Webster's English Dictionary

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pennant

pen.nant \'pen-*nt\ n [alter. of pendant] 1a: any of various nautical flags 
   tapering usu. to a point or swallowtail a nd used for identification or 
   signaling 1b: a flag or banner longer in the fly than in the hoist; esp : 
   one  that tapers to a point 2: a flag emblematic of championship