The tender offer also is subject to other customary conditions. However, there is no condition that a minimum principal amount of notes be tendered in the tender offer. If the Financing Condition or any of the conditions to the tender offer is not satisfied, Penn is not obligated to accept for payment, purchase or pay for, and may delay the acceptance for payment of, any tendered notes and may terminate the tender offer. Penn also reserves the right to extend the Expiration Date or to otherwise withdraw and not complete the tender offer. In addition, if the Financing Condition is not satisfied,

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