Document:

EX-4.1

Exhibit 4.1

EXECUTION VERSION

AMENDED AND RESTATED

MASTER CREDIT AGREEMENT

DATED AS OF JUNE 30, 2009

Among

ENTERTAINMENT PROPERTIES TRUST;

30 WEST PERSHING, LLC;

EPT DOWNREIT II, INC.;

EPT HUNTSVILLE, INC.;

EPT PENSACOLA, INC.;

MEGAPLEX FOUR, INC.

WESTCOL CENTER, LLC; AND

EPT MELBOURNE, INC.

(individually and collectively, the “Borrowers” or the “Borrower”)

THE LENDERS WHICH ARE OR MAY BECOME PARTIES TO THIS AGREEMENT,

KEYBANK NATIONAL ASSOCIATION,

As Administrative Agent and Lender,

KEYBANC CAPITAL MARKETS, and

JP MORGAN SECURITIES, INC. As Joint Lead Arrangers and Book Managers,

and

RBC CAPITAL MARKETS*, as Joint Lead Arranger and Book Manager and

Syndication Agent,

and

JPMORGAN CHASE BANK, N.A., as Syndication Agent

 

			
	*	 	RBC Capital Markets is the global brand name for the
corporate and investment banking businesses of Royal Bank of Canada and its
affiliates.

 

 

TABLE OF CONTENTS

	 	 	 
	 
	 	 	Page
	 
	§1. DEFINITIONS AND RULES OF INTERPRETATION
	 	2 
	 
	§1.1 Definitions
	 	2 
	 
	§1.2 Rules of Interpretation
	 	25 
	 
	§1.3 Accounting Terms and Determinations
	 	25 
	 
	§2. THE REVOLVING CREDIT FACILITY
	 	26 
	 
	§2.1 Revolving Credit Loans
	 	26 
	 
	§2.2 The Increased Loan Amount
	 	27 
	 
	§2.3 Facility Unused Fee
	 	29 
	 
	§2.4 Intentionally Deleted
	 	29 
	 
	§2.5 Intentionally Deleted
	 	29 
	 
	§2.6 Interest on Loans
	 	29 
	 
	§2.7 Requests for Revolving Credit Loans
	 	29 
	 
	§2.8 Funds for Revolving Credit Loans
	 	30 
	 
	§2.9 Use of Proceeds
	 	31 
	 
	§2.10 Letters of Credit
	 	32 
	 
	§2.11 Appointment of Borrower Agent
	 	35 
	 
	§3. REPAYMENT OF THE LOANS
	 	36 
	 
	§3.1 Stated Maturity
	 	36 
	 
	§3.2 Mandatory Prepayments
	 	36 
	 
	§3.3 Optional Prepayments
	 	37 
	 
	§3.4 Partial Prepayments
	 	37 
	 
	§3.5 Extension Option
	 	37 
	 
	§3.6 Effect of Prepayments
	 	37 
	 
	§4. CERTAIN GENERAL PROVISIONS
	 	37 
	 
	§4.1 Conversion Options
	 	37 
	 
	§4.2 Closing Fee
	 	38 
	 
	§4.3 Agent’s Fee
	 	38 
	 
	§4.4 Funds for Payments
	 	39 
	 
	§4.5 Computations
	 	40 
	 
	§4.6 Inability to Determine LIBOR
	 	40 
	 
	§4.7 Illegality
	 	41 
	 

 

 

	 	 	 
	 
	 	 	Page
	 
	§4.8 Additional Interest
	 	41 
	 
	§4.9 Additional Costs, Etc
	 	42 
	 
	§4.10 Capital Adequacy
	 	43 
	 
	§4.11 Indemnity of Borrower
	 	43 
	 
	§4.12 Default Interest; Late Charge
	 	43 
	 
	§4.13 Certificate
	 	44 
	 
	§4.14 Limitation on Interest
	 	44 
	 
	§4.15 Certain Provisions Relating to Increased Costs
	 	44 
	 
	§5. BORROWING BASE PROPERTY AND BORROWING BASE PROPERTY REPLACEMENT
	 	45 
	 
	§5.1 Intentionally Deleted
	 	45 
	 
	§5.2 Intentionally Deleted
	 	45 
	 
	§5.3 Replacement or Addition of Borrowing Base Properties
	 	45 
	 
	§5.4 Release of Borrowing Base Property
	 	46 
	 
	§6. REPRESENTATIONS AND WARRANTIES
	 	47 
	 
	§6.1 Corporate Authority, Etc
	 	47 
	 
	§6.2 Governmental Approvals
	 	53 
	 
	§6.3 Title to Properties
	 	53 
	 
	§6.4 Financial Statements
	 	53 
	 
	§6.5 No Material Changes
	 	54 
	 
	§6.6 Franchises, Patents, Copyrights, Etc
	 	54 
	 
	§6.7 Litigation
	 	54 
	 
	§6.8 No Materially Adverse Contracts, Etc
	 	54 
	 
	§6.9 Compliance with Other Instruments, Laws, Etc
	 	54 
	 
	§6.10 Tax Status
	 	54 
	 
	§6.11 No Event of Default
	 	55 
	 
	§6.12 Holding Company and Investment Company Acts
	 	55 
	 
	§6.13 Absence of UCC Financing Statements, Etc
	 	55 
	 
	§6.14 Setoff, Etc
	 	55 
	 
	§6.15 Certain Transactions
	 	55 
	 
	§6.16 Employee Benefit Plans
	 	55 
	 
	§6.17 Disclosure
	 	56 
	 
	§6.18 Trade Name; Place of Business
	 	56 
	 
	§6.19 Regulations T, U and X
	 	56 
	 

 

 

	 	 	 
	 	 	 
	 	 	Page
	 	 	 
	§6.20 Environmental Compliance
	 	57
	 	 	 
	§6.21 Subsidiaries
	 	58
	 	 	 
	§6.22 Leases
	 	59
	 	 	 
	§6.23 Property
	 	59
	 	 	 
	§6.24 Brokers
	 	61
	 	 	 
	§6.25 Other Debt
	 	61
	 	 	 
	§6.26 Solvency
	 	61
	 	 	 
	§6.27 No Bankruptcy Filing
	 	61
	 	 	 
	§6.28 No Fraudulent Intent
	 	61
	 	 	 
	§6.29 Transaction in Best Interests of Borrower; Consideration
	 	61
	 	 	 
	§6.30 Capitalization
	 	61
	 	 	 
	§6.31 Notice of REIT Status
	 	61
	 	 	 
	§6.32 Intentionally Deleted
	 	62
	 	 	 
	§6.33 Certificates of Occupancy; Licenses
	 	62
	 	 	 
	§6.34 Insurance
	 	62
	 	 	 
	§6.35 Intentionally Deleted
	 	62
	 	 	 
	§7. AFFIRMATIVE COVENANTS
	 	62
	 	 	 
	§7.1 Punctual Payment
	 	62
	 	 	 
	§7.2 Maintenance of Office
	 	63
	 	 	 
	§7.3 Records and Accounts
	 	63
	 	 	 
	§7.4 Financial Statements, Certificates and Information
	 	63
	 	 	 
	§7.5 Notices
	 	65
	 	 	 
	§7.6 Existence; Maintenance of Properties; Rating Agency Surveillance
	 	67
	 	 	 
	§7.7 Insurance
	 	68
	 	 	 
	§7.8 Taxes; Liens
	 	68
	 	 	 
	§7.9 Inspection of Properties and Books
	 	69
	 	 	 
	§7.10 Compliance with Laws, Contracts, Licenses, and Permits
	 	69
	 	 	 
	§7.11 Further Assurances
	 	69
	 	 	 
	§7.12 Management
	 	69
	 	 	 
	§7.13 Intentionally Deleted
	 	70
	 	 	 
	§7.14 Business Operations
	 	70
	 	 	 
	§7.15 Registered Servicemark
	 	70
	 	 	 
	§7.16 Deposit of Proceeds; Other Bank Accounts
	 	70
	 	 	 

 

 

	 	 	 
	 
	 	 	Page
	 
	§7.17 Distributions of Income to the Borrower
	 	70 
	 
	§7.18 Borrowing Base Property
	 	71 
	 
	§7.19 Intentionally Deleted
	 	71 
	 
	§7.20 Plan Assets
	 	71 
	 
	§7.21 Certificates of Occupancy; Licenses
	 	71 
	 
	§7.22 Intentionally Deleted
	 	71 
	 
	§7.23 Ground Leases
	 	72 
	 
	§8. NEGATIVE COVENANTS
	 	74 
	 
	§8.1 Restrictions on Indebtedness
	 	74 
	 
	§8.2 Restrictions on Liens, Etc
	 	75 
	 
	§8.3 Restrictions on Investments
	 	76 
	 
	§8.4 Merger, Consolidation
	 	77
	 
	§8.5 Independent Directors
	 	77 
	 
	§8.6 Compliance with Environmental Laws
	 	78 
	 
	§8.7 Distributions
	 	78 
	 
	§8.8 Asset Sales
	 	78 
	 
	§8.9 Development Activity
	 	78 
	 
	§8.10 Restriction on Prepayment of Indebtedness
	 	78 
	 
	§8.11 Zoning and Contract Changes and Compliance
	 	79 
	 
	§8.12 Derivative Obligations
	 	79 
	 
	§8.13 Subsidiaries Guarantees and Pledges
	 	79 
	 
	§8.14 Organizational Document Amendments
	 	79 
	 
	§9. FINANCIAL COVENANTS
	 	80 
	 
	§9.1 Borrowing Base
	 	80 
	 
	§9.2 Intentionally Deleted
	 	80 
	 
	§9.3 Total Debt to Total Asset Value
	 	80 
	 
	§9.4 Maximum Permitted Investments
	 	80 
	 
	§9.5 Tangible Net Worth
	 	81 
	 
	§9.6 Interest Rate Protection
	 	81 
	 
	§9.7 Minimum Interest Coverage Ratio
	 	81 
	 
	§9.8 Maximum Distributions
	 	81 
	 
	§9.9 Intentionally Deleted
	 	81 
	 
	§9.10 Maximum Secured Debt
	 	81 
	 

 

 

	 	 	 
	 
	 	 	Page
	 
	§9.11 Minimum Fixed Charge Coverage Ratio
	 	82 
	 
	§10. CLOSING CONDITIONS
	 	82 
	 
	§10.1 Loan Documents
	 	82
	 
	§10.2 Certified Copies of Organizational Documents
	 	82 
	 
	§10.3 Resolutions
	 	82 
	 
	§10.4 Incumbency Certificate; Authorized Signers
	 	82 
	 
	§10.5 Opinion of Counsel
	 	82 
	 
	§10.6 Payment of Fees
	 	82 
	 
	§10.7 Insurance
	 	83 
	 
	§10.8 Performance; No Default
	 	83 
	 
	§10.9 Representations and Warranties
	 	83 
	 
	§10.10 Proceedings and Documents
	 	83 
	 
	§10.11 Eligible Real Estate Qualification Documents
	 	83 
	 
	§10.12 Compliance Certificate
	 	83 
	 
	§10.13 Stockholder and Partner Consents
	 	83 
	 
	§10.14 Other
	 	83 
	 
	§11. CONDITIONS TO ALL BORROWINGS
	 	84 
	 
	§11.1 Prior Conditions Satisfied
	 	84 
	 
	§11.2 Representations True; No Default
	 	84 
	 
	§11.3 No Legal Impediment
	 	84 
	 
	§11.4 Governmental Regulation
	 	84 
	 
	§11.5 Proceedings and Documents
	 	84 
	 
	§11.6 Borrowing Documents
	 	84 
	 
	§12. EVENTS OF DEFAULT; ACCELERATION; ETC
	 	85 
	 
	§12.1 Events of Default and Acceleration
	 	85 
	 
	§12.2 Limitation of Cure Periods
	 	88 
	 
	§12.3 Termination of Commitments
	 	89 
	 
	§12.4 Remedies
	 	89 
	 
	§12.5 Distribution of Collateral Proceeds
	 	90 
	 
	§13. SETOFF
	 	90 
	 
	§13.1 Setoff
	 	90 
	 
	§13.2 Additional Rights
	 	91 
	 
	§14. THE AGENT
	 	91 
	 

 

 

	 	 	 
	 
	 	 	Page
	 
	§14.1 Authorization
	 	91 
	 
	§14.2 Employees and Agents
	 	91 
	 
	§14.3 No Liability
	 	91 
	 
	§14.4 No Representations
	 	92 
	 
	§14.5 Payments
	 	92 
	 
	§14.6 Holders of Notes
	 	93 
	 
	§14.7 Indemnity
	 	93 
	 
	§14.8 Agent as Lender
	 	93 
	 
	§14.9 Resignation; Removal
	 	93 
	 
	§14.10 Duties in the Case of Enforcement
	 	94 
	 
	§14.11 Request for Agent Action
	 	95 
	 
	§14.12 Intentionally Deleted
	 	95 
	 
	§14.13 Replacement of Holdout Lender
	 	95 
	 
	§15. EXPENSES
	 	95 
	 
	§16. INDEMNIFICATION
	 	96 
	 
	§16.1 Lender Indemnification
	 	96 
	 
	§16.2 Borrower Must Notify
	 	97 
	 
	§16.3 Remedies
	 	97 
	 
	§16.4 Limitations
	 	97 
	 
	§16.5 Obligations Absolute
	 	98 
	 
	§17. SURVIVAL OF COVENANTS, ETC
	 	98 
	 
	§18. ASSIGNMENT AND PARTICIPATION
	 	98 
	 
	§18.1 Conditions to Assignment by Lenders
	 	98 
	 
	§18.2 Register
	 	99 
	 
	§18.3 New Notes
	 	99 
	 
	§18.4 Participations
	 	100 
	 
	§18.5 Pledge by Lender
	 	100 
	 
	§18.6 No Assignment by Borrower
	 	100 
	 
	§18.7 Disclosure
	 	100 
	 
	§18.8 Amendments to Loan Documents
	 	101 
	 
	§19. NOTICES
	 	101 
	 
	§20. RELATIONSHIP
	 	103 
	 
	§21 USURY
	 	103 
	 

 

 

	 	 	 
	 	 	Page
	§22. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE
	 	103
	 	 	 
	§23 POWER OF ATTORNEY
	 	104
	 	 	 
	§24. HEADINGS
	 	104
	 	 	 
	§25. COUNTERPARTS
	 	104
	 	 	 
	§26. ENTIRE AGREEMENT, ETC 115
	 	104
	 	 	 
	§27. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS
	 	104
	 	 	 
	§28. DEALINGS WITH THE BORROWER
	 	105
	 	 	 
	§29. CONSENTS, AMENDMENTS, WAIVERS, ETC
	 	105
	 	 	 
	§30. SEVERABILITY
	 	106
	 	 	 
	§31. TIME OF THE ESSENCE
	 	106
	 	 	 
	§32. NO UNWRITTEN AGREEMENTS
	 	106
	 	 	 
	§33. REPLACEMENT NOTES
	 	106
	 	 	 
	§34. NO THIRD PARTIES BENEFITED
	 	106
	 	 	 
	§35. HONORARY TITLES
	 	107
	 	 	 
	§36. USA PATRIOT ACT NOTICE
	 	107
	 	 	 

 

 

AMENDED AND RESTATED

MASTER CREDIT AGREEMENT

     THIS AMENDED AND RESTATED MASTER CREDIT AGREEMENT (as amended, modified or supplemented from
time to time this “Agreement”) is made as of the 30th day of June, 2009, by and among 30
WEST PERSHING, LLC, a limited liability company duly organized and validly existing under the laws
of the State of Missouri (“Pershing”), EPT DOWNREIT II, INC., a corporation duly organized
and validly existing under the laws of the State of Missouri (“DownREIT”), EPT HUNTSVILLE,
INC., a corporation duly organized and validly existing under the laws of the State of Delaware
(“Huntsville”), EPT PENSACOLA, INC., a corporation duly organized and validly existing
under the laws of the Sate of Missouri (“Pensacola”), MEGAPLEX FOUR, INC., a corporation
duly organized and validly existing under the laws of the Sate of Missouri (“Megaplex
Four”), WESTCOL CENTER, LLC, a limited liability company duly organized and validly existing
under the laws of the State of Delaware (“Westcol”), EPT MELBOURNE, INC., a corporation
duly organized and validly existing under the laws of the State of Missouri (“Melbourne”)
and ENTERTAINMENT PROPERTIES TRUST, a real estate investment trust duly organized and validly
existing under the laws of the State of Maryland (“EPR”) having its principal place of
business at c/o Entertainment Properties Trust, 30 Pershing Road, Suite 201, Kansas City, MO 64108
(individually and collectively, jointly and severally, Pershing, DownREIT, Huntsville, Pensacola,
Megaplex Four, Westcol, Melbourne and any other Borrower-SPE (as defined in §1.1 herein) and EPR
are referred to as the “Borrowers” or the “Borrower”, and each individually may
also be referred to as a “Borrower”), the Lenders (as defined herein) and KEYBANK NATIONAL
ASSOCIATION, as administrative agent (“Keybank” and/or the “Agent”).

R E C I T A L S

     WHEREAS, pursuant to the terms and conditions of that certain Amended and Restated Master
Credit Agreement dated as of January 31, 2006, as the same has been modified or amended from time
to time (the “A&R Credit Agreement”) by and among EPR and certain of its direct or indirect
subsidiaries, as borrowers (the “Initial Borrower”) and Keybank as lender and agent and the
other lenders parties to that agreement from time to time, such lenders extended to the Initial
Borrower a revolving credit facility in the maximum principal amount of Two Hundred Million and
00/100 Dollars ($200,000,000.00);

     WHEREAS, Huntsville and Pensacola are wholly-owned Subsidiaries of Pershing;

     WHEREAS, DownREIT is a wholly owned Subsidiary of Theatre Sub, Inc., a corporation duly
organized and validly existing under the laws of the State of Missouri (“Theatre Sub”);

     WHEREAS, Theatre Sub and Westcol are wholly owned Subsidiaries of Megaplex Four;

     WHEREAS, Pershing, Megaplex Four and Melbourne are wholly-owned Subsidiaries of EPR

1

 

     WHEREAS, this Agreement refinances the debt under the A&R Credit Agreement and is made by and
among the Borrowers, Agent and Lenders in substitution and replacement for the A&R Credit Agreement
in its entirety, and any reference to the A&R Credit Agreement shall mean the A&R Credit Agreement,
as amended and restated in its entirety hereby; and

     WHEREAS, this Agreement sets forth the terms and conditions upon which the Lenders have agreed
to, among other things, extend the revolving credit facility to the Borrowers up to a maximum
amount of $215,000,000.00 (subject to increases as set forth in §2.2 herein);

     NOW, THEREFORE, in consideration of the recitals herein and mutual covenants and agreements
contained herein, and for other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged by each of the parties hereto, the parties hereby agree that the A&R
Credit Agreement is hereby amended and restated in its entirety as follows:

§1. DEFINITIONS AND RULES OF INTERPRETATION.

     §1.1 Definitions. The following terms shall have the meanings set forth in this §l or
elsewhere in the provisions of this Agreement referred to below:

          Adjusted EBITDA. EBITDA for the most recent quarter ended, less the Replacement
Reserve amount.

          Advance. Any advance of proceeds under the Loans hereunder.

          Affiliate. An Affiliate, as applied to any Person, shall mean any other Person
directly or indirectly controlling, controlled by, or under common control with, that Person. For
purposes of this definition, “control” (including, with correlative meanings, the terms
“controlling”, “controlled by” and “under common control with”), as applied to any Person, means
(a) the possession, directly or indirectly, of the power to vote ten percent (10%) or more of the
stock, shares, voting trust certificates, beneficial interest, partnership interests, member
interests or other interests having voting power for the election of directors of such Person or
otherwise to direct or cause the direction of the management and policies of that Person, whether
through the ownership of voting securities or by contract or otherwise, or (b) the ownership of ten
percent (10%) or more of the (i) partnership or other ownership interest of any other Person (other
than as a limited partner of such other Person) or, (ii) a managing member’s interest in a limited
liability company.

          Agent. KeyBank National Association, acting as administrative agent for the Lenders,
and its permitted successors and assigns in such capacity in accordance with the terms of this
Agreement.

          Agent’s Head Office. The Agent’s head office located at 225 Franklin Street,
18th Floor, Boston, Massachusetts 02110, or at such other location as the Agent may
designate from time to time by notice to the Borrowers and the Lenders.

2

 

          Agent’s Special Counsel. Burns & Levinson LLP or such other counsel as selected by
Agent.

          Agreement. Has the meaning provided in the preamble hereto.

          Applicable Margins. The “Applicable LIBOR Margin” and the “Applicable
Base Rate Margin” which are used in calculating the interest rate applicable to the LIBOR Rate
Loans and the Base Rate Loans shall be as set forth below (for purposes of this Agreement,
“bps” shall mean and refer to basis points):

	 	 	 
	LIBOR Margin	 	Base Rate Margin
	350 bps
	 	350 bps

          A&R Credit Agreement. See Recitals.

          Assignment and Acceptance Agreement. See §18.1.

          Assumed Debt Service. Interest expense incurred plus regularly scheduled amortization
payments calculated based upon the amount outstanding under the Facility (including Letter of
Credit exposure) with debt service calculated based upon 30-year mortgage-style amortization and
interest calculated at the greater of: (a) the actual interest rate then in effect; (b) the 10-year
Treasury then in effect plus 275 bps; and (c) 7.00%.

          Assumed Debt Service Constant. The ratio, expressed as a percentage, of Assumed Debt
Service divided by that amount Outstanding under the Facility, including any Letter of Credit
exposure.

          Balance Sheet Date. March 31, 2009.

          Bankruptcy Code. Title 11, U.S.C.A., as amended from time to time or any successor
statute thereto.

          Base Rate. The greater of (a) the fluctuating annual rate of interest announced from
time to time by the Agent at the Agent’s Head Office as its “prime rate”, or (b) one half of one
percent (0.5%) above the Federal Funds Effective Rate, or (c) the then current thirty (30) day
LIBOR. The Base Rate is a reference rate and does not necessarily represent the lowest or best
rate being charged to any customer, and which such rate serves as the basis upon which effective
rates of interest are calculated for obligations making reference thereto. Any change in the rate
of interest payable hereunder resulting from a change in the Base Rate shall become effective as of
the opening of business on the day on which such change in the Base Rate becomes effective, without
notice or demand of any kind.

          Base Rate Loans. Any Loan(s) hereunder bearing interest by reference to the Base
Rate.

3

 

          Base Rent. With respect to any Lease, the minimum periodic contractual rent payable
thereunder, excluding reimbursement or recovery of common area maintenance or other property
operating expenses and excluding percentage rent.

          Borrower(s). As defined in the preamble hereto, and which such term shall include the
Borrower-SPE.

          Borrower-SPE. Individually, collectively, jointly and severally, Pershing, DownREIT,
Huntsville, Pensacola, Megaplex Four, Westcol and Melbourne and any other wholly-owned Subsidiary
of EPR, Pershing, Megaplex Four or Theatre Sub which owns a Borrowing Base Property and otherwise
meets the definition and requirements of a Special Purpose Entity, is approved by the Agent, and
executes and delivers to the Agent, a joinder to this Agreement in form and substance satisfactory
to the Agent.

          Borrowing Base. The amount which is the least of (a) the Maximum Commitment Amount,
and (b) sixty percent (60%) of Borrowing Base Asset Value, and (c) the sum of (i) Underwriteable
Cash Flow generated by Megaplex Movie Theatres and other Entertainment-Related Retail Improvements
(whether subject to a Lease or an EPR Senior First Mortgage) divided by 1.75, and then further
divided by the Assumed Debt Service Constant, and (ii) Underwriteable Cash Flow generated by assets
other than Megaplex Movie Theatres and other Entertainment-Related Retail Improvements divided by
1.85 and then further divided by the Assumed Debt Service Constant; provided however, that in no
event shall assets that are not Megaplex Movie Theatres or other Entertainment-Related Retail
Improvements exceed in the aggregate twenty-five percent (25%) of the Borrowing Base.
Notwithstanding the aforesaid, the Borrowing Base will at all times consist of at least ten (10)
Borrowing Base Properties, and no single property shall account for more than twenty (20%) percent
of the total Borrowing Base Asset Value.

          Borrowing Base Asset Value. With respect to the Borrowing Base Properties, the
aggregate amount of Underwriteable Cash Flow as of the end of the most recent quarter, with pro
forma adjustments for any assets acquired or sold during the relevant period, annualized, and then
capitalized at the rate of (i) 10% for any Megaplex Movie Theatres and other Entertainment-Related
Retail Improvements, and (ii) 11% for all Borrowing Base Properties that are not Megaplex Movie
Theatres or Entertainment-Related Retail Improvements.

          Borrowing Base Property or Borrowing Base Properties. The Eligible Real Estate owned
or leased by the Borrower-SPE or subject to an EPR Senior First Mortgage, to be included in the
calculation of Borrowing Base, and which has been approved by Agent and Required Lenders in their
sole discretion. Insofar as Borrowing Base Property consists of Eligible Real Estate that is
subject to an EPR Senior First Mortgage, the term “Borrowing Base Property” shall be deemed to
refer to such Eligible Real Estate or the related EPR Senior Property Loan, as the context may
require. The initial Borrowing Base Property shall consist of the below listed Megaplex Movie
Theatres and Entertainment-Related Retail Improvements which shall contain the following properties
(collectively, as listed below, the “Initial Eligible Real Estate”):

4

 

	 	 	 
	Name	 	Location
	Harbour View 16

	 	Suffolk, VA
	Peoria Rave

	 	Peoria, IL
	Conroe

	 	Conroe, TX
	White Oak Village

	 	Garner, NC
	Grand 18-Winston Salem

	 	Winston Salem, NC
	Columbia Mall 14

	 	Columbia, MD
	Panama City-Grand 16

	 	Panama City, FL
	Kalispell 14

	 	Kalispell, MT
	Grand 18-Greensboro

	 	Greensboro, NC
	Southfield

	 	Southfield, MI
	Southfield Retail

	 	Southfield, MI
	Harbour View Retail

	 	Suffolk, VA
	AMC Grand 24

	 	Dallas, TX
	AMC Huebner Oaks 24

	 	San Antonio, TX
	AMC Lennox 24

	 	Columbus, OH
	AMC Mission Valley 20

	 	San Diego, CA
	AMC Ontario Mills 30

	 	Ontario, CA
	AMC Promenade 16

	 	Los Angeles, CA

5

 

	 	 	 
	Name	 	Location
	AMC Studio 30

	 	Houston, TX
	AMC West Olive 16

	 	Los Angeles, CA
	Huntsville

	 	Huntsville, AL
	Melbourne

	 	Melbourne, FL
	Pensacola Bayou 15

	 	Pensacola, FL
	Cantera Retail

	 	Chicago, IL
	Gulf Pointe Retail

	 	Houston, TX
	Mesquite Retail

	 	Mesquite, TX
	Powder Springs Retail

	 	Atlanta, GA
	Westcol Retail

	 	Westminster, CO

          Subsequent to Closing hereunder, the Borrowers may add other Eligible Real Estate or
substitute other Eligible Real Estate for all or a portion of the Initial Eligible Real Estate
subject to the compliance with the terms of this Agreement.

          Borrowing Base Property Net Operating Income (or Borrowing Base Property NOI). With
respect to any Borrowing Base Property, for any period, the aggregate of actual recurring “property
revenues” earned and received by Borrower-SPE in such period (provided however that any amounts
accrued shall only include those amounts not more than 45 days delinquent in arrears) for the
Borrowing Base Property (including base rent and expense reimbursement, but excluding straight line
and percentage rent), (or in the case of Borrowing Base Properties subject to EPR Senior First
Mortgages, the related mortgage loan interest income) and all as otherwise determined in accordance
with GAAP together with recoveries from tenants as determined in accordance with GAAP, all such
amounts shall be attributable to such period and accrued according to GAAP, less (i) all “property
expenses” consisting solely of expenses incurred or accrued by the Borrower-SPE that are directly
related to the operation and ownership of such Borrowing Base Property, including any real estate
taxes, sales taxes, common area maintenance charges, accounting and administration, security,
utilities, maintenance, janitorial, premiums for casualty and liability insurance or ground lease
payments (excluding from the foregoing expenses for depreciation, amortization, interest and
leasing commissions with respect to such Borrowing Base Property) actually paid by Borrower-SPE,
and (ii) an allowance for property management expenses calculated at the greater of (A) three
percent (3.0%) of Base Rent or (B) actual property management expenses (the “Management
Expense”), and (iii) the Replacement Reserve (provided that the deduction described in this
clause (iii) shall not apply to Borrowing Base Property consisting of land under development). If
such period is less than a year, expenses described in clause (i) above that are payable less
frequently than monthly during the course of a year (e.g., real estate taxes and insurance

6

 

premiums) shall be adjusted by “straight lining” the amounts so that such expenses are accrued
on a monthly basis over the course of a year and fairly stated for each period. In the event
that information for trailing four (4) quarters or for any other period as may be required
hereunder, is not available for a Borrowing Base Property, then, if such Borrowing Base Property
is a new theatre or a new Lease executed by Tenant and Borrower-SPE in connection with the
acquisition of a Borrowing Base Property, then for purposes of this calculation, “property
revenues” shall mean the actual annual base rent on an effective triple net basis for the Borrowing
Base Property, as provided for in the applicable Lease less the Management Expense and less the
Replacement Reserve (or, in the case of a Borrowing Base Property encumbered by an EPR Senior First
Mortgage, “property revenues” shall mean the actual interest income for the Borrowing Base
Property). Additionally, as the Borrowing Base Property financial information becomes available
(i.e. after the Borrowing Base Property has been in operation for one quarter, two quarters, etc.)
such actual information shall be used, as adjusted, by “annualizing” the amounts so that such
amounts are received on a monthly basis over the course of a year and fairly stated for each
period, and as further adjusted for “property expenses,” Management Expense and Replacement
Reserves.

          Borrowing Base Property Replacement. Any substitution, replacement or addition of
Borrowing Base Property hereunder, pursuant to § 5.3 and §12.

          Building. With respect to each Property or parcel of Real Estate, all of the
buildings, structures and improvements now or hereafter located thereon.

          Business Day. Any day of the year on which commercial banks are not required or
authorized by law to be closed for business in New York, New York or Boston, Massachusetts. If any
day on which a payment is due is not a Business Day, then the payment shall be due on the next day
following which is a Business Day. Further, in the event a payment is due on a specified day of
the month, if there is no corresponding day for a payment in the given calendar month (i.e., there
is no “February 30th”), the payment shall be due on the last Business Day of the
calendar month.

          Capitalized Lease. A lease under which the discounted future rental payment
obligations of the lessee or the obligor are required to be capitalized on the balance sheet of
such Person in accordance with GAAP.

          Capital Stock. With respect to any Person, any capital stock (including preferred
stock), shares, interests, participations or other ownership interests (however designated) of such
Person and any rights (other than debt securities convertible into or exchangeable for corporate
stock), warrants or options to purchase any thereof.

          CERCLA. See §6.20.

          Change in Control. A Change in Control shall exist upon the occurrence of any of the
following:

          (a) any Person (including a Person’s Affiliates and associates) or group (as that term is
understood under Section 13(d) of the Securities Exchange Act of 1934, as amended

7

 

(the “Exchange Act”) and the rules and regulations thereunder) shall have acquired
after the Closing Date beneficial ownership (within the meaning of Rule 13d-3 under the Exchange
Act) of a percentage (based on voting power, in the event different classes of stock shall have
different voting powers) of the voting stock of any such other Person equal to at least fifty
percent (50%); or

          (b) as of any date a majority of the managers or other controlling members of any Person
consists of individuals who were not either (i) managers or otherwise controlling members or
entities, as the case may be, of such Person as of the corresponding date of the previous year
(provided, however, that the initial managers and controlling members for reference purposes of
this clause (c)(i) shall be the managers and controlling members as of the Closing Date), (ii)
selected or nominated to become managers or controlling members by the other managers or
controlling members of said Person of which a majority consisted of individuals described in clause
(c)(i) above, or (iii) selected or nominated to become managers or otherwise controlling members by
such managers or controlling members of said Person of which a majority consisted of individuals or
entities, as the case may be, described in clause (c)(i), above or individuals or entities, as the
case may be, described in clause (c)(ii), above.

          Closing Date. The first date on which all of the conditions set forth in §10 have
been initially satisfied, and thereafter for any Loans, the Closing Date shall be deemed the date
of the Advance or issuance of a Letter of Credit, provided that all of the conditions set forth in
§10 and §11 have been satisfied.

          Code. The Internal Revenue Code of 1986, as amended.

          Collateral Agreements. Collectively, (i) those certain Collateral Pledge and Security
Agreements dated as of the date herewith whereby EPR (and/or any of its Subsidiaries which have an
ownership interest in any Borrower-SPE) pledge to the Agent, for the benefit of the Lenders, all of
EPR and/or such Subsidiary’s equity interests in the Borrower SPEs.

          Commission. The Securities and Exchange Commission.

          Committed Loan. A loan made by a Lender pursuant to §2.1; provided that, if any such
loan or loans (or portions thereof) are combined or subdivided pursuant to a Loan Request, the term
“Committed Loan” shall refer to the combined principal amount resulting from such combination or to
each of the separate principal amounts resulting from such subdivision, as the case may be.

          Commitment. With respect to each Lender, the Revolving Credit Commitment of such
Lender, as set forth on Schedule 1 hereto, as the same may be changed from time to time in
accordance with the terms of this Agreement.

          Commitment Percentage. With respect to each Lender, the percentage set forth on
Schedule 1 hereto as such Lender’s percentage of the Total Commitment, as the same may be
changed from time to time in accordance with the terms of this Agreement.

          Compliance Certificate. See §7.4(c).

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          Concord Debt. Indebtedness of EPR and its Subsidiaries (including, without
limitation, EPT Concord, LLC) that is secured by or otherwise relates to Investments by such
Persons in the Concord Project.

          Concord Project. A planned development in Sullivan County, New York, expected to
consist of a casino complex and a 1,580 acre resort complex. The resort complex is expected to
consist of a 125-room spa hotel, a 350-room waterpark style hotel, a convention center and support
facilities, a waterpark, two golf courses, and a retail and residential development.

          Concord Value. The lower of cost or appraised value of EPR’s interest in the Concord
Project and the GAAP carrying value of the $30 million of notes receivable from Louis Cappelli and
related entities.

          Condemnation Proceeds. All compensation, awards, damages, rights of action and
proceeds awarded to the Borrowers by reason of any Taking, net of all reasonable amounts actually
expended to collect the same.

          Consolidated. With reference to any term defined herein, that term as applied to the
accounts of a Person and its Subsidiaries, determined on a consolidated basis in accordance with
GAAP.

          Consolidated EBITDA. With respect to any period, an amount equal to the EBITDA of EPR
and its Subsidiaries for such period determined on a consolidated basis in accordance with GAAP.

          Consolidated Interest Incurred. For any period, interest incurred on all Indebtedness
of EPR and its Subsidiaries (regardless of whether such interest was expensed or capitalized in
accordance with GAAP), determined on a consolidated basis in accordance with GAAP excluding
amortization of deferred loan costs.

          Consolidated Tangible Net Worth. The total consolidated Tangible Net Worth of EPR and
its Subsidiaries.

          Contingent Obligations. As to any Person, means any obligation of such Person
guaranteeing or intending to guaranty any Indebtedness, leases, dividends or other obligations
(“primary obligations”) of any other Person (the “primary obligor”) in any manner, whether directly
or indirectly, including, without limitation, any obligation of such Person, whether or not
contingent, (a) to purchase any such primary obligation or any property constituting direct or
indirect security therefor, (b) to advance or supply funds (i) for the purchase or payment of any
such primary obligation or (ii) to maintain working capital or equity capital of the primary
obligor or otherwise to maintain the net worth or solvency of the primary obligor, (c) to purchase
property, securities or services primarily for the purpose of assuring the owner of any such
primary obligation of the payment of, or the ability of the primary obligor to make payment of,
such primary obligation or (d) otherwise to assure or hold harmless the owner of such primary
obligation against loss in respect thereof; provided that the term Contingent Obligation
shall not include endorsements of instruments for deposit or collection in the ordinary course of
business

9

 

or contracting for purchase of real property in the ordinary course of business, or
obligations, indemnifications or guarantees of liabilities other than with respect to the repayment
of any Indebtedness, such as environmental indemnities or “bad acts” indemnities, unless such
obligations, indemnifications or guarantees are being enforced by any applicable party entitled to
rely thereon. The amount of any Contingent Obligation shall be deemed to be an amount equal to the
stated or determinable amount of the primary obligation in respect of which such Contingent
Obligation is made or, if not stated or determinable, the maximum reasonably anticipated liability
in respect thereof (assuming such Person is required to perform thereunder) as determined by such
Person in good faith.

          Conversion/Continuation Request. A notice given by the Borrower to the Agent of its
election to convert or continue a Loan in accordance with §4.1.

          Debt Service. Consolidated Interest Incurred plus regularly scheduled amortization
payments (excluding balloon maturities).

          Default. See §12.1 herein.

          Default Rate. See §4.12.

          Derivative Obligations. All Interest Rate Contracts and other obligations of any
Person in respect of any interest rate swap transaction, basis swap, forward rate transaction,
commodity swap, commodity option, equity or equity index swap forward equity transaction, equity or
equity index option, bond option, interest rate option, foreign exchange transaction, cap
transaction, forward transaction, collar transaction, currency swap, cross-currency rate swap
transaction, currency option or any other similar transaction (including any option with respect to
any of the foregoing transactions) or any combination of the foregoing transactions.

          Distribution. With respect to any Person, the declaration or payment of any cash
dividend or distribution on or in respect of any shares of any class of capital stock or other
beneficial interest of such Person; the purchase, redemption, exchange or other retirement by such
Person of any shares of any class of capital stock or other beneficial interest of such Person,
directly or indirectly through a Subsidiary of such Person or otherwise; the return of capital by
such Person to its shareholders, partners, members or other owners as such; or any other
distribution on or in respect of any shares of any class of capital stock or other beneficial
interest of such Person; provided, however, that the dividend or distribution of common stock of a
Person shall not constitute a Distribution with respect to such Person.

          Dollars or $. Dollars in lawful currency of the United States of America.

          Domestic Lending Office. Initially, the office of each Lender designated as such on
Schedule 1 hereto; thereafter, such other office of such Lender, if any, located within the
United States that will be making or maintaining Base Rate Loans.

          Drawdown Date. The date on which any Loan is made or is to be made, and the date on
which any Loan which is made prior to the Maturity Date is converted in accordance with §4.1.

10

 

          EBITDA. With respect to any Person (or any asset of any Person) for any period, all
as determined in accordance with GAAP, an amount equal to the sum of (a) the Net Income of such
Person (or attributable to such asset) for such period plus (b) depreciation and
amortization, interest expensed and income taxes for such period minus (c) equity in
earnings from unconsolidated Subsidiaries for such period plus (d) ordinary cash
distributions (exclusive of any distributions received from capital events) actually received from
such unconsolidated Subsidiaries for such period, minus (e) straight line rents for such
period, minus (f) any gains (plus the losses) from extraordinary items or asset
sales or writeups or forgiveness of debt for such period, plus (g) non-cash impairment
charges, plus (h) acquisition –related expenses which are required to be deducted from net
income under SFAS-141R. All of the foregoing to be calculated without duplication and with respect
to (b) – (h), only to the extent the same has been included in the calculation of such net income.

          Eligible Real Estate. Real Estate:

               (a) (i) which is owned in fee by the Borrower-SPE; or (ii) which is encumbered by a ground
lease to the Borrower-SPE, acceptable to the Agent in its reasonable discretion; or (iii) in which
Borrower-SPE holds an EPR Senior First Mortgage, acceptable to the Agent in its reasonable
discretion;

               (b) which is located within the contiguous 48 States of the continental United States;

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

                    (i) a Megaplex Movie Theatre;

                    (ii) Entertainment-Related Retail Improvements; or

                    (iii) real estate and/or improvements which are neither (i) or (ii) above, including without
limitation, income producing land under development subject to a Lease or an EPR Senior First
Mortgage;

               (d) which is subject to a Lease to a third party (or parties) or to an EPR Senior First
Mortgage, in each case which is not in default, and under which the Tenant, other approved tenant
or EPR Mortgagor, as the case may be, is in actual occupancy of the property, provided however,
that copies of all Leases or EPR Senior First Mortgages for any Borrowing Base Property shall be
provided to Agent or any Lender upon request therefor;

               (e) as to which all of the representations set forth in §6 of this Agreement concerning
Borrowing Base Property are true and correct;

               (f) as to which the Agent and the Required Lenders, as applicable, have received and approved
all Eligible Real Estate Qualification Documents, or will receive and approve them prior to
inclusion of such Real Estate as a Borrowing Base Property;

11

 

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

               (h) which is approved by the Agent and Required Lenders in their sole discretion.

          Eligible Real Estate Qualification Documents. See Schedule 3 attached hereto.

          Employee Benefit Plan. Any employee benefit plan within the meaning of §3(3) of ERISA
maintained or contributed to by either of the Borrower or any ERISA Affiliate, other than a
Multiemployer Plan.

          Entertainment-Related Retail Improvements. Real estate owned by the Borrower-SPE or
encumbered by an EPR Senior First Mortgage that is used for retail purposes including but not
limited to restaurants, bowling alleys, arcades, and other leisure venues that are adjacent to and
complement the operation of a Megaplex Movie Theater.

          Environmental Laws. See §6.20(a).

          EPR Mortgagor. A party which borrows pursuant to the terms of an EPR Senior Property
Loan, which such loan is secured by an EPR Senior First Mortgage and is otherwise evidenced by the
EPR Senior Property Loan Documents.

          EPR Senior First Mortgage. A first priority senior mortgage granted to Borrower-SPE
by an EPR Mortgagor securing an EPR Senior Property Loan and encumbering any real estate and
improvements thereon, and upon which no other lien exists except for liens for unpaid taxes,
assessments and the like, not yet due and payable and liens on equipment and the like owned or
leased by the EPR Mortgagor which are permitted pursuant to the terms of the related EPR Senior
Property Loan Documents, consisting of purchase money liens or liens on capital leases.

          EPR Senior Property Loan. A first priority mortgage loan made to the owner of any
real estate and improvements thereon.

          EPR Senior Property Loan Documents. Collectively, a promissory note from an EPR
Mortgagor to Borrower-SPE, the EPR Senior First Mortgage serving as collateral for said note, along
with any related assignment of leases and rents from said EPR Mortgagor to Borrower-SPE and any
other documents or instruments delivered to Borrower-SPE evidencing or securing a EPR Senior
Property Loan. This term may also refer to such loan documents evidencing more than one EPR Senior
Property Loan.

          Equity Issuance. The issuance and sale after March 31, 2009 by any of EPR or its
Subsidiaries of any equity securities of EPR or its Subsidiaries to any Person who is not EPR or
one of its Subsidiaries, including without limitation: (a) shares of its Capital Stock, (b) any
shares of its Capital Stock pursuant to the exercise of options or warrants or (c) any shares of
its Capital Stock pursuant to the conversion of any debt securities to equity.

12

 

          Equity Rights. With respect to any Person, any subscriptions, options, warrants,
commitments preemptive rights or agreements of any kind (including without limitation, any
shareholders’ or voting trust agreements) for the issuance, sale, registration or voting of, or
securities convertible into, any additional shares of capital stock of any class, or partnership or
other ownership interests of any type, in such Person.

          ERISA. The Employee Retirement Income Security Act of 1974, as amended and in effect
from time to time.

          ERISA Affiliate. Any Person which is treated as a single employer with the Borrower
under §414 of the Code.

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

          Event of Default. See §12.1.

          Excess Availability. See §9.9.

          Exhibitor EBITDAR. Shall be determined as follows:

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

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

          (c) In the event that such Assumed Exhibitor EBITDAR is not available, then the calculation of
Exhibitor EBITDAR shall be based upon the trailing 4 quarters box office receipts of the
exhibitor/tenant at said Borrowing Base Property as determined by EDI Neilsen, divided by .70, to
arrive at total revenues, and multiplied by an assumed Exhibitor EBITDAR margin of thirty-six
percent (36%) (the “Neilsen Exhibitor EBITDAR”).

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

          Further, notwithstanding anything to the contrary contained herein, where there is an assumed
Exhibitor EBITDAR margin of thirty-six percent (36%), such margin shall be assumed, provided
however, in the event that Agent determines in good faith that a thirty-six

13

 

percent (36%) Exhibitor EBITDAR margin is no longer accurate, it may, from time to time,
adjust the assumed Exhibitor EBITDAR margin for purposes of this calculation.

          Facility. The credit facility described herein with respect to the Revolving Credit
Loans up to the Facility Amount.

          Facility Amount. The aggregate amount of the initial $215,000,000.00 Facility, plus
any increase thereto pursuant to §2.2 herein.

          Federal Funds Effective Rate. For any day, the rate per annum equal to the weighted
average of the rates on overnight Federal funds transactions with members of the Federal Reserve
System arranged by Federal funds brokers, as published for such day (or, if such day is not a
Business Day, for the next preceding Business Day) by the Federal Reserve Bank of New York, or, if
such rate is not so published the average of the quotations for such day on such transactions
received by the Agent from three (3) Federal funds brokers of recognized standing selected by the
Agent.

          Fixed Charges. Debt Service plus the amount of any preferred dividends incurred for
the applicable period.

          FFO. With respect to EPR and its Subsidiaries on a consolidated basis, “funds from
operations” as defined in accordance with resolutions adopted by the Board of Governors of the
National Association of Real Estate Investment Trusts as in effect on the date of Closing, and as
amended from time to time, subject, however, to the provisions of Section 1.3(b) herein and
excluding the effect of any reduction in FFO attributable to the deduction of acquisition-related
expenses required by SFAS-141R.

          Full Advance Notice. See §2.7.

          GAAP. Principles that are (a) consistent with the principles promulgated or adopted
by the Financial Accounting Standards Board and its predecessors, as in effect from time to time
and (b) consistently applied with past financial statements of the Person adopting the same
principles; provided that a certified public accountant would, insofar as the use of such
accounting principles is pertinent, be in a position to deliver an unqualified opinion (other than
a qualification regarding changes in generally accepted accounting principles) as to financial
statements in which such principles have been properly applied.

          Guarantee. A Guarantee by any Person means any obligation, contingent or otherwise,
of such Person directly or indirectly guaranteeing any Indebtedness or other obligation of any
other Person and, without limiting the generality of the foregoing, any obligation, direct or
indirect, contingent or otherwise, of such Person (i) to secure, purchase or pay (or advance or
supply funds for the purchase or payment of) such Indebtedness or other obligation (whether arising
by virtue of partnership arrangements, by agreement to keep-well, to purchase assets, goods,
securities or services, to provide collateral security, to take-or-pay, or to maintain financial
statement conditions or otherwise) or (ii) entered into for the purpose of assuring in any other
manner the obligee of such Indebtedness or other obligation of the payment thereof or to protect
such obligee against loss in respect thereof (in whole or in part), provided

14

 

that the term Guarantee shall not include endorsements for collection or deposit in the
ordinary course of business. The term “Guarantee” used as a verb has a corresponding meaning.

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

          Hazardous Substances. See §6.20(b).

          Indebtedness. Indebtedness of any Person means at any date, without duplication, all
obligations, contingent and otherwise, direct or indirect, in respect of (i) all obligations of
such Person for borrowed money, (ii) all obligations of such Person evidenced by bonds, debentures,
notes or other similar instruments, (iii) all obligations of such Person to pay the deferred
purchase price of property or services, except trade accounts payable arising in the ordinary
course of business, (iv) all obligations of such Person as lessee under Capitalized Leases, (v) all
obligations of such Person to reimburse any bank or other Person in respect of amounts payable
under a banker’s acceptance, (vi) all Redeemable Preferred Stock of such Person (in the event such
Person is a corporation), (vii) all obligations of such Person to reimburse any bank or other
Person in respect of amounts paid or to be paid under a letter of credit or similar instrument,
(viii) all Indebtedness of others secured by a Lien on any asset of such Person, whether or not
such Indebtedness is assumed by such Person, (ix) all obligations of such Person with respect to
interest rate protection agreements, foreign currency exchange agreements or other hedging
arrangements (valued as the termination value thereof computed in accordance with a method approved
by the International Swap Dealers Association and agreed to by such Person in the applicable
hedging agreement, if any), and (x) all Indebtedness of others Guaranteed by such Person.

          Independent Director. An individual reasonably satisfactory to Agent, who (a) shall
not be during such individual’s term as Independent Director and (b) shall not have been at any
time during the preceding five (5) years (i) other than in his or her capacity as an Independent
Director or other similar capacity, a partner, member or shareholder of, or an officer or employee
of, any Borrower or any of its Subsidiaries or Affiliates, (ii) a customer or a supplier to any
Borrower or any of its Subsidiaries or Affiliates, (iii) an individual controlling any such
supplier or customer or (iv) a member of the immediate family of any officer, employee, supplier or
customer of any other director of any Borrower or any of its Subsidiaries or Affiliates.

          Insurance Proceeds. All insurance proceeds, damages, claims and rights of action and
the right thereto under any insurance policies relating to any portion of any Borrowing Base
Property, net of all reasonable amounts actually expended to collect the same.

          Interest Payment Date. As to each Loan, the third (3rd) day of each
calendar month during the term of such Loan.

          Interest Period. With respect to each LIBOR Rate Loan (a) initially, the period
commencing on the Drawdown Date of such LIBOR Rate Loan and ending one, two, three or six months
thereafter, and (b) thereafter, each period commencing on the day following the last day

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of the next preceding Interest Period applicable to such Loan and ending on the last day of
one of the periods set forth above, as selected by the Borrower in a Loan Request or
Conversion/Continuation Request; provided that all of the foregoing provisions relating to
Interest Periods are subject to the following:

          (i) if any Interest Period with respect to a LIBOR Rate Loan would otherwise end on a day that
is not a LIBOR Business Day, such Interest Period shall end on the next succeeding LIBOR Business
Day, unless such next succeeding LIBOR Business Day occurs in the next calendar month, in which
case such Interest Period shall end on the next preceding LIBOR Business Day, as determined
conclusively by the Agent in accordance with the then current bank practice in London;

          (ii) if the Borrower shall fail to give notice as provided in §4.1, the Borrower shall be
deemed to have requested a conversion of the affected LIBOR Rate Loan to a Base Rate Loan on the
last day of the then current Interest Period with respect thereto; and

          (iii) no Interest Period relating to any LIBOR Rate Loan shall extend beyond the Maturity
Date.

          Notwithstanding anything to the contrary contained in this Agreement, in no event shall the
Interest Period hereunder exceed one month at any time prior to the earlier to occur of (x) ninety
(90) days after the Closing Date, or (y) the Agent declaring the syndication is complete hereunder.

          Interest Rate Contracts. Interest rate swap, collar, cap or similar agreements
providing interest rate protection.

          Investments. With respect to any Person, all shares of capital stock, evidences of
Indebtedness and other securities issued by any other Person and owned by such Person, all loans,
advances, or extensions of credit to, or contributions to the capital of, any other Person, all
purchases of the securities or business or integral part of the business of any other Person and
commitments and options to make such purchases, all interests in real property, and all other
investments; provided, however, that the term “Investment” shall not include (i)
equipment, inventory and other tangible personal property acquired in the ordinary course of
business, or (ii) current trade and customer accounts receivable for services rendered in the
ordinary course of business and payable in accordance with customary trade terms. In determining
the aggregate amount of Investments outstanding at any particular time: (a)  there shall be
included as an Investment all interest accrued with respect to Indebtedness constituting an
Investment unless and until such interest is paid; (b) there shall be deducted in respect of each
Investment any amount received as a return of capital; (c) there shall not be deducted in respect
of any Investment any amounts received as earnings on such Investment, whether as dividends,
interest or otherwise, except that accrued interest included as provided in the foregoing clause
(a) may be deducted when paid; and (d) there shall not be deducted in respect of any Investment any
decrease in the value thereof.

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          Issuing Lender. KeyBank, in its capacity as the Lender issuing the Letters of Credit
or any other Lender that is designated by the Borrower and agrees to issue any Letters of Credit.

          Lease Summaries. Summaries or abstracts of the material terms of the Leases. Such
Lease Summaries shall be in form and substance reasonably satisfactory to the Agent.

          Lease. Any leases, license and agreement relating to the use or occupation of space
in any Building or of any Real Estate including without limitation any ground leases therefor
(collectively, the “Leases”).

          Lenders. KeyBank, the other lending institutions which are or may be a party hereto
from time to time and any other Person which becomes an assignee of any rights and obligations of a
Lender pursuant to §18 (but not including any participant as described in §18.4 as identified on
Schedule 1 hereto).

          Letter of Credit. Any standby letter of credit issued at the request of the Borrower
and for the account of the Borrower in accordance with §2.10.

          Letter of Credit Request. See §2.10(a).

          Leverage Ratio. The percentage determined by dividing the Total Debt by the Total
Asset Value.

          LIBOR. As applicable to any Interest Period for any LIBOR Rate Loan, the greater of
(i) two (2%) percent per annum, and (ii) the rate per annum as determined on the basis of the
offered rates for deposits in Dollars, for the period of time comparable to such Interest Period
which appears on the Reuters Screen LIBOR Page as of 11:00 a.m. London time on the day that is two
(2) LIBOR Business Days preceding the first day of such Interest Period; provided, however, if the
rate described above does not appear on such page on any applicable interest determination date,
LIBOR shall be the rate for deposits in Dollars for a period substantially equal to the Interest
Period on the Reuters Page “LIBO” (or such other page as may replace the LIBO Page on that service
for the purpose of displaying such rates), as of 11:00 a.m. (London Time), on the day that is two
(2) LIBOR Business Days prior to the beginning of such Interest Period. If the Reuters system is
unavailable, then the rate for that date will be determined on the basis of the offered rates for
deposits in Dollars for a period of time comparable to such Interest Period which are offered by
four major banks in the London interbank market at approximately 11:00 a.m. London time, on the day
that is two (2) LIBOR Business Days preceding the first day of such Interest Period as selected by
Agent. The principal London office of each of the four major London banks will be requested to
provide a quotation of its U.S. dollar deposit offered rate. If at least two such quotations are
provided, the rate for that date will be the arithmetic mean of the quotations. If fewer than two
quotations are provided, the rate for that date will be determined on the basis of the rates quoted
for loans in Dollars to leading European banks for a period of time comparable to such Interest
Period offered by major banks in New York City at approximately 11:00 a.m. (New York City time), on
the day that is two (2) LIBOR Business Days preceding the first day of such Interest Period. In
the event that Agent is unable to obtain any such quotation as provided above, it will be deemed

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that LIBOR pursuant to a LIBOR Rate Loan cannot be determined and the provisions of §4.6 shall
apply. In the event that the Board of Governors of the Federal Reserve System shall impose a
Reserve Percentage with respect to LIBOR deposits of Agent, then for any period during which such
Reserve Percentage shall apply, LIBOR shall be equal to the amount determined above divided by an
amount equal to 1 minus the Reserve Percentage.

          LIBOR Business Day. Any day on which commercial banks are open for international
business (including dealings in Dollar deposits) in London, England.

          LIBOR Lending Office. Initially, the office of each Lender designated as such on
Schedule 1 hereto; thereafter, such other office of such Lender, if any, that shall be
making or maintaining LIBOR Rate Loans.

          LIBOR Rate Loans. Collectively, the Revolving Credit LIBOR Rate Loans bearing
interest by reference to LIBOR.

          Lien. See §8.2.

          Loan Documents. This Agreement, the Notes, the Letters of Credit, the Collateral
Agreements and all other documents, instruments or agreements now or hereafter executed or
delivered by or on behalf of the Borrower in connection with the Loans.

          Loan Request. See §2.7.

          Loans. Collectively, the Revolving Credit Loans.

          Management Agreements. Agreements, whether written or oral, providing for the
management of the Borrowing Base Properties or any of them.

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

          Maturity Date. October 26, 2011, or such earlier date on which the Loans shall become
due and payable pursuant to the terms hereof, or October 26, 2012, if said Maturity Date is
extended pursuant to §3.5, herein, or such earlier date, so as to be co-terminus with the Term Loan
Agreement.

          Maximum Commitment Amount. The maximum availability under the Facility, including the
sum of the aggregate amount undrawn on all Letters of Credit or drawn but not reimbursed under all
Letters of Credit at any time, shall be $215,000,000.00 (unless otherwise increased pursuant to
§2.2 herein).

          Megaplex Movie Theatre. A theater constructed or substantially remodeled subsequent
to 1995 for the showing of first run motion pictures which theater contains at least fourteen
screens, stadium style seating, digital sound and enhanced seat design.

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          Minority Interest. As to any Person, an ownership or other equity investment in any
other Person, which investment is not consolidated with the accounts of such Person in accordance
with GAAP.

          Mortgages. Collectively, the mortgage(s) granted to Agent, on behalf of the Lenders,
on any of the Borrowing Base Properties, as may be required hereunder.

          Multiemployer Plan. Any multiemployer plan within the meaning of §3(37) of ERISA
maintained or contributed to by the Borrower or any ERISA Affiliate.

          Net Equity Proceeds. The aggregate consideration received by EPR and/or any of its
Subsidiaries in respect of any Equity Issuance, net of (a) direct costs (including, without
limitation, legal, accounting and investment banking fees and sales commissions) and (b) taxes paid
or payable as a result thereof; it being understood, (i) that “Net Equity Proceeds” shall include,
without limitation, any cash received upon the sale or other disposition of any non-cash
consideration received by EPR and/or any of its Subsidiaries in any Equity Issuance, and (ii) that
“Net Equity Proceeds” shall not include cash proceeds that are applied within thirty (30) days of
the date of the related Equity Issuance to retire Capital Stock.

          Net Income (or Loss). With respect to any Person (or any asset of any Person) for any
period, the net income (or loss) of such Person (or attributable to such asset), determined in
accordance with GAAP. The net income (or loss) of a Person shall include, without duplication, the
allocable share of the net income (or loss) of any other Person in which a Minority Interest is
owned by such Person based on the ownership of such Person in such other Person.

          Net Rentable Area. With respect to any Real Estate, the floor area of any buildings,
structures or improvements available for leasing to tenants determined in accordance with the Rent
Roll for such Real Estate, the manner of such determination to be reasonably consistent for all
Real Estate of the same type unless otherwise approved by the Agent.

          Notes. Collectively, the Revolving Credit Notes.

          Notice. See §19 herein.

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

          Obligors, or Obligor. Collectively, Borrowers and any other party (other than Agent,
a Lender or the Issuing Lender) that may become obligated under this Agreement
(“Obligors”); individually, each Borrower which is or may become obligated under this
Agreement (“Obligor”).

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          Outstanding. With respect to the Loans, the aggregate unpaid principal thereof as of
any date of determination. With respect to Letters of Credit, the aggregate undrawn face amount of
issued Letters of Credit.

          PBGC. The Pension Benefit Guaranty Corporation created by §4002 of ERISA and any
successor entity or entities having similar responsibilities.

          Permitted Encumbrances. Each Lien granted pursuant to any of the Permitted Liens and
the security interests and defects in title as set forth on Schedule B of the title insurance
policies issued in connection with the Borrowing Base Properties, provided such security
interests and defects in title shall not affect the operation, marketability or value of any
Borrowing Base Property.

          Permitted Liens. Liens, security interests and other encumbrances permitted by §8.2.

          Person. Any individual, corporation, limited liability company, partnership, trust,
unincorporated association, business, or other legal entity, and any government or any governmental
agency or political subdivision thereof, including but not limited to the Borrowers.

          Plan Assets. Assets of any employee benefit plan subject to Part 4, Subtitle A, Title
I of ERISA.

          Potential Borrowing Base Property. Any property of a Borrower which is not at the
time included in the Borrowing Base and which consists of (i) Eligible Real Estate, or (ii) Real
Estate which is capable of becoming Eligible Real Estate through the approval of the Required
Lenders and the completion and delivery of Eligible Real Estate Qualification Documents.

          Rating Agencies. Fitch, Inc., Standard & Poor’s Rating Services, Inc. or Moody’s
Investors Service, Inc.

          Real Estate. All real property in which EPR or any of its Subsidiaries has a fee,
leasehold, mortgage or other interest, including, without limitation, the Borrowing Base
Properties.

          Record. The grid attached to any Note, or the continuation of such grid, or any other
similar record, including computer records, maintained by the Agent with respect to any Loan
referred to in such Note.

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

          Register. See §18.2 herein.

          REIT Status. With respect to EPR its status as a real estate investment trust as
defined in §856(a) of the Code.

20

 

          Release. See §6.20(c)(iii) herein.

          Rent Roll. A report prepared by the Borrower showing for each Borrowing Base
Property owned or leased by the Borrower-SPE its occupancy, lease expiration dates, lease rent and
other information in substantially the form presented to the Lenders prior to the date hereof or in
such other form as may have been approved by the Agent.

          Replacement Reserve. (i) With respect to any Real Estate owned or leased by Borrower,
an amount equal to twenty cents ($.20) per annum multiplied by the Net Rentable Area of such Real
Estate, and (ii) with respect to any Real Estate that is subject to an EPR Senior First Mortgage,
an amount equal to twenty cents ($.20) per annum multiplied by Borrower’s reasonable good faith
estimate of what the “Net Rentable Area” of such Real Estate would have been had such Real Estate
been subject to a Lease rather than an EPR Senior First Mortgage.

          Required Lenders. As of any date, the Lenders (which may also include the Agent as a
Lender) whose aggregate Commitment Percentage is equal to or greater than sixty-six and 2/3 percent
(66-2/3%)of the Total Commitment.

          Reserve Percentage. For any day with respect to a LIBOR Rate Loan, the maximum rate
(expressed as a decimal) at which any Lender subject thereto would be required to maintain reserves
(including, without limitation, all base, supplemental, marginal and other reserves) under
Regulation D of the Board of Governors of the Federal Reserve System (or any successor or similar
regulations relating to such reserve requirements) against “Eurocurrency Liabilities” (as that term
is used in Regulation D or any successor or similar regulation), if such liabilities were
outstanding. The Reserve Percentage shall be adjusted automatically on and as of the effective
date of any change in the Reserve Percentage.

          Revolving Credit Base Rate Loans. Revolving Credit Loans bearing interest calculated
by reference to the Base Rate.

          Revolving Credit Commitment. With respect to each Lender, the amount set forth on
Schedule 1 hereto as the aggregate amount of such Lender’s Revolving Credit Commitment, as
the same may be reduced or increased from time to time in accordance with the terms of this
Agreement.

          Revolving Credit Commitment Percentage. With respect to each Lender, the percentage
set forth on Schedule 1 hereto as such Lender’s percentage of the aggregate Revolving
Credit Commitments of all of the Lenders, which such percentage may be reduced as provided herein
or increased pursuant to §2.2 herein.

          Revolving Credit LIBOR Rate Loans. Revolving Credit Loans bearing interest calculated
by reference to LIBOR.

          Revolving Credit Loan or Loans. An individual Revolving Credit Loan or the aggregate
Revolving Credit Loans, as the case may be, in the maximum principal amount of $215,000,000.00 to
be made by the Lenders hereunder as more particularly described in §2.

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Amounts drawn under a Letter of Credit shall also be considered Revolving Credit Loans as
provided in §2.10(f).

          Revolving Credit Notes. See §2.1(b) herein.

          State. A state of the United States of America.

          Subsidiary. Any corporation, association, partnership, trust, or other business
entity of which the designated parent shall at any time own directly or indirectly through a
Subsidiary or Subsidiaries at least a majority (by number of votes or controlling interests) of the
outstanding voting interests or other economic interest and which are consolidated with the parent,
including without limitation, under this Agreement, Borrower-SPE as a Subsidiary of EPR.

          Survey. An instrument survey of each parcel of Borrowing Base Property prepared by a
registered land surveyor which shall show the location of all buildings, structures, easements and
utility lines on such property, shall be sufficient to remove the standard survey exception from
the Title Policy, shall show that all buildings and structures are within the lot lines of the
Borrowing Base Property and shall not show any encroachments by others (or to the extent any
encroachments are shown, such encroachments shall be acceptable to the Agent in its reasonable
discretion), shall show rights of way, adjoining sites, establish building lines and street lines,
the distance to and names of the nearest intersecting streets and such other details as the Agent
may reasonably require; and shall show whether or not the Borrowing Base Property is located in a
flood hazard district as established by the Federal Emergency Management Agency or any successor
agency or is located in any flood plain, flood hazard or wetland protection district established
under federal, state or local law .

          Surveyor Certification. With respect to each parcel of Borrowing Base Property, a
certificate executed by the surveyor who prepared the Survey with respect thereto and containing
such information relating to such parcel as the Title Insurance Company may reasonably require.

          Taking. The taking or appropriation (including by deed in lieu of condemnation) of
any Borrowing Base Property, or any part thereof or interest therein, for public or quasi-public
use under the power of eminent domain, by reason of any public improvement or condemnation
proceeding, or in any other manner or any damage or injury or diminution in value through
condemnation, inverse condemnation or other exercise of the power of eminent domain.

          Tangible Net Worth. The equity of any Person as determined in accordance with GAAP,
less the total book value of all assets of such Person properly classified as intangible assets
under generally accepted accounting principles, including such items as goodwill, the purchase
price of acquired assets in excess of the fair market value thereof, trademarks, trade names,
service marks, brand names, copyrights, patents and licenses, and rights with respect to the
foregoing.

          Tenant. A tenant of the Borrower-SPE which leases space in a Borrowing Base Property
pursuant to a Lease.

22

 

          Term Loan Agreement. That certain Master Credit Agreement dated as of October 26,
2007 among EPT 301, LLC, EPR, KeyBank National Association, as agent thereunder, and the lenders
from time to time party thereto, as the same may be amended or otherwise modified from time to time
in accordance with its terms.

          Third Party Information. Information provided by or in reliance on information
provided by Tenants, EPR Mortgagors, or other independent sources acceptable to Agent, and upon
which Borrower relies and has no knowledge or reason to believe is false, inaccurate or misleading
in any respects.

          Title Insurance Company. A nationally recognized title insurance company (and/or any
other title insurance company or companies approved by the Agent in its sole discretion).

          Title Policy. With respect to each parcel of Borrowing Base Property, an ALTA
standard form title insurance policy (or, if such form is not available, an equivalent, legally
promulgated form of mortgagee title insurance policy reasonably acceptable to the Title Insurance
Company) issued by a Title Insurance Company insuring that the Borrower-SPE holds marketable fee
simple title to or a valid and subsisting leasehold interest in such parcel.

          TLS. The Toronto Life Square Project, which is a theatre-anchored project in downtown
Toronto, Ontario on which EPR holds a second mortgage interest of approximately $125 million CAD
(~$100 million US) behind a first mortgage construction loan of approximately $119 million CAD
(~$95.2 million US). Beginning in 2009, EPR will not be recognizing interest income on its
mortgage note in the GAAP financial statements since the TLS is being placed in receivership and
taken to a forced sale by the first mortgage holder and EPR anticipates bidding for the TLS at the
forced sale if an adequate third party bid is not presented. EPR will be obtaining new first
mortgage debt on the TLS as the current lending group is not willing to extend their note.

          TLS Off Balance Sheet First Mortgage Debt. The amount owed to the banks holding the
first mortgage on TLS. Anticipated amount is approximately $119 million CAD.

          TLS Pro-Forma Value. The current quarter’s USD denominated NOI, multiplied by 4 and
capped at 10%. Current annualized NOI is approximately $15 million CAD.

          Total Asset Value. Without duplication, the sum of: (1) unrestricted cash and
marketable securities held by EPR and its Subsidiaries; plus (2) Total Real Estate Value; plus (3)
non-income producing real estate at cost of EPR and its Subsidiaries, plus (4) Concord Value, plus
(5) TLS Pro-Forma Value until such asset is acquired or EPR’s interest is otherwise settled.

          Total Commitment. The sum of the Commitments of the Lenders, as in effect from time
to time not to exceed the lesser of (a) the Borrowing Base or (b) $215,000,000.00, as such amount
may be increased pursuant to §2.2 herein.

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          Total Debt. With respect to EPR and any of its Subsidiaries, all Indebtedness, plus
the face amount of any undrawn letters of credit, plus any Contingent Obligations, plus TLS Off
Balance Sheet First Mortgage Debt.

          Total Real Estate Value. EBITDA of EPR and its Subsidiaries for the most recent
quarter, with pro forma adjustments for any assets acquired or sold during the relevant period,
multiplied by four (4) (which is the annualization factor), and then divided by the applicable
capitalization rate. Such capitalization rate shall be 10.00% for all Megaplex Movie Theatres and
other Entertainment-Related Retail Improvements (including, without limitation, EPR Senior Property
Loans secured by EPR Senior First Mortgages on Megaplex Movie Theatres or Entertainment-Related
Retail Improvements), and 11% for assets that are not Megaplex Movie Theatres or other
Entertainment-Related Retail Improvements.

          Total Secured Debt. At any time, for EPR and its Subsidiaries, determined on a
Consolidated basis, the sum of the following, but only if any Real Estate, or ownership interest of
the owner thereof, is subject to a mortgage, deed of trust, deed to secure debt or similar
instrument encumbering such Real Estate, or with respect to an owner of such Real Estate, a pledge
of any equity interests in such Person with respect thereto: (i) all Indebtedness plus any other
amounts that may constitute indebtedness for borrowed money; (ii) the deferred purchase price of
Real Estate (not including escrow deposits given in connection with any such purchase); (iii) all
Capitalized Leases in which a Borrower is the tenant; (iv) all obligations to reimburse any bank or
other Person in respect of amounts paid or to be paid under a letter of credit or similar
instrument; and (v) all Guarantees of Indebtedness incurred by Persons other than for Indebtedness
already accounted for in the foregoing clauses (i) — (iv) hereof, and other than the Borrower and
its Subsidiaries.

          Type. As to any Revolving Credit Loan, its nature as a Base Rate Loan or a LIBOR Rate
Loan.

          Underwriteable Cash Flow. (1) With respect to Borrowing Base Property that is a
Megaplex Movie Theatre (whether subject to a Lease or an EPR Senior First Mortgage), determined
individually, the lesser of (A) the Borrowing Base Property NOI for the trailing 4 quarter period,
or (B) the Exhibitor’s EBITDAR for such Borrowing Base Property for the trailing 4 quarter period,
divided by 1.25. If a given Megaplex Movie Theatre has not been in operation for one year, part B
will not apply; and (2) With respect to each Borrowing Base Property that is not a Megaplex Movie
Theatre, the Borrowing Base Property NOI for the most recently ended quarter and then annualized.

          Unhedged Variable Rate Debt. Indebtedness that by its terms bears interest at a
variable, not fixed, rate for which a swap, cap or similar arrangement effectively limiting the
variability of such rate has not been entered into.

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     §1.2 Rules of Interpretation.

          (a) A reference to any document or agreement shall include such document or agreement as
amended, modified or supplemented from time to time in accordance with its terms and the terms of
this Agreement.

          (b) The definitions of terms herein shall apply equally to the singular and the plural forms
of the terms defined.

          (c) A reference to any law includes any amendment or modification of such law.

          (d) A reference to any Person includes its permitted successors and permitted assigns.

          (e) Accounting terms not otherwise defined herein have the meanings assigned to them by GAAP
applied on a consistent basis by the accounting entity to which they refer.

          (f) The words “include”, “includes” and “including” are not limiting.

          (g) The words “approval” and “approved”, as the context requires, means an approval in writing
given to the party seeking approval after full and fair disclosure to the party giving approval of
all material facts necessary in order to determine whether approval should be granted.

          (h) All terms not specifically defined herein or by GAAP, which terms are defined in the
Uniform Commercial Code as in effect in the State of New York, have the meanings assigned to them
therein.

          (i) Reference to a particular “§”, refers to that section of this Agreement unless otherwise
indicated.

          (j) The words “herein”, “hereof”, “hereunder” and words of like import shall refer to this
Agreement as a whole and not to any particular section or subdivision of this Agreement.

     §1.3 Accounting Terms and Determinations.

          (a) GAAP. Except as otherwise expressly provided herein, all terms of an accounting
or financial nature shall be construed in accordance with GAAP, as in effect from time to time;
provided that, if Borrower notifies Lender that Borrower requests an amendment to any provision
hereof to eliminate the effect of any change occurring after the date hereof in GAAP or in the
application thereof on the operation of such provision (or if Lender notifies Borrower that Lender
requests an amendment to any provision hereof for such purpose), regardless of whether any such
notice is given before or after such change in GAAP or in the application thereof, then such
provision shall be interpreted on the basis of GAAP as in effect

25

 

and applied immediately before such change shall have become effective until such notice shall
have been withdrawn or such provision amended in accordance herewith.

          (b) FFO. If Borrower notifies Lender that the definition of FFO has been amended by
the Board of Governors of the National Association of Real Estate Investment Trusts after the date
of this Agreement and that Borrower requests an amendment to any provision hereof to eliminate the
effect of any change occurring after the date hereof in FFO or in the application thereof on the
operation of such provision (or if Lender notifies Borrower that Lender requests an amendment to
any provision hereof for such purpose), regardless of whether any such notice is given before or
after such change in FFO or in the application thereof, then such provision shall be interpreted on
the basis of FFO as in effect and applied immediately before such change shall have become
effective until such notice shall have been withdrawn or such provision amended in accordance
herewith.

§2. THE REVOLVING CREDIT FACILITY.

     §2.1 Revolving Credit Loans.

          (a) Subject to the terms and conditions set forth in this Agreement, each of the Lenders
severally agrees to lend to the Borrower, and the Borrower may borrow (and repay and reborrow) from
time to time between the Closing Date and the Maturity Date upon notice by the Borrower to the
Agent given in accordance with §2.7, such sums as are requested by the Borrower for the purposes
set forth in §2.9 up to a maximum aggregate principal amount outstanding (after giving effect to
all amounts requested) plus the Letters of Credit Outstanding at any one time equal to such
Lender’s Revolving Credit Commitment; provided, that, in all events no Default or Event of
Default shall have occurred and be continuing; and provided, further, that the outstanding
principal amount of the Revolving Credit Loans (after giving effect to all amounts requested) plus
the Letters of Credit Outstanding shall not at any time exceed the total Maximum Commitment Amount
or cause a violation of the covenant set forth in §9.1. The Revolving Credit Loans shall be made
pro rata in accordance with each Lender’s Revolving Credit Commitment Percentage.
Each request for a Revolving Credit Loan hereunder shall constitute a representation and warranty
by the Borrower that all of the conditions set forth in §10 and §11 have been satisfied on the date
of such request. No Lender shall have any obligation to make Revolving Credit Loans to Borrower in
the maximum aggregate principal outstanding balance of more than the principal face amount of its
Revolving Credit Note.

          (b) Upon the request of any Lender, the Revolving Credit Loans of such Lender shall be
evidenced by separate promissory notes of the Borrower in substantially the form of Exhibit
B hereto (collectively, the “Revolving Credit Notes”), dated of even date with this
Agreement (except as otherwise provided in §18.3) and completed with appropriate insertions. One
Revolving Credit Note shall be payable to the order of each Lender that requests a Revolving Credit
Note, in the principal amount equal to such Lender’s Revolving Credit Commitment or, if less, the
outstanding amount of all Revolving Credit Loans made by such Lender, plus interest accrued
thereon, as set forth below. The Borrower irrevocably authorizes Agent to make or cause to be
made, at or about the time of the Drawdown Date of any Revolving Credit Loan or the time of receipt
of any payment of principal thereof, an appropriate notation on Agent’s Record reflecting the
making of such Revolving Credit Loan or (as the case may be) the

26

 

receipt of such payment. The
outstanding amount of the Revolving Credit Loans set forth on Agent’s Record shall be prima facie
evidence of the principal amount thereof owing and unpaid to each Lender, but the failure to
record, or any error in so recording, any such amount on Agent’s Record shall not limit or
otherwise affect the obligations of the Borrower hereunder or under any Revolving Credit Note to
make payments of principal of or interest on any Revolving Credit Note when due. By delivery of
any Revolving Credit Notes, there shall not be deemed to have occurred any novation of the
indebtedness evidenced by the “Notes” as defined in the A&R Credit Agreement, which indebtedness is
instead allocated among the Lenders as of the date hereof and evidenced by the Revolving Credit
Notes, if any, in accordance with their respective Revolving Credit Commitment Percentages.

     §2.2 The Increased Loan Amount.

     (a) Request for Increase. During the term of the Facility, the Borrower shall have
the option to increase the Facility Amount by a maximum aggregate amount of up to $85,000,000.00
(the “Increase Option”). Borrower may exercise said Increase Option at any time by
providing notice to the Agent (which shall promptly notify the Lenders), provided however, (a) that
at the time of the exercise of such option, there is no Default or Event of Default which shall
have occurred and be continuing; (b) in no event shall the existence of this Increase Option be
deemed a commitment on the part of the Lenders until such time as such Lender in writing increases
its commitment or a new Lender issues a written commitment for any such amounts in excess of the
existing $215,000,000.00 committed Facility, and then in such event, such increase to the Facility
Amount shall only be to the extent of the increased commitment or new commitment amounts; (c) at
the time of sending such notice, the Borrowers (in consultation with the Agent) shall specify a
reasonable time period within which each Lender is requested to respond as to whether such Lender
agrees to increase the amount of its Commitment in accordance with §2.12(b); (d) any such increase
shall be in a minimum amount of $10,000,000.00 with minimum increments of $5,000,000.00 above that
amount, and a maximum aggregate increase of $85,000,000.00; and (e) any such increase shall be
integrated into this Agreement and shall be subject to the same terms and conditions as this
Agreement.

     (b) Lender Elections to Increase. Each Lender shall notify the Agent within such time
period specified in said notice, whether or not it agrees, in its sole discretion, to increase its
Commitment and, if so, by what amount (which need not be its pro rata share thereof). Any Lender
not responding within such time period shall be deemed to have declined to increase its Commitment.

     (c) Notification by Agent; Additional Lenders. The Agent shall notify the Borrowers
and each Lender of the Lenders’ responses to each request made hereunder. To achieve the full
amount of a requested increase in the Facility Amount and subject to the approval of the Agent and
the Issuing Bank (which approvals shall not be unreasonably withheld), the Borrowers may also
invite additional Eligible Assignees (as defined in §18.1 herein) to become Lenders pursuant to a
joinder agreement in form and substance reasonably satisfactory to the Agent and its counsel.

     (d) Effective Date and Allocations. If the aggregate Commitments (including due to
new Commitments by additional Lenders) are increased in accordance with this §2.2, the Agent

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and
the Borrowers shall determine the effective date (the “Increase Effective Date”) and the
final allocation of such increase. The Agent shall promptly notify the Borrowers and the Lenders
(including any additional Lenders) of the final allocation of such increase and the Increase
Effective Date.

     (e) Conditions to Effectiveness of Increase. Any increase in the Facility Amount
pursuant to this §2.2 shall be subject to the following conditions:

     (i) The Borrowers shall have paid to (A) the Agent, such fees as shall be due to Agent
at such time under the Fee Letter, and (B) to each Lender, such fees, if any, as shall have
been agreed upon by the Borrower and the Agent.

     (ii) As of the Increase Effective Date, no Default or Event of Default then exists and
is continuing or would result from such increase in the Facility Amount (including on a pro
forma basis relative to financial covenant compliance).

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

     (iv) The Borrowers shall prepay any Committed Loans outstanding on the Increase
Effective Date (and pay any additional amounts required pursuant to §4.8) to the extent
necessary to keep the outstanding Committed Loans ratable with any revised Commitment
allocations arising from any nonratable increase in the Commitments under this §2.2.
Notwithstanding any provisions of this Agreement to the contrary, the Borrowers may borrow
from the Lenders providing such increase in the Commitments (on a non pro rata basis with
Lenders not providing such increase) in order to fund such prepayment.

     (v) The Borrowers will execute and deliver to each applicable Lender that requests
one, a new Note in the appropriate stated amount, and will execute and deliver or
otherwise provide to the Agent and the Lenders such other documents and

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instruments
consistent with the terms of this Agreement, as the Agent or Lenders reasonably may
require.

     (f) The provisions of this §2.2 shall not constitute a “commitment” to lend, and the
Commitments of the Lenders shall not be increased except in accordance with, and until satisfaction
of the provisions of this §2.2 and actual increase of the Commitments as provided herein.

     §2.3 Facility Unused Fee.

     (a) The Borrower agrees to pay to the Agent for the account of the Lenders in accordance with
their respective Revolving Credit Commitment Percentages a facility unused fee calculated at the
rate per annum of 40 bps, based upon the average daily amount by which the
total Revolving Credit Commitment exceeds the outstanding principal amount of Revolving Credit
Loans and the Letters of Credit Outstanding during each calendar quarter or portion thereof
calculated on the basis of the actual number of days elapsed in a year of 360 days, commencing on
the date hereof and ending on the Maturity Date.

     (b) The facility unused fee shall be payable quarterly in arrears on the first day of each
calendar quarter for the immediately preceding calendar quarter or portion thereof, on any earlier
date on which the applicable Revolving Credit Commitments shall be reduced and on the Maturity
Date.

     §2.4 Intentionally Deleted.

     §2.5 Intentionally Deleted.

     §2.6 Interest on Loans.

     (a) Each Base Rate Loan shall bear interest for the period commencing with the Drawdown Date
thereof and ending on the date on which such Base Rate Loan is repaid or converted to a LIBOR Rate
Loan at the rate per annum equal to the sum of the Base Rate plus the Applicable Base Rate Margin.

     (b) Each LIBOR Rate Loan shall bear interest for the period commencing with the Drawdown Date
thereof and ending on the last day of each Interest Period with respect thereto at the rate per
annum equal to the sum of LIBOR determined for such Interest Period plus the Applicable LIBOR Rate
Margin.

     (c) The Borrower promises to pay interest on each Loan in arrears on each Interest Payment
Date with respect thereto.

     (d) Base Rate Loans and LIBOR Rate Loans may be converted to Loans of the other Type as
provided in §4.1.

     §2.7 Requests for Revolving Credit Loans. Except with respect to the initial
Revolving Credit Loan on the Closing Date, the Borrower shall give to the Agent written notice in
the form of Exhibit H hereto (or telephonic notice confirmed in writing in the form of
Exhibit

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H hereto; provided that the Agent and the Lenders may rely on such telephonic
notice notwithstanding the lack of or discrepant information contained in a written confirmation)
of each Revolving Credit Loan requested hereunder (a “Loan Request”) by 10:00 a.m. (Boston
time) one Business Day prior to the proposed Drawdown Date with respect to Revolving Credit Base
Rate Loans and three (3) Business Days prior to the proposed Drawdown Date with respect to
Revolving Credit LIBOR Rate Loans. Each such notice shall specify with respect to the requested
Revolving Credit Loan the proposed principal amount of such Revolving Credit Loan, the Type of
Revolving Credit Loan, the initial Interest Period (if applicable) for such Revolving Credit Loan
and the Drawdown Date. Each such notice shall also contain (i) a general statement as to the
purpose for which such Advance shall be used (which purpose shall be in accordance with the terms
of §2.9), (ii) a certification by the chief financial officer or other financial officer of the
Borrower that the Borrower is and will be in compliance with all covenants under the Loan Documents
after giving effect to the making of such Loan, and (iii) a current calculation of
the Borrowing Base with such supporting information as the Agent may require adjusted in the best
good faith estimate of the Borrower to give effect to the proposed Advance. Promptly upon receipt
of any such notice, the Agent shall notify each of the Lenders thereof. Except as provided in this
§2.7, each such Loan Request shall be irrevocable and binding on the Borrower and shall obligate
the Borrower to accept the Revolving Credit Loan requested from the Lenders on the proposed
Drawdown Date; provided that, in addition to the Borrower’s other remedies against any Lender which
fails to advance its proportionate share of a requested Revolving Credit Loan, such Loan Request
may be revoked by the Borrower by notice received by the Agent no later than the Drawdown Date if
any Lender fails to advance its proportionate share of the requested Revolving Credit Loan in
accordance with the terms of this Agreement; and provided further that the Borrower shall be liable
in accordance with the terms of this Agreement to any Lender which is prepared to advance its
proportionate share of the requested Revolving Credit Loan for any costs, expenses or damages
actually incurred by such Lender as a result of the Borrower’s election to revoke such Loan
Request. Nothing herein shall prevent the Borrower from seeking recourse against any Lender that
fails to advance its proportionate share of a requested Revolving Credit Loan as required by this
Agreement. Notwithstanding anything to the contrary contained herein, the Borrower may at any time
prior to any proposed Drawdown Date, provide written notice to the Agent (the “Full Advance
Notice”) instructing Agent not to disburse the requested Advance, or any subsequent Advance,
until such time as Agent has received from each Lender, its proportionate share of the requested
Revolving Credit Loan in good funds, such that the Agent at the time of the disbursement has
received 100% of the proportionate amounts due from each Lender with respect to such Advance. Each
Loan Request shall be (a) for a Revolving Credit Base Rate Loan in a minimum aggregate amount of
$1,000,000 or an integral multiple of $100,000 in excess thereof; or (b) for a Revolving Credit
LIBOR Rate Loan in a minimum aggregate amount of $2,000,000 or an integral multiple of $100,000 in
excess thereof; provided, however, that there shall be no more than six (6) LIBOR
Rate Loans (including Revolving Credit LIBOR Rate Loans) outstanding at any one time.

     §2.8 Funds for Revolving Credit Loans.

          (a) Not later than 1:00 p.m. (Boston time) on the proposed Drawdown Date of any Revolving
Credit Loans, each of the Lenders will make available to the Agent, at the Agent’s Head Office, in
immediately available funds, the amount of such Lender’s Revolving Credit

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Commitment Percentage of
the amount of the requested Revolving Credit Loans which may be disbursed pursuant to §2.1. Upon
receipt from each Lender of such amount, and upon receipt of the documents required by §10 and §11
and the satisfaction of the other conditions set forth herein and therein, to the extent
applicable, the Agent will make available to the Borrower the aggregate amount of such Revolving
Credit Loans made available to the Agent by the Lenders by crediting such amount to the account of
the Borrower maintained at UMB Bank, or to such other account of the Borrower as may be approved by
the Agent. The failure or refusal of any Lender to make available to the Agent at the aforesaid
time and place on any Drawdown Date the amount of its Revolving Credit Commitment Percentage of the
requested Revolving Credit Loans shall not relieve any other Lender from its several obligation
hereunder to make available to the Agent the amount of such other Lender’s Revolving Credit
Commitment Percentage of any requested Revolving Credit Loans, including any additional Revolving
Credit Loans that may be requested subject to the terms and conditions hereof to provide funds to
replace those not advanced by the Lender so failing or refusing. In the event of any such failure
or refusal, the
Lenders not so failing or refusing shall be entitled to a priority position as against the Lender
or Lenders so failing or refusing to make available to the Borrower the amount of its or their
Revolving Credit Commitment Percentage for such Revolving Credit Loans as provided in §12.5.

          (b) Unless the Agent shall have been notified by any Lender prior to the applicable Drawdown
Date that such Revolving Credit Lender will not make available to Agent such Revolving Credit
Lender’s Revolving Credit Commitment Percentage of a proposed Revolving Credit Loan, the Agent may
in its discretion assume that such Lender has made such Revolving Credit Loan available to Agent in
accordance with the provisions of this Agreement and the Agent may, if it chooses, in reliance upon
such assumption make such Revolving Credit Loan available to the Borrower, and such Lender shall be
liable to the Agent for the amount of such advance. If such Lender does not pay such corresponding
amount upon the Agent’s demand therefor, the Agent will promptly notify the Borrower, and the
Borrower shall promptly pay such corresponding amount to the Agent. The Agent shall also be
entitled to recover from the Lender or the Borrower, as the case may be, interest on such
corresponding amount in respect of each day from the date such corresponding amount was made
available by the Agent to the Borrower to the date such corresponding amount is recovered by the
Agent at a per annum rate equal to (i) from the Borrower at the applicable rate for such Revolving
Credit Loan or (ii) from a Lender at the Federal Funds Effective Rate. Notwithstanding anything to
the contrary contained herein, the Borrower may at any time prior to any proposed Drawdown Date,
provide a Full Advance Notice to the Agent instructing Agent not to disburse the requested Advance,
or any subsequent Advance, until such time as Agent has received from each Lender, its
proportionate share of the requested Revolving Credit Loan, as provided in §2.7 herein.

     §2.9 Use of Proceeds. The Borrower will use the proceeds of the Loans solely (a) to
refinance indebtedness under the A&R Credit Agreement (b) to provide financing for the acquisition,
renovation, improvement and development by the Borrower of Real Estate utilized or to be utilized
for Megaplex Movie Theatre properties or Entertainment-Related Retail Improvements or other
approved properties; (c) for capital improvement projects for Real Estate; (d) for general
corporate purposes of Borrower and any Subsidiaries; and (e) for such other purposes as the
Required Lenders in their sole discretion from time to time may agree in writing.

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     §2.10 Letters of Credit.

          (a) Subject to the terms and conditions set forth in this Agreement, at any time and from time
to time from the Closing Date through the day that is thirty (30) days prior to the Maturity Date,
the Issuing Lender shall issue such Letters of Credit as the Borrower may request upon the delivery
of a written request in the form of Exhibit I hereto (a “Letter of Credit Request”)
to the Issuing Lender, provided that (i) no Default or Event of Default shall have occurred
and be continuing, (ii) upon issuance of such Letter of Credit, the Outstanding Letters of Credit
(including the amount of drawings made under Letters of Credit but not reimbursed) shall not exceed
Seventy Million Dollars ($70,000,000.00), (iii) in no event shall the sum of (A) the Revolving
Credit Loans Outstanding and (B) the amount of Letters of Credit Outstanding (after giving effect
to all Letters of Credit requested and drawings made under any Letters of Credit but not
reimbursed) exceed the total Maximum Commitment Amount, (iv) the conditions and covenants set forth
in §§6, 9, 10 and 11 shall have been satisfied, and (v) in no event shall
any amount drawn under a Letter of Credit be available for reinstatement or a subsequent
drawing under such Letter of Credit. Each Letter of Credit Request shall be for a Letter of Credit
in a minimum aggregate amount of $100,000.00. Each Letter of Credit Request shall be executed by
an officer of Borrower. The Issuing Lender shall be entitled to conclusively rely on such Person’s
authority to request a Letter of Credit on behalf of Borrower. The Issuing Lender shall have no
duty to verify the authenticity of any signature appearing on a Letter of Credit Request. The
Borrower assumes all risks with respect to the use of the Letters of Credit. Unless the Issuing
Lender and the Required Lenders otherwise consent, the term of any Letter of Credit shall not
exceed a period of time commencing on the issuance of the Letter of Credit and ending on the date
which is fifteen (15) days prior to the Maturity Date (but in any event the term shall not extend
beyond the Maturity Date). The amount available to be drawn under any Letter of Credit shall
reduce on a dollar-for-dollar basis the amount available to be drawn under the Revolving Credit
Commitment as a Revolving Credit Loan.

          (b) Each Letter of Credit Request shall be submitted to the Issuing Lender at least ten (10)
Business Days (or such shorter period as the Issuing Lender may approve) prior to the date upon
which the requested Letter of Credit is to be issued. Each such Letter of Credit Request shall
contain (i) a statement as to the purpose for which such Letter of Credit shall be used (which
purpose shall be in accordance with the terms of this Agreement), and (ii) a certification by the
chief financial or other financial officer of Borrower that the Borrower is and will be in
compliance with all covenants under the Loan Documents after giving effect to the issuance of such
Letter of Credit. The Borrower shall further deliver to the Issuing Lender such additional
applications and documents as the Issuing Lender may require, in conformity with the then standard
practices of its letter of credit department, in connection with the issuance of such Letter of
Credit; provided that in the event of any conflict, the terms of this Agreement shall control.

          (c) The Issuing Lender shall, if it approves of the content of the Letter of Credit Request
(which approval shall not be unreasonably withheld), and subject to the conditions set forth in
this Agreement, issue the Letter of Credit on or before ten (10) Business Days following receipt of
the documents last due pursuant to §2.10(b). Each Letter of Credit shall be in form and substance
reasonably satisfactory to the Issuing Lender in its reasonable discretion. Upon

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issuance of a
Letter of Credit, the Issuing Lender shall provide notice of the issuance of such Letter of Credit
to the Lenders and shall provide a copy of such Letter of Credit to any Lender that requests a
copy.

          (d) Upon the issuance of a Letter of Credit, each Lender shall be deemed to have purchased a
participation therein from Issuing Lender in an amount equal to its respective Revolving Credit
Commitment Percentage of the amount of such Letter of Credit. No Lender’s obligation to
participate in a Letter of Credit shall be affected by any other Lender’s failure to perform as
required herein with respect to such Letter of Credit or any other Letter of Credit.

          (e) The Borrower shall pay to the Issuing Lender (i) upon issuance of each Letter of Credit,
for its own account, a Letter of Credit issuance fee calculated at the rate of one-eighth of one
percent (0.125%) per annum of the amount available to be drawn under such Letter of Credit (which
fee shall not be less than $1,000.00 in any event), and (ii) for the accounts of the Lenders in
accordance with their respective percentage shares of participation in such Letter of
Credit, a Letter of Credit fee calculated at the rate per annum equal to the Applicable Margin
then applicable to Revolving Credit LIBOR Rate Loans on the amount available to be drawn under such
Letter of Credit, which such fees shall be payable in quarterly installments in arrears with
respect to each Letter of Credit on the first day of each calendar quarter following the date of
issuance and continuing on each quarter or portion thereof thereafter, as applicable, or on any
earlier date on which the Revolving Credit Commitments shall terminate and on the expiration or
return of any Letter of Credit. In addition, the Borrower shall pay to Issuing Lender for its own
account within five (5) days of demand of Issuing Lender the standard issuance, documentation and
service charges for Letters of Credit issued from time to time by Issuing Lender.

          (f) In the event that any amount is drawn under a Letter of Credit by the beneficiary thereof,
the Borrower shall reimburse the Issuing Lender by having such amount drawn treated as an
outstanding Revolving Credit Base Rate Loan under this Agreement and the Agent shall promptly
notify each Lender by telex, telecopy, telegram, telephone (confirmed in writing) or other similar
means of transmission, and each Lender shall promptly and unconditionally pay to the Agent, for the
Issuing Lender’s own account, an amount equal to such Lender’s Revolving Credit Commitment
Percentage of such Letter of Credit (to the extent of the amount drawn). If and to the extent any
Lender shall not make such amount available on the Business Day on which such draw is funded, such
Lender agrees to pay such amount to the Agent forthwith on demand, together with interest thereon,
for each day from the date on which such draw was funded until the date on which such amount is
paid to the Agent, at the Federal Funds Effective Rate until three (3) days after the date on which
the Agent gives notice of such draw and at the Federal Funds Effective Rate plus 1% for each day
thereafter. Further, such Lender shall be deemed to have assigned any and all payments made of
principal and interest on its Loans, amounts due with respect to its participations in Letters of
Credit and any other amounts due to it hereunder to the Agent to fund the amount of any drawn
Letter of Credit which such Lender was required to fund pursuant to this §2.10(f) until such amount
has been funded (as a result of such assignment or otherwise). In the event of any such failure or
refusal, the Lenders not so failing or refusing shall be entitled to a priority position as against
the Lender or Lenders so failing or refusing to make such funds available to the Borrower, for such
amounts as provided in §12.5. The failure of any Lender to make funds available to the Agent in
such

33

 

amount shall not relieve any other Lender of its obligation hereunder to make funds available
to the Agent pursuant to this §2.10(f).

          (g) If after the issuance of a Letter of Credit pursuant to §2.10(c) by the Issuing Lender,
but prior to the funding of any portion thereof by a Lender, one of the events described in
§12.1(h), (i) or (j) shall have occurred, each Lender will, on the date such Revolving Credit Loan
pursuant to §2.10(f) was to have been made, purchase an undivided participation interest in the
Letter of Credit in an amount equal to its Revolving Credit Commitment Percentage of the amount of
such Letter of Credit. Each Lender will immediately transfer to the Issuing Lender in immediately
available funds the amount of its participation and upon receipt thereof the Issuing Lender will
deliver to such Lender a Letter of Credit participation certificate dated the date of receipt of
such funds and in such amount.

          (h) Whenever at any time after the Issuing Lender has received from any Lender any such
Lender’s payment of funds under a Letter of Credit and thereafter the Issuing Lender receives any
payment on account thereof, then the Issuing Lender will distribute to such Lender
its participation interest in such amount (appropriately adjusted in the case of interest
payments to reflect the period of time during which such Lender’s participation interest was
outstanding and funded); provided, however, that in the event that such payment
received by the Issuing Lender is required to be returned, such Lender will return to the Issuing
Lender any portion thereof previously distributed by the Issuing Lender to it.

          (i) The issuance of any supplement, modification, amendment, renewal or extension to or of any
Letter of Credit shall be treated in all respects the same as the issuance of a new Letter of
Credit.

          (j) Borrower assumes all risks of the acts, omissions, or misuse of any Letter of Credit by
the beneficiary thereof. None of Agent, Issuing Lender or any Lender will be responsible for (i)
the form, validity, sufficiency, accuracy, genuineness or legal effect of any document submitted by
any party in connection with the issuance of any Letter of Credit, even if such document should in
fact prove to be in any or all respects invalid, insufficient, inaccurate, fraudulent or forged;
(ii) errors, omissions, interruptions or delays in transmission or delivery of any messages, by
mail, cable, telegraph, telex or otherwise; (iii) any loss or delay in the transmission or
otherwise of any document or draft required by or from a beneficiary in order to make a
disbursement under a Letter of Credit or the proceeds thereof; (iv) for the misapplication by the
beneficiary of any Letter of Credit of the proceeds of any drawing under such Letter of Credit; and
(v) for any consequences arising from causes beyond the control of Agent or any Lender. Provided
there exists no negligence or willful misconduct on the part of the Agent, Issuing Lender or any
Lender, then none of Agent, Issuing Lender or any Lender will be responsible for (i) failure of any
beneficiary of any Letter of Credit to comply fully with the conditions required in order to demand
payment under a Letter of Credit; (ii) errors in interpretation of technical terms; (iii) the form,
validity, sufficiency, accuracy, genuineness or legal effect of any Letter of Credit; and (iv) the
form, validity, sufficiency, accuracy, genuineness or legal effect of any instrument transferring
or assigning or purporting to transfer or assign any Letter of Credit or the rights or benefits
thereunder or proceeds thereof in whole or in part, which may prove to be invalid or ineffective
for any reason. Notwithstanding the foregoing, in no event shall the Lender be responsible for any
acts of fraud or forgery by Borrower any of its

34

 

Subsidiaries or any third party in connection with
the issuance, transfer, presentment or payment under or in connection with any Letter of Credit.
None of the foregoing will affect, impair or prevent the vesting of any of the rights or powers
granted to Agent, Issuing Lender or the Lenders hereunder. In furtherance and extension and not in
limitation or derogation of any of the foregoing, any act taken or omitted to be taken by Agent,
Issuing Lender or the other Lenders in good faith will be binding on Borrower and will not put
Agent, Issuing Lender or the other Lenders under any resulting liability to Borrower.

     §2.11 Appointment of Borrower Agent. Borrower recognizes that it is advantageous and
convenient for them to, and as such, is hereby authorized to, appoint one or more officers of the
Borrowers from time to time to act as agent for the Borrower to effect borrowings and other
extensions of credit under this Agreement and to designate a Borrower to which proceeds of the
borrowings shall be distributed (individually and collectively, the “Borrower Agent”).

(1)  Upon appointment of a Borrower Agent, the Borrower shall provide Agent with
notice thereof, along with an incumbency certificate and any other required
corporate or company authority documents as may be requested by the Agent, including
resolutions, as appropriate, properly evidencing the authority of the Borrower
Agent. Upon delivery to Agent of all requested authority documents, each Borrower
shall be deemed to have irrevocably appointed such Borrower Agent as its agent to
effect borrowings, obtain other extensions of credit and to execute instruments and
documents and take other actions in the name, or on behalf of, but not as a lender
to, such Borrower, as provided or contemplated in this Agreement. Each of the
Borrowers represents and covenants that all requests for Loans and Letters of Credit
under this Agreement shall be made by either the Borrower or Borrower Agent as agent
for the Borrowers, and that the authority of the Borrower Agent so to request Loans
and Letters of Credit on behalf of, and to bind, the Borrowers, shall continue
unless and until (i) the Agent actually receives written notice of the termination
and/or replacement of such authority signed by an executive officer of each of the
Borrowers, (ii) this Agreement has been terminated, or (iii) all Obligations of such
Borrower have been paid or otherwise satisfied. Notwithstanding any provision to
the contrary elsewhere in this Agreement or such other Loan Documents, the Borrower
Agent shall not have any duties or responsibilities, except those expressly set
forth herein and therein, or any fiduciary relationship with any Borrower and no
implied covenants, functions, responsibilities duties, obligations or liabilities
shall be read into this Agreement or the other Loan Documents or otherwise exist
against the Borrower Agent. Furthermore, in performing his duties under this
appointment, the Borrower Agent shall be acting solely as a conduit for money
transfers between the Lenders and the Borrowers, and the Borrower Agent shall not
make, nor shall he be construed as making, any loans or advances of money under this
Agreement to any of the Borrowers.

     (2)  Each Borrower further agrees and acknowledges that any Loans which may
be made by the Lenders under the Facility provided under this Agreement may be
made directly to the designated Borrower notwithstanding

35

 

any notice or knowledge
by the Lenders that such Loan is intended for the use of another Borrower, and
the Lenders shall have no responsibility with respect to whether or when the
designated Borrower distributes or delivers the proceeds of any Loans to any
other Borrower, and payment or delivery by the Agent of the proceeds of such
Loans to the designated Borrower shall be deemed to be a payment or delivery to
each Borrower. Without limiting the foregoing, each Borrower acknowledges that
it shall be directly indebted to the Lenders for each Loan distributed to it by
the Borrower Agent as if that Loan had been made directly by the Lenders to the
Borrower which received such proceeds, in addition to which the other Borrowers
shall be jointly and severally obligated to the Lenders in that amount.

(3)  The Agent shall have no responsibility to inquire as to the
distribution of Loans and Letters of Credit made by the Agent or Issuing Lender
through the Borrower Agent as described herein.

(4)  The Borrower Agent and each Borrower agrees, jointly and severally, to
indemnify, defend, and to hold the Agent and the Lenders, and any of their
Affiliates or any designee harmless from and against any liability, claim,
demand, expense, or loss made against the Agent or any Lender, or any of their
Affiliates and/or its designees on account of, or arising out of, this Agreement
and the transactions contemplated hereby, the Agent’s, Lenders’ and any of their
Affiliate’s and/or designee’s reliance upon loan requests submitted by the
Borrower Agent and any other action taken by the Agent, any Lender or any of
their Affiliates and/or designees hereunder or under any of the Loan Documents
or any other agreement with the Borrower Agent and/or the Borrowers and/or any
other Person.

(5)  The Revolving Credit Facility established in this Agreement constitutes
one combined aggregate line of credit for all of the Borrowers.

§3. REPAYMENT OF THE LOANS.

     §3.1 Stated Maturity. The Borrower promises to pay on the Maturity Date and there
shall become absolutely due and payable on the Maturity Date all of the Loans outstanding on such
date, together with any and all accrued and unpaid interest thereon.

     §3.2 Mandatory Prepayments. If at any time the sum of the aggregate outstanding
principal amount of the Revolving Credit Loans and the Letters of Credit Outstanding exceeds the
aggregate Revolving Credit Commitments, or the aggregate outstanding principal balance of the
Revolving Credit Loans and the Letters of Credit Outstanding exceeds the Borrowing Base, then the
Borrower shall immediately pay the amount of such excess to the Agent for the respective accounts
of the Lenders, as applicable, for application to the Loans as provided in §3.4, together with any
additional amounts payable pursuant to §4.8.

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     §3.3 Optional Prepayments. The Borrower shall have the right, at its election, to
prepay the outstanding amount of the Revolving Credit Loans, as a whole or in part, at any time
without penalty or premium; provided, that if any prepayment of all or a portion of the
outstanding amount of any LIBOR Rate Loans pursuant to this §3.3 is made on a date that is not the
last day of the Interest Period relating thereto, such prepayment shall be accompanied by the
payment of any amounts due pursuant to §4.8. The Borrower shall give the Agent, no later than
10:00 a.m., Boston time, at least three (3) days prior written notice of any prepayment pursuant to
this §3.3, in each case specifying the proposed date of prepayment of the applicable Revolving
Credit Loans and the principal amount to be prepaid.

     §3.4 Partial Prepayments. Each partial prepayment of the Loans under §3.3 shall be in
a minimum amount of $1,000,000.00 or an integral multiple of $100,000 in excess thereof, and shall
be accompanied by the payment of accrued interest on the principal prepaid to the date of payment.
Each partial payment under §3.2 and §3.3 shall be in the absence of instruction by the Borrower,
first applied to the principal of Revolving Credit Loans, and within each category, first to the
principal of Base Rate Loans within such category and then to the principal of LIBOR Rate Loans
within such category.

     §3.5 Extension Option. The Borrower shall have a one-time option to extend the term of
the Facility for a period of one year from the date of the initial Maturity Date (the
“Extension Option”) provided that: (i) the Borrower notifies the Agent in writing no less
than sixty (60) days, nor more than ninety (90) days, before the initial Maturity Date; (ii) the
Borrower is in full compliance with the terms of this Agreement; (iii) no Default, or Event of
Default has occurred and is continuing at the time of the notice and as of the commencement of the
Extension Option; (iv) an extension fee in the amount of 30 bps multiplied by the Facility Amount
is paid to the Agent for the pro rata benefit of the Lenders, and (v) the Borrower delivers a
certification by the chief financial or other financial officer of the Borrower that the Borrower
is and will be in compliance with all covenants under the Loan Documents after giving effect to the
issuance of the Extension Option.

     §3.6 Effect of Prepayments. Amounts of the Revolving Credit Loans prepaid under §3.2
and §3.3 prior to the Maturity Date may, provided no Event of Default has occurred and is
continuing hereunder, be reborrowed as provided in §2.

§4. CERTAIN GENERAL PROVISIONS.

     §4.1 Conversion Options.

          (a) The Borrower may elect from time to time to convert any of its outstanding Revolving
Credit Loans to a Revolving Credit Loan of another Type and such Revolving Credit Loans shall
thereafter bear interest as a Base Rate Loan or a LIBOR Rate Loan, as applicable; provided
that (i) with respect to any such conversion of a LIBOR Rate Loan to a Base Rate Loan, the Borrower
shall give the Agent at least one (1) Business Day’s prior written notice of such election, and
such conversion shall only be made on the last day of the Interest Period with respect to such
LIBOR Rate Loan; (ii) with respect to any such conversion of a Base Rate Loan to a LIBOR Rate Loan,
the Borrower shall give the Agent at least three (3) LIBOR Business Days’ prior written notice of
such election and the Interest Period requested for such Loan, the

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principal amount of the Loan so
converted shall be in a minimum aggregate amount of $2,000,000 or an integral multiple of $100,000
in excess thereof and, after giving effect to the making of such Loan, there shall be no more than
six (6) LIBOR Rate Loans outstanding at any one time; (iii) no Loan may be converted into a LIBOR
Rate Loan when any Event of Default has occurred and is continuing; and (iv) no Loan may be
converted into a LIBOR Rate Loan for an Interest Period of greater than one month when any Default
has occurred and is continuing. All or any part of the outstanding Revolving Credit Loans of any
Type may be converted as provided herein, provided that no partial conversion shall result
in a Revolving Credit Base Rate Loan in a principal amount of less than $1,000,000 or a Revolving
Credit LIBOR Rate Loan in a principal amount of less than $2,000,000 and that the principal amount
of each Loan shall be in an integral multiple of $100,000. On the date on which such conversion is
being made, each Lender shall take such action as is necessary to transfer its Commitment
Percentage of such Loans to its Domestic Lending Office or its LIBOR Lending Office, as the case
may be. Each Conversion/Continuation Request relating to the conversion of a Base Rate Loan to a
LIBOR Rate Loan shall be irrevocable by the Borrower.

          (b) Any LIBOR Rate Loan may be continued as such Type upon the expiration of an Interest
Period with respect thereto by compliance by the Borrower with the terms of this
§4.1; provided that Borrower shall give Agent at least three (3) LIBOR Business Days’
prior written notice of such election and the Interest Period requested for such Loan, provided
further that no LIBOR Rate Loan may be continued as such for an Interest Period of greater than
one month when any Default has occurred and is continuing, and no LIBOR Rate Loan may be continued
as such for any period of time when any Event of Default has occurred and is continuing, but shall
be automatically converted to a Base Rate Loan on the last day of the Interest Period relating
thereto ending during the continuance of any Event of Default. After a Default or Event of Default
has been cured, Borrower may convert to or continue any LIBOR Rate Loan as otherwise provided
herein.

          (c) In the event that the Borrower does not notify the Agent of its election hereunder with
respect to any LIBOR Rate Loan, such Loan shall be automatically converted at the end of the
applicable Interest Period to a LIBOR Rate Loan with a one month Interest Period.

     §4.2 Closing Fee. The Borrower shall pay to KeyBank on the Closing Date such amount
as is set forth in a separate agreement regarding any such fees between Borrower and KeyBank
(“Separate Agreement Regarding Fees”).

     §4.3 Agent’s Fee. The Borrower shall pay to the Agent, for the Agent’s own account,
an annual Agent’s fee (the “Agent’s Fee”) as shall be provided in the Separate Agreement
Regarding Fees. The Agent’s Fee shall be payable quarterly in arrears on the first day of each
calendar quarter for the immediately preceding calendar quarter or portion thereof. The Agent’s
Fee shall also be paid upon the Maturity Date or earlier termination of the Commitments. The
Agent’s Fee for any partial quarter shall be prorated. The parties hereto hereby acknowledge and
agree that no Agent’s Fee shall be due at the initial closing of this Agreement.

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     §4.4 Funds for Payments.

          (a) All payments of principal, interest, facility fees, Letter of Credit fees, closing fees
and any other amounts due hereunder or under any of the other Loan Documents shall be made to the
Agent, for the respective accounts of the Lenders and the Agent, as the case may be, at the Agent’s
Head Office, not later than 1:00 p.m. (Boston time) on the day when due, in each case in lawful
money of the United States in immediately available funds. The Agent is hereby authorized to
charge the accounts of the Borrower with KeyBank, on the dates when the amount thereof shall become
due and payable, with the amounts of the principal of and interest on the Loans and all fees,
charges, expenses and other amounts owing to the Agent and/or the Lenders under the Loan Documents.

          (b) All payments by the Borrower hereunder and under any of the other Loan Documents shall be
made without setoff or counterclaim and free and clear of and without deduction for any taxes
(other than income or franchise taxes imposed on any Lender), levies, imposts, duties, charges,
fees, deductions, withholdings, compulsory loans, restrictions or conditions of any nature now or
hereafter imposed or levied by any jurisdiction or any political subdivision thereof or taxing or
other authority therein unless the Borrower is compelled by law to make such deduction or
withholding. If any such obligation is imposed upon the Borrower with respect to any amount
payable by it hereunder or under any of the other Loan Documents, the Borrower will pay to the
Agent, for the account of the Lenders or (as the case may be) the
Agent, on the date on which such amount is due and payable hereunder or under such other Loan
Document, such additional amount in Dollars as shall be necessary to enable the Lenders or the
Agent to receive the same net amount which the Lenders or the Agent would have received on such due
date had no such obligation been imposed upon the Borrower. The Borrower will deliver promptly to
the Agent certificates or other valid vouchers for all taxes or other charges required to be
deducted from or paid with respect to payments made by the Borrower hereunder or under any other
Loan Document.

          (c) Each Lender organized under the laws of a jurisdiction outside the United States, if
requested in writing by the Borrower (but only so long as such Lender remains lawfully able to do
so), shall provide the Borrower with such duly executed form(s) or statement(s) which may, from
time to time, be prescribed by law and, which, pursuant to applicable provisions of (i) an income
tax treaty between the United States and the country of residence of such Lender, (ii) the Code, or
(iii) any applicable rules or regulations in effect under (i) or (ii) above, indicates the
withholding status of such Lender; provided that nothing herein (including without limitation the
failure or inability to provide such form or statement) shall relieve the Borrower of its
obligations under §4.4(b). In the event that the Borrower shall have delivered the certificates or
vouchers described above for any payments made by the Borrower and such Lender receives a refund of
any taxes paid by the Borrower pursuant to §4.4(b), such Lender will pay to the Borrower the amount
of such refund promptly upon receipt thereof, to the extent of any payment made by Borrower;
provided that if at any time thereafter such Lender is required to return such refund, the
Borrower shall promptly repay to such Lender the amount of such refund.

          (d) The obligations of the Borrower to the Lenders under this Agreement (and of the Lenders to
make payments to the Issuing Lender with respect to Letters of Credit) shall be absolute,
unconditional and irrevocable, and shall be paid and performed strictly in accordance

39

 

with the
terms of this Agreement, under all circumstances whatsoever, including, without limitation, the
following circumstances: (i) any lack of validity or enforceability of this Agreement, any Letter
of Credit, any of the other Loan Documents; (ii) any improper use which may be made of any Letter
of Credit or any improper acts or omissions of any beneficiary or transferee of any Letter of
Credit in connection therewith; (iii) the existence of any claim, set-off, defense or any right
which the Borrower or any of its Subsidiaries or Affiliates may have at any time against any
beneficiary or any transferee of any Letter of Credit (or persons or entities for whom any such
beneficiary or any such transferee may be acting) or any of the Lenders (other than the defense of
payment to the Lenders in accordance with the terms of this Agreement) or any other person, whether
in connection with any Letter of Credit, this Agreement, any other Loan Document, or any unrelated
transaction; (iv) any draft, demand, certificate, statement or any other documents presented under
any Letter of Credit proving to be insufficient, forged, fraudulent or invalid in any respect or
any statement therein being untrue or inaccurate in any respect whatsoever; (v) any breach of any
agreement between Borrower or any of its Subsidiaries or Affiliates and any beneficiary or
transferee of any Letter of Credit; (vi) any irregularity in the transaction with respect to which
any Letter of Credit is issued, including any fraud by the beneficiary or any transferee of such
Letter of Credit; (vii) payment by the Issuing Lender under any Letter of Credit against
presentation of a sight draft, demand, certificate or other document which does not comply with the
terms of such Letter of Credit, provided that such payment shall not have constituted negligence or
willful misconduct on the part of the Issuing Lender; (viii) any non-application or misapplication
by the beneficiary of a Letter of Credit of the proceeds of
such Letter of Credit; (ix) the legality, validity, form, regularity or enforceability of the
Letter of Credit; (x) the failure of any payment by Issuing Lender to conform to the terms of a
Letter of Credit (if, in Issuing Lender’s good faith judgment, such payment is determined to be
appropriate and Issuing Lender has not been negligent in such determination); (xi) the surrender or
impairment of any security for the performance or observance of any of the terms of any of the Loan
Documents; (xii) the occurrence of any Default or Event of Default; and (xiii) any other
circumstance or happening whatsoever, whether or not similar to any of the foregoing, provided that
such other circumstances or happenings shall not have been the result of negligence or willful
misconduct on the part of the Issuing Lender.

     §4.5 Computations. All computations of interest on the Loans and of other fees to the
extent applicable shall be based on a 360-day year and paid for the actual number of days elapsed.
Except as otherwise provided in the definition of the term “Interest Period” with respect
to LIBOR Rate Loans, whenever a payment hereunder or under any of the other Loan Documents becomes
due on a day that is not a Business Day, the due date for such payment shall be extended to the
next succeeding Business Day, and interest shall accrue during such extension. The Outstanding
Loans as reflected on the records of the Agent from time to time shall be considered prima
facie evidence of such amount.

     §4.6 Inability to Determine LIBOR. In the event that, prior to the commencement of
any Interest Period relating to any LIBOR Rate Loan, the Agent shall determine that adequate and
reasonable methods do not exist for ascertaining LIBOR for such Interest Period, the Agent shall
forthwith give notice of such determination (which shall be conclusive and binding on the Borrower
and the Lenders absent manifest error) to the Borrower and the Lenders. In such event (a) any Loan
Request with respect to a LIBOR Rate Loan shall be automatically withdrawn and

40

 

shall be deemed a
request for a Base Rate Loan and (b) each LIBOR Rate Loan will automatically, on the last day of
the then current Interest Period applicable thereto, become a Base Rate Loan, and the obligations
of the Lenders to make LIBOR Rate Loans shall be suspended until the Agent determines that the
circumstances giving rise to such suspension no longer exist, whereupon the Agent shall so notify
the Borrower and the Lenders.

     §4.7 Illegality. Notwithstanding any other provisions herein, if any present or
future law, regulation, treaty or directive or the interpretation or application thereof shall make
it unlawful, or any central bank or other governmental authority having jurisdiction over a Lender
or its LIBOR Lending Office shall assert that it is unlawful, for any Lender to make or maintain
LIBOR Rate Loans, such Lender shall forthwith give notice of such circumstances to the Agent and
the Borrower and thereupon (a) the commitment of the Lenders to make LIBOR Rate Loans shall
forthwith be suspended and (b) the LIBOR Rate Loans then outstanding shall be converted
automatically to Base Rate Loans on the last day of each Interest Period applicable to such LIBOR
Rate Loans or within such earlier period as may be required by law. Notwithstanding the foregoing,
before giving such notice, the applicable Lender shall designate a different lending office if such
designation will avoid the need for giving such notice and will not, in the judgment of such
Lender, be otherwise materially disadvantageous to such Lender. In the event that the applicable
Lender shall be replaced pursuant to §4.15, then to the extent the terms of this §4.7 are not
otherwise applicable, Borrower again shall be permitted to request LIBOR Rate Loans.

     If at any time, it shall be unlawful or impossible for any Lender to make, maintain or fund
its LIBOR Rate Loans, the Borrowers shall have the right, upon five (5) Business Day’s notice to
the Agent, to either (x) cause a bank, reasonably acceptable to the Agent, to offer to purchase the
Commitments of such Lender for an amount equal to such Lender’s outstanding Loans, together with
all fees, accrued interest and other amounts payable to such Lender and to become a Lender
hereunder, which offer such Lender is hereby required to accept, or (y) to repay in full all Loans
then outstanding of such Lender, together with interest and all other amounts due thereon, upon
which event, such Lender’s Commitments shall be deemed to be cancelled, and the Facility Amount
shall be reduced by the dollar amount of any such reduction of the Commitments pursuant to this
§4.7.

     §4.8 Additional Interest. If any LIBOR Rate Loan or any portion thereof is repaid or
is converted to a Base Rate Loan for any reason on a date which is prior to the last day of the
Interest Period applicable to such LIBOR Rate Loan, or if repayment of the Loans has been
accelerated as provided in §12.1, the Borrower will pay to the Agent upon demand for the account of
the applicable Lenders in accordance with their respective Commitment Percentages in addition to
any amounts of interest otherwise payable hereunder, any amounts required to compensate such
Lenders for any losses, costs or expenses which may reasonably be incurred as a result of such
payment or conversion, including, without limitation, an amount equal to daily interest for the
unexpired portion of such Interest Period on the LIBOR Rate Loan or portion thereof so repaid or
converted at a per annum rate equal to the excess, if any, of (a) the interest rate calculated on
the basis of LIBOR applicable to such LIBOR Rate Loan (including any spread over LIBOR) minus (b)
the yield obtainable by the Agent upon the purchase of debt securities customarily issued by the
Treasury of the United States of America which have a maturity date most closely approximating the
last day of such Interest Period (it being

41

 

understood that the purchase of such securities shall
not be required in order for such amounts to be payable) and that a Lender shall not be obligated
or required to have actually obtained funds at LIBOR or to have actually reinvested such amounts as
described above. Such amount shall be reduced to present value by using the rate on the United
States Treasury Securities described in the foregoing sentence and the number of days remaining in
the unexpired portion of the Interest Period in question.

     §4.9 Additional Costs, Etc. Notwithstanding anything herein to the contrary, if any
present or future applicable law, which expression, as used herein, includes statutes, rules and
regulations thereunder and interpretations thereof by any competent court or by any governmental or
other regulatory body or official charged with the administration or the interpretation thereof and
requests, directives, instructions and notices at any time or from time to time hereafter made upon
or otherwise issued to any Lender or the Agent by any central bank or other fiscal, monetary or
other authority (whether or not having the force of law), shall:

          (a) subject any Lender or the Agent to any tax, levy, impost, duty, charge, fee, deduction or
withholding of any nature with respect to this Agreement, the other Loan Documents, such Lender’s
Commitment, a Letter of Credit or the Loans (other than taxes based upon or measured by the gross
receipts, income or profits of such Lender or the Agent or its franchise tax), or

          (b) materially change the basis of taxation (except for changes in taxes on gross receipts,
income or profits or its franchise tax) of payments to any Lender of the principal of or the
interest on any Loans or any other amounts payable to any Lender under this Agreement or the other
Loan Documents, or

          (c) impose or increase or render applicable any special deposit, reserve, assessment,
liquidity, capital adequacy or other similar requirements (whether or not having the force of law
and which are not already reflected in any amounts payable by Borrower hereunder) against assets
held by, or deposits in or for the account of, or loans by, or commitments of an office of any
Lender, or

          (d) impose on any Lender or the Agent any other conditions or requirements with respect to
this Agreement, the other Loan Documents, the Loans, such Lender’s Commitment, a Letter of Credit
or any class of loans or commitments of which any of the Loans or such Lender’s Commitment forms a
part;

and the result of any of the foregoing is:

               (i) to increase the cost to any Lender of making, funding, issuing, renewing, extending or
maintaining any of the Loans, or such Lender’s Commitment, or

               (ii) to reduce the amount of principal, interest or other amount payable to any Lender or the
Agent hereunder on account of such Lender’s Commitment or any of the Loans or the Letters of
Credit, or

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               (iii) to require any Lender or the Agent to make any payment or to forego any interest or
other sum payable hereunder, the amount of which payment or foregone interest or other sum is
calculated by reference to the gross amount of any sum receivable or deemed received by such Lender
or the Agent from the Borrower hereunder,

then, and in each such case, the Borrower will, within fifteen (15) days of demand made by such
Lender or (as the case may be) the Agent at any time and from time to time and as often as the
occasion therefor may arise, pay to such Lender or the Agent such additional amounts as such Lender
or the Agent shall determine in good faith to be sufficient to compensate such Lender or the Agent
for such additional cost, reduction, payment or foregone interest or other sum. Each Lender and
the Agent in determining such amounts may use any reasonable averaging and attribution methods
generally applied by such Lender or the Agent.

     §4.10 Capital Adequacy. If after the date hereof any Lender determines that (a) the
adoption of or change in any law, rule, regulation or guideline regarding capital requirements for
banks or bank holding companies or any change in the interpretation or application thereof by any
governmental authority charged with the administration thereof, or (b) compliance by such Lender or
its parent bank holding company with any guideline, request or directive of any such entity
regarding capital adequacy (whether or not having the force of law), has the effect of reducing the
return on such Lender’s or such holding company’ s capital as a consequence of such Lender’s
commitment to make Loans or participate in Letters of Credit hereunder to a level below that which
such Lender or holding company could have achieved but for such adoption, change or compliance
(taking into consideration such Lender’s or such holding company’ s then
existing policies with respect to capital adequacy and assuming the full utilization of such
entity’ s capital) by any amount deemed by such Lender to be material, then such Lender may notify
the Borrower thereof. The Borrower agrees to pay to such Lender the amount of such reduction in
the return on capital as and when such reduction is determined, upon presentation by such Lender of
a statement of the amount setting forth the Lender’s calculation thereof. In determining such
amount, such Lender may use any reasonable averaging and attribution methods generally applied by
such Lender.

     §4.11 Indemnity of Borrower. The Borrower agrees to indemnify each Lender and to hold
each Lender harmless from and against any loss, cost or expense that such Lender may sustain or
incur as a consequence of (a) default by the Borrower in payment of the principal amount of or any
interest on any LIBOR Rate Loans as and when due and payable, including any such loss or expense
arising from interest or fees payable by such Lender to lenders of funds obtained by it in order to
maintain its LIBOR Rate Loans, or (b) default by the Borrower in making a borrowing or a conversion
after the Borrower has given (or is deemed to have given) a Loan Request or a
Conversion/Continuation Request.

     §4.12 Default Interest; Late Charge. Following the occurrence and during the
continuance of any Event of Default, and regardless of whether or not the Agent or the Lenders
shall have accelerated the maturity of the Loans, all Loans shall bear interest payable on demand
at a rate per annum equal to four percent (4%) above the rate that would otherwise be applicable at
such time (the “Default Rate”), until such amount shall be paid in full (after as well as
before judgment). In addition, the Borrower shall pay a late charge equal to five percent (5.0%)
of any amount of interest and/or principal payable on the Loans or any other amounts payable
hereunder

43

 

or under the Loan Documents, which is not paid by the Borrower within ten (10) days of
the date when due.

     §4.13 Certificate. A certificate setting forth any amounts payable pursuant to §4.8,
§4.9, §4.10, §4.11 or §4.12 and a reasonably detailed explanation of such amounts which are due,
submitted by any Lender or the Agent to the Borrower, shall be conclusive in the absence of
manifest error.

     §4.14 Limitation on Interest. Notwithstanding anything in this Agreement or the other
Loan Documents to the contrary, all agreements between or among the Borrower, the Lenders and the
Agent, whether now existing or hereafter arising and whether written or oral, are hereby limited so
that in no contingency, whether by reason of acceleration of the maturity of any of the Obligations
or otherwise, shall the interest contracted for, charged or received by the Lenders exceed the
maximum amount permissible under applicable law. If, from any circumstance whatsoever, interest
would otherwise be payable to the Lenders in excess of the maximum lawful amount, the interest
payable to the Lenders shall be reduced to the maximum amount permitted under applicable law; and
if from any circumstance the Lenders shall ever receive anything of value deemed interest by
applicable law in excess of the maximum lawful amount, an amount equal to any excessive interest
shall be applied to the reduction of the principal balance of the Obligations and to the payment of
interest or, if such excessive interest exceeds the unpaid balance of principal of the Obligations,
such excess shall be refunded to the Borrower. All interest paid or agreed to be paid to the
Lenders shall, to the extent permitted by applicable law, be amortized, prorated, allocated and
spread throughout the full period until payment in full of
the principal of the Obligations (including the period of any renewal or extension thereof) so
that the interest thereon for such full period shall not exceed the maximum amount permitted by
applicable law. This Section shall control all agreements between or among the Borrower, the
Lenders and the Agent.

     §4.15 Certain Provisions Relating to Increased Costs. If a Lender gives notice of the
existence of the circumstances set forth in §4.7 or any Lender requests compensation for any losses
or costs to be reimbursed pursuant to any one or more of the provisions of §4.4, §4.9 or §4.10,
then, upon request of Borrower, such Lender, as applicable, shall use reasonable efforts in a
manner consistent with such institution’s practice in connection with loans like the Loan of such
Lender to eliminate, mitigate or reduce amounts that would otherwise be payable by Borrower under
the foregoing provisions, provided that such action would not be otherwise prejudicial to such
Lender, including, without limitation, by designating another of such Lender’s offices, branches or
affiliates; the Borrower agreeing to pay all reasonably incurred costs and expenses incurred by
such Lender in connection with any such action. Notwithstanding anything to the contrary contained
herein, if no Default or Event of Default shall have occurred and be continuing, and if any Lender
has given notice of the existence of the circumstances set forth in §4.7 or has requested payment
or compensation for any losses or costs to be reimbursed pursuant to any one or more of the
provisions of §4.4, §4.9 or §4.10 (each, an “Affected Lender”), then, within forty-five
(45) days after such notice or request for payment or compensation, Borrower shall have the
one-time right as to such Affected Lender, to be exercised by delivery of written notice delivered
to the Agent and the Affected Lender within forty-five (45) days of receipt of such notice, to
elect to cause the Affected Lender to transfer its Commitment. The Agent shall

44

 

promptly notify the
remaining Lenders that each of such Lenders shall have the right, but not the obligation, to
acquire a portion of the Commitment at par, based upon their relevant pro rata Commitment
Percentages, of the Affected Lender (or if any of such Lenders does not elect to purchase its pro
rata share, then to such remaining Lenders in such proportion as approved by the Agent). In the
event that the Lenders do not elect to acquire all of the Affected Lender’s Commitment, then the
Agent shall endeavor to obtain a new lender which shall be an Eligible Assignee to acquire such
remaining Commitment. Upon any such purchase of the Commitment of the Affected Lender, the
Affected Lender’s interest in the Obligations and its rights hereunder and under the Loan Documents
shall terminate at the date of purchase, and the Affected Lender shall promptly execute all
documents reasonably requested to surrender and transfer such interest. The purchase price for the
Affected Lender’s Commitment shall equal any and all amounts outstanding and owed by Borrower to
the Affected Lender, including principal and all accrued and unpaid interest or fees including any
accrued, unbilled LIBOR breakage fees. In the event that no new Lender is located to purchase the
Affected Lender’s Commitment, then Borrower shall have the option after receipt of written notice
from Agent to Borrower that no new Lender has been obtained, to terminate the Commitment of the
Affected Lender and prepay in full all amounts outstanding and owed by Borrower to the Affected
Lender, including principal and all accrued and unpaid interest or fees including any accrued,
unbilled LIBOR breakage fees.

	§5. BORROWING BASE PROPERTY AND BORROWING BASE PROPERTY REPLACEMENT.

     §5.1 Intentionally Deleted.

     §5.2 Intentionally Deleted.

     §5.3 Replacement or Addition of Borrowing Base Properties.

          (a) After the Closing Date, the Borrower shall have the right, subject to the consent of the
Required Lenders and the satisfaction by the Borrower of the conditions set forth in this §5.3, to
add Potential Borrowing Base Property to the Borrowing Base Property or to replace any Borrowing
Base Property with Potential Borrowing Base Property. The addition or replacement of Potential
Borrowing Base Property to or for the then existing Borrowing Base Property shall be referred to as
“Borrowing Base Property Replacement”. In the event the Borrower desires to effect a
Borrowing Base Property Replacement as aforesaid, the Borrower shall provide written notice to the
Agent of such request (which the Agent shall promptly furnish to the Lenders), together with all
other Eligible Real Estate Qualification Documents. Within ten (10) Business Days from the date of
the receipt of the Eligible Real Estate Qualification Documents, each Lender shall advise the Agent
as to whether such Lender approves the Potential Borrowing Base Property. If a Lender fails to
respond to the Agent within such ten (10) Business Day period, such Lender shall be deemed to have
approved such Potential Borrowing Base Property. Notwithstanding the foregoing, no Potential
Borrowing Base Property shall be included as Borrowing Base Property unless and until the following
conditions precedent shall have been satisfied:

45

 

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

               (ii) the Borrower shall have executed and/or delivered to the Agent all Eligible Real Estate
Qualification Documents, all of which instruments, documents or agreements shall be in form and
substance reasonably satisfactory to the Agent in its reasonable discretion; and

               (iii) after giving effect to the inclusion of such Potential Borrowing Base Property, each of
the representations and warranties made by or on behalf of the Borrower contained in this
Agreement, the other Loan Documents or in any document or instrument delivered pursuant to or in
connection with this Agreement shall be true in all material respects both as of the date as of
which it was made and shall also be true as of the time of the replacement or addition of Borrowing
Base Properties, with the same effect as if made at and as of that time (it being understood and
agreed that any representation or warranty which by its terms is made as of a specified date shall
be required to be true and correct only as of such specified date), and no Default or Event of
Default shall have occurred and be continuing, and the Agent shall have received a certificate of
the Borrower to such effect.

               (iv) without limiting any of the foregoing, upon the occurrence of a Borrowing Base Property
Replacement, Borrower must provide to Agent a Borrowing Base
Certificate reflective of the contemplated transaction evidencing that the sum of the amount
Outstanding under the Loans plus the Letters of Credit does not exceed the Borrowing Base.

               (v) Borrower shall pay any and all reasonable out-of-pocket expenses and costs, including
attorneys fees, incurred by Agent in connection with review and/or closing of the Potential
Borrowing Base Property.

     The decision of the Required Lenders to grant or withhold their consent to the acceptance of
Potential Borrowing Base Property under this §5.3 shall be based on the factors set forth in this
§5.3 and the other provisions of this Agreement relating to Eligible Real Estate and Borrowing Base
Properties, provided however, that any such decision hereunder shall be in the sole discretion of
the Required Lenders.

     §5.4 Removal of Borrowing Base Property. Provided no Default or Event of Default
shall have occurred hereunder and be continuing (or would exist immediately after giving effect to
the transactions contemplated by this §5.4), subject to the consent of the Agent and the Required
Lenders in their reasonable discretion, Borrower shall be permitted to remove a Borrowing Base
Property from the Borrowing Base upon the request of the Borrower and subject to and upon the
following terms and conditions:

          (a) the Borrower shall deliver to the Agent written notice of its desire to remove such
property not later than ten (10) days prior to the date on which such removal is to be effected;

46

 

          (b) the Borrower shall submit to the Agent with such request, a Borrowing Base Certificate
reflective of the contemplated transaction evidencing that the sum of the amount Outstanding under
the Loans plus the Letters of Credit does not exceed the Borrowing Base;

          (c) the Borrower shall pay all reasonable costs and expense of the Agent in connection with
such removal, including without limitation, reasonable attorney’s fees;

          (d) the Borrower shall pay to the Agent for the account of the Lenders, such amount as is
necessary to provide that the amount Outstanding under the Facility plus the Letters of Credit does
not exceed the Borrowing Base after giving effect to such removal; said removal price shall be
applied to reduce the outstanding principal balance of the Loans as provided in §3.4.

§6. REPRESENTATIONS AND WARRANTIES.

     The Borrower represents, warrants and covenants to the Agent and the Lenders as follows:

     §6.1 Corporate, Limited Liability Company Authority, Etc.

          (a) Borrower-SPE as a Special Purpose Entity. Until the Loan and all other
obligations of Borrower to Lender under the Loan Documents have been paid in full and the Lenders
have no further obligations to make any Loans or issue any Letters of Credit hereunder, each
Borrower hereby represents, warrants and covenants that each Borrower-SPE is and shall continue to
be, a Special Purpose Entity. As used herein “Special Purpose Entity” and/or “SPE”
means a corporation or limited liability company which:

     (i) is organized solely for the purpose of acquiring, financing, owning,
holding, developing, selling, leasing, transferring, exchanging, managing and
operating the Borrowing Base Properties owned by it (including, without limitation,
EPR Senior Property Loans and property encumbered by EPR Senior First Mortgages),
entering into this Agreement and the other Loan Documents with the Agent and the
Lenders, refinancing the Borrowing Base Properties owned by it in connection with a
permitted repayment of the Loan, and transacting lawful business that is incident,
necessary and appropriate to accomplish the foregoing;

     (ii) is not engaged and will not engage in any business unrelated to the
acquisition, financing, ownership, development, management or operation of the
Borrowing Base Properties (including, without limitation, EPR Senior Property Loans
and property encumbered by EPR Senior First Mortgages) or other activities described
in subpart (i) immediately above;

     (iii) does not have and will not have any assets other than those related to
the Borrowing Base Properties and equity interests in Subsidiaries or other
Affiliates of EPR;

47

 

     (iv) has not engaged, sought or consented to and will not engage in, seek or
consent to any dissolution, winding up, liquidation, consolidation, merger, sale of
all or substantially all of its assets or amend its articles of incorporation,
certificate of formation with respect to the matters set forth in this definition;

     (v) has a certificate of incorporation or articles that provide that such
entity will not: (1) dissolve, merge, liquidate, consolidate; (2) sell all or
substantially all of its assets; (3) engage in any other business activity, or amend
its organizational documents with respect to the matters set forth in this
definition without the consent of the Required Lenders; or (4) without the
affirmative vote of one Independent Director and all other directors of the
corporation file a bankruptcy or insolvency petition or otherwise institute
insolvency proceedings with respect to itself or to any other entity in which it has
a direct or indirect legal or beneficial ownership interest;

     (vi) is and will remain solvent and pay its debts and liabilities (including,
as applicable, shared personnel and overhead expenses) from its assets as the same
shall become due, and is maintaining and will maintain adequate capital for the
normal obligations reasonably foreseeable in a business of its size and character
and in light of its contemplated business operations;

     (vii) has not failed and will not fail to correct any known misunderstanding
regarding the separate identity of such entity;

     (viii) has maintained and will maintain its accounts (including without
limitation, payroll accounts), books and records separate from any other Person and
will file its own tax returns, except to the extent that it is required to file
consolidated tax returns by law;

     (ix) has maintained and will maintain its own records, books, resolutions and
agreements;

     (x) has not commingled and will not commingle its funds or assets with those of
any other Person and has not participated and will not participate in any cash
management system with any other Person;

     (xi) has held and will hold its assets in its own name;

     (xii) has conducted and will conduct its business in its own name;

     (xiii) has maintained and will maintain its financial statements, accounting
records and other entity documents separate from any other Person and has not
permitted and will not permit its assets to be listed as assets on the financial
statement of any other entity except as required by GAAP; provided, however, that
any such consolidated financial statement shall contain a note indicating that its
separate assets and liabilities are neither available to pay the

48

 

debts of the
consolidated entity nor constitute obligations of the consolidated entity;

     (xiv) has paid and will pay its own liabilities and expenses, including the
salaries of its own employees, out of its own funds and assets, and has maintained
and will maintain a sufficient number of employees in light of its contemplated
business operations;

     (xv) has observed and will observe all corporate formalities;

     (xvi) has and will have no Indebtedness other than (i) related to the Loan,
(ii) liabilities incurred in the ordinary course of business relating to the
ownership and operation of the Borrowing Base Properties and the routine
administration of such corporation, in amounts not to exceed $250,000 which
liabilities are not more than sixty (60) days past the date incurred, are not
evidenced by a note and are paid when due, and which amounts are normal and
reasonable under the circumstances, and (iii) such other liabilities that are
permitted pursuant to this Agreement;

     (xvii) has not and will not assume or guarantee or become obligated for the
debts of any other Person or hold out its credit as being available to satisfy the
obligations of any other Person except as existing or permitted pursuant to this
Agreement;

     (xviii) has not and will not acquire obligations of its shareholders or any
other Affiliate;

     (xix) has allocated and will allocate fairly and reasonably any overhead
expenses that are shared with any Affiliate, including paying for shared office
space and services performed by any employee of an Affiliate;

     (xx) maintains and uses its own separate identity (and promptly corrects any
misunderstandings regarding separate identities) on all correspondence and other
documentation, including without limitation, checks and invoices utilized by the
Special Purpose Entity or utilized to collect its funds or pay its expenses shall
bear its own name and shall not bear the name of any other entity unless such entity
is clearly designated as being the Special Purpose Entity’s agent;

     (xxi) has not pledged and will not pledge its assets for the benefit of any
other Person except in favor of Lender under the Loan Documents and as may otherwise
be permitted under this Agreement;;

     (xxii) has held itself out and identified itself and will hold itself out and
identify itself as a separate and distinct entity under its own name;

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     (xxiii) has maintained and will maintain its assets in such a manner that it
will not be costly or difficult to segregate, ascertain or identify its individual
assets from those of any other Person;

     (xxiv) has not made and will not make loans to any Person or hold evidence of
indebtedness issued by any other Person or entity (other than EPR Senior Property
Loans and cash and investment-grade securities issued by an entity that is not an
Affiliate of or subject to common ownership with such entity);

     (xxv) has not identified and will not identify its partners, members or
shareholders, or any Affiliate of any of them, as a division or part of it, and has
not identified itself and shall not identify itself as a division of any other
Person;

     (xxvi) has not entered into or been a party to, and will not enter into or be a
party to, any transaction with its shareholders or Affiliates except (A) in the
ordinary course of its business and on terms which are intrinsically fair,
commercially reasonable and are no less favorable to it than would be obtained in a
comparable arm’s-length transaction with an unrelated third party, and (B) in
connection with this Agreement; provided, however, that, if no Default or Event
of Default then exists or would result therefrom, nothing in this Agreement
shall prohibit EPR or any of its Subsidiaries from transferring to any Affiliates
its ownership interest in any Subsidiaries which, at the time of such transfer, no
longer own any Borrowing Base Properties;

     (xxvii) has not and will not have any obligation to, and will not, indemnify
its officers, directors or shareholders, as the case may be, unless such an
obligation is fully subordinated to the Loan and will not constitute a claim against
it in the event that cash flow in excess of the amount required to pay the Loan is
insufficient to pay such obligation;

     (xxviii) shall consider the interests of its creditors in connection with all
corporate actions;

     (xxix) has complied and will comply with all of the terms and provisions
contained in its organizational documents. The statement of facts contained in its
organizational documents are true and correct and will remain true and correct;

     (xxx) has and shall maintain at least one (1) Independent Director and caused
the articles of incorporation for such Person to require at least one (1)
Independent Director;

     (xxxi) shall not pledge its assets for the benefit of any other Person, other
than with respect to this Agreement and the Loan Documents and as otherwise
permitted under this Agreement, nor shall it agree with any other party that it
shall not pledge its assets for the benefit of any other Person; and

50

 

     (xxxii) shall not voluntarily file or consent to the filing of a petition for
bankruptcy, insolvency, reorganization, assignment for the benefit of creditors or
similar proceeding under any federal or state bankruptcy, insolvency, reorganization
or other similar law or otherwise seek any relief under any laws relating to the
relief of debts or the protection of debtors generally, or admit in writing its
inability to pay its debts generally as they become due, or take action in
furtherance of any such action, without the consent of each holder of any interest
in such entity, and without the unanimous written consent of each applicable
Independent Director.

          (b) EPR as a REIT. EPR is a Maryland real estate investment trust duly organized
pursuant to an Amended and Restated Declaration of Trust filed with the Maryland Department of
Assessments and Taxation, and is in good standing under the laws of Maryland. EPR conducts its
business in a manner which enables it to qualify as a real estate investment trust under, and to be
entitled to the benefits of, §856 of the Code, and has elected to be treated as and is entitled to
the benefits of a real estate investment trust thereunder. EPR (i) has all requisite power to own
its property and conduct its business as now conducted and as presently contemplated, and (ii) is
in good standing and duly authorized to do business in the jurisdictions where the Borrowing Base
Properties directly owned or leased by it are located and in each
other jurisdiction where a failure to be so qualified in such other jurisdiction could have a
materially adverse effect on the business, assets or financial condition of EPR. EPR has not taken
any action that would prevent it from maintaining its qualification as a REIT for its tax year
ending December 31, 2009, or as of the date of this Agreement, from maintaining such qualification
at all times during the term of the Loan.

          (c) Intentionally Deleted.

          (d) Intentionally Deleted.

          (e) Borrower-SPE. Pershing is a Missouri limited liability company duly organized
pursuant to articles of organization filed with the Missouri Secretary of State, and is in good
standing under the laws of Missouri, Louisiana, Kansas, Michigan, Arizona and Virginia, subject to
deletion or addition of a state as a result of any change in the Borrowing Base Properties.
DownREIT is a Missouri corporation duly organized pursuant to articles of incorporation filed with
the Missouri Secretary of State, and is in good standing under the laws of Missouri and
                                        , subject to deletion or addition of a state as a result of any change in the
Borrowing Base Properties. Huntsville is a Delaware corporation duly organized pursuant to
articles of incorporation filed with the Delaware Secretary of State, and is in good standing under
the laws of Delaware,                                         . Pensacola is a Missouri corporation, duly organized
pursuant to the articles of incorporation filed with the Missouri Secretary of State, and in good
standing under the laws of Missouri,                                         . Megaplex Four is a Missouri
corporation, duly organized pursuant to the articles of incorporation filed with the Missouri
Secretary of State, and in good standing under the laws of Missouri,                                         .
Westcol is a Delaware limited liability company duly organized pursuant to articles of organization
filed with the Delaware Secretary of State and is in good standing under the laws of Delaware and
Colorado, subject to deletion or addition of a state as a result of any change in the Borrowing
Base

51

 

Properties. Melbourne is a Missouri corporation duly organized pursuant to articles of
incorporation filed with the Missouri Secretary of State, and is in good standing under the laws of
Missouri and Florida, subject to any addition or deletion of a state as a result of any change in
the Borrowing Base Properties. Each additional Borrower-SPE, as applicable shall also be duly
organized pursuant to its articles or organization, incorporation, or other applicable formation
documents filed with the applicable Secretary of State and shall be in good standing under the laws
of such states as required for the conduct of its business. Each Borrower-SPE conducts its
business in a manner which enables it to qualify as an SPE. Each Borrower-SPE (i) has all
requisite power to own its property and conduct its business as now conducted and as presently
contemplated, and (ii) is in good standing and is duly authorized to do business in the
jurisdictions where the Borrowing Base Properties owned or leased by it are located and in each
other jurisdiction where a failure to be so qualified in such other jurisdiction could have a
materially adverse effect on the business, assets or financial condition of the Borrower. Each
Borrower-SPE has not taken any action that would prevent it from maintaining its qualification as
an SPE as of the date of this Agreement, or from maintaining such qualification at all times during
the term of the Loan.

     (f) Other Subsidiaries. Each other Subsidiary of EPR (i) is a corporation, limited
partnership, general partnership, limited liability company or trust duly organized under the laws
of its state or jurisdiction of organization (including under Canadian law, as applicable),
and is validly existing and in good standing under the laws thereof, (ii) has all requisite power
to own its property and conduct its business as now conducted and as presently contemplated and
(iii) is in good standing and is duly authorized to do business in each jurisdiction where a
failure to be so qualified could have a materially adverse effect on the business, assets or
financial condition of the Borrower or any Subsidiary of EPR.

     (g) Authorization. The execution, delivery and performance of this Agreement and the
other Loan Documents to which each Borrower is a party and the transactions contemplated hereby and
thereby (i) are within the authority of such Person, (ii) have been duly authorized by all
necessary proceedings on the part of such Person, (iii) do not and will not conflict with or result
in any breach or contravention of any provision of law, statute, rule or regulation to which such
Person is subject or any judgment, order, writ, injunction, license or permit applicable to such
Person, (iv) do not and will not conflict with or constitute a default (whether with the passage of
time or the giving of notice, or both) under any provision of the partnership agreement, articles
of incorporation or other charter documents or bylaws of, or any agreement or other instrument
binding upon, such Person or any of its properties, (v) do not and will not result in or require
the imposition of any lien or other encumbrance on any of the properties, assets or rights of such
Person, and (vi) do not require the approval or consent of any Person other than those already
obtained and delivered to Agent.

     (h) Enforceability. The execution and delivery of this Agreement and the other Loan
Documents to which each Borrower is a party are valid and legally binding obligations of such
Person enforceable in accordance with the respective terms and provisions hereof and thereof,
except as enforceability is limited by bankruptcy, insolvency, reorganization, moratorium or other
laws relating to or affecting generally the enforcement of creditors’ rights and general
principles of equity.

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

     §6.2 Governmental Approvals. The execution, delivery and performance of this
Agreement and the other Loan Documents to which the Borrower is a party and the transactions
contemplated hereby and thereby do not require the approval or consent of, or filing with, any
governmental agency or authority other than those already obtained and the filing of the Security
Documents in the appropriate records office with respect thereto.

     §6.3 Title to Properties. Except as indicated on Schedule 6.3 hereto, EPR
and its Subsidiaries own or lease all of the assets reflected in the Consolidated balance sheet of
EPR and its Subsidiaries (as reflected in EPR’s March 31, 2009 Form 10-Q (“10-Q”), as filed
with the SEC under the Exchange Act and as delivered to Agent herewith, as at the Balance Sheet
Date and all assets acquired or leased since that date (except property and assets since sold or
otherwise disposed of in the ordinary course of business or other adjustments that are not material
in amount), subject to no rights of others (other than the rights of lessees under leases pursuant
to which EPR or one of Consolidated Subsidiaries is the lessor), including any
mortgages, leases pursuant to which Borrower-SPE, EPR or any of such Subsidiaries is the
lessee (other than, in the case of Borrowing Base Properties, Qualified Ground Leases, or, in the
case of other properties, ground leases), conditional sales agreements, title retention agreements,
liens or other encumbrances, in each case except for Permitted Liens. Provided, however, that in no
event shall any reference to any prior 10-Qs which may be incorporated by reference within the 10-Q
delivered herewith be deemed delivered to Lender nor shall any such information contained in any
such prior filings be deemed delivered to Lender.

     §6.4 Financial Statements. The Borrower has furnished to Agent and the Lenders: (a)
the Consolidated balance sheet of EPR and its Subsidiaries as of the Balance Sheet Date and the
related Consolidated statement of income and cash flow for the period then ended, (b) to the extent
available to Borrower, an unaudited statement of Borrowing Base Property Net Operating Income for
each of the Borrowing Base Properties as of the Closing Date for the fiscal quarter ended March
31, 2009 reasonably satisfactory in form to the Agent and certified by the chief financial or
accounting officer of Borrower as fairly presenting the Borrowing Base Property Net Operating
Income for such Properties for such periods, and (c) certain other financial information relating
to the Borrower and the Real Estate, such as revenue information with respect to Exhibitor EBITDAR.
Such balance sheet and statements have been prepared in accordance with GAAP and fairly present
the Consolidated financial condition of EPR and its Subsidiaries as of such dates and the
Consolidated results of the operations of EPR and its Subsidiaries for such periods. There are no
liabilities, contingent or otherwise, of EPR or any of its Subsidiaries involving material amounts
required to be disclosed and not disclosed in said financial statements and the related notes
thereto. The theatre revenue statements for the Borrowing Base Properties prepared by Borrower
and delivered to Agent most recently before the Closing Date are, to Borrower’s knowledge, true,
correct, complete and accurate statements thereof.

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     §6.5 No Material Changes. Since the Balance Sheet Date, there has occurred no
materially adverse change in the condition (financial or otherwise) of the business, assets,
operations, or prospects of the Borrower and its Subsidiaries taken as a whole as shown on or
reflected in the consolidated balance sheet of the Borrower and its Subsidiaries as of the Balance
Sheet Date, or its Consolidated statement of income or cash flows for the period then ended, other
than changes in the ordinary course of business that could not reasonably be expected to have a
Material Adverse Effect. As of the date hereof, except as set forth on Schedule 6.5
hereto, based on information provided to Borrower from any applicable tenant, there has occurred no
materially adverse change in the financial condition or business of any of the Borrowing Base
Properties from the condition shown on the statements of income delivered to the Agent pursuant to
§6.4 other than changes in the ordinary course of business that have not had any Materially Adverse
Effect either individually or in the aggregate on the business or financial condition of such
Borrowing Base Property.

     §6.6 Franchises, Patents, Copyrights, Etc. The Borrower possesses all franchises,
patents, copyrights, trademarks, trade names, service marks, licenses and permits, and rights in
respect of the foregoing, adequate for the conduct of their business substantially as now conducted
without known conflict with any rights of others. None of the Borrowing Base Properties is owned
or operated under or by reference to any registered or protected trademark, trade name, service
mark of Borrower.

     §6.7 Litigation. Except as stated on Schedule 6.7, there are no actions,
suits, proceedings or investigations of any kind pending or to the knowledge of the Borrower
threatened against the Borrower or any of its Subsidiaries before any court, tribunal, arbitrator,
mediator or administrative agency or board which question the validity of this Agreement or any of
the other Loan Documents, any action taken or to be taken pursuant hereto or thereto or any lien,
security title or security interest created or intended to be created pursuant hereto or thereto,
or which if adversely determined could reasonably be expected to have a Material Adverse Effect.
Except as set forth on Schedule 6.7, there are no judgments, final orders or awards
outstanding against or affecting the Borrower, any of its Subsidiaries or any Borrowing Base
Property.

     §6.8 No Materially Adverse Contracts, Etc. None of the Borrower or any of its
Subsidiaries is subject to any judgment, decree or order that has or is reasonably expected in the
future to have a materially adverse effect on the business, assets or financial condition of such
Person.

     §6.9 Compliance with Other Instruments, Laws, Etc. None of the Borrower-SPE, EPR or
any of its Subsidiaries is in violation of any provision of its charter or other organizational
documents, bylaws, or any agreement or instrument to which it is subject or by which it or any of
its properties is bound or any decree, order, judgment, statute, license, rule or regulation, in
any of the foregoing cases in a manner that could reasonably be expected to materially and
adversely affect the financial condition, properties or business of such Person.

     §6.10 Tax Status. Each Borrower-SPE, EPR and its Subsidiaries (a) has made or filed
all federal and state income and all other material tax returns, reports and declarations required
by any jurisdiction to which it is subject or has obtained an extension for filing, (b) has paid
prior

54

 

to delinquency all taxes and other governmental assessments and charges shown or determined
to be due on such returns, reports and declarations, except those being contested in good faith and
by appropriate proceedings and (c) has set aside on its books provisions reasonably adequate for
the payment of all taxes for periods subsequent to the periods to which such returns, reports or
declarations apply. There are no unpaid taxes in any material amount claimed to be due by the
taxing authority of any jurisdiction.

     §6.11 No Event of Default. No Default or Event of Default has occurred and is
continuing.

     §6.12 Holding Company and Investment Company Acts. None of the Borrower-SPE, EPR or
any of its Subsidiaries is a “holding company”, or a “subsidiary company” of a “holding company”,
or an “affiliate” of a “holding company”, as such terms are defined in the Public Utility Holding
Company Act of 1935; nor is any of them an “investment company”, or an “affiliated company” or a
“principal underwriter” of an “investment company”, as such terms are defined in the Investment
Company Act of 1940.

     §6.13 Absence of UCC Financing Statements, Etc. Except with respect to Permitted
Liens or as disclosed on the lien search reports delivered to and approved by the Agent, there is
no financing statement (but excluding any financing statements that may be filed against
Borrower-SPE, EPR or its Subsidiaries without the consent or agreement of such Persons),
security agreement, chattel mortgage, real estate mortgage, deed of trust or other document
filed or recorded with any applicable filing records, registry, or other public office, that
purports to cover, affect or give notice of any present or possible future lien on, or security
interest or security title in, any property of the Borrower.

     §6.14 Setoff, Etc. The Borrowing Base Property and the rights of the Agent and the
Lenders with respect to the Borrowing Base Property are not subject to any setoff, claims,
withholdings or other defenses (provided that the foregoing representation shall not be deemed a
representation as to any potential claims of tenants under Leases, which are covered by §6.22).

     §6.15 Certain Transactions. Except as disclosed on Schedule 6.15 hereto, or
in EPR’s reports under the Exchange Act, delivered to the Lenders from the Borrower none of the
partners, officers, trustees, managers, members, directors, or employees of the Borrower, or any of
its Subsidiaries is a party to any material agreement with the Borrower, or any of its Subsidiaries
(other than for services as partners, managers, members, employees, officers and directors),
including any such agreement providing for the furnishing of services to or by, providing for
rental of real or personal property to or from, or otherwise requiring payments to or from any
partner, officer, trustee, director or such employee or, to the knowledge of the Borrower, any
corporation, partnership, trust or other entity in which any partner, officer, trustee, director,
or any such employee has a substantial interest or is an officer, director, trustee or partner,
which are on terms materially less favorable to the Borrower or any of its Subsidiaries than those
that would be obtained in a comparable arms-length transaction.

     §6.16 Employee Benefit Plans. The Borrower and each ERISA Affiliate has fulfilled its
obligation, if any, under the minimum funding standards of ERISA and the Code with respect to each
Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan and is in

55

 

compliance in all
material respects with the presently applicable provisions of ERISA and the Code with respect to
each Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan. Neither the Borrower
nor any ERISA Affiliate has (a) sought a waiver of the minimum funding standard under §412 of the
Code in respect of any Employee Benefit Plan, Multiemployer Plan or Guaranteed Pension Plan,
(b) failed to make any contribution or payment to any Employee Benefit Plan, Multiemployer Plan or
Guaranteed Pension Plan, or made any amendment to any Employee Benefit Plan, Multiemployer Plan or
Guaranteed Pension Plan, which has resulted or could result in the imposition of a Lien or the
posting of a bond or other security under ERISA or the Code, or (c) incurred any liability under
Title IV of ERISA other than a liability to the PBGC for premiums under §4007 of ERISA. None of
the Borrowing Base Properties constitutes a “plan asset” of any Employee Plan, Multiemployer Plan
or Guaranteed Pension Plan.

     §6.17 Disclosure. All of the representations and warranties made by or on behalf of
the Borrower and its Subsidiaries in this Agreement and the other Loan Documents or any document or
instrument delivered to the Agent or the Lenders pursuant to or in connection with any of such Loan
Documents are true and correct in all material respects, and the Borrower has not failed to
disclose such information as is necessary to make such representations and warranties not
misleading. There is no material fact or circumstance that has not been disclosed to the Agent and
the Lenders or in EPR’s Exchange Act reports delivered by the Borrower to Lender herewith, and the
written information, reports and other papers and data with respect to the
Borrower, any Subsidiary or the Borrowing Base Properties (other than projections and
estimates) furnished to the Agent or the Lenders in connection with this Agreement or the obtaining
of the Commitments of the Lenders hereunder was, at the time so furnished, complete and correct in
all material respects, or has been subsequently supplemented by other written information, reports
or other papers or data, to the extent necessary to give in all material respects a true and
accurate knowledge of the subject matter in all material respects; provided that such
representation shall not apply to (a) the accuracy of any engineering and environmental reports
prepared by third parties or legal conclusions or analysis provided by the Borrower’s counsel
(although the Borrower has no reason to believe that the Agent and the Lenders may not rely on the
accuracy thereof) (b) budgets, projections and other forward-looking or speculative information
prepared in good faith by the Borrower (except to the extent the related assumptions were when made
manifestly unreasonable), or (c) any Third Party Information.

     §6.18 Trade Name; Place of Business. The Borrower does not use any trade name and
conducts business under any name other than its actual name set forth in the Loan Documents. The
principal place of business of each Borrower is as set forth in §19 herein, and Borrower will not
change its principal place of business without first notifying Agent.

     §6.19 Regulations T, U and X. No portion of any Loan is to be used for the purpose of
purchasing or carrying any “margin security” or “margin stock” as such terms are used in
Regulations T, U and X of the Board of Governors of the Federal Reserve System, 12 C.F.R. Parts
220, 221 and 224. Borrower is not engaged, nor will it engage, principally or as one of its
important activities, in the business of extending credit for the purpose of purchasing or carrying
any “margin security” or “margin stock” as such terms are used in Regulations T, U and X of the
Board of Governors of the Federal Reserve System, 12 C.F.R. Parts 220, 221 and 224, nor does

56

 

Borrower currently own any “margin stock” consisting of more than twenty-five (25%) percent of its
total net worth.

     §6.20 Environmental Compliance. The Borrower has taken all commercially reasonable
steps to investigate the past and present conditions and usage of the Borrowing Base Properties
and the operations conducted thereon and, except as specifically set forth on Schedule
6.20, attached hereto, or in the case of Real Estate acquired after the date hereof by
Borrower, in express written notice with respect thereto provided to the Agent, makes the following
representations and warranties:

          (a) None of the Borrower or any of its Subsidiaries, nor to the best knowledge and belief of
Borrower and any of its Subsidiaries, any operator of the Real Estate, nor any operations thereon,
is in violation, or alleged violation, of any judgment, decree, order, law, license, rule or
regulation pertaining to environmental matters, including without limitation, those arising under
the Resource Conservation and Recovery Act (“RCRA”), the Comprehensive Environmental
Response, Compensation and Liability Act of 1980 as amended (“CERCLA”), the Superfund
Amendments and Reauthorization Act of 1986 (“SARA”), the Federal Clean Water Act, the
Federal Clean Air Act, the Toxic Substances Control Act, or any state or local statute, regulation,
ordinance, order or decree relating to the environment (hereinafter “Environmental Laws”),
which violation (i) involves Real Estate (other than the Borrowing Base Properties) and would have
a Material Adverse Effect or (ii) involves Borrowing Base Property.

          (b) None of the Borrower or any of its Subsidiaries has received notice from any third party
including, without limitation, any federal, state or local governmental authority, (i) that it has
been identified by the United States Environmental Protection Agency (“EPA”) as a
potentially responsible party under CERCLA with respect to a site listed on the National Priorities
List, 40 C.F.R. Part 300 Appendix B (1986); (ii) that any hazardous waste, as defined by 42 U.S.C.
§9601(5), any hazardous substances as defined by 42 U.S.C. §9601(14), any pollutant or contaminant
as defined by 42 U.S.C. §9601(33) or any toxic substances, oil or hazardous materials or other
chemicals or substances regulated by any Environmental Laws (“Hazardous
Substances”) which it has generated, transported or disposed of have been found at any site
at which a federal, state or local agency or other third party has conducted or has ordered that
the Borrower or any of its Subsidiaries conduct a remedial investigation, removal or other response
action pursuant to any Environmental Law; or (iii) that it is or shall be a named party to any
claim, action, cause of action, complaint, or legal or administrative proceeding (in each case,
contingent or otherwise) arising out of any third party’s incurrence of costs, expenses, losses or
damages of any kind whatsoever in connection with the release of Hazardous Substances.

          (c) (i) No portion of the Real Estate has been used for the handling, processing, storage or
disposal of Hazardous Substances except in accordance with applicable Environmental Laws, and no
underground tank or other underground storage receptacle for Hazardous Substances is located on any
portion of the Real Estate except those which are being operated and maintained in compliance with
Environmental Laws; (ii) in the course of any activities conducted by the Borrower or any of its
Subsidiaries, or, to the best knowledge and belief of the Borrower and its Subsidiaries, the
operators of their properties, no Hazardous Substances have been generated or are being used on the
Real Estate except in the ordinary course of business and in accordance with applicable
Environmental Laws; (iii) there has been

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no past or present releasing, spilling, leaking, pumping,
pouring, emitting, emptying, discharging, injecting, escaping, disposing or dumping (other than the
storing of materials in reasonable quantities to the extent necessary for the operation of a
Megaplex Movie Theatre or Entertainment-Related Retail Improvement in the ordinary course of
business, and in any event in compliance with all Environmental Laws) (a “Release”) or
threatened Release of Hazardous Substances on, upon, into or from the Borrowing Base Properties,
which Release would have a material adverse effect on the value of such Borrowing Base Properties
or adjacent properties, or from any other Real Estate, which Release could have a Material Adverse
Effect; (iv) except as set forth on Schedule 6.20 hereto, there have been no Releases on,
upon, from or into any real property in the vicinity of any of the Real Estate which, through soil
or groundwater contamination, may have come to be located on, and which would have a material
adverse effect on the value of, the Real Estate; and (v) any Hazardous Substances that have been
generated on any of the Real Estate have been transported off-site in accordance with all
applicable Environmental Laws. The representation set forth in this §6.20(c) with respect to
activities of lessees and other third parties unrelated to Borrower and its Subsidiaries shall be
limited to the best knowledge and belief of the Borrower and its Subsidiaries.

          (d) To the best knowledge of each Borrower and its Subsidiaries, none of Borrower or any of
its Subsidiaries, nor the Real Estate is subject to any applicable Environmental Law requiring the
performance of Hazardous Substances site assessments, or the removal or remediation of Hazardous
Substances, or the giving of notice to any governmental agency or the recording or delivery to
other Persons of an environmental disclosure document or
statement in each case by virtue of the transactions set forth herein and contemplated hereby,
or to the effectiveness of any other transactions contemplated hereby except for such matters that
shall be complied with as of the Closing Date.

          (e) To the best knowledge of Borrower and its Subsidiaries, none of the Borrower or any of its
Subsidiaries has acquired any actual knowledge of any existing or closed sanitary landfills, solid
waste disposal sites, or hazardous waste treatment, storage or disposal facilities on or affecting
the Real Estate.

          (f) There has been no claim received by Borrower or any of its Subsidiaries, by any party that
any use, operation, or condition of the Real Estate has caused any nuisance or any other liability
or adverse condition on any other property which could reasonably be expected to have a Material
Adverse Effect, nor is there any knowledge of any basis for such a claim.

          (g) In the event that any event or circumstance described in §6.20 shall occur with respect to
any Real Estate of Borrower or any of its Subsidiaries after the date hereof that Borrower is
permitted to address pursuant to §8.6, or that is being remedied by Tenant, such event or
circumstance shall not constitute a misrepresentation of Borrower or any of its Subsidiaries at any
time the representations and warranties under this §6.20 are repeated or deemed repeated; provided
further that the foregoing shall not limit the requirement that such representations with respect
to Borrowing Base Properties be correct when such properties are accepted as Borrowing Base
Property.

     §6.21 Subsidiaries and Affiliates. Schedule 6.21 sets forth, as of the date
hereof, all of the Affiliates (including Subsidiaries) of EPR, the form and jurisdiction of
organization of each

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of the Affiliates, and the owners of the direct and indirect ownership
interests therein. No Person set forth on said Schedule 6.21 owns any legal, equitable or
beneficial interest in any of the Persons (other than EPR, which is publicly traded) set forth on
Schedules 6.21 except as set forth on such Schedule.

     §6.22 Leases. To the extent that any of the same have been requested by Agent or any
of the Lenders, the Borrower has delivered to the Agent (i) true copies of the Leases relating to
each Borrowing Base Property and (ii) an accurate and complete Rent Roll and Lease Summary as of
the date of inclusion of each Borrowing Base Property as a Borrowing Base Property with respect to
all Leases of any portion of the Borrowing Base Property . The Leases reflected on such Rent Roll
constitute as of the date thereof the sole agreements relating to leasing or licensing of space at
such Borrowing Base Property and in the Building relating thereto. No tenant is entitled to any
free rent, partial rent, rebate of rent payments, credit, offset or deduction in rent, including,
without limitation, lease support payments or lease buy-outs, except as reflected in such Rent Roll
or the applicable Lease. Except as set forth in Schedule 6.22, the Leases reflected
therein are, as of the date of inclusion of the applicable Borrowing Base Property as a Borrowing
Base Property, in full force and effect in accordance with their terms, without any payment default
or any other material default under any Megaplex Movie Theatre Lease, nor are there any defenses,
counterclaims, offsets, concessions or rebates available to any tenant thereunder, except as
provided in the applicable Leases or to the extent Borrower has knowledge thereof, the Borrower
has not given or made, any notice of any payment or other material default with respect to any
Megaplex Movie Theatre Lease, or any claim, which remains
uncured or unsatisfied, with respect to any of the Megaplex Movie Theatre Leases, and to the
best of the knowledge and belief of the Borrower, there is no basis for any such claim or notice of
default by any tenant. No property other than the Borrowing Base Property which is the subject of
the applicable Lease is necessary to comply with the requirements (including, without limitation,
parking requirements) contained in such Lease.

     §6.23 Property.

     (i) All of the Borrowing Base Properties are in good condition and working order subject to
ordinary wear and tear and casualty and condemnation permitted in the Loan Documents. All of the
other Real Estate of the Borrower and its Subsidiaries (including any property encumbered by an EPR
Senior First Mortgage) is in good condition and working order subject to ordinary wear and tear and
casualty and condemnation permitted in the Loan Documents, except for such portion of such Real
Estate which is not occupied by any tenant and where such failure would not have a Material Adverse
Effect. Such Real Estate (including any property encumbered by an EPR Senior First Mortgage), and
the use and operation thereof, is in material compliance with all applicable zoning, building codes
and other applicable governmental regulations. There are no unpaid or outstanding real estate or
other taxes or assessments on or against any of the Borrowing Base Properties which are payable by
the Borrower-SPE or any mortgagor under any EPR Senior First Mortgage (except only real estate or
other taxes or assessments, that are not yet delinquent or are being protested as permitted by this
Agreement or the applicable Leases). There are no unpaid or outstanding real estate or other taxes
or assessments on or against any other property of the Borrower or any of its Subsidiaries or on
any property encumbered by an EPR Senior First Mortgage which are payable by any of

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such Persons in
any material amount (except only real estate or other taxes or assessments, that are not yet
delinquent or are being protested as permitted by this Agreement). There are no pending eminent
domain proceedings against any property of the Borrower or any of its Subsidiaries or any of the
property encumbered by an EPR Senior First Mortgage or any part thereof, and, to the knowledge of
the Borrower, no such proceedings are presently threatened by any taking authority which may
individually or in the aggregate have any Material Adverse Effect. None of the property of the
Borrower or any of its Subsidiaries or any of the property encumbered by an EPR Senior First
Mortgage is now damaged as a result of any fire, explosion, accident, flood or other casualty in
any manner which individually or in the aggregate would have any Material Adverse Effect;

     (ii) If the Borrowing Base Property and improvements are located in a special flood hazard
area designated as such by the Director of the Federal Emergency Management Agency, such Borrowing
Base Property and improvements are and will continue to be covered by special flood insurance under
the National Flood Insurance Program;

     (iii) Neither Borrower-SPE, EPR nor any Subsidiary is the mortgagor under any mortgage, deed
of trust, or similar instrument encumbering the Borrowing Base Property;

     (iv) Except with respect to that encumbered by an EPR Senior First Mortgage, the Borrowing
Base Property has not been sold, mortgaged (or made the subject of a negative pledge, except as
provided to Agent herein) or underwritten to obtain financing (whether or not such financing constitutes Indebtedness) under any financing arrangement other than the
financing evidenced by the Facility;

     (v) All necessary certificates of occupancy have been obtained and shall be maintained with
respect to the Borrower Base Property;

     (vi) The Borrowing Base Property is a Real Estate asset for which the Borrower has conducted
its customary due diligence and review, including inspection of the Real Estate, and such customary
due diligence and review have not revealed facts that would adversely affect the value of the Real
Estate;

     (vii) Except with respect to that encumbered by an EPR Senior First Mortgage, Borrower-SPE
holds good and marketable fee simple title to or a valid and subsisting leasehold interest in each
parcel of Borrowing Base Property, and has obtained a Title Policy with respect thereto, subject
only to the Permitted Encumbrances, a copy of which such Title Policy, Borrower shall make
available to Agent or Lenders upon request therefor.

     (viii) Borrower has obtained a Survey with proper Surveyor Certification on each of the
Borrower Base Properties and shall make copies of the same available to Agent or Lenders upon
request therefore; and

     (ix) The Borrower has complied with all other applicable conditions set forth in this
Agreement with respect to inclusion and retention of the Borrowing Base Property as Borrowing Base
Property.

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     §6.24 Brokers. The Borrower has not engaged or otherwise dealt with any broker,
finder or similar entity in connection with this Agreement or the Loans contemplated hereunder.

     §6.25 Other Debt. None of EPR or any of its Subsidiaries is in default of the payment
of any Indebtedness in an amount equal to or greater than $1,000,000.00 in the aggregate, or the
material performance of any related agreement, mortgage, deed of trust, security agreement,
financing agreement, indenture or lease to which any of them is a party. The Borrower-SPE is not a
party to or bound by any agreement, instrument or indenture that may require the subordination in
right or time or payment of any of the Obligations to any other indebtedness or obligation of the
Borrower. Schedule 6.25 hereto sets forth all agreements, mortgages, deeds of trust,
financing agreements or other material agreements binding upon the Borrower and its Subsidiaries or
their respective properties and entered into by the Borrower as of the date of this Agreement with
respect to any Indebtedness of the Borrower or any of its Subsidiaries in an amount equal to or
greater than $1,000,000.00, in the aggregate, and the Borrower will upon request provide the Agent
with true, correct and complete copies thereof.

     §6.26 Solvency. As of the Closing Date and after giving effect to the transactions
contemplated by this Agreement and the other Loan Documents, including all Loans made or to be made
hereunder, the Borrower is not insolvent on a balance sheet basis such that the sum of such
Person’s assets exceeds the sum of such Person’s liabilities, the Borrower is able to pay its debts
as they become due, and the Borrower has sufficient capital to carry on its business.

     §6.27 No Bankruptcy Filing. The Borrower is not contemplating either the filing of
a petition by it under any state or federal bankruptcy or insolvency laws or the liquidation of its
assets or property.

     §6.28 No Fraudulent Intent. Neither the execution and delivery of this Agreement or
any of the other Loan Documents nor the performance of any actions required hereunder or thereunder
is being undertaken by the Borrower or its Subsidiaries with or as a result of any actual intent by
any of such Persons to hinder, delay or defraud any entity to which any of such Persons is now or
will hereafter become indebted.

     §6.29 Transaction in Best Interests of Borrower; Consideration. The transaction
evidenced by this Agreement and the other Loan Documents is in the best interests of the Borrower
and its Subsidiaries. The direct and indirect benefits to inure to the Borrower and its
Subsidiaries pursuant to this Agreement and the other Loan Documents constitute substantially more
than “reasonably equivalent value” (as such term is used in §548 of the Bankruptcy Code) and
“valuable consideration,” “fair value,” and “fair consideration,” (as such terms are used in any
applicable state fraudulent conveyance law), in exchange for the benefits to be provided by the
Borrower and its Subsidiaries pursuant to this Agreement and the other Loan Documents.

     §6.30 Capitalization. The equity interests of each Borrower-SPE are directly or
indirectly owned 100% by EPR.

     §6.31 EPR Senior First Mortgages. The Borrower has delivered to the Agent (i) true
copies of the EPR Senior First Mortgages relating to each applicable Borrowing Base Property and
(ii) an accurate and complete schedule of payments (the “EPR Senior Loan Payment

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Schedule”)
due under each EPR Senior Property Loan relating to each applicable Borrowing Base Property as of
the date of inclusion of each Borrowing Base Property as a Borrowing Base Property. Except as set
forth in Schedule 6.31, the EPR Senior First Mortgages reflected therein are, as of the
date of inclusion of the applicable Borrowing Base Property as a Borrowing Base Property, (i) in
full force and effect in accordance with their terms, (ii) without any payment default or any other
material default under any EPR Senior Property Loan, and (iii) without any defenses, counterclaims
or offsets available to any mortgagor thereunder. Additionally, as of the date of inclusion of the
applicable Borrowing Base Property as a Borrowing Base Property, the Borrower has not given or
made, any notice of any payment or other material default with respect to any EPR Senior Property
Loan, or any claim, which remains uncured or unsatisfied, with respect to any of the EPR Senior
Property Loans, and to the best of the knowledge and belief of the Borrower, there is no basis for
any such claim or notice of default by any EPR Mortgagor. .

     §6.32 Intentionally Deleted.

     §6.33 Certificates of Occupancy; Licenses. All certificates of completion and
occupancy permits and, to the best knowledge of Borrower, all other certifications, permits,
licenses and approvals, including any applicable liquor license required for the legal use,
occupancy and operation of each of the Borrowing Base Properties for its approved use and all
appurtenant and related uses (collectively, the “Licenses”), have been obtained and are in
full force and effect.

     §6.34 Insurance. The Borrowing Base Properties and improvements thereon are insured
by fire and other insurance policies providing coverage and otherwise in accordance with industry
standards. Such insurance (i) names and will continue to name the Borrower-SPE and its successors
and assigns as an insured thereunder and (ii) are and will continue to be in full force and effect.
Borrower shall, in connection with the closing hereunder and prior to the expiration of any
insurance required hereunder, deliver to the Agent and Lenders certificates of any insurance
required hereunder evidencing the existence of such insurance, which such certificates shall be in
form and substance reasonably satisfactory to Agent and Lenders, it being agreed that such
insurance and certificates may be maintained by a Tenant or an EPR Mortgagor at each of the
Borrowing Base Properties. Insurance certificates which comply with the terms of the applicable
Leases or EPR Senior Property Loan Documents, as the case may be, approved by Agent shall be deemed
acceptable to Agent and Lenders.

§7. AFFIRMATIVE COVENANTS.

     The Borrower covenants and agrees to the following, so long as any Obligation, Loan, Note or
any Letter of Credit is outstanding or any of the Lenders have any obligation to make any Loans or
issue Letters of Credit:

     §7.1 Punctual Payment. The Borrower will duly and punctually pay or cause to be paid
the principal and interest on the Loans and all interest and fees provided for in this Agreement,
all in accordance with the terms of this Agreement and the Notes, as well as all other sums owing
pursuant to the Loan Documents.

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     §7.2 Maintenance of Office. The Borrower will maintain its respective chief executive
office at 30 Pershing Road, Suite 201, Kansas City, MO,64108, or at such other place in the United
States of America as the Borrower shall designate prior to any such change in location by written
notice to the Agent and the Lenders, where notices, presentations and demands to or upon the
Borrower in respect of the Loan Documents may be given or made.

     §7.3 Records and Accounts. The Borrower will (a) keep, and cause each of its
Subsidiaries to keep, proper records and books of account in which true and correct entries will be
made in accordance with GAAP and (b) maintain adequate accounts and reserves for all taxes
(including income taxes), depreciation and amortization of its properties and the properties of its
Subsidiaries, contingencies and other reserves. Neither the Borrower, nor any of its Subsidiaries
shall, without the prior written consent of the Required Lenders, (x) make any material change to
the accounting procedures used by such Person in preparing the financial statements and other
information described in §6.4 or §7.4, except as required by SEC Rules or interpretations thereof
or accounting industry pronouncements or (y) change its fiscal year.

     §7.4 Financial Statements, Certificates and Information. Borrower will deliver or
cause to be delivered to the Agent with sufficient copies for each of the Lenders which will be
delivered by Agent to Lenders:

          (a) as soon as practicable, but in any event not later than ninety (90) days after the end of
each fiscal year of Borrower, commencing with the fiscal year ending December 31, 2009, the audited
Consolidated balance sheet of EPR and its Consolidated Subsidiaries at the end
of such year, and the related audited Consolidated statements of income, changes in capital
and cash flows for such year, each setting forth in comparative form the figures for the previous
fiscal year and all such statements to be in reasonable detail, prepared in accordance with GAAP,
and accompanied by an auditor’s report prepared without qualification as to the scope of the audit
by a “Big Four” accounting firm or another nationally recognized firm acceptable to the Agent (the
foregoing with respect to EPR and its Consolidated Subsidiaries may be satisfied by delivery of the
Form 10-K of EPR filed with the SEC, provided, however, that in no event shall any reference to any
prior 10-Ks or Proxy Statements which may be incorporated by reference within the filings then
being delivered to Agent be deemed delivered to Agent nor shall any such information contained in
any such prior filings be deemed delivered to Agent), and any other information the Agent may
reasonably request to complete a financial analysis of the Borrower, and EPR’s Subsidiaries;

          (b) as soon as practicable, but in any event not later than forty-five (45) days after the end
of each fiscal quarter (including the fourth quarter) of Borrower, copies of the unaudited
Consolidated balance sheet of the Borrower and its Subsidiaries as at the end of such quarter, and
the related unaudited Consolidated statements of income and cash flows for the portion of
Borrower’s fiscal year then elapsed, all in reasonable detail and prepared in accordance with GAAP
(the foregoing with respect to EPR and its Subsidiaries for the first three quarters of any fiscal
year may be satisfied by delivery of the Form 10-Q of EPR filed with the SEC provided, however,
that in no event shall any reference to any prior 10-Qs or Proxy Statements which may be
incorporated by reference within the filings then being delivered to Lender be deemed

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delivered to
Lender nor shall any such information contained in any such prior filings be deemed delivered to
Lender), together with a certification by the chief financial officer or accounting officer of
Borrower that the information contained in such financial statements fairly presents the financial
position of the Borrower and its Subsidiaries on the date thereof (subject to year-end
adjustments);

          (c) simultaneously with the delivery of the financial statements referred to in subsections
(a) and (b) above, a statement (a “Compliance Certificate”) certified by the chief
financial officer or other financial officer of Borrower in the form of Exhibit K hereto
(or in such other form as the Agent may approve from time to time) setting forth in reasonable
detail computations evidencing compliance or non-compliance (as the case may be) with the covenants
contained in §9 and the other covenants described in such certificate and (if applicable) setting
forth reconciliations to reflect changes in GAAP since the Balance Sheet Date. Borrower shall
submit with the Compliance Certificate a Borrowing Base Certificate in the form of Exhibit
J attached hereto pursuant to which the Borrower shall calculate the amount of the Borrowing
Base as of the end of the immediately preceding fiscal quarter of the Borrower. All income,
expense and value associated with Real Estate or other Investments disposed of during any quarter
will be eliminated from calculations, where applicable. The Compliance Certificate shall be
accompanied by copies of the statements of the Borrowing Base Property Net Operating Income for
such fiscal quarter and on a trailing four-quarter basis for each of the Borrowing Base
Properties, prepared on a basis consistent with the statements furnished to the Lenders prior to
the date hereof and otherwise in form and substance reasonably satisfactory to the Agent, together
with a certification by the chief financial officer or other financial officer of Borrower that the
information contained in such statement fairly presents the Borrowing Base Property Net Operating
Income of the Borrowing Base Properties for such periods;

          (d) contemporaneously with the delivery of the financial statements referred to in clause (a)
above, the statement of all contingent liabilities involving amounts of $1,000,000.00 or more of
the Borrower and its Subsidiaries which are not reflected in such financial statements or referred
to in the notes thereto (including, without limitation, all guaranties, endorsements and other
contingent obligations in respect of the indebtedness of others, and obligations to reimburse the
issuer in respect of any letters of credit);

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

          (f) contemporaneously with the filing or mailing thereof, copies of all material of a
financial nature, reports or proxy statements sent to the shareholders of EPR;

          (g) Intentionally deleted;

          (h) promptly upon the filing hereof, copies of all registration statements (other than the
exhibits thereto and any registration statements on Form S-8 or its equivalent);

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          (i) Intentionally Deleted;

          (j) evidence reasonably satisfactory to Agent of the timely payment of all real estate taxes
for the Borrowing Base Properties;

          (k) not later than November 15 of each year, the Consolidated cash flow projections of the
Borrower and its Subsidiaries for the next three years;

          (l) from time to time such other financial data and information in the possession of the
Borrower or its Subsidiaries (including without limitation auditors’ management letters, status of
litigation or investigations against the Borrower and any settlement discussions relating thereto,
property inspection and environmental reports and information as to zoning and other legal and
regulatory changes affecting the Borrower) as the Agent may reasonably request. Information
concerning such litigation or settlement discussions shall not include attorney-client privileged
communications, but shall otherwise include information which may be confidential or subject to a
work-product privilege so that the Agent and the Lenders receive the same level of disclosure from
the Borrower with respect to such matters as has been made prior to the Closing Date.

          (m) promptly upon their becoming available, copies of all registration statements and regular
periodic reports, if any, that Borrower shall have filed with the Commission (or any Governmental
Authority substituted therefor) or any national securities exchange, including each Form 8-K, Form
10-K and Form 10-Q filed with the Commission.

          (n) as soon as is reasonably practicable, but in any event not later than forty-five (45) days
after the end of each fiscal quarter (including the fourth quarter), statements of Exhibitor’s
EBITDAR for the prior quarter and for the trailing four quarters.

     §7.5 Notices.

          (a) Defaults. The Borrower will immediately upon obtaining actual knowledge of same
notify the Agent in writing of the occurrence of any Default or Event of Default, which notice
shall describe such occurrence with reasonable specificity and shall state that such notice is a
“notice of default or event of default”. If any Person shall give any notice or take any other
action in respect of a claimed default (whether or not constituting an Event of Default) under this
Agreement or under any note, evidence of indebtedness, indenture or other obligation to which or
with respect to which the Borrower or any of its Subsidiaries is a party or obligor, whether as
principal or surety, and such default would permit the holder of such note or obligation or other
evidence of indebtedness to accelerate the maturity thereof, which acceleration would either cause
a Default or have a Material Adverse Effect, the Borrower shall promptly give written notice
thereof to the Agent and each of the Lenders, describing the notice or action and the nature of the
claimed default.

          (b) Environmental Events. The Borrower will give notice to the Agent within five (5)
Business Days of obtaining actual knowledge of (i) any potential or known Release, or threat of
Release, of any Hazardous Substances in an amount that may be required to be contained, removed or
otherwise remediated at or from any Real Estate; (ii) any violation of any

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Environmental Law that
the Borrower or any of its Subsidiaries reports in writing or is reportable by such Person in
writing (or for which any written report supplemental to any oral report is made) to any federal,
state or local environmental agency or (iii) any inquiry, proceeding, investigation, or other
action, including a notice from any agency of potential environmental liability, of any federal,
state or local environmental agency or board, that in either case involves (A) any Borrowing Base
Property, or (B) any other Real Estate and could reasonably be expected to have a Material Adverse
Effect.

          (c) Notification of Claims Against Borrowing Base Property. The Borrower will give
notice to the Agent in writing within five (5) Business Days of obtaining actual knowledge of any
material setoff, claims (including, with respect to the Borrowing Base Property, environmental
claims), withholdings or other defenses to which any of the Borrowing Base Property, or the rights
of the Agent or the Lenders with respect to the Borrowing Base Property, are subject.

          (d) Notice of Litigation and Judgments. The Borrower will give notice to the Agent in
writing within five (5) Business Days of obtaining actual knowledge of any litigation or
proceedings threatened in writing or any pending litigation and proceedings affecting the Borrower
or any of its Subsidiaries or to which the Borrower or any of its Subsidiaries is or is to become a
party involving an uninsured claim against any of the Borrower or any of its Subsidiaries that
could reasonably be expected to have a Material Adverse Effect and stating the nature and status of
such litigation or proceedings. The Borrower will give notice to the Agent, in writing, in form
and detail reasonably satisfactory to the Agent and each of the Lenders, within ten days of any
judgment not covered by insurance, whether final or otherwise, against
any of the Borrower or any of its Subsidiaries in an amount in excess of $1,000,000 in the
aggregate, except that notice is not required hereunder for EPR unless such amount exceeds
$5,000,000 in the aggregate.

          (e) Notice of Proposed Sales, Encumbrances, Refinance or Transfer of Non-Borrowing Base
Property. The Borrower will give notice to the Agent of any completed sale, encumbrance,
refinance or transfer of any Real Estate in amounts exceeding $50,000,000.00 (other than the
Borrowing Base Properties) within any fiscal quarter of Borrower, such notice to be submitted
together with the Compliance Certificate provided or required to be provided to the Agent and the
Lenders under §7.4 with respect to such fiscal quarter. The Compliance Certificate shall with
respect to any completed sale, encumbrance, refinance or transfer be adjusted in the best good
faith estimate of Borrower to give effect to such sale, encumbrance, refinance or transfer and
demonstrate that no Default or Event of Default with respect to the covenants referred to therein
shall exist after giving effect to such sale, encumbrance, refinance or transfer. Notwithstanding
the foregoing, in the event of any sale, encumbrance, refinance or transfer of any Real Estate or
other Investment of the type described in §8.3(i) involving Real Estate or such other Investment by
EPR in an amount in excess of $25,000,000 per quarter, the Borrower shall promptly give notice to
the Agent of such transaction, which notice shall be accompanied by a Compliance Certificate
prepared using the financial statements of Borrower most recently provided or required to be
provided to the Agent and the Lenders under §6.4 or §7.4, adjusted as provided in this paragraph.

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          (f) ERISA. The Borrower will give notice to the Agent within five (5) Business Days
after the Borrower or any ERISA Affiliate (i) gives or is required to give notice to the PBGC of
any “reportable event” (as defined in §4043 of ERISA) with respect to any Guaranteed Pension Plan,
Multiemployer Plan or Employee Benefit Plan, or knows that the plan administrator of any such plan
has given or is required to give notice of any such reportable event; (ii) gives a copy of any
notice of complete or partial withdrawal liability under Title IV of ERISA; or (iii) receives any
notice from the PBGC under Title IV or ERISA of an intent to terminate or appoint a trustee to
administer any such plan.

          (g) Notification of Lenders. Within five (5) Business Days after receiving any notice
under this §7.5, the Agent will forward a copy thereof to each of the Lenders, together with copies
of any certificates or other written information that accompanied such notice.

          (h) Notice of REIT Status. EPR shall give each Lender notice in the event it does not
maintain its status as a REIT or takes any action which could lead to its disqualification as a
REIT.

     §7.6 Existence; Maintenance of Properties.

          (a) Borrower-SPE will preserve and keep in full force and effect its status as a Special
Purpose Entity, as set forth in §6.1(a) herein. EPR will preserve and keep in full force and
effect its existence as a Maryland real estate investment trust. EPR will cause each of its
Subsidiaries to preserve and keep in full force and effect their legal existence in the
jurisdiction of its incorporation or formation. EPR will preserve and keep in full force all of
its rights and franchises and those of its Subsidiaries, the preservation of which is necessary to
the conduct of
their business. Borrower-SPE shall at all times comply with all requirements and applicable
laws, guidelines and regulations necessary to maintain its Special Purpose Entity status. EPR
shall at all times comply with all requirements and applicable laws and regulations necessary to
maintain REIT status. The common shares of EPR shall at all times be listed for trading and be
traded on the New York Stock Exchange (NYSE), unless otherwise consented to by the Required
Lenders.

          (b) The Borrower (i) will cause all of its properties and those of EPR’s Subsidiaries used or
useful in the conduct of its business or the business of its Subsidiaries to be maintained and kept
in good condition, repair and working order (ordinary wear and tear excepted) and supplied with all
necessary equipment, and (ii) will cause to be made all necessary repairs, renewals, replacements,
betterments and improvements thereof in all cases in which the failure so to do would have a
material adverse effect on the condition of any Borrowing Base Property or would cause a Material
Adverse Effect. Without limitation of the obligations of the Borrower under this Agreement with
respect to the maintenance of the Borrowing Base Properties, the Borrower shall promptly and
diligently comply with the recommendations of the Environmental Engineer concerning the
maintenance, operation or upkeep of the Borrowing Base Properties contained in the building
inspection and environmental reports delivered to the Agent or otherwise obtained by Borrower. This
§7.6(b) shall be subject, however, to any provisions in the applicable Leases or EPR Senior
Property Loan Documents which restrict Borrower or any applicable Subsidiaries from making any such
repairs or replacements or the like or which impose such duties instead on the tenant or mortgagor,
as applicable..

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     §7.7 Insurance.

          (a) The Borrower will procure and maintain or cause to be procured and maintained (i)
insurance covering the Borrower-SPE, EPR and its Subsidiaries, the Borrowing Base Properties and
its properties (the cost of such insurance to be borne by the insured thereunder) with financially
sound and reputable insurers (or self-insurance provided by Borrower or creditworthy tenants) in
such amounts and against such risks and casualties as are customary for properties of similar
character and location, due regard being given to the type of improvements thereon, their
construction, location, use and occupancy, and (ii) such insurance as is required in the applicable
Leases for the Borrowing Base Properties.

          (b) The Borrower shall, prior to the expiration of any insurance required hereunder, renew or
cause to be renewed such insurance and upon request by Agent or any of the Lenders, deliver to
Agent evidence of insurance evidencing the existence of all such insurance, it being understood by
the Agent and the Lenders that such insurance certificates may be maintained by the Tenant or EPR
Mortgagor under its applicable lease or EPR Senior First Mortgage, as the case may be, for the
Borrowing Base Property.

          (c) All insurance provided for in §7.7(a) above shall be obtained under valid and enforceable
policies (collectively, the “Policies” or in singular, the “Policy”). As to initial
Borrowing Base Properties, the Policies are issued pursuant to the terms of the existing Leases or
EPR Senior Property Loan Documents, as applicable. With respect to any subsequent Borrowing Base
Properties, the Policies shall be issued by financially sound and responsible
insurance companies authorized to do business in the applicable state and having a financial
strength rating of not less than the better of A- and “A2” or better by the Rating Agencies.

          (d) Upon request by the Agent or any Lender, the Borrower will provide to the Agent for the
benefit of the Lenders copies of Title Policies for all of the Borrowing Base Properties.

     §7.8 Taxes; Liens. The Borrower will, and will cause its Subsidiaries to (which shall
include permitting the applicable Tenant to pay directly), duly pay and discharge, or cause to be
paid and discharged, before the same shall become delinquent, all taxes, assessments and other
governmental charges imposed upon them or upon the Borrowing Base Properties or the other Real
Estate, sales and activities, or any part thereof, or upon the income or profits therefrom as well
as all claims for labor, materials or supplies that if unpaid might by law become a lien or charge
upon any of its property or other Liens affecting any of the Borrowing Base Property or other
property of Borrower, or its Subsidiaries, provided that any such tax, assessment, charge
or levy or claim need not be paid if the validity or amount thereof shall currently be contested in
good faith by Borrower or the applicable Tenant in accordance with the applicable Lease by
appropriate proceedings which shall suspend the collection thereof with respect to such property,
neither such property nor any portion thereof or interest therein would be in any danger of sale,
forfeiture or loss by reason of such proceeding and the Borrower shall have set aside on its books
adequate reserves in accordance with GAAP; and provided, further, that forthwith
upon the commencement of proceedings to foreclose any lien that may have attached as security
therefor, the Borrower either (i) will provide a bond issued by a surety reasonably acceptable to
the Agent and sufficient to stay all such proceedings or (ii) if no such bond is provided, will pay
each such

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tax, assessment, charge or levy. Notwithstanding anything in this §7.8 to the contrary,
insofar as this §7.8 permits the Borrower to shift any duty of the Borrower under this §7.8 to a
Tenant, the Borrower may likewise shift such duty to an EPR Mortgagor to the extent the Borrower
has the right under the applicable EPR Senior Property Loan Documents to do so; and, likewise,
references in this §7.8 permitting a Tenant to contest taxes or the like shall apply with the same
force and effect to an EPR Mortgagor.

     §7.9 Inspection, Books and Records. The Borrower will keep proper books of record and
account in which full, true and correct entries shall be made of all dealings and transactions in
relation to its business and activities; and will permit representatives of the Agent at the
expense of the Agent or the Lender requiring the Agent to conduct such visit and inspection, to
visit and inspect any of its properties, to examine and make abstracts from any of its books and
records and to discuss its affairs, finances and accounts with its officers and independent public
accountants, all at such reasonable times, upon reasonable prior notice and as often as may
reasonably be desired, but conducted in such a manner as to not unreasonably interfere with the
conduct of Borrower’s business or the business of any tenant or any EPR Mortgagor, and subject in
all events to the terms of the applicable Lease or EPR Senior Loan Property Loan Documents, as the
case may be.

     §7.10 Compliance with Laws, Contracts, Licenses, and Permits. The Borrower will, and
will cause each of its Subsidiaries to, comply in all respects with (i) all applicable laws and
regulations now or hereafter in effect wherever its business is conducted, including all
Environmental Laws, (ii) the provisions of its corporate charter, partnership agreement, limited
liability company agreement or declaration of trust, as the case may be, and other charter
documents and bylaws, (iii) all agreements and instruments to which it is a party or by which it or
any of its properties may be bound, (iv) all applicable decrees, orders, and judgments, and (v) all
licenses and permits required by applicable laws and regulations for the conduct of its business or
the ownership, use or operation of its properties, except where a failure to so comply with any of
clauses (i) through (v) would not have a Material Adverse Effect. If any authorization, consent,
approval, permit or license from any officer, agency or instrumentality of any government shall
become necessary or required in order that the Borrower may fulfill any of its obligations
hereunder, the Borrower will immediately take or cause to be taken all steps necessary to obtain
such authorization, consent, approval, permit or license and furnish the Agent and the Lenders with
evidence thereof.

     §7.11 Further Assurances. The Borrower will and will cause each of its Subsidiaries
to, cooperate with the Agent and the Lenders and execute such further instruments and documents as
the Lenders or the Agent shall reasonably request to carry out to their satisfaction the
transactions contemplated by this Agreement and the other Loan Documents.

     §7.12 Management. The Borrower-SPE shall not enter into nor shall it allow an EPR
Mortgagor to enter into any new management agreement with a third-party manager after the date
hereof for any Borrowing Base Property without the prior written consent of the Agent (which shall
not be unreasonably withheld or delayed). Borrower has provided to Agent full and complete copies
of the currently existing management contracts for the initial Borrowing Base Properties (the
“Initial Management Contracts”), which such Initial Management Contracts are in

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full force
and effect as of the date of this Agreement. The parties acknowledge that Agent has approved said
Initial Management Contracts.

     §7.13 Compliance with Environmental Laws. At its sole cost and expense, the Borrower
shall at all times cause the Borrowing Base Properties and the use and operation thereof to be in
compliance with all applicable laws, rules and regulations, including without limitation, all
Environmental Laws then in effect.

     In the ordinary course of its business, the Borrower conducts periodic reviews of the effect
of Environmental Laws on the business, operations and properties of the Borrower and its
Subsidiaries, including without limitation, all Real Property assets in the course of which it
identifies and evaluates associated liabilities and costs (including, without limitation, any
capital or operating expenditures required for clean-up or closure of properties presently owned,
any capital or operating expenditures required to achieve or maintain compliance with environmental
protection standards imposed by law or as a condition of any license, permit or contract, any
related constraints on operating activities, and any actual or potential liabilities to third
parties, including employees, and any related costs and expenses). On the basis of this review,
the Borrower has reasonably concluded that such associated liabilities and costs, including the
costs of compliance with Environmental Laws, are unlikely to have a Material Adverse Effect on the
Borrower and its Subsidiaries.

     §7.14 Business Operations. The Borrower shall operate its respective businesses in
substantially the same manner and in substantially the same fields and lines of business as such
business is now conducted and in compliance with the terms and conditions of this Agreement
and the Loan Documents.

     §7.15 Registered Servicemark. Without the prior written consent of the Agent, none of
the Borrowing Base Properties shall be owned or operated by the Borrower under any registered or
protected trademark, tradename, servicemark or logo. Notwithstanding the foregoing, this provision
shall not prevent any applicable Tenant or applicable EPR Mortgagor from operating the Borrowing
Base Property under its trademarks and tradenames or service marks.

     §7.16 Intentionally Deleted.

     §7.17 Distributions of Income to EPR. EPR shall cause its Subsidiaries to promptly
distribute to EPR (but not less frequently than once each fiscal quarter of EPR, unless otherwise
approved by the Agent), whether in the form of dividends, distributions or otherwise, all profits,
proceeds or other income relating to or arising from its Subsidiaries’ use, operation, financing,
refinancing, sale or other disposition of their respective assets and properties after (a) the
payment by each Subsidiary of its debt service and operating expenses for such quarter and (b) the
establishment of reasonable reserves for the payment of operating expenses not paid on at least a
quarterly basis and capital improvements to be made to such Subsidiary’s assets and properties
approved by such Subsidiary in the ordinary course of business consistent with its past practices,
or reserves required under applicable loan covenants; provided however, that in the event that (i)
an Event of
Default shall have occurred and be continuing, and the maturity of the Obligations has
been accelerated, or (ii) there shall have occurred and be continuing, an Event of

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Default under
any of §§ 12.1(a), 12.1(b), 12.1(h), 12.1(i), or 12.1(j), then the Borrower-SPE shall not make any
Distributions, either directly or indirectly to EPR, whatsoever.

     §7.18 Borrowing Base Property. Borrower shall: (i) defend the right, title and
interest of the Borrower-SPE in and to the Borrowing Base Property against the claims and demands
of all Persons; (ii) shall cause the Borrowing Base Property to be managed in accordance with the
policies and procedures customary for assets of a type such as said Borrowing Base Properties;
(iii) shall review its policies and procedures periodically to confirm that the policies and
procedures are being complied with in all material respects and are adequate to meet the Borrower’s
business objectives with respect to the Borrowing Base Properties; and (iv) shall not transfer or
assign, or grant any Lien or option with respect to, or grant any pledge or negative pledge of the
Borrowing Base Property or any interest in the Borrowing Base Property (except with respect to the
negative pledges of the Borrowing Base Property provided for the benefit of the Lenders hereunder),
and except as may otherwise be permitted under this Agreement.

     §7.19 Intentionally Deleted.

     §7.20 Plan Assets. The Borrower will do, or cause to be done, all things necessary to
ensure that none of the Borrowing Base Properties will be deemed to be Plan Assets at any time.

     §7.21 Certificates of Occupancy; Licenses. Borrower shall keep and maintain or cause
the applicable tenants or mortgagors to keep and maintain, all licenses necessary for the operation
of the Borrowing Base Properties for their approved uses and all appurtenant and
related uses. The use being made of each of the Borrowing Base Properties is in conformity
with the certificate of occupancy issued for each such Borrowing Base Property.

     §7.22 EPR Senior First Mortgages. Borrower covenants, represents and warrants to
Agent and each of the Lenders with respect to any EPR Senior First Mortgage on any of the Borrowing
Base Properties (a “Qualified EPR Senior Mortgage” or collectively, “Qualified EPR
Senior Mortgages”), if any, and any related EPR Senior Property Loan Documents (collectively,
with the Qualified EPR Senior Mortgage(s), the “Qualified Senior Property Loan Documents”),
as follows:

          (a) Except as previously disclosed to Agent, to the best knowledge of the Borrower, no default
has occurred and is continuing under the terms of any Qualified Senior Property Loan Documents, and
no event has occurred that, with the passage of time or service of notice, or both, would
constitute an event of default under any Qualified Senior Property Loan Documents.

          (b) Each of the Qualified Senior Property Loan Documents is in full force and effect.

          (c) All principal, interest and all other charges due and payable under each of the Qualified
Senior Property Loan Documents, have been fully paid.

          (d) Borrower shall, at its sole cost and expense, promptly and timely perform and observe, or
cause the applicable mortgagor under a Qualified EPR Senior Mortgage to

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promptly and timely perform
and observe, all the material terms, covenants and conditions required to be performed and observed
by Borrower as mortgagor under each Qualified EPR Senior Mortgage and related Qualified Senior
Property Loan Documents (including the payment of all principal, interest and other charges
required to be paid under such Qualified Senior Property Loan Documents).

          (e) Borrower shall notify Agent promptly in writing after any Obligor receives notice of the
occurrence of any material default by the mortgagor under any Qualified Senior Property Loan
Documents or the occurrence of any event that, with the passage of time or service of notice, or
both, would constitute a material default by the mortgagor under any Qualified Senior Property Loan
Documents, and the receipt by Borrower of any notice (written or otherwise) from the mortgagor
under any Qualified EPR Senior Mortgage noting or claiming the occurrence of any default by any
obligor under any Qualified Senior Property Loan Documents or the occurrence of any event that,
with the passage of time or service of notice, or both, would constitute a default by any obligor
under any Qualified Senior Property Loan Documents. Borrower shall promptly deliver to Agent a
copy of any such written notice of default.

          (f) Borrower shall promptly, after obtaining knowledge of such filing notify Agent orally of
any filing, by or against any mortgagor under a Qualified EPR Senior Mortgage of a petition under
the Bankruptcy Code. Borrower shall thereafter promptly give written notice of such filing to
Agent, setting forth any information available to Borrower as of the date of such filing, the court
in which such petition was filed, and the relief sought in such filing. Borrower
shall promptly deliver to Agent any and all notices, summonses, pleadings, applications and other
documents received by Borrower in connection with any such petition and any proceedings relating to
such petition.

          (g) Upon the request of Agent or any Lender, Borrower shall deposit with Agent a copy of each
fully executed Qualified EPR Senior Mortgage along with the corresponding Qualified Senior Property
Loan Documents certified by Borrower as true and correct.”

     §7.23 Ground Leases. Borrower covenants, represents and warrants to Agent and each of
the Lenders with respect to any ground lease of any of the Borrowing Base Properties (a
“Qualified Ground Lease” or collectively, “Qualified Ground Leases”), if any, as
follows:

     (a) Except as previously disclosed to Agent, to the best knowledge of the Borrower, no
default has occurred and is continuing under the terms of any Qualified Ground Lease, and no
event has occurred that, with the passage of time or service of notice, or both, would
constitute an event of default under any Qualified Ground Lease.

     (b) Each Qualified Ground Lease is in full force and effect.

     (c) All rents, additional rents, percentage rents and all other charges due and payable
under each Qualified Ground Lease have been fully paid.

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     (d) Subject to the Permitted Encumbrances, Borrower is the owner of the entire lessee’s
interest in and under each Qualified Ground Lease and has the right and authority under each
Qualified Ground Lease to execute this Agreement and other related Loan Documents.

     (e) Borrower shall, at its sole cost and expense, promptly and timely perform and
observe, or cause the applicable Tenant under a Qualified Ground Lease to promptly and
timely perform and observe, all the material terms, covenants and conditions required to be
performed and observed by Borrower as lessee under each Qualified Ground Lease (including
the payment of all rent, additional rent, percentage rent and other charges required to be
paid under such Qualified Ground Lease).

     (f) Borrower shall notify Agent promptly in writing after any Obligor receives notice
of the occurrence of any material default by the lessor under any Qualified Ground Lease or
the occurrence of any event that, with the passage of time or service of notice, or both,
would constitute a material default by the lessor under any Qualified Ground Lease, and the
receipt by Borrower of any notice (written or otherwise) from the lessor under any Qualified
Ground Lease noting or claiming the occurrence of any default by any Obligor under any
Qualified Ground Lease or the occurrence of any event that, with the passage of time or
service of notice, or both, would constitute a default by any Obligor under any Qualified
Ground Lease. Borrower shall promptly deliver to Agent a copy of any such written notice of
default.

     (g) Borrower shall promptly, after obtaining knowledge of such filing notify Agent
orally of any filing, by or against any lessor under a Qualified Ground Lease of a
petition under the Bankruptcy Code. Borrower shall thereafter promptly give written
notice of such filing to Agent, setting forth any information available to Borrower as of
the date of such filing, the court in which such petition was filed, and the relief sought
in such filing. Borrower shall promptly deliver to Agent any and all notices, summonses,
pleadings, applications and other documents received by Borrower in connection with any such
petition and any proceedings relating to such petition.

     (h) Upon the request of Agent or any Lender, Borrower shall deposit with Agent a copy
of each fully executed Qualified Ground Lease certified by Borrower as true and correct.

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§8. NEGATIVE COVENANTS.

     The Borrower covenants and agrees that, so long as any Obligations, Loan, Note or Letter of
Credit is outstanding or any of the Lenders has any obligation to make any Loans or issue any
Letters of Credit:

     §8.1 Restrictions on Indebtedness of Borrower.

     A. The Borrower-SPE. The Borrower-SPE will not create, incur, assume, guarantee or
be or remain liable, contingently or otherwise, with respect to any Indebtedness (whether secured
or unsecured, recourse or non-recourse) other than:

          (a) Indebtedness to the Lenders and the Agent arising under any of the Loan Documents;

          (b) current liabilities of the Borrower-SPE incurred in the ordinary course of business but
not incurred through (i) the borrowing of money, or (ii) the obtaining of credit except for credit
on an open account basis customarily extended and in fact extended in connection with normal
purchases of goods and services;

          (c) Indebtedness in respect of taxes, assessments, governmental charges or levies and claims
for labor, materials and supplies to the extent that payment therefor shall not at the time be
required to be made in accordance with the provisions of §7.8;

          (d) Indebtedness in respect of judgments only to the extent, for the period and for an amount
not resulting in a Default; and

          (e) endorsements for collection, deposit or negotiation and warranties of products or
services, in each case incurred in the ordinary course of business.

     B. EPR. EPR shall not, without the prior written consent of the Required Lenders,
create, incur, assume, guarantee or be or remain liable, contingently or otherwise with respect to
any Indebtedness on a recourse basis, except: (a) the limited secured recourse Indebtedness
permitted pursuant to §9.10 herein; (b) unsecured debt (i.e., Indebtedness that is not secured by a
Lien) permitted pursuant to §9.1 hereof; (c) Indebtedness under this Agreement (including under any
of the other Loan Documents) and Indebtedness under the Term Loan Agreement (including under any of
the other Loan Documents referred to therein); (d) Indebtedness of the type
described in clauses (b) through (e), inclusive of §8.1A immediately above; and (e)
Indebtedness whose recourse is solely for so-called “bad-boy” acts, including without limitation,
(i) failure to account for a tenant’s security deposits, if any, for rent or any other payment
collected by a borrower from a tenant under the lease, all in accordance with the provisions of any
applicable loan documents, (ii) fraud or a material misrepresentation made by a Borrower, or the
holders of beneficial or ownership interests in such Borrower, in connection with the financing
evidenced by the applicable loan documents; (iii) any attempt by a Borrower to divert or otherwise
cause to be diverted any amounts payable to the applicable lender in accordance with the applicable
loan documents; (iv) the misappropriation or misapplication of any insurance proceeds or
condemnation awards relating to the Borrowing Base Properties; (v) voluntary or involuntary

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bankruptcy by a Borrower; and (vi) any environmental matter(s) affecting any Borrowing Base
Properties which is introduced or caused by a Borrower or any holder of a beneficial or ownership
interest in a Borrower.

     §8.2 Restrictions on Liens, Etc. The Borrower and its Subsidiaries will not
(a) create or incur or suffer to be created or incurred or to exist any lien, security title,
encumbrance, mortgage, pledge, negative pledge, charge, restriction or other security interest of
any kind upon any of its property or assets of any character whether now owned or hereafter
acquired, or upon the income or profits therefrom; (b) with respect to Borrower-SPE, only, pledge
its assets for the benefit of any other Person other than with respect to this Agreement and the
Loan Documents, nor shall it agree with any other party that it shall not pledge its assets for the
benefit of any other Person, including without limitation, the pledge of any equity by EPR of the
Borrower-SPE or any similar agreement with any other Person other than with respect to this
Agreement, (c) pledge any equity interest of the Borrower-SPE; (d) transfer any of its property or
assets or the income or profits therefrom for the purpose of subjecting the same to the payment of
Indebtedness or performance of any other obligation in priority to payment of its general
creditors; (e) acquire, or agree or have an option to acquire, any property or assets upon
conditional sale or other title retention or purchase money security agreement, device or
arrangement; (f) suffer to exist for a period of more than thirty (30) days after the same shall
have been incurred any Indebtedness or claim or demand against it that if unpaid might by law or
upon bankruptcy or insolvency, or otherwise, be given any priority whatsoever over any of its
general creditors; (g) sell, assign, pledge or otherwise transfer any accounts, contract rights,
general intangibles, chattel paper or instruments, with or without recourse (provided that this
clause (g) shall not prohibit a true sale of a land option or development agreement or the sale of
Real Estate by Borrower); or (h) incur or maintain any obligation to any holder of Indebtedness of
Borrower which prohibits the creation or maintenance of any lien securing the Obligations or any
other Indebtedness from the Lenders (collectively, “Liens”); provided that the
Borrower and its Subsidiaries may create or incur or suffer to be created or incurred or to exist:

          (i) Liens on properties to secure taxes, assessments and other governmental charges or claims
for labor, material or supplies in respect of obligations not then delinquent or being contested in
good faith;

          (ii) deposits or pledges made in connection with, or to secure payment of, workers’
compensation, unemployment insurance, old age pensions or other social security obligations;

          (iii) Liens on assets other than the Borrowing Base Property or any interest therein
(including the rents, issues and profits therefrom) in respect of judgments, awards or Indebtedness
which is permitted by §8.1B(a) and §9.10;

          (iv) encumbrances on the Real Estate permitted under the applicable Lease or EPR Senior
Property Loan Documents, or consisting of easements, rights of way, zoning restrictions,
restrictions on the use of real property and defects and irregularities in the title thereto,
landlord’s or lessor’s liens under leases to which the Borrower or any such Subsidiary is a party,
purchase money security interests and other liens or encumbrances, which

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do not individually or in the aggregate have a materially adverse effect on the business of
the Borrower on a consolidated basis;

          (v) liens and encumbrances on a Borrowing Base Property expressly permitted hereunder;

          (vi) Liens in favor of the Agent and the Lenders arising under the Collateral Agreements, the
Mortgages or any other Loan Documents; and

          (vii) Liens arising under the Term Loan Agreement and the other Loan Documents referred to
therein.

     §8.3 Restrictions on Investments. The Borrower will not make or permit to exist or to
remain outstanding any Investment except Investments in:

          (a) marketable direct or guaranteed obligations of the United States of America that mature
within one (1) year from the date of purchase by the Borrower or any such Subsidiary;

          (b) marketable direct obligations of any of the following: Federal Home Loan Mortgage
Corporation, Student Loan Marketing Association, Federal Home Loan Banks, Federal National Mortgage
Association, Government National Mortgage Association, Bank for Cooperatives, Federal Intermediate
Credit Banks, Federal Financing Banks, Export-Import Bank of the United States, Federal Land Banks,
or any other agency or bank of the United States of America;

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

          (d) securities commonly known as “commercial paper” issued by any Lender, or by a corporation
organized and existing under the laws of the United States of America or any State which at the
time of purchase are rated by Moody’s Investors Service, Inc. or by Standard & Poor’s Corporation
at not less than “P 1” if then rated by Moody’s Investors Service, Inc., and not less than “A 1”,
if then rated by Standard & Poor’s Corporation;

          (e) mortgage-backed securities guaranteed by the Government National Mortgage Association, the
Federal National Mortgage Association or the Federal Home Loan Mortgage Corporation and other
mortgage-backed bonds which at the time of purchase are rated by Moody’s Investors Service, Inc. or
by Standard & Poor’s Corporation at not less than “AA” if then rated by Moody’s Investors Service,
Inc. and not less than “AA” if then rated by Standard & Poor’s Corporation;

          (f) repurchase agreements having a term not greater than 180 days and fully secured by
securities described in the foregoing subsections (a), (b) or (e) with the Lenders,

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banks described in the foregoing subsection (c) or financial institutions or other
corporations having total assets in excess of $500,000,000;

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

          (h) EPR Senior Property Loans (including property encumbered by EPR Senior First Mortgages)
and, subject to §9, options, easements, licenses, fee interests, partnership interests, interests
in limited liability companies and leasehold interests and similar interests in Real Estate,
including earnest money deposits relating thereto and transaction costs;

          (i) subject to the terms of this Agreement, Investments in Subsidiaries of Borrower existing
as of the date hereof, and Investments in new Subsidiaries of Borrower created after the date of
this Agreement;

          (j) deposits required by government agencies or public utilities;

     §8.4 Merger, Consolidation.

          (a) Borrower-SPE will not become a party to any dissolution, liquidation or disposition of all
or substantially all of Borrower-SPE’s assets or business, a merger, reorganization, consolidation
or other business combination or agree to effect any asset acquisition, stock acquisition or other
acquisition individually or in a series of transactions which may have a similar effect as any of
the foregoing, in each case without the prior written consent of the Required Lenders, except for
(i) the merger or consolidation of Borrower-SPE with another Subsidiary of EPR, and (ii) the merger
or consolidation of Borrower-SPE where Borrower-SPE is the sole surviving entity provided however
that any such merger or consolidation does not violate Borrower-SPE’s status as a Special Purpose
Entity.

          (b) EPR will not become a party to any dissolution, liquidation or disposition of all or
substantially all of EPR’s assets or business, a merger, reorganization, consolidation or other
business combination or agree to effect any asset acquisition, stock acquisition or other
acquisition individually or in a series of transactions which may have a similar effect as any of
the foregoing, in each case without the prior written consent of Required Lenders, except for (i)
the merger or consolidation of EPR with one of its Subsidiaries, provided that such Subsidiary is
other than Borrower-SPE; (ii) the merger or consolidation of EPR where EPR is the sole surviving
entity provided however that any such merger or consolidation does not violate EPR’s status as a
REIT; (iii) any acquisitions or investments; or (iv) any merger where EPR is the surviving entity
such that a majority of the seats of the Board of Directors of the newly constituted entity are
held by trustees of EPR serving as such prior to the time of such merger, or EPR otherwise
maintains a controlling interest therein, provided further that such exceptions do not otherwise
create any Default or Event of Default hereunder.

     §8.5 Independent Directors. Borrower-SPE shall not fire, remove or change any
Independent Director meeting the requirements set forth therefore in §1.1 herein, except that

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Borrower-SPE may only replace an Independent Director who either resigns or no longer
qualifies as an Independent Director, and provided that Borrower-SPE shall provide written notice
to Agent and Lenders of any such change in any Independent Director within two (2) Business Days
thereof, and provided further that Borrower-SPE may fire an Independent Director for cause, only
upon the prior consent of the Agent, and provided that Borrower-SPE shall immediately replace such
Independent Director with a new Independent Director meeting the requirements set forth therefore
in §1.1 herein.

     §8.6 Intentionally Deleted.

     §8.7 Distributions. EPR will not make any Distributions which would violate any of
the following covenants:

          (a) EPR will not make any Distributions in violation of §9.8 hereof, except as otherwise
provided below. Notwithstanding the foregoing, EPR may, subject to the limitations set forth in
this Agreement (including specifically, but without limitation, those contained in §8.7(b)) make
Distributions (which shall not be included in the ninety percent (90%) FFO test set forth in §9.8
hereof) in order to enable EPR to repurchase common shares of EPR and the right to redeem any then
outstanding preferred shares in accordance with their terms so long as (i) any such repurchase or
redemption is made in EPR’s prudent business judgment, (ii) no Event of Default shall have occurred
and be continuing on the date of any such repurchase or redemption and (iii) no Event of Default
shall occur as a result of any such repurchase or redemption;

          (b) In the event that an Event of Default shall have occurred and be continuing, EPR shall not
make any Distributions other than the minimum Distributions required under the Code to maintain the
REIT Status of EPR, as evidenced by a certification of the chief financial officer of EPR
containing calculations in reasonable detail reasonably satisfactory in form and substance to the
Agent; provided, however, that EPR shall not be entitled to make any Distribution in connection
with the repurchase of common stock of Borrower at any time after an Event of Default shall have
occurred and be continuing; and

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

     §8.8 Asset Sales. The Borrower will not sell, transfer or otherwise dispose of any
Borrowing Base Property other than for fair market value, and as otherwise set forth herein.

     §8.9 Development Activity. The Borrower-SPE will not engage directly or indirectly in
the development of properties (other than Eligible Real Estate) without the prior written consent
of the Required Lenders in their sole discretion.

     §8.10 Restriction on Prepayment of Indebtedness. The Borrower will not, (a) prepay,
redeem, defease, purchase or otherwise retire the principal amount, in whole or in part, of any
Indebtedness other than the Obligations and the Hedge Obligations after the occurrence of any Event
of Default, or (b) modify any document evidencing any Indebtedness (other than the Obligations) to
accelerate the maturity date of such Indebtedness; provided, that this §8.10 shall

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not prohibit (x) the prepayment of Indebtedness which is financed solely from the proceeds of
a new loan which would otherwise be permitted by the terms of §8.1; (y) the prepayment of
Indebtedness secured by Real Estate which is satisfied solely from the proceeds of a sale of the
Real Estate securing such Indebtedness and (z) prepayment or defeasances permitted under other
credit facilities.

     §8.11 Zoning and Contract Changes and Compliance. The Borrower shall not initiate or
consent to any zoning reclassification of any of its Borrowing Base Property or seek any variance
under any existing zoning ordinance or use or permit the use of any Borrowing Base Property in any
manner that could result in such use becoming a non-conforming use under any zoning ordinance or
any other applicable land use law, rule or regulation. The Borrower shall not initiate any change
in any laws, requirements of governmental authorities or obligations created by private contracts
and Leases which now or hereafter may materially adversely affect the ownership, occupancy, use or
operation of any Borrowing Base Property.

     §8.12 Derivative Obligations. The Borrower-SPE shall not contract, create, incur,
assume or suffer to exist any Derivative Obligations without the prior written consent of the
Required Lenders in their sole discretion.

     §8.13 Subsidiary Guarantees and Pledges. Any Subsidiaries of EPR which as of the date
of this Agreement, do not guaranty any Indebtedness or have not granted any pledge of stock or
other equity interests to secure any Indebtedness, are hereby prohibited from doing so, provided
however, that any such Subsidiary may provide a guaranty of the Obligations, and provided further
that any such Subsidiary may (i) incur Indebtedness with respect to acquisitions and/or
refinancings or financings by such Subsidiary of Real Estate directly or indirectly owned by such
Subsidiary; (ii) incur Indebtedness with respect to acquisitions, financings and/or refinancings by
one or more Subsidiaries in a related transaction, which is funded by a common lender, and is
secured by mortgages on the Real Estate directly or indirectly owned by each of such Subsidiaries,
and from which Indebtedness, each of such Subsidiaries receives a benefit; and (iii) pledge its
stock or other equity interests in a borrower or owner of Real Estate, to secure any Indebtedness
that is also secured by a mortgage by such borrower or owner, granted pursuant to this Section
8.13(i) or (ii) hereinabove.

     §8.14 Organizational Document Amendments. The Borrower shall not make any amendment
to its organizational documents, including without limitation, its operating agreement, by-laws,
articles or organization, articles or incorporation, or the like (other than any amendment to
increase its authorized shares of any class or series or to authorize a new class or series of
shares) without the consent of the Agent and the Required Lenders, but in no event shall Borrower
make any amendments to any organizational documents which may have a Material Adverse Effect on the
Borrowing Base Property hereunder or Borrower’s ability to perform its Obligations hereunder.

     §8.15 Lease Amendments. With respect to any Megaplex Movie Theatre Lease on any
Borrowing Base Property: Borrower-SPE shall not, without prior written consent of the Agent in its
sole discretion, (i) alter, amend or modify the terms, in any material manner, or (ii) cancel or
terminate any such Lease, or accept a surrender thereof, or (iii) otherwise change the terms of
any such Lease in any material manner, or (iv) take any other action with respect thereto which

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may have a Material Adverse Effect on any Borrowing Base Property, including without limitation, a
diminution in the value thereof.

§9. FINANCIAL COVENANTS.

     At all times, the Borrower covenants and agrees that, so long as any Obligations, Loan, Note,
or Letter of Credit is outstanding or any Lender has any obligation to make any Loans or issue any
Letters of Credit, they shall at all times be in compliance with the following financial covenants.
§9.2 through §9.7 and §9.10 through §9.11 shall be tested as of the end of each quarter, based upon
the results for that particular quarter then ended. §9.1 and §9.8 shall be tested as of the end of
each quarter, based upon the results for the trailing four quarters then ended and §9.1 shall also
be tested on and as of the date of each new Loan hereunder. Notwithstanding anything to the
contrary contained herein, §9.5 shall be tested as of the end of each quarter, based upon the
results for that particular quarter then ended, but shall incorporate adjustments for proceeds from
dividend reinvestment programs at the end of each calendar year, only, to the extent that such
proceeds do not exceed $1,000,000.00.

     §9.1 Borrowing Base. The outstanding principal balance of the Loans including the
Letters of Credit Outstanding plus, without duplication, all unsecured debt (i.e. Indebtedness that
is not secured) of Borrowers, shall at all times not be greater than and shall at all times be in
compliance with the Borrowing Base; additionally, at no time shall the outstanding principal
balance of the Loans, including the Letters of Credit Outstanding, exceed the Maximum Commitment
Amount.

     §9.2 Total Debt to Total Asset Value. Calculated on a Consolidated basis with respect
to EPR, the ratio of Total Debt to Total Asset Value shall not exceed 60% for the first twelve (12)
months after the date of this Agreement, reducing to 55% thereafter. At Borrower’s election, at
the end of the first twelve (12) months after the date of this Agreement, or any time thereafter,
as applicable, such ratio may remain at 55% or be increased to 60%, provided that if the Borrower
elects to increase such ratio to 60%, the Facility shall, at the time of such election, and at all
times during which such increased ratio is in effect, be secured by first mortgages in favor of the
Agent, on behalf of the Lenders, on all or such portions of the Borrowing Base Properties as the
Agent deems material in its sole discretion, provided further that it shall not be a Default or
Event of Default hereunder (nor shall first mortgage collateralization be required) in the event
that said ratio increases by up to 5% (i.e. from 55% up to 60%) so long as: (x) such increase shall
not occur more than one time during the term of the Facility, and (y) such increase shall not be
sustained for more than one quarter.

     §9.3 Reserved. 

     §9.4 Maximum Permitted Investments. Calculated on a Consolidated basis with respect to
EPR, at any time, the ratio of: (i) Investments in the aggregate sum of: (A) Investments in notes,
mortgages and unimproved real estate (including cost of land under development, but excluding EPR
Senior First Mortgages); (B) Investments in construction (total budgeted cost, excluding cost of
land); and (C) Investments in unconsolidated subsidiaries, to (ii) Total Asset Value, shall not at
any time exceed 25%.

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     §9.5 Tangible Net Worth. The Consolidated Tangible Net Worth will not at any time be
less than the sum of (a) ($1,083,300,000.00) plus (b) seventy-five percent (75%) of the
aggregate Net Equity Proceeds received by EPR and its Subsidiaries on a Consolidated basis
subsequent to March 31, 2009.

     §9.6 Interest Rate Protection. With regard to EPR, the ratio of Unhedged Variable
Rate Debt to Total Asset Value shall not exceed twenty-five percent (25%).

     §9.7 Minimum Interest Coverage Ratio. Calculated on a Consolidated basis with respect
to EPR, the Adjusted EBITDA to Interest Expense shall not be less than 2.00 to 1.00.

     §9.8 Maximum Distributions. The ratio of Distributions of FFO to FFO before preferred
dividends shall not exceed ninety percent (90%), measured on a rolling four-quarter basis, provided
however, that (i) as long as there is no Default or Event of Default and none of the Loans has been
accelerated, EPR shall not be prohibited from making Distributions that are necessary to maintain
REIT Status (measured on a rolling four quarter basis), as evidenced by a certificate of the chief
financial officer of EPR containing calculations in reasonable detail reasonably satisfactory in
form and substance to the Agent, and (ii) EPR may make additional Distributions to the extent
permitted under §8.7 hereof. For purposes of this covenant calculation, FFO shall exclude the
effect of non-cash impairment charges.

     § 9.9 Minimum Liquidity. From ninety (90) days prior to the maturity date of the
Concord Debt, until such maturity date (or, if such maturity date is extended to a date not beyond
the Maturity Date of the Facility, for the 90-day period preceding such extended maturity date),
Borrower must maintain Excess Availability under the Facility in an amount equal to at least the
then outstanding principal balance of the Concord Debt, provided that the foregoing shall not apply
once EPR or one or more of its Subsidiaries fully repays the Concord Debt or refinances it to a
maturity date beyond that of the Facility. “Excess Availability” means, at any time, the
sum of (i) the amount by which the Borrowing Base exceeds the outstanding principal amount of the
Loans and the Letters of Credit Outstanding at such time, and (ii) the amount of EPR and its
Subsidiaries’ unrestricted cash and cash equivalents at such time.

     § 9.10 Maximum Secured Recourse Debt to Total Asset Value. Calculated on a
Consolidated basis with respect to EPR, Indebtedness of Borrowers, other than Indebtedness under
the Facility, secured by a Lien (“Secured Indebtedness”) that is recourse to EPR (and
insofar as the amount of such Indebtedness exceeds of 50% of the value of the property securing
such Indebtedness), to Total Asset Value shall not exceed 15%; additionally, the amount of each
such loan made after the date of this Agreement shall not at the time of origination, exceed 65% of
the value of the property securing such loan. For purposes of calculating amounts under this
covenant, valuation of property shall be: (i) in the case of existing properties which are Megaplex
Movie Theatres and Entertainment-Related Retail Improvements (whether subject to a Lease or an EPR
Senior First Mortgage), based upon such property’s net operating income (calculated in accordance
with GAAP), capped at 10.00%, (ii) in the case of properties that are not Megaplex Movie Theatres
or Entertainment-Related Retail Improvements (other than those under construction), based upon such
property’s net operating income (calculated in accordance with

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GAAP), capped at 11.00%, provided however, that in the event the capped value is greater than
the purchase price of the asset, then such calculation shall incorporate the purchase price,
instead, and (iii) in the case of properties under construction, based upon such property’s cost.

     § 9.11 Minimum Fixed Charge Coverage Ratio. Calculated on a Consolidated basis with
respect to EPR, at any time, the ratio of Adjusted EBITDA to Fixed Charges shall not be less than
1.50 to 1.00.

§10. CLOSING CONDITIONS.

     The obligation of the Lenders to establish the Facility and make the Loans or issue Letters of
Credit from time to time hereunder shall be subject to the satisfaction of each of the following
conditions precedent:

     §10.1 Loan Documents. Each of the Loan Documents shall have been duly executed and
delivered by the respective parties thereto and shall be in full force and effect. The Agent shall
have received a fully executed counterpart of each such document, except that each Lender that
requests a Note, shall have received the fully executed original of its Note.

     §10.2 Certified Copies of Organizational Documents. The Agent shall have received
from the Borrower a copy, certified as of a recent date by the appropriate officer of each State in
which such Person is organized or in which it is required to be qualified as a foreign entity, as
applicable, and a duly authorized officer or similar representative of such Person, as applicable,
to be true and complete, of the corporate charter or other formation document of the Borrower or
its qualification to do business, as applicable, as in effect on such date of certification.

     §10.3 Resolutions. All action on the part of the Borrower necessary for the valid
execution, delivery and performance by such Person of this Agreement and the other Loan Documents
to which such Person is or is to become a party shall have been duly and effectively taken, and
evidence thereof reasonably satisfactory to the Agent shall have been provided to the Agent.

     §10.4 Incumbency Certificate; Authorized Signers. The Agent shall have received from
Borrower an incumbency certificate, dated as of the Closing Date, signed by a duly authorized
officer of such Person and giving the name and bearing a specimen signature of each individual who
shall be authorized to sign, in the name and on behalf of such Person, each of the Loan Documents
to which such Person is or is to become a party.

     §10.5 Opinion of Counsel. The Agent shall have received such opinions addressed to
the Lenders and the Agent and dated as of the Closing Date from counsel to the Borrower addressing
such matters as reasonably requested by Agent in form and substance reasonably satisfactory to the
Agent, including an enforceability and due authority opinion with respect to Borrower.

     §10.6 Payment of Fees. The Borrower shall have paid to the Agent the fees payable
pursuant to §4.2.

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     §10.7 Insurance. The Agent shall have received duplicate originals or copies of all
certificates of insurance required by this Agreement.

     §10.8 Performance; No Default. Borrower shall have performed and complied in all
material respects with all terms and conditions herein required to be performed or complied with by
it on or prior to the Closing Date, and on the Closing Date there shall exist no Default or Event
of Default.

     §10.9 Representations and Warranties. With the exception of any Third Party
Information, the representations and warranties made by the Borrower in the Loan Documents or
otherwise made by or on behalf of the Borrower and its Subsidiaries in connection therewith or
after the date thereof shall have been true and correct in all material respects when made and
shall also be true and correct in all material respects on the Closing Date.

     §10.10 Proceedings and Documents. All proceedings in connection with the transactions
contemplated by this Agreement and the other Loan Documents shall be reasonably satisfactory to the
Agent and the Agent’s counsel in form and substance, and the Agent shall have received all
information and such counterpart originals or certified copies of such documents and such other
certificates, opinions, assurances, consents, approvals or documents as the Agent and the Agent’s
counsel may reasonably require.

     §10.11 Eligible Real Estate Qualification Documents. The Eligible Real Estate
Qualification Documents for each Borrowing Base Property included in the Borrowing Base as of the
Closing Date shall have been delivered to the Agent at the Borrower’s expense and shall be in form
and substance satisfactory to the Agent.

     §10.12 Compliance Certificate. The Agent shall have received a Compliance Certificate
dated as of the date of the Closing Date demonstrating compliance with each of the covenants
calculated therein as of the most recent fiscal quarter for which Borrower has provided financial
statements under §6.4 adjusted in the best good faith estimate of Borrower as of the Closing Date.

     §10.13 Stockholder and Partner Consents. The Agent shall have received evidence
reasonably satisfactory to the Agent that all necessary stockholder, partner, member or other
consents required in connection with the consummation of the transactions contemplated by this
Agreement and the other Loan Documents have been obtained.

     §10.14 Other. The Agent shall have reviewed such other documents, instruments,
certificates, opinions, assurances, consents and approvals as the Agent or the Agent’s counsel may
reasonably have requested.

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§11. CONDITIONS TO ALL BORROWINGS.

The obligations of the Lenders to make any Loan or issue any Letter of Credit, whether on or after
the Closing Date, shall also be subject to the satisfaction of the following conditions precedent:

     §11.1Prior Conditions Satisfied. All conditions set forth in §10 shall continue to be
satisfied as of the date upon which any Loan is to be made or any Letter of Credit is to be issued.

     §11.2 Representations True; No Default. The Agent shall have received as of the date
of each Loan Advance, a Certificate from a duly authorized officer of EPR, certifying that, with
the exception of Third Party Information, each of the representations and warranties made by or on
behalf of the Borrower or any of its Subsidiaries contained in this Agreement, the other Loan
Documents or in any document or instrument delivered pursuant to or in connection with this
Agreement shall be true in all material respects both as of the date as of which they were made and
shall also be true in all material respects as of the time of the making of such Loan with the
same effect as if made at and as of that time, except to the extent of changes resulting from
transactions permitted by the Loan Documents (it being understood and agreed that any
representation or warranty which by its terms is made as of a specified date, other than that made
as of the closing date shall be required to be true and correct only as of such specified date),
and no Default or Event of Default shall have occurred and be continuing.

     §11.3 No Legal Impediment. No change shall have occurred in any law or regulations
thereunder or interpretations thereof that in the reasonable opinion of any Lender would make it
illegal for such Lender to make such Loan or issue such Letter of Credit.

     §11.4 Governmental Regulation. Each Lender shall have received such statements in
substance and form reasonably satisfactory to such Lender as such Lender shall require for the
purpose of compliance with any applicable regulations of the Comptroller of the Currency or the
Board of Governors of the Federal Reserve System in connection with any Loan.

     §11.5 Proceedings and Documents. All proceedings in connection with such Loan or
Letter of Credit shall be reasonably satisfactory in substance and in form to the Agent, and the
Agent’s counsel in form and substance and the Agent shall have received all information and such
counterpart originals or certified or other copies of such documents and such other certificates,
opinions, assurances, consents, approvals or documents as the Agent and the Agent’s counsel or any
Lender may reasonably require.

     §11.6 Borrowing Documents. The Agent shall have received as of the date of each Loan
Advance, a fully completed Loan Request for such Loan and the other documents and information
(including, without limitation, a Borrowing Base Certificate and a Compliance Certificate) as
required by §2.7, or a fully completed Letter of Credit Request required by §2.10 in the form of
Exhibit I hereto fully completed, as applicable.

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§12. EVENTS OF DEFAULT; ACCELERATION; ETC.

     §12.1 Events of Default and Acceleration. If any of the following events (“Events
of Default”) shall occur:

          (a) the Borrower shall fail to pay any principal of the Loans when the same shall become due
and payable, whether at the stated date of maturity or any accelerated date of maturity or at any
other date fixed for payment;

          (b) the Borrower shall fail to pay any interest on the Loans, any reimbursement obligations
with respect to the Letters of Credit or any other sums due hereunder or under any of the other
Loan Documents (excluding payments due under §12.1(a) above) within five (5) days after the same
shall become due and payable, on any fixed date for payment or otherwise, provided however that
such grace period shall not be applicable where any interest payment is due at the stated date of
maturity or any accelerated date of maturity;

          (c) the Borrower shall fail to comply with the covenants contained in §7.5 (a) or §9.1 and,
with respect to §9.1, such failure shall continue to exist after written notice thereof shall have
been given to the Borrower by the Agent and the cure period provided in §12.2 shall have ended;

          (d) the Borrower shall fail to comply with any covenant contained in §9.3 through §9.11 and
such failure shall continue for thirty (30) days after written notice thereof shall have been given
to the Borrower by the Agent, except that, notwithstanding anything to the contrary
contained herein, any failure to comply with the covenant contained in §9.9 shall be an immediate
default with no notice or cure period hereunder.

          (e) the Borrower shall fail to perform any other term, covenant or agreement contained herein
or in any of the other Loan Documents which they are required to perform (other than those
specified in the other subclauses of this §12 or in the other Loan Documents) and shall fail to
remedy such failure within thirty (30) days after written notice thereof shall have been given to
the Borrower by the Agent;

          (f) any representation or warranty made by or on behalf of the Borrower or any of its
Subsidiaries in this Agreement or any other Loan Document, or any report, certificate, financial
statement, request for a Loan, Letter of Credit Request or in any other document or instrument
delivered pursuant to or in connection with this Agreement, any advance of a Loan, the issuance of
any Letter of Credit or any of the other Loan Documents, other than constituting or based upon
Third Party Information on which Borrower or any of its Subsidiaries relied and had no knowledge or
reason to believe was untrue in any material respect, shall prove to have been false in any
material respect upon the date when made or deemed to have been made or repeated; notwithstanding
anything to the contrary contained in this provision, the Borrower shall have a period of thirty
(30) days to cure any unintentional inaccuracy or misrepresentation .

          (g) any of the Borrower or any of its Subsidiaries (i) shall fail to pay at maturity, or
within any applicable period of grace, any obligation for borrowed money or credit received or
other Indebtedness, or (ii) shall fail to observe or perform any term, covenant or agreement

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contained in any agreement by which it is bound, evidencing or securing any obligation for
borrowed money or credit received or other Indebtedness for such period of time as would permit
(assuming the giving of appropriate notice if required) the holder or holders thereof or of any
obligations issued thereunder to accelerate the maturity thereof; provided that the events
described in this §12.1(g) shall not constitute an Event of Default unless such failure to perform,
together with other failures to perform as described in this §12.1(g), involve singly or in the
aggregate obligations for borrowed money or credit received totaling in excess of $5,000,000.00;

          (h) any of the Borrower or any of its Subsidiaries, (i) shall make an assignment for the
benefit of creditors, or admit in writing its general inability to pay or generally fail to pay its
debts as they mature or become due, or shall petition or apply for the appointment of a trustee or
other custodian, liquidator or receiver for it or any substantial part of its assets, (ii) shall
commence any case or other proceeding relating to it under any bankruptcy, reorganization,
arrangement, insolvency, readjustment of debt, dissolution or liquidation or similar law of any
jurisdiction, now or hereafter in effect, or (iii) shall take any action to authorize or in
furtherance of any of the foregoing;

          (i) a petition or application shall be filed for the appointment of a trustee or other
custodian, liquidator or receiver of any of the Borrower or any of its Subsidiaries or any
substantial part of the assets of any thereof, or a case or other proceeding shall be commenced
against any such Person under any bankruptcy, reorganization, arrangement, insolvency, readjustment
of debt, dissolution or liquidation or similar law of any jurisdiction, now or hereafter in effect,
and any such Person shall indicate its written approval thereof, written consent thereto or written
acquiescence therein or such petition, application, case or proceeding shall not have been
dismissed within sixty (60) days following the filing or commencement thereof;

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

          (k) there shall remain in force, undischarged, unsatisfied and unstayed, for more than sixty
(60) days, whether or not consecutive, one or more uninsured or unbonded final judgments against
any of the Borrower or any of its Subsidiaries that, either individually or in the aggregate,
exceed $1,000,000;

          (l) any of the Loan Documents shall be canceled, terminated, revoked or rescinded otherwise
than in accordance with the terms thereof or the express prior written agreement, consent or
approval of the Lenders, or any action at law, suit in equity or other legal proceeding to cancel,
revoke or rescind any of the Loan Documents shall be commenced by or on behalf of any of the
Borrower, or any court or any other governmental or regulatory authority or agency of competent
jurisdiction shall make a determination, or issue a judgment, order, decree or ruling, to the
effect that any one or more of the Loan Documents is illegal, invalid or unenforceable in
accordance with the terms thereof;

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          (m) any dissolution, termination, liquidation of all or substantially all of the assets,
merger or consolidation of any of the Borrower shall occur unless Borrower is the surviving entity,
or any sale, transfer or other disposition of all or substantially all of the assets, measured
either by value or quantity, of any of the Borrower shall occur, in each case other than as
permitted under the terms of this Agreement or the other Loan Documents;

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

          (o) EPR shall cease at any time to qualify as a real estate investment trust under the Code
and/or Borrower-SPE shall fail to be a Special Purpose Entity;

          (p) the Borrower-SPE, EPR or any of its Subsidiaries or any Person so connected with any of
them shall be indicted for a federal crime, a punishment for which could include the forfeiture of
(i) any assets of Borrower-SPE, EPR or any of its Subsidiaries which in the good faith judgment of
the Required Lenders could have a Material Adverse Effect, or (ii) the Borrowing Base Properties;

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

          (r) an event of default, however defined, under any of the other Loan Documents shall occur;

then, and in any such event, the Agent may, and upon the request of the Required Lenders shall, by
notice in writing to the Borrower terminate the Facility and/or declare all amounts owing with
respect to this Agreement, the Notes, the Letters of Credit and the other Loan Documents (including
prepayment penalties or yield maintenance fees) to be, and they shall thereupon forthwith become,
immediately due and payable without presentment, demand, protest or other notice of any kind, all
of which are hereby expressly waived by the Borrower; provided that in the event of any
Event of Default specified in §12.1(h), §12.1(i) or §12.1(j), all such amounts shall become
immediately due and payable automatically and without any requirement of presentment, demand,
protest or other notice of any kind from any of the Lenders or the Agent. Upon demand by Agent or
the Required Lenders in their absolute and sole discretion after the occurrence of an Event of
Default, and regardless of whether the conditions precedent in this Agreement for a Revolving
Credit Loan have been satisfied, the Lenders will cause a Revolving Credit Loan to be made in the
undrawn amount of all Letters of Credit. The proceeds of any such Revolving Credit Loan will be
pledged to and held by Agent as security for any amounts that become payable under the Letters of
Credit and all other Obligations. In the alternative, if demanded by Agent in its absolute and
sole discretion after the occurrence of an Event of

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

     Notwithstanding anything to the contrary contained herein, the occurrence of any one of the
aforementioned terms or conditions in this §12.1, shall be, prior to the giving of any applicable
notice or grace period, and until the same is cured as permitted by this Agreement, a
“Default.”

     §12.2 Limitation of Cure Periods.

     (a) In the event that there shall occur any Default under §12.1(c), then within five (5)
Business Days after receipt of notice of such Default from the Agent or the Required Lenders, the
Borrower may elect to cure such Default by providing additional Borrowing Base Property consisting
of Potential Borrowing Base Property, and/or to reduce the outstanding Loans to it, in which event
such actions shall be completed within such five (5) Business Day period (or within thirty (30)
days following the expiration of the initial five (5) Business Day period in the event that the
Borrower intends to provide additional Borrowing Base Property). The Borrower’s notice of its
election pursuant to the preceding sentence shall be delivered to the Agent within the period of
five (5) Business Days provided above, and if not so delivered Borrower’s cure period shall
immediately terminate and such Default shall become an Event of Default. In the event that
Borrower elects to add additional Borrowing Base Property and fails within the time provided
herein, the cure period shall terminate and such Default immediately shall constitute an Event of
Default. In the event that the Borrower shall elect under §12.2(a) to provide additional Borrowing
Base Property consisting of Potential Borrowing Base Property, the Real Estate to be added to the
Borrowing Base Property shall be Eligible Real Estate and on or prior to the expiration of the
thirty (30) day period referred to above each of the Eligible Real Estate Qualification Documents
shall have been completed at the Borrower’s expense and provided to the Agent for the benefit of
the Lenders and all other conditions to the acceptance of such Real Estate as a Borrowing Base
Property shall have been satisfied.

     (b) In the event that there shall occur any Default that affects only certain Borrowing Base
Property or the owner(s) thereof, or if any Default shall occur in any covenant contained in § 9.3
through § 9.11, then within five (5) Business Days after receipt of notice of such Default from the
Agent or the Required Lenders, the Borrower may elect to cure such Default by electing to remove
such Borrowing Base Property from the Borrowing Base and reduce the outstanding Loans or
by substituting for such Borrowing Base Property additional Borrowing Base Property

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consisting of Potential Borrowing Base Property for the Borrowing Base Property to which such
Default relates (provided that the value of such Borrowing Base Property Replacement is
such that after acceptance thereof, the Borrower is in compliance with the Borrowing Base
requirements), in which event such actions shall be completed within five (5) Business Days
following the expiration of the initial five (5) Business Day period (or within thirty (30) days
following the expiration of the initial five (5) Business Day period in the event that the Borrower
intends to provide additional or substitute Borrowing Base Property). The Borrower’s notice of
its election pursuant to the preceding sentence shall be delivered to the Agent within the period
of five (5) Business Days provided above, and if not so delivered Borrower’s cure period shall
immediately terminate and such Default shall become an Event of Default. In the event that
Borrower elects to add additional or substitute Borrowing Base Property and fails within the time
provided herein, the cure period shall terminate and such Default immediately shall constitute an
Event of Default. In the event that the Borrower shall elect to cure any Default in any covenant
contained in §9.3 through §9.11, by providing additional Borrowing Base Property consisting of
Potential Borrowing Base Property, the Real Estate to be added to the Borrowing Base Property shall
be Eligible Real Estate and on or prior to the expiration of the thirty (30) day period referred to
above, each of the Eligible Real Estate Qualification Documents shall have been completed at the
Borrower’s expense and provided to the Agent for the benefit of the Lenders and all other
conditions in this Agreement to the acceptance of such Real Estate as a Borrowing Base Property
shall have been satisfied.

     §12.3 Termination of Commitments. If any one or more Events of Default specified in
§12.1(h), §12.1(i) or §12.1(j) shall occur, then immediately and without any action on the part of
the Agent or any Lender any unused portion of the credit hereunder shall terminate and the Lenders
shall be relieved of all obligations to make Loans or issue Letters of Credit to the Borrower. If
any other Event of Default shall have occurred, the Agent, upon the election of the Required
Lenders, shall by notice to the Borrower terminate the obligation to make Loans to the Borrower or
issue any Letters of Credit. No termination under this §12.3 shall relieve the Borrower of its
obligations to the Lenders arising under this Agreement or the other Loan Documents.

     §12.4 Remedies. In case any one or more Events of Default shall have occurred and be
continuing, and whether or not the Lenders shall have accelerated the maturity of the Loans
pursuant to §12.1, the Agent on behalf of the Lenders may, with the consent of the Required Lenders
but not otherwise, proceed to protect and enforce their rights and remedies under this Agreement,
the Notes and/or any of the other Loan Documents by suit in equity, action at law or other
appropriate proceeding, including to the full extent permitted by applicable law the specific
performance of any covenant or agreement contained in this Agreement and the other Loan Documents,
the obtaining of the ex parte appointment of a receiver, and, if any amount shall
have become due, by declaration or otherwise, the enforcement of the payment thereof. No remedy
herein conferred upon the Agent or the holder of any Note is intended to be exclusive of any other
remedy and each and every remedy shall be cumulative and shall be in addition to every other remedy
given hereunder or now or hereafter existing at law or in equity or by statute or any other
provision of law. If Borrower fails to perform any agreement or covenant contained in this
Agreement or any of the other Loan Documents beyond any applicable period for notice and cure, the
Agent may itself perform, or cause to be performed, any agreement or covenant of

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such Person contained in this Agreement or any of the other Loan Documents which such Person shall
fail to perform, and the out-of-pocket costs of such performance, together with any reasonable
expenses, including reasonable attorneys’ fees actually incurred (including attorneys’ fees
incurred in any appeal) by the Agent in connection therewith, shall be payable by Borrower upon
demand and shall constitute a part of the Obligations and shall if not paid within five (5) days
after demand bear interest at the rate for overdue amounts as set forth in this Agreement. In the
event that all or any portion of the Obligations is collected by or through an attorney-at-law, the
Borrower shall pay all costs of collection including, but not limited to, reasonable attorney’s
fees.

     §12.5 Distribution of Proceeds. In the event that, following the occurrence and
during the continuance of any Event of Default, any monies are received in connection with the
realization of any of the Borrowers’ assets, such monies shall be distributed for application as
follows:

     (a) First, to the payment of, or (as the case may be) the reimbursement of the Agent for or in
respect of, all reasonable costs, expenses, disbursements and losses which shall have been paid,
incurred or sustained by the Agent in connection with the collection of such monies by the Agent,
for the exercise, protection or enforcement by the Agent of all or any of the rights, remedies,
powers and privileges of the Agent or the Lenders under this Agreement or any of the other Loan
Documents or in support of any provision of adequate indemnity to the Agent against any taxes or
liens which by law shall have, or may have, priority over the rights of the Agent or the Lenders to
such monies;

     (b) Second, to all other Obligations (including any interest, expenses or other obligations
incurred after the commencement of a bankruptcy) in such order or preference as the Required
Lenders shall determine; provided, that (i) distributions in respect of such other
Obligations shall include, on a pari passu basis, the Agent’s fee payable pursuant
to §4.3; (ii) in the event that any Lender shall have wrongfully failed or refused to make an
advance under §2.7 or §2.10(f) and such failure or refusal shall be continuing, advances made by
other Lenders during the pendency of such failure or refusal shall be entitled to be repaid as to
principal and accrued interest in priority to the other Obligations described in this subsection
(b), and (iii) except as otherwise provided in clause (ii), Obligations owing to the Lenders with
respect to each type of Obligation such as interest, principal, fees and expenses shall be made
among the Lenders pro rata; and provided, further that the Required Lenders may in
their discretion make proper allowance to take into account any Obligations not then due and
payable; and

     (c) Third, to termination payments due with respect to any Hedge Obligations; and

     (d) Fourth, the excess, if any, shall be returned to the Borrower or to such other Persons as
are entitled thereto.

§13. SETOFF.

     §13.1 Set-Off. During the continuance of any uncured Event of Default, any deposits
(general or specific, time or demand, provisional or final, regardless of currency, maturity, or
the branch where such deposits are held) or other sums credited by or due from any Lender to the

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Borrower and any securities or other property of the Borrower in the possession of such Lender
may be applied to or set off against the payment of Obligations and any and all other liabilities,
direct, or indirect, absolute or contingent, due or to become due, now existing or hereafter
arising, of the Borrower to such Lender. Each of the Lenders agrees with each other Lender that if
such Lender shall receive from the Borrower, whether by voluntary payment, exercise of the right of
setoff, or otherwise, and shall retain and apply to the payment of the Note or Notes held by such
Lender on a pro rata basis with all other Lenders consistent with the Commitment Percentage and
such Lender shall make such disposition and arrangements with the other Lenders either by way of
distribution, pro tanto assignment of claims, subrogation or otherwise as shall result in
each Lender receiving in respect of the Loans held by it its proportionate payment as contemplated
by this Agreement. ANY AND ALL RIGHTS TO REQUIRE LENDER TO EXERCISE ITS RIGHTS AND REMEDIES WITH
RESPECT TO ANY OTHER COLLATERAL WHICH SECURES OR MAY SECURE THE LOAN, PRIOR TO EXERCISING ITS RIGHT
OF SETOFF WITH RESPECT TO SUCH DEPOSITS, CREDITS OR OTHER PROPERTY OF THE BORROWER ARE HEREBY
KNOWINGLY, VOLUNTARILY AND IRREVOCABLY WAIVED.

     §13.2 Additional Rights. The rights of Lenders and each affiliate of Lenders under
this Article 13 are in addition to and not in limitation of, other rights and remedies, including
other rights of set-off which Lenders may have upon an Event of Default. 

§14. THE AGENT.

     §14.1 Authorization. The Agent is authorized to take such action on behalf of each of
the Lenders and to exercise all such powers as are hereunder and under any of the other Loan
Documents and any related documents delegated to the Agent, together with such powers as are
reasonably incident thereto, provided that no duties or responsibilities not expressly
assumed herein or therein shall be implied to have been assumed by the Agent. The obligations of
the Agent hereunder are primarily administrative in nature, and nothing contained in this Agreement
or any of the other Loan Documents shall be construed to constitute the Agent as a trustee for any
Lender or to create an agency or fiduciary relationship. The Borrower and any other Person shall
be entitled to conclusively rely on a statement from the Agent that it has the authority to act for
and bind the Lenders pursuant to this Agreement and the other Loan Documents.

     §14.2 Employees and Agents. The Agent may exercise its powers and execute its duties
by or through employees or agents and shall be entitled to take, and to rely on, advice of counsel
concerning all matters pertaining to its rights and duties under this Agreement and the other Loan
Documents. The Agent may utilize the services of such Persons as the Agent may reasonably
determine, and all reasonable fees and expenses of any such Persons shall be paid by the Borrower.

     §14.3 No Liability. Neither the Agent nor any of its shareholders, directors,
officers or employees nor any other Person assisting them in their duties nor any agent, or
employee thereof, shall be liable to any of the Lenders for any waiver, consent or approval given
or any action taken, or omitted to be taken, in good faith by it or them hereunder or under any of
the other Loan Documents, or in connection herewith or therewith, or be responsible for the
consequences of any oversight or error of judgment whatsoever, except that the Agent or such

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other Person, as the case may be, shall be liable for losses due to its willful misconduct or gross
negligence.

     §14.4 No Representations. The Agent shall not be responsible for the execution or
validity or enforceability of this Agreement, the Notes, any of the other Loan Documents or any
instrument at any time constituting, or intended to constitute, collateral security for the Notes,
or for the value of any such collateral security or for the validity, enforceability or
collectability of any amounts owing with respect to the Notes, or for any recitals or statements,
warranties or representations made herein or in any of the other Loan Documents or in any
certificate or instrument hereafter furnished to it by or on behalf of the Borrower or any of its
Subsidiaries, or be bound to ascertain or inquire as to the performance or observance of any of the
terms, conditions, covenants or agreements herein or in any of the other Loan Documents. The Agent
shall not be bound to ascertain whether any notice, consent, waiver or request delivered to it by
the Borrower or any holder of any of the Notes shall have been duly authorized or is true, accurate
and complete. The Agent has not made nor does it now make any representations or warranties,
express or implied, nor does it assume any liability to the Lenders, with respect to the
creditworthiness or financial condition of the Borrower or any of its Subsidiaries, or the value of
the Borrowing Base Property or any other assets of the Borrower. Each Lender acknowledges that it
has, independently and without reliance upon the Agent or any other Lender, and based upon such
information and documents as it has deemed appropriate, made its own credit analysis and decision
to enter into this Agreement. Each Lender also acknowledges that it will, independently and
without reliance upon the Agent or any other Lender, based upon such information and documents as
it deems appropriate at the time, continue to make its own credit analysis and decisions in taking
or not taking action under this Agreement and the other Loan Documents.

     §14.5 Payments.

     (a) A payment by the Borrower to the Agent hereunder or under any of the other Loan Documents
for the account of any Lender shall, upon receipt by the Agent, constitute a payment to such
Lender. The Agent agrees to distribute to each Lender not later than one Business Day after the
Agent’s receipt of good funds, determined in accordance with the Agent’s customary practices, such
Lender’s pro rata share of payments received by the Agent for the account of the
Lenders except as otherwise expressly provided herein or in any of the other Loan Documents. In
the event that the Agent fails to distribute such amounts within one Business Day as provided
above, the Agent shall pay interest on such amount at a rate per annum equal to the Federal Funds
Effective Rate from time to time in effect.

     (b) If in the opinion of the Agent the distribution of any amount received by it in such
capacity hereunder, under the Notes or under any of the other Loan Documents might involve it in
liability, it may refrain from making distribution until its right to make distribution shall have
been adjudicated by a court of competent jurisdiction. If a court of competent jurisdiction shall
adjudge that any amount received and distributed by the Agent is to be repaid, each Person to whom
any such distribution shall have been made shall either repay to the Agent its proportionate share
of the amount so adjudged to be repaid or shall pay over the same in such manner and to such
Persons as shall be determined by such court. In the event that the Agent shall refrain from
making any distribution of any amount received by it as provided in this

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§14.5(b), the Agent shall endeavor to hold such amounts in an interest bearing account and at such
time as such amounts may be distributed to the Lenders, the Agent shall distribute to each Lender,
based on their respective Commitment Percentages, its pro rata share of the interest or other
earnings from such deposited amount.

     (c) Notwithstanding anything to the contrary contained in this Agreement or any of the other
Loan Documents, any Lender that fails (i) to make available to the Agent its pro
rata share of any Loan or (ii) to comply with the provisions of §13 with respect to making
dispositions and arrangements with the other Lenders, where such Lender’s share of any payment
received, whether by setoff or otherwise, is in excess of its pro rata share of
such payments due and payable to all of the Lenders, in each case as, when and to the full extent
required by the provisions of this Agreement, shall be deemed delinquent (a “Delinquent
Lender”) and shall be deemed a Delinquent Lender until such time as such delinquency is
satisfied. A Delinquent Lender shall be deemed to have assigned any and all payments due to it
from the Borrower, whether on account of outstanding Loans, interest, fees or otherwise, to the
remaining nondelinquent Lenders for application to, and reduction of, their respective pro
rata shares of all outstanding Loans. The Delinquent Lender hereby authorizes the Agent to
distribute such payments to the nondelinquent Lenders in proportion to their respective pro
rata shares of all outstanding Loans. A Delinquent Lender shall be deemed to have
satisfied in full a delinquency when and if, as a result of application of the assigned payments to
all outstanding Loans of the nondelinquent Lenders or as a result of other payments by the
Delinquent Lenders to the nondelinquent Lenders, the Lenders’ respective pro rata
shares of all outstanding Loans have returned to those in effect immediately prior to such
delinquency and without giving effect to the nonpayment causing such delinquency.

     §14.6 Holders of Notes. Subject to the terms of §18, the Agent may deem and treat the
payee of any Note as the absolute owner or purchaser thereof for all purposes hereof until it shall
have been furnished in writing with a different name by such payee or by a subsequent holder,
assignee or transferee.

     §14.7 Indemnity. The Lenders ratably agree hereby to indemnify and hold harmless the
Agent from and against any and all claims, actions and suits (whether groundless or otherwise),
losses, damages, costs, expenses (including any expenses for which the Agent has not been
reimbursed by the Borrower as required by §15), and liabilities of every nature and character
arising out of or related to this Agreement, the Notes, or any of the other Loan Documents or the
transactions contemplated or evidenced hereby or thereby, or the Agent’s actions taken hereunder or
thereunder, except to the extent that any of the same shall be directly caused by the Agent’s
willful misconduct or gross negligence.

     §14.8 Agent as Lender. In its individual capacity, KeyBank shall have the same
obligations and the same rights, powers and privileges in respect to its Commitment and the Loans
made by it, and as the holder of any of the Notes as it would have were it not also the Agent.

     §14.9 Resignation; Removal. The Agent may resign at any time by giving 60 days’ prior
written notice thereof to the Lenders and the Borrower. The Required Lenders may remove the Agent
from its capacity as Agent for failure to perform its material obligations under this

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Agreement provided that the Required Lenders shall have given prior written notice to the Agent of
its failure to perform any of its material obligations under this Agreement and such failure shall
not have been cured within thirty (30) calendar days after receipt of notice of such failure (or
such failure cannot reasonably be cured within such thirty (30) day period, then within such longer
period of time as may be necessary to complete such cure so long as Agent commences such cure
within such thirty (30) day period and thereafter diligently pursues such cure to completion).
Upon any such resignation or removal, the Required Lenders shall have the right to appoint as a
successor Agent any Lender or any financial institution whose senior debt obligations are rated not
less than “A2” or its equivalent by Moody’s or not less than “A2” or its equivalent by S&P and
which has a net worth of not less than $500,000,000. Unless a Default or Event of Default shall
have occurred and be continuing, such successor Agent shall be reasonably acceptable to the
Borrower. If no successor Agent shall have been so appointed by the Required Lenders and shall
have accepted such appointment within 30 days after the retiring Agent’s giving of notice of
resignation or its removal, then the retiring or removed Agent may, on behalf of the Lenders,
appoint a successor Agent, which shall be any Lender or any financial institution whose senior debt
obligations are rated not less than “A2” or its equivalent by Moody’s or not less than “A” or its
equivalent by S&P and which has a net worth of not less than $500,000,000. Upon the acceptance of
any appointment as Agent hereunder by a successor Agent, such successor Agent shall thereupon
succeed to and become vested with all the rights, powers, privileges and duties of the retiring or
removed Agent, and the retiring or removed Agent shall be discharged from its duties and
obligations hereunder as Agent thereafter arising. After any retiring or removed Agent’s
resignation or removal, the provisions of this Agreement and the other Loan Documents shall
continue in effect for its benefit in respect of any actions taken or omitted to be taken by it
while it was acting as Agent. Notwithstanding anything herein to the contrary, in the event that
the Lender that is also the Agent shall at any time hold a Commitment less than $10,000,000.00,
then such Agent shall promptly provide written notice thereof to the Lenders and the Required
Lenders shall have the right, to be exercised within fifteen (15) days of delivery of such notice
by such Agent, to elect to remove such Agent as Agent and replace such Agent as Agent under the
Loan Documents, subject to the terms of this §14.9.

     §14.10 Duties in the Case of Enforcement. In case one or more Events of Default have
occurred and shall be continuing, and whether or not acceleration of the Obligations shall have
occurred, the Agent shall, if (a) so requested by the Required Lenders and (b) the Lenders have
provided to the Agent such additional indemnities and assurances against expenses and liabilities
as the Agent may reasonably request, proceed to enforce and exercise all or any such other legal
and equitable and other rights or remedies as it may have in respect of the Borrowers’ assets. The
Required Lenders may direct, subject to the terms of any intercreditor agreement among the Agent
and the Lenders, the Agent in writing as to the method and the extent of any such sale or other
disposition of said assets, the Lenders hereby agreeing to indemnify and hold the Agent harmless
from all liabilities incurred in respect of all actions taken or omitted in accordance with such
directions, provided that the Agent need not comply with any such direction to the extent that the
Agent reasonably believes that the Agent’s compliance with such direction to be unlawful or
commercially unreasonable in any applicable jurisdiction.

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     §14.11 Request for Agent Action. Agent and the Lenders acknowledge that in the
ordinary course of business of the Borrower, (a) a Borrowing Base Property may be subject to a
Taking, (b) Borrower may desire to enter into easements or other agreements affecting the Borrowing
Base Properties, or take other actions or enter into other agreements in the ordinary course of
business which similarly require the consent, approval or agreement of the Agent. In connection
with the foregoing, the Lenders hereby expressly authorize the Agent to (x) execute releases of any
liens in connection with any Taking, (y) execute any required consents or subordinations in form
and substance satisfactory to Agent, consistent with the provisions of the applicable Leases in
connection with any easements or agreements affecting the Borrowing Base Property, or (z) execute
any other required consents, approvals, or other agreements in form and substance satisfactory to
the Agent in connection with such other actions or agreements as may be necessary in the ordinary
course of Borrower’s business.

     §14.12 Intentionally Deleted..

     §14.13 Replacement of Holdout Lender. If any action to be taken by the Lenders
hereunder requires the unanimous consent, authorization, or agreement, of all Lenders, and a Lender
(“Holdout Lender”) fails to give its consent, authorization or agreement, then Agent, upon
at least 5 Business Days prior irrevocable notice to the Holdout Lender, may, or upon Borrower’s
request, and otherwise in compliance with the terms of this §14.13, permanently replace the Holdout
Lender with one or more substitute lenders (each, a “Replacement Lender”), and the Holdout
Lender shall have no right to refuse to be replaced hereunder. Any notice hereunder to replace the
Holdout Lender shall specify an effective date for such replacement, which date shall not be later
than 15 Business Days after the date such notice is given.

     Prior to the effective date of such replacement, the Holdout Lender and each Replacement
Lender shall execute and deliver an Assignment and Acceptance Agreement, subject only to the
Holdout Lender being repaid its share of the outstanding obligations (including an assumption of
its pro rata share of the risk participation liability) without any premium or penalty of any kind
whatsoever. If the Holdout Lender shall refuse or fail to execute and deliver any such Assignment
and Acceptance Agreement prior to the effective date of such replacement, the Holdout Lender shall
be deemed to have executed and delivered such Assignment and Acceptance Agreement. Until such time
as the Replacement Lender(s) shall have acquired all of the Obligations, the Commitments, and the
other rights and obligations of the Holdout Lender hereunder and under the other Loan Documents,
the Holdout Lender shall remain obligated to make the Holdout Lender’s Pro Rata Share of Advances.

     In the event that no new Lender is located to purchase the Holdout Lender’s Commitment, then
Borrower shall have the option after receipt of written notice from Agent to Borrower that no new
Lender has been obtained, to terminate the Commitment of the Holdout Lender. Borrower agrees to
pay all reasonably incurred costs or expenses incurred by any Lender in connection with this §14.13
including without limitation, all principal and accrued and unpaid interest or fees, including any
accrued and unbilled LIBOR breakage fees.

§15. EXPENSES.

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     The Borrower agrees to pay (a) the reasonable costs of producing and reproducing this
Agreement, the other Loan Documents and the other agreements and instruments mentioned herein, (b)
any taxes (including any interest and penalties in respect thereto) payable by the Agent or any of
the Lenders (other than taxes based upon the Agent’s or any Lender’s gross or net income in the
ordinary course), (c) all title insurance premiums, engineer’s fees, environmental reviews and the
reasonable fees, expenses and disbursements of the counsel to the Agent and any local counsel to
the Agent incurred in connection with the preparation, administration, syndication or
interpretation of the Loan Documents and other instruments mentioned herein (excluding, however,
the preparation of agreements evidencing participations granted under §18.4), and amendments,
modifications, approvals, consents or waivers hereto or hereunder, (d) all other reasonable out of
pocket fees, expenses and disbursements of the Agent actually incurred by the Agent in connection
with the preparation or interpretation of the Loan Documents and other instruments mentioned
herein, the addition or substitution of additional Borrowing Base Properties, the review of
leases, the making of each advance hereunder, the syndication of the Commitments pursuant to §18
(without duplication of those items addressed in subparagraph (c), above), (e) all reasonable
out-of-pocket expenses (including reasonable attorneys’ fees and costs, and the fees and costs of
appraisers, engineers, investment bankers or other experts retained by any Lender or the Agent)
actually incurred by any Lender or the Agent in connection with (i) the enforcement of or
preservation of rights under any of the Loan Documents against the Borrower or the administration
thereof after the occurrence of a Default or Event of Default and (ii) any litigation, proceeding
or dispute whether arising hereunder or otherwise, in any way related to the Agent’s or any of the
Lenders’ relationship with the Borrower , unless such suit is brought by Borrower, and the Borrower
ultimately prevails in such suit; otherwise all such costs and expenses shall be borne by the
Borrower, (f) all reasonable fees, expenses and disbursements of the Agent incurred in connection
with UCC searches, title rundowns or title searches and (g) all reasonable fees, expenses and
disbursements (including reasonable attorneys’ fees and costs) which may be incurred by KeyBank in
connection with the execution and delivery of this Agreement and the other Loan Documents (without
duplication of any of the items listed above). The covenants of this §15 shall survive the
repayment of the Loans and the termination of the obligations of the Lenders hereunder.

§16 INDEMNIFICATION.

     §16.1 Lender Indemnification. The Borrower agrees to indemnify and hold harmless the
Agent and the Lenders and their respective directors, officers, employees, agents and each Person
who controls the Agent or any Lender from and against any and all claims, actions and suits,
whether groundless or otherwise, and from and against any and all liabilities, losses, damages and
expenses of every nature and character arising out of or relating to this Agreement or any of the
other Loan Documents or the transactions contemplated hereby and thereby including, without
limitation, (a) any and all claims for brokerage, leasing, finders or similar fees which may be
made relating to the Borrowing Base Properties or the Loans, (b) any condition of the Borrowing
Base Properties, (c) any actual or proposed use by the Borrower of the proceeds of any of the
Loans (d) any actual or alleged infringement of any patent, copyright, trademark, service mark or
similar right of the Borrower, or any of its Subsidiaries comprised in the Borrowing Base Property,
(e) the Borrower entering into or performing this Agreement or any of the other Loan Documents,
(f) any actual or alleged violation of any law, ordinance, code, order,

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rule, regulation, approval, consent, permit or license relating to the Borrowing Base
Property, or (g) with respect to the Borrower and its Subsidiaries and their respective properties
and assets, the violation of any Environmental Law, the Release or threatened Release of any
Hazardous Substances or any action, suit, proceeding or investigation brought or threatened with
respect to any Hazardous Substances (including, but not limited to, claims with respect to wrongful
death, personal injury, nuisance or damage to property), in each case including, without
limitation, the reasonable fees and disbursements of counsel incurred in connection with any such
investigation, litigation or other proceeding; provided, however, that the Borrower
shall not be obligated under this §16 to indemnify any Person for liabilities to the extent arising
from such Person’s own gross negligence or willful misconduct (as such shall be determined by a
final non-appealable judgment of a court of competent jurisdiction). In litigation, or the
preparation therefor, the Lenders and the Agent shall be entitled to select a single law firm as
their own counsel and, in addition to the foregoing indemnity, the Borrower agrees to pay promptly
the reasonable fees and expenses of such counsel. If, and to the extent that the obligations of
the Borrower under this §16 are unenforceable for any reason, the Borrower hereby agrees to make
the maximum contribution to the payment in satisfaction of such obligations which is permissible
under applicable law. The provisions of this §16 shall survive the repayment of the Loans and the
termination of the obligations of the Lenders hereunder.

     §16.2 Borrower Must Notify. Agent and each Lender shall not be in default under this
Agreement or under any other Loan Document, unless a written notice specifically setting forth the
claim of Borrower shall have been given to Agent and each Lender within thirty (30) days after the
Borrower first had actual knowledge or actual notice of the occurrence of the event which Borrower
alleges gave rise to such claim (an “Agent/Lender Default Notice”) and Agent and/or the
applicable Lender does not remedy or cure the default, if any there be, with reasonable promptness
thereafter.

     §16.3 Remedies. If it is determined by the final order of a court of competent
jurisdiction, which is not subject to further appeal, that Agent and/or Lender has breached any of
its obligations under the Loan Documents and has not remedied or cured the same with reasonable
promptness following notice thereof, Agent and/or Lender’s responsibilities shall be limited to:
(i) where the breach consists of the failure to grant consent or give approval in violation of the
terms and requirements of a Loan Document, the obligation to grant such consent or give such
approval and to pay Borrower’s reasonable costs and expenses including, without limitation,
reasonable attorneys fees and disbursements in connection with such court proceedings; and (ii)
the case of any such failure to grant such consent or give such approval, or in the case of any
other such default by Agent and/or Lender, where it is also so determined that Agent and/or Lender
acted in bad faith, or that Agent and/or Lender’s default constituted gross negligence or willful
misconduct, the payment of any actual, direct, compensatory damages sustained by Borrower as a
result thereof plus Borrower’s reasonable costs and expenses, including without limitation,
reasonable attorney’s fees and disbursements in connection with such court proceedings.

     §16.4 Limitations. In no event, however, shall Agent and/or any Lender be liable to
Borrower or anyone else for other damages such as, but not limited to, indirect, speculative,
special, consequential or punitive damages whatever nature of the breach by Agent and/or any

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such Lender of its obligations under this Agreement or under any of the other Loan Documents.
In no event shall any Lender be liable to Borrower or anyone else unless a written notice
specifically setting forth the claim of Borrower shall have been given to such Lender within the
time period specified in §16.2, above.

     §16.5 Obligations Absolute. Except to the extent prohibited by applicable law which
cannot be waived, the obligations of Borrower under the Loan Documents shall be absolute,
unconditional and irrevocable and shall be paid strictly in accordance with the terms of the Loan
Documents under all circumstances whatsoever, including without limitation, the existence of any
claim, set off, defense or other right which Borrower may have at any time against Agent and/or
Lender whether in connection with the Facility or any unrelated transaction.

§17. SURVIVAL OF COVENANTS, ETC.

     All covenants, agreements, representations and warranties made herein, in the Notes, in any of
the other Loan Documents or in any documents or other papers delivered by or on behalf of the
Borrower or any of its Subsidiaries pursuant hereto or thereto shall be deemed to have been relied
upon by the Lenders and the Agent, notwithstanding any investigation heretofore or hereafter made
by any of them, and shall survive the making by the Lenders of any of the Loans, as herein
contemplated, and shall continue in full force and effect so long as any amount due under this
Agreement or the Notes or any of the other Loan Documents remains outstanding. The indemnification
obligations of the Borrower provided herein and in the other Loan Documents shall survive the full
repayment of amounts due and the termination of the obligations of the Lenders hereunder and
thereunder to the extent provided herein and therein. All statements contained in any certificate
delivered to any Lender or the Agent at any time by or on behalf of the Borrower or any of its
Subsidiaries pursuant hereto or in connection with the transactions contemplated hereby shall
constitute representations and warranties by such Person hereunder.

§18. ASSIGNMENT AND PARTICIPATION.

     §18.1 Conditions to Assignment by Lenders. Except as provided herein, each Lender may
assign to one or more banks or other entities all or a portion of its interests, rights and
obligations under this Agreement (including all or a portion of its Commitment Percentage and
Commitment and the same portion of the Loans at the time owing to it and any Notes held by it);
provided that: (a) the Agent and, so long as no Event of Default exists hereunder, the Borrower
shall have each given its prior written consent to such assignment, which consent shall not be
unreasonably withheld or delayed (provided that (i) such consent shall not be required for any
assignment to another Lender to a lender which is under common control with the assigning Lender or
to a wholly-owned Subsidiary of such Lender, and (ii) the consent of Agent shall not be required if
an Event of Default exists and is continuing so long as the assignee is an institutional lender),
(b) each such assignment shall be of a constant, and not a varying, percentage of all the assigning
Lender’s rights and obligations under this Agreement, (c) the parties to such assignment shall
execute and deliver to the Agent, for recording in the Register (as hereinafter defined) an
Assignment and Acceptance Agreement in the form of Exhibit L annexed hereto, together with
any Notes subject to such assignment, (d) in no event shall any voting, consent or approval rights
of a Lender be assigned to any Person controlling, controlled

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by or under common control with, or which is not otherwise free from influence or control by, the
Borrower which rights shall instead be allocated pro rata among the other remaining
Lenders, (e) if such assignee is to become a Lender, such assignee shall have a net worth as of the
date of such assignment of not less than $200,000,000, unless waived by the Agent and the Borrower,
(f) such assignee shall acquire an interest in the Loans of not less than $3,000,000 (or if less,
the remaining Loans of the assignor), unless waived by the Agent, and so long as no Event of
Default exists hereunder, the Borrower, and (g) such assignee shall be subject to the terms of any
intercreditor agreement among the Lenders and the Agent. Any assignee satisfying the terms and
conditions of this §18.1 shall be referred to as an “Eligible Assignee”. Upon execution,
delivery, acceptance and recording of such Assignment and Acceptance Agreement, (i) the assignee
thereunder shall be a party hereto and all other Loan Documents executed by the Lenders and have
the rights and obligations of a Lender hereunder, (ii) the assigning Lender shall, upon payment to
the Agent of the registration fee referred to in §18.2 (except if such assigning Lender is a
Holdout Lender assigning its interest as required under §14.13, above), be released from its
obligations under this Agreement arising after the effective date of such assignment with respect
to the assigned portion of its interests, rights and obligations under this Agreement, and
(iii) the Agent may unilaterally amend Schedule 1 to reflect such assignment. In
connection with each assignment, the assignee shall represent and warrant to the Agent, the
assignor and each other Lender that such assignee is not controlling, controlled by, under common
control with or is not otherwise under the influence or control by, the Borrower or any of its
Subsidiaries. In the event that any consent is required by Borrower under this §18.1, such consent
shall be deemed given by the Borrower in the event the Borrower does not otherwise respond to the
request for consent with five (5) Business Days from the date of such request.

     §18.2 Register. The Agent shall maintain on behalf of the Borrower a copy of each
assignment delivered to it and a register or similar list (the “Register”) for the
recordation of the names and addresses of the Lenders and the Commitment Percentages of and
principal amount of the Loans owing to the Lenders from time to time. The entries in the Register
shall be conclusive as to the interest of each Lender, in the absence of manifest error, and the
Borrower, the Agent and the Lenders may treat each Person whose name is recorded in the Register as
a Lender hereunder for all purposes of this Agreement. The Register shall be available for
inspection by the Borrower and the Lenders at any reasonable time and from time to time upon
reasonable prior notice. Upon each such recordation, the assigning Lender (except if such
assigning Lender is a Holdout Lender assigning its interest as required under §14.13, above) agrees
to pay to the Agent a registration fee in the sum of $3,500 (provided that with respect to any
assignment by a Lender to a Subsidiary as provided herein, the assigning Lender shall pay to Agent
only reasonable expenses, which shall not exceed the amount of such registration fee incurred in
connection with such assignment in lieu of such registration fee).

     §18.3 New Notes. Upon its receipt of an Assignment and Acceptance Agreement executed
by the parties to such assignment, together with each Note subject to such assignment, the Agent
shall record the information contained therein in the Register. Within five (5) Business Days
after receipt of notice of such assignment from Agent, the Borrower, at Agent’s expense, shall
execute and deliver to the Agent, in exchange for each surrendered Note, a new Note to the order of
such assignee in an amount equal to the amount assigned to such assignee pursuant to such
Assignment and Acceptance Agreement and, if the assigning Lender has

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retained some portion of its obligations hereunder, a new Note to the order of the assigning Lender
in an amount equal to the amount retained by it hereunder. Such new Notes shall provide that they
are replacements for the surrendered Notes, shall be in an aggregate principal amount equal to the
aggregate principal amount of the surrendered Notes, shall be dated the effective date of such
Assignment and Acceptance Agreement and shall otherwise be in substantially the form of the
assigned Notes. The surrendered Notes shall be canceled and returned to the Borrower.

     §18.4 Participations. Each Lender may sell participations to one or more Lenders or
other entities in all or a portion of such Lender’s rights and obligations under this Agreement and
the other Loan Documents without consent or approval of the Agent or other Lenders;
provided that (a) any such sale or participation shall not affect the rights and duties of
the selling Lender hereunder, (b) such participation shall not entitle such participant to any
rights or privileges under this Agreement or any Loan Documents, including without limitation,
rights granted to the Lenders under §4.8, §4.9 and §4.10, (c) such participation shall not entitle
the participant to the right to approve waivers, amendments or modifications, (d) such participant
shall have no direct rights against the Borrower, (e) such sale is effected in accordance with all
applicable laws, and (f) such participant shall not be a Person controlling, controlled by or under
common control with, or which is not otherwise free from influence or control by any of the
Borrower.

     §18.5 Pledge by Lender. Any Lender may at any time pledge all or any portion of its
interest and rights under this Agreement (including all or any portion of its Note) to any of the
twelve Federal Reserve Banks organized under §4 of the Federal Reserve Act, 12 U.S.C. §341 or to
any other Person to secure obligations of such Lenders. No such pledge or the enforcement thereof
shall release the pledgor Lender from its obligations hereunder or under any of the other Loan
Documents.

     §18.6 No Assignment by Borrower. No Borrower shall assign or transfer any of its
rights or obligations under this Agreement without the prior written consent of each of the Lenders
and any purported assignment without such consent shall be null and void.

     §18.7 Disclosure. Borrower agrees to promptly cooperate with any Lender in connection
with any proposed assignment or participation of all or any portion of its Commitment. Each of the
Lenders and the Agent acknowledges and agrees for itself that it shall hold all nonpublic
information regarding Borrower and its Subsidiaries and their businesses identified as such by
Borrower and obtained by Agent or such Lender, and agrees to keep any such information delivered or
made available by the Borrower to it confidential from anyone other than its directors, employees,
officers, agents, attorneys and other advisors who are or are expected to become engaged in
evaluating, administering or syndicating the Loan or rendering advice in connection therewith,
provided that nothing herein shall prevent any of the foregoing Persons from disclosing such
information (a) to any potential assignees or participants who have agreed to maintain the
confidentiality of such information on such terms at least as restrictive as those provided in this
§18.7, (b) upon the order of any court or administrative agency or upon the request of any
administrative agency or authority having jurisdiction over any of the foregoing Persons or such
potential assignees or participants, (c) upon the request or demand of any regulatory agency or
authority, (d) to the extent that such information has been publicly disclosed other than as a
result of a disclosure in breach hereof by the disclosing Person, (e)

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otherwise as required by law or (f) to the extent necessary to enforce the Loan Documents. In
addition, the Lenders may make disclosure of such information to any contractual counterparty in
swap agreements or such contractual counterparty’s professional advisors (so long as such
contractual counterparty or professional advisors to such contractual counterparty agree to be
bound by the provisions of this §18.7). In addition, the Agent and each Lender may disclose the
existence of this Agreement and the information about this Agreement to market data collectors,
similar service providers to the lending industry, and service providers to the Agent and the
Lenders in connection with the administration and management of this Agreement and the other Loan
Documents.

     §18.8 Amendments to Loan Documents. Upon any such assignment or participation, the
Borrower shall, upon the request of the Agent, enter into such documents as may be reasonably
required by the Agent to modify the Loan Documents to reflect such assignment or participation.

§19. NOTICES.

     Each notice, demand, election or request provided for or permitted to be given pursuant to
this Agreement (hereinafter in this §19 referred to as “Notice”), but specifically
excluding to the maximum extent permitted by law any notices of the institution or commencement of
foreclosure proceedings, must be in writing and shall be deemed to have been properly given or
served by personal delivery or by sending same by overnight courier or by depositing same in the
United States Mail, postpaid and registered or certified, return receipt requested, or as expressly
permitted herein, by telegraph, telecopy, telefax, telex, or electronic PDF copies and addressed as
follows:

     If to the Agent or KeyBank:

KeyBank National Association

224 Franklin Street, 18th Floor

Boston, Massachusetts 02110

Attn: KeyBank Institutional Real Estate

Telecopy No.: (617) 385-6292

Email: Jeffrey_M_Morrison@KeyBank.com

     With a copy to:

Burns & Levinson LLP

125 Summer Street

Boston, MA 02110

Attn: Frank A. Segall, Esq.

Telecopy No. (617) 345-3299

Email: Fsegall@burnslev.com

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     If to any Borrower:

Entertainment Properties Trust

30 Pershing Road, Suite 201

Kansas City, MO 64108

Attn: Gregory K. Silvers, Esq.

          Vice President and General Counsel

Telecopy No.: (816) 472-5794

E-mail: gregs@eprkc.com

     With a copy to:

Entertainment Properties Trust

30 Pershing Road, Suite 201

Kansas City, MO 64108

Attn: Mark A. Peterson, Vice President and CFO

Telecopy No.: (816) 472-5794

Email: markp@eprkc.com

to any other Lender which is a party hereto, at the address for such Lender set forth on
Schedule 1 attached hereto, and to any Lender which may hereafter become a party to this
Agreement, at such address as may be designated by such Lender. Each Notice shall be effective
upon being personally delivered or upon being sent by overnight courier or upon being deposited in
the United States Mail as aforesaid, or if transmitted by telegraph, telecopy, telefax or telex is
permitted, upon being sent and confirmation of receipt. The time period in which a response to
such Notice must be given or any action taken with respect thereto (if any), however, shall
commence to run from the date of receipt if personally delivered or sent by overnight courier, or
if so deposited in the United States Mail, the earlier of three (3) Business Days following such
deposit or the date of receipt as disclosed on the return receipt. Rejection or other refusal to
accept or the inability to deliver because of changed address for which no notice was given shall
be deemed to be receipt of the Notice sent. By giving Notice thereof, the Borrower, a Lender or
Agent shall have the right from time to time and at any time during the term of this Agreement to
change their respective addresses and each shall have the right to specify as its address any other
address within the United States of America.

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§20. RELATIONSHIP.

     The Agent, each Lender and their Affiliates (collectively, solely for purposes of this
paragraph, the “Lenders”), may have economic interests that conflict with those of
Borrower, its stockholders and/or its affiliates. Borrower agrees that nothing in the Loan
Documents or otherwise will be deemed to create an advisory, fiduciary or agency relationship or
fiduciary or other implied duty between any Lender, on the one hand, and Borrower, its stockholders
or its affiliates, on the other. The Borrower acknowledges and agrees that (i) the transactions
contemplated by the Loan Documents (including the exercise of rights and remedies hereunder and
thereunder) are arm’s-length commercial transactions between the Lenders, on the one hand, and
Borrower, on the other, and (ii) in connection therewith and with the process leading thereto, (x)
no Lender has assumed an advisory or fiduciary responsibility in favor of Borrower, its
stockholders or its affiliates with respect to the transactions contemplated hereby (or the
exercise of rights or remedies with respect thereto) or the process leading thereto (irrespective
of whether any Lender has advised, is currently advising or will advise Borrower, its stockholders
or its Affiliates on other matters) or any other obligation to Borrower except the obligations
expressly set forth in the Loan Documents and (y) each Lender is acting solely as principal and not
as the agent or fiduciary of Borrower, its management, stockholders, creditors or any other Person.
Borrower acknowledges and agrees that Borrower has consulted its own legal and financial advisors
to the extent it deemed appropriate and that it is responsible for making its own independent
judgment with respect to such transactions and the process leading thereto. Borrower agrees that
it will not claim that any Lender has rendered advisory services of any nature or respect, or owes
a fiduciary or similar duty to Borrower, in connection with such transaction or the process leading
thereto.

§21. USURY.

     Notwithstanding anything to the contrary contained herein, if at any time the interest rate
applicable to any Loan, together with all fees, charges and other amounts which are treated as
interest on such Loan under applicable law (collectively, the “Charges”), shall exceed the
maximum lawful rate (the “Maximum Rate”) which may be contracted for, charged, taken,
received or reserved by the Lender holding such Loan in accordance with applicable law, the rate of
interest payable in respect of such Loan hereunder, together with all Charges payable in respect
thereof, shall be limited to the Maximum Rate and, to the extent lawful, the interest and Charges
that would have been payable in respect of such Loan but were not payable as a result of the
operation of this Section 21, shall be cumulated and the interest and Charges payable to such
Lender in respect of other Loans or periods shall be increased (but not able the Maximum Rate
therefor) until such cumulated amount, together with interest thereon at the Federal Funds Rate to
the date of repayment, shall have been received by such Lender.

§22. GOVERNING LAW; CONSENT TO JURISDICTION AND SERVICE.

     THIS AGREEMENT AND EACH OF THE OTHER LOAN DOCUMENTS, EXCEPT AS OTHERWISE SPECIFICALLY PROVIDED
HEREIN OR THEREIN, ARE CONTRACTS UNDER THE LAWS OF THE STATE OF NEW YORK AND SHALL FOR ALL PURPOSES
BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAWS OF SUCH STATE (EXCLUDING THE LAWS
APPLICABLE TO

103

 

CONFLICTS OR CHOICE OF LAW OTHER THAN NEW YORK GENERAL OBLIGATIONS LAW, SECTION 5-1401). THE
BORROWER AGREES THAT ANY SUIT FOR THE ENFORCEMENT OF THIS AGREEMENT OR ANY OF THE OTHER LOAN
DOCUMENTS MAY BE BROUGHT IN THE COURTS OF THE STATE OF NEW YORK OR ANY FEDERAL COURT SITTING IN
THE CITY AND COUNTY OF NEW YORK AND CONSENTS TO THE EXCLUSIVE JURISDICTION OF SUCH COURT AND THE
SERVICE OF PROCESS IN ANY SUCH SUIT BEING MADE UPON THE BORROWER BY MAIL AT THE ADDRESS SPECIFIED
IN §19. THE BORROWER HEREBY WAIVES ANY OBJECTION THAT IT MAY NOW OR HEREAFTER HAVE TO THE VENUE OF
ANY SUCH SUIT OR ANY SUCH COURT OR THAT SUCH SUIT IS BROUGHT IN AN INCONVENIENT COURT.

§23. POWER OF ATTORNEY. For purposes of exercising the rights and remedies granted to
Agent and the Lenders under this Agreement, Borrower hereby irrevocably constitutes and appoints
Agent its true and lawful attorney-in-fact, upon and following any Event of Default, to execute,
acknowledge and deliver any instruments and to do and perform any acts permitted hereunder or by
law in the name and on behalf of the Borrower.

§24. HEADINGS.

     The captions in this Agreement are for convenience of reference only and shall not define or
limit the provisions hereof.

§25. COUNTERPARTS.

     This Agreement and any amendment hereof may be executed in several counterparts and by each
party on a separate counterpart, each of which when so executed and delivered shall be an original,
and all of which together shall constitute one instrument. In proving this Agreement it shall not
be necessary to produce or account for more than one such counterpart signed by the party against
whom enforcement is sought, which such signature shall be sufficient if in form of telecopy,
telefax of electronic PDF copy.

§26. ENTIRE AGREEMENT, ETC.

     The Loan Documents express the entire understanding of the parties with respect to the
transactions contemplated hereby. Neither this Agreement nor any term hereof may be changed,
waived, discharged or terminated, except as provided in §27 and §29.

§27. WAIVER OF JURY TRIAL AND CERTAIN DAMAGE CLAIMS.

     EACH OF THE BORROWER, THE AGENT AND THE LENDERS HEREBY WAIVES ITS RIGHT TO A JURY TRIAL WITH
RESPECT TO ANY ACTION OR CLAIM ARISING OUT OF ANY DISPUTE IN CONNECTION WITH THIS AGREEMENT, ANY
NOTE OR ANY OF THE OTHER LOAN DOCUMENTS, ANY RIGHTS OR OBLIGATIONS HEREUNDER OR THEREUNDER OR THE
PERFORMANCE OF SUCH RIGHTS AND OBLIGATIONS. EXCEPT TO THE EXTENT EXPRESSLY PROHIBITED BY LAW, THE
BORROWER HEREBY WAIVES

104

 

ANY RIGHT IT MAY HAVE TO CLAIM OR RECOVER IN ANY SUCH LITIGATION ANY SPECIAL, EXEMPLARY,
PUNITIVE OR CONSEQUENTIAL DAMAGES OR ANY DAMAGES OTHER THAN, OR IN ADDITION TO, ACTUAL DAMAGES.
THE BORROWER (A) CERTIFIES THAT NO REPRESENTATIVE, AGENT OR ATTORNEY OF ANY LENDER OR THE AGENT HAS
REPRESENTED, EXPRESSLY OR OTHERWISE, THAT SUCH LENDER OR THE AGENT WOULD NOT, IN THE EVENT OF
LITIGATION, SEEK TO ENFORCE THE FOREGOING WAIVERS AND (B) ACKNOWLEDGE THAT THE AGENT AND THE
LENDERS HAVE BEEN INDUCED TO ENTER INTO THIS AGREEMENT AND THE OTHER LOAN DOCUMENTS TO WHICH THEY
ARE PARTIES BY, AMONG OTHER THINGS, THE WAIVERS AND CERTIFICATIONS CONTAINED IN THIS §27. THE
BORROWER ACKNOWLEDGES THAT IT HAS HAD AN OPPORTUNITY TO REVIEW THIS §27 WITH LEGAL COUNSEL AND THAT
THE BORROWER AGREES TO THE FOREGOING AS ITS FREE, KNOWING AND VOLUNTARY ACT.

§28. DEALINGS WITH THE BORROWER.

     The Lenders and their Affiliates may accept deposits from, extend credit to and generally
engage in any kind of banking, trust or other business with the Borrower and its Subsidiaries or
any of their Affiliates regardless of the capacity of the Lender hereunder.

§29. CONSENTS, AMENDMENTS, WAIVERS, ETC.

     Except as otherwise expressly provided in this Agreement, any consent or approval required or
permitted by this Agreement may be given, and any term of this Agreement or of any other instrument
related hereto or mentioned herein may be amended, and the performance or observance by the
Borrower of any terms of this Agreement or such other instrument or the continuance of any Default
or Event of Default may be waived (either generally or in a particular instance and either
retroactively or prospectively) with, but only with, the written consent of the Agent and the
Required Lenders. Notwithstanding the foregoing, none of the following may occur without the
written consent of each Lender affected by any of the following: a reduction in the rate of
interest on the Loans; an increase in the amount of the Commitments of the Lenders (except as
provided in §18.1 and §2.2); a forgiveness, reduction or waiver of the principal of any unpaid Loan
or any interest thereon or fee payable under the Loan Documents; a change in the amount of any fee
payable to a Lender hereunder; the postponement of any date fixed for any payment of and fees or
any principal of or interest on any Loan; an extension of the Maturity Date; the imposition of any
additional restrictions on assignments and participations; a change in the manner of distribution
of any payments to the Lenders or the Agent; any modification to require a Lender to fund a pro
rata share of a request for an Advance of the Loan made by the Borrower other than based on its
Commitment Percentage; a waiver of any indemnity of a Lender. The provisions of §2.10 and §14 may
not be amended without the written consent of the Issuing Lender or the Agent, respectively.
Further notwithstanding the foregoing, none of the following may occur without the written consent
of 100% of the Lenders: the release of EPR or, except as permitted in connection with the removal
of a Borrower-SPE and its properties from the Borrowing Base, a Borrower-SPE; an amendment of the
definition of Required Lenders or of any requirement for consent by all of the Lenders; an
amendment of §13.1; an amendment to this §29; or an amendment of any provision of this Agreement or
the Loan Documents which

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requires the approval of all of the Lenders or the Required Lenders to require a lesser number
of Lenders to approve such action

     No waiver shall extend to or affect any obligation not expressly waived or impair any right
consequent thereon. No course of dealing or delay or omission on the part of the Agent or any
Lender in exercising any right shall operate as a waiver thereof or otherwise be prejudicial
thereto. No notice to or demand upon any of the Borrower shall entitle the Borrower to other or
further notice or demand in similar or other circumstances.

§30. SEVERABILITY.

     The provisions of this Agreement are severable, and if any one clause or provision hereof
shall be held invalid or unenforceable in whole or in part in any jurisdiction, then such
invalidity or unenforceability shall affect only such clause or provision, or part thereof, in such
jurisdiction, and shall not in any manner affect such clause or provision in any other
jurisdiction, or any other clause or provision of this Agreement in any jurisdiction.

§31. TIME OF THE ESSENCE.

     Time is of the essence with respect to each and every covenant, agreement and obligation of
the Borrower under this Agreement and the other Loan Documents.

§32. NO UNWRITTEN AGREEMENTS.

     THE LOAN DOCUMENTS REPRESENT THE FINAL AGREEMENT BETWEEN THE PARTIES AND MAY NOT BE
CONTRADICTED BY EVIDENCE OF PRIOR, CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE PARTIES.
THERE ARE NO UNWRITTEN ORAL AGREEMENTS BETWEEN THE PARTIES. ANY ADDITIONAL TERMS OF THE AGREEMENT
BETWEEN THE PARTIES ARE SET FORTH BELOW.

§33. REPLACEMENT NOTES.

     Upon receipt of evidence reasonably satisfactory to Borrower of the loss, theft, destruction
or mutilation of any Note, and in the case of any such loss, theft or destruction, upon delivery of
an indemnity agreement reasonably satisfactory to Borrower or, in the case of any such mutilation,
upon surrender and cancellation of the applicable Note, Borrower will execute and deliver, in lieu
thereof, a replacement Note, identical in form and substance to the applicable Note and dated as of
the date of the applicable Note and upon such execution and delivery all references in the Loan
Documents to such Note shall be deemed to refer to such replacement Note.

§34. NO THIRD PARTIES BENEFITED.

     This Agreement and the other Loan Documents are made and entered into for the sole protection
and legal benefit of the Borrower, the Lenders, the Agent and their permitted successors and
assigns, and no other Person shall be a direct or indirect legal beneficiary of, or

106

 

have any direct or indirect cause of action or claim in connection with, this Agreement or any
of the other Loan Documents.

§35. HONORARY TITLES.

     Royal Bank of Canada, acting under the global brand name for its corporate and investment
banking businesses, “RBC Capital Markets” is appointed as Joint Lead Arranger, Book Manager and
Syndication Agent hereunder; further, Keybanc Capital Markets and JP Morgan Securities, Inc. are
each appointed as Joint Lead Arrangers and Book Managers, and further JPMorgan Chase Bank, N.A. is
appointed as Syndication Agent hereunder, and in such capacities, each such Person assumes no
responsibility or obligation hereunder, including, without limitation, for servicing, enforcement
or collection of any of the Loans, nor any duties as an agent hereunder for the Lenders. The
titles of “Joint Lead Arranger” “Book Manager” and “Syndication Agent” are solely honorific and
imply no fiduciary responsibility to the Agent, the Borrower or any Lender and the use of such
titles does not impose on such Person any duties or obligations greater than those of any other
Lender or entitle such Person to any rights other than those to which any other Lender is entitled.

§36. USA PATRIOT ACT NOTICE. Each Lender that is subject to the Act (as hereinafter
defined) and the Agent (for itself and not on behalf of any Lender) hereby notifies the Borrower
that pursuant to the requirements of the USA Patriot Act (Title III of Pub. L. 107-56 (signed into
law October 26, 2001)) (the “Act”), it is required to obtain, verify and record information
that identifies each Borrower, which information includes the name and address of such Borrower and
other information that will allow such Lender or the Agent, as applicable, to identify such
Borrower in accordance with the Act. Each Borrower agrees to provide any such information upon
request.

[SIGNATURES BEGIN ON FOLLOWING PAGE]

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     IN WITNESS WHEREOF, each of the undersigned have caused this Agreement to be executed by its
duly authorized representatives as of the date first set forth above.

	 	 	 	 	 	 	 	 	 
	 	 	BORROWER:	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	30 WEST PERSHING, LLC, a Missouri limited liability

company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	EPT DOWNREIT II, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	EPT HUNTSVILLE, INC., a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	EPT PENSACOLA, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	MEGAPEX FOUR, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 

108

 

	 	 	 	 	 	 	 	 	 
	 	 	WESTCOL CENTER, LLC, a Delaware limited liability
company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	EPT
MELBOURNE, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	ENTERTAINMENT PROPERTIES
TRUST, a Maryland real estate
investment trust	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	/s/ Mark A. Peterson	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 

109

 

	 	 	 	 	 	 	 
	LENDERS:	 	 	 	 
	 
	 	 	 	 	 	 
	KEYBANK NATIONAL ASSOCIATION, individually
as a Lender and as Agent	 		 	Loan Amount:

$40,000,000.00

Percentage: 18.60465%
	 
	 	 	 	 	 	 
	By:
	 	/s/ Jeffry M. Morrison	 	 	 	 
	Name:

	 	 

Jeffry M. Morrison
	 	 	 	 
	Title:
	 	Senior Banker	 	 	 	 
	 
	 	 	 	 	 	 
	JP MORGAN CHASE BANK, N.A.,

as a Lender	 	 	 	Loan Amount:

$40,000,000.00

Percentage: 18.60465%
	 
	 	 	 	 	 	 
	By:
	 	/s/ Mohammad Hasan	 	 	 	 
	Name:

	 	 

Mohammad Hasan
	 	 	 	 
	Title:
	 	Associate	 	 	 	 
	 
	 	 	 	 	 	 
	ROYAL BANK OF CANADA,

as a Lender	 	 	 	Loan Amount:

$40,000,000.00

Percentage: 18.60465%
	 
	 	 	 	 	 	 
	By:
	 	/s/
Dan LePage	 	 	 	 
	Name: Dan LePage	 	 	 	 
	Title: Authorized Signatory	 	 	 	 
	 
	 	 	 	 	 	 
	CITICORP NORTH AMERICA, INC.,

as a Lender	 	 	 	Loan Amount:

$25,000,000.00

Percentage: 11.62790%
	 
	 	 	 	 	 	 
	By:
	 	/s/
Ricardo James	 	 	 	 
	Name: Ricardo James	 	 	 	 
	Title: Director	 	 	 	 
	 
	 	 	 	 	 	 
	UMB BANK, N.A., 

as a Lender	 	 	 	Loan Amount:

$20,000,000.00

Percentage: 9.30233%
	 
	 	 	 	 	 	 
	By:
	 	/s/
Robert P. Elbert	 	 	 	 
	Name: Robert P. Elbert	 	 	 	 
	Title: Senior Vice President	 	 	 	 

110

 

	 	 	 	 	 	 	 
	BARCLAYS BANK PLC,

as a Lender	 	 	 	Loan Amount:

$20,000,000.00

Percentage: 9.30233%
	 
	 	 	 	 	 	 
	By:
	 	/s/
David Barton	 	 	 	 
	Name: David Barton	 	 	 	 
	Title: Director	 	 	 	 
	 
	 	 	 	 	 	 
	GOLDMAN SACHS LENDING PARTNERS LLC,

as a Lender	 		 	Loan Amount:

20,000,000.00

Percentage: 9.30233%
	 
	 	 	 	 	 	 
	By:
	 	/s/
Mark Walton	 	 	 	 
	Name: Mark Walton	 	 	 	 
	Title: Authorized Signatory	 	 	 	 
	 
	 	 	 	 	 	 
	BANK MIDWEST, N.A.,

as a Lender	 	 	 	Loan Amount

$10,000,000.00

Percentage: 4.65116%
	 
	 	 	 	 	 	 
	By:
	 	/s/
David L. Rambo	 	 	 	 
	Name: David L. Rambo	 	 	 	 
	Title: Sr. VP Commercial Lending	 	 	 	 

111

 

EXHIBIT B

REVOLVING CREDIT NOTE

			
	 	 	 
	$                    .00
	 	June ___, 2009

     FOR VALUE RECEIVED, the undersigned, 30 WEST PERSHING, LLC, a Missouri limited liability
company, ENTERTAINMENT PROPERTIES TRUST, a real estate investment trust, duly organized under the
laws of the state of Maryland, EPT DOWNREIT II, INC., a Missouri corporation, EPT HUNTSVILLE, INC.,
a Delaware corporation, EPT PENSACOLA, INC., a Missouri corporation, MEGAPLEX FOUR, INC., a
Missouri corporation, WESTCOL CENTER, LLC, a Delaware limited liability company, and EPT MELBOURNE,
INC., a Missouri corporation (severally, a “Borrower” and collectively, the
“Borrowers”), each with an address at c/o Entertainment Properties Trust, 30 Pershing Road,
Suite 201, Kansas City, MO 64108, jointly and severally hereby promises to pay to the order of
                                         (“Payee”) at the office of KEYBANK NATIONAL ASSOCIATION, a
national banking association, as Agent for the Lenders (“Agent”), in accordance with the
terms of that certain Amended and Restated Master Credit Agreement, dated as of June 30, 2009, as
from time to time in effect, among Borrowers, KeyBank National Association, for itself and as
Agent, and such other Lenders as may be from time to time named therein, (the “Credit
Agreement”), to the extent not sooner paid, on or before the Maturity Date, the principal sum
of                      and 00/100 Dollars ($                    .00), or such amount as may be advanced by the Payee
under the Credit Agreement as a Revolving Credit Loan with daily interest from the date thereof,
computed as provided in the Credit Agreement, on the principal amount hereof from time to time
unpaid, at a rate per annum on each portion of the principal amount which shall at all times be
equal to the rate of interest applicable to such portion in accordance with the Credit Agreement,
and with interest on overdue principal and, to the extent permitted by applicable law, on overdue
installments of interest and late charges at the rates provided in the Credit Agreement. Interest
shall be payable on the dates specified in the Credit Agreement, except that all accrued interest
shall be paid at the stated or accelerated maturity hereof or upon the prepayment in full hereof.
Capitalized terms used herein and not otherwise defined herein shall have the meanings set forth in
the Credit Agreement.

     Payments hereunder shall be made to the Agent for the Payee at 225 Franklin Street,
18th Floor, Boston, Massachusetts 02110.

     This Note is one of one or more Revolving Credit Notes evidencing borrowings under and is
entitled to the benefits and subject to the provisions of the Credit Agreement. The principal of
this Note may be due and payable in whole or in part prior to the Maturity Date and is subject to
mandatory prepayment in the amounts and under the circumstances set forth in the Credit Agreement,
and may be prepaid in whole or from time to time in part, all as set forth in the Credit Agreement.

     Notwithstanding anything in this Note to the contrary, all agreements between the undersigned
Borrowers and the Lenders and the Agent, whether now existing or hereafter arising

1

 

and whether
written or oral, are hereby limited so that in no contingency, whether by reason of acceleration of
the maturity of any of the Obligations or otherwise, shall the interest contracted for, charged or
received by the Lenders exceed the maximum amount permissible under applicable law. If, from any
circumstance whatsoever, interest would otherwise be payable to the Lenders in excess of the
maximum lawful amount, the interest payable to the Lenders shall be reduced to the maximum amount
permitted under applicable law; and if from any circumstance the Lenders shall ever receive
anything of value deemed interest by applicable law in excess of the maximum lawful amount, an
amount equal to any excessive interest shall be applied to the reduction of the principal balance
of the Obligations of the undersigned Borrowers or, if such excessive interest exceeds the unpaid
balance of principal of the Obligations of the undersigned Borrowers, such excess shall be refunded
to the undersigned Borrowers. All interest paid or agreed to be paid to the Lenders shall, to the
extent permitted by applicable law, be amortized, prorated, allocated and spread throughout the
full period until payment in full of the principal of the Obligations of the undersigned Borrowers
(including the period of any renewal or extension thereof) so that the interest thereon for such
full period shall not exceed the maximum amount permitted by applicable law.

     In case an Event of Default shall occur, the entire principal amount of this Note may become
or be declared due and payable in the manner and with the effect provided in said Credit Agreement.

     This Note shall be governed by and construed in accordance with the laws of the State of New
York (without giving effect to the conflict of laws rules of any jurisdiction other than New York
General Obligations Law, Section 5-1401).

     The undersigned Borrowers and all guarantors and endorsers hereby waive presentment, demand,
notice, protest, notice of intention to accelerate the indebtedness evidenced hereby, notice of
acceleration of the indebtedness evidenced hereby and all other demands and notices in connection
with the delivery, acceptance, performance and enforcement of this Note, except as specifically
otherwise provided in the Credit Agreement, and assent to extensions of time of payment or
forbearance or other indulgence without notice.

[SIGNATURES APPEAR ON FOLLOWING PAGE]

2

 

     IN WITNESS WHEREOF, the undersigned has duly executed this Note on the day and year first
above written.

	 	 	 	 	 	 	 	 	 
	 	 	 	 	30 WEST PERSHING, LLC

a Missouri limited liability company	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 	 	 
	Witness:

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	 	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EPT DOWNREIT II, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EPT HUNTSVILLE, INC., a Delaware corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EPT PENSACOLA, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	MEGAPLEX FOUR, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 

3

 

	 	 	 	 	 	 	 	 	 
	 	 	 	 	WESTCOL CENTER, LLC, a Delaware limited 
liability
company	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	EPT MELBOURNE, INC., a Missouri corporation	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 
	 
	 	 	 	 	 	 	 	 
	 	 	 	 	ENTERTAINMENT PROPERTIES TRUST

a Maryland real estate investment trust	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	By:	 	 	 	 
	 

	 	 	 	 	 	 	 	 
	Witness:	 	 	 	Name: Mark A. Peterson	 	 
	 	 	 	 	Title: Vice President and CFO	 	 

4

 

EXHIBIT H

FORM OF REQUEST FOR REVOLVING CREDIT LOAN

KeyBank National Association

225 Franklin Street, 18th Floor

Boston, Massachusetts 02110

Attn:                     

Ladies and Gentlemen:

     Pursuant to the provisions of §2.7 of the Amended and Restated Master Credit Agreement dated
as of June 30, 2009 (as the same may hereafter be amended, the “Credit Agreement”), among 30 WEST
PERSHING, LLC, EPT DOWNREIT II, INC., EPT HUNTSVILLE, INC., EPT PENSACOLA, INC., MEGAPLEX FOUR,
INC., WESTCOL CENTER, LLC, EPT MELBOURNE, INC. AND ENTERTAINMENT PROPERTIES TRUST (collectively,
the “Borrower”), KeyBank National Association for itself and as Agent, and the other Lenders from
time to time party thereto, the undersigned Borrower hereby requests and certifies as follows:

     1. Revolving Credit Loan. The undersigned Borrower hereby requests a [Revolving
Credit Loan under §2.1] of the Credit Agreement:

Principal Amount: $

Type (LIBOR Rate, Base Rate):

Drawdown Date:

Interest Period for LIBOR Rate Loans:

by credit to the general account of the Borrower with the Agent at the Agent’s Head Office.

     2. Use of Proceeds. Such Loan shall be used for the following purposes permitted by
§2.9 of the Credit Agreement:

[Describe]

     3. No Default. The undersigned chief financial officer or other financial officer of
Borrower certifies that the Borrower are and will be in compliance with all covenants under the
Loan Documents after giving effect to the making of the Loan requested hereby. No condemnation
proceedings are pending or, to the undersigned knowledge, threatened against any Borrowing Base
Property.

     4. Representations True. Each of the representations and warranties made by or on
behalf of the Borrower-SPE, EPR or its Subsidiaries, contained in the Credit Agreement, in the
other Loan Documents or in any document or instrument delivered pursuant to or in connection with
the Credit Agreement was true in all material respects as of the date on which it was made and at
and as of the Drawdown Date for the Loan requested hereby, with the same effect as if made at and
as of such Drawdown Date, except to the extent of changes resulting from transactions permitted by
the Loan Documents (it being understood and agreed that any

1

 

representation or warranty which by its terms is made as of a specified date shall be required
to be true and correct only as of such specified date), and no Default or Event of Default has
occurred and is continuing.

     5. Borrowing Base. Attached hereto is an updated Borrowing Base Certificate in the
form provided for under the Credit Agreement.

     6. Other Conditions. All other conditions to the making of the Loan requested hereby
set forth in the Credit Agreement have been satisfied.

     7. Definitions. Terms defined in the Credit Agreement are used herein with the
meanings so defined.

     IN WITNESS WHEREOF, the undersigned has duly executed this request this ___ day of
                    , 200_.

	 	 	 	 	 
	 	30 WEST PERSHING, LLC,

a Missouri limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT DOWNREIT II, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT HUNTSVILLE, INC., a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT PENSACOLA, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	MEGAPLEX FOUR, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	WESTCOL CENTER, LLC, a Delaware limited liability

company

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 

	 	 	 	 	 
	 	EPT MELBOURNE, INC., a Missouri corporation

 	 
	 	 	By: 	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 

	 	 	 	 	 
	 	ENTERTAINMENT PROPERTIES TRUST, a Maryland real estate investment trust

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 

3

 

EXHIBIT I

LETTER OF CREDIT REQUEST

4

 

EXHIBIT J

FORM OF BORROWING BASE CERTIFICATE

Date:                     , 20__

KeyBank National Association

225 Franklin Street, 18th Floor

Boston, Massachusetts 02110Attn:                     

Ladies and Gentlemen:

     This Certificate is furnished pursuant to §7.4(c) of the Amended and Restated Master Credit
Agreement dated as of June 30, 2009 (as the same may hereafter be amended from time to time, the
“Credit Agreement”) by and among 30 WEST PERSHING, LLC, a limited liability company duly
organized and validly existing under the laws of the State of Missouri (“Pershing”), EPT
DOWNREIT II, INC., a Missouri corporation (“EPT DownREIT”), EPT HUNTSVILLE, INC., a
Delaware corporation (“Huntsville”), EPT PENSACOLA, INC., a Missouri corporation
(“Pensacola”), MEGAPLEX FOUR, INC., a Missouri corporation (“Megaplex Four”),
WESTCOL CENTER, LLC, a Delaware limited liability company (“Westcol”) and EPT MELBOURNE,
INC., a Missouri corporation (“Melbourne”, and collectively, jointly and severally, with
Pershing, EPT DownREIT, Huntsville, Pensacola, Megaplex Four, Westcol and Melbourne are the
“Borrower-SPE”), and ENTERTAINMENT PROPERTIES TRUST, a real estate investment trust duly
organized and validly existing under the laws of the State of Maryland (“EPR”)
(individually and collectively, jointly and severally, Borrower-SPE, and EPR are referred to as
the “Borrower”), having its principal place of business at c/o Entertainment Properties
Trust, 30 Pershing Road, Suite 201, Kansas City, MO 64108, KEYBANK NATIONAL ASSOCIATION
(“KeyBank”) the other lending institutions which are or may become parties to this
Agreement as “Lenders” (each, individually, a “Lender”), pursuant to §18 (together
with KeyBank, the “Lenders”), and KEYBANK NATIONAL ASSOCIATION, as Agent for the Lenders
(the “Agent”).

     Unless otherwise defined herein, the terms used in this Certificate have the meanings given to
them in the Credit Agreement. I am duly authorized to deliver this Certificate and the attached
Schedule on behalf of the Borrower and hereby certify that the calculations made on said Schedule
are correct and accurate as of                      20___, and that as of the date hereof, and after giving
effect to the pending Loan or the issuance of any pending Letter of Credit, there exists and shall
not exist any violation of the Borrowing Base covenants as set forth in the Credit Agreement and
that Borrower is in compliance therewith.

     Borrower is providing the attached information to demonstrate compliance as of the date hereof
with the covenants described in the attachment hereto.

1

 

     IN WITNESS WHEREOF, the undersigned have duly executed this Borrowing Base Certificate this
___ day of ___, 200___.

	 	 	 	 	 
	 	30 WEST PERSHING, LLC,

a Missouri limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT DOWNREIT II, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT HUNTSVILLE, INC., a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT PENSACOLA, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	MEGAPLEX FOUR, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	WESTCOL CENTER, LLC, a Delaware limited liability

company

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT MELBOURNE, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	ENTERTAINMENT PROPERTIES TRUST, a Maryland real

estate investment trust

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 

3

 

EXHIBIT K

FORM OF COMPLIANCE CERTIFICATE

KeyBank National Association

225 Franklin Street, 18th Floor

Boston, Massachusetts 02110

Attn:                                         

Ladies and Gentlemen:

     Reference is made to the Amended and Restated Master Revolving Credit Agreement dated as of
June 30, 2009 (as the same may hereafter be amended, the “Credit Agreement”) by and among
30 WEST PERSHING, LLC, EPT DOWNREIT II, INC., EPT HUNTSVILLE, INC., EPT PENSACOLA, INC. MEGAPLEX
FOUR, INC., WESTCOL CENTER, LLC, EPT MELBOURNE, INC. and ENTERTAINMENT PROPERTIES TRUST
(collectively, the “Borrower”), KeyBank National Association for itself and as Agent, and
the other Lenders from time to time party thereto. Terms defined in the Credit Agreement and not
otherwise defined herein are used herein as defined in the Credit Agreement.

     Pursuant to the Credit Agreement, Borrower is furnishing to you herewith (or have most
recently furnished to you) the consolidated financial statement of Borrower and its Consolidated
Subsidiaries for the fiscal period ended                      (the “Balance Sheet Date”). Such
financial statement has been prepared in accordance with GAAP and presents fairly the consolidated
financial position of Borrower and its Consolidated Subsidiaries covered thereby at the date
thereof and the results of its operations for the periods covered thereby, subject in the case of
interim statements only to normal year-end audit adjustments.

     This certificate (including the attached schedule) is submitted in compliance with
requirements of §5.4(b), §7. 4(c), §7. 5(e), Article 9 or §10.12 of the Credit Agreement. If this
certificate is provided under a provision other than §7.4(c), the calculations provided below are
made using the consolidated financial statement of Borrower as of the Balance Sheet Date adjusted
in the best good faith estimate of Borrower to give effect to the making of a Loan, acquisition or
disposition of property or other event that occasions the preparation of this certificate; and the
nature of such event and the estimate of Borrower of its effects are set forth in reasonable detail
in an attachment hereto. The undersigned officer is the chief financial officer or other financial
officer of Borrower.

     The undersigned representatives have caused the provisions of the Loan Documents to be
reviewed and have no knowledge of any Default or Event of Default. (Note: If the signer does have
knowledge of any Default or Event of Default, the form of certificate should be revised to specify
the Default or Event of Default, the nature thereof and the actions taken, being taken or proposed
to be taken by the Borrower with respect thereto.)

     Borrower is providing the attached information to demonstrate compliance as of the date hereof
with the covenants described in the attachment hereto.

1

 

     IN WITNESS WHEREOF, the undersigned have duly executed this Compliance Certificate this                     
day of                                         , 200___.

	 	 	 	 	 
	 	30 WEST PERSHING, LLC,

a Missouri limited liability company

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 

	 	 	 	 	 
	 	EPT DOWNREIT II, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT HUNTSVILLE, INC., a Delaware corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT PENSACOLA, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	MEGAPLEX FOUR, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 

2

 

	 	 	 	 	 

	 	 	 	 	 
	 	WESTCOL CENTER, LLC, a Delaware limited liability

company

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	EPT MELBOURNE, INC., a Missouri corporation

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 
	 	ENTERTAINMENT PROPERTIES TRUST

a Maryland real estate investment trust

 	 
	 	By:  	 	 
	 	 	Name:  	Mark A. Peterson 	 
	 	 	Title:  	Vice President and CFO 	 
	 

3

 

EXHIBIT L

FORM OF ASSIGNMENT AND ACCEPTANCE AGREEMENT

     Reference is made to that certain Amended and Restated Master Credit Agreement dated as of
June 30, 2009, (as the same may be amended or modified from time to time, the “Credit
Agreement”), among 30 West Pershing, LLC, EPT DownREIT II, Inc., EPT Huntsville, Inc., EPT
Pensacola, Inc., Megaplex Four, Inc., Westcol Center, LLC, EPT Melbourne, Inc. and Entertainment
Properties Trust, (each, jointly and severally, a “Borrower”; collectively, the
“Borrowers”), the financial institutions party thereto, as lenders and KeyBank National
Association, for itself and as agent for the Lenders (in such capacity, the “Agent”).
Terms defined in the Credit Agreement are used herein with the same meanings.

1. The undersigned assignor (the “Assignor”) hereby sells and assigns, without recourse, to
the undersigned assignee (the “Assignee”), and the Assignee hereby purchases and assumes,
without recourse, from the Assignor, effective as of the effective date set forth below, the
interests set forth below (the “Assigned Interest”) in the Assignor’s rights and
obligations under the Credit Agreement, including, without limitation, the interests set forth
below in the Commitments of the Assignor on the effective date and the Loans including any Letters
of Credit owing to the Assignor which are outstanding on the effective date, together with unpaid
interest accrued on the assigned Loans or Letters of Credit to the effective date and the amount,
if any, set forth below of the fees accrued to the effective date for the account of the Assignor.
Each of the Assignor and the Assignee hereby makes and agrees to be bound by all the
representations, warranties and agreements set forth in the Credit Agreement, a copy of which has
been received by each such party. From and after the effective date (i) the Assignee shall be a
party to and be bound by the provisions of the Credit Agreement and, to the extent of the interest
assigned by this Assignment and Acceptance, have the rights and obligations of a Lender thereunder
and under the Loan Documents and (ii) the Assignor shall, to the extent of the interests assigned
by this Assignment and Acceptance, relinquish its rights and be released from its obligations under
the Credit Agreement.

2. This Assignment and Acceptance is being delivered to the Agent together with (i) any Notes
evidencing the Loans included in the Assigned Interest, (ii) if the Assignee is organized under the
laws of a jurisdiction outside the United States, such forms as may be required by the Agent, duly
completed and executed by such Assignee and (iii) if the Assignee is not already a Lender under the
Credit Agreement, an Administrative Questionnaire in the form of Exhibit L-1 to the Credit
Agreement.

3. THIS ASSIGNMENT AND ACCEPTANCE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK

Date of Assignment:

Legal Name of Assignor:

1

 

Legal Name of Assignee:

Assignee’s Address for Notices:

Effective date of Assignment (may not be fewer than 5 Business Days after the Date of Assignment):

Percentage Assigned of Commitments (set forth,

as a percentage of the Aggregate

Allocations:                     %

Principal Amount

Assigned: $

Fees Assigned (if any):

The terms set forth above are hereby agreed to:

	 	 	 	 	 
	 

	 	 	 	as Assignor
	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 
	 

	 	 	 	as Assignee
	 	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	Name:

	 	 

	 	 
	Title:

	 	 

	 	 
	 

	 	 

	 	 

2

 

EXHIBIT L-1

FORM OF ADMINISTRATIVE QUESTIONNAIRE

Please accurately complete the following information and return via FAX to the attention of
                                        , Director, Institutional Real Estate, KeyBank National Association, as soon as
possible.

Fax Number: (617) 385-6292

LEGAL NAME TO APPEAR IN DOCUMENTATION:

GENERAL INFORMATION — DOMESTIC LENDING OFFICE:

Institution Name:

Street Address:

City, State, Zip Code:

CONTACTS/NOTIFICATION METHODS:

CREDIT CONTACTS:

Primary Contact:

Street Address:

City, State, Zip Code:

Phone Number:

FAX Number:

Backup Contact:

Street Address:

City, State, Zip Code:

Phone Number:

FAX Number:

TAX WITHHOLDING:

Non Resident Alien           Y*

* Form 4224 Enclosed

Tax ID Number

3

 

CONTACTS/NOTIFICATION METHODS:

ADMINISTRATIVE CONTACTS — BORROWINGS, PAYDOWNS, INTEREST, FEES, ETC.

Contact:

Street Address:

City, State, Zip Code:

Phone Number:

FAX Number:

PAYMENT INSTRUCTIONS:

Name of Bank where funds are to be transferred:

Routing Transit/ABA number of Bank where funds are to be transferred:

Name of Account, if applicable:

Account Number:

Additional Information:

MAILINGS:

Please specify who should receive financial information:

Name:

Street Address:

City, State, Zip Code:

It is very important that all of the above information is accurately filled in and returned
promptly. If there is someone other than yourself who should receive this questionnaire, please
notify me of their name and FAX number and we will FAX them a copy of the questionnaire. If you
have any questions, please call me at (617) 385-6292.

PARTICIPANT INFORMATION

Participant Name:

Address:

Primary Contact:

Title:

Department:

Phone Number:

Facsimile 9:

Alternate Contact:

Phone Number:

Facsimile #:

Account Officer:

4

 

Phone Number:

Tax ID #:

Commitment Percentage:

Maximum Commitment:

Interest Rate and Fees:

WIRE INSTRUCTIONS TO YOUR BANK:

Bank Name:

Department Name:

ABA 9:

A/C #:

Attention:

Client Name/Ref

AGENT’S WIRE INSTRUCTIONS:

Name:

ABA 9:

A/C #: (to be assigned)

Tax ID #:

Attention:

Client Name/Ref

5EX-4.2

Exhibit 4.2

COLLATERAL PLEDGE AND SECURITY AGREEMENT

     THIS COLLATERAL PLEDGE AND SECURITY AGREEMENT, dated as of June
30, 2009 by and between THEATER SUB, INC., a limited liability company duly organized and
validly existing under the laws of the State of Missouri (the “Pledgor”), and KEYBANK,
NATIONAL ASSOCIATION, individually and as administrative agent (the “Agent”) for itself and
the lenders under the Credit Agreement described below (the “Lenders”), having an address
at 224 Franklin Street, 18th Floor, Boston, Massachusetts 02110. The Agent and the
Lenders are herein collectively referred to from time to time as the “Secured Parties.”

W I T N E S S E T H:

     WHEREAS, the Pledgor owns 100% of the stock of EPT DownREIT II, Inc., a Missouri corporation
(“EPT DownREIT”), all as listed on Schedule I attached hereto; and

     WHEREAS, EPT DownREIT, along with Entertainment Properties Trust, a real estate investment
trust duly organized and validly existing under the laws of the State of Maryland (“EPR”),
and certain other subsidiaries of EPR (jointly and severally the “Borrower”) are party to
that certain Amended and Restated Master Credit Agreement, dated as of the date hereof (as amended
from time to time, the “Credit Agreement”), by and among Borrower and the Secured Parties,
pursuant to which the Secured Parties agreed, subject to the terms and conditions set forth
therein, to make those certain Loans, as defined in the Credit Agreement (the “Loans”) to
the Borrower; and

     WHEREAS, the Pledgor is an affiliate of the Borrower and is a Guarantor of the Loans, pursuant
to that certain Limited Guaranty dated of even date herewith from Pledgor to Agent, on behalf of
the Lenders (the “Pledgor Guaranty”).

     WHEREAS, the obligation of the Lenders to make the Loans to the Borrower is subject to the
conditions, among others, that the Pledgor shall execute and deliver this Agreement and grant the
pledge and security interest hereinafter described, as security for the Pledgor Guaranty;

     NOW, THEREFORE, in consideration of the willingness of the Secured Parties to enter into the
Credit Agreement and of the Lenders to agree, subject to the terms and conditions set forth
therein, to make the Loans to the Borrower pursuant thereto, which benefits and furthers the
conduct, promotion and attainment of the business of the Pledgor and for other good and valuable
consideration, receipt of which is hereby acknowledged, it is hereby agreed as follows:

     1. Defined Terms. Except as otherwise expressly defined herein, all capitalized terms
shall have the meanings ascribed to them in the Credit Agreement.

     2. Security Interest. The Pledgor hereby pledges, assigns and grants a security
interest in, to the Agent for itself and for the ratable benefit of the other Secured Parties, all
of its right, title and interest (economic, non-economic, ownership and otherwise) in EPT DownREIT
(the “Pledged Entity”) as listed on Schedule I attached hereto (the “Pledged
Collateral”) (together with the appropriate powers duly endorsed in blank), including without
limitation any of (i) the Pledgor’s interest (whether direct or indirect) in the property of the
Pledged Entity, (ii)

 

 

the Pledgor’s interest in the capital of the Pledged Entity, (iii) the Pledgor’s right to
receive dividends or distributions by the Pledged Entity(whether in cash or in property and whether
during the continuation of or on account of liquidation of the Pledged Entity) and (iv) all other
of the Pledgor’s rights in the Pledged Collateral and any and all income or proceeds therefrom, and
the Pledgor hereby grants to the Agent for itself and for the ratable benefit of the other Secured
Parties a security interest in all of the Pledged Collateral as security for the due and punctual
payment and performance of the Secured Obligations described in Section 3 hereof.

     3. Secured Obligations.  The security interest hereby granted shall secure the due and
punctual payment and performance of the following liabilities and obligations of the Borrower
(herein called the “Secured Obligations”):

          (a) Principal of and premium, if any, and interest on the Loans;

          (b) Any and all other obligations of any Borrower to the Secured Parties under the Credit
Agreement or any Loan Document or under any agreement or instrument relating thereto, all as
amended from time to time, including without limitation any hedging agreement entered into in
connection with the Credit Agreement or any Loan Document; and

          (c) Any and all other fees, premiums, penalties, guaranteed obligations, liabilities,
undertakings and Indebtedness of any Borrower to the Secured Parties or any of them, whether direct
or indirect, absolute or contingent, due or to become due, or now existing or hereafter arising,
including, without limitation, any costs and expenses (including without limitation reasonable
attorneys’ fees) incurred by the Secured Parties or any of them in attempting to collect or enforce
any of the forgoing, in each case arising under or otherwise related to this Agreement, the Credit
Agreement and/or any of the other Loan Documents.

     4. Special Warranties and Covenants of the Pledgor. The Pledgor hereby warrants and
covenants to the Secured Parties with respect to the Pledged Collateral that:

          (a) The Pledged Collateral is duly and validly pledged with the Agent for the benefit of the
Secured Parties in accordance with law and, assuming the Lenders and/or the Agent have taken the
steps necessary to perfect their security interests under the Loan Documents, the Agent for the
benefit of the Secured Parties has a perfected security interest in such Pledged Collateral (which
perfected security interest is a first priority security interest with respect to all Pledged
Collateral), and the Pledgor warrants and will defend the Secured Parties’ right, title and
security interest in and to the Pledged Collateral against the claims and demands of all Persons
whomsoever, except as permitted by the Credit Agreement.

          (b) The Pledgor has good title to the Pledged Collateral, free and clear of all Liens.

          (c) All of the Pledged Collateral has been duly and validly issued and is fully paid and
nonassessable.

          (d) The Pledged Collateral constitutes all of Pledgor’s entire right, title and interest
(economic, non-economic, ownership and otherwise) in the amount and percentage of shares of the
presently issued ownership interest of each Pledged Entity, as set forth on Schedule I.

2

 

          (e) If any additional ownership interests of any class of any Pledged Entity or other equity
securities of any Pledged Entity are acquired by the Pledgor after the date hereof, all of the
Pledgor’s right, title and interest in same shall constitute Pledged Collateral and shall be
deposited with and pledged to the Agent for itself and for the benefit of the other Secured Parties
as provided in Section 2 hereof simultaneously with such acquisition.

          (f) The Pledgor will not sell, convey or otherwise dispose of any of the Pledged Collateral,
nor will the Pledgor create, incur or permit to exist any Lien with respect to any of the Pledged
Collateral or the proceeds thereof, other than Liens with respect to the Pledged Collateral created
hereby or Liens which are otherwise permitted under the Loan Documents and except as permitted by
the Credit Agreement.

          (g) The Pledgor will not consent to or approve the issuance of any ownership interests of any
class of any Pledged Entity, except for the issuance of ownership interests to the Pledgor as
permitted by and in accordance with the terms of the Credit Agreement, provided that any such
additional ownership interests shall be deposited with and pledged to the Agent for itself and for
the benefit of the other Secured Parties simultaneously with such issuance as provided in
Section 2 hereof.

          Notwithstanding the foregoing, except as expressly stated in the Credit Agreement or this
Agreement, Pledgor makes no representation or warranty to Lender, Agent or any transferee of the
Pledged Collateral, regarding the merits or risks of an investment in the Pledged Collateral.

     5. Dividends, Distributions and Voting, etc. Provided there exists no Event of Default
(defined below) and except as expressly stated in the Credit Agreement or this Agreement, all cash
remaining after meeting the Loan Debt Service requirements and any other requirements as may be
required pursuant to the Credit Agreement, may be distributed to Pledgor in the ordinary course.
If an Event of Default exists upon the dissolution, winding up, liquidation or reorganization of
the Borrower whether in bankruptcy, insolvency or receivership proceedings or upon an assignment
for the benefit of creditors or any other marshaling of the assets and liabilities of the Borrower
or otherwise, and any sum shall be paid or any property shall be distributed upon or with respect
to any of the Pledged Collateral, such sum shall be paid over to the Agent for the benefit of the
Secured Parties as collateral security for the Secured Obligations. In case any dividend shall be
declared on any of the Pledged Collateral payable in ownership interests, or any share of ownership
interest or fraction thereof shall be issued pursuant to any split involving any of the Pledged
Collateral, or, if an Event of Default exists, any dividends and distribution of capital or profits
shall be made on any of the Pledged Collateral, or any property shall be distributed upon or with
respect to the Pledged Collateral, all right, title and interest in the ownership interest, the
cash or other property so distributed shall be delivered to the Agent to be held for the benefit of
the Secured Parties as collateral security for or to be applied towards payment of the Secured
Obligations, as applicable.

     So long as no Default or Event of Default shall have occurred and be continuing, the Pledgor
shall be entitled to vote the ownership interests in each Pledged Entity and to give consents,
waivers and ratifications in respect of the ownership interests in each Pledged Entity;
provided, however, that no vote shall be cast or consent, waiver or ratifications
be given by the

3

 

Pledgor if the effect thereof would be to impair any of the Pledged Collateral or be inconsistent
with or result in any violation of any of the provisions in the Credit Agreement or the notes and
other documents executed or delivered in connection therewith. All such rights of the Pledgor to
vote and give consents, waivers and ratifications with respect to the ownership interests in the
Pledged Entity shall, at the Agent’s option, as evidenced by the Agent’s notifying the Pledgor of
such election, cease in case an Event of Default shall have occurred and be continuing.

     6. Events of Default. The occurrence of any of the following events or conditions
shall constitute a default hereunder (herein called “Events of Default”):

          (a) Default shall be made in the due and punctual payment of any principal of or premium, if
any, or interest on any of the Secured Obligations as and when the same shall become due and
payable (whether at maturity or at a date fixed for any prepayment or installment or by declaration
or acceleration or otherwise) and such default shall continue beyond the expiration of the
applicable period of grace, if any;

          (b) The breach, violation or other non-performance of any term, covenant, condition, agreement
or obligation of Pledgor contained herein which is not cured within thirty (30) days’ after written
notice thereof; or

          (c) Any Event of Default as defined or provided in the Credit Agreement shall occur.

     7. Rights and Remedies of Secured Parties. Upon the occurrence of any Event of
Default, such Event of Default not having previously been waived, remedied or cured, the Secured
Parties shall have the following rights and remedies:

          (a) All rights and remedies provided by law, including, without limitation, those provided by
the Uniform Commercial Code;

          (b) All rights and remedies provided in this Agreement; and

          (c) All rights and remedies provided in the Credit Agreement or in the other Loan Documents,
or in any other agreement, document or instrument pertaining to the Secured Obligations.

     8. Right to Transfer into Name of Agent, etc. Upon the occurrence and during the
continuation of an Event of Default, but subject to the provisions of Section 10 hereof and
of the Uniform Commercial Code or other applicable law, including applicable securities laws, the
Agent may cause all or any of the Pledged Collateral to be transferred into its name or into the
name of its nominee or nominees. So long as no Event of Default shall exist and be continuing and
subject to the terms and conditions of the Loan Documents, the Pledgor shall be entitled to
exercise, as the Pledgor shall deem fit, but in a manner not inconsistent with the terms hereof or
of the Secured Obligations, the voting power and all other rights with respect to the Pledged
Collateral.

     9. Additional Rights of Agent. Upon the occurrence and during the continuation of an
Event of Default, the Agent for the benefit of the Secured Parties shall be entitled to receive

4

 

from the Pledgor and retain, as collateral security for or applied to the payment of the
Secured Obligations, as applicable, any and all dividends or other distributions at any time and
from time to time declared or made upon any of the Pledged Collateral, and to exercise any and all
rights of payment, conversion, exchange, subscription or any other rights, privileges or options
pertaining to the Pledged Collateral as if it were the absolute owner thereof, including, without
limitation, the right to exchange, at its discretion and for equivalent rights, any and all of the
Pledged Collateral upon the merger, consolidation, reorganization, recapitalization or other
readjustment of the Borrower or, upon the exercise of any such right, privilege or option
pertaining to the Pledged Collateral, and in connection therewith, to deposit and deliver any and
all of the Pledged Collateral with any committee, depositary, transfer agent, registrar or other
designated agency upon such terms and conditions as the Agent may determine, all without liability
except to account for property actually received, but the Agent shall have no duty to exercise any
of the aforesaid rights, privileges or options and shall not be responsible for any failure to do
so or delay in so doing. The Pledgor hereby agrees to execute and deliver to the Agent for the
benefit of the Secured Parties such additional powers, authorizations, proxies and other such
documents as the Agent may reasonably request to accomplish the purposes of Sections 8 and
9 hereof.

     10. Right of Agent to Dispose of Collateral, etc. 

          (a) Upon the occurrence of an Event of Default, such Event of Default not having previously
been waived, remedied or cured, the Agent shall have the right at any time or times thereafter to
sell, resell, assign and deliver all or any of the Pledged Collateral at any exchange or broker’s
board or at public or private sale, and apply the proceeds to the payment of the Secured
Obligations. Unless the Pledged Collateral is perishable or threatens to decline speedily in value
or is of a type customarily sold on a recognized market, the Agent will give the Pledgor at least
ten (10) days’ prior written notice in accordance with Section 20 hereof of the time and
place of any public sale thereof or of the time after which any private sale or any other intended
disposition of any of the Pledged Collateral is to be made. Any such notice shall be deemed to
meet any requirement hereunder or under any applicable law (including the Uniform Commercial Code)
that reasonable notification be given of the time and place of such sale or other disposition.
Such notice may be given without any demand of performance or other demand, all such demands being
hereby expressly waived by the Pledgor. Such sale or other disposition may be by public or private
proceedings and may be made by way of one or more contracts, as a unit or in portions, at such time
and place, by such method, in such manner, and on such terms as the Agent may reasonably determine.
At any bona fide public sale the Agent shall be free to purchase all or any part of any or all of
the Pledged Collateral. The Pledgor recognizes that the Agent may be unable to effect a public
sale of all or any part of the Pledged Collateral by reason of certain prohibitions contained in
the Securities Act of 1933, as amended (the “Securities Act”) or otherwise but may be
compelled to resort to one or more private sales to a restricted group of purchasers, each of whom
will be obligated to agree, among other things, to acquire all or any part of such Pledged
Collateral for its own account, for investment and not with a view to the distribution or resale
thereof. The Pledgor acknowledges that private sales so made may be at prices and upon other terms
less favorable to the seller than if such Pledged Collateral was sold at public sales without such
restrictions, and that the Agent has no obligation to delay sale of all or any part of such Pledged
Collateral for the period of time necessary to permit such Pledged Collateral to be registered for
public sale under the Securities Act. The Pledgor agrees that any such private sales shall not be
deemed to have been made in a

5

 

commercially unreasonable manner solely because they shall have been made under the foregoing
circumstances.

          (b) The proceeds of any sale or other disposition of all or any part of the Pledged
Collateral, together with any cash held as collateral hereunder, shall be applied by the Agent in
accordance with the Credit Agreement.

          (c) The receipt of the Agent for the purchase money paid at any sale shall be a sufficient
discharge therefor to any purchaser of the Pledged Collateral or other collateral sold. No such
purchaser, after paying such purchase money and receiving such receipt, shall be bound to see to
the application of such purchase money or any part thereof, or in any manner be answerable for any
loss, misapplication or non-application of any such purchase money, or any part thereof, or be
bound to inquire as to the authorization, necessity, expediency or regularity of any such sale.

     11. Collection of Amounts Payable on Account of Pledged Collateral, etc. Upon the
occurrence and during the continuance of any Event of Default, such Event of Default not having
previously been waived, remedied or cured, the Agent may, but without obligation to do so, demand,
sue for and/or collect any money or property at any time due, payable or receivable, to which it
may be entitled hereunder, on account of or in exchange for any of the Pledged Collateral and,
subject to the terms hereof, shall have the right, for and in the name, place and stead of the
Pledgor, to execute endorsements, assignments or other instruments of conveyance or transfer with
respect to all or any of the Pledged Collateral.

     12. Credit Agreement. Notwithstanding any other provision of this Agreement, the
rights of the parties hereunder are subject to the provisions of the Credit Agreement, including
the provisions thereof pertaining to the rights and responsibilities of the Agent. In the event
that any provision of this Agreement is in conflict with the terms of the Credit Agreement, the
Credit Agreement shall control. Unless the context shall otherwise clearly indicate, the terms
“Secured Party” and “Secured Parties” as used herein shall be deemed to include the Agent acting on
behalf of the Secured Parties pursuant to the Credit Agreement. The term “Agent” as used herein
shall include KeyBank National Association or any other Person acting as Agent for the Secured
Parties pursuant to the terms of the Credit Agreement.

     13. Care of Pledged Collateral in Agent’s Possession. Beyond the exercise of
reasonable care to assure the safe custody of the Pledged Collateral and the proceeds thereof while
held hereunder, the Agent shall have no duty or liability to collect any sums due in respect
thereof or to protect or preserve rights pertaining thereto, and shall be relieved of all
responsibility for the Pledged Collateral upon surrendering the same to the Pledgor.

     14. Proceeds of Collateral. The proceeds of any sale or sales of the Pledged
Collateral, together with any other additional collateral security at the time received and held
hereunder, shall be received and applied in accordance with the Credit Agreement. In the event the
proceeds of any sale, lease or other disposition of the Pledged Collateral and any other Collateral
under the Loan Documents hereunder are insufficient to pay all of the Secured Obligations in full,
the Borrower will be liable for the deficiency, together with interest thereon at the maximum rate
provided in the Credit Agreement, and the cost and expenses of collection

6

 

of such deficiency, including (to the extent permitted by law), without limitation, reasonable
attorneys’ fees, expenses and disbursements.

     15. Waivers, etc. The Pledgor hereby waives presentment, demand, notice, protest and,
except as is otherwise provided herein, all other demands and notices in connection with this
Agreement or the enforcement of the Secured Parties’ rights hereunder or in connection with any
Secured Obligations or any Pledged Collateral; consents to and waives notice of the granting of
renewals, extensions of time for payment or other indulgences to the Borrower or the Pledgor or to
any third party, or substitution, release or surrender of any collateral security for any Secured
Obligation, the addition or release of Persons primarily or secondarily liable on any Secured
Obligation or on any collateral security for any Secured Obligation, the acceptance of partial
payments on any Secured Obligation or on any collateral security for any Secured Obligation and/or
the settlement or compromise thereof. No delay or omission on the part of the Secured Parties in
exercising any right hereunder shall operate as a waiver of such right or of any other right
hereunder. Any waiver of any such right on any one occasion shall not be construed as a bar to or
waiver of any such right on any future occasion. The Pledgor further waives any right it may have
under the laws of the State of New York, under the laws of any state in which any of the Pledged
Collateral may be located or which may govern the Pledged Collateral, or under the laws of the
United States of America, to notice (other than any requirement of notice provided herein or in any
other Loan Documents) or to a judicial hearing prior to the exercise of any right or remedy
provided by this Agreement to the Agent or the Secured Parties and waives its rights, if any, to
set aside or invalidate any sale duly consummated in accordance with the foregoing provisions
hereof on the grounds (if such be the case) that the sale was consummated without a prior judicial
hearing. The Pledgor’s waivers under this Section have been made voluntarily, intelligently and
knowingly and after the Pledgor has been apprised and counseled by its attorneys as to the nature
thereof and its possible alternative rights.

     16. Termination; Assignments, etc. This Agreement and the security interest in the
Pledged Collateral shall terminate: (i) when all the Secured Obligations have been paid in full
and have been terminated or Borrower shall have no further obligations with respect to said Secured
Obligations, or (ii) upon such earlier time as set forth in the Credit Agreement. No waiver by the
Agent or by any other holder of Secured Obligations of any default shall be effective unless in
writing nor operate as a waiver of any other default or of the same default on a future occasion.
In the event of a sale or assignment by any Secured Party of all or any of the Secured Obligations
held by it, any Secured Party may assign or transfer its rights and interest under this Agreement
in whole or in part to the purchaser or purchasers of such Secured Obligations, whereupon such
purchaser or purchasers shall become vested with all of the powers and rights of a Secured Party
hereunder. If and to the extent that any Secured Party retains any portion of the Secured
Obligations or interest in any Interest or Collateral, such Secured Party will continue to have the
rights and powers set forth herein with respect thereto.

     17. Reinstatement. Notwithstanding the provisions of Section 16, this
Agreement shall continue to be effective or be reinstated, as the case may be, if at any time any
amount received by any Secured Party in respect of the Secured Obligations is rescinded or must
otherwise be restored or returned by any such Secured Party upon the insolvency, bankruptcy,
dissolution, liquidation or reorganization of the Borrower, the Pledgor or upon the appointment of
any intervenor or conservator of, or trustee or similar official for, the Borrower or the Pledgor,

7

 

or any substantial part of their respective properties, or otherwise, all as though such
payments had not been made.

     18. Governmental Approvals, etc. Upon the exercise by the Agent of any power, right,
privilege or remedy pursuant to this Agreement which requires any consent, approval, qualification
or authorization of any governmental authority or instrumentality, the Pledgor will execute and
deliver, or will cause the execution and delivery of, all applications, certificates, instruments
and other documents and papers that the Agent or any Secured Party may be required to obtain for
such governmental consent, approval, qualification or authorization, provided nothing in this
Agreement or the Credit Agreement shall require any registration or qualification for public sale
or otherwise under the Federal or any State Securities Laws or the perfection of any exemption from
such registration..

     19. Restrictions on Transfer, etc. To the extent that any restrictions imposed by the
organizational documents of any Pledged Entity would in any way affect or impair the pledge of the
Pledged Collateral hereunder or the exercise by the Agent of any right granted hereunder,
including, without limitation, the right of the Agent to dispose of the Pledged Collateral upon the
occurrence of any Event of Default, each Pledged Entity hereby waives such restrictions and the
Pledgor hereby agrees that it will take any further action which the Agent may reasonably request
in order that the Agent may obtain and enjoy the full rights and benefits granted to the Agent by
this Agreement free of any such restrictions.

     20. Notices. Except as otherwise provided herein, all notices and other
communications provided for herein shall be in writing and shall be delivered by hand or overnight
courier service, mailed by certified or registered mail or sent by telephonic facsimile (fax), as
follows:

          (a) if to the Pledgor:

c/o Entertainment Properties Trust

30 Pershing Road, Suite 201

Kansas City, MO 64108

Attention: Mark A. Peterson, Vice President and CFO; and

Gregory K. Silvers, Esq. Vice President and General Counsel

Fax No. (816) 472-5794

With a copy to:

Stinson Morrison Hecker LLP

1201 Walnut Street, Suite 2900

Kansas City, Missouri 64106

Attn: Mark Ovington, Esq. and

Jack A. Bowling, Esq.

Fax No. (816) 412-8148

8

 

          (b) if to the Pledged Entity:

 c/o Entertainment Properties Trust

 30 Pershing Road, Suite 201

 Kansas City, MO 64108

 Attention Mark A. Peterson, Vice President and CFO; and

Gregory K. Silvers, Esq. Vice President and

General Counsel

Fax No. (816) 472-5794

 With a copy to:

 Stinson Morrison Hecker LLP

 1201 Walnut Street, Suite 2900

 Kansas City, Missouri 64106

 Attn: Mark Ovington, Esq. and

 Jack A. Bowling, Esq.

 Fax No. (816) 412-8148

          (c) if to the Agent, to

 KeyBank National Association

 225 Franklin Street, 18th Floor

 Boston, Massachusetts 02110

 Attention: KeyBank Institutional Real Estate,

 Fax No. (617) 385-6292

 With a copy to:

 Burns & Levinson LLP

 125 Summer Street

 Boston, Massachusetts 02110

 Attention: Frank A. Segall, Esq.

 Fax No. (617) 345-3299.

          Any party hereto may change its address or fax number for notices and other communications
hereunder by notice to the other parties hereto. All notices and other communications given to any
party hereto in accordance with the provisions of this Agreement shall be deemed to have been given
on the date of receipt.

     21. Miscellaneous.

          (a) All rights of the Secured Parties hereunder shall inure to the benefit of their successors
and assigns, and this Agreement shall bind the Pledgor’s successors and assigns. The term “Secured
Party” shall be deemed to include any other holder or holders of the Secured Obligations.

9

 

          (b) This Agreement may be executed in any number of counterparts, and by the different parties
hereto on separate counterparts, each of which when so executed and delivered shall be an original,
but all of which together shall constitute one and the same instrument.

          (c) If any provision hereof shall be invalid or unenforceable in any respect or in any
jurisdiction, the remaining provisions hereof shall remain in full force and effect and shall be
enforceable to the maximum extent permitted by law.

          (d) No consent, approval or waiver hereunder shall be binding unless in writing.

          (e) The pronouns used in this Agreement shall be construed as neuter, masculine or feminine,
and as singular or plural, as the occasion may require.

     22. Governing Law; Jurisdiction; Waiver of Jury Trial. This Agreement, including the
validity hereof and the rights and obligations of the parties hereunder, shall be construed in
accordance with and governed by the laws of the State of New York. The Pledgor, to the extent that
it may lawfully do so, hereby consents to service of process, and to be sued, in the State of New
York and consents to the jurisdiction of the courts of the State of New York and the United States
District Court for the District of New York, as well as to the jurisdiction of all courts to which
an appeal may be taken from such courts, for the purpose of any suit, action or other proceeding
arising out of any of its obligations hereunder or with respect to the transactions contemplated
hereby, and expressly waives any and all objections it may have as to venue in any such courts.
The Pledgor further agrees that a summons and complaint commencing an action or proceeding in any
of such courts shall be properly served and shall confer personal jurisdiction if served personally
or by certified mail to it in accordance with Section 20 hereof or as otherwise provided
under the laws of the State of New York. Nothing in this Agreement shall affect any right the
Agent or any Secured Party may otherwise have to bring an action or proceeding relating to this
Agreement against the Pledgor or its properties in the courts of any jurisdiction. THE PLEDGOR
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY SUIT, ACTION OR OTHER PROCEEDING INSTITUTED
BY OR AGAINST SUCH PLEDGOR IN RESPECT OF ITS OBLIGATIONS HEREUNDER OR THE TRANSACTIONS CONTEMPLATED
HEREBY.

[REMAINDER OF PAGE INTENTIONALLY LEFT BLANK]

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     IN WITNESS WHEREOF, the parties have executed this Pledge Agreement as a sealed instrument as
of the date first above written.

	 	 	 	 	 
	 	PLEDGOR:

THEATRE SUB, INC.
 	 
	 	By: 	/s/ Mark A. Peterson	 
	 	Name:  	Mark A. Peterson 	 
	 	Title:  	Vice President and CFO 	 
	 
	 	SECURED PARTIES:

KEYBANK NATIONAL ASSOCIATION, individually 

and as Agent for the Secured Parties
 	 
	 	By:  	/s/
Jeffry M. Morrison 	 
	 	Name:  	Jeffry M. Morrison 	 
	 	Title:  	Vice President, Institutional Capital Group 	 
	 

	 	 	 	 	 
	 	ACKNOWLEDGED BY:

EPT DOWNREIT II, INC.
 	 
	 	By:  	/s/
Mark A. Peterson 	 
	 	Name:  	Mark A. Peterson 	 
	 	Title:  	Vice President and CFO 	 
	 

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SCHEDULE I

(to Pledge Agreement)

PLEDGED COLLATERAL

	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	No. of	 	Percentage of	 	Certificate
	Issuer	 	Description	 	Shares	 	Shares Outstanding	 	No.(s)
	EPT DownREIT II, Inc.
	 	Common Stock	 	 	100	 	 	 	100	%	 	 	3

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