Understanding Conditions

[BigBlue]

Need some help understanding this - Toy Cannon is set to race this Wednesday and I'm trying to understand the weights. The entry listing is below. I understand most of it, I think, but still have a couple of questions.

1) How do I interpret this " Claiming Price $50,000, For Each $5,000 To $40,000 2 Lbs. (Condition Eligibility)"

2) What does the '7' superscript on the weight for Horse #1 mean?

Thanks.

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