Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 54

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 54
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ness incurred under the Credit Facilities on or prior to the date of the indenture; and |

| (2) | Indebtedness represented by the Existing Notes. |

“ Person” means any individual, corporation, partnership, joint venture, association, joint-stock company, trust, unincorporated organization, limited liability company or government or other entity. “ Pinnacle” means Pinnacle Entertainment, Inc., a Delaware corporation. “ Pinnacle Master Lease” means that certain master lease, dated as of April 28, 2016, between Pinnacle MLS, LLC, as tenant, and Gold Merger Sub, LLC (as successor to Pinnacle), as landlord, as such Master Lease has been amended through the date hereof and may be amended, supplemented or modified from time to time. “ pro forma basis” means:

| (1) | For purposes of calculating the amount of Total Debt or Secured Debt or Unsecured Debt under                                                                                                                                                             
 “—Certain Covenants—Limitations on Incurrence of Indebtedness—Limitation on Total Debt” and “—Limitation on Secured Debt”, there shall be excluded Indebtedness to the extent secured by cash, cash equivalents                                          
 or marketable securities (it being understood that cash collateral shall be deemed to include cash deposited with a trustee or other agent with respect to third party indebtedness) or which has been repaid, discharged, defeased (whether by covenant 
 or legal defeasance), retired, repurchased or redeemed or otherwise satisfied on or prior to the date such calculation is being made or for which the Guarantor, the Issuers or any of their Subsidiaries has irrevocably made a deposit to repay,       
 defease (whether by covenant or legal defeasance), discharge, repurchase, retire or redeem or otherwise satisfy or called for redemption, defeasance (whether by covenant or legal defeasance), discharge, repurchase or retirement, on or prior to the  
 date such calculation is being made (collectively, “Discharged”);                                                                                                                                                                                        |

| (2) | For purposes of calculating the Coverage Ratio: |

S-34

| (d) | the Consolidated EBITDA attributable to discontinued operations, as determined in accordance with GAAP, and 
 operations or businesses disposed of prior to the date such calculation is being made, will be excluded;    |

| (e) | the Interest Expense attributable to discontinued operations, as determined in accordance with GAAP, and