EX-4.3



 Exhibit 4.3 

EXECUTION VERSION 

SECOND SUPPLEMENTAL INDENTURE, 

by and among 
 GLP CAPITAL,
L.P. 
 and GLP FINANCING II, INC., 

as Issuers, 
 and 

GAMING AND LEISURE PROPERTIES, INC., 

as Parent Guarantor 
 and

 WELLS FARGO BANK, NATIONAL ASSOCIATION, 

as Trustee 
 Dated as of
April 28, 2016 
  
  







 TABLE OF CONTENTS 

 

							
	 	  	 	  	Page	 
		  	ARTICLE I.	  			
			
		  	DEFINITIONS AND INCORPORATION BY REFERENCE	  			
			
	Section 1.01	  	Definitions	  	 	1	  
	Section 1.02	  	Other Definitions	  	 	8	  
	Section 1.03	  	Rules of Construction	  	 	8	  
			
		  	ARTICLE II.	  			
			
		  	THE NOTES	  			
			
	Section 2.01	  	Creation of the Notes; Designations	  	 	9	  
	Section 2.02	  	Forms Generally	  	 	9	  
	Section 2.03	  	Title and Terms of Notes	  	 	10	  
	Section 2.04	  	Transfer and Exchange	  	 	11	  
			
		  	ARTICLE III.	  			
			
		  	REDEMPTION AND PREPAYMENT	  			
			
	Section 3.03	  	Notice of Redemption	  	 	12	  
	Section 3.07	  	Optional Redemption and Gaming Redemption	  	 	12	  
	Section 3.08	  	Mandatory Redemption	  	 	12	  
			
		  	ARTICLE IV.	  			
			
		  	COVENANTS	  			
			
	Section 4.03	  	Reports	  	 	13	  
	Section 4.11	  	Offer to Repurchase upon Change of Control and Ratings Decline	  	 	13	  


  
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	 	  	 	  	Page	 
		  	ARTICLE V.	  			
			
		  	SUCCESSORS	  			
			
		  	ARTICLE VI.	  			
			
		  	[RESERVED]	  			
			
		  	ARTICLE VII.	  			
			
		  	TRUSTEE	  			
			
	 Section 7.12
	  	 Escrow Agreement
	  	 	14	  
			
		  	ARTICLE VIII.	  			
			
		  	[RESERVED]	  			
			
		  	ARTICLE IX.	  			
			
		  	AMENDMENT, SUPPLEMENT AND WAIVER	  			
			
	 Section 9.01
	  	 Without Consent of Holders of Notes
	  	 	14	  
	 Section 9.02
	  	 With Consent of Holders of Notes
	  	 	14	  
			
		  	ARTICLE X.	  			
			
		  	GUARANTEES	  			
			
	 Section 10.04
	  	 Execution and Delivery of Guarantee and Supplemental Indenture
	  	 	15	  
			
		  	ARTICLE XI.	  			
			
		  	[RESERVED]	  			
			
		  	ARTICLE XII.	  			
			
		  	MISCELLANEOUS	  			
			
	 Section 12.01
	  	 Effect of Second Supplemental Indenture
	  	 	15	  
	 Section 12.02
	  	 Governing Law
	  	 	15	  
	 Section 12.03
	  	 No Adverse Interpretation of Other Agreements
	  	 	16	  
	 Section 12.04
	  	 Successors
	  	 	16	  


  
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	 	  	 	  	Page	 
	 Section 12.05
	  	 Severability
	  	 	16	  
	 Section 12.06
	  	 Counterpart Originals
	  	 	16	  
	 Section 12.07
	  	 Table of Contents, Headings, etc.
	  	 	16	  
	 Section 12.08
	  	 Beneficiaries of this Second Supplemental Indenture
	  	 	17	  
	 Section 12.09
	  	 No Personal Liability of Directors, Officers, Employees and Stockholders
	  	 	17	  


  
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 EXHIBITS 
  

			
	 Exhibit A
	  	 Form of Note

	 Exhibit B
	  	 Form of Guarantee



  
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 SECOND SUPPLEMENTAL INDENTURE (this “Second Supplemental Indenture”), dated as
of April 28, 2016 (the “Series Issue Date”), among GLP Capital, L.P., a Pennsylvania limited partnership (the “Operating Partnership”), GLP Financing II, Inc., a Delaware corporation (“Capital
Corp.” and, together with the Operating Partnership, the “Issuers”), Gaming and Leisure Properties, Inc., a Pennsylvania corporation (the “Parent Guarantor”) and Wells Fargo Bank, National Association, as
trustee (the “Trustee”). 
 WHEREAS, the Issuers, the Parent Guarantor and the Trustee entered into an Indenture, dated as
of October 30, 2013 (the “Original Indenture” and, as amended, supplemented and modified by the First Supplemental Indenture, dated as of March 28, 2016, the “Base Indenture”), providing for the issuance from time
to time of one or more series of the Issuers’ Notes; 
 WHEREAS, Section 2.01 of the Base Indenture permits the forms and terms of the
Notes of any series to be established in a Series Supplemental Indenture; 
 WHEREAS, the Issuers have requested the Trustee to join with
them and the Parent Guarantor in the execution of this Second Supplemental Indenture in order to supplement the Base Indenture by, among other things, establishing the forms and certain terms of a series of Notes to be known as the Issuers’
4.375% Senior Notes due 2021 and adding certain provisions thereto for the benefit of the Holders of the Notes of such series; 
 WHEREAS,
the Issuers have furnished the Trustee with a duly authorized and executed Issuers Order dated the date hereof authorizing the execution of this Second Supplemental Indenture and the issuance of the Notes established hereby; and 

WHEREAS, all things necessary to make this Second Supplemental Indenture a valid, binding and enforceable agreement of the Issuers, the Parent
Guarantor and the Trustee and a valid supplement to the Base Indenture have been done; 
 NOW, THEREFORE, the Issuers, the Parent Guarantor
and the Trustee agree as follows for the benefit of each other and for the equal and ratable benefit of the Holders of the Notes established hereby: 

ARTICLE I. 
 DEFINITIONS AND
INCORPORATION BY REFERENCE 
 Section 1.01 Definitions. 

The Base Indenture as amended and supplemented by this Second Supplemental Indenture is collectively referred to as the
“Indenture.” All capitalized terms which are used herein and not otherwise defined herein are defined in the Base Indenture and are used herein with the same meanings as in the Base Indenture. If a capitalized term is defined both
in the Base Indenture and this Second Supplemental Indenture, the definition in this Second Supplemental Indenture shall apply to the Notes established hereby (and any Guarantee in respect thereof). 

“Acquisition” means the acquisition of all of Pinnacle’s real estate assets, other than Pinnacle’s Belterra Park
property and excess land at certain locations, pursuant to the Merger Agreement. 







 “Capitalized Value” means, with respect to the Master Lease Properties or any
other group of related properties or any other property, the Property EBITDA of the Master Lease Properties or such other group of related properties or such property, as the case may be, for the most recent four completed fiscal quarters divided by
8.25%.  
 “Change of Control” means the occurrence of any of the following: 

(1) the direct or indirect sale, transfer, conveyance or other disposition (other than by way of merger or consolidation), in
one or a series of related transactions, of all or substantially all of the properties or assets of the Parent Guarantor, the Operating Partnership and their Subsidiaries taken as a whole to any “person” (as that term is used in
Section 13(d) of the Exchange Act); provided, however, that for the avoidance of doubt, the lease of all or substantially all of the real estate assets of the Parent Guarantor or any Issuer or any of their respective
subsidiaries, to PNGI or its Subsidiaries or to another operator pursuant to the Master Lease or another real estate lease or leases shall not constitute a Change of Control; 

(2) the adoption by shareholders or partners of a plan relating to the liquidation or dissolution of the Parent Guarantor or
the Operating Partnership; 
 (3) the consummation of any transaction (including any merger or consolidation) the result of
which is that any “person” (as defined above), other than any holding company which owns 100% of the Voting Stock of the Parent Guarantor (so long as no Change of Control would otherwise have occurred in respect of the Voting Stock of such
holding company), becomes the Beneficial Owner, directly or indirectly, of more than 50% of the Voting Stock of the Parent Guarantor, measured by voting power rather than number of shares; 

(4) (i) the Parent Guarantor ceases to own, directly or indirectly, more than 50% of the Voting Stock of the Operating
Partnership or (ii) the sole general partner of the Operating Partnership ceases to be the Parent Guarantor or one or more of the Parent Guarantor’s wholly owned subsidiaries; or 

(5) the first day on which a majority of the members of the Board of Directors of the Parent Guarantor are not Continuing
Directors. 
 For purposes of this definition, (1) no Change of Control shall be deemed to have occurred solely as a result of a transfer of assets among
the Parent Guarantor, any Issuer and any of their respective Subsidiaries and (2) a Person shall not be deemed to have beneficial ownership of securities subject to a stock purchase agreement, merger agreement or similar agreement until the
consummation of the transactions contemplated by such agreement. 
 “Comparable Treasury Issue” means the United States
Treasury security selected by the Quotation Agent as having a maturity comparable to the remaining term of the applicable series of Notes being redeemed calculated as if the maturity date of such notes were the Par Call Date (the “Remaining
Life”) that would be utilized, at the time of selection and in accordance with customary financial practice, in pricing new issues of corporate debt securities of comparable maturity to the Remaining Life of such series of Notes. 

  
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 “Consolidated EBITDA” means, for the applicable test period, the net income (or
net loss) of the Issuers and their Subsidiaries for such period, determined on a consolidated basis in accordance with GAAP, except to the extent that GAAP is not applicable, including, without limitation, with respect to the determination of all
extraordinary, non-cash and non-recurring items ((x) excluding, without duplication, gains (or losses) from dispositions of depreciable real estate investments, property valuation losses and impairment charges and (y) before giving effect
to cash dividends on preferred units of the Issuers or charges resulting from the redemption of preferred units of the Issuers attributable to the Issuers and their Subsidiaries for such period determined on a consolidated basis in conformity with
GAAP); 
 (1) plus, without duplication and solely to the extent already deducted (and not added back) in arriving at
such net income (or net loss), the sum of the following amounts for such period: 
 (a) interest expense (whether paid or
accrued and whether or not capitalized); 
 (b) income tax expense; 

(c) depreciation expense; 

(d) amortization expense; 

(e) extraordinary, non-recurring and unusual items, charges or expenses (including, without limitation, impairment charges,
fees, costs and expenses relating to the Transactions, prepayment penalties and costs, fees or expenses incurred in connection with any capital markets offering, debt financing, or amendment thereto, redemption or exchange of indebtedness, lease
termination, business combination, acquisition, disposition, recapitalization or similar transaction (regardless of whether such transaction is completed)); 

(f) expenses and losses associated with hedging agreements; 

(g) expenses and losses resulting from fluctuations in foreign exchange rates; 

(h) other non-cash items, charges or expenses reducing net income (or increasing net loss) (other than items that will require
cash payments and for which an accrual or reserve is, or is required by GAAP to be, made in which case, at the election of the Issuers such items may be added back when accrued and deducted from net income when paid in cash, or given effect (and not
added back to net income) when accrued or reserved); 
 (i) the amount of integration costs deducted (and not added back) in
such period in computing the net income (or net loss); 
 (j) severance, relocation costs, signing costs, retention or
completion bonuses, transition costs, curtailments or modifications to pension and post-retirement employee benefit plans (including any settlement of pension liabilities); and 

  
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 (k) to the extent not included in net income or, if otherwise excluded from
Consolidated EBITDA due to the operation of clause (2)(a) below, the amount of insurance proceeds received during such period, or after such period and on or prior to the date the calculation is made with respect to such period,
attributable to any property which has been closed or had operations curtailed for such period; provided that such amount of insurance proceeds shall only be included pursuant to this clause (k) to the extent of the amount of
insurance proceeds plus Consolidated EBITDA attributable to such property for such period (without giving effect to this clause (k)) does not exceed Consolidated EBITDA attributable to such property during the most recent four consecutive
fiscal quarter period that such property was fully operational (or if such property has not been fully operational for the most recent such period prior to such closure or curtailment, the Consolidated EBITDA attributable to such property
during the consecutive fiscal quarter period prior to such closure or curtailment (for which financial results are available) annualized over four fiscal quarters); 

(2) minus, without duplication and solely to the extent included in arriving at such net income (or net loss), the sum
of the following amounts for such period: 
 (a) extraordinary, non-recurring and unusual gains (other than insurance
proceeds); 
 (b) gains attributable to hedging agreements; 

(c) non-cash gains resulting from fluctuations in foreign exchange rates; and 

(d) other non-cash gains increasing net income (or decreasing net loss) other than accruals in the ordinary course. 

For purposes of this definition, net income (net loss) shall only include the Issuers’ Ownership Share of net income (net loss) of their non-wholly owned
Subsidiaries and Unconsolidated Affiliates and, accordingly, there shall be no deduction from net income or Consolidated EBITDA for non-controlling or minority interests in such Persons. 

Consolidated EBITDA will be adjusted, without duplication, to give pro forma effect: (x) in the case of any assets having been placed-in-service or
removed from service since the beginning of the period and on or prior to the date of determination, to include or exclude, as the case may be, any Consolidated EBITDA earned or eliminated as a result of the placement of such assets in service or
removal of such assets from service as if the placement of such assets in service or removal of such assets from service occurred at the beginning of the period; and (y) in the case of any acquisition or disposition of any asset or group of
assets since the beginning of the period and on or prior to the date of determination, including, without limitation, by merger, or stock or asset purchase or sale, to include or exclude, as the case may be, any Consolidated EBITDA earned or
eliminated as a result of the acquisition or disposition of those assets as if the acquisition or 

  
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disposition occurred at the beginning of the period. For purposes of calculating Consolidated EBITDA, all amounts shall be as reasonably determined by an Issuer, and in accordance with GAAP
except to the extent that GAAP is not applicable, including, without limitation, with respect to the determination of extraordinary, non-cash or non-recurring items. 

“Escrow Account” has the meaning assigned to such term in the Escrow Agreement. 

“Escrow Agent” means Wells Fargo Bank, National Association, as escrow agent under the Escrow Agreement. 

“Escrow Agreement” means that certain Escrow Agreement, dated as of the Series Issue Date, by and among the Issuers, the
Trustee and the Escrow Agent. 
 “Escrow End Date” has the meaning assigned to such term in the Escrow Agreement. 

“Escrow Release” has the meaning assigned to such term in the Escrow Agreement. 

“Escrowed Property” has the meaning assigned to such term in the Escrow Agreement. 

“GAAP” means generally accepted accounting principles set forth as of the relevant date in the opinions and pronouncements of
the Accounting Principles Board of the American Institute of Certified Public Accountants and statements and pronouncements of the Financial Accounting Standards Board (or agencies with similar functions of comparable stature and authority within
the U.S. accounting profession), including, without limitation, any Accounting Standards Codifications, which are applicable to the circumstances as of the date of determination; provided that (1) any lease that is accounted for by any Person
as an operating lease as of the Series Issue Date, (2) the Pinnacle Master Lease and (3) any similar lease to either lease referred to in clauses (1) and (2) and entered into after the Series Issue Date by any Person may, in the sole discretion of
the Operating Partnership, be accounted for as an operating lease for purposes of the Notes and this Indenture (and shall not constitute a capitalized lease). 

“Gaming Approval” means any and all approvals, licenses, authorizations, permits, consents, rulings, orders or directives
(a) relating to any gaming business (including pari-mutuel betting) or enterprise, including to enable the Issuers or any of their Subsidiaries or Affiliates to engage in or manage the casino, gambling, horse racing or gaming business or
otherwise continue to conduct or manage such business substantially as is presently conducted or managed or contemplated to be conducted or managed following the Series Issue Date (after giving effect to the Pinnacle Transactions), (b) required
by any Gaming Law or (c) necessary as is contemplated on the Series Issue Date (after giving effect to the Pinnacle Transactions), to accomplish the financing and other transactions contemplated hereby after giving effect to the Pinnacle
Transactions. 
 “Indebtedness” means, as of any date of determination, all indebtedness for borrowed money of the Issuers
and their Subsidiaries that is included as a liability on the Consolidated Financial Statements of the Issuers in accordance with GAAP, excluding: (i) any indebtedness to the extent Discharged or 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), (ii) Intercompany Debt, (iii) all liabilities


  
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associated with customary exceptions to non-recourse indebtedness, such as for fraud, misapplication of funds, environmental indemnities, voluntary bankruptcy, collusive involuntary bankruptcy
and other similar exceptions and (iv) any redeemable equity interest in the Issuers; provided that Indebtedness of a Subsidiary of any of the Issuers that is not a wholly owned Subsidiary of the Issuers shall be reduced to reflect the
Issuers’ proportionate interest therein. 
 “Merger Agreement” means that certain Agreement and Plan of Merger, dated
as of July 20, 2015, by and among Pinnacle, the Parent Guarantor and Gold Merger Sub, LLC, a Delaware limited liability company and a direct wholly owned Subsidiary of the Parent Guarantor, as the same may be amended, supplemented and/or restated.

 “PNGI” means Penn National Gaming, Inc., a Pennsylvania corporation. 

“Pinnacle” means Pinnacle Entertainment, Inc., a Delaware corporation. 

“Pinnacle Master Lease” means that certain Master Lease to be entered into in connection with the Acquisition between a
subsidiary of Pinnacle, as tenant, and Pinnacle, as landlord, and for which a subsidiary of the Parent Guarantor will become a successor by merger to the landlord, as more thoroughly described in the Prospectus Supplement, as such Master Lease may
be amended, supplemented, or modified from time to time. 
 “Pinnacle Transactions” means, collectively, (a) the
Acquisition and other transactions entered into in connection with the foregoing, (b) the entering into of the Pinnacle Master Lease, (c) the issuance of the Notes of this series and the Issuers’ 5.375% Senior Notes due 2026 and other financing
transactions related to financing the Acquisition, (d) any other transactions defined as “Transactions” in the Prospectus Supplement and (e) the payment of fees and expenses in connection with the foregoing. 

“pro forma basis” means: 

(1) For purposes of calculating the amount of Total Debt or Secured Debt or Unsecured Debt under Section 4.07 hereof,
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 Parent
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: 

(a) in the event that the Issuers or any of their Subsidiaries incurs, assumes, guarantees or Discharges any Indebtedness
(other than ordinary working capital borrowings) subsequent to the commencement of the period for which the 

  
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Coverage Ratio is being calculated and on or prior to the date such calculation is being made, then the Coverage Ratio will be calculated giving pro forma effect thereto, and the use of
the proceeds therefrom (including any such transaction giving rise to the need to calculate the Coverage Ratio), in each case, as if the same had occurred at the beginning of the applicable four-quarter period and Interest Expense relating to any
such Indebtedness that has been Discharged or 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) shall be excluded; 
 (b) acquisitions or investments that have been made by the Issuers or any of
their Subsidiaries, including through mergers or consolidations and including any related financing transactions, during the four-quarter period or subsequent to such period and on or prior to the date such calculation is being made, and the change
in Consolidated EBITDA resulting therefrom, will be given pro forma effect as if they had occurred on the first day of the four-quarter period, and Consolidated EBITDA for such period shall include the Consolidated EBITDA of the acquired
entities or applicable to such investments, and related transactions, and shall otherwise be calculated on a pro forma basis; 

(c) (a) any Person that is a Subsidiary on the date such calculation is being made will be deemed to have been a
Subsidiary at all times during the applicable four-quarter period, and (b) any Person that is not a Subsidiary on the date such calculation is being made will be deemed not to have been a Subsidiary at any time during the applicable
four-quarter reference period; 
 (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 operations or
businesses disposed of prior to the date such calculation is being made, will be excluded, but only to the extent that the obligations giving rise to such Interest Expense will not be obligations of the Issuers or any of their Subsidiaries following
the date such calculation is being made; 
 (f) interest on Indebtedness that may optionally be determined at an interest
rate based upon a factor of a prime or similar rate, a eurocurrency interbank offered rate, or other rate, shall be deemed to have been based upon the rate actually chosen, or, if none, then based upon such optional rate as the Issuers may
designate; and 
 (g) for any period that includes any period of time occurring prior to the Issue Date, the Transactions
shall be given pro forma effect as if the Transactions had occurred at the beginning of such period. 

  
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 “Prospectus Supplement” means the prospectus supplement, dated as of April 11,
2016, relating to the issuance and sale of the Notes of this series and the Issuers’ 5.375% Senior Notes due 2026. 

“Reference Treasury Dealer” means: 

(1) J.P. Morgan Securities LLC or Merrill Lynch, Pierce, Fenner & Smith Incorporated and their respective successors;
provided, however, that if any of the foregoing shall cease to be a primary U.S. Government securities dealer in New York City (a “Primary Treasury Dealer”), the Issuers will substitute therefor another Primary Treasury
Dealer, and 
 (2) any other Primary Treasury Dealers selected by the Issuers. 

Section 1.02 Other Definitions. 
  

					
	 Additional Notes
	  	 	2.03	  
	 Base Indenture
	  	 	Preamble	  
	 Interest Payment Date
	  	 	2.03(c)	  
	 Par Call Date
	  	 	Exhibit A	  
	 Special Mandatory Redemption
	  	 	Exhibit A	  
	 Special Mandatory Redemption Date
	  	 	Exhibit A	  
	 Special Mandatory Redemption Event
	  	 	Exhibit A	  
	 Special Mandatory Redemption Price
	  	 	Exhibit A	  

 Section 1.03 Rules of Construction. 

Unless the context otherwise requires: 

(a) a term has the meaning assigned to it; 

(b) an accounting term not otherwise defined has the meaning assigned to it in accordance with GAAP; 

(c) “or” is not exclusive; 

(d) words in the singular include the plural, and in the plural include the singular; 

(e) the words “include,” “including” and other words of similar import mean “include, without
limitation” or “including, without limitation,” regardless of whether any reference to “without limitation” or words of similar import is made; and the included items do not limit the scope of the more general terms; and the
listed included items are covered whether or not they are within the scope of the more general terms; 
 (f) references to
“defeasance” shall mean both covenant defeasance and legal defeasance, unless otherwise specified; 
 (g)
provisions apply to successive events and transactions; and 

  
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 (h) references to sections of or rules under the Securities Act shall be deemed
to include substitute, replacement or successor sections or rules adopted by the SEC from time to time. 
 ARTICLE II. 

THE NOTES 
 Section 2.01 Creation of the Notes;
Designations. 
 In accordance with Section 2.01 of the Base Indenture, the Issuers hereby create a series of Notes issued
pursuant to the Indenture. The Notes of this series shall be known and designated as the “4.375% Senior Notes due 2021” of the Issuers. The Notes of this series shall be entitled to the benefits of the Guarantee of the Parent Guarantor or
any Guarantor that may hereafter execute a supplemental indenture in accordance with Section 10.04 of the Base Indenture, each such Guarantee to be governed by Article X of the Base Indenture (including without limitation the provisions for release
of such Guarantee in respect of the Notes of this series pursuant to Sections 10.02 and 10.07 of the Base Indenture). 
 Section 2.02 Forms
Generally. 
 (a) General. The Notes of this series and the Trustee’s certificate of authentication will be
substantially in the form of Exhibit A hereto. The Notes of this series may have notations, legends or endorsements required by law, stock exchange rule or usage. Each Note of this series shall be dated the date of its authentication. The Notes of
this series shall be in denominations of $2,000 and integral multiples of $1,000 in excess thereof. 
 The terms and provisions contained in
the Notes of this series will constitute, and are hereby expressly made, a part of this Second Supplemental Indenture and the Issuers, the Parent Guarantor and the Trustee, by their execution and delivery of this Second Supplemental Indenture,
expressly agree to such terms and provisions and to be bound thereby. However, to the extent any provision of any Note of this series conflicts with the express provisions of this Second Supplemental Indenture, the provisions of this Second
Supplemental Indenture shall govern and be controlling. 
 (b) Global Notes. Notes of this series issued in global form shall be
substantially in the form of Exhibit A attached hereto (including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes of this series issued in definitive form will be
substantially in the form of Exhibit A hereto (but without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note of this series of Notes shall represent
such of the outstanding Notes of this series as will be specified therein and each shall provide that it shall represent the aggregate principal amount of outstanding Notes of this series from time to time endorsed thereon and that the aggregate
principal amount of outstanding Notes of this series represented thereby may from time to time be reduced or increased, as appropriate, to reflect exchanges and redemptions. Any endorsement of a Global Note to reflect the amount of any increase or
decrease in the aggregate principal amount of outstanding Notes of this series represented thereby will be made by the Trustee or the Custodian, at the direction of the Trustee, as required by Section 2.07 of the Base Indenture, in accordance with
instructions given by the Holder thereof. 

  
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 Section 2.03 Title and Terms of Notes. 

The aggregate principal amount of Notes of this series which shall be authenticated and delivered on the Series Issue Date under the Indenture
shall be $400,000,000; provided, however, that subject to the Issuers’ compliance with Section 4.07 of the Base Indenture, the Issuers from time to time, without giving notice to or seeking the consent of the Holders of Notes of
this series, may issue additional Notes (the “Additional Notes”) in any amount having the same terms as the Notes of this series in all respects, except for the issue date, the issue price and the initial Interest Payment Date. Any
such Additional Notes shall be authenticated by the Trustee upon receipt of an Issuers Order and an Officer’s Certificate and Opinion of Counsel to that effect, and when so authenticated, will constitute “Notes” for all purposes of
the Indenture and will (together with all other Notes of this series issued under the Indenture) constitute a single series of Notes under the Indenture. 

(a) The Notes of this series issued on the Series Issue Date will be issued at an issue price of 100% of the principal amount thereof. 

(b) The principal amount of the Notes of this series is due and payable in full on April 15, 2021, unless earlier redeemed. 

(c) The Notes of this series shall bear interest (computed on the basis of a 360-day year comprised of twelve 30-day months) at the rate of
4.375% per annum from the Series Issue Date until maturity; and interest will be payable semi-annually in arrears on April 15 and October 15 of each year (each, an “Interest Payment Date”), commencing October 15, 2016, to
the Persons in whose name such Notes of this series were registered at the close of business on the preceding April 1 or October 1, respectively. 

(d) Principal of and interest on the Notes of this series shall be payable as set forth in Exhibit A. 

(e) Other than as provided in Article III of this Second Supplemental Indenture, the Notes of this series shall not be redeemable. 

(f) Other than pursuant to a Special Mandatory Redemption as described in Section 3.08 of this Second Supplemental Indenture, the Notes of
this series shall not be entitled to the benefit of any mandatory redemption or sinking fund. 
 (g) The Notes of this series shall not be
convertible into any other securities. 
 (h) The Notes of this series will be unsubordinated debt securities and will be entitled to
unsubordinated Guarantees of the Parent Guarantor in accordance with the terms of the Indenture. 
 (i) The Issuers initially appoint the
Trustee as Registrar and Paying Agent with respect to the Notes of this series until such time as the Trustee has resigned or a successor has been appointed. The Trustee accepts the appointment as Registrar and Paying Agent with respect to the
Notes. 

  
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 (j) The Notes of this series will initially be evidenced by one or more Global Notes issued in
the name of Cede & Co., as nominee of The Depository Trust Company. 
 (k) The Issuers shall pay principal of, premium, if any, and
interest on the Notes of this series in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

Section 2.04 Transfer and Exchange. 

The Notes of this series shall be issued in registered form and shall be transferable only upon the presentation or surrender of a Note of
this series for registration of transfer and in compliance with Article II of the Base Indenture. 
 When Notes of this series are presented
to the Registrar or a co-registrar with a request to register a transfer or to exchange them for an equal principal amount of Notes of this series of other denominations, the Registrar will register the transfer or make the exchange as requested if
its requirements for such transactions are met. To permit registrations of transfers and exchanges, the Issuers shall execute and the Trustee shall authenticate Notes of this series at the Registrar’s request. A Holder of Notes of this series
may transfer or exchange Notes of this series only in accordance with the Indenture. Upon any transfer or exchange, the Registrar and the Trustee may require a Holder of Notes of this series to, among other things, furnish appropriate
endorsements or transfer documents. No service charge shall be made for any registration of transfer or exchange (except as otherwise expressly permitted herein), but the Issuers may require payment of a sum sufficient to cover any transfer tax
or similar governmental charge payable in connection therewith. 
 Prior to due presentment of any Note of this series for registration of
transfer, the Issuers, the Trustee, any agent of the Issuers or the Trustee, the Paying Agent and the Registrar may deem and treat the Person in whose name a Note of this series is registered as the absolute owner of such Note for all purposes,
including for the purpose of receiving payment of principal of, and any premium and any interest, if any, on such Note, whether or not such Note be overdue, and none of the Issuers, the Trustee, the Paying Agent or the Registrar shall be affected by
notice to the contrary. 
 Any holder of a beneficial interest in a Global Note of this series shall, by acceptance of such beneficial
interest, agree that transfers of beneficial interests in such Global Note may be effected only through a book-entry system maintained by (a) the holder of such Global Note (or its agent) or (b) any holder of a beneficial interest in such Global
Note, and that ownership of a beneficial interest in such Global Note shall be required to be reflected in a book entry. 
 All Notes of
this series issued upon any transfer or exchange pursuant to the terms of the Indenture shall evidence the same debt and shall be entitled to the same benefits under the Indenture as such Notes surrendered upon such transfer or exchange. 

  
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 ARTICLE III. 

REDEMPTION AND PREPAYMENT 
 The
provisions of Article III of the Base Indenture shall apply in the case of a redemption of Notes of this series pursuant to this Article III, other than as amended below: 

Section 3.03 Notice of Redemption. 

With respect to this series of Notes, Section 3.03(a) of the Base Indenture shall be amended and restated in its entirety as follows: 

At least 30 days but not more than 60 days before a redemption date for a series of Notes, the Issuers shall mail or cause to be mailed, by
first class mail (or in the case of Global Notes, given pursuant to applicable DTC procedures), a notice of redemption to each Holder whose Notes of such series are to be redeemed at its registered address, except that (i) redemption notices
may be mailed or given more than 60 days prior to a redemption date if the notice is issued in connection with a defeasance of the Notes (whether by covenant or legal defeasance) or a satisfaction and discharge of this Indenture, (ii) redemption
notices may be mailed less than 30 days prior to the Special Mandatory Redemption Date and (iii) redemption notices may be mailed less than 30 or more than 60 days prior to a redemption date if so required by any applicable Gaming Authority in
connection with a redemption described under Section 3.07(b) hereof. 
 Section 3.07 Optional Redemption and Gaming Redemption.  
 With respect to this series of Notes, Section 3.07 of the Base Indenture shall be
amended and restated in its entirety as follows: 
 At the option of the Issuers, the Notes of this series may be redeemed, in whole or in
part, at any time or from time to time, subject to the conditions and at the redemption prices set forth in Section 5 of the Form of Note set forth in Exhibit A to this Second Supplemental Indenture, which are hereby incorporated by reference and
made part of this Second Supplemental Indenture. 
 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 licensure or investigation for such qualification or finding of suitability. 

Any redemption pursuant to this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 

Section 3.08 Mandatory Redemption. 

With respect to this series of Notes, Section 3.08 of the Base Indenture shall be amended and restated in its entirety as follows: 

Except as set forth in Section 7 of the Form of Note set forth in Exhibit A to this Second Supplemental Indenture, the Issuers shall not be
required to make mandatory redemption payments with respect to the Notes. 

  
 -12- 








 ARTICLE IV. 

COVENANTS 
 With respect to this
series of Notes, Article IV of the Base Indenture shall be amended as follows: 
 Section 4.03 Reports. 

Section 4.03(b) of the Base Indenture shall be amended by inserting the words “with written instructions” after the first appearance
of the word “Trustee” therein. 
 Section 4.11 Offer to Repurchase upon Change of Control and Ratings Decline. 

With respect to this series of Notes, Section 4.11(a) of the Base Indenture shall be amended and restated in its entirety as follows: 

If a Change of Control Triggering Event occurs with respect to a series of Notes, each Holder of such Notes shall have the right to require
the Issuers to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000) of that Holder’s Notes of the applicable series pursuant to an offer by the Issuers (a “Change of Control Offer”) on the terms set
forth in this Indenture, except to the extent the Issuers have previously redeemed such Notes as described under Section 3.07 or Section 7 of the Form of Note set forth in Exhibit A to this Second Supplemental Indenture. In the Change of
Control Offer, the Issuers shall offer a payment in cash equal to 101% of the aggregate principal amount of Notes repurchased plus accrued and unpaid interest on the Notes repurchased, to the date of purchase (the “Change of Control
Payment”). 
 ARTICLE V. 

SUCCESSORS 
 With respect to this
series of Notes, Section 5.01 of the Base Indenture shall be amended as follows: 
 (a) by replacing the first instance of the word
“corporation” in paragraph (a) thereof with “entity”. 
 (b) by replacing the words “the Notes, this Indenture and
the applicable Registration Rights Agreements(s)” in paragraph (a) thereof with “the Notes and this Indenture”; and 
 (c) by
replacing the words “the Notes, this Indenture and the Registration Rights Agreement” in paragraph (b) thereof with “the Notes and this Indenture”. 

With respect to this series of Notes, Section 5.02 of the Base Indenture shall be amended to delete the word “, lease” in all
instances in which it appears. 

  
 -13- 








 ARTICLE VI. 

[RESERVED] 
 ARTICLE VII. 

TRUSTEE 
 With respect to this
Series of Notes, Article VII of the Base Indenture shall be amended to add a new Section 7.12 as follows: 
 Section 7.12 Escrow Agreement.

 Each Holder, by its acceptance of a Note, consents and agrees to the terms of the Escrow Agreement, including related documents thereto,
as the same may be in effect or may be amended from time to time in writing by the parties thereto, and authorizes and directs the Trustee to enter into the Escrow Agreement and to perform its obligations and exercise its rights thereunder in
accordance therewith. The Issuers shall do or cause to be done all such acts and things as may be necessary, or as may be required by the provisions of the Escrow Agreement, to maintain the security interest created by the Escrow Agreement as a
perfected first-priority security interest in favor of the Trustee, for its benefit and the ratable benefit of the Holders as security for the obligations of the Issuers under this Indenture and the Notes. 

ARTICLE VIII. 
 [RESERVED] 

ARTICLE IX. 
 AMENDMENT, SUPPLEMENT
AND WAIVER 
 With respect to this series of Notes, Article IX of the Base Indenture shall be amended as follows: 

Section 9.01 Without Consent of Holders of Notes. 

(a) The first sentence of Section 9.01 shall be amended to replace the words “this Indenture or the Notes” with the words “this
Indenture, the Notes or the Escrow Agreement”; 
 (b) Section 9.01(i) shall be amended to include the words “or the Prospectus
Supplement” after the words “Offering Memorandum”. 
 Section 9.02 With Consent of Holders of Notes. 

The first paragraph of Section 9.02 shall be amended to insert the words “, the Escrow Agreement” after the words “(including
Section 4.11 hereof)”. 

  
 -14- 








 ARTICLE X. 

GUARANTEES 
 Section 10.04 Execution and
Delivery of Guarantee and Supplemental Indenture. 
 To evidence its Guarantee of the Notes, each Guarantor hereby agrees that a
notation of such Guarantee substantially in the form included in Exhibit B shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee. 

ARTICLE XI. 
 [RESERVED] 

ARTICLE XII. 
 MISCELLANEOUS 

Section 12.01 Effect of Second Supplemental Indenture. 

This Second Supplemental Indenture is a Series Supplemental Indenture within the meaning of Section 2.01 of the Base Indenture, and the Base
Indenture shall (notwithstanding Section 12.09 thereof or Section 12.03 hereof) be read together with this Second Supplemental Indenture and shall have the same effect over the Notes of this series, in the same manner as if the provisions of the
Base Indenture and this Second Supplemental Indenture were contained in the same instrument. The provisions of the Base Indenture providing protections or rights to the Trustee are incorporated herein mutatis mutandis. 

In all other respects, the Base Indenture is confirmed by the parties hereto as supplemented by the terms of this Second Supplemental
Indenture. 
 Section 12.02 Governing Law. 

THIS SECOND SUPPLEMENTAL INDENTURE, THE NOTES AND ANY GUARANTEE OF THE NOTES PURSUANT TO THE INDENTURE AS SUPPLEMENTED BY THIS SECOND
SUPPLEMENTAL INDENTURE (EACH A “NOTE GUARANTEE”) SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND TO BE PERFORMED IN THE STATE OF NEW YORK, INCLUDING, WITHOUT
LIMITATION, SECTIONS 5-1401 AND 5-1402 OF THE NEW YORK GENERAL OBLIGATIONS LAW AND NEW YORK CIVIL PRACTICE LAWS AND RULES 327(B). 
 EACH OF
THE PARTIES HERETO (A) IRREVOCABLY AND UNCONDITIONALLY SUBMITS TO THE JURISDICTION OF THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR, IF SUCH COURT WILL NOT ACCEPT JURISDICTION, THE SUPREME COURT OF THE STATE OF
NEW YORK OR ANY COURT OF COMPETENT CIVIL JURISDICTION SITTING IN NEW YORK COUNTY, NEW YORK, (B) UNCONDITIONALLY WAIVES AND AGREES NOT TO ASSERT BY WAY OF MOTION, AS A DEFENSE OR OTHERWISE ANY CLAIMS THAT IT IS NOT SUBJECT TO THE JURISDICTION OF
THE ABOVE COURTS, THAT SUCH ACTION OR SUIT IS BROUGHT IN AN INCONVENIENT FORUM OR THAT THE VENUE OF SUCH ACTION, 

  
 -15- 








 
SUIT OR OTHER PROCEEDING IS IMPROPER AND AGREES THAT IT SHALL NOT ATTEMPT TO DENY OR DEFEAT SUCH JURISDICTION BY MOTION OR OTHER REQUEST FOR LEAVE FROM ANY SUCH COURT AND (C) AGREES THAT IT
SHALL NOT BRING ANY ACTION RELATING TO THIS SECOND SUPPLEMENTAL INDENTURE OR THE NOTES IN ANY COURT OTHER THAN THE UNITED STATES DISTRICT COURT FOR THE SOUTHERN DISTRICT OF NEW YORK OR, IF SUCH COURT WILL NOT ACCEPT JURISDICTION, THE SUPREME
COURT OF THE STATE OF NEW YORK OR ANY COURT OF COMPETENT CIVIL JURISDICTION SITTING IN NEW YORK COUNTY, NEW YORK. 
 Section 12.03 No Adverse
Interpretation of Other Agreements. 
 Subject to Section 12.01, this Second Supplemental Indenture may not be used to interpret
any other indenture, loan or debt agreement of the Issuers or their Subsidiaries or of any other Person. Subject to Section 12.01, any such other indenture, loan or debt agreement may not be used to interpret this Second Supplemental Indenture.

 Section 12.04 Successors. 

All agreements of the Issuers in this Second Supplemental Indenture and the Notes shall bind its successors. All agreements of the
Trustee in this Second Supplemental Indenture shall bind its successors. 
 Section 12.05 Severability. 

In case any provision in this Second Supplemental Indenture, the Notes or any Note Guarantee shall be invalid, illegal or unenforceable, the
validity, legality and enforceability of the remaining provisions shall not in any way be affected or impaired thereby. 
 Section 12.06 Counterpart
Originals. 
 The parties may sign any number of copies of this Second Supplemental Indenture. Each signed copy shall be an
original, but all of them together represent the same agreement. 
 The exchange of copies of this Second Supplemental Indenture and of
signature pages by facsimile or PDF transmission shall constitute effective execution and delivery of this Second Supplemental Indenture as to the parties hereto and may be used in lieu of the original Second Supplemental Indenture for all
purposes. Signatures of the parties hereto transmitted by facsimile or PDF shall be deemed to be their original signatures for all purposes. 
 Section
12.07 Table of Contents, Headings, etc. 
 The Table of Contents, Cross-Reference Table and Headings of the Articles and
Sections of this Second Supplemental Indenture have been inserted for convenience of reference only, are not to be considered a part of this Second Supplemental Indenture and shall in no way modify or restrict any of the terms or provisions hereof.


  
 -16- 








 Section 12.08 Beneficiaries of this Second Supplemental Indenture. 

Nothing in this Second Supplemental Indenture, the Notes of this series or any Note Guarantee, expressed or implied, shall give to any Person,
other than the parties hereto and their successors hereunder, and the Holders of the Notes of this series, any benefit or any legal or equitable right, remedy or claim under this Second Supplemental Indenture. 

Section 12.09 No Personal Liability of Directors, Officers, Employees and Stockholders. 

No director, officer, employee, incorporator or direct or indirect partner, member or stockholder, past, present or future, of the Issuers,
the Parent Guarantor, any other Guarantor or any successor entity, as such, will have any liability for any obligations of the Issuers or the Guarantors under this Second Supplemental Indenture, the Notes or any Note Guarantee or for any claim based
on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes of this series by accepting a Note waives and releases all such liability. The waiver and release are part of the consideration for issuance of
the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 [Signatures on following page]


  
 -17- 








 IN WITNESS WHEREOF, the parties hereto have caused this Second Supplemental Indenture to be duly
executed, all as of the date first written above. 
  

					
	GLP CAPITAL, L.P.
	
	 By: GAMING AND LEISURE

PROPERTIES, INC., its general partner

		
	By:	 	   /s/ William J. Clifford

		 	Name:  	 	William J. Clifford
		 	Title:	 	Chief Financial Officer
	
	GLP FINANCING II, INC.
		
	By:	 	   /s/ William J. Clifford

		 	Name:	 	William J. Clifford
		 	Title:	 	Chief Financial Officer
	
	 GAMING AND LEISURE

PROPERTIES, INC., as Parent Guarantor

		
	By:	 	   /s/ William J. Clifford

		 	Name:	 	William J. Clifford
		 	Title:	 	Chief Financial Officer


 [Signature page to Second Supplemental Indenture] 







 
			
	 WELLS FARGO BANK, NATIONAL

ASSOCIATION, as Trustee



 
			
		
	By:	 	   /s/ Gregory S. Clarke

	  Name: Gregory S. Clarke
	  Title:   Vice President


 [Signature page to Second Supplemental Indenture] 







 EXHIBIT A 

FORM OF NOTE 
 UNLESS
THIS CERTIFICATE IS PRESENTED BY AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), NEW YORK, NEW YORK, TO GLP CAPITAL, L.P. AND GLP FINANCING II, INC., OR THEIR AGENT FOR REGISTRATION OF
TRANSFER, EXCHANGE OR PAYMENT, AND ANY CERTIFICATE ISSUED IS REGISTERED IN THE NAME OF CEDE & CO. OR SUCH OTHER NAME AS IS REQUIRED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE & CO., OR TO SUCH OTHER
ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN INTEREST HEREIN.

 TRANSFERS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS IN WHOLE, BUT NOT IN PART, TO DTC, TO NOMINEES OF DTC OR TO A SUCCESSOR
THEREOF OR SUCH SUCCESSOR’S NOMINEE AND TRANSFERS OF PORTIONS OF THIS GLOBAL SECURITY SHALL BE LIMITED TO TRANSFERS MADE IN ACCORDANCE WITH RESTRICTIONS SET FORTH IN THE INDENTURE REFERRED TO ON THE REVERSE HEREOF. 







 [Face of Note] 

CUSIP: 361841 AG4 
 4.375%
Senior Notes due 2021 
  

					
	 No.
	  	$	                	  

 GLP CAPITAL, L.P. and GLP FINANCING II, INC. promise to pay to CEDE & CO. or registered assigns, the principal
sum of                                 Dollars
                    
on                        April 15, 2021. 

Interest Payment Dates: April 15 and October 15 

Record Dates: April 1 and October 1 







 
			
	GLP CAPITAL, L.P.
	
	By: GAMING AND LEISURE PROPERTIES, INC., its general partner
		
	By:	 	  

		 	Name:
		 	Title:
	
	GLP FINANCING II, INC.
		
	By:	 	  

		 	Name:
		 	Title:









 This is one of the Notes referred to 

in the within-mentioned Indenture: 
  

			
	WELLS FARGO BANK, NATIONAL ASSOCIATION, as Trustee
		
	By:	 	  

		 	Authorized Signatory
		
		 	Dated:                    ,








 [Back of Note] 

4.375% Senior Notes due 2021 

This Note is one of a duly authorized series of notes (the “Notes”) of the Issuers designated as its 4.375% Notes due 2021 (the
“Notes”). The Notes are all issued or to be issued under and pursuant to an Indenture, dated as of October 30, 2013, as supplemented by the First Supplemental Indenture dated as of March 28, 2016 and the Second
Supplemental Indenture dated as of April 28, 2016 (the “Indenture”), duly executed and delivered by and among GLP Capital, L.P., a Pennsylvania limited partnership (the “Operating Partnership”), GLP Financing
II, Inc. a Delaware corporation (“Capital Corp. and, together with the Operating Partnership, the “Issuers”), Gaming and Leisure Properties, Inc., as Parent Guarantor, and Wells Fargo Bank, National
Association, as Trustee, to which the Indenture and all indentures supplemental thereto reference is hereby made for a statement of the respective rights thereunder of the Issuers, the Parent Guarantor, the Trustee and the Holders of the Notes
and the terms upon which the Notes are to be authenticated and delivered. The terms of individual series of Notes may vary with respect to interest rate or interest rate formulas, issue dates, maturity, redemption, repayment, currency of
payment and otherwise. Capitalized terms used herein shall have the meanings assigned to them in the Indenture unless otherwise indicated. 

1. Interest. The Issuers promise to pay interest on the principal amount of this Note at 4.375% per annum until maturity. The Issuers
shall pay interest semi-annually in arrears on April 15 and October 15 of each year, or if any such day is not a Business Day, on the next succeeding Business Day (each an “Interest Payment Date”). Interest on the
Notes will accrue from the most recent date to which interest has been paid or, if no interest has been paid, from the date of issuance; provided that if there is no existing Default in the payment of interest, and if this Note is
authenticated between a record date referred to on the face hereof and the next succeeding Interest Payment Date, interest shall accrue from such next succeeding Interest Payment Date; provided, further, that the first Interest Payment Date
shall be October 15, 2016. The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium from time to time on demand at a rate that is 1% per annum in excess of the
rate then in effect; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any applicable grace periods) from time to time on demand at the same
rate to the extent lawful. Interest will be computed on the basis of a 360-day year of twelve 30-day months. 
 2. Method of
Payment. The Issuers will pay interest on the Notes (except defaulted interest), if any, to the Persons who are registered Holders of Notes at the close of business on April 1 and October 1 preceding the Interest Payment Date,
even if such Notes are canceled after such record date and on or before such Interest Payment Date, except as provided in Section 2.13 of the Indenture with respect to defaulted interest. The Notes will be payable as to principal, premium
and Liquidated Damages, if any, and interest at the office or agency of the Issuers maintained for such purpose within the City and State of New York, or, at the option of the Issuers, payment of interest and any Liquidated Damages may be made
by check mailed to the Holders at their addresses set forth in the register of Holders, and provided that payment by wire transfer of immediately available funds will be required with respect to principal of and interest, premium and








 
any Liquidated Damages on, all Global Notes and all other Notes the Holders of which hold at least $1,000,000 in principal amount of the Notes and shall have provided wire transfer instructions
to the Issuers or the Paying Agent. Such payment shall be in such coin or currency of the United States of America as at the time of payment is legal tender for payment of public and private debts. 

3. Paying Agent and Registrar. Initially, Wells Fargo Bank, National Association, the Trustee under the Indenture, will act as
Paying Agent and Registrar. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers or any of their Subsidiaries may act in any such capacity. 

4. Indenture. The Issuers issued the Notes under the Indenture. The terms of the Notes include those stated in the Indenture and
those made part of the Indenture by reference to the Trust Indenture Act of 1939, as amended (15 U.S. Code §§ 77aaa-77bbbb). The Notes are subject to all such terms, and Holders are referred to the Indenture and such Act for
a statement of such terms. To the extent any provision of this Note conflicts with the express provisions of the Indenture, the provisions of the Indenture shall govern and be controlling. 

5. Optional Redemption. The Issuers may redeem all or part of the Notes at any time at their option at a redemption price equal to the
greater of: (1) 100% of the principal amount of the Notes to be redeemed, and (2) the sum of the present values of the remaining scheduled payments of principal and interest thereon that would be due if such Notes matured 90 days prior to
their maturity date (the “Par Call Date”) but for the redemption thereof (exclusive of interest accrued to, but not including, the date of redemption) discounted to the date of redemption on a semi-annual basis (assuming a 360-day
year consisting of twelve 30-day months) at the Treasury Rate plus 50 basis points, in each case, plus accrued and unpaid interest on the amount being redeemed to, but not including, the date of redemption; provided, however, that if the
Issuers redeem the Notes on or after the Par Call Date, the redemption price will equal 100% of the principal amount of the Notes to be redeemed plus accrued and unpaid interest on the amount being redeemed to, but not including, the date of
redemption; provided, further, that installments of interest that are due and payable on any interest payment dates falling on or prior to a redemption date shall be payable on such interest payment dates to the persons who were registered
holders of the Notes at the close of business on the applicable record dates. 
 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 (i) 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 (ii) 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, subject to applicable Gaming Laws, 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. 

6. Mandatory Redemption. Except as set forth in Section 3.08 of the Indenture, the Issuers shall not be required to make mandatory
redemption payments with respect to the Notes. 
 7. Special Mandatory Redemption. 

(a) If the Escrow Agreement is not terminated pursuant to Section 10 of the Escrow Agreement and (i) the Escrow Release (as defined in Section
5(a) of the Escrow Agreement) has not occurred on or prior to the Escrow End Date or (ii) the Operating Partnership shall notify the Trustee in writing of the Parent Guarantor’s announcement that the Merger Agreement has been terminated or that
it will not pursue the consummation of the Acquisition (each, a “Special Mandatory Redemption Event”), the Operating Partnership shall redeem all of the Notes (the “Special Mandatory Redemption”) on a day not more
than 45 calendar days following the Escrow End Date or the date of such notice from the Operating Partnership, as applicable (such date, the “Special Mandatory Redemption Date”), at a price equal to 100% of the aggregate issue price
of the Notes, plus accrued and unpaid interest from the Series Issue Date to, but not including, the Special Mandatory Redemption Date (the “Special Mandatory Redemption Price”). 

(b) Upon the occurrence of a Special Mandatory Redemption Event, the Operating Partnership shall promptly notify the Escrow Agent and the
Trustee in writing of such event, and the Trustee, on behalf of the Operating Partnership, shall promptly deliver or cause to be delivered, a notice of Special Mandatory Redemption to each Holder of the Notes at its registered address or otherwise
in accordance with the applicable DTC procedures. The Trustee will notify each Holder that all of the outstanding Notes will be redeemed at the Special Mandatory Redemption Price on the Special Mandatory Redemption Date automatically and without any
further action by the Holders of the Notes. 
 (c) Other than as specifically provided in this Section 7, any redemption pursuant to this
Section 7 shall be made pursuant to the provisions of Sections 3.04 through 3.05 of the Base Indenture. Upon the consummation of the Acquisition, the foregoing provisions in this Section 7 regarding the Special Mandatory Redemption shall cease to
apply. 
 8. Repurchase at Option of Holder upon Change of Control Triggering Event. If a Change of Control Triggering Event
occurs with respect to the Notes, each Holder of such Notes shall have the right to require the Issuers to repurchase all or any part (equal to $2,000 or an integral multiple of $1,000) of that Holder’s Notes pursuant to a Change of Control
Offer on the terms set forth in the Indenture, except to the extent the Issuers have previously redeemed such Notes as described under Section 3.07 of the Indenture or Section 7 hereof. In the Change of Control Offer, the Issuers shall
offer the Change of Control Payment. Subject to the Indenture, within 30 days following the occurrence of a Change of Control Triggering Event, the Issuers shall mail a notice to each Holder of Notes describing the transaction or transactions that
constitute, or are expected to constitute, the Change of Control Triggering Event, and offering to repurchase Notes on the Change of Control Payment Date as specified in the notice required by the Indenture. 







 9. Notice of Redemption. Except as otherwise provided in the Indenture, including as
provided in Section 3.03(a) of the Indenture, notice of redemption will be mailed at least 30 days but not more than 60 days before the redemption date to each Holder of Notes to be redeemed at its registered address. Notes in denominations
larger than $2,000 may be redeemed in part but only in whole multiples of $1,000, unless all of the Notes held by a Holder are to be redeemed. On and after the redemption date interest ceases to accrue on Notes or portions thereof called for
redemption. 
 10. Denominations, Transfer, Exchange. The Notes are in registered form without coupons in denominations of
$2,000 and integral multiples of $1,000 in excess thereof. The transfer of Notes may be registered and Notes may be exchanged as provided in the Indenture. The Registrar and the Trustee may require a Holder, among other things, to furnish
appropriate endorsements and transfer documents and the Issuers may require a Holder to pay any taxes and fees required by law or permitted by the Indenture. The Issuers need not exchange or register the transfer of any Note or portion of a
Note selected for redemption, except for the unredeemed portion of any Note being redeemed in part. Also, the Issuers need not exchange or register the transfer of any Notes for a period of 15 days before the mailing of a notice of
redemption or during the period between a record date and the corresponding Interest Payment Date. 
 11. Persons Deemed
Owners. The registered Holder of a Note may be treated as its owner for all purposes. 
 12. Amendment, Supplement and
Waiver. Subject to Sections 6.04 and 6.07 of the Indenture, the Holders of a majority in aggregate principal amount of the Notes then outstanding voting as a single class may waive compliance in a particular instance by the Issuers
with any provision of the Indenture or the Notes. However, without the consent of each Holder affected, an amendment or waiver under Section 9.02 of the Indenture may not: (i) reduce the principal amount of Notes whose Holders must
consent to an amendment, supplement or waiver; (ii) reduce the principal of or change the fixed maturity of any Note or alter the provisions with respect to the redemption of the Notes (other than provisions relating to the covenants described
under Section 4.11 of the Indenture); (iii) reduce the rate of or change the time for payment of interest on any Note; (iv) waive a Default or Event of Default in the payment of principal of, or interest or premium on the Notes
(except a rescission of acceleration of the Notes by the Holders of at least a majority in aggregate principal amount of the Notes and a waiver of the payment default that resulted from such acceleration); (v) make any Note payable in money
other than that stated in the Notes; (vi) make any change in the provisions of the Indenture relating to waivers of past Defaults or the rights of Holders of Notes to receive payments of principal of, or interest or premium on the Notes;
(vii) waive a redemption payment with respect to any Note (other than a payment required by the covenants described under Section 4.11 of the Indenture); or (viii) make any change in Section 6.04 or 6.07 of the Indenture or in
the foregoing amendment and waiver provisions. 
 Notwithstanding Section 9.02 of the Indenture, the Issuers and the Trustee may amend
or supplement the Indenture, this Note or the Escrow Agreement without the consent of any Holder 







 
of a Note: (i) to cure any ambiguity, defect, mistake or inconsistency; (ii) to provide for uncertificated Notes in addition to or in place of certificated Notes or to alter the
provisions of Article II of the Indenture (including the related definitions) in a manner that does not materially adversely affect any Holder; (iii) to provide for the assumption of the Issuers’ obligations to the Holders of the
Notes by a successor to the Issuers pursuant to Article V of the Indenture; (iv) to comply with the rules of any applicable securities depositary; to comply with applicable Gaming Laws, to the extent that such amendment or supplement
is not materially adverse to the Holders of Notes; (v) to provide for the issuance of additional Notes of any series in accordance with the limitations set forth in the Indenture; (vi) to make any change that would provide any additional
rights or benefits to the Holders of Notes (including to provide for any Guarantees of the Notes or any collateral securing the Notes or any Guarantees of the Notes) or that does not materially adversely affect the legal rights under the Indenture
of any such Holder of the Note; (vii) to comply with requirements of the SEC in order to effect or maintain the qualification of the Indenture under the TIA; or (viii) to conform the text of the Indenture or the Notes to any provision
of the Description of Notes contained in the Offering Memorandum or the Prospectus Supplement as set forth in an Officer’s Certificate. 

13. Defaults and Remedies. The following are “Events of Default” under the Indenture with respect to Notes of a
particular series: (i) the Issuers default in the payment when due of interest on the Notes of such series and such default continues for a period of 30 days; (ii) the Issuers default in the payment when due of the principal of or premium,
if any, on the Notes of such series when the same becomes due and payable at maturity, upon redemption (including in connection with an offer to purchase) or otherwise; (iii) subject to the last paragraph of Section 6.01 of the Indenture,
the Issuers or any of their Subsidiaries fail to observe or perform any other covenant, representation, warranty or other agreement (other than a covenant or agreement included in the Indenture for the benefit of one or more series of Notes other
than such series of Notes) in the Indenture or the Notes of such series for 60 days after the Issuers’ receipt of notice from the Trustee or the Holders of at least 25% in aggregate principal amount of the Notes then outstanding that have
such covenant, representation, warranty or other agreement; (iv) a default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced any of the Issuers’ recourse
Indebtedness (or the payment of which the Issuers guarantee), whether such Indebtedness or guarantee now exists, or is created after the date of the Indenture, if that default: (x) is caused by a Payment Default; or (y) results
in the acceleration of such Indebtedness prior to its express maturity (which acceleration has not been rescinded, annulled or cured within 20 Business Days after receipt by the Issuers of notice from the Trustee or Holders of at least 25% in
principal amount of the Notes then outstanding specifying such default), and, in each case, the due and payable principal amount of any such Indebtedness, together with the due and payable principal amount of any other such Indebtedness under which
there has been a Payment Default or the maturity of which has been so accelerated, aggregates $100.0 million or more; (v) certain events of bankruptcy or insolvency with respect to the Issuers or any of their Subsidiaries that is a Significant
Subsidiary or any group of Subsidiaries that, taken as a whole, would constitute a Significant Subsidiary, and (vi) under certain circumstances the termination or ceasing of effectiveness of the Master Lease. If any Event of Default occurs
and is continuing, the Trustee or the Holders of at least 25% in principal amount of the then outstanding Notes may declare all the Notes to be due and payable. 







 Notwithstanding the foregoing, in the case of an Event of Default arising from certain events of
bankruptcy or insolvency, all outstanding Notes shall become due and payable without further action or notice. Holders may not enforce the Indenture or the Notes except as provided in the Indenture. Subject to certain limitations, Holders
of a majority in principal amount of the then outstanding Notes may direct the Trustee in its exercise of any trust or power. The Trustee may withhold from Holders of the Notes notice of any continuing Default or Event of Default (except a
Default or Event of Default relating to the payment of principal, interest or Liquidated Damages) if it determines that withholding notice is in their interest. The Holders of a majority in aggregate principal amount of the Notes then
outstanding by written notice to the Trustee may on behalf of the Holders of all of the Notes waive any existing Default or Event of Default and its consequences under the Indenture except a continuing Default or Event of Default in the payment of
interest or Liquidated Damages on, or the principal of, the Notes; provided, however, that the Holders of a majority in aggregate principal amount of the then outstanding Notes by written notice to the Trustee may on behalf of all the Holders
rescind an acceleration and its consequences. The Issuers are required to deliver to the Trustee annually a statement regarding compliance with the Indenture, and the Issuers are required upon becoming aware of any Default or Event of Default,
to deliver to the Trustee a statement specifying such Default or Event of Default. 
 14. Trustee Dealings with Issuers. The
Trustee, in its individual or any other capacity, may make loans to, accept deposits from, and perform services for the Issuers or their Affiliates, and may otherwise deal with the Issuers or their Affiliates, as if it were not the Trustee. 

15. No Recourse Against Others. No director, officer, employee, incorporator or direct or indirect partner, member or stockholder,
past, present or future, of the Issuers, the Parent Guarantor, any other Guarantor or any successor entity, as such, shall have any liability for any obligations of the Issuers or the Guarantors under the Indenture, the Notes or the Note Guarantees
or the Indenture or for any claim based on, in respect of, or by reason of, such obligations or their creation. Each Holder of Notes by accepting a Note waives and releases all such liability. The waiver and release are part of the
consideration for issuance of the Notes. The waiver may not be effective to waive liabilities under the federal securities laws. 
 16.
Authentication. This Note shall not be valid until authenticated by the manual signature of the Trustee or an authenticating agent. 

17. Abbreviations. Customary abbreviations may be used in the name of a Holder or an assignee, such as: TEN COM (= tenants in
common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

18. CUSIP Numbers. Pursuant to a recommendation promulgated by the Committee on Uniform Security Identification Procedures, the
Issuers have caused CUSIP numbers to be printed on the Notes and the Trustee may use CUSIP numbers in notices of redemption as a convenience to Holders. No representation is made as to the accuracy of such numbers either as printed on the Notes
or as contained in any notice of redemption and reliance may be placed only on the other identification numbers placed thereon. 







 The Issuers will furnish to any Holder upon written request and without charge a copy of the
Indenture. Requests may be made to: 
 GLP Capital, L.P. and GLP Financing II, Inc. 

Wyomissing Professional Center 

845 Berkshire Boulevard, Suite 200 

Wyomissing, PA 19610 

Attention: William J. Clifford 







 ASSIGNMENT FORM 

To assign this Note, fill in the form below: 
  

			
	 (I) or (we) assign and transfer this Note to:
	  	
		  	  

		  	 (Insert assignee’s legal name)

	
	  

	(Insert assignee’s soc. sec. or tax I.D. no.)
	
	  

	(Print or type assignee’s name, address and zip code)

 and irrevocably appoint
                                         
                                         
                                         
                  to transfer this Note on the books of the Issuers. The agent may substitute another to act for him. 

 

			
	
Date:                  
          
	  	 Your Signature:

		
		  	  

		  	 (Sign exactly as your name appears on the face of this Note)


  

			
	 Signature

Guarantee*:
	  	  


  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 








 OPTION OF HOLDER TO ELECT PURCHASE 

If you want to elect to have this Note purchased by the Issuers pursuant to Section 4.11 of the Indenture, check the appropriate box below: 

 ̈             Section 4.11

 If you want to elect to have only part of the Note purchased by the Issuers pursuant to Section 4.11 of the Indenture, state the amount you elect to
have purchased: 
  

							
	$	 		 		 	
				
	Date:	 	  
	 		 	

  

			
	 Your

Signature:
	 	  

		 	(Sign exactly as your name appears on the face of this Note)


					
			
	 Tax Identification
 No.:
	 	  
	 	
			
	Signature Guarantee*:	 	  
	 	

  
  

	*	Participant in a recognized Signature Guarantee Medallion Program (or other signature guarantor acceptable to the Trustee). 








 SCHEDULE OF EXCHANGES OF INTERESTS IN THE GLOBAL NOTE(1) 
 The following exchanges of a part of this Global Note for an interest in another Global Note or
for a Definitive Note, or exchanges of a part of another Global Note or Definitive Note for an interest in this Global Note, have been made: 
  

									
	 Date of 
Exchange
	  	Amount of 
Decrease in 
Principal Amount 
of This Global 
Note	  	Amount of 
Increase in 
Principal 
Amount of This
Global Note	  	Principal Amount of
This Global Note 
Following Such 
Decrease (or 
Increase)	  	Signature of 
Authorized 
Signatory of 
Trustee or Note
Custodian
		  		  		  		  	

  
  

	(1)	This schedule should be included only if the Note is issued in global form. 








 EXHIBIT B 

FORM OF GUARANTEE 
 For
value received, each Guarantor (which term includes any successor Person under the Indenture) has, jointly and severally, guaranteed, to the extent set forth in the Indenture and subject to the provisions in the Indenture dated as of
October 30, 2013, as amended, supplemented and modified by the First Supplemental Indenture dated as of March 28, 2016, and as further amended, supplemented and modified by the Second Supplemental Indenture dated as of April 28, 2016
(collectively, the “Indenture”) among GLP Capital, L.P. and GLP Financing II, Inc. as issuers (the “Issuers”), Gaming and Leisure Properties, Inc., as Parent Guarantor, and Wells Fargo Bank, National
Association, as trustee (the “Trustee”), (a) the due and punctual payment of the principal of, premium, if any, and interest on the Issuers’ 4.375% Senior Notes due 2021 (the “Notes”), whether at maturity,
by acceleration, redemption or otherwise, the due and punctual payment of interest on overdue principal and premium or Liquidated Damages, if any, and, to the extent permitted by law, interest, and the due and punctual performance of all other
obligations of the Issuers to the Holders or the Trustee all in accordance with the terms of the Indenture and (b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that the same will be
promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at stated maturity, by acceleration or otherwise. The obligations of the Guarantors to the Holders of Notes and to the Trustee
pursuant to the Guarantee and the Indenture are expressly set forth in Article X of the Indenture and reference is hereby made to the Indenture for the precise terms of the Guarantee. Each Holder of a Note, by accepting the same, agrees to
and shall be bound by such provisions. 







 
			
	GAMING AND LEISURE PROPERTIES, INC.
		
	By:	 	  

	Name:	 	
	Title: