Document:

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                                                                   Exhibit 10.11

                               SUBLEASE AGREEMENT

      1.    PARTIES.

      THIS SUBLEASE AGREEMENT (the "Sublease") is made and entered into as of
this 15th day of August, 2000, by and between BEA SYSTEMS, INC., a Delaware
corporation, ("Sublandlord") and DIGITAL IMPACT, a Deleware corporation
("Subtenant").

      2.    FACTS.

      Sublandlord, as tenant, entered into a certain Lease dated April 3, 2000
(the "Master Lease") with Compaq Computer Corporation, as landlord ("Landlord")
for the leasing of a building commonly known and addressed as 5425 Stevens Creek
Blvd., Santa Clara, California 95051, as more particularly described in Section
3 and Exhibit A of the Master Lease (the "Premises").

      Sublandlord desires to sublet to Subtenant, and Subtenant desires to
sublease from Sublandlord, a portion of the Premises (as more particularly
defined below), subject to the consent of Landlord and in accordance with the
terms and conditions of this Sublease.

      In consideration of the covenants and agreements set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, Sublandlord and Subtenant covenant and agree as set forth
below.

      3.    DEMISE AND TERM.

      Sublandlord subleases to Subtenant, and Subtenant subleases from
Sublandlord, the area consisting of 17,181 rentable square feet shown on the
floor plan attached as Exhibit "A" attached hereto (the "Subleased Premises"),
which comprises all of the second (2nd) floor and certain common areas of the
Building having a total rentable area of 59,367 square feet plus 94 square feet
of Shared Area (the "Building"). For the purposes of this Sublease, it is agreed
that the rentable area of the Subleased Premises and the rentable area of the
Building shall be as stated in this Section 3(a) and no variation between such
stated rentable areas and the actual rentable areas of the Subleased Premises
and/or the Building shall alter or affect the rights and obligations of
Sublandlord and Subtenant under this Sublease.

      The term of this Sublease (the "Sublease Term") shall commence on July 1,
2000 (the "Commencement Date"). The Sublease Term shall end on the earliest to
occur of (a) 11:59 p.m. on June 30, 2002, (the "Expiration Date"), (b) the date
the Sublease is sooner terminated pursuant to its terms, or (c) the date the
Master Lease is sooner terminated pursuant to its terms.

      The commencement of the Sublease Term is expressly conditioned upon the
procurement of Landlord's consent to this Sublease as set forth in Section 12(b)
of this Sublease.

      4.    BASE RENT AND ADDITIONAL RENT.

      Subtenant shall pay to Sublandlord base monthly rent ("Base Monthly Rent")
for the Subleased Premises in advance without prior notice, demand, set-off,
deduction or abatement in accordance with the following schedule:

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<TABLE>
<CAPTION>
                         MONTHLY GROSS RENTAL RATE PER
          PERIOD             RENTABLE SQUARE FOOT            MONTHLY INSTALLMENT
          ------         -----------------------------       -------------------
<S>                      <C>                                 <C>
Months 1-12                         $ 6.95                       $  119,407.95

Months 13-24                        $ 7.19                       $  123,531.39
</TABLE>

      The sum of One Hundred Nineteen Thousand Four Hundred Seven and 95/100
Dollars ($119,407.95) shall be payable by Subtenant upon the execution of this
Sublease as Monthly Base Rent for the first full calendar month of the Sublease
Term. Except for the payment due upon execution of this Sublease, Monthly Base
Rent shall be due payable by Subtenant on or before the first day of each
calendar month during the Sublease Term and pro-rated for any partial month.

      Commencing on the Commencement Date and through the remainder of the
Sublease Term, Subtenant shall pay Subtenant's Proportionate Share (as defined
below) of all costs and expenses payable by Sublandlord under the Master Lease,
except for any costs associated with the license agreement attached as Exhibit C
to the Master Lease.

      "Subtenant's Proportionate Share" shall be twenty-eight and ninety-two one
hundredths percent (28.92%). If during the Sublease Term there is a change in
the rentable area of either the Subleased Premises or the Premises, then
Subtenant's Proportionate Share shall be recalculated by dividing the revised
rentable area of the Subleased Premises by the revised rentable area of the
Premises.

      In no event shall Subtenant's obligation to pay costs and expenses exceed
Subtenant's prorata share of costs and expenses due and payable by Sublandlord
under the Master Lease. Subtenant shall pay Subtenant's share of costs and
expenses as and when the same is due and payable to Landlord under the Master
Lease and no earlier. Subtenant shall be entitled to its prorata share of all
credits, if any, given by Landlord to Sublandlord for Sublandlord's and/or
Subtenant's overpayment of costs and expenses.

      Subtenant shall pay to Sublandlord, within twenty (20) days after invoice
therefor by Sublandlord Subtenant's Proportionate Share of all costs and
expenses ("Expenses") payable by Sublandlord under the Master Lease. Sublandlord
shall have the right to estimate such Expenses from time to time, as reasonably
determined by Sublandlord and communicated to Subtenant, and Subtenant shall pay
to Sublandlord together with each payment of Monthly Base Rent, a sum equal to
one-twelfth (1/12th) of Subtenant's Proportionate Share of the then estimated
Expenses. If Sublandlord estimates such Expenses, then within one hundred twenty
(120) days after the end of each calendar year during the Sublease Term,
Sublandlord shall furnish Subtenant with a statement setting forth the actual
Expenses for such calendar year. If the actual Expenses for such calendar year
exceed the amount theretofore estimated, Subtenant shall pay to Sublandlord,
within twenty (20) days after Sublandlord has furnished Subtenant with the
statement described above, Subtenant's Proportionate Share of the excess of the
actual Expenses for such calendar year over and above the estimated Expenses.
Conversely, if the Expenses for such calendar year are less than the amount
theretofore estimated, Sublandlord shall (1) apply such excess to any amount
then owed by Subtenant to Sublandlord, or (2) credit the difference against the
next payment of Monthly Base Rent due under this Sublease, or (3) if the
Sublease Term has ended, pay such excess to Subtenant within twenty (20) days
after Sublandlord has furnished Subtenant with the statement described above.
Sublandlord may by notice to Subtenant change the estimated amount of Expenses,
in which case an appropriate payment or credit shall be made by one party to the
other within twenty (20) days after Sublandlord's notice of such change, so that
Tenant's estimated payments for the then current calendar year match Tenant's
Proportionate Share of the revised estimated Expenses for such year.

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      Sublandlord will maintain accurate books and records necessary for the
determination and confirmation of the Expenses in accordance with normal
business practices, which records are to be kept for not less than two (2) years
after the calendar year to which they relate. Upon reasonable advance notice,
Subtenant shall be permitted to designate an independent certified public
accountant, reasonably approved by Sublandlord, to audit Sublandlord's books and
records. If such audit discloses any material discrepancy between Sublandlord's
prior statements of Expenses, appropriate adjustment shall be made in any
payments made by or due from Subtenant hereunder. No such audit may be conducted
with respect to a particular calendar year more than six (6) months after
delivery of Sublandlord's statement of actual Expenses for such calendar year,
unless Landlord thereafter delivers a corrected statement of actual Expenses (in
which case the deadline for Subtenant's audit shall be extended to three (3)
months after Sublandlord's delivery of the corrected statement). No person
conducting such audit shall be compensated, in whole or part, based on the
outcome of such audit.

      All amounts other than Monthly Base Rent which are payable by Subtenant to
Sublandlord pursuant to this Sublease shall be "Additional Rent," and references
in this Sublease to "Rent" shall mean both Monthly Base Rent and Additional
Rent. If any Rent due hereunder from Subtenant is not paid within five (5)
business days after notice from Sublandlord that such sum was not paid when due,
Subtenant shall be charged a late fee equal to five percent (5%) of the
delinquent amount. Said late fee shall be payable as Additional Rent and neither
Sublandlord's demand for nor collection of such late fee shall preclude
Sublandlord's exercise of all other rights and remedies arising on account of
such late payment. Subtenant acknowledges that the actual damages sustained by
virtue of late payment of Rent would be difficult or impractical to determine
and that the late fee provided above represents a reasonable estimate of such
damages

      Subtenant shall pay before delinquency all taxes and assessments levied
against Subtenant's personal property and trade or business fixtures and all
fees and charges for utilities and services supplied to the Subleased Premises
in addition to the utilities and services provided under the Master Lease.

      5.    INCORPORATION OF MASTER LEASE PROVISIONS.

      This Sublease is and shall remain subject and subordinate to the Master
Lease. Sublandlord and Subtenant shall not commit or permit to be committed on
the Subleased Premises any act or omission which shall violate any term or
condition of the Master Lease. Subtenant hereby expressly assumes and agrees to
observe, perform and otherwise comply with all covenants and obligations of the
Master Lease which pertain to the Subleased Premises (other than the obligation
to pay Rent) which are assumed by Subtenant hereunder the Sublease Term.

      Subject to the exclusions, limitations and modifications hereinbelow set
forth, the terms, covenants and conditions of the Master Lease are incorporated
in this Sublease by reference so that, except to the extent that they are
excluded, limited or otherwise modified by the provisions of this Sublease for
the purpose of incorporation by reference, each and every term, covenant and
condition of the Master Lease binding or inuring to the benefit of the Landlord
thereunder shall, in respect of this Sublease, bind or inure to the benefit of
Sublandlord, and each and every term, covenant and condition of the Master Lease
binding or inuring to the benefit of the tenant thereunder shall, in respect of
this Sublease, bind or inure to the benefit of Subtenant, with the same force
and effect as if such terms, covenants and conditions were completely set forth
in this Sublease, and as if the words "Landlord" and "Tenant," or words of
similar import, wherever the same appear in the Master Lease, were construed to
mean, respectively, "Sublandlord" and "Subtenant" in this Sublease, and as if
the word "Premises," or words of similar import, wherever the same appear in the
Master Lease, were construed to mean "Subleased Premises" in this Sublease, and
as if the word "Lease," or words of similar import, wherever the same appear in
the Master Lease, were construed to mean this "Sublease." Subtenant represents
that it has examined, read and is thoroughly familiar with the terms, covenants
and

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conditions of the Master Lease, and accepts those terms, covenants and
conditions and obligations thereof which have been incorporated herein.

      The following sections of the Master Lease are not incorporated as a part
of this Sublease and are expressly excluded herefrom (except insofar as the same
may be referenced elsewhere in this Sublease for purposes of identification or
definition of certain matters): 1; 3.1; 3.4; 4.1; 4.3; 4.4; 5; 6; the first
sentence of 7.1; the first sentence of 7.2; 7.3; 18; 32; 38; 39.11; and Exhibit
H.

      The following limitations shall apply to the interpretation and
enforcement of the incorporated terms, covenants and conditions of the Master
Lease:

      The time limits contained in the Master Lease for the giving of notices,
making of demands or performing of any act, condition or covenant on the part of
the Tenant thereunder, or for the exercise by the Tenant thereunder of any
right, remedy or option, are changed for the purposes of incorporation herein by
reference by shortening the same in each instance by two (2) business days, so
that in each instance Subtenant shall have two (2) business days less time to
observe or perform hereunder than Sublandlord has as the Tenant under the Master
Lease.

      Any non-liability, release, indemnity or hold harmless provision, and any
provisions pertaining to waiver of subrogation rights and or the naming of a
party under an insurance policy, in the Master Lease for the benefit of
Landlord, that is incorporated herein by reference, shall be deemed to inure to
the benefit of Sublandlord and Landlord for the purpose of incorporation by
reference in this Sublease.

      Notwithstanding anything to the contrary contained in the Sublease or the
Master Lease, the parties hereto, including Landlord by reason of its consent
hereto, each release the others and their respective agents, employees,
successors, assignees and subtenants from all liability for injury to any person
or damage to any property that is caused by or results from a risk which is
actually insured against, which is required to be insured against under the
Master Lease or the Sublease, or which would normally be covered by "all risk"
property insurance, without regard to the negligence or willful misconduct of
the person or entity so released.

      Except to the extent caused by the negligence or willful misconduct of
Subtenant, its agents, employees, contractors or invitees, Sublandlord shall
indemnify, defend with counsel reasonably acceptable to Subtenant, and hold
Subtenant harmless from and against any and all losses, costs, claims,
liabilities and damages (including, without limitation, reasonable attorneys'
and experts' fees) caused by or arising in connection with (i) a breach of
Sublandlord's obligations under the Sublease; (ii) a breach of Sublandlord's
obligations under the Master Lease, unless caused by Subtenant's breach of its
parallel obligations under the Sublease; or (iii) the negligence or willful
misconduct of Sublandlord, its employees, contractors, agents or invitees.

      Any right of the Landlord or access or inspection and any right of the
Landlord under the Master Lease to do work in the Subleased Premises under the
Master Lease or in the Premises and any right of the Landlord in respect of
rules and regulations shall be deemed to inure to the benefit of Sublandlord and
the Landlord, for the purpose of incorporation by reference in this Sublease.

      If any of the express provisions of this Sublease shall conflict with any
of the provisions incorporated by reference, such conflict shall be resolved in
every instance in favor of the express provisions of this Sublease. If any
incorporated provision of the Master Lease cross-references a provision of the
Master Lease, which is not incorporated in this Sublease, such cross-referenced
Master Lease provision shall be disregarded except to the extent required for a
fair and equitable interpretation of the incorporated Master Lease provision.

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      Any obligation of Sublandlord which is contained in this Sublease by the
incorporation by reference of the provisions of the Master Lease shall be
observed or performed by Sublandlord using reasonable good faith efforts to
cause the Landlord under the Master Lease to observe and/or perform the same,
and Sublandlord shall have a reasonable time to enforce its rights to cause such
observance or performance. Sublandlord shall not be required to furnish, supply
or install anything under any provision of the Master Lease. Subtenant shall not
in any event have any rights in respect of the Subleased Premises greater than
Sublandlord's rights under the Master Lease, and notwithstanding any provision
to the contrary, as to obligations that pertain to the Subleased Premises and
are contained in this Sublease by the incorporation by reference of the
provisions of the Master Lease, Sublandlord shall not be required to make any
payment or perform any obligation, and Sublandlord shall have no liability to
Subtenant for any matter whatsoever, except for Sublandlord's obligation to pay
the rent and additional rent due under the Master Lease and for Sublandlord's
obligation to use reasonable good faith efforts, upon request of Subtenant, to
cause the Landlord under the Master Lease to observe and/or perform Landlord's
obligations under the Master Lease. Sublandlord shall not be responsible for any
failure or interruption, for any reason whatsoever, of the services or
facilities that may be appurtenant to or supplied at the Premises by the
Landlord.

      With respect to any approval or consent required to be obtained from
Landlord under the Master Lease, such approval or consent must be obtained from
both Landlord and Sublandlord, and the approval of Sublandlord may be withheld
if Landlord's approval or consent is not obtained.

      Notwithstanding the incorporation of specific terms, covenants and
conditions of the Master Lease into this Sublease, such incorporated terms,
covenants and conditions have in instances been further modified or amended as
more particularly stated within the terms of this Sublease, including, without
limitation, the following modifications:

      The remedies available to Sublandlord in case of Subtenant's default, as
set forth in Section 19 of the Master Lease, shall include (without limitation)
those provided in California Civil Code Sections 1951.2 and 1951.4. Furthermore,
the notice and cure periods set forth in Section 19.1 of the Master Lease shall
reduced from five (5) business days and thirty (30) days, respectively, to three
(3) business days and twenty (20) days.

      If the Subleased Premises are not surrendered at the Expiration Date or
sooner termination of this Sublease in the condition required by the Master
Lease, Subtenant shall be deemed in a holdover tenancy pursuant to this Section
and Subtenant shall indemnify, defend, and hold Landlord and Sublandlord
harmless against loss or liability resulting from delay by Subtenant in so
surrendering the Subleased Premises including, without limitation, any claims
made by any succeeding tenant founded on such delay and costs incurred by
Landlord and Sublandlord in returning the Premises and the Subleased Premises to
the required condition, plus interest. Any holding over after the termination or
Expiration Date with Sublandlord's express written consent, shall be construed
as month-to-month tenancy, terminable on thirty (30) days written notice from
either party, and Subtenant shall pay as Base Monthly Rent to Sublandlord a rate
equal to one hundred fifty percent (150%) of the Base Monthly Rent due in the
month preceding the termination or Expiration Date, plus all other amounts
payable by Subtenant under this Sublease. Any holding over shall otherwise be on
the terms and conditions herein specified, except those provisions relating to
the Master Lease and this Sublease. If Subtenant remains in possession of the
Subleased Premises after the Expiration Date or sooner termination of this
Sublease without Sublandlord's consent, Subtenant's continued possession shall
be on the basis of a tenancy at sufferance and Tenant shall pay as rent during
the holdover period an amount equal to two hundred percent (200%) of the Base
Monthly Rent due in the month preceding the termination or Expiration Date, plus
all other amounts payable by Subtenant under this Sublease. This provision shall
survive the termination or expiration of the Master Lease and this Sublease.

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      Any notice by Subtenant of a failure by Sublandlord to perform its
obligations under this Sublease shall be delivered both to any party requested
by Sublandlord in writing, and also to Landlord.

      6.    UTILITIES AND SERVICES.

      Subtenant shall not, except with Sublandlord's prior written consent,
which consent may be withheld in Sublandlord's sole discretion, either: (i) use
any apparatus or device in the Subleased Premises which will increase the amount
of cooling, ventilation, electricity or water supplied to the Subleased Premises
beyond that usually supplied for general office use; or (ii) connect with
electric current or water pipes any device or apparatus for the purpose of using
electrical current or water, except as such connections now exist. If
Sublandlord consents to the use and/or connection of any apparatus or device
described in clauses (i) and (ii) above, Sublandlord may install meters or
similar monitoring devices to measure the amount of utilities consumed by such
apparatus or devices and Subtenant shall pay for the cost of all work and
materials required for the installation, maintenance and use of such meters and
monitoring devices. If Sublandlord elects not to install a special meter or
monitoring device, Sublandlord shall determine the amount of additional
utilities and resources consumed by such apparatus or device based upon
Sublandlord's reasonable estimates and best judgment, and such determination,
made in good faith by Sublandlord, shall be conclusive on Subtenant. Subtenant
shall pay to Sublandlord promptly upon demand the cost of any excess use of
utilities and resources based on the rates charged by the local public utility
company or other supplier furnishing same, plus any additional expense incurred
by Sublandlord in keeping account of the foregoing and administering same.

      Sublandlord shall not be in default under this Sublease or liable for any
damages directly or indirectly arising from, nor shall the rent be abated by
reason of, any failure to provide or any reduction in any of the above services
or utilities if such failure or reduction is caused by the making of repairs or
improvements to the Premises or the Building, the installation of equipment,
acts of God or the elements, labor disturbances of any character, or any other
events or conditions whatsoever beyond the reasonable control of Sublandlord, or
rationing or restrictions on the use of said services and utilities due to
energy shortages or other causes, whether or not any of the above result from
acts or omissions of Sublandlord. Furthermore, Sublandlord shall be entitled to
cooperate voluntarily in a reasonable manner with the efforts of national, state
or local governmental bodies or utilities suppliers in reducing energy or other
resources consumption. The failure of Sublandlord to provide the utilities and
services specified in this Section shall not constitute a constructive or other
eviction of Subtenant.

      Subtenant shall pay prior to delinquency for all telephone and all other
materials and services not expressly required to be provided by Sublandlord,
which may be furnished to or used in, on or about the Subleased Premises during
the Sublease Term.

      7.    USE AND CONDITION OF PREMISES

      Subtenant shall use the Subleased Premises exclusively for general office
purposes, research and development not involving regulated hazardous materials,
marketing, ancillary storage and other incidental uses, and Subtenant shall not
use, or permit the Subleased Premises to be used, for any other use or purpose
without first obtaining Sublandlord's written approval of any change in
Subtenant's use. Sublandlord makes no representation, warranty or other
assurance to Subtenant that such use of the Subleased Premises as is authorized
by this Sublease is permitted under applicable zoning and other laws, and
Subtenant assumes all risk pertaining thereto.

      Notwithstanding the foregoing, Sublandlord warrants and represents that,
as of the Commencement Date, (i) the Premises will comply with all applicable
laws, rules, regulations, codes, ordinances, underwriters' requirements,
covenants, conditions and restrictions ("Laws"), (ii) the Premises will be in
good and clean

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operating condition and repair, (iii) the electrical, mechanical, HVAC,
plumbing, sewer, elevator, loading docks and doors, and other systems serving
the Premises will be in good operating condition and repair, and (iv) the roof
of the Building will be in good condition and water-tight. Sublandlord shall,
promptly after receipt of notice from Subtenant, remedy any non-compliance with
such warranty at Sublandlord's sole cost and expense.

      Subtenant shall be permitted during the Sublease Term to use up to
fifty-three (53) parking spaces in the Building Common Area designated by
Sublandlord and Landlord as serving the Building. Such parking shall be on a
non-exclusive basis unless Sublandlord elects to designate specific parking
areas for use by Sublandlord, Subtenant and other subtenants or occupants of the
Building.

      Subtenant shall at all times observe and comply with the rules and
regulations for the Building as set forth in the Master Lease and in this
Sublease. Sublandlord shall not be liable to Subtenant for the failure of any
other occupant of the Building to observe and comply with such rules and
regulations.

      8.    ASSIGNMENT AND FURTHER SUBLETTING.

      Subtenant shall not sell, assign, mortgage, pledge, hypothecate, encumber
or otherwise transfer this Sublease or any interest therein, and shall not
sub-sublet the Subleased Premises or any part thereof, or suffer or permit the
Subleased Premises or any part thereof to be occupied by any other person (the
employees of Subtenant excepted), without the prior written consent of
Sublandlord and Landlord in each instance; and any attempt to do so without such
consent shall be voidable and, at Sublandlord's election, shall constitute a
noncurable default under this Sublease. No interest of Subtenant in this
Sublease or the Subleased Premises shall be assignable by operation of law.
Subject to the terms and conditions contained in this section, Sublandlord shall
not unreasonably withhold its consent to a voluntary assignment of this Sublease
or a subletting of the Subleased Premises.

      If Subtenant desires at any time to assign this Sublease or to sublet the
Subleased Premises or any portion thereof, Subtenant shall submit to Sublandlord
at least thirty (30) days prior to the proposed effective date of the assignment
or sub-sublease, in writing: (i) a notice of intent to assign or sub-sublease,
setting forth the proposed effective date thereof; (ii) the name of the proposed
assignee or sub-subtenant; (iii) the nature of the proposed assignee's or
sub-subtenant's business to be carried on in the Subleased Premises; (iv) the
terms and provisions of the proposed assignment or sub-sublease; and (v) such
financial information as Sublandlord and Landlord may request concerning the
proposed assignee or sub-subtenant, including recent financial statements and
bank references.

      All assignment or sub-sublease agreements shall (i) contain such terms as
are described in Subtenant's notice under this Section or as otherwise agreed by
Sublandlord, (ii) prohibit further assignments or sub-subleases except with
Sublandlord's written consent, (iii) impose the same obligations and conditions
on the assignee or sublessee as are imposed on Subtenant by this Sublease
(except as to rent and term or as otherwise agreed by Sublandlord), (iv) be
expressly subject and subordinate to each and every provision of this Sublease,
(v) have a term that expires on or before the Expiration Date or upon earlier
termination of this Sublease for any reason, (vi) provide that Subtenant and/or
the assignee or sub-sublessee shall pay Sublandlord the amount of any additional
costs or expenses incurred by Sublandlord for repairs, maintenance or otherwise
as a result of any change in the nature of occupancy caused by the assignment or
sub-sublease, and (vii) if a portion of the Subleased Premises are being
sub-subleased, provide for a legally divisible sub-sublease premises.

      Sublandlord shall be entitled to receive all Bonus Rent payable in
connection with any assignment or sub-sublease less Subtenant's reasonable costs
of sub-subleasing or assigning, including brokerage and attorneys' fees and any
tenant improvement costs (subject to payment by Sublandlord to Landlord of the

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percentage of such Bonus Rent as deemed to be Excess Rent under the Master
Lease. Within fifteen (15) days after written request by Sublandlord, Subtenant
shall provide and certify to Sublandlord all financial information required for
the calculation of Bonus Rent. "Bonus Rent" means all sums received by Subtenant
in consideration for the assignment or sub-sublease (including the fair market
value, measured in dollars, of any non-cash consideration) in excess of the Rent
payable under this Sublease (prorated in case of a partial sub-sublease).

      If Sublandlord or Landlord retains the services of an attorney to review
any aspect of the proposed assignment or sub-sublease transaction, Subtenant
shall pay to Sublandlord and/or Landlord all attorneys' fees reasonably incurred
by them in connection therewith. Subtenant shall pay such attorneys' fees to
Sublandlord and/or Landlord within thirty (30) days after written request
therefor.

      No consent of Sublandlord to any assignment or sub-subletting by Subtenant
shall relieve Subtenant of the obligations to be performed by Subtenant under
this Sublease, whether accruing before or after such assignment or
sub-subletting, and notwithstanding any subsequent modification, extension or
renewal of this Sublease made with or without Subtenant's consent. The consent
by Sublandlord and Landlord to any transfer or sub-subletting shall not relieve
Subtenant from the obligations to obtain Sublandlord's and Landlord's express
prior written consent to any other transfer or sub-subletting. The acceptance by
Sublandlord of payment from any other person shall not be deemed to be a waiver
by Sublandlord of any provision of this Sublease or to be a consent to any
transfer or sub-sublease, or to be a release of Subtenant from any obligation
under this Sublease. If this Sublease is assigned, or if the Subleased Premises
or any part thereof is sub-sublet or occupied by any person other than
Subtenant, Sublandlord may, after default by Subtenant, collect the rent from
any such assignee, transferee, sub-subtenant or occupant and apply the net
amount collected to the Rent reserved herein, and no such action by Sublandlord
shall be deemed a consent to such assignment, transfer, sub-sublease or
occupancy.

      Each assignee of Subtenant shall assume all obligations of Subtenant under
this Sublease and shall be and remain liable jointly and severally with
Subtenant for the payment of the Rent and the performance of all the terms,
covenants, conditions and agreements herein contained on Subtenant's part to be
performed for the Sublease Term. No assignment shall be binding on Sublandlord
unless the assignee or Subtenant delivers to Sublandlord a counterpart of the
assignment instrument in recordable form which contains a covenant of assumption
by the transferee satisfactory in substance and form to Sublandlord, consistent
with the requirements of this section. The failure or refusal of any assignee to
execute such instrument of assumption shall not release or discharge the
assignee from its liability to Sublandlord hereunder. Sublandlord shall have no
obligation whatsoever to perform any duty to or respond to any request from any
sub-sublessee, it being the obligation of Subtenant to administer the terms of
its subleases.

      If Subtenant is a privately held corporation, or is an unincorporated
association, limited liability company or partnership, the transfer, assignment
or hypothecation of any stock or interest in such corporation, association,
limited liability company or partnership in the aggregate from the date of this
Sublease in excess of fifty percent (50%) shall be deemed an assignment or
transfer within the meaning of this section. However, nothing in this section
shall prohibit Subtenant from assigning this Sublease or sub-subletting the
Subleased Premises or any part thereof to any of the following: (a) a
subsidiary, affiliate, division or corporation controlling, controlled by or
under common control with Tenant; (b) a successor corporation related to Tenant
by merger, consolidation, or non-bankruptcy reorganization, (c) a purchaser of
substantially all of Tenant's assets located at the Premises, or (d) in the case
of a public offering of the stock of Tenant, the purchasers of Tenant's capital
stock ("Affiliate"). For purposes of the preceding sentence, the term "control"
means owning directly or indirectly fifty percent (50%) or more of the
beneficial interest in such entity, or having the direct or indirect power to
control the management policies of each person or entity, whether through
ownership, by contract or otherwise. Subtenant agrees to inform Sublandlord in
writing within thirty

                                      -8-
<PAGE>   9

(30) days of any assignment or other transfer permitted under this paragraph,
and such subletting or assignment shall not release or discharge Subtenant from
any liability under this Sublease.

      Without limiting the grounds upon which Sublandlord reasonably may
withhold consent to an assignment or further subletting, Subtenant agrees it
will be reasonable for Sublandlord to withhold consent where:

      The proposed assignee or sub-subtenant is a governmental agency or
authority, or is a direct competitor of Sublandlord;

      The proposed assignee or sub-subtenant is a business competitor of
Landlord as determined by Landlord in its sole and absolute discretion;

      The proposed assignee or sub-subtenant currently is someone with whom
Sublandlord is negotiating to sublease part of the Building;

      9.    SECURITY DEPOSIT.

      Sublandlord hereby acknowledges receipt from Subtenant the sum of One
Million Four Hundred Thirty-Two Eight Hundred Ninety-Five and 40/100 Dollars
($1,432,895.40), which Sublandlord shall retain as security for performance by
Subtenant of each of its obligations hereunder. If Subtenant fails at any time
to perform its obligations hereunder, Sublandlord may at its option apply the
Security Deposit, or so much thereof as is required, to cure Subtenant's
default, but if prior to the expiration or termination of this Master Lease,
Sublandlord depletes the Security Deposit in whole or in part, Subtenant shall
immediately restore the amount so used by Sublandlord. The Security Deposit
shall not bear interest for the benefit of Subtenant and may be commingled with
the funds of Sublandlord, and unless Sublandlord uses the same to cure a default
of Subtenant under the Sublease, or to restore the Subleased Premises to the
condition that Subtenant is required to leave at the conclusion of the term of
this Sublease, Sublandlord shall within thirty (30) days of the expiration or
termination of this Sublease, refund to Subtenant so much of the Security
Deposit as it continues to hold provided Subtenant has provided Sublandlord a
forwarding address.

      In lieu of the cash Security Deposit hereinabove provided for, Subtenant
shall have the option to deposit with Sublandlord a letter of credit (the
"Letter of Credit") in an amount equal to the Security Deposit. Any Letter of
Credit shall be in the form of an irrevocable, unconditional stand by letter of
credit, drawn on a bank that is reasonably acceptable to Sublandlord. The Letter
of Credit shall permit partial draws, and shall be assignable by Sublandlord to
any entity who assumes in writing any and all of Sublandlord's obligations under
this Sublease. The Letter of Credit shall be for an initial term of at least one
(1) year and shall be automatically renewable for successive one (1) year
periods, so that it remains outstanding for as long as this Sublease is in
effect, shall provide that upon presentation to the issuing institution of: (i)
the original letter of credit; (ii) Sublandlord's sight draft in the amount
sought to be drawn, and (iii) Sublandlord's written certification certifying,
under penalty of perjury, that Subtenant has defaulted under this sublease, that
Sublandlord has given Subtenant written notice of such default and Subtenant has
failed to cure such default within any time period provided therefor under this
sublease and that Sublandlord has incurred damages in the amount sought to be
drawn under the letter of credit and shall otherwise be in a form that is
reasonably acceptable to Sublandlord. In the event that Sublandlord wishes, from
time to time, to assign the Letter of Credit as aforesaid, but the Letter of
Credit is, pursuant to its terms or applicable law, not capable of being further
assigned, then Subtenant shall, upon written request from Sublandlord, promptly
cause the issuing bank to issue a new Letter of Credit in substitution of the
then existing Letter of Credit. In the event of any default by Subtenant under
this Sublease, Sublandlord shall be entitled to draw from the Letter of Credit
and/or apply the cash portion of the Security Deposit, to the extent of, and to
reimburse Sublandlord for, any and all damages owed to Sublandlord by Subtenant
as a result of such default, but if prior to the expiration or

                                      -9-
<PAGE>   10

termination of the Sublease, Sublandlord depletes the Security Deposit in whole
or in part, Subtenant shall immediately restore the amount so used by
Sublandlord. The Security Deposit shall not bear interest for the benefit of
Subtenant and may be commingled with the funds of Sublandlord, and unless
Sublandlord uses the same to cure a default of Subtenant under the Sublease, or
to restore the Subleased Premises to the condition that Subtenant is required to
leave at the conclusion of the term of this Sublease, Sublandlord shall within
thirty (30) days of the expiration or termination of this Sublease, refund to
Subtenant so much of the Security Deposit as it continues to hold provided
Subtenant has provided Sublandlord a forwarding address. If at any time the
Letter of Credit is due to expire or Sublandlord receives notice that it will
expire, other than due to the expiration of this Sublease, and Sublandlord has
not received written evidence of a new Letter of Credit reasonably acceptable to
Sublandlord thereof at least ten (10) days before such expiration, Sublandlord
may draw upon the Letter of Credit for the full amount thereof in which event
the proceeds shall become a cash security deposit which will thereafter be held
by Sublandlord in accordance with the provisions of this Sublease. In the event
that Sublandlord draws on the letter of credit solely due to Subtenant's failure
to renew the letter of credit at least ten (10) days before such expiration (1)
such failure to renew shall not constitute a default hereunder and (2) Subtenant
shall at any time thereafter be entitled to provide Sublandlord with a
replacement letter of credit that satisfies the requirements hereunder, at which
time Sublandlord shall return the cash proceeds of the original letter of credit
drawn by Sublandlord.

      10.   NOTICES.

      All notices required or permitted to be given hereunder or under
applicable law shall be in writing and shall be deemed served at the earlier of
(i) personal delivery (ii) the next business day when deposited with a reputable
overnight delivery service, transit prepaid (such as, but not limited to, DHL,
Federal Express and Airborne), or (iii) three (3) days after being sent by
United States certified mail, postage paid, return receipt requested, to the
following addresses:

      IF TO SUBLANDLORD:

            BEA Systems, Inc.
            2315 North First Street
            San Jose, California 95131
            Attn.:  Vice President, Real Estate and Corporate Services

            With a copy to:

            BEA Systems, Inc.
            2315 North First Street
            San Jose, California 95131
            Attn.: General Counsel

      IF TO SUBTENANT:

            Digital Impact
            5425 Stevens Creek Boulevard
            Santa Clara, California 95051
            Attention:

            With a copy to:

            Digital Impact, Inc.

                                      -10-
<PAGE>   11

            177 Bovet Road, Suite 200
            San Mateo, CA 94402
            Attn: __________________

      or to such addresses as the respective parties may from time to time
designate in writing in accordance with the terms of this Section 10.

      11.   SUBORDINATION AND ATTORNMENT

      Upon the written request of Sublandlord or Landlord, Subtenant will in
writing subordinate its rights under this Sublease to the lien of any mortgage
or deed of trust now or hereafter in force against the Subleased Premises, the
Premises, the Building or the underlying land and to all advances made or
hereafter to be made upon the security thereof, and to all extensions,
modifications and renewals thereunder. Subtenant shall also, upon Sublandlord's
request, subordinate its rights hereunder to any ground or underlying lease,
which may hereafter be executed affecting the Building and/or the underlying
land. Subtenant shall not subordinate its rights hereunder to any lien other
than that of a first mortgage or first deed of trust, except with the prior
written consent of the Mortgagee holding such first mortgage or deed of trust.

      Upon the written request of Landlord or any mortgagee or any lessor under
a ground or underlying lease, Subtenant shall attorn to Landlord or such
mortgagee or ground or underlying lessor, provided Landlord or such mortgagee or
lessor agrees that if Subtenant is not in default under this Sublease,
Subtenant's possession of the Subleased Premises in accordance with the terms of
this Sublease shall not be disturbed. Such agreement shall provide, among other
things, (a) that this Sublease shall remain in full force and effect, (b) that
Subtenant pay rent to Landlord or such mortgagee or lessor from the date of said
attornment, (c) that Landlord or such mortgagee or lessor shall not be
responsible to Subtenant under this Sublease except for obligations accruing
subsequent to the date of such attornment, and (d) that Subtenant, in the event
of foreclosure or a deed in lieu thereof or a termination of the ground or
underlying lease, will enter into a new lease with Landlord or such mortgagee,
lessor or other person having or acquiring title on the same terms and
conditions as this Sublease and for the balance of the Sublease Term.

      If any lender should require any modification of this Sublease as a
condition of loans secured by a lien on the Premises, the Building or the land
underlying the Building, or if any such modification is required as a condition
to a ground or underlying lease, Subtenant will approve and execute any such
modifications, promptly after request by Sublandlord provided no such
modification shall relate to the rent payable hereunder, the length of the Term
or otherwise materially change the rights or obligations of Sublandlord or
Subtenant.

      12.   BINDING EFFECT

      Subject to the limitations expressed in Section 8 above and this Section,
the covenants and agreements herein contained shall bind and inure to the
benefit of Sublandlord, Subtenant, and their respective executors,
administrators, successors and assigns.

      This Sublease is expressly conditioned upon the consent of Landlord to
this Sublease. If Landlord withholds consent to this Sublease, this Sublease
shall be automatically canceled and considered null and void. Furthermore, if
Sublandlord is unable to procure Landlord's consent to this Sublease within
thirty (30) days after the full execution of this Sublease by Sublandlord and
Subtenant, either party may thereafter terminate this Sublease upon three (3)
business days written notice to the other, in which case this Sublease shall
terminate unless Landlord's consent is procured before the end of such three (3)
business day period. In case of such cancellation or termination of this
Sublease, Sublandlord shall return any advance Rent or other funds paid by
Subtenant in consideration of this Sublease and Sublandlord and Subtenant
thereupon shall be

                                      -11-
<PAGE>   12

relieved of all further obligations hereunder. Notwithstanding the foregoing,
Sublandlord shall use commercially reasonable efforts to obtain Landlord's
consent to this sublease.

      In the event of any assignment or transfer of the Sublandlord's interest
under the Master Lease, which assignment or transfer may occur at any time
during the term hereof, as between Sublandlord and Subtenant, Sublandlord shall
be and hereby is entirely relieved of all covenants and obligations of
Sublandlord hereunder accruing after the date of such assignment or transfer,
provided such transferee has assumed all covenants and obligations thereafter to
be performed by Sublandlord hereunder. Sublandlord may transfer and deliver any
security of Subtenant to the transferee of the Sublandlord's interest under the
Master Lease, and thereupon Sublandlord shall be discharged from any further
liability with respect thereto.

      Notwithstanding the foregoing, Sublandlord shall (i) keep the Master Lease
in effect; (ii) not modify, amend or waive any provisions thereof or make any
election, exercise any option, right or remedy, or grant any consent or approval
thereunder without, in each instance, Subtenant's prior written consent; (iii)
pay the rent due and perform all of Sublandlord's other obligations under the
Master Lease, except to the extent that Subtenant is obligated to perform such
other obligations under the Sublease; (iv) not take any action or omit to take
any action that could cause or constitute a breach of the Master Lease or
otherwise give rise to a right of Landlord to terminate the Master Lease or
declare any provision thereof to have become ineffective; and (v) enforce
performance of all obligations of Landlord under the Master Lease. In enforcing
performance of all such obligations of Landlord, Sublandlord shall (a) upon
Subtenant's written request, immediately notify Landlord of its nonperformance
under the Master Lease and request that Landlord perform its obligations under
the Master Lease, and (b) permit Subtenant to commence a lawsuit or other action
in Subtenant's name (and assign to Subtenant any rights of Sublandlord required
in connection therewith), or commence a lawsuit or other action in Sublandlord's
name, to obtain the performance required from Landlord under the Master Lease,
provided that Subtenant pays all costs and expenses incurred in connection with
any such lawsuit or other action. Sublandlord hereby assigns to Subtenant all
warranties given and indemnities made, if any, by Landlord to Sublandlord under
the Master Lease which could reduce Subtenant's obligations hereunder, and
Sublandlord shall cooperate with Subtenant to enforce all such warranties and
indemnities.

      In the event that Sublandlord defaults in the performance or observance of
any of Sublandlord's obligations under the Master Lease, Landlord, by its
consent hereto, hereby agrees to deliver to Subtenant, at the same time and in
the same manner as delivered to Sublandlord, a copy of any notice of default
required to be delivered to Sublandlord under the Master Lease. Landlord, by its
consent hereto, further agrees that Subtenant shall have the right, but not the
obligation, on behalf of Sublandlord to cure any default stated in such notice
within the time available to Sublandlord to cure any such default under the
Master Lease, and Landlord shall accept such cure from Subtenant.

      If Landlord seeks to terminate the Master Lease because of a default or
alleged default by Sublandlord under the Master Lease, Sublandlord shall use its
reasonable good faith efforts to maintain the Master Lease in full force and
effect for the benefit of Subtenant and Sublandlord, and Sublandlord shall take
all action required to reinstate the Master Lease and/or to claim and pursue any
right of redemption or relief from forfeiture of the Master Lease (and as a
consequence thereof any forfeiture of the Sublease) to which Sublandlord may be
entitled at law or in equity.

      13.   MISCELLANEOUS

            A.    Subtenant shall have the right to have signage installed on
the directory sign, if any, provided by Sublandlord for the Building; such
signage shall be at Subtenant's cost, subject to approval by Sublandlord of the
details. Subtenant shall be responsible for maintaining its signage on the
directory and for its removal upon the Expiration Date or earlier termination of
this Sublease. In addition, Sublandlord will, at

                                      -12-
<PAGE>   13

Subtenant's sole cost, include Subtenant's name on Landlord's existing Building
monument sign and on the entrance doors of the Premises. Subtenant's name shall
appear below Landlord's and Sublandlord's and shall be no larger than either
name. All such signs shall conform to Landlord's current and future signage
specifications per the Master Lease.

            B.    Sublandlord and Subtenant each represent to the other that
they have dealt with no real estate brokers, finders, agents or salesman other
than CB Richard Ellis, Inc. and CRESA Partners. Each party agrees to hold the
other party harmless from and against all claims for brokerage commissions,
finder's fees or other compensation made by any other agent, broker, salesman or
finder as a consequence of said party's actions or dealings with such agent,
broker, salesman, or finder. Sublandlord shall pay any brokerage commission due
and payable under the written agreement concerning this Sublease between CB
Richard Ellis, Inc. and Sublandlord.

            C.    Sublandlord represents and warrants to Subtenant that, (i) to
the best of Sublandlord's knowledge, no default (or condition which will become
a default following the passage of time with or without the giving of notice)
under the Master Lease that would entitle Landlord to terminate the Master Lease
currently exists; (ii) a copy of the Master Lease attached hereto as Exhibit "B"
is true and correct copy of the Master Lease; and (iii) Sublandlord will
cooperate with the Subtenant regarding any relations with Landlord, such as the
giving or receiving of notice or regarding Landlord's rendering of services as
provided under the Master Lease as incorporated in this Sublease.

            D.    All prior understandings and agreements between the parties
hereto are merged within this Sublease. This Sublease and the provisions of the
Master Lease incorporated herein by the express terms of this Sublease
constitute the complete and exclusive agreement among the parties with respect
to the matters contained herein and supersede all prior written or oral
agreements or statements by and among the parties hereto, provided that this
Sublease shall be at all times subject to all of the terms and conditions of the
Master Lease.

            E.    This Sublease may not be changed, amended, modified, or
terminated, either orally or in any manner, other than by express agreement in
writing signed by the parties hereto, and by Landlord to the extent required by
the Master Lease.

      IN WITNESS WHEREOF, the parties hereto have caused this instrument to be
executed by hand as of the date first above written.

                                          SUBLANDLORD:

                                          BEA SYSTEMS, INC.,
                                          a Delaware corporation

                                          By:__________________________________

                                          Its:

                                          SUBTENANT:

                                          DIGITAL IMPACT
                                          a ________________ corporation

                                      -13-
<PAGE>   14

                                          By:__________________________________

                                          Its:

                                      -14-
<PAGE>   15

                                   EXHIBIT "A"

                        Floor Plan of Subleased Premises

<PAGE>   16

                                   EXHIBIT "B"

                        Additional Rules and Regulations

      1.    Sidewalks, doorways, vestibules, halls, stairways, elevator lobbies
and other similar areas in the common areas of the Building shall not be used
for the storage of materials or disposal of trash, be obstructed by subtenants,
or be used by subtenants for any purpose other than entrance to and exit from
the subtenant's premises and the Building and for going from one part of the
Building to another part of the Building and/or property.

      2.    Plumbing fixtures shall be used only for the purposes for which they
are designed, and no sweepings, rubbish, rags or other unsuitable materials
shall be disposed into them. Damage resulting to any such fixtures proven to
result from misuse by a subtenant, and not by Sublandlord's cleaning contractors
responsible for cleaning the subtenant's premises and the Building, shall be the
liability of said subtenant.

      3.    Subject to applicable provisions in the Sublease, signs,
advertisements, graphics or notices visible in or from public corridors, any
common area or public areas of the Building or from outside the Building shall
require Sublandlord's prior written approval. No part of the property may be
defaced by subtenants.

      4.    Significant movement in or out of the Building of furniture, office
equipment, or any other bulky or heavy materials shall be restricted to such
hours as Sublandlord shall reasonably designate. Sublandlord will determine the
method and routing of the movement of said items so as to ensure the safety of
all persons and property concerned and subtenant shall be responsible for all
costs and expenses associated therewith. Advance written notice of intent to
move such items must be made to the Sublandlord at least twenty-four (24) hours
before the time of such move. For non-significant movement in or out of the
Building of portable items which do not require use of dollies or other moving
equipment, notice to Sublandlord shall not be required.

      5.    No safe, heavy furniture or equipment shall be installed by
Subtenant without prior written approval by Sublandlord of the proposed weight
and location of the safe, furniture or equipment, and if such weight is
excessive, to reject such request. All heavy installations shall in all cases
stand on supporting devices capable of adequately distributing the weight, and
approved in advance by Sublandlord. Sublandlord has the right to require
subtenant to show, through calculations produced by a licensed structural
engineer at subtenant's expense that the proposed weight can be safely borne by
the structure. and reject the request if it cannot be safely supported.

      6.    Corridor doors which lead to common areas of the Building (other
than the doors opening into the elevator lobby on floors leased entirely to a
subtenant) shall be kept closed at all times except when actively used for
ingress or egress, and shall not be held or propped open.

      7.    Each subtenant shall cooperate with Sublandlord in keeping its
premises neat and clean. No subtenant shall employ any person for the purpose of
such cleaning other than the Buildings cleaning and maintenance personnel
without prior approval of Sublandlord.

      8.    The elevator lobby is to be kept neat and clean. The disposal of
trash or storage of materials in this area is prohibited.

<PAGE>   17

      9.    No vehicles, motorcycles, birds, fish or other animals (except for
Seeing Eye dogs) shall be brought into or kept in, on or about the Building.
Bicycles may be parked only in areas designated by Sublandlord.

      10.   Subtenants shall not tamper with or attempt to adjust temperature
control thermostats in their leased premises and shall not use any additional
methods of heating or air conditioning, and shall not inhibit the flow of air by
blocking diffusers or vents. Each subtenant shall use reasonable efforts to keep
all window blinds down and tilted at a 45-degree angle toward the street to help
maintain comfortable room temperatures and conserve energy.

      11.   Each subtenant will comply with all access control procedures
necessary both during business hours and after hours and on weekends.
Sublandlord will provide each subtenant with prior notice of such access control
procedures and any changes thereto promptly.

      12.   Subtenants are requested to lock all office doors leading to
corridors and to turn out all lights at the close of their working day;
provided, however, that no subtenant shall be responsible to ensure that
Sublandlord's cleaning contractor locks doors and turns out lights after
cleaning the subtenant's leased premises.

      13.   All requests for overtime air conditioning or heating shall be
submitted and paid for in accordance with procedures established by Sublandlord.
[Please specify the rate for after-hours HVAC.]

      14.   No flammable or explosive fluids or materials shall be kept or used
within the Building except for small, reasonable amounts of commonly used office
materials. Each subtenant shall comply with all building and fire codes relating
to the use of any flammable or explosive fluids or materials.

      15.   Subtenants may not make any modifications, alterations, additions or
repairs to their leased premises and may not install any furniture, fixtures or
equipment in their leased premises which is in violation of any applicable
building and/or fire code governing their leased premises or the Property. The
subtenant must obtain prior approval from Sublandlord of any such alterations,
modifications and additions and shall deliver "as-built" plans therefor to
Sublandlord, upon completion, except as otherwise permitted in the subtenant's
lease. Such alterations include, but are not limited to, any communication
equipment and associated wiring which must meet fire code. The Contractor
conducting the modifications and additions must be a licensed contractor, and
shall be subject to all rules and regulations of Sublandlord while performing
work in the Building and must obtain all necessary permits and approvals prior
to commencing the modifications and additions.

      16.   No vending machines of any type shall be allowed in subtenant space
without the prior written consent of Sublandlord.

      17.   All locks for doors in each subtenant's premises shall be provided
by Landlord or Sublandlord and no subtenant shall place any additional lock or
locks on any door in its premises without Sublandlord's written consent. All
requests for duplicate keys shall be made to Sublandlord.

      18.   No subtenant shall interfere in any way with any other subtenant's
(or their visitors') quiet enjoyment of their leased premises.

      19.   Sublandlord will not be liable or responsible for lost or stolen
money, jewelry or other personal property from any subtenant's leased area or
public areas of the Building or property.

                                      -2-
<PAGE>   18

      20.   Canvassing, peddling, soliciting and distribution of handbills in
the Building (except for activities within a subtenant's leased premises which
involve only such subtenant's employees) is prohibited. Each subtenant is
requested to notify Sublandlord if such activities occur.

      21.   All subtenants will refer all contractors, contractors'
representatives and installation technicians tendering any service to them to
Sublandlord for Sublandlord's supervision, approval and control before the
performance of any contractual services. This provision shall apply to all work
performed in the Building (other than work under contract for installation or
maintenance of the subtenant's equipment), including, but not limited to,
installations of telephones, telegraph equipment, electrical devices and
attachments, and any and all installation of every nature affecting floors,
walls, woodwork, trim, windows, ceilings, equipment and any other physical
portion of the Building.

      22.   Each subtenant and their contractors are responsible for removal of
trash resulting from large deliveries or move-ins. Such trash must be removed
from the Building and Building facilities may not be used for dumping. If such
trash is not promptly removed, Sublandlord may cause such trash to be removed at
the subtenant's sole cost and expense plus a reasonable additional charge to be
determined by Sublandlord to cover Sublandlord's administrative costs in
connection with such removal.

      23.   Subtenants may not install, leave or store equipment, supplies,
furniture or trash in the common areas of the Building (i.e., outside their
premises).

      Each subtenant shall provide Sublandlord with names and telephone numbers
of individuals who should be contacted in an emergency.

      24.   Subtenants shall comply with the Building life safety program
established by Sublandlord or Landlord, including without limitation fire
drills, training programs and fire warden staffing procedures, and shall
exercise all reasonable efforts to cause all subtenant employees, invitees and
guests to comply with such program.

      25.   Should a subtenant require telegraphic, enunciator or other
communication service, Sublandlord or Landlord will direct the electricians
where and how wires are to be introduced and placed and none shall be introduced
or placed except as Sublandlord shall approve. Electric current shall not be
used for space heaters, cooking or heating devices or similar appliances without
Sublandlord's prior written permission.

      26.   Nothing shall be swept or thrown into the corridors, halls, elevator
shafts or stairways.

      27.   No portion of any subtenant's premises shall at any time be used or
occupied as sleeping or lodging quarters, nor shall personnel occupancy loads
exceed limits reasonably established by Sublandlord for the Building.

      28.   Subtenant (including Subtenant's agents) will use Subtenant's
parking space allocation solely for the purpose of parking passenger model cars,
small vans, small trucks and motorcycles, and will comply in all respects with
any rules and regulations that may be promulgated by Sublandlord or Landlord
from time to time with respect to the parking facilities, including designation
of visitors parking and other limited parking. Subtenant will ensure that any
vehicle parked in the parking lot by Subtenant or its agents or employees will
be kept in proper repair and will not leak excessive amounts of oil or grease or
any amount of fuel or gasoline. If any parking is used by Subtenant at any time
(i) for any purpose other than parking as provided above; or (ii) in any way or
manner reasonably objectionable to Sublandlord, Sublandlord may consider such a
default under the Sublease.

                                      -3-
<PAGE>   19

      29.   Subtenant shall cooperate in all reasonable measures to conserve
electrical energy.

                                      -4-
<PAGE>   20

                                   EXHIBIT "C"

                                  Master Lease<PAGE>   1

                                                                   EXHIBIT 10.12

                  MASTER LOAN AND SECURITY AGREEMENT NO. 10932

<TABLE>
<S>                                               <C>
DEBTOR:   Digital Impact, Inc.                    SECURED PARTY:   Wells Fargo Equipment Finance, Inc.
          177 Bovet Road, Suite 200                                530 Fifth Avenue
          San Mateo, CA  94402                                     New York, NY 10036

          Digital Impact eMarketing (UK) Limited
          33 St. James Square
          London, England SW 1Y4JS

          MineShare, Inc.
          3420 Ocean Park Blvd. -- Suite 3080
          Santa Monica, CA  90405
</TABLE>

In consideration of the mutual covenants set forth herein, the above named
Debtor and the above named Secured Party hereby enter into this Master Loan and
Security Agreement and agree to the terms and conditions set forth herein. Each
Loan Schedule which may be executed by Debtor and Secured Party from time to
time pursuant to this Master Loan and Security Agreement shall be deemed to be a
separate loan transaction incorporating all of the terms and conditions of this
Master Loan and Security Agreement. References in this Master Loan and Security
Agreement to "Agreement", "hereunder" and "herein" shall mean a Loan Schedule
which incorporates this Master Loan and Security Agreement.

       1. LOAN SCHEDULES. Debtor shall evidence its agreement to enter into each
Agreement incorporating the terms hereof by executing and delivering to Secured
Party a Loan Schedule in the form annexed hereto as Exhibit 1. Debtor's
execution of a Loan Schedule shall obligate Debtor to make all of the payments
set forth in the Schedule of Obligations as set forth in the Loan Schedule. The
Loan Schedule shall set forth the amount of the Loan, the Term of the Loan, the
number of payments to be made and the amount and dates upon which such payments
are due. The Loan Schedule shall also set forth the Time Balance which means the
aggregate amount of all payments which are payable under the Agreement evidenced
by such Loan Schedule. Secured Party shall have no obligation to enter into or
accept any Loan Schedule and no Loan Schedule shall be binding upon Secured
Party until accepted by Secured Party which acceptance shall be evidenced only
by the execution of such Loan Schedule by Secured Party.

       2. GRANT OF SECURITY INTEREST. Debtor hereby grants to Secured Party a
security interest in the personal property referred to and/or described in each
Loan Schedule (hereinafter with all renewals, substitutions and replacements and
all parts, repairs, improvements, additions and accessories incorporated therein
or affixed thereto referred to as the "Equipment"), together with any and all
proceeds thereof and any and all insurance policies and proceeds with respect
thereto.

       3. OBLIGATIONS SECURED. The aforesaid security interest is granted by
Debtor as security for (a) the payment of the Time Balance (as set forth in the
Loan Schedule) and the payment and performance of all other indebtedness and
obligations now or hereafter owing by Debtor to Secured Party, of any and every
kind and description under the Agreement evidenced by such Loan Schedule, and
any and all renewals and extensions of the foregoing, and all interest, fees,
charges, expenses and attorneys' fees accruing or incurred in connection with
any of the foregoing (all of which Time Balance, indebtedness and obligations
are hereinafter referred to as the "Liabilities") and (b) the payment and
performance of all other indebtedness and obligations now or hereafter owing by
Debtor to Secured Party, of any and every kind and description, howsoever
arising or evidenced including without limitation those arising under other Loan
Schedules, (all of which indebtedness and obligations are hereinafter referred
to as the "Other Liabilities"). Subject to Paragraph 16, any nonpayment of any
installment or other amounts within ten (10) days of when due hereunder shall
result in the obligation on the part of Debtor promptly to pay also an amount
equal to five percent (5%), (or the maximum rate permitted by law, whichever is
less) of the installment or other amounts overdue.

       4. DISCLAIMER OF WARRANTIES. DEBTOR ACKNOWLEDGES THAT SECURED PARTY MAKES
NO WARRANTIES, EXPRESS OR IMPLIED, IN RESPECT OF THE EQUIPMENT, INCLUDING,
WITHOUT

<PAGE>   2

LIMITATION, ANY WARRANTY OF MERCHANTABILITY OR OF FITNESS FOR ANY PARTICULAR
PURPOSE. Secured Party shall not be liable to Debtor for any loss, damage or
expense of any kind or nature caused, directly or indirectly, by any Equipment
secured hereunder or the use or maintenance thereof or the failure of operation
thereof, or the repair, service or adjustment thereof, or by any delay or
failure to provide any such maintenance, repairs, service or adjustment, or by
any interruption of service or loss of use thereof or for any loss of business
howsoever caused. The Equipment shall be shipped directly to Debtor by the
supplier thereof and Debtor agrees to accept such delivery. No defect or
unfitness of the Equipment, nor any failure or delay on the part of the
manufacturer or the shipper of the Equipment to deliver the Equipment or any
part thereof to Debtor, shall relieve Debtor of the obligation to pay the Time
Balance or any other obligation under this Agreement. Secured Party shall have
no obligation under this Agreement in respect of the Equipment and shall have no
obligation to install, erect, test, adjust or service the Equipment. Secured
Party agrees, so long as there shall not have occurred or be continuing any
Event of Default hereunder or event which with lapse of time or notice, or both,
might become an Event of Default hereunder, that Secured Party will permit
Debtor to enforce in Debtor's own name at Debtor's sole expense any supplier's
or manufacturer's warranty or agreement in respect of the Equipment to the
extent that such warranty or agreement is assignable.

       5. ASSIGNMENT. Any transaction evidenced by a Loan Schedule shall be
assignable by Secured Party, and by its assigns, without the consent of Debtor,
but Debtor shall not be obligated to any assignee except upon written notice of
such assignment from Secured Party or such assignee. The obligation of Debtor to
pay and perform the Liabilities to such assignee shall be absolute and
unconditional and shall not be affected by any circumstance whatsoever, and such
payments shall be made without interruption or abatement notwithstanding any
event or circumstance whatsoever, including, without limitation, the late
delivery, non-delivery, destruction or damage of or to the Equipment, the
deprivation or limitation of the use of the Equipment, the bankruptcy or
insolvency of Secured Party or Debtor or any disaffirmance of this Agreement by
or on behalf of Debtor and notwithstanding any defense, set-off, recoupment or
counterclaim or any other right whatsoever, whether by reason of breach of this
Agreement or of any warranty in respect of the Equipment or otherwise which
Debtor may now or hereafter have against Secured Party, and whether any such
event shall be by reason of any act or omission of Secured Party (including,
without limitation, any negligence of Secured Party) or otherwise; provided,
however, that nothing herein contained shall affect any right of Debtor to
enforce against Secured Party any claim which Debtor may have against Secured
Party in any manner other than by abatement, attachment or recoupment of,
interference with, or set-off, counterclaim or defense against, the
aforementioned payments to be made to such assignee. Debtor's undertaking herein
to pay and perform the Liabilities to an assignee of Secured Party shall
constitute a direct, independent and unconditional obligation of Debtor to said
assignee. Said assignee shall have no obligations under this Agreement or in
respect of the Equipment and shall have no obligation to install, erect, test,
adjust or service the Equipment. Debtor also acknowledges and agrees that any
assignee of Secured Party's interest in this Agreement shall have the right to
exercise all rights, privileges and remedies (either in its own name or in the
name of Secured Party) which by the terms of this Agreement are permitted to be
exercised by Secured Party.

       6. DAMAGE TO OR LOSS OF THE EQUIPMENT; REQUISITION. Debtor assumes and
shall bear the entire risk of loss or damage to the Equipment from any and every
cause, whatsoever. No loss or damage to the Equipment or any part thereof shall
affect any obligation of Debtor with respect to the Liabilities and this
Agreement, which shall continue in full force and effect. Debtor shall advise
Secured Party in writing promptly of any item of Equipment lost or damaged and
of the circumstances and extent of such damage. If the Equipment is totally
destroyed, irreparably damaged, lost, stolen or title thereto shall be
requisitioned or taken by any governmental authority under the power of eminent
domain or otherwise, Debtor shall, at the option of Secured Party, replace the
same with like equipment in good repair, condition and working order, or pay to
Secured Party all Liabilities due and to become due, less the net amount of the
recovery, if any, actually received by Secured Party from insurance or otherwise
for such destruction, damage, loss, theft, requisition or taking. Whenever the
Equipment is destroyed or damaged and, in the sole discretion of Secured Party,
such destruction or damage can be repaired, Debtor shall, at its expense,
promptly effect such repairs as Secured Party shall deem necessary for
compliance with clause (a) of paragraph 8 below. Any proceeds of insurance
received by Secured Party with respect to such reparable damage to the Equipment
shall, at the election of Secured Party, be applied either to the repair of the
Equipment by payment by Secured Party directly to the party completing the
repairs, or to the reimbursement of Debtor for the cost of such repairs;
provided, however, that Secured Party shall have no obligation to make such
payment or any part thereof until receipt of such

<PAGE>   3

evidence as Secured Party shall deem satisfactory that such repairs have been
completed and further provided that Secured Party may apply such proceeds to the
payment of any of the Liabilities or the Other Liabilities due if at the time
such proceeds are received by Secured Party there shall have occurred and be
continuing any Event of Default hereunder or any event which with lapse of time
or notice, or both, would become an Event of Default. Debtor shall, when and as
requested by Secured Party, undertake, by litigation or otherwise, in Debtor's
name, the collection of any claim against any person for such destruction,
damage, loss, theft, requisition or taking, but Secured Party shall not be
obligated to undertake, by litigation or otherwise, the collection of any claim
against any person for such destruction, damage, loss, theft, requisition or
taking.

       7. REPRESENTATIONS AND WARRANTIES OF DEBTOR. Debtor represents and
warrants that: it has the right, power and authority to enter into and carry out
the terms and provisions of this Agreement; this Agreement constitutes a valid
obligation of the Debtor and is enforceable in accordance with its terms; and
entering into this Agreement and carrying out its terms and provisions will not
violate the terms or constitute a breach of any other agreement to which Debtor
is a party.

       8. AFFIRMATIVE COVENANTS OF DEBTOR. Debtor shall (a) cause the Equipment
to be kept in good condition and use the Equipment only in the manner for which
it was designed and intended so as to subject it only to ordinary wear and tear
and cause to be made all needed and proper repairs, renewals and replacements
thereto; (b) maintain at all times property damage, fire, theft and
comprehensive insurance for the full replacement value of the Equipment, with
loss payable provisions in favor of Secured Party and any assignee of Secured
Party as their interests may appear, and maintain general liability insurance in
amounts satisfactory to Secured Party, naming Secured Party and any assignee of
Secured Party as insureds with all of said insurance and loss payable provisions
to be in form, substance and amount and written by companies approved by Secured
Party, and deliver the policies therefor, or duplicates thereof, to Secured
Party; (c) pay or reimburse Secured Party for any and all taxes, assessments and
other governmental charges of whatever kind or character, however designated
(together with any penalties, fines or interest thereon) levied or based upon or
with respect to the Equipment, the Liabilities or this Agreement or upon the
manufacture, purchase, ownership, delivery, possession, use, storage, operation,
maintenance, repair, return or other disposition of the Equipment, or upon any
receipts or earnings arising therefrom, or for titling or registering the
Equipment, or upon the income or other proceeds received with respect to the
Equipment or this Agreement provided, however, that Debtor shall pay taxes on or
measured by the net income of Secured Party and franchise taxes of Secured Party
only to the extent that such net income taxes or franchise taxes are levied or
assessed in lieu of any other taxes, assessments or other governmental charges
hereinabove described; (d) pay all shipping and delivery charges and other
expenses incurred in connection with the Equipment and pay all lawful claims,
whether for labor, materials, supplies, rents or services, which might or could
if unpaid become a lien on the Equipment; (e) comply with all governmental laws,
regulations, requirements and rules, all instructions and warranty requirements
of Secured Party or the manufacturer of the Equipment, and with the conditions
and requirements of all policies of insurance with respect to the Equipment and
this Agreement; (f) mark and identify the Equipment with all information and in
such manner as Secured Party may request from time to time and replace promptly
any such marking or identification which are removed, defaced or destroyed; (g)
at any and all times during business hours, grant to Secured Party free access
to enter upon the premises wherein the Equipment shall be located and permit
Secured Party to inspect the Equipment; (h) reimburse Secured Party for all
charges, costs and expenses (including attorneys' fees) incurred by Secured
Party in defending or protecting its interests in the Equipment, in the
attempted enforcement or enforcement of the provisions of this Agreement or in
the attempted collection or collection of any of the Liabilities; (i) indemnify
and hold any assignee of Secured Party, and Secured Party, harmless from and
against all claims, losses, liabilities, damages, judgments, suits, and all
legal proceedings, and any and all costs and expenses in connection therewith
(including attorneys' fees) arising out of or in any manner connected with the
manufacture, purchase, ownership, delivery, possession, use, storage, operation,
maintenance, repair, return or other disposition of the Equipment or with this
Agreement, including, without limitation, claims for injury to or death of
persons and for damage to property, and give Secured Party prompt notice of any
such claim or liability; and (j) maintain a system of accounts established and
administered in accordance with generally accepted accounting principles and
practices consistently applied, and, within forty-five (45) days after the end
of each fiscal quarter, deliver to Secured Party a balance sheet as at the end
of such quarter and statement of operations for such quarter, and, within one
hundred and twenty (120) days after the end of each fiscal year, deliver to
Secured Party a

<PAGE>   4

balance sheet as at the end of such year and statement of operations for such
year, in each case prepared in accordance with generally accepted accounting
principles and practices consistently applied and certified by Debtor's chief
financial officer as fairly presenting the financial position and results of
operation of Debtor, and, in the case of year end financial statements,
certified by an independent accounting firm acceptable to Secured Party.

       9. NEGATIVE COVENANTS OF DEBTOR. Debtor shall not (a) create, incur,
assume or suffer to exist any mortgage, lien, pledge or other encumbrance or
attachment of any kind whatsoever upon, affecting or with respect to the
Equipment or this Agreement or any of Debtor's interests hereunder; (b) make any
changes or alterations in or to the Equipment except as necessary for compliance
with clause (a) of paragraph 8 above; (c) permit the name of any person,
association or corporation other than Secured Party to be placed on the
Equipment as a designation that might be interpreted as a claim of interest in
the Equipment; (d) part with possession or control of or suffer or allow to pass
out of its possession or control any of the Equipment or change the location of
the Equipment or any part thereof from the location shown on any Loan Schedule;
(e) assign or in any way dispose of all or any part of its rights or obligations
under this Agreement or enter into any lease of all or any part of the
Equipment; (f) change its name or address from that set forth above unless it
shall have given Secured Party no less than thirty (30) days prior written
notice thereof; (g) without Secured Party's prior written consent, sell any
shares of its capital stock or transfer any ownership interest in the Debtor to
any person, persons, entity or entities (whether in one single transaction or in
multiple transactions) which results in a transfer of a majority interest in the
ownership and/or the control of the Debtor from the person, persons, entity or
entities who hold ownership and/or control of the Debtor as of the date of this
Agreement except that Debtor may conduct a public offering(s) of shares of
capital stock in Debtor without Secured Party's prior written consent; or (h)
without Secured Party's prior written consent, consolidate with or merge into or
with any other entity, or purchase or otherwise acquire all or substantially all
of the assets or stock or other ownership interest of any person or entity; or
(i) sell, transfer, lease or otherwise dispose of all or substantially all of
Debtor's assets to any person or entity.

With respect to the consent provisions under both Sections 9 (g) and 9 (h) of
this Agreement, Secured Party shall, in its reasonable discretion, review and
consider whether (A) Secured Party is satisfied as to the creditworthiness of
the successor entity and as to such successor's conformance to the other
standard criteria then used by Secured Party for such purposes; and (B) such
successor entity is willing to execute and deliver to Secured Party an agreement
satisfactory in form and substance to Secured Party, in its reasonable
discretion, containing the successor entity's effective assumption of all
obligations of the Debtor under the Agreement and all Loan Schedules thereunder;
and (C) if applicable, Debtor, any new majority shareholder and/or such
successor entity are willing to execute such additional documentation or
modifications to the Agreement (including without limitation, the Financial
Covenant Rider) as are required by Secured Party to maintain Secured Party's
interests in the Equipment or as otherwise required by Secured Party to
accomplish Section 9 (A) above. In the event that Secured Party does not give
such consent or if, Secured Party requires as a condition of its consent,
additional documentation or modifications to the Agreement under Section 9(C)
above which are unacceptable to Debtor, Debtor may, at its election, either
prepay its obligations under all of the Loan Schedules under the Agreement
("Change in Control Prepayment") or post an irrevocable letter of credit
("Change in Control LC"), in each case prior to or on the date of the closing of
the transaction for which Debtor sought Secured Party's consent and otherwise in
accordance with terms and conditions below in this Section 9. A Change in
Control Prepayment shall occur by Debtor paying to Secured Party the sum of the
following on or prior to such closing: (x) any accrued and unpaid installments
due under each of the Loan Schedules under the Agreement, together with interest
thereon (if any) in accordance with the Agreement; (y) the then present value of
all remaining installments due under each of the Loan Schedules of the
Agreement, computed using a discount rate of six percent (6%); and (z) any and
all other amounts whatsoever due and owing to Secured Party in accordance with
the Agreement, including without limitation, any and all taxes due an owing on
such prepayment amount. In the event that Debtor elects to post a Change in
Control LC, Debtor shall deliver to Secured Party on or prior to the closing, an
irrevocable standby letter of credit issued by a recognized financial
institution acceptable to Secured Party in an amount equal to the sum of the
present value of the then remaining payments due under all then existing Loan
Schedules during the remaining terms thereof, discounted at a rate equal to six
percent (6%), which letter of credit shall be substantially in the form annexed
hereto as Exhibit 1. Such Change in Control LC shall secure the payment of all
of the Liabilities and the Other Liabilities under the Agreement and all Loan
Schedules hereto and the performance of all other

<PAGE>   5

obligations of Debtor to Secured Party and its assigns under the Agreement. Once
a Change in Control LC is posted under this Section 9, it shall be an Event of
Default under the Agreement if at any time during which any amounts remain due
under the Agreement or any Loan Schedule, the Change in Control LC is not in
full force and effect or if Secured Party receives notice that the Change in
Control LC will not be replaced or renewed. So long as Secured Party has
possession of the Change in Control LC, Debtor shall not be required to post an
additional letter of credit under or in connection with the financial covenant
rider of even date herewith.

       10. EQUIPMENT PERSONALTY. The Equipment is, and shall at all times be and
remain, personal property notwithstanding that the Equipment or any part thereof
may now be, or hereafter become, in any manner affixed or attached to, or
imbedded in, or permanently resting upon, real property or attached in any
manner to real property by cement, plaster, nails, bolts, screws or otherwise.
If requested by Secured Party with respect to any item of Equipment, Debtor will
obtain and deliver to Secured Party waivers of interest or liens in recordable
form, satisfactory to Secured Party, from all persons claiming any interest in
the real property on which such item of Equipment is installed or located.

       11. EVENTS OF DEFAULT AND REMEDIES. If any one or more of the following
events ("Events of Default") shall occur:

              (a) Debtor shall fail to make any payment in respect of the
Liabilities when due; or

              (b) any certification, statement, representation, warranty or
financial report or statement heretofore or hereafter furnished by or on behalf
of Debtor or any guarantor of any or all of the Liabilities proves to have been
false in any material respect at the time as of which the facts therein set
forth were stated or certified or has omitted any material contingent or
unliquidated liability or claim against Debtor or any such guarantor; or

              (c) Debtor or any guarantor of any or all of the Liabilities shall
fail to perform or observe any covenant, condition or agreement to be performed
or observed by it hereunder or under any guaranty agreement; or

              (d) Debtor or any guarantor of any or all of the Liabilities shall
be in breach of or in default in the payment and performance of any obligation
relating to any of the Other Liabilities; or

              (e) Debtor or any guarantor of any of Debtor's obligations
hereunder shall be in breach of or in default in the payment or performance of
any obligation owing to any bank, lender, lessor or financial institution,
howsoever arising, present or future, contracted for or acquired, and whether
joint, several, absolute, contingent, secured, unsecured, matured or unmatured;
or

              (f) Debtor or any guarantor of any or all of the Liabilities shall
cease doing business as a going concern, make an assignment for the benefit of
creditors, admit in writing its inability to pay its debts as they become due,
file a petition commencing a voluntary case under any chapter of Title 11 of the
United States Code entitled "Bankruptcy" (the "Bankruptcy Code"), be adjudicated
an insolvent, file a petition seeking for itself any reorganization,
arrangement, composition, readjustment, liquidation, dissolution or similar
arrangement under any present or future statute, law, rule or regulation or file
an answer admitting the material allegations of a petition filed against it in
any such proceeding, consent to the filing of such a petition or acquiescence in
the appointment of a trustee, receiver or liquidator of it or of all or any part
of its assets or properties, or take any action looking to its dissolution or
liquidation; or

              (g) an order for relief against Debtor or any guarantor of any or
all of the Liabilities shall have been entered under any chapter of the
Bankruptcy Code or a decree or order by a court having jurisdiction in the
premises shall have been entered approving as properly filed a petition seeking
reorganization, arrangement, readjustment, liquidation, dissolution or similar
relief against Debtor or any guarantor of any or all of the Liabilities under
any present or future statute, law, rule or regulation, or within thirty (30)
days after the appointment without Debtor's or such guarantor's consent or
acquiescence of any trustee, receiver or liquidator of it or such guarantor or
of all or any part of its or such guarantor's assets and properties, such
appointment shall not be vacated, or an order, judgment or decree shall be
entered against Debtor or such guarantor by a court of competent jurisdiction
and shall continue in effect for any period of ten (10) consecutive days without
a stay of execution, or any execution or writ or process shall be issued under
any action or proceeding against

<PAGE>   6

Debtor whereby the Equipment or its use may be taken or restrained; or

              (h) Debtor or any guarantor of any or all of the Liabilities shall
suffer an adverse material change in its financial condition as compared to such
condition as at the date hereof, and as a result of such change in condition
Secured Party deems itself or any of the Equipment to be insecure;

then and in any such event, Secured Party may, at the sole discretion of Secured
Party, without notice or demand and without limitation of any rights and
remedies of Secured Party under the Uniform Commercial Code, take any one or
more of the following steps:

              (1) Declare all of the Time Balance to be due and payable,
whereupon the same shall forthwith mature and become due and payable as provided
for in paragraph 16 below, provided, however, upon the occurrence of any of the
events specified in subparagraphs (f) and (g) above, all sums as specified in
this clause (1) shall immediately be due and payable without notice to Debtor
(the date on which Secured Party declares all of the Time Balance to be due and
payable is hereinafter referred to as the "Declaration Date");

              (2) proceed to protect and enforce its rights by suit in equity,
action at law or other appropriate proceedings, whether for the specific
performance of any agreement contained herein, or for an injunction against a
violation of any of the terms hereof, or in aid of the exercise of any other
right, power or remedy granted hereby or by law, equity or otherwise; and

              (3) at any time and from time to time, with or without judicial
process and the aid or assistance of others, enter upon any premises wherein any
of the Equipment may be located and, without resistance or interference by
Debtor, take possession of the Equipment on any such premises, and require
Debtor to assemble and make available to Secured Party at the expense of Debtor
any part or all of the Equipment at any place or time designated by Secured
Party; and remove any part or all of the Equipment from any premises wherein the
same may be located for the purpose of effecting the sale or other disposition
thereof; and sell, resell, lease, assign and deliver, grant options for or
otherwise dispose of any or all of the Equipment in its then condition or
following any commercially reasonable preparation or processing, at public or
private sale or proceedings, by one or more contracts, in one or more parcels,
at the same or different times, with or without having the Equipment at the
place of sale or other disposition, for cash and/or credit, and upon any terms,
at such place(s) and time(s) and to such persons, firms or corporations as
Secured Party shall deem best, all without demand for performance or any notice
or advertisement whatsoever, except that Debtor shall be given five (5) business
days' written notice of the place and time of any public sale or of the time
after which any private sale or other intended disposition is to be made, which
notice Debtor hereby agrees shall be deemed reasonable notice thereof. If any of
the Equipment is sold by Secured Party upon credit or for future delivery,
Secured Party shall not be liable for the failure of the purchaser to pay for
same and in such event Secured Party may resell such Equipment. Secured Party
may buy any part or all of the Equipment at any public sale and if any part or
all of the Equipment is of a type customarily sold in a recognized market or
which is the subject of widely distributed standard price quotations Secured
Party may buy at private sale and may make payment therefor by application of
all or a part of the Liabilities and of all or a part of any Other Liabilities.
Any personalty in or attached to the Equipment when repossessed may be held by
Secured Party without any liability arising with respect thereto, and any and
all claims in connection with such personalty shall be deemed to have been
waived unless notice of such claim is made by certified or registered mail upon
Secured Party within three business days after repossession.

Secured Party shall apply the cash proceeds from any sale or other disposition
of the Equipment first, to the reasonable expenses of re-taking, holding,
preparing for sale, selling, leasing and the like, and to reasonable attorneys'
fees and other expenses which are to be paid or reimbursed to Secured Party
pursuant hereto, and second, to all outstanding portions of the Liabilities and
to any Other Liabilities in such order as Secured Party may elect, and third,
any surplus to Debtor, subject to any duty of Secured Party imposed by law to
the holder of any subordinate security interest in the Equipment known to
Secured Party; provided however, that Debtor shall remain liable with respect to
unpaid portions of the Liabilities owing by it and will pay Secured Party on
demand any deficiency remaining with interest as provided for in paragraph 16
below.

       12. SECURED PARTY'S RIGHT TO PERFORM FOR DEBTOR. If Debtor fails to
perform or comply with any of its

<PAGE>   7

agreements contained herein Secured Party may perform or comply with such
agreement and the amount of any payments and expenses incurred by Secured Party
in connection with such performance or compliance, together with interest
thereon at the rate provided for in paragraph 16 below, shall be deemed a part
of the Liabilities and shall be payable by Debtor upon demand.

       13. FURTHER ASSURANCES. Debtor will cooperate with Secured Party for the
purpose of protecting the interests of Secured Party in the Equipment,
including, without limitation, the execution of all Uniform Commercial Code
financing statements requested by Secured Party. Secured Party and any assignee
of Secured Party are each authorized to the extent permitted by applicable law
to file one or more Uniform Commercial Code financing statements disclosing any
security interest in the Equipment without the signature of Debtor or signed by
Secured Party or any assignee of Secured Party as attorney-in-fact for Debtor.
Debtor will pay all costs of filing any financing, continuation or termination
statements with respect to this Agreement, including, without limitation, any
documentary stamp taxes relating thereto. Debtor will do whatever may be
necessary to have a statement of the interest of Secured Party and of any
assignee of Secured Party in the Equipment noted on any certificate of title
relating to the Equipment and will deposit said certificate with Secured Party
or such assignee. Debtor shall execute and deliver to Secured Party, upon
request, such other instruments and assurances as Secured Party deems necessary
or advisable for the implementation, effectuation, confirmation or perfection of
this Agreement and any rights of Secured Party hereunder.

       14. NON-WAIVER; ETC. No course of dealing by Secured Party or Debtor or
any delay or omission on the part of Secured Party in exercising any rights
hereunder shall operate as a waiver of any rights of Secured Party. No waiver or
consent shall be binding upon Secured Party unless it is in writing and signed
by Secured Party. A waiver on any one occasion shall not be construed as a bar
to or a waiver of any right and/or remedy on any future occasion. To the extent
permitted by applicable law, Debtor hereby waives the benefit and advantage of,
and covenants not to assert against Secured Party, any valuation, inquisition,
stay, appraisement, extension or redemption laws now existing or which may
hereafter exist which, but for this provision, might be applicable to any sale
or other disposition made under the judgment, order or decree of any court or
under the powers of sale and other disposition conferred by this Agreement or
otherwise. Debtor hereby waives any right to a jury trial with respect to any
matter arising under or in connection with this Agreement.

       15. ENTIRE AGREEMENT; SEVERABILITY; ETC. This Agreement constitutes the
entire agreement between Secured Party and Debtor and all conversations,
agreements and representations relating to this Agreement or to the Equipment
are integrated herein. If any provision hereof or any remedy herein provided for
shall be invalid under any applicable law, such provision or remedy shall be
inapplicable and deemed omitted, but the remaining provisions and remedies
hereunder shall be given effect in accordance with the intent hereof. Neither
this Agreement nor any term hereof may be changed, discharged, terminated or
waived except in an instrument in writing signed by the party against which
enforcement of the change, discharge, termination or waiver is sought. This
Agreement shall in all respects be governed by and construed in accordance with
the internal laws of the State of New York, including all matters of
construction, validity and performance, and shall be deemed a purchase money
security agreement within the meaning of the Uniform Commercial Code. The
captions in this Agreement are for convenience of reference only and shall not
define or limit any of the terms or provisions hereof. This Agreement shall
inure to the benefit of and be binding upon Secured Party and Debtor and their
respective successors and assigns, subject, however, to the limitations set
forth in this Agreement with respect to Debtor's assignment hereof. No right or
remedy referred to in this Agreement is intended to be exclusive but each shall
be cumulative and in addition to any other right or remedy referred to in this
Agreement or otherwise available to Secured Party at law or in equity, and shall
be in addition to the provisions contained in any instrument referred to herein
and any instrument supplemental hereto. Debtor shall be liable for all costs and
expenses, including attorneys' fees and disbursements, incurred by reason of the
occurrence of any Event of Default or the exercise of Secured Party's remedies
with respect thereto. Time is of the essence with respect to this Agreement and
all of its provision.

       16. PREPAYMENT; REBATE; INTEREST. Except for the installment payments of
the Time Balance as set forth in the Schedule of Obligations, the Debtor may not
prepay the Time Balance, in whole or in part, at any time. In the event Secured
Party declares all of the Time Balance to be due and payable pursuant to clause
(1) of paragraph 11 above, Debtor shall pay to Secured Party an amount equal to
the sum of (a) all accrued and

<PAGE>   8

unpaid amounts as of the Declaration Date plus interest thereon, and (b) the
present value of all future installments set forth in this Agreement over the
remaining unexpired term of this Agreement discounted to present value using a
discount rate of six percent (6%), provided that the amount of interest earned
by Secured Party computed as aforesaid shall not exceed the highest amount
permitted by applicable law. The Time Balance as reduced to present value in
accordance with the preceding sentence shall bear interest from and after the
Declaration Date, and all other Liabilities due and payable under this Agreement
(including past due installments) shall bear interest from and after their
respective due dates, at the lesser of 1.5% per month or the highest rate
permitted by applicable law, provided, however, that Debtor shall have no
obligation to pay any interest on interest except to the extent permitted by
applicable law.

       17. CONSENT TO JURISDICTION. Debtor hereby irrevocably consents to the
jurisdiction of the courts of the State of New York and of any federal court
located in such state in connection with any action or proceeding arising out of
or relating to this Agreement or the transactions contemplated hereby. Any such
action or proceeding will be maintained in the United States District Court for
the Southern District of New York or in any court of the State of New York
located in the County of New York and Debtor waives any objections based upon
venue or forum non conveniens in connection with any such action or proceeding.
Debtor consents that process in any such action or proceeding may be served upon
it by registered mail directed to Debtor at its address set forth at the head of
this Agreement or in any other manner permitted by applicable law or rules of
court. Debtor hereby irrevocably appoints Secretary of State of the State of New
York as its agent to receive service of process in any such action or
proceeding.

       18. NOTICES. Notice hereunder shall be deemed given if served personally
or by certified or registered mail, return receipt requested, to Secured Party
and Debtor at their respective addresses set forth at the head of this
Agreement. Any party hereto may from to time by written notice to the other
change the address to which notices are to be sent to such party. A copy of any
notice sent by Debtor to Secured Party shall be concurrently sent by Debtor to
any assignee of Secured Party of which Debtor has notice.

       The Debtor agrees to all the provisions set forth above. This Agreement
is executed pursuant to due authorization. DEBTOR ACKNOWLEDGES RECEIPT OF A
SIGNED TRUE COPY OF THIS AGREEMENT.

Date___________________________ 20___      Accepted on_______________20___

Digital Impact, Inc. (Debtor)              WELLS FARGO EQUIPMENT FINANCE, INC.
(Signature of Proprietor or name of        (Secured Party)
Corporation or Partnership)

By_______________________________          By______________________________
                                               James M. Giaimo
Its______________________________          Its  Vice President

(if Corporation, President or Vice
President should sign and give
official title; if Partnership,
state partner; if L.L.C., state
member or manger)

Digital Impact eMarketing (UK) Limited
(Debtor)
(Signature of Proprietor or name of
Corporation or Partnership)

By_______________________________

Its______________________________

(if Corporation, President or Vice
President should sign and give official
title; if Partnership, state partner;
if L.L.C., state member or manger)

MimeShare, Inc. (Debtor)

By_______________________________

Its______________________________

(if Corporation, President or Vice
President should sign and give official
title; if Partnership, state partner;
if L.L.C., state member or manger)
deals.dox/digital impact/10932 --
Master Loan and Security Agreement

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