Document:

FORM OF GLOBAL NOTES

 EXHIBIT 4(b) 
 FORM OF GLOBAL NOTE 
 This Note is a global security and is registered in the name of The Bank of New York
Depository (Nominees) Limited, as nominee of the common depositary, The Bank of New York (the “Common Depositary”), for Clearstream Banking, société anonyme (“Clearstream”) and Euroclear Bank S.A./N.V.
(“Euroclear”). Unless and until this Note is exchanged in whole or in part for Notes in definitive form, this Note may not be transferred except as a whole by the Common Depositary or a nominee of the Common Depositary to the Common
Depositary or another depositary or by the Common Depositary or a nominee of the Common Depositary to a successor depositary or a nominee of such successor depositary. 
 WAL-MART STORES, INC. 
 4.875% NOTES
DUE 2039 
  

					
	 Number 1
 £1,000,000,000
	 		  	 ISIN No.: XS0279211832
 Common Code:
027921183

 WAL-MART STORES, INC., a corporation duly organized and existing under the laws of the State of
Delaware, and any successor corporation pursuant to the Indenture (herein referred to as the “Company”), for value received, hereby promises to pay to THE BANK OF NEW YORK DEPOSITORY (NOMINEES) LIMITED or registered assigns, the principal
sum of ONE BILLION POUNDS STERLING (£1,000,000,000) on January 19, 2039 in such coin or currency of the United Kingdom as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest, computed
on the basis of a 360-day year consisting of twelve 30-day months, semi-annually in arrears on January 19 and July 19 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each, an “Interest Payment
Date”), commencing on July 19, 2007, on said principal sum in like coin or currency, at the rate per annum specified in the title of this Note from December 19, 2006 or from the most recent January 19 and July 19 to which interest has been paid
or duly provided for. The interest so payable, and punctually paid or duly provided for, on any Interest Payment Date will be paid to the person in whose name this Note is registered (the “Holder”) at the close of business on the preceding
January 15, in the case of an Interest Payment Date of January 19, and on the preceding July 15, in the case of an Interest Payment Date of July 19 (each, a “Record Date”). The term “Business Day” means any day, other than a
Saturday or Sunday, that is neither a legal holiday nor a day on which banking institutions are generally authorized or required by law or regulation to close in The City of New York, London or, so long as the Notes are listed on the Irish Stock
Exchange, Dublin, Ireland. 
 Reference is made to the further provisions of this Note set forth on the succeeding sections hereof. Such
further provisions shall for all purposes have the same effect as though fully set forth at this place. 

 This Note shall not be valid or become obligatory for any purpose until the certificate of authentication
hereon shall have been signed by the Trustee under the Indenture referred to in Section 1 hereof. 
 IN WITNESS WHEREOF, the Company has
caused this instrument to be signed by its Chairman of the Board, its Vice Chairman, its President or one of its Vice Presidents and by its Secretary or one of its Assistant Secretaries, each by manual or facsimile signature and under its corporate
seal. 
  

									
		 		 	WAL-MART STORES, INC.
					
		 		 		 	By:	 	  
		 		 		 		 	 Name: Rick W. Brazile
 Title: Vice President,
Finance & Planning

					
	[SEAL]	 		 		 	By:	 	  
		 		 		 		 	 Name: Anthony D. George
 Title: Associate General
Counsel, Finance
 and Assistant Secretary

 Dated: December 19, 2006 
 TRUSTEE’S 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 TRUST COMPANY, N.A.,
 as Trustee

			
		 		 	By: THE BANK OF NEW YORK, as Authenticating Agent
					
		 		 		 	By:	 	  
		 		 		 		 	Authorized Signatory

  

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 WAL-MART STORES, INC. 
 4.875% NOTES DUE 2039 
 1. Indenture; Notes. This Note is one of a duly authorized series of
Securities of the Company designated as the “4.875% Notes Due 2039” (the “Notes”), initially issued in an aggregate principal amount of £1,000,000,000 on December 19, 2006. Such series of Securities has been
established pursuant to, and is one of an indefinite number of series of debt securities of the Company, issued or issuable under and pursuant to, the Indenture, dated as of July 19, 2005, by and between the Company, as Issuer, and The Bank of
New York Trust Company, N.A., as Trustee (the “Trustee”), as supplemented by the First Supplemental Indenture, dated as of December 1, 2006, by and between the Company, as Issuer, and the Trustee (the “Indenture”), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Company and the Holders of the Notes and of the terms
upon which this Note is, and is to be, authenticated and delivered. The terms, conditions and provisions of the Notes are those stated in the Indenture, those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended,
and those set forth in this Note. To the extent that the terms, conditions and other provisions of this Note modify, supplement or are inconsistent with those of the Indenture, then the terms, conditions and other provisions of this Note shall
govern. 
 All capitalized terms which are used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 The Company may, without the consent of the Holders, create and issue additional Securities ranking equally with the Notes and otherwise
identical in all respects (except for their date of issue, issue price and the date from which interest payments thereon shall accrue) so that such additional Securities shall be consolidated and form a single series with the Notes; provided,
however, that no additional Securities of any existing or new series may be issued under the Indenture if an Event of Default has occurred and remains uncured thereunder. 
 2. Ranking. The Notes shall constitute the senior unsecured debt obligations of the Company and shall rank equally in right of payment among
themselves and with all other existing and future senior unsecured debt obligations of the Company. 
 3. Payment of Overdue Amounts.
The Company shall pay interest, calculated on the basis of a 360-day year consisting of twelve 30-day months, on overdue principal and overdue installments of interest, if any, from time to time, on demand at the interest rate borne by the Notes to
the extent lawful. 
 4. Optional Redemption. (a) The Notes may be redeemed by the Company in whole or in part on any date (such
date, the “Redemption Date”) to be fixed by the Company, at a redemption price equal to the greater of (i) 100% of the principal amount of the Notes to be redeemed and (ii) as determined by the Calculation Agent, the price at
which the yield on the outstanding principal amount of the Notes to be redeemed on the Reference Date is equal to the yield on the Benchmark Gilt as of that date as determined by reference to the 

 
middle-market price on the Benchmark Gilt at 3:00 p.m., London time, on that date (such greater price, the “Redemption Price”), in either case,
plus accrued and unpaid interest on the Notes to be redeemed up to, but excluding, the Redemption Date. 
 “Benchmark Gilt” means
the 4.75% Treasury Stock due December 7, 2038 or such other U.K. government stock as the Calculation Agent, with the advice of three brokers and/or U.K. gilt-edged market makers or three other persons operating in the U.K. gilt-edged market
that may be chosen by the Calculation Agent, may determine from time to time to be the most appropriate benchmark U.K. government stock for the Notes. 
 “Calculation Agent” means The Bank of New York, or any successor entity. 
 “Reference
Date” means the date that is the first dealing day in London prior to the publication of the notice of redemption referred to in Section 4(b) below. 
 (b) The Company shall give notice of any redemption between 30 and 60 days preceding the Redemption Date to each Holder of the Notes to be redeemed, pursuant to Section 17 hereof. 
 (c) In the event the Company redeems any amount of the Notes that is less than the total principal amount then outstanding, selection of the Notes for
redemption shall be made by the Trustee on a pro rata basis, by lot or by any other method as the Trustee in its sole discretion deems to be fair and appropriate, provided, however, that no Note of £50,000 in original principal amount
or less shall be redeemed in part. If this Note is to be redeemed in part only, the notice of redemption relating to this Note will state the portion of the principal amount hereof to be redeemed. A new Note in principal amount equal to the
unredeemed portion hereof shall be issued and delivered to the Trustee, or its nominee, upon cancellation of this Note. 
 (d) Unless the
Company defaults in payment of the Redemption Price of the Notes to be redeemed, on and after the Redemption Date, interest shall cease to accrue on this Note or the portion hereof called for redemption. 
 (e) If the Company elects to redeem the Notes, in whole or in part, pursuant to this Section 4, then it shall give notice to the Holders pursuant to
Section 17 hereof. 
 The notice of redemption shall specify the following: 
 (i) the Redemption Date; 
 (ii) a brief statement to the effect that the Notes are being redeemed at the option of the Company pursuant to this Section 4; 
 (iii) the aggregate principal amount of the Notes to be redeemed, and if such amount is less than the aggregate principal amount of the
Notes then outstanding, the manner of selection of the Notes to be redeemed; 
 (iv) that on the Redemption Date, the
Redemption Price, plus accrued but unpaid interest on the Notes to be redeemed, if any, will become due and payable; 
  

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 (v) the amount of the Redemption Price and accrued but unpaid interest, if any, that will
be due and payable on the Notes to be redeemed on the Redemption Date; 
 (vi) the place or places of payment of the amounts
due under clause (v) above; 
 (vii) that payment of the amounts due under clause (v) above will be made upon
presentation and surrender of the Notes to be redeemed; 
 (viii) that, following the redemption of any or all of the Notes
pursuant to this Section 4, interest shall cease to accrue on such redeemed Notes; and 
 (ix) the ISIN and Common Code
numbers of the Notes. 
 The notice of redemption regarding the Notes shall be, at the election of the Company, given by the Company or, at
the Company’s request, by the Trustee in the name and at the expense of the Company. 
 On or before the opening of business on any
Redemption Date, the Company shall deposit with the Trustee or with the U.S. Paying Agent (as defined herein), London Paying Agent (as defined herein) or the Irish Paying Agent (as defined herein) or, if the Company is acting as its own paying
agent, segregate and hold in trust as provided in Section 5.03 of the Indenture, an amount of money sufficient to pay the Redemption Price of, and except if the Redemption Date shall be an Interest Payment Date, accrued but unpaid interest on,
the Notes to be redeemed on the Redemption Date. 
 The notice of redemption having been given as specified above, the Notes to be so
redeemed shall, on the Redemption Date, become due and payable at the Redemption Price, and from and after such date, unless the Company shall default in the payment of the Redemption Price and accrued but unpaid interest, if any, on such Notes,
such Notes shall cease to bear interest. Upon surrender of the Notes for redemption in accordance with such notice, such Notes shall be paid by the Company at the Redemption Price, together with accrued but unpaid interest, if any, to, but
excluding, the Redemption Date. 
 If any of the Notes, having been called for redemption, shall not be so paid upon surrender thereof for
redemption, the Redemption Price for the Notes to be redeemed shall, until paid, bear interest from the Redemption Date at the interest rate borne by this Note. 
 In the event of the redemption of the Notes in part only, this Note shall be cancelled and the Company shall issue a Global Note to represent the Notes outstanding following the Redemption Date. 
 5. Payment of Additional Amounts; Redemption Upon a Tax Event. 
 (a) Payment of Additional Amounts. The Company shall pay to the Holder (including, for purposes of this Section 5, each beneficial owner) of
this Note who is a Non-U.S. Person (as defined below) additional amounts as may be necessary so that every net payment of principal of and interest on this Note to such Holder, after deduction or withholding for or on account of any present or
future tax, assessment or other governmental charge imposed upon 

  

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such Holder by the United States or any taxing authority thereof or therein, will not be less than the amount provided in this Note to be then due and
payable (such amounts, the “Additional Amounts”); provided, however, that the Company shall not be required to make any payment of Additional Amounts for or on account of: 
 (i) any tax, assessment or other governmental charge that would not have been imposed but for (A) the existence of any present or
former connection between such Holder, or between a fiduciary, settlor, beneficiary of, member or shareholder of, or possessor of a power over, such Holder, if such Holder is an estate, trust, partnership or corporation, and the United States
including, without limitation, such Holder, or such fiduciary, settlor, beneficiary, member, shareholder or possessor, being or having been a citizen or resident of the United States or treated as a resident thereof or being or having been engaged
in trade or business or present in the United States or (B) the presentation of this Note for payment on a date more than 30 days after the later of (x) the date on which such payment becomes due and payable and (y) the date on which
payment thereof is duly provided for; 
 (ii) any estate, inheritance, gift, sales, transfer, excise, personal property or
similar tax, assessment or other governmental charge; 
 (iii) any tax, assessment or other governmental charge imposed on
foreign personal holding company income or by reason of such Holder’s past or present status as a passive foreign investment company, a controlled foreign corporation or a personal holding company with respect to the United States or as a
corporation that accumulates earnings to avoid United States federal income tax; 
 (iv) any tax, assessment or other
governmental charge which is payable otherwise than by withholding from payment of principal of or interest on this Note; 
 (v) any tax, assessment or other governmental charge required to be withheld by any paying agent from any payment of principal of or interest on this Note if such payment can be made without withholding by any other paying agent;

 (vi) any tax, assessment or other governmental charge which would not have been imposed but for the failure to comply with
certification, information, documentation or other reporting requirements concerning the nationality, residence, identity or connections with the United States of the Holder, if such compliance is required by statute or by regulation of the U.S.
Treasury Department as a precondition to relief or exemption from such tax, assessment or other governmental charge; 
 (vii)
any tax, assessment or other governmental charge imposed on interest received by (A) a 10% shareholder (as defined in Section 871(h)(3)(B) of the U.S. Internal Revenue Code of 1986, as amended (the “Code”), and the regulations
that may be promulgated thereunder) of the Company or (B) a controlled foreign corporation with respect to the Company within the meaning of the Code; 
 (viii) any withholding or deduction that is imposed on a payment to an individual and is required to be made pursuant to that European Union Directive relating to the taxation of 

  

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savings adopted on June 3, 2003 by the European Union’s Economic and Financial Affairs Council, or any law implementing or complying with, or
introduced in order to conform to, such Directive; or 
 (ix) any combination of items (i), (ii), (iii), (iv), (v), (vi),
(vii) and (viii) in this Section 5(a); 
 nor shall any Additional Amounts be paid to any Holder who is a fiduciary or
partnership to the extent that a beneficiary or settlor with respect to such fiduciary, or a member of such partnership or a beneficial owner thereof, would not have been entitled to the payment of such Additional Amounts had such beneficiary,
settlor, member or beneficial owner been the Holder. 
 The term “Non-U.S. Person” means any corporation, partnership, individual
or fiduciary that is, as to the United States, a foreign corporation, a non-resident alien individual who has not made a valid election to be treated as a United States resident, a non-resident fiduciary of a foreign estate or trust, or a foreign
partnership one or more of the members of which is, as to the United States, a foreign corporation, a non-resident alien individual or a non-resident fiduciary of a foreign estate or trust. 
 (b) Redemption Upon a Tax Event. The Notes may be redeemed at the option of the Company in whole, but not in part, on a date (such date, the
“Tax Redemption Date”) to be fixed by the Company on not more than 60 days’ and not less than 30 days’ notice, at a redemption price equal to 100% of the principal amount of the Notes (the “Tax Redemption Price”) plus
accrued but unpaid interest, if any, and any Additional Amounts thereon, if the Company determines that as a result of any change in or amendment to the laws, treaties, regulations or rulings of the United States or any political subdivision or
taxing authority thereof, or any proposed change in such laws, treaties, regulations or rulings, or any change in the official application, enforcement or interpretation of such laws, treaties, regulations or rulings, including a holding by a court
of competent jurisdiction in the United States, or any other action, other than an action predicated on laws generally known on or before December 12, 2006 except for proposals before the U.S. Congress before such date, taken by any taxing
authority or a court of competent jurisdiction in the United States, or the official proposal of any action, whether or not such action or proposal was taken or made with respect to the Company, (A) the Company has or will become obligated to
pay Additional Amounts or (B) there is a substantial possibility that the Company will be required to pay such Additional Amounts. 
 Prior to the publication of any notice of redemption pursuant to Section 17 hereof, the Company shall deliver to the Trustee (1) an Officers’ Certificate stating that the Company is entitled to effect such redemption and
setting forth a statement of facts showing that the conditions precedent to the rights of the Company to so redeem have occurred and (2) an Opinion of Counsel to such effect based on such statement of facts. 
 If the Company elects to redeem the Notes pursuant to this Section 5(b), then it shall give notice to the Holders pursuant to Section 17
hereof. 
 The notice of redemption, shall specify the following: 
 (i) the Tax Redemption Date; 
  

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 (ii) a brief statement to the effect that the Notes are being redeemed at the option of
the Company pursuant to this Section 5(b) and a brief statement of the facts permitting such redemption; 
 (iii) that on
the Tax Redemption Date, the Tax Redemption Price, plus accrued but unpaid interest on the Notes, if any, will become due and payable and that interest thereon shall cease to accrue on and after such Tax Redemption Date; 
 (iv) the amount of the Tax Redemption Price and accrued but unpaid interest, if any, that will be due and payable on the Notes on the Tax
Redemption Date; 
 (v) the place or places where the Notes are to be surrendered for payment of the Tax Redemption Price and
other amounts due under clause (iv) above; 
 (vi) that payment of the amounts due under clause (iv) above will be
made upon presentation and surrender of the Notes; and 
 (vii) the ISIN and Common Code numbers of the Notes. 
 The notice of redemption regarding the Notes shall be, at the election of the Company, given by the Company or, at the Company’s request, by the
Trustee in the name and at the expense of the Company. 
 On or before the opening of business on any Tax Redemption Date, the Company shall
deposit with the Trustee or with the U.S. Paying Agent, London Paying Agent or the Irish Paying Agent (or, if the Company is acting as its own paying agent, segregate and hold in trust as provided in Section 5.03 of the Indenture) an amount of
money sufficient to pay the Tax Redemption Price of, and except if the Tax Redemption Date shall be an Interest Payment Date, accrued but unpaid interest on, the Notes to be redeemed on the Tax Redemption Date. 
 The notice of redemption having been given as specified above, the Notes shall, on the Tax Redemption Date, become due and payable at the Tax Redemption
Price, and from and after such date, unless the Company shall default in the payment of the Tax Redemption Price and accrued but unpaid interest, if any, the Notes shall cease to bear interest. Upon surrender of the Notes for redemption in
accordance with such notice, the Notes shall be paid by the Company at the Tax Redemption Price, together with accrued but unpaid interest, if any, to the Tax Redemption Date. 
 If the Notes, having been called for redemption, shall not be so paid upon surrender thereof for redemption, the Tax Redemption Price shall, until paid,
bear interest from the Tax Redemption Date at the interest rate borne by this Note. 
 6. Re-Denomination in Euro. If, prior to the
maturity of the Notes, the United Kingdom adopts the euro as its lawful currency in accordance with the Treaty establishing European Communities, as amended from time to time, the Notes will be re-denominated into euro, and the regulations of the
European Commission relating to the euro shall apply to the Notes. The circumstances and consequences described in this Section 6 will not entitle the Company, the Trustee or any Holder of the Notes to redeem early, rescind or 

  

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receive notice relating to the Notes, repudiate the terms of the Notes or the Indenture, raise any defense, request any compensation or make any claim, nor
will these circumstances and consequences affect any of the Company’s other obligations under the Notes or the Indenture. 
 7. Place
and Method of Payment. The Company shall pay principal (and the Redemption Price or the Tax Redemption Price, if any) of and interest on the Notes at the office or agency of the U.S. Paying Agent in the Borough of Manhattan, The City of New York
and of the London Paying Agent in London and, for so long as the Notes are listed on the Irish Stock Exchange, of the Irish Paying Agent in Dublin, Ireland; provided, however, that at the option of the Company, the Company may pay interest by
check mailed to the person entitled thereto at such person’s address as it appears on the Registry for the Notes. 
 8. Defeasance of
the Notes. Sections 11.02, 11.03 and 11.04 of the Indenture shall apply to the Notes. 
 9. No Redemption; Sinking Fund. The Notes
are not redeemable prior to maturity, other than as set forth in Section 4 and Section 5(b) hereof, and are not subject to a sinking fund. 
 10. Amendment and Modification. Article Nine of the Indenture contains provisions for the amendment or modification of the Indenture and the Notes without the consent of the Holders in certain circumstances and
requiring the consent of Holders of not less than a majority in aggregate principal amount of the Notes and Securities of other series that would be affected in certain other circumstances. However, the Indenture requires the consent of each Holder
of the Notes and Securities of other series that would be affected for certain specified amendments or modifications of the Indenture and the Notes. These provisions of the Indenture, which provide for, among other things, the execution of
supplemental indentures, are applicable to the Notes. 
 11. Event of Default; Acceleration of Maturity; Rescission and Annulment. If
an Event of Default with respect to the Notes shall occur and be continuing, then the aggregate principal amount of the Notes of this series may be declared by either the Trustee or the Holders of not less than 25% in aggregate principal amount of
the Notes of this series then Outstanding to be, and, in certain cases, may automatically become, immediately due and payable in the manner, with the effect and subject to the conditions provided in the Indenture. The Indenture provides that, in the
event of such an acceleration of the maturity of the Notes, the Holders of a majority in aggregate principal amount of all of the Notes of this series then Outstanding, voting as a separate class, in accordance with the provisions of, and in the
circumstances provided by, the Indenture, may rescind and annul such acceleration and its consequences with respect to all of the Notes. 
 12. Absolute Obligation. No reference herein to the Indenture and no provisions of the Notes 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 place, at the time and in the coin or currency herein prescribed. 
  

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 13. Form and Denominations; Global Note; Definitive Notes. The Notes are being issued in
registered form without interest coupons in denominations of £50,000 and integral multiples of £1,000 in excess thereof. The Notes are being issued in the form of a single global note (the “Global Note”), evidencing all or any
portion of the Notes and registered in the name of The Bank of New York Depository (Nominees) Limited, as nominee of the Common Depositary (including its respective successors) under the Indenture. The Notes shall be issued in certificated form
(each, a “Definitive Note”) only in the following limited circumstances: (1) the Common Depositary is at any time unwilling or unable to continue as the Common Depositary, or Clearstream Banking, société anonyme
or Euroclear Bank S.A./N.V. ceases to be a clearing agency registered under applicable law, and a successor Common Depositary is not appointed by the Company or a successor clearing agency satisfactory to the Company is not established within 90
days after the Company receives notice thereof; (2) the Company delivers to the Trustee a Company Order to the effect that this Note shall be exchangeable for Definitive Notes; or (3) an Event of Default has occurred and is continuing with
respect to the Notes, in each such case this Note shall be exchangeable for Definitive Notes in an equal aggregate principal amount. Such Definitive Notes shall be registered in such name or names as the Common Depositary shall instruct the Trustee.

 14. Registration, Transfer and Exchange. As provided in the Indenture and subject to certain limitations therein set forth, the
Company shall provide for the registration of the Notes and the transfer and exchange of the Notes, whether in global or definitive form. At the option of the Holders, at the offices of the U.S. Transfer Agent, the London Transfer Agent or, so long
as the Notes are listed on the Irish Stock Exchange, the Irish Transfer Agent (each as defined in Section 16 hereof), or at any of such other offices or agencies as may be designated and maintained by the Company for such purpose pursuant to
the provisions of the Indenture, and in the manner and subject to the limitations provided in the Indenture, but without the payment of any service charge, except for any transfer tax or other governmental charges imposed in connection therewith
subject to Section 5 hereof, the Notes may be transferred or exchanged for an equal aggregate principal amount of the Notes of like tenor and of other authorized denominations upon surrender and cancellation of the Notes upon any such transfer.

 The Company, the Trustee and any agent of the Company or of the Trustee may deem and treat the Holder as the absolute owner of this Note
(whether or not the Notes shall be overdue and notwithstanding any notation of ownership or other writing hereon), for the purpose of receiving payments hereon, or on account hereof, and for all other purposes, and neither the Company nor the
Trustee nor any agent of the Company or of the Trustee shall be affected by any notice to the contrary. All such payments made to or upon the order of such Holder shall, to the extent of the amount or amounts paid, effectually satisfy and discharge
liability for moneys payable on this Note. 
 Notwithstanding the preceding paragraphs of this Section 14, any registration of transfer
or exchange of a Global Note shall be subject to the terms of the legend appearing on the initial page thereof. 
 15. No Recourse Against
Others. No recourse under or upon any obligation, covenant or agreement of the Company arising under or set forth in the Notes or under the Indenture, or for any claim based thereon or otherwise in respect thereof, shall be had against any

  

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incorporator, stockholder, officer or director, as such, past, present or future, of the Company or of any successor corporation, either directly or through
the Company or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, any and all such personal liability, either at common law or in equity or by
constitution or statute, of, and any and all such rights and claims against, every such incorporator, stockholder, officer or director, as such, being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived
and released. 
 16. Appointment of Agents. The Bank of New York Trust Company, N.A. is hereby appointed the registrar for the purpose
of registering the Notes and transfers and exchanges of the Notes pursuant to the Indenture and this Note (the “Registrar”), paying agent pursuant to Section 3.04 of the Indenture (the “U.S. Paying Agent”) and transfer agent
(the “U.S. Transfer Agent”) with respect to the Notes in the United States at its offices in the Borough of Manhattan, The City of New York. 
 The Bank of New York is hereby appointed paying agent pursuant to Section 3.04 of the Indenture (the “London Paying Agent”) and transfer agent (the “London Transfer Agent”) with respect to the
Notes in the United Kingdom at its offices in London. 
 AIB/BNY Fund Management Ireland Limited has been appointed, in connection with the
listing of the Notes on the Irish Stock Exchange, paying agent pursuant to Section 3.04 of the Indenture (the “Irish Paying Agent”) and transfer agent (the “Irish Transfer Agent”) with respect to the Notes in Ireland at its
offices in Dublin, Ireland. 
 If for any reason AIB/BNY Fund Management Ireland Limited shall not continue as Irish Paying Agent or Irish
Transfer Agent, and the Notes remain listed on the Irish Stock Exchange, the Company shall appoint a substitute Irish Paying Agent or Irish Transfer Agent, as the case may be, with an office in Ireland, in accordance with the rules then in effect of
the Irish Stock Exchange and the provisions of the Indenture, including Section 3.04 thereof, and the Notes. Following the appointment of the substitute Irish Paying Agent or Irish Transfer Agent, as the case may be, the Company shall give the
Holders of the Notes notice of such appointment pursuant to Section 17 hereof. 
 17. Notices. If the Company is required to give
notice to the Holders of the Notes pursuant to the terms of the Indenture, then it shall do so by the means and in the manner set forth in Section 1.06 of the Indenture. 
 In addition, the Company shall give notices to the Holders of the Notes by publication in a leading daily newspaper in The City of New York and in London
and, so long as the Notes are listed on the Irish Stock Exchange, in Ireland. Initially, such publication shall be made in The City of New York in The Wall Street Journal, in London in The Financial Times and in Ireland in the Irish
Times. Any such notice shall be deemed to have been given on the date of publication or, if published more than once, on the date of the first publication. 
 18. Separability. In case any provision of the Indenture or the Notes shall, for any reason, be held to be invalid, illegal or unenforceable, then the validity, legality and enforceability of the remaining
provisions thereof and hereof shall not in any way be affected or impaired thereby. 
  

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 19. GOVERNING LAW. THE NOTES SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF
THE STATE OF NEW YORK. 
  

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 ASSIGNMENT FORM 
 To assign this Note, fill in the form below: 
 For the value received, the undersigned hereby assigns and transfers the
within Note, and all rights thereunder, to: 
  

 (Insert assignee’s legal name) 
  

 (Insert assignee’s social security or tax identification number) 
  

 (Print or type assignee’s
name, address and zip code) 
  

  

 and irrevocably appoints 
 _________________________________________________________________ 
 to transfer this Note on the books of Wal-Mart Stores, Inc. The agent may
substitute another to act for it. 
  

			
		
	Your Signature:	 	  
		 	(Sign exactly as your name appears on the face of this Note)

 Date: ___________________ 
 Signature Guarantee 
 The signature(s) should be Guaranteed by an Eligible Guarantor Institution pursuant to Rule 17Ad-15
of the Securities Exchange Act of 1934, as amended. 
 * * * * * 
 The following abbreviations, when used in the inscription on the face of the within Note, shall be construed as though they were written out in full
according to applicable laws or regulations: 
  

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

  

													
	 __________ UNIF GIFT MIN ACT -
	 	  	 	Custodian 	 	  	 	under the Uniform Gifts to Minors Act 	 	  	 	
		 	(Cust)    	 		 	(Minor)	 		 	(State)	 	

 Additional abbreviations may also be used although not in the above list.First Amendment to Amended and Restated Credit Agreement

 Exhibit 10.1 
 FIRST AMENDMENT TO AMENDED AND RESTATED CREDIT AGREEMENT 
 FIRST AMENDMENT TO AMENDED AND RESTATED
CREDIT AGREEMENT (this “Amendment”) dated as of December 15, 2006, among NATIONWIDE HEALTH PROPERTIES, INC., a Maryland corporation (the “Borrower”), JPMORGAN CHASE BANK, N.A., as administrative agent (the “Administrative
Agent”), and the Lenders (defined below) party hereto. 
 RECITALS: 
 A. The Borrower, the Administrative Agent and certain lenders (the “Lenders”) are party to that certain Amended and Restated Credit
Agreement dated as of October 20, 2005 (said Credit Agreement, as the same is herein amended, and may be further amended, modified and supplemented and in effect from time to time, being herein called the “Credit Agreement”;
and, except as otherwise herein expressly provided, all capitalized terms used herein shall have the meaning assigned to such terms in the Credit Agreement), pursuant to which the Lenders have committed to make loans and other extensions of credit
to the Borrower. 
 B. The parties hereto desire to, among other things, (i) increase the Revolving Credit Commitments of the Lenders to
an aggregate principal amount of $700,000,000, pursuant to Section 9.15 of the Credit Agreement, and (ii) terminate the Term Loan Commitments of the Lenders. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
 Section 1. Amendment of Credit Agreement. Effective as of the date hereof, the Credit Agreement is hereby amended as follows: 
 (a) The Credit Agreement is hereby amended by terminating all of the Lenders’ Term Loan Commitments and deleting all references to
the Term Loans, including deleting the terms as well as all references to the terms listed on Exhibit A attached hereto (“Deleted Terms”). The Deleted Terms shall not have any meaning in the Credit Agreement, and when used
therein, the applicable provision shall be read as if such term was not included therein. As of the effectiveness of this Amendment, all of the existing Notes, dated as of October 20, 2005, shall be deemed cancelled. 
 (b) The definition of “Applicable Rate” is hereby deleted in its entirety and replaced with the following: 
 “Applicable Rate” means, for any day, with respect to any ABR Loan or Syndicated Eurodollar Loan, or with respect to the
facility fees payable hereunder, as the case may be, the applicable rate per annum set forth below under the caption “ABR Spread”, “Eurodollar Spread”, “Facility Fee Rate” or “All-In Spread”, as the case may
be, based upon the ratings by Moody’s, Fitch and S&P, respectively, applicable on such date to the Index Debt: 

													
	 	  	 	 	 	Revolving Loan	 
	 Index Debt Ratings:
 S&P/Moody’s/Fitch
	  	 ABR
 Spread
	 	 	 Eurodollar
 Spread
	 	 	 Facility Fee
 Rate
	 	 	 All-In
 Spread
	 
	     Category 1
 A-/A3/A- or better
	  	0.00	%	 	0.475	%	 	0.125	%	 	0.60	%
	     Category 2
 BBB+/Baa1/BBB+
	  	0.00	%	 	0.50	%	 	0.15	%	 	0.65	%
	     Category 3
 BBB/Baa2/BBB
	  	0.00	%	 	0.70	%	 	0.15	%	 	0.85	%
	     Category 4
 BBB-/Baa3/BBB-
	  	0.00	%	 	0.85	%	 	0.15	%	 	1.00	%
	     Category 5
 Not rated or less than:
   BBB-/Baa3/BBB-
	  	0.00	%	 	1.10	%	 	0.25	%	 	1.35	%

 For purposes of the foregoing, (i) if any of Moody’s, Fitch or S&P
shall not have in effect a rating for the Index Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such rating agency shall be deemed to have established a rating in Category 5; (ii) if
there is a difference in the ratings established or deemed to have been established by Moody’s, Fitch and S&P for the Index Debt, the Applicable Rate shall be based on the higher of the Borrower’s S&P and Moody’s rating; and
(iii) if the ratings established or deemed to have been established by Moody’s, Fitch and S&P for the Index Debt shall be changed (other than as a result of a change in the rating system of Moody’s, Fitch or S&P), such change
shall be effective as of the date on which it is first announced by the applicable rating agency, irrespective of when notice of such change shall have been furnished by the Borrower to the Agent and the Lenders pursuant to Section 5.01
or otherwise. Each change in the Applicable Rate shall apply during the period commencing on the effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of
Moody’s, Fitch or S&P shall change, or if either such rating agency shall cease to be in the business of rating corporate debt obligations, the Borrower and the Lenders shall negotiate in good faith to amend this definition to reflect such
changed rating system or the unavailability of ratings from such rating agency and, pending the effectiveness of any such amendment, the Applicable Rate shall be determined by reference to the rating most recently in effect prior to such change or
cessation.” 
 (c) The definition of “Arrangers” is hereby deleted in its entirety and replaced with the
following: 
 “Arrangers” means J.P. Morgan Securities Inc. and Banc of America Securities LLC.”

 (d) The definition of “Capitalization Value” is hereby deleted in its entirety and replaced with the following:

  

 - 2 - 

 “Capitalization Value” means, at any date, solely with respect to the
Nationwide Entities, the sum of (without duplication): 
 (a) EBITDA for the most recent Measuring Period divided by
(b) (i) 9.50% for skilled nursing facilities and specialty care hospitals, and (ii) 8.00% for assisted/independent living facilities, continuing care retirement facilities, and medical office buildings (expressed as a decimal)
(excluding newly acquired Properties covered by clause (A) below); plus 
 (b) all Cash and Cash Equivalents held by any
Nationwide Entity at such time, and, in the case of Cash and Cash Equivalents not Wholly-Owned, multiplied by a percentage (expressed as a decimal) equal to the percentage of the total outstanding Equity Interest held by any Nationwide Entity
holding title to such Cash and Cash Equivalents; 
 provided, however, (A) newly acquired Properties shall be valued at
acquisition cost for the first four fiscal quarters of ownership and (B) the determination of Capitalization Value for any period shall not include any Property (or any portion of EBITDA relating to any such Property) that has been sold or
otherwise disposed of at any time prior to or during such period.” 
 (e) The definition of “Commitment” is
hereby deleted in its entirety and replaced with the following: 
 “Commitment” means, with respect to each
Lender, the commitment, if any, of such Lender to make Revolving Loans and to acquire participations in Letters of Credit and Swingline Loans hereunder, expressed as an amount representing the maximum aggregate amount of such Lender’s Revolving
Credit Exposure hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 or 2.11, (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant
to Section 9.04 or (c) increased from time to time pursuant to Section 9.15. The initial amount of each Lender’s Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption pursuant to
which such Lender shall have assumed its Commitment, as applicable. The initial aggregate amount of the Lenders’ Commitments is $700,000,000.” 
 (f) Each reference in the Credit Agreement and in the Loan Documents to “$600,000,000” shall be replaced with “$700,000,000.” 
 (g) The definition of “Interest Period” is hereby deleted in its entirety and replaced with the following: 
 “Interest Period” means (a) with respect to any Eurodollar Borrowing (other than a Competitive Eurodollar
Borrowing), the period commencing on the date of such Borrowing and ending (x) seven or fourteen days thereafter or (y) on the numerically corresponding day in the calendar month that is one, two, three, six, or if available from each
Lender, twelve months thereafter, as the Borrower may elect, (b) with respect to any Competitive Eurodollar Borrowing, the period commencing on the date of such Borrowing and ending on the numerically corresponding day in the calendar
month that is one, two or three months thereafter, as the Borrower may elect, and (c) with respect to any Fixed Rate Borrowing, the period (which shall not be less than 30 days or more than 90 days) commencing on the date of such Borrowing
and ending on the date specified in 

  

 - 3 - 

 
the applicable Competitive Bid Request; provided, that (i) if any Interest Period would end on a day other than a Business Day, such Interest
Period shall be extended to the next succeeding Business Day unless, in the case of a Eurodollar Borrowing only, such next succeeding Business Day would fall in the next calendar month, in which case such Interest Period shall end on the next
preceding Business Day and (ii) any Interest Period pertaining to a Eurodollar Borrowing that commences on the last Business Day of a calendar month (or on a day for which there is no numerically corresponding day in the last calendar month of
such Interest Period) shall end on the last Business Day of the last calendar month of such Interest Period. For purposes hereof, the date of a Eurodollar Borrowing shall initially be the date on which such Eurodollar Borrowing is made and, in the
case of a Syndicated Eurodollar Borrowing that has been converted or continued, the effective date of such Eurodollar Borrowing shall thereafter be the effective date of the most recent conversion or continuation of such Eurodollar Borrowing.”

 (h) The definition of “Material Indebtedness” is hereby amended by deleting “$10,000,000” and replacing
it with “$35,000,000.” 
 (i) The definition of “Notes” is hereby deleted in its entirety and replaced
with the following: 
 “Notes” means the Revolving Notes, the Competitive Notes and the Swingline
Notes.” 
 (j) The definition of “Required Lenders” is hereby amended by deleting “66.66%” and
replacing it with “51%.” 
 (k) The Definition of “Revolving Credit Commitment” is hereby deleted in its
entirety, and all references to “Revolving Credit Commitment” shall be deemed references to the term “Commitment.” 
 (l) The Definition of “Revolving Maturity Date” is hereby deleted in its entirety and replaced with the following: 
 “Revolving Maturity Date” means December 15, 2010, as same may be extended in accordance with 2.09(e).” 
 (m) The definition of “Securities” is hereby deleted in its entirety and replaced with the following: 
 “Securities” means any stock, shares, partnership interests, membership interests, voting trust certificates, certificates of
interest or participation in any profit sharing agreement or arrangement, bonds, debentures, options, warrants, notes, or other evidences of indebtedness, secured or unsecured, convertible, subordinated or otherwise, or in general any instruments
commonly known as “securities” or any certificates of interest, shares or participations in temporary or interim certificates for the purchase or acquisition of, or any right to subscribe to, purchase or acquire, any of the foregoing
(other than any Security convertible into, exchangeable for or exercisable into the Equity Interests of the Borrower).” 
  

 - 4 - 

 (n) The definition of “Unencumbered Asset Value” is hereby deleted and replaced
with the following: 
 “Unencumbered Asset Value” means, at any date, solely with respect to the Borrower and
its Wholly-Owned Subsidiaries, (a) EBITDA from Qualified Unencumbered Assets for the most recent Measuring Period divided by (b) (i) 9.50% for skilled nursing facilities and specialty care hospitals and (ii) 8.00% for
assisted/independent living facilities, continuing care retirement facilities and medical buildings; provided, however, (A) newly acquired Qualified Unencumbered Assets shall be valued at acquisition cost until there have been four
fiscal quarters of ownership; and (B) the determination of Unencumbered Asset Value for any period shall not include any Qualified Unencumbered Property (or any portion of EBITDA relating to any such Qualified Unencumbered Property) that has
been sold or otherwise disposed of at any time prior to or during such period.” 
 (o) Section 2.01(b) is hereby
deleted in its entirety and replaced with “[Intentionally Deleted],” and all references to Section 2.01(b) are hereby deleted. 
 (p) Section 2.02(c) is hereby amended (i) by deleting all references to “$3,000,000” and replacing them with “$1,000,000,” and (ii) by deleting the second to last sentence of said
section that begins with “Each Swingline Loan” and replacing it with the following: 
 “Each Swingline Loan
shall be in an amount that is an integral multiple of $100,000 and not less than $500,000.” 
 (q) Section 2.05(a)
is hereby amended (i) by deleting “$1,000,000” and replacing it with “$100,000” and (ii) by deleting “$3,000,000” and replacing it with “$500,000.” 
 (r) The first sentence of Section 2.09(e) is hereby amended by deleting “October 20, 2009” and replacing it with
“December __, 2011.” 
 (s) Section 2.11(b)(i) is hereby amended by (i) deleting the phrase “the
Unencumbered Asset Value Ratio exceeds 60%” and replacing it with “the Borrower fails to comply with the Unencumbered Asset Value covenant set forth in Section 6.07(f)”, and deleting the reference to “Section 6.07(h)”
and replacing it with “Section 6.07(f).” 
 (t) Section 2.13(d) of the Credit Agreement is hereby amended by
deleting all reference to “3%” and replacing them with “2%.” 
 (u) Section 3.08 is hereby deleted in
its entirety and replaced with the following: 
 “Investment Company Status. Neither the Borrower nor any of the
Nationwide Core Entities Subsidiaries is an “investment company” as defined in, or subject to regulation under, the Investment Company Act of 1940, as amended.” 
  

 - 5 - 

 (v) Section 6.04(c) is hereby deleted in its entirety and replaced with the
following: 
 “(c) subject to the limitations set forth below, Investments in Healthcare Properties: 
  

			
	 Asset Type
	  	 Limitations

	Joint Ventures/ Healthcare Property Under Construction/ Mortgage Loans acquired by the Borrower or any Wholly-Owned Subsidiary which have first lien priority on Healthcare Properties	  	The Aggregate Investment Value of all such Joint Ventures, Healthcare Property Under Construction and Mortgage Loans shall not exceed 40% of the Capitalization Value
		
	Portfolio of Healthcare Properties	  	Unlimited
		
	Individual Healthcare Properties	  	Unlimited
		
	Permitted Investments	  	Unlimited
		
	Operating Deposit Accounts with Banks	  	Unlimited”

 (w) Section 6.05 is hereby deleted in its entirety and replaced with the
following: 
 “Restricted Payments. During the continuance of a monetary Event of Default, the Borrower will not,
and will not permit any Nationwide Core Entity to, declare or make, or agree to pay or make, directly or indirectly, Restricted Payments, unless after taking into account all available funds of the Borrower from all other sources, such Restricted
Payments are required in order to enable the Borrower to continue to qualify as a REIT.” 
 (x) Section 6.07(b) is
hereby deleted in its entirety and replaced with the following: 
 “Maximum Total Adjusted Outstanding Indebtedness to
Capitalization Value. The Borrower will not permit the ratio of Total Adjusted Outstanding Indebtedness to Capitalization Value (expressed as a percentage) to be more than 60%; provided, however, such ratio may exceed 60% for up to two
(2) consecutive fiscal quarters, but in no event shall Total Adjusted Outstanding Indebtedness exceed 65% of Capitalization Value.” 
 (y) Section 6.07(e) is hereby deleted in its entirety and replaced with “[intentionally deleted].” 
  

 - 6 - 

 (z) Section 6.07(f) is hereby deleted in its entirety and replaced with the
following: 
 “(f) Maximum Unencumbered Asset Value Ratio. The Borrower will not permit the Unencumbered Asset
Value Ratio to exceed 60%; provided, however, such ratio may exceed 60% for up to two (2) consecutive fiscal quarters, but in no event shall the Unencumbered Asset Value Ratio exceed 65%; and provided further, the Borrower shall not be in
default under this Section if the Borrower timely complies with the provisions of Section 2.11(b).” 
 (aa)
Clause (l) of Article VII is hereby amended by replacing “$10,000,000” with “$35,000,000.” 
 (bb)
Section 9.15 is hereby deleted in its entirety and replaced with the following: 
 “SECTION 9.15. Additional
Commitments. At any time on or before December 15, 2008, the Borrower shall have the right, exercisable no more than two (2) times, to request that the Administrative Agent permit additional Commitments to be added under the terms of this
Agreement in excess of the Lenders’ then outstanding Commitments in a minimum increment of at least Fifty Million Dollars ($50,000,000), or integral multiples of Five Million Dollars ($5,000,000) in excess thereof (the requested amount being,
the “Additional Commitment Amount”), to be allocated to the Commitments, subject to the following: 
 (a)
(i) The aggregate amount of the Lenders’ Commitments shall not exceed One Billion Dollars ($1,000,000,000) less the amounts of any prior reductions or terminations of Commitments pursuant to Section 2.09(d), and (ii) the
Additional Commitment Amount shall not exceed Three Hundred Million Dollars ($300,000,000) in the aggregate. 
 (b) Any such
request shall be made by the Borrower giving written notice (the “Additional Commitment Notice”) to the Administrative Agent before September 15, 2008, which notice shall set forth such details with respect thereto as are
reasonably requested by the Administrative Agent. Upon receipt of the Additional Commitment Notice, the Administrative Agent shall notify the then existing Lenders of the terms of such Additional Commitment Notice and each Lender’s pro rata
share of the proposed Additional Commitment Amount. If any Lender rejects the offer to increase its respective Commitment or accepts only a portion thereof, which each Lender may do in its sole and absolute discretion, the Administrative Agent shall
further offer the rejected shares (or rejected portions thereof) to the Lenders that have accepted the proposed increase in their Commitments (each an “Accepting Lender”), pro rata based on the sum of their then existing Commitments plus
any additional portion of the Additional Commitment Amount which they have previously accepted. If any Lender shall not respond to a request by the Administrative Agent pursuant to this clause (b) within ten (10) Business Days after
receipt of an offer (including any offer for a portion of the Additional Commitment Amount rejected by another Lender), such Lender shall be deemed to have rejected such offer. The Administrative Agent shall notify the Borrower of all acceptances
and rejections with respect to the Additional Commitment Amount by the Lenders. If such acceptances are satisfactory to the Borrower, the Commitments of the Accepting Lenders shall be increased by their respective portions of the Additional 

  

 - 7 - 

 
Commitment Amount without the consent of any other Lender, subject, however, to (i) no Default or Event of Default being in existence at such time,
(ii) the Borrower issuing substitute Notes, (iii) the Accepting Lenders paying to the Administrative Agent (on behalf of the other Lenders) the aggregate amount determined by the Administrative Agent to be necessary so that each Initial
Accepting Lender’s pro rata share of outstanding Loans and LC Exposure, if applicable, matches the ratio of its increased Commitment to the aggregate amount of all revised Commitments after giving effect to the Additional Commitment Amount,
(iv) the Borrower, the Accepting Lenders and the Administrative Agent executing such other documents evidencing such adjustments in the Commitments and the Loans as shall be reasonably acceptable to the Borrower, the Accepting Lenders, the
Administrative Agent and the Issuing Lender and (v) the Borrower paying all of the Administrative Agent’s reasonable out-of-pocket expenses in connection with the foregoing. The Administrative Agent shall promptly pay to the applicable
Lenders their share of any payments received from the Accepting Lenders in accordance with the immediately preceding sentence. 
 (c) Notwithstanding anything to the contrary contained herein, if the Lenders do not accept increases in their aggregate Commitments in the full amount of the Additional Commitment Amount in accordance with paragraph (b) above, the
Borrower may designate one or more proposed lenders to the Administrative Agent and the Issuing Lender to become Lenders under this Agreement with respect to such balance of the Additional Commitment Amount (but in no event with proposed commitments
of less than $10,000,000 unless the Administrative Agent consents thereto), subject in each case to the prior approval of the Administrative Agent and the Issuing Lender, which approvals shall not be unreasonably withheld or delayed if such proposed
lenders meet the standards of an Eligible Assignee. If such proposed lenders are so approved, such lenders shall become additional Lenders under this Agreement in accordance with their respective Commitments without the consent of any other Lenders,
subject, however, to (i) no Default or Event of Default being in existence at such time, (ii) the Borrower issuing substitute Notes to the new Lenders, (iii) such new Lenders paying to the Administrative Agent (on behalf of the other
Lenders) the aggregate amount determined by the Administrative Agent to be necessary so that each new Lender’s pro rata share of outstanding Loans and LC Exposure matches the ratio of its Commitment to the aggregate amount of all Commitments
after giving effect to the Additional Commitment Amount, (iv) the Borrower, the new Lenders and the Administrative Agent executing such other documents evidencing their addition as Lenders hereunder and the adjustment of the Commitments and
Loans as shall be reasonably acceptable to the Borrower, the Administrative Agent and the Issuing Lender, including each such new Lender’s compliance with the provisions of clauses (ii), (iii) and (v) of Section 9.04(b), and
(v) the Borrower paying all of the Administrative Agent’s reasonable out-of-pocket expenses in connection with the foregoing. The Administrative Agent shall promptly pay to the applicable Lenders their share of any payments received from
such new Lenders in accordance with the immediately preceding sentence. 
 (d) Notwithstanding anything to the contrary
contained in this Agreement or the other Loan Documents, each Lender hereby authorizes the Administrative Agent (on behalf of the Lenders) to enter into amendments and 

  

 - 8 - 

 
modifications of this Agreement and the other Loan Documents to the extent necessary to reflect the adjustment of the Commitments and the Loans, the addition
of new Lenders and the other matters contemplated by this Section.” 
 (cc) Schedule 2.01 is hereby deleted in its
entirety and replaced with Schedule 2.01 attached hereto. 
 Section 2. Conditions Precedent. It shall be a condition precedent
to the effectiveness of this Amendment that the Administrative Agent that the following conditions have been satisfied: 
 (a)
The Borrower shall have executed and delivered (i) a Revolving Note to each Lender in the principal amount of such Lender’s Commitment (ii) a Competitive Note to each Lender, and (iii) the Swingline Note to the Swingline Lender;

 (b) The Borrower shall have paid its applicable fees that the Borrower has agreed to pay pursuant to a separate letter
agreement among the Borrower, JPMorgan and the Arrangers; and 
 (c) the Administrative Agent has been paid any fees,
including legal fees for the Administrative Agents outside counsel, due to it pursuant to the transaction contemplated herein. 
 Section 3.
Borrower’s Representations. The Borrower hereby represents and warrants to the Administrative Agent and the Lenders, as follows: 
 (a) Each of the representations and warranties of the Borrower contained or incorporated in the Credit Agreement, as amended by this Amendment, or any of the other Loan Documents, is true and correct in all material
respects on and as of the date hereof (except if any such representation or warranty is expressly stated to have been made as of a specific date, then as of such specific date); 
 (b) As of the date hereof and immediately after giving effect to this Amendment and the actions contemplated hereby, no Default or Event
of Default has occurred and is continuing; and 
 (c) The Borrower has all necessary corporate power and authority to execute,
deliver and perform its obligations under this Amendment; the execution, delivery and performance of this Amendment by the Borrower have been duly authorized by all necessary corporate action; and this Amendment has been duly and validly executed
and delivered by the Borrower and constitutes the Borrower’s legal, valid and binding obligation, enforceable in accordance with its respective terms, except as such enforceability may be limited by (i) bankruptcy, insolvency,
reorganization, moratorium or similar laws of general applicability affecting the enforcement of creditors’ rights and (ii) the application of general principles of equity (regardless of whether such enforceability is considered in a
proceeding in equity or at law). 
  

 - 9 - 

 Section 4. Ratification. Except as modified herein, all of the Loan Documents are hereby ratified
and confirmed on behalf of the parties hereto and thereto. 
 Section 5. Miscellaneous. 
 (a) GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

 (b) Amendments, Etc. The terms of this Amendment may be waived, modified and amended only by an instrument in
writing duly executed by the Borrower and the Administrative Agent (with any required consent of the Lenders pursuant to the Credit Agreement). Any such waiver, modification or amendment shall be binding upon the Borrower and the Administrative
Agent, each Lender and each holder of any of the Notes. 
 (c) Successors and Assigns. This Amendment shall be binding
upon and inure to the benefit of the respective successors and assigns of the Borrower, the Administrative Agent, the Lenders and any holder of any of the Notes. 
 (d) Captions. The captions and section headings appearing herein are included solely for convenience of reference and are not
intended to affect the interpretation of any provision of this Amendment. 
 (e) Counterparts. This Amendment may be
executed in any number of counterparts, all of which taken together shall constitute one and the same instrument and either of the parties hereto may execute this Amendment by signing any such counterpart. Delivery of an executed signature page of
this Amendment by facsimile transmission shall be effective as delivery of a manually executed counterpart hereof. 
 (f)
Severability. If any provision hereof is invalid and unenforceable in any jurisdiction, then, to the fullest extent permitted by law, (i) the other provisions hereof shall remain in full force and effect in such jurisdiction and shall be
liberally construed in favor of the Administrative Agent and the Lenders in order to carry out the intentions of the parties hereto as nearly as may be possible and (ii) the invalidity or unenforceability of any provision hereof in any
jurisdiction shall not affect the validity or enforceability of such provision in any other jurisdiction. 
 [Signature pages follow]

  

 - 10 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Amendment to be duly executed and delivered as of
the day and year first above written. 
  

					
	BORROWER
	
	BORROWER:
	NATIONWIDE HEALTH PROPERTIES, INC., a Maryland corporation
		
	By:	 	/s/ David Snyder
		 	Name:	 	David Snyder
		 	Title:	 	Vice President & Controller

					
		
	Address:	 	610 Newport Center Drive
		 		 	Suite 1150
		 		 	Newport Beach, CA 92660
		
	Taxpayer ID #	 	95-3997619

  

 - 11 - 

					
	ADMINISTRATIVE AGENT:
	
	 JPMORGAN CHASE BANK, N.A.,
 as Administrative Agent

		
	By:	 	/s/ Susan M. Tate
		 	Name:	 	Susan M. Tate
		 	Title:	 	Vice President

					
	LENDERS
	
	JPMORGAN CHASE BANK, N.A.
		
	By:	 	/s/ Susan M. Tate
		 	Name:	 	Susan M. Tate
		 	Title:	 	Vice President

					
	BANK OF AMERICA, N.A.
		
	By:	 	/s/ Amie L. Edwards
		 	Name:	 	Amie L. Edwards
		 	Title:	 	Vice President

			
	CALYON NEW YORK BRANCH
		
	By:	 	/s/ Thomas Randolph
	Name:	 	Thomas Randolph
	Title:	 	Managing Director
		
	By:	 	/s/ Douglas Weir
	Name:	 	Douglas Weir
	Title:	 	Director

					
	KEY BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Bellini Lacey
		 	Name:	 	Bellini Lacey
		 	Title:	 	Closing Officer

					
	UBS LOAN FINANCE LLC
		
	By:	 	/s/ Richard L. Tavrow
		 	Name:	 	Richard L. Tavrow
		 	Title:	 	Director
		
	By:	 	/s/ Irja R. Otsa
		 	Name:	 	Irja R. Otsa
		 	Title:	 	Associate Director

					
	WELLS FARGO BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ Stephen M. Amendt
		 	Name:	 	Stephen M. Amendt
		 	Title:	 	Vice President

					
	LASALLE BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Robert E. Goeckel
		 	Name:	 	Robert E. Goeckel
		 	Title:	 	First Vice President

					
	SUNTRUST BANK
		
	By:	 	/s/ Helen C. Hartz
		 	Name:	 	Helen C. Hartz
		 	Title:	 	Vice President

					
	WACHOVIA BANK, NATIONAL ASSOCIATION
		
	By:	 	/s/ James S. Conville
		 	Name:	 	James S. Conville
		 	Title:	 	Assistant Vice President

					
	KBC BANK, N.V.
		
	By:	 	/s/ Jean-Pierre Diels
		 	Name:	 	Jean-Pierre Diels
		 	Title:	 	First Vice President
		
	By:	 	/s/ Raymond F. Murray
		 	Name:	 	Raymond F. Murray
		 	Title:	 	First Vice President

					
	U.S. BANK NATIONAL ASSOCIATION
		
	By:	 	/s/ Rick McNiven
		 	Name:	 	Rick McNiven
		 	Title:	 	Vice President

					
	UNITED OVERSEAS BANK LIMITED, LOS ANGELES AGENCY
		
	By:	 	/s/ Hoong Chen
		 	Name:	 	Hoong Chen
		 	Title:	 	FVP & General Manager

					
	CITICORP NORTH AMERICA, INC.
		
	By:	 	/s/ Niraj R. Shah
		 	Name:	 	Niraj R. Shah
		 	Title:	 	Vice President

					
	THE BANK OF NEW YORK
		
	By:	 	/s/ John M. LoKay, Jr.
		 	Name:	 	John M. LoKay, Jr.
		 	Title:	 	Vice President

					
	 CHANG HWA COMMERCIAL BANK, LTD.,
 LOS ANGELES
BRANCH

		
	By:	 	/s/ Wen Che Chen
		 	Name:	 	Wen Che Chen
		 	Title:	 	Vice President & General Manager

					
	FIRST COMMERCIAL BANK, LOS ANGELES BRANCH
		
	By:	 	/s/ Larry Jen-Yu Lai
		 	Name:	 	Larry Jen-Yu Lai
		 	Title:	 	SAVP & Deputy General Manager

					
	 MEGA INTERNATIONAL COMMERCIAL
 BANK CO.,
LTD., LOS ANGELES BRANCH

		
	By:	 	/s/ Michael C.C. Juang
		 	Name:	 	Michael C.C. Juang
		 	Title:	 	 Vice President & Deputy
 General Manager

					
	BANK OF COMMUNICATION CO., LTD, NEW YORK BRANCH
		
	By:	 	/s/ Shelley He
		 	Name:	 	Shelley He
		 	Title:	 	Deputy General Manager

					
	COMERICA BANK
		
	By:	 	/s/ Adam Sheets
		 	Name:	 	Adam Sheets
		 	Title:	 	Account Officer

					
	TAIPEI FUBON BANK NEW YORK AGENCY
		
	By:	 	/s/ Sophia Jing
		 	Name:	 	Sophia Jing
		 	Title:	 	Vice President & General Manager

					
	THE BANK OF EAST ASIA, LIMITED, LOS ANGELES BRANCH
		
	By:	 	/s/ David Loh
		 	Name:	 	David Loh
		 	Title:	 	EVP – Chief Lending Officer
		
	By:	 	/s/ Victor Li
		 	Name:	 	Victor Li
		 	Title:	 	General Manager

 SCHEDULE 2.01 
  

						
	 Institution
	  	Title	  	Commitment
	 JPMorgan Chase Bank, N.A.
	  	Administrative Agent	  	$	55,000,000
	 Bank of America, N.A.
	  	Syndication Agent	  	$	55,000,000
	 Calyon New York Branch
	  	Co-Document Agent	  	$	54,000,000
	 Key Bank National Association
	  	Co-Document Agent	  	$	54,000,000
	 UBS Loan Finance LLC
	  	Co-Document Agent	  	$	54,000,000
	 Wells Fargo Bank, National Association
	  	Co-Document Agent	  	$	54,000,000
	 LaSalle Bank, National Association
	  	Managing Agent	  	$	44,000,000
	 SunTrust Bank
	  	Managing Agent	  	$	44,000,000
	 Wachovia Bank, National Association
	  	Managing Agent	  	$	44,000,000
	 KBC Bank, N.V.
	  	Co-Agent	  	$	35,000,000
	 U.S. Bank National Association
	  	Co-Agent	  	$	35,000,000
	 United Overseas Bank Limited, Los Angeles Agency
	  	Co-Agent	  	$	35,000,000
	 Citicorp North America, Inc.
	  	Lender	  	$	26,000,000
	 The Bank of New York
	  	Lender	  	$	21,000,000
	 Chang Hwa Commercial Bank, Ltd., Los Angeles Branch
	  	Lender	  	$	20,000,000
	 First Commercial Bank, Los Angeles Branch
	  	Lender	  	$	20,000,000
	 Mega International Commercial Bank Co., Ltd., Los Angeles Branch
	  	Lender	  	$	15,000,000
	 Bank of Communication Co., Ltd., New York Branch
	  	Lender	  	$	10,000,000
	 Comerica Bank
	  	Lender	  	$	10,000,000
	 Taipei Fubon Commercial Bank, New York Agency
	  	Lender	  	$	10,000,000
	 Bank of East Asia, Limited, Loa Angeles Branch
	  	Lender	  	$	5,000,000
		  		  	 	 
	 TOTAL
	  		  	 	700,000,000
		  		  	 	 

 Exhibit A 
 Deleted Terms and Definitions 
 “EXHIBIT B-4” 
 “Term Loan” means a Loan made pursuant to Section 2.01(b). 
 “Term Loan Availability
Period” means the period from and including the Effective Date to but excluding the earlier of the Term Loan Maturity Date and the date of termination of the Term Loan Commitments. 
 “Term Loan Commitment” means, with respect to each Lender, the commitment, if any, of such Lender to make one or, if such Lender’s Term Loan
Commitment is increased in accordance with Section 9.15, more Term Loans hereunder during the Term Loan Availability Period, expressed as an amount representing the maximum aggregate principal amount of the Term Loans to be made by such
Lender hereunder, as such commitment may be (a) reduced from time to time pursuant to Section 2.09 or 2.11(c), (b) reduced or increased from time to time pursuant to assignments by or to such Lender pursuant to
Section 9.04 or (c) increased from time to time pursuant to Section 9.15. The initial amount of each Lender’s Term Loan Commitment is set forth on Schedule 2.01, or in the Assignment and Assumption
pursuant to which such Lender shall have assumed its Term Loan Commitment, as applicable. The initial aggregate amount of the Lenders’ Term Loan Commitments is $100,000,000. 
 “Term Loan Maturity Date” means October 20, 2010. 
 “Term Note” means the promissory
note provided for in Section 2.10(f)(iv) and any promissory note delivered in substitution or exchange therefor, in each case as the same shall be Modified and in effect from time to time.

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