Company: EPR-PE
Filing Date: 2025-11-05
Form Type: 424B5
Source: 0001193125-25-266433
Chunk: 27

Company: EPR PROPERTIES
Filing Date: 2025-11-05
Form: 424B5
Chunk 27
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 Guarantee constituting a fraudulent conveyance under applicable law. S-22

A Guarantor may not sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not such Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor, unless:

| (1) | immediately after giving effect to that transaction, no Default or Event of Default exists under the Indenture; and |

| (2) | subject to the provisions of the following paragraph, the Person acquiring the property in any such sale or disposition                                                                                                     
 or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under the Indenture and its Guarantee pursuant to a supplemental indenture satisfactory to the Trustee. |

The Guarantee of a Guarantor will be released, and any Person acquiring assets (including by way of consolidation, merger, sale or conveyance) or Capital Stock of a Guarantor in accordance with the provisions of (1) or (2) below shall not be required to assume the obligations of any such Guarantor:

| (1) | in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor (including                                            
 by way of consolidation, merger, sale or conveyance) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Guarantor; |

| (2) | in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is not (either before or after 
 giving effect to such transaction) the Issuer or a Guarantor;                                                          |

| (3) | in connection with a Guarantor becoming an Unrestricted Subsidiary in accordance with the applicable provisions of the 
 Indenture;                                                                                                             |

| (4) | in connection with any sale or other disposition of all or substantially all of the assets of that Guarantor and the 
 dissolution of that Guarantor, in each case in accordance with the applicable provisions of the Indenture;           |

| (5) | in the event that the Issuer exercises its discharge or full defeasance options as described under 
 “—Discharge, Defeasance and Covenant Defeasance”; or                                               |

| (6) | in the event that the obligation as a borrower or guarantor by such Guarantor of any Specified Indebtedness is released                                                      
 or discharged (other than