THIRD LOAN MODIFICATION AGREEMENT
This Third Loan Modification Agreement (this “Loan Modification Agreement”) is entered into as of
June 30, 2003, by and between 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”(“Bank”) and (i) IBASIS, INC. , a Delaware corporation with its chief
executive office located at 20 Second Avenue, Burlington, Massachusetts 01803 and (ii) IBASIS GLOBAL, INC.
, Delaware corporation with its chief executive office located at 20 Second Avenue, Burlington, Massachusetts
01803 (jointly and severally, individually and collectively, “Borrower”).
1. DESCRIPTION OF EXISTING INDEBTEDNESS AND OBLIGATIONS . Among other indebtedness and
obligations which may be owing by Borrower to Bank, Borrower is indebted to Bank pursuant to a loan
arrangement dated as of December 30, 2002, evidenced by, among other documents, a certain Loan and Security
Agreement dated as of December 30, 2002 between Borrower and Bank, as amended by a certain First Loan
Modification Agreement dated as of January 30, 2003 and a certain Second Loan Modification Agreement
entered into as of February 27, 2003 (as amended, the “Loan Agreement”). Capitalized terms used but not
otherwise defined herein shall have the same meaning as in the Loan Agreement.
2. DESCRIPTION OF COLLATERAL . Repayment of the Obligations is secured by the Collateral as described
in the Loan Agreement and certain Intellectual Property Security Agreements each dated December 30, 2002
(together with any other collateral security granted to Bank, the “Security Documents”).
Hereinafter, the Security Documents, together with all other documents evidencing or securing the Obligations
shall be referred to as the “Exi