Document:

Form of Floating Rate Medium-Term Note

 Exhibit 4.4 
  

FLOATING RATE GLOBAL MEDIUM-TERM NOTE 
  
 The following legend is for inclusion only in Book-Entry Securities for which The Depository Trust Company serves as Depositary — Unless this
certificate is presented by an authorized representative of The Depository Trust Company, a New York corporation (“DTC”), to the Company 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. 
  
 The following legend is for inclusion only in Book-Entry Securities — UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN
PART FOR NOTES IN CERTIFICATED FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR
ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY. 
  

					
	 REGISTERED
	 	 	 	PRINCIPAL AMOUNT
	 No. FLR - 1
	 	CUSIP No. 42217J	 	$                    

  
 HEALTH CARE PROPERTY
INVESTORS, INC. 
 MEDIUM-TERM NOTE, SERIES F 
 (Floating Rate) 
  

					
			
	 INTEREST RATE BASIS OR BASES:
	 	 ORIGINAL ISSUE DATE:
	 	STATED MATURITY DATE:

  

			
	 If LIBOR (check one)
	  	 
	 LIBOR Reuters
	  	 ̈
	 Page:
	  	 
	 LIBOR Telerate
	  	 ̈
	 Page:
	  	 

  

					
			
	 INDEX MATURITY:
	 	 INITIAL INTEREST RATE:
	 	INTEREST PAYMENT PERIOD:
			
	 REGULAR RECORD DATES:
	 	 	 	 
			
	 SPREAD:
	 	 INITIAL INTEREST RESET
 DATE:
	 	INTEREST PAYMENT DATES:

  

					
			
	SPREAD MULTIPLIER:	 	 INTEREST RATE RESET
 PERIOD:
	 	INTEREST RESET DATES:
			
	 MAXIMUM INTEREST RATE:
	 	 MINIMUM INTEREST RATE:
	 	INITIAL REDEMPTION DATE:
			
	INITIAL REDEMPTION
PERCENTAGE:	 	 ANNUAL REDEMPTION

 PERCENTAGE REDUCTION:
	 	OPTIONAL REPAYMENT
DATE(S):

  
 CALCULATION AGENT: 
  

			
		
	 INTEREST CALCULATION
	  	DAY COUNT CONVENTION
	  ̈        Regular Floating Rate Note
	  	  ̈        Actual/360 for the period

	  ̈        Floating Rate/Fixed Rate
	  	   from                      to
                    

	   Fixed Rate Commencement Date:
	  	  ̈        Actual/Actual to the period

	   Fixed Interest Rate:
	  	   from                      to
                    

  

	 ̈	Inverse Floating Rate Note 

 Fixed Interest
Rate: 
  

			
		
	 ADDENDUM ATTACHED:
	  	 ORIGINAL ISSUE DISCOUNT:

	  ̈        Yes
	  	  ̈        Yes

	  ̈        No
	  	  ̈        No

	 	  	Total Amount of OID:
	 	  	Yield to Maturity:
	 	  	Initial Accrual Period:

  
 OTHER
PROVISIONS: 
  
 Each time the Company files a Pricing Supplement
with the Securities and Exchange Commission, the Pricing Supplement will govern the terms of the issuance of the Securities and the first two pages of this Floating Rate Global Medium-Term Note will be completed bearing the nine-digit CUSIP Number
and the principal amount issued. Such Pricing Supplement will be attached to this Floating Rate Global Medium-Term Note. 
  

 2 

 HEALTH CARE PROPERTY INVESTORS, INC., a Maryland corporation (“Issuer” or the
“Company,” which terms include any successor corporation under the Indenture hereinafter referred to), for value received, hereby promises to pay to Cede & Co., or registered assigns, the Principal Amount specified above on the Stated
Maturity Date specified above (except to the extent redeemed or repaid prior to the Stated Maturity Date), and to pay interest thereon, at a rate per annum equal to the Initial Interest Rate specified above until the Initial Interest Reset Date
specified above and thereafter at a rate per annum determined in accordance with the provisions hereof and any Addendum relating hereto, depending upon the Interest Rate Basis or Bases, if any, and such other terms specified above, until such
Principal Amount is paid or duly made available for payment. Reference herein to “this Note,” “hereof,” “herein” and comparable terms shall include an Addendum hereto if an Addendum is specified above. 
  
 The Company will pay interest monthly, quarterly, semiannually, annually or
such other period as specified above under “Interest Payment Period,” on each Interest Payment Date specified above, commencing on the first Interest Payment Date specified above next succeeding the Original Issue Date specified above, and
on the Stated Maturity Date or any Redemption Date or Optional Repayment Date (the date of each such Stated Maturity Date, Redemption Date and Optional Repayment Date and the date on which principal or an installment of principal is due and payable
by declaration of acceleration pursuant to the Indenture being referred to hereinafter as a “Maturity” with respect to principal payable on such date); provided, however, that if the Original Issue Date is between a record
date (as defined below) and the next succeeding Interest Payment Date, interest payments will commence on the Interest Payment Date immediately following the next succeeding record date; and provided, further, that if an Interest
Payment Date (other than an Interest Payment Date at Maturity) would fall on a day that is not a Business Day (as defined below), such Interest Payment Date shall be the following day that is a Business Day, except that in the case the Interest Rate
Basis is LIBOR, as indicated above, if such next Business Day falls in the next calendar month, such Interest Payment Date shall be the next preceding day that is a Business Day. 
  
 Except as provided above, interest payments will be made on the Interest Payment Dates shown above. Unless otherwise
specified above, the “record date” shall be the date 15 calendar days (whether or not a Business Day) prior to the applicable Interest Payment Date. Interest on this Note will accrue from and including the Original Issue Date specified
above, at the rates determined from time to time as specified herein, until the principal hereof has been paid or made available for payment. If the Maturity falls on a day which is not a Business Day as defined below, the payment due on such
Maturity will be paid on the next succeeding Business Day with the same force and effect as if made on such Maturity and no interest shall accrue with respect to such payment for the period from and after such Maturity. The interest so payable and
punctually paid or duly provided for on any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name this Note is registered at the close of business on the record date for such Interest Payment Date. Any such
interest which is payable, but not punctually paid or duly provided for on any Interest Payment Date (herein called “Defaulted Interest”), shall forthwith cease to be payable to the registered Holder on such record date, and may be paid to
the Person in whose name this Note is registered at the close of business on a Special Record Date (which shall be not more than 15 nor less than ten days prior to the date of payment of such Defaulted Interest) established by notice given by mail
by or on behalf of the 

  

 3 

 
Company to the Holder of this Note not less than ten days preceding such Special Record Date, all as more fully provided in the Indenture. 
  
 Payment of interest on this Note will be made at the office or agency of the
Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, 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 due other than at Maturity may be made by check mailed to the address of the Person entitled thereto as such address shall appear in the registry books of the
Company; and provided, further, that the payment of the principal of and interest on this Note on any Optional Repayment Date(s), if any, indicated above shall be made upon satisfaction of the provisions herein; and provided,
further, that AT THE OPTION OF THE COMPANY, the Holder of Notes with an aggregate principal amount of $10,000,000 or more will be entitled to receive payments of interest on this Note (other than at Maturity) by wire transfer of immediately
available funds if appropriate wire transfer instructions have been received in writing by the Trustee (as defined below) not less than 15 days prior to the applicable Interest Payment Date. Such wire instructions, upon receipt by the Trustee, shall
remain in effect until revoked by such Holder. 
  
 Payment of
principal or premium, if any, at the Maturity of this Note will be made in immediately available funds upon presentation of this Note at the office or agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The
City of New York, or at such other place as the Company may designate. Payment of interest due at Maturity will be made to the person to whom payment of the principal of this Note shall be made. 
  
 Unless the certificate of authentication hereon has been executed by or on
behalf of the Trustee under the Indenture, by the manual signature of one of its authorized signatories, this Note shall not be entitled to any benefit under the Indenture or be valid or obligatory for any purpose. This Note is one of a duly
authorized series of Securities (hereinafter called the “Securities”) of the Company designated as its Medium-Term Notes, Series F (the “Notes”). The Notes are issued and to be issued under an Indenture dated as of September 1,
1993 (herein called the “Indenture”) between the Company and The Bank of New York, a corporation incorporated under the laws of the State of New York, as trustee (the “Trustee,” which term includes any successor trustee with
respect to the Notes under the Indenture), to which Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights, duties and obligations thereunder of the Company, the Trustee and the Holders of
the Notes and the terms upon which the Notes are to be authenticated and delivered. The terms of individual Notes may vary with respect to interest rates or interest rate formulas, issue dates, maturity, redemption, repayment and otherwise. The
Notes may be issued from time to time in an aggregate initial offering price up to $200,000,000, which amount may be increased if duly authorized by the Company. 
  
 Except as otherwise provided in the Indenture, this Note will be issued in global form only registered in the name of the
Depositary or its nominee. This Note will not be issued in definitive form, except as otherwise provided in the Indenture, and ownership of this Note shall 

  

 4 

 
be maintained in book-entry form by the Depositary for the accounts of participating organizations of the Depositary. 
  
 Unless otherwise provided above and in accordance with the provisions herein,
this Note is not subject to any sinking fund and is not redeemable or repayable prior to the Stated Maturity Date. 
  
 If so provided above, this Note may be redeemed by the Company on any date on and after the Initial Redemption Date, if any, specified above. If no
Initial Redemption Date is set forth above, this Note may not be redeemed prior to the Stated Maturity Date. On and after the Initial Redemption Date, if any, this Note may be redeemed at any time in whole or from time to time in part in increments
of $1,000 (provided that any remaining principal hereof shall be at least $1,000) at the option of the Company at the applicable Redemption Price (as defined below), together with accrued interest hereon at the applicable rate payable to the date of
redemption (each such date, a “Redemption Date”), on written notice to the Holder hereof given not more than 60 nor less than 30 days prior to the Redemption Date and in accordance with the provisions of the Indenture. In the event of
redemption of this Note in part only, a new Note for the unredeemed portion hereof shall be issued in the name of the Holder hereof upon the surrender hereof. 
  

Unless otherwise specified above, the “Redemption Price” shall initially be the Initial Redemption Percentage, specified above, of the
principal amount of this Note to be redeemed and shall decline at each anniversary of the Initial Redemption Date, shown above, by the Annual Redemption Percentage Reduction, if any, specified above, of the principal amount to be redeemed until the
Redemption Price is 100% of such principal amount. 
  
 This Note
may be subject to repayment at the option of the Holder on any Optional Repayment Date(s), if any, indicated above. If no Optional Repayment Date(s) are set forth above, this Note may not be so repaid at the option of the Holder hereof prior to the
Stated Maturity Date. On any Optional Repayment Date, this Note shall be repayable in whole or in part in increments of $1,000 (provided that any remaining principal hereof shall be at least $1,000) at the option of the Holder hereof at a repayment
price, unless otherwise specified above, equal to 100% of the principal amount to be repaid, together with interest thereon payable to the date of repayment. For this Note to be repaid in whole or in part at the option of the Holder hereof, this
Note must be received, with the form entitled “Option to Elect Repayment” below duly completed, by the Trustee at its Corporate Trust Office, or such other address of which the Company shall from time to time notify the Holders of the
Notes, not more than 60 nor less than 30 days prior to the related Optional Repayment Date. Exercise of such repayment option by the Holder hereof shall be irrevocable. With respect to Notes represented by global securities, any option for repayment
may be exercised by the Depositary, on behalf of the owners of the beneficial interest in the Notes represented by such global securities, by delivering a written notice substantially similar to the above-referenced form, duly completed, to the
Trustee at the place and within the time period described above. All such notices shall be irrevocable. 
  

 5 

 The interest rate borne by this Note shall be determined as follows: 
  
 1. If this Note is designated as a Regular Floating Rate
Note above, then, except as described below, this Note shall bear interest at the rate determined by reference to the applicable Interest Rate Basis or Bases shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the
applicable Spread Multiplier, if any, specified and applied in the manner described above. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified
above; provided, however, that the interest rate in effect for the period from the Original Issue Date to the Initial Interest Reset Date will be the Initial Interest Rate. 
  
 2. If this Note is designated as a Floating Rate/Fixed Rate Note above, then, except as described below,
this Note shall bear interest at the rate determined by reference to the applicable Interest Rate Basis or Bases shown above (i) plus or minus the applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any,
specified and applied in the manner described above. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified above; provided, however,
that (i) the interest rate in effect for the period from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate, and (ii) the interest rate in effect commencing on, and including, the Fixed Rate Commencement
Date to Maturity shall be the Fixed Interest Rate, if such a rate is specified above, or if no such Fixed Interest Rate is so specified, the interest rate in effect hereon on the day immediately preceding the Fixed Rate Commencement Date.

  
 3. If this Note is designated as an Inverse
Floating Rate Note above, then, except as described below, this Note will bear interest equal to the Fixed Interest Rate indicated above minus the rate determined by reference to the Interest Rate Basis or Bases shown above (i) plus or minus the
applicable Spread, if any, and/or (ii) multiplied by the applicable Spread Multiplier, if any, specified and applied in the manner described above; provided, however, that interest on an Inverse Floating Rate Note will not be less than
zero. Commencing on the Initial Interest Reset Date, the rate at which interest on this Note is payable shall be reset as of each Interest Reset Date specified above; provided, however, that the interest rate in effect for the period
from the Original Issue Date to the Initial Interest Reset Date shall be the Initial Interest Rate. 
  
 4. Notwithstanding the foregoing, if this Note is designated above as having an Addendum attached, the Note shall bear interest in
accordance with the terms described in such Addendum. 
  
 Except
as provided above, the interest rate in effect on each day shall be (a) if such day is an Interest Reset Date, the interest rate determined as of the Interest Determination Date (as defined below) immediately preceding such Interest Reset Date or
(b) if such day is not an Interest Reset Date, the interest rate determined as of the Interest Determination Date immediately preceding the next preceding Interest Reset Date; provided, however, that the interest rate in effect for the
period, if any, from the Original Issue Date to the Initial Interest Reset Date will be the Initial Interest Rate. The interest rate with respect to each Interest Rate Basis shall be determined in accordance with the applicable provision below. If
any Interest Reset Date (which term includes the term Initial Interest Reset Date unless the context otherwise 

  

 6 

 
requires) would otherwise be a day that is not a Business Day, such Interest Reset Date shall be postponed to the next succeeding day that is a Business Day,
except that if an Interest Rate Basis specified on the face hereof is LIBOR and such next Business Day falls in the next succeeding calendar month, such Interest Reset Date shall be the next preceding Business Day. 
  
 Unless otherwise specified above, interest payable on this Note on any
Interest Payment Date shall be the amount of interest accrued from and including the next preceding Interest Payment Date in respect of which interest has been paid (or from and including the Original Issue Date specified above, if no interest has
been paid), to but excluding the related Interest Payment Date; provided, however, that if the Interest Rate Reset Period with respect to this Note is daily or weekly, interest payable on any Interest Payment Date will include interest
accrued from and including the Original Issue Date, if no interest has been paid, or from but excluding the last record date to which interest has been paid, as the case may be, through and including the record date next preceding such Interest
Payment Date; and provided, further, that the interest payments on Maturity will include interest accrued to but excluding the date of Maturity. Unless otherwise specified above, accrued interest hereon for any period shall be the amount calculated
by multiplying the face amount hereof by an accrued interest factor for such period. Such accrued interest factor shall be computed by adding the interest factor calculated for each day in the period for which accrued interest is being calculated.
Unless otherwise specified above, the interest factor for each such day shall be computed by dividing the interest rate applicable to such day by 360 if the Interest Rate Basis specified above is the CD Rate, the Commercial Paper Rate, the Eleventh
District Cost of Funds Rate, The Federal Fund Rate, LIBOR or the Prime Rate for the period specified thereunder or by the actual number of days in the year if the Interest Rate Basis specified above is the Treasury Rate for the period specified
thereunder. The interest factor for Notes for which the interest rate is calculated with reference to two or more Interest Rate Bases will be calculated in each period in the same manner as if only one of the applicable Interest Rate Bases applied
as specified above. 
  
 Unless otherwise specified above, the
“Interest Determination Date” with respect to the Commercial Paper Rate, the Federal Funds Rate and the Prime Rate will be the Business Day immediately preceding each Interest Reset Date; the “Interest Determination Date” with
respect to the CD Rate will be the second Business Day preceding each Interest Reset Date; the “Interest Determination Date” with respect to LIBOR shall be the second London Business Day (as defined below) preceding each Interest Reset
Date; the “Interest Determination Date” with respect to the Eleventh District Cost of Funds Rate shall be the last working day of the month immediately preceding each Interest Reset Date on which the Federal Home Loan Bank of San Francisco
(the “FHLB of San Francisco”) publishes the Index (as defined below); the “Interest Determination Date” with respect to the Treasury Rate will be the day in the week in which the related Interest Reset Date falls on which day
Treasury Bills (as defined below) normally would be auctioned (Treasury Bills are normally sold at auction on Monday of each week, unless that day is a legal holiday, in which case the auction is normally held on the following Tuesday, except that
such auction may be held on the preceding Friday); provided, however, that if an auction is held on the Friday of the week preceding the related Interest Reset Date, the related Interest Determination Date shall be such preceding
Friday. If the interest rate of this Note is determined with reference to two or more Interest Rate Bases, the Interest Determination Date pertaining to this Note will be the latest Business Day which is at least two Business Days prior to such
Interest Reset Date on which each Interest Rate Basis shall be determinable. Each 

  

 7 

 
Interest Rate Basis shall be determined on such date, and the applicable interest rate shall take effect on the related Interest Reset Date. 
  
 Unless otherwise specified above, the “Calculation Date” pertaining
to any Interest Determination Date will be the earlier of (i) the tenth calendar day after such Interest Determination Date or; if such day is not a Business Day, the next succeeding Business Day or (ii) the Business Day preceding the applicable
Interest Payment Date or Maturity, as the case may be. All calculations on this Note shall be made by the Calculation Agent specified above or such successor thereto as is duly appointed by the Company. 
  
 All percentages resulting from any calculation on this Note will be rounded,
if necessary, to the nearest one hundred-thousandth of a percentage point, with five one millionths of a percentage point rounded upwards (e.g., 9.876545% (or .09876545) would be rounded to 9.87655% (or .0987655)), and all dollar amounts used
in or resulting from such calculation will be rounded to the nearest cent (with one-half cent being rounded upward). 
  
 As used herein, “Business Day” means, unless otherwise specified above, any day, other than Saturday or Sunday, that is neither a legal holiday
nor a day on which banking institutions are authorized or required by law, regulation or executive order to close in The City of New York and, if the Interest Rate Basis shown above is LIBOR, is also a London Business Day. 
  
 As used herein, “London Business Day” means any day on which
dealings in deposits of United States dollars are transacted in the London interbank market. 
  
 Determination of CD Rate. The CD Rate means, with respect to any Interest Determination Date relating to a Note for which the Base Rate is the CD Rate or any Interest Determination Date for a Note for which the
interest rate is determined with reference to the CD Rate (a “CD Rate Interest Determination Date”), the rate on such date for negotiable United States dollar certificates of deposit having the Index Maturity specified above as published
by the Board of Governors of the Federal Reserve System in “Statistical Release H.15(519), Selected Interest Rates” or any successor publication (“H.15(519)”) under the caption “CDs (secondary market)”, or, if not
published by 3:00 P.M., New York City time, on the related Calculation Date, the rate on such CD Rate Interest Determination Date for negotiable United States dollar certificates of deposit of the Index Maturity specified above as published in the
daily update of H.15(519), available through the world-wide-web site of the Board of Governors of the Federal Reserve System at http://www.federalreserve.gov/releases/h15/update, or any successor site or publication (“H.15 Daily Update”)
or other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “CDs (secondary market).” If such rate is not yet published in either H.15(519) or the H.15 Daily Update by 3:00 P.M., New York
City time, on the related Calculation Date, then the CD Rate on such CD Rate Interest Determination Date will be calculated by the Calculation Agent and will be the arithmetic mean of the secondary market offered rates as of 10:00 A.M., New York
City time, on such CD Rate Interest Determination Date, of three leading non-bank dealers in negotiable United States dollar certificates of deposit in The City of New York selected by the Calculation Agent (after consultation with the Company) for
negotiable United States dollar certificates of deposit of major United States money market banks for negotiable United States certificates of deposit with a remaining maturity closest to the Index Maturity designated above in an amount that is

  

 8 

 
representative for a single transaction in that market at that time; provided, however, that if the dealers selected as aforesaid by the
Calculation Agent are not quoting as set forth above, the CD Rate determined as of such CD Rate Interest Determination Date shall be the CD Rate in effect on such CD Rate Interest Determination Date. 
  
 Determination of Commercial Paper Rate. The Commercial Paper Rate
means, with respect to any Interest Determination Date relating to a Note for which the Base Rate is the Commercial Paper Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Commercial
Paper Rate (a “Commercial Paper Rate Interest Determination Date”), the Money Market Yield (as defined below) on such date of the rate for commercial paper having the Index Maturity specified above as published in H.15(519), under the
caption “Commercial Paper-Nonfinancial.” In the event such rate is not published by 3:00 P.M., New York City time, on the related Calculation Date, then the Commercial Paper Rate shall be the Money Market Yield on such Commercial Paper
Rate Interest Determination Date of the rate for commercial paper having the Index Maturity shown above as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate under the
caption “Commercial Paper-Nonfinancial.” If by 3:00 P.M., New York City time, on the related Calculation Date such rate is not yet published in either H.15(519) or H.15 Daily Update, then the Commercial Paper Rate on such Commercial Paper
Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be the Money Market Yield of the arithmetic mean of the offered rates at approximately 11:00 A.M., New York City time, on such Commercial Paper Rate Interest
Determination Date of three leading dealers of United States dollar commercial paper in The City of New York selected by the Calculation Agent (after consultation with the Company) for commercial paper having the Index Maturity specified above
placed for industrial issuers whose bond rating is “Aa,” or the equivalent, from a nationally recognized statistical rating organization; provided, however, that if the dealers selected as aforesaid by the Calculation Agent
are not quoting as mentioned in this sentence, the Commercial Paper Rate determined on such Commercial Paper Rate Interest Determination Date shall be the Commercial Paper Rate in effect on such Commercial Paper Rate Interest Determination Date.

  
 “Money Market Yield” shall be a yield (expressed as
a percentage) calculated in accordance with the following formula: 
  

					
	Money Market Yield =	  	D x 360	  	 x 100

	 	  	360 - (D x M)	  	 

  
 where “D” refers to the
applicable per annum rate for commercial paper quoted on a bank discount basis and expressed as a decimal and “M” refers to the actual number of days in the applicable Interest Rate Reset Period. 
  
 Determination of Eleventh District Cost of Funds Rate. The Eleventh
District Cost of Funds Rate means, with respect to any Interest Determination Date relating to a Note for which the Base Rate is the Eleventh District Cost of Funds Rate or any Interest Determination Date for a Note for which the interest rate is
determined with reference to the Eleventh District Cost of Funds Rate (an “Eleventh District Cost of Funds Rate Interest Determination Date”), the rate equal to the monthly weighted average cost of funds for the calendar month immediately

  

 9 

 
preceding such Eleventh District Cost of Funds Rate Interest Determination Date as set forth under the caption “11th District” on Moneyline
Telerate, or any successor service, on Page 7058 or any other page as may replace the specified page on that service (“Moneyline Telerate Page 7058”), as of 11:00 A.M., San Francisco time, on such Eleventh District Cost of Funds Rate
Interest Determination Date. If such rate does not appear on Moneyline Telerate Page 7058 on any related Eleventh District Cost of Funds Rate Interest Determination Date, the Eleventh District Cost of Funds Rate for such Eleventh District Cost of
Funds Rate Interest Determination Date shall be the monthly weighted average cost of funds paid by member institutions of the Eleventh Federal Home Loan Bank District that was most recently announced (the “Index”) by the FHLB of San
Francisco as such cost of funds for the calendar month immediately preceding such Eleventh District Cost of Funds Rate Interest Determination Date. If the FHLB of San Francisco fails to announce the Index on or prior to such Eleventh District Cost
of Funds Rate Interest Determination Date for the calendar month next preceding such Eleventh District Cost of Funds Rate Interest Determination Date, then the Eleventh District Cost of Funds Rate for such Eleventh District Cost of Funds Rate
Interest Determination Date shall be the Eleventh District Cost of Funds Rate in effect on such Eleventh District Cost of Funds Rate Interest Determination Date. 
  
 Determination of Federal Funds Rate. The Federal Funds Rate means, with respect to any Interest Determination Date
relating to a Note for which the Base Rate is the Federal Funds Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Federal Funds Rate (a “Federal Funds Rate Interest Determination
Date”), the rate as of that date for United States dollar federal funds as published in H.15(519) under the caption “Federal Funds (Effective)” and displayed on Moneyline Telerate (or any successor service) on page 120 (or any other
page as may replace the specified page on that service) (“Moneyline Telerate Page 120”). In the event such rate does not appear on Moneyline Telerate Page 120 or is not published by 3:00 P.M., New York City time, on the related Calculation
Date, the rate as of such Federal Funds Rate Interest Determination Date for United States dollar federal funds as published in H.15 Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate,
under the caption “Federal Funds (Effective).” If by 3:00 P.M., New York City time, on the related Calculation Date such rate is not published in H.15 Daily Update, then the Federal Funds Rate with respect to such Federal Funds Rate
Interest Determination Date shall be calculated by the Calculation Agent and shall be the arithmetic mean of the rates for the last transaction in overnight United States dollar federal funds arranged by three leading brokers of United States dollar
federal funds transactions in The City of New York, selected by the Calculation Agent (after consultation with the Company) prior to 9:00 A.M., New York City time, on the Business Day following such Federal Funds Rate Interest Determination Date;
provided, however, that if the brokers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Federal Funds Rate with respect to such Federal Funds Rate Interest Determination Date shall be
the Federal Funds Rate in effect on such Federal Funds Rate Interest Determination Date. 
  

 10 

 Determination of LIBOR. If an Interest Rate Basis for this Note is LIBOR, as indicated above,
LIBOR will be determined by the Calculation Agent on the applicable Interest Determination Date (a “LIBOR Interest Determination Date”), as follows: 
  

(a) (i) if “LIBOR Moneyline Telerate” is specified above or if neither “LIBOR Reuters” nor “LIBOR Moneyline
Telerate” is specified above, the rate for deposits in the LIBOR Currency (as defined below) having the Index Maturity specified above, commencing on the Interest Reset Date, that appears on the LIBOR Page as of 11:00 A.M., London time, on such
LIBOR Interest Determination Date, or (ii) if “LIBOR Reuters” is specified above, the arithmetic mean of the offered rates calculated by the Calculation Agent (unless the specified LIBOR Page (as defined below) by its terms provides only
for a single rate, in which case such single rate shall be used) for deposits in the LIBOR Currency having the Index Maturity specified above, commencing on the Interest Reset Date, that appear or appears on the LIBOR Page specified above as of
11:00 A.M., London time, on that LIBOR Interest Determination Date. If fewer than two offered rates appear, or no rate appears, as applicable, LIBOR in respect of the related LIBOR Interest Determination Date will be determined as if the parties had
specified the rate described in paragraph (b) below. 
  
 (b) With respect to a LIBOR Interest Determination Date on which fewer than two offered rates appear, or no rate appears, as the case may be, on the LIBOR Interest Determination Date on the LIBOR Page as specified above, the Calculation
Agent shall request the principal London offices of each of four major reference banks in the London interbank market, as selected by the Calculation Agent (after consultation with the Company), to provide the Calculation Agent with its offered
quotation for deposits in the LIBOR Currency for the period of the Index Maturity shown above, commencing on the Interest Reset Date, to prime banks in the London interbank market at approximately 11:00 A.M., London time, on such LIBOR Interest
Determination Date and in a principal amount that is representative for a single transaction in the LIBOR Currency in such market at such time. If at least two such quotations are provided, LIBOR determined on such LIBOR Interest Determination Date
shall be the arithmetic mean of such quotations as determined by the Calculation Agent. If fewer than two quotations are provided, LIBOR determined on such LIBOR Interest Determination Date shall be calculated by the Calculation Agent as the
arithmetic mean of the rates quoted at approximately 11:00 A.M. in the applicable principal financial center, on such LIBOR Interest Determination Date by three major banks in that principal financial center selected by the Calculation Agent (after
consultation with the Company) for loans in the LIBOR Currency to leading European banks, having the Index Maturity specified above and in a principal amount that is representative for a single transaction in the LIBOR Currency in such market at
such time; provided, however, that if the banks selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, LIBOR determined on such LIBOR Interest Determination Date shall be LIBOR in effect on such
LIBOR Interest Determination Date. 
  
 “LIBOR Currency” means the currency specified above as to which LIBOR shall be calculated or, if no currency is specified above, United States dollars. 
  
 “LIBOR Page” means either (a) if “LIBOR Reuters” is specified above, the display on the
Reuter Monitor Money Rates Service (or any successor service) on the page specified above (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency or
(b) if “LIBOR Moneyline Telerate” is specified above or neither “LIBOR Reuters” nor 

  

 11 

 
“LIBOR Moneyline Telerate” is specified above as the method for calculating LIBOR, the display on the Moneyline Telerate (or any successor service)
on the page specified above (or any other page as may replace such page on such service) for the purpose of displaying the London interbank rates of major banks for the LIBOR Currency. 
  
 Determination of Prime Rate. The Prime Rate means, with respect to any Interest Determination Date relating to a Note
for which the Base Rate is the Prime Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Prime Rate (a “Prime Rate Interest Determination Date”), the rate on such date as such
rate is published in H.15(519) under the caption “Bank Prime Loan.” If such rate is not published prior to 3:00 P.M., New York City time, on the related Calculation Date, the rate on the Interest Determination Date as published in H.15
Daily Update, or such other recognized electronic source used for the purpose of displaying the applicable rate, under the caption “Bank Prime Loan”. If such rate is not published by 3:00 P.M., New York City time, on the related
Calculation Date, then the Prime Rate shall be determined by the Calculation Agent and shall be the arithmetic mean of the rates of interest publicly announced by each bank that appears on the Reuters Screen US PRIME 1 Page (as defined below) as
such bank’s prime rate or base lending rate as in effect as of 11:00 A.M., New York City time on that Prime Rate Interest Determination Date. If fewer than four such rates appear on the Reuters Screen US PRIME 1 Page for such Prime Rate
Interest Determination Date, the Prime Rate shall be determined by the Calculation Agent and shall be the arithmetic mean of the prime rates or base lending rates quoted on the basis of the actual number of days in the year divided by a 360-day year
as of the close of business on such Prime Rate Interest Determination Date by three major banks in The City of New York selected by the Calculation Agent (after consultation with the Company); provided, however, that if the banks
selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Prime Rate for such Prime Rate Interest Determination Date will be the Prime Rate in effect on such Prime Rate Interest Determination Date. 

 
 “Reuters Screen US PRIME 1 Page” means the display on the Reuter
Monitor Money Rates Service (or any successor service) on the “US PRIME 1” page (or such other page as may replace the US PRIME 1 page on such service) for the purpose of displaying prime rates or base lending rates of major United States
banks. 
  
 Determination of Treasury Rate. The Treasury Rate means, with
respect to any Interest Determination Date relating to a Note for which the Base Rate is the Treasury Rate or any Interest Determination Date for a Note for which the interest rate is determined with reference to the Treasury Rate (a “Treasury
Rate Interest Determination Date”), the rate applicable to the auction held on such Treasury Rate Interest Determination Date (the “Auction”) of direct obligations of the United States (“Treasury Bills”) having the Index
Maturity specified above, under the caption “INVESTMENT RATE” on the display on Moneyline Telerate (or any successor service) on page 56 (or any other page as may replace that page on that service) (“Moneyline Telerate Page 56”)
or page 57 (or any other page as may replace that page on that service) (“Moneyline Telerate Page 57”), or if such rate is not published by 3:00 P.M., New York City time, on the related Calculation Date, the Bond Equivalent Yield (as
defined below) of the rate for the applicable Treasury Bills as published in H.15 Daily Update, or another recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S., Government
Securities/Treasury Bills/Auction High”. In the event such rate is not 

  

 12 

 
published by 3:00 P.M., New York City time, on the related Calculation Date, then the Treasury Rate on such Treasury Interest Determination Date will be the
Bond Equivalent Yield of the auction rate of the applicable Treasury Bills as announced by the United States Department of the Treasury, or if such rate is not so announced by the United States Department of the Treasury, or if the Auction is not
held, the Bond Equivalent Yield of the rate on the particular Interest Determination Date of the applicable Treasury Bills as published in H.15(519) under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”. In the
event such rate is not published by 3:00 P.M., New York City time, then the Treasury Rate on such Treasury Interest Determination Date will be the rate of the applicable Treasury Bills having the Index maturity specified above as published in H.15
Daily Update, or another recognized electronic source used for the purpose of displaying the applicable rate, under the caption “U.S. Government Securities/Treasury Bills/Secondary Market”, or if such rate is not published by 3:00 P.M.,
New York City time, on the related Calculation Date, the rate on the particular Treasury Rate Interest Determination Date calculated by the Calculation Agent as the Bond Equivalent Yield of the arithmetic mean of the secondary market bid rates, as
of approximately 3:30 P.M., New York City time, on such Treasury Rate Interest Determination Date, of three primary United States government securities dealers selected by the Calculation Agent (after consultation with the Company), for the issue of
Treasury Bills with a remaining maturity closest to the Index Maturity specified above; provided, however, that if the dealers selected as aforesaid by the Calculation Agent are not quoting as mentioned in this sentence, the Treasury
Rate with respect to such Treasury Rate Interest Determination Date will be the Treasury Rate in effect on such Treasury Rate Interest Determination Date. 
  
 “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance with the following formula: 
  

							
	Bond Equivalent	  	 D x N

	 	x 100	  	 
	Yield =	  	360 - (D x M)	 	 	  	 

  
 where “D” refers to the
applicable per annum rate for Treasury Bills quoted on a bank discount basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to the actual number of days in the applicable interest reset
period. 
  
 Any provision contained herein with respect to the
determination of an Interest Rate Basis, the specification of an Interest Rate Basis, calculation of the Interest Rate applicable to this Note, its payment dates or any other matter relating hereto may be modified as specified in an Addendum
relating hereto if so specified above. 
  
 Notwithstanding the
foregoing, the interest rate hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum Interest Rate, if any, specified above. The Calculation Agent shall calculate the interest rate hereon in accordance with the
foregoing on or before each Calculation Date. The interest rate on this Note will in no event be higher than the maximum rate permitted by New York law, as the same may be modified by United States law of general application. 
  

 13 

 At the request of the Holder hereof, the Calculation Agent shall provide to the Holder hereof the
interest rate hereon then in effect and, if determined, the interest rate which shall become effective as of the next Interest Reset Date. 
  
 The Notes shall have the Events of Default as set forth in Section 501 of the Indenture. If an Event of Default with respect to the Notes shall occur and
be continuing, the principal of all the Notes may be declared due and payable in the manner and with the effect provided in the Indenture. 
  
 The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the modification of the rights and obligations of the
Company and the rights of the Holders of the 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 66 2/3% in aggregate principal amount of the Outstanding
Securities of each series affected thereby. The Indenture also contains provisions permitting the Holders of specified percentages in aggregate principal amount of the Securities of each series at the time Outstanding, on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain provisions of the Indenture and certain past defaults under the Indenture and their consequences. Any such consent or waiver by the Holder of this Note shall be
conclusive and binding upon such Holder and upon all future Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu hereof whether or not notation of such consent or waiver is made upon
this Note. 
  
 This Note is subject to satisfaction, discharge and
defeasance as provided in Article Four of the Indenture. 
  
 No
reference herein to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, which is absolute and unconditional, to pay the principal of, premium, if any, and interest on this Note at the
time, place and rate, and in the coin or currency, herein prescribed. 
  
 The Indenture contains provisions, which provisions apply to the Notes, for (i) the defeasance of the indebtedness evidenced by the Notes and (ii) the satisfaction and discharge of the Indenture, in each case upon compliance with certain
conditions, and subject to certain exceptions, set forth in the Indenture. 
  
 As provided in the Indenture and subject to certain limitations therein set forth, the transfer of this Note may be registered on the registry books of the Company, upon surrender of this Note for registration of
transfer at the office or agency of the Company maintained by the Company for such purpose in the Borough of Manhattan, The City of New York, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company
and the Trustee duly executed by, the Holder hereof or by its attorney duly authorized in writing, and thereupon one or more new Notes, of authorized denominations and for the same aggregate principal amount, having the identical Original Issue
Date, Stated Maturity and provisions with respect to payment of interest and redemption or repayment prior to Stated Maturity will be issued to the designated transferee or transferees. 
  

 14 

 The Notes are issuable only in registered form without coupons in denominations of $1,000 and integral
multiples thereof. As provided in the Indenture and subject to certain limitations therein set forth, the Notes are exchangeable for a like aggregate principal amount of Notes as requested by the Holder surrendering the same. 
  
 No service charge shall be made by the Company or the Trustee 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 that may be imposed in connection therewith (other than exchanges pursuant to the Indenture not involving any
transfer). 
  
 Prior to due presentment of this Note for
registration of transfer, the Company, the Trustee and any agent of the Company or the Trustee may treat the Person in whose name this Note is registered as the owner hereof for all purposes, whether or not this Note be overdue, and neither the
Company, the Trustee nor any such agent shall be affected by notice to the contrary. 
  
 If money for the payment of principal or interest remains unclaimed for three years, the Trustee or any paying agent will pay the money back to the Company at its request. After any such payment, Holders entitled to
the money as an unsecured creditor, must look to the Company for payment and all liability of the Trustee or such paying agent with respect to such money shall cease. 
  
 The terms of this Note include those stated in the Indenture and those made part of the Indenture by the Officers’
Certificate delivered pursuant thereto and the Trust Indenture Act. This Note is subject to all such terms, and Noteholders are referred to the Indenture and said Act for a statement of them. 
  
 No stockholder, director, officer, employee or incorporator as such, past,
present or future, of the Company or any successor corporation shall have any liability for any obligations of the Company under this Note or the Indenture or for any claim based on, or in respect of or by reason of, such obligations or their
creation. Each holder of a Note by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for the issue of this Note. 
  
 The Trustee under the Indenture, in its individual or any other capacity, may deal with the Company as if it were not
Trustee. 
  
 This Note shall be governed by and construed in
accordance with the laws of the State of California. 
  
 All terms
used in this Note which are defined in the Indenture shall have the meanings assigned to them in the Indenture. 
  

 15 

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

									
	 [FACSIMILE OF SEAL]
	 	 	 	 HEALTH CARE PROPERTY
 INVESTORS, INC.

					
	 	 	 	 	 	 	By:	 	 
	 	 	 	 	 	 	 	 	 Mark Wallace

	 	 	 	 	 	 	 	 	 Senior Vice President and

	 	 	 	 	 	 	 	 	 Chief Financial Officer

  
 Attest: 
  

			
		
	By:	 	 
	 	 	 Edward J. Henning

	 	 	 Senior Vice President, General

	 	 	 Counsel and Corporate Secretary

  
 Dated: August 27, 2004 
  
 CERTIFICATE OF AUTHENTICATION 
 This is one of the Securities of the series 
 designated herein referred to in the 
 within-mentioned Indenture. 
  

			
	THE BANK OF NEW YORK
	as Trustee
		
	By:	 	 
	 	 	Authorized Signatory

  

 OPTION TO ELECT REPAYMENT 
  
 The undersigned hereby irrevocably request(s) and instruct(s) the Company to repay this Note (or portion hereof specified
below) pursuant to its terms at a price equal to the principal amount hereof together with interest to the repayment date, to the undersigned, at 
  

  

 (Please print or typewrite name and address of the undersigned) 
  
 For this Note to be repaid, the Trustee must receive at its Corporate Trust Office, or at such other place or places of which the Company shall from time
to time notify the Holder of this Note, not more than 60 nor less than 30 days prior to the Optional Repayment Date, if any, shown on the face of this Note, this Note with this “Option to Elect Repayment” form duly completed. 

 
 If less than the entire principal amount of this Note is to be repaid,
specify the portion hereof (which shall be increments of $1,000) which the Holder elects to have repaid
$                                        
and specify the denomination or denominations (which shall be $1,000 or an integral multiple thereof) of the Notes to be issued to the Holder for the portion of this Note not being repaid (in the absence of any such specification, one such Note will
be issued for the portion not being repaid)
$                                        .

  

									
					
	Date:	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	The signature on this Option to Elect Repayment must correspond with the name as written upon the face of this Note in every particular, without alteration or enlargement or any change
whatever.

  

	
	Signature Guarantee:
	
	  

  

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

									
					
	Dated:	 	 	 	 	 	 	 	 

  

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

  

	
	Signature Guarantee:
	
	  

  

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

									
	TEN COM — as tenants in common	 	 	 	 	 	 
	UNIF GIFT MIN ACT —	 	 	 	 Custodian
	 	 
	 	 	 	 	(cust)	 	 	 	(Minor)
	 	 	 	 	 	 	 	 	 
	 	 	 	 	Under Uniform Gifts to Minors Act
			
	 	 	 	 	 
	 	 	 	 	(State)

  
 TEN ENT — as tenants by the
entireties 
 JT TEN — as joint tenants with right of survivorship and not as tenants in common 
  
 Additional abbreviations may also be used though not in the above list.

  

 19Amend. No. 2 to Loan and Sec. Agreement

 

AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT

 

 

AMENDMENT NO. 2 TO LOAN AND SECURITY AGREEMENT, dated as of August 26, 2004, by and among ICO Worldwide, LP, a Texas limited partnership ("Worldwide"), ICO Polymers North America, Inc., a New Jersey corporation ("Polymers North America"), and Bayshore Industrial Inc., a Texas corporation ("Bayshore", and together with Worldwide and Polymers North America, each individually a "Borrower" and collectively, "Borrowers"), ICO, Inc., a Texas corporation ("Parent"), ICO Polymers, Inc., a Delaware corporation ("Polymers"), Wedco Technology, Inc., a New Jersey corporation ("Wedco Tech"), Wedco Petrochemical, Inc., a Delaware corporation ("Wedco Petro") and ICO Technology, Inc., a Delaware corporation ("ICO Tech", and together with Parent, Polymers, Wedco Tech and Wedco Petro each individually a "Guarantor" and collectively, "Guarantors"), and ICO P&O, Inc., a Delaware corporation ("P&O"), and ICO Global Services, Inc., a Delaware corporation ("Global"), and Congress Financial Corporation (Southwest), a Texas corporation ("Lender").

 

 

W I T N E S S E T H :

 

 

WHEREAS, Lender and Borrowers have entered into financing arrangements pursuant to which Lender may make loans and advances and provide other financial accommodations to Borrowers as set forth in the Loan and Security Agreement, dated as of April 9, 2002, among Lender, Borrowers, Guarantors, P&O and Global, and Amendment No. 1 to Loan and Security Agreement, dated as of September 6, 2002, by and among Lender, Borrowers, Guarantors, P&O and Global (as amended hereby and as the same may hereafter be further amended, modified, supplemented, extended, renewed, restated or replaced, the "Loan Agreement", and together with all agreements, documents and instruments at any time executed and/or delivered in connection therewith or related thereto, as from time to time amended and supplemented, collectively, the "Financing Agreements");

 

 

WHEREAS, Borrowers and Guarantors have requested that Lender agrees to certain amendments to the Loan Agreement and Lender is willing to so agree, subject to the terms and conditions contained herein; and

 

 

WHEREAS, by this Amendment No. 2, Lender, Borrowers and Guarantors desire and intend to evidence such amendments.

 

 

NOW THEREFORE, in consideration of the foregoing, the mutual agreements and covenants contained herein, and other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto agree as follows:

 

1.  Definitions.

 

(a)  Additional Definitions. As used herein, the following terms shall have the meanings given to them below, and the Loan Agreement and the other Financing Agreements are hereby amended to include, in addition to and not in limitation of, the following definitions:

 

(i)  "Amendment No. 2" shall mean this Amendment No. 2 to Loan and Security Agreement by and among Lender, Borrowers, Guarantors, P&O and Global, as the same now exists or may hereafter be amended, modified, supplemented, extended, renewed, restated or replaced.

 

(ii)  "Applicable Servicing Fee" shall mean, at any time, as to the calculation of the servicing fee set forth in Section 3.2(b) hereof, (a) $3,000 for the period commencing the date of this Amendment No. 2 through and including October 31, 2004, and (b) commencing November 1, 2004 for the second calendar month of each fiscal quarter and the two calendar months following such second calendar month, the Applicable Servicing Fee shall be the amount set forth below corresponding to the Quarterly Average Outstanding Balance for the fiscal quarter immediately preceding such second calendar month:

 

	
 

Quarterly Average Outstanding Balance

 
	
 

Applicable Servicing Fee

 

	
 

Less than or equal to $5,000,000

 
	
 

$3,000 per month

 

	
 

Greater than $5,000,000 but less than or equal to $10,000,000

 
	
 

$2,000 per month

 

	
 

Greater than $10,000,000

 
	
 

$1,000 per month

 

 

(iii)  "Quarterly Average Outstanding Balance" shall mean, for a particular calendar quarter, the monthly average for such calendar quarter of the outstanding principal amount of Loans and Letter of Credit Accommodations as reasonably calculated by Lender.

 

(b)  Interpretation. For purposes of this Amendment No. 2, unless otherwise defined herein, all terms used herein, including, but not limited to, those terms used and/or defined in the recitals above, shall have the respective meanings assigned to such terms in the Loan Agreement.

 

2.  Fees. Section 3.2(b) of the Loan Agreement is hereby deleted in its entirety and replaced with the following: 

 

"(b) Borrowers shall pay to Lender, monthly, a servicing fee in an amount equal to the Applicable Servicing Fee in respect of Lender’s services for each month (or part thereof) while this Agreement remains in effect and for so long thereafter as any of the Obligations are outstanding, which fee shall be fully earned as of and payable in advance on the first day of each calendar month."

 

3.  Term. The first sentence of Section 12.1(a) of the Loan Agreement is hereby deleted and replaced with the following sentence:

 

"This Agreement and the other Financing Agreements shall become effective as of the date set forth on the first page hereof and shall continue in full force and effect for a term ending on April 9, 2008 (the "Maturity Date")."

 

4.  Early Termination. The first sentence of Section 12.1(c) of the Loan Agreement is hereby amended by deleting the language "the Maturity Date" and replacing it with the language "April 9, 2007".

 

5.  Name Change. Lender hereby acknowledges and consents to the change of the name of Wedco, Inc. to ICO Polymers North America, Inc., waives the requirement under Section 9.1(b)(i) of the Loan Agreement that Lender receive not less than thirty (30) days prior written notice of such change, and acknowledges that any default under the Loan Agreement as a result of such name change has been cured; provided, that, Lender shall receive a copy of the amendment to the certificate of incorporation of Polymers North America, as certified by the Secretary of State of the jurisdiction of incorporation of Polymers North America, evidencing that the name change has been filed with such Secretary of State, as soon as it is available.

 

6.  ICO Worldwide, LP. All references in the Loan Agreement and the other Financing Agreements to the term "Borrowers" shall no longer include Worldwide and Worldwide is hereby removed from the Loan Agreement and the other Financing Agreements as a "Borrower". Upon the satisfaction of each of the conditions set forth in Section 9 below, Lender shall, at Borrowers' and Guarantors' expense, arrange for the filing of a Uniform Commercial Code ("UCC") financing statement amendment in the form of Exhibit A hereto, in order to effect the termination of the existing UCC financing statement filed by Lender against Worldwide. 

 

7.  Representations, Warranties and Covenants. Each Borrower and Guarantor, and each of P&O and Global, represents, warrants and covenants with and to Lender as follows, which representations, warranties and covenants are continuing and shall survive the execution and delivery hereof, and the truth and accuracy of, or compliance with each, together with the representations, warranties and covenants in the other Financing Agreements, being a continuing condition of the making of Loans by Lender to Borrowers:

 

(a)  Except as set forth in Section 5 of this Amendment No. 2, no Event of Default exists or has occurred as of the date of this Amendment No. 2.

 

(b)  This Amendment No. 2 has been duly executed and delivered by each Borrower and Guarantor and is in full force and effect as of the date hereof and the agreements and obligations of each Borrower and Guarantor contained herein constitute legal, valid and binding obligations of each Borrower and Guarantor enforceable against each of them in accordance with their respective terms.

 

(c)  No action of, or filing with, or consent or any governmental or public body or authority, and no approval or consent of any other party, is or will be required to authorize, or is or will be otherwise required in connection with, the execution, delivery and performance of this Amendment No. 2.

 

(d)  None of the transactions contemplated by this Amendment No. 2 violate or will violate any applicable law or regulation, or do or will give rise to a default or breach under any agreement to which any Borrower or Guarantor is a party or by which any property of any Borrower or Guarantor is bound.

 

8.  Amendment Fee. In consideration of the amendments set forth herein, Borrowers shall pay to Lender, and Lender may, at its option, charge the account of Borrowers maintained by Lender, a fee in the amount of $75,000, which fee shall constitute part of the Obligations and is fully earned as of the date hereof, and payable as follows: (a) $25,000 of the amendment fee shall be payable on the date hereof, (b) $25,000 of the amendment fee shall be payable on April 9, 2005 and (c) $25,000 of the amendment fee shall be payable on April 9, 2006, provided, that, the entire unpaid amount of such fee shall become immediately due and payable upon the termination or non-renewal of the Loan Agreement.

 

9.  Conditions Precedent. The effectiveness of the amendments contained herein shall be subject to the satisfaction of each of the following, in a manner satisfactory to Lender and its counsel:

 

(a)  Lender shall have received no later than August 27, 2004, this Amendment No. 2 duly authorized, executed and delivered by the parties hereto; 

 

(b)  Lender shall have received the fee referred to in Section 8(a) hereof;

 

(c)  no Event of Default, or event, act or condition which with notice or passage of time or both would constitute an Event of Default, shall exist or have occurred.

 

10.  Effect of this Amendment. Except as expressly set forth herein, no other amendments, consents, changes or modifications to the Financing Agreements are intended or implied, and in all other respects the Financing Agreements are hereby specifically ratified, restated and confirmed by all parties hereto as of the effective date hereof and Borrowers and Guarantors shall not be entitled to any other or further amendment or consent by virtue of the provisions of this Amendment No. 2 or with respect to the subject matter of this Amendment No. 2. To the extent of conflict between the terms of this Amendment No. 2 and the other Financing Agreements, the terms of this Amendment No. 2 shall control. The Loan Agreement and this Amendment No. 2 shall be read and construed as one agreement. 

 

11.  Further Assurances. The parties hereto shall execute and deliver such additional documents and take such additional action as may be necessary or desirable to effectuate the provisions and purposes of this Amendment No. 2.

 

12.  Governing Law. The validity, interpretation and enforcement of this Amendment No. 2 and the other Financing Agreements and any dispute arising out of the relationship between the parties hereto whether in contract, tort, equity or otherwise, shall be governed by the internal laws of the State of Texas but excluding any principles of conflicts of law or other rule of law that would cause the application of the law of any jurisdiction other than the laws of the State of Texas.

 

13.  Binding Effect. This Amendment No. 2 shall be binding upon and inure to the benefit of each of the parties hereto and their respective successors and assigns.

 

14.  Headings. The headings listed herein are for convenience only and do not constitute matters to be construed in interpreting this Amendment No. 2.

 

15.  Counterparts. This Amendment No. 2 may be executed in any number of counterparts, but all of such counterparts shall together constitute but one and the same agreement. In making proof of this Amendment No. 2, it shall not be necessary to produce or account for more than one counterpart thereof signed by each of the parties hereto. Delivery of an executed counterpart of this Amendment No. 2 by telefacsimile shall have the same force and effect as delivery of an original executed counterpart of this Amendment No. 2. Any party delivering an executed counterpart of this Amendment No. 2 by telefacsimile also shall deliver an original executed counterpart of this Amendment No. 2, but the failure to deliver an original executed counterpart shall not affect the validity, enforceability, and binding effect of this Amendment No. 2 as to such party or any other party.

 

 

[REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

 

	
	 	 	 
	

	 

 

IN WITNESS WHEREOF, the parties hereto have caused this Amendment No. 2 to be duly executed and delivered by their authorized officers as of the day and year first above written.

 

 

 

                

 

 

[SIGNATURES CONTINUED ON NEXT PAGE]

 

	  
	 	 	 
	

	 

 

[SIGNATURES CONTINUED FROM PREVIOUS PAGE]

 

	 	
CONGRESS FINANCIAL CORPORATION 

(SOUTHWEST)

	 	 
	
By:
	
/s/ Mark Galovic

	 	 
	
Title:
	 First Vice President
	 	 
	 	
ICO WORLDWIDE LP

By: Worldwide GP, L.L.C.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Manager
	 	 
	 	
ICO POLYMERS NORTH AMERICA, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Sr. Vice President & Treasurer
	 	 
	 	
BAYSHORE INDUSTRIAL, INC.

	 	 
	
By:
	
/s/ Jon C. Biro 

	 	 
	
Title:
	 Chief Financial Officer & Treasurer
	 	 
	 	
WEDCO TECHNOLOGY, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Sr. Vice President, Chief Financial Officer & Treasurer
	 	 
	 	
WEDCO PETROCHEMICAL, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Chief Financial Officer & Treasurer
	 	 
	 	
ICO POLYMERS, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Chief Financial Officer & Treasurer
	 	 
	 	
ICO, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Chief Financial Officer & Treasurer
	 	 
	 	
ICO TECHNOLOGY, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Sr. Vice President, Chief Financial Officer & Treasurer
	 	 

 

 

AGREED:

 

	 	
ICO P&O, INC.

	 	 
	
By:
	
/s/ Jon C. Biro

	 	 
	
Title:
	 Secretary & Treasurer
	 	 
	 	
ICO GLOBAL SERVICES, INC.

	 	 
	
By:
	
/s/ Eric Parsons

	 	 
	
Title:
	 President
	 	 

 

 

	

	 	 	 
	

	 

 

EXHIBIT A

 

 

Form of UCC Financing Statement Amendment

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00071-of-00352.parquet"}]]