The Collaborative International Dictionary of English v.0.48:
Pennant \Pen"nant\ (p[e^]n"nant), n. [OE. penon, penoun, pynoun,
OF. penon, F. pennon, fr. L. penna feather. See Pen a
feather, and cf. Pennon, Pinion.] (Naut.)
(a) A small flag; a pennon. The narrow pennant, or long
pennant (called also whip or coach whip) is a long,
narrow piece of bunting, carried at the masthead of a
government vessel in commission. The board pennant is
an oblong, nearly square flag, carried at the masthead of
a commodore's vessel. "With flags and pennants trimmed."
(b) A rope or strap to which a purchase is hooked.
[1913 Webster] Pennate