Document:

EX-10.1

 Exhibit 10.1 

CONSULTING AGREEMENT 

This Consulting Agreement (“Agreement”) is entered into as of March 10, 2015, between Mattel, Inc. (the “Company”)
and Bryan G. Stockton (“Consultant”). In consideration of the mutual promises set forth in this Agreement, the Company and Consultant hereby agree as follows: 

1. Consultant Status. Subject to the terms and conditions of this Agreement, the Company hereby engages Consultant as an independent
consultant to perform the services set forth herein, and Consultant hereby accepts such engagement. As a condition of this engagement, Consultant shall not be eligible to participate in any benefit programs or plans that the Company offers to its
employees (other than to the extent Consultant is a participant in any such program or plan as a result of benefits he accrued while employed by the Company and/or its subsidiaries), and Consultant shall have no entitlement to vacation pay, holiday
pay, sick leave, retirement plan contributions, bonuses, incentive or equity awards, social security, workers’ compensation, non-COBRA health benefits, life or disability insurance benefits, unemployment insurance benefits, or any other
employee benefits or perquisites of any kind. By accepting this offer of engagement for consulting services, Consultant agrees to irrevocably waive participation in all those plans and programs. 

2. Term. In exchange for the Consulting Fee (as defined below), Consultant will provide the Company with consulting services on an
as-needed basis for 12 months commencing as of March 1, 2015 (the “Effective Date”) and ending February 29, 2016 (the “Consulting Period”). 

3. Compensation. 
 (a)
Consulting Fee. The Company shall pay Consultant $125,000 per month during the term of this Agreement (the “Consulting Fee”) in arrears on the last day of each month (each payment date, a “Payment Date”), in consideration of and
subject to Consultant’s continued service with the Company through each Payment Date, Consultant’s compliance with the terms and conditions of this Agreement and Consultant’s execution and non-revocation of a general release of claims
against the Company, in substantially the form attached hereto as Exhibit A on or following the end of the Consulting Period (as defined below). 

(b) Reimbursements. During the term of this Agreement, the Company will reimburse Consultant for all reasonable and necessary travel-related
expenses incurred by Consultant directly relating to Consultant’s performance of the Consulting Services (as defined below) if advance written approval by the Chairman of the Board of Directors of the Company (the “Chairman”) or his
designee of such travel-related expenses is obtained. All requests for reimbursement for travel-related expenses must be accompanied by documentation in form and detail sufficient to meet the requirements of the taxing authorities with respect to
recognition of business-related travel expenses for corporate tax purposes. No request for expense reimbursement shall be submitted more than 30 calendar days following the date the expenditure was incurred, and Consultant shall receive all
reimbursements due hereunder within 90 calendar days after the submission of the request for expense reimbursement. 
 4. Duties.
Such consulting services will primarily consist of the following duties: (a) consult with and advise the Company with respect to the transition of the Chief Executive Officer duties and responsibilities; (b) consult with and advise the
Company with respect to the Company’s on-going operations; (c) supply and/or verify factual and historical information in connection with various matters (for 

  
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instance those being handled by the Company’s Law Department), requiring Consultant to remain reasonably available to testify or counsel for interviews and/or declarations as needed by the
Company; (d) work on other special assignments relating to the Company’s charitable obligations, as assigned by the Chairman or his designee, (e) cooperate with the Company as provided in Paragraph 12 and (f) provide such other
services as may be reasonably requested by the Chairman or his designee (the “Consulting Services”). Consultant will cooperate fully with the Company to arrange reasonable times to provide these Consulting Services. The Consulting Services
shall be of an advisory nature and Consultant shall have no power or authority to bind the Company in any way. 
 5. Avoidance of
Conflicts of Interest during the Consulting Period. During the term of the Consulting Period, for the purpose of avoiding a conflict of interest and as a necessary step to protect the Company’s trade secrets and confidential, proprietary
information, Consultant agrees that he shall not directly or indirectly, whether as an employee, consultant, independent contractor or otherwise, provide services to any person or entity engaged in the design, development, manufacturing, licensing,
marketing, or other exploitation of toys, games, collectibles, playthings, or entertainment or other media products, as well as licensed consumer products that are competitive with the actual or reasonably contemplated goods distributed or planned
to be distributed by the Company at the date of this Agreement (“Conflicting Services”). Consultant acknowledges and agrees that the provisions set forth in this Paragraph are reasonable and necessary to avoid a conflict of interest and to
protect the Company’s trade secrets. The Company’s decision to engage Consultant, to provide the compensation to Consultant under this Agreement, and to provide Consultant with continuing access to Company confidential and proprietary
information and trade secrets is premised on Consultant’s agreement to abide by the terms of this provision and to avoid providing Conflicting Services. If Consultant elects to perform Conflicting Services prior to the end of the Consulting
Period, he shall provide Company with sixty (60) days advance written notice pursuant to Paragraph 6 of this Agreement. As of the date of such notification by Consultant that he elects to perform Conflicting Services, the Company (i) will
be excused from paying Consultant any remaining payments of the Consulting Fee that would otherwise have been due under this Agreement, and (ii) shall be entitled to take any and all further measures necessary to protect its trade secrets and
confidential proprietary information. 
 6. Notice to Company in Event of Conflicting Engagement. Consultant agrees that if he elects
to enter any engagement to perform any Conflicting Services, he will provide the Company with sixty (60) days advance written notice, which will include a description of such services. Consultant will send such written notice to Alan Kaye,
Executive Vice President and Chief Human Resources Officer, or his successor, at 333 Continental Blvd., El Segundo, CA 90245. Consultant understands and agrees that if he is discovered to have engaged in Conflicting Services without notifying the
Company, he will have to repay the Consulting Fee, pursuant to this Paragraph 6. The provisions of Paragraphs 2, 3, 4, 5 and 6 are indivisible and not severable. Therefore, if some or all of the provisions of those Paragraphs are held, for any
reason, to be invalid, overbroad, or unenforceable, Consultant acknowledges and agrees that the Company’s obligation to pay the Consulting Fee will automatically and simultaneously be deemed null and void. 

7. Ownership of Inventions. Consultant agrees that, to the fullest extent legally possible, any and all inventions, improvements,
contributions, literary property, drawings, sketches, designs, works, materials, concepts, ideas, discoveries and trade secrets, whether patentable or copyrightable, that he conceives, discovers, creates, makes or invents (whether alone or jointly
with others) during the Consulting Period will be work-made-for-hire owned solely and exclusively by the Company worldwide 

  
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and in perpetuity if (i) made using equipment, supplies, facilities, or trade secrets of Company, (ii) based upon work performed by Consultant for the Company, or (iii) related to
the businesses or actual or demonstrably anticipated research and development of the Company (collectively, “Inventions”). Even if any of the Inventions may be deemed not to constitute work-made-for-hire, they will be the sole and
exclusive property of the Company. Consultant agrees to, and does hereby, irrevocably and unconditionally transfer, convey, and assign to the Company, in perpetuity and without any reservation of rights, all right, title, and interest to the
Inventions, including, without limitation, all worldwide copyrights, patent rights (including patent applications and disclosures), mask work rights, trade secret rights, trademarks, trade dress rights, product design rights, Moral Rights (defined
below), rights of privacy and publicity, intellectual property rights pertaining to the use, transmission, display, performance, exercise, or exploitation of the Inventions in any media now known or hereafter devised, know-how, and any and all other
proprietary and intellectual property rights (including any renewal, revival, reversion, and extension rights) (collectively, the “Intellectual Property Rights”). 

8. Moral Rights. Consultant agrees to and does hereby waive, to the maximum extent permitted by law, all Moral Rights in the Inventions
and agrees never to assert, such rights against Company and also agrees to and does hereby consent to any action of the Company that would otherwise violate such rights and interests during and after the Consulting Periods. “Moral Rights”
mean any rights to: (a) be identified as author or director of any Inventions, (b) object to or prevent the modification or destruction of any Inventions, (c) withdraw from circulation or control the publication or distribution of any
Inventions, and (d) any similar right, existing under judicial or statutory law of any country in the world, or under any treaty, regardless of whether or not such right is called or generally referred to as a “moral right” and
including any performers’, data protection, or equitable remuneration rights. 
 9. Confidentiality. Consultant acknowledges and
agrees that during the Consulting Period, and in his capacity as a Consultant, he will continue to be bound by the Employee Confidentiality and Inventions Agreement effective May 1, 2012 (the “Confidentiality Agreement”). Further,
Consultant acknowledges that during the Consulting Period, he will continue to have access to and become acquainted with various trade secrets and non-public commercially valuable inventions, innovations, processes, information, records and
specifications owned or licensed by the Company and/or used by the Company in connection with the operation of its business including, without limitation, the Company’s business and product processes, methods, customer lists, accounts and
procedures. Consultant agrees that he will not disclose any of the aforesaid, directly or indirectly, or use any of them in any manner, either during the term of this Agreement or at any time thereafter, except as required in the course of
performing the Consulting Services for the Company. All files, records, documents, blueprints, specifications, information, letters, notes, media lists, artwork, notebooks, and similar items relating to the business of the Company, whether prepared
by the Consultant or otherwise coming into his possession, and in whatever medium, shall remain the exclusive property of the Company. Consultant shall not retain any copies of the foregoing without the Company’s prior written permission. Upon
the expiration or earlier termination of this Agreement, or whenever requested by the Company, Consultant shall immediately deliver to the Company all such files, records, documents, specifications, information, and other items, in whatever medium,
in his possession or under his control. 
 10. Non-Solicitation. During the Consulting Period and continuing until the first
anniversary of the end of the Consulting Period, and to the extent allowable by the governing law, Consultant shall not directly or indirectly, personally or through others, solicit or attempt to solicit, on the Consultant’s own

  
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behalf or on behalf of any other person or entity, the employment of any employee or consultant of the Company who is an employee or consultant of the Company. 

11. Termination of Agreement. 

(a) This Agreement may be terminated before February 29, 2016, by either party upon material breach of any term of this Agreement by the
other party, including without limitation, Consultant’s breach of any of Consultant’s obligations under Paragraphs 3 through 10 and Paragraph 12 herein. 

(b) In the event Consultant materially breaches this Agreement, all obligations of the Company hereunder shall cease and Consultant shall not
be entitled to any payments under this Agreement in connection with or following the termination of this Agreement and the consulting relationship established hereby, except for any unpaid reimbursement for travel-related expenses that have been
validly pre-approved. 
 (c) Further, in the event Consultant materially breaches this Agreement, Consultant understands and agrees that he
shall be obligated to repay any payments of the Consulting Fee he received, whether such payments were received prior to or after such material breach. 

12. Cooperation in Proceedings. The Consultant agrees that he shall fully cooperate with respect to any claim, litigation or judicial,
arbitral or investigative proceeding initiated by any private party or by any regulator, governmental entity, or self-regulatory organization, that relates to or arises from any matter with which Consultant was involved during his employment with
the Company, or that concerns any matter of which Consultant has information or knowledge (collectively, a “Proceeding”). Consultant’s duty of cooperation includes, but is not limited to: (i) meeting with the Company’s
attorneys by telephone or in person at mutually convenient times and places in order to state truthfully Consultant’s recollection of events; (ii) appearing at the Company’s request as a witness at depositions or trials, without the
necessity of a subpoena, in order to state truthfully Consultant’s knowledge of matters at issue; and (iii) signing at the Company’s request declarations or affidavits that truthfully state matters of which Consultant has knowledge.
The Company shall reimburse the Consultant for any reasonable documented costs and expenses and time (in an amount equal to $250 per hour) incurred in connection with any Proceeding after the Consulting Period. In addition, Consultant agrees to
notify the Company’s Executive Vice President, Chief Legal Officer and Secretary promptly of any requests for information or testimony that he receives in connection with any litigation or investigation relating to the Company’s business.
Notwithstanding any other provision of this Agreement, this Agreement shall not be construed or applied so as to require any party to this Agreement (each a “Party”) to violate any confidentiality agreement or understanding with any third
party, nor shall it be construed or applied so as to limit any Party from providing candid, truthful statements to any governmental or regulatory body or compel any Party to take any action, or omit to take any action, requested or directed by any
governmental or regulatory body. 
 13. Headings. The headings contained herein are not to be considered a part of this Agreement and
are not intended to be a full and accurate description of the contents hereof. 
 14. Assignment. Consultant shall not assign any of
his rights under this Agreement, or delegate the performance of any of his duties hereunder, without the prior written consent of the Company. 

  
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 15. Amendments; Waivers. This Agreement may be amended, modified, superseded, canceled,
renewed or extended, and the terms or covenants of this Agreement may be waived, only by a written instrument executed by the parties to this Agreement or, in the case of a waiver, by the party waiving compliance. The failure of any party at any
time to require performance of any provision of this Agreement shall in no manner affect the right at a later time to enforce the same. No waiver by any party of the breach of any term or provision contained in this Agreement, whether by conduct or
otherwise, in any one or more instances, shall be deemed to be, or construed as, a further or continuing waiver of any such breach, or a waiver of the breach of any other term or covenant contained in this Agreement. 

16. Entire Agreement. This Agreement constitutes the whole agreement of the parties hereto in reference to any service of Consultant to
the Company and in reference to any of the matters or things herein provided for or discussed or mentioned in reference to such service with exception of Consultant’s obligations under the Confidentiality Agreement. 

17. Severability. Except for the provisions of Paragraphs 2, 3, 4, 5 and 6, which are indivisible and not severable, any provision of
this Agreement that is prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction, be ineffective to the extent of such prohibition or unenforceability without invalidating the remaining provisions hereof, and any such
prohibition or unenforceability in any jurisdiction shall not invalidate or render unenforceable such provision in any other jurisdiction. 

18. Survival. The representations and agreements of Consultant set forth in Paragraphs 7, 8, 9, 10, and 12 of this Agreement and
in the Confidentiality Agreement shall survive the expiration or termination of this Agreement (irrespective of the reason for such expiration or termination). 

19. Section 409A. The payments to which Consultant may become entitled to receive hereunder are intended to be exempt from or
comply with Section 409A of the Internal Revenue Code, as amended, and the regulations and guidance promulgated thereunder (collectively, “Section 409A”). The provisions of this Paragraph 19 shall qualify and supersede all other
provisions of this Agreement as necessary to fulfill the foregoing intention. To the extent subject to Section 409A, any payments that Consultant may become entitled to receive pursuant to this Agreement are intended to comply with Code
Section 409A(a)(2)(A)(iv) and, to the extent applicable, each and every payment to be made pursuant to this Agreement shall be treated as a separate payment and not as one of a series of payments treated as a single payment for purposes of
Treasury Regulation Section 1.409A-2(b)(2)(iii). Consultant hereby acknowledges and agrees that the Company makes no representation regarding the potential tax implications of any payment to be provided hereunder and the Company shall have no
liability to Consultant or any other person if any such payment becomes subject to taxation and penalties under Section 409A. 
 20.
Taxes. Consultant acknowledges and agrees that Consultant, and not the Company, will be solely responsible for any and all taxes imposed upon Consultant as a result of entering into this Agreement, including without limitation any and all
federal, state, local and foreign income and employment taxes. Consultant acknowledges and agrees that Consultant is obligated to report as income all compensation received by Consultant pursuant to this Agreement, and Consultant agrees to and
acknowledges the obligation to pay all self-employment and other taxes thereon. Any compensation and benefits paid to Consultant will be reported to taxing authorities as the Company deems to be appropriate. Consultant agrees to hold the Company
harmless from the fact or manner of the Company’s tax reporting. Consultant agrees to provide any and all information pertaining to Consultant upon request as reasonably 

  
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necessary for the Company to comply with applicable tax laws. 
 21.
Arbitration. The Company and Consultant agree to resolve any claims, disputes or causes of action that a Party may have with the other Party that would be justiciable under applicable state or federal law (“Arbitrable Dispute”)
through final and binding arbitration. This arbitration shall take place in Los Angeles, California, under the then-current arbitration rules and procedures for employment disputes governing arbitrations administered by the American Arbitration
Association, before a single neutral arbitrator who is an experienced employment arbitrator licensed to practice law in California selected in accordance with those rules. The arbitrator may not modify or change this Agreement in any way. The
Company is responsible for any filing fee and the fees and costs of the arbitrator. Each party shall pay for its own attorneys’ fees and costs. If any Party prevails on a statutory claim which affords attorneys’ fees and costs, the
arbitrator may award reasonable attorneys’ fees and/or costs to the prevailing Party. At the conclusion of the Arbitration, the arbitrator shall issue a written award. Either Party shall have the right, within 20 days of issuance of the
arbitrator’s opinion, to file with the arbitrator a motion to reconsider (accompanied by a supporting brief), and the other party shall have 20 days from the date of the motion to respond. The arbitrator thereupon shall reconsider the issues
raised by the motion and, promptly, either confirm or change the decision, which (except as provided by this Agreement) shall then be final and conclusive upon the parties. Neither this Paragraph 21 nor the submission of any claim to arbitration
shall limit the Parties’ right to seek provisional remedies, including without limitation injunctive relief, in any court of competent jurisdiction pursuant to California Code of Civil Procedure Section 1281.8, and seeking such remedies
shall not be deemed a waiver of such Party’s right to compel arbitration. Except for the provisional remedies described in the preceding sentence, arbitration pursuant to this Paragraph 21 shall be the exclusive remedy for any Arbitrable
Dispute. Should Consultant or the Company attempt to resolve an Arbitrable Dispute by any method other than arbitration pursuant to this Section, the responding Party will be entitled to recover from the initiating Party all damages, expenses, and
attorneys’ fees incurred as a result of the breach. 
 22. Disclosure of Personal Compensation Information. Consultant
acknowledges that he was a “named executive officer” (as such term is defined in the rules and regulations of the Securities and Exchange Commission (“SEC”)) of the Company prior to his employment termination date, and as such,
information regarding Consultant’s compensatory arrangements with the Company, including, among other things, the terms of this Agreement and any other agreement entered into with the Company (collectively, “Personal Compensation
Information”), may be disclosed in filings with the SEC, State of California and/or other regulatory organizations. Consultant’s execution of this Agreement will serve as Consultant’s acknowledgement that the Personal Compensation
Information may be publicly disclosed from time to time in filings with the SEC, State of California or otherwise as the Company deems necessary and appropriate. 

[Rest of Page Intentionally Left Blank] 

  
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 IN WITNESS WHEREOF the undersigned have executed this Agreement as of the day and year first written above. The
parties hereto agree that facsimile signatures shall be as effective as if originals. 
  

					
	Mattel, Inc.				Bryan G. Stockton
			
	   /s/ Alan Kaye
				 /s/ Bryan G. Stockton

	Alan Kaye				
	Executive Vice President &				
	Chief Human Resources Officer				

  
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 EXHIBIT A 

GENERAL RELEASE 
 OF ALL
CLAIMS 
 1. For valuable consideration, the receipt and adequacy of which are hereby acknowledged, the undersigned (the
“Participant”) does hereby on behalf of the Participant and the Participant’s successors, assigns, heirs and any and all other persons claiming through the Participant, if any, and each of them, forever relieve, release,
and discharge Mattel, Inc. (“Mattel”) and its respective predecessors, successors, assigns, owners, attorneys, representatives, affiliates, Mattel corporations, subsidiaries (whether or not wholly-owned), divisions, partners
and their officers, directors, agents, employees, servants, executors, administrators, accountants, investigators, insurers, and any and all other related individuals and entities, if any, and each of them (collectively, the “Released
Parties”), in any and all capacities from any and all claims, debts, liabilities, demands, obligations, liens, promises, acts, agreements, costs and expenses (including, but not limited to attorneys’ fees), damages, actions and
causes of action, of whatever kind or nature, including, without limiting the generality of the foregoing, any claims arising out of, based upon, or relating to the hire, employment, remuneration (including salary; bonus; incentive or other
compensation; vacation, sick leave or medical insurance benefits; or other benefits) or termination of the Participant’s employment with Mattel. 

2. This release (“Release”) includes a release of any rights or claims the Participant may have under the Age
Discrimination in Employment Act, which prohibits age discrimination in employment as to individuals forty years of age and older; the Older Workers Benefit Protection Act, which prohibits discrimination against older workers in all executive
benefits; Title VII of the Civil Rights Act of 1964, as amended in 1991, which prohibits discrimination in employment based on race, color, national origin, religion or sex; the California Fair Employment and Housing Act, which prohibits
discrimination based on race, color, religion, national origin, ancestry, physical or mental disability, medical condition, sex, pregnancy-related condition, marital status, age or sexual orientation; the Equal Pay Act, which prohibits paying men
and women unequal pay for equal work; the American with Disabilities Act, which prohibits discrimination against qualified individuals with disabilities; or any other federal, state or local laws or regulations which prohibit employment
discrimination, restrict an employer’s right to terminate the Participant, or otherwise regulate employment. This Release also includes a release by the Participant of any claims for breach of contract, wrongful discharge and all claims for
alleged physical or personal injury, emotional distress relating to or arising out of the Participant’s employment with Mattel or the termination of that employment; any claims under the WARN Act or any similar law, which requires, among other
things, that advance notice be given of certain work force reductions; and all claims under the Employee Retirement Income Security Act of 1974, such as claims relating to pension or health plan benefits. Notwithstanding anything else herein to the
contrary, this Release shall not affect claims that relate to: (i) Participant’s right to enforce the terms of the Mattel, Inc. Executive Severance Plan; (ii) any rights the Participant may have to indemnification from personal
liability in accordance with the applicable charter, bylaws or other governing documents of Mattel, to the extent such documents are not inconsistent with Section 2802 of the California Labor Code; (iii) the Participant’s right, if
any, to government-provided unemployment benefits; (iv) the Participant’s vested rights under any of the Company’s retirement plans or equity plans; (vi) any rights the Participant may have
to COBRA benefits; or (vii) any rights or claims that the law does not permit the Participant to release. 

  
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 3. Notwithstanding any other provision of this Release, this Release does not apply to any rights
or claims which arise after the execution of this Release. 
 4. This Release covers both claims that the Participant knows about and those
the Participant may not know about. The Participant expressly waives all rights afforded by any statute (such as Section 1542 of the Civil Code of the State of California) which limits the effect of a release with respect to unknown claims. The
Participant understands the significance of the Participant’s release of unknown claims and the Participant’s waiver of statutory protection against a release of unknown claims (such as under Section 1542). Section 1542 of the
Civil Code of the State of California states as follows: 
 “A general release does not extend to claims which the creditor does not
know or suspect to exist in his or her favor at the time of executing the release, which if known by him or her must have materially affected his or her settlement with the debtor.” 

Notwithstanding the provisions of Section 1542, the Participant expressly acknowledges that this Release is intended to include both claims that the
Participant knows about and those the Participant does not know or suspect to exist. 
 5. The Participant hereby represents and warrants
that he or she has not filed, initiated, or prosecuted (or caused to be filed, initiated, or prosecuted) any lawsuit, complaint, charge, action, compliance review, investigation, or proceeding with respect to any claim this Release purports to
waive, and the Participant covenants never to do so in the future, whether as a named plaintiff, class member, or otherwise. The Participant understands that this Release does not require him/her to withdraw, or prohibit him/her from filing, a
charge with any government agency (such as the U.S. Equal Employment Opportunity Commission), as long as the Participant does not personally seek reinstatement, damages, remedies, or other relief as to any claim that the Participant released by
signing this Release, as the Participant has waived any right the Participant might have had to any of those things. 
 If the Participant
is ever awarded or recovers any amount as to a claim the Participant purported to waive in this Release, the Participant agrees that the amount of the award or recovery shall be reduced by the amounts he or she was paid under this Plan, increased
appropriately for the time value of money, using an interest rate of 10% per annum. The Participant covenants never directly or indirectly to bring or participate in an action against any Released Party under California Business &
Professions Code Section 17200 or under any other unfair competition law of any jurisdiction. 
 6. The provisions of this Release are
severable, and if any part of it is found to be unenforceable, the other paragraphs shall remain fully valid and enforceable. This Release shall be construed in accordance with its fair meaning and in accordance with the laws of the State of
California, without regard to conflicts of laws principles thereof. 
 7. The Participant is strongly encouraged to consult with an attorney
before signing this Release. The Participant acknowledges that the Participant has been advised of this right to consult an attorney and the Participant understands that whether to do so is the Participant’s decision. The Participant
acknowledges that Mattel has advised the Participant that the Participant has twenty-one (21) days in which to consider whether the Participant should sign this Release and has advised the Participant that if the Participant signs this Release,
the Participant has seven (7) days following the date on which the Participant signs the Release to revoke it and that the Release will not be effective until after this seven-day period had lapsed. The Participant has been advised that, in the
event the Participant revokes the 

  
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Release within seven (7) days of signing it, the Participant will not be entitled to receive the amounts that are being provided to the Participant in exchange for the Release. The
Participant acknowledges that (a) the Participant took advantage of the 21-day consideration period to consider the Release before signing it, to the extent the Participant deemed appropriate; (b) the Participant carefully read the Release
before signing it; (c) the Participant fully understands the Release; (d) the Participant is entering into the Release voluntarily; and (e) the Participant is receiving valuable consideration in exchange for Participant’s
execution of the Release that Participant would not otherwise be entitled to receive. 

  
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 PLEASE READ THIS AGREEMENT CAREFULLY. IT CONTAINS A RELEASE OF ALL KNOWN AND UNKNOWN CLAIMS. 

 

					
	Date:            				  

					Mattel, Inc.
			
	Date:            				
					  

					Bryan Stockton

  
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of 11EX-4.1

 Exhibit 4.1 
  

 
 EPR Properties 

and each of the Guarantors named herein 
  

 
 INDENTURE 

Dated as of March 16, 2015 

$300,000,000 
 4.500% Senior Notes
due 2025 
  
  

UMB Bank, n.a. 
 Trustee 

 
  

 CROSS-REFERENCE TABLE* 
  

			
	Trust Indenture Act Section	  	Indenture Section
	 310(a)(1)
	  	7.10
	       (a)(2)
	  	7.10
	       (a)(3)
	  	N.A.
	       (a)(4)
	  	N.A.
	       (a)(5)
	  	7.10
	       (b)
	  	7.10
	       (c)
	  	N.A.
	 311(a)
	  	7.11
	       (b)
	  	7.11
	       (c)
	  	N.A.
	 312(a)
	  	2.05
	       (b)
	  	12.03
	       (c)
	  	12.03
	 313(a)
	  	7.06
	       (b)(2)
	  	7.06; 7.07
	       (c)
	  	7.06; 12.02
	       (d)
	  	7.06
	 314(a)(4)
	  	12.05
	       (c)(1)
	  	N.A.
	       (c)(2)
	  	N.A.
	       (c)(3)
	  	N.A.
	       (e)
	  	12.05
	       (f)
	  	N.A.
	 315(a)
	  	2.02
	       (b)
	  	2.02
	       (c)
	  	2.02
	       (d)
	  	2.02
	       (e)
	  	N.A.
	 316(a) (last sentence)
	  	N.A.
	       (a)(1)(A)
	  	N.A.
	       (a)(1)(B)
	  	N.A.
	       (a)(2)
	  	N.A.

  

	*	This Cross Reference Table is not part of this Indenture. 

  
 - i - 

			
	       (b)
		N.A.
	       (c)
		12.16
	 317(a)(1)
		N.A.
	       (a)(2)
		N.A.
	       (b)
		N.A.
	 318(a)
		N.A.
	       (b)
		N.A.
	       (c)
		12.01

 N.A. means not applicable. 

  
 - ii - 

 TABLE OF CONTENTS 

 

							
	 	 	 	  	Page	 
		
	 ARTICLE 1 DEFINITIONS AND INCORPORATION BY REFERENCE
	  	 	1	 
			
	 Section 1.01
	 	 Definitions
	  	 	1	 
	 Section 1.02
	 	 Other Definitions
	  	 	9	 
	 Section 1.03
	 	 Incorporation by Reference of Trust Indenture Act
	  	 	9	 
	 Section 1.04
	 	 Rules of Construction
	  	 	9	 
		
	 ARTICLE 2 THE NOTES
	  	 	10	 
			
	 Section 2.01
	 	 Form, Dating and Denominations
	  	 	10	 
	 Section 2.02
	 	 Execution and Authentication
	  	 	11	 
	 Section 2.03
	 	 Registrar and Paying Agent
	  	 	12	 
	 Section 2.04
	 	 Paying Agent to Hold Money in Trust
	  	 	12	 
	 Section 2.05
	 	 Holder Lists
	  	 	12	 
	 Section 2.06
	 	 Transfer and Exchange
	  	 	12	 
	 Section 2.07
	 	 Replacement Notes
	  	 	16	 
	 Section 2.08
	 	 Outstanding Notes
	  	 	16	 
	 Section 2.09
	 	 Treasury Notes
	  	 	17	 
	 Section 2.10
	 	 Temporary Notes
	  	 	17	 
	 Section 2.11
	 	 Cancellation
	  	 	17	 
	 Section 2.12
	 	 Defaulted Interest
	  	 	17	 
		
	 ARTICLE 3 REDEMPTION AND PREPAYMENT
	  	 	18	 
			
	 Section 3.01
	 	 Notices to Trustee
	  	 	18	 
	 Section 3.02
	 	 Selection of Notes to Be Redeemed
	  	 	18	 
	 Section 3.03
	 	 Notice of Redemption
	  	 	18	 
	 Section 3.04
	 	 Effect of Notice of Redemption
	  	 	19	 
	 Section 3.05
	 	 Deposit of Redemption or Purchase Price
	  	 	19	 
	 Section 3.06
	 	 Notes Redeemed or Purchased in Part
	  	 	20	 
	 Section 3.07
	 	 Optional Redemption
	  	 	20	 
	 Section 3.08
	 	 Mandatory Redemption
	  	 	20	 
		
	 ARTICLE 4 COVENANTS
	  	 	20	 
			
	 Section 4.01
	 	 Payment of Notes
	  	 	20	 
	 Section 4.02
	 	 Maintenance of Office or Agency
	  	 	21	 
	 Section 4.03
	 	 Reports
	  	 	21	 
	 Section 4.04
	 	 Compliance Certificate
	  	 	21	 
	 Section 4.05
	 	 Existence
	  	 	22	 
	 Section 4.06
	 	 Limitations on Incurrence of Debt
	  	 	22	 
	 Section 4.07
	 	 Maintenance of Total Unencumbered Assets
	  	 	23	 
	 Section 4.08
	 	 Additional Guarantees
	  	 	23	 
	 Section 4.09
	 	 Maintenance of Properties
	  	 	23	 
	 Section 4.10
	 	 Insurance
	  	 	24	 
		
	 ARTICLE 5 SUCCESSORS
	  	 	24	 
			
	 Section 5.01
	 	 Merger, Consolidation, or Sale of Assets
	  	 	24	 
	 Section 5.02
	 	 Successor Substituted
	  	 	24	 
		
	 ARTICLE 6 DEFAULTS AND REMEDIES
	  	 	25	 
			
	 Section 6.01
	 	 Events of Default
	  	 	25	 
	 Section 6.02
	 	 Acceleration
	  	 	26	 
	 Section 6.03
	 	 Other Remedies
	  	 	27	 

  
 - iii - 

							
	 Section 6.04
		 Waiver of Past Defaults
		 	27	 
	 Section 6.05
		 Control by Majority
		 	27	 
	 Section 6.06
		 Limitation on Suits
		 	27	 
	 Section 6.07
		 Rights of Holders of Notes to Receive Payment
		 	28	 
	 Section 6.08
		 Collection Suit by Trustee
		 	28	 
	 Section 6.09
		 Trustee May File Proofs of Claim
		 	28	 
	 Section 6.10
		 Priorities
		 	28	 
	 Section 6.11
		 Undertaking for Costs
		 	29	 
		
	 ARTICLE 7 TRUSTEE
		 	29	 
			
	 Section 7.01
		 Duties of Trustee
		 	29	 
	 Section 7.02
		 Rights of Trustee
		 	30	 
	 Section 7.03
		 Individual Rights of Trustee
		 	31	 
	 Section 7.04
		 Trustee’s Disclaimer
		 	31	 
	 Section 7.05
		 Notice of Defaults
		 	31	 
	 Section 7.06
		 Reports by Trustee to Holders of the Notes
		 	31	 
	 Section 7.07
		 Compensation and Indemnity
		 	32	 
	 Section 7.08
		 Replacement of Trustee
		 	32	 
	 Section 7.09
		 Successor Trustee by Merger, etc.
		 	33	 
	 Section 7.10
		 Eligibility; Disqualification
		 	33	 
	 Section 7.11
		 Preferential Collection of Claims Against Issuer
		 	34	 
		
	 ARTICLE 8 LEGAL DEFEASANCE AND COVENANT DEFEASANCE
		 	34	 
			
	 Section 8.01
		 Option to Effect Legal Defeasance or Covenant Defeasance
		 	34	 
	 Section 8.02
		 Legal Defeasance and Discharge
		 	34	 
	 Section 8.03
		 Covenant Defeasance
		 	34	 
	 Section 8.04
		 Conditions to Legal or Covenant Defeasance
		 	35	 
	 Section 8.05
		 Deposited Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions
		 	36	 
	 Section 8.06
		 Repayment to Issuer
		 	36	 
	 Section 8.07
		 Reinstatement
		 	36	 
		
	 ARTICLE 9 AMENDMENT, SUPPLEMENT AND WAIVER
		 	37	 
			
	 Section 9.01
		 Without Consent of Holders of Notes
		 	37	 
	 Section 9.02
		 With Consent of Holders of Notes
		 	38	 
	 Section 9.03
		 Compliance with Trust Indenture Act
		 	39	 
	 Section 9.04
		 Revocation and Effect of Consents
		 	39	 
	 Section 9.05
		 Notation on or Exchange of Notes
		 	39	 
	 Section 9.06
		 Trustee to Sign Amendments, etc.
		 	39	 
		
	 ARTICLE 10 NOTES GUARANTEES
		 	39	 
			
	 Section 10.01
		 Notes Guarantee
		 	39	 
	 Section 10.02
		 Limitation on Guarantor Liability
		 	40	 
	 Section 10.03
		 [Intentionally Omitted]
		 	41	 
	 Section 10.04
		 Guarantors May Consolidate, etc., on Certain Terms
		 	41	 
	 Section 10.05
		 Releases Following Sale of Assets
		 	41	 
		
	 ARTICLE 11 SATISFACTION AND DISCHARGE
		 	42	 
			
	 Section 11.01
		 Satisfaction and Discharge
		 	42	 
	 Section 11.02
		 Application of Trust Money
		 	43	 
		
	 ARTICLE 12 MISCELLANEOUS
		 	43	 
			
	 Section 12.01
		 Trust Indenture Act Controls
		 	43	 
	 Section 12.02
		 Notices
		 	44	 
	 Section 12.03
		 Communication by Holders of Notes with Other Holders of Notes
		 	44	 

  
 - iv - 

							
	 Section 12.04
		 Certificate and Opinion as to Conditions Precedent
		 	45	 
	 Section 12.05
		 Statements Required in Certificate or Opinion
		 	45	 
	 Section 12.06
		 Rules by Trustee and Agents
		 	45	 
	 Section 12.07
		 No Personal Liability of Trustees, Directors, Officers, Employees and Stockholders
		 	45	 
	 Section 12.08
		 Governing Law
		 	45	 
	 Section 12.09
		 No Adverse Interpretation of Other Agreements
		 	46	 
	 Section 12.10
		 Successors
		 	46	 
	 Section 12.11
		 Severability
		 	46	 
	 Section 12.12
		 Counterpart Originals
		 	46	 
	 Section 12.13
		 Table of Contents, Headings, etc.
		 	46	 
	 Section 12.14
		 Benefits of Indenture
		 	46	 
	 Section 12.15
		 Legal Holidays
		 	46	 
	 Section 12.16
		 Acts of Holders
		 	46	 

  

			
	SCHEDULES		
		
	Schedule I		GUARANTORS
		
	EXHIBITS		
		
	Exhibit A		Form of Note
	Exhibit B		Form of Supplemental Indenture

  
 - v - 

 INDENTURE dated as of March 16, 2015 among EPR Properties, a Maryland real estate investment
trust (the “Issuer”), the Guarantors (as defined herein) parties hereto from time to time and UMB Bank, n.a., as trustee (the “Trustee”). 

Each party agrees as follows for the benefit of the other parties and for the equal and ratable benefit of the Holders (as defined herein) of
(i) the Issuer’s 4.500% Senior Notes due 2025 issued on the Closing Date (the “Initial Notes”) and (ii) any Additional Notes (as defined herein) that may be issued on any other date following the Issue Date (as
defined herein) (all such notes in clauses (i) and (ii) being referred to collectively as the “Notes”): 
 ARTICLE
1 
 DEFINITIONS AND INCORPORATION BY REFERENCE 

Section 1.01 Definitions. 

“Acquired Debt” means Debt of a Person (1) existing at the time such Person becomes a Subsidiary or (2) assumed in
connection with the acquisition of assets from such Person, in each case, other than Debt incurred in connection with, or in contemplation of, such Person becoming a Subsidiary or such acquisition. Acquired Debt is deemed to be incurred on the date
of the related acquisition of assets from any Person or the date the acquired Person becomes a Subsidiary. 
 “Affiliate”
of any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control,” as used with
respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. For
purposes of this definition, the terms “controlling,” “controlled by” and “under common control with” have correlative meanings. 

“Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 

“Annual Debt Service” as of any date means the amount which was expensed in the four consecutive fiscal quarters ending on
the most recent Measurement Date for interest on Debt of the Issuer and its Restricted Subsidiaries, excluding (1) amortization of debt discount and deferred financing cost, (2) all gains and losses associated with the unwinding or
break-funding of interest rate swap agreements, (3) the write-off of unamortized deferred financing fees, (4) prepayment fees, premiums and penalties and (5) non-cash swap ineffectiveness charges. 

“Applicable Premium” means, with respect to any Note on any redemption date, the excess of: 

(1) the present value at such redemption date of (i) the aggregate principal amount of the Note plus (ii) all
required interest payments due on the Note through April 1, 2025 (excluding interest paid prior to the redemption date and accrued but unpaid interest to the redemption date), computed using a discount rate equal to the Treasury Rate as of such
redemption date plus 35 basis points; over 
 (2) the principal amount of the Note. 

“Applicable Procedures” means, with respect to any transfer or exchange of or for beneficial interests in any Global Note,
the rules and procedures of the Depositary that apply to such transfer or exchange. 
 “Authorized Newspaper” means a
newspaper, printed in the English language or in an official language of the country of publication, customarily published on each Business Day, whether or not published on Saturdays, Sundays or holidays, and of general circulation in each place in
connection with which the term is used or 

 
in the financial community of each such place. Whenever successive publications are required to be made in Authorized Newspapers, the successive publications may be made in the same or in
different Authorized Newspapers in the same city meeting the foregoing requirements and in each case on any Business Day. 

“Bankruptcy Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors. 

“Board of Directors” means: 

(1) with respect to the Issuer, its Board of Trustees; 

(2) with respect to a corporation, the Board of Directors of the corporation; 

(3) with respect to a partnership, the Board of Directors of the general partner of the partnership or the board or committee
of the general partner of the partnership serving a similar function; and 
 (4) with respect to any other Person, the board
or committee of such Person serving a similar function. 
 “Board Resolutions” means a copy of resolutions certified by the
Secretary or an Assistant Secretary of the Issuer to have been duly adopted by the Board of Directors and to be in full force and effect on the date of such certification, and delivered to the Trustee. 

“Broker-Dealer” means any broker or dealer registered under the Exchange Act. 

“Business Day” means any day other than a Saturday or Sunday or a day on which banking institutions in the City of New York
are required or authorized to close. 
 “Capital Stock” means, with respect to any entity, any capital stock (including
preferred stock), shares, interests, participation or other ownership interests (however designated) of such entity and any rights (other than debt securities convertible into or exchangeable for capital stock), warrants or options to purchase any
thereof; provided, however, that leases of real property that provide for contingent rent based on the financial performance of the tenant shall not be deemed to be Capital Stock. 

“Capitalized Lease Obligation” means, at the time any determination is to be made, the amount of the liability in respect of
a capital lease that would at that time be required to be capitalized on a balance sheet in accordance with GAAP. 

“Commission” means the Securities and Exchange Commission. 

“Consolidated Income Available for Debt Service” for any period means Earnings from Operations of the Issuer and its
Restricted Subsidiaries plus amounts which have been deducted, and minus amounts which have been added, for the following (without duplication): (1) total interest expense of the Issuer and its Restricted Subsidiaries for such period, including
interest or distributions on Debt of the Issuer and its Restricted Subsidiaries, (2) provision for taxes based on income or profits of the Issuer and its Restricted Subsidiaries for such period, (3) amortization of debt discount and
deferred financing costs, (4) provisions for gains and losses on properties, (5) depreciation and amortization (excluding amortization of prepaid cash expenses that were paid in a prior period), (6) the effect of any non-cash charge
resulting from a change in accounting principles in determining Earnings from Operations for such period, (7) amortization of deferred charges, (8) the aggregate amount of all non-cash expenses (excluding any such non-cash expense to the
extent that it represents an accrual of or reserve for cash expenses in any future period or amortization of a prepaid cash expense that was paid in a prior period), determined on a consolidated basis, to the extent such items increased or decreased
Earnings from Operations for such period and (9) straight-lined rental revenue. 

  
 - 2 - 

 “Corporate Trust Office of the Trustee” will be at the address of the Trustee
specified in Section 12.02 hereof or such other address as to which the Trustee may give notice to the Issuer. 
 “Credit
Agreements” means the Revolving Credit Agreement and the Term Loan Credit Agreement. 
 “Custodian” means the
Trustee, as custodian with respect to the Notes in global form, or any successor entity thereto. 
 “Debt” of the Issuer or
any of its Restricted Subsidiaries means, without duplication, any indebtedness of the Issuer or any Restricted Subsidiary, whether or not contingent, in respect of: 

(1) borrowed money or evidenced by bonds, notes, debentures or similar instruments; 

(2) indebtedness for borrowed money secured by any encumbrance existing on property owned by the Issuer or its Restricted
Subsidiaries, to the extent of the lesser of (x) the amount of indebtedness so secured or (y) the Fair Market Value of the property subject to such encumbrance; 

(3) the reimbursement obligations in connection with any letters of credit actually drawn or amounts representing the balance
deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes an accrued expense, trade payable, conditional sale obligations or obligations under any title retention agreement; 

(4) the principal amount of all obligations of the Issuer and its Restricted Subsidiaries with respect to redemption, repayment
or other repurchase of any Disqualified Stock; and 
 (5) any lease of property by the Issuer or any of its Restricted
Subsidiaries as lessee which is reflected on the Issuer’s or such Restricted Subsidiaries’ consolidated balance sheet as a Capitalized Lease Obligation, 

to the extent, in the case of items of indebtedness under clauses (1) through (5) above, that any such items would appear as a liability on the
Issuer’s or such Restricted Subsidiaries’ consolidated balance sheet in accordance with GAAP. 
 Debt also includes, to the
extent not otherwise included, any obligation by the Issuer and its Restricted Subsidiaries to be liable for, or to pay, as obligor, guarantor or otherwise (other than for purposes of collection in the ordinary course of business), Debt of another
Person (other than the Issuer or any of its Restricted Subsidiaries); it being understood that Debt shall be deemed to be incurred by the Issuer or any of its Restricted Subsidiaries whenever the Issuer or such Restricted Subsidiary shall create,
assume, guarantee or otherwise become liable in respect thereof; provided, however, that a Person shall not be deemed to have incurred Debt (or be liable with respect to such Debt) by virtue of Standard Securitization Undertakings.

 Debt shall not include (a) Debt arising from agreements of the Issuer or any Restricted Subsidiary providing for
indemnification, adjustment or holdback of purchase price or similar obligations, in each case, incurred or assumed in connection with the acquisition or disposition of any business, assets or a Subsidiary, other than guarantees of Debt incurred by
any Person acquiring all or any portion of such business, assets or Subsidiary for the purpose of financing such acquisition or (b) contingent obligations under performance bonds, performance guarantees, surety bonds, appeal bonds or similar
obligations incurred in the ordinary course of business and consistent with past practices. In the case of Debt as of any date issued with original issue discount, the amount of such Debt shall be the accreted value thereof as of such date. 

“Default” means, with respect to this Indenture and the Notes, any event that is, or with the passage of time or the
giving of notice or both would be, an Event of Default. 

  
 - 3 - 

 “Definitive Note” means a certificated Note registered in the name of the
Holder thereof and issued in accordance with Section 2.06, substantially in the form of Exhibit A hereto, except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in
the Global Note” attached thereto. 
 “Depositary” means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.03 hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provision of this Indenture. 
 “Disqualified Stock” means, with respect to any entity, any
Capital Stock of such entity which by the terms of such Capital Stock (or by the terms of any security into which it is convertible or for which it is exchangeable or exercisable), upon the happening of any event or otherwise, (1) matures or is
mandatorily redeemable, pursuant to a sinking fund obligation or otherwise (other than Capital Stock which is redeemable solely in exchange for Capital Stock which is not Disqualified Stock or for Subordinated Debt), (2) is convertible into or
exchangeable or exercisable for Debt, other than Subordinated Debt or Disqualified Stock, or (3) is redeemable at the option of the holder thereof, in whole or in part (other than Capital Stock which is redeemable solely in exchange for Capital
Stock which is not Disqualified Stock or for Subordinated Debt), in each case on or prior to the stated maturity of the Notes. 

“Domestic Subsidiary” means any Restricted Subsidiary that was formed under the laws of the United States or any state
of the United States or the District of Columbia. 
 “Earnings from Operations” for any period means the
consolidated net income of the Issuer and its Restricted Subsidiaries (excluding non-controlling interests), excluding gains and losses on sales of investments, extraordinary items (including, in any event, losses on extinguishment of debt),
distributions on equity securities, property valuation losses, and the net income of any Person, other than a Restricted Subsidiary of the Issuer (except to the extent of cash dividends or distributions paid to the Issuer or any Restricted
Subsidiary) as reflected in the financial statements of the Issuer and its Restricted Subsidiaries for such period, on a consolidated basis determined in accordance with GAAP, and excluding the cumulative effect of changes in accounting principles.

 “Equity Interests” means Capital Stock and all warrants, options or other rights to acquire Capital Stock (but
excluding any debt security that is convertible into, or exchangeable for, Capital Stock). 
 “Exchange Act” means
the Securities Exchange Act of 1934, as amended. 
 “Existing Notes” means the Issuer’s 7.750% Senior Notes due 2020,
5.750% Senior Notes due 2022 and 5.250% Senior Notes due 2023. 
 “Fair Market Value” means, with respect to any
asset, the price (after taking into account any liabilities relating to such assets) which could be negotiated in an arm’s-length free market transaction between a willing seller and a willing buyer, neither of which is under pressure or
compulsion to complete the transaction. Fair Market Value shall be determined by the Board of Directors of the Issuer in good faith. 

“Foreign Currency” means any currency, currency unit or composite currency issued by the government of one or more
countries other than the United States of America or by any recognized confederation or association of such governments. 

“GAAP” means generally accepted accounting principles set forth in the opinions and pronouncements of the Accounting
Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board or in such other statements by such other entity as have been approved by a significant segment
of the accounting profession, which are in effect on the date of determination. 

  
 - 4 - 

 “Global Note” means a global note substantially in the form of Exhibit A
hereto bearing the Global Note Legend and deposited with or on behalf of, and registered in the name of, the Depositary or its nominee that will be issued in a denomination equal to the outstanding principal amount of the Notes sold. 

“Global Note Legend” means the legend set forth in Section 2.06(g), which is required to be placed on all Global
Notes issued under this Indenture. 
 “Government Obligations” means securities which are (1) direct
obligations of the United States of America or the government which issued the Foreign Currency in which the Notes are payable, for the payment of which its full faith and credit is pledged or (2) obligations of a Person controlled or
supervised by and acting as an agency or instrumentality of the United States of America or such government which issued the Foreign Currency in which Notes are payable, the payment of which is unconditionally guaranteed as a full faith and credit
obligation by the United States of America or such other government, which, in either case, are not callable or redeemable at the option of the issuer thereof, and shall also include a depository receipt issued by a bank or trust company as
custodian with respect to any such Government Obligation or a specific payment of interest on or principal of any such Government Obligation held by such custodian for the account of the holder of a depository receipt, provided that (except
as required by law) such custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Obligation or the specific payment of
interest on or principal of the Government Obligation evidenced by such depository receipt. 
 “Guarantee”
means a guarantee other than by endorsement of negotiable instruments for collection in the ordinary course of business, direct or indirect, in any manner including, without limitation, by way of a pledge of assets or through letters of credit or
reimbursement agreements in respect thereof, of all or any part of any Debt. 
 “Guarantors” means each Domestic
Subsidiary of the Issuer that is a guarantor of or borrower under the Revolving Credit Agreement or the Term Loan Credit Agreement or a guarantor of any other series of notes issued by the Issuer and outstanding as of the date of this Indenture
(including the Existing Notes) and executes this Indenture or a Guarantee of the Notes in accordance with the provisions of this Indenture; and their respective successors and assigns; provided, however, that any Person constituting a Guarantor as
described above shall cease to constitute a Guarantor when its Guarantee of the Notes is released in accordance with the terms of this Indenture. 

“Hedging Obligation” means, with respect to any specified Person, the obligations of such Person under: 

(1) interest rate swap agreements, interest rate cap agreements and interest rate collar agreements; and 

(2) other agreements or arrangements designed to protect such Person against fluctuations in interest rates or foreign exchange
rates. 
 “Holder” means a Person in whose name a Note is registered. 

“incur” means issue, create, assume, guarantee, incur or otherwise become liable for; provided, however, that any Debt
or Capital Stock of a Person existing at the time such Person becomes a Restricted Subsidiary (whether by merger, consolidation, acquisition or otherwise) shall be deemed to be incurred by such Subsidiary at the time it becomes a Restricted
Subsidiary. Neither the accrual of interest nor the accretion of original issue discount shall be deemed to be an incurrence of Debt. The term “incurrence” when used as a noun shall have a correlative meaning. 

“Indenture” means this Indenture, as amended or supplemented from time to time. 

  
 - 5 - 

 “Indirect Participant” means a Person who holds a beneficial interest in a
Global Note through a Participant. 
 “Interest Payment Date” has the meaning set forth in the Notes. 

“Issue Date” means March 16, 2015. 

“Issuer” has the meaning set forth in the preamble hereto. 

“Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or encumbrance of any kind in
respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other agreement to sell or give a
security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction. 

“Non-Recourse Debt” means Debt: 

(1) as to which neither the Issuer nor any of its Restricted Subsidiaries (a) provides credit support of any kind
(including any undertaking, agreement or instrument that would constitute Debt), other than pursuant to Standard Securitization Undertakings, or (b) is directly or indirectly liable as a guarantor or otherwise, other than pursuant to Standard
Securitization Undertakings; and 
 (2) as to which the lenders have been notified in writing that they will not have any
recourse to the stock or assets of the Issuer or any of its Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 

“Note” has the meaning stated in the preamble to this Indenture. 

“Notes Guarantee” means the Guarantee by each Guarantor of the Issuer’s payment obligations under this Indenture and on
the Notes, executed pursuant to the provisions of this Indenture. 
 “Officer” means, with respect to any Person, the Chief
Executive Officer, the President, the Chief Operating Officer, the Chief Financial Officer, the Chief Investment Officer, the Treasurer, any Assistant Treasurer, the Controller, the Secretary or any Vice-President of such Person. 

“Officers’ Certificate” means a certificate signed on behalf of the Issuer by two Officers of the Issuer, one of whom
must be the principal executive officer, the principal financial officer, the principal investment officer, the treasurer or the principal accounting officer of the Issuer or a general partner of the Issuer, that meets the requirements of
Section 2.02, 8.04 or 12.05, as applicable. 
 “Opinion of Counsel” means an opinion from legal counsel who is
reasonably acceptable to the Trustee, that meets the requirements of Section 2.02, 8.04 or 12.05, as applicable. The counsel may be an employee of or counsel to the Issuer, any Subsidiary of the Issuer or the Trustee. 

“Outstanding” shall have the meaning ascribed thereto in Section 2.08. 

“Participant” means, with respect to the Depositary, a Person who has an account with the Depositary. 

“Person” means any individual, corporation, partnership, joint venture, real estate investment trust, association,
joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. 

  
 - 6 - 

 “Place of Payment” means the place or places where the principal of (and
premium, if any) and interest on the Notes are payable as specified. 
 “Real Estate Assets” means, as of any date, the
real estate, mortgage and lease assets of such Person and its Restricted Subsidiaries on such date, on a consolidated basis determined in accordance with GAAP. 

“Record Date” has the meaning set forth in the Notes. 

“Responsible Officer,” when used with respect to the Trustee, means any officer within the Corporate Trust Office (or any
successor group of the Trustee) or any other officer of the Trustee customarily performing functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other
officer to whom such matter is referred because of his knowledge of and familiarity with the particular subject. 
 “Restricted
Subsidiary” of a Person means any Subsidiary of the referenced Person that is not an Unrestricted Subsidiary. 
 “Revolving
Credit Agreement” means the Second Amended and Restated Credit Agreement, dated as of July 23, 2013, among the Issuer and initial Guarantors, as Borrowers, KeyBank National Association, as Administrative Agent, JP Morgan Chase Bank,
N.A. and RBC Capital Markets, as Co-Syndication Agents, and each of KeyBanc Capital Markets Inc., J.P. Morgan Securities, Inc. and RBC Capital Markets, as Joint Lead Arrangers and Joint Book Runners, and the other financial institutions signatory
thereto and their assignees, in each case as amended, modified, renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original agents or lenders and whether or not contemplated under the original
agreement relating thereto). 
 “Secured Debt” means, for any Person, Debt secured by a Lien on the property of such Person
or any of its Restricted Subsidiaries. 
 “Securities Act” means the Securities Act of 1933, as amended. 

“Significant Subsidiary” means each Restricted Subsidiary that is a significant subsidiary, if any, of the Issuer, as defined
in Regulation S-X under the Securities Act. 
 “Standard Securitization Undertakings” means representations, warranties,
covenants and indemnities entered into by the Issuer or any Restricted Subsidiary which are reasonably customary in commercial mortgage backed securities transactions by the parent or sponsoring entity. 

“Subordinated Debt” means Debt which by the terms of such Debt is subordinated in right of payment to the principal of and
interest and premium, if any, on the Notes or any Guarantee thereof. 
 “Subsidiary” means, for any Person, any corporation
or other entity of which a majority of the Voting Stock is owned, directly or indirectly, by such Person or one or more other Subsidiaries of such Person. 

“Term Loan Credit Agreement” means the Amended and Restated Credit Agreement, dated as of July 23, 2013, among the
Issuer and initial Guarantors, as Borrowers, KeyBank National Association, as Administrative Agent, J.P. Morgan Securities, Inc., RBC Capital Markets and Citigroup Global Markets Inc., as Co-Syndication Agents, and each of KeyBanc Capital Markets
Inc., J.P. Morgan Securities, Inc. RBC Capital Markets and Citigroup Global Markets Inc. as Joint Lead Arrangers and Joint Book Runners, and the other financial institutions signatory thereto and their assignees, in each case as amended, modified,
renewed, extended, increased, refunded, replaced or refinanced from time to time (whether or not with the original agents or lenders and whether or not contemplated under the original agreement relating thereto). 

  
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 “TIA” means the Trust Indenture Act of 1939 (15 U.S.C. §§
77aaa-77bbbb), as amended, as in effect on the date on which this Indenture is qualified under the TIA. 
 “Total
Assets” means, for any Person as of any date, the sum of (a) Undepreciated Real Estate Assets plus (b) the book value of all assets (excluding Real Estate Assets and intangibles) of such Person and its Restricted Subsidiaries as
of such date of determination on a consolidated basis determined in accordance with GAAP. 
 “Total Unencumbered
Assets” means, for any Person as of any date, the sum of, without duplication: 
 (1) those Undepreciated
Real Estate Assets that are not subject to a Lien securing Debt; and 
 (2) all other assets (excluding accounts receivable
and intangibles) of such Person and its Restricted Subsidiaries not subject to a Lien securing Debt, 
 all determined on a consolidated
basis in accordance with GAAP; provided that in determining Total Unencumbered Assets as a percentage of outstanding Unsecured Debt for purposes of Section 4.07, all investments in unconsolidated joint ventures, unconsolidated limited
partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Assets. 

“Treasury Rate” means, as of any redemption date, the yield to maturity as of such redemption date of United States Treasury
securities with a constant maturity (as compiled and published in the most recent Federal Reserve Statistical Release H.15 (519) that has become publicly available at least two Business Days prior to the redemption date (or in the case of a
satisfaction and discharge, at least two Business Days prior to the deposit of funds with the Trustee to pay and discharge the entire indebtedness of the Notes) (or, if such Statistical Release is no longer published, any publicly available source
of similar market data)) most nearly equal to the period from the redemption date to April 1, 2025; provided, however, that if the period from the redemption date to April 1, 2025, is less than one year, the weekly average
yield on actually traded United States Treasury securities adjusted to a constant maturity of one year will be used. 

“Trustee” means the Person named as the “Trustee” in the preamble to this Indenture until a successor
Trustee shall have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean or include each Person who is then a Trustee hereunder. 

“Undepreciated Real Estate Assets” means, as of any date, the cost (being the original cost to the Issuer or any of
its Restricted Subsidiaries plus capital improvements) of Real Estate Assets of the Issuer and its Restricted Subsidiaries on such date, before depreciation and amortization of such Real Estate Assets, determined on a consolidated basis in
conformity with GAAP. 
 “Unrestricted Subsidiary” means any Subsidiary created or acquired after
June 30, 2010, but only to the extent that such Subsidiary: 
 (1) has no Debt other than Non-Recourse Debt; 

(2) is not party to any agreement, contract, arrangement or understanding with the Issuer or any of its Restricted Subsidiaries
unless the terms of any such agreement, contract, arrangement or understanding are no less favorable to the Issuer or such Restricted Subsidiary in the aggregate than those that might be obtained at the time from Persons who are not Affiliates of
the Issuer; 
 (3) is a Person with respect to which neither the Issuer nor any of its Restricted Subsidiaries has any direct
or indirect obligation (a) to subscribe for additional Equity Interests or (b) to maintain or preserve such Person’s financial condition or to cause such Person to achieve any specified levels of operating results; and 

(4) has not guaranteed or otherwise directly or indirectly provided credit support for any Debt of the Issuer or any of its
Restricted Subsidiaries, other than pursuant to Standard Securitization Undertakings. 

  
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 If, at any time, any Unrestricted Subsidiary would fail to meet the preceding requirements as an Unrestricted
Subsidiary, it will thereafter cease to be an Unrestricted Subsidiary for purposes of the Indenture and any Debt of such Subsidiary will be deemed to be incurred by a Restricted Subsidiary of the Issuer as of such date and, if such Debt is not
permitted to be incurred as of such date under Section 4.06, the Issuer will be in default of such covenant. 

“Unsecured Debt” means, for any Person, any Debt of such Person or its Restricted Subsidiaries which is not Secured
Debt. 
 “Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the
time entitled to vote in the election of the Board of Directors of such Person. 
 Section 1.02 Other Definitions. 

 

			
	 Term
	  	Defined in Section
	 “Additional Notes”
	  	2.02
	 “Adjusted Total Assets”
	  	4.06
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03
	 “Event of Default”
	  	6.01
	 “Legal Defeasance”
	  	8.02
	 “Measurement Date”
	  	4.06
	 “Paying Agent”
	  	2.03
	 “Registrar”
	  	2.03

 Section 1.03 Incorporation by Reference of Trust Indenture Act. 

Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture.

 The following TIA terms used in this Indenture have the following meanings: 

“obligor” on the Notes and the Notes Guarantees means the Issuer and the Guarantors, respectively, and any successor obligor
upon the Notes and the Notes Guarantees, respectively. 
 All other terms used in this Indenture that are defined by the TIA, defined by TIA
reference to another statute or defined by Commission rule under the TIA have the meanings so assigned to them. 
 Section 1.04 Rules of
Construction. 
 Unless the context otherwise requires: 

(1) a term has the meaning assigned to it; 

  
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 (2) an accounting term not otherwise defined has the meaning assigned to it in
accordance with GAAP; 
 (3) “or” is not exclusive; 

(4) words in the singular include the plural, and in the plural include the singular; 

(5) “will” shall be interpreted to express a command; 

(6) provisions apply to successive events and transactions; and 

(7) references to sections of or rules under the Securities Act will be deemed to include substitute, replacement of successor
sections or rules adopted by the Commission from time to time. 
 ARTICLE 2 

THE NOTES 
 Section 2.01 Form, Dating and
Denominations. 
 (a) General. The Notes will be substantially in the form of Exhibit A hereto, shall have such
appropriate insertions, omissions, substitutions and other variations as are required or permitted by this Indenture, and may have such letters, numbers or other marks of identification or designation and such legends or endorsements placed thereon
as the Issuer may deem appropriate and as are not inconsistent with the provisions of this Indenture, or as may be required to comply with any law or with any rule or regulation made pursuant thereto or with any rule or regulation of any stock
exchange on which the Notes may be listed, or to conform to usage. Each Note will be dated the date of its authentication. The Notes shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 

The terms and provisions contained in the Notes will constitute, and are hereby expressly made, a part of this Indenture and the Issuer, the
Guarantors and the Trustee, by their execution and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note conflicts with the express provisions of this
Indenture, the provisions of this Indenture shall govern and be controlling. 
 (b) Form of Trustee’s Certificate of
Authentication. Subject to Section 2.02, the Trustee’s certificate of authentication shall be in substantially the following form: 

This is one of the Notes referred to in the within-mentioned Indenture. 

 

			
	 UMB Bank, n.a.,
 As
Trustee

		
	By:		  

			Authorized Signatory

 (c) Global Notes. The Notes shall initially be issued in the form of one or more Global
Notes and shall include the Global Note Legend and a related schedule of exchanges of interests in the Global Notes attached thereto. Each Global Note shall provide that it represents the Outstanding Notes as specified therein and each shall provide
that it represents the aggregate principal amount of Outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of Outstanding Notes represented thereby may from time to time be reduced or increased, as appropriate,
to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of Outstanding Notes represented thereby will be made by the Trustee or the Custodian, at the
direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 

  
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 Section 2.02 Execution and Authentication. 

Two Officers must sign the Notes for the Issuer by manual or facsimile signature. 

If an Officer whose signature is on a Note no longer holds that office at the time a Note is authenticated, the Note will nevertheless be
valid. 
 A Note will not be valid until authenticated by the manual signature of the Trustee. The signature will be conclusive evidence
that the Note has been authenticated under this Indenture. 
 The Trustee will authenticate (i) Initial Notes for original issue on the
Issue Date in an aggregate principal amount of $300,000,000, (ii) subject to receipt of an Officers’ Certificate that certifies the issuance of such Notes complies with Section 4.06, Notes (“Additional Notes”) for
original issue after the Issue Date (such Notes to be substantially in the form of Exhibit A) in an unlimited amount if such Additional Notes are fungible with the Initial Notes for U.S. federal income tax purposes, in each case upon written
order of the Issuer in the form of an Officers’ Certificate, which Officers’ Certificate shall, in the case of any issuance of Additional Notes, certify that such issuance is in compliance with Section 4.06, together with an
enforceability opinion that contains customary exceptions. In addition, each such Officers’ Certificate shall specify the amount of Notes to be authenticated, the date on which the Notes are to be authenticated, whether the securities are to be
Initial Notes or Additional Notes and the aggregate principal amount of Notes outstanding on the date of authentication, and shall further specify the amount of such Notes to be issued as Global Notes or Definitive Notes. Such Notes shall initially
be in the form of one or more Global Notes, which (i) shall represent, and shall be denominated in an amount equal to the aggregate principal amount of, the Notes to be issued, (ii) shall be registered in the name of the Depositary or its
nominee and (iii) shall be delivered by the Trustee to the Depositary or pursuant to the Depositary’s instruction. All Notes issued under this Indenture shall vote and consent together on all matters as one class and no series of Notes
will have the right to vote or consent as a separate class on any matter. 
 The Trustee may appoint an authenticating agent acceptable to
the Issuer to authenticate Notes. An authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent has the
same rights as an Agent to deal with Holders or an Affiliate of the Issuer. 
 In authenticating Notes, and accepting the additional
responsibilities under this Indenture in relation to such Notes, the Trustee shall be entitled to receive, and (subject to TIA §§ 315(a) through 315(d)) shall be fully protected in relying upon, 

(1) an Opinion of Counsel stating that: 

(i) the form of such Notes have been established in conformity with the provisions of this Indenture; 

(ii) the terms of such Notes have been established in conformity with the provisions of this Indenture; and 

(iii) such Notes, when completed by appropriate insertions and executed and delivered by the Issuer to the Trustee for
authentication in accordance with this Indenture, authenticated and delivered by the Trustee in accordance with this Indenture and issued by the Issuer in the manner and subject to any conditions specified in such Opinion of Counsel, will constitute
legal, valid and binding obligations of the Issuer, enforceable in accordance with their terms, subject to applicable bankruptcy, insolvency, reorganization and other similar laws of general applicability relating to or affecting the enforcement of
creditors’ rights, to general equitable principles and to such other qualifications as such counsel shall conclude do not materially affect the rights of Holders of such Notes; and 

(2) an Officers’ Certificate stating that all conditions precedent provided for in this Indenture relating to the issuance
of the Notes have been complied with and that, to the best of the knowledge of the signers of such Officers’ Certificate, no Event of Default with respect to any of the Notes shall have occurred and be continuing. 

  
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 Section 2.03 Registrar and Paying Agent. 

The Issuer will maintain in each Place of Payment for the Notes an office or agency where such Notes may be presented for registration of
transfer or for exchange (“Registrar”) and an office or agency where such Notes may be presented for payment (“Paying Agent”). The Registrar will keep a register of the Notes and of their transfer and exchange. The
Issuer may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying agent. The Issuer may
change any Paying Agent or Registrar without notice to any Holder. The Issuer will notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuer fails to appoint or maintain another entity as
Registrar or Paying Agent, the Trustee shall act as such. The Issuer or any of its Subsidiaries may act as Paying Agent or Registrar. 
 The
Issuer initially appoints The Depository Trust Company (“DTC”) to act as Depositary with respect to the Global Notes. 

The Issuer initially appoints the Trustee to act as the Registrar and Paying Agent and to act as Custodian with respect to the Global Notes.

 Section 2.04 Paying Agent to Hold Money in Trust. 

The Issuer will require each Paying Agent for Notes other than the Trustee to agree in writing that the Paying Agent will hold in trust for
the benefit of Holders or the Trustee all money held by the Paying Agent for the payment of principal, premium or interest on the Notes, and will notify the Trustee of any default by the Issuer in making any such payment. While any such default
continues, the Trustee may require a Paying Agent to pay all money held by it to the Trustee. The Issuer at any time may require a Paying Agent to pay all money held by it to the Trustee. Upon payment over to the Trustee, the Paying Agent (if other
than the Issuer or a Subsidiary of the Issuer) will have no further liability for the money. If the Issuer or a Subsidiary of the Issuer acts as Paying Agent, it will segregate and hold in a separate trust fund for the benefit of the Holders all
money held by it as Paying Agent. Upon any bankruptcy or reorganization proceedings relating to the Issuer, the Trustee will serve as Paying Agent for the Notes. 

Section 2.05 Holder Lists. 
 The
Trustee in respect of the Notes will preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all Holders of Notes and shall otherwise comply with TIA § 312(a). If the Trustee
is not the Registrar of the Notes, the Issuer will furnish to the Trustee at least seven Business Days before each Interest Payment Date and at such other times as the Trustee may request in writing, a list in such form and as of such date as the
Trustee may reasonably require of the names and addresses of the Holders of the Notes and the Issuer shall otherwise comply with TIA § 312(a). 

Section 2.06 Transfer and Exchange. 

(a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a nominee of the
Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will be exchanged by
the Issuer for Definitive Notes if: 
 (1) the Issuer delivers to the Trustee notice from the Depositary that it is unwilling
or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the Exchange Act and, in either case, a successor Depositary is not appointed by the Issuer within 120 days after the date of such notice from the
Depositary; or 
 (2) the Issuer in its sole discretion determines that the Global Notes (in whole but not in part) should be
exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee. 

  
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 Upon the occurrence of either of the preceding events in subparagraph (1) or (2) above,
Definitive Notes shall be issued in such names as the Depositary shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and 2.10. Every Note authenticated and delivered in
exchange for, or in lieu of, a Global Note or any portion thereof, pursuant to this Section 2.06 or Section 2.07 or 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be
exchanged for another Note other than as provided in this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c). 

(b) Transfer and Exchange of Beneficial Interests in the Global Notes. The transfer and exchange of beneficial interests in the Global
Notes will be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Transfers of beneficial interests in the Global Notes also will require compliance with the subparagraphs below: 

(1) Transfer of Beneficial Interests in the Same Global Note. Beneficial interests in a Global Note may be
transferred to Persons who take delivery thereof in the form of a beneficial interest in a Global Note. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section
2.06(b)(1). 
 (2) All Other Transfers and Exchanges of Beneficial Interests in Global Notes. In connection with all
transfers and exchanges of beneficial interests that are not subject to Section 2.06(b)(1) above, the transferor of such beneficial interest must deliver to the Registrar either: 

(i) both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to credit or cause to be credited a beneficial interest in another Global Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given in accordance with the Applicable Procedures containing information regarding the Participant account
to be credited with such increase; or 
 (ii) both: 

(A) a written order from a Participant or an Indirect Participant given to the Depositary in accordance with the Applicable
Procedures directing the Depositary to cause to be issued a Definitive Note in an amount equal to the beneficial interest to be transferred or exchanged; and 

(B) instructions given by the Depositary to the Registrar containing information regarding the Person in whose name such
Definitive Note shall be registered to effect the transfer or exchange referred to in subparagraph (1) above. 

  
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 Upon satisfaction of all of the requirements for transfer or exchange of beneficial interests in
Global Notes contained in this Indenture and the Notes or otherwise applicable under the Securities Act, the Trustee shall adjust the principal amount of the relevant Global Note(s) pursuant to Section 2.06(h). 

(c) Transfer or Exchange of Beneficial Interests in Global Notes for Definitive Notes. Subject to Section 2.06(a), if any holder
of a beneficial interest in a Global Note proposes to exchange such beneficial interest for a Definitive Note or to transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note, then, upon satisfaction of
the conditions set forth in subparagraph (b)(2) above, the Trustee shall cause the aggregate principal amount of the applicable Global Note to be reduced accordingly pursuant to paragraph (h) below, and the Issuer shall execute and the Trustee
shall authenticate and deliver to the Person designated in the certificate a Definitive Note in the appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this subparagraph (c) shall be
registered in such name or names and in such authorized denomination or denominations as the holder of such beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The
Trustee shall deliver such Definitive Notes to the Persons in whose names such Notes are so registered. 
 (d) Transfer and Exchange of
Definitive Notes for Beneficial Interests in Global Notes. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a
beneficial interest in a Global Note at any time. Upon receipt of a request for such an exchange or transfer, the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the
Global Notes. 
 If any such exchange or transfer from a Definitive Note to a beneficial interest is effected at a time when a Global Note
has not yet been issued, the Issuer shall issue and, upon receipt of an authentication order in accordance with Section 2.02, the Trustee shall authenticate one or more Global Notes in an aggregate principal amount equal to the principal amount
of Definitive Notes so transferred. 
 (e) Transfer and Exchange of Definitive Notes for Definitive Notes. Upon request by a Holder
of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar will register the transfer of such Holder’s Definitive Notes to a Person who takes delivery thereof in the form of one or more
Definitive Notes, of any authorized denominations and of like aggregate principal amount or the exchange of such Holder’s Definitive Notes for Definitive Notes, of any authorized denominations and of like aggregate principal amount. Prior to
such registration of transfer or exchange, the requesting Holder must present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instrument of transfer in form satisfactory to the Registrar duly executed by
such Holder or by its attorney, duly authorized in writing. 
 (f) Transfer of Definitive Notes to Definitive Notes. A Holder of
Definitive Notes may transfer such Notes to a Person who takes delivery thereof in the form of a Definitive Note. Upon receipt of a request to register such a transfer, the Registrar shall register the Definitive Notes pursuant to the instructions
from the Holder thereof. 
 (g) Global Note Legend. The following legend will appear on the face of all Global Notes issued under
this Indenture: 
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN
CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (1) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE,
(2) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (3) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO SECTION 2.11 OF THE INDENTURE AND (4) THIS
GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUER. 

  
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 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY
NOT BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A
NOMINEE OF SUCH SUCCESSOR DEPOSITARY. UNLESS THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY (55 WATER STREET, NEW YORK, NEW YORK) (“DTC”), TO THE ISSUER OR ITS AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO. OR SUCH OTHER
ENTITY AS MAY BE REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST
HEREIN.” 
 (h) Cancellation and/or Adjustment of Global Notes. At such time as all beneficial interests in a particular Global
Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or canceled in whole and not in part, each such Global Note will be returned to or retained and canceled by the Trustee in accordance with
Section 2.11. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for
Definitive Notes, the principal amount of Notes represented by such Global Note will be reduced accordingly and an endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such
reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a beneficial interest in another Global Note, such other Global Note will be increased accordingly and an
endorsement will be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase. 

(i) General Provisions Relating to Transfers and Exchanges. 

(1) To permit registrations of transfers and exchanges, the Issuer will execute and the Trustee will authenticate Global Notes
and Definitive Notes upon receipt of an authentication order in accordance with Section 2.02 or at the Registrar’s request. 

(2) No service charge will be made to a Holder of a Global Note or to a Holder of a Definitive Note for any registration of
transfer or exchange, but the Issuer may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge payable upon
exchange or transfer pursuant to Sections 2.10, 3.06, and 9.05 hereof). The Registrar will not be required to register the transfer of or exchange any Note selected for redemption in whole or in part, except the unredeemed portion of any Note being
redeemed in part. 
 (3) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global
Notes or Definitive Notes will be the valid obligations of the Issuer, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or
exchange. 
 (4) The Issuer will not be required: 

(i) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days
before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on the day of selection; 

  
 - 15 - 

 (ii) to register the transfer of or to exchange any Note selected for redemption
in whole or in part, except the unredeemed portion of any Note being redeemed in part; 
 (iii) to register the transfer of
or to exchange a Note between a Record Date and the next succeeding Interest Payment Date; or 
 (iv) to register the
transfer of any Note which has been surrendered for repayment at the option of Holder, except the portion, if any, of such Note not to be so repaid. 

(5) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuer may deem and
treat the Person in whose name any Note is registered as the absolute owner of such Note for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuer
shall be affected by notice to the contrary. 
 (6) The Trustee will authenticate Global Notes and Definitive Notes in
accordance with the provisions of Section 2.02 hereof. 
 (7) All orders and instructions required to be submitted to
the Registrar or the Issuer pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 

Section 2.07 Replacement Notes. 
 If
any mutilated Note is surrendered to the Trustee or the Issuer or the Trustee receives evidence to its satisfaction of the destruction, loss or theft of any Note, the Issuer will issue and the Trustee, upon receipt of an authentication order in
accordance with Section 2.02, will authenticate a replacement Note if the Trustee’s requirements are met. In every case of any request for a substitute or replacement Note, security or indemnity must be supplied by the Holder of such Note
that is sufficient in the judgment of the Trustee and the Issuer to protect the Issuer, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer if a Note is replaced. The Issuer may charge for its expenses in
replacing a Note. 
 Every replacement Note is an additional obligation of the Issuer and will be entitled to all of the benefits of this
Indenture equally and proportionately with all other Notes duly issued hereunder. 
 Notwithstanding the provisions of the previous two
paragraphs, in case any such mutilated, destroyed, lost or stolen Note has become or is about to become due and payable, the Issuer in its discretion may, instead of issuing a new Note, pay such Note. 

Section 2.08 Outstanding Notes. 

The Notes “Outstanding” at any time are all the Notes authenticated by the Trustee except for: 

(1) Notes theretofore cancelled by the Trustee or delivered to the Trustee for cancellation; 

(2) Notes, or portions thereof, for whose payment or redemption or repayment at the option of the Holder money in the necessary
amount has been theretofore deposited with the Trustee or any Paying Agent (other than the Issuer) in trust or set aside and segregated in trust by the Issuer (if the Issuer shall act as its own Paying Agent) for the Holders of such Notes,
provided that if such Notes are to be redeemed, notice of such redemption has been duly given pursuant to this Indenture or provision therefor satisfactory to the Trustee has been made; 

(3) Notes, except to the extent provided in Sections 8.02 and 8.03, with respect to which the Issuer has effected defeasance
and/or covenant defeasance as provided in Article 8; and 
 (4) Notes which have been paid pursuant to Section 4.01 or
11.01 or in exchange for or in lieu of which other Notes have been authenticated and delivered pursuant to this Indenture, other than any such Notes in respect of which there shall have been presented to the Trustee proof satisfactory to it that
such Notes are held by a bona fide purchaser in whose hands such Notes are valid obligations of the Issuer. 

  
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 Section 2.09 Treasury Notes. 

In determining whether the Holders of the requisite principal amount of Outstanding Notes have given any request, demand, authorization,
direction, notice, waiver or consent, and for the purpose of making the calculations required by TIA § 313, Notes owned by the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor shall be
disregarded and deemed not to be Outstanding, except that in determining whether the Trustee shall be protected in making such calculation or in relying upon any such request, demand, authorization, direction, notice, consent or waiver, only Notes
which a Responsible Officer actually knows to be so owned shall be so disregarded. Notes so owned which have been pledged in good faith may be regarded as Outstanding if the pledgee establishes to the satisfaction of the Trustee the pledgee’s
right so to act with respect to such Notes and that the pledgee is not the Issuer or any other obligor upon the Notes or any Affiliate of the Issuer or of such other obligor. 

Section 2.10 Temporary Notes. 

Until certificates representing Notes are ready for delivery, the Issuer may prepare and the Trustee, upon receipt of an authentication order
in accordance with Section 2.02, will authenticate temporary Notes. Temporary Notes will be substantially in the form of certificated Notes but may have variations that the Issuer considers appropriate for temporary Notes and as may be
reasonably acceptable to the Trustee. Without unreasonable delay, the Issuer will prepare and the Trustee will authenticate definitive Notes in exchange for temporary Notes. 

Holders of temporary Notes will be entitled to all of the benefits of this Indenture. 

Section 2.11 Cancellation. 
 The
Issuer at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent will forward to the Trustee any Notes surrendered to them for registration of transfer, exchange or payment. The Trustee and no one else will cancel
all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation and will dispose of canceled Notes (subject to the record retention requirement of the Exchange Act). The Issuer may not issue new Notes to replace
Notes that it has paid or that have been delivered to the Trustee for cancellation, except for replacement Notes for mutilated Notes pursuant to Section 2.07 hereof. 

Section 2.12 Defaulted Interest. 

If the Issuer defaults in a payment of interest on the Notes, it will pay the defaulted interest in any lawful manner plus, to the extent
lawful, interest payable on the defaulted interest, to the Persons who are Holders of the Notes on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuer will notify the Trustee
in writing of the amount of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuer will fix or cause to be fixed each such special record date and payment date, provided that no such special
record date may be less than 10 days prior to the related payment date for such defaulted interest. At least 15 days before the special record date, the Issuer (or, upon the written request of the Issuer, the Trustee in the name and at the expense
of the Issuer) will mail or cause to be mailed to Holders of Notes a notice that states the special record date, the related payment date and the amount of such interest to be paid on such Notes. 

  
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 ARTICLE 3 

REDEMPTION AND PREPAYMENT 
 Section 3.01
Notices to Trustee. 
 The election of the Issuer to redeem or purchase in an offer to purchase Notes shall be evidenced by a Board
Resolution. The Issuer shall, at least 45 days prior to the redemption date fixed by the Issuer (unless a shorter notice shall be satisfactory to the Trustee), notify the Trustee of such redemption date and of the principal amount of Notes to be
redeemed by delivering to the Trustee an Officers’ Certificate setting forth: 
 (1) the paragraph of the Notes and/or
Section of this Indenture pursuant to which the redemption shall occur; 
 (2) the redemption date; 

(3) the principal amount of Notes to be redeemed, plus accrued interest, if any, to the redemption date; and 

(4) the redemption price, including any make-whole amount or premium, if applicable. 

Section 3.02 Selection of Notes to Be Redeemed. 

If less than all of the Notes are to be redeemed or purchased in an offer to purchase at any time, the Trustee will select the particular Notes
for redemption or purchase from the Outstanding Notes not previously called for redemption, as follows: 
 (1) if the Notes
are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or 

(2) if the Notes are not listed on any national securities exchange, on a pro rata basis, by lot or by any such similar method
in accordance with the procedures of DTC. 
 In the event of partial redemption by lot, the particular Notes to be redeemed will be
selected, unless otherwise provided in this Indenture, not less than 30 nor more than 60 days prior to the redemption date by the Trustee. 

The Trustee will promptly notify the Issuer in writing of the Notes selected for redemption or purchase and, in the case of any Note selected
for partial redemption or purchase, the principal amount thereof to be redeemed or purchased. Notes and portions of Notes selected will be in amounts equal to $2,000 or any integral multiple of $1,000; provided, however, that if all of
the Outstanding Notes of a Holder are to be redeemed or purchased, the entire amount of such Notes held by such Holder, even if not a multiple of $1,000, shall be redeemed or purchased. Except as provided in the preceding sentence, provisions of
this Indenture that apply to Notes called for redemption or purchase also apply to portions of Notes called for redemption or purchase. 

Section 3.03 Notice of Redemption. 

At least 30 days but not more than 60 days before a redemption date, the Issuer will mail or cause to be mailed, by first class mail, a notice
of redemption to each Holder whose Notes are to be redeemed at its registered address, except that redemption notices may be mailed more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes or
a satisfaction and discharge of this Indenture pursuant to Article 8 or 11 of this Indenture. Any notice that is mailed to the Holders of Notes in the manner herein provided shall be conclusively presumed to have been duly given, whether or not the
Holder receives such notice. 

  
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 The notice will identify the Notes to be redeemed and will state: 

(1) the redemption date; 

(2) the redemption price, including the accrued interest to the redemption date and any make-whole amount or premium, if
applicable; 
 (3) if any Note is being redeemed in part, the portion of the principal amount of such Note to be redeemed and
that, after the redemption date upon surrender of such Note, a new Note or Notes in principal amount equal to the unredeemed portion will be issued upon cancellation of the original Note; 

(4) the name and address of the Paying Agent; 

(5) that Notes called for redemption must be surrendered to the Paying Agent at the Place of Payment to collect the redemption
price; 
 (6) that, unless the Issuer defaults in making such redemption payment, interest on Notes called for redemption
ceases to accrue on and after the redemption date; 
 (7) the paragraph of the Notes and/or Section of this Indenture
pursuant to which the Notes called for redemption are being redeemed; and 
 (8) that no representation is made as to the
correctness or accuracy of the CUSIP number, if any, listed in such notice or printed on the Notes. 
 At the Issuer’s request, the
Trustee will give the notice of redemption in the Issuer’s name and at its expense; provided, however, that the Issuer has delivered to the Trustee, at least 45 days (or such shorter period of time as is satisfactory to the
Trustee) prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice and setting forth the information to be stated in such notice as provided in the preceding paragraph. 

Section 3.04 Effect of Notice of Redemption. 

Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption become irrevocably due and
payable on the redemption date at the redemption price therein specified. A notice of redemption of Notes may not be conditional. 
 Section 3.05
Deposit of Redemption or Purchase Price. 
 Prior to 10:00 a.m. Eastern Time on the redemption or purchase date, the Issuer will deposit
with the Trustee or with the Paying Agent money in the currency or currencies, currency unit or units or composite currency or currencies in which the Notes are payable sufficient to pay the redemption or purchase price of and accrued interest on
all Notes to be redeemed or purchased on that date. The Trustee or the Paying Agent will promptly return to the Issuer any money deposited with the Trustee or the Paying Agent by the Issuer in excess of the amounts necessary to pay the redemption or
purchase price of, and accrued interest on, all Notes to be redeemed or purchased. 
 If the Issuer complies with the provisions of the
preceding paragraph, on and after the redemption or purchase date, interest will cease to accrue on the Notes or the portions of Notes called for redemption or purchase. If a Note is redeemed or purchased on or after a Record Date but on or prior to
the related Interest Payment Date, then any accrued and unpaid interest shall be paid to the Person in whose name such Note was registered at the close of business on such Record Date; provided, however, that installments of interest
on Notes whose maturity is on or prior to the redemption date shall be payable to the Holders of such Notes, or one or more predecessor Notes, registered as such at the close of business on the Record Date. If any Note called for redemption

  
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or purchase is not so paid upon surrender for redemption or purchase because of the failure of the Issuer to comply with the preceding paragraph, interest shall be paid on the unpaid principal,
from the redemption or purchase date until such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 

Section 3.06 Notes Redeemed or Purchased in Part. 

Upon surrender of a Note that is redeemed or purchased in part at a Place of Payment therefor (with, if the Issuer or the Trustee so requires,
due endorsement by, or a written instrument of transfer in form satisfactory to the Issuer and the Trustee duly executed by, the Holder thereof or his attorney duly authorized in writing), the Issuer will issue and, upon receipt of an authentication
order in accordance with Section 2.02, the Trustee will promptly authenticate and mail, or cause to be transferred by book entry, to each Holder at the expense of the Issuer a new Note of any authorized denomination as requested by the Holder
in an aggregate principal amount equal to and in exchange for the unredeemed or unpurchased portion of the principal of the Note so surrendered and the Paying Agent will promptly mail to each Holder of Notes to be redeemed or purchased payment for
such Notes. 
 Section 3.07 Optional Redemption. 

The Issuer will not be entitled to redeem all or any portion of the Notes at its option except as provided in this section. The Issuer will be
entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable Premium as of, and any accrued and unpaid interest to, but not including, the redemption
date (subject to the right of the holders of Notes on the relevant record date to receive interest due on the relevant interest payment date); provided that if the Notes are redeemed on or after 90 days prior to maturity, the redemption price shall
equal 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. 

Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06. 

Section 3.08 Mandatory Redemption. 

The Issuer is not required to make mandatory redemption payments with respect to the Notes. 

ARTICLE 4 
 COVENANTS 

Section 4.01 Payment of Notes. 
 The
Issuer will pay or cause to be paid the principal of, premium, if any, and interest on the Notes on the dates, in the currency or currency unit and in the manner provided in the terms of the Notes and this Indenture. Principal, premium, if any, and
interest will be considered paid on the date due if the Paying Agent, if other than the Issuer, or a Subsidiary thereof, holds as of 10:00 a.m. Eastern Time on the due date money deposited by the Issuer in immediately available funds and designated
for and sufficient to pay all principal, premium, if any, and interest then due. 
 The Issuer will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue principal at the rate equal to 1% per annum in excess of the then applicable interest rate on the Notes to the extent lawful; the Issuer will pay interest (including post-petition
interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace period) at the same rate to the extent lawful. 

  
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 Section 4.02 Maintenance of Office or Agency. 

The Issuer will maintain in each Place of Payment for the Notes an office or agency (which may be an office of the Trustee or an Affiliate of
the Trustee, Registrar or co-registrar) where the Notes may be presented or surrendered for payment, where the Notes may be surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuer in respect of
the Notes and this Indenture may be served. The Issuer will give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuer fails to maintain any such required office or
agency or fails to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee. 

The Issuer may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any
or all such purposes and may from time to time rescind such designations; provided, however, that no such designation or rescission will in any manner relieve the Issuer of its obligation to maintain an office or agency in the Place of
Payment for such purposes. The Issuer will give prompt written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 

The Issuer hereby designates as a Place of Payment for the Notes the Corporate Trust Office of the Trustee in Kansas City, Missouri as one
such office or agency of the Issuer in accordance with Section 2.03 hereof. 
 Section 4.03 Reports. 

Whether or not required by the Commission, so long as any Notes are outstanding, the Issuer shall furnish to the Holders of Notes, within the
time periods specified in the Commission’s rules and regulations: 
 (1) all quarterly and annual financial information
that would be required to be contained in a filing with the Commission on Forms 10-Q and 10-K if the Issuer were required to file such Forms, including a “Management’s Discussion and Analysis of Financial Condition and Results of
Operations” and, with respect to the annual information only, a report on the annual financial statements by the Issuer’s certified independent accountants; and 

(2) all current reports that would be required to be filed with the Commission on Form 8-K if the Issuer were required to file
such reports. 
 The availability of the foregoing materials on the Commission’s website shall be deemed to satisfy the foregoing
delivery obligations. 
 Whether or not required by the Commission, the Issuer shall file a copy of all of the information and reports
referred to in clauses (1) and (2) above with the Commission for public availability within the time periods specified in the Commission’s rules and regulations (unless the Commission will not accept such a filing) and make such
information available to securities analysts and prospective investors upon request. 
 The quarterly and annual financial information
required by the preceding paragraphs will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in Management’s Discussion and Analysis of Financial Condition and Results of
Operations, of the financial condition and results of operations of the Issuer, as applicable, and its Restricted Subsidiaries separate from the financial condition and results of operations of the Unrestricted Subsidiaries of the Issuer. 

Section 4.04 Compliance Certificate. 

(a) The Issuer and each Guarantor shall deliver to the Trustee, within 120 days after the end of each fiscal year, an Officers’
Certificate stating that a review of the activities of the Issuer and its Restricted Subsidiaries during the preceding fiscal year has been made under the supervision of the signing Officers with a 

  
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view to determining whether the Issuer has kept, observed, performed and fulfilled its obligations under this Indenture, and further stating, as to each such Officer signing such certificate,
that to the best of his or her knowledge the Issuer has kept, observed, performed and fulfilled each and every covenant contained in this Indenture and is not in default in the performance or observance of any of the terms, provisions and conditions
of this Indenture (or, if a Default or Event of Default has occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what action the Issuer is taking or proposes to take with respect thereto) and that to
the best of his or her knowledge no event has occurred and remains in existence by reason of which payments on account of the principal of or interest, if any, on the Notes is prohibited or if such event has occurred, a description of the event and
what action the Issuer is taking or proposes to take with respect thereto. For purposes of this Section 4.04, such compliance shall be determined without regard to any period of grace or requirement of notice under this Indenture. 

(b) So long as any of the Notes are outstanding, the Issuer will deliver to the Trustee, forthwith upon any Officer becoming aware of any
Default or Event of Default, an Officers’ Certificate specifying such Default or Event of Default and what action the Issuer is taking or proposes to take with respect thereto. 

Section 4.05 Existence. 
 Except as
permitted by Article 5 and Section 10.04, the Issuer and its Restricted Subsidiaries shall do all things necessary to preserve and keep their existence, rights and franchises; provided, however, that the existence of a Restricted
Subsidiary may be terminated if the Board of Directors of the Issuer determines that it is in the best interests of the Issuer to do so and the Issuer and its Restricted Subsidiaries will not be required to preserve any right or franchise if it
determines that the preservation of that right or franchise is no longer desirable in the conduct of its business and that its loss is not disadvantageous in any material respect to the Holders of Notes. 

Section 4.06 Limitations on Incurrence of Debt. 

(a) The Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any additional Debt if, immediately after giving effect to
the incurrence of such additional Debt and the application of the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Debt on a consolidated basis determined in accordance
with GAAP would be greater than 60% of the sum of (without duplication): 
 (1) the Total Assets of the Issuer and its
Restricted Subsidiaries as of the end of the calendar year or quarter covered by the Issuer’s Annual Report on Form 10-K or Quarterly Report on Form 10-Q, as the case may be, most recently filed with the Commission (or, if such filing is not
permitted under the Exchange Act, as of the end of the calendar quarter covered by the Issuer’s most recent report filed with the Trustee) prior to the incurrence of such additional Debt (the “Measurement Date”); and 

(2) the purchase price of any Real Estate Assets or mortgages receivable acquired, and the amount of any securities offering
proceeds received (to the extent that such proceeds were not used to acquire Real Estate Assets or mortgages receivable or used to reduce Debt), by the Issuer or any of its Restricted Subsidiaries on a consolidated basis since the Measurement Date
(such sum of clauses (1) and (2) being collectively referred to as “Adjusted Total Assets”). 
 (b) In addition
to the limitations in Section 4.06(a), the Issuer shall not, and shall not permit any Restricted Subsidiary to, incur any Secured Debt if, immediately after giving effect to the incurrence of such additional Secured Debt and the application of
the proceeds thereof, the aggregate principal amount of all of the Issuer’s and its Restricted Subsidiaries’ outstanding Secured Debt on a consolidated basis in accordance with GAAP is greater than 40% of Adjusted Total Assets. 

(c) In addition to the limitations in Sections 4.06(a) and (b), the Issuer shall not, and shall not permit any Restricted Subsidiary to, incur
any Debt if the ratio of Consolidated Income Available for Debt Service to the Annual Debt Service for the four consecutive fiscal quarters ended on the Measurement Date shall have been less than 1.5x, on a pro forma basis after giving effect to the
incurrence of such Debt and to the application of the proceeds therefrom, and calculated on the assumption that: 
 (1) such
Debt and any other Debt incurred by the Issuer and any of its Restricted Subsidiaries on a consolidated basis since the first day of such four-quarter period and the application of the proceeds therefrom, including to refinance other Debt, had been
incurred at the beginning of such period; 

  
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 (2) the repayment or retirement of any other Debt by the Issuer and any of its
Restricted Subsidiaries on a consolidated basis since the first day of such four-quarter period had been repaid or retired at the beginning of such period (except that, in making such computation, the amount of Debt under any revolving credit
facility shall be computed based upon the average daily balance of such Debt during such period); 
 (3) in the case of
Acquired Debt or Debt incurred in connection with any acquisition since the first day of such four-quarter period, the related acquisition had occurred as of the first day of such period with appropriate pro forma adjustments to, among other things,
Consolidated Income Available for Debt Service, with respect to such acquisition being included in such pro forma calculation; and 

(4) in the case of any acquisition or disposition by the Issuer or any of its Restricted Subsidiaries on a consolidated basis
of any asset or group of assets since the first day of such four-quarter period, whether by merger, stock purchase or sale, or asset purchase or sale, such acquisition or disposition or any related repayment of Debt had occurred as of the first day
of such period with the appropriate pro forma adjustments with respect to such acquisition or disposition being included in such pro forma calculation. 

If the Debt giving rise to the need to make the foregoing calculation or any other Debt incurred after the first day of the relevant
four-quarter period bears interest at a floating rate then, for purposes of calculating the Annual Debt Service, the interest rate on such Debt will be computed on a pro forma basis as if the average interest rate in effect during the entire such
four-quarter period had been the applicable rate for the entire such period; provided, however, that for purposes of calculating Annual Debt Service for Debt for which there is a corresponding Hedging Obligation, Annual Debt Service shall be
calculated after giving effect to the Hedging Obligation. 
 Section 4.07 Maintenance of Total Unencumbered Assets. 

The Issuer and its Restricted Subsidiaries shall maintain Total Unencumbered Assets as of the end of each fiscal quarter of not less than 150%
of the aggregate outstanding principal amount of the Issuer’s and its Restricted Subsidiaries’ Unsecured Debt as of the end of each fiscal quarter, all calculated on a consolidated basis in accordance with GAAP. 

Section 4.08 Additional Guarantees. 

The Issuer shall and shall cause each Domestic Subsidiary that is a guarantor of or borrower under the Revolving Credit Agreement or the Term
Loan Credit Agreement and the Existing Notes to become a Guarantor and execute a supplemental indenture and deliver a customary Opinion of Counsel satisfactory to the Trustee within ten Business Days of the date on which it incurred such Debt. The
form of supplemental indenture is attached as Exhibit B to this Indenture. 
 Section 4.09 Maintenance of Properties. 

The Issuer will, or will cause its Subsidiaries and their respective tenants to, maintain, keep in good condition and make all necessary
repairs, renewals, replacements, betterments and improvements of the Issuer’s and its Subsidiaries’ properties that Issuer deems necessary so that the business carried on in connection with those properties may be properly and
advantageously conducted at all times. The Issuer or its Subsidiaries may, however, sell or otherwise dispose for value the Issuer’s or any of its Subsidiary’s properties in the ordinary course of business. 

  
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 Section 4.10 Insurance. 

The Issuer will, and will cause each of its Subsidiaries, and Issuer will cause the Issuer’s and its Subsidiaries’ tenants to
maintain, in accordance with their respective leases, customary policies of insurance with responsible companies, taking into consideration prevailing market conditions and availability, for all of the Issuer’s and its Subsidiaries’
properties and operations; provided however, the requirements in this Section 4.10 shall not require the purchase or maintenance of insurance by a tenant in excess of the requirements set forth in the applicable lease. 

ARTICLE 5 
 SUCCESSORS 

Section 5.01 Merger, Consolidation, or Sale of Assets. 

The Issuer may not, directly or indirectly, (1) consolidate or merge with or into another Person (whether or not the Issuer is the
surviving corporation); or (2) sell, assign, transfer, convey, lease (other than to an unaffiliated operator in the ordinary course of business) or otherwise dispose of all or substantially all of the properties or assets of the Issuer and its
Restricted Subsidiaries taken as a whole, in one or more related transactions, to another Person; unless: 
 (1) either: 

(i) the Issuer is the surviving corporation or trust; or 

(ii) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or to which such sale,
assignment, transfer, conveyance or other disposition has been made is a corporation or trust organized or existing under the laws of the United States, any state of the United States or the District of Columbia; 

(2) the Person formed by or surviving any such consolidation or merger (if other than the Issuer) or the Person to which such
sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Issuer under the Notes and this Indenture pursuant to agreements reasonably satisfactory to the Trustee; and 

(3) immediately after such transaction, on a pro forma basis giving effect to such transaction or series of transactions (and
treating any obligation of the Issuer or any Restricted Subsidiary incurred in connection with or as a result of such transaction or series of transactions as having been incurred at the time of such transaction), no Default or Event of Default
exists under this Indenture. 
 This Section 5.01 will not apply to a sale, assignment, transfer, conveyance or other disposition of
assets between or among the Issuer and its Restricted Subsidiaries. 
 Section 5.02 Successor Substituted. 

Upon any consolidation or merger, or any sale, assignment, transfer, conveyance, transfer or other disposition of all or substantially all of
the properties or assets of the Issuer in accordance with Section 5.01, the successor Person formed by such consolidation or into which the Issuer is merged or to which such sale, assignment, transfer, conveyance or other disposition is made,
shall succeed to, and be substituted for, and may exercise every 

  
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right and power of, the Issuer under this Indenture with the same effect as if such successor initially had been named as the Issuer herein. Such successor thereupon may cause to be signed, and
may issue either in its own name or in the name of the Issuer, any or all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee; and, upon the order of such successor, instead of the
Issuer, and subject to all the terms, conditions and limitations in this Indenture prescribed, the Trustee shall authenticate and shall deliver any Notes which previously shall have been signed and delivered by the Officers of the Issuer to the
Trustee for authentication, and any Notes which such successor thereafter shall cause to be signed and delivered to the Trustee for that purpose. All the Notes so issued shall in all respects have the same legal rank and benefit under this Indenture
as the Notes theretofore or thereafter issued in accordance with the terms of this Indenture as though all of such Notes had been issued at the date of the execution hereof. 

In case of any such consolidation, merger, sale, lease or conveyance, such changes in phraseology and form (but not in substance) may be made
in the Notes thereafter to be issued as may be appropriate. 
 When a successor assumes all the obligations of its predecessor under this
Indenture and the Notes following a consolidation or merger, or any sale, assignment, transfer, conveyance or other disposition of 90% or more of the assets of the predecessor in accordance with the foregoing provisions, the predecessor shall be
released from those obligations. 
 ARTICLE 6 

DEFAULTS AND REMEDIES 
 Section 6.01
Events of Default. 
 Each of the following is an “Event of Default” wherever used herein with respect to the Notes:

 (1) the Issuer or its Restricted Subsidiaries do not pay the principal or any premium on the Notes when due and payable;

 (2) the Issuer or its Restricted Subsidiaries do not pay interest on the Notes within 30 days after the applicable due
date; 
 (3) the Issuer or its Restricted Subsidiaries do not comply with their obligations under Section 5.01; 

(4) the Issuer or its Restricted Subsidiaries remain in breach of any other term of this Indenture for 60 days after they
receive a notice of Default stating they are in breach. Either the Trustee or the Holders of more than 25% in principal amount of the then outstanding Notes may send the notice; 

(5) final judgments aggregating in excess of $50.0 million (exclusive of amounts covered by insurance) are entered against the
Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; 
 (6) the Issuer or
its Restricted Subsidiaries default under any of their indebtedness in an aggregate principal amount exceeding $50.0 million after the expiration of any applicable grace period, which default results in the acceleration of the maturity of such
indebtedness. Such default is not an Event of Default if the other indebtedness is discharged, or the acceleration is rescinded or annulled, within a period of 30 days after the Issuer or its Restricted Subsidiaries receive notice specifying the
default and requiring that they discharge the other indebtedness or cause the acceleration to be rescinded or annulled. Either the Trustee or the Holders of more than 25% in principal amount of the then Outstanding Notes may send the notice; 

  
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 (7) the Issuer or any of its Significant Subsidiaries, or any group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary: 
 (i) commences a voluntary case under
Bankruptcy Law; 
 (ii) consents to the entry of an order for relief against it in an involuntary case under Bankruptcy Law;

 (iii) consents to the appointment of a custodian of it or for all or substantially all of its property; 

(iv) makes a general assignment for the benefit of its creditors; or 

(v) an admission in writing by the Issuer of its inability to pay its debts as they become due; 

(8) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 

(i) is for relief against the Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a
whole, would constitute a Significant Subsidiary, in an involuntary case; 
 (ii) appoints a custodian of the Issuer or any
of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, or for all or substantially all of the property of the Issuer or any of its Significant Subsidiaries, or any group of
Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; or 
 (iii) orders the liquidation of the
Issuer or any of its Significant Subsidiaries, or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary; 

(iv) and the order or decree remains unstayed and in effect for 60 consecutive days; or 

(9) any Note Guarantee of a Significant Subsidiary of the Issuer ceases to be in full force and effect or is declared null and
void or any Guarantor denies or disaffirms its obligations under this Indenture or any Note Guarantee other than by reason of the release of any such Note Guarantee in accordance with this Indenture. 

Section 6.02 Acceleration. 
 In the
case of an Event of Default specified in clause (7) or (8) of Section 6.01, all Outstanding Notes will become due and payable immediately without further action or notice. If any other Event of Default with respect to the Notes at the time
Outstanding occurs and has not been cured, the Trustee or the Holders of at least 25% in aggregate principal amount of the then Outstanding Notes may declare the entire principal amount of the Notes to be due and immediately payable by written
notice to the Issuer and the Trustee. Upon any such declaration, such principal amount (or specified amount) of the Notes shall become due and payable immediately. The Holders of a majority in aggregate principal amount of the then Outstanding Notes
by written notice to the Trustee may on behalf of all of the Holders rescind and annul an acceleration and its consequences if the rescission or annulment would not conflict with any judgment or decree and if all existing Events of Default (except
nonpayment of principal, interest or premium that has become due solely because of the acceleration) have been cured or waived. 

  
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 Section 6.03 Other Remedies. 

If an Event of Default occurs and is continuing with respect to the Notes at the time Outstanding, the Trustee may pursue any available remedy
to collect the payment of principal, premium and interest on the Notes or to enforce the performance of any provision of the Notes or this Indenture. 

The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay
or omission by the Trustee or any Holder of a Note in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies are
cumulative to the extent permitted by law. 
 Section 6.04 Waiver of Past Defaults. 

Holders of not less than a majority in aggregate principal amount of the then Outstanding Notes by written notice to the Trustee may on behalf
of the Holders of all of the Notes waive an existing Default or Event of Default and its consequences hereunder, except a continuing Default or Event of Default in the payment of the principal of, premium or interest on, the Notes (excluding in
connection with an offer to purchase) or in respect of a covenant or provision of this Indenture which under Article 9 may not be modified or amended without the consent of the Holder of each Outstanding Note; provided, however, that the
Holders of a majority in aggregate principal amount of the then Outstanding Notes may rescind an acceleration and its consequences, including any related payment default that resulted from such acceleration as provided in Section 6.02. Upon any
such waiver, such Default shall cease to exist, and any Event of Default arising therefrom shall be deemed to have been cured for every purpose of this Indenture; but no such waiver shall extend to any subsequent or other Default or impair any right
consequent thereon. 
 Section 6.05 Control by Majority. 

Holders of a majority in aggregate principal amount of the then Outstanding Notes may direct the time, method and place of conducting any
proceeding for exercising any remedy available to the Trustee or exercising any trust or power conferred on it with respect to the Notes. However, the Trustee may refuse to follow any direction that conflicts with law or this Indenture that the
Trustee determines may be unduly prejudicial to the rights of other Holders of Notes, that may involve the Trustee in personal liability, or that the Trustee determines in good faith may be unduly prejudicial to the rights of Holders of the Notes
not joining in the giving of such direction and may take any other action it deems proper that is not inconsistent with any such direction received from Holders of Notes. 

Section 6.06 Limitation on Suits. 

A Holder of a Note may pursue a remedy with respect to this Indenture or the Notes only if: 

(1) such Holder has given the Trustee written notice that an Event of Default with respect to the Notes has occurred and
remains uncured; 
 (2) the Holders of at least a majority in aggregate principal amount of all Outstanding Notes have made a
written request that the Trustee take action because of the Event of Default, and offered indemnity satisfactory to the Trustee against the cost and other liabilities of taking that action; 

(3) the Trustee has not taken action for 60 days after receipt of the notice and offer of indemnity; and 

(4) the Holders of at least a majority in principal amount of all Outstanding Notes have not given the Trustee a direction
inconsistent with such request within such 60-day period. 

  
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 A Holder of any Notes may not use this Indenture to prejudice the rights of another Holder of a
Note or to obtain a preference or priority over another Holder of a Note. 
 Section 6.07 Rights of Holders of Notes to Receive Payment. 

Notwithstanding any other provision of this Indenture, the right of any Holder of any Note to receive payment of principal, premium and
interest on such Note, on or after the respective due dates expressed in such Note (excluding in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective dates, shall not be impaired
or affected without the consent of such Holder. 
 Section 6.08 Collection Suit by Trustee. 

If an Event of Default specified in Section 6.01(1) or (2) occurs and is continuing with respect to the Notes, the Trustee is
authorized to recover judgment in its own name and as trustee of an express trust against the Issuer for the whole amount of principal, premium and interest remaining unpaid on the Notes and interest on overdue principal and, to the extent lawful,
interest and such further amount as shall be sufficient to cover the costs and expenses of collection, including the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 

Section 6.09 Trustee May File Proofs of Claim. 

The Trustee is authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the
claims of the Trustee (including any claim for the compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders of the Notes allowed in any judicial proceedings relative to the Issuer or any other
obligor upon the Notes, their creditors or their property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding
is hereby authorized by each Holder of Notes to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders of Notes, to pay to the Trustee any amount due to it for the
compensation, expenses, disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and
advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and
shall be paid out of, any and all distributions, dividends, money, securities and other properties that the Holders of Notes may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or
otherwise. Nothing herein contained shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder of a Note any plan of reorganization, arrangement, adjustment or composition affecting the Notes or
the rights of any Holder thereof, or to authorize the Trustee to vote in respect of the claim of any Holder of a Note in any such proceeding. 

Section 6.10 Priorities. 
 If the
Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
 First: to
the Trustee, its agents and attorneys for amounts due under Section 7.07 hereof, including payment of all compensation, expense and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 

Second: to Holders of Notes in respect of which or for the benefit of which such money has been collected for amounts
due and unpaid on such Notes for principal, premium and interest, ratably, without preference or priority of any kind, according to the amounts due and payable on such Notes for principal, premium and interest, respectively; and 

Third: to the Issuer or to such party as a court of competent jurisdiction shall direct. 

  
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 The Trustee may fix a record date and payment date for any payment to Holders of Notes pursuant
to this Section 6.10. 
 Section 6.11 Undertaking for Costs. 

In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted
by it as a Trustee, a court in its discretion may require the filing by any party litigant in the suit of an undertaking to pay the costs of the suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’
fees, against any party litigant in the suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 does not apply to a suit by the Trustee, a suit by a Holder of a Note pursuant
to Section 6.06 hereof, or a suit by Holders of more than 10% in principal amount of the then Outstanding Notes. 
 ARTICLE 7 

TRUSTEE 
 Section 7.01 Duties of Trustee.

 (a) If an Event of Default with respect to the Notes has occurred and is continuing, the Trustee will exercise such of the rights and
powers vested in it by this Indenture, and use the same degree of care and skill in its exercise, as a prudent person would exercise or use under the circumstances in the conduct of such person’s own affairs. 

(b) Except during the continuance of an Event of Default: 

(1) the duties of the Trustee will be determined solely by the express provisions of this Indenture and the Trustee need
perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 

(2) in the absence of bad faith on its part, the Trustee may conclusively rely, as to the truth of the statements and the
correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee will examine the certificates and opinions to determine whether or not
they conform to the requirements of this Indenture but the Trustee shall have no obligation to verify any mathematical calculations contained therein. 

(c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful
misconduct, except that: 
 (1) this paragraph does not limit the effect of paragraph (b) of this Section 7.01;

 (2) the Trustee will not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is
proved that the Trustee was negligent in ascertaining the pertinent facts; and 
 (3) the Trustee will not be liable with
respect to any action it takes or omits to take in good faith in accordance with any remedy available to the Trustee, or exercising any trust or power conferred upon the Trustee under this Indenture or with a direction received by it pursuant to
Section 6.05. 
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the
Trustee is subject to paragraphs (a), (b), and (c) of this Section 7.01. 

  
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 (e) No provision of this Indenture will require the Trustee to expend or risk its own funds or
incur any liability. The Trustee will be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holder, unless such Holder has offered to the Trustee security and indemnity satisfactory to it against
any loss, liability or expense. 
 (f) The Trustee will not be liable for interest on any money received by it except as the Trustee may
agree in writing with the Issuer. Money held in trust by the Trustee need not be segregated from other funds except to the extent required by law. 

(g) Whether or not therein expressly so provided, every provision of this Indenture relating to the conduct or affecting the liability of or
affording protection to the Trustee shall be subject to the provisions of this Section 7.01. 
 Section 7.02 Rights of Trustee. 

(a) The Trustee may conclusively rely upon any document (whether original or facsimile) believed by it to be genuine and to have been signed
or presented by the proper Person. The Trustee need not investigate any fact or matter stated in the document. 
 (b) Before the Trustee
acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee will not be liable for any action it takes or omits to take in good faith in reliance on such Officers’ Certificate or
Opinion of Counsel. The Trustee may consult with counsel and the advice of such counsel or any Opinion of Counsel will be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it
hereunder in good faith and in reliance thereon. 
 (c) The Trustee may act through its attorneys and agents and will not be responsible for
the misconduct or negligence of any agent appointed with due care. 
 (d) The Trustee will not be liable for any action it takes or omits to
take in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
 (e) Unless
otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuer will be sufficient if signed by an Officer of the Issuer. 

(f) The Trustee will be under no obligation to exercise any of the rights or powers vested in it by this Indenture at the request or direction
of any of the Holders unless such Holders have offered to the Trustee security or indemnity satisfactory to it against the costs, expenses and liabilities that might be incurred by it in compliance with such request or direction. 

(g) Except with respect to the receipt of payments of principal and interest on the Notes payable by the Issuer pursuant to Section 4.01
hereof and any Default or Event of Default information contained in the Officers’ Certificate delivered to it pursuant to Section 4.04 hereof, the Trustee shall have no duty to monitor the Issuer’s compliance with or the breach of any
representation, warranty or covenant made in this Indenture. 
 (h) Delivery of reports, information and documents to the Trustee described
in Section 4.03 hereof is for informational purposes only and the Trustee’s receipt of such shall not constitute constructive notice of any information contained therein or determinable from information contained therein, including the
Issuer’s or the Guarantors’ compliance with any of their covenants hereunder (as to which the Trustee is entitled to rely conclusively on Officers’ Certificates). The Trustee is under no duty to examine such reports, information or
documents to ensure compliance with the provisions of the Indenture or to ascertain the correctness or otherwise of the information or the statements contained therein. 

  
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 (i) In no event will the Trustee be responsible or liable for special, indirect, or consequential
loss or damage of any kind whatsoever (including, but not limited to, loss of profit) irrespective of whether the Trustee has been advised of the likelihood of such loss or damage and regardless of the form of action. 

(j) The Trustee shall not be deemed to have notice of any Default or Event of Default (other than payment-related Defaults) unless a
Responsible Officer of the Trustee has actual knowledge thereof or unless written notice of such Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuer or the
Holders of at least 25% in the aggregate principal amount of all Notes then outstanding, and such notice references the Notes and this Indenture. 

(k) The rights, privileges, protections, immunities and benefits given to the Trustee, including, without limitation, its right to be
indemnified, are extended to, and shall be enforceable by, the Trustee in each of its capacities hereunder, and each agent, custodian and other Person employed to act hereunder. 

Section 7.03 Individual Rights of Trustee. 

The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuer or any
Affiliate of the Issuer with the same rights it would have if it were not Trustee. However, in the event that a Responsible Officer of the Trustee acquires any conflicting interest, it must eliminate such conflict within 90 days, apply to the
Commission for permission to continue as trustee or resign. Any Agent may do the same with like rights and duties. The Trustee is also subject to Sections 7.10 and 7.11 hereof. 

Section 7.04 Trustee’s Disclaimer. 

The Trustee will not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall
not be accountable for the Issuer’s use of the proceeds from the Notes or any money paid to the Issuer or upon the Issuer’s direction under any provision of this Indenture, it will not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it will not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
 Section 7.05 Notice of Defaults. 

If a Default or Event of Default occurs and is continuing with respect to the Notes and if the Trustee has knowledge or is deemed to have
knowledge of such Default or Event of Default pursuant to Section 7.02(j), the Trustee will mail to Holders of Notes a notice of the Default or Event of Default within 90 days after it occurs, unless such default shall have been cured or
waived. Except in the case of a Default or Event of Default in payment of principal of, premium or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its Responsible Officers in good faith determines that
withholding the notice is in the interests of the Holders of the Notes. 
 Section 7.06 Reports by Trustee to Holders of the Notes. 

(a) Within 120 days after the end of each fiscal year beginning with the end of the fiscal year following the date of this Indenture, and for
so long as Notes remain Outstanding, the Trustee will mail to all Holders of the Notes a brief report dated as of such reporting date that complies with TIA § 313(a) (but if no event described in TIA § 313(a) has occurred within the twelve
months preceding the reporting date, no report need be transmitted). The Trustee also will comply with TIA § 313(b)(2). The Trustee will also transmit by mail all reports as required by TIA § 313(c). 

(b) A copy of each report at the time of its mailing to the Holders of Notes will be mailed by the Trustee to the Issuer and filed by the
Trustee with the Commission and each stock exchange on which such Notes are listed in accordance with TIA § 313(d). The Issuer will promptly notify the Trustee when the Notes are listed on any stock exchange. 

  
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 Section 7.07 Compensation and Indemnity. 

(a) The Issuer will pay to the Trustee from time to time compensation for its acceptance of this Indenture and ordinary services hereunder in
accordance with a written schedule provided by the Trustee to the Issuer. The Trustee’s compensation will not be limited by any law on compensation of a trustee of an express trust. The Issuer will reimburse the Trustee promptly upon written
request for all disbursements, advances and expenses incurred or made by it in addition to the compensation for its services (including the compensation, disbursements and expenses of the Trustee’s agents and counsel), except any such
disbursement, advances and expenses as shall be determined to have been caused by the Trustee’s own negligence, bad faith or willful misconduct. Additionally, if it should become necessary that the Trustee perform extraordinary services, it
shall be entitled to reasonable extra compensation and to reimbursement for reasonable extraordinary expenses in connection therewith; provided that if such extraordinary services or expense are occasioned by the negligence, bad faith, or willful
conduct of the Trustee, it shall not be entitled to such compensation or reimbursement. 
 (b) The Issuer and each Guarantor will indemnify
the Trustee against any and all losses, liabilities, claims or expenses incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this
Indenture against the Issuer and the Guarantors (including this Section 7.07) and defending itself against any claim (whether asserted by the Issuer, the Guarantors or any Holder or any other Person) or liability in connection with the exercise
or performance of any of its powers or duties hereunder, except to the extent any such loss, liability or expense may be attributable to its negligence, bad faith, or willful misconduct. The Trustee will notify the Issuer in writing promptly of any
claim of which a Responsible Officer has received written notice for which it may seek indemnity. Failure by the Trustee to so notify the Issuer will not relieve the Issuer or any of the Guarantors of their obligations hereunder. The Issuer or such
Guarantor will defend the claim and the Trustee will cooperate in the defense. The Trustee may have separate counsel and the Issuer will pay the fees and expenses of such counsel. Neither the Issuer nor any Guarantor need pay for any settlement made
without its consent, which consent will not be unreasonably withheld. 
 (c) The obligations of the Issuer and the Guarantors under this
Section 7.07 will survive the satisfaction and discharge of this Indenture. 
 (d) To secure the Issuer’s payment obligations in
this Section 7.07, the Trustee will have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal and interest on particular Notes. Such Lien will survive the satisfaction
and discharge of this Indenture. 
 (e) When the Trustee incurs expenses or renders services after an Event of Default specified in
Section 6.01(8) or (9) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to constitute expenses of administration under any Bankruptcy Law. 

(f) The Trustee will comply with the provisions of TIA § 313(b)(2) to the extent applicable. 

Section 7.08 Replacement of Trustee. 

(a) A resignation or removal of the Trustee and appointment of a successor Trustee will become effective only upon the successor
Trustee’s acceptance of appointment as provided in this Section 7.08. 
 (b) The Trustee may resign with respect to the Notes in
writing at any time and be discharged from the trust hereby created by so notifying the Issuer. The Holders of a majority in aggregate principal amount of the then Outstanding Notes may remove the Trustee with respect to the Notes by so notifying
the Trustee and the Issuer in writing. The Issuer may remove the Trustee if: 
 (1) the Trustee fails to comply with
Section 7.10 hereof; 
 (2) the Trustee is adjudged a bankrupt or an insolvent or an order for relief is entered with
respect to the Trustee under any Bankruptcy Law; 

  
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 (3) a custodian or public officer takes charge of the Trustee or its property; or

 (4) the Trustee becomes incapable of acting. 

(c) If the Trustee resigns, is removed, is incapable of acting or if a vacancy exists in the office of Trustee for any reason, the Issuer, by
Board Resolution, will promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Holders of a majority in aggregate principal amount of the then Outstanding Notes may appoint a successor Trustee to replace
the successor Trustee appointed by the Issuer. 
 (d) If a successor Trustee does not take office within 60 days after the retiring Trustee
resigns or is removed, the retiring Trustee, the Issuer, or the Holders of at least 10% in aggregate principal amount of the then Outstanding Notes, may petition any court of competent jurisdiction for the appointment of a successor Trustee. 

(e) If the Trustee, after written request by any Holder of Notes who has been a Holder of Notes for at least six months, fails to comply with
Section 7.10, such Holder may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 

(f) The successor Trustee will deliver a written acceptance of its appointment to the retiring Trustee and to the Issuer. Thereupon, the
resignation or removal of the retiring Trustee will become effective, and the successor Trustee will have all the rights, powers and duties of the Trustee under this Indenture without any further act, deed or conveyance. The successor Trustee will
mail a notice of its succession to the Holders. The retiring Trustee will promptly transfer all property held by it as Trustee to the successor Trustee, provided all sums owing to the Trustee hereunder have been paid and subject to the Lien
provided for in Section 7.07 hereof. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Issuer’s obligations under Section 7.07 hereof will continue for the benefit of the retiring Trustee. 

(g) Upon request of any such successor Trustee, the Issuer shall execute any and all instruments for more fully and certainly vesting in and
confirming to such successor Trustee all such rights, powers and trusts referred to in paragraph (f) of this Section. 
 (h) No
successor Trustee shall accept its appointment unless at the time of such acceptance such successor Trustee shall be qualified and eligible under this Article. 

Section 7.09 Successor Trustee by Merger, etc. 

If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another
corporation, the successor corporation without any further act will be the successor Trustee, provided such corporation shall be otherwise qualified and eligible under this Article, without the execution or filing of any paper or any further
act on the part of the parties hereto. 
 Section 7.10 Eligibility; Disqualification. 

There will at all times be a Trustee hereunder that is a corporation organized and doing business under the laws of the United States of
America or of any state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100
million as set forth in its most recent published annual report of condition. 
 This Indenture will always have a Trustee who satisfies the
requirements of TIA § 310(a)(1), (2) and (5). The Trustee is subject to TIA § 310(b). 

  
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 Section 7.11 Preferential Collection of Claims Against Issuer. 

The Trustee is subject to TIA § 311(a), excluding any creditor relationship listed in TIA § 311(b). A Trustee who has resigned or
been removed shall be subject to TIA § 311(a) to the extent indicated therein. 
 ARTICLE 8 

LEGAL DEFEASANCE AND COVENANT DEFEASANCE 

Section 8.01 Option to Effect Legal Defeasance or Covenant Defeasance. 

The Issuer may, at its option, at any time, elect to have Section 8.02 (if applicable) or Section 8.03 (if applicable) be applied to
the Outstanding Notes that either have become due and payable or will become due and payable within one year, or scheduled for redemption within one year, upon compliance with the conditions set forth below in this Article. 

Section 8.02 Legal Defeasance and Discharge. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.02 with respect to any
Outstanding Notes, the Issuer and each of the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be deemed to have been discharged from their obligations with respect to all such Outstanding Notes
(including the related Notes Guarantees) on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”). For this purpose, Legal Defeasance means that the Issuer and the Guarantors will be deemed to have
paid and discharged the entire Debt represented by such Outstanding Notes (including the related Notes Guarantees), which will thereafter be deemed to be “Outstanding” only for the purposes of Section 8.05 hereof and the other
Sections of this Indenture referred to in clauses (1) and (2) below, and to have satisfied all their other obligations under such Notes, such Notes Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the
Issuer, shall execute proper instruments acknowledging the same), except for the following provisions which will survive until otherwise terminated or discharged hereunder: 

(1) the rights of Holders of such Outstanding Notes to receive payments in respect of the principal of, or interest or premium
on such Notes when such payments are due from the trust referred to in Section 8.04 hereof; 
 (2) the Issuer’s
obligations with respect to such Notes under Article 2 and Section 4.02 hereof; 
 (3) the rights, powers, trusts,
duties and immunities of the Trustee hereunder and the Issuer’s and the Guarantors’ obligations in connection therewith; and 

(4) this Article 8. 

Subject to compliance with this Article 8, the Issuer may exercise its option under this Section 8.02 notwithstanding the prior exercise
of their option under Section 8.03 hereof. 
 Section 8.03 Covenant Defeasance. 

Upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this Section 8.03 with respect to any
Outstanding Notes, the Issuer and the Guarantors will, subject to the satisfaction of the conditions set forth in Section 8.04, be released from each of their obligations under the covenants contained in Sections 4.02, 4.03, 4.04, 4.05, 4.06,
4.07, 4.08, 4.09, 4.10, 5.01 and 10.04 with respect to such Outstanding Notes on and after the date the conditions set forth in Section 8.04 hereof are satisfied (hereinafter, “Covenant Defeasance”), and such Notes will
thereafter be deemed not “Outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants,

  
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but will continue to be deemed “Outstanding” for all other purposes hereunder. For this purpose, Covenant Defeasance means that, with respect to the Outstanding Notes and the related
Notes Guarantees, the Issuer and the Guarantors may omit to comply with and will have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere
herein to any such covenant or by reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply will not constitute a Default or an Event of Default under Section 6.01 hereof,
but, except as specified above, the remainder of this Indenture and such Notes and the related Notes Guarantees will be unaffected thereby. In addition, upon the Issuer’s exercise under Section 8.01 hereof of the option applicable to this
Section 8.03 with respect to any Outstanding Notes, subject to the satisfaction of the conditions set forth in Section 8.04 hereof, Sections 6.01(4) through 6.01(7) hereof will not constitute Events of Default. 

Section 8.04 Conditions to Legal or Covenant Defeasance. 

In order to exercise either Legal Defeasance or Covenant Defeasance under either Section 8.02 or 8.03 hereof with respect to any
Outstanding Notes: 
 (1) the Issuer irrevocably deposits with the Trustee for the Notes, in trust, for the benefit of the
Holders, money in such currency or currencies, or currency unit or currency units, in which such Note is then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on the basis of the currency or
currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or any combination thereof, in such amounts as will be sufficient, in the opinion of a nationally recognized firm of independent public
accountants, to pay the principal of, premium and interest on such Outstanding Notes on the stated date for payment thereof or on the applicable redemption date, as the case may be; 

(2) in the case of an election under Section 8.02 hereof, the Issuer has delivered to the Trustee an Opinion of Counsel in
the United States reasonably acceptable to such Trustee confirming that: 
 (i) the Issuer has received from, or there has
been published by, the IRS a ruling; or 
 (ii) since the date of this Indenture, there has been a change in the applicable
federal income tax law, 
 in either case to the effect that, and based thereon such Opinion of Counsel shall confirm that, the Holders will not recognize
income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance
had not occurred; 
 (3) in the case of an election under Section 8.03 hereof, the Issuer must deliver to the Trustee an
Opinion of Counsel in the United States reasonably acceptable to the Trustee confirming that the beneficial owners of the Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will
be subject to federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Covenant Defeasance had not occurred; 

(4) no Default or Event of Default shall have occurred in respect of the Notes and be continuing on the date of such deposit
(other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit); 
 (5) the
Issuer must deliver to the Trustee an Officers’ Certificate stating such Legal Defeasance or Covenant Defeasance will not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this
Indenture) to which the Issuer or any of its Restricted Subsidiaries is a party or by which the Issuer or any of its Restricted Subsidiaries is bound; 

  
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 (6) the Issuer must deliver to the Trustee an Officers’ Certificate stating
that the deposit was not made by Issuer with the intent of preferring the Holders over the other creditors of Issuer with the intent of defeating, hindering, delaying or defrauding any other creditors of the Issuer or others; and 

(7) the Issuer must deliver to the Trustee an Officers’ Certificate and an Opinion of Counsel, each stating that all
conditions precedent provided for or relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
 Section 8.05 Deposited
Money and Government Securities to Be Held in Trust; Other Miscellaneous Provisions. 
 Subject to Section 8.06 hereof, all money
or Government Obligations (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of any
Outstanding Notes will be held in trust and applied by such Trustee, in accordance with the provisions of the Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as Paying Agent) as such
Trustee may determine, to the Holders of the Notes of all sums due and to become due thereon in respect of principal, premium and interest, but such money need not be segregated from other funds except to the extent required by law. 

The Issuer will pay and indemnify such Trustee against any tax, fee or other charge imposed on or assessed against the money or non-callable
Government Obligations deposited pursuant to Section 8.04 or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law is for the account of the Holders. 

Notwithstanding anything in this Article 8 to the contrary, such Trustee will deliver or pay to the Issuer from time to time upon the request
of the Issuer any money or non-callable Government Obligations held by it as provided in Section 8.04 hereof which, in the opinion of a nationally recognized firm of independent public accountants expressed in a written certification thereof
delivered to such Trustee (which may be the opinion delivered under Section 8.04(1)), are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 

Section 8.06 Repayment to Issuer. 

Any money deposited with the Trustee or any Paying Agent, or then held by the Issuer, in trust for the payment of the principal of, premium or
interest on any Note and remaining unclaimed for two years after such principal, premium or interest has become due and payable shall be paid to the Issuer on its request or (if then held by the Issuer) will be discharged from such trust; and the
Holder of such Note will thereafter be permitted to look only to the Issuer for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such trust money, and all liability of the Issuer as trustee thereof, will
thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuer cause to be published once, in an Authorized Newspaper, notice that such money
remains unclaimed and that, after a date specified therein, which will not be less than 30 days from the date of such notification or publication, any unclaimed balance of such money then remaining will be repaid to the Issuer. 

Section 8.07 Reinstatement. 
 (a) If
the Trustee or Paying Agent is unable to apply any money or non-callable Government Obligations deposited in respect of the Notes in accordance with Section 8.02 or 8.03, as the case may be, by reason of any order or judgment of any court or
governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuer’s and the Guarantor’s obligations under this Indenture and the Notes and the related Notes Guarantees will be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 hereof until such time as the Trustee or Paying Agent is permitted to apply all such money in accordance with Section 8.02 or 8.03 hereof, as the case may be; provided,
however, that the principles set forth in paragraphs (b) and (c) of this Section 8.07 shall apply following such reinstatement; provided further, however, that if the Issuer makes

  
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any payment of principal of, premium or interest on any Note following the reinstatement of its obligations, the Issuer will be subrogated to the rights of the Holders of such Notes to receive
such payment from the money held by the Trustee or Paying Agent. 
 (b) If reinstatement of the Issuer’s and Guarantors’
obligations under this Indenture, the Notes and the related Notes Guarantees shall occur as provided in Section 8.07(a), such reinstatement shall be deemed to have occurred as of the date of such deposit except that no Default will be deemed to
have occurred solely by reason of a breach while any such obligation was suspended. 
 (c) Neither (1) the continued existence
following the reinstatement of the foregoing obligations of facts and circumstances or obligations that were incurred or otherwise came into existence while the foregoing obligations were suspended nor (2) the performance of any such
obligations, including the consummation of any transaction pursuant to, and on materially the same terms as, a contractual agreement in existence prior to the reinstatement of the foregoing obligations, shall constitute a breach of any such
obligations or cause a Default or Event of Default in respect thereof; provided, however, that (A) the Issuer and its Restricted Subsidiaries did not incur or otherwise cause such facts and circumstances or obligations to exist in
anticipation of the reinstatement of the foregoing obligations and (B) the Issuer and its Restricted Subsidiaries did not reasonably believe that such incurrence or actions would result in such reinstatement. For purposes of clause
(2) above, any increase in the consideration to be paid prior to such amendment or modification to the terms of an existing obligation following the reinstatement of the foregoing obligations that does not exceed 10% of the consideration that
was to be paid prior to such amendment or modification shall not be deemed a “material” amendment or modification. For purposes of clauses (A) and (B) above, anticipation and reasonable belief may be determined by the Issuer and
shall be conclusively evidenced by a board resolution to such effect adopted by the Board of Directors of the Issuer. 
 ARTICLE 9 

AMENDMENT, SUPPLEMENT AND WAIVER 

Section 9.01 Without Consent of Holders of Notes. 

Notwithstanding Section 9.02 of this Indenture, the Issuer, the Guarantors and the Trustee may amend or supplement this Indenture, the
Notes Guarantees or the Notes without the consent of any Holder of a Note: 
 (1) to cure any ambiguity, defect or
inconsistency; 
 (2) to provide for uncertificated Notes in addition to or in place of certificated Notes; 

(3) to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a merger or consolidation
or sale of all or substantially all of the Issuer’s assets; 
 (4) to add additional Guarantees with respect to the
Notes; 
 (5) to secure the Notes; 

(6) to make any other change as may be provided in an opinion of counsel that would provide any additional rights or benefits
to the Holders of Notes or that does not adversely affect the legal rights under this Indenture of any such Holder; or 
 (7)
to comply with requirements of the Commission in order to effect or maintain the qualification of this Indenture under the TIA. 

  
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 Section 9.02 With Consent of Holders of Notes. 

Except as provided above in Section 9.01 and in this Section 9.02, the Issuer, the Guarantors and the Trustee may amend or
supplement this Indenture, the Notes Guarantees and the Notes with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes affected by such amendment or supplemental indenture voting as a single class
(including, without limitation, consents obtained in connection with a purchase of, or tender offer or exchange offer for, such Notes), and, subject to Sections 6.04 and 6.07 hereof, any existing Default or Event of Default (other than a Default or
Event of Default in the payment of the principal or premium, if any, or interest on the Notes, except a payment default resulting from an acceleration that has been rescinded) or compliance with any provision of this Indenture, the Notes Guarantees
or the Notes may be waived with the consent of the Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class (including, without limitation, consents obtained in connection with a purchase of,
or tender offer or exchange offer for, the Notes). 
 Without the consent of each Holder affected, an amendment or waiver may not (with
respect to any Notes held by a non-consenting Holder): 
 (1) reduce the principal amount of Notes whose Holders must consent
to an amendment, supplement or waiver; 
 (2) reduce the principal of or change the fixed maturity of any Note or alter the
provisions with respect to the redemption of the Notes; 
 (3) reduce the rate of or change the time for payment of interest
on any Note; 
 (4) waive a Default or Event of Default in the payment of principal of, or interest or premium on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the then Outstanding Notes and a waiver of the payment Default that resulted from such acceleration); 

(5) make any Note payable in money other than that stated in the Notes; 

(6) make any change in Section 6.04 or 6.07 hereof relating to waivers of past Defaults or the rights of Holders of Notes
to receive payments of principal of or interest or premium on the Notes; 
 (7) waive a redemption payment with respect to
any Note; 
 (8) release any Guarantor from any of its obligations under its Notes Guarantee or this Indenture, except in
accordance with the terms of this Indenture; 
 (9) modify or change any provisions of this Indenture affecting the ranking
of the Notes or the Notes Guarantees in any manner adverse to the Holders of the Notes; and 
 (10) make any change in the
amendment and waiver provisions set forth in clauses (1) through (9) of this Section 9.02. 
 Section 2.08 hereof shall
determine which Notes are considered to be “Outstanding” for purposes of this Section 9.02. 
 It is not necessary for the
consent of the Holders of Notes under this Section 9.02 to approve the particular form of any proposed amendment or waiver, but it is sufficient if such consent approves the substance thereof. 

  
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 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the
Issuer will mail to the Holders of Notes affected thereby a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuer to mail such notice, or any defect therein, will not, however, in any way impair or affect the
validity of any such amended or supplemental indenture or waiver. 
 Section 9.03 Compliance with Trust Indenture Act. 

Every amendment or supplement to this Indenture or the Notes will be set forth in an amended or supplemental indenture that complies with the
TIA as then in effect. 
 Section 9.04 Revocation and Effect of Consents. 

Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder of a Note is a continuing consent by the Holder of a
Note and every subsequent Holder of a Note or portion of a Note that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder of a Note or subsequent Holder of a
Note may revoke the consent as to its Note if a Responsible Officer of the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver becomes effective in
accordance with its terms and thereafter binds every Holder. 
 Section 9.05 Notation on or Exchange of Notes. 

The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Outstanding Note thereafter authenticated. The
Issuer in exchange for all Outstanding Notes may issue and the Trustee shall, upon receipt of an authentication order in accordance with Section 2.02, authenticate new Notes that reflect the amendment, supplement or waiver. 

Failure to make the appropriate notation or issue a new Note will not affect the validity and effect of such amendment, supplement or waiver.

 Section 9.06 Trustee to Sign Amendments, etc. 

Upon the request of the Issuer accompanied by Board Resolutions authorizing the execution of any amended or supplemental indenture, and upon
the filing with the Trustee of evidence satisfactory to the Trustee of the consent of the Holders of Notes as aforesaid, and upon receipt by the Trustee of the documents described in Section 7.02 hereof, the Trustee will join with the Issuer in
the execution of an amended or supplemental indenture unless such amended or supplemental indenture directly affects the Trustee’s own rights, duties, liabilities or immunities under this Indenture or otherwise, in which case the Trustee may in
its discretion, but will not be obligated to, enter into such amended or supplemental indenture. In executing any amended or supplemental indenture, the Trustee will be entitled to receive and (subject to Section 7.01 hereof) will be fully
protected in relying upon, in addition to the documents required by Section 12.04 hereof, an Officers’ Certificate and an Opinion of Counsel stating that the execution of such amended or supplemental indenture is authorized or permitted by
this Indenture and complies with the terms of this Indenture. 
 ARTICLE 10 

NOTES GUARANTEES 
 Section 10.01 Notes
Guarantee. 
 (a) Subject to this Article 10, each of the Guarantors, jointly and severally, fully and unconditionally guarantees to
each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of this Indenture, such Note or the obligations of the Issuer hereunder or
thereunder, that: 
 (1) the principal of, premium and interest on such Note will be promptly paid in full when due, whether
at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on such Note, if any, if lawful, and all other obligations of the Issuer to the Holders or the Trustee hereunder or thereunder will be
promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 
 (2) in case of any extension
of time of payment or renewal of any Notes or any of such other obligations, that same will be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or
otherwise. 

  
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 Failing payment when due of any amount so guaranteed or any performance so guaranteed for
whatever reason, the Guarantors will be jointly and severally obligated to pay the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. 

(b) The Guarantors hereby agree that their obligations hereunder are unconditional, irrespective of the validity, regularity or enforceability
of the Notes issued with the benefit of Notes Guarantees or this Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any
judgment against the Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a guarantor, other than payment in full of all obligations under the Notes. Each
Guarantor in respect of the Notes hereby waives diligence, presentment, demand of payment, filing of claims with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest,
notice and all demands whatsoever and covenant that this Notes Guarantee will not be discharged except by complete performance of the obligations contained in the Notes and this Indenture. 

(c) If any Holder or the Trustee is required by any court or otherwise to return to the Issuer, the Guarantors or any custodian, trustee,
liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder, this Notes Guarantee, to the extent theretofore discharged, will be reinstated in full force and
effect. 
 (d) Each Guarantor agrees that it will not be entitled to any right of subrogation in relation to the Holders in respect of any
obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (1) the maturity of
the obligations guaranteed hereby may be accelerated as provided in Article 6 hereof for the purposes of its Notes Guarantee notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations
guaranteed hereby, and (2) in the event of any declaration of acceleration of such obligations as provided in Article 6 hereof, such obligations (whether or not due and payable) will forthwith become due and payable by such Guarantor for the
purpose of its Notes Guarantee. The Guarantors will have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the rights of the Holders under the Notes Guarantee. 

(e) Each Guarantor hereby agrees that its Note Guarantee shall remain in full force and effect notwithstanding the absence of the endorsement
of any notation of such Note Guarantee on the Notes. The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Note Guarantee set forth in this Indenture on behalf of the Guarantors.

 Section 10.02 Limitation on Guarantor Liability. 

Each Guarantor, and by its acceptance of Notes issued with the benefit of Notes Guarantees, each Holder, hereby confirms that it is the
intention of all such parties that the Notes Guarantee of such Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar
federal or state law to the extent applicable to any Notes Guarantee. To effectuate the foregoing intention, the Holders and the Guarantors hereby irrevocably agree that the obligations of each such Guarantor will, after giving effect to any maximum
amount and all other contingent and fixed liabilities of such Guarantor that are relevant under such laws, and after giving effect to any collections from, 

  
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rights to receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under this Article 10, result in the obligations
of such Guarantor under its Notes Guarantee not constituting a fraudulent transfer or conveyance. 
 Section 10.03 [Intentionally Omitted]. 

Section 10.04 Guarantors May Consolidate, etc., on Certain Terms. 

No Guarantor may sell or otherwise dispose of all or substantially all of its assets to, or consolidate with or merge with or into (whether or
not such Guarantor is the surviving Person), another Person, other than the Issuer or another Guarantor, unless: 
 (1)
immediately after giving effect to that transaction, no Default or Event of Default exists under this Indenture; and 
 (2)
subject to Section 10.05, the Person acquiring the property in any such sale or disposition or the Person formed by or surviving any such consolidation or merger assumes all the obligations of that Guarantor under this Indenture and its Notes
Guarantee pursuant to a supplemental indenture satisfactory to the Trustee. 
 In case of any such consolidation, merger, sale or conveyance
and upon the assumption by the successor Person, by supplemental indenture, of the Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of this Indenture to be performed by the
Guarantor, such successor Person will succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person thereupon may cause to be signed any or all of the Notes Guarantees to be
endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued will in all respects have the same legal rank and benefit under this
Indenture as the Notes Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Notes Guarantees had been issued at the date of the execution hereof. 

Except as set forth in Article 5, and notwithstanding this Section 10.04, nothing contained in this Indenture or in any of the Notes will
prevent any consolidation or merger of a Guarantor with or into the Issuer or another Guarantor, or will prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety to the Issuer or another Guarantor.

 Section 10.05 Releases Following Sale of Assets. 

The Notes Guarantee of a Guarantor will be released, and any Person acquiring assets or surviving any merger or consolidation with a Guarantor
(including by way of consolidation, merger, sale or conveyance under Section 10.04) or Capital Stock of a Guarantor in accordance with the provisions of clauses (1) or (2) below shall not be required to assume the obligations of any
such Guarantor: 
 (1) in connection with any sale or other disposition of all or substantially all of the assets of that
Guarantor (including by way of consolidation, merger, sale or conveyance under Section 10.04) to a Person that is not (either before or after giving effect to such transaction) the Issuer or a Guarantor; 

(2) in connection with any sale of all of the Capital Stock of a Guarantor to a Person that is not (either before or after
giving effect to such transaction) the Issuer or a Guarantor; 
 (3) in connection with a Guarantor becoming an Unrestricted
Subsidiary in accordance with the applicable provisions of this Indenture; 

  
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 (4) in connection with any sale or other disposition of all or substantially all
of the assets of that Guarantor and the dissolution of that Guarantor, in each case in accordance with the applicable provisions of this Indenture; 

(5) in the event that the Issuer exercises its discharge or full defeasance options under Article 8; or 

(6) in the event that the obligation as a borrower or guarantor by such Guarantor of both the Revolving Credit Agreement and
the Term Loan Credit Agreement and the Existing Notes is released or discharged (other than as a result of payment under such obligation) and such Guarantor is not otherwise required to provide a Notes Guarantee in accordance with Section 4.08.

 Upon delivery by the Issuer to the Trustee of an Officers’ Certificate and an Opinion of Counsel to the effect that one of the
foregoing requirements has been satisfied and the conditions to the release of a Note Guarantee under this Section 10.05 have been met, the Trustee will execute any documents reasonably required in order to evidence the release of a Guarantor
from its obligations under such Note Guarantee. 
 Any Guarantor not released from its obligations under its Notes Guarantee will remain
liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in this Article 10. 

ARTICLE 11 
 SATISFACTION AND
DISCHARGE 
 Section 11.01 Satisfaction and Discharge. 

This Indenture will be discharged and will cease to be of further effect (except as to any surviving rights of registration of transfer or
exchange of Notes expressly provided for herein), when: 
 (1) either: 

(A) all Notes that have been authenticated (except lost, stolen or destroyed Notes that have been replaced or paid and Notes
for whose payment money has theretofore been deposited in trust and thereafter repaid to the Issuer) have been delivered to the Trustee for cancellation; or 

(B) all Notes that have not been delivered to the Trustee for cancellation have become due and payable by reason of the making
of a notice of redemption or otherwise or will become due and payable within one year and the Issuer or any Guarantor has irrevocably deposited or caused to be deposited with the Trustee for Notes as trust funds in trust solely for the benefit of
the Holders, money in such currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity, non-callable Government Obligations applicable to such Notes (determined on the basis of the
currency or currencies, or currency unit or currency units, in which such Notes are then specified as payable at maturity), or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of interest, to pay
and discharge the entire indebtedness on such Notes not delivered to the Trustee for cancellation for principal, premium and accrued interest to the date of maturity or redemption; 

(2) no Default or Event of Default with respect to the Notes has occurred and is continuing on the date of such deposit or will
occur as a result of such deposit and such deposit will not result in a breach or violation of, or constitute a default under, any other instrument to which the Issuer or any Guarantor are a party or by which the Issuer or any Guarantor are bound;

  
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 (3) the Issuer or any Guarantor have paid or caused to be paid all sums payable
by them under this Indenture with respect to the Notes; and 
 (4) the Issuer has delivered irrevocable instructions to the
Trustee to apply the money on deposit in the trust referred to in subclause (B) of clause (1) above toward the payment of such Notes at maturity or on the redemption date, as the case may be. 

In addition, the Issuer must deliver an Officers’ Certificate and an Opinion of Counsel to the Trustee for Notes stating that all
conditions precedent to satisfaction and discharge have been satisfied. 
 Notwithstanding the satisfaction and discharge of this Indenture,
if money has been deposited with the Trustee pursuant to subclause (B) of clause (1) of this Section, the provisions of Section 11.02 and Section 8.06 will survive. In addition, nothing in this Section 11.01 will be deemed
to discharge those provisions of Section 7.07 that, by their terms, survive the satisfaction and discharge of this Indenture. 
 Section 11.02
Application of Trust Money. 
 Subject to the provisions of Section 8.06, all money deposited with the Trustee in respect of any
Notes pursuant to Section 11.01 shall be held in trust and applied by it, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Issuer acting as its own
Paying Agent) as the Trustee may determine, to the Persons entitled thereto, of the principal (and premium, if any) and interest for whose payment such money has been deposited with the Trustee; but such money need not be segregated from other funds
except to the extent required by law and Section 2.04. 
 If the Trustee or Paying Agent is unable to apply any money or Government
Obligations in accordance with Section 11.01 in respect of any Notes by reason of any legal proceeding or by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such
application, the Issuer’s and any Guarantor’s obligations under this Indenture and such Notes shall be revived and reinstated as though no deposit had occurred pursuant to Section 11.01 and the provisions of Section 8.07 shall
apply to the extent provided therein. 
 ARTICLE 12 

MISCELLANEOUS 
 Section 12.01 Trust
Indenture Act Controls. 
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §
318(c), the imposed duties will control. 

  
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 Section 12.02 Notices. 

Any notice or communication by the Issuer, any Guarantor or the Trustee to the others is duly given if in writing in the English language and
delivered in Person or mailed by first class mail (registered or certified, return receipt requested), telex, telecopier or overnight air courier guaranteeing next day delivery, to the others’ address: 

If to the Issuer and/or any Guarantor: 

EPR Properties 
 909 Walnut
Street, Suite 200 
 Kansas City, MO 64106 

Telecopier No.: (816) 472-5794 

Attention: Chief Executive Officer 

With a copy to: 
 Stinson Leonard
Street LLP 
 1201 Walnut, Suite 2900 

Kansas City, MO 64106-2150 

Telecopier No.: (816) 412-1129 

Attention: Craig L. Evans, Esq. 

If to the Trustee: 
 UMB Bank,
n.a. 
 Corporate Trust Division 

1010 Grand Boulevard, 4th Floor 

Kansas City, MO 64106 
 Attention:
Anthony Hawkins 
 Facsimile: (816) 860-3014 

The Issuer, any Guarantor or the Trustee, by notice to the others may designate additional or different addresses for subsequent notices or
communications. 
 All notices and communications (other than those sent to Holders) will be deemed to have been duly given: at the time
delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if telecopied; and the next Business Day after timely delivery to the courier, if sent by
overnight air courier guaranteeing next day delivery. 
 Any notice or communication to a Holder will be mailed by first class mail,
certified or registered, return receipt requested, or by overnight air courier guaranteeing next day delivery to its address shown on the register kept by the Registrar. Any notice or communication will also be so mailed to any Person described in
TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or communication to a Holder or any defect in it will not affect its sufficiency with respect to other Holders. 

If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee
receives it. 
 If the Issuer mails a notice or communication to Holders, it will mail a copy to the Trustee and each Agent at the same
time. 
 Section 12.03 Communication by Holders of Notes with Other Holders of Notes. 

Holders may communicate pursuant to TIA § 312(b) with other Holders with respect to their rights under this Indenture or the Notes. The
Issuer, the Trustee, the Registrar and anyone else shall have the protection of TIA § 312(c). 

  
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 Section 12.04 Certificate and Opinion as to Conditions Precedent. 

Upon any request or application by the Issuer to the Trustee to take any action under this Indenture, the Issuer shall furnish to the Trustee:

 (1) an Officers’ Certificate in form and substance reasonably satisfactory to the Trustee (which must include the
statements set forth in Section 12.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this Indenture relating to the proposed action have been satisfied; and 

(2) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which must include the statements set
forth in Section 12.05 hereof) stating that, in the opinion of such counsel, all such conditions precedent and covenants have been satisfied. 

Notwithstanding the foregoing, in the case of any such request or application as to which the furnishing of such documents is specifically
required by any provision of this Indenture relating to such particular request or application, no additional certificate or opinion need be furnished unless specifically required. 

Section 12.05 Statements Required in Certificate or Opinion. 

Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate
provided pursuant to TIA § 314(a)(4)) must comply with the provisions of TIA § 314(e) and must include: 
 (1) a
statement that the Person making such certificate or opinion has read such covenant or condition; 
 (2) a brief statement as
to the nature and scope of the examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 

(3) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to
enable him or her to express an informed opinion as to whether or not such covenant or condition has been satisfied; and 

(4) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been satisfied. 

Section 12.06 Rules by Trustee and Agents. 

The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and
set reasonable requirements for its functions. 
 Section 12.07 No Personal Liability of Trustees, Directors, Officers, Employees and Stockholders.

 No past, present or future trustee, director, officer, employee or stockholder of the Issuer or any of its Subsidiaries or any
successor thereof, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or this Indenture based on, in respect of, or by reason of such obligations or their creation. Each holder by accepting
a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. Such waiver may not be effective to waive liabilities under federal securities laws. 

Section 12.08 Governing Law. 
 THE
INTERNAL LAW OF THE STATE OF NEW YORK WILL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE NOTES GUARANTEES WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER
JURISDICTION WOULD BE REQUIRED THEREBY. 

  
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 Section 12.09 No Adverse Interpretation of Other Agreements. 

This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuer or its Subsidiaries or of any other
Person. Any such indenture, loan or debt agreement may not be used to interpret this Indenture. 
 Section 12.10 Successors. 

All agreements of the Issuer in this Indenture and the Notes will bind its successors. All agreements of the Trustee in this Indenture will
bind its successors. All agreements of each Guarantor in this Indenture will bind its successors, except as otherwise provided in Article 10 and any applicable indentures supplemental hereto. 

Section 12.11 Severability. 
 In
case any provision in this Indenture or in the Notes is invalid, illegal or unenforceable, the validity, legality and enforceability of the remaining provisions will not in any way be affected or impaired thereby. 

Section 12.12 Counterpart Originals. 

The parties may sign any number of copies of this Indenture. Each signed copy will be an original, but all of them together represent the same
agreement. 
 Section 12.13 Table of Contents, Headings, etc. 

The Table of Contents, Cross-Reference Table and Headings of the Articles and Sections of this Indenture have been inserted for convenience of
reference only, are not to be considered a part of this Indenture and will in no way modify or restrict any of the terms or provisions hereof. 

Section 12.14 Benefits of Indenture. 

Nothing in this Indenture, the Notes or the Notes Guarantees, express or implied, shall give to any Person, other than the parties hereto and
their successors hereunder and the Holders, any benefit or an legal or equitable right, remedy or claim under this Indenture. 
 Section 12.15 Legal
Holidays. 
 In any case where any Interest Payment Date, redemption date, purchase date or stated maturity of any Note shall not be a
Business Day at any Place of Payment, then (notwithstanding any other provision of this Indenture or of such Note (other than a provision of such Note which specifically states that such provision shall apply in lieu of this Section)) payment of
interest or principal (and premium, if any) need not be made at such Place of Payment on such date, but may be made on the next succeeding Business Day at such Place of Payment with the same force and effect as if made on the Interest Payment Date,
redemption date or purchase date, or at the stated maturity. 
 Section 12.16 Acts of Holders. 

(a) Any request, demand, authorization, direction, notice, consent, waiver or other action provided by this Indenture to be given or taken by
Holders of the Outstanding Notes may be embodied in and evidenced by one or more instruments of substantially similar tenor signed by such Holders in person or by agents duly appointed in writing. Except as herein otherwise expressly provided, such
action shall become effective when such instrument or instruments are delivered to the Trustee and, where it is hereby expressly required, to the Issuer. Such instrument or instruments (and the action embodied therein and evidenced thereby) are
herein sometimes referred to as the “act” of the Holders signing such instrument or instruments. Proof of execution of any such 

  
 - 46 - 

 
instrument or of a writing appointing any such agent, or of the holding by any Person of a Note, shall be sufficient for any purpose of this Indenture and conclusive in favor of the Trustee and
the Issuer and any agent of the Trustee or the Issuer, if made in the manner provided in this Section. 
 (b) The fact and date of the
execution of any such instrument or writing, or the authority of the Person executing the same, may be proved in any reasonable manner which the Trustee deems sufficient. 

(c) The ownership of Notes shall be proved by the register maintained by the Registrar. 

(d) If the Issuer shall solicit from the Holders of Notes any request, demand, authorization, direction, notice, consent, waiver or other act,
the Issuer may, at its option, in or pursuant to a Board Resolution, fix in advance a record date for the determination of Holders entitled to give such request, demand, authorization, direction, notice, consent, waiver or other act, but the Issuer
shall have no obligation to do so. Notwithstanding TIA Section 316(c), such record date shall be the record date specified in or pursuant to such Board Resolution, which shall be a date not earlier than the date 30 days prior to the first
solicitation of Holders generally in connection therewith and not later than the date such solicitation is completed. If such a record date is fixed, such request, demand, authorization, direction, notice, consent, waiver or other act may be given
before or after such record date, but only the Holders of record at the close of business on such record date shall be deemed to be Holders for the purpose of determining whether Holders of the requisite proportion of Outstanding Notes have
authorized or agreed or consented to such request, demand, authorization, direction, notice, consent, waiver or other act, and for that purpose the Outstanding Notes shall be computed as of such record date; provided that no such
authorization, agreement or consent by the Holders on such record date shall be deemed effective unless it shall become effective pursuant to the provisions of this Indenture not later than eleven months after the record date. 

(e) Any request, demand, authorization, direction, notice, consent, waiver or other act of the Holder of any Note shall bind every future
Holder of the same Note and the Holder of every Note issued upon the registration of transfer thereof or in exchange therefor or in lieu thereof in respect of anything done, omitted or suffered to be done by the Trustee, any Registrar, any Paying
Agent, any authenticating agent or the Issuer in reliance thereon, whether or not notation of such action is made upon such Note. 

[Signatures on following page] 

  
 - 47 - 

 SIGNATURES 

 

					
	ISSUER:
	
	EPR PROPERTIES
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Senior Vice President, Chief Financial Officer and Treasurer
	
	GUARANTORS:
	
	30 WEST PERSHING, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	CANTERA 30 THEATRE, L.P.
		
	By:		CANTERA 30, INC., its General Partner
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	ECE I, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	ECS DOUGLAS I, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary

 
					
	EDUCATION CAPITAL SOLUTIONS, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPR HIALEAH, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT 909, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT CHARLOTTE, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT CROTCHED MOUNTAIN, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT DALLAS, LLC
		
	By:		 /s/ Mark A. Peterson

			
			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary

 
					
	EPT DOWNREIT II, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT FONTANA, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT GULF POINTE, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT HUNTSVILLE, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT KALAMAZOO, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT MAD RIVER, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary

 
					
	EPT MELBOURNE, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT MESQUITE, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT MOUNT ATTITASH, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT MOUNT SNOW, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT NINETEEN, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT OAKVIEW, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary

 
					
	EPT PENSACOLA, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT SKI PROPERTIES, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT SOUTH BARRINGTON, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT TWIN FALLS, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	EPT WATERPARKS, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	FLIK, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary

 
					
	MEGAPLEX FOUR, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	MEGAPLEX NINE, INC.
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	NEW ROC ASSOCIATES, L.P.
		
	By:		EPT NEW ROCK GP, INC., its General Partner
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	TAMPA VETERANS 24, L.P.
		
	By:		TAMPA VETERANS 24, INC., its General Partner
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary
	
	WESTCOL CENTER, LLC
		
	By:		 /s/ Mark A. Peterson

			Name:		Mark A. Peterson
			Title:		Vice President, Treasurer and Assistant Secretary

 
					
	TRUSTEE:
	
	UMB BANK, N.A.
		
	By:		 /s/ Anthony P. Hawkins

			Name:		Anthony P. Hawkins
			Title:		Vice President

 EXHIBIT A 

[FORM OF NOTE] 
 [Face
of Note] 
 Global Notes Legend, if applicable 
  

 
 CUSIP# 26884U AB5 

4.500% Senior Note due 2025 
  

			
	No. 1		$ 300,000,000

 EPR PROPERTIES 

EPR Properties, a Maryland real estate investment trust, promises to pay to CEDE & CO. or registered assigns, the principal sum of 300,000,000
Dollars [, as revised by the Schedule of Increases or Decreases in the Global Note attached hereto,]1 on April 1, 2025. 

Interest Payment Dates: April 1 and October 1 
 Record
Dates: March 15 and September 15 
 Dated: March 16, 2015 

 

			
	EPR PROPERTIES
		
	By:		  

			Name:
			Title:
		
	By:		  

			Name:
			Title:

  

	1 	To be included only if Note is issued in global form. 

  
 A-1 

			
	This is one of the Notes referred to in the within-mentioned Indenture:
	
	UMB BANK, N.A., as Trustee
		
	By:		  

			Authorized Signatory

  
 A-2 

 [Form of Back of Note] 

4.500% Senior Notes due 2025 

Capitalized terms used herein have the meanings assigned to them in the Indenture referred to below unless otherwise indicated. 

(1) Interest. EPR Properties (the “Issuer”) promises to pay interest on the principal amount of this
Note at 4.500% per annum from March 16, 2015 until maturity. The Issuer will pay interest semi-annually in arrears on April 1 and October 1 of each year, or if any such day is not a Business Day, on the next succeeding Business
Day (each, an “Interest Payment Date”). Interest on the Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from March 16, 2015; provided, that if there is no
existing Default in the payment of interest, and if this Note is authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date;
provided, further, that the first Interest Payment Date shall be October 1, 2015. The Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, from
time to time on demand at a rate that is 1% per annum in excess of the rate then in effect; the Issuer will pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without
regard to any applicable grace periods) from time to time on demand at the same rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 

(2) Method of Payment. The Issuer will pay interest on the Notes (except defaulted interest) to the Persons who
are registered Holders of Notes at the close of business on the March 15 or September 15 (each, a “Record Date”) next preceding the Interest Payment Date, even if such Notes are canceled after such record date and on or
before such Interest Payment Date, except as provided in Section 2.12 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium, if any, and interest at the office or agency of the Issuer maintained
for such purpose within or without the City and State of New York, or, at the option of the Issuer, payment of interest may be made by check mailed to the Holders at their addresses set forth in the register of Holders; provided that payment
by wire transfer of immediately available funds will be required with respect to principal of and interest and premium, if any, on all Global Notes and all other Notes the Holders of which will have provided wire transfer instructions to the Issuer
or the Paying Agent. Such payment will be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

(3) Paying Agent and Registrar. Initially, UMB Bank, n.a., the Trustee under the Indenture, will act as Paying
Agent and Registrar. The Issuer may change any Paying Agent or Registrar without notice to any Holder. The Issuer or any of its Subsidiaries may act in any such capacity. 

(4) Indenture. The Issuer issued the Notes under an indenture, dated as of March 16, 2015 (the
“Indenture”), among the Issuer, the Guarantors and the Trustee. The terms of the Notes and the related Note Guarantees include those stated in the Indenture and those made part of the Indenture by reference to the Trust Indenture
Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for a statement of such terms. To the extent any provision of this Note conflicts with
the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. The Notes are unsecured obligations of the Issuer and the Notes are fully and unconditionally guaranteed by each of the Guarantors pursuant to
the Note Guarantees. 
 (5) Optional Redemption. The Issuer will not be entitled to redeem all or any
portion of the Notes at its option except as provided in this section. The Issuer will be entitled at its option to redeem all or any portion of the Notes at a redemption price equal to 100% of the principal amount of such Notes plus the Applicable
Premium as of, and any accrued and unpaid interest to, but not including, the redemption date (subject to the right of the Holders of Notes on the relevant record date to receive interest due on the relevant interest payment date); provided that if
the Notes are redeemed on or after 90 days prior to  

  
 A-3 

 
maturity, the redemption price shall equal 100% of the principal amount of the Notes being redeemed plus accrued and unpaid interest to, but not including, the redemption date. Notice of such
redemption must be mailed by first-class mail to each Holder’s registered address, not less than 30 nor more than 60 days prior to the redemption date. 

After notice of optional redemption has been given as provided in the Indenture, if funds for the redemption of any Notes
called for redemption have been made available on the redemption date, such Notes called for redemption will cease to bear interest on the date fixed for the redemption specified in the redemption notice and the only right of the Holders of such
Notes will be to receive payment of the redemption price. 
 Any redemption pursuant to Section 3.08 of the Indenture
shall be made pursuant to the provisions of Sections 3.01 through 3.06 of the Indenture. 
 (6) Mandatory
Redemption. The Issuer will not be required to make mandatory redemption payments with respect to the Notes. 

(7) Notice of Redemption. Notice of redemption will be mailed at least 30 days but not more than 60 days before
the redemption date to each Holder whose Notes are to be redeemed at its registered address. Notes in denominations larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be
redeemed. 
 (8) Denominations, Transfer, Exchange. The Notes are in registered form without coupons in
denominations of $2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to
furnish appropriate endorsements and transfer documents and the Issuer may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuer need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuer need not exchange or register the transfer of any Notes for a period of 15 days before a selection of Notes to be redeemed or during
the period between a Record Date and the corresponding Interest Payment Date. 
 (9) Persons Deemed
Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 (10) Amendment,
Supplement and Waiver. Subject to certain exceptions, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented with the consent of the Holders of at least a majority in principal amount of the then Outstanding Notes
affected by such amendment or supplemental indenture voting as a single class, and any existing Default or Event of Default or compliance with any provision of the Indenture, the Notes Guarantees or the Notes may be waived with the consent of the
Holders of a majority in principal amount of the then Outstanding Notes affected thereby voting as a single class. Without the consent of any Holder of a Note, the Indenture, the Notes Guarantees or the Notes may be amended or supplemented to, among
other things, cure any ambiguity, defect or inconsistency; to provide for uncertificated Notes in addition to or in place of certificated Notes; to provide for the assumption of the Issuer’s obligations to Holders of Notes in the case of a
merger or consolidation or sale of all or substantially all of the Issuer’s assets; to add additional Guarantees with respect to the Notes; to secure the Notes; to make any other change that would provide any additional rights or benefits to
the Holders of Notes or that does not adversely affect the legal rights under the Indenture of any such Holder; or to comply with requirements of the Commission in order to effect or maintain the qualification of the applicable Indenture under the
Trust Indenture Act. 
 (11) Defaults and Remedies. Events of Default with respect to the Notes (as
defined in the Indenture) include: (i) default in the payment of principal or any premium on the Notes when due and payable; (ii) default in the payment of interest on the Notes within 30 days after the applicable due date; 

  
 A-4 

 
(iii) failure to comply with Section 5.01 of the Indenture; (iv) breach of any other term of the Indenture for 60 days after receipt of a notice of Default stating the Issuer is in
breach; (v) certain final judgments are entered against the Issuer and its Restricted Subsidiaries and are not paid, discharged or stayed for a period of 60 days; (vi) default under any of certain Debt of the Issuer and its Restricted
Subsidiaries, which default results in the acceleration of the maturity of such indebtedness, unless such other Debt is discharged, or the acceleration is rescinded or annulled, within 30 days after the Issuer or its Restricted Subsidiaries receives
notice of the default; (vii) certain events in bankruptcy, insolvency or reorganization occur with respect to the Issuer or any of its Significant Subsidiaries or any group of Subsidiaries that, taken as a whole, would constitute a Significant
Subsidiary; and (viii) any Notes Guarantee of a Significant Subsidiary of the Issuer ceases to be in full force and effect or is declared null and void or any Guarantor denies or disaffirms its obligations under the Indenture or any Notes
Guarantee other than by reason of the release of any such Notes Guarantee in accordance with the Indenture. If any Event of Default occurs and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then Outstanding
Notes may declare the entire principal amount of the Notes to be due and payable. Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of bankruptcy or insolvency, all Outstanding Notes will become due and
payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, the Holders of a majority in principal amount of the then Outstanding Notes may direct
the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a Default or Event of Default in the payment of principal, premium, if any, or
interest) if and so long as it determines that withholding notice is in the interest of the Holders of the Notes. Subject to certain exceptions, the Holders of a majority in aggregate principal amount of the then Outstanding Notes by notice to the
Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of principal of, premium, if any, or
interest on the Notes. The Issuer is required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuer is required upon becoming aware of any Default or Event of Default to deliver to the Trustee a
statement specifying such Default or Event of Default. 
 (12) Trustee Dealings with Issuer. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuer or its Affiliates, and may otherwise deal with the Issuer or its Affiliates as if it were not the Trustee. 

(13) No Recourse Against Others. No past, present or future trustee, director, officer, employee or stockholder
of the Issuer or any of its Subsidiaries, as such, will have any liability for any obligations of the Issuer or any of its Subsidiaries under the Notes or the Indenture based on, in respect of, or by reason of such obligations or their creation.
Each Holder by accepting a Note waives and releases all such liability. The foregoing waiver and release are an integral part of the consideration for the issuance of the Notes. 

(14) Authentication. This Note will not be valid until authenticated by the manual signature of the Trustee or an
authenticating agent. 
 (15) Abbreviations. Customary abbreviations may be used in the name of a Holder
or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act).

 (16) CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security
Identification Procedures, the Issuer has caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either
as printed on the Notes or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 

  
 A-5 

 The Issuer will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 EPR Properties 
 909
Walnut Street, Suite 200 
 Kansas City, MO 64106 
 Attention:
Chief Executive Officer 
 Facsimile No.: (816) 472-5794 

  
 A-6 

 Assignment Form 

To assign this Note, fill in the form below: 
  

			
	(I) or (we) assign and transfer this Note to:		
		
	  
		
	(Insert assignee’s legal name)		
		
	  
		
	(Insert assignee’s Soc. Sec. or Tax I.D. No.)		
	
	  

	  

	  

	  

	(Print or type assignee’s name, address and zip code)
			

 and irrevocably
appoint                                        
to transfer this Note on the books of the Issuer. The agent may substitute another to act for him. 
  

					
	Date:		  

  

			
	Your Signature		  

	
	(Sign exactly as your name appears on the face of this Note)

  

			
	Signature Guarantee*:		  

  

	* 	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 

  
 A-7 

 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE2 
 The following exchanges of a part of this Global Note for an interest in another Global
Note or for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of Exchange
	  	Amount of decrease
in Principal Amount
of this Global Note	  	Amount of increase
in Principal Amount
of this Global Note	  	Principal Amount of
this Global Note
following such
decrease (or
increase)	  	Signature of
authorized officer of
Trustee or Custodian
		  		  		  		  	
		  		  		  		  	
		  		  		  		  	

  

	2 	This schedule should be included only if the Note is issued in global form. 

  
 A-8 

 EXHIBIT B 

[FORM OF SUPPLEMENTAL INDENTURE TO BE DELIVERED BY SUBSEQUENT GUARANTORS] 

Supplemental Indenture (this “Supplemental Indenture”), dated as of
            , 20    , among             (the “Guaranteeing Subsidiary”), EPR Properties, a
Maryland real estate investment trust (the “Issuer”), the other Guarantors (as defined in the Indenture referred to below) and UMB Bank, n.a., as trustee under the Indenture referred to below (the “Trustee”). 

W I T N E S S E T H 

WHEREAS, the Issuer has heretofore executed and delivered to the Trustee an indenture, dated as of March 16, 2015 (the
“Indenture”), providing for the issuance of 4.500% Senior Notes due 2025 (the “Notes”); 
 WHEREAS, the
Indenture provides that under certain circumstances the Guaranteeing Subsidiary shall execute and deliver to the Trustee a supplemental indenture pursuant to which the Guaranteeing Subsidiary shall unconditionally guarantee all of the Issuer’s
Obligations (as defined in the Indenture) under the Notes and the Indenture on the terms and conditions set forth herein (the “Notes Guarantee”); and 

WHEREAS, pursuant to Section 9.01 of the Indenture, the Trustee is authorized to execute and deliver this Supplemental Indenture. 

NOW THEREFORE, in consideration of the foregoing and for other good and valuable consideration, the receipt of which is hereby acknowledged,
the Guaranteeing Subsidiary and the Trustee mutually covenant and agree for the equal and ratable benefit of the Holders of the Notes as follows: 

1. Capitalized Terms. Capitalized terms used herein without definition shall have the meanings assigned to them in the Indenture. 

2. Agreement to Guarantee. The Guaranteeing Subsidiary hereby agrees as follows: 

(a) Subject to Article 10 of the Indenture, the Guaranteeing Subsidiary hereby, jointly and severally with all other Guarantors,
unconditionally guarantees to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns, irrespective of the validity and enforceability of the Indenture, the Notes or the obligations of the
Issuer hereunder or thereunder, that: 
 (i) the principal of, and premium, if any, and interest on the Notes will be
promptly paid in full when due, whether at maturity, by acceleration, redemption or otherwise, and interest on the overdue principal of and interest on the Notes, if any, if lawful, and all other obligations of the Issuer to the Holders or the
Trustee hereunder or thereunder will be promptly paid in full or performed, all in accordance with the terms hereof and thereof; and 

(ii) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. 

Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and
severally obligated to pay the same immediately. 
 (b) The obligations hereunder shall be unconditional, irrespective of the validity,
regularity or enforceability of the Notes or the Indenture, the absence of any action to enforce the same, any waiver or consent by any Holder of the Notes with respect to any provisions hereof or thereof, the recovery of any judgment against the
Issuer, any action to enforce the same or any other circumstance which might otherwise constitute a legal or equitable discharge or defense of a Guarantor, other than payment in full of all Obligations under the Notes. 

  
 B-1 

 (c) The following is hereby waived: diligence, presentment, demand of payment, filing of claims
with a court in the event of insolvency or bankruptcy of the Issuer, any right to require a proceeding first against the Issuer, protest, notice and all demands whatsoever. 

(d) This Notes Guarantee shall not be discharged except by complete performance of the obligations contained in the Notes and the Indenture,
and the Guaranteeing Subsidiary accepts all obligations of a Guarantor under the Indenture. 
 (e) If any Holder or the Trustee is required
by any court or otherwise to return to the Issuer, the Guarantors, or any custodian, trustee, liquidator or other similar official acting in relation to either the Issuer or the Guarantors, any amount paid by either to the Trustee or such Holder,
this Notes Guarantee, to the extent theretofore discharged, shall be reinstated in full force and effect. 
 (f) The Guaranteeing Subsidiary
shall not be entitled to any right of subrogation in relation to the Holders in respect of any obligations guaranteed hereby until payment in full of all obligations guaranteed hereby. 

(g) As between the Guarantors, on the one hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the obligations
guaranteed hereby may be accelerated as provided in Article 6 of the Indenture for the purposes of this Notes Guarantee, notwithstanding any stay, injunction or other prohibition preventing such acceleration in respect of the obligations guaranteed
hereby, and (y) in the event of any declaration of acceleration of such obligations as provided in Article 6 of the Indenture, such obligations (whether or not due and payable) shall forthwith become due and payable by the Guarantors for the
purpose of this Notes Guarantee. 
 (h) The Guarantors shall have the right to seek contribution from any nonpaying Guarantor so long as the
exercise of such right does not impair the rights of the Holders under this Notes Guarantee. 
 (i) In accordance with Section 10.02 of
the Indenture, after giving effect to any maximum amount and all other contingent and fixed liabilities that are relevant under any applicable Bankruptcy Law or fraudulent conveyance law, and after giving effect to any collections from, rights to
receive contribution from or payments made by or on behalf of any other Guarantor in respect of the obligations of such other Guarantor under Article 10 of the Indenture, this Notes Guarantee shall be limited to the maximum amount permissible such
that the obligations of such Guarantor under this Notes Guarantee will not constitute a fraudulent transfer or conveyance. 
 3.
Guaranteeing Subsidiary may Consolidate, etc., on Certain Terms. 
 (a) The Guaranteeing Subsidiary may not sell or otherwise dispose
of all or substantially all of its assets to, or consolidate with or merge with or into (whether or not the Guaranteeing Subsidiary is the surviving Person) another Person, other than the Issuer or another Guarantor unless: 

(i) immediately after giving effect to such transaction, no Default or Event of Default exists; and 

(ii) subject to Section 10.05 of the Indenture, the Person acquiring the property in any such sale or disposition or the
Person formed by or surviving any such consolidation or merger assumes all of the obligations of the Guaranteeing Subsidiary under the Indenture and this Notes Guarantee pursuant to a supplemental indenture in form and substance reasonably
satisfactory to the Trustee. 
 (b) In case of any such consolidation, merger, sale or conveyance and upon the assumption by the successor
Person, by supplemental indenture, executed and delivered to the Trustee and satisfactory in form to the Trustee, of this Notes Guarantee endorsed upon the Notes and the due and punctual performance of all of the covenants and conditions of the
Indenture to be performed by the Guaranteeing Subsidiary, such successor Person shall succeed to and be substituted for the Guaranteeing Subsidiary with the same effect as if it had been named herein as a Guaranteeing Subsidiary. Such successor
Person thereupon may cause to be signed any or all of the Notes Guarantees to be endorsed upon all of the Notes issuable under the Indenture which theretofore shall not have 

  
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been signed by the Issuer and delivered to the Trustee. All the Notes Guarantees so issued shall in all respects have the same legal rank and benefit under the Indenture as the Notes Guarantees
theretofore and thereafter issued in accordance with the terms of the Indenture as though all of such Notes Guarantees had been issued at the date of the execution hereof. 

(c) Except as set forth in Articles 4 and 5 and Section 10.04 of the Indenture, and notwithstanding clauses (a) and (b) above,
nothing contained in the Indenture or in any of the Notes shall prevent any consolidation or merger of the Guaranteeing Subsidiary with or into the Issuer or another Guarantor, or shall prevent any sale or conveyance of the property of the
Guaranteeing Subsidiary as an entirety or substantially as an entirety to the Issuer or another Guarantor. 
 4. Releases. 

(a) The Notes Guarantee of a Guaranteeing Subsidiary shall be released, and any Person acquiring assets (including by way of merger or
consolidation) or Capital Stock of a Guaranteeing Subsidiary under those circumstances specified in Section 10.05 of the Indenture shall not be required to assume the obligations of such Guaranteeing Subsidiary. Upon delivery by the Issuer to
the Trustee of an Officers’ Certificate and an Opinion of Counsel stating that the provisions of Section 10.05 of the Indenture have been complied with, the Trustee shall execute any documents reasonably required in order to evidence the
release of the Guaranteeing Subsidiary from its obligations under this Notes Guarantee. 
 (b) Any Guarantor not released from its
obligations under its Notes Guarantee shall remain liable for the full amount of principal of and interest on the Notes and for the other obligations of any Guarantor under the Indenture as provided in Article 10 of the Indenture. 

5. No Recourse Against Others. No past, present or future trustee, director, officer, employee, incorporator, stockholder, equity
holder or agent of the Guaranteeing Subsidiary, as such, shall have any liability for any obligations of the Issuer or the Guaranteeing Subsidiary under the Notes, this Notes Guarantee, the Indenture or this Supplemental Indenture or for any claim
based on, in respect of, or by reason of, such obligations or their creation. Each Holder of the Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of the Notes. Such
waiver may not be effective to waive liabilities under the federal securities laws and it is the view of the Commission that such a waiver is against public policy. 

6. NEW YORK LAW TO GOVERN. THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS SUPPLEMENTAL INDENTURE
BUT WITHOUT GIVING EFFECT TO APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 

7. Counterparts. The parties may sign any number of copies of this Supplemental Indenture. Each signed copy shall be an original, but
all of them together represent the same agreement. 
 8. Effect of Headings. The Section headings herein are for convenience only and
shall not affect the construction hereof. 
 9. The Trustee. The Trustee shall not be responsible in any manner whatsoever for or in
respect of the validity or sufficiency of this Supplemental Indenture or for or in respect of the recitals contained herein, all of which recitals are made solely by the Guaranteeing Subsidiary and the Issuer. 

  
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 IN WITNESS WHEREOF, the parties hereto have caused this Supplemental Indenture to be duly
executed and attested, all as of the date first above written. 
 Dated:             ,
20     
  

			
	EPR PROPERTIES
		
	By:		  

			Name:
			Title:
	
	[EXISTING GUARANTORS]
		
	By:		  

			Name:
			Title:
	
	UMB BANK, N.A., as Trustee
		
	By:		  

			Authorized Signatory

  
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