Document:

Exhibit 10.54

Exhibit 10.54

[***]
— Indicates confidential information.  Confidential Treatment
requested.
Portion omitted filed separately with the Securities
and Exchange Commission.

AMERICAN STATE BANK

SPONSORSHIP AGREEMENT

This American State Bank Sponsorship Agreement (“Agreement”) is made to be effective as of
this 11th day of February, 2011 (the “Effective Date”) by and between Global Cash Access, Inc., a
Delaware corporation with its principal place of business located at 3525 E. Post Road, Suite 120,
Las Vegas, NV 89120 (“Company”), and American State Bank a Bank organized under the laws of the
State of Texas with its principal place of business located at 1401 Ave Q, Lubbock, Texas (“Bank”)
(the Company and the Bank are herein referred to individually as a “Party” and together as the
“Parties”).

RECITALS

WHEREAS, Company and certain of its Affiliates provide Payment Services to their respective
Customers predominantly at gaming establishments and certain other Third Parties as set forth
herein;

WHEREAS, in order for Company and its Affiliates to provide such Payment Services and to authorize
the Terminals that are used in connection with such Payment Services to be connected to the
Networks, Company and/or the relevant Terminals must be sponsored by a Network member;

WHEREAS, Company warrants that it is ineligible to become a member of, or to participate in, the
Networks;

WHEREAS, each of the Networks permits entities which are not eligible for membership to connect
Terminals to their respective systems, provided a Network member agrees to assume certain
sponsorship responsibilities to the Network in connection with the sponsored Terminals and the
Payments Services; and

WHEREAS, the Bank is a member of various Networks or has agreed to become a member of the Networks
for the purpose of sponsoring the Company, its Affiliates and/or the Terminals, as applicable, to
enable the Company to connect Terminals to the Networks;

NOW, THEREFORE, in consideration of the mutual covenants and premises set forth herein, and for
other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the Parties agree as follows:

ARTICLE I — DEFINITIONS

SECTION 1 — Definitions

Except as otherwise specifically indicated, the following terms shall have the following
meanings in this Agreement (such meanings to be applicable equally to both the singular and plural
forms of the terms defined):

	1.1	 	“Acquirer” means a Member who accepts Transactions and sends them to a Network for
processing.

	1.2	 	“ACH” means an automated clearinghouse system operated by a Federal Reserve Bank.

	1.3	 	“Affiliate” means, with respect to either Party, a Person which directly or indirectly owns
or controls, is owned or controlled by, or is under common ownership with Company or the Bank,
as applicable.

	1.4	 	“Agent” means any contractor, including an ISO, TPS, ESO or Processor engaged by the Bank to
provide services or to act on its behalf in connection with a Terminal operated under this
Agreement.

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	1.5	 	“Application” means the written application to sponsor Company and its Affiliates as an ISO
in a format as required by Bank which is submitted by Company to Bank and which, among other
topics, provides names, addresses, telephone numbers, financial information and other
information regarding the Company and its executive officers, directors any other necessary
Persons affiliated with Company.

	1.6	 	“ATM Operator” means a Person other than the Bank that owns an ATM or the cash placed in the
ATM and that is provided Network access by an Independent Sales Organization (ISO) that is
registered as an Agent by the Bank and more fully defined by Plus System, Inc. Bylaws and
Operating Regulations, Appendix A: Definitions. Dated January 15, 2010.

	1.7	 	“ATM Operator Agreement” means the written agreement between the ATM Operator and the Bank
which among other things addresses the functions to be performed by the ATM Operator and which
must require that the ATM Operator comply at all times with the Rules and Regulations.

	1.8	 	“ATM Services” means transaction acquiring technology and processing services provided
through contractual agreements held by the Company.

	1.9	 	“Automated Teller Machine” or “ATM” means any electronic device that meets Network
requirements and when activated by a Card, is capable of initiating and performing an ATM
Transaction.

	1.10	 	“ATM Transactions” means any of the following functions attempted by a Cardholder at a
Terminal:

	 	(a)	 	“Withdrawal” means the dispensing of cash or cash equivalent by a Terminal to a
Cardholder from a Cardholder’s depository account;

	 	(b)	 	“Inquiry” means an inquiry by a Cardholder as to the balance of the
Cardholder’s account;

	 	(c)	 	“Decline” means the attempted transaction was declined due to a variety of
reasons including but not limited to; incorrect account or PIN number, Card not valid,
insufficient funds, or the machine or Processor is down;

	 	(d)	 	“Transfer” means a Cardholder transfers funds from one of the Cardholder’s
accounts to another account of that Cardholder;

	 	(e)	 	Any Transaction that has been approved by a Network and Bank that is a
modification, enhancement or substantially similar to any of the transactions set forth
in subsections (a)-(d) of this Section 1.9, including, without limitation, dispensing
of cash equivalents such as any ticket or other similar disbursement that has been
approved by a Network as part of Company’s QuikTicket service; or

	 	(f)	 	“Quasi Cash” as defined in 1.48.

	1.11	 	“Authorization” means the electronic confirmation from the financial institution that issued
the Card.

	1.12	 	“Bank Group” has the meaning given that term in Section 6.1(c).

	1.13	 	“By-Laws and Operating Rules” mean the By-Laws, Operating Rules and Operating Regulations of
the Networks, as amended from time to time.

	1.14	 	“Card” means a credit card, debit card, bank card or other card issued by an Issuer who is a
Member of a Network and which provides access through the use of a Terminal to one or more
accounts with the Issuer.

	1.15	 	“Cardholder” means (i) the Person who maintains or is authorized to access an account by the
use of a Card (and if such account is maintained in the name, or may be accessed by, more than
one Person, all of such persons), and (ii) uses a Card to originate a Transaction with the
account.

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	1.16	 	“Chargeback” means an electronic debit to a Settlement initiated by a Cardholder dispute.

	1.17	 	“Company Group” has the meaning given that term in Section 6.1(e).

	1.18	 	“Customer” means a Person to which the Company or its Affiliates provides Payment Services
(other than ATM Services) and that may have one or more Terminals located on its premises
which participate in the Networks and with respect to which the Bank provides sponsorship
services pursuant to this Agreement.

	1.19	 	“Designated Processor” means a Processor that is certified by a Network and has direct
connectivity to the Network and the Parties acknowledge that TSYS Acquiring Solutions, LLC is
a Designated Processor as of the Effective Date. The Designated Processor under this
Agreement for all Processing Services may vary and may not be changed without the prior
written consent of both Bank and Company, and Bank’s consent shall not be unreasonably be
withheld.

	1.20	 	“Encryption and Support Organization” or “ESO” means an entity that is (i) loading software
into a Terminal, (ii) loading or injecting encryption keys into Terminals, or (iii) help desk
support which includes re-programming of Terminal software.

	1.21	 	“Fees” mean the Switch Fee and Interchange Fee as established from time to time by the
Networks and the Surcharge Fee allowed by the Networks.

	1.22	 	“Gaming Activity” means the placing of a bet or wager in accordance with applicable federal,
state, tribal or local laws or regulations, either on the gaming floor of a Gaming
Establishment, via the Internet or any other legally permissible communications medium.

	1.23	 	“Gaming Establishment” means traditional land-based casinos or gaming establishments that
operate on Native American land, riverboats and cruise ships, or at restaurants or bars,
pari-mutuel wagering facilities and card rooms and any future gaming venues.

	1.24	 	“Independent Sales Organizations” or “ISO” means a Person or entity that is
registered/sponsored with respect to a Network by a member of such Network to deploy and/or
service Terminals which are used to conduct Transactions across such Network.

	1.25	 	“Information” is defined in Section 6.2.

	1.26	 	“Issuer” means a member of a Network, including Bank, who issues a Card to a Cardholder for
use in performing Transactions.

	1.27	 	“Item” means the electronic messages that communicate and effects a Transaction between an
Issuer and its Cardholder through the use of a Terminal.

	1.28	 	“Interchange” means the exchange of clearing records between Members of the Networks.

	1.29	 	“Interchange Fee” means the fees paid between the Acquirer and the Issuer for Transactions as
established by the Networks from time to time.

	1.30	 	“Mark” means the service marks and trademarks of Networks and Bank, including, but not
limited to, the name and any other distinctive marks or logos which identify the Network or
Bank.

	1.31	 	“Membership or Member” means the membership in Networks and licensing rights thereto,
obtained by financial institutions.

	1.32	 	“Merchant Casino” means a Customer that advances the cash and initiates the Settlement of the
Quasi Cash Transaction pursuant to the Authorization.

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	1.33	 	“Merchant Casino Fraud” means the wrongful act or omission of the Merchant Casino including
wrongful acts and omissions of anyone acting for and on behalf of the Merchant Casino which
results in a loss, claim or expense by Bank related to or arising out of the Quasi Cash
Transactions authorized by this Agreement. The term Merchant Casino Fraud specifically
includes a violation of Rules or Regulations such as violations of Reg E or of the USA
Patriot Act and any illegal activity, unauthorized transactions, or misuse or abuse of the
Quasi Cash Transaction, including fraud.

	1.34	 	“Negotiable Instrument” means a receipt, document or instrument (whether in written or
electronic form) such as a check or money order, which is used for purposes of completing a
Quasi Cash Transactions in accordance with the Rules.

	1.35	 	“Network” means MasterCard, Visa, Cirrus, Plus, Pulse, NYCE, STAR and other electronic fund
transfer systems for transmitting Items and other electronic messages and settling
Transactions between Participants and includes, but is not limited to, a Switch, Terminals,
Cards, related computer hardware and software, telecommunications facilities and equipment,
Rules, technical specifications, logos, and Marks.

	1.36	 	“Participant” means the parties involved in transmitting the Items and settling the
Transactions, including the Issuer, Acquirer, Processor and Network.

	1.37	 	“Payment Services” means (i) deployment, operating and/or ownership of Terminals, and/or (ii)
acquiring, processing, and/or authorizing Transactions on behalf of Customers, and/or (iii)
providing similar or related electronic payment services that requires sponsorship into one or
more Networks.

	1.38	 	“PCI-DSS” means Payment Card Industry Data Security Standards endorsed by MasterCard and Visa
as audit criteria for SDP (Site Data Protection) and CISP (Cardholder Information Security
Program).

	1.39	 	“Person” means any individual, partnership, corporation, limited liability company, trust or
other entity.

	1.40	 	“Personal Information” means information of or about a Person that is “non-public personal
information” under 15 U.S.C. Section 6809(4) and in the Regulations which correspond thereto
that have been adopted by the relevant regulatory authorities.

	1.41	 	“PIN” means the confidential personal identification number used by a Cardholder to
authenticate the use of a Card to initiate certain types of Transactions.

	1.42	 	“PIN Security and Encryption Keys Review” means a review which is conducted from time to time
to determine if the Company is following the policies and procedures established by the Bank
and by the Networks to ensure security and control is maintained in any access device that
manages cardholder PINs and encryption keys.

	1.43	 	“POS Device” “POS Kiosk” means a Network compliant Card Authorization device capable of
transmitting encrypted Cardholder information to the Card-issuing bank for the purpose of
obtaining approval for a requested amount to be distributed to the Cardholder by a Customer.

	1.44	 	“Privacy Regulations” mean Title V of the Graham-Leach-Bliley Act 15 USC Section 6801 et seq
and the Privacy Regulations adopted by the relevant Regulatory Authorities.

	1.45	 	“Processor” means an entity that provides Processing Services for Transactions covered under
this Agreement as a Designated Processor or as a Third Party Processor.

	1.46	 	“Processing Services” means those services which are necessary and required to accept or
originate a Transaction to or from a Network in accordance with the Rules, including without
limitation, Transaction processing, Settlement, Network access, and support.

	1.47	 	“Quasi Cash Processor” means the entity designated by Company and acceptable to Bank, to
perform the withdrawal or deposit of funds from the accounts of the Cardholders at Visa, and
MasterCard member financial institutions in conjunction with Quasi Cash Transactions and the
transmission of such funds to the person or entities entitled thereto.

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	1.48	 	“Quasi Cash Transaction” means a Transaction whereby the Cardholder uses a Card at a
Terminal, POS Kiosk or directly with the cashier at the Merchant Casino to obtain an
Authorization and then uses the Authorization to permit a Merchant Casino to generate a
Negotiable Instrument that may be cashed, followed by Settlement of the Transaction per the
Rules of MasterCard, Visa or any Network where the Bank is a Member and allows such Quasi Cash
Transactions.

	1.49	 	“Regulations” mean the federal and state statutes and regulations, including Regulation E and
Regulation Z, and the policies and pronouncements of any Regulatory Authority, as the same may
be amended or supplemented from time to time which are applicable to this Agreement and the
Transactions and/or other activities under this Agreement.

	1.50	 	“Regulatory Authority” means, as the context requires, the Office of the Comptroller of
Currency, the Federal Deposit Insurance Corporation, the Federal Reserve Board, Texas State
Banking Department and any other federal or state agency having jurisdiction over Bank.

	1.51	 	“Rules” means the Operating Rules, Regulations, By-Laws and other written documents which are
adopted and amended from time to time by the Networks and which set forth the rights and
obligations of Members and other Participants and which otherwise govern the processing of the
Items and settling of the Transactions by the Networks.

	1.52	 	“Settlement” means the movement and reconciliation of funds between the Participants that
result in the withdrawal or deposit of funds from the account of the Cardholder with the
Issuer.

	1.53	 	“Surcharge Fee” means a fee deducted from a Cardholders account by an Acquirer or Acquirer
Processor for a Transaction initiated at a Terminal.

	1.54	 	“Switch” means the routing of the electronic information generated by a Transaction through
the Network systems.

	1.55	 	“Terminal” means an ATM, POS Device or other machine with the capability to accept Cards for
the purpose of dispensing cash, or engaging in other types of transactions agreed to in
writing by the Parties and in compliance with all applicable Rules.

	1.56	 	“TG-3” (reclassified as a Technical Report, TR-39) means Technical Guideline, 3rd
version of the ANSI.X9 Financial Industry Standards PIN and Security Review to manage key
components.

	1.57	 	“Third Party” means a Third Party Sales Representative, Encryption Service Organization
(ESO), Third Party Processor, Third Party Servicer, merchant, investor, or any other Person or
entity (other than Company) who places, sells, invests in, provides locations, provides
maintenance services, encryption services and/or cash services, audits or otherwise receives
income by reason of any Terminal operated under this Agreement.

	1.58	 	“Third Party Processor” or “TPP” means an entity other than Company who provides Processing
Services for Transactions under this Agreement and does not have direct connection to Networks
that require such TPP Agreements.

	1.59	 	“Third Party Servicer” or “TPS” means an entity that is not a Member of a Network but
provides services related to the deployment of Terminals under this Agreement such as:
transaction processing, data capture, other administrative functions such as chargeback
processing, risk security reporting and customer service.

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	1.60	 	“Third Party Sales Representative (TPSR)” means each Person or entity not directly employed
by the Company that acts as a sales representative for and on behalf of the Company in the
marketing, sale and placement of Terminals for the conduct of Terminal Transactions under this
Agreement.

	1.61	 	“Transaction(s)” means one or more transactions that are initiated by a Cardholder through
the use of a Card at a Terminal, or such other transaction types approved by the Parties in
writing, including but not limited to, cash withdrawals or disbursements, balance inquiries,
or transactions involving the sale of a Negotiable Instrument in accordance with applicable
Rules and Regulations.

ARTICLE II — DUTIES OF COMPANY

SECTION 2.1 — Merchant Agreement

Concurrent with the execution of this Agreement, the Parties have executed a Merchant Card
Processing Agreement in substantially the form attached hereto as Exhibit 1(the “Merchant
Agreement”). If any Network changes or clarifies rules concerning any requirement that the Bank
enter into an agreement in a form identical or similar to the Merchant Agreement directly with
any Customer, Company and the Bank will work together in good faith to cause such Customer to
enter into all required agreements and otherwise comply with such Rule changes or
clarifications.

SECTION 2.2 — Deployment of Terminals

Company, Cash Systems, Inc., a wholly owned subsidiary of Company and any other approved
Affiliates of Company may install and deploy Terminals in retail and other business
establishments. Except with respect to Terminals that are subject to ATM Services, the
contract for the placement of any Terminal(s) deployed under this Agreement must be in the name
of the Company or such approved Affiliate of Company. Except with respect to Terminals that
are subject to ATM Services, the Company (or such approved Affiliate of Company) may not
contract with any Third Party to place Terminals subject to this Agreement under any other name
but the name of Company or such Approved Affiliate. The Company will provide or cause to be
provided to the Bank at the end of each quarter an electronic file containing specified data
required by each Network on each Terminal in operation.

SECTION 2.3 — Equipment Ownership

Company covenants, represents and warrants to Bank that during the continuation of this
Agreement:

(a) That an ATM Operator Agreement (in a form mutually agreed upon by Bank and Company)
will exist in full force and effect at all times with each Person who owns, operates or leases
an ATM or owns the cash placed in an ATM deployed under this Agreement; provided that Bank
acknowledges and agrees with respect to those existing Customers who do not have an ATM
Operator Agreement in place as of the Effective Date, the Parties will mutually agree upon a
remediation plan with respect to such affected Customers with the understanding that the
Networks could override such remediation plan. The following is applicable to each ATM
Operator Agreement:

	 	•	 	Company shall monitor ATM Operators and ensure each are in compliance with all of
the terms and provisions of the ATM Operator Agreement;

	 	•	 	Company shall notify Bank promptly upon acquiring knowledge of (i) each potential
or threatened claim or liability against Bank by any Person whatsoever based upon or
arising out of an ATM Operator Agreement; and (ii) each suspected, threatened or
possible violation of any Rule or Regulation by an ATM Operator.

(b) That it will maintain or obtain (and furnish to Bank upon request) each ATM Operator
Agreement and all due diligence information that is required from time to time by the Bank, each
Network and each Regulatory Authority for each ATM Operator.

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(c) That it will not activate any newly installed ATMs before all of the conditions and
requirements of the preceding subsections 2.3(a), and (b) have been satisfied.

(d) Company agrees to notify Bank promptly if any sponsored ATM has a change in ownership.

SECTION 2.4 — Terminal Installation, Operation, Maintenance and Repair

(a) Company is responsible for installation, maintenance and repair of each Terminal including
electrical, and for communication line hook-up in compliance with the equipment manufacturer
specifications and, the Rules and Regulations including signage at each location. Company shall be
responsible for the security of all Information and Personal Information, including security
compliance by all Third Parties including those who provide cash services and maintenance services
to the Terminals.

(b) Company agrees to comply with all applicable Rules with respect to Cardholder account
information, including those Rules relating to the storage, access and use of such Cardholder
account information.

(c) Company agrees to conduct all activities in compliance with the Rules and Regulations
applicable to it and to follow Company policies and procedures that have been implemented at all
times during the continuation of this Agreement as required by such Rules and Regulations.

(d) Company will complete an on-site inspection of each ATM that is newly installed to ensure
the ATM is located in the type of facility as disclosed on the database report and the business has
the proper licenses and permits to operate the ATM in the city, county and state, where it is
located.

SECTION 2.5 — Network Registration

Company shall complete:

(a) The ISO Application in a form mutually agreed upon by Bank and Company and provide Bank
with all information as reasonably required by the Bank and Networks during the continuation of
this Agreement.

(b) Registration requirements during the continuation of this Agreement with any Network in
which Bank is a member. Company shall be solely responsible for all Network registration costs
that may be incurred during the continuation of this Agreement.

SECTION 2.6 — Compliance

Company shall remain in compliance with all Rules of each applicable Network and the
Regulations of any federal or state authority having jurisdictions over the Bank, including
federal and state consumer protection laws and the Bank’s interpretation of same whether provided
for in this Agreement or specifically communicated to the Company in another format. Company is
solely responsible for causing all Third Parties that Company has engaged to facilitate or provide
any component of the Payment Services on behalf of Company to comply with same. Company shall
timely provide to the Bank the following information during the continuation of this Agreement:

(a) Notification of new Terminal installations quarterly including all applicable information
required pursuant to Section 2.1 and such additional ownership and collateral documentation, as
requested.

(b) Annually, as of the anniversary date of this Agreement or as otherwise agreed to by the
Parties and as the Networks may require from time to time, a PIN Security and Encryption Review and
any back up documentation as may be required to assure the Bank and the Networks of full compliance
by Company with the Rules and Regulations.

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(c) Bank has underwriting guidelines for its ISO sponsorship program which may be updated and
modified from time to time, and Company must remain in compliance with these guidelines as follows:

	 	i.	 	Financial Information - As soon as possible or in any
event within ninety (90) days after each December 31 (or at the end of the
Company’s calendar year) during the term of the Agreement, Company will provide
Bank, at Bank’s request, with a copy of the
consolidated quarterly and/or annual financial statements of Global Cash
Access Holdings, Inc. (“Holdings”), as applicable. Notwithstanding the
above, should the Bank request additional financial information concerning
the Company, the Company will comply with such a request within thirty (30)
business days of receipt of such request or such other time period as agreed
upon by the Parties.

	 	ii.	 	Insurance — Company will obtain and maintain insurance
coverage covering; errors and omissions, commercial liability and employee
dishonesty, fidelity and crime coverage for all Company employees, officers,
and agents, with a minimum of $1,000,000 each and every claim and in the
aggregate. Company’s insurer must have a Best’s rating of A or better. Any
adverse material change in the policy or cancellation must be promptly reported
to Bank. Upon request of the Bank, Company shall provide a Certificate of
Insurance, evidencing the foregoing insurance coverage requirements.

	 	iii.	 	Annual Review — Bank may annually conduct a review of
Company information in this Section 2.6(c) and Company will cooperate with Bank
in performing such annual review. Company will be charged an annual review due
diligence fee of $250.00 each year.

	 	iv.	 	MCC Codes — Company will be aware of and utilize
correct merchant MCC for Quasi Cash and other terminal transactions and all
Network rules concerning Quasi Cash processing and settlement of Interchange.

(d) If required by any Network, Regulatory Authority or Bank, an on site review may
be scheduled at the expense of the Company, such expense will include all out-of-pocket expenses
incurred including fees and expenses for auditors, accountants, consultants and other bank
representatives, plus reasonable and customary travel and hotel expenses incurred by Bank employees
for the duration of the review.

Company will have sixty (60) days or such other time period as agreed upon by the Parties to
respond to the on site review after receiving the Bank’s report. The response will include the
action the Company will take to rectify any “out of compliance” or exception items and the
estimated time required to remedy such items.

(e) Without limiting the generality of the foregoing and other terms and conditions
herein, Company’s obligations under this Agreement, including without limitation, its
responsibility for all legal compliance, shall in no way be affected, altered and/or waived in the
event Bank performs, exercises or fails to exercise, any right, obligation, option, or otherwise,
to provide instruction, guidance, recommendations or review of any kind to Company.

SECTION 2.7 — Limited Authority of Company/Use of Terminals

(a) Bank has herein agreed to register or sponsor Company as an ISO for the sole purpose of
enabling Company to deploy Terminals for the conduct of Terminal Transactions across the Networks.
Company agrees to limit the use of the Terminals to the specific functions which are included
within the definition of ATM Transactions.

(b) Notwithstanding the ISO registration, Company shall have no authority to act for or on
behalf of Bank in any way or manner except for fulfilling the Network requirements for being a
sponsored ISO, including the execution of the ATM Operator Agreements for and on behalf of Bank as
more particularly described in Section 2.2(a). In all other respects and in dealing with all
other Persons and entities, this Agreement shall be construed whereby, (1) Bank has no relationship
with nor interest in Company, it’s business, the Terminals or the Terminal activities of Company,
(2) Company has no relationship with nor interest in Bank, its business, its Terminals, or its
Terminal activities, and (3) Company shall not be an Agent for Bank and shall have no authority to
obligate Bank to any Person or entity nor to otherwise act for and on behalf of Bank in any way or
manner.

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(c) Company is not registered or sponsored by Bank as a Processor. Except with respect to ATM
Services, Company is not authorized to provide and shall not provide any Processing Services for
Transactions which are conducted at the Terminals. Company shall not conduct Transactions, nor allow
Transactions to be conducted at an Terminal except when the Processing Services are being provided
by a Processor who is fully approved by and in good standing with Bank and with each Network.
Company shall notify Bank in advance of each Processor it plans to use and will authorize the
Processor to release Company’s Terminal information to Bank.

(d) The relationship between Company and Bank shall be and at all times remain an independent
contractor, and nothing herein contained shall be construed or inferred to create the relationship
of employer and employee, partnership, joint venture partner, agency, consultant or any other
relationship between Bank and Company.

SECTION 2.8 — Company Warranties, Representations and Disclosures

In addition to the representations and warranties of Company elsewhere herein, Company
warrants and represents to Bank that during the continuation of this Agreement:

(a) This Agreement is valid, binding, and enforceable against the Company in accordance with
its terms, except as otherwise provided by law or equity.

(b) The Company is a Delaware corporation, validly existing and in good standing under the
laws of the State of Delaware and is authorized to do business in each state in which the nature of
the Company’s activities makes such authorization necessary, except where the failure to be so
licensed or qualified would not have a material adverse effect on its ability to fulfill its
obligations under this Agreement.

(c) The Company has the full power and authority to execute and deliver this Agreement and to
perform all its obligations under this Agreement. The provisions of this Agreement and the
performance by the Company of its obligations under this Agreement are not in conflict with the
Company’s organizational documents or any other agreement, contract, lease or obligation to which
the Company is a party or by which it is bound.

(d) Except as disclosed by Global Cash Access Holdings, Inc. in any public filing
or report with the Securities and Exchange Commission (“SEC Filings”) or as otherwise
disclosed in writing by the Company to Bank, Company has not been subject to any of the
following:

	 	i.	 	Criminal felony conviction;

	 	ii.	 	Bankruptcy filing or petition;

	 	iii.	 	Federal or state tax lien;

	 	iv.	 	Administrative or enforcement proceedings commenced by the
Securities and Exchange Commission, any state securities Regulatory Authority,
Federal Trade Commission, or any other state or federal Regulatory Authority;
or

	 	v.	 	Pleading, restraining order, decree, injunction, or judgment in
any proceeding or lawsuit, alleging fraud, deceptive practice or criminal
felony action on the part of the Company.

(e) There is not pending, or to the knowledge of the Company, threatened against the Company
nor any executive officer or director of Company, any litigation or proceeding, judicial, tax or
administrative, the outcome of which could reasonably be expected to have a material adverse effect
on the continuing operations of the Company.

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SECTION 2.9 — Use of Bank’s Mark/Network Mark

Company shall not use Bank’s Mark or a Network’s Mark for any reason or use or refer to Bank
or any Network in any advertisements, sales, presentation, or marketing materials, except as
provided in Section 2.11 without the prior written consent of Bank. Company may accurately
describe its relationship with Bank in response to questions and in its dealings with the
processor, location owners and operators, and merchants.

SECTION 2.10 — Covenants of Company

Company covenants and agrees with Bank that during the continuation of this Agreement:

(a) It will comply at all times with all Rules and Regulations applicable to the Payment
Services and Company’s obligations under this Agreement;

(b) It will promptly give written notice to Bank of any materially adverse change in the
business, properties, assets, operations or conditions, financial or otherwise, of the Company, and
the pending or threat of litigation involving the sum of $1,000,000.00 or more, and of all tax
deficiencies involving a sum in excess of $1,000,000 and of all pending or threatened criminal
felony actions against the Company or any of its executive officers or directors of which the
Company is aware of; provided Company shall be deemed to have provided notice under this Section
2.10(b) with respect to any matter that has been disclosed in any SEC Filings;

(c) Terminals deployed under this Agreement have not been altered or subjected to unauthorized
modifications or tampering and at all times will be in compliance all Rules, Regulations and
Network standards;

(d) It will use the Terminals only for Transactions approved in this Agreement; and

(e) Scrip Terminals will be activated and operated only in compliance with the Rules of each
Network where the Company is sponsored. All Networks that sponsor Scrip Terminals require proper
Transaction identifiers to enable the Processor/Network to properly charge Interchange Fees.
Incorrect activation, programming changes, or any other attempt on the part of the Company to
fraudulently receive fees will result in (i) full repayment of all fees collected, from the date
the Scrip Terminal was activated, and (ii) possible fines from the Networks, and (iii) shall be
deemed a breach of this Agreement.

SECTION 2.11 — Advertising Material

Bank shall have the right to approve or disapprove, in its sole discretion, in advance any
advertising material bearing Bank’s mark or Bank’s name before the use or distribution of any such
material. TPSRs may not advertise, including but not limited to web sites, brochures, business
cards, or Terminal signage under any business name other than Company, nor otherwise reference the
Bank or any Network in any materials.

SECTION 2.12 — Release of Information/Processors

By signing this Agreement, Company hereby gives consent and authorization to all Processors
now or hereafter utilized by the Company to release any and all Terminal information that is
required by the Bank, or by any Network where the Bank is a member. Bank hereby gives notice to
Company that any Terminal sponsored under this Agreement may be terminated by Bank for failure to
provide information required by Bank to complete due diligence on merchant locations.

SECTION 2.13 Intentionally Omitted

SECTION 2.14 Intentionally Omitted

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SECTION 2.15 — Third Party Services

Company is solely responsible for the marketing, placement, installation, deployment,
operation, servicing, testing, auditing and maintenance of the Terminals which are operated under
this Agreement. All such activities are to be performed by Company in accordance with the Rules and Regulations, in accordance with this
Agreement. Company may contract with Third Parties to act for and on its behalf in fulfilling its
obligations under this Agreement, and in such event:

(a) Company shall register in advance with the Bank all Third Parties (with appropriate
contact information and description of the work to be performed), including, but not limited to,
each Third Party Processor (TPP), Third Party Servicer (TPS) and Encryption Service Organization
(ESO), and upon request, provide copies of all Third Party contracts and provide such other due
diligence as Bank or any of the Networks may request.

(b) If any Network has any concerns or issues with respect the Company’s use of any Third
Party or of the activities being provided by the Third Party, Bank and Company shall work in good
faith to remediate such objections or issues, and if after such remediation efforts such Network
still has concerns or issues, then Company shall transition the affected services being provided by
such Third Party to a new Third Party.

(c) The Bank’s approval of any Third Party shall not in any way relieve the Company of its
duties and obligations under this Agreement. The Third Party shall be deemed to be Company’s
agent, acting for and on behalf of Company. Company shall be fully responsible for all of the acts
and omissions of such Third Party.

(d) Company shall use only W2 employees of the Company to sell and place Terminals unless a
Third Party Sales Representative (TPSR) Agreement has been presented for each active Third Party.
Third Party Sales Representatives may sell and place Terminals only as sales representatives of
Company, using agreements provided by the Company. Any other use of a TPSR is not in compliance
with Network Rules, will be unauthorized and will not result in sponsorship for any unauthorized
Terminals so deployed.

In any event, Company shall retain only such Third Parties as have agreed in writing to
representations and warranties set forth in Section 2.8 hereof (or substantially similar
representations and warranties), agree to keep confidential any confidential information of the
Company, including without limitation, any Cardholder information, maintain insurance of a type and
requirement set forth in Section 2.6(c) hereof, and otherwise comply with all of the requirements
herein imposed or which may at that time be imposed by applicable Rules or Regulations.

SECTION 2.16 — Quasi Cash Transactions

(a) With respect to a Quasi Cash Transaction, each Merchant Casino is authorized to advance
the cash to the Cardholder in accordance with applicable Rules and Regulations.

(b) Company shall review, approve and agrees to maintain in compliance with all Rules and
Regulations, all agreements, forms, documentation, procedures and Cardholder information with
respect to all Merchant Casinos utilizing Quasi Cash Transactions. Bank reserves the right to
reject a prospective Merchant Casino, or to terminate an existing Merchant Casino; provided that
prior to any such rejection or termination the Bank shall consult with Company to determine if
there are any remediation measures that can be taken to address the Bank’s or the Network’s issues
or concerns.

(c) Company shall have the right to discontinue conducting Quasi Cash Transactions for any
specific Merchant Casino and will provide Bank with notice of any such action. Such notice shall
not negate Company’s reimbursement obligation to the Bank for the wrongful acts and omission which
occurred prior to the date the Merchant Casino was terminated.

(d) Company is responsible for any fine, demand, Chargeback, or dispute made by any Cardholder
due to any loss to include but not limited to any duplicate debits, errors, late Settlement or
errors in ACH processing.

(e) Bank will be notified promptly upon any report or notification that Company has terminated
its relationship with any Merchant Casino as a result of such Merchant Casino’s insolvency, or as a
result of any bankruptcy proceeding.

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(f) Company agrees to freeze, halt and delay the right of a Merchant Casino to participate in
a Quasi Cash Transaction upon the request of Bank if Bank reasonably suspects Merchant Casino Fraud
with respect to Quasi Cash Transactions originating at such Merchant Casino; provided that prior to
any freeze, halt or delay, Bank shall consult with Company to determine if there are any less
severe remediation measures that can be taken to address Bank’s or any Networks’ issues or
concerns.

(g) Company shall coordinate and monitor the Authorization, Settlement, Chargeback processing,
audit and other activities performed by Company and each third party involved in the Quasi Cash
Transaction. Exception reports will be provided to Bank on a monthly basis. With respect to each
Merchant Casino, Company will maintain a log of Chargebacks, adjustments, and consumer complaints
by date received and will also record the date that the Chargeback, adjustment or consumer
complaint was resolved and provide a monthly line item report to Bank.

(h) Customer Service — Company shall monitor the Quasi Cash Processor and assure that Company
shall provide either itself or through a third party service provider, customer service to Merchant
Casinos seven (7) days a week, twenty-four (24) hours a day subject to scheduled maintenance
downtimes. This customer service activity shall be available to Merchant Casinos and Cardholders
via a toll free line for the purpose of responding to Merchant Casinos or Cardholder inquiries
regarding Quasi Cash Transactions, equipment operation and repair services or as otherwise approved
by the Bank.

SECTION 2.17 Settlement

Settlement of Quasi Cash Transactions, Chargebacks, and adjustments will be completed
utilizing another bank of Company’s choice.

SECTION 2.18 — Reserve Account

To the extent Company has established a Settlement account with Bank, Company shall establish
a Reserve Account at Bank; provided that Bank acknowledges that the Company has not established
such a Settlement account with Bank as of the Effective Date. The Reserve Account shall be under
the control of Bank and Bank shall have a first and prior security interest in said account to
secure the payment of all amounts owing to Bank by Company including reserve on daily Settlement,
Chargebacks, Merchant Casino suspected fraud losses and indemnity obligation, Quasi Cash Processor
errors to include presentment of duplicate or delayed transactions, as well as all other exposures,
losses, expenses and liabilities of Bank, including contingent liabilities related to or arising
out of Quasi Cash Transactions and MasterCard, and Visa quarterly Settlement Fees (if any)
(collectively “Quasi Cash Claims”).

The Reserve Account shall be funded as follows, with an initial deposit of $10,000 and;

(a) The average of one (1) day of clearings or funds sufficient to pay issued money orders or
checks cleared each banking day including money orders or checks issued or written by Company on
Saturdays, Sundays, and banking holidays, which will clear the next banking day.

(b) Chargebacks: Shall be funded based on a rolling amount of 3 times the total of three
months of losses. Loss, as it applies here, is defined as any Chargeback or dispute that has been
settled in favor of the Cardholder or that is over three (3) months old from the date of the first
presentment.

(c) MasterCard, Visa, or other Network Quarterly Assessments and/or Fees (if any) shall be
funded with an amount equal to the previous assessment charged to the Bank for Quasi Cash
Transactions processed for Company.

(d) Any other fines, fees, fraud or loss that is submitted to the Bank that is not otherwise
delineated in 2.18. (a.) to (c.) may be added to this Section 2.18 and the Reserve Account may be
increased accordingly.

Company acknowledges and agrees that Bank shall control the Reserve Account. Reserve Account
shall not be terminated until such time as the Bank has determined that all risk to Bank and
exposure to Bank for liabilities and obligations related to or arising out of this Addendum and the Sponsorship
Agreement and the Transactions contemplated by this Addendum and the Sponsorship Agreement have
been fully released, paid or cleared. Bank acknowledges and agrees that remaining funds will be
returned to Company three (3) months after the end or the contract term less any outstanding
obligations, Chargebacks, pending fines or penalties.

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Company agrees to contribute to the Reserve Account in such amounts and at such times as
requested by Bank from time to time. Notwithstanding this Agreement, Bank may, in its reasonable
discretion or as requested by any governmental entity having supervisory authority over Bank,
adjust Reserve Account requirements from time to time as necessary.

Company shall reimburse Bank for losses actually incurred as a result of any loss, charge, fee
or fine irrespective of the Reserve Account. Should Company fail to reimburse Bank, Bank may
charge such amounts against Company’s Reserve Accounts and Company shall immediately fund Reserve
Account.

SECTION 2.19- Security

With respect to any suspected Cardholder fraud, Company will perform security exception
monitoring on a daily basis in accordance with parameters established by Company and using reports
generated by Company and the Quasi Cash Processor. Company has established policy and procedures
to only deploy Terminals to a Merchant Casino that maintains a current license from the applicable
gaming regulatory authority. Such security procedures, monitoring and reporting shall be
undertaken for the purpose of evaluating and identifying locations with significant increases in
average daily, weekly and/or monthly deposits, significant variations in average tickets amounts,
significant variations in non-magnetic card entry activity, and any other subsequently identified
categories (in form and content as mutually agreed upon by Company and Bank). Company agrees to
notify Bank promptly upon receipt of any adverse information indicating possible Merchant Casino
Fraud.

Company agrees to investigate and research any Merchant Casino for which Bank or Company has
received any adverse information indicating possible Merchant Casino Fraud or has identified
questionable or suspicious Quasi Cash Transactions. Company agrees to provide a security report
(in a form and content as mutually agreed upon by Company and Bank) to Bank promptly but no later
than five (5) days after receipt of notification of questionable activity.

ARTICLE III — DUTIES OF BANK

SECTION 3.1 — Membership in the Networks and Maintenance of Licenses, Permits and Approvals

Bank shall maintain its membership in the Networks in good standing and shall abide by all the
Rules and Regulations applicable to the Bank at all times during the term or continuation of this
Agreement. Bank shall maintain all necessary licenses, permits and approvals from all
jurisdictions (applicable to U.S. Membership) necessary for it to provide the sponsorship services
contemplated by this Agreement.

SECTION 3.2 — Terminal Sponsorship

Bank shall sponsor the Company, the Company’s approved Affiliates and each Terminal deployed
by Company or such Affiliates for Transactions and ATM Services which are conducted in accordance
with this Agreement with each Network in which Bank holds a membership. To the extent ASB engages
any Third Party to carry out any of its obligations under this Agreement, ASB shall be fully
responsible for all of the acts and omissions of any such Third Party. Bank shall maintain
dedicated BINs and ICAs solely for Company and its Affiliates with respect to the sponsorship
services being provided under this Agreement.

SECTION 3.3 — Ancillary Services and Excluded Services

At the request of Company, Bank shall facilitate discussions and the provision of information
to the Networks with respect to obtaining required approvals of new products and services of
Company as well as any other issues or information that Company reasonably believes is beneficial to the business
objectives of Company. Bank shall be under no obligation to provide services beyond those services
agreed to in this Agreement.

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SECTION 3.4 — Representations and Warranties of Bank

Bank warrants and represents to Company that during the continuation of this Agreement:

(a) This Agreement is valid, binding, and enforceable against the Bank in accordance with its
terms, except as otherwise provided by law or equity.

(b) The Bank is a Texas state bank, validly existing and in good standing under the laws of
the State of Texas and is authorized to do business in each state in which the nature of the Bank’s
activities makes such authorization necessary, except where the failure to be so licensed or
qualified would not have a material adverse effect on its ability to fulfill its obligations under
this Agreement.

(c) The Bank has the full power and authority to execute and deliver this Agreement and to
perform all its obligations under this Agreement. The provisions of this Agreement and the
performance by the Bank of its obligations under this Agreement are not in conflict with the Bank’s
organizational documents or any other agreement, contract, lease or obligation to which the Bank is
a party or by which it is bound.

ARTICLE IV — COMPENSATION, FEES AND EXPENSES

SECTION 4.1 — Obligations by Costs and Expenses

Company shall be responsible for all costs and expenses associated with this Agreement
including, but not limited to:

(a) Purchase of Terminals;

(b) Deployment, Installation and maintenance of Terminals, including compensation, fees and
expenses for TPSR’s;

(c) Federal and State Registration Fees;

(d) Network Application and Registration Fees;

(e) Costs of any due diligence, background investigation, credit reports, OFAC inquiry, ATM
Operator Agreement and applications and/or on-site inspection required by the Networks or by the
Bank’s Regulatory Authority. This due diligence may include the Company’s principal place of
business, any Terminal location, any TPSR, TPP or other Third Party used by the Company;

(f) Processor, ESO, TPS, TPP fees and charges including out of pocket costs of Bank’s due
diligence, Network registration, on-site inspections, cost of any audits, or reviews, or losses
Bank may have in connection with sponsorship or registration of any Third Party providing services
in connection with the deployment by Company of Terminals under this Agreement;

(g) Network Switch Fees;

(h) Program Marketing and Advertising (including signage);

(i) Cash Servicing;

(j) Processing Services;

(k) Cardholder Customer Service (including transaction disputes);

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(l) Network penalties and fines assessed against Bank that arise out of the deployment of one
or more Terminals under this Agreement unless the penalties and fines are primarily and directly
attributable to wrongful acts or omissions of Bank; and

(m) Reimbursement to Bank for any expenses it incurs on behalf of the Company or by reason of
activities by the Company, including any direct expenses for Terminal, system, interchange,
quarterly operating fees for Merchant Transaction volume or processor audits required by any
Network.

SECTION 4.2 — Interchange & Surcharge Fee and Notices

Bank Interchange Income and Surcharge Income related to this Agreement will be the income of
the Company and distributed according to each individual Processor/ISO Agreement.

The amount of any Surcharge Fee shall be prominently displayed on each ATM and shall state
that such a fee is being charged.

Each ATM will display a notice as per PLUS or other Network, Rules or as may be required by
Regulations, providing the name of the Bank, as the sponsor bank, and Bank will use its best
efforts to provide Company with all required ATM signage, disclosure and notice requirements of the
Networks, the Rules and each applicable state. When applicable, each ATM will also display a
notice as per state requirements, providing the name of the bank that is providing such state
sponsorship.

SECTION 4.3 — Sponsorship Fees, Miscellaneous Fees and Other Costs

For sponsorship and services rendered under this Agreement, the Company shall pay Bank a
Transaction fee set forth and in accordance with Schedule A which is incorporated herein. For the
purpose of calculating such Transaction fee, Bank will include all Transactions and declines.

(a) Minimum processing fee will be charged (prorated) from the date Bank is first notified
Transactions are being processed under the Bank membership from any Network.

(b) Bank reserves the right to recover, at a later time, amounts either not billed or not
properly billed, and Company reserves the right to recover, at a later time, amounts billed in
error by Bank as a result of Banks error, provided that Bank, Company shall have no rights pursuant
to this Section 4.3. In the event that such billing error occurred more than twelve (12) months
prior to the date of discovery.

(c) Upon termination or expiration of this Agreement, the Company shall have no further rights
as a sponsored ISO but Bank shall continue to be entitled to all amounts owed to it which may have
accrued prior to the termination or expiration of this Agreement.

ARTICLE V — TERM OF AGREEMENT; TERMINATION

SECTION 5.1 — Term

The initial term of this Agreement shall be five (5) years, commencing on the date this
Agreement is executed, and shall renew automatically for continuous one (1) year periods, unless
prior to the expiration of the initial five (5) year term or any renewal period either party gives
the other not less than one hundred and eighty (180) days written notice of its election not to
renew or extend this Agreement. Upon the termination or expiration of this Agreement, Bank shall
provide reasonable transition assistance services to Company in order to facilitate the transfer of
sponsorship services to another provider of such services, including, without limitation, executing
all necessary documents to transfer the dedicated BINs and ICAs of Company to another provider of
such services.

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SECTION 5.2 — Additional Rights to Terminate

(a) In addition to all other remedies at law or in equity, either party shall have the right
to terminate this Agreement, without affecting any rights or obligations under any other contracts or
agreements, upon occurrence of one or more of the following events of default:

	 	i.	 	Failure of either party to observe or perform that party’s
obligations to the other hereunder, as long as the failure or nonperformance is
not due to the actions of the terminating party and such failure remains
uncured for a period of sixty days after written receipt of written notice from
the other Party; or

	 	ii.	 	The breach of any material warranty or representation herein
that is not capable of being cured.

(b) In addition to all other remedies at law or in equity, Bank shall have the right to
terminate this Agreement without further obligations or penalty, immediately by giving written
notice to Company if:

	 	i.	 	Its membership in a Network is terminated but only with respect
to the sponsorship services as it relates to the affected Network; or

	 	ii.	 	Any Regulatory or Network Authority over Bank that requires,
requests or recommends discontinuance of this Agreement (provided that Bank and
Company shall discuss in good faith if there are any remedial measures or steps
that can be taken to address the issues or concerns that are the basis for any
order, request or recommendation for discontinuance of this Agreement); or

	 	iii.	 	Bank determines that Bank’s continued performance under the terms
of this Agreement would constitute an unsafe or unsound banking practice, and
Bank so certifies to Company in writing.

(c) In addition to all other remedies at law or in equity, Company shall have the right to
terminate this Agreement without further obligations or penalty, by giving written notice to Bank
if Company reasonably determines that this Agreement could cause Company to lose any gaming license
or other material license that is necessary for the operation of Company’s business.

SECTION 5.3 — Liquidated Damages

The Parties agree that the pricing under this Agreement was determined by mutual agreement
based upon certain assumed volumes of processing activity and the length of the term of this
Agreement.

The Parties further agree that it would be difficult or impossible to ascertain Bank’s actual
damages for a termination not as a result of a breach by Bank or other breach of this Agreement by
Company resulting in a termination of this Agreement before the end of the initial term or renewal
period term of this Agreement. The Parties further agree the Bank is entitled to:

(a) All fees earned but not paid prior to the date of termination,

(b) All costs and expenses incurred by Bank as a result of such default, including all
reasonable attorney’s fees which may be incurred,

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(c) An amount equal to the number of months remaining in the term multiplied by an average
monthly fee to Bank (whereby the average monthly fee is calculated by Bank by selecting and
averaging any three (3) consecutive months in the term) and dividing by a factor of two (2)
(“Liquidated Damages”). Company agrees this is a reasonable estimation of the actual damages Bank would suffer if Bank did not
receive the expected benefits to be derived from this Agreement for the term of this Agreement.
Company furthermore agrees such Liquidated Damages will be paid within fifteen calendar days of the
effective date of termination.

Each Party acknowledges and agrees, after taking into account the terms of this Agreement and
all relevant circumstances at the date hereof, that the Liquidated Damages payable under this
Section represents a reasonable and genuine pre-estimate of the damages which would be suffered by
Bank in the event of early termination of this Agreement and does not constitute a penalty.
Company agrees that payment of Liquidated Damages does not relieve the Company of any obligations
set forth in Article 6.

ARTICLE VI — GENERAL PROVISIONS

SECTION 6.1 — Waivers/Indemnification

(a) Bank shall not be liable to Company or any other Person or entity for any loss, cost,
damage, claim, demand, cause of action or expense (including, without limitation, the cost of
investigating any claim, the cost of litigation and attorneys’ fees, whether or not legal
proceedings are instituted), or any compensatory, punitive, special, incidental or consequential
damages (including loss of profits) (collectively “Damages”), as a result of, arising out of or
caused by the negligence or the wrongful act of the Cardholder, Company, any Third Party engaged
by Company or Participant in the deployment of the Terminals or in the processing of any
Transactions attempted or conducted at such Terminals, including all Terminal Transactions, except
where the Damages are due to the negligence or willful misconduct of Bank or as a result of a
breach by Bank of any provision of this Agreement. Company hereby releases Bank from all such
Damages and agrees to indemnify and hold harmless Bank from and against all such Damages. Bank
hereby disclaims any and all warranties with respect to the operation of the Network and Processor
systems and the services to be provided by a Network or Processor under and in connection with the
Terminal Transactions contemplated by this Agreement, whether express or implied, including,
without limitation, any implied warranty of merchantability or fitness for a particular purpose.

(b) Company shall immediately reimburse Bank, upon demand, for all charges, fees, fines or
penalties assessed upon Bank by any Network, Processor, Regulatory Authority Issuer or other
Participant in connection with Transactions processed under this Agreement and Bank shall have the
right to settle these items by deducting or setting off same against any and all Transaction fees
of Company.

(c) Company hereby agrees to indemnify and hold Bank and all Affiliates of Bank, and their
respective officers, directors, employees and agents and their respective heirs, executors,
successors and assigns, (“Bank Group”) harmless from and against any and all liability,
obligation, loss, cost, claim, demand, penalty, judgment, cause of action and expense of any kind
or nature whatsoever (collectively “Claims”) (including, without limitation, the cost of
investigating any claim, the cost of litigation, amounts paid in settlement, and attorneys’ fees
which may be incurred), imposed on, incurred by or asserted against any one or more of The Bank
Group arising from, attributable to, or in connection with, (i) acts or omissions of Company or of
any Third Party under this Agreement including those related to the deployment of Terminals and all
Transactions and Terminal Transactions contemplated by this Agreement, (ii) any negligence or other
wrongful act or omission of the Company Group (hereinafter defined), (iii) actions taken or omitted
by Bank in accordance with or in good faith reliance on information or instructions provided by
Company, (iv) any breach by Company of this Agreement, including, without limitation, failure to
maintain any required insurance coverage, (v) acts and omissions of all other parties involved in a
Transaction, an Terminal Transaction or in the deployment of Terminals under this Agreement,
including any Cardholder, Third Party, Processor or Network, and (vi) failure by Company or any
other Person to comply with all applicable Rules and Regulations. It is the understanding and
agreement of the parties to this Agreement that Bank, having only undertaken to act as sponsor for
Company to the Networks, shall not be liable for any acts or omissions on the part of Company and
shall not be responsible for any losses or damages incurred by or caused by the Company or any
Person authorized to act for and on behalf of Company.

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(d) The obligations of Company to indemnify the Bank Group from Claims as described in the
foregoing Section 6.1(c) and the obligations of Company to provide reimbursement as described in
the foregoing Section 6.1(b) are (i) secured by the security agreement granted to Bank in the
accounts and deposits as described in Section 2.18, (ii) secured by all deposit accounts of Company at Bank and (iii) subject to
being settled by deduction and offset against all amounts owing by Bank to Company.

(e) Bank hereby agrees to indemnify and hold Company and its affiliates, and its or their
respective officers, directors, employees and agents and their respective heirs, legal
representatives, successors and assigns (“Company Group”), harmless from and against any and all
Claims including reasonable attorneys fees which is the result of the negligence or willful
misconduct of a member of the Bank Group and as a result of any breach by Bank of this Agreement.

(f) Notwithstanding the foregoing provisions of this Section 6.1, Company is not obligated to
indemnify Bank (and Bank is not obligated to indemnify Company) to the extent the Claims result
from the negligence or other wrongful acts or omissions of financial institutions contracted by
Bank to provide state sponsorship for ATM placement (in states that prohibit placement of ATMs by
financial institutions that do not have a bank charter in that state).

(g) Each Party shall promptly notify the other of all Claims or threat of Claims of which that
Party becomes aware (except with respect to a threat of suit one party might institute against the
other) which may give rise to a right of indemnification pursuant to this Agreement.

(h) If any indemnification claim is asserted against a Party pursuant to this Section 6.1,
such indemnifying Party shall have the right to assume the entire control and defense, including at
its expense, the engagement and selection of counsel. In any third party claim, suit or
proceeding, in which the indemnifying Party has assumed such defense, the indemnified Party shall
not consent to the entry of a judgment or enter into any settlement with respect to the matter
without the consent of the indemnifying Party and the indemnifying Party will not consent to the
entry of any judgment or enter into any settlement affecting the indemnified Party to the extent
that the judgment or settlement involves more than the payment of money without the written consent
of the indemnified Party.

SECTION 6.2 — Confidentiality; General

Under this Agreement, the parties will be disclosing to each other certain confidential and
proprietary information including customer lists, Personal Information, customer data, business
plans, software, data, prototypes, documentation, Cardholder account information, and other
business and/or technical information (the “Information”). The Information may be disclosed in
either oral or written form.

The receiving party shall hold the Information in confidence and shall prevent the disclosure
of the Information, unless it is in accordance with the terms of this Agreement. The receiving
party shall use the Information only for the purpose of fulfilling its obligations under the
Agreement; shall reproduce the Information only to the extent necessary for such purpose; shall
restrict disclosure of the Information to its employees and agents with a need to know; and shall
advise such employees and agents of the nondisclosure obligation assumed herein. Other than as
expressly permitted by this Agreement, the receiving party shall not disclose Information to any
third party without prior written approval of the other party.

The above restrictions on the use or disclosure of Information shall not apply to any
Information:

(a) which, as established by the receiving party’s written records, is independently developed
by the receiving party or its affiliated company or lawfully received free of restriction from
another source having the right to so furnish such Information;

(b) after it has become generally available to the public without breach of this Agreement or
any other agreement to which Company is a party;

(c) which the disclosing party agrees in writing is free of such restrictions; or

(d) was in the receiving party’s possession as of the date of this Agreement.

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Information may be disclosed where a party is legally required to disclose such information,
including pursuant to a governmental or judicial order, provided that the receiving party notifies
the disclosing party of the pending disclosure prior to such disclosure. Information may also be
released to the Company to the extent necessary and required to process transactions and service
Cardholder’s accounts as required pursuant to the Rules and Regulations.

All Information shall remain the property of the disclosing party and shall be returned upon
written request or upon the receiving party’s determination that it no longer has a need for such
Information.

To the extent transactions and information under this Agreement are subject to the Privacy
Regulations, Company shall use Personal Information only as necessary to carry out its obligations
hereunder and shall not disclose Personal Information to any third party except as permitted by
the Privacy Regulations. Company shall be responsible for maintaining compliance with all Privacy
Regulations.

The parties acknowledge that in the event either party breaches the terms of this Section, the
non-breaching party shall be entitled to injunctive relief in addition to any other remedies that
may be available to it at law or under the terms of the Agreement.

Bank acknowledges that Holdings may be required to disclose all or a portion of the terms and
conditions of this Agreement in one or more filings with the Securities and Exchange Commission and
may be required to file this Agreement as an exhibit to one or more such filings,

The Confidentiality provisions of this section shall survive the termination of this
Agreement.

SECTION 6.3 — Governing Law

This Agreement shall be governed by, interpreted, and construed in accordance with the laws of
the State of Texas, without regard to the choice or conflicts of laws principles of any
jurisdiction.

SECTION 6.4 — Severability

In the event that any part of this Agreement is adjudicated by any court of competent
jurisdiction to be invalid or unenforceable, then this Agreement shall be automatically modified to
eliminate that part which is affected thereby. The remainder of this Agreement shall remain in full
force and effect.

SECTION 6.5 — Acknowledgment of Regulatory and other Constraints

The parties hereto acknowledge that Bank and Company are subject to the rules, regulations,
orders and requirements which may be imposed by any Regulatory Authority (“Regulatory
Requirements”). The Parties expressly agree that in the event of conflict between the terms and
conditions of this Agreement and any Regulatory Requirements, the Regulatory Requirements shall
control and the Parties shall negotiate in good faith any necessary amendments to this Agreement to
ensure compliance with the Regulatory Requirements.

SECTION 6.6 — Waiver of Right to Trial by Jury.

Company and Bank hereby agree not to elect a trial by jury of any issue triable of right by
jury, and waive any right to trial by jury fully to extent that any such right shall now or
hereafter exist with regard to this Agreement, or any claim, counterclaim or other action arising
in connection thereto. This waiver of right to trial by jury is given knowingly and voluntarily by
Company and Bank, and is intended to encompass individually each instance and each issue as to
which the right to a trial by jury would otherwise accrue. Company and Bank are each hereby
authorized to file a copy of this paragraph in any proceeding as conclusive evidence of this waiver
by Company and Bank.

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SECTION 6.7 — Binding Effect

Unless otherwise expressly noted, this Agreement and the rights and obligations created
hereunder shall be binding upon and inure solely to the benefit of the parties hereto and their
respective permitted successors and permitted assigns, and no other Person or entity shall acquire
or have any right under or by virtue of this Agreement. Furthermore, unless otherwise expressly
noted, nothing herein shall be implied, or is intended to be construed to confer upon or give any
rights or remedies to any third parties (including but not limited to third party beneficiaries)
under or because of this Agreement to any persons, firm, or corporation.

SECTION 6.8 — Notices

All notices, requests, financial statements and approvals required by this Agreement shall be
in writing and shall be deemed to have been duly given as follows: (i) upon receipt if personally
delivered; or (ii) upon deposit in the mail, if sent by certified or registered mail, postage
prepaid, return receipt requested, or by overnight carrier, addressed as indicated below, or at
such other address of which the notifying party hereafter receives notice in conformity with this
section or sent by facsimile transmission upon confirmation of delivery as follows:

	 	 	 	 	 
	If to Bank to:

	 	American State Bank
	 	If to Company to:
	 

	 	1401 Avenue Q
	 	Global Cash Access, Inc.
	 

	 	Lubbock, TX 79408
	 	3525 E. Post Road, Suite 120
	 

	 	Facsimile: (806) 472-3555
	 	Las Vegas, NV 89120
	 

	 	Attn: Michael Epps
	 	Facsimile: (702) 262-5039
	 

	 	 	 	Attn: General Counsel
	 
	 	 	 	 
	Copy to:

	 	McWhorter Cobb and Johnson	 	 
	 

	 	1722 Broadway	 	 
	 

	 	Lubbock, Texas 79401	 	 
	 

	 	Facsimile: (806) 762-8014	 	 
	 

	 	Attn: Jack P. Driskill	 	 

SECTION 6.9 — Further Assurances

Each Party shall, at the request of the other from time to time, execute and deliver such
other instruments, documents and/or certificates, as may be reasonably necessary to further
evidence, perfect, maintain, effectuate, or defend any and all of the respective rights and
obligations of the parties hereunder, including performance of this Agreement. In the event that
such further assurance is not forthcoming within a reasonable time of the date of any such request,
the other Party hereto may take all appropriate action to protect its rights and obligations
hereunder.

SECTION 6.10 — Entire Agreement

This Agreement constitutes the entire agreement and understanding of the Parties hereto with
respect to the subject matter hereof and supersedes and terminates all other prior commitments,
arrangements, or understandings, both oral and written, between the Parties with respect to the
same subject matter.

SECTION 6.11 — Amendment

This Agreement may not be modified, changed, or amended except by an instrument in writing
executed by each of the Parties hereto.

SECTION 6.12 — Counterparts

This Agreement may be executed and delivered in any number of counterparts, and by different
individuals on separate counterparts (provided each such individual has the authority to enter into
agreements and bind his or her respective party), each of which counterparts, taken together, shall
constitute but one and the same instrument.

Initial

____Bank ____Company

 

Page 20 of 23

 

SECTION 6.13 — Forum Selection

To the maximum extent permitted by applicable law, each Party to this Agreement hereby
irrevocably agrees that any legal action or proceeding arising out of or concerning this Agreement
or any agreements to Transactions contemplated hereby, including tort claims, may be brought only
in the courts of the State of Texas or of the United States of America for the District of Texas,
Dallas Division and hereby expressly submits to the personal jurisdiction and the venue of those
courts for the purposes thereof and expressly waives any claim of improper venue and any claim that
those courts are an inconvenient forum. To the maximum extent permitted by applicable law, each
Party hereby irrevocably consents to the service of process by the mailing of copies thereof by
registered or certified mail, postage prepaid, to the address referenced in Section 6.8 hereof, and
to that service becoming effective five (5) days after that mailing.

SECTION 6.14 — Attorneys’ Fees

If any action at law, or in equity, or any arbitration is necessary to enforce the terms of
this Agreement, the substantially prevailing party shall be entitled to reasonable attorneys’ fees,
costs and expenses in addition to any other relief to which such prevailing party may be entitled.
Bank is entitled to all reasonable attorneys’ fees and other expenses incurred by reason of a
judicially determined default of Company.

SECTION 6.15 — Headings

The descriptive headings of this Agreement have been inserted for convenience only and shall
not be deemed to limit or otherwise affect the construction of any provision hereof.

SECTION 6.16 — Waiver

None of the provisions of this Agreement shall be deemed to have been waived by any act or
acquiescence on the part of either Party, their agents or employees, and may be waived only by
instruments in writing signed by an authorized officer of the respective Party. No waiver of any
provision or of the same provision on any occasion shall operate as a waiver on another occasion.

SECTION 6.17 — Assignment

Neither party may assign this Agreement without the prior written consent of the other party,
which consent shall not be unreasonably withheld; provided, however, the Bank shall be
automatically permitted to assign this Agreement to an affiliate or successor entity upon written
notice to Company provided that such assignee of Bank is capable of performing the duties and
obligations of Bank hereunder and Bank remains principally responsible for the acts and omissions
of such assignee.

SECTION 6.18 — Agreement Applies to Specific Terminals/Approval of Processor

(a) Notice of Proposed Processor. Company shall provide Bank with not less than thirty (30)
days advance written notice of its intent to use or change a Designated Processor or a TPP on a
Terminal by Terminal basis.

(b) Individual Terminals Approved. The deployment of Terminals under this Agreement shall
occur on an individual Terminal basis. In other words, Bank does not become the sponsor of
Transactions conducted on a particular Terminal until such time as Bank has approved the Processor,
completed due diligence and notified the Networks of Bank’s intent to sponsor the Terminal with the
Processor and the Processor has changed the bank identifier numbers in the Terminal transactional
record for transactions conducted at such Terminal, to reflect Bank as the sponsor.

(c) Company or Affiliate as Processor. If Company is providing its own Processing Services or
if an Affiliate of Company is the Processor, the Company or Affiliate, as applicable, shall also
execute the Third Party Processor (TPP) Registration Agreement with Bank as well as the Company or
Affiliate as Processor Addendum thereto which adds additional duties and obligations on the
Processor.

Initial

____Bank ____Company

 

Page 21 of 23

 

Executed to be effective as of the date and year first above written.

	 	 	 	 	 
	 	AMERICAN STATE BANK

 	 
	 	By:  	/s/ Jamie Bigley
 	 
	 	 	Name and Title: Jamie Bigley, VP 	 
	 	 
Date: 2-11-11 	 
	 
	 	GLOBAL CASH ACCESS, INC.

 	 
	 	By:  	/s/ Scott Betts
 	 
	 	 	Name and Title: Scott Betts, CEO/President 	 
	 	 
Date: 2-8-11 	 

Initial

____Bank ____Company

 

Page 22 of 23

 

SCHEDULE A

Fees

Fees Required

	 	A.	 	Application Fee, Due Diligence, On-site Inspection, Pin
Security Review, Implementation — [***]

	 	B.	 	Minimum Monthly Fee — [***]

	 	C.	 	Transaction Fees —  [***] times all transactions

	 	D.	 	Network Fees for ISO Registration (required with application)

	 	i.	 	__STAR  — [***] Registration Fee*, [***] Annual Fee

	 	ii.	 	__PULSE —  [***] Registration Fee, [***] Annual Fee

	 	iii.	 	__Visa/Interlink/Plus —  [***] Registration Fee*, [***] each bank

	 	iv.	 	__MasterCard/Maestro/Cirrus — [***] Registration Fee,
[***] Annual Fee each bank

	 	v.	 	__NYCE — Registration fee waved — [***]
monthly fee

	 	vi.	 	__Shazam — No registration fee

	 	vii.	 	__AFFN — No registration fee — Check with
your processor for any other fees and charges.

	 	viii.	 	__ACCEL/Exchange — Registration Fee Various

	*	 	 	Mandatory Class Requirement
	 
	Note:	 	 	It is the ISOs responsibility to check with their appropriate
processor(s) for any processor registration cost that may exist.

	 	E.	 	Any State or City ATM Fees

	 	F.	 	Annual Due Diligence Fee [***], and on site inspection
expensesexv4w2

Exhibit 4.2

SUPPLEMENTAL INDENTURE NO. 5

by and between

HEALTH CARE REIT, INC.

and

THE BANK OF NEW YORK MELLON TRUST COMPANY, N.A.

As of March 14, 2011

SUPPLEMENTAL TO THE INDENTURE DATED AS OF MARCH 15, 2010

 

HEALTH CARE REIT, INC.

3.625% Senior Notes due 2016

5.250% Senior Notes due 2022

6.500% Senior Notes due 2041

 

 

     This SUPPLEMENTAL INDENTURE NO. 5 (this “Supplemental Indenture”) is made and entered into as
of March 14, 2011 between HEALTH CARE REIT, INC., a Delaware corporation (the “Company”), and THE
BANK OF NEW YORK MELLON TRUST COMPANY, N.A., a national banking association duly organized and
existing under the laws of the United States of America, as Trustee (the “Trustee”).

WITNESSETH THAT:

     WHEREAS, the Company and the Trustee have executed and delivered an Indenture, dated as of
March 15, 2010 (as amended, supplemented or otherwise modified from time to time, the “Base
Indenture” and, together with this Supplemental Indenture, as amended, supplemented or otherwise
modified from time to time, the “Indenture”) to provide for the future issuance of the Company’s
senior debt securities (the “Securities”) to be issued from time to time in one or more series; and

     WHEREAS, pursuant to the terms of the Base Indenture, the Company desires to provide for the
establishment of each of three new series of its Securities, to be known respectively as its 3.625%
Senior Notes due 2016, its 5.250% Senior Notes due 2022 and its 6.500% Senior Notes due 2041, the
form and substance of such Securities and the terms, provisions and conditions thereof to be set
forth as provided in the Indenture;

     NOW, THEREFORE, THIS SUPPLEMENTAL INDENTURE WITNESSETH:

ARTICLE 1

DEFINED TERMS

     Section 1.1 The following definitions supplement, and, to the extent inconsistent
with, replace the definitions in Section 101 of the Base Indenture:

     “Acquisition Termination Date” means August 28, 2011; provided, however, in the event that, as
of such Acquisition Termination Date, the conditions to Closing (as defined in the Purchase
Agreement) set forth in Section 7.4 or Section 8.3 of the Purchase Agreement have not been
satisfied but remain capable of satisfaction and each of the other conditions to Closing set forth
in Article VII and Article VIII of the Purchase Agreement have been satisfied, waived or remain
capable of satisfaction, then either the Company or FC-GEN Investment, LLC may, by written notice
to the other, extend such Acquisition Termination Date until November 28, 2011; provided further,
however, that if the Purchase Agreement is terminated in accordance with its terms, the Acquisition
Termination Date shall be the date the Purchase Agreement is terminated.

     “Business Day” means any day other than a Saturday or Sunday or a day on which banking
institutions in the City of New York are required or authorized to close.

     “Capital Lease” means at any time any lease of property, real or personal, which, in
accordance with GAAP, would at such time be required to be capitalized on a balance sheet of the
lessee.

 

 

     “Capitalized Lease Obligations” means, as to any Person, the obligations of such Person to pay
rent or other amounts under a lease of (or other agreement conveying the right to use) real and/or
personal property which obligations are required to be classified and accounted for as a Capital
Lease on a balance sheet of such Person under GAAP.

     “Cash” means as to any Person, such Person’s cash and cash equivalents, as defined in
accordance with GAAP consistently applied.

     “DTC” means The Depository Trust Company located at 55 Water Street, 1SL, New York, New York,
10041-0099.

     “EBITDA” means for any period, with respect to the Company and its subsidiaries on a
consolidated basis, determined in accordance with GAAP, 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 and (d) all accrued taxes on or measured by income to the extent included in the
determination of such net income (or net loss); provided, however, that net income (or net loss)
shall be computed without giving effect to extraordinary losses or gains.

     “Funded Indebtedness” means as of any date of determination thereof, (i) all Indebtedness of
any Person, determined in accordance with GAAP, 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.

     “GAAP” means generally accepted accounting principles.

     “Global Notes” has the meaning specified in Section 2.1(a) of this Supplemental Indenture.

     “Indebtedness” means, with respect to any Person, all: (a) liabilities or obligations, direct
and contingent, which in accordance with GAAP would be included in determining total liabilities as
shown on the liability side of a balance sheet of such Person at the date as of which Indebtedness
is to be determined, including, without limitation, contingent liabilities that in accordance with
such principles, would be set forth in a specific dollar amount on the liability side of such
balance sheet, and Capitalized Lease Obligations of such Person; (b) liabilities or obligations of
others for which such Person is directly or indirectly liable, by way of guaranty (whether by
direct guaranty, suretyship, discount, endorsement, take-or-pay agreement, agreement to purchase or
advance or keep in funds or other agreement having the effect of a guaranty) or otherwise; (c)
liabilities or obligations secured by Liens on any assets of such Person, whether or not such
liabilities or obligations shall have been assumed by it; and (d) liabilities or obligations of
such Person, direct or contingent, with respect to letters of credit issued for the account of such
Person and bankers acceptances created for such Person.

     “Interest Coverage” means as of the last day of any fiscal quarter, the quotient, expressed as
a percentage (which may be in excess of 100%), determined by dividing EBITDA by Interest

2

 

Expense; all of the foregoing calculated by reference to the immediately preceding four fiscal
quarters of the Company ending on such date of determination.

     “Interest Expense” means for any period, on a combined basis, the sum of all interest paid or
payable (excluding unamortized debt issuance costs) on all items of Indebtedness of the Company
outstanding at any time during such period.

     “Interest Payment Date” with respect to the Notes is defined in Section 101 of the Base
Indenture and Section 2.1(b) of this Supplemental Indenture.

     “Lien” means any mortgage, deed of trust, pledge, security interest, encumbrance, lien, claim
or charge of any kind (including any agreement to give any of the foregoing), any conditional sale
or other title retention agreement, any lease in the nature of any of the foregoing, and the filing
of or agreement to give any financing statement under the Uniform Commercial Code of any
jurisdiction.

     “Make-Whole Amount” means, in connection with any optional redemption or accelerated payment
of any Notes, the excess, if any, of (i) the aggregate present value as of the date of such
redemption or accelerated payment of each dollar of principal being redeemed or paid and the amount
of interest (exclusive of interest accrued to the date of redemption or accelerated payment) that
would have been payable in respect of each such dollar if such redemption or accelerated payment
had not been made, determined by discounting, on a semi-annual basis, such principal and interest
at the Reinvestment Rate (determined on the third Business Day preceding the date such notice of
redemption is given or declaration of acceleration is made) from the respective dates on which such
principal and interest would have been payable if such redemption or accelerated payment had not
been made, over (ii) the aggregate principal amount of the Notes being redeemed or paid.

     “Notes” means the Company’s 3.625% Senior Notes due 2016 (the “2016 Notes”), 5.250% Senior
Notes due 2022 (the “2022 Notes”) and 6.500% Senior Notes due 2041 (the “2041 Notes”) each issued
under the Indenture as a separate series. For the purposes of this Supplemental Indenture, unless
otherwise specified herein, references to the “Notes” shall be deemed to refer to each series of
Notes separately, and not to the 2016 Notes, the 2022 Notes and the 2041 Notes on any collective
basis.

     “Purchase Agreement” means that certain equity purchase agreement, dated February 28, 2011, by
and among the Company, FC-GEN Investment, LLC and FC-GEN Operations Investment, LLC.

     “Regular Record Date” with respect to the Notes is defined in Section 101 of the Base
Indenture and Section 2.1(b) of this Supplemental Indenture.

     “Reinvestment Rate” means 0.25% in the case of the 2016 Notes, 0.30% in the case of the 2022
Notes and 0.35% in the case of the 2041 Notes, plus, in each case, the arithmetic mean of the
yields under the respective heading “Week Ending” published in the most recent Statistical Release
under the caption “Treasury Constant Maturities” for the maturity (rounded to the

3

 

nearest month) corresponding to the remaining life to maturity, as of the payment date of the
principal being redeemed or paid. If no maturity exactly corresponds to such maturity, yields for
the two published maturities most closely corresponding to such maturity shall be calculated
pursuant to the immediately preceding sentence and the Reinvestment Rate shall be interpolated or
extrapolated from such yields on a straight-line basis, rounding in each of such relevant periods
to the nearest month. For the purpose of calculating the Reinvestment Rate, the most recent
Statistical Release published prior to the date of determination of the Make-Whole Amount shall be
used.

     “Senior Debt” means all Indebtedness other than Subordinated Debt.

     “Special Mandatory Redemption” has the meaning specified in Section 2.1(e) of this
Supplemental Indenture.

     “Special Mandatory Redemption Date” means the date which is 20 business days after the
Acquisition Termination Date.

     “Special Mandatory Redemption Price” means 101% of the aggregate principal amount of the Notes
together with accrued and unpaid interest to but excluding the Special Mandatory Redemption Date.

     “Statistical Release” means that statistical release designated “H.15(519)” or any successor
publication that is published weekly by the Federal Reserve System and that establishes yields on
actively traded United States government securities adjusted to constant maturities, or, if such
statistical release is not published at the time of any determination under the Indenture, then
such other reasonably comparable index that shall be designated by the Company.

     “Subordinated Debt” means any unsecured Indebtedness of the Company which is issued or assumed
pursuant to, or evidenced by, an indenture or other instrument which contains provisions for the
subordination of such other Indebtedness (to which appropriate reference shall be made in the
instruments evidencing such other Indebtedness if not contained therein) to the Notes (and, at the
option of the Company, if so provided, to other Indebtedness of the Company, either generally or as
specifically designated).

     “Subsidiary” means any corporation or other entity of which a majority of (i) the voting power
of the voting equity securities or (ii) the outstanding equity interests of which are owned,
directly or indirectly, by the Company or one or more other Subsidiaries of the Company. For the
purposes of this definition, “voting equity securities” means equity securities having voting power
for the election of directors or similar functionaries, whether at all times or only so long as no
senior class of security has such voting power by reason of any contingency.

     “Total Assets” means on any date, the consolidated total assets of the Company and its
Subsidiaries, as such amount would appear on a consolidated balance sheet of the Company prepared
as of such date in accordance with GAAP.

4

 

     “Total Unencumbered Assets” means on any date, net real estate investments (valued on a book
basis) of the Company and its Subsidiaries that are not subject to any Lien which secures
indebtedness for borrowed money of any of the Company and its Subsidiaries plus, without
duplication, loan loss reserves relating thereto, accumulated depreciation thereon plus Cash, as
all such amounts would appear on a consolidated balance sheet of the Company prepared as of such
date in accordance with GAAP; provided, however, that “Total Unencumbered Assets” does not include
net real estate investments under unconsolidated joint ventures of the Company and its
Subsidiaries.

     “Unsecured Debt” means Funded Indebtedness less Indebtedness secured by Liens on the property
or assets of the Company and its Subsidiaries.

ARTICLE 2

TERMS OF THE NOTES

     Section 2.1 Pursuant to Section 301 of the Indenture, the Notes shall have the
following terms and conditions:

     (a) Title; Aggregate Principal Amount; Form of Notes. The Notes shall be Registered
Securities under the Indenture each as a separate series, and shall be known respectively as the
Company’s “3.625% Senior Notes due 2016,” “5.250% Senior Notes due 2022” and “6.500% Senior Notes
due 2041.” The 2016 Notes will be limited to an aggregate principal amount of $400,000,000, the
2022 Notes will be limited to an aggregate principal amount of $600,000,000 and the 2041 Notes will
be limited to an aggregate principal amount of $400,000,000. Each series shall be subject to the
right of the Company to reopen such series for issuances of additional securities of such series
and except (i) as provided in this Section and (ii) for Securities authenticated and delivered upon
registration of transfer of, or in exchange for, or in lieu of, other Securities of the series
pursuant to Section 304, 305, 306, 906 or 1107 of the Indenture and except for any Securities
which, pursuant to Section 303 of the Indenture, are deemed never to have been authenticated and
delivered hereunder. The 2016 Notes (together with the Trustee’s certificate of authentication)
shall be substantially in the form of Exhibit A hereto, the 2022 Notes (together with the Trustee’s
certificate of authentication) shall be substantially in the form of Exhibit B hereto and the 2041
Notes (together with the Trustee’s certificate of authentication) shall be substantially in the
form of Exhibit C hereto, each of which is hereby incorporated in and made a part of this
Supplemental Indenture.

     The Notes will be issued in the form of one or more registered global securities without
coupons (“Global Notes”) that will be deposited with, or on behalf of, The Depository Trust Company
(“DTC”), and registered in the name of DTC’s nominee, Cede & Co. Except under the circumstance
described below, the Notes will not be issuable in definitive form. Unless and until it is
exchanged in whole or in part for the individual notes represented thereby, a Global Note may not
be transferred except as a whole by DTC to a nominee of DTC or by a nominee of DTC to DTC or
another nominee of DTC or by DTC or any nominee of DTC to a successor depositary or any nominee of
such successor.

5

 

     So long as DTC or its nominee is the registered owner of a Global Note, DTC or such nominee,
as the case may be, will be considered the sole owner or holder of the Notes represented by such
Global Note for all purposes under this Supplemental Indenture. Except as described below, owners
of beneficial interest in Notes evidenced by a Global Note will not be entitled to have any of the
individual Notes represented by such Global Note registered in their names, will not receive or be
entitled to receive physical delivery of any such Notes in definitive form and will not be
considered the owners or holders thereof under the Indenture or this Supplemental Indenture.

     If DTC is at any time unwilling, unable or ineligible to continue as depositary and a
successor depositary is not appointed by the Company within 90 days, the Company will issue
individual Notes in exchange for the Global Note or Global Notes representing such Notes. In
addition, the Company may at any time and in its sole discretion, subject to certain limitations
set forth in the Indenture, determine not to have any of such Notes represented by one or more
Global Notes and, in such event, will issue individual Notes in exchange for the Global Note or
Global Notes representing the Notes. Individual Notes so issued will be issued in minimum
denominations of $2,000 and integral multiples of $1,000.

     (b) Interest and Interest Rate.

     (i) The 2016 Notes will bear interest at a rate of 3.625% per annum, from March 14,
2011 (or, in the case of 2016 Notes issued upon the reopening of this series, from the date
designated by the Company in connection with such reopening) or from the immediately
preceding 2016 Notes Interest Payment Date to which interest has been paid or duly provided
for, payable semiannually in arrears on each March 15 and September 15, commencing September
15, 2011 (each of which shall be a “2016 Notes Interest Payment Date”), to the Persons in
whose names the 2016 Notes are registered in the Security Register at the close of business
on March 1 or September 1, as the case may be (whether or not a Business Day), next
preceding such 2016 Notes Interest Payment Date (each, a “2016 Notes Regular Record Date”).

     (ii) The 2022 Notes will bear interest at a rate of 5.250% per annum, from March 14,
2011 (or, in the case of 2022 Notes issued upon the reopening of this series, from the date
designated by the Company in connection with such reopening) or from the immediately
preceding 2022 Interest Payment Date to which interest has been paid or duly provided for,
payable semiannually in arrears on each January 15 and July 15, commencing July 15, 2011
(each of which shall be a “2022 Notes Interest Payment Date”), to the Persons in whose names
the 2022 Notes are registered in the Security Register at the close of business on January 1
or July 1, as the case may be (whether or not a Business Day), next preceding such 2022
Notes Interest Payment Date (each, a “2022 Notes Regular Record Date”).

     (iii) The 2041 Notes will bear interest at a rate of 6.500% per annum, from March 14,
2011 (or, in the case of 2041 Notes issued upon the reopening of this series, from the date
designated by the Company in connection with such reopening) or from the immediately
preceding 2041 Notes Interest Payment Date to which interest has been paid

6

 

or duly provided for, payable semiannually in arrears on each March 15 and September
15, commencing September 15, 2011 (each of which shall be a “2041 Notes Interest Payment
Date”), to the Persons in whose names the 2041 Notes are registered in the Security Register
at the close of business on March 1 or September 1, as the case may be (whether or not a
Business Day), next preceding such 2041 Notes Interest Payment Date (each, a “2041 Notes
Regular Record Date”).

     (iv) For purposes of this Supplemental Indenture and the Notes, references herein or
therein to (A) an “Interest Payment Date” shall be deemed to refer to the applicable 2016
Notes Interest Payment Date, 2022 Notes Interest Payment Date or 2041 Interest Payment Date,
as the context so requires; and (B) a “Regular Record Date” shall be deemed to refer to the
applicable 2016 Notes Regular Record Date, 2022 Notes Regular Record Date or 2041 Notes
Regular Record Date, as the context so requires.

     (c) Principal Repayment; Currency. The 2016 Notes will mature on March 15, 2016, the
2022 Notes will mature on January 15, 2022 and the 2041 Notes will mature on March 15, 2041;
provided, however, the Notes may be earlier redeemed at the option of the Company as provided in
paragraph (d) below. The principal of each Note payable on its maturity date shall be paid against
presentation and surrender thereof to Corporate Trust Operations of the Trustee, located at 111
Sanders Creek Parkway, East Syracuse, NY 13057, in such coin or currency of the United States of
America as at the time of payment is legal tender for the payment of public or private debts.

     (d) Redemption at the Option of the Company. The Notes will be subject to redemption
at any time at the option of the Company, in whole or in part, upon not less than 30 nor more than
60 days’ notice to each Holder of Notes to be redeemed at its address appearing in the Security
Register. If the Notes are redeemed, the redemption price will equal the sum of (i) the principal
amount of the Notes (or portion of such Notes) being redeemed, plus accrued and unpaid interest
thereon to but excluding the applicable Redemption Date, plus (ii) the Make-Whole Amount, if any;
provided, however, that if the 2022 Notes are redeemed 90 days or fewer prior to their maturity
date, the redemption price will equal 100% of the principal amount of the 2022 Notes (or portion of
such Notes) being redeemed plus accrued and unpaid interest thereon to but excluding the Redemption
Date; provided further, however, that if the 2041 Notes are redeemed 180 days or fewer prior to
their maturity date, the redemption price will equal 100% of the principal amount of the 2041 Notes
(or portion of such Notes) being redeemed plus accrued and unpaid interest thereon to but excluding
the Redemption Date.

     (e) Special Mandatory Redemption. If, for any reason, the acquisition contemplated by
the Purchase Agreement is not completed on or prior to the Acquisition Termination Date, the
Company will be required to redeem the Notes on the Special Mandatory Redemption Date at the
Special Mandatory Redemption Price (a “Special Mandatory Redemption”).

     Notice of a Special Mandatory Redemption will be mailed, with a copy to the Trustee, promptly
after the occurrence of the event triggering such redemption to each holder of Notes at its
registered address. If funds sufficient to pay the Special Mandatory Redemption Price of all of the
Notes to be redeemed on the Special Mandatory Redemption Date are deposited with the

7

 

Trustee, in its capacity as paying agent, on or before such Special Mandatory Redemption Date,
on and after such Special Mandatory Redemption Date, the Notes will cease to bear interest and,
other than the right to receive the Special Mandatory Redemption Price, all rights under the Notes
shall terminate.

     (f) Notices. All notices and other communications hereunder shall be in writing and
shall be deemed to have been duly given if mailed or transmitted by facsimile. Notices to the
Company shall be directed to it at 4500 Dorr Street, Toledo, Ohio 43615, Attention: General
Counsel; notices to the Trustee shall be directed to it at The Bank of New York Mellon Trust
Company, N.A., 525 Vine St., Suite 900, Cincinnati, Ohio 45202, Attention: Corporate Trust
Administration, Re: Health Care REIT, Inc. 3.625% Senior Notes due 2016, 5.250% Senior Notes due
2022 and/or 6.500% Senior Notes due 2041 (as applicable); or as to either party, at such other
address as shall be designated by such party in a written notice to the other party.

     (g) Global Note Legend. Each Global Note shall bear the following legend on the face
thereof:

UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST
COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO. OR IN SUCH OTHER NAME AS IS 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.

     (h) Applicability of Discharge, Defeasance and Covenant Defeasance Provisions. The
Discharge, Defeasance and Covenant Defeasance provisions in Article Thirteen of the Indenture will
apply to the Notes.

ARTICLE 3

ADDITIONAL COVENANTS

     Section 3.1 Holders of the Notes shall have the benefit of the following covenants, in
addition to the covenants of the Company set forth in Articles Eight and Ten of the Indenture:

     (a) The Company will not pledge or otherwise subject to any Lien, any property or assets of
the Company or its Subsidiaries unless the Notes are secured by such pledge or Lien equally and
ratably with all other obligations secured thereby so long as such obligations shall be so secured;
provided, however, that such restriction shall not apply to the following:

8

 

     (i) Liens securing obligations that 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;

     (ii) Pledges or deposits by the Company or its Subsidiaries under workers’
compensation laws, unemployment insurance laws, social security laws, or similar
legislation, or good faith deposits in connection with bids, tenders, contracts (other than
for the payment of Indebtedness of the Company or its Subsidiaries), or leases to which the
Company or any of its Subsidiaries is a party, or deposits to secure public or statutory
obligations of the Company or its Subsidiaries or deposits of cash or United States
Government Bonds to secure surety, appeal, performance or other similar bonds to which the
Company or any of its Subsidiaries is a party, or deposits as security for contested taxes
or import duties or for the payment of rent;

     (iii) Liens imposed by law, such as carriers’, warehousemen’s, materialmen’s and
mechanics’ liens, or Liens arising out of judgments or awards against the Company or any of
its Subsidiaries which the Company or such Subsidiary at the time shall be currently
prosecuting an appeal or proceeding for review;

     (iv) Liens for taxes not yet subject to penalties for non-payment and Liens for taxes
the payment of which is being contested in good faith and by appropriate proceedings;

     (v) Minor survey exceptions, minor encumbrances, easements or reservations of, or
rights of, others for rights of way, highways and railroad crossings, sewers, electric
lines, telegraph and telephone lines and other similar purposes, or zoning or other
restrictions as to the use of real properties;

     (vi) Liens incidental to the conduct of the business of the Company or any Subsidiary
or to the ownership of their respective properties that were not incurred in connection with
Indebtedness of the Company or such Subsidiary, all of which Liens referred to in this
clause (vi) do not in the aggregate materially impair the value of the properties to which
they relate or materially impair their use in the operation of the business taken as a whole
of the Company and its Subsidiaries, and as to all of the foregoing referenced in clauses
(ii) through (vi), only to the extent arising and continuing in the ordinary course of
business;

9

 

     (vii) Purchase money Liens on property acquired or held by the Company or its
Subsidiaries in the ordinary course of business, securing Indebtedness incurred or assumed
for the purpose of financing all or any part of the cost of such property; provided,
however, that (A) any such Lien attaches concurrently with or within 20 days after the
acquisition thereof, (B) such Lien attaches solely to the property so acquired in such
transaction, (C) the principal amount of the Indebtedness secured thereby does not exceed
100% of the cost of such property and (D) the aggregate amount of all such Indebtedness on a
consolidated basis for the Company and its Subsidiaries shall not at any time exceed
$1,000,000;

     (viii) Liens existing on the Company’s balance sheet as of December 31, 2001; and

     (ix) 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 (ii)
through (viii) 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 Lien so
extended, renewed or replaced (plus improvements on such property).

     (b) 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.

     (c) The Company will have or maintain, on a consolidated basis, as of the last day of each of
the Company’s fiscal quarters, Interest Coverage of not less than 150%.

     (d) The Company will maintain, as of the last day of each of the Company’s fiscal quarters
and at all times, 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.

10

 

     (e) For purposes of this Section 3, Indebtedness and Debt shall be deemed to be “incurred” by
the Company or a Subsidiary whenever the Company or such Subsidiary shall create, assume, guarantee
or otherwise become liable in respect thereof.

ARTICLE 4

ADDITIONAL EVENTS OF DEFAULT

     Section 4.1 For purposes of this Supplemental Indenture and the Notes, in addition to
the Events of Default set forth in Section 501 of the Indenture, each of the following also shall
constitute an “Event of Default:”

     (a) default in the payment of the principal of or any premium on the Notes at Maturity;

     (b) there shall occur a default under any bond, debenture, note or other evidence of
indebtedness of the Company, or under any mortgage, indenture or other instrument of the Company
(including a default with respect to Securities of any series other than that series) under which
there may be issued or by which there may be secured any indebtedness of the Company (or by any
Subsidiary, the repayment of which the Company has guaranteed or for which the Company is directly
responsible or liable as obligor or guarantor), whether such indebtedness now exists or shall
hereafter be created, which default shall constitute a failure to pay an aggregate principal amount
exceeding $10,000,000 of such indebtedness when due and payable after the expiration of any
applicable grace period with respect thereto and shall have resulted in such indebtedness in an
aggregate principal amount exceeding $10,000,000 becoming or being declared due and payable prior
to the date on which it would otherwise have become due and payable, without such indebtedness
having been discharged, or such acceleration having been rescinded or annulled, within a period of
10 days after there shall have been given, by first class mail, to the Company by the Trustee or to
the Company and the Trustee by the Holders of at least a majority in principal amount of the
Outstanding Notes a written notice specifying such default and requiring the Company to cause such
indebtedness to be discharged or cause such acceleration to be rescinded or annulled and stating
that such notice is a “Notice of Default” under the Indenture; and

     (c) the entry by a court of competent jurisdiction of one or more judgments, orders or
decrees against the Company or any of its Subsidiaries in an aggregate amount (excluding amounts
covered by insurance) in excess of $10,000,000 and such judgments, orders or decrees remain
undischarged, unstayed and unsatisfied in an aggregate amount (excluding amounts covered by
insurance) in excess of $10,000,000 for a period of 30 consecutive days.

     Section 4.2 Notwithstanding any provisions to the contrary in the Indenture, upon the
acceleration of the Notes in accordance with Section 502 of the Indenture, the amount immediately
due and payable in respect of the Notes shall equal the Outstanding principal amount thereof, plus
accrued and unpaid interest, plus the Make-Whole Amount.

11

 

ARTICLE 5

EFFECTIVENESS

     Section 5.1 This Supplemental Indenture shall be effective for all purposes as of the
date and time this Supplemental Indenture has been executed and delivered by the Company and the
Trustee in accordance with Article Nine of the Indenture. As supplemented hereby, the Indenture is
hereby confirmed as being in full force and effect.

ARTICLE 6

NOTICE TO TRUSTEE

     Section 6.1 Notwithstanding anything to the contrary in the Indenture including,
without limitation, Section 1102 thereof, in connection with the redemption at the election of the
Company of less than all the Notes, the Company shall notify the Trustee of the establishment of a
Redemption Date and the principal amount of Notes to be redeemed at least 60 days prior to such
Redemption Date unless a shorter period shall be satisfactory to the Trustee.

ARTICLE 7

MISCELLANEOUS

     Section 7.1 In the event any provision of this Supplemental Indenture shall be held
invalid or unenforceable by any court of competent jurisdiction, such holding shall not invalidate
or render unenforceable any other provision hereof or any provision of the Indenture.

     Section 7.2 To the extent that any terms of this Supplemental Indenture or the Notes
are inconsistent with the terms of the Indenture, the terms of this Supplemental Indenture or the
Notes shall govern and supersede such inconsistent terms.

     Section 7.3 This Supplemental Indenture shall be governed by and construed in
accordance with the laws of the State of New York.

     Section 7.4 This Supplemental Indenture may be executed in several counterparts, each
of which shall be an original and all of which shall constitute but one and the same instrument.

12

 

     IN WITNESS WHEREOF, the Company and the Trustee have caused this Supplemental Indenture to be
executed in their respective corporate names as of the date first above written.

	 	 	 	 	 
	 	HEALTH CARE REIT, INC.

 	 
	 	By:  	/s/ Michael A. Crabtree
 	 
	 	Name:  	Michael A. Crabtree 	 
	 	Title:  	Senior Vice President and Treasurer 	 
	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A., as Trustee

 	 
	 	By:  	/s/ Christian J. Pastura
 	 
	 	Name:  	Christian J. Pastura 	 
	 	Title:  	Senior Associate 	 
	 

 

 

EXHIBIT A

FORM OF NOTE

[Form of Face of Security]

HEALTH CARE REIT, INC.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS 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.

3.625% Senior Notes due 2016

			
	 	 	 
	CUSIP No. 42217K AV8
	 	$400,000,000

     Health Care REIT, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company,” which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Four Hundred Million Dollars on March 15, 2016, and to pay
interest thereon from March 14, 2011, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on March 15 and September 15
in each year, commencing September 15, 2011 at the rate of 3.625% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the March 1 or
September 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (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 Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities

A-1

 

exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Company maintained for that purpose in the City of New York,
New York, or elsewhere as provided in the Indenture, 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.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against
any promoter, as such, or against any past, present or future shareholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of this Security by the Holder thereof and as part of the consideration
for the issue of the Securities of this series.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly executed under its
corporate seal.

HEALTH CARE REIT, INC.

	 	 	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

CERTIFICATE OF AUTHENTICATION

Dated:                                         

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

A-2

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A., as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

A-3

 

[Form of Reverse of Security]

     1. General. This Security is one of a duly authorized issue of securities of the
Company (herein called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of March 15, 2010 (as amended, supplemented or otherwise modified from time to
time, the “Base Indenture”), as supplemented by Supplemental Indenture No. 5, dated as of March 14,
2011, (as amended, supplemented or otherwise modified from time to time, the “Supplemental
Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture, the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt
and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof.

     2. Optional Redemption. The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days’ notice by mail, at any time or from time to time, as a
whole or in part, at the election of the Company. If the Securities are redeemed, the redemption
price will equal the sum of (i) the principal amount of the Securities (or portion of such
Securities) being redeemed, plus accrued and unpaid interest thereon to but excluding the
applicable Redemption Date, plus (ii) the Make-Whole Amount, if any.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     3. Special Mandatory Redemption. If, for any reason, the acquisition contemplated by
the Purchase Agreement is not completed on or prior to the Acquisition Termination Date, the
Company will be required to redeem the Securities on the Special Mandatory Redemption Date at the
Special Mandatory Redemption Price.

     Notice of a Special Mandatory Redemption will be mailed, with a copy to the Trustee, promptly
after the occurrence of the event triggering such redemption to each holder of Securities at its
registered address. If funds sufficient to pay the Special Mandatory Redemption Price of all of the
Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee,
in its capacity as paying agent, on or before such Special Mandatory Redemption Date, on and after
such Special Mandatory Redemption Date, the Securities will cease to bear interest and, other than
the right to receive the Special Mandatory Redemption Price, all rights under the Security shall
terminate.

     4. Defeasance. The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.

A-4

 

     5. Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture.

     6. Actions of Holders. 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 Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
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 Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than a majority in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

     7. Payments Not Impaired. No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Security
at the times, place and rate, and in the coin or currency, herein prescribed.

     8. Denominations, Transfer, Exchange. As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of
the Company in any place where the principal of and any premium and interest on this Security are
payable, 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 his attorney duly
authorized in writing, and thereupon one or more new Securities of this series

A-5

 

and of like tenor, of authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     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.

     9. Persons Deemed Owners. Prior to due presentment of this Security 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 Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

     10. Defined Terms. All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

     11. Governing Law. The Indenture and the Note shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be construed in accordance with
the laws of said state.

     12. CUSIP Number. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Securities as a convenience to the Holders of the Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be
placed only on the other identification numbers printed hereon.

A-6

 

[ASSIGNMENT FORM]

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 _______
	TEN ENT —

	 	as tenants by the entireties
	 	 	 	 	(Cust)           
      
               (Minor)
	JT TEN —

	 	as joint tenants with right
of survivorship and not as tenants in
common
	 	 	 	 	Under Uniform Gifts to Minors Act

___________

(State)

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

                                        

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)

and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

the within security and all rights thereunder, hereby irrevocably constituting and appointing
_____________________ Attorney to transfer said security on the books of the Company with full
power of substitution in the premises.

	 	 	 

	Dated:      
                
             
                   

	 	Signed:         
               
             
             
                 
                   
	 
	 	 
	 

	 	Notice: The signature to this assignment
must correspond with the name as it appears
upon the face of the within security in
every particular, without alteration or
enlargement or any change whatever.
	 
	 	 
	 

	 	Signature Guarantee*:       
             
      
             
             
        
	 
	 	 
	 

	 	* Participant in a recognized Signature
Guarantee Medallion Program (or other
signature guarantor acceptable to the
Trustee).

A-7

 

EXHIBIT B

FORM OF NOTE

[Form of Face of Security]

HEALTH CARE REIT, INC.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS 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.

5.250% Senior Notes due 2022

			
	 	 	 
	CUSIP No. 42217K AW6
	 	$600,000,000

     Health Care REIT, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company,” which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Six Hundred Million Dollars on January 15, 2022, and to
pay interest thereon from March 14, 2011, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on January 15 and July 15 in
each year, commencing July 15, 2011 at the rate of 5.250% per annum, until the principal hereof is
paid or made available for payment. The interest so payable, and punctually paid or duly provided
for, on any Interest Payment Date will, as provided in such Indenture, be paid to the Person in
whose name this Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest, which shall be the January 1 or July 1
(whether or not a Business Day), as the case may be, next preceding such Interest Payment Date.
Any such interest not so punctually paid or duly provided for will forthwith cease to be payable to
the Holder on such Regular Record Date and may either be paid to the Person in whose name this
Security (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 Holders of Securities of this series not less than 10 days prior to such
Special Record Date, or be paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities

B-1

 

of this series may be listed, and upon such notice as may be required by such exchange, all as more
fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Company maintained for that purpose in the City of New York,
New York, or elsewhere as provided in the Indenture, 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.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against
any promoter, as such, or against any past, present or future shareholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of this Security by the Holder thereof and as part of the consideration
for the issue of the Securities of this series.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly executed under its
corporate seal.

HEALTH CARE REIT, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

CERTIFICATE OF AUTHENTICATION

Dated:                                         

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

B-2

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A., as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

B-3

 

[Form of Reverse of Security]

     1. General. This Security is one of a duly authorized issue of securities of the
Company (herein called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of March 15, 2010 (as amended, supplemented or otherwise modified from time to
time, the “Base Indenture”), as supplemented by Supplemental Indenture No. 5, dated as of March 14,
2011, (as amended, supplemented or otherwise modified from time to time, the “Supplemental
Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture, the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt
and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof.

     2. Optional Redemption. The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days’ notice by mail, at any time or from time to time, as a
whole or in part, at the election of the Company. If the Securities are redeemed, the redemption
price will equal the sum of (i) the principal amount of the Securities (or portion of such
Securities) being redeemed, plus accrued and unpaid interest thereon to but excluding the
applicable Redemption Date, plus (ii) the Make-Whole Amount, if any; provided, however, that if the
Securities of this series are redeemed 90 days or fewer prior to their maturity date, the
redemption price will equal 100% of the principal amount of the Securities of this series (or
portion of such Securities) being redeemed plus accrued and unpaid interest thereon to but
excluding the Redemption Date.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     3. Special Mandatory Redemption. If, for any reason, the acquisition contemplated by
the Purchase Agreement is not completed on or prior to the Acquisition Termination Date, the
Company will be required to redeem the Securities on the Special Mandatory Redemption Date at the
Special Mandatory Redemption Price.

     Notice of a Special Mandatory Redemption will be mailed, with a copy to the Trustee, promptly
after the occurrence of the event triggering such redemption to each holder of Securities at its
registered address. If funds sufficient to pay the Special Mandatory Redemption Price of all of the
Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee,
in its capacity as paying agent, on or before such Special Mandatory Redemption Date, on and after
such Special Mandatory Redemption Date, the Securities will cease to bear interest and, other than
the right to receive the Special Mandatory Redemption Price, all rights under the Security shall
terminate.

B-4

 

     4. Defeasance. The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.

     5. Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture.

     6. Actions of Holders. 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 Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
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 Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than a majority in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

     7. Payments Not Impaired. No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Security
at the times, place and rate, and in the coin or currency, herein prescribed.

     8. Denominations, Transfer, Exchange. As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of
the Company in any place where the principal of and any premium and interest on this Security are

B-5

 

payable, 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 his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     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.

     9. Persons Deemed Owners. Prior to due presentment of this Security 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 Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

     10. Defined Terms. All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

     11. Governing Law. The Indenture and the Note shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be construed in accordance with
the laws of said state.

     12. CUSIP Number. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Securities as a convenience to the Holders of the Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be
placed only on the other identification numbers printed hereon.

B-6

 

[ASSIGNMENT FORM]

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 _______
	TEN ENT —

	 	as tenants by the entireties
	 	 	 	 	(Cust)         
    
            
     (Minor)
	JT TEN —

	 	as joint tenants with right
of survivorship and not as tenants in
common
	 	 	 	 	Under Uniform Gifts to Minors Act

___________

(State)

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

      
                
                  

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)

and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

the within security and all rights thereunder, hereby irrevocably constituting and appointing
_____________________ Attorney to transfer said security on the books of the Company with full
power of substitution in the premises.

	 	 	 

	Dated:      
                
             
                   

	 	Signed:         
               
             
             
                 
                   
	 
	 	 
	 

	 	Notice: The signature to this assignment
must correspond with the name as it appears
upon the face of the within security in
every particular, without alteration or
enlargement or any change whatever.
	 
	 	 
	 

	 	Signature Guarantee*:       
             
      
             
             
        
	 
	 	 
	 

	 	* Participant in a recognized Signature
Guarantee Medallion Program (or other
signature guarantor acceptable to the
Trustee).

B-7

 

EXHIBIT C

FORM OF NOTE

[Form of Face of Security]

HEALTH CARE REIT, INC.

     UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE
DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO ISSUER OR ITS AGENT FOR
REGISTRATION OF TRANSFER, EXCHANGE, OR PAYMENT, AND ANY CERTIFICATE ISSUED IS
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS 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.

6.500% Senior Notes due 2041

			
	 	 	 
	CUSIP No. 42217K AX4
	 	$400,000,000

     Health Care REIT, Inc., a corporation duly organized and existing under the laws of the State
of Delaware (herein called the “Company,” which term includes any successor Person under the
Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or
registered assigns, the principal sum of Four Hundred Million Dollars on March 15, 2041, and to pay
interest thereon from March 14, 2011, or from the most recent Interest Payment Date to which
interest has been paid or duly provided for, semi-annually in arrears on March 15 and September 15
in each year, commencing September 15, 2011 at the rate of 6.500% per annum, until the principal
hereof is paid or made available for payment. The interest so payable, and punctually paid or duly
provided for, on any Interest Payment Date will, as provided in such Indenture, be paid to the
Person in whose name this Security (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest, which shall be the March 1 or
September 1 (whether or not a Business Day), as the case may be, next preceding such Interest
Payment Date. Any such interest not so punctually paid or duly provided for will forthwith cease
to be payable to the Holder on such Regular Record Date and may either be paid to the Person in
whose name this Security (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 Holders of Securities of this series not less than 10
days prior to such Special Record Date, or be paid at any time in any other lawful manner not
inconsistent with the requirements of any securities

C-1

 

exchange on which the Securities of this series may be listed, and upon such notice as may be
required by such exchange, all as more fully provided in said Indenture.

     Payment of the principal of (and premium, if any) and any such interest on this Security will
be made at the office or agency of the Company maintained for that purpose in the City of New York,
New York, or elsewhere as provided in the Indenture, 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.

     Reference is hereby made to the further provisions of this Security set forth on the reverse
hereof, which further provisions shall for all purposes have the same effect as if set forth at
this place.

     No recourse under or upon any obligation, covenant or agreement contained in the Indenture or
in this Security, or because of any indebtedness evidenced hereby or thereby, shall be had against
any promoter, as such, or against any past, present or future shareholder, officer or director, as
such, of the Company or of any successor, either directly or through the Company or any successor,
under any rule of law, statute or constitutional provision or by the enforcement of any assessment
or by any legal or equitable proceeding or otherwise, all such liability being expressly waived and
released by the acceptance of this Security by the Holder thereof and as part of the consideration
for the issue of the Securities of this series.

     Unless the certificate of authentication hereon has been executed by the Trustee referred to
on the reverse hereof by manual signature, this Security shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

     In Witness Whereof, the Company has caused this instrument to be duly executed under its
corporate seal.

HEALTH CARE REIT, INC.

	 	 	 	 	 
	 	 	 
	 	By:  	
 	 
	 	Name:  	 	 
	 	Title:  	 	 
	 

CERTIFICATE OF AUTHENTICATION

Dated:                                         

     This is one of the Securities of the series designated therein referred to in the
within-mentioned Indenture.

C-2

 

	 	 	 	 	 
	 	THE BANK OF NEW YORK MELLON TRUST COMPANY, N. A., as Trustee

 	 
	 	By:  	
 	 
	 	 	Authorized Signatory 	 
	 	 	 	 
	 

C-3

 

[Form of Reverse of Security]

     1. General. This Security is one of a duly authorized issue of securities of the
Company (herein called the “Securities”), issued and to be issued in one or more series under an
Indenture, dated as of March 15, 2010 (as amended, supplemented or otherwise modified from time to
time, the “Base Indenture”), as supplemented by Supplemental Indenture No. 5, dated as of March 14,
2011, (as amended, supplemented or otherwise modified from time to time, the “Supplemental
Indenture” and the Base Indenture, as supplemented by such Supplemental Indenture, the
“Indenture”), between the Company and The Bank of New York Mellon Trust Company, N.A., as Trustee
(herein called the “Trustee,” which term includes any successor trustee under the Indenture), and
reference is hereby made to the Indenture for a statement of the respective rights, limitations of
rights, duties and immunities thereunder of the Company, the Trustee, the holders of Senior Debt
and the Holders of the Securities and of the terms upon which the Securities are, and are to be,
authenticated and delivered. This Security is one of the series designated on the face hereof.

     2. Optional Redemption. The Securities of this series are subject to redemption upon
not less than 30 nor more than 60 days’ notice by mail, at any time or from time to time, as a
whole or in part, at the election of the Company. If the Securities are redeemed, the redemption
price will equal the sum of (i) the principal amount of the Securities (or portion of such
Securities) being redeemed, plus accrued and unpaid interest thereon to but excluding the
applicable Redemption Date, plus (ii) the Make-Whole Amount, if any; provided, however, that if the
Securities of this series are redeemed 180 days or fewer prior to their maturity date, the
redemption price will equal 100% of the principal amount of the Securities of this series (or
portion of such Securities) being redeemed plus accrued and unpaid interest thereon to but
excluding the Redemption Date.

     In the event of redemption of this Security in part only, a new Security or Securities of this
series and of like tenor for the unredeemed portion hereof will be issued in the name of the Holder
hereof upon the cancellation hereof.

     3. Special Mandatory Redemption. If, for any reason, the acquisition contemplated by
the Purchase Agreement is not completed on or prior to the Acquisition Termination Date, the
Company will be required to redeem the Securities on the Special Mandatory Redemption Date at the
Special Mandatory Redemption Price.

     Notice of a Special Mandatory Redemption will be mailed, with a copy to the Trustee, promptly
after the occurrence of the event triggering such redemption to each holder of Securities at its
registered address. If funds sufficient to pay the Special Mandatory Redemption Price of all of the
Securities to be redeemed on the Special Mandatory Redemption Date are deposited with the Trustee,
in its capacity as paying agent, on or before such Special Mandatory Redemption Date, on and after
such Special Mandatory Redemption Date, the Securities will cease to bear interest and, other than
the right to receive the Special Mandatory Redemption Price, all rights under the Security shall
terminate.

C-4

 

     4. Defeasance. The Indenture contains provisions for defeasance at any time of the
entire indebtedness of this Security or certain restrictive covenants and Events of Default with
respect to this Security, in each case upon compliance with certain conditions set forth in the
Indenture.

     5. Defaults and Remedies. If an Event of Default with respect to Securities of this
series shall occur and be continuing, the principal of the Securities of this series may be
declared due and payable in the manner and with the effect provided in the Indenture.

     6. Actions of Holders. 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 Securities of each series to be affected under the Indenture
at any time by the Company and the Trustee with the consent of the Holders of a majority in
principal amount of the Securities at the time Outstanding of each series to be affected. The
Indenture also contains provisions permitting the Holders of specified percentages in principal
amount of the Securities of each series at the time Outstanding, on behalf of the Holders of all
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 Security shall be conclusive and binding upon such Holder and upon
all future Holders of this Security and of any Security issued upon the registration of transfer
hereof or in exchange therefor or in lieu hereof, whether or not notation of such consent or waiver
is made upon this Security.

     As provided in and subject to the provisions of the Indenture, the Holder of this Security
shall not have the right to institute any proceeding with respect to the Indenture or for the
appointment of a receiver or trustee or for any other remedy thereunder, unless such Holder shall
have previously given the Trustee written notice of a continuing Event of Default with respect to
the Securities of this series, the Holders of not less than a majority in principal amount of the
Securities of this series at the time Outstanding shall have made written request to the Trustee to
institute proceedings in respect of such Event of Default as Trustee and offered the Trustee
reasonable indemnity, and the Trustee shall not have received from the Holders of a majority in
principal amount of Securities of this series at the time Outstanding a direction inconsistent with
such request, and shall have failed to institute any such proceeding, for 60 days after receipt of
such notice, request and offer of indemnity. The foregoing shall not apply to any suit instituted
by the Holder of this Security for the enforcement of any payment of principal hereof or any
premium or interest hereon on or after the respective due dates expressed herein.

     7. Payments Not Impaired. No reference herein to the Indenture and no provision of
this Security or of the Indenture shall alter or impair the obligation of the Company, which is
absolute and unconditional, to pay the principal of and any premium and interest on this Security
at the times, place and rate, and in the coin or currency, herein prescribed.

     8. Denominations, Transfer, Exchange. As provided in the Indenture and subject to
certain limitations therein set forth, the transfer of this Security is registrable in the Security
Register, upon surrender of this Security for registration of transfer at the office or agency of
the Company in any place where the principal of and any premium and interest on this Security are

C-5

 

payable, 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 his attorney duly
authorized in writing, and thereupon one or more new Securities of this series and of like tenor,
of authorized denominations and for the same aggregate principal amount, will be issued to the
designated transferee or transferees.

     The Securities of this series are issuable only in registered form without coupons in minimum
denominations of $2,000 and any integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, Securities of this series are exchangeable for a
like aggregate principal amount of Securities of this series and of like tenor of a different
authorized denomination, as requested by the Holder surrendering the same.

     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.

     9. Persons Deemed Owners. Prior to due presentment of this Security 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 Security is registered as the owner hereof for all purposes, whether or
not this Security be overdue, and neither the Company, the Trustee nor any such agent shall be
affected by notice to the contrary.

     10. Defined Terms. All terms used in this Security which are defined in the Indenture
shall have the meanings assigned to them in the Indenture.

     11. Governing Law. The Indenture and the Note shall be deemed to be a contract made
under the laws of the State of New York, and for all purposes shall be construed in accordance with
the laws of said state.

     12. CUSIP Number. Pursuant to a recommendation promulgated by the Committee on Uniform
Security Identification Procedures, the Company has caused CUSIP numbers to be printed on the
Securities as a convenience to the Holders of the Securities. No representation is made as to the
correctness or accuracy of such CUSIP numbers as printed on the Securities, and reliance may be
placed only on the other identification numbers printed hereon.

C-6

 

[ASSIGNMENT FORM]

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  _______
	TEN ENT —
	 	as tenants by the entireties	 	 	 	 	(Cust)       
      
    
             (Minor)
	JT TEN —
	 	as joint tenants with right	 	 	 	 	Under Uniform Gifts to Minors Act

	 
	 	of survivorship and not as tenants in	 	 	 	 	___________	 
	 
	 	common	 	 	 	 	(State)

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

                                        

FOR VALUE RECEIVED, the undersigned registered holder hereby sell(s), assign(s)

and transfer(s) unto

 

PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING NUMBER OF ASSIGNEE

 

PLEASE PRINT OR TYPEWRITE NAME AND ADDRESS OF ASSIGNEE

the within security and all rights thereunder, hereby irrevocably constituting and appointing
_____________________ Attorney to transfer said security on the books of the Company with full
power of substitution in the premises.

	 	 	 

	Dated:      
                
             
                   

	 	Signed:         
               
             
             
                 
                   
	 	 	 
	 

	 	Notice: The signature to this assignment
must correspond with the name as it appears
upon the face of the within security in
every particular, without alteration or
enlargement or any change whatever.
	 	 	 
	 

	 	Signature Guarantee*:       
             
      
             
             
        
	 	 	 
	 

	 	* Participant in a recognized Signature
Guarantee Medallion Program (or other
signature guarantor acceptable to the
Trustee).

C-7

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