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This paper proposes a Petri net model for a commercial network processor (Intel iXP architecture) which is a multithreaded multiprocessor architecture. We consider and model three different applications viz., IPv4 forwarding, network address translation, and IP security running on IXP 2400/2850. A salient feature of the Petri net model is its ability to model the application, architecture and their interaction in great detail. The model is validated using the Intel proprietary tool (SDK 3.51 for IXP architecture) over a range of configurations. We conduct a detailed performance evaluation, identify the bottleneck resource, and propose a few architectural extensions and evaluate them in detail.