Document:

Non-Recourse Receivables Purchase Agreement

 EXHIBIT 10.9 
 NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT 
 This NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT
(the “Agreement”), dated as of November 28, 2005, is between SILICON VALLEY BANK (“Buyer”) having a place of business at 3003 Tasman Drive, Santa Clara, California 95054 and ARBINET-THEXCHANGE, INC.
(“Seller”), a Delaware corporation, with its chief executive office at 120 Albany Street, Suite 450, New Brunswick, New Jersey 08901. 
 1 DEFINITIONS. 
 When used herein, the following terms have the following meanings. 
 1.1 “Account Debtor” has the meaning set forth in the Massachusetts Uniform Commercial Code and shall include any person liable
on any Purchased Receivable, including without limitation, any guarantor of the Purchased Receivable and any issuer of a letter of credit or banker’s acceptance. 
 1.2 *** 
 1.3 “Administrative Fee” means for any Purchase the
percentage of the Total Purchased Receivables Amount set forth in the Schedule for such Purchase. 
 1.4 “Business
Day” means any day other than a Saturday, Sunday, or other day on which banks in California or Massachusetts are required or authorized by law to close. 
 1.5 “Discount Rate” means for any Purchase the “Discount Rate” set forth in the Schedule for such Purchase. 
 1.6 “Due Date” means for any Purchase the “Due Date” set forth in the Schedule for such Purchase. 
 1.7 “Event of Default” has the meaning set forth in Section 10 hereof. 
 1.8 “Insolvency Event” means, with respect to any Account Debtor, (a) the commencement of a case, action or proceeding with
respect to such Account Debtor before any court or other governmental authority relating to bankruptcy, reorganization, insolvency, liquidation, receivership, dissolution, winding-up or relief of debtors, (b) such Account Debtor is generally
not paying its debts when due, or (c) the making or commencement of any general assignment for the benefit of creditors, composition, marshaling of assets for creditors, or other similar arrangement in respect of the creditors generally or any
substantial portion of the creditors of such Account Debtor. 
 1.9 “Invoice Amount” means for any Purchase, the
“Invoice Amount” set forth in the Schedule for such Purchase. 
 1.10 “Late Payment Settlement Fee” has the
meaning set forth in Section 2.2. 
 1.11 “Late Payment Settlement Period” has the meaning set forth in
Section 2.2. 
 1.12 “Open Amount” means the portion of any Purchased Receivable which has been pre-paid to the
Seller. 
 1.13 “Payment in Full” means for any Purchase that Buyer has received payments on account of the Purchased
Receivables under such Purchase equal to the Total Purchased Receivables Amount for such Purchase. 
  

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 1.14 “Prime Rate” means per annum rate of interest from time to time announced
and made effective by Buyer as its Prime Rate (which rate may or may not be the lowest rate available from Buyer at any given time), provided, however, that at no time shall be Prime Rate be either (i) less than ***, or (ii) greater than
***. 
 1.15 “Purchase” means the purchase by Buyer from Seller of one or more Purchased Receivables on a Purchase
Date as listed in the Schedule applicable to such Purchase. 
 1.16 “Purchase Date” means for any Purchase the date
set forth as the “Purchase Date” in the Schedule for such Purchase. 
 1.17 “Purchase Price” means for any
Purchase the “Purchase Price” set forth on the Schedule for such Purchase. 
 1.18 “Purchased Receivables”
means for any Purchase all those Receivables arising out of the invoices and other agreements identified on the Schedule for such Purchase. 
 1.19 “Purchased Receivable Amount” means for any Purchased Receivable, the “Invoice Amount” set forth with respect to such Purchased Receivable on the applicable Schedule minus the Open Amount. 

1.20 “Receivables” means accounts, receivables, chattel paper, instruments, contract rights, documents, general intangibles,
letters of credit, drafts, bankers acceptances, and other rights to payment, and all proceeds thereof. 
 1.21 “Related
Property” has the meaning as set forth in Section 9 hereof. 
 1.22 “Repurchase Amount” has the
meaning set forth in Section 4.2 hereof. 
 1.23 “Schedule” means for each Purchase a schedule executed
by the parties in the form of Exhibit A hereto identifying the Purchased Receivables subject to such Purchase and setting forth financial and other details relating to such Purchase, all as contemplated by Exhibit A. 
 1.24 “Settlement Date” has the meaning set forth in Section 3.2 hereof. 
 1.25 “Total Purchased Receivables Amount” means for any Purchase the total of the Purchased Receivable Amounts for all Purchased
Receivables subject to such Purchase as set forth on the applicable Schedule. 
 2 PURCHASE AND SALE OF RECEIVABLES.

 2.1 Sale and Purchase. Subject to the terms and conditions of this Agreement, with respect to each Purchase, effective on each
applicable Purchase Date, Seller agrees to sell to Buyer and Buyer agrees to buy from Seller all right, title, and interest (but none of the obligations with respect to) of the Seller to the payment of all sums owing or to be owing from the Account
Debtors under each Purchased Receivable to the extent of the Purchased Receivable Amount for such Purchased Receivable. 
 Each purchase and
sale hereunder shall be in the sole discretion of Buyer and Seller. In any event, Buyer will not (i) purchase any Receivables in excess of an aggregate outstanding amount exceeding Ten Million Dollars ($10,000,000.00), or (ii) purchase any
Receivables under this Agreement after November 30, 2007. The purchase of each Purchased Receivable may be evidenced by an assignment or bill of sale in a form acceptable to Buyer. 
  

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 2.2 Purchase Price and Related Matters. With respect to each Purchase: 
 (a) Payment of Purchase Price. On the Purchase Date, the Purchase Price, less the Administrative Fee and legal fees, if any, shall be paid by Buyer
to Seller. 
 (b) Late Payment Settlement Fee. If, for any reason, Payment in Full does not occur on or before the Due Date, then,
upon the first to occur of Payment in Full, *** after the Due Date or the *** by or against the applicable Account Debtor that failed to pay in full by the Due Date, and in addition to any other obligations of Seller hereunder, Seller shall pay to
Buyer an amount which is equal to (i) the *** and the *** during the period from the Due Date until the first to occur of Payment in Full, *** the Due Date or the *** by or against the applicable Account Debtor that failed to pay in full by the
Due Date (the “Late Payment Settlement Period”) multiplied by (ii) a fraction the numerator of which is the *** in the Late Payment Settlement Period and the denominator of which is *** (“Late Payment Settlement Fee”).

 2.3 Facility Fee. A fully earned, non-refundable facility fee of Twenty Thousand Dollars ($20,000.00) is due to Buyer from Seller
upon execution of this Agreement. In addition, Seller shall pay to Buyer a facility fee of Twenty Thousand Dollars ($20,000.00) on each annual anniversary of this Agreement. 
 2.4 Nature of Transaction. It is the intent of the parties hereto that each purchase and sale of Receivables hereunder is and shall be a true sale
of such Receivables for all purposes and not a loan arrangement. Each such sale shall be, subject to the terms hereof, absolute and irrevocable, providing Buyer with the full risks and benefits of ownership of the Purchased Receivables (such that
the Purchased Receivables would not be property of the Seller’s estate in the event of the Seller’s bankruptcy). The parties agree that appropriate UCC financing statements have been or shall promptly be filed to reflect that Seller is the
seller and Buyer is the purchaser of Receivables hereunder. 
 2.5 Good Faith Deposit. Seller has paid to Buyer a good faith deposit
of Fifteen Thousand Dollars ($15,000.00) (the “Good Faith Deposit”) to initiate the Buyer’s due diligence review process, which Good Faith Deposit shall be applied to the facility fee and/or other expenses of the Buyer and closing
costs. 
 3 COLLECTIONS, CHARGES AND REMITTANCES. 
 3.1 Application of Payments. All payments in respect of any Purchased Receivable, whether received from an Account Debtor or any other source and whether received by Seller or Buyer, shall be the property of
Buyer and Seller shall have no ownership interest therein. 
 3.2 Collection by Seller. In order to facilitate the collection of the
Purchased Receivables in the ordinary course of business, Seller agrees to act as Buyer’s agent for collection of the Purchased Receivables. Accordingly, Buyer hereby appoints the Seller its attorney-in-fact to ask for, demand, take, collect,
sue for and receive all payments made in respect of the Purchased Receivables and to enforce all rights and remedies thereunder and designates Seller as Buyer’s assignee for collection; provided that such appointment of Seller as such
attorney-in-fact or assignee for collection may be revoked by Buyer at any time with notice by Buyer to Seller. Seller, as such attorney-in-fact, shall use due diligence and commercially reasonable lawful efforts in accordance with its usual
policies and practices to collect all amounts owed by the Account Debtors on each Purchased Receivable when the same become due. In the enforcement or the collection of Purchased Receivables, Seller shall commence any legal proceedings only in its
own name as an assignee for collection or on behalf of Buyer or, with Buyer’s prior written consent, in Buyer’s name. Seller shall have no obligation to commence any such legal proceedings unless Buyer has agreed to share the legal fees
and other expenses to be incurred in such proceedings on a basis which is acceptable to Seller. In no event shall Seller intentionally take any action which would make Buyer a party to any litigation or arbitration proceeding without Buyer’s
prior written consent. Until Buyer has received Payment in Full as to any Purchase, Seller shall (i) hold in trust for Buyer and turn over to Buyer forthwith upon receipt all payments made to Seller by Account Debtors with respect to the
Purchased Receivables subject to such Purchase and (ii) turn over to Buyer forthwith on receipt all instruments, chattel paper and other proceeds of the Purchased Receivables; provided that unless an Event of Default has occurred and is
continuing, Seller shall remit amounts received by Seller and due to Buyer on a weekly basis on Friday of each second week (each a “Settlement Date”), commencing 
  

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 on the last business day of the second week after the Purchase Date. On each Settlement Date, Seller shall deliver to
Buyer a report, in form and substance acceptable to Buyer, of the account activity (including dates and amounts of payments) and changes in account status for each Purchased Receivable. 
 3.3 No Obligation to Take Action. Buyer shall have no obligation to perform any of Seller’s obligations under any Purchased Receivables or to
take any action or commence any proceedings to realize upon any Purchased Receivables (including without limitation any defaulted Purchased Receivables), or to enforce any of its rights or remedies with respect thereto. 
 4 NON-RECOURSE; REPURCHASE OBLIGATIONS. 
 4.1 Non-Recourse. Except as otherwise set forth in this Agreement, Buyer’s acquisition of Purchased Receivables from Seller hereunder shall be without recourse against Seller. 
 4.2 Seller’s Agreement to Repurchase. Seller agrees to pay to Buyer within *** Business Days, the full face amount, or any unpaid portion, of
any Purchased Receivable: (A) with respect to such Purchase Receivable there has been any breach of warranty or representation set forth in Section 6.1 hereof (except for breaches of warranty or representations which are permitted
to be, and have been, cured pursuant to Section 7 hereof) or any breach of any covenant contained in this Agreement with respect to such Purchased Receivable; or (B) with respect to such unpaid portion of the Purchased Receivable
the Account Debtor asserts in good faith any discount, allowance, return, *** counterclaim, offset, defense, right of recoupment, right of return, warranty claim, or short payment (except for such matters as are permitted to be, and have been, cured
pursuant to Section 7 hereof); together with, in the case of (A) or (B), all reasonable attorneys’ and professional fees and expenses and all court costs reasonably incurred by Buyer in collecting such Purchased Receivable
and/or enforcing its rights under, or collecting amounts owed by Seller in connection with this Agreement (collectively, the “Repurchase Amount”). Upon such payment, the respective Purchased Receivables shall be deemed property of and
owned solely by the Seller (and shall not be deemed to be a Purchased Receivable hereunder). 
 4.3 Seller’s Payment of the Amounts
Due Buyer. All amounts due from Seller to Buyer shall be paid by Seller to Buyer in immediately available funds by fedwire to Buyer’s address for notices. 
 5 POWER OF ATTORNEY. 
 Seller does hereby irrevocably appoint Buyer and its successors and
assigns as Seller’s true and lawful attorney-in-fact, and hereby authorizes Buyer: (a) to sell, assign, transfer, pledge, compromise, or discharge the whole or any part of the Purchased Receivables; (b) to demand, collect, receive,
sue, and give releases to any Account Debtor for the monies due or which may become due upon or with respect to the Purchased Receivables and to compromise, prosecute, or defend any action, claim, case or proceeding relating to the Purchased
Receivables, including the filing of a claim or the voting of such claims in any bankruptcy case, all in Buyer’s name or Seller’s name, as Buyer may choose; (c) to prepare, file and sign Seller’s name on any notice, claim,
assignment, demand, draft, or notice of or satisfaction of lien or mechanics’ lien or similar document with respect to Purchased Receivables; (d) to notify all Account Debtors with respect to the Purchased Receivables to pay Buyer
directly; (e) to receive, open, and dispose (relating to such Purchased Receivable) of all mail addressed to Seller for the purpose of collecting the Purchased Receivables; (f) to endorse Seller’s name on any checks or other forms of
payment on the Purchased Receivables; (g) to execute on behalf of Seller any and all instruments, documents, financing statements and the like to perfect Buyer’s interests in the Purchased Receivables; and (h) to do all acts and
things necessary or appropriate, in furtherance of any such purposes. 
 6 REPRESENTATIONS, WARRANTIES AND COVENANTS.

 6.1 Receivables’ Warranties, Representations and Covenants. To induce Buyer to purchase the Purchased Receivables and to render
its services to Seller, and with full knowledge that the truth and accuracy of the 
  

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 following are being relied upon by the Buyer in determining whether to accept receivables as Purchased Receivables,
Seller represents, warrants, covenants and agrees, with respect to each Purchased Receivable, that, as of the date of the applicable Purchase pertaining to such Purchased Receivable: 
 (a) Seller is the absolute owner of each of the Purchased Receivables and has full legal right to sell, transfer and assign such receivables; 

(b) The correct amount of each Purchased Receivable is as set forth on the applicable Schedule and, to Seller’s knowledge, is not in dispute at
the time the applicable Schedule is prepared; 
 (c) The payment of each Purchased Receivable is not contingent upon the fulfillment of any
obligation or contract, and any and all obligations required of the Seller have been fulfilled as of the applicable Purchase Date; 
 (d)
Such Purchased Receivable is based on an actual sale and delivery of goods and/or services actually rendered, is due no later than the applicable Due Date and is owing to Seller, is not past due or in default, has not been previously sold, assigned,
transferred, or pledged, and is free of any and all liens, security interests and encumbrances other than liens, security interests or encumbrances in favor of Buyer or any other division or affiliate of Silicon Valley Bank; 
 (e) There are no defenses, offsets (except as disclosed to Buyer in writing with each Schedule, and thereafter notified to Buyer, subject to
Section 7 below), or counterclaims against such Purchased Receivable, and no agreement has been made under which the Account Debtor may claim any deduction or discount, except as otherwise stated on the applicable Schedule; 
 (f) Seller and, to Seller’s knowledge, each Account Debtor set forth on the applicable Schedule with respect to such Purchased Receivable, is not
insolvent as that term is defined in the United States Bankruptcy Code, and no such Account Debtor, to the knowledge of Seller, has filed or had filed against it a voluntary or involuntary petition for relief under the United States Bankruptcy Code;
and 
 (g) No Account Debtor set forth on the applicable Schedule with respect to such Purchased Receivable has objected to the payment for,
or the quality or the quantity of the subject matter of, the Purchased Receivable, each such Account Debtor is liable for the amount set forth on such Schedule. 
 6.2 Additional Warranties, Representations and Covenants. In addition to the foregoing warranties, representations and covenants, to induce Buyer to buy the Purchased Receivables, Seller hereby represents,
warrants, covenants and agrees that: 
 (a) Seller will not assign, transfer, sell, or grant, or permit any lien or security interest in any
interest the Seller may have in any Purchased Receivables to or in favor of any other party, without Buyer’s prior written consent. 
 (b) The Seller’s name, form of organization, chief executive office, and the place where the records concerning all Purchased Receivables are kept is set forth at the beginning of this Agreement or, if located at any additional
location, as set forth on a schedule attached to this Agreement, and Seller will give Buyer at least 10 days prior written notice if such name, organization, chief executive office or records concerning Purchased Receivables is changed or added and
shall execute any documents necessary to perfect Buyer’s interest in the Purchased Receivables. 
 (c) Seller has not filed a voluntary
petition for relief under the United States Bankruptcy Code or had filed against it an involuntary petition for relief and is not contemplating or anticipating any such filing. 
  

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 (d) If Payment in Full of any Purchased Receivable has not occurred by the applicable Due Date, then
Seller shall within 10 days of such date provide a written report to Buyer setting forth the reasons for such delay in payment. 
 (e) So
long as any Purchased Receivable is outstanding, Seller shall deliver to Buyer: 
 (i) within five (5) Business Days of
filing, copies of all statements, reports and notices made available to Seller’s security holders and all reports on Form 10-K, 10-Q and 8-K filed with the Securities and Exchange Commission, unless available to Buyer electronically; and

 (ii) any other financial information reasonably requested by Buyer. 
 7 *** 
 In the event any *** or
*** is asserted by any Account Debtor, Seller shall within *** Business Days advise Buyer and Seller shall, subject to the Buyer’s approval, *** and advise Buyer of any *** and promptly remit to Buyer the difference between the Invoice Amount
on the Purchase Date and the Invoice Amount after such ***. Unless Buyer has otherwise elected to exercise its rights under Section 4.2 hereof, Buyer shall remain the absolute owner of any Purchased Receivable which is subject to *** and, until
the amount of such *** (as set forth above) is paid by Seller to Buyer, any rejected, returned, or recovered personal property, with the right to take possession thereof at any time, and if such possession is not taken by Buyer, Seller agrees to
resell it for Buyer’s account at Seller’s expense with the proceeds made payable to Buyer. 
 8 INDEMNIFICATION.

 (a) Seller hereby agrees that in the event any Account Debtor is released from all or any part of its payment obligations with respect to
any Purchased Receivable by reason of: (1) any act of Seller not permitted by this Agreement or other breach of the terms of this Agreement, or consented to in writing by Buyer; or (2) the operation of any of the provisions of the
documentation pertaining to such Purchased Receivables, which result in the termination of the Account Debtor’s obligation to pay all of any part of the Purchased Receivables, then, upon the happening of any such event, Seller shall thereafter
pay to Buyer on the date when the Account Debtor would otherwise have paid the Purchased Receivable to Buyer an amount equal to the lesser of (a) the amount of the Purchased Receivable not payable by the Account Debtor as a result of such event
and (b) the unpaid portion of the Purchased Receivable Amount for such Purchased Receivable. 
 (b) Seller hereby agrees to pay, and to
indemnify and hold harmless Buyer from and against, any taxes which may at any time be asserted in respect of this transaction or the subject matter thereof (including, without limitation, any sales, occupational, excise, gross receipts, general
corporation, personal property, privilege or license taxes, but not including taxes imposed upon the Buyer with respect to its income arising out of this transaction) and costs, expenses and reasonable counsel fees in defending against the same,
whether arising by reason of the acts to be performed by Seller hereunder or imposed against Buyer, Seller, the property involved or otherwise; provided that with respect to any of the foregoing for which Seller shall be liable, Seller shall
receive reasonably prompt notice from Buyer of this assertion of any such taxes on Buyer of which Buyer has notice. 
 9 ADDITIONAL
RIGHTS. 
 To secure the prompt payment and performance to Buyer of all of the Purchased Receivables and the obligations of Seller
hereunder, Seller hereby grants to Buyer a continuing lien upon and security interest in all of Seller’s now existing or hereafter arising rights and interest in the following, whether now owned or existing or hereafter created, acquired, or
arising, and wherever located (the “Related Property”): (A) All books and records pertaining to the Purchased Receivables or the foregoing goods; and (B) All proceeds of the foregoing, whether due to voluntary or involuntary
disposition, including insurance proceeds. Seller is not authorized to sell, assign, 
  

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 transfer or otherwise convey any interest in any Related Property without Buyer’s prior written consent. Seller
agrees to sign UCC financing statements, in a form acceptable to Buyer and Seller, and any other instruments and documents requested by Buyer to evidence, perfect, or protect the interests of Buyer in the Purchased Receivables and the Related
Property. Seller agrees to deliver to Buyer the originals of all instruments, chattel paper and documents evidencing or related to Purchased Receivables and Related Property. 
 10 DEFAULT. 
 The occurrence of
any one or more of the following shall constitute an Event of Default hereunder: 
 (a) Seller fails to pay any amount owed to Buyer within
three (3) Business Days of when due; 
 (b) There shall be commenced by or against Seller any voluntary or involuntary case under the
United States Bankruptcy Code, or any assignment for the benefit of creditors, or appointment of a receiver or custodian for any of its assets; 
 (c) Seller shall become insolvent in that its debts are greater than the fair value of its assets, or Seller is generally not paying its debts as they become due; 
 (d) Any involuntary lien, garnishment, attachment or the like is issued against or attaches to the Purchased Receivables (unless such Purchased
Receivable is repurchased as provided hereunder) or any Related Property; or 
 (e) Seller shall breach any covenant, agreement, warranty, or
representation set forth herein, and the same is not cured (whether pursuant to the provisions of Section 6 hereof, if applicable, or otherwise) to Buyer’s reasonable satisfaction within 10 days after Buyer has given Seller oral or
written notice thereof; provided, that if such breach is incapable of being cured it shall constitute an immediate default hereunder. 
 11 REMEDIES UPON DEFAULT. 
 Upon the occurrence of an Event of Default, Buyer has and may exercise all the rights and
remedies under this Agreement and under applicable law, including the rights and remedies of a secured party under the Massachusetts Uniform Commercial Code, all the power of attorney rights described in Section 5 with respect to all Purchased
Receivables and Related Property, and the right to collect, dispose of, sell, lease, use, and realize upon all Purchased Receivables and all Related Property. 
 12 ACCRUAL OF INTEREST. 
 If any amount owed by Seller to Buyer hereunder is not paid when due,
such amount shall bear interest from such date until paid at a per annum rate equal to the Prime Rate plus 5.0%. 
 13 FEES, COSTS AND
EXPENSES. 
 The Seller will pay to Buyer immediately upon demand all reasonable fees, costs and expenses (including reasonable fees
of attorneys and professionals and their costs and expenses) that Buyer incurs with any of the following: (a) preparing, negotiating, and administering, and enforcing this Agreement or any other agreement executed by Buyer and Seller in
connection herewith, including any amendments, waivers or consents in connection with any of the foregoing, (b) enforcing Buyer’s rights under, or collecting amounts owed by Seller to Buyer in connection with this Agreement, including,
without limitation, to enforce (i) Seller’s agreement to repurchase as set forth in Section 4.2, (ii) Seller’s payment of any amounts owing by Seller pursuant to Section 7 hereof, or (iii) Seller’s payment of
any amounts owing by Seller pursuant to Section 8 hereof, (c) enforcing any other rights against 
  

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 Seller or any guarantor, (d) protecting or enforcing its title to the Purchased Receivables or its security interest
in the Related Property, and (e) the representation of Buyer in connection with any bankruptcy case or insolvency proceeding involving Seller or any guarantor. Seller shall indemnify and hold Buyer harmless from and against any and all claims,
actions, damages, costs, expenses, and liabilities of any nature whatsoever arising in connection with any of the foregoing, except to the extent arising as a result of Buyer’s own gross negligence or willful misconduct. 
 14 SEVERABILITY, WAIVER, AND CHOICE OF LAW. 
 In the event that any provision of this Agreement is deemed invalid by reason of law, this Agreement will be construed as not containing such provision and the remainder of the Agreement shall remain in full force and
effect. If Buyer waives a default it may enforce a later default. Any consent or waiver under, or amendment of, this Agreement must be in writing. Nothing contained herein, or any action taken or not taken by Buyer at any time, shall be construed at
any time to be indicative of any obligation or willingness on the part of Buyer to amend this Agreement or to grant to Seller any waivers or consents. This Agreement has been transmitted by Seller to Buyer at Buyer’s office in the Commonwealth
of Massachusetts and has been executed and accepted by Buyer in the Commonwealth of Massachusetts. This Agreement shall be governed by and interpreted in accordance with the internal laws of the Commonwealth of Massachusetts. 
 15 NOTICES. 
 All notices shall
be given to Buyer and Seller at the addresses or faxes set forth on the first page of this Agreement and shall be deemed to have been delivered and received: (a) one calendar day after deposit with an overnight mail or messenger service; or
(b) on the same date of transmission if sent by hand delivery, telecopy, telefax or telex, provided that such transmission is substantiated by documentary evidence admissible in a court. 
 16 JURY TRIAL. 
 SELLER AND
BUYER EACH HEREBY (a) WAIVE THEIR RESPECTIVE RIGHTS TO A JURY TRIAL ON ANY CLAIM OR ACTION ARISING OUT OF OR IN CONNECTION WITH THIS AGREEMENT, ANY RELATED AGREEMENTS, OR ANY OF THE TRANSACTIONS CONTEMPLATED HEREBY OR THEREBY;
(b) RECOGNIZE AND AGREE THAT THE FOREGOING WAIVER CONSTITUTES A MATERIAL INDUCEMENT FOR IT TO ENTER INTO THIS AGREEMENT; AND (c) REPRESENT AND WARRANT THAT IT HAS REVIEWED THIS WAIVER, HAS DETERMINED FOR ITSELF THE NECESSITY TO REVIEW THE
SAME WITH ITS LEGAL COUNSEL, AND KNOWINGLY AND VOLUNTARILY WAIVES ALL RIGHTS TO A JURY TRIAL. 
 17 TITLES AND SECTION
HEADINGS. 
 The titles and section headings used herein are for convenience only and shall not be used in interpreting this
Agreement. 
  

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 IN WITNESS WHEREOF, Seller and Buyer have executed this Agreement under seal as of the date first written
above. 
  

			
	SELLER:
	
	ARBINET-THEXCHANGE, INC.
		
	By:	 	 /s/ John Roberts

	Title:	 	Chief Financial Officer
	
	BUYER:
	
	SILICON VALLEY BANK
		
	By:	 	 /s/ David Reich

	Title:	 	Senior Vice President

  

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 EXHIBIT A 
 SCHEDULE 
  

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 SCHEDULE DATED
                     
 TO

 NON-RECOURSE RECEIVABLES PURCHASE AGREEMENT 
 DATED AS OF NOVEMBER 28, 2005 
  

			
	Seller:	  	ARBINET-THEXCHANGE, INC.
		
	Buyer:	  	Silicon Valley Bank
		
	Purchase Date:	  	____________
		
	Due Date:	  	     days from Purchase Date (not more than ***days)
		
	Total Purchased Receivables:	  	$              (List of Receivables total)

 Discount Rate:         % (calculated as follows:
(i) the Prime Rate plus *** per annum, or (ii) such other Discount Rate for invoices for which the Account Debtor is located outside of the United States, as determined by Buyer in its sole discretion). 
 Purchase Price: $         (is         % of the Total
Purchased Receivables Amount which is the straight discount of the Total Purchased Receivables Amount discounted from the Due Date to the Purchase Date at the Discount Rate). 
  

	Administrative	Fee: 0.35% multiplied by the Total Purchased Receivables Amount. 

 Additional Interest Payable: In the event that full payment of any Purchased Receivable is not received on or before the Due Date, Seller agrees to pay to Buyer interest on any unpaid amount,
calculated at the Discount Rate, for (i) up to an additional ninety (90) days (except for Purchased Receivables subject to *** under Section 7 of the Agreement, for which there will be no limit) (“Additional Interest”)
(subject to Section 4.2 herein), or (ii) until such date that Seller repurchases such Purchased Receivable for the gross invoice amount. 
 Seller
warrants and represents that (a) its warranties and representations in the Agreement are true and correct as of the date of this Schedule and (b) no Event of Default has occurred under the Agreement. 
  

			
	SELLER: ARBINET-THEXCHANGE, INC.
		
	By	 	  

	Title	 	  

	
	BUYER: SILICON VALLEY BANK
		
	By	 	  

	Title	 	  

  

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 -11-Master Procurement Agreement

 EXHIBIT 10.25 
 Amendment No. 5 
 To the 
 Master Procurement Agreement 
 Between 
 Arbinet-thexchange, Inc. 
 And

 Tekelec 
 Made as of this 3lst day
of March 2005, between Arbinet-thexchange, Inc., a Delaware corporation having an office at 120 Albany St. Tower II, 4th Floor, New Brunswick, NJ 08901 (“Customer”) and Tekelec, a California corporation, on behalf of itself and its majority owned subsidiary, Santera Systems Inc. having an office at 3605 East Plano Parkway, Plano, Texas 75074
(“Tekelec”). 
 WHEREAS, Customer and Santera Systems Inc. (“Santera”) entered into a Master Procurement Agreement dated
February 20, 2003 (the “Agreement”); and 
 WHEREAS, Customer, Tekelec and Santera have previously executed
Amendment Nos. 1, 2, 3 and 4; and 
 WHEREAS, Santera is now a majority owned subsidiary of Tekelec, and Tekelec agreed to assume the responsibilities of
Santera under the Agreement, pursuant to Amendment No. 2 to the Agreement dated December 31, 2003; and 
 WHEREAS, Customer and Tekelec now wish to
amend the terms of the Agreement as hereinafter set forth (“Amendment No. 5”); and 
 WHEREAS, terms defined
in the Agreement shall have the same meaning and affect when used in this Amendment No. 5. 
 NOW THEREFORE, Customer
and Tekelec agree as follows: 
  

	 	1.	Exhibit B, Products, is amended by adding the following: 

 Tekelec’s Custom Extended Warranty Service (“CEWS”) is available for Customer’s two (2) T9000 Systems located in New York, New York and the one (1) T9000 system located in London, England during the period and
at the pricing set forth below: 
 Period of CEWS Begins: April 1, 2005.  
 PRICE: 
  

										
	 Location
	  	2005 (4/1/05 –12/31/05)	  	2006	  	2007
	 NYC (S)
	  	$	112,500	  	$	150,000	  	$	150,000
	 NYC (T)
	  	$	0	  	$	150,000	  	$	150,000
	 London
	  	$	112,500	  	$	150,000	  	$	150,000
	 Annual Price
	  	$	225,000	  	$	450,000	  	$	450,000
	 Total CEWS Purchase Order Price
	  	$	1,125,000

 Confidential Information 
  

 1 

 CEWS includes: 
  

	 	•	 	Product repair and return. Tekelec will replace (or repair) defective Products that have failed during normal use. Products will be replaced on a like for like basis and
shipped within 7 calendar days upon return of the failed Product. In emergency situations, Products can be shipped within 24 hours upon notification. 

  

	 	•	 	Switching Components. In an emergency situation, and subject to mutual agreement between Tekelec’ Technical Service Center (“TSC”) and Customer, Tekelec will
replace any failed or functionally degraded switch component in advance of receiving such failed or functionally degraded switch component from Customer. Customer will ship such failed or degraded component to Tekelec within 72 hours after
installation of the replacement. If Teklelec does not receive the failed/degraded switch component from Customer within 30 days, Customer agrees to pay Tekelec for the replacement switch component at the then-current switch component Price.

  

	 	•	 	MSC Replacement. In the event of a failure of a non-recoverable Multi-Service Controller (“MSC”) as mutually agreed between the TSC and Customer, Tekelec will
deliver to Customer (in the United States or United Kingdom) an equivalently configured and tested replacement MSC within 24 hours and provide any requisite resources required for a successful installation of such replacement.

  

	 	•	 	Technical Support Bulletin. Tekelec will prepare and provide Customer with a Technical Support Bulletin (“TSB”) upon the discovery of a new Product or Software
problem that could cause the performance of Customer switches to materially degrade. 

  

	 	•	 	Method of Support. Tekelec will provide to Customer a Method of Procedure (“MOP”) for all Product upgrades and/or changes. The MOP should also include a procedure
for removal of the original Product. 

  

	 	•	 	Priority access to the Technical Service Center 24 hours per day, 7 days per week, 365 days per year. Technical support is available by calling: 

 888-FOR-TKLC or 888-367-8552 
  

	 	•	 	On-site support. Critical System issues that cannot be resolved by remote means (as determined by Tekelec) will be resolved via on-site support. Additional on-site support
requested, but not required, may be purchased separately. 

  

	 	•	 	Software Upgrades. Each generic Software release made available during the CEWS coverage period will be provided to Customer and includes: 

  

	 	•	 	Software release notes, which include the list of bug fixes both general and those that are specific to Customer’s applications. 

  

	 	•	 	Patch release notes, which include (i) the list of bug fixes both general and those that are specific to Customer’s applications, (ii) a determination if the problem
was reproducible via Tekelec’s testing efforts, (iii) the details of Tekelec’s testing results and methods relating to Customer bug fixes, (iv) the associated de-installation procedure. 

  

	 	•	 	The MOP for software upgrades. The MOP should also include the associated de-installation procedure. 

  

	 	•	 	Written Post Mortem report will be provided to Customer by Tekelec within 72 hours of any critical CSR as defined by TL9000 or at the request from Customer.

 Confidential Information 
  

 2 

	 	•	 	Base Software release package (patches, bug fixes, System upgrades and new base capabilities). 

  

	 	•	 	Enhancements for previously licensed features and application packages. 

  

	 	•	 	New features and new application packages are sold separately, unless Tekelec has agreed in writing to provide such features/applications at no additional charge.

 CEWS Invoicing: CEWS will be billed to Customer on an annual basis, 30 days in advance of CEWS being provided,
except that CEWS for the 2005 period will be invoiced on “The Period CEWS Begins” as described on page 1 of this Amendment No. 5. 
  

	 	2.	All other terms of the Agreement remain unchanged. 

 IN WITNESS WHEREOF,
Customer and Tekelec have caused this Amendment No. 5 to be signed by their duly authorized representatives as of the date first set forth above. 
  

					
	 Arbinet-thexchange, Inc.
	 		 	Tekelec
			
	 /s/ Peter P. Sach
	 		 	 /s/ T. Hosek

	Signature	 		 	Signature
			
	 Peter P. Sach
	 		 	 T. Hosek

	Typed or Printed Name	 		 	Typed or Printed Name
			
	 CIO & SVP Operations
	 		 	 Pres / GM Switching

	Title	 		 	Title

 Confidential Information 
  

 3

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