Document:

EX-4.22

 Exhibit 4.22 

LOAN AGREEMENT 

SELLER’S CREDIT 
 THE
UNDERSIGNED, KNOT SHUTTLE TANKERS AS, of Smedasundet 40, 5529 Haugesund, Norway, a company registered in Norway with registration number 998 942 829 (the “Borrower”) 

HEREBY ACKNOWLEDGES that it owes to KNUTSEN NYK OFFSHORE TANKERS AS, of Smedasundet 40, 5529 Haugesund, Norway, a company registered in Norway with
registration number 995 221 713 (the “Creditor”) 
 THE INITIAL PRINCIPAL AMOUNT of USD 10,452,748 (the
“Loan Amount”), pursuant to the terms and conditions of this seller’s credit (the “Seller’s Credit”) as set out below: 
  

			
	Interpretation:	  	Capitalised terms not otherwise defined in this Seller’s Credit shall have the meanings ascribed to them in Schedule 1.
		
	Undertaking to pay:	  	The Borrower irrevocably and unconditionally undertakes to pay to the Creditor the Loan Amount together with any other amount outstanding under this Seller’s Credit on the Maturity Date.
		
	Maturity Date:	  	The date falling 5 years after the date of signing of this Seller’s Credit, or such other date as mutually agreed between the Borrower and the Creditor.
		
	Interest:	  	 Until this Seller’s Credit is repaid in accordance with the terms set out herein, interest shall accrue on the Loan Amount and be
payable in accordance with the following conditions:
  

a)      Interest shall accrue during the period from and including Closing (as defined
in the SPA) and ending on the day preceding the due date for repayment of this Seller’s Credit.
  

b)      The interest on the Loan Amount is fixed semi-annually based on the 6 months
forward swap LIBOR, plus a margin fixed to 450 bps (4.50%) per annum.
  

c)      Accrued interest on the Loan Amount shall accumulate, be compounded with the
Loan Amount at the end of each consecutive six month period (the first of which starting on the date on which the Loan is made available to the Borrower) and be payable at the end of each such consecutive six month period.

 
 d)      Interest is
calculated from day to day on the basis of the actual number of days elapsed and a year of 360 days.
  

e)      Interest ceases to accrue on this Seller’s Credit as from the date on which
this Seller’s Credit is fully repaid.

  
 1 

			
	Default interest:	  	If the Borrower fails to pay any amount payable by it under this Seller’s Credit, or if an Event of Default occurs, the applicable interest on the overdue Loan Amount and accrued interest upon such failure to pay or Event of
Default shall accrue at a rate of eight per cent. (8.00%) per annum from the due date or the date an Event of Default occurred (as the case may be), to the date of actual payment.
		
	No set-off by Borrower:	  	All payments to be made by the Borrower under this Seller’s Credit shall be calculated and be made without (and free and clear of any deduction for) set-off or counterclaim, unless explicitly agreed in a separate
agreement.
		
	Repayment:	  	 Unless previously repaid, the Borrower shall repay this Seller’s Credit in full on the Maturity Date at par together with accrued
interest up to (but excluding) the Maturity Date.
  
 The Borrower may at any time, prepay
in whole or in part this Seller’s Credit with five (5) Business Days notice. No prepayment fee applies to any such early prepayment.
 All payments
under this Seller’s Credit shall be made to such account as the Creditor from time to time notifies to the Borrower.

		
	Priority and subordination:	  	 This Seller’s Credit shall constitute senior debt obligations of the Borrower and has priority over any shareholder loans (to the
Borrower) and equity provided by its owners.
  
 Notwithstanding the foregoing, the
obligations of the Borrower and the claims of the Creditor under this Seller’s Credit shall – if the Borrower, the Guarantor or the Target becomes insolvent or enters into bankruptcy proceedings - be fully subordinated to claims of the
Senior Banks in respect of the Senior Bank Debt Guarantee Obligations.

		
	Guarantee:	  	The obligations of the Borrower under this Seller’s Credit shall at all times until the Loan Amount, together with any and all amounts outstanding hereunder are repaid in full, be fully and irrevocably guaranteed by KNOT
Offshore Partners LP, a Marshall Islands limited partnership (the “Guarantor”). Such guarantee shall be made by the Guarantor’s co-signature on this Seller’s Credit.
		
	Events of Default:	  	 The Loan Amount becomes immediately and automatically due for payment in full (together with accrued interest) upon the occurrence of
an Event of Default, where “Event of Default” means:
  

a)      any non-payment by the Borrower under this Seller’s Credit; or

 
 b)      upon the
Borrower becoming insolvent or entering into bankruptcy

  
 2 

			
		  	 proceedings, any liquidator or trustee in bankruptcy or similar officer is appointed in respect of the Borrower or any of
its assets, any preparations are taken by its shareholders, directors or other officers for its winding up or dissolution.
  

For the avoidance of doubt, the provisions regarding subordination set forth in paragraph “Priority and subordination” applies in case of an Event of
Default as set out in item b) above.

		
	Transferability:	  	 The Borrower may not transfer this Seller’s Credit (or any of its obligations and liabilities hereunder) to any third party.

 
 The Creditor may transfer this Seller’s Credit, subject to the Borrower’s
consent.

		
	Governing law and enforcement:	  	This Seller’s Credit shall be governed by the laws of Norway, with the courts of Haugesund, Norway as legal venue.

 THIS SELLER’S CREDIT has been entered into on 1st August 2013. 

 

			
	KNOT SHUTTLE TANKERS AS
		
	By:	 	 /s/ ØYSTEIN EMBERLAND

	Name:	 	Øystein Emberland
	Title:	 	Controller

  

			
	KNUTSEN NYK OFFSHORE TANKERS AS
		
	By:	 	 /s/ ØYSTEIN EMBERLAND

	Name:	 	Øystein Emberland
	Title:	 	Controller

  
 3 

 Guarantee 

By our co-signature on this Seller’s Credit we, KNOT Offshore Partners LP, hereby unconditionally and irrevocably guarantees, as primary obligor as and
for its own debt and not merely as surety to the Creditor the due and punctual payment by the Borrower of any and all sums which are now or at any time hereafter will be payable by the Borrower under or in respect of the Seller’s Credit. 

If and whenever the Borrower shall make default in the payment of any sums due and payable under the terms of the Seller’s Credit, we shall forthwith,
following demand by Creditor to us, pay to the Creditor in such manner as notified by the Creditor the moneys in regard to which such default has been made, with the default interest (if any) thereon. 

Our total liability under this Guarantee shall, in the aggregate, always be limited to the Loan Amount plus all unpaid interest and default interest. 

 

			
	KNOT OFFSHORE PARTNERS LP
		
	By:	 	 /s/ ARILD VIK

	Name:	 	Arild Vik
	Title:	 	CEO

  
 4 

 Schedule 1: Definitions 

 

			
	Business Day:	  	Any day on which banks are generally open for commercial business in Norway.
		
	Senior Banks:	  	DNB BANK ASA, NORDEA BANK NORGE ASA, ABN AMRO BANK N.V., OSLO BRANCH, and CREDIT AGRICOLE CORPORATE AND INVESTMENT BANK and/or such other banks as may become creditors in respect of the Senior Bank Debt from time to time.
		
	Senior Bank Debt:	  	A USD 93,000,000.- Term Loan Facility Agreement dated dated 11 July 2011 entered into between i.a. the Target as borrower, DNB BANK ASA, NORDEA BANK NORGE ASA, ABN AMRO BANK N.V., OSLO BRANCH, and CREDIT AGRICOLE CORPORATE AND
INVESTMENT BANK, as lenders and mandated lead arrangers (as amended, supplemented or varied from time to time).
		
	 Senior Bank Debt

Guarantee Obligations:
	  	The Borrower’s and the Guarantor’s payment obligations under two guarantee agreement dated 11 July 2013, whereby the Borrower and the Guarantor i.a. guarantees the Target’s fulfilment of its obligations under the
Senior Bank Debt.
		
	SPA:	  	The share purchase agreement entered into between the Borrower and the Creditor dated 11 July 2013, whereby the Borrower agreed to purchase and the Creditor agreed to sell all shares in Target.
		
	Target:	  	Knutsen Shuttle Tankers 13 AS, of Smedasundet 40, 5529 Haugesund, Norway a company registered in Norway with registration number 996 661 016.

  
 5EX-4.1

 Exhibit 4.1 
  

					
	Number *0*	  	 	Shares *0*	  
		
		  	 
  

 
	SEE REVERSE FOR IMPORTANT
 NOTICE ON TRANSFER RESTRICTIONS

AND OTHER INFORMATION
	  
   

  

  

					
		 	THIS CERTIFICATE IS TRANSFERABLE	  	CUSIP            
		 	IN THE CITIES OF                     	  	

 CARETRUST REIT, INC. 

a Corporation Formed Under the Laws of the State of Maryland 

THIS CERTIFIES THAT **Specimen** is the owner of **Zero (0)** fully paid and nonassessable shares of Common Stock, $0.01 par value per share,
of 
 CareTrust REIT, Inc. 
 (the
“Corporation”) transferable on the books of the Corporation by the holder hereof in person or by its duly authorized attorney, upon surrender of this Certificate properly endorsed. This Certificate and the shares represented hereby are
issued and shall be held subject to all of the provisions of the Charter of the Corporation and the Bylaws of the Corporation and any amendments thereto. This Certificate is not valid unless countersigned and registered by the Transfer Agent and
Registrar. 
 IN WITNESS WHEREOF, the Corporation has caused this Certificate to be executed on its behalf by its duly authorized officers
this      day of             ,         . 
  

									
	Countersigned and Registered:	 		 		 	
	Transfer Agent and Registrar	 		 	  
	 	(SEAL)
		 		 		 	President and Chief Executive Officer	 	
					
	By:	 	  
	 		 	  
	 	
		 	Authorized Signature	 		 	Secretary	 	

 IMPORTANT NOTICE 

The Corporation will furnish to any stockholder, on request and without charge, a full statement of the information required by
Section 2-211(b) of the Corporations and Associations Article of the Annotated Code of Maryland with respect to the designations and any preferences, conversion and other rights, voting powers, restrictions, limitations as to dividends and
other 

 
distributions, qualifications, and terms and conditions of redemption of the stock of each class which the Corporation has authority to issue and, if the Corporation is authorized to issue any
preferred or special class in series, (i) the differences in the relative rights and preferences between the shares of each series to the extent set, and (ii) the authority of the Board of Directors to set such rights and preferences of
subsequent series. The foregoing summary does not purport to be complete and is subject to and qualified in its entirety by reference to the Charter of the Corporation, a copy of which will be sent without charge to each stockholder who so requests.
Such request must be made to the Secretary of the Corporation at its principal office. 
 The shares represented by this certificate are
subject to restrictions on Beneficial Ownership and Constructive Ownership and Transfer for the purpose, among others, of the Corporation’s maintenance of its status as a Real Estate Investment Trust under the Internal Revenue Code of 1986, as
amended (the “Code”). Subject to certain further restrictions and except as expressly provided in the Corporation’s Charter, (i) no Person, other than an Excepted Holder (in which case the Excepted Holder Limit shall be
applicable), may Beneficially Own or Constructively Own shares of Capital Stock in excess of the Aggregate Stock Ownership Limit, and no Person, other than an Excepted Holder, may Beneficially Own or Constructively Own shares of Common Stock in
excess of the Common Stock Ownership Limit; (ii) no Person may Beneficially Own or Constructively Own shares of Capital Stock that would result in the Corporation being “closely held” under Section 856(h) of the Code (without
regard to whether the ownership interest is held during the last half of a taxable year), or otherwise failing to qualify as a REIT; (iii) no Person may Transfer shares of Capital Stock if such Transfer would result in the Capital Stock of the
Corporation being owned by fewer than 100 Persons; (iv) no Person may Beneficially Own or Constructively Own shares of Capital Stock that would cause the Corporation to Beneficially Own or Constructively Own 9.9% or more of the ownership
interests in a tenant (other than a TRS) of the Corporation’s real property within the meaning of Section 856(d)(2)(B) of the Code; (v) no Person may Beneficially Own or Constructively Own shares of Capital Stock that would otherwise
cause the Corporation to fail to qualify as a REIT, including, but not limited to, as a result of any “eligible independent contractor” (as defined in Section 856(d)(9)(A) of the Code) that operates a “qualified health care
property” (as defined in Section 856(e)(6)(D)(i) of the Code) on behalf of a TRS failing to qualify as such; and (vi) no Person shall Beneficially Own or Constructively Own shares of Capital Stock of the Corporation that would result
in the Corporation failing to qualify as a “domestically controlled qualified investment entity” (as defined in Section 897(h)(4)(B) of the Code). 

Any Person who acquires or attempts or intends to acquire Beneficial Ownership or Constructive Ownership of shares of Capital Stock which
causes or may cause a Person to Beneficially Own or Constructively Own shares of Capital Stock in excess or in violation of the above limitations must immediately notify the Corporation or, in the case of a proposed or attempted transaction, give at
least 15 days prior written notice to the Corporation. If any of the restrictions on transfer or ownership provided in (i), (ii), (iv), (v) or (vi) above are violated, the shares of Capital Stock in excess or in violation of the above
limitations will be automatically transferred to a Trustee of a Charitable Trust for the benefit of one or more Charitable Beneficiaries. In addition, the Corporation may redeem shares upon the terms and conditions specified by the Board of
Directors in its sole discretion if the Board of Directors determines that ownership or a Transfer or other event may violate the restrictions described above. Furthermore, if the ownership restriction provided in (iii) above would be violated,
or upon the occurrence of certain events, attempted Transfers in violation of the restrictions described above may be void ab initio. All capitalized terms in this legend have the meanings given to them in the Charter of the
Corporation, as the same may be amended from time to time, a copy of which, including the restrictions on transfer and ownership, will be furnished to each holder of shares of Capital Stock of the Corporation on request and without charge. Requests
for such a copy may be directed to the Secretary of the Corporation at its principal office. 
  

 
 KEEP THIS CERTIFICATE IN A SAFE
PLACE. IF IT IS LOST, DESTROYED, STOLEN OR MUTILATED, THE CORPORATION 
 MAY REQUIRE A BOND OF INDEMNITY AS A CONDITION TO THE ISSUANCE OF A
REPLACEMENT CERTIFICATE. 
  
  

The following abbreviations, when used in the inscription on the face of this Certificate, shall be construed as though they were written out
in full according to applicable laws or regulations: 
  

													
		 		 		 	UNIF GIFT MIN ACT	 	  
	 	Custodian	 	  

 
															
	TEN COM	 	-	 	as tenants in common	 		 		 	(Custodian)	 		 	(Minor)
	TEN ENT	 	-	 	as tenants by the entireties	 		 		 		 		 	
	JT TEN	 	-	 	 as joint tenants with right
 of survivorship and
not as
	 		 	under Uniform Gifts to Minors Act of
		 		 	tenants in common	 		 	  

		 		 		 		 	(State)
				
		 		 		 	Additional abbreviations may also be used though not in the above list.

 FOR VALUE RECEIVED,
                     HEREBY SELLS, ASSIGNS AND TRANSFERS UNTO 
  

 
 (Please Print or Typewrite Name and Address, Including
Zip Code, of Assignee) 
  
  

(Please Insert Social Security or other Identifying Number of Assignee) 

                    
(            ) shares of Common Stock of the Corporation represented by this Certificate and does hereby irrevocably constitute and appoint
                     attorney to transfer the said shares of Common Stock on the books of the Corporation, with full power of substitution in the
premises. 
  

							
	Dated	 	  
	 		 	  

		 		 		 	NOTICE: The Signature to This Assignment Must Correspond with the Name as Written upon the Face of the Certificate in Every Particular, Without Alteration or Enlargement or Any Change Whatsoever.

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