Company: GLPI
Filing Date: 2025-08-13
Form Type: 424B5
Source: 0001193125-25-179509
Chunk: 44

Company: Gaming & Leisure Properties, Inc.
Filing Date: 2025-08-13
Form: 424B5
Chunk 44
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 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 Issuers’ Subsidiaries;                                  |

| (2) | a merger between the Issuers (or an Issuer), the Guarantor or any Subsidiary respectively, and an Affiliate of                                                                                                                                           
 an Issuer, the Guarantor or such Subsidiary incorporated or formed solely for the purpose of reincorporating or reorganizing an Issuer, the Guarantor or such Subsidiary in another state of the United States or changing the legal domicile or form of 
 an Issuer, the Guarantor or such Subsidiary or for the sole purpose of forming or collapsing a holding company structure; or                                                                                                                             |

| (3) | the lease of all or substantially all of the real estate assets of the Guarantor or any Issuer, or any of their                                                           
 respective Subsidiaries, to PENN or its Subsidiaries or another operator pursuant to the PENN Master Lease, Pinnacle Master Lease or another real estate lease or leases. |

The description above includes a phrase relating to the sale or disposition of “all or substantially all” of the properties or assets of the Issuers or the Guarantor, and their respective Subsidiaries. Although there is a limited body of case law interpreting the phrase “substantially all”, there is no precise established definition of the phrase under applicable law. Limitation on Activities of Capital Corp. Capital Corp. will not hold any material assets, become liable for any material obligations or engage in any significant business activities; provided, that Capital Corp. may be a co-obligor or guarantorwith respect to indebtedness if the Operating Partnership is an obligor on or guarantor of such indebtedness and the net proceeds of such indebtedness are funded to, or at the direction of, the Operating Partnership or a Subsidiary thereof other than Capital Corp. Certain Definitions “ 2013 Offering Memorandum” means the offering memorandum of the Issuers, dated October 23, 2013. “ Acquired Debt” means, with respect to any specified Person:

| (1) | Indebtedness of any other Person existing at the time such other Person is merged with or into or becomes a 
 Subsidiary of such specified Person, whether or not such Indeb