Document:

Exhibit 10.1

 

 

 

 

 

 

W.P. Carey
Inc.

 

 

€150,000,000 3.41% Senior Notes, Series A,
due September 28, 2029

 

€200,000,000 3.70% Senior Notes, Series B,
due September 28, 2032

 

 

 

Note Purchase
Agreement

 

 

 

Dated August 31, 2022

 

 

 

 

 

 

     

     

    

 

Table
of Contents

 

	Section	Heading	Page
	 	 	 
	Section 1.	Authorization of Notes	1
	 	 	 
	Section 2.	Sale and Purchase of Notes	1
	 	 	 
	Section 3.	Closing	1
	 	 	 
	Section 4.	Conditions to Closing	2
	 	 	 
	Section 4.1	Representations and Warranties	2
	Section 4.2	Performance; No Default	2
	Section 4.3	Compliance Certificates	2
	Section 4.4	Opinions of Counsel	2
	Section 4.5	Purchase Permitted By Applicable Law, Etc.	3
	Section 4.6	Sale of Other Notes	3
	Section 4.7	Payment of Special Counsel Fees	3
	Section 4.8	Private Placement Number	3
	Section 4.9	Changes in Corporate Structure	3
	Section 4.10	Funding Instructions	3
	Section 4.11	Proceedings and Documents	4
	 	 	 
	Section 5.	Representations and Warranties of the Company.	4
	 	 	 
	Section 5.1	Organization; Power and Authority	4
	Section 5.2	Authorization, Etc.	4
	Section 5.3	Disclosure	4
	Section 5.4	Organization and Ownership of Shares of Subsidiaries; Affiliates	5
	Section 5.5	Financial Statements; Material Liabilities	5
	Section 5.6	Compliance with Laws, Other Instruments, Etc.	6
	Section 5.7	Governmental Authorizations, Etc.	6
	Section 5.8	Litigation; Observance of Agreements, Statutes and Orders	6
	Section 5.9	Taxes	6
	Section 5.10	Title to Property; Leases	7
	Section 5.11	Licenses, Permits, Etc.	7
	Section 5.12	Compliance with Employee Benefit Plans	7
	Section 5.13	Private Offering by the Company	8
	Section 5.14	Use of Proceeds; Margin Regulations	9
	Section 5.15	Existing Indebtedness; Future Liens	9
	Section 5.16	Foreign Assets Control Regulations, Etc.	9
	Section 5.17	Status under Certain Statutes	10
	Section 5.18	Environmental Matters	10
	Section 5.19	REIT Status	11

 

    -i-

     

    

 

	Section 6.	Representations of the Purchasers	11
	 	 	 
	Section 6.1	Purchase for Investment	11
	Section 6.2	Source of Funds	11
	Section 6.3	Accredited Investor	13
	 	 	 
	Section 7.	Information as to Company	13
	 	 	 
	Section 7.1	Financial and Business Information	13
	Section 7.2	Officer’s Certificate	15
	Section 7.3	Visitation	16
	Section 7.4	Electronic Delivery	16
	 	 	 
	Section 8.	Payment and Prepayment of the Notes	17
	 	 	 
	Section 8.1	Maturity	17
	Section 8.2	Optional Prepayments with Make-Whole Amount	17
	Section 8.3	Allocation of Partial Prepayments	17
	Section 8.4	Maturity; Surrender, Etc.	18
	Section 8.5	Purchase of Notes	18
	Section 8.6	Make-Whole Amount	18
	Section 8.7	Payments Due on Non-Business Days	23
	Section 8.8	Swap Breakage	24
	Section 8.9	Change of Control Prepayment Offer	25
	 	 	 
	Section 9.	Affirmative Covenants	26
	 	 	 
	Section 9.1	Compliance with Laws	26
	Section 9.2	Insurance	26
	Section 9.3	Maintenance of Properties	27
	Section 9.4	Payment of Taxes and Claims	27
	Section 9.5	Corporate Existence, Etc.	27
	Section 9.6	Books and Records	27
	Section 9.7	Subsidiary Guarantors	28
	Section 9.8	Distributions in the Ordinary Course	29
	Section 9.9	Company Status	29
	Section 9.10	Compliance with Terms of Leaseholds	29
	Section 9.11	Material Contracts	29
	 	 	 
	Section 10.	Negative Covenants	29
	 	 	 
	Section 10.1	Transactions with Affiliates	29
	Section 10.2	Merger, Consolidation, Etc.	30
	Section 10.3	Line of Business	31
	Section 10.4	Economic Sanctions, Etc.	31
	Section 10.5	Liens	31
	Section 10.6	Financial Covenants	33
	Section 10.7	Restricted Payments	33

 

    -ii-

     

    

 

	Section 11.	Events of Default	34
	 	 	 
	Section 12.	Remedies on Default, Etc.	36
	 	 	 
	Section 12.1	Acceleration	36
	Section 12.2	Other Remedies	37
	Section 12.3	Rescission	37
	Section 12.4	No Waivers or Election of Remedies, Expenses, Etc.	37
	 	 	 
	Section 13.	Registration; Exchange; Substitution of Notes	38
	 	 	 
	Section 13.1	Registration of Notes	38
	Section 13.2	Transfer and Exchange of Notes	38
	Section 13.3	Replacement of Notes	38
	 	 	 
	Section 14.	Payments on Notes	39
	 	 	 
	Section 14.1	Place of Payment	39
	Section 14.2	Payment by Wire Transfer	39
	Section 14.3	FATCA Information	39
	 	 	 
	Section 15.	Expenses, Etc.	40
	 	 	 
	Section 15.1	Transaction Expenses	40
	Section 15.2	Certain Taxes	40
	Section 15.3	Survival	41
	 	 	 
	Section 16.	Survival of Representations and Warranties; Entire Agreement	41
	 	 	 
	Section 17.	Amendment and Waiver	41
	 	 	 
	Section 17.1	Requirements	41
	Section 17.2	Solicitation of Holders of Notes	42
	Section 17.3	Binding Effect, Etc	42
	Section 17.4	Notes Held by Company, Etc.	42
	 	 	 
	Section 18.	Notices	43
	 	 	 
	Section 19.	Reproduction of Documents	43
	 	 	 
	Section 20.	Confidential Information	44
	 	 	 
	Section 21.	Substitution of Purchaser	45
	 	 	 
	Section 22.	Miscellaneous	45
	 	 	 
	Section 22.1	Successors and Assigns	45
	Section 22.2	Accounting Terms	45

 

    -iii-

     

    

 

	Section 22.3	Severability	46
	Section 22.4	Construction, Etc.	46
	Section 22.5	Counterparts; Electronic Contracting	47
	Section 22.6	Governing Law	47
	Section 22.7	Jurisdiction and Process; Waiver of Jury Trial	47

 

    -iv-

     

    

 

	Schedule A	—	Defined Terms
	Schedule 1-A	—	Form of 3.41% Senior Note, Series A, due September 28, 2029
	Schedule 1-B	—	Form of 3.70% Senior Note, Series B, due September 28, 2032
	Schedule 4.4(a)	—	Form of Opinion of Special Counsel for the Company
	Schedule 4.4(b)	—	Form of Opinion of Special Counsel for the Purchasers
	Schedule 5.3	—	Disclosure Materials
	Schedule 5.4	—	Subsidiaries of the Company and Ownership of Subsidiary Stock
	Schedule 5.5	—	Financial Statements
	Schedule 5.15	—	Existing Indebtedness
	Schedule 8.6	—	Initial Swap Agreement Descriptions
	Purchaser Schedule	—	Information Relating to Purchasers

 

    -v-

     

    

 

W.P.
Carey Inc.

One Manhattan West

395 9th Avenue, 58th Floor

New York New York

 

€150,000,000 3.41% Senior Notes, Series A,
due September 28, 2029

€200,000,000 3.70% Senior Notes, Series B,
due September 28, 2032

 

August 31, 2022

 

To
Each of the Purchasers Listed in

          the Purchaser Schedule Hereto:

 

Ladies
and Gentlemen:

 

W.P.
Carey Inc., a Maryland corporation (the “Company”), agrees with each of the Purchasers as follows:

 

Section 1.          Authorization
of Notes.

 

The
Company will authorize the issue and sale of €350,000,000 aggregate principal amount of its senior notes, consisting of (a) €150,000,000
aggregate principal amount of its 3.41% Senior Notes, Series A, due September 28, 2029 (the “Series A Notes”)
and (b) €200,000,000 aggregate principal amount of its 3.70% Senior Notes, Series B, due September 28, 2032 (the “Series B
Notes”, together with the Series A Notes, the “Notes”). The Notes shall be substantially in the form
set out in Schedule 1-A and Schedule 1-B, respectively. Certain capitalized and other terms used in this Agreement are defined in
Schedule A and, for purposes of this Agreement, the rules of construction set forth in Section 22.4 shall govern. The Series A
Notes and the Series B Notes are each herein sometimes referred to as Notes of a “series.”

 

Section 2.          Sale
and Purchase of Notes. Subject to the terms and conditions of this Agreement, the Company will
issue and sell to each Purchaser and each Purchaser will purchase from the Company, at the Closing provided for in Section 3, Notes
of the series and in the principal amount specified opposite such Purchaser’s name in the Purchaser Schedule at the purchase price
of 100% of the principal amount thereof. The Purchasers’ obligations hereunder are several and not joint obligations and no Purchaser
shall have any liability to any Person for the performance or non-performance of any obligation by any other Purchaser hereunder.

 

     

     

    

 

Section 3.          Closing.

 

The sale and purchase of the
Notes to be purchased by each Purchaser shall occur at the offices of Greenberg Traurig, LLP, 77 West Wacker Drive, Suite 3100, Chicago, Illinois,
60601, at 8:00 a.m., Chicago time, at a closing (the “Closing”) on September 28, 2022 or on such other Business
Day thereafter as may be agreed upon by the Company and the Purchasers. At the Closing the Company will deliver to each Purchaser the
Notes of the series to be purchased by such Purchaser in the form of a single Note of such series (or such greater number of Notes of
such series in denominations of at least €100,000 as such Purchaser may request) dated the date of the Closing and registered in
such Purchaser’s name (or in the name of its nominee), against delivery by such Purchaser to the Company or its order of immediately
available funds in the amount of the purchase price therefor by wire transfer of immediately available funds for the account of the Company
to account number 119-760700 at JPMorgan Chase Bank, N.A., ABA No. 021000021 in New York, NY 10017 (Bank Contact Name: Alexandria
Wile, and phone number (216) 374-4739). If at the Closing the Company shall fail to tender such Notes to any Purchaser as provided above
in this Section 3, or any of the conditions specified in Section 4 shall not have been fulfilled to such Purchaser’s satisfaction,
such Purchaser shall, at its election, be relieved of all further obligations under this Agreement, without thereby waiving any rights
such Purchaser may have by reason of such failure by the Company to tender such Notes or any of the conditions specified in Section 4
not having been fulfilled to such Purchaser’s satisfaction.

 

Section 4.          Conditions
to Closing.

 

Each Purchaser’s obligation
to purchase and pay for the Notes to be sold to such Purchaser at the Closing is subject to the fulfillment to such Purchaser’s
satisfaction, prior to or at the Closing, of the following conditions:

 

Section 4.1          Representations
and Warranties. The representations and warranties of the Company in this Agreement shall be
correct when made and at the Closing.

 

Section 4.2          Performance;
No Default. The Company shall have performed and complied with all agreements and conditions
contained in this Agreement required to be performed or complied with by it prior to or at the Closing. From the date of this Agreement
until the Closing, before and after giving effect to the issue and sale of the Notes (and the application of the proceeds thereof as contemplated
by Section 5.14), no Default or Event of Default shall have occurred and be continuing. Neither the Company nor any Subsidiary shall
have entered into any transaction since the date of the Presentation that would have been prohibited by Section 10 had such Section applied
since such date.

 

Section 4.3          Compliance
Certificates.

 

(a)            Officer’s
Certificate of the Company. The Company shall have delivered to such Purchaser an Officer’s Certificate, dated the date of the
Closing, certifying that the conditions specified in Sections 4.1, 4.2 and 4.9 have been fulfilled.

 

(b)            Secretary’s
Certificate of the Company. The Company shall have delivered to such Purchaser a certificate of its Secretary or Assistant Secretary,
dated the date of the Closing, certifying as to (i) the resolutions attached thereto and other corporate proceedings relating to
the authorization, execution and delivery of the Notes and this Agreement and (ii) the Company’s organizational documents as
then in effect.

 

Section 4.4          Opinions
of Counsel. Such Purchaser shall have received opinions in form and substance satisfactory to
such Purchaser, dated the date of the Closing (a) from DLA Piper LLP (US), counsel for the Company, covering the matters set forth
in Schedule 4.4(a) (and the Company hereby instructs its counsel to deliver such opinion to the Purchasers) and (b) from
Greenberg Traurig, LLP, the Purchasers’ special counsel in connection with such transactions, substantially in the form set forth
in Schedule 4.4(b) and covering such other matters incident to such transactions as such Purchaser may reasonably request.

 

    	 	-2-	 

     

    

 

Section 4.5          Purchase
Permitted By Applicable Law, Etc. On the date of the Closing such Purchaser’s purchase
of Notes shall (a) be permitted by the laws and regulations of each jurisdiction to which such Purchaser is subject, without recourse
to provisions (such as section 1405(a)(8) of the New York Insurance Law) permitting limited investments by insurance companies
without restriction as to the character of the particular investment, (b) not violate any applicable law or regulation (including
Regulation T, U or X of the Board of Governors of the Federal Reserve System) and (c) not subject such Purchaser to any tax, penalty
or liability under or pursuant to any applicable law or regulation, which law or regulation was not in effect on the date hereof. If requested
by such Purchaser, such Purchaser shall have received an Officer’s Certificate certifying as to such matters of fact as such Purchaser
may reasonably specify to enable such Purchaser to determine whether such purchase is so permitted.

 

Section 4.6          Sale
of Other Notes. Contemporaneously with the Closing the Company shall sell to each other Purchaser
and each other Purchaser shall purchase the Notes to be purchased by it at the Closing as specified in the Purchaser Schedule.

 

Section 4.7          Payment
of Special Counsel Fees. Without limiting Section 15.1, the Company shall have paid on or
before the Closing the fees, charges and disbursements of the Purchasers’ special counsel referred to in Section 4.4 to the
extent reflected in a statement of such counsel rendered to the Company at least one Business Day prior to the Closing.

 

Section 4.8          Private
Placement Number. A Private Placement Number issued by the PPN CUSIP Unit of CUSIP Global Services
(in cooperation with the SVO) shall have been obtained for each series of Notes.

 

Section 4.9          Changes
in Corporate Structure. The Company shall not have changed its jurisdiction of incorporation
or organization, as applicable, or been a party to any merger or consolidation or succeeded to all or any substantial part of the liabilities
of any other entity, at any time following the date of the most recent financial statements referred to in Schedule 5.5.

 

Section 4.10          Funding
Instructions. At least five Business Days prior to the date of the Closing, each Purchaser shall
have received written instructions signed by a Responsible Officer on letterhead of the Company confirming the information specified in
Section 3 including (i) the name and address of the transferee bank, (ii) such transferee bank’s ABA number and (iii) the
account name and number into which the purchase price for the Notes is to be deposited, which account shall be fully opened and able to
receive micro deposits in accordance with this Section 4.10 at least five Business Days prior to the date of the Closing and (iv) the
name, telephone number and e-mail address of a Responsible Officer of the Company responsible for verifying receipt of the funds. Each
Purchaser has the right, but not the obligation, upon written notice (which may be e-mail) to the Company, to elect to deliver a micro
deposit (less than €51.00) to the account identified in the written instructions no later than 2 Business Days prior to the Closing.
If a Purchaser delivers a micro deposit, a Responsible Officer must verbally verify the receipt and amount of the micro deposit to such
Purchaser on a telephone call initiated by such Purchaser prior to the Closing. The Company shall not be obligated to return the amount
of the micro deposit, nor will the amount of the micro deposit be netted against the Purchaser’s purchase price of the Notes. If
requested by one or more Purchasers, an identifiable Responsible Officer of the Company shall confirm the written instructions by one
live videoconference made available to the Purchasers no later than 2 Business Days prior to the Closing.

 

    	 	-3-	 

     

    

 

Section 4.11          Proceedings
and Documents. All corporate and other proceedings in connection with the transactions contemplated
by this Agreement and all documents and instruments incident to such transactions shall be satisfactory to such Purchaser and its special
counsel, and such Purchaser and its special counsel shall have received all such counterpart originals or certified or other copies of
such documents as such Purchaser or such special counsel may reasonably request.

 

Section 5.          Representations
and Warranties of the Company.

 

The Company represents and
warrants to each Purchaser that:

 

Section 5.1          Organization;
Power and Authority. The Company is a corporation duly organized, validly existing and in good
standing under the laws of its jurisdiction of incorporation, and is duly qualified as a foreign corporation and is in good standing in
each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure to be so qualified
or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. The Company
has the corporate power and authority to own or hold under lease the properties it purports to own or hold under lease, to transact the
business it transacts and proposes to transact, to execute and deliver this Agreement and the Notes and to perform the provisions hereof
and thereof.

 

Section 5.2          Authorization,
Etc. This Agreement and the Notes have been duly authorized by all necessary corporate action
on the part of the Company, and this Agreement constitutes, and upon execution and delivery thereof each Note will constitute, a legal,
valid and binding obligation of the Company enforceable against the Company in accordance with its terms, except as such enforceability
may be limited by (i) applicable bankruptcy, insolvency, reorganization, moratorium or other similar laws affecting the enforcement
of creditors’ rights generally and (ii) general principles of equity (regardless of whether such enforceability is considered
in a proceeding in equity or at law).

 

Section 5.3          Disclosure.
The Company, through its agents, Barclays Capital Inc. and J.P. Morgan Securities LLC, has delivered to each Purchaser a copy of an Investor
Presentation, dated August 2022 (the “Presentation”), relating to the transactions contemplated hereby. This Agreement,
the Presentation, the financial statements listed in Schedule 5.5 and the documents, certificates or other writings delivered to
the Purchasers by or on behalf of the Company prior to August 18, 2022 in connection with the transactions contemplated hereby and
identified in Schedule 5.3 (this Agreement, the Presentation and such documents, certificates or other writings and such financial statements
delivered to each Purchaser being referred to, collectively, as the “Disclosure Documents”), taken as a whole, do not
contain any untrue statement of a material fact or omit to state any material fact necessary to make the statements therein not misleading
in light of the circumstances under which they were made. Except as disclosed in the Disclosure Documents, since December 31, 2021,
there has been no change in the financial condition, operations, business, properties or prospects of the Company or any Subsidiary except
changes that could not, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect. There is no fact known
to the Company that could reasonably be expected to have a Material Adverse Effect that has not been set forth herein or in the Disclosure
Documents.

 

    	 	-4-	 

     

    

 

Section 5.4          Organization
and Ownership of Shares of Subsidiaries; Affiliates. (a) Schedule 5.4 contains (except
as noted therein) complete and correct lists as of the date set forth in such schedule of (i) the Company’s Subsidiaries, showing,
as to each Subsidiary, the name thereof, the jurisdiction of its organization, the percentage of shares of each class of its capital stock
or similar equity interests outstanding owned by the Company and each other Subsidiary and whether such Subsidiary is a Subsidiary Guarantor,
and (ii) the Company’s directors and senior officers.

 

(b)            All
of the outstanding shares of capital stock or similar equity interests of each Subsidiary shown in Schedule 5.4 as being owned by the
Company and its Subsidiaries as of the date set forth in such schedule have been validly issued, are fully paid and non-assessable and
are owned by the Company or another Subsidiary free and clear of any Lien that is prohibited by this Agreement.

 

(c)            Each
Subsidiary is a corporation or other legal entity duly organized, validly existing and, where applicable, in good standing under the laws
of its jurisdiction of organization, and is duly qualified as a foreign corporation or other legal entity and, where applicable, is in
good standing in each jurisdiction in which such qualification is required by law, other than those jurisdictions as to which the failure
to be so qualified or in good standing could not, individually or in the aggregate, reasonably be expected to have a Material Adverse
Effect. Each such Subsidiary has the corporate or other power and authority to own or hold under lease the properties it purports to own
or hold under lease and to transact the business it transacts and proposes to transact other than as could not, individually or in the
aggregate, reasonably be expected to have a Material Adverse Effect.

 

(d)            No
Subsidiary is subject to any legal, regulatory, contractual or other restriction (other than the agreements listed on Schedule 5.4 and
customary limitations imposed by corporate law or similar statutes) restricting the ability of such Subsidiary to pay dividends out of
profits or make any other similar distributions of profits to the Company or any of its Subsidiaries that owns outstanding shares of capital
stock or similar equity interests of such Subsidiary.

 

Section 5.5          Financial
Statements; Material Liabilities. The Company has delivered to each Purchaser copies of the financial
statements of the Company and its Subsidiaries listed on Schedule 5.5. All of such financial statements (including in each case the
related schedules and notes) fairly present in all material respects the consolidated financial position of the Company and its Subsidiaries
as of the respective dates specified in such Schedule and the consolidated results of their operations and cash flows for the respective
periods so specified and have been prepared in accordance with GAAP consistently applied throughout the periods involved except as set
forth in the notes thereto (subject, in the case of any interim financial statements, to normal year-end adjustments).The Company and
its Subsidiaries do not have any Material liabilities that are not disclosed in the Disclosure Documents.

 

    	 	-5-	 

     

    

 

Section 5.6          Compliance
with Laws, Other Instruments, Etc. The execution, delivery and performance by the Company of
this Agreement and the Notes will not (i) contravene, result in any breach of, or constitute a default under, or result in the creation
of any Lien in respect of any property of the Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase
or credit agreement, lease, corporate charter, regulations or by-laws, shareholders agreement or any other agreement or instrument to
which the Company or any Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound
or affected, (ii) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree
or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (iii) violate any provision
of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any Subsidiary.

 

Section 5.7          Governmental
Authorizations, Etc. No consent, approval or authorization of, or registration, filing or declaration
with, any Governmental Authority is required in connection with the execution, delivery or performance by the Company of this Agreement
or the Notes.

 

Section 5.8          Litigation;
Observance of Agreements, Statutes and Orders. (a) There are no actions, suits, investigations
or proceedings pending or, to the best knowledge of the Company, threatened against or affecting the Company or any Subsidiary or any
property of the Company or any Subsidiary in any court or before any arbitrator of any kind or before or by any Governmental Authority
that could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

(b)            Neither
the Company nor any Subsidiary is (i) in default under any agreement or instrument to which it is a party or by which it is bound,
(ii) in violation of any order, judgment, decree or ruling of any court, any arbitrator of any kind or any Governmental Authority
or (iii) in violation of any applicable law, ordinance, rule or regulation of any Governmental Authority (including Environmental
Laws, the USA PATRIOT Act or any of the other laws and regulations that are referred to in Section 5.16), which default or violation
could, individually or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 5.9          Taxes.
The Company and its Subsidiaries have filed all federal, state and material local tax returns that are required to have been filed in
any jurisdiction, and have paid all federal, state and other material taxes shown to be due and payable on such returns and all other
taxes and assessments levied upon them or their properties, assets, income or franchises, to the extent such taxes and assessments have
become due and payable and before they have become delinquent, except for any taxes and assessments (i) the amount of which, individually
or in the aggregate, is not Material or (ii) the amount, applicability or validity of which is currently being contested in good
faith by appropriate proceedings and with respect to which the Company or a Subsidiary, as the case may be, has established adequate reserves
in accordance with GAAP. The Company knows of no basis for any other tax or assessment that could, individually or in the aggregate, reasonably
be expected to have a Material Adverse Effect. The charges, accruals and reserves on the books of the Company and its Subsidiaries in
respect of U.S. federal, state or other taxes for all fiscal periods are maintained in accordance with GAAP. The U.S. federal income tax
liabilities of the Company and its Subsidiaries have been finally determined (whether by reason of completed audits or the statute of
limitations having run) for all fiscal years up to and including the fiscal year ended December 31, 2016.

 

    	 	-6-	 

     

    

 

Section 5.10          Title
to Property; Leases. The Company and its Subsidiaries have good and sufficient title to their
respective properties that individually or in the aggregate are Material, including all such properties reflected in the most recent audited
balance sheet referred to in Section 5.5 or purported to have been acquired by the Company or any Subsidiary after such date (except
as sold or otherwise disposed of in the ordinary course of business), in each case free and clear of Liens prohibited by this Agreement.
All leases that individually or in the aggregate are Material are valid and subsisting and are in full force and effect in all material
respects.

 

Section 5.11          Licenses,
Permits, Etc. (a) The Company and its Subsidiaries own or possess all licenses, permits,
franchises, authorizations, patents, copyrights, proprietary software, service marks, trademarks and trade names, or rights thereto, without
known conflict with the rights of others;

 

(b)            to
the best knowledge of the Company, no product or service of the Company or any of its Subsidiaries infringes in any material respect any
license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other right
owned by any other Person; and

 

(c)            to
the best knowledge of the Company, there is no violation by any Person of any right of the Company or any of its Subsidiaries with respect
to any license, permit, franchise, authorization, patent, copyright, proprietary software, service mark, trademark, trade name or other
right owned or used by the Company or any of its Subsidiaries;

 

in each of the foregoing cases, except where the failure to so comply
would not reasonably be expected to have a Material Adverse Effect.

 

Section 5.12          Compliance
with Employee Benefit Plans. (a) The Company and each ERISA Affiliate have operated and
administered each Plan in compliance with all applicable laws except for such instances of noncompliance as have not resulted in and could
not, individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect. Neither the Company nor any ERISA
Affiliate has incurred any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to
employee benefit plans (as defined in section 3 of ERISA), and no event, transaction or condition has occurred or exists that could,
individually or in the aggregate, reasonably be expected to result in the incurrence of any such liability by the Company or any ERISA
Affiliate, or in the imposition of any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate, in either
case pursuant to Title I or IV of ERISA or to section 430(k) of the Code or to any such penalty or excise tax provisions under
the Code or federal law or section 4068 of ERISA or by the granting of a security interest in connection with the amendment of a Plan,
other than such liabilities or Liens as would not be individually or in the aggregate reasonably be expected to result in a Material Adverse
Effect.

 

    	 	-7-	 

     

    

 

(b)            The
present value of the aggregate benefit liabilities under each of the Plans (other than Multiemployer Plans), determined as of the end
of such Plan’s most recently ended plan year on the basis of the actuarial assumptions specified for funding purposes in such Plan’s
most recent actuarial valuation report, did not exceed the aggregate current value of the assets of such Plan allocable to such benefit
liabilities in an amount which would reasonably be expected to have a Material Adverse Effect. The present value of the accrued benefit
liabilities (whether or not vested) under each Non-U.S. Plan that is funded, determined as of the end of the Company’s most recently
ended fiscal year on the basis of reasonable actuarial assumptions, did not exceed the current value of the assets of such Non-U.S. Plan
allocable to such benefit liabilities in an amount which would reasonably be expected to have a Material Adverse Effect. The term “benefit
liabilities” has the meaning specified in section 4001 of ERISA and the terms “current value” and “present
value” have the meaning specified in section 3 of ERISA.

 

(c)            The
Company and its ERISA Affiliates have not incurred (i) withdrawal liabilities (and are not subject to contingent withdrawal liabilities)
under section 4201 or 4204 of ERISA in respect of Multiemployer Plans or (ii) any obligation in connection with the termination
of or withdrawal from any Non-U.S. Plan, in each case, that individually or in the aggregate would reasonably be expected to have a Material
Adverse Effect.

 

(d)            The
expected postretirement benefit obligation (determined as of the last day of the Company’s most recently ended fiscal year in accordance
with Financial Accounting Standards Board Accounting Standards Codification Topic 715-60, without regard to liabilities attributable to
continuation coverage mandated by section 4980B of the Code) of the Company and its Subsidiaries is not Material.

 

(e)            The
execution and delivery of this Agreement and the issuance and sale of the Notes hereunder will not involve any transaction that is subject
to the prohibitions of section 406 of ERISA or in connection with which a tax could be imposed pursuant to section 4975(c)(1)(A)-(D) of
the Code. The representation by the Company to each Purchaser in the first sentence of this Section 5.12(e) is made in reliance
upon and subject to the accuracy of such Purchaser’s representation in Section 6.2 as to the sources of the funds to be used
to pay the purchase price of the Notes to be purchased by such Purchaser.

 

(f)            All
Non-U.S. Plans have been established, operated, administered and maintained in compliance with all laws, regulations and orders applicable
thereto, except where failure so to comply could not be reasonably expected to have a Material Adverse Effect. All premiums, contributions
and any other amounts required by applicable Non-U.S. Plan documents or applicable laws to be paid or accrued by the Company and its Subsidiaries
have been paid or accrued as required, except where failure so to pay or accrue could not be reasonably expected to have a Material Adverse
Effect.

 

Section 5.13          Private
Offering by the Company. Neither the Company nor anyone acting on its behalf has offered the
Notes or any similar Securities for sale to, or solicited any offer to buy the Notes or any similar Securities from, or otherwise approached
or negotiated in respect thereof with, any Person other than the Purchasers and not more than 60 other Institutional Investors, each of
which has been offered the Notes at a private sale for investment. Neither the Company nor anyone acting on its behalf has taken, or will
take, any action that would subject the issuance or sale of the Notes to the registration requirements of section 5 of the Securities
Act or to the registration requirements of any Securities or blue sky laws of any applicable jurisdiction.

 

    	 	-8-	 

     

    

 

Section 5.14          Use
of Proceeds; Margin Regulations. The Company will apply the proceeds of the sale of the Notes
hereunder to refinance existing Indebtedness and to fund potential acquisitions, developments and investment opportunities, and for general
corporate purposes. No part of the proceeds from the sale of the Notes hereunder will be used, directly or indirectly, for the purpose
of buying or carrying any margin stock within the meaning of Regulation U of the Board of Governors of the Federal Reserve System
(12 CFR 221), or for the purpose of buying or carrying or trading in any Securities under such circumstances as to involve the Company
in a violation of Regulation X of said Board (12 CFR 224) or to involve any broker or dealer in a violation of Regulation T of said Board
(12 CFR 220). Margin stock does not constitute more than 25% of the value of the consolidated assets of the Company and its Subsidiaries
and the Company does not have any present intention that margin stock will constitute more than 25% of the value of such assets. As used
in this Section, the terms “margin stock” and “purpose of buying or carrying” shall have the meanings
assigned to them in said Regulation U.

 

Section 5.15          Existing
Indebtedness; Future Liens. (a) Except as described therein, Schedule 5.15 sets forth
a complete and correct list of all outstanding Indebtedness of the Company and its Subsidiaries as of June 30, 2022 the outstanding
principal amount of which exceeds $5,000,000 (including descriptions of the obligors and obligees, principal amounts outstanding, any
collateral therefor and any Guaranty thereof), since which date there has been no Material change in the amounts, interest rates, sinking
funds, installment payments or maturities of the Indebtedness of the Company or its Subsidiaries. Neither the Company nor any Subsidiary
is in default and no waiver of default is currently in effect, in the payment of any principal or interest on any Indebtedness of the
Company or such Subsidiary and no event or condition exists with respect to any Indebtedness of the Company or any Subsidiary the outstanding
principal amount of which exceeds $5,000,000 that would permit (or that with notice or the lapse of time, or both, would permit) one or
more Persons to cause such Indebtedness to become due and payable before its stated maturity or before its regularly scheduled dates of
payment.

 

(b)            Except
as disclosed in Schedule 5.15, neither the Company nor any Subsidiary has agreed or consented to cause or permit any of its property,
whether now owned or hereafter acquired, to be subject to a Lien that secures Indebtedness or to cause or permit in the future (upon the
happening of a contingency or otherwise) any of its property, whether now owned or hereafter acquired, to be subject to a Lien that secures
Indebtedness.

 

(c)            Neither
the Company nor any Subsidiary is a party to, or otherwise subject to any provision contained in, any instrument evidencing Indebtedness
of the Company or such Subsidiary, any agreement relating thereto or any other agreement (including its charter or any other organizational
document) which limits the amount of, or otherwise imposes restrictions on the incurring of, Indebtedness of the Company, except
as disclosed in Schedule 5.15.

 

Section 5.16          Foreign
Assets Control Regulations, Etc. (a) Neither the Company nor any Controlled Entity (i) is
a Blocked Person, (ii) has been notified that its name appears or may in the future appear on a State Sanctions List or (iii) is
a target of sanctions that have been imposed by the United Nations or the European Union.

 

    	 	-9-	 

     

    

 

(b)            Neither
the Company nor any Controlled Entity (i) has violated, been found in violation of, or been charged or convicted under, any applicable
U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or Anti-Corruption Laws or (ii) to the Company’s knowledge, is under
investigation by any Governmental Authority for possible violation of any U.S. Economic Sanctions Laws, Anti-Money Laundering Laws or
Anti-Corruption Laws.

 

(c)            No
part of the proceeds from the sale of the Notes hereunder:

 

(i)            constitutes
or will constitute funds obtained on behalf of any Blocked Person or will otherwise be used by the Company or any Controlled Entity, directly
or indirectly, (A) in connection with any investment in, or any transactions or dealings with, any Blocked Person, (B) for any
purpose that would cause any Purchaser to be in violation of any U.S. Economic Sanctions Laws or (C) otherwise in violation of any
U.S. Economic Sanctions Laws;

 

(ii)            will
be used, directly or indirectly, in violation of, or cause any Purchaser to be in violation of, any applicable Anti-Money Laundering Laws;
or

 

(iii)            will
be used, directly or indirectly, for the purpose of making any improper payments, including bribes, to any Governmental Official or commercial
counterparty in order to obtain, retain or direct business or obtain any improper advantage, in each case which would be in violation
of, or cause any Purchaser to be in violation of, any applicable Anti-Corruption Laws.

 

(d)            The
Company has established procedures and controls which it reasonably believes are adequate (and otherwise comply with applicable law) to
ensure that the Company and each Controlled Entity is and will continue to be in compliance with all applicable U.S. Economic Sanctions
Laws, Anti-Money Laundering Laws and Anti-Corruption Laws.

 

Section 5.17          Status
under Certain Statutes. Neither the Company nor any Subsidiary is subject to regulation under
the Investment Company Act of 1940, the Public Utility Holding Company Act of 2005, the ICC Termination Act of 1995, or the Federal Power
Act.

 

Section 5.18          Environmental
Matters. (a) Neither the Company nor any Subsidiary has knowledge of any claim or has received
any notice of any claim and no proceeding has been instituted asserting any claim against the Company or any of its Subsidiaries or any
of their respective real properties or other assets now or formerly owned, leased or operated by any of them, alleging any damage to the
environment or violation of any Environmental Laws, except, in each case, such as could not reasonably be expected to result in a Material
Adverse Effect.

 

(b)            Neither
the Company nor any Subsidiary has knowledge of any facts which would give rise to any claim, public or private, of violation of Environmental
Laws or damage to the environment emanating from, occurring on or in any way related to real properties now or formerly owned, leased
or operated by any of them or to other assets or their use, except, in each case, such as could not, individually or in the aggregate,
reasonably be expected to result in a Material Adverse Effect.

 

(c)            Neither
the Company nor any Subsidiary has stored any Hazardous Materials on real properties now or formerly owned, leased or operated by any
of them in a manner which is contrary to any Environmental Law that could, individually or in the aggregate, reasonably be expected to
result in a Material Adverse Effect.

 

    	 	-10-	 

     

    

 

(d)            Neither
the Company nor any Subsidiary has disposed of any Hazardous Materials in a manner which is contrary to any Environmental Law that could,
individually or in the aggregate, reasonably be expected to result in a Material Adverse Effect.

 

(e)            All
buildings on all real properties now owned, leased or operated by the Company or any Subsidiary are in compliance with applicable Environmental
Laws, except where failure to comply could not, individually or in the aggregate, reasonably be expected to result in a Material Adverse
Effect.

 

Section 5.19          REIT
Status. The Company is qualified as a REIT.

 

Section 6.          Representations
of the Purchasers.

 

Section 6.1          Purchase
for Investment. Each Purchaser severally represents that it is purchasing the Notes for its own
account or for one or more separate accounts maintained by such Purchaser or for the account of one or more pension or trust funds and
not with a view to the distribution thereof, provided that the disposition of such Purchaser’s or their property shall at
all times be within such Purchaser’s or their control. Each Purchaser understands that the Notes have not been registered under
the Securities Act and may be resold only if registered pursuant to the provisions of the Securities Act or if an exemption from registration
is available, except under circumstances where neither such registration nor such an exemption is required by law, and that the Company
is not required to register the Notes.

 

Section 6.2          Source
of Funds. Each Purchaser severally represents that at least one of the following statements is
an accurate representation as to each source of funds (a “Source”) to be used by such Purchaser to pay the purchase
price of the Notes to be purchased by such Purchaser hereunder:

 

(a)            the
Source is an “insurance company general account” (as the term is defined in the United States Department of Labor’s
Prohibited Transaction Exemption (“PTE”) 95-60) in respect of which the reserves and liabilities (as defined by the
annual statement for life insurance companies approved by the NAIC (the “NAIC Annual Statement”)) for the general account
contract(s) held by or on behalf of any employee benefit plan together with the amount of the reserves and liabilities for the general
account contract(s) held by or on behalf of any other employee benefit plans maintained by the same employer (or affiliate thereof
as defined in PTE 95-60) or by the same employee organization in the general account do not exceed 10% of the total reserves and liabilities
of the general account (exclusive of separate account liabilities) plus surplus as set forth in the NAIC Annual Statement filed with such
Purchaser’s state of domicile; or

 

(b)            the
Source is a separate account that is maintained solely in connection with such Purchaser’s fixed contractual obligations under which
the amounts payable, or credited, to any employee benefit plan (or its related trust) that has any interest in such separate account (or
to any participant or beneficiary of such plan (including any annuitant)) are not affected in any manner by the investment performance
of the separate account; or

 

    	 	-11-	 

     

    

 

(c)            the
Source is either (i) an insurance company pooled separate account, within the meaning of PTE 90-1 or (ii) a bank collective
investment fund, within the meaning of the PTE 91-38 and, except as disclosed by such Purchaser to the Company in writing pursuant to
this clause (c), no employee benefit plan or group of plans maintained by the same employer or employee organization beneficially
owns more than 10% of all assets allocated to such pooled separate account or collective investment fund; or

 

(d)            the
Source constitutes assets of an “investment fund” (within the meaning of Part VI of PTE 84-14 (the “QPAM Exemption”))
managed by a “qualified professional asset manager” or “QPAM” (within the meaning of Part VI of the QPAM
Exemption), no employee benefit plan’s assets that are managed by the QPAM in such investment fund, when combined with the assets
of all other employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of
the QPAM Exemption) of such employer or by the same employee organization and managed by such QPAM, represent more than 20% of the total
client assets managed by such QPAM, the conditions of Part I(c) and (g) of the QPAM Exemption are satisfied, neither the
QPAM nor a person controlling or controlled by the QPAM maintains an ownership interest in the Company that would cause the QPAM and the
Company to be “related” within the meaning of Part VI(h) of the QPAM Exemption and (i) the identity of such
QPAM and (ii) the names of any employee benefit plans whose assets in the investment fund, when combined with the assets of all other
employee benefit plans established or maintained by the same employer or by an affiliate (within the meaning of Part VI(c)(1) of
the QPAM Exemption) of such employer or by the same employee organization, represent 10% or more of the assets of such investment fund,
have been disclosed to the Company in writing pursuant to this clause (d);or

 

(e)            the
Source constitutes assets of a “plan(s)” (within the meaning of Part IV(h) of PTE 96-23 (the “INHAM Exemption”))
managed by an “in-house asset manager” or “INHAM” (within the meaning of Part IV(a) of the INHAM Exemption),
the conditions of Part I(a), (g) and (h) of the INHAM Exemption are satisfied, neither the INHAM nor a person controlling
or controlled by the INHAM (applying the definition of “control” in Part IV(d)(3) of the INHAM Exemption) owns a
10% or more interest in the Company and (i) the identity of such INHAM and (ii) the name(s) of the employee benefit plan(s) whose
assets constitute the Source have been disclosed to the Company in writing pursuant to this clause (e); or

 

(f)            the
Source is a governmental plan; or

 

(g)            the
Source is one or more employee benefit plans, or a separate account or trust fund comprised of one or more employee benefit plans, each
of which has been identified to the Company in writing pursuant to this clause (g); or

 

(h)            the
Source does not include assets of any employee benefit plan, other than a plan exempt from the coverage of ERISA.

 

As used in this Section 6.2, the terms “employee
benefit plan,” “governmental plan,” and “separate account” shall have the respective meanings
assigned to such terms in section 3 of ERISA.

 

    	 	-12-	 

     

    

 

Section 6.3          Accredited
Investor Each Purchaser severally represents that it is a Qualified Institutional Buyer or an
 “accredited investor” within the meaning of subparagraph (a)(1), (2), (3) or (7) of Rule 501 of Regulation
D under the Securities Act.

 

Section 7.          Information
as to Company

 

Section 7.1          Financial
and Business Information. The Company shall deliver to each Purchaser and each holder of a Note
that is an Institutional Investor:

 

(a)            Quarterly
Statements — within 45 days (or such shorter period as is the date by which such financial statements are required to be delivered
under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit
Facility if such delivery occurs earlier than such required delivery date) after the end of each quarterly fiscal period in each fiscal
year of the Company (other than the last quarterly fiscal period of each such fiscal year), duplicate copies of,

 

(i)            a
consolidated balance sheet of the Company and its Subsidiaries as at the end of such quarter, and

 

(ii)            consolidated
statements of income or operations, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries, for such
quarter and (in the case of the second and third quarters) for the portion of the fiscal year ending with such quarter,

 

setting forth in each case in comparative form
the figures for the corresponding periods in the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP applicable
to quarterly financial statements generally, and certified by a Senior Financial Officer as fairly presenting, in all material respects,
the financial position of the companies being reported on and their results of operations and cash flows, subject to changes resulting
from year-end adjustments;

 

(b)            Annual
Statements — within 90 days (or such shorter period as is the date by which such financial statements are required to be delivered
under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit
Facility if such delivery occurs earlier than such required delivery date) after the end of each fiscal year of the Company, duplicate
copies of

 

(i)            a
consolidated balance sheet of the Company and its Subsidiaries as at the end of such year, and

 

(ii)            consolidated
statements of income or operations, changes in shareholders’ equity and cash flows of the Company and its Subsidiaries for such
year,

 

setting forth in each case in comparative form
the figures for the previous fiscal year, all in reasonable detail, prepared in accordance with GAAP, and accompanied by an opinion thereon
(without a “going concern” or similar qualification or exception and without any qualification or exception as to the scope
of the audit on which such opinion is based) of independent public accountants of recognized national standing, which opinion shall state
that such financial statements present fairly, in all material respects, the financial position of the companies being reported upon and
their results of operations and cash flows and have been prepared in conformity with GAAP, and that the examination of such accountants
in connection with such financial statements has been made in accordance with generally accepted auditing standards, and that such audit
provides a reasonable basis for such opinion in the circumstances;

 

    	 	-13-	 

     

    

 

(c)            SEC
and Other Reports — promptly upon their becoming available, one copy of (i) each financial statement, report, notice, proxy
statement or similar document sent by the Company or any Subsidiary (x) to its creditors under any Material Credit Facility (excluding
information sent to such creditors in the ordinary course of administration of a credit facility, such as information relating to pricing
and borrowing availability) or (y) to its public Securities holders generally, and (ii) each regular or periodic report, each
registration statement (without exhibits except as expressly requested by such Purchaser or holder), and each prospectus and all amendments
thereto filed by the Company or any Subsidiary with the SEC and of all press releases and other statements made available generally by
the Company or any Subsidiary to the public concerning developments that are Material;

 

(d)            Notice
of Default or Event of Default — promptly, and in any event within 5 Business Days after a Responsible Officer becoming aware
of the existence of any Default or Event of Default or that any Person has given any notice or taken any action with respect to a claimed
default hereunder or that any Person has given any notice or taken any action with respect to a claimed default of the type referred to
in Section 11(f), a written notice specifying the nature and period of existence thereof and what action the Company is taking or
proposes to take with respect thereto;

 

(e)            Employee
Benefits Matters — promptly, and in any event within 5 Business Days after a Responsible Officer becoming aware of any of the
following, a written notice setting forth the nature thereof and the action, if any, that the Company or an ERISA Affiliate proposes to
take with respect thereto:

 

(i)            with
respect to any Plan, any reportable event, as defined in section 4043(c) of ERISA and the regulations thereunder, for which
notice thereof has not been waived pursuant to such regulations as in effect on the date hereof;

 

(ii)            the
taking by the PBGC of steps to institute, or the threatening by the PBGC of the institution of, proceedings under section 4042 of
ERISA for the termination of, or the appointment of a trustee to administer, any Plan, or the receipt by the Company or any ERISA Affiliate
of a notice from a Multiemployer Plan that such action has been taken by the PBGC with respect to such Multiemployer Plan;

 

(iii)            any
event, transaction or condition that could result in the incurrence of any liability by the Company or any ERISA Affiliate pursuant to
Title I or IV of ERISA or the penalty or excise tax provisions of the Code relating to employee benefit plans, or in the imposition of
any Lien on any of the rights, properties or assets of the Company or any ERISA Affiliate pursuant to Title I or IV of ERISA or such penalty
or excise tax provisions, if such liability or Lien, taken together with any other such liabilities or Liens then existing, could reasonably
be expected to have a Material Adverse Effect; or

 

    	 	-14-	 

     

    

 

(iv)            receipt
of notice of the imposition of a Material financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether
by way of indemnity or otherwise) with respect to one or more Non-U.S. Plans;

 

(f)            Notices
from Governmental Authority — promptly, and in any event within 30 days of receipt thereof, copies of any notice to the
Company or any Subsidiary from any Governmental Authority relating to any order, ruling, statute or other law or regulation that could
reasonably be expected to have a Material Adverse Effect;

 

(g)            Resignation
or Replacement of Auditors — within 10 days following the date on which the Company’s auditors resign or the Company elects
to change auditors, as the case may be, notification thereof, together with such further information as the Required Holders may request;
and

 

(h)            Requested
Information — with reasonable promptness, such other data and information relating to the business, operations, affairs, financial
condition, assets or properties of the Company or any of its Subsidiaries (including actual copies of the Company’s Form 10-Q
and Form 10-K) or relating to the ability of the Company to perform its obligations hereunder and under the Notes as from time to
time may be reasonably requested by any such Purchaser or holder of a Note.

 

Section 7.2          Officer’s
Certificate. Each set of financial statements delivered to a Purchaser or holder of a Note pursuant
to Section 7.1(a) or Section 7.1(b) shall be accompanied by a certificate of a Senior Financial Officer:

 

(a)            Covenant
Compliance — setting forth the information from such financial statements that is required in order to establish whether the
Company was in compliance with the requirements of Section 10.6 during the quarterly or annual period covered by the financial statements
then being furnished (including with respect to each such provision that involves mathematical calculations, the information from such
financial statements that is required to perform such calculations) and detailed calculations of the maximum or minimum amount, ratio
or percentage, as the case may be, permissible under the terms of such Section, and the calculation of the amount, ratio or percentage
then in existence. In the event that the Company or any Subsidiary has made an election to measure any financial liability using fair
value (which election is being disregarded for purposes of determining compliance with this Agreement pursuant to Section 22.2) as
to the period covered by any such financial statement, such Senior Financial Officer’s certificate as to such period shall include
a reconciliation from GAAP with respect to such election;

 

(b)            Event
of Default — certifying that such Senior Financial Officer has reviewed the relevant terms hereof and has made, or caused to
be made, under his or her supervision, a review of the transactions and conditions of the Company and its Subsidiaries from the beginning
of the quarterly or annual period covered by the statements then being furnished to the date of the certificate and that such review shall
not have disclosed the existence during such period of any condition or event that constitutes a Default or an Event of Default or, if
any such condition or event existed or exists (including any such event or condition resulting from the failure of the Company or any
Subsidiary to comply with any Environmental Law), specifying the nature and period of existence thereof and what action the Company shall
have taken or proposes to take with respect thereto; and

 

    	 	-15-	 

     

    

 

 

(c)           Subsidiary
Guarantors – setting forth a list of all Subsidiaries that are Subsidiary Guarantors and certifying that each Subsidiary that
is required to be a Subsidiary Guarantor pursuant to Section 9.7 is a Subsidiary Guarantor, in each case, as of the date of such
certificate of Senior Financial Officer.

 

Section 7.3     Visitation.   The Company shall permit the representatives of each Purchaser and holder of a Note that is an Institutional Investor:

 

(a)           No
Default — if no Default or Event of Default then exists, at the expense of such Purchaser or holder and upon reasonable prior
notice to the Company, to visit the principal executive office of the Company, to discuss the affairs, finances and accounts of the Company
and its Subsidiaries with the Company’s officers, and (with the consent of the Company, which consent will not be unreasonably withheld)
its independent public accountants, and (with the consent of the Company, which consent will not be unreasonably withheld) to visit the
other offices and properties of the Company and each Subsidiary, all at such reasonable times and as often as may be reasonably requested
in writing; and

 

(b)           Default
 — if a Default or Event of Default then exists, at the expense of the Company to visit and inspect any of the offices or properties
of the Company or any Subsidiary, to examine all their respective books of account, records, reports and other papers, to make copies
and extracts therefrom, and to discuss their respective affairs, finances and accounts with their respective officers and independent
public accountants (and by this provision the Company authorizes said accountants to discuss the affairs, finances and accounts of the
Company and its Subsidiaries), all at such times and as often as may be requested.

 

Section 7.4       Electronic
Delivery. Financial statements, opinions of independent certified public accountants, other information
and Officer’s Certificates that are required to be delivered by the Company pursuant to Sections 7.1(a), (b) or (c) and
Section 7.2 shall be deemed to have been delivered if the Company satisfies any of the following requirements with respect thereto:

 

(a)           such
financial statements satisfying the requirements of Section 7.1(a) or (b) and/or the related Officer’s Certificate
satisfying the requirements of Section 7.2 and any other information required under Section 7.1(c) are delivered to each
Purchaser or holder of a Note by e-mail at the e-mail address set forth in such holder’s Purchaser Schedule or as communicated from
time to time in a separate writing delivered to the Company;

 

(b)           the
Company shall have filed such Form 10–Q or Form 10–K, satisfying the requirements of Section 7.1(a) or
Section 7.1(b), as the case may be, with the SEC on EDGAR and shall have made such form and/or the related Officer’s Certificate
satisfying the requirements of Section 7.2 available on its home page on the internet, which is located at https://www.wpcarey.com
as of the date of this Agreement;

 

    	 	-16-	 

     

    

 

(c)           such
financial statements satisfying the requirements of Section 7.1(a) or Section 7.1(b) and/or the related Officer’s
Certificate(s) satisfying the requirements of Section 7.2 and/or any other information required under Section 7.1(c) are
timely posted by or on behalf of the Company on IntraLinks or on any other similar website to which each Purchaser or holder holder of
Notes has free access; or

 

(d)           the
Company shall have filed any of the items referred to in Section 7.1(c) with the SEC on EDGAR and/or shall have made such items
available on its home page on the internet or on IntraLinks or on any other similar website to which each Purchaser or holder of
Notes has free access;

 

provided
however, that in no case shall access to such financial statements, other information and Officer’s Certificates be conditioned
upon any waiver or other agreement or consent (other than confidentiality provisions consistent with Section 20 of this Agreement);
provided further, that in the case of any of clauses (b), (c) or (d), the Company shall have given each Purchaser or holder
of a Note prior written notice, which may be by e-mail or in accordance with Section 18, of such posting or filing in connection
with each delivery, provided further, that upon request of any Purchaser or holder to receive copies of such forms, financial statements,
other information and Officer’s Certificates by e-mail, the Company will promptly e-mail them to such Purchaser or holder.

 

Section 8.          Payment
and Prepayment of the Notes.

 

Section 8.1          Maturity.
As provided therein, the entire unpaid principal balance of each Note shall be due and payable on the Maturity Date thereof.

 

Section 8.2          Optional
Prepayments with Make-Whole Amount. The Company may, at its option, upon notice as provided below,
prepay at any time all, or from time to time any part of, the Notes, in an amount not less than 5% of the aggregate principal amount of
the Notes then outstanding in the case of a partial prepayment, at 100% of the principal amount so prepaid, and the Make-Whole Amount
determined for the prepayment date with respect to such principal amount. Payment of any Swap Breakage Amount with respect to any Swapped
Note shall be paid in accordance with Section 8.8. The Company will give each holder of Notes written notice of each optional prepayment
under this Section 8.2 not less than 10 days and not more than 60 days prior to the date fixed for such prepayment unless the Company
and the Required Holders agree to another time period pursuant to Section 17. Each such notice shall specify such date (which shall
be a Business Day), the aggregate principal amount of the Notes to be prepaid on such date, the principal amount of each Note held by
such holder to be prepaid (determined in accordance with Section 8.3), and the interest to be paid on the prepayment date with respect
to such principal amount being prepaid, and shall be accompanied by a certificate of a Senior Financial Officer as to the estimated Make-Whole
Amount due in connection with such prepayment (calculated as if the date of such notice were the date of the prepayment), setting forth
the details of such computation. Two Business Days prior to such prepayment, the Company shall deliver to each holder of Notes a certificate
of a Senior Financial Officer specifying the calculation of such Make-Whole Amount as of the specified prepayment date.

 

Section 8.3          Allocation
of Partial Prepayments. In the case of each partial prepayment of the Notes pursuant to Section 8.2,
the principal amount of the Notes to be prepaid shall be allocated among all of the Notes at the time outstanding in proportion, as nearly
as practicable, to the respective unpaid principal amounts thereof not theretofore called for prepayment.

 

    	 	-17-	 

     

    

 

Section 8.4          Maturity;
Surrender, Etc. In the case of each prepayment of Notes pursuant to this Section 8, the
principal amount of each Note to be prepaid shall mature and become due and payable on the date fixed for such prepayment, together with
interest on such principal amount accrued to such date and the applicable Make-Whole Amount, if any. From and after such date, unless
the Company shall fail to pay such principal amount when so due and payable, together with the interest and Make-Whole Amount, if any,
as aforesaid, interest on such principal amount shall cease to accrue. Any Note paid or prepaid in full shall be surrendered to the Company
and cancelled and shall not be reissued, and no Note shall be issued in lieu of any prepaid principal amount of any Note.

 

Section 8.5          Purchase
of Notes. The Company will not and will not permit any Affiliate to purchase, redeem, prepay
or otherwise acquire, directly or indirectly, any of the outstanding Notes except (a) upon the payment or prepayment of the Notes
in accordance with this Agreement and the Notes or (b) pursuant to an offer to purchase made by the Company or an Affiliate pro rata
to the holders of all Notes at the time outstanding upon the same terms and conditions. Any such offer shall provide each holder with
sufficient information to enable it to make an informed decision with respect to such offer, and shall remain open for at least 15 Business
Days. If the holders of more than 50% of the principal amount of the Notes then outstanding accept such offer, the Company shall promptly
notify the remaining holders of such fact and the expiration date for the acceptance by holders of Notes of such offer shall be extended
by the number of days necessary to give each such remaining holder at least 5 Business Days from its receipt of such notice to accept
such offer. The Company will promptly cancel all Notes acquired by it or any Affiliate pursuant to any payment, prepayment or purchase
of Notes pursuant to this Agreement and no Notes may be issued in substitution or exchange for any such Notes.

 

Section 8.6          Make-Whole
Amount.

 

(a)           Make-Whole
Amount with respect to Non-Swapped Notes.

 

The term “Make-Whole
Amount” means, with respect to any Note, an amount equal to the excess, if any, of the Discounted Value of the Remaining Scheduled
Payments with respect to the Called Principal of such Non-Swapped Note over the amount of such Called Principal, provided that
the Make-Whole Amount may in no event be less than zero. All payments of Make-Whole Amount in respect of any Non-Swapped Notes shall be
made in Euros. For the purposes of determining the Make-Whole Amount with respect of any Non-Swapped Note, the following terms have the
following meanings:

 

“Called Principal”
means the principal of such Non-Swapped Note that is to be prepaid pursuant to Section 8.2 or has become or is declared to be immediately
due and payable pursuant to Section 12.1, as the context requires.

 

    	 	-18-	 

     

    

 

“Discounted Value”
means, with respect to the Called Principal of such Non-Swapped Note, the amount obtained by discounting all Remaining Scheduled Payments
with respect to such Called Principal from their respective scheduled due dates to the Settlement Date with respect to such Called Principal,
in accordance with accepted financial practice and at a discount factor (applied on the same periodic basis as that on which interest
on the Non-Swapped Note is payable) equal to the Reinvestment Yield with respect to such Called Principal.

 

“Non-Swapped Note”
means any Note other than a Swapped Note.

 

“Recognized German
Bund Market Makers” means internationally recognized dealers of German Bund selected by the Company and reasonably acceptable
to the holders of more than 50% in principal amount of the Non-Swapped Notes at the time outstanding (exclusive of Notes then owned by
the Company or any of its Affiliates).

 

“Reinvestment Yield”
means, with respect to the Called Principal of such Non-Swapped Note, the sum of (a) 0.50% plus (b) the yield to maturity implied
by the “Ask Yield(s)” reported as of 10:00 a.m. (New York City time) on the second Business Day preceding the Settlement
Date with respect to such Called Principal, on the display designated as “Page PXGE” (or such other display as may replace
Page PXGE) on Bloomberg Financial Markets for the most recently issued actively traded on-the-run Germany Bund (“Reported”)
having a maturity equal to the Remaining Average Life of such Called Principal as of such Settlement Date. If there are no such German
Bund Reported having a maturity equal to such Remaining Average Life, then such implied yield to maturity will be determined by (i) converting
German Bund quotations to bond equivalent yields in accordance with accepted financial practice and (ii) interpolating linearly between
the “Ask Yields” Reported for the applicable most recently issued actively traded on-the-run German Bund with the maturities
(1) closest to and greater than such Remaining Average Life and (2) closest to and less than such Remaining Average Life. The
Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of such Non-Swapped Note.

 

If such yields are not Reported
or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Reinvestment Yield”
means, with respect to the Called Principal of such Non-Swapped Note, the average of the yields of such German Bund having a maturity
equal to the Remaining Average Life of such Called Principal as of such Settlement Date as reported by two Recognized German Bund Market
Makers. If there are no such German Bund having a maturity equal to such Remaining Average Life, such implied yield will be determined
by interpolating linearly between (1) the applicable German Bund with the maturity closest to and greater than such Remaining Average
Life, such implied yield will be determined by interpolating linearly between (1) the applicable German Bund with the maturity closest
to and greater than such Remaining Average Life and (2) the applicable German Bund with the maturity closest to and less than such
Remaining Average Life. The Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of such
Non-Swapped Note.

 

“Remaining Average
Life” means, with respect to any Called Principal, the number of years obtained by dividing (i) such Called Principal into
(ii) the sum of the products obtained by multiplying (a) the principal component of each Remaining Scheduled Payment with respect
to such Called Principal by (b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and
calculated to two decimal places, that will elapse between the Settlement Date with respect to such Called Principal and the scheduled
due date of such Remaining Scheduled Payment.

 

    	 	-19-	 

     

    

 

“Remaining Scheduled
Payments” means, with respect to the Called Principal of any Non-Swapped Note, all payments of such Called Principal and interest
thereon that would be due after the Settlement Date with respect to such Called Principal if no payment of such Called Principal were
made prior to its scheduled due date, provided that if such Settlement Date is not a date on which interest payments are due to
be made under the terms of such Non-Swapped Note, then the amount of the next succeeding scheduled interest payment will be reduced by
the amount of interest accrued to such Settlement Date and required to be paid on such Settlement Date pursuant to Section 8.2 or
Section 12.1.

 

“Settlement Date”
means, with respect to the Called Principal of any Non-Swapped Note, the date on which such Called Principal is to be prepaid pursuant
to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

(b)           Make-Whole
Amount with respect to Swapped Notes.

 

“Make-Whole
Amount” means, with respect to any Swapped Note, an amount equal to the excess, if any, of the Swapped Note Discounted
Value of the Swapped Note Remaining Scheduled Swap Payments with respect to the Swapped Note Called Notional Amount related to such Swapped
Note over such Swapped Note Called Notional Amount, provided that the Make-Whole Amount may in no event be less than zero. All
payments of Make-Whole Amount in respect of any Swapped Note shall be made in Dollars. For the purposes of determining the Make-Whole
Amount with respect to any Swapped Note, the following terms have the following meanings:

 

“New
Swap Agreement” means any cross-currency swap agreement (which does not qualify as a Replacement Swap Agreement) pursuant
to which the holder of a Swapped Note is to receive payment in Dollars and which is entered into in full or partial replacement of an
Original Swap Agreement as a result of such Original Swap Agreement having terminated for any reason. The terms of a New Swap Agreement
with respect to any Swapped Note do not have to be identical to those of the Original Swap Agreement with respect to such Swapped Note.
Any holder of a Swapped Note that enters into or terminates a New Swap Agreement shall within a reasonable period of time thereafter deliver
to the Company (i) an updated Schedule 8.6 describing the confirmation or termination related thereto or (ii) a copy of the
confirmation or termination related thereto.

 

“Original
Swap Agreement” means, with respect to any Swapped Note, (x) a cross-currency swap agreement and annexes and schedules
thereto (an “Initial Swap Agreement”) that is entered into on an arm's length basis by the original Purchaser of such
Swapped Note (or any affiliate thereof) in connection with the execution of this Agreement and the purchase of such Swapped Note and relates
to the scheduled payments by the Company of interest and principal on such Swapped Note, under which the Purchaser of such Swapped Note
is to receive payments from the counterparty thereunder in Dollars and which is more particularly described on (i) Schedule 8.6 hereto
or (ii) in a notice provided by such Purchaser to the Company prior to Closing, (y) any Initial Swap Agreement that has been
assumed (without any waiver, amendment, deletion or replacement of any material economic term or provision thereof) by a holder of a Swapped
Note in connection with a transfer of such Swapped Note and (z) any Replacement Swap Agreement; and a “Replacement Swap
Agreement” means, with respect to any Swapped Note, a cross-currency swap agreement and annexes and schedules thereto with payment
terms and provisions (other than a reduction in notional amount, if applicable) identical to those of the Initial Swap Agreement with
respect to such Swapped Note that is entered into on an arm's length basis by the holder of such Swapped Note in full or partial replacement
(by amendment, modification or otherwise) of such Initial Swap Agreement (or any subsequent Replacement Swap Agreement) in a notional
amount not exceeding the outstanding principal amount of such Swapped Note following a non-scheduled partial prepayment or a partial repayment
or purchase of such Swapped Note prior to its scheduled maturity or an acceleration and rescission thereof of such Swapped Note as provided
in Section 12.3. Any holder of a Swapped Note that enters into, assumes or terminates an Initial Swap Agreement or Replacement Swap
Agreement shall within a reasonable period of time thereafter deliver to the Company (i) an updated Schedule 8.6 describing the confirmation,
assumption or termination related thereto or (ii) a copy of the confirmation, assumption or termination related thereto.

 

    	 	-20-	 

     

    

 

“Swap Agreement”
means, with respect to any Swapped Note, an Original Swap Agreement or a New Swap Agreement, as the case may be.

 

“Swapped
Note” means any Note that as of the date of the Closing is subject to a Swap Agreement. A “Swapped Note” shall
no longer be deemed a “Swapped Note” for so long as the related Swap Agreement ceases to be in force in respect thereof;
provided that if there is any Note that is a Swapped Note outstanding as of the date on which either the Company has provided notice
of prepayment or offer of prepayment of such Note pursuant to Section 8 or such Note has become or is declared to be immediately
due and payable pursuant to Section 12.1, then such Note shall be deemed to be a Swapped Note until payment in full of the principal,
interest and Make-Whole Amount (if any) and Swap Breakage Amount due with respect to such Note.

 

“Swapped
Note Called Notional Amount” means, with respect to any Swapped Note Called Principal of any Swapped Note, the payment
in Dollars due to the holder of such Swapped Note under the terms of the Swap Agreement to which such holder is a party, attributable
to and in exchange for such Swapped Note Called Principal and assuming that such Swapped Note Called Principal is paid on its scheduled
payment date, provided that if such Swap Agreement is not an Original Swap Agreement, then the “Swapped Note Called Notional
Amount” in respect of such Swapped Note shall not exceed the amount in Dollars which would have been due to the holder of such Swapped
Note under the terms of the Original Swap Agreement to which such holder was a party (or if such holder was never party to an Original
Swap Agreement, then the last Original Swap Agreement to which the most recent predecessor in interest to such holder as a holder of such
Swapped Note was a party), attributable to and in exchange for such Swapped Note Called Principal and assuming that such Swapped Note
Called Principal is paid on its scheduled payment date.

 

“Swapped
Note Called Principal” means, with respect to any Swapped Note, the principal of such Swapped Note that is to be prepaid
pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1, as the context
requires.

 

    	 	-21-	 

     

    

 

“Swapped
Note Discounted Value” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note that is to
be prepaid pursuant to Section 8.2 or has become or is declared to be immediately due and payable pursuant to Section 12.1,
as the context requires, the amount obtained by discounting all Swapped Note Remaining Scheduled Swap Payments corresponding to the Swapped
Note Called Notional Amount of such Swapped Note from their respective scheduled due dates to the Swapped Note Settlement Date with respect
to such Swapped Note Called Notional Amount, in accordance with accepted financial practice and at a discount factor (applied on the same
periodic basis as that on which interest on such Swapped Note is payable) equal to the Swapped Note Reinvestment Yield with respect to
such Swapped Note Called Notional Amount.

 

“Swapped
Note Reinvestment Yield” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note, the sum
of (x) 0.50% plus (y) the yield to maturity implied by the “Ask Yield(s)” reported as of 10.00 a.m. (New York
City time) on the second Business Day preceding the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount,
on the display designated as “Page PX1” (or such other display as may replace Page PX1) on Bloomberg Financial Markets
for the most recently issued actively traded on-the-run U.S. Treasury securities (“Reported”) having a maturity equal
to the Swapped Note Remaining Average Life of such Swapped Note Called Notional Amount as of such Swapped Note Settlement Date. If there
are no such U.S. Treasury securities Reported having a maturity equal to such Swapped Note Remaining Average Life, then such implied yield
to maturity will be determined by (a) converting U.S. Treasury bill quotations to bond equivalent yields in accordance with accepted
financial practice and (b) interpolating linearly between the “Ask Yields” Reported for the applicable most recently
issued actively traded on-the-run U.S. Treasury securities with the maturities (1) closest to and greater than such Swapped Note
Remaining Average Life and (2) closest to and less than such Swapped Note Remaining Average Life. The Swapped Note Reinvestment Yield
shall be rounded to the number of decimal places as appears in the interest rate of the applicable Swapped Note.

 

If such yields are
not Reported or the yields Reported as of such time are not ascertainable (including by way of interpolation), then “Swapped
Note Reinvestment Yield” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note, the sum of the
(x) 0.50% plus (y) the yield to maturity implied by the U.S. Treasury constant maturity yields reported for the latest day for
which such yields have been so reported as of the second Business Day preceding the Swapped Note Settlement Date with respect to such
Swapped Note Called Notional Amount, in Federal Reserve Statistical Release H.15 (or any comparable successor publication) for the U.S.
Treasury constant maturity having a term equal to the Swapped Note Remaining Average Life of such Swapped Note Called Notional Amount
as of such Swapped Note Settlement Date. If there is no such U.S. Treasury constant maturity having a term equal to such Swapped Note
Remaining Average Life, such implied yield to maturity will be determined by interpolating linearly between (1) the U.S. Treasury
constant maturity so reported with the term closest to and greater than such Swapped Note Remaining Average Life and (2) the U.S.
Treasury constant maturity so reported with the term closest to and less than such Swapped Note Remaining Average Life. The Swapped Note
Reinvestment Yield shall be rounded to the number of decimal places as appears in the interest rate of the applicable Swapped Note.

 

    	 	-22-	 

     

    

 

“Swapped
Note Remaining Average Life” means, with respect to any Swapped Note Called Notional Amount, the number of years obtained
by dividing (i) such Swapped Note Called Notional Amount into (ii) the sum of the products obtained by multiplying (a) the
principal component of each Swapped Note Remaining Scheduled Swap Payment with respect to such Swapped Note Called Notional Amount by
(b) the number of years, computed on the basis of a 360-day year comprised of twelve 30-day months and calculated to two decimal
places, that will elapse between the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount and the scheduled
due date of such Swapped Note Remaining Scheduled Swap Payment.

 

“Swapped
Note Remaining Scheduled Swap Payments” means, with respect to the Swapped Note Called Notional Amount relating to any
Swapped Note, the payments due to the holder of such Swapped Note in Dollars under the terms of the Swap Agreement to which such holder
is a party which correspond to all payments of the Swapped Note Called Principal of such Swapped Note corresponding to such Swapped Note
Called Notional Amount and interest on such Swapped Note Called Principal (other than that portion of the payment due under such Swap
Agreement corresponding to the interest accrued on the Swapped Note Called Principal to the Swapped Note Settlement Date) that would be
due after the Swapped Note Settlement Date with respect to such Swapped Note Called Notional Amount assuming that no payment of such Swapped
Note Called Principal is made prior to its originally scheduled payment date, provided that (i) if such Swapped Note Settlement
Date is not a date on which an interest payment is due to be made under the terms of such Swapped Note, then the amount of the next succeeding
scheduled interest payment will be reduced by the amount of interest accrued to such Swapped Note Settlement Date and required to be paid
on such Swapped Note Settlement Date pursuant to Section 8.2 or Section 12.1 and (ii) if the Swap Agreement with respect
to such Swapped Note is not an Original Swap Agreement, then the interest on such Swapped Note Called Notional Amount shall not exceed
the amount in Dollars that would have been due with respect to such Swapped Note under the terms of the Original Swap Agreement.

 

“Swapped
Note Settlement Date” means, with respect to the Swapped Note Called Notional Amount of any Swapped Note Called Principal
of any Swapped Note, the date on which such Swapped Note Called Principal is to be prepaid pursuant to Section 8.2 or has become
or is declared to be immediately due and payable pursuant to Section 12.1, as the context requires.

 

Section 8.7          Payments
Due on Non-Business Days. Anything in this Agreement or the Notes to the contrary notwithstanding,
(x) except as set forth in clause (y), any payment of interest on any Note that is due on a date that is not a Business Day shall
be made on the next succeeding Business Day without including the additional days elapsed in the computation of the interest payable on
such next succeeding Business Day; and (y) any payment of principal of or Make-Whole Amount on any Note (including principal due
on the Maturity Date of such Note) that is due on a date that is not a Business Day shall be made on the next succeeding Business Day
and shall include the additional days elapsed in the computation of interest payable on such next succeeding Business Day.

 

    	 	-23-	 

     

    

 

Section 8.8          Swap
Breakage.

 

(a)           If
any Swapped Note is prepaid or purchased pursuant to Section 8.2, 8.5 or 8.9 or has become or is declared to be immediately due and
payable pursuant to Section 12.1 (each a “Swap Unwind Event”), then upon any such Swap Unwind Event (i) any
resulting Swap Breakage Loss in connection therewith shall be reimbursed to the holder of such Swapped Note by the Company in Dollars
no later than five Business Days after the date such holder has delivered the Swap Breakage Amount Notice with respect to such Swap Unwind
Event and (ii) any resulting Swap Breakage Gain in connection therewith shall be forwarded to the Company by the holder of such Swapped
Note in Dollars no later than five Business Days after the date such holder shall have received payment in full of the principal, interest
and Make-Whole Amount (if any) due hereunder with respect to such Swap Unwind Event, in each case unless alternative arrangements are
otherwise agreed between the Company and the holder of a Swapped Note. Each holder of a Swapped Note shall be responsible for calculating
its own Swap Breakage Amount in Dollars in connection with any Swap Unwind Event, and such calculations shall (unless alternative arrangements
are otherwise agreed between the Company and the holder of a Swapped Note) promptly, but no longer than two Business Days following such
Swap Unwind Event, be reported to the Company in writing and in reasonable detail (the “Swap Breakage Amount Notice”)
and shall be binding on the Company absent demonstrable error.

 

(b)           As
used in this Section 8.8, “Swap Breakage Amount” means, with respect to the Swap Agreement associated with any
Swapped Note, the amount that is received (in which case the Swap Breakage Amount shall be referred to as the “Swap Breakage
Gain”) or paid (in which case the Swap Breakage Amount shall be referred to as the “Swap Breakage Loss”)
by the holder of such Swapped Note in connection with a termination or amendment of its Swap Agreement resulting from a Swap Unwind Event,
where:

 

(i)           such
Swap Breakage Amount shall be the actual amounts received or paid by the holder of such Swapped Note, calculated upon the inclusion of
an accelerated exchange and payment of principal amounts and associated accrued and unpaid interest, whereby in connection with and incorporated
into the termination or amendment of the Swap Agreement and determination of the Swap Breakage Amount, all remaining associated principal
payments otherwise scheduled through the natural duration of the Swap Agreement and associated accrued and unpaid interest shall be accelerated
and made (in their respective applicable currencies) at the time of the settlement of such termination or amendment (or, in the case of
a Swap Unwind Event resulting from a Swapped Note becoming or being declared to be immediately due and payable pursuant to Section 12.1,
such Swap Breakage Amount that would be received or paid by the holder of such Swapped Note as if the Swap Agreement had been terminated
or amended and such remaining associated principal payments and associated accrued and unpaid interest had been accelerated and made at
the time of the settlement of such termination); and

 

    	 	-24-	 

     

    

 

(ii)          the holder
of such Swapped Note shall determine such Swap Breakage Amount in good faith and in a commercially reasonable manner in accordance with
customary practices for calculating such amounts under the ISDA 1992 Multi-Currency Cross Border Master Agreement or ISDA 2002 Master
Agreement, as applicable (the “ISDA Master Agreement”) pursuant to which such holder entered into such Swap Agreement
and assuming for the purpose of such calculation that there are no transactions outstanding under such ISDA Master Agreement other than
such Swap Agreement,

 

provided,
however, that if such holder (or its predecessor-in-interest with respect to such Swapped Note) was, but is not at the time, a
party to an Original Swap Agreement but is a party to a New Swap Agreement, then the Swap Breakage Amount shall mean the lesser of
(x) the Swap Breakage Amount that would have been received or paid by the holder of such Swapped Note under the terms of the Original
Swap Agreement (if any) in respect of such Swapped Note to which such holder (or any affiliate thereof) was a party (or if such holder
was never a party to an Original Swap Agreement, then the last Original Swap Agreement to which the most recent predecessor in interest
to such holder as a holder of a Swapped Note was a party) and (y) the Swap Breakage Amount actually received or paid by the holder
of such Swapped Note under the terms of the New Swap Agreement to which such holder (or any affiliate thereof) is a party.

 

Section 8.9          Change
of Control Prepayment Offer.

 

(a) Promptly upon becoming
aware that a Change of Control has occurred (and in any event not later than 10 Business Days thereafter), the Company shall give written
notice (the “Change of Control Notice”) of such fact to each holder of the Notes. The Change of Control Notice shall
(i) describe the facts and circumstances of such Change of Control in reasonable detail, (ii) refer to this Section 8.9
and the rights of the holders hereunder and (iii) contain an offer by the Company to prepay the entire unpaid principal amount of
Notes held by each holder at 100% of the principal amount of such Notes at par (without any make-whole, premium, penalty or Make- Whole
Amount), together with interest accrued thereon to the prepayment date selected by the Company, which prepayment shall be on a date specified
in the Change of Control Notice, which date shall be a Business Day not less than 30 nor more than 90 days after such Change of Control
Notice is given should any agreement to the contrary not be reached among the Company and each of the holders of the Notes.

 

(b) A holder of Notes
may accept the offer to prepay made pursuant to this Section 8.9 by causing a notice of such acceptance to be delivered to the Company
not more than 15 days after the date of the written offer notice referred to in subsection (a) of this Section 8.9. A failure
by a holder of Notes to respond to an offer to prepay made pursuant to this Section 8.9 shall be deemed to constitute a rejection
of such offer by such holder.

 

(c) On the prepayment
date specified in the Change of Control Notice, the entire unpaid principal amount of the Notes held by each holder of Notes which has
accepted such prepayment offer, together with interest accrued thereon to the prepayment date (but without any make-whole, premium, penalty
or Make-Whole Amount), shall become due and payable. Payment of any Swap Breakage Amount with respect to any Swapped Note shall be paid
in accordance with Section 8.8.

 

    	 	-25-	 

     

    

 

(d) For
purposes of this Section 8.9, “Change of Control” means an event or series of events by which:

 

(i) any
 “person” or “group” (as such terms are used in Sections 13(d) and 14(d) of the Securities Exchange Act
of 1934, but excluding any employee benefit plan of such person or its subsidiaries, and any person or entity acting in its capacity as
trustee, agent or other fiduciary or administrator of any such plan) becomes the “beneficial owner” (as defined in Rules 13d-3
and 13d-5 under the Securities Exchange Act of 1934, except that a person or group shall be deemed to have “beneficial ownership”
of all securities that such person or group has the right to acquire, whether such right is exercisable immediately or only after the
passage of time (such right, an “option right”)), directly or indirectly, of more than 50% of the equity securities
of the Company entitled to vote for members of the board of directors or equivalent governing body of the Company on a fully-diluted basis
(and taking into account all such securities that such “person” or “group” has the right to acquire pursuant to
any option right); or

 

(ii) any
change of control (howsoever expressed) occurs as provided from time to time under the Credit Agreement.

 

Section 9.          Affirmative
Covenants.

 

From the date of this Agreement
until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:

 

Section 9.1          Compliance
with Laws. Without limiting Section 10.4, the Company will, and will cause each of its Subsidiaries
to, comply with all laws, ordinances or governmental rules or regulations to which each of them is subject (including ERISA, Environmental
Laws, the USA PATRIOT Act and the other laws and regulations that are referred to in Section 5.16) and will obtain and maintain in
effect all licenses, certificates, permits, franchises and other governmental authorizations necessary to the ownership of their respective
properties or to the conduct of their respective businesses, in each case to the extent necessary to ensure that non-compliance with such
laws, ordinances or governmental rules or regulations or failures to obtain or maintain in effect such licenses, certificates, permits,
franchises and other governmental authorizations could not, individually or in the aggregate, reasonably be expected to have a Material
Adverse Effect.

 

Section 9.2          Insurance.
The Company will, and will cause each of its Subsidiaries to, maintain, with financially sound and reputable insurers, insurance with
respect to their respective properties and businesses against such casualties and contingencies, of such types, on such terms and in such
amounts (including deductibles, co-insurance and self-insurance, if adequate reserves are maintained with respect thereto) as is customary
in the case of entities of established reputations engaged in the same or a similar business and similarly situated.

 

    	 	-26-	 

     

    

 

Section 9.3          Maintenance
of Properties. The Company will, and will cause each of its Subsidiaries to, maintain and keep,
or cause to be maintained and kept, their respective properties in good repair, working order and condition (other than ordinary wear
and tear), so that the business carried on in connection therewith may be properly conducted at all times, provided that this Section 9.3
shall not prevent the Company or any Subsidiary from discontinuing the operation and the maintenance of any of its properties if such
discontinuance is desirable in the conduct of its business and the Company has concluded that such discontinuance could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.

 

Section 9.4          Payment
of Taxes and Claims. The Company will, and will cause each of its Subsidiaries to, file all tax
returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all
other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to
the extent the same have become due and payable and before they have become delinquent and all claims for which sums have become due and
payable that have or might become a Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company
nor any Subsidiary need pay any such tax, assessment, charge, levy or claim if (i) the amount, applicability or validity thereof
is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary
has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (ii) the nonpayment
of all such taxes, assessments, charges, levies and claims could not, individually or in the aggregate, reasonably be expected to have
a Material Adverse Effect.

 

Section 9.5          Corporate
Existence, Etc. Subject to Section 10.2, the Company will at all times preserve and keep
its corporate existence in full force and effect. Subject to Section 10.2, the Company will at all times preserve and keep in full
force and effect the corporate existence of each of its Subsidiaries (unless merged into the Company or a Wholly-Owned Subsidiary) and
all rights and franchises of the Company and its Subsidiaries unless, in the good faith judgment of the Company, the termination of or
failure to preserve and keep in full force and effect such corporate existence, right or franchise could not, individually or in the aggregate,
have a Material Adverse Effect.

 

Section 9.6          Books
and Records. The Company will, and will cause each of its Subsidiaries to, maintain proper books
of record and account in conformity with GAAP and all applicable requirements of any Governmental Authority having legal or regulatory
jurisdiction over the Company or such Subsidiary, as the case may be. The Company will, and will cause each of its Subsidiaries to, keep
books, records and accounts which, in reasonable detail, accurately reflect all transactions and dispositions of assets. The Company and
its Subsidiaries have devised a system of internal accounting controls sufficient to provide reasonable assurances that their respective
books, records, and accounts accurately reflect all transactions and dispositions of assets and the Company will, and will cause each
of its Subsidiaries to, continue to maintain such system.

 

    	 	-27-	 

     

    

 

Section 9.7          Subsidiary
Guarantors. (a) The Company will cause each of its Subsidiaries that guarantees or otherwise
becomes liable at any time, whether as a borrower or an additional or co-borrower or otherwise (other than an Excluded Subsidiary), for
or in respect of any Indebtedness under any Material Credit Facility to concurrently therewith:

 

(i)           enter
into an agreement in form and substance reasonably satisfactory to the Required Holders providing for the guaranty by such Subsidiary,
on a joint and several basis with all other such Subsidiaries, of (x) the prompt payment in full when due of all amounts payable
by the Company pursuant to the Notes (whether for principal, interest, Make-Whole Amount or otherwise) and this Agreement, including all
indemnities, fees and expenses payable by the Company thereunder and (y) the prompt, full and faithful performance, observance and
discharge by the Company of each and every covenant, agreement, undertaking and provision required pursuant to the Notes or this Agreement
to be performed, observed or discharged by it (a “Subsidiary Guaranty”); and

 

(ii)          deliver
the following to each holder of a Note:

 

(A)           an
executed counterpart of such Subsidiary Guaranty;

 

(B)           a
certificate signed by an authorized responsible officer of such Subsidiary containing representations and warranties on behalf of such
Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1, 5.2, 5.6 and 5.7 of this Agreement (but
with respect to such Subsidiary and such Subsidiary Guaranty rather than the Company);

 

(C)           all
documents as may be reasonably requested by the Required Holders to evidence the due organization, continuing existence and, where applicable,
good standing of such Subsidiary and the due authorization by all requisite action on the part of such Subsidiary of the execution and
delivery of such Subsidiary Guaranty and the performance by such Subsidiary of its obligations thereunder; and

 

(D)           if
requested by the Required Holders, an opinion of counsel reasonably satisfactory to the Required Holders covering such matters relating
to such Subsidiary and such Subsidiary Guaranty as the Required Holders may reasonably request.

 

(b)           At
the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor that has provided a Subsidiary Guaranty
under subparagraph (a) of this Section 9.7 may be discharged from all of its obligations and liabilities under its Subsidiary
Guaranty and shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other
document by the holders, provided that (i) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect
of any Material Credit Facility, then such Subsidiary Guarantor has been released and discharged (or will be released and discharged concurrently
with the release of such Subsidiary Guarantor under its Subsidiary Guaranty) under such Material Credit Facility, (ii) at the time
of, and after giving effect to, such release and discharge, no Default or Event of Default shall be existing, (iii) no amount is
then due and payable under such Subsidiary Guaranty, (iv) if in connection with such Subsidiary Guarantor being released and discharged
under any Material Credit Facility, any fee or other form of consideration is given to any holder of Indebtedness under such Material
Credit Facility for such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith
and (v) each holder shall have received a certificate of a Responsible Officer certifying as to the matters set forth in clauses
(i) through (iv).

 

    	 	-28-	 

     

    

 

Section 9.8          Distributions
in the Ordinary Course. The Company will, and will cause each of its Subsidiaries to, continue
to follow its ordinary course of business practice of causing all of its Subsidiaries to make transfers of net cash and cash equivalents
upstream to the Company and not make net transfers of cash and cash equivalents downstream from the Company to its Subsidiaries, except
in the ordinary course of business consistent with past practice and otherwise subject to the terms of this Agreement.

 

Section 9.9          Company
Status. (a) The Company will at all times (i) except as the result of a disposition
otherwise permitted under this Agreement, retain Control of all Subsidiary Guarantors, and (ii) continue to be organized and operated
in a manner that will allow it to qualify for REIT Status.

 

Section 9.10        Compliance
with Terms of Leaseholds. The Company will, and will cause each of its Subsidiaries to, make
all payments and otherwise perform all obligations in respect of all material leases of Real Property to which the Company or any of its
Subsidiaries is a party, keep such leases in full force and effect and not allow such leases to lapse or be terminated or any rights to
renew such leases to be forfeited or cancelled, except, in any case, where (a) the Company or such Subsidiary determines in its reasonable
business judgment that it will allow such lease to lapse or be terminated, or (b) the failure to do so, either individually or in
the aggregate, could not be reasonably likely to have a Material Adverse Effect.

 

Section 9.11        Material
Contracts. The Company will, and will cause each of its Subsidiaries to, perform and observe
all the terms and provisions of each material contract to be performed or observed by it, maintain each such material contract in full
force and effect, enforce each such material contract in accordance with its terms, except, in any case, where (a) the Company or
a Subsidiary thereof determines in its reasonable business judgment that it will agree to a work out, deliver a deed-in-lieu or allow
such material contract to expire or that it will not enforce such material contract, or (b) where the failure to do so, either individually
or in the aggregate, could not reasonably be likely to have a Material Adverse Effect.

 

Although it will not be a Default or an Event
of Default if the Company fails to comply with any provision of Section 9 on or after the date of this Agreement and prior to the
Closing, if such a failure occurs, then any of the Purchasers may elect not to purchase the Notes on the date of Closing that is specified
in Section 3.

 

Section 10.          Negative
Covenants.

 

From the date of this Agreement
until the Closing and thereafter, so long as any of the Notes are outstanding, the Company covenants that:

 

Section 10.1        Transactions
with Affiliates. The Company will not, and will not permit any Subsidiary to, enter into directly
or indirectly any transaction or group of related transactions (including the purchase, lease, sale or exchange of properties of any kind
or the rendering of any service) with any Affiliate, except in the ordinary course and pursuant to the reasonable requirements of the
Company’s or such Subsidiary’s business and upon fair and reasonable terms no less favorable to the Company or such Subsidiary
than would be obtainable in a comparable arm’s-length transaction with a Person not an Affiliate. Nothing contained in this Section 10.1
shall prohibit (a) increases in compensation and benefits for officers and employees of the Company or any of its Subsidiaries which
are customary in the industry or consistent with the past business practice of the Company or such Subsidiary, provided that no
Default or Event of Default has occurred and is continuing or would result; (b) payment of customary partners’ indemnities;
(c) performance of any obligations arising under this Agreement, Notes and any Subsidiary Guaranty; (d) transactions between
or among the Company and its Subsidiaries and (e) any Restricted Payment permitted by Section 10.7.

 

    	 	-29-	 

     

    

 

Section 10.2        Merger,
Consolidation, Etc. The Company will not, and will not permit any Subsidiary Guarantor to, consolidate
with or merge with any other Person or convey, transfer or lease all or substantially all of its assets in a single transaction or series
of transactions to any Person unless:

 

(a)           in
the case of any such transaction involving the Company, the successor formed by such consolidation or the survivor of such merger or the
Person that acquires by conveyance, transfer or lease all or substantially all of the assets of the Company as an entirety, as the case
may be, shall be a solvent corporation or limited liability company organized and existing under the laws of the United States or any
state thereof (including the District of Columbia), and, if the Company is not such corporation or limited liability company, (i) such
corporation or limited liability company shall have executed and delivered to each holder of any Notes its assumption of the due and punctual
performance and observance of each covenant and condition of this Agreement and the Notes and (ii) such corporation or limited liability
company shall have caused to be delivered to each holder of any Notes an opinion of nationally recognized independent counsel, or other
independent counsel reasonably satisfactory to the Required Holders, to the effect that all agreements or instruments effecting such assumption
are enforceable in accordance with their terms and comply with the terms hereof;

 

(b)           in
the case of any such transaction involving a Subsidiary Guarantor, the successor formed by such consolidation or the survivor of such
merger or the Person that acquires by conveyance, transfer or lease all or substantially all of the assets of such Subsidiary Guarantor
as an entirety, as the case may be, shall be (1) the Company, such Subsidiary Guarantor or another Subsidiary Guarantor; (2) a
solvent corporation or limited liability company (other than the Company or another Subsidiary Guarantor) that is organized and existing
under the laws of the United States or any state thereof (including the District of Columbia) and, if such Subsidiary Guarantor is not
such corporation or limited liability company, (A) such corporation or limited liability company shall have executed and delivered
to each holder of Notes its assumption of the due and punctual performance and observance of each covenant and condition of the Subsidiary
Guaranty of such Subsidiary Guarantor and (B) the Company shall have caused to be delivered to each holder of Notes an opinion of
nationally recognized independent counsel, or other independent counsel reasonably satisfactory to the Required Holders, to the effect
that all agreements or instruments effecting such assumption are enforceable in accordance with their terms and comply with the terms
hereof; or (3) any other Person so long as the transaction is treated as a disposition of all of the assets of such Subsidiary Guarantor
for purposes of this Agreement and would not be in violation of any term or provision of this Agreement before and after giving effect
to such transaction;

 

    	 	-30-	 

     

    

 

 

(c)            each
Subsidiary Guarantor under any Subsidiary Guaranty that is outstanding at the time such transaction or each transaction in such a series
of transactions occurs reaffirms its obligations under such Subsidiary Guaranty in writing at such time pursuant to documentation that
is reasonably acceptable to the Required Holders; and

 

(d)            immediately
before and immediately after giving effect to such transaction or each transaction in any such series of transactions, no Default or
Event of Default shall have occurred and be continuing.

 

No such conveyance, transfer or lease of substantially
all of the assets of the Company or any Subsidiary Guarantor shall have the effect of releasing the Company or such Subsidiary Guarantor,
as the case may be, or any successor corporation or limited liability company that shall theretofore have become such in the manner prescribed
in this Section 10.2, from its liability under (x) this Agreement or the Notes (in the case of the Company) or (y) the
Subsidiary Guaranty (in the case of any Subsidiary Guarantor), unless, in the case of the conveyance, transfer or lease of substantially
all of the assets of a Subsidiary Guarantor, such Subsidiary Guarantor is released from its Subsidiary Guaranty in accordance with Section 9.7(b) in
connection with or immediately following such conveyance, transfer or lease.

 

Section 10.3     Line
of Business. The Company will not and will not permit any Subsidiary to engage in any business
if, as a result, the general nature of the business in which the Company and its Subsidiaries, taken as a whole, would then be engaged
would be substantially changed from the general nature of the business in which the Company and its Subsidiaries, taken as a whole, are
engaged on the date of this Agreement as described in the Presentation.

 

Section 10.4     Economic
Sanctions, Etc. The Company will not, and will not permit any Controlled Entity to (a) become
(including by virtue of being owned or controlled by a Blocked Person), own or control a Blocked Person or (b) directly or indirectly
have any investment in or engage in any dealing or transaction (including any investment, dealing or transaction involving the proceeds
of the Notes) with any Person if such investment, dealing or transaction (i) would cause any holder or any affiliate of such Purchaser
or holder to be in violation of, or subject to sanctions under, any law or regulation applicable to such Purchaser or holder, or (ii) is
prohibited by or subject to sanctions under any U.S. Economic Sanctions Laws.

 

Section 10.5     Liens.
The Company will not and will not permit any of its Subsidiaries to directly or indirectly create, incur, assume or permit to exist (upon
the happening of a contingency or otherwise) any Lien on or with respect to any property or asset (including any document or instrument
in respect of goods or accounts receivable) of the Company or any such Subsidiary, whether now owned or held or hereafter acquired, or
any income or profits therefrom, or assign or otherwise convey any right to receive income or profits, except:

 

(a) Liens imposed by
law for taxes, assessments, governmental charges or levies that are not yet due or are being contested in compliance with Section 9.4;

 

(b) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 9.4(i);

 

    	 	-31-	 

     

    

 

(c) pledges and deposits
made in the ordinary course of business in compliance with workers’ compensation, unemployment insurance and other social security
laws or regulations or to secure the performance of bids, purchases, contracts (other than for the payment of borrowed money) and surety,
appeal and performance bonds;

 

(d) deposits to secure
the performance of bids, trade contracts, leases, statutory obligations, surety and appeal bonds, performance bonds and other obligations
of a like nature, in each case in the ordinary course of business;

 

(e) easements, zoning
restrictions, rights of way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that
do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere
with the ordinary conduct of business of any direct or indirect owner of the affected property;

 

(f) statutory and common
law landlord Liens;

 

(g) Liens securing judgments
for the payment of money not constituting an Event of Default under Section 11(j);

 

(h) Liens
consisting of an agreement to dispose of any property in a disposition permitted by this Agreement; provided that such Liens encumber
only the applicable assets pending consummation of the disposition;

 

(i)(i) leases,
licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not (A) interfere in any
material respect with the business of the Company and its Subsidiaries, taken as a whole, or (B) secure any Indebtedness, and (ii) the
rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by any direct or indirect
owner of the property subject to such terms;

 

(j)(i) statutory and
common law rights of set-off and other similar rights and remedies as to deposits of cash, securities, commodities and other funds in
favor of banks, other depositary institutions, securities or commodities intermediaries or brokerages and (ii) Liens of a collecting
bank arising in the ordinary course of business under Section 4-208 of the UCC in effect in the relevant jurisdiction and covering
only the items being collected upon;

 

(k) Liens arising from
precautionary UCC financing statements or similar filings made in respect of operating leases entered into by the Company or any of its
Domestic Subsidiaries;

 

(l) Liens with respect
to Capitalized Leases of equipment entered into in the ordinary course of business of the Company and its Subsidiaries; and

 

(m) other Liens securing
Indebtedness of the Company or any Subsidiary not otherwise permitted by clauses (a) through (l), provided that such Indebtedness
secured thereby is permitted by Section 10.6, provided, further, that notwithstanding the foregoing, the Company shall
not, and shall not permit any of its Subsidiaries to, secure pursuant to this Section 10.5(m) any Indebtedness outstanding
under or pursuant to any Material Credit Facility unless and until the Notes (and any guaranty delivered in connection therewith) shall
concurrently be secured equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders
in substance and in form, including an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as
the case may be, from counsel that is reasonably acceptable to the Required Holders.

 

    	 	-32-	 

     

    

 

Section 10.6     Financial
Covenants. The Company shall not:

 

(a) Maximum Leverage.
Permit, as of the last day of each calendar quarter, the Leverage Ratio to exceed 60% (or, as of the last day of the four consecutive
calendar quarters following the Company’s acquisition, pursuant to one transaction or a series of related transactions occurring
contemporaneously, of one or more entities or property portfolios with total assets of at least $500,000,000, 65%); provided that in
no event may the Leverage Ratio exceed 60% for more than four consecutive fiscal quarters in any five fiscal quarter period.

 

(b) Maximum
Secured Debt. Permit, as of the last day of each calendar quarter Total Secured Outstanding Indebtedness to exceed 40% of
Total Value (or, as of the last day of the four consecutive calendar quarters following the Company’s acquisition, pursuant to
one transaction or a series of related transactions occurring contemporaneously, of one or more entities or property portfolios with
total assets of at least $500,000,000, 45% of Total Value); provided that in no event may such ratio exceed 40% for more than
four consecutive fiscal quarters in any five fiscal quarter period.

 

(c) Minimum
Fixed Charge Coverage Ratio. Permit, as of the last day of each calendar quarter, the ratio of (i) Adjusted Total EBITDA
for such calendar quarter to (ii) Fixed Charges for the same calendar quarter to be less than 1.50 to 1.00 for each calendar quarter.

 

(d) Unsecured
Debt to Unencumbered Asset Value. Permit, as of the last day of each calendar quarter, Total Unsecured Outstanding Indebtedness
to exceed 60% of Unencumbered Asset Value (or, as of the last day of the four consecutive calendar quarters following the Company’s
acquisition, pursuant to one transaction or a series of related transactions occurring contemporaneously, of one or more entities or
property portfolios with total assets of at least $500,000,000, 65% of Unencumbered Asset Value); provided that in no event may
such ratio exceed 60% for more than four consecutive fiscal quarters in any five fiscal quarter period.

 

Section 10.7     Restricted
Payments. The Company will not and will not permit any of its Subsidiaries to declare or make,
directly or indirectly, any Restricted Payment, or incur any obligation (contingent or otherwise) to do so, except that the following
shall be permitted:

 

(a) each
Subsidiary of the Company may make Restricted Payments pro rata to the holders of its Equity Interests; and

 

(b) the
Company may make Restricted Payments in an aggregate amount in any fiscal year not to exceed (i) the amount of Restricted Payments
required to be paid by the Company (in the Company’s reasonable judgment) in order for the Company to (x) maintain its REIT
Status and (y) avoid the payment of federal or state income or excise tax plus (ii) additional Restricted Payments,
so long as no Default or Event of Default arising under Sections 11(a), 11(b) or 11(c) (with respect to any of the covenants
contained in Section 10.6) exists, both before and after giving effect to any such Restricted Payment on a pro forma basis;
provided, that notwithstanding the foregoing, no Restricted Payments will be permitted following acceleration of the Notes or
during the existence of an Event of Default arising under Sections 11(g), 11(h) or 11(i).

 

    	 	-33-	 

     

    

 

Although
it will not be a Default or an Event of Default if the Company fails to comply with any provision of Section 10 before or after
giving effect to the issuance of the Notes on a pro forma basis, if such a failure occurs, then any of the Purchasers may elect
not to purchase the Notes on the date of Closing that is specified in Section 3.

 

Section 11.     Events
of Default.

 

An “Event of Default”
shall exist if any of the following conditions or events shall occur and be continuing:

 

(a)            the
Company defaults in the payment of any principal, Make-Whole Amount, if any, on any Note, or any Swap Breakage Loss payable on any Swapped
Note, when the same becomes due and payable, whether at maturity or at a date fixed for prepayment or by declaration or otherwise; or

 

(b)            the
Company defaults in the payment of any interest on any Note for more than five Business Days after the same becomes due and payable;
or

 

(c)            the
Company defaults in the performance of or compliance with any term contained in Section 7.1(d) or Section 10; or

 

(d)            the
Company or any Subsidiary Guarantor defaults in the performance of or compliance with any term contained herein (other than those
referred to in Sections 11(a), (b) and (c)) or in any Subsidiary Guaranty and such default is not remedied within 30 days after
the earlier of (i) a Responsible Officer obtaining actual knowledge of such default and (ii) the Company receiving written
notice of such default from any holder of a Note (any such written notice to be identified as a “notice of default” and to
refer specifically to this Section 11(d)); or

 

(e)            (i) any
representation or warranty made in writing by or on behalf of the Company or by any officer of the Company in this Agreement or any writing
furnished in connection with the transactions contemplated hereby proves to have been false or incorrect in any material respect on the
date as of which made, or (ii) any representation or warranty made in writing by or on behalf of any Subsidiary Guarantor or by
any officer of such Subsidiary Guarantor in any Subsidiary Guaranty or any writing furnished in connection with such Subsidiary Guaranty
proves to have been false or incorrect in any material respect on the date as of which made; or

 

(f)            (i) the
Company or any Subsidiary is in default (as principal or as guarantor or other surety) in the payment of any principal of or premium
or make-whole amount or interest on any Indebtedness that is outstanding in an aggregate principal amount of at least $100,000,000 (or
its equivalent in the relevant currency of payment) beyond any period of grace provided with respect thereto, or (ii) the Company
or any Subsidiary is in default in the performance of or compliance with any term of any evidence of any Indebtedness in an aggregate
outstanding principal amount of at least $100,000,000 (or its equivalent in the relevant currency of payment) or of any mortgage, indenture
or other agreement relating thereto or any other condition exists, and as a consequence of such default or condition such Indebtedness
has become, or has been declared (or one or more Persons are entitled to declare such Indebtedness to be), due and payable before its
stated maturity or before its regularly scheduled dates of payment, or (iii) as a consequence of the occurrence or continuation
of any event or condition (other than the passage of time or the right of the holder of Indebtedness to convert such Indebtedness into
equity interests), (x) the Company or any Subsidiary has become obligated to purchase or repay Indebtedness before its regular maturity
or before its regularly scheduled dates of payment in an aggregate outstanding principal amount of at least $100,000,000 (or its equivalent
in the relevant currency of payment), or (y) one or more Persons have the right to require the Company or any Subsidiary so to purchase
or repay such Indebtedness; or

 

    	 	-34-	 

     

    

 

(g)            the
Company or any Material Subsidiary (i) is generally not paying, or admits in writing its inability to pay, its debts as they become
due, (ii) files, or consents by answer or otherwise to the filing against it of, a petition for relief or reorganization or arrangement
or any other petition in bankruptcy, for liquidation or to take advantage of any bankruptcy, insolvency, reorganization, moratorium or
other similar law of any jurisdiction, (iii) makes an assignment for the benefit of its creditors, (iv) consents to the appointment
of a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to any substantial part of
its property, (v) is adjudicated as insolvent or to be liquidated, or (vi) takes corporate action for the purpose of any of
the foregoing; or

 

(h)            a
court or other Governmental Authority of competent jurisdiction enters an order appointing, without consent by the Company or any of
its Material Subsidiaries, a custodian, receiver, trustee or other officer with similar powers with respect to it or with respect to
any substantial part of its property, or constituting an order for relief or approving a petition for relief or reorganization or any
other petition in bankruptcy or for liquidation or to take advantage of any bankruptcy or insolvency law of any jurisdiction, or ordering
the dissolution, winding-up or liquidation of the Company or any of its Subsidiaries, or any such petition shall be filed against the
Company or any of its Subsidiaries and such petition shall not be dismissed within 60 days; or

 

(i)            any
event occurs with respect to the Company or any Material Subsidiary which under the laws of any jurisdiction is analogous to any of the
events described in Section 11(g) or Section 11(h), provided that the applicable grace period, if any, which shall
apply shall be the one applicable to the relevant proceeding which most closely corresponds to the proceeding described in Section 11(g) or
Section 11(h); or

 

(j)            one
or more final judgments or orders for the payment of money aggregating in excess of $50,000,000 (or its equivalent in the relevant currency
of payment), including any such final order enforcing a binding arbitration decision, are rendered against one or more of the Company
and its Subsidiaries and which judgments are not, within 30 days after entry thereof, bonded, discharged or stayed pending appeal, or
are not discharged within 30 days after the expiration of such stay; or

 

(k)            if
(i) any Plan shall fail to satisfy the minimum funding standards of ERISA or the Code for any plan year or part thereof or a waiver
of such standards or extension of any amortization period is sought or granted under section 412 of the Code, (ii) a notice
of intent to terminate any Plan shall have been or is reasonably expected to be filed with the PBGC or the PBGC shall have instituted
proceedings under ERISA section 4042 to terminate or appoint a trustee to administer any Plan or the PBGC shall have notified the Company
or any ERISA Affiliate that a Plan may become a subject of any such proceedings, (iii) there is any “amount of unfunded benefit
liabilities” (within the meaning of section 4001(a)(18) of ERISA) under one or more Plans, determined in accordance with Title
IV of ERISA, (iv) the aggregate present value of accrued benefit liabilities under all funded Non-U.S. Plans exceeds the aggregate
current value of the assets of such Non-U.S. Plans allocable to such liabilities, (v) the Company or any ERISA Affiliate shall have
incurred or is reasonably expected to incur any liability pursuant to Title I or IV of ERISA or the penalty or excise tax provisions
of the Code relating to employee benefit plans, (vi) the Company or any ERISA Affiliate withdraws from any Multiemployer Plan, (vii) the
Company or any Subsidiary establishes or amends any employee welfare benefit plan that provides post-employment welfare benefits in a
manner that would increase the liability of the Company or any Subsidiary thereunder, (viii) the Company or any Subsidiary fails
to administer or maintain a Non-U.S. Plan in compliance with the requirements of any and all applicable laws, statutes, rules, regulations
or court orders or any Non-U.S. Plan is involuntarily terminated or wound up, or (ix) the Company or any Subsidiary becomes subject
to the imposition of a financial penalty (which for this purpose shall mean any tax, penalty or other liability, whether by way of indemnity
or otherwise) with respect to one or more Non-U.S. Plans; and any such event or events described in clauses (i) through (ix) above,
either individually or together with any other such event or events, could reasonably be expected to have a Material Adverse Effect.
As used in this Section 11(k), the terms “employee benefit plan” and “employee welfare benefit plan”
shall have the respective meanings assigned to such terms in section 3 of ERISA; or

 

    	 	-35-	 

     

    

 

(l)            any
Subsidiary Guaranty shall cease to be in full force and effect, any Subsidiary Guarantor or any Person acting on behalf of any Subsidiary
Guarantor shall contest in any manner the validity, binding nature or enforceability of any Subsidiary Guaranty, or the obligations of
any Subsidiary Guarantor under any Subsidiary Guaranty are not or cease to be legal, valid, binding and enforceable in accordance with
the terms of such Subsidiary Guaranty.

 

Section 12.       Remedies
on Default, Etc.

 

Section 12.1     Acceleration.
(a)  If an Event of Default with respect to the Company described in Section 11(g), (h) or (i) (other than an Event
of Default described in clause (i) of Section 11(g) or described in clause (vi) of Section 11(g) by virtue
of the fact that such clause encompasses clause (i) of Section 11(g)) has occurred, all the Notes then outstanding shall automatically
become immediately due and payable.

 

(b)            If
any other Event of Default has occurred and is continuing, the Required Holders may at any time at its or their option, by notice or
notices to the Company, declare all the Notes then outstanding to be immediately due and payable.

 

(c)            If
any Event of Default described in Section 11(a) or (b) has occurred and is continuing, any holder or holders of Notes
at the time outstanding affected by such Event of Default may at any time, at its or their option, by notice or notices to the Company,
declare all the Notes held by it or them to be immediately due and payable.

 

    	 	-36-	 

     

    

 

Upon any Notes becoming due
and payable under this Section 12.1, whether automatically or by declaration, such Notes will forthwith mature and the entire unpaid
principal amount of such Notes, plus (x) all accrued and unpaid interest thereon (including interest accrued thereon at the Default
Rate), (y) the Make-Whole Amount determined in respect of such principal amount and (z) any Swap Breakage Loss determined in
respect of such principal amount for any Swapped Notes, shall all be immediately due and payable, in each and every case without presentment,
demand, protest or further notice, all of which are hereby waived. The Company acknowledges, and the parties hereto agree, that each
holder of a Note has the right to maintain its investment in the Notes free from repayment by the Company (except as herein specifically
provided for) and that the provision for payment of a Make-Whole Amount and the Swap Breakage Loss, if any, by the Company in the event
that the Notes are prepaid or are accelerated as a result of an Event of Default, is intended to provide compensation for the deprivation
of such right under such circumstances.

 

Section 12.2     Other
Remedies. If any Default or Event of Default has occurred and is continuing, and irrespective
of whether any Notes have become or have been declared immediately due and payable under Section 12.1, the holder of any Note at
the time outstanding may proceed to protect and enforce the rights of such holder by an action at law, suit in equity or other appropriate
proceeding, whether for the specific performance of any agreement contained herein or in any Note or Subsidiary Guaranty, or for an injunction
against a violation of any of the terms hereof or thereof, or in aid of the exercise of any power granted hereby or thereby or by law
or otherwise.

 

Section 12.3     Rescission.
At any time after any Notes have been declared due and payable pursuant to Section 12.1(b) or (c), the Required Holders, by
written notice to the Company, may rescind and annul any such declaration and its consequences if (a) the Company has paid all overdue
interest on the Notes, all principal of and Make-Whole Amount, if any, and Swap Breakage Loss, if any, on any Notes that are due and
payable and are unpaid other than by reason of such declaration, and all interest on such overdue principal and Make-Whole Amount, if
any, Swap Breakage Loss, if any, and (to the extent permitted by applicable law) any overdue interest in respect of the Notes, at the
Default Rate, (b) neither the Company nor any other Person shall have paid any amounts which have become due solely by reason of
such declaration, (c) all Events of Default and Defaults, other than non-payment of amounts that have become due solely by reason
of such declaration, have been cured or have been waived pursuant to Section 17, and (d) no judgment or decree has been entered
for the payment of any monies due pursuant hereto or to the Notes. No rescission and annulment under this Section 12.3 will extend
to or affect any subsequent Event of Default or Default or impair any right consequent thereon.

 

Section 12.4     No
Waivers or Election of Remedies, Expenses, Etc. No course of dealing and no delay on the part
of any holder of any Note in exercising any right, power or remedy shall operate as a waiver thereof or otherwise prejudice such holder’s
rights, powers or remedies. No right, power or remedy conferred by this Agreement, any Subsidiary Guaranty or any Note upon any holder
thereof shall be exclusive of any other right, power or remedy referred to herein or therein or now or hereafter available at law, in
equity, by statute or otherwise. Without limiting the obligations of the Company under Section 15, the Company will pay to the holder
of each Note on demand such further amount as shall be sufficient to cover all costs and expenses of such holder incurred in any enforcement
or collection under this Section 12, including reasonable attorneys’ fees, expenses and disbursements.

 

    	 	-37-	 

     

    

 

Section 13.       Registration;
Exchange; Substitution of Notes.

 

Section 13.1     Registration
of Notes. The Company shall keep at its principal executive office a register for the registration
and registration of transfers of Notes. The name and address of each holder of one or more Notes, each transfer thereof and the name
and address of each transferee of one or more Notes shall be registered in such register. If any holder of one or more Notes is a nominee,
then (a) the name and address of the beneficial owner of such Note or Notes shall also be registered in such register as an owner
and holder thereof and (b) at any such beneficial owner’s option, either such beneficial owner or its nominee may execute
any amendment, waiver or consent pursuant to this Agreement. Prior to due presentment for registration of transfer, the Person in whose
name any Note shall be registered shall be deemed and treated as the owner and holder thereof for all purposes hereof, and the Company
shall not be affected by any notice or knowledge to the contrary. The Company shall give to any holder of a Note that is an Institutional
Investor promptly upon request therefor, a complete and correct copy of the names and addresses of all registered holders of Notes.

 

Section 13.2     Transfer
and Exchange of Notes. Upon surrender of any Note to the Company at the address and to the attention
of the designated officer (all as specified in Section 18(iii)), for registration of transfer or exchange (and in the case of a
surrender for registration of transfer accompanied by a written instrument of transfer duly executed by the registered holder of such
Note or such holder’s attorney duly authorized in writing and accompanied by the relevant name, address and other information for
notices of each transferee of such Note or part thereof), within 10 Business Days thereafter, the Company shall execute and deliver,
at the Company’s expense (except as provided below), one or more new Notes (as requested by the holder thereof) in exchange therefor,
of the same series and in an aggregate principal amount equal to the unpaid principal amount of the surrendered Note. Each such new Note
shall be payable to such Person as such holder may request and shall be substantially in the form of Schedule 1-A or Schedule 1-B, as
applicable. Each such new Note shall be dated and bear interest from the date to which interest shall have been paid on the surrendered
Note or dated the date of the surrendered Note if no interest shall have been paid thereon. The Company may require payment of a sum
sufficient to cover any stamp tax or governmental charge imposed in respect of any such transfer of Notes. Notes shall not be transferred
in denominations of less than €100,000, provided that if necessary to enable the registration of transfer by a holder of its entire
holding of Notes, one Note may be in a denomination of less than €100,000. Any transferee, by its acceptance of a Note registered
in its name (or the name of its nominee), shall be deemed to have made the representation set forth in Section 6.2.

 

Section 13.3     Replacement
of Notes. Upon receipt by the Company at the address and to the attention of the designated
officer (all as specified in Section 18(iii)) of evidence reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any Note (which evidence shall be, in the case of an Institutional Investor, notice from such Institutional
Investor of such ownership and such loss, theft, destruction or mutilation), and

 

    	 	-38-	 

     

    

 

(a)            in
the case of loss, theft or destruction, of indemnity reasonably satisfactory to it (provided that if the holder of such Note is, or is
a nominee for, an original Purchaser or another holder of a Note with a minimum net worth of at least $100,000,000 or a Qualified Institutional
Buyer, such Person’s own unsecured agreement of indemnity shall be deemed to be satisfactory), or

 

(b)            in
the case of mutilation, upon surrender and cancellation thereof,

 

within 10 Business Days thereafter, the Company
at its own expense shall execute and deliver, in lieu thereof, a new Note of the same series, dated and bearing interest from the date
to which interest shall have been paid on such lost, stolen, destroyed or mutilated Note or dated the date of such lost, stolen, destroyed
or mutilated Note if no interest shall have been paid thereon.

 

Section 14.  
     Payments on Notes.

 

Section 14.1     Place
of Payment. Subject to Section 14.2, payments of principal, Make-Whole Amount, if any,
Swap Breakage Loss, if any, and interest becoming due and payable on the Notes shall be made in New York, New York at the principal office
of the Company in such jurisdiction. The Company may at any time, by notice to each holder of a Note, change the place of payment of
the Notes so long as such place of payment shall be either the principal office of the Company in such jurisdiction or the principal
office of a bank or trust company in such jurisdiction.

 

Section 14.2     Payment
by Wire Transfer. So long as any Purchaser or its nominee shall be the holder of any Note, and
notwithstanding anything contained in Section 14.1 or in such Note to the contrary, the Company will pay all sums becoming due on
such Note for principal, Make-Whole Amount, if any, Swap Breakage Loss, if any, interest and all other amounts becoming due hereunder
by the method and at the address specified for such purpose below such Purchaser’s name in the Purchaser Schedule, or by such other
method or at such other address as such Purchaser shall have from time to time specified to the Company in writing for such purpose,
without the presentation or surrender of such Note or the making of any notation thereon, except that upon written request of the Company
made concurrently with or reasonably promptly after payment or prepayment in full of any Note, such Purchaser shall surrender such Note
for cancellation, reasonably promptly after any such request, to the Company at its principal executive office or at the place of payment
most recently designated by the Company pursuant to Section 14.1. Prior to any sale or other disposition of any Note held by a Purchaser
or its nominee, such Purchaser will, at its election, either endorse thereon the amount of principal paid thereon and the last date to
which interest has been paid thereon or surrender such Note to the Company in exchange for a new Note or Notes pursuant to Section 13.2.
The Company will afford the benefits of this Section 14.2 to any Institutional Investor that is the direct or indirect transferee
of any Note purchased by a Purchaser under this Agreement and that has made the same agreement relating to such Note as the Purchasers
have made in this Section 14.2.

 

Section 14.3     FATCA
Information. By acceptance of any Note, the holder of such Note agrees that such holder will
with reasonable promptness duly complete and deliver to the Company, or to such other Person as may be reasonably requested by the Company,
from time to time (a) in the case of any such holder that is a United States Person, such holder’s United States tax identification
number or other Forms reasonably requested by the Company necessary to establish such holder’s status as a United States Person
under FATCA and as may otherwise be necessary for the Company to comply with its obligations under FATCA and (b) in the case of
any such holder that is not a United States Person, such documentation prescribed by applicable law (including as prescribed by section
1471(b)(3)(C)(i) of the Code) and such additional documentation as may be necessary for the Company to comply with its obligations
under FATCA and to determine that such holder has complied with such holder’s obligations under FATCA or to determine the amount
(if any) to deduct and withhold from any such payment made to such holder. Nothing in this Section 14.3 shall require any holder
to provide information that is confidential or proprietary to such holder unless the Company is required to obtain such information under
FATCA and, in such event, the Company shall treat any such information it receives as confidential.

 

    	 	-39-	 

     

    

 

Section 15.          Expenses,
Etc.

 

Section 15.1    Transaction
Expenses. Whether or not the transactions contemplated hereby are consummated, the Company will
pay all costs and expenses (including reasonable attorneys’ fees of a special counsel and, if reasonably required by the Required
Holders, local or other counsel) incurred by the Purchasers and each other holder of a Note in connection with such transactions and
in connection with any amendments, waivers or consents under or in respect of this Agreement, any Subsidiary Guaranty or the Notes (whether
or not such amendment, waiver or consent becomes effective), including: (a) the costs and expenses incurred in enforcing or defending
(or determining whether or how to enforce or defend) any rights under this Agreement, any Subsidiary Guaranty or the Notes or in responding
to any subpoena or other legal process or informal investigative demand issued in connection with this Agreement, any Subsidiary Guaranty
or the Notes, or by reason of being a holder of any Note, (b) the costs and expenses, including financial advisors’ fees,
incurred in connection with the insolvency or bankruptcy of the Company or any Subsidiary or in connection with any work-out or restructuring
of the transactions contemplated hereby and by the Notes and any Subsidiary Guaranty and (c) the costs and expenses incurred in
connection with the initial filing of this Agreement and all related documents and financial information with the SVO provided,
that such costs and expenses under this clause (c) shall not exceed $5,500 for each series of Notes. If required by the NAIC,
the Company shall obtain and maintain at its own cost and expense a Legal Entity Identifier (LEI).

 

The Company will pay, and
will save each Purchaser and each other holder of a Note harmless from, (i) all claims in respect of any fees, costs or expenses,
if any, of brokers and finders (other than those, if any, retained by a Purchaser or other holder in connection with its purchase of
the Notes), (ii) any and all wire transfer fees that any bank or other financial institution deducts from any payment under such
Note to such holder or otherwise charges to a holder of a Note with respect to a payment under such Note and (iii) any judgment,
liability, claim, order, decree, fine, penalty, cost, fee, expense (including reasonable attorneys’ fees and expenses) or obligation
resulting from the consummation of the transactions contemplated hereby, including the use of the proceeds of the Notes by the Company.

 

Section 15.2     Certain
Taxes. The Company agrees to pay all stamp, documentary or similar taxes or fees which may be
payable in respect of the execution and delivery or the enforcement of this Agreement or any Subsidiary Guaranty or the execution and
delivery (but not the transfer) or the enforcement of any of the Notes in the United States or any other jurisdiction where the Company
or any Subsidiary Guarantor has assets or of any amendment of, or waiver or consent under or with respect to, this Agreement or any Subsidiary
Guaranty or of any of the Notes, and to pay any value added tax due and payable in respect of reimbursement of costs and expenses by
the Company pursuant to this Section 15, and will save each holder of a Note to the extent permitted by applicable law harmless
against any loss or liability resulting from nonpayment or delay in payment of any such tax or fee required to be paid by the Company
hereunder.

 

    	 	-40-	 

     

    

 

Section 15.3     Survival.
The obligations of the Company under this Section 15 will survive the payment or transfer of any Note, the enforcement, amendment
or waiver of any provision of this Agreement, any Subsidiary Guaranty or the Notes, and the termination of this Agreement.

 

Section 16.          Survival
of Representations and Warranties; Entire Agreement.

 

All representations and warranties
contained herein shall survive the execution and delivery of this Agreement and the Notes, the purchase or transfer by any Purchaser
of any Note or portion thereof or interest therein and the payment of any Note, and may be relied upon by any subsequent holder of a
Note, regardless of any investigation made at any time by or on behalf of such Purchaser or any other holder of a Note. All statements
contained in any certificate or other instrument delivered by or on behalf of the Company pursuant to this Agreement shall be deemed
representations and warranties of the Company under this Agreement. Subject to the preceding sentence, this Agreement, the Notes and
any Subsidiary Guaranties embody the entire agreement and understanding between each Purchaser and the Company and supersede all prior
agreements and understandings relating to the subject matter hereof.

 

Section 17.          Amendment
and Waiver.

 

Section 17.1     Requirements.
This Agreement and the Notes may be amended, and the observance of any term hereof or of the Notes may be waived (either retroactively
or prospectively), only with the written consent of the Company and the Required Holders, except that:

 

(a)            no
amendment or waiver of any of Sections 1, 2, 3, 4, 5, 6 or 21 hereof, or any defined term (as it is used therein), will be effective
as to any Purchaser unless consented to by such Purchaser in writing; and

 

(b)            no
amendment or waiver may, without the written consent of each Purchaser and the holder of each Note at the time outstanding, (i) subject
to Section 12 relating to acceleration or rescission, change the amount or time of any prepayment or payment of principal of, or
reduce the rate or change the time of payment or method of computation of (x) interest on the Notes or (y) the Make-Whole Amount,
(ii) change the percentage of the principal amount of the Notes the holders of which are required to consent to any amendment or
waiver or the principal amount of the Notes that the Purchasers are to purchase pursuant to Section 2 upon the satisfaction of the
conditions to Closing that appear in Section 4, or (iii) amend any of Sections 8 (except as set forth in the second sentence
of Section 8.2 and Section 17.1(c)), 11(a), 11(b), 12, 17 or 20.

 

    	 	-41-	 

     

    

 

Section 17.2     Solicitation
of Holders of Notes.

 

(a)            Solicitation.
The Company will provide each Purchaser and each holder of a Note with sufficient information, sufficiently far in advance of the date
a decision is required, to enable such Purchaser and such holder to make an informed and considered decision with respect to any proposed
amendment, waiver or consent in respect of any of the provisions hereof or of the Notes or any Subsidiary Guaranty. The Company will
deliver executed or true and correct copies of each amendment, waiver or consent effected pursuant to this Section 17 or any Subsidiary
Guaranty to each Purchaser and each holder of a Note promptly following the date on which it is executed and delivered by, or receives
the consent or approval of, the requisite Purchasers or holders of Notes.

 

(b)            Payment.
The Company will not directly or indirectly pay or cause to be paid any remuneration, whether by way of supplemental or additional interest,
fee or otherwise, or grant any security or provide other credit support, to any Purchaser or holder of a Note as consideration for or
as an inducement to the entering into by such Purchaser or holder of any waiver or amendment of any of the terms and provisions hereof
or of any Subsidiary Guaranty or any Note unless such remuneration is concurrently paid, or security is concurrently granted or other
credit support concurrently provided, on the same terms, ratably to each Purchaser and each holder of a Note even if such Purchaser or
holder did not consent to such waiver or amendment.

 

(c)            Consent
in Contemplation of Transfer. Any consent given pursuant to this Section 17 or any Subsidiary Guaranty by a holder of a Note
that has transferred or has agreed to transfer its Note to (i) the Company, (ii) any Subsidiary or any other Affiliate or (iii) any
other Person in connection with, or in anticipation of, such other Person acquiring, making a tender offer for or merging with the Company
and/or any of its Affiliates, in each case in connection with such consent, shall be void and of no force or effect except solely as
to such holder, and any amendments effected or waivers granted or to be effected or granted that would not have been or would not be
so effected or granted but for such consent (and the consents of all other holders of Notes that were acquired under the same or similar
conditions) shall be void and of no force or effect except solely as to such holder.

 

Section 17.3     Binding
Effect, Etc. Any amendment or waiver consented to as provided in this Section 17 or any
Subsidiary Guaranty applies equally to all Purchasers and holders of Notes and is binding upon them and upon each future holder of any
Note and upon the Company without regard to whether such Note has been marked to indicate such amendment or waiver. No such amendment
or waiver will extend to or affect any obligation, covenant, agreement, Default or Event of Default not expressly amended or waived or
impair any right consequent thereon. No course of dealing between the Company and any Purchaser or holder of a Note and no delay in exercising
any rights hereunder or under any Note or Subsidiary Guaranty shall operate as a waiver of any rights of any Purchaser or holder of such
Note.

 

Section 17.4     Notes
Held by Company, Etc. Solely for the purpose of determining whether the holders of the requisite
percentage of the aggregate principal amount of Notes then outstanding approved or consented to any amendment, waiver or consent to be
given under this Agreement, any Subsidiary Guaranty or the Notes, or have directed the taking of any action provided herein or in any
Subsidiary Guaranty or the Notes to be taken upon the direction of the holders of a specified percentage of the aggregate principal amount
of Notes then outstanding, Notes directly or indirectly owned by the Company or any of its Affiliates shall be deemed not to be outstanding.

 

    	 	-42-	 

     

    

 

Section 18.           Notices.

 

Except to the extent otherwise
provided in Section 7.4, all notices and communications provided for hereunder shall be in writing and sent (a) by telecopy
or electronic mail, or (b) by registered or certified mail with return receipt requested (postage prepaid), or (c) by an internationally
recognized overnight delivery service (charges prepaid). Any such notice must be sent:

 

(i)         if
to any Purchaser or its nominee, to such Purchaser or nominee at the address specified for such communications in the Purchaser Schedule,
or at such other address as such Purchaser or nominee shall have specified to the Company in writing,

 

(ii)        if
to any other holder of any Note, to such holder at such address as such other holder shall have specified to the Company in writing,
or

 

(iii)       if
to the Company, to the Company at its address set forth at the beginning hereof to the attention of:

 

c/o W.P. Carey Inc.

One Manhattan West

395 9th Avenue, 58th Floor

New York, NY 10001

Attention: ToniAnn Sanzone, Chief Financial Officer

Telephone: (212) 492-1100

Telecopier: (212) 492-8922

Email: tsanzone@wpcarey.com

 

with a copy to:

 

c/o W.P. Carey Inc.

One Manhattan West

395 9th Avenue, 58th Floor

New York, NY 10001

Attention: Sapna Sanagavarapu, Esq., Chief Legal Officer

Email: ssanagavarapu@wpcarey.com

 

or at such other address as the Company
shall have specified to the holder of each Note in writing.

 

Notices under this Section 18 will be deemed
given only when actually received.

 

Section 19.          Reproduction
of Documents.

 

This Agreement and all documents
relating thereto, including (a) consents, waivers and modifications that may hereafter be executed, (b) documents received
by any Purchaser at the Closing (except the Notes themselves), and (c) financial statements, certificates and other information
previously or hereafter furnished to any Purchaser, may be reproduced by such Purchaser by any photographic, photostatic, electronic,
digital, or other similar process and such Purchaser may destroy any original document so reproduced. The Company agrees and stipulates
that, to the extent permitted by applicable law, any such reproduction shall be admissible in evidence as the original itself in any
judicial or administrative proceeding (whether or not the original is in existence and whether or not such reproduction was made by such
Purchaser in the regular course of business) and any enlargement, facsimile or further reproduction of such reproduction shall likewise
be admissible in evidence. This Section 19 shall not prohibit the Company or any other holder of Notes from contesting any such
reproduction to the same extent that it could contest the original, or from introducing evidence to demonstrate the inaccuracy of any
such reproduction.

 

    	 	-43-	 

     

    

 

Section 20.          Confidential
Information.

 

For the purposes of this
Section 20, “Confidential Information” means information delivered to any Purchaser by or on behalf of the Company
or any Subsidiary in connection with the transactions contemplated by or otherwise pursuant to this Agreement that is proprietary in
nature and that was clearly marked or labeled or otherwise adequately identified when received by such Purchaser as being confidential
information of the Company or such Subsidiary, provided that such term does not include information that (a) was publicly known
or otherwise known to such Purchaser prior to the time of such disclosure, (b) subsequently becomes publicly known through no act
or omission by such Purchaser or any Person acting on such Purchaser’s behalf, (c) otherwise becomes known to such Purchaser
other than through disclosure by the Company or any Subsidiary or (d) constitutes financial statements delivered to such Purchaser
under Section 7.1 that are otherwise publicly available. Each Purchaser will maintain the confidentiality of such Confidential Information
in accordance with procedures adopted by such Purchaser in good faith to protect confidential information of third parties delivered
to such Purchaser, provided that such Purchaser may deliver or disclose Confidential Information to (i) its directors, officers,
employees, agents, attorneys, trustees and affiliates (to the extent such disclosure reasonably relates to the administration of the
investment represented by its Notes), (ii) its auditors, financial advisors and other professional advisors who agree to hold confidential
the Confidential Information substantially in accordance with this Section 20, (iii) any other holder of any Note, (iv) any
Institutional Investor to which it sells or offers to sell such Note or any part thereof or any participation therein (if such Person
has agreed in writing prior to its receipt of such Confidential Information to be bound by this Section 20), (v) any Person
from which it offers to purchase any Security of the Company (if such Person has agreed in writing prior to its receipt of such Confidential
Information to be bound by this Section 20), (vi) any federal or state regulatory authority having jurisdiction over such Purchaser,
(vii) the NAIC or the SVO or, in each case, any similar organization, or any nationally recognized rating agency that requires access
to information about such Purchaser’s investment portfolio, or (viii) any other Person to which such delivery or disclosure
may be necessary or appropriate (w) to effect compliance with any law, rule, regulation or order applicable to such Purchaser, (x) in
response to any subpoena or other legal process, (y) in connection with any litigation to which such Purchaser is a party or (z) if
an Event of Default has occurred and is continuing, to the extent such Purchaser may reasonably determine such delivery and disclosure
to be necessary or appropriate in the enforcement or for the protection of the rights and remedies under such Purchaser’s Notes,
this Agreement or any Subsidiary Guaranty. Each holder of a Note, by its acceptance of a Note, will be deemed to have agreed to be bound
by and to be entitled to the benefits of this Section 20 as though it were a party to this Agreement. On reasonable request by the
Company in connection with the delivery to any holder of a Note of information required to be delivered to such holder under this Agreement
or requested by such holder (other than a holder that is a party to this Agreement or its nominee), such holder will enter into an agreement
with the Company embodying this Section 20.

 

    	 	-44-	 

     

    

 

In the event that as a condition
to receiving access to information relating to the Company or its Subsidiaries in connection with the transactions contemplated by or
otherwise pursuant to this Agreement, any Purchaser or holder of a Note is required to agree to a confidentiality undertaking (whether
through IntraLinks, another secure website, a secure virtual workspace or otherwise) which is different from this Section 20, this
Section 20 shall not be amended thereby and, as between such Purchaser or such holder and the Company, this Section 20 shall
supersede any such other confidentiality undertaking.

 

Section 21.          Substitution
of Purchaser.

 

Each Purchaser shall have
the right to substitute any one of its Affiliates or another Purchaser or any one of such other Purchaser’s Affiliates (a “Substitute
Purchaser”) as the purchaser of the Notes that it has agreed to purchase hereunder, by written notice to the Company, which
notice shall be signed by both such Purchaser and such Substitute Purchaser, shall contain such Substitute Purchaser’s agreement
to be bound by this Agreement and shall contain a confirmation by such Substitute Purchaser of the accuracy with respect to it of the
representations set forth in Section 6. Upon receipt of such notice, any reference to such Purchaser in this Agreement (other than
in this Section 21), shall be deemed to refer to such Substitute Purchaser in lieu of such original Purchaser. In the event that
such Substitute Purchaser is so substituted as a Purchaser hereunder and such Substitute Purchaser thereafter transfers to such original
Purchaser all of the Notes then held by such Substitute Purchaser, upon receipt by the Company of notice of such transfer, any reference
to such Substitute Purchaser as a “Purchaser” in this Agreement (other than in this Section 21), shall no longer be
deemed to refer to such Substitute Purchaser, but shall refer to such original Purchaser, and such original Purchaser shall again have
all the rights of an original holder of the Notes under this Agreement.

 

Section 22.          Miscellaneous.

 

Section 22.1     Successors
and Assigns. All covenants and other agreements contained in this Agreement by or on behalf
of any of the parties hereto bind and inure to the benefit of their respective successors and assigns (including any subsequent holder
of a Note) whether so expressed or not, except that, subject to Section 10.2, the Company may not assign or otherwise transfer any
of its rights or obligations hereunder or under the Notes without the prior written consent of each holder. Nothing in this Agreement,
expressed or implied, shall be construed to confer upon any Person (other than the parties hereto and their respective successors and
assigns permitted hereby) any legal or equitable right, remedy or claim under or by reason of this Agreement.

 

Section 22.2     Accounting
Terms. (a)     All accounting
terms used herein which are not expressly defined in this Agreement have the meanings respectively given to them in accordance with GAAP.
Except as otherwise specifically provided herein, (i) all computations made pursuant to this Agreement shall be made in accordance
with GAAP, and (ii) all financial statements shall be prepared in accordance with GAAP. For purposes of determining compliance with
this Agreement (including Section 9, Section 10 and the definition of “Indebtedness”), any election by the Company
to measure any financial liability using fair value (as permitted by Financial Accounting Standards Board Accounting Standards Codification
Topic No. 825-10-25 – Fair Value Option, International Accounting Standard 39 – Financial Instruments:
Recognition and Measurement or any similar accounting standard) shall be disregarded and such determination shall be made as if such
election had not been made.

 

    	 	-45-	 

     

    

 

(b)            If
at any time any change in GAAP would affect the computation of any financial ratio or requirement set forth in this Agreement, and either
the Company or the Required Holders shall so request, the Company and the holders shall negotiate in good faith to amend such ratio or
requirement to preserve the original intent thereof in light of such change in GAAP (subject to the approval of the Required Holders);
provided that, until so amended, (i) such ratio or requirement shall continue to be computed in accordance with GAAP prior
to such change therein and (ii) the Company shall provide to the holders financial statements and other documents required under
this Agreement or as reasonably requested hereunder setting forth a reconciliation between calculations of such ratio or requirement
made before and after giving effect to such change in GAAP.

 

Section 22.3     Severability.
Any provision of this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective
to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such prohibition
or unenforceability in any jurisdiction shall (to the full extent permitted by law) not invalidate or render unenforceable such provision
in any other jurisdiction.

 

Section 22.4     Construction,
Etc. Each covenant contained herein shall be construed (absent express provision to the contrary)
as being independent of each other covenant contained herein, so that compliance with any one covenant shall not (absent such an express
contrary provision) be deemed to excuse compliance with any other covenant. Where any provision herein refers to action to be taken by
any Person, or which such Person is prohibited from taking, such provision shall be applicable whether such action is taken directly
or indirectly by such Person.

 

Defined terms herein shall
apply equally to the singular and plural forms of the terms defined. Whenever the context may require, any pronoun shall include the
corresponding masculine, feminine and neuter forms. The words “include,” “includes” and “including”
shall be deemed to be followed by the phrase “without limitation.” The word “will” shall be construed to have
the same meaning and effect as the word “shall.” Unless the context requires otherwise (a) any definition of or reference
to any agreement, instrument or other document herein shall be construed as referring to such agreement, instrument or other document
as from time to time amended, supplemented or otherwise modified (subject to any restrictions on such amendments, supplements or modifications
set forth herein) and, for purposes of the Notes, shall also include any such notes issued in substitution therefor pursuant to Section 13,
(b) subject to Section 22.1, any reference herein to any Person shall be construed to include such Person’s successors
and assigns, (c) the words “herein,” “hereof” and “hereunder,” and words of similar import,
shall be construed to refer to this Agreement in its entirety and not to any particular provision hereof, (d) all references herein
to Sections and Schedules shall be construed to refer to Sections of, and Schedules to, this Agreement, and (e) any reference to
any law or regulation herein shall, unless otherwise specified, refer to such law or regulation as amended, modified or supplemented
from time to time.

 

    	 	-46-	 

     

    

 

Section 22.5     Counterparts;
Electronic Contracting. This Agreement may be executed in any number of counterparts, each of
which shall be an original but all of which together shall constitute one instrument. Each counterpart may consist of a number of copies
hereof, each signed by less than all, but together signed by all, of the parties hereto.

 

The parties agree to electronic contracting and
signatures with respect to this Agreement and, other than the Notes, the other documents required to be delivered hereunder (collectively,
the “Note Documents”). Delivery of an electronic signature to, or a signed copy of, the Note Documents by facsimile,
email or other electronic transmission shall be fully binding on the parties to the same extent as the delivery of the manually signed
originals and shall be admissible into evidence for all purposes. Notwithstanding the foregoing, if any Purchaser shall request manually
signed counterpart signatures to any Note Document, the Company hereby agrees to deliver, or cause to be delivered, such manually signed
counterpart signatures to such Purchaser no later than 15 Business Days of such request or such longer period as the requesting Purchaser
and the Company may otherwise agree. For the avoidance of doubt, the Company acknowledges and agrees that manually signed counterpart
signatures to the Notes are required to be delivered at the Closing.

 

Section 22.6     Governing
Law. 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 excluding choice-of-law principles of the law of such State that would
permit the application of the laws of a jurisdiction other than such State.

 

Section 22.7    Jurisdiction
and Process; Waiver of Jury Trial. (a) The Company 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 or the Notes. To the fullest extent permitted by applicable law, the Company
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.

 

(b)            The
Company 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 Section 22.7(a) 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.

 

(c)            The
Company consents to process being served by or on behalf of any holder of Notes in any suit, action or proceeding of the nature referred
to in Section 22.7(a) by mailing a copy thereof by registered, certified, priority or express mail (or any substantially similar
form of mail), postage prepaid, return receipt or delivery confirmation requested, to it at its address specified in Section 18
or at such other address of which such holder shall then have been notified pursuant to said Section. The Company agrees that such service
upon receipt (i) shall be deemed in every respect effective service of process upon it in any such suit, action or proceeding and
(ii) shall, to the fullest extent permitted by applicable law, be taken and held to be valid personal service upon and personal
delivery to it. Notices hereunder shall be conclusively presumed received as evidenced by a delivery receipt furnished by the United
States Postal Service or any reputable commercial delivery service.

 

    	 	-47-	 

     

    

 

(d)            Nothing
in this Section 22.7 shall affect the right of any holder of a Note to serve process in any manner permitted by law, or limit any
right that the holders of any of the Notes may have to bring proceedings against the Company in the courts of any appropriate jurisdiction
or to enforce in any lawful manner a judgment obtained in one jurisdiction in any other jurisdiction.

 

(e)            The
parties hereto hereby waive trial by jury in any action brought on or with respect to this Agreement, the Notes or any other document
executed in connection herewith or therewith.

 

* * * * *

    	 	-48-	 

     

    

 

 

If you are in agreement with
the foregoing, please sign the form of agreement on a counterpart of this Agreement and return it to the Company, whereupon this Agreement
shall become a binding agreement between you and the Company.

 

	 	Very truly yours,
	 	 
	 	W.P. Carey Inc.

 

	 	By	/s/ ToniAnn Sanzone

	 	Name: ToniAnn Sanzone
	 	Title:   Chief Financial Officer

 

    	 	-49-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Legal and General Assurance Society Limited
	 	By: Legal & General Investment Management America, Inc., its Investment Manager

 

	 	By:	/s/ Edward Wood

	 	Name:	Edward Wood
	 	Title:	Head of Private Credit Investment, North America

 

    	 	-50-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Manulife Securities Limited Partnership

 

	 	By:	/s/ Navin Dookhie

	 	Name: Navin Dookhie
	 	Title: Managing Director

 

	 	Manulife (International) Limited

 

	 	By:	/s/ Elston Shum

	 	Name:	Elston Shum
	 	Title:	Managing Director, Portfolio Management, Asia, General Account Investments

 

	 	Manulife Life Insurance Company

 

	 	By:	/s/ Kensuke Muraki

	 	Name:	 Kensuke Muraki
	 	Title:	Senior Portfolio Manager, Investments

 

	 	Manulife (Singapore) Pte. Ltd.

 

	 	By:	/s/ Mike Tsai

	 	Name:	Mike Tsai
	 	Title:	Director, Manulife General Account Investments (Singapore) Pte. Ltd. As investment manager of Manulife (Singapore) Pte. Ltd.

 

    	 	-51-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	The Northwestern Mutual Life Insurance Company

	 	By:	Northwestern Mutual Investment Management Company, LLC, its investment adviser

 

	 	By:	/s/ Michael H. Leske

	 	Name: Michael H. Leske
	 	Title: Managing Director

 

    	 	-52-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Pacific Life Insurance Company

 

	 	By:	/s/ Kevin Liang

	 	Name: Kevin Liang
	 	Title: Senior Director

 

    	 	-53-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Colonial Life & Accident Insurance Company

	 	By:	Provident Investment Management, LLC
	 	Its:	Agent

 

	 	By:	/s/ Ben Vance

	 	Name:	Ben Vance
	 	Title:	Vice President, Senior Managing Director

 

    	 	-54-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Transamerica Life Insurance Company
	 	By: AEGON USA Investment
    Management, LLC, its investment manager

 

	 	By:	/s/ Josh Prieskorn

	 	Name:	 Josh Prieskorn
	 	Title:	 Vice President

 

    	 	-55-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	The Guardian Life Insurance Company of America

 

	 	By:	/s/ Timothy Powell   
	 	Name: Timothy Powell
	 	Title: Managing Director

 

    	 	-56-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Genworth Life Insurance Company

 

	 	By:	/s/ Wm. Stuart Shepetin

	 	Name:	Wm. Stuart Shepetin
	 	Title:	Investment Officer

 

	 	Genworth Life and Annuity Insurance Company

 

	 	By:	/s/ Wm. Stuart Shepetin

	 	Name:	Wm. Stuart Shepetin
	 	Title:	Investment Officer

 

    	 	-57-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	United of Omaha Life Insurance Company

 

	 	By:	/s/ Lee Martin

	 	Name:	Lee Martin
	 	Title:	Vice President

 

    	 	-58-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	CMFG Life Insurance Company

	 	By:	 MEMBERS Capital Advisors, Inc.
	 	 	acting as Investment Advisor

 

	 	By:	/s/ Stan J. Van Aartsen

	 	Name:	 Stan J. Van Aartsen
	 	Title:	Managing Director, Investments

 

    	 	-59-	 

     

    

 

This Agreement is hereby accepted and agreed to as of the date
hereof.

 

	 	Ameritas Life Insurance Corp.
	 	By: Ameritas Investment Partners Inc., as Agent

 

	 	By:	/s/ Tina Udell

	 	Name:	Tina Udell
	 	Title:	Vice President & Managing Director

 

    	 	-60-	 

     

    

 

 

Defined
Terms

 

As used herein, the following
terms have the respective meanings set forth below or set forth in the Section hereof following such term:

 

“Adjusted
Total EBITDA” means, for any period, an amount equal to, without duplication:

 

(a) EBITDA
of the Company and its Subsidiaries during such period; plus

 

(b) Joint
Venture EBITDA for such period; plus

 

(c) distributions in
cash received by the Company and its Subsidiaries in respect of equity in Managed Programs during such period; plus

 

(d) distributions in
cash received by the Company and its Subsidiaries in respect of common or preferred equity investments.

 

“Affiliate”
means, at any time, and with respect to any Person, any other Person that at such time directly or indirectly through one or more intermediaries
Controls, or is Controlled by, or is under common Control with, such first Person, and, with respect to the Company, shall include any
Person beneficially owning or holding, directly or indirectly, 10% or more of any class of voting or equity interests of the Company or
any Subsidiary or any Person of which the Company and its Subsidiaries beneficially own or hold, in the aggregate, directly or indirectly,
10% or more of any class of voting or equity interests. Unless the context otherwise clearly requires, any reference to an “Affiliate”
is a reference to an Affiliate of the Company.

 

“Agreement”
means this Note Purchase Agreement, including all Schedules attached to this Agreement.

 

“Anti-Corruption
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding bribery or any other corrupt activity, including
the U.S. Foreign Corrupt Practices Act and the U.K. Bribery Act 2010.

 

“Anti-Money Laundering
Laws” means any law or regulation in a U.S. or any non-U.S. jurisdiction regarding money laundering, drug trafficking, terrorist-related
activities or other money laundering predicate crimes, including the Currency and Foreign Transactions Reporting Act of 1970 (otherwise
known as the Bank Secrecy Act) and the USA PATRIOT Act.

 

“Attributable Indebtedness”
means, on any date, (a) in respect of any Capitalized Lease of any Person, the capitalized amount thereof that would appear on a
balance sheet of such Person prepared as of such date in accordance with GAAP, (b) in respect of any Synthetic Lease Obligation,
the capitalized amount of the remaining lease or similar payments under the relevant lease or other applicable agreement or instrument
that would appear on a balance sheet of such Person prepared as of such date in accordance with GAAP if such lease or other agreement
or instrument were accounted for as a Capitalized Lease and (c) all Synthetic Debt of such Person.

 

Schedule
A

(to Note Purchase Agreement)

 

    

     

    

 

“Blocked Person”
means (a) a Person whose name appears on the list of Specially Designated Nationals and Blocked Persons published by OFAC, (b) a
Person, entity, organization, country or regime that is blocked or a target of sanctions that have been imposed under U.S. Economic Sanctions
Laws or (c) a Person that is an agent, department or instrumentality of, or is otherwise beneficially owned by, controlled by or
acting on behalf of, directly or indirectly, any Person, entity, organization, country or regime described in clause (a) or (b).

 

“Business Day”
means (a) for the purposes of Section 8.6(a) only, any day other than a Saturday, a Sunday or a day on which commercial
banks in New York City are required or authorized to be closed or a day which is not a TARGET Settlement Day, (b) for the purposes
of Section 8.7(b) only, any day other than a Saturday, a Sunday or a day on which commercial banks in New York, New York are
required or authorized to be closed, (c) for purposes of any date for payment of Notes, any day other than a Saturday, Sunday or
a day on which commercial banks in New York, New York are required or authorized to be closed or a day which is not a TARGET Settlement
Day and (d) for the purposes of any other provision of this Agreement, any day other than a Saturday, a Sunday or a day on which
commercial banks in New York, New York are required or authorized to be closed.

 

“Capitalization Rate”
means seven percent (7.00%), as such rate may be adjusted from time to time to match any corresponding adjustment in the capitalization
rate in the Credit Agreement, and, if for any reason, no Credit Agreement then exists or such term is no longer used therein, the Capitalization
Rate in effect immediately prior to such time, provided that the Capitalization Rate under this Agreement shall in no circumstance
be permitted to be less than 6.5%.

 

“Capitalized Leases”
means all leases that have been or should be, in accordance with GAAP, recorded as capitalized leases.

 

“Cash
and Cash Equivalents” means unrestricted (a) cash, (b) marketable direct obligations issued or unconditionally
guaranteed by the United States government (or any other sovereign nation with an equivalent rating by S&P or Moody’s) and backed
by the full faith and credit of the United States government or such other nation; and (c) domestic and eurocurrency certificates
of deposit and time deposits, bankers’ acceptances and floating rate certificates of deposit issued by any commercial bank organized
under the laws of the United States, any state thereof, the District of Columbia, any foreign bank, or its branches or agencies (fully
protected against currency fluctuations), which are rated A-1 (or better) by S&P or P-1 (or better) by Moody’s provided that,
in the case of each of clauses (b) and (c), the maturities of such Cash and Cash Equivalents shall not exceed one year.

 

“CFC” means
a “controlled foreign corporation” within the meaning of Section 957 of the Code and the Treasury Regulations promulgated
thereunder.

 

“Change of Control”
is defined in Section 8.9.

 

“Closing”
is defined in Section 3.

 

“Code”
means the Internal Revenue Code of 1986 and the rules and regulations promulgated thereunder from time to time.

 

    A-2

     

    

 

“Company”
is defined in the first paragraph of this Agreement.

 

“Confidential Information”
is defined in Section 20.

 

“Consolidated Businesses”
means the Company and its Subsidiaries, on a consolidated basis (without taking into account any non-wholly owned Person or entity).

 

“Contingent
Obligation” as to any Person means, without duplication, (a) any contingent obligation of such Person required to be shown
on such Person’s balance sheet in accordance with GAAP, and (b) any obligation required to be disclosed in the footnotes to
such Person’s financial statements in accordance with GAAP, guaranteeing partially or in whole any non-recourse Indebtedness, lease,
dividend or other obligation, exclusive of contractual indemnities (including, without limitation, any indemnity or price adjustment provision
relating to the purchase or sale of securities or other assets) and guarantees of non-monetary obligations (other than guarantees of completion)
which have not yet been called on or quantified, of such Person or of any other Person. The amount of any Contingent Obligation described
in clause (b) shall be deemed to be (i) with respect to a guaranty of interest or interest and principal, or operating income
guaranty, the sum of all payments required to be made thereunder (which in the case of an operating income guaranty shall be deemed to
be equal to the debt service for the note supported thereby), calculated at the interest rate applicable to such Indebtedness, through
(x) in the case of an interest or interest and principal guaranty, the stated maturity of the obligation (and commencing on the date
interest could first be payable thereunder), or (y) in the case of an operating income guaranty, the date through which such guaranty
will remain in effect, and (ii) with respect to all guarantees not covered by the preceding clause (i) an amount equal to the
stated or determinable amount of the primary obligation in respect of which such guaranty is made or, if not stated or determinable, the
maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as recorded on the
balance sheet and on the footnotes to the most recent financial statements of the Company required to be delivered pursuant hereto. Notwithstanding
anything contained herein to the contrary, guarantees of completion and of Nonrecourse Carveouts shall not be deemed to be Contingent
Obligations unless and until a claim for payment has been made thereunder, at which time any such guaranty of completion or of Nonrecourse
Carveouts shall be deemed to be a Contingent Obligation in an amount equal to any such claim. Subject to the preceding sentence, (a) in
the case of a joint and several guaranty given by such Person and another Person (but only to the extent such guaranty is recourse, directly
or indirectly to the applicable Person), the amount of such guaranty shall be deemed to be 100% thereof unless and only to the extent
that (i) such other Person has delivered Cash and Cash Equivalents to secure all or any part of such Person’s guaranteed obligations
or (ii) such other Person holds an Investment Grade Credit Rating from any of Moody’s, S&P or Fitch (for avoidance
of doubt, if any of the joint and several parties to a guaranty holds such a rating, such guaranty will be treated the same as if it were
fully cash collateralized), and (b) in the case of a guaranty (whether or not joint and several) of an obligation otherwise constituting
Indebtedness of such Person, the amount of such guaranty shall be deemed to be only that amount in excess of the amount of the obligation
constituting Indebtedness of such Person. Notwithstanding anything contained herein to the contrary, “Contingent Obligations”
shall not be deemed to include guarantees of loan commitments or of construction loans or construction costs to the extent the same have
not been drawn.

 

    A-3

     

    

 

“Control”
means the possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of a Person,
whether through the ownership of voting securities, by contract or otherwise; and the terms “Controlled” and “Controlling”
shall have meanings correlative to the foregoing.

 

“Controlled Entity”
means (a) any of the Subsidiaries of the Company and any of their or the Company’s respective Controlled Affiliates and (b) if
the Company has a parent company, such parent company and its Controlled Affiliates.

 

“Credit Agreement”
means the Fourth Amended and Restated Credit Agreement dated as of February 20, 2020, by and among the Company, Bank of America,
N.A., as administrative agent, and each of the lenders party thereto, as amended by the First Amendment (LIBOR Transition) dated as of
December 1, 2021, as amended by the Second Amendment dated as of April 19, 2022, as further amended, restated, amended and restated,
replaced or otherwise modified from time to time.

 

“Debtor Relief Laws”
means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy, assignment for the benefit of
creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or
other applicable jurisdictions from time to time in effect and affecting the rights of creditors generally.

 

“Default”
means an event or condition the occurrence or existence of which would, with the lapse of time or the giving of notice or both, become
an Event of Default.

 

“Default Rate”
means that rate of interest per annum that is the greater of (a) 2.0% above the rate of interest stated in clause (a) of the
first paragraph of the Notes or (b) 2.0% over the rate of interest publicly announced by JPMorgan Chase Bank, N.A. in New York, New
York as its “base” or “prime” rate.

 

“Disclosure Documents”
is defined in Section 5.3.

 

“Dollars”
or “$” means the lawful currency of the United States of America.

 

“Domestic Subsidiary”
or “Domestic Wholly-Owned Subsidiary” means, with respect to any Person, a Subsidiary or a Wholly-Owned Subsidiary
of such Person organized under the laws of the United States, any state thereof or the District of Columbia.

 

“EBITDA”
means, for any Person for any period and without duplication, the Net Income (Loss) of such Person for such period taken as a single accounting
period, plus (a) the sum of the following amounts of such Person and its Subsidiaries for such period determined on a consolidated
basis in conformity with GAAP to the extent included in the determination of such Net Income (Loss): (i) depreciation expense, (ii) amortization
expense and other non-cash charges, (iii) interest expense, (iv) income tax expense, (v) extraordinary losses and other
non-recurring charges (and other losses on asset sales not otherwise included in extraordinary losses and other non-recurring charges),
and (vi) adjustments as a result of the straight lining of rents and above and below market rent intangibles, less (b) extraordinary
gains (and in the case of the Company and its consolidated Subsidiaries, gains on asset sales not otherwise included in extraordinary
gains) of such Person and its Subsidiaries determined on a consolidated basis in conformity with GAAP to the extent included in the determination
of such Net Income (Loss). For purposes of this definition, nonrecurring items shall be deemed to include, but not be limited to, (1) gains
and losses on early extinguishment of Indebtedness, (2) severance and other restructuring charges, (3) transaction costs of
acquisitions, dispositions, capital markets offerings, debt financings and amendments thereto not permitted to be capitalized pursuant
to GAAP (including, without limitation, any portion of the purchase price payable with respect to an acquisition that is not permitted
to be capitalized pursuant to GAAP), (4) impairment losses, and (5) equity based, non-cash compensation.

 

    A-4

     

    

 

“EDGAR”
means the SEC’s Electronic Data Gathering, Analysis and Retrieval System or any successor SEC electronic filing system for such
purposes.

 

“Eligible Ground
Lease” means a ground lease that (a) has a minimum remaining term of thirty (30) years, including tenant controlled options,
as of any date of determination, (b) has customary notice rights, default cure rights, bankruptcy new lease rights and other customary
provisions for the benefit of a leasehold mortgagee or has equivalent protection for a leasehold permanent mortgagee by a subordination
to such leasehold permanent mortgagee of the landlord's fee interest, and (c) is otherwise acceptable for non-recourse leasehold
mortgage financing under customary prudent lending requirements.

 

“Eligible Project”
means a Project (a) which is free of all title defects, except for Permitted Defects, and material structural defects, and (b) which
is free of Hazardous Materials except as would not materially affect the value of such Project.

 

“Environmental Laws”
means any and all federal, state, local, and foreign statutes, laws, regulations, ordinances, rules, judgments, orders, decrees, permits,
concessions, grants, franchises, licenses, agreements or governmental restrictions relating to pollution and the protection of the environment
or the release of any materials into the environment, including those related to Hazardous Materials.

 

“Equity Interests”
means, with respect to any Person, all of the shares of capital stock of (or other ownership or profit interests in) such Person, all
of the warrants, options or other rights for the purchase or acquisition from such Person of shares of capital stock of (or other ownership
or profit interests in) such Person, all of the securities convertible into or exchangeable for shares of capital stock of (or other ownership
or profit interests in) such Person or warrants, rights or options for the purchase or acquisition from such Person of such shares (or
such other interests), and all of the other ownership or profit interests in such Person (including partnership, member or trust interests
therein), whether voting or nonvoting, and whether or not such shares, warrants, options, rights or other interests are outstanding on
any date of determination.

 

“ERISA”
means the Employee Retirement Income Security Act of 1974 and the rules and regulations promulgated thereunder from time to time
in effect.

 

“ERISA Affiliate”
means any trade or business (whether or not incorporated) that is treated as a single employer together with the Company under section 414
of the Code.

 

    A-5

     

    

 

“Euro”
or “€” means the single currency of the Participating Member States which have adopted the euro unit as their
single currency pursuant to the Treaty of Rome of March 25, 1957, establishing the European Community.

 

“Event of Default”
is defined in Section 11.

 

“Excluded
Subsidiary” means a Subsidiary that is (a) a CFC or FSHCO, (b) a Subsidiary of a CFC or FSHCO, (c) any
other Foreign Subsidiary or (d) a Domestic Subsidiary of a Foreign Subsidiary, and in each case does not provide a Guarantee of Indebtedness
obligations of a United States Person.

 

“Fair Market Value”
means, with respect to any asset or property, the sale value that would be obtained in an arm’s-length transaction between an informed
and willing seller under no compulsion to sell and an informed and willing buyer under no compulsion to buy. Fair Market Value shall be
determined by an officer of the Company acting in good faith and shall be evidenced by an Officer’s Certificate. The Fair Market
Value of any readily marketable securities shall be the number of such securities multiplied by the average Market Price per share or
per unit of such securities during the five consecutive trading days immediately preceding the date of determination. The “Market
Price” of any security on any trading day shall mean, with respect to any security which is listed on a national securities
exchange, the last sale price regular way, or, in case no such sale takes place on such day, the average of the closing bid and asked
prices regular way, in either case on the New York Stock Exchange, or, if such security is not listed or admitted to trading on such exchange,
on the principal national securities exchange on which such security is listed or admitted to trading, or, if such security is not listed
or admitted to trading on any national securities exchange but is designated as a national market system security by the National Association
of Securities Dealers, the last sale price, or, in case no such sale takes place on such day, the average of the closing bid and asked
prices, in either case as reported on the National Association of Securities Dealers Automated Quotation/National Market System, or if
such security is not so designated as a national market systems security, the average of the highest reported bid and lowest reported
asked prices as furnished by the National Association of Securities Dealers or similar organization if the National Association of Securities
Dealers is no longer reporting such information. With respect to operating partnership units of any REIT, such operating partnership units
shall in no event have a value greater than the value of the number of shares of the REIT into which such operating partnership units
are then convertible.

 

“FATCA”
means (a) sections 1471 through 1474 of the Code, as of the date of this Agreement (or any amended or successor version that
is substantively comparable and not materially more onerous to comply with), together with any current or future regulations or official
interpretations thereof, (b) any treaty, law or regulation of any other jurisdiction, or relating to an intergovernmental agreement
between the United States of America and any other jurisdiction, which (in either case) facilitates the implementation of the foregoing
clause (a), and (c) any agreements entered into pursuant to section 1471(b)(1) of the Code.

 

“Fitch”
means Fitch, Inc. and any successor thereto.

 

    A-6

     

    

 

“Fixed Charges”
means, with respect to any period, the sum of, without duplication (a) Interest Expense for such period plus (b) the
aggregate of all scheduled principal payments on Total Outstanding Indebtedness according to GAAP made or required to be made during such
period by the Company and its Subsidiaries (but excluding balloon payments of principal due upon the stated maturity of any Indebtedness)
plus (c) the aggregate of all dividends payable on the Company's or any of its consolidated Subsidiaries' preferred equity
interests (if any) plus (d) the Company’s and its Subsidiaries’ allocable share of amounts of the type described in clauses
(a) and (b) above in respect of Joint Ventures.

 

“Form 10-K”
is defined in Section 7.1(b).

 

“Form 10-Q”
is defined in Section 7.1(a).

 

“Foreign
Subsidiary” means any Subsidiary of the Company that is organized under the laws of a jurisdiction other than the United
States, a state thereof or the District of Columbia.

 

“FSHCO”
means (a) any Subsidiary all or substantially all of the assets of which consists of Equity Interests (or Equity Interests and Indebtedness)
of one or more CFCs or other FSHCOs, and (b) any Subsidiary treated as a disregarded entity for U.S. federal income tax purposes
that holds Equity Interests (or Equity Interests and Indebtedness) of one or more CFCs or other FSHCOs.

 

“GAAP”
means (a) generally accepted accounting principles as in effect from time to time in the United States of America and (b) for
purposes of Section 9.6, with respect to any Subsidiary, generally accepted accounting principles (including International Financial
Reporting Standards, as applicable) as in effect from time to time in the jurisdiction of organization of such Subsidiary.

 

“Governmental Authority”
means

 

(a)            the
government of

 

(i)             the
United States of America or any state or other political subdivision thereof, or

 

(ii)            any
other jurisdiction in which the Company or any Subsidiary conducts all or any part of its business, or which asserts jurisdiction over
any properties of the Company or any Subsidiary, or

 

(b)           any
entity exercising executive, legislative, judicial, regulatory or administrative functions of, or pertaining to, any such government.

 

“Governmental Official”
means any governmental official or employee, employee of any government-owned or government-controlled entity, political party, any official
of a political party, candidate for political office, official of any public international organization or anyone else acting in an official
capacity.

 

 

    A-7

     

    

 

“Guaranty”
means, with respect to any Person, any obligation (except the endorsement in the ordinary course of business of negotiable instruments
for deposit or collection) of such Person guaranteeing or in effect guaranteeing any indebtedness, dividend or other obligation of any
other Person in any manner, whether directly or indirectly, including obligations incurred through an agreement, contingent or otherwise,
by such Person:

 

(a)           to
purchase such indebtedness or obligation or any property constituting security therefor;

 

(b)           to
advance or supply funds (i) for the purchase or payment of such indebtedness or obligation, or (ii) to maintain any working
capital or other balance sheet condition or any income statement condition of any other Person or otherwise to advance or make available
funds for the purchase or payment of such indebtedness or obligation;

 

(c)           to
lease properties or to purchase properties or services primarily for the purpose of assuring the owner of such indebtedness or obligation
of the ability of any other Person to make payment of the indebtedness or obligation; or

 

(d)          otherwise
to assure the owner of such indebtedness or obligation against loss in respect thereof.

 

In any computation of the indebtedness or other
liabilities of the obligor under any Guaranty, the indebtedness or other obligations that are the subject of such Guaranty shall be assumed
to be direct obligations of such obligor.

 

“Hazardous Materials”
means any and all pollutants, toxic or hazardous wastes or other substances that might pose a hazard to health and safety, the removal
of which may be required or the generation, manufacture, refining, production, processing, treatment, storage, handling, transportation,
transfer, use, disposal, release, discharge, spillage, seepage or filtration of which is or shall be restricted, prohibited or penalized
by any applicable law, including asbestos, urea formaldehyde foam insulation, polychlorinated biphenyls, petroleum, petroleum products,
lead based paint, radon gas or similar restricted, prohibited or penalized substances.

 

“holder”
means, with respect to any Note, the Person in whose name such Note is registered in the register maintained by the Company pursuant to
Section 13.1, provided, however, that if such Person is a nominee, then for the purposes of Sections 7, 12, 17.2 and
18 and any related definitions in this Schedule A, “holder” shall mean the beneficial owner of such Note whose name and address
appears in such register.

 

“Indebtedness”
means, as to any Person at a particular time, without duplication, all of the following, whether or not included as indebtedness or liabilities
in accordance with GAAP:

 

(a) all obligations of
such Person for borrowed money and all obligations of such Person evidenced by bonds, debentures, notes, loan agreements or other similar
instruments;

 

(b) the maximum amount
of all direct or contingent obligations of such Person in respect of letters of credit (including standby and commercial), bankers’
acceptances and similar instruments (including bank guaranties, surety bonds, comfort letters, keep-well agreements and capital maintenance
agreements) to the extent such instruments or agreements support financial, rather than performance, obligations;

 

    A-8

     

    

 

(c) the aggregate net
obligations, if any, of such Person under all Swap Contracts, taken as a whole; provided, that if the aggregate net amount of such obligations
is less than $0, the amount of such Person’s Indebtedness under this clause (c) shall be $0;

 

(d) all obligations of
such Person to pay the deferred purchase price of property or services (other than trade accounts payable in the ordinary course of business);

 

(e) indebtedness (excluding
prepaid interest thereon) secured by a Lien on property owned or being purchased by such Person (including indebtedness arising under
conditional sales or other title retention agreements), whether or not such indebtedness shall have been assumed by such Person or is
limited in recourse;

 

(f) all Attributable
Indebtedness in respect of Capitalized Leases and Synthetic Lease Obligations of such Person and all Synthetic Debt of such Person;

 

(g) all obligations of
such Person to purchase, redeem, retire, defease or otherwise make any payment in respect of any Equity Interest (i) in such Person
or any warrant, right or option to acquire such Equity Interest or (ii) in any other Person or any warrant, right or option to acquire
such Equity Interest, in each case valued, in the case of a redeemable preferred interest, at the greater of its voluntary or involuntary
liquidation preference plus accrued and unpaid dividends; and

 

(h) all Guarantees of
such Person in respect of any of the foregoing.

 

For all purposes hereof, the
Indebtedness of any Person shall include the Indebtedness of any partnership or joint venture (other than a joint venture that is itself
a corporation or limited liability company) in which such Person is a general partner or a joint venturer, unless such Indebtedness is
expressly made non-recourse to such Person. The amount of any net obligation under any Swap Contract on any date shall be deemed to be
the Swap Termination Value thereof as of such date.

 

“INHAM Exemption”
is defined in Section 6.2(e).

 

“Institutional Investor”
means (a) any Purchaser of a Note, (b) any holder of a Note holding (together with one or more of its affiliates) more than
10% of the aggregate principal amount of the Notes then outstanding, (c) any bank, trust company, savings and loan association or
other financial institution, any pension plan, any investment company, any insurance company, any broker or dealer, or any other similar
financial institution or entity, regardless of legal form, and (d) any Related Fund of any holder of any Note.

 

    A-9

     

    

 

“Interest Expense”
means, for any period, an amount equal to, without duplication (a) interest expense (including capitalized interest expense) of the
Company and its Subsidiaries during such period, plus (b) the portion of the interest expense of Joint Ventures allocable
to the Company and its Subsidiaries in accordance with GAAP on account of ownership of an interest in a Joint Venture during such period
minus (c) extraordinary interest expense related to debt prepayments or defeasance of loans minus (d) amortization
of deferred costs associated with new financings or refinancings of existing Indebtedness minus (e) capitalized interest expense
related to Real Property under construction minus (f) any fees related to the Credit Agreement.

 

“Investment Grade
Credit Rating” means, with respect to any Person, receipt by such Person of the Company’s senior unsecured non-credit
enhanced long-term Indebtedness for borrowed money of BBB- or higher by S&P or Fitch, or Baa3 or higher by Moody’s.

 

“Joint Venture”
means a partnership, limited liability company, joint venture (including a tenancy in common ownership pursuant to a written agreement
providing for substantially the same rights and obligations relating to such property that would be in a joint venture agreement), or
corporation which is not wholly-owned by the Company (or one of its Subsidiaries).

 

“Joint Venture EBITDA”
means, for any period, EBITDA from a Joint Venture, calculated as revenue allocated to the Company and its Subsidiaries based on such
Person’s ownership interest in such Joint Venture, minus 2% of such revenue.

 

“Lease”
means a lease, license, concession agreement or other agreement providing for the use or occupancy of any portion of any Project, including
all amendments, supplements, modifications and assignments thereof and all side letters or side agreements relating thereto.

 

“Leverage Ratio”
as of any date means the ratio, expressed as a percentage, of Total Outstanding Indebtedness as of such date to Total Value as of such
date.

 

“Lien”
means any mortgage, pledge, hypothecation, assignment, deposit arrangement, encumbrance, lien (statutory or other), charge, or preference,
priority or other security interest or preferential arrangement in the nature of a security interest of any kind or nature whatsoever
(including any conditional sale or other title retention agreement, any easement, right of way or other encumbrance on title to real property,
and any financing lease having substantially the same economic effect as any of the foregoing).

 

“Make-Whole Amount”
is defined in Section 8.6.

 

“Managed Programs”
means an investment vehicle funded, in whole or in part, with third party capital (including without limitation, a fund, REIT, partnership
or BDC), in each case, managed or advised by the Company or a Subsidiary thereof and listed on Schedule 5.4 (as updated to the holders
of Notes from time to time by the Company).

 

“Marketable Securities”
means (a) short term marketable securities, issued by any entity (other than the Company or an Affiliate of the Company) organized
and existing under the laws of the United States of America, with a long term unsecured indebtedness rating with Moody’s or S&P
of Baa2/BBB or better, respectively, and (b) in the case of any Subsidiary of the Company other than a Domestic Subsidiary thereof,
local short term marketable securities comparable to those described in clause (a) of this definition.

 

“Material”
means material in relation to the business, operations, affairs, financial condition, assets, properties, or prospects of the Company
and its Subsidiaries taken as a whole.

 

“Material Adverse
Effect” means a material adverse effect on (a) the business, operations, affairs, financial condition, assets or properties
of the Company and its Subsidiaries taken as a whole, (b) the ability of the Company to perform its obligations under this Agreement
and the Notes, (c) the ability of any Subsidiary Guarantor to perform its obligations under its Subsidiary Guaranty, or (d) the
validity or enforceability of this Agreement, the Notes or any Subsidiary Guaranty.

 

    A-10

     

    

 

“Material Credit
Facility” means, as to the Company and its Subsidiaries,

 

(a)           the
Credit Agreement, including any renewals, extensions, amendments, supplements, restatements, replacements or refinancing thereof; and

 

(b)          any
other agreement(s) creating or evidencing Recourse Indebtedness for borrowed money entered into on or after the date of Closing by
the Company or any Subsidiary, or in respect of which the Company or any Subsidiary is an obligor or otherwise provides a guarantee or
other credit support (“Credit Facility”), in a principal amount outstanding or available for borrowing equal to or
greater than $100,000,000 (or the equivalent of such amount in the relevant currency of payment, determined as of the date of the closing
of such facility based on the exchange rate of such other currency); and if no Credit Facility or Credit Facilities equal or exceed such
amounts, then the largest Credit Facility shall be deemed to be a Material Credit Facility.

 

“Material Subsidiary”
of the Company means, at any date of determination, each Subsidiary or group of Subsidiaries of the Company (a) whose contribution
to Total Value at the last day of the most recent fiscal period for which a compliance certificate was delivered pursuant to Section 7.2
was equal to or greater than 5% of Total Value at such date (it being understood that such calculations shall be determined in the aggregate
for all Subsidiaries of the Company subject to any of the Events of Default set forth in Sections 11(g), (h) or (i).

 

“Maturity Date”
is defined in the first paragraph of each Note.

 

“Moody’s”
means Moody’s Investors Service, Inc. and any successor thereto.

 

“Multiemployer Plan”
means any Plan that is a “multiemployer plan” (as such term is defined in section 4001(a)(3) of ERISA).

 

“NAIC”
means the National Association of Insurance Commissioners.

 

“Net Asset Value”
means the value of a security determined on a net asset value basis by an officer of the Company in good faith and evidenced by an Officer’s
Certificate, which determination shall be based on an appraisal of an independent third-party appraiser regularly engaged in the valuation
of securities of the same type as the securities being valued.

 

“Net Income (Loss)”
means, for any Person for any period, the aggregate of net income (or loss) of such Person and its Subsidiaries for such period, determined
on a consolidated basis in conformity with GAAP.

 

“Net Operating Income”
means, with respect to any Property at any time and without duplication, an amount equal to the difference (if positive) between (a) the
aggregate gross revenues from the operation of such Property from tenants paying rent (including proceeds from rent loss insurance) during
the then most recently ended fiscal quarter of the Company for which financial statements have been provided to the holders of Notes,
and (b) the sum of (i) all expenses and other proper charges incurred by the Company or one or more Subsidiaries of the Company
(or by any Joint Venture in which the Company, directly or indirectly, owns an interest) during such fiscal quarter in connection with
the operation of such Property (including accruals for real estate taxes and insurance, but excluding debt service charges, income taxes,
depreciation, amortization and other non-cash expenses), which expenses and accruals shall be calculated in accordance with GAAP and (ii) a
management, advisory or similar fee in an amount equal to the greater of (x) one percent (1.00%) of the net lease rental payments
payable in respect of such Property during such fiscal quarter and (y) actual management, advisory or similar fees paid in cash during
such fiscal quarter. Notwithstanding the foregoing, the Net Operating Income with respect to any Property that has not at the time of
determination been owned by the Company or one or more Subsidiaries of the Company (or by any Joint Venture in which the Company, directly
or indirectly, owns an interest) for an entire fiscal quarter shall be deemed to be the Projected Property NOI of such Property.

 

    A-11

     

    

 

“Nonrecourse Carveouts”
means the personal liability of an obligor under Indebtedness for fraud, misrepresentation, misapplication or misappropriation of cash,
waste, environmental liability, bankruptcy filing or any other circumstances customarily excluded from non-recourse provisions and non-recourse
financing of real estate.

 

“Nonrecourse Indebtedness”
of any Person means all Indebtedness of such Person with respect to which recourse for payment is limited to specific assets encumbered
by a Lien securing such Indebtedness (other than Nonrecourse Carveouts); provided, that if in connection therewith a personal recourse
claim is established by judgment decree or award by any court of competent jurisdiction or arbitrator of competent jurisdiction and execution
or enforcement thereof shall not be effectively stayed for 30 consecutive days and such Indebtedness shall not be paid or otherwise satisfied
within such 30 day period, then such Indebtedness in an amount equal to the personal recourse claim established by judgment or award shall
not constitute Nonrecourse Indebtedness for purposes of this Agreement.

 

“Non-Swapped Note”
is defined in Section 8.6(a).

 

“Non-U.S. Plan”
means any plan, fund or other similar program that (a) is established or maintained outside the United States of America by the Company
or any Subsidiary primarily for the benefit of employees of the Company or one or more Subsidiaries residing outside the United States
of America, which plan, fund or other similar program provides, or results in, retirement income, a deferral of income in contemplation
of retirement or payments to be made upon termination of employment, and (b) is not subject to ERISA or the Code.

 

“Notes”
is defined in Section 1.

 

“OFAC”
means the Office of Foreign Assets Control of the United States Department of the Treasury.

 

“OFAC
Sanctions Program” means any economic or trade sanction that OFAC is responsible for administering and enforcing. A list of
OFAC Sanctions Programs may be found at http://www.treasury.gov/resource-center/sanctions/Programs/Pages/Programs.aspx.

 

    A-12

     

    

 

“Officer’s
Certificate” means a certificate of a Senior Financial Officer or of any other officer of the Company whose responsibilities
extend to the subject matter of such certificate.

 

“PBGC”
means the Pension Benefit Guaranty Corporation referred to and defined in ERISA.

 

“Permitted Defects”
means, with respect to any Project:

 

(a) Liens imposed by
law for taxes, assessments, governmental charges or levies that are not yet due or are being contested in compliance with Section 9.4;

 

(b) carriers’,
warehousemen’s, mechanics’, materialmen’s, repairmen’s and other like Liens imposed by law, arising in the ordinary
course of business and securing obligations that are not overdue by more than 30 days or are being contested in compliance with Section 9.4;

 

(c) easements, zoning
restrictions, rights of way and similar encumbrances on real property imposed by law or arising in the ordinary course of business that
do not secure any monetary obligations and do not materially detract from the value of the affected property or materially interfere with
the ordinary conduct of business of any direct or indirect owner of such Project;

 

(d) Liens securing judgments
for the payment of money not constituting an Event of Default under Section 11(j);

 

(e) Liens consisting
of an agreement to dispose of any property in a disposition not prohibited by this Agreement; provided that such Liens encumber
only the applicable assets pending consummation of the disposition;

 

(f) (i) leases,
licenses, subleases or sublicenses granted to other Persons in the ordinary course of business which do not (A) interfere in any
material respect with the business of the Company and its Subsidiaries, taken as a whole, or (B) secure any Indebtedness and (ii) the
rights reserved or vested in any Person by the terms of any lease, license, franchise, grant or permit held by any of the direct or indirect
owners of such Project); and

 

(g) Liens with respect
to Capitalized Leases of equipment entered into in the ordinary course of business of the Consolidated Businesses.

 

“Person”
means an individual, partnership, corporation, limited liability company, association, trust, unincorporated organization, business entity
or Governmental Authority.

 

“Plan”
means an “employee benefit plan” (as defined in section 3(3) of ERISA) subject to Title I of ERISA that is or, within
the preceding five years, has been established or maintained, or to which contributions are or, within the preceding five years, have
been made or required to be made, by the Company or any ERISA Affiliate or with respect to which the Company or any ERISA Affiliate may
have any liability.

 

“Presentation”
is defined in Section 5.3.

 

    A-13

     

    

 

“Project”
means any land and the structures thereon, including, without limitation, any office, industrial/manufacturing facility, educational facility,
retail facility, distribution/warehouse facility, assembly or production facility, laboratory facility, hotel, day care center, self-storage
facility, health care/hospital facility, restaurant, radio or TV station, broadcasting/communication facility (including any transmission
facility), signage, theater, fitness facilities, parking facilities, student housing or residential facilities, any combination of any
of the foregoing, or any land to be developed into any one or more of the foregoing pursuant to a written agreement with respect to such
land for a transaction involving a Lease (or franchise agreement, in the case of a hotel), in each case owned, directly or indirectly,
by any of the Consolidated Businesses.

 

“Projected Property
NOI” means, with respect to any Property that has not at the time of determination been owned by one or more Subsidiaries of
the Company (or by any Joint Venture in which the Company, directly or indirectly, owns an interest) for an entire fiscal quarter, the
projected, pro forma Net Operating Income for such Property for such fiscal quarter as mutually agreed by the Company and the Purchasers
based on (i) if available, historical financial statements for such Property under prior ownership for the full fiscal quarter ended
immediately prior to the date of determination or (ii) if such historical financial statements are not available, the projected aggregate
gross revenues from the operation of such Property from tenants in occupancy and paying rent for the fiscal quarter during which such
determination is made (calculated on a pro forma basis based on the assumption that such tenants were in occupancy and paying rent
from and after the first day of such fiscal quarter through and including the last day thereof).

 

“Property”
means any Real Property or personal property, plant, building, facility, structure, equipment, general intangible, receivable, or other
asset owned or leased by any of the Consolidated Businesses or any Joint Venture in which the Company, directly or indirectly, owns an
interest.

 

“property”
or “properties” means, unless otherwise specifically limited, real or personal property of any kind, tangible or intangible,
choate or inchoate.

 

“PTE” is
defined in Section 6.2(a).

 

“Purchaser”
or “Purchasers” means each of the purchasers that has executed and delivered this Agreement to the Company and such
Purchaser’s successors and assigns (so long as any such assignment complies with Section 13.2), provided, however,
that any Purchaser of a Note that ceases to be the registered holder or a beneficial owner (through a nominee) of such Note as the result
of a transfer thereof pursuant to Section 13.2 shall cease to be included within the meaning of “Purchaser” of such Note
for the purposes of this Agreement upon such transfer.

 

“Purchaser Schedule”
means the Purchaser Schedule to this Agreement listing the Purchasers of the Notes and including their notice and payment information.

 

“QPAM Exemption”
is defined in Section 6.2(d).

 

“Qualified Institutional
Buyer” means any Person who is a “qualified institutional buyer” within the meaning of such term as set forth in
Rule 144A(a)(1) under the Securities Act.

 

    A-14

     

    

 

“Real Property”
means any present and future right, title and interest (including, without limitation, any leasehold estate) in (a) any plots, pieces
or parcels of land, (b) any buildings, fixtures, structures, parking areas and related facilities and amenities (including all sitework,
utilities, infrastructure, paving, striping, signage, curb and gutter, landscaping and other improvements whether existing now or hereafter
constructed), together with all machinery and mechanical, electrical, HVAC and plumbing systems presently located thereon and used in
the operation thereof, excluding (i) any such items owned by utility service providers, (ii) any such items owned by tenants
or other third parties that are not Affiliates of the Company and (iii) any items of personal property (the rights and interests
described in clauses (a) and (b) above being the “Premises”), (c) all easements, rights of way, gores
of land or any lands occupied by streets, ways, alleys, passages, sewer rights, water courses, water rights and powers, air rights and
public places adjoining such land, and any other interests in property constituting appurtenances to the Premises, or which hereafter
shall in any way belong, relate or be appurtenant thereto, (d) all hereditaments, gas, oil, minerals (with the right to extract,
sever and remove such gas, oil and minerals), and easements, of every nature whatsoever, located in, on or benefiting the Premises and
(e) all other rights and privileges thereunto belonging or appertaining and all extensions, additions, improvements, betterments,
renewals, substitutions and replacements to or of any of the rights and interests described in clauses (c) and (d) above.

 

“Recognized German
Bund Market Makers” is defined in Section 8.6(a).

 

“Recourse Indebtedness”
means with respect to a Person, Indebtedness of such Person other than Nonrecourse Indebtedness of such Person.

 

“REIT”
means a domestic trust or corporation that qualifies as a real estate investment trust under the provisions of Sections 856 et seq. of
the Code.

 

“REIT Status”
means, with respect to any Person, (a) the qualification of such Person as a REIT and (b) the applicability to such Person and
its shareholders of the method of taxation provided for in Sections 857 et seq. of the Code.

 

“Related Fund”
means, with respect to any holder of any Note, any fund or entity that (a) invests in Securities or bank loans, and (b) is advised
or managed by such holder, the same investment advisor as such holder or by an affiliate of such holder or such investment advisor.

 

“Replacement Swap
Agreement” is defined in Section 8.6(b).

 

“Required Holders”
means at any time (i) prior to the Closing, the Purchasers and (ii) on or after the Closing, the holders of more than 50% in
principal amount of the Notes at the time outstanding (exclusive of Notes then owned by the Company or any of its Affiliates).

 

“Responsible Officer”
means any Senior Financial Officer and any other officer of the Company with responsibility for the administration of the relevant portion
of this Agreement.

 

“Restricted Payment”
means any dividend or other distribution (whether in cash, securities or other property) with respect to any equity securities or other
Equity Interests of the Company or any Subsidiary thereof (except dividends payable solely in equity securities of the Company or in rights
to subscribe for or purchase equity securities of the Company), or any payment (whether in cash, securities or other property), including
any sinking fund or similar deposit, on account of the purchase, redemption, retirement, acquisition, cancellation or termination of any
such equity securities or other Equity Interests, or on account of any return of capital to the Company’s stockholders, partners
or members (or the equivalent Person thereof).

 

    A-15

     

    

 

 

“Rule 144A
Transaction” means a sale or issuance of notes or bonds that are exempt from registration with the SEC under Rule 144A
of the Securities Act.

 

“S&P”
means Standard & Poor’s Financial Services LLC, a division of The McGraw-Hill Companies, Inc., and any successor
thereto.

 

“SEC”
means the Securities and Exchange Commission of the United States of America.

 

“Secured Indebtedness”
means any Indebtedness secured by a Lien (excluding Indebtedness arising under this Agreement).

 

“Securities”
or “Security” shall have the meaning specified in section 2(1) of the Securities Act.

 

“Securities Act”
means the Securities Act of 1933 and the rules and regulations promulgated thereunder from time to time in effect.

 

“Senior Financial
Officer” means the chief financial officer, principal accounting officer, treasurer, comptroller or director
of capital markets of the Company.

 

“series”
is defined in Section 1.

 

“Series A Notes”
is defined in Section 1.

 

“Series B Notes”
is defined in Section 1.

 

“Source”
is defined in Section 6.2.

 

“Specified Jurisdictions”
means, collectively, the United States, Germany, Poland, the Netherlands, Spain, United Kingdom, France, Denmark, Finland, Canada, Norway,
Austria, Japan, Sweden and Belgium.

 

“State Sanctions
List” means a list that is adopted by any state Governmental Authority within the United States of America pertaining to Persons
that engage in investment or other commercial activities in Iran or any other country that is a target of economic sanctions imposed
under U.S. Economic Sanctions Laws.

 

“Subsidiary”
means, as to any Person, any other Person in which such first Person or one or more of its Subsidiaries or such first Person and one
or more of its Subsidiaries owns sufficient equity or voting interests to enable it or them (as a group) ordinarily, in the absence of
contingencies, to elect a majority of the directors (or Persons performing similar functions) of such second Person, and any partnership
or joint venture if more than a 50% interest in the profits or capital thereof is owned by such first Person or one or more of its Subsidiaries
or such first Person and one or more of its Subsidiaries (unless such partnership or joint venture can and does ordinarily take major
business actions without the prior approval of such Person or one or more of its Subsidiaries). Unless the context otherwise clearly
requires, any reference to a “Subsidiary” is a reference to a Subsidiary of the Company.

 

    A-16 

     

    

 

“Subsidiary Guarantor”
means each Subsidiary that has executed and delivered a Subsidiary Guaranty.

 

“Subsidiary Guaranty”
is defined in Section 9.7(a).

 

“Substitute Purchaser”
is defined in Section 21.

 

“SVO”
means the Securities Valuation Office of the NAIC.

 

“Swap Agreement”
is defined in Section 8.6(b).

 

“Swap Contract”
means (a) any and all interest rate swap transactions, basis swap transactions, basis swaps, credit derivative transactions, forward
rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or
bond price or bond index swaps or options or forward foreign exchange transactions, cap transactions, floor transactions, currency options,
spot contracts or any other similar transactions or any of the foregoing (including any options to enter into any of the foregoing),
and (b) any and all transactions of any kind, and the related confirmations, which are subject to the terms and conditions of, or
governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc. or any International
Foreign Exchange Master Agreement.

 

“Swap Termination
Value” means, in respect of any one or more Swap Contracts, after taking into account the effect of any legally enforceable
netting agreement relating to such Swap Contracts, (a) for any date on or after the date such Swap Contracts have been closed out
and termination value(s) determined in accordance therewith, such termination value(s), and (b) for any date prior to the date
referenced in clause (a), the amounts(s) determined as the mark-to-market values(s) for such Swap Contracts, as determined
based upon one or more mid-market or other readily available quotations provided by any recognized dealer in such Swap Contracts.

 

“Swapped
Note” is defined in Section 8.6(b).

 

“Swapped Note Called
Notional Amount” is defined in Section 8.6(b).

 

“Swapped Note Called
Principal” is defined in Section 8.6(b).

 

“Swapped Note Discounted
Value” is defined in Section 8.6(b).

 

“Swapped Note Reinvestment
Yield” is defined in Section 8.6(b).

 

“Swapped Note Remaining
Average Life” is defined in Section 8.6(b).

 

“Swapped Note Remaining
Scheduled Swap Payments” is defined in Section 8.6(b).

 

“Swapped Note Settlement
Date” is defined in Section 8.6(b).

 

    A-17 

     

    

 

 

“Synthetic Debt”
means, with respect to any Person as of any date of determination thereof, all obligations of such Person in respect of transactions
entered into by such Person that are intended to function primarily as a borrowing of funds (including any minority interest transactions
that function primarily as a borrowing) but are not otherwise included in the definition of “Indebtedness” or as a liability
on the consolidated balance sheet of such Person and its Subsidiaries in accordance with GAAP.

 

“Synthetic Lease
Obligation” means the monetary obligation of a Person under (a) a so-called synthetic, off-balance sheet or tax retention
lease, or (b) an agreement for the use or possession of property (including sale and leaseback transactions), in each case, creating
obligations that do not appear on the balance sheet of such Person but which, upon the application of any Debtor Relief Laws to such
Person, would be characterized as indebtedness of such Person (without regard to accounting treatment).

 

“TARGET
Settlement Day” means a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer payment system
(or any successor thereto) is open for the settlement of payments in Euros.

 

“Total
Outstanding Indebtedness” means, as of any date, the sum, without duplication, of (a) the amount of Indebtedness (secured
and unsecured and recourse or non-recourse) of the Company and its Subsidiaries, including, without limitation, mortgage loans, outstanding
balances on lines of credit and notes payable, in each case, as set forth in the then most recent compliance certificate delivered pursuant
to Section 7.2 plus (b) the outstanding amount of Indebtedness of Joint Ventures allocable in accordance with GAAP on
account of ownership of interests in Joint Ventures to the Company and its Subsidiaries as of the time of determination (with appropriate
adjustments for minority interests) plus (c) the Contingent Obligations of the Company and its Subsidiaries in respect of
Indebtedness and, to the extent allocable to the Company and its Subsidiaries in accordance with GAAP on account of ownership of interests
in Joint Ventures, of the Joint Ventures in respect of Indebtedness (with appropriate adjustments for minority interests).

 

“Total Secured Outstanding
Indebtedness” means, as of any date, the portion of Total Outstanding Indebtedness that is Secured Indebtedness.

 

“Total Unsecured
Outstanding Indebtedness” means, as of any date, the portion of Total Outstanding Indebtedness that is not Secured Indebtedness.

 

“Total Value”
means, as of any date, the sum, without duplication, of:

 

(a) unrestricted Cash
and Cash Equivalents which would be included on the Consolidated Businesses’ consolidated balance sheet as of such date including
fully refundable deposits associated with any potential acquisition and unrestricted cash in respect of Section 1031 exchanges;
plus

 

(b) Fair Market Value
of Marketable Securities; plus

 

    A-18 

     

    

 

(c) in respect of Projects
(excluding Projects described in clause (e), (h), (k) or (l) below) owned or ground-leased by the Company and its Subsidiaries
for at least four full fiscal quarters, (i) the Net Operating Income for such Projects for the then most recently ended fiscal quarter
multiplied by four (or such other calculation period and method for annualization as may be set forth in the Credit Agreement from time
to time and notified to the holders of Notes within 30 days of any such change in the Credit Agreement),
divided by (ii) the Capitalization Rate; plus

 

(d) the investment (at
cost without depreciation) in Projects (excluding Projects described in clause (e), (h), (k) or (l) below) owned or ground-leased
by the Company or its Subsidiaries for less than four full fiscal quarters; plus

 

(e) an amount equal
to 50% of the book value of Property that has been vacant for less than twelve months, as adjusted in accordance with GAAP to reflect
impairment charges; plus

 

(f) the investment in
Joint Ventures, valued according to the methodologies under clauses (c) or (d) above which is allocable to the Company or its
Subsidiaries based on their ownership interests in the related Joint Ventures in accordance with GAAP; plus

 

(g) investments in notes
secured by mortgages on the Real Property of any Person at cost, less an amount equal to accrued amortization payments in respect thereof;
plus

 

(h) contractual purchase
price of Projects owned or ground-leased by the Company and its Subsidiaries subject to purchase obligations, repurchase obligations,
forward commitments and unfunded obligations to the extent such obligations and commitments are included in determinations of Total Outstanding
Indebtedness; plus

 

(i) the book value of
all loans made by the Company or its Subsidiaries to Managed Programs, as adjusted in accordance with GAAP to reflect impairment charges;
plus

 

(j) the Net Asset Value
of all investments in the securities of Managed Programs and other common and preferred equity investments published as of the end of
the most recent fiscal quarter for which financial statements have been delivered pursuant to Section 7.1 (or, to the extent
no such published Net Asset Value exists for a Managed Program or other common and preferred equity investments, the amount of the investment
by the Company and its Subsidiaries in such Managed Program or other common and preferred equity investments (as applicable) as of the
end of such fiscal quarter determined in accordance with the equity method of accounting); plus

 

(k) investments in Real
Property under construction which is proceeding to completion in the ordinary course (valued at the aggregate costs incurred and paid
to date); provided that the amount under this clause (k) shall be limited to 10% of Total Value; plus

 

(l) investments (at
the lower of cost or market value) in Real Property consisting of undeveloped land.

 

    A-19 

     

    

 

Notwithstanding
the foregoing and solely for the purposes of this definition:

 

(A) the
sum of the aggregate investments described in clauses (f), (g) and (l) above shall not exceed 30% of Total Value with any excess
over the foregoing limits being excluded from Total Value; and

 

(B) other
than with respect to the investments in Joint Ventures in clause (f) above, investments set forth in clauses (a) through (l) above
shall not include investments of Joint Ventures.

 

“UCC”
means the Uniform Commercial Code as in effect in the State of New York; provided that, if perfection or the effect of perfection
or non-perfection or the priority of any security interest in any collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, “UCC” means the Uniform Commercial Code as in effect from time
to time in such other jurisdiction for purposes of the provisions hereof relating to such perfection, effect of perfection or non-perfection
or priority.

 

“United States Person”
has the meaning set forth in Section 7701(a)(30) of the Code.

 

“USA PATRIOT Act”
means United States Public Law 107-56, Uniting and Strengthening America by Providing Appropriate Tools Required to Intercept and Obstruct
Terrorism (USA PATRIOT ACT) Act of 2001 and the rules and regulations promulgated thereunder from time to time in effect.

 

“Unencumbered Asset
Value” means, as of any date, the sum, without duplication, of:

 

(a) unrestricted Cash
and Cash Equivalents which would be included on the Consolidated Businesses’ consolidated balance sheet as of such date including
fully refundable deposits associated with any potential acquisition and unrestricted cash in respect of Section 1031 exchanges;

 

(b) in respect of Unencumbered
Eligible Projects (excluding Unencumbered Eligible Projects described in clause (d) or (e) below) owned or ground-leased by
the Company and its Subsidiaries for at least four full fiscal quarters, (i) the portion of Unencumbered Property NOI derived from
such Unencumbered Eligible Projects for the then most recently ended fiscal quarter multiplied by four (or such other calculation period
and method for annualization as may be set forth in the Credit Agreement from time to time and notified to the holders of Notes within
30 days of any such change in the Credit Agreement), divided by (ii) the Capitalization Rate;

 

(c) the investment (at
cost without depreciation) in Unencumbered Eligible Projects (excluding Unencumbered Eligible Projects described in clause (d) or
(e) below) owned or ground-leased by the Company or its Subsidiaries for less than four full fiscal quarters;

 

(d) an amount equal
to 50% of the book value of investments made by the Company and its Subsidiaries in Unencumbered Eligible Projects consisting of properties
that have been vacant for less than twelve months, as adjusted in accordance with GAAP to reflect impairment charges; and

 

    A-20 

     

    

 

(e) investments in Real
Property under construction which is proceeding to completion in the ordinary course (valued at the aggregate costs incurred and paid
to date).

 

Notwithstanding the foregoing
and solely for the purposes of this definition:

 

(A) the sum of the aggregate
investments described in clauses (d) and (e) above shall not exceed 15% of Unencumbered Asset Value, in each case, with any
excess over the foregoing limits being excluded from the Unencumbered Asset Value; and

 

(B) not more than 25%
of the Unencumbered Asset Value at any time may be in respect of Unencumbered Eligible Projects that are not located in Specified Jurisdictions,
with any excess over such limit being excluded from the Unencumbered Asset Value.

 

“Unencumbered Eligible
Project” means an Eligible Project (a) with respect to which either (i) one or more of the Company or any Subsidiary
Guarantor has a direct or indirect ownership interest of 100% or a ground leasehold interest under an Eligible Ground Lease, or (ii)(A) one
or more of the Company or any Subsidiary Guarantor has an ownership interest (whether directly or indirectly through a Subsidiary or
through an interest in a Joint Venture) of more than 25%, (B) one or more Managed Programs has all of the remaining ownership interests
in such Eligible Project and (C) the Company (whether directly or through a Subsidiary or a Joint Venture Controlled by the Company)
controls the management of such Project, and (b) which is not subject (nor are any equity interests therein owned by the Company
and Subsidiaries thereof subject) to any Liens or preferred equity interests, except for Liens permitted pursuant to Section 10.5(a) to
(k) (inclusive) and buy sell rights with respect to Joint Ventures on customary terms and conditions. As used in this definition
only, the term “control” shall mean the authority, with sole discretion, to make major management decisions with respect
to the applicable Project, including with respect to sale, financing, refinancing, capital improvements, leasing and the grant of Liens
on such Project and to manage the day to day operations of such Project.

 

Notwithstanding the foregoing,
(x) an Eligible Project located in any country, region or territory to the extent that such country, region or territory itself
is the subject of any U.S. Economic Sanctions Laws shall not qualify as an Unencumbered Eligible Project and (y) if any Consolidated
Business that directly or indirectly (whether through a Subsidiary or through an interest in a Joint Venture) owns an Eligible Project
or a portion thereof is a borrower or guarantor of, or otherwise incurs a payment obligation in respect of, any Indebtedness of the type
described in clause (a) of such definition that is not (1) owing to any of the Consolidated Businesses or (2) Secured
Indebtedness (including, without limitation and for the avoidance of doubt, Indebtedness (other than Secured Indebtedness) that
is incurred under or in connection with notes or bonds issued in a Rule 144A Transaction) and is not a Subsidiary Guarantor, such
Eligible Project shall not qualify as an Unencumbered Eligible Project.

 

“Unencumbered Property
NOI” means the aggregate Net Operating Income from the Unencumbered Eligible Projects. Unencumbered Property NOI from Unencumbered
Eligible Projects owned by Joint Ventures with Managed Programs will be calculated as the Net Operating Income from such Unencumbered
Eligible Projects allocated to the Company and its Subsidiaries based on their ownership interest in such Joint Venture.

 

    A-21 

     

    

 

“U.S. Economic Sanctions
Laws” means those laws, executive orders, enabling legislation or regulations administered and enforced by the United States
pursuant to which economic sanctions have been imposed on any Person, entity, organization, country or regime, including the Trading
with the Enemy Act, the International Emergency Economic Powers Act, the Iran Sanctions Act, the Sudan Accountability and Divestment
Act and any other OFAC Sanctions Program.

 

“Wholly-Owned Subsidiary”
means, at any time, any Subsidiary all of the equity interests (except directors’ qualifying shares) and voting interests of which
are owned by any one or more of the Company and the Company’s other Wholly-Owned Subsidiaries at such time.

 

    A-22 

     

    

 

[Form of
Series A Note]

 

W.P.
Carey Inc.

 

3.41%
Senior Note, Series A, Due September 28, 2029

 

	No. RA-[_____]	[Date]
	€[_______]	PPN 92936U
    A*0

 

For
Value Received, the undersigned, W.P. Carey Inc. (herein called the “Company”),
a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to [____________], or registered
assigns, the principal sum of [_____________________] Euros (or so much thereof as shall
not have been prepaid) on September 28, 2029 (the “Maturity Date”), with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.41% per annum from the date hereof, payable
semiannually, on the 1st day of February and August in each year, commencing with the February 1st or August 1st
next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default,
on such unpaid balance and on any overdue payment of any Make-Whole Amount, and any overdue payment of any Swap Breakage Loss, at a rate
per annum from time to time equal to the greater of (i) 5.41% or (ii) 2.0% over the rate of interest publicly announced by
JPMorgan Chase Bank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually
as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in Euros. At any time this Note is a Swapped Note, payments
of any Make-Whole Amount or Swap Breakage Loss, if any, are to be made in lawful money of the United States of America. In each case,
payments with respect to this Note are to be made at the principal office of the Company in New York , New York or at such other place
as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred
to below.

 

This Note is one of a series
of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated August 31,
2022 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed
to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set
forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have
the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a registered
Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new
Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration
of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving
payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

Schedule
1-A

(to Note Purchase Agreement)

 

    

     

    

 

This Note is subject to optional
prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount and any Swap Breakage Loss) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

	 	W.P. Carey Inc.
	 	 
	 	 
	 	By	 
	 	Name:
	 	Title:

 

    1-A-2-

     

    

 

[Form of
Series B Note]

 

W.P.
Carey Inc.

 

3.70%
Senior Note, Series B, Due September 28, 2032

 

	No. RB-[_____]	[Date]
	€[_______]	PPN
    92936U A@8

 

For
Value Received, the undersigned, W.P. Carey Inc. (herein called the “Company”),
a corporation organized and existing under the laws of the State of Maryland, hereby promises to pay to [____________], or registered
assigns, the principal sum of [_____________________] Euros (or so much thereof as shall
not have been prepaid) on September 28, 2032 (the “Maturity Date”), with interest (computed on the basis of a
360-day year of twelve 30-day months) (a) on the unpaid balance hereof at the rate of 3.70% per annum from the date hereof, payable
semiannually, on the 1st day of February and August in each year, commencing with the February 1st or August 1st
next succeeding the date hereof, and on the Maturity Date, until the principal hereof shall have become due and payable, and (b) to
the extent permitted by law, (x) on any overdue payment of interest and (y) during the continuance of an Event of Default,
on such unpaid balance and on any overdue payment of any Make-Whole Amount, and any overdue payment of any Swap Breakage Loss, at a rate
per annum from time to time equal to the greater of (i) 5.70% or (ii) 2.0% over the rate of interest publicly announced by
JPMorgan Chase Bank, N.A. from time to time in New York, New York as its “base” or “prime” rate, payable semiannually
as aforesaid (or, at the option of the registered holder hereof, on demand).

 

Payments of principal of,
interest on and any Make-Whole Amount with respect to this Note are to be made in Euros. At any time this Note is a Swapped Note, payments
of any Make-Whole Amount or Swap Breakage Loss, if any, are to be made in lawful money of the United States of America. In each case,
payments with respect to this Note are to be made at the principal office of the Company in New York, New York or at such other place
as the Company shall have designated by written notice to the holder of this Note as provided in the Note Purchase Agreement referred
to below.

 

This Note is one of a series
of Senior Notes (herein called the “Notes”) issued pursuant to the Note Purchase Agreement, dated August 31,
2022 (as from time to time amended, the “Note Purchase Agreement”), between the Company and the respective Purchasers
named therein and is entitled to the benefits thereof. Each holder of this Note will be deemed, by its acceptance hereof, to have (i) agreed
to the confidentiality provisions set forth in Section 20 of the Note Purchase Agreement and (ii) made the representation set
forth in Section 6.2 of the Note Purchase Agreement. Unless otherwise indicated, capitalized terms used in this Note shall have
the respective meanings ascribed to such terms in the Note Purchase Agreement.

 

This Note is a registered
Note and, as provided in the Note Purchase Agreement, upon surrender of this Note for registration of transfer accompanied by a written
instrument of transfer duly executed, by the registered holder hereof or such holder’s attorney duly authorized in writing, a new
Note for a like principal amount will be issued to, and registered in the name of, the transferee. Prior to due presentment for registration
of transfer, the Company may treat the Person in whose name this Note is registered as the owner hereof for the purpose of receiving
payment and for all other purposes, and the Company will not be affected by any notice to the contrary.

 

Schedule
1-B

(to Note Purchase Agreement)

 

    

     

    

 

This Note is subject to optional
prepayment, in whole or from time to time in part, at the times and on the terms specified in the Note Purchase Agreement, but not otherwise.

 

If an Event of Default occurs
and is continuing, the principal of this Note may be declared or otherwise become due and payable in the manner, at the price (including
any applicable Make-Whole Amount and any Swap Breakage Loss) and with the effect provided in the Note Purchase Agreement.

 

This Note shall be construed
and enforced in accordance with, and the rights of the Company and the holder of this Note shall be governed by, the law of the State
of New York excluding choice-of-law principles of the law of such State that would permit the application of the laws of a jurisdiction
other than such State.

 

	 	W.P. Carey Inc.

    

    

    

	 	 
	 	 
	 	By	      
	 	Name:
	 	Title:

 

    1-B-2-

     

    

 

Schedule 5.3

 

Disclosure
Materials

 

	·	Annual
                                            Report on Form 10-K for the year ended December 31, 2021, filed with the Securities
                                            and Exchange Commission on February 11, 2022
	·	Quarterly
                                            Report on Form 10-Q for the quarter ended March 31, 2022, filed with the Securities
                                            and Exchange Commission on April 29, 2022
	·	Quarterly
                                            Report on Form 10-Q for the quarter ended June 30, 2022, filed with the Securities
                                            and Exchange Commission on July 29, 2022
	·	Current
                                            Report on Form 8-K reporting events on or after February 27, 2022, filed with the
                                            Securities and Exchange Commission on February 28, 2022
	·	Current
                                            Report on Form 8-K reporting events on or after February 28, 2022, filed with the
                                            Securities and Exchange Commission on March 1, 2022
	·	Current
                                            Report on Form 8-K reporting events on or after March 11, 2022, filed with the
                                            Securities and Exchange Commission on March 11, 2022
	·	Current
                                            Report on Form 8-K reporting events on or after April 19, 2022, filed with the
                                            Securities and Exchange Commission on April 22, 2022
	·	Current
                                            Report on Form 8-K reporting events on or after May 2, 2022, filed with the Securities
                                            and Exchange Commission on May 3, 2022
	·	Current
                                            Report on Form 8-K reporting events on or after August 1, 2022, filed with the
                                            Securities and Exchange Commission on August 1, 2022
	·	Definitive
                                            Proxy Statement for annual stockholder meeting held June 16, 2022, filed with the Securities
                                            and Exchange Commission on March 28, 2022

 

SCHEDULE 5.3

(to Note Purchase Agreement)

 

    

     

    

 

 

Schedule 5.4

 

Subsidiaries
of the Company and

Ownership of Subsidiary Stock

 

	Company	State/Incorp	WPC
	(CA) Ads, LLC	Delaware	100%
	24 HR TX (TX) Limited Partnership	Delaware	100%
	24 HR-TX (MD) Business Trust	Maryland	100%
	24 HR-TX GP (TX) QRS 12-66, Inc.	Delaware	100%
	25th Street Storage 18 (FL) LLC	Delaware	100%
	308 Route 38 LLC	Delaware	100%
	3265 University Parkway Storage 18 (FL) LLC	Delaware	100%
	500 Jefferson Manager (DE) LLC	Delaware	100%
	500 Jefferson Tower (TX) LLC	Delaware	100%
	5150 University Parkway Storage 18 (FL) LLC	Delaware	100%
	601 Jefferson Manager (DE) LLC	Delaware	100%
	601 Jefferson Tower (TX) LLC	Delaware	100%
	6000 Nathan (MN) LLC	Delaware	100%
	ADCIR (CO) QRS 16-60, Inc.	Delaware	100%
	ADCIR EXP (CO) LLC	Delaware	100%
	ADS2 (CA) QRS 11-41, Inc.	California	100%
	ADVA 15 (GA) LLC	Delaware	100%
	ADV-QRS 15 (GA) QRS 15-4, Inc.	Delaware	100%
	Aerobic (MO) LLC	Delaware	100%
	AFD (MN) LLC	Delaware	100%
	AIR (IL) QRS 14-48, Inc.	Delaware	100%
	AIR ENT (OH) LLC	Delaware	100%
	AIRLIQ (TX) LLC	Delaware	100%
	Airliq II (IL) LLC	Delaware	100%
	Airport Storage 18 (FL) LLC	Delaware	100%
	Alamo WPC Storage (TX) LLC	Delaware	100%
	ALAN JATHOO JV (MULTI) LLC	Delaware	90%
	ALL-IN (PA-OH) LLC	Delaware	100%
	Alphabet Multi Holding (CAN) ULC	Canada	100%
	Alum (Canada) QRS 16-103, Inc.	Delaware	100%
	ALUSA (TX) Limited Partnership	Delaware	100%
	ALUSA-GP (TX) QRS 16-72, Inc.	Delaware	100%
	ALUSA-LP (DE) QRS 16-73, Inc.	Delaware	100%
	American GL Cathedral Storage 17 (CA) LLC	Delaware	100%
	American GL Pearl Storage 17 (HI) LLC	Delaware	100%

 

Schedule
5.4

(to Note Purchase Agreement)

 

    

     

    

 

	American JH Storage 17 (Multi) LLC	Delaware	100%
	American Subsequent Storage 17 (Multi) LLC	Delaware	100%
	American WPC Storage (Multi) LLC	Delaware	100%
	American WPC Storage TRS 17-1 (DE) Inc.	Delaware	100%
	Amtoll (NM) QRS 14-39, Inc.	Delaware	100%
	Ang (Multi) LLC	Delaware	100%
	Ang II (Multi) LLC	Delaware	100%
	Ang III (Multi) LLC	Delaware	100%
	ANTH Campus (CA) LLC	Delaware	100%
	ANT-LM LLC	Delaware	100%
	Appleton Store, LLC	Wisconsin	100%
	Applied Four (DE) QRS 14-75, Inc.	Delaware	100%
	Applied Utah (UT) QRS 14-76, Inc.	Delaware	100%
	Araxos Sp. z o.o.	Poland	100%
	Arboretum Group, L.L.C.	Wisconsin	100%
	Assembly (MD)	Maryland	100%
	ATCHI (IL) LLC	Delaware	100%
	Atlanta Self Storage 18 (GA) LLC	Delaware	100%
	Auto (FL) QRS 11-39, Inc.	Florida	100%
	Auto Investor 17 (DE) LLC	Delaware	100%
	AutoPress (GER) LLC 	Delaware	100%
	AUTOPRO (GA) LLC	Delaware	100%
	Autosafe Airbag 14 (CA) LP	Delaware	100%
	Avondale Storage GP 18 (LA) LLC	Delaware	100%
	Avondale Storage Owner 18 (LA) LP	Delaware	100%
	Avasu (AZ) LLC	Delaware	100%
	AW WPC (KY) LLC	Delaware	100%
	AZO Driver (DE) LLC	Delaware	100%
	AZO Mechanic (DE) LLC	Delaware	100%
	AZO Navigator (DE) LLC	Delaware	100%
	AZO Valet (DE) LLC	Delaware	100%
	AZO-A L.P.	Delaware	100%
	AZO-B L.P.	Delaware	100%
	AZO-C L.P.	Delaware	100%
	AZO-D L.P.	Delaware	100%
	Baltic Retail Properties IISUTI UAB	Lithuania	70%
	Barn Cement (TX) LLC	Delaware	100%
	BBQ Storage 17 (NY) LLC	Delaware	100%
	BBrands (Multi) QRS 16-137, Inc.	Delaware	100%
	BDF (CT) QRS 16-82, Inc.	Delaware	100%
	Bear T (OH) LLC	Delaware	100%
	Beaumont Storage 17 (CA) LLC	Delaware	100%

 

    5.4-2

     

    

 

	Beaver MM (POL) QRS 15-86, INC.	Delaware	100%
	Beechnut Storage 18 (TX) LLC	Delaware	100%
	Beechnut Storage Owner 18 (TX) LP	Delaware	100%
	BEL BTS (SC) LLC	Delaware	100%
	Belgov (DE) QRS 15-66, Inc.	Delaware	100%
	Berrocal Sp. z o.o.	Poland	100%
	Beverage (GER) QRS 16-141 LLC	Delaware	100%
	BFS (DE) LP	Delaware	100%
	BFS (DE) QRS 14-74, Inc.	Delaware	100%
	BG Cold (GA) LLC	Delaware	100%
	BG FEE OWNER (KY) LLC 	Delaware	100%
	BG Ground Terminal (CA) LLC	Delaware	100%
	BG Terminal (CA) LLC	Delaware	100%
	BG Terminal Investor (CA) LLC	Delaware	100%
	BG Terminal Investor II LP	Delaware	100%
	BG Terminal Investor II TRS LLC	Delaware	100%
	Bill-GP (TX) QRS 14-56, Inc.	Delaware	100%
	Bill-MC 14 LP	Delaware	90%
	Blair Road Storage 18 (DC) LLC	Delaware	100%
	BM-LP (TX) QRS 14-57, Inc.	Delaware	100%
	BMOC-HOU GP Holder (TX) LLC	Delaware	100%
	BMOC-HOU (TX) LP	Delaware	100%
	BMOC-MIA (FL) LLC	Delaware	100%
	BMOC-ORL (FL) LLC	Delaware	100%
	BN(MA) QRS 11-58, Inc.	Delaware	100%
	BOBS (CT) QRS 16-25, Inc.	Delaware	100%
	Bohr Bolt (OH) LLC	Delaware	100%
	Bohr Bolt II (OH) LLC	Delaware	100%
	Bolder (CO) QRS 11-44, Inc.	Delaware	100%
	Bolt (DE) Limited Partnership	Delaware	100%
	Bolt (DE) QRS 15-26, Inc.	Delaware	100%
	Bolt (DE) Trust	Maryland	100%
	Bone (DE) LLC	Delaware	100%
	Bone (DE) QRS 15-12, Inc.	Delaware	100%
	Bone Manager, Inc.	Delaware	100%
	Boom (MN) LLC	Delaware	100%
	BORLAND (MN) LLC	Delaware	100%
	BOS West (MA) LLC	Delaware	100%
	Bplast 16 Manager (DE) QRS 16-129, Inc.	Delaware	100%
	Bplast 16 Member (DE) QRS 16-128, Inc.	Delaware	100%
	Bplast 17 Member (DE) LLC	Delaware	100%

 

    5.4-3

     

    

 

	Bplast Expansion Landlord (IN) LLC	Delaware	100%
	Bplast Expansion Member (IN) 17 LLC	Delaware	100%
	Bplast Landlord (DE) LLC	Delaware	100%
	Bplast Two Landlord (IN) LLC	Delaware	100%
	Bplast Two Manager (IN) QRS 16-152, Inc.	Delaware	100%
	Bplast Two Member (IN) 17 LLC	Delaware	100%
	Bplast Two Member (IN) QRS 16-151, Inc.	Delaware	100%
	Bronson Storage 18 (FL) LLC	Delaware	100%
	BRY-PL (DE) Limited Partnership	Delaware	100%
	BRY-PL (MD) Trust	Maryland	100%
	BRY-PL GP (DE) QRS 15-57, Inc.	Delaware	100%
	BSL Caldwell (NC) LLC	Delaware	100%
	BST Torrance Landlord (CA) QRS 14-109, Inc.	Delaware	100%
	BT (Multi) LLC	Delaware	100%
	BT (PA) QRS 12-25, Inc.	Pennsylvania	100%
	BT-YORK (PA)	Pennsylvania	100%
	BUCKLE UP (MX) LLC	Delaware	100%
	BUD HEAVY (MN) LLC	Delaware	100%
	Build (CA) QRS 12-24, Inc.	California	100%
	BUILT IN A DAY (NY) LLC	Delaware	100%
	Buyersburg (IN) LLC	Delaware	100%
	CII Landlord (IL) LLC	Delaware	100%
	C3PL (MI) LLC	Delaware	100%
	C5 Eiendom AS	Norway	100%
	C5 Eiendom IS	Norway	100%
	Call LLC	Delaware	100%
	Camborne Sp. z o.o.	Poland	100%
	Can (WI) QRS 12-34, Inc.	Wisconsin	100%
	Can Storage 18 (TOR) LLC	Delaware	100%
	Canelli Sp. z o.o.	Poland	100%
	Cantina 17 Landlord (IL) LLC	Delaware	100%
	Cantina 17 Manager (IL) LLC	Delaware	100%
	Can-Two (DE) QRS 12-67, Inc.	Delaware	100%
	Cards (CA) QRS 11-37, Inc.	Delaware	100%
	Cards (CA) QRS 12-12, Inc.	Delaware	100%
	Cards Limited Liability Company	Delaware	100%
	Carey 17 Broadway Holdings (NY) LLC	Delaware	100%
	Carey Alfabeto Holding Mx, S. de R.L. de C.V.	Mexico	100%
	Carey Alfabeto Landlord Mx, S. de R.L. de C.V.	Mexico	100%
	Carey Alphabet (DE) Inc.	Delaware	100%
	Carey Alphabet B.V.	Netherlands	100%

 

    5.4-4

     

    

 

	Carey Asset Management Corp.	Delaware	100%
	Carey Asset Management Dallas LLC	Delaware	100%
	Carey Credit Advisors, LLC	Delaware	100%
	Carey European Management LLC	Delaware	100%
	Carey European SH, LLC	Delaware	100%
	Carey Management LLC	Delaware	100%
	Carey REIT II, Inc. 	Maryland	100%
	Carey Watermark 1 LLC	Delaware	100%
	Casting Landlord (GER) QRS 16-109 LLC	Delaware	100%
	Casting Member (GER) QRS 16-108 LLC 	Delaware	100%
	CAT LOG (WI) LLC	Delaware	100%
	CATALINA WM (OR) LLC	Delaware	100%
	Cathedral City Storage 17 (CA) LLC	Delaware	100%
	CBS (PA) QRS 14-12, Inc.	Delaware	100%
	Cherry Valley Storage 17 (IL) LLC	Delaware	100%
	CHIRO MANAGER (DE) LLC	Delaware	100%
	CIP 18 (NY) MEZZ LLC	Delaware	100%
	CIP Acquisition Incorporated	Maryland	100%
	Citrus Heights (CA) GP, LLC	Delaware	100%
	CIV-News GP (DE) LLC	Delaware	100%
	CIV-News (Multi) LP	Delaware	100%
	CLA (MO) LLC	Delaware	100%
	Clean (KY) LLC	Delaware	100%
	Clean (KY) QRS 16-22, Inc.	Delaware	100%
	CM6-GROUND (MULTI) LLC	Delaware	100%
	CM6-Hotel (Multi) LLC	Delaware	100%
	CMAR 18 Investor (DE) LLC	Delaware	100%
	CMAR Hotel Landlord 18 (Mauritius) Ltd	Mauritius	100%
	CM Nathan (MN) LLC	Delaware	100%
	Coco (WY) QRS 16-51, Inc.	Delaware	100%
	Coco-Dorm (PA) QRS 16-52, Inc.	Delaware	100%
	Coco-Dorm (PA) Trust	Maryland	100%
	Coco-Dorm (PA), LP	Delaware	100%
	Contrato de Fideicomiso Irrevocable Traslativo de Dominio en Zona Restringida y de Administracion numero 3908	Mexico	100%
	Contrato De Fideicomiso Revocable de Administracion de Bienes Inmuebles Numero 3801	Mexico	100%
	CONTRATO DE FIDEICOMISO REVOCABLE DE ADMINISTRACION DE BIENES INMUEBLES NUMERO 3890 	Mexico	100%
	Contrato De Fideicomiso Revocable de Adminstracion de Bienes Inmuebles Numero 3968 	Mexico	100%

 

    5.4-5

     

    

 

	Consys (SC) QRS 16-66, Inc.	Delaware	100%
	Consys-9 (SC) LLC	Delaware	100%
	Container Finance (Finland) QRS 16-62, Inc.	Delaware	100%
	Containers (DE) Limited Partnership	Delaware	100%
	Containers (DE) QRS 15-36, Inc.	Delaware	100%
	COOP (GA) LLC	Delaware	100%
	Corporate Property Associates	California	100%
	Corporate Property Associates 15 Incorporated	Maryland	100%
	Corporate Property Associates 4, A California Limited Partnership	California	100%
	Corporate Property Associates 6, A California Limited Partnership	California	100%
	Corporate Property Associates 9, L.P., A Delaware Limited Partnership	Delaware	100%
	CP GAL (IN) QRS 16-61, Inc.	Delaware	100%
	CP GAL Fairfax, LLC	Delaware	100%
	CP GAL Kennesaw, LLC	Delaware	100%
	CP GAL Leawood, LLC	Delaware	100%
	CP GAL Lombard, LLC	Delaware	100%
	CP GAL Plainfield, LLC	Delaware	100%
	CPA 15 Merger Sub Inc.	Maryland	100%
	CPA 16 LLC	Delaware	100%
	CPA 16 Merger Sub Inc.	Maryland	100%
	CPA 17 International Holding and Financing LLC	Delaware	100%
	CPA17 Merger Sub LLC	Maryland	100%
	CPA 17 Pan-European Holding Cooperatief U.A.	Netherlands	100%
	CPA 17 SB1 Lender LLC	Delaware	100%
	CPA 17 SB2 Lender LLC	Delaware	100%
	CPA 17 SBOP JV Member LLC	Delaware	100%
	CPA 17 SBPROP JV Member LLC	Delaware	100%
	CPA17 SBOP MANAGER LLC	Delaware	100%
	CPA17 SBPROP MANAGER LLC	Delaware	100%
	CPA 18 Con s.r.o.	Slovakia	100%
	CPA 18 GH Member LLC 	Delaware	100%
	CPA 18 Integras GH Investor Limited	Ghana	100%
	CPA 18 Integras JV (DE) LLC 	Delaware	100%
	CPA 18 International Holding and Financing LLC	Delaware	100%
	CPA 18 International Holding GP LLC	Delaware	100%
	CPA 18 International Holding LP	Delaware	100%
	CPA18 Merger Sub LLC	Maryland	100%
	CPA 18 Pan-European Holding Coöperatief U.A.	Netherlands	100%
	CPA 18 SH (TX) LIMITED PARTNER LLC	Delaware	100%

 

    5.4-6

     

    

 

	CPA 18 SH (TX) Special General Partner LLC	Delaware	100%
	CPA Paper, Inc.	Delaware	100%
	CPA:17 Limited Partnership	Delaware	100%
	CPA:18 Limited Partnership	Delaware	100%
	CPA16 German (DE) Limited Partnership	Delaware	100%
	CPA16 German GP (DE) QRS 16-155, Inc.	Delaware	100%
	CPA-CS Holdings LP	Delaware	90%
	CQ Landlord (MI) LLC	Delaware	100%
	CQ Landlord (Multi) LLC	Delaware	100%
	CQ Mezz Manager (Multi) LLC	Delaware	100%
	Crafty (AL) LLC	Delaware	100%
	Crate (GER) QRS 16-142 LLC	Delaware	100%
	CRI (AZ-CO) QRS 16-4, Inc.	Delaware	100%
	Crystal Lake Storage 18 (IL) LLC	Delaware	100%
	CSH Malaga Student Housing Holding, S.L. 	Spain	100%
	CS-GP 18 (TOR) LLC	Delaware	100%
	Cups (DE) LP	Delaware	100%
	Cups Number One (DE) LLC	Delaware	100%
	Cusona Sp. z o.o.	Poland	100%
	CU-SOL (VA) LLC	Delaware	100%
	Dan (FL) QRS 15-7, Inc.	Delaware	100%
	Danske Trklvr LP	Delaware	100%
	Danske Trklvr TRS GP LLC	Delaware	100%
	Darnekusa sp. z o. o.	Poland	100%
	Dunkelfelder sp. z o. o.	Poland	100%
	Duras sp. z o. o.	Poland	100%
	DCNETH Landlord (NL) LLC	Delaware	100%
	DCNETH Member (NL) QRS 15-102 Inc.	Delaware	100%
	Delaware Frame (TX), LP	Delaware	100%
	Deliver (TN) QRS 14-49, Inc.	Delaware	100%
	Delmo (DE) QRS 11/12-1, Inc.	Delaware	100%
	Delmo (PA) QRS 11-36	Pennsylvania	100%
	Delmo (PA) QRS 12-10	Pennsylvania	100%
	Delmo 11/12 (DE) LLC	Delaware	100%
	Desert Storage 18 (CA) LP	Delaware	100%
	Desert Storage GP 18 (CA) LLC	Delaware	100%
	DES-Tech GP (TN) QRS 16-49, Inc.	Delaware	100%
	DES-Tech LP (TN) QRS 16-50, Inc.	Delaware	100%
	Develop (TX) LP	Delaware	100%
	Dfence (Belgium) 15 SRL	Belgium	100%
	Dfence (Belgium) 16 SRL	Belgium	100%

 

    5.4-7

     

    

 

	Dfend 15 LLC	Delaware	100%
	Dfend 16 LLC	Delaware	100%
	Diagalves Sp. z o.o. 	Poland	100%
	DIFUSÃO – SOCIEDADE IMOBILIÁRIA S.A.	Portugal	100%
	DIY Poland Sp. z o.o.	Poland	100%
	DKSN Storage 18 (TX) LLC	Delaware	100%
	DOPPIO (IL) LLC	Delaware	100%
	Dough (DE) QRS 14-77, Inc.	Delaware	100%
	Dough (MD)	Maryland	100%
	Dough Lot (DE) QRS 14-110, Inc.	Delaware	100%
	Dough Lot (MD)	Maryland	100%
	DP WPC (TX) LLC	Delaware	100%
	Drayton Plains (MI), LLC	Delaware	100%
	Drill (DE) Trust	Maryland	100%
	Drill GmbH & Co. KG	Germany	100%
	Drug (AZ) QRS 14-42, Inc.	Delaware	100%
	DSG (IN) QRS 15-44, Inc.	Delaware	100%
	DSG GP (PA) QRS 14-103, Inc.	Delaware	100%
	DSG Landlord (PA) L.P.	Delaware	100%
	DSG LP (PA) Trust	Maryland	100%
	DT Memphis New TRS (DE) LLC	Delaware	100%
	Dunkelfelder sp. z o. o.	Poland	100%
	Duras sp. z o. o.	Poland	100%
	DYNAMITE (MULTI) LLC	Delaware	100%
	Dyne (DE) LP	Delaware	100%
	ED Landlord (GA) LLC	Delaware	100%
	Ed Landlord Two (DE) LLC	Delaware	100%
	EIEI (OH) BTS LLC	Delaware	100%
	El Paso Six Storage 18 (TX) LLC	Delaware	100%
	ELECTRIC TRUSTOR (MX) LLC	Delaware	100%
	Eleventh Storage 18 (GA) LLC	Delaware	100%
	ELL (GER) QRS 16-37, Inc.	Delaware	100%
	Energy (NJ) QRS 15-10, Inc.	Delaware	100%
	Eros (ESP) CR QRS Inc.	Delaware	100%
	Fabric (DE) GP	Delaware	100%
	Fair-QB (DE) LLC	Delaware	100%
	Fast (DE) QRS 14-22, Inc.	Delaware	100%
	Faur WPC (OH) LLC	Delaware	100%
	Faverga Sp. z o.o.	Poland	100%
	Fayetteville Storage 17 (NC) LLC	Delaware	100%
	Fernandina Beach Storage 18 (FL) LLC	Delaware	100%

 

    5.4-8

     

    

 

	Finistar (CA-TX) Limited Partnership	Delaware	100%
	Finistar GP (CA-TX) QRS 16-21, Inc.	Delaware	100%
	Finistar LP (DE) QRS 16-29, Inc.	Delaware	100%
	Finit (FI) LLC	Delaware	100%
	Finnestadveien 44 II AS	Norway	100%
	FIRED UP (IL) LLC	Delaware	100%
	FIS (MI) LLC	Delaware	100%
	Fit (CO) QRS 15-59, Inc.	Delaware	100%
	Fit(TX)GP QRS 12-60, Inc.	Delaware	100%
	Fit(TX) LP	Delaware	100%
	Fit(TX) Trust	Maryland	100%
	FIT(UT) QRS 14-92, Inc. 	Delaware	100%
	Flagland Spain, S.L.	Spain	100%
	Flan 1 (IL) LLC	Delaware	100%
	Flan 4 (Multi) LLC	Delaware	100%
	Flan Hud (NY) LLC	Delaware	100%
	Flatlands Self Storage NYC Mezz, LLC	Delaware	100%
	Flatlands Self Storage NYC, LLC	Delaware	100%
	Flavortown (IL) LLC	Delaware	100%
	Flex (NE) LLC 	Delaware	100%
	Flex Member (NE) LLC 	Delaware	100%
	Flipper (FL) LLC	Delaware	100%
	FLOUR POWER (CAN) LLC	Delaware	100%
	FLOUR POWER (ID) LLC	Delaware	100%
	FLOUR POWER (IL) LLC	Delaware	100%
	FLOUR POWER (MULTI) LLC	Delaware	100%
	FLOUR POWER (OH) LLC	Delaware	100%
	FLOUR POWER (UT) LLC	Delaware	100%
	FLUX CAPACITOR 121 GW LLC	Delaware	100%
	FM Naples Storage 18 (FL) LLC	Delaware	100%
	Forever Metal (QC) Ltd. 	Canada	100%
	FORT-BEN HOLDINGS (ONQC) LTD.	Canada	100%
	FORT-NOM HOLDINGS (ONQC) INC.	Canada	100%
	Forterra Canada GP LLC	Delaware	100%
	Forterra Canada Holdings LP	Delaware	100%
	Fortune Road Storage 18 (FL) LLC	Delaware	100%
	Foss (NH) QRS 16-3, Inc.	Delaware	100%
	Four World Landlord (GA) LLC	Delaware	100%
	Four World Manager (GA) LLC	Delaware	100%
	Frame (TX) QRS 14-25, Inc.	Delaware	100%
	Freight (IL) LLC	Delaware	100%

 

    5.4-9

     

    

 

	FRO 16 (NC) LLC	Delaware	100%
	FRO Man Member 17 (NC) LLC	Delaware	100%
	FRO Spin (NC) LLC	Delaware	100%
	Furniture Exch Manager (WI) LLC	Delaware	100%
	Furniture Exch Manager Too (WI) LLC	Delaware	100%
	Furniture Owner (WI) LLC	Delaware	100%
	Furniture Owner Too (WI) LLC	Delaware	100%
	GAL III (IN) QRS 15-49, Inc.	Delaware	100%
	GAL III (NJ) QRS 15-45, Inc.	Delaware	100%
	GAL III (NY) QRS 15-48, Inc.	Delaware	100%
	Galadean Sp. z o.o.	Poland	100%
	Galleria Storage 18 (TX) LLC	Delaware	100%
	GERB TOLLAND QRS (CT) 16 Inc.	Delaware	100%
	Gibson Mass Member Two LLC	Delaware	100%
	Gibson Plus Member Two LLC	Delaware	100%
	Gilroy Storage GP 18 (CA) LLC	Delaware	100%
	Gilroy Storage Owner 18 (CA) LP	Delaware	100%
	GIVE ME A BRAKE (OH) LLC	Delaware	100%
	Global Cerit, SL	Spain	100%
	Global Negan S.L. 	Spain	75%
	Global Neleta S.L. 	Spain	100%
	Global Sagres, S.L. 	Spain	100%
	Global Windu, S.L.	Spain	90%
	Go Green (OH) LLC	Delaware	100%
	Goldyard, S.L.	Spain	100%
	GONE FISHING (PA) LLC	Delaware	100%
	Granite Landlord (GA) LLC	Delaware	100%
	GRC (TX) Limited Partnership	Delaware	100%
	GRC (TX) QRS 15-47, Inc.	Delaware	100%
	GRC (TX) Trust	Maryland	100%
	GRC-II (TX) Limited Partnership	Delaware	100%
	GRC-II (TX) QRS 15-80, Inc.	Delaware	100%
	GRC-II (TX) Trust	Maryland	100%
	Greens (Finland) QRS 16-14, Inc.	Delaware	100%
	Greens Shareholder (Finland) QRS 16-16, Inc.	Delaware	100%
	Greensboro Storage GP 18 (NC) LLC	Delaware	100%
	Greensboro Storage Owner 18 (NC) LP	Delaware	100%
	GROVEPORT OWNER (OH) LLC	Delaware	100%
	Guitar Mass (TN) QRS 14-36, Inc.	Delaware	100%
	Guitar Plus (TN) QRS 14-37, Inc.	Delaware	100%
	H2 17 Investor (GER) LLC	Delaware	100%

 

    5.4-10

     

    

 

	H2 Investor (GER) QRS 14-104 LLC	Delaware	100%
	H2 Investor (GER) QRS 15-91, Inc.	Delaware	100%
	H2 Investor (GER) QRS 16-100, Inc.	Delaware	100%
	Hammer (DE) Limited Partnership	Delaware	100%
	Hammer (DE) LP QRS 12-65, Inc.	Delaware	100%
	Hammer (DE) LP QRS 14-100, Inc.	Delaware	100%
	Hammer (DE) LP QRS 15-33, Inc.	Delaware	100%
	Hammer (DE) QRS 15-32, Inc.	Delaware	100%
	Hammer (DE) Trust	Maryland	100%
	Hammer Time (TX) LLC	Delaware	100%
	Hammer Time Owner (TX) LP	Delaware	100%
	Hammered Home (OH) LLC	Delaware	100%
	Hans Gruber Godo Kaisha	Japan	100%
	Hawk (IA) LLC	Delaware	100%
	Hawk JV Landlord (IA) LLC	Delaware	100%
	Hawk JV Landlord Two (IA) LLC	Delaware	90%
	Hawk Landlord (IA) LLC	Delaware	100%
	Hawk Landlord Two (IA) LLC	Delaware	90%
	Hawk Two (IA) LLC	Delaware	100%
	HCF GP (CA) LLC	Delaware	100%
	HCF Landlord (CA) LP	Delaware	100%
	Health Landlord (MN) LLC	Delaware	100%
	HEF (NC-SC) QRS 14-86, Inc.	Delaware	100%
	Hellweg GmbH & Co. Vermögensverwaltungs KG	Germany	100%
	Hesperia Storage 17 (CA) LLC	Delaware	100%
	HF Landlord (SC) LLC	Delaware	100%
	HF Member (SC) LLC	Delaware	100%
	HF Three Landlord (SC) LLC	Delaware	100%
	HF Two Landlord (SC) LLC	Delaware	100%
	HILLTOP SH VENTURE (TX) LP	Delaware	90%
	HLWG B Note Purchaser (DE) LLC	Delaware	100%
	HLWG Two (GER) LLC	Delaware	100%
	HM Benefits (MI) QRS 16-18, Inc.	Delaware	100%
	HNGS AUTO (MI) LLC	Delaware	100%
	HOAGIES (FL) LLC	Delaware	100%
	HOB (TX) LLC	Delaware	100%
	Hoe Management GmbH	Germany	100%
	Holiday Storage 17 (FL) LLC	Delaware	100%
	Honey Badger GP LLC	Delaware	100%
	Honey Badger (NC) LP	Delaware	100%
	HOT AIR (CANADA) LLC	Delaware	100%

 

    5.4-11

     

    

 

	HOT AIR (MULTI) LLC	Delaware	100%
	HOT AIR NOMINEE CORP.	Delaware	100%
	Hotel Airport Stuttgart Grundstücks GmbH	Germany	94.90%
	Hotel (MN) QRS 16-84, Inc.	Delaware	100%
	Hotel Operator (MN) TRS 16-87, Inc.	Delaware	100%
	House Money (Multi) LLC	Delaware	100%
	Hulikoa Kona Storage 18 (HI) LLC	Delaware	100%
	Hum (DE) QRS 11-45, Inc.	Delaware	100%
	Humble Storage 18 (TX) LLC	Delaware	100%
	Huntwood (TX) Limited Partnership	Delaware	100%
	Huntwood (TX) QRS 16-8, Inc.	Delaware	100%
	ICALL BTS (VA) LLC	Delaware	100%
	ICG (TX) Limited Partnership	Delaware	100%
	ICG-GP (TX) QRS 15-3, Inc.	Delaware	100%
	ICG-LP (TX) Trust	Maryland	100%
	ID Wheel (FL) LLC	Delaware	100%
	IDrive Mezz Lender (FL) LLC	Delaware	100%
	IH37 Storage 18 (TX) LLC	Delaware	100%
	Ijobbers (DE) QRS 14-41, Inc.	Delaware	100%
	Ijobbers LLC	Delaware	100%
	Image (NY) QRS 16-67, Inc.	Delaware	100%
	Industrial Center 7 Sp. z o.o.	Poland	100%
	INGESCORP 2008, S.L.	Spain	100%
	Initiator (CA) QRS 14-62, Inc.	Delaware	100%
	Inversiones Holmes, S.L.	Spain	100%
	Ithaca Storage 18 (NY) LLC	Delaware	100%
	Jamaica (IL) LLC	Delaware	100%
	Jamesinvest SRL	Belgium	100%
	Jandoor (MULTI) LLC	Delaware	100%
	Jax Costa (FL) LLC	Delaware	100%
	Jen (MA) QRS 12-54, Inc.	Delaware	100%
	Jensen Beach Storage 18 (FL) LLC	Delaware	100%
	Joan Storage 18 (FL) LLC	Delaware	100%
	John McCLane (NY) LLC	New York	100%
	JPCentre (TX) LLC	Delaware	100%
	JPTampa Management (FL) LLC	Delaware	100%
	JX STORAGE (MULTI) 1 LLC	Delaware	100%
	JX STORAGE (MULTI) 2 LLC	Delaware	100%
	Kabushiki Kaisha Mure Property	Japan	100%
	Kaloko Storage 18 (HI) LLC	Delaware	100%
	KIDNEY BEANS (TN) LLC	Delaware	100%

 

    5.4-12

     

    

 

	Kiinteistöosakeyhtiö Ruskontie 55	Finland	100%
	KITKAT (IL) LLC	Delaware	100%
	KNOT JUST A SNACK (MULTI) LLC	Delaware	100%
	KRO (IL) LLC	Delaware	100%
	KSM Cresskill (NJ) QRS 16-80, Inc.	Delaware	100%
	KSM Livingston (NJ) QRS 16-76, INC.	Delaware	100%
	KSM Maplewood (NJ) QRS 16-77, INC.	Delaware	100%
	KSM Montclair (NJ) QRS 16-78, INC. 	Delaware	100%
	KSM Morristown (NJ) QRS 16-79, INC.	Delaware	100%
	KSM Summit (NJ) QRS 16-75, Inc.	Delaware	100%
	Labels-Ben (DE) QRS 16-28, Inc.	Delaware	100%
	Labrador (AZ) LP	Delaware	100%
	Lady L Storage 18 (FL) LLC	Delaware	100%
	Lake Street Storage 17 (IL) LLC	Delaware	100%
	Landsberger StraBe 68-76 Grundstϋcks GmbH	Germany	94.9%
	LASER GP (CA) LLC	Delaware	100%
	LASER LANDLORD (CA) LP	Delaware	100%
	Laurken (IL) LLC 	Delaware	100%
	Leather (DE) QRS 14-72, Inc.	Delaware	100%
	Leesburg Storage 18 (FL) LLC	Delaware	100%
	Lei (GER) QRS 16-134 LLC	Delaware	100%
	Lewisville Dealer 17 (TX) LLC	Delaware	100%
	LIFT OFF LENDER (UT) LLC	Delaware	100%
	Lincoln (DE) LP	Delaware	100%
	Longboom (Finland) QRS 16-131, Inc.	Delaware	100%
	Longboom Finance (Finland) QRS 16-130, Inc.	Delaware	100%
	Louisville Storage 18 (KY) LLC	Delaware	100%
	Loznica d.o.o.	Croatia	100%
	LPD (CT) QRS 16-132, Inc.	Delaware	100%
	LPORT (WA-TX) QRS 16-92, Inc.	Delaware	100%
	LPORT 2 (WA) QRS 16-147, Inc.	Delaware	100%
	LT Fit (AZ-MD) LLC	Delaware	100%
	LTI (DE) QRS 14-81, Inc.	Delaware	100%
	LTI Trust (MD)	Maryland	100%
	LV Storage Portfolio 18 (NV) LLC	Delaware	100%
	Madde Investments Sp. z o.o.	Poland	100%
	Madison Storage NYC, LLC 	Delaware	100%
	Mag-Info (SC) QRS 16-74, Inc.	Delaware	100%
	Mallika PBJ LLC	Delaware	100%
	Mapinvest Delaware LLC	Delaware	100%
	Marcourt Investments Incorporated	Maryland	100%

 

    5.4-13

     

    

 

	Master (DE) QRS 15-71, Inc.	Delaware	100%
	Mauritius International I LLC	Delaware	100%
	MBM-Beef (DE) QRS 15-18, Inc.	Delaware	100%
	MCDORMY (NY) LLC	Delaware	100%
	MCPA-Mass (TN) Associates	Tennessee	100%
	MCPA-Plus (TN) Associates	Tennessee	100%
	Medi (PA) Limited Partnership	Delaware	100%
	Medi (PA) QRS 15-21, Inc.	Delaware	100%
	Medi (PA) Trust	Maryland	100%
	Medical (Multi) LLC	Delaware	100%
	MERCURY (MI) LLC   (fka WORKWEAR (MI) LLC)	Delaware	100%
	Merge (WI) LLC	Delaware	100%
	Meri (NC) LLC	Delaware	100%
	MERI(NC)MM QRS 14-98, Inc.	Delaware	100%
	MET WST (UT) QRS 16-97, Inc.	Delaware	100%
	Metal (DE) QRS 14-67, Inc.	Delaware	100%
	Metal (GER) QRS 15-94, Inc.	Delaware	100%
	Metaply (MI) LLC	Delaware	100%
	MFF Mezz (Multi) LLC	Delaware	100%
	Miami Storage 18 (FL) LLC	Delaware	100%
	Milford Storage 18 (MA) LLC	Delaware	100%
	Mill Storage 17 (CA) LLC	Delaware	100%
	Millsboro Storage 18 (DE) LLC	Delaware	100%
	MIS EGN (MN) LLC	Delaware	100%
	MK (Mexico) QRS 16-48, Inc.	Delaware	100%
	MK GP BEN (DE) QRS 16-45, Inc.	Delaware	100%
	MK Landlord (DE) Limited Partnership	Delaware	100%
	MK LP Ben (DE) QRS 16-46, Inc.	Delaware	100%
	MK-Ben (DE) Limited Partnership	Delaware	100%
	MK-GP (DE) QRS 16-43, Inc.	Delaware	100%
	MK-LP (DE) QRS 16-44, Inc.	Delaware	100%
	MK-Nom (ONT), Inc.	Canada	100%
	MM(UT) QRS 11-59, Inc.	Delaware	100%
	Module (DE) Limited Partnership	Delaware	100%
	Mons (DE) QRS 15-68, Inc.	Delaware	100%
	More Applied Utah (UT) LLC	Delaware	100%
	Morisek Hoffman (IL) LLC	Delaware	100%
	Morrisville Landlord GP (NC) LLC (fka PPD Morrisville GP (NC) LLC)	Delaware	100%
	Morrisville Landlord  (NC) LP (fka PPD Morrisville (NC) LP)	Delaware	100%
	Movie (VA) QRS 14-24, Inc.	Delaware	100%

 

    5.4-14

     

    

 

	MR Lender (TX) LLC	Delaware	100%
	MSTEEL (IL) LLC	Delaware	100%
	Mustek Rank S.L. 	Spain	100%
	MWI Investor 17 (TX) LP	Delaware	100%
	MWI Investor GP 17 (TX) LLC 	Delaware	100%
	Nail (DE) Trust	Maryland	100%
	NAILED IT GP LLC	Delaware	100%
	NAILED IT (MULTI) LP	Delaware	100%
	NAKATOMI PLAZA (DE) LLC	Delaware	100%
	Namesti Rank S.L.	Spain	100%
	National Storage 17 (Multi) LLC	Delaware	100%
	Neonatal Finland Inc.	Delaware	100%
	New Castle Storage 18 (DE) LLC	Delaware	100%
	New Option-QB (DE) LLC	Delaware	100%
	Nord (GA) QRS 16-98, Inc.	Delaware	100%
	Northwest Storage 17 (IL) LLC	Delaware	100%
	Oak Creek 17 Investor (WI) LLC	Delaware	100%
	Olimpia Investments Sp. z o.o.	Poland	100%
	OLIVIA (IL) LLC	Delaware	100%
	OLIVIA (ON) HOLDINGS CORP.	Canada	100%
	OLIVIA (ONTARIO) LLC	Delaware	100%
	OPH Storage 17 (FL) LLC	Delaware	100%
	Optical (CA) QRS 15-8, Inc.	Delaware	100%
	Orb (MO) QRS 12-56, Inc.	Delaware	100%
	Orlando Storage 17 (FL) LLC	Delaware	100%
	OSCAR (IL) LLC	Delaware	100%
	ØAV 88 AS	Norway	100%
	OTC (MULTI) LLC	Delaware	100%
	OTC RX Holdings ULC 	Canada	100%
	OTC RX Nominee CORP. 	British Columbia, CN	100%
	OTC RX (ONTARIO) LLC	Delaware	100%
	OUI CHEF (MULTI) GP LLC	Delaware	100%
	OUI CHEF (MULTI) LP	Delaware	100%
	Overtape (CA) QRS 15-14, Inc.	Delaware	100%
	OX (AL) LLC	Delaware	100%
	OX-GP (AL) QRS 15-15, Inc.	Delaware	100%
	Pacpress (IL-MI) QRS 16-114, Inc.	Delaware	100%
	Pallet (FRA) SARL	France	100%
	Palm Bay Storage 18 (FL) LLC	Delaware	100%
	Panama Storage 18 (FL) LLC	Delaware	100%
	Panel (UK) QRS 14-54, Inc.	Delaware	100%

 

    5.4-15

     

    

 

	Paper Limited Liability Company	Delaware	100%
	Parts (DE) QRS 14-90, Inc.	Delaware	100%
	PDC Industrial Center 83 Sp. z o.o.	Poland	100%
	Pem (MN) QRS 15-39, Inc.	Delaware	100%
	Pend (WI) LLC	Delaware	100%
	Pend II (OH-IN) LLC	Delaware	100%
	PERFECT STORM (UT) LLC	Delaware	100%
	PET(TX)GP QRS 11-62, INC.	Delaware	100%
	Pet(TX) LP	Delaware	100%
	Pet(TX) Trust	Maryland	100%
	Pewaukee Development, LLC	Wisconsin	100%
	PG (Multi-16) L.P.	Delaware	100%
	PG (Multi-16) QRS 16-7, Inc.	Delaware	100%
	PG (Multi-16) Trust	Maryland	100%
	PG-Ben (CAN) QRS 16-9, Inc.	Delaware	100%
	PG-Nom (Alberta), Inc.	Canada	100%
	PILDRAX INVEST, S.L.	Spain	90%
	Pipe Portfolio GP LLC	Delaware	100%
	Pipe Portfolio Owner (Multi) LP	Delaware	100%
	Pipes (UK) QRS 16-59, Inc.	Delaware	100%
	Plants (Sweden) QRS 16-13, Inc.	Delaware	100%
	Plants Shareholder (Sweden) QRS 16-15, Inc.	Delaware	100%
	Plastic (DE) Limited Partnership	Delaware	100%
	Plastic (DE) QRS 15-56, Inc.	Delaware	100%
	Plastic (DE) Trust	Maryland	100%
	Plastic II (IL) LLC	Delaware	100%
	Plastic II (IL) QRS 16-27, Inc.	Delaware	100%
	Plastix (WI) LLC	Delaware	100%
	Plates (DE) QRS 14-63, Inc.	Delaware	100%
	Pleasant Hill GL 18 (FL) LLC	Delaware	100%
	Pleasant Hill Storage 18 (FL) LLC	Delaware	100%
	Pliers (DE) Trust	Maryland	100%
	Plum (DE) QRS 15-67, Inc.	Delaware	100%
	Pol (NC) QRS 15-25, Inc.	Delaware	100%
	Pol-Beaver LLC	Delaware	100%
	Pold (GER) QRS 16-133 LLC	Delaware	100%
	Pole Landlord (LA-TX) LLC 	Delaware	100%
	Polkinvest Sprl	Belgium	100%
	Poly (Multi) Limited Partnership	Delaware	100%
	Poly GP (Multi) QRS 16-35, Inc.	Delaware	100%
	Poly LP (MD) Trust	Maryland	100%

 

    5.4-16

     

    

 

	Pompano Storage 18 (FL) LLC	Delaware	100%
	Popcorn (TX) QRS 14-43, Inc.	Delaware	100%
	Portland Storage 18 (OR) LLC	Delaware	100%
	Ports (Finland) LLC	Delaware	100%
	Ports (Finland) QRS 16-63, Inc.	Delaware	100%
	PRA (OH) LLC	Delaware	100%
	Primo (MS) QRS 16-94, Inc.	Delaware	100%
	Print (WI) QRS 12-40, Inc.	Wisconsin	100%
	Projector (FL) QRS 14-45, Inc.	Delaware	100%
	Pump (MO) QRS 14-52, Inc.	Delaware	100%
	PWE (Multi) QRS 14-85, Inc.	Delaware	100%
	QRS 10-1 (ILL), Inc.	Illinois	100%
	QRS 10-18 (FL), LLC	Delaware	100%
	QRS 11-2 (AR), LLC	Delaware	100%
	QS ARK (DE) QRS 15-38, Inc.	Delaware	100%
	RACO (AZ) LLC	Delaware	100%
	RACO TWO (AZ) LLC	Delaware	100%
	Rails (UK) QRS 15-54, Inc.	Delaware	100%
	Randolph/Clinton Limited Partnership	Delaware	100%
	Rankin Storage 18 (TX) LLC	Delaware	100%
	Rankin Storage Owner 18 (TX) LP	Delaware	100%
	REDEALER (NJ-PA) LLC	Delaware	100%
	Redrock Storage 18 (NV) LLC	Delaware	100%
	Rehoboth Storage 18 (DE) LLC	Delaware	100%
	REIT Brickan AB	Sweden	100%
	RI(CA) QRS 12-59, Inc.	Delaware	100%
	RII (CA) QRS 15-2, Inc.	Delaware	100%
	Ring Spin (GA) LLC	Delaware	100%
	RRD (IL) LLC	Delaware	100%
	Rubbertex (TX) QRS 16-68, Inc.	Delaware	100%
	Rush It LLC	Delaware	100%
	RV GOING TO THE MALL (IN) LLC	Delaware	100%
	SAB (IA) LLC	Delaware	100%
	SALE-LEAFBACK (MN) LLC	Delaware	100%
	Salted Peanuts (LA) QRS 15-13, LLC	Delaware	100%
	SBOP INVESTOR LLC	Delaware	100%
	SBPROP INVESTOR LLC	Delaware	100%
	SCHNEI-ELEC (MA) LLC	Delaware	100%
	Schobi (Ger-Pol) LLC	Delaware	100%
	Sealtex (DE) QRS 16-69, Inc.	Delaware	100%
	Sebastian Storage 18 (FL) LLC	Delaware	100%

 

    5.4-17

     

    

 

	Sekeslog 17 UAB	Lithuania	100%
	SF(TX)GP QRS 11-61, INC.	Delaware	100%
	SF(TX) LP	Delaware	100%
	SF(TX) Trust	Maryland	100%
	SFC (TN) QRS 11-21, Inc.	Tennessee	100%
	SFCO (GA) QRS 16-127, INC.	Delaware	100%
	SFT INS (TX) LLC	Delaware	100%
	Shaq (DE) QRS 15-75, Inc.	Delaware	100%
	Shelborne Operating Associates, LLC	Delaware	100%
	Shelborne Property Associates LLC	Delaware	100%
	Shep (KS-OK) QRS 16-113, Inc.	Delaware	100%
	SHOTS-ORL (FL) LLC	Delaware	100%
	Shovel Management GmbH	Germany	100%
	SIA Baltic Retail Properties Latvia	Latvia	70%
	SINGLE USE (MULTI) LLC	Delaware	100%
	SM(NY) QRS 14-93, Inc.	Delaware	100%
	Smalvollveien 65 Eiendom AS 	Norway	91.10%
	Smalvollvn 65 ANS	Norway	91.10%
	SNAP INTO (IN) LLC	Delaware	100%
	SOUPER (NY) LLC	Delaware	100%
	South East Asia Pacific Holdings Ltd.	British Virgin Islands	100%
	Southeast Storage 17 (Multi) LLC	Delaware	100%
	SP Label (TN) LLC	Delaware	100%
	SPARE ME (MULTI) LLC	Delaware	100%
	Sparky's Storage 18 (CA) LP	Delaware	100%
	Sparky's Storage GP 18 (CA) LLC	Delaware	100%
	Speed (NC) QRS 14-70, Inc.	Delaware	100%
	Spencer Storage 18 (MO) LLC	Delaware	100%
	ST(TX)GP QRS 11-63, INC.	Delaware	100%
	ST(TX) LP	Delaware	100%
	ST(TX) Trust	Maryland	100%
	State Road Storage 18 (FL) LLC	Delaware	100%
	Steels (UK) QRS 16-58, Inc.	Delaware	100%
	Steely Dan (WI) LLC	Delaware	100%
	STOCKSANDEN, S.L.	Spain	100%
	Stone Cold (CA) LP	Delaware	100%
	Stone Cold GP (CA) LLC	Delaware	100%
	Stone Oak 17 (TX) LLC	Delaware	100%
	Storage 18 ES Account (DE) LLC	Delaware	100%
	Stor-Move UH 14 Business Trust	Massachusetts	100%
	Stor-Move UH 15 Business Trust	Massachusetts	100%

 

    5.4-18

     

    

 

	Stor-Move UH 16 Business Trust	Massachusetts	100%
	Stradella Sp. z o.o.	Poland	100%
	STRUCK OIL (MULTI) LLC	Delaware	100%
	Sun (SC) QRS 12-68, Inc.	Delaware	100%
	Sun Two (SC) QRS 12-69, Inc.	Delaware	100%
	Sunpro (KY) LLC	Delaware	100%
	Suspension (DE) QRS 15-1, Inc.	Delaware	100%
	SW Chicago Storage 18 (IL) LLC	Delaware	100%
	Tallahassee Storage 18 (FL) LLC	Delaware	100%
	TASTY KALE (UT) LLC	Delaware	100%
	TDG Cold 17-14 B.V.	 Netherlands	100%
	Tech (GER) 17-1 B.V.	Netherlands	100%
	Tech (GER) QRS 16-144, Inc. 	Delaware	100%
	Tech Landlord (GER) LLC 	Delaware	100%
	Teeth Finance (Finland) QRS 16-106, Inc.	Delaware	100%
	Teeth Landlord (Finland) LLC	Delaware	100%
	Teeth Member (Finland) QRS 16-107, Inc.	Delaware	100%
	Telegraph (MO) LLC	Delaware	100%
	Telegraph Manager (MO) WPC, Inc.	Delaware	100%
	Temecula Storage 18 (CA) LP	Delaware	100%
	Temecula Storage GP 18 (CA) LLC	Delaware	100%
	TENACIOUS HOLDINGS ULC	Canada	100%
	TENACIOUS NOMINEE CORP.	Canada	100%
	Tenacious WPC (Multi) LLC	Delaware	100%
	Terrier (AZ) QRS 14-78, Inc.	Delaware	100%
	Tfarma (CO) QRS 16-93, Inc.	Delaware	100%
	THAT'S A WRAP (WI) LLC	Delaware	100%
	Third Avenue Self Storage NYC, LLC	Delaware	100%
	Three Aircraft Seats (DE) Limited Partnership	Delaware	100%
	THREE AMIGOS (US MULTI) LLC	Delaware	100%
	Three Cabin Seats (DE) LLC	Delaware	100%
	TICKTOCK (TX-PA) LLC	Delaware	100%
	Tissue SARL	France	100%
	Toner (DE) QRS 14-96, Inc.	Delaware	100%
	Toolbelt (PA-SC) LLC	Delaware	100%
	Toolbox (MX) LLC	Delaware	100%
	TOOL TIME (WV) LLC	Delaware	100%
	TOOTH FAIRY (IL) LLC	Delaware	100%
	Tower (DE) QRS 14-89, Inc.	Delaware	100%
	Tower 14 (DE)	Maryland	100%
	Townline Storage 17 (IL) LLC	Delaware	100%

 

    5.4-19

     

    

 

	Toys (NE) QRS 15-74, Inc.	Delaware	100%
	Trinity UK Holding II Limited	United Kingdom	100%
	Trinity WPC (Manchester) Limited	United Kingdom	100%
	Trinity WPC (UK) Limited	United Kingdom	100%
	Trinity WPC (UK) LLC	Delaware	100%
	TRUCKIN' (IL) LLC	Delaware	100%
	Truth (MN) LLC	Delaware	100%
	Trucks (France) SARL	France	100%
	TR-VSS (MI) QRS 16-90, Inc.	Delaware	100%
	TSO-Hungary Kft.	Hungary	100%
	Turbo Headquarters (TX) LLC	Delaware	100%
	Two Notch Storage 18 (SC) LLC	Delaware	100%
	UH Storage (DE) Limited Partnership	Delaware	100%
	UH Storage GP (DE) QRS 15-50, Inc.	Delaware	100%
	UK Panel LLC	Delaware	100%
	Under Pressure (Multi) LLC	Delaware	100%
	Uni-Tech (CA) QRS 15-64, Inc.	Delaware	100%
	Uni-Tech (PA) QRS 15-51, Inc.	Delaware	100%
	Uni-Tech (PA) QRS 15-63, Inc.	Delaware	100%
	Uni-Tech (PA) Trust	Maryland	100%
	Uni-Tech (PA), L.P.	Delaware	100%
	URubber (TX) Limited Partnership	Delaware	100%
	USHOLL (MI) LLC	Delaware	100%
	USO Landlord (TX) LLC	Delaware	100%
	UTI-SAC (CA) QRS 16-34, Inc.	Delaware	100%
	Valrico Storage 18 (FL) LLC	Delaware	100%
	Vellam Investments sp z o.o.	Poland	100%
	Venice (CA) LP	Delaware	100%
	Veritas Group IX - NYC, LLC	Delaware	100%
	Vinyl (DE) QRS 14-71, Inc.	Delaware	100%
	VIPER 63 (NV) LLC	Delaware	100%
	VIPER LB 63 (NV) LLC	Delaware	100%
	VIPER LENDER 63 (NV) LLC	Delaware	100%
	W. P. Carey & Co. B.V.	Netherlands	100%
	W.P. Carey & Co. Limited	United Kingdom	100%
	W. P. Carey International LLC	Delaware	100%
	W. P. Carey Management LLC	Delaware	100%
	W. P. Carey Property Investor LLC	Delaware	100%
	Wadd-II (TN) LP	Delaware	100%
	Wadd-II General Partner (TN) QRS 15-19, INC.	Delaware	100%
	Wallers (Multi) LLC	Delaware	100%

 

    5.4-20

     

    

 

	Wals (IN) LLC	Delaware	100%
	Weg (GER) QRS 15-83, Inc.	Delaware	100%
	Wegell GmbH & Co. KG	Germany	100%
	Wegell Verwaltungs GmbH	Germany	100%
	West Farms Self Storage NYC Mezz, LLC	Delaware	100%
	West Farms Self Storage NYC, LLC	Delaware	100%
	WGN (GER) LLC 	Delaware	100%
	WGN 15 Holdco (GER) QRS 15-98, Inc.	Delaware	100%
	WGN 15 Member (GER) QRS 15-99, Inc.	Delaware	100%
	WGS (Multi) LLC	Delaware	100%
	Wheeler Dealer 17 Multi, LLC	Delaware	100%
	Wheeler Mezzanine JV (DE) LLC	Delaware	99.966%
	WILLFA (IL) LLC	Delaware	100%
	Willow Festival Annex Property Owners Association	Illinois	100%
	WILSON NEIGHBOR (IL) LLC	Delaware	100%
	Windough (DE) LP	Delaware	100%
	Windough Lot (DE) LP	Delaware	100%
	Wireless (TX) LP	Delaware	100%
	Wireline (TX) QRS 14-83, Inc.	Delaware	100%
	Wlgrn (NV) LLC	Delaware	100%
	Wolv (DE) Limited Partnership	Delaware	100%
	Wolv Trust, a Maryland Business Trust	Maryland	100%
	Work (GER) QRS 16-117, Inc.	Delaware	100%
	WPC 17 Adler GmbH & Co. KG	Germany	100%
	WPC 17 Adler Verwaltungs GmbH	Germany	100%
	WPC 17 Green Sp. z o. o.	Poland	100%
	WPC 17 Polk Sp. z o.o.	Poland	100%
	WPC Adler 17-31 B.V.	Netherlands	100%
	WPC Agro I 17-13 B.V.	 Netherlands	100%
	WPC Agro II 17-17 B.V.	Netherlands	100%
	WPC Agro 5 d.o.o.	Croatia	100%
	WPC App 1 AS (f/k/a Inceptum 804 AS)	Norway	100%
	WPC App 2 AS (f/k/a Inceptum 805 AS)	Norway	100%
	WPC AX Sp. z o.o. 	Poland	100%
	WPC Barca 18-22 B.V.	Netherlands	90%
	WPC BILLBOARD LENDER LLC	Delaware	100%
	WPC Blade SCI 	France	100%
	WPC Boavista 18-27 B.V. 	Netherlands	90%
	WPC Cardiff 18-8 B.V.	Netherlands	100%
	WPC Cardiff TRS 18-31 B.V.	Netherlands	100%
	WPC Cardiff Student Housing 18-25 B.V. 	Netherlands	100%

 

    5.4-21

     

    

 

	WPC CM6-Hotel Manager, LLC	Delaware	100%
	WPC Coimbra 18-21 B.V.	Netherlands	90%
	WPC Crown Colony (MA) LLC	Delaware	100%
	WPC Cube Czech s.r.o.	Czech Republic	100%
	WPC Deville Denmark ApS	Denmark	100%
	WPC DF Denmark ApS	Denmark	100%
	WPC DF III Denmark ApS	Denmark	100%
	WPC DISPLAY OWNER (MULTI) LLC	Delaware	100%
	WPC Drunen 17-27 B.V.	Netherlands	100%
	WPC Eurobond B.V.	Netherlands	100%
	WPC EXCH BUYERSBURG (IN) LLC	Delaware	100%
	WPC EXCH Morrisville Landlord (NC) LLC  (fka WPC EXCH PPD (NC) LLC)	Delaware	100%
	WPC Exch Sublandlord (DE) LLC	Delaware	100%
	WPC Fau Czech sro	Czech Republic	100%
	WPC FINANCING GP INC.	Delaware	100%
	WPC FINANCING LP	Delaware	100%
	WPC FM Czech s.r.o.	Czech Republic	100%
	WPC FM Slovakia s.r.o. 	Slovakia	100%
	WPC FriesCamp 17-30 B.V. 	Netherlands	100%
	WPC Gam Holding B.V.	Netherlands	100%
	WPC GELSENKIRCHEN 17-33 B.V.	Netherlands	100%
	WPC GP LLC	Maryland	100%
	WPC Granada II 18-20 B.V.	Netherlands	90%
	WPC Hamburg 18-12 B.V.	Netherlands	100%
	WPC Holdco LLC	Maryland	100%
	WPC Hornbachplatz 1 GmbH 	Austria	100%
	WPC Infin 18 GmbH & Co. KG	Germany	100%
	WPC Infin 18 Verwaltungs GmbH	Germany	100%
	WPC Infin 18-4 B.V.	Netherlands	100%
	WPC International Holding and Financing LLC	Delaware	100%
	WPC International Holding LP	Delaware	100%
	WPC Jumb 17-19 B.V.	Netherlands	100%
	WPC KEN SCI 	France	100%
	WPC LER SCI 	France	100%
	WPC Lipowy Sp. z o.o.	Poland	100%
	WPC Leo 17-38 B.V. 	Netherlands	100%
	WPC MAN Denmark ApS (fka Opus Greve Invest ApS)	Denmark	100%
	WPC MAN-Strasse 1 GmbH	Austria	100%
	WPC Meru SCI	France	100%
	WPC NatExp 17-9 B.V.	Netherlands	100%
	WPC Noki Sp. z o.o.	Poland	100%

 

    5.4-22

     

    

 

	WPC Pan-European Holding Cooperatief U.A.	Netherlands	100%
	WPC Pola Sp. z o.o.	Poland	100%
	WPC Portsmouth 18-17 B.V.	Netherlands	100%
	WPC Portsmouth  Student Housing 18-26 B. V. 	Netherlands	100%
	WPC Portsmouth TRS 18-30 B.V.	Netherlands	100%
	WPC PR6 (CO) LLC	Delaware	100%
	WPC PR6 OPT (CO) LLC	Delaware	100%
	WPC QBE Manager, LLC	Delaware	100%
	WPC Rab 18-11 B.V.	Netherlands	100%
	WPC REIT ADMIR 8 B.V.	Netherlands	100%
	WPC REIT AXL 39 B.V.	Netherlands	100%
	WPC REIT Cargo 4 B.V.	Netherlands	100%
	WPC REIT DS 43 B.V. 	Netherlands	100%
	WPC REIT Fau 42 B.V. 	Netherlands	100%
	WPC REIT Financing B.V.	Netherlands	100%
	WPC REIT Gam 21 B.V.	Netherlands	100%
	WPC REIT Gam 22 B.V. 	Netherlands	100%
	WPC REIT Gam 23 B.V. 	Netherlands	100%
	WPC REIT Gam 24 B.V. 	Netherlands	100%
	WPC REIT Gam 25 B.V. 	Netherlands	100%
	WPC REIT HF Sp. z o.o.	Poland	100%
	WPC REIT INEEDATOW 47 B.V. 	Netherlands	100%
	WPC REIT Kampen 29 B.V. 	Netherlands	100%
	WPC REIT Kar 26 B.V. 	Netherlands	100%
	WPC REIT MAN 16 B.V.	Netherlands	100%
	WPC REIT Merger Sub Inc.	Maryland	100%
	WPC REIT MX-AB 19 B.V.	Netherlands	100%
	WPC REIT MX-AB 37 TRS B.V.	Netherlands	100%
	WPC REIT NEWCO B.V.	Netherlands	100%
	WPC REIT Nipp 13 B.V.	Netherlands	100%
	WPC REIT Npow 17 B.V.	Netherlands	100%
	WPC REIT PD 12 B.V.	Netherlands	100%
	WPC REIT PeRo 40 B.V.	Netherlands	100%
	WPC REIT Pend 14 B.V.	Netherlands	100%
	WPC REIT Rock Sp. z o. o	Poland	100%
	WPC REIT Sant 5 B.V.	Netherlands	100%
	WPC Seville 18-28 B.V.	Netherlands	75%
	WPC REIT Son 30 B.V.	Netherlands	100%
	WPC REIT Son 31 B.V.	Netherlands	100%
	WPC REIT Son 32 B.V.	Netherlands	100%
	WPC REIT Son 33 B.V.	Netherlands	100%

 

    5.4-23

     

    

 

	WPC REIT Son 34 B.V.	Netherlands	100%
	WPC REIT Ster B.V.	Netherlands	100%
	WPC REIT Stretch 41 B.V.	Netherlands	100%
	WPC REIT TRS 27 B.V. (fka WPC REIT DF 27 B.V.) 	Netherlands	100%
	WPC REIT UP 46 B.V. 	Netherlands	100%
	WPC REIT VAC 44 B.V. 	Netherlands	100%
	WPC REIT Vert (BE) Srl	Belgium	100%
	WPC REIT VM 28 B.V. 	Netherlands	100%
	WPC REIT VM (BE) B.V.	Belgium	100%
	WPC REIT VM II 48 B.V. 	Netherlands	100%
	WPC REIT Wait 45 B.V. 	Netherlands	100%
	WPC Shaft (GER) LLC (fka LINDEN (GER) LLC)	Delaware	100%
	WPC Smalvollveien Holding AS 	Norway	100%
	WPC Smalvollveien Purchaser AS 	Norway	90.10%
	WPC Smucker Manager, LLC	Delaware	100%
	WPC Star Denmark ApS	Denmark	100%
	WPC Starbuilders Sweden AB	Sweden	100%
	WPC Storage TRS 18-1 (DE) Inc.	Delaware	100%
	WPC Swansea 18-24 B.V.	Netherlands	97%
	WPC Swansea Student Housing 18-33 B.V.	Netherlands	97%
	WPC Swansea TRS 18-32 B.V.	Netherlands	97%
	WPC Tesc 17-3 B.V.	Netherlands	100%
	WPC VM III 17-40 B.V.	Netherlands	100%
	WPC Voam 18-6 B.V.	Netherlands	100%
	WPC VUL SCI 	France	100%
	WPC WGN 17-2 B.V.	Netherlands 	100%
	WPC-CPA:18 Holdings, LLC	Delaware	100%
	Wrench (DE) Limited Partnership	Delaware	100%
	Wrench (DE) QRS 15-31, Inc.	Delaware	100%
	Wrench (DE) Trust	Maryland	100%
	Wyckoff Self Storage NYC Mezz, LLC	Delaware	100%
	Wyckoff Self Storage NYC, LLC	Delaware	100%
	XPD (NJ) LLC	Delaware	100%
	XPD Member (NJ) QRS 16-12, Inc.	Delaware	100%
	You Scream (PA) LLC 	Delaware	100%
	YOURE IT (TN) LLC	Delaware	100%
	Zakup Agro 4 d.o.o.	Croatia	100%
	Zerega Self Storage NYC Mezz, LLC	Delaware	100%
	Zerega Self Storage NYC, LLC	Delaware	100%

 

    5.4-24

     

    

 

		(ii)	Company’s Directors and
Senior Officers:

 

Directors

 

Mark A. Alexander

Constantin H.
Beier

Tonit M. Calaway

Peter J. Farrell

Robert J. Flanagan

Jason E. Fox

Jean Hoysradt

Margaret G. Lewis

Christopher J.
Niehaus

Nick J.M. van Ommen

 

Senior Officers

 

	Jason E. Fox	Chief Executive Officer
	Brooks G. Gordon	Managing Director, Head of Asset Management
	John J. Park	President
	Gino M. Sabatini	Managing Director, Head of Investments
	ToniAnn Sanzone	Chief Financial Officer

 

    5.4-25

     

    

 

Schedule 5.5

 

Financial
Statements

 

The following audited financial statements contained in the Company’s
Annual Report on Form 10-K for the year ended December 31, 2021, filed with the SEC on February 11, 2022, and available
on EDGAR:

 

		·	consolidated balance sheets as of December 31, 2021, and 2020;

 

		·	consolidated statements of income for the years ended December 31, 2021, 2020, and 2019;

 

		·	consolidated statements of comprehensive income (loss) for the years ended December 31, 2021, 2020, and 2019;

 

		·	consolidated statements of equity at January 1, 2021, 2020, and 2019; and

 

		·	consolidated statements of cash flows for the years ended December 31, 2021, 2020, and 2019.

 

SCHEDULE 5.5

(to Note Purchase Agreement)

 

     

     

    

 

	
    Schedule 5.15

     

    Existing
    Indebtedness of the Company and its Subsidiaries

     

 

	DESCRIPTION
    OF	 	INTEREST	 	 	FINAL	 	 	OUTSTANDING	 
	INDEBTEDNESS	 	RATE(S)2	 	 	MATURITY3	 	 	PRINCIPAL
    AMOUNT	 
	2022 Non -Recourse Mortgages	 	 	4.25	%	 	 	Oct-22	 	 	$	 122,989,571	 
	2023 Non -Recourse Mortgages	 	 	3.59	 	 	 	Jul-23	 	 	 	423,339,137	 
	2024 Non -Recourse Mortgages	 	 	3.42	 	 	 	May-24	 	 	 	291,953,229	 
	2025 Non-Recourse Mortgages	 	 	4.35	 	 	 	Jun-25	 	 	 	384,721,336	 
	2026 Non-Recourse Mortgages	 	 	4.90	 	 	 	Apr-26	 	 	 	118,481,175	 
	2027 Non-Recourse Mortgages	 	 	4.25	 	 	 	Dec-27	 	 	 	21,450,000	 
	2031 Non -Recourse Mortgages	 	 	6.00	 	 	 	Sep-31	 	 	 	3,045,788	 
	2039 Non -Recourse Mortgages	 	 	5.25	 	 	 	Apr-39	 	 	 	2,648,517	 
	Senior Unsecured Notes (USD)	 	 	4.60	 	 	 	Apr-24	 	 	 	500,000,000	 
	Senior Unsecured Notes (EUR)	 	 	2.25	 	 	 	Jul-24	 	 	 	519,350,000	 
	Senior Unsecured Notes (USD)	 	 	4.00	 	 	 	Feb-25	 	 	 	450,000,000	 
	Senior Unsecured Notes (EUR)	 	 	2.25	 	 	 	Apr-26	 	 	 	519,350,000	 
	Senior Unsecured Notes (USD)	 	 	4.25	 	 	 	Oct-26	 	 	 	350,000,000	 
	Senior Unsecured Notes (EUR)	 	 	2.13	 	 	 	Apr-27	 	 	 	519,350,000	 
	Senior Unsecured Notes (EUR)	 	 	1.35	 	 	 	Apr-28	 	 	 	519,350,000	 
	Senior Unsecured Notes (USD)	 	 	3.85	 	 	 	Jul-29	 	 	 	325,000,000	 
	Senior Unsecured Notes (EUR)	 	 	0.95	 	 	 	Jun-30	 	 	 	545,317,500	 
	Senior Unsecured Notes (USD)	 	 	2.40	 	 	 	Feb-31	 	 	 	500,000,000	 
	Senior Unsecured Notes (USD)	 	 	2.45	 	 	 	Feb-32	 	 	 	350,000,000	 
	Senior Unsecured Notes (USD)	 	 	2.25	 	 	 	Apr-33	 	 	 	425,000,000	 
	Unsecured Tenn Loan	 	 	1.68	 	 	 	Feb-25	 	 	 	550,107,953	 
	Unsecured ReYohing Credit Facility4	 	 	1.43	 	 	 	Feb-25	 	 	 	417,454,676	 
	TOTAL PRO RATA DEBT	 	 	2 .73	%	 	 	Feb-27	 	 	$	7,858,908,883	 

 

1Schedule reflects combined debt balances of W. P. Carey
Inc. and Corporate Property Associates 18 - Global Incorporated ("CPA: 18") as of June 30, 2022.

 

2Interest rates for non-recourse mortgages reflect weighted
average of all non-recourse mortgage interest rates.

 

3Final maturities for non-recourse mortgages reflect weighted
average of all non-recourse mortgage maturity dates.

 

4Excludes
approximately $700 million drawn post-quarter end to fund acquisitions, including the merger with CPA :18, and general
corporate purposes. Does not adjust for in process dispositions related to the CPA :18 transaction and $586 million of forward
equity available to be settled as of June 30, 2022.

 

SCHEDULE
5.15

(to Note Purchase Agreement)

 

     

     

    

 

Description
of Initial Swap Agreements

 

[The Initial Swap Agreements entered into have
been provided to the Company separately pursuant to Section 8.6 of this Agreement prior to Closing.]

 

 

PURCHASER SCHEDULE

(to Note Purchase Agreement)

 

     

     

    

 

W.P.
Carey Inc.

One Manhattan West, 395 9th Avenue, 58th Floor

New York, New York

 

Information
Relating to Purchasers

 

	Name and Address of Purchaser	Principal Amount and Series

of Notes to be PurchasedExhibit 10.1

    

   

    
    EXECUTION VERSION

     

    PART-TIME EMPLOYMENT AGREEMENT

     

    This Part-Time Employment Agreement (this “Agreement”) is made and entered into as of
      September 1, 2022 (the “Effective Date”) by and between WOODBRIDGE WIND-DOWN ENTITY LLC, a Delaware limited liability company (the “Company”),
      and FREDERICK CHIN (the “Employee”).

     

    RECITALS

     

    A.          The Company is engaged in the business
          of the management and administration of Company assets and the distribution of net proceeds from sales and dispositions thereof to the Liquidation Trust in accordance with the terms of (1) the Limited Liability Company Agreement of the Company,
          dated as of February 15, 2019 (the “LLC Agreement”), (2) the Liquidation Trust Agreement, dated February 15, 2019, by and among the Debtors party thereto and Michael Goldberg, as
          Liquidation Trustee (the “Trust Agreement”), (3) the First Amended Joint Chapter 11 Plan of Liquidation of Woodbridge Group of Companies, LLC and its Affiliated Debtors, dated August 22,
          2018 (as it may be amended, modified, supplemented or restated from time to time, the “Plan”), and (4) the order of the United States Bankruptcy Court for the District of Delaware
          confirming the Plan, dated October 26, 2018 (the “Order”).

     

    B.          The Company and the Employee entered
          into an Amended and Restated Employment Agreement, dated as of July 31, 2019, and a First Amendment to Amended and Restated Employment Agreement, dated as of September 24, 2020 (collectively, the “Prior
              Employment Agreement”), which Prior Employment Agreement governs the Employee’s employment by the Company through August 31, 2022.

     

    C.          Pursuant to, and in accordance with the
          terms of, the Prior Employment Agreement, the Employee is entitled to payment no later than September 30, 2022 of aggregate bonus payments of $2,137,500 (the “Bonus Payments”) comprised
          of $1,500,000, representing the Base Level Wind Down Bonus (as defined in the Prior Employment Agreement), and $637,500, representing the Base Level Period 3 Bonus (as defined in the Prior Employment Agreement).

     

    D.          The wind down of the Company referred to
          in the Prior Employment Agreement has not been completed as the Company continues to pursue the sale of property, including the real property located at 638 Siena Way, Los Angeles, California 90077 (the “Siena Property”).

     

    E.          The Company and the Employee desire to
          enter into this Agreement for the Company to continue to engage the services of Employee as its Chief Executive Officer on a non-exclusive part-time basis and the Employee desires to serve the Company on such basis on the terms and for the
          duration herein provided.

     

    NOW, THEREFORE, in consideration of the promises and mutual covenants contained herein and for other good and valuable consideration, the receipt and
      sufficiency of which are mutually acknowledged, the Company and the Employee (individually a “Party” and together the “Parties”),
      intending to be legally bound, agree as follows:

      

    

    
      
        

    

    
    AGREEMENT

     

    1.          Part-Time Employment Term.  The Company and the Employee hereby agree to the Employee’s continuing employment for the period commencing on the Effective Date and continuing through December 31, 2022 (the “Part-Time Initial Term”).  If the sale of the Siena Property is closed on or before December 1, 2022, this Agreement will automatically expire at the end of the Part-Time Initial Term,
          unless terminated earlier in accordance with Section 6 herein.  If the sale of the Siena Property is not closed on or before December 1, 2022, this Agreement will automatically renew at the expiration of the Part-Time Initial Term until the date
          that is 30 days after the sale of the Siena Property is closed (the “Part-Time Extension Term”), on which date this Agreement will automatically expire, unless terminated earlier in
          accordance with Section 6 herein.  For purposes of this agreement, the “Part-Time Employment Term” shall mean the Part-Time Initial Term and, as applicable, the Part-Time Extension Term.

     

    2.          Position.

     

    (a)          The Employee shall serve as the
          Company’s Chief Executive Officer.  The Employee shall have such duties and authority, commensurate with such senior executive position and subject to the supervision of the Company’s Board of Managers (as defined in the LLC Agreement) (the “Board”) which are described in the LLC Agreement consistent with the Plan, including the authority to administer the Company in the manner contemplated by the LLC Agreement and the Amended
          Wind-Down Business Plan approved by the Company’s Board of Managers.  For so long as the Employee serves as Chief Executive Officer during the Part-Time Employment Term, the Employee shall, subject to the provisions of the LLC Agreement, also
          serve as a member of the Board, without additional compensation.

     

    (b)          The Employee shall devote the necessary
          amount of business time and efforts on a non-exclusive part-time basis (but not less than thirty hours per week) to the performance of the Employee’s duties hereunder; provided, that
          nothing herein shall preclude the Employee from (i) providing services to other businesses, whether as an employee of such business, as a consultant through CPG Advisors, or otherwise, (ii) accepting appointment to or serving on the governing
          body of any other business, including any board of directors, managers, or trustees of any business, charitable, educational organization, (iii) engaging in other charitable, civic, and professional activities, or (iv) engaging in passive
          investment activities with other business ventures, provided, further, that such activities in the aggregate do not conflict
          or interfere in any material respect with the performance of the Employee’s duties hereunder.

     

    3.          Compensation.

     

    (a)          During the Part-Time Employment Term,
          the Company shall pay the Employee a salary of $50,000 per month during the Part-Time Initial Term (prorated, on the basis of a 30-day month, as of the date of termination of this Agreement in the case of any such termination during the Part-Time
          Initial Term) and, if applicable, $30,000 per month during the Part-Time Extension Term (prorated, on the basis of a 30-day month, as of the date of termination or expiration of this Agreement in the case of any such termination or expiration
          during the Part-Time Extension Term), in each case payable in installments in accordance with the Company’s payroll practices as in effect from time to time (not less frequently than twice per month), subject to applicable deductions and
          withholding.  The Employee’s monthly salary, as in effect from time to time, is hereinafter referred to as the “Salary.”

     

    
      2

      
        

    

    (b)          The Parties acknowledge that the
          Employee is entitled to receipt of the Bonus Payments pursuant to, and in accordance with the terms of, the Prior Employment Agreement no later than September 30, 2022.

     

    (c)          The Parties agree that certain matters
          in which the Employee will be involved during the Part-Time Employment Term may necessitate Employee’s cooperation and services following the Part-Time Employment Term.  Accordingly, following the Part-Time Employment Term, to the extent
          reasonably requested by the Board and upon reasonable advance notice to Employee, and subject to Employee’s right to be represented by legal counsel in connection with such cooperation, Employee shall provide reasonable cooperation to the Company
          in connection with matters arising out of the Employee’s service to the Company; provided, that, the Company shall make reasonable efforts to minimize disruption of the Employee’s other
          activities and shall give due regard for Employee’s subsequent employment and personal obligations.  The Company shall reimburse the Employee for reasonable expenses incurred in connection with such cooperation and the Company shall compensate
          the Employee at an hourly rate of $650 per hour.  For the avoidance of doubt, this provision is not intended to reduce Employee’s rights to indemnity or reimbursement under applicable law or under any applicable director and officer liability
          insurance with respect to liabilities arising as a result of Employee’s service as an officer, director and/or employee of the Company.

     

    4.          Employee Benefits.  During the Part-Time Employment Term, the Employee and his eligible dependents shall be entitled to participation in the Company’s health, dental, vision and life insurance coverages (collectively, “Employee Benefits”). Employee shall not accrue any paid vacation during the Part-Time Employment Term.  The Parties acknowledge that any accrued but unused vacation under the Prior
          Employment Agreement will be paid out to the Employee on or about August 31, 2022.

     

    5.          Business Expenses.  During the Part-Time Employment Term, the Employee shall be reimbursed by the Company for reasonable business expenses incurred by the Employee in the performance of the Employee’s duties hereunder,
          including expenses for travel and lodging; provided, however, that any request of Employee for reimbursement of business
          expenses in excess of $10,000 in any calendar month during the Part-Time Employment Term shall require the approval of the Board.

     

    6.          Termination.

     

    (a)          The Employee’s employment hereunder may
          be terminated by either Party at any time and for any reason on at least thirty (30) days’ advance written notice (other than upon the Employee’s death or upon a termination for Cause, which may be effective immediately).  Any purported
          termination of employment by the Company or by the Employee (other than due to the Employee’s death) shall be communicated by written Notice of Termination to the other Party hereto in accordance with Section 10(f) hereof.  Upon any termination
          of the Employee’s employment hereunder the Employee shall be entitled to receive the following: Salary prorated to the effective date of termination and Employee Benefits through the effective date of termination (the “Accrued Rights”).  If, during the Part-Time Initial Term, the Employee’s employment hereunder is terminated by the Company without Cause (as defined below), or if the Employee resigns for Good Reason (as
          defined below), the Employee shall be entitled to receive continued payments of Employee’s then applicable monthly Salary for the remainder of the Part-Time Initial Term (but not any Part-Time Extension Term) in addition to the Accrued Rights. 
      

    

     

    

    
      3

      
        

    

    (b)          For purposes of this Agreement (and
          notwithstanding any different definition of the term Cause in the LLC Agreement), “Cause” shall mean any of the following grounds for termination of Employee’s employment, in each case
          as reasonably determined by the Board within 15 days of the  Board becoming aware of the existence of the event or circumstances: (A) fraud, embezzlement, or any act of moral turpitude or willful misconduct on the part of the Employee; (B)
          conviction of or the entry of a plea of nolo contendere by the Employee for any felony; (C) the
          willful breach by the Employee of any material term of this Agreement; or (D) the willful failure or refusal by the Employee to perform his reasonably assigned duties to the Company; provided,
          however, that no act or failure to act, on Employee’s part shall be considered “willful” unless done, or omitted to be done, by Employee not in good faith and without reasonable belief
          that Employee’s action or omission was in the best interest of the Company and consistent with the Plan and Wind-Down Business Plan.

     

    (c)          For purposes of this Agreement, “Good Reason” shall mean any of the following which is not corrected by the Company within 15 days after the Company receives written notice from Employee specifying the circumstances and
          correction sought: (A) any diminution in Employee’s title, duties, authorities, or responsibilities, or actions by the Board without Employee’s consent assigning duties to Employee or otherwise directing actions inconsistent with the Wind-Down
          Business Plan; (B) any reduction in, or limitation upon, Employee’s Salary or benefits; (C) requiring Employee to relocate his regular office location for the performance of his duties to a location more than thirty (30) miles from such office;
          (D) Employee ceases to be a member of the Board; or (E) material breach by the Company of any provision of this Agreement or any other agreement between the Company and Employee.

     

    (d)          Notwithstanding any other provision of
          this Agreement, the provisions of this Section 6 exclusively shall govern the Employee’s rights upon termination of employment with the Company and its affiliates.

     

    (e)          Board/Committee Resignation.  The Employee shall deliver a notice of resignation to the Board on (i) December 1, 2022 which resignation shall be effective as of December 31, 2022, if the sale of the Siena Property closes
          on or before December 1, 2022, (ii) the date the sale of the Siena Property is closed which resignation shall be effective as of the date that is thirty (30) days after such closing, if the sale of the Siena Property is not closed on or before
          December 1, 2022, or (iii) the date a notice of termination is delivered by either Party to the other Party (other than termination for Cause by the Company) pursuant to this Section 6 which resignation shall be effective thirty (30) days after
          the date such notice of termination is delivered.  In the case of each of the foregoing clauses (i) through (iii), to the extent applicable, any such notice of resignation shall include Employee’s resignation from the Board (and any committees
          thereof), as Chief Executive Officer of the Company and the board of directors (and any committees thereof) or any other positions of any of the Company’s subsidiaries or affiliates.

     

    (f)          Nature of Termination Benefits.  The termination benefits provided under this Section 6 shall not be treated as damages, but rather shall be treated as severance compensation to which Employee is entitled.  Employee shall
          not be required to mitigate the amount of any payment or benefit provided by seeking other employment or otherwise and there shall be no reduction of or offset against amounts due Employee under this Agreement on account of any remuneration or
          earnings that Employee may receive from to any other source.

     

        

    
      4

      
        

    

    7.          Section 409A.

     

    (a)          The intent of the parties is that
          payments and benefits under this Agreement comply with or be exempt from Internal Revenue Code Section 409A and the regulations and guidance promulgated thereunder (collectively, “Section 409A”)
          and, accordingly, to the maximum extent permitted, this Agreement shall be interpreted to be in compliance therewith.  If the Employee notifies the Company that the Employee has received advice of tax counsel of a national reputation with
          expertise in Section 409A that any provision of this Agreement (or of any award of compensation, including equity compensation or benefits) would cause the Employee to incur any additional tax or interest under Section 409A (with specificity as
          to the reason therefor) or the Company independently makes such  determination, the Company shall, after consulting with the Employee, reform such provision to try to comply with Section 409A through good faith modifications to the minimum extent
          reasonably appropriate to conform with Section 409A.  To the extent that any provision hereof is modified in order to comply with or be exempt from Section 409A, such modification shall be made in good faith and shall, to the maximum extent
          reasonably possible, maintain the original intent and economic benefit to the Employee and the Company of the applicable provision without violating the provisions of Section 409A.

     

    (b)          A termination of employment shall not
          be deemed to have occurred for purposes of this Agreement providing for the payment of any amounts or benefits that are considered nonqualified deferred compensation under Section 409A upon or following a termination of employment unless such
          termination is also a “separation from service” within the meaning of Section 409A and the payment thereof prior to a “separation from service” would violate Section 409A.  For purposes of any such provision of this Agreement relating to any such
          payments or benefits, references to a “termination,” “termination of employment,” or like terms shall mean “separation from service.” If the Employee is deemed on the date of termination to be a “specified employee” within the meaning of that
          term under Section 409A(a)(2)(B), then, notwithstanding any other provision herein, with regard to any payment or the provision of any benefit that is considered nonqualified deferred compensation under Section 409A payable on account of a
          “separation from service,” such payment or benefit shall not be made or provided prior to the date that is the earlier of (A) the expiration of the six-month period measured from the date of such “separation from service” of the Employee, and (B)
          the date of the Employee’s death (the “Delay Period”).  Upon the expiration of the Delay Period, all payments and benefits delayed pursuant to this Section 7(b) (whether they would have
          otherwise been payable in a single lump sum or in installments in the absence of such delay) shall be paid or reimbursed to the Employee in a lump sum on the first business day following the Delay Period, and any remaining payments and benefits
          due under this Agreement shall be paid or provided in accordance with the normal payment dates specified for them herein.

     

    (c)          (i) All expenses or other
          reimbursements as provided herein shall be payable in accordance with the Company’s policies as in effect from time to time, but in any event shall be made on or before the last day of the taxable year following the taxable year in which such
          expenses were incurred by the Employee; (ii) no such reimbursement or expenses eligible for reimbursement in any taxable year shall in any way affect the expenses eligible for reimbursement in any other taxable year; and (iii) the right to
          reimbursement or in-kind benefits shall not be subject to liquidation or exchanged for another benefit.  

    

     

    

    
      5

      
        

    

    (d)          For purposes of Section 409A, the
          Employee’s right to receive any installment payments pursuant to this Agreement shall be treated as a right to receive a series of separate and distinct payments.

     

    Whenever a payment under this Agreement specifies a payment period with reference to a number of days (e.g., “payment shall be made within 30 days following the date of termination”), the actual date of payment within the specified period shall be within the sole discretion of the Company.

     

    8.          Directors and Officers Insurance; Indemnification.

     

    (a)          During the Part-Time Employment Term,
          the Company shall keep in force for the Employee coverage under a directors and officers liability insurance policy, with such coverage to be at a level no less than that maintained for other officers of the Company and the members of the Board.

     

    (b)          The Company shall indemnify Employee,
          to the maximum extent permitted under applicable law and as set forth in the applicable organizational instruments governing the Company (including articles of incorporation, bylaws or trust instruments (as such articles, bylaws, or trust
          instruments may be amended, modified supplemented, or restated from time to time)), against all liabilities, losses, damages, costs, charges, fees (including, without limitation, attorneys’ fees),  and expenses (collectively, “Losses”) incurred, paid or sustained by Employee in connection with any claim, action, suit, or proceeding to which Employee may be made a party, brought directly or derivatively by any
          third party by reason of any act or omission by Employee as a director, manager or officer of the Company; provided that, Employee shall be liable for (and shall not be entitled to
          indemnification for) any such Losses incurred by reason of his gross negligence, willful misconduct, or breach of the duty of loyalty, unless and only to the extent that the court in which such claim, action, suit, or proceeding was brought shall
          have determined upon application that, despite such adjudication but in consideration of all the circumstances of the case, Employee is fairly and reasonably entitled to indemnity for such Losses that such court shall deem proper.  Employee’s
          rights under this Section 8 shall be in addition to, not in lieu of, any other rights to indemnification that Employee may have under the Plan, the Company’s organizational documents, applicable law, or otherwise.

     

    Employee, as an Officer of the Company and a member of the Board, and as a Wind-Down Indemnified Party (as defined in the Plan), shall be entitled to
      indemnification as provided in Section 5.3.11 of the Plan, including rights to advancement of indemnifiable expenses.

     

    9.          Governing Law; Jurisdiction.

     

    (a)          This Agreement shall be subject to and
          governed by the laws of the State of California applicable to contracts made and to be performed therein, without regard to conflict-of-laws principles thereof.  

    

     

    

    
      6

      
        

    

    (b)          Any action to enforce any of the
          provisions of this Agreement shall be brought in a court of the State of California located in Los Angeles County or in a Federal court located in Los Angeles, California.  The parties consent to the jurisdiction of such courts and to the service
          of process in any manner provided by California law.  Each Party irrevocably waives any objection that it may now or hereafter have to the laying of the venue of any such suit, action, or proceeding brought in such court and any claim that such
          suit, action, or proceeding brought in such court has been brought in an inconvenient forum and agrees that service of process in accordance with the foregoing sentences shall be deemed in every respect effective and valid personal service of
          process upon such Party.

     

    10.          Miscellaneous.

     

    (a)          Entire Agreement; Amendments.  This Agreement contains the entire understanding of the parties with respect to the employment of the Employee by the Company for the period from and after September 1, 2022 and supersedes
          any prior oral or written communications, agreements and understandings among the parties concerning the specific subject matter hereof.  There are no restrictions, agreements, promises, warranties, covenants, or undertakings between the parties
          with respect to the subject matter herein other than those expressly set forth herein.  This Agreement may not be altered, modified, or amended except by written instrument signed by the parties hereto; provided, however, that any such alteration, modification or amendment shall require the prior approval of (a) two (2) members of the Board other than Employee,
          and (b) a majority of the members of the Liquidation Trust Supervisory Board (as such term is described in the Trust Agreement).

     

    (b)          No Waiver.  The failure of a Party to insist upon strict adherence to any term of this Agreement on any occasion shall not be considered a waiver of such Party’s rights or deprive such Party of the right thereafter to
          insist upon strict adherence to that term or any other term of this Agreement.

     

    (c)          Severability.  The provisions of this Agreement are severable, and the invalidity, illegality, or unenforceability of any one or more provisions shall not affect the validity, legality, or enforceability of any other
          provision.  In the event that a court of competent jurisdiction shall determine that any provision of this Agreement or the application thereof is unenforceable in whole or in part because of the duration or scope thereof, the parties hereto
          agree that said court in making such determination shall have the power to reduce the duration and scope of such provision to the extent necessary to make it enforceable, and that the Agreement in its reduced form shall be valid and enforceable
          to the full extent permitted by law.

     

    (d)          Assignment.  This Agreement and all of the Employee’s rights and duties hereunder shall not be assignable or delegable by the Employee.  This Agreement shall be assigned by the Company to, and expressly assumed for the
          specific, intentional benefit of Employee by, a person or entity that is a successor in interest to all or substantially all of the business operations of the Company.  Upon such assignment, the rights and obligations of the Company hereunder
          shall become the rights and obligations of such affiliate or successor person or entity.  

    

     

    

    
      7

      
        

    

    (e)          Successors; Binding Agreement.  This Agreement shall inure to the benefit of and be binding upon personal or legal representatives, executors, administrators, successors, heirs, distributees, devisees, and legatees.  In
          the event of the Employee’s death, all amounts payable to the Employee that are then unpaid, including pursuant to Section 6, shall be paid to the Employee’s beneficiary designated by him in writing to the Company or, in the absence of such
          designation, to his estate.

     

    (f)          Notice.  For the purpose of this Agreement, notices and all other communications provided for in the Agreement shall be in writing and shall be deemed to have been duly given when delivered by hand or overnight courier or
          three days after it has been mailed by United States registered mail, return receipt requested, postage prepaid, addressed to the respective addresses set forth below in this Agreement, or to such other address as either Party may have furnished
          to the other in writing in accordance herewith, except that notice of change of address shall be effective only upon receipt.

     

        

    
      	 	If to the Company:	
              Woodbridge Wind-Down Entity LLC

            

      201 North Brand Avenue, Unit M,

      Glendale, CA 91203

      Attn: M. Freddie Reiss, Manager

                

      

      	 	with a copy to:	
              KTBS Law LLP

            

      1801 Century Park East, 26th Floor

      Los Angeles, CA 90067-2328

      Attn: Michael L. Tuchin

                

      

      	 	If to the Employee:	
              Frederick Chin

            

      201 North Brand Avenue, Unit M

      Glendale, CA 91203

    

     

      

    (g)          Withholding Taxes.  The Company may withhold from any amounts payable under this Agreement such Federal, state, and local taxes as may be required to be withheld pursuant to any applicable law or regulation.

     

    (h)          Counterparts.  This Agreement may be signed in counterparts, each of which shall be an original, with the same effect as if the signatures thereto and hereto were upon the same instrument.

     

    (i)          Survival.  Sections 6 through 10 shall survive the termination or expiration of this Agreement and Employee’s employment with the Company.

     

    [The remainder of this page is intentionally left blank.]

     

    

    
      8

      
        

    

    
      IN WITNESS WHEREOF, the Parties have duly executed this Agreement on the date first written above.

       

       
      	 	
              WOODBRIDGE WIND-DOWN ENTITY LLC

            
	 	

            
	 	
              By:

            	/s/ M. Freddie Reiss	 
	 	 	
              Name:

            	
              M. Freddie Reiss

            	 
	 	 	
              Title:

            	
              Manager

            	 
	 	 	 	 	 
	 	
              EMPLOYEE

            
	 	  
	 	
              By:

            	/s/ Frederick Chin	 
	 	 	
              Frederick Chin

            

      

      

      
        [SIGNATURE PAGE TO PART-TIME EMPLOYMENT AGREEMENT]

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