Document:

<PAGE>
                                                                    Exhibit 10.6

                    INTELLECTUAL PROPERTY SECURITY AGREEMENT

         This Intellectual Property Security Agreement (this "IP Agreement") is
made as of the 27th day of May, 2003 by and between NAVISITE, INC., a Delaware
corporation with its principal place of business at 400 Minuteman Road, Andover,
Massachusetts 01810 ("Grantor"), and SILICON VALLEY BANK, a California-chartered
bank, with its principal place of business at 3003 Tasman Drive, Santa Clara,
California 95054 and with a loan production office located at One Newton
Executive Park, Suite 200, 2221 Washington Street, Newton, Massachusetts 02462,
doing business under the name "Silicon Valley East" ("Lender").

                                    RECITALS

         A.       Lender has agreed to make advances of money and to extend
certain financial accommodations to Grantor (the "Loan"), pursuant to a certain
Accounts Receivable Financing Agreement dated as of May 27, 2003 between Grantor
and Lender, as amended from time to time (as amended, the "Loan Agreement"). The
Loan is secured pursuant to the terms of the Loan Agreement. Lender is willing
to enter into certain financial accommodations with Grantor, but only upon the
condition, among others, that Grantor shall grant to Lender a security interest
in certain Copyrights, Trademarks, Patents, and Mask Works, and other assets, to
secure the obligations of Grantor under the Loan Agreement. Defined terms used
but not defined herein shall have the same meanings as in the Loan Agreement.

         B.       Pursuant to the terms of the Loan Agreement, Grantor has
granted to Lender a security interest in all of Grantor's right title and
interest, whether presently existing or hereafter acquired in, to and under all
of the Collateral (as defined therein).

         NOW, THEREFORE, for good and valuable consideration, receipt of which
is hereby acknowledged and intending to be legally bound, as collateral security
for the prompt and complete payment when due of Grantor's Indebtedness (as
defined below), Grantor hereby represents, warrants, covenants and agrees as
follows:

         1.       Grant of Security Interest. As collateral security for the
prompt and complete payment and performance of all of Grantor's present or
future indebtedness, obligations and liabilities to Lender (hereinafter, the
"Indebtedness") under the Loan Agreement, Grantor hereby grants a security
interest in all of Grantor's right, title and interest in, to and under its
registered and unregistered intellectual property collateral (all of which shall
collectively be called the "Intellectual Property Collateral"), including,
without limitation, the following:

                  (a)      Any and all copyright rights, copyright applications,
         copyright registrations and like protections in each work or authorship
         and derivative work thereof of Grantor, whether published or
         unpublished, registered or unregistered, and whether or not the same
         also constitutes a trade secret, now or hereafter existing, created,
         acquired or held, including without limitation those set forth on
         EXHIBIT A attached hereto (collectively, the "Copyrights");

                  (b)      Any and all trade secret rights, including any rights
         to unpatented inventions, know-how, operating manuals, license rights
         and agreements, and confidential information owned by Grantor, and any
         and all intellectual property rights in computer software and computer
         software products now or hereafter existing, and created, acquired or
         owned by Grantor;

                  (c)      Any and all design rights owned by Grantor now or
         hereafter existing, and created or acquired by Grantor;

                  (d)      All patents, patent applications and like protections
         owned by Grantor including, without limitation, improvements,
         divisions, continuations, renewals, reissues, extensions and
         continuations-in-part of the same, including without limitation the
         patents and patent applications set forth on EXHIBIT B attached hereto
         (collectively, the "Patents");

<PAGE>

                  (e)      Any trademark and service mark rights, slogans, trade
         dress, and trade names, trade styles, whether registered or not,
         applications to register and registrations of the same and like
         protections, and the entire goodwill of the business of Grantor
         connected with and symbolized by such trademarks, including without
         limitation those set forth on EXHIBIT C attached hereto (collectively,
         the "Trademarks");

                  (f)      All mask works or similar rights available for the
         protection of semiconductor chips, now owned or hereafter acquired,
         including, without limitation those set forth on EXHIBIT D attached
         hereto (collectively, the "Mask Works");

                  (g)      Any and all claims for damages by way of past,
         present and future infringements of any of the rights included above,
         with the right, but not the obligation, to sue for and collect such
         damages for said use or infringement of the intellectual property
         rights identified above;

                  (h)      All licenses or other rights to use any of the
         Copyrights, Patents, Trademarks, or Mask Works and all license fees and
         royalties arising from such use to the extent permitted by such license
         or rights, including, without limitation those set forth on EXHIBIT E
         attached hereto; and

                  (i)      All amendments, extensions, renewals and extensions
         of any of the Copyrights, Trademarks, Patents, or Mask Works; and

                  (j)      All proceeds and products of the foregoing, including
         without limitation all payments under insurance or any indemnity or
         warranty payable in respect of any of the foregoing.

         2.       Authorization and Request. Grantor authorizes and requests
that the Register of Copyrights and the Commissioner of Patents and Trademarks
record this IP Agreement, and any amendments thereto, or copies thereof.

         3.       Covenants and Warranties. Grantor represents, warrants,
covenants and agrees as follows:

                  (a)      Grantor is now the sole owner of the Intellectual
         Property Collateral, except for nonexclusive licenses granted by
         Grantor to its customers and resellers in the ordinary course of
         business.

                  (b)      Performance of this IP Agreement does not conflict
         with or result in a breach of any material agreement to which Grantor
         is bound.

                  (c)      During the term of this IP Agreement, Grantor will
         not transfer or otherwise encumber any interest in the Intellectual
         Property Collateral, except for non-exclusive licenses granted by
         Grantor in the ordinary course of business or as set forth in this IP
         Agreement;

                  (d)      To its knowledge, each of the issued Patents is valid
         and enforceable, and no part of the Intellectual Property Collateral
         which had been registered has been judged invalid or unenforceable, in
         whole or in part, and no claim has been made that any part of the
         Intellectual Property Collateral violates the rights of any third
         party;

                  (e)      Grantor shall promptly advise Lender of any material
         adverse change in the composition of the Intellectual Property
         Collateral, including but not limited to any subsequent ownership right
         of the Grantor in or to any Trademark, Patent, Copyright, or Mask Work
         specified in this IP Agreement;

                  (f)      Grantor shall use its reasonable efforts to (unless
         in the judgment of the Grantor, it is no longer necessary for the
         business of the Grantor) (i) protect, defend and maintain the validity
         and enforceability of the Trademarks, Patents, Copyrights, and Mask
         Works, (ii) detect infringements of the Trademarks, Patents,
         Copyrights, and Mask Works and promptly advise Lender in writing of
         material infringements detected and (iii) not allow any Trademarks,
         Patents, Copyrights, or Mask Works to be

                                       -2-

<PAGE>

         abandoned, forfeited or dedicated to the public without the written
         consent of Lender, which shall not be unreasonably withheld, unless
         Grantor determines in its business judgment that abandonment is
         appropriate.

                  (g)      Grantor shall take such further actions as Lender may
         reasonably request from time to time to perfect or continue the
         perfection of Lender's interest in the Intellectual Property
         Collateral;

                  (h)      This IP Agreement creates, and in the case of after
         acquired Intellectual Property Collateral, this IP Agreement will
         create at the time Grantor first has rights in such after acquired
         Intellectual Property Collateral, in favor of Lender a valid and
         perfected first priority security interest and collateral assignment in
         the Intellectual Property Collateral in the United States securing the
         payment and performance of the obligations evidenced by the Loan
         Agreement;

                  (i)      To its knowledge, except for, and upon, the filing of
         UCC financing statements, filings with the U.S. Patent and Trademark
         Office or the U.S. Copyright Office, or other notice filings or
         notations in appropriate filing offices, if necessary to perfect the
         security interests created hereunder, no authorization, approval or
         other action by, and no notice to or filing with, any U.S. governmental
         authority or U.S. regulatory body is required for the grant by Grantor
         of the security interest granted hereby, or for the execution, delivery
         or performance of this IP Agreement by Grantor in the U.S.;

                  (j)      All information heretofore or herein supplied to
         Lender by or on behalf of Grantor with respect to the Intellectual
         Property Collateral is accurate and complete in all material respects.

                  (k)      Grantor shall not enter into any agreement that would
         materially impair or conflict with Grantor's obligations hereunder
         without Lender's prior written consent, which consent shall not be
         unreasonably withheld.

                  (l)      Upon any executive officer of Grantor obtaining
         actual knowledge thereof, Grantor will promptly notify Lender in
         writing of any event that materially adversely affects the value of any
         material Intellectual Property Collateral, the ability of Grantor to
         dispose of any material Intellectual Property Collateral of the rights
         and remedies of Lender in relation thereto, including the levy of any
         legal process against any of the Intellectual Property Collateral.

         4.       Lender's Rights. Lender shall have the right, but not the
obligation, to take, at Grantor's sole expense, any actions that Grantor is
required under this IP Agreement to take but which Grantor fails to take, after
fifteen (15) days' written notice to Grantor. Grantor shall reimburse and
indemnify Lender for all reasonable costs and reasonable expenses incurred in
the reasonable exercise of its rights under this Section 4.

         5.       Further Assurances; Attorney in Fact.

                  (a)      On a continuing basis, Grantor will, upon the
reasonable request by Lender, subject to any prior licenses, encumbrances and
restrictions and prospective licenses, make, execute, acknowledge and deliver,
and file and record in the proper filing and recording places in the United
States, all such instruments, including appropriate financing and continuation
statements and collateral agreements and filings with the United States Patent
and Trademarks Office and the Register of Copyrights, and take all such action
as may reasonably be deemed necessary or advisable, or as reasonably requested
by Lender, to perfect Lender's security interest in all Copyrights, Patents,
Trademarks, and Mask Works and otherwise to carry out the intent and purposes of
this IP Agreement, or for assuring and confirming to Lender the grant or
perfection of a security interest in all Intellectual Property Collateral.

                  (b)      In addition to Section 5(a) above, Grantor shall not
register any of its Copyrights or Mask Works with the Register of Copyrights
without first executing and simultaneously registering an IP Agreement, in the
identical form of this IP Agreement, with the Register of Copyrights, listing
such Copyrights(s) on Exhibit A thereto and/or such Mask Works on Exhibit D in
order to protect and perfect Lender's security interest in such

                                       -3-

<PAGE>

Copyrights or Mask Works. Promptly after such registration, Grantor shall
forward to the Lender, at the address listed above, a copy of, and the original
IP Agreement as filed with the Register of Copyrights.

                  (c)      Grantor hereby irrevocably appoints Lender as
Grantor's attorney-in-fact, with full authority in the place and stead of
Grantor and in the name of Grantor, Lender or otherwise, from time to time in
Lender's discretion, upon Grantor's failure or inability to do so, after written
request by Lender, to take any action and to execute any instrument which Lender
may deem necessary or advisable to accomplish the purposes of this IP Agreement,
including:

                           (i)      To modify, in its sole discretion, without
         first obtaining Grantor's approval of or signature to such
         modification, Exhibit A, Exhibit B, Exhibit C, and Exhibit D hereof, as
         appropriate, to include reference to any right, title or interest in
         any Copyrights, Patents, Trademarks or Mask Works acquired by Grantor
         after the execution hereof or to delete any reference to any right,
         title or interest in any Copyrights, Patents, Trademarks, or Mask Works
         in which Grantor no longer has or claims any right, title or interest;
         and

                           (ii)     To file, in its sole discretion, one or more
         financing or continuation statements and amendments thereto, or other
         notice filings or notations in appropriate filing offices, relative to
         any of the Intellectual Property Collateral, with notice to, but
         without the consent of, Grantor, with all appropriate jurisdictions, as
         Lender deems appropriate, in order to further perfect or protect
         Lender's interest in the Intellectual Property Collateral.

         6.       Events of Default. The occurrence of any of the following
shall constitute an Event of Default under this IP Agreement:

                  (a)      An Event of Default occurs and is continuing under
         the Loan Agreement; or

                  (b)      Grantor breaches any warranty or agreement made by
         Grantor in this IP Agreement, which breach is not cured within ten (10)
         days of the occurrence thereof.

         7.       Remedies. Upon the occurrence and continuance of an Event of
Default, Lender shall have the right to exercise all the remedies of a secured
party under the Massachusetts Uniform Commercial Code, including without
limitation the right to require Grantor to assemble the Intellectual Property
Collateral and any tangible property in which Lender has a security interest and
to make it available to Lender at a place designated by Lender. Lender shall
have a nonexclusive, royalty free license to use the Copyrights, Patents,
Trademarks, and Mask Works to the extent reasonably necessary to permit Lender
to exercise its rights and remedies upon the occurrence of an Event of Default.
Grantor will pay any expenses (including reasonable attorney's fees) incurred by
Lender in connection with the exercise of any of Lender's rights hereunder,
including without limitation any expense incurred in disposing of the
Intellectual Property Collateral. All of Lender's rights and remedies with
respect to the Intellectual Property Collateral shall be cumulative.

         8.       Indemnity. Grantor will indemnify, defend and hold harmless
Lender and its officers, employees, and agents against: (a) obligations,
demands, claims, and liabilities asserted by any other party in connection with
the transactions contemplated by this IP Agreement; and (b) losses or expenses
incurred, or paid by Lender from or consequential to transactions between Lender
and Grantor (including reasonable attorneys fees and expenses), except for
losses caused by Lender's gross negligence or willful misconduct.

         9.       Termination. At such time as Grantor shall completely satisfy
all of the obligations secured hereunder, Lender shall execute and deliver to
Grantor and the appropriate registration/recording authorities, all releases,
terminations, and other instruments as may be necessary or proper to release the
security interest hereunder.

         10.      Course of Dealing. No course of dealing, nor any failure to
exercise, nor any delay in exercising any right, power or privilege hereunder
shall operate as a waiver thereof.

                                       -4-

<PAGE>

         11.      Amendments. This IP Agreement may be amended only by a written
instrument signed by both parties hereto.

         12.      Counterparts. This IP Agreement may be executed in two or more
counterparts, each of which shall be deemed an original but all of which
together shall constitute the same instrument.

         EXECUTED as a sealed instrument under the laws of the Commonwealth of
Massachusetts on the day and year first written above.

ADDRESS OF GRANTOR:                               GRANTOR:

400 Minuteman Road                                NAVISITE, INC.

Andover, Massachusetts 01810                      By: /s/ Jim Pluntze
                                                     --------------------------

                                                  Name: Jim Pluntze
                                                       ------------------------

                                                  Title: Chief Financial Officer
                                                         -----------------------

                                                  SILICON VALLEY BANK

                                                  By: /s/ David Reich
                                                     --------------------------

                                                  Name: David Reich
                                                       ------------------------

                                                  Title: Vice President
                                                        -----------------------

                                      -5-

<PAGE>

         Exhibit "A" attached to that certain Intellectual Property Security
Agreement dated May 27, 2003.

                                   EXHIBIT "A"

                                   COPYRIGHTS

                         SCHEDULE A - ISSUED COPYRIGHTS

<TABLE>
<CAPTION>
 COPYRIGHT                REGISTRATION         DATE OF
DESCRIPTION                 NUMBER            ISSUANCE
-----------                 ------            --------
<S>                       <C>                 <C>
</TABLE>

NONE

                   SCHEDULE B - PENDING COPYRIGHT APPLICATIONS

<TABLE>
<CAPTION>
                                                               FIRST DATE
 COPYRIGHT           APPLICATION      DATE OF     DATE OF       OF PUBLIC
DESCRIPTION            NUMBER         FILING     CREATION     DISTRIBUTION
-----------            ------         ------     --------     ------------
<S>                  <C>              <C>        <C>          <C>
</TABLE>

NONE

SCHEDULE C - UNREGISTERED COPYRIGHTS (Where No Copyright Application is Pending)

<TABLE>
<CAPTION>
                                                         DATE AND
                                                        RECORDATION
                                                        NUMBER OF IP
                                                       AGREEMENT WITH
                                                      OWNER OR ORIGINAL
                                                          GRANTOR IF                ORIGINAL AUTHOR
                                                       AUTHOR OR OWNER                OR OWNER OF
                                 FIRST DATE             OF COPYRIGHT                 COPYRIGHT IS
 COPYRIGHT     DATE OF               OF                 IS DIFFERENT                 DIFFERENT ROM
DESCRIPTION   CREATION          DISTRIBUTION            FROM GRANTOR                    GRANTOR
-----------   --------          ------------            ------------                    -------
<S>           <C>               <C>                   <C>                           <C>
</TABLE>

NONE

                                       -6-

<PAGE>

Exhibit "B" attached to that certain Intellectual Property Security Agreement
dated May 27, 2003.

                                   EXHIBIT "B"

                                     PATENTS

<TABLE>
<CAPTION>
  PATENT
DESCRIPTION    DOCKET NO.                     COUNTRY    SERIAL NO.            FILING DATE    STATUS
-----------    ----------                     -------    ----------            -----------    ------
<S>                                           <C>                              <C>
SYSTEMS AND METHODS FOR                       U.S. APPLICATION NUMBER          FILED MAY 13, 2002
CENTRALIZED                                   10/145292
MANAGEMENT OF
DISTRIBUTED APPLICATIONS

REMOTE MANAGEMENT OF                          U.S. APPLICATION NUMBER          FILED MAY 13, 2002
DISTRIBUTED DATACENTERS                       10/145,453

REMOTE RESOURCE                               U.S. APLICATION NUMBER           FILED MAY 13, 2002
MANAGEMENT                                    10/145,429

CUSTOMER CONSOLE FOR                          U.S. APPLICATION NUMBER          FILED MAY 13, 2002
USE IN A NETWORK                              10/145,188
RESOURCE MANAGEMENT
SYSTEM

REMOTE DEVICE                                 U.S. APPLICATION NUMBER          FILED MAY 13, 2002
MANAGEMENT                                    10/145,478

AUTOMATIC PROVISIONING                        U.S. APPLICATION NUMBER          FILED MAY 13, 2002
OF REMOTE SERVERS                             10/145,183

COLLABORATIVE MULTI-                          U.S. APPLICATION NUMBER          FILED MAY 13, 2002
VENDOR MANAGEMENT OF                          10/145266
WEB SITES

PROBLEM RESOLUTION                            U.S. APPLICATION #10/266102      FILED OCTOBER 7, 2002
MANAGEMENT IN AN
OUTSOURCED WEB MODEL
</TABLE>

                                      -7-

<PAGE>

Exhibit "C" attached to that certain Intellectual Property Security Agreement
dated May 27, 2003.

                                   EXHIBIT "C"

                                   TRADEMARKS

<TABLE>
<CAPTION>
     TRADEMARK
DESCRIPTION COUNTRY      SERIAL NO.      REG. NO       STATUS
-------------------      ----------      -------       ------
<S>                      <C>             <C>           <C>
</TABLE>

NONE

                                       -8-

<PAGE>

Exhibit "D" attached to that certain Intellectual Property Security Agreement
dated May 27, 2003.

                                   EXHIBIT "D"

                                   MASK WORKS
<TABLE>
<CAPTION>
     MASK WORK
DESCRIPTION COUNTRY       SERIAL NO.       REG. NO      STATUS
-------------------       ----------       -------      ------
<S>                       <C>              <C>          <C>
</TABLE>

NONE

                                      -9-

<PAGE>

Exhibit "E" attached to that certain Intellectual Property Security Agreement
dated May 27, 2003.

                                   EXHIBIT "E"

                                    LICENSES

NONE

                                      -10-<PAGE>
                                                                    Exhibit 10.7

THIS WARRANT AND THE SHARES ISSUABLE HEREUNDER HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND MAY
NOT BE SOLD, PLEDGED, OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE REGISTRATION
THEREOF UNDER SUCH ACT AND LAWS OR, SUBJECT TO SECTION 5.3 HEREOF, AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL, THAT SUCH
REGISTRATION IS NOT REQUIRED.

                           WARRANT TO PURCHASE STOCK

Issuer: NaviSite, Inc., a Delaware corporation
Number of Shares: 165,000, subject to adjustment
Class of Stock: Common Stock, $0.01 par value per share
Exercise Price: $2.50, subject to adjustment
Issue Date: May 27, 2003
Expiration Date: May 26, 2008

         FOR THE AGREED UPON VALUE of $1.00, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged,
this Warrant is issued to SILICON VALLEY BANK (together with its successors and
permitted assigns, "Holder") by NaviSite, Inc., a Delaware corporation (the
"Company").

         Subject to the terms and conditions hereinafter set forth, the Holder
is entitled upon surrender of this Warrant and the duly executed Notice of
Exercise form annexed hereto as Appendix 1 ("Notice of Exercise"), at the
principal office of the Company, 400 Minuteman Road, Andover, Massachusetts
01810 or such other office as the Company shall notify the Holder of in writing,
to purchase from the Company up to One Hundred Sixty-five Thousand (165,000)
fully paid and non-assessable shares (the "Shares") of the Company's common
stock, $0.01 par value per share ("Common Stock") at a purchase price per Share
of Two Dollars and Fifty Cents ($2.50) (the "Exercise Price"). This Warrant may
be exercised in whole or in part at any time and from time to time until 5:00
PM, Eastern time, on the Expiration Date, and shall be void thereafter. Until
such time as this Warrant is exercised in full or expires, the Exercise Price
and the Shares are subject to adjustment from time to time as hereinafter
provided.

ARTICLE 1. EXERCISE.

                  1.1      Method of Exercise. Holder may exercise this Warrant
by delivering a duly executed Notice of Exercise to the principal office of the
Company. Unless Holder is exercising the conversion right set forth in Section
1.2, Holder shall also deliver to the Company a check for the aggregate Exercise
Price for the Shares being purchased.

<PAGE>

                  1.2      Conversion Right. In lieu of exercising this Warrant
as specified in Section 1.1, Holder may from time to time convert this Warrant
(by surrendering this Warrant, and delivering a duly executed Notice of
Exercise, to the principal office of the Company), in whole or in part, into a
number of Shares determined as follows:

                           X = Y (A-B)/A
      where:
                           X = the number of Shares to be issued to the Holder.

                           Y = the number of Shares with respect to which this
                               Warrant is being exercised.

                           A = the Fair Market Value (as determined pursuant
                               to Section 1.3 below) of one Share.

                           B = the Exercise Price.

                  1.3      Fair Market Value.

                           1.3.1    If shares of Common Stock are traded on a
nationally recognized securities exchange, inter-dealer quotation system or over
the counter market, the fair market value of one Share shall be the closing
price of a share of Common Stock reported for the business day immediately
preceding the date of Holder's Notice of Exercise to the Company.

                           1.3.2    If shares of Common Stock are not traded on
a nationally recognized securities exchange or over the counter market, the
Board of Directors of the Company shall determine the fair market value of a
share of Common Stock in its reasonable good faith judgment.

                  1.4      Delivery of Certificate and New Warrant. Promptly
after Holder exercises or converts this Warrant, the Company shall deliver to
Holder certificates for the Shares acquired and, if this Warrant has not been
fully exercised or converted and has not expired, a new Warrant representing the
right to purchase the Shares not so acquired.

                  1.5      Replacement of Warrants. On receipt of evidence
reasonably satisfactory to the Company of the loss, theft, destruction or
mutilation of this Warrant and, in the case of loss, theft or destruction, on
delivery of an indemnity agreement reasonably satisfactory in form and amount to
the Company or, in the case of mutilation, on surrender and cancellation of this
Warrant, the Company at its expense shall execute and deliver, in lieu of this
Warrant, a new warrant of like tenor.

                  1.6      Assumption on Sale, Merger, or Consolidation of the
Company.

                           1.6.1.   "Acquisition". For the purpose of this
Warrant, "Acquisition" means any sale, transfer, or other disposition of all or
substantially all of the assets of the Company, or any

                                       -2-

<PAGE>

acquisition, reorganization, consolidation or merger of the Company where the
holders of the Company's outstanding voting equity securities immediately prior
to the transaction beneficially own less than a majority of the outstanding
voting equity securities of the surviving or successor entity immediately
following the transaction.

                           1.6.2.   In connection with, and upon the closing of,
any Acquisition (other than an Acquisition in which the consideration received
by the Company's stockholders consists solely of cash), and as a condition
precedent thereto, the successor or surviving entity shall assume the
obligations of this Warrant, and this Warrant thereafter shall be exercisable
for the same kind and amount of securities and other property as would be
payable for the Shares issuable upon exercise of the unexercised portion of this
Warrant as if such Shares were outstanding on the record date for the
Acquisition and subsequent closing. The Exercise Price shall be adjusted such
that the product of (i) the Exercise Price in effect immediately prior to the
closing of such Acquisition, and (ii) the number of Shares then issuable upon
exercise of this Warrant, equals the product of (i) the number of shares or
other securities or property for which this Warrant shall be exercisable
immediately following the closing of such Acquisition, and (ii) the Exercise
Price in effect immediately following the closing of such Acquisition, and the
Exercise Price and number and class of Shares shall continue to be subject to
adjustment from time to time in accordance with the provisions hereof.

ARTICLE 2. ADJUSTMENTS TO THE SHARES.

                  2.1      Stock Dividends, Splits, Etc. If the Company declares
or pays a dividend on the outstanding shares of Common Stock, payable in Common
Stock or other securities, or subdivides the outstanding Common Stock into a
greater amount of Common Stock, then upon exercise of this Warrant, for each
Share acquired, Holder shall receive, without cost to Holder, the total number
and kind of securities to which Holder would have been entitled had Holder owned
the Shares of record as of the date the dividend or subdivision occurred.

                  2.2      Reclassification, Exchange or Substitution. Upon any
reclassification, exchange, substitution, or other event that results in a
change of the number and/or class of the securities issuable upon exercise or
conversion of this Warrant, Holder shall be entitled to receive, upon exercise
or conversion of this Warrant, the number and kind of securities and property
that Holder would have received for the Shares if this Warrant had been
exercised immediately before such reclassification, exchange, substitution, or
other event. The Company or its successor shall promptly issue to Holder a new
Warrant for such new securities or other property. The new Warrant shall provide
for adjustments which shall be as nearly equivalent as may be practicable to the
adjustments provided for in this Article 2 including, without limitation,
adjustments to the Exercise Price and to the number of securities or property
issuable upon exercise of the new Warrant. The provisions of this Section 2.2
shall similarly apply to successive reclassifications, exchanges, substitutions,
or other events.

                  2.3      Adjustments for Combinations, Etc. If the outstanding
shares of Common Stock are combined or consolidated, by reclassification or
otherwise, into a lesser number of shares,

                                       -3-

<PAGE>

the Exercise Price shall be proportionately increased and the number of Shares
shall be proportionately decreased.

                  2.4      No Impairment. The Company shall not, by amendment of
its Certificate of Incorporation or by-laws, or through a reorganization,
transfer of assets, consolidation, merger, dissolution, issue, or sale of
securities or any other voluntary action, avoid or seek to avoid the observance
or performance of any of the terms to be observed or performed under this
Warrant by the Company, but shall at all times in good faith assist in carrying
out of all the provisions of this Article 2 and in taking all such action as may
be necessary or appropriate to protect Holder's rights under this Article
against impairment.

                  2.5      Fractional Shares. No fractional Shares shall be
issuable upon exercise or conversion of the Warrant and the number of Shares to
be issued shall be rounded down to the nearest whole Share. If a fractional
Share interest arises upon any exercise or conversion of this Warrant, the
Company shall eliminate such fractional Share interest by paying Holder an
amount computed by multiplying such fractional interest by the Fair Market Value
(determined in accordance with Section 1.3 above) of one Share.

                  2.6      Certificate as to Adjustments. Upon each adjustment
of the Exercise Price, number of Shares or class of security for which this
Warrant is exercisable, the Company at its expense shall promptly compute such
adjustment, and furnish Holder with a certificate of its chief financial officer
setting forth such adjustment and the facts upon which such adjustment is based.
The Company shall, upon written request, furnish Holder a certificate setting
forth the Exercise Price, number of Shares and class of security for which this
Warrant is exercisable in effect upon the date thereof and the series of
adjustments leading to such Exercise Price, number of Shares and class of
security.

ARTICLE 3. REPRESENTATIONS AND COVENANTS OF THE COMPANY.

                  3.1      Representations and Warranties. The Company hereby
represents and warrants to the Holder as follows:

                           (a)      All Shares which may be issued upon the due
exercise of this Warrant shall, upon issuance, be duly authorized, validly
issued, fully paid and non-assessable, and free of any liens and encumbrances
except for restrictions on transfer provided for herein or under applicable
federal and state securities laws.

                           (b)      The Company covenants that it shall at all
times cause to be reserved and kept available out of its authorized and unissued
shares such number of shares of its Common Stock and other securities as will be
sufficient to permit the exercise in full of this Warrant and the conversion or
exchange of such Common Stock into or for such other securities.

                                       -4-

<PAGE>

                  3.2      Notice of Certain Events. If the Company proposes at
any time (a) to declare any dividend or distribution upon any of its Common
Stock, whether in cash, property, stock, or other securities and whether or not
a regular cash dividend; (b) to offer for subscription pro rata to the holders
of Common Stock any additional shares of stock of any class or series or other
rights; (c) to effect any reclassification or recapitalization of any of its
Common Stock; or (d) to merge or consolidate with or into any other corporation,
or sell, lease, or convey all or substantially all of its assets, or to
liquidate, dissolve or wind up, then, in connection with each such event, the
Company shall give Holder (1) at least 10 days prior written notice of the date
on which a record will be taken for such dividend, distribution, or subscription
rights (and specifying the date on which the holders of securities of the
Company shall be entitled to receive such dividend, distribution or rights) or
for determining rights to vote, if any, in respect of the matters referred to in
(c) and (d) above; and (2) in the case of the matters referred to in (c) and (d)
above at least 10 days prior written notice of the date when the same will take
place (and specifying the date on which the holders of securities of the Company
will be entitled to exchange their securities of the Company for securities or
other property deliverable upon the occurrence of such event).

                  3.3      Registration Under Securities Act of 1933, as
amended. The Shares issued and issuable hereunder shall have certain incidental
or "piggyback" registration rights pursuant to, and as set forth in, that
certain Registration Rights Agreement of even date herewith between the Company
and Holder. The Company represents and warrants to Holder that the Company's
foregoing grant of registration rights and its execution, delivery and
performance of the aforementioned Registration Rights Agreement (a) have been
duly authorized by all necessary corporate action of the Company's Board of
Directors and shareholders, (b) will not violate the Certificate or the
Company's by-laws, each as amended, (c) will not violate or cause a breach or
default (or an event which with the passage of time or the giving of notice or
both, would constitute a breach or default) under any agreement, instrument,
mortgage, deed of trust or other arrangement to which the Company is a party or
by which it or any of its assets is subject or bound, and (d) do not require the
approval, consent or waiver of or by any shareholder, registration rights holder
or other third party which approval, consent or waiver has not been obtained as
of the date of issuance of this Warrant.

ARTICLE 4. REPRESENTATIONS AND WARRANTIES OF THE HOLDER.

                  4.1      Purchase for Own Account. This Warrant and the Shares
to be acquired upon exercise hereof will be acquired for investment for Holder's
account, not as nominee or agent, and not with a view to sale or distribution in
violation of applicable federal and state securities laws; provided that, for
regulatory reasons, Silicon Valley Bank will transfer this Warrant to its parent
corporation, Silicon Valley Bancshares, promptly following issuance hereof.

                  4.2      Investment Experience. Holder understands that the
purchase of this Warrant and the Shares covered hereby involves substantial
risk. Holder (a) has experience as an investor in unregistered securities, (b)
has sufficient knowledge and experience in financial and business

                                       -5-

<PAGE>

affairs that it evaluate the risks and merits of its investment in this Warrant
and the Shares, and (c) can bear the economic risk of such Holder's investment
in this Warrant and the Shares.

                  4.3      Accredited Investor. Holder is an "accredited
investor" as such term is defined in Regulation D under the Securities Act of
1933, as amended.

ARTICLE 5. MISCELLANEOUS.

                  5.1      Automatic Conversion upon Expiration. In the event
that, upon the Expiration Date, the Fair Market Value of one Share (or other
security issuable upon the exercise hereof) as determined in accordance with
Section 1.3 above is greater than the Exercise Price in effect on such date,
then this Warrant shall automatically be deemed on and as of such date to be
converted pursuant to Section 1.2 above as to all Shares (or such other
securities) for which it shall not previously have been exercised or converted,
and the Company shall promptly deliver a certificate representing the Shares (or
such other securities) issued upon such conversion to the Holder.

                  5.2      Legends. This Warrant and the Shares shall be
imprinted with a legend in substantially the following form:

               THIS SECURITY HAS NOT BEEN REGISTERED UNDER THE SECURITIES
               ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS, AND
               MAY NOT BE SOLD, PLEDGED OR OTHERWISE TRANSFERRED WITHOUT
               AN EFFECTIVE REGISTRATION THEREOF UNDER SUCH ACT AND LAWS
               OR, SUBJECT TO SECTION 5.3 OF THAT CERTAIN WARRANT TO
               PURCHASE STOCK ISSUED BY THE COMPANY TO SILICON VALLEY
               BANK DATED AS OF MAY 27, 2003, AN OPINION OF COUNSEL
               REASONABLY SATISFACTORY TO THE COMPANY AND ITS COUNSEL
               THAT SUCH REGISTRATION IS NOT REQUIRED.

                  5.3      Compliance with Securities Laws on Transfer. This
Warrant and the Shares may not be transferred or assigned in whole or in part
without compliance with applicable federal and state securities laws by the
transferor and the transferee (including, without limitation, the delivery of
investment representation letters and legal opinions reasonably satisfactory to
the Company, as reasonably requested by the Company). The Company shall not
require Holder to provide an opinion of counsel if the transfer is to Silicon
Valley Bancshares or other affiliate of Holder.

                  5.4      Transfer Procedure. Following its receipt of this
executed Warrant, Silicon Valley Bank will transfer same in whole or in part to
its parent corporation Silicon Valley Bancshares, and thereafter Holder and/or
Silicon Valley Bancshares may, subject to Section 5.3 above, transfer all or
part of this Warrant and/or the Shares at any time and from time to time by
giving the Company notice of the portion of the Warrant and/or Shares being
transferred setting forth the name, address and taxpayer identification number
of the transferee and surrendering this Warrant

                                       -6-

<PAGE>

to the Company for reissuance to the transferee(s) (and Holder if applicable);
provided, that without the Company's prior written consent, this Warrant may not
be assigned or transferred to any person or entity that is not a financial
institution or holding company for a financial institution.

                  5.5      Notices. All notices and other communications from
the Company to the Holder, or vice versa, shall be deemed delivered and
effective when given personally, or mailed by first-class registered or
certified mail, postage prepaid, or sent via reputable overnight courier
service, fee prepaid, at such address as may have been furnished to the Company
or the Holder, as the case may be, in writing by the Company or such holder from
time to time, but in all cases, unless instructed in writing otherwise, the
Company shall deliver a copy of all notices to Holder to Silicon Valley Bank,
Treasury Department, 3003 Tasman Drive, HA-200, Santa Clara, California 95054.

                  5.6      Waiver. This Warrant and any term hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought.

                  5.7      Attorneys Fees. In the event of any dispute between
the parties concerning the terms and provisions of this Warrant, the party
prevailing in such dispute shall be entitled to collect from the other party all
costs incurred in such dispute, including reasonable attorneys' fees.

                  5.8      Governing Law. This Warrant shall be governed by and
construed in accordance with the laws of The Commonwealth of Massachusetts,
without giving effect to its principles regarding conflicts of law.

                  5.9      No Rights as a Shareholder. Except as specifically
provided in this Warrant, Holder shall have no rights as a shareholder of the
Company in respect of the Shares issuable hereunder unless and until Holder
exercises this Warrant as to all or any of such Shares.

                  [REMAINDER OF PAGE LEFT BLANK INTENTIONALLY]

                                      -7-

<PAGE>

         IN WITNESS WHEREOF, the Company has caused this Warrant to Purchase
Stock to be executed as an instrument under seal by its duly authorized
representative as of the date first above written.

ATTEST:                                     "COMPANY"

                                            NAVISITE, INC.

By: /s/ Richard DeWaele                     By: /s/ Jim Pluntze
   ------------------------------              ------------------------------
Name: Richard DeWaele                       Name: Jim Pluntze
Title: General Counsel                      Title: Chief Financial Officer

                                      -8-

<PAGE>

                                   APPENDIX 1

                               NOTICE OF EXERCISE

         1.       The undersigned hereby elects to purchase_______ shares of the
____________ stock of __________________ pursuant to Section 1.1 of the attached
Warrant, and tenders herewith payment of the Exercise Price of such shares in
full.

         1.       The undersigned hereby elects to convert the attached Warrant
into Shares in the manner specified in Section 1.2 of the attached Warrant. This
conversion is exercised with respect to ____________ of shares of the
________________________ Stock of ___________________.

         [Strike paragraph that does not apply.]

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

                  ___________________________________________
                           (Name)

                  ___________________________________________

                  ___________________________________________
                           (Address)

         3.       The undersigned represents it is acquiring the shares solely
for its own account and not as a nominee for any other party and not with a view
toward the resale or distribution thereof except in compliance with applicable
securities laws.

                                     ____________________________________
                                            (Signature)

____________________
      (Date)

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