Document:

Exhibit

EXHIBIT 4.5

Guaranty Supplement

To the Holders (as defined in the hereinafter 
  defined Guaranty Agreement)
Ladies and Gentlemen:
Whereas, EPR Properties, a Maryland real estate investment trust (the “Issuer”), issued $148,000,000 aggregate principal of its 4.35% Series A Guaranteed Senior Notes due August 22, 2024 (the “Series A Notes”) and $192,000,000 aggregate principal amount of its 4.56% Series B Guaranteed Senior Notes due August 22, 2026 (the “Series B Notes”; the Series A Notes and the Series B Notes are hereinafter referred to collectively as the “Notes”) pursuant to that certain Note Purchase Agreement dated as of August 1, 2016 (the “Note Purchase Agreement”) between the Issuer and each of the purchasers listed in the Purchaser Schedule attached to said Note Purchase Agreement (the “Initial Purchasers”) for the purposes described in Section 5.14 of the Note Purchase Agreement.  Capitalized terms used herein shall have the meanings set forth in the hereinafter defined Guaranty Agreement unless herein defined or the context shall otherwise require.
Whereas, as a condition precedent to their purchase of the Notes, the Holders required that certain Subsidiaries of the Issuer from time to time enter into that certain Subsidiary Guaranty Agreement dated as of August 22, 2016 as security for the Notes (as amended, supplemented, restated or otherwise modified from time to time, the “Guaranty Agreement”).
Pursuant to Section 9.9(a) of the Note Purchase Agreement, the Issuer has agreed to cause Early Childhood Education, LLC, a Delaware limited company, EPT Arroyo, Inc., a Delaware corporation, EPT Auburn, Inc., a Delaware corporation, EPT Columbiana, Inc., a Delaware corporation, EPT Lafayette, Inc., a Delaware corporation, EPT Macon, Inc., a Delaware corporation, EPT Modesto, Inc., a Delaware corporation, and EPT Wilmington, Inc., a Delaware corporation (each, an “Additional Guarantor”), to join in the Guaranty Agreement.  In accordance with the requirements of the Guaranty Agreement, each Additional Guarantor desires to supplement the definition of Guarantor (as the same may have been heretofore supplemented) set forth in the Guaranty Agreement so that at all times from and after the date hereof, each Additional Guarantor shall be jointly and severally liable as set forth in the Guaranty Agreement for the obligations of the Issuer under the Notes and the Note Purchase Agreement and to the extent and in the manner set forth in the Guaranty Agreement.
The execution by the undersigned of this Guaranty Supplement shall evidence each Additional Guarantor’s consent to and acknowledgment and approval of the terms set forth herein and in the Guaranty Agreement and its agreement to be bound by the covenants, terms and provisions of the Guaranty Agreement as a Guarantor thereunder and by such execution each Additional Guarantor shall be deemed to have made in favor of the Holders the representations and warranties set forth in Section 5 of the Guaranty Agreement.
Upon execution of this Guaranty Supplement, the Guaranty Agreement shall be deemed to be supplemented as set forth above.  Except as supplemented herein, the terms and provisions of the Guaranty Agreement are hereby ratified, confirmed and approved in all respects.

Any and all notices, requests, certificates and other instruments (including the Notes) may refer to the Guaranty Agreement without making specific reference to this Guaranty Supplement, but nevertheless all such references shall be deemed to include this Guaranty Supplement unless the context shall otherwise require.
Dated:  September 30, 2016.

EARLY CHILDHOOD DEVELOPMENT, LLC
EPT ARROYO, INC.
EPT AUBURN, INC.
EPT COLUMBIANA, INC.
EPT LAFAYETTE, INC.
EPT MACON, INC.
EPT MODESTO, INC.
EPT WILMINGTON, INC.

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

EXHIBIT 4.6

OWNERSHIP LIMIT WAIVER AGREEMENT

THIS AGREEMENT is entered into as of September 19, 2016, by EPR Properties, a Maryland real estate investment trust (“EPR”), and     Invesco Advisers, Inc., a Delaware corporation (“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 which are classified as common stock or preferred stock (“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 (i) provides to the Board such representations and undertakings as the Board, in its sole and absolute discretion, may require, and (ii) 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.Purchaser has requested that the Board grant Purchaser and other direct or indirect subsidiaries of Invesco Ltd. (collectively, the “Invesco Group”), a waiver of the Ownership Limit that will permit the Invesco Group, on behalf of certain client accounts (and not for the Invesco Group’s own account), to acquire the 5.75% Series C Cumulative Convertible Preferred Shares (the “Series C Shares”), 9.00% Series E Cumulative Convertible Preferred Shares (the “Series E Shares”) and the 6.625% Series F Cumulative Redeemable Preferred Shares (the “Series F Shares) (the Series C Shares, the Series E Shares and the Series F Shares collectively the “Waiver Shares”) in the amounts 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 by the Invesco Group of Waiver Shares, conditioned upon Purchaser's representations and undertakings in this Agreement, permitting the Invesco Group, on behalf of certain client accounts, to acquire up to an aggregate of 15% (but not more than 15%), as determined by reference to liquidation value, of each of the issued and outstanding Series C Shares, Series E Shares and Series F Shares.
		
	2.
	REPRESENTATIONS AND WARRANTIES OF PURCHASER

On behalf of the Invesco Group, Purchaser represents and warrants to and agrees with EPR as follows with respect to Shares under the Invesco Group’s management on behalf of certain client accounts:

3.1No 9.8% Individual (with Attribution).  In connection with, and as a condition to, the grant by the Board of an exemption from the Ownership Limit to permit the Invesco Group, on behalf of certain client accounts, to hold up to an aggregate of 15% (but not more than 15%), as determined by reference to liquidation value, of each of the issued and outstanding Series C Shares, Series E Shares and Series F Shares, Purchaser represents and warrants to EPR and covenants that to its actual knowledge that no person or entity who would be considered to be an “individual” for purposes of Section 542(a)(2) of the Code, and who beneficially owns Waiver Shares through discretionary accounts or funds managed by the Invesco Group, would be considered to be, 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 Series C Shares, Series E Share or Series F Shares in number or measured value (not liquidation value), whichever is more restrictive.  

3.2No 9.8% Owner (with Attribution).  Purchaser further represents and warrants to EPR and covenants that to its actual knowledge at this time, and at all future dates while this waiver is outstanding, the Invesco Group's ownership of any of EPR's Shares on behalf of certain client accounts together with any person or entity whose ownership of EPR's Shares would be attributed to the Invesco Group or the Invesco Group’s client(s) under Section 318(a) of the Code (as modified by Section 856(d)(5) of the Code) does not, and shall not exceed 9.8% (by number of Shares, voting or value, whichever is most restrictive) of the total outstanding Shares of EPR (whether or not such ownership causes EPR to be “closely held” under the REIT rules).  

3.3Reduction of Shares.  Purchaser acknowledges and agrees that, if at any time the foregoing covenants and representations would not be accurate with respect to any, or all, of the Series C Shares, Series E Shares, Series F Shares, or EPR's Common Shares, the maximum number of such Shares that the Invesco Group could own on behalf of certain client accounts would be automatically reduced (without the requirement for any action by EPR) to the number of  such Shares that would cause the covenants in the preceding Sections 2.1 and 2.2 to be accurate, and EPR shall be entitled to pursue any other remedies available at law or equity. 
 
3.4No Other Exemption Granted.  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 Waiver Shares.

3.5Acts to Preserve REIT Status.  Subject to Section 2.5 below, 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 Waiver Shares, or other securities of EPR the acquisition of which by the Invesco Group, on behalf of certain client accounts, 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, in the event that any of the Ownership Limitations set forth in Article Ninth, would otherwise be exceeded, notwithstanding any other provision of this Agreement or the waiver granted hereby.

3.6Articles and Remedies.  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.

3.MISCELLANEOUS

3.1Additional 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 to 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.

3.2Assignment.  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.

3.3Amendment.  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.

3.4Waiver.  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.

3.5Governing 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).

3.6Severability.  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.

3.7Incorporation of Recitals.  The recitals hereto are incorporated herein as part of this Agreement.

3.8Execution 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.  
EPR PROPERTIES

By:       /s/ Gregory K. Silvers                
Name: Gregory K. Silvers
Title: President and CEO

INVESCO ADVISERS, INC.

By:       /s/ Mark D. Blackburn                
Name:    Mark D. Blackburn
Title:      Asst. Vice President

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