Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 60

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 60
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, as of any date of determination, the Total
Asset Value for all assets owned by the Issuers or one of their Subsidiaries at such date that are not subject to any Lien which secures Indebtedness of the Issuers and their Subsidiaries; provided, however, that all investments by the Issuers and
their Subsidiaries in unconsolidated joint ventures, unconsolidated limited partnerships, unconsolidated limited liability companies and other unconsolidated entities shall be excluded from Total Unencumbered Asset Value to the extent such
investments would have otherwise been included.

S-37

“ Unconsolidated Affiliate” means, with respect to any Person, any other Person in whom such Person holds an Investment, which Investment is accounted for in the financial statements of such Person on an equity basis of accounting and whose financial results would not be consolidated under GAAP with the financial results of such Person on the Consolidated Financial Statements of such Person. “ Unsecured Debt” means, as of any date of determination, that portion of Total Debt as of that date that is not Secured Debt. “ Voting Stock” of any Person as of any date means the Capital Stock of such Person that is at the time entitled to vote in the election of the Board of Directors of such Person. Events of Default The following are “ events of default” under the indenture with respect to debt securities of a particular series issued under the indenture, including the notes:

| (1) | default for 30 days in the payment when due of interest on the debt securities of a particular series issued 
 under the indenture, including the notes;                                                                    |

| (2) | default in payment when due of the principal of or premium, if any, on the debt securities of a particular 
 series issued under the indenture, including the notes;                                                    |

| (3) | failure by the Issuers or any of their Subsidiaries for 60 days after receipt of notice from the trustee or                                                                                                                                              
 holders of at least 25% in principal amount of the notes then outstanding to comply with any of the covenants or agreements in the indenture (other than a covenant or agreement included in the indenture for the benefit of one or more series of debt 
 securities other than the notes) or the notes;                                                                                                                                                                                                           |

| (4) | certain specified events under bankruptcy, insolvency or other similar laws with respect to the Issuers or any 
 of their