Exhibit 10.1


 


	Dated March 8, 2021


 


	
        

        ISSUER

         

        WPC
        Eurobond B.V.

         

        Guarantor

         

        W.
        P. CAREY INC.

         

        PAYING
        AGENT

         

        ELAVON FINANCIAL SERVICES DAC

         

        TRANSFER
        AGENT

         

        U.S. BANK NATIONAL ASSOCIATION

         

        REGISTRAR

         

        U.S. BANK NATIONAL ASSOCIATION

         

        -
        and -

         

        TRUSTEE

         

        U.S. BANK NATIONAL ASSOCIATION

         

         agency
agreement

         

        relating to Notes issued under an

        Indenture dated November
        8, 2016

         







     


     


    




 


This
agreement is made on MARCH 8, 2021


 


Between:


 


		(1)	WPC EUROBOND B.V., Dutch private company
with limited liability (besloten vennotschap met beperkte aansprakelijkhed) with its corporate seat in Amsterdam,
the Netherlands and office address at Strawinskylaan 741, Tower C, 7th Floor, 1077 XX Amsterdam, the Netherlands, registered with
the Trade Register under number 67078028 (the "Issuer");



 


		(2)	W. P. Carey
Inc., a Maryland corporation with its main office at One Manhattan West, 395 9th Avenue, 58th Floor, New York, New York
(the "Guarantor");



 


		(3)	ELAVON FINANCIAL SERVICES DAC, a designated activity company registered in Ireland with the Companies
Registration Office, registered number 418442, with its registered office at Building 8, Cherrywood Business Park, Loughlinstown,
Dublin 18, D18 W319, Ireland, (registered number BR009373) from its offices at 125 Old Broad Street, Fifth Floor, London EC2N 1AR
under the trade name U.S. Bank Global Corporate Trust Services, as Paying Agent (the "Paying Agent" which expression
shall include any successor paying agent appointed in accordance with this Agreement);



 


		(4)	U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws
of the United States of America located at 60 Livingston Avenue, St. Paul, Minnesota, as Transfer Agent (the "Transfer
Agent" which expression shall include any successor transfer agent appointed in accordance with this Agreement);



 


		(5)	U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws
of the United States of America located at 60 Livingston Avenue, St. Paul, Minnesota, as Registrar (the “Registrar”
which expression shall include any successor registrar appointed in accordance with this Agreement); and



 


		(6)	U.S. BANK NATIONAL ASSOCIATION, a national banking association chartered under the federal laws
of the United States of America located at 60 Livingston Avenue, St. Paul, Minnesota, as Trustee (the "Trustee").



 


Whereas:


 


		(A)	The Issuer has agreed to issue €525,000,000 aggregate principal amount 0.950%
senior notes due 2030 (the “Notes”, which term shall include the related Guarantee (as defined in the
Indenture)).



 


		(B)	The Notes are to be constituted by that certain Indenture, dated as of November 8, 2016 (the "Base
Indenture"), between the Issuer, the Guarantor and the Trustee, as supplemented by a supplemental indenture to be dated
as of March 8, 2021, between the Issuer, the Guarantor and the Trustee (the “Supplemental Indenture” and, together
with the Base Indenture, the “Indenture”), as set out in Appendix 1.



 


		(C)	The Issuer hereby appoints the Paying Agent, the Transfer Agent and the Registrar in accordance
with the terms of this Agreement and the Indenture.



 


It
is agreed:


 


		1.	Interpretation



 


		1.1	Unless the context otherwise requires:



 


		1.2	References in this Agreement to the payment of principal or interest in respect of any Note shall
be deemed to include any Additional Amounts (as defined in the Indenture) which may become payable in respect thereof pursuant
to the Notes and the Indenture.



 






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		1.3	All references in this Agreement to an agreement, instrument or other document (including this
Agreement, the Indenture and the Notes) shall be construed as a reference to that agreement, instrument or document as the same
may be amended, modified, varied, supplemented or novated from time to time.



 


		1.4	Except as specifically set forth in this Agreement, this Agreement is for the exclusive benefit
of the parties to this Agreement and their respective permitted successors, and shall not be deemed to give, either expressly or
implicitly, any legal or equitable right, remedy, or claim to any other entity or person whatsoever.



 


		2.	Appointment of the Registrar



 


		2.1	The Issuer hereby appoints the Registrar, and the Registrar hereby agrees to act at its specified
office as registrar in relation to the Notes in accordance with the provisions of this Agreement and the Indenture and upon the
terms and subject to the conditions contained in this Agreement and the Indenture.



 


		2.2	On the date of this Agreement, the Registrar shall provide to the Paying Agent a complete and correct
copy of the register maintained by the Registrar in respect of the holders of Notes and the outstanding principal amount of Notes
held by each holder of Notes.



 


		2.3	The Registrar shall from time to time provide to the Paying Agent a complete and correct copy of
the register of Notes maintained by it as soon as reasonably practicable following any transfer or exchange of any Notes, and promptly
on request therefor by the Paying Agent.



 


		2.4	The Paying Agent shall be entitled to treat as conclusive the most recent copy of the register
provided to it by the Registrar in accordance with this Agreement.



 


		3.	Appointment of the Transfer Agent



 


		3.1	The Transfer Agent is hereby appointed as the agent of the Issuer, to act as Transfer Agent for
the purposes specified in this Agreement, the Indenture and the Notes, including, inter alia, completing, authenticating, holding
and delivering Notes, upon the terms and subject to the conditions specified herein, the Indenture and in the Notes, and the Transfer
Agent hereby accepts such appointment.



 


		4.	Appointment of Paying Agent



 


		4.1	The Issuer hereby appoints the Paying Agent, and the Paying Agent hereby agrees, to act at its
specified office as paying agent in relation to the Notes in accordance with the provisions of this Agreement and the Indenture
and upon the terms and subject to the conditions contained in this Agreement and the Indenture.



 


		4.2	The Paying Agent is appointed hereunder for the purposes of:



 


		(a)	paying sums due on the Notes referred to in Section 1001
of the Base Indenture and Section 302 and Section 303 of the Supplemental Indenture;



 


		(b)	fulfilling the following responsibilities with respect to any Notes issued in fully-registered
global form (the “Global Notes”) and kept by the common safe-keeper for the Clearing Systems (as such term is
defined in the Supplemental Indenture) in accordance with applicable safekeeping procedures under Section 301(1) of the Supplemental
Indenture.



 


		(i)	The Paying Agent will inform the Clearing
Systems, through the common service provider (the “CSP”) appointed by the Clearing Systems to service the Global
Notes, of the initial issue outstanding amount (“IOA”) for the Notes on or prior to the applicable closing date.



 






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		(ii)	If any event occurs that requires an increase
or decrease on the records that Euroclear Bank SA/NV, at its successors as operator of the Euroclear system or Clearstream Banking,
S.A. and its successors hold for its customers to reflect such customers’ beneficial interest in any Global Note, the Paying
Agent will promptly provide details of the amount of such increase or decrease, together with a description of the event that requires
it, to the Clearing Systems (through the CSP) to ensure that the records of the Clearing Systems reflecting the IOA of the Notes
remain at all times accurate.



 


		(iii)	The Paying Agent will at least once every
month perform a reconciliation process with the Clearing Systems (through the CSP) with respect to the IOA for the Notes and will
promptly inform the Clearing Systems (through the CSP) of any discrepancies.



 


		(iv)	The Paying Agent will promptly assist
the Clearing Systems (through the CSP) in resolving any discrepancy identified in the records reflecting the IOA of the Notes.



 


		(v)	The Paying Agent will promptly provide
to the Clearing Systems (through the CSP) details of all amounts paid under the Notes.



 


		(vi)	The Paying Agent will promptly provide
to the Clearing Systems (through the CSP) notice of any changes to the Notes that will affect the amount of, or date for, any payment
due under the Notes.



 


		(vii)	The Paying Agent will promptly provide
to the Clearing Systems (through the CSP) copies of all notices in its possession that are given by or on behalf of the Issuer
to the holders of the Notes.



 


		(viii)	The Paying Agent will promptly pass on
to the Issuer or the Guarantor, as applicable, all communications it receives from the Clearing Systems directly or through the
CSP relating to the Notes. Any such notice shall be deemed to have been conclusively given by being sent to the Issuer and the
Guarantor in accordance with the terms of Section 105 of the Original Indenture.



 


		(ix)	The Paying Agent will promptly notify
the Clearing Systems (through the CSP) of any failure by the Issuer or the Guarantor, as applicable, to make any payment or delivery
due under the Notes when due; and



 


		(c)	otherwise fulfilling its duties and obligations as set out in this Agreement and the Indenture.



 


		5.	Payment



 


Subject always to the Indenture
and, in particular, any restrictions on the Issuer, or the Guarantor, as applicable, following delivery of a notice of an Event
of Default:


 


		(a)	The Issuer or the Guarantor, as applicable, shall, not later than 10:00 am (London time) on
the Business Day prior to which any payment in respect of the Notes becomes due, pay to such account of the Paying Agent as the
Paying Agent shall specify in Euros in immediately available funds on each due date for the payment of principal and/or interest
and/or other amounts referred to in Section 1001 of the Base Indenture and Section
302 and Section 303 of the Supplemental Indenture in respect of the Notes, an amount sufficient (together with any funds then held
by the Paying Agent and available for the purpose) to pay all principal and interest and/or other amounts referred to in Section
1001 of the Base Indenture and Section 302 and Section 303 of the Supplemental Indenture
due in respect of the Notes on such date; provided that if any such date is not a Business Day such payment shall be made
on the next succeeding date which is a Business Day. As used in this Agreement,
 “Business Day” shall have the meaning as set forth in the Notes. 



 






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		(b)	The Issuer hereby authorises and directs the Paying Agent from funds so paid to the Paying Agent
to make payment of all amounts due on the Notes in accordance with the terms of the Notes, the Indenture and the provisions of
this Agreement. If any payment provided for in clause 5(a) is after the date specified therein but otherwise in accordance with
the provisions of this Agreement, the Paying Agent shall nevertheless make payments in respect of the Notes as aforesaid following
receipt by the Paying Agent of such payment.



 


		(c)	If the Paying Agent has not, on the date on which any payment is due to be made to the Paying Agent
pursuant to clause 5(a), received the full amount payable in respect thereof on such date but receives such full amount later,
together with accrued interest (if any) in accordance with the Indenture, it shall forthwith so notify the Issuer, the Guarantor
and the Trustee. Unless and until the full amount of any such principal or interest payment has been made to it, the Paying Agent
shall not be bound to make such payments.



 


		(d)	Without prejudice to clause 5(b), if the Paying Agent pays out on or after the due date therefor
(other than as a result of its own gross negligence or wilful misconduct) to persons entitled thereto, or becomes liable to pay
out, any amounts on the assumption (which is not negated by reasonable evidence to the contrary) that the corresponding payment
by the Issuer or the Guarantor, as applicable, has been or shall be made, the Issuer or the Guarantor, as applicable, shall on
demand reimburse the Paying Agent for the relevant amount, and pay interest to the Paying Agent on such amount from (and including)
the date on which it is paid out to (but excluding) the date of reimbursement at the rate per annum equal to the cost to the Paying
Agent of funding the amount paid out, as certified by the Paying Agent and expressed as a rate per annum.



 


		(e)	Payment of only part of the amount payable in respect of a Note may only be made at the discretion
of the relevant Noteholder(s) (except as the result of a withholding or deduction for or on account of any taxes permitted by the
Indenture). If at any time a Paying Agent makes a partial payment in respect of any Note presented to it, it shall inform the Registrar
of the same such that the Registrar may record the same on the register of Notes.



 


		6.	Repayment



 


Any sums paid by, or by arrangement
with the Issuer, to the Paying Agent pursuant to the terms of this Agreement shall not be required to be repaid to the Issuer or
the Guarantor unless and until the Notes in respect of which such sums were paid shall have been purchased or redeemed pursuant
to the terms of the Indenture and cancelled, but in any of these events the Paying Agent shall (provided that all other amounts
due under this Agreement shall have been duly paid) upon written request by the Issuer forthwith repay to the Issuer or the Guarantor,
as applicable, sums equivalent to the amounts which would otherwise have been payable on the relevant Notes together with any fees
previously paid to the Paying Agent in respect of such Notes. Notwithstanding the foregoing, the Paying Agent shall not be obliged
to make any repayment to the Issuer or the Guarantor, as applicable, so long as any amounts which under this Agreement should have
been paid to or to the order of the Paying Agent by the Issuer or the Guarantor, as applicable, shall remain unpaid. The Paying
Agent shall not, however, be otherwise required or entitled to repay any sums properly received by it under this Agreement.


 


		7.	Prepayment; Notice of withholding or deduction



 


		7.1	The Issuer or the Guarantor shall provide to the Paying Agent a copy of all notices of prepayment
delivered under the Indenture in respect of the Notes that it serves on the holders of the Notes including, without limitation,
details of the date(s) on which such prepayments in respect of the Notes are to be made, all amounts
required to be paid by the Issuer or the Guarantor in respect thereof in accordance with the Indenture and the manner in which
such prepayment shall be effected.



 






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		7.2	If:



 


		(a)	the Issuer or the Guarantor, in respect of any payment; or



 


		(b)	the Paying Agent, in respect of any payment of principal of or any premium or interest on the Notes,



 


is required to withhold or
deduct any amount for or on account of Tax,


 


		(c)	the Issuer or the Guarantor shall give notice thereof to the Paying Agent and the Trustee as soon
as it becomes aware of such requirement and shall give to the Paying Agent such information as the Paying Agent requires to enable
it to make such deduction or withholding; and



 


		(d)	except where such requirement arises as a result of prepayment of the Notes in accordance with
the Indenture or by virtue of the relevant holder failing to satisfy any certification or other requirement in respect of its Notes,
the Paying Agent shall give notice thereof to the Issuer, the Guarantor and the Trustee as soon as it becomes aware of the requirement
to withhold or deduct.



 


		8.	Records



 


The Paying
Agent shall:


 


		(a)	keep a full and complete record of all payments made by it in respect of the Notes; and



 


		(b)	make such records available at all reasonable times to the Issuer or the Guarantor, as applicable,
and any persons authorised by it, and the Trustee for inspection and for the taking of copies thereof.



 


		9.	Fees and expenses



 


		9.1	The Issuer or the Guarantor, as applicable, shall pay to the Paying Agent, Transfer Agent and Registrar
such fees and expenses in respect of the Paying Agent, Transfer Agent and Registrar’s services under this Agreement as agreed
to in the fee letter dated September 4, 2018 from the Paying Agent,
Transfer Agent and Registrar to, and countersigned by the Issuer.



 


		9.2	The Issuer or the Guarantor, as applicable, shall also pay on demand, against presentation of such
invoices and receipts as it may reasonably require, all properly-incurred and properly-documented out-of-pocket expenses (including
necessary advertising, facsimile and telex transmission, postage and, subject to prior approval by the Issuer or the Guarantor,
as applicable, as set forth below, the fees and expenses of legal advisers) of the Paying Agent, Transfer Agent and Registrar in
connection with the services under this Agreement, together with any applicable value added tax or similar tax properly chargeable
thereon. Payment by the Issuer or the Guarantor, as applicable, to the Paying Agent, Transfer Agent and Registrar of such properly-incurred
and properly-documented out-of-pocket expenses shall be a good discharge of the obligations of the Issuer or the Guarantor, as
applicable, in respect thereof. Where the advice of legal counsel is sought by the Paying Agent, Transfer Agent or Registrar, the
fees of any such counsel shall be agreed to by the Issuer or the Guarantor, as applicable, acting reasonably, in advance.



 


		10.	Indemnity



 


		10.1	Each of the Issuer and the Guarantor, jointly and severally, undertakes to indemnify and hold harmless,
the Paying Agent, Transfer Agent, Registrar and each of its respective directors, officers, employees or agents (each an
 "Indemnified Party") on demand by such Indemnified Party against any losses, liabilities, costs, fees, expenses,
claims, actions, damages or demands (including, but not limited to, all reasonable costs, charges and expenses paid or incurred
in disputing or defending the foregoing and the properly incurred fees and expenses of legal advisers) which such Indemnified Party
may incur or which may be made against it, as a result of or in connection with the appointment or the exercise of or performance
of its powers and duties under this Agreement, except such as may result from its own gross negligence, bad faith, wilful misconduct
or fraud or that of its directors, officers, employees or agents.



 






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		10.2	The indemnity contained in clause 10.1 above shall survive the termination and expiry of this Agreement.



 


		11.	Conditions of appointment



 


		11.1	The Paying Agent shall (a) hold all sums receives from Issuer or the Guarantor, as applicable,
in accordance with this Agreement and the Indenture for payment of principal of or any premium or interest on the Notes in trust
for the benefit of Persons entitled thereto until such sums shall be paid to such Persons or otherwise disposed of as provided
in this Agreement and the Indenture; (b) give the Trustee notice of any default by the Issuer or the Guarantor or any other obligor
upon the Notes in the making of any payment of principal of or premium or interest on the Notes; and (c) at any time during the
continuance of any such default, upon the written request of the Trustee, forthwith pay to the Trustee all sums held by it in trust
for payment in respect of the Notes.



 


		11.2	No monies held by the Paying Agent need be segregated except as required by law.



 


		11.3	In acting under this Agreement and in connection with the Notes, the Paying Agent, Transfer Agent
and Registrar shall act solely as agent of the Issuer and, save solely in respect of its obligations under clause 11.1 hereof,
shall not have any obligations towards or relationship of agency or trust with any of the holders of the Notes or the Trustee.



 


		11.4	The Paying Agent, Transfer Agent and Registrar shall be obliged to perform such duties and only
such duties as are specifically set out in this Agreement. No implied duties or obligations shall be read into such document. The
Paying Agent, Transfer Agent and Registrar shall not be obliged to perform any duties additional to or different from such duties
resulting from any modification or supplement after the date hereof to any relevant documents (including, without limitation, the
Indenture), unless it shall have previously agreed to perform such duties. The Paying Agent, Transfer Agent and Registrar shall
not be under any obligation to take any action hereunder which either party expects, and has thus notified the Issuer and the Guarantor,
in writing, shall result in any expense or liability of such Paying Agent, Transfer Agent or Registrar, the payment of which within
a reasonable time is not, in its opinion, assured to it.



 


		11.5	Except as ordered by a court of competent jurisdiction or as required by law, the Paying Agent
shall be entitled to treat the holder of any Note (as evidenced by the register of Notes maintained by the Registrar) as the absolute
owner thereof for all purposes (whether or not it is overdue and notwithstanding any notice to the contrary or any notice of ownership,
trust or any interest in it, any writing on it, or its theft or loss) and shall not be required to obtain any proof thereof or
as to the identity of the bearer or holder.



 


		11.6	The Paying Agent, Transfer Agent and Registrar may consult with any legal or other professional
advisers (who may be an employee of or legal adviser to the Issuer or the Guarantor) selected by it, at the cost of the Issuer
or the Guarantor, provided that the fees of any such counsel shall be agreed to by the Issuer or the Guarantor acting reasonably,
in advance, and the opinion of such advisers shall be full and complete protection in respect of any action taken, omitted or suffered
hereunder in accordance with the written opinion of such advisers.



 






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		11.7	The Paying Agent, Transfer Agent and Registrar shall be protected and shall incur no liability
for or in respect of any action taken, suffered or omitted by it in reliance upon any instruction, request or order from the Issuer
or upon any Note, notice, resolution, direction, consent, certificate, affidavit, statement, telex, facsimile transmission or other
document or information from any electronic or other source reasonably believed by it to be genuine and to have been signed or
otherwise given or disseminated by the proper party or parties, even if it is subsequently found not to be genuine or to be incorrect.



 


		11.8	The Paying Agent, Transfer Agent and Registrar, whether acting for itself or in any other capacity,
shall not be precluded from becoming the owner of, or acquiring any interest in, holding or disposing of any Note or any shares
or other securities of the Issuer or any of its subsidiaries, holding or associated companies (each a "Connected Company"),
with the same rights as it would have had if it were not acting as Paying Agent or from entering into or being interested in any
contracts or transactions with any Connected Company or from acting on, or as depositary, trustee or agent for, any committee or
body of holders of any securities of any Connected Company and shall not be liable to account for any profit.



 


		11.9	The Paying Agent shall not be required to make any payments to any holder of a Note if under any
laws or regulations affecting the Paying Agent, such payment is not permitted. In the event of any such laws or regulations affecting
the Paying Agent coming to the attention of the Paying Agent it shall forthwith notify the Issuer, the Guarantor and the Trustee.



 


		11.10	The Issuer shall do or cause to be done all such acts, matters and things and shall make available
all such documents as shall be necessary or desirable to enable the Paying Agent, Transfer Agent and Registrar to fully comply
with and carry out its respective duties and obligations hereunder.



 


		11.11	In no event shall the Paying Agent, Transfer Agent or Registrar or any of its affiliates or any
of their respective officers, directors, employees, agents, advisors or representatives (collectively, “Agent Parties”)
be liable to the Issuer or the Guarantor or any third party for direct, indirect, special, incidental or consequential damages,
losses or expenses (whether in tort, contract or otherwise), except to the extent the liability of the Paying Agent, Transfer Agent
or Registrar is found in a final non-appealable judgment by a court of competent jurisdiction to have resulted primarily from the
gross negligence, bad faith, wilful misconduct or fraud of the Paying Agent, Transfer Agent or Registrar or their Agent Parties.



 


		11.12	Notwithstanding anything contained in this Agreement to the contrary, the Paying Agent, Transfer
Agent and the Registrar shall not incur any liability for not performing any act or fulfilling any obligation hereunder by reason
of any occurrence beyond its control including, without limitation, (i) any governmental activity (whether de jure or de facto),
act of authority (whether lawful or unlawful), compliance with any governmental or regulatory order, rule, regulation or direction,
curfew restriction, expropriation, compulsory acquisition, seizure, requisition, nationalisation or the imposition of currency
or currency control restrictions; (ii) any failure of or the effect of rules or operations of any funds transfer, settlement or
clearing system, interruption, loss or malfunction of utilities, communications or computer services or the payment or repayment
of any cash or sums arising from the application of any law or regulation in effect now or in the future, or from the occurrence
of any event in the country in which such cash is held which may affect, limit, prohibit or prevent the transferability, convertibility,
availability, payment or repayment of any cash or sums until such time as such law, regulation or event shall no longer affect,
limit, prohibit or prevent such transferability, convertibility, availability, payment or repayment (and in no event, other than
as provided in the Notes, shall the Paying Agent be obliged to substitute another currency for a currency whose transferability,
convertibility or availability has been affected, limited, prohibited or prevented by such law, regulation or event or be obliged
to pay any penalty interest); (iii) any strike or work stoppage, go slow, occupation of premises, other industrial action or dispute
or any breach of contract by any essential personnel; (iv) any equipment or transmission failure or failure of applicable banking
or financial systems; (v) any war, armed conflict including but not limited to hostile
attack, hostilities, or acts of a foreign enemy; (vi) any riot, insurrection, civil commotion or disorder, mob violence or act
of civil disobedience; (vii) any act of terrorism or sabotage; (viii) any explosion, fire, destruction of machines, equipment or
any kind of installation, prolonged breakdown of transport, radioactive contamination, nuclear fusion or fission or electric current;
(ix) any epidemic, natural disaster (such as but not limited to violent storm, hurricane, blizzard, earthquake, landslide, tidal
wave, flood, damage or destruction by lightning, or drought); or (x) any other act of God.



 






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		11.13	Pursuant to and in accordance with the procedures set forth in Article Five of the Base Indenture
(i) the Issuer or the Guarantor, as applicable, may at any time, for the purpose of obtaining the satisfaction and discharge of
the Indenture or for any other purpose, direct the Paying Agent to pay to the Trustee all sums held in trust by the Paying Agent,
such sums to be held by the Trustee upon the same trusts as those upon which such sums were held by the Paying Agent; and, upon
such payment by the Paying Agent to the Trustee, the Paying Agent shall be released from all further liability with respect to
such money and (ii) any money deposited with the Paying Agent in trust for the payment of the principal of or any premium or interest
on the Notes remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid
to the Issuer or the Guarantor, as applicable, on such party’s request and all liability of the Paying Agent with respect
to such trust money shall thereupon cease.



 


		12.	Changes in Paying Agent or Registrar and specified offices



 


		12.1	The Issuer may at any time vary or terminate the appointment of the Paying Agent, Transfer Agent
or the Registrar and appoint additional or other paying agents or registrars.



 


Any variation or termination
shall be made by giving to the Paying Agent, Transfer Agent or Registrar and (if different) to the paying agent, transfer agent
or registrar whose appointment is to be varied or terminated not less than 60 days' written notice to that effect, which notice
shall expire not less than 30 days before or after any due date for any payment in respect of Notes.


 


		12.2	Subject to clause 12.1, the Paying Agent, Transfer Agent or Registrar may resign its appointment
hereunder at any time by giving to the Issuer and the Guarantor not less than 60 days' written notice to that effect, which notice
shall expire not less than 30 days before or after any due date for any payments in respect of any Notes.



 


		12.3	Notwithstanding clauses 12.1 and 12.2 no such termination of the appointment of, or resignation
by, the Paying Agent, Transfer Agent or Registrar shall take effect until a successor has been appointed on terms approved by the
Issuer or the Issuer has otherwise approved such resignation without a successor being appointed.



 


		12.4	Notwithstanding any other provisions of clause 12.1, the appointment of the Paying Agent,
Transfer Agent or Registrar shall forthwith terminate if at any time such Paying Agent, Transfer Agent or Registrar becomes incapable
of acting, or is adjudged bankrupt or insolvent, or files a voluntary petition in bankruptcy or makes an assignment for the benefit
of its creditors or consents to the appointment of a receiver, administrator or other similar official of it or of all or any substantial
part of its property or admits in writing its inability to pay or meet its debts as they mature or suspends payment thereof, or
if a resolution is passed or an order made for its winding up or dissolution, or if a receiver, administrator or other similar
official of it or of all or any substantial part of its property is appointed, or if any order of any court is entered approving
any petition filed by or against it under the provisions of any applicable bankruptcy or insolvency law, or if any public officer
takes charge or control of such Paying Agent, Transfer Agent or Registrar or its property or affairs for the purpose of rehabilitation,
conservation, administration or liquidation or there occurs any analogous event under any applicable law.



 






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	12.5	On the date on which any such termination or resignation takes effect, the Paying Agent, Transfer
Agent or Registrar shall (i) pay to or to the order of its successor (or, if none, the Issuer) any amounts held by it in respect
of the Notes which have become due and payable but which have not been presented for payment; and (ii) deliver to its successor
(or, if none, the Issuer), or as it may direct, all records maintained by it, pursuant hereto. Following such termination or resignation
and pending such payment and delivery, the Paying Agent, Transfer Agent or Registrar shall hold such amounts, records and documents
in trust for and subject to the order of its successor or, as the case may be, the Issuer.



 


	12.6	Any corporation into which any Paying Agent, Transfer Agent or Registrar may be merged or converted
or any corporation with which such Paying Agent, Transfer Agent or Registrar may be consolidated or any corporation resulting from
any merger, conversion or consolidation to which such Paying Agent, Transfer Agent or Registrar shall be a party, or any corporation,
including affiliated corporations, to which the Paying Agent, Transfer Agent or Registrar shall sell or otherwise transfer: (a)
all or substantially all of its assets or (b) all or substantially all of its corporate trust business shall, on the date when
the merger, conversion, consolidation or transfer becomes effective and to the extent permitted by any applicable laws, be the
successor Paying Agent, Transfer Agent or Registrar under this Agreement without any further formality, and after such effective
date all references in this Agreement to such Paying Agent, Transfer Agent or Registrar shall be deemed to be references to such
corporation. Notice of any such merger, conversion, consolidation or transfer shall forthwith be given by the Paying Agent, Transfer
Agent or Registrar to the Issuer, the Guarantor and the Trustee.



 


	12.7	The Paying Agent, Transfer Agent or Registrar may change its specified office to another office
in London at any time by giving to the Issuer, the Guarantor and the Trustee not less than 60 days' prior written notice to
that effect, which notice shall expire not less than 30 days before or after any due date for any payments in respect of any Notes,
and which notice shall specify the address of the new specified office and the date upon which such change is to take effect.



 


	13.	Notices



 


	13.1	If the Issuer arranges publication of any notice to the holders of the Notes, it shall at or before
the time of such publication, send copies of each notice so published to the Paying Agent.



 


	13.2	The Paying Agent, Transfer Agent and Registrar shall promptly forward any written notice received
by it from any holders of the Notes to the Issuer, the Guarantor and the Trustee.



 


	14.	Communications



 


	14.1	For the purposes of this clause, the address of each party at the date of this Agreement shall
be the address set out below (including, where applicable, the details of the facsimile number, the person for whose attention
the notice or communication is to be addressed and the email address):



 






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the Issuer:


 


	WPC Eurobond B.V.	 
	
        Strawinskylaan 741, Tower C

        7th Floor

        1077 XX Amsterdam

        the Netherlands

         

        As may be amended from time to time in
        accordance with this Agreement.
	
        Fax: +31
        (0)20 575 2430

        Attention: Directors

         

         



 


the Guarantor:


 


	W. P. Carey Inc.	 
	
        One
        Manhattan West

        395 9th Avenue, 58th Floor

        New
        York, New York 10001

        United
        States

         

        As may be amended from time to time in
        accordance with this Agreement.
	
        Fax: 212-492-8922

        Attention:
        Chief Financial Officer and General Counsel

         

         



 


the Paying Agent:


 


	Elavon Financial Services DAC	 
	
        125 Old Broad Street

        Fifth Floor

        London

        EC2N 1AR

        United Kingdom

         

        As may be amended from time to time in accordance
        with this Agreement.
	
        Fax: +44 (0)207 365 2577

        Attention: Structured Finance Relationship
        Management

        Email: mbs.relationship.management@usbank.com

         



 


the Transfer Agent:


 


	U.S. Bank National Association	 
	
        JOSHUA
HAHN

Global Corporate Trust Services

EP-MN-WS3C

        60 Livingston Avenue

        St. Paul MN 55107-1419

        As may be amended from time to time in accordance
        with this Agreement.
	
        Fax: (651) 466-7430

        Attention: JOSHUA
        HAHN

        Email: joshua.hahn@usbank.com

         



 






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the Registrar:


 


	U.S. Bank National Association	 
	
        JOSHUA
HAHN

Global Corporate Trust Services

EP-MN-WS3C

        60 Livingston Avenue

        St. Paul MN 55107-1419

        As may be amended from time to time in accordance
        with this Agreement.
	
        Fax: (651) 466-7430

        Attention: JOSHUA
        HAHN

        Email: joshua.hahn@usbank.com

         



 


the Trustee:


 


	U.S. Bank National Association	 
	
        JOSHUA
HAHN

Global Corporate Trust Services

EP-MN-WS3C

        60 Livingston Avenue

        St. Paul MN 55107-1419

        As may be amended from time to time in accordance
        with the Indenture and notified by the Issuer to the Paying Agent.
	
        Fax: (651) 466-7430

        Attention: JOSHUA
        HAHN

        Email: joshua.hahn@usbank.com

         



 


A
copy of any notices sent to the Issuer shall also be delivered to the Guarantor. 


 


	15.	Amendments



 


	15.1	For the avoidance of doubt, this Agreement may be amended in writing by the parties hereto.



 


	15.2	The Issuer shall provide to the Paying Agent a copy of any amendment to the Indenture as soon as
reasonably practicable following such amendment taking effect. Where reference is made in this Agreement to the Indenture, such
reference shall, for the purposes of the Paying Agent's rights and obligations under this Agreement only, be deemed to refer to
the most recent version of such document provided to the Paying Agent by the Issuer.



 


	16.	Taxes



 


The Issuer agrees to pay any
and all stamp and other documentary taxes or duties which may be payable in connection with the execution, delivery, performance
and enforcement of this Agreement.


 


	17.	Regulatory Matters



 


	17.1	The Paying Agent is authorised and regulated by the Central Bank of Ireland (“CBOI”)
and its activities in the UK are subject to limited regulation by the UK Prudential Regulation Authority (“PRA”)
and the UK Financial Conduct Authority (“FCA”).



 






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	17.2	In connection with the worldwide effort against the funding of terrorism and money laundering activities,
the Paying Agent, Transfer Agent and Registrar may be required under various national laws and regulations to which they are subject
to obtain, verify and record information that identifies each person who opens an account with it. For a non-individual person
such as a business entity, a charity, a Trust or other legal entity the Paying Agent, Transfer Agent and Registrar shall be entitled
to ask for documentation to verify such entity’s formation and legal existence as well as financial statements, licenses,
identification and authorisation documents from individuals claiming authority to represent the entity or other relevant documentation.



 


	17.3	The parties to this Agreement acknowledge and agree that the obligations of the Paying Agent, Transfer
Agent and Registrar under this Agreement are limited by and subject to compliance by them with EU and US Federal anti-money laundering
statutes and regulations. If the Paying Agent, Transfer Agent and Registrar or any of their directors know or suspect that a payment
is the proceeds of criminal conduct, such person is required to report such information pursuant to the applicable authorities
and such report shall not be treated as a breach by such person of any confidentiality covenant or other restriction imposed on
such person under this Agreement, by law or otherwise on the disclosure of information. The Paying Agent, Transfer Agent and Registrar
shall be indemnified and held harmless by the Issuer from and against all losses suffered by them that may arise as a result of
the agents being prevented from fulfilling their obligations hereunder due to the extent doing so would not be consistent with
applicable statutory anti-money laundering requirements.



 


	17.4	Notwithstanding anything to the contrary in this Agreement or in any other agreement, arrangement
or understanding among any such parties, each party hereto acknowledges that any liability of any party arising under this Agreement
or any such other document, to the extent such liability is unsecured or not otherwise exempted, may be subject to the write-down
and conversion powers of a Resolution Authority and agrees and consents to, and acknowledges and agrees to be bound by:



 


		(a)	the application of any Write-Down and Conversion Powers by a Resolution Authority to any such liabilities
arising hereunder which may be payable to it by any party hereto; and



 


		(b)	the effects of any Bail-in Action on any such liability, including, if applicable:



 


		1.	a reduction in full or in part or cancellation of any such liability;



 


		2.	a conversion of all, or a portion of, such liability into shares or other instruments of ownership
in such party, its parent undertaking, or a bridge institution that may be issued to it or otherwise conferred on it, and that
such shares or other instruments of ownership will be accepted by it in lieu of any rights with respect to any such liability under
this Agreement or any other agreement; or



 


		3.	the variation of the terms of such liability in connection with the exercise of the write-down
and conversion powers of any Resolution Authority.



 


For the purpose of this sub-clause
17.4 the following terms shall have the following meanings:


 


“Bail-In Action”
means the exercise of any Write-Down and Conversion Powers by the applicable Resolution Authority.


 


“Bail-In Legislation”
means, with respect to any EEA Member Country implementing Article 55 of Directive 2014/59/EU of the European Parliament and of
the Council of the European Union, the implementing law for such EEA Member Country from time to time which is described in the
EU Bail-In Legislation Schedule and in relation to any other state, any analogous law or regulation from time to time which requires
contractual recognition of any Write-down and Conversion Powers contained in that law or regulation.


 






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“EEA Member Country”
means any of the member states of the European Union, Iceland, Liechtenstein, and Norway.


 


“EU Bail-In Legislation
Schedule” means the EU Bail-In Legislation Schedule published by the Loan Market Association (or any successor person),
as in effect from time to time.


 


	18.	Governing law and jurisdiction



 


	18.1	This Agreement shall be construed and enforced in accordance with, and the rights of the parties
shall be governed by, the law of the State of New York.



 


	18.2	Each of the Paying Agent, the Transfer Agent, the Registrar, the Issuer and the Guarantor irrevocably
submits to the non-exclusive jurisdiction of any New York State or federal court sitting in the Borough of Manhattan, The City
of New York, over any suit, action or proceeding arising out of or relating to this Agreement. To the fullest extent permitted
by applicable law, each of the Paying Agent , the Transfer Agent, the Registrar, the Issuer and the Guarantor irrevocably waives
and agrees not to assert, by way of motion, as a defense or otherwise, any claim that it is not subject to the jurisdiction of
any such court, any objection that it may now or hereafter have to the laying of the venue of any such suit, action or proceeding
brought in any such court and any claim that any such suit, action or proceeding brought in any such court has been brought in
an inconvenient forum.



 


	18.3	Each of the Paying Agent, the Transfer Agent, the Registrar, the Issuer and the Guarantor agrees,
to the fullest extent permitted by applicable law, that a final judgment in any suit, action or proceeding of the nature referred
to in clause 17.2 brought in any such court shall be conclusive and binding upon it subject to rights of appeal, as the case may
be, and may be enforced in the courts of the United States of America or the State of New York (or any other courts to the jurisdiction
of which it or any of its assets is or may be subject) by a suit upon such judgment.



 


	18.4	THE PARTIES HERETO HEREBY WAIVE TRIAL BY JURY IN ANY ACTION BROUGHT ON OR WITH RESPECT TO THIS
AGREEMENT.



 


	19.	Counterparts



 


This Agreement may be executed
in any number of counterparts, each of which when executed and delivered shall be an original, but all of which when taken together
shall constitute a single instrument.


 


As
witness the hands of the parties or their duly authorised agents the day and year first above written.


 






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Signatories


 


	Issuer	 
	 	 
	WPC Eurobond B.V.	 
	 	 
	By:	/s/ Saskia F.K. Winkes 	 
	Name: Saskia F.K. Winkes 	 
	Title: Managing Director A	 
	 	 
	By:	/s/ ToniAnn Sanzone 	 
	Name: ToniAnn Sanzone 	 
	Title: Managing Director B	 
	 	 
	Guarantor	 
	 	 
	W. P. CAREY INC.	 
	 	 
	By:	/s/ ToniAnn Sanzone 	 
	Name: ToniAnn Sanzone 	 
	Title: Chief Financial Officer 	 




 






    14


     


    

 


	Paying Agent	 
	 	 
	Elavon Financial Services DAC	 
	 	 
	By:	/s/ Michael Leong	 
	 	 
	By:	/s/ Chris Hobbs	 
	 	 
	Transfer Agent	 
	 	 
	U.S. Bank National Association	 
	 	 
	By:	/s/ Joshua A. Hahn	 
	 	 
	By:	/s/ Donald T. Hurrelbrink 	 
	 	 
	Registrar	 
	 	 
	U.S. Bank National Association	 
	 	 
	By:	/s/ Joshua A. Hahn	 
	 	 
	By:	/s/ Donald T. Hurrelbrink 	 
	 	 
	Trustee	 
	 	 
	U.S. Bank National Association	 
	 	 
	By:	/s/ Joshua A. Hahn	 




 






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Appendix
1


 


Indenture


 






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