Exhibit 10.4

 

EXECUTION COPY

 

AMENDMENT NO. 2

 

Dated as of May 7, 2013

 

to

 

CREDIT AGREEMENT

 

Dated as of March 11, 2011

 

THIS AMENDMENT NO. 2 (this “Amendment”) is made as of May 7, 2013 by and among
HCP, Inc., a Maryland corporation (the “Borrower”), the financial institutions
listed on the signature pages hereof and Bank of America, N.A., as
Administrative Agent (in such capacity, the “Administrative Agent’) and as
Alternative Currency Fronting Lender (in such capacity, the “Alternative
Currency Fronting Lender”), under that certain Credit Agreement dated as of
March 11, 2011 by and among the Borrower, the Lenders and the Administrative
Agent (as amended, restated, supplemented or otherwise modified prior to the
date hereof, the “Credit Agreement”).  Capitalized terms used herein and not
otherwise defined herein shall have the respective meanings given to them in the
Credit Agreement.

 

WHEREAS, the Borrower has requested that the Lenders, the Alternative Currency
Fronting Lender and the Administrative Agent agree to an amendment to the Credit
Agreement; and

 

WHEREAS, the Borrower, the Lenders party hereto, the Alternative Currency
Fronting Lender and the Administrative Agent have so agreed on the terms and
conditions set forth herein;

 

NOW, THEREFORE, in consideration of the premises set forth above, the terms and
conditions contained herein, and other good and valuable consideration, the
receipt and sufficiency of which are hereby acknowledged, the Borrower, the
Lenders party hereto, the Alternative Currency Fronting Lender and the
Administrative Agent hereby agree to enter into this Amendment.

 

1.                                      Amendment to the Credit Agreement. 
Effective as of the Amendment No. 2 Effective Date (as defined below), the
parties hereto agree that the Credit Agreement is hereby amended as follows:

 

(a)                                 The definition of “Alternative Currency”
appearing in Section 1.01 of the Credit Agreement is amended and restated in its
entirety to read as follows:

 

“Alternative Currency” means each Non-LIBOR Quoted Currency and each LIBOR
Quoted Currency and each other currency (other than Dollars) that is approved in
accordance with Section 1.06.

 

(b)                                 The definition of “Alternative Currency
Sublimit” appearing in Section 1.01 of the Credit Agreement is amended to delete
the reference to “$250,000,000” appearing therein and to replace such reference
with a reference to “$500,000,000”.

 

(c)                                  The definition of “Eurocurrency Rate”
appearing in Section 1.01 of the Credit Agreement is amended and restated in its
entirety to read as follows:

 

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“Eurocurrency Rate” means:

 

(a)                                 for any Interest Period with respect to a
Eurocurrency Rate Loan:

 

(i) in the case of a Eurocurrency Rate Loan denominated in a LIBOR Quoted
Currency, the rate per annum equal to the British Bankers Association LIBOR rate
or the successor thereto as approved by the Administrative Agent if the British
Bankers Association is no longer making a LIBOR rate available (“LIBOR”), as
published by Reuters (or such other commercially available source providing
quotations of LIBOR as may be designated by the Administrative Agent from time
to time) at or about 11:00 a.m., London time, two (2) Business Days prior to the
commencement of such Interest Period, for deposits in the relevant currency (for
delivery on the first day of such Interest Period) with a term equivalent to
such Interest Period; provided that if such rate is not available at such time
for any reason, then the “Eurocurrency Rate” for such Interest Period shall be
the rate per annum determined by the Administrative Agent to be the rate at
which deposits in the relevant currency for delivery on the first day of such
Interest Period in Same Day Funds in the approximate amount of the Eurocurrency
Rate Loan being made, continued or converted by Bank of America and with a term
equivalent to such Interest Period would be offered by Bank of America’s London
Branch (or other Bank of America branch or Affiliate) to major banks in the
London or other offshore interbank market for such currency at their request at
or about 11:00 a.m. (London time) two (2) Business Days prior to the
commencement of such Interest Period; and

 

(ii) in the case of Non-LIBOR Quoted Currencies:

 

(A)  denominated in Canadian Dollars, the rate per annum equal to the CDOR Rate
per annum; provided that if such rate is not available at such time for such
term for any reason, the Administrative Agent may substitute such rate with a
reasonably acceptable alternative published interest rate for funding such
Eurocurrency Rate Loans;

 

(B)  denominated in Australian Dollars, the rate per annum equal to the Bank
Bill Swap Reference Rate or the successor thereto as approved by the
Administrative Agent (“BBSY”) as published by Reuters (or such other page or
commercially available source providing BBSY quotations as may be designated by
the Administrative Agent from time to time) at or about 10:30 a.m. (Melbourne,
Australia time) two (2) Business Days prior to the commencement of such Interest
Period (or such other day as is generally treated as the rate fixing day by
market practice in such interbank market, as determined by the Administrative
Agent with a term equivalent to such Interest Period (or if such Interest Period
is not equal to a number of months, with a term equivalent to the number of
months closest to such Interest Period); provided that if such rate is not
available at such time for any reason, the Administrative Agent may substitute
such rate with a reasonably acceptable alternative published interest rate for
funding such Eurocurrency Rate Loans; and

 

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(b)                                 for any interest calculation with respect to
a Base Rate Loan on any date, the rate per annum equal to (i) LIBOR, at
approximately 11:00 a.m., London time determined two London Banking Days prior
to such date for Dollar deposits being delivered in the London interbank market
for a term of one month commencing that day or (ii) if such published rate is
not available at such time for any reason, the rate per annum determined by the
Administrative Agent to be the rate at which deposits in Dollars for delivery on
the date of determination in same day funds in the approximate amount of the
Base Rate Loan being made or maintained and with a term equal to one month would
be offered by Bank of America’s London Branch to major banks in the London
interbank eurodollar market at their request at the date and time of
determination.

 

(d)                                 The definition of “L/C Issuer” appearing in
Section 1.01 of the Credit Agreement is amended and restated in its entirety to
read as follows:

 

“L/C Issuer” means Bank of America and any other Lender designated by the
Borrower (to the extent such Lender has accepted such designation) and
acceptable to the Administrative Agent, in each case in its capacity as issuer
of Letters of Credit hereunder, or any successor issuer of Letters of Credit
hereunder.  For the avoidance of doubt, references to “L/C Issuer” in this
Agreement shall refer to the L/C Issuers collectively; provided that the term
“L/C Issuer” when used with respect to a Letter of Credit or L/C Obligations
relating to a Letter of Credit shall refer to the L/C Issuer that issued such
Letter of Credit.

 

(e)                                  Section 1.01 of the Credit Agreement is
amended to add the following definitions thereto in the appropriate alphabetical
order:

 

“CDOR Rate” means, the rate per annum, equal to the average of the annual yield
rates applicable to Canadian Dollar banker’s acceptances at or about 10:00 a.m.
(Toronto, Ontario time) two (2) Business Days prior to the commencement of such
Interest Period on the “CDOR Page” (or any display substituted therefor) of
Reuters Monitor Money Rates Service (or such other page or commercially
available source displaying Canadian interbank bid rates for Canadian Dollar
bankers’ acceptances as may be designated by the Administrative Agent from time
to time) for a term equivalent to such Interest Period (or if such Interest
Period is not equal to a number of months, for a term equivalent to the number
of months closest to such Interest Period).

 

“LIBOR Quoted Currency” means each of the following currencies: Dollars; Euro;
Sterling; Yen; and Swiss Francs and each other currency that is approved in
accordance with Section 1.06 for which there is a published LIBOR Rate.

 

“Non-LIBOR Quoted Currency” means Canadian Dollars, Australian Dollars and each
other currency that is approved in accordance with Section 1.06 and for which
there is not a published LIBOR rate.

 

“Swiss Francs” means the lawful currency of Switzerland.

 

(f)                                   Section 2.03 of the Credit Agreement is
amended to add the following as a new clause (l) thereof:

 

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(l)                                     L/C Issuer Reports to the Administrative
Agent.  Unless otherwise agreed by the Administrative Agent, each L/C Issuer
shall, in addition to its notification obligations set forth elsewhere in this
Section, report in writing to the Administrative Agent (i) periodic activity
(for such period or recurrent periods as shall be requested by the
Administrative Agent) in respect of Letters of Credit issued by such L/C Issuer,
including all issuances, extensions, amendments and renewals, all expirations
and cancellations and all disbursements and reimbursements, (ii) within five
Business Days following the time that such L/C Issuer issues, amends, renews or
extends any Letter of Credit, the date of such issuance, amendment, renewal or
extension, and the face amount of the Letters of Credit issued, amended, renewed
or extended by it and outstanding after giving effect to such issuance,
amendment, renewal or extension (and whether the amounts thereof shall have
changed), (iii) on each Business Day on which such L/C Issuer makes any payment
under any Letter of Credit, the date and amount of such payment, (iv) on any
Business Day on which the Borrower fails to reimburse a payment under a Letter
of Credit required to be reimbursed to such L/C Issuer on such day, the date of
such failure and the amount of such payment and (v) on any other Business Day,
such other information as the Administrative Agent shall reasonably request as
to the Letters of Credit issued by such L/C Issuer.

 

(g)                                  Section 3.03 of the Credit Agreement is
amended to add the following sentence at the end thereof:

 

Notwithstanding the foregoing, in the case of a pending request for a
Eurocurrency Rate Loan or conversion or continuation in an Alternative Currency
as to which the Administrative Agent has made the determination described in
clause (a) of the first sentence of this paragraph, unless revoked by the
Borrower pursuant to the preceding sentence, the Borrower, the Administrative
Agent and the Required Lenders may establish a mutually acceptable alternative
interest rate that reflects the all-in-cost of funds to such Lenders for funding
Loans in the applicable currency and amount, and with the same Interest Period
as the Eurocurrency Rate Loan requested to be made, converted or continued, as
the case may be (the “Impacted Loans”), in which case, such alternative rate of
interest shall apply with respect to the Impacted Loans until (x) the
Administrative Agent revokes the notice delivered with respect to the Impacted
Loans under clause (a) of the first sentence of this paragraph, (y) the Required
Lenders notify the Administrative Agent and the Borrower that such alternative
interest rate does not adequately and fairly reflect the cost to such Lenders of
funding the Impacted Loans, or (z) any Lender determines that any Law has made
it unlawful, or that any Governmental Authority has asserted that it is
unlawful, for such Lender or its applicable Lending Office to make, maintain or
fund Loans whose interest is determined by reference to such alternative rate of
interest or to determine or charge interest rates based upon such rate or any
Governmental Authority has imposed material restrictions on the authority of
such Lender to do any of the foregoing and provides the Administrative Agent and
the Borrower written notice thereof.

 

(h)                                 Schedule 2.02 to the Credit Agreement is
amended and restated in its entirety in the form of Schedule 2.02 attached
hereto.

 

2.                                      Conditions of Effectiveness.  The
effectiveness of this Amendment (the “Amendment No. 2 Effective Date”) is
subject to the conditions precedent that:

 

(a)                                 the Administrative Agent shall have received
counterparts of this Amendment duly executed by the Borrower, the Required
Lenders, the Alternative Currency Fronting Lender and the Administrative Agent;
and

 

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(b)                                 the Administrative Agent shall have received
payment of all fees and expenses (including fees and expenses of counsel for the
Administrative Agent) due and payable in connection with this Amendment.

 

3.                                      Representations and Warranties of the
Borrower.  The Borrower hereby represents and warrants as follows:

 

(a)                                 This Amendment and the Credit Agreement as
modified hereby constitute legal, valid and binding obligations of the Borrower
and are enforceable against the Borrower in accordance with their terms, subject
to applicable bankruptcy, insolvency, reorganization, moratorium or other laws
affecting creditors’ rights generally and subject to general principles of
equity, regardless of whether considered in a proceeding in equity or at law.

 

(b)                                 As of the date hereof and after giving
effect to the terms of this Amendment, (i) no Default has occurred and is
continuing, and (ii) the representations and warranties of the Borrower set
forth in Article V of the Credit Agreement or in any other Loan Document are
true and correct in all material respects on and as of the date hereof, except
to the extent that such representations and warranties specifically refer to an
earlier date, in which case they are true and correct as of such earlier date,
and except that the representations and warranties contained in
subsections (a) and (b) of Section 5.05 of the Credit Agreement are deemed to
refer to the most recent statements furnished pursuant to clauses (a) and (b),
respectively, of Section 6.01 of the Credit Agreement.

 

4.                                      Reference to and Effect on the Credit
Agreement.

 

(a)                                 Upon the effectiveness hereof, each
reference to the Credit Agreement in the Credit Agreement or any other Loan
Document shall mean and be a reference to the Credit Agreement as amended
hereby.

 

(b)                                 Each Loan Document and all other documents,
instruments and agreements executed and/or delivered in connection therewith
shall remain in full force and effect and are hereby ratified and confirmed. 
Upon the effectiveness hereof, this Amendment shall for all purposes constitute
a Loan Document.

 

(c)                                  Except with respect to the subject matter
hereof, the execution, delivery and effectiveness of this Amendment shall not
operate as a waiver of any right, power or remedy of the Administrative Agent or
the Lenders, nor constitute a waiver of any provision of the Credit Agreement,
the other Loan Documents or any other documents, instruments and agreements
executed and/or delivered in connection therewith.

 

5.                                      Governing Law.  This Amendment shall be
construed in accordance with and governed by the law of the State of New York.

 

6.                                      Headings.  Section headings in this
Amendment are included herein for convenience of reference only and shall not
constitute a part of this Amendment for any other purpose.

 

7.                                      Counterparts.  This Amendment may be
executed by one or more of the parties hereto on any number of separate
counterparts, and all of said counterparts taken together shall be deemed to
constitute one and the same instrument.  Signatures delivered by facsimile or
PDF shall have the same force and effect as manual signatures delivered in
person.

 

[Signature Pages Follow]

 

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IN WITNESS WHEREOF, this Amendment has been duly executed as of the day and year
first above written.

 

 

 

HCP, INC.,

 

as the Borrower

 

 

 

 

 

 

By:

/s/ Timothy M. Schoen

 

Name:

Timothy M. Schoen

 

Title:

Executive Vice President and Chief Financial Officer

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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BANK OF AMERICA, N.A.,

 

individually as a Lender, as Alternative Currency Fronting Lender and as
Administrative Agent

 

 

 

 

 

 

By:

/s/ Jeremy Schmitt

 

Name:

Jeremy Schmitt

 

Title:

Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

JPMorgan Chase Bank, N.A.

 

 

 

 

 

 

 

By

/s/ Marc Costantino

 

 

Name: Marc Costantino

 

 

Title:   Executive Director

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

UBS AG, STAMFORD BRANCH

 

 

 

 

 

 

 

By

/s/ Lana Gifas

 

 

Name: Lana Gifas

 

 

Title:   Director

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

/s/ Joselin Fernandes

 

 

Name: Joselin Fernandes

 

 

Title:   Associate Director

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Wells Fargo Bank, N.A.:

 

 

 

 

 

 

By:

/s/ S. Michael St. Geme

 

Name:

S. Michael St. Geme

 

Title:

Managing Director

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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CITIBANK, N.A.:

 

 

 

 

 

 

By:

/s/ John C. Rowland

 

Name:

John C. Rowland

 

Title:

Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

Credit Suisse AG, Cayman Islands Branch

 

 

 

 

 

 

 

By

/s/ Mikhail Faybusovich

 

 

Name: Mikhail Faybusovich

 

 

Title:   Authorized Signatory

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

/s/ Tyler R. Smith

 

 

Name: Tyler R. Smith

 

 

Title:   Authorized Signatory

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

Crédit Agricole Corporate and Investment Bank

 

 

 

 

 

 

 

By

/s/ Thomas Randolph

 

 

Name: Thomas Randolph

 

 

Title:   Managing Director

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

/s/ Amy Trapp

 

 

Name: Amy Trapp

 

 

Title:   Managing Director

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

GOLDMAN SACHS BANK USA

 

 

 

 

 

 

 

By

/s/ Michelle Latzoni

 

 

Name: Michelle Latzoni

 

 

Title:   Authorized Signatory

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

Morgan Stanley Bank, N.A.

 

 

 

 

 

 

 

By

/s/ Nick Zangari

 

 

Name: Nick Zangari

 

 

Title:   Authorized Signatory

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

ROYAL BANK OF CANADA

 

 

 

 

 

 

 

By

/s/ Joshua Freedman

 

 

Name:  Joshua Freedman

 

 

Title:   Authorized Signatory

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender: The Royal Bank of Scotland plc

 

 

 

 

 

 

 

 

 

 

 

By

/s/ Jeannine Pascal

 

 

Name:  Jeannine Pascal

 

 

Title:   Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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The Bank of Nova Scotia

 

 

 

 

 

 

 

 

 

 

 

By

/s/ Eugene Dempsey

 

 

Eugene Dempsey

 

 

Director

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender: U.S. Bank National Association

 

 

 

 

 

 

 

 

 

 

 

By

/s/ Scott C. McPherson

 

 

Name: Scott C. McPherson

 

 

Title:   Senior Vice President

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

PNC Bank, NA

 

 

 

 

 

 

 

By

/s/ Tyler Lowry

 

 

Name: Tyler Lowry

 

 

Title:   Vice President

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

The Bank of New York Mellon

 

 

 

 

 

 

 

By

/s/ Helga Blum

 

 

Name: Helga Blum

 

 

Title:   Managing Director

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

SunTrust Bank

 

 

 

 

 

 

 

By

/s/ Joshua J. Turner

 

 

Name: Joshua J. Turner

 

 

Title:   Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

KeyBank National Association

 

 

 

 

 

 

 

By

/s/ Joe Schober

 

 

Name:  Joe Schober

 

 

Title:   Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

Land Bank of Taiwan Los Angeles Branch

 

 

 

 

 

 

 

By

/s/ Henry Leu

 

 

Name: Henry Leu

 

 

Title:   SVP & General Manager

 

 

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

N/A

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

Regions Bank

 

 

 

 

 

 

 

By

/s/ Michael Kinnick

 

 

Name: Michael Kinnick

 

 

Title:   Vice President

 

 

 

 

 

 

 

For any Lender requiring a second signature line:

 

 

 

 

 

 

By

 

 

 

Name:

 

 

Title:

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

City National Bank, N.A.

 

 

 

 

 

 

 

By

/s/ Christina Blackwell

 

 

Name: Christina Blackwell

 

 

Title:   Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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Name of Lender:

 

 

 

COMERICA BANK

 

 

 

 

 

 

 

By

/s/ Charles Weddell

 

 

Name: Charles Weddell

 

 

Title:   Vice President

 

Signature Page to Amendment No. 2 to

Credit Agreement dated as of March 11, 2011

HCP, Inc.

 

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