Document:

EX-10.1

 Exhibit 10.1 

 
  

 
 AMENDED, RESTATED AND CONSOLIDATED
CREDIT AGREEMENT 
 Dated as of April 24, 2015 

by and among 
 EPR PROPERTIES 

AND CERTAIN OF ITS SUBSIDIARIES 
 as
Borrowers 
 KEYBANK NATIONAL ASSOCIATION, 

as Administrative Agent 
 Each of
JPMORGAN CHASE BANK, N.A. AND RBC CAPITAL MARKETS 
 as Co-Syndication Agents, 

Each of CITIBANK, N.A., BANK OF AMERICA, N.A., AND BARCLAYS BANK PLC 

as Co-Documentation Agents, 

Each of 
 KEYBANC CAPITAL MARKETS,
LLC, J.P. MORGAN SECURITIES, INC. AND 
 RBC CAPITAL MARKETS 

As Joint Book Runners and Joint 

Lead Arrangers, 

and 
 THE FINANCIAL INSTITUTIONS
INITIALLY SIGNATORY HERETO 
 AND THEIR ASSIGNEES PURSUANT TO SECTION 12.5, 

as Lenders 
  

 
  

 TABLE OF CONTENTS 

 

									
	ARTICLE I. – DEFINITIONS		 	1	  
			 Section 1.1.
		Definitions.		 	1	  
			 Section 1.2.
		General; References to Times.		 	31	  
			 Section 1.3.
		Property of Eligible Canadian Subsidiaries Included for Availability Purposes; No Liability.		 	32	  
	ARTICLE II. – CREDIT FACILITY		 	33	  
			 Section 2.1.
		Loans.		 	33	  
			 Section 2.2.
		Letters of Credit.		 	34	  
			 Section 2.3.
		Rates and Payment of Interest on Loans.		 	39	  
			 Section 2.4.
		Number of Interest Periods.		 	39	  
			 Section 2.5.
		Repayment of Loans.		 	40	  
			 Section 2.6.
		Prepayments.		 	40	  
			 Section 2.7.
		Continuation.		 	41	  
			 Section 2.8.
		Conversion.		 	41	  
			 Section 2.9.
		Notes.		 	42	  
			 Section 2.10.
		Voluntary Reductions of the Commitment.		 	42	  
			 Section 2.11.
		Expiration or Maturity Date of Letters of Credit Past Termination Date.		 	43	  
			 Section 2.12.
		Amount Limitations.		 	43	  
			 Section 2.13.
		Joint and Several Liability.		 	43	  
			 Section 2.14.
		The Increased Loan Amount.		 	44	  
			 Section 2.15.
		Borrower Representative.		 	47	  
			 Section 2.16.
		Extension of Revolving Credit Termination Date.		 	47	  
	ARTICLE III. – PAYMENTS, FEES AND OTHER GENERAL PROVISIONS		 	47	  
			 Section 3.1.
		Payments.		 	47	  
			 Section 3.2.
		Pro Rata Treatment.		 	48	  
			 Section 3.3.
		Sharing of Payments, Etc.		 	49	  
			 Section 3.4.
		Several Obligations.		 	49	  
			 Section 3.5.
		Minimum Amounts.		 	49	  
			 Section 3.6.
		Fees.		 	50	  
			 Section 3.7.
		Computations.		 	51	  
			 Section 3.8.
		Usury.		 	51	  
			 Section 3.9.
		Agreement Regarding Interest and Charges.		 	51	  
			 Section 3.10.
		Statements of Account.		 	51	  
			 Section 3.11.
		Defaulting Lenders.		 	52	  
			 Section 3.12.
		Taxes.		 	54	  
	ARTICLE IV. – YIELD PROTECTION, ETC.		 	56	  
			 Section 4.1.
		Additional Costs; Capital Adequacy.		 	56	  
			 Section 4.2.
		Suspension of LIBOR Loans.		 	58	  
			 Section 4.3.
		Illegality.		 	58	  
			 Section 4.4.
		Compensation.		 	59	  
			 Section 4.5.
		Affected Lenders.		 	59	  
			 Section 4.6.
		Treatment of Affected Loans.		 	60	  
			 Section 4.7.
		Change of Lending Office.		 	60	  
			 Section 4.8.
		Assumptions Concerning Funding of LIBOR Loans.		 	60	  

  
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	ARTICLE V. – CONDITIONS PRECEDENT		 	61	  
			 Section 5.1.
		Initial Conditions Precedent.		 	61	  
			 Section 5.2.
		Conditions Precedent to All Loans and Letters of Credit.		 	63	  
	ARTICLE VI. – REPRESENTATIONS AND WARRANTIES		 	63	  
			 Section 6.1.
		Representations and Warranties.		 	63	  
			 Section 6.2.
		Survival of Representations and Warranties, Etc.		 	69	  
	ARTICLE VII. – AFFIRMATIVE COVENANTS		 	70	  
			 Section 7.1.
		Preservation of Existence and Similar Matters.		 	70	  
			 Section 7.2.
		Compliance with Applicable Law and Material Contracts.		 	70	  
			 Section 7.3.
		Maintenance of Property.		 	70	  
			 Section 7.4.
		Conduct of Business.		 	71	  
			 Section 7.5.
		Insurance.		 	71	  
			 Section 7.6.
		Payment of Taxes and Claims.		 	71	  
			 Section 7.7.
		Visits and Inspections.		 	71	  
			 Section 7.8.
		Use of Proceeds; Letters of Credit.		 	72	  
			 Section 7.9.
		Environmental Matters.		 	72	  
			 Section 7.10.
		Books and Records.		 	72	  
			 Section 7.11.
		Further Assurances.		 	73	  
			 Section 7.12.
		Replacement or Addition of Unencumbered Properties.		 	73	  
			 Section 7.13.
		Removal of Unencumbered Property.		 	74	  
			 Section 7.14.
		REIT Status.		 	75	  
			 Section 7.15.
		Exchange Listing.		 	75	  
			 Section 7.16.
		Distributions of Income to EPR.		 	75	  
			 Section 7.17.
		Failure of Certain Unencumbered Assets Representations and Warranties.		 	75	  
			 Section 7.18.
		Unencumbered Property.		 	76	  
	ARTICLE VIII. – INFORMATION		 	77	  
			 Section 8.1.
		Financial Statements, Certificates and Information.		 	77	  
			 Section 8.2.
		Other Information.		 	80	  
	ARTICLE IX. – NEGATIVE COVENANTS		 	81	  
			 Section 9.1.
		Financial Covenants.		 	82	  
			 Section 9.2.
		Distributions.		 	83	  
			 Section 9.3.
		Indebtedness.		 	84	  
			 Section 9.4.
		Permitted Investments.		 	85	  
			 Section 9.5.
		ERISA Exemptions.		 	87	  
			 Section 9.6.
		Liens.		 	87	  
			 Section 9.7.
		Merger, Consolidation, Sales of Assets and Other Arrangements.		 	87	  
			 Section 9.8.
		Fiscal Year.		 	88	  
			 Section 9.9.
		Modifications to Material Contracts.		 	88	  
			 Section 9.10.
		Modifications of Organizational Documents.		 	88	  
			 Section 9.11.
		Transactions with Affiliates.		 	88	  
	ARTICLE X. – DEFAULT		 	89	  
			 Section 10.1.
		Events of Default.		 	89	  
			 Section 10.2.
		Limitation of Cure Periods.		 	92	  
			 Section 10.3.
		Remedies Upon Default.		 	93	  
			 Section 10.4.
		Allocation of Proceeds.		 	94	  
			 Section 10.5.
		Collateral Account.		 	94	  
			 Section 10.6.
		Performance by Agent.		 	95	  

  
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			 Section 10.7.
		Rights Cumulative.		 	95	  
	ARTICLE XI. – THE AGENT		 	96	  
			 Section 11.1.
		Authorization and Action.		 	96	  
			 Section 11.2.
		Agent’s Reliance, Etc.		 	96	  
			 Section 11.3.
		Notice of Defaults.		 	97	  
			 Section 11.4.
		KeyBank as Lender.		 	97	  
			 Section 11.5.
		Approvals of Lenders.		 	98	  
			 Section 11.6.
		Lender Credit Decision, Etc.		 	98	  
			 Section 11.7.
		Indemnification of Agent.		 	99	  
			 Section 11.8.
		Successor Agent.		 	100	  
			 Section 11.9.
		Titled Agents.		 	100	  
	ARTICLE XII. – MISCELLANEOUS		 	101	  
			 Section 12.1.
		Notices.		 	101	  
			 Section 12.2.
		Expenses.		 	102	  
			 Section 12.3.
		Setoff.		 	102	  
			 Section 12.4.
		Litigation; Jurisdiction; Other Matters; Waivers.		 	103	  
			 Section 12.5.
		Successors and Assigns.		 	104	  
			 Section 12.6.
		Amendments.		 	106	  
			 Section 12.7.
		Nonliability of Agent and Lenders.		 	108	  
			 Section 12.8.
		Confidentiality.		 	109	  
			 Section 12.9.
		Indemnification.		 	109	  
			 Section 12.10.
		Termination; Survival.		 	111	  
			 Section 12.11.
		Severability of Provisions.		 	112	  
			 Section 12.12.
		GOVERNING LAW.		 	112	  
			 Section 12.13.
		Patriot Act.		 	112	  
			 Section 12.14.
		Counterparts.		 	112	  
			 Section 12.15.
		Obligations with Respect to Borrowers.		 	112	  
			 Section 12.16.
		Limitation of Liability.		 	113	  
			 Section 12.17.
		Entire Agreement.		 	113	  
			 Section 12.18.
		Construction.		 	113	  
			 Section 12.19.
		Amendment and Restatement.		 	113	  

  
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	SCHEDULE 1.1(A)		 Initial Subsidiary Borrowers

	SCHEDULE 1.1(B)		 Initial Eligible Real Estate

	SCHEDULE 2		 Eligible Real Estate Qualification Documents

	SCHEDULE 6.1.(b)		 Ownership Structure

	SCHEDULE 6.1.(f)		 Title to Properties; Liens

	SCHEDULE 6.1.(g)		 Indebtedness and Guaranties

	SCHEDULE 6.1.(h)		 Material Contracts

	SCHEDULE 6.1.(i)		 Litigation

	SCHEDULE 6.1.(j)		 Taxes Subject to Audit

	SCHEDULE CA		 Commitments

  

			
	EXHIBIT A		 Form of Assignment and Assumption Agreement

	EXHIBIT B		 Form of Notice of Borrowing

	EXHIBIT C		 Form of Notice of Continuation

	EXHIBIT D		 Form of Notice of Conversion

	EXHIBIT E-1		 Form of Revolving Credit Note

	EXHIBIT E-2		 Form of Term Loan Note

	EXHIBIT F		 Form of Compliance Certificate

	EXHIBIT G		 Form of Availability Certificate

	EXHIBIT H		 Form of Joinder Agreement

  
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 AMENDED, RESTATED AND CONSOLIDATED CREDIT AGREEMENT 

THIS AMENDED, RESTATED, AND CONSOLIDATED CREDIT AGREEMENT (this “Agreement”) dated as of April 24, 2015 by and among
EPR PROPERTIES, a Maryland real estate investment trust (“EPR”), the Subsidiary Borrowers (as defined herein), the Lenders (as defined herein) and KEYBANK NATIONAL ASSOCIATION, as administrative agent
(“KeyBank” and/or the “Agent”), JPMORGAN CHASE BANK, N.A. and RBC CAPITAL MARKETS, as co-syndication agents (the “Syndication Agents”), CITIBANK, N.A., BANK OF
AMERICA, N.A., and BARCLAYS BANK PLC, as co-documentation agents (the “Documentation Agents”), and each of KEYBANC CAPITAL MARKETS, LLC, J.P. MORGAN SECURITIES, INC. and RBC CAPITAL MARKETS, as joint lead
arrangers and joint book runners (each as “Arrangers”), and each of the financial institutions initially a signatory hereto together with their assignees pursuant to Section 12.5.(d). EPR and the Subsidiary Borrowers are
each referred to herein as a “Borrower” and are collectively referred to herein as the “Borrowers.” 

WHEREAS, certain lenders have made available to the Borrower a revolving credit facility pursuant to the terms of that certain Second Amended
and Restated Credit Agreement dated as of July 23, 2013 (the “Existing Revolving Agreement”); 
 WHEREAS, certain
lenders have made available to the Borrower a term loan facility pursuant to that certain Amended and Restated Credit Agreement dated as of July 23, 2013 (the “Existing Term Agreement”; and, together with the Existing Revolving
Agreement, each an “Existing Agreement” and, collectively, the “Existing Agreements”); 
 WHEREAS, the
Borrowers have requested, and the Agent and the Lenders have agreed, to amend, restate and consolidate, in full, the Existing Agreements in accordance with the terms and conditions contained herein. 

NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged by the parties hereto, the
parties hereto agree that the Existing Revolving Agreement and the Existing Term Agreement are hereby amended, restated and consolidated to read as follows: 

ARTICLE I. – DEFINITIONS 

Section 1.1. Definitions. 
 In
addition to terms defined elsewhere herein, the following terms shall have the following meanings for the purposes of this Agreement: 

“Additional Costs” has the meaning given that term in Section 4.1. 

“Adelaar Project” means a planned development in Sullivan County, New York, expected to consist of a casino and resort
complex, other than any portion of such complex that, after the Agreement Date, is income producing or is sold to a Person not related to EPR. 

 “Adelaar Value” means the lower of cost or appraised value of EPR and its
Subsidiaries’ interest in the Adelaar Project. 
 “Adjusted EBITDA” means EBITDA for the most recent quarter ended,
less the Replacement Reserve amount. 
 “Adjusted LIBOR” means, with respect to each Interest Period for any LIBOR Loan,
the rate obtained by dividing (a) LIBOR for such Interest Period by (b) a percentage equal to 1 minus the stated maximum rate (stated as a decimal) of all reserves, if any, required to be maintained with respect to Eurocurrency funding
(currently referred to as “Eurocurrency liabilities”) as specified in Regulation D of the Board of Governors of the Federal Reserve System (or against any other category of liabilities which includes deposits by reference to which
the interest rate on any LIBOR Loan is determined or any applicable category of extensions of credit or other assets which includes loans by an office of any Lender outside of the United States of America to residents of the United States of
America). Any change in such maximum rate shall result in a change in Adjusted LIBOR on the date on which such change in such maximum rate becomes effective. 

“Affected Lender” has the meaning given that term in Section 4.5. 

“Affiliate” means, as applied to any Person, any other Person directly or indirectly controlling, controlled by, or under
common control with, that Person. For purposes of this definition, “control” (including, with correlative meanings, the terms “controlling”, “controlled by” and “under common control with”), as applied to any
Person, means (a) the possession, directly or indirectly, of the power to vote ten percent (10%) or more of the stock, shares, voting trust certificates, beneficial interest, partnership interests, member interests or other interests
having voting power for the election of directors of such Person or otherwise to direct or cause the direction of the management and policies of that Person, whether through the ownership of voting securities or by contract or otherwise, or
(b) the ownership of ten percent (10%) or more of the (i) partnership or other ownership interest of any other Person (other than as a limited partner of such other Person) or (ii) a managing member’s interest in a limited
liability company. 
 “Agent” means KeyBank National Association, as administrative agent for the Lenders under the terms
of this Agreement, and any of its successors. 
 “Aggregate Credit Exposure” means the aggregate Revolving Credit Exposure
and Term Loan Exposure of all of the Lenders. 
 “Aggregate Underwriteable Cash Flow” means the sum of the Underwriteable
Cash Flow for the Unencumbered Pool. 
 “Agreement Date” means the date as of which this Agreement is dated. 

“Anti-Corruption Laws” means all laws, rules, and regulations of any jurisdiction applicable to any Borrower or its
Subsidiaries from time to time concerning or relating to bribery or corruption. 

  
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 “Applicable Law” means all applicable provisions of constitutions, statutes,
laws, rules, regulations and orders of all governmental bodies and all orders and decrees of all courts, tribunals and arbitrators. 

“Applicable Margin” means: 
  

	 	(a)	for the Revolving Credit Facility, for any day, with respect to any Base Rate Loan or LIBOR Loan, or with respect to the fee payable with respect to any Letter of Credit payable hereunder, or with respect to the
facility fee payable pursuant to Section 3.6 hereof, as the case may be, the applicable rate per annum set forth below under the caption “Base Rate Margin,” “LIBOR Margin” or “Facility Fee,” as the case may
be, based upon the ratings by each Rating Agency on such date for the Index Debt: 

  

											
	 Category
	  	 S&P/Fitch Ratings:
	  	 Moody’s Ratings:
	  	 Base Rate

Margin
	  	 LIBOR

Margin
	  	 Facility

Fee

	1	  	>=A-	  	>=A3	  	0.0 bps	  	87.5 bps	  	12.5 bps
	2	  	=BBB+	  	=Baa1	  	0.0 bps	  	92.5 bps	  	15.0 bps
	3	  	=BBB	  	=Baa2	  	5.0 bps	  	105.0 bps	  	20.0 bps
	4	  	=BBB-	  	=Baa3	  	25.0 bps	  	125.0 bps	  	25.0 bps
	5	  	<=BB+	  	<=Ba1	  	65.0 bps	  	165.0 bps	  	30.0 bps

  

	 	(b)	for the Term Loan, for any day, with respect to any Base Rate Loan or LIBOR Loan, as the case may be, the applicable rate per annum set forth below under the caption “Base Rate Margin” or “LIBOR
Margin”, as the case may be, based upon the ratings by each Rating Agency on such date for the Index Debt: 

  

									
	 Category
	  	 S&P/Fitch Ratings:
	  	 Moody’s Ratings:
	  	 Base Rate

Margin
	  	 LIBOR

Margin

	1	  	3A-	  	=A3	  	0.0 bps	  	90.0 bps
	2	  	=BBB+	  	=Baa1	  	0.0 bps	  	97.5 bps
	3	  	=BBB	  	=Baa2	  	15.0 bps	  	115.0 bps
	4	  	=BBB-	  	=Baa3	  	40.0 bps	  	140.0 bps
	5	  	<=BB+	  	<=Ba1	  	90.0 bps	  	190.0 bps

 For purposes of the foregoing, (i) if a Rating Agency shall not have in effect a rating for the Index
Debt (other than by reason of the circumstances referred to in the last sentence of this definition), then such Rating Agency shall be deemed to have established a rating in Category 5; (ii) if the ratings established or deemed to have been
established by at least two of the Rating Agencies for the Index Debt fall within the same category, the Applicable Margin shall be that category, (iii) if the ratings established or deemed to have been established by the three Rating

  
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Agencies for the Index Debt all fall within different categories, the Applicable Margin shall be the median of the three categories; and (iv) if the ratings established or deemed to have
been established by a Rating Agency shall be changed (other than as a result of a change in the rating system of such Rating Agency), such change shall be effective as of the date on which it is first announced by such Rating Agency, irrespective of
when notice of such change shall have been furnished by the Borrowers to the Agent and the Lenders pursuant to Section 8.1.(g) hereof or otherwise. Each change in the Applicable Margin shall apply during the period commencing on the
effective date of such change and ending on the date immediately preceding the effective date of the next such change. If the rating system of a Rating Agency shall change, or if any Rating Agency shall cease to be in the business of rating
corporate debt obligations, the Borrowers and the Required Lenders shall negotiate in good faith to amend this definition to reflect such changed rating system or the unavailability of ratings from such Rating Agency and, pending the effectiveness
of any such amendment, the Applicable Margin shall be determined by reference to the rating most recently in effect prior to such change or cessation. 

“Arrangers” has the meaning given that term in the preamble hereto. 

“Assignee” has the meaning given that term in Section 12.5(d). 

“Assignment and Assumption Agreement” means an Assignment and Assumption Agreement among a Lender, an Assignee and the Agent
and Borrower Representative, as applicable, substantially in the form of Exhibit A. 
 “Availability” means the
amount which is the lesser of 
  

	 	(a)	the Facility Amount, or 

  

	 	(b)	(i) the lesser of 

  

	 	(A)	sixty percent (60%) of Unencumbered Asset Value, or 

  

	 	(B)	the Unencumbered Mortgageability Amount, 

  

	 	minus	   

  

	 	(ii)	the aggregate amount of EPR’s consolidated Unsecured Indebtedness (excluding the Aggregate Credit Exposure); 

provided however, that in no event shall assets that are not related to Entertainment Real Estate, Education Real Estate or Recreation Real Estate exceed in
the aggregate forty percent (40%) of the amount of clause (b)(i)(A) immediately above. Notwithstanding the aforesaid, the Unencumbered Pool will at all times consist of at least ten (10) Unencumbered Properties, and no single property
shall account for more than twenty (20%) percent of the total Unencumbered Asset Value. 
 “Availability Certificate”
has the meaning given that term in Section 8.1(c) herein. 

  
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 “Base Rate” means, for any day, a rate per annum equal to the greatest of
(a) the Prime Rate in effect on such day, (b) the Federal Funds Rate in effect on such day plus 1/2 of one percent (1%), and (c) the then applicable Adjusted LIBOR for one month interest periods plus one percent (1%). Any change in
the Base Rate due to a change in the Prime Rate, the Federal Funds Rate or the Adjusted LIBOR shall be effective from and including the effective date of such change in the Prime Rate, the Federal Funds Rate or the Adjusted LIBOR, respectively. 

“Base Rate Loan” means a Loan bearing interest at a rate based on the Base Rate. 

“Base Rent” means, with respect to any Lease, the minimum periodic contractual rent payable thereunder, excluding
reimbursement or recovery of common area maintenance or other property operating expenses and excluding percentage rent. 
 “Benefit
Arrangement” means at any time an employee benefit plan within the meaning of Section 3(3) of ERISA which is not a Plan or a Multiemployer Plan and which is maintained or otherwise contributed to by any member of the ERISA Group. 

“Bonds” means, collectively, the following notes issued by EPR and guaranteed or to be guaranteed by the Subsidiary Borrowers
(a) the $250,000,000 original face amount 7.750% Senior Notes due 2020, (b) the $350,000,000 original face amount 5.750% Senior Notes due 2022, (c) the $275,000,000 original face amount 5.250% Senior Notes due 2023, and (d) the
$300,000,000 original face amount 4.500% Senior Notes due 2025; together with any refinancings of such notes that may be incurred in accordance with the terms of this Agreement. 

“Borrower(s)” has the meaning as defined in the preamble hereto. 

“Borrower Representative” means EPR. 

“Building(s)” means with respect to each parcel of Real Estate, all of the buildings, structures and improvements now or
hereafter located thereon. 
 “Business Day” means (a) any day other than a Saturday, Sunday or other day on which
banks in New York, New York are authorized or required to close and (b) with reference to a LIBOR Loan, any such day that is also a day on which dealings in Dollar deposits are carried out in the London interbank market. 

“Capitalized Lease Obligation” means an obligation under a lease that is required to be capitalized for financial reporting
purposes in accordance with GAAP. The amount of a Capitalized Lease Obligation is the capitalized amount of such obligation as would be required to be reflected on a balance sheet of the applicable Person prepared in accordance with GAAP as of the
applicable date. 
 “Cash Equivalents” means: (a) securities issued, guaranteed or insured by the United States of
America or any of its agencies with maturities of not more than one year from the date acquired; (b) certificates of deposit with maturities of not more than one year from the date acquired issued by a United States federal or state chartered
commercial bank of recognized standing, or a commercial bank organized under the laws of any other country which is a member of the Organization for Economic Cooperation and Development, or a political

  
 - 5 - 

 
subdivision of any such country, acting through a branch or agency, which bank has capital and unimpaired surplus in excess of $500,000,000.00 and which bank or its holding company has a
short-term commercial paper rating of at least “A-2” or the equivalent by S&P or at least P-2 or the equivalent by Moody’s; (c) reverse repurchase agreements with terms of not more than seven days from the date acquired, for
securities of the type described in clause (a) above and entered into only with commercial banks having the qualifications described in clause (b) above; (d) commercial paper issued by any Person incorporated under the laws of the
United States of America or any State thereof and rated at least “A-2” or the equivalent thereof by S&P or at least “P-2” or the equivalent thereof by Moody’s, in each case with maturities of not more than one year from
the date acquired; and (e) investments in money market funds registered under the Investment Company Act of 1940, as amended, which have net assets of at least $500,000,000.00 and at least eighty-five percent (85%) of whose assets consist
of securities and other obligations of the type described in clauses (a) through (d) above. 
 “Change in
Control” means the occurrence of any of the following: 
 (a) any Person (including, without limitation, a Person’s Affiliates
and associates) or group (as that term is understood under Section 13(d) of the Securities Exchange Act of 1934, as amended (the “Exchange Act”) and the rules and regulations thereunder) shall have acquired after the Effective
Date beneficial ownership (within the meaning of Rule 13d-3 under the Exchange Act) of a percentage (based on voting power, in the event different classes of stock shall have different voting powers) of the voting stock of any such other Person
equal to at least fifty percent (50%); or 
 (b) as of any date a majority of the trustees, directors, managers or other individuals or
entities performing similar functions of any Person consists of individuals or entities who were not either (i) trustees, directors, managers or such similar controlling individuals or entities, as the case may be, of such Person as of the
corresponding date of the previous year (provided, however, that the initial trustees, directors, managers or similar controlling individuals or entities for reference purposes of this clause (b)(i) shall be the trustees, directors, managers or
similar controlling individuals or entities as of the Effective Date); (ii) selected or nominated to become trustees, directors, managers or similar controlling individuals or entities by the other trustees, directors, managers or similar
controlling individuals or entities of said Person of which a majority consisted of individuals or entities described in clause (b)(i) above; or (iii) selected or nominated to become trustees, directors, managers or similar controlling
individuals or entities by such trustees, directors, managers or similar controlling individuals or entities of said Person of which a majority consisted of individuals or entities, as the case may be, described in clause (b)(i), above or
individuals or entities, as the case may be, described in clause (b)(ii) above; 
 provided, that no Change in Control shall be deemed to have
occurred with respect to any Subsidiary Borrower if the voting stock or other equity interests of the Subsidiary Borrower is sold or otherwise disposed of pursuant to a transaction permitted under Section 9.7 or any other provision of
this Agreement or if at the time of such sale or other disposition the Subsidiary Borrower does not own or otherwise have an interest in any assets included in the Unencumbered Pool or is otherwise entitled, pursuant to Section 7.13, to
be released generally from the provisions of this Agreement, the Notes and the other Loan Documents. 

  
 - 6 - 

 “Collateral Account” means any collateral account established pursuant to
Sections 2.6, 2.11 or 10.1 and which is maintained with or under the custody or control of the Agent, as the Agent may elect; which collateral account shall be governed by and subject to the provisions of
Section 10.5 and any other applicable provisions of this Agreement. 
 “Commission” means the Securities and
Exchange Commission. 
 “Commitment” means, as to each Lender, the Revolving Credit Commitment and Term Loan Commitment of
such Lender (or either of them, as the context requires). 
 “Commitment Percentage” means, as to each Lender, the ratio,
expressed as a percentage, of (a) (i) if the Term Loan Commitments have not been fully utilized or terminated, the unutilized amount of such Lender’s Term Loan Commitment plus (ii) the amount of such Lender’s Revolving
Credit Commitment plus (iii) the amount of such Lender’s outstanding Term Loans to (b) (i) if the Term Loan Commitments have not been fully utilized or terminated, the unutilized amount of the Term Loan Commitments of all Lenders
plus (ii) the Revolving Credit Commitments of all Lenders plus (iii) the sum of the outstanding Term Loans of all Lenders; provided, however, that if at the time of determination any applicable Commitments have been terminated or been
reduced to zero, the “Commitment Percentage” of each Lender shall be the ratio, expressed as a percentage of (A) (i) the sum of the unpaid principal amount of all outstanding Revolving Credit Exposure and Term Loans of such
Lender, plus (ii) if the Term Loan Commitments have not been fully utilized or terminated, the unutilized amount of such Lender’s Term Loan Commitment to (B) (i) the sum of the aggregate unpaid principal amount of all outstanding
Revolving Credit Exposure and Term Loan Exposure of all Lenders as of such date plus (ii) if the Term Loan Commitments have not been fully utilized or terminated, the unutilized amount of the Term Loan Commitments of all Lenders. 

“Compliance Certificate” has the meaning given that term in Section 8.1(c) herein. 

“Consolidated” means with reference to any term defined herein, that term as applied to the accounts of a Person and its
direct and indirect Subsidiaries, determined on a consolidated basis in accordance with GAAP. 
 “Consolidated EBITDA”
means with respect to any period, an amount equal to the EBITDA of EPR for such period determined on a Consolidated basis. 

“Consolidated Interest Incurred” means for any period, interest incurred on all Indebtedness of EPR (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. 

“Consolidated Tangible Net Worth” means EPR’s Tangible Net Worth determined on a Consolidated basis. 

“Contingent Obligation(s)” means, as to any Person, any obligation of such Person guaranteeing or intending to guaranty any
Indebtedness, leases, dividends or other obligations (“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly or indirectly, including, without limitation, any obligation
of such Person, whether or not 

  
 - 7 - 

 
contingent, (a) to purchase any such primary obligation or any property constituting direct or indirect security therefor, (b) to advance or supply funds (i) for the purchase or
payment of any such primary obligation or (ii) to maintain working capital or equity capital of the primary obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase property, securities or services
primarily for the purpose of assuring the owner of any such primary obligation of the payment of, or the ability of the primary obligor to make payment of, such primary obligation or (d) otherwise to assure or hold harmless the owner of such
primary obligation against loss in respect thereof; provided that the term Contingent Obligation shall not include endorsements of instruments for deposit or collection in the ordinary course of business or contracting for purchase of real property
in the ordinary course of business, or obligations, indemnifications or guarantees of liabilities other than with respect to the repayment of any Indebtedness, such as environmental indemnities or “bad acts” indemnities, unless such
obligations, indemnifications or guarantees are being enforced by any applicable party entitled to rely thereon. The amount of any Contingent Obligation shall be deemed to be an amount equal to the stated or determinable amount of the primary
obligation in respect of which such Contingent Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability in respect thereof (assuming such Person is required to perform thereunder) as determined by such
Person in good faith. 
 “Continue”, “Continuation” and “Continued” each refers to the
continuation of a LIBOR Loan from one Interest Period to another Interest Period pursuant to Section 2.7. 

“Convert”, “Conversion” and “Converted” each refers to the conversion of a Loan of one Type
into a Loan of another Type pursuant to Section 2.8. 
 “Credit Event” means any of the following: (a) the
making (or deemed making) of any Loan, (b) the Conversion of a Loan or (c) the issuance of a Letter of Credit. 
 “Debt
Service” means Consolidated Interest Incurred plus regularly scheduled amortization payments for the most recent quarter (excluding balloon maturities), excluding the non-cash portion of convertible debt interest expense. 

“Debtor Relief Laws” means the Bankruptcy Code of the United States, and all other liquidation, conservatorship, bankruptcy,
assignment for the benefit of creditors, moratorium, rearrangement, receivership, insolvency, reorganization, or similar debtor relief Laws of the United States or other applicable jurisdictions from time to time in effect and affecting the rights
of creditors generally. 
 “Deemed Rate” means a deemed rate of interest equal to, at any time of determination, the
weighted average interest rate of (a) a fully drawn Facility Amount bearing interest at Adjusted LIBOR with a one month Interest Period plus the Applicable Margin, and (b) all other Unsecured Indebtedness at the rate(s) in effect for such
Unsecured Indebtedness on the last day of the previous quarter. If and to the extent any Unsecured Indebtedness (including, without limitation, the Loans) is subject to an interest rate swap or similar Derivative Contract, the Deemed Rate shall take
into consideration the effect of such Derivative Contract. 

  
 - 8 - 

 “Default” means any of the events specified in Section 10.1, whether
or not there has been satisfied any requirement for the giving of notice, the lapse of time, or both. 
 “Defaulting
Lender” means, subject to Section 3.11(b), any Lender that (a) has failed to (i) fund all or any portion of its Loans within two (2) Business Days of the date such Loans were required to be funded hereunder unless such
Lender notifies the Agent and the Borrower Representative in writing that such failure is the result of such Lender’s good faith determination that one or more conditions precedent to funding (each of which conditions precedent, together with
any applicable default, shall be specifically identified in such writing) has not been satisfied, or (ii) pay to the Agent or any other Lender any other amount required to be paid by it hereunder (including in respect of its participation in
any Letter of Credit) within two (2) Business Days of the date when due, (b) has notified the Borrower Representative or the Agent in writing that it does not intend to comply with its funding obligations hereunder, or has made a public
statement to that effect (unless such writing or public statement relates to such Lender’s obligation to fund a Loan hereunder and states that such position is based on such Lender’s good faith determination that a condition precedent to
funding (which condition precedent, together with any applicable default, shall be specifically identified in such writing or public statement) cannot be satisfied), (c) has failed, within three (3) Business Days after written request by
the Agent or the Borrower, to confirm in writing to the Agent and the Borrower Representative that it will comply with its prospective funding obligations hereunder (provided that such Lender shall cease to be a Defaulting Lender pursuant to this
clause (c) upon receipt of such written confirmation by the Agent and the Borrower), or (d) has, or has a direct or indirect parent company that has, (i) become the subject of a proceeding under any Debtor Relief Law, or (ii) had
appointed for it a receiver, custodian, conservator, trustee, administrator, assignee for the benefit of creditors or similar Person charged with reorganization or liquidation of its business or assets, including the Federal Deposit Insurance
Corporation or any other state or federal regulatory authority acting in such a capacity; provided that a Lender shall not be a Defaulting Lender solely by virtue of the ownership or acquisition of any equity interest in that Lender or any direct or
indirect parent company thereof by a Governmental Authority so long as such ownership interest does not result in or provide such Lender with immunity from the jurisdiction of courts within the United States of America or from the enforcement of
judgments or writs of attachment on its assets or permit such Lender (or such Governmental Authority) to reject, repudiate, disavow or disaffirm any contracts or agreements made with such Lender. Any determination by the Agent that a Lender is a
Defaulting Lender under any one or more of clauses (a) through (d) above shall be conclusive and binding absent manifest error, and such Lender shall be deemed to be a Defaulting Lender (subject to Section 3.11(b)) upon delivery of
written notice of such determination to the Borrower Representative and each Lender. 
 “Derivatives Contract(s)” means any
and all rate swap transactions, basis swaps, credit derivative transactions, forward rate transactions, commodity swaps, commodity options, forward commodity contracts, equity or equity index swaps or options, bond or bond price or bond index swaps
or options or forward bond or forward bond price or forward bond index transactions, interest rate options, forward foreign exchange transactions, cap transactions, floor transactions, collar transactions, currency swap transactions, cross-currency
rate swap transactions, currency options, spot contracts, or any other similar transactions or any combination of any of the foregoing (including any options to enter into any of the foregoing), whether or not any such transaction is governed by or
subject to any master agreement. Not in 

  
 - 9 - 

 
limitation of the foregoing, the term “Derivatives Contract(s)” includes any and all transactions of any kind, and the related confirmations, which are subject to the terms and
conditions of, or governed by, any form of master agreement published by the International Swaps and Derivatives Association, Inc., any International Foreign Exchange Master Agreement, or any other master agreement, including any such obligations or
liabilities under any such master agreement. 
 “Distribution” means with respect to any Person, the declaration or payment
of any cash dividend or distribution on or in respect of any shares of any class of capital stock or other beneficial interest of such Person; the purchase, redemption, exchange or other retirement by such Person of any shares of any class of
capital stock or other beneficial interest of such Person, directly or indirectly through a Subsidiary of such Person or otherwise; the return of capital by such Person to its shareholders, partners, members or other owners as such; or any other
distribution on or in respect of any shares of any class of capital stock or other beneficial interest of such Person; provided, however, that the dividend or distribution of common stock of a Person shall not constitute a Distribution with respect
to such Person. 
 “Documentation Agents” has the meaning set forth in the Preamble hereto. 

“Dollars” or “$” means the lawful currency of the United States of America. 

“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 extraordinary items or asset sales or writeups or forgiveness of or early extinguishment of debt for such period, plus
(g) non-cash impairment charges, plus (h) transaction costs and acquisition related expenses which are required to be deducted from net income under FASB ASC Topic 805 on Business Combinations, plus (i) provisions for
loan losses, plus (j) severance expense. All of the foregoing to be calculated without duplication and with respect to (b)—(j), only to the extent the same has been included in the calculation of such net income. 

“Education Real Estate” means education real estate as so classified by the Borrower Representative including public charter
schools, early childhood centers, private schools (K-12), and similar education properties (including but not limited to EPR Senior Property Loans secured by EPR Senior First Mortgages on such properties). 

“Effective Date” means the later of: (a) the Agreement Date; and (b) the date on which all of the conditions
precedent set forth in Section 5.1 shall have been fulfilled or waived in writing by the Required Lenders. 
 “Eligible
Assignee” means any of (a) a commercial bank or other financial institution organized under the laws of the United States, or any State thereof or the District of Columbia, 

  
 - 10 - 

 
and having total assets in excess of $1,000,000,000.00; (b) a savings and loan association or savings bank organized under the laws of the United States, or any State thereof or the District
of Columbia, and having a net worth of at least $100,000,000.00, calculated in accordance with generally accepted accounting principles; (c) a commercial bank organized under the laws of any other country which is a member of the Organization
for Economic Cooperation and Development (the “OECD”), or a political subdivision of any such country, and having total assets in excess of $1,000,000,000.00, provided that such bank is acting through a branch or agency located in
the country in which it is organized or another country which is also a member of the OECD; (d) the central bank of any country which is a member of the OECD; (e) any other assignee that, in the reasonable judgment of the Agent, is a
reputable institutional investor with substantial experience in lending and originating loans similar to the Loan, or in purchasing, investing in or otherwise holdings such loans, having a financial net worth of at least $500,000,000.00;
(f) any Lender or Lender Affiliate or a Related Fund of a Lender. For the purposes hereof, “Lender Affiliate” shall mean, (i) with respect to any Person who would otherwise be an Eligible Assignee under clauses
(a) – (e), above (a “Qualified Assignee”), an Affiliate of such Qualified Assignee which is an entity (whether a corporation, partnership, trust or otherwise) that is engaged in making, purchasing, holding or
otherwise investing in bank loans and similar extensions of credit in the ordinary course of its business, with sufficient assets to meet its funding obligations hereunder, and is administered (including as placement agent therefor) or managed by a
Qualified Assignee or an Affiliate of such Qualified Assignee and (ii) with respect to any Lender that is a fund which invests in bank loans and similar extensions of credit, any other fund that invests in bank loans and similar extensions of
credit, with sufficient assets to meet its funding obligations hereunder, and is managed by the same investment advisor as such Lender or by an Affiliate of such investment advisor (i.e., a Related Fund of such Lender). Further, for the purposes
hereof, “Related Fund” shall mean, with respect to a Lender, a fund that invests in loans, any other such fund managed by the same investment advisor as such Lender or by an Affiliate of such Lender or such advisor with sufficient
assets to meet its funding obligations hereunder. No Borrower or any affiliate of a Borrower shall be an Eligible Assignee. 

“Eligible Canadian Subsidiary” means a wholly owned Canadian direct or indirect subsidiary of EPR or a Subsidiary Borrower or
Subsidiary Borrowers. 
 “Eligible Real Estate” means Real Estate: 

(a) (i) which is owned in fee by a Subsidiary Borrower or an Eligible Canadian Subsidiary; (ii) which is encumbered by a ground lease
to a Subsidiary Borrower or an Eligible Canadian Subsidiary, acceptable to the Agent in its reasonable discretion; or (iii) in which a Subsidiary Borrower or an Eligible Canadian Subsidiary holds an EPR Senior First Mortgage, acceptable to the
Agent in its reasonable discretion; 
 (b) which is located within the United States or Canada; 

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

(i) Entertainment Real Estate; 

  
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 (ii) Education Real Estate; 

(iii) Recreation Real Estate; or 

(iv) other real estate and/or improvements which are none of (i), (ii) or (iii) above, including without limitation,
land under development subject to a Lease or an EPR Senior First Mortgage; 
 (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 Agent or any Lender upon request therefor; 
 (e) as to which all of the representations set forth
in Section 7.18 of this Agreement concerning Unencumbered Property are true and correct; 
 (f) as to which the Agent has
received and approved all Eligible Real Estate Qualification Documents required by the Agent, or will receive and approve them prior to inclusion of such Real Estate as an Unencumbered Property; 

(g) which does not cause a violation of the Availability; and 

(h) which is otherwise reasonably acceptable to the Agent. 

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 Real Estate Qualification Documents” has the same meaning as in
Schedule 2 attached hereto. 
 “Entertainment Real Estate” means entertainment real estate as so
classified by the Borrower Representative including Megaplex Movie Theaters, Entertainment-Related Retail Improvements, Family Entertainment Centers and similar entertainment venues (including, but not limited to, EPR Senior Property Loans secured
by EPR Senior First Mortgages on such properties). 
 “Entertainment-Related Retail Improvement(s)” means real estate owned
by or subject to a ground lease in favor of a Subsidiary Borrower (or an Eligible Canadian 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. 

  
 - 12 - 

 “Environmental Laws” means any Applicable Law relating to environmental
protection or the manufacture, storage, treatment, disposal or clean-up of Hazardous Materials including, without limitation, the following: Clean Air Act, 42 U.S.C. § 7401 et seq.; Federal Water Pollution Control Act, 33 U.S.C.
§ 1251 et seq.; Solid Waste Disposal Act, as amended by the Resource Conservation and Recovery Act, 42 U.S.C. § 6901 et seq.; Comprehensive Environmental Response, Compensation and Liability Act, 42 U.S.C.
§ 9601 et seq.; National Environmental Policy Act, 42 U.S.C. § 4321 et seq.; regulations of the United States Environmental Protection Agency and any applicable rule of common law and any judicial
interpretation thereof relating primarily to environmental protection or Hazardous Materials. 
 “EPR” has the meaning
provided in the introduction of this Agreement. 
 “EPR Mortgagor” means a party which borrows pursuant to the terms of an
EPR Senior Property Loan, which loan is secured by an EPR Senior First Mortgage and is otherwise evidenced by the EPR Senior Property Loan Documents. 

“EPR Senior First Mortgage(s)” means a first priority senior mortgage granted to a Subsidiary Borrower (or an Eligible
Canadian 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 liens for unpaid taxes, assessments and the like, not yet due and
payable and liens on equipment and the like owned or leased by the EPR Mortgagor which are permitted pursuant to the terms of the related EPR Senior Property Loan Documents, consisting of purchase money liens or liens on capital leases. 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” means a first priority mortgage loan made to the owner of any real estate and improvements
thereon. 
 “EPR Senior Property Loan Documents” means, collectively, a promissory note from an EPR Mortgagor to a
Subsidiary Borrower (or an Eligible Canadian 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 such Subsidiary Borrower (or, as
applicable, such Eligible Canadian Subsidiary) and any other documents or instruments delivered to a Subsidiary Borrower (or an Eligible Canadian 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. 
 “Equity Interest” means, with respect to any Person, any
share of capital stock of (or other ownership or profit interests in) such Person, any warrant, option or other right for the purchase or other acquisition from such Person of any share of capital stock of (or other ownership or profit interests in)
such Person, any security convertible into or exchangeable for any share of capital stock of (or other ownership or profit interests in) such Person or warrant, right or option for the purchase or other acquisition from such Person of such shares
(or such other interests), and any other ownership or profit interest in such Person (including, without limitation, partnership, member or trust interests therein), whether voting or nonvoting, and whether or not such share, warrant, option, right
or other interest is authorized or otherwise existing on any date of determination. 

  
 - 13 - 

 “Equity Issuance” means the issuance and sale after the Effective Date by any of
EPR or its Subsidiaries of any equity securities of EPR or its Subsidiaries to any Person who is not EPR or one of its Subsidiaries, including without limitation pursuant to the exercise of options or warrants or pursuant to the conversion of any
debt securities to equity. 
 “ERISA” means the Employee Retirement Income Security Act of 1974, as in effect from time to
time. 
 “ERISA Group” means the Borrowers, any other Subsidiary and all members of a controlled group of corporations and
all trades or businesses (whether or not incorporated) under common control which, together with any Borrower or any other Subsidiary, are treated as a single employer under Section 414 of the Internal Revenue Code. 

“ERISA Reportable Event” means a reportable event with respect to a Guaranteed Pension Plan within the meaning of
Section 4043 of ERISA and the regulations promulgated thereunder as to which the requirement of notice has not been waived. 

“Event of Default” means any of the events specified in Section 10.1, provided that any requirement for notice or
lapse of time or any other condition has been satisfied. 
 “Excluded FATCA Tax” means any tax, assessment or other
governmental charge imposed under FATCA that would not have been imposed but for a failure by a Lender (or any financial institution through which any payment is made to such Lender) to comply with the requirements of FATCA. 

“Exhibitor EBITDAR” shall be determined as follows: 

(a) The actual EBITDA of the exhibitor/tenant at an Unencumbered Property, which EBITDA is derived specifically from said Unencumbered
Property, plus the rent expense of that exhibitor/tenant at said Unencumbered Property (the “Actual Exhibitor EBITDAR”). The Agent and Lenders recognize that the Borrowers (or, as applicable, any Eligible Canadian Subsidiaries) are
not entitled to receive full financial disclosure of the income statement of an exhibitor/tenant, which would allow the calculation of Actual Exhibitor EBITDAR, but may receive such information as a courtesy. 

(b) In the event that Actual Exhibitor EBITDAR is not available, then the calculation of Exhibitor EBITDAR shall be based upon the actual
trailing 4 quarters revenue of the exhibitor/tenant at said Unencumbered Property multiplied by an assumed Exhibitor EBITDAR margin of thirty-six percent (36%) (the “Assumed Exhibitor EBITDAR”). 

(c) In the event that Actual Exhibitor EBITDAR and Assumed Exhibitor EBITDAR are not available, then the calculation of Exhibitor EBITDAR
shall be based upon the trailing 4 quarters box office receipts of the exhibitor/tenant at said Unencumbered Property as determined by Rentrak (or, if Rentrak is unavailable, by a similar box office sales tracking system), divided by .70, to arrive
at total revenues, and multiplied by an assumed Exhibitor EBITDAR margin of thirty-six percent (36%). 

  
 - 14 - 

 (d) Notwithstanding anything to the contrary contained herein, but subject to the defined term
Underwriteable Cash Flow, for any exhibitor/tenant theatre which has been in operation for less than four (4) quarters, Exhibitor EBITDAR shall be deemed to equal the Unencumbered Property Net Operating Income for such Unencumbered Property.

 Further, notwithstanding anything to the contrary contained herein, where there is an assumed Exhibitor EBITDAR margin of thirty-six
percent (36%), such margin shall be assumed, provided however, in the event that Agent determines in good faith that a thirty-six percent (36%) Exhibitor EBITDAR margin is no longer accurate, it may, from time to time, adjust the assumed
Exhibitor EBITDAR margin for purposes of this calculation. 
 “Existing Agreements” has the meaning set forth in the
Preamble hereto. 
 “Existing Revolving Agreement” has the meaning set forth in the Preamble hereto 

“Existing Term Agreement” has the meaning set forth in the Preamble hereto. 

“Facility” means, collectively, the credit facilities described herein with respect to the Loans up to the Facility Amount.

 “Facility Amount” means the aggregate amount of the initial $1,000,000,000.00 Facility, consisting of the Revolving
Facility Amount and the Term Facility Amount, plus any increase thereto pursuant to Section 2.14, and less any decrease to the Revolving Credit Facility Amount pursuant to Section 2.10. 

“Family Entertainment Centers” means family entertainment real estate as so classified by the Borrower Representative, and
including, without limitation, EPR Senior Property Loans secured by EPR Senior First Mortgages on such properties. 

“FATCA” means Sections 1471 through 1474 of the Code (as of the date hereof) and any regulations or official interpretations
thereof (including any Revenue Ruling, Revenue Procedure, Notice or similar guidance issued by the U.S. Internal Revenue Service thereunder as a precondition to relief or exemption from Taxes under such provisions); provided that FATCA shall also
include any amendments to Sections 1471 through 1474 of the Code and any regulations or official interpretations thereof if, as amended, FATCA provides a commercially reasonable mechanism to avoid the tax imposed thereunder by satisfying the
information reporting and other requirements of FATCA. 
 “Federal Funds Rate” means, for any day, the rate per annum
(rounded upward to the nearest 1/100th of 1%) equal to the weighted average of the rates on overnight Federal funds transactions with members of the Federal Reserve System arranged by Federal funds brokers on such day, as published by the Federal
Reserve Bank of New York on the Business Day next succeeding such day, provided that (a) if such day is not a Business Day, the Federal Funds Rate for such day shall be such rate on such transactions on the next preceding Business Day, and
(b) if no such rate is so published on such next succeeding Business Day, the Federal Funds Rate for such day shall be the average rate quoted to the Agent by federal funds dealers selected by the Agent on such day on such transaction as
determined by the Agent. 

  
 - 15 - 

 “Fees” means the fees and commissions provided for or referred to in
Section 3.6 and any other fees payable by the Borrowers hereunder or under any other Loan Document. 
 “FFO”
means with respect to EPR on a Consolidated basis, “funds from operations” as defined in accordance with resolutions adopted by the Board of Governors of the National Association of Real Estate Investment Trusts as in effect on the
Effective Date, and as amended from time to time (subject, however, to the provisions of Section 1.2(b)), plus, to the extent deducted from funds from operations, the sum of (a) transaction costs and acquisition related
expenses which are required to be deducted from net income under FASB ASC Topic 805 on Business Combinations, (b) provisions for loan losses, (c) preferred equity redemption charges, (d) costs associated with loan refinancings or
pay-offs, (e) losses on land sales, (f) deferred income taxes, and (g) severance expense, and minus, to the extent included in funds from operations, any gains from forgiveness of indebtedness and any gains on land sales. 

“Fitch” means Fitch, Inc., and its successors. 

“Fixed Charges” means, for the most recent quarter ended, the aggregate of Debt Service plus any preferred dividends. 

“Foreign Lender” means any Lender that is organized under the laws of a jurisdiction other than the United States of America,
any State thereof or the District of Columbia. 
 “GAAP” means principles that are (a) consistent with the principles
promulgated or adopted by the Financial Accounting Standards Board and its predecessors (“FASB”), as in effect from time to time and (b) consistently applied with past financial statements of the Person adopting the same
principles; provided that a certified public accountant would, insofar as the use of such accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than a qualification regarding changes in generally accepted
accounting principles) as to financial statements in which such principles have been properly applied. 
 “Governmental
Approvals” means all authorizations, consents, approvals, licenses and exemptions of, registrations and filings with, and reports to, all Governmental Authorities. 

“Governmental Authority” means any national, state or local government (whether domestic or foreign), any political
subdivision thereof or any other governmental, quasi-governmental, judicial, public or statutory instrumentality, authority, body, agency, bureau, commission, board, department or other entity (including, without limitation, the Federal Deposit
Insurance Corporation, the Comptroller of the Currency or the Federal Reserve Board, any central bank or any comparable authority) or any arbitrator with authority to bind a party at law. 

“Guaranteed Pension Plan” means any employee pension benefit plan within the meaning of Section 3(2) of ERISA maintained
or contributed to by the Borrowers or any ERISA Affiliate the benefits of which are guaranteed on termination in full or in part by the PBGC pursuant to Title IV of ERISA, other than a Multiemployer Plan. 

  
 - 16 - 

 “Guaranty”, “Guaranteed”, “Guarantying” or to
“Guarantee” as applied to any obligation means and includes: (a) a guaranty (other than by endorsement of negotiable instruments for collection or deposit in the ordinary course of business), directly or indirectly, in any
manner, of any part or all of such obligation, or (b) an agreement, direct or indirect, contingent or otherwise, and whether or not constituting a guaranty, the practical effect of which is to assure the payment or performance (or payment of
damages in the event of nonperformance) of any part or all of such obligation whether by: (i) the purchase of securities or obligations, (ii) the purchase, sale or lease (as lessee or lessor) of property or the purchase or sale of services
primarily for the purpose of enabling the obligor with respect to such obligation to make any payment or performance (or payment of damages in the event of nonperformance) of or on account of any part or all of such obligation, or to assure the
owner of such obligation against loss, (iii) the supplying of funds to or in any other manner investing in the obligor with respect to such obligation, (iv) repayment of amounts drawn down by beneficiaries of letters of credit, or
(v) the supplying of funds to or investing in a Person on account of all or any part of such Person’s obligation under a Guaranty of any obligation or indemnifying or holding harmless, in any way, such Person against any part or all of
such obligation. 
 “Hazardous Materials” means all or any of the following: (a) substances that are defined or listed
in, or otherwise classified pursuant to, any applicable Environmental Laws as “hazardous substances”, “hazardous materials”, “hazardous wastes”, “toxic substances” or any other formulation intended to define,
list or classify substances by reason of deleterious properties such as ignitability, corrosivity, reactivity, carcinogenicity, reproductive toxicity, “TCLP” toxicity or “EP toxicity”; (b) oil, petroleum or petroleum derived
substances, natural gas, natural gas liquids or synthetic gas and drilling fluids, produced waters and other wastes associated with the exploration, development or production of crude oil, natural gas or geothermal resources; (c) any flammable
substances or explosives or any radioactive materials; (d) asbestos in any form; (e) toxic mold; and (f) electrical equipment which contains any oil or dielectric fluid containing levels of polychlorinated biphenyls in excess of fifty
(50) parts per million. 
 “Increase Effective Date” has the meaning set forth in Section 2.14(d). 

“Increase Option” has the meaning set forth in Section 2.14(a). 

“Indebtedness” means, at any date, without duplication, all obligations, contingent and otherwise, direct or indirect, in
respect of (a) all obligations of such Person for borrowed money; (b) all obligations of such Person evidenced by bonds, debentures, notes or other similar instruments; (c) all obligations of such Person to pay the deferred purchase
price of property or services, except trade accounts payable arising in the ordinary course of business; (d) all Capitalized Lease Obligations; (e) all obligations of such Person to reimburse any bank or other Person in respect of amounts
payable under a banker’s acceptance; (f) all Redeemable Preferred Stock of such Person (in the event such Person is a corporation); (g) all obligations of such Person to reimburse any bank or other Person in respect of amounts paid or
to be paid under a letter of credit or similar instrument; (h) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not such Indebtedness is assumed by such Person; (i) all obligations of such Person with
respect to interest rate protection agreements, foreign currency exchange agreements or other hedging arrangements (valued as the termination value thereof computed in 

  
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accordance with a method approved by the International Swap Dealers Association and agreed to by such Person in the applicable hedging agreement, if any); and (j) all Indebtedness of others
Guaranteed by such Person. 
 “Indemnified Costs” has the meaning given that term in Section 12.9(a). 

“Indemnified Party” has the meaning given that term in Section 12.9(a). 

“Index Debt” means senior, unsecured, long-term indebtedness for borrowed money of EPR that is not guaranteed by any other
Person (other than Subsidiaries of EPR) or subject to any other credit enhancement. 
 “Intellectual Property” has the
meaning given that term in Section 6.1(t). 
 “Interest Period” means with respect to any LIBOR Loan, each period
commencing on the date such LIBOR Loan is made or the last day of the next preceding Interest Period for such Loan and ending 1, 2, 3 and 6 months thereafter (subject to availability on behalf of all the Lenders), as the Borrowers may select in a
Notice of Borrowing, Notice of Continuation or Notice of Conversion, as the case may be, except that each Interest Period that commences on the last Business Day of a calendar month, or on a day for which there is no corresponding day in the
appropriate subsequent calendar month, shall end on the last Business Day of the appropriate subsequent calendar month. Notwithstanding the foregoing: (a) if any Interest Period would otherwise end after the Termination Date for such Loan, such
Interest Period shall end on the Termination Date for such Loan; and (b) each Interest Period that would otherwise end on a day which is not a Business Day shall end on the immediately following Business Day (or, if such immediately following
Business Day falls in the next calendar month, on the immediately preceding Business Day). 
 “Internal Revenue Code” means
the Internal Revenue Code of 1986, as amended. 
 “Investment” means, with respect to any Person, all shares of capital
stock, evidences of Indebtedness and other securities issued by any other Person and owned by such Person, all loans, advances, or extensions of credit to, or contributions to the capital of, any other Person, all purchases of the securities or
business or integral part of the business of any other Person and commitments and options to make such purchases, all interests in real property, and all other investments; provided, however, that the term “Investment”
shall not include (i) equipment, inventory and other tangible personal property acquired in the ordinary course of business, or (ii) current trade and customer accounts receivable for services rendered in the ordinary course of business
and payable in accordance with customary trade terms. In determining the aggregate amount of Investments outstanding at any particular time: (a) there shall be included as an Investment all interest accrued with respect to Indebtedness
constituting an Investment unless and until such interest is paid; (b) there shall be deducted in respect of each Investment any amount received as a return of capital; (c) there shall not be deducted in respect of any Investment any
amounts received as earnings on such Investment, whether as dividends, interest or otherwise, except that accrued interest included as provided in the foregoing clause (a) may be deducted when paid; and (d) there shall not be deducted in
respect of any Investment any decrease in the value thereof. 

  
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 “Joinder Agreement” means a Joinder Agreement substantially in the form of
Exhibit H. 
 “KeyBank” means KeyBank National Association, together with its successors and assigns. 

“LC Commitment Amount” equals $100,000,000.00. 

“LC Disbursement” means a payment made by the Agent pursuant to a Letter of Credit. 

“LC Exposure” means, at any time, the sum of (a) the aggregate undrawn amount of all outstanding Letters of Credit at
such time plus (b) the aggregate amount of all LC Disbursements that have not yet been reimbursed by or on behalf of the Borrowers at such time. The LC Exposure of any Revolving Credit Lender at any time shall be its applicable Revolving
Commitment Percentage of the total LC Exposure at such time. 
 “Lease” means any leases, license and agreement relating to
the use or occupation of space in any Building or of any Real Estate including without limitation any ground leases therefor (collectively, the “Leases”). 

“Lender” means each financial institution from time to time party hereto as a “Lender”, together with its
respective successors and permitted assigns. 
 “Lending Office” means, for each Lender and for each Type of Loan, the
office of such Lender specified as such on its signature page hereto or in the applicable Assignment and Assumption Agreement, or such other office of such Lender of which such Lender may notify the Agent in writing from time to time. 

“Letter of Credit” means any standby letter of credit issued by the Agent at the request of the Borrowers and for the account
of EPR or one of its Subsidiaries in accordance with Section 2.2. 
 “Leverage Ratio” means the percentage
determined by dividing the Total Debt by the Total Asset Value. 
 “LIBOR” means, as applicable to any Interest Period for
any LIBOR Loan, the rate per annum as determined on the basis of the offered rates for deposits in Dollars, for the period of time comparable to such Interest Period which appears on the Reuters Screen LIBOR Page as of 11:00 a.m. London time on the
day that is two (2) Business Days preceding the first day of such Interest Period; provided, however, if the rate described above does not appear on such page on any applicable interest determination date, LIBOR shall be the rate for deposits
in Dollars for a period substantially equal to the Interest Period on the Reuters Page “LIBO” (or such other page as may replace the LIBO Page on that service for the purpose of displaying such rates), as of 11:00 a.m. (London Time), on
the day that is two (2) Business Days prior to the beginning of such Interest Period. If the Reuters system is unavailable, then the rate for that date will be determined on the basis of the offered rates for deposits in Dollars for a period of
time comparable to such Interest Period which are offered by four major banks in the London interbank market at approximately 11:00 a.m. London time, on the day that is two (2) Business 

  
 - 19 - 

 
Days preceding the first day of such Interest Period as selected by Agent. The principal London office of each of the four major London banks will be requested to provide a quotation of its U.S.
dollar deposit offered rate. If at least two such quotations are provided, the rate for that date will be the arithmetic mean of the quotations. If fewer than two quotations are provided, the rate for that date will be determined on the basis of the
rates quoted for loans in Dollars to leading European banks for a period of time comparable to such Interest Period offered by major banks in New York City at approximately 11:00 a.m. (New York City time), on the day that is two (2) Business
Days preceding the first day of such Interest Period. In the event that Agent is unable to obtain any such quotation as provided above, it will be deemed that LIBOR pursuant to a LIBOR Loan cannot be determined and the provisions of
Section 4.2 shall apply. Notwithstanding the foregoing if LIBOR shall be less than zero, such rate shall be deemed zero for purposes of this Agreement. 

“LIBOR Loan” means a Loan bearing interest at a rate based on LIBOR. 

“LIBOR Revolving Loan” means a Revolving Credit Loan which is a LIBOR Loan. 

“LIBOR Term Loan” means a Term Loan which is a LIBOR Loan. 

“Lien(s)” as applied to the property of any Person means: (a) any security interest, encumbrance, mortgage, deed to
secure debt, deed of trust, assignment of leases and rents, pledge, lien, charge or lease constituting a Capitalized Lease Obligation, conditional sale or other title retention agreement, or other security title or encumbrance of any kind in respect
of any property of such Person, or upon the income, rents or profits therefrom; (b) any arrangement, express or implied, under which any property of such Person is transferred, sequestered or otherwise identified for the purpose of subjecting
the same to the payment of Indebtedness or performance of any other obligation in priority to the payment of the general, unsecured creditors of such Person; (c) the filing of any financing statement under the Uniform Commercial Code or its
equivalent in any jurisdiction, other than any precautionary filing not otherwise constituting or giving rise to a Lien, including a financing statement filed (i) in respect of a lease not constituting a Capitalized Lease Obligation pursuant to
Section 9-505 (or a successor provision) of the Uniform Commercial Code or its equivalent as in effect in an applicable jurisdiction or (ii) in connection with a sale or other disposition of accounts or other assets not prohibited by this
Agreement in a transaction not otherwise constituting or giving rise to a Lien; and (d) any agreement by such Person to grant, give or otherwise convey any of the foregoing. 

“Loan” means a loan made by a Lender to any Borrower pursuant to Section 2.1(a) or Section 2.1(b),
and “Loans” the aggregate of all such Loans outstanding from time to time. 
 “Loan Document(s)” means
this Agreement, each Note and each other document or instrument now or hereafter executed and delivered by a Borrower in connection with, pursuant to or relating to this Agreement. 

“Material Adverse Effect” means a material adverse effect on (a) the business, properties, assets, condition (financial
or otherwise) or results of operations of EPR and its Subsidiaries considered as a whole; (b) the ability of the Borrowers to perform their respective obligations under the Loan Documents; or (c) the validity or enforceability of any of
the Loan Documents or the rights or remedies of Agent or the Lenders thereunder. 

  
 - 20 - 

 “Material Contract” means any contract or other arrangement (other than Loan
Documents), whether written or oral, to which EPR or any of its Subsidiaries is a party as to which the breach, nonperformance, cancellation or failure to renew by any party thereto could reasonably be expected to have a Material Adverse Effect.

 “Material Acquisition” means the acquisition of assets (including the assets of any Person whose equity interests are
acquired) after the Agreement Date, in a single transaction or a series of related transactions, with a total cost that is more than ten percent (10%) of the Total Asset Value based on the most recent Compliance Certificate submitted prior to
such acquisition. 
 “Megaplex Movie Theatre(s)” means a theater constructed or substantially remodeled subsequent to 1995
for the showing of first run motion pictures which theater contains multiple screens, digital sound and enhanced seat design. 

“Minority Interest” means as to any Person, an ownership or other equity investment in any other Person, which investment is
not consolidated with the accounts of such Person in accordance with GAAP. 
 “Moody’s” means Moody’s Investors
Service, Inc., and its successors. 
 “Multiemployer Plan” means at any time a multiemployer plan within the meaning of
Section 4001(a)(3) of ERISA to which any member of the ERISA Group is then making or accruing an obligation to make contributions or has within the preceding five plan years made contributions, including for these purposes any Person which
ceased to be a member of the ERISA Group during such five year period. 
 “Net Equity Proceeds” means the aggregate
consideration received by EPR and/or any of its Subsidiaries in respect of any Equity Issuance, net of (a) direct costs (including, without limitation, legal, accounting and investment banking fees and sales commissions) and (b) taxes paid
or payable as a result thereof; it being understood, (i) that “Net Equity Proceeds” shall include, without limitation, any cash received upon the sale or other disposition of any non-cash consideration received by EPR and/or
any of its Subsidiaries in any Equity Issuance, and (ii) that “Net Equity Proceeds” shall not include cash proceeds that are applied within thirty (30) days of the date of the related Equity Issuance to retire capital
stock. 
 “Net Income (or Loss)” means with respect to any Person (or any asset of any Person) for any period, the net
income (or loss) of such Person (or attributable to such asset), determined in accordance with GAAP. The net income (or loss) of a Person shall include, without duplication, the allocable share of the net income (or loss) of any other Person in
which a Minority Interest is owned by such Person based on the ownership of such Person in such other Person. 
 “Net Rentable
Area” means with respect to any Real Estate, the number of square feet of floor area of any buildings, structures or improvements available for leasing to tenants determined in accordance with the Rent Roll for such Real Estate, the manner
of such determination to be reasonably consistent for all Real Estate of the same type unless otherwise approved by the Agent. 

  
 - 21 - 

 “Note(s)” means has the meaning given that term in Section 2.9(a).

 “Notice of Borrowing” means a notice in the form of Exhibit B to be delivered to the Agent pursuant to
Section 2.1(a) or Section 2.1(b), as applicable, evidencing the Borrowers’ request for a borrowing of Loans. 

“Notice of Continuation” means a notice in the form of Exhibit C to be delivered to the Agent pursuant to
Section 2.7 evidencing the Borrowers’ request for the Continuation of a LIBOR Loan. 
 “Notice of
Conversion” means a notice in the form of Exhibit D to be delivered to the Agent pursuant to Section 2.8 evidencing the Borrowers’ request for the Conversion of a Loan from one Type to another Type. 

“Obligation(s)” means all indebtedness, obligations and liabilities of the Borrowers to any of the Lenders or the Agent,
individually or collectively, under this Agreement or any of the other Loan Documents or in respect of any of the Loans, the Notes, the Letters of Credit or other instruments at any time evidencing any of the foregoing, whether existing on the date
of this Agreement or arising or incurred hereafter, direct or indirect, joint or several, absolute or contingent, matured or unmatured, liquidated or unliquidated, secured or unsecured, arising by contract, operation of law or otherwise. 

“OFAC” means U.S. Department of the Treasury’s Office of Foreign Assets Control and any successor Governmental
Authority. 
 “Participant” has the meaning given that term in Section 12.5(c). 

“Patriot Act” means the USA Patriot Act (Title III or Pub. L. 107-56 (signed into law October 26, 2001)), as amended
from time to time, and any successor statute. 
 “PBGC” means the Pension Benefit Guaranty Corporation and any successor
agency. 
 “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 time required to be paid or discharged under
Section 7.6.; (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 

  
 - 22 - 

 
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 Agent for the benefit of the Lenders; (f) intercompany Liens among EPR and its Subsidiaries securing intercompany
obligations among such Persons that have been subordinated to the Obligations on terms satisfactory to the Agent; (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 10.1(k); (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 Unencumbered Property provided that such Liens secure Indebtedness or other obligations that may be incurred or maintained
without violating Section 9.1 or Section 9.3 or any other provision of this Agreement, including, without limitation, Liens in existence as of the Agreement Date and set forth in Schedule 6.1(f) and any
renewals or refinancings thereof. 
 “Person” means any individual, corporation, limited liability company, partnership,
trust, unincorporated association, business, or other legal entity, and any government or any governmental agency or political subdivision thereof, including but not limited to the Borrowers. 

“Plan” means at any time an employee pension benefit plan (other than a Multiemployer Plan) which is covered by Title IV of
ERISA or subject to the minimum funding standards under Section 412 of the Internal Revenue Code and either (a) is maintained, or contributed to, by any member of the ERISA Group for employees of any member of the ERISA Group or
(b) has at any time within the preceding five years been maintained, or contributed to, by any Person which was at such time a member of the ERISA Group for employees of any Person which was at such time a member of the ERISA Group. 

“Post-Default Rate” means, in respect of any principal of any Loan or any other Obligation that is not paid when due (whether
at stated maturity, by acceleration, by optional or mandatory prepayment or otherwise), a rate per annum equal to the rate that would otherwise be applicable at such time plus three percent (3.0%). 

“Potential Unencumbered Property” means any property of a Borrower (or an Eligible Canadian Subsidiary) which is not at the
time included in the Unencumbered Pool and which consists of (i) Eligible Real Estate, or (ii) Real Estate which is capable of becoming Eligible Real Estate through the approval of the Agent and the completion and delivery of Eligible Real
Estate Qualification Documents. 
 “Prime Rate” means the rate of interest per annum announced publicly by the Lender then
acting as the Agent as its prime rate from time to time. The Prime Rate is not necessarily the best or the lowest rate of interest offered by the Lender acting as the Agent or any other Lender. 

“Principal Office” means the office of the Agent located at 225 Franklin Street, Boston, Massachusetts, or such other office
of the Agent as the Agent may designate from time to time. 

  
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 “Rating Agency” means each of Moody’s, S&P and Fitch. 

“Real Estate” means all real property (including any improvements, fixtures, equipment and related tangible personal
property) in which EPR or any of its Subsidiaries has a fee, leasehold, mortgage or other interest, including, without limitation, the Unencumbered Properties. 

“Recreation Real Estate” means recreational real estate as so classified by the Borrower Representative including ski
facilities, waterparks, amusement parks, golf entertainment centers and similar recreational venues (including, but not limited to, EPR Senior Property Loans secured by EPR Senior First Mortgages on such properties). 

“Redeemable Preferred Stock” means any preferred stock issued by a Person which is at any time prior to the Termination Date
either (i) mandatorily redeemable (by sinking fund or similar payments or otherwise) or (ii) redeemable at the option of the holder thereof. 

“Register” has the meaning given that term in Section 12.5(e). 

“Regulatory Change” means, with respect to any Lender, any change effective after the Agreement Date in Applicable Law
(including without limitation, Regulation D of the Board of Governors of the Federal Reserve System) or the adoption or making after such date of any interpretation, directive or request applying to a class of banks, including such Lender, of or
under any Applicable Law (whether or not having the force of law and whether or not failure to comply therewith would be unlawful) by any Governmental Authority or monetary authority charged with the interpretation or administration thereof or
compliance by any Lender with any request or directive regarding capital adequacy or liquidity; notwithstanding anything herein to the contrary, (a) the Dodd-Frank Wall Street Reform and Consumer Protection Act and all requests, rules,
guidelines or directives thereunder or issued in connection therewith and (b) all requests, rules, guidelines or directives promulgated by the Bank for International Settlements, the Basel Committee on Banking Supervision (or any successor or
similar authority) or the United States or foreign regulatory authorities, in each case pursuant to Basel III, shall in each case be deemed to be a “Regulatory Change”, regardless of the date enacted, adopted or issued. 

“Reimbursement Obligations” has the meaning given that term in Section 2.2(d). 

“REIT” means a Person qualifying for treatment as a “real estate investment trust” under the Internal Revenue Code.

 “REIT Status” means with respect to EPR its status as a real estate investment trust as defined in Section 856(a)
of the Internal Revenue Code. 
 “Rent Roll” means a report prepared by the Borrowers showing for each Unencumbered
Property owned or leased by a Subsidiary Borrower (or, as applicable, an Eligible Canadian Subsidiary) its occupancy, lease expiration dates, lease rent and other information in substantially the form presented to the Lenders prior to the date
hereof or in such other form as may have been approved by the Agent. 

  
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 “Replacement Reserve” means (i) with respect to any Real Estate owned or
leased by a Borrower (or, as applicable, an Eligible Canadian Subsidiary), an amount equal to twenty cents ($.20) per annum multiplied by the Net Rentable Area of such Real Estate, and (ii) with respect to any Real Estate that is subject to an
EPR Senior First Mortgage, an amount equal to twenty cents ($.20) per annum multiplied by Borrowers’ 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. 
 “Required Lenders” means, as of any date, Lenders having greater than 50% of
the aggregate amount of the sum of (a) the Revolving Credit Commitments (not held by Defaulting Lenders who are not entitled to vote), or, if the Revolving Credit Commitments have been terminated or reduced to zero, the principal amount of the
aggregate outstanding Revolving Credit Loans (not held by Defaulting Lenders who are not entitled to vote), (b) if the Term Loan Commitments have not been terminated or reduced to zero, the Term Loan Commitments (not held by Defaulting Lenders
who are not entitled to vote), and (c) the principal amount of the aggregate outstanding Term Loans (not held by Defaulting Lenders who are not entitled to vote). Commitments and Loans held by Defaulting Lenders shall be disregarded when
determining the Required Lenders. 
 “Required Revolving Credit Lenders” means, as of any date, Revolving Credit Lenders
having greater than 50% of the aggregate amount of the Revolving Credit Commitments (not held by Defaulting Lenders who are not entitled to vote), or, if the Revolving Credit Commitments have been terminated or reduced to zero, Lenders holding
greater than 50% of the principal amount of the aggregate Revolving Credit Exposure (not held by Defaulting Lenders who are not entitled to vote). Revolving Credit Commitments and Revolving Credit Exposure held by Defaulting Lenders shall be
disregarded when determining the Required Revolving Credit Lenders. 
 “Required Term Lenders” means, as of any date, Term
Lenders having greater than 50% of the aggregate amount of the sum of (a) if the Term Loan Commitments have not been terminated or reduced to zero, the Term Loan Commitments (not held by Defaulting Lenders who are not entitled to vote), and
(b) the principal amount of the aggregate Term Loans (not held by Defaulting Lenders who are not entitled to vote). Term Loan Commitments and Term Loans held by Defaulting Lenders shall be disregarded when determining the Required Term Lenders.

 “Responsible Officer” means with respect to a Borrower or any other Subsidiary, the chief executive officer and the
chief financial officer of such Borrower or such Subsidiary. 
 “Revolving Commitment Percentage” means, as to each
Revolving Credit Lender, the ratio, expressed as a percentage, of (a) the amount of such Revolving Credit Lender’s Revolving Credit Commitment to (b) the aggregate amount of the Revolving Credit Commitments of all Revolving Credit
Lenders; provided, however, that if at the time of determination the Revolving Credit Lender’s Revolving Credit Commitments have terminated or been reduced to zero (0), the “Revolving Commitment Percentage” of each Revolving
Credit Lender shall be the Revolving Commitment Percentage of such Revolving Credit Lender in effect immediately prior to such termination or reduction. 

  
 - 25 - 

 “Revolving Credit Commitment” means, as to each Revolving Credit Lender, its
obligation to (a) make Revolving Credit Loans to the Borrowers pursuant to Section 2.1(b), and (b) purchase participations in LC Exposures, in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule
CA attached hereto as such Lender’s “Revolving Credit Commitment Amount” or as set forth in the applicable Assignment and Assumption Agreement, as the same may be reduced from time to time pursuant to Section 2.10, or
increased from time to time pursuant to Section 2.14, or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 12.5. 

“Revolving Credit Exposure” means, at any time, the sum of (a) the aggregate Revolving Credit Loans held by the
Revolving Credit Lenders and (b) the LC Exposure of the Revolving Credit Lenders. 
 “Revolving Credit Facility”
means, at any time, the Revolving Credit Loans and Letters of Credit which the Revolving Credit Lenders and Agent have agreed to make or issue in accordance with the terms of this Agreement in the aggregate amount of the Revolving Credit
Lenders’ Revolving Credit Commitments at such time. 
 “Revolving Credit Facility Amount” means the initial
$650,000,000.00 unsecured revolving facility, plus any increase thereto pursuant to Section 2.14. 
 “Revolving Credit
Lender” means any Lender that has a Revolving Credit Commitment. 
 “Revolving Credit Loan” has the meaning
specified in Section 2.1(b). 
 “Revolving Credit Note” means a promissory note made by the Borrower in favor
of a Revolving Credit Lender evidencing Revolving Credit Loans made by such Revolving Credit Lender. 
 “Revolving Credit
Termination Date” means the earliest of (a) the date on which the Revolving Credit Commitments are reduced to zero under Section 2.10, (b) April 24, 2019, such date being subject to (i) extension pursuant to
Section 2.16 or (ii) modification pursuant to Section 2.14(e)(vi) with respect to any new revolving tranche created under any Increase Option affecting the Revolving Credit Facility, or (c) the date on which the
Revolving Credit Commitments are terminated pursuant to Section 10.3. 
 “Sanctioned Entity” means (a) an
agency, political subdivision, or instrumentality of the government of, (b) an organization directly or indirectly controlled by or (c) a Person or group resident in, in each case, a country that is subject to Sanctions. 

“Sanctioned Person” means a Person or group named on the list of Specially Designated Nationals or Blocked Persons maintained
by the OFAC as published from time to time or any Sanctions-related list of designated Persons maintained by OFAC or the U.S. Department of State, the United Nations Security Council, the European Union, or any EU member state. 

“Sanctions” means economic or financial sanctions or trade embargoes imposed, administered or enforced from time to time by
(a) the U.S. government, including those administered by OFAC or the U.S. Department of State or (b) the United Nations Security Council, the European Union or Her Majesty’s Treasury of the United Kingdom. 

  
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 “Secured Indebtedness” means Indebtedness secured (via a pledge or otherwise) by
a Lien. 
 “Securities Act” means the Securities Act of 1933, as amended from time to time, together with all rules and
regulations issued thereunder. 
 “Solvent” means, when used with respect to any Person, that (a) the fair value and
the fair salable value of its assets (excluding any Indebtedness due from any affiliate of such Person) are each in excess of the fair valuation of its total liabilities (including all contingent liabilities computed at the amount which, in light of
all the facts and circumstances existing at such time, represents the amount that could reasonably be expected to become an actual and matured liability); (b) such Person is able to pay its debts or other obligations in the ordinary course as
they mature; and (c) such Person has capital not unreasonably small to carry on its business and all business in which it proposes to be engaged. 

“S&P” means Standard & Poor’s Rating Services, a division of The McGraw-Hill Companies, Inc., and its
successors. 
 “Stated Amount” means the amount available to be drawn by a beneficiary under a Letter of Credit from time
to time, as such amount may be increased or reduced from time to time in accordance with the terms of such Letter of Credit. 

“Subsidiary” (or, if more than one, “Subsidiaries”) means, for any Person, any corporation, partnership or
other entity of which at least a majority of the Equity Interests having by the terms thereof ordinary voting power to elect a majority of the board of directors or other individuals performing similar functions of such corporation, partnership or
other entity (without regard to the occurrence of any contingency) is at the time directly or indirectly owned or controlled by such Person or one or more Subsidiaries of such Person or by such Person and one or more Subsidiaries of such Person and
whose accounts are consolidated with those of such Person pursuant to GAAP. 
 “Subsidiary Borrowers” means, initially, the
entities described in Schedule 1.1(A) hereto, each of which is a Wholly-Owned Subsidiary of EPR, and, after the Effective Date, any other Wholly-Owned Subsidiary of EPR organized under the laws of one of the States of the United
States that becomes a Borrower hereunder in compliance with the provisions of Section 7.12. 
 “Syndication
Agents” has the meaning set forth in the Preamble hereto. 
 “Tangible Net Worth” means the equity of any Person
as determined in accordance with GAAP, less the total book value of all assets of such Person properly classified as intangible assets under generally accepted accounting principles, including such items as goodwill, the purchase price of acquired
assets in excess of the fair market value thereof, trademarks, trade names, service marks, brand names, copyrights, patents and licenses, and rights with respect to the foregoing. 

  
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 “Taxes” has the meaning given that term in Section 3.12. 

“Tenant” means a tenant of a Subsidiary Borrower (or, as applicable, an Eligible Canadian Subsidiary) which leases space in
an Unencumbered Property pursuant to a Lease. 
 “Term Lender” means any Lender that has a Term Loan Commitment.

 “Term Loan” has the meaning specified in Section 2.1(a). 

“Term Loan Commitment” means, as to each Term Lender, its obligation to make Term Loans to the Borrowers pursuant to
Section 2.1(a) , in an amount up to, but not exceeding, the amount set forth for such Lender on Schedule CA attached hereto as such Lender’s “Term Loan Commitment Amount” or as set forth in the applicable Assignment and
Assumption Agreement, or as increased from time to time pursuant to Section 2.14, or increased or reduced as appropriate to reflect any assignments to or by such Lender effected in accordance with Section 12.5. 

“Term Loan Commitment Percentage” means, as to each Term Lender, the ratio, expressed as a percentage, of (a) the amount
of such Term Lender’s Term Loan Commitment to (b) the aggregate amount of the Term Loan Commitments of all Term Lenders; provided, however, that if at the time of determination the Term Lender’s Term Loan Commitments have terminated
or been reduced to zero (0), the “Term Loan Commitment Percentage” of each Term Lender shall be the Term Loan Commitment Percentage of such Term Lender in effect immediately prior to such termination or reduction. 

“Term Loan Exposure” means the aggregate Term Loans held by the Term Lenders. 

“Term Loan Facility” means, at any time, the Term Loans which the Term Lenders have agreed to make in accordance with the
terms of this Agreement in the aggregate amount of the Term Lenders’ Term Loan Commitments at such time. 
 “Term Loan Facility
Amount” means the initial $350,000,000.00 unsecured term facility, plus any increase thereto pursuant to Section 2.14. 

“Term Loan Note” means a promissory note made by the Borrower in favor of a Term Lender evidencing Term Loans made by such
Term Lender. 
 “Term Loan Termination Date” means the earlier of (a) April 24, 2020, such date being subject to
modification pursuant to Section 2.14(e)(vi) with respect to any new term loan tranche created under any Increase Option affecting the Term Loan Facility, and (b) the date on which the Term Loan are accelerated pursuant to
Section 10.1. 
 “Termination Date” means the Revolving Credit Termination Date or the Term Loan Termination Date,
as the context may require. 
 “Third Party Information” means information provided by or in reliance on information
provided by Tenants, EPR Mortgagors or other independent sources acceptable to Agent, and upon which a Borrower (or, as applicable, an Eligible Canadian Subsidiary) relies and has no knowledge or reason to believe is false, inaccurate or misleading
in any respects. 

  
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 “Titled Agents” means each of the Syndication Agents, the Documentation Agents,
and the Arrangers, and their respective successors and permitted assigns. 
 “Total Asset Value” means without duplication,
the sum of: (1) unrestricted cash and marketable securities held by EPR and its Subsidiaries; plus (2) Total Real Estate Value; plus (3) non-income producing real estate at cost of EPR and its Subsidiaries, to the extent
not included in Total Real Estate Value, plus (4) Adelaar Value, plus (5) assets associated with Guarantees issued by EPR or one or more of its Subsidiaries, to the extent EPR 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. 

“Total Debt” means with respect to EPR and any of its Subsidiaries, without duplication, all Indebtedness, plus the face
amount of any undrawn letters of credit, plus any Contingent Obligations. 
 “Total Real Estate Value” means EBITDA of EPR
and its Subsidiaries for the most recent quarter, with pro forma adjustments for any assets acquired or sold during the relevant period, multiplied by four (4) (which is the annualization factor), and then divided by the applicable
capitalization rate. Such capitalization rate shall be 8% for all Entertainment Real Estate (including, without limitation, EPR Senior Property Loans secured by EPR Senior First Mortgages on Entertainment Real Estate), and 9% for assets that are not
Entertainment Real Estate. Any asset under construction with an executed Lease or EPR Senior First Mortgage will be included in Total Real Estate Value at EPR’s actual carrying value until construction is completed. 

“Type” with respect to any Loan, refers to whether such Loan is a LIBOR Loan or Base Rate Loan. 

“Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which
Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the consolidated financial
statements of such Person. 
 “Underwriteable Cash Flow” means (1) with respect to Unencumbered Property that is a
Megaplex Movie Theatre (whether subject to a Lease or an EPR Senior First Mortgage), determined and calculated per each (a) master lease, (b) tenant for those leases that contain cross default provisions, or (c) each lease if neither
(a) nor (b) apply, as the lesser of (A) the Unencumbered Property NOI for the trailing 4 quarter period, or (B) the Exhibitor’s EBITDAR for such Unencumbered Property(ies) for the trailing 4 quarter period, divided by 1.25
(provided, however, that, if a given Megaplex Movie Theatre has not been in operation for one year, part B will not apply); and (2) with respect to each Unencumbered Property(ies) that is not a Megaplex Movie Theatre, the Unencumbered Property
NOI for the most recently ended quarter and then annualized. 

  
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 “Unencumbered Asset Value” means with respect to the Unencumbered Properties,
the Aggregate Underwriteable Cash Flow 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% for any Entertainment
Real Estate, and (b) 9% for all Unencumbered Properties that are not Entertainment Real Estate. Any Unencumbered Pool asset 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 EPR’s carrying value until construction completion. 

“Unencumbered Mortgageability Amount” means, at any time, an amount equal to the quotient obtained by dividing the
Underwritable Cash Flow for the trailing four quarters by 2.0, and further dividing such quotient by the Deemed Rate. 

“Unencumbered Pool” means the Eligible Real Estate which has been approved for inclusion in the Unencumbered Pool. 

“Unencumbered Property” or “Unencumbered Properties” means the Eligible Real Estate owned or leased by
Subsidiary Borrower (or an Eligible Canadian Subsidiary) or subject to an EPR Senior First Mortgage, to be included in the calculation of the Unencumbered Pool, and which has been or is in the future approved by Agent in its reasonable discretion.
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 in Schedule 1.1(B) (collectively, the “Initial Eligible Real Estate”). Subsequent to the Effective Date
hereunder, the Borrowers may add other Eligible Real Estate or substitute other Eligible Real Estate for all or a portion of the Initial Eligible Real Estate subject to the compliance with the terms of this Agreement. 

“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 a Subsidiary Borrower (or, as applicable, an Eligible Canadian Subsidiary) in such period (provided however that any amounts accrued shall only
include those amounts not more than 45 days delinquent in arrears) for the 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 (i) all “property expenses” consisting solely of expenses incurred or accrued by a Subsidiary Borrower (or, as applicable, an Eligible Canadian Subsidiary) 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) actually paid by a Subsidiary Borrower (or, as
applicable, an Eligible Canadian Subsidiary), and (ii) an allowance for property management expenses calculated at the greater of (A) three percent (3.0%) of Base Rent or (B) 

  
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actual property management expenses (the “Management Expense”), and (iii) the Replacement Reserve (provided that the deduction described in this clause (iii) shall not
apply to Unencumbered Property consisting of land under development). If such period is less than a year, expenses described in clause (i) 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. In the event that information for the trailing
four (4) quarters or for any other period as may be required hereunder, is not available for an Unencumbered Property, then, if such Unencumbered Property is a new theatre or a new Lease executed by a Tenant and a Subsidiary Borrower (or, as
applicable, an Eligible Canadian Subsidiary) in connection with the acquisition of an Unencumbered Property, then for purposes of this calculation, “property revenues” shall mean the actual annual base rent on an effective triple net basis
for the Unencumbered Property, as provided for in the applicable Lease less the Management Expense and less the Replacement Reserve (or, in the case of an Unencumbered Property encumbered by an EPR Senior First Mortgage, “property
revenues” shall mean the actual interest income for the Unencumbered Property). Additionally, as the Unencumbered Property financial 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
“property expenses,” Management Expense and Replacement Reserves. 
 “Unencumbered Property Replacement” means
any substitution, replacement or addition of Unencumbered Property hereunder, pursuant to Section 7.12 or Section 10.2. 

“Uniform Commercial Code” or “UCC” means the Uniform Commercial Code as adopted by the State of New York.

 “Unsecured Indebtedness” means Indebtedness of EPR, on a Consolidated basis, which is not Secured Indebtedness. 

“Wholly Owned Subsidiary” means any Subsidiary of a Person in respect of which all of the equity securities or other
ownership interests (other than, in the case of a corporation, directors’ qualifying shares) are at the time directly or indirectly owned or controlled by such Person or one or more other Subsidiaries of such Person or by such Person and one or
more other Subsidiaries of such Person. 
 Section 1.2. General; References to Times. 

(a) GAAP. Except as otherwise expressly provided herein, all terms of an accounting or financial nature shall be construed in accordance
with GAAP, as in effect from time to time; provided that, if Borrowers notify Agent that Borrowers request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the application
thereof on the operation of such provision (or if Agent notifies Borrowers that Agent requests an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such change in GAAP or in the
application thereof, then such provision shall be interpreted on the basis of GAAP as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such provision amended in
accordance herewith. 

  
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 (b) FFO. If Borrowers notify Agent that the definition of FFO has been amended by the
Board of Governors of the National Association of Real Estate Investment Trusts after the date of this Agreement and that Borrowers request an amendment to any provision hereof to eliminate the effect of any change occurring after the date hereof in
FFO or in the application thereof on the operation of such provision (or if Agent notifies Borrowers that Agent requests an amendment to any provision hereof for such purpose), regardless of whether any such notice is given before or after such
change in FFO or in the application thereof, then such provision shall be interpreted on the basis of FFO as in effect and applied immediately before such change shall have become effective until such notice shall have been withdrawn or such
provision amended in accordance herewith. 
 (c) References. References in this Agreement to “Sections”, “§”,
“Articles”, “Exhibits” and “Schedules” are to sections, articles, exhibits and schedules herein and hereto unless otherwise indicated. References in this Agreement to any document, instrument or agreement (a) shall
include all exhibits, schedules and other attachments thereto, (b) shall include all documents, instruments or agreements issued or executed in replacement thereof, to the extent permitted hereby and (c) shall mean such document,
instrument or agreement, or replacement or predecessor thereto, as amended, supplemented, restated or otherwise modified as of the date of this Agreement and from time to time thereafter to the extent not prohibited hereby and in effect at any given
time. Wherever from the context it appears appropriate, each term stated in either the singular or plural shall include the singular and plural, and pronouns stated in the masculine, feminine or neuter gender shall include the masculine, the
feminine and the neuter. References herein to “including” or the like shall not be limiting and shall be interpreted as “including but not limited to”. Unless explicitly set forth to the contrary, a reference to
“Subsidiary” means a Subsidiary of EPR or a Subsidiary of such Subsidiary and a reference to an “Affiliate” means a reference to an Affiliate of EPR. Titles and captions of Articles, Sections, subsections and clauses in this
Agreement are for convenience only, and neither limit nor amplify the provisions of this Agreement. Unless otherwise indicated, all references to time are references to New York, New York time. 

Section 1.3. Property of Eligible Canadian Subsidiaries Included for Availability Purposes; No Liability. 

This Agreement provides that, subject to the terms and conditions set forth herein, Eligible Real Estate owned or leased by an Eligible
Canadian Subsidiary or subject to an EPR Senior First Mortgage in favor of an Eligible Canadian Subsidiary may be included in the Unencumbered Pool; and that such Eligible Real Estate is to be treated generally in the same manner as Eligible Real
Estate owned or leased by a Subsidiary Borrower or subject to EPR Senior First Mortgage in favor of a Subsidiary Borrower. In that regard, various representations, warranties and other provisions of this Agreement apply to an Eligible Canadian
Subsidiary that has an ownership, leasehold or mortgage interest in Eligible Real Estate included in the Unencumbered Pool or to such Eligible Real Estate. Notwithstanding the foregoing or anything else in the Loan Documents to the contrary, in no
event shall any Eligible Canadian Subsidiary be deemed a borrower under or a guarantor of this Agreement or the other Loan Documents or 

  
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otherwise have any liability with respect to this Agreement or the other Loan Documents. Without limiting the foregoing, no Eligible Canadian Subsidiary shall now or hereafter have any liability
with respect to the Obligations or as a result of any breach of any covenant, representation, warranty or other provision of this Agreement or any other Loan Document. 

ARTICLE II. – CREDIT FACILITY 

Section 2.1. Loans. 
 (a) The Term
Loan. Subject to the terms and conditions set forth herein, the Term Lenders severally agree to advance to the Borrowers up to the initial Term Facility Amount based on a Notice of Borrowing delivered by the Borrowers. Term Loan advances shall
be made on no more than three (3) occasions, with the Borrowers’ right to request Term Loan advances under this Section 2.1(a) terminating on July 24, 2015. The principal amount of any Term Loan paid or prepaid may not be
reborrowed. After giving effect to the advance of any Term Loan, the (A) Aggregate Credit Exposure outstanding shall not at any time exceed the lesser of (i) the Facility Amount, (ii) the aggregate Commitments, or (iii) the
Availability, and (B) the Term Loan Exposure shall not at any time exceed the lesser of (i) the Term Facility Amount, (ii) the aggregate Term Loan Commitments, or (iii) the Availability less the Revolving Credit Exposure. 

(b) The Revolving Credit Loan. Subject to the terms and conditions set forth herein, each Revolving Credit Lender agrees to make
Revolving Credit Loans to the Borrowers from time to time during the period from the Effective Date to the Revolving Credit Termination Date in an aggregate principal amount that will not result in such Revolving Credit Lender’s Revolving
Credit Exposure exceeding such Revolving Credit Lender’s Revolving Credit Commitment; provided however, that no Revolving Credit Lender shall be obligated to make a Revolving Credit Loan in excess of such Revolving Credit Lender’s
Revolving Commitment Percentage of the difference between (i) the Availability less the Term Loan Exposure, and (ii) the aggregate Revolving Credit Exposure of the Revolving Credit Lenders. Subject to the terms and conditions of this
Agreement, during the period from the Effective Date to but excluding the Revolving Credit Termination Date, the Borrowers may borrow, repay and reborrow Revolving Credit Loans hereunder. The (A) Aggregate Credit Exposure outstanding shall not
at any time exceed the lesser of (i) the Facility Amount, (ii) the aggregate Commitments, or (iii) the Availability, and (B) the aggregate Revolving Credit Exposures of the Revolving Credit Lenders shall not at any time exceed
the lesser of (i) the Revolving Facility Amount, (ii) the aggregate Revolving Credit Commitments, or (iii) the Availability less the Term Loan Exposure. 

(c) Requesting Loans. The Borrowers shall give the Agent notice pursuant to a Notice of Borrowing or telephonic notice of each borrowing
of Loans. Each Notice of Borrowing shall be delivered to the Agent before 11:00 a.m. (i) in the case of LIBOR Loans, on the date three Business Days prior to the proposed date of such borrowing and (ii) in the case of Base Rate Loans,
on the date one Business Day prior to the proposed date of such borrowing. Any such telephonic notice shall include all information to be specified in a written Notice of Borrowing, including an updated Availability Certificate and Compliance
Certificate, and shall be promptly confirmed in writing by the Borrowers pursuant to a Notice of Borrowing sent to the Agent by telecopy on the same day of the giving of such telephonic notice. The Agent will

  
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transmit by telecopy the Notice of Borrowing (or the information contained in such Notice of Borrowing) to each Lender promptly upon receipt by the Agent. Each Notice of Borrowing or telephonic
notice of each borrowing shall be irrevocable once given and binding on the Borrowers. 
 (d) Disbursement of Term Loan Proceeds. No
later than 1:00 p.m. on the date specified in the Notice of Borrowing, each Term Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available funds, the proceeds of the
Term Loan to be made by such Term Lender in accordance with such Term Lender’s Term Loan Commitment Percentage. With respect to Term Loans to be made after the Effective Date, unless the Agent shall have been notified by any Term Lender prior
to the specified date of borrowing that such Term Lender does not intend to make available to the Agent the Term Loan to be made by such Term Lender on such date, the Agent may assume that such Term Lender will make the proceeds of such Term Loan
available to the Agent on the date of the requested borrowing as set forth in the Notice of Borrowing and the Agent may (but shall not be obligated to), in reliance upon such assumption, make available to the Borrowers the amount of such Term Loan
to be provided by such Term Lender. Subject to satisfaction of the applicable conditions set forth in Article V, for such borrowing, the Agent will make the proceeds of such borrowing available to the Borrowers no later than 2:00 p.m. on
the date and at the account specified by the Borrowers in such Notice of Borrowing. 
 (e) Disbursement of Revolving Credit Loan
Proceeds. No later than 1:00 p.m. on the date specified in the Notice of Borrowing, each Revolving Credit Lender will make available for the account of its applicable Lending Office to the Agent at the Principal Office, in immediately available
funds, the proceeds of the Revolving Credit Loan to be made by such Revolving Credit Lender. With respect to Revolving Credit Loans to be made after the Effective Date, unless the Agent shall have been notified by any Revolving Credit Lender prior
to the specified date of borrowing that such Revolving Credit Lender does not intend to make available to the Agent the Revolving Credit Loan to be made by such Revolving Credit Lender on such date, the Agent may assume that such Revolving Credit
Lender will make the proceeds of such Revolving Credit Loan available to the Agent on the date of the requested borrowing as set forth in the Notice of Borrowing and the Agent may (but shall not be obligated to), in reliance upon such assumption,
make available to the Borrowers the amount of such Revolving Credit Loan to be provided by such Revolving Credit Lender. Subject to satisfaction of the applicable conditions set forth in Article V for such borrowing, the Agent will make
the proceeds of such borrowing available to the Borrowers no later than 2:00 p.m. on the date and at the account specified by the Borrowers in such Notice of Borrowing. 

Section 2.2. Letters of Credit. 
 (a)
Letters of Credit. Subject to the terms and conditions of this Agreement, the Agent, on behalf of the Revolving Credit Lenders, agrees to issue for the account of EPR or one of its Subsidiaries during the period from and including the
Effective Date to, but excluding, the date 30 days prior to the Revolving Credit Termination Date one or more letters of credit (each a “Letter of Credit”) up to a maximum aggregate Stated Amount at any one time outstanding not to
exceed the LC Commitment Amount. 

  
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 (b) Terms of Letters of Credit. At the time of issuance, the amount, form, terms and
conditions of each Letter of Credit, and of any drafts or acceptances thereunder, shall be subject to the reasonable approval by the Agent and the Borrowers. Notwithstanding the foregoing, in no event may the expiration date of any Letter of Credit
extend beyond the earlier of (i) the date one year from its date of issuance (or such longer period as the Agent may approve in its sole discretion) or (ii) the Revolving Credit Termination Date; provided, however, a Letter of Credit may
contain a provision providing for the automatic extension of the expiration date in the absence of a notice of non-renewal from the Agent but in no event shall any such provision permit the extension of the expiration date of such Letter of Credit
beyond the Revolving Credit Termination Date unless otherwise approved by the Agent and, in connection therewith, the Borrowers agree to pledge and deliver to the Agent cash collateral equal to the face amount of such Letter of Credit no later than
thirty (30) days prior to the Revolving Credit Termination Date. 
 (c) Requests for Issuance of Letters of Credit. The Borrowers
shall give the Agent written notice (or telephonic notice promptly confirmed in writing) at least 5 Business Days (or such shorter period of time as the Agent may approve in its sole discretion) prior to the requested date of issuance of a Letter of
Credit, such notice to describe in reasonable detail the proposed terms of such Letter of Credit and the nature of the transactions or obligations proposed to be supported by such Letter of Credit, and in any event shall set forth with respect to
such Letter of Credit the proposed (i) Stated Amount, (ii) beneficiary, and (iii) expiration date. The Borrowers shall also execute and deliver such customary letter of credit application forms as requested from time to time by the
Agent. Provided the Borrowers have given the notice prescribed by the first sentence of this subsection and subject to the other terms and conditions of this Agreement, including the satisfaction of any applicable conditions precedent set forth in
Article V, the Agent shall issue the requested Letter of Credit on the requested date of issuance for the benefit of the stipulated beneficiary. Upon the written request of the Borrowers, the Agent shall deliver to the Borrowers a copy
of each issued Letter of Credit within a reasonable time after the date of issuance thereof. To the extent any term of a Letter of Credit Document is inconsistent with a term of any Loan Document, the term of such Loan Document shall control. 

(d) Reimbursement Obligations. Upon receipt by the Agent from the beneficiary of a Letter of Credit of any demand for payment under such
Letter of Credit, the Agent shall promptly notify the Borrowers of the amount to be paid by the Agent as a result of such demand (the “Reimbursement Obligations”) and the date on which payment is to be made by the Agent to such beneficiary
in respect of such demand; provided, however, the Agent’s failure to give, or delay in giving, such notice shall not discharge the Borrowers in any respect from the applicable Reimbursement Obligation. The Borrowers hereby unconditionally and
irrevocably agree to pay and reimburse the Agent for the amount of each demand for payment under such Letter of Credit on or prior to the date on which payment is to be made by the Agent to the beneficiary thereunder, without presentment, demand,
protest or other formalities of any kind (other than notice as provided in this subsection). Upon receipt by the Agent of any payment in respect of any Reimbursement Obligation, the Agent shall promptly pay to each Revolving Credit Lender that has
acquired a participation therein under the second sentence of Section 2.2(i) such Revolving Credit Lender’s Revolving Commitment Percentage of such payment. 

  
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 (e) Manner of Reimbursement. Upon its receipt of a notice referred to in the immediately
preceding subsection (d), the Borrowers shall advise the Agent whether or not the Borrowers intend to borrow hereunder to finance its obligation to reimburse the Agent for the amount of the related demand for payment and, if they do, the Borrowers
shall submit a timely request for such borrowing as provided in the applicable provisions of this Agreement. If the Borrowers fail to so advise the Agent, or if the Borrowers fail to reimburse the Agent for a demand for payment under a Letter of
Credit by the date of such payment, then (i) if the applicable conditions contained in Article V would permit the making of Revolving Credit Loans, the Borrowers shall be deemed to have requested a borrowing of Revolving Credit
Loans (which shall be Base Rate Loans) in an amount equal to the unpaid Reimbursement Obligation and the Agent shall give each Revolving Credit Lender prompt notice of the amount of the Revolving Credit Loan to be made available to the Agent not
later than 1:00 p.m. and (ii) if such conditions would not permit the making of Revolving Credit Loans, the provisions of subsection (j) of this Section shall apply. The limitations of Section 3.5(a) shall not apply to any
borrowing of Base Rate Loans under this subsection. 
 (f) Effect of Letters of Credit on Commitments. Upon the issuance by the Agent
of any Letter of Credit and until such Letter of Credit shall have expired or been terminated, the Commitment of each Revolving Credit Lender shall be deemed to be utilized for all purposes of this Agreement in an amount equal to the product of
(i) such Revolving Credit Lender’s Revolving Commitment Percentage and (ii) the sum of (A) the Stated Amount of such Letter of Credit plus (B) any related Reimbursement Obligations then outstanding. 

(g) Agent’s Duties Regarding Letters of Credit; Unconditional Nature of Reimbursement Obligations. In examining documents presented
in connection with drawings under Letters of Credit and making payments under Letters of Credit against such documents, the Agent shall only be required to use the same standard of care as it uses in connection with examining documents presented in
connection with drawings under letters of credit in which it has not sold participations and making payments under such letters of credit. The Borrowers assume all risks of the acts and omissions of, or misuse of the Letters of Credit by, the
respective beneficiaries of such Letters of Credit. In furtherance and not in limitation of the foregoing, neither the Agent nor any of the Lenders shall be responsible for, and the Borrowers’ obligations in respect of the Letters of Credit
shall not be affected in any manner by, (i) the form, validity, sufficiency, accuracy, genuineness or legal effects of any document submitted by any party in connection with the application for and issuance of or any drawing honored under any
Letter of Credit even if it should in fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged; (ii) the validity or sufficiency of any instrument transferring or assigning or purporting to transfer or
assign any Letter of Credit, or the rights or benefits thereunder or proceeds thereof, in whole or in part, which may prove to be invalid or ineffective for any reason; (iii) failure of the beneficiary of any Letter of Credit to comply fully
with conditions required in order to draw upon such Letter of Credit; (iv) errors, omissions, interruptions or delays in transmission or delivery of any messages, by mail, cable, telex, telecopy or otherwise, whether or not they be in cipher;
(v) errors in interpretation of technical terms; (vi) any loss or delay in the transmission or otherwise of any document required in order to make a drawing under any Letter of Credit, or of the proceeds thereof; (vii) the
misapplication by the beneficiary of the proceeds of any drawing under any Letter of Credit; or (viii) any consequences arising from causes beyond the control of the Agent or the Lenders. None of the above shall affect,

  
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impair or prevent the vesting of any of the Agent’s or any Lender’s rights or powers hereunder. Any action taken or omitted to be taken by the Agent under or in connection with any
Letter of Credit, if taken or omitted in the absence of gross negligence or willful misconduct (as determined by a court of competent jurisdiction in a final, non-appealable judgment), shall not create against the Agent or any Lender any liability
to the Borrowers or any Lender. In this regard, the obligation of the Borrowers to reimburse the Agent for any drawing made under any Letter of Credit, and to repay any Revolving Credit Loan made pursuant to the second sentence of the immediately
preceding subsection (e), shall be absolute, unconditional and irrevocable and shall be paid strictly in accordance with the terms of this Agreement and any other applicable Letter of Credit Document under all circumstances whatsoever,
including without limitation, the following circumstances: (A) any lack of validity or enforceability of any Letter of Credit Document or any term or provisions therein; (B) any amendment or waiver of or any consent to departure from all
or any of the Letter of Credit Documents; (C) the existence of any claim, setoff, defense or other right which any Borrower may have at any time against the Agent, any Lender, any beneficiary of a Letter of Credit or any other Person, whether
in connection with this Agreement, the transactions contemplated hereby or in the Letter of Credit Documents or any unrelated transaction; (D) any breach of contract or dispute between any Borrower, the Agent, any Lender or any other Person;
(E) any demand, statement or any other document presented under a Letter of Credit proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein or made in connection therewith being untrue or inaccurate in
any respect whatsoever; (F) any non-application or misapplication by the beneficiary of a Letter of Credit of the proceeds of any drawing under such Letter of Credit; (G) payment by the Agent under any Letter of Credit against presentation
of a draft or certificate which does not strictly comply with the terms of such Letter of Credit; and (H) any other act, omission to act, delay or circumstance whatsoever that might, but for the provisions of this Section, constitute a legal or
equitable defense to or discharge of the Borrowers’ Reimbursement Obligations; provided, however, that nothing in this sentence shall affect any rights or defenses the Borrowers may have with respect to any act or omission by the Agent or any
Lender in connection with any Letter of Credit, including, without limitation, any drawing thereunder, to the extent such act or omission constitutes gross negligence or willful misconduct as determined by a court of competent jurisdiction in a
final, non-appealable judgment. Notwithstanding anything to the contrary contained in this Section or Section 12.9, but not in limitation of the Borrowers’ unconditional obligation to reimburse the Agent for any drawing made under a
Letter of Credit as provided in this Section and to repay any Revolving Credit Loan made pursuant to the second sentence of the immediately preceding subsection (e), the Borrowers shall have no obligation to indemnify the Agent or any Lender in
respect of any liability incurred by the Agent or such Lender arising solely out of the gross negligence or willful misconduct of the Agent or such Lender in respect of a Letter of Credit as determined by a court of competent jurisdiction in a
final, non-appealable judgment. Except as otherwise provided in this Section, nothing in this Section shall affect any rights the Borrowers may have with respect to the gross negligence or willful misconduct of the Agent or any Lender with respect
to any Letter of Credit. 
 (h) Amendments, Etc. The issuance by the Agent of any amendment, supplement or other modification to any
Letter of Credit shall be subject to the same conditions applicable under this Agreement to the issuance of new Letters of Credit (including, without limitation, that the request therefor be made through the Agent), and no such amendment, supplement
or other modification shall be issued unless either (i) the respective Letter of Credit affected thereby 

  
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would have complied with such conditions had it originally been issued hereunder in such amended, supplemented or modified form or (ii) the Required Revolving Credit Lenders (or all of the
Revolving Credit Lenders if required by Section 12.6) shall have consented thereto. In connection with any such amendment, supplement or other modification, the Borrowers shall pay the Fees, if any, payable under the last sentence of
Section 3.6(b). 
 (i) Lenders’ Participation in Letters of Credit. Immediately upon the issuance by the Agent of any
Letter of Credit each Revolving Credit Lender shall be deemed to have irrevocably and unconditionally purchased and received from the Agent, without recourse or warranty, an undivided interest and participation to the extent of such Revolving Credit
Lender’s Revolving Commitment Percentage of the liability of the Agent with respect to such Letter of Credit, and each Revolving Credit Lender thereby shall absolutely, unconditionally and irrevocably assume, as primary obligor and not as
surety, and shall be unconditionally obligated to the Agent to pay and discharge when due, such Revolving Credit Lender’s Revolving Commitment Percentage of the Agent’s liability under such Letter of Credit. In addition, upon the making of
each payment by a Revolving Credit Lender to the Agent in respect of any Letter of Credit pursuant to the immediately following subsection (j), such Revolving Credit Lender shall, automatically and without any further action on the part of the Agent
or such Revolving Credit Lender, acquire (i) a participation in an amount equal to such payment in the Reimbursement Obligation owing to the Agent by the Borrowers in respect of such Letter of Credit and (ii) a participation in a
percentage equal to such Revolving Credit Lender’s Revolving Commitment Percentage in any interest or other amounts payable by the Borrowers in respect of such Reimbursement Obligation (other than the Fees payable to the Agent pursuant to the
third and last sentences of Section 3.6(b)). Notwithstanding the foregoing, in the event of a default in any Revolving Credit Lender’s obligations to fund under this Agreement exists or any Revolving Credit Lender is at such time a
Defaulting Lender, the Agent shall have the right, but not the obligation, to refuse to issue any Letter of Credit unless the Agent has entered into satisfactory arrangements with the Borrowers and/or such Defaulting Lender to eliminate the
Agent’s risk with respect to such Defaulting Lender 
 (j) Payment Obligation of Lenders. Each Revolving Credit Lender severally
agrees to pay to the Agent on demand in immediately available funds in Dollars the amount of such Revolving Credit Lender’s Revolving Commitment Percentage of each drawing paid by the Agent under each Letter of Credit to the extent such amount
is not reimbursed by the Borrowers pursuant to Section 2.2.(d); provided, however, that in respect of any drawing under any Letter of Credit, the maximum amount that any Lender shall be required to fund, whether as a Revolving Credit
Loan or as a participation, shall not exceed such Revolving Credit Lender’s Revolving Commitment Percentage of such drawing. If the notice referenced in the second sentence of Section 2.2(e) is received by a Revolving Credit Lender
not later than 11:00 a.m., then such Revolving Credit Lender shall make such payment available to the Agent not later than 2:00 p.m. on the date of demand therefor; otherwise, such payment shall be made available to the Agent not later than 1:00
p.m. on the next succeeding Business Day. Each Revolving Credit Lender’s obligation to make such payments to the Agent under this subsection, and the Agent’s right to receive the same, shall be absolute, irrevocable and unconditional and
shall not be affected in any way by any circumstance whatsoever, including without limitation, (i) the failure of any other Revolving Credit Lender to make its payment under this subsection, (ii) the financial condition of any Borrower,
(iii) the existence of any Default or Event of Default, 

  
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including any Event of Default described in Section 10.1(h), Section 10.1(i) or Section 10.1(j) or (iv) the termination of the Commitments. Each such
payment to the Agent shall be made without any offset, abatement, withholding or deduction whatsoever. 
 (k) Information to Lenders.
The Agent shall periodically deliver to the Revolving Credit Lenders information setting forth the Stated Amount of all outstanding Letters of Credit. Other than as set forth in this subsection, the Agent shall have no duty to notify the Revolving
Credit Lenders regarding the issuance or other matters regarding Letters of Credit issued hereunder. The failure of the Agent to perform its requirements under this subsection shall not relieve any Revolving Credit Lender from its obligations under
Section 2.2(j). 
 Section 2.3. Rates and Payment of Interest on Loans. 

(a) Rates. The Borrowers promise to pay to the Agent for the account of each Lender interest on the unpaid principal amount of each Loan
made by such Lender for the period from and including the date of the making of such Loan to but excluding the date such Loan shall be paid in full, at the following per annum rates: 

(i) during such periods as such Loan is a Base Rate Loan, at the Base Rate (as in effect from time to time) plus the Applicable
Margin; and 
 (ii) during such periods as such Loan is a LIBOR Loan, at Adjusted LIBOR for such Loan for the Interest Period
therefor plus the Applicable Margin. 
 Notwithstanding the foregoing, during the continuance of an Event of Default, the Borrowers shall pay to the Agent
for the account of each Lender interest at the Post-Default Rate on the outstanding principal amount of any Loan made by such Lender, on all Reimbursement Obligations and on any other amount payable by the Borrowers hereunder or under the Notes held
by such Lender to or for the account of such Lender (including without limitation, accrued but unpaid interest to the extent permitted under Applicable Law). 

(b) Payment of Interest. Accrued and unpaid interest on each Loan shall be payable on the third day of each calendar month, provided if
such day is not a Business Day, interest shall be due on the next succeeding Business Day. Interest payable at the Post-Default Rate shall be payable from time to time on demand. Promptly after the determination of any interest rate provided for
herein or any change therein, the Agent shall give notice thereof to the Lenders to which such interest is payable and to the Borrowers. All determinations by the Agent of an interest rate hereunder shall be conclusive and binding on the Lenders and
the Borrowers for all purposes, absent manifest error. 
 Section 2.4. Number of Interest Periods. 

There may be no more than six (6) different Interest Periods outstanding at the same time for LIBOR Term Loans, and no more than six
(6) different Interest Periods outstanding at the same time for LIBOR Revolving Loans. 

  
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 Section 2.5. Repayment of Loans. 

(a) Term Loan. The Borrowers shall repay the entire outstanding principal amount of, and all accrued but unpaid interest on, the Loans
on the Term Loan Termination Date. 
 (b) Revolving Credit Loan. The Borrowers shall repay the entire outstanding principal amount of,
and all accrued but unpaid interest on, the Loans on the Revolving Credit Termination Date. 
 Section 2.6. Prepayments. 

(a) Optional. Subject to Section 4.4, the Borrowers may elect to prepay Term Loans and/or Revolving Credit Loans, in whole
or in part, at any time, in each case without premium or penalty. The Borrowers shall give the Agent at least one Business Day’s prior written notice of the prepayment of any Loan. For the avoidance of doubt, it is understood and agreed that
the Borrowers may voluntarily prepay the Revolving Credit Loans without prepaying the Term Loans, and vice versa. 
 (b) Mandatory.
Except as otherwise provided in Section 10.4: 
 (i) If at any time the aggregate Revolving Credit Exposure of
all of the Revolving Credit Lenders exceeds the lesser of (a) the aggregate amount of the Revolving Credit Commitments in effect at such time, or (b) the Availability less the Term Loan Exposure, the Borrowers shall promptly (and in any
event, within 2 Business Days after notice thereof from the Agent) pay to the Agent for the accounts of the Revolving Credit Lenders the amount of such excess. Such payment shall be applied to pay all amounts of principal outstanding on the
Revolving Credit Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2 and if any Letters of Credit are outstanding at such time the remainder, if any, shall be deposited into the Collateral Account for
application to any LC Exposure. If the Borrowers are required to pay any outstanding LIBOR Revolving Loans by reason of this Section prior to the end of the applicable Interest Period therefor, the Borrowers shall pay all amounts due under
Section 4.4. 
 (ii) If at any time the Aggregate Credit Exposure exceeds the aggregate amount of the
Availability at such time, the Borrowers shall promptly (and in any event, within two (2) Business Days after notice thereof from the Agent) pay to the Agent for the accounts of the Lenders (as applicable) the amount of such excess, such
payment first be applied to (i) pay all amounts of principal outstanding on the Revolving Credit Loans and any Reimbursement Obligations pro rata in accordance with Section 3.2 and if any Letters of Credit are outstanding at such
time the remainder, if any, shall be deposited into the Collateral Account for application to any LC Exposure, and then (ii) to the outstanding balance of the Term Loans. If the Borrowers are required to pay any outstanding LIBOR Loans by
reason of this Section prior to the end of the applicable Interest Period therefor, the Borrowers shall pay all amounts due under Section 4.4. 

  
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 Section 2.7. Continuation. 

So long as no Event of Default shall exist, the Borrowers may on any Business Day, with respect to any LIBOR Loan, elect to maintain such LIBOR
Loan or any portion thereof as a LIBOR Loan by selecting a new Interest Period for such LIBOR Loan. Each new Interest Period selected under this Section shall commence on the last day of the immediately preceding Interest Period. Each selection of a
new Interest Period shall be made by the Borrowers giving to the Agent a Notice of Continuation not later than 11:00 a.m. on the third Business Day prior to the date of any such Continuation. Such notice by the Borrowers of a Continuation shall be
by telephone or telecopy, confirmed immediately in writing if by telephone, in the form of a Notice of Continuation, specifying (a) the proposed date of such Continuation, (b) the LIBOR Loans and portions thereof subject to such
Continuation and (c) the duration of the selected Interest Period, all of which shall be specified in such manner as is necessary to comply with all limitations on Loans outstanding hereunder. Each Notice of Continuation shall be irrevocable by
and binding on the Borrowers once given. Promptly after receipt of a Notice of Continuation, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Continuation. If the Borrowers shall fail to select
in a timely manner a new Interest Period for any LIBOR Loan in accordance with this Section, or if an Event of Default shall exist, such Loan will automatically, on the last day of the current Interest Period therefor, Convert into a Base Rate Loan
notwithstanding the first sentence of Section 2.8 or the Borrowers’ failure to comply with any of the terms of such Section. Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a
Continuation of a Loan, the Interest Period for such continued Loan shall not exceed one month. 
 Section 2.8. Conversion. 

The Borrowers may on any Business Day, upon the Borrowers’ giving of a Notice of Conversion to the Agent, Convert all or a portion of a
Loan of one Type into a Loan of another Type; provided, however, a Base Rate Loan may not be Converted to a LIBOR Loan if an Event of Default shall exist. Any Conversion of a LIBOR Loan into a Base Rate Loan shall be made on, and only on, the last
day of an Interest Period for such LIBOR Loan and, upon Conversion of a Base Rate Loan into a LIBOR Loan, the Borrowers shall pay accrued interest to the date of Conversion on the principal amount so Converted (with such interest being payable at
the time provided in Section 2.3(b)). Each such Notice of Conversion shall be given not later than 11:00 a.m. on the Business Day prior to the date of any proposed Conversion into Base Rate Loans and on the third Business Day prior to
the date of any proposed Conversion into LIBOR Loans. Promptly after receipt of a Notice of Conversion, the Agent shall notify each Lender by telecopy, or other similar form of transmission, of the proposed Conversion. Subject to the restrictions
specified above, each Notice of Conversion shall be by telephone (confirmed immediately in writing) or telecopy in the form of a Notice of Conversion specifying (a) the requested date of such Conversion, (b) the Type of Loan to be
Converted, (c) the portion of such Type of Loan to be Converted, (d) the Type of Loan such Loan is to be Converted into and (e) if such Conversion is into a LIBOR Loan, the requested duration of the Interest Period of such Loan. Each
Notice of Conversion shall be irrevocable by and binding on the Borrowers once given. Notwithstanding anything in this Agreement to the contrary, if a Default exists at the time of a Conversion of a Base Rate Loan to a Libor Loan, the Interest
Period for such Libor Loan shall not exceed one month. 

  
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 Section 2.9. Notes. 

(a) Notes. 

(i) The Revolving Credit Loans made by each Revolving Credit Lender shall, in addition to this Agreement, if requested by such
Revolving Credit Lender, also be evidenced by a promissory note of the Borrowers substantially in the form of Exhibit E-1 (each a “Revolving Credit Note”), payable to the order of such Lender in a principal amount equal
to the amount of its Revolving Credit Commitment as originally in effect and otherwise duly completed. 
 (ii) The Term Loans
made by each Term Lender shall, in addition to this Agreement, if requested by such Term Lender, also be evidenced by a promissory note of the Borrowers substantially in the form of Exhibit E-2 (each a “Term Loan Note”),
payable to the order of such Term Lender in a principal amount equal to the amount of its Term Loan Commitment as originally in effect and otherwise duly completed. 

(b) Records. The date, amount, interest rate, Type and duration of Interest Periods (if applicable) of each Loan made by each Lender to
the Borrowers, and each payment made on account of the principal thereof, shall be recorded by such Lender on its books and such entries shall be binding on the Borrowers, absent manifest error; provided, however, that the failure of a Lender to
make any such record shall not affect the obligations of the Borrowers under any of the Loan Documents. 
 (c) Lost, Stolen, Destroyed or
Mutilated Notes. Upon receipt by the Borrowers of (i) written notice from a Lender that a Note of such Lender has been lost, stolen, destroyed or mutilated, and (ii) (A) in the case of loss, theft or destruction, an unsecured
agreement of indemnity from such Lender in form reasonably satisfactory to the Borrowers, or (B) in the case of mutilation, upon surrender and cancellation of such Note, the Borrowers shall at their own expense execute and deliver to such
Lender a new Note dated the date of such lost, stolen, destroyed or mutilated Note. 
 Section 2.10. Voluntary Reductions of the Commitment.

 The Borrowers shall have the right to terminate or reduce the aggregate unused amount of the Revolving Credit Commitments (for which
purpose use of the Revolving Credit Commitments shall be deemed to include the aggregate amount of LC Exposure) at any time and from time to time without penalty or premium upon not less than 5 Business Days prior written notice to the Agent of each
such termination or reduction, which notice shall specify the effective date thereof and the amount of any such reduction and shall be irrevocable once given and effective only upon receipt by the Agent; provided, however, that if the Borrowers seek
to reduce the aggregate amount of the Revolving Credit Commitments below $100,000,000.00, then the Revolving Credit Commitments shall all automatically and permanently be reduced to zero. The Agent will promptly transmit such notice to each
Revolving Credit Lender. The Commitments, once terminated or reduced may not be increased or reinstated. 

  
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 Section 2.11. Expiration or Maturity Date of Letters of Credit Past Termination Date. 

If on the date the Revolving Credit Commitments are terminated or reduced to zero (whether voluntarily, by reason of the occurrence of an Event
of Default or otherwise), there are any Letters of Credit outstanding hereunder, the Borrowers shall, on such date, pay to the Agent an amount of money equal to the Stated Amount of such Letter(s) of Credit for deposit into the Collateral Account.

 Section 2.12. Amount Limitations. 

Notwithstanding any other term of this Agreement or any other Loan Document, no Lender shall be required to make a Loan, the Agent shall not be
required to issue a Letter of Credit and no reduction of the Commitments pursuant to Section 2.10 shall take effect, if immediately after the making of such Loan, the issuance of such Letter of Credit or such reduction in the Commitments
the aggregate principal amount of all outstanding Loans, together with the aggregate amount of all LC Exposure, would exceed the aggregate amount of the Commitments at such time. 

Section 2.13. Joint and Several Liability. 

(a) The obligations of the Borrowers hereunder and under the other Loan Documents to which any Borrower is a party shall be joint and several,
and accordingly, each Borrower confirms that it is liable for the full amount of the “Obligations,” regardless of whether incurred by such Borrower or any other Borrower, and all of the other obligations and liabilities of the other
Borrowers hereunder and under the other Loan Documents. 
 (b) Each of the Borrowers represents and warrants to the Agent and the Lenders
that the Borrowers, though separate legal entities, have a commonality of interests in their respective financing needs and have determined it to be in their mutual best interests to obtain financing from the Lenders through their collective
efforts. 
 (c) None of the Lenders or the Agent shall be obligated or required before enforcing any Loan Document against a Borrower:
(a) to pursue any right or remedy any of them may have against any other Borrower or any other Person or commence any suit or other proceeding against any other Borrower or any other Person in any court or other tribunal; (b) to make any
claim in a liquidation or bankruptcy of any other Borrower or any other Person; or (c) to make demand of any other Borrower or any other Person or to enforce or seek to enforce or realize upon any collateral security held by the Lenders or the
Agent which may secure any of the Obligations. 
 (d) The Lenders and the Agent may, at any time and from time to time, without the consent
of, or notice to, a Borrower, and without discharging such Borrower from its obligations hereunder, take any of the following actions: (i) amend, modify, alter or supplement the terms of any of the Obligations of any other Borrower, including,
but not limited to, extending or shortening the time of payment of any such Obligations or changing the interest rate that may accrue on any of such Obligations, provided that such other Borrower or the Borrower Representative consents to such
amendment, modification or the like; (ii) sell, exchange, release or otherwise deal with all, or any part, of any collateral securing any of the Obligations and in 

  
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which any other Borrower has rights; (iii) release any other Borrower or any other Person liable in any manner for the payment or collection of the Obligations; (iv) exercise, or
refrain from exercising, any rights against any other Borrower or any other Person; and (v) apply any sum, by whomsoever paid or however realized, to the Obligations in such order as the Lenders shall elect. 

(e) It is the intent of each Borrower, the Agent and the Lenders that in any proceeding of the types described in Section 10.1(h),
Section 10.1(i) or Section 10.1(j), a Borrower’s maximum obligation hereunder shall equal, but not exceed, the maximum amount which would not otherwise cause the obligations of such Borrower hereunder (or any other
obligations of such Borrower to the Agent and the Lenders) to be avoidable or unenforceable against such Borrower in such proceeding as a result of Applicable Law, including without limitation, (i) Section 548 of the United States
Bankruptcy Code and (ii) any state fraudulent transfer or fraudulent conveyance act or statute applied in such proceeding, whether by virtue of Section 544 of the Bankruptcy Code or otherwise. The Applicable Laws under which the possible
avoidance or unenforceability of the obligations of such Borrower hereunder (or any other obligations of such Borrower to the Agent and the Lenders) shall be determined in any such proceeding are referred to as the “Avoidance Provisions”.
Accordingly, to the extent that the obligations of any Borrower hereunder would otherwise be subject to avoidance under the Avoidance Provisions, the maximum Obligations for which such Borrower shall be liable hereunder shall be reduced to that
amount which, as of the time any of the Obligations are deemed to have been incurred under the Avoidance Provisions, would not cause the obligations of such Borrower hereunder (or any other obligations of such Borrower to the Agent and the Lenders),
to be subject to avoidance under the Avoidance Provisions. This subsection is intended solely to preserve the rights of the Agent and the Lenders hereunder to the maximum extent that would not cause the obligations of any Borrower hereunder to be
subject to avoidance under the Avoidance Provisions, and no Borrower or any other Person shall have any right or claim under this Section as against the Agent and the Lenders that would not otherwise be available to such Person under the Avoidance
Provisions. 
 (f) Each Borrower assumes all responsibility for being and keeping itself informed of the financial condition of the other
Borrowers, and of all other circumstances bearing upon the risk of nonpayment of any of the Obligations and the nature, scope and extent of the risks that such Borrower assumes and incurs hereunder, and agrees that none of the Agent or the Lenders
shall have any duty whatsoever to advise any Borrower of information regarding such circumstances or risks. 
 Section 2.14. The Increased Loan
Amount. 
 (a) Request for Increase. At any time prior to April 24, 2019 (or, if the Extension Option has been exercised in
accordance with Section 2.16, April 24, 2020), the Borrowers shall have the option to increase the Facility Amount by a maximum aggregate amount of up to $1,000,000,000.00 (the “Increase Option”), with any such
increase being allocated to the Revolving Credit Facility and/or the Term Loans in such fashion as the Borrower may elect. The Borrowers may exercise the Increase Option at any time and from time to time prior to the date set forth above by
providing notice to the Agent (which shall promptly notify the Lenders); provided, however, (a) that at the time of the exercise of such option, there is no Default or Event of Default which shall have occurred and be continuing;
(b) in no event shall the existence of this 

  
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Increase Option be deemed a commitment on the part of the Lenders until such time as such Lender in writing increases its commitment or a new Lender issues a written commitment for any such
amounts in excess of the existing $1,000,000,000.00 committed Facility Amount, and then in such event, such increase to the Facility Amount shall only be to the extent of the increased commitment or new commitment amounts; (c) at the time of
sending such notice, the Borrowers (in consultation with the Agent) shall specify a reasonable time period within which each Lender is requested to respond as to whether such Lender agrees to increase the amount of its Commitment in accordance with
Section 2.14(b); (d) any such increase shall be in a minimum aggregate amount of $5,000,000.00 with minimum aggregate increments of $5,000,000.00 above that amount, and a maximum aggregate increase of $1,000,000,000.00; and
(e) any such increase shall be integrated into this Agreement and shall be subject to the same terms and conditions as this Agreement, except as otherwise provided in Section 2.14(e)(vi). 

(b) Lender Elections to Increase. Each Lender shall notify the Agent within such time period specified in said notice, whether or not it
agrees, in its sole discretion, to issue or increase its Term Loan Commitment or Revolving Credit Commitment and, if so, by what amount (which need not be its pro rata share thereof). Any Lender not responding within such time period shall be deemed
to have declined to issue or increase its Term Loan Commitment or Revolving Credit Commitment. 
 (c) Notification by Agent; Additional
Lenders. The Agent shall notify the Borrowers and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full amount of a requested increase in the Facility Amount and subject to the approval of the Agent and
the Agent (which approvals shall not be unreasonably withheld), the Borrowers may also invite additional Eligible Assignees to become Lenders pursuant to a joinder agreement in form and substance reasonably satisfactory to the Agent and its counsel.

 (d) Effective Date and Allocations. If the aggregate Commitments (including due to new Commitments by additional Lenders) are
increased in accordance with this Section 2.14, the Agent and the Borrowers shall determine the effective date (the “Increase Effective Date”) and the final allocation of such increase. The Agent shall promptly notify
the Borrowers and the Lenders (including any additional Lenders) of the final allocation of such increase and the Increase Effective Date. 

(e) Conditions to Effectiveness of Increase. Any increase in the Facility Amount pursuant to this Section 2.14 shall be
subject to the following conditions: 
 (i) The Borrowers shall have paid to (A) the Agent, such fees as shall be due to
Agent at such time under the Fee Letter, and (B) to each Lender, such fees, if any, as shall have been agreed upon by the Borrowers and the Agent. 

(ii) As of the Increase Effective Date, no Default or Event of Default then exists and is continuing or would result from such
increase in the Facility Amount (including on a pro forma basis relative to financial covenant compliance). 
 (iii) The
Borrowers shall have delivered to the Agent a certificate dated as of the Increase Effective Date (in sufficient copies for each Lender) (A) certifying and 

  
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attaching the resolutions adopted by the Borrowers approving or consenting to such increase (which resolutions may be contained in the resolutions adopted by the Borrowers in connection with the
initial Loan made under this Agreement or, in the case of a Person that becomes a Subsidiary Borrower after the Effective Date, in connection with the execution and delivery of a Joinder Agreement by such Person), and (B) certifying that,
before and after giving effect to such increase, (1) the representations and warranties of the Borrowers in this Agreement and in each other Loan Document are true and correct on and as of the Increase Effective Date, except to the extent that
such representations and warranties specifically refer to an earlier date, in which case, to the knowledge of the Borrowers, they are true and correct as of such earlier date, and except to the extent of changes resulting from transactions
contemplated and permitted by this Agreement and changes occurring in the ordinary course of business (in each case to the extent not constituting a Default or Event of Default), (2) no Default or Event of Default exists and is continuing or
would result from such increase in the Facility Amount (including on a pro forma basis relative to financial covenant compliance), and (3) the incurrence of Indebtedness in an aggregate principal amount equal to the full Facility Amount after
giving effect to all Commitment increases and new Commitments would not result in a breach of, or a default under, any agreement to which any Borrower is a party. 

(iv) The Borrowers shall prepay any Revolving Credit Loans outstanding on the Increase Effective Date (and pay any additional
amounts required pursuant to Section 4.4) to the extent necessary to keep the outstanding Revolving Credit Loans ratable with any revised Revolving Credit Commitment allocations arising from any nonratable increase in the Revolving
Credit Commitments under this Section. Notwithstanding any provisions of this Agreement to the contrary, the Borrowers may borrow from the Lenders providing such increase in the Revolving Credit Commitments (on a non pro rata basis with Lenders not
providing such increase) in order to fund such prepayment. 
 (v) The Borrowers will execute and deliver to each applicable
Lender that requests one, a new Note in the appropriate stated amount, and will execute and deliver or otherwise provide to the Agent and the Lenders such other documents and instruments consistent with the terms of this Agreement, as the Agent or
Lenders reasonably may require. 
 (vi) Any such increase shall be integrated into the Facility as (A) an increase to
the Term Loan Facility, (B) an increase to the Revolving Credit Loan Facility, (C) a new revolving tranche having the same terms (excluding pricing, commitment fee amounts and the Revolving Credit Termination Date) as the Revolving Credit
Facility, (D) a new term tranche having the same terms (excluding pricing, commitment fee amounts and the Term Loan Termination Date) as the Term Loan Facility, or (E) any combination thereof satisfactory to Borrower, Agent and the Lenders
providing the new commitments. 
 (f) The provisions of this Section 2.14 shall not constitute a “commitment” to lend,
and the Commitments of the Lenders shall not be increased except in accordance with, and until satisfaction of the provisions of this Section 2.14 and actual increase of the Commitments as provided herein. 

  
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 Section 2.15. Borrower Representative. 

Each of the Borrowers hereby appoints the Borrower Representative to act as its exclusive agent for all purposes under the Loan Documents
(including, without limitation, with respect to all matters related to the borrowing and repayment of Loans as described in Articles II and III). Each of the Borrowers acknowledges and agrees that (a) the Borrower Representative
may execute such documents on behalf of any of the Borrowers as the Borrower Representative deems appropriate in its sole discretion and each Borrower shall be bound by and obligated by all of the terms of any such document executed by the Borrower
Representative on its behalf, (b) any notice or other communication delivered by the Agent or any Lender hereunder to the Borrower Representative shall be deemed to have been delivered to each of the Borrowers and (c) the Agent and each of
the Lenders shall accept (and shall be permitted to rely on) any document or agreement executed by the Borrower Representative on behalf of the Borrowers (or any of them). The Borrowers must act through the Borrower Representative for all purposes
under this Agreement and the other Loan Documents. Notwithstanding anything contained herein to the contrary, to the extent any provision in this Agreement requires any Borrower to interact in any manner with the Agent or the Lenders, such Borrower
shall do so through the Borrower Representative. 
 Section 2.16. Extension of Revolving Credit Termination Date. 

The Borrowers shall have the option (the “Extension Option”) to extend the original Revolving Credit Termination Date
for a period of one (1) year. Subject to the conditions set forth below, Borrowers may exercise the Extension Option by delivering a written notice to Agent (who shall provide such notice, promptly upon receipt, to each of the Revolving Credit
Lenders) not more than ninety (90) days and not less than thirty (30) days prior to the original Revolving Credit Termination Date (a “Notice to Extend”), stating that the Borrowers have elected to extend the
original Revolving Credit Termination Date for one (1) year. The Borrowers’ delivery of the Notice to Extend shall be irrevocable and the Borrowers’ right to exercise the Extension Option shall be subject to the following terms and
conditions: (i) there shall exist no Default of Event of Default on both the date the Borrowers deliver the Notice to Extend to Agent and on the original Revolving Credit Termination Date, (ii) the Borrowers shall have paid to Agent for
the account of each Revolving Credit Lender (other than a Defaulting Lender), not less than five days before the original Revolving Credit Termination Date, an extension fee equal to 0.10% of such Revolving Credit Lender’s Commitment Amount,
and (iii) without limiting the conditions set forth in the foregoing clause (i), the Borrowers shall have delivered to the Agent a Compliance Certificate, dated as of the date of the Notice to Extend, which includes detailed calculations
establishing that EPR and its Subsidiaries were in compliance with the financial covenants contained in Section 9.1 as of the date of the most recently ended calendar quarter for which the Borrowers are required to report financial
results. 
 ARTICLE III. – PAYMENTS, FEES AND OTHER GENERAL PROVISIONS 

Section 3.1. Payments. 
 Except to
the extent otherwise provided herein, all payments of principal, interest and other amounts to be made by the Borrowers under this Agreement or any other Loan Document 

  
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shall be made in Dollars, in immediately available funds, without deduction, set-off or counterclaim, to the Agent at its Principal Office, not later than 2:00 p.m. on the date on which such
payment shall become due (each such payment made after such time on such due date to be deemed to have been made on the next succeeding Business Day). Subject to Section 10.4, the Borrowers may, at the time of making each payment under
this Agreement or any Note, specify to the Agent the amounts payable by the Borrowers hereunder to which such payment is to be applied. Each payment received by the Agent for the account of a Lender under this Agreement or any Note shall be paid to
such Lender at the applicable Lending Office of such Lender no later than 5:00 p.m. on the date of receipt. If the Agent fails to pay such amount to a Lender as provided in the previous sentence, the Agent shall pay interest on such amount until
paid at a rate per annum equal to the Federal Funds Rate from time to time in effect. If the due date of any payment under this Agreement or any other Loan Document would otherwise fall on a day which is not a Business Day such date shall be
extended to the next succeeding Business Day and interest shall be payable for the period of such extension. 
 Section 3.2. Pro Rata Treatment.

 Except to the extent otherwise provided herein: (a) each borrowing from the applicable Lenders under Section 2.1(a),
Section 2.1(b) and Section 2.2(e) shall be made from the applicable Lenders in accordance with their applicable Revolving Credit Commitments or Term Loan Commitments, as the case may be, and each payment of the Fees under
Section 3.6(a) and the first sentence of Section 3.6(b) shall be made for the account of the Revolving Credit Lenders in accordance with their applicable Revolving Credit Commitments, and each termination or reduction of the
amount of the Revolving Credit Commitments under Section 2.10 shall be applied to the respective Revolving Credit Commitments in accordance with the amount of their respective applicable Revolving Credit Commitments; (b) each
payment of principal of Revolving Credit Loans or Term Loans, as applicable, shall be made for the account of the Revolving Credit Lenders or Term Lenders, as applicable, pro rata in accordance with the respective unpaid principal amounts of the
applicable Loans held by such Lenders, provided that if immediately prior to giving effect to any such payment in respect of any Loans the outstanding principal amount of the Revolving Credit Loans or Term Loans, as applicable, shall not be held by
the applicable Lenders pro rata in accordance with their respective Commitments in effect at the time such Loans were made, then such payment shall be applied to the Revolving Credit Loans or Term Loans, as applicable, in such manner as shall
result, as nearly as is practicable, in the outstanding principal amount of the Loans being held by the applicable Lenders pro rata in accordance with their respective applicable Commitments; (c) each payment of interest on the Loans shall be
made for the account of the Lenders pro rata in accordance with the amounts of interest on such Loans then due and payable to the respective Lenders; (d) the making, Conversion and Continuation of Loans of a particular Type (other than
Conversions provided for by Section 4.6) shall be made pro rata among the Lenders according to the amounts of their respective Commitments (in the case of making of Loans) or their respective Loans (in the case of Conversions and
Continuations of Loans) and the then current Interest Period for each Lender’s portion of each Loan of such Type shall be coterminous; and (e) the Revolving Credit Lenders’ participation in, and payment obligations in respect of,
Letters of Credit under Section 2.2, shall be pro rata in accordance with their respective Revolving Credit Commitments. 

  
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 Section 3.3. Sharing of Payments, Etc. 

If a Lender shall obtain payment of any principal of, or interest on, any Loan made by it to the Borrowers under this Agreement, or shall
obtain payment on any other Obligation owing by the Borrowers through the exercise of any right of set-off, banker’s lien or counterclaim or similar right or otherwise or through voluntary prepayments directly to a Lender or other payments made
by the Borrowers to a Lender not in accordance with the terms of this Agreement and such payment should be distributed to the Lenders pro rata in accordance with Section 3.2 or Section 10.4, as applicable, such Lender shall
promptly purchase from the other Lenders participations in (or, if and to the extent specified by such Lender, direct interests in) the Loans made by the other Lenders or other Obligations owed to such other Lenders in such amounts, and make such
other adjustments from time to time as shall be equitable, to the end that all the Lenders shall share the benefit of such payment (net of any reasonable expenses which may be incurred by such Lender in obtaining or preserving such benefit) pro rata
in accordance with Section 3.2 or Section 10.4, as applicable. To such end, all the Lenders shall make appropriate adjustments among themselves (by the resale of participations sold or otherwise) if such payment is rescinded
or must otherwise be restored. The Borrowers agree that any Lender so purchasing a participation (or direct interest) in the Loans or other Obligations owed to such other Lenders may exercise all rights of set-off, banker’s lien, counterclaim
or similar rights with respect to such participation as fully as if such Lender were a direct holder of Loans in the amount of such participation. Nothing contained herein shall require any Lender to exercise any such right or shall affect the right
of any Lender to exercise, and retain the benefits of exercising, any such right with respect to any other indebtedness or obligation of the Borrowers. 

Section 3.4. Several Obligations. 

No Lender shall be responsible for the failure of any other Lender to make a Loan or to perform any other obligation to be made or performed by
such other Lender hereunder, and the failure of any Lender to make a Loan or to perform any other obligation to be made or performed by it hereunder shall not relieve the obligation of any other Lender to make any Loan or to perform any other
obligation to be made or performed by such other Lender. 
 Section 3.5. Minimum Amounts. 

(a) Borrowings and Conversions. Except as otherwise provided in Section 2.2(e), each borrowing of Base Rate Loans shall be
in an aggregate minimum amount of $1,000,000.00 and integral multiples of $100,000.00 in excess thereof. Each borrowing of, Conversion to and Continuation of LIBOR Loans shall be in an aggregate minimum amount of $2,000,000.00 and integral multiples
of $100,000.00 in excess of that amount. 
 (b) Prepayments. Each voluntary prepayment of Loans shall be in an aggregate minimum
amount of $1,000,000.00 and integral multiples of $100,000.00 in excess thereof (or, if less, the aggregate principal amount of Loans then outstanding). 

(c) Reductions of Commitments. Each reduction of the Revolving Credit Commitments under Section 2.10 shall be in an
aggregate minimum amount of $10,000,000.00 and integral multiples of $5,000,000.00 in excess thereof. 

  
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 (d) Letters of Credit. The initial Stated Amount of each Letter of Credit shall be at
least $100,000.00, or such lesser amount as shall be acceptable to the Agent in its sole discretion. 
 Section 3.6. Fees. 

(a) Revolving Credit Facility Fee. During the period from the Effective Date to but excluding the Revolving Credit Termination Date, the
Borrowers agree to pay to the Agent for the pro rata account of the Revolving Credit Lenders a facility fee with respect to the amount of the Revolving Credit Facility Amount, calculated by multiplying the Revolving Credit Facility Amount by the
applicable Facility Fee rate as provided for in the definition of “Applicable Margin” set out in Section 1.1. Such fee shall be payable in arrears the last day of March, June, September and December of each year
(beginning June 30, 2015) and shall be pro-rated based on the number of days in the applicable period over an assumed year of 360 days. Any such accrued and unpaid fee shall also be payable on the Revolving Credit Termination Date or any
earlier date of termination of the Revolving Credit Commitments or reduction of the Revolving Credit Commitments to zero. 
 (b) Letter of
Credit Fees. The Borrowers agree to pay to the Agent for the account of each Revolving Credit Lender a letter of credit fee at a rate per annum equal to the Applicable Margin for LIBOR Revolving Loans times the daily average Stated Amount of
each Letter of Credit for the period from and including the date of issuance of such Letter of Credit (x) through and including the date such Letter of Credit expires or is terminated or (y) to but excluding the date such Letter of Credit
is drawn in full and is not subject to reinstatement, as the case may be. The fees provided for in the immediately preceding sentence shall be nonrefundable and payable in arrears on (i) the last day of March, June, September and December in
each year, with the first payment being due on June 30, 2015, (ii) the Revolving Credit Termination Date, (iii) the date the Revolving Credit Commitments are terminated or reduced to zero and (iv) thereafter from time to time on
demand of the Agent. In addition, the Borrowers shall pay to the Agent for its own account and not the account of any Revolving Credit Lender, an issuance fee in respect of each Letter of Credit equal to the greater of (i) $1,000.00 or
(ii) one eighth of one percent (0.125%) per annum on the initial Stated Amount of such Letter of Credit (A) for the period from and including the date of issuance of such Letter of Credit through and including the expiration date of such
Letter of Credit and (B) if the expiration date of any Letter of Credit is extended (whether as a result of the operation of an automatic extension clause or otherwise), for the period from but excluding the previous expiration date to and
including the extended expiration date. The fees provided for in the immediately preceding sentence shall be nonrefundable and payable upon issuance (or in the case of an extension of the expiration date, on the previous expiration date). The
Borrowers shall pay directly to the Agent from time to time on demand all commissions, charges, costs and expenses in the amounts customarily charged by the Agent from time to time in like circumstances with respect to the issuance of each Letter of
Credit, drawings, amendments and other transactions relating thereto. 
 (c) Administrative and Other Fees. The Borrowers agree to pay
the administrative and other fees of the Agent as may be agreed to by the Borrowers and the Agent from time to time. 

  
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 Section 3.7. Computations. 

Unless otherwise expressly set forth herein, any accrued interest on any Loan, any Fees or any other Obligations due hereunder shall be
computed on the basis of a year of 360 days and the actual number of days elapsed. 
 Section 3.8. Usury. 

In no event shall the amount of interest due or payable on the Loans or other Obligations exceed the maximum rate of interest allowed by
Applicable Law and, if any such payment is paid by any Borrower or received by any Lender, then such excess sum shall be credited as a payment of principal, unless the Borrowers shall notify the respective Lender in writing that the Borrowers elect
to have such excess sum returned to them forthwith. It is the express intent of the parties hereto that the Borrowers not pay and the Lenders not receive, directly or indirectly, in any manner whatsoever, interest in excess of that which may be
lawfully paid by the Borrowers under Applicable Law. 
 Section 3.9. Agreement Regarding Interest and Charges. 

The parties hereto hereby agree and stipulate that the only charge imposed upon the Borrowers for the use of money in connection with this
Agreement is and shall be the interest specifically described in Sections 2.3(a)(i) and 2.3(a)(ii), except as otherwise may be the case under Section 2.14(e)(vi). Notwithstanding the foregoing, the parties hereto further
agree and stipulate that all agency fees, syndication fees, facility fees, closing fees, letter of credit fees, underwriting fees, default charges, late charges, funding or “breakage” charges, increased cost charges, attorneys’ fees
and reimbursement for costs and expenses paid by the Agent or any Lender to third parties or for damages incurred by the Agent or any Lender, in each case in connection with the transactions contemplated by this Agreement and the other Loan
Documents, are charges made to compensate the Agent or any such Lender for underwriting or administrative services and costs or losses performed or incurred, and to be performed or incurred, by the Agent and the Lenders in connection with this
Agreement and shall under no circumstances be deemed to be charges for the use of money. All charges other than charges for the use of money shall be fully earned and nonrefundable when due. 

Section 3.10. Statements of Account. 

The Agent will account to the Borrowers monthly with a statement of Loans, Letters of Credit, accrued interest and Fees, charges and payments
made pursuant to this Agreement and the other Loan Documents, and such account rendered by the Agent shall be deemed conclusive upon the Borrowers absent manifest error unless the Borrowers provide written notice to the Agent, within 90 days after
receipt of such statement, specifying in reasonable detail those portions of such statement as to which the Borrowers object and the grounds for such objection. The failure of the Agent to deliver such a statement of accounts shall not relieve or
discharge the Borrowers from any of their obligations hereunder. 

  
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 Section 3.11. Defaulting Lenders. 

(a) Adjustments. Notwithstanding anything to the contrary contained in this Agreement, if any Lender becomes a Defaulting Lender, then
the Agent shall give prompt notice thereof to the Lenders, and until such time as that Lender is no longer a Defaulting Lender, to the extent permitted by Applicable Law: 

(i) Waivers and Amendments. That Defaulting Lender’s right to approve or disapprove any amendment, waiver or
consent with respect to this Agreement shall be restricted as set forth in Section 12.6(e). 
 (ii) Reallocation of
Payments. Any payment of principal, interest, fees or other amounts received by the Agent for the account of that Defaulting Lender (whether voluntary or mandatory, at maturity, pursuant to Article X or otherwise, and including any
amounts made available to the Agent by that Defaulting Lender pursuant to Section 12.3), shall be applied at such time or times as may be determined by the Agent as follows: first, to the payment of any amounts owing by that Defaulting
Lender to the Agent hereunder; second, if so determined by the Agent, to be held as cash collateral for future funding obligations (if any) of that Defaulting Lender of any participation in any Letter of Credit; third, as the Borrowers
may request (so long as no Default or Event of Default exists), to the funding of any Loan in respect of which that Defaulting Lender has failed to fund its portion thereof as required by this Agreement, as determined by the Agent, unless funded by
another Lender; fourth, if so determined by the Agent and the Borrowers (so long as no Default or Event of Default exists), to be held in a non-interest bearing deposit account and released in order to satisfy obligations of that
Defaulting Lender to fund Loans under this Agreement; fifth, to the payment of any amounts owing to the Lenders as a result of any judgment of a court of competent jurisdiction obtained by any Lender against that Defaulting Lender as a result
of that Defaulting Lender’s breach of its obligations under this Agreement; sixth, so long as no Default or Event of Default exists, to the payment of any amounts owing to any Borrower as a result of any judgment of a court of competent
jurisdiction obtained by any Borrower against that Defaulting Lender as a result of that Defaulting Lender’s breach of its obligations under this Agreement; and seventh, to that Defaulting Lender or as otherwise directed by a court of
competent jurisdiction; provided that if (x) such payment is a payment of the principal amount of any Loans (or participations, if applicable, under Section 2.2.(i)) in respect of which such Defaulting Lender has not fully funded its
appropriate share, and (y) such Loans were made at a time when the conditions set forth in Section 5.2. were satisfied or waived (or were Loans made or participations acquired pursuant to Section 2.2(i)), such payment shall be applied
solely to pay the Loans (or participations) of all non-Defaulting Lenders on a pro rata basis prior to being applied to the payment of any Loans of such Defaulting Lender until such time as all Loans and funded and unfunded participations in Letter
of Credit Obligations are held by the Lenders pro rata in accordance with the Commitments without giving effect to subsection (a)(iv) below. Any payments, prepayments or other amounts paid or payable to a Defaulting Lender that are applied (or held)
to pay amounts owed by a Defaulting Lender or to post cash collateral pursuant to this Section 3.11(a)(ii) shall be deemed paid to and redirected by that Defaulting Lender, and each Lender irrevocably consents hereto. 

  
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 (iii) Certain Fees. During any period that a Revolving Credit Lender is a
Defaulting Lender, such Defaulting Lender’s Revolving Credit Commitment and outstanding Revolving Credit Loans shall be excluded for purposes of calculating any Fees payable to the Lenders under Section 3.6(a), 3.6(b), and 3.6(c)
(provided, as to Section 3.6(c), such Defaulting Lender shall be paid a pro rata (based on the remaining time to the extended Revolving Credit Termination Date) amount of extension fee at such time as it ceases to be a Defaulting Lender), and
during such period the Borrowers shall not be required to pay, and such Defaulting Lender shall not be entitled to receive, any such Fees otherwise payable to such Defaulting Lender under such Sections, provided the Borrowers shall be required to
pay the pro rata amount of such fees to the Revolving Credit Lenders assuming the participation exposure with respect to any Letters of Credit or related to any funding made by any Lender covering such Defaulting Lender’s share of any Loan.

 (iv) Reallocation of Applicable Percentages to Reduce Fronting Exposure. During any period in which there is a
Revolving Credit Lender which is a Defaulting Lender, for purposes of computing the amount of the obligation of each Revolving Credit Lender which is not a Defaulting Lender to acquire, refinance or fund participations in Letters of Credit pursuant
to Section 2.3, the Revolving Commitment Percentage of each Revolving Credit Lender which is not a Defaulting Lender shall be computed without giving effect to the Revolving Credit Commitment of that Defaulting Lender; provided, that,
each such reallocation shall be given effect only if (i) the conditions set forth in Section 5.2 are satisfied at the time of such reallocation (and, unless the Borrowers shall have otherwise notified the Agent at such time, the Borrowers
shall be deemed to have represented and warranted that such conditions are satisfied at such time) and (ii) such reallocation would not cause the aggregate principal amount of any Revolving Credit Lender which is not a Defaulting Lender’s
outstanding Revolving Credit Loans and participation in Letter of Credit Liabilities at such time to exceed such non-Defaulting Lender’s Revolving Credit Commitment. No reallocation hereunder shall constitute a waiver or release of any claim of
any party hereunder against a Defaulting Lender arising from that Revolving Credit Lender having become a Defaulting Lender, including any claim of a non-Defaulting Lender as a result of such non-Defaulting Lender’s increased exposure following
such reallocation. 
 (b) Defaulting Lender Cure. If the Borrowers and the Agent agree in writing in their sole discretion (with no
consent required from the Borrowers if any Default or Event of Default exists) that a Defaulting Lender that is a Lender should no longer be deemed to be a Defaulting Lender, the Agent will so notify the parties hereto, whereupon as of the effective
date specified in such notice and subject to any conditions set forth therein (which may include arrangements with respect to any cash collateral), that Lender, if a Lender, will, to the extent applicable, purchase that portion of outstanding Loans
of the other Lenders or take such other actions as the Agent may determine to be necessary to cause the subject Loans and funded and unfunded participations in Letters of Credit to be held on a pro rata basis by the Lenders in accordance with their
applicable Commitment Percentages (without giving effect to Section 3.11(a)(iv)), whereupon that Lender will cease to be a Defaulting Lender; provided that no adjustments will be made retroactively with respect to fees accrued or payments made
by or on behalf of the Borrowers while that Lender was a Defaulting Lender; and provided, further, that 

  
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except to the extent otherwise expressly agreed by the affected parties, no change hereunder from Defaulting Lender to Lender will constitute a waiver or release of any claim of any party
hereunder arising from that Lender’s having been a Defaulting Lender. 
 (c) Purchase or Cancellation of Defaulting Lender’s
Commitment. Any Lender who is not a Defaulting Lender may, but shall not be obligated, in its sole discretion, to acquire all or a portion of a Defaulting Lender’s Commitment. Any Lender desiring to exercise such right shall give written
notice thereof to the Agent and the Borrowers no sooner than 2 Business Days and not later than 5 Business Days after such Defaulting Lender became a Defaulting Lender. If more than one Lender exercises such right, each such Lender shall have the
right to acquire an amount of such Defaulting Lender’s Commitment in proportion to the Commitments of the other Lenders exercising such right. If after such 5th Business Day, the Lenders have not elected to purchase all of the Commitment of
such Defaulting Lender, then the Borrowers may, by giving written notice thereof to the Agent, such Defaulting Lender and the other Lenders, either (i) demand that such Defaulting Lender assign its Commitment to an Eligible Assignee subject to
and in accordance with the provisions of Section 12.5 for the purchase price provided for below or (ii) terminate the Commitment of such Defaulting Lender, whereupon such Defaulting Lender shall no longer be a party hereto or have any
rights or obligations hereunder or under any of the other Loan Documents. No party hereto shall have any obligation whatsoever to initiate any such replacement or to assist in finding an Eligible Assignee. Upon any such purchase or assignment, the
Defaulting Lender’s interest in the Loans and its rights hereunder (but not its liability in respect thereof or under the Loan Documents or this Agreement to the extent the same relate to the period prior to the effective date of the purchase
except to the extent assigned pursuant to such purchase) shall terminate on the date of purchase, and the Defaulting Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest to the purchaser or
assignee thereof, including an appropriate Assignment and Assumption Agreement and, notwithstanding Section 12.5, shall pay to the Agent an assignment fee in the amount of $5,000.00. The purchase price for the Commitment of a Defaulting Lender
shall be equal to the amount of the principal balance of the Loans outstanding and owed by the Borrowers to the Defaulting Lender. Prior to payment of such purchase price to a Defaulting Lender, the Agent shall apply against such purchase price any
amounts retained by the Agent pursuant to the last sentence of the immediately preceding subsection (a). Notwithstanding the foregoing, the Defaulting Lender shall be entitled to receive amounts owed to it by the Borrowers under the Loan
Documents which accrued prior to the date of the default by the Defaulting Lender, to the extent the same are received by the Agent from or on behalf of the Borrowers. There shall be no recourse against any Lender or the Agent for the payment of
such sums except to the extent of the receipt of payments from any other party or in respect of the Loans 
 Section 3.12. Taxes. 

(a) Taxes Generally. All payments by the Borrowers of principal of, and interest on, the Loans and all other Obligations shall be made
free and clear of and without deduction for any present or future excise, stamp or other taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges of any nature whatsoever imposed by any taxing authority, but excluding
(i) franchise taxes, (ii) any taxes imposed on or measured by the assets, net income, receipts or branch profits of any Lender or the Agent, (iii) any taxes (other than withholding 

  
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taxes) with respect to the Agent or a Lender that would not be imposed but for a connection between the Agent or such Lender and the jurisdiction imposing such taxes (other than a connection
arising solely by virtue of the activities of the Agent or such Lender pursuant to or in respect of this Agreement or any other Loan Document), (iv) any Excluded FATCA Tax, and (v) any taxes, fees, duties, levies, imposts, charges,
deductions, withholdings or other charges to the extent imposed as a result of the failure of the Agent or a Lender, as applicable, to provide and keep current (to the extent legally able) any certificates, documents or other evidence required to
qualify for an exemption from, or reduced rate of, any such taxes fees, duties, levies, imposts, charges, deductions, withholdings or other charges or required by the immediately following subsection (c) to be furnished by the Agent or such
Lender, as applicable (such non-excluded items being collectively called “Taxes”). If any withholding or deduction from any payment to be made by the Borrowers hereunder is required in respect of any Taxes pursuant to any Applicable
Law, then the Borrowers will: 
 (i) pay directly to the relevant Governmental Authority the full amount required to be so
withheld or deducted; 
 (ii) promptly forward to the Agent an official receipt or other documentation satisfactory to the
Agent evidencing such payment to such Governmental Authority; and 
 (iii) pay to the Agent for its account or the account of
the applicable Lender, as the case may be, such additional amount or amounts as is necessary to ensure that the net amount actually received by the Agent or such Lender will equal the full amount that the Agent or such Lender would have received had
no such withholding or deduction been required. 
 (b) Tax Indemnification. If the Borrowers fail to pay any Taxes when due to the
appropriate Governmental Authority or fails to remit to the Agent, for its account or the account of the respective Lender, as the case may be, the required receipts or other required documentary evidence, the Borrowers shall indemnify the Agent and
the Lenders for any incremental Taxes, interest or penalties that may become payable by the Agent or any Lender as a result of any such failure. For purposes of this Section, a distribution hereunder by the Agent or any Lender to or for the account
of any Lender shall be deemed a payment by the Borrowers. 
 (c) Tax Forms. Prior to the date that any Foreign Lender becomes a party
hereto, such Foreign Lender shall deliver to the Borrowers and the Agent such certificates, documents or other evidence, as required by the Internal Revenue Code or Treasury Regulations issued pursuant thereto (including Internal Revenue Service
Forms W-8ECI and W-8BEN, as applicable, or appropriate successor forms), properly completed, currently effective and duly executed by such Foreign Lender establishing that payments to it hereunder and under the Notes are (i) not subject to
United States Federal backup withholding tax and (ii) not subject to United States Federal withholding tax imposed under the Internal Revenue Code. Each such Foreign Lender shall, to the extent it may lawfully do so, (x) deliver further
copies of such forms or other appropriate certifications on or before the date that any such forms expire or become obsolete and after the occurrence of any event requiring a change in the most recent form delivered to the Borrowers or the Agent and
(y) obtain such extensions of the time for filing, and renew such forms and certifications thereof, as may be reasonably requested by the Borrowers or the Agent. 

  
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The Borrowers shall not be required to pay any amount pursuant to the last sentence of subsection (a) above to any Foreign Lender or the Agent, if it is organized under the laws of a
jurisdiction outside of the United States of America, if such Foreign Lender or the Agent, as applicable, fails to comply with the requirements of this subsection. If any such Foreign Lender, to the extent it may lawfully do so, fails to deliver the
above forms or other documentation, then the Agent may withhold from any payments to be made to such Foreign Lender under any of the Loan Documents such amounts as are required by the Internal Revenue Code. If any Governmental Authority asserts that
the Agent did not properly withhold or backup withhold, as the case may be, any tax or other amount from payments made to or for the account of any Lender, such Lender shall indemnify the Agent therefor, including all penalties and interest, any
taxes imposed by any jurisdiction on the amounts payable to the Agent under this Section, and costs and expenses (including all reasonable fees and disbursements of any law firm or other external counsel and the allocated cost of internal legal
services and all disbursements of internal counsel) of the Agent. The obligation of the Lenders under this Section shall survive the termination of the Commitments, repayment of all Obligations and the resignation or replacement of the Agent. 

(d) FATCA. Without limitation of Section 3.10(c), if a payment made to a Lender or a Participant under any Loan Document would be
subject to United States federal withholding Tax imposed by FATCA if such Lender or Participant were to fail to comply with any requirements of FATCA (including those contained in Section 1471(b) or 1472(b) of the Code, as applicable), such
Lender or Participant shall (A) enter into such agreements with the Internal Revenue Service as necessary to establish an exemption from withholding under FATCA; (B) comply with any certification, documentation, information, reporting or
other requirement necessary to establish an exemption from withholding under FATCA; (C) provide any documentation reasonably requested by the Borrower Representative or the Agent sufficient for the Agent and the Borrowers to comply with their
respective obligations, if any, under FATCA and to determine that such Lender has complied such applicable requirements; and (D) provide a certification signed by the chief financial officer, principal accounting officer, treasurer or
controller of such Lender certifying that such Lender or Participant has complied with any necessary requirements to establish an exemption from withholding under FATCA. To the extent that the relevant documentation provided pursuant to this
paragraph is rendered obsolete or inaccurate in any material respect as a result of changes in circumstances with respect to the status of a Lender or Participant, such Lender or Participant shall, to the extent permitted by Applicable Law, deliver
to the Borrower Representative and the Agent revised and/or updated documentation sufficient for the Borrower Representative and the Agent to confirm such Lender’s or such Participant’s compliance with its obligations under FATCA. 

ARTICLE IV. – YIELD PROTECTION, ETC. 

Section 4.1. Additional Costs; Capital Adequacy. 

(a) Additional Costs. The Borrowers shall promptly pay to the Agent for the account of each affected Lender from time to time such
amounts as such Lender may reasonably determine to be necessary to compensate such Lender for any costs incurred by such Lender that it reasonably determines are attributable to its making or maintaining of any Loans or its obligation to make any
Loans hereunder, any reduction in any amount receivable by such Lender 

  
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under this Agreement or any of the other Loan Documents in respect of any of such Loans or such obligation or the maintenance by such Lender of capital in respect of its Loans or its Commitments
(such increases in costs and reductions in amounts receivable being herein called “Additional Costs”), to the extent resulting from any Regulatory Change that: (i) changes the basis of taxation of any amounts payable to such
Lender under this Agreement or any of the other Loan Documents in respect of any of such Loans or its Commitment (other than taxes, fees, duties, levies, imposts, charges, deductions, withholdings or other charges which are excluded from the
definition of Taxes pursuant to the first sentence of Section 3.12(a)); or (ii) imposes or modifies any reserve, special deposit or similar requirements (other than Regulation D of the Board of Governors of the Federal Reserve
System or other reserve requirement to the extent utilized in the determination of Adjusted LIBOR for such Loan) relating to any extensions of credit or other assets of, or any deposits with or other liabilities of, such Lender, or any commitment of
such Lender (including, without limitation, the Commitments of such Lender hereunder); (iii) imposes on any Lender or any Lender as issuer of any Letter of Credit or the London interbank market any other condition, cost or expense (other than
Taxes) affecting this Agreement or LIBOR Loans made by such Lender or any Letter of Credit or participation therein; or (iv) has or would have the effect of reducing the rate of return on capital of such Lender or its holding company to a level
below that which such Lender or its holding company could have achieved but for such Regulatory Change (taking into consideration such Lender’s policies with respect to capital adequacy). 

(b) Lender’s Suspension of LIBOR Loans. Without limiting the effect of the provisions of the immediately preceding
subsection (a), if, by reason of any Regulatory Change, any Lender either (i) incurs Additional Costs based on or measured by the excess above a specified level of the amount of a category of deposits or other liabilities of such Lender
that includes deposits by reference to which the interest rate on LIBOR Loans is determined as provided in this Agreement or a category of extensions of credit or other assets of such Lender that includes LIBOR Loans or (ii) becomes subject to
restrictions on the amount of such a category of liabilities or assets that it may hold, then, if such Lender so elects by notice to the Borrowers (with a copy to the Agent), the obligation of such Lender to make or Continue, or to Convert any other
Type of Loans into, LIBOR Loans hereunder shall be suspended until such Regulatory Change ceases to be in effect (in which case the provisions of Section 4.6 shall apply). 

(c) Additional Costs in Respect of Letters of Credit. Without limiting the obligations of the Borrowers under the preceding subsections
of this Section 4.1 (but without duplication), if as a result of any Regulatory Change or any risk-based capital guideline or other requirement heretofore or hereafter issued by any Governmental Authority there shall be imposed, modified
or deemed applicable, in each case after the Agreement Date, any tax, reserve, special deposit, capital adequacy or similar requirement against or with respect to or measured by reference to Letters of Credit and the result shall be to increase the
cost to the Agent of issuing (or any Lender of purchasing participations in) or maintaining its obligation hereunder to issue (or purchase participations in) any Letter of Credit or reduce any amount receivable by the Agent or any Lender hereunder
in respect of any Letter of Credit, then, upon demand by the Agent or such Lender, the Borrowers shall pay promptly, and in any event within 3 Business Days of demand, to the Agent for its account or the account of such Lender, as applicable, from
time to time as specified by the Agent or a Lender, such additional amounts as shall be sufficient to compensate the Agent or such Lender for such increased costs or reductions in amount. 

  
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 (d) Notification and Determination of Additional Costs. Each of the Agent and each Lender
agrees to notify the Borrowers of any event occurring after the Agreement Date entitling the Agent or such Lender to compensation under any of the preceding subsections of this Section as promptly as practicable; provided, however, except as
otherwise provided below, the failure of the Agent or any Lender to give such notice shall not release the Borrowers from any of their obligations hereunder (and in the case of a Lender, to the Agent). The Agent or such Lender agrees to furnish to
the Borrowers (and in the case of a Lender, to the Agent) a certificate setting forth in reasonable detail the basis and amount of each request by the Agent or such Lender for compensation under this Section, in each case within three months after
the effective date of the Regulatory Change or other circumstance giving rise to such requested compensation (and, should such certificate not be furnished within such three-month period, the Borrowers shall not be liable for any Additional Costs or
compensation related to such Regulatory Change or other circumstance). Absent manifest error, determinations by the Agent or any Lender of the effect of any Regulatory Change shall be conclusive, provided that such determinations are made on a
reasonable basis and in good faith and otherwise in accordance with this Agreement. 
 Section 4.2. Suspension of LIBOR Loans. 

Anything herein to the contrary notwithstanding, if, on or prior to the determination of Adjusted LIBOR for any Interest Period: 

(a) the Agent reasonably determines (which determination shall be conclusive) that by reason of circumstances affecting the
relevant market, adequate and reasonable means do not exist for ascertaining Adjusted LIBOR for such Interest Period, or 

(b) the Agent reasonably determines (which determination shall be deemed presumptively correct) that, due to changes not
reasonably foreseeable on the Agreement Date, Adjusted LIBOR will not adequately and fairly reflect the cost to the Lenders of making or maintaining LIBOR Loans for such Interest Period; 

then the Agent shall give the Borrowers and each Lender prompt notice thereof and, so long as such condition remains in effect, the Lenders shall be under no
obligation to, and shall not, make additional LIBOR Loans, Continue LIBOR Loans or Convert Loans into LIBOR Loans and the Borrowers shall, on the last day of each current Interest Period for each outstanding LIBOR Loan, either repay such Loan or
Convert such Loan into a Base Rate Loan. 
 Section 4.3. Illegality. 

Notwithstanding any other provision of this Agreement, if any Lender shall reasonably determine (which determination shall be conclusive and
binding) that it has become unlawful for such Lender to honor its obligation to make or maintain LIBOR Loans hereunder, then such Lender shall promptly notify the Borrowers thereof (with a copy to the Agent) and such Lender’s obligation to make
or Continue, or to Convert Loans of any other Type into, LIBOR Loans shall be suspended until such time as such Lender may again make and maintain LIBOR Loans (in which case the provisions of Section 4.6. shall be applicable). 

  
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 Section 4.4. Compensation. 

The Borrowers shall pay to the Agent for the account of each Lender, upon the request of such Lender through the Agent, such amount or amounts
as shall be sufficient (in the reasonable opinion of such Lender) to compensate it for any loss, cost or expense that such Lender reasonably determines is attributable to: 

(a) any payment or prepayment (whether mandatory or optional) of a LIBOR Loan, or Conversion of a LIBOR Loan, made by such
Lender for any reason (including, without limitation, acceleration) on a date other than the last day of the Interest Period for such Loan; or 

(b) any failure by the Borrowers for any reason (including, without limitation, the failure of any of the applicable conditions
precedent specified in Article V. to be satisfied) to borrow a LIBOR Loan from such Lender on the requested date for such borrowing, or to Convert a Base Rate Loan into a LIBOR Loan or Continue a LIBOR Loan on the requested date of such
Conversion or Continuation. 
 Upon the Borrowers’ request, any Lender requesting compensation under this Section shall provide the Borrowers with a
statement setting forth in reasonable detail the basis for requesting such compensation and the method for determining the amount thereof. Absent manifest error, determinations by any Lender in any such statement shall be conclusive, provided that
such determinations are made on a reasonable basis and in good faith. 
 Section 4.5. Affected Lenders. 

If (a) a Lender requests compensation pursuant to Section 3.12 or Section 4.1, and the Required Lenders are not
also doing the same, or (b) the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant to Section 4.1(b) or Section 4.3 but the obligation
of the Required Lenders shall not have been suspended under such Sections, then, so long as there does not then exist any Default or Event of Default, the Borrowers may demand that such Lender (the “Affected Lender”), and upon such
demand the Affected Lender shall promptly, assign its Commitment to an Eligible Assignee subject to and in accordance with the provisions of Section 12.5(d) for a purchase price equal to the aggregate principal balance of all Loans then
owing to the Affected Lender plus any accrued but unpaid interest thereon and accrued but unpaid fees owing to the Affected Lender, or any other amount as may be mutually agreed upon by such Affected Lender and Eligible Assignee. Each of the Agent
and the Affected Lender shall reasonably cooperate in effectuating the replacement of such Affected Lender under this Section, but at no time shall the Agent, such Affected Lender nor any other Lender be obligated in any way whatsoever to initiate
any such replacement or to assist in finding an Eligible Assignee. The exercise by the Borrowers of their rights under this Section shall be at the Borrowers’ sole cost and expense and at no cost or expense to the Agent, the Affected Lender or
any of the other Lenders. The terms of this Section shall not in any way limit the Borrowers’ obligation to pay to any Affected Lender compensation owing to such Affected Lender pursuant to Section 3.12 or Section 4.1
with respect to periods up to the date of replacement. 

  
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 Section 4.6. Treatment of Affected Loans. 

If the obligation of any Lender to make LIBOR Loans or to Continue, or to Convert Base Rate Loans into, LIBOR Loans shall be suspended pursuant
to Section 4.1.(b) or Section 4.3, then such Lender’s LIBOR Loans shall be automatically Converted into Base Rate Loans on the last day(s) of the then current Interest Period(s) for LIBOR Loans (or, in the case of a
Conversion required by Section 4.1.(b) or Section 4.3, on such earlier date as such Lender may specify to the Borrowers with a copy to the Agent) and, unless and until such Lender gives notice as provided below that the
circumstances specified in Section 4.1 or Section 4.3 that gave rise to such Conversion no longer exist: 

(a) to the extent that such Lender’s LIBOR Loans have been so Converted, all payments and prepayments of principal that
would otherwise be applied to such Lender’s LIBOR Loans shall be applied instead to its Base Rate Loans; and 
 (b) all
Loans that would otherwise be made or Continued by such Lender as LIBOR Loans shall be made or Continued instead as Base Rate Loans, and all Base Rate Loans of such Lender that would otherwise be Converted into LIBOR Loans shall remain as Base Rate
Loans. 
 If such Lender gives notice to the Borrowers (with a copy to the Agent) that the circumstances specified in Section 4.1 or
Section 4.3 that gave rise to the Conversion of such Lender’s LIBOR Loans pursuant to this Section no longer exist (which such Lender agrees to do promptly upon such circumstances ceasing to exist) at a time when LIBOR Loans made by
other Lenders are outstanding, then such Lender’s Base Rate Loans shall be automatically Converted, on the first day(s) of the next succeeding Interest Period(s) for such outstanding LIBOR Loans, to the extent necessary so that, after giving
effect thereto, all Loans held by the Lenders holding LIBOR Loans and by such Lender are held pro rata (as to principal amounts, Types and Interest Periods) in accordance with their respective Commitments. 

Section 4.7. Change of Lending Office. 

Each Lender agrees that it will use reasonable efforts to designate an alternate Lending Office with respect to any of its Loans affected by
the matters or circumstances described in Section 3.12, Section 4.1 or Section 4.3 to reduce the liability of the Borrowers or avoid the results provided thereunder, so long as such designation is not
disadvantageous to such Lender as determined by such Lender in its sole discretion, except that such Lender shall have no obligation to designate a Lending Office located in the United States of America. 

Section 4.8. Assumptions Concerning Funding of LIBOR Loans. 

Calculation of all amounts payable to a Lender under this Article IV. shall be made as though such Lender had actually funded LIBOR
Loans through the purchase of deposits in the relevant market bearing interest at the rate applicable to such LIBOR Loans in an amount equal to the amount of the LIBOR Loans and having a maturity comparable to the relevant Interest

  
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Period; provided, however, that each Lender may fund each of its LIBOR Loans in any manner it sees fit and the foregoing assumption shall be used only for calculation of amounts payable under
this Article IV. 
 ARTICLE V. – CONDITIONS PRECEDENT 

Section 5.1. Initial Conditions Precedent. 

The obligation of the Lenders to effect or permit the occurrence of the first Credit Event hereunder, whether as the making of a Loan or the
issuance of a Letter of Credit, is subject to the following conditions precedent: 
 (a) The Agent shall have received each of the following,
in form and substance satisfactory to the Agent: 
 (i) Counterparts of this Agreement executed by each of the parties
hereto; 
 (ii) Notes executed by the Borrowers, payable to each Lender (if requested by such Lender) and complying with the
applicable provisions of Section 2.9; 
 (iii) An opinion of counsel to the Borrowers, addressed to the Agent and
the Lenders, in form and substance acceptable to Agent’s counsel; 
 (iv) A copy, certified as of a recent date by the
appropriate officer of each State in which each Borrower is organized, and a duly authorized officer or similar representative of such Borrower, as applicable, to be true and complete, of the corporate charter or other formation document of the such
Borrower as in effect on such date of certification; 
 (v) A certificate of good standing or certificate of similar meaning
with respect to each Borrower issued as of a recent date by the Secretary of State of the state of formation of each such Borrower and certificates of qualification to transact business or other comparable certificates issued by each Secretary of
State (and any state department of taxation, as applicable) of each state in which such Borrower is required to be so qualified and where the failure to be so qualified could reasonably be expected to have a Material Adverse Effect; 

(vi) A certificate of incumbency signed by the Secretary or Assistant Secretary (or other individual performing similar
functions) of each Borrower with respect to each of the officers of such Borrower authorized to execute and deliver the Loan Documents to which such Borrower is a party, and in the case of the Borrower Representative, each of the officers of such
Person authorized to deliver Notices of Borrowing, Notices of Continuation and Notices of Conversion and to request the issuance of Letters of Credit; 

(vii) Copies certified by the Secretary or Assistant Secretary (or other individual performing similar functions) of each
Borrower of (i) the by-laws of such Borrower, if a corporation, the operating agreement of such Borrower, if a limited liability company, the partnership agreement of such Borrower, if a limited or general

  
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partnership, or other comparable document in the case of any other form of legal entity and (ii) all corporate, partnership, member or other necessary action taken by such Borrower to
authorize the execution, delivery and performance of the Loan Documents to which it is a party; 
 (viii) The Fees then due
and payable under Section 3.6(c), and any other Fees payable to the Agent, the Titled Agents and the Lenders on or prior to the Effective Date; 

(ix) A Compliance Certificate and an Availability Certificate calculated as of the Effective Date (giving pro forma effect to
the financing contemplated by this Agreement and the use of the proceeds of the Loans to be funded on the Effective Date); 

(x) Letters from the agents under the Existing Revolving Agreement and Existing Term Agreement, providing information regarding
the payment in full of amounts outstanding thereunder and providing for the termination thereof (including the termination of all Liens securing such credit facilities); 

(xi) The Eligible Real Estate Qualification Documents required by the Agent for each Unencumbered Property included in the
Unencumbered Pool as of the Effective Date shall have been delivered to the Agent at the Borrowers’ expense and shall be in form and substance satisfactory to the Agent; 

(xii) Such due diligence with respect to the Unencumbered Pool as the Agent may reasonably require; and 

(xiii) Such other documents, agreements and instruments as the Agent on behalf of the Lenders may reasonably request. 

(b) In the good faith judgment of the Agent and the Lenders: 

(i) There shall not have occurred or become known to the Agent or any of the Lenders any event, condition, situation or status
since the date of the information contained in the financial and business projections, budgets, pro forma data and forecasts concerning EPR and its Subsidiaries delivered to the Agent and the Lenders prior to the Agreement Date that has had or could
reasonably be expected to result in a Material Adverse Effect; 
 (ii) No litigation, action, suit, investigation or other
arbitral, administrative or judicial proceeding shall be pending or threatened which could reasonably be expected to (1) result in a Material Adverse Effect (except as set forth in Schedule 6.1(i)), or (2) restrain or
enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of any Borrower to fulfill its obligations under the Loan Documents to which it is a party; 

(iii) EPR and its Subsidiaries shall have received all approvals, consents and waivers, and shall have made or given all
necessary filings and notices, as shall be required to consummate the transactions contemplated hereby without the occurrence of any default under, conflict with or violation of (1) any Applicable Law or (2) any

  
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agreement, document or instrument to which any Borrower is a party or by which any of its properties is bound, except for such approvals, consents, waivers, filings and notices the receipt,
making or giving of which would not reasonably be likely to (A) have a Material Adverse Effect, or (B) restrain or enjoin, impose materially burdensome conditions on, or otherwise materially and adversely affect the ability of any Borrower
to fulfill its obligations under the Loan Documents to which it is a party; and 
 (iv) There shall not have occurred or
exist any other material disruption of financial or capital markets that could reasonably be expected to materially and adversely affect the transactions contemplated by the Loan Documents. 

Section 5.2. Conditions Precedent to All Loans and Letters of Credit. 

The obligations of the Lenders to make any Loans and of the Agent to issue Letters of Credit are all subject to the further condition precedent
that: (a) no Default or Event of Default shall exist as of the date of the making of such Loan or date of issuance of such Letter of Credit or would exist immediately after giving effect thereto; and (b) the representations and warranties
made or deemed made by the Borrowers in the Loan Documents to which any of them is a party, shall be true and correct in all material respects on and as of the date of the making of such Loan or date of issuance of such Letter of Credit with the
same force and effect as if made on and as of such date except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in
all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. Each Credit Event shall constitute a certification by the Borrowers to the effect set forth in the
preceding sentence (both as of the date of the giving of notice relating to such Credit Event and, unless the Borrowers otherwise notify the Agent prior to the date of such Credit Event, as of the date of the occurrence of such Credit Event). In
addition, if such Credit Event is the making of a Loan or the issuance of a Letter of Credit, the Borrowers shall be deemed to have represented to the Agent and the Lenders at the time such Loan is made or Letter of Credit issued that all conditions
to the occurrence of such Credit Event contained in this Article V have been satisfied or waived in accordance with the terms of this Agreement. 

ARTICLE VI. – REPRESENTATIONS AND WARRANTIES 

Section 6.1. Representations and Warranties. 

In order to induce the Agent and each Lender to enter into this Agreement and to make Loans and issue Letters of Credit, the Borrowers
represent and warrant to the Agent and each Lender as follows: 
 (a) Organization; Power; Qualification. EPR and each of its
Subsidiaries is a trust, corporation, partnership, limited liability company or other legal entity, duly organized or formed, validly existing and in good standing under the jurisdiction of its incorporation or formation, has the power and authority
to own or lease its respective properties and to carry on its respective business as now being and hereafter proposed to be conducted and is duly qualified and is in good standing as a foreign corporation, partnership or other legal entity, and
authorized 

  
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to do business, in each jurisdiction in which the character of its properties or the nature of its business requires such qualification or authorization; except where the failure to have such
power or authority or to be so qualified or authorized could not reasonably be expected to have a Material Adverse Effect. 
 (b)
Ownership Structure. As of the Agreement Date, Schedule 6.1(b) is a complete and correct list of all Subsidiaries of EPR setting forth for each such Subsidiary, (i) the jurisdiction of organization of such Subsidiary,
(ii) the identity of EPR and each other Subsidiary of EPR holding any Equity Interests in such Subsidiary and, in the case of a Subsidiary that is not a Wholly-Owned Subsidiary, to the Borrowers’ knowledge the identity of the holder(s) of
the other Equity Interests in such Subsidiary, (iii) a summary description of the nature of the Equity Interests held by each such Person, and (iv) the percentage of ownership of such Subsidiary represented by such Equity Interests. Except
as disclosed in such Schedule, as of the Agreement Date (i) each of EPR and its Subsidiaries owns, free and clear of all Liens (other than Permitted Liens), and has the unencumbered right to vote, all outstanding Equity Interests in each Person
shown to be held by it on such Schedule, (ii) all of the issued and outstanding capital stock of each such Person organized as a corporation is validly issued, fully paid and nonassessable and (iii) with respect to each such Subsidiary
Borrower (or Eligible Canadian Subsidiary), there are no outstanding subscriptions, options, warrants, commitments, preemptive rights or agreements of any kind (including, without limitation, any stockholders’ or voting trust agreements) for
the issuance, sale, registration or voting of, or outstanding securities convertible into, any additional shares of capital stock of any class, or partnership or other ownership interests of any type in, such Subsidiary. As of the Agreement Date,
Schedule 6.1.(b) correctly sets forth all Unconsolidated Affiliates of EPR, including the correct legal name of such Person, the type of legal entity which each such Person is, and all Equity Interests in such Person held directly
or indirectly by EPR. 
 (c) Authorization of Agreement, Etc. Each Borrower has the right and power, and has taken all necessary
action to authorize it, to borrow and obtain other extensions of credit hereunder. Each Borrower has the right and power, and has taken all necessary action, to execute, deliver and perform each of the Loan Documents to which it is a party in
accordance with its terms and to consummate the transactions contemplated hereby and thereby. The Loan Documents to which any Borrower is a party have been duly executed and delivered by the duly authorized officers of such Person and each is a
legal, valid and binding obligation of such Person enforceable against such Person in accordance with its respective terms except as the same may be limited by bankruptcy, insolvency, and other similar laws affecting the rights of creditors
generally and the availability of equitable remedies for the enforcement of certain obligations (other than the payment of principal) contained herein or therein and as may be limited by equitable principles generally. 

(d) Compliance of Loan Documents with Laws, Etc. The execution, delivery and performance of this Agreement, the Notes and the other Loan
Documents to which any Borrower is a party in accordance with their respective terms and the borrowings and other extensions of credit hereunder do not and will not, by the passage of time, the giving of notice, or both: (i) require any
Governmental Approval or violate any Applicable Law (including all Environmental Laws) relating to any Borrower; (ii) conflict with, result in a breach of or constitute a default under the organizational documents of any Borrower, or any
indenture, 

  
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agreement or other instrument to which any Borrower is a party or by which it or any of its properties may be bound; or (iii) result in or require the creation or imposition of any Lien upon
or with respect to any property now owned or hereafter acquired by any Borrower. 
 (e) Compliance with Law; Governmental Approvals.
EPR and each of its Subsidiaries is in compliance with each Governmental Approval applicable to it and in compliance with all other Applicable Laws (including, without limitation, Environmental Laws) relating to it except for noncompliances which,
and Governmental Approvals the failure to possess which, could not, individually or in the aggregate, reasonably be expected to cause an Event of Default or have a Material Adverse Effect. 

(f) Title to Properties; Liens. As of the Agreement Date, Schedule 6.1(f) is a complete and correct listing of all
real property owned or leased by EPR or its Subsidiaries or with respect to which EPR or one of its Subsidiaries holds an EPR Senior First Mortgage or similar mortgage. Each such Person has good, marketable and legal title to, or a valid leasehold
interest in, or, in the case of real estate subject to an EPR Senior First Mortgage or similar mortgage, a valid mortgage lien on, its respective assets. As of the Agreement Date, there are no Liens against any assets of any Borrower except for
Permitted Liens. 
 (g) Existing Indebtedness. Schedule 6.1(g) is, as of the Agreement Date, a complete and correct
listing of all Indebtedness of EPR and its Subsidiaries the outstanding principal amount of which exceeds $1,000,000.00, including without limitation, Guarantees of EPR and its Subsidiaries, and indicating whether such Indebtedness is Secured
Indebtedness. 
 (h) Material Contracts. Schedule 6.1(h) is, as of the Agreement Date, a true, correct and complete
listing of all Material Contracts, other than, to the extent constituting Material Contracts, (i) any agreements or other contracts in the nature of loan agreements or other loan documents which evidence, secure or otherwise relate to any
Indebtedness described in Schedule 6.1(g), or which evidence or otherwise relate to the Bonds, and (ii) any lease, mortgage or similar financing documents whereby EPR or one or more of its Subsidiaries is a lessor, mortgagee or
the like (including, without limitation, any Leases and EPR Senior Property Loan Documents). No event or condition exists which, with the giving of notice, the lapse of time, or both, would permit any party to any such Material Contract to terminate
such Material Contract (other than any termination right in favor of EPR or any of its Subsidiaries). 
 (i) Litigation. Except as set
forth on Schedule 6.1(i), there are no actions, suits, investigations or proceedings pending (nor, to the knowledge of the Borrowers, are there any actions, suits or proceedings threatened) against or in any other way relating
adversely to or affecting EPR or any of its Subsidiaries or any of their respective property in any court or before any arbitrator of any kind or before or by any other Governmental Authority which could reasonably be expected to have a Material
Adverse Effect. There are no strikes, slow downs, work stoppages or walkouts or other labor disputes in progress or threatened relating to EPR or any of its Subsidiaries which could reasonably be expected to have a Material Adverse Effect. 

(j) Taxes. All federal, state and other tax returns of EPR and each of its Subsidiaries required by Applicable Law to be filed have been
duly filed, and all federal, state and other taxes, assessments and other governmental charges or levies upon any such Person and its 

  
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properties, income, profits and assets which are due and payable have been paid, except any such nonpayment which is at the time permitted under Section 7.6. As of the Agreement Date,
and except as set forth in Schedule 6.1(j), no Borrower has received notice of any United States income tax returns of EPR or any of its Subsidiaries being under an audit. All charges, accruals and reserves on the books of EPR and
each of its Subsidiaries in respect of any taxes or other governmental charges are in accordance with GAAP. 
 (k) Financial
Statements. EPR has furnished to each Lender copies of the audited Consolidated balance sheet of EPR for the fiscal year ending December 31, 2014, and the related audited Consolidated statements of operations, cash flows and changes in
shareholders’ equity for the fiscal year ending on such dates, with the opinion thereon of KPMG. Such financial statements (including in each case related schedules and notes) present fairly, in all material respects and in accordance with GAAP
consistently applied throughout the period involved, the Consolidated financial position of EPR as at such date and the results of operations and the cash flow for such period. Except as may be set forth in the Schedules to this Agreement or the
financial statements described above, neither EPR nor any of its Subsidiaries has on the Agreement Date any contingent liabilities, liabilities, liabilities for taxes, unusual or long-term commitments or unrealized or forward anticipated losses from
any unfavorable commitments, in each case, that is material and that would be required to be set forth in its financial statements or in the notes thereto. 

(l) No Material Adverse Change; Solvency. Since December 31, 2014, there has been no material adverse change in the business,
assets, liabilities, financial condition, results of operations or business prospects of EPR and its Subsidiaries taken as a whole. Each of the Borrowers is Solvent. 

(m) ERISA. Each member of the ERISA Group is in compliance with its obligations under the minimum funding standards of ERISA and the
Internal Revenue Code with respect to each Plan and is in compliance with the presently applicable provisions of ERISA and the Internal Revenue Code with respect to each Plan, except in each case for noncompliances which could not reasonably be
expected to have a Material Adverse Effect. As of the Agreement Date, no member of the ERISA Group has (i) sought a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code in respect of any Plan,
(ii) failed to make any contribution or payment to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement, or made any amendment to any Plan or Benefit Arrangement, which failure or amendment has resulted or could reasonably be
expected to result in the imposition of a Lien or the posting of a bond or other security under ERISA or the Internal Revenue Code or (iii) incurred any liability under Title IV of ERISA other than a liability to the PBGC for premiums under
Section 4007 of ERISA. 
 (n) Not Plan Assets; No Prohibited Transaction. No assets of any Borrower constitute “plan
assets” within the meaning of ERISA, the Internal Revenue Code and the respective regulations promulgated thereunder. The execution, delivery and performance of this Agreement and the other Loan Documents, and the borrowing and repayment of
amounts hereunder, do not and will not constitute non-exempt “prohibited transactions” under ERISA or the Internal Revenue Code. 

  
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 (o) Absence of Defaults. Neither EPR nor any of its Subsidiaries is in default under its
articles of incorporation, bylaws, partnership agreement or other similar organizational documents, and no event has occurred, which has not been remedied, cured or waived, which, in any such case: (i) constitutes a Default or an Event of
Default; or (ii) constitutes, or which with the passage of time, the giving of notice, or both, would constitute, a default or event of default by EPR or any of its Subsidiaries under any agreement (other than this Agreement) or judgment,
decree or order to which EPR or any of its Subsidiaries is a party or by which any such Persons or any of their respective properties may be bound where such default or event of default could, individually or in the aggregate, reasonably be expected
to have a Material Adverse Effect. 
 (p) Environmental Laws. EPR and each of its Subsidiaries has obtained all Governmental Approvals
which are required under Environmental Laws and is in compliance with all terms and conditions of such Governmental Approvals which the failure to obtain or to comply with could reasonably be expected to have a Material Adverse Effect. Except for
any of the following matters that could not be reasonably expected to have a Material Adverse Effect, (i) EPR is not aware of, and has not received notice of, any past, present, or future events, conditions, circumstances, activities,
practices, incidents, actions, or plans which, with respect to EPR or any of its Subsidiaries, may interfere with or prevent compliance or continued compliance with Environmental Laws, or may give rise to any common-law or legal liability, or
otherwise form the basis of any claim, action, demand, suit, proceeding, hearing, or investigation, based on or related to the manufacture, processing, distribution, use, treatment, storage, disposal, transport, or handling or the emission,
discharge, release or threatened release into the environment, of any Hazardous Material; and (ii) there is no civil, criminal, or administrative action, suit, demand, claim, hearing, notice, or demand letter, notice of violation,
investigation, or proceeding pending or, to EPR’s knowledge, threatened, against EPR or any of its Subsidiaries relating to any Environmental Laws. 

(q) Investment Company; Public Utility Holding Company. Neither EPR nor any of its Subsidiaries is (i) an “investment
company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended, or (ii) subject to any other Applicable Law which purports to regulate or restrict its
ability to borrow money or to consummate the transactions contemplated by this Agreement or to perform its obligations under any Loan Document to which it is a party. 

(r) Margin Stock. Neither EPR nor any of its Subsidiaries is engaged principally, or as one of its important activities, in the business
of extending credit for the purpose, whether immediate, incidental or ultimate, of buying or carrying “margin stock” within the meaning of Regulation U of the Board of Governors of the Federal Reserve System, and not more than 25% of
the value of the assets of the Borrowers is comprised of margin stock. 
 (s) Affiliate Transactions. Except as is not prohibited by
Section 9.11, neither EPR nor any of its Subsidiaries is a party to any transaction with an Affiliate. 
 (t) Intellectual
Property. EPR and each of its Subsidiaries owns or has the right to use, under valid license agreements or otherwise, all material patents, licenses, franchises, trademarks, trademark rights, service marks, service mark rights, trade names,
trade name rights, trade secrets and copyrights (collectively, “Intellectual Property”) necessary to the conduct of its 

  
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businesses as now conducted and as contemplated by the Loan Documents, without known conflict with any patent, license, franchise, trademark, trademark right, service mark, service mark right,
trade secret, trade name, copyright or other proprietary right of any other Person; except where any such failure to own or to have the right to use Intellectual Property, or existence of a conflict with the rights of others, could not reasonably be
expected, individually or in the aggregate, to have a Material Adverse Effect. EPR and each of its Subsidiaries have taken all such steps as they deem reasonably necessary to protect their respective rights under and with respect to such
Intellectual Property. No material claim has been asserted by any Person with respect to the use of any such Intellectual Property by EPR or any of its Subsidiaries, or challenging or questioning the validity or effectiveness of any such
Intellectual Property. The use of such Intellectual Property by EPR and its Subsidiaries does not infringe on the rights of any Person, subject to such claims and infringements as do not, in the aggregate, give rise to any liabilities on the part of
EPR or any of its Subsidiaries that could reasonably be expected to have a Material Adverse Effect. 
 (u) Business. As of the
Agreement Date, the Borrowers are engaged in the business of acquiring, owning, leasing, making mortgage loans against, financing, managing and otherwise dealing in real estate (including, without limitation, Eligible Real Estate) and related
personal property, together with other business activities incidental thereto. 
 (v) Broker’s Fees. Neither EPR nor any of its
Subsidiaries have entered into any agreement providing for the payment of any broker’s or finder’s fee, commission or similar compensation with respect to the transactions contemplated hereby or any ancillary transactions. The foregoing
does not include any agency, syndication or other fees permitted to be paid pursuant to the terms of this Agreement or the other Loan Documents. 

(w) Accuracy and Completeness of Information. No written information, report or other papers or data (excluding financial projections
and other forward looking statements) furnished to the Agent or any Lender by, on behalf of, or at the direction of, EPR or any of its Subsidiaries in connection with, pursuant to or relating in any way to this Agreement, contained any untrue
statement of a fact material to EPR and its Subsidiaries taken as a whole or omitted to state a material fact necessary in order to make such statements contained therein, in light of the circumstances under which they were made, not misleading. All
financial statements (including in each case all related schedules and notes) furnished to the Agent or any Lender by, on behalf of, or at the direction of EPR or any of its Subsidiaries in connection with, pursuant to or relating in any way to this
Agreement, present fairly, in all material respects and in accordance with GAAP consistently applied throughout the periods involved, the financial position of the Persons involved as at the date thereof and the results of operations for such
periods (subject, as to interim statements, to changes resulting from normal year-end audit adjustments). All financial projections and other forward looking statements prepared by or on behalf of EPR or any of its Subsidiaries that have been or may
hereafter be made available to the Agent or any Lender were or will be prepared in good faith based on reasonable assumptions as of the date of such information; provided, however, the Agent and the Lenders recognize that such projections as to
future events are not to be viewed as facts or guarantees of future performance and that actual results during the period or periods covered by any such projections may differ from the projected results. As of the Effective Date, no fact is known to
any Borrower which has had, or may in the future have (so far as such Borrower can reasonably foresee), a Material Adverse 

  
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Effect which has not been set forth in the financial statements referred to in Section 6.1(k) or in such information, reports or other papers or data or otherwise disclosed in writing to the
Agent and the Lenders. 
 (x) REIT Status. EPR is a Maryland real estate investment trust duly organized pursuant to a Declaration of
Trust filed with the Maryland Department of Assessments and Taxation, and is in good standing under the laws of Maryland. EPR conducts its business in a manner which enables it to qualify as a real estate investment trust under, and to be entitled
to the benefits of, Section 856 of the Internal Revenue Code, and has elected to be treated as and is entitled to the benefits of a real estate investment trust thereunder. EPR (i) has all requisite power to own its property and conduct
its business as now conducted and as presently contemplated, and (ii) is in good standing and duly authorized to do business in the jurisdictions where the Unencumbered Properties directly owned or leased by it are located and in each other
jurisdiction where a failure to be so qualified in such other jurisdiction could have a materially adverse effect on the business, assets or financial condition of EPR. EPR has not taken any action that would prevent it from maintaining its
qualification as a REIT for its tax year ending December 31, 2015, or as of the date of this Agreement, from maintaining such qualification at all times during the term of the Loan. 

(y) SEC Filings. EPR has made all filings with and obtained all consents of the Securities and Exchange Commission as required, if any,
under the Securities Act and the Securities Exchange Act in connection with the execution, delivery and performance by EPR of each of the Obligations incurred in connection with the Loan Documents. 

(z) Foreign Assets Control. To the knowledge of EPR and the Borrowers after due inquiry, none of the Borrower, any Subsidiary or any
Affiliate of the Borrower: (i) is a Sanctioned Person, (ii) has any of its assets in Sanctioned Entities, or (iii) derives any of its operating income from investments in, or transactions with, Sanctioned Persons or Sanctioned
Entities. Each Borrower, its Subsidiaries and their respective officers and employees, and to the knowledge of each Borrower, its directors and agents, are in compliance with Anti-Corruption Laws and applicable Sanctions in all material respects. No
Loan or Letter of Credit, use of the proceeds of any Loan or Letter of Credit, or other transactions contemplated hereby will violate Anti-Corruption Laws or applicable Sanctions. Neither the making of the Loans nor the use of the proceeds thereof
will violate the Patriot Act, the Trading with the Enemy Act, as amended, or any of the foreign assets control regulations of the United States Treasury Department (31 C.F.R., Subtitle B, Chapter V, as amended) or any enabling legislation or
executive order relating thereto or successor statute thereto. Each Borrower and its Subsidiaries are in compliance in all material respects with the Patriot Act. 

Section 6.2. Survival of Representations and Warranties, Etc. 

All statements contained in any certificate, financial statement or other instrument delivered by or on behalf of EPR or any of its
Subsidiaries to the Agent or any Lender pursuant to or in connection with this Agreement or any of the other Loan Documents (including, but not limited to, any such statement made in or in connection with any amendment hereto or thereto or any such
statement contained in any certificate, financial statement or other instrument delivered by or on behalf of EPR or any of its Subsidiaries prior to the Agreement Date and delivered to 

  
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the Agent or any Lender in connection with the underwriting or closing of the transactions contemplated hereby) shall constitute representations and warranties made by the Borrowers in favor of
the Agent or any of the Lenders under this Agreement. All representations and warranties made under this Agreement and the other Loan Documents shall be deemed to be made at and as of the Agreement Date, the Effective Date, and the date of the
occurrence of any Credit Event, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on
and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. All such representations and warranties shall survive the effectiveness of this Agreement, the execution and delivery of the Loan
Documents and the making of the Loans and the issuance of the Letters of Credit. 
 ARTICLE VII. – AFFIRMATIVE COVENANTS

 For so long as this Agreement is in effect, unless the Required Lenders (or, if required pursuant to Section 12.6,
all of the Lenders) shall otherwise consent in the manner provided for in Section 12.6, the Borrowers shall comply with the following covenants: 

Section 7.1. Preservation of Existence and Similar Matters. 

Except as otherwise permitted under Section 9.7, EPR shall, and shall cause each of its Subsidiaries to, preserve and maintain its
respective existence, rights, franchises, licenses and privileges in the jurisdiction of its incorporation or formation and qualify and remain qualified and authorized to do business in each jurisdiction in which the character of its properties or
the nature of its business requires such qualification and authorization and where the failure to be so authorized and qualified could reasonably be expected to have a Material Adverse Effect. 

Section 7.2. Compliance with Applicable Law and Material Contracts. 

EPR shall, and shall cause each of its Subsidiaries to, comply with (a) all Applicable Laws (including without limitation Anti-Corruption
Laws and applicable Sanctions), including the obtaining of all Governmental Approvals, the failure with which to comply could reasonably be expected to have a Material Adverse Effect, and (b) all terms and conditions of all Material Contracts
to which it is a party. 
 Section 7.3. Maintenance of Property. 

In addition to the requirements of any of the other Loan Documents, EPR shall, and shall cause each of its Subsidiaries to, (a) protect
and preserve all of its respective material properties, including, but not limited to, material Intellectual Property, and maintain in good repair, working order and condition all material tangible properties, ordinary wear and tear excepted, and
(b) make or cause to be made all needed and appropriate repairs, renewals, replacements and additions to such properties, so that the business carried on in connection therewith may be properly and advantageously conducted at all times;
provided, however, that nothing in this Section 7.3 shall impose any duty on EPR or any of its Subsidiaries to the extent that, pursuant to the terms of the applicable Leases or EPR Senior Property Loan Documents or other applicable
lease or mortgage documents, the tenant or mortgagor, as applicable, with respect to the relevant 

  
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property is obligated to perform such duties or whereby, pursuant to the terms of such documents, EPR or any of its Subsidiaries does not have the right to access such property or is otherwise
prohibited from performing such duties. 
 Section 7.4. Conduct of Business. 

The Borrowers shall carry on their respective businesses as described in Section 6.1(u). 

Section 7.5. Insurance. 
 EPR shall,
and shall cause each of its Subsidiaries to, maintain insurance on its real property assets with financially sound and reputable insurance companies against such risks and in such amounts as is customarily maintained by Persons engaged in similar
businesses or as may be required by Applicable Law; provided, however, that nothing in this Section 7.5 shall impose any duty on EPR or any of its Subsidiaries to maintain any such insurance to the extent that, pursuant to the terms of
the applicable Leases or EPR Senior Property Loan Documents or other applicable lease or mortgage documents, the tenant or mortgagor, as applicable, is obligated to provide any such insurance or whereby such risks, or portions thereof, may be
covered by self-insurance. EPR shall, and shall cause each of its Subsidiaries to, deliver to the Agent, upon its request from time to time, a detailed list, together with copies of all policies of the insurance then in effect, stating the names of
the insurance companies, the amounts and rates of the insurance, the dates of the expiration thereof and the properties and risks covered thereby. 

Section 7.6. Payment of Taxes and Claims. 

EPR shall, and shall cause each of its Subsidiaries to, pay and discharge when due (a) all taxes, assessments and governmental charges or
levies imposed upon it or upon its income or profits or upon any properties belonging to it, and (b) all lawful claims of materialmen, mechanics, carriers, warehousemen and landlords for labor, materials, supplies and rentals which, if unpaid,
might become a Lien (other than a Permitted Lien) on any properties of such Person; provided, however, that nothing in this Section or in Section 7.18 shall require the payment or discharge of any such tax, assessment, charge, levy or
claim which is being contested in good faith by appropriate proceedings and for which adequate reserves have been established on the books of the applicable Borrower, or Subsidiary, in accordance with GAAP or if the failure to pay or discharge any
such tax, assessment, charge or levy or claim, together with any associated interest, fines or penalties, could not reasonably be expected, individually or in the aggregate, to have a Material Adverse Effect. 

Section 7.7. Visits and Inspections. 

EPR shall, and shall cause each of its Subsidiaries to, permit representatives or agents of any Lender or the Agent, from time to time after
reasonable prior notice if no Event of Default shall be in existence, and as often as may be reasonably requested, but only during normal business hours, to: (a) visit and inspect all properties of EPR and its Subsidiaries to the extent any
such right to visit or inspect is within the control of such Person; (b) inspect and make extracts from their respective books and records, including but not limited to management letters prepared by independent accountants; and
(c) discuss with its officers and employees, and its independent accountants, its business, properties, condition (financial or otherwise), results of 

  
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operations and performance. If requested by the Agent, EPR shall execute an authorization letter addressed to its accountants authorizing the Agent or any Lender to discuss the financial affairs
of EPR or any of its Subsidiaries with its accountants. The exercise by the Agent or a Lender of its rights under this Section shall be at the expense of the Agent or such Lender, as the case may be, unless an Event of Default shall exist in which
case it shall be at the expense of the Borrowers. 
 Section 7.8. Use of Proceeds; Letters of Credit. 

The Borrowers shall use the proceeds of the Loans and the Letters of Credit for general corporate purposes, including the repayment of the
Indebtedness under the Existing Agreements, payment of closing costs and fees, the acquisition, renovation and improvement of real property, the making of mortgage loans against real property, and for other purposes consistent with the business
activities described in Section 6.1(u). No part of the proceeds of any Loan or Letter of Credit will be used (a) for the purpose of buying or carrying “margin stock” within the meaning of Regulation U of the Board of
Governors of the Federal Reserve System or to extend credit to others for the purpose of purchasing or carrying any such margin stock; (b) to finance any operations in, finance investments or activities in, or make any payments to, a Sanctioned
Person or Sanctioned Entity; or (c) in furtherance of an offer, payment, promise to pay, or authorization of the payment or giving of money, or anything else of value, to any Person in violation of any Anti-Corruption Laws. 

Section 7.9. Environmental Matters. 

EPR shall, and shall cause each of its Subsidiaries to, comply with all Environmental Laws the failure with which to comply could reasonably be
expected to have a Material Adverse Effect. If EPR or any of its Subsidiaries: (a) receives notice that any violation of any Environmental Law may have been committed or is about to be committed by such Person, (b) receives notice that any
administrative or judicial complaint or order has been filed or is about to be filed against EPR or any of its Subsidiaries alleging violations of any Environmental Law or requiring EPR or any of its Subsidiaries to take any action in connection
with the release of Hazardous Materials or (c) receives any notice from a Governmental Authority or private party alleging that EPR or any of its Subsidiaries may be liable or responsible for costs associated with a response to or cleanup of a
release of Hazardous Materials or any damages caused thereby, and the matters referred to in such notices, individually or in the aggregate, could reasonably be expected to have a Material Adverse Effect, the Borrowers shall provide the Agent with a
copy of such notice promptly, and in any event within 10 Business Days, after the receipt thereof by EPR or any of its Subsidiaries. EPR shall, and shall cause each of its Subsidiaries to, take promptly all actions necessary to prevent the
imposition of any Liens on any of their respective properties arising out of or related to any Environmental Laws (other than any such Liens that constitute Permitted Liens). 

Section 7.10. Books and Records. 

EPR shall, and shall cause each of its Subsidiaries to, maintain books and records pertaining to its respective business operations in such
detail, form and scope as is consistent with good business practice and in accordance with GAAP. Each Borrower will maintain its 

  
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chief executive office at 909 Walnut Street, Suite 200, Kansas City, MO 64106, or at such other place in the United States of America as the Borrowers shall designate prior to any such change in
location by written notice to the Agent, where notices, presentations and demands to or upon the Borrowers in respect of the Loan Documents may be given or made. 

Section 7.11. Further Assurances. 

The Borrowers shall, at the Borrowers’ cost and expense and upon request of the Agent, execute and deliver or cause to be executed and
delivered, to the Agent such further instruments, documents and certificates, and do and cause to be done such further acts that may be reasonably necessary or advisable in the reasonable opinion of the Agent to carry out more effectively the
provisions and purposes of this Agreement and the other Loan Documents. 
 Section 7.12. Replacement or Addition of Unencumbered Properties.

 (a) After the Effective Date, the Borrowers shall have the right, subject to the consent of the Agent, not to be unreasonably
withheld, and the satisfaction by the Borrowers of the other conditions set forth in this Section 7.12, to add Potential Unencumbered Property to the Unencumbered Pool (including, without limitation, Potential Encumbered Property owned
by a Subsidiary that, prior to such addition, was not a Subsidiary Borrower or an Eligible Canadian Subsidiary) or to replace any Unencumbered Property with a Potential Unencumbered Property. The addition or replacement of Potential Unencumbered
Property to or for the then existing Unencumbered Property shall be referred to as “Unencumbered Property Replacement”. In the event the Borrowers desire to effect an Unencumbered Property Replacement as aforesaid, the Borrowers
shall provide written notice to the Agent of such request (which the Agent shall promptly furnish to the Lenders), together with all other Eligible Real Estate Qualification Documents. No Potential Unencumbered Property shall be included as
Unencumbered Property unless and until the Agent determines that the following conditions precedent shall have been satisfied: 

(i) such Potential Unencumbered Property shall be Eligible Real Estate; 

(ii) the Borrowers shall have executed and/or delivered to the Agent all Eligible Real Estate Qualification Documents, all of
which instruments, documents or agreements shall be in form and substance reasonably satisfactory to the Agent in its reasonable discretion including, in the case of a Subsidiary that is not already a party to this Agreement as a Subsidiary
Borrower, a Joinder Agreement executed by such Subsidiary, together with such organizational documents, directors’ or comparable resolutions, secretary’s, incumbency and like certificates, opinions of counsel and other documents as the
Agent may reasonably request; provided; however, that no such Joinder Agreement or other documents shall be required with respect to an Eligible Canadian Subsidiary and 

(iii) after giving effect to the inclusion of such Potential Unencumbered Property, each of the representations and warranties
made by or on behalf of the Borrowers contained in this Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in connection with this Agreement shall be true in all

  
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material respects both as of the date as of which it was made and shall also be true as of the time of the replacement or addition of Unencumbered Properties, with the same effect as if made at
and as of that time (it being understood and agreed that any representation or warranty which by its terms is made as of a specified date shall be required to be true and correct only as of such specified date), and no Default or Event of Default
shall have occurred and be continuing, and the Agent shall have received a certificate of the Borrowers to such effect. 

(iv) without limiting any of the foregoing, upon the occurrence of an Unencumbered Property Replacement, Borrowers must provide
to Agent an Availability Certificate reflective of the contemplated transaction evidencing that the Aggregate Credit Exposure does not exceed the Availability. 

(v) Borrowers shall pay any and all reasonable out-of-pocket expenses and costs, including attorneys’ fees, incurred by
Agent in connection with review and/or closing of the Potential Unencumbered Property. 
 The decision of the Agent to grant or withhold its
consent to the acceptance of Potential Unencumbered Property under this Section 7.12 shall be based on the factors set forth in this Section 7.12 and any other provisions of this Agreement relating to Eligible Real Estate and
Unencumbered Properties. 
 Section 7.13. Removal of Unencumbered Property. 

Provided no Default or Event of Default shall have occurred hereunder and be continuing (or would exist immediately after giving effect to the
transactions contemplated by this Section 7.13), subject to the consent of the Agent in its reasonable discretion, the Borrowers shall be permitted to remove an Unencumbered Property from the Unencumbered Pool (including, without
limitation, Unencumbered Property owned or leased by an Eligible Canadian Subsidiary) upon the request of the Borrowers and subject to and upon the following terms and conditions: 

(a) the Borrowers shall deliver to the Agent written notice of their desire to remove such property not later than three (3) Business Days
prior to the date on which such removal is to be effected; 
 (b) the Borrowers shall submit to the Agent with such request, an Availability
Certificate reflective of the contemplated transaction evidencing that the Aggregate Credit Exposure does not exceed the Availability; 
 (c)
the Borrowers shall pay all reasonable costs and expenses of the Agent in connection with such removal, including without limitation, reasonable attorney’s fees; 

(d) the Borrowers shall pay to the Agent for the account of the Lenders, such amount as is necessary to provide that the Aggregate Credit
Exposure does not exceed the Availability after giving effect to such removal; said removal price shall be applied to reduce the outstanding principal balance of the Loans as provided in Section 2.6(b). 

  
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 If a Subsidiary Borrower complies with the provisions of this Section 7.13 and, after
giving effect to the removal of its Unencumbered Property from the Unencumbered Pool, such Subsidiary Borrower does not own or otherwise have an interest in any other property in the Unencumbered Pool, the Agent, if so requested by such Subsidiary
Borrower and at the Borrowers’ expense, shall release such Subsidiary Borrower from the provisions of this Agreement, the Notes and the other Loan Documents all as if such Subsidiary Borrower was never a party hereto or thereto; provided,
however, that (i) in no event shall the Agent be obligated to effectuate any such release if a Default or Event of Default then exists, and (ii) no such release shall relieve such Subsidiary Borrower (unless its Equity Interests are sold
or otherwise transferred to an unrelated third party in an arm’s-length transaction) from any indemnification or other obligations that are to survive the termination of this Agreement as provided in Section 12.10 . 

Section 7.14. REIT Status. 
 EPR
shall at all times maintain its status as a REIT. 
 Section 7.15. Exchange Listing. 

EPR shall maintain at least one class of common shares of EPR having trading privileges on the New York Stock Exchange, the Nasdaq stock market
or the American Stock Exchange or which is the subject of price quotations in the over-the-counter market as reported by the National Association of Securities Dealers Automated Quotation System. 

Section 7.16. Distributions of Income to EPR. 

EPR shall cause its Subsidiaries to promptly distribute to EPR (but not less frequently than once each fiscal quarter of EPR, unless otherwise
approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits, proceeds or other income relating to or arising from its Subsidiaries’ use, operation, financing, refinancing, sale or other disposition of their
respective assets and properties after (a) the payment by each Subsidiary of its debt service and operating expenses for such quarter and (b) the establishment of reasonable reserves for the payment of operating expenses not paid on at
least a quarterly basis and capital improvements to be made to such Subsidiary’s assets and properties approved by such Subsidiary in the ordinary course of business consistent with its past practices, or reserves required under applicable loan
covenants; provided however, that in the event that (i) an Event of Default shall have occurred and be continuing, and the maturity of the Obligations has been accelerated, or (ii) there shall have occurred and be continuing, an Event of
Default under any of Sections 10.1(a), 10.1(b), 10.1(h), 10.1(i) or 10.1(j), then no Subsidiary Borrower shall make any Distributions, either directly or indirectly, to EPR. 

Section 7.17. Failure of Certain Unencumbered Assets Representations and Warranties. 

If at any time any Borrower shall become aware that any representation set forth in this Agreement is no longer true and correct with respect
to any Unencumbered Property in the Unencumbered Pool, the Borrowers shall promptly notify the Agent in writing of such event, together with a detailed description of the factual circumstances giving rise thereto. In such event, the Agent may
require that the Real Estate no longer be considered an Unencumbered 

  
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Property for purposes hereof and require that such asset be removed from the Unencumbered Pool. Upon the determination that an asset shall no longer be considered an Unencumbered Property for
purposes hereof, the provisions of Section 2.6(b) shall apply. 
 Section 7.18. Unencumbered Property. 

(a) All of the Unencumbered Properties are in good condition and working order subject to ordinary wear and tear and casualty and condemnation
permitted in the Loan Documents. All of the other Real Estate of EPR and its Subsidiaries is in good condition and working order subject to ordinary wear and tear and casualty and condemnation permitted in the Loan Documents, 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 a Subsidiary Borrower (or, as applicable, an Eligible Canadian Subsidiary) 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 EPR 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 this 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 EPR 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 Borrowers, 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 EPR 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 Subsidiary Borrower, EPR or any other Subsidiary is the mortgagor under any mortgage, deed of trust, or similar instrument
encumbering (i) the Unencumbered Property or (ii) the Equity Interests in the Subsidiary Borrower which owns, leases or has a mortgage interest in such Unencumbered Property (or, as to any Eligible Canadian Subsidiary which owns, leases or
has a mortgage interest in any Unencumbered Property, the Equity Interests in such Eligible Canadian Subsidiary or the Equity Interests in any Person which owns any Equity Interests in such Eligible Canadian Subsidiary); 

  
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 (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 the financing evidenced by the Facility or, in the case of underwriting
only, other financing permitted under this 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 Borrowers have
conducted their 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, a Subsidiary Borrower (or an Eligible Canadian Subsidiary) 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 Agent upon request therefor; 
 (h) The Borrowers have complied with all other applicable conditions set
forth in this Agreement with respect to inclusion and retention of the Real Estate as an Unencumbered Property; and 
 (i) Notwithstanding
anything in this Agreement to the contrary, so long as no Event of Default exists a Subsidiary Borrower (or, as applicable, an Eligible Canadian Subsidiary) may sell or otherwise dispose of, or permit the sale or other disposition of, portions of
Unencumbered Property that consist of undeveloped land or other property which is non-income producing (including, in the case of an EPR Senior Property Loan, releasing the Subsidiary Borrower’s (or, as applicable, Eligible Canadian
Subsidiary’s) mortgage lien on such undeveloped land or other non-income-producing property) in each case provided that the Borrowers are in compliance with the provisions of Section 9.1(a) at the time of, and after giving effect
to, such sale or other disposition. 
 ARTICLE VIII. – INFORMATION 

Borrowers will deliver or cause to be delivered to the Agent, which Agent shall promptly deliver to the Lenders: 

Section 8.1. Financial Statements, Certificates and Information. 

(a) as soon as practicable, but in any event not later than ninety (90) days after the end of each fiscal year of EPR, commencing with the
fiscal year ending December 31, 2015, the audited Consolidated balance sheet of EPR at the end of such year, and the related audited Consolidated statements of income, changes in capital and cash flows for such year, each setting forth in
comparative form the figures for the previous fiscal year and all such statements to be in reasonable detail, prepared in accordance with GAAP, and accompanied by an auditor’s report prepared without qualification as to the scope of the audit
by a “Big Four” accounting firm or 

  
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another nationally recognized firm acceptable to the Agent (the foregoing with respect to EPR may be satisfied by delivery of the Form 10-K of EPR filed with the SEC; provided,
however, that in no event shall any reference to any prior 10-Ks or Proxy Statements which may be incorporated by reference within the filings then being delivered to Agent be deemed delivered to Agent nor shall any such information contained
in any such prior filings be deemed delivered to Agent), and any other information the Agent may reasonably request to complete a financial analysis of EPR and its Subsidiaries; 

(b) as soon as practicable, but in any event not later than forty-five (45) days after the end of each fiscal quarter (including the
fourth quarter) of EPR, copies of the unaudited Consolidated balance sheet of EPR as at the end of such quarter, and the related unaudited Consolidated statements of income and cash flows for the portion of EPR’s fiscal year then elapsed, all
in reasonable detail and prepared in accordance with GAAP (the foregoing with respect to EPR and its Subsidiaries for the first three quarters of any fiscal year may be satisfied by delivery of the Form 10-Q of EPR filed with the SEC;
provided, however, that in no event shall any reference to any prior 10-Qs or Proxy Statements which may be incorporated by reference within the filings then being delivered to Lender be deemed delivered to Lender nor shall any such
information contained in any such prior filings be deemed delivered to Lender), together with a certification by the chief financial officer of EPR or its Vice President – Finance that the information contained in such financial statements
fairly presents the financial position of EPR and its Subsidiaries on the date thereof (subject to year-end adjustments); 
 (c)
simultaneously with the delivery of the financial statements referred to in subsections (a) and (b) above, a statement (a “Compliance Certificate”) certified by the chief financial officer of EPR or its Vice President
– Finance in the form of Exhibit F hereto (or in such other form as the Agent may approve from time to time) setting forth in reasonable detail computations evidencing compliance or non-compliance (as the case may be) with the covenants
contained in Section 9.1 and the other covenants described in such certificate and (if applicable) setting forth reconciliations to reflect changes in GAAP since the Effective Date. Borrowers shall submit with the Compliance Certificate
an Availability Certificate in the form of Exhibit G attached hereto pursuant to which the Borrowers shall calculate the amount of the Availability as of the end of the immediately preceding fiscal quarter of EPR. All income, expense and
value associated with Real Estate or other Investments disposed of during any quarter will be eliminated from calculations, where applicable. The Compliance Certificate shall be accompanied by copies of the statements of the Unencumbered Property
Net Operating Income for such fiscal quarter and on a trailing four-quarter basis for each of the Unencumbered Properties, prepared on a basis consistent with the statements furnished to the Lenders prior to the date hereof and otherwise in form and
substance reasonably satisfactory to the Agent, together with a certification by the chief financial officer of EPR or its Vice President – Finance that the information contained in such statement fairly presents the Unencumbered Property Net
Operating Income of the Unencumbered Properties for such periods; 
 (d) contemporaneously with the delivery of the financial statements
referred to in clause (a) above, the statement of all contingent liabilities involving amounts of $1,000,000.00 or more of EPR and its Subsidiaries which are not reflected in such financial statements or referred to in the notes thereto
(including, without limitation, all guaranties, endorsements and other contingent obligations in respect of the indebtedness of others, and obligations to reimburse the issuer in respect of any letters of credit); 

  
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 (e) upon reasonable request by the Agent on behalf of any Lender, as soon as practicable but in
any event not later than forty-five (45) days after the end of the most recent fiscal quarter of EPR (including the fourth fiscal quarter in each year), a Consolidated operating statement for the Unencumbered Properties and as requested by
Agent or any Lender, a Rent Roll for each of the Unencumbered Properties and a copy of each Lease or amendment entered into with respect to an Unencumbered Property during such quarter; 

(f) contemporaneously with the filing or mailing thereof, copies of all material of a financial nature, reports or proxy statements sent to the
shareholders of EPR; 
 (g) promptly after a Rating Agency shall have announced a change in the rating established or deemed to have been
established for the Index Debt, written notice of such rating change; 
 (h) promptly upon the filing hereof, copies of all registration
statements (other than the exhibits thereto and any registration statements on Form S-8 or its equivalent); 
 (i) upon reasonable request by
the Agent, evidence reasonably satisfactory to Agent of the timely payment of all real estate taxes for the Unencumbered Properties; 
 (j)
not later than November 15 of each year, the Consolidated cash flow projections of EPR for the next three years; 
 (k) from time to
time such other financial data and information in the possession of EPR or its Subsidiaries (including without limitation auditors’ management letters, status of litigation or investigations against any Borrower and any settlement discussions
relating thereto, property inspection and environmental reports and information as to zoning and other legal and regulatory changes affecting any Borrower) as the Agent may reasonably request. Information concerning such litigation or settlement
discussions shall not include attorney-client privileged communications, but shall otherwise include information which may be confidential or subject to a work-product privilege so that the Agent and the Lenders receive the same level of disclosure
from the Borrowers with respect to such matters as has been made prior to the Effective Date; 
 (l) promptly upon their becoming available,
copies of all registration statements and regular periodic reports, if any, that Borrowers shall have filed with the Commission (or any Governmental Authority substituted therefor) or any national securities exchange, including each Form 8-K, Form
10-K and Form 10-Q filed with the Commission; and 
 (m) as soon as is reasonably practicable, but in any event not later than forty-five
(45) days after the end of each fiscal quarter (including the fourth quarter), statements of Exhibitor’s EBITDAR for the prior quarter and for the trailing four quarters. 

Notwithstanding anything to the contrary in this Section 8.1 or in Section 8.2, any Form 10-K, Form 10-Q, Form 8-K, registration
statement or other information described in this Section 8.1 or in Section 8.2 shall be deemed delivered to the Agent and the Lenders if such Form 10-K, 

  
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Form 10-Q, Form 8-K, registration statement or other information is filed or furnished by EPR with the SEC. If any such information is not filed or furnished by EPR with the SEC, such information
shall be deemed delivered to the Agent upon the Agent’s receipt of such information from EPR (which information may be in electronic form provided that such electronic form is reasonably acceptable to the Agent). The Agent shall distribute any
such non-SEC filed or furnished information to the other Lenders, and may do so by electronic form including by posting such information on an electronic platform (including, without limitation, Syndtrak Online, IntraLinks or such other electronic
platforms as the Agent may elect from time to time). Any such electronic platform shall be provided on an “as is” and “as available” basis, and the Agent makes no express or implied warranty regarding such electronic platform or
the accuracy or completeness of any information posted thereto or contained thereon and the Agent shall have no liability of any nature whatsoever to any Lender, Borrower or other Person (whether sounding in tort, contract or otherwise) with respect
to such electronic platform or any such information (including any information referred to in Section 8.2 below), except to the extent such liability results from the gross negligence or willful misconduct of the Agent as determined by a
court of competent jurisdiction in a final and nonappealable judgment. 
 Section 8.2. Other Information. 

(a) ERISA. If and when any member of the ERISA Group (i) gives or is required to give notice to the PBGC of any “reportable
event” (as defined in Section 4043 of ERISA) with respect to any Plan which might constitute grounds for a termination of such Plan under Title IV of ERISA, or knows that the plan administrator of any Plan has given or is required to give
notice of any such reportable event, a copy of the notice of such reportable event given or required to be given to the PBGC; (ii) receives notice of complete or partial withdrawal liability under Title IV of ERISA or notice that any
Multiemployer Plan is in reorganization, is insolvent or has been terminated, a copy of such notice; (iii) receives notice from the PBGC under Title IV of ERISA of an intent to terminate, impose liability (other than for premiums under
Section 4007 of ERISA) in respect of, or appoint a trustee to administer any Plan, a copy of such notice; (iv) applies for a waiver of the minimum funding standard under Section 412 of the Internal Revenue Code, a copy of such
application; (v) gives notice of intent to terminate any Plan under Section 4041(c) of ERISA, a copy of such notice and other information filed with the PBGC; (vi) gives notice of withdrawal from any Plan pursuant to Section 4063
of ERISA, a copy of such notice; or (vii) fails to make any payment or contribution to any Plan or Multiemployer Plan or in respect of any Benefit Arrangement or makes any amendment to any Plan or Benefit Arrangement, and such failure or
amendment has resulted or could reasonably be expected to result in the imposition of a Lien or the posting of a bond or other security, a certificate of a duly authorized executive of EPR setting forth details as to such occurrence and the action,
if any, which EPR or applicable member of the ERISA Group is required or proposes to take; 
 (b) Litigation. To the extent EPR or any
of its Subsidiaries is aware of the same, prompt notice of the commencement of any proceeding or investigation by or before any Governmental Authority and any action or proceeding in any court or other tribunal or before any arbitrator against or in
any other way relating adversely to, or adversely affecting, EPR or any of its Subsidiaries or any of their respective properties, assets or businesses which could reasonably be expected to have a Material Adverse Effect, and prompt notice of the
receipt of notice that any United States income tax returns of EPR or any of its Subsidiaries are being audited; 

  
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 (c) Change of Management or Financial Condition. Prompt notice of any change in the chief
executive officer or chief financial officer of EPR and any change in the business, assets, liabilities, financial condition, results of operations or business prospects of EPR or any of its Subsidiaries which has had or could reasonably be expected
to have a Material Adverse Effect; 
 (d) Default. Notice of the occurrence of any of the following promptly upon a Responsible
Officer of EPR obtaining knowledge thereof: (i) any Default or Event of Default or (ii) any event which constitutes or which with the passage of time, the giving of notice, or otherwise, would constitute a default or event of default by
EPR or any of its Subsidiaries under any Material Contract to which any such Person is a party or by which any such Person or any of its properties may be bound; 

(e) Judgments. Prompt notice of any order, judgment or decree in excess of $10,000,000.00 having been entered against EPR or any of its
Subsidiaries or any of their respective properties or assets; 
 (f) Asset Sales. Prompt notice of the sale, transfer or other
disposition of any Unencumbered Properties by a Subsidiary Borrower (or an Eligible Canadian Subsidiary) to any Person other than another Subsidiary Borrower (or another Eligible Canadian Subsidiary); 

(g) Patriot Act Information. From time to time and promptly upon each request, information identifying any Borrower as a Lender may
request in order to comply with the Patriot Act; and 
 (h) Other Information. From time to time and promptly upon each request, such
data, certificates, reports, statements, documents or further information regarding the business, assets, liabilities, financial condition, results of operations or business prospects of EPR or any of its Subsidiaries as the Agent or any Lender may
reasonably request. 
 Any information required to be delivered pursuant to this Section 8.2 – other than any such information that would
be contained in any Form 10-K, Form 10-Q, Form 8-K, registration statement or other information filed or furnished by EPR with the SEC (in which case Section 8.1 shall govern the delivery of such information) – shall be deemed
delivered to the Agent upon the Agent’s receipt of such information from EPR; and any such information may be in electronic form provided that such electronic form is reasonably acceptable to the Agent. The Agent shall distribute any such
information to the other Lenders, and may do so by electronic form in the same manner as provided in Section 8.1 above. 

ARTICLE IX. – NEGATIVE COVENANTS 

At all times, the Borrowers covenant and agree that, so long as any Obligations, Loan, Note, or Letter of Credit is outstanding or any Lender
has any obligation to make any Loans or issue any Letters of Credit, they shall at all times be in compliance with the following financial covenants. Section 9.1(b), Section 9.1(c), Section 9.1(d),
Section 9.1(i) and Section 9.1(j) shall 

  
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be tested as of the end of each quarter, based upon the results for that particular quarter then ended. Section 9.1(a) and Section 9.1(g) shall be tested as of the end of
each quarter, based upon the results for the trailing four quarters then ended and Section 9.1(a) shall also be tested on and as of the date of each new Loan and/or issuance of a Letter of Credit hereunder. Notwithstanding anything to
the contrary contained herein, Section 9.1(d) shall be tested as of the end of each quarter, based upon the results for that particular quarter then ended, but shall incorporate adjustments for proceeds from dividend reinvestment
programs at the end of each calendar year, only, to the extent that such proceeds exceed $1,000,000.00. 
 Section 9.1. Financial Covenants.

 (a) Availability. The Aggregate Credit Exposure shall at all times not be greater than and shall at all times be in compliance
with the Availability; additionally, at no time shall the Aggregate Credit Exposure exceed the Facility Amount. 
 (b) Total Debt to Total
Asset Value. Calculated on a Consolidated basis with respect to EPR, the ratio of Total Debt to Total Asset Value shall not exceed 60%. Notwithstanding the foregoing, for two consecutive quarters following a Material Acquisition, the Total Debt
to Total Asset Value shall not exceed 65%. 
 (c) Maximum Permitted Investments. Calculated on a Consolidated basis with respect to
EPR, at any time, the ratio of: (A) Investments in the aggregate sum of: (i) Investments in unimproved real estate (including cost of land held for development), which such Investment is in the form of a fee, leasehold or mortgage
interest; (ii) Investments in construction which is not pre-leased (total budgeted cost, including cost of land); and (iii) Investments in unconsolidated subsidiaries, to (B) Total Asset Value, shall not at any time exceed 25%. 

(d) Tangible Net Worth. The Consolidated Tangible Net Worth will not at any time be less than the sum of (a) $1,700,000,000.00
plus (b) 75% of the aggregate Net Equity Proceeds received by EPR on a Consolidated basis subsequent to the Effective Date. 

(e) INTENTIONALLY OMITTED. 

(f) INTENTIONALLY OMITTED. 

(g) Maximum Distributions. The ratio of Distributions of FFO to FFO before preferred dividends shall not exceed 95%, measured on a
rolling four-quarter basis, provided however, that (i) as long as there is no Default or Event of Default and none of the Loans has been accelerated, EPR shall not be prohibited from making Distributions that are necessary to maintain REIT
Status (measured on a rolling four quarter basis), as evidenced by a certificate of the chief financial officer of EPR or its Vice President – Finance containing calculations in reasonable detail reasonably satisfactory in form and substance to
the Agent, and (ii) EPR may make additional Distributions to the extent permitted under Section 9.2. 
 (h) INTENTIONALLY
OMITTED. 

  
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 (i) Maximum Secured Debt to Total Asset Value. Calculated on a Consolidated basis with
respect to EPR, the ratio of Secured Indebtedness of EPR to Total Asset Value shall not exceed 35%. 
 (j) Minimum Fixed Charge Coverage
Ratio. Calculated on a Consolidated basis with respect to EPR, at any time, the ratio of Adjusted EBITDA to Fixed Charges shall not be less than 1.50 to 1.0. 

Section 9.2. Distributions. 
 EPR
will not make any Distributions which would violate any of the following covenants: 
 (a) EPR will not make any Distributions in violation
of Section 9.1(g) hereof, except as otherwise provided below. Notwithstanding the foregoing, EPR may, subject to the limitations set forth in this Agreement (including specifically, but without limitation, those contained in
Section 9.2(b) and Section 9.2(c)) make Distributions (which shall not be included in the ninety-five percent (95%) FFO test set forth in Section 9.1(g) hereof) in order to enable EPR to repurchase common
shares of EPR and the right to redeem any then outstanding preferred shares in accordance with their terms so long as (i) any such repurchase or redemption is made in EPR’s prudent business judgment, (ii) no Event of Default shall
have occurred and be continuing on the date of any such repurchase or redemption and (iii) no Event of Default shall occur as a result of any such repurchase or redemption. Similarly, unless an Event of Default has occurred and is continuing
(in which event Section 9.2(b) or Section 9.2(c), as applicable, shall govern such Distribution), EPR may make the minimum Distributions required under the Internal Revenue Code to maintain the REIT Status of EPR and/or to
avoid income taxation at the entity level, and without regard to the limitations contained in Section 9.1(g) hereof; 
 (b) In
the event that an Event of Default shall have occurred and be continuing, EPR shall not make any Distributions other than the minimum Distributions required under the Internal Revenue Code to maintain the REIT Status of EPR, as evidenced by a
certification of the chief financial officer of EPR or its Vice President – Finance containing calculations in reasonable detail reasonably satisfactory in form and substance to the Agent; provided, however, that EPR shall not be entitled to
make any Distribution in connection with the repurchase of common stock of any Borrower at any time after an Event of Default shall have occurred and be continuing; and 

(c) In the event that an Event of Default shall have occurred and be continuing and the maturity of the Obligations has been accelerated, EPR
shall not make any Distributions whatsoever, either directly or indirectly. 

  
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 Section 9.3. Indebtedness. 

(a) No Subsidiary Borrower (or Eligible Canadian Subsidiary that owns, leases or has a mortgage interest in property included in the
Unencumbered Pool) will 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), without the prior written consent of the Required
Lenders, other than: 
 (i) Indebtedness to the Lenders and the Agent arising under any of the Loan Documents; 

(ii) Current liabilities incurred in the ordinary course of business but not incurred through (i) the borrowing of money,
or (ii) 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; 

(iii) 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 7.6; 

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

(v) Endorsements for collection, deposit or negotiation and warranties of products or services, in each case incurred in the
ordinary course of business; 
 (vi) Intercompany Indebtedness owing to another Borrower that has been subordinated to the
Obligations on terms satisfactory to the Agent; 
 (vii) Indebtedness in the nature of interest rate swaps or similar
interest rate hedging transactions relating to all or any portion of the Obligations provided that the amount and terms of such interest rate swaps and similar hedging transactions are reasonably satisfactory to the Agent; 

(viii) Indebtedness under the Bonds and under any notes or bonds issued after the Effective Date, including any Guarantees of
the foregoing; provided, however, that, in the case of any such notes or bonds issued after the Effective Date, (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 9.1, and (2) no Default or Event of Default then exists or would result therefrom; and 

(ix) Indebtedness, other than Indebtedness described in clauses (i) through (viii) above, provided that such
Indebtedness is unsecured and the aggregate outstanding principal amount of such Indebtedness at any time does not exceed $4,000,000.00 with respect to any particular Subsidiary Borrower (or Eligible Canadian Subsidiary) or $20,000,000.00 with
respect to all Subsidiaries Borrowers (together with all Eligible Canadian Subsidiaries that own, lease or have a mortgage interest in property included in the Eligible Pool) and provided that the incurrence of such Indebtedness does not violate,
and would not violate on a pro forma basis, any financial covenant set forth in Section 9.1. 
 (b) EPR shall not, without the
prior written consent of the Required Lenders, create, incur, assume, guarantee or be or remain liable, contingently or otherwise with respect to any Indebtedness on a recourse basis, except: (a) secured Indebtedness permitted pursuant to
Section 9.1(i); (b) Indebtedness under this Agreement and the other Loan Documents and any other 

  
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unsecured Indebtedness to the extent the same would not result in a violation of Section 9.1(a); (c) Indebtedness under the Bonds and any other Indebtedness of the type described
in clauses (ii) through (viii), inclusive, of Section 9.3(a) immediately above; and (d) Indebtedness whose recourse is solely for so-called “bad-boy” acts, including without limitation, (i) failure to account for
a tenant’s security deposits, if any, for rent or any other payment collected by a Subsidiary from a tenant under the lease, all in accordance with the provisions of any applicable loan or lease documents, (ii) fraud or a material
misrepresentation made by a Subsidiary, or the holders of beneficial or ownership interests in such Subsidiary, in connection with the financing evidenced by the applicable loan or lease documents; (iii) any attempt by a Subsidiary to divert or
otherwise cause to be diverted any amounts payable to the applicable tenant or mortgagee in accordance with the applicable lease or loan documents; (iv) the misappropriation or misapplication of any insurance proceeds or condemnation awards
relating to any leased real estate; (v) voluntary or involuntary bankruptcy by a Subsidiary; and (vi) any environmental matter(s) affecting any leased or mortgaged property which is introduced or caused by a Subsidiary or any holder of a
beneficial or ownership interest in a Subsidiary. 
 Section 9.4. Permitted Investments. 

No Borrower (or Eligible Canadian Subsidiary that owns, leases or has a mortgage interest in property included in the Unencumbered Pool) will
make or permit to exist or to remain outstanding any Investment except Investments in: 
 (a) marketable direct or guaranteed obligations of
the United States of America that mature within one (1) year from the date of purchase by such Borrower or any such Subsidiary; 
 (b)
marketable direct obligations of any of the following: Federal Home Loan Mortgage Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage Association, Government National Mortgage Association, Bank for
Cooperatives, Federal Intermediate Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks, or any other agency or bank of the United States of America; 

(c) demand deposits, certificates of deposit, bankers acceptances and time deposits of any of the Lenders or any United States banks having
total assets in excess of $100,000,000.00; provided, however, that the aggregate amount at any time so invested with any single bank having total assets of less than $1,000,000,000.00 will not exceed $1,000,000.00; 

(d) securities commonly known as “commercial paper” issued by any Lender, or by a corporation organized and existing under the laws
of the United States of America or any State which at the time of purchase are rated by Moody’s Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “P 1” if then rated by Moody’s Investors
Service, Inc., and not less than “A 1”, if then rated by Standard & Poor’s Corporation; 
 (e) mortgage-backed
securities guaranteed by the Government National Mortgage Association, the Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and other mortgage-backed bonds which at the time of purchase are rated by Moody’s
Investors Service, Inc. or by Standard & Poor’s Corporation at not less than “AA” if then rated by Moody’s Investors Service, Inc. and not less than “AA” if then rated by Standard & Poor’s
Corporation; 

  
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 (f) repurchase agreements having a term not greater than 180 days and fully secured by securities
described in the foregoing subsections (a), (b) or (e) with the Lenders, banks described in the foregoing subsection (c) or financial institutions or other corporations having total assets in excess of $500,000,000.00; 

(g) shares of so-called “money market funds” registered with the Securities and Exchange Commission under the Investment Company Act
of 1940 which maintain a level per-share value, invest principally in investments described in the foregoing subsections (a) through (f) and have total assets in excess of $50,000,000.00; 

(h) to the extent not already described above, Cash Equivalents; 

(i) intercompany obligations owing to such Borrower (or such Eligible Canadian Subsidiary), provided, that, if the obligor in respect thereof
is another Borrower, such intercompany obligations have been subordinated to the Obligations on terms satisfactory to the Agent; 
 (j) to
the extent constituting Investments, loans or advances in the ordinary course of business to directors, officers, employees or agents of a Borrower or another Subsidiary for travel, entertainment, relocation and like expenses; 

(k) to the extent constituting Investments, non-cash consideration received in connection with an asset sale permitted under this Agreement;

 (l) Investments in the nature of accounts receivable, notes receivable, lease receivables or similar receivables arising from the grant of
trade credit in the ordinary course of business, and Investments received in satisfaction or partial satisfaction thereof from financially troubled account debtors, lessees or similar obligors to the extent reasonably necessary in order to prevent
or limit loss; 
 (m) The following Investments: (i) Investments in Real Estate (including, without limitation, fee and leasehold
interests in real property and improvements thereon and interests in mortgage loans and other financing secured by any interest in real property or improvements thereon); (ii) Investments in property (whether constituting real or personal
property) in the nature of options, licenses, easements and other rights relating to real property; (iii) Investments in equipment and other personal property in connection with Investments described in clauses (i) or (ii) immediately
above, including, without limitation, Investments in equipment leased to tenants or mortgagors or sold to tenants or mortgagors pursuant to purchase-money loans or similar financing arrangements; and (iv) Investments in corporations,
partnerships, limited liability companies, trusts and other entities which are or will be engaged primarily in making or managing Investments of a type described in clauses (i), (ii) or (iii) immediately above; provided that nothing in
this Section 9.3(l) shall permit any Investment that is prohibited by Section 9.1(c); 

  
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 (n) subject to the terms of this Agreement, Investments in Subsidiaries of EPR existing as of the
date hereof, and Investments in new Subsidiaries of EPR created after the date of this Agreement; 
 (o) deposits required by government
agencies or public utilities, and other deposits or pledges which constitute Permitted Liens; and 
 (p) Investments, other than Investments
described in clauses (a) through (o) above, provided that (i) the amount of all Investments made pursuant to this clause (p) does not exceed $75,000,000.00 measured at the time when made, (ii) the making or maintenance of
any such Investment would not violate Section 9.1(c) herein, and (iii) no Default or Event of Default exists at the time any such Investment is made. 

Section 9.5. ERISA Exemptions. 
 No
Borrower (or Eligible Canadian Subsidiary that owns, leases or has a mortgage interest in property included in the Unencumbered Pool) shall permit any of its assets to become or be deemed to be “plan assets” within the meaning of ERISA,
the Internal Revenue Code and the respective regulations promulgated thereunder. 
 Section 9.6. Liens. 

Neither EPR nor any of its Subsidiaries shall create or incur or suffer to be created or incurred or to exist any Lien except for Permitted
Liens. 
 Section 9.7. Merger, Consolidation, Sales of Assets and Other Arrangements. 

(a) No Subsidiary Borrower (or Eligible Canadian Subsidiary that owns, leases or has a mortgage interest in property included in the
Unencumbered Pool) will become a party to any dissolution, liquidation or disposition of all or substantially all of such Subsidiary Borrower’s (or, as applicable, such Eligible Canadian Subsidiary’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 Lenders, except
for (i) the merger or consolidation of a Subsidiary Borrower with another Subsidiary Borrower, (ii) the merger or consolidation of a Subsidiary Borrower where the Subsidiary Borrower is the sole surviving entity, (iii) the merger or
consolidation of such Eligible Canadian Subsidiary with a Subsidiary Borrower or another Eligible Canadian Subsidiary, (iv) any acquisitions or Investments permitted under Section 9.4 and which comply with
Section 9.1(c), and (v) dispositions of property that has been removed from the Unencumbered Pool pursuant to and compliance with the provisions of Section 7.13, and dispositions of property permitted pursuant to
Section 7.18(i). 
 (b) EPR will not become a party to any dissolution, liquidation or disposition of all or substantially all of
EPR’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 Required Lenders, except for (i) the merger or consolidation of EPR with one of its Subsidiaries, provided that such Subsidiary is not a Subsidiary Borrower; (ii) the merger or consolidation of EPR where

  
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EPR is the sole surviving entity provided however that any such merger or consolidation does not violate EPR’s status as a REIT; (iii) any acquisitions or Investments permitted under
Section 9.4 and which comply with Section 9.1(c); or (iv) any merger where EPR is the surviving entity such that a majority of the seats of the Board of Directors of the newly constituted entity are held by trustees of
EPR serving as such prior to the time of such merger, or EPR otherwise maintains a controlling interest therein, provided further that such exceptions do not otherwise create any Default or Event of Default hereunder. 

Section 9.8. Fiscal Year. 
 EPR shall
not change its fiscal year from that in effect as of the Agreement Date without the prior written consent of the Required Lenders, which consent shall not be unreasonably withheld so long as no Default or Event of Default exists. 

Section 9.9. Modifications to Material Contracts. 

EPR shall not, and shall not permit any of its Subsidiaries to, enter into any amendment or modification to any Material Contract which could
reasonably be expected to have a Material Adverse Effect. 
 Section 9.10. Modifications of Organizational Documents. 

EPR shall not, and shall not permit any of its Subsidiaries to, amend, supplement, restate or otherwise modify its articles or certificate of
incorporation, by-laws, operating agreement, declaration of trust, partnership agreement or other applicable organizational document if such amendment, supplement, restatement or other modification could reasonably be expected to impair the rights
of the Lenders, or otherwise have a Material Adverse Effect, without the prior written consent of the Agent, which may be withheld in the sole discretion of the Agent. 

Section 9.11. Transactions with Affiliates. 

EPR shall not, and shall not permit any of its Subsidiaries to, permit to exist or enter into, any transaction (including the purchase, sale,
lease or exchange of any property or the rendering of any service) with any Affiliate (other than EPR or one or more of its Subsidiaries), except transactions in the ordinary course of and pursuant to the reasonable requirements of the business of
EPR or such Subsidiary and upon fair and reasonable terms which are no less favorable to EPR or such Subsidiary than would be obtained in a comparable arm’s length transaction with a Person that is not an Affiliate. 

  
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 ARTICLE X. – DEFAULT 

Section 10.1. Events of Default. 

Each of the following shall constitute an Event of Default, whatever the reason for such event and whether it shall be voluntary or involuntary
or be effected by operation of Applicable Law or pursuant to any judgment or order of any Governmental Authority: 
 (a) the Borrowers shall
fail to pay any principal of the Loans when the same shall become due and payable, whether at the stated date of maturity or any accelerated date of maturity or at any other date fixed for payment; 

(b) the Borrowers shall fail to pay any interest on the Loans, any reimbursement obligations with respect to the Letters of Credit or any other
sums due hereunder or under any of the other Loan Documents (excluding payments due under Section 10.1(a) above) within five (5) days after the same shall become due and payable, on any fixed date for payment or otherwise, provided
however that such grace period shall not be applicable where any interest payment is due at the stated date of maturity or any accelerated date of maturity; 

(c) the Borrowers shall fail to comply with the covenants contained in Section 8.2(d) or Section 9.1(a) and, with
respect to Section 9.1(a), such failure shall continue to exist after written notice thereof shall have been given to the Borrowers by the Agent and the cure period provided in Section 10.2 shall have ended; 

(d) the Borrowers shall fail to comply with any covenant contained in Section 9.1(b) through Section 9.1(j) and such
failure shall continue for thirty (30) days after written notice thereof shall have been given to the Borrowers by the Agent; 
 (e) the
Borrowers shall fail to perform any other term, covenant or agreement contained herein or in any of the other Loan Documents which they are required to perform (other than those specified in the other subclauses of this Section 10 or in
the other Loan Documents) and shall fail to remedy such failure within thirty (30) days after written notice thereof shall have been given to the Borrowers by the Agent; 

(f) any representation or warranty made by or on behalf of any Borrower in this Agreement or any other Loan Document, or any report,
certificate, financial statement, request for a Loan, Letter of Credit or in any other document or instrument delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of any Letter of Credit or any of the other
Loan Documents, other than constituting or based upon Third Party Information on which EPR or any of its Subsidiaries relied and had no knowledge or reason to believe was untrue in any material respect, shall prove to have been false in any material
respect upon the date when made or deemed to have been made or repeated; notwithstanding anything to the contrary contained in this provision, the Borrowers shall have a period of thirty (30) days to cure any unintentional inaccuracy or
misrepresentation; 
 (g) any Borrower (i) shall fail to pay at maturity, or within any applicable period of grace, any obligation for
borrowed money or credit received or other Indebtedness, or (ii) shall fail to observe or perform any term, covenant or agreement contained in any agreement by which it is bound, evidencing or securing any obligation for borrowed money or
credit received or other Indebtedness for such period of time as would permit (assuming the giving of appropriate notice if required) the holder or holders thereof or of any obligations issued thereunder to accelerate the maturity thereof;
provided that the events described in this Section 10.1(g) shall not constitute an Event of Default (A) unless such failure to perform, together with other failures to perform as described in this Section 10.1(g),
involve singly or in the aggregate obligations for borrowed money or credit received totaling in excess of $50,000,000.00, or (B) if the default resulting from such failure to perform has been cured or has been waived by the holder of the
affected Indebtedness; 

  
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 (h) any Borrower (i) shall make an assignment for the benefit of creditors, or admit in
writing its general inability to pay or generally fail to pay its debts as they mature or become due, or shall petition or apply for the appointment of a trustee or other custodian, liquidator or receiver for it or any substantial part of its
assets, (ii) shall commence any case or other proceeding relating to it under any bankruptcy, reorganization, arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in
effect, or (iii) shall take any action to authorize or in furtherance of any of the foregoing; 
 (i) a petition or application shall be
filed for the appointment of a trustee or other custodian, liquidator or receiver of any Borrower or any substantial part of its assets, or a case or other proceeding shall be commenced against any Borrower under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect, and such Borrower shall indicate its written approval thereof, written consent thereto or written acquiescence
therein or such petition, application, case or proceeding shall not have been dismissed within sixty (60) days following the filing or commencement thereof; 

(j) a decree or order is entered appointing a trustee, custodian, liquidator or receiver for any Borrower or adjudicating any Borrower,
bankrupt or insolvent, or approving a petition in any such case or other proceeding, or a decree or order for relief is entered in respect of any Borrower in an involuntary case under federal bankruptcy laws as now or hereafter constituted; 

(k) there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty (60) days, whether or not consecutive, one or
more uninsured or unbonded final judgments against any Borrower that, either individually or in the aggregate, exceed $50,000,000.00; 
 (l)
any of the Loan Documents shall be canceled, terminated, revoked or rescinded otherwise than in accordance with the terms thereof or the express prior written agreement, consent or approval of the Required Lenders (or all Lenders if so required by
Section 12.6), or any action at law, suit in equity or other legal proceeding to cancel, revoke or rescind any of the Loan Documents shall be commenced by or on behalf of any of the Borrower, or any court or any other governmental or
regulatory authority or agency of competent jurisdiction shall make a determination, or issue a judgment, order, decree or ruling, to the effect that any one or more of the Loan Documents is illegal, invalid or unenforceable in accordance with the
terms thereof; 
 (m) any dissolution, termination, liquidation of all or substantially all of the assets, merger or consolidation of any
Borrower shall occur unless a Borrower is the surviving entity, or any sale, transfer or other disposition of all or substantially all of the assets, measured either by value or quantity, of any Borrower shall occur, in each case other than as
permitted under the terms of this Agreement or the other Loan Documents; 

  
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 (n) with respect to any Guaranteed Pension Plan, an ERISA Reportable Event shall have occurred
and the Required Lenders shall have determined in their reasonable discretion that such event reasonably could be expected to result in liability of any Borrower to the PBGC or such Guaranteed Pension Plan in an aggregate amount exceeding
$2,000,000.00 and such event in the circumstances occurring reasonably could constitute grounds for the termination of such Guaranteed Pension Plan by the PBGC or for the appointment by the appropriate United States District Court of a trustee to
administer such Guaranteed Pension Plan; or a trustee shall have been appointed by the United States District Court to administer such Plan; or the PBGC shall have instituted proceedings to terminate such Guaranteed Pension Plan; 

(o) EPR shall cease at any time to qualify as a real estate investment trust under the Internal Revenue Code; 

(p) any Borrower or any directors, officers or employees thereof shall be indicted for a federal crime, a punishment for which could include
the forfeiture of (i) any assets of any Borrower which in the good faith judgment of the Required Lenders could have a Material Adverse Effect, or (ii) any of the Unencumbered Properties; 

(q) any Change in Control shall occur with respect to any Borrower; 

(r) any of the Borrowers or any of their Real Estate shall be subject to or suffer to exist any violation(s) of Environmental Laws which have a
Material Adverse Effect; or 
 (s) an event of default, however defined, under any of the other Loan Documents shall occur (but subject to
the expiration of any applicable grace, cure or notice periods with respect to such event of default). 
 So long as an Event of Default exists, the Agent
may, and upon the request of the Required Lenders shall, by notice in writing to the Borrowers, terminate the Facility and/or declare all amounts owing with respect to this Agreement, the Notes, the Letters of Credit and the other Loan Documents
(including prepayment penalties or yield maintenance fees) to be, and they shall thereupon forthwith become, immediately due and payable without presentment, demand, protest or other notice of any kind, all of which are hereby expressly waived by
the Borrowers; provided that in the event of any Event of Default specified in Sections 10.1(h), Section 10.1(i) or Section 10.1(j), all such amounts shall become immediately due and payable automatically and
without any requirement of presentment, demand, protest or other notice of any kind from any of the Lenders or the Agent. Upon demand by Agent or the Required Lenders in their absolute and sole discretion after the occurrence and during the
continuation of an Event of Default, and regardless of whether the conditions precedent in this Agreement for a Loan have been satisfied, the Lenders will cause a Loan to be made in the undrawn amount of all Letters of Credit. The proceeds of any
such Loan will be pledged to and held by Agent in the Collateral Account as security for any amounts that become payable under the Letters of Credit and all other Obligations. In the alternative, if demanded by Agent in its absolute and sole
discretion after the occurrence of an Event of Default, Borrowers will deposit with and pledge to Agent cash in an amount equal to the amount of all undrawn Letters of Credit. Such amounts will be pledged to and held by Agent in the Collateral
Account for the benefit of the Lenders as security for any amounts that become payable under the Letters of Credit and all other Obligations. Upon 

  
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any draws under Letters of Credit, at Agent’s sole discretion, Agent may apply any such amounts to the repayment of amounts drawn thereunder and upon the expiration of the Letters of Credit
any remaining amounts will be applied to the payment of all other Obligations or if there are no outstanding Obligations and Lenders have no further obligation to make Loans or issue Letters of Credit or if such excess no longer exists, such
proceeds deposited by Borrowers will be released to a Borrower. If at any time the aggregate amount of funds pledged to Agent as collateral for such Letters of Credit shall exceed one hundred percent (100%) of the aggregate face amount of all
amounts available to be drawn under such Letters of Credit (including any amounts that may be reinstated thereunder), Agent shall release the amount of such excess deposited by the Borrowers to a Borrower. 

Notwithstanding anything to the contrary contained herein, the occurrence of any one of the aforementioned terms or conditions in this
Section 10.1, shall be, prior to the giving of any applicable notice or grace period, and until the same is cured as permitted by this Agreement, a “Default.” 

Section 10.2. Limitation of Cure Periods. 

Upon the occurrence of a Default the following provisions shall apply: 

(a) In the event that there shall occur any Default under Section 10.1(c), then within five (5) Business Days after receipt of
notice of such Default from the Agent or the Required Lenders, the Borrowers may elect to cure such Default by providing additional Unencumbered Property consisting of Potential Unencumbered Property, and/or to reduce the outstanding Loans to it, in
which event such actions shall be completed within such five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrowers intend to provide
additional Unencumbered Property). The Borrowers’ notice of their election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered
Borrowers’ cure period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrowers elect to add additional Unencumbered Property and fail within the time provided herein, the cure period shall
terminate and such Default immediately shall constitute an Event of Default. In the event that the Borrowers shall elect under Section 10.2(a) to provide additional Unencumbered Property consisting of Potential Unencumbered Property, the
Real Estate to be added to the Unencumbered Property shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents shall have been
completed at the Borrowers’ expense and provided to the Agent for the benefit of the Lenders and all other conditions to the acceptance of such Real Estate as an Unencumbered Property shall have been satisfied. 

(b) In the event that there shall occur any Default that affects only certain Unencumbered Property or the owner(s) thereof (including, without
limitation, the imposition of a Lien not permitted under this Agreement), or if any Default shall occur in any covenant contained in Section 9.1(b) through Section 9.1(j), then within five (5) Business Days after receipt
of notice of such Default from the Agent or the Required Lenders, the Borrowers may elect to cure such Default by electing to remove such Unencumbered Property from the Unencumbered Pool and reduce the outstanding Loans or by substituting for
such Unencumbered 

  
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Property additional Unencumbered Property consisting of Potential Unencumbered Property for the Unencumbered Property to which such Default relates (provided that the value of such
Unencumbered Property Replacement is such that after acceptance thereof, the Borrowers are in compliance with the Unencumbered Property requirements), in which event such actions shall be completed within five (5) Business Days following the
expiration of the initial five (5) Business Day period (or within thirty (30) days following the expiration of the initial five (5) Business Day period in the event that the Borrowers intend to provide additional or substitute
Unencumbered Property). The Borrowers’ notice of their election pursuant to the preceding sentence shall be delivered to the Agent within the period of five (5) Business Days provided above, and if not so delivered Borrowers’ cure
period shall immediately terminate and such Default shall become an Event of Default. In the event that Borrowers elect to add additional or substitute Unencumbered Property and fail within the time provided herein, the cure period shall terminate
and such Default immediately shall constitute an Event of Default. In the event that the Borrowers shall elect to cure any Default in any covenant contained in Section 9.1(b) through 9.1(j), by providing additional Unencumbered Property
consisting of Potential Unencumbered Property, the Real Estate to be added to the Unencumbered Property shall be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to above, each of the Eligible Real
Estate Qualification Documents shall have been completed at the Borrowers’ expense and provided to the Agent for the benefit of the Lenders and all other conditions in this Agreement to the acceptance of such Real Estate as an Unencumbered
Property shall have been satisfied. 
 Section 10.3. Remedies Upon Default. 

If any one or more Events of Default specified in Section 10.1(h), Section 10.1(i) or Section 10.1(j) shall
occur, then immediately and without any action on the part of the Agent or any Lender any unused portion of the credit hereunder shall terminate and the Lenders shall be relieved of all obligations to make Loans or issue Letters of Credit to the
Borrowers. If any other Event of Default shall exist, the Agent may, and (i) upon the request of the Required Revolving Credit Lenders shall, by notice to the Borrowers, terminate the obligation to make Revolving Credit Loans or to issue any
Letters of Credit, and (ii) upon the request of the Required Term Lenders, by notice to the Borrowers, shall terminate the obligation to make Term Loans. No termination under this Section 10.3 shall relieve the Borrowers of their
obligations to the Lenders arising under this Agreement or the other Loan Documents. The Required Lenders may direct the Agent to, and the Agent if and only if so directed shall, exercise any and all of its rights under any and all of the other Loan
Documents. Similarly, the Required Lenders may direct the Agent to, and the Agent if and only if so directed shall, exercise all other rights and remedies it may have under any Applicable Law. To the extent permitted by Applicable Law, the Agent and
the Lenders shall be entitled to the appointment of a receiver for the assets and properties of EPR and its Subsidiaries, without notice of any kind whatsoever and without regard to the adequacy of any security for the Obligations or the solvency of
any party bound for its payment, to take possession of all or any portion of the business operations of EPR and its Subsidiaries and to exercise such power as the court shall confer upon such receiver. 

  
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 Section 10.4. Allocation of Proceeds. 

If an Event of Default shall exist and maturity of any of the Obligations has been accelerated, all payments received by the Agent under any of
the Loan Documents, in respect of any principal of or interest on the Obligations or any other amounts payable by the Borrowers hereunder or thereunder, shall be applied in the following order and priority: 

(a) amounts due the Agent in respect of fees and expenses due under Section 12.2; 

(b) amounts due the Lenders in respect of fees and expenses due under Section 12.2, pro rata in the amount then due
each Lender; 
 (c) payments of interest on all other Loans and Reimbursement Obligations, to be applied for the ratable
benefit of the Lenders; 
 (d) payments of principal of all other Loans, Reimbursement Obligations and other LC Exposure, to
be applied for the ratable benefit of the Lenders; provided, however, to the extent that any amounts available for distribution pursuant to this subsection are attributable to the issued but undrawn amount of an outstanding Letters of Credit, such
amounts shall be paid to the Agent for deposit into the Collateral Account; 
 (e) amounts due the Agent and the Lenders
pursuant to Section 11.7 and Section 12.9; 
 (f) payment of all other Obligations and other amounts
due and owing by the Borrowers under any of the Loan Documents, if any, to be applied for the ratable benefit of the Lenders; and 

(g) any amount remaining after application as provided above, shall be paid to the Borrowers or whomever else may be legally
entitled thereto. 
 Section 10.5. Collateral Account. 

(a) As collateral security for the prompt payment in full when due of all LC Exposure and the other Obligations, the Borrowers hereby pledge
and grant to the Agent, for the ratable benefit of the Agent and the Revolving Credit Lenders as provided herein, a security interest in all of their respective right, title and interest in and to the Collateral Account and the balances from time to
time in the Collateral Account (including the investments and reinvestments therein provided for below). The balances from time to time in the Collateral Account shall not constitute payment of any LC Exposure until applied by the Agent as provided
herein. Anything in this Agreement to the contrary notwithstanding, funds held in the Collateral Account shall be subject to withdrawal only as provided in this Section. 

(b) Amounts on deposit in the Collateral Account shall be invested and reinvested by the Agent in such Cash Equivalents as the Agent shall
determine in its sole discretion. All such investments and reinvestments shall be held in the name of and be under the sole dominion and control of the Agent for the ratable benefit of the Revolving Credit Lenders. The Agent shall

  
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exercise reasonable care in the custody and preservation of any funds held in the Collateral Account and shall be deemed to have exercised such care if such funds are accorded treatment
substantially equivalent to that which the Agent accords other funds deposited with the Agent, it being understood that the Agent shall not have any responsibility for taking any necessary steps to preserve rights against any parties with respect to
any funds held in the Collateral Account. 
 (c) If a drawing pursuant to any Letter of Credit occurs on or prior to the expiration date of
such Letter of Credit, the Borrowers and the Revolving Credit Lenders authorize the Agent to use the monies deposited in the Collateral Account and proceeds thereof to make payment to the beneficiary with respect to such drawing or the payee with
respect to such presentment. 
 (d) If an Event of Default exists, the Required Revolving Credit Lenders may, in their discretion, at any
time and from time to time, instruct the Agent to liquidate any such investments and reinvestments and apply proceeds thereof to the Obligations in accordance with Section 10.4. 

(e) So long as no Default or Event of Default exists, and to the extent amounts on deposit in or credited to the Collateral Account exceed the
aggregate amount of the LC Exposure then due and owing, the Agent shall, from time to time, at the request of the Borrowers, deliver to the Borrowers within two Business Days after the Agent’s receipt of such request from the Borrowers,
against receipt but without any recourse, warranty or representation whatsoever, such amount of the credit balances in the Collateral Account as exceeds the aggregate amount of the LC Exposure at such time. 

(f) The Borrowers shall pay to the Agent from time to time such fees as the Agent normally charges for similar services in connection with the
Agent’s administration of the Collateral Account and investments and reinvestments of funds therein. 
 Section 10.6. Performance by Agent.

 If any Borrower shall fail to perform any covenant, duty or agreement contained in any of the Loan Documents, the Agent may, after
notice to the Borrowers, perform or attempt to perform such covenant, duty or agreement on behalf of such Borrower after the expiration of any cure or grace periods set forth herein. In such event, the Borrowers shall, at the request of the Agent,
promptly pay any amount reasonably expended by the Agent in such performance or attempted performance to the Agent, together with interest thereon at the applicable Post-Default Rate if not paid within five days after the Agent makes demand upon the
Borrowers for the same. Notwithstanding the foregoing, neither the Agent nor any Lender shall have any liability or responsibility whatsoever for the performance of any obligation of any Borrower under this Agreement or any other Loan Document. 

Section 10.7. Rights Cumulative. 

The rights and remedies of the Agent and the Lenders under this Agreement and each of the other Loan Documents shall be cumulative and not
exclusive of any rights or remedies which any of them may otherwise have under Applicable Law. In exercising their respective rights and remedies the Agent and the Lenders may be selective and no failure or delay by the Agent or any

  
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of the Lenders in exercising any right shall operate as a waiver of it, nor shall any single or partial exercise of any power or right preclude its other or further exercise or the exercise of
any other power or right. 
 ARTICLE XI. – THE AGENT 

Section 11.1. Authorization and Action. 

Each Lender hereby appoints and authorizes the Agent to take such action as contractual representative on such Lender’s behalf and to
exercise such powers under this Agreement and the other Loan Documents as are specifically delegated to the Agent by the terms hereof and thereof, together with such powers as are reasonably incidental thereto. Not in limitation of the foregoing,
each Lender authorizes and directs the Agent to enter into the Loan Documents for the benefit of the Lenders. Each Lender hereby agrees that, except as otherwise set forth herein, any action taken by the Required Lenders in accordance with the
provisions of this Agreement or the Loan Documents, and the exercise by the Required Lenders of the powers set forth herein or therein, together with such other powers as are reasonably incidental thereto, shall be authorized and binding upon all of
the Lenders. Nothing herein shall be construed to deem the Agent a trustee or fiduciary for any Lender or to impose on the Agent duties or obligations other than those expressly provided for herein. At the request of a Lender, the Agent will forward
to such Lender copies or, where appropriate, originals of the documents delivered to the Agent pursuant to this Agreement or the other Loan Documents. The Agent will also furnish to any Lender, upon the request of such Lender, a copy of any
certificate or notice furnished to the Agent by any Borrower, or any Affiliate of any Borrower, pursuant to this Agreement or any other Loan Document not already delivered to such Lender pursuant to the terms of this Agreement or any such other Loan
Document. As to any matters not expressly provided for by the Loan Documents (including, without limitation, enforcement or collection of any of the Obligations), the Agent shall not be required to exercise any discretion or take any action, but
shall be required to act or to refrain from acting (and shall be fully protected in so acting or refraining from acting) upon the instructions of the Required Lenders (or all of the Lenders if explicitly required under any other provision of this
Agreement), and such instructions shall be binding upon all Lenders and all holders of any of the Obligations; provided, however, that, notwithstanding anything in this Agreement to the contrary, the Agent shall not be required to take any action
which exposes the Agent to personal liability or which is contrary to this Agreement or any other Loan Document or Applicable Law. Not in limitation of the foregoing, the Agent shall not exercise any right or remedy it or the Lenders may have under
any Loan Document upon the occurrence of a Default or an Event of Default unless the Required Lenders (or all of the Lenders if explicitly required under any provision of this Agreement) have so directed the Agent to exercise such right or remedy.

 Section 11.2. Agent’s Reliance, Etc. 

Notwithstanding any other provisions of this Agreement or any other Loan Documents, neither the Agent nor any of its directors, officers,
agents, employees or counsel shall be liable for any action taken or omitted to be taken by it or them under or in connection with this Agreement or any other Loan Document, except for its or their own gross negligence or willful misconduct as
determined by a court of competent jurisdiction in a final, non-appealable 

  
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judgment. Without limiting the generality of the foregoing, the Agent: (a) may treat the payee of any Note as the holder thereof until the Agent receives written notice of the assignment or
transfer thereof signed by such payee and in form satisfactory to the Agent; (b) may consult with legal counsel (including its own counsel or counsel for the Borrowers), independent public accountants and other experts selected by it and shall
not be liable for any action taken or omitted to be taken in good faith by it in accordance with the advice of such counsel, accountants or experts; (c) makes no warranty or representation to any Lender or any other Person and shall not be
responsible to any Lender or any other Person for any statements, warranties or representations made by any Person in or in connection with this Agreement or any other Loan Document; (d) shall not have any duty to ascertain or to inquire as to
the performance or observance of any of the terms, covenants or conditions of any of this Agreement or any other Loan Document or the satisfaction of any conditions precedent under this Agreement or any Loan Document on the part of the Borrowers or
other Persons (except for the delivery to it of any certificate or document specifically required to be delivered to it pursuant to Section 5.1.) or inspect the property, books or records of the Borrowers or any other Person; (e) shall not
be responsible to any Lender for the due execution, legality, validity, enforceability, genuineness, sufficiency or value of this Agreement or any other Loan Document, any other instrument or document furnished pursuant thereto or any collateral
covered thereby or the perfection or priority of any Lien in favor of the Agent on behalf of the Lenders in any such collateral; and (f) shall incur no liability under or in respect of this Agreement or any other Loan Document by acting upon
any notice, consent, certificate or other instrument or writing (which may be by telephone or telecopy) believed by it to be genuine and signed, sent or given by the proper party or parties. Unless set forth in writing to the contrary, the making of
its initial Loan by a Lender shall constitute a certification by such Lender to the Agent and the other Lenders that the Borrowers have satisfied the conditions precedent for initial Loans set forth in Section 5.1 and Section
5.2 that have not previously been waived by the Required Lenders. 
 Section 11.3. Notice of Defaults. 

The Agent shall not be deemed to have knowledge or notice of the occurrence of a Default or Event of Default unless the Agent has received
notice from a Lender or the Borrowers referring to this Agreement, describing with reasonable specificity such Default or Event of Default and stating that such notice is a “notice of default.” If any Lender becomes aware of any Default or
Event of Default, it shall promptly send to the Agent such a “notice of default.” Further, if the Agent receives such a “notice of default”, the Agent shall give prompt notice thereof to the Lenders. 

Section 11.4. KeyBank as Lender. 

KeyBank, as a Lender, shall have the same rights and powers under this Agreement and any other Loan Document as any other Lender and may
exercise the same as though it were not the Agent; and the term “Lender” or “Lenders” shall, unless otherwise expressly indicated, include KeyBank in each case in its individual capacity. KeyBank and its affiliates
may each accept deposits from, maintain deposits or credit balances for, invest in, lend money to, act as trustee under indentures of, serve as financial advisor to, and generally engage in any kind of business with, any Borrower or any of its
affiliates as if it were any other bank and without any duty to account therefor to the other Lenders. Further, the Agent and any affiliate may accept 

  
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fees and other consideration from any Borrower for services in connection with this Agreement and otherwise without having to account for the same to the other Lenders. The Lenders acknowledge
that, pursuant to such activities, KeyBank or its affiliates may receive information regarding EPR and its Subsidiaries and their respective Affiliates (including information that may be subject to confidentiality obligations in favor of such
Person) and acknowledge that the Agent shall be under no obligation to provide such information to them. 
 Section 11.5. Approvals of Lenders.

 All communications from the Agent to any Lender requesting such Lender’s determination, consent, approval or disapproval
(a) shall be given in the form of a written notice to such Lender, (b) shall be accompanied by a description of the matter or issue as to which such determination, approval, consent or disapproval is requested, or shall advise such Lender
where information, if any, regarding such matter or issue may be inspected, or shall otherwise describe the matter or issue to be resolved, (c) shall include, if reasonably requested by such Lender and to the extent not previously provided to
such Lender, written materials and a summary of all oral information provided to the Agent by the Borrowers in respect of the matter or issue to be resolved, and (d) shall include the Agent’s recommended course of action or determination
in respect thereof. Each Lender shall reply promptly, but in any event within 10 Business Days (or such lesser or greater period as may be specifically required under the Loan Documents) of receipt of such communication. Except as otherwise provided
in this Agreement, unless a Lender shall give written notice to the Agent that it specifically objects to the recommendation or determination of the Agent (together with a written explanation of the reasons behind such objection) within the
applicable time period for reply, such Lender shall be deemed to have conclusively approved of or consented to such recommendation or determination. 

Section 11.6. Lender Credit Decision, Etc. 

Each Lender expressly acknowledges and agrees that neither the Agent nor any of its officers, directors, employees, agents, counsel,
attorneys-in-fact or other affiliates has made any representations or warranties as to the financial condition, operations, creditworthiness, solvency or other information concerning the business or affairs of EPR or any of its Subsidiaries or any
other Person to such Lender and that no act by the Agent hereafter taken, including any review of the affairs of EPR or any of its Subsidiaries, shall be deemed to constitute any such representation or warranty by the Agent to any Lender. Each
Lender acknowledges that it has made its own credit and legal analysis and decision to enter into this Agreement and the transactions contemplated hereby, independently and without reliance upon the Agent, any other Lender or counsel to the Agent,
or any of their respective officers, directors, employees and agents, and based on the financial statements of EPR, the Subsidiaries or any other Affiliate thereof, and inquiries of such Persons, its independent due diligence of the business and
affairs of EPR, the Subsidiaries and other Persons, its review of the Loan Documents, the legal opinions required to be delivered to it hereunder, the advice of its own counsel and such other documents and information as it has deemed appropriate.
Each Lender also acknowledges that it will, independently and without reliance upon the Agent, any other Lender or counsel to the Agent or any of their respective officers, directors, employees and agents, and based on such review, advice, documents
and information as it shall deem appropriate at the time, continue to make its own decisions in taking or not taking action under the Loan Documents. Except for notices, 

  
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reports and other documents and information expressly required to be furnished to the Lenders by the Agent under this Agreement or any of the other Loan Documents, the Agent shall have no duty or
responsibility to provide any Lender with any credit or other information concerning the business, operations, property, financial and other condition or creditworthiness of any EPR or any of its Subsidiaries or any their respective Affiliates
thereof which may come into possession of the Agent, or any of its officers, directors, employees, agents, attorneys-in-fact or other affiliates. Each Lender acknowledges that the Agent’s legal counsel in connection with the transactions
contemplated by this Agreement is only acting as counsel to the Agent and is not acting as counsel to such Lender. 
 Section 11.7. Indemnification
of Agent. 
 Each Lender agrees to indemnify the Agent (to the extent not reimbursed by the Borrowers and without limiting the obligation
of the Borrowers to do so) pro rata in accordance with such Lender’s respective Commitment Percentage, from and against any and all liabilities, obligations, losses, damages, penalties, actions, judgments, suits, reasonable out-of-pocket costs
and expenses, or disbursements of any kind or nature whatsoever which may at any time be imposed on, incurred by, or asserted against the Agent (in its capacity as Agent but not as a Lender) in any way relating to or arising out of the Loan
Documents, any transaction contemplated hereby or thereby or any action taken or omitted by the Agent under the Loan Documents (each an “Indemnifiable Amount” and collectively, “Indemnifiable Amounts”); provided,
however, that no Lender shall be liable for any portion of such Indemnifiable Amounts to the extent resulting from the Agent’s gross negligence or willful misconduct as determined by a court of competent jurisdiction in a final, non-appealable
judgment or if the Agent fails to follow the written direction of the Required Lenders (or all of the Lenders if expressly required hereunder) unless such failure results from the Agent following the advice of counsel to the Agent of which advice
the Lenders have received notice. Without limiting the generality of the foregoing but subject to the preceding proviso, each Lender agrees to reimburse the Agent (to the extent not reimbursed by the Borrowers and without limiting the obligation of
the Borrowers to do so), promptly upon demand for its ratable share of any out-of-pocket expenses (including counsel fees of the counsel(s) of the Agent’s own choosing) incurred by the Agent in connection with the preparation, negotiation,
execution, or enforcement of, or legal advice with respect to the rights or responsibilities of the parties under, the Loan Documents, any suit or action brought by the Agent to enforce the terms of the Loan Documents and/or collect any Obligations,
any “lender liability” suit or claim brought against the Agent and/or the Lenders, and any claim or suit brought against the Agent, and/or the Lenders arising under any Environmental Laws. Such out-of-pocket expenses (including counsel
fees) shall be advanced by the Lenders on the request of the Agent notwithstanding any claim or assertion that the Agent is not entitled to indemnification hereunder upon receipt of an undertaking by the Agent that the Agent will reimburse the
Lenders if it is actually and finally determined by a court of competent jurisdiction that the Agent is not so entitled to indemnification. The agreements in this Section shall survive the payment of the Loans and all other amounts payable hereunder
or under the other Loan Documents and the termination of this Agreement. If the Borrowers shall reimburse the Agent for any Indemnifiable Amount following payment by any Lender to the Agent in respect of such Indemnifiable Amount pursuant to this
Section 11.7, the Agent shall share such reimbursement on a ratable basis with each Lender making any such payment. 

  
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 Section 11.8. Successor Agent. 

The Agent may resign at any time as Agent under the Loan Documents by giving written notice thereof to the Lenders and the Borrowers. The Agent
may be removed as Agent under the Loan Documents for good cause by all of the Lenders (other than the Lender then acting as Agent), or, if the Agent is a Defaulting Lender under clause (d) of the definition thereof, by the Required Lenders,
upon 30-days’ prior written notice to the Agent. Upon any such resignation or removal, the Required Lenders (other than the Lender then acting as Agent, in the case of the removal of the Agent under the immediately preceding sentence) shall
have the right to appoint a successor Agent which appointment shall, provided no Default or Event of Default exists, be subject to the Borrowers’ approval, which approval shall not be unreasonably withheld or delayed (except that the Borrowers
shall, in all events, be deemed to have approved each Lender and its affiliates as a successor Agent). If no successor Agent shall have been so appointed in accordance with the immediately preceding sentence, and shall have accepted such
appointment, within 30 days after the resigning Agent’s giving of notice of resignation or the Lenders’ removal of the resigning Agent, then the resigning or removed Agent may, on behalf of the Lenders, appoint a successor Agent, which
shall be a Lender, if any Lender shall be willing to serve, and otherwise shall be a commercial bank having total combined assets of at least $50,000,000,000. Upon the acceptance of any appointment as Agent hereunder by a successor Agent, such
successor Agent shall thereupon succeed to and become vested with all the rights, powers, privileges and duties of the retiring or removed Agent. Whether or not a successor has been appointed, such resignation or removal shall become effective at
the time stated in the notice thereof, the retiring or removed Agent shall be discharged from its duties and obligations under the Loan Documents, and except for any indemnity payment owed to the retiring or removed Agent, all payments,
communications and determinations provided to be made by, to or through the Agent shall instead be made by or to each Lender directly, until such time, if any, as the Required Lenders appoint a successor Agent as provided for above. Such successor
Agent shall issue letters of credit in substitution for the Letters of Credit, if any, outstanding at the time of such succession or shall make other arrangements satisfactory to the current Agent, in either case, to assume effectively the
obligations of the current Agent with respect to such Letters of Credit. After any Agent’s resignation or removal hereunder as Agent, the provisions of this Article XI shall continue to inure to its benefit as to any actions taken
or omitted to be taken by it while it was Agent under the Loan Documents. 
 Section 11.9. Titled Agents. 

Each of the Titled Agents in each such respective capacity, assumes no responsibility or obligation hereunder, including, without limitation,
for servicing, enforcement or collection of any of the Loans, or for any duties as an agent hereunder for the Lenders. The titles of “Arranger”, “Syndication Agent”, and “Documentation Agent” are solely honorific and
imply no fiduciary responsibility on the part of the Titled Agents to the Agent, the Borrowers or any Lender and the use of such titles does not impose on the Titled Agents any duties or obligations greater than those of any other Lender or entitle
the Titled Agents to any rights other than those to which any other Lender is entitled. 

  
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 ARTICLE XII. – MISCELLANEOUS 

Section 12.1. Notices. 
 Unless
otherwise provided herein, communications provided for hereunder shall be in writing and shall be mailed, telecopied or delivered as follows: 

If to a Borrower: 

EPR Properties 

909 Walnut Street, Suite 200 

Kansas City, MO 64106 

Attn: Craig L. Evans, Esq. 

Senior Vice President, General Counsel and Secretary 

Telecopy: 816-472-5794 

with a copy to: 

EPR Properties 

909 Walnut Street, Suite 200 

Kansas City, MO 64106 

Attn: Mark A. Peterson 

Senior Vice President and Chief Financial Officer 

Telecopy: 816-472-5794 

If to the Agent: 

KeyBank National Association 

225 Franklin Street, 18th Floor 

Boston, MA 02110 

Attn: Jeffry M. Morrison 

Telephone: (617) 385-6216 

Telecopy: (617) 385-6293 

If to a Lender: 
 To such
Lender’s address or telecopy number, as applicable, set forth on its signature page hereto or in the applicable Assignment and Assumption Agreement; 

or, as to each party at such other address as shall be designated by such party in a written notice to the other parties delivered in compliance with this
Agreement. All such notices and other communications shall be effective (i) if mailed, when received; (ii) if telecopied, when transmitted at or before 4:00 PM on a given day; or (iii) if hand delivered or sent by overnight courier,
when delivered. Notwithstanding the immediately preceding sentence, (a) all notices or communications sent by telecopy to the Agent or any Lender under Article II shall be effective only when actually received by the intended addressee,
and (b) all notices sent to a Borrower relating to the occurrence or existence of a Default or Event of Default or the exercise of any 

  
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rights or remedies in respect of a Default or Event of Default shall be effective only when delivered in accordance with the provisions of clause (i) or clause (iii) above. Neither the
Agent nor any Lender shall incur any liability to the Borrowers (nor shall the Agent incur any liability to the Lenders) for acting upon any telephonic notice referred to in this Agreement which the Agent or such Lender, as the case may be, believes
in good faith to have been given by a Person authorized to deliver such notice or for otherwise acting in good faith hereunder. Failure of a Person designated to get a copy of a notice to receive such copy shall not affect the validity of notice
properly given to any other Person. 
 Section 12.2. Expenses. 

The Borrowers agree (a) to pay or reimburse the Agent for all of its reasonable out-of-pocket costs and expenses actually incurred in
connection with the preparation, negotiation and execution of, and any amendment, supplement or modification to, any of the Loan Documents (including due diligence expenses and travel expenses relating to closing), and the consummation of the
transactions contemplated thereby, including the reasonable fees and disbursements of counsel to the Agent and costs and expenses in connection with the use of IntraLinks, Inc. or other similar information transmission systems in connection with the
Loan Documents, (b) to pay or reimburse the Agent and the Lenders for all their reasonable costs and expenses actually incurred in connection with the enforcement or preservation of any rights under the Loan Documents, including the reasonable
fees and disbursements of their respective counsel and any payments in indemnification or otherwise payable by the Lenders to the Agent pursuant to the Loan Documents, (c) to pay, and indemnify and hold harmless the Agent and the Lenders from,
any and all recording and filing fees and any and all liabilities with respect to, or resulting from any failure to pay or delay in paying, documentary, stamp, excise and other similar taxes, if any, which may be payable or determined to be payable
in connection with the execution and delivery of any of the Loan Documents, or consummation of any amendment, supplement or modification of, or any waiver or consent under or in respect of, any Loan Document and (d) to the extent not already
covered by any of the preceding subsections, to pay or reimburse the Agent and the Lenders for all their costs and expenses incurred in connection with any bankruptcy or other proceeding of the type described in Section 10.1(h),
Section 10.1(i) or Section 10.1(j), including the reasonable fees and disbursements of counsel to the Agent and any Lender, whether such fees and expenses are incurred prior to, during or after the commencement of such
proceeding or the confirmation or conclusion of any such proceeding. If the Borrowers shall fail to pay any amounts required to be paid by them pursuant to this Section, the Agent and/or the Lenders may pay such amounts on behalf of the Borrowers
and either deem the same to be Loans outstanding hereunder or otherwise Obligations owing hereunder. Upon the Borrowers’ request, the Agent or any Lender requesting payment of any amounts under this Section shall provide the Borrowers with a
statement setting forth in reasonable detail the basis for requesting such amounts. 
 Section 12.3. Setoff. 

Subject to Section 3.3 and in addition to any rights now or hereafter granted under Applicable Law and not by way of limitation of
any such rights, the Agent, each Lender and each Participant is hereby authorized by each Borrower, at any time or from time to time during the continuance of an Event of Default, without prior notice to any Borrower or to any other

  
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Person, any such notice being hereby expressly waived, but in the case of a Lender or Participant subject to receipt of the prior written consent of the Agent exercised in its sole discretion, to
set off and to appropriate and to apply any and all deposits (general or special, including, but not limited to, indebtedness evidenced by certificates of deposit, whether matured or unmatured) and any other indebtedness at any time held or owing by
the Agent, such Lender or any affiliate of the Agent or such Lender, to or for the credit or the account of any Borrower against and on account of any of the Obligations, irrespective of whether or not any or all of the Loans and all other
Obligations have been declared to be, or have otherwise become, due and payable as permitted by Section 10.2, and although such obligations shall be contingent or unmatured. 

Section 12.4. Litigation; Jurisdiction; Other Matters; Waivers. 

(a) EACH PARTY HERETO ACKNOWLEDGES THAT ANY DISPUTE OR CONTROVERSY BETWEEN OR AMONG THE BORROWERS, THE AGENT OR ANY OF THE LENDERS WOULD BE
BASED ON DIFFICULT AND COMPLEX ISSUES OF LAW AND FACT AND WOULD RESULT IN DELAY AND EXPENSE TO THE PARTIES. ACCORDINGLY, TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF THE LENDERS, THE AGENT AND THE BORROWERS HEREBY WAIVES ITS RIGHT TO A TRIAL
BY JURY IN ANY ACTION OR PROCEEDING OF ANY KIND OR NATURE IN ANY COURT OR TRIBUNAL IN WHICH AN ACTION MAY BE COMMENCED BY OR AGAINST ANY PARTY HERETO ARISING OUT OF THIS AGREEMENT, THE NOTES, OR ANY OTHER LOAN DOCUMENT OR BY REASON OF ANY OTHER
SUIT, CAUSE OF ACTION OR DISPUTE WHATSOEVER BETWEEN OR AMONG THE BORROWERS, THE AGENT OR ANY OF THE LENDERS OF ANY KIND OR NATURE RELATING TO ANY OF THE LOAN DOCUMENTS. 

(b) EACH OF THE BORROWERS, THE AGENT AND EACH LENDER HEREBY AGREES THAT THE FEDERAL DISTRICT COURT OF THE SOUTHERN DISTRICT OF NEW YORK AND ANY
STATE COURT LOCATED IN BOROUGH OF MANHATTAN, NEW YORK, NEW YORK, SHALL HAVE JURISDICTION TO HEAR AND DETERMINE ANY CLAIMS OR DISPUTES BETWEEN OR AMONG THE BORROWERS, THE AGENT OR ANY OF THE LENDERS, PERTAINING DIRECTLY OR INDIRECTLY TO THIS
AGREEMENT, THE LOANS AND LETTERS OF CREDIT, THE NOTES OR ANY OTHER LOAN DOCUMENT OR TO ANY MATTER ARISING HEREFROM OR THEREFROM. THE BORROWERS AND EACH OF THE LENDERS EXPRESSLY SUBMIT AND CONSENT IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR
PROCEEDING COMMENCED IN SUCH COURTS WITH RESPECT TO SUCH CLAIMS OR DISPUTES. EACH PARTY FURTHER WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF ANY SUCH ACTION OR PROCEEDING IN ANY SUCH COURT OR THAT SUCH ACTION OR PROCEEDING
WAS BROUGHT IN AN INCONVENIENT FORUM, AND EACH AGREES NOT TO PLEAD OR CLAIM THE SAME. THE CHOICE OF FORUM SET FORTH IN THIS SECTION SHALL NOT BE DEEMED TO PRECLUDE THE BRINGING OF ANY ACTION BY THE AGENT OR ANY LENDER OR THE ENFORCEMENT BY THE AGENT
OR ANY LENDER OF ANY JUDGMENT OBTAINED IN SUCH FORUM IN ANY OTHER APPROPRIATE JURISDICTION. 

  
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 (c) THE PROVISIONS OF THIS SECTION HAVE BEEN CONSIDERED BY EACH PARTY WITH THE ADVICE OF COUNSEL
AND WITH A FULL UNDERSTANDING OF THE LEGAL CONSEQUENCES THEREOF, AND SHALL SURVIVE THE PAYMENT OF THE LOANS AND ALL OTHER AMOUNTS PAYABLE HEREUNDER OR UNDER THE OTHER LOAN DOCUMENTS, THE TERMINATION OR EXPIRATION OF ALL LETTERS OF CREDIT AND THE
TERMINATION OF THIS AGREEMENT. 
 Section 12.5. Successors and Assigns. 

(a) The provisions of this Agreement shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
permitted assigns, except that no Borrower may assign or otherwise transfer any of its rights or obligations under this Agreement without the prior written consent of all Lenders and any such assignment or other transfer to which all of the Lenders
have not so consented shall be null and void. 
 (b) Any Lender may make, carry or transfer Loans at, to or for the account of any of its
branch offices or the office of an affiliate of such Lender except to the extent such transfer would result in increased costs to the Borrowers. 

(c) Any Lender may at any time grant any Person (other than a natural person or the Borrower or any of the Borrower’s Affiliates or
Subsidiaries) (each a “Participant”) participating interests in its Commitment or the Obligations owing to such Lender. Except as otherwise provided in Section 12.3, no Participant shall have any rights or benefits under
this Agreement or any other Loan Document; provided that each Borrower agrees that each Participant shall be entitled to the benefits of Sections 3.12.4.1(a) and 4.4 to the same extent as if it were a Lender and had acquired its
interest by assignment pursuant to paragraph (d) of this Section; provided that such Participant (a) agrees to be subject to the provisions of Sections 4.5 and 4.7 as if it were an assignee under paragraph (d) of this Section; and
(B) shall not be entitled to receive any greater payment under Section 4.1(a) with respect to any participation, than its participating Lender would have been entitled to receive, except to the extent such entitled to receive a greater
payment results from a Regulatory Change that occurs after the Participant acquired the applicable participation. A Participant shall not be entitled to receive any greater payment under Section 3.12 than the applicable Lender would have
been entitled to receive with respect to the participation sold to such Participant, unless the sale of the participation to such Participant is made with the Borrowers’ prior written consent. A Participant that would be a Foreign Lender if it
were a Lender shall not be entitled to the benefits of Section 3.12 unless such Participant agrees to comply with Section 3.12(c) as though it were a Lender (it being understood that the documentation required under
Section 3.12(c) shall be delivered to the participating Lender). In the event of any such grant by a Lender of a participating interest to a Participant, such Lender shall remain responsible for the performance of its obligations hereunder, and
the Borrowers and the Agent shall continue to deal solely and directly with such Lender in connection with such Lender’s rights and obligations under this Agreement. Any agreement pursuant to which any Lender may grant such a participating
interest shall provide that such Lender shall retain the sole right and responsibility to enforce the obligations of the Borrowers hereunder including, without limitation, the right to approve any amendment, modification or waiver of any provision
of this Agreement; provided, however, such Lender may agree with the Participant that it will not, 

  
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without the consent of the Participant, agree to (i) increase, or extend the term or extend the time or waive any requirement for the reduction or termination of, such Lender’s
Commitment, (ii) extend the date fixed for the payment of principal of or interest on the Loans or portions thereof owing to such Lender, (iii) reduce the amount of any such payment of principal, (iv) reduce the rate at which interest
is payable thereon or (v) release any Borrower (except as expressly permitted under Section 7.12 or any other provision of this Agreement). An assignment or other transfer which is not permitted by subsection (d) or
(e) below shall be given effect for purposes of this Agreement only to the extent of a participating interest granted in accordance with this subsection (c). 

(d) Any Lender may with the prior written consent of the Agent, such consent not to be unreasonably withheld or delayed, assign to one or more
Eligible Assignees (each an “Assignee”) all or a portion of its rights and obligations under this Agreement and the Notes (including all or a portion of its Commitments and the Loans owing to such Lender); provided, however,
(i) unless the Borrowers and the Agent otherwise agree, after giving effect to any partial assignment by a Lender, the Assignee shall hold, and the assigning Lender shall retain, a Commitment, or if the Commitments have been terminated, Loans
having an outstanding principal balance, of at least $10,000,000.00 and integral multiples of $5,000,000.00 in excess thereof; (ii) if an Event of Default exists, any such assignment may be to any Person (other than a natural person or a
Borrower or an Affiliate thereof), and (iii) each such assignment shall be effected by means of an Assignment and Assumption Agreement. Upon execution and delivery of such instrument and payment by such Assignee to such transferor Lender of an
amount equal to the purchase price agreed between such transferor Lender and such Assignee, such Assignee shall be a Lender party to this Agreement with respect to the assigned interest as of the effective date of the Assignment and Assumption
Agreement and shall have all the rights and obligations of a Lender with respect to the assigned interest as set forth in such Assignment and Assumption Agreement, and the transferor Lender shall be released from its obligations hereunder with
respect to the assigned interest to a corresponding extent, and no further consent or action by any party shall be required. Upon the consummation of any assignment pursuant to this subsection, the transferor Lender, the Agent and the Borrowers
shall make all reasonable and appropriate arrangements requested by a Lender in connection with any such participation or assignment including the issuance of new Notes to the Assignee and such transferor Lender, as appropriate. In connection with
any such assignment, the transferor Lender shall pay to the Agent an administrative fee for processing such assignment in the amount of $5,000.00. 

(e) The Agent shall maintain at the Principal Office a copy of each Assignment and Assumption Agreement delivered to and accepted by it and a
register for the recordation of the names and addresses of the Lenders and the Commitment of each Lender from time to time (the “Register”). The Agent shall give each Lender and the Borrowers notice of the assignment by any
Lender of its rights as contemplated by this Section. The Borrowers, the Agent and the Lenders may treat each Person whose name is recorded in the Register as a Lender hereunder for all purposes of this Agreement. The Register and copies of each
Assignment and Assumption Agreement shall be available for inspection by the Borrowers or any Lender at any reasonable time and from time to time upon reasonable prior notice to the Agent. Upon its receipt of an Assignment and Assumption Agreement
executed by an assigning Lender, together with each Note subject to such assignment, the Agent shall, if such Assignment and Assumption Agreement has been completed and if the Agent receives the processing and recording fee

  
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described in subsection (d) above, (i) accept such Assignment and Assumption Agreement, (ii) record the information contained therein in the Register and (iii) give prompt
notice thereof to the Borrowers. 
 (f) In addition to the assignments and participations permitted under the foregoing provisions of this
Section, any Lender may assign and pledge all or any portion of its Loans and its Notes to any Federal Reserve Bank as collateral security pursuant to Regulation A and any Operating Circular issued by such Federal Reserve Bank, and such Loans and
Notes shall be fully transferable as provided therein. No such assignment shall release the assigning Lender from its obligations hereunder. 

(g) A Lender may furnish any information concerning EPR or any of its Subsidiaries in the possession of such Lender from time to time to
Assignees and Participants (including prospective Assignees and Participants) subject to compliance with Section 12.8 or other confidentiality restrictions at least as restrictive as Section 12.8. 

(h) Anything in this Section to the contrary notwithstanding, no Lender may assign or participate any interest in any Loan held by it hereunder
to EPR or any of its Subsidiaries or any of their respective Affiliates. 
 (i) Each Lender agrees that, without the prior written consent of
the Borrowers and the Agent, it will not knowingly make any assignment hereunder in any manner or under any circumstances that would require registration or qualification of, or filings in respect of, any Loan or Note under the Securities Act or any
other securities laws of the United States of America or of any other jurisdiction. 
 Section 12.6. Amendments. 

(a) Except as otherwise expressly provided in this Agreement, any consent or approval required or permitted by this Agreement or any other Loan
Document to be given by the Lenders may be given, and any term of this Agreement or of any other Loan Document may be amended, and the performance or observance by EPR or any of its Subsidiaries of any terms of this Agreement or such other Loan
Document or the continuance of any Default or Event of Default may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only with, the written consent of the Required Lenders (and, in the case
of an amendment to any Loan Document, the written consent of each Borrower party thereto). 
 (b) Notwithstanding the foregoing, without the
prior written consent of each Lender adversely affected thereby, no amendment, waiver or consent shall do any of the following: 

(i) increase the Commitments of the Lenders (except for any increase in the Commitments effectuated pursuant to
Section 2.14) or subject the Lenders to any additional obligations; 
 (ii) reduce the principal of, the method
of application of any mandatory prepayment of, or interest rates that have accrued or that will be charged on the outstanding principal amount of, any Loans or other Obligations; 

  
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 (iii) reduce the amount of any Fees payable hereunder or postpone any date fixed
for payment thereof; 
 (iv) extend the Term Loan Termination Date or the Revolving Credit Termination Date or otherwise
postpone any date fixed for any payment of any principal of, or interest on, any Loans or any other Obligations (including the waiver of any Default or Event of Default as a result of the nonpayment of any such Obligations as and when due), or
extend the expiration date of any Letter of Credit beyond the Revolving Credit Termination Date; 
 (v) amend or otherwise
modify the provisions of Section 3.2; 
 (vi) modify the definition of the terms “Required
Lenders”, “Required Term Lenders” or “Required Revolving Credit Lenders” or otherwise modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any
rights hereunder or to modify any provision hereof, including without limitation, any modification of this Section if such modification would have such effect; 

(vii) amend the provisions of Section 12.5(c) or (d) so as to impose more restrictions on a
Lender’s ability to grant assignments or participations hereunder; or 
 (viii) amend or otherwise modify the provisions
of Section 2.12. 
 (c) Notwithstanding the foregoing, without the prior written consent of all Lenders, no amendment, waiver or
consent shall do any of the following: 
 (i) modify the definition of the term “Required Lenders,”
“Required Term Lenders” or “Required Revolving Credit Lenders” or otherwise modify in any other manner the number or percentage of the Lenders required to make any determinations or waive any rights hereunder or to
modify any provision hereof, including without limitation, any modification of this Section 12.6 or 
 (ii)
release any Borrower from its obligations hereunder, except as otherwise permitted in connection with the removal or replacement of an Unencumbered Property under Section 7.12, Section 7.13 or Section 10.2 herein.

 (d) No amendment, waiver or consent, unless in writing and signed by the Agent, in such capacity, in addition to the Lenders required
hereinabove to take such action, shall affect the rights or duties of the Agent under this Agreement or any of the other Loan Documents. 

(e) Notwithstanding anything to the contrary herein, (i) any term of this Agreement or of any other Loan Document relating to the rights
or obligations of the Revolving Credit Lenders, and not any other Lenders, may be amended, and the performance or observance by Borrowers of any such terms may be waived (either generally or in a particular instance and either retroactively or
prospectively) with, and only with, the written consent of the Required Revolving Credit Lenders or all Revolving Credit Lenders directly and adversely affected thereby, as applicable; and (ii) any term of this Agreement or of any other Loan
Document relating to the rights or obligations of the Term Lenders, and not any other Lenders, may be 

  
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amended, and the performance or observance by Borrowers of any such terms may be waived (either generally or in a particular instance and either retroactively or prospectively) with, but only
with, the written consent of the Required Term Lenders or all Term Lenders directly or adversely affected thereby, as applicable. 
 (f) No
waiver shall extend to or affect any obligation not expressly waived or impair any right consequent thereon and any amendment, waiver or consent shall be effective only in the specific instance and for the specific purpose set forth therein. Except
as otherwise provided in Section 11.5, no course of dealing or delay or omission on the part of the Agent or any Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial thereto. Any Event of Default
occurring hereunder shall continue to exist until such time as such Event of Default is waived in writing in accordance with the terms of this Section, notwithstanding any attempted cure or other action by EPR or any of its Subsidiaries or any other
Person subsequent to the occurrence of such Event of Default. Except as otherwise explicitly provided for herein or in any other Loan Document, no notice to or demand upon the Borrowers shall entitle the Borrowers to any other or further notice or
demand in similar or other circumstances. No Defaulting Lender shall have any right to approve or disapprove any amendment, waiver or consent hereunder, except that (a) the Commitment of such Lender may not be increased or extended without the
consent of such Lender, and (b) no such amendment, waiver or consent may uniquely and negatively impact such Defaulting Lender without the approval of such Defaulting Lender. 

(g) If, in connection with any proposed change, waiver, discharge, termination or other action under the provisions of this Agreement that
requires approval of all Lenders or the Required Lenders, and the consent of one or more of such other Lenders whose consent is required is not obtained, then the Agent (in its capacity as a Lender and/or on behalf of, with their consent, one or
more of the other non-consenting Lenders or Eligible Assignees) shall have the right (but not the obligation) to purchase the Commitment of such non-consenting Lender or Lenders upon payment to such non-consenting Lender(s) in full of the principal
of and interest accrued on each Loan made, or Letter of Credit issued, by it and all other amounts owing to it or accrued for its account under this Agreement. Upon any such purchase or assignment, the non-consenting Lender’s interest in the
Loans or Letters of Credit and its rights hereunder (but not its liability in respect thereof or under the Loan Documents or this Agreement to the extent the same relate to the period prior to the effective date of the purchase except to the extent
assigned pursuant to such purchase) shall terminate on the date of purchase, and the non-consenting Lender shall promptly execute all documents reasonably requested to surrender and transfer such interest to the purchaser or assignee thereof,
including an appropriate Assignment and Assumption Agreement. 
 Section 12.7. Nonliability of Agent and Lenders. 

The relationship between the Borrowers, on the one hand, and the Lenders and the Agent, on the other hand, shall be solely that of borrower and
lender. Neither the Agent nor any Lender shall have any fiduciary responsibilities to the Borrowers and no provision in this Agreement or in any of the other Loan Documents, and no course of dealing between or among any of the parties hereto, shall
be deemed to create any fiduciary duty owing by the Agent or any Lender to any Lender or to EPR or any of its Subsidiaries. Neither the Agent nor any Lender undertakes any responsibility to the Borrowers to review or inform the Borrowers of any
matter in connection with any phase of the Borrowers’ business or operations. 

  
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 Section 12.8. Confidentiality. 

The Agent and each Lender shall use reasonable efforts to assure that information about EPR and its Subsidiaries and their respective Minority
Interests, and their respective properties, operations, affairs and financial condition, not generally disclosed to the public, which is furnished to the Agent or any Lender pursuant to the provisions of this Agreement or any other Loan Document, is
used only for the purposes of this Agreement and the other Loan Documents and shall not be divulged to any Person other than the Agent, the Lenders, and their respective agents who are actively and directly participating in the evaluation,
administration or enforcement of the Loan Documents and other transactions between the Agent or such Lender, as applicable, and the Borrowers, but in any event the Agent and the Lenders may make disclosure: (a) to any of their respective
affiliates (provided they shall agree to keep such information confidential in accordance with the terms of this Section or other confidentiality restrictions at least as restrictive as this Section); (b) as reasonably requested by any
potential or actual Assignee, Participant or other transferee in connection with the contemplated transfer of any Commitment or participations therein as permitted hereunder (provided they shall agree to keep such information confidential in
accordance with the terms of this Section); (c) as required or requested by any Governmental Authority or representative thereof or pursuant to legal process or in connection with any legal proceedings or as otherwise required by Applicable
Law; (d) to the Agent’s or such Lender’s independent auditors and other professional advisors (provided they shall be notified of the confidential nature of the information); (e) after the happening and during the continuance of
an Event of Default, to any other Person, in connection with the exercise by the Agent or the Lenders of rights hereunder or under any of the other Loan Documents; (f) to any actual or potential contractual counter-parties to any Derivatives
Contract or to any rating agency; (g) to the extent such information (x) becomes publicly available other than as a result of a breach of this Section actually known to such Lender to be such a breach or (y) becomes available to the
Agent or any Lender on a nonconfidential basis from a source other than any Borrower or any Affiliate; and (h) with the consent of EPR. Notwithstanding the foregoing, the Agent and each Lender may disclose any such confidential information,
without notice to any Borrower, to Governmental Authorities in connection with any regulatory examination of the Agent or such Lender or in accordance with the regulatory compliance policy of the Agent or such Lender. 

Section 12.9. Indemnification. 
 (a)
The Borrowers shall and hereby agree to indemnify, defend and hold harmless the Agent, each of the Lenders, any affiliate of the Agent or any Lender, and their respective directors, officers, shareholders, agents, employees and counsel (each
referred to herein as an “Indemnified Party”) from and against any and all of the following (collectively, the “Indemnified Costs”): losses, costs, claims, damages, liabilities, deficiencies, judgments or
reasonable expenses of every kind and nature (including, without limitation, amounts paid in settlement, court costs and the reasonable fees and disbursements of counsel incurred in connection with any litigation, investigation, claim or proceeding
or any advice rendered in connection therewith, but excluding losses, costs, claims, damages, liabilities, deficiencies, 

  
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judgments or expenses indemnification in respect of which is specifically covered by Section 3.12 or Section 4.1 or expressly excluded from the coverage of such
Section 3.12 or Section 4.1) incurred by an Indemnified Party in connection with, arising out of, or by reason of, any suit, cause of action, claim, arbitration, investigation or settlement, consent decree or other proceeding
(the foregoing referred to herein as an “Indemnity Proceeding”) brought by any Borrower or third party which is in any way related directly or indirectly to: (i) this Agreement or any other Loan Document or the transactions
contemplated thereby; (ii) the making of any Loans or issuance of Letters of Credit hereunder; (iii) any actual or proposed use by any Borrower of the proceeds of the Loans or Letters of Credit; (iv) the Agent’s or any
Lender’s entering into this Agreement; (v) the fact that the Agent and the Lenders have established the credit facility evidenced hereby in favor of the Borrowers; (vi) the fact that the Agent and the Lenders are creditors of the
Borrowers and have or are alleged to have information regarding the financial condition, strategic plans or business operations of EPR and the Subsidiaries; (vii) the fact that the Agent and the Lenders are material creditors of the Borrowers
and are alleged to influence directly or indirectly the business decisions or affairs of the Borrowers and the other Subsidiaries or their financial condition; (viii) the exercise of any right or remedy the Agent or the Lenders may have under
this Agreement or the other Loan Documents; (ix) any civil penalty or fine assessed by the OFAC against, and all reasonable costs and expenses (including counsel fees and disbursements) incurred in connection with defense thereof by, the Agent
or any Lender as a result of conduct of EPR or any of its Subsidiaries that violates a sanction enforced by the OFAC; or (x) any violation or non-compliance by any Borrower or any Subsidiary of any Applicable Law (including any Environmental
Law) including, but not limited to, any Indemnity Proceeding commenced by (A) the Internal Revenue Service or state taxing authority or (B) any Governmental Authority or other Person under any Environmental Law, including any Indemnity
Proceeding commenced by a Governmental Authority or other Person seeking remedial or other action to cause EPR or its Subsidiaries (or its respective properties) (or the Agent and/or the Lenders as successors to any Borrower) to be in compliance
with such Environmental Laws; provided, however, that the Borrowers shall not be obligated to indemnify any Indemnified Party for any acts or omissions of such Indemnified Party in connection with matters described in this subsection to the extent
arising from the gross negligence or willful misconduct of such Indemnified Party, as determined by a court of competent jurisdiction in a final, non-appealable judgment. 

(b) The Borrowers’ indemnification obligations under this Section shall apply to all Indemnity Proceedings arising out of, or related to,
the foregoing whether or not an Indemnified Party is a named party in such Indemnity Proceeding. In this regard, this indemnification shall cover all Indemnified Costs of any Indemnified Party in connection with any deposition of any Indemnified
Party or compliance with any subpoena (including any subpoena requesting the production of documents). This indemnification shall, among other things, apply to any Indemnity Proceeding commenced by other creditors of any Borrower or any Subsidiary,
any shareholder of any Borrower or any Subsidiary (whether such shareholder(s) are prosecuting such Indemnity Proceeding in their individual capacity or derivatively on behalf of any Borrower), any account debtor of any Borrower or any Subsidiary or
by any Governmental Authority. If indemnification is to be sought hereunder by an Indemnified Party, then such Indemnified Party shall notify the Borrowers of the commencement of any Indemnity Proceeding; provided, however, that the failure to so
notify the Borrowers shall not relieve the Borrowers from any liability that they may have to such Indemnified Party pursuant to this Section 12.9. 

  
 - 110 - 

 (c) This indemnification shall apply to any Indemnity Proceeding arising during the pendency of
any bankruptcy proceeding filed by or against any Borrower and/or any Subsidiary. 
 (d) All reasonable out-of-pocket fees and expenses of,
and all reasonable amounts paid to third-persons by, an Indemnified Party shall be advanced by the Borrowers at the request of such Indemnified Party notwithstanding any claim or assertion by the Borrowers that such Indemnified Party is not entitled
to indemnification hereunder, upon receipt of an undertaking by such Indemnified Party that such Indemnified Party will reimburse the Borrowers if it is actually and finally determined by a court of competent jurisdiction that such Indemnified Party
is not so entitled to indemnification hereunder. 
 (e) An Indemnified Party may conduct its own investigation and defense of, and may
formulate its own strategy with respect to, any Indemnity Proceeding covered by this Section and, as provided above, all Indemnified Costs incurred by such Indemnified Party shall be reimbursed by the Borrowers. No action taken by legal counsel
chosen by an Indemnified Party in investigating or defending against any such Indemnity Proceeding shall vitiate or in any way impair the obligations and duties of the Borrowers hereunder to indemnify and hold harmless each such Indemnified Party;
provided, however, that if (i) the Borrowers are required to indemnify an Indemnified Party pursuant hereto and (ii) the Borrowers have provided evidence reasonably satisfactory to such Indemnified Party that the Borrowers have the
financial wherewithal to reimburse such Indemnified Party for any amount paid by such Indemnified Party with respect to such Indemnity Proceeding, such Indemnified Party shall not settle or compromise any such Indemnity Proceeding without the prior
written consent of the Borrowers (which consent shall not be unreasonably withheld or delayed). Notwithstanding the foregoing, an Indemnified Party may settle or compromise any such Indemnity Proceeding without the prior written consent of the
Borrowers where (x) no monetary relief is sought against such Indemnified Party in such Indemnity Proceeding or (y) there is an allegation of a violation of law by such Indemnified Party. 

(f) If and to the extent that the obligations of the Borrowers under this Section are unenforceable for any reason, the Borrowers hereby agree
to make the maximum contribution to the payment and satisfaction of such obligations which is permissible under Applicable Law. 
 (g) The
Borrowers’ obligations under this Section shall survive any termination of this Agreement and the other Loan Documents and the payment in full in cash of the Obligations, and are in addition to, and not in substitution of, any other of their
obligations set forth in this Agreement or any other Loan Document to which it is a party. 
 Section 12.10. Termination; Survival. 

At such time as (a) all of the Commitments have been terminated, (b) all Letters of Credit (other than Letters of Credit the
expiration dates of which extend beyond the Revolving Credit Termination Date as permitted under Section 2.2(b) and in respect of which the Borrowers have satisfied the requirements of such Section) have terminated, (c) none of the
Lenders is obligated 

  
 - 111 - 

 
any longer under this Agreement to make any Loans and (d) all Obligations (other than obligations which survive as provided in the following two sentences) have been paid and satisfied in
full, this Agreement shall terminate. The indemnities to which the Agent and the Lenders are entitled under the provisions of Sections 3.12, 4.1, 4.4, 11.7, 12.2 and 12.9 and any other provision of this
Agreement and the other Loan Documents, and the provisions of Section 12.4, shall continue in full force and effect and shall protect the Agent and the Lenders (i) notwithstanding any termination of this Agreement, or of the other
Loan Documents, against events arising after such termination as well as before and (ii) at all times after any such party ceases to be a party to this Agreement with respect to all matters and events existing on or prior to the date such party
ceased to be a party to this Agreement. 
 Section 12.11. Severability of Provisions. 

Any provision of this Agreement which is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective only to
the extent of such prohibition or unenforceability without invalidating the remainder of such provision or the remaining provisions or affecting the validity or enforceability of such provision in any other jurisdiction. 

Section 12.12. GOVERNING LAW. 
 THIS
AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

Section 12.13. Patriot Act. 
 The
Lenders and the Agent each hereby notifies the Borrowers that pursuant to the requirements of the Patriot Act, it is required to obtain, verify and record information that identifies the Borrowers, which information includes the name and address of
the Borrowers and other information that will allow such Lender or the Agent, as applicable, to identify the Borrowers in accordance with such Act. 

Section 12.14. Counterparts. 
 This
Agreement and any amendments, waivers, consents or supplements may be executed in any number of counterparts and by different parties hereto in separate counterparts, each of which when so executed and delivered shall be deemed an original, but all
of which counterparts together shall constitute but one and the same instrument. 
 Section 12.15. Obligations with Respect to Borrowers. 

The obligations of a Borrower to direct or prohibit the taking of certain actions by other Borrowers as specified herein shall be absolute and
not subject to any defense such Borrower may have that such Borrower does not control such other Borrower. 

  
 - 112 - 

 Section 12.16. Limitation of Liability. 

Neither the Agent nor any Lender, nor any affiliate, officer, director, employee, attorney, or agent of the Agent or any Lender shall have any
liability with respect to, and the Borrowers hereby waive, release, and agree not to sue any of them upon, any claim for any special, indirect, incidental, or consequential damages suffered or incurred by any Borrower in connection with, arising out
of, or in any way related to, this Agreement or any of the other Loan Documents, or any of the transactions contemplated by this Agreement or any of the other Loan Documents. The Borrowers hereby waive, release, and agree not to sue the Agent or any
Lender or any of the Agent’s or any Lender’s affiliates, officers, directors, employees, attorneys, or agents for punitive damages in respect of any claim in connection with, arising out of, or in any way related to, this Agreement or any
of the other Loan Documents, or any of the transactions contemplated by this Agreement or financed hereby. 
 Section 12.17. Entire Agreement.

 This Agreement and the other Loan Documents referred to herein embody the final, entire agreement among the parties hereto and
supersede any and all prior commitments, agreements, representations, and understandings, whether written or oral, relating to the subject matter hereof and thereof and may not be contradicted or varied by evidence of prior, contemporaneous, or
subsequent oral agreements or discussions of the parties hereto. There are no oral agreements among the parties hereto. 
 Section 12.18.
Construction. 
 The Agent, each Borrower and each Lender acknowledge that each of them has had the benefit of legal counsel of its own
choice and has been afforded an opportunity to review this Agreement and the other Loan Documents with its legal counsel and that this Agreement and the other Loan Documents shall be construed as if jointly drafted by the Agent, the Borrowers and
the Lenders. 
 Section 12.19. Amendment and Restatement. 

The Borrowers, the Agent and the lenders party to each Existing Agreement that are Lenders under this Agreement each hereby agrees that, at
such time as this Agreement shall have become effective, such Existing Agreements automatically shall be deemed replaced and superseded by this Agreement and the Borrowers and the lenders party to such Existing Agreements shall no longer have any
obligations thereunder, and instead all obligations of the Borrowers and the lenders under such Existing Agreements are now evidenced by this Agreement. It is the intention of the parties to this Agreement that this Agreement not operate as a
novation of the obligations under the Existing Agreements and shall not operate as a novation or waiver of any right, power or remedy of the Agent or any Lender, except as otherwise provided in this Agreement or any other Loan Document. Crotched
Mountain Properties, LLC, EPT Mount Attitash, Inc. and EPT Crotched Mountain, Inc., each of which is a subsidiary borrower under the Existing Agreements, are not parties to or bound by this Agreement or the other Loan Documents referred to herein,
and shall be deemed released from any and all liabilities under each Existing Agreement and the other Loan Documents referred to therein. 

[Signatures on Following Pages] 

  
 - 113 - 

 IN WITNESS WHEREOF, the parties hereto have caused this Agreement to be executed by their
authorized officers all as of the day and year first above written. 
 BORROWERS: 

 

			
	EPR PROPERTIES
		
	By:		/s/ Mark A. Peterson
			Mark A. Peterson,
			Senior Vice President

  

			
	 30 WEST PERSHING, LLC
 EPT DOWNREIT
II, INC.
 EPT HUNTSVILLE, INC.
 MEGAPLEX FOUR, INC.

WESTCOL CENTER, LLC
 EPT MELBOURNE, INC.

EDUCATION CAPITAL SOLUTIONS, LLC
 EPR HIALEAH, INC.

EPT 909, INC.
 EPT KALAMAZOO, INC.

EPT MAD RIVER, INC.
 EPT MOUNT SNOW, INC.

EPT NINETEEN, INC.
 EPT SKI PROPERTIES, INC.

EPT WATERPARKS, INC.
 MEGAPLEX NINE, INC.

ECS DOUGLAS I, LLC
 EPT DALLAS, LLC

EPT FONTANA, LLC
 EPT TWIN FALLS, LLC

FLIK, INC.
 EPT MESQUITE, INC.

EPT SOUTH BARRINGTON, INC.
 EPT GULF POINTE, INC.

EPT OAKVIEW, INC.
 ECE I, LLC

EPT CHARLOTTE, LLC
 EPT PENSACOLA, INC.

ECE II, LLC

		
	By:		/s/ Mark A. Peterson
			Mark A. Peterson, Vice President

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 
					
	CANTERA 30 THEATRE, L.P.
		
	By:		Cantera 30, Inc., its general partner
			
			By:		/s/ Mark A. Peterson
					Mark A. Peterson, Vice President

  

					
	TAMPA VETERANS 24, L.P.
		
	By:		Tampa Veterans 24, Inc., its general partner
			
			By:		/s/ Mark A. Peterson
					Mark A. Peterson, Vice President

  

					
	NEW ROC ASSOCIATES, L.P.
		
	By:		EPT New Roc GP, Inc., its general partner
			
			By:		/s/ Mark A. Peterson
					Mark A. Peterson, Vice President

  

					
	EPR NORTH US LP
		
	By:		EPR North US GP, its general partner
			
			By:		/s/ Gregory K. Silvers
					Gregory K. Silvers, Trustee

  

					
	BURBANK VILLAGE, L.P.
		
	By:		Burbank Village, Inc., its general partner
			
			By:		/s/ Mark A. Peterson
					Mark A. Peterson, Vice President

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	KEYBANK NATIONAL ASSOCIATION, as Agent, and as a Lender
		
	By:	 	/s/ Darin Mainquist
		 	Name: Darin Mainquist
		 	Title: AVP

  

			
	Lending Office (all Types of Loans):
	
	 KEYBANK NATIONAL ASSOCIATION
 225
Franklin Street, 18th Floor
 Boston, Massachusetts 02110

Telephone: (617) 385 6214
 Telecopy:
(617) 385-6293

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 JPMORGAN CHASE BANK, N.A.,
 as
Lender

		
	By:	 	/s/ Mohammad S. Hasan
		 	Name: Mohammad S. Hasan
		 	Title: Executive Director

  

			
	Lending Office (all Types of Loans):
	
	 JPMorgan Chase Bank, N.A.
 383
Madison Avenue, 24th Floor
 New York, New York 10179

Telephone: (212) 622-8174
 Telecopy:
(646) 534-0574

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 ROYAL BANK OF CANADA,
 as
Lender

		
	By:	 	/s/ Dan LePage
		 	Name: Dan LePage
		 	Title: Corporate Banking – Managing Director

  

			
	Lending Office (all Types of Loans):
	
	 ROYAL BANK OF CANADA
 Three World
Financial Center
 200 Vesey Street, 12th Floor
 New York, New
York 10281
 Attention: GLA Administrator
 Telephone:
(877) 332-7455
 Telecopy: (212) 428-2372

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 BANK OF AMERICA, N.A.,
 as
Lender

		
	By:	 	/s/ Kurt Mathison
		 	Name: Kurt Mathison
		 	Title: Senior Vice President

  

			
	Lending Office (all Types of Loans):
	
	 BANK OF AMERICA, N.A.,
 901 Main
Street, 64th Floor
 Dallas, Texas 75202-3714

Telephone: (214) 209-9198

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 CITIBANK, N.A.,
 as
Lender

		
	By:	 	/s/ John C. Rowland
		 	Name: John C. Rowland
		 	Title: Vice President

  

			
	Lending Office (all Types of Loans):
	
	 CITIBANK, N.A.
 388 Greenwich
Street, 6th Floor
 New York, New York 10013

Attention: Miguel A Saez
 Telephone: (212) 816-7312

Telecopy: (347) 321-4597

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 BARCLAYS BANK PLC,
 as
Lender

		
	By:	 	/s/ Marguerite Sutton
		 	Name: Marguerite Sutton
		 	Title: Vice President

  

			
	Lending Office (all Types of Loans):
	
	 Barclays Bank PLC
 745 7th Avenue
 New York, NY 10019

Telephone: (212) 723-5931
 Telecopy: (646)
291-1630

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 UMB BANK, N.A.
 as
Lender

		
	By:	 	/s/ Robert P. Elbert
		 	Name: Robert P. Elbert
		 	Title: Senior Vice President

  

			
	Lending Office (all Types of Loans):
	
	 UMB BANK, N.A.
 1010 Grand
Boulevard
 Kansas City, Missouri 64106
 Telephone:
(816) 860-7116
 Telecopy: (816) 860-7143

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 BANK OF THE WEST, A CALIFORNIA BANKING CORPORATION,

as Lender

		
	By:	 	/s/ Sarah J. Burns
		 	Name: Sarah J. Burns
		 	Title: Vice President

  

			
		
	By:	 	/s/ Ben Arroyo
		 	Name: Ben Arroyo
		 	Title: Vice President

  

			
	Lending Office (all Types of Loans):
	
	 BANK OF THE WEST
 600 17th Street, Suite 1500
 Denver, Colorado 80202

Attention: Todd Schrader & Yolanda Gomez
 Telephone:
(303) 202-5777

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

			
	 ARVEST BANK,
 as
Lender

		
	By:	 	/s/ Thomas J. Butkus
		 	Name: Thomas J. Butkus
		 	Title: Senior Vice President

  

			
	Lending Office (all Types of Loans):
	
	 ARVEST BANK
 6300 Nall Avenue

Mission, Kansas 66202
 Telephone: (913) 279-3358

Telecopy: (913) 279-3378

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 MEGA INTERNATIONAL COMMERCIAL BANK, CO., LTD., SILICON VALLEY BRANCH,

as Lender

		
	By:		/s/ Nian Tzy Yeh
			Name:		Nian Tzy Yeh
			Title:		VP & General Manager
	
	Lending Office (all Types of Loans):
	
	MEGA INTERNATIONAL COMMERCIAL BANK, CO., LTD., SILICON VALLEY BRANCH
	 333 W San Carlos Street, Suite 100

San Jose, California 95110
 Attention: Gordon Chen, AVP

Telephone: (408) 283-1888 ext. 48
 Telecopy:
(408) 283-1678

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 BANK OF BLUE VALLEY,
 as
Lender

		
	By:		/s/ Bruce V. McCune
			Name:		Bruce V. McCune
			Title:		Vice President
	
	Lending Office (all Types of Loans):
	
	BANK OF BLUE VALLEY
	 11935 Riley
 Overland Park, Kansas
66213
 Telephone: (913) 234-2238
 Telecopy:
(913) 234-7038

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 BANK HAPOALIM B.M.,
 as
Lender

		
	By:		/s/ Charles McLaughlin
			Name:		Charles McLaughlin
			Title:		Senior Vice President
		
	By:		/s/ Helen Gateson
			Name:		Helen Gateson
			Title:		Vice President
	
	Lending Office (all Types of Loans):
	
	BANK HAPOALIM B.M.
	 1177 Avenue Of The Americas
 New
York, New York 10036
 Attention: Charles McLaughlin
 Telephone:
(212) 782-2342
 Telecopy: (212) 782-2382

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 BANK OF TAIWAN, LOS ANGELES BRANCH,

as Lender

		
	By:		/s/ Jane Chang
			Name:		Jane Chang
			Title:		VP & General Manager
	
	Lending Office (all Types of Loans):
	
	BANK OF TAIWAN, LOS ANGELES BRANCH
	 601 South Figueroa Street, Suite 4525

Los Angeles, California 90017
 Attention: Timothy Liu

Telephone: (213) 629-6600 ext.155
 Telecopy:
(213) 629-6610

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 BOKF, NA DBA BANK OF KANSAS CITY,

as Lender

		
	By:		/s/ William Fox
			Name:		William Fox
			Title:		Senior Vice President
	
	Lending Office (all Types of Loans):
	
	BANK OF KANSAS CITY
	 7500 College Boulevard, Suite 1450

Overland Park, Kansas 66210
 Attention: Bryan Palmer

Telephone: (913) 307-1649
 Telecopy:
(913) 234-6603

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 HUA NAN COMMERCIAL BANK, LOS ANGELES BRANCH,

as Lender

		
	By:		/s/ Ding-Jong Chen
			Name:		Ding-Jong Chen
			Title:		GM & VP
	
	Lending Office (all Types of Loans):
	
	HUA NAN COMMERCIAL BANK, LOS ANGELES BRANCH
	 707 Wilshire Boulevard, Suite 3100

Los Angeles, California 90017
 Attention: Howard Hung

Telephone: (213) 362-6666 ext. 228
 Telecopy:
(213)-362-6617

  
  
  

 
  
  

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 STIFEL BANK & TRUST,
 as
Lender

		
	By:		/s/ Joe Sooter
			Name:		Joe Sooter
			Title:		Senior Vice President
	
	Lending Office (all Types of Loans):
	
	STIFEL BANK & TRUST
	 501 North Broadway, Floor 6
 St.
Louis, Missouri 63102
 Attention: Joe Sooter
 Telephone:
(314) 342-7459
 Telecopy: (866) 723-6883

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 U.S. BANK NATIONAL ASSOCIATION,
 as
Lender

		
	By:		/s/ Joel Steiner
			Name:		Joel Steiner
			Title:		Vice President
	
	Lending Office (all Types of Loans):
	
	U.S. BANK NATIONAL ASSOCIATION
	 10 West Broad Street, 12th Floor

Columbus, Ohio 43215
 Telephone: (614) 232-8007

Telecopy: (614) 232-8033

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 [Signature Page to Credit Agreement with EPR Properties, et al.] 

 

					
	 FIRST COMMERCIAL BANK, LTD., A REPUBLIC OF CHINA BANK ACTING THROUGH ITS LOS ANGELES BRANCH,

as Lender

		
	By:		/s/ Max Liao
			Name:		Max Liao
			Title:		S.A.V.P. & Deputy General Manager
	
	Lending Office (all Types of Loans):
	
	FIRST COMMERCIAL BANK, LTD., a Republic of China Bank acting through its Los Angeles branch
	 600 Wilshire Blvd., Ste. 800
 Los
Angeles, California 90017
 Telephone: (213) 405-1133

Telecopy: (213) 362-0219

  
 [Signature Page to
Amended, Restated and Consolidated Credit Agreement] 

 EXHIBIT A 

FORM OF ASSIGNMENT AND ASSUMPTION AGREEMENT 

THIS ASSIGNMENT AND ASSUMPTION AGREEMENT dated as of ___________, 20__ (the “Agreement”) by and among _________________________ (the
“Assignor”), _________________________ (the “Assignee”), and KEYBANK NATIONAL ASSOCIATION, as Agent (the “Agent”). 

WHEREAS, the Assignor is a Lender under that certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR Properties and the Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial
institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto; 

WHEREAS, the Assignor desires to assign to the Assignee, among other things, all or a portion of the Assignor’s Commitment under the
Credit Agreement, all on the terms and conditions set forth herein; and 
 WHEREAS, the Agent consents to such assignment on the terms and
conditions set forth herein; 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which hereby are
acknowledged by the parties hereto, the parties hereto hereby agree as follows: 
 Section 1. Assignment. 

(a) Subject to the terms and conditions of this Agreement and in consideration of the payment to be made by the Assignee to the Assignor
pursuant to Section 2 of this Agreement, effective as of ____________, 20__ (the “Assignment Date”), the Assignor hereby irrevocably sells, transfers and assigns to the Assignee, without recourse, a $__________ interest (such interest
being the “Assigned Commitment”) in and to the Assignor’s Revolving Credit Commitment/Term Loans and all of the other rights and obligations of the Assignor under the Credit Agreement, the Assignor’s Note and the other Loan
Documents (representing ______% in respect of the aggregate amount of all Lenders’ Commitments), including without limitation, a principal amount of outstanding Loans equal to $_________ and all voting rights of the Assignor associated with the
Assigned Commitment, all rights to receive interest on such amount of Loans and all facility and other Fees with respect to the Assigned Commitment and other rights of the Assignor under the Credit Agreement and the other Loan Documents with respect
to the Assigned Commitment. The Assignee, subject to the terms and conditions hereof, hereby assumes all obligations of the Assignor as a Lender with respect to the Assigned Commitment, which obligations shall include, but shall not be limited to,
the obligation to make Loans to the Borrowers with respect to the Assigned Commitment, the obligation to pay the Agent amounts due in respect of draws under Letters of Credit as required under Section 2.2.(i) of the Credit Agreement and the
obligation to indemnify the Agent as provided in the Credit Agreement (the foregoing enumerated obligations, together with all other similar obligations more particularly set forth in the Credit Agreement and the other Loan Documents, collectively,
the “Assigned 

 
Obligations”). The Assignor shall have no further duties or obligations with respect to, and shall have no further interest in, the Assigned Obligations or the Assigned Commitment from and
after the Assignment Date. 
 (b) The assignment by the Assignor to the Assignee hereunder is without recourse to the Assignor. The Assignee
makes and confirms to the Agent, the Assignor, and the other Lenders all of the representations, warranties and covenants of a Lender under Article XI. of the Credit Agreement. Not in limitation of the foregoing, the Assignee acknowledges and
agrees that, except as set forth in Section 4 below, the Assignor is making no representations or warranties with respect to, and the Assignee hereby releases and discharges the Assignor for any responsibility or liability for: (i) the
present or future solvency or financial condition of EPR or any of its Subsidiaries, (ii) any representations, warranties, statements or information made or furnished by EPR or any of its Subsidiaries in connection with the Credit Agreement or
otherwise, (iii) the validity, efficacy, sufficiency, or enforceability of the Credit Agreement, any other Loan Document or any other document or instrument executed in connection therewith, or the collectibility of the Assigned Obligations,
(iv) the perfection, priority or validity of any Lien with respect to any collateral at any time securing the Obligations or the Assigned Obligations under the Notes or the Credit Agreement and (v) the performance or failure to perform by
EPR or any of its Subsidiaries of any obligation under the Credit Agreement or any other Loan Document to which it is a party. Further, the Assignee acknowledges that it has, independently and without reliance upon the Agent, or any affiliate or
subsidiary thereof, the Assignor or any other Lender and based on the financial statements supplied by the Borrowers and such other documents and information as it has deemed appropriate, made its own credit and legal analysis and decision to become
a Lender under the Credit Agreement. The Assignee also acknowledges that it will, independently and without reliance upon the Agent, the Assignor or any other Lender and based on such documents and information as it shall deem appropriate at the
time, continue to make its own credit decisions in taking or not taking action under the Credit Agreement or any other Loan Documents or pursuant to any other obligation. Except as expressly provided in the Credit Agreement, the Agent shall have no
duty or responsibility whatsoever, either initially or on a continuing basis, to provide the Assignee with any credit or other information with respect to any Borrower or to notify the Assignee of any Default or Event of Default. The Assignee has
not relied on the Agent as to any legal or factual matter in connection therewith or in connection with the transactions contemplated thereunder. 

Section 2. Payment by Assignee. In consideration of the assignment made pursuant to Section 1 of this Agreement, the Assignee
agrees to pay to the Assignor on the Assignment Date, such amount as they may agree. 
 Section 3. Payments by Assignor. The
Assignor agrees to pay to the Agent on the Assignment Date the administration fee, if any, payable under the applicable provisions of the Credit Agreement. 

Section 4. Representations and Warranties of Assignor. The Assignor hereby represents and warrants to the Assignee that
(a) as of the Assignment Date (i) the Assignor is a Lender under the Credit Agreement having a Revolving Credit/Term Loan Commitment under the Credit Agreement (without reduction by any assignments thereof which have not yet become
effective), equal to $____________ [and $____________, respectively], and that the Assignor is 

  
 A-2 

 
not in default of its obligations under the Credit Agreement; and (ii) the outstanding balance of Loans owing to the Assignor (without reduction by any assignments thereof which have not yet
become effective) is $____________; and (b) it is the legal and beneficial owner of the Assigned Commitment which is free and clear of any adverse claim created by the Assignor. 

Section 5. Representations, Warranties and Agreements of Assignee. The Assignee (a) represents and warrants that it is
(i) legally authorized to enter into this Agreement, (ii) an “accredited investor” (as such term is used in Regulation D of the Securities Act) and (iii) an Eligible Assignee; (b) confirms that it has received a copy of
the Credit Agreement, together with copies of the most recent financial statements delivered in connection therewith or pursuant thereto and such other documents and information (including without limitation the Loan Documents) as it has deemed
appropriate to make its own credit analysis and decision to enter into this Agreement; (c) appoints and authorizes the Agent to take such action as contractual representative on its behalf and to exercise such powers under the Loan Documents as
are delegated to the Agent by the terms thereof together with such powers as are reasonably incidental thereto; and (d) agrees that, if not already a Lender and to the extent of the Assigned Commitment, it will become a party to and shall be
bound by the Credit Agreement and the other Loan Documents to which the other Lenders are a party on the Assignment Date and will perform in accordance therewith all of the obligations which are required to be performed by it as a Lender with
respect to the Assigned Commitment. 
 Section 6. Recording and Acknowledgment by the Agent. Following the execution of this
Agreement, the Assignor will deliver to the Agent (a) a duly executed copy of this Agreement for acknowledgment and recording by the Agent and (b) the Assignor’s Note. Upon such acknowledgment and recording, from and after the
Assignment Date, the Agent shall make all payments in respect of the interest assigned hereby (including payments of principal, interest, Fees and other amounts) to the Assignee. The Assignor and Assignee shall make all appropriate adjustments in
payments under the Credit Agreement for periods prior to the Assignment Date directly between themselves. 
 Section 7.
Addresses. The Assignee specifies as its address for notices and its Lending Office for all Loans, the offices set forth on Schedule 1 attached hereto. 

Section 8. Payment Instructions. All payments to be made to the Assignee under this Agreement by the Assignor, and all payments to
be made to the Assignee under the Credit Agreement, shall be made as provided in the Credit Agreement in accordance with the instructions set forth on Schedule 1 attached hereto or as the Assignee may otherwise notify the Agent. 

Section 9. Effectiveness of Assignment. This Agreement, and the assignment and assumption contemplated herein, shall not be
effective until (a) this Agreement is executed and delivered by each of the Assignor, the Assignee, the Agent, and if required under Section 12.5.(d) of the Credit Agreement, the Borrowers, and (b) the payment to the Assignor of the
amounts, if any, owing by the Assignee pursuant to Section 2 hereof and (c) the payment to the Agent of the amounts, if any, owing by the Assignor pursuant to Section 3 hereof. Upon recording and acknowledgment of this Agreement by
the Agent, from and after the Assignment Date, (i) the Assignee shall be a party to the Credit Agreement with respect to the Assigned 

  
 A-3 

 
Commitment and have the rights and obligations of a Lender thereunder to the extent of the Assigned Commitment and (ii) the Assignor shall relinquish its rights (except as otherwise provided
in Section 12.10 of the Credit Agreement) and be released from its obligations under the Credit Agreement with respect to the Assigned Commitment; provided, however, that if the Assignor does not assign its entire interest under the Loan
Documents, it shall remain a Lender entitled to all of the benefits and subject to all of the obligations thereunder with respect to its retained Commitment. 

Section 10. Governing Law. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW
YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 11. Counterparts. This Agreement may
be executed in any number of counterparts each of which, when taken together, shall constitute one and the same agreement. 

Section 12. Headings. Section headings have been inserted herein for convenience only and shall not be construed to be a part
hereof. 
 Section 13. Amendments; Waivers. This Agreement may not be amended, changed, waived or modified except by a writing
executed by the Assignee and the Assignor; provided, however, any amendment, waiver or consent which shall affect the rights or duties of the Agent under this Agreement shall not be effective unless signed by the Agent. 

Section 14. Entire Agreement. This Agreement embodies the entire agreement between the Assignor and the Assignee with respect to
the subject matter hereof and supersedes all other prior arrangements and understandings relating to the subject matter hereof. 

Section 15. Binding Effect. This Agreement shall be binding upon and inure to the benefit of the parties hereto and their
respective successors and permitted assigns. 
 Section 16. Definitions. Terms not otherwise defined herein are used herein with
the respective meanings given them in the Credit Agreement. 
 [Signatures on Following Pages] 

  
 A-4 

 IN WITNESS WHEREOF, the parties hereto have duly executed this Assignment and Assumption
Agreement as of the date and year first written above. 
  

					
	 ASSIGNOR:
  

[NAME OF ASSIGNOR]

			
	By:		 		 
			Name:		 
			Title:		 

  

					
	 ASSIGNEE:
  

[NAME OF ASSIGNEE]

			
	By:		 		 
			Name:		 
			Title:		 

 Accepted as of the date first written above. 
  

					
	 AGENT:
  

KEYBANK NATIONAL ASSOCIATION, as Agent

			
	By:		 		 
			Name:		 
			Title:		 

 [Signatures Continued on Following Page] 

  
 A-5 

 SCHEDULE 1 

Information Concerning the Assignee 
  

					
	Notice Address:		 		 
			 		 
			 		 
			Telephone No.:		 
			Telecopy No.:		 
			
	Lending Office:		 		 
			 		 
			 		 
			Telephone No.:		 
			Telecopy No.:		 
			
	Payment Instructions:		 		 
			 		 

  
  

  
 A-6 

 EXHIBIT B 

FORM OF NOTICE OF BORROWING 

____________, 201__ 
 KEYBANK NATIONAL
ASSOCIATION, as Agent 
 225 Franklin Street, 18th Floor 

Boston, Massachusetts 02110 
 Attention: Jeffry M. Morrison 

Ladies and Gentlemen: 
 Reference is made to that
certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR PROPERTIES and the
Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as Agent (the
“Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

 

	 	1.	Pursuant to Section 2.1(a)/(b) of the Credit Agreement, the Borrowers hereby request that the Lenders make Revolving Credit/Term Loans to the Borrowers in an aggregate principal amount equal to $_________________.

  

	 	2.	The Borrowers request that such Loans be made available to the Borrowers on ____________, 201__. 

  

	 	3.	The Borrowers hereby request that the requested Loans all be of the following Type: 

  

	 	    	[Check one box only] 

  ̈ Base Rate Loans

  ̈ LIBOR Loans, each with an initial Interest Period for a duration of: 

[Check one box only]  ̈ 1 month 

 ̈ 2 months 

 ̈ 3 months 

 ̈ 6 months 
  

	 	4.	The Borrowers request that the proceeds of this borrowing of Loans be made available to the Borrowers by ____________________________. 

  
 B-1 

 Attached hereto is an Availability Certificate in the form of Exhibit G and a Compliance
Certificate in the form of Exhibit F annexed to the Credit Agreement. 
 The Borrowers hereby certify to the Agent and the Lenders that as
of the date hereof and as of the date of the making of the requested Loans and after giving effect thereto, (a) no Default or Event of Default exists or will exist immediately after giving effect to the requested Loans, and (b) the
representations and warranties made or deemed made by the Borrowers in the Loan Documents to which any of them is a party are and shall be true and correct in all material respects, except to the extent that such representations and warranties
expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited
under the Loan Documents. In addition, the Borrowers certify to the Agent and the Lenders that all conditions to the making of the requested Loans contained in Article V. of the Credit Agreement will have been satisfied (or waived in accordance
with the applicable provisions of the Loan Documents) at the time such Loans are made. 
 If notice of the requested borrowing of Loans was
previously given by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.1(c) of the Credit Agreement. 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Borrowing as of the date first written above. 

 

			
	EPR PROPERTIES, as Borrower Representative on its own behalf and on behalf of the other Borrowers
		
	By:		 
			Name:
			Title:

  
 B-2 

 EXHIBIT C 

FORM OF NOTICE OF CONTINUATION 

____________, 201__ 
 KEYBANK NATIONAL
ASSOCIATION, as Agent 
 225 Franklin Street, 18th Floor 

Boston, Massachusetts 02110 
 Attention: Jeffry M. Morrison 

Ladies and Gentlemen: 
 Reference is made to that
certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR PROPERTIES and the
Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as Agent (the
“Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.7 of the Credit Agreement, the Borrowers hereby request a Continuation of a borrowing of Loans under the Credit
Agreement, and in that connection sets forth below the information relating to such Continuation as required by such Section of the Credit Agreement: 
  

	 	1.	The proposed date of such Continuation is ____________, 201___. 

  

	 	2.	The aggregate principal amount of Loans subject to the requested Continuation is $________________________ and was originally borrowed by the Borrowers on ____________, 201__. 

 

	 	3.	The portion of such principal amount subject to such Continuation is $________________. 

  

	 	4.	The current Interest Period for each of the Loans subject to such Continuation ends on ________________, 201__. 

  

	 	5.	The duration of the new Interest Period for each of such Loans or portion thereof subject to such Continuation is: 

  

	 	[Check one box only]	 ̈ 1 month 

	 	    	 ̈ 2 months 

	 	    	 ̈ 3 months 

	 	    	 ̈ 6 months 

  
 C-1 

 The Borrowers hereby certify to the Agent and the Lenders that as of the date hereof, as of the
proposed date of the requested Continuation, and after giving effect to such Continuation, no Default or Event of Default exists or will exist. 

If notice of the requested Continuation was given previously by telephone, this notice is to be considered the written confirmation of such
telephone notice required by Section 2.7. of the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has duly executed and
delivered this Notice of Continuation as of the date first written above. 
  

					
	EPR PROPERTIES, as Borrower Representative on its own behalf and on behalf of the other Borrowers
			
	By:		 		 
			
			Name:		 
			Title:		 

  
 D-2 

 EXHIBIT D 

FORM OF NOTICE OF CONVERSION 

____________, 201__ 
 KEYBANK NATIONAL
ASSOCIATION, as Agent 
 225 Franklin Street, 18th Floor 

Boston, Massachusetts 021108 
 Attention: Jeffry M. Morrison 

Ladies and Gentlemen: 
 Reference is made to that
certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR PROPERTIES and the
Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as Agent (the
“Agent”), and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

Pursuant to Section 2.8 of the Credit Agreement, the Borrowers hereby request a Conversion of a borrowing of Loans of one Type into Loans
of another Type under the Credit Agreement, and in that connection sets forth below the information relating to such Conversion as required by such Section of the Credit Agreement: 

 

	 	1.	The proposed date of such Conversion is ______________, 201__. 

  

	 	2.	The Loans to be Converted pursuant hereto are currently: 

  

	 	[Check one box only]	 ̈ Base Rate Loans 

	 	    	 ̈ LIBOR Loans 

  

	 	3.	The aggregate principal amount of Loans subject to the requested Conversion is $_____________________ and was originally borrowed by the Borrowers on ____________, 201__. 

 

	 	4.	The portion of such principal amount subject to such Conversion is $___________________. 

  

	 	5.	The amount of such Loans to be so Converted is to be converted into Loans of the following Type: 

  
 D-1 

	 	    	[Check one box only] 

  

	 	    	ž Base Rate Loans 

	 	    	ž LIBOR Loans, each with an initial Interest Period for a duration of: 

  

	 	    	[Check one box only]  ̈ 1 month 

                          
                                         
      ̈ 2 months 

                          
                                         
      ̈ 3 months 

                          
                                         
      ̈ 6 months 
 The Borrowers hereby certify to the Agent and the
Lenders that as of the date hereof and as of the date of the requested Conversion and after giving effect thereto, (a) no Default or Event of Default exists or will exist (provided the certification under this clause (a) shall not be made
in connection with the Conversion of a Loan into a Base Rate Loan), and (b) the representations and warranties made or deemed made by the Borrowers in the Loan Documents to which any of them is a party are and shall be true and correct in all
material respects, except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such representations and warranties shall have been true and correct in all material respects on and as of
such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 
 If notice of the requested
Conversion was given previously by telephone, this notice is to be considered the written confirmation of such telephone notice required by Section 2.8. of the Credit Agreement. 

IN WITNESS WHEREOF, the undersigned has duly executed and delivered this Notice of Conversion as of the date first written above. 

 

					
	EPR PROPERTIES, as Borrower Representative on its own behalf and on behalf of the other Borrowers
			
	By:		 		 
			Name:		 
			Title:		 

  
 D-2 

 EXHIBIT E-1 

FORM OF REVOLVING CREDIT NOTE 
  

	 $______________________ 
	__________________, 201__ 

 FOR VALUE RECEIVED, each of the undersigned, EPR PROPERTIES and the other Subsidiary
Borrowers that are signatories hereto (each, a “Borrower” and, collectively, the “Borrowers”, hereby jointly and severally promises to pay to the order of ____________________ (the “Lender”), in care of KEYBANK NATIONAL
ASSOCIATION, as Agent (the “Agent”) at KEYBANK NATIONAL ASSOCIATION, 225 Franklin Street, 18th Floor, Boston, Massachusetts 02110, or at such other address as may be specified
in writing by the Agent to the Borrowers, the principal sum of ________________ AND ____/100 DOLLARS ($____________) (or such lesser amount as shall equal the aggregate unpaid principal amount of Loans made by the Lender to the Borrowers under the
Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.

 The date and amount of each Loan made by the Lender to the Borrowers, and each payment made on account of the principal thereof, shall be
recorded by the Lender on its books, provided that the failure of the Lender to make any such recordation shall not affect the obligations of the Borrowers to make a payment when due of any amount owing under the Credit Agreement or hereunder. 

This Note is one of the Notes referred to in the Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrowers, the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), the Agent, and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of
Loans upon the terms and conditions specified therein. 
 Except as permitted by Section 12.5(d) of the Credit Agreement, this Note may
not be assigned by the Lender to any Person. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 The Borrowers hereby waive presentment for payment,
demand, notice of demand, notice of non-payment, protest, notice of protest and all other similar notices. 

  
 E-1 – Page 1 

 Time is of the essence for this Note. 

THE OBLIGATIONS OF THE BORROWERS UNDER THIS NOTE SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH BORROWER CONFIRMS THAT IT IS LIABLE FOR THE
FULL AMOUNT OF THE OBLIGATIONS OF EACH OF THE OTHER BORROWERS HEREUNDER. 

  
 D-2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under seal as of the
date first written above. 
  

			
	EPR PROPERTIES
		
	By:		 
			 Mark A. Peterson,
 Senior Vice
President

  

			
	 30 WEST PERSHING, LLC
 EPT DOWNREIT
II, INC.
 EPT HUNTSVILLE, INC.
 MEGAPLEX FOUR, INC.

WESTCOL CENTER, LLC
 EPT MELBOURNE, INC.

EDUCATION CAPITAL SOLUTIONS, LLC
 EPR HIALEAH, INC.

EPT 909, INC.
 EPT KALAMAZOO, INC.

EPT MAD RIVER, INC.
 EPT MOUNT SNOW, INC.

EPT NINETEEN, INC.
 EPT SKI PROPERTIES, INC.

EPT WATERPARKS, INC.
 MEGAPLEX NINE, INC.

ECS DOUGLAS I, LLC
 EPT DALLAS, LLC

EPT FONTANA, LLC
 EPT TWIN FALLS, LLC

FLIK, INC.
 EPT GULF POINTE, INC.

EPT MESQUITE, INC.
 EPT SOUTH BARRINGTON, INC.

EPT OAKVIEW, INC.
 ECE I, LLC

EPT CHARLOTTE, LLC EPT PENSACOLA, INC.
 ECE II, LLC

		
	By:		 
			Mark A. Peterson, Vice President

  
 D-3 

 
					
	CANTERA 30 THEATRE, L.P.
		
	By:	 	Cantera 30, Inc., its general partner
		 		 	
			
		 	By:	 	 
		 		 	Mark A. Peterson, Vice President

  

					
	TAMPA VETERANS 24, L.P.
		
	By:	 	Tampa Veterans 24, Inc., its general partner
		 		 	
			
		 	By:	 	 
		 		 	Mark A. Peterson, Vice President

  

					
	NEW ROC ASSOCIATES, L.P.
		
	By:	 	EPT New Roc GP, Inc., its general partner
		 		 	
			
		 	By:	 	 
		 		 	Mark A. Peterson, Vice President

  

					
	EPR NORTH US LP
		
	By:	 	EPR North US GP, its general partner
		 		 	
			
		 	By:	 	 
		 		 	Gregory K. Silvers, Trustee

  

					
	BURBANK VILLAGE, L.P.
		
	By:	 	Burbank Village, Inc., its general partner
		 		 	
			
		 	By:	 	 
		 		 	Mark A. Peterson, Vice President

  
 D-4 

 EXHIBIT E-2 

FORM OF TERM LOAN NOTE 
  

	 $______________________ 
	_____________________, 2015 

 FOR VALUE RECEIVED, each of the undersigned, EPR PROPERTIES and the other Subsidiary
Borrowers that are signatories hereto (each, a “Borrower” and, collectively, the “Borrowers”, hereby jointly and severally promises to pay to the order of ____________________ (the “Lender”), in care of KEYBANK
NATIONAL ASSOCIATION, as Agent (the “Agent”) at KEYBANK NATIONAL ASSOCIATION, 225 Franklin Street, 18th Floor, Boston, Massachusetts 02110, or at such other address as may be specified
in writing by the Agent to the Borrowers, the principal sum of ________________ AND ____/100 DOLLARS ($____________) (or such lesser amount as shall equal the aggregate unpaid principal amount of Loans made by the Lender to the Borrowers under the
Credit Agreement (as herein defined)), on the dates and in the principal amounts provided in the Credit Agreement, and to pay interest on the unpaid principal amount owing hereunder, at the rates and on the dates provided in the Credit Agreement.

 The date and amount of each Loan made by the Lender to the Borrowers, and each payment made on account of the principal thereof, shall be
recorded by the Lender on its books, provided that the failure of the Lender to make any such recordation shall not affect the obligations of the Borrowers to make a payment when due of any amount owing under the Credit Agreement or hereunder. 

This Note is one of the Notes referred to in the Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among the Borrowers, the financial institutions party thereto and their assignees under Section 12.5 thereof (the
“Lenders”), the Agent, and the other parties thereto. Capitalized terms used herein, and not otherwise defined herein, have their respective meanings given them in the Credit Agreement. 

The Credit Agreement provides for the acceleration of the maturity of this Note upon the occurrence of certain events and for prepayments of
Loans upon the terms and conditions specified therein. 
 Except as permitted by Section 12.5(d) of the Credit Agreement, this Note may
not be assigned by the Lender to any Person. 
 THIS NOTE SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 

  

E-2 – Page 1 

 The Borrowers hereby waive presentment for payment, demand, notice of demand, notice of
non-payment, protest, notice of protest and all other similar notices. 
 Time is of the essence for this Note. 

THE OBLIGATIONS OF THE BORROWERS UNDER THIS NOTE SHALL BE JOINT AND SEVERAL, AND ACCORDINGLY, EACH BORROWER CONFIRMS THAT IT IS LIABLE FOR THE
FULL AMOUNT OF THE OBLIGATIONS OF EACH OF THE OTHER BORROWERS HEREUNDER. 

  

E-2 – Page 2 

 IN WITNESS WHEREOF, the undersigned has executed and delivered this Note under seal as of the
date first written above. 
  

			
	EPR PROPERTIES
		
	By:		 
			 Mark A. Peterson,
 Senior Vice
President

	
	 30 WEST PERSHING, LLC
 EPT DOWNREIT
II, INC.
 EPT HUNTSVILLE, INC.
 MEGAPLEX FOUR, INC.

WESTCOL CENTER, LLC
 EPT MELBOURNE, INC.

EDUCATION CAPITAL SOLUTIONS, LLC
 EPR HIALEAH, INC.

EPT 909, INC.
 EPT KALAMAZOO, INC.

EPT MAD RIVER, INC.
 EPT MOUNT SNOW, INC.

EPT NINETEEN, INC.
 EPT SKI PROPERTIES, INC.

EPT WATERPARKS, INC.
 MEGAPLEX NINE, INC.

ECS DOUGLAS I, LLC
 EPT DALLAS, LLC

EPT FONTANA, LLC
 EPT TWIN FALLS, LLC

FLIK, INC.
 EPT GULF POINTE, INC.

EPT MESQUITE, INC.
 EPT SOUTH BARRINGTON, INC.

EPT OAKVIEW, INC.
 ECE I, LLC

EPT CHARLOTTE, LLC EPT PENSACOLA, INC.
 ECE II, LLC

		
	By:		 
			Mark A. Peterson, Vice President

 
					
	CANTERA 30 THEATRE, L.P.
		
	By:		Cantera 30, Inc., its general partner
			
			By:		 
					Mark A. Peterson, Vice President

  

					
	TAMPA VETERANS 24, L.P.
		
	By:		Tampa Veterans 24, Inc., its general partner
			
			By:		 
					Mark A. Peterson, Vice President

  

					
	NEW ROC ASSOCIATES, L.P.
		
	By:		EPT New Roc GP, Inc., its general partner
			
			By:		 
					Mark A. Peterson, Vice President

  

					
	EPR NORTH US LP
		
	By:		EPR North US GP, its general partner
			
			By:		 
					Gregory K. Silvers, Trustee

  

					
	BURBANK VILLAGE, L.P.
		
	By:		Burbank Village, Inc., its general partner
			
			By:		 
					Mark A. Peterson, Vice President

 EXHIBIT F 

FORM OF COMPLIANCE CERTIFICATE 

_______________, 201_ 
 KEYBANK NATIONAL
ASSOCIATION, as Agent 
 225 Franklin Street, 18th Floor 

Boston, Massachusetts 02110 
 Attention: Jeffry M. Morrison 

Each of the Lenders Party to the Credit 

    Agreement referred to below 
 Ladies and
Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR PROPERTIES and the Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial
institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as Agent (the “Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise
defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 8.1(c) of the Credit
Agreement, the undersigned hereby certifies to the Agent and the Lenders as follows: 
 (1) The undersigned is the _____________________ of
EPR. 
 (2) The undersigned has examined the books and records of EPR and has conducted such other examinations and investigations as are
reasonably necessary to provide this Compliance Certificate. 
 (3) To the best of the undersigned’s knowledge, information and
belief after due inquiry, no Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrowers with
respect to such event, condition or failure]. 
 (4) The representations and warranties made or deemed made by the Borrowers in
the Loan Documents to which any is a party, are true and correct in all material respects on and as of the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 

  
 F-1 

 (5) Attached hereto as Schedule 1 are reasonably detailed calculations establishing whether
or not EPR and its Subsidiaries were in compliance with the covenants contained in Sections 9.1 of the Credit Agreement. 
 IN WITNESS
WHEREOF, the undersigned has executed this certificate as of the date first above written. 
  

					
	EPR PROPERTIES, as Borrower Representative on its own behalf and on behalf of the other Borrowers
			
	By:	 	 	 	 
			
		 	Name:	 	 
		 	Title:	 	 

  
  
  

 

  
 F-2 

 Schedule 1 

[Calculations to be attached] 

  
 F-3 

 EXHIBIT G 

FORM OF AVAILABILITY CERTIFICATE 

_______________, 201_ 
 KEYBANK NATIONAL
ASSOCIATION, as Agent 
 225 Franklin Street, 18th Floor 

Boston, Massachusetts 02110 
 Attention: Jeffry M. Morrison 

Each of the Lenders Party to the Credit 

    Agreement referred to below 
 Ladies and
Gentlemen: 
 Reference is made to that certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR PROPERTIES and the Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial
institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), KEYBANK NATIONAL ASSOCIATION, as Agent (the “Agent”) and the other parties thereto. Capitalized terms used herein, and not otherwise
defined herein, have their respective meanings given them in the Credit Agreement. 
 Pursuant to Section 8.1(c) of the Credit
Agreement, the undersigned hereby certifies to the Agent and the Lenders as follows: 
 (1) The undersigned is the _____________________ of
EPR. 
 (2) The undersigned has examined the books and records of EPR and has conducted such other examinations and investigations as are
reasonably necessary to provide this Availability Certificate. 
 (3) To the best of the undersigned’s knowledge, information
and belief after due inquiry, no Default or Event of Default exists [if such is not the case, specify such Default or Event of Default and its nature, when it occurred and whether it is continuing and the steps being taken by the Borrowers with
respect to such event, condition or failure]. 
 (4) The representations and warranties made or deemed made by the Borrowers in
the Loan Documents to which any is a party, are true and correct in all material respects on and as of the date hereof except to the extent that such representations and warranties expressly relate solely to an earlier date (in which case such
representations and warranties shall have been true and correct in all material respects on and as of such earlier date) and except for changes in factual circumstances not prohibited under the Loan Documents. 

  
 G-1 

 (5) Attached hereto as Schedule 1 are reasonably detailed calculations establishing the
current Availability under the Credit Agreement. 
 IN WITNESS WHEREOF, the undersigned has executed this certificate as of the date first
above written. 
  

					
	EPR PROPERTIES, as Borrower Representative on its own behalf and on behalf of the other Borrowers
			
	By:	 	 	 	 
			
		 	Name:	 	 
		 	Title:	 	 

  
 G-2 

 Schedule 1 

[Calculations to be Attached] 

  
 G-3 

 EXHIBIT H 

FORM OF 
 FORM OF JOINDER
AGREEMENT 
 THIS JOINDER AGREEMENT dated as of ____________, 201___, executed and delivered by ______________________, a _____________ (the
“New Borrower”), in favor of (a) KEYBANK NATIONAL ASSOCIATION, in its capacity as Agent (the “Agent”) for the Lenders under that certain Amended, Restated and Consolidated Credit Agreement dated as of April 24, 2015 (as
amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among EPR PROPERTIES and the Subsidiary Borrowers referred to therein (collectively, the “Borrowers”), the financial
institutions party thereto and their assignees under Section 12.5 thereof (the “Lenders”), the Agent, and the other parties thereto, and (b) the Lenders. 

WHEREAS, pursuant to the Credit Agreement, the Agent and the Lenders have agreed to make available to the Borrowers certain financial
accommodations on the terms and conditions set forth in the Credit Agreement; 
 WHEREAS, the Borrowers and the New Borrower, though
separate legal entities, have a commonality of interests in their respective financing needs and have determined it to be in their mutual best interests to obtain financing from the Agent and the Lenders through their collective efforts; 

WHEREAS, the New Borrower acknowledges that it will receive direct and indirect benefits from the Agent and the Lenders making such financial
accommodations available to the Borrowers under the Credit Agreement and, accordingly, the New Borrower is willing to join in and guarantee the Borrowers’ obligations to the Agent and the Lenders on the terms and conditions contained herein;
and 
 WHEREAS, the New Borrower’s execution and delivery of this Agreement is a condition to the Agent and the Lenders continuing to
make such financial accommodations to the Borrowers. 
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by the New Borrower, the New Borrower agrees as follows: 
 Section 1. Accession to Loan
Documents. The New Borrower hereby agrees that it is a “Subsidiary Borrower” under each Note and the Credit Agreement and assumes all obligations of a “Subsidiary Borrower” thereunder and agrees to be bound thereby, all as if
the New Borrower had been an original signatory to each Note and the Credit Agreement. Without limiting the generality of the foregoing, the New Borrower hereby: 

(a) irrevocably and unconditionally guarantees the due and punctual payment and performance when due, whether at stated maturity, by
acceleration or otherwise, of all Obligations (as defined in the Credit Agreement); 

  
 H-1 

 (b) makes to the Agent and the Lenders as of the date hereof each of the representations and
warranties contained in the Credit Agreement made by the Borrowers and agrees to be bound by each of the covenants of the Borrowers contained in the Credit Agreement; and 

(c) consents and agrees to each provision set forth in each Note and the Credit Agreement. 

SECTION 2. GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE
STATE OF NEW YORK APPLICABLE TO CONTRACTS EXECUTED, AND TO BE FULLY PERFORMED, IN SUCH STATE. 
 Section 3. Definitions.
Capitalized terms used herein and not otherwise defined herein shall have their respective defined meanings given them in the Credit Agreement. 

[Signatures on Next Page] 

  
 H-2 

 IN WITNESS WHEREOF, the New Borrower has caused this Joinder Agreement to be duly executed and
delivered under seal by its duly authorized officers as of the date first written above. 
  

					
	[NEW BORROWER]
			
	By:	 	 	 	 
			
		 	Name:	 	 
		 	Title:	 	 

  

					
	Address for Notices:
			
	c/o	 	 	 	 
	 	 	 	 	 
	 	 	 	 	 

 
					
	Attention:	 	 	 	 
	Telephone:	 	 	 	 
	Telecopy:	 	 	 	 

  

					
	 Accepted:
  

KEYBANK NATIONAL
     ASSOCIATION, as
Agent

			
	By:	 	 	 	 
		 	Name:	 	 
		 	Title:	 	 

  
 H-3 

 SCHEDULE 1.1(A) 

INITIAL SUBSIDIARY BORROWERS 
  

					
	 	  	 Entity:
	  	 Jurisdiction of Organization:

	 1.
	  	30 West Pershing, LLC	  	MO
	 2.
	  	EPT DownREIT II, Inc.	  	MO
	 3.
	  	EPT Huntsville, Inc.	  	DE
	 4.
	  	Megaplex Four, Inc.	  	MO
	 5.
	  	Westcol Center, LLC	  	DE
	 6.
	  	EPT Melbourne, Inc.	  	MO
	 7.
	  	Education Capital Solutions, LLC	  	DE
	 8.
	  	EPR Hialeah, Inc.	  	MO
	 9.
	  	EPT 909, Inc.	  	DE
	 10.
	  	EPT Kalamazoo, Inc.	  	MO
	 11.
	  	EPT Mad River, Inc.	  	MO
	 12.
	  	EPT Mount Snow, Inc.	  	DE
	 13.
	  	EPT Nineteen, Inc.	  	DE
	 14.
	  	EPT Ski Properties, Inc.	  	DE
	 15.
	  	EPT Waterparks, Inc.	  	DE
	 16.
	  	Megaplex Nine, Inc.	  	MO
	 17.
	  	ECS Douglas I, LLC	  	DE
	 18.
	  	EPT Dallas, LLC	  	DE
	 19.
	  	EPT Fontana, LLC	  	DE
	 20.
	  	EPT Twin Falls, LLC	  	DE
	 21.
	  	Flik, Inc.	  	DE
	 22.
	  	EPT Mesquite, Inc.	  	DE
	 23.
	  	EPT South Barrington, Inc.	  	DE
	 24.
	  	EPT Gulf Pointe, Inc.	  	DE
	 25.
	  	EPT Oakview, Inc.	  	DE
	 26.
	  	ECE I, LLC	  	DE
	 27.
	  	EPT Charlotte, LLC	  	DE
	 28.
	  	EPT Pensacola, Inc.	  	MO
	 29.
	  	Cantera 30 Theatre, L.P.	  	DE
	 30.
	  	Tampa Veterans 24, L.P.	  	DE
	 31.
	  	New Roc Associates, L.P.	  	NY
	 32.
	  	ECE II, LLC	  	DE
	 33.
	  	EPR North US LP	  	DE
	 34.
	  	Burbank Village, L.P.	  	DE

  
 Schedule 1.1(A) 

 SCHEDULE 1.1(B) 

INITIAL ELIGIBLE REAL ESTATE 
  

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

	 30 West Pershing, LLC
	  		  	
		  	Alamo Draft House	  	Lakeline, TX
		  	Carmike Theater Champaign	  	Champaign, IL
		  	Carmike Theater Opelika	  	Opelika, AL
		  	Frank Theater Ranson	  	Ranson, WV
		  	Frank Theater Southern Pines	  	Southern Pines, NC
		  	John Hancock Observatory	  	Chicago, IL
		  	Latitudes 30	  	Jacksonville, FL
		  	Latitudes 39	  	Indianapolis, IN
		  	Look Theater Prestonwood	  	Dallas, TX
		  	Pinstripes Bowling & Bocce	  	Oakbrook, IL
		  	Regal Christiana	  	Christiana, DE
		  	Regal VA Gateway	  	Gainesville, VA
		  	Regal Winrock	  	Albuquerque, NM
		  	Top Golf Allen	  	Allen, TX
		  	Top Golf Alpharetta	  	Alpharetta, GA
		  	Top Golf Austin	  	Austin, TX
		  	Top Golf Colony	  	Colony, TX
		  	Top Golf Dallas	  	Dallas, TX
		  	Top Golf Gilbert	  	Gilbert, AZ
		  	Top Golf Houston	  	Houston, TX
		  	Top Golf Scottsdale	  	Scottsdale, AZ
		  	Top Golf Spring	  	Spring, TX
		  	Top Golf Tampa	  	Tampa, FL
		  	Cinemagic Hooksett IMAX 15	  	Hooksett, NH
		  	Cinemagic Saco IMAX 13	  	Saco, ME
		  	Cinemagic Westbrook 16	  	Westbrook, ME
		  	Columbia Mall 14	  	Columbia, MD
		  	Glendora 12	  	Glendora, CA
		  	Greensboro Grand 18	  	Greensboro, NC
		  	Harbour View Grand 16	  	Suffolk, VA
		  	Kalispell 14	  	Kalispell, MT
		  	Panama City Beach Grand 16	  	Panama City, FL
		  	Grand Prairie 18	  	Peoria, IL
		  	Pinstripes Bowling & Bocce	  	Northbrook, IL
		  	Star Southfield Center	  	Southfield, MI

  
 Schedule 1.1(B) - 1 

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

		  	White Oak 14	  	Garner, NC
		  	Winston Salem Grand 18	  	Winston-Salem, NC
		  	Top Golf San Antonio	  	San Antonio, TX
		  	Strawbridge-Virginia Beach	  	Virginia Beach, VA
		  	Carmike Yulee	  	Yulee, FL
		  	MJR Sterling Heights	  	Sterling Heights, MI
	 Burbank Village, L.P.
	  		  	
		  	Burbank Village	  	Burbank, CA
	 Cantera 30 Theatre, L.P.
	  		  	
		  	Cantera Stadium 17	  	Warrenville, IL
	 ECE I, LLC
	  		  	
		  	CLA-Coppell, TX	  	Coppell, TX
		  	CLA-Durango Drive	  	Las Vegas, NV
		  	CLA-Goodyear, AZ	  	Goodyear, AZ
		  	CLA-Lake Pleasant	  	Lake Pleasant, AZ
		  	CLA-Oklahoma	  	Oklahoma City, OK
		  	CLA-Crismon	  	Mesa, AZ
	 ECE II, LLC
	  		  	
		  	Gardner School	  	Lincoln Park, IL
	 ECS Douglas I, LLC
	  		  	
		  	Ben Franklin Academy	  	Littleton, CO
	 Education Capital Solutions, LLC
	  		  	
		  	100 Academy of Excellence	  	Las Vegas, NV
		  	Academy of Columbus	  	Columbus, OH
		  	Academy of Environmental Science & Math	  	St. Louis, MO
		  	Bella Mente Academy	  	Vista, CA
		  	BeLoved Academy	  	Jersey City, NJ
		  	BFCS-Crismon Campus	  	Queen Creek, AZ
		  	BFCS-Gilbert Campus	  	Gilbert, AZ
		  	BFCS-Power Campus	  	Queen Creek, AZ
		  	BFCS-Queen Creek HS/MS	  	Queen Creek, AZ
		  	Bradley Academy of Excellence	  	Goodyear, AZ
		  	Camden Community Charter School	  	Camden, NJ
		  	Champion School	  	Phoenix, AZ
		  	Chester Community Charter School	  	Upland, PA
		  	Columbia Leadership	  	Columbia, SC
		  	Desert West	  	Phoenix, AZ
		  	East Mesa	  	Mesa, AZ
		  	Frick Park	  	Pittsburgh, PA
		  	Global Village Academy	  	Colorado Springs, CO

  
 Schedule 1.1(B) - 2

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

		  	Groveport Community School	  	Groveport, OH
		  	Groveport Prep	  	Groveport, OH
		  	Harvard Avenue CS	  	Cleveland, OH
		  	Hope Community	  	Washington, DC
		  	ILSA-E	  	Indianapolis, IN
		  	ILSA-W	  	Indianapolis, IN
		  	Imagine Academy at Sullivant	  	Columbus, OH
		  	Imagine Klepinger Community School	  	Dayton, OH
		  	Imagine Madison Avenue	  	Toledo, OH
		  	International Academy of Mableton	  	Mableton, GA
		  	Learning Foundation Academy	  	Gilbert, AZ
		  	Loveland Classical School	  	Loveland, CO
		  	Lowcountry Leadership Academy	  	Hollywood, SC
		  	Marietta Charter School	  	Marietta, GA
		  	MASTer Academy	  	Ft. Wayne, IN
		  	McKinley Academy	  	Chicago, IL
		  	North East Carolina Prep	  	Tarboro, NC
		  	Odyssey Buckeye	  	Buckeye, AZ
		  	Pacific Heritage Academy	  	Salt Lake City, UT
		  	Prospect Ridge Academy	  	Broomfield, CO
		  	Queen Creek	  	Queen Creek, AZ
		  	Romig Road Community School	  	Akron, OH
		  	Rosefield	  	Surprise, AZ
		  	Skyline Chandler	  	Chandler, AZ
		  	Skyline Phoenix	  	Phoenix, AZ
		  	The American Leadership Academy	  	Gilbert, AZ
		  	UME School	  	Dallas, TX
		  	Valley Arts Academy	  	Hurricane, UT
		  	Wesley International Academy	  	Atlanta, GA
		  	Harrisburg Pike Community	  	Columbus, OH
		  	Wilson Prep Academy	  	Wilson, NC
		  	North Carolina Leadership Academy	  	Kernersville, NC
		  	Global Village Academy-Fort Collins	  	Fort Collins, CO
		  	iLEAD Charter School	  	Mesa, AZ
		  	John Adams Academy (Lincoln)	  	Chicago, IL
		  	Cambridge Prep (Toltec)	  	Arizona City, AZ
		  	Bradford Prep	  	Charlotte, NC
		  	Minnesota Math & Science Academy	  	St. Paul, MN
		  	Horizon Science Academy South Chicago	  	Chicago, IL

  
 Schedule 1.1(B) - 3

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

		  	Franklin Academy Palm Beach	  	Palm Beach, FL
		  	Impact Charter Elementary	  	Baker, LA
		  	American International School of Utah	  	Salt Lake City, UT
	 EPR Hialeah, Inc.
	  		  	
		  	Hialeah 18	  	Hialeah, FL
	 EPR North US LP
	  		  	
		  	Conroe Grand 14	  	Conroe, TX
	 EPT 909, Inc.
	  		  	
		  	Hollywood USA	  	Pasadena, TX
		  	Movies 10	  	Mishawaka, IN
		  	Movies 10	  	Plano, TX
		  	Movies 14	  	McKinney, TX
		  	Movies 14	  	Redding, CA
		  	Movies 17	  	Grand Prairie, TX
		  	Tinseltown USA	  	Beaumont, TX
		  	Tinseltown USA	  	Colorado Springs, CO
		  	Tinseltown USA	  	El Paso, TX
		  	Tinseltown USA	  	Houston, TX
		  	Tinseltown USA	  	Pflugerville, TX
		  	Tinseltown USA	  	Pueblo, CO
	 EPT Charlotte, LLC
	  		  	
		  	North Carolina Music Factory	  	Charlotte, NC
	 EPT Dallas, LLC
	  		  	
		  	Grand 24	  	Dallas, TX
	 EPT DownREIT II, Inc.
	  		  	
		  	Houston Studio 30	  	Houston, TX
		  	Huebner Oaks 24	  	San Antonio, TX
		  	Lennox 24	  	Columbus, OH
		  	Mission Valley 20	  	San Diego, CA
		  	Ontario Mills 30	  	Ontario, CA
		  	West Olive 16	  	Creve Coeur, MO
	 EPT Fontana, LLC
	  		  	
		  	Mentorship Academy of Digital Arts	  	Baton Rouge, LA
	 EPT Gulf Pointe, Inc.
	  		  	
		  	Gulf Pointe 30	  	Houston, TX
	 EPT Huntsville, Inc.
	  		  	
		  	Valley Bend 18	  	Huntsville, AL
	 EPT Kalamazoo, Inc.
	  		  	
		  	Alamo Draft House	  	Kalamazoo, MI
	 EPT Mad River, Inc.
	  		  	
		  	Mad River Mountain	  	Zanesville, OH

  
 Schedule 1.1(B) - 4

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

	 EPT Melbourne, Inc.
	  		  	
		  	Avenue 16	  	Melbourne, FL
	 EPT Mesquite, Inc.
	  		  	
		  	Mesquite 30	  	Mesquite, TX
	 EPT Mount Snow, Inc.
	  		  	
		  	Mount Snow (Mortgage)	  	West Dover, VT
		  	Mount Snow II (Mortgage)	  	West Dover, VT
	 EPT Nineteen, Inc.
	  		  	
		  	Ann Arbor	  	Ypsilanti, MI
		  	Buckland Hills	  	Manchester, CT
		  	Centreville 12	  	Centerville, VA
		  	Davenport 18	  	Davenport, IA
		  	Fairfax Corner	  	Fairfax, VA
		  	Flint West 14	  	Flint, MI
		  	Hazlet 12	  	Hazlet, NJ
		  	Huber Heights 16	  	Huber Heights, OH
		  	North Haven 12	  	North Haven, CT
		  	Preston Crossings 16	  	Okolona, KY
		  	Ritz Center 16	  	Voorhees, NJ
		  	Stonybrook 20	  	Louisville, KY
		  	The Greene 14	  	Beaver Creek, OH
		  	West Springfield 15	  	West Springfield, MA
		  	Western Hills 14	  	Cincinnati, OH
	 EPT Oakview, Inc.
	  		  	
		  	Oakview Plaza 24	  	Omaha, NE
	 EPT Pensacola, Inc.
	  		  	
		  	Bayou 15	  	Pensacola, FL
	 EPT Ski Properties, Inc.
	  		  	
		  	Alpine Valley	  	Chesterland, OH
		  	WISP Resort	  	McHenry, MD
		  	Boston Mills/Brandywine (Mortgage)	  	Peninsula, OH
		  	Jack Frost/Big Boulder (Mortgage)	  	Blakeslee, PA
		  	Wintergreen Ski Resort	  	Wintergreen, VA
		  	Camelback Resort	  	Tannersville, PA
	 EPT South Barrington, Inc.
	  		  	
		  	South Barrington	  	Barrington, IL
	 EPT Twin Falls, LLC
	  		  	
		  	Magic Valley Mall Theatre	  	Twin Falls, ID
	 EPT Waterparks, Inc.
	  		  	
		  	Schlitterbahn Vacation Village	  	Kansas City, KS

  
 Schedule 1.1(B) - 5

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

		  	Schlitterbahn Vacation Village	  	New Braunfels, TX
		  	Schlitterbahn Vacation Village	  	South Padre, TX
	 Flik, Inc.
	  		  	
		  	Cherrydale 16	  	Greenville, SC
		  	Clearview	  	Metairie, LA
		  	Crossroads 20	  	Cary, NC
		  	Elmwood	  	Harahan, LA
		  	Forum	  	Sterling Heights, MI
		  	Hammond	  	Hammond, LA
		  	Hoffman	  	Alexandria, VA
		  	Houma	  	Houma, LA
		  	Livonia	  	Livonia, MI
		  	Olathe Studio	  	Olathe, KS
		  	Palm Promenade	  	San Diego, CA
		  	Starlight 20	  	Tampa, FL
		  	Westbank	  	Harvey, LA
		  	Woodridge	  	Woodridge, IL
	 Kanata Entertainment Holdings Inc.**
	  		  	
		  	Kanata Centrum	  	Kanata, Ontario
	 Megaplex Four, Inc.
	  		  	
		  	Cantera Retail	  	Warrensville, IL
		  	Gulf Pointe Retail	  	Houston, TX
		  	Mesquite Retail	  	Dallas, TX
		  	Powder Springs Retail (Ground Lease)	  	Austell, GA
	 Megaplex Nine, Inc.
	  		  	
		  	Hampton Town Center 24	  	Hampton, VA
	 Mississauga Entertainment Holdings Inc.**
	  		  	
		  	Mississauga Centrum	  	Mississauga, Ontario
	 New Roc Associates, L.P.
	  		  	
		  	New Roc Retail	  	New Rochelle, NY
	 Oakville Entertainment Holdings Inc.**
	  		  	
		  	Oakville Centrum	  	Oakville, Ontario
	 Tampa Veterans 24, L.P.
	  		  	
		  	Tampa Veterans 24	  	Tampa, FL
	 Westcol Center, LLC
	  		  	
		  	Westminster Promenade—Retail	  	Westminster, CO

  
 Schedule 1.1(B) - 6

					
	 Subsidiary Borrower*
	  	 Unencumbered Properties
	  	 Location

	 Whitby Entertainment Holdings Inc.**
	  		  	
		  	 Whitby Centrum
	  	Whitby, Ontario

  

	*	or Eligible Canadian Subsidiary 

	**	nominee for EPR North Trust 

  
 Schedule 1.1(B) - 7

 SCHEDULE 2 

ELIGIBLE REAL ESTATE QUALIFICATION DOCUMENTS 

Such agreements, documents, certificates, reports or assurances as the Agent may reasonably require, including, without limitation the following: 

 

	1.	Lease Summaries. Detailed Lease Summaries of all Leases relating to such Real Estate, in form and substance reasonably satisfactory to the Agent. 

 

	2.	Rent Roll. Current Rent Roll for such Real Estate certified by the Borrowers as accurate and complete as of a recent date, in form and substance reasonably satisfactory to the Agent, including without limitation,
Tenant identification, term of lease, current rent, square footage, etc. 

  

	3.	Certificate Regarding Condition. A certification from the chief executive or chief financial officer of EPR or its Vice President – Finance that such Real Estate complies with the terms of Section 7.18.

  

	4.	Budget. An operating and capital expenditure budget for such Real Estate in form and substance reasonably satisfactory to the Agent. The capital expenditure budget for the Real Estate must show adequate reserves
or cash flow to cover capital expenditure needs of the Real Estate. 

  

	5.	Operating Statements. Operating statements for such Real Estate in the form of such statements delivered to the Lenders under Section 8.1(c) covering each of the four fiscal quarters ending immediately prior
to the addition of such Real Estate to the Unencumbered Property, to the extent available. Such operating statements shall be subject to the approval of the Agent. 

 

	6.	EPR Senior Property Loan Summaries. Detailed summaries of all EPR Senior Property Loans and related EPR Senior First Mortgages, in form and substance reasonably satisfactory to the Agent. 

  
 Schedule 2 

 SCHEDULE 6.1(b) 

OWNERSHIP STRUCTURE 
 EPR AND ITS CONSOLIDATED
SUBSIDIARIES 
 AND UNCONSOLIDATED AFFILIATES1 

 

			
	 Entity
	  	 Jurisdiction of Organization

	 EPR Properties
	  	MD
	 3 Theatres, Inc.
	  	MO
	 30 West Pershing, LLC
	  	MO
	 655554 NB Inc.
	  	New Brunswick, Canada
	 Adelaar Developer, LLC
	  	DE
	 Atlantic - EPR I2
	  	DE
	 Atlantic - EPR II2
	  	DE
	 Burbank Village, Inc.
	  	DE
	 Burbank Village, L.P.
	  	DE
	 Cantera 30, Inc.
	  	DE
	 Cantera 30 Theatre, L.P.3
	  	DE
	 CCC VinREIT, LLC4
	  	DE
	 Cinescape Equity, LLC
	  	DE
	 Cinescape Mezz, LLC
	  	DE
	 Cinescape Property, LLC
	  	DE
	 ECE I, LLC
	  	DE
	 ECE II, 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 Financial Services, LLC
	  	DE
	 EPR Gaming Properties, LLC
	  	DE
	 EPR Hialeah, Inc.
	  	MO
	 EPR Metropolis Trust
	  	DE

  
  

	1 	All entities are wholly owned, directly or indirectly, by EPR except as otherwise noted below. EPR itself is publicly traded. 

	2 	EPT DownREIT, Inc. owns all general partner interests. EPR Properties owns all limited partnership interests. 

	3 	Cantera 30, Inc. owns all general partner interests. Atlantic – EPR I owns all limited partnership interests. 

	4 	100% interest owned by VinREIT, LLC 

  
 Schedule 6.1(b) - 1

			
	 EPR Netherlands Coöperatief U.A.
		Netherlands
	 EPR Netherlands Holdings I, LLC
		DE
	 EPR Netherlands Holdings II, LLC
		DE
	 EPR North Finance Trust
		Ontario, Canada
	 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 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 Crotched Mountain, Inc.
		MO
	 EPT Dallas, LLC
		DE
	 EPT Davie, Inc.
		DE
	 EPT Deer Valley, Inc.
		DE
	 EPT DownREIT, Inc.
		MO
	 EPT DownREIT II, 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

  
 Schedule 6.1(b) - 2

			
	 EPT Indianapolis, Inc.
		DE
	 EPT Kalamazoo, Inc.
		MO
	 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
	 HGP VinREIT, LLC5
		DE
	 International Hotel Ventures, Inc.
		DE
	 Kanata Entertainment Holdings, Inc.
		New Brunswick, Canada
	 LCPV VinREIT, LLC5
		DE
	 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

  
 Schedule 6.1(b) - 3

			
	 Rittenhouse Holding, LLC5
		DE
	 Suffolk Retail, LLC
		DE
	 Sunny VinREIT, LLC5
		DE
	 Tampa Veterans 24, Inc.
		DE
	 Tampa Veterans 24, L.P.6
		DE
	 Theatre Sub, Inc.
		MO

  
  

	5 	50% owned by Highmark School Development, LLC 

	6 	Tampa Veterans 24, Inc. owns all general partnership interests. Atlantic—EPR II owns all limited partnership interests. 

  
 Schedule 6.1(b) - 4

			
	 VinREIT, LLC7
		DE
	 WestCol Center, LLC
		DE
	 WestCol Corp.
		DE
	 WestCol Holdings, LLC
		DE
	 WestCol Theatre, LLC
		DE
	 Westminster Promenade Owner’s Association, LLC
		CO
	 Whitby Entertainment Holdings, Inc.
		New Brunswick, Canada
	 YongeDundas Signage Trust
		DE

  
  

	7 	4% owned by Global Wine Partners (U.S.) LLC. 

  
 Schedule 6.1(b) - 5

 SCHEDULE 6.1(f) 

TITLE TO PROPERTIES; LIENS 
  

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

  

	2.	The property described in the attached spreadsheet. 

  
 Schedule 6.1(f) 

 SCHEDULE 6.1(f) 

 

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 30 West Pershing, LLC
	  	Alamo Draft House	  	Lakeline, TX	  	Alamo Draft House	  	No
	 30 West Pershing, LLC
	  	Carmike Theater Champaign	  	Champaign, IL	  	Carmike	  	No
	 30 West Pershing, LLC
	  	Carmike Theater Opelika	  	Opelika	  	Carmike	  	No
	 30 West Pershing, LLC
	  	Columbia Mall 14	  	Columbia, MD	  	AMC	  	No
	 30 West Pershing, LLC
	  	Frank Theater Ranson	  	Ranson, WV	  	Frank Theaters LLC	  	No
	 30 West Pershing, LLC
	  	Frank Theater Southern Pines	  	Southern Pines, NC	  	Frank Theaters LLC	  	No
	 30 West Pershing, LLC
	  	Glendora 12	  	Glendora, CA	  	AMC	  	No
	 30 West Pershing, LLC
	  	Grand Prairie 18	  	Peoria, IL	  	Cinemark	  	No
	 30 West Pershing, LLC
	  	Greensboro Grand 18	  	Greensboro, NC	  	Southern	  	No
	 30 West Pershing, LLC
	  	Harbour View Market Place	  	Suffolk, VA	  	Regal & Other Retail	  	No
	 30 West Pershing, LLC
	  	Cinemagic Hooksett IMAX 15	  	Hooksett, NH	  	Cinemagic	  	No
	 30 West Pershing, LLC
	  	John Hancock Observatory	  	Chicago, IL	  	Montparnasse	  	No
	 30 West Pershing, LLC
	  	Kalispell 14	  	Kalispell, MT	  	Cinemark	  	No
	 30 West Pershing, LLC
	  	Latitudes 30	  	Jacksonville, FL	  	Latitude USA	  	No
	 30 West Pershing, LLC
	  	Latitudes 39	  	Indianapolis, IN	  	Latitude USA	  	No
	 30 West Pershing, LLC
	  	Look Theater Prestonwood	  	Dallas, TX	  	Look Cinemas	  	No
	 30 West Pershing, LLC
	  	Panama City Beach Grand 16	  	Panama City, FL	  	Southern	  	No
	 30 West Pershing, LLC
	  	Pinstripes Bowling & Bocce	  	Northbrook, IL	  	Pinstripes	  	No

  
 Schedule 6.1(f) - 2

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 30 West Pershing, LLC
	  	Pinstripes Bowling & Bocce	  	Oakbrook, IL	  	Pinstripes	  	No
	 30 West Pershing, LLC
	  	Regal Christiana	  	Christiana, DE	  	Regal	  	No
	 30 West Pershing, LLC
	  	Regal VA Gateway	  	Gainesville, VA	  	Regal	  	No
	 30 West Pershing, LLC
	  	Regal Winrock	  	Albuquerque, NM	  	Regal	  	No
	 30 West Pershing, LLC
	  	Cinemagic Saco IMAX 13	  	Saco, ME	  	Cinemagic	  	No
	 30 West Pershing, LLC
	  	Star Southfield Center	  	Southfield, MI	  	AMC & Other Retail	  	No
	 30 West Pershing, LLC
	  	Top Golf Allen	  	Allen, TX	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Alpharetta	  	Alpharetta, GA	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Austin	  	Austin, TX	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Colony	  	Colony, TX	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Dallas	  	Dallas, TX	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Gilbert	  	Gilbert, AZ	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Houston	  	Houston, TX	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Scottsdale	  	Scottsdale, AZ	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Spring	  	Spring, TX	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Top Golf Tampa	  	Tampa, FL	  	Top Golf	  	No
	 30 West Pershing, LLC
	  	Cinemagic Westbrook 16	  	Westbrook, ME	  	Cinemagic	  	No
	 30 West Pershing, LLC
	  	White Oak 14	  	Garner, NC	  	Regal	  	No
	 30 West Pershing, LLC
	  	Winston Salem Grand 18	  	Winston-Salem, NC	  	Southern	  	No
	 30 West Pershing, LLC
	  	Top Golf San Antonio	  	San Antonio, TX	  	Misc	  	No
	 30 West Pershing, LLC
	  	Strawbridge - Virginia Beach	  	Virginia Beach, VA	  	Regal	  	No

  
 Schedule 6.1(f) - 3

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 30 West Pershing, LLC
	  	Carmike Yulee	  	Yulee, FL	  	Carmike	  	No
	 30 West Pershing, LLC
	  	MJR Sterling Heights	  	Sterling Heights, MI	  	MJR Theatres	  	No
	 Burbank Village, L.P.
	  	Burbank Village	  	Burbank, CA	  	AMC & Other Retail	  	No
	 Cantera 30 Theatre, L.P.
	  	Cantera Stadium 17	  	Warrenville, IL	  	Regal	  	No
	 ECE I, LLC
	  	CLA-Coppell, TX	  	Coppell, TX	  	CLA Properties	  	No
	 ECE I, LLC
	  	CLA-Durango Drive	  	Las Vegas, NV	  	CLA Properties	  	No
	 ECE I, LLC
	  	CLA-Goodyear, AZ	  	Goodyear, AZ	  	CLA Properties	  	No
	 ECE I, LLC
	  	CLA-Lake Pleasant	  	Lake Pleasant, AZ	  	CLA Properties	  	No
	 ECE I, LLC
	  	CLA-Oklahoma	  	Oklahoma City, OK	  	CLA Properties	  	No
	 ECE I, LLC
	  	CLA-Crimson	  	Mesa, AZ	  	CLA	  	No
	 ECE II, LLC
	  	Gardner School	  	Lincoln Park, IL	  	TGS Holdings, LLC	  	No
	 ECS Douglas I, LLC
	  	Ben Franklin Academy	  	Littleton, CO	  	HighMark	  	No
	 Education Capital Solutions, LLC
	  	100 Academy of Excellence	  	Las Vegas, NV	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Academy of Columbus	  	Columbus, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Academy of Environmental Science & Math	  	St. Louis, MO	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Bella Mente Academy	  	Vista, CA	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	BeLoved Academy	  	Jersey City, NJ	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	BFCS-Crismon Campus	  	Queen Creek, AZ	  	LBE Investments	  	No

  
 Schedule 6.1(f) - 4

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 Education Capital Solutions, LLC
	  	BFCS-Gilbert Campus	  	Gilbert, AZ	  	LBE Investments	  	No
	 Education Capital Solutions, LLC
	  	BFCS-Power Campus	  	Queen Creek, AZ	  	LBE Investments	  	No
	 Education Capital Solutions, LLC
	  	BFCS-Queen Creek HS/MS	  	Queen Creek, AZ	  	LBE Investments	  	No
	 Education Capital Solutions, LLC
	  	Camden Community Charter School	  	Camden, NJ	  	CSMI	  	No
	 Education Capital Solutions, LLC
	  	Chester Community Charter School	  	Upland, PA	  	CSMI	  	No
	 Education Capital Solutions, LLC
	  	Columbia Leadership	  	Columbia, SC	  	Imagine	  	No
		  		  		  		  	
	 Education Capital Solutions, LLC
	  	Desert West	  	Phoenix, AZ	  	Imagine	  	No
		  		  		  		  	
	 Education Capital Solutions, LLC
	  	East Mesa	  	Mesa, AZ	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Frick Park	  	Pittsburgh, PA	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Global Village Academy	  	Colorado Springs, CO	  	GVA	  	No
	 Education Capital Solutions, LLC
	  	Groveport Community School	  	Groveport, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Groveport Prep	  	Groveport, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Harvard Avenue CS	  	Cleveland, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Hope Community	  	Washington, DC	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	ILSA-E	  	Indianapolis, IN	  	Imagine	  	No

  
 Schedule 6.1(f) - 5

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 Education Capital Solutions, LLC
	  	ILSA-W	  	Indianapolis, IN	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Imagine Academy at Sullivant	  	Columbus, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Imagine Klepinger Community School	  	Dayton, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Imagine Madison Avenue	  	Toledo, OH	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	International Academy of Mableton	  	Mableton, GA	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Learning Foundation Academy	  	Gilbert, AZ	  	CAFA	  	No
	 Education Capital Solutions, LLC
	  	Lowcountry Leadership Academy	  	Hollywood, SC	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Marietta Charter School	  	Marietta, GA	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	MASTer Academy	  	Ft. Wayne, IN	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	McKinley Academy	  	Chicago, IL	  	Concept Schools	  	No
	 Education Capital Solutions, LLC
	  	North East Carolina Prep	  	Tarboro, NC	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Odyssey Buckeye	  	Buckeye, AZ	  	PCI	  	No
	 Education Capital Solutions, LLC
	  	Pacific Heritage Academy	  	Salt Lake City, UT	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Queen Creek	  	Queen Creek, AZ	  	PCI	  	No
	 Education Capital Solutions, LLC
	  	Romig Road Community School	  	Akron, OH	  	Imagine	  	No

  
 Schedule 6.1(f) - 6

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 Education Capital Solutions, LLC
	  	Rosefield	  	Surprise , AZ	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	Skyline Chandler	  	Chandler, AZ	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Skyline Phoenix	  	Phoenix, AZ	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	UME School	  	Dallas, TX	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Valley Arts Academy	  	Hurricane, UT	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Wesley International Academy	  	Atlanta, GA	  	Imagine	  	No
	 Education Capital Solutions, LLC
	  	The American Leadership Academy	  	Gilbert, AZ	  	American Leadership Academy	  	No
	 Education Capital Solutions, LLC
	  	Champion School	  	Phoenix, AZ	  	Phoenix Charter Properties	  	No
	 Education Capital Solutions, LLC
	  	Bradley Academy of Excellence	  	Goodyear, AZ	  	HighMark	  	No
	 Education Capital Solutions, LLC
	  	Loveland Classical School	  	Loveland, CO	  	HighMark	  	No
	 Education Capital Solutions, LLC
	  	Prospect Ridge Academy	  	Broomfield, CO	  	HighMark	  	No
	 Education Capital Solutions, LLC
	  	Harrisburg Pike Community	  	Columbus, OH	  	IMAGINE	  	No
	 Education Capital Solutions, LLC
	  	Wilson Prep Academy	  	Wilson, NC	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	North Carolina Leadership Academy	  	Kernersville, NC	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Global Village Academy-Fort Collins	  	Fort Collins, CO	  	Highmark	  	No

  
 Schedule 6.1(f) - 7

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 Education Capital Solutions, LLC
	  	iLEAD Charter School	  	Mesa, AZ	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	John Adams Academy (Lincoln)	  	Chicago, IL	  	Highmark	  	No
	 Education Capital Solutions, LLC
	  	Cambridge Prep (Toltec)	  	Arizona City, AZ	  	ACD	  	No
	 Education Capital Solutions, LLC
	  	Bradford Prep	  	Charlotte, NC	  	ACD	  	No
	 Education Capital Solutions, LLC
	  	Minnesota Math & Science Academy	  	St. Paul, MN	  	Concept Schools	  	No
	 Education Capital Solutions, LLC
	  	Horizon Science Academy South Chicago	  	Chicago, IL	  	Concept Schools	  	No
	 Education Capital Solutions, LLC
	  	Franklin Academy Palm Beach	  	Palm Beach, FL	  	Discovery Schools	  	No
	 Education Capital Solutions, LLC
	  	Impact Charter Elementary	  	Baker, LA	  	ICE Project Development LLC	  	No
	 Education Capital Solutions, LLC
	  	American International School of Utah	  	Salt Lake City, UT	  	American Leadership Academy	  	No
	 EPR Hialeah, Inc.
	  	Hialeah 18	  	Hialeah, FL	  	Cobb	  	No
	 EPR North US LP
	  	Conroe Grand 14	  	Conroe, TX	  	Southern	  	No
	 EPT 909, Inc.
	  	Tinseltown, USA	  	Beaumont, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Tinseltown, USA	  	Colorado Springs, CO	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Tinseltown, USA	  	El Paso, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Movies 17	  	Grand Prairie, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Tinseltown, USA	  	Houston, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Movies 14	  	McKinney, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Movies 10	  	Mishawaka, IN	  	Cinemark	  	No

  
 Schedule 6.1(f) - 8

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 EPT 909, Inc.
	  	Hollywood, USA	  	Pasadena, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Tinseltown, USA	  	Pflugerville, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Movies 10	  	Plano, TX	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Movies 14	  	Redding, CA	  	Cinemark	  	No
	 EPT 909, Inc.
	  	Tinseltown, USA	  	Pueblo, CO	  	Cinemark	  	No
	 EPT Aliso Viejo, Inc.
	  	Aliso Viejo 20	  	Aliso Viejo, CA	  	Regal	  	Goldman Sachs
	 EPT Arroyo, Inc.
	  	Arroyo Grande Stadium 10	  	Arroyo Grande, CA	  	Regal	  	Goldman Sachs
	 EPT Auburn, Inc.
	  	Auburn Stadium 10	  	Auburn, CA	  	Regal	  	Bear Stearns
	 EPT Biloxi, Inc.
	  	The Grand 18	  	D’Iberville, MS	  	Southern	  	Bear Stearns
	 EPT Boise, Inc.
	  	Boise Stadium 21	  	Boise, ID	  	Regal	  	Archon Financial
	 EPT Charlotte, LLC
	  	North Carolina Music Factory	  	Charlotte, NC	  	Fiber Mills, LLC	  	No
	 EPT Chattanooga, Inc.
	  	East Ridge 18	  	Chattanooga, TN	  	Carmike	  	Bear Stearns
	 EPT Columbiana, Inc.
	  	Columbiana Grande 14	  	Columbia, SC	  	Regal	  	Bear Stearns
	 EPT Concord II, LLC
	  	Concord Resort	  	Sullivan County, NY	  	TBD	  	No
	 EPT Dallas, LLC
	  	Grand 24	  	Dallas, TX	  	Southern & Other Retail	  	No
	 EPT Davie, Inc.
	  	Paradise 24	  	Davie, FL	  	Cinemark	  	Goldman Sachs
	 EPT Deer Valley, Inc.
	  	Deer Valley 30	  	Phoenix, AZ	  	AMC	  	Archon Financial
	 EPT DownREIT II, Inc.
	  	Houston Studio 30	  	Houston, TX	  	AMC	  	No
	 EPT DownREIT II, Inc.
	  	Huebner Oaks 24	  	San Antonio, TX	  	Regal	  	No
	 EPT DownREIT II, Inc.
	  	Lennox 24	  	Columbus, OH	  	AMC	  	No
	 EPT DownREIT II, Inc.
	  	Mission Valley 20	  	San Diego, CA	  	AMC	  	No

  
 Schedule 6.1(f) - 9

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 EPT DownREIT II, Inc.
	  	Ontario Mills 30	  	Ontario, CA	  	AMC	  	No
	 EPT DownREIT II, Inc.
	  	West Olive 16	  	Creve Coeur, MO	  	AMC	  	No
	 EPT Firewheel, Inc.
	  	Firewheel 18	  	Garland, TX	  	AMC	  	Bear Stearns
	 EPT First Colony, Inc.
	  	First Colony 24	  	Sugar Land, TX	  	AMC	  	Bear Stearns
	 EPT Fontana, LLC
	  	Mentorship Academy of Digital Arts	  	Baton Rouge, LA	  	Charter School Development Co	  	No
	 EPT Fresno, Inc. / EPT Manchester, Inc.
	  	Manchester Stadium 16	  	Fresno, CA	  	Regal	  	Goldman Sachs
	 EPT Gulf Pointe, Inc.
	  	Gulf Pointe 30	  	Houston, TX	  	AMC	  	No
	 EPT Hamilton, Inc.
	  	Hamilton 24	  	Hamilton, NJ	  	AMC	  	Archon Financial
	 EPT Hattiesburg, Inc.
	  	The Grand 18	  	Hattiesburg, MS	  	Southern	  	KeyBank
	 EPT Huntsville, Inc.
	  	Valley Bend 18	  	Huntsville, AL	  	Carmike	  	No
	 EPT Hurst, Inc.
	  	North East Mall 18	  	Hurst, TX	  	Carmike	  	Bear Stearns
	 EPT Indianapolis, Inc.
	  	Washington Square 12	  	Indianapolis, IN	  	AMC	  	Key Bank
	 EPT Kalamazoo, Inc.
	  	Cityplace 14	  	Kalamazoo, MI	  	Alamo Draft House	  	No
	 EPT Lafayette, Inc.
	  	Lafayette Grand 16	  	Lafayette, LA	  	Southern	  	Goldman Sachs
	 EPT Lawrence, Inc.
	  	Southwind 12	  	Lawrence, KS	  	Hollywood	  	Key Bank
	 EPT Leawood, Inc.
	  	Leawood Town Center 20	  	Leawood, KS	  	AMC	  	Bear Stearns
	 EPT Little Rock, Inc.
	  	Colonel Glenn 18	  	Little Rock, AR	  	Cinemark	  	Archon Financial
	 EPT Macon, Inc.
	  	Macon Cinema 16	  	Macon, GA	  	Southern	  	Goldman Sachs
	 EPT Mad River, Inc.
	  	Mad River Mountain	  	Zanesville, OH	  	Peak Resorts	  	No
	 EPT Melbourne, Inc.
	  	Avenue 16	  	Melbourne, FL	  	Carmike	  	No
	 EPT Mesa, Inc.
	  	Valley Bend 18	  	Mesa, AZ	  	AMC	  	Bear Stearns
	 EPT Mesquite, Inc.
	  	Mesquite 30	  	Mesquite, TX	  	AMC	  	No

  
 Schedule 6.1(f) - 10

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 EPT Modesto, Inc.
	  	Modesto Stadium 10	  	Modesto, CA	  	Regal	  	Bear Stearns
	 EPT Mount Snow, Inc.
	  	Mount Snow	  	West Dover, VT	  	Peak Resorts	  	No
	 EPT New England, LLC
	  	Merrimack 12	  	Merrimack, NH	  	Cinemagic	  	KeyBank
	 EPT Nineteen, Inc.
	  	Ann Arbor	  	Ypsilanti, MI	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Buckland Hills	  	Manchester, CT	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Centreville 12	  	Centreville, VA	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Davenport 18	  	Davenport, IA	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Fairfax Corner	  	Fairfax, VA	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Flint West 14	  	Flint, MI	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Hazlet 12	  	Hazlet , NJ	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Huber Heights 16	  	Huber Heights, OH	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	North Haven 12	  	North Haven, CT	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Preston Crossings 16	  	Okolona, KY	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Ritz Center 16	  	Voorhees, NJ	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Stonybrook 20	  	Louisville, KY	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	The Greene 14	  	Beaver Creek, OH	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	West Springfield 15	  	West Springfield, MA	  	Cinemark	  	No
	 EPT Nineteen, Inc.
	  	Western Hills 14	  	Cincinnati, OH	  	Cinemark	  	No
	 EPT Oakview, Inc.
	  	Oakview Plaza 24	  	Omaha, NE	  	AMC	  	No
	 EPT Pensacola, Inc.
	  	Bayou 15	  	Pensacola, FL	  	Carmike	  	No
	 EPT Pompano, Inc.
	  	Pompano 18	  	Pompano Beach, FL	  	Muvico	  	Archon Financial

  
 Schedule 6.1(f) - 11

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 EPT Raleigh Theatres, Inc.
	  	Raleigh 16	  	Raleigh, NC	  	Carolina Cinemas	  	Archon Financial
	 EPT Ski Properties, Inc.
	  	Boston Mills/Brandywine	  	Peninsula, OH	  	Peak Resorts	  	No
	 EPT Ski Properties, Inc.
	  	Jack Frost/Big Boulder	  	Blakeslee, PA	  	Peak Resorts	  	No
	 EPT Ski Properties, Inc.
	  	Wintergreen Ski Resort	  	Wintergreen, VA	  	Pacific Group Resorts	  	No
	 EPT Ski Properties, Inc.
	  	Alpine Valley	  	Chesterland, OH	  	Peak Resorts	  	No
	 EPT Ski Properties, Inc.
	  	WISP Resort	  	McHenry, MD	  	Everbright Pacific	  	No
	 EPT Ski Properties, Inc.
	  	Camelback Resort	  	Tannersville, PA	  	CBKH20	  	No
	 EPT Slidell, Inc.
	  	Slidell Grand 16	  	Slidell, LA	  	Southern	  	GO Zone Bond
	 EPT South Barrington, Inc.
	  	South Barrington	  	Barrington, IL	  	AMC	  	No
	 EPT Twin Falls, LLC
	  	Cinema West Twin Falls	  	Twin Falls, ID	  	Cinema West	  	No
	 EPT Virginia Beach, Inc.
	  	Beach Cinema Bistro	  	Virginia Beach, CA	  	Beach Cinema Bistro	  	No
	 EPT Waterparks, Inc.
	  	Schlitterbahn Vacation Village	  	Kansas City, KS	  	Schlitterbahn	  	No
	 EPT Waterparks, Inc.
	  	Schlitterbahn Vacation Village	  	New Braunfels, TX	  	Schlitterbahn	  	No
	 EPT Waterparks, Inc.
	  	Schlitterbahn Vacation Village	  	South Padre, TX	  	Schlitterbahn	  	No
	 EPT Wilmington, Inc.
	  	Mayfaire 16	  	Wilmington, NC	  	Regal	  	Bear Stearns
	 Flik, Inc.
	  	Clearview	  	Metairie, LA	  	AMC	  	No
	 Flik, Inc.
	  	Elmwood	  	Harahan, LA	  	AMC	  	No
	 Flik, Inc.
	  	Forum	  	Sterling Heights, MI	  	AMC	  	No
	 Flik, Inc.
	  	Hammond	  	Hammond, LA	  	AMC	  	No

  
 Schedule 6.1(f) - 12

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 Flik, Inc.
	  	Hoffman	  	Alexandria, VA	  	AMC	  	No
	 Flik, Inc.
	  	Houma	  	Houma, LA	  	AMC	  	No
	 Flik, Inc.
	  	Livonia	  	Livonia, MI	  	AMC	  	No
	 Flik, Inc.
	  	Olathe Studio	  	Olathe, KS	  	AMC	  	No
	 Flik, Inc.
	  	Palm Promenade	  	San Diego, CA	  	AMC	  	No
	 Flik, Inc.
	  	Westbank	  	Harvey, LA	  	AMC	  	No
	 Flik, Inc.
	  	Woodridge	  	Woodridge, IL	  	AMC	  	No
	 Flik, Inc.
	  	Starlight 20	  	Tampa, FL	  	Muvico	  	No
	 Flik, Inc.
	  	Cherrydale 16	  	Greenville, SC	  	Regal & Other Retail	  	No
	 Flik, Inc.
	  	Crossroads 20	  	Cary, NC	  	Regal	  	No
	 Kanata Entertainment Holdings Inc. (as nominee for EPR North Trust)
	  	Kanata Centrum	  	Kanata, ON	  	Empire	  	No
	 Megaplex Four, Inc.
	  	Cantera Retail	  	Warrenville, IL	  	Other Retail	  	No
	 Megaplex Four, Inc.
	  	Gulf Pointe Retail	  	Houston, TX	  	Other Retail	  	No
	 Megaplex Four, Inc.
	  	Mesquite Retail	  	Dallas, TX	  	Other Retail	  	No
	 Megaplex Four, Inc.
	  	Powder Springs Retail	  	Austell, GA	  	Other Retail	  	No
	 Megaplex Nine, Inc.
	  	Hampton Town Center 24	  	Hampton, VA	  	AMC	  	No
	 Mississauga Entertainment Holdings Inc. (as nominee for EPR North Trust)
	  	Mississauga Centrum	  	Mississauga, ON	  	Cineplex	  	No
	 New Roc Associates, LP
	  	New Roc Center	  	New Rochelle, NY	  	Regal & Other Retail	  	No

  
 Schedule 6.1(f) - 13

									
	 ENTITY
	  	 Name
	  	 Location
	  	 Operator/Tenant
	  	 Secured
Indebtedness

Original Lender

	 Oakville Entertainment Holdings Inc. (as nominee for EPR North Trust)
	  	Oakville Centrum	  	Oakville, ON	  	Cineplex	  	No
	 Tampa Veterans 24, LP
	  	Tampa Veterans 24	  	Tampa, FL	  	AMC	  	No
	 Westcol Center, LLC
	  	Westcol Retail	  	Westminster, CO	  	Other Retail	  	No
	 Westcol Theatre, LLC
	  	Westminster	  	Westminster, CO	  	AMC	  	Wells Fargo Bank
	 Whitby Entertainment Holdings Inc. (as nominee for EPR North Trust)
	  	Whitby Centrum	  	Whitby, ON	  	Empire	  	No

  
 Schedule 6.1(f) - 14

 SCHEDULE 6.1(g) 

INDEBTEDNESS AND GUARANTEES 
  

	1.	Indebtedness under this Agreement, which is unsecured Indebtedness. 

  

	2.	Indebtedness under the Bonds, which is unsecured Indebtedness. 

  

	3.	Indebtedness identified as Secured Indebtedness in Schedule 6.1(f). 

  

	4.	EPR has issued or Guaranteed, for a fee, the following Indebtedness: 

  

	 	(a)	Go To the Show bonds; theatres in New Iberia, LA and Lafayette, LA; principal amount guaranteed equals $14,360,000; 

  

	 	(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; and 

  

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

Each of the Guarantees by EPR referenced in this paragraph number 4 is unsecured Indebtedness. 

  
 Schedule 6.1(g) 

 SCHEDULE 6.1(h) 

MATERIAL CONTRACTS 
 None 

  
 Schedule 6.1(h) 

 SCHEDULE 6.1(i) 

LITIGATION 
 To the extent requiring disclosure
under Section 6.1(i), the litigation involving affiliates of Louis Cappelli, including Concord Associates, L.P., Concord Resort, LLC and Concord Kiamesha LLC, described in note number 20 (entitled “Other Commitments and
Contingencies”) to the consolidated financial statements of EPR as reflected in EPR’s Form 10-K filed with the Securities and Exchange Commission for the year ended December 31, 2014. 

  
 Schedule 6.1(i) 

 SCHEDULE 6.1(j) 

TAXES SUBJECT TO AUDIT 
 As of the Agreement
Date, EPR and/or one or more of its subsidiaries is being audited by taxing authorities in Missouri, New Hampshire and Canada. 

 SCHEDULE CA 
  

									
	 Lender
	  	Revolving Credit
Commitment
Amount	 	  	Term Loan
Commitment
Amount	 
	 KeyBank National Association
	  	$	92,083,334.00	  	  	$	48,916,666.00	  
	 JPMorgan Chase Bank, N.A.
	  	$	86,083,333.00	  	  	$	48,916,667.00	  
	 Royal Bank of Canada
	  	$	82,083,333.00	  	  	$	48,916,667.00	  
	 Bank of America, N.A.
	  	$	55,000,000.00	  	  	$	45,000,000.00	  
	 Citibank, N.A.
	  	$	50,000,000.00	  	  	$	50,000,000.00	  
	 Barclays Bank PLC
	  	$	100,000,000.00	  	  	$	0.00	  
	 UMB Bank, N.A.
	  	$	35,000,000.00	  	  	$	15,000,000.00	  
	 Bank of the West
	  	$	35,000,000.00	  	  	$	15,000,000.00	  
	 Arvest Bank
	  	$	0.00	  	  	$	20,000,000.00	  
	 Mega International Commercial Bank
	  	$	10,000,000.00	  	  	$	8,000,000.00	  
	 Bank of Blue Valley
	  	$	0.00	  	  	$	10,000,000.00	  
	 Bank Hapoalim B.M.
	  	$	5,000,000.00	  	  	$	5,000,000.00	  
	 Bank of Taiwan
	  	$	9,750,000.00	  	  	$	5,250,000.00	  
	 BOKF, NA DBA Bank of Kansas City
	  	$	15,000,000.00	  	  	$	10,000,000.00	  
	 Hua Nan Commercial Bank
	  	$	15,000,000.00	  	  	$	0.00	  
	 Stifel Bank & Trust
	  	$	10,000,000.00	  	  	$	5,000,000.00	  
	 US Bank National Association
	  	$	35,000,000.00	  	  	$	15,000,000.00	  
	 First Commercial Bank, LTD., a Republic of China Bank acting through its Los Angeles Branch
	  	$	15,000,000.00	  	  	$	0.00EXHIBIT (4)(K)

 EXHIBIT (4)(k) 

FORM OF POLICY RIDER (RETIREMENT INCOME CHOICE – DOUBLE 

WITHDRAWAL BASE BENEFIT) 

											
	

		 		 		Home Office:		 		 
				 		 4333 Edgewood Road N.E.

Cedar Rapids, Iowa 52499
 (319)355-8511
		 		
							 		
				 			 		
	 A Stock Company (Hereafter called the Company, we, our or us)
										

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 

AND DEATH BENEFIT RIDER 
 This rider is
issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is attached to an individual annuity or the group certificate if the rider is attached to a group annuity. 

All provisions of the policy that do not conflict with this rider apply to this rider. In the event of any conflict between the provisions of this rider and
the provisions of the policy, the provisions of this rider shall prevail over the provisions of the policy. 
 Rider Data Specification

  

											
	Policy Number:				 		12345		 		
	Rider Date:						07/01/2008		 		
	Growth Rate Percentage:						5.00%		 		
	Initial Rider Fee Percentage:						1.00%		 		
	Annuitant:						JOHN DOE		 		
									 		
	Annuitant’s Issue Age/Sex:				 		35 / MALE		 		

 ARTICLE I 
 You
may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This rider will
terminate upon the annuitant’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider will also terminate if the policy to which this
rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within [30] days after the [fifth] rider anniversary and every [fifth] rider anniversary thereafter. Termination of the rider will result in
the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value must be in one or more of the designated funds. You
can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund while this rider is in force. If you wish to make a transfer to a
non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 A rider fee will be deducted on each rider
anniversary and upon rider termination as described below. 
 DEFINITIONS: 

Terms used that are not defined in this rider shall have the same meaning as those in your policy. 

Designated Funds 
 Investment options authorized for use
with this rider and identified by us as designated funds. 

  

					
	 RGMB 31 0708
		(1)		(Income/Death-Single)

 ARTICLE I CONTINUED 

Excess Withdrawal 
 The excess of a gross partial
withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any. 
 Gross Partial Withdrawal 

The amount which will be deducted from your policy value as a result of each partial withdrawal. 

Rider Anniversary 
 The anniversary of the rider date.

 Rider Fee 
 The rider fee is the rider fee percentage
multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The rider fee percentage will not change during the first five rider years, and will only change thereafter due to an
automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each investment option in proportion to the amount of policy value in that investment option on each rider anniversary prior to any
increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have elapsed since the previous rider anniversary. 

Rider Monthiversary 
 The same day of the month as the
rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 

The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This amount will change if the withdrawal base
changes. 
 Rider Year 
 Each twelve-month period
following the rider date. 
 Withdrawal Base 
 The
amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 

GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider,
we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s death. 

The withdrawal percentage is determined by the attained age (age at last birthday) of the annuitant at the time of the first withdrawal of any amount from the
policy value taken on or after the rider anniversary following the annuitant’s [59th] birthday. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are
shown in the table below. 
  

															
	 Attained Age
	 	 	 	Withdrawal
Percentage
		 	     
	 		 		 		 				 	
	 	 	 0 - 58
	 	 	 		 	 	 	 	0.0	% 	 	 
	 	 	 59 - 69
	 	 	 		 		 	 	5.0	% 	 	 
	 	 	 70 - 79
	 	 	 		 		 	 	6.0	% 	 	 
	 	 	 80 +
	 	 	 		 	 	 	 	7.0	% 	 	 

 If the annuitant is not yet [59] on the rider date, the withdrawal percentage will be zero until the rider anniversary
following the annuitant’s [59th] birthday. Withdrawals prior to age 59 1/2 will be subject to the 10% penalty tax. 
 Withdrawals will reduce the
policy value of the policy to which this rider is attached. If the policy value equals zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this
rider can be continued by selecting an amount and frequency in accordance with the policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be
allowed. 

  

					
	 RGMB 31 0708
	 	(2)	 	(Income/Death-Single)

 ARTICLE II CONTINUED 

ISSUE AGE AND SURVIVAL 
 The benefits under this rider
depend on the annuitant being alive at the time of withdrawal and the amount of the benefit depends on the issue age of the annuitant. Proof of survival and the issue age may be required by the Company. 

If the annuitant’s age has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the
correct age. However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider
withdrawal amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the
accumulated values in all the designated funds was zero, the amount of that overpayment will be deducted from one or more future payments until this amount is paid in full. 

RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will
be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this time, the minimum required distribution
is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

 

	 	D)	the minimum required distributions are based on age of the living annuitant. The minimum required distributions can not be based on the age of someone who is deceased, 

 

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 

If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 

  

					
	 RGMB 31 0708
		(3)		(Income/Death-Single)

 ARTICLE II CONTINUED 

WITHDRAWAL BASE 
 The withdrawal base is used to calculate
the rider withdrawal amount. On the rider date, the initial withdrawal base is equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by
subsequent premium payments (less any premium enhancements), and is reduced for excess withdrawals. 
 On each rider anniversary, the withdrawal base will
be set to the greatest of: 
  

	 	1)	The current withdrawal base; 

  

	 	2)	The policy value on the rider anniversary; 

  

	 	3)	The highest policy value on a rider [monthiversary;] or 

  

	 	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the [10th] rider
anniversary or if there have been any withdrawals in the current rider year. 
 DOUBLE WITHDRAWAL BASE BENEFIT 

If no withdrawals have been made 1) during the first [10] rider years or 2) before the anniversary following the annuitant attaining age [67,] whichever is the
later, the withdrawal base on that rider anniversary will be the greater of: 
  

	 	1)	The withdrawal base as calculated in 1-4 above; or 

  

	 	2)	The withdrawal base on the rider date plus any premiums received within 90 days of the rider date multiplied by 2. 

AUTOMATIC STEP-UP FEATURE 
 The rider receives an
automatic step-up on the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider [monthiversary.] This feature does not require the termination of the existing rider. This rider will continue
with the same rider date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first [five] rider years. Following the [fifth] rider anniversary, the
rider fee percentage may be increased due to an automatic step-up, but will not increase more than [0.75%] from the initial rider fee percentage shown on page 1. 

You have the right to reject an automatic step-up within [30] days following a rider anniversary, if the rider fee percentage increases. If you reject an
automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic step-up feature will be reversed. And any increase in the rider fee percentage will also be reversed. 

WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals,
taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1)
and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	 RGMB 31 0708
		(4)		(Income/Death-Single)

 ARTICLE II CONTINUED 

RIDER DEATH BENEFIT 
 Upon the annuitant’s death, we
will pay an additional death benefit amount equal to the excess, if any, of the rider death benefit over the greater of the base policy death benefit or the guaranteed minimum death benefit, if applicable, and this rider will then terminate. The
rider death benefit on the rider date is equal to the policy value (less any premium enhancements, if the rider is added in the first policy year). The rider death benefit after the rider date is equal to the rider death benefit on the rider date
plus any premiums (not including premium enhancements, if any) added after the rider date less any rider death benefit adjustments. 
 The rider death
benefit does not reset due to the automatic step-up or the double withdrawal base benefit. 
 RIDER DEATH BENEFIT ADJUSTMENTS 

Cumulative gross partial withdrawals, taken in a rider year, up to the rider withdrawal amount will reduce the rider death benefit by the same amount (dollar
for dollar). Excess withdrawals will reduce the rider death benefit by the greater of: 
  

	1)	the excess withdrawal amount; and 

  

	2)	the result of (A divided by B), multiplied by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal; and 

  

	 	C)	is the rider death benefit after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal. 

ARTICLE III 
 CONTINUATION 

In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the surviving spouse is the sole
beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies, this rider will terminate. No additional death benefit will
be paid under this rider at this time. 
 In the case of non-spousal joint owners where an owner who is not the annuitant dies, the surviving owner (who is
also the sole designated beneficiary) may elect to receive lifetime income payments under this rider instead of receiving any benefits applicable to the policy. The lifetime income payments must begin no later than 1 year after the owner’s
death and will be equal to the rider withdrawal amount divided by the number of payments made per year. Once the payments begin, no additional premium payments will be accepted and no additional withdrawals will be paid. If these payments are
elected but the annuitant dies before the rider death benefit equals zero, the annuitant’s beneficiary will receive a death benefit equal to the rider death benefit. 

ANNUITIZATION 
 On the maximum annuity commencement date,
you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each year. This option will also guarantee that the sum of all income payments received over time will equal or exceed the greater of the
policy value or the rider death benefit on the maximum annuity commencement date. If the annuitant should die before the sum of all income payments received equals or exceeds the greater of the policy value or the rider death benefit on the maximum
annuity commencement date, the annuitant’s beneficiary will receive a final payment equal to the difference. 

  

					
	 RGMB 31 0708
		(5)		(Income/Death-Single)

 ARTICLE III CONTINUED 

RIDER UPGRADE 
 You may elect, in writing, to upgrade the
withdrawal base to the policy value within [30] days after the [fifth] rider anniversary and every [fifth] rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and
a new rider with the same features will be issued with a new rider date. The new rider will have its own growth rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage
which may be higher than this rider’s rider fee percentage. 
 At the time of upgrade, the rider death benefit will also be upgraded to the policy
value and the rider withdrawal amount will be recalculated based on the new withdrawal base. 
 The new rider date will be the date the Company receives all
information necessary, in a written form acceptable to the Company, to process the upgrade. 
 Signed for us at our home office. 

 

			
	

		

	SECRETARY		PRESIDENT

  

					
	 RGMB 31 0708
		(6)		(Income/Death-Single)

											
	

		 		 		Home Office:		 		 
				 		 4333 Edgewood Road N.E.

Cedar Rapids, Iowa 52499
 (319)355-8511
		 		
							 		
				 			 		
	 A Stock Company (Hereafter called the Company, we, our or us)
										

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT 

AND DEATH BENEFIT RIDER 
 This rider is
issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is attached to an individual annuity or the group certificate if the rider is attached to a group annuity. 

All provisions of the policy that do not conflict with this rider apply to this rider. In the event of any conflict between the provisions of this rider and
the provisions of the policy, the provisions of this rider shall prevail over the provisions of the policy. 
 Rider Data Specification

  

											
	Policy Number:				 		12345		 		
	Rider Date:						07/01/2008		 		
	Growth Rate Percentage:						5.00%		 		
	Initial Rider Fee Percentage:						0.95%		 		
	Annuitant:						JOHN DOE		 		
									 		
	Annuitant’s Issue Age/Sex:						35   /   MALE		 		
	Annuitant’s Spouse:						JANE DOE		 		
	Annuitant’s Spouse’s Issue Age/Sex:				 		35   /   FEMALE		 		

 ARTICLE I 
 You
may cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This rider will
terminate upon the later of the annuitant’s or annuitant’s spouse’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider
will also terminate if the policy to which this rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within [30] days after the [fifth] rider anniversary and every [fifth] rider anniversary
thereafter. Termination of the rider will result in the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value
must be in one or more of the designated funds. You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund while this rider is in
force. If you wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 The
annuitant’s spouse as of the rider date is hereafter referred to as the annuitant’s spouse. As it pertains to the benefits of this rider, the annuitant’s spouse cannot be changed. The annuitant’s spouse must be the sole primary
beneficiary and/or a joint owner. The only living owners allowed on the policy to which this rider is attached are the annuitant and the annuitant’s spouse. 

A rider fee will be deducted on each rider anniversary and upon rider termination as described below. 

DEFINITIONS: 
 Terms used that are not defined in this
rider shall have the same meaning as those in your policy. 
 Designated Funds 

Investment options authorized for use with this rider and identified by us as designated funds. 

  

					
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		(1)		(Income/Death-Joint)

 ARTICLE I CONTINUED 

Excess Withdrawal 
 The excess of a gross partial
withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any. 
 Gross Partial Withdrawal 

The amount which will be deducted from your policy value as a result of each partial withdrawal. 

Rider Anniversary 
 The anniversary of the rider date.

 Rider Fee 
 The rider fee is the rider fee percentage
multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The rider fee percentage will not change during the first five rider years, and will only change thereafter due to an
automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each investment option in proportion to the amount of policy value in that investment option on each rider anniversary prior to any
increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have elapsed since the previous rider anniversary. 

Rider Monthiversary 
 The same day of the month as the
rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 

The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This amount will change if the withdrawal base
changes. 
 Rider Year 
 Each twelve-month period
following the rider date. 
 Withdrawal Base 
 The
amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 

GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider,
we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s or the annuitant’s spouse’s death, whichever is later. 

The withdrawal percentage is determined by the attained age (age at last birthday) of the younger of the living spouses at the time of the first withdrawal of
any amount from the policy value taken on or after the rider anniversary following the younger of the living spouse’s [59th] birthday. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that
time. The withdrawal percentages are shown in the table below. 
  

															
	 Attained Age
	 	 	 	 	 	 	 	Withdrawal
Percentage	 	 	 	 
		 		 		 		 		 		 		 	
	 	 	0 - 58	 	 	 		 	 	 	0.0%	 		 	 
	 	 	59 - 69	 	 	 		 		 	4.5%	 		 	 
	 	 	70 - 79	 	 	 		 		 	5.5%	 		 	 
	 	 	80 +	 	 	 		 	 	 	6.5%	 		 	 

 If the younger of the annuitant and the annuitant’s spouse is not yet [59] on the rider date, the withdrawal percentage
will be zero until the rider anniversary following the younger of the living spouse’s [59th] birthday. Withdrawals prior to age 59 1/2 will be subject to the 10% penalty tax. 

Withdrawals will reduce the policy value of the policy to which this rider is attached. If the policy value equals zero, you cannot make subsequent premium
payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency in accordance with the policy provisions to which this rider
attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 

  

					
	 RGMB 31 0708
	 	(2)	 	(Income/Death-Joint)

 ARTICLE II CONTINUED 

ISSUE AGE AND SURVIVAL 
 The benefits under this rider
depend on the annuitant or annuitant’s spouse being alive at the time of withdrawal and the amount of the benefit depends on the issue age of the annuitant and annuitant’s spouse. Proof of survival and the issue ages may be required by the
Company. 
 If the younger of the spouses’ ages has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would
have been calculated for the correct age. However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the
misstatement caused the rider withdrawal amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If
overpayments occurred when the sum of the accumulated values in all the designated funds was zero, the amount of the overpayment will be deducted from one or more future payments until this amount is paid in full. 

RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will
be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this time, the minimum required distribution
is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

 

	 	D)	the minimum required distributions are based on age of the living annuitant or the annuitant’s spouse if the annuitant is deceased. The minimum required distributions can not be based on the age of someone who is
deceased, 

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 

If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 

  

					
	 RGMB 31 0708
		(3)		(Income/Death-Joint)

 ARTICLE II CONTINUED 

WITHDRAWAL BASE 
 The withdrawal base is used to calculate
the rider withdrawal amount. On the rider date, the initial withdrawal base is equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by
subsequent premium payments (less any premium enhancements), and is reduced for excess withdrawals. 
 On each rider anniversary, the withdrawal base will
be set to the greatest of: 
  

	 	1)	The current withdrawal base; 

  

	 	2)	The policy value on the rider anniversary; 

  

	 	3)	The highest policy value on a rider [monthiversary;] or 

  

	 	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the [10th] rider
anniversary or if there have been any withdrawals in the current rider year. 
 DOUBLE WITHDRAWAL BASE BENEFIT 

If no withdrawals have been made 1) during the first [10] rider years or 2) before the anniversary following the younger of the annuitant or the
annuitant’s spouse attaining age [67,] whichever is the later, the withdrawal base on that rider anniversary will be the greater of: 
  

	 	1)	The withdrawal base as calculated in 1-4 above; or 

  

	 	2)	The withdrawal base on the rider date plus any premiums received within 90 days of the rider date multiplied by 2. 

AUTOMATIC STEP-UP FEATURE 
 The rider receives an
automatic step-up on the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider [monthiversary.] This feature does not require the termination of the existing rider. This rider will continue
with the same rider date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first [five] rider years. Following the [fifth] rider anniversary, the
rider fee percentage may be increased due to an automatic step-up, but will not increase more than [0.75%] from the initial rider fee percentage shown on page 1. 

You have the right to reject an automatic step-up within [30] days following a rider anniversary, if the rider fee percentage increases. If you reject an
automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic step-up feature will be reversed. Any increase in the rider fee percentage will also be reversed. 

WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals,
taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1)
and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	 RGMB 31 0708
		(4)		(Income/Death-Joint)

 ARTICLE II CONTINUED 

RIDER DEATH BENEFIT 
 Upon the later of the annuitant or
the annuitant’s spouse’s death, we will pay an additional death benefit amount equal to the excess, if any, of the rider death benefit over the greater of the base policy death benefit or the guaranteed minimum death benefit, if
applicable, and this rider will then terminate. The rider death benefit on the rider date is equal to the policy value (less any premium enhancements, if the rider is added in the first policy year). The rider death benefit after the rider date is
equal to the rider death benefit on the rider date plus any premiums (not including premium enhancements, if any) added after the rider date less any rider death benefit adjustments. 

The rider death benefit does not reset due to the automatic step-up or the double withdrawal base benefit. 

RIDER DEATH BENEFIT ADJUSTMENTS 
 Cumulative gross partial
withdrawals, taken in a rider year, up to the rider withdrawal amount will reduce the rider death benefit by the same amount (dollar for dollar). Excess withdrawals will reduce the rider death benefit by the greater of: 

 

	1)	the excess withdrawal amount; and 

  

	2)	the result of (A divided by B), multiplied by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal; and 

  

	 	C)	is the rider death benefit after the rider withdrawal amount has been withdrawn, but prior to the excess withdrawal. 

ARTICLE III 
 CONTINUATION 

In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is not the annuitant dies and the surviving spouse is the sole
beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the annuitant, if the spouse who is the annuitant dies and the surviving spouse is the sole beneficiary, the rider
continues until the death of the surviving spouse. No additional death benefit will be paid under this rider at this time. 
 ANNUITIZATION 

On the maximum annuity commencement date, you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each
year. This option will also guarantee that the sum of all income payments received over time will equal or exceed the greater of the policy value or the rider death benefit on the maximum annuity commencement date. If the annuitant or
annuitant’s spouse should die before the sum of all income payments received equals or exceeds the greater of the policy value or the rider death benefit on the maximum annuity commencement date, the annuitant’s beneficiary will receive a
final payment equal to the difference. 

  

					
	 RGMB 31 0708
		(5)		(Income/Death-Joint)

 ARTICLE III CONTINUED 

RIDER UPGRADE 
 You may elect, in writing, to upgrade the
withdrawal base to the policy value within [30] days after the [fifth] rider anniversary and every [fifth] rider anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and
a new rider with the same features will be issued with a new rider date. The new rider will have its own growth rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage
which may be higher than this rider’s rider fee percentage. 
 At the time of upgrade, the rider death benefit amount will also be upgraded to the
policy value and the rider withdrawal amount will be recalculated based on the new withdrawal base. 
 The new rider date will be the date the Company
receives all information necessary, in a written form acceptable to the Company, to process the upgrade. 
 Signed for us at our home office.

  

			
	

		

	SECRETARY		PRESIDENT

  

					
	 RGMB 31 0708
		(6)		(Income/Death-Joint)

											
	

		 		 		Home Office:		 		 
				 		 4333 Edgewood Road N.E.

Cedar Rapids, Iowa 52499
 (319)355-8511
		 		
							 		
				 			 		
	 A Stock Company (Hereafter called the Company, we, our or us)
										

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER 

This rider is issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is attached to an
individual annuity or the group certificate if the rider is attached to a group annuity. 
 All provisions of the policy that do not conflict with this
rider apply to this rider. In the event of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the provisions of the policy. 

Rider Data Specification 
  

											
	Policy Number:				 		12345		 		
	Rider Date:						07/01/2008		 		
	Growth Rate Percentage:						5.00%		 		
	Initial Rider Fee Percentage:						0.75%		 		
	Annuitant:						JOHN DOE		 		
									 		
	Annuitant’s Issue Age/Sex:				 		35   /   MALE		 		

 ARTICLE I 
 You may
cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This rider will terminate upon
the annuitant’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider will also terminate if the policy to which this rider is
attached, is assigned or if the owner is changed without our approval. You can terminate this rider within [30] days after the [fifth] rider anniversary and every [fifth] rider anniversary thereafter. Termination of the rider will result in the loss
of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value must be in one or more of the designated funds. You can
generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund while this rider is in force. If you wish to make a transfer to a
non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 A rider fee will be deducted on each rider
anniversary and upon rider termination as described below. 
 DEFINITIONS: 

Terms used that are not defined in this rider shall have the same meaning as those in your policy. 

Designated Funds 
 Investment options authorized for use
with this rider and identified by us as designated funds. 

  

					
	 RGMB 31 0708
		(1)		(Income - Single)

 ARTICLE I CONTINUED 

Excess Withdrawal 
 The excess of a gross partial
withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any. 
 Gross Partial Withdrawal 

The amount which will be deducted from your policy value as a result of each partial withdrawal. 

Rider Anniversary 
 The anniversary of the rider date.

 Rider Fee 
 The rider fee is the rider fee percentage
multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The rider fee percentage will not change during the first five rider years, and will only change thereafter due to an
automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each investment option in proportion to the amount of policy value in that investment option on each rider anniversary prior to any
increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have elapsed since the previous rider anniversary. 

Rider Monthiversary 
 The same day of the month as the
rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 

The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This amount will change if the withdrawal base
changes. 
 Rider Year 
 Each twelve-month period
following the rider date. 
 Withdrawal Base 
 The
amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 

GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider,
we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s death. 

The withdrawal percentage is determined by the attained age (age at last birthday) of the annuitant at the time of the first withdrawal of any amount from the
policy value taken on or after the rider anniversary following the annuitant’s [59th] birthday. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that time. The withdrawal percentages are
shown in the table below. 
  

													
	 Attained Age
	 	 	 	 	 	 	 	Withdrawal
Percentage	 	 
		 		 		 		 		 		 	
	 	 	0 - 58	 	 	 		 	 	 	0.0%	 	 
	 	 	59 - 69	 	 	 		 		 	5.0%	 	 
	 	 	70 - 79	 	 	 		 		 	6.0%	 	 
	 	 	80 +	 	 	 		 	 	 	7.0%	 	 

 If the annuitant is not yet [59] on the rider date, the withdrawal percentage will be zero until the rider anniversary
following the annuitant’s [59th] birthday. Withdrawals prior to age 59 1/2 will be subject to the 10% penalty tax. 
 Withdrawals will reduce the
policy value of the policy to which this rider is attached. If the policy value equals zero, you cannot make subsequent premium payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this
rider can be continued by selecting an amount and frequency in accordance with the policy provisions to which this rider attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be
allowed. 

  

					
	 RGMB 31 0708
	 	(2)	 	(Income - Single)

 ARTICLE II CONTINUED 

ISSUE AGE AND SURVIVAL 
 The benefits under this rider
depend on the annuitant being alive at the time of withdrawal and the amount of the benefit depends on the issue age of the annuitant. Proof of survival and the issue age may be required by the Company. 

If the annuitant’s age has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would have been calculated for the
correct age. However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the misstatement caused the rider
withdrawal amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If overpayments occurred when the sum of the
accumulated values in all the designated funds was zero, the amount of that overpayment will be deducted from one or more future payments until this amount is paid in full. 

RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will
be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this time, the minimum required distribution
is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

 

	 	D)	the minimum required distributions are based on age of the living annuitant. The minimum required distributions can not be based on the age of someone who is deceased, 

 

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 

If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 

  

					
	 RGMB 31 0708
		(3)		(Income - Single)

 ARTICLE II CONTINUED 

WITHDRAWAL BASE 
 The withdrawal base is used to calculate
the rider withdrawal amount. On the rider date, the initial withdrawal base is equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by
subsequent premium payments (less any premium enhancements), and is reduced for excess withdrawals. 
 On each rider anniversary, the withdrawal base will
be set to the greatest of: 
  

	 	1)	The current withdrawal base; 

  

	 	2)	The policy value on the rider anniversary; 

  

	 	3)	The highest policy value on a rider [monthiversary;] or 

	 	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the [10th] rider
anniversary or if there have been any withdrawals in the current rider year. 
 DOUBLE WITHDRAWAL BASE BENEFIT 

If no withdrawals have been made 1) during the first [10] rider years or 2) before the anniversary following the annuitant attaining age [67,] whichever is the
later, the withdrawal base on that rider anniversary will be the greater of: 
  

	 	1)	The withdrawal base as calculated in 1-4 above; or 

  

	 	2)	The withdrawal base on the rider date plus any premiums received within 90 days of the rider date multiplied by 2. 

AUTOMATIC STEP-UP FEATURE 
 The rider receives an
automatic step-up on the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider [monthiversary.] This feature does not require the termination of the existing rider. This rider will continue
with the same rider date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first [five] rider years. Following the [fifth] rider anniversary, the
rider fee percentage may be increased due to an automatic step-up, but will not increase more than [0.75%] from the initial rider fee percentage shown on page 1. 

You have the right to reject an automatic step-up within [30] days following a rider anniversary, if the rider fee percentage increases. If you reject an
automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic step-up feature will be reversed. And any increase in the rider fee percentage will also be reversed. 

WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals,
taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1)
and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
	 RGMB 31 0708
		(4)		(Income - Single)

 ARTICLE III 

CONTINUATION 
 In the case of spousal joint owners where
one spouse is the annuitant, if the spouse who is not the annuitant dies and the surviving spouse is the sole beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the
annuitant, if the spouse who is the annuitant dies, this rider will terminate. 
 In the case of non-spousal joint owners where an owner who is not the
annuitant dies, the surviving owner (who is also the sole designated beneficiary) may elect to receive lifetime income payments under this rider instead of receiving any benefits applicable to the policy. The lifetime income payments must begin no
later than 1 year after the owner’s death and will be equal to the rider withdrawal amount divided by the number of payments made per year. Once the payments begin, no additional premium payments will be accepted and no additional withdrawals
will be paid. 
 ANNUITIZATION 
 On the maximum annuity
commencement date, you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each year. This option will also guarantee that the sum of all income payments received over time will equal or exceed
the policy value on the maximum annuity commencement date. If the annuitant should die before the sum of all income payments received equals or exceeds the policy value on the maximum annuity commencement date, the annuitant’s beneficiary will
receive a final payment equal to the difference. 
 RIDER UPGRADE 

You may elect, in writing, to upgrade the withdrawal base to the policy value within [30] days after the [fifth] rider anniversary and every [fifth] rider
anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with the same features will be issued with a new rider date. The new rider will have its own growth
rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage which may be higher than this rider’s rider fee percentage. 

At the time of upgrade, the rider withdrawal amount will be recalculated based on the new withdrawal base. 

The new rider date will be the date the Company receives all information necessary, in a written form acceptable to the Company, to process the upgrade. 

Signed for us at our home office. 
  

			
	

		

	SECRETARY		PRESIDENT

  

					
	 RGMB 31 0708
		(5)		(Income - Single)

											
	

		 		 		Home Office:		 		 
				 		 4333 Edgewood Road N.E.

Cedar Rapids, Iowa 52499
 (319)355-8511
		 		
							 		
				 			 		
	         A Stock Company (Hereafter called the Company, we, our or us)
										

 GUARANTEED LIFETIME WITHDRAWAL BENEFIT RIDER 

This rider is issued as a part of the policy (contract) to which it is attached. Policy refers to the individual policy if the rider is attached to an
individual annuity or the group certificate if the rider is attached to a group annuity. 
 All provisions of the policy that do not conflict with this
rider apply to this rider. In the event of any conflict between the provisions of this rider and the provisions of the policy, the provisions of this rider shall prevail over the provisions of the policy. 

Rider Data Specification 
  

											
	Policy Number:				 		12345		 		
	Rider Date:						07/01/2008		 		
	Growth Rate Percentage:						5.00%		 		
	Initial Rider Fee Percentage:						0.75%		 		
	Annuitant:						JOHN DOE		 		
									 		
	Annuitant’s Issue Age/Sex:						35   /   MALE		 		
	Annuitant’s Spouse:						JANE DOE		 		
	Annuitant’s Spouse’s Issue Age/Sex:				 		35   /   FEMALE		 		

 ARTICLE I 
 You may
cancel this rider before midnight of the thirtieth calendar day after you received it and no rider fees will be assessed. 
 This rider will terminate upon
the later of the annuitant’s or annuitant’s spouse’s death, if you surrender your policy, elect to upgrade (as described in Article III of this rider), or elect to receive annuity payments under your policy. This rider will also
terminate if the policy to which this rider is attached, is assigned or if the owner is changed without our approval. You can terminate this rider within [30] days after the [fifth] rider anniversary and every [fifth] rider anniversary thereafter.
Termination of the rider will result in the loss of all benefits provided by the rider. 
 If you elect this rider, 100% of your policy value must be in one
or more of the designated funds. You can generally transfer between the designated funds as permitted under your policy; however, you cannot make transfers as provided for in the policy to a non-designated fund while this rider is in force. If you
wish to make a transfer to a non-designated fund, this rider must be terminated, as described above, prior to making the transfer. 
 The annuitant’s
spouse as of the rider date is hereafter referred to as the annuitant’s spouse. As it pertains to the benefits of this rider, the annuitant’s spouse cannot be changed. The annuitant’s spouse must be the sole primary beneficiary and/or
a joint owner. The only living owners allowed on the policy to which this rider is attached are the annuitant and the annuitant’s spouse. 
 A rider
fee will be deducted on each rider anniversary and upon rider termination as described below. 
 DEFINITIONS: 

Terms used that are not defined in this rider shall have the same meaning as those in your policy. 

Designated Funds 
 Investment options authorized for use
with this rider and identified by us as designated funds. 

  

					
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 ARTICLE I CONTINUED 

Excess Withdrawal 
 The excess of a gross partial
withdrawal over the rider withdrawal amount remaining prior to the withdrawal, if any. 
 Gross Partial Withdrawal 

The amount which will be deducted from your policy value as a result of each partial withdrawal. 

Rider Anniversary 
 The anniversary of the rider date.

 Rider Fee 
 The rider fee is the rider fee percentage
multiplied by the withdrawal base at the time the fee is deducted. This amount will change if the withdrawal base changes. The rider fee percentage will not change during the first five rider years, and will only change thereafter due to an
automatic step-up. You will be notified of any increase in the rider fee percentage. This fee will be deducted from each investment option in proportion to the amount of policy value in that investment option on each rider anniversary prior to any
increase in the withdrawal base. A portion of this fee will also be deducted when the rider is terminated based on the number of days that have elapsed since the previous rider anniversary. 

Rider Monthiversary 
 The same day of the month as the
rider date. For months not containing that day, we will use the first day of the following month. 
 Rider Withdrawal Amount 

The total amount that can be withdrawn from the policy each rider year without reducing the withdrawal base. This amount will change if the withdrawal base
changes. 
 Rider Year 
 Each twelve-month period
following the rider date. 
 Withdrawal Base 
 The
amount used to calculate the rider withdrawal amount and the rider fee. This amount cannot be taken as a lump sum. 
 ARTICLE II 

GUARANTEED LIFETIME WITHDRAWAL BENEFIT 
 Under this rider,
we guarantee that you can withdraw up to the rider withdrawal amount each rider year, regardless of the policy value, until the annuitant’s or the annuitant’s spouse’s death, whichever is later. 

The withdrawal percentage is determined by the attained age (age at last birthday) of the younger of the living spouses at the time of the first withdrawal of
any amount from the policy value taken on or after the rider anniversary following the younger of the living spouse’s [59th] birthday. Once the withdrawal percentage is established, it may only be changed by an upgrade and redetermined at that
time. The withdrawal percentages are shown in the table below. 
  

													
	 Attained Age
	 	 	 	 	 	 	 	Withdrawal
Percentage	 	 
		 		 		 		 		 		 	
	 	 	0 - 58	 	 	 		 	 	 	0.0%	 	 
	 	 	59 - 69	 	 	 		 		 	4.5%	 	 
	 	 	70 - 79	 	 	 		 		 	5.5%	 	 
	 	 	80 +	 	 	 		 	 	 	6.5%	 	 

 If the younger of the annuitant and the annuitant’s spouse is not yet [59] on the rider date, the withdrawal percentage
will be zero until the rider anniversary following the younger of the living spouse’s [59th] birthday. Withdrawals prior to age 59 1/2 will be subject to the 10% penalty tax. 

Withdrawals will reduce the policy value of the policy to which this rider is attached. If the policy value equals zero, you cannot make subsequent premium
payments and all other policy features, benefits and guarantees are no longer available. Withdrawals guaranteed by this rider can be continued by selecting an amount and frequency in accordance with the policy provisions to which this rider
attaches. Once the payment amount and frequency are established, they cannot be changed and no additional withdrawals will be allowed. 

  

					
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 ARTICLE II CONTINUED 

ISSUE AGE AND SURVIVAL 
 The benefits under this rider
depend on the annuitant or annuitant’s spouse being alive at the time of withdrawal and the amount of the benefit depends on the issue age of the annuitant and annuitant’s spouse. Proof of survival and the issue ages may be required by the
Company. 
 If the younger of the spouses’ ages has been misstated, this rider’s fees and benefits will be adjusted to the amounts which would
have been calculated for the correct age. However, if this rider would not have been issued had the age not been misstated, the rider is treated as if it never existed. If withdrawals under the provisions of the rider have already commenced and the
misstatement caused the rider withdrawal amount to be overstated, any withdrawal in excess of the correct rider withdrawal amount will be considered an excess withdrawal and will impact the withdrawal base and rider withdrawal amount. If
overpayments occurred when the sum of the accumulated values in all the designated funds was zero, the amount of the overpayment will be deducted from one or more future payments until this amount is paid in full. 

RIDER WITHDRAWAL AMOUNT 
 The rider withdrawal amount will
be equal to the greater of 1) and 2), where: 
  

	1)	is the withdrawal percentage multiplied by the withdrawal base; 

  

	2)	is an amount equal to the minimum required distribution amount. Prior to the 1st rider anniversary, this amount is based on the initial policy value on the rider date. After this time, the minimum required distribution
is calculated based on the rules established by the IRS. The minimum required distribution may only be used if all of the following are true: 

  

	 	A)	the policy to which this rider is attached is a tax-qualified policy for which IRS minimum required distributions are required, 

  

	 	B)	the minimum required distributions do not start prior to the annuitant’s attained age 70 1/2, 

  

	 	C)	the minimum required distributions are based on either the Uniform Lifetime table or the Joint Life and Last Survivor Expectancy table, 

 

	 	D)	the minimum required distributions are based on age of the living annuitant or the annuitant’s spouse if the annuitant is deceased. The minimum required distributions can not be based on the age of someone who is
deceased, 

  

	 	E)	the minimum required distributions are based only on the policy to which this rider is attached, and 

  

	 	F)	the minimum required distributions are only for the current rider year. Amounts carried over from past rider years are not considered. 

If any of the above are not true, then 2) is equal to zero and it is not available as a rider withdrawal amount. 

If you withdraw less than the rider withdrawal amount in a rider year, the unused portion cannot be carried over to the next rider year. 

  

					
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		(3)		(Income - Joint)

 ARTICLE II CONTINUED 

WITHDRAWAL BASE 
 The withdrawal base is used to calculate
the rider withdrawal amount. On the rider date, the initial withdrawal base is equal to the policy value (less any premium enhancements if the rider is added in the first policy year). During any rider year, the withdrawal base is increased by
subsequent premium payments (less any premium enhancements), and is reduced for excess withdrawals. 
 On each rider anniversary, the withdrawal base will
be set to the greatest of: 
  

	 	1)	The current withdrawal base; 

  

	 	2)	The policy value on the rider anniversary; 

  

	 	3)	The highest policy value on a rider [monthiversary;] or 

  

	 	4)	The current withdrawal base immediately prior to anniversary processing increased by the growth rate percentage. 

Item 3) above will be zero if there have been any excess withdrawals in the current rider year. Item 4) above will be zero after the [10th] rider
anniversary or if there have been any withdrawals in the current rider year. 
 DOUBLE WITHDRAWAL BASE BENEFIT 

If no withdrawals have been made 1) during the first [10] rider years or 2) before the anniversary following the younger of the annuitant or annuitant’s
spouse attaining age [67,] whichever is the later, the withdrawal base on that rider anniversary will be the greater of: 
  

	 	1)	The withdrawal base as calculated in 1-4 above; or 

  

	 	2)	The withdrawal base on the rider date plus any premiums received within 90 days of the rider date multiplied by 2. 

AUTOMATIC STEP-UP FEATURE 
 The rider receives an
automatic step-up on the rider anniversary if the withdrawal base is set equal to the policy value or the highest policy value on a rider [monthiversary.] This feature does not require the termination of the existing rider. This rider will continue
with the same rider date and features. The rider fee percentage may be changed due to an automatic step-up, but there will be no increase in the rider fee percentage during the first [five] rider years. Following the [fifth] rider anniversary, the
rider fee percentage may be increased due to an automatic step-up, but will not increase more than [0.75%] from the initial rider fee percentage shown on page 1. 

You have the right to reject an automatic step-up within [30] days following a rider anniversary, if the rider fee percentage increases. If you reject an
automatic step-up, you must notify us in a manner which is acceptable to us. Changes as a result of the automatic step-up feature will be reversed. Any increase in the rider fee percentage will also be reversed. 

WITHDRAWAL BASE ADJUSTMENTS 
 Gross partial withdrawals,
taken in a rider year, less than or equal to the rider withdrawal amount will not reduce the withdrawal base. Excess withdrawals will reduce the withdrawal base by the withdrawal base adjustment. The withdrawal base adjustment is the greater of 1)
and 2), where: 
  

	1)	is the excess withdrawal amount; and 

  

	2)	is the result of (A multiplied by B), divided by C, where: 

  

	 	A)	is the excess withdrawal; 

  

	 	B)	is the withdrawal base prior to the excess withdrawal amount; and 

  

	 	C)	is the policy value after the rider withdrawal amount has been withdrawn, but prior to the withdrawal of the excess withdrawal amount. 

  

					
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		(4)		(Income - Joint)

 ARTICLE III 

CONTINUATION 
 In the case of spousal joint owners where
one spouse is the annuitant, if the spouse who is not the annuitant dies and the surviving spouse is the sole beneficiary, the surviving spouse may elect to continue the policy and rider. In the case of spousal joint owners where one spouse is the
annuitant, if the spouse who is the annuitant dies and the surviving spouse is the sole beneficiary, the rider continues until the death of the surviving spouse. 

ANNUITIZATION 
 On the maximum annuity commencement date,
you will have the option to receive lifetime income payments that are no less than your rider withdrawal amount each year. This option will also guarantee that the sum of all income payments received over time will equal or exceed the policy value
on the maximum annuity commencement date. If the annuitant or annuitant’s spouse should die before the sum of all income payments received equals or exceeds the policy value on the maximum annuity commencement date, the annuitant’s
beneficiary will receive a final payment equal to the difference. 
 RIDER UPGRADE 

You may elect, in writing, to upgrade the withdrawal base to the policy value within [30] days after the [fifth] rider anniversary and every [fifth] rider
anniversary thereafter, subject to the issue age restrictions on the new rider. If an upgrade is elected, this rider will terminate and a new rider with the same features will be issued with a new rider date. The new rider will have its own growth
rate percentage which may be lower than this rider’s growth rate percentage. The new rider will have its own rider fee percentage which may be higher than this rider’s rider fee percentage. 

At the time of upgrade, the rider withdrawal amount will be recalculated based on the new withdrawal base. 

The new rider date will be the date the Company receives all information necessary, in a written form acceptable to the Company, to process the upgrade. 

Signed for us at our home office. 
  

			
	

		

	SECRETARY		PRESIDENT

  

					
	 RGMB 31 0708
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