Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 36

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 36
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 can legally release itself and any Guarantors from any payment or other obligations on the Notes (other than the obligation to register transfers and exchanges) if, among other things, the Issuer puts in place the arrangements described below to repay the holders of the Notes and deliver certain certificates and legal opinions to the Trustee:

| (1) | The Issuer must irrevocably deposit in trust for the benefit of all direct holders of the Notes money or U.S. government                                                                                                                                
 or U.S. government agency notes or bonds (or, in some circumstances, depositary receipts representing these notes or bonds), or any combination thereof, that will generate enough cash to make interest, principal and any other payments on the Notes 
 on their due date;                                                                                                                                                                                                                                      |

| (2) | The current federal tax law must be changed or an IRS ruling must be issued permitting the above deposit without causing                                                                                                                           
 beneficial owners of the Notes to be taxed on the Notes any differently than if the Issuer did not make the deposit and just repaid the Notes themselves. Under current U.S. federal income tax law, the deposit and the Issuer’s legal release    
 from the Notes would be treated as though the Issuer took back the Notes and gave each beneficial owner of the Notes such owner’s share of the cash and notes or bonds deposited in trust. In that event, the beneficial owners of the Notes could 
 recognize gain or loss on the Notes such owners give back to the Issuer; and                                                                                                                                                                       |

| (3) | The Issuer must deliver to the Trustee a legal opinion confirming the tax law change or IRS ruling described above. |

If the Issuer did accomplish full defeasance, the holders of the Notes would have to rely solely on the trust deposit for repayment on the Notes. The holders of the Notes could not look to the Issuer or any Guarantors for repayment in the unlikely event of any shortfall. Conversely, the trust deposit would most likely be protected from claims of the Issuer’s lenders and other creditors if the Issuer ever became bankrupt or insolvent. Covenant defeasance Under current federal income tax law, the Issuer can make the same type of deposit described above and be released from some of the restrictive covenants in the Indenture and the Notes. This is called “covenant defeasance.” In that event, the holders of the Notes would lose the protection of those restrictive covenants, but would gain the protection of having money and securities set aside in trust to