Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 66

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 66
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easance or Covenant Defeasance:

| (1) | the Issuers must irrevocably deposit with the trustee, in trust, for the benefit of the holders of the series                                                                                                                                             
 of notes to be defeased, cash in U.S. dollars, non-callable government securities, or a combination of cash in U.S. dollars and non-callable government securities, in                                                                                    
 amounts as will be sufficient, in the opinion or based on the report of a nationally recognized firm of independent public accountants, investment bank or appraisal firm, to pay the principal of, premium, if any, on and accrued and unpaid interest   
 on the outstanding notes to be defeased on the stated maturity or on a redemption date, as the case may be, and the Issuers must specify whether the notes are being defeased to maturity or to a particular redemption date; provided that, with respect 
 to any redemption pursuant to “—Redemption—Optional Redemption”, the amount deposited shall be sufficient for purposes of the indenture to the extent that an amount is so deposited with the trustee equal to the redemption amount                      
 computed using the Adjusted Treasury Rate as of the Deposit Date;                                                                                                                                                                                         |

| (2) | in the case of Legal Defeasance, the Issuers must have delivered to the trustee an opinion of counsel                                                                                                                                                  
 reasonably acceptable to the trustee confirming that (a) the Issuers have received from, or there has been published by, the Internal Revenue Service a ruling or (b) since the date of the indenture, there has been a change in the                  
 applicable United States federal income tax law, in either case to the effect that the holders of the outstanding notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such Legal Defeasance and 
 will be subject to United States federal income tax on the same amounts, in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred;                                                               |

| (3) | in the case of Covenant Defeasance, the Issuers must have delivered to the trustee an opinion of counsel                                                                                                                                               
 reasonably acceptable to the trustee confirming that the holders of the outstanding notes will not recognize income, gain or loss for United States federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal 
 income tax on the same amounts, in the same manner and at the same times as would have been the case if such