Document:

<PAGE>

                                                                     Exhibit 4.5

================================================================================

                               SECURITY AGREEMENT

                                       By

                           TRUMP CASINO HOLDINGS, LLC
                           TRUMP CASINO FUNDING, INC.,
                                   as Issuers

                                       and

                           THE GUARANTORS PARTY HERETO

                                       and

                         U.S. BANK NATIONAL ASSOCIATION
                               as Collateral Agent

--------------------------------------------------------------------------------

                           Dated as of March 25, 2003

================================================================================

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                                 ----
<S>                                                                                                <C>
PREAMBLE........................................................................................... 1

RECITALS........................................................................................... 1

AGREEMENT.......................................................................................... 2

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

SECTION 1.1   Definitions.......................................................................... 2
SECTION 1.2   Interpretation...................................................................... 12
SECTION 1.3   Resolution of Drafting Ambiguities.................................................. 12

                                   ARTICLE II

                    GRANT OF SECURITY AND SECURED OBLIGATIONS

SECTION 2.1   Pledge.............................................................................. 12
SECTION 2.2   Secured Obligations................................................................. 13
SECTION 2.3   Security Interest................................................................... 14
SECTION 2.4   No Release.......................................................................... 14

                                   ARTICLE III

                  PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;
                            USE OF PLEDGED COLLATERAL

SECTION 3.1   Delivery of Certificated Securities Collateral...................................... 14
SECTION 3.2   Perfection of Uncertificated Securities Collateral.................................. 15
SECTION 3.3   Maintenance of Perfected Security Interest.......................................... 15
SECTION 3.4   Other Actions....................................................................... 15
SECTION 3.5   Joinder of Additional Guarantors.................................................... 17
SECTION 3.6   Use and Pledge of Pledged Collateral................................................ 17

                                   ARTICLE IV

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

SECTION 4.1   Perfection.......................................................................... 17
SECTION 4.2   Title, Authority and Validity; Preservation of Corporate Existence.................. 18
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                                 ----
<S>                                                                                                <C>
SECTION 4.3   Validity of Security Interest....................................................... 18
SECTION 4.4   Other Financing Statements.......................................................... 19
SECTION 4.5   Chief Executive Office; Change of Name; Jurisdiction of Organization................ 19
SECTION 4.6   Location of Equipment............................................................... 19
SECTION 4.7   Condition and Maintenance of Equipment.............................................. 19
SECTION 4.8   Corporate Names; Prior Transactions................................................. 20
SECTION 4.9   Due Authorization and Issuance...................................................... 20
SECTION 4.10  No Violations, etc.................................................................. 20
SECTION 4.11  No Options, Warrants, etc........................................................... 20
SECTION 4.12  No Claims........................................................................... 20
SECTION 4.13  No Conflicts, Consents, etc......................................................... 20
SECTION 4.14  Pledged Collateral.................................................................. 21
SECTION 4.15  Insurance........................................................................... 21
SECTION 4.16  Benefit to Guarantors............................................................... 21
SECTION 4.17  Further Assurances of Trump Indiana, Inc............................................ 22

                                    ARTICLE V

               CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

SECTION 5.1   Pledge of Additional Securities Collateral.......................................... 22
SECTION 5.2   Voting Rights; Distributions; etc................................................... 22
SECTION 5.3   Operative Agreements................................................................ 23
SECTION 5.4   Defaults, etc....................................................................... 24
SECTION 5.5   Certain Agreements of Pledgors As Issuers and Holders of Equity Interests........... 24

                                   ARTICLE VI

                   CERTAIN PROVISIONS CONCERNING INTELLECTUAL
                               PROPERTY COLLATERAL

SECTION 6.1   Grant of License.................................................................... 24
SECTION 6.2   Registrations....................................................................... 24
SECTION 6.3   No Violations or Proceedings........................................................ 25
SECTION 6.4   Protection of Collateral Agent's Security........................................... 25
SECTION 6.5   After-Acquired Property............................................................. 25
SECTION 6.6   Modifications....................................................................... 26
SECTION 6.7   Litigation.......................................................................... 26
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                                 ----
<S>                                                                                                <C>
                                   ARTICLE VII

                              INTENTIONALLY OMITTED

                                  ARTICLE VIII

                            TRANSFERS AND OTHER LIENS

SECTION 8.1  Transfers of and other Liens on Pledged Collateral................................... 27

                                   ARTICLE IX

                                    REMEDIES

SECTION 9.1   Remedies............................................................................ 27
SECTION 9.2   Notice of Sale...................................................................... 29
SECTION 9.3   Waiver of Notice and Claims......................................................... 29
SECTION 9.4   Certain Sales of Pledged Collateral................................................. 29
SECTION 9.5   No Waiver; Cumulative Remedies...................................................... 31
SECTION 9.6   Certain Additional Actions Regarding Intellectual Property.......................... 31

                                    ARTICLE X

                             APPLICATION OF PROCEEDS

                                   ARTICLE XI

                                  MISCELLANEOUS

SECTION 11.1  Concerning Collateral Agent......................................................... 31
SECTION 11.2  Collateral Agent May Perform; Collateral Agent Appointed Attorney-in-Fact........... 32
SECTION 11.3  Expenses............................................................................ 33
SECTION 11.4  Indemnity........................................................................... 33
SECTION 11.5  Continuing Security Interest; Assignment............................................ 34
SECTION 11.6  Termination; Release................................................................ 34
SECTION 11.7  Modification in Writing............................................................. 34
SECTION 11.8  Notices............................................................................. 34
SECTION 11.9  GOVERNING LAW....................................................................... 35
SECTION 11.10 CONSENT TO JURISDICTION AND SERVICE OF PROCESS; WAIVER OF JURY TRIAL................ 35
SECTION 11.11 Severability of Provisions.......................................................... 35
SECTION 11.12 Execution in Counterparts........................................................... 35
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<CAPTION>
                                                                                                 Page
                                                                                                 ----
<S>                                                                                                <C>
SECTION 11.13 Business Days....................................................................... 35
SECTION 11.14 No Credit for Payment of Taxes or Imposition........................................ 36
SECTION 11.15 No Claims Against Collateral Agent.................................................. 36
SECTION 11.16 Obligations Absolute................................................................ 36
SECTION 11.17 Gaming Laws......................................................................... 36

SIGNATURES

EXHIBIT 1        Form of Issuer Acknowledgment
EXHIBIT 2        Form of Securities Pledge Amendment
EXHIBIT 3        Form of Joinder Agreement
</TABLE>

                                      -iv-

<PAGE>

                               SECURITY AGREEMENT

                SECURITY AGREEMENT (the "Agreement"), dated as of March 25, 2003
made by TRUMP CASINO HOLDINGS, LLC, a Delaware limited liability company having
an office at 1000 Boardwalk, Atlantic City, New Jersey 08401 ("Holdings"), TRUMP
CASINO FUNDING, INC., a Delaware Corporation having an office at 1000 Boardwalk,
Atlantic City, New Jersey 08401 ("Funding" and together with Holdings, the
"Issuers"), and EACH OF THE GUARANTORS LISTED ON THE SIGNATURE PAGES HERETO OR
FROM TIME TO TIME PARTY HERETO BY EXECUTION OF A JOINDER AGREEMENT
(collectively, the "Guarantors"), as pledgors, assignors and debtors (the
Issuers, together with the Guarantors, in such capacities and together with any
successors in such capacities, the "Pledgors," and each, a "Pledgor"), in favor
of U.S. Bank National Association, a national banking association having an
office at 180 East Fifth Street, St. Paul, Minnesota 55101, in its capacity as
collateral agent pursuant to the Priority Intercreditor Agreement (as
hereinafter defined), as pledgee, assignee and secured party (in such capacities
and together with any successors in such capacities, the "Collateral Agent").

                                R E C I T A L S:

                A.      The Issuers and the Collateral Agent, as trustee (in
such capacity, along with successors in such capacity, the "First Priority
Trustee") have, in connection with the execution and delivery of this Agreement,
entered into that certain indenture, dated as of March 25, 2003 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the
"First Priority Indenture"), pursuant to which the Issuers have issued their 11
5/8% first priority mortgage notes due 2010 (the "First Priority Notes") in the
original aggregate principal amount of $425,000,000. It is contemplated that the
Issuers may, after the date hereof, issue additional First Priority Notes,
exchange notes and private exchange notes (collectively with the original First
Priority Notes, the "First Notes") pursuant to the provisions of the First
Priority Indenture.

                B.      The Issuers and the Collateral Agent, as trustee (in
such capacity, along with successors in such capacity, the "Second Priority
Trustee" and together with the First Priority Trustee, the "Trustees") have, in
connection with the execution and delivery of this Agreement, entered into that
certain indenture, dated as of March 25, 2003 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the "Second Priority
Indenture" and together with the First Priority Notes Indenture, the
"Indentures"), pursuant to which the Issuers have issued their 17 5/8% second
priority mortgage notes due 2010 (the "Second Priority Notes") in the original
aggregate principal amount of $65,000,000. It is contemplated that the Issuers,
after the date hereof, may issue additional Second Priority Notes, exchange
notes and private exchange notes (collectively with the original Second Priority
Notes, the "Second Notes;" the Second Notes together with the First Notes are
referred to as the "Notes") pursuant to the provisions of the Second Priority
Notes Indenture.

                C.      Collateral Agent is the collateral agent under that
certain Priority Intercreditor Agreement dated as of March 25, 2003 (as amended,
amended and restated, supplemented or otherwise modified from time to time, the
"Priority Intercreditor Agreement") for the Trustees (acting at the direction of
and for the benefit of the holders of the Notes) (the Trustees, the holders of
the Notes and the Collateral Agent are hereinafter referred to collectively as
the "Secured Parties")

                D.      Each Guarantor has, pursuant to the Indentures, among
other things, unconditionally guaranteed the obligations of the Issuers under
the Indentures and the Notes.

<PAGE>

                E.      Each Guarantor will receive substantial benefits from
the execution, delivery and performance of the obligations under the Indentures
and the Notes and is, therefore, willing to enter into this Agreement.

                F.      Each Pledgor is or, as to Pledged Collateral (as
hereinafter defined) acquired by such Pledgor after the date hereof will be, the
legal and/or beneficial owner of the Pledged Collateral pledged by it hereunder.

                G.      This Agreement is given by each Pledgor in favor of the
Collateral Agent for the benefit of the Secured Parties to secure the payment
and performance of all of the Secured Obligations (as hereinafter defined).

                               A G R E E M E N T :

                NOW THEREFORE, in consideration of the foregoing premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, each Pledgor and the Collateral Agent hereby agree as
follows:

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

                SECTION 1.1 Definitions. (a) Unless otherwise defined herein,
terms used herein that are defined in the UCC shall have the meanings assigned
to them in the UCC, including the following which are capitalized herein:

                "Account;" "Commercial Tort Claim;" "Electronic Chattel Paper;"
"Equipment;" "Fixtures;" "Goods;" "Inventory;" "Proceeds;" "Supporting
Obligations;" and "Tangible Chattel Paper."

                (b)     Capitalized terms used but not otherwise defined herein
that are defined in the Indentures shall have the meanings given to them in the
Indentures, including the following:

                "Applicable Law;" "Business Day;" "Capitalized Lease
Obligation;" "Cash Equivalents;" "Collateral Account;" "Collateral Documents;"
"Event of Default;" "GAAP;" "Gaming Licenses;" "Holders;" "Indebtedness;" "Issue
Date;" "Lien;" "Mortgage;" "Net Loss Proceeds;" "Officers' Certificate;"
"Permitted Liens;" "Person;" "Purchase Money Obligations;" "Ship Mortgage;"
"Subsidiary;" and "Trust Monies."

                (c)     The following terms shall have the following meanings:

                "Additional Pledged Interests" shall mean, collectively, with
respect to each Pledgor, (i) all options, warrants, rights, agreements,
additional membership or partnership interests or other interests of whatever
class of any issuer of Initial Pledged Interests or any interest in any such
issuer, including, without limitation, all rights, privileges, authority and
powers of such Pledgor relating to the

                                       -2-

<PAGE>

equity or membership or partnership interests in any such issuer or under the
Operative Agreement of any such issuer, from time to time acquired by such
Pledgor in any manner and (ii) all the membership, partnership or other
interests, as applicable, of each limited liability company, partnership or
other entity (other than a corporation) hereafter acquired or formed by such
Pledgor and all options, warrants, rights, agreements, additional membership or
partnership interests or other interests of whatever class of such limited
liability company, partnership or other entity including, without limitation,
all rights, privileges, authority and powers of such Pledgor relating to such
equity or membership or partnership interests or under the Operative Agreement
of such limited liability company, partnership or other entity, from time to
time acquired by such Pledgor in any manner, in each case, including the
certificates, instruments and agreements, if any, representing such additional
interests and any and all interest of such Pledgor in the entries on the books
of any financial intermediary pertaining to such additional interests.

                "Additional Pledged Shares" shall mean, collectively, with
respect to each Pledgor, (i) all options, warrants, rights, agreements,
additional shares of capital stock of whatever class of any issuer of the
Initial Pledged Shares or any interest in any such issuer, including, without
limitation, all rights, privileges, authority and powers of such Pledgor
relating to such additional shares issued by any such issuer under the Operative
Agreement of any such issuer, from time to time acquired by such Pledgor in any
manner and (ii) all the issued and outstanding shares of capital stock of each
corporation hereafter acquired or formed by such Pledgor and all options,
warrants, rights, agreements or additional shares of capital stock of whatever
class of such corporation including, without limitation, all rights, privileges,
authority and powers of such Pledgor relating to such shares or under the
Operative Agreement of such corporation, from time to time acquired by such
Pledgor in any manner, in each case, including the certificates, if any,
representing such additional shares and any and all interest of such Pledgor in
the entries on the books of any financial intermediary pertaining to such
additional shares.

                "Agreement" shall mean this Agreement, as amended, amended and
restated, supplemented or otherwise modified from time to time in accordance
with the provisions hereof.

                "Charges" shall mean any and all property and other taxes,
assessments and special assessments, levies, fees and all governmental charges
imposed upon or assessed against, and all claims (including, without limitation,
landlords', carriers', mechanics', maritime, workmen's, repairmen's, laborers',
materialmen's, suppliers' and warehousemen's Liens and other claims arising by
operation of law) against, all or any portion of the Pledged Collateral.

                "Chattel Paper" shall have the meaning assigned to such term in
the UCC, to the extent such "Chattel Paper" evidences any amounts payable under
or in connection with any item of the Pledged Collateral or Mortgaged Property
or such chattel paper constitutes Proceeds of any item of Pledged Collateral or
Mortgaged Property.

                "Collateral Account Funds" shall mean, collectively, the
following from time to time on deposit in the Collateral Account: all funds
(including, without limitation, all Trust Monies), investments (including,
without limitation, all Cash Equivalents) and all certificates and instruments
from time to time representing or evidencing such investments; all notes,
certificates of deposit, checks and other instruments and all interest,
dividends, cash, instruments and other property from time to time received,
receivable or otherwise distributed thereon.

                                       -3-

<PAGE>

                "Collateral Agent" shall have the meaning assigned to such term
in the Preamble of this Agreement.

                "Collateral Material Adverse Effect" shall mean, as of any date
of determination and whether individually or in the aggregate (a) any event,
circumstance, occurrence or condition which has caused or resulted in (or would
reasonably be expected to cause or result in) a material adverse effect on the
business or operations as presently conducted of the Pledgors taken as a whole;
(b) any event, circumstance, occurrence or condition which has caused or
resulted in (or would reasonably be expected to cause or result in) a material
adverse effect on the value or utility of the Pledged Collateral taken as a
whole; or (c) any event, circumstance, occurrence or condition which has caused
or resulted in (or would reasonably expect to cause or result in) a material
adverse effect on the legality, priority or enforceability of the Lien created
by this Agreement or the rights and remedies of the Collateral Agent hereunder.

                "Contracts" shall mean, collectively, with respect to each
Pledgor, all sale, service, performance, equipment or property lease contracts,
agreements and grants and all other contracts, agreements or grants (in each
case, whether written or oral, or third party or intercompany), between such
Pledgor and third parties, and all assignments, amendments, restatements,
supplements, extensions, renewals, replacements or modifications thereof, and in
any event, shall include, without limitation, the Trump 29 Management Agreement
(including the right to receive Management Fees thereunder) and all other
material agreements, licenses and permits entered into by, or granted to, any
Pledgor in connection with the development, construction, maintenance, ownership
and operation of any Pledgors' properties.

                "Control Agreement" shall have the meaning assigned to such term
in Section 3.4(d) hereof.

                "Copyrights" shall mean, collectively, with respect to each
Pledgor, all copyrights (whether statutory or common law, whether established or
registered in the United States or any other country or any political
subdivision thereof whether registered or unregistered and whether published or
unpublished) and all copyright registrations and applications made by such
Pledgor, in each case, whether now owned or hereafter created or acquired by or
assigned to such Pledgor, including, without limitation, the copyrights,
registrations and applications listed in Schedule 14(b) of the Perfection
Certificate, together with any and all (i) rights and privileges arising under
Applicable Law with respect to such Pledgor's use of such copyrights, (ii)
reissues, renewals, continuations and extensions thereof, (iii) income, fees,
royalties, damages, claims and payments now or hereafter due and/or payable with
respect thereto, including, without limitation, damages and payments for past,
present or future infringements thereof, (iv) rights corresponding thereto
throughout the world and (v) rights to sue for past, present or future
infringements thereof.

                "CRDA" shall mean the New Jersey Casino Reinvestment Development
Authority.

                "Destruction" shall mean any and all damage to, or loss or
destruction of, all or any portion of the Pledged Collateral or Mortgaged
Property.

                "Distributions" shall mean, collectively, with respect to each
Pledgor, all dividends, options, warrants, rights, instruments, distributions,
returns of capital or principal, income, interest, profits and other property,
interests (debt or equity) or Proceeds, including as a result of a split,
revision, reclassification or other like change of the Pledged Securities, in
each case in a form other than cash or

                                       -4-

<PAGE>

Cash Equivalents, from time to time received, receivable or otherwise
distributed to such Pledgor in respect of or in exchange for any or all of the
Pledged Securities or Intercompany Notes.

                "Documents" shall have the meaning assigned to such term in the
UCC, to the extent such "Documents" evidence any item of the Pledged Collateral
or Mortgaged Property or such "Documents" constitute Proceeds of any item of
Pledged Collateral or Mortgaged Property.

                "Excluded Property" shall mean Special Property other than any
Proceeds, substitutions or replacements of any Special Property (unless such
Proceeds, substitutions or replacements would constitute Special Property).

                "First Priority Secured Obligations" shall mean all obligations
(whether or not constituting future advances, obligatory or otherwise) of the
Issuers and any and all of the Guarantors from time to time arising under or in
respect of this Agreement, the First Priority Indenture, the First Notes and the
other Collateral Documents (including, without limitation, the obligations to
pay principal, interest and all other charges, fees, expenses, commissions,
reimbursements, premiums, indemnities and other payments related to or in
respect of the obligations contained in this Agreement, the First Priority
Indenture, the First Notes and the other Collateral Documents), in each case
whether (i) such obligations are direct or indirect, secured or unsecured, joint
or several, absolute or contingent, due or to become due whether at stated
maturity, by acceleration or otherwise, (ii) arising in the regular course of
business or otherwise, (iii) for payment or performance and/or (iv) now existing
or hereafter arising (including, without limitation, interest and other
obligations arising or accruing after the commencement of any bankruptcy,
insolvency, reorganization or similar proceeding with respect to any Pledgor or
any other Person, or which would have arisen or accrued but for the commencement
of such proceeding, even if such obligation or the claim therefor is not
enforceable or allowable in such proceeding).

                "First Priority Secured Parties" shall mean the Collateral
Agent, the First Priority Trustee and the Holders of First Notes.

                "General Intangibles" shall mean, collectively, with respect to
each Pledgor, all "general intangibles," as such term is defined in the UCC, of
such Pledgor and, in any event, shall include, without limitation, (i) all of
such Pledgor's rights, title and interest in, to and under all Insurance
Policies and Contracts, (ii) all know-how and warranties relating to any of the
Pledged Collateral or the Mortgaged Property, (iii) any and all other rights,
claims, choses-in-action and causes of action of such Pledgor against any other
Person and the benefits of any and all collateral or other security given by any
other Person in connection therewith, (iv) all guarantees, endorsements and
indemnifications on, or of, any of the Pledged Collateral or any of the
Mortgaged Property, (v) all lists, books, records, correspondence, ledgers,
print-outs, files (whether in printed form or stored electronically), tapes and
other papers or materials containing information relating to any of the Pledged
Collateral or any of the Mortgaged Property, including, without limitation, all
customer or tenant lists, identification of suppliers, data, plans, blueprints,
specifications, designs, drawings, appraisals, recorded knowledge, surveys,
studies, engineering reports, test reports, manuals, standards, processing
standards, performance standards, catalogs, research data, computer and
automatic machinery software and programs and the like, field repair data,
accounting information pertaining to such Pledgor's operations or any of the
Pledged Collateral or any of the Mortgaged Property and all media in which or on
which any of such information or knowledge or data or records may be recorded or
stored and all computer programs used for the compilation or printout of such
information, knowledge, records or data, (vi) all licenses,

                                       -5-

<PAGE>

consents, permits, variances, certifications, authorizations and approvals,
however characterized, of any Governmental Authority (or any Person acting on
behalf of a Governmental Authority) now or hereafter acquired or held by such
Pledgor pertaining to operations now or hereafter conducted by such Pledgor or
any of the Pledged Collateral or any of the Mortgaged Property including,
without limitation, building permits, certificates of occupancy, environmental
certificates, industrial permits or licenses and certificates of operation and
(vii) all rights to reserves, deferred payments, deposits, refunds,
indemnification of claims to the extent the foregoing relate to any Pledged
Collateral or Mortgaged Property and claims for tax or other refunds against any
Governmental Authority relating to any Pledged Collateral or any of the
Mortgaged Property.

                "Goodwill" shall mean, collectively, with respect to each
Pledgor, the goodwill connected with such Pledgor's business including, without
limitation, (i) all goodwill connected with the use of and symbolized by any of
the Intellectual Property Collateral in which such Pledgor has any interest,
(ii) all know-how, trade secrets, customer and supplier lists, proprietary
information, inventions, methods, procedures, formulae, descriptions,
compositions, technical data, drawings, specifications, name plates, catalogs,
confidential information and the right to limit the use or disclosure thereof by
any Person, pricing and cost information, business and marketing plans and
proposals, consulting agreements, engineering contracts and such other assets
which relate to such goodwill and (iii) all product lines of such Pledgor's
business.

                "Governmental Authority" shall mean any Federal, state, local,
foreign or other governmental, quasi-governmental or administrative (including
self-regulatory) body, instrumentality, department, agency, authority, board,
bureau, commission, office of any nature whatsoever or other subdivision
thereof, or any court, tribunal, administrative hearing body, arbitration panel
or other similar dispute-resolving body, whether now or hereafter in existence,
or any officer or official thereof, having jurisdiction over any Pledgor or the
Pledged Collateral or the Mortgaged Property or any portion thereof.

                "Guarantors" shall have the meaning assigned to such term in the
Preamble hereof.

                "Indemnified Liabilities" shall have the meaning assigned to
such term in Section 11.4(i) hereof.

                "Indemnitees" shall have the meaning assigned to such term in
Section 11.4(i) hereof.

                "Indentures" shall have the meaning assigned to such term in
Recital B hereof.

                "Initial Pledged Interests" shall mean, with respect to each
Pledgor, all membership, partnership or other equity interests (other than in a
corporation), as applicable, of each issuer described in Schedule 11 annexed to
the Perfection Certificate, together with all rights, privileges, authority and
powers of such Pledgor in and to

                                       -6-

<PAGE>

each such issuer or under the Operative Agreement of each such issuer, and the
certificates, instruments and agreements, if any, representing such membership,
partnership or other interests and any and all interest of such Pledgor in the
entries on the books of any financial intermediary pertaining to such
membership, partnership or other interests.

                "Initial Pledged Shares" shall mean, collectively, with respect
to each Pledgor, the issued and outstanding shares of capital stock of each
issuer described in Schedule 11 annexed to the Perfection Certificate together
with all rights, privileges, authority and powers of such Pledgor in and to each
such issuer or under the Operative Agreement of each such issuer, and the
certificates, instruments and agreements, if any, representing such shares of
capital stock and any and all interest of such Pledgor in the entries on the
books of any financial intermediary pertaining to the Initial Pledged Shares.

                "Instruments" shall mean, collectively, with respect to each
Pledgor, all "instruments," as such term is defined in Section 9-102 of the UCC,
and in any event shall include, without limitation, all promissory notes,
drafts, bills of exchange or acceptances to the extent the same evidence the
Pledged Collateral or Mortgaged Property.

                "Insurance Policies" shall mean the insurance policies and
coverages required to be maintained by the Pledgors with respect to the Pledged
Collateral and the Mortgaged Property pursuant to Section 4.18 of the Indentures
and all renewals and extensions thereof.

                "Insurance Requirements" means, collectively, with respect to
each Pledgor, all provisions of the Insurance Policies, all requirements of the
issuer of any of the Insurance Policies and all orders, rules, regulations and
any other requirements of the National Board of Fire Underwriters (or any other
body exercising similar functions) binding upon such Pledgor and applicable to
the Pledged Collateral or the Mortgaged Property or any use or condition
thereof.

                "Intellectual Property Collateral" shall mean, collectively, the
Patents, Trademarks, Copyrights, Licenses and Goodwill.

                "Intercompany Notes" shall mean, with respect to each Pledgor,
all intercompany notes described in Schedule 12 annexed to the Perfection
Certificate (and each other intercompany note hereafter acquired by such
Pledgor) and all certificates, instruments or agreements evidencing such
intercompany notes, and all assignments, amendments, restatements, supplements,
extensions, renewals, replacements or modifications thereof to the extent
permitted pursuant to the terms hereof.

                "Issuers" shall have the meaning assigned to such term in the
Preamble hereof.

                "Joinder Agreement" shall mean the form of joinder agreement
attached hereto as Exhibit 3.

                "Letter-of-Credit Rights" shall have the meaning assigned to
such term in the UCC, to the extent such "Letter-of-Credit Rights" evidence
amounts payable under or in connection with the Pledged Collateral or Mortgaged
Property.

                "Letters of Credit" shall have the meaning assigned to such term
in the UCC, to the extent such "Letters of Credit" evidence the Pledged
Collateral or Mortgaged Property.

                "Licenses" shall mean, collectively, with respect to each
Pledgor, all license and distribution agreements with, and covenants not to sue,
any other party with respect to any Patent, Trademark or Copyright, whether such
Pledgor is a licensor or licensee, distributor or distributee under any such
license or distribution agreement, including, without limitation, the license
and distribution agreements listed in Schedules 14(a) and 14(b) annexed to the
Perfection Certificate, together with any and all (i) renewals, extensions,
supplements and continuations thereof, (ii) income, fees, royalties, damages,
claims and payments now and hereafter due and/or payable thereunder and with
respect thereto

                                       -7-

<PAGE>

including, without limitation, damages and payments for past, present or future
infringements or violations thereof, (iii) rights to sue for past, present and
future infringements or violations thereof and (iv) other rights to use, exploit
or practice any or all of the Patents, Trademarks or Copyrights.

                "Management Fees" shall have the meaning assigned to such term
in the Trump 29 Management Agreement.

                "Material Intellectual Property" means Intellectual Property
Collateral owned by or in which a Pledgor has any interest which is material to
its business or the business of any other Pledgor.

                "Mortgaged Property" shall have the meaning assigned to such
term in the Mortgages and shall also include any "Vessel" as defined in any Ship
Mortgage.

                "Notes" shall have the meaning assigned to such term in Recital
B of this Agreement.

                "Operative Agreement" shall mean (i) in the case of any limited
liability company or partnership or other non-corporate entity, any membership
or partnership agreement or other organizational agreement or document thereof
and (ii) in the case of any corporation, any charter or certificate of
incorporation and by-laws thereof.

                "Parking Lease" means that certain Parking Lease by and between
Buffington Harbor Parking Associates, LLC, as lessor, and Trump Indiana, Inc.,
as lessee, dated as of June 19, 2000, as amended from time to time.

                "Patents" shall mean, collectively, with respect to each
Pledgor, all patents issued or assigned to and all patent applications and
registrations made by such Pledgor (whether established or registered or
recorded in the United States or any other country or any political subdivision
thereof), including, without limitation, those listed in Schedule 14(a) annexed
to the Perfection Certificate, together with any and all (i) rights and
privileges arising under Applicable Law with respect to such Pledgor's use of
any patents, (ii) inventions and improvements described and claimed therein,
(iii) reissues, divisions, continuations, renewals, extensions and
continuations-in-part thereof, (iv) income, fees, royalties, damages, claims and
payments now or hereafter due and/or payable thereunder and with respect thereto
including, without limitation, damages and payments for past, present or future
infringements thereof, (v) rights corresponding thereto throughout the world and
(vi) rights to sue for past, present or future infringements thereof.

                "Perfection Certificate" shall mean that certain Perfection
Certificate dated March 25, 2003 executed and delivered by each Pledgor in favor
of the Collateral Agent for the benefit of the Secured Parties, and each other
Perfection Certificate (which shall be in form and substance reasonably
acceptable to the Collateral Agent) executed and delivered by the applicable
Guarantor in favor of the Collateral Agent for the benefit of the Secured
Parties contemporaneously with the execution and delivery of each Joinder
Agreement executed in accordance with Section 3.5 hereof, in each case, as the
same may be amended, amended and restated, supplemented (including, if requested
by the Collateral Agent, to reflect the addition of any new Pledgor that has
executed a joinder agreement hereto) or otherwise modified from time to time
upon the request of the Collateral Agent.

                                       -8-

<PAGE>

                "Pledge Amendment" shall have the meaning assigned to such term
in Section 5.1 hereof.

                "Pledged Collateral" shall have the meaning assigned to such
term in Section 2.1 hereof.

                "Pledged Interests" shall mean, collectively, the Initial
Pledged Interests and the Additional Pledged Interests excluding any interest to
the extent representing more than 65% of the voting power or control of all
classes of interests entitled to vote of any Subsidiary which is a controlled
foreign corporation (as defined in Section 957(a) of the Tax Code) and excluding
any Subsidiary to the extent that such pledge would constitute an investment of
earnings in United States property under Section 956 (or a successor provision)
of the Tax Code, which investment would trigger an increase in the gross income
of a United States shareholder of such Pledgor pursuant to Section 951 (or a
successor provision) of the Tax Code.

                "Pledged Securities" shall mean, collectively, the Pledged
Interests, the Pledged Shares and the Successor Interests.

                "Pledged Shares" shall mean, collectively, the Initial Pledged
Shares and the Additional Pledged Shares excluding any shares representing more
than 65% of the voting power of all classes of capital stock entitled to vote of
any Subsidiary which is a controlled foreign corporation (as defined in Section
957(a) of the Tax Code) and excluding any shares of stock of any Subsidiary to
the extent that such pledge would constitute an investment of earnings in United
States property under Section 956 (or a successor provision) of the Tax Code,
which investment would trigger an increase in the gross income of a United
States shareholder of such Pledgor pursuant to Section 951 (or a successor
provision) of the Tax Code.

                "Pledgor" shall have the meaning assigned to such term in the
Preamble hereof.

                "Prudent Operator" shall mean the standard of care taken by a
prudent operator of property and assets similar in use and configuration to the
Pledged Collateral or Mortgaged Property, as the case may be, and located in the
locality where the Pledged Collateral or Mortgaged Property, as the case may be,
is located.

                "Receivables" shall mean, with respect to each Pledgor,
collectively, (i) all Accounts (ii) all receivables arising out of the sale or
lease of Inventory or the provision of services in the ordinary course of each
Pledgor's business (other than with respect to the Trump 29 Management Agreement
and Management Fees payable thereunder), including all casino receivables
(markers, instruments, notes and checks) both undeposited and returned, hotel
receivables, credit card receivables, interest receivable (including with
respect to CRDA or other required regulatory investments) and progressive
jackpot receivables (wide area progressives or multiple casinos linked
progressives).

                "Requirements of Law" shall mean, collectively, any and all
requirements of any Governmental Authority including, without limitation, any
and all laws, ordinances, rules, regulations or similar statutes or case law.

                                       -9-

<PAGE>

                "Second Priority Secured Obligations" shall mean all obligations
(whether or not constituting future advances, obligatory or otherwise) of the
Issuers and any and all of the Guarantors from time to time arising under or in
respect of this Agreement, the Second Priority Indenture, the Second Notes and
the other Collateral Documents (including, without limitation, the obligations
to pay principal, interest and all other charges, fees, expenses, commissions,
reimbursements, premiums, indemnities and other payments related to or in
respect of the obligations contained in this Agreement, the Second Priority
Indenture, the Second Notes and the other Collateral Documents), in each case
whether (i) such obligations are direct or indirect, secured or unsecured, joint
or several, absolute or contingent, due or to become due whether at stated
maturity, by acceleration or otherwise, (ii) arising in the regular course of
business or otherwise, (iii) for payment or performance and/or (iv) now existing
or hereafter arising (including, without limitation, interest and other
obligations arising or accruing after the commencement of any bankruptcy,
insolvency, reorganization or similar proceeding with respect to any Pledgor or
any other Person, or which would have arisen or accrued but for the commencement
of such proceeding, even if such obligation or the claim therefor is not
enforceable or allowable in such proceeding).

                "Second Priority Secured Parties" shall mean the Collateral
Agent, the Second Priority Trustee and the Holders of Second Notes.

                "Secured Obligations" shall mean the First Priority Secured
Obligations and the Second Priority Secured Obligations.

                "Secured Parties" shall have the meaning assigned to such term
in Recital C.

                "Securities Act" shall have the meaning assigned to such term in
Section 9.4(ii) hereof.

                "Securities Collateral" shall mean, collectively, the Pledged
Securities, the Intercompany Notes and the Distributions.

                "Special Property" shall mean:

                (a)     any and all permits, leases or licenses held by any
        Pledgor that validly prohibits the creation by such Pledgor of a
        security interest therein, including, without limitation Gaming
        Licenses;

                (b)     any and all permits, leases or licenses held by any
        Pledgor to the extent that any Requirement of Law applicable thereto
        prohibits the creation of a security interest therein;

                (c)     all right, title and interest of any Pledgor in and to
        any property that is owned by any Pledgor on the date hereof or
        hereafter acquired that is subject to a Lien securing FF&E Financing
        Agreements, a Purchase Money Obligation or a Capitalized Lease
        Obligation permitted under each Indenture;

                (d)     all right, title and interest held by any Pledgor in and
        to any and all Receivables, Inventory and Commercial Tort Claims;

                                      -10-

<PAGE>

                (e)     all right, title and interest held by any Pledgor in any
        property, to the extent that such property is subject to a Lien
        permitted to be incurred pursuant to clause (m), (o) or (t) of the
        definition of Permitted Liens;

                (f)     all right, title and interest held by any Pledgor in and
        to any and all cash, Cash Equivalents (other than Collateral Account
        Funds) and securities (other than Pledged Securities) and deposit
        accounts (other than the Collateral Account);

                (g)     all rights, title and interests of Trump Indiana, Inc.
        to the Parking Lease;

                (h)     for so long as the property described in clauses (a)
        through (f) above is "Special Property," all right, title and interest
        of any Pledgor in and to any and all General Intangibles, books and
        records relating to the property described in such clauses and all
        Proceeds and products of the foregoing, including, without limitation,
        Proceeds of insurance, condemnation awards, tax refunds and other
        similar property or claims with respect to such property; and

                (i)     all right, title and interest, if any, of any Pledgor to
        use the names "Trump," "Donald Trump" and "Donald J. Trump" (including
        variations thereon) and related intellectual property rights.

provided, however, that in each case described in clauses (a) and (b) of this
definition, such property shall constitute "Special Property" only to the extent
and for so long as such permit, lease or license or Requirement of Law
applicable thereto, validly prohibits the creation of a Lien on such property in
favor of the Collateral Agent and, upon the termination of such prohibition
(howsoever occurring), such property shall cease to constitute "Special
Property;" provided, further, that at such time as the property described in
clause (c) of this definition is not subject to an FF&E Financing Agreement,
Purchase Money Obligation or Capitalized Lease Obligation, such property shall
cease to be "Special Property;" provided, further, that at such time as Trump
Indiana, Inc. has received a consent to a pledge of any of the property
described in clause (g) of this definition, such property shall cease to be
"Special Property."

                "Successor Interests" shall mean, collectively, with respect to
each Pledgor, all shares of each class of the capital stock of the successor
corporation or interests or certificates of the successor limited liability
company, partnership or other entity owned by such Pledgor (unless such
successor is such Pledgor itself) formed by or resulting from any consolidation
or merger in which any Person listed in Schedule 1(a) annexed to the Perfection
Certificate is not the surviving entity; provided, however, that the pledge of
the Successor Interests affected hereby shall in no event affect the obligations
of such Pledgor under any provision prohibiting such action hereunder or under
the Indenture.

                "Taking" shall mean any taking of the Pledged Collateral or the
Mortgaged Property or any portion thereof, in or by condemnation or other
eminent domain proceedings pursuant to any law, general or special, or by reason
of the temporary requisition of the use of the Pledged Collateral or Mortgaged
Property or any portion thereof, by any Governmental Authority, civil or
military.

                "Tax Code" shall mean the Internal Revenue Code of 1986, as
amended from time to time.

                                      -11-

<PAGE>

                "Trademarks" shall mean, collectively, with respect to each
Pledgor, all trademarks (including service marks), logos, slogans, certification
marks, trade dress, uniform resource locations (URL's), domain names, corporate
names and trade names, whether registered or unregistered, owned by or assigned
to such Pledgor and all registrations and applications for the foregoing
(whether statutory or common law and whether established or registered in the
United States or any other Country or any political subdivision thereof),
including, without limitation, the registrations and applications listed in
Schedule 14(a) annexed to the Perfection Certificate, together with any and all
(i) rights and privileges arising under Applicable Law with respect to such
Pledgor's use of any trademarks, (ii) reissues, continuations, extensions and
renewals thereof, (iii) income, fees, royalties, damages and payments now and
hereafter due and/or payable thereunder and with respect thereto, including,
without limitation, damages, claims and payments for past, present or future
infringements thereof, (iv) rights corresponding thereto throughout the world
and (v) rights to sue for past, present and future infringements thereof.

                "Trump 29 Management Agreement" shall mean the Amended and
Restated Gaming Facility Management Agreement dated as of March 28, 2002 between
The Twenty-Nine Palms Band of Luiseno Mission Indians of California, Twenty-Nine
Palms Enterprises Corporation and THCR Management Services, LLC, as in effect on
the Issue Date (and any renewals or replacements thereof or amendments thereto).

                "UCC" shall mean the Uniform Commercial Code as in effect on the
date hereof in the State of New York; provided, however, that if by reason of
mandatory provisions of law, any or all of the attachment, perfection or
priority of the Collateral Agent's security interest in any item or portion of
the Pledged Collateral is governed by the Uniform Commercial Code as in effect
in a jurisdiction other than the State of New York, the term "UCC" shall mean
the Uniform Commercial Code as in effect on the date hereof in such other
jurisdiction for purposes of the provisions hereof relating to such attachment,
perfection or priority and for purposes of definitions relating to such
provisions.

                SECTION 1.2 Interpretation. The rules of construction set forth
in Section 1.04 of each Indenture shall be applicable to this Agreement.

                SECTION 1.3 Resolution of Drafting Ambiguities. Each Pledgor
acknowledges and agrees that it was represented by counsel in connection with
the execution and delivery hereof, that it and its counsel reviewed and
participated in the preparation and negotiation hereof and that any rule of
construction to the effect that ambiguities are to be resolved against the
drafting party (i.e., the Collateral Agent) shall not be employed in the
interpretation hereof.

                                   ARTICLE II

                    GRANT OF SECURITY AND SECURED OBLIGATIONS

                SECTION 2.1 Pledge. (a) As collateral security for the payment
and performance in full of all the First Priority Secured Obligations, each
Pledgor hereby pledges and grants to the Collateral Agent for the benefit of the
First Priority Secured Parties, a lien on and first priority security interest
in and to all of the right, title and interest of such Pledgor in, to and under
the following property, wherever

                                      -12-

<PAGE>

located, whether now existing or hereafter arising or acquired from time to time
(collectively, the "Pledged Collateral"):

                   (i)   all Equipment, Goods, and Fixtures;

                  (ii)   all Documents, Instruments and Chattel Paper;

                 (iii)   all Letter-of-Credit Rights;

                  (iv)   all Securities Collateral;

                   (v)   all Intellectual Property Collateral;

                  (vi)   all General Intangibles;

                 (vii)   the Collateral Account and all Collateral Account
        Funds;

                (viii)   all Supporting Obligations (but only to the extent
        relating to items expressly set forth in this sentence);

                  (ix)   all books and records relating to the Pledged
        Collateral; and

                   (x)   to the extent not covered by clauses (i) through (ix)
        of this sentence, all Proceeds and products of each of the foregoing and
        all accessions to, substitutions and replacements for, and rents,
        profits and products of, each of the foregoing, any and all Proceeds of
        any insurance, indemnity, warranty or guaranty payable to such Pledgor
        from time to time with respect to any of the foregoing.

                Notwithstanding anything to the contrary contained in clauses
(i) through (x) above, the security interest created by this Agreement shall not
extend to, and the term "Pledged Collateral" shall not include, any Excluded
Property and (i) the Pledgors shall from time to time at the request of the
Collateral Agent give written notice to the Collateral Agent identifying in
reasonable detail the Special Property of the type described in clauses (a)
through (c) of such definition (and stating in such notice that such Special
Property constitutes "Excluded Property") and shall provide to the Collateral
Agent such other information regarding such Special Property as the Collateral
Agent may reasonably request and (ii) from and after the Issue Date, no Pledgor
shall permit to become effective in any document creating, governing or
providing for any permit, lease or license, a provision that would prohibit the
creation of a Lien on such permit, lease or license in favor of the Collateral
Agent unless such Pledgor believes, in its reasonable judgment, that such
prohibition is usual and customary in transactions of such type.

        (b)     As collateral security for the payment in full of all the Second
Priority Secured Obligations, each Pledgor hereby pledges and grants to the
Collateral Agent for the benefit of the Second Priority Secured Parties, a lien
on and second priority security interest in and to all of the Pledged
Collateral.

                SECTION 2.2 Secured Obligations. This Agreement secures, and the
Pledged Collateral is collateral security for, the payment and performance in
full when due of the Secured Obligations.

                                      -13-

<PAGE>

                SECTION 2.3 Security Interest. (a) Each Pledgor hereby
irrevocably authorizes the Collateral Agent at any time and from time to time to
file in any relevant jurisdiction any initial financing statements (including
fixture filings) and amendments thereto relating to the Pledged Collateral that
contain the information required by Article 9 of the Uniform Commercial Code of
each applicable jurisdiction for the filing of any financing statement or
amendment relating to the Pledged Collateral, including, without limitation, (i)
whether such Pledgor is an organization, the type of organization and any
organizational identification number issued to such Pledgor and (ii) in the case
of a financing statement filed as a fixture filing or covering Pledged
Collateral constituting minerals or the like to be extracted or timber to be
cut, a sufficient description of the real property to which such Pledged
Collateral relates. Each Pledgor agrees to provide all information described in
the immediately preceding sentence to the Collateral Agent promptly upon
request.

                (b)     Each Pledgor hereby ratifies its authorization for the
Collateral Agent to file in any relevant jurisdiction any initial financing
statements or amendments thereto relating to the Pledged Collateral if filed
prior to the date hereof.

                (c)     Each Pledgor hereby further authorizes the Collateral
Agent to file filings with the United States Patent and Trademark Office or
United States Copyright Office (or any successor office or any similar office in
any other country) or other documents for the purpose of perfecting, confirming,
continuing, enforcing or protecting the security interests granted by such
Pledgor hereunder, without the signature of such Pledgor to the extent permitted
by Applicable Law, and naming such Pledgor as debtor, and the Collateral Agent
as secured party.

                SECTION 2.4 No Release. Nothing set forth in this Agreement
shall relieve any Pledgor from the performance of any term, covenant, condition
or agreement on such Pledgor's part to be performed or observed under or in
respect of any of the Pledged Collateral or from any liability to any Person
under or in respect of any of the Pledged Collateral or shall impose any
obligation on the Collateral Agent or any other Secured Party to perform or
observe any such term, covenant, condition or agreement on such Pledgor's part
to be so performed or observed or shall impose any liability on the Collateral
Agent or any other Secured Party for any act or omission on the part of such
Pledgor relating thereto or for any breach of any representation or warranty on
the part of such Pledgor contained in this Agreement, the Indentures, the Notes
or the other Collateral Documents, or under or in respect of the Pledged
Collateral or made in connection herewith or therewith. The obligations of each
Pledgor contained in this Section 2.4 shall survive the termination hereof and
the discharge of such Pledgor's other obligations under this Agreement and the
Indentures, the Notes and the other Collateral Documents.

                                   ARTICLE III

                  PERFECTION; SUPPLEMENTS; FURTHER ASSURANCES;

                            USE OF PLEDGED COLLATERAL

                SECTION 3.1 Delivery of Certificated Securities Collateral. Each
Pledgor hereby agrees that all certificates, agreements or instruments
representing or evidencing Securities Collateral acquired by such Pledgor after
the date hereof, shall immediately upon receipt thereof by such Pledgor be
delivered to and held by or on behalf of the Collateral Agent pursuant hereto.
All certificated Securities

                                      -14-

<PAGE>

Collateral shall be in suitable form for transfer by delivery or shall be
accompanied by duly executed instruments of transfer or assignment in blank, all
in form and substance satisfactory to the Collateral Agent. Subject to the
provisions of applicable Gaming Laws and Section 11.17 hereof, the Collateral
Agent shall have the right, at any time upon the occurrence and during the
continuance of any Event of Default, to endorse, assign or otherwise transfer to
or to register in the name of the Collateral Agent or any of its nominees or
endorse for negotiation any or all of the Securities Collateral, without any
indication that such Securities Collateral is subject to the security interest
hereunder. In addition, the Collateral Agent shall have the right at any time to
exchange certificates representing or evidencing Securities Collateral for
certificates of smaller or larger denominations.

                SECTION 3.2 Perfection of Uncertificated Securities Collateral.
Each Pledgor hereby agrees that if any issuer of Pledged Securities is organized
in a jurisdiction which does not permit the use of certificates to evidence
equity ownership, or if any of the Pledged Securities are at any time not
evidenced by certificates of ownership, then each applicable Pledgor shall, to
the extent permitted by Applicable Law, request that such pledge be recorded on
the equityholder register or the books of the issuer, request that the issuer
execute and deliver to the Collateral Agent an acknowledgment of the pledge of
such Pledged Securities substantially in the form of Exhibit 1 annexed hereto,
execute any customary pledge forms or other documents necessary or appropriate
to complete the pledge and give the Collateral Agent the right to transfer such
Pledged Securities under the terms hereof.

                SECTION 3.3 Maintenance of Perfected Security Interest. Each
Pledgor agrees that at the sole cost and expense of the Pledgors, (i) such
Pledgor will maintain the security interest created by this Agreement in the
Pledged Collateral as a perfected security interest having at least the priority
required hereunder and shall defend such security interest against the claims
and demands of all Persons, and (ii) at any time and from time to time, upon the
written request of the Collateral Agent, such Pledgor will promptly and duly
execute and deliver, and have recorded, such further instruments and documents
(including Control Agreements) and take such further action as the Collateral
Agent may reasonably request for the purpose of obtaining or preserving the full
benefits of this Agreement and of the rights and powers herein granted,
including the filing of any financing or continuation statement under the UCC
(or other similar laws) in effect in any jurisdiction with respect to the
security interest created hereby.

                SECTION 3.4 Other Actions. In order to further insure the
attachment, perfection and priority of, and the ability of the Collateral Agent
to enforce, the Collateral Agent's security interest in the Pledged Collateral,
each Pledgor agrees, in each case at such Pledgor's own expense, to take the
following actions with respect to the following Pledged Collateral:

                (a)     Instruments and Tangible Chattel Paper. As of the date
        hereof, each Pledgor hereby represents and warrants that (i) no amount
        individually or in the aggregate in excess of $250,000 payable under or
        in connection with any of the Pledged Collateral is evidenced by any
        Instrument or Tangible Chattel Paper other than such Instruments and
        Tangible Chattel Paper listed in Schedule 12 of the Perfection
        Certificate and (ii) each Instrument and each item of Tangible Chattel
        Paper has been properly endorsed, assigned and delivered to the
        Collateral Agent, accompanied by instruments of transfer or assignment
        duly executed in blank. If any amount individually or in the aggregate
        in excess of $250,000 payable under or in connection with any of the
        Pledged Collateral shall be evidenced by any Instrument or Tangible
        Chattel Paper, the Pledgor acquiring such Instrument or Tangible Chattel
        Paper shall forthwith endorse, assign and deliver the same to the
        Collateral Agent, accompanied by such instruments of transfer

                                      -15-

<PAGE>

        or assignment duly executed in blank as the Collateral Agent may from
        time to time specify; provided, however, that so long as no Event of
        Default shall have occurred and be continuing, the Collateral Agent
        shall return such Instrument or Tangible Chattel Paper to such Pledgor
        from time to time, to the extent necessary for collection in the
        ordinary course of such Pledgor's business.

                (b)     Electronic Chattel Paper and Transferable Records. If
        any amount individually or in the aggregate in excess of $250,000
        payable under or in connection with any of the Pledged Collateral shall
        be evidenced by any Electronic Chattel Paper or any "transferable
        record," as that term is defined in Section 201 of the Federal
        Electronic Signatures in Global and National Commerce Act, or in Section
        16 of the Uniform Electronic Transactions Act as in effect in any
        relevant jurisdiction, the Pledgor acquiring such Electronic Chattel
        Paper or transferable record shall promptly notify the Collateral Agent
        thereof and shall take such action as the Collateral Agent may
        reasonably request to vest in the Collateral Agent control under UCC
        Section 9-105 of such Electronic Chattel Paper or control under Section
        201 of the Federal Electronic Signatures in Global and National Commerce
        Act or, as the case may be, Section 16 of the Uniform Electronic
        Transactions Act, as so in effect in such jurisdiction, of such
        transferable record. The Collateral Agent agrees with such Pledgor that
        the Collateral Agent will arrange, pursuant to procedures satisfactory
        to the Collateral Agent and so long as such procedures will not result
        in the Collateral Agent's loss of control, for the Pledgor to make
        alterations to the Electronic Chattel Paper or transferable record
        permitted under UCC Section 9-105 or, as the case may be, Section 201 of
        the Federal Electronic Signatures in Global and National Commerce Act or
        Section 16 of the Uniform Electronic Transactions Act for a party in
        control to allow without loss of control, unless an Event of Default has
        occurred and is continuing or would occur after taking into account any
        action by such Pledgor with respect to such Electronic Chattel Paper or
        transferable record.

                (c)     Letter-of-Credit Rights. If any Pledgor is at any time a
        beneficiary under a Letter of Credit now or hereafter issued in favor of
        such Pledgor in an amount individually or in the aggregate in excess of
        $250,000, such Pledgor shall promptly notify the Collateral Agent
        thereof and such Pledgor shall, pursuant to an agreement in form and
        substance satisfactory to the Collateral Agent, either (i) arrange for
        the issuer and any confirmer of such Letter of Credit to consent to an
        assignment as collateral to the Collateral Agent of the proceeds of any
        drawing under the Letter of Credit or (ii) arrange for the Collateral
        Agent to become the transferee beneficiary of such Letter of Credit,
        with the Collateral Agent agreeing, in each case, that the proceeds of
        any drawing under the Letter of Credit are to be applied as provided in
        the Indentures.

                (d)     Special Provisions regarding the Collateral Account and
        all Collateral Account Funds. Each Pledgor hereby represents and
        warrants that at all times the Collateral Account and all Collateral
        Account Funds shall be maintained in one or more accounts under which
        Collateral Agent is the depositary, and Collateral Agent will be deemed
        to have "control" (as defined in Section 9-104 of the UCC) of such
        Collateral Account and all Collateral Account Funds through its direct
        dominion and control. If at any time the Collateral Account or any
        Collateral Account Funds are not maintained with Collateral Agent, each
        Pledgor shall enter into an agreement in form and substance acceptable
        to Collateral Agent (each, a "Control Agreement") sufficient to
        establish Collateral Agent's control over and perfection of its security
        interest in any and all such

                                      -16-

<PAGE>

        Collateral Account Funds. Each Pledgor hereby acknowledges and agrees
        that notwithstanding any provisions hereof or any other circumstance to
        the contrary, Collateral Agent shall at all times (A) have "control" (as
        defined in Section 9-104 of the UCC) of the Collateral Account and all
        Collateral Account Funds, as may be confirmed in one or more Control
        Agreements, and (B) be authorized in writing to direct the institution
        maintaining the Collateral Account or any Collateral Account Funds to
        comply without further consent of any Pledgor or any person acting or
        purporting to act for any Pledgor being required, with all instructions
        originated by Collateral Agent. Collateral Agent hereby agrees that it
        shall not issue any such instructions to any institution maintaining the
        Collateral Account or any Collateral Account Funds except in connection
        with Collateral Agent's exercise of remedies upon the occurrence of an
        Event of Default.

                SECTION 3.5 Joinder of Additional Guarantors. The Pledgors shall
cause each Subsidiary of the Issuers which, from time to time, after the date
hereof shall be required to pledge any assets to the Collateral Agent for the
benefit of the Secured Parties pursuant to the provisions of the Indentures, to
execute and deliver to the Collateral Agent a joinder agreement substantially in
the form of Exhibit 3 annexed hereto within a commercially reasonable period of
time (not to exceed 30 days) of the date on which it was acquired or created
and, upon such execution and delivery, such Subsidiary shall constitute a
"Guarantor" and a "Pledgor" for all purposes hereunder. The execution and
delivery of such joinder agreement shall not require the consent of any Pledgor
hereunder. Additionally, each Pledgor (including any additional Pledgor) hereby
agrees to promptly update, or in the case of any new Pledgor, deliver, the
Perfection Certificate at any time upon the request of the Collateral Agent. The
rights and obligations of each Pledgor hereunder shall remain in full force and
effect notwithstanding the addition of any new Guarantor and Pledgor as a party
to this Agreement.

                SECTION 3.6 Use and Pledge of Pledged Collateral. Unless an
Event of Default shall have occurred and be continuing, the Collateral Agent
shall from time to time execute and deliver, upon written request of any Pledgor
and at the sole cost and expense of the Pledgors, any and all instruments,
certificates or other documents, in a form reasonably requested by such Pledgor,
necessary or appropriate in the reasonable judgment of such Pledgor to enable
such Pledgor to continue to exploit, license, use, enjoy and protect the Pledged
Collateral in accordance with the terms hereof and of the Indentures. The
Pledgors and the Collateral Agent acknowledge that this Agreement is intended to
grant to the Collateral Agent for the benefit of the Secured Parties security
interests in and Liens upon the Pledged Collateral and shall not constitute or
create a present assignment of any of the Pledged Collateral.

                                   ARTICLE IV

                    REPRESENTATIONS, WARRANTIES AND COVENANTS

           EACH PLEDGOR REPRESENTS, WARRANTS AND COVENANTS AS FOLLOWS:

                SECTION 4.1 Perfection. (i) All certificates, agreements or
instruments representing or evidencing the Securities Collateral in existence on
the date hereof have been delivered to the Collateral Agent in suitable form for
transfer by delivery or accompanied by duly executed instruments of transfer or
assignment in blank; (ii) each Pledgor represents and warrants that the
Collateral Agent has a

                                      -17-

<PAGE>

perfected first priority security interest securing the First Priority Secured
Obligations and a perfected second priority security interest securing the
Second Priority Secured Obligations, in each case, in all uncertificated Pledged
Securities pledged by it hereunder that are in existence on the date hereof; and
(iii) the only filings, registrations and recordings necessary and appropriate
to create, preserve, protect, give notice of and perfect the security interest
granted by each Pledgor to the Collateral Agent (for the benefit of the Secured
Parties) pursuant to this Agreement in respect of the Pledged Collateral are
listed in Schedule 7 of the Perfection Certificate. All such filings,
registrations and recordings have been delivered to the Collateral Agent in
completed and, to the extent necessary or appropriate, duly executed form for
filing in each governmental, municipal or other office specified in Schedule 7
of the Perfection Certificate.

                SECTION 4.2 Title, Authority and Validity; Preservation of
Corporate Existence. (i) Such Pledgor (A) has good and valid rights in and title
to the Pledged Collateral with respect to which it has purported to grant a
security interest and Lien hereunder, (B) has full power and authority to grant
to the Collateral Agent the security interests in and Liens on such Pledged
Collateral pursuant hereto and to execute, deliver and perform its obligations
in accordance with the terms of this Agreement, without the consent or approval
of any other Person other than any consent or approval that has been obtained,
(C) is duly organized, validly existing and in good standing under the laws of
the jurisdiction of its organization, (D) it is duly qualified to transact
business and is in good standing in each state in which such qualification is
necessary (except where the failure of all Pledgors to be so qualified would not
individually or in the aggregate have a Collateral Material Adverse Effect) and
(E) this Agreement is a legal, valid and binding obligation of such Pledgor,
enforceable against such Pledgor in accordance with its terms.

                (ii)    Such Pledgor shall (A) preserve and maintain in full
force and effect its existence and good standing under the laws of the
jurisdiction of its organization, (B) preserve and maintain in full force and
effect its qualification to transact business and good standing in the state in
which the Pledged Collateral which it owns or in which it has rights is located
and (C) preserve and maintain in full force and effect all consents,
authorizations and approvals necessary or required of any Governmental Authority
or any other Person relating to the execution, delivery and performance hereof.

                SECTION 4.3 Validity of Security Interest. The security
interests in and Liens on the Pledged Collateral granted to the Collateral Agent
for the benefit of the Secured Parties hereunder constitutes (a) legal and valid
security interests in all the Pledged Collateral securing the payment and
performance of the Secured Obligations, (b) subject to the filings described in
Schedule 7 of the Perfection Certificate, a perfected security interest in all
the Pledged Collateral in which a security interest may be perfected by the
filing of (A) a financing statement pursuant to the UCC or (B) the filing of
this Agreement with the United States Patent and Trademark Office or the United
States Copyright Office and (c) upon delivery of the certificates contemplated
in Section 4.1(i) hereof, a perfected security interest in the certificated
Securities Collateral. The security interest and Lien granted to the Collateral
Agent for the benefit of the First Priority Secured Parties pursuant to this
Agreement in and on the Pledged Collateral will as of the date hereof constitute
a perfected, continuing first priority security interest therein, superior and
prior to the rights of all other Persons therein other than with respect to the
holders of Permitted Liens. The security interest and Lien granted to the
Collateral Agent for the benefit of the Second Priority Secured Parties pursuant
to this Agreement in and on the Pledged Collateral will as of the date hereof
constitute a perfected, continuing second priority security interest therein,
superior and

                                      -18-

<PAGE>

prior to the rights of all other Persons therein other than with respect to the
First Priority Secured Parties and holders of Permitted Liens.

                SECTION 4.4 Other Financing Statements. So long as any of the
Secured Obligations remain unpaid, no Pledgor shall execute, authorize or permit
to be filed in any public office any financing statement (or similar statement
or instrument of registration under the law of any jurisdiction) or statements
relating to any Pledged Collateral, except, in the case of financing statements
filed or to be filed in respect of and covering the security interests granted
by such Pledgor to the holders of the Permitted Liens.

                SECTION 4.5 Chief Executive Office; Change of Name; Jurisdiction
of Organization. (a) The exact legal name, type of organization, jurisdiction of
organization, Federal Taxpayer Identification Number, organizational
identification number and chief executive office of such Pledgor is indicated
next to its name in Schedules 1(a) and 2(a) of the Perfection Certificate. Such
Pledgor shall not change (i) its corporate name, (ii) its identity or type of
organization or corporate structure, (iii) its Federal Taxpayer Identification
Number or organizational identification number or (iv) its jurisdiction of
organization (in each case, including, without limitation, by merging with or
into any other entity, reorganizing, dissolving, liquidating, reincorporating or
incorporating in any other jurisdiction) until (A) it shall have given the
Collateral Agent not less than 30 days' prior written notice (in the form of an
Officers' Certificate) of its intention so to do, clearly describing such change
and providing such other information in connection therewith as the Collateral
Agent may reasonably request and (B) with respect to such change, such Pledgor
shall have taken all action reasonably satisfactory to the Collateral Agent to
maintain the perfection and priority of the security interest of the Collateral
Agent for the benefit of the Secured Parties in the Pledged Collateral intended
to be granted hereunder, including, without limitation, using commercially
reasonable efforts to obtain waivers of landlord's or warehousemen's liens with
respect to such new location, if applicable. Each Pledgor agrees to promptly
provide the Collateral Agent with certified organizational documents reflecting
any of the changes described in the preceding sentence.

                (b)     The Collateral Agent may rely on opinions of counsel as
to whether any or all UCC financing statements of the Pledgors need to be
amended as a result of any of the changes described in Section 4.5(a). If any
Pledgor fails to provide information to the Collateral Agent about such changes
on a timely basis, the Collateral Agent shall not be liable or responsible to
any party for any failure to maintain a perfected security interest in such
Pledgor's property constituting Pledged Collateral, for which the Collateral
Agent needed to have information relating to such changes. The Collateral Agent
shall have no duty to inquire about such changes if any Pledgor does not inform
the Collateral Agent of such changes, the parties acknowledging and agreeing
that it would not be feasible or practical for the Collateral Agent to search
for information on such changes if such information is not provided by any
Pledgor.

                SECTION 4.6 Location of Equipment. All Equipment of such Pledgor
is located at the chief executive office or such other location listed in
Schedules 2(a), 2(b), 2(c), 2(d) or 2(e) of the Perfection Certificate.

                SECTION 4.7 Condition and Maintenance of Equipment. The
Equipment of such Pledgor is in good repair, working order and condition,
reasonable wear and tear excepted. Each Pledgor shall cause the Equipment to be
maintained and preserved in good repair, working order and condition,

                                      -19-

<PAGE>

reasonable wear and tear excepted, and shall as quickly as commercially
practicable make or cause to be made all repairs, replacements and other
improvements which are necessary or appropriate in the conduct of such Pledgor's
business, except where the failure to make such repairs, replacements or
improvements would not have a Collateral Material Adverse Effect.

                SECTION 4.8 Corporate Names; Prior Transactions. Such Pledgor
has not, during the past five years, been known by or used any other corporate
or fictitious name or been a party to any merger or consolidation, or acquired
all or substantially all of the assets of any Person, or acquired any of its
property or assets out of the ordinary course of business, except as set forth
in Schedules 1(b), 1(c) and 4 of the Perfection Certificate.

                SECTION 4.9 Due Authorization and Issuance. All of the Initial
Pledged Shares have been, and to the extent any Pledged Shares are hereafter
issued, such shares will be, upon such issuance, duly authorized, validly issued
and fully paid and non-assessable. All of the Initial Pledged Interests have
been fully paid for, and there is no amount or other obligation owing by any
Pledgor to any issuer of the Initial Pledged Interests in exchange for or in
connection with the issuance of the Initial Pledged Interests or as a result
solely of any Pledgor's status as a partner or a member of any issuer of the
Initial Pledged Interests.

                SECTION 4.10 No Violations, etc. The pledge of the Pledged
Securities pursuant to this Agreement does not violate Regulation T, U or X of
the Federal Reserve Board.

                SECTION 4.11 No Options, Warrants, etc. There are no options,
warrants, calls, rights, commitments or agreements of any character to which
such Pledgor is a party or by which it is bound obligating such Pledgor to
issue, deliver or sell or cause to be issued, delivered or sold additional
Pledged Securities or obligating such Pledgor to grant, extend or enter into any
such option, warrant, call, right, commitment or agreement. There are no voting
trusts or other agreements or understandings to which such Pledgor is a party
with respect to the transfer, voting or exercise of any other right of the
equity interests of any issuer of the Pledged Securities (other than with
respect to the equity interests in Buffington Harbor Riverboats, L.L.C. and
Buffington Harbor Parking Associates, LLC).

                SECTION 4.12 No Claims. The use by such Pledgor of the Pledged
Collateral and all such rights with respect to the foregoing do not infringe on
the rights of any Person other than such infringement which would not,
individually or in the aggregate, result in a Collateral Material Adverse
Effect. No claim has been made and remains outstanding that such Pledgor's use
of any Pledged Collateral does or may violate the rights of any third Person
that would individually, or in the aggregate, have a Collateral Material Adverse
Effect.

                SECTION 4.13 No Conflicts, Consents, etc. Neither the execution
and delivery hereof by each Pledgor nor the consummation of the transactions
herein contemplated nor the fulfillment of the terms hereof (i) violates any
Operative Agreement of such Pledgor or any issuer of Pledged Securities, (ii)
violates the terms of any agreement, indenture, mortgage, deed of trust,
equipment lease, instrument or other document to which such Pledgor is a party,
or by which it is bound or to which any of its properties or assets are subject,
which violation would, individually or in the aggregate, have a Collateral
Material Adverse Effect, (iii) conflicts with any Requirement of Law applicable
to any such Pledgor or its property, which conflict would, individually or in
the aggregate, have a Collateral Material Adverse Effect, or (iv) results in or
requires the creation or imposition of any Lien (other than the Lien

                                      -20-

<PAGE>

contemplated hereby or by the Indentures or any of the other Collateral
Documents) upon or with respect to any of the property now owned or hereafter
acquired by such Pledgor. No consent of any party (including, without
limitation, equityholders or creditors of such Pledgor) and no consent,
authorization, approval, license or other action by, and no notice to or filing
with, any Governmental Authority or regulatory body or other Person (other than
as may be required by applicable Gaming Laws) is required (A) for the granting
of Liens to the Collateral Agent by such Pledgor on the Pledged Collateral
pursuant to this Agreement which have not been obtained or for the execution,
delivery or performance hereof by such Pledgor, (B) for the exercise by the
Collateral Agent of the voting or other rights provided for in this Agreement or
(C) for the exercise by the Collateral Agent of the remedies in respect of the
Pledged Collateral pursuant to this Agreement. Subject to the provisions of
Section 11.17 hereof, in the event that the Collateral Agent desires to exercise
any remedies, voting or consensual rights or attorney-in-fact powers set forth
in this Agreement and determines it necessary to obtain any approvals or
consents of any Governmental Authority or any other Person therefor, then, upon
the reasonable request of the Collateral Agent, such Pledgor agrees to use its
best efforts to assist and aid the Collateral Agent to obtain as soon as
practicable any necessary approvals or consents for the exercise of any such
remedies, rights and powers.

                SECTION 4.14 Pledged Collateral. All information set forth
herein, including the schedules annexed hereto, and all information contained in
any documents, schedules and lists heretofore delivered to any Secured Party in
connection with this Agreement, in each case, relating to the Pledged
Collateral, is accurate and complete in all material respects. The Pledged
Collateral described on the schedules annexed hereto constitutes all of the
property of such type of Pledged Collateral owned or held by the Pledgors.

                SECTION 4.15 Insurance. (a) The Pledgors, at their own expense,
shall maintain or cause to be maintained the insurance policies and coverages
required under Section 4.18 of each Indenture with respect to the Pledged
Collateral.

                (b)     If there shall occur any Destruction, individually or in
the aggregate, in excess of $250,000, the applicable Pledgor shall promptly send
to the Collateral Agent a written notice setting forth the nature and extent of
such Destruction. If there shall occur any Taking, the applicable Pledgor shall
immediately notify the Collateral Agent upon receiving notice of such Taking or
commencement of proceedings therefor. The Net Loss Proceeds are hereby assigned
and shall be paid to the Collateral Agent. Each Pledgor shall take all steps
necessary to notify the condemning authority of such assignment. All Net Loss
Proceeds shall be applied in accordance with the provisions of Section 4.16 of
the Indenture.

                (c)     In the event that the Proceeds of any insurance claim
are paid after the Collateral Agent has exercised its right to foreclose after
an Event of Default such Proceeds shall be paid to the Collateral Agent to
satisfy any deficiency remaining after such foreclosure. The Collateral Agent
shall retain its interest in the Insurance Policies required to be maintained
pursuant to this Agreement during any redemption period.

                SECTION 4.16 Benefit to Guarantors. Each Guarantor will receive
substantial benefit as a result of the execution, delivery and performance of
the Indentures and other documents evidencing the Secured Obligations.

                                      -21-

<PAGE>

                SECTION 4.17 Further Assurances of Trump Indiana, Inc. Trump
Indiana, Inc. hereby agrees to use commercially reasonable efforts to obtain
consents to permit a leasehold mortgage on and security interest in the Parking
Lease to be granted to the Collateral Agent to secure the Secured Obligations
and agrees that upon receiving such consent it shall comply with Section 10.01
of the Indentures with respect to such lease to the same extent that it would be
required to comply with such Section if it was a newly acquired Subsidiary of
the Company. Trump Indiana, Inc. and Trump Indiana Realty, LLC hereby agree to
provide to the Collateral Agent as soon as reasonably practicable following the
Issue Date Environmental Disclosure Documents for Transfer of Real Property with
respect to the Mortgaged Property described in the Mortgages granted by Trump
Indiana, Inc. and Trump Realty, LLC, to record the Disclosure Documents in the
office of the county recorder of Lake County, Indiana and to file a copy of the
Disclosure Documents with the Indiana Department of Environmental Management.
The Collateral Agent hereby waives any requirement that the Disclosure Documents
be recorded or filed prior to the Issue Date.

                                    ARTICLE V

               CERTAIN PROVISIONS CONCERNING SECURITIES COLLATERAL

                SECTION 5.1 Pledge of Additional Securities Collateral. Each
Pledgor shall, upon obtaining any Pledged Securities or Intercompany Notes of
any Person constituting Pledged Collateral, accept the same in trust for the
benefit of the Collateral Agent and promptly deliver to the Collateral Agent a
pledge amendment, duly executed by such Pledgor, in substantially the form of
Exhibit 2 annexed hereto (each, a "Pledge Amendment"), and the certificates and
other documents required under Section 3.1 and Section 3.2 in respect of the
additional Pledged Securities or Intercompany Notes which are to be pledged
pursuant to this Agreement, and confirming the attachment of the Lien hereby
created on and in respect of such additional Pledged Securities or Intercompany
Notes. Each Pledgor hereby authorizes the Collateral Agent to attach each Pledge
Amendment to this Agreement and agrees that all Pledged Interests or
Intercompany Notes listed on any Pledge Amendment delivered to the Collateral
Agent shall for all purposes hereunder be considered Pledged Collateral.

                SECTION 5.2 Voting Rights; Distributions; etc. (i) So long as no
Event of Default shall have occurred and be continuing:

                (A)     Each Pledgor shall be entitled to exercise any and all
        voting and other consensual rights pertaining to the Securities
        Collateral or any part thereof for any purpose not inconsistent with the
        terms or purposes hereof, the Indenture or any other document evidencing
        the Secured Obligations; provided, however, that no Pledgor shall in any
        event exercise such rights in any manner which may have a Collateral
        Material Adverse Effect.

                (B)     Each Pledgor shall be entitled to receive and retain,
        and to utilize free and clear of the Lien hereof, any and all
        Distributions, but only if and to the extent made in accordance with the
        provisions of the Indentures; provided, however, that any and all such
        Distributions consisting of rights or interests in the form of
        securities shall be forthwith delivered to the Collateral Agent to hold
        as Pledged Collateral and shall, if received by any Pledgor, be received
        in trust for the benefit of the Collateral Agent, be segregated from the
        other property or funds of

                                      -22-

<PAGE>

        such Pledgor and be promptly delivered to the Collateral Agent as
        Pledged Collateral in the same form as so received (with any necessary
        endorsement).

                (C)     The Collateral Agent shall be deemed without further
        action or formality to have granted to each Pledgor all necessary
        consents relating to voting rights and shall, if necessary, upon written
        request of any Pledgor and at the sole cost and expense of the Pledgors,
        from time to time execute and deliver (or cause to be executed and
        delivered) to such Pledgor all such instruments as such Pledgor may
        reasonably request in order to permit such Pledgor to exercise the
        voting and other rights which it is entitled to exercise pursuant to
        Section 5.2(i)(A) hereof and to receive the Distributions which it is
        authorized to receive and retain pursuant to Section 5.2(i)(B) hereof.

                (ii)    Upon the occurrence and during the continuance of any
Event of Default:

                (A)     All rights of each Pledgor to exercise the voting and
        other consensual rights it would otherwise be entitled to exercise
        pursuant to Section 5.2(i)(A) hereof without any action, (other than any
        applicable approval required pursuant to applicable Gaming Law), or the
        giving of any notice shall cease, and all such rights shall thereupon
        become vested in the Collateral Agent, which shall thereupon have the
        sole right to exercise such voting and other consensual rights.

                (B)     All rights of each Pledgor to receive Distributions
        which it would otherwise be authorized to receive and retain pursuant to
        Section 5.2(i)(B) hereof shall cease and all such rights shall thereupon
        become vested in the Collateral Agent, which shall thereupon have the
        sole right to receive and hold as Pledged Collateral such Distributions.

                (iii)   Subject to applicable Gaming Laws, each Pledgor shall,
at its sole cost and expense, from time to time execute and deliver to the
Collateral Agent appropriate instruments as the Collateral Agent may request in
order to permit the Collateral Agent to exercise the voting and other rights
which it may be entitled to exercise pursuant to Section 5.2(ii)(A) hereof and
to receive all Distributions which it may be entitled to receive under Section
5.2(ii)(B) hereof.

                (iv)    All Distributions which are received by any Pledgor
contrary to the provisions of Section 5.2(ii)(B) hereof shall be received in
trust for the benefit of the Collateral Agent, shall be segregated from other
funds of such Pledgor and shall immediately be paid over to the Collateral Agent
as Pledged Collateral in the same form as so received (with any necessary
endorsement).

                SECTION 5.3 Operative Agreements. Each Pledgor has delivered to
the Collateral Agent true, correct and complete copies of the Operative
Agreements. The Operative Agreements are in full force and effect, have not as
of the date hereof been amended or modified except as disclosed to the
Collateral Agent, and there is no existing default by any party thereunder or
any event which, with the giving of notice of passage of time or both, would
constitute a default by any party thereunder. Each Pledgor shall deliver to the
Collateral Agent a copy of any notice of default given or received by it under
any Operative Agreement within ten days after such Pledgor gives or receives
such notice. No Pledgor will terminate or agree to terminate any Operative
Agreement or make any amendment or modification to any Operative Agreement which
may have a Collateral Material Adverse Effect including electing to treat any
Pledged Interests of such Pledgor as a security under 8-103 of the UCC.

                                      -23-

<PAGE>

                SECTION 5.4 Defaults, etc. Such Pledgor is not in default in the
payment of any portion of any mandatory capital contribution, if any, required
to be made under any agreement to which such Pledgor is a party relating to the
Pledged Securities pledged by it, and such Pledgor is not in violation of any
other provisions of any such agreement to which such Pledgor is a party. No
Securities Collateral pledged by such Pledgor is subject to any defense, offset
or counterclaim, nor have any of the foregoing been asserted or alleged against
such Pledgor by any Person with respect thereto, and as of the date hereof,
there are no certificates, instruments, documents or other writings (other than
the Operative Agreements and certificates, if any, delivered to the Collateral
Agent) which evidence any Pledged Securities of such Pledgor.

                SECTION 5.5 Certain Agreements of Pledgors As Issuers and
Holders of Equity Interests. (i) In the case of each Pledgor which is an issuer
of Securities Collateral, such Pledgor agrees to be bound by the terms of this
Agreement relating to the Securities Collateral issued by it and will comply
with such terms insofar as such terms are applicable to it.

                (ii)    In the case of each Pledgor which is a partner in a
partnership or a member in a limited liability company, such Pledgor hereby
consents to the extent required by the applicable Operative Agreement to the
pledge by each other Pledgor, pursuant to the terms hereof, of the Pledged
Interests in such partnership or limited liability company and, upon the
occurrence and during the continuance of an Event of Default, to the transfer of
such Pledged Interests to the Collateral Agent or its nominee and to the
substitution of the Collateral Agent or its nominee as a substituted partner or
member in such partnership, limited liability company or other entity with all
the rights, powers and duties of a general partner or a limited partner or
member, as the case may be.

                                   ARTICLE VI

                   CERTAIN PROVISIONS CONCERNING INTELLECTUAL
                               PROPERTY COLLATERAL

                SECTION 6.1 Grant of License. For the purpose of enabling the
Collateral Agent, during the continuance of an Event of Default, to exercise
rights and remedies under Article VIII hereof at such time as the Collateral
Agent shall be lawfully entitled to exercise such rights and remedies, and for
no other purpose, each Pledgor hereby grants to the Collateral Agent, to the
extent assignable, an irrevocable, non-exclusive license (exercisable without
payment of royalty or other compensation to such Pledgor) to use, assign,
license or sublicense any of the Intellectual Property Collateral now owned or
hereafter acquired by such Pledgor, wherever the same may be located, including
in such license access to all media in which any of the licensed items may be
recorded or stored and to all computer programs used for the compilation or
printout hereof.

                SECTION 6.2 Registrations. Except pursuant to licenses and other
user agreements entered into by any Pledgor in the ordinary course of business
that are listed in Schedules 14(a) and 14(b) of the Perfection Certificate, on
and as of the date hereof (i) each Pledgor owns and possesses the right to use,
and has done nothing to authorize or enable any other Person to use, any
Copyright, Patent or Trademark listed in Schedules 14(a) and 14(b) of the
Perfection Certificate, and (ii) all registrations listed in Schedules 14(a) and
14(b) of the Perfection Certificate are valid and in full force and effect.

                                      -24-

<PAGE>

                SECTION 6.3 No Violations or Proceedings. To each Pledgor's
knowledge, on and as of the date hereof, (i) except as set forth in Schedule 6.3
annexed hereto, there is no material violation by others of any right of such
Pledgor with respect to any Copyright, Patent or Trademark listed in Schedules
14(a) and 14(b) of the Perfection Certificate, respectively, pledged by it under
the name of such Pledgor, (ii) such Pledgor is not infringing upon any
Copyright, Patent or Trademark of any other Person other than such infringement
that, individually or in the aggregate, would not (or would not reasonably be
expected to) result in a material adverse effect on the value or utility of the
Intellectual Property Collateral or any portion thereof material to the use and
operation of the Pledged Collateral or Mortgaged Property taken as a whole and
(iii) no proceedings have been instituted or are pending against such Pledgor
or, to such Pledgor's knowledge, threatened, and no claim against such Pledgor
has been received by such Pledgor, alleging any such violation, except as may be
set forth in Schedule 6.3.

                SECTION 6.4 Protection of Collateral Agent's Security. On a
continuing basis, each Pledgor shall, at its sole cost and expense, (i) promptly
following its becoming aware thereof, notify the Collateral Agent of (A) any
materially adverse determination in any proceeding in the United States Patent
and Trademark Office or the United States Copyright Office with respect to any
material Patent, Trademark or Copyright or (B) the institution of any proceeding
or any adverse determination in any Federal, state or local court or
administrative body regarding such Pledgor's claim of ownership in or right to
use any of the Intellectual Property Collateral material to the use and
operation of the Pledged Collateral or Mortgaged Property taken as a whole, its
right to register such Intellectual Property Collateral or its right to keep and
maintain such registration in full force and effect, (ii) maintain and protect
the Intellectual Property Collateral material to the use and operation of the
Pledged Collateral or Mortgaged Property (taken as a whole) as presently used
and operated and as contemplated by the Indenture, (iii) not permit to lapse or
become abandoned any Intellectual Property Collateral material to the use and
operation of the Pledged Collateral or Mortgaged Property (taken as a whole) as
presently used and operated and as contemplated by the Indenture, and not settle
or compromise any pending or future litigation or administrative proceeding with
respect to such Intellectual Property Collateral, in each case except as shall
be consistent with commercially reasonable business judgment, (iv) upon such
Pledgor obtaining knowledge thereof, promptly notify the Collateral Agent in
writing of any event which may be reasonably expected to materially and
adversely affect the value or utility of the Intellectual Property Collateral or
any portion thereof material to the use and operation of the Pledged Collateral
or Mortgaged Property (taken as a whole), the ability of such Pledgor or the
Collateral Agent to dispose of the Intellectual Property Collateral or any
portion thereof or the rights and remedies of the Collateral Agent in relation
thereto including, without limitation, a levy or threat of levy or any legal
process against the Intellectual Property Collateral or any portion thereof, (v)
not license the Intellectual Property Collateral other than licenses entered
into by such Pledgor in, or incidental to, the ordinary course of business, or
amend or permit the amendment of any of the licenses in a manner that materially
and adversely affects the right to receive payments thereunder, or in any manner
that would materially impair the value of the Intellectual Property Collateral
or the Lien on and security interest in the Intellectual Property Collateral
intended to be granted to the Collateral Agent for the benefit of the Secured
Parties, without the consent of the Collateral Agent and (vi) until the
Collateral Agent exercises its rights to make collection, diligently keep
adequate records respecting the Intellectual Property Collateral.

                SECTION 6.5 After-Acquired Property. If any Pledgor shall, at
any time before the Secured Obligations have been paid in full (other than
contingent indemnification obligations which, pursuant to the provisions of the
Indenture or the Collateral Documents, survive the termination thereof),

                                      -25-

<PAGE>

(i) obtain any rights to any additional Intellectual Property Collateral or (ii)
become entitled to the benefit of any additional Intellectual Property
Collateral or any renewal or extension thereof, including any reissue, division,
continuation, or continuation-in-part of any Intellectual Property Collateral,
or any improvement on any Intellectual Property Collateral, the provisions
hereof shall automatically apply thereto and any such item enumerated in clause
(i) or (ii) of this Section 6.5 with respect to such Pledgor shall automatically
constitute Intellectual Property Collateral if such would have constituted
Intellectual Property Collateral at the time of execution hereof and be subject
to the Lien and security interest created by this Agreement without further
action by any party. Each Pledgor shall promptly (i) provide to the Collateral
Agent written notice of any of the foregoing and (ii) confirm the attachment of
the Liens and security interests created by this Agreement to any rights
described in clauses (i) and (ii) of the immediately preceding sentence of this
Section 6.5 by execution of an instrument in form reasonably acceptable to the
Collateral Agent.

                SECTION 6.6 Modifications. Each Pledgor authorizes the
Collateral Agent to modify this Agreement by amending Schedules 14(a) and 14(b)
of the Perfection Certificate to include any Intellectual Property Collateral
acquired or arising after the date hereof of such Pledgor including, without
limitation, any of the items listed in Section 6.5 hereof.

                SECTION 6.7 Litigation. Unless there shall occur and be
continuing any Event of Default, each Pledgor shall have the right to commence
and prosecute in its own name, as the party in interest, for its own benefit and
at the sole cost and expense of the Pledgors, such applications for protection
of the Intellectual Property Collateral and suits, proceedings or other actions
to prevent the infringement, counterfeiting, unfair competition, dilution,
diminution in value or other damage as are necessary to protect the Intellectual
Property Collateral. Upon the occurrence and during the continuance of any Event
of Default, the Collateral Agent shall have the right but shall in no way be
obligated to file applications for protection of the Intellectual Property
Collateral and/or bring suit in the name of any Pledgor, the Collateral Agent or
the Secured Parties to enforce the Intellectual Property Collateral and any
license thereunder. In the event of such suit, each Pledgor shall, at the
reasonable request of the Collateral Agent, do any and all lawful acts and
execute any and all documents requested by the Collateral Agent in aid of such
enforcement and the Pledgors shall promptly reimburse and indemnify the
Collateral Agent, as the case may be, for all costs and expenses incurred by the
Collateral Agent in the exercise of its rights under this Section 6.7 in
accordance with Section 11.3 hereof. In the event that the Collateral Agent
shall elect not to bring suit to enforce the Intellectual Property Collateral,
each Pledgor agrees, at the reasonable request of the Collateral Agent, to take
all commercially reasonable actions necessary, whether by suit, proceeding or
other action, to prevent the infringement, counterfeiting, unfair competition,
dilution, diminution in value of or other damage to any of the Intellectual
Property Collateral by others and for that purpose agrees to diligently maintain
any suit, proceeding or other action against any Person so infringing necessary
to prevent such infringement.

                                      -26-

<PAGE>

                                   ARTICLE VII

                              INTENTIONALLY OMITTED

                                  ARTICLE VIII

                            TRANSFERS AND OTHER LIENS

                SECTION 8.1 Transfers of and other Liens on Pledged Collateral.
No Pledgor shall (i) sell, convey, assign or otherwise dispose of, or grant any
option with respect to, any of the Pledged Collateral pledged by it hereunder
except as permitted by the Indentures or (ii) create or permit to exist any Lien
upon or with respect to any of the Pledged Collateral pledged by it hereunder
other than Permitted Liens.

                                   ARTICLE IX

                                    REMEDIES

                SECTION 9.1 Remedies. (a) Subject to applicable Gaming Laws and
the provisions of Section 11.17 hereof, upon the occurrence and during the
continuance of any Event of Default the Collateral Agent may from time to time
exercise in respect of the Pledged Collateral, in addition to the other rights
and remedies provided for herein or otherwise available to it:

                (i)     Personally, or by agents or attorneys, immediately take
        possession of the Pledged Collateral or any part thereof, from any
        Pledgor or any other Person who then has possession of any part thereof
        with or without notice or process of law, and for that purpose may enter
        upon any Pledgor's premises where any of the Pledged Collateral is
        located, remove such Pledged Collateral, remain present at such premises
        to receive copies of all communications and remittances relating to the
        Pledged Collateral and use in connection with such removal and
        possession any and all services, supplies, aids and other facilities of
        any Pledgor;

                (ii)    Demand, sue for, collect or receive any money or
        property at any time payable or receivable in respect of the Pledged
        Collateral including, without limitation, instructing the obligor or
        obligors on any agreement, instrument or other obligation constituting
        part of the Pledged Collateral to make any payment required by the terms
        of such agreement, instrument or other obligation directly to the
        Collateral Agent, and in connection with any of the foregoing,
        compromise, settle, extend the time for payment and make other
        modifications with respect thereto; provided, however, that in the event
        that any such payments are made directly to any Pledgor, prior to
        receipt by any such obligor of such instruction, such Pledgor shall
        segregate all amounts received pursuant thereto in trust for the benefit
        of the Collateral Agent and shall promptly (but in no event later than
        one Business Day after receipt thereof) deposit such amounts into the
        Collateral Account;

                                      -27-

<PAGE>

                (iii)   Sell, assign, grant a license to use or otherwise
        liquidate, or direct any Pledgor to sell, assign, grant a license to use
        or otherwise liquidate, any and all investments made in whole or in part
        with the Pledged Collateral or any part thereof, and take possession of
        the Proceeds of any such sale, assignment, license or liquidation;

                (iv)    Take possession of the Pledged Collateral or any part
        thereof, by directing any Pledgor in writing to deliver the same to the
        Collateral Agent at any place or places so designated by the Collateral
        Agent, in which event such Pledgor shall at its own expense: (A)
        forthwith cause the same to be moved to the place or places designated
        by the Collateral Agent and there delivered to the Collateral Agent, (B)
        store and keep any Pledged Collateral so delivered to the Collateral
        Agent at such place or places pending further action by the Collateral
        Agent and (C) while the Pledged Collateral shall be so stored and kept,
        provide such security and maintenance services as shall be necessary to
        protect the same and to preserve and maintain them in good condition.
        Each Pledgor's obligation to deliver the Pledged Collateral as
        contemplated in this Section 9.1(iv) is of the essence hereof. Upon
        application to a court of equity having jurisdiction, the Collateral
        Agent shall be entitled to a decree requiring specific performance by
        any Pledgor of such obligation;

                (v)     Withdraw all moneys, instruments, securities and other
        property in any bank, financial securities, deposit or other account of
        any Pledgor constituting Pledged Collateral for application to the
        Secured Obligations as provided in Article X hereof;

                (vi)    Retain and apply the Distributions to the Secured
        Obligations as provided in Article X hereof;

                (vii)   Exercise any and all rights as beneficial and legal
        owner of the Pledged Collateral, including, without limitation,
        perfecting assignment of and exercising any and all voting, consensual
        and other rights and powers with respect to any Pledged Collateral; and

                (viii)  Exercise all the rights and remedies of a secured party
        on default under the UCC, and the Collateral Agent may also in its sole
        discretion, without notice except as specified in Section 9.2 hereof,
        sell, assign or grant a license to use the Pledged Collateral or any
        part thereof in one or more parcels at public or private sale, at any
        exchange, broker's board or at any of the Collateral Agent's offices or
        elsewhere, for cash, on credit or for future delivery, and at such price
        or prices and upon such other terms as the Collateral Agent may deem
        commercially reasonable. The Collateral Agent or any other Secured Party
        or any of their respective Affiliates may be the purchaser, licensee,
        assignee or recipient of any or all of the Pledged Collateral at any
        such sale and shall be entitled, for the purpose of bidding and making
        settlement or payment of the purchase price for all or any portion of
        the Pledged Collateral sold, assigned or licensed at such sale, to use
        and apply any of the Secured Obligations owed to such Person as a credit
        on account of the purchase price of any Pledged Collateral payable by
        such Person at such sale. Each purchaser, assignee, licensee or
        recipient at any such sale shall acquire the property sold, assigned or
        licensed absolutely free from any claim or right on the part of any
        Pledgor, and each Pledgor hereby waives, to the fullest extent permitted
        by law, all rights of redemption, stay and/or appraisal which it now has
        or may at any time in the future have under any rule of law or statute
        now existing or hereafter enacted. The Collateral Agent shall not be
        obligated to make any sale of Pledged Collateral regardless of notice of
        sale having been given. The Collateral

                                      -28-

<PAGE>

        Agent may adjourn any public or private sale from time to time by
        announcement at the time and place fixed therefor, and such sale may,
        without further notice, be made at the time and place to which it was so
        adjourned. Each Pledgor hereby waives, to the fullest extent permitted
        by law, any claims against the Collateral Agent arising by reason of the
        fact that the price at which any Pledged Collateral may have been sold,
        assigned or licensed at such a private sale was less than the price
        which might have been obtained at a public sale, even if the Collateral
        Agent accepts the first offer received and does not offer such Pledged
        Collateral to more than one offeree.

                SECTION 9.2 Notice of Sale. Each Pledgor acknowledges and agrees
that, to the extent notice of sale or other disposition of Pledged Collateral
shall be required by law, 10 days' prior notice to such Pledgor of the time and
place of any public sale or of the time after which any private sale or other
intended disposition is to take place shall be commercially reasonable
notification of such matters. No notification need be given to any Pledgor if it
has signed, after the occurrence of an Event of Default, a statement renouncing
or modifying any right to notification of sale or other intended disposition.

                SECTION 9.3 Waiver of Notice and Claims. Each Pledgor hereby
waives, to the fullest extent permitted by Applicable Law, notice or judicial
hearing in connection with the Collateral Agent's taking possession or the
Collateral Agent's disposition of any of the Pledged Collateral, including,
without limitation, any and all prior notice and hearing for any prejudgment
remedy or remedies and any such right which such Pledgor would otherwise have
under law, and each Pledgor hereby further waives, to the fullest extent
permitted by Applicable Law: (i) all damages occasioned by such taking of
possession, (ii) all other requirements as to the time, place and terms of sale
or other requirements with respect to the enforcement of the Collateral Agent's
rights hereunder and (iii) all rights of redemption, appraisal, valuation, stay,
extension or moratorium now or hereafter in force under any Applicable Law. The
Collateral Agent shall not be liable for any incorrect or improper payment made
pursuant to this Article IX in the absence of gross negligence or willful
misconduct. Any sale of, or the grant of options to purchase, or any other
realization upon, any Pledged Collateral shall operate to divest all right,
title, interest, claim and demand, either at law or in equity, of the applicable
Pledgor therein and thereto, and shall be a perpetual bar both at law and in
equity against such Pledgor and against any and all Persons claiming or
attempting to claim the Pledged Collateral so sold, optioned or realized upon,
or any part thereof, from, through or under such Pledgor.

                SECTION 9.4 Certain Sales of Pledged Collateral. (i) Each
Pledgor recognizes that, by reason of certain prohibitions contained in law,
rules, regulations or orders of any Governmental Authority, the Collateral Agent
may be compelled, with respect to any sale of all or any part of the Pledged
Collateral, to limit purchasers to those who meet the requirements of such
Governmental Authority. Each Pledgor acknowledges that any such sales may be at
prices and on terms less favorable to the Collateral Agent than those obtainable
through a public sale without such restrictions, and, notwithstanding such
circumstances, agrees that any such restricted sale shall be deemed to have been
made in a commercially reasonable manner and that, except as may be required by
Applicable Law, the Collateral Agent shall have no obligation to engage in
public sales.

                (ii)    Each Pledgor recognizes that, by reason of certain
prohibitions contained in the Securities Act of 1933, as amended (the
"Securities Act"), and applicable state securities laws, the Collateral Agent
may be compelled, with respect to any sale of all or any part of the Securities
Collateral, to limit purchasers to Persons who will agree, among other things,
to acquire such Securities Collateral for their own account, for investment and
not with a view to the distribution or resale thereof. Each

                                      -29-

<PAGE>

Pledgor acknowledges that any such private sales may be at prices and on terms
less favorable to the Collateral Agent than those obtainable through a public
sale without such restrictions (including, without limitation, a public offering
made pursuant to a registration statement under the Securities Act), and,
notwithstanding such circumstances, agrees that any such private sale shall be
deemed to have been made in a commercially reasonable manner and that the
Collateral Agent shall have no obligation to engage in public sales and no
obligation to delay the sale of any Securities Collateral for the period of time
necessary to permit the issuer thereof to register it for a form of public sale
requiring registration under the Securities Act or under applicable state
securities laws, even if such issuer would agree to do so.

                (iii)   Notwithstanding the foregoing, each Pledgor shall, upon
the occurrence and during the continuance of any Event of Default, at the
reasonable request of the Collateral Agent, for the benefit of the Collateral
Agent, cause any registration, qualification under or compliance with any
Federal or state securities law or laws to be effected with respect to all or
any part of the Securities Collateral as soon as practicable and at the sole
cost and expense of the Pledgors. Each Pledgor will use its commercially
reasonable efforts to cause such registration to be effected (and be kept
effective) and will use its commercially reasonable efforts to cause such
qualification and compliance to be effected (and be kept effective) as may be so
requested and as would permit or facilitate the sale and distribution of such
Securities Collateral including, without limitation, registration under the
Securities Act (or any similar statute then in effect), appropriate
qualifications under applicable blue sky or other state securities laws and
appropriate compliance with all other requirements of any Governmental
Authority. Each Pledgor shall use its commercially reasonable efforts to cause
the Collateral Agent to be kept advised in writing as to the progress of each
such registration, qualification or compliance and as to the completion thereof,
shall furnish to the Collateral Agent such number of prospectuses, offering
circulars or other documents incident thereto as the Collateral Agent from time
to time may request, and shall indemnify and shall cause the issuer of the
Securities Collateral to indemnify the Collateral Agent and all others
participating in the distribution of such Securities Collateral against all
claims, losses, damages and liabilities caused by any untrue statement (or
alleged untrue statement) of a material fact contained therein (or in any
related registration statement, notification or the like) or by any omission (or
alleged omission) to state therein (or in any related registration statement,
notification or the like) a material fact required to be stated therein or
necessary to make the statements therein not misleading.

                (iv)    If the Collateral Agent determines to exercise its right
to sell any or all of the Securities Collateral, upon written request, the
applicable Pledgor shall from time to time furnish to the Collateral Agent all
such information as the Collateral Agent may request in order to determine the
number of securities included in the Securities Collateral which may be sold by
the Collateral Agent as exempt transactions under the Securities Act and the
rules of the Securities and Exchange Commission thereunder, as the same are from
time to time in effect.

                                      -30-

<PAGE>

                SECTION 9.5 No Waiver; Cumulative Remedies. (i) No failure on
the part of the Collateral Agent to exercise, no course of dealing with respect
to, and no delay on the part of the Collateral Agent in exercising, any right,
power or remedy hereunder shall operate as a waiver thereof; nor shall any
single or partial exercise of any such right, power or remedy hereunder preclude
any other or further exercise thereof or the exercise of any other right, power
or remedy; nor shall the Collateral Agent be required to look first to, enforce
or exhaust any other security, collateral or guaranties. The remedies herein
provided are cumulative and are not exclusive of any remedies provided by law.

                (ii)    In the event that the Collateral Agent shall have
instituted any proceeding to enforce any right, power or remedy under this
Agreement by foreclosure, sale, entry or otherwise, and such proceeding shall
have been discontinued or abandoned for any reason or shall have been determined
adversely to the Collateral Agent, then and in every such case, the Pledgors,
the Collateral Agent and each other Secured Party shall be restored to their
respective former positions and rights hereunder with respect to the Pledged
Collateral, and all rights, remedies and powers of the Collateral Agent and the
other Secured Parties shall continue as if no such proceeding had been
instituted.

                SECTION 9.6 Certain Additional Actions Regarding Intellectual
Property. If any Event of Default shall have occurred and be continuing, upon
the written demand of Collateral Agent, each Pledgor shall execute and deliver
to Collateral Agent an assignment or assignments of the registered Patents,
Trademarks and/or Copyrights and such other documents as are necessary or
appropriate to carry out the intent and purposes hereof. Within five Business
Days of written notice thereafter from Collateral Agent, each Pledgor shall make
available to Collateral Agent, to the extent within such Pledgor's power and
authority, such personnel in such Pledgor's employ on the date of the Event of
Default as Collateral Agent may reasonably designate to permit such Pledgor to
continue, directly or indirectly, to produce, advertise and sell the products
and services sold by such Pledgor under the registered Patents, Trademarks
and/or Copyrights, and such persons shall be available to perform their prior
functions on Collateral Agent's behalf.

                                    ARTICLE X

                             APPLICATION OF PROCEEDS

                The Proceeds received by the Collateral Agent in respect of any
sale of, collection from or other realization upon all or any part of the
Pledged Collateral pursuant to the exercise by the Collateral Agent of its
remedies as a secured creditor as provided in Article IX hereof shall be
applied, together with any other sums then held by the Collateral Agent in the
manner set forth in the Priority Intercreditor Agreement.

                                   ARTICLE XI

                                  MISCELLANEOUS

                SECTION 11.1 Concerning Collateral Agent. (i) The Collateral
Agent has been

                                      -31-

<PAGE>

appointed as such pursuant to the Priority Intercreditor Agreement. The actions
of the Collateral Agent hereunder are subject to the provisions of the Priority
Intercreditor Agreement. The Collateral Agent shall have the right hereunder to
make demands, to give notices, to exercise or refrain from exercising any
rights, and to take or refrain from taking action (including, without
limitation, the release or substitution of the Pledged Collateral), in
accordance with this Agreement and the Priority Intercreditor Agreement. The
Collateral Agent may employ agents and attorneys-in-fact in connection herewith
and shall not be liable for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith. The Collateral Agent may resign
and a successor Collateral Agent may be appointed in the manner provided in the
Priority Intercreditor Agreement. Upon the acceptance of any appointment as the
Collateral Agent by a successor Collateral Agent, that successor Collateral
Agent shall thereupon succeed to and become vested with all the rights, powers,
privileges and duties of the retiring Collateral Agent under this Agreement, and
the retiring Collateral Agent shall thereupon be discharged from its duties and
obligations under this Agreement. After any retiring Collateral Agent's
resignation, the provisions hereof shall inure to its benefit as to any actions
taken or omitted to be taken by it under this Agreement while it was the
Collateral Agent.

                (ii)    The Collateral Agent shall be deemed to have exercised
reasonable care in the custody and preservation of the Pledged Collateral in its
possession if such Pledged Collateral is accorded treatment substantially
equivalent to that which the Collateral Agent, in its individual capacity,
accords its own property consisting of similar instruments or interests, it
being understood that neither the Collateral Agent nor any of the Secured
Parties shall have responsibility for (i) ascertaining or taking action with
respect to calls, conversions, exchanges, maturities, tenders or other matters
relating to any Securities Collateral, whether or not the Collateral Agent or
any other Secured Party has or is deemed to have knowledge of such matters, or
(ii) taking any necessary steps to preserve rights against any Person with
respect to any Pledged Collateral.

                (iii)   The Collateral Agent shall be entitled to rely upon any
written notice, statement, certificate, order or other document or any telephone
message believed by it to be genuine and correct and to have been signed, sent
or made by the proper person, and, with respect to all matters pertaining to
this Agreement and its duties hereunder, upon advice of counsel selected by it.

                SECTION 11.2 Collateral Agent May Perform; Collateral Agent
Appointed Attorney-in-Fact. If any Pledgor shall fail to perform any covenants
contained in this Agreement (including, without limitation, such Pledgor's
covenants to (i) pay the premiums in respect of all required insurance policies
hereunder, (ii) pay Charges, (iii) make repairs, (iv) discharge Liens or (v) pay
or perform any obligations of such Pledgor under any Pledged Collateral) or if
any warranty on the part of any Pledgor contained herein shall be breached, the
Collateral Agent may (but shall not be obligated to) do the same or cause it to
be done or remedy any such breach, and may expend funds for such purpose;
provided, however, that Collateral Agent shall in no event be bound to inquire
into the validity of any tax, lien, imposition or other obligation which such
Pledgor fails to pay or perform as and when required hereby and which such
Pledgor does not contest in accordance in accordance with the provision of
Section 4.16 hereof. Any and all amounts so expended by the Collateral Agent
shall be paid by the Pledgors in accordance with the provisions of Section 11.3
hereof. Neither the provisions of this Section 11.2 nor any action taken by
Collateral Agent pursuant to the provisions of this Section 11.2 shall prevent
any such failure to observe any covenant contained in this Agreement nor any
breach of warranty from constituting an Event of Default. Each Pledgor hereby
appoints the Collateral Agent its attorney-in-fact, with full authority in the
place and stead of such Pledgor and in the name of such Pledgor, or otherwise,
from time to time in the

                                      -32-

<PAGE>

Collateral Agent's discretion to take any action and to execute any instrument
consistent with the terms of the Indenture and the other Collateral Documents
which the Collateral Agent may deem necessary or advisable to accomplish the
purposes hereof. The foregoing grant of authority is a power of attorney coupled
with an interest and such appointment shall be irrevocable for the term hereof.
Each Pledgor hereby ratifies all that such attorney shall lawfully do or cause
to be done by virtue hereof.

                SECTION 11.3 Expenses. Each Pledgor will upon demand pay to the
Collateral Agent the amount of any and all reasonable costs and expenses,
including the reasonable fees and expenses of its counsel and the reasonable
fees and expenses of any experts and agents which the Collateral Agent may incur
in connection with (i) any action, suit or other proceeding affecting the
Pledged Collateral or any part thereof commenced, in which action, suit or
proceeding the Collateral Agent is made a party or participates or in which the
right to use the Pledged Collateral or any part thereof is threatened, or in
which it becomes necessary in the judgment of the Collateral Agent to defend or
uphold the Lien hereof (including, without limitation, any action, suit or
proceeding to establish or uphold the compliance of the Pledged Collateral with
any requirements of any Governmental Authority or law), (ii) the collection of
the Secured Obligations, (iii) the enforcement and administration hereof, (iv)
the custody or preservation of, or the sale of, collection from, or other
realization upon, any of the Pledged Collateral, (v) the exercise or enforcement
of any of the rights of the Collateral Agent or any Secured Party hereunder or
(vi) the failure by any Pledgor to perform or observe any of the provisions
hereof. All amounts expended by the Collateral Agent and payable by any Pledgor
under this Section 11.3 shall be due upon demand therefor (together with
interest thereon accruing at the highest rate then in effect under the Indenture
during the period from and including the date on which such funds were so
expended to the date of repayment) and shall be part of the Secured Obligations.
Each Pledgor's obligations under this Section 11.3 shall survive the termination
hereof and the discharge of such Pledgor's other obligations under this
Agreement, the Indenture and the other Collateral Documents.

                SECTION 11.4 Indemnity.

                (i)     Indemnity. Each Pledgor agrees to indemnify, pay and
hold harmless the Collateral Agent and the Trustees (collectively, the
"Indemnitees") from and against any and all other liabilities, obligations,
losses, damages, penalties, actions, judgments, suits, claims, costs (including,
without limitation, settlement costs), expenses or disbursements of any kind or
nature whatsoever (including, without limitation, the reasonable fees and
disbursements of counsel for such Indemnitees) which may be imposed on, incurred
by, or asserted against that Indemnitee, in any manner relating to or arising
out of this Agreement, any other Collateral Document or any other document
evidencing the Secured Obligations (including, without limitation, any
misrepresentation by any Pledgor in this Agreement, any other Collateral
Document or any other document evidencing the Secured Obligations) (the
"Indemnified Liabilities"); provided, however, that no Pledgor shall have any
obligation to an Indemnitee hereunder with respect to Indemnified Liabilities to
the extent it has been determined by a final decision (after all appeals and the
expiration of time to appeal) of a court of competent jurisdiction that such
Indemnified Liabilities arose from the gross negligence or willful misconduct of
that Indemnitee. To the extent that the undertaking to indemnify, pay and hold
harmless set forth in the preceding sentence may be unenforceable because it is
violative of any law or public policy, each Pledgor shall contribute the maximum
portion which it is permitted to pay and satisfy under Applicable Law to the
payment and satisfaction of all Indemnified Liabilities incurred by the
Indemnitees or any of them.

                                      -33-

<PAGE>

                (ii)    Survival. The obligations of the Pledgors contained in
this Section 10.4 shall survive the termination hereof and the discharge of the
Pledgors' other obligations under this Agreement, the Indenture and under the
other Collateral Documents.

                (iii)   Reimbursement. Any amounts paid by any Indemnitee as to
which such Indemnitee has the right to reimbursement shall constitute Secured
Obligations secured by the Pledged Collateral.

                SECTION 11.5 Continuing Security Interest; Assignment. This
Agreement shall create a continuing security interest in the Pledged Collateral
and shall (i) be binding upon the Pledgors, their respective successors and
assigns and (ii) inure, together with the rights and remedies of the Collateral
Agent hereunder, to the benefit of the Collateral Agent and the other Secured
Parties and each of their respective successors, transferees and assigns. No
other Persons (including, without limitation, any other creditor of any Pledgor)
shall have any interest herein or any right or benefit with respect hereto.
Without limiting the generality of the foregoing clause (ii), subject to the
provisions of any applicable Gaming Laws and the prior approval of any
applicable Gaming Authority, any Secured Party may assign or otherwise transfer
any indebtedness held by it secured by this Agreement to any other Person, and
such other Person shall thereupon become vested with all the benefits in respect
thereof granted to such Secured Party, herein or otherwise, subject however, to
the provisions of the Indenture.

                SECTION 11.6 Termination; Release. The Pledged Collateral shall
be released from the Lien of this Agreement in accordance with the provisions of
the Priority Intercreditor Agreement. Upon termination hereof or any release of
Pledged Collateral in accordance with the provisions of the Priority
Intercreditor Agreement, the Collateral Agent shall, upon the request and at the
sole cost and expense of the Pledgors, assign, transfer and deliver to Pledgor,
against receipt and without recourse to or warranty by the Collateral Agent,
such of the Pledged Collateral to be released (in the case of a release) as may
be in possession of the Collateral Agent and as shall not have been sold or
otherwise applied pursuant to the terms hereof, and, with respect to any other
Pledged Collateral, proper documents and instruments (including UCC-3
termination statements or releases) acknowledging the termination hereof or the
release of such Pledged Collateral, as the case may be.

                SECTION 11.7 Modification in Writing. No amendment,
modification, supplement, termination or waiver of or to any provision hereof,
nor consent to any departure by any Pledgor therefrom, shall be effective unless
the same shall be made in accordance with the terms of the Indenture and unless
in writing and signed by the Collateral Agent. Any amendment, modification or
supplement of or to any provision hereof, any waiver of any provision hereof and
any consent to any departure by any Pledgor from the terms of any provision
hereof shall be effective only in the specific instance and for the specific
purpose for which made or given. Except where notice is specifically required by
this Agreement or any other document evidencing the Secured Obligations, no
notice to or demand on any Pledgor in any case shall entitle any Pledgor to any
other or further notice or demand in similar or other circumstances.

                SECTION 11.8 Notices. Unless otherwise provided herein or in the
Indenture, any notice or other communication herein required or permitted to be
given shall be given in the manner and become effective as set forth in the
Indenture, as to any Pledgor, addressed to it at the address of the Issuers set
forth in the Indenture and as to the Collateral Agent, addressed to it at the
address set forth in

                                      -34-

<PAGE>

the Indenture, or in each case at such other address as shall be designated by
such party in a written notice to the other party complying as to delivery with
the terms of this Section 11.8.

                SECTION 11.9 GOVERNING LAW. THIS AGREEMENT SHALL BE GOVERNED BY,
AND SHALL BE CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF
NEW YORK.

                SECTION 11.10 CONSENT TO JURISDICTION AND SERVICE OF PROCESS;
WAIVER OF JURY TRIAL. ALL JUDICIAL PROCEEDINGS BROUGHT AGAINST ANY PLEDGOR WITH
RESPECT TO THIS AGREEMENT MAY BE BROUGHT IN THE SUPREME COURT OF THE STATE OF
NEW YORK SITTING IN NEW YORK COUNTY, THE COURTS OF THE UNITED STATES OF AMERICA
FOR THE SOUTHERN DISTRICT OF NEW YORK AND APPELLATE COURTS OF ANY THEREOF, AND
BY EXECUTION AND DELIVERY HEREOF, EACH PLEDGOR ACCEPTS FOR ITSELF AND IN
CONNECTION WITH ITS PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE NONEXCLUSIVE
JURISDICTION OF THE AFORESAID COURTS AND IRREVOCABLY AGREES TO BE BOUND BY ANY
JUDGMENT RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. EACH PLEDGOR AGREES
THAT SERVICE OF PROCESS IN ANY PROCEEDING MAY BE EFFECTED BY MAILING A COPY
THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY SUBSTANTIALLY SIMILAR FORM OF
MAIL), POSTAGE PREPAID, TO THE ISSUER AT ITS ADDRESS SET FORTH IN THE INDENTURE
OR AT SUCH OTHER ADDRESS OF WHICH THE TRUSTEE SHALL HAVE BEEN NOTIFIED PURSUANT
THERETO. IF ANY AGENT APPOINTED BY ANY PLEDGOR REFUSES TO ACCEPT SERVICE, SUCH
PLEDGOR HEREBY AGREES THAT SERVICE UPON IT BY MAIL SHALL CONSTITUTE SUFFICIENT
NOTICE. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER
MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF THE TRUSTEE TO BRING
PROCEEDINGS AGAINST ANY PLEDGOR IN THE COURTS OF ANY OTHER JURISDICTION. THE
PLEDGORS HEREBY IRREVOCABLY WAIVE ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION,
PROCEEDING OR COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS AGREEMENT OR THE
TRANSACTIONS CONTEMPLATED HEREBY.

                SECTION 11.11 Severability of Provisions. Any provision hereof
which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

                SECTION 11.12 Execution in Counterparts. This Agreement and any
amendments, waivers, consents or supplements hereto may be executed in any
number of counterparts and by different parties hereto in separate counterparts,
each of which when so executed and delivered shall be deemed to be an original,
but all such counterparts together shall constitute one and the same agreement.

                SECTION 11.13 Business Days. In the event any time period or any
date provided in this Agreement ends or falls on a day other than a Business
Day, then such time period shall be deemed to end and such date shall be deemed
to fall on the next succeeding Business Day, and performance herein may be made
on such Business Day, with the same force and effect as if made on such other
day.

                                      -35-

<PAGE>

                SECTION 11.14 No Credit for Payment of Taxes or Imposition. Such
Pledgor shall not be entitled to any credit against the principal, premium, if
any, or interest payable under the Indentures or the Notes, and such Pledgor
shall not be entitled to any credit against any other sums which may become
payable under the terms thereof or hereof, by reason of the payment of any Tax
on the Pledged Collateral or any part thereof.

                SECTION 11.15 No Claims Against Collateral Agent. Nothing
contained in this Agreement shall constitute any consent or request by the
Collateral Agent, express or implied, for the performance of any labor or
services or the furnishing of any materials or other property in respect of the
Pledged Collateral or any part thereof, nor as giving any Pledgor any right,
power or authority to contract for or permit the performance of any labor or
services or the furnishing of any materials or other property in such fashion as
would permit the making of any claim against the Collateral Agent in respect
thereof or any claim that any Lien based on the performance of such labor or
services or the furnishing of any such materials or other property is prior to
the Lien hereof.

                SECTION 11.16 Obligations Absolute. All obligations of each
Pledgor hereunder shall be absolute and unconditional irrespective of:

                (i)     any bankruptcy, insolvency, reorganization, arrangement,
        readjustment, composition, liquidation or the like of any Pledgor;

                (ii)    any lack of validity or enforceability of the
        Indentures, the Notes or any other Collateral Document, or any other
        agreement or instrument relating thereto;

                (iii)   any change in the time, manner or place of payment of,
        or in any other term of, all or any of the Secured Obligations, or any
        other amendment or waiver of or any consent to any departure from the
        Indentures, the Notes or any other Collateral Document, or any other
        agreement or instrument relating thereto;

                (iv)    any pledge, exchange, release or non-perfection of any
        other collateral, or any release or amendment or waiver of or consent to
        any departure from any guarantee, for all or any of the Secured
        Obligations;

                (v)     any exercise, non-exercise or waiver of any right,
        remedy, power or privilege under or in respect hereof, the Indentures,
        the Notes or any other Collateral Document except as specifically set
        forth in a waiver granted pursuant to the provisions of Section 11.7
        hereof; or

                (vi)    any other circumstances which might otherwise constitute
        a defense available to, or a discharge of, any Pledgor.

                SECTION 11.17 Gaming Laws. (i) Nothing in this Agreement, the
Indentures or the other Collateral Documents shall require the Collateral Agent
to take any action contrary to any Gaming Laws or the rules, regulations or
determinations promulgated by any Gaming Authority.

                (ii)    Each provision of this Agreement is subject to and shall
be enforced in compliance with the provisions of the New Jersey Casino Control
Act.

                                      -36-

<PAGE>

                (iii)   The Collateral Agent acknowledges, understands and
agrees that the Indiana Riverboat Gambling Act rules and regulations of the
Indiana Gaming Commission may impose certain licensing or transaction approval
requirements prior to the exercise of the rights and remedies granted to it
under this Agreement, the Indentures or the other Collateral Documents with
respect to the Pledged Collateral. In particular, the Collateral Agent
acknowledges, understands and agrees that it may not take a direct possessory
interest in any gaming equipment, but may exercise rights only through an agent
appropriately licensed or approved by the Gaming Authorities.

                (iv)    Notwithstanding any other provision of the Indentures,
the Priority Intercreditor Agreement or any other Collateral Documents to the
contrary, nothing in this Agreement, the Indentures, the Priority Intercreditor
Agreement or any other Collateral Document shall (i) effect any transfer of any
ownership interest (within the meaning of 68 Indiana Administrative Code 5) in
any Pledgor or (ii) effect any transfer, sale, purchase, lease or hypothecation
of, or any borrowing or loaning of money against, or any establishment of any
voting trust agreement or other similar agreement with respect to (all within
the meaning of Indiana Code 4-33-4-21), any certificate of suitability or any
Riverboat Gaming License heretofore or hereafter issued to any Person, including
Trump Indiana, Inc., under any of the Gaming Laws.

                (v)     The Collateral Agent acknowledges, understands and
agrees that the Indiana Gaming Commission reserves the right to disapprove and
subsequently cancel any contract that it determines does not comply with the
Indiana Riverboat Gambling Act, Title 68IAC and the regulations promulgated
thereunder.

                (vi)    Notwithstanding anything expressed or implied herein to
the contrary, nothing in this Agreement, the Indentures, the Priority
Intercreditor Agreement or the other Collateral Documents is intended to grant
to the Collateral Agent any authority to manage a casino or casino operation.

                (vii)   The Collateral Agent acknowledges the terms and
conditions of that certain Subordination Agreement dated as of October 12, 2001
by THCR Management Holdings, LLC in favor of the lenders under that certain Loan
Agreement dated as of October 17, 2001 by and among Twenty-Nine Palms
Enterprises Corporation, the Twenty-Nine Palms Band of Luiseno Mission Indians
of California and First National Bank, as administrative agent, and agrees to be
bound by the provisions of such Subordination Agreement, including the
provisions of paragraph 14 thereof.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

                                      -37-

<PAGE>

                IN WITNESS WHEREOF, the Pledgors and the Collateral Agent have
caused this Agreement to be duly executed and delivered as of the date first
above written.

                                      TRUMP CASINO FUNDING, INC.,
                                      as Issuer and a Pledgor

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: CFO, Executive Vice President,
                                                  Corporate Treasurer and
                                                  Secretary

                                      TRUMP CASINO HOLDINGS, LLC,
                                      as Issuer and a Pledgor

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: CFO, Executive Vice President,
                                                  Corporate Treasurer and
                                                  Secretary

                                      TRUMP INDIANA, INC.,
                                      as a Guarantor and a Pledgor

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: Executive Vice President and
                                                  Treasurer

                                      TRUMP INDIANA REALTY, LLC,
                                      as a Guarantor and a Pledgor

                                      By:  Trump Casino Holdings, LLC, its
                                            member

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: CFO, Executive Vice President,
                                                  Corporate Treasurer and
                                                  Secretary

<PAGE>

                                      TRUMP MARINA, INC.,
                                      as a Guarantor and a Pledgor

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: Vice President and Treasurer

                                      TRUMP MARINA ASSOCIATES, L.P.,
                                      as a Guarantor and a Pledgor

                                      By:  Trump Marina, Inc., its general
                                            partner

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: Vice President and Treasurer

                                      THCR MANAGEMENT SERVICES, LLC,
                                      as a Guarantor and a Pledgor

                                      By:  THCR Management Holdings, LLC, its
                                            member

                                      By:  Trump Casino Holdings, LLC, its
                                            member

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: CFO, Executive Vice President,
                                                  Corporate Treasurer and
                                                  Secretary

                                      THCR MANAGEMENT HOLDINGS, LLC,
                                      as a Guarantor and a Pledgor

                                      By:  Trump Casino Holdings, LLC, its
                                            member

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                           Name:  John P. Burke
                                           Title: CFO, Executive Vice President,
                                                  Corporate Treasurer and
                                                  Secretary

                                      -39-

<PAGE>

                                        U.S. BANK NATIONAL ASSOCIATION,
                                        as Collateral Agent

                                        By: /s/ Richard H. Prokosch
                                            ------------------------------------
                                             Name:  Richard H. Prokosch
                                             Title: Vice President

<PAGE>

                                    EXHIBIT 1

                              ISSUER ACKNOWLEDGMENT

                The undersigned hereby (i) acknowledges receipt of a copy of
that certain security agreement (as amended, amended and restated, supplemented
or otherwise modified from time to time, the "Security Agreement;" capitalized
terms used but not otherwise defined herein shall have the meanings assigned to
such terms in the Security Agreement), dated as of March 25, 2003, among Trump
Casino Holdings, LLC and Trump Casino Funding, Inc. (the "Issuers"), the
Guarantors from time to time party thereto, and U.S. Bank National Association,
as Collateral Agent (in such capacity and together with any successors in such
capacity, the "Collateral Agent"), (ii) agrees promptly to note on its books the
security interests granted to the Collateral Agent and confirmed under the
Security Agreement, (iii) agrees that it will comply with instructions of the
Collateral Agent with respect to the applicable Securities Collateral without
further consent by the applicable Pledgor, (iv) agrees to notify the Collateral
Agent upon obtaining knowledge of any interest in favor of any Person in the
applicable Securities Collateral that is adverse to the interest of the
Collateral Agent therein and (v) waives any right or requirement at any time
hereafter to receive a copy of the Security Agreement in connection with the
registration of any Securities Collateral thereunder in the name of the
Collateral Agent or its nominee or the exercise of Voting rights by the
Collateral Agent or its nominee.

                                        [             ]

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

<PAGE>

                                    EXHIBIT 2

                          SECURITY AGREEMENT AMENDMENT

                This Security Pledge Amendment, dated as of [ ], 20[ ], is
delivered pursuant to Section 6.1 of that certain security agreement (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the "Security Agreement;" capitalized terms used but not otherwise defined
herein shall have the meanings assigned to such terms in the Security
Agreement), dated as of March 25, 2003, among Trump Casino Holdings, LLC and
Trump Casino Funding, Inc. (the "Issuers"), the undersigned, the other
Guarantors from time to time party thereto and U.S. Bank National Association,
as Collateral Agent (in such capacity and together with any successors in such
capacity, the "Collateral Agent"). The undersigned hereby agrees that this
Pledge Amendment may be attached to the Security Agreement and that the Pledged
Securities and/or Intercompany Notes listed on this Pledge Amendment shall be
deemed to be and shall become part of the Pledged Collateral and shall secure
all Secured Obligations.

                               PLEDGED SECURITIES

<TABLE>
<CAPTION>
                CLASS                                  NUMBER OF          PERCENTAGE OF
              OF STOCK                                  SHARES          ALL ISSUED CAPITAL
                 OR          PAR      CERTIFICATE         OR         OR OTHER EQUITY INTERESTS
  ISSUER      INTERESTS     VALUE        NO(S).        INTERESTS            OF ISSUER
----------   -----------   -------   -------------   ------------   --------------------------
<S>          <C>           <C>       <C>             <C>            <C>
</TABLE>

                               INTERCOMPANY NOTES

              PRINCIPAL      DATE OF     INTEREST     MATURITY
  ISSUER       AMOUNT       ISSUANCE       RATE        DATE
----------   -----------   ----------   ----------   ----------

                                        [_____________________________________],
                                             as Pledgor

                                        By:
                                            ------------------------------------
                                            Name:
                                            Title:

<PAGE>
                                       -2-

AGREED TO AND ACCEPTED:

U.S. BANK NATIONAL ASSOCIATION,
as Collateral Agent

By:
    -----------------------------------
    Name:
    Title:

<PAGE>

                                    EXHIBIT 3

                                                           [Name of New Pledgor]
                                                        [Address of New Pledgor]

[Date]

____________________________
____________________________
____________________________

Ladies and Gentlemen:

                Reference is made to that certain security agreement (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the "Security Agreement;" capitalized terms used but not otherwise defined
herein shall have the meanings assigned to such terms in the Security
Agreement), dated as of March 25, 2003, among Trump Casino Holdings, LLC
("Holdings") and Trump Casino Funding, Inc. ("Funding" and together with
Holdings, the "Issuers"), each of the Guarantors listed on the signature pages
thereto or from time to time party thereto by execution of a joinder agreement,
and U.S. Bank National Association, as Collateral Agent (in such capacity and
together with any successors in such capacity, the "Collateral Agent").

                This letter supplements the Security Agreement and is delivered
by the undersigned, ______________ (the "New Pledgor"), pursuant to Section 3.5
of the Security Agreement. The New Pledgor hereby agrees to be bound as a
Guarantor and as a Pledgor by all of the terms, covenants and conditions set
forth in the Security Agreement to the same extent that it would have been bound
if it had been a signatory to the Security Agreement on the execution date of
the Security Agreement and without limiting the generality of the foregoing,
hereby grants and pledges to the Administrative Agent, as collateral security
for the full, prompt and complete payment and performance when due (whether at
stated maturity, by acceleration or otherwise) of the Secured Obligations, a
Lien on and security interest in, all of its right, title and interest in, to
and under the Pledged Collateral and expressly assumes all obligations and
liabilities of a Guarantor and Pledgor thereunder. The New Pledgor hereby makes
each of the representations and warranties and agrees to each of the covenants
applicable to the Pledgors contained in the Security Agreement.

                Attached hereto are supplements to each of the schedules to the
Security Agreement with respect to the New Pledgor. Such supplements shall be
deemed to be part of the Security Agreement.

                This agreement and any amendments, waivers, consents or
supplements hereto may be executed in any number of counterparts and by
different parties hereto in separate counterparts,

<PAGE>
                                       -2-

each of which when so executed and delivered shall be deemed to be an original,
but all such counterparts together shall constitute one and the same agreement.

                THIS AGREEMENT SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND
ENFORCED IN ACCORDANCE WITH, THE LAW OF THE STATE OF NEW YORK.

<PAGE>
                                       -3-

                IN WITNESS WHEREOF, the New Pledgor has caused this letter
agreement to be executed and delivered by its duly authorized officer as of the
date first above written.

                                        [NEW PLEDGOR]

                                        By:
                                             -----------------------------------
                                             Name:
                                             Title:

AGREED TO AND ACCEPTED:

U.S. BANK NATIONAL ASSOCIATION,
as Collateral Agent

By:
     --------------------------------
     Name:
     Title:

                           [Schedules to be attached]<PAGE>

                                                                     Exhibit 4.6

================================================================================

                 FIRST FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF
                                LEASES AND RENTS,
                      SECURITY AGREEMENT AND FIXTURE FILING

                                       BY

                          TRUMP MARINA ASSOCIATES, L.P.
                    (F/K/A TRUMP'S CASTLE ASSOCIATES, L.P.),

                                   Mortgagor,

                                       TO

                         U.S. BANK NATIONAL ASSOCIATION
                              as Collateral Agent,

                                    Mortgagee

                                   ----------

                           Dated as of March 25, 2003

                            Relating to Premises in:
                           Atlantic County, New Jersey

================================================================================

       This instrument prepared by and, after recording, please
                                   return to:

                              Athy A. Mobilia, Esq.
                             Cahill Gordon & Reindel
                                 80 Pine Street
                               New York, NY 10005

                                   ----------

<PAGE>

                                TABLE OF CONTENTS

<TABLE>
<CAPTION>
                                                                                        PAGE
                                                                                        ----
<S>                                                                                       <C>
PREAMBLE...................................................................................1

RECITALS...................................................................................1

AGREEMENT..................................................................................2

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

SECTION 1.1 Definitions....................................................................3
SECTION 1.2 Interpretation.................................................................9
SECTION 1.3 Resolution of Drafting Ambiguities.............................................9

                                   ARTICLE II

                         GRANTS AND SECURED OBLIGATIONS

SECTION 2.1 Grant of Mortgaged Property....................................................9
SECTION 2.2 Assignment of Leases and Rents................................................10
SECTION 2.3 Secured Obligations...........................................................11
SECTION 2.4 Future Advances...............................................................11
SECTION 2.5 No Release....................................................................11

                                   ARTICLE III

                   REPRESENTATIONS AND WARRANTIES OF MORTGAGOR

SECTION 3.1 Authority and Validity........................................................11
SECTION 3.2 Warranty of Title.............................................................12
SECTION 3.3 Condition of Mortgaged Property...............................................13
SECTION 3.4 Leases  14
SECTION 3.5 Insurance.....................................................................15
SECTION 3.6 Charges 15
SECTION 3.7 Environmental.................................................................15
SECTION 3.8 No Conflicts, Consents, etc...................................................16
SECTION 3.9 Benefit to the Mortgagor......................................................17
</TABLE>

                                       -i-

<PAGE>

<TABLE>
<CAPTION>
                                                                                        PAGE
                                                                                        ----
                                   ARTICLE IV

                         CERTAIN COVENANTS OF MORTGAGOR

<S>                                                                                       <C>
SECTION 4.1 Payment.......................................................................17
SECTION 4.2 Title.........................................................................17
SECTION 4.3 Maintenance and Use of Mortgaged Property; Alterations........................18
SECTION 4.4 Notices Regarding Certain Defaults............................................18
SECTION 4.5 Access to Mortgaged Property, Books and Records; Other Information............18
SECTION 4.6 Limitation on Liens; Transfer Restrictions....................................19
SECTION 4.7 Environmental.................................................................19
SECTION 4.8 Estoppel Certificates.........................................................21

                                    ARTICLE V

                                     LEASES

SECTION 5.1 Mortgagor's Affirmative Covenants with Respect to Leases......................21
SECTION 5.2 Mortgagor's Negative Covenants with Respect to Leases.........................21
SECTION 5.3 Additional Requirements with Respect to New Leases............................21

                                   ARTICLE VI

                    CONCERNING ASSIGNMENT OF LEASES AND RENTS

SECTION 6.1 Present Assignment; License to the Mortgagor..................................21
SECTION 6.2 Collection of Rents by the Mortgagee..........................................22
SECTION 6.3 No Release....................................................................22
SECTION 6.4 Irrevocable Interest..........................................................22
SECTION 6.5 Amendment to Leases...........................................................23

                                   ARTICLE VII

                        TAXES AND CERTAIN STATUTORY LIENS

SECTION 7.1 Payment of Charges............................................................23
SECTION 7.2 Escrow of Taxes...............................................................23
SECTION 7.3 Certain Statutory Liens.......................................................23
SECTION 7.4 Stamp and Other Taxes.........................................................23
SECTION 7.5 Certain Tax Law Changes.......................................................24
SECTION 7.6 Proceeds of Tax Claim.........................................................24
</TABLE>

                                      -ii-

<PAGE>

<TABLE>
<CAPTION>
                                                                                        PAGE
                                                                                        ----
                                  ARTICLE VIII

                                    INSURANCE

<S>                                                                                       <C>
SECTION 8.1 Required Insurance Policies and Coverages.....................................24
SECTION 8.2 Delivery After Foreclosure....................................................24

                                   ARTICLE IX

                             CONTESTING OF PAYMENTS

SECTION 9.1 Contesting of Charges.........................................................24
SECTION 9.2 Contesting of Insurance.......................................................25

                                    ARTICLE X

                                 EVENTS OF LOSS

SECTION 10.1 Events of Loss...............................................................25

                                   ARTICLE XI

                         EVENTS OF DEFAULT AND REMEDIES

SECTION 11.1 Events of Default............................................................25
SECTION 11.2 Remedies in Case of an Event of Default......................................26
SECTION 11.3 Sale of Mortgaged Property if Event of Default Occurs; Proceeds of Sale......26
SECTION 11.4 Additional Remedies in Case of an Event of Default...........................28
SECTION 11.5 Legal Proceedings After an Event of Default..................................28
SECTION 11.6 Remedies Not Exclusive.......................................................29
SECTION 11.7 Jurisdiction of the NJCCC....................................................30

                                   ARTICLE XII

                      SECURITY AGREEMENT AND FIXTURE FILING

SECTION 12.1 Security Agreement...........................................................30
SECTION 12.2 Fixture Filing...............................................................31

                                  ARTICLE XIII

                               FURTHER ASSURANCES

SECTION 13.1 Recording Documentation to Assure Security...................................32
SECTION 13.2 Further Acts.................................................................32
</TABLE>

                                      -iii-

<PAGE>

<TABLE>
<CAPTION>
                                                                                        PAGE
                                                                                        ----
<S>                                                                                       <C>
SECTION 13.3 Additional Security..........................................................32

                                   ARTICLE XIV

                                  MISCELLANEOUS

SECTION 14.1 Covenants To Run with the Land...............................................33
SECTION 14.2 No Merger....................................................................33
SECTION 14.3 Concerning Mortgagee.........................................................33
SECTION 14.4 Mortgagee May Perform; Mortgagee Appointed Attorney-in-Fact..................34
SECTION 14.5 Expenses.....................................................................34
SECTION 14.6 Indemnity....................................................................35
SECTION 14.7 Continuing Security Interest; Assignment.....................................36
SECTION 14.8 Termination; Release.........................................................36
SECTION 14.9 Modification in Writing......................................................36
SECTION 14.10 Notices.....................................................................36
SECTION 14.11 GOVERNING LAW; SERVICE OF PROCESS; WAIVER OF JURY TRIAL.....................37
SECTION 14.12 Severability of Provisions..................................................37
SECTION 14.13 Limitation on Interest Payable..............................................37
SECTION 14.14 Business Days...............................................................38
SECTION 14.15 Relationship................................................................38
SECTION 14.16 No Credit for Payment of Taxes or Impositions...............................38
SECTION 14.17 No Claims Against the Mortgagee.............................................38
SECTION 14.18 Obligations Absolute........................................................38
SECTION 14.19 Mortgagee's Right To Sever Indebtedness.....................................39
SECTION 14.20 Mortgaged Lease.............................................................40
SECTION 14.21 Gaming Authorities..........................................................42

SIGNATURE.................................................................................S-1
</TABLE>

ACKNOWLEDGMENTS

SCHEDULE A     Legal Description
SCHEDULE B     Mortgaged Lease
SCHEDULE C     Prior Liens
SCHEDULE D     Leases

EXHIBIT 1      Form of Subordination, Non-Disturbance
               and Attornment Agreement

                                      -iv-

<PAGE>

        FIRST FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND RENTS,
                      SECURITY AGREEMENT AND FIXTURE FILING

              THIS FIRST FEE AND LEASEHOLD MORTGAGE, ASSIGNMENT OF LEASES AND
RENTS, SECURITY AGREEMENT AND FIXTURE FILING (the "Mortgage"), dated as of March
25, 2003, made by TRUMP MARINA ASSOCIATES, L.P. (f/k/a Trump's Castle
Associates, L.P.), a New Jersey limited partnership having an office at Huron
Avenue and Brigantine Blvd., Atlantic City, New Jersey 08401, as mortgagor,
assignor and debtor (in such capacities and together with any successors in such
capacities, the "Mortgagor"), in favor of U.S. BANK NATIONAL ASSOCIATION, a
national banking association, having an office at 180 East Fifth Street, St.
Paul, Minnesota 55101 ("U.S. Bank"), in its capacity as collateral agent
pursuant to the Priority Intercreditor Agreement (as hereinafter defined) (the
"Collateral Agent"), and as mortgagee, assignee and secured party hereunder (in
such capacities and together with any successors in such capacities, the
"Mortgagee").

                                R E C I T A L S :

              A.     Trump Casino Holdings, LLC ("Holdings") and Trump Casino
Funding, Inc. ("Funding", together with Holdings, the "Issuers"), the Guarantors
(from time to time party thereto) and U.S. Bank, as trustee (in such capacity,
along with successors in such capacity, the "First Priority Trustee") have, in
connection with the execution and delivery of this Mortgage, entered into that
certain indenture, dated as of March 25, 2003 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the "First Priority
Indenture"), pursuant to which the Issuers under the First Priority Indenture
have issued their 11? % first priority mortgage notes due 2010 in the aggregate
principal amount of $425,000,000 (the "First Priority Mortgage Notes"). It is
contemplated that the Issuers under the First Priority Indenture may, after the
date hereof, issue (a) exchange notes and private exchange notes (the "First
Priority Mortgage Exchange Notes") and (b) additional notes (the "Additional
First Priority Mortgage Notes"; together with the First Priority Mortgage
Exchange Notes and the First Priority Mortgage Notes, the "First Notes")
pursuant to the provisions of the First Priority Indenture.

              B.     The Issuers, the Guarantors (from time to time party
thereto) and U.S. Bank, as trustee (in such capacity, along with successors in
such capacity, the "Second Priority Trustee") have, in connection with the
execution and delivery of that certain Second Fee and Leasehold Mortgage,
Assignment of Leases and Rents, Security Agreement and Fixture Filing dated as
of March 25, 2003 (the "Second Priority Mortgage"), entered into that certain
indenture, dated as of March 25, 2003 (as amended, amended and restated,
supplemented or otherwise modified from time to time, the "Second Priority
Indenture"), pursuant to which the Issuers under the Second Priority Indenture
have issued their 17? % second priority notes due 2010 in the aggregate
principal amount of $65,000,000 (the "Second Priority Mortgage Notes"). It is
expressly understood and agreed that the Issuers under the Second Priority
Indenture shall pay a portion of the interest on the Second Notes (as
hereinafter defined) by the issuance of pay-in-kind notes (the "PIK Notes"),
which PIK Notes shall increase the aggregate principal amount of the Second
Priority Mortgage. It is contemplated that the Issuers under the Second Priority
Indenture may, after the date hereof, issue exchange notes and private exchange
notes (the "Second Priority Mortgage Exchange Notes"; together with

<PAGE>

                                       -2-

the PIK Notes and the Second Priority Mortgage Notes, the "Second Notes")
pursuant to the provisions of the Second Priority Indenture.

              C.     Mortgagee has been appointed the collateral agent pursuant
to that certain Priority Intercreditor Agreement dated as of March 25, 2003 (as
amended, amended and restated, supplemented or otherwise modified from time to
time, the "Priority Intercreditor Agreement") to act for its benefit and for the
benefit of the First Priority Trustee (for the benefit of the Holders of the
First Notes) (the First Priority Trustee, the Holders of the First Notes and the
Collateral Agent, the "Secured Parties").

              D.     The Mortgagor has, pursuant to the First Priority
Indenture, among other things, unconditionally guaranteed the obligations of the
Issuers under the First Priority Indenture and the First Notes.

              E.     The Mortgagor will receive substantial benefits from the
execution, delivery and performance of the obligations under the First Priority
Indenture and the First Notes and is, therefore, willing to enter into this
Mortgage.

              F.     The Mortgagor is the legal owner of (i) the Mortgaged
Property (as hereinafter defined) and (ii) the tenant's or lessee's interest
created by that certain lease (as amended to date and as amended from time to
time in accordance with the provisions of this Mortgage, the "Mortgaged Lease")
set forth in Schedule B annexed hereto, which affects, a portion of the property
set forth in Schedule A annexed hereto as indicated therein. A Short Form
Memorandum of Lease relating to the Mortgaged Lease was recorded at the time and
in the real property records set forth in Schedule B annexed hereto.

              G.     Holdings owns, directly or through its Subsidiaries, all of
the issued and outstanding equity interests of the Mortgagor.

              H.     Pursuant to the requirements of the First Priority
Indenture, the Mortgagor is entering into this Mortgage to create a first
priority mortgage lien on and security interest in the Mortgaged Property to
secure the performance and payment by the Mortgagor of all the Secured
Obligations (as hereinafter defined).

              I.     It is expressly understood and agreed that, notwithstanding
the terms thereof, the Second Priority Mortgage and the rights of the secured
parties thereunder shall at all times be and remain subject and subordinate in
all respects to this Mortgage and the rights of the Secured Parties hereunder,
all as more particularly set forth in the Priority Intercreditor Agreement.

                               A G R E E M E N T :

              NOW THEREFORE, in consideration of the foregoing premises and
other good and valuable consideration, the receipt and sufficiency of which are
hereby acknowledged, the Mortgagor hereby covenants and agrees with the
Mortgagee as follows:

<PAGE>

                                       -3-

                                    ARTICLE I

                         DEFINITIONS AND INTERPRETATION

              SECTION 1.1 Definitions. (a) Capitalized terms used but not
otherwise defined herein that are defined in the First Priority Indenture shall
have the meanings given to them in the First Priority Indenture, including the
following:

       "Affiliate"; "Bankruptcy Code"; "Business Day"; "Collateral"; "Collateral
       Account"; "Event of Default"; "FF&E Financing Agreement"; "GAAP"; "Gaming
       Authorities"; "Gaming Law"; "Gaming Licenses"; "Holder"; "Indebtedness";
       "Lien"; "Net Asset Sale Proceeds"; "Net Loss Proceeds"; "Officers'
       Certificate"; "Permitted Indebtedness"; "Permitted Liens"; and "Security
       Agreement".

              (b)    The following terms in this Mortgage shall have the
following meanings:

              "ACM"  shall have the meaning assigned to such term in Section
4.7(ii) hereof.

              "Alterations" shall mean any and all alterations, installations,
improvements, additions, modifications or changes, structural or nonstructural.

              "Casino Act" shall have the meaning assigned to such term in
Section 11.7 hereof.

              "Charges" shall mean any and all real estate, property and other
taxes, assessments and special assessments, levies, fees, all water and sewer
rents and charges and all other governmental charges imposed upon or assessed
against, and all claims (including, without limitation, landlords', carriers',
mechanics', workmen's, repairmen's, laborers', materialmen's, suppliers' and
warehousemen's Liens and other claims arising by operation of law) against, all
or any portion of the Mortgaged Property.

              "Collateral Agent" shall have the meaning assigned to such term in
the Preamble hereof.

              "Collateral Documents" shall mean those Collateral Documents as
defined in the First Priority Indenture other than those which specifically
secure the Second Notes.

              "Contracts" shall mean, collectively, any and all right, title and
interest of the Mortgagor in and to any and all contracts relating to the
Mortgaged Property and all reserves, deferred payments, deposits, refunds and
claims of every kind, nature or character relating thereto.

              "Default Rate" shall mean the rate per annum equal to the highest
rate then payable under the First Priority Indenture.

              "Environmental Laws" shall mean any and all present and future
(except with respect to representations and warranties contained herein which
shall relate to such laws as in effect on

<PAGE>

                                       -4-

the date such representation or warranty is made) applicable laws, rules or
regulations of any Governmental Authority, any orders, decrees, judgments or
injunctions and the common law, in each case as now or hereafter in effect,
relating to pollution or protection of human health, safety or the environment,
(including without limitation, ambient air, indoor air, soil, surface water,
ground water, land or subsurface strata, and natural resources such as wetlands,
flora and fauna), and including, without limitation, those relating to releases
or threatened releases of Hazardous Materials in or into the environment, or
otherwise relating to the manufacture, processing, generation, distribution,
use, treatment, storage, discharge, disposal, collection, transfer, transport or
handling of Hazardous Materials.

              "Event of Loss" shall mean any Event of Loss as defined in the
First Priority Indenture with respect to the Premises and the Leased Premises or
any part thereof.

              "Excluded Property" shall have the meaning assigned to such term
in the Security Agreement.

              "First Notes" shall have the meaning assigned to such term in
Recital A hereof.

              "Fixture" shall mean, to the extent owned (and with respect to the
Leased Premises, to the extent demised pursuant to the Mortgaged Lease) by
Mortgagor, all machinery, apparatus, equipment, fittings, fixtures, Land
Improvements and Leased Premises Improvements and articles of personal property
of every kind, description and nature whatsoever now or hereafter attached or
affixed to the Land and/or the land that is the subject of the Mortgaged Lease
or any other Land Improvement or Leased Premises Improvement used in connection
with the use and enjoyment of the Land and/or the land that is the subject of
the Mortgaged Lease or any other Land Improvement or Leased Premises
Improvement, which by the nature of their location thereon or attachment thereto
are fixtures under the UCC or any other applicable law including without
limitation, all utility systems, fire sprinkler and security systems, drainage
facilities, lighting facilities, all water, sanitary and storm sewer, drainage,
electricity, steam, gas, telephone and other utility equipment and facilities,
pipes, fittings and other items of every kind and description now or hereafter
attached to or located on the Land which by the nature of their location thereon
or attachment thereto are real property under applicable law, HVAC equipment,
boilers, electronic data processing, telecommunications or computer equipment,
refrigeration, electronic monitoring, water or lighting systems, power,
sanitation, waste removal, elevators, maintenance or other systems or equipment
and all additions thereto and betterments, renewals, substitutions and
replacements thereof.

              "Governmental Authority" shall mean any Federal, state, local,
foreign or other governmental, quasi-governmental or administrative (including
self-regulatory) body, instrumentality, department, agency, authority, board,
bureau, commission, office of any nature whatsoever or other subdivision
thereof, or any court, tribunal, administrative hearing body, arbitration panel
or other similar dispute-resolving body, whether now or hereafter in existence,
or any officer or official thereof, having jurisdiction over the Mortgagor or
the Mortgaged Property or any portion thereof.

              "Guarantor" shall have the meaning assigned to such term in the
First Priority Indenture and collectively shall be referred to as the
"Guarantors".

<PAGE>

                                       -5-

              "Hazardous Materials" shall mean any pollutant, contaminant,
toxic, hazardous or extremely hazardous substance, material, constituent or
waste, or any other constituent, waste, material, compound or substance subject
to regulation under any Environmental Law including, without limitation,
petroleum or any petroleum product, including crude oil or any fraction thereof,
polychlorinated biphenyls, urea-formaldehyde insulation and asbestos.

              "Indemnified Liabilities" shall have the meaning assigned to such
term in Section 14.6(i) hereof.

              "Indemnitees" shall have the meaning assigned to such term in
Section 14.6(i) hereof.

              "Insurance Policies" means the insurance policies and coverages
required to be maintained by the Mortgagor with respect to the Mortgaged
Property pursuant to Section 4.18 of the First Priority Indenture and all
renewals and extensions thereof.

              "Insurance Requirements" means, collectively, all provisions of
the Insurance Policies, all requirements of the issuer of any of the Insurance
Policies and all orders, rules, regulations and any other requirements of the
National Board of Fire Underwriters (or any other body exercising similar
functions) binding upon the Mortgagor and applicable to the Mortgaged Property
or any use or condition thereof.

              "Issuers" shall have the meaning assigned to such term in Recital
A hereof.

              "Land" shall mean those certain tracts or parcels of land
described in Schedule A annexed to this Mortgage (but excluding the land
underlying the Leased Premises), together with all of the Mortgagor's
reversionary rights therein and all of the Mortgagor's rights in and to any and
all easements, rights-of-way, strips and gores of land, waters, water courses,
water rights, mineral, gas and oil rights and all power, air, light and other
rights, estates, titles, interests, privileges, liberties, servitudes, licenses,
tenements, hereditaments and appurtenances whatsoever, in any way belonging,
relating or appertaining thereto, or any part thereof, or which hereafter shall
in any way belong, relate or be appurtenant thereto.

              "Land Improvements" shall mean all buildings, structures and other
improvements of every kind or description and any and all Alterations now or
hereafter located, attached or erected on the Land, including, without
limitation, (i) all Fixtures, (ii) all attachments, railroad tracks,
foundations, sidewalks, drives, roads, curbs, streets, ways, alleys, passages,
passageways, sewer rights, parking areas, driveways, fences and walls and (iii)
all materials now or hereafter located on the Land intended for the
construction, reconstruction, repair, replacement, alteration, addition or
improvement of or to such buildings, Fixtures, structures and improvements, that
are also incorporated therein.

              "Landlord" shall mean any landlord, sublandlord, lessor,
sublessor, franchisor, licensor or grantor, as applicable.

<PAGE>

                                       -6-

              "Leased Premises" shall mean the Mortgagor's interest and estate
in the Mortgaged Lease and all recorded or unrecorded extensions, amendments,
supplements and restatements thereof, together with all right, title and
interest of the lessee under the Mortgaged Lease in and to (i) the land that is
the subject of the Mortgaged Lease, (ii) any and all easements, rights-of-way,
reversions, sidewalks, strips and gores of land, drives, roads, curbs, streets,
ways, alleys, passages, passageways, sewer rights, waters, water courses, water
rights, mineral, gas and oil rights, and all power, air, light and other rights,
estates, titles, interests, privileges, liberties, servitudes, licenses,
tenements, hereditaments and appurtenances whatsoever, in any way demised under
the Mortgaged Lease, if any, and/or described in Schedule B, or which hereafter
shall in any way be demised under the Mortgaged Lease and (iii) the Leased
Premises Improvements.

              "Leased Premises Improvements" shall mean all buildings,
structures and other improvements of every kind or description and any and all
Alterations now or hereafter located, attached or erected on the land that is
the subject of the Mortgaged Lease, including, without limitation, (i) all
Fixtures, (ii) all attachments, railroad tracks, foundations, sidewalks, drives,
roads, curbs, streets, ways, alleys, passages, passageways, sewer rights,
parking areas, driveways, fences and walls and (iii) all materials now or
hereafter located on the land that is the subject of the Mortgaged Lease
intended for the construction, reconstruction, repair, replacement, alteration,
addition or improvement of or to such buildings, Fixtures, structures and
improvements, that are also incorporated therein.

              "Leases" shall mean, collectively, any and all interests of the
Mortgagor, as Landlord, in all leases and subleases of space, tenancies,
franchise agreements, licenses, occupancy or concession agreements now existing
or hereafter entered into, whether or not of record, relating in any manner to
the Premises and/or Leased Premises and any and all amendments, modifications,
supplements, replacements, extensions and renewals, if any, thereof, whether now
in effect or hereafter coming into effect, but excluding room rental agreements
for hotel guests and boat slip agreements.

              "Mortgage" means this Mortgage, as amended, amended and restated,
supplemented or otherwise modified from time to time.

              "Mortgaged Lease" shall have the meaning assigned to such term in
Recital F hereof.

              "Mortgaged Property" shall have the meaning assigned to such term
in Section 2.1 hereof.

              "Mortgagee" shall have the meaning assigned to such term in the
Preamble hereof.

              "Mortgagor" shall have the meaning assigned to such term in the
Preamble hereof.

              "Mortgagor's Interest" shall have the meaning assigned to such
term in Section 2.2 hereof.

              "NJCCC" shall mean the New Jersey Casino Control Commission.

<PAGE>

                                       -7-

              "Notes" shall have the meaning assigned to such term in Recital B
hereof.

              "Permit" shall mean any and all permits, certificates, approvals,
authorizations, consents, licenses, variances, franchises or other instruments,
however characterized, of any Governmental Authority (or any Person acting on
behalf of a Governmental Authority) now or hereafter acquired or held, together
with all amendments, modifications, extensions, renewals and replacements of any
thereof issued or in any way furnished in connection with the Mortgaged Property
including, without limitation, building permits, certificates of occupancy,
environmental permits or certificates, industrial permits or licenses and
certificates of operation; provided, however, Gaming Licenses shall not
constitute Permits for the purposes of this definition.

              "Permitted Mortgaged Property Liens" shall have the meaning
assigned to such term in Section 4.6(i) hereof.

              "Person" shall have the meaning assigned to the term "person" in
the First Priority Indenture.

              "PIK Notes" shall have the meaning assigned to such term in
Recital B hereof.

              "Premises" shall mean, collectively, the Land and the Land
Improvements.

              "Priority Intercreditor Agreement" shall have the meaning assigned
to such term in Recital C hereof.

              "Prior Liens" shall mean, collectively, the Liens identified in
Schedule C annexed to this Mortgage.

              "Proceeds" shall mean, collectively, any and all (i) proceeds of
the conversion, voluntary or involuntary, of any of the Mortgaged Property or
any portion thereof into cash or liquidated claims, (ii) proceeds of any
insurance (except payments made to a Person which is not a party to this
Mortgage), indemnity, warranty, guaranty or claim payable to the Mortgagee or to
the Mortgagor from time to time with respect to any of the Mortgaged Property,
including, without limitation, all Net Loss Proceeds, (iii) payments (in any
form whatsoever) made or due and payable to the Mortgagor from time to time in
connection with any requisition, confiscation, condemnation, seizure or
forfeiture of all or any portion of the Mortgaged Property by any Governmental
Authority (or any Person acting on behalf of a Governmental Authority),
including, without limitation, all Net Loss Proceeds, (iv) products of the
Mortgaged Property and (v) other amounts from time to time paid or payable under
or in connection with any of the Mortgaged Property including, without
limitation, refunds of real estate taxes and assessments, including interest
thereon.

              "Property Material Adverse Effect" shall mean, as of any date of
determination and whether individually or in the aggregate, (a) any event,
circumstance, occurrence or condition which has caused or resulted in (or would
reasonably be expected to cause or result in) a material adverse effect on the
business or operations of the Mortgagor as presently conducted at the Mortgaged
Property; (b) any event, circumstance, occurrence or condition which has caused
or resulted in (or

<PAGE>

                                       -8-

would reasonably be expected to cause or result in) a material adverse effect on
the value or utility of the Mortgaged Property; or (c) any event, circumstance,
occurrence or condition which has caused or resulted in (or would reasonably
expect to cause or result in) a material adverse effect on the legality,
priority or enforceability of the Lien created by this Mortgage or the rights
and remedies of the Mortgagee hereunder.

              "Prudent Operator" shall mean a prudent operator of property
similar in use and configuration to the Premises and/or Leased Premises and
located in the locality where the Premises and/or Leased Premises are located as
applicable.

              "Records" shall mean, collectively, any and all right, title and
interest of the Mortgagor in and to any and all drawings, plans, specifications,
file materials, operating and maintenance records, catalogues, Tenant lists,
correspondence, advertising materials, operating manuals, warranties,
guarantees, appraisals, studies and data relating to the Mortgaged Property or
the construction of any Alteration or the maintenance of any Permit.

              "Rents" shall mean, collectively, any and all rents, additional
rents, royalties, cash, guaranties, letters of credit, bonds, sureties or
securities deposited under any Lease to secure performance of the Tenant's
obligations thereunder, revenues, earnings, profits and income, advance rental
payments, payments incident to assignment, sublease or surrender of a Lease,
claims for forfeited deposits and claims for damages, now due or hereafter to
become due, with respect to any Lease, any indemnification against, or
reimbursement for, sums paid and costs and expenses incurred by the Mortgagor
under any Lease or otherwise, and any award in the event of the bankruptcy of
any Tenant under or guarantor of a Lease.

              "Requirements of Law" shall mean, collectively, any and all
requirements of any Governmental Authority including, without limitation, any
and all orders, decrees, determinations, laws, treaties, ordinances, rules,
regulations or similar statutes or case law.

              "Second Priority Mortgage" shall have the meaning assigned to such
term in Recital B hereof.

              "Second Priority Secured Parties" shall mean the Second Priority
Trustee and the Holders of the Second Notes.

              "Secured Obligations" shall mean all obligations (whether or not
constituting future advances, obligatory or otherwise) of the Issuers under the
First Priority Indenture and any and all of the Guarantors from time to time
arising under or in respect of this Mortgage, the First Priority Indenture, the
First Notes and the other Collateral Documents (including, without limitation,
the obligations to pay principal, interest and all other charges, fees,
expenses, commissions, reimbursements, premiums, indemnities and other payments
related to or in respect of the obligations contained in this Mortgage, the
First Priority Indenture, the First Notes and the other Collateral Documents),
in each case whether (i) such obligations are direct or indirect, secured or
unsecured, joint or several, absolute or contingent, due or to become due
whether at stated maturity, by acceleration or otherwise, (ii) arising in the
regular course of business or otherwise, (iii) for payment or performance and/or
(iv) now

<PAGE>

                                       -9-

existing or hereafter arising (including, without limitation, interest and other
obligations arising or accruing after the commencement of any bankruptcy,
insolvency, reorganization or similar proceeding with respect to the Issuers
under the First Priority Indenture, any Guarantor or any other Person, or which
would have arisen or accrued but for the commencement of such proceeding, even
if such obligation or the claim therefor is not enforceable or allowable in such
proceeding).

              "Secured Parties" shall have the meaning assigned to such term in
Recital C hereof.

              "Subordination Agreement" shall mean a subordination,
nondisturbance and attornment agreement substantially in the form of Exhibit 1
annexed to this Mortgage.

              "Subsidiary" shall have the meaning assigned to such term in the
First Priority Indenture and collectively shall be referred to as the
"Subsidiaries".

              "Tenant" shall mean any tenant, lessee, sublessee, franchisee,
licensee, grantee or obligee, as applicable.

              "UCC" shall mean the Uniform Commercial Code as in effect on the
date hereof in the jurisdiction in which the Premises and Leased Premises are
located; provided, however, that if by reason of mandatory provisions of law,
the perfection or the effect of perfection or non-perfection of the security
interest in any item or portion of the Mortgaged Property is governed by the
Uniform Commercial Code as in effect in a jurisdiction other than the
jurisdiction in which the Premises and Leased Premises are located, "UCC" shall
also mean the Uniform Commercial Code as in effect in such other jurisdiction
for purposes of the provisions hereof relating to such perfection or effect of
perfection or non-perfection.

              SECTION 1.2 Interpretation. The rules of construction set forth
in Section 1.04 of the First Priority Indenture shall be applicable to this
Mortgage.

              SECTION 1.3 Resolution of Drafting Ambiguities. The Mortgagor
acknowledges and agrees that it was represented by counsel in connection with
the execution and delivery hereof, that it and its counsel reviewed and
participated in the preparation and negotiation hereof and that any rule of
construction to the effect that ambiguities are to be resolved against the
drafting party (i.e., Mortgagee) shall not be employed in the interpretation
hereof.

                                   ARTICLE II

                         GRANTS AND SECURED OBLIGATIONS

              SECTION 2.1 Grant of Mortgaged Property. The Mortgagor hereby
grants, mortgages, bargains, sells, assigns and conveys to the Mortgagee (for
its benefit and for the benefit of the other Secured Parties), and hereby grants
to the Mortgagee (for its benefit and for the benefit of the other Secured
Parties), a security interest in and upon all of the Mortgagor's estate, right,
title and interest in, to and under the following property, whether now owned or
held or hereafter acquired from time to time (collectively, the "Mortgaged
Property"):

<PAGE>

                                      -10-

              (i)    Premises;

              (ii)   Leased Premises;

              (iii)  Leases;

              (iv)   Rents;

              (v)    Permits;

              (vi)   Contracts;

              (vii)  Records; and

              (viii) Proceeds.

              Notwithstanding anything to the contrary contained in clauses (i)
through (viii) above, the Lien created by this Mortgage shall not extend to, and
the term "Mortgaged Property" shall not include, any Excluded Property.

TO HAVE AND TO HOLD the Mortgaged Property, together with all estate, right,
title and interest of the Mortgagor and anyone claiming by, through or under the
Mortgagor in and to the Mortgaged Property and all rights and appurtenances
relating thereto, unto the Mortgagee, its successors and assigns, for the
purpose of securing the payment and performance in full of all the Secured
Obligations.

              SECTION 2.2 Assignment of Leases and Rents. During the term
hereof, the Mortgagor absolutely, presently, unconditionally and irrevocably
pledges, grants, sells, conveys, delivers, hypothecates, assigns, transfers and
sets over to the Mortgagee (for its benefit and for the benefit of the other
Secured Parties), and grants to the Mortgagee (for its benefit and for the
benefit of the other Secured Parties), subject to the terms of Article VI
hereof, all of the Mortgagor's estate, right, title, interest, claim and demand,
as Landlord, under any and all of the Leases including, without limitation, the
following (such assigned rights, the "Mortgagor's Interest"):

              (i)    the immediate and continuing right to receive and collect
       Rents payable by the Tenants pursuant to the Leases;

              (ii)   all claims, rights, powers, privileges and remedies of the
       Mortgagor, whether provided for in the Leases or arising by statute or at
       law or in equity or otherwise, consequent on any failure on the part of
       the Tenants to perform or comply with any term of the Leases including
       damages or other amounts payable to the Mortgagor as a result of such
       failure;

              (iii)  all rights to take all actions upon the happening of a
       default under the Leases as shall be permitted by the Leases or by law
       including, without limitation, the commencement, conduct and consummation
       of proceedings at law or in equity; and

<PAGE>

                                      -11-

              (iv)   the full power and authority, in the name of the Mortgagor
       or otherwise, to enforce, collect, receive and receipt for any and all of
       the foregoing and to take all other actions whatsoever which the
       Mortgagor, as Landlord, is or may be entitled to take under the Leases.

              SECTION 2.3 Secured Obligations. This Mortgage secures, and the
Mortgaged Property is collateral security for, the payment and performance in
full when due of the Secured Obligations.

              SECTION 2.4 Future Advances. This Mortgage shall secure the
maximum aggregate amount of all advances of principal under the First Priority
Indenture (which advances are obligatory to the extent the conditions set forth
in the First Priority Indenture relating thereto are satisfied) plus interest
thereon, collection costs, sums advanced for the payment of taxes, assessments,
maintenance and repair charges, insurance premiums and any other costs incurred
to protect the security encumbered hereby or the Lien hereof, expenses incurred
by the Mortgagee by reason of any default by the Mortgagor under the terms
hereof, together with all other sums secured hereby.

              SECTION 2.5 No Release. Nothing set forth in this Mortgage shall
relieve the Mortgagor from the performance of any term, covenant, condition or
agreement on the Mortgagor's part to be performed or observed under or in
respect of any of the Mortgaged Property or from any liability to any Person
under or in respect of any of the Mortgaged Property or shall impose any
obligation on the Mortgagee or any other Secured Party to perform or observe any
such term, covenant, condition or agreement on the Mortgagor's part to be so
performed or observed or shall impose any liability on the Mortgagee or any
other Secured Party for any act or omission on the part of the Mortgagor
relating thereto or for any breach of any representation or warranty on the part
of the Mortgagor contained in this Mortgage, the First Priority Indenture, the
First Notes or any other Collateral Document, or under or in respect of the
Mortgaged Property or made in connection herewith or therewith. The obligations
of the Mortgagor contained in this Section 2.5 shall survive the termination
hereof and the discharge of the Mortgagor's other obligations under this
Mortgage and the First Priority Indenture, the First Notes and the Collateral
Documents.

                                   ARTICLE III

                   REPRESENTATIONS AND WARRANTIES OF MORTGAGOR

              SECTION 3.1 Authority and Validity. The Mortgagor represents and
warrants that as of the date hereof:

              (i)    it is duly organized or formed, validly existing and, if
       applicable, in good standing under the laws of the jurisdiction of its
       organization;

              (ii)   it is duly qualified to transact business and is in good
       standing in the state in which the Leased Premises are located;

<PAGE>

                                      -12-

              (iii)  it has full corporate or other organizational power and
       lawful authority to execute and deliver this Mortgage and to mortgage and
       grant a Lien on and security interest in the Mortgaged Property and
       otherwise assign the Mortgagor's Interest and otherwise perform its
       obligations as contemplated herein, and all corporate and governmental
       actions, consents, authorizations and approvals necessary or required
       therefor have been duly and effectively taken or obtained; and

              (iv)   this Mortgage is a legal, valid and binding obligation of
       the Mortgagor, enforceable against the Mortgagor in accordance with its
       terms, except as enforceability may be limited by applicable bankruptcy,
       insolvency or similar laws affecting the enforcement of creditors' rights
       generally or by equitable principles relating to enforceability or by
       other laws and regulations of non-U.S. jurisdictions.

              SECTION 3.2 Warranty of Title. The Mortgagor represents and
warrants that:

              (i)    it owns the tenant's interest in the Mortgaged Lease and
       has good and marketable fee simple title to the Premises and holds the
       Landlord's interest and estate under or in respect of the Leases and
       holds good title to the interest it purports to own or hold in and to
       each of the Permits, the Contracts and the Records, in each case subject
       to no Liens, except for Permitted Mortgaged Property Liens;

              (ii)   the Mortgaged Lease (a) is a valid and existing lease,
       superior and paramount to all other Leases respecting the property to
       which the Mortgaged Lease relates, (b) is in full force and effect and,
       to the best of Mortgagor's knowledge, no default (nor any event which,
       with notice or lapse of time or both, would constitute such a default)
       has occurred or is continuing under the Mortgaged Lease, (c) to the best
       of the Mortgagor's knowledge, is not subject to any defenses, offsets or
       counterclaims and (d) there have been no renewals or extensions of or
       supplements, modifications or amendments to the Mortgaged Lease not
       previously disclosed to the Mortgagee;

              (iii)  subject to the rights of tenants under the Leases disclosed
       in Schedule D hereof and the rights of hotel guests under room rental
       agreements and the rights of boat slip guests under boat slip agreements,
       it is in actual possession of the Premises;

              (iv)   it is in compliance with each term, condition and provision
       of any obligation of the Mortgagor which is secured by the Mortgaged
       Property or the noncompliance with which would result in a Property
       Material Adverse Effect; and

              (v)    this Mortgage creates and constitutes a valid and
       enforceable first priority Lien on the Mortgaged Property subject to
       Permitted Mortgaged Property Liens, and, to the extent any of the
       Mortgaged Property shall consist of Fixtures, a first priority security
       interest in the Fixtures, which first priority Lien and first priority
       security interest are subject only to Permitted Mortgaged Property Liens.

<PAGE>

                                      -13-

              SECTION 3.3 Condition of Mortgaged Property. The Mortgagor
represents and warrants that:

              (i)    there has been issued and there remains in full force and
       effect subject to no revocation, suspension, forfeiture or modification,
       each and every material Permit necessary for the present use, operation
       and occupancy of the Premises and Leased Premises by the Mortgagor and
       the conduct of its respective businesses and all required zoning,
       building code, land use, environmental and other similar Permits except
       those Permits which, if not so issued and in full force and effect, would
       not reasonably be expected to result in a Property Material Adverse
       Effect;

              (ii)   the Premises and Leased Premises and the present and
       contemplated use and occupancy thereof comply with all applicable zoning
       ordinances, building codes, land use laws, setback or other development
       and use requirements of Governmental Authorities, except any
       non-compliance which would not reasonably be expected to result in a
       Property Material Adverse Effect;

              (iii)  the Premises and Leased Premises are served by all
       utilities necessary for the present use thereof, and the Mortgagor has
       not received notice of termination of such utility service;

              (iv)   all public roads and streets necessary for service of and
       access to the Premises and Leased Premises for the present use thereof
       have been completed and have been dedicated and accepted as such by the
       appropriate Governmental Authorities;

              (v)    the Mortgagor has access to the Premises and Leased
       Premises from public roads and, to the extent applicable, public or
       private rail or waterway, sufficient to allow the Mortgagor and its
       Tenants and invitees to conduct their respective businesses at the
       Premises and Leased Premises in accordance with sound commercial
       practices and the Mortgagor has not received notice of termination of
       such access, except where the failure to be served would not reasonably
       be expected to result in a Property Material Adverse Effect;

              (vi)   the Mortgagor has not received notice of any Event of Loss
       as a result of a condemnation or the commencement or pendency of any
       action or proceeding therefor related to the Premises or the Leased
       Premises;

              (vii)  there has not occurred any Event of Loss as a result of any
       fire or other casualty which has not been fully restored;

              (viii) there are no disputes regarding boundary lines, location,
       encroachments or possession of any portions of the Premises or the Leased
       Premises and no state of facts exists which could give rise to any such
       claim, other than such disputes that would not reasonably be expected to
       result in a Property Material Adverse Effect;

<PAGE>

                                      -14-

              (ix)   all liquid and solid waste disposal, septic and sewer
       systems located on the Premises and Leased Premises are in a good and
       safe condition and repair and in material compliance with all
       Requirements of Law, except such non-compliance which would not
       reasonably be expected to result in a Property Material Adverse Effect;

              (x)    no portion of the Premises is located in an area identified
       by the Federal Emergency Management Agency or any successor thereto as an
       area having special flood hazards pursuant to the Flood Insurance Acts
       or, if any portion of the Premises and Leased Premises is located within
       such area, the Mortgagor has obtained the insurance prescribed in Article
       VIII hereof;

              (xi)   the Land and Land Improvements and the Leased Premises
       Improvements are collectively assessed for real estate tax purposes as
       one or more wholly independent tax lot or lots, separate from any
       adjoining land or improvements not constituting a portion of such lot or
       lots, and no other land or improvement is assessed and taxed together
       with the Land and Land Improvements and the Leased Premises Improvements
       or any portion thereof; and

              (xii)  there are no options or rights of first refusal to purchase
       or acquire all or any portion of the Mortgaged Property other than those
       in favor of Mortgagor.

              SECTION 3.4 Leases. The Mortgagor represents and warrants that:

              (i)    the Leases identified on Schedule D attached hereto are the
       only Leases in existence on the date hereof with respect to the Premises
       and Leased Premises;

              (ii)   true copies of such Leases have been previously delivered
       to the Mortgagee and there are no agreements with any Tenant under such
       Leases other than those agreements expressly set forth therein;

              (iii)  it is the sole owner of all of the Mortgagor's Interest in
       such Leases;

              (iv)   each of such Leases is in full force and effect,
       constitutes a legal, valid and binding obligation of the Mortgagor and
       the applicable Tenant thereunder, and is enforceable against the
       Mortgagor and such Tenant in accordance with its terms except as
       enforceability may be limited by applicable bankruptcy, insolvency or
       similar laws affecting the enforcement of creditors' rights generally or
       by equitable principles relating to enforceability or by other laws and
       regulations of non-U.S. jurisdictions;

              (v)    to the best of Mortgagor's knowledge, there is no default
       under any of such material Leases and there is existing no condition
       which with the giving of notice or passage of time or both would cause a
       default thereunder;

              (vi)   all Rents due under such Leases have been paid in full
       through the date hereof;

<PAGE>

                                      -15-

              (vii)  none of the Rents reserved under such Leases have been
       assigned or otherwise pledged or hypothecated except in favor of the
       Mortgagee pursuant to the provisions hereof;

              (viii) none of the Rents (other than any security deposit
       collected in accordance with the provisions of the applicable Lease and
       other than with respect to that certain Thermal Energy Services Agreement
       dated September 27, 1996 by and between Atlantic Jersey Thermal Systems,
       Inc. and Mortgagor have been collected for more than one (1) month in
       advance;

              (ix)   to the best of Mortgagor's knowledge, there exists no
       offsets or defenses to the payment of any portion of the Rents and the
       Mortgagor owes no monetary obligation to any Tenant under any such Lease;

              (x)    it has received no notice from any Tenant challenging the
       validity or enforceability of any such Lease;

              (xi)   no such Lease contains any option to purchase, right of
       first refusal to purchase, right of first refusal to relet, or any other
       similar provision; and

              (xii)  each such Lease is subordinate to this Mortgage either
       pursuant to its terms or pursuant to a recordable Subordination
       Agreement.

              SECTION 3.5 Insurance. The Mortgagor represents and warrants
that, except where the failure of clauses (i), (ii) or (iii) hereof to be true
would not reasonably be expected to result in a Property Material Adverse
Effect, (i) the Premises and the Leased Premises and the use, occupancy and
operation thereof comply with all Insurance Requirements and there exists no
default under any Insurance Requirement, (ii) all premiums due and payable with
respect to the Insurance Policies have been paid, (iii) all Insurance Policies
are in full force and effect and the Mortgagor has not received notice of
violation or cancellation thereof and (iv) all Insurance Policies or insurance
certificates required pursuant to the First Priority Indenture have been
delivered to the Mortgagee.

              SECTION 3.6 Charges. The Mortgagor represents and warrants that
all Charges imposed upon or assessed against the Mortgaged Property have been
paid and discharged except to the extent such Charges constitute a Permitted
Mortgaged Property Lien but are not yet due and payable.

              SECTION 3.7 Environmental. The Mortgagor represents and warrants
that:

              (i)    it has obtained all material Permits which are necessary
       with respect to the ownership and operation of its business and the
       Mortgaged Property under any and all Environmental Laws and is in
       material compliance with all terms and conditions thereof;

              (ii)   it is in material compliance with and has no material
       liability under any and all Environmental Laws applicable to the
       ownership and operation of its business and the

<PAGE>

                                      -16-

       Mortgaged Property including, without limitation, all other limitations,
       restrictions, conditions, standards, prohibitions, requirements,
       obligations, schedules and timetables contained in such Environmental
       Laws;

              (iii)  there is no material civil, criminal or administrative
       action, suit, demand, claim, hearing, notice of violation, investigation,
       proceeding, notice or demand letter pending or threatened, to Mortgagor's
       knowledge, against it or any Affiliate under the Environmental Laws which
       with respect to the Mortgaged Property would reasonably be expected to
       result in a material liability or material obligation under Environmental
       Laws, or in a Property Material Adverse Effect; and

              (iv)   there are no past or present events, conditions,
       circumstances, activities, practices, incidents, actions or plans which
       may materially interfere with or prevent material compliance by the
       Mortgagor with the Environmental Laws, or which may give rise to any
       material liability under Environmental Laws including, without
       limitation, material liability under the Comprehensive Environmental
       Response, Compensation, and Liability Act of 1980, as amended, or any
       other Environmental Law or related common law theory or otherwise form
       the basis of any material claim, action, demand, suit, proceeding,
       hearing or notice of violation, study or investigation, against or
       relating to the Mortgagor based on or related to the manufacture,
       processing, distribution, use, generation, treatment, storage, disposal,
       transport or handling, or the emission, discharge, release or threatened
       release into the environment, of any Hazardous Materials, which would
       reasonably be expected to result in a material liability or material
       obligation under Environmental Laws or in a Property Material Adverse
       Effect.

              SECTION 3.8 No Conflicts, Consents, etc.. Neither the execution
and delivery hereof by the Mortgagor nor the consummation of the transactions
herein contemplated nor the fulfillment of the terms hereof (i) violates the
terms of any agreement, indenture, mortgage, deed of trust, equipment lease,
instrument or other document to which the Mortgagor is a party, or by which it
may be bound or to which any of its properties or assets may be subject, (ii)
conflicts with any Requirement of Law applicable to the Mortgagor or its
property or (iii) will result in or require the creation or imposition of any
Lien (other than the Lien contemplated hereby) upon or with respect to any of
the Mortgaged Property, except in the case of clause (i) and (ii) of this
sentence, where such violation or conflict, would not result in a Property
Material Adverse Effect. Other than consents previously provided to the
Mortgagor, no consent of any party (including, without limitation, equityholders
or creditors of the Mortgagor) and no consent, authorization, approval, license
or other action by, and no notice to or filing with, any Governmental Authority
or regulatory body or other Person is required for (i) the granting of a
mortgage Lien on and security interest in the Mortgaged Property by the
Mortgagor granted by it pursuant to this Mortgage or for the execution, delivery
or performance hereof by the Mortgagor except for the filing of this Mortgage
and the other filings contemplated hereby or (ii) other than as described in
Article XI, the exercise by the Mortgagee of the remedies in respect of the
Mortgaged Property pursuant to this Mortgage.

<PAGE>

                                      -17-

              SECTION 3.9 Benefit to the Mortgagor. The Mortgagor represents
and warrants that it will receive substantial benefit as a result of the
execution, delivery, and performance of the First Priority Indenture, the First
Notes and the Collateral Documents.

                                   ARTICLE IV

                         CERTAIN COVENANTS OF MORTGAGOR

              SECTION 4.1 Payment. The Mortgagor shall pay as and when the same
shall become due, whether at its stated maturity, by acceleration or otherwise,
each and every amount payable by the Mortgagor under the First Priority
Indenture, the First Notes and the Collateral Documents.

              SECTION 4.2 Title. The Mortgagor shall:

              (i)    (A) keep in effect all rights and appurtenances to or that
       constitute a part of the Mortgaged Property except as permitted pursuant
       to the First Priority Indenture and (B) protect, preserve and defend its
       interest in the Mortgaged Property and title thereto;

              (ii)   (A) comply with each of the terms, conditions and
       provisions of any obligation of the Mortgagor which is secured by the
       Mortgaged Property or the noncompliance with which may result in the
       imposition of a Lien (other than a Permitted Mortgaged Property Lien) on
       the Mortgaged Property, except where the failure to so comply would not
       result in a Property Material Adverse Effect, or the noncompliance with
       which may result in the imposition of a Lien (other than a Permitted
       Mortgaged Property Lien) on the Mortgaged Property, (B) forever warrant
       and defend to the Mortgagee the Lien and security interests created and
       evidenced hereby and the validity and priority hereof in any action or
       proceeding against the claims of any and all Persons whomsoever affecting
       or purporting to affect the Mortgaged Property or any of the rights of
       the Mortgagee hereunder and (C) maintain a valid and enforceable first
       priority Lien on the Mortgaged Property and, to the extent any of the
       Mortgaged Property shall consist of Fixtures, a first priority security
       interest in the Mortgaged Property, which first priority Lien and
       security interest shall be subject only to Permitted Mortgaged Property
       Liens; and

              (iii)  immediately upon obtaining knowledge of the pendency of any
       proceedings for the eviction of the Mortgagor from the Mortgaged Property
       or any part thereof by paramount title or otherwise questioning the
       Mortgagor's right, title and interest in, to and under the Mortgaged
       Property as warranted in this Mortgage, or of any condition that could
       give rise to any such proceedings, notify the Mortgagee thereof. The
       Mortgagee may participate in such proceedings and the Mortgagor will
       deliver or cause to be delivered to the Mortgagee all instruments
       requested by the Mortgagee to permit such participation. In any such
       proceedings, the Mortgagee may be represented by counsel satisfactory to
       the Mortgagee at the expense of the Mortgagor. If, upon the resolution of
       such proceedings, the Mortgagor shall suffer a loss of the Mortgaged
       Property or any part thereof or interest therein and title insurance

<PAGE>

                                      -18-

       proceeds shall be payable in connection therewith, such Proceeds are
       hereby assigned to and shall be paid to the Mortgagee for deposit in the
       Collateral Account and shall be applied in the manner applicable to Net
       Loss Proceeds to restore the Mortgaged Property in accordance with the
       provisions of Section 4.16 of the First Priority Indenture.

             SECTION 4.3 Maintenance and Use of Mortgaged Property; Alterations.

       (i)    Maintenance. The Mortgagor shall cause the representations and
warranties set forth in Section 3.3 hereof to continue to be true in each and
every respect except where the failure so to be true would not result in a
Property Material Adverse Effect.

       (ii)   Maintenance of Premises and Leased Premises. The Mortgagor shall
maintain the Mortgaged Property in accordance with the provisions of the First
Priority Indenture.

       (iii)  Alterations. The Mortgagor shall not make any Alteration to the
Premises and Leased Premises except as permitted pursuant to the First Priority
Indenture.

       (iv)   Permits. The Mortgagor shall maintain, or cause to be maintained,
in full force and effect all Permits contemplated by Section 3.3(i) hereof,
except where the failure to maintain such Permits would not reasonably be
expected to have a Property Material Adverse Effect. Unless and to the extent
contested by the Mortgagor in accordance with the provisions of Article IX
hereof, the Mortgagor shall comply with all requirements set forth in the
Permits and all Requirements of Law applicable to all or any portion of the
Mortgaged Property or the condition, use or occupancy of all or any portion
thereof or any recorded deed of restriction, declaration, covenant running with
the land or otherwise, now or hereafter in force, except where the failure so to
be in compliance would not reasonably be expected to result in a Property
Material Adverse Effect.

       (v)    Zoning. The Mortgagor shall not initiate, join in or consent to
any change in the zoning or any other permitted use classification of the
Premises and Leased Premises without the prior written consent of the Mortgagee,
which consent will not be unreasonably withheld, conditioned or delayed.

              SECTION 4.4 Notices Regarding Certain Defaults. The Mortgagor
shall, promptly upon receipt of any written notice regarding (i) any material
default by the Mortgagor relating to the Mortgaged Property or any material
portion thereof or (ii) the failure to discharge any of the Mortgagor's material
obligations with respect to the Mortgaged Property or any portion thereof
described herein, furnish a copy of such notice to the Mortgagee.

              SECTION 4.5 Access to Mortgaged Property, Books and Records; Other
Information. Subject to the requirements of any Gaming Laws, upon reasonable
prior notice to the Mortgagor, the Mortgagee, its agents, accountants and
attorneys shall have reasonable access to visit and inspect, as applicable,
during normal business hours and such other reasonable time as may be requested
by the Mortgagee to all of the Mortgaged Property including, without limitation,
all of the books, correspondence and Records of the Mortgagor relating thereto.
The Mortgagee and its representatives may examine the same, take extracts
therefrom and make photocopies thereof, and the

<PAGE>

                                      -19-

Mortgagor agrees to render to the Mortgagee at the Mortgagor's cost and expense,
such clerical and other assistance as may be reasonably requested by the
Mortgagee with regard thereto. The Mortgagor shall, at any and all times, within
a reasonable time after written request by the Mortgagee, furnish or cause to be
furnished to the Mortgagee, in such manner and in such detail as may be
reasonably requested by the Mortgagee, additional information with respect to
the Mortgaged Property; provided that any such inspection shall not unreasonably
interfere with the Mortgagor's operations.

              SECTION 4.6 Limitation on Liens; Transfer Restrictions. (a) The
Mortgagor may not, without the prior written consent of the Mortgagee, further
mortgage, encumber or hypothecate all or any part of the Mortgaged Property or
suffer or allow any of the foregoing to occur by operation of law or otherwise;
provided, however, that so long as no Event of Default shall have occurred and
be continuing, the Mortgagor shall have the right to suffer to exist the
following Liens in respect of the Mortgaged Property: (i) Prior Liens (but not
extensions, amendments, supplements or replacements of Prior Liens unless
consented to by the Mortgagee); (ii) Permitted Liens (other than those described
in clauses (c), (j), (l) and (p) of the definition of Permitted Liens); (iii)
the Liens created pursuant to the Collateral Documents (as such term is defined
in the First Priority Indenture) and (iv) Leases to the extent permitted
pursuant to the provisions of Article V hereof (the Liens described in clauses
(i) through (iv) of this sentence, collectively, "Permitted Mortgaged Property
Liens").

              (b)    The Mortgagor shall not sell, convey or otherwise dispose
of any part of the Mortgaged Property except as permitted in the First Priority
Indenture.

              SECTION 4.7 Environmental.

       (i)    Hazardous Materials. The Mortgagor shall (A) comply in all
material respects with any and all present and future Environmental Laws, (B)
not release, store, treat, handle, use, process, generate, discharge or dispose
of any Hazardous Materials at, on, under or from the Mortgaged Property in
material violation of or in a manner that could reasonably be expected to result
in any material liability under any present and future Environmental Law and (C)
take all commercially reasonable steps to initiate and expeditiously complete
all investigative, remedial, corrective and other action to eliminate any (1)
violation of Environmental Laws or other conditions which could reasonably be
expected to give rise to material liability or material obligations under
Environmental Laws or (2) Property Material Adverse Effect. In the event the
Mortgagor fails to comply with the covenants in the preceding sentence, the
Mortgagee may, in addition to any other remedies set forth herein, as agent for
and at the Mortgagor's sole cost and expense, cause any necessary investigation,
remediation, removal or response action relating to Hazardous Materials to be
taken and the Mortgagor shall provide to the Mortgagee and its agents and
employees access to the Mortgaged Property for such purpose. Any costs or
expenses incurred by the Mortgagee for such purpose shall be immediately due and
payable by the Mortgagor and shall bear interest at the Default Rate. If, at any
time that the Secured Obligations are outstanding, the Mortgagee has a
reasonable basis to conclude that the Mortgagor has failed to comply with the
covenants in this Section 4.7, or has breached the representations and
warranties in Section 3.7 hereof, the Mortgagee shall have the right, but not
the obligation, at the sole cost and expense of the Mortgagor, to conduct an
environmental assessment of the Mortgaged Property by such Persons or firms
appointed by the Mortgagee, and the Mortgagor shall cooperate in

<PAGE>

                                      -20-

all respects in the conduct of such environmental assessment, including, without
limitation, by providing reasonable access to the Mortgaged Property and to all
Records relating thereto. To the extent that any environmental assessment
identifies conditions which materially violate, or would reasonably be expected
to give rise to material liability or material obligations under, Environmental
Laws, or such violation, liability, or obligation would reasonably be expected
to have a Property Material Adverse Effect, the Mortgagor agrees to
expeditiously correct any such violation or respond to conditions giving rise to
such liability or obligations in a manner which complies in all material
respects with the Environmental Laws and mitigates associated material health
and environmental risks. Mortgagor shall indemnify and hold the Mortgagee and
each Holder harmless from and against all loss, cost, damage (including, without
limitation, consequential damages) or expense (including, without limitation,
reasonable attorneys' and consultants' fees and disbursements and the allocated
costs of staff counsel) that the Mortgagee or the Holders may sustain by reason
of the assertion against the Mortgagee or the Holders by any party of any claim
relating to such Hazardous Materials on, under, or from the Mortgaged Property
or actions taken with respect thereto as authorized hereunder except to the
extent such claim arises from the gross negligence or willful misconduct of the
Mortgagee or the Holders or is based upon acts or omissions subsequent to the
Mortgagee's of the Holders' (or either of their agents' or designees') taking of
possession and control of the Mortgaged Property. The foregoing indemnification
shall survive repayment of all Secured Obligations and any release or assignment
hereof; and

       (ii)   Asbestos. The Mortgagor shall not install nor permit to be
installed in or removed from the Mortgaged Property, asbestos or any
asbestos-containing material (collectively, "ACM") except in compliance, in all
material respects, with all Environmental Laws, and with respect to any ACM
currently present in the Mortgaged Property, such Mortgagor shall promptly
either (A) remove or encapsulate any ACM which such Environmental Laws require
to be removed or (B) otherwise comply, in all material respects, with such
Environmental Laws with respect to such ACM, all at such Mortgagor's sole cost
and expense. If such Mortgagor shall fail so to remove or encapsulate any ACM or
otherwise comply, in all material respects, with such Environmental Laws, the
Mortgagee may, in addition to any other remedies set forth herein, take
reasonable or necessary steps to remove or encapsulate any ACM from the
Mortgaged Property or otherwise comply, in all material respects, with
applicable Environmental Laws, regulations or orders and such Mortgagor shall
provide to the Mortgagee and its agents and employees reasonable access to the
Mortgaged Property for such purpose. Any reasonable costs or expenses incurred
by the Mortgagee for such purpose shall be immediately due and payable by the
Mortgagor and bear interest at the Default Rate. The Mortgagor shall indemnify
and hold the Mortgagee and each Holder harmless from and against all loss, cost,
damage and expense (including, without limitation, reasonable attorneys' and
consultants' fees and disbursements) that the Mortgagee or the Holders may
sustain, as a result of the presence of any ACM and any removal thereof or
compliance with all applicable Environmental Laws, except to the extent arising
from the gross negligence or willful misconduct of the Mortgagee or its
respective employees or agents or is based upon acts or omissions subsequent to
the Mortgagee's of the Holders' (or either of their agents' or designees')
taking of possession and control of the Mortgaged Property. The foregoing
indemnification shall survive repayment of all Secured Obligations and any
release or assignment hereof.

<PAGE>

                                      -21-

              SECTION 4.8 Estoppel Certificates. The Mortgagor shall, from time
to time, upon ten (10) days' prior written request of the Mortgagee, execute,
acknowledge and deliver to the Mortgagee an Officers' Certificate stating that
this Mortgage, the First Priority Indenture, the First Notes and the Collateral
Documents are unmodified and in full force and effect (or, if there have been
modifications, that to the Mortgagor's knowledge this Mortgage, the First
Priority Indenture, the First Notes and the Collateral Documents, as applicable,
are in full force and effect as modified and setting forth such modifications)
and stating the date to which principal and interest have been paid on the First
Notes.

                                    ARTICLE V

                                     LEASES

              SECTION 5.1 Mortgagor's Affirmative Covenants with Respect to
Leases. With respect to each material Lease, the Mortgagor shall:

              (i)    observe and perform all the material obligations imposed
       upon the Landlord under such Lease;

              (ii)   promptly send copies to the Mortgagee of all notices of a
       material default which the Mortgagor shall send or receive thereunder;
       and

              (iii)  enforce all of the material terms, covenants and conditions
       contained in such Lease upon the part of the Tenant thereunder to be
       observed or performed, to the extent such enforcement would be
       commercially reasonable.

              SECTION 5.2 Mortgagor's Negative Covenants with Respect to Leases.
With respect to each Lease, the Mortgagor shall comply with provisions
concerning Mortgagor's Negative Covenants within the First Priority Indenture.

              SECTION 5.3 Additional Requirements with Respect to New Leases.
In addition to the requirements of Sections 5.1 and 5.2 hereof, the Mortgagor
shall not enter into any Lease after the date hereof unless the Tenant under
such Lease has subordinated its interest in the Mortgaged Property to the Lien
of this Mortgage by the terms of such Lease or by entering into a Subordination
Agreement and has otherwise complied with the provisions of Section 10.06(ix) of
the First Priority Indenture.

                                   ARTICLE VI

                    CONCERNING ASSIGNMENT OF LEASES AND RENTS

              SECTION 6.1 Present Assignment; License to the Mortgagor. Section
2.2 of this Mortgage constitutes a present, absolute, effective, irrevocable and
complete assignment by the Mortgagor to the Mortgagee of the Leases and Rents
and the right, subject to applicable law, to collect all sums payable to the
Mortgagor thereunder and apply the same as Mortgagee may, in its sole

<PAGE>

                                      -22-

discretion, determine to be appropriate in accordance with the First Priority
Indenture (including the payment of reasonable costs and expenses in connection
with the maintenance, operation, improvement, insurance, taxes and upkeep of the
Mortgaged Property), which is not conditioned upon Mortgagee being in possession
of the Premises and Leased Premises. The Mortgagee hereby grants to the
Mortgagor, however, a license to collect and apply the Rents and to enforce the
obligations of Tenants under the Leases. Immediately upon the occurrence and
during the continuance of any Event of Default, the license granted in the
immediately preceding sentence shall cease and terminate, with or without any
notice, action or proceeding or the intervention of a receiver appointed by a
court.

              SECTION 6.2 Collection of Rents by the Mortgagee.

       (i)    Any Rents receivable by the Mortgagee hereunder, after payment of
all proper costs and charges, shall be applied to the Secured Obligations. The
Mortgagee shall be accountable to the Mortgagor only for Rents actually received
by the Mortgagee. The collection of such Rents and the application thereof shall
not cure or waive any Event of Default or waive, modify or affect notice of any
Event of Default or invalidate any act done pursuant to such notice.

       (ii)   The Mortgagor hereby irrevocably authorizes and directs the Tenant
under each Lease to rely upon and comply with any and all notices or demands
from the Mortgagee following the occurrence and during the continuance of an
Event of Default for payment of Rents to the Mortgagee and the Mortgagor shall
have no claim against Tenant for Rents paid by Tenant to the Mortgagee pursuant
to such notice or demand. For the purposes of this Section 6.2, a notice from
the Mortgagee to the Tenant shall be deemed to be conclusive.

              SECTION 6.3 No Release. Neither this Mortgage nor any action or
inaction on the part of the Mortgagee shall release Tenant under any Lease, any
guarantor of any Lease or the Mortgagor from any of their respective obligations
under such Leases or constitute an assumption of any such obligation on the part
of the Mortgagee. No action or failure to act on the part of the Mortgagor shall
adversely affect or limit the rights of the Mortgagee under this Mortgage or,
through this Mortgage, under such Leases. Nothing contained herein shall operate
or be construed to (i) obligate the Mortgagee to perform any of the terms,
covenants or conditions contained in any Lease or otherwise to impose any
obligation upon the Mortgagee with respect to such Lease (including, without
limitation, any obligation arising out of any covenant of quiet enjoyment
contained in such Lease in the event that Tenant under such Lease shall have
been joined as a party defendant in any action by which the estate of such
Tenant shall be terminated) or (ii) place upon the Mortgagee any obligation for
the operation, control, care, management or repair of the Premises and Leased
Premises.

              SECTION 6.4 Irrevocable Interest. All rights, powers and
privileges of the Mortgagee herein set forth are coupled with an interest and
are irrevocable, subject to the terms and conditions hereof, and the Mortgagor
shall not take any action under the Leases or otherwise which is inconsistent
with this Mortgage or any of the terms hereof and any such action inconsistent
herewith or therewith shall be void.

<PAGE>

                                      -23-

              SECTION 6.5 Amendment to Leases. Each Lease, including, without
limitation, all amendments, modifications, supplements, replacements, extensions
and renewals thereof, shall continue to be subject to the provisions hereof
without the necessity of any further act by any of the parties hereto.

                                   ARTICLE VII

                        TAXES AND CERTAIN STATUTORY LIENS

              SECTION 7.1 Payment of Charges. Unless and to the extent
contested by the Mortgagor in accordance with the provisions of Article IX
hereof, the Mortgagor shall pay and discharge, or cause to be paid and
discharged, from time to time when the same shall become due, all Charges. The
Mortgagor shall, upon the Mortgagee's request, deliver to the Mortgagee receipts
evidencing the payment of all such Charges.

              SECTION 7.2 Escrow of Taxes. From and after the occurrence of an
Event of Default, at the option and upon the request of the Mortgagee and to the
extent not required by the Second Priority Trustee pursuant to the terms of the
Second Priority Indenture, the Mortgagor shall deposit with the Mortgagee in an
account maintained by the Mortgagee (the "Tax Escrow Fund"), on the first day of
each month, an amount estimated by the Mortgagee to be equal to one-twelfth of
the annual real property taxes and other annual Charges required to be
discharged by the Mortgagor under Section 7.1 hereof. Such amounts shall be held
by the Mortgagee without interest to the Mortgagor and applied to the payment of
the obligations in respect of which such amounts were deposited, in such
priority as the Mortgagee shall determine, on or before the respective dates on
which such obligations or any part thereof would become delinquent. Nothing
contained in this Article VII shall (i) affect any right or remedy of the
Mortgagee under any provision hereof or of any statute or rule of law to pay any
such amount as provided above from its own funds and to add the amount so paid,
together with interest at the Default Rate during such time that any amount
remains outstanding, to the Secured Obligations or (ii) relieve the Mortgagor of
its obligations to make or provide for the payment of the annual real property
taxes and other annual Charges required to be discharged by the Mortgagor under
Section 7.1 hereof.

              SECTION 7.3 Certain Statutory Liens. Unless and to the extent
contested by the Mortgagor in accordance with the provisions of Article IX
hereof, the Mortgagor shall timely pay, or cause to be paid, all lawful claims
and demands of mechanics, materialmen, laborers, government agencies
administering worker's compensation insurance, old age pensions and social
security benefits and all other claims, judgments, demands or amounts of any
nature which, if unpaid, would result in, or permit the creation of, a Lien on
the Mortgaged Property or any part thereof, unless such Lien would constitute a
Permitted Mortgage Property Lien.

              SECTION 7.4 Stamp and Other Taxes. Unless and to the extent
contested by the Mortgagor in accordance with the provisions of Article IX
hereof, the Mortgagor shall pay any United States documentary stamp taxes, with
interest and fines and penalties, and any mortgage recording taxes, with
interest and fines and penalties, that may hereafter be levied, imposed or
assessed

<PAGE>

                                      -24-

under or upon or by reason hereof or the Secured Obligations or any instrument
or transaction affecting or relating to either thereof and in default thereof
the Mortgagee may advance the same and the amount so advanced shall be payable
by the Mortgagor to the Mortgagee in accordance with the provisions of Section
14.5 hereof.

              SECTION 7.5 Certain Tax Law Changes. In the event of the passage
after the date hereof of any law deducting from the value of real property, for
the purpose of taxation, amounts in respect of any Lien thereon or changing in
any way the laws for the taxation of mortgages or debts secured by mortgages for
state or local purposes or the manner of the collection of any Charges, and
imposing any Charges, either directly or indirectly, on this Mortgage, the First
Priority Indenture, the First Notes, or any other Collateral Document, the
Mortgagor shall promptly pay to the Mortgagee such amount or amounts as may be
necessary from time to time to pay any such Charges.

              SECTION 7.6 Proceeds of Tax Claim. In the event that the proceeds
of any tax claim are paid after the Mortgagee has exercised its right to
foreclose the Lien hereof, such Proceeds shall be paid to the Mortgagee to
satisfy any deficiency remaining after such foreclosure. The Mortgagee shall
retain its interest in the Proceeds of any tax claim during any redemption
period. The amount of any such Proceeds in excess of any deficiency claim of the
Mortgagee shall, in a reasonably prompt manner, be released to the Mortgagor.
The amount of any such Proceeds in excess of any deficiency claim of the
Mortgagee shall be applied in accordance with the Priority Intercreditor
Agreement.

                                  ARTICLE VIII

                                    INSURANCE

              SECTION 8.1 Required Insurance Policies and Coverages. The
Mortgagor shall maintain in respect of the Premises and Leased Premises the
Insurance Policies and coverages required under Section 4.18 of the First
Priority Indenture.

              SECTION 8.2 Delivery After Foreclosure. In the event that the
Proceeds of any insurance claim are paid after the Mortgagee has exercised its
right to foreclose the Lien hereof, such Proceeds shall be paid to the Mortgagee
to satisfy any deficiency remaining after such foreclosure. Mortgagee shall
retain its interest in the Insurance Policies required to be maintained pursuant
to this Mortgage during any redemption period. The amount of any such Proceeds
in excess of any deficiency claim of the Mortgagee shall be applied in
accordance with the Priority Intercreditor Agreement.

                                   ARTICLE IX

                             CONTESTING OF PAYMENTS

              SECTION 9.1 Contesting of Charges. The Mortgagor may at its own
expense contest the validity, amount or applicability of any Charges by
appropriate legal or administrative proceedings,

<PAGE>

                                      -25-

prosecution of which operates to prevent the collection or enforcement thereof
and the sale or forfeiture of the Mortgaged Property or any part thereof to
satisfy such obligations; to the extent that such contest is permitted by and
conducted in accordance with the provisions set forth in clauses (a), (b), (e)
and (f) of the definition of Permitted Liens. Notwithstanding the foregoing
provisions of this Section 9.1, (i) no contest of any such obligations may be
pursued by the Mortgagor if such contest would expose the Mortgagee or any other
Secured Party to (A) any possible criminal liability or (B) any additional civil
liability unless the Mortgagor shall have furnished a bond or other security
therefor satisfactory to the Mortgagee and (ii) if at any time payment or
performance of any obligation contested by the Mortgagor pursuant to this
Section 9.1 shall become necessary to prevent the imposition of remedies because
of non-payment, the Mortgagor shall pay or perform the same in sufficient time
to prevent the imposition of remedies in respect of such default or prospective
default.

              SECTION 9.2 Contesting of Insurance. The Mortgagor shall not take
any action that could reasonably be expected to be the basis for termination,
revocation or denial of any insurance coverage required to be maintained under
this Mortgage or that could reasonably be expected to be the basis for a defense
to any claim under any Insurance Policy maintained in respect of the Premises
and Leased Premises and the Mortgagor shall otherwise comply in all respects
with all Insurance Requirements in respect of the Premises and the Leased
Premises; provided, however, that the Mortgagor may, at its own expense and
after written notice to the Mortgagee, (i) contest the applicability or
enforceability of any such Insurance Requirements by appropriate legal
proceedings, prosecution of which does not constitute a basis for cancellation
or revocation of any insurance coverage required under Article VIII hereof or
(ii) cause the Insurance Policy containing any such Insurance Requirement to be
replaced by a new policy complying with the provisions of Article VIII hereof.

                                   ARTICLE X

                                 EVENTS OF LOSS

              SECTION 10.1 Events of Loss. If there shall occur any Event of
Loss, individually or in the aggregate, in excess of $1.0 million, the Mortgagor
shall promptly send to the Mortgagee a written notice setting forth the nature
and extent of such Event of Loss. The Proceeds of any Event of Loss, insurance
payable or award or payment in respect of such Event of Loss are hereby assigned
and shall be paid to the Mortgagee. The Mortgagor shall take all steps
reasonably necessary to notify the condemning authority of such assignment. All
Net Loss Proceeds, shall be made available to the Mortgagor for application in
accordance with the provisions of Section 4.16 of the First Priority Indenture.

                                   ARTICLE XI

                         EVENTS OF DEFAULT AND REMEDIES

              SECTION 11.1 Events of Default. It shall be an Event of Default
hereunder if there shall have occurred and be continuing an Event of Default
under the First Priority Indenture.

<PAGE>

                                      -26-

              SECTION 11.2 Remedies in Case of an Event of Default. If any
Event of Default shall have occurred and be continuing, the Mortgagee may,
subject to the provisions of any applicable Gaming Laws, at its option, in
addition to any other action permitted under this Mortgage or the First Priority
Indenture or by law, statute or in equity, take one or more of the following
actions to the greatest extent permitted by local law:

              (i)    by written notice to the Mortgagor, declare the entire
       unpaid amount of the Secured Obligations to be due and payable
       immediately;

              (ii)   personally, or by its agents or attorneys, (A) give notice
       of such Event of Default to the Lessor under the Mortgaged Lease, (B) to
       the extent permitted by the Mortgaged Lease, act in all respects as
       lessee in respect of the Mortgaged Lease and perform on behalf of and for
       the account of the Mortgagor, any of the obligations of lessee
       thereunder, (C) enter into and upon and take possession of all or any
       part of the Premises and the Leased Premises together with the books,
       Records and accounts of the Mortgagor relating thereto and, exclude the
       Mortgagor, its agents and servants wholly therefrom, (D) use, operate,
       manage and control the Premises and the Leased Premises and conduct the
       business thereof, (E) maintain and restore the Premises and the Leased
       Premises, (F) make all reasonably necessary or proper repairs, renewals
       and replacements and such useful Alterations thereto and thereon as the
       Mortgagee may deem advisable, (G) manage, lease and operate the Premises
       and the Leased Premises and carry on the business thereof and exercise
       all rights and powers of the Mortgagor with respect thereto either in the
       name of the Mortgagor or otherwise or (H) collect and receive all Rents;

              (iii)  with or without entry, personally or by its agents or
       attorneys, (A) sell the Mortgaged Property and all estate, right, title
       and interest, claim and demand therein at one or more sales in one or
       more parcels, in accordance with the provisions of Section 11.3 or (B)
       institute and prosecute proceedings for the complete or partial
       foreclosure of the Lien and security interests created and evidenced
       hereby; or

              (iv)   take such steps to protect and enforce its rights whether
       by action, suit or proceeding at law or in equity for the specific
       performance of any covenant, condition or agreement in the First Priority
       Indenture, the First Notes and the other Collateral Documents, or in aid
       of the execution of any power granted in this Mortgage, or for any
       foreclosure hereunder, or for the enforcement of any other appropriate
       legal or equitable remedy or otherwise as the Mortgagee shall elect.

              SECTION 11.3 Sale of Mortgaged Property if Event of Default
Occurs; Proceeds of Sale.

       (i)    If any Event of Default shall have occurred and be continuing, the
Mortgagee may institute an action to foreclose this Mortgage or take such other
action as may be permitted and available to the Mortgagee at law or in equity
for the enforcement of the First Priority Indenture and the First Notes and
realization on the Mortgaged Property and Proceeds thereon through power of sale
or

<PAGE>

                                      -27-

to final judgment and execution thereof for the Secured Obligations, and in
furtherance thereof the Mortgagee may sell the Mortgaged Property at one or more
sales, as an entirety or in parcels, at such time and place, upon such terms and
after such notice thereof as may be required or permitted by law or statute or
in equity. The Mortgagee may execute and deliver to the purchaser at such sale a
conveyance of the Mortgaged Property in fee simple and an assignment or
conveyance of all the Mortgagor's Interest in the Leases and the Mortgaged
Property, each of which conveyances and assignments shall contain recitals as to
the Event of Default upon which the execution of the power of sale herein
granted depends, and (to the extent permitted by applicable Gaming Laws) the
Mortgagor hereby constitutes and appoints the Mortgagee the true and lawful
attorney in fact of the Mortgagor to make any such recitals, sale, assignment
and conveyance, and all of the acts of the Mortgagee as such attorney in fact
are hereby ratified and confirmed. The Mortgagor agrees that such recitals shall
be binding and conclusive upon the Mortgagor and that any assignment or
conveyance to be made by the Mortgagee shall divest the Mortgagor of all right,
title, interest, equity and right of redemption, including any statutory
redemption, in and to the Mortgaged Property so assigned or conveyed. The power
and agency hereby granted are coupled with an interest and are irrevocable by
dissolution, or otherwise, and are in addition to any and all other remedies
which the Mortgagee may have hereunder, at law or in equity. So long as the
Secured Obligations, or any part thereof, remain unpaid, the Mortgagor agrees
that possession of the Mortgaged Property by the Mortgagor, or any Person
claiming under the Mortgagor, shall be as Tenant, and, in case of a sale under
power or upon foreclosure as provided in this Mortgage, the Mortgagor and any
Person in possession under the Mortgagor, as to whose interest such sale was not
made subject, shall, at the option of the purchaser at such sale, then become
and be Tenants holding over, and shall forthwith deliver possession to such
purchaser, or be summarily dispossessed in accordance with the laws applicable
to Tenants holding over. In case of any sale under this Mortgage by virtue of
the exercise of the powers herein granted, or pursuant to any order in any
judicial proceeding or otherwise, the Mortgaged Property may be sold as an
entirety or in separate parcels in such manner or order as the Mortgagee in its
sole discretion may elect. One or more exercises of powers herein granted shall
not extinguish or exhaust such powers, until the entire Mortgaged Property is
sold or all amounts secured hereby are paid in full.

       (ii)   In the event of any sale made under or by virtue of this Article
XI, the entire principal of, and interest in respect of the Secured Obligations,
if not previously due and payable, shall, at the option of the Mortgagee,
immediately become due and payable, anything in this Mortgage to the contrary
notwithstanding.

       (iii)  The Proceeds of any sale made under or by virtue of this Article
XI, together with any other sums which then may be held by the Mortgagee under
this Mortgage, whether under the provisions of this Article XI or otherwise,
shall be applied in accordance with the provisions of the Priority Intercreditor
Agreement.

       (iv)   Subject to the provisions of any applicable Gaming Laws, the
Mortgagee may bid for and acquire the Mortgaged Property or any part thereof at
any sale made under or by virtue of this Article XI and, in lieu of paying cash
therefor, may make settlement for the purchase price by crediting against the
purchase price the unpaid amounts (whether or not then due and owing) in respect
of the Secured Obligations, after deducting from the sales price the expense of
the sale and the reasonable

<PAGE>

                                      -28-

costs of the action or proceedings and any other sums that the Mortgagee is
authorized to deduct under this Mortgage.

       (v)    The Mortgagee may adjourn from time to time any sale by it to be
made under or by virtue hereof by announcement at the time and place appointed
for such sale or for such adjourned sale or sales, and, the Mortgagee, without
further notice or publication, may make such sale at the time and place to which
the same shall be so adjourned.

       (vi)   If the Premises and the Leased Premises are comprised of more than
one parcel of land, the Mortgagee may take any of the actions authorized by this
Section 11.3 in respect of any or a number of individual parcels.

              SECTION 11.4 Additional Remedies in Case of an Event of Default.

       (i)    The Mortgagee shall be entitled to recover judgment as aforesaid
either before, after or during the pendency of any proceedings for the
enforcement of the provisions hereof, and the right of the Mortgagee to recover
such judgment shall not be affected by any entry or sale hereunder, or by the
exercise of any other right, power or remedy for the enforcement of the
provisions hereof, or the foreclosure of, or absolute conveyance pursuant to,
this Mortgage. In case of proceedings against the Mortgagor in insolvency or
bankruptcy or any proceedings for its reorganization or involving the
liquidation of its assets, the Mortgagee shall be entitled to prove the whole
amount of principal and interest and other payments, Charges and costs due in
respect of the Secured Obligations to the full amount thereof without deducting
therefrom any Proceeds obtained from the sale of the whole or any part of the
Mortgaged Property; provided, however, that in no case shall the Mortgagee
receive a greater amount than the aggregate of such principal, interest and such
other payments, Charges and costs (with interest at the Default Rate) from the
Proceeds of the sale of the Mortgaged Property and the distribution from the
estate of the Mortgagor.

       (ii)   Any recovery of any judgment by the Mortgagee and any levy of any
execution under any judgment upon the Mortgaged Property shall not affect in any
manner or to any extent the Lien and security interests created and evidenced
hereby upon the Mortgaged Property or any part thereof, or any conveyances,
powers, rights and remedies of the Mortgagee hereunder, but such conveyances,
powers, rights and remedies shall continue unimpaired as before.

       (iii)  Any monies collected by the Mortgagee under this Section 11.4
shall be applied in accordance with the provisions of the Priority Intercreditor
Agreement.

              SECTION 11.5 Legal Proceedings After an Event of Default.

       (i)    After the occurrence of any Event of Default and immediately upon
the commencement of any action, suit or legal proceedings to obtain judgment for
the Secured Obligations or any part thereof, or of any proceedings to foreclose
the Lien and security interest created and evidenced hereby or otherwise enforce
the provisions hereof or of any other proceedings in aid of the enforcement
hereof, the Mortgagor shall enter its voluntary appearance in such action, suit
or proceeding.

<PAGE>

                                      -29-

       (ii)   Upon the occurrence and during the continuance of an Event of
Default, the Mortgagee shall be entitled forthwith as a matter of right,
concurrently or independently of any other right or remedy hereunder either
before or after declaring the Secured Obligations or any part thereof to be due
and payable, to the appointment of a receiver without giving notice to any party
and without regard to the adequacy or inadequacy of any security for the Secured
Obligations or the solvency or insolvency of any Person or entity then legally
or equitably liable for the Secured Obligations or any portion thereof. The
Mortgagor hereby consents to the appointment of such receiver. Notwithstanding
the appointment of any receiver, the Mortgagee shall be entitled as pledgee to
the possession and control of any Mortgaged Property at the time held by or
payable or deliverable under the terms of the First Priority Indenture.

       (iii)  The Mortgagor shall not (A) at any time insist upon, or plead, or
in any manner whatsoever claim or take any benefit or advantage of any stay or
extension or moratorium law, any exemption from execution or sale of the
Mortgaged Property or any part thereof, wherever enacted, now or at any time
hereafter in force, which may affect the covenants and terms of performance
hereof, (B) claim, take or insist on any benefit or advantage of any law now or
hereafter in force providing for the valuation or appraisal of the Mortgaged
Property, or any part thereof, prior to any sale or sales of the Mortgaged
Property which may be made pursuant to this Mortgage, or pursuant to any decree,
judgment or order of any court of competent jurisdiction or (C) after any such
sale or sales, claim or exercise any right under any statute heretofore or
hereafter enacted to redeem the property so sold or any part thereof. To the
extent permitted by applicable law, the Mortgagor hereby expressly (A) waives
all rights to have the Mortgaged Property marshalled on any foreclosure of this
Mortgage, (B) waives any and all rights to trial by jury in any action or
proceeding related to the enforcement hereof, (C) waives any objection which it
may now or hereafter have to the laying of venue of any action, suit or
proceeding brought in connection with this Mortgage and further waives and
agrees not to plead that any such action, suit or proceeding brought in any such
court has been brought in an inconvenient forum and (D) covenants not to hinder,
delay or impede the execution of any power granted or delegated to the Mortgagee
by this Mortgage but to suffer and permit the execution of every such power as
though no such law or laws had been made or enacted. The Mortgagee shall not be
liable for any incorrect or improper payment made pursuant to this Article XI in
the absence of gross negligence or willful misconduct.

              SECTION 11.6 Remedies Not Exclusive. (a) No remedy conferred
upon or reserved to the Mortgagee by this Mortgage is intended to be exclusive
of any other remedy or remedies, and each and every such remedy shall be
cumulative and shall be in addition to every other remedy given under this
Mortgage or now or hereafter existing at law or in equity. Any delay or omission
of the Mortgagee to exercise any right or power accruing on any Event of Default
shall not impair any such right or power and shall not be construed to be a
waiver of or acquiescence in any such Event of Default. Every power and remedy
given by this Mortgage may be exercised from time to time concurrently or
independently, when and as often as may be deemed expedient by the Mortgagee in
such order and manner as the Mortgagee, in its sole discretion, may elect. If
the Mortgagee accepts any monies required to be paid by the Mortgagor under this
Mortgage after the same become due, such acceptance shall not constitute a
waiver of the right either to require prompt payment, when due, of all other
sums secured by this Mortgage or to declare an Event of Default with regard to
subsequent

<PAGE>

                                      -30-

defaults. If the Mortgagee accepts any monies required to be paid by the
Mortgagor under this Mortgage in an amount less than the sum then due, such
acceptance shall be deemed an acceptance on account only and on the condition
that it shall not constitute a waiver of the obligation of the Mortgagor to pay
the entire sum then due, and the Mortgagor's failure to pay the entire sum then
due shall be and continue to be a default hereunder notwithstanding acceptance
of such amount on account.

              (b)    The word "sale" as used in this Article XI with respect to
the Mortgaged Lease shall mean the sale, transfer, assignment or conveyance for
value of the leasehold interest of the Mortgagor in the Mortgaged Lease,
together with all of the Mortgagor's right, title and interest in and to the
other items comprising the Mortgaged Property.

              SECTION 11.7 Jurisdiction of the NJCCC. Notwithstanding any other
provision of this Article XI, given the fact that Mortgagor is a New Jersey
casino licensee, this Mortgage is considered a security by the New Jersey Casino
Control Act, N.J.S.A. 5:12-1 et seq. (the "Casino Act"), and Mortgagor is not a
publicly traded corporation, the prior approval of the NJCCC must be obtained
before this Mortgage can be transferred and the sale, assignment, transfer,
pledge or other disposition of this Mortgage is conditional and shall be
ineffective if disapproved by the NJCCC. Notwithstanding any provisions of this
Article XI, the exercise by the Mortgagee of the rights and remedies set forth
in this Mortgage shall be subject to the jurisdiction of the NJCCC. Also,
Mortgagor has the absolute right to repurchase at the market price or the
purchase price, whichever is the lesser, this Mortgage in the event that the
NJCCC disapproves a transfer of this Mortgage. If at any time the NJCCC finds
that an owner or holder of this Mortgage is not qualified under the Casino Act,
and if as a result Mortgagor is no longer qualified to continue as a New Jersey
casino licensee, the NJCCC is authorized pursuant to the Casino Act to take any
necessary action to protect the public interest, including the suspension or
revocation of the casino license of Mortgagor. Commencing on the date the NJCCC
serves notice upon Mortgagor of a determination of disqualification of an owner
or holder of this Mortgage, it shall be unlawful for the owner or holder of this
Mortgage: (1) to receive any interest upon this Mortgage; (2) to exercise,
directly or through any trustee or nominee, any right conferred by this
Mortgage; or (3) to receive any remuneration in any form from Mortgagor for
services rendered or otherwise.

                                   ARTICLE XII

                      SECURITY AGREEMENT AND FIXTURE FILING

              SECTION 12.1 Security Agreement. To the extent that the Mortgaged
Property includes personal property or items of personal property which are or
are to become fixtures under applicable law, this Mortgage shall also be
construed as a security agreement under the UCC; and, upon and during the
continuance of an Event of Default, the Mortgagee shall be entitled with respect
to such personal property to exercise all remedies hereunder, all remedies
available under the UCC with respect to fixtures and all other remedies
available under applicable law. Without limiting the foregoing, subject to the
provisions of any applicable Gaming Laws, such personal property may, at the
Mortgagee's option, (i) be sold hereunder together with any portion of the
Mortgaged Property or

<PAGE>

                                      -31-

otherwise, (ii) be sold pursuant to the UCC, or (iii) be dealt with by the
Mortgagee in any other manner permitted under applicable law. The Mortgagee may
require the Mortgagor to assemble such personal property and make it available
to the Mortgagee at a place to be designated by the Mortgagee. The Mortgagor
acknowledges and agrees that a disposition of the personal property in
accordance with the Mortgagee's rights and remedies in respect to the Mortgaged
Property as heretofore provided is a commercially reasonable disposition
thereof; provided, however, that the Mortgagee shall give the Mortgagor not less
than ten (10) days' prior notice of the time and place of any intended
disposition.

              SECTION 12.2 Fixture Filing. To the extent that the Mortgaged
Property includes items of personal property which are or are to become fixtures
under applicable law, and to the extent permitted under applicable law, the
filing hereof in the real estate records of the county in which such Mortgaged
Property is located shall also operate from the time of filing as a fixture
filing with respect to such Mortgaged Property, and the following information is
applicable for the purpose of such fixture filing, to wit:

<TABLE>
<CAPTION>
       NAME AND ADDRESS OF THE DEBTOR:                 NAME AND ADDRESS OF THE SECURED PARTY:
       <S>                                             <C>
                                                       U.S. Bank National Association,
       Trump Marina Associates, L.P.                   as Collateral Agent
       Huron Avenue and Brigantine Blvd.               180 East Fifth Street
       Atlantic City, New Jersey 08401                 St. Paul, Minnesota 55101
       ------------------------------------------------------------------------------------------
       Type of Organization: Limited Partnership       Jurisdiction of Formation: NJ

       Organizational ID#: 0600031466
       ------------------------------------------------------------------------------------------
       THIS FINANCING STATEMENT COVERS THE FOLLOWING TYPES OR ITEMS OF PROPERTY:

       This instrument covers the Mortgaged Property and goods or items of
       personal property which are or are to become Fixtures upon the real
       property described in Schedule A attached hereto.

       The name of the record owner of the Property on which such Fixtures are
       or are to be located is Trump Marina Associates, L.P. with respect to the
       Premises, and with respect to the Leased Premises, the State of New
       Jersey acting through its Department of Environmental Protection,
       Division of Parks and Forestry.
</TABLE>

<PAGE>

                                      -32-

                                  ARTICLE XIII

                               FURTHER ASSURANCES

              SECTION 13.1 Recording Documentation to Assure Security. The
Mortgagor shall, forthwith after the execution and delivery hereof and
thereafter, from time to time, cause this Mortgage and any financing statement,
continuation statement or similar instrument relating to any thereof or to any
property intended to be subject to the Lien hereof to be filed, registered and
recorded in such manner and in such places as may be required by any present or
future law in order to publish notice of and fully to protect the validity and
priority thereof or the Lien hereof purported to be created upon the Mortgaged
Property and the interest and rights of the Mortgagee therein. The Mortgagor
shall (if it has not already done so), at its sole cost and expense, properly,
duly and validly record an appropriate memorandum of the Mortgaged Lease and any
material amendments or supplements thereto in each jurisdiction in which any of
the land underlying the Leased Premises may be situated. The Mortgagor shall pay
or cause to be paid all taxes and fees incident to such filing, registration and
recording, and all expenses incident to the preparation, execution and
acknowledgment thereof, and of any instrument of further assurance, and all
Federal or state stamp taxes or other taxes, duties and charges arising out of
or in connection with the execution and delivery of such instruments.

              SECTION 13.2 Further Acts. The Mortgagor shall, at the sole cost
and expense of the Mortgagor, do, execute, acknowledge and deliver all and every
such further acts, deeds, conveyances, mortgages, assignments, notices of
assignment, transfers, financing statements, continuation statements,
instruments and assurances as the Mortgagee shall from time to time reasonably
request, which may be necessary in the reasonable judgment of the Mortgagee from
time to time to assure, perfect, convey, assign, mortgage, transfer and confirm
unto the Mortgagee, the property and rights hereby conveyed or assigned or which
the Mortgagor may be or may hereafter become bound to convey or assign to the
Mortgagee or for carrying out the intention or facilitating the performance of
the terms hereof or the filing, registering or recording hereof. Without
limiting the generality of the foregoing, in the event that the Mortgagee
desires to exercise any remedies, consensual rights or attorney-in-fact powers
set forth in this Mortgage and reasonably determines it necessary to obtain any
approvals or consents of any Governmental Authority or any other Person
therefor, then, upon the reasonable request of the Mortgagee, the Mortgagor
agrees to use its commercially reasonable efforts to assist and aid the
Mortgagee to obtain as soon as practicable any necessary approvals or consents
for the exercise of any such remedies, rights and powers. In the event the
Mortgagor shall fail within ten (10) days after written demand to execute any
instrument or take any action required to be executed or taken by the Mortgagor
under this Section 13.2, the Mortgagee may, to the extent permitted by
applicable Gaming Laws, execute or take the same as the attorney-in-fact for the
Mortgagor, such power of attorney being coupled with an interest and
irrevocable.

              SECTION 13.3 Additional Security. Without notice to or consent of
the Mortgagor and without impairment of the Lien and rights created by this
Mortgage, the Mortgagee may accept (but the Mortgagor shall not be obligated to
furnish) from the Mortgagor or from any other Person, additional security for
the Secured Obligations. Neither the giving hereof nor the acceptance of any
such additional security shall prevent the Mortgagee from resorting, first, to
such additional security,

<PAGE>

                                      -33-

and, second, to the security created by this Mortgage without affecting the
Mortgagee's Lien and rights under this Mortgage.

                                   ARTICLE XIV

                                  MISCELLANEOUS

              SECTION 14.1 Covenants To Run with the Land. All of the grants,
covenants, terms, provisions and conditions in this Mortgage shall run with the
Land and shall apply to, and bind the successors and assigns of, the Mortgagor.
If there shall be more than one mortgagor with respect to the Mortgaged
Property, the covenants and warranties hereof shall be joint and several.

              SECTION 14.2 No Merger. The rights and estate created by this
Mortgage shall not, under any circumstances, be held to have merged into any
other estate or interest now owned or hereafter acquired by the Mortgagee unless
the Mortgagee shall have consented to such merger in writing.

              SECTION 14.3 Concerning Mortgagee.

              (i)    The Mortgagee has been appointed as Collateral Agent
pursuant to the Priority Intercreditor Agreement. The actions of the Mortgagee
hereunder are subject to the provisions of the Priority Intercreditor Agreement.
The Mortgagee shall have the right hereunder to make demands, to give notices,
to exercise or refrain from exercising any rights, and to take or refrain from
taking action (including, without limitation, the release or substitution of the
Mortgaged Property) in accordance with this Mortgage and the Priority
Intercreditor Agreement. The Mortgagee may employ agents and attorneys-in-fact
in connection herewith and except as expressly set forth herein to the contrary,
shall not be liable for the negligence or misconduct of any such agents or
attorneys-in-fact selected by it in good faith. The Mortgagee may resign and a
successor Mortgagee may be appointed in the manner provided in the Priority
Intercreditor Agreement. Upon the acceptance of any appointment as the Mortgagee
by a successor Mortgagee, that successor Mortgagee shall thereupon succeed to
and become vested with all the rights, powers, privileges and duties of the
retiring Mortgagee under this Mortgage, and the retiring Mortgagee shall
thereupon be discharged from its duties and obligations under this Mortgage.
After any retiring Mortgagee's resignation, the provisions hereof shall inure to
its benefit as to any actions taken or omitted to be taken by it under this
Mortgage while it was the Mortgagee.

              (ii)   The Mortgagee shall be deemed to have exercised reasonable
care in the custody and preservation of the Mortgaged Property in its possession
if such Mortgaged Property is accorded treatment substantially equivalent to
that which the Mortgagee, in its individual capacity, accords its own property
consisting of similar instruments or interests, it being understood that neither
the Mortgagee nor any of the Secured Parties shall have responsibility for
taking any necessary steps to preserve rights against any Person with respect to
any Mortgaged Property.

<PAGE>

                                      -34-

              (iii)  The Mortgagee shall be entitled to rely upon any written
notice, statement, certificate, order or other document or any telephone message
reasonably believed by it to be genuine and correct and to have been signed,
sent or made by the proper Person, and, with respect to all matters pertaining
to this Mortgage and its duties hereunder, upon advice of counsel selected by
it.

              (iv)   If any portion of the Mortgaged Property also constitutes
collateral granted to the Mortgagee under any other deed of trust, mortgage,
security agreement, pledge or instrument of any type, the Mortgagee, in its sole
discretion, shall select which provision or provisions shall control in the
event of any conflict between the provisions hereof and the provisions of such
other deed of trust, mortgage, security agreement, pledge or instrument of any
type in respect of such collateral.

              SECTION 14.4 Mortgagee May Perform; Mortgagee Appointed
Attorney-in-Fact. If the Mortgagor shall fail to perform any covenants
contained in this Mortgage and such failure shall continue for a period of
thirty (30) days after written notice thereof or, if such failure cannot be
cured within such thirty (30) day period after diligent efforts by the Mortgagor
to so cure, the cure period shall be extended for such period of time as is
necessary to so cure, provided that the Mortgagor shall continuously, diligently
and in good faith pursue a cure, (including, without limitation, the Mortgagor's
covenants to (i) pay the premiums in respect of all required Insurance Policies
hereunder, (ii) pay Charges, (iii) make repairs, (iv) discharge Liens that do
not constitute Permitted Mortgaged Property Liens or (v) pay or perform any
obligations of the Mortgagor under any Mortgaged Property) or if any warranty on
the part of the Mortgagor contained herein shall be breached, the Mortgagee may
(but shall not be obligated to), subject to the provisions of any applicable
Gaming Laws and to the extent the same or similar rights are not exercised
pursuant to the Second Priority Indenture, do the same or cause it to be done or
remedy any such breach, and may expend funds for such purpose; provided,
however, that the Mortgagee shall in no event be bound to inquire into the
validity of any tax, Lien, imposition or other obligation which the Mortgagor
fails to pay or perform as and when required hereby and which the Mortgagor does
not contest in accordance with the provisions of Article IX hereof or the First
Priority Indenture. Any and all amounts so expended by the Mortgagee shall be
paid by the Mortgagor in accordance with the provisions of Section 14.5 hereof.
Neither the provisions of this Section 14.4 nor any action taken by the
Mortgagee pursuant to the provisions of this Section 14.4 shall prevent any such
failure to observe any covenant contained in this Mortgage nor any breach of
warranty from constituting an Event of Default. Upon the occurrence and during
the continuance of an Event of Default, subject to the provisions of any
applicable Gaming Laws, the Mortgagor hereby appoints the Mortgagee its
attorney-in-fact, with full authority in the place and stead of the Mortgagor
and in the name of the Mortgagor to take any action and to execute any
instrument consistent with the terms hereof and the other Collateral Documents
which the Mortgagee may deem necessary or advisable to accomplish the purposes
hereof. The foregoing grant of authority is a power of attorney coupled with an
interest and such appointment shall be irrevocable for the term hereof. The
Mortgagor hereby ratifies all that such attorney shall lawfully do or cause to
be done by virtue hereof.

              SECTION 14.5 Expenses. The Mortgagor will upon demand pay to the
Mortgagee the amount of any and all reasonable costs and expenses, including the
reasonable fees and expenses of its counsel and the reasonable fees and expenses
of any experts and agents which the Mortgagee

<PAGE>

                                      -35-

may reasonably incur in connection with (i) any action, suit or other proceeding
affecting the Mortgaged Property or any part thereof commenced, in which action,
suit or proceeding the Mortgagee is made a party or participates pursuant to the
provisions of this Mortgage or in which the right to use the Mortgaged Property
or any part thereof is threatened, or in which it becomes necessary in the
reasonable judgment of the Mortgagee to defend or uphold the Lien hereof
(including, without limitation, any action, suit or proceeding to establish or
uphold the compliance of the Mortgaged Property with any Requirements of Law),
(ii) the collection of the Secured Obligations, (iii) the enforcement and
administration hereof, (iv) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Mortgaged Property, (v)
the exercise or enforcement of any of the rights of the Mortgagee or any Secured
Party hereunder or (vi) the failure by the Mortgagor to perform or observe any
of the provisions hereof. All amounts expended by the Mortgagee and payable by
the Mortgagor under this Section 14.5 shall be due three (3) days after demand
thereof (together with interest thereon accruing at the Default Rate during the
period from and including the date on which such funds were so expended to the
date of repayment) and shall be part of the Secured Obligations. The Mortgagor's
obligations under this Section 14.5 shall survive the termination hereof and the
discharge of the Mortgagor's other obligations under this Mortgage.

              SECTION 14.6 Indemnity.

              (i)    The Mortgagor agrees to indemnify, pay and hold harmless
the Mortgagee and the officers, directors, employees, agents and Affiliates of
the Mortgagee (collectively, the "Indemnitees") from and against any and all
other liabilities, obligations, losses, damages, penalties, actions, judgments,
suits, claims, costs (including, without limitation, settlement costs), expenses
or disbursements of any kind or nature whatsoever (including, without
limitation, the reasonable fees and disbursements of counsel for such
Indemnitees in connection with any investigative, administrative or judicial
proceeding, commenced or threatened, whether or not such Indemnitee shall be
designated a party thereto), which may be imposed on, incurred by or asserted
against that Indemnitee, in any manner relating to or arising out hereof, the
First Priority Indenture, the First Notes, any other Collateral Document or any
other document evidencing the Secured Obligations (including, without
limitation, any misrepresentation by the Mortgagor in this Mortgage, the First
Priority Indenture, the First Notes, any other Collateral Document or any other
document evidencing the Secured Obligations (the "Indemnified Liabilities");
provided, however, that the Mortgagor shall have no obligation to an Indemnitee
hereunder with respect to Indemnified Liabilities if it has been determined by a
final decision (after all appeals and the expiration of time to appeal) by a
court of competent jurisdiction that such Indemnified Liabilities arose from the
gross negligence or willful misconduct of that Indemnitee or is based upon acts
or omissions subsequent to the Mortgagee's of the Holders' (or either of their
agents' or designees') taking of possession and control of the Mortgaged
Property. The Mortgagor need not pay for any settlement made without its
consent. To the extent that the undertaking to indemnify, pay and hold harmless
set forth in the preceding sentence may be unenforceable because it is violative
of any law or public policy, the Mortgagor shall contribute the maximum portion
which it is permitted to pay and satisfy under applicable law, to the payment
and satisfaction of all Indemnified Liabilities incurred by the Indemnitees or
any of them.

<PAGE>

                                      -36-

              (ii)   Survival. The obligations of the Mortgagor contained in
this Section 14.6 shall survive the termination hereof and the discharge of the
Mortgagor's other obligations under this Mortgage, the First Priority Indenture
and the other Collateral Documents.

              (iii)  Reimbursement. Any amount paid by any Indemnitee as to
which such Indemnitee has the right to reimbursement shall constitute Secured
Obligations secured by the Mortgaged Property.

              SECTION 14.7 Continuing Security Interest; Assignment. This
Mortgage shall create a continuing Lien on and security interest in the
Mortgaged Property and shall (i) be binding upon the Mortgagor, its respective
successors and assigns and (ii) subject to the provisions of applicable Gaming
Laws, inure, together with the rights and remedies of the Mortgagee hereunder,
to the benefit of the Mortgagee and the other Secured Parties and each of their
respective successors, transferees and assigns. No other Persons (including,
without limitation, any other creditor of Mortgagor) shall have any interest
herein or any right or benefit with respect hereto. Without limiting the
generality of the foregoing clause (ii), subject to the provisions of applicable
Gaming Laws, any Holder of the First Notes may assign or otherwise transfer any
indebtedness held by it secured by this Mortgage to any other Person, and such
other Person shall thereupon become vested with all the benefits in respect
thereof granted to such Holder, herein or otherwise, subject, however, to the
provisions of the First Priority Indenture.

              SECTION 14.8 Termination; Release. The Mortgaged Property shall
be released from the Lien of this Mortgage in accordance with the provisions of
the First Priority Indenture. Mortgagee, on the written request and at the
expense of the Mortgagor, will execute and deliver such proper instruments of
release and satisfaction or assignment as may reasonably be requested to
evidence such release or assignment, and any such instrument, when duly executed
by Mortgagee and duly recorded by the Mortgagor in the places where this
Mortgage is recorded, shall conclusively evidence the release or assignment of
this Mortgage.

              SECTION 14.9 Modification in Writing. No amendment, modification,
supplement, termination or waiver of or to any provision hereof, nor consent to
any departure by the Mortgagor therefrom, shall be effective unless the same
shall be done in accordance with the terms of the First Priority Indenture and
unless in writing and signed by the Mortgagee and the Mortgagor. Any amendment,
modification or supplement of or to any provision hereof, any waiver of any
provision hereof and any consent to any departure by the Mortgagor from the
terms of any provision hereof shall be effective only in the specific instance
and for the specific purpose for which made or given. Except where notice is
specifically required by this Mortgage or any other Collateral Document, no
notice to or demand on the Mortgagor in any case shall entitle the Mortgagor to
any other or further notice or demand in similar or other circumstances.

              SECTION 14.10 Notices. Unless otherwise provided herein or in the
First Priority Indenture, any notice or other communication herein required or
permitted to be given shall be given in the manner and become effective as set
forth in the First Priority Indenture, if to the Mortgagor addressed to it at
the address of the Issuers under the First Priority

<PAGE>

                                      -37-

Indenture set forth in the First Priority Indenture, and if to the Mortgagee,
addressed to it at its address set forth in the First Priority Indenture, or in
each case at such other address as shall be designated by such party in a
written notice to the other party complying as to delivery with the terms of
this Section 14.10.

              SECTION 14.11 GOVERNING LAW; SERVICE OF PROCESS; WAIVER OF JURY
TRIAL. THIS MORTGAGE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED AND ENFORCED
IN ACCORDANCE WITH, THE LAWS OF THE STATE IN WHICH THE PREMISES AND/OR LEASED
PREMISES ARE LOCATED, WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS, EXCEPT
TO THE EXTENT THAT THE VALIDITY OR PERFECTION OF THE SECURITY INTEREST
HEREUNDER, OR REMEDIES HEREUNDER, IN RESPECT OF ANY PARTICULAR ITEM OR TYPE OF
MORTGAGED PROPERTY ARE GOVERNED BY THE LAWS OF A JURISDICTION OTHER THAN SUCH
STATE. THE MORTGAGOR AGREES THAT SERVICE OF PROCESS IN ANY PROCEEDING MAY BE
EFFECTED BY MAILING A COPY THEREOF BY REGISTERED OR CERTIFIED MAIL (OR ANY
SUBSTANTIALLY SIMILAR FORM OF MAIL), POSTAGE PREPAID, TO THE MORTGAGOR AT ITS
ADDRESS SET FORTH IN THE FIRST PRIORITY INDENTURE OR AT SUCH OTHER ADDRESS OF
WHICH THE MORTGAGEE SHALL HAVE BEEN NOTIFIED PURSUANT THERETO. IF ANY AGENT
APPOINTED BY THE MORTGAGOR REFUSES TO ACCEPT SERVICE, THE MORTGAGOR HEREBY
AGREES THAT SERVICE UPON IT BY MAIL SHALL CONSTITUTE SUFFICIENT NOTICE. NOTHING
HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY OTHER MANNER PERMITTED BY
LAW OR SHALL LIMIT THE RIGHT OF THE MORTGAGEE TO BRING PROCEEDINGS AGAINST THE
MORTGAGOR IN THE COURTS OF ANY OTHER JURISDICTION. THE MORTGAGOR HEREBY
IRREVOCABLY WAIVES ALL RIGHT TO A TRIAL BY JURY IN ANY ACTION, PROCEEDING OR
COUNTERCLAIM ARISING OUT OF OR RELATING TO THIS MORTGAGE OR THE TRANSACTIONS
CONTEMPLATED HEREBY.

              SECTION 14.12 Severability of Provisions. Any provision hereof
which is prohibited or unenforceable in any jurisdiction shall, as to such
jurisdiction, be ineffective to the extent of such prohibition or
unenforceability without invalidating the remaining provisions hereof or
affecting the validity or enforceability of such provision in any other
jurisdiction.

              SECTION 14.13 Limitation on Interest Payable. It is the intention
of the parties to conform strictly to the usury laws, whether state or Federal,
that are applicable to the transaction of which this Mortgage is a part. All
agreements between the Mortgagor and the Mortgagee whether now existing or
hereafter arising and whether oral or written, are hereby expressly limited so
that in no contingency or event whatsoever shall the amount paid or agreed to be
paid by the Mortgagor for the use, forbearance or detention of the money to be
loaned or advanced under the First Priority Indenture or any related document or
for the payment or performance of any covenant or obligation contained herein or
in the First Priority Indenture or any other related document, exceed the
maximum amount permissible under applicable Federal or state usury laws. If
under any circumstances whatsoever fulfillment of any such provision, at the
time performance of such provision shall be due, shall involve exceeding the
limit of validity prescribed by law, then the obligation to be fulfilled shall
be reduced to the limit of such validity. If under any circumstances the
Mortgagor shall have paid an

<PAGE>

                                      -38-

amount deemed interest by applicable law, which would exceed the highest lawful
rate, such amount that would be excessive interest under applicable usury laws
shall be applied to the reduction of the principal amount owing in respect of
the Secured Obligations and not to the payment of interest, or if such excessive
interest exceeds the unpaid balance of principal and any other amounts due
hereunder, the excess shall be refunded to the Mortgagor. All sums paid or
agreed to be paid for the use, forbearance or detention of the principal under
any extension of credit by the Mortgagee shall, to the extent permitted by
applicable law, and to the extent necessary to preclude exceeding the limit of
validity prescribed by law, be amortized, prorated, allocated and spread from
the date hereof until payment in full of the Secured Obligations so that the
actual rate of interest on account of such principal amounts is uniform
throughout the term hereof.

              SECTION 14.14 Business Days. In the event any time period or any
date provided in this Mortgage ends or falls on a day other than a Business Day,
then such time period shall be deemed to end and such date shall be deemed to
fall on the next succeeding Business Day, and performance herein may be made on
such Business Day, with the same force and effect as if made on such other day.

              SECTION 14.15 Relationship. The relationship of the Mortgagee to
the Mortgagor hereunder is strictly and solely that of mortgagor and mortgagee
and nothing contained in the First Priority Indenture, the First Notes, this
Mortgage or any other document or instrument now existing and delivered in
connection therewith or otherwise in connection with the Secured Obligations is
intended to create, or shall in any event or under any circumstance be construed
as creating a partnership, joint venture, tenancy-in-common, joint tenancy or
other relationship of any nature whatsoever between the Mortgagee and the
Mortgagor other than as mortgagor and mortgagee.

              SECTION 14.16 No Credit for Payment of Taxes or Impositions. The
Mortgagor shall not be entitled to any credit against the principal, premium, if
any, or interest payable under the First Priority Indenture or the First Notes,
and the Mortgagor shall not be entitled to any credit against any other sums
which may become payable under the terms thereof or hereof, by reason of the
payment of any Charge on the Mortgaged Property or any part thereof.

              SECTION 14.17 No Claims Against the Mortgagee. Nothing contained
in this Mortgage shall constitute any consent or request by the Mortgagee,
express or implied, for the performance of any labor or services or the
furnishing of any materials or other property in respect of the Premises and/or
Leased Premises or any part thereof, nor as giving the Mortgagor any right,
power or authority to contract for or permit the performance of any labor or
services or the furnishing of any materials or other property in such fashion as
would permit the making of any claim against the Mortgagee in respect thereof or
any claim that any Lien based on the performance of such labor or services or
the furnishing of any such materials or other property is prior to the Lien
hereof.

              SECTION 14.18 Obligations Absolute. All obligations of the
Mortgagor hereunder shall be absolute and unconditional irrespective of:

<PAGE>

                                      -39-

              (i)    any bankruptcy, insolvency, reorganization, arrangement,
       readjustment, composition, liquidation or the like of the Issuers under
       the First Priority Indenture, the Mortgagor or any other Guarantor;

              (ii)   any lack of validity or enforceability of the First
       Priority Indenture, the First Notes or any other agreement or instrument
       relating thereto;

              (iii)  any change in the time, manner or place of payment of, or
       in any other term of, all or any of the Secured Obligations, or any other
       amendment or waiver of or any consent to any departure from the First
       Priority Indenture, the First Notes or any other agreement or instrument
       relating thereto;

              (iv)   any exchange, release or non-perfection of any other
       collateral, or any release or amendment or waiver of or consent to any
       departure from any guarantee, for all or any of the Secured Obligations;

              (v)    any exercise or non-exercise, or any waiver of any right,
       remedy, power or privilege under or in respect hereof, the First Priority
       Indenture, the First Notes or any other agreement or instrument relating
       thereto except as specifically set forth in a waiver granted pursuant to
       the provisions of Section 14.9 hereof; or

              (vi)   any other circumstances which might otherwise constitute a
       defense available to, or a discharge of, the Mortgagor.

              SECTION 14.19 Mortgagee's Right To Sever Indebtedness.

              (i)    The Mortgagor acknowledges that (A) the Mortgaged Property
does not constitute the sole source of security for the payment and performance
of the Secured Obligations and that the Secured Obligations are also secured by
property of the Mortgagor and its Affiliates in other jurisdictions (all such
property, collectively, the "Collateral"), (B) the number of such jurisdictions
and the nature of the transaction of which this instrument is a part are such
that it would have been impracticable for the parties to allocate to each item
of Collateral a specific amount and to execute in respect of such item a
separate indenture and (C) the Mortgagor intends that the Mortgagee have the
same rights with respect to the Mortgaged Property, in foreclosure or otherwise,
that the Mortgagee would have had if each item of Collateral had been secured,
mortgaged or pledged pursuant to a separate indenture, mortgage or security
instrument. In furtherance of such intent, the Mortgagor agrees that the
Mortgagee may at any time by notice (an "Allocation Notice") to the Mortgagor
allocate a portion (the "Allocated Indebtedness") of the Secured Obligations to
the Mortgaged Property and sever from the remaining Secured Obligations the
Allocated Indebtedness. From and after the giving of an Allocation Notice with
respect to the Mortgaged Property, the Secured Obligations hereunder shall be
limited to the extent set forth in the Allocation Notice and (as so limited)
shall, for all purposes, be construed as a separate obligation of the Mortgagor
unrelated to the other transactions contemplated by the First Priority
Indenture, any other Collateral Document or any document related to any thereof.
To the extent that the proceeds on any foreclosure of the Mortgaged Property
shall exceed the Allocated Indebtedness, such proceeds shall belong to the
Mortgagor and shall not be available

<PAGE>

                                      -40-

hereunder to satisfy any Secured Obligations of the Mortgagor other than the
Allocated Indebtedness. In any action or proceeding to foreclose the Lien hereof
or in connection with any power of sale, foreclosure or other remedy exercised
under this Mortgage commenced after the giving by the Mortgagee of an Allocation
Notice, the Allocation Notice shall be conclusive proof of the limits of the
Secured Obligations hereby secured, and the Mortgagor may introduce, by way of
defense or counterclaim, evidence thereof in any such action or proceeding.
Notwithstanding any provision of this Section 14.19, the proceeds received by
the Mortgagee pursuant to this Mortgage shall be applied by the Mortgagee in
accordance with the provisions of the Priority Intercreditor Agreement.

              (ii)   The Mortgagor hereby waives to the greatest extent
permitted under law the right to a discharge of any of the Secured Obligations
under any statute or rule of law now or hereafter in effect which provides that
foreclosure of the Lien hereof or other remedy exercised under this Mortgage
constitutes the exclusive means for satisfaction of the Secured Obligations or
which makes unavailable a deficiency judgment or any subsequent remedy because
the Mortgagee elected to proceed with a power of sale foreclosure or such other
remedy or because of any failure by the Mortgagee to comply with laws that
prescribe conditions to the entitlement to a deficiency judgment. In the event
that, notwithstanding the foregoing waiver, any court shall for any reason hold
that the Mortgagee is not entitled to a deficiency judgment, the Mortgagor shall
not (A) introduce in any other jurisdiction such judgment as a defense to
enforcement against the Mortgagor of any remedy in the First Priority Indenture
or any other Collateral Document or (B) seek to have such judgment recognized or
entered in any other jurisdiction, and any such judgment shall in all events be
limited in application only to the state or jurisdiction where rendered.

              (iii)  In the event any instrument in addition to the Allocation
Notice is necessary to effectuate the provisions of this Section 14.19,
including, without limitation, any amendment to this Mortgage, any substitute
promissory note or affidavit or certificate of any kind, the Mortgagee may
subject to the provisions of applicable Gaming Laws, and following the
Mortgagor's failure to do so within ten (10) days of a request therefor,
execute, deliver or record such instrument as the attorney-in-fact of the
Mortgagor. Such power of attorney is coupled with an interest and is
irrevocable.

              (iv)   Notwithstanding anything set forth herein to the contrary,
the provisions of this Section 14.19 shall be effective only to the maximum
extent permitted by law.

              SECTION 14.20 Mortgaged Lease.

              (i)    The Mortgagor shall punctually and properly perform,
observe and otherwise comply with each and every covenant, agreement,
requirement and condition set forth in the Mortgaged Lease and do or cause to be
done all things necessary or appropriate to keep the Mortgaged Lease in full
force and effect and to preserve and keep unimpaired the rights of the Mortgagor
thereunder. Upon request of the Mortgagee, the Mortgagor shall, subject to the
terms of the Mortgaged Lease, request from the Lessor an estoppel certificate,
addressed to the Mortgagee, stating that there is no default under the Mortgaged
Lease, or any state of facts which, with the passage of time or notice or both,
would constitute a default thereunder, or if there be any default under the
Mortgaged Lease, giving the details thereof.

<PAGE>

                                      -41-

              (ii)   In the event the Mortgagor acquires the fee simple title or
any other estate or interest in the property subject to the Mortgaged Lease,
such acquisition will not merge with the leasehold estate created by the
Mortgaged Lease, but such other estate or interest will remain discrete and
immediately become subject to the Lien of this Mortgage, and the Mortgagor shall
execute, acknowledge and deliver any instruments requested by the Mortgagee to
confirm the coverage of the Lien evidenced hereby upon such other estate or
interest. The Mortgagor shall pay any and all conveyance or mortgage taxes and
filing or similar fees in connection with the execution, delivery, filing or
recording of any such instrument.

              (iii)  The Mortgagor shall promptly notify the Mortgagee in
writing of the occurrence of any default (or any event which, with the lapse of
time or notice or both, would constitute a default) on the part of or caused by
any party to the Mortgaged Lease. If for any reason the Mortgagor cannot timely
make any payment under the Mortgaged Lease or perform or comply with any of its
obligations under the Mortgaged Lease, the Mortgagor shall notify the Mortgagee
in sufficient time to enable the Mortgagee (but the Mortgagee shall not be
obligated) timely to make such payments and/or to perform or comply with such
other obligations. On receipt by the Mortgagee from the Mortgagor pursuant to
this subsection 14.20(iii), or from the Lessor under the Mortgaged Lease, of any
such notice of default by, or inability to make any payment by, the Mortgagor
thereunder, the Mortgagee may rely thereon and, after reasonable notice to the
Mortgagor, take such action as the Mortgagee deems reasonably necessary or
desirable to cure such default, even though the existence of such default or the
nature thereof is denied by the Mortgagor or by any other person.

              (iv)   The Mortgagor shall not surrender the leasehold estate
created by the Mortgaged Lease, or terminate or cancel the Mortgaged Lease. The
Mortgagor shall not, without the prior written consent of the Mortgagee (which
consent will not be unreasonably withheld, conditioned or delayed), amend,
modify, surrender, impair, forfeit, cancel, or terminate, or permit the
amendment, modification, surrender, impairment, forfeiture, cancellation, or
termination of the Mortgaged Lease in whole or in part, whether or not a default
shall have occurred and shall be continuing thereunder. Any such termination,
cancellation, modification, change, supplement, alteration, amendment or
extension without the prior written consent contemplated by this subsection
14.20(iv) shall be void and of no force or effect.

              (v)    No forbearance of any of the Mortgagor's obligations under
the Mortgaged Lease, pursuant to the terms thereof, by agreement, operation of
law or otherwise, shall release the Mortgagor from any of the Mortgagor's
obligations under this Mortgage, including, without limitation, the Mortgagor's
obligations with respect to the payment of rent as provided in the Mortgaged
Lease and the performance of all of the other terms, provisions, covenants,
conditions and agreements contained in the Mortgaged Lease to be performed by
the Mortgagor thereunder.

              (vi)   The leasehold estate of the Mortgagor created by the
Mortgaged Lease and the estate of the Lessor under the Mortgaged Lease shall
each at all times remain separate and apart and retain their separate
identities, and no merger of the estate of the Mortgagor with the estate of the
Lessor will result with respect to the Mortgagee or with respect to any
purchaser acquiring the Mortgaged

<PAGE>

                                      -42-

Property at any sale on foreclosure of the Lien of this Mortgage without the
written consent of the Mortgagee.

              (vii)  Intentionally deleted.

              (viii) The Mortgagor covenants and agrees that if it shall be the
subject of a proceeding under the Federal Bankruptcy Code, it shall not elect to
treat the Mortgaged Lease as terminated (pursuant to Section 365 of the Federal
Bankruptcy Code or any similar statute or law) without the prior written consent
of the Mortgagee. The Mortgagor hereby irrevocably assigns to the Mortgagee the
right to exercise such election.

SECTION 14.21 Gaming Authorities. Nothing in this Mortgage shall require the
Mortgagee to take any action contrary to the Casino Act or any Gaming Law or the
rules, regulations or determinations promulgated by any Gaming Authority.

                [REMAINDER OF THIS PAGE INTENTIONALLY LEFT BLANK]

<PAGE>

                                       S-1

              IN WITNESS WHEREOF, the Mortgagor has caused this Mortgage to be
duly executed and delivered under seal the day and year first above written.

                                        TRUMP MARINA ASSOCIATES, L.P.
                                        (f/k/a Trump's Castle Associates, L.P.),
                                        as Mortgagor

                                        By: /s/ John P. Burke
                                            -----------------------------------
                                            Trump Marina, Inc., general partner

                                        By: John P. Burke
                                            Executive Vice President and
                                            Treasurer

<PAGE>

                                 ACKNOWLEDGMENT

State of New York )
                  : ss.:
County of New York)

       Be it remembered, that on March 25, 2003, before me, the subscriber, a
Notary Public of the State of New York, personally appeared John P. Burke, to me
known, who, being by me duly sworn did depose and say that he/she resides c/o
Trump Marina Hotel & Casino, Brigantine Boulevard at Huron Avenue, Atlantic
City, New Jersey 08401 that he/she is the Executive Vice President and Treasurer
of Trump Marina, Inc., which is the general partner of Trump Marina, Associates,
L.P., the limited partnership described in and which executed the above
instrument, and he/she acknowledged that he/she signed and delivered the same on
behalf of such managing general partner as his/her voluntary act and deed and as
the voluntary act and deed of said corporation on behalf of said limited
partnership, pursuant to the authority of the board of directors of said
corporation.

                                            /s/ Paula S. Jaslow
                                            ------------------------------------
                                            Notary Public, State of New York
                                            No. 01JA5048244
                                            Qualified in New York County
                                            Commission Expires: December 1, 2005

<PAGE>

                                   Schedule A

ALL THE REAL Property located in the City of Atlantic city, County of Atlantic,
and State of New Jersey and more particularly described as follows:

PROPERTY ONE

TRACT I:

(CASINO-HOTEL PARCEL)

ALL that certain real property hereinafter particularly described situate, lying
and being in the City of Atlantic City, County of Atlantic and State of
New Jersey.

BEGINNING at the point of intersection of the northwesterly line of Huron Avenue
(100 feet wide) and the northeasterly line of the Atlantic-Brigantine Boulevard,
said boulevard also known as State Highway Route 87, and extending; thence

1.  North 45 degrees 50 minutes 06 seconds West, in and along the Atlantic-
    Brigantine Boulevard, 56.63 feet; thence

2.  North 19 degrees 16 minutes 38 seconds East, still in and along said
    Boulevard, 81.94 feet to a point of curve; thence

3.  Curving to the right in the arc of a circle having a radius of 783.00 feet,
    the arc length of 72.185 feet to a point of reverse curve; thence

4.  Curving to the left in the arc of a circle having a radius of 837.00 feet,
    the arc length of 77.836 feet to another point of reverse curve; thence

5.  Curving to the right in the arc of a circle having a radius of 2946.00 feet,
    the arc length of 1017.42 feet to a point; thence

6.  North 44 degrees 34 minutes 15 seconds East, 135.02 feet to a point of
    curve; thence

7.  Curving to the right in the arc of a circle having a radius of 2936.00 feet,
    the arc length of 105.48 feet to a point; thence

8.  South 27 degrees 28 minutes 00 seconds East, at right angles to Huron
    Avenue, 842.02 feet to the northwesterly line of Huron Avenue; thence

9.  South 62 degrees 32 minutes 00 seconds West, in and along the northwesterly
    line of Huron Avenue, 1229.40 feet to the point and place of BEGINNING.

EXCEPTING THEREOUT AND THEREFROM the property which was conveyed to the State
of New Jersey by the Deeds recorded in Deed Book 3980 page 180 as shown on
survey dated May 12, 2002 and last revised to June 4, 2002, prepared by Arthur
W. Ponzio Co. & Associates Inc. under Job No. 25110-1.

Formerly known as Lot 9 in Block H-19 on the Atlantic City tax map.

<PAGE>

In compliance with Chapter 157, Laws of 1977 premises herein are known as Lot 1
in Block 571 on the Official Tax Map of Atlantic City, New Jersey.

TRACT ii:

(PEDESTRIAN BRIDGE)

Air rights, rights of way and easements including the right to construct,
maintain and use a Pedestrian Bridge across Huron Avenue connecting Property
One, Tract III contained in Ordinance No. 2 of 1988 and affecting the following
described premises:

ALL that certain lot, tract or parcel of land and premises situate, lying and
being in the City of Atlantic City, County of Atlantic, and State of New Jersey,
bounded and described as follows:

BEGINNING at a point in the southerly line of Huron Avenue (100 feet wide), said
point being distant 956.00 feet eastwardly from the easterly line of Maryland
Avenue (65 feet wide), if same were extended northwardly, and extending from
said beginning point; thence

1.  North 27 degrees 28 minutes 00 seconds West, crossing Huron Avenue, a
    distance of 100.00 feet to the northerly line of Huron Avenue; thence

2.  North 62 degrees 32 minutes 00 seconds East, in and along the northerly line
    of Huron Avenue, a distance of 30.00 feet; thence

3.  South 27 degrees 28 minutes 00 seconds East, crossing Huron Avenue, a
    distance of 100.00 feet to the southerly line of Huron Avenue; thence

4.  South 62 degrees 32 minutes 00 seconds West, in and along the southerly line
    of Huron Avenue, a distance of 30.00 feet to the point and place of
    BEGINNING.

BEING an area above the horizontal plane of Huron Avenue between the elevation
of 25.00 M.S.L. datum and 50.00 M.S.L. datum.

TRACT III:

(THE FARLEY STATE MARINA SITE)

BEGINNING at the southeasterly corner of Maryland Avenue (65.00 feet wide) and
Huron Avenue (100 feet wide) and extending from said beginning point; thence

1.  South 27 degrees 28 minutes 00 seconds East in and along the easterly line
    of Maryland Avenue, a distance of 804.15 feet; thence

2.  North 62 degrees 32 minutes 00 seconds East, parallel with Huron Avenue,
    a distance of 200.00 feet; thence

3.  South 27 degrees 28 minutes 00 seconds East, parallel with Maryland Avenue,
    a distance of 1060.85 feet to a point distant 1745.00 feet northwardly at
    right angles from the northerly line of Mediterranean Avenue (60.00 feet
    wide), said point being in the fifth course as recited in the Riparian Grant
    from the State of New Jersey to the City of

<PAGE>

    Atlantic City, dated March 15, 1920 and recorded in the Clerk's Office of
    Atlantic County in Book 632 of Deeds, Page 117, etc.; thence

4.  North 62 degrees 32 minutes 00 seconds East, parallel with Huron Avenue, and
    in and along said aforementioned Riparian Grant Line, a distance of 25.00
    feet; thence

5.  North 27 degrees 28 minutes 00 seconds West, parallel with Maryland Avenue,
    and in and along said aforementioned Riparian Grant Line, a distance of
    9.26 feet; thence

6.  North 09 degrees 01 minutes 00 seconds East, in and along said
    aforementioned Riparian Grant Line, a distance of 0.04 feet; thence

7.  North 02 degrees 18 minutes 00 seconds East, in and along said
    aforementioned Riparian Grant Line, a distance of 590.00 feet; thence

8.  North 62 degrees 32 minutes 00 seconds East, parallel with Huron Avenue,
    in and along said aforementioned Riparian Grant Line, a distance of 160.00
    feet; thence

9.  North 41 degrees 39 minutes 00 seconds East, in and along said
    aforementioned Riparian Grant Line, a distance of 255.00 feet; thence

10. North 47 degrees 34 minutes 00 seconds East, in and along said
    aforementioned Riparian Grant Line, a distance of 285.00 feet; thence

11. North 56 degrees 02 minutes 00 seconds East, in and along said
    aforementioned Riparian Grant Line, a distance of 360.80 feet to a point
    distant 1550.00 feet eastwardly at right angles from the easterly line of
    Maryland Avenue; thence

12. North 27 degrees 28 minutes 00 seconds West, parallel with Maryland Avenue,
    a distance of 568.21 feet; thence

13. North 62 degrees 32 minutes 00 seconds East, parallel with Huron Avenue,
    a distance of 200.00 feet to the westerly line of Rhode Island Avenue
    (50.00 feet wide); thence

14. North 27 degrees 28 minutes 00 seconds West, in and along the westerly
    line of Rhode Island Avenue, a distance of 570.00 feet to the southerly
    line of Huron Avenue; thence

15. South 62 degrees 32 minutes 00 seconds West, in and along the southerly
    line of Huron Avenue, a distance of 1750.00 feet to the point and place of
    BEGINNING.

EXCEPTING THEREOUT AND THEREFROM the following parcel of land described as:

MARINE POLICE BUILDING PARCEL EXCEPTED OUT OF LEASE PARCEL

BEGINNING at a point in the westerly line of Rhode Island Avenue (50.00 feet
wide), said point being distant 570.00 feet south of the southerly line of
Huron Avenue (100.00 feet wide) and extending; thence

1.  South 62 degrees 32 minutes 00 seconds West, parallel with Huron Avenue,
    and in and along the division line between Lot 3 and Lot 4 in Block 567 as
    shown on the current taxing plan of the City of Atlantic City, a distance
    of 97.97 feet; thence

<PAGE>

2.  North 27 degrees, 28 minutes 00 seconds West, parallel with Rhode Island
    Avenue, a distance of 179.00 feet; thence

3.  North 62 degrees 32 minutes 00 seconds East, parallel with Huron Avenue, a
    distance of 97.97 feet to the Westerly line of Rhode Island Avenue; thence

4.  South 27 degrees 28 minutes 00 seconds East, in and along the westerly line
    of Rhode Island Avenue, a distance of 179.00 feet to the point and place of
    BEGINNING.

ALSO EXCEPTING THEREON AND THEREFROM such land and improvements being referred
to as the 7 berths on K dock, for use of the Marina Law Enforcement Bureau as
further described in the Lease referred to in Schedule "B", Item #2 and further
shown on survey by Arthur W. Ponzio Co. & Assoc., Inc., dated May 12, 2002 and
last revised to June 4, 2002 and bearing Job No. 25110-2.

Formerly known as part of Lot 11 in Block B-4 on the Atlantic City tax map.

In compliance with Chapter 157, Laws of 1977 premises herein are known as part
of Lot 3 In block 567 as shown on the Official Tax Map of Atlantic City, New
Jersey.

PROPERTY TWO

(PARKING FACILITIES PARCEL)

BEGINNING AT A POINT IN Beach Thorofare at the easterly corner of the parcel of
lands containing an area of 6.199 acres more or less which was conveyed by the
West Jersey and Seashore Railroad Company to the Press Union Publishing Company
by deed dated January 9, 1940 recorded January 17, 1940 in deed book 1099 page
420, said beginning point being South 24 degrees 54 minutes 00 seconds West, a
distance of 100.16 feet from a monument set in the southwesterly line of Absecon
Boulevard (also known a U.S. Route 30) (190 feet wide), and extending from said
beginning point; thence

1.  In Beach Thorofare, South 24 degrees 54 minutes 00 seconds West, a distance
    of 259.81 feet to a point; thence

2.  Continuing in and along same, South 44 degrees 54 minutes 00 seconds West,
    a distance of 445.50 feet to a point; thence

3.  Continuing in and along same, South 72 degrees 24 minutes 00 seconds West a
    distance of 224.40 feet to a point; thence

4.  Continuing in and along same, North 68 degrees 21 minutes 00 seconds West, a
    distance of 478.50 feet to a point; thence

5.  Continuing in and along same, North 76 degrees 06 minutes 00 seconds West, a
    distance of 363.00 feet to a point; thence

6.  Continuing in and along same, South 82 degrees 39 minutes 00 seconds West, a
    distance of 429.00 feet to a point; thence

<PAGE>

7.  Continuing in and along same, North 17 degrees 59 minutes 20 seconds East,
    a distance of 320.65 feet to a point located in the approximate high water
    line of Beach Thorofare, said point also being a corner of lands now or
    formerly in Daniel Adams, et al, as recorded in deed book CC page 272;
    thence

8.  North 39 degrees 01 minutes 00 seconds West, leaving Beach Thorofare, in and
    along the line of lands now or formerly of Daniel Adams, et al, a distance
    of 1089.00 to a point in the southeasterly line of lands now or formerly of
    Lot 23 in Block 793 as shown on the current Official Tax Map for the City
    of Atlantic City, said also being a corner to lands now or formerly of
    Daniel Adams, et al; thence

9.  North 57 degrees 59 minutes 00 seconds East, in and along the said lands, a
    distance of 1113.19 feet to a point in the aforesaid southwesterly line of
    Absecon Boulevard; thence

10. South 22 degrees 46 minutes 10 seconds East, in and along same, a distance
    of 185.42 feet to a point of curve; thence

11. Southeastwardly, in and along same and in the arc of a circle curving to the
    left having a radius of 1527.69 feet the arc length of 213.90 feet to a
    point in the northwesterly line of Lot in said Block 799; thence

12. South 09 degrees 08 minutes 24 seconds East, in the southwesterly line of
    Absecon Boulevard, a distance of 87.75 feet to a point of curve; thence

13. Curving to the left along the line of Absecon Boulevard, in the arc of a
    circle having a radius of 332.00 feet, the arc length of 201.61 feet to a
    point of tangent; thence

14. South 43 degrees 56 minutes 03 seconds East, continuing in and along the
    southwesterly line of Absecon Boulevard, a distance of 128.55 feet to a
    point; thence

15. South 82 degrees 36 minutes 59 seconds East, continuing in and along the
    said southwesterly line of Absecon Boulevard, a distance of 10.00 feet to a
    point; thence

16. Curving to the right along the line of Absecon boulevard, in the arc of a
    circle having a radius of 70.00 feet, the arc length of 47.26 feet to a
    point of tangent; thence

17. North 46 degrees 03 minutes 57 seconds East, along the line of Absecon
    Boulevard, a distance of 20.81 feet to a point which is radially distant
    95.00 feet from the centerline of Absecon Boulevard (190 feet wide) at
    station 335+98.63 feet; thence

18. Curving to the left in the southwesterly line of Absecon Boulevard in the
    arc of a circle having a radius of 1527.69 feet the arc length of 70.33
    feet to the northwesterly line of Lot 26 in said Block 799; thence

19. South 41 degrees 59 minutes 00 seconds West, in and along same, a distance
    of 125.00 feet to the extreme westerly corner of said Lot 26; thence

20. Southeastwardly, in and along the southwesterly line of same, concentric
    with Absecon Boulevard, in the arc of a circle curving to the left, having
    a radius of 1652.69 feet, the arc length of 324.55 feet to the extreme
    corner of said Lot 26; thence

<PAGE>

21.  North 30 degrees 43 minutes 55 seconds East, in and along the southeasterly
     line of same a distance of 125.00 feet to a point in the aforesaid
     southewesterly line of Absecon Boulevard; thence

22.  Southeastwardly, in and along same and in the arc of a circle curving
     to the left, having a radius of 1527.69 feet, the arc length of 245.58 feet
     to a point of tangency; thence

23.  South 68 degrees 22 minutes 10 seconds East, in and along same, a distance
     of 50.00 feet to a point in the westerly line of the previously mentioned
     6.199+ acre parcel, also being the northwesterly line of Lot 27 in said
     Block 799; thence

24.  South 21 degrees 38 minutes 00 seconds West, in and along same, a distance
     of 100.00 feet to a corner in said Lot 27; thence

25.  Continuing in and along same, North 68 degrees 22 minutes 10 seconds West,
     a distance of 94.75 feet to a corner, thence

26.  Continuing in and along same, South 27 degrees 48 minutes 00 seconds West,
     a distance of 89.04 feet to a corner, thence

27.  Continuing in and along same, South 54 degrees 39 minutes 00 seconds West,
     a distance of 65.88 feet to a corner; thence

28.  Continuing in and along same, South 71 degrees 53 minutes 00 seconds West,
     a distance of 201.55 feet to a corner; thence

29.  Continuing in and along same, South 51 degrees 29 minutes 00 seconds East,
     a distance of 172.09 feet to a corner; thence

30.  Continuing in and along same, South 25 degrees 20 minutes 00 seconds East,
     a distance of 216.73 feet to a corner; thence

31.  Continuing in and along same and crossing the aforesaid high water line of
     Beach Thorofare, South 84 degrees 22 minutes 00 seconds East, a distance
     of 256.83 feet to a corner; thence

32.  Continuing in and along same, North 79 degrees 58 minutes 00 seconds East,
     a distance of 279.10 fee to a corner; thence

33.  Continuing in and along same, North 41 degrees 22 minutes 00 seconds East,
     a distance of 266.39 feet to the point and place of BEGINNING.

Formerly known as Lot 231 in Block 201 on the Atlantic City tax map.

IN compliance with Chapter 157, Laws of 1977 premises herein are known as Lot 25
in Block 799 as shown on the official tax map of Atlantic City, New Jersey.

<PAGE>

                                   Schedule B

                                 Mortgaged Lease

1.     Leasehold interest in Property One, Tract III described on Schedule A
       annexed to this Mortgage, pursuant to a Lease Agreement between the State
       of New Jersey acting through its Department of Environmental Protection
       and Energy, Division of Parks and Forestry, as Landlord, and Trump's
       Castle Associates Limited Partnership (n/k/a Trump Marina Associates,
       L.P.), as Tenant, dated August 1, 1990, as referenced in a Short Form
       Memorandum of Lease by and between the State of New Jersey acting through
       its Department of Environmental Protection and Energy, Division of Parks
       and Forestry, as Landlord, and Trump's Castle Associates Limited
       Partnership (n/k/a Trump Marina Associates, L.P.) successor to Trump's
       Castle Associates, a New Jersey General Partnership, as Tenant, dated as
       of May 20, 1992, recorded in deed book 5365 and page 211.

<PAGE>

                                   Schedule C

Each of the liens and other encumbrances excepted as being prior to the Lien
hereof as set forth in Schedule B to the marked title insurance commitment or
the pro forma title commitment, as the case may be, jointly issued by Chicago
Title Insurance Company and Commonwealth Land Title Insurance Company, dated as
of the date hereof and delivered to Collateral Agent on the date hereof, bearing
Commonwealth Land Title Insurance Company policy number L021393 relating to the
real property described in Schedule A attached hereto.

<PAGE>

                                   Schedule D

                                     Leases

     1.     Lease dated as of February 1998 by and between TRUMP'S CASTLE
ASSOCIATES, a New Jersey limited partnership, d/b/a Trump Marina Hotel Casino,
as Landlord, and L.A.Y. ENTERPRISES, INC., t/a THE BOARDWALK PEANUT SHOPPE, as
Tenant.

     2.     Lease dated as of February 27, 1998 by and between TRUMP'S CASTLE
ASSOCIATES, a New Jersey limited partnership, d/b/a Trump Marina Hotel Casino,
as Landlord, and L.A.Y. ENTERPRISE, INC., d/b/a THE BOARDWALK PEANUT SHOPPE, as
Tenant.

     3.     Lease Agreement dated December 1994 by and between TRUMP'S CASTLE
ASSOCIATES, a New Jersey general partnership, as Lessor, and ESSENELL
CORPORATION t/a BARRON GENTLEMEN, as Lessee, as extended by letter agreement
dated July 19, 1999.

     4.     Lease dated as of May 20, 1997 by and between TRUMP'S CASTLE
ASSOCIATES, a New Jersey Limited Partnership, as Lessor, and UPSTAIRS AT
EDYTHE'S, d/b/a BERNIE ROBBINS FINE JEWELRY, as Lessee, which Lessee's interest
was assigned to BRJ CORPORATION by Assignment of Lease and Consent to Assignment
dated February 9, 1998, as amended by letter agreement dated May 5, 2000.

     5.     Amusement Game Agreement dated as of June 1, 1997 by and between
TRUMP'S CASTLE ASSOCIATES, t/a Trump's Castle Casino Resort, and BERG
ENTERPRISES, INC., as amended by memorandum dated December 14, 2001 and letter
dated December 20, 2001.

     6.     Lease dated May 4, 2000 by and between TRUMP'S CASTLE ASSOCIATES,
LP, a New Jersey limited partnership, d/b/a Trump Marina Hotel Casino, as
Landlord, and MARINA WINGS, L.L.C. d/b/a HOOTERS RESTAURANT, as Tenant.

     7.     Lease dated August 1998 by and between TRUMP'S CASTLE ASSOCIATES,
LP, a New Jersey limited partnership, d/b/a Trump Marina Hotel Casino, as
Landlord, and TALK OF THE WALK, INC., as Tenant.

     8.     Lease dated January 1999 by and between TRUMP'S CASTLE ASSOCIATES,
LP, a New Jersey limited partnership, d/b/a Trump Marina Hotel Casino, as
Landlord, and GLOBAL WAVE, INC., as Tenant.

<PAGE>
                                       -7-

     9.   Lease dated July 5, 2000 by and between TRUMP'S CASTLE ASSOCIATES,
LP, a New Jersey limited partnership, d/b/a Trump Marina Hotel Casino, as
Landlord, and RYAN'S RADICAL PRETZEL, INC. d/b/a AUNTIE ANNE'S PRETZEL, as
Tenant.

     10.    Agreement of Lease executed on June 21, 2002 by and between TRUMP'S
CASTLE ASSOCIATES d/b/a TRUMP MARINA HOTEL CASINO, as Landlord, and S&R
ASSOCIATES LLC d/b/a Horn & Hardart Coffee Co., as Tenant.

     11.    Agreement of Lease executed on August 6, 2002 by and between TRUMP'S
CASTLE ASSOCIATES d/b/a TRUMP MARINA HOTEL CASINO, as Landlord, and CCM, INC.
t/a COSIMO'S CAFE.

     12.    Lease dated August 30, 2001 by and between TRUMP'S CASTLE ASSOCIATES
LIMITED PARTNERSHIP, a New Jersey limited partnership, as Landlord, and
SPECTRASITE COMMUNICATIONS, INC., as Tenant.

     13.    Thermal Energy Service Agreement dated September 27, 1996 by and
between ATLANTIC JERSEY THERMAL SYSTEMS, INC., as Seller, and TRUMP'S CASTLE
ASSOCIATES, a New Jersey general partnership, as Buyer; Seller's interest was
assigned to THERMAL ENERGY LIMITED PARTNERSHIP I by Omnibus Assignment and
Assumption Agreement dated as of December 1, 1996.

     14.    License Agreement dated July 14, 2000 by and between TRUMP'S CASTLE
ASSOCIATES, L.P., a New Jersey limited partnership, d/b/a Trump Marina Hotel
Casino, as Licensor, and NLH-SHORT HILLS, LTD., INC. as Licensee, as amended by
Stipulation of Settlement filed on December 18, 2001 in the Superior Court of
New Jersey, Docket No. ATL-C-000060-0IE.

     15.    Exclusive Marketing and Management Agreement dated April 1, 2000 by
and between TRUMP'S CASTLE ASSOCIATES, a New Jersey limited partnership, d/b/a
Trump's Marina Hotel & Casino, as Owner, and TOWER ECONOMICS COMPANY, INC., as
Management Company.

     16.    License for Telecommunications Facility Use, dated as of May 18,
1999 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump Marina Hotel & Casino, as
Licensor, and METROCALL, INC., as Licensee.

     17.    License for Telecommunications Facility Use, dated as of October 13,
1994 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump Marina Hotel & Casino, as
Licensor, and ARCH WIRELESS HOLDINGS, INC., successor in interest to PAGING
NETWORK OF PHILADELPHIA, INC., as Licensee.

<PAGE>

                                       -8-

     18.    License for Telecommunications Facility Use, dated as of September
11, 1995 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump Marina Hotel & Casino,
as Licensor, and ARCH WIRELESS HOLDINGS, INC., successor in interest to PAGING
NETWORK OF PHILADELPHIA, INC., as Licensee.

     19.    License for Telecommunications Facility Use, dated as of April 11,
1997 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump Marina Hotel & Casino, as
Licensor, and ARCH WIRELESS HOLDINGS, INC., successor in interest to PAGING
NETWORK OF PHILADELPHIA, INC., as Licensee.

     20.    License for Telecommunications Facility Use, dated as of February 3,
1992 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump Marina Hotel & Casino, as
Licensor, and ARCH WIRELESS HOLDINGS, INC., successor in interest to PAGING
NETWORK OF PHILADELPHIA, INC., as Licensee.

     21.    License for Telecommunications Facility Use, dated September 19,
1997 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump's Marina Hotel & Casino, as
Licensor, and REDI-CALL COMMUNICATIONS COMPANY, as Licensee, as amended by
Amendment to License for Telecommunications Facility Use dated June 9, 2000.

     22.    License for Telecommunications Facility Use, dated as of July 1,
1998 between TRUMP'S CASTLE ASSOCIATES, d/b/a Trump Marina Hotel & Casino, as
Licensor, and MERCER COUNTY COMMUNITY COLLEGE, as Licensee.

     23.    Letter Contract dated April 17, 2002 by and between TRUMP MARINA &
CASINO and ATLANTIC PLACEMENT CORPORATION, regarding automated teller machines.

     24.    Service Agreement dated January 20, 2000 by and between TRUMP CASINO
SERVICES, LLC, as Entertainment Facility, and INNO VENTRY CORP., as Service
Provider, regarding cash vending machines, which Service Provider's interest was
assigned to GLOBAL CASH ACCESS by letter agreement dated August 5, 2000, as
amended by letter agreement dated May 25, 2001.

     25.    ATM Placement Agreement dated as of March 24, 1997 by and between
TRUMP'S CASTLE CASINO RESORT, as client, and CORESTATES BANK, N.A., as Bank,
regarding cash vending machines, as amended by ATM Letter Agreement dated May 3,
2002 by and between TRUMP MARINA HOTEL CASINO, as Client, and FIRST UNION
NATIONAL BANK (n/k/a Wachovia), as successor by merger to CORESTATES BANK, N.A.,
as Bank.

<PAGE>

                                    Exhibit 1

                     FORM OF SUBORDINATION, NON-DISTURBANCE
                            AND ATTORNMENT AGREEMENT

              THIS SUBORDINATION, NON-DISTURBANCE AND ATTORNMENT AGREEMENT (the
"Agreement") is made and entered into as of the ____ day of _______, 200__ by
and between _________________________________, as collateral agent, having an
office at ______________________________ (in such capacity, "Collateral Agent"),
and _____________________, having an office at __________________________
("Tenant").

                                R E C I T A L S :

              A. Tenant is the tenant under a certain lease dated _____________,
____ between ________________________________, as landlord ("Landlord"), and
Tenant, as tenant (as amended through the date hereof, the "Lease"), pursuant to
which Tenant leased a portion (the "Leased Premises") of the property known as
_____________________________, located at _____________________________, as more
particularly described in Schedule A attached hereto (the "Property").

              B. Landlord has or will grant a mortgage lien on and security
interest in the Property to Collateral Agent (for its benefit and for the
benefit of the holders of certain senior secured notes and notes issued in
exchange therefor pursuant to that certain indenture dated as of March [__],
2003) pursuant to one or more mortgages, deeds of trust, deeds to secure debt or
similar security instruments (collectively, the "Security Instruments").

              C. Tenant has agreed to subordinate the Lease to the Security
Instruments and to the lien thereof and Collateral Agent has agreed not to
disturb Tenant's possessory rights in the Leased Premises under the Lease on the
terms and conditions hereinafter set forth.

                               A G R E E M E N T:

              NOW, THEREFORE, the parties hereto mutually agree as follows:

              1.     Subordination. Notwithstanding anything to the contrary set
forth in the Lease, the Lease and the leasehold estate created thereby and all
of Tenant's rights thereunder are and shall at all times be subject and
subordinate in all respects to the Security Instruments and the lien thereof,
and to all rights of Collateral Agent thereunder, and to any and all advances to
be made thereunder, and to all renewals, modifications, consolidations,
replacements and extensions thereof.

              2.     Nondisturbance. So long as Tenant complies with the
provisions of this Agreement, pays all rents and other charges as specified in
the Lease and is not otherwise in default (beyond applicable notice and cure
periods) of any of its obligations and covenants pursuant to the Lease,
Collateral Agent agrees for itself and its successors in interest and for any
other person acquiring

<PAGE>

                                       -2-

title to the Property through a foreclosure (an "Acquiring Party"), that
Tenant's possession of the Leased Premises as described in the Lease will not be
disturbed during the term of the Lease by reason of a foreclosure. For purposes
of this Agreement, a "foreclosure" shall include (but not be limited to) a
sheriff's or trustee's sale under the power of sale contained in the Security
Instruments, the termination of any superior lease of the Property and any other
transfer of the Landlord's interest in the Property under peril of foreclosure,
including, without limitation to the generality of the foregoing, an assignment
or sale in lieu of foreclosure.

              3.     Attornment. Tenant agrees to attorn to, accept and
recognize any Acquiring Party as the landlord under the Lease pursuant to the
provisions expressly set forth therein for the then remaining balance of the
term of the Lease, and any extensions thereof as made pursuant to the Lease. The
foregoing provision shall be self-operative and shall not require the execution
of any further instrument or agreement by Tenant as a condition to its
effectiveness.

              4.     No Liability. Notwithstanding anything to the contrary
contained herein or in the Lease, it is specifically understood and agreed that
neither the Collateral Agent, any receiver nor any Acquiring Party shall be:

              (a) liable for any act, omission, negligence or default of any
       prior landlord (including Landlord); or

              (b) liable for any failure of any prior landlord (including
       Landlord) to construct any improvements or bound by any covenant to
       construct any improvement either at the commencement of the term of the
       Lease or upon any renewal or extension thereof or upon the addition of
       additional space pursuant to any expansion right contained in the Lease;
       or

              (c) subject to any offsets, credits, claims or defenses which
       Tenant might have against any prior landlord (including Landlord); or

              (d) bound by any rent or additional rent which is payable on a
       monthly basis and which Tenant might have paid for more than one (1)
       month in advance to any prior landlord (including Landlord) or by any
       security deposit or other prepaid charge which Tenant might have paid in
       advance to any prior landlord (including Landlord); or

              (e) liable to Tenant hereunder or under the terms of the Lease
       beyond its interest in the Property; or

              (f) bound by any assignment, subletting, renewal, extension or any
       other agreement or modification of the Lease made without the written
       consent of Collateral Agent; or

              (g) bound by any consensual or negotiated surrender, cancellation
       or termination of the Lease, in whole or in part, agreed upon between
       Landlord and Tenant unless effected unilaterally by Tenant pursuant to
       the express terms of the Lease.

              Notwithstanding the foregoing, Tenant reserves its right to any
and all claims or causes of action (i) against such prior landlord for prior
losses or damages and (ii) against the successor

<PAGE>

                                       -3-

landlord for all losses or damages arising from and after the date that such
successor landlord takes title to the Property.

              5.     Certain Acknowledgments and Agreements by Tenant. (a)
Tenant has notice that the Lease and the rents and all other sums due thereunder
have been assigned to Collateral Agent as security for the notes secured by the
Security Instruments. In the event Collateral Agent notifies Tenant of the
occurrence of a default under the Security Instruments and demands that Tenant
pay its rents and all other sums due or to become due under the Lease directly
to Collateral Agent, Tenant shall honor such demand and pay its rent and all
other sums due under the Lease directly to Collateral Agent or as otherwise
authorized in writing by Collateral Agent. Landlord irrevocably authorizes
Tenant to make the foregoing payments to Collateral Agent upon such notice and
demand.

              (b)    Tenant shall send a copy of any and all notices or
statements under the Lease to Collateral Agent at the same time such notices or
statements are sent to Landlord.

              (c)    This Agreement satisfies any and all conditions or
requirements in the Lease relating to the granting of a non-disturbance
agreement.

              6.     Collateral Agent to Receive Default Notices. Tenant shall
notify Collateral Agent of any default by Landlord under the Lease which would
entitle Tenant to cancel the Lease, and agrees that, notwithstanding any
provisions of the Lease to the contrary, no notice of cancellation thereof shall
be effective unless Collateral Agent shall have received notice of default
giving rise to such cancellation and shall have failed within thirty (30) days
after receipt of such notice to cure such default or, if such default cannot be
cured within thirty (30) days, shall have failed within thirty (30) days after
receipt of such notice to commence and thereafter diligently pursue any action
necessary to cure such default.

              7.     Estoppel. Tenant hereby certifies and represents to
Collateral Agent that as of the date of this Agreement:

              (a) the Lease is in full force and effect;

              (b) all requirements for the commencement and validity of the
       Lease have been satisfied and there are no unfulfilled conditions to
       Tenant's obligations under the Lease;

              (c) Tenant is not in default under the Lease and has not received
       any uncured notice of any default by Tenant under the Lease; to the best
       of Tenant's knowledge, Landlord is not in default under the Lease; no
       act, event or condition has occurred which with notice or the lapse of
       time, or both, would constitute a default by Tenant or Landlord under the
       Lease; no claim by Tenant of any nature exists against Landlord under the
       Lease; and all obligations of Landlord have been fully performed;

              (d) there are no defenses, counterclaims or setoffs against rents
       or charges due or which may become due under the Lease;

<PAGE>

                                       -4-

              (e) none of the rent which Tenant is required to pay under the
       Lease has been prepaid, or will in the future be prepaid, more than one
       (1) month in advance;

              (f) Tenant has no right or option contained in the Lease or in any
       other document to purchase all or any portion of the Leased Premises;

              (g) except for ____________, the Lease has not been modified or
       amended and constitutes the entire agreement between Landlord and Tenant
       relating to the Leased Premises;

              (h) except for _____________,Tenant has not assigned, mortgaged,
       sublet, encumbered, conveyed or otherwise transferred any or all of its
       interest under the Lease; and

              (i) Tenant has full authority to enter into this Agreement, which
       has been duly authorized by all necessary action.

              8.     Notices. All notices or other written communications
hereunder shall be deemed to have been properly given (i) upon delivery, if
delivered in person with receipt acknowledged by the recipient thereof, (ii) one
(1) Business Day (hereinafter defined) after having been deposited for overnight
delivery with any reputable overnight courier service, or (iii) three (3)
Business Days after having been deposited in any post office or mail depository
regularly maintained by the United States Postal Service and sent by registered
or certified mail, postage prepaid, return receipt requested, addressed to the
receiving party at its address set forth above or addressed as such party may
from time to time designate by written notice to the other parties. For purposes
of this Section 8, the term "Business Day" shall mean any day other than
Saturday, Sunday or any other day on which banks are required or authorized to
close in New York, New York. Either party by notice to the other may designate
additional or different addresses for subsequent notices or communications.

              9.     Successors. The obligations and rights of the parties
pursuant to this Agreement shall bind and inure to the benefit of the
successors, assigns, heirs and legal representatives of the respective parties;
provided, however, that in the event of the assignment or transfer of the
interest of Collateral Agent, all obligations and liabilities of Collateral
Agent under this Agreement shall terminate, and thereupon all such obligations
and liabilities shall be the responsibility of the party to whom Collateral
Agent's interest is assigned or transferred; and provided, further, that the
interest of Tenant under this Agreement may not be assigned or transferred
without the prior written consent of Collateral Agent which consent shall not be
unreasonably withheld, conditioned or delayed. In addition, Tenant acknowledges
that all references herein to Landlord shall mean the owner of the landlord's
interest in the Lease, even if said owner shall be different from the Landlord
named in the Recitals.

              10.    Duplicate Original; Counterparts. This Agreement may be
executed in any number of duplicate originals and each duplicate original shall
be deemed to be an original. This Agreement may be executed in several
counterparts, each of which counterparts shall be deemed an original instrument
and all of which together shall constitute a single agreement.

              11.    Limitation of Collateral Agent's Liability. (a) Collateral
Agent shall have no obligations nor incur any liability with respect to any
warranties of any nature whatsoever, whether

<PAGE>

                                       -5-

pursuant to the Lease or otherwise, including, without limitation, any
warranties respecting use, compliance with zoning, Landlord's title, Landlord's
authority, habitability, fitness for purpose or possession.

              (b) In the event that Collateral Agent shall acquire title to the
Leased Premises or the Property, Collateral Agent shall have no obligation, nor
incur any liability, beyond Collateral Agent's then equity interest, if any, in
the Leased Premises, and Tenant shall look exclusively to such equity interest
of Collateral Agent, if any, in the Leased Premises for the payment and
discharge of any obligations imposed upon Collateral Agent hereunder or under
the Lease, and Collateral Agent is hereby released and relieved of any other
obligations hereunder and under the Lease.

              12.    Modification in Writing. This Agreement may not be modified
except by an agreement in writing signed by the parties hereto or their
respective successors in interest.

              13.    Lien of Security Instruments. Nothing contained in this
Agreement shall in any way impair or affect the lien created by the Security
Instruments or the provisions thereof.

              14.    Compliance with Lease. Tenant agrees that in the event
there is any inconsistency between the terms and provisions hereof and the terms
and provisions of the Lease, the terms and provisions hereof shall be
controlling.

              15.    Governing Law; Severability. This Agreement shall be
governed by the laws of the State of [ ]. If any term of this Agreement or the
application thereof to any person or circumstances shall to any extent be
invalid or unenforceable, the remainder of this Agreement or the application of
such terms to any person or circumstances other than those as to which it is
invalid or unenforceable shall not be affected thereby, and each term of this
Agreement shall be valid and enforceable to the fullest extent permitted by law.

              16.    Further Actions. Tenant agrees at its own expense to
execute and deliver, at any time and from time to time upon the reasonable
request of Collateral Agent or any Acquiring Party, such documents and
instruments (in recordable form, if requested) as may be necessary or
appropriate, in the opinion of Collateral Agent or any Acquiring Party, to fully
implement or to further evidence the understandings and agreements contained in
this Agreement. Moreover, Tenant hereby irrevocably appoints and constitutes
Collateral Agent or any Acquiring Party as its true and lawful attorney-in-fact
to execute and deliver any such documents or instruments which may be necessary
or appropriate, in the opinion of Collateral Agent or any Acquiring Party, to
implement or further evidence such understandings and agreements and which
Tenant, after thirty (30) days' notice from Collateral Agent or any Acquiring
Party, has failed to execute and deliver.

<PAGE>

              IN WITNESS WHEREOF, Collateral Agent and Tenant have duly executed
this Agreement as of the date first above written.

                                        -------------------------------------,
                                        as Collateral Agent

                                        By:
                                            ----------------------------------
                                            Name:
                                            Title:

                                        -------------------------------------,
                                        as Tenant

                                        By:
                                            ----------------------------------
                                            Name:
                                            Title:

              The undersigned, as the Landlord named in the Recitals, having
duly executed this Agreement as of the date first written above, and as
mortgagor, pledgor, assignor or debtor under the Security Instruments, hereby
accepts and agrees for itself and its successors and assigns, (i) to be bound by
the provisions of Section 5 hereof, (ii) that nothing contained in the foregoing
Agreement (x) shall in any way be deemed to constitute a waiver by Collateral
Agent of any of its rights or remedies under the Security Instruments or (y)
shall in any way be deemed to release Landlord from its obligations to comply
with the terms, provisions, conditions, covenants and agreements set forth in
the Security Instruments and (iii) that the provisions of the Security
Instruments remain in full force and effect and must be complied with by
Landlord.

                                        -----------------------------------, a
                                        -----------------------------------
                                        By:
                                            -------------------------------
                                            Name
                                            Title:

<PAGE>

NYB 554012.1 09357 00855 04/16/03 03:56pm

                                 ACKNOWLEDGMENT

State of __________     )
                        : ss.:
County of _________     )

              Be it remembered, that on March ____, 2003, before me, the
subscriber, a Notary Public of the State of ______, personally appeared
___________________________, to me known, who, being by me duly sworn did depose
and say that he/she resides __________________ that he/she is the
_______________of Trump Marina, Inc., which is the general partner of Trump
Marina, Associates, L.P., the limited partnership described in and which
executed the above instrument, and he/she acknowledged that he/she signed and
delivered the same on behalf of such managing general partner as his/her
voluntary act and deed and as the voluntary act and deed of said corporation on
behalf of said limited partnership, pursuant to the authority of the board of
directors of said corporation.

                                                  ---------------------
                                                  Notary Public
                                                  My Commission Expires:

<PAGE>

                             SCHEDULE A to EXHIBIT 1

                          Description of Real Property

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00051-of-00352.parquet"}]]