Document:

Exhibit 4.3

 

Execution Version 

 

FOURTH SUPPLEMENTAL INDENTURE

 

Dated as of September 19, 2019

 

to

 

INDENTURE

 

Dated as of November 8, 2016

 

by and among

 

WPC Eurobond B.V., as Issuer

 

W. P. Carey Inc., as Guarantor

 

and

 

U.S. Bank National Association, as Trustee

 

     

     

    

 

TABLE OF CONTENTS

 

	 	Page
	Article One DEFINITIONS	2
	 	 
	Section 101 Certain Terms Defined in the Indenture	2
	Section 102 Definitions	2
	 	 
	Article Two CERTAIN COVENANTS	8
	 	 
	Section 201 Limitation on Incurrence of Debt	8
	Section 202 Limitation on the Incurrence of Secured Debt	8
	Section 203 Limitation on the Incurrence of Debt Based on Consolidated EBITDA to Annual Debt Service Charge	8
	Section 204 Maintenance of Unencumbered Asset Value	9
	 	 
	Article Three	9
	 	 
	Section 301 Possible Future Operating Partnership Guarantee	9
	Section 302 Ranking	9
	Section 303 Waiver of Reimbursement, Indemnity and Subrogation Rights	9
	Section 304 Release of any Operating Partnership Guarantee	10
	Section 301 Supplemental Indenture	10
	 	 
	Article Four FORM AND TERMS OF THE NOTES	10
	 	 
	Section 401 Form and Dating	10
	Section 402 Certain Terms of the Notes	13
	Section 403 Redemption	14
	Section 404 Additional Terms	15
	 	 
	Article Five MISCELLANEOUS	16
	 	 
	Section 501 Relationship with Indenture	16
	Section 502 Trust Indenture Act Controls	16
	Section 503 Disclaimer	17
	Section 504 Governing Law	17
	Section 505 Multiple Counterparts	17
	Section 506 Severability	17
	Section 507 Ratification	17
	Section 508 Headings	18
	Section 509 Effectiveness	18
	 	 
	EXHIBIT A	1

 

    	 	i	 

     

    

 

Fourth
Supplemental Indenture

 

This Fourth Supplemental
Indenture, dated as of September 19, 2019 (this “Fourth Supplemental Indenture”), by and among WPC Eurobond
B.V., a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), as issuer (the
“Company”), W.P. Carey Inc., a Maryland corporation, as guarantor (the “Guarantor”), and
U.S. Bank National Association, as trustee (the “Trustee”), supplements that certain Indenture, dated as of
November 8, 2016, by and among the Company, the Guarantor and the Trustee (the “Original Indenture,” and together
with the Fourth Supplemental Indenture, the “Indenture”).

 

RECITALS

 

The Company has duly
authorized the execution and delivery of the Indenture to provide for the issuance from time to time of its unsecured and unsubordinated
debentures, notes or other evidences of indebtedness (the “Securities”, which term shall include the related
Guarantee (as defined below) unless the context otherwise requires), unlimited as to principal amount, to bear such fixed or floating
rates of interest, to mature at such time or times, to be issued in one or more series and to have such other provisions as provided
for in the Indenture;

 

The Guarantor has duly
authorized the execution and delivery of the Indenture to provide for the guarantee (the “Guarantee”) by the
Guarantor of the payment of the Securities and any other obligations of the Company pursuant to the Indenture in respect of such
Securities.

 

The Indenture provides
that the Securities shall be in the form as may be established by or pursuant to a Board Resolution and set forth in an Officer’s
Certificate or as may be established in one or more supplemental indentures thereto, in each case with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Indenture;

 

The Company, the Guarantor,
Elavon Financial Services DAC and U.S. Bank National Association have executed and delivered the Paying Agency Agreement dated
as of September 19, 2019 to appoint Elavon Financial Services DAC as Paying Agent, and U.S. Bank National Association as Registrar
and Transfer Agent;

 

The parties hereto
are entering into this Fourth Supplemental Indenture to establish the terms of the Securities created on or after the date of this
Fourth Supplemental Indenture; and

 

The Company has determined
to issue and deliver, the Guarantor has agreed to guarantee pursuant to the terms of the Indenture and the Trustee shall authenticate,
a series of Securities designated as the Company’s “1.350% Senior Notes due 2028” (hereinafter called the “Notes”,
which term shall include the related Guarantee with respect to such Notes unless the context otherwise requires) pursuant to the
terms of this Fourth Supplemental Indenture and substantially in the form as herein set forth, with such appropriate insertions,
omissions, substitutions and other variations as are required or permitted by the Indenture and this Fourth Supplemental Indenture.

 

NOW, THEREFORE, THIS
FOURTH SUPPLEMENTAL INDENTURE WITNESSETH:

 

    			 

     

    

 

For and in consideration
of the premises stated herein, the parties hereto hereby enter into this Fourth Supplemental Indenture, for the equal and proportionate
benefit of all Holders of the Securities and, to the extent expressly set forth herein, Future
Securities, as follows:

 

Article
One

 

DEFINITIONS

 

Section 101
Certain Terms Defined in the Indenture.

 

For purposes of this
Fourth Supplemental Indenture, all capitalized terms used but not defined herein shall have the meanings ascribed to such terms
in the Indenture, as amended and supplemented hereby.

 

Section
102 Definitions.

 

For all purposes of
this Fourth Supplemental Indenture:

 

“Acquired
Debt” means Debt of a Person:

 

		(1)	existing at the time such Person is merged or consolidated with or into the Guarantor or any of
its Subsidiaries or becomes a Subsidiary of the Guarantor; or

 

		(2)	assumed by the Guarantor or any of its Subsidiaries in connection with the acquisition of assets
from such Person.

 

Acquired Debt shall
be deemed to be incurred on the date the acquired Person is merged or consolidated with or into the Guarantor or any of its Subsidiaries
or becomes a Subsidiary of the Guarantor or the date of the related acquisition, as the case may be.

 

“Annual Debt
Service Charge” means, for any period, the interest expense of the Guarantor and its Subsidiaries on a pro forma basis
for such period (determined on a consolidated basis in accordance with GAAP).

 

“Business
Day” means any day, other than a Saturday or Sunday, (i) which is not a day on which banking institutions in the City
of New York or London are authorized or required by law, regulation or executive order to close and (ii) on which the Trans-European
Automated Real-Time Gross Settlement Express Transfer system (the TARGET2 system) or any successor thereto, is open.

 

“Capitalization
Rate” means 7.50%.

 

“Certificated
Notes” has the meaning set forth in Section 401(3) of this Fourth Supplemental Indenture.

 

“Clearing
System” means Euroclear or Clearstream, as the case may be and/or any additional or alternative clearing system approved
by the Company, the Trustee and the Paying Agent (provided that such additional or alternative clearing system must also be authorized
to hold the Notes as eligible collateral for Eurosystem monetary policy and intra-day credit operations) collectively.

 

    	 	2	 

     

    

 

“Clearstream”
means Clearstream Banking, S.A. and its successors.

 

“Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent
Investment Banker, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if the Independent
Investment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such
Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected
by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Comparable
Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on
the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day
of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00
a.m. (London time) on such Business Day as determined by an Independent Investment Banker.

 

“Consolidated
EBITDA” means the Net Income (Loss) of the Guarantor and its Subsidiaries on a pro forma basis for the applicable period,
plus (a) the sum of the following amounts of the Guarantor and its Subsidiaries on a pro forma basis for such period (determined
on a consolidated basis in accordance 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), (vi) noncontrolling interests, and (vii) adjustments as a result of the straight lining of rents, less
(b) extraordinary gains (including, without limitation, gains on asset sales and gains resulting from the early extinguishment
of indebtedness, in each case not otherwise included in extraordinary gains) of the Guarantor and its Subsidiaries on a pro forma
basis for such period (determined on a consolidated basis in accordance with GAAP) to the extent included in the determination
of such Net Income (Loss).

 

“Office of
the Paying Agent” means, initially, the office of Elavon Financial Services DAC, located at 125 Old Broad Street, London
EC2N 1AR, United Kingdom.

 

“CSK”
means Euroclear or Clearstream acting in the capacity of common safekeeper of the Global Note for the Clearing Systems or a person
nominated by the Clearing Systems to perform the role of common safekeeper.

 

“Debt”
means, any indebtedness of the Guarantor or any Subsidiary, whether or not contingent, in respect of:

 

		(1)	borrowed money or evidenced by bonds, notes, debentures, loan agreements or similar instruments;

 

    	 	3	 

     

    

 

		(2)	indebtedness secured by any Lien on any property or asset owned by the Guarantor or any Subsidiary,
but only to the extent of the lesser of the amount of indebtedness so secured and the fair market value (determined in good faith
by the board of directors of the Guarantor or a duly authorized committee thereof) of the property subject to such Lien;

 

		(3)	reimbursement obligations, contingent or otherwise, in connection with any letters of credit actually
issued or amounts representing the balance deferred and unpaid of the purchase price of any property except any such balance that
constitutes an accrued expense or trade payable; or

 

		(4)	any lease of property by the Guarantor or any Subsidiary as lessee which is required to be reflected
on the consolidated balance sheet of the Guarantor as a capitalized lease in accordance with GAAP,

 

and also includes, to the extent not otherwise
included, any non-contingent obligation of the Guarantor or any Subsidiary to be liable for, or to pay, as obligor, guarantor or
otherwise (other than for purposes of collection in the ordinary course of business), Debt of the types referred to above of another
Person other than the Guarantor or any Subsidiary (it being understood that Debt shall be deemed to be incurred by the Guarantor
or any Subsidiary whenever such Person shall create, assume, guarantee or otherwise become liable in respect thereof).

 

“Euro”
or “€” means single currency introduced at the third stage of the European Monetary Union pursuant to the
Treaty establishing the European Community, as amended.

 

“Euroclear”
means Euroclear Bank SA/NV and its successors, as operator of the Euroclear system.

 

“Funded Debt”
means any indebtedness for borrowed money that is (i) in the form of, or represented by, bonds, notes, debentures or other
debt securities and has an aggregate principal amount outstanding of at least $50 million or (ii) incurred pursuant to
a credit agreement or other agreement providing for revolving credit loans, term loans or other debt and has an aggregate principal
amount outstanding or committed of at least $50 million; excluding, in each instance, indebtedness of the Operating Partnership
(as defined below) owed to the Company or the Guarantor.

 

“Future
Securities” has the meaning set forth in Article Two of this Fourth Supplemental Indenture.

 

“GAAP”
means generally accepted accounting principles in the United States of America as set forth
in the opinions and pronouncements of the Accounting Principles Board and the American Institute of Certified Public Accountants
and statements and pronouncements of the Financial Accounting Standards Board or such other principles as may be approved by a
significant segment of the accounting profession in the United States of America,
that are applicable to the circumstances as of the date of determination, consistently applied.

 

“Global Notes”
has the meaning set forth in Section 401(1) of this Fourth Supplemental Indenture.

 

    	 	4	 

     

    

 

“Independent
Investment Banker” means each of Merrill Lynch International, J.P. Morgan Securities plc and Barclays Bank PLC and their
respective successors, or, if none of such firms are willing or able to select the Comparable Government Bond, an independent investment
banking institution of international standing appointed by the Company.

 

“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.

 

“Lien”
means any mortgage, deed of trust, lien, charge, pledge, security interest, security agreement or other encumbrance of any kind.

 

“Managed
REIT” means a REIT managed or advised by the Guarantor or any of its Subsidiaries.

 

“Management
Contract” means a management contract or advisory agreement under which the Guarantor or any of its Subsidiaries
provides management and advisory services to a third party, consisting of management of properties or provision of advisory services
on property acquisition and dispositions, equity and debt placements and related transactional matters.

 

“Management
Revenues” means, for any period, an amount equal to the aggregate sum of revenues for such period earned by the Guarantor
and its Subsidiaries on a pro forma basis from providing management and advisory services under Management Contracts (determined
on a consolidated basis in accordance with GAAP), including asset management revenue, performance revenue, structuring revenue,
advisor's participation in cash flow (if any), interest income or any revenue earned as stipulated in a Management Contract and
booked for financial reporting purposes, and distributions received for such period related to the ownership of equity in managed
funds and Managed REITs but excluding revenue related to reimbursed costs; provided, however, that Management Revenues shall exclude
any revenues earned under Management Contracts, or distributions received, by the Guarantor and its Subsidiaries on a pro forma
basis from a current Subsidiary that has not been a Subsidiary for the entirety of such period.

 

“Market
Exchange Rate” means the noon buying rate in The City of New York for cable transfers of Euro as certified for customs
purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York.

 

“Net
Income (Loss)” means the aggregate of net income (or loss) of the Guarantor and its Subsidiaries on a pro forma
basis for the applicable period (determined on a consolidated basis in accordance with GAAP).

 

“Operating
Partnership” has the meaning set forth in the definition of “UPREIT Reorganization.”

 

“Operating
Partnership Guarantee” has the meaning set forth in Section 301 of this Fourth Supplemental Indenture.

 

    	 	5	 

     

    

 

“Paying
Agent” means Elavon Financial Services DAC, as Paying Agent for the Notes, or any successor entity appointed by the Company
as Paying Agent for the Notes in London.

 

“Project” means
any office, industrial/manufacturing facility, educational facility, retail facility, distribution/warehouse facility, assembly
or production facility, hotel, day care center, storage facility, health care/hospital facility, restaurant, radio or TV station,
broadcasting/communication facility (including any transmission facility), 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 Guarantor
or its Subsidiaries.

 

“Property
EBITDA” means, for any period, an amount equal to Consolidated EBITDA plus corporate level general and administrative
expenses less Management Revenues.

 

“Registrar”
means U.S. Bank National Association, as Registrar for the Notes, or any successor entity appointed by the Company as Registrar
for the Notes.

 

“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.

 

“Subsidiary”
means (1) any Person (as defined in the indenture but excluding an individual), a majority of the outstanding voting stock, partnership
interests, membership interests or other equity interests, as the case may be, of which is owned or controlled, directly or indirectly,
by the Guarantor and/or by one or more other Subsidiaries of the Guarantor, as the case may be, that is consolidated in the financial
statements of the Guarantor, in accordance with GAAP and (2) and any other Persons that are consolidated with the Guarantor for
purposes of GAAP; provided, however, that calculations with respect to a current Subsidiary that has not been a Subsidiary
for the entire period covered by such calculation applicable to the Notes shall be calculated on a pro forma basis as if such Subsidiary
was a Subsidiary as of the first day of such period. For the purposes of this definition, “voting stock, partnership interests,
membership interests or other equity interests” means stock or interests having voting power for the election of directors,
trustees or managers (or similar members of the governing body of such Person), as the case may be, whether at all times or only
so long as no senior class of stock has such voting power by reason of any contingency.

 

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

 

		(1)	in respect of Projects owned or ground-leased by the
Guarantor and its Subsidiaries for at least four fiscal quarters (whether or not the applicable
Subsidiary of the Guarantor has been a Subsidiary of the Guarantor for at least four fiscal quarters), the Property EBITDA (excluding
any EBITDA attributable to investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other
unconsolidated entities) for such Projects for the previous four consecutive fiscal quarters divided by the Capitalization Rate; 

 

    	 	6	 

     

    

 

		(2)	in respect of Projects owned or ground-leased by the
Guarantor and its Subsidiaries for less than four fiscal quarters, the cost (original cost
plus capital improvements) of such Projects and related intangibles, before depreciation and amortization, determined on a consolidated
basis in accordance with GAAP; and 

 

		(3)	for all other assets of the Guarantor and its Subsidiaries,
excluding accounts receivable and intangible assets, the value as determined in accordance with GAAP.

 

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

 

		(1)	in respect of Projects owned or ground-leased by the
Guarantor and its Subsidiaries for at least four fiscal quarters (whether or not the applicable
Subsidiary of the Guarantor has been a Subsidiary of the Guarantor for at least four fiscal quarters) and which are not subject
to a Lien, the Property EBITDA (excluding any EBITDA attributable to investments in unconsolidated limited partnerships, unconsolidated
limited liability companies and other unconsolidated entities) for such Projects for the previous four consecutive fiscal quarters
divided by the Capitalization Rate;

 

		(2)	in respect of Projects owned or ground-leased by the
Guarantor and its Subsidiaries for less than four fiscal quarters and which are not subject
to a Lien, the cost (original cost plus capital improvements) of such Projects and related intangibles, before depreciation and
amortization, determined on a consolidated basis in accordance with GAAP; and 

 

		(3)	for all other assets of the Guarantor and its Subsidiaries
not subject to a Lien, excluding accounts receivable and intangible assets, the value as
determined in accordance with GAAP; all determined on a consolidated basis in accordance with GAAP; provided, however,
that, all investments in unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated
entities shall be excluded from Total Unencumbered Asset Value.

 

“Trustee”
has the meaning set forth in the first paragraph of this Fourth Supplemental Indenture.

 

“United States”
means the United States of America (including the states and the District of Columbia and any political subdivision thereof).

 

“United States
person” means: any individual who is a citizen or resident of the United States for U.S. federal income tax purposes;
a corporation, partnership or other entity created or organized in or under the laws of the United States, any state of the United
States or the District of Columbia, including an entity treated as a corporation for Unites States income tax purposes; or any
estate or trust the income of which is subject to United States federal income taxation regardless of its source.

 

    	 	7	 

     

    

 

 

“Unsecured
Debt” means Debt of the Guarantor or any of its Subsidiaries that is not secured by a Lien on any property or assets
of the Guarantor or any of its Subsidiaries.

 

“UPREIT
Reorganization” means a reorganization of the Guarantor and its subsidiaries into an umbrella partnership real estate
investment trust, including by converting WPC Holdco LLC, a direct wholly-owned subsidiary of the Guarantor that currently owns
all or substantially all of the Guarantor’s assets, into a limited partnership (the “Operating Partnership”),
in which the Guarantor would initially own all or substantially all of the equity interests in the Operating Partnership, including
all of the non-economic equity interests of the general partner thereof. 

 

Article
Two

 

CERTAIN COVENANTS

 

In addition to the
covenants set forth in Sections 1101 through 1104, inclusive, of the Original Indenture, there are established the following covenants
for the benefit of Holders of the Notes and each series of Securities issued on or subsequent to the date hereof (“Future
Securities”) and to which such Notes and Future Securities shall be subject and to which Sections 502(3) and 1105 of
the Original Indenture shall apply:

 

Section
201 Limitation on Incurrence of Debt. The Guarantor shall not, and shall not permit any of its Subsidiaries to, incur
any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from such Debt
on a pro forma basis, the aggregate principal amount of all of its and its Subsidiaries’ outstanding Debt (determined on
a consolidated basis in accordance with GAAP) is greater than 60% of its and its Subsidiaries’ Total Asset Value.

 

Section
202 Limitation on the Incurrence of Secured Debt. In addition to the limitation set forth in Section 201 above, the
Guarantor shall not, and shall not permit any of its Subsidiaries to, incur any Debt (including, without limitation, Acquired Debt)
secured by any Lien on any of its or any of its Subsidiaries’ property or assets if, immediately after giving effect to the
incurrence of such Debt and the application of the proceeds from such Debt on a pro forma basis, the aggregate principal amount
of all of its and its Subsidiaries’ outstanding Debt (determined on a consolidated basis in accordance with GAAP) secured
by a Lien on any of its or its Subsidiaries’ property or assets is greater than 40% of its and its Subsidiaries’ Total
Asset Value.

 

Section
203 Limitation on the Incurrence of Debt Based on Consolidated EBITDA to Annual Debt Service Charge. In addition
to the limitations set forth in Sections 201 and 202 above, the Guarantor shall not, and shall not permit any of its Subsidiaries
to, incur any Debt if, immediately after giving effect to the incurrence of such Debt and the application of the proceeds from
such Debt on a pro forma basis, the ratio of Consolidated EBITDA to Annual Debt Service Charge (determined on a consolidated
basis in accordance with GAAP) for the period consisting of the four consecutive fiscal quarters most recently ended prior to the
date on which such Debt is to be incurred (for which consolidated financial statements have been filed with the Commission on Form
10-K or Form 10-Q, as the case may be, or, if such filing is not permitted under the Exchange Act, with the Trustee) shall have
been less than 1.5:1, calculated on the following assumptions: (1) such Debt and any other Debt (including, without limitation,
Acquired Debt) incurred by the Guarantor or any of its Subsidiaries since the first day of such four consecutive fiscal quarterly
period had been incurred, and the application of the proceeds from such Debt (including to repay or retire other Debt) had occurred,
on the first day of such period; (2) the repayment or retirement of any other Debt of the Guarantor or any of its Subsidiaries
since the first day of such four consecutive fiscal quarterly period had occurred on the first day of such period (except that,
in making this computation, the amount of Debt under any revolving credit facility, line of credit or similar facility shall be
computed based upon the average daily balance of such Debt during such period); and (3) in the case of any acquisition or disposition
by the Guarantor or any of its Subsidiaries of any asset or group of assets with a fair market value in excess of $1.0 million
since the first day of such four consecutive fiscal quarterly period, whether by merger, stock purchase or sale or asset purchase
or sale or otherwise, such acquisition or disposition had occurred as of the first day of such period with the appropriate adjustments
with respect to such acquisition or disposition being included in such pro forma calculation.

 

    8

     

    

 

If the Debt giving
rise to the need to make the calculation described above or any other Debt incurred after the first day of the relevant four-quarter
period bears interest at a floating rate, then, for purposes of calculating the Annual Debt Service Charge, the interest rate on
such Debt shall be computed on a pro forma basis by applying the average daily rate which would have been in effect during the
entire such four consecutive fiscal quarterly period to the greater of the amount of such Debt outstanding at the end of such period
or the average amount of such Debt outstanding during such period.

 

Section
204 Maintenance of Unencumbered Asset Value. The Guarantor shall not have at any time Total Unencumbered Asset Value
of less than 150% of the aggregate principal amount of all of its and its Subsidiaries' outstanding Unsecured Debt (determined
on a consolidated basis in accordance with GAAP).

 

Article
Three 

 

Section 301. Possible
Future Operating Partnership Guarantee. Upon and following consummation of the UPREIT Reorganization, if the Operating Partnership
incurs or assumes any recourse Funded Debt, or guarantees or otherwise becomes obligated with respect to any other entity's Funded
Debt, then the Guarantor shall cause the Operating Partnership, within 10 Business Days of such incurrence, assumption, guarantee
or other action, to (i) execute and deliver to the Trustee a supplemental indenture, in form reasonably satisfactory to the
Trustee, pursuant to which the Operating Partnership shall fully, unconditionally and irrevocably guarantee all of the payment
and other obligations under the Notes and any Future Securities in a timely manner on a senior unsecured basis on terms consistent
with the Guarantee (the “Operating Partnership Guarantee”) and (ii) deliver to the Trustee an Officer's
Certificate and an opinion of counsel to the effect that each of such supplemental indenture and such Operating Partnership Guarantee
has been duly authorized, executed and delivered by, and constitutes a valid, legally binding and enforceable obligation of, the
Operating Partnership, except insofar as enforcement thereof may be limited by bankruptcy, insolvency or similar laws or by general
principles of equity. Any such Operating Partnership Guarantee shall provide that holders of the Notes and any Future Securities
shall be entitled to proceed directly against the Operating Partnership without exercising their remedies against any other obligor.

 

    9

     

    

 

Section 302. Ranking.
Any Operating Partnership Guarantee shall rank equally and ratably with all other existing and future unsecured and unsubordinated
indebtedness of the Operating Partnership, shall rank senior to any subordinated indebtedness of the Operating Partnership that
is not secured, and shall effectively rank junior to (i) any secured indebtedness of the Operating Partnership to the extent of
the value of the collateral securing such indebtedness and (ii) to all of the indebtedness
and other liabilities, whether secured or unsecured, if any, and any preferred equity of the subsidiaries of the Operating Partnership.

 

Section 303. Waiver
of Reimbursement, Indemnity and Subrogation Rights. If and for so long as the Operating Partnership guarantees the Notes or
any Future Securities, it shall agree in the supplemental indenture that it shall waive and shall not in any manner whatsoever
claim or take the benefit or advantage of any right of reimbursement, indemnity or subrogation or any other right as a result
of any payment by the Operating Partnership under any Operating Partnership Guarantee until the Notes, or such Future Securities,
have been paid in full.

 

Section 304. Release
of any Operating Partnership Guarantee. Any Operating Partnership Guarantee shall be automatically released if (i) the
Guarantor exercises its option to discharge its obligations with respect to this Fourth Supplemental Indenture or the Notes, as
applicable, pursuant to Article Five in the Original Indenture, or (ii) the Operating Partnership is no longer obligated
on any other Funded Debt.

 

Section 305. Supplemental
Indenture. The supplemental indenture shall provide that the obligations of the Operating Partnership under any Operating
Partnership Guarantee shall be limited as necessary to prevent such Operating Partnership Guarantee from constituting a fraudulent
conveyance or fraudulent transfer under applicable law.   

 

Article
Four

 

FORM AND TERMS OF THE NOTES

 

This Article Four applies
solely to the Notes and shall not affect the rights under the Original Indenture of the Holders of Securities of any other series.

 

Section
401 Form and Dating.

 

The Notes and the Trustee’s
certificate of authentication shall be substantially in the form of Exhibit A attached hereto. The Notes shall be executed
on behalf of the Company by two officers of the Company specified in Section 303 of the Original Indenture. The
Notes may have such appropriate insertions, omissions, substitutions and other variations as are required or permitted by or pursuant
to Original Indenture or this Fourth Supplemental Indenture and may have such letters, numbers or other marks of identification
and such legends or endorsements placed thereon as may, consistently with the Original Indenture, be determined by the officer
of the Company executing the Notes as evidenced by the execution of the Notes. Each Note shall be dated the date of its
authentication or, if later (in the case of Notes issued in fully-registered global form pursuant to Section 401(1)), effectuation.
The Notes and any beneficial interest in the Notes shall be in minimum denominations of €100,000 and integral multiple of
€1,000 in excess thereof.

 

    10

     

    

 

The terms and notations
contained in the Notes shall constitute, and are hereby expressly made, a part of the Original Indenture as supplemented by this
Fourth Supplemental Indenture; and the Company, the Guarantor and the Trustee, by
their execution and delivery of this Fourth Supplemental Indenture, expressly agree
to such terms and provisions and to be bound thereby; provided, that, to the extent of any inconsistency between the terms and
provisions in the Original Indenture, as supplemented by this Fourth Supplemental Indenture,
and those contained in the Notes, the Notes shall govern.

 

(1)               Global
Notes. The Notes designated herein shall be issued initially in the form of one or more fully-registered permanent global
Securities (the “Global Notes” and each, a “Global Note”) without coupons, kept by the CSK,
as common safekeeper for the Clearing Systems, in accordance with applicable safekeeping procedures.

 

It is intended
that the Notes, while represented by one or more Global Notes, shall be recognized as eligible collateral for Eurosystem monetary
policy and intra-day credit operations by the Eurosystem upon their issuance. The Company and the Guarantor shall use their reasonable
best efforts to maintain and satisfy any requirements for such Eurosystem collateral eligibility.

 

(2)               Book-Entry
Provisions. This Section 401(2) shall apply only to the Global Notes kept by the CSK in accordance with applicable safekeeping
procedures.

 

The Company
shall execute and the Trustee shall, in accordance with this Section 401(2), authenticate and the CSK shall effectuate the Notes
as herein provided. The aggregate principal amount of the Global Note may from time to time be increased or decreased by adjustments
made on the Note Register.

 

Members of,
or participants in, the Clearing Systems (“Agent Members”) shall have no rights under the Indenture with respect
to any Global Note held on their behalf by the Clearing Systems or by the CSK as common safekeeper for the Clearing Systems or
under such Global Note, and the nominee of the CSK may be treated by the Company, the Guarantor, the Trustee, the Registrar, the
Paying Agent, and any respective agent of the Company, the Guarantor, the Trustee, the Registrar or the Paying Agent, as applicable,
as the absolute owner and Holder of such Global Note for all purposes whatsoever. Notwithstanding the foregoing, nothing herein
shall prevent the Company, the Guarantor, the Trustee, the Registrar, the Paying Agent or any respective agent of the Company,
the Guarantor, the Trustee, the Registrar or the Paying Agent, as applicable, from giving effect to any written certification,
proxy or other authorization furnished by the Clearing Systems or impair, as between the CSK, the Clearing Systems and its Agent
Members, the operation of customary practices of the Clearing Systems governing the exercise of the rights of owners of beneficial
interests in any Global Note.

 

    11

     

    

 

(3)               Certificated
Notes. Except as provided below, owners of beneficial interests in Global Notes shall not be entitled to receive Certificated
Notes (as defined below). If required to do so pursuant to any applicable law or regulation, owners of a beneficial interest in
the Notes may obtain Certificated Notes in exchange for their beneficial interests in a Global Note upon written request in accordance
with the Clearing Systems’ and the Registrar’s procedures.

 

The Global
Note shall be exchanged for one or more Notes in definitive, fully registered certificated form, without coupons (the “Certificated
Notes”), if (i) the Company has been notified that the Clearing Systems (or any additional or alternative clearing system
approved by the Company, the Guarantor, the Trustee the Registrar and the Paying Agent on behalf of which the Global Note may be
held) has been closed for business for a continuous period of 14 days (other than by reason of holidays, statutory or otherwise)
or has announced an intention permanently to cease business or does in fact do so or (ii) an Event of Default in respect of the
Notes has occurred and is continuing and the Registrar has received a request from the Clearing Systems.

 

Upon surrender
by a Clearing System of the Global Note, Certificated Notes shall be issued to each person that the Clearing System identifies
as the beneficial owner of the Notes represented by the Global Note. Upon the issuance of Certificated Notes, the Registrar is
required to register the Certificated Notes in the name of that person or persons, or their nominee, and cause the Certificated
Notes to be delivered thereto.

 

In connection
with the exchange of a Certificated Note, or a portion thereof, for a beneficial interest in a Global Note, the Trustee shall cancel
such Certificated Note, or portion thereof, and the Company shall execute, and the Trustee shall authenticate and deliver, to the
transferring Holder a new Certificated Note representing the principal amount not so transferred.

 

(4)               Transfer
and Exchange of the Notes. Any Holder of a Global Note shall, by acceptance of the Global Note, agree that transfers of beneficial
interests in such Global Notes may be effected only through a book-entry procedures maintained by such Holder (or its agent),
and that, subject to Section 401(3), ownership of a beneficial interest in the Notes represented thereby shall be required to
be reflected in book-entry form. Transfers of a Global Note shall be limited to transfers in whole, and not in part, to the CSK,
its successors and their respective nominees. Interests of beneficial owners in a Global Note shall be transferred in accordance
with the rules and procedures of Euroclear and Clearstream.

 

(5)               Legends.
Each Global Note shall bear the following legend on the face thereof:

 

THIS CERTIFICATE
IS A GLOBAL NOTE WITHIN THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE NOMINEE OF THE
ENTITY APPOINTED AS COMMON SAFEKEEPER (THE “CSK”) FOR CLEARSTREAM BANKING, S.A. (“CLEARSTREAM”) AND EUROCLEAR
BANK SA/NV (“EUROCLEAR,” AND TOGETHER WITH CLEARSTREAM, THE “CLEARING SYSTEMS”).

 

TRANSFERS
OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS IN WHOLE, And NOT IN PART, TO
NOMINEES OF THE CSK OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

    12

     

    

 

Section
402 Certain Terms of the Notes.

 

The terms of the Notes
are established as set forth in Article Three, this Section, in Section 403 and as further established in the form of Note attached
hereto as Exhibit A. The terms and notations contained in the Notes shall constitute, and are hereby expressly made, a part
of the Original Indenture as supplemented by this Fourth Supplemental Indenture, and
the Company, the Guarantor and the Trustee, by their execution and delivery of this Fourth
Supplemental Indenture, expressly agree to such terms and provisions and to be bound thereby.

 

(1)               Title.
The Notes shall constitute a series of Securities having the title “1.350% Senior Notes due 2028.”

 

(2)               Principal
Amount. The Notes shall initially be limited to an aggregate principal amount of Five
Hundred Million EURO (€500,000,000). The Company may, from time to time, without notice to or the consent of any Holders,
create and issue additional debt securities having the same terms as the Notes in all respects, except for the issue date, public
offering price and, under certain circumstances, the date from which interest begins to accrue and the first payment of interest
thereon, provided that (i) such issuance complies with the covenants set forth in the Indenture and (ii) any additional debt securities
must be fungible with the previously outstanding Notes for U.S. federal income tax purposes. Additional debt securities issued
in this manner shall be consolidated with, and shall form a single series of debt securities under the Indenture with, the Notes.
The Notes and any additional debt securities shall rank equally and ratably in right of payment and shall be treated as a single
series of debt securities for all purposes under the Indenture.

 

(3)               Maturity
Date; Principal Repayment. The Notes shall mature on April 15, 2028 (the “Stated Maturity Date”),
unless redeemed prior to such date in accordance with Section 403. The principal of, and premium, if any, and interest, if any,
on, each Note payable at maturity or earlier redemption shall be paid against presentation and surrender of the Note at the Office
or Agency maintained for such purpose in London, initially the Office of the Paying Agent, or by electronic means, in Euro.

 

(4)               Interest
Rate. Interest on the Notes shall accrue at the rate of 1.350% per
year from, and including, September 19, 2019 or the most recent interest payment date to which interest has been paid or
provided for, as the case may be, and shall be payable annually in arrears on April 15 of each year, beginning on April 15, 2020
(short first coupon) (each, an “Interest Payment Date”). The interest so payable shall be paid to each Holder
in whose name a Note is registered at the close of business on the Business Day immediately preceding the applicable Interest
Payment Date. Interest on the Notes shall be computed on the basis of an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the
International Capital Market Association) day count convention. Interest on the Notes due on an Interest Payment Date shall be
payable to the Paying Agent by electronic means, in Euro. Interest payable on Global Notes shall be made in immediately available
funds to the Clearing Systems or to the nominee of the CSK, as the case may be, as the registered Holder of such Global Note.
If any of the Notes are no longer represented by Global Notes, payment of interest on Certificated Notes may, at the option of
the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable,
be made by electronic means directly to Holders at their registered addresses.

 

    13

     

    

 

(5)               Issuance
in Euro. Principal of, and premium, if any, and interest on the Notes shall be payable in Euro. If Euro is unavailable to
the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable,
due to the imposition of exchange controls or other circumstances beyond the Company’s, the Guarantor’s or the Operating
Partnership’s, as applicable, control or the Euro is no longer used by the member states of the European Monetary Union
that have adopted the Euro as their currency for the settlement of transactions by public institutions within the international
banking community, then all payments in respect of the Notes shall be made in Dollars until Euro is again available to the Company,
the Guarantor or the Operating Partnership, as applicable, or so used. In such case, the amount payable on any date in Euro shall
be converted to Dollars on the basis of the Market Exchange Rate on the second Business Day before the date that payment is due,
or if such Market Exchange Rate is not then available, on the basis of the most recently available Market Exchange Rate on or
before the date that payment is due. Any payment in respect of the Notes so made in Dollars shall not constitute an Event of Default
under the Indenture. Neither the Trustee nor any Paying Agent shall be responsible for obtaining exchange rates, effecting conversions
or otherwise handling re-denominations.

 

(6)               Sinking
Fund Provisions. The Notes shall not be entitled to the benefits
of, or be subject to, any sinking fund.

 

(7)               Guarantee. The
Guarantee of the Guarantor under Article Four of the Original Indenture shall apply to the Notes by virtue of the Guarantor’s
execution and delivery of the Fourth Supplemental Indenture.

 

Section
403 Redemption.

 

(1)               Optional
Redemption. The Notes shall be redeemable, at the Company's sole option, in whole at any time or in part from time to time,
in each case prior to January 15, 2028 (i.e., three months prior to the Stated Maturity Date), for cash, at a Redemption Price
equal to the greater of (1) 100% of the principal amount of the Notes to be redeemed or (2) the sum of the present values of the
remaining scheduled payments of principal of and interest on the Notes to be redeemed (exclusive of unpaid interest accrued to,
but not including, such Redemption Date), discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA) (as defined
in the rulebook of the International Capital Market Association)) at the Comparable Government Bond Rate plus 0.350%, plus, in
each case, unpaid interest, if any, accrued to, but not including, such Redemption Date.

 

    14

     

    

 

In addition,
at any time on or after January 15, 2028 (i.e., three months prior to the Stated Maturity Date), the Notes shall be redeemable,
at the Company's sole option, in whole at any time or in part from time to time, for cash, at a Redemption Price equal to 100%
of the principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, such Redemption
Date. Notwithstanding the foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to
an Interest Payment Date falling on or before such Redemption Date.

 

(2)               Redemption
for Tax Reasons. Section 1208 of the Original Indenture shall apply and “date of the issuance” as used in Section
1208 shall mean September 19, 2019.

 

(3)               Notice
of Redemption. The Company (or, at the Company's request, the Paying Agent on its behalf) must transmit a notice of redemption
to each Holder of Notes to be redeemed at least 30 days but not more than 60 days prior to the Redemption Date. Such notice of
redemption shall specify the principal amount of Notes to be redeemed, the CUSIP, ISIN and Common Code numbers of the Notes to
be redeemed, the Redemption Date, the Redemption Price, the place or places of payment and that payment shall be made upon presentation
and surrender of such Notes. Once notice of redemption is delivered to Holders, the Notes called for redemption shall become due
and payable on the Redemption Date at the Redemption Price. On the Redemption Date, the Company, the Guarantor or the Operating
Partnership if an Operating Partnership Guarantee has been issued, as applicable, shall deposit with the Trustee or the Paying
Agent an amount of money sufficient to redeem on the Redemption Date all the Notes so called for redemption at the Redemption
Price.

 

In the case
of a redemption of Notes represented by a Global Note, the Clearing Systems shall select the Notes for redemption according to
the Clearing Systems’ stated procedures therefor, and the Registrar shall record such redemption in the Security Register
and shall provide details of such redemption to the Clearing Systems. In the case of a redemption of Notes represented by a Global
Note, the Paying Agent shall instruct the Clearing Systems to make such appropriate entries in their records in respect of all
Notes redeemed by the Company to reflect such redemptions.

 

Unless there is a default
in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or any portion
of the Notes called for redemption from and including the Redemption Date.

 

If less than all of
the Notes are to be redeemed, the Trustee, upon prior notice from the Company, shall select the Notes to be redeemed, which, in
the case of Notes in book-entry form, shall be in accordance with the procedures of the applicable depositary or common safekeeper.
The Trustee may select Notes and portions of Notes in amounts of €100,000 and integral multiples of €1,000 in excess
thereof.

 

    15

     

    

 

Section
404 Additional Terms.

 

The terms of this Section
404 apply solely to the Notes and shall not affect the rights under the Original Indenture of the Holders of Securities of any
other series.

 

(1)               Defeasance.
For purposes of Article Five under the Original Indenture, “Government Obligations” has the meaning set forth below:

 

“Government
Obligations” means securities denominated in Euro that are (i) direct obligations of the Federal Republic of Germany,
where the payment or payments thereunder are supported by the full faith and credit of the German government or (ii) obligations
of a Person controlled or supervised by and acting as an agency or instrumentality of the Federal Republic of Germany, where the
timely payment or payments thereunder are unconditionally guaranteed as a full faith and credit obligation by the German government,
and which, in the case of (i) or (ii), are not callable or redeemable at the option of the issuer or issuers thereof, and shall
also include a depositary receipt issued by a bank or trust company as custodian with respect to any such Government Obligation
or a specific payment of interest on or principal of or other amount with respect to any such Government Obligation held by such
custodian for the account of the holder of a depositary receipt; provided that (except as required by law) such custodian
is not authorized to make any deduction from the amount payable to the holder of such depositary receipt from any amount received
by the custodian in respect of the Government Obligation or the specific payment of interest on or principal of or other amount
with respect to the Government Obligation evidenced by such depositary receipt; provided, however, if the Euro is
no longer used by the member states of the European Monetary Union that have adopted the Euro as their currency or for the settlement
of transactions by public institutions within the international banking community, then all references herein to “Euro”
shall be “U.S. Dollars,” “Federal Republic of Germany” shall be “United States” and “German
government” shall be “United States Government”.

 

(2)               Notes
Outstanding. In addition to the terms provided for in the Original Indenture, in the case of a Global Note, save for the purposes
of determining Notes that are outstanding for consent or voting purposes under the Indenture, the Trustee shall rely on the records
of the Clearing Systems in relation to any determination of the principal amount outstanding of such Global Note. For this purpose,
“records” means the records that each of the Clearing Systems holds for its customers which reflect the amount of
such customer’s interest in the Notes.

 

Article
Five

 

MISCELLANEOUS

 

Section
501 Relationship with Indenture.

 

The terms and provisions
contained in the Original Indenture shall constitute, and are hereby expressly made, a part of this Fourth
Supplemental Indenture. However, to the extent any provision of the Original Indenture conflicts with the express provisions
of this Fourth Supplemental Indenture, the provisions of this Fourth
Supplemental Indenture shall govern and be controlling.

 

    16

     

    

 

Section
502 Trust Indenture Act Controls.

 

If any provision of
this Fourth Supplemental Indenture limits, qualifies or conflicts with another provision
that is required to be included in this Fourth Supplemental Indenture by the Trust
Indenture Act, the required provision shall control. If any provision of this Fourth Supplemental
Indenture modifies or excludes any provision of the Trust Indenture Act which may be so modified or excluded, the latter
provision shall be deemed to apply to this Fourth Supplemental Indenture as so modified
or excluded, as the case may be.

 

Section
503 Disclaimer.

 

None of the Trustee,
the Registrar, Transfer Agent nor any Paying Agent shall be liable for any failure on the part of the CSK to effectuate any Global
Note or for any failure on the part of the CSK to do so in a timely manner, unless it shall be proved that the Trustee, Registrar,
Transfer Agent or Paying Agent was negligent in instructing the CSK to effectuate any such Global Note in accordance with the applicable
provision hereof; provided, that the Trustee, Registrar, Transfer Agent or Paying Agent shall not be deemed to have acted
with negligence if it shall have given such instructions in the manner and by the time prescribed by the CSK, provided further
that in the absence of any such prescribed manner or timing, the Trustee, Registrar, Transfer Agent or Paying Agent shall be entitled
to give, and shall incur no liability hereunder if it shall give, such instructions by facsimile transmission (without any requirement
for telephonic confirmation) to a telephone number provided by the CSK for such purpose or by email to an email address provided
by the CSK for such purpose and shall be protected in giving and shall incur no liability hereunder in giving such instructions
no later than one Business Day after the applicable Global Note shall have been delivered to the Registrar for authentication.

 

Section
504 Governing Law.

 

This Fourth
Supplemental Indenture shall be governed by, and construed in accordance with, the laws of the State of New York without
regard to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401.

 

Section
505 Multiple Counterparts.

 

The parties may sign
multiple counterparts of this Fourth Supplemental Indenture. Each signed counterpart
shall be deemed an original but all of them together represent one and the same Fourth Supplemental
Indenture.

 

Section
506 Severability.

 

Each provision of this
Fourth Supplemental Indenture shall be considered separable and if for any reason
any provision that is not essential to the effectuation of the basic purpose of this Fourth
Supplemental Indenture shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining
provisions shall not in any way be affected or impaired thereby and a Holder shall have no claim therefor against any party hereto.

 

    17

     

    

 

Section
507 Ratification.

 

The Original Indenture,
as supplemented and amended by this Fourth Supplemental Indenture, is in all respects
ratified and confirmed. The Original Indenture and this Fourth Supplemental Indenture
shall be read, taken and construed as one and the same instrument. All provisions included in this Fourth
Supplemental Indenture supersede any conflicting provisions included in the Original Indenture unless not permitted by law.
The Trustee accepts the trusts created by the Original Indenture, as supplemented by this Fourth
Supplemental Indenture, and agrees to perform the same upon the terms and conditions of the Original Indenture, as supplemented
by this Fourth Supplemental Indenture. The recitals and statement contained herein
shall be taken as the respective statements of the Company and the Guarantor, as applicable, and the Trustee assumes no responsibility
for their correctness. The Trustee makes no representations as to the validity or sufficiency of this Fourth
Supplemental Indenture.

 

Section
508 Headings.

 

The Section headings
in this Fourth Supplemental Indenture are for convenience only and shall not affect
the construction thereof.

 

Section
509 Effectiveness.

 

The provisions of this
Fourth Supplemental Indenture shall become effective as of the date hereof.

 

[Remainder of Page Intentionally Left
Blank]

 

    18

     

    

 

 

IN WITNESS WHEREOF, the parties hereto have
caused this Fourth Supplemental Indenture to be duly executed all as of the day and
year first above written.

 

	 	WPC Eurobond B.V., as Issuer
	 	 	 
	 	 	 
	 	By:	/s/ Ramses van Toor
	 	Name:	Ramses van Toor
	 	Title:	Managing Director A
	 	 	 
	 	 	 
	 	By:	/s/ ToniAnn Sanzone
	 	Name:	ToniAnn Sanzone
	 	Title:	Managing Director B
	 	 	 
	 	 	 
	 	W. P. CAREY INC., as Guarantor
	 	 	 
	 	 	 
	 	By:	/s/ ToniAnn Sanzone
	 	Name:	ToniAnn Sanzone
	 	Title:	Chief Financial Officer
	 	 	 
	 	 	 
	 	U.S. BANK NATIONAL ASSOCIATION,
	 	as Trustee
	 	 	 
	 	 	 
	 	By:	/s/ Raymond S. Haverstock
	 	Name:	Raymond S. Haverstock
	 	Title:	Vice President

 

[Signature Page to Fourth
Supplemental Indenture]

 

    	 	 	 

     

    

 

EXHIBIT A

 

[FORM OF FACE OF NOTE]

 

THIS CERTIFICATE IS A GLOBAL NOTE WITHIN
THE MEANING OF THE INDENTURE HEREINAFTER REFERRED TO AND IS REGISTERED IN THE NAME OF THE NOMINEE OF THE ENTITY APPOINTED AS COMMON
SAFEKEEPER (THE “CSK”) FOR CLEARSTREAM BANKING, S.A. (“CLEARSTREAM”) AND EUROCLEAR BANK SA/NV (“EUROCLEAR”
AND, TOGETHER WITH CLEARSTREAM, THE “CLEARING SYSTEMS”). TRANSFERS OF THIS GLOBAL NOTE SHALL BE LIMITED TO TRANSFERS
IN WHOLE, AND NOT IN PART, TO NOMINEES OF THE CSK OR TO A SUCCESSOR THEREOF OR SUCH SUCCESSOR’S NOMINEE.

 

WPC
Eurobond B.V.

1.350% Senior Note due 2028

 

	REGISTERED	PRINCIPAL AMOUNT: €500,000,000

No. R-1

 

ISIN: XS2052968596

Common Code: 205296859

 

This certifies that
the person whose name is entered in the register maintained by the Registrar in relation to the Notes (the “Register”)
is the duly registered holder (the “Holder”) of Notes in the aggregate principal amount of €500,000,000
or such other amount as is shown on Register as being represented by this Global Note and is duly endorsed (for information purposes
only) in the fourth column of the Schedule of Increases and Decreases in Note attached to this Global Note.

 

WPC Eurobond B.V.,
a Dutch private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid) promises to pay to
each Holder the aggregate principal amount shown on the Register as being represented by this Global Note on April 15, 2028 (the
“Stated Maturity Date”).

 

Interest Payment Date:
April 15 of each year, commencing April 15, 2020 (short first coupon).

 

Regular Record Date:
The Business Day immediately preceding the applicable Interest Payment Date.

 

Issue Date: September
19, 2019

 

Additional provisions
of this Note are set forth on the reverse side hereof.

 

    	 	 	 

     

    

 

IN WITNESS WHEREOF,
the Issuer has caused this instrument to be duly executed.

 

 

	 	WPC EUROBOND B.V.
	 	 
	 	 
	 	By:	 
	 	Name:	                 
	 	Title:	 
	 	 	 
	 	 	 
	 	By:	 
	 	Name:	 
	 	Title:	 

 

 

	TRUSTEE’S CERTIFICATE OF	 
	AUTHENTICATION	 
	 	 
	U.S. Bank National Association, as	 
	Trustee, certifies that this is one of the Notes	 
	referred to in the Indenture.	 
	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 
	Date: September___, 2019	 
	
         

        EFFECTUATED for and on behalf of
	 
	 	 
	CLEARSTREAM BANKING, S.A.	 
	 	 
	as common safekeeper, without recourse,	 
	warranty or liability 	 
	 	 
	By:	 	 
	 	Authorized Signatory	 
	 	 
	 	 
	Date: September ___, 2019	 

 

    	 	 	 

     

    

 

[FORM OF REVERSE SIDE OF GLOBAL NOTE]

1.350% Senior Note due 2028

 

General. This
Note is one of a duly authorized issue of Securities of WPC Eurobond B.V., a Dutch
private company with limited liability (besloten vennootschap met beperkte aansprakelijkheid), as issuer (the “Company,”
which term includes any successor Person under the Indenture hereinafter referred to), issued and to be issued in one or more series
under an indenture (the “Original Indenture”), dated as of November 8, 2016, by and among the Company, the Guarantor
and U.S. Bank National Association, as trustee (the “Trustee,” which term includes any successor trustee under
the Indenture with respect to the series of Securities of which this Note is a part), as supplemented by a Fourth Supplemental
Indenture thereto, dated as of September 19, 2019 (the “Fourth Supplemental Indenture,” and together with the
Original Indenture, the “Indenture”), by and among the Company, the Guarantor and the Trustee. Reference is
hereby made to the Indenture for a statement of the respective rights, limitations of rights, obligations, duties and immunities
thereunder of the Company, the Guarantor, the Trustee and the Holders of the Securities, and of the terms upon which the Securities
are, and are to be, authenticated and delivered. This Note is one of a duly authorized series of Securities designated as “1.350%
Senior Notes due 2028” (collectively, the “Notes”), limited, except as specified below, in aggregate principal
amount to Five Hundred Million EURO (€500,000,000). To the extent the terms
of this Note conflict with the terms of the Indenture, the terms of this Note shall govern. For the avoidance of doubt, the Securities
(1) shall be evidenced by this Global Note at all times, (2) are Registered Securities as such term is defined in the Indenture
and (3) shall be registered as to both principal and stated interest with such principal and interest payable solely to the Holders
thereof; the Company shall take no action that would cause the Securities to not meet the foregoing requirements.

 

The Guarantee.
To guarantee the full and punctual payment when due, whether at maturity, upon redemption or repurchase, by acceleration or otherwise,
of principal of and premium, if any, and interest on the Notes and all other obligations of the Company under this Indenture, whether
at maturity, by acceleration or otherwise, according to the terms of the Notes and the Indenture, the Guarantor has fully, unconditionally
and irrevocably guaranteed such obligations pursuant to the terms of the Indenture. The Guarantee is an unsecured and unsubordinated
obligation of the Guarantor and ranks equally with all other unsecured and unsubordinated indebtedness and obligations of the Guarantor.

 

Payment of Interest.
Interest on this Note shall be payable, annually in arrears, on each Interest Payment Date and shall be computed on the basis of
an ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital Market Association) day count convention. The
interest so payable, and punctually paid or duly provided for, on any Interest Payment Date shall, as provided in the Indenture,
be paid to the Person in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on the
Business Day, as defined in the Indenture, immediately preceding such Interest Payment Date (the “Regular Record Date”).
Any such interest not punctually paid or duly provided for on an Interest Payment Date (“Defaulted Interest”)
shall forthwith cease to be payable to the Holder on such Regular Record Date, and such Defaulted Interest may be paid to the Person
in whose name this Note (or one or more Predecessor Notes) is registered at the close of business on a special record date (the
“Special Record Date”) for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof
shall be given to Holders of Notes not less than 10 days prior to such Special Record Date, or may be paid at any time in any other
lawful manner, not inconsistent with the requirements of the Irish Stock Exchange or any other securities exchange on which the
Notes may be listed, all as more fully provided in the Indenture.

 

Interest on the Notes
shall be payable to the Paying Agent by electronic means, in Euro. Interest payable on Global Notes shall be made in immediately
available funds to the Clearing Systems or to the nominee of the CSK, as the case may be, as the registered Holder of such Global
Note. If any of the Notes are no longer represented by Global Notes, payment of interest on the Notes in definitive form may, at
the option of the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as
applicable, be made by electronic means directly to Holders at their registered addresses.

 

Issuance in Euro.
Principal of, and premium, if any, and interest on the Notes shall be payable in Euro. If Euro is unavailable to the Company, the
Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, due to the imposition
of exchange controls or other circumstances beyond the Company’s, the Guarantor’s or the Operating Partnership’s,
as applicable, control or the Euro is no longer used by the member states of the European Monetary Union that have adopted the
Euro as their currency for the settlement of transactions by public institutions within the international banking community, then
all payments in respect of the Notes shall be made in Dollars until Euro is again available to the Company, the Guarantor or the
Operating Partnership, as applicable, or so used. In such case, the amount payable on any date in Euro shall be converted to Dollars
on the basis of the Market Exchange Rate on the second Business Day before the date that payment is due, or if such Market Exchange
Rate is not then available, on the basis of the most recently available Market Exchange Rate on or before the date that payment
is due. Any payment in respect of the Notes so made in Dollars shall not constitute an Event of Default under the Indenture. Neither
the Trustee nor any Paying Agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling
re-denominations.

 

    	 	 	 

     

    

 

“Market Exchange
Rate” means the noon buying rate in the City of New York for cable transfers of Euro as certified for customs purposes
(or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York.

 

Optional Redemption;
Redemption for Tax Reasons. The provisions of Article Twelve of the Original Indenture (defined below) shall apply to this
Note, as supplemented or amended by the following paragraphs.

 

The Notes shall be
redeemable, at the Company's sole option, in whole at any time or in part from time to time, in each case prior to January 15,
2028 (i.e., three months prior to the Stated Maturity Date), for cash, at a Redemption Price equal to the greater of (1) 100% of
the principal amount of the Notes to be redeemed or (2) the sum of the present values of the remaining scheduled payments of principal
of and interest on the Notes to be redeemed (exclusive of unpaid interest accrued to, but not including, such Redemption Date),
discounted to such Redemption Date on an annual basis (ACTUAL/ACTUAL (ICMA) (as defined in the rulebook of the International Capital
Market Association)) at the Comparable Government Bond Rate plus 0.350%, plus, in each case, unpaid interest, if any, accrued to,
but not including, such Redemption Date.

 

In addition, at any
time on or after January 15, 2028 (i.e., three months prior to the Stated Maturity Date), the Notes shall be redeemable, at the
Company's sole option, in whole at any time or in part from time to time, for cash, at a Redemption Price equal to 100% of the
principal amount of the Notes to be redeemed plus unpaid interest, if any, accrued to, but not including, such Redemption Date.

 

If, as a result of
any change in, or amendment to, the laws (or any regulations or rulings promulgated under the laws) of the Netherlands or the United
States (or any taxing authority thereof or therein), as applicable, or any change in, or amendments to, an official position regarding
the application or interpretation of such laws, regulations or rulings, which change or amendment is announced or becomes effective
on or after September 19, 2019, the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has
been issued, as applicable, becomes or, based upon a written opinion of independent counsel selected by them, shall become obligated
to pay Additional Amounts with respect to the Notes, then the Notes may be redeemed at the option of the Company, in whole, but
not in part, at a Redemption Price equal to 100% of the principal amount of the Notes being redeemed plus unpaid interest, if any,
accrued to, but not including, such Redemption Date.

 

Notwithstanding the
foregoing, interest shall be payable to Holders of the Notes on the Regular Record Date applicable to an Interest Payment Date
falling on or before such Redemption Date.

 

The following definitions
shall apply with respect to the foregoing:

 

“Comparable
Government Bond” means, in relation to any Comparable Government Bond Rate calculation, at the discretion of an Independent
Investment Banker, a German government bond whose maturity is closest to the maturity of the Notes to be redeemed, or if the Independent
Investment Banker in its discretion determines that such similar bond is not in issue, such other German government bond as such
Independent Investment Banker may, with the advice of three brokers of, and/or market makers in, German government bonds selected
by such Independent Investment Banker, determine to be appropriate for determining the Comparable Government Bond Rate.

 

“Comparable
Government Bond Rate” means the price, expressed as a percentage (rounded to three decimal places, with 0.0005 being
rounded upwards), at which the gross redemption yield on the Notes to be redeemed, if they were to be purchased at such price on
the third Business Day prior to the date fixed for redemption, would be equal to the gross redemption yield on such Business Day
of the Comparable Government Bond on the basis of the middle market price of the Comparable Government Bond prevailing at 11:00
a.m. (London time) on such Business Day as determined by an Independent Investment Banker.

 

“Independent
Investment Banker” means each of Merrill Lynch International, J.P. Morgan Securities plc and Barclays Bank PLC and their
respective successors, or, if none of such firms are willing or able to select the Comparable
Government Bond, an independent investment banking institution of international standing appointed by the Company.

 

    	 	A-2	 

     

    

 

In order to exercise
the Company’s right of optional redemption or redemption for tax reasons, the Company (or, at the Company's request, the
Paying Agent on its behalf) must transmit a notice of redemption to each Holder of Notes to be redeemed at least 30 days but not
more than 60 days prior to the Redemption Date. Such notice of redemption shall specify the principal amount of Notes to be redeemed,
the CUSIP, ISIN and Common Code numbers of the Notes to be redeemed, the Redemption Date, the Redemption Price, the place or places
of payment, and that payment shall be made upon presentation and surrender of such Notes. Once notice of redemption is delivered
to Holders, the Notes called for redemption shall become due and payable on the Redemption Date at the Redemption Price. On the
Redemption Date, the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued,
as applicable, shall deposit with the Trustee or the Paying Agent an amount of money sufficient to redeem on the Redemption Date
all the Notes so called for redemption at the Redemption Price.

 

Unless there is a
default in payment of the Redemption Price, on and after the Redemption Date, interest shall cease to accrue on the Notes or any
portion of the Notes called for redemption from and including the Redemption Date.

 

If less than all of
the Notes are to be redeemed, the Trustee, upon prior notice from the Company, shall select the Notes to be redeemed, which, in
the case of Notes in book-entry form, shall be in accordance with the procedures of the applicable depositary or common safekeeper.
The Trustee may select Notes and portions of Notes in amounts of €100,000 and integral multiples of €1,000 in excess
thereof.

 

Payment of Additional
Amounts. All payments in respect of the Notes shall be made by Company, the Guarantor or the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, without withholding or deduction for, or on account of, any present or future
taxes, duties, assessments or governmental charges of whatever nature, imposed or levied by the Netherlands or the United States
or any taxing authority thereof or therein, as applicable, unless such withholding or deduction is required by law. If such withholding
or deduction is required by law, the Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee
has been issued, as applicable, shall pay to a Holder who is not a United States person, as applicable, such additional amounts
(the “Additional Amounts”) on the Securities as are necessary in order that the net payment by the Company,
the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, or a Paying Agent
of principal of, and premium, if any, and interest on, the Securities to such Holder, after such withholding or deduction, shall
not be less than the amount provided in the Securities to be then due and payable, provided, however, that the foregoing
obligation to pay Additional Amounts shall not apply to the exceptions provided for in Section 1104 of the Original Indenture.

 

The Notes are subject
in all cases to any tax, fiscal or other law or regulation or administrative or judicial interpretation applicable to the Notes.
Except as specifically provided hereunder, neither the Company nor the Guarantor nor the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, shall be required to make any payment for any tax, duty, assessment or governmental
charge of whatever nature imposed by any government or a political subdivision or taxing authority of or in any government or political
subdivision.

 

Place of Payment.
The Company, the Guarantor or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, shall
make payment of the principal of, or premium, if any, and interest on, this Note to the Paying Agent by electronic means, in Euro.

 

Time of Payment.
If an Interest Payment Date, the Stated Maturity Date or any Redemption Date falls on a day that is not a Business Day, the required
payment need not be made on such date, but may be made on the next succeeding Business Day with the same force and effect as if
made on such Interest Payment Date, the Stated Maturity Date or such Redemption Date, as the case may be, and no additional interest
shall accrue on such payment as a result of payment on such next succeeding Business Day.

 

Further Issuance.
The Company may, from time to time, without notice to, or the consent of, the Holders of the Notes, increase the principal amount
of the series of Notes and issue and sell additional Securities (“Additional Securities”) ranking equally and
ratably with, and having the same interest rate, maturity and other terms as, the originally issued Notes (other than the issue
date and, to the extent applicable, issue price, initial Interest Payment Date and initial date of interest accrual). Any such
Additional Securities shall be consolidated, and constitute a single series of Securities, with the originally issued Notes for
all purposes; provided, however, that any such Additional Securities that have the same CUSIP, ISIN, Common Code or other identifying
number of any Outstanding Notes must be fungible with such Outstanding Notes for U.S. federal income tax purposes. If this Note
is represented by a Global Note, details of such Additional Securities may be entered in the records of the relevant Clearing Systems
such that the nominal amount of Notes represented by this Global Note may be increased by the amount of such Additional Securities
so issued.

 

    	 	A-3	 

     

    

 

Possible Future
Operating Partnership Guarantee. Upon and following consummation of the UPREIT Reorganization, if the Operating Partnership
incurs or assumes any recourse Funded Debt, or guarantees or otherwise becomes obligated with respect to any other entity's Funded
Debt, then the Guarantor shall cause the Operating Partnership, within 10 Business Days of such incurrence, assumption, guarantee
or other action, to (i) execute and deliver to the Trustee a supplemental indenture, in form reasonably satisfactory to the
Trustee, pursuant to which the Operating Partnership shall fully, unconditionally and irrevocably guarantee all of the payment
and other obligations under the Notes in a timely manner on a senior unsecured basis on terms consistent with the Guarantee and
(ii) deliver to the Trustee an Officer's Certificate and an opinion of counsel to the effect that each of such supplemental indenture
and such Operating Partnership Guarantee has been duly authorized, executed and delivered by, and constitutes a valid, legally
binding and enforceable obligation of, the Operating Partnership, except insofar as enforcement thereof may be limited by bankruptcy,
insolvency or similar laws or by general principles of equity. Any such Operating Partnership Guarantee shall provide that holders
of the Notes shall be entitled to proceed directly against the Operating Partnership without exercising their remedies against
any other obligor.

 

Events of Default.
If an Event of Default with respect to the Notes shall have occurred and be continuing, the principal of the Notes may be declared,
and in certain cases shall automatically become, due and payable in the manner and with the effect provided in the Indenture.

 

Sinking Fund.
The Notes are not subject to, or entitled to the benefits of, any sinking fund.

 

Satisfaction and
Discharge. The Indenture contains provisions where, upon the Company’s direction and satisfaction of certain conditions,
the Indenture shall cease to be of further effect with respect to the Notes, subject to the survival of specified provisions of
the Indenture.

 

Legal Defeasance
and Covenant Defeasance. The Indenture contains provisions for legal defeasance of certain obligations of the Company, the
Guarantor and the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, under this Note and
the Indenture and covenant defeasance of certain obligations of the Company, the Guarantor and the Operating Partnership if an
Operating Partnership Guarantee has been issued, as applicable, under the Indenture.

 

Modification and
Waivers; Obligations of the Company Absolute. The Indenture permits, with certain exceptions as therein provided, the amendment
thereof and the modification of the rights and obligations of the Company, Guarantor and the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, and the rights of the Holders of the Securities. Such amendment and modification
may be effected under the Indenture at any time by the Company and the Trustee with the consent of the Holders of a majority in
aggregate principal amount of the Outstanding Securities of each series affected thereby (voting as separate classes). The Indenture
also contains provisions permitting the Holders of a majority in aggregate principal amount of the Outstanding Securities of any
series, on behalf of the Holders of all Outstanding Securities of such series, to waive compliance by the Company, the Guarantor
or the Operating Partnership, as applicable, with certain provisions of the Indenture. Furthermore, provisions in the Indenture
permit the Holders of a majority in aggregate principal amount of the Outstanding Securities of any series to waive, on behalf
of the Holders of all Outstanding Securities of such series, certain past defaults under the Indenture and their consequences.
Any such consent or waiver in respect of the Notes shall be conclusive and binding upon the Holder of this Note and upon all future
Holders of this Note and of any Note issued upon the registration of transfer hereof or in exchange hereof or in lieu hereof, whether
or not notation of such consent or waiver is made upon this Note.

 

No reference herein
to the Indenture and no provision of this Note or of the Indenture shall alter or impair the obligation of the Company, the Guarantor
or the Operating Partnership if an Operating Partnership Guarantee has been issued, as applicable, which is absolute and unconditional,
to pay the principal of, and premium, if any, and interest on, this Note at the time, place, and rate, and in the coin or currency,
herein prescribed.

 

Limitation on Suits.
As set forth in, and subject to, the provisions of the Indenture, no Holder of any Note shall have any right to institute any proceeding,
judicial or otherwise, with respect to the Indenture, or for the appointment of a receiver or trustee, or for any remedy thereunder,
except in the case of failure of the Trustee, for 60 days, to act after it has received a written request to institute proceedings
in respect of an Event of Default from the Holders of at least 25% in aggregate principal amount of the Outstanding Notes, as well
as an offer of indemnity or security reasonably satisfactory to it, and no inconsistent direction has been given to the Trustee
during such 60-day period by the Holders of a majority in aggregate principal amount of the Outstanding Notes. Notwithstanding
any other provision of the Indenture, each Holder of a Note shall have the right, which is absolute and unconditional, to receive
payment of the principal of, and premium, if any, and interest on, such Note on the respective due dates therefor and to institute
suit for the enforcement therefor, and this right shall not be impaired without the consent of such Holder.

 

    	 	A-4	 

     

    

 

Authorized Denominations.
The Notes are issuable only in registered form without coupons in minimum denominations of €100,000 or any integral multiple
of €1,000 in excess thereof.

 

Effectuation.
This Note shall not be valid for any purposes until it has been effectuated for or on behalf of the entity appointed as common
safekeeper by the relevant Clearing Systems.

 

Registration of
Transfer or Exchange. As provided in the Indenture and subject to certain limitations herein and therein set forth, the transfer
of this Note is registrable in the register of the Notes maintained by the Security Registrar upon surrender of this Note for registration
of transfer, at the Office of the Paying Agent (or, otherwise, in accordance with applicable procedures of Euroclear and Clearstream)
duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory to the Company and the Security Registrar
duly executed by, the Holder hereof or his or her attorney duly authorized in writing, and thereupon one or more new Notes, of
authorized denominations and for the same aggregate principal amount, shall be issued to the designated transferee or transferees.
The Indenture is written with the intention of meeting the requirements for the Note to be in “registered form” within
the meaning of Sections 163(f), 871(h)(2) and 881(c)(2) of the Internal Revenue Code of 1986, as amended (the “Code”)
(and any other relevant or successor provisions of the Code) and is to be so construed.

 

As provided in the
Indenture and subject to certain limitations herein and therein set forth, this Note is exchangeable for a like aggregate principal
amount of Notes of different authorized denominations, as requested by the Holders surrendering the same.

 

No service charge
shall be made for any such registration of transfer or exchange, but the Company, the Guarantor or
the Operating Partnership if an Operating Partnership Guarantee has been issued, may require payment of a sum sufficient
to cover any tax or other governmental charge payable in connection therewith.

 

Prior to due presentment
of this Note for registration of transfer, the Company, the Guarantor or the Operating Partnership if an Operating Partnership
Guarantee has been issued, as applicable, the Trustee and any agent of the Company, the Guarantor, the Operating Partnership if
an Operating Partnership Guarantee has been issued, the Trustee or the Paying Agent may treat the Holder as the owner hereof for
all purposes, whether or not this Note be overdue, and none of the Company, the Guarantor or the Operating Partnership if an Operating
Partnership Guarantee has been issued, as applicable, the Trustee, the Paying Agent or any such agent shall be affected by notice
to the contrary.

 

Defined Terms.
All terms used but not defined in this Note shall have the meanings assigned to them in the Indenture.

 

Governing Law.
The Indenture and this Note shall be governed by, and construed in accordance with, the laws of the State of New York without regard
to conflicts of law principles of such State other than New York General Obligations Law Section 5-1401. EACH OF THE COMPANY, the
Guarantor AND THE TRUSTEE HEREBY IRREVOCABLY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY AND ALL RIGHT
TO TRIAL BY JURY IN ANY LEGAL PROCEEDING ARISING OUT OF OR RELATING TO THE INDENTURE, THE NOTES OR THE TRANSACTION CONTEMPLATED
HEREBY.

 

Unless the certificate
of authentication hereon has been executed by the Trustee by manual signature, this Note shall not be entitled to any benefit under
the Indenture or be valid or obligatory for any purpose.

 

The Company has caused
“ISIN” numbers and a Common Code to be printed on the Notes as a convenience to the Holders of the Notes. No representation
is made as to the correctness or accuracy of such ISIN number or Common Code printed on the Notes, and reliance may be placed only
on the other identification numbers printed hereon.

 

    	 	A-5	 

     

    

 

ASSIGNMENT

 

FOR VALUE RECEIVED, the undersigned hereby
sell(s), assign(s) and transfer(s) unto

 

	 

 

PLEASE INSERT SOCIAL SECURITY NUMBER OR OTHER IDENTIFYING NUMBER
OF ASSIGNEE

 

	 

 

	 

(Please print or typewrite name and address,

including postal zip code, of assignee)

the within Note and all rights thereunder, and hereby irrevocably constitutes and appoints

 

	 
	 

 

to transfer said Note on the books of the
Trustee, with full power of substitution in the premises.

 

	Dated:	 	 	 
	 	 	NOTICE: The signature to this assignment must correspond with the name as written upon the face of the within Note in every particular, without alteration or enlargement or any change whatsoever.
	 	 	 
	 	 	 
	Signature Guarantee	 	 

 

    	 	A-6	 

     

    

 

SCHEDULE OF INCREASES OR DECREASES IN NOTE

 

The following increases or decreases in
this Note have been made:

 

	Date of Exchange	
        Amount of

decrease in

        Principal Amount

        of this

        Note
	
        Amount of increase

        in

        Principal Amount

        of this

        Note
	
        Principal Amount

        of this

        Note following such

        decrease or

        increase
	
        Signature of

        authorized

        signatory of 

        Common Service

        Provider to

        the Clearing

        SystemsExhibit 10.1

 

	DATED SEPTEMBER 19, 2019

 

	
         

         

        ISSUER

         

        WPC EUROBOND B.V.

         

        GUARANTOR

         

        W. P. CAREY INC.

         

        PAYING AGENT

         

        ELAVON FINANCIAL SERVICES DAC

         

        TRANSFER AGENT

         

        U.S. BANK NATIONAL ASSOCIATION

         

        REGISTRAR

         

        U.S. BANK NATIONAL ASSOCIATION

         

        - AND -

         

        TRUSTEE

         

        U.S. BANK
NATIONAL ASSOCIATION

         

         

         

         

         

         

         

         

        AGENCY AGREEMENT

         

        relating to Notes issued under an

        Indenture dated NOVEMBER 8, 2016

 

     

     

    

 

THIS AGREEMENT is made on SEPTEMBER
19, 2019

 

BETWEEN:

 

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

 

		(2)	W. P. CAREY INC., a Maryland corporation with its main office at 50 Rockefeller Plaza, New York,
New York (the “Guarantor”);

 

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

 

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

 

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

 

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

 

WHEREAS:

 

		(A)	The Issuer has agreed to issue €500,000,000 aggregate principal amount 1.350% senior notes
due 2028 (the “Notes”, which term shall include the related Guarantee (as defined in the Indenture)).

 

		(B)	The Notes are to be constituted by that certain Indenture, dated as of November 8, 2016 (the
“Base Indenture”), between the Issuer, the Guarantor and the Trustee, as supplemented by a supplemental indenture
to be dated as of September 19, 2019, between the Issuer, the Guarantor and the Trustee (the “Supplemental Indenture”
and, together with the Base Indenture, the “Indenture”), as set out in Appendix 1.

 

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

 

IT IS AGREED:

 

		1.	INTERPRETATION

 

		1.1	Unless the context otherwise requires:

 

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

 

    	 	1	 

     

    

 

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

 

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

 

		2.	APPOINTMENT OF THE REGISTRAR

 

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

 

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

 

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

 

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

 

		3.	APPOINTMENT OF THE TRANSFER AGENT

 

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

 

		4.	APPOINTMENT OF PAYING AGENT

 

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

 

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

 

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

 

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

 

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

 

    	 	2	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

		5.	PAYMENT

 

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

 

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

 

    	 	3	 

     

    

 

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

 

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

 

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

 

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

 

		6.	REPAYMENT

 

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

 

		7.	PREPAYMENT; NOTICE OF WITHHOLDING OR DEDUCTION

 

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

 

    	 	4	 

     

    

 

		7.2	If:

 

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

 

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

 

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

 

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

 

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

 

		8.	RECORDS

 

The Paying Agent shall:

 

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

 

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

 

		9.	FEES AND EXPENSES

 

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

 

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

 

		10.	INDEMNITY

 

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

 

    	 	5	 

     

    

 

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

 

		11.	CONDITIONS OF APPOINTMENT

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	6	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	7	 

     

    

 

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

 

		12.	CHANGES IN PAYING AGENT OR REGISTRAR AND SPECIFIED OFFICES

 

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

 

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

 

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

 

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

 

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

 

    	 	8	 

     

    

 

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

 

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

 

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

 

		13.	NOTICES

 

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

 

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

 

		14.	COMMUNICATIONS

 

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

 

    	 	9	 

     

    

 

 

the Issuer:

 

	WPC Eurobond B.V.	 
	
        Strawinskylaan 741, Tower C

        7th Floor

        1077 XX Amsterdam

        the Netherlands

         

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

        Attention: Directors

 

the Guarantor:

 

	W. P. Carey Inc.	 
	
        50 Rockefeller Plaza

        New York, New York 10020

        United States

         

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

        Attention: Chief Financial
        Officer and General Counsel

 

the Paying Agent:

 

	Elavon Financial Services DAC	 
	
        125 Old Broad Street

        Fifth Floor

        London

        EC2N 1AR

        United Kingdom

         

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

        Attention: Structured Finance Relationship Management

        Email: mbs.relationship.management@usbank.com

 

the Transfer Agent:

 

	U.S. Bank National Association	 
	
        RAYMOND S. HAVERSTOCK

        Global Corporate Trust Services

        EP-MN-WS3C

        60 Livingston Avenue

        St. Paul MN 55107-1419

         

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

        Attention: RAYMOND S. HAVERSTOCK

        Email: raymond.haverstock@usbank.com

         

 

    	 	10	 

     

    

 

the Registrar:

 

	U.S. Bank National Association	 
	
        RAYMOND S. HAVERSTOCK

        Global Corporate Trust Services

        EP-MN-WS3C

        60 Livingston Avenue

        St. Paul MN 55107-1419

         

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

        Attention: RAYMOND S. HAVERSTOCK

        Email: raymond.haverstock@usbank.com

         

 

the Trustee:

 

	U.S. Bank National Association	 
	
        RAYMOND S. HAVERSTOCK

        Global Corporate Trust Services

        EP-MN-WS3C

        60 Livingston Avenue

        St. Paul MN 55107-1419

         

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

        Attention: RAYMOND S. HAVERSTOCK

        Email: raymond.haverstock@usbank.com

         

 

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

 

		15.	AMENDMENTS

 

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

 

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

 

		16.	TAXES

 

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

 

		17.	REGULATORY MATTERS

 

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

 

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

 

    	 	11	 

     

    

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

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

 

    	 	12	 

     

    

 

		18.	GOVERNING LAW AND JURISDICTION

 

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

 

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

 

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

 

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

 

		19.	COUNTERPARTS

 

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

 

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

 

    	 	13	 

     

    

 

SIGNATORIES

 

	ISSUER	 
	 	 
	WPC EUROBOND B.V.	 
	 	 
	 	 
	By:	/s/ Ramses van Toor	 
	Name: Ramses van Toor	 
	Title: Managing Director A	 
	 	 
	By:	/s/ ToniAnn Sanzone	 
	Name: ToniAnn Sanzone	 
	Title: Managing Director B	 
	 	 
	 	 
	GUARANTOR	 
	 	 
	W. P. CAREY INC.	 
	 	 
	 	 
	By:	/s/ ToniAnn Sanzone	 
	Name: ToniAnn Sanzone	 
	Title: Chief Financial Officer	 

 

    	 	14	 

     

    

 

	PAYING AGENT	 
	 	 
	Elavon Financial Services DAC	 
	 	 	 
	 	 	 
	By:	/s/ Chris Hobbs	 
	 	 	 
	 	 	 
	By:	/s/ David Harnett	 
	 	 
	 	 
	TRANSFER AGENT	 
	 	 
	U.S. Bank National Association	 
	 	 	 
	 	 	 
	By:	/s/ Raymond S. Haverstock	 
	 	 	 
	 	 	 
	By:	/s/ Richard Prokosch	 
	 	 
	 	 
	REGISTRAR	 
	 	 
	U.S. Bank National Association	 
	 	 	 
	 	 	 
	By:	/s/ Raymond S. Haverstock	 
	 	 	 
	 	 	 
	By:	/s/ Richard Prokosch	 
	 	 
	 	 
	TRUSTEE	 
	 	 
	U.S. Bank National Association	 
	 	 	 
	 	 	 
	By:	/s/ Raymond S. Haverstock	 

 

    	 	15	 

     

    

 

APPENDIX 1

 

Indenture

 

    	 	16

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