Document:

Notes (first lien secured credit facility)

 Exhibit 10.22 
 3090451.4 
 NOTE 
 $33,743,824.68 

					
	December 13, 2005	 	New York, New York	  	

 FOR VALUE RECEIVED, SolarWinds.Net, Inc., a Delaware corporation
(“Company”), promises to pay Golden Tree 2004 Trust (“Payee”) or its registered assigns the principal amount of THIRTY THREE MILLION SEVEN HUNDRED FORTY THREE THOUSAND EIGHT HUNDRED TWENTY FOUR AND 68/100
($33,743,824.68) in the installments referred to below. 
 Company also promises to pay interest on the unpaid principal amount hereof,
from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of December 13, 2005 (as it may be amended, supplemented,
restated or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among SolarWinds.Net, Inc., Solarwinds.Net, LLC, the Lenders,
GoldenTree Asset Management, L.P., as Lead Arranger and as Syndication Agent, and The Bank of New York, as Administrative Agent and as Collateral Agent. 
 Company shall make scheduled principal payments on this Note as set forth in Section 2.8 of the Credit Agreement. 
 This Note is one of the “Notes” in the aggregate principal amount of $85,000,000 and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid. 
 All payments of
principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose
in accordance with the terms of the Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in
the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or
any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note. 
 This Note is
subject to mandatory prepayment and to prepayment at the option of Company, each as provided in the Credit Agreement. 

 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES.

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid
interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement. 
 No
reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of Company, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at
the respective times, and in the currency herein prescribed. 
 Company promises to pay all costs and expenses, including reasonable
attorneys’ fees, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Note. Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without
notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
  

 -2- 

 IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer
thereunto duly authorized as of the date and at the place first written above. 
  

			
	SolarWinds.Net, LLC
	By: SolarWinds.Net, Inc.
		
	By:	 	 /s/    DAVID YONCE

	Name:	 	David Yonce
	Title:	 	President

 [NOTE] 

 3082859.11 
 NOTE 
 $10,871,251.18 

					
	December 13, 2005	 	New York, New York	  	

 FOR VALUE RECEIVED, SolarWinds.Net, Inc., a Delaware corporation
(“Company”), promises to pay Golden Tree Capital Solutions OffshoreFund Financing (“Payee”) or its registered assigns the principal amount of TEN MILLION EIGHT HUNDRED SEVENTY ONE THOUSAND TWO HUNDRED
FIFTY ONE AND 18/100 ($10,871,251.18) in the installments referred to below. 
 Company also promises to pay interest on the unpaid
principal amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of December 13, 2005 (as it may
be amended, supplemented, restated or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among SolarWinds.Net, Inc., Solarwinds.Net,
LLC, the Lenders, GoldenTree Asset Management, L.P., as Lead Arranger and as Syndication Agent, and The Bank of New York, as Administrative Agent and as Collateral Agent. 
 Company shall make scheduled principal payments on this Note as set forth in Section 2.8 of the Credit Agreement. 
 This Note is one of the “Notes” in the aggregate principal amount of $85,000,000 and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid. 
 All payments of
principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose
in accordance with the terms of the Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in
the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or
any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note. 

 This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided
in the Credit Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES.

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid
interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement. 
 No
reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of Company, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at
the respective times, and in the currency herein prescribed. 
 Company promises to pay all costs and expenses, including reasonable
attorneys’ fees, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Note. Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without
notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
  

 -2- 

 IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer
thereunto duly authorized as of the date and at the place first written above. 
  

			
	SolarWinds.Net, LLC
	By: SolarWinds.Net, Inc.
		
	By:	 	 /s/    DAVID YONCE

	Name:	 	David Yonce
	Title:	 	President

 [NOTE] 

 3082859.7 
 NOTE 
 $5,261,955.46 

					
	December 13, 2005	 	New York, New York	  	

 FOR VALUE RECEIVED, SolarWinds.Net, Inc., a Delaware corporation
(“Company”), promises to pay Golden Tree Capital Opportunities, LP (“Payee”) or its registered assigns the principal amount of FIVE MILLION TWO HUNDRED SIXTY ONE THOUSAND NINE HUNDRED FIFTY FIVE AND 46/100
(5,261,955.46) in the installments referred to below. 
 Company also promises to pay interest on the unpaid principal amount
hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of December 13, 2005 (as it may be amended,
supplemented, restated or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among SolarWinds.Net, Inc., Solarwinds.Net, LLC, the
Lenders, GoldenTree Asset Management, L.P., as Lead Arranger and as Syndication Agent, and The Bank of New York, as Administrative Agent and as Collateral Agent. 
 Company shall make scheduled principal payments on this Note as set forth in Section 2.8 of the Credit Agreement. 
 This Note is one of the “Notes” in the aggregate principal amount of $85,000,000 and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid. 
 All payments of
principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose
in accordance with the terms of the Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in
the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or
any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note. 
 This Note is
subject to mandatory prepayment and to prepayment at the option of Company, each as provided in the Credit Agreement. 

 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL
BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES.

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid
interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement. 
 No
reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of Company, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at
the respective times, and in the currency herein prescribed. 
 Company promises to pay all costs and expenses, including reasonable
attorneys’ fees, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Note. Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without
notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
  

 -2- 

 IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer
thereunto duly authorized as of the date and at the place first written above. 
  

			
	SolarWinds.Net, LLC
	By: SolarWinds.Net, Inc.
		
	By:	 	 /s/    DAVID YONCE

	Name:	 	David Yonce
	Title:	 	President

 [NOTE] 

 3082859.5 
 NOTE 
 $4,147,273.02 

					
	December 13, 2005	 	New York, New York	  	

 FOR VALUE RECEIVED, SolarWinds.Net, Inc., a Delaware corporation
(“Company”), promises to pay Golden Tree Credit Opportunities Financing II, Ltd. (“Payee”) or its registered assigns the principal amount of FOUR MILLION ONE HUNDRED FORTY SEVEN THOUSAND TWO HUNDRED
SEVENTY THREE AND 02/100 ($4,147,273.02) in the installments referred to below. 
 Company also promises to pay interest on the unpaid
principal amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of December 13, 2005 (as it may
be amended, supplemented, restated or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among SolarWinds.Net, Inc., Solarwinds.Net,
LLC, the Lenders, GoldenTree Asset Management, L.P., as Lead Arranger and as Syndication Agent, and The Bank of New York, as Administrative Agent and as Collateral Agent. 
 Company shall make scheduled principal payments on this Note as set forth in Section 2.8 of the Credit Agreement. 
 This Note is one of the “Notes” in the aggregate principal amount of $85,000,000 and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid. 
 All payments of
principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose
in accordance with the terms of the Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in
the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or
any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note. 

 This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided
in the Credit Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES.

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid
interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement. 
 No
reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of Company, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at
the respective times, and in the currency herein prescribed. 
 Company promises to pay all costs and expenses, including reasonable
attorneys’ fees, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Note. Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without
notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
  

 -2- 

 IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer
thereunto duly authorized as of the date and at the place first written above. 
  

			
	SolarWinds.Net, LLC
	By: SolarWinds.Net, Inc.
		
	By:	 	 /s/    DAVID YONCE

	Name:	 	David Yonce
	Title:	 	President

 [NOTE] 

 3082859.3 
 NOTE 
 $22,680,930.57 

					
	December 13, 2005	 	New York, New York	  	

 FOR VALUE RECEIVED, SolarWinds.Net, Inc., a Delaware corporation
(“Company”), promises to pay Golden Tree Credit Opportunities Financing I, Ltd (“Payee”) or its registered assigns the principal amount of TWENTY TWO MILLION SIX HUNDRED EIGHTY THOUSAND NINE HUNDRED THIRTY
AND 57/100 ($22,680,930.57) in the installments referred to below. 
 Company also promises to pay interest on the unpaid principal
amount hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of December 13, 2005 (as it may be
amended, supplemented, restated or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among SolarWinds.Net, Inc., Solarwinds.Net, LLC,
the Lenders, GoldenTree Asset Management, L.P., as Lead Arranger and as Syndication Agent, and The Bank of New York, as Administrative Agent and as Collateral Agent. 
 Company shall make scheduled principal payments on this Note as set forth in Section 2.8 of the Credit Agreement. 
 This Note is one of the “Notes” in the aggregate principal amount of $85,000,000 and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid. 
 All payments of
principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose
in accordance with the terms of the Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in
the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or
any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note. 

 This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided
in the Credit Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES.

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid
interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement. 
 No
reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of Company, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at
the respective times, and in the currency herein prescribed. 
 Company promises to pay all costs and expenses, including reasonable
attorneys’ fees, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Note. Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without
notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
  

 -2- 

 IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer
thereunto duly authorized as of the date and at the place first written above. 
  

			
	SolarWinds.Net, LLC
	By: SolarWinds.Net, Inc.
		
	By:	 	 /s/    DAVID YONCE

	Name:	 	David Yonce
	Title:	 	President

 [NOTE] 

 3090451.3 
 NOTE 
 $8,294,765.09 

					
	December 13, 2005	 	New York, New York	  	

 FOR VALUE RECEIVED, SolarWinds.Net, Inc., a Delaware corporation
(“Company”), promises to pay Golden Tree Capital Solutions Fund Financing (“Payee”) or its registered assigns the principal amount of EIGHT MILLION TWO HUNDRED NINETY-FOUR THOUSAND SEVEN HUNDRED SIXTY-FIVE
AND 09/100 ($8,294,765.09) in the installments referred to below. 
 Company also promises to pay interest on the unpaid principal amount
hereof, from the date hereof until paid in full, at the rates and at the times which shall be determined in accordance with the provisions of that certain Credit and Guaranty Agreement, dated as of December 13, 2005 (as it may be amended,
supplemented, restated or otherwise modified, the “Credit Agreement”; the terms defined therein and not otherwise defined herein being used herein as therein defined), by and among SolarWinds.Net, Inc., Solarwinds.Net, LLC, the
Lenders, GoldenTree Asset Management, L.P., as Lead Arranger and as Syndication Agent, and The Bank of New York, as Administrative Agent and as Collateral Agent. 
 Company shall make scheduled principal payments on this Note as set forth in Section 2.8 of the Credit Agreement. 
 This Note is one of the “Notes” in the aggregate principal amount of $85,000,000 and is issued pursuant to and entitled to the benefits of the Credit Agreement, to which reference is hereby made for a more
complete statement of the terms and conditions under which the Loan evidenced hereby was made and is to be repaid. 
 All payments of
principal and interest in respect of this Note shall be made in lawful money of the United States of America in same day funds at the Principal Office of Administrative Agent or at such other place as shall be designated in writing for such purpose
in accordance with the terms of the Credit Agreement. Unless and until an Assignment and Assumption Agreement effecting the assignment or transfer of the obligations evidenced hereby shall have been accepted by Administrative Agent and recorded in
the Register, Company, each Agent and Lenders shall be entitled to deem and treat Payee as the owner and holder of this Note and the obligations evidenced hereby. Payee hereby agrees, by its acceptance hereof, that before disposing of this Note or
any part hereof it will make a notation hereon of all principal payments previously made hereunder and of the date to which interest hereon has been paid; provided, the failure to make a notation of any payment made on this Note shall not limit or
otherwise affect the obligations of Company hereunder with respect to payments of principal of or interest on this Note. 

 This Note is subject to mandatory prepayment and to prepayment at the option of Company, each as provided
in the Credit Agreement. 
 THIS NOTE AND THE RIGHTS AND OBLIGATIONS OF COMPANY AND PAYEE HEREUNDER SHALL BE GOVERNED BY, AND SHALL BE
CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK, INCLUDING, WITHOUT LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND RULE 327(b) OF THE NEW YORK CIVIL PRACTICE LAW AND RULES.

 Upon the occurrence of an Event of Default, the unpaid balance of the principal amount of this Note, together with all accrued and unpaid
interest thereon, may become, or may be declared to be, due and payable in the manner, upon the conditions and with the effect provided in the Credit Agreement. 
 The terms of this Note are subject to amendment only in the manner provided in the Credit Agreement. 
 No
reference herein to the Credit Agreement and no provision of this Note or the Credit Agreement shall alter or impair the obligations of Company, which are absolute and unconditional, to pay the principal of and interest on this Note at the place, at
the respective times, and in the currency herein prescribed. 
 Company promises to pay all costs and expenses, including reasonable
attorneys’ fees, all as provided in the Credit Agreement, incurred in the collection and enforcement of this Note. Company and any endorsers of this Note hereby consent to renewals and extensions of time at or after the maturity hereof, without
notice, and hereby waive diligence, presentment, protest, demand notice of every kind and, to the full extent permitted by law, the right to plead any statute of limitations as a defense to any demand hereunder. 
  

 -2- 

 IN WITNESS WHEREOF, Company has caused this Note to be duly executed and delivered by its officer
thereunto duly authorized as of the date and at the place first written above. 
  

			
	SolarWinds.Net, LLC
	By: SolarWinds.Net, Inc.
		
	By:	 	 /s/    DAVID YONCE

	Name:	 	David Yonce
	Title:	 	President

 [NOTE]Amendment and Waiver No. 1 to First Lien Credit Agreement

 Exhibit 10.23 
 AMENDMENT AND WAIVER NO. 1 TO CREDIT AGREEMENT 
 This AMENDMENT AND WAIVER NO. 1 (the
“Amendment”) is made as of March 14, 2008 by and among SolarWinds, Inc., a Delaware corporation (“Holdings”), SolarWinds.Net, LLC a Delaware limited liability company (the
“LLC”), those entities listed on the signature pages hereto under the heading “Guarantors” (the “Guarantors”), GoldenTree Asset Management, LP, as Lead Arranger and Syndication Agent
(the “Syndication Agent”) and The Bank of New York, a New York banking corporation, as Administrative Agent (together with its permitted successors in such capacity, “Administrative
Agent”) and as Collateral Agent (together with its permitted successor in such capacity, “Collateral Agent”). This Amendment is made with reference to (i) that certain Credit and Guaranty
Agreement, dated as of December 13, 2005, by and among Holdings, LLC, the Lenders, the Administrative Agent and the Collateral Agent (the “Credit Agreement”), and (ii) that certain First Lien Pledge and Security
Agreement (the “Security Agreement”), dated as of December 13, 2005, by and among Holdings, LLC, the other Grantors named therein, and the Collateral Agent. All capitalized terms used herein and not otherwise defined
shall have the meanings assigned to such terms in the Credit Agreement. 
 WHEREAS, Holdings, the LLC, the Administrative Agent, the
Collateral Agent and the Lenders entered into the Credit Agreement; 
 WHEREAS, Holdings was the initial borrower under the Credit Agreement;

 WHEREAS, Holdings subsequently contemplated contributing all of its material assets and liabilities to LLC in accordance with
Section 2.3 of the Credit Agreement, whereupon the LLC would become the borrower under the Credit Agreement and Holdings would become a Guarantor; 
 WHEREAS, no such contribution occurred and Holdings continued thereafter as an operating company; 
 WHEREAS,
notwithstanding the provisions of Section 2.3 of the Credit Agreement, the parties intend Holdings to continue as the borrower under the Credit Agreement and the LLC to become a Guarantor thereunder; 
 WHEREAS, certain references to Holdings and the LLC were erroneous in the original Credit Documents; 
 WHEREAS, Holdings and the LLC are in default of certain covenants set forth in the Credit Agreement and in the Security Agreement; 
 WHEREAS, the parties intended to enter into Amendment No. 1 to Credit Agreement on or about May 2, 2007 but such amendment was not finalized;

 WHEREAS, Holdings reincorporated from an Oklahoma corporation to a Delaware corporation on February 6, 2008; 

 WHEREAS, pursuant to Section 10.5 of the Credit Agreement, no amendment, modification, termination
or waiver of any provision of the Credit Documents, or consent to any departure by any Credit Party therefrom, shall in any event be effective without the written concurrence of the Requisite Lenders; 
 WHEREAS, Holdings, the LLC, the Administrative Agent, the Collateral Agent, and the Requisite Lenders desire to make certain amendments to the Credit
Agreement as set forth below and the Guarantors desire to acknowledge such amendments; 
 WHEREAS, pursuant to Section 10.5 of the
Credit Agreement, the Requisite Lenders desire to waive certain provisions of the Credit Agreement as set forth below and the Guarantors desire to acknowledge such waivers; 
 WHEREAS, the holders of Second Lien Indebtedness under the Second Lien Credit Agreement have agreed to amend the Second Lien Credit Agreement pursuant to
that certain Amendment and Waiver No. 1 to the Second Lien Credit Agreement attached hereto as Exhibit A; 
 NOW, THEREFORE, for
good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows: 
 SECTION 1. WAIVER 
 The Requisite Lenders hereby waive any and all rights and remedies they may have, including those
pursuant to Sections 2.6, 5, 6 and 8 of the Credit Agreement and Section 4 of the Security Agreement, to the extent arising directly from the Defaults and Events of Default described on Exhibit B hereto and the Lenders and each Agent
hereby waives any rights to notice required in the Credit Agreement or in the Security Agreement with respect to such Defaults and Events of Defaults. 
 SECTION 2. AMENDMENTS TO THE CREDIT AGREEMENT 
 2.1. References to Company shall be deemed to
refer to Holdings for all purposes of the Credit Agreement other than the following, in which case Company shall be deemed to refer to LLC: the Recitals, subsection (d) of the definition of “Change of Control”, the definition of
“Management Agreement”, Section 2.3, and Section 5.3. 
 2.2. The following definitions are hereby added to
Section 1.1 of the Credit Agreement in alphabetical order: 
 “First Amendment” means that certain Amendment and Waiver
No. 1 to Credit Agreement, dated as of March 14, 2008, by and among Holdings, LLC and the Requisite Lenders. 
 “LLC” means SolarWinds.Net, LLC a Delaware limited liability company. 

 2.3. The definition of “Guarantor” in Section 1.1 of the Credit Agreement is hereby
amended to delete the language in clause (a) thereof and to insert in lieu thereof the following language: “LLC”. 
 2.4. The definition of “Net Securities Proceeds” in Section 1.1 of the Credit Agreement is hereby amended to add the following sentence at the end thereof: 
 “Notwithstanding the forgoing, proceeds received from the issuance of Capital Stock of Holdings pursuant to that certain Stock Purchase Agreement,
dated on or about the date hereof, by and among Holdings and certain of its investors party thereto as Buyers, shall not be deemed to be Net Securities Proceeds and shall not be subject to the requirements of Section 2.10(c).” 

2.5. Section 6.5 of the Credit Agreement is hereby amended and restated in its entirety as follows: 
 6.5 Restricted Junior Payments. 
 “No Credit Party shall, nor shall it permit any of its Subsidiaries to, directly or indirectly, declare, order, pay, make or set apart any sum for any Restricted Junior Payment; provided that, (i) LLC may make Restricted
Junior Payments to Holdings, (ii) so long as no Default or Event of Default shall have occurred and be continuing or shall be caused thereby, Holdings may make Restricted Junior Payments in order for Holdings to repurchase or redeem outstanding
shares of Capital Stock (or options to purchase Capital Stock) of Holdings owned by current or former employees, officers, or directors of Holdings or any of its Subsidiaries pursuant to any management equity subscription agreement, stock option
agreement or similar equity agreement, shareholders agreement or benefit plan, provided that the aggregate amount of all Restricted Junior Payments paid pursuant to this subclause (ii) in any Fiscal Year shall not exceed $50,000 plus the amount
of any net cash proceeds received by Holdings in such Fiscal Year from the sale of Capital Stock of Holdings to any and all such employees, officers or directors that do not constitute an Excluded Issuance (it being understood, however, that unused
amounts permitted to be paid pursuant to this proviso are Holdings and available to be carried over to subsequent Fiscal Years), and (iii) Holdings may make Restricted Junior Payments on or about the date hereof in order to consummate the
purchase of certain stock of Holdings pursuant to the terms of that certain Stock Purchase Agreement, dated as of March 14, 2008, by and among the Sellers identified therein and Holdings.” 
 2.6. Section 6.8(c) of the Credit Agreement is amended and restated in its entirety as follows: 
 Maximum Consolidated Capital Expenditures. Holdings shall not, and shall not permit its Subsidiaries to, make or incur Consolidated Capital
Expenditures, in any Fiscal Year indicated below, in an aggregate amount for Holdings and its Subsidiaries in excess of the corresponding amount set forth below opposite such Fiscal Year; provided, such amount for any Fiscal Year shall be
increased by an amount equal to 75% of the excess, if any, of such amount for the previous Fiscal Year and not any year before the previous Fiscal Year (as adjusted in accordance with this proviso) over the actual amount of Consolidated Capital
Expenditures for such previous Fiscal Year: 
  

						
	 Fiscal Year
	 	  	  	Consolidated Capital
Expenditures
	2007	 		  	$	3,000,000
	2008	 		  	$	3,000,000
	2009	 		  	$	3,500,000
	2010	 		  	$	4,000,000
	2011	 		  	$	4,500,000

 2.7. Section 5.1(c) of the Credit Agreement is amended and restated in its entirety as
follows: 
 (c) Annual Financial Statements. As soon as available, and in any event within 120 days after the end of each Fiscal Year
other than the fiscal year ended December 31, 2006 (and by June 15, 2007 with respect to the fiscal year ended December 31, 2006), (i) the consolidated balance sheets of Holdings and its Subsidiaries as at the end of such Fiscal
Year and the related consolidated (and with respect to statements of income, consolidating) statements of income, stockholders’ equity and cash flows of Holdings and its Subsidiaries for such Fiscal Year, setting forth in each case in
comparative form the corresponding figures for the previous Fiscal Year and the corresponding figures from the Financial Plan for the Fiscal Year covered by such financial statements, in reasonable detail, together with a Financial Officer
Certification and a Narrative Report with respect thereto; and (ii) with respect to such consolidated financial statements a report thereon from an independent certified public accountants of recognized national standing selected by Holdings,
and reasonably satisfactory to the Requisite Lenders (which report shall be unqualified as to going concern and scope of audit, and shall state that such consolidated financial statements fairly present, in all material respects, the consolidated
financial position of Holdings and its Subsidiaries as at the dates indicated and the results of their operations and their cash flows for the periods indicated in conformity with GAAP applied on a basis consistent with prior years (except as
otherwise disclosed in such financial statements) and that the examination by such accountants in connection with such consolidated financial statements has been made in accordance with generally accepted auditing standards) together with a written
statement by such independent certified public accountants stating (1) that their audit examination has included a review of the terms of the Credit Documents, (2) whether, in connection therewith, any condition or event that constitutes a
Default or an Event of Default has come to their attention and, if such a condition or event has come to their attention, specifying the nature and period of existence thereof, and (3) that nothing has come to their attention that causes them
to believe that the information contained in any Compliance Certificate is not correct or that the matters set forth in such Compliance Certificate are not stated in accordance with the terms hereof (it being understood that such statement shall be
subject to qualifications customarily included in such statement and/or reports and limited to the items that independent certified public accountants are permitted to cover in such statements pursuant to their professional standards and customs of
the profession); provided however that the statements described in clauses (1) through (3) above shall not be required if making such statements is contrary to the then current recommendations of the American Institute of Certified
Public Accountants. 

 2.8. Sections 5.12 and 8.1(m) of the Credit Agreement are hereby amended to delete the language
therein in its entirety and to insert in lieu thereof the “Reserved.” 
 SECTION 3. CONSENT 
 The Requisite Lenders hereby consent to the amendment to the Second Lien Credit Agreement in the form of Exhibit A hereto pursuant to
Section 6.14 of the Credit Agreement. 
 SECTION 4. COVENANTS 
 Holdings and LLC agree that in the event that Holdings has not repaid in full all outstanding Obligations on or prior to December 31, 2008, then on
or before such date, Holdings shall take all steps necessary to contribute all of its material assets and liabilities to LLC, and cease all operations other than operations incidental to its ownership of Capital Sock of LLC. In connection with the
foregoing, Holdings and LLC agree to take all actions reasonably requested by the Administrative Agent and the Lenders to cause LLC to be the borrower of the Loans for all purposes under the Credit Agreement and the Collateral Documents and to cause
Holdings to become a Guarantor under the Credit Agreement and the Collateral Documents. 
 SECTION 5. CONDITIONS PRECEDENT 

The effectiveness of the waiver to the Credit Agreement contemplated by Section 1 hereof and the amendments to the Credit Agreement contemplated
by Section 2 hereof are subject to the receipt by each Lender delivering a signature page to this Amendment of the following: 
 (a)
counterparts hereof duly executed by Holdings, the Guarantors, each Agent and the Requisite Lenders; 
 (b) an amendment to the Second Lien
Credit Agreement in the form of Exhibit A hereto (the “Second Lien Amendment”), duly executed by the holders of the requisite principal amount of Second Lien Indebtedness; 
 (c) payment of all out of pocket costs and expenses of the Agents and the Lenders, including without limitation the reasonable fees and disbursements of
Latham & Watkins LLP; and 
 (d) payment of an amendment fee to the Agent and the Lenders in the amount of $193,750.63. 

 SECTION 6. COUNTERPARTS 
 This Amendment may be executed in any number of counterparts, and all such counterparts taken together shall be deemed to constitute one and the same
instrument. Signature pages may be detached from counterpart documents and reassembled to form duplicate executed originals. 
 SECTION 7.
REPRESENTATION 
 Except as expressly set forth in the Disclosure Schedule in Exhibit C attached hereto, Holdings and LLC jointly
and severally represent and warrant that no Default or Event of Default under the terms of any other agreement exists as a result of Defaults and Events of Default described in Exhibit B attached hereto. 
 SECTION 8. RATIFICATION OF AGREEMENT 
 8.1. To induce the Requisite Lenders to enter into this Amendment, Holdings, the LLC and the Guarantors jointly and severally represent and warrant that after giving effect to this Amendment, no Default or Event of Default under the
terms of the Credit Agreement or any Collateral Document exists and, except as expressly set forth in the Disclosure Schedule in Exhibit C attached hereto, all representations and warranties contained in this Amendment and the Credit
Agreement are true, correct and complete in all material respects on and as of the date hereof except to the extent such representations and warranties specifically relate to an earlier date in which case they were true, correct and complete in all
material respects on and as of such earlier date. 
 8.2. Except as expressly set forth in this Amendment, the terms, provisions and
conditions of the Credit Agreement and each Collateral Document are unchanged, and said agreements, as amended, shall remain in full force and effect and are hereby confirmed and ratified. 
 SECTION 9. GOVERNING LAW; JURISDICTION; VENUE; WAIVER OF JURY TRIAL 
 THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES HEREUNDER SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH AND BE GOVERNED BY THE LAWS OF THE STATE OF NEW YORK (WITHOUT GIVING EFFECT TO ANY CHOICE OR
CONFLICT OF LAW PROVISION OR RULE THAT WOULD CAUSE THE APPLICATION OF THE LAWS OF ANY JURISDICTION OTHER THAN THE STATE OF NEW YORK). ANY LEGAL ACTION OR PROCEEDING WITH RESPECT TO THIS AMENDMENT OR ANY OTHER DOCUMENT MAY BE BROUGHT IN THE COURTS OF
THE STATE OF NEW YORK OR OF THE UNITED STATES FOR THE SOUTHERN DISTRICT OF NEW YORK, AND, BY EXECUTION AND DELIVERY OF THIS AMENDMENT, HOLDINGS, LLC, EACH GUARANTOR AND THEIR RESPECTIVE SUBSIDIARIES HEREBY IRREVOCABLY ACCEPT FOR ITSELF AND IN
RESPECT OF ITS 

 
PROPERTY, GENERALLY AND UNCONDITIONALLY, THE EXCLUSIVE JURISDICTION OF THE AFORESAID COURTS. HOLDINGS, LLC, EACH GUARANTOR, AND THEIR RESPECTIVE SUBSIDIARIES
IRREVOCABLY CONSENT TO THE SERVICE OF PROCESS BY REGISTERED OR CERTIFIED MAIL (RETURN RECEIPT REQUESTED) TO CT CORPORATION SYSTEM, 1633 BROADWAY, NEW YORK. NEW YORK 10019, ITS AGENT FOR SERVICE OF PROCESS, WHICH SHALL CONSTITUTE SUFFICIENT NOTICE.
NOTHING HEREIN SHALL AFFECT THE RIGHT OF THE HOLDERS OR THE COLLATERAL AGENT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST HOLDINGS, LLC OR ANY GUARANTOR OR ANY OF THEIR
RESPECTIVE SUBSIDIARIES IN ANY OTHER JURISDICTION. 
 EACH OF HOLDINGS, THE LLC, THE GUARANTORS AND THEIR RESPECTIVE SUBSIDIARIES HEREBY
IRREVOCABLY WAIVES ANY OBJECTION WHICH IT MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY OF THE AFORESAID ACTIONS OR PROCEEDINGS ARISING OUT OF OR IN CONNECTION WITH THIS AMENDMENT OR ANY OTHER DOCUMENT BROUGHT IN THE COURTS REFERRED TO IN
THIS SECTION AND HEREBY FURTHER IRREVOCABLY WAIVES AND AGREES NOT TO PLEAD OR CLAIM IN ANY SUCH COURT THAT ANY SUCH ACTION OR PROCEEDING BROUGHT IN ANY SUCH COURT HAS BEEN BROUGHT IN AN INCONVENIENT FORUM. 
 BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY AN EXPERIENCED AND EXPERT PERSON
AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY, THE PARTIES DESIRE THAT THEIR DISPUTES BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE LAWS. THEREFORE, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR
PROCEEDING BROUGHT TO ENFORCE OR DEFEND ANY RIGHTS OR REMEDIES UNDER THIS AGREEMENT AND THE COLLATERAL DOCUMENTS. 
 SECTION 10.
ACKNOWLEDGMENT AND CONSENT BY THE GUARANTORS 
 Each Guarantor hereby acknowledges that it has read this Amendment and consents to the
terms hereof and further confirms and agrees that, notwithstanding the effectiveness of this Amendment, its obligations under its Guarantee shall not be impaired or affected and such Guarantee is, and shall continue to be in full force and effect
and is hereby confirmed and ratified in all respects. 
 [SIGNATURE PAGES FOLLOW] 

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	HOLDINGS:
	
	SOLARWINDS, INC.
		
	By:	 	 /s/ KEVIN B. THOMPSON

	Name:	 	Kevin B. Thompson
	Title:	 	Chief Operating Officer, Chief Financial Officer and Treasurer
	
	GUARANTORS:
	
	SOLAR WINDS.NET, LLC
		
	By:	 	 /s/ JEFFREY HORING

	Name:	 	Jeffrey Horing
	Title:	 	Manager

  

			
	LENDERS:
	
	GoldenTree High Yield Value Master Fund, LP
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt
	
	GoldenTree Capital Solutions Fund
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt
	
	GoldenTree Capital Solutions Offshore Fund
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt
	
	GoldenTree MultiStrategy Financing, Ltd.
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt
	
	GoldenTree Credit Opportunities Financing I, Ltd.
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt

			
	GoldenTree Master Fund, Ltd.
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt
	
	GoldenTree Master Fund II, Ltd.
	By: GoldenTree Asset Management, LP
		
	By:	 	 /s/ KAREN WEBER

	Name:	 	Karen Weber
	Title:	 	Director - Bank Debt
	
	CIT Lending Services Corporation
		
	By:	 	 /s/ ANTHONY HOLLAND

	Name:	 	Anthony Holland
	Title:	 	Vice President
	
	SPV Capital Funding, L.L.C., as Lender
		
	By:	 	 /s/ DANIEL POSNER

	Name:	 	Daniel Posner
	Title:	 	Authorized Signatory

			
	 DENALI CAPITAL LLC
 as managing member
of DC Funding Partners LLC,
 portfolio manager of:
  
 DENALI CAPITAL CLO IV, LTD.
 DENALI CAPITAL CLO V, LTD.
 DENALI CAPITAL CLO VI, LTD.
 DENALI CAPITAL CLO VII, LTD.
 DENALI CAPITAL CLO VIII, LTD.

		
	By:	 	/s/ JOHN P. THACKER
		
	Name:	 	JOHN P. THACKER
		
	Title:	 	CHIEF CREDIT OFFICER

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  
  

			
	 FOXE BASIN CLO 2003, LTD.
 By: GSO Debt Funds
Management LLC as Collateral
 Manager

		
	By:	 	/s/ Sanjai Bhonsle
	Name:	 	Sanjai Bhonsle
	Title:	 	Authorized Signatory

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  
  

			
	 HUDSON STRAITS CLO 2004, LTD.
 By: GSO Debt
Funds Management LLC as Collateral
 Manager

		
	By:	 	/s/ Sanjai Bhonsle
	Name:	 	Sanjai Bhonsle
	Title:	 	Authorized Signatory

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	Gale Force 1 CLO, Ltd.
	By: GSO Debt Funds Management LLC as Collateral Manager
		
	By:	 	/s/ Sanjai Bhonsle
	Name:	 	Sanjai Bhonsle
	Title:	 	Authorized Signatory

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	Gale Force 2 CLO, Ltd.
	By: GSO Debt Funds Management LLC as Collateral Manager
		
	By:	 	/s/ Sanjai Bhonsle
	Name:	 	Sanjai Bhonsle
	Title:	 	Authorized Signatory

  

 IN WITNESS WHEREOF, each of the parties hereto has caused a counterpart of this Amendment to be duly
executed and delivered as of the date first above written. 
  

			
	FM Leveraged Capital Fund I
	By: GSO Debt Funds Management LLC as Subadviser to FriedbergMilstein LLC
		
	By:	 	/s/ Sanjai Bhonsle
	Name:	 	Sanjai Bhonsle
	Title:	 	Authorized Signatory

 Exhibit A 
 Amendment and Waiver to Second Lien Credit Agreement 

 Exhibit B 
 Existing Defaults 
 Default of the covenant set forth in Section 5.1(a) of the Credit Agreement
for the failure to deliver monthly financial statements for January, February and March 2007. 
 Default of the covenant set forth in
Section 5.1(k) of the Credit Agreement for the failure to notify Administrative Agent and Lenders of a change in the composition of the board of directors of Company and/or Holdings. 
 Default of the covenants set forth in Sections 5.12(a) and (b) of the Credit Agreement for the failure to maintain key man life insurance on Donald
Yonce. 
 Default of the covenants set forth in Section 6.7 and 6.12 of the Credit Agreement for a loan of $1,737,569 to David Yonce
pursuant to a separation agreement to enable Mr. Yonce to purchase 647,091 shares of the Company’s common stock pursuant to a stock option agreement. This loan has been repaid in full. 
 Default of the covenants set forth in Section 6.8(c) of the Credit Agreement for the fiscal year ended December 31, 2006. 
 Default set forth in Section 8.1(m) of the Credit Agreement for the conduct, transaction and engagement by Holdings in business and commercial
operations other than those incidental to its ownership of Capital Stock of LLC. 
 Default of any covenants set forth in Section 4 of
the Security Agreement for the failure to deliver Pledge Supplements or other notices to the Collateral Agent. 

 Exhibit C 
 Disclosure Schedule 
 Section 6 
 Any Default or Event of Default under Section 8.1(b) of the Second Lien Credit Agreement. 
 Section 7.1 
 The representation
set forth in Section 4.11 and 4.24(d) of the Credit Agreement is hereby qualified by the following disclosure: 
 On November 26,
2007, a former employee of SolarWinds, Inc., brought a lawsuit in Oklahoma State Court against SolarWinds, Inc. and Donald C. Yonce, the founder of our company and current member of our board of directors. The former employee claims that he is a
co-author of our software that he assisted in developing while an employee of SolarWinds. 
 The representation set forth in Section 4.2
of the Credit Agreement is hereby qualified by the following disclosure: 
 LLC was a Subsidiary of Holdings as of the Closing Date.

 The representation set forth in Section 4.24(j) of the Credit Agreement is hereby qualified by the following disclosure: 

SolarWinds utilizes the following open source software: 
 GNU Diff utility

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