Commission Uses in No Recourse Against Others Clause

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture") , dated as of September 30, 2016, among Early Childhood Education, LLC, a Delaware limited liability company, EPT Arroyo, Inc., a Delaware corporation, EPT Auburn, Inc., a Delaware corporation, EPT Columbiana, Inc., a Delaware corporation, EPT Lafayette, Inc., a Delaware corporation, EPT Macon, Inc., a Delaware corporation, EPT Modesto, Inc., a Delaware corporation, and EPT Wilmington, Inc., a Delaware corporation (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and UMB Bank, n.a., as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture") , dated as of September 30, 2016, among Early Childhood Education, LLC, a Delaware limited liability company, EPT Arroyo, Inc., a Delaware corporation, EPT Auburn, Inc., a Delaware corporation, EPT Columbiana, Inc., a Delaware corporation, EPT Lafayette, Inc., a Delaware corporation, EPT Macon, Inc., a Delaware corporation, EPT Modesto, Inc., a Delaware corporation, and EPT Wilmington, Inc., a Delaware corporation (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and U.S. Bank National Association, as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture"), dated as of September 30, 2016, among Early Childhood Education, LLC, a Delaware limited liability company, EPT Arroyo, Inc., a Delaware corporation, EPT Auburn, Inc., a Delaware corporation, EPT Columbiana, Inc., a Delaware corporation, EPT Lafayette, Inc., a Delaware corporation, EPT Macon, Inc., a Delaware corporation, EPT Modesto, Inc., a Delaware corporation, and EPT Wilmington, Inc., a Delaware corporation (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust formerly known as Entertainment Properties Trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and U.S. Bank National Association, as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture"), dated as of September 30, 2016, among Early Childhood Education, LLC, a Delaware limited liability company, EPT Arroyo, Inc., a Delaware corporation, EPT Auburn, Inc., a Delaware corporation, EPT Columbiana, Inc., a Delaware corporation, EPT Lafayette, Inc., a Delaware corporation, EPT Macon, Inc., a Delaware corporation, EPT Modesto, Inc., a Delaware corporation, and EPT Wilmington, Inc., a Delaware corporation (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust formerly known as Entertainment Properties Trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and UMB Bank, n.a., as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture"), dated as of May 25, 2016, among EPT Aliso Viejo, Inc., a Delaware corporation, EPT Davie, Inc., a Delaware corporation, EPT Hurst, Inc., a Delaware corporation, EPT Mesa, Inc., a Delaware corporation, EPT Concord II, LLC, a Delaware limited liability company, Adelaar Developer, LLC, a Delaware limited liability company, and EPR Karting, LLC, a Delaware limited liability company (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust formerly known as Entertainment Properties Trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and U.S. Bank National Association, as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture") , dated as of May 25, 2016, among EPT Aliso Viejo, Inc., a Delaware corporation, EPT Davie, Inc., a Delaware corporation, EPT Hurst, Inc., a Delaware corporation, EPT Mesa, Inc., a Delaware corporation, EPT Concord II, LLC, a Delaware limited liability company, Adelaar Developer, LLC, a Delaware limited liability company, and EPR Karting, LLC, a Delaware limited liability company (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and UMB Bank, n.a., as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture") , dated as of May 25, 2016, among EPT Aliso Viejo, Inc., a Delaware corporation, EPT Davie, Inc., a Delaware corporation, EPT Hurst, Inc., a Delaware corporation, EPT Mesa, Inc., a Delaware corporation, EPT Concord II, LLC, a Delaware limited liability company, Adelaar Developer, LLC, a Delaware limited liability company, and EPR Karting, LLC, a Delaware limited liability company (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and U.S. Bank National Association, as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture"), dated as of May 25, 2016, among EPT Aliso Viejo, Inc., a Delaware corporation, EPT Davie, Inc., a Delaware corporation, EPT Hurst, Inc., a Delaware corporation, EPT Mesa, Inc., a Delaware corporation, EPT Concord II, LLC, a Delaware limited liability company, Adelaar Developer, LLC, a Delaware limited liability company, and EPR Karting, LLC, a Delaware limited liability company (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust formerly known as Entertainment Properties Trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and UMB Bank, n.a., as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture"), dated as of September 28, 2015, among EPR Tuscaloosa, LLC, a Delaware limited liability company, EPT Boise, Inc., a Delaware corporation, EPT Deer Valley, Inc., a Delaware corporation, EPT Hamilton, Inc., a Delaware corporation, EPT Little Rock, Inc., a Delaware corporation, EPT Pompano, Inc., a Delaware corporation, and EPT Raleigh Theatres, Inc., a Delaware corporation (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust formerly known as Entertainment Properties Trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and UMB Bank, n.a., as trustee under the Indenture referred to below (the "Trustee").

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

No Recourse Against Others from Supplemental Indenture

Supplemental Indenture (this "Supplemental Indenture"), dated as of September 28, 2015, among EPR Tuscaloosa, LLC, a Delaware limited liability company, EPT Boise, Inc., a Delaware corporation, EPT Deer Valley, Inc., a Delaware corporation, EPT Hamilton, Inc., a Delaware corporation, EPT Little Rock, Inc., a Delaware corporation, EPT Pompano, Inc., a Delaware corporation, and EPT Raleigh Theatres, Inc., a Delaware corporation (each, a "Guaranteeing Subsidiary" and, collectively, the "Guaranteeing Subsidiaries"), EPR Properties, a Maryland real estate investment trust (the "Issuer"), the other Guarantors (as defined in the Indenture referred to below), and U.S. Bank National Association, as trustee under the Indenture referred to below (the "Trustee").

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