Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 46

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 46
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 which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of such Issuer under the notes and the indenture pursuant to agreements reasonably satisfactory to the trustee; and |

| (3) | immediately after such transaction no default or event of default exists with respect to the notes. |

The Guarantor may not, directly or indirectly: (x) consolidate or merge with or into another Person (whether or not the Guarantor is the surviving corporation); or (y) sell, assign, transfer, convey or otherwise dispose of all or S-27

substantially all of the properties or assets of the Guarantor and its Subsidiaries taken as a whole to another Person unless:

| (1) | either (a) the Guarantor is the surviving corporation; or (b) the Person formed by or surviving any                                                                                                                                                  
 such consolidation or merger (if other than the Guarantor) or to which such sale, assignment, transfer, conveyance or other disposition has been made is a Person organized or existing under the laws of the United States, any state of the United 
 States or the District of Columbia;                                                                                                                                                                                                                  |

| (2) | the Person formed by or surviving any such consolidation or merger (if other than the Guarantor) or the Person                                                                                                                            
 to which such sale, assignment, transfer, conveyance or other disposition has been made assumes all the obligations of the Guarantor under the notes and the indenture pursuant to agreements reasonably satisfactory to the trustee; and |

| (3) | immediately after such transaction no default or event of default exists with respect to the notes. |

Upon any sale, assignment, transfer, conveyance or other disposition of all or substantially all of an Issuer’s or the Guarantor’s, as applicable, and its Subsidiaries’ assets, taken as a whole, in compliance with the provisions of this “Consolidation, Merger and Sale of Assets” covenant, such Issuer or the Guarantor, as applicable, will be released from the obligations under the notes or its guarantee, respectively, and the indenture except with respect to any obligations that arise from, or are related to, such transaction. This “Consolidation, Merger and Sale of Assets” covenant will not apply to:

| (1) | a merger, consolidation, sale, assignment, transfer, conveyance or other disposition of assets between or among 
 the Guarantor, the Issuers (or an Issuer) or any of the