Document:

First Supplemental Indenture

 Exhibit 4.1 
  

FIRST SUPPLEMENTAL INDENTURE 
  
 FIRST SUPPLEMENTAL INDENTURE, dated as of May 18, 2005, by and between Nationwide Health Properties, Inc., a Maryland corporation (the
“Company”), and J.P. Morgan Trust Company, National Association (formerly, Chase Manhattan Bank and Trust Company, National Association), as trustee (the “Trustee”). Capitalized terms used and not otherwise defined
herein shall have the meanings as defined in the Indenture (as defined herein). 
  
 RECITALS 
  
 A.
Pursuant to that certain Indenture (the “Indenture”), dated as of January 13, 1999, by and between the Company and the Trustee, the Company issued and sold $15,000,000 in aggregate principal amount outstanding of the 9.75% Notes due
2008; $20,000,000 in aggregate principal amount outstanding of the 7.92% Notes due 2009; $5,000,000 in aggregate principal amount outstanding of the 8.55% Notes due 2009; and $100,000,000 in aggregate principal amount outstanding of the 8.25% Notes
due 2012 (collectively, the “Series D Notes”). 
  
 B. The Company desires to sell additional securities pursuant to the Indenture, which securities shall be one or more separate and distinct series from the Series D Notes and referred to herein as the “Future Securities”
and shall include the 6.00% Notes due 2015. 
  
 C. The Indenture
currently prohibits the Company from subjecting its Property or assets to Liens, except Liens that do not in the aggregate exceed 10% of Consolidated Net Tangible Assets of the Company, pursuant to Section 1007 of the Indenture. 
  
 D. The Indenture currently limits the Company’s incurrence of Senior
Debt and Non-Recourse Debt pursuant to Section 1009 of the Indenture. 
  
 E. The Company desires to amend the Indenture to enhance the Company’s financial flexibility and enable the Company to more efficiently access debt capital. 
  
 F. The amendments to the Indenture set forth in this First Supplemental Indenture are included solely for the benefit of the
Holders of the Future Securities, including the Holders of the 6.00% Notes due 2015 (collectively, the “Future Security Holders”), and no amendment set forth herein shall affect the rights and privileges of the Holders of the Series
D Notes (the “Series D Holders”). 
  
 G. In
accordance with Section 901 of the Indenture, the Board of Directors of the Company has authorized the amendment to Sections 101, 1007, 1009 and 1010 and the addition of Sections 1011, 1012 and 1013 to the Indenture set forth in this First
Supplemental Indenture. 
  
 H. The Company and the Trustee now
desire to amend, modify and supplement the Indenture solely for the benefit of the Future Security Holders, in the respects hereinafter set forth. 
  
 NOW, THEREFORE, in consideration of the foregoing and in consideration of the mutual covenants herein contained, the parties hereto make this First
Supplemental Indenture intending to be legally bound hereby. 
  

 Section 1. Incorporation of the Indenture; Exclusion of the Series D Holders. Except as
specifically amended hereby, the terms and conditions of the Indenture remain in full force and effect as if fully rewritten herein. Except as expressly set forth herein, the Indenture shall remain unchanged. The amendments to the Indenture set
forth herein are included solely for the benefit of the Future Security Holders, and no amendment set forth herein shall affect the rights and privileges of the Series D Holders. 
  
 Section 2. Section 101 of the Indenture. 
  
 2.1 Section 101 of the Indenture is hereby amended solely for the benefit of the Future Security Holders by deleting the
defined term “Lien” in its entirety and inserting in lieu thereof the following text: 
  
 “Lien” means any interest in Property securing an obligation owed to, or a claim by, a Person other than the owner of the Property, whether such
interest is based on the common law, statute or contract, and including but not limited to the security interest lien arising from a mortgage, encumbrance, pledge, conditional sale or trust receipt or a lease, consignment or bailment for security
purposes. The term “Lien” shall include reservations, exceptions, encroachments, easements, rights-of-way, covenants, conditions, restrictions, leases and all other title exceptions and encumbrances affecting Property, but will not apply
to (1) any liens securing the performance of any contract or undertaking of the Company not directly or indirectly in connection with the borrowing of Money, obtaining of advances or credit or the securing of debts, if made and continuing in the
ordinary course of business, (2) any lien in favor of the United States or any state thereof or the District of Columbia, or any agency, department or other instrumentality thereof, to secure progress, advance, or other payments pursuant to any
contract or provision of any statute, (3) mechanics’, materialmen’s, carriers’, or other like liens arising in the ordinary course of business (including construction of facilities) in respect of obligations which are not due or which
are being contested in good faith, (4) any lien arising by reason of deposits with, or the giving of any form of security to, any governmental agency or any body created or approved by law or governmental regulation, which is required by law or
governmental regulation as a condition to the transaction of any business, or the exercise of any privilege, franchise or license, (5) any liens for taxes, assessments or governmental charges or levies not yet delinquent, or liens for taxes,
assessments or governmental charges or levies already delinquent but the validity of which is being contested in good faith, (6) liens (including judgment liens) arising in connection with legal proceedings so long as such proceedings are being
contested in good faith and in the case of judgment liens, execution thereof is stayed, and (7) any extension, renewal or replacement (or successive extensions, renewals or replacements), as a whole or in part, of any lien referred to in the
foregoing clauses (1) to (6) inclusive; provided, however, that the amount of any and all obligations and indebtedness secured thereby shall not exceed the amount thereof so secured immediately prior to the time of such extension, renewal or
replacement and that such extension, renewal or replacement shall be limited to all or a part of the Property which secured the charge or lien so extended, renewed or replaced (plus improvements on such Property). For all purposes of this Indenture,
the Company shall be deemed to be the owner of any Property which it has acquired or holds subject to a conditional 

  

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sale agreement, Capital Lease or other arrangement pursuant to which title to the Property has been retained by or vested in some other Person for security
purposes. 
  
 2.2 Section 101 of the Indenture is hereby amended
solely for the benefit of the Future Security Holders to include the following additional defined terms: 
  
 “EBITDA” means, for any period, with respect to the Company and its Subsidiaries on a consolidated basis, determined in accordance with
generally accepted accounting principles, the sum of net income (or net loss) for such period plus, the sum of all amounts treated as expenses for: (a) interest, (b) depreciation, (c) amortization, (d) all accrued taxes on or measured by income to
the extent included in the determination of such net income (or net loss) and (e) any noncash charge resulting from a change in accounting principles; provided, however, that net income (or net loss) shall be computed without giving effect to
extraordinary losses or gains and without taking into account any provision for gains, losses or impairments on properties. 
  
 “Funded Indebtedness”, when used with respect to any Person, means as of any date of determination thereof, (i) its Indebtedness, determined in
accordance with generally accepted accounting principles, which by its terms matures more than one year after the date of calculation, and any such Indebtedness maturing within one year from such date which is renewable or extendable at the option
of the obligor to a date more than one year from such date, and (ii) the current portion of all such Indebtedness. 
  
 “Indebtedness”, when used with respect to any Person, means all Debt incurred by such Person. 
  
 “Interest Coverage Ratio” as of any date means the ratio of (a)
EBITDA to (b) Interest Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal quarters of the Company most recently ended prior to such date of determination. 
  
 “Interest Expense” means, for any period, with respect to the
Company and its Subsidiaries on a consolidated basis, the sum of all interest in respect of Indebtedness of the Company accrued during such period. 
  
 “Total Assets” means, on any date, the sum of (i) Undepreciated Real Estate Assets and (ii) all other assets of the Company and its Subsidiaries
determined in accordance with generally accepted accounting principles (but excluding intangibles). 
  
 “Total Unencumbered Assets” means, on any date, the sum of (i) the value of those Undepreciated Real Estate Assets that are not subject to any
Lien which secures Indebtedness for borrowed money of any of the Company and its Subsidiaries and (ii) the value of all other assets of the Company and its Subsidiaries not subject to any Lien securing Indebtedness for borrowed money of any of the
Company and its Subsidiaries determined in accordance with generally accepted accounting principles (but excluding intangibles) after eliminating intercompany accounts and transactions. 
  
 “Undepreciated Real Estate Assets” means, on any date, the cost (original cost plus capital improvements) of any
real estate assets of the Company and its Subsidiaries, before 

  

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depreciation and amortization, determined on a consolidated basis in accordance with generally accepted accounting principles. 
  
 “Unsecured Debt” means, Funded Indebtedness less Indebtedness
secured by Liens on the Property or assets of the Company and its Subsidiaries. 
  
 Section 3. Section 902 of the Indenture. Section 902 of the Indenture is hereby amended solely for the benefit of the Future Security Holders by deleting from the lead-in sentence the phrase “not less than
66 2/3%” and inserting in lieu thereof the phrase “at least a majority.” 
  
 Section 4. Section 1007 of the Indenture. Section 1007 of the Indenture is hereby amended solely for the benefit of the Future Security Holders by deleting the text of said section in its entirety and inserting
in lieu thereof the following text: 
  
 SECTION 1007. Limitation on Liens.

  
 The Company will not pledge or otherwise subject to any Lien,
any of its Property or assets; provided, however, that such covenant will not apply to Liens securing obligations which do not in the aggregate at any one time outstanding exceed 40% of the sum of (i) the Total Assets of the Company and its
consolidated Subsidiaries as of the end of the calendar year or quarter covered in the Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not
permitted under the Exchange Act, with the Trustee) prior to the incurrence of such additional Liens and (ii) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received
(to the extent that such proceeds were not used to acquire real estate assets or mortgages receivable or used to reduce indebtedness), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in
connection with the incurrence of such additional Liens. 
  
 Section 5. Section 1009 of the Indenture. Section 1009 of the Indenture is hereby amended solely for the benefit of the Future Security Holders by deleting the text of said section in its entirety and inserting in lieu thereof the
following text: 
  
 SECTION 1009. RESERVED. 
  
 Section 6. Section 1010 of the Indenture. Section 1010 of the
Indenture is hereby amended solely for the benefit of the Future Security Holders by deleting the text of said section in its entirety and inserting in lieu thereof the following text: 
  
 SECTION 1010. Waiver of Certain Covenants. 
  

The Company may omit in any particular instance to comply with any term, provision or condition set forth in Sections 1004 to 1008, inclusive, and
Sections 1011 to 1013, inclusive, with respect to the Securities of any series if before the time for such compliance the Holders of at least a majority in principal amount of the Outstanding Securities of such series shall, by Act of such Holders,
either waive such compliance in such instance or generally waive compliance with such term, provision or condition, but no such waiver shall extend to or affect 

  

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such term, provision or condition except to the extent so expressly waived, and, until such waiver shall become effective, the obligations of the Company and
the duties of the Trustee in respect of any such term, provision or condition shall remain in full force and effect. 
  
 The Company may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to waive compliance with any term,
provision or condition referred to in the immediately preceding paragraph. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to waive compliance with any such term,
provision or condition, whether or not such Holders remain Holders after such record date; provided, that unless such requisite percentage in principal amount shall have been obtained prior to the date which is 90 days after such record date, any
such waiver previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 
  
 Section 7. Section 1011 of the Indenture. Section 1011 is hereby added to the Indenture solely for the benefit of the Future Security Holders by
inserting the following text: 
  
 SECTION 1011. Limitation on Total Encumbered
Assets. 
  
 The Company will at all times maintain Total
Unencumbered Assets of not less than 150% of the aggregate outstanding principal amount of the Unsecured Debt of the Company and its Subsidiaries on a consolidated basis. 
  
 Section 8. Section 1012 of the Indenture. Section 1012 is hereby added to the Indenture solely for the benefit of the
Future Security Holders by inserting the following text: 
  
 SECTION 1012.
Limitation on Indebtedness. 
  
 The Company will not
create, assume, incur, or otherwise become liable in respect of, any Indebtedness if the aggregate outstanding principal amount of Indebtedness of the Company and its consolidated Subsidiaries is, at the time of such creation, assumption or
incurrence and after giving effect thereto and to any concurrent transactions, greater than 60% of the sum of (i) the Total Assets of the Company and its consolidated subsidiaries as of the end of the calendar year or quarter covered in the
Company’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not permitted under the Exchange Act, with the Trustee) prior to the incurrence of such
additional Indebtedness and (ii) the purchase price of any real estate assets or mortgages receivable acquired, and the amount of any securities offering proceeds received (to the extent that such proceeds were not used to acquire real estate assets
or mortgages receivable or used to reduce Indebtedness), by the Company or any Subsidiary since the end of such calendar quarter, including those proceeds obtained in connection with the incurrence of such additional Indebtedness. 

 
 Section 9. Section 1013 of the Indenture. Section 1013 is hereby
added to the Indenture solely for the benefit of the Future Security Holders by inserting the following text: 
  

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 SECTION 1013. Interest Coverage Ratio. 
  
 The Company will not incur any Indebtedness if, on a consolidated basis, the Interest Coverage Ratio on the date on which
such additional Indebtedness is to be incurred, on a pro forma basis, after giving effect to the incurrence of such Indebtedness and to the application of the proceeds thereof, would have been less than 1.50 to 1.00. 
  
 Section 10. Effectiveness. This First Supplemental Indenture shall
become effective as of the date first written above. 
  
 Section
11. Counterparts. This First Supplemental Indenture may be executed on several counterparts, each of which shall be deemed to be an original but such counterparts shall constitute but one and the same instrument. 
  
 Section 12. Headings. The Section references herein are for
convenience of reference only and shall not affect construction hereof. 
  
 Section 13. Governing Law. This First Supplemental Indenture and the Future Securities shall be governed by and construed in accordance with the laws of the State of New York. 
  
 Section 14. Conflict with Trust Indenture Act. If any provision hereof
limits, qualifies or conflicts with any duties under any required provision of the Trust Indenture Act imposed hereon by Section 318(c) thereof, such required provision shall control. 
  
 Section 15. Trustee Disclaimer. The Trustee accepts the amendment of the Indenture effected by this First
Supplemental Indenture and agrees to execute the trust created by the Indenture as hereby amended, but only upon the terms and conditions set forth in the Indenture, including the terms and provisions defining and limiting the liabilities and
responsibilities of the Trustee, which terms and provisions shall in like manner define and limit its liabilities and responsibilities in the performance of the trust created by the Indenture as hereby amended, and without limiting the generality of
the foregoing, the Trustee shall not be responsible in any manner whatsoever for or with respect to (i) any of the recitals or statements contained herein, all of which recitals or statements are made solely by the Company, (ii) the validity or
sufficiency of this First Supplemental Indenture or any of the terms or provisions hereof, (iii) the proper authorization hereto by the Company by corporate action or otherwise, (iv) the due execution hereto by the Company, or (v) the consequences
(direct or indirect and whether deliberate or inadvertent) of any amendment herein provided for, and the Trustee makes no representation with respect to any such matters. 
  
  

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 IN WITNESS WHEREOF, the parties hereto have caused this First Supplemental Indenture to be duly executed
by their duly authorized officers and attested, all as of the day and year first written above. 
  

			
	NATIONWIDE HEALTH PROPERTIES, INC.
		
	By:	 	/S/    DOUGLAS M. PASQUALE
	 	 	 Douglas M. Pasquale

	 	 	 President and Chief Executive Officer

  

			
	 Attest:

		
	By:	 	/S/    ABDO H. KHOURY
	 	 	 Abdo H. Khoury

	 	 	 Senior Vice President, Acting Chief Financial Officer

	 	 	 and Assistant Secretary

  

			
	 Trustee,

	
	J.P. MORGAN TRUST COMPANY,
	NATIONAL ASSOCIATION
		
	By:	 	/S/    MARY JANE HENSON
	 	 	 Name: Mary Jane Henson

	 	 	 Title: Vice President

  
  

			
	 Attest:

		
	By:	 	/S/    REBECCA A. NEWMAN
	 	 	 Name: Rebecca A. Newman

	 	 	 Title: Vice President

  

 S-1 

  
  

NATIONWIDE HEALTH PROPERTIES, INC., 
  
 Issuer 
  
 -and- 
  
 J.P. MORGAN TRUST COMPANY, NATIONAL ASSOCIATION 
  
 Trustee 
  

  
  
 FIRST SUPPLEMENTAL INDENTURE 
  
 Dated as of May 18, 2005Form of 6.00% Notes Due 2015

 EXHIBIT 4.2 
  

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF A DEPOSITARY OR A NOMINEE THEREOF. THIS
NOTE IS EXCHANGEABLE FOR NOTES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE INDENTURE AND, UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE
FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A
SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  
 UNLESS
THIS NOTE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE COMPANY (AS DEFINED BELOW) OR ITS AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED
IS REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN. 
  

					
	 REGISTERED
 No. FR-1
	 	CUSIP No. 638620AD6	 	 PRINCIPAL AMOUNT
 $250,000,000

			
	 	 	NATIONWIDE HEALTH PROPERTIES, INC.	 	 
	 	 	6.00% Notes due 2015	 	 
			
	 ORIGINAL ISSUE DATE:
	 	INTEREST RATE:	 	STATED MATURITY DATE:
	 May 18, 2005
	 	6.00%	 	May 20, 2015
			
	 INTEREST PAYMENT DATES:
	 	REGULAR RECORD DATE(S):	 	 
	 May 20 and November 20
	 	 Fifteenth day (whether or not a Business Day) immediately preceding the related Interest Payment Date
	 	 

  
 NATIONWIDE HEALTH
PROPERTIES, INC., a Maryland corporation (“Issuer” or the “Company,” which terms include any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Two Hundred and Fifty Million Dollars ($250,000,000) on the Stated Maturity Date specified above (except to the extent redeemed prior to the Stated Maturity Date), and to pay interest thereon at the Interest
Rate per annum specified above, until the principal hereof is paid or duly made available for payment. 
  
 The Company will pay interest on each Interest Payment Date specified above, commencing on November 20, 2005 and on the Stated Maturity Date or any
Redemption Date 

 
(as defined below) (the date of each such Stated Maturity Date and Redemption Date and the date on which principal or an installment of principal is due and
payable by declaration of acceleration pursuant to the Indenture being referred to hereinafter as a “Maturity” with respect to principal payable on such date). Except as provided above, interest payments will be made on the Interest
Payment Dates shown above. Unless otherwise specified above, the “Regular Record Date” shall be the date 15 calendar days (whether or not a Business Day) prior to the applicable Interest Payment Date. Interest on this Note will accrue from
and including the most recent Interest Payment Date to which interest has been paid or duly provided for or, if no interest has been paid, from the Original Issue Date specified above, to, but excluding such Interest Payment Date. If the Maturity or
an Interest Payment Date falls on a day which is not a Business Day as defined below, the payment due on such Maturity or Interest Payment Date will be paid on the next succeeding Business Day with the same force and effect as if made on such
Maturity or Interest Payment Date, as the case may be, and no interest shall accrue with respect to such payment for the period from and after such Maturity or Interest Payment Date. The interest so payable and punctually paid or duly provided for
on any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on the Regular Record Date for such interest. Any such
interest which is payable, but not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”), shall forthwith cease to be payable to the registered Holder on the relevant Regular Record Date,
and may be paid to the Person in whose name this Note (or one or more Predecessor Securities) is registered at the close of business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall
be given to the Holder of this Note not less than 10 days prior to such Special Record Date, or may be paid at any time in any other lawful manner, all as more fully provided in the Indenture. 
  
 Payment of the principal of, and premium, if any, and interest on this Note
will be made at the Office or Agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, which shall initially be, J.P. Morgan Trust Company, 55 Water Street, Rm. 234, North Building, New
York, NY 10041, in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company, payment of interest may
be made by check mailed to the address of the Person entitled thereto as such address shall appear in the Security Register. 
  
 Unless the certificate of authentication hereon has been executed by or on behalf of J.P. Morgan Trust Company, National Association (formerly Chase
Manhattan Bank and Trust Company, National Association), the Trustee for this Note under the Indenture, or its successor thereunder, by the manual signature of one of its authorized officers, this Note shall not be entitled to any benefit under the
Indenture or be valid or obligatory for any purpose. 
  
 This Note
is one of a duly authorized series of Securities (hereinafter called the “Securities”) of the Company designated as 6.00% Notes due 2015 (the “Notes”), limited (subject to the exceptions provided in the Indenture and subject to
the right of the Company to reopen such series for issuances of additional Securities of such series on the terms and subject to the conditions specified in the Indenture) in aggregate principal amount to $250,000,000. The Notes are issued and to be
issued under an Indenture dated as of January 13, 1999, between the 

  

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Company and J.P. Morgan Trust Company, National Association (formerly Chase Manhattan Bank and Trust Company), a national banking association duly organized
and existing under the laws of the United States, as trustee (the “Trustee”, which term includes any successor Trustee under the Indenture), as supplemented by the First Supplemental Indenture, dated as of May 18, 2005, by and between the
Company and the Trustee (as so supplemented, the “Indenture”) to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Company, the Trustee and the
Holders of the Notes and the terms upon which the Notes are to be authenticated and delivered. 
  
 This Note is not subject to any sinking fund and is not redeemable or repayable prior to the Stated Maturity Date, except as provided below. 
  
 The Notes may be redeemed by the Company in whole at any time or in part from time to time, at the option of the Company, at
a redemption price (the “Redemption Price”) equal to the greater of (i) 100% of the principal amount of the Notes then outstanding to be redeemed or (ii) the sum of the present values of the remaining scheduled payments of principal and
interest on the Notes to be redeemed (not including any portion of such payments of interest accrued to the date of redemption) discounted to the date of redemption on a semiannual basis (assuming a 360-day year consisting of twelve 30-day months)
at the applicable treasury rate plus 40 basis points plus, in each case, accrued and unpaid interest on the principal amount being redeemed to the redemption date (each such date, a “Redemption Date”). The Company will mail a notice of
redemption to each Holder of Notes to be redeemed by first-class mail at least 30 and not more than 60 days prior to the date fixed for redemption. Unless the Company defaults on the payment of the Redemption Price, interest will cease to accrue on
the Notes or portions thereof called for redemption. If fewer than all of the Notes are to be redeemed, the Trustee will select, not more than 60 days prior to the Redemption Date, the particular Notes or portions thereof for redemption from the
Outstanding Notes not previously called by such method as the Trustee deems fair and appropriate. 
  
 The Treasury Rate will be calculated on the third Business Day preceding the date fixed for redemption. 
  
 As used herein: 
  

	 	•	 	 “Treasury Rate” means, with respect to any Redemption Date: (a) the yield, under the heading which represents the average for the immediately preceding
week, appearing in the most recently published statistical release designated “H.15(519)” or any successor publication which is published weekly by the Board of Governors of the Federal Reserve System and which establishes yields on
actively traded U.S. Treasury securities adjusted to constant maturity under the caption “Treasury Constant Maturities,” for the maturity corresponding to the Comparable Treasury Issue (if no maturity is within three months before or after
the remaining life (as defined below), yields for the two published maturities most closely corresponding to the Comparable Treasury Issue will be determined and the Treasury Rate will be interpolated or extrapolated from such yields on a straight
line basis, rounding to the nearest month); or (b) if such release (or any successor release) is not published during the week preceding the calculation date 

  

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or does not contain such yields, the rate per annum equal to the semiannual equivalent yield to maturity of the Comparable Treasury Issue, calculated using a
price for the Comparable Treasury Issue (expressed as a percentage of its principal amount) equal to the Comparable Treasury Price for such Redemption Date. 

  

	 	•	 	“Comparable Treasury Issue” means the U.S. Treasury security selected by an Independent Investment Banker as having a maturity comparable to the remaining term
(“Remaining Life”) of the Notes to be redeemed that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the remaining
life of such Notes. 

  

	 	•	 	“Comparable Treasury Price” means (1) the average of four Reference Treasury Dealer Quotations for such Redemption Date, after excluding the highest and lowest Reference
Treasury Dealer Quotations, or (2) if the Independent Investment Banker obtains fewer than four such Reference Treasury Dealer Quotations, the average of all such quotations. 

  

	 	•	 	“Independent Investment Banker” means either J.P. Morgan Securities Inc. or Banc of America Securities LLC, as specified by the Company, or, if these firms are unwilling
or unable to select the Comparable Treasury Issue, an independent investment banking institution of national standing appointed by the Company. 

  

	 	•	 	“Reference Treasury Dealer” means (1) J.P. Morgan Securities Inc. and Banc of America Securities LLC and their respective successors, provided, however, that if either of
the foregoing shall cease to be a primary U.S. government securities dealer in New York City (a “primary treasury dealer”), we will substitute therefor another primary treasury dealer and (2) any three other primary treasury dealers
selected by us after consultation with the independent investment banker. 

  

	 	•	 	“Reference Treasury Dealer Quotations” means, with respect to each Reference Treasury Dealer and any Redemption Date, the average, as determined by the Independent
Investment Banker, of the bid and asked prices for the Comparable Treasury Issue (expressed in each case as a percentage of its principal amount) quoted in writing to the Independent Investment Banker at 5:00 p.m., New York City time, on the third
business day preceding such Redemption Date. 

  
 Interest payments on this Note shall include interest accrued from, and including, the Original Issue Date indicated above, or the most recent date to which interest has been paid or duly provided for, to, but excluding, the related
Interest Payment Date or Maturity, as the case may be. Interest payments for this Note shall be computed and paid on the basis of a 360-day year of twelve 30-day months. 
  
 As used herein, “Business Day,” when used with respect to any Place of Payment or other location, means each
Monday, Tuesday, Wednesday, Thursday or Friday that is not a Legal Holiday in such Place of Payment or other location. 
  

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 If an Event of Default with respect to the Notes shall occur and be continuing, the principal of all the
Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the Notes at any time by the Company and the Trustee with the consent of the Holders of a majority in aggregate principal amount of the outstanding Notes. The Indenture also contains provisions permitting the
Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all the Securities of such series, to waive compliance by the Company with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued
upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon this Note. 
  
 The Company may, from time to time, without notice to or the consent of the Holders of the Notes, increase the principal amount of this series of Notes
under the Indenture and issue such increased principal amount (or any portion thereof), in which case any additional Notes so issued will have the same form and terms (other than the date of issuance and, under certain circumstances, the date from
which interest thereon will begin to accrue), and will carry the same right to receive accrued and unpaid interest, as the Notes previously issued, and such additional Notes will form a single series with the Notes; provided, however, that,
notwithstanding the foregoing, the Company may not issue such increased principal amount if the Company has effected defeasance or covenant defeasance with respect to the Securities represented by this Note pursuant to the Indenture or has effected
satisfaction and discharge with the respect to the Securities represented by this Note pursuant to the Indenture. 
  
 No reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of, and premium, if any, and interest on this Note at the time, place and rate, and in the coin or currency, herein prescribed. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be
registered on the Security Register of the Company, upon surrender of this Note for registration of transfer at the office or agency of the Company in Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written
instrument of transfer in form satisfactory to the Company and the Security Registrar duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes of authorized denominations and for the same
aggregate principal amount, will be issued to the designated transferee or transferees. 
  
 The Notes are issuable only in registered form without coupons in denominations of $1,000 and integral multiples thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes
are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 
  

 5 

 No service charge shall be made for any such registration of transfer or exchange, but the Company may
require payment of a sum sufficient to cover any tax or other governmental charge payable in connection therewith, other than exchanges pursuant to Section 304, 906 or 1107 of the Indenture not involving any transfer. 
  
 Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not payment with respect to this Note be overdue, and neither the Company,
the Trustee nor any such agent of the Company or the Trustee shall be affected by notice to the contrary. 
  
 The Indenture and the Notes shall be governed by and construed in accordance with the laws of the State of New York. 
  
 All terms used in this Note which are defined in the Indenture shall have the
meanings assigned to them in the Indenture. 
  

 6 

 IN WITNESS WHEREOF, the Company has caused this instrument to be duly executed, manually or in facsimile,
and an imprint or facsimile of its corporate seal to be imprinted hereon. 
  

					
	 [FACSIMILE OF SEAL]
	 	NATIONWIDE HEALTH PROPERTIES, INC.
			
	 	 	By:	 	 
	 	 	 	 	 Douglas M. Pasquale

	 	 	 	 	 President and Chief Executive Officer

  
 Attest: 
  

			
	By:	 	 
	 	 	Abdo H. Khoury
	 	 	Senior Vice President, Acting Chief Financial Officer and Assistant Secretary

  
 CERTIFICATE OF AUTHENTICATION

 This is one of the Securities of the series designated herein 
 referred to in the within-mentioned Indenture. 
  
 J.P. MORGAN TRUST
COMPANY, 
 NATIONAL ASSOCIATION, 
 as Trustee 

											
	 	 	 	 	 	 	 	 	 
						
	 By:
	 	 	 	 	 	 	 	Dated:	 	 
	 	 	 Authorized Signatory
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 	 	 

  

 S-1 

 ASSIGNMENT/TRANSFER FORM 
  
 FOR VALUE RECEIVED the undersigned registered Holder hereby sell(s), assign(s) and transfer(s) unto (insert Taxpayer
Identification No.)
                                        
                             (Please print or typewrite name and address including postal zip code of
(assignee)
                                        
                                        
                             the within Note and all rights thereunder, hereby irrevocably constituting
and appointing
                                        
                                        
                         attorney to transfer said Note on the books of the Company with full power of substitution in the
premises. 
  

	Dated:                                     
                                        
                                        
           	

 NOTICE: The signature of the registered Holder to this
assignment must correspond with the name as written upon the face of the within instrument in every particular, without alteration or enlargement or any change whatsoever. 

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

							
	 TEN COM—  as tenants in
common
	 	 	  	 	  	 
				
	 UNIF GIFT MIN ACT—  
	 	
	  	Custodian	  	

	 	 	(Cust)	  	 	  	(Minor)
				
	 	 	Under Uniform Gifts to Minors Act	  	 	  	 
	 	 	
	  	 	  	 
	 	 	(State)	  	 	  	 

							
	 TEN COM—  as tenants in common
	  	 	  	 	  	 
	 TEN ENT—  as tenants by the entireties
	  	 	  	 	  	 
	 JT TEN—  as joint tenants with right of survivorship
	  	 	  	 	  	 
	 and not as tenants in common
	  	 	  	 	  	 

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

 SCHEDULE A 
  
 The initial principal amount of this Global Security is Two Hundred and Fifty Million Dollars ($250,000,000). The following increases or decreases in the
principal amount of this Global Security have been made: 
  

									
	Date made	  	Amount of increase in principal amount of this Global Security	  	Amount of decrease in principal amount of this Global Security	  	Principal amount of this Global Security following such decrease or increase	  	Signature of authorized signatory of Trustee

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