Document:

Exhibit 4.1

	
  CUSIP NO. 421915 EE 5

  	
  PRINCIPAL AMOUNT

  

$300,000,000

HEALTH
CARE PROPERTY INVESTORS, INC.

$300,000,000
FLOATING RATE NOTES DUE 2008

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND, UNLESS AND UNTIL IT IS EXCHANGED FOR SECURITIES IN DEFINITIVE
FORM AS AFORESAID, 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 ITS
NOMINEE TO A SUCCESSOR DEPOSITARY OR ITS NOMINEE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), 55 WATER STREET, NEW
YORK, NEW YORK TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO., OR SUCH OTHER NAME AS 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, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

HEALTH CARE PROPERTY INVESTORS, INC., a Maryland
corporation (the “Company”), which term shall include any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, the principal sum of Three Hundred
Million Dollars ($300,000,000) on September 15, 2008, and to pay interest
thereon from September 19, 2006 or from the most recent interest payment
date on which interest has been paid or duly provided for, quarterly in arrears
on March 15, June 15, September 15 and December 15 (each, an “Interest Payment
Date”) of each year (subject to the Business Day Convention, as defined below),
beginning on December 15, 2006.  Interest
will accrue at the Floating Interest Rate (as defined below) until the entire
principal amount hereof is paid or duly provided for.  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 Holder in whose name this Note (or one or more
predecessor Notes) is registered at the close of business on the Regular Record
Date for such interest, which shall be the date that is 15 calendar days prior
to such Interest Payment Date, whether or not a Business Day, as defined
below.  Any such interest not so
punctually paid or duly provided for shall forthwith cease to be payable to the
Holder on such Regular Record Date, and may either be paid to the Holder in
whose name this Note (or one or more predecessor Notes) 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 Notes of this series not less than 10 days prior to such Special Record
Date, or may be paid at any time in any other lawful manner not inconsistent
with the requirements of any securities exchange on which the Notes may be
listed, and upon such notice as may be required by such exchange, all as more
fully provided in the Indenture.

The Floating Interest Rate shall be, for each interest
period, a per annum rate in effect pursuant to the terms of the Notes during
such interest period equal to the Three-Month LIBOR Rate (defined below) plus
45 basis points. The interest rate on this Note will in no event be higher than
the maximum rate permitted by applicable law. 
Interest will accrue from September 19, 2006 or from the most recent
Interest Payment Date to which we have paid or provided for the payment of
interest to, but excluding, the next Interest Payment Date or the scheduled
maturity date, as the case may be. Interest on this Note will initially be
equal to the Three-Month LIBOR Rate as of September 15, 2006 plus 45 basis
points, or 5.84%, and will reset on each Interest Payment Date (each, an
“Interest Reset Date”). Interest on this Note will be computed and paid on the
basis of a 360 day year and the actual number of days in each quarterly
interest payment period.  Payments of
principal, premium, if any, and interest in respect of this Note will be made
by the Company in immediately available funds.

 

The Three-Month LIBOR Rate will be the offered rate
appearing on the Telerate LIBOR page, as of 11:00 A.M., London time, on the
relevant interest determination date, for deposits of U.S. dollars for a period
of three months beginning on the relevant Interest Reset Date. The Telerate
LIBOR page is Moneyline Telerate, Inc. page 3750 or any replacement page or
pages on such service or any successor service on which London interbank rates
of major banks for the U.S. dollar are displayed.

If the rate described above does not appear on the
Telerate LIBOR page, then LIBOR will be determined on the basis of the rates,
at approximately 11:00 A.M., London time, on the relevant interest
determination date, at which deposits of the following kind are offered to
prime banks in the London interbank market by four major banks in that market
selected by the calculation agent: deposits of U.S. dollars for a period of
three months beginning on the relevant Interest Reset Date and in a
representative amount. The calculation agent will request the principal London
office of each of these banks to provide a quotation of its rate. If at least
two quotations are provided, LIBOR for the relevant interest determination date
will be the arithmetic mean of the quotations.

If fewer than two quotations are provided as described
above, LIBOR for the relevant interest determination date will be the
arithmetic mean of the rates for loans of the following kind to leading
European banks quoted, at approximately 11:00 A.M., in New York on that
interest determination date, by three major banks in New York selected by the
calculation agent: loans of U.S. dollars for a period of three months,
beginning on the relevant Interest Reset Date and in a representative amount.
If at least two rates are so provided, LIBOR for the relevant interest determination
date will be the arithmetic mean of those rates.

If fewer than two banks selected by the calculation
agent are quoting as described above, LIBOR for the new interest period will be
LIBOR in effect for the prior interest period. If the initial base rate has
been in effect for the prior interest period, however, it will remain in effect
for the new interest period.

The reference banks and dealers employed by the
calculation agent in determining the base rate may include the calculation
agent itself and its affiliates.

The interest determination date relating to a
particular Interest Reset Date will be the second London business day preceding
the Interest Reset Date, subject to the Business Day Convention.

“Business Day Convention” means if any Interest Reset
Date, interest determination date or Interest Payment Date (other than the
maturity date) would otherwise be a day that is not a Business Day, the
relevant date will be postponed to the next day that is a Business Day;
provided, however, that, if that date would fall in the next succeeding
calendar month, such date will be the immediately preceding Business Day.

“Business Day” means any day that is a New York
business day and a London business day.

“London business day” means any day on which dealings
in U.S. dollars are transacted in the London interbank market.

“New York business day” means each Monday, Tuesday,
Wednesday, Thursday and Friday which is not a day on which banking institutions
or trust companies in New York City are authorized or obligated by law to
close.

The calculation agent will, upon the request of the
holder of this Note, provide the interest rate then in effect. The calculation
agent is initially the Trustee until such time as the Company appoints a
successor calculation agent. All calculations made by the calculation agent in
the absence of manifest error will be conclusive for all purposes and binding
on the Company and the Holders of the Notes.

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All percentages resulting from any calculation of the
interest rate with respect to 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 (for example, 9.876545% (or .09876545)
being rounded to 9.87655% (or .0987655) and 9.876544% (or .09876544) being
rounded to 9.87654% (or .0987654)), and all dollar amounts in or resulting from
any such calculation will be rounded to the nearest cent (with one-half cent
being rounded upwards).

Payment of the principal of and interest on this Note
shall be payable at the Corporate Trust Office of The Bank of New York, located
at 101 Barclay Street, Floor 8 W, New York, New York 10286 or at such other
office or agency of the Company maintained for that purpose in 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, interest may be paid by check
mailed to the address of the Person entitled thereto as such address shall
appear on the Security Register or by transfer to an account maintained by the
payee with a bank located in the United States; and, provided, further, that so
long as this Note is registered in the name of DTC or its nominee, principal
and interest payments will be paid to DTC or its nominee, as the Holder, by
wire transfer in same-day funds.

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

Unless the certificate of authentication hereon has
been executed by the Trustee by 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.

IN WITNESS WHEREOF, the
Company has caused this instrument to be duly executed under its corporate seal
this 19th day of September, 2006.

	
  

  	
  Health Care Property
  Investors, Inc.,

  
	
   

  	
  a Maryland
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
  Name:

  	
  Mark Wallace

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial

  
	
   

  	
   

  	
  Officer

  
	
   

  	
   

  	
   

  
	
  Attest:

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Edward J.
  Henning

  	
   

  	
   

  
	
  Title:

  	
  Senior Vice
  President, General Counsel

  	
   

  	
   

  
	
   

  	
  and Corporate
  Secretary

  	
   

  	
   

  
						

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TRUSTEE’S CERTIFICATE OF
AUTHENTICATION:

This is one of the Notes of the series designated
herein referred to in the within-mentioned Indenture.

The Bank of New York, as Trustee

	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized
  Signatory

  	
   

  
	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  

This Note is one of a
duly authorized issue of securities of the Company (herein called the “Notes”),
issued as a series of securities under an indenture dated as of September 1,
1993 (the “Indenture”), between the Company and The Bank of New York, as
trustee (the “Trustee,” which term includes any successor trustee under the
Indenture with respect to the Notes), to which Indenture and all indentures
supplemental thereto, reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Notes and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is
the duly authorized series designated as the “Floating Rate Notes Due 2008,”
originally limited (subject to exceptions provided in the Indenture) in
aggregate principal amount to $300,000,000; however, from time to time, without
giving notice or seeking consent of the Holders of the Notes, the Company may
issue additional Notes of this series having the same ranking, interest rate
and maturity and other terms as this Note. All terms used in this Note which
are defined in the Indenture shall have the meanings assigned to them in the
Indenture.

If an Event of Default with respect to the Notes shall
occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture.

The Notes are not subject to any sinking fund.

On March 15, 2007, and quarterly thereafter, the
Company may redeem all or part of the Notes at 100% of the aggregate principal
amount, plus accrued and unpaid interest, if any.  The Company may redeem the Notes in
increments of $1,000.  If the Company is
redeeming less than all of the Notes the trustee will select the Notes to be
redeemed using a method it considers fair and appropriate.  The Company will cause notices of redemption
to be mailed by first-class mail at least 30 but not more than 60 days before
the Redemption Date to each Holder of Notes to be redeemed at its registered
address.

If this Note is to be redeemed in part only, the
notice of redemption that relates to this Note will state the portion of the
principal amount thereof to be redeemed. 
The Company will issue a Note in principal amount equal to the
unredeemed portion of this Note in the name of the Holder hereof upon
cancellation of the original Note. Any Notes called for redemption will become
due on the Redemption Date.  On or after
the Redemption Date, interest will cease to accrue on the Notes or portions of
them called for redemption.

If a Change of Control Repurchase Event (defined
below) occurs, unless the Company has previously exercised its right to
otherwise redeem the Notes as described above, the Company will make an offer
to each Holder of Notes to repurchase all or any part (in multiples of $1,000
principal amount) of that Holder’s Notes at a repurchase price in cash equal to
101% of the aggregate principal amount of Notes repurchased plus any accrued
and unpaid interest on the Notes repurchased to the date of repurchase. Within
30 days following any Change of Control Repurchase Event or, at the Company’s
option, prior to any Change of Control (defined below), but after the public
announcement of the Change of Control, the Company will mail a notice to each
Holder describing the transaction or transactions that constitute or may
constitute the Change of Control Repurchase Event and offering to repurchase
Notes on the payment date specified in the notice, which date will be no
earlier than 30 days and no later than 60 days from the date such notice is
mailed. The notice shall, if mailed prior to the date of consummation of the
Change of Control, state that the offer to repurchase is conditioned on the
Change of Control Repurchase Event occurring on or prior to the payment date
specified in the notice.

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The Company will comply with the requirements of Rule
14e-1 under the Securities Exchange Act of 1934, or the Exchange Act, and any
other securities laws and regulations to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a
Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase
Event provisions of the Notes, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations under the Change of Control Repurchase Event provisions of the
Notes by virtue of such conflict.

On the Change of Control Repurchase Event payment
date, the Company will, to the extent lawful:

(1)           accept
for payment all Notes or portions of Notes properly tendered pursuant to its
offer;

(2)           deposit
with the paying agent an amount equal to the aggregate purchase price in
respect of all Notes or portions of Notes properly tendered; and

(3)           deliver
or cause to be delivered to the Trustee the Notes properly accepted, together
with an officers’ certificate stating the aggregate principal amount of Notes
being purchased by the Company.

The Paying Agent will promptly pay, from funds
deposited by the Company for such purpose, to each Holder of Notes properly
tendered the purchase price for the Notes, and the Trustee will promptly
authenticate and mail (or cause to be transferred by book-entry) to each Holder
a new Note equal in principal amount to any unpurchased portion of any Notes
surrendered.

The Company will not be required to make an offer to repurchase
the Notes upon a Change of Control Repurchase Event if a third party makes an
offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Company and such third party purchases
all Notes properly tendered and not withdrawn under its offer.

For purposes of the Notes:

“Change of Control Repurchase Event” means the
occurrence of both a Change of Control and a Below Investment Grade Rating
Event.

“Change of Control” means the occurrence of any of the
following:

(1)           the
direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the Company’s properties or assets and those of its
subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”)), other than the Company or one of its wholly owned
subsidiaries; or

(2)           the
adoption of a plan relating to the liquidation or dissolution of the Company;
or

(3)           the
consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act), other than the Company or one of its
wholly owned subsidiaries (provided that this exception does not include any
transaction in which public stockholders cease to own Voting Stock entitling
public stockholders to elect the same percentage of the members of the
Company’s board of directors as public stockholders are entitled to elect on
September 12, 2006), becomes the beneficial owner, directly or indirectly,
of more than 50% of the Company’s Voting Stock, measured by voting power rather
than number of shares; or

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(4)           the
first day on which a majority of the members of the Company’s board of
directors are not Continuing Directors.

Notwithstanding the foregoing, a transaction effected
to create a holding company for the Company will not be deemed to involve a
Change of Control if (1) pursuant to such transaction the Company becomes a
wholly owned subsidiary of such holding company and (2) the holders of the
Voting Stock of such holding company immediately following such transaction are
the same as the holders of the Company’s Voting Stock immediately prior to such
transaction.

“Continuing Directors” means, as of any date of
determination, any member of the Company’s board of directors who:

(1)           was
a member of such board of directors on September 19, 2006; or

(2)           was
nominated for election or elected to the Company’s board of directors with the
approval of a majority of the Continuing Directors who were members of the
Company’s board of directors at the time of such nomination or election.

“Voting Stock” as applied to stock of any person,
means shares, interests, participations or other equivalents in the equity
interest (however designated) in such person having ordinary voting power for
the election of the directors (or the equivalent) of such person, other than
shares, interests, participations or other equivalents having such power only
by reason of the occurrence of a contingency.

“Below Investment Grade Rating Event” means the Notes
are rated below Investment Grade by both Rating Agencies on any date from the
date of the public notice of an arrangement that could result in a Change of
Control until the end of the 60-day period following public notice of the
occurrence of a Change of Control (which period shall be extended so long as
the rating of the Notes is under publicly announced consideration for possible
downgrade by either of the Rating Agencies); provided that a Below Investment
Grade Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change
of Control (and thus shall not be deemed a Below Investment Grade Rating Event
for purposes of the definition of Change of Control Repurchase Event) if the
Rating Agencies making the reduction in rating to which this definition would
otherwise apply do not announce or publicly confirm or inform the Trustee in
writing at its request that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in respect
of, the applicable Change of Control (whether or not the applicable Change of
Control shall have occurred at the time of the Below Investment Grade Rating
Event).

“Investment Grade” means a rating of Baa3 or better by
Moody’s (or its equivalent under any successor rating categories of Moody’s)
and BBB-or better by S&P (or its equivalent under any successor rating
categories of S&P) (or, in each case, if such Rating Agency ceases to rate
the Notes for reasons outside of the Company’s control, the equivalent
investment grade credit rating from any Rating Agency selected by the Company
as a replacement Rating Agency).

“Rating Agency” means:

(1)           each
of Moody’s and S&P; and

(2)           if
either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the Company’s control, a
“nationally recognized statistical rating organization” within the meaning of
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a
replacement agency for Moody’s or S&P, or both, as the case may be.

“Moody’s” means Moody’s Investors Service, Inc.

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“S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc.

 As provided in
and subject to the provisions of the Indenture, the Holder of this Note 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 Notes, the Holders
of not less than 25% in principal amount of the Notes 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 the Notes 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 Note for the enforcement of any payment of principal hereof or any interest
on or after the respective due dates expressed herein.

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes under the
Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in aggregate principal amount of the
Outstanding Notes. The Indenture also contains provisions permitting the
Holders of not less than a majority in principal amount of the Notes at the
time Outstanding, on behalf of the Holders of all Notes, to waive compliance by
the Company with certain provisions of the Indenture. Furthermore, provisions
in the Indenture permit the Holders of not less than a majority of the
aggregate principal amount of the Outstanding Notes to waive, in certain
circumstances, on behalf of all Holders of the Notes, 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.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, and
interest on, this Note at the times, places and rate, and in the coin or
currency, herein and in the Indenture prescribed.

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Security Register upon surrender of this Note for registration of transfer
at the office or agency of the Company maintained for the purpose in any place
where the principal of and interest on this Note 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 by his
attorney duly authorized in writing, and thereupon one or more new Notes of
this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

This Note may be transferred, in whole but not in
part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a
successor to DTC for such Global Security selected or approved by the Company
or to a nominee of such successor to DTC. If at any time DTC notifies the
Company that it is unwilling or unable to continue as depositary for the Notes
or if at any time DTC ceases to be a clearing agency registered under the
Exchange Act, if so required by applicable law or regulation, the Company shall
appoint a successor depositary with respect to the Notes. If (a) a successor
depositary for the Notes is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such unwillingness,
inability or ineligibility, (b) an Event of Default has occurred and is
continuing and the beneficial owners representing a majority in principal
amount of the Notes advise DTC to cease acting as depositary for such Notes, or
(c) the Company, in its sole discretion, determines at any time that all Notes
(but not less than all) of this series shall no longer be represented by such
Global Note or Notes, then the Company shall execute, and the Trustee shall
authenticate and deliver, definitive Notes of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the
principal amount of such Note or Notes.

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The Notes are issuable only in registered form without
coupons and may be sold in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations
therein set forth, the Notes of this series are exchangeable for a like
aggregate principal amount of Notes of this series in authorized denominations
as requested by the Holders 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.

Prior to due presentment of the 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.

The Indenture contains provisions whereby (i) the
Indenture shall cease to be of further effect with respect to the Notes
(subject to the survival of certain provisions thereof), (ii) the Company
may be discharged from its obligations with respect to the Notes (subject to
certain exceptions), or (iii) the Company may be released from its
obligations under specified covenants and agreements in the Indenture, in each
case if the Company satisfies certain conditions provided in the Indenture.

No recourse shall be had for the payment of the
principal of or interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any past, present or future
stockholder, employee, officer or director, as such, of the Company or of any
successor, either directly or through the Company or any successor, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

THE INDENTURE AND THE NOTE SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF CALIFORNIA, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

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

All terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

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ASSIGNMENT FORM

FOR VALUE RECEIVED, THE UNDERSIGNED HEREBY

SELLS, ASSIGNS AND TRANSFERS TO

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

 

(Please Print or Typewrite Name and Address

including Zip Code of Assignee)

the within Note of                                          and                                          hereby does irrevocably constitute and appoint

Attorney to transfer said Note on the books of the
within-named Company with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  

NOTICE: The signature to
this assignment must correspond with the name as it appears on the first page
of the within Note in every particular, without alteration or enlargement or
any change whatever.

 9Exhibit 4.2

	
  CUSIP NO. 421915 EF 2

  	
  PRINCIPAL AMOUNT

  

$300,000,000

HEALTH
CARE PROPERTY INVESTORS, INC.

5.95%
NOTES DUE 2011

THIS SECURITY IS A GLOBAL SECURITY WITHIN THE MEANING
SET FORTH IN THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE
NAME OF A DEPOSITARY OR A NOMINEE OF A DEPOSITARY. THIS SECURITY IS
EXCHANGEABLE FOR SECURITIES REGISTERED IN THE NAME OF A PERSON OTHER THAN THE
DEPOSITARY OR ITS NOMINEE ONLY IN THE LIMITED CIRCUMSTANCES DESCRIBED IN THE
INDENTURE, AND, UNLESS AND UNTIL IT IS EXCHANGED FOR SECURITIES IN DEFINITIVE
FORM AS AFORESAID, 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 ITS NOMINEE TO A
SUCCESSOR DEPOSITARY OR ITS NOMINEE.

UNLESS THIS NOTE IS PRESENTED BY AN AUTHORIZED
REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (“DTC”), 55 WATER STREET, NEW
YORK, NEW YORK TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF TRANSFER,
EXCHANGE OR PAYMENT, AND SUCH NOTE ISSUED IS REGISTERED IN THE NAME OF CEDE
& CO., OR SUCH OTHER NAME AS 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, SINCE THE REGISTERED OWNER HEREOF, CEDE & CO., HAS
AN INTEREST HEREIN.

HEALTH CARE PROPERTY INVESTORS, INC., a Maryland
corporation (the “Company”, which term shall include any successor under the
Indenture hereinafter referred to), for value received, hereby promises to pay
to CEDE & CO., or registered assigns, the principal sum of Three Hundred
Million Dollars ($300,000,000) on September 15, 2011, and to pay interest
thereon from September 19, 2006 or from the most recent interest payment date
on which interest has been paid or duly provided for, semi-annually in arrears
on March 15 and September 15 of each year (or if such date is not a Business
Day, on the next Business Day thereafter; no interest will accrue on such
payment for the period from and after such interest payment date to the date of
such payment on the next succeeding Business Day) (each, an “Interest Payment
Date”), commencing March 15, 2007, at the rate of 5.95% per annum, until the
entire principal amount hereof is paid or duly provided for. 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 Holder in whose name this
Note (or one or more predecessor Notes) is registered at the close of business
on the Regular Record Date for such interest, which shall be the date that is
15 calendar days prior to such Interest Payment Date, whether or not a Business
Day.  Any such interest not so punctually
paid or duly provided for shall forthwith cease to be payable to the Holder on
such Regular Record Date, and may either be paid to the Holder in whose name
this Note (or one or more predecessor Notes) 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 Notes of
this series not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Notes may be listed, and
upon such notice as may be required by such exchange, all as more fully
provided in the Indenture.  Interest will
be computed on the basis of a 360-day year of twelve 30-day months. Payments of
principal, premium, if any, and interest in respect of this Note will be made
by the Company in immediately available funds.

Payment of the principal of and interest on this Note
shall be payable at the Corporate Trust Office of The Bank of New York, located
at 101 Barclay Street, Floor 8 W, New York, New York 10286 or at such other
office or agency of the Company maintained for that purpose in 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, interest may be paid by check
mailed to the address of the Person entitled thereto as such address shall
appear on the Security

 

Register or by transfer
to an account maintained by the payee with a bank located in the United States;
and, provided, further, that so long as this Note is registered in the name of
DTC or its nominee, principal and interest payments will be paid to DTC or its
nominee, as the Holder, by wire transfer in same-day funds.

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

Unless the certificate of authentication hereon has
been executed by the Trustee by 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.

IN WITNESS WHEREOF, the Company has caused this
instrument to be duly executed under its corporate seal this 19th day of
September, 2006.

	
   

  	
  Health Care Property
  Investors, Inc.,

  
	
   

  	
  a Maryland
  corporation

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
  Name:

  	
  Mark Wallace

  
	
   

  	
  Title:

  	
  Senior Vice President and Chief Financial Officer

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By:

  	
   

  	
   

  	
   

  
	
  Name:

  	
  Edward J. Henning

  	
   

  
	
  Title:

  	
  Senior Vice President, General Counsel

  	
   

  
	
   

  	
  and Corporate Secretary

  	
   

  
					

 2
 

 

TRUSTEE’S CERTIFICATE OF AUTHENTICATION:

This is one of the Notes of the series designated
herein referred to in the within-mentioned Indenture.

	
  The Bank of New York, as
  Trustee

  
	
   

  
	
  By:

  	
   

  	
   

  
	
   

  	
  Authorized Signatory

  	
   

  
	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  

This Note is one of a
duly authorized issue of securities of the Company (herein called the “Notes”),
issued as a series of securities under an indenture dated as of September 1,
1993 (the “Indenture”), between the Company and The Bank of New York, as
trustee (the “Trustee,” which term includes any successor trustee under the
Indenture with respect to the Notes), to which Indenture and all indentures
supplemental thereto, reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of
the Company, the Trustee and the Holders of the Notes and of the terms upon
which the Notes are, and are to be, authenticated and delivered. This Note is
the duly authorized series designated as the “5.95% Notes Due 2011,” originally
limited (subject to exceptions provided in the Indenture) in aggregate
principal amount to $300,000,000; however, from time to time, without giving
notice or seeking consent of the Holders of the Notes, the Company may issue
additional Notes of this series having the same ranking, interest rate and
maturity and other terms as this Note. All terms used in this Note which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

If an Event of Default with respect to the Notes shall
occur and be continuing, the principal of the Notes may be declared due and
payable in the manner and with the effect provided in the Indenture.

The Notes are not subject to any sinking fund.

The Notes may be redeemed, in whole or in part, at any
time at the option of the Company at a Redemption Price equal to the greater
of: (1) 100% of the principal amount of the Notes to be redeemed, or (2) the
sum of the present values of the remaining scheduled payments of principal and
interest thereon (exclusive of interest accrued to the Redemption Date)
discounted to the Redemption Date on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the applicable treasury rate (as
defined below) plus 20 basis points, plus accrued and unpaid interest on the
amount being redeemed to the Redemption Date.

“Treasury rate” means, with respect to any Redemption
Date:

·              the yield, under the heading which
represents the average for the immediately preceding week, appearing in the
most recently published statistical release designated “H.15(519)” or any
successor publication which is published weekly by the Board of Governors of
the Federal Reserve System and which establishes yields on actively traded U.S.
Treasury securities adjusted to constant maturity under the caption “Treasury
Constant Maturities,” for the maturity corresponding to the comparable treasury
issue (if no maturity is within three months before or after the remaining life
(as defined below), yields for the two published maturities most closely
corresponding to the comparable treasury issue will be determined and the
treasury rate will be interpolated or extrapolated from such yields on a
straight line basis, rounding to the nearest month); or

·              if such release (or any successor
release) is not published during the week preceding the calculation date or
does not contain such yields, the rate per annum equal to the semi-annual
equivalent yield to maturity of the comparable treasury issue, calculated using
a price for the comparable treasury issue (expressed as a percentage of its
principal amount) equal to the comparable treasury price for such Redemption
Date.

 3
 

 

The treasury rate will be calculated by the
Independent Investment Banker on the third Business Day preceding the date
fixed for redemption.

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

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

“Independent Investment Banker” means one of the
Reference Treasury Dealers appointed by the Company to act as the “Independent
Investment Banker.”

“Reference Treasury Dealers” means each of Barclays
Capital Inc., and J.P. Morgan Securities Inc. and their respective successors
and three other nationally recognized investment banking firms that are Primary
Treasury Dealers specified from time to time by the Company; provided, however,
that if any of the foregoing shall cease to be a primary US Government
securities dealer in the United States (a “Primary Treasury Dealer”), the
Company shall substitute therefor another nationally recognized investment
banking firm that is a Primary Treasury Dealer.

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

The Company may redeem the Notes in increments of
$1,000.  If the Company redeems less than
all of the Notes, the Trustee will select the Notes to be redeemed using a
method it considers fair and appropriate. 
The Company will cause notices of redemption to be mailed by first-class
mail at least 30 but not more than 60 days before the Redemption Date to each Holder
of Notes to be redeemed at its registered address.

If this Note is to be redeemed in part only, the
notice of redemption that relates to this Note will state the portion of the
principal amount thereof to be redeemed. 
The Company will issue a Note in principal amount equal to the
unredeemed portion of the Note in the name of the Holder hereof upon
cancellation of the original Note.  Any
Notes called for redemption will become due on the Redemption Date.  On or after the Redemption Date, interest
will cease to accrue on the Notes or portions of them called for redemption.

If a Change of Control Repurchase Event (defined
below) occurs, unless the Company has previously exercised its right to
otherwise redeem the Notes as described above, the Company will make an offer
to each Holder of Notes to repurchase all or any part (in multiples of $1,000
principal amount) of that Holder’s Notes at a repurchase price in cash equal to
101% of the aggregate principal amount of Notes repurchased plus any accrued
and unpaid interest on the Notes repurchased to the date of repurchase. Within
30 days following any Change of Control Repurchase Event or, at the Company’s
option, prior to any Change of Control (defined below), but after the public
announcement of the Change of Control, the Company will mail a notice to each Holder
describing the transaction or transactions that constitute or may constitute
the Change of Control Repurchase Event and offering to repurchase Notes on the
payment date

 4
 

 

specified in the notice,
which date will be no earlier than 30 days and no later than 60 days from the
date such notice is mailed. The notice shall, if mailed prior to the date of
consummation of the Change of Control, state that the offer to repurchase is
conditioned on the Change of Control Repurchase Event occurring on or prior to
the payment date specified in the notice.

The Company will comply with the requirements of Rule
14e-1 under the Securities Exchange Act of 1934, or the Exchange Act, and any
other securities laws and regulations to the extent those laws and regulations
are applicable in connection with the repurchase of the Notes as a result of a
Change of Control Repurchase Event. To the extent that the provisions of any
securities laws or regulations conflict with the Change of Control Repurchase
Event provisions of the Notes, the Company will comply with the applicable
securities laws and regulations and will not be deemed to have breached its
obligations under the Change of Control Repurchase Event provisions of the Notes
by virtue of such conflict.

On the Change of Control Repurchase Event payment
date, the Company will, to the extent lawful:

(1)           accept
for payment all Notes or portions of Notes properly tendered pursuant to its
offer;

(2)           deposit
with the paying agent an amount equal to the aggregate purchase price in
respect of all Notes or portions of Notes properly tendered; and

(3)           deliver
or cause to be delivered to the Trustee the Notes properly accepted, together
with an officers’ certificate stating the aggregate principal amount of Notes
being purchased by the Company.

The Paying Agent will promptly pay, from funds
deposited by the Company for such purpose, to each Holder of Notes properly
tendered the purchase price for the Notes, and the Trustee will promptly authenticate
and mail (or cause to be transferred by book-entry) to each Holder a new Note
equal in principal amount to any unpurchased portion of any Notes surrendered.

The Company will not be required to make an offer to
repurchase the Notes upon a Change of Control Repurchase Event if a third party
makes an offer in the manner, at the times and otherwise in compliance with the
requirements for an offer made by the Company and such third party purchases
all Notes properly tendered and not withdrawn under its offer.

For purposes of the Notes:

“Change of Control Repurchase Event” means the
occurrence of both a Change of Control and a Below Investment Grade Rating
Event.

“Change of Control” means the occurrence of any of the
following:

(1)           the
direct or indirect sale, transfer, conveyance or other disposition (other than
by way of merger or consolidation), in one or a series of related transactions,
of all or substantially all of the Company’s properties or assets and those of its
subsidiaries, taken as a whole, to any “person” (as that term is used in
Section 13(d)(3) of the Securities Exchange Act of 1934, as amended (the “Exchange
Act”)), other than the Company or one of its wholly owned subsidiaries; or

(2)           the
adoption of a plan relating to the liquidation or dissolution of the Company;
or

(3)           the
consummation of any transaction (including, without limitation, any merger or
consolidation) the result of which is that any “person” (as that term is used
in Section 13(d)(3) of the Exchange Act), other than the Company or one of its
wholly owned subsidiaries (provided that this exception does not include any
transaction in which public stockholders cease to own Voting Stock entitling
public stockholders to elect the same percentage of the members of the Company’s
board of directors as public stockholders are entitled to elect on September 12,
2006), becomes the beneficial owner, directly or indirectly, of more than 50%
of the Company’s Voting Stock, measured by voting power rather than number of
shares; or

 5
 

 

(4)           the
first day on which a majority of the members of the Company’s board of
directors are not Continuing Directors.

Notwithstanding the foregoing, a transaction effected
to create a holding company for the Company will not be deemed to involve a
Change of Control if (1) pursuant to such transaction the Company becomes a
wholly owned subsidiary of such holding company and (2) the holders of the
Voting Stock of such holding company immediately following such transaction are
the same as the holders of the Company’s Voting Stock immediately prior to such
transaction.

“Continuing Directors” means, as of any date of
determination, any member of the Company’s board of directors who:

(1)           was
a member of such board of directors on September 19, 2006; or

(2)           was
nominated for election or elected to the Company’s board of directors with the
approval of a majority of the Continuing Directors who were members of the
Company’s board of directors at the time of such nomination or election.

“Voting Stock” as applied to stock of any person,
means shares, interests, participations or other equivalents in the equity
interest (however designated) in such person having ordinary voting power for
the election of the directors (or the equivalent) of such person, other than
shares, interests, participations or other equivalents having such power only
by reason of the occurrence of a contingency.

“Below Investment Grade Rating Event” means the Notes
are rated below Investment Grade by both Rating Agencies on any date from the
date of the public notice of an arrangement that could result in a Change of
Control until the end of the 60-day period following public notice of the
occurrence of a Change of Control (which period shall be extended so long as
the rating of the Notes is under publicly announced consideration for possible
downgrade by either of the Rating Agencies); provided that a Below Investment
Grade Rating Event otherwise arising by virtue of a particular reduction in
rating shall not be deemed to have occurred in respect of a particular Change
of Control (and thus shall not be deemed a Below Investment Grade Rating Event
for purposes of the definition of Change of Control Repurchase Event) if the
Rating Agencies making the reduction in rating to which this definition would
otherwise apply do not announce or publicly confirm or inform the Trustee in
writing at its request that the reduction was the result, in whole or in part,
of any event or circumstance comprised of or arising as a result of, or in
respect of, the applicable Change of Control (whether or not the applicable
Change of Control shall have occurred at the time of the Below Investment Grade
Rating Event).

“Investment Grade” means a rating of Baa3 or better by
Moody’s (or its equivalent under any successor rating categories of Moody’s)
and BBB-or better by S&P (or its equivalent under any successor rating
categories of S&P) (or, in each case, if such Rating Agency ceases to rate
the Notes for reasons outside of the Company’s control, the equivalent
investment grade credit rating from any Rating Agency selected by the Company
as a replacement Rating Agency).

“Rating Agency” means:

(1)           each
of Moody’s and S&P; and

(2)           if
either of Moody’s or S&P ceases to rate the Notes or fails to make a rating
of the Notes publicly available for reasons outside of the Company’s control, a
“nationally recognized statistical rating organization” within the meaning of
Rule 15c3-1(c)(2)(vi)(F) under the Exchange Act selected by the Company as a
replacement agency for Moody’s or S&P, or both, as the case may be.

 6
 

 

“Moody’s” means Moody’s Investors Service, Inc.

“S&P” means Standard & Poor’s Ratings
Services, a division of The McGraw-Hill Companies, Inc.

As provided in and subject to the provisions of the
Indenture, the Holder of this Note 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 Notes, the Holders of not less than 25% in principal amount
of the Notes 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 the Notes 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 Note for the enforcement of any payment
of principal hereof or any interest on or after the respective due dates
expressed herein.

The Indenture permits, with certain exceptions as
therein provided, the amendment thereof and the modification of the rights and
obligations of the Company and the rights of the Holders of the Notes under the
Indenture at any time by the Company and the Trustee with the consent of the
Holders of not less than a majority in aggregate principal amount of the
Outstanding Notes. The Indenture also contains provisions permitting the
Holders of not less than a majority in principal amount of the Notes at the
time Outstanding, on behalf of the Holders of all Notes, to waive compliance by
the Company with certain provisions of the Indenture. Furthermore, provisions
in the Indenture permit the Holders of not less than a majority of the aggregate
principal amount of the Outstanding Notes to waive, in certain circumstances,
on behalf of all Holders of the Notes, 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.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the principal of, and
interest on, this Note at the times, places and rate, and in the coin or
currency, herein and in the Indenture prescribed.

As provided in the Indenture and subject to certain
limitations set forth therein, the transfer of this Note may be registered on
the Security Register upon surrender of this Note for registration of transfer
at the office or agency of the Company maintained for the purpose in any place
where the principal of and interest on this Note 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 by his
attorney duly authorized in writing, and thereupon one or more new Notes of
this series, of authorized denominations and for the same aggregate principal
amount, will be issued to the designated transferee or transferees.

This Note may be transferred, in whole but not in
part, only to a nominee of DTC, or by a nominee of DTC to DTC, or to a
successor to DTC for such Global Security selected or approved by the Company
or to a nominee of such successor to DTC. If at any time DTC notifies the
Company that it is unwilling or unable to continue as depositary for the Notes
or if at any time DTC ceases to be a clearing agency registered under the
Exchange Act, if so required by applicable law or regulation, the Company shall
appoint a successor depositary with respect to the Notes. If (a) a successor
depositary for the Notes is not appointed by the Company within 90 days after
the Company receives such notice or becomes aware of such unwillingness,
inability or ineligibility, (b) an Event of Default has occurred and is
continuing and the beneficial owners representing a majority in principal
amount of the Notes advise DTC to cease acting as depositary for such Notes, or
(c) the Company, in its sole discretion, determines at any time that all Notes
(but not less than all) of this series shall no longer be represented by such
Global Note or Notes, then the Company shall execute, and the Trustee shall
authenticate and deliver, definitive Notes of like series, rank, tenor and
terms in definitive form in an aggregate principal amount equal to the
principal amount of such Note or Notes.

 7
 

 

The Notes are issuable only in registered form without
coupons and may be sold in denominations of $1,000 and any integral multiple
thereof. As provided in the Indenture and subject to certain limitations
therein set forth, the Notes of this series are exchangeable for a like
aggregate principal amount of Notes of this series in authorized denominations
as requested by the Holders 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.

Prior to due presentment of the 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.

The Indenture contains provisions whereby (i) the
Indenture shall cease to be of further effect with respect to the Notes (subject
to the survival of certain provisions thereof), (ii) the Company may be
discharged from its obligations with respect to the Notes (subject to certain
exceptions), or (iii) the Company may be released from its obligations
under specified covenants and agreements in the Indenture, in each case if the
Company satisfies certain conditions provided in the Indenture.

No recourse shall be had for the payment of the
principal of or interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, or based on or in respect of the Indenture or any
indenture supplemental thereto, against any past, present or future
stockholder, employee, officer or director, as such, of the Company or of any
successor, either directly or through the Company or any successor, whether by
virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance
hereof and as part of the consideration for the issue hereof, expressly waived
and released.

THE INDENTURE AND THE NOTE SHALL BE DEEMED TO BE A
CONTRACT MADE UNDER THE LAWS OF THE STATE OF CALIFORNIA, AND FOR ALL PURPOSES
SHALL BE CONSTRUED IN ACCORDANCE WITH THE LAWS OF SAID STATE.

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

All terms used in this Note which are defined in the
Indenture shall have the meanings assigned to them in the Indenture.

 8
 

 

ASSIGNMENT
FORM

FOR VALUE RECEIVED, THE UNDERSIGNED HEREBY

SELLS, ASSIGNS AND TRANSFERS TO

PLEASE INSERT SOCIAL

SECURITY OR OTHER IDENTIFYING

NUMBER OF ASSIGNEE

 

 

(Please Print or Typewrite Name and Address

including Zip Code of Assignee)

the within Note of                                          and                                         
hereby does irrevocably constitute and appoint

Attorney to transfer said Note on the books of the
within-named Company with full power of substitution in the premises.

	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
   

  

NOTICE: The signature to
this assignment must correspond with the name as it appears on the first page
of the within Note in every particular, without alteration or enlargement or
any change whatever.

 9

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