Document:

EX-10.2

 Exhibit 10.2 

EXECUTION VERSION 
  

 
  

EPR PROPERTIES 
  

 

FIRST AMENDMENT 

Dated as of September 27, 2017 

to 
 NOTE
PURCHASE AGREEMENT 
 Dated as of August 1, 2016 

 
  

Re:    4.35% Series A Guaranteed Senior Notes due August 22, 2024 

4.56% Series B Guaranteed Senior Notes due August 22, 2026 

 
  

 
  

 FIRST AMENDMENT TO NOTE
PURCHASE AGREEMENT 
 THIS FIRST AMENDMENT dated as of
September 27, 2017 (this “First Amendment”) to that certain Note Purchase Agreement dated as of August 1, 2016 is between EPR PROPERTIES, a Maryland real estate investment trust (the
“Company”), and each holder of Notes (as hereinafter defined) party hereto (collectively, the “Noteholders”). 

RECITALS: 

A. The Company has heretofore entered into that certain Note Purchase Agreement dated as of August 1, 2016 (the “Original Note
Purchase Agreement”) with each of the Purchasers listed in the Purchaser Schedule thereto pursuant to which the Company issued and has outstanding $340,000,000 aggregate principal amount of its Guaranteed Senior Notes, consisting of (a)
$148,000,000 aggregate principal amount of its 4.35% Series A Guaranteed Senior Notes due August 22, 2024 and (b) $192,000,000 aggregate principal amount of its 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (collectively, the
“Notes”). 
 B. The Company and the Noteholders now desire to amend the Original Note Purchase Agreement in the respects,
but only in the respects, hereinafter set forth. 
 C. Capitalized terms used herein shall have the respective meanings ascribed thereto in
the Original Note Purchase Agreement unless herein defined or the context shall otherwise require. 
 D. All requirements of law have been
fully complied with and all other acts and things necessary to make this First Amendment a valid, legal and binding instrument according to its terms for the purposes herein expressed have been done or performed. 

Now, THEREFORE, upon the full and complete satisfaction of the conditions precedent to the effectiveness of this First
Amendment set forth in Section 3.1 hereof, and in consideration of good and valuable consideration the receipt and sufficiency of which is hereby acknowledged, the Company and the Noteholders do hereby agree as follows: 

SECTION 1. AMENDMENTS. 

1.1. Section 2.2 of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows: 

Section 2.2. [Reserved]. 

1.2. Clause (y) of the first parenthetical set forth in Section 7.1(a) of the Original Note Purchase Agreement shall be and is
hereby amended and restated in its entirety to read as follows: 
  

 (y) the date by which such financial statements are required to be delivered
under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date 

1.3. Clause (y) of the first parenthetical set forth in Section 7.1(b) of the Original Note Purchase Agreement shall be and is hereby
amended and restated in its entirety to read as follows: 
 (y) the date by which such financial statements are required to
be delivered under any Material Credit Facility or the date on which such corresponding financial statements are delivered under any Material Credit Facility if such delivery occurs earlier than such required delivery date 

1.4. Section 7.1(h) of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows:

 (h) Statement of NOI for Unencumbered Properties — concurrently with the delivery of each certificate required
by Section 7.2, (1) a listing of each Unencumbered Property as of the last day of the period covered by such certificate and (2) a copy of the statement of the Unencumbered Property Net Operating Income for the fiscal quarter ending on the
last day of the period covered by such certificate for the Unencumbered Properties as a group, prepared on a basis consistent with the statement furnished to the Purchasers prior to the Execution Date, together with a certification by a Senior
Financial Officer of the Company that the information contained in such statement fairly presents the Unencumbered Property Net Operating Income of the Unencumbered Properties for such period, provided that the delivery to such Purchaser or
holder within the time period specified above of the compliance certificate then required under the Bank Credit Agreement shall be deemed to satisfy this clause (h); 

1.5. Section 7.1(i) of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows:

 (i) [Reserved]; 

1.6. Section 7.1(k) of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows:

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

  
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 1.7. Section 7.2(a) of the Original Note Purchase Agreement is amended by deleting each reference
to “Additional Covenant” therein and replacing it with “Additional or More Restrictive Covenant”. 
 1.8. Section 9.5 of
the Original Note Purchase Agreement is amended by deleting the last sentence thereof and replacing it with the following: 
 Nothing in this
Section 9.5 shall prevent the Company or any Subsidiary from dissolving any Subsidiary that is not an Unencumbered Property Owner Subsidiary. 

1.9. Section 9.9 of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows: 

Section 9.9. Subsidiary Guarantors. 

i) The Company will (x) cause each of its Subsidiaries that becomes a guarantor or otherwise liable, whether as a borrower or an
additional or co-borrower or otherwise for or in respect of any Indebtedness under the Bank Credit Agreement or any of the Bonds or any other unsecured Indebtedness of the Company (collectively,
“Parity Indebtedness”), to concurrently therewith, and (y) within five Business Days after the Company fails to maintain an Investment Grade Rating from any two of the Rating Agencies, cause each Unencumbered Property Owner
Subsidiary to: 
 (1)execute a Subsidiary Guaranty Agreement substantially in the form of Exhibit SGA (the
“Subsidiary Guaranty Agreement”) or, if the Subsidiary Guaranty Agreement is then in effect, a supplement to the Subsidiary Guaranty Agreement in the form of Exhibit A thereto (a “Subsidiary Guaranty Supplement”);
and 
 (2) deliver the following to each holder of a Note: 

(a) the executed Subsidiary Guaranty Agreement or, if applicable, an executed counterpart of such Subsidiary Guaranty Supplement; 

(b) a certificate signed by an authorized Responsible Officer of such Subsidiary containing representations and warranties on behalf of such
Subsidiary to the same effect, mutatis mutandis, as those contained in Sections 5.1(b), 5.2(b), 5.6(b), 5.7(b) and 5.19 of this Agreement (but with respect to such Subsidiary, the Subsidiary Guaranty Agreement and, if applicable, such
Subsidiary Guaranty Supplement) and in the form attached hereto as Exhibit 9.9(a)(2)(ii); 

  
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 (c) a certificate signed by a secretary or a similar duly authorized officer of such Subsidiary
which contains, as exhibits thereto, copies of (A) the unanimous written consent or authorizing resolutions of the board of directors, sole member or other governing body, as applicable, of such Subsidiary with respect to the transactions
described in the Subsidiary Guaranty Agreement and, if applicable, such Subsidiary Guaranty Supplement, (B) such Subsidiary’s articles or certificate of organization (or similar constituent document) as then in effect, as evidenced by a
certificate dated not less than 30 days before the date of the Subsidiary Guaranty Agreement or, if applicable, such Subsidiary Guaranty Supplement issued by the secretary of state or comparable official of such Subsidiary’s jurisdiction of
organization, (C) such Subsidiary’s by-laws, operating agreement, partnership agreement or similar constituent document, as then in effect, (D) a copy of a good standing (or comparable)
certificate with respect to such Subsidiary, dated not less than 30 days before the date of the Subsidiary Guaranty Agreement or, if applicable, such Subsidiary Guaranty Supplement, issued by the secretary of state or comparable official of such
Subsidiary’s jurisdiction of organization and (E) an incumbency and signatures schedule of the officers of such Subsidiary Guarantor; and 

(d) an opinion of counsel reasonably satisfactory to the Required Holders covering the matters set forth in Section III paragraphs 2, 4, 5, 7
and 9 of Schedule 4.4(a) but relating to such Subsidiary, the Subsidiary Guaranty Agreement and, if applicable, such Subsidiary Guaranty Supplement, and which opinion may be subject to assumptions, qualifications and limitations similar to those set
forth in said Schedule 4.4(a). 
 (b) At the election of the Company and by written notice to each holder of Notes, any Subsidiary Guarantor
that is a party to the Subsidiary Guaranty Agreement (including any Subsidiary Guarantor that becomes a party thereto by virtue of a Subsidiary Guaranty Supplement) shall be discharged from all of its obligations and liabilities under the Subsidiary
Guaranty Agreement and shall be automatically released from its obligations thereunder without the need for the execution or delivery of any other document by the holders, provided that (1) at the time of such release and discharge, the
Company shall have an Investment Grade Rating from at least two of the Rating Agencies, (2) if such Subsidiary Guarantor is a guarantor or is otherwise liable for or in respect of any Parity Indebtedness, then such Subsidiary Guarantor has been
released and discharged (or will be released and discharged concurrently with the release of 

  
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such Subsidiary Guarantor under the Subsidiary Guaranty Agreement) from its Guaranty or other liability in respect of such Parity Indebtedness, (3) at the time of, and after giving effect
to, such release and discharge, no Default or Event of Default shall have occurred and be continuing, (4) no amount is then due and payable under the Subsidiary Guaranty Agreement, (5) if in connection with such Subsidiary Guarantor being
released and discharged from its Guaranty or other liability in respect of such Parity Indebtedness, any fee or other form of consideration (excluding reimbursement of expenses) is given to any holder of Indebtedness under any such agreement for
such release, the holders of the Notes shall receive equivalent consideration substantially concurrently therewith and (6) each holder shall have received a certificate of a Responsible Officer of the Company certifying as to the matters set
forth in clauses (1) through (5). 
 (c) Notwithstanding the requirements of Section 17.1, the consent of each holder of Notes
shall be required for any release and discharge of all or substantially all of the Subsidiary Guarantors from their obligations and liabilities under the Subsidiary Guaranty Agreement that is not made in accordance with the preceding sentence. 

1.10. Section 9.10 of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows: 

Section 9.10. Most Favored Lender Provision. If at any time any Material Credit Facility or
any Guaranty in respect thereof shall include any Financial Covenant that is not contained in Section 10.6 or is more restrictive than the analogous provision contained in Section 10.6 (any such Financial Covenant, together with any
related definitions (including any components of such definitions) (including, without limitation, any term defined therein with reference to the application of GAAP, as identified in such Material Credit Facility), an “Additional or More
Restrictive Covenant”), then the Company shall promptly, and in any event within 10 Business Days thereof, provide a Most Favored Lender Notice with respect to each such Additional or More Restrictive Covenant; provided that a Most
Favored Lender Notice is not required to be given in the case of the Additional or More Restrictive Covenants incorporated herein on the Execution Date or through and including the Amendment Effective Date. Thereupon, unless waived in writing by the
Required Holders within 10 days of the Purchasers and holders receipt of such notice, such Additional or More Restrictive Covenant shall be deemed incorporated by reference into this Agreement, mutatis mutandis, as if set forth fully herein,
effective (a) in the case of any Additional or More Restrictive Covenant effective on the Execution Date or through and including the Amendment Effective Date, as of such date, and (b) in the case of any Additional or More Restrictive
Covenant effective after the Amendment Effective Date, as of the earliest date when such Additional or More Restrictive Covenant became effective under such Material Credit Facility. Any Additional or More Restrictive Covenant incorporated into this
Agreement pursuant to this provision, (1) shall be deemed automatically waived herein to 

  
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reflect any waiver of such Additional or More Restrictive Covenant under the applicable Material Credit Facility, (2) shall be deemed automatically amended herein to reflect any subsequent
amendments agreed and implemented in relation to such Additional or More Restrictive Covenant under the applicable Material Credit Facility; and (3) shall be deemed deleted from this Agreement at such time as such Additional or More Restrictive
Covenant is deleted or otherwise removed from or is no longer in effect under or pursuant to each Material Credit Facility; provided that in no event shall the effect of any event contemplated by clause (1), (2) or (3) above result in
any covenant set forth in Section 10.6 being less restrictive than it was on the Amendment Effective Date or being deleted herefrom; provided further in each case that any consideration paid or provided to any holder of
Indebtedness under any Material Credit Facility in connection with an event contemplated by clause (1), (2) or (3) above (other than reimbursement of expenses and repayment in full of such Material Credit Facility in connection with its
termination) is paid to each holder of Notes at the same time and on equivalent terms; and provided further that no Additional or More Restrictive Covenant shall be so deemed automatically waived, amended or deleted during any time that a
Default or Event of Default has occurred and is continuing. In determining whether a breach of any Financial Covenant incorporated by reference into this Agreement pursuant to this Section 9.10 shall constitute an Event of Default, the period
of grace, if any, applicable to such Additional or More Restrictive Covenant in the applicable Material Credit Facility shall apply. 

Notwithstanding the foregoing, nothing in this Section 9.10 shall obligate the Company to provide notice of any Additional or More
Restrictive Covenant, or for any Additional or More Restrictive Covenant to be incorporated herein, if such Additional or More Restrictive Covenant is contained in an agreement that relates solely to Indebtedness incurred by a Subsidiary that is not
an Unencumbered Property Owner Subsidiary or an Unencumbered Equity Owner Subsidiary and such Additional or More Restrictive Covenant applies only to such Subsidiary. 

1.11. Section 10.2(a) of the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as follows:

 (a) The Company will not permit any Subsidiary Guarantor, any Unencumbered Property Owner Subsidiary or any Unencumbered
Property Equity Owner to become a party to any dissolution, liquidation or disposition of all or substantially all of such Person’s assets or business, a merger, reorganization, consolidation or other business combination or effect any
transaction or series of transactions which may have a similar effect as any of the foregoing, in each case without the prior written consent of the Required Holders, except for (1) the merger or consolidation of a Subsidiary Guarantor, an
Unencumbered Property Owner Subsidiary or an Unencumbered Property Equity Owner with the Company or another Subsidiary Guarantor, (2) the merger or consolidation of a Subsidiary Guarantor where the Subsidiary Guarantor is the

  
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sole surviving entity, and the merger or consolidation of an Unencumbered Property Owner Subsidiary or an Unencumbered Property Equity Owner where such Person is the sole surviving entity,
(3) the merger or consolidation of an Unencumbered Property Owner Subsidiary or an Unencumbered Property Equity Owner with an Unencumbered Property Owner Subsidiary or an Unencumbered Property Equity Owner, and (4) any acquisitions or
Investments by a Subsidiary Guarantor, an Unencumbered Property Owner Subsidiary or an Unencumbered Property Equity Owner permitted under this Agreement, including each Additional or More Restrictive Covenant; provided that nothing in this
Section 10.2(a) shall prohibit any Subsidiary Guarantor, any Unencumbered Property Owner Subsidiary or any Unencumbered Property Equity Owner from selling or otherwise disposing of any Unencumbered Property or any other property if (i) the
Company is in compliance with the provisions of Section 10.6 and each Additional or More Restrictive Covenant at the time of, and on a pro forma basis after giving effect to, such sale or other disposition and (ii) no Default or Event of
Default shall then exist or result from such sale or other disposition. 
 1.12. Section 10.5 of the Original Note Purchase Agreement shall
be and is hereby amended by (a) inserting the phrase “on any of its assets” immediately following the phrase “exist any Lien” in the first paragraph thereof and (b) amending and restating the second paragraph thereof in
its entirety to read as follows: 
 Notwithstanding the foregoing, the Company will not, and will not permit any Subsidiary to, secure any
Indebtedness outstanding under or pursuant to any Material Credit Facility unless and until the Notes (and the Subsidiary Guaranty Agreement if then in effect and any other Guaranty delivered in connection therewith) shall concurrently be secured
equally and ratably with such Indebtedness pursuant to documentation reasonably acceptable to the Required Holders in substance and in form, including an intercreditor agreement and opinions of counsel to the Company and/or any such Subsidiary, as
the case may be, from counsel that is reasonably acceptable to the Required Holders; provided that nothing herein shall require the Company or any Subsidiary to secure the Notes (or the Subsidiary Guaranty Agreement if then in effect or any
other Guaranty delivered in connection therewith) solely as a result of a Subsidiary that is not an Unencumbered Property Owner Subsidiary or an Unencumbered Property Equity Owner encumbering any of its assets to secure any Indebtedness other than
Indebtedness of the Company or any Subsidiary Guarantor. 
 1.13. Section 10.6 of the Original Note Purchase Agreement shall be and is hereby
amended by deleting the last sentence thereof and replacing it with the following: 
 (e) Minimum Unsecured Interest
Coverage Ratio. The Company will not permit the ratio of (1) Unencumbered Property NOI from the Unencumbered Pool to (2) Consolidated Unsecured Interest Incurred, in each case calculated on a Consolidated basis, to be less than 1.75 to
1.00. 

  
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 Sections 10.6(a), (b), (c), (d) and (e) shall be tested as of the end of
each quarter, based upon the results for that particular quarter then ended. 
 1.14. Section 10 of the Original Note Purchase Agreement
shall be and hereby is further amended by adding the following new Section 10.7 in proper sequence: 
 10.7
Subsidiary Indebtedness. The Company will not permit any Unencumbered Property Owner Subsidiary or Unencumbered Property Equity Owner to create, incur, assume, guarantee or be or remain liable, contingently or otherwise, with respect to any
Indebtedness (whether secured or unsecured, recourse or non-recourse), other than: 

(a) Indebtedness under the Subsidiary Guaranty Agreement; 

(b) current liabilities incurred in the ordinary course of business but not incurred through (1) the borrowing of money,
or (2) the obtaining of credit except for credit on an open account basis customarily extended and in fact extended in connection with normal purchases of goods and services; 

(c) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims for labor, materials and supplies
to the extent that payment therefor shall not at the time be required to be made in accordance with the provisions of Section 9.4; 

(d) Indebtedness in respect of judgments, but only to the extent not resulting in an Event of Default; 

(e) endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the
ordinary course of business; 
 (f) intercompany Indebtedness due to the Company, a Subsidiary Guarantor, an Unencumbered
Property Owner Subsidiary or an Unencumbered Property Equity Owner; 
 (g) Indebtedness in the nature of interest rate swaps
or similar interest rate hedging transactions entered into to hedge bona fide interest rate risk with respect to Indebtedness otherwise permitted under this Section 10.7, provided that the amount and terms of such interest rate swaps and
similar hedging transactions are reasonably satisfactory to the Required Holders; 
 (h) unsecured obligations in respect of
Parity Indebtedness; provided that (1) the incurrence of such Indebtedness does not violate, and would not violate on a pro forma basis, any financial covenants set forth in Section 10.6 or any Additional or More Restrictive
Covenant, (2) no Default or Event of Default then exists or would result therefrom, and (3) the requirements of Section 9.9 are satisfied; and 

  
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 (i) Indebtedness in the nature of Capitalized Lease Obligations and purchase
money obligations for fixed or capital assets (but in no event related to any Indebtedness for borrowed money), provided that such Indebtedness is unsecured and the aggregate outstanding principal amount of such Indebtedness at any time does
not exceed $4,000,000 with respect to any particular Unencumbered Property Owner Subsidiary or Unencumbered Property Equity Owner or $20,000,000 with respect to all Unencumbered Property Owner Subsidiaries and Unencumbered Property Equity Owners and
provided, further, that the incurrence of such Indebtedness does not violate, and would not violate on a pro forma basis, any covenant set forth in Section 10.6 or any Additional or More Restrictive Covenant. 

1.15. Section 11 of the Original Note Purchase Agreement shall be and is hereby is amended by deleting each reference therein to “the
Company, any Subsidiary Guarantor or any Eligible Canadian Subsidiary” and replacing it with “the Company, any Subsidiary Guarantor, any Unencumbered Property Equity Owner or any Unencumbered Property Owner Subsidiary”. 

1.16. Section 11(c) of the Original Note Purchase Agreement is amended by deleting the reference to “Additional Covenant” therein and
replacing it with “Additional or More Restrictive Covenant”. 
 1.17. Section 11(j) of the Original Note Purchase Agreement shall
be and is hereby amended in its entirety as follows: 
 (j) one or more final judgments or orders for the payment of money
aggregating in excess of the greater of (1) $50,000,000 and (2) the then lowest threshold amount for judgment defaults under any Material Credit Facility (or the equivalent of such amount in the relevant currency of payment), including any such
final order enforcing a binding arbitration decision, are rendered against one or more of the Company, any Subsidiary Guarantor, any Unencumbered Property Equity Owner or any Unencumbered Property Owner Subsidiary and which judgments are not, within
60 days after entry thereof, bonded, discharged or stayed pending appeal, or are not discharged within 60 days after the expiration of such stay; or 

1.18. Section 22.2 of the Original Note Purchase Agreement shall be and is hereby amended by inserting at the end of such Section the following
new paragraphs: 
 For covenant calculations that require the determination of Net Operating Income, Net Income (or Loss),
and/or EBITDA (each, an “Income Component”) of the Company or any of its Subsidiaries or Unconsolidated Affiliates, any amounts comprising such Income Components that are denominated in currencies other than U.S. dollars shall be
converted to U.S. dollars using the same exchange rates used by the Company for its financial statements filed (or to be filed) with the SEC for the applicable period. 

  
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 Notwithstanding anything to the contrary contained above in this
Section 22.2 or in the definition of “Capitalized Lease Obligation,” in the event of an accounting change requiring leases to be capitalized, only those leases that would have constituted capital leases on the Amendment Effective Date
(assuming for purposes hereof that they were in existence on the Amendment Effective Date) shall be considered capital or finance leases, and all calculations under this Agreement shall be made in accordance therewith (provided that each
certificate of a Senior Financial Officer delivered to the holders of the Notes in accordance with Section 7.2 after the date of such accounting change shall contain a schedule showing the adjustments necessary to reconcile such calculations
with GAAP as in effect immediately prior to such accounting change). 
 1.19. Schedule A of the Original Note Purchase Agreement shall be and
is hereby amended by (a) deleting the defined terms “Additional Covenant,” “Aggregate Underwriteable Cash Flow,” “Eligible Canadian Subsidiary,” “Exhibitor EBITDAR” and “Underwriteable Cash
Flow” in their entirety and (b) adding, or amending and restating, the following definitions, and inserting them in the proper alphabetical order: 

“Additional or More Restrictive Covenant” is defined in Section 9.10. 

“Amendment Effective Date” means September 27, 2017. 

“Bank Credit Agreement” means the Second Amended, Restated and Consolidated Credit Agreement dated as of
September 27, 2017 by and among the Company, as borrower, KeyBank National Association, as administrative agent, and various other financial institutions party thereto, including any renewals, extensions, amendments, supplements, restatements,
replacements or refinancings thereof. 
 “Bonds” means the Company’s (a) 7.75% Senior Notes due 2020
issued pursuant to that certain Indenture with UMB Bank, n.a. dated as of June 30, 2010, (b) 5.75% Senior Notes due 2022 issued pursuant to that certain Indenture with U.S. Bank National Association dated as of August 8, 2012, (c) 5.25%
Senior Notes due 2023 issued pursuant to that certain Indenture with U.S. Bank National Association dated as June 18, 2013, (d) 4.50% Senior Notes due 2025 issued pursuant to that certain Indenture with UMB Bank, n.a. dated as of March 16,
2015, (e) 4.75% Senior Notes due 2026 issued pursuant to that certain Indenture with UMB Bank, n.a. dated as of December 14, 2016, and (f) 4.50% Senior Notes due 2027 issued pursuant to that certain Indenture with UMB Bank, n.a. dated as of
May 23, 2017, and in each case shall include the indenture related thereto. 
 “Consolidated Unsecured Interest
Incurred” means, for any period, interest incurred on all Unsecured Indebtedness of the Company (regardless of whether such interest was expensed or capitalized in accordance with GAAP), determined on a Consolidated basis but excluding
amortization of deferred loan costs. 

  
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 “Credit Facility” is defined in the definition of “Material
Credit Facility.” 
 “EBITDA” means with respect to any Person (or any asset of any Person) for any
period, all as determined in accordance with GAAP, an amount equal to the sum of (a) the Net Income of such Person (or attributable to such asset) for such period plus (b) depreciation and amortization, interest expense and income
taxes for such period minus (c) equity in earnings from unconsolidated Subsidiaries for such period plus (d) ordinary cash distributions (exclusive of any distributions received from capital events) actually received from
such unconsolidated Subsidiaries for such period, minus (e) straight line rents for such period, minus (f) any gains (plus the losses) from unusual or extraordinary items or asset sales or writeups or forgiveness of or
early extinguishment of debt or preferred shares for such period, plus (g) non-cash impairment charges for such period, plus (h) transaction costs incurred during such period in
connection with potential investments that are permitted hereunder and under each Additional or More Restrictive Covenant then in effect, but which are not consummated, provided that the aggregate amount of all such transaction costs under
this clause (h) shall not exceed 10% of EBITDA (prior to giving effect thereto) for such period, plus (i) provisions for loan losses for such period, plus (j) severance expense for such period, plus
(k) straight line rent write-offs for such period, plus (l) termination fees for such period associated with tenants’ exercises of buy-out options, plus or minus
(m) other such items of a similar nature for such period to the extent and in the amount added to or subtracted from net income in determining “EBITDA” under the Bank Credit Agreement, provided that the net amount of all such
additions under this clause (m) shall not exceed 10% of EBITDA (prior to giving effect thereto) for such period. All of the foregoing to be calculated without duplication and with respect to clauses (b)—(m), inclusive, only to the extent
the same has been included in the calculation of such net income. 
 “Eligible Real Estate” means Real
Estate: 
 (a) (1) which is owned 100% in fee by the Company or an Eligible Subsidiary; (2) which is encumbered by an
Eligible Ground Lease to the Company or an Eligible Subsidiary; or (3) in which the Company or an Eligible Subsidiary holds an EPR Senior First Mortgage; 

(b) which is located within the United States or is an International Investment; 

(c) which consists of one or more of the following income-producing properties: 

(1) Entertainment Real Estate; 

(2) Education Real Estate; 

  
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 (3) Recreation Real Estate; or 

(4) Other Real Estate; 

(d) which is subject to a Lease to a third party (or parties) or to an EPR Senior First Mortgage, in each case which is not in
material default, and under which the Tenant, other approved tenant or EPR Mortgagor, as the case may be, is in actual occupancy of the property (or the property is under construction and the Tenant or EPR Mortgagor, as the case may be, has entered
into a Lease or EPR Senior First Mortgage, as applicable, with respect to such property); it being understood that copies of all Leases or EPR Senior First Mortgages for any Unencumbered Property shall be provided to any Purchaser or holder of a
Note upon request therefor; 
 (e) as to which all of the representations set forth on Exhibit ERE are satisfied; and 

(f) if such Unencumbered Property does not meet any of the foregoing requirements, such Unencumbered Property has been approved
by the Required Holders. 
 For purposes of clause (d) immediately above, it is understood and agreed that, in the case
of real property under development, the Tenant or EPR Mortgagor need not physically occupy the property during the development phase so long as the Tenant or EPR Mortgagor is not in material default under the applicable Lease or EPR Senior First
Mortgage Loan with respect to such property under development. 
 “Eligible Subsidiary” means (a) with
respect to any Real Estate located in the United States, a direct or indirect Wholly-Owned Domestic Subsidiary, or (b) with respect to an International Investment, (1) a direct or indirect Wholly-Owned Domestic Subsidiary or (2) a
Subsidiary that is existing under the laws of the jurisdiction where such International Investment is located and that is a direct or indirect Wholly-Owned Subsidiary of the Company. 

“Entertainment-Related Retail Improvement(s)” means real estate owned by or subject to an Eligible Ground
Lease in favor of the Company or an Eligible Subsidiary or encumbered by an EPR Senior First Mortgage that is used for entertainment or retail purposes including but not limited to restaurants, bowling alleys, arcades, live performance venues and
other leisure venues. 
 “EPR Senior First Mortgage(s)” means a first priority senior mortgage granted to
the Company or an Eligible Subsidiary by an EPR Mortgagor securing an EPR Senior Property Loan and encumbering any real estate and improvements thereon, and upon which no other Lien exists except for Permitted Liens of the types described in clauses
(a) through (d), inclusive, of the definition thereof and Liens on equipment and the like owned or leased by the EPR Mortgagor which 

  
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are permitted pursuant to the terms of the related EPR Senior Property Loan Documents. References in this Agreement to a “mortgage” or a “mortgage interest” shall be deemed to
include a deed of trust, deed to secure debt or similar real property security instrument. 
 “EPR Senior Property
Loan Documents” means, collectively, a promissory note from an EPR Mortgagor to the Company or an Eligible Subsidiary, the EPR Senior First Mortgage serving as collateral for such note, along with any related assignment of leases and rents
from such EPR Mortgagor to the Company or such Eligible Subsidiary and any other documents or instruments delivered to the Company or such Eligible Subsidiary evidencing or securing a EPR Senior Property Loan. This term may also refer to such loan
documents evidencing more than one EPR Senior Property Loan. 
 “International Investment” means Real Estate
consisting of fee or leasehold interests (or mortgagee’s interests under EPR Senior Property Loans) in income producing Real Estate that is located in (a) any of the following countries: Canada, United Kingdom of Great Britain and Northern
Ireland, Australia, France, the Federal Republic of Germany, the Netherlands, Belgium, Ireland or the Republic of Poland, or (b) sizeable cities within other countries with well-developed real estate debt and equity capital markets as
reasonably determined by the administrative agent under the Bank Credit Agreement (or, if no Bank Credit Agreement is then in effect, by the Required Holders). 

“Investment Grade Rating” means, in respect of the Index Debt, a rating of: (a)
“BBB-” or better by S&P, (b) “Baa3” or better by Moody’s, or (c) “BBB-” or better by Fitch. 

“Most Favored Lender Notice” means, in respect of any Additional or More Restrictive Covenant, a written
notice from the Company giving notice of such Additional or More Restrictive Covenant, including therein a verbatim statement of such Additional or More Restrictive Covenant, together with any definitions incorporated therein. 

“Other Real Estate” means all Real Estate (including, without limitation, land under development subject to a
Lease or an EPR Senior First Mortgage) that is not Education Real Estate, Entertainment Real Estate, or Recreation Real Estate. 

“Permitted Liens” means, as to any Person: (a) Liens securing taxes, assessments and other charges or
levies imposed by any Governmental Authority (excluding any Lien imposed pursuant to any of the provisions of ERISA or pursuant to any Environmental Laws if the imposition of such Lien could reasonably be expected to have a Material Adverse Effect)
or the claims of materialmen, mechanics, carriers, warehousemen or landlords for labor, materials, supplies or rentals incurred in the ordinary course of business, which are not at the 

  
 -13- 

 
time required to be paid or discharged or are otherwise expressly permitted under Section 9.4; (b) Liens consisting of deposits or pledges made, in the ordinary course of business, in
connection with, or to secure payment of, obligations under workers’ compensation, unemployment insurance or similar Applicable Laws or in connection with performance of bids and trade contracts and leases where such Person is the tenant;
(c) encumbrances on the Real Estate permitted under the applicable Lease or EPR Senior Property Loan Documents, or consisting of easements, rights of way, zoning restrictions, restrictions on the use of real property and defects and
irregularities in the title thereto which do not materially detract from the value of such property for its intended business use or impair the intended business use thereof in the business of such Person; (d) the rights of tenants under leases
or subleases not interfering with the ordinary conduct of business of such Person; (e) Liens in favor of the holders of the Notes; (f) intercompany Liens among EPR and its Subsidiaries securing intercompany obligations among such Persons
that have been subordinated to the Notes on terms satisfactory to the Required Holders; (g) Liens securing judgments for the payment of money (or appeal or other surety bonds relating to such judgments) not constituting an Event of Default
under Section 11.1(j); (h) normal and customary rights of setoff against deposits in favor of banks and other depository institutions; (i) Liens of a collecting bank under Section 4-210 of the
Uniform Commercial Code, or similar law, on items in the course of collection; and (j) Liens on assets other than (1) Unencumbered Property and (2) any Equity Interests of an Unencumbered Property Owner Subsidiary or of any
Unencumbered Property Equity Owner, provided that such Liens secure Indebtedness or other obligations that may be incurred or maintained without violating Section 10.6 or any other provision of this Agreement, including, without
limitation, Liens in existence as of the Execution Date and set forth in Schedule 5.10 and any renewals or refinancings thereof. 

“Parity Indebtedness” is defined in Section 9.9(a). 

“Rent Roll” means a report prepared by the Company showing for each Unencumbered Property owned or leased by
the Company or an Eligible Subsidiary its occupancy, lease expiration dates, lease rent and other information in substantially the form presented to the Purchasers prior to the Execution Date or in such other form as may have been approved by the
Required Holders. 
 “Replacement Reserve” means (a) with respect to any Real Estate owned or leased by
the Company or an Eligible Subsidiary, an amount equal to twenty cents ($.20) per annum multiplied by the Net Rentable Area of such Real Estate, and (b) with respect to any Real Estate that is subject to an EPR Senior First Mortgage, an amount
equal to twenty cents ($.20) per annum multiplied by the Company’s reasonable good faith estimate of what the Net Rentable Area of such Real Estate would have been had such Real Estate been subject to a Lease rather than an EPR Senior First
Mortgage; provided that, if the Bank Credit Agreement provides for a “replacement reserve” or similar reserve for any type of Real Estate described in clause (a) or (b) that is higher or lower than the rate set forth in such
clause, the applicable rate for such type of Real Estate shall be such higher or lower rate. 

  
 -14- 

 “Secured Indebtedness” means (a) Indebtedness of the
Company or any Subsidiary secured (via a pledge or otherwise) by a Lien and (b) for purposes of Section 10.6(c) only, unsecured Indebtedness of Subsidiaries that are not Subsidiary Guarantors. 

“Subsidiary Guarantors” means each Subsidiary of the Company that after the Amendment Effective Date becomes a
party to the Subsidiary Guaranty Agreement in accordance with Section 9.9(a). 
 “Subsidiary Guaranty
Agreement” is defined in Section 9.9(a). 
 “Tenant” means a tenant of the Company or an
Eligible Subsidiary which leases space in an Unencumbered Property pursuant to a Lease. 
 “Topgolf Real
Estate” means Recreation Real Estate utilized in connection with the “Topgolf” business, as classified by the Company. 

“Total Asset Value” means without duplication, the sum of: (a) unrestricted cash and marketable
securities held by the Company and its Subsidiaries; plus (b) Total Real Estate Value; plus (c) non-income producing real estate at the lower of cost or market value (determined in
accordance with GAAP), plus (d) Adelaar Value, plus (e) assets associated with Guarantees issued by the Company or one or more of its Subsidiaries, to the extent the Company or one or more of its Subsidiaries has a
subrogation claim, Lien or ownership interest with respect to such assets and such assets are not included in Total Real Estate Value; provided that nothing in the foregoing clause (c) shall require the Company or any Subsidiary to
obtain an appraisal of any real estate, unless such appraisal is required by GAAP. 
 “Total Real Estate
Value” means EBITDA (but without any deduction in the determination thereof for unallocated general and administrative expenses) of the Company and its Subsidiaries (excluding EBITDA attributable to the Adelaar Project) for the most recent
quarter, with pro forma adjustments for any assets acquired or sold during the relevant period, multiplied by four (which is the annualization factor), and then divided by the applicable capitalization rate. Such capitalization rate shall be
(a) 8.00% for all Entertainment Real Estate and Topgolf Real Estate, and (b) 9.00% for assets that are not Entertainment Real Estate or Topgolf Real Estate; provided that, if in determining “total real estate value” or a similar
amount under any Material Credit Facility, such Material Credit Facility provides for “EBITDA” or a similar amount to be capitalized at a rate for any Entertainment Real Estate, Topgolf Real Estate or other assets described in clause
(a) or (b) that is higher or lower than the corresponding rate 

  
 -15- 

 
set forth in such clause, then the applicable capitalization rate for such Entertainment Real Estate, Topgolf Real Estate or other assets shall be the highest corresponding rate under any
Material Credit Facility, provided, however, that in no event may the capitalization rate used for (1) Entertainment Real Estate or (2) Topgolf Real Estate and all other assets other than Entertainment Real Estate be less
than 7.00% and 8.00%, respectively. Any asset under construction with an executed Lease or EPR Senior First Mortgage (excluding the Adelaar Project) will be included in Total Real Estate Value at the Company’s or Subsidiary’s, as
applicable, actual carrying value until construction is completed. Notwithstanding the foregoing, there shall be deducted from Total Real Estate Value for any quarter the amount of unallocated general and administrative expenses not deducted in the
determination of EBITDA for such quarter, multiplied by four and then divided by 8.50%. 

“Unencumbered Asset Value” means with respect to the Unencumbered Properties, the Unencumbered Property NOI
for each Unencumbered Property as of the end of the most recent quarter, with pro forma adjustments for any assets acquired or sold during the relevant period, annualized, and then capitalized at the rate of (a) 8.00% for all Entertainment Real
Estate and Topgolf Real Estate, and (b) 9.00% for assets that are not Entertainment Real Estate or Topgolf Real Estate; provided that, if in determining “unencumbered asset value” or a similar amount under any Material Credit
Facility, such Material Credit Facility provides for “Unencumbered Property NOI” or a similar amount to be capitalized at a rate for any Entertainment Real Estate, Topgolf Real Estate or other assets described in clause (a) or (b)
that is higher or lower than the corresponding rate set forth in such clause, then the applicable capitalization rate for such Entertainment Real Estate, Topgolf Real Estate or other assets shall be the highest corresponding rate under any Material
Credit Facility, provided, however, that in no event may the capitalization rate used for (1) Entertainment Real Estate or (2) Topgolf Real Estate and all other assets other than Entertainment Real Estate be less than 7.00%
and 8.00%, respectively, and provided, further, that the aggregate Unencumbered Asset Value of all Unencumbered Properties that are International Investments (other than International Investments related to Real Estate located in
Canada) shall not exceed 15% of the aggregate Unencumbered Asset Value of all Unencumbered Properties, with any excess over 15% of the aggregate Unencumbered Asset Value being excluded from the calculation of Unencumbered Asset Value. Any
Unencumbered Property under construction with an executed Lease or EPR Senior First Mortgage not in material default under the applicable Lease or EPR Senior First Mortgage Loan will be included in the calculation at the Company’s carrying
value until construction completion. 
 “Unencumbered Pool” means, as of any date of determination, all
Eligible Real Estate other than any Eligible Real Estate or portion thereof that, as of such date, is excluded from the “unencumbered pool” under any agreement or instrument in respect of Parity Indebtedness that applies an “eligible
real estate” or similar concept for purposes of computing any unencumbered property coverage covenant set forth therein. 

  
 -16- 

 “Unencumbered Property” or “Unencumbered
Properties” means the Eligible Real Estate owned or leased by the Company or an Eligible Subsidiary or subject to an EPR Senior First Mortgage, which is included in the calculation of the Unencumbered Pool. Insofar as Unencumbered Property
consists of Eligible Real Estate that is subject to an EPR Senior First Mortgage, the term “Unencumbered Property” shall be deemed to refer to such Eligible Real Estate or the related EPR Senior Property Loan, as the context may require.
The initial Unencumbered Pool shall consist of the properties described as such in Schedule 5.10. 
 “Unencumbered
Property Equity Owner” means any Subsidiary that is a direct or indirect owner of an Unencumbered Property Owner Subsidiary. 

“Unencumbered Property Net Operating Income” or “Unencumbered Property NOI” means with
respect to any Unencumbered Property, for any period, the aggregate of actual recurring “property revenues” earned by the Company or an Eligible Subsidiary, as applicable, in such period (provided, however, that any amounts accrued
shall only include those amounts not more than 45 days delinquent in arrears) for such Unencumbered Property (including Base Rent and expense reimbursement, but excluding straight line and percentage rent), (or in the case of Unencumbered Properties
subject to EPR Senior First Mortgages, the related mortgage loan interest income) and all as otherwise determined in accordance with GAAP together with recoveries from tenants as determined in accordance with GAAP, all such amounts shall be
attributable to such period and accrued according to GAAP, less (a) all “property expenses” consisting solely of expenses incurred or accrued by the Company or an Eligible Subsidiary, as applicable, that are directly related to the
operation and ownership of such Unencumbered Property, including any real estate taxes, sales taxes, common area maintenance charges, accounting and administration, security, utilities, maintenance, janitorial, premiums for casualty and liability
insurance or ground lease payments (excluding from the foregoing expenses for depreciation, amortization, interest and leasing commissions with respect to such Unencumbered Property) incurred by the Company or an Eligible Subsidiary, as applicable,
and (b) an allowance for property management expenses calculated at the greater of (1) 3.00% of Base Rent or (2) actual property management expenses (the “Management Expense”), and (c) the Replacement Reserve
(provided that the deduction described in this clause (c) shall not apply to Unencumbered Property consisting of land under development). If such period is less than a year, expenses described in clause (a) above that are payable
less frequently than monthly during the course of a year (e.g., real estate taxes and insurance premiums) shall be adjusted by “straight lining” the amounts so that such expenses are accrued on a monthly basis over the course of a
year and fairly stated for each period. Additionally, as the Unencumbered Property financial 

  
 -17- 

 
information becomes available (i.e., after the Unencumbered Property has been in operation for one quarter, two quarters, etc.) such actual information shall be used, as adjusted, by
“annualizing” the amounts so that such amounts are received on a monthly basis over the course of a year and fairly stated for each period, and as further adjusted for Management Expense and Replacement Reserves. 

“Unencumbered Property Owner Subsidiary” means each Subsidiary that owns, leases or has a mortgage interest in
any Real Estate included in the Unencumbered Pool. 
 “Wholly-Owned Domestic Subsidiary” means a
Wholly-Owned Subsidiary of the Company that was formed or incorporated, and is existing, under the laws of any State of the United States or the District of Columbia. 

1.20. Exhibit ERE to the Original Note Purchase Agreement shall be and is hereby amended and restated in its entirety to read as set forth on
Exhibit ERE attached hereto. 
 SECTION 2. REPRESENTATIONS AND WARRANTIES OF
THE COMPANY. 
 2.1. To induce the Noteholders to execute and deliver this First Amendment
(which representations shall survive the execution and delivery of this First Amendment), the Company represents and warrants to the Noteholders that: 

(a) this First Amendment has been duly authorized by all necessary corporate or other action on the part of the Company and has
been duly executed and delivered by the Company, and this First Amendment and the Original Note Purchase Agreement, as amended by this First Amendment, constitute the legal, valid and binding obligations, contracts and agreements of the Company,
enforceable against the Company in accordance with their respective terms, except as enforcement may be limited by bankruptcy, insolvency, reorganization, moratorium or similar laws or equitable principles relating to or limiting creditors’
rights generally; 
 (b) the execution and delivery of this First Amendment by the Company and the performance by the Company
thereof and of the Original Note Purchase Agreement, as amended by this First Amendment, will not (1) contravene, result in any breach of, or constitute a default under, or result in the creation of any Lien in respect of any property of the
Company or any Subsidiary under, any indenture, mortgage, deed of trust, loan, purchase or credit agreement, lease, corporate charter, organizational document, shareholders agreement or any other agreement or instrument to which the Company or any
Subsidiary is bound or by which the Company or any Subsidiary or any of their respective properties may be bound or affected, (2) conflict with or result in a breach of any of the terms, conditions or provisions of any order, judgment, decree
or ruling of any court, arbitrator or Governmental Authority applicable to the Company or any Subsidiary or (3) violate any provision of any statute or other rule or regulation of any Governmental Authority applicable to the Company or any
Subsidiary; 

  
 -18- 

 (c) no consent, approval or authorization of, or registration, filing or
declaration with, any Governmental Authority is required in connection with the execution and delivery of this First Amendment by the Company or the performance thereof or of the Original Note Purchase Agreement, as amended by this First Amendment,
by the Company except for the authorizations, approvals, actions, notices and filings which have been duly obtained, taken, given or made and are in full force and effect and except for any Current Report on Form
8-K or similar informational filings which must be made with any Governmental Authority after the execution and delivery of this First Amendment and with respect to which the failure to make such filings would
not affect the validity of this First Amendment; 
 (d) all obligations of the Company under the Original Note Purchase
Agreement, as amended by this First Amendment, shall rank at least pari passu in right of payment with all other present and future unsecured Indebtedness of the Company; 

(e) on the Amendment Effective Date, and concurrently with the release of each Guarantor referred to in the Existing Subsidiary
Guaranty Agreement as provided in Section 4.1 hereof, no Subsidiary shall be a guarantor or otherwise liable, whether as a borrower or an additional or co-borrower or otherwise for or in respect of any
Parity Indebtedness; 
 (f) On the Amendment Effective Date, after giving effect to this First Amendment, all the
representations and warranties contained in Section 5 of the Original Note Purchase Agreement are true and correct in all material respects with the same force and effect as if made by the Company on and as of the date hereof date (except
(1) to the extent such representations and warranties expressly refer to an earlier date, in which case they were true and correct in all material respects as of such earlier date (except as otherwise provided in clauses (2), (3) and
(4) below), (2) that Schedules 5.4 and 5.10 to the Original Note Purchase Agreement are as set forth as Schedules 2 and 3, respectively, to this First Amendment, (3) that Schedule 5.15 to the Original Note Purchase Agreement is as set
forth as Schedule 4 to this First Amendment (and as if the reference in Section 5.15(a) of the Original Note Purchase Agreement to “June 30, 2016” was instead to “June 30, 2017”), and (4) no such representations and
warranties are made with respect to Subsidiaries in their capacity as Subsidiary Guarantors); and 
 (g) as of the date
hereof and after giving effect to this First Amendment, no Default or Event of Default has occurred which is continuing and no waiver of Default or Event of Default is in effect. 

SECTION 3. CONDITIONS TO EFFECTIVENESS OF THIS FIRST
AMENDMENT. 
 3.1. Upon satisfaction of each and every one of the following conditions, this First Amendment shall become
effective as of the date first written above: 

  
 -19- 

 (a) executed counterparts of this First Amendment, duly executed by the Company
and the Required Holders, shall have been delivered to each holder of Notes or its special counsel; 
 (b) the
representations and warranties of the Company set forth in Section 2 hereof are true and correct on and with respect to the date hereof and each holder of Notes or its special counsel shall have received an Officer’s Certificate to such
effect; 
 (c) the Bank Credit Agreement, providing for a $1,000,000,000 revolving credit facility and a $400,000,000 term
loan facility to the Company (which facilities are subject to increase to up to an aggregate amount of $2,400,000,000), shall have been, or concurrently shall be, duly executed and delivered by each of the parties thereto and shall be in full force
and effect and a copy thereof shall have been, or concurrently shall be, delivered to each holder of Notes or its special counsel; 

(d) each holder of the Notes or its special counsel shall have received an Officer’s Certificate identifying each
Additional or More Restrictive Covenant that will be in effect on the Amendment Effective Date, including therein a verbatim statement of each such Additional or More Restrictive Covenant, together with any definitions incorporated therein. 

(e) each holder of the Notes shall have received, by payment in immediately available funds to the account of such holder set
forth in the Purchaser Schedule, the amount set forth opposite such holder’s name in Schedule 1 attached hereto; and 

(f) the Company shall have paid the fees and expenses of Schiff Hardin LLP, special counsel to the Noteholders, in connection
with the negotiation, preparation, approval, execution and delivery of this First Amendment. 
 SECTION 4. RELEASE
OF SUBSIDIARY GUARANTORS. 
 4.1. By their execution and delivery hereof, the
Required Holders hereby consent to the release of each Guarantor referred to in the Subsidiary Guaranty Agreement dated as of August 22, 2016 (the “Existing Subsidiary Guaranty Agreement”) in favor of the Holders referred to
therein (including each Subsidiary that became a party thereto by execution of a Guaranty Supplement referred to therein) from its obligations under the Existing Subsidiary Guaranty Agreement, and upon such release the Existing Subsidiary Guaranty
Agreement shall be terminated and no longer in force or effect. 
 SECTION 5. MISCELLANEOUS. 

5.1. This First Amendment shall be construed in connection with and as part of the Original Note Purchase Agreement, and except as modified and
expressly amended by this First Amendment, all terms, conditions and covenants contained in the Original Note Purchase Agreement and the Notes are hereby ratified and shall be and remain in full force and effect. 

  
 -20- 

 5.2. Any and all notices, requests, certificates and other instruments executed and delivered
after the execution and delivery of this First Amendment may refer to the Original Note Purchase Agreement without making specific reference to this First Amendment but nevertheless all such references shall include this First Amendment unless the
context otherwise requires. 
 5.3. The descriptive headings of the various Sections or parts of this First Amendment are for convenience
only and shall not affect the meaning or construction of any of the provisions hereof. 
 5.4. This First Amendment shall he governed by and
construed in accordance with the laws of the State of New York. 
 5.5. This First Amendment may be executed in any number of counterparts,
each executed counterpart constituting an original, but all together only one agreement. Delivery of an executed counterpart of this First Amendment by facsimile or electronic transmission shall be effective as delivery of a manually executed
counterpart of this First Amendment. 
 [Remainder of page intentionally left blank.] 

  
 -21- 

 
			
	EPR PROPERTIES

 
			
		
	By	 	 /s/ Mark A. Peterson

		 	 Mark A. Peterson
 Executive Vice
President

 First Amendment to EPR Properties Note Purchase Agreement 

 Accepted and Agreed to: 

 

					
	THE PRUDENTIAL INSURANCE COMPANY OF AMERICA
		
	By:	 	 /s/ Brien Davis

		 	   Vice President
	
	THE GIBRALTAR LIFE INSURANCE CO., LTD.
		
	By:	 	Prudential Investment Management Japan
		 	Co., Ltd., as Investment Manager
		
	By:	 	PGIM, Inc., as Sub-Adviser
			
		 	By:	 	 /s/ Brien Davis

		 		 	  Vice President
	
	PRUCO LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Brien Davis

		 	  Assistant Vice President

 First Amendment to EPR Properties Note Purchase Agreement 

 
					
	MIDLAND NATIONAL LIFE INSURANCE COMPANY
		
	By:	 	Guggenheim Partners Investment
		 	Management, LLC, as investment manager
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact
	
	HORACE MANN LIFE INSURANCE COMPANY
		
	By:	 	Guggenheim Partners Investment
		 	Management, LLC, as Advisor
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact
	
	 NORTH AMERICAN COMPANY FOR
LIFE AND HEALTH INSURANCE

		
	By:	 	Guggenheim Partners Investment
		 	Management, LLC, as investment manager
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact
	
	 WILCAC LIFE INSURANCE
COMPANY (F/K/A CONTINENTAL ASSURANCE COMPANY)

		
	By:	 	Guggenheim Partners Investment
		 	Management, LLC, as Advisor
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	WILCO LIFE INSURANCE COMPANY
		
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact
	
	TEXAS LIFE INSURANCE COMPANY
		
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact
	
	WILTON REASSURANCE COMPANY
		
	By:	 	Guggenheim Partners Investment Management, LLC, as Advisor
		
	By:	 	 /s/ Kevin M. Robinson

	Name:	 	Kevin M. Robinson
	Title:	 	Attorney in Fact

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	ENSIGN PEAK ADVISORS, INC.
	CLIFTON PARK CAPITAL MANAGEMENT, LLC
		
	By:	 	 /s/ Kevin Lund

	Name:	 	Kevin Lund
	Title:	 	Portfolio Manager

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	UNITED SERVICES AUTOMOBILE ASSOCIATION
	USAA LIFE INSURANCE COMPANY
		
	By:	 	 /s/ James F. Jackson, Jr.

	Name:	 	James F. Jackson, Jr. 
	Title:	 	Assistant Vice President

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	 THE GUARDIAN LIFE
INSURANCE COMPANY OF AMERICA

 
			
		
	By:	 	 /s/ Brian Keating

	Name:	 	Brian Keating
	Title:	 	Managing Director

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	THE OHIO NATIONAL LIFE INSURANCE COMPANY 
	
	 /s/ Annette M. Teders

	Name:	 	Annette M. Teders
	Title:	 	Vice President
	
	OHIO NATIONAL LIFE ASSURANCE CORPORATION
	
	 /s/ Annette M. Teders

	Name:	 	Annette M. Teders
	Title:	 	Vice President

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	FIDELITY & GUARANTY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ Thomas Cunningham

	Name:	 	Thomas Cunningham
	Title:	 	Vice President

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	 AMERICAN EQUITY INVESTMENT
LIFE INSURANCE COMPANY

		
	By:	 	 /s/ Jeffrey A. Fossell

	Name:	 	Jeffrey A. Fossell
	Title:	 	Authorized Signatory

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	AMERICAN FAMILY LIFE INSURANCE COMPANY
		
	By:	 	 /s/ David L. Voge

	Name:	 	David L. Voge
	Title:	 	Fixed Income Portfolio Manager

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	 AMERICO FINANCIAL LIFE &
ANNUITY INSURANCE COMPANY

 
			
		
	By:	 	 /s/ Greg Hamilton

	Name:	 	Greg Hamilton
	Title:	 	Director—Fixed Income

 First Amendment to EPR Properties Note Purchase Agreement 

 
			
	 MISSOURI EMPLOYERS MUTUAL
INSURANCE COMPANY

		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	/s/ Samuel Otchere
		 	  

	Name:	 	Samuel Otchere
	Title:	 	Director
	
	INVESTORS HERITAGE LIFE INSURANCE COMPANY
		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	/s/ Samuel Otchere
		 	  

	Name:	 	Samuel Otchere
	Title:	 	Director
	
	5 STAR LIFE INSURANCE COMPANY
		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	/s/ Samuel Otchere
		 	  

	Name:	 	Samuel Otchere
	Title:	 	Director
	
	USABLE LIFE
		
	By:	 	Conning, Inc., as Investment Manager
		
	By:	 	/s/ Samuel Otchere
		 	  

	Name:	 	Samuel Otchere
	Title:	 	Director

 First Amendment to EPR Properties Note Purchase Agreement 

 FEE SCHEDULE 

 

					
	 NOTEHOLDER
	  	FEE1	 
	 The Prudential Insurance Company of America
	  	$	50,500	 
	 The Gibraltar Life Insurance Co., Ltd.
	  	$	48,500	 
	 Pruco Life Insurance Company
	  	$	1,000	 
	 Midland National Life Insurance Company
	  	$	50,550	 
	 Horace Mann Life Insurance Company
	  	$	3,000	 
	 North American Company for Life and Health Insurance
	  	$	25,000	 
	 Wilcac Life Insurance Company (f/k/a/Continental Assurance Company)
	  	$	3,250	 
	 Wilco Life Insurance Company
	  	$	6,850	 
	 Texas Life Insurance Company
	  	$	250	 
	 Wilton Reassurance Company
	  	$	1,100	 
	 Ensign Peak Advisors, Inc.
	  	$	20,000	 
	 Clifton Park Capital Management, LLC
	  	$	10,000	 
	 United Services Automobile Association
	  	$	10,000	 
	 USAA Life Insurance Company
	  	$	20,000	 
	 The Guardian Life Insurance Company of America
	  	$	29,000	 
	 The Ohio National Life Insurance Company
	  	$	12,500	 
	 Ohio National Life Assurance Corporation
	  	$	7,500	 
	 Fidelity & Guaranty Life Insurance Company
	  	$	15,000	 
	 American Equity Investment Life Insurance Company
	  	$	10,000	 
	 American Family Life Insurance Company
	  	$	6,500	 
	 Americo Financial Life & Annuity Insurance Company
	  	$	5,000	 
	 Missouri Employers Mutual Insurance Company
	  	$	1,000	 
	 Investors Heritage Life Insurance Company
	  	$	2,000	 
	 5 Star Life Insurance Company
	  	$	1,000	 
	 USAble Life
	  	$	500	 
		  	  
	  
	 
	 TOTAL
	  	$	340,000	 
		  	  
	  
	 

  

	1 	10 bps amendment fee. 

 SCHEDULE 1 

(to First Amendment to EPR Properties Note Purchase Agreement) 

 SUBSIDIARIES OF THE COMPANY
AND 
 OWNERSHIP OF SUBSIDIARY STOCK 

 

	(i)	Company’s subsidiaries and affiliates2 

  

			
	Entity:	  	Jurisdiction of Organization:
	30 West Pershing, LLC	  	MO
	Adelaar Developer II, LLC	  	DE
	Adelaar Developer, LLC	  	DE
	Atlantic - EPR I	  	DE
	 Atlantic -
 EPR II
	  	DE
	Burbank Village, Inc.	  	DE
	Burbank Village, L.P.	  	DE
	Cantera 30, Inc.	  	DE
	Cantera 30 Theatre, L.P.	  	DE
	Cinescape Equity, LLC	  	DE
	Cinescape Mezz, LLC	  	DE
	Cinescape Property, LLC	  	DE
	CLP Northstar Commercial, LLC	  	DE
	CLP Northstar, LLC	  	DE
	Early Childhood Education, LLC	  	DE
	ECE I, LLC	  	DE
	ECE II, LLC	  	DE
	ECE V, LLC	  	DE
	ECS Douglas I, LLC	  	DE
	Education Capital Solutions, LLC	  	DE
	EPR Apex, Inc.	  	DE
	EPR Camelback, LLC	  	DE
	EPR Canada, Inc.	  	MO
	EPR Concord II, L.P.	  	DE
	EPR Escape, LLC	  	DE
	EPR Fitness, LLC	  	DE
	EPR Gaming Properties, LLC	  	DE
	EPR Go Zone Holdings, LLC	  	DE
	EPR Hialeah, Inc.	  	MO
	EPR iDenver Holdings, LLC	  	DE
	EPR iHurst Holdings, LLC	  	DE
	EPR iTampa, LLC	  	DE
	EPR Karting, LLC	  	DE
	EPR Macomb Holdings, LLC	  	DE
	EPR North Finance Trust	  	Ontario, Canada

  
  

	2 	All entities are wholly owned, directly or indirectly, by the Company except as otherwise noted below. 

  
 SCHEDULE 2

 (to First Amendment to EPR Properties Note Purchase Agreement) 

			
	EPR North GP ULC	  	British Columbia, Canada
	EPR North Holdings GP ULC	  	British Columbia, Canada
	EPR North Holdings LP	  	Ontario, Canada
	EPR North Properties LP	  	Ontario, Canada
	EPR North Trust	  	KS
	EPR North US GP Trust	  	DE
	EPR North US LP	  	DE
	EPR Parks, LLC	  	DE
	EPR Resorts, LLC	  	DE
	EPR TRS Holdings, Inc.	  	MO
	EPR TRS I, Inc.	  	MO
	EPR TRS II, Inc.	  	MO
	EPR TRS III, Inc.	  	MO
	EPR TRS IV, Inc.	  	MO
	EPR Tuscaloosa, LLC	  	DE
	EPT 301, LLC	  	MO
	EPT 909, Inc.	  	DE
	EPT Aliso Viejo, Inc.	  	DE
	EPT Arroyo, Inc.	  	DE
	EPT Auburn, Inc.	  	DE
	EPT Biloxi, Inc.	  	DE
	EPT Boise, Inc.	  	DE
	EPT Charlotte, LLC	  	DE
	EPT Chattanooga, Inc.	  	DE
	EPT Columbiana, Inc.	  	DE
	EPT Concord II, LLC	  	DE
	EPT Concord, LLC	  	DE
	EPT Dallas, LLC	  	DE
	EPT Davie, Inc.	  	DE
	EPT Deer Valley, Inc.	  	DE
	EPT DownREIT II, Inc.	  	MO
	EPT DownREIT, Inc.	  	MO
	EPT East, Inc.	  	DE
	EPT Firewheel, Inc.	  	DE
	EPT First Colony, Inc.	  	DE
	EPT Fontana, LLC	  	DE
	EPT Fresno, Inc.	  	DE
	EPT Gulf Pointe, Inc.	  	DE
	EPT Hamilton, Inc.	  	DE
	EPT Hattiesburg, Inc.	  	DE
	EPT Huntsville, Inc.	  	DE
	EPT Hurst, Inc.	  	DE
	EPT Indianapolis, Inc.	  	DE
	EPT Kalamazoo, Inc.	  	MO

  
 S-2 – 2 

			
	EPT Kenner, LLC	  	DE
	EPT Lafayette, Inc.	  	DE
	EPT Lawrence, Inc.	  	DE
	EPT Leawood, Inc.	  	DE
	EPT Little Rock, Inc.	  	DE
	EPT Macon, Inc.	  	DE
	EPT Mad River, Inc.	  	MO
	EPT Manchester, Inc.	  	DE
	EPT Melbourne, Inc.	  	MO
	EPT Mesa, Inc.	  	DE
	EPT Mesquite, Inc.	  	DE
	EPT Modesto, Inc.	  	DE
	EPT Mount Attitash, Inc.	  	DE
	EPT Mount Snow, Inc.	  	DE
	EPT New England, LLC	  	DE
	EPT New Roc GP, Inc.	  	DE
	EPT New Roc, LLC	  	DE
	EPT Nineteen, Inc.	  	DE
	EPT Oakview, Inc.	  	DE
	EPT Pensacola, Inc.	  	MO
	EPT Pompano, Inc.	  	DE
	EPT Raleigh Theatres, Inc.	  	DE
	EPT Ski Properties, Inc.	  	DE
	EPT Slidell, Inc.	  	DE
	EPT South Barrington, Inc.	  	DE
	EPT Twin Falls, LLC	  	DE
	EPT Virginia Beach, Inc.	  	DE
	EPT Waterparks, Inc.	  	DE
	EPT White Plains, LLC	  	DE
	EPT Wilmington, Inc.	  	DE
	Flik Depositor, Inc.	  	DE
	Flik, Inc.	  	DE
	Go To The Show, L.L.C.	  	LA
	International Hotel Ventures, Inc.	  	DE
	Kanata Entertainment Holdings, Inc.	  	New Brunswick, Canada
	McHenry FFE, LLC	  	DE
	Megaplex Four, Inc.	  	MO
	Megaplex Nine, Inc.	  	MO
	Metropolis Entertainment Holdings, Inc.	  	New Brunswick, Canada
	Mississauga Entertainment Holdings, Inc.	  	New Brunswick, Canada
	New Roc Associates, L.P.	  	NY
	Oakville Entertainment Holdings, Inc.	  	New Brunswick, Canada

  
 S-2 – 3 

			
	Rittenhouse Holding, LLC3	  	DE
	Strategic Undertakings, LLC	  	DE
	Suffolk Retail, LLC	  	DE
	Tampa Veterans 24, Inc.	  	DE
	Tampa Veterans 24, L.P. 	  	DE
	Theatre Sub, Inc.	  	MO
	WestCol Center, LLC	  	DE
	Whitby Entertainment Holdings, Inc.	  	New Brunswick, Canada

  

	(ii)	Company’s Board of Trustees and Senior Officers: 

 Board of Trustees: 

Thomas M. Bloch 
 Barrett Brady

 Peter C. Brown 
 Robert J.
Druten 
 Jack A. Newman, Jr. 

Gregory K. Silvers 
 Robin Peppe
Sterneck 
 Senior Officers: 

Gregory K. Silvers 
 Mark A.
Peterson 
 Michael L. Hirons 

Morgan G. Earnest II 
 Craig L.
Evans 
 Tonya Mater 
  

	3 	50% owned by Highmark School Development, LLC 

  
 S-2 – 4 

 REAL PROPERTIES 

 

	(i)	All real property, including that subject to an EPR Senior Mortgage Loan 

 EPR Properties’
headquarters, which is leased to EPR Properties, located at 909 Walnut Street, Kansas City, MO 64106. 
  

											
	 Entity
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness/

Amount4
	  	 Initial

Eligible
 Real

Estate

	30 West Pershing, LLC	  	Andretti Karting—Marietta	  	Marietta, GA	  	AIKG	  	No	  	Yes
	30 West Pershing, LLC	  	Alamo Draft House – Mission	  	San Francisco, CA	  	Alamo Draft House	  	No	  	Yes
	30 West Pershing, LLC	  	Alamo Draft House –Corpus Christi	  	Corpus Christi, TX	  	Alamo Draft House	  	No	  	Yes
	30 West Pershing, LLC	  	Alamo Draft House—Lakeline	  	Lakeline, TX	  	Alamo Draft House	  	No	  	Yes
	30 West Pershing, LLC	  	Alamo Draft House – Laredo	  	Laredo, TX	  	Alamo Draft House	  	No	  	Yes
	30 West Pershing, LLC	  	AMC 16	  	El Paso, TX	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	AMC Theater Champaign	  	Champaign, IL	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	AMC Theater Opelika	  	Opelika	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	AMC Yulee	  	Yulee, FL	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Clearfork TX Theater	  	Fort Worth, TX	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Columbia Mall 14	  	Columbia, MD	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Delmont 12	  	Delmont, PA	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Edinburg 20	  	Edinburg, TX	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Glendora 12	  	Glendora, CA	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Grand Prairie 18	  	Peoria, IL	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Kennewick 12	  	Kennewick, WA	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Regency 24	  	Jacksonville, FL	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Thoroughbred 20	  	Franklin, TN	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Wynnsong 16	  	Mobile, AL	  	AMC	  	No	  	Yes
	30 West Pershing, LLC	  	Star Southfield Center	  	Southfield, MI	  	AMC & Other Retail	  	No	  	Yes
	30 West Pershing, LLC	  	Cinemagic Hooksett IMAX 15	  	Hooksett, NH	  	Cinemagic	  	No	  	Yes
	30 West Pershing, LLC	  	Cinemagic Saco IMAX 13	  	Saco, ME	  	Cinemagic	  	No	  	Yes
	30 West Pershing, LLC	  	Cinemagic Westbrook 16	  	Westbrook, ME	  	Cinemagic	  	No	  	Yes
	30 West Pershing, LLC	  	Kalispell 14	  	Kalispell, MT	  	Cinemark	  	No	  	Yes
	30 West Pershing, LLC	  	Hollywood 16 Theatre	  	Tuscaloosa, AL	  	Cobb	  	No	  	Yes

  

	4 	Principal amount outstanding as of June 30, 2017. 

 SCHEDULE 3 

(to First Amendment to EPR Properties Note Purchase Agreement) 
  

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	30 West Pershing, LLC	 	Emagine Macomb Theater	 	Detroit, MI	 	Emagine Entertainment	 	No	 	Yes
	30 West Pershing, LLC	 	Frank Theater Ranson	 	Ranson, WV	 	Frank Theaters LLC	 	No	 	Yes
	30 West Pershing, LLC	 	Frank Theater Southern Pines	 	Southern Pines, NC	 	Frank Theaters LLC	 	No	 	Yes
	30 West Pershing, LLC	 	iFLY-Denver	 	Denver, CO	 	iFLY	 	No	 	Yes
	30 West Pershing, LLC	 	iFLY-Fort Worth	 	Fort Worth, TX	 	iFLY	 	No	 	Yes
	30 West Pershing, LLC	 	iFLY-Tampa	 	Tampa, FL	 	iFLY	 	No	 	Yes
	30 West Pershing, LLC	 	Look Theater Prestonwood	 	Dallas, TX	 	Look Cinemas	 	No	 	Yes
	30 West Pershing, LLC	 	Main Event—Indianapolis	 	Indianapolis, IN	 	Main Event	 	No	 	Yes
	30 West Pershing, LLC	 	Main Event—Jacksonville	 	Jacksonville, FL	 	Main Event	 	No	 	Yes
	30 West Pershing, LLC	 	MJR Sterling Heights	 	Sterling Heights, MI	 	MJR Theatres	 	No	 	Yes
	30 West Pershing, LLC	 	John Hancock Observatory	 	Chicago, IL	 	Montparnasse	 	No	 	Yes
	30 West Pershing, LLC	 	Punch Bowl Social—Schaumburg	 	Schaumburg, IL	 	PBS	 	No	 	Yes
	30 West Pershing, LLC	 	Punch Bowl Social – Stapleton	 	Stapleton, CO	 	PBS	 	No	 	Yes
	30 West Pershing, LLC	 	Pin Stack Allen	 	Dallas, TX	 	Pinstack-3, LLC	 	No	 	Yes
	30 West Pershing, LLC	 	Pinstripes Bowling & Bocce	 	Northbrook, IL	 	Pinstripes	 	No	 	Yes
	30 West Pershing, LLC	 	Pinstripes Bowling & Bocce	 	Oakbrook, IL	 	Pinstripes	 	No	 	Yes
	30 West Pershing, LLC	 	Bedford Theatre 7	 	Bedford, IN	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Bowling Green Stadium 12	 	Bowling Green, KY	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Clarksville Stadium 16	 	Clarksville, TN	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Coldwater Crossing 14	 	Fort Wayne, IN	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Lycoming Mall 12	 	Williamsport, PA	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Lynbrook Theatre	 	Lynbrook, NY	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	McDonough Stadium 16	 	McDonough, GA	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Moline Stadium 14	 	Moline, IL	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	New Albany Stadium 12	 	New Albany, IN	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Noblesville Stadium 10	 	Noblesville, IN	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	O’Fallon Stadium 14	 	O’Fallon, MO	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Old Town Theatre Wichita	 	Wichita, KS	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Regal Crystal Lake 16	 	Crystal Lake, IL	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Regal Indian Lake 16	 	Hendersonville, TN	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Regal VA Gateway	 	Gainesville, VA	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Regal Winrock	 	Albuquerque, NM	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Seymour Stadium 8	 	Seymour, IN	 	Regal	 	No	 	Yes

  
 S-3 – 2 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	30 West Pershing, LLC	 	Strawbridge—Virginia Beach	 	Virginia Beach, VA	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Warren West 18	 	Wichita, KS	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	White Oak 14	 	Garner, NC	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Wilder Stadium 14	 	Wilder, KY	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Allen	 	Allen, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Alpharetta	 	Alpharetta, GA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Austin	 	Austin, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Centennial	 	Centennial, CO	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Charlotte	 	Charlotte, NC	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Colony	 	Colony, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Dallas	 	Dallas, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Dulles	 	Ashburn, VA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Edison NJ	 	Edison, NJ	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Gilbert	 	Gilbert, AZ	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Houston	 	Houston, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Jacksonville	 	Jacksonville, FL	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Mid Town Atlanta	 	Atlanta, GA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Naperville	 	Naperville, IL	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Oklahoma City	 	Oklahoma City, OK	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Orlando	 	Orlando, FL	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Overland Park KS	 	Overland Park, KS	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Portland OR	 	Portland, OR	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Roseville	 	Roseville, CA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Salt Lake City UT	 	Salt Lake City, UT	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf San Antonio	 	San Antonio, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Scottsdale	 	Scottsdale, AZ	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Spring	 	Spring, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Tampa	 	Tampa, FL	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Virginia Beach	 	Virginia Beach, VA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf Webster	 	Webster, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf West Chester Cincinnati	 	Cincinnati, OH	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf-El Paso	 	El Paso, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf-Fort Worth TX	 	Fort Worth, TX	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf-Mt. Laurel	 	Philadelphia, PA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf-Nashville	 	Nashville, KY	 	Topgolf	 	No	 	Yes

  
 S-3 – 3 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	30 West Pershing, LLC	 	Topgolf-Huntsville	 	Huntsville, AL	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Topgolf-Pittsburgh	 	Pittsburgh, PA	 	Topgolf	 	No	 	Yes
	30 West Pershing, LLC	 	Greensboro Grand 18	 	Greensboro, NC	 	VSS Southern Holdings	 	No	 	Yes
	30 West Pershing, LLC	 	Little Rock Movie Tavern	 	Little Rock, AR	 	VSS Southern Holdings	 	No	 	Yes
	30 West Pershing, LLC	 	New Iberia Theatre	 	New Iberia, LA	 	VSS Southern Holdings	 	(same Go to the Show bonds as below for Lafayette, LA)	 	No
	30 West Pershing, LLC	 	Panama City Beach Grand 16	 	Panama City, FL	 	VSS Southern Holdings	 	No	 	Yes
	30 West Pershing, LLC	 	Southern Juban Crossing	 	Denham Springs, LA	 	VSS Southern Holdings	 	No	 	Yes
	30 West Pershing, LLC	 	The Ambassador Theatre	 	Lafayette, LA	 	VSS Southern Holdings	 	Go to the Show bonds; $14,360,000	 	No
	30 West Pershing, LLC	 	Winston Salem Grand 18	 	Winston-Salem, NC	 	VSS Southern Holdings	 	No	 	Yes
	30 West Pershing, LLC	 	Valley View Theater & Retail	 	Valley View, OH	 	Cinemark	 	No	 	Yes
	30 West Pershing, LLC	 	Lone Star 19	 	Tomball, TX	 	Regal	 	No	 	Yes
	30 West Pershing, LLC	 	Grand Parway 22	 	Richmond, TX	 	Regal	 	No	 	Yes
	EPR Concord II, LP	 	Adelaar Dev LLC Waterpark	 	Kiamesha Lake, NY	 	Under Construction	 	No	 	Yes
	Burbank Village, L.P.	 	Burbank Village	 	Burbank, CA	 	AMC & Other Retail	 	No	 	Yes
	Cantera 30 Theatre, L.P.	 	Cantera Stadium 17	 	Warrenville, IL	 	Regal	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-Bala Cynwyd	 	Bala Cynwyd, PA	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-Kennesaw GA	 	Kennesaw, GA	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-New Berlin WI	 	New Berlin, WI	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-North Bardstown 8106	 	Louisville, KY	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-Oak Creek WI	 	Oak Creek, WI	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-South Bardstown 8715	 	Louisville, KY	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	Cadence-Star Academy	 	Louisville, KY	 	Cadence Education, Inc.	 	No	 	Yes
	Early Childhood Education, LLC	 	EPC Berlin, CT	 	Berlin, CT	 	Educational Play Care, LTD	 	No	 	Yes
	Early Childhood Education, LLC	 	EPC Cheshire	 	Cheshire, CT	 	Educational Play Care, LTD	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A AMIS	 	Atlanta, GA	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A CD Allen	 	Allen, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A CD Frisco	 	Frisco, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A CD Richardson	 	Richardson, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A CD Southlake	 	Southlake, TX	 	Endeavor Schools, LLC	 	No	 	Yes

  
 S-3 – 4 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	Early Childhood Education, LLC	 	Endeav A Cranfield Carmel	 	Charlotte, NC	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Cranfield Providence	 	Charlotte, NC	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A FMS	 	Henderson, NV	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A MASS	 	Cumming, GA	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A MAV	 	Cumming, GA	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Parker Carrollton	 	Carrollton, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Parker Plano	 	Plano, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Prep Acad Dublin	 	Dublin, OH	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Prep Acad Polaris	 	Lewis Center, OH	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Silverline ShadowCreek	 	Pearland, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav A Silverline Silverlake	 	Pearland, TX	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B MAC Cincinnati	 	Mason, OH	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B MAC San Diego	 	Chula Vita, CA	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B SBS Chaska	 	Chaska, MN	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B SBS Corcoran	 	Loretto, MN	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B SBS Edina	 	Minneapolis, MN	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B SBS Maple Grove	 	Maple Grove, MN	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B SBS Plymouth	 	Plymouth, MN	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav B SBS Wayzata	 	Wayzata, MN	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav FL CCLC Davie	 	Davie, FL	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav FL CCLC Tallahassee	 	Tallahassee, FL	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav FL CCLC Weston	 	Sunrise, FL	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Endeav FL PHMA	 	Palm Harbor, FL	 	Endeavor Schools, LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	KLA Wallingford	 	Wallingford, CT	 	KLA Wallingford LLC	 	No	 	Yes
	Early Childhood Education, LLC	 	Nobel Crowley	 	Crowley, TX	 	Nobel Learning Communities, Inc	 	No	 	Yes
	Early Childhood Education, LLC	 	Nobel Parkwood	 	Fort Worth, TX	 	Nobel Learning Communities, Inc	 	No	 	Yes
	Early Childhood Education, LLC	 	Ladybird Academy	 	Lithia, FL	 	Ladybird Enterprises	 	No	 	Yes
	ECE I, LLC	 	CLA-Ann Road	 	Las Vegas, NV	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Broomfield CO	 	Broomfield, CO	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Carmel IN	 	Carmel, IN	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Cedar Park	 	Cedar Park, TX	 	CLA Properties	 	No	 	Yes

  
 S-3 – 5 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	ECE I, LLC	 	CLA-Centennial	 	Centennial, CO	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Chanhassen MN	 	Chanhassen, MN	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Coppell, TX	 	Coppell, TX	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Crismon	 	Mesa, AZ	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Deerfield OH	 	Deerfield, OH	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Durango Drive	 	Las Vegas, NV	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Ellisville MO	 	Ellisville, MO	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Farm Rd (Vegas)	 	Las Vegas, NV	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Fishers IN	 	Fishers, IN	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Flower Mound TX	 	Flower Mound, TX	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Gilbert	 	Gilbert, AZ	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Goodyear, AZ	 	Goodyear, AZ	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-King of Prussia	 	Philadelphia, PA	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Lake Pleasant	 	Lake Pleasant, AZ	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Maple Grove	 	Maple Grove, MN	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-McKinney	 	McKinney, TX	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Oklahoma	 	Oklahoma City, OK	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-One Loundon	 	Ashburn, VA	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Thornton	 	Thornton, CO	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-West Chester OH	 	West Chester, OH	 	CLA Properties	 	No	 	Yes
	ECE I, LLC	 	CLA-Westerville OH	 	Westerville, OH	 	CLA Properties	 	No	 	Yes
	ECE II, LLC	 	Gardner School	 	Lincoln Park, IL	 	TGS Holdings, LLC	 	No	 	Yes
	ECE II, LLC	 	Gardner School Eagan MN	 	Eagan, MN	 	TGS Holdings, LLC	 	No	 	Yes
	ECE II, LLC	 	Gardner School Edina MN	 	Edina, MN	 	TGS Holdings, LLC	 	No	 	Yes
	ECE II, LLC	 	Gardner School Lincolnshire IL	 	Lincolnshire, IL	 	TGS Holdings, LLC	 	No	 	Yes
	ECE II, LLC	 	Gardner School Minnetonka MN	 	Minnetonka, MN	 	TGS Holdings, LLC	 	No	 	Yes
	ECE II, LLC	 	Gardner School Schuamburg IL	 	Schaumburg, IL	 	TGS Holdings, LLC	 	No	 	Yes
	Education Capital Solutions, LLC	 	Champion/Fit Kids	 	Chandler, AZ	 	ACD	 	No	 	Yes
	Education Capital Solutions, LLC	 	Lowcountry Montessori	 	Port Royal, SC	 	ACD	 	No	 	Yes
	Education Capital Solutions, LLC	 	The American Leadership Academy	 	Gilbert, AZ	 	American Leadership Academy	 	No	 	Yes
	Education Capital Solutions, LLC	 	Bradford Prep	 	Charlotte, NC	 	Bradford Charter Holdings, LLC	 	No	 	Yes
	Education Capital Solutions, LLC	 	British School of Chicago	 	Chicago, IL	 	BSA	 	No	 	Yes
	Education Capital Solutions, LLC	 	Learning Foundation Academy	 	Gilbert, AZ	 	CAFA	 	No	 	Yes
	Education Capital Solutions, LLC	 	Colorado Military Acad—HM	 	Colorado Springs, CO	 	Colorado Military Acad	 	No	 	Yes

  
 S-3 – 6 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	Education Capital Solutions, LLC	 	Horizon Science Academy South Chicago	 	Chicago, IL	 	Concept Schools	 	No	 	Yes
	Education Capital Solutions, LLC	 	McKinley Academy	 	Chicago, IL	 	Concept Schools	 	No	 	Yes
	Education Capital Solutions, LLC	 	Minnesota Math & Science Academy	 	St. Paul, MN	 	Concept Schools	 	No	 	Yes
	Education Capital Solutions, LLC	 	Camden Community Charter School	 	Camden, NJ	 	CSMI	 	No	 	Yes
	Education Capital Solutions, LLC	 	Chester Community Charter School	 	Upland, PA	 	CSMI	 	No	 	Yes
	Education Capital Solutions, LLC	 	CSMI-Galloway NJ	 	Galloway, NJ	 	CSMI	 	No	 	Yes
	Education Capital Solutions, LLC	 	Franklin Academy Palm Beach	 	Palm Beach, FL	 	Discovery Schools	 	No	 	Yes
	Education Capital Solutions, LLC	 	Genesis Academy of Innovation	 	Atlanta, GA	 	Genesis Innovation Academies	 	No	 	Yes
	Education Capital Solutions, LLC	 	GVA-Douglas	 	Parker, CO	 	GVA	 	No	 	Yes
	Education Capital Solutions, LLC	 	ACRE Chicopee Hampden	 	Chicopee, MA	 	Hampden Charter School of Science	 	No	 	Yes
	Education Capital Solutions, LLC	 	ACRE Contra Costa School of Performing Arts	 	Walnut Creek, CA	 	Charthouse Schools	 	No	 	Yes
	Education Capital Solutions, LLC	 	Harvard Avenue CS	 	Cleveland, OH	 	Harvard Avenue Community School	 	No	 	Yes
	Education Capital Solutions, LLC	 	Basis Nova McLean VA	 	McLean, VA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Basis Private Brooklyn	 	Brooklyn, NY	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Basis Private San Jose	 	San Jose, CA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Basis Bellevue	 	Bellevue, WA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Bella Mente Academy	 	Vista, CA	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	BeLoved Academy	 	Jersey City, NJ	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Bradley Academy of Excellence	 	Goodyear, AZ	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Bridgeton Charter	 	Bridgeton, NJ	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Cirrus Academy	 	Macon, GA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	DuBois Hacks Cross TN HM	 	Memphis, TN	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	DuBois School of Arts and Technology	 	Memphis, TN	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Fulton Leadership Academy	 	East Point, GA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Global Village Academy-Fort Collins	 	Fort Collins, CO	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-College Prep MS (Spring Valley) CA	 	Spring Valley, CA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-FLACS (Bronx)	 	Bronx, NY	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-Great Lakes Explorations Academy (Kalamazoo)	 	Kalamazoo, MI	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-GVI Arvada CO	 	Denver, CO	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-GVI Castle Rock CO	 	Denver, CO	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-GVI Lafayette CO	 	Denver, CO	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-GVI Lakewood CO	 	Denver, CO	 	HighMark	 	No	 	Yes    

  
 S-3 – 7 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	Education Capital Solutions, LLC	 	HM-GVI Parker CO	 	Denver, CO	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-International Academy of Trenton	 	Trenton, NJ	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-Parker Performing Arts (Parker)	 	Parker, CO	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	iLEAD Charter School	 	Lancaster, CA	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	iLEAD Spring Meadows	 	Holland, OH	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	John Adams Academy (Lincoln)	 	Chicago, IL	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Lowcountry Leadership Academy	 	Hollywood, SC	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Macon Charter Academy	 	Macon, GA	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	North Carolina Leadership Academy	 	Kernersville, NC	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	North East Carolina Prep	 	Tarboro, NC	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Pacific Heritage Academy	 	Salt Lake City, UT	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Pineapple Cove	 	Palm Bay, FL	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Riverwalk Academy	 	Rock Hill, SC	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Skyline Chandler	 	Chandler, AZ	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Skyline Phoenix	 	Phoenix, AZ	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	UME School	 	Dallas, TX	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Valley Arts Academy	 	Hurricane, UT	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Vineland Charter (Vineland)	 	Vineland, NJ	 	HighMark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Wilson Prep Academy	 	Wilson, NC	 	Highmark	 	No	 	Yes
	Education Capital Solutions, LLC	 	Impact Charter Elementary	 	Baker, LA	 	ICE Project Development LLC	 	No	 	Yes
	Education Capital Solutions, LLC	 	100 Academy of Excellence	 	Las Vegas, NV	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Academy of Columbus	 	Columbus, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Desert West	 	Phoenix, AZ	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	East Mesa	 	Mesa, AZ	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Groveport Community School	 	Groveport, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Groveport Prep	 	Groveport, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Harrisburg Pike Community	 	Columbus, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Hope Community	 	Washington, DC	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Imagine Academy at Sullivant	 	Columbus, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Imagine Klepinger Community School	 	Dayton, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Imagine Madison Avenue	 	Toledo, OH	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	Rosefield	 	Surprise , AZ	 	Imagine	 	No	 	Yes
	Education Capital Solutions, LLC	 	ICSA Intl Charter School Atlan	 	Alpharetta, GA	 	International Charter School of Atlanta	 	No	 	Yes
	Education Capital Solutions, LLC	 	BFCS-Crismon Campus	 	Queen Creek, AZ	 	LBE Investments	 	No	 	Yes

  
 S-3 – 8 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	Education Capital Solutions, LLC	 	BFCS-Gilbert Campus	 	Gilbert, AZ	 	LBE Investments	 	No	 	Yes
	Education Capital Solutions, LLC	 	BFCS-Power Campus	 	Queen Creek, AZ	 	LBE Investments	 	No	 	Yes
	Education Capital Solutions, LLC	 	BFCS-Queen Creek HS/MS	 	Queen Creek, AZ	 	LBE Investments	 	No	 	Yes
	Education Capital Solutions, LLC	 	BFCS-Rittenhouse Parcel	 	Queen Creek, AZ	 	vacant	 	No	 	No
	Education Capital Solutions, LLC	 	LePort-Emeryville CA	 	Emeryville, CA	 	LePort	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-Millville Public Charter	 	Millville, NJ	 	Millville Public Charter School	 	No	 	Yes
	Education Capital Solutions, LLC	 	Nobel-Kelly Mill Rd GA	 	Atlanta, GA	 	Nobel	 	No	 	Yes
	Education Capital Solutions, LLC	 	Nobel-Majors Rd GA	 	Atlanta	 	Nobel	 	No	 	Yes
	Education Capital Solutions, LLC	 	Odyssey Buckeye	 	Buckeye, AZ	 	PCI	 	No	 	Yes
	Education Capital Solutions, LLC	 	Queen Creek	 	Queen Creek, AZ	 	PCI	 	No	 	Yes
	Education Capital Solutions, LLC	 	HM-Pine Springs	 	Holly Springs, NC	 	Pine Springs Preparatory Academy	 	No	 	Yes
	Education Capital Solutions, LLC	 	The SAE School	 	Mableton, GA	 	SAE School, Inc.	 	No	 	Yes
	Education Capital Solutions, LLC	 	SAIL Charter School	 	Evans, GA	 	School for Arts Infused Learning	 	No	 	Yes
	Education Capital Solutions, LLC	 	American International School of Utah	 	Salt Lake City, UT	 	Schoolhouse Galleria, LLC	 	No	 	Yes
	Education Capital Solutions, LLC	 	Stratford Mission Viejo Privat	 	Mission Viejo, CA	 	Stratford School Inc.	 	No	 	Yes
	Education Capital Solutions, LLC	 	Fulton land parcel	 	East Point, GA	 	vacant	 	No	 	No
	EPR Concord II, LP	 	Adelaar Resort and outlying parcels (excluding casino land)	 	Kiamesha Lake, NY	 	Various	 	No	 	Yes
	EPR Fitness	 	Genesis Cass Omaha	 	Omaha, NE	 	Genesis Health Clubs	 	No	 	Yes
	EPR Fitness	 	Genesis Elite Omaha	 	Omaha, NE	 	Genesis Health Clubs	 	No	 	Yes
	EPR Fitness	 	Genesis Health Ridge	 	Olathe, KS	 	Genesis Health Clubs	 	No	 	Yes
	EPR Hialeah, Inc.	 	Hialeah 18	 	Hialeah, FL	 	Cobb	 	No	 	Yes
	EPR iTampa, LLC	 	iFLY-Tampa	 	Tampa, FL	 	iFLY	 	No	 	Yes
	EPR Karting, LLC	 	Andretti Karting – Orlando	 	Orlando, FL	 	AIKG	 	No	 	Yes
	EPR Karting, LLC	 	Andretti Karting – San Antonio	 	San Antonio, TX	 	AIKG	 	No	 	Yes
	EPR North US LP	 	Conroe Grand 14	 	Conroe, TX	 	VSS Southern Holdings	 	No	 	Yes
	EPR Parks, LLC	 	Darien Lake	 	Darien Center, NY	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Frontier City	 	Oklahoma City, OK	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Magic Springs	 	Hot Springs, AR	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Rapids Water Park	 	Riviera Beach, FL	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Waterworld	 	Concord, CA	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Wet n Wild Hawaii	 	Kapolei, HI	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Wet n Wild Palm Springs	 	Palm Springs, CA	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Wet n Wild Phoenix	 	Glendale, AZ	 	Premier Parks, LLC	 	No	 	Yes

  
 S-3 – 9 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	EPR Parks, LLC	 	Wet n Wild Splashtown	 	Spring, TX	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	White Water Bay	 	Oklahoma City, OK	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Wild Waves	 	Seattle, WA	 	Premier Parks, LLC	 	No	 	Yes
	EPR Parks, LLC	 	Pacific Park	 	Santa Monica, CA	 	Santa Monica Amusements	 	No	 	Yes
	EPR Parks, LLC	 	Hawaiian Falls Colony	 	Colony, TX	 	Source Capital (AMP)	 	No	 	Yes
	EPR Parks, LLC	 	Hawaiian Falls Garland	 	Garland, TX	 	Source Capital (AMP)	 	No	 	Yes
	EPR Resorts, LLC	 	OBX Waterpark	 	Outer Banks, NC	 	OBX Waterpark Adventure, LLC	 	No	 	Yes
	EPR Tuscaloosa LLC	 	Hollywood 16 Theatre	 	Tuscaloosa, AL	 	Cobb	 	No	 	Yes
	EPT 909, Inc.	 	Hollywood, USA	 	Pasadena, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Movies 10	 	Mishawaka, IN	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Movies 10	 	Plano, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Movies 14	 	McKinney, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Movies 14	 	Redding, CA	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Movies 17	 	Grand Prairie, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Tinseltown, USA	 	Beaumont, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Tinseltown, USA	 	Colorado Springs, CO	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Tinseltown, USA	 	El Paso, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Tinseltown, USA	 	Houston, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Tinseltown, USA	 	Pflugerville, TX	 	Cinemark	 	No	 	Yes
	EPT 909, Inc.	 	Tinseltown, USA	 	Pueblo, CO	 	Cinemark	 	No	 	Yes
	EPT Aliso Viejo, Inc.	 	Aliso Viejo 20	 	Aliso Viejo, CA	 	Regal	 	No	 	Yes
	EPT Arroyo, Inc.	 	Arroyo Grande Stadium 10	 	Arroyo Grande, CA	 	Regal	 	No	 	Yes
	EPT Auburn, Inc.	 	Auburn Stadium 10	 	Auburn, CA	 	Regal	 	No	 	Yes
	EPT Biloxi, Inc.	 	The Grand 18	 	D’Iberville, MS	 	VSS Southern Holdings	 	No	 	Yes
	EPT Boise, Inc.	 	Boise Stadium 21	 	Boise, ID	 	Regal	 	No	 	Yes
	EPT Chattanooga, Inc.	 	East Ridge 18	 	Chattanooga, TN	 	AMC	 	No	 	Yes
	EPT Columbiana, Inc.	 	Columbiana Grande 14	 	Columbia, SC	 	Regal	 	No	 	Yes
	EPT Concord II, LLC	 	Adelaar casino land	 	Kiamesha Lake, NY	 	Montreign Operating Company	 	No	 	Yes
	EPT Dallas, LLC	 	Grand 24	 	Dallas, TX	 	Studio Movie Grill & Other Retail	 	No	 	Yes
	EPT Davie, Inc.	 	Paradise 24	 	Davie, FL	 	Cinemark	 	No	 	Yes
	EPT Deer Valley, Inc.	 	Deer Valley 30	 	Phoenix, AZ	 	AMC	 	No	 	Yes
	EPT DownREIT II, Inc.	 	Houston Studio 30	 	Houston, TX	 	AMC	 	No	 	Yes
	EPT DownREIT II, Inc.	 	Lennox 24	 	Columbus, OH	 	AMC	 	No	 	Yes
	EPT DownREIT II, Inc.	 	Mission Valley 20	 	San Diego, CA	 	AMC	 	No	 	Yes
	EPT DownREIT II, Inc.	 	Ontario Mills 30	 	Ontario, CA	 	AMC	 	No	 	Yes

  
 S-3 – 10 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	EPT DownREIT II, Inc.	 	West Olive 16	 	Creve Coeur, MO	 	AMC	 	No	 	Yes
	EPT DownREIT II, Inc.	 	Huebner Oaks	 	San Antonio, TX	 	Regal	 	No	 	Yes
	EPT DownREIT II, Inc.	 	Star Cinema Miramesa Note	 	Houston, TX	 	Star Cinema Grill	 	No	 	Yes
	EPT Firewheel, Inc.	 	Firewheel 18	 	Garland, TX	 	AMC	 	Bear Stearns; $12,817,201.28	 	No
	EPT First Colony, Inc.	 	First Colony 24	 	Sugar Land, TX	 	AMC	 	No	 	Yes
	EPT Fontana, LLC	 	Mentorship Academy of Digital Arts	 	Baton Rouge, LA	 	Charter School Development Co	 	No	 	Yes
	EPT Fresno, Inc. /	 	Manchester Stadium 16	 	Fresno, CA	 	Regal	 	No	 	Yes
	EPT Gulf Pointe, Inc.	 	Gulf Pointe 30	 	Houston, TX	 	AMC	 	No	 	Yes
	EPT Hamilton, Inc.	 	Hamilton 24	 	Hamilton, NJ	 	AMC	 	No	 	Yes
	EPT Hattiesburg, Inc.	 	The Grand 18	 	Hattiesburg, MS	 	VSS Southern Holdings	 	No	 	Yes
	EPT Huntsville, Inc.	 	Valley Bend 18	 	Huntsville, AL	 	AMC	 	No	 	Yes
	EPT Hurst, Inc.	 	North East Mall 18	 	Hurst, TX	 	Cinemark	 	No	 	Yes
	EPT Indianapolis, Inc.	 	Washington Square 12	 	Indianapolis, IN	 	AMC	 	No	 	Yes
	EPT Kalamazoo, Inc.	 	Cityplace 14	 	Kalamazoo, MI	 	AMC	 	No	 	Yes
	EPT Lafayette, Inc.	 	Lafayette Grand 16	 	Lafayette, LA	 	VSS Southern Holdings	 	No	 	Yes
	EPT Lawrence, Inc.	 	Southwind 12	 	Lawrence, KS	 	Regal	 	No	 	Yes
	EPT Leawood, Inc.	 	Leawood Town Center 20	 	Leawood, KS	 	AMC	 	No	 	Yes
	EPT Little Rock, Inc.	 	Colonel Glenn 18	 	Little Rock, AR	 	Cinemark	 	No	 	Yes
	EPT Macon, Inc.	 	Macon Cinema 16	 	Macon, GA	 	VSS Southern Holdings	 	No	 	Yes
	EPT Mad River, Inc.	 	Mad River Mountain	 	Zanesville, OH	 	Peak Resorts	 	No	 	Yes
	EPT Manchester, Inc.	 	Manchester Stadium 16	 	Fresno, CA	 	Regal	 	No	 	Yes
	EPT Melbourne, Inc.	 	Avenue 16	 	Melbourne, FL	 	AMC	 	No	 	Yes
	EPT Mesa, Inc.	 	Mesa 24	 	Mesa, AZ	 	AMC	 	No	 	Yes
	EPT Mesquite, Inc.	 	Mesquite 30	 	Mesquite, TX	 	AMC	 	No	 	Yes
	EPT Modesto, Inc.	 	Modesto Stadium 10	 	Modesto, CA	 	Regal	 	No	 	Yes
	EPT Mount Snow, Inc.	 	Mount Snow	 	West Dover, VT	 	Peak Resorts	 	No	 	Yes
	EPT New England, LLC	 	Merrimack 12	 	Merrimack, NH	 	Cinemagic	 	No	 	Yes
	EPT Nineteen, Inc.	 	Ritz Center 16	 	Voorhees, NJ	 	AMC	 	No	 	Yes
	EPT Nineteen, Inc.	 	Stonybrook 20	 	Louisville, KY	 	AMC	 	No	 	Yes
	EPT Nineteen, Inc.	 	Ann Arbor	 	Ypsilanti, MI	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Buckland Hills	 	Manchester, CT	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Centreville 12	 	Centreville, VA	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Davenport 18	 	Davenport, IA	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Fairfax Corner	 	Fairfax, VA	 	Cinemark	 	No	 	Yes

  
 S-3 – 11 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	EPT Nineteen, Inc.	 	Flint West 14	 	Flint, MI	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Hazlet 12	 	Hazlet , NJ	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Huber Heights 16	 	Huber Heights, OH	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	North Haven 12	 	North Haven, CT	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Preston Crossings 16	 	Okolona, KY	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	The Greene 14	 	Beaver Creek, OH	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	West Springfield 15	 	West Springfield, MA	 	Cinemark	 	No	 	Yes
	EPT Nineteen, Inc.	 	Western Hills 14	 	Cincinnati, OH	 	Cinemark	 	No	 	Yes
	EPT Oakview, Inc.	 	Oakview Plaza 24	 	Omaha, NE	 	AMC	 	No	 	Yes
	EPT Pensacola, Inc.	 	Bayou 15	 	Pensacola, FL	 	AMC	 	No	 	Yes
	EPT Pompano, Inc.	 	Pompano 18	 	Pompano Beach, FL	 	AMC	 	No	 	Yes
	EPT Raleigh Theatres, Inc.	 	Raleigh 16	 	Raleigh, NC	 	Cinemark	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Camelback Resort	 	Tannersville, PA	 	CBH20 & CBK Lodge	 	No	 	Yes
	EPT Ski Properties, Inc.	 	WISP Resort	 	McHenry, MD	 	Everbright Pacific	 	No	 	Yes
	EPT Ski Properties, Inc.	 	OZ Ski Resort Holdings	 	New York, NY	 	Och-Ziff Real Estate	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Wintergreen Ski Resort	 	Wintergreen, VA	 	Pacific Group Resorts	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Alpine Valley	 	Chesterland, OH	 	Peak Resorts	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Boston Mills/Brandywine	 	Peninsula, OH	 	Peak Resorts	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Hunter Mountain	 	Hunter, NY	 	Peak Resorts	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Jack Frost/Big Boulder	 	Blakeslee, PA	 	Peak Resorts	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Northstar Ski	 	Northstar, CA	 	Vail Resorts	 	No	 	Yes
	EPT Ski Properties, Inc.	 	Northstar Village	 	Northstar, CA	 	Vail Resorts	 	No	 	Yes
	EPT Slidell, Inc.	 	Slidell Grand 16	 	Slidell, LA	 	VSS Southern Holdings	 	EPT Slidell, Inc. Project Series 2007B (Go Zone) bonds; $10,635,000	 	No
	EPT South Barrington, Inc.	 	South Barrington	 	Barrington, IL	 	AMC	 	No	 	Yes
	EPT Twin Falls, LLC	 	Cinema West Twin Falls	 	Twin Falls, ID	 	Cinema West	 	No	 	Yes
	EPT Virginia Beach, Inc.	 	Beach Cinema Bistro	 	Virginia Beach, CA	 	Beach Cinema Bistro	 	No	 	Yes
	EPT Waterparks, Inc.	 	Schlitterbahn Vacation Village	 	Kansas City, KS	 	Schlitterbahn	 	No	 	Yes
	EPT Waterparks, Inc.	 	Schlitterbahn Vacation Village	 	New Braunfels, TX	 	Schlitterbahn	 	No	 	Yes
	EPT Waterparks, Inc.	 	Schlitterbahn Vacation Village	 	South Padre, TX	 	Schlitterbahn	 	No	 	Yes
	EPT Wilmington, Inc.	 	Mayfaire 16	 	Wilmington, NC	 	Regal	 	No	 	Yes
	Flik, Inc.	 	Clearview	 	Metairie, LA	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Elmwood	 	Harahan, LA	 	AMC	 	No	 	Yes

  
 S-3 – 12 

											
	 Entity
	 	 Name
	 	 Location
	 	 Operator/Tenant
	 	 Secured
Indebtedness/

Amount4
	 	 Initial

Eligible
 Real

Estate

	Flik, Inc.	 	Forum	 	Sterling Heights, MI	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Hammond	 	Hammond, LA	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Hoffman	 	Alexandria, VA	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Houma	 	Houma, LA	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Livonia	 	Livonia, MI	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Olathe Studio	 	Olathe, KS	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Westbank	 	Harvey, LA	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Woodridge	 	Woodridge, IL	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Starlight 20	 	Tampa, FL	 	AMC	 	No	 	Yes
	Flik, Inc.	 	Crossroads 20	 	Cary, NC	 	Regal	 	No	 	Yes
	Flik, Inc.	 	Cherrydale 16	 	Greenville, SC	 	Regal & Other Retail	 	No	 	Yes
	Flik, Inc.	 	Woodridge land parcel	 	Woodridge, IL	 	vacant	 	No	 	No
	Kanata Entertainment Holdings Inc. (as nominee for EPR North Properties LP)	 	Kanata Centrum	 	Kanata, ON	 	Landmark of Canada	 	No	 	Yes
	Megaplex Four, Inc.	 	Cantera Retail	 	Warrenville, IL	 	Other Retail	 	No	 	Yes
	Megaplex Four, Inc.	 	Gulf Pointe Retail	 	Houston, TX	 	Other Retail	 	No	 	Yes
	Megaplex Four, Inc.	 	Mesquite Retail	 	Dallas, TX	 	Other Retail	 	No	 	Yes
	Megaplex Four, Inc.	 	Powder Springs Retail	 	Austell, GA	 	Other Retail	 	No	 	Yes
	Megaplex Nine, Inc.	 	Hampton Town Center 24	 	Hampton, VA	 	AMC	 	No	 	Yes
	Mississauga Entertainment Holdings Inc. (as nominee for EPR North Properties LP)	 	Mississauga Centrum	 	Mississauga, ON	 	Cineplex	 	No	 	Yes
	New Roc Associates, LP	 	New Roc Center	 	New Rochelle, NY	 	Regal & Other Retail	 	No	 	Yes
	Oakville Entertainment Holdings Inc. (as nominee for EPR North Properties LP)	 	Oakville Centrum	 	Oakville, ON	 	Cineplex	 	No	 	Yes
	Tampa Veterans 24, LP	 	Tampa Veterans 24	 	Tampa, FL	 	AMC	 	No	 	Yes
	Westcol Center, LLC	 	Westminster & Westcol Retail	 	Westminster, CO	 	AMC & Other Retail	 	No	 	Yes
	Whitby Entertainment Holdings Inc. (as nominee for EPR North Properties LP)	 	Whitby Centrum	 	Whitby, ON	 	Landmark of Canada	 	No	 	Yes

  

	(ii)	Unencumbered Pool. 

 The property indicated with a “Yes” under the column
above entitled “Initial Eligible Real Estate”. 
  

  
 S-3 –13 

 EXISTING INDEBTEDNESS OF THE
COMPANY AND ITS SUBSIDIARIES 
 (Indebtedness amounts as of June 30,
2017) 
  

	1.	Indebtedness of the Company under the Bank Credit Agreement, the outstanding principal balance of which is $350,000,000. Unsecured. 

  

	2.	Indebtedness of the Company under the Bonds (which are publicly traded) consisting of the Company’s 7.75% Notes due 2020, the outstanding principal balance of which is $250,000,000. Unsecured. 

 

	3.	Indebtedness of the Company under the Bonds (which are publicly traded) consisting of the Company’s 5.75% Notes due 2022, the outstanding principal balance of which is $350,000,000. Unsecured. 

 

	4.	Indebtedness of the Company under the Bonds (which are publicly traded) consisting of the Company’s 5.25% Notes due 2023, the outstanding principal balance of which is $275,000,000. Unsecured. 

 

	5.	Indebtedness of the Company under the Bonds (which are publicly traded) consisting of the Company’s 4.50% Notes due 2025, the outstanding principal balance of which is $300,000,000. Unsecured. 

 

	6.	Indebtedness of the Company under the Bonds (which are publicly traded) consisting of the Company’s 4.75% Notes due 2026, the outstanding principal balance of which is $450,000,000. Unsecured. 

 

	7.	Indebtedness of the Company under the Bonds (which are publicly traded) consisting of the Company’s 4.50% Notes due 2027, the outstanding principal balance of which is $450,000,000. Unsecured. 

 

	8.	Indebtedness identified as Secured Indebtedness in Schedule 5.10, the outstanding principal balance of which is as indicated in such Schedule. Such Indebtedness constitutes Indebtedness of the applicable Subsidiary
indicated in Schedule 5.10 and, except for any Bad Boy Guaranty, not of the Company or any other Subsidiary (except as otherwise provided below with respect to the Indebtedness identified in Section 9(a) below). The Indebtedness identified as
Secured Indebtedness in Schedule 5.10 is generally secured by a Lien on the real estate and any other assets of the Subsidiary liable for such Indebtedness. 

  

	9.	The Company has guaranteed the following indebtedness: 

  

	 	(a)	EPR Go Zone Holdings, LLC bonds; theaters in New Iberia, Lafayette and Slidell, LA; principal amount guaranteed equals $24,995,000; 

SCHEDULE 4 
 (to
First Amendment to EPR Properties Note Purchase Agreement) 

  

	 	(b)	Canal Place bonds; Canal Place theatre in New Orleans, LA; principal amount guaranteed equals $3,685,000; 

  

	 	(c)	Canal Place bonds; Canal Place theatre in New Orleans, LA; principal amount guaranteed equals $2,500,000; 

  

	 	(d)	Esplanade bonds; Esplanade Mall theatre in Kenner, LA; principal amount guaranteed equals $14,245,302; 

  

	 	(e)	Esplanade bonds; Esplanade Mall theatre in Kenner, LA; principal amount guaranteed equals $2,498,733; and 

  

	 	(f)	Esplanade renovation loan; Esplanade Mall theatre in Kenner, LA; principal amount guaranteed equals $2,000,000. 

The above guaranteed Indebtedness is not secured by a Lien on any assets of the Company or any Subsidiary and no Subsidiary is liable with
respect to such guaranteed Indebtedness, except that the Indebtedness described in Section 9(a) above is guaranteed by (i) EPT Slidell, Inc., which guaranty is secured by a mortgage lien on its ground lease interest in property located in
Slidell, LA, and (ii) Go to the Show, LLC, which guaranty is secured by a mortgage lien on its ground lease interest in property located in LaFayette, LA. Also, Go to the Show, LLC has pledged certain tendered bonds to secure its liability to a
letter of credit issuer in connection with the Indebtedness described in Section 9(a) above. Further, EPT Slidell, Inc. and Go to the Show, LLC have issued certain unsecured environmental and Americans with Disabilities Act indemnities with
respect to the Indebtedness described in Section 9(a) above. 
 The Indebtedness described in Section 9(a) above is also identified
as secured Indebtedness in Schedule 5.10. 
  

	10.	Unsecured intercompany Indebtedness permitted under Section 10.7(f) of the Note Purchase Agreement. 

  
 S-4 – 2 

 ELIGIBLE REAL ESTATE
REPRESENTATIONS 
 (a) All of the Unencumbered Properties are in good condition and working order subject to ordinary wear
and tear and casualty and condemnation permitted by the Agreement. All of the other Real Estate of the Company and its Subsidiaries is in good condition and working order subject to ordinary wear and tear and casualty and condemnation permitted by
the Agreement, except where such failure would not have a Material Adverse Effect. Such Real Estate (including any property encumbered by an EPR Senior First Mortgage), and the use and operation thereof, is in material compliance with all applicable
zoning, building codes and other applicable governmental regulations, except where such non-compliance would not have a Material Adverse Effect. There are no unpaid or outstanding real estate or other taxes or
assessments on or against any of the Unencumbered Properties which are payable by the Company or any of its Eligible Subsidiaries or any mortgagor under any EPR Senior First Mortgage (except only real estate or other taxes or assessments, that are
not yet delinquent or are being protested as permitted by this Agreement or the applicable Leases). There are no unpaid or outstanding real estate or other taxes or assessments on or against any other property of the Company or any of its
Subsidiaries or on any property encumbered by an EPR Senior First Mortgage which are payable by any of such Persons in any material amount (except only real estate or other taxes or assessments, that are not yet delinquent or are being protested as
permitted by the Agreement), except to the extent such non-payment would not have a Material Adverse Effect. There are no pending eminent domain proceedings against any property of the Company or any its
Subsidiaries or any of the property encumbered by an EPR Senior First Mortgage or any part thereof, and, to the knowledge of the Company, no such proceedings are presently threatened by any taking authority which may individually or in the aggregate
have any Material Adverse Effect. None of the property of the Company or its Subsidiaries or any of the property encumbered by an EPR Senior First Mortgage is now damaged as a result of any fire, explosion, accident, flood or other casualty in any
manner which individually or in the aggregate would have any Material Adverse Effect. 
 (b) If the Unencumbered Property and improvements
are located in a special flood hazard area designated as such by the Director of the Federal Emergency Management Agency, such Unencumbered Property and improvements are and will continue to be covered by special flood insurance under the National
Flood Insurance Program. 
 (c) None of the Company or any Subsidiary is the mortgagor under any mortgage, deed of trust, or similar
instrument encumbering (1) the Unencumbered Property or (2) the Equity Interests in the Subsidiary which, directly or indirectly, owns, leases or has a mortgage interest in such Unencumbered Property or the Equity Interests in any Person
which owns any Equity Interests in such Subsidiary. 
 (d) Except with respect to that encumbered by an EPR Senior First Mortgage, the
Unencumbered Property has not been sold, mortgaged or underwritten to obtain financing (whether or not such financing constitutes Indebtedness) under any financing arrangement other than, in the case of underwriting only, other financing permitted
under the Agreement. 
 EXHIBIT ERE 

(to First Amendment to EPR Properties Note Purchase Agreement) 

  

 (e) All material certificates of occupancy have been obtained and shall be maintained with
respect to the Unencumbered Property. 
 (f) The Unencumbered Property is a Real Estate asset for which the Company or the applicable
Subsidiary has conducted its customary due diligence and review, including inspection of the Real Estate, and such customary due diligence and review have not revealed facts that would adversely affect the value of the Real Estate. 

(g) Except with respect to that encumbered by an EPR Senior First Mortgage, the Company or an Eligible Subsidiary, as applicable, holds good
and marketable fee simple title to or a valid and subsisting leasehold interest in each parcel of Unencumbered Property, and has obtained a title policy with respect thereto, subject only to the Permitted Liens, a copy of which such title policy
shall be made available to the Purchasers and the holders of the Notes upon request therefor. 
 (h) The Company has complied with all other
applicable conditions set forth in the Agreement with respect to inclusion and retention of the Real Estate as an Unencumbered Property. 
  

  
 E-ERE – 2Exhibit

Exhibit 10(h)(1)
                
[GRANT NUMBER]

RESTRICTED STOCK UNIT AGREEMENT
PURSUANT TO THE
COMTECH TELECOMMUNICATIONS CORP.
2000 STOCK INCENTIVE PLAN

Dear [Employee Name]:
Preliminary Statement
As an employee of Comtech Telecommunications Corp. (the “Company”) or an Affiliate, pursuant to Section 11.1 of The Comtech Telecommunications Corp. 2000 Stock Incentive Plan, as amended (the “Plan”), you were granted on [Date] (the “Grant Date”), pursuant to the terms of the Plan and this Restricted Stock Unit Agreement (this “Agreement”), the number of restricted stock units (the “RSUs”) set forth below.  Each RSU represents the right to receive one (1) share of the Company’s common stock, $.10 par value per share (the “Common Stock”), subject to the terms and conditions of the Plan and this Agreement. 
The terms of the grant are as follows:
1.    Grant of RSUs.  Subject in all respects to the Plan and the terms and conditions set forth herein and therein, on the Grant Date you were granted [#] RSUs (the “Award”).

2.    Vesting.  The Award shall vest in equal installments over a five (5) year period, commencing on the Grant Date, at the rate of 20% effective on each of the first through fifth anniversaries of the Grant Date; provided that you have not incurred a Termination of Employment (as defined below) prior to the applicable vesting date. The date that an RSU becomes vested shall be referred to herein as the “Vesting Date”.  

There shall be no proportionate or partial vesting in the periods prior to each Vesting Date and all vesting shall occur only on the appropriate Vesting Date.
3.    Payment. Subject to the terms of this Agreement and the Plan, you shall receive one share of Common Stock with respect to each vested RSU subject to the Award within thirty (30) days following the applicable Vesting Date (such date of settlement, the “Settlement Date”) except for those shares of Common Stock that may be used to pay any applicable taxes.  For purposes of this agreement, “Termination of Employment” means termination of employment as defined in Section 2.56 of the Plan.

4.    Dividend Equivalents.  Any cash or Common Stock dividends paid on shares of Common Stock underlying an RSU prior to the Settlement Date for such RSU shall be credited to a dividend book entry account on your behalf (any such credited amount, a “Dividend Equivalent”).  Any cash Dividend Equivalents shall not be deemed to be reinvested in shares of Common Stock and will be held uninvested and without interest.  Your right to receive any Dividend Equivalents with respect to cash dividends shall vest only if and when the related RSU vests, and an amount equal to such cash dividends shall be paid to you in cash on the applicable Settlement Date on which the related RSU is 

settled.  Your right to receive any Dividend Equivalents with respect to dividends of Common Stock shall vest only if and when the related RSU vests, and on the applicable Settlement Date on which the related RSU is settled you will be paid an amount in cash equal to the Fair Market Value of the Common Stock underlying such dividend as of the applicable Settlement Date.  Prior to the payment thereof, any Dividend Equivalents will be encompassed within the term “Award” with respect to the relevant RSUs.

5.    Termination.  Any RSUs (including any Dividend Equivalents credited thereupon) that are not vested upon your Termination of Employment shall, upon such Termination of Employment, terminate and be forfeited in their entirety as of the date of such Termination of Employment.  

6.    Detrimental Activity.  In the event you engage in Detrimental Activity prior to, or during the one year period following the vesting of any RSUs, the Committee may direct that all unvested RSUs and all vested but unpaid RSUs (including any Dividend Equivalents credited thereupon) shall be immediately forfeited to the Company and that you shall pay over to the Company an amount equal to the amount realized at the time of vesting of any RSUs or any Common Stock or Dividend Equivalents paid in connection therewith which had vested in the period referred to above.

7.    Restriction on Transfer.  Unless otherwise approved by the Committee, the Award is not transferable other than by will or by the laws of descent and distribution.  In addition, unless otherwise approved by the Committee, the Award shall not be assigned, negotiated, pledged or hypothecated in any way (whether by operation of law or otherwise), and the Award shall not be subject to execution, attachment or similar process.  Upon any attempt to transfer, assign, negotiate, pledge or hypothecate all or part of the Award or in the event of any levy upon the Award by reason of any execution, attachment or similar process contrary to the provisions hereof not otherwise approved by the Committee, the Award shall immediately become null and void.

8.    Rights as a Stockholder.  Except as otherwise specifically provided herein, you shall have no rights as a stockholder with respect to any shares of Common Stock covered by the Award  unless and until you have become the holder of record of the shares of Common Stock.

9.    Provisions of Plan Control.  This grant is subject to all the terms, conditions and provisions of the Plan, including, without limitation, Section 17.13 of the Plan (Section 409A of the Code) and the amendment provisions of the Plan, and to such rules, regulations and interpretations relating to the Plan as may be adopted by the Board of Directors of the Company and as may be in effect from time to time.  Any capitalized term used but not defined herein shall have the meaning ascribed to such term in the Plan.  The Plan is incorporated herein by reference.  If and to the extent that this grant conflicts or is inconsistent with the terms, conditions and provisions of the Plan, the Plan shall control, and this grant shall be deemed to be modified accordingly.

10.    Notices.  Any notice or communication given hereunder shall be in writing and shall be deemed to have been duly given when delivered in person, or by United States mail, to the appropriate party at the address set forth below (or such other address as the party shall from time to time specify):

If to the Company, to:
Comtech Telecommunications Corp.
68 South Service Road, Suite 230
Melville, NY 11747
Attention:  Secretary

If to you, to the address indicated after your signature at the end of this Agreement.

2

11.    Withholding.  You shall be solely responsible for all applicable foreign, federal, state, and local taxes with respect to the RSUs and the payment of Common Stock thereunder; provided, however, that at any time the Company is required to withhold any such taxes, you shall pay, or make arrangements to pay, in a manner satisfactory to the Company, an amount equal to the amount of all applicable federal, state and local or foreign taxes that the Company is required or permitted to withhold at any time, including, if then permitted by the Company, by electing to reduce the number of shares of Common Stock otherwise then deliverable to you under this Award.  Unless you have informed the Company of your intent to make alternate arrangements to satisfy your withholding obligations at least 60 days in advance of the applicable tax date (unless otherwise determined by the Company) and at a time when you are not otherwise precluded from trading Common Stock by law, the Company or one of its Affiliates shall have the automatic right to withhold such taxes from any payments that the Company would otherwise make to you (including salary, wages, any expenses reimbursable to you under the Company policies and any other compensation), including, but not limited to, the right to withhold shares otherwise deliverable to you under this Award.  The Company will withhold taxes (e.g., federal, state and local taxes, including payroll taxes) in an amount at least equal to the minimum statutory taxes required to be withheld; provided, however, at your advanced election you may request the Company withhold additional amounts up to your maximum statutory individual tax rate in each relevant jurisdiction applicable to you at such time of withholding; and provided, further, that if the shares of Common Stock to be delivered to you under this Award are required to be retained by you to satisfy stock ownership guidelines, the Company shall withhold taxes in an amount equal to your  maximum statutory individual tax rate in each relevant jurisdiction applicable to you at such time of withholding, in all cases,  so long as the withholdings do not result in this Award being classified as a liability-based award in accordance with applicable accounting standards. 

12.    Securities Representations.  The grant of the Award and issuance of shares of Common Stock upon settlement of the Award shall be subject to, and in compliance with, all applicable requirements of federal, state or foreign securities law.  No shares of Common Stock may be issued hereunder if the issuance of such shares would constitute a violation of any applicable federal, state or foreign securities laws or other law or regulations or the requirements of any stock exchange or market system upon which such shares may then be listed.  As a condition to the settlement of the Award, the Company may require you to satisfy any qualifications that may be necessary or appropriate, to evidence compliance with any applicable law or regulation.

The shares of Common Stock are being issued to you and this Agreement is being made by the Company in reliance upon the following express representations and warranties.  You acknowledge, represent and warrant that:
(a)    you have been advised that you may be an “affiliate” within the meaning of Rule 144 under the Securities Act of 1933, as amended (the “Act”) and in this connection the Company is relying in part on your representations set forth in this section.
(b)    If you are deemed to be an affiliate within the meaning of Rule 144 of the Act, the shares of Common Stock issued to you must be held indefinitely unless an exemption from any applicable resale restrictions is available or the Company files an additional registration statement (or a “re-offer prospectus”) with regard to such shares of Common Stock and the Company is under no obligation to register the shares (or to file a “re-offer prospectus”).
(c)    If you are deemed to be an affiliate within the meaning of Rule 144 of the Act, you understand that the exemption from registration under Rule 144 will not be available unless (i) a public trading market then exists for the Common Stock, (ii) adequate information concerning the Company is then available to the public, and (iii) other terms and conditions of Rule 144 or any 

3

exemption therefrom are complied with; and that any sales of the shares of Common Stock may be made only in limited amounts in accordance with such terms and conditions.

13.    Miscellaneous.

(a)   This Agreement shall inure to the benefit of and be binding upon the parties hereto and their respective heirs, personal legal representatives, successors, trustees, administrators, distributees, devisees and legatees.  The Company may assign to, and require, any successor (whether direct or indirect, by purchase, merger, consolidation or otherwise) to all or substantially all of the business and/or assets of the Company or any affiliate by which you are employed to expressly assume and agree in writing to perform this Agreement.  Notwithstanding the foregoing, you may not assign this Agreement other than with respect to shares of Common Stock Transferred in compliance with the terms hereof.
(b)   This Award shall not affect in any way the right or power of the Board or stockholders of the Company to make or authorize an adjustment, recapitalization or other change in the capital structure or the business of the Company, any merger or consolidation of the Company or subsidiaries, any issue of bonds, debentures, preferred or prior preference stock ahead of or affecting the Common Stock, the dissolution or liquidation of the Company, any sale or transfer of all or part of its assets or business or any other corporate act or proceeding.  The RSUs granted hereunder shall be subject to adjustment in accordance with Section 4.2(b) of the Plan.  

(c)   You agree that the award of the RSUs hereunder and payment of Common Stock and any Dividend Equivalents credited thereunder is special incentive compensation that will not be taken into account as “salary” or “compensation” or “bonus” in determining the amount of any payment under any pension, retirement or profit-sharing plan of the Company or any life insurance, disability or other benefit plan of the Company.

(d)   No modification or waiver of any of the provisions of this Agreement shall be effective unless in writing and signed by the party against whom it is sought to be enforced.

(e)   The failure of any party hereto at any time to require performance by another party of any provision of this Agreement shall not affect the right of such party to require performance of that provision, and any waiver by any party of any breach of any provision of this Agreement shall not be construed as a waiver of any continuing or succeeding breach of such provision, a waiver of the provision itself, or a waiver of any right under this Agreement.

(f)   The headings of the sections of this Agreement have been inserted for convenience of reference only and shall in no way restrict or modify any of the terms or provisions hereof.

(g)   This Agreement shall be construed, interpreted and governed and the legal relationships of the parties determined in accordance with the internal laws of the State of Delaware without reference to rules relating to conflicts of law.

14.    Right to Terminate Employment.  Neither the Plan nor the grant of the Award hereunder shall impose any obligations on the Company or an Affiliate and/or the stockholders of the Company to retain you as an employee, nor shall it impose any obligation on your part to remain as an employee of the Company or an Affiliate.

4

15.    Agreement and Grant Not Effective Unless Accepted. By selecting the “Accept” button below you agree (i) to enter into this Agreement electronically, and (ii) to the terms and conditions of the Agreement. Until you select the “Accept” button below, this Award shall not be effective and if you do not select the “Accept” button within 14 days from the date the Agreement is made available to you electronically this Award shall be null and void.

5

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