Document:

Agreement Regarding Ownership Limited Waiver, dated October 4, 2012

 Exhibit 4.3 
 AGREEMENT REGARDING OWNERSHIP LIMIT WAIVER 
 THIS AGREEMENT is entered into
as of October 4, 2012, by Entertainment Properties Trust, a Maryland real estate investment trust (“EPR”), and CBRE Clarion Securities LLC (“Purchaser”). 

RECITALS 

A. EPR has elected, effective for its taxable years ending on and after December 31, 1997, to be treated as a real estate investment
trust (‘REIT”) for purposes of the Internal Revenue Code of 1986, as amended (the “Code”). EPR’s Amended and Restated Declaration of Trust (“Declaration of Trust”) contains certain ownership limitations relating to
EPR’s qualification as a REIT, including a limitation on the percentage of EPR’s outstanding shares of beneficial interest (“Shares”) that any Person (as defined in the Declaration of Trust) may own (the “Ownership
Limit”). 
 B. Article Ninth, Section 11 of the Declaration of Trust provides that the Board of Trustees of EPR (the
“Board”), in its sole discretion, may exempt a Person from the Ownership Limit if such Person provides to the Board such representations and undertakings as the Board, in its sole and absolute discretion, may require, and such Person
agrees that any violation of such representations and undertakings or any attempted violation thereof will result in an application of the remedies set forth in Article Ninth of the Declaration of Trust (“Article Ninth”) with respect to
shares held in excess of the Ownership Limit (“Excess Shares”). 
 C. EPR intends to issue up to 5,000,000 of its
Series F cumulative redeemable preferred shares of beneficial interest (liquidation preference—$25.00 per share) (the “Series F Preferred Shares”) on or about October 12, 2012 in connection with an underwritten public offering
thereof (the “Offering”), and Purchaser, on behalf of certain accounts and institutions, desires to acquire approximately 21% (as determined with reference to liquidation value), in the aggregate, of the Series F Preferred Shares to be
issued in the Offering. 
 D. Purchaser has requested that the Board grant Purchaser a waiver of the Ownership Limit that will
permit Purchaser, on behalf of certain accounts and institutions, to acquire Series F Preferred Shares in the amount described herein, and the Board desires to grant such waiver, conditioned upon the continued accuracy of the representations and
undertakings made by Purchaser in this Agreement. 
 In consideration of the foregoing and the mutual promises and covenants
contained herein, the parties agree as follows: 
  

	1.	REPRESENTATIONS AND WARRANTIES OF EPR 

 EPR represents and warrants that the Board has approved an exemption from the Ownership Limit for the acquisition of Series F Preferred Shares by Purchaser, conditioned upon Purchaser’s
representations and undertakings in this Agreement, permitting Purchaser, on behalf of certain accounts and institutions, to acquire up to an aggregate of 25% (but not more than 25%), as determined by reference to liquidation value, of the issued
and outstanding Series F Preferred Shares to be sold in the Offering. 

	2.	REPRESENTATIONS AND WARRANTIES OF PURCHASER 

 Purchaser represents and warrants to and agrees with EPR as follows: 
 2.1 In
connection with, and as a condition to, the grant by the Board of an exemption from the Ownership Limit to permit Purchaser, on behalf of certain accounts and institutions, to hold up to an aggregate of 25% (but not more than 25%), as determined by
reference to liquidation value, of the issued and outstanding Series F Preferred Shares, Purchaser represents to EPR and covenants that no person or entity who would be considered to be an “individual” for purposes of
Section 542(a)(2) of the Code would be considered, after taking into account the ownership attribution rules under Section 544 of the Code (as modified by Sections 856(h)(1)(B) and 856(h)(3) of the Code), the beneficial owner of more
than 9.8% of the issued and outstanding Shares (assuming for this purpose that such “individual” is not considered to own any Shares other than solely by reason of Purchaser’s ownership of Shares). Purchaser acknowledges and agrees
that, if at any time the foregoing covenant and representation would not be accurate, the maximum number of Series F Preferred Shares that Purchaser could own would be automatically reduced (without the requirement for any action by EPR) to the
number of Series F Preferred Shares that would cause the covenant in the preceding sentence to be accurate. 
 2.2 Purchaser
acknowledges that, notwithstanding the waiver of the Ownership Limit granted pursuant to this Agreement, the Board is not granting an exemption from any other ownership restrictions set forth in Article Ninth or with respect to any Shares other than
the Series F Preferred Shares. 
 2.3 Purchaser acknowledges that EPR is a “domestically controlled REIT” under the
Code, and agrees that EPR may take such actions as the Board, in its sole and absolute discretion, deems necessary and advisable to preserve EPR’s status as a “domestically controlled REIT” under the Code, and to ensure that EPR is
not “closely held” within the meaning of Section 856(h) of the Code, including but not limited to the designation of any Series F Preferred Shares or other securities of EPR the acquisition of which by Purchaser or the accounts or
institutions for which it acts could cause EPR to become “closely held” or to lose its status as a “domestically controlled REIT,” as Excess Shares subject to the Excess Share provisions of Article Ninth, notwithstanding any
other provision of this Agreement or the waiver granted hereby. 
 2.4 Purchaser acknowledges and agrees that any violation of
its representations, warranties or covenants in this Section 2 will result in the application of the remedies set forth in Article Ninth in respect to any of the Shares that constitute Excess Shares in accordance with Article Ninth. 

  
 2 

	3.	MISCELLANEOUS 

 3.1
Additional Actions and Documents 
 Each of the parties hereby agrees to use its reasonable best efforts to cause to be
taken such further actions, to execute, deliver and file or use its reasonable best efforts to cause to be executed, delivered and filed such further documents, and to obtain such consents, as may be necessary or as may be reasonably requested in
order to fully effectuate the purposes, terms and conditions of this Agreement. 
 3.2 Assignment 

Neither party may assign its rights and obligations under this Agreement, in whole or in part, without the prior written consent of the
other party, and any such assignment contrary to the terms hereof shall be null and void and of no force and effect. In no event shall the assignment by either party of its respective rights or obligations under this Agreement release such party
from its liabilities and obligations hereunder. 
 3.3 Amendment 

This Agreement constitutes the full and entire understanding of the parties with respect to the subject matters herein. No amendment,
modification or discharge of this Agreement shall be valid or binding unless set forth in writing and duly executed and delivered by the party against whom enforcement of the amendment, modification, or discharge is sought. 

3.4 Waiver 
 No waiver shall be valid against any party hereto unless made in writing and signed by the party against whom enforcement of such waiver is sought and then only to the extent expressly specified therein.

 3.5 Governing Law 
 This Amendment shall be governed by and construed under the laws of the State of Maryland (without regard for the choice of law provisions thereof). 

3.6 Severability 
 If any clause or provision of this Agreement operates or would prospectively operate to invalidate this Agreement in whole or in part, then only such clause or provision shall be ineffective, and the
remainder of this Agreement shall remain operative and in full force and effect. 
 3.7 Incorporation of Recitals

 The recitals hereto are incorporated herein as part of this Agreement. 

  
 3 

 3.8 Execution in Counterparts 

This Agreement may be executed in counterparts. All counterparts shall collectively constitute a single Agreement. 

IN WITNESS WHEREOF, the parties have duly executed this Agreement as of the date set forth above. 

 

					
	ENTERTAINMENT PROPERTIES TRUST
			
	By:	 	 	 	/s/ Mark Peterson
		 	Name:	 	Mark A. Peterson
		 	Title:	 	Senior Vice President, Treasurer and Chief Financial Officer
	
	CBRE CLARION SECURITIES LLC
			
	By:	 	 	 	/s/ David J. Makowicz
		 	Name:	 	David J. Makowicz
		 	Title:	 	Chief Operating Officer

  
 4Joinder Agreement, dated as of October 11, 2012

 Exhibit 10.1 
 JOINDER AGREEMENT 
 THIS JOINDER AGREEMENT dated as of October 11,
2012, executed and delivered by FLIK, INC., a Delaware corporation, EPT GULF POINTE, INC., a Delaware corporation, EPT MESQUITE, INC., a Delaware corporation, and EPT SOUTH BARRINGTON, INC., a Delaware corporation (each a “New Borrower”
and, collectively, the “New Borrowers”), in favor of (a) KEYBANK, NATIONAL ASSOCIATION, in its capacity as Agent (the “Agent”) for the Lenders under that certain Amended and Restated Credit Agreement dated as of
October 13, 2011 (as amended, restated, supplemented or otherwise modified from time to time, the “Credit Agreement”), by and among ENTERTAINMENT PROPERTIES TRUST 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 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 Agent and the Lenders through their collective efforts;

 WHEREAS, each 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, each 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, each 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 Borrowers, each New Borrower agrees as follows: 
 Section 1. Accession to Loan Documents. Each 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 such New Borrower had been an original signatory to each Note and the Credit Agreement. Without limiting the generality of the foregoing, each 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); 

 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] 

Joinder Agreement (Revolver) – Page 2 

 IN WITNESS WHEREOF, each 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. 
  

			
	FLIK, INC.
		
	By: 	 	/s/ Mark Peterson
		 	Mark Peterson, Vice President
	
	EPT GULF POINTE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Mark Peterson, Vice President
	
	EPT MESQUITE, INC.
		
	By:	 	/s/ Mark Peterson
		 	Mark Peterson, Vice President
	
	EPT SOUTH BARRINGTON, INC.
		
	By:	 	/s/ Mark Peterson
		 	Mark Peterson, Vice President
		
		 	Address for Notices (all New Borrowers):
		
		 	c/o Entertainment Properties Trust
		 	909 Walnut Street, Suite 200
		 	Kansas City, MO 64106
		 	Attention:     Gregory K. Silvers, Esq.
		 	                      Vice President and General
Counsel
		 	Telephone:     816-472-1700
		 	Telecopy:       816-472-5794

 Joinder Agreement (Revolver) – Signature Page 

			
	Accepted:
	
	 KEYBANK, NATIONAL ASSOCIATION, as Agent

		
	 By: 
	 	/s/ Jane E. McGrath
		 	Name: Jane E. McGrath
		 	Title: Vice President

 Joinder Agreement (Revolver) – Signature Page

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