On February 10, 2022, certain indirect subsidiaries of Orion Office REIT Inc. (Orion) obtained a $355 million fixed rate mortgage loan from Wells Fargo Bank, National Association (the Lender"), which is secured by the Mortgage Borrowers' fee simple or ground lease interests in 19 properties owned indirectly by Orion. The Loan bears interest a fixed rate of 4.821% per annum (subject to the paragraph below) and matures on February 11, 2027. The Loan requires monthly payments of interest only and all principal is due at maturity.

The proceeds of the Loan were used to repay the CMBS Bridge Credit Agreement. Upon closing of the Loan, the Mortgage Borrowers funded $35.5 million of loan reserves primarily for future rent concessions and tenant improvement allowances under the leases with respect to the 19 Mortgaged Properties. These amounts, as well as the transaction expenses incurred in connection with the Loan, were funded with cash on hand and borrowings under Orion's three year $425 million senior revolving credit facility dated November 12, 2021.

The Loan is intended to be securitized as a single asset single borrower CMBS issuance. In connection therewith, the Lender has the right to increase the interest rate by up to 0.15% in order to effect a successful securitization, resulting in a maximum fixed interest rate of 4.971%. The Loan is secured by, among other things, first priority mortgages and deeds of trust granted by the Mortgage Borrowers and encumbering the Mortgaged Properties.