expense, will issue a replacement.

     5.   Transferability of Warrant; No Redemption.  This Warrant and all
rights hereunder are freely transferable by the Holder, subject to compliance
with applicable state and federal securities laws. This Warrant shall not be
redeemable by the Company, in whole or in part, at any time.

     6.   Notices.   All notices, instructions and other communications given
hereunder or in connection herewith shall be in writing.  Any such notice,
instruction or communication shall be sent either (i) by certified mail, return
receipt requested, postage prepaid, (ii) via a reputable nationwide overnight
courier service or (iii) by facsimile (with "answer-back" confirmation), in

                                       5
<PAGE>

each case to the address set forth below. Any such notice, instruction or
communication shall be deemed to have been delivered upon receipt of
confirmation of delivery after it is sent by certified mail, return receipt
requested, postage prepaid, one business day after it is sent via a reputable
nationwide overnight courier service, or upon receipt of confirmation of
delivery of a facsimile.

If to the Company to:    NaviSite, Inc.
                         400 Minuteman Road
                         Andover, MA 01810
                         Attention:  General Counsel
                         Facsimile:  (978) 688-8100

With a copy to:          Hale and Dorr LLP
                         60 State Street
                         Boston, MA 02109
                         Attention: Mark G. Borden, Esq.
                         Facsimile: (617) 526-5000

If to the Holder to:     CMGI, Inc.
                         100 Brickstone Square
                         Andover, MA 01810
                         Attention: William Williams, II, Esq.
                         Facsimile: (978) 684-3601

With a copy to:          Skadden, Arps, Slate Meagher & Flom LLP
                         One Beacon Street
                         Boston, MA  02108
                         Attention:  David T. Brewster, Esq.
                         Facsimile:  (617) 573-4822

Either party may give any notice, instruction or communication in connection
with this Warrant using any other means (including personal delivery or ordinary
mail), but no such notice, instruction or communication shall be deemed to have
been delivered unless and until it is received by the party to whom it was sent.
Either party may change the address to which notices, instructions or
communications are to be delivered by giving the other party to this Warrant
notice thereof in the manner set forth in this Section 6.

     7.   Change; Waiver.  This Warrant except by agreement may not be changed,
amended or modified in writing signed by the Company and the Holder.

     8.   No Rights as Stockholder.  This Warrant does not entitle the Holder to
any voting rights or other rights as a stockholder of the Company prior to the
exercise of this Warrant.

                                       6
<PAGE>

     9.   Headings.  The headings in this Warrant are for purposes of reference
only and shall not be deemed to constitute a part hereof.

     10.  Governing Law.  This Warrant is delivered in the State of Delaware and
shall be construed in accordance with and governed by the laws of such state
without regard to its conflicts of laws rules.

Dated:  December 15, 2000

                                 NAVISITE, INC.

                                 By: /s/ Kenneth W. Hale as CFO
                                     -----------------------------------

                                 Title: CFO
                                       ---------------------------------

                                       7
<PAGE>

                                                                       EXHIBIT A
                        NOTICE OF EXERCISE OR CONVERSION

TO:  NAVISITE, INC.

     1.   The undersigned hereby elects to receive __________ shares of Common
Stock of NaviSite, Inc., pursuant to the terms of the attached Warrant.

     2.   Method of Exercise (Please initial the applicable blank):

          ___  The undersigned elects to exercise the attached Warrant by means
               of a cash payment, and tenders herewith payment in full for the
               purchase price of the shares being purchased, together with all
               applicable transfer taxes, if any.

          ___  The undersigned elects to convert the attached Warrant by means
               of the conversion provisions of Section 2(b) of the Warrant.

     3.   Please issue a certificate or certificates representing said shares of
Common Stock in the name of the undersigned or in such other name as is
specified below:

                      ___________________________________
                                     (Name)
                      ___________________________________

                      ___________________________________
                                   (Address)

     4.   The undersigned represents that the aforesaid shares of Common Stock
are being acquired for the account of the undersigned for investment and not
with a view to, or for resale in connection with, the distribution thereof and
that the undersigned has no present intention of distributing or reselling such
shares.

          All capitalized terms used but not otherwise defined herein shall have
the meaning ascribed to such terms in the Warrant.

                      ___________________________________
                                 Name of Holder

                      ___________________________________
                       Signature of Authorized Signatory

                      ___________________________________
                             Print Name and Title

                      ___________________________________
                                      Date

                                       8
<PAGE>

                                                                       EXHIBIT B

                                ASSIGNMENT FORM

(To be executed only upon the assignment of the within Warrant)

     FOR VALUE RECEIVED, the undersigned registered Holder of the within Warrant
hereby sells, assigns and transfers unto _____________________, whose address is
___________________
all of the rights of the undersigned under the within Warrant, with respect to
shares of Common Stock (as defined within the Warrant) of NaviSite, Inc., and,
if such shares of Common Stock shall not include all the shares of Common Stock
issuable as provided in the within Warrant, that a new Warrant of like tenor for
the number of shares of Common Stock not being transferred hereunder be issued
in the name of and delivered to the undersigned, and does hereby irrevocably
constitute and appoint _________________ attorney to register such transfer on
the books of NaviSite, Inc. maintained for that purpose, with full power of
substitution in the premises.

Dated:_____________

Signature Guaranteed

                            By:_______________________________________
                                 (Signature of Registered Holder)
                            Title:  __________________________________

NOTICE:        The signature to this Notice of Assignment must correspond with
               the name upon the face of the within Warrant in every particular,
               without alteration or enlargement or any change whatever.

               The signature to this Notice of Assignment must be guaranteed by
               a commercial bank or trust company in the United States or a
               member firm of the New York Stock Exchange.

                                       9<PAGE>

                                                                    Exhibit 10.3

THIS NOTE AND ANY SECURITIES ISSUABLE UPON THE CONVERSION OF THIS NOTE HAVE NOT
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, AND MAY NOT BE
TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THEY HAVE BEEN REGISTERED UNDER SUCH
ACT OR PURSUANT TO AN EXEMPTION FROM REGISTRATION UNDER SUCH ACT.

THE PAYMENT OF THIS NOTE AND THE RIGHTS OF THE HOLDER OF THIS NOTE ARE
SUBORDINATED TO THE PAYMENT OF SUPERIOR INDEBTEDNESS AND THE RIGHTS OF THE
HOLDERS OF SUPERIOR INDEBTEDNESS UPON THE TERMS OF SUBORDINATION SET FORTH IN
THAT CERTAIN SUBORDINATION AGREEMENT DATED DECEMBER 12, 2000 BY AMONG THE ISSUER
OF THIS NOTE AND CMGI, INC., AS AMENDED, MODIFIED AND SUPPLEMENTED FROM TIME TO
TIME.

                                 NAVISITE, INC.

                      7.5% Convertible, Subordinated Note
                             Due December 12, 2003

U.S. $30,000,000                                                January 24, 2001

          FOR VALUE RECEIVED, the undersigned, NaviSite, Inc., a Delaware
corporation (the "Borrower"), hereby promises to pay to CMGI, Inc., a Delaware
corporation (the "Lender"), the principal sum of Thirty Million Dollars
($30,000,000) (the "Principal Sum"), or such lesser amount as may then be
outstanding, together with accrued but unpaid interest thereon, on December 12,
2003 (the "Maturity Date"). Interest on the outstanding Principal Sum shall be
at a rate of 7.5% per annum ("Interest"), calculated on the basis of a 360 day
year consisting of twelve 30 day months and payable quarterly in arrears on
January 31, April 30, July 31 and October 31 of each year until this Note is
paid in full (each an "Interest Payment Date"). If all or a portion of the
Principal Sum or Interest shall not be paid when due (whether at its stated
maturity, by acceleration or otherwise), the Borrower hereby promises to pay, on
demand, interest on such overdue amount from and including the due date to, but
excluding, the date such amount is paid in full at 10.5% per annum (and until
the date such overdue amount is paid in full, "Interest" on such overdue amount
shall mean interest at such rate).

          This Note is being delivered pursuant to that certain Note and Warrant
Purchase Agreement, dated as of December 12, 2000, between the Borrower and the
<PAGE>

Lender (the "Note and Warrant Purchase Agreement"). All capitalized terms used
but not otherwise defined herein shall have the meaning ascribed to such terms
in the Note and Warrant Purchase Agreement.

     1.   Subordination.

     The Lender's right to payment pursuant to the terms of this Note shall be
subordinated to the extent and on the terms and conditions set forth in the
Subordination Agreement, dated as of December 12, 2000, by and among the Lender
and the Borrower (the "Subordination Agreement"), and the terms and provisions
of the Subordination Agreement are incorporated herein by reference.

     2.   Payment.

          Payment of the Principal Sum on the Maturity Date and Interest on each
Interest Payment Date shall be made by certified or bank cashier's check payable
to the Lender at the Lender's principal address set forth in Section 6 hereof
(or at such other place as the Lender hereof shall notify the Borrower in
writing) or, if the Lender so specifies, by written notice to the Borrower given
not less than two Business Days prior to the Maturity Date or the Interest
Payment Date, as the case may be, by bank wire transfer, in immediately
available funds, to the account so specified, in lawful money of the United
States of America, provided that, at the election of the Borrower, the amount of
                   -------- ----
Interest due on any Interest Payment Date may be paid in shares of common stock,
par value $0.01 per share ("Common Stock"), of the Borrower, with the number of
shares of Common Stock to be issued in payment of the Interest due on such
Interest Payment Date to equal the amount of such Interest divided by the
average of the closing prices per share of the Common Stock on the Nasdaq
National Market as reported in The Wall Street Journal on the five consecutive
                               -----------------------
trading days ending on the trading day immediately preceding such Interest
Payment Date.  The Borrower may prepay this Note at any time, without premium or
penalty, in whole or in part, with accrued interest to the date of such payment
on the amount prepaid.  If the Maturity Date or any Interest Payment Date occurs
on a date that is not a Business Day then the Principal Sum or Interest then due
shall be paid on the next succeeding Business Day.  "Business Day" shall mean
any day other than Saturday, Sunday or any day upon which banks in the city of
Boston, Massachusetts are authorized or required to be closed.

     3.   Conversion.

          (a) Conversion Rights. Subject to and in accordance with the
              -----------------
provisions of this Section 3, at any time on or prior to the Maturity Date, the
Lender may elect, in its sole discretion, to effect the conversion (the
"Conversion") of all or any portion of the Principal Sum and Interest due on
this Note into Common Stock.

                                       2
<PAGE>

The number of shares of Common Stock into which the Principal Sum and accrued
but unpaid Interest (or portion thereof) shall be converted pursuant to this
Section 3(a) shall be determined by dividing the amount of Principal Sum and
Interest the Lender has elected to convert by the Conversion Price. The
Conversion Price is subject to adjustment as provided in Section 4 hereof.

          (b) Mandatory Conversion. Subject to the provisions of Section 3(c)
              ---------------------
hereof, if there is a Mandatory Conversion Event (as defined below) at any time
on or prior to the Maturity Date, the Borrower shall have the right to require
the conversion of all, but not less than all, of the outstanding Principal Sum
and Interest into Common Stock at the Conversion Price (the "Mandatory
Conversion") in accordance with Sections 3(a) and 3(c) hereof.

          (c) Manner of Effecting the Conversion. If the Lender elects to
              ----------------------------------
effect the Conversion pursuant to Section 3(a) hereof, the Lender shall deliver
a duly executed written notice to the Borrower of such election (the "Conversion
Notice"), and in such event the Conversion shall be deemed to have been effected
at the close of business on the date such Conversion Notice is given. If the
Borrower elects to effect the Mandatory Conversion pursuant to Section 3(b)
hereof, the Borrower shall deliver a duly executed written notice to the Lender
(the "Mandatory Conversion Notice") within ten Business Days of any period of 20
consecutive trading days during which the closing price per share of the Common
Stock as reported on the Nasdaq National Market exceeds 175% of the Conversion
Price on at least 15 trading days (a "Mandatory Conversion Event"), and in such
event the Mandatory Conversion shall be deemed to have been effected at the
close of business on the date such Mandatory Conversion Notice is given. Upon
any Conversion or Mandatory Conversion of this Note in accordance with the terms
hereof, the rights of the Lender with respect to the Principal Sum and all
Interest pursuant to this Note shall cease and the Lender shall be deemed to
have become the holder of record of the shares of Common Stock into which this
Note shall have been converted, provided that, if the Lender elects to convert
                                -------- ----
only a portion of the Principal Sum and Interest pursuant to Section 3(a)
hereof, then the Borrower will deliver a new note to the Lender, on the same
terms and conditions as this Note, with respect to the portion of the Principal
Sum and Interest that is not converted (the "New Note").  Concurrently with the
delivery of a Conversion Notice or receipt of a Mandatory Conversion Notice, as
the case may be, the Lender shall surrender this Note to the Borrower.  Promptly
upon its receipt of a Conversion Notice or delivery of a Mandatory Conversion
Notice, as the case may be, the Borrower shall (i) deliver to or upon the
written order of the Lender, a certificate or certificates for the number of
shares of Common Stock issuable upon such Conversion or Mandatory Conversion,
(ii) make a cash payment in respect of any fraction of a share as provided in
Section 3(d) hereof and (iii) if applicable, deliver a New Note as set forth in
this Section 3(c).

                                       3
<PAGE>

          (d) Fractional Shares. No fractional shares shall be issued upon any
              -----------------
Conversion or Mandatory Conversion. Instead of any fractional share which would
otherwise be issuable upon a Conversion or Mandatory Conversion, the Borrower
shall pay a cash amount in respect of such fractional share in an amount based
upon the Conversion Price.

     4.   Antidilution Provisions.

          (a) Reorganization, Reclassification or Recapitalization of the
              -----------------------------------------------------------
Borrower. In case of (i) a capital reorganization, reclassification or
--------
recapitalization of the Borrower's capital stock (other than in the cases
referred to in Section 4(c) hereof), (ii) the Borrower's consolidation or merger
with or into another corporation in which the Borrower is not the surviving
entity, or a merger in which the Borrower is the surviving entity but the shares
of the Borrower's capital stock outstanding immediately prior to the merger are
converted, by virtue of the merger, into other property, whether in the form of
securities, cash or otherwise, or (iii) the sale or transfer of all or
substantially all of the Borrower's assets, then, as part of such
reorganization, reclassification, recapitalization, merger, consolidation, sale
or transfer, lawful provision shall be made so that there shall thereafter be
deliverable upon the Conversion or Mandatory Conversion of the Principal Sum and
Interest or any portion thereof (in lieu of or in addition to the number of
shares of Common Stock theretofore deliverable, as appropriate) and without
payment of any additional consideration, the number of shares of stock or other
securities or property to which the holder of the number of shares of Common
Stock which would otherwise have been deliverable upon the Conversion or
Mandatory Conversion of the Principal Sum and Interest or any portion thereof at
the time of such reorganization, reclassification, recapitalization,
consolidation, merger, sale or transfer would have been entitled to receive in
such reorganization, reclassification, recapitalization, consolidation, merger,
sale or transfer. This Section 4(a) shall apply to successive reorganizations,
reclassifications, recapitalizations, consolidations, mergers, sales and
transfers and to the stock or securities of any other corporation that are at
the time receivable upon the Conversion or Mandatory Conversion of the Principal
Sum and Interest or any portion thereof. If the per share consideration payable
to the Lender for shares of Common Stock in connection with any transaction
described in this Section 4(a) is in a form other than cash or marketable
securities, then the value of such consideration shall be determined in good
faith by the Borrower's board of directors.

          (b) Splits and Combinations. If the Borrower at any time or from time
              -----------------------
to time after the date of this Note subdivides any of its outstanding shares of
Common Stock into a greater number of shares, the Conversion Price in effect
immediately prior to such subdivision shall be proportionately reduced, and,
conversely, if the outstanding shares of Common Stock are combined into a
smaller

                                       4
<PAGE>

number of shares, the Conversion Price in effect immediately prior to such
combination shall be proportionately increased.

          (c) Reclassifications. If the Borrower reclassifies or otherwise
              -----------------
changes any of the securities into which this Note may be convertible into the
same or a different number of securities of any other class or classes, this
Note shall thereafter be convertible into such number and kind of securities as
would have been issuable as the result of such change with respect to the
securities that this Note was convertible into immediately prior to such
reclassification or other change and the Conversion Price therefor shall be
appropriately adjusted.

          (d) Adjustment Certificates. Upon any adjustment of the Conversion
              -----------------------
Price or the number of shares of Common Stock issuable upon the Conversion or
Mandatory Conversion of this Note, a certificate, signed by (i) the Borrower's
President and Chief Financial Officer or (ii) any independent firm of certified
public accountants of recognized national standing the Borrower selects at its
own expense, setting forth in reasonable detail the events requiring the
adjustment and the method by which such adjustment was calculated, shall be
mailed to the Lender at the address set forth in Section 6 hereof and shall
specify the adjusted Conversion Price and the number of shares of Common Stock
issuable upon the Conversion or Mandatory Conversion of the Note after giving
effect to the adjustment.

          (e) No Impairment. The Borrower shall not, by amendment of its
              -------------
Certificate of Incorporation or through any reorganization, recapitalization,
transfer of assets, consolidation, merger, dissolution, issue or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed hereunder by the
Borrower, but shall at all times in good faith assist in the carrying out of all
provisions of this Section 4 and in the taking of all such action as may be
necessary or appropriate in order to protect the rights of the Lender against
impairment. The Borrower shall not be deemed to have avoided or to be seeking to
avoid the observance or performance of any of the terms to be observed or
performed hereunder by issuing securities after the Closing Date for a
consideration per share less than the Conversion Price then in effect.

          (f) Application. Except as otherwise provided herein, all sections of
              -----------
this Section 4 are intended to operate independently of one another. If an event
occurs that requires the application of more than one section, all applicable
sections shall be given independent effect.

     5.   Default and Remedies.

                                       5
<PAGE>

          (a)    If any of the following events or conditions (each an "Event
of Default") shall occur and be continuing:

          (i)    the Borrower shall fail to pay the Principal Sum when and
                 as the same shall become due and payable, whether at its stated
                 maturity, by acceleration or otherwise;

          (ii)   the Borrower shall fail to pay any Interest within 30 days of
                 when and as the same shall become due and payable, whether at
                 its stated maturity, by acceleration or otherwise;

          (iii)  upon or after the occurrence of a default with respect to any
                 other outstanding indebtedness of the Borrower for borrowed
                 money the holder thereof declares all obligations with respect
                 to such indebtedness to be due and payable prior to the stated
                 maturity or regularly scheduled dates of payment with respect
                 to such indebtedness;

          (iv)   if the Stockholders' Meeting is required, the Borrower fails to
                 hold the Stockholders' Meeting in accordance with Section 5 of
                 the Note and Warrant Purchase Agreement;

          (v)    the Borrower fails to grant and deliver the Warrants in
                 accordance with the terms of the Note and Warrant Purchase
                 Agreement;

          (vi)   an involuntary proceeding shall be commenced or an involuntary
                 petition shall be filed in a court of competent jurisdiction
                 seeking (A) relief in respect of the Borrower, or of a
                 substantial part of the property or assets of the Borrower,
                 under Title 11 of the United States Code, as now constituted or
                 hereafter amended, or any successor to or replacement of such
                 statute, or any other Federal or state bankruptcy, insolvency,
                 receivership or similar law, (B) the appointment of a receiver,
                 trustee, custodian, sequestrator, conservator or similar
                 official for the Borrower or for a substantial part of the
                 properties or assets of the Borrower or (C) the winding-up,
                 liquidation or dissolution of the Borrower; and such proceeding
                 or petition shall continue undismissed for 90 days or an order
                 or decree approving or ordering any of the foregoing shall be
                 entered; or

                                       6
<PAGE>

          (vii) the Borrower (A) voluntarily commences any proceeding or files
                any petition seeking relief under Title 11 of the United States
                Code, as now constituted or hereafter amended, or any successor
                to or replacement of such statute, or any other Federal or state
                bankruptcy, insolvency, receivership or similar law, (B)
                consents to, or fails to contest in a timely and appropriate
                manner, the commencement against of any proceeding or the filing
                of any petition described in clause (v) above, (C) applies for
                or consents to the appointment of a receiver, trustee,
                custodian, sequestrator, conservator or similar official for the
                Borrower or for a substantial part of the properties or assets
                of the Borrower, (D) files an answer admitting the material
                allegations of a petition filed against it in any such
                proceeding, (E) makes a general assignment for the benefit of
                creditors, (F) becomes unable, admits in writing its inability
                or fails generally to pay its debts as they become due or (G)
                takes any action for the purpose of effecting any of the
                foregoing;

then, (x) in the case of an Event of Default specified in clause (a)(i), (ii),
(iii), (iv) or (v) above, the Lender may, at any time during the continuance of
such Event of Default, by written notice to the Borrower, declare the entire
outstanding Principal Sum, together with all accrued and unpaid Interest, to be
due and payable and (y) in the case of an Event of Default specified in clauses
(a)(vi) or (vii) above, the entire outstanding Principal Sum, together with all
accrued and unpaid Interest, shall automatically forthwith become due and
payable without presentment, protest or notice of any kind, all of which are
hereby expressly waived by the Borrower.

          (b)   Subject to the other terms of this Note, if an Event of Default
occurs and is continuing, the Lender may pursue any available remedy to collect
the payment of the Principal Sum or Interest or to enforce the performance of
any provision of this Note. If an Event of Default occurs and is continuing, the
Lender may proceed to protect and enforce its rights by any action at law, suit
in equity or other appropriate proceeding. In the case of a default in the
payment of the Principal Sum or Interest, the Borrower will pay to the Lender
such further amount as shall be sufficient to cover the costs and expenses of
collection, including, without limitation, reasonable attorneys' fees, expenses
and disbursements.

          (c)   The Borrower shall promptly furnish the Lender notice of any
Event of Default or event which, with notice, lapse of time or both, would
become an Event of Default under this Section 5.

     6.   Notices

                                       7
<PAGE>

          All notices, instructions and other communications given hereunder or
in connection herewith shall be in writing. Any such notice, instruction or
communication shall be sent either (i) by certified mail, return receipt
requested, postage prepaid, (ii) via a reputable nationwide overnight courier
service or (iii) by facsimile (with "answer-back" confirmation), in each case to
the address set forth below. Any such notice, instruction or communication shall
be deemed to have been delivered upon receipt of confirmation of delivery after
it is sent by certified mail, return receipt requested, postage prepaid, one
Business Day after it is sent via a reputable nationwide overnight courier
service, or upon receipt of confirmation of delivery of a facsimile.

If to the Borrower to:    NaviSite, Inc.
                          400 Minuteman Road
                          Andover, MA 01810
                          Attention: General Counsel
                          Facsimile: (978) 682-8100

With a copy to:           Hale and Dorr LLP
                          60 State Street
                          Boston, MA 02109
                          Attention: Mark G. Borden, Esq.
                          Facsimile: (617) 526-5000

If to the Lender to:      CMGI, Inc.
                          100 Brickstone Square
                          Andover, MA 01810
                          Attention: William Williams, II, Esq.
                          Facsimile: (978) 684-3601

With a copy to:           Skadden, Arps, Slate, Meagher & Flom LLP
                          One Beacon Street
                          Boston, MA 02108
                          Attention: David T. Brewster, Esq.
                          Facsimile: (617) 573-4822

Either party may give any notice, instruction or communication in connection
with this Note using any other means (including personal delivery or ordinary
mail), but no such notice, instruction or communication shall be deemed to have
been delivered unless and until it is received by the party to whom it was sent.
Either party may change the address to which notices, instructions or
communications are to be delivered by giving the other party to this Note notice
thereof in the manner set forth in this Section 6.

                                       8
<PAGE>

     7.   Miscellaneous.

          This Note shall be construed and enforced in accordance with the laws
of the Commonwealth of Massachusetts, without regard to its conflicts of laws
rules. The Borrower waives presentment, demand, notice, protest and all other
demands and notices in connection with the delivery, acceptance, performance,
default and enforcement of this Note. The Borrower hereby irrevocably and
unconditionally submits, for itself and its property, to the non-exclusive
jurisdiction of the courts of the Commonwealth of Massachusetts and of the
United States District Court for the District of Massachusetts, and any
appellate court of such courts, in any action or proceeding arising out of or
relating to this Note, or for recognition or enforcement of any judgment, and
the Borrower hereby irrevocably and unconditionally agrees that all claims in
respect of any such action or proceeding may be heard and determined in such
Massachusetts court (or, to the extent permitted by law, in such federal court).
The Borrower agrees that a final, unappealable judgment in any such action or
proceeding shall be conclusive and may be enforced in other jurisdictions by
suit on the judgment or in any other manner provided by law. Nothing in this
Note shall affect any right that the Lender may otherwise have to bring any
action or proceeding relating to this Note against the Borrower or its
properties in the courts of any jurisdiction.

THE LENDER AND THE BORROWER AGREE THAT NEITHER OF THEM NOR ANY ASSIGNEE OR
SUCCESSOR SHALL (A) SEEK A JURY TRIAL IN ANY LAWSUIT, PROCEEDING, COUNTERCLAIM
OR ANY OTHER ACTION BASED UPON, OR ARISING OUT OF, THIS NOTE, ANY RELATED
INSTRUMENTS, ANY COLLATERAL OR THE DEALINGS OR THE RELATIONSHIP BETWEEN OR AMONG
ANY OF THEM, OR (B) SEEK TO CONSOLIDATE ANY SUCH ACTION WITH ANY OTHER ACTION IN
WHICH A JURY TRIAL CANNOT BE OR HAS NOT BEEN WAIVED. THE PROVISIONS OF THIS
PARAGRAPH HAVE BEEN FULLY DISCUSSED BY THE LENDER AND THE BORROWER, AND THESE
PROVISIONS SHALL BE SUBJECT TO NO EXCEPTIONS. NEITHER THE LENDER NOR THE
BORROWER HAS AGREED WITH OR REPRESENTED TO THE OTHER THAT THE PROVISIONS OF THIS
PARAGRAPH WILL NOT BE FULLY ENFORCED IN ALL INSTANCES.

          If any provision of this Note shall be held invalid or unenforceable
by any court of competent jurisdiction, that holding shall not invalidate or
render unenforceable any other provision hereof.

          This Note and all rights hereunder are freely transferable by the
holder hereof, subject to compliance with applicable state and federal
securities laws.

                                       9
<PAGE>

          This Note may not be changed, amended or modified except by agreement
in writing signed by the Borrower and the Lender.

           [The remainder of this page is intentionally left blank.]

                                       10
<PAGE>
          IN WITNESS WHEREOF, the Borrower has caused this Note to be signed on
its behalf, in its corporate name, by its duly authorized officer as an
instrument under seal, as of the day and year first above written.

                            NAVISITE, INC.

                            By /s/ Kenneth W. Hale as CFO
                              -----------------------------------------------
                             Name:  Kenneth W. Hale
                             Title: CFO

                                       11

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