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Term Note

This is an actual contract by Glasshouse Technologies.

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Sectors: Services
Governing Law: Massachusetts, View Massachusetts State Laws
Effective Date: March 29, 2010
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Exhibit 10.40



EXECUTION VERSION



TERM NOTE





$9,750,000 March 29, 2010

This Term Credit Note (this " Notenone" ) is executed and delivered under and pursuant to the terms of that certain Loan and Security Agreement, dated as of March 29, 2010 (the " Agreementnone" ) by and between WF FUND III LIMITED PARTNERSHIP, carrying on business as WELLINGTON FINANCIAL LP and WELLINGTON FINANCIAL FUND III (together with its successors and assigns, and any other holder of this Note, the " Lendernone" ) and GLASSHOUSE TECHNOLOGIES, INC. (the " Borrowernone" ). Capitalized terms used herein and not otherwise defined shall have the meanings ascribed thereto in the Agreement.

FOR VALUE RECEIVED, Borrower hereby promises to pay to Lender, pursuant to the terms of the Agreement:

(i) the principal sum of NINE MILLION SEVEN HUNDRED FIFTY THOUSAND DOLLARS ($9,750,000) in the aggregate or, if different, from such amount, the unpaid principal balance of the Term Loan as may be due and owing under the Agreement, payable in accordance with the provisions of the Agreement, subject to acceleration upon the occurrence of an Event of Default under and pursuant to the terms of the Agreement or earlier termination of the Agreement pursuant to the terms thereof; and

(ii) interest on the principal amount of this Note from time to time outstanding until such principal amount is paid in full at the Term Loan Interest Rate in accordance with the provisions of the Agreement. In no event, however, shall interest exceed the maximum interest rate permitted by law. Upon and after the occurrence of an Event of Default, and during the continuation thereof, interest shall be payable at the Post-Default Rate.

This Note is the Term Note referred to in the Agreement, is secured, inter alianone , by the liens granted pursuant to the Agreement and the Financing Documents, is entitled to the benefits of the Agreement and the Financing Documents and is subject to all of the agreements, terms and conditions therein contained.

This Note is subject to mandatory prepayment and may be voluntarily prepaid, in whole or in part, on the terms and conditions set forth in the Agreement.

If an Event of Default under Section 8.01(d) or (e) of the
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