Document:

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                                                                   EXHIBIT 10.14

                            NON-COMPETITION AGREEMENT

           AGREEMENT by and between Cannondale Corporation, a Delaware
corporation (the "Company"), and ____________ (the "Executive"), dated as of the
5th day of February, 1998.

           WHEREAS, the Executive has served as a member of the Board of
Directors (the "Board") and executive officer of the Company, and in such
capacities has acquired and possesses confidential information and unique
knowledge regarding the businesses and operations of the Company; and

           WHEREAS, the Company has requested, and Executive has agreed, that
the Executive shall enter into this Non-Competition Agreement upon the terms and
conditions of this Agreement, all as more fully described herein.

           NOW, THEREFORE, IT IS HEREBY AGREED AS FOLLOWS:

           1.        Definitions.  As used in this Agreement, the following
terms shall have the meanings set forth below:

           (a)       "Annual Base Salary" shall mean that amount equal to 12
times the highest monthly base salary paid or payable, including any base salary
which has been earned but deferred, to the Executive by the Company and its
affiliated companies in respect of the twelve-month period immediately preceding
the month in which the Effective Date occurs.

           (b)       "Change of Control" shall mean:

                     (i)       The acquisition by any individual, entity or
group (within the meaning of Section 13(d)(3) or 14(d)(2) of the Securities
Exchange Act of 1934, as amended (the "Exchange Act")), (a "Person") of
beneficial ownership (within the meaning of Rule 13d-3 promulgated under the
Exchange Act) of 20% or more of either (i) the then outstanding shares of common
stock of the Company (the "Outstanding Company Common Stock") or (ii) the
combined voting power of the then outstanding voting securities of the Company
entitled to vote generally in the election of directors (the "Outstanding
Company Voting Securities"); provided, however, that for purposes of this
subsection (b)(i), the following acquisitions shall not constitute a Change of
Control: (A) any acquisition directly from the Company, (B) any acquisition by
the Company, (C) any acquisition by any employee benefit plan (or related trust)
sponsored or maintained by the Company or any corporation controlled by the
Company, or (D) any acquisition by any corporation pursuant to a transaction
which complies with clauses (A), (B) and (C) of subsection (b)(iii) of this
Section 1; or

<PAGE>   2

                     (ii)      Individuals who, as of the date hereof,
           constitute the Board (the "Incumbent Board") cease for any reason to
           constitute at least a majority of the Board; provided, however, that
           any individual becoming a director subsequent to the date hereof
           whose election, or nomination for election by the Company's
           shareholders, was approved by a vote of at least a majority of the
           directors then comprising the Incumbent Board shall be considered as
           though such individual were a member of the Incumbent Board, but
           excluding, for this purpose, any such individual whose initial
           assumption of office occurs as a result of an actual or threatened
           election contest with respect to the election or removal of directors
           or other actual or threatened solicitation of proxies or consents by
           or on behalf of a Person other than the Board; or

                     (iii)     Approval by the shareholders of the Company of a
           reorganization, merger or consolidation or sale or other disposition
           of all or substantially all of the assets of the Company (a "Business
           Combination"), in each case, unless, following such Business
           Combination, (A) all or substantially all of the individuals and
           entities who were the beneficial owners, respectively, of the
           Outstanding Company Common Stock and Outstanding Company Voting
           Securities immediately prior to such Business Combination would
           beneficially own, directly or indirectly, more than 60% of,
           respectively, the then outstanding shares of common stock and the
           combined voting power of the then outstanding voting securities
           entitled to vote generally in the election of directors, as the case
           may be, of the corporation resulting from such Business Combination
           (including, without limitation, a corporation which as a result of
           such transaction owns the Company or all or substantially all of the
           Company's assets either directly or through one or more subsidiaries)
           in substantially the same proportions as their ownership, immediately
           prior to such Business Combination of the Outstanding Company Common
           Stock and Outstanding Company Voting Securities, as the case may be;
           (B) no Person (excluding any corporation resulting from such Business
           Combination or any employee benefit plan (or related trust) of the
           Company or such corporation resulting from such Business Combination)
           beneficially owns, directly or indirectly, 20% or more of,
           respectively, the then outstanding shares of common stock of the
           corporation resulting from such Business Combination or the combined
           voting power of the then outstanding voting securities of such
           corporation except to the extent that such ownership existed prior to
           the Business Combination; and (C) at least a majority of the members
           of the board of directors of the corporation resulting from such
           Business Combination were members of the Incumbent Board at the time
           of the execution of the initial agreement, or of the action of the
           Board, providing for such Business Combination; or

                     (iv)      Approval by the shareholders of the Company of a
           complete liquidation or dissolution of the Company.

           (c)       "Change of Control Period" shall mean the period commencing
on February 5, 2000 and ending on the third anniversary of such date; provided,
however, that commencing on the date one year after February 5, 2000, and on
each annual anniversary of such date (such date and each annual anniversary
thereof shall be hereinafter referred to as the "Renewal Date"), unless
previously terminated, the Change of Control Period shall be automatically
extended so as to

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terminate three years from such Renewal Date, unless at least 60 days prior to
the Renewal Date the Company shall give notice to the Executive that the Change
of Control Period shall not be so extended.

           (d)       "Disability" shall mean the absence of the Executive from
the Executive's duties with the Company on a full-time basis for 180 consecutive
business days as a result of incapacity due to mental or physical illness which
is determined to be total and permanent by a physician selected by the Company
or its insurers and acceptable to the Executive or the Executive's legal
representative.

           (e)       "Effective Date" shall mean the date during the Change of
Control Period on which the Executive's employment with the Company is
terminated (other than for death or Disability) after a Change of Control has
occurred. Anything in this Agreement to the contrary notwithstanding, if a
Change of Control occurs and if the Executive's employment with the Company is
terminated prior to the date on which the Change of Control occurs, and if it is
reasonably demonstrated by the Executive that such termination of employment (i)
was at the request of a third party who has taken steps reasonably calculated to
effect a Change of Control or (ii) otherwise arose in connection with or
anticipation of a Change of Control, then for all purposes of this Agreement the
"Effective Date" shall mean the date immediately prior to the date of such
termination of employment.

           (f)       "Highest Annual Bonus" shall mean the higher of (i) the
Executive's highest profit sharing bonus under the Company's profit sharing plan
for the last three consecutive full fiscal years prior to the Effective Date
(annualized in the event that the Executive was not employed by the Company for
the whole of such fiscal year), or (ii) the annual bonus paid or payable,
including any bonus or portion thereof which has been earned but deferred, for
the most recently completed fiscal year (annualized in the event that the
Executive was not employed by the Company for the whole of such fiscal year).

           2.        Non-Competition. (a) The Executive agrees that he shall
not, for a period of two years following the Effective Date (the
"Non-Competition Period"), without the prior written consent of the Company,
directly or indirectly (whether as a sole proprietor, partner, venturer,
stockholder, director, officer, consultant, member, employee or in any other
capacity as principal or agent or through any person, corporation, partnership,
entity or employee acting as nominee or agent) conduct or engage in or be
interested in or associated with any firm, association, syndicate, partnership,
company, corporation or other entity which conducts or engages in the bicycle or
motorcycle manufacturing, marketing or distribution business, or any other
business engaged in by the Company on the Effective Date, in any geographic
areas in which the Company is then so engaged in business, nor shall Executive
interfere with, disrupt or attempt to disrupt the relationship, contractual or
otherwise, between the Company, on the one hand, and any customer, supplier,
lessor or lessee of the Company, on the other hand, nor shall the Executive
directly or indirectly solicit or induce any Company employee to leave the
employ of the Company or hire or attempt to hire any such employee to provide
any services to any person or entity that competes with the Company or is
preparing to compete with the Company, or with which the Company is preparing to
compete; provided, however, that this Section 2 shall not prohibit the Executive
from

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owning beneficially or of record not more than 1% of the outstanding equity
securities of any entity whose equity securities are registered under the
Exchange Act or are listed for trading on any United States or foreign stock
exchange or quotation system.

           (b)       It is the desire and intent of the parties that the
provisions of this Section 2 shall be enforced in the fullest extent permissible
under the laws and public policies applied in each jurisdiction in which
employment is sought. Accordingly, if any particular portion of this Section 2
shall be adjudged to be invalid or unenforceable, the court shall have the power
to amend the duration or geographic scope of this Section 2 or delete therefrom
the portion determined to be invalid or unenforceable, such amendment or
deletion to apply only with respect to the operation of this paragraph in the
particular jurisdiction in which such adjudication is made.

           3.        Consideration for Covenant Not To Compete. In consideration
of the Executive's covenant set forth in Section 2 hereof, the Company shall pay
to the Executive in a lump sum in cash within 30 days after the commencement of
the Non-Competition Period an amount equal to the product of (i) two and (ii)
the sum of (x) the Executive's Annual Base Salary at the time of a Change of
Control and (y) the Highest Annual Bonus. In event of the death or Disability of
the Executive during the Non-Competition Period, no repayment to the Company of
any amount already paid to the Executive hereunder shall be required.

           4.        Successors.  (a) This Agreement is personal to the
Executive and without the prior written consent of the Company shall not be
assignable by the Executive otherwise than by will or the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by
the Executive's legal representatives.

           (b)       This Agreement shall inure to the benefit of and be binding
upon the Company and its successors and assigns.

           (c)       The Company will 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 to assume
expressly and agree to perform this Agreement in the same manner and to the same
extent that the Company would be required to perform it if no such succession
had taken place. As used in this Agreement, "Company" shall mean the Company as
hereinbefore defined and any successor to its business and/or assets as
aforesaid which assumes and agrees to perform this Agreement by operation of
law, or otherwise.

           5.        Miscellaneous.  (a)  This Agreement shall be governed by
and construed in accordance with the laws of the State of Connecticut, without
reference to principles of conflict of laws. The captions of this Agreement are
not part of the provisions hereof and shall have no force or effect. This
Agreement may not be amended or modified otherwise than by a written agreement
executed by the parties hereto or their respective successors and legal
representatives.

           (b)       All notices and other communications hereunder shall be in
writing and shall be given by hand delivery to the other party or by registered
or certified mail, return receipt requested, postage prepaid, addressed as
follows:

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                     If to the Company:

                     Cannondale Corporation
                     16 Trowbridge Drive
                     Bethel, Connecticut  06810
                     Attention:  Chief Executive Officer

or to such other address as either party shall have furnished to the other in
writing in accordance herewith. Notice and communications shall be effective
when actually received by the addressee.

           (c)       The invalidity or unenforceablility of any provision of
this Agreement shall not affect the validity or enforceability of any other
provision of this Agreement.

           (d)       The Company may withhold from any amounts payable under
this Agreement such federal, state, local or foreign taxes as shall be required
to be withheld pursuant to any applicable law or regulation.

           (e)       The Executive's or the Company's failure to insist upon
strict compliance with any provision of this Agreement or the failure to assert
any right the Executive or the Company may have hereunder shall not be deemed to
be a waiver of such provision or right or any other provision or right of this
Agreement.

           (f)       The Executive and the Company acknowledge that, except as
may otherwise be provided under any other written agreement between the
Executive and the Company, the employment of the Executive by the Company is "at
will" and may be terminated by either the Executive or the Company at any time,
in which case the Executive shall have no further rights under this Agreement.

           (g)       The Company's obligation to make the payments provided for
in this Agreement and otherwise to perform its obligations hereunder shall not
be affected by any setoff, counterclaim, recoupment, defense or other claim,
right or action which the Company may have against the Executive or others. In
no event shall the Executive be obligated to seek other employment or take any
other action by way of mitigation of the amounts payable to the Executive under
any of the provisions of this Agreement and such amounts shall not be reduced
whether or not the Executive obtains other employment. The Company agrees to pay
as incurred, to the full extent permitted by law, all legal fees and expenses
which the Executive may incur as a result of any contest (regardless of the
outcome thereof) by the Company, the Executive or others of the validity or
enforceability of, or liability under, any provision of this Agreement or any
guarantee of performance thereof (including as a result of any contest by the
Executive about the amount of any payment pursuant to this Agreement), plus in
each case interest on any delayed payment at the applicable federal rate
provided for in Section 7872 (f)(2)(A) of the Internal Revenue Code of 1986, as
amended.

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           (h)       Each party acknowledges that money damages are an
inadequate remedy for a breach of this Agreement because of the difficulty of
ascertaining the amount of damage that will be suffered by the non-breaching
party in the event that this Agreement is breached. Therefore, the parties agree
that the non-breaching party may obtain specific performance of this Agreement
and injunctive relief against any breach hereof without the posting of a bond or
other security and without proof of actual damages. Each party shall be liable
for any breach of this Agreement.

           (i)       This Agreement may be signed in counterparts, each of which
together shall constitute one and the same instrument. This Agreement supersedes
all prior agreements and constitutes the entire understanding of the parties
hereto with respect to the subject matter hereof.

           IN WITNESS WHEREOF, the Executive has hereunto set the Executive's
hand and, pursuant to authorization from its Board, the Company has caused these
presents to be executed in its name on its behalf, all as of the date first
above written.

                                                        ------------------------

                                                     CANNONDALE CORPORATION

                                                     By:
                                                        ------------------------
                                                     Name:
                                                     Title:

                                      -6-<PAGE>   1
                                                                   EXHIBIT 10.17

                      FOURTH AMENDMENT TO CREDIT AGREEMENT

          FOURTH AMENDMENT TO CREDIT AGREEMENT (this "Agreement" or this "Fourth
Amendment") dated as of September __, 2000, among ENTERTAINMENT PROPERTIES
TRUST, a real estate investment trust duly organized and validly existing under
the laws of the State of Maryland (the "Borrower"); EPT DOWNREIT, INC., a
corporation duly organized and validly existing under the laws of the State of
Missouri (the "Subsidiary Guarantor"; and together with the Borrower, the
"Obligors"); each of the lenders that is a signatory hereto identified under the
caption "LENDERS" on the signature pages hereto (individually, a "Lender" and,
collectively, the "Lenders"); and THE BANK OF NEW YORK, a New York banking
corporation, as administrative agent for the Lenders (in such capacity, together
with its successors in such capacity, the "Administrative Agent").

                                    RECITALS:

          A. The Borrower, the Subsidiary Guarantor, the Lenders and the
Administrative Agent are parties to a Credit Agreement dated as of March 2,
1998, as amended by First Amendment to Credit Agreement dated as of March 18,
1998, Second Amendment to Credit Agreement dated as of June 29, 1998 and Third
Amendment to Credit Agreement dated as of December 21, 1998 (said Credit
Agreement, as so amended and as the same may be further amended, modified and
supplemented and in effect from time to time, being herein called the "Credit
Agreement"; and, except as otherwise herein expressly provided, all capitalized
terms used herein shall have the meaning assigned to such terms in the Credit
Agreement), which Credit Agreement provides, among other things, for revolving
Loans to be made by the Lenders to the Borrower and Letters of Credit to be
issued by the Issuing Lender on behalf of the Borrower in an aggregate principal
or face amount not exceeding $150,000,000 to finance the operations of the
Obligors for the Permitted Uses.

          B. The parties hereto desire to amend the Credit Agreement.

          NOW, THEREFORE, for good and valuable consideration, the receipt and
sufficiency of which is hereby acknowledged, the parties hereto agree as
follows:

          Section 1. Amendment of Credit Agreement. The Credit Agreement is
hereby deemed amended as follows:

          (a) The definition of "Applicable Margin" is amended and restated in
     its entirety as follows:

          "Applicable Margin" means, with respect to any Base Rate Loan or
     Eurodollar Loan, or with respect to the commitment fees payable hereunder,
     as the case may be, during any Interest Accrual Period (as defined below),
     the rate per annum set forth below under the caption "Base Rate Margin",
     "Eurodollar Margin" or "Commitment Fee Rate", respectively.

<PAGE>   2

<TABLE>
<CAPTION>

Base Rate Loan Margin         Eurodollar Loan Margin         Commitment Fee Rate

       <C>                            <C>                          <C>
       1.50%                          2.75%                        0.25%
</TABLE>

          (b) The definition of "Borrowing Base Leverage Ratio" is amended and
     restated as follows:

          "Borrowing Base Leverage Ratio" means, at any time, the ratio of (a)
     the sum of (i) the portion of Total Indebtedness which is unsecured by any
     Lien plus (ii) Indebtedness outstanding under the Agreement to (b) the
     Borrowing Base Value.

          (c) The definition of "Borrowing Base Value" is amended by (i)
     deleting clause (b) thereof and changing the reference to "(c)" in the 7th
     line thereof to "(b)" and (ii) adding prior to the period at the end
     thereof the following: "; provided, however, that from and after the date
     of the Fourth Amendment until the effective date of the approved plan of
     reorganization of Edwards Theatres Circuit, Inc, the Borrowing Base Value
     for the Aliso Viejo Property (as defined in the Fourth Amendment) shall be
     reduced to an amount equal to the product of (x) the Borrowing Base Value
     for the Aliso Viejo Property as otherwise determined pursuant to this
     definition multiplied by (y) 66% (0.66)".

          (d) The definition of "Loan Documents" is amended and restated as
     follows:

          "Loan Documents" means, collectively, the Agreement, the Notes, the
Letter of Credit Documents, the Mortgages and the Stock Pledge Agreement.

          (e) The following defined terms are added to Section 1.01 of the
     Credit Agreement.

          "Capital Stock" means, (a) in the case of a corporation, any equity
     security issued by that corporation; (b) in the case of any other entity,
     any share, membership, partnership or other percentage interest, unit of
     participation or other equivalent (however designated) of a corporate
     equity security; and (c) any and all warrants, rights or options to
     purchase any of the foregoing.

          "Development Activity" means the acquisition, development or leasing
     of Real Estate Properties by the Borrower or any Subsidiary.

          "Disposition" means the sale, lease, conveyance or other disposition
     of assets by the Borrower or any Subsidiary to any Person (other than
     between the Borrower or any Subsidiary), including Sale and Leaseback
     Transactions, and the sale or transfer by the Borrower or any Subsidiary of
     any Capital Stock issued by any Subsidiary held by such transferor Person
     to any Person (other than between the Borrower or any Subsidiary).

                                       2

<PAGE>   3

          "Event of Loss" means with respect to any fee or leasehold interest in
     real property by the Borrower or any Subsidiary of any of the following:
     (a) any loss, destruction or damage of such property; (b) any sale,
     transfer, conveyance or other Disposition of such property in lieu of or in
     settlement of any pending or threatened institution of any proceedings for
     the condemnation or seizure of such property or for the exercise of any
     right of eminent domain or (c) any actual condemnation, seizure or taking,
     by exercise of the power of eminent domain or otherwise, of such property,
     or confiscation of such property or the requisition of the use of such
     property.

          "Fourth Amendment" means, the Fourth Amendment to Credit Agreement
     dated as of September __, 2000 among the Borrower, the Subsidiary
     Guarantor, the Lenders and the Administrative Agent.

          "Net Issuance Proceeds" means, as to any issuance of debt or equity by
     any Person, cash proceeds received or receivable by such Person in
     connection therewith, net of reasonable out-of-pocket costs and expenses
     (including underwriting fees and commissions) paid or incurred in
     connection therewith in favor of any Person not an Affiliate of such
     Person.

          "Mortgage" or "Mortgages" shall have the meaning set forth in Section
     3 of the Fourth Amendment.

          "Net Proceeds" means, as to any Disposition by a Person, proceeds in
     cash, checks or other cash equivalent financial instruments as and when
     received by such Person, net of: (a) the direct costs relating to such
     Disposition excluding amounts payable to such Person or any Affiliate of
     such Person to the extent in excess of arms' length costs, (b) sale, use or
     other transaction taxes paid or payable by such Person as a direct result
     thereof, (c) a reasonable reserve for taxes payable incident to such
     Disposition (without duplication of taxes included in clause (b)) and (d)
     amounts required to be applied to repay principal, interest and prepayment
     premiums and penalties on Indebtedness secured by a Lien on the asset which
     is the subject of such Disposition. "Net Proceeds" shall also include
     proceeds in cash, checks or other cash equivalent financial instruments
     paid on account of any Event of Loss, net of (i) so long as no Event of
     Default has occurred and is continuing, all money actually applied to
     repair, replace or reconstruct the damaged property or property affected by
     the condemnation or taking, (ii) so long as no Event of Default has
     occurred and is continuing, all of the costs and expenses reasonably
     incurred in connection with the collection of such proceeds, award or other
     payments, and (iii) any amounts retained by or paid to parties having
     superior rights to such proceeds, awards or other payments. Notwithstanding
     the foregoing, "Net Proceeds" shall not include fair market monthly rental
     payments not prepaid more than one month in advance arising out leases of
     Property by Borrower or any Subsidiary in the ordinary course of such
     Person's business.

          "Sale and Leaseback Transaction" means any arrangement, directly or
     indirectly, with any Person whereby a seller or transferor shall sell or
     otherwise transfer any real or personal property and then or thereafter
     lease, or repurchase under an extended purchase contract, condition sales
     or other title retention agreement, the same or similar property.

                                       3

<PAGE>   4

          "Stock Pledge Agreement" means the collective reference to the Stock
     Pledge Agreements executed and delivered by Borrower to Administrative
     Agent for the benefit of the Lenders pursuant to Section 2 of the Fourth
     Amendment.

          (f) The Commitments are permanently reduced from $150,000,000 to
     $127,000,000. Such reduction shall be effective as of the date of this
     Fourth Amendment. Notwithstanding anything to the contrary in clause (a) of
     Section 4.02 of the Credit Agreement, the respective Commitments of the
     Lenders are hereby changed as follows:

<TABLE>
<CAPTION>
               Lender                      Previous Commitment    New Commitment
               ------                      -------------------    --------------
<S>                                          <C>                 <C>
The Bank of New York ....................    $ 25,012,500.00     $ 21,177,250.00
The Bank of Nova Scotia .................    $ 20,468,750.00     $ 17,330,208.33
Goldman Sachs Mortgage Company ..........    $ 25,468,750.00     $ 21,563,541.67
Bank Leumi USA ..........................    $  7,500,000.00     $  6,350,000.00
International Commercial Bank of China ..    $ 11,250,000.00     $  9,525,000.00
Israel Discount Bank of New York ........    $  7,500,000.00     $  6,350,000.00
Compass Bank ............................    $ 17,800,000.00     $ 15,070,666.67
Citizens Bank of Rhode Island ...........    $ 20,000,000.00     $ 16,933,333.33
Bank United .............................    $ 15,000,000.00     $ 12,700,000.00
Total ...................................    $150,000,000.00     $127,000,000.00
</TABLE>

          (g) Section 2.10 of the Credit Agreement is modified by adding the
following subparagraph (c).

          "(c) Capital Events. (i) Dispositions. If the Borrower or any
     Subsidiary shall, subject to the terms of the Loan Documents, at any time
     or from time to time make a Disposition or shall suffer an Event of Loss,
     then the Borrower shall promptly notify the Administrative Agent of such
     proposed Disposition or Event of Loss (including the amount of estimated
     Net Proceeds to be received by the Borrower or applicable Subsidiary) and
     shall promptly after consummation thereof, and in no event later than two
     (2) Business Days after such receipt of the Net Proceeds in respect of such
     Disposition or Event of Loss, apply toward prepayment of the Loans and
     reduction of the Commitments an amount equal to the Net Proceeds in respect
     thereof.

          (ii) Equity Issuance. If the Borrower or any Subsidiary shall, subject
     to the terms of the Loan Documents, issue and sell any of its Capital Stock
     to any Person other than to the Borrower, the Borrower shall promptly
     notify the Administrative Agent

                                       4

<PAGE>   5

     of the estimated Net Issuance Proceeds of such issuance and sale to be
     received by the issuer of such Capital Stock in respect thereof. Promptly
     upon, and in no event later than two (2) Business Days after, receipt by
     the applicable issuer of Net Issuance Proceeds in respect of such issuance,
     the Borrower shall apply toward prepayment of the Loans and reduction of
     the Commitments an amount equal to such Net Issuance Proceeds.

          (iii) Debt Issuance. If the Borrower or any Subsidiary shall, subject
     to the terms of the Loan Documents incur or permit the incurrence of any
     Indebtedness otherwise permitted under Section 9.07 hereof, the Borrower
     shall promptly notify the Administrative Agent of the estimated Net
     Issuance Proceeds of such Indebtedness to be received by the applicable
     borrower in respect thereof. Promptly upon, and in no event later than five
     days after, receipt by the applicable borrower of Net Issuance Proceeds in
     respect of such Indebtedness, the Borrower shall apply toward prepayment of
     the Loans and reduction of the Commitments an amount equal to the amount of
     such Net Issuance Proceeds.

          (iv) General. All prepayments of principal under this Section 2.10 (c)
     shall be applied to repay the Loans and, in connection with such
     prepayments the Commitments shall be permanently reduced by an amount equal
     to the loans so repaid. Any prepayments pursuant to this Section 2.10 (c)
     shall be applied first to any Base Rate Loans then outstanding and then to
     Eurodollar Rate Loans with the shortest Interest Periods remaining;
     provided, however, that if the amount of Base Rate Loans then outstanding
     is not sufficient to satisfy the entire prepayment requirement, the
     Borrower may, at its option, place any amounts which it would otherwise be
     required to use to prepay Eurodollar Rate Loans on a day other than the
     last day of the Interest Period therefor in an interest-bearing account
     pledged to the Administrative Agent for the benefit of the Lenders until
     the end of such Interest Period at which time such pledged amounts will be
     applied to prepay such Eurodollar Rate Loans. The Borrower shall pay,
     together with each prepayment under this Section 2.10 (c), accrued interest
     on the amount prepaid and any amounts required pursuant to Section 5.05.

          (v) Reduction of Commitment. Upon the making of any mandatory
     prepayment pursuant to this Section 2.10 (c), the Commitment of each Lender
     shall automatically be reduced by an amount equal to such Lender's ratable
     share of the aggregate of principal of such Loans repaid, effective as of
     the earlier of the date that such prepayment is made or the date by which
     such prepayment is due and payable hereunder. All accrued commitment fees
     to, but not including the effective date of any such reduction, shall be
     paid on the effective date of such reduction."

          (h) Section 9.01 of the Credit Agreement is amended by (i) deleting
the word "and" at the end of clause (k) thereof, (ii) deleting the period at the
end of clause (l) thereof and substituting a semicolon therefor and (iii) by
adding the following as new clauses "(m)" and "(n)" thereto:

          "(m) simultaneously with the Borrowing Base Certificate delivered
     pursuant to clause (f) above, a status report on Borrower's efforts to
     refinance the Loans on or before the Commitment Termination

                                       5

<PAGE>   6

     Date (a "Refinancing Report"), which Refinancing Report shall be in form
     and substance satisfactory to Administrative Agent and shall be accompanied
     by such supporting documentation as Administrative Agent may reasonably
     request; and

          (n) simultaneously with the financial statement delivered pursuant to
     clause (b) above, an operating statement for each Borrowing Base Property
     and each Mortgaged Property (without duplication) for the most recently
     completed fiscal quarter, to the extent available from the operator or
     lessee of such Borrowing Base Property or Mortgaged Property, as
     applicable, and received by the Borrower, in each case in form and
     substance satisfactory to the Administrative Agent."

          (i) Section 9.06(a) of the Credit Agreement is amended by (i) deleting
the word "and" at the end of clause (ii) thereof, (ii) deleting the period at
the end of clause (vii) thereof and substituting "; and" therefor and (iii) by
adding the following as new clause (viii) thereto:

          "(viii) Liens in favor of the Administrative Agent for the benefit of
     the Lenders created pursuant to the Fourth Amendment."

          (j) Section 9.09 of the Credit Agreement is amended by adding the
following sentence at the end thereof:

          "Notwithstanding the foregoing, (i) for each of the fiscal quarters of
     the Borrower ending September 30, 2000 and December 31, 2000, Restricted
     Payments made by Borrower and its Subsidiaries shall not exceed an
     aggregate amount equal to the product of (x) $0.44 multiplied by (y) the
     number of shares of Capital Stock of the Borrower outstanding on the date
     of the Fourth Amendment (such amount to be adjusted pro rata to the extent
     of any increases or decreases in the number of shares of Capital Stock of
     the Borrower after the date of the Fourth Amendment to the extent permitted
     hereunder) except to the extent required for Borrower to maintain its
     status as a REIT, and (ii) from and after the date of the Fourth Amendment,
     the Borrower will not, nor permit any of its Subsidiaries to, purchase,
     repurchase, redeem, retire or otherwise acquire any shares of any class of
     stock of the Borrower or of any warrants, options or other rights to
     acquire same."

          (k) Section 9.10(c) of the Credit Agreement is deleted in its entirety
as of June 30, 2000, and all references thereto in the Loan Documents are
deleted.

          (l) Section 9.10(d) of the Credit Agreement is deleted in its entirety
as of June 30, 2000, and all references thereto in the Loan Documents are
deleted.

          (m) Section 9.10(i) of the Credit Agreement is deleted in its entirety
as of June 30, 2000, and all references thereto in the Loan Documents are
deleted.

                                       6

<PAGE>   7

          (n) Section 9.22 of the Credit Agreement is modified by adding at the
end thereof, the following:

     "Notwithstanding the foregoing, except for such Development Activity listed
     on Schedule 1 to the Fourth Amendment, which the Borrower represents to the
     Lenders and the Administrative Agent to have commenced prior to the date of
     the Fourth Amendment and which is actively being pursued to completion as
     of the date of the Fourth Amendment, from and after the date of the Fourth
     Amendment, Borrower may engage in, pursue or invest in new Development
     Activities only to the extent such Development Activity is financed
     entirely by the issuance of Capital Stock of the Borrower or a Subsidiary
     or is otherwise approved by the Administrative Agent and the Majority
     Lenders."

          (o) Section 10 of the Credit Agreement is amended by (i) deleting the
period at the end of clause (l) therefor, (ii) deleting the period at the end of
clause (m) thereof and substituting a semicolon therefor and (iii) adding the
following as new clauses "(n)" and "(o)" thereto:

          "(n) any "Event of Default" (as defined in the Mortgages) shall occur
     and be continuing or Borrower or the applicable Subsidiary shall default in
     the performance of any other covenant or agreement under the Mortgages and
     such default shall continue beyond any applicable notice or cure period; or

          (o) The Borrower shall default in its obligations under Section 3 of
     the Fourth Amendment."

          Section 2. Pledge of Stock of Subsidiaries. Simultaneously with the
execution of this Fourth Amendment the Borrower shall execute and deliver to
Administrative Agent a Stock Pledge Agreement in the form attached hereto as
Exhibit A, together with such other documents as shall be reasonably required by
the Administrative Agent in order to obtain and confirm a first priority Lien on
the stock pledged thereunder (including, without limitation, an opinion of
counsel to the Borrower in form and substance satisfactory to the Administrative
Agent), pursuant to which the Borrower shall pledge to the Administrative Agent,
for the benefit of the Lenders, all of the capital stock of the Subsidiaries
listed on Part I of Schedule 2 hereto (the "Pledged Subsidiaries") as security
for repayment of the Loans. The Borrower hereby represents to the Lenders and
Administrative Agent that the Pledged Subsidiaries and the Subsidiaries listed
on Part II of Schedule 2 hereto (the "Other Subsidiaries") are all of the
existing Subsidiaries of Borrower (whether direct or indirect).

          Section 3. Mortgages. As soon as practicable after the date of the
Fourth Amendment, but in no event later than October 31, 2000, Borrower shall
deliver or cause to be delivered to Administrative Agent the following, in each
case in form and substance satisfactory to Administrative Agent:

          (a) a first lien mortgage or deed of trust, assignment of leases and
     rents and security agreement in respect of each of the Real Estate
     Properties listed on Part I of

7

<PAGE>   8

     Schedule 3 hereto (each a "Mortgaged Property" and collectively, the
     "Mortgaged Properties") made by Borrower (or such subsidiary of Borrower
     owning the applicable Mortgaged Property) in favor of, or for the benefit
     of, the Administrative Agent for the benefit of the Lenders and encumbering
     each Mortgaged Property, in each case in form appropriate for filing in the
     applicable jurisdiction and otherwise satisfactory to the Administrative
     Agent (each such mortgage or deed of trust, together with all amendments,
     supplements or modifications thereto as may be approved by the
     Administrative Agent from time to time, a "Mortgage", and collectively, the
     "Mortgages"); together with Uniform Commercial Code financing statements in
     appropriate form for recording covering all fixtures and other personal
     property in respect of the Mortgaged Properties;

          (b) one or more mortgagee policies of title insurance on forms of
     (including endorsements thereto) and issued by the title company
     satisfactory to the Administrative Agent (the "Title Company"), insuring
     the validity and priority of the Liens created under the Mortgages for and
     in the aggregate amount of the Commitments;

          (c) as-built survey of each Mortgaged Property showing such matters as
     may be required by the Title Company to omit the standard survey exception
     from the mortgagee title policy for such Mortgaged Property, and, if
     available, certified to the Administrative Agent and to each Lender and the
     Title Company, prepared by a registered surveyor;

          (d) copies of certificates of occupancy for the Mortgaged Properties;

          (e) certificates of insurance evidencing the existence of all
     insurance required to be maintained by the Borrower pursuant to the
     Mortgages, such certificates to be in such form and contain such
     information as is specified in Mortgage;

          (f) a Phase I environmental survey and assessment in respect of each
     Mortgaged Property prepared by a firm of licensed engineers (familiar with
     the identification of toxic and hazardous substances) in form and substance
     satisfactory to the Administrative Agent;

          (g) an opinion of counsel to the Borrower addressed to the Agent and
     the Lenders addressing the due execution, authorization, delivery and
     enforceability of the Mortgages, and such other matters as the
     Administrative Agent shall require; and

          (h) evidence that all other actions necessary or, in the opinion of
     the Administrative Agent, desirable to perfect and protect the first
     priority Lien created by the Mortgages, and to enhance the Administrative
     Agent's ability to preserve and protect its interest in and access to the
     Mortgaged Property and the other collateral related thereto, have been
     taken.

In addition, the Borrower shall have paid to the Title Company all expenses and
premiums of the Title Company in connection with the issuance of the title
policies referred to in clause (b) above and in addition shall have paid to the
Title Company an amount equal to the recording and stamp

                                       8

<PAGE>   9

taxes payable in connection with recording the Mortgages in the appropriate
county land office(s).

          Section 4. Waiver of Default. The parties acknowledge that as a result
of the bankruptcy filing of Edwards Theatres Circuit, Inc. ("Edwards") on August
23, 2000, which bankruptcy filing triggered an event of default under the
Qualified Third Party Lease with Edwards (the "Edwards Lease") at the Real
Estate Property known as Aliso Viejo Stadium 20 located in Aliso Viejo,
California (the "Aliso Viejo Property"), the Aliso Viejo Property no longer
satisfies the qualifications of a Borrowing Base Property (the "Edwards
Default"). Notwithstanding the foregoing, so long as (x) (1) Edwards continues
to pay all scheduled rent on a current basis in accordance with the terms of the
Edwards Lease (provided, however, that Edwards shall have until October 31, 2000
to pay any existing rent arrearages), (2) the Borrower shall take all necessary
and otherwise prudent actions to make a claim in the Edwards bankruptcy
proceeding for all rents due or to become due to Borrower in connection with the
Edwards Lease and (3) the Edwards Lease is not rejected in the bankruptcy
proceeding and (y) no other default or event of default shall occur and be
continuing under the Edwards Lease other than the event of default triggered
solely by the bankruptcy filing of Edwards (but not any other default arising
out of the effects of the Edwards bankruptcy filing), the Edwards Default is
hereby and shall remain waived. If at any time, however, (i) Edwards shall fail
to pay rent in accordance with the terms the Edwards Lease (subject to the
foregoing right to bring existing rent arrearages into compliance by October 31,
2000), regardless of whether a court of competent jurisdiction, including the
court in which the Edwards bankruptcy is pending, determines that Edwards owes a
different amount or that different rent terms should apply, (ii) the Borrower
shall fail to make the necessary or prudent claims in the Edwards bankruptcy
proceeding for all rents due or to become due to Borrower in connection with the
Edwards Lease, (iii) the Edwards Lease shall be rejected in the bankruptcy
proceeding or (iv) any other default or event of default shall occur and be
continuing under the Edwards Lease other than the event of default triggered
solely by the Edwards' bankruptcy filing (but not any other default arising out
of the effects of the Edwards bankruptcy filing), an Event of Default shall be
deemed to have occurred under Section 10(n) of the Credit Agreement (subject to
the cure right described herein); provided, however, that notwithstanding the
first two lines of Section 10(n) of the Credit Agreement granting the Borrower
up to thirty (30) days to cure such default by removing the Aliso Viejo
Property, the Borrower shall have not more than two (2) Business Days to cause a
cure of such Event of Default by removing the Aliso Viejo Property from the
Borrowing Base. The foregoing waiver shall not otherwise effect the Borrower's
rights under the Credit Agreement prior to an Event of Default to remove the
Aliso Viejo Property as a Borrowing Base Property (or substitute another
Eligible Property for the Aliso Viejo Property) provided that after such removal
or substitution, the Borrower is otherwise in compliance with all the terms of
the Credit Agreement.

          Section 5. Amendment Fee. The Borrower shall pay to each Lender that
executes and delivers to the Administrative Agent a counterpart of this Fourth
Amendment on or before 3:00 p.m., Eastern Time, on September 8, 2000 a fee (the
"Amendment Fee") in the amount of 0.10% of such Lender's Commitment (as reduced
pursuant to this Fourth Amendment). Such Amendment Fee shall be paid on or
before the date each such Lender executes this Fourth Amendment.

                                       9

<PAGE>   10

          Section 6. Obligor Representations. Each of the Obligors hereby
represents and warrants to the Administrative Agent and the Lenders as follows:

          (a) Each of the representations and warranties of the Obligors
     contained or incorporated in the Credit Agreement, as amended by this
     Agreement, or any of the other Loan Documents, are true and correct in all
     material respects on and as of the date hereof (except if any such
     representation or warranty is expressly stated to have been made as of a
     specific date, then as of such specific date);

          (b) As of the date hereof after giving effect to this Agreement and
     the actions contemplated thereby, no Default shall have occurred and be
     continuing; and

          (c) Each Obligor has all necessary real estate investment trust or
     corporate, as applicable, power and authority to execute, deliver and
     perform its obligations under this Agreement; each Obligor of this
     Agreement has been duly authorized by all necessary real estate investment
     trust or corporate, as applicable, action on its part; and this Agreement
     has been duly and validly executed and delivered by each Obligor and
     constitutes each Obligor's legal, valid and binding obligation, enforceable
     in accordance with their respective terms, except as such enforceability
     may be limited by (a) bankruptcy, insolvency, reorganization, moratorium or
     similar laws of general applicability affecting the enforcement of
     creditors' rights and (b) the application of general principles of equity
     (regardless of whether such enforceability is considered in a proceeding in
     equity or at law).

          Section 7. Ratification and Estoppel. Except as modified herein, all
of the Loan Documents are in full force and effect hereby ratified and confirmed
on behalf of the parties hereto. Borrower hereby certifies to the Administrative
Agent and the Lenders that (a) no Default or Event of Default has occurred and
is continuing, (b) to the best knowledge of Borrower, no default or breach has
occurred by the Administrative Agent or any of the Lenders under any of the Loan
Documents and (c) Borrower has no claims of any kind against the Administrative
Agent or any Lender arising out of or related to the Loan Documents.

          Section 8. Miscellaneous.

          (a) GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED
     IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

          (b) Amendments, Etc. The terms of this Agreement may be waived,
     modified and amended only by an instrument in writing duly executed by the
     Borrower and the Administrative Agent (with any required consent of the
     Lenders pursuant to the Credit Agreement). Any such waiver, modification or
     amendment shall be binding upon each Obligor, the Administrative Agent,
     each Lender and each holder of any of the Notes.

          (c) Successors and Assigns. This Agreement shall be binding upon and
     inure to the benefit of the respective successors and assigns of the
     Obligors, the Administrative Agent, the Lenders and any holder of any of
     the Notes (provided, however, that (a) no Obligor shall assign or transfer
     its rights or obligations hereunder except as provided in Section 12.06(a)

                                       10

<PAGE>   11

     of the Credit Agreement and (b) any assignment by the Lenders shall be
     subject to the terms of Section 12.06(b) of the Credit Agreement).

          (d) Captions. The captions and section headings appearing herein are
     included solely for convenience of reference and are not intended to affect
     the interpretation of any provision of this Agreement.

          (e) Counterparts. This Agreements may be executed in any number of
     counterparts, all of which taken together shall constitute one and the same
     instrument and either of the parties hereto may execute this Agreement by
     signing any such counterpart.

          (f) Severability. If any provision hereof is invalid and unenforceable
     in any jurisdiction, then, to the fullest extent permitted by law, (a) the
     other provisions hereof shall remain in full force and effect in such
     jurisdiction and shall be liberally construed in favor of the
     Administrative Agent and the Lenders in order to carry out the intentions
     of the parties hereto as nearly as may be possible and (b) the invalidity
     or unenforceability of any provision hereof in any jurisdiction shall not
     affect the validity or enforceability of such provision in any other
     jurisdiction.

                            [Signature pages follow]

                                       11

<PAGE>   12

          IN WITNESS WHEREOF, the parties hereto have caused this Agreement to
be duly executed and delivered as of the day and year first above written.

                                       BORROWER

                                       ENTERTAINMENT PROPERTIES TRUST

                                       By ______________________________________
                                          Name:
                                          Title:

                                       SUBSIDIARY GUARANTORS

                                       EPT DOWNREIT, INC.

                                       By ______________________________________
                                          Name:
                                          Title:

                                       LENDERS

                                       THE BANK OF NEW YORK

                                       By ______________________________________
                                          Name:
                                          Title:

                                       THE BANK OF NOVA SCOTIA, NEW YORK AGENCY

                                       By ______________________________________
                                          Name:
                                          Title:

                                       12

<PAGE>   13

                                       GOLDMAN SACHS MORTGAGE COMPANY

                                       By: Goldman Sachs Real Estate Funding
                                           Corp., its General Partner

                                       By ______________________________________
                                          Name:
                                          Title:

                                       BANK LEUMI USA

                                       By ______________________________________
                                          Name:
                                          Title:

                                       INTERNATIONAL COMMERCIAL BANK OF CHINA

                                       By ______________________________________
                                          Name:
                                          Title:

                                       ISRAEL DISCOUNT BANK OF NEW YORK

                                       By ______________________________________
                                          Name:
                                          Title:

                                       COMPASS BANK

                                       By ______________________________________
                                          Name:
                                          Title:

                                       CITIZENS BANK OF RHODE ISLAND

                                       By ______________________________________
                                          Name:
                                          Title:

                                       13

<PAGE>   14

                                       BANK UNITED

                                       By ______________________________________
                                          Name:
                                          Title:

                                       ADMINISTRATIVE AGENT

                                       THE BANK OF NEW YORK,
                                       as Administrative Agent

                                       By ______________________________________
                                          Name:
                                          Title:

                                       14

<PAGE>   15

                                   SCHEDULE 1

                          CURRENT DEVELOPMENT ACTIVITY

       Land Parcels underlying or co-located with the following theatres:

                       Gulf Pointe-Houston, TX
                       Mesquite, TX
                       Cantera, IL
                       Woodridge, IL
                       Power Springs, GA
                       Westminster Promenade-Denver, CO
                       Oakview,-Omaha, NE
                       Palm Promenade-San Diego, CA

                                       15

<PAGE>   16

                               SCHEDULE 2, PART I

                              PLEDGED SUBSIDIARIES

                    EPT Downreit Inc., a Missouri corporation

                               SCHEDULE 2, PART II

                               OTHER SUBSIDIARIES

                  EPT Downreit II Inc., a Missouri corporation
                    3 Theatres, Inc., a Missouri corporation
                    Canterra 30, Inc., a Missouri corporation
                                     [other]

                                       16

<PAGE>   17

                                   SCHEDULE 3

                              MORTGAGED PROPERTIES

STATE                                         PROPERTIES
-----                                         ----------

CALIFORNIA                                    PALM PROMENADE
(2 PROPERTIES)

                                              EDWARDS ALISO VIEJO

FLORIDA                                       MUVICO-DAVIE
(2 PROPERTIES)

                                              MUVICO-TAMPA

ILLINOIS                                      SOUTH BARRINGTON

KANSAS                                        LEAWOOD TOWN CENTER

NEBRASKA                                      OAKVIEW

NORTH CAROLINA                                CONSOLIDATED - CARY

TEXAS                                         FIRST COLONY
(3 PROPERTIES)

                                              GULF POINTE

                                              MESQUITE

VIRGINIA                                      HAMPTON TOWN CENTER

ILLINOIS                                      LOEWS WOODRIDGE

                                       17

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