Company: GLPI
Filing Date: 2025-08-15
Form Type: 424B5
Source: 0001193125-25-181872
Chunk: 41

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-15
Form: 424B5
Chunk 41
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 City time. In determining the Treasury Rate in accordance with the terms of this paragraph, the semi-annual yield to maturity of the applicable United States Treasury security shall be based upon the average of the bid and asked prices (expressed as a percentage of principal amount) at 11:00 a.m., New York City time, of such United States Treasury security, and rounded to three decimal places. The Issuers’ actions and determinations in determining the redemption price shall be conclusive and binding for all purposes, absent manifest error. S-24

Gaming Redemption In addition to the foregoing, if any Gaming Authority requires that a holder or Beneficial Owner of notes must be licensed, qualified or found suitable under any applicable Gaming Laws and such holder or Beneficial Owner:

| (1) | fails to apply for a license, qualification or a finding of suitability within 30 days (or such shorter period    
 as may be required by the applicable Gaming Authority) after being requested to do so by the Gaming Authority, or |

| (2) | is denied such license or qualification or not found suitable, or if any Gaming Authority otherwise requires                                     
 that notes from any holder or Beneficial Owner be redeemed, subject to applicable Gaming Laws the Issuers shall have the right, at their option: |

| (i) | to require any such holder or Beneficial Owner to dispose of its notes within 30 days (or such earlier date as        
 may be required by the applicable Gaming Authority) of receipt of such notice or finding by such Gaming Authority, or |

| (ii) | to call for the redemption of the notes of such holder or Beneficial Owner at a redemption price equal to the 
 least of:                                                                                                     |

| (A) | the principal amount thereof, together with accrued interest to the earlier of the date of redemption or the 
 date of the denial of license or qualification or of the finding of unsuitability by such Gaming Authority,  |

| (B) | the price at which such holder or Beneficial Owner acquired the notes, together with accrued interest to the                                            
 earlier of the date of redemption or the date of the denial of license or qualification or of the finding of unsuitability by such Gaming Authority, or |

| (C) | such other lesser amount as may be required by any Gaming Authority. |

The Issuers shall notify the trustee in writing of any such redemption as soon as practicable. The holder or Beneficial Owner applying for license, qualification or a finding of suitability must pay all costs of the