Document:

Limited Liability Company Agreement

 Exhibit 10.1 
 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Confidential terms of this agreement which have been redacted
are marked (“[*****]”). The 
 omitted materials have been filed separately with the Securities and Exchange Commission. 

LIMITED LIABILITY COMPANY AGREEMENT 
 FOR 
 KEYSTONE REDEVELOPMENT PARTNERS, LLC 
 Dated: December 26, 2005

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 LIMITED LIABILITY COMPANY AGREEMENT 
 FOR 
 KEYSTONE REDEVELOPMENT PARTNERS,
LLC 
 THIS LIMITED LIABILITY COMPANY AGREEMENT (the
“Agreement”) is made as of the 26th day of December 2005, by and between TER KEYSTONE DEVELOPMENT, LLC, a Delaware limited liability company with an office at 1000 Boardwalk, Atlantic City, New
Jersey 08401 (hereinafter “TER”), and the Persons listed on Schedule A hereto, having the addresses set forth on Schedule A (the “General Members” and individually, a “General Member”;
TER and the General Members and shall be referred to as the “Members” and individually as a “Member”). 
 RECITALS: 
 WHEREAS, TER has entered into an options agreement dated September 30,
2005 (the “Option”) pursuant to which TER has the right to purchase or lease certain premises located at the intersection of Fox Street and Roberts Avenue in Philadelphia, Pennsylvania, comprising approximately eighteen
(18) acres (the “Premises”) on the terms and conditions provided in the Option; and 
 WHEREAS,
TER has conducted certain pre-development activities, including obtaining title reports, surveys, environmental reports, site plan studies and conceptual design plans, in preparation for developing a slot parlor and entertainment facility (the
“Facility”) on the Premises; and 
 WHEREAS, TER has the ability, experience and reputation needed to
develop and construct the Facility; and 
 WHEREAS, the Members desire to form a limited liability company pursuant to
the Delaware Limited Liability Company Act to jointly lease or purchase the Premises and construct, own and operate the Facility. 
 NOW, THEREFORE, in consideration of the mutual covenants and conditions herein contained and other good and valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the
parties hereby agree as follows: 
 1. DEFINITIONS 
 1.1 For purposes of this Agreement, the following terms shall have the definitions set forth below: 
 “AAA” shall have the meaning set forth in Section 15.1 hereof. 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 “Act” means the Delaware Limited Liability Company Act (Chapter 18, Title 6 of the Delaware Code) and any successor statute, as may be
amended from time to time. 
 “Additional Member” means any Person or entity admitted as a Member of the Company pursuant to
this Agreement. 
 “Adjusted Cash Flow” means the gross receipts, net proceeds and all other revenues and amounts received
by the Company (including the net proceeds received by the Company from operations, any financing or refinancing, a sale or other disposition of any or all or substantially all of the Property), less (a) all Operating Expenses of the Company,
(b) payments of interest, principal or fees on any Company loans and (c) increases, if any, in reserves established by the Board for the Company from time to time for working capital and other purposes (including, if the Board shall so
determine, for the purpose of enabling the Company to have a sufficient amount of funds to repay any interest, principal and other fees in respect of any loans made to the Company and/or which are secured by any of the Property). 
 “Affiliate” means: (a) any entity or individual that directly or indirectly controls or holds the power to vote fifty percent
(50%) or more of the outstanding voting securities of the Person in question; (b) any Person fifty percent (50%) or more of whose voting securities are directly or indirectly owned, controlled or held with power to vote, by such other
Person; (c) any Person directly or indirectly controlling, controlled by, or under common control with such other Person; and (d) if such other Person is an officer, director or partner, any company for which such Person acts in any such
capacity. 
 “Affiliate Transfer” shall have the meaning set forth in Section 12.1 hereof. 
 “Agreement” means this Limited Liability Company Agreement as originally executed and as amended, modified, supplemented or restated
from time to time. 
 “Applicable Law” shall have the meaning set forth in Section 5.2 hereof. 
 “Board of Member Representatives” or “Board” shall mean the board of member representatives elected by the Members
pursuant to Section 7.1(a) hereof. 
 “Books and Records” shall have the meaning set forth in Section 8.1(d)
hereof. 
 “Borrowing Member” shall have the meaning set forth in Section 5.2 hereof. 
 “Business Plan” means the Business Plan referenced in Section 7.2 approved by the parties as amended from time to time, an initial
copy of which is annexed hereto as Schedule C and made a part hereof. 
 “Capital Account” or “Capital
Accounts” shall have the meaning as set forth in Section 3.3 hereof. 
 “Capital Contribution” means, with
respect to any Member (or any other Person who is admitted as a Member), any money or other property contributed by such Member or Person to the capital of the Company. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 “Certificate of Formation” means the Certificate of Formation of the Company filed with the Secretary of State of the State of Delaware,
pursuant to the Act to form the Company, as originally executed and as amended, modified, supplemented or restated from time to time. 
 “Chairman” shall have the meaning set forth in Section 7.1(b)(iv) hereof. 
 “Code” means the
Internal Revenue Code of 1986, as amended. Any reference to a particular Section of the Code shall be deemed to include any successor Section or provision to such Section. 
 “Company” means Keystone Redevelopment Partners, LLC, a Delaware limited liability company. 
 “Company Notice” shall have the meaning set forth in Section 12.5(b) hereof. 
 “Conditions of Transfer” shall have the meaning set forth in Section 12.2 hereof. 
 “Construction Documents” shall have the meaning set forth in Section 7.3(i) hereof. 
 “Default” shall have the meaning set forth in Section 13 hereof. 
 “Defaulting Member” shall have the meaning set forth in Section 13 hereof. 
 “Design Team” shall have the meaning set forth in Section 7.3(a) hereof. 
 “Developer” shall have the meaning set forth in Section 7.3 hereof. 
 “Development Budget” shall have the meaning set forth in Section 7.3(b) hereof. 
 “Dissolution Event” shall have the meaning set forth in Section 11.1 hereof. 
 “Drag Along Obligation” shall have the meaning set forth in Section 12.7(a) hereof. 
 “Electing Member” shall have the meaning set forth in Section 12.9(b) hereof. 
 “Event of Default” shall have the meaning set forth in Section 13 hereof. 
 “Expedited Procedures” shall have the meaning set forth in Section 15.1 hereof. 
 “Facility” shall have the meaning set forth in the Recitals hereof. 
 “Financial Statements” shall mean an income statement, balance sheet and a sources and use of cash statement, all prepared in conformity
with Generally Accepted Accounting Principles and on a basis consistent in all material respects with that of the preceding period (except as to those changes or exceptions disclosed in such Financial Statements). 
 “Fiscal Year” means the Company’s fiscal year, which shall commence on January 1st and end on December 31st of each year, provided that the first fiscal year of the Company shall be deemed to have commenced upon the filing of the Certificate of Formation and shall end on December 31, 2005. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 “Gaming Act” shall have the meaning set forth in Section 12.2(b) hereof. 
 “Gaming Authorities” shall mean the Pennsylvania Gaming Control Board, and all other agencies, authorities and instrumentalities of any
state, nation, or other governmental entity, or any subdivision thereof, regulating gaming or related activities. 
 “Generally
Accepted Accounting Principles” shall mean generally accepted accounting principles as in effect from time to time by the American Institute of Certified Public Accountants. 
 “General Representatives” shall have the meaning set forth in Section 7.1(b) hereof. 
 “Governmental Authorities” or “Authority” means the Commonwealth of Pennsylvania, any other political subdivision in
which the Facility is located, and any court or political subdivision, agency, commission, board or instrumentality or officer thereof, whether federal, state or local, having or exercising a jurisdiction over the Members and the Company.

 “Indemnified Person” shall have the meaning set forth in Section 9.1 hereof. 
 “Initial Capital Contribution” shall mean the initial amount of capital contributed to the Company by the Members. The Initial Capital
Contribution of the original Members as of the date hereof is set forth on Schedule B attached hereto. 
 “Interest”
shall mean the ownership interest of a Member, from time to time, including such Member’s Capital Contributions, Percentage Interest, Capital Account and any and all other benefits to which the holder of such interest may be entitled, as
provided in this Agreement and by applicable Law, together with all obligations of such Member to comply with the terms and provisions of this Agreement. 
 “Involuntary Withdrawal” means, with respect to any Member, the occurrence of any of the following events: 
 (a) the Member makes an assignment for the benefit of creditors; 
 (b) the Member is adjudged bankrupt or
insolvent or there is entered against the Member an order for relief in any bankruptcy or insolvency proceeding; 
 (c) the Member files a
petition seeking for the Member any reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under any statute, Law, or regulation; 
 (d) the Member seeks, consents to, or acquiesces in the appointment of a trustee for, receiver for, or liquidation of the Member or of all or any
substantial part of the Member’s properties; 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (e) any proceeding against the Member seeking reorganization, arrangement, composition, readjustment, liquidation, dissolution, or similar relief under
any statute, Law, or regulation, continues for one hundred twenty (120) days after the commencement thereof, or the appointment of a trustee, receiver, or liquidator for the Member or all or any substantial part of the Member’s properties
without the Member’s agreement or acquiescence, which appointment is not vacated or stayed for one hundred twenty (120) days or, if the appointment is stayed, for one hundred twenty (120) days after the expiration of the stay during
which period the appointment is not vacated; and 
 (f) the Member files an answer or other pleading admitting or failing to contest the
material allegations of a voluntary or an involuntary petition filed against the Member in any proceeding described in Subsections (a) through (e). 
 “Law” means any statute, ordinance, promulgation, law, treaty, rule, regulation, code, judicial or administrative precedent or order of any court or any other Governmental Authority. 
 “Lease” means the ground lease for the Premises to be entered into by the Company as contemplated by the Option. 
 “Liquidation of the Company” shall have the meaning set forth in Section 3.3(d) hereof. 
 “Management Agreement” means the management agreement entered into by and between the Company and TER Management Co., LLC on the date
hereof. 
 “Manager” shall mean TER Management Co., LLC. 
 “Member” means TER, the General Members and each Person who or which may hereafter become a party to this Agreement. 
 “Net Profits” and “Net Losses” means, for each Fiscal Year of the Company, an amount equal to the Company’s
taxable income or loss for such Fiscal Year, determined in accordance with Section 703(a) of the Code; provided, however, that such taxable income or loss shall be further adjusted as follows: (a) such taxable income or loss shall reflect
all Company items of income, gain, loss, or deduction required to be stated separately pursuant to Section 703(a)(1) of the Code; (b) such taxable income or loss shall be increased by any tax-exempt income of the Company and reduced by any
expenditures of the Company that can neither be capitalized nor deducted; and (c) such taxable income or loss shall not include any items of Company income, gain, loss of deduction which is specially allocated to any Member pursuant to Sections
6.3 or 6.4. If the Company’s taxable income or loss for a Fiscal Year, as adjusted in the manner provided above, is a positive amount, such amount shall be the Company’s Net Profit for such Fiscal Year; and if a negative amount, such
amount shall be the Company’s Net Loss for such Fiscal Year. Notwithstanding anything in this Agreement to the contrary, it is the agreement of the parties that the Initial Capital Contributions set forth on Schedule A will not be part
of the calculation to determine the amount of Net Profit or Net Loss. 
 “Notices” shall have the meaning set forth in
Section 16.3 hereof. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 “Offer” shall have the meaning set forth in Section 12.9(a) hereof. 
 “Offer Price” shall have the meaning set forth in Section 12.5(a) hereof. 
 “Offered Interest” shall have the meaning set forth in Section 12.5(a) hereof. 
 “Opening Date” shall have the meaning set forth in Section 7.1(b) hereof. 
 “Operating Expenses” shall mean those necessary or reasonable operating expenses, including, without limitation, costs of operating
supplies, payroll and benefits, marketing, administration, maintenance, energy, insurance, license fees, management fees, all costs and expenses of licensing Manager’s or the Company’s employees, incurred on behalf of the Company in
connection with conducting and operating the Facility, as well as ad valorem taxes, gaming license taxes, payroll taxes, fees, assessments and other payments due any Governmental Authorities (other than excise, sales and use taxes,
withholding taxes and taxes in respect of income or profits), computed on an accrual basis, deductible under Generally Accepted Accounting Principles in determining “Operating Income” (as defined in casino industry practice) for purposes
of preparing a statement of operations for the Facility, other than depreciation. 
 “Operating Permits” shall mean all
licenses, permits, approvals, consents and authorizations from Governmental Authorities that are necessary to own, open, operate and occupy the Facility, other than Manager Operating Permits, including gaming licenses. 
 “Percentage Interest” means, for any Member, the percentage set forth opposite such Member’s name on Schedule B attached
hereto, as such Schedule may be amended from time to time to reflect a change in such percentages (including, but not limited to, by reason of the admission of new Members). 
 “Permitted Transfer” shall have the meaning set forth in Section 12.2 hereof. 
 “Person” means any natural person, corporation, governmental authority, trust, partnership, joint venture, limited liability company,
unincorporated association or other entity. 
 “Plans and Specifications” shall have the meaning set forth in
Section 7.3(f) hereof. 
 “Pre-Formation Development Materials” means the surveys, studies, design drawings and
applications for permits, licenses or approvals, together with any such permits, licenses or approvals which TER or any of its Affiliates have applied for or procured prior to the date of this Agreement which pertain to the Premises, which are to be
contributed to the Company by TER as part of its Initial Capital Contribution. 
 “Premises” shall have the meaning set
forth in the Recitals hereof. 
 “Proceeding” shall have the meaning set forth in Section 9.1 hereof. 
 “Property” means, individually or collectively, any and all of the property, assets and rights of any type owned by the Company.

  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 “Representative” shall have the meaning set forth in Section 7.1(b) hereof. 
 “Required Sale” shall have the meaning set forth in Section 12.7(a) hereof. 
 “Required Sale Notice” shall have the meaning set forth in Section 12.7(a) hereof. 
 “Requisite Vote of the Members” shall mean the affirmative vote, at a meeting or by written consent, of Members holding seventy-five
(75%) percent or more of the Percentage Interests of the Company. 
 “Restricted Area” shall have the meaning set forth
in Section 12.10 hereof. 
 “ROFO Agreement” shall have the meaning set forth in Section 7.3 hereof. 

“Rules” shall have the meaning set forth in Section 15.1 hereof. 
 “Sale Proposal” shall have the meaning set forth in Section 12.7(a) hereof. 
 “Secretary” shall have the meaning set forth in Section 7.1(b)(iv) hereof. 
 “Selling Member” shall have the meaning set forth in Section 12.5(a) hereof. 
 “Selling Member’s Notice” shall have the meaning set forth in Section 12.5(a) hereof. 
 “Tax Loan” shall have the meaning set forth in Section 5.2 hereof. 
 “Tax Payment Distribution” shall mean, with respect to each Member, an amount equal to: 
  

	 	(x)	the product of: 

  

	 	(i)	the amount of taxable income allocated to such Member in the subject calendar year (the “Allocation Year”) and 

  

	 	(ii)	a percentage equal to the highest combined marginal Federal and state income tax rate applicable to any of the Members (such combined rate to be used in calculating the Tax Payment
Distribution for all Members) for the Allocation Year 

 less 
  

	 	(y)	the amount of distributions made to such Member during the Allocation Year excluding any Tax Payment Distribution paid during the Allocation Year relating to the year proceeding the
Allocation Year. 

 “TER Notice” shall have the meaning set forth in Section 12.5(a) hereof. 

“TER Representatives” shall have the meaning set forth in Section 7.1(b) hereof. 
  

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 “Third Party” shall have the meaning set forth in Section 12.5(a) hereof. 
 “Third Party Buyer” shall have the meaning set forth in Section 12.9(a) hereof. 
 “TMM” shall have the meaning set forth in Section 10.3 hereof. 
 “Trademark License Agreement” means the trademark license agreement entered into by and between the Company and Trump Entertainment
Resorts Holdings, L.P. on the date hereof. 
 “Transfer” means, with respect to any Interest (or any portion), any transfer,
assignment, sale, exchange, mortgage, pledge, hypothecation, grant of a security interest in, encumbering or other disposition of, whether by operation of law or otherwise, all or any portion of such Interest. 
 2. FORMATION 
 2.1 Name and
Formation. The Members do hereby form the Company under the name of Keystone Redevelopment Partners, LLC pursuant to the Act. The rights and obligations of the Members shall be as set forth in the Act except as this Agreement expressly provides
otherwise. The Certificate of Formation of the Company that has been filed is hereby adopted and ratified by the Members. In the event of a conflict between the terms of this Agreement and the terms of the Certificate of Formation, the terms of the
Certificate of Formation shall prevail. In the event that as of the date hereof less than all of the General Members have fully executed this Agreement, then TER and such of the General Members executing this Agreement hereby form the Company
pursuant to this Agreement as of the date hereof, and authorize the Board to accept as General Members on or before January 13, 2006, such Persons listed on Schedule B hereto, for the capital contributions and at the Percentage Interests set
forth on Schedule B. In the event that any such Person has not executed this Agreement as a General Member on or before January 13, 2006, then notwithstanding anything contained herein to the contrary, the Board, acting unanimously, shall have
the full power and authority to accept subscriptions for membership to the Company from then existing Members or from other Persons in substitution for the Persons listed on Schedule B who have not executed this Agreement by such date, on such terms
and subject to such conditions as the Board shall determine, and upon such acceptance, to prepare and substitute a new Schedule B to this Agreement to indicate the names, capital contributions and percentage interests of the Members. 
 2.2 Documentation. Each Member hereby agrees to execute and deliver to the Company within five (5) days after receipt of a written request
therefor, such other and further documents and instruments, statements of interest and holdings, designations, powers of attorney and other instruments and to take such other action as the Company deems necessary, useful or appropriate to comply
with any acts, rules or regulations as may be necessary to enable the Company to fulfill its responsibilities under this Agreement, to preserve the Company as a limited liability company under the Act and to enable the Company to be taxed as a
partnership for federal and state income tax purposes. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 2.3 Registered Agent and Office. The registered agent is Corporation Service Company. The registered office is at 2711 Centerville Road, Suite
400, Wilmington, Delaware 19808. The principal place of business and mailing address of the Company shall be determined by the Members. The Company may maintain additional offices at such locations as the Board deems advisable. 
 2.4 Term. The Company shall commence upon the filing of the Certificate of Formation, and shall continue in full force and effect in perpetuity;
provided, however, that the Company shall be dissolved prior to such date upon the happening of any of the events described in Section 11. 
 2.5 Purpose. The purpose of the Company shall be the ownership, financing, development and operation of the Facility; and the carrying out of any other business, purpose or activity approved by the Members and permitted under the Act
or the Laws of any jurisdiction in which the Company may do business. The Company shall have the authority to do all things necessary or advisable in order to accomplish such purposes. 
 2.6 Entity Declaration. The Members intend for the Company to be classified, and to be treated, as a partnership for federal, state and local tax
purposes. No Member shall take any action inconsistent with this express intent of the Members. This Agreement shall be interpreted in such a way that the provisions comply with applicable portions of Subchapter K of the Code. In the absence of a
specific provision covering a specific matter, or in the event of conflict between a provision of this Agreement and Subchapter K of the Code and the Regulations thereunder, the provisions of Subchapter K of the Code and the Regulations thereunder
shall apply. Other than for tax purposes, the Company shall not be treated as a general partnership, limited partnership or a joint venturer, and no Member shall be considered a partner or joint venturer of or with any other Member, and this
Agreement shall not be construed otherwise. No Member shall have any liability or obligation to the Company or to any other Member other than as specifically provided for herein. 
 2.7 Title to Company Property. All of the Company’s right, title and interest in tangible property, intangible property, real property,
personal property and other assets acquired by the Company shall be held in the name of the Company as an entity; provided, however, that the Company may transfer the Option to a subsidiary or affiliate of the Company, and lease the Premises from
such subsidiary or affiliate of the Company if doing so will provide more favorable tax treatment to the Company. The Members shall execute such documents as may be necessary to reflect the Company’s ownership interest in such property and
shall record the same in such public offices as shall be necessary to reflect such ownership interest by the Company. No Member shall have an ownership interest in any property of the Company in its own name or right except any such right held
pursuant to a separate written agreement approved by the Board of Member Representatives, and each Member’s Interest in the Company shall be personal property for all purposes. 
 2.8 Trade Name. The Company shall adopt such trade name as may be specified from time to time by the Board. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 2.9 Facility Name. On the date hereof, the Company shall enter into the Trademark License Agreement and the Chairman of the Board is hereby
authorized to execute and deliver the Trademark License Agreement on behalf of the Company. The Company shall thereafter adopt such name for the Facility as may be specified by the Board, subject to the terms and conditions of the Trademark License
Agreement. 
 2.10 No Right To Obligate or Incur Liabilities For Other Members. Each of the Members hereby covenants and agrees that
it will not do any act or incur any obligation on behalf of the Company of any kind whatsoever, except as herein expressly authorized and permitted in this Agreement and each Member hereby agrees to indemnify and hold harmless the other Members from
any obligation or liability, including the reasonable expenses of defense thereof, arising out of its breach of any of the provisions hereof. 
 2.11 Representations and Warranties.  
 (a) Each Member represents and warrants to the Company and to the other Members that
as of the date of this Agreement: 
 (i) Such Member is a corporation or a limited liability company, as the case may be, duly organized and
validly existing under the Laws of the state of its organization and is qualified to do business in the Commonwealth of Pennsylvania, has all necessary corporate or limited liability company power and authority under its articles of Incorporation
and Bylaws or other applicable organizational documents and the Laws of the state of organization to own its properties and assets, to conduct its business as now conducted or as contemplated by this Agreement, and to execute and deliver and perform
its obligations under this Agreement. 
 (ii) The execution and delivery of this Agreement, the formation of the Company and the performance
of all obligations hereunder required to be performed by such Member have been duly authorized by all necessary corporate (or other organizational) action and do not and will not result in a breach or violation of, or default under, or will not with
the giving of notice or passage of time, or both, result in a default under, its Articles of Incorporation and Bylaws (or other applicable organizational documents), any agreement, commitment, order, judgment or decree by which such Member or any of
its constituent shareholders or members or any of such Members respective properties is or are bound, or any statute, regulation, order or other law by which such Member or any of its constituent shareholders or members is or are subject.

 (iii) This Agreement is binding upon such Member and is enforceable against it or him in accordance with its terms, subject to the effect
of bankruptcy, insolvency, reorganization, moratorium, fraudulent transfer or other similar laws affecting the rights and remedies of creditors generally and limitations imposed by general principles of equity (regardless of whether enforcement is
considered in a proceeding in equity or at law). 
 (iv) Such Member is not a “foreign person” within the meaning of
Section 1445(f) of the Code. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (v) Such Member is acquiring his or its Interest in the Company for his or its own account, not as nominee or agent, and not with a view to or for sale
in connection with a distribution of all or any part of its Interest and such Member has no present intention of selling, granting any participation in, or otherwise distributing the same. 
 (vi) Such Member has been informed by the Company and understands that the Interests have not been, nor will be, registered under the Securities Act or
under any state securities laws; and such Member further understands that the Interests are “restricted securities” under the federal securities laws and may only be resold without registration under the Securities Act in certain limited
circumstances. 
 (vii) Such Member is an “Accredited Investor,” as defined in Regulation D under the Securities Act, and that
such Member considers himself or itself to be an experienced and sophisticated investor and to have such knowledge and experience in financial and business matters as are necessary to evaluate the merits; and risks of an investment in the Company,
and such Member is able to bear the economic risks of an investment in the Company, including the risk of a complete loss of the investment therein. 
 (viii) Such Member has not retained any broker or finder or other person who is entitled to any brokers or finder’s fee or any other commission or financial advisory fee in connection with the formation of the
Company or the acquisition by such Member of its Interest. 
 (ix) Such Member is relying upon his own counsel, accountant and/or business
advisor(s) concerning legal, tax, business and related aspects of such Member’s investment in the Company, and is not acquiring his or its Interest based upon any representation, oral or written, by any Person with respect to the future value
of, or income from, the Interest or the Company, but rather upon an independent examination and judgment as to the prospects of the Company; and such Member acknowledges that the Company is a development stage company which has not, as of the date
of this Agreement, engaged in any business operations or transactions and has no operating history 
 (x) The Interests were not offered to
any Member or any other Person by means of publicly disseminated advertisements or sales literature or through a broker or dealer, nor is such Member aware of any offers made to other persons by such means. 
 (b) TER represents and warrants to the Company and to the other Members that as of the date of this Agreement, the Option is a valid and existing option,
in full force and effect, assignable by TER to the Company. 
 2.12 Alternate Business Form. Prior to the commencement of business
operations of the Company, the Members shall engage tax counsel for the Company to review the Company’s structure and business plan. The Members agree to cooperate in good faith to review and consider such alternative business structure as tax
counsel may recommend for favorable tax treatment of the Company. 
  

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 3. CAPITAL CONTRIBUTIONS BY THE MEMBERS 
 3.1 Capital Contributions. As its Initial Capital Contribution, each Member shall contribute the amount of cash or the other property set forth opposite such Member’s name on Schedule B attached
hereto as its Initial Capital Contribution within two (2) business days of the date hereof. The Members agree that the fair market value of the Option and Pre-Formation Development Materials is as set forth on Schedule B. 
 3.2 Return of Capital. No Member shall have the right to withdraw any part of its Capital Contributions or receive any distributions from the
Company, except in accordance with the provisions of this Agreement. No interest shall be paid on any Member’s Capital Contributions. No Member shall have any priority over any other Member with respect to the return of their Capital
Contributions or other amounts that any Member is entitled to receive from the Company, other than as provided in this Agreement. 
 3.3
Capital Accounts. The Company shall establish and maintain capital accounts for each Member (for each Member, such Member’s “Capital Account”) throughout the full term of the Company in accordance with the provisions of
Treasury Regulations Section 1.704-1(b)(2)(iv), as such regulation may be amended from time to time. To the extent not inconsistent with such rules, the following shall apply: 
 (a) The Capital Account of each Member shall be: (i) credited with (A) the amount of money and the fair market value of other property (as
agreed to by the Members) contributed to the capital of the Company by such Member (net of liabilities securing such contributed property that the Company pursuant to Section 752 of the Code is considered to assume or take subject to), and
(B) such Member’s share of the Company’s Net Profits (and other items of Company income and gain not reflected in any Net Profits or Net Losses of the Company), and (ii) debited by (A) the amount of cash and the fair market
value of other property (as reasonably determined by the Board) distributed to such Member (net of liabilities assumed by such Member and liabilities to which such distributed property is subject), and (B) such Member’s share of the
Company’s Net Losses (and other items of Company loss and deductions not reflected in any Net Profits or Net Losses of the Company). 
 (b) Upon the transfer of any Interest in the Company after the date of this Agreement as may be permitted herein, (i) if such transfer does not cause a termination of the Company within the meaning of Section 708(b)(1)(B) of the
Code, the Capital Account of the transferor Member that is attributable to such transferred Interest will be carried over to the transferee Member but, if the Company has a Code Section 754 election in effect, the Capital Account will not be
adjusted to reflect any adjustment under Section 743 of the Code except as provided in Treasury Regulations Section 1.704-1(b)(2)(iv)(m), or (2) if such transfer causes a termination of the Company within the meaning of
Section 708(b)(1)(B) of the Code, the income tax consequences of the deemed contribution of the Property to a new Company (which for all other purposes continues to be the Company) and of the deemed immediate distribution of interests in the
new Company shall be governed by the relevant provisions of Subchapter K of Chapter 1 of the Code and the Treasury Regulations promulgated thereunder, and the Capital Accounts of the Members in the new Company shall be determined in accordance with
Treasury Regulations Section 1.704-1(b)(2)(iv). 
  

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 (c) Upon (i) the “Liquidation of the Company” (as defined in Section 3.3(d), below), (ii) the distribution of money or property
to a Member as consideration for an Interest in the Company, or (iii) the contribution of money or (if permitted pursuant to (a) above) property to the Company by a new or existing Member as consideration for an interest in the Company,
then adjustments shall be made to the Members’ Capital Accounts in the following manner: All Property of the Company which is not sold in connection with such event shall be valued at its then fair market value (as the Board shall reasonably
determine). Such value shall be used to determine both the amount of gain or loss which would have been recognized by the Company if the property had been sold for such value (subject to any debt secured by the property) at such time, and the amount
of Adjusted Cash Flow, which would have been distributable by the Company pursuant to Section 6.2 if the property had been sold at such time for said value, less the amount of any debt secured by the property. The Capital Accounts of the
Members shall be adjusted to reflect the deemed allocation of such hypothetical gain or loss in accordance with Section 6. The Capital Accounts of the Members (or of a transferee of a Member), and the Net Profits and Net Losses of the Company,
including depreciation with respect to, and gain or loss arising from, the sale or disposition of any revalued Property or Property described in Treasury Regulations Section 1.704-1(b)(2)(iv), shall be adjusted to reflect “book items”
and not tax items in accordance with Treasury Regulations Sections 1.704-1(b)(2)(iv)(g) and 1.704-1(b)(4)(i). 
 (d) For purposes of this
Section 3.3, the term “Liquidation of the Company” shall mean (i) a termination of the Company effected in accordance with this Agreement, which shall be deemed to occur, for purposes of this Section 3, on the date
upon which the Company ceases to be a going concern and is continued in existence solely to wind-up its affairs, or (ii) a termination of the Company pursuant to Section 708(b)(1) of the Code. 
 4. ADDITIONAL CAPITAL CONTRIBUTIONS/LIABILITY OF MEMBERS 
 4.1 Additional Capital Contributions. On or before the date which is two (2) days after the date upon which the Pennsylvania Gaming Control
Board awards a Category 2 License to the Company, each Member shall contribute as an additional Capital Contribution the amount of cash set forth opposite such members’ name on Schedule B attached hereto as such Member’s Additional Capital
Contribution. No Member shall be obligated to make additional capital contributions to the Company other than as set forth on Schedule B attached hereto. The obligation of each General Member to make its Additional Capital Contribution as provided
herein shall be guaranteed by the Person having a beneficial interest in such General Member as provided herein. The Members acknowledge that TER, [*****] have arranged for the issuance of letters of credit on behalf of the Company in the amount of
$50 million, such letters of credit serving as security for the Company’s obligation to pay the $50 license fee to the Commonwealth of Pennsylvania. In the event such letters of credit are drawn, any payments made by any of TER, [*****] to the
issuing banks on account of the letters of credit shall be credited to such Member’s obligation to pay its Additional Capital Contribution. 
  

 13 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 4.2 Members’ Liability. 
 (a) The
Members shall not be responsible or accountable in damages or otherwise to the Company, any Member, or any other Person for any acts performed in good faith within the scope of authority conferred on them by this Agreement, or for their performance
of, or failure or refusal to perform, any acts required by or prohibited or inhibited by any governmental act or decree of any nature. The Members shall be entitled to indemnity from the Company on account of any claim, liability, action or damage
arising from or relating to any action taken by them, in good faith, for or on behalf of the Company as aforesaid. 
 (b) Notwithstanding the
foregoing, each Member agrees to act in good faith in participating in the affairs of the Company and in approving and taking actions required for the Company to efficiently conduct its operations so as to accomplish the purposes of the Company,
including by (i) attending, or causing its representatives to attend, meetings of the Members, or the Board, as applicable, (ii) executing contracts and other documents that have been approved by the Board or otherwise pursuant to this
Agreement, including checks for expenses that have been approved during the budgeting process or otherwise, and (iii) otherwise not impeding the ability of the Company to accomplish its purposes so as to permit the efficient construction and
operation of the Facility. 
 (c) In the event any action or proceeding is instituted or threatened against any Member, or any officer,
director, shareholder, guarantor or employee of a Member, in connection with the business or affairs of the Company (except actions or proceedings between the Members or by the Company, unless otherwise provided with respect to derivative actions in
accordance with Section 9.2 below) or to which any of the foregoing may be a party on behalf of the Company, each Member, shall be entitled to retain legal counsel and other experts at the expense of the Company and (subject to the limitation
of liability set forth in Section4.2(a)) any of the foregoing shall be immediately reimbursed for, indemnified against and held harmless by the Company with respect to all liabilities, costs and expenses arising out of, or in connection with, such
action or proceeding, and whether or not any of the foregoing is serving in such capacity as of the date that such liability, costs or expenses are fixed or incurred and without awaiting determination of the actual proceeding. In any action
commenced against the Company, no Member shall be joined or named as a party, except as an indispensable party as may be required by applicable statute or court rule. In the event the indemnified Person is judicially determined not to have acted in
good faith with regard to the claim asserted against it, such Person shall, indemnify and hold the Company and the other Members harmless from and against all liability in respect of such wrongful actions, and shall forthwith reimburse the Company
for payments made to such Person under this Section 4.2(c). 
 5. DISTRIBUTIONS OF ADJUSTED
CASH FLOW 
 5.1 Distributions of Adjusted Cash Flow. Subject to any restrictions contained in any
loan documents to which the Company is a party, the Board shall distribute to each Member [*****] following the Opening Date, an amount equal to [******] (unless [*****]) and (ii) [*****]. Except as otherwise specifically set forth in
Section 11.3(a), the Members shall have no right to demand and/or receive property, other than cash, as a distribution. 
  

 14 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 5.2 Governmental Withholding. The Board shall cause the Company to comply with any and all tax withholding obligations to which the Company is
subject. In the event the Company is required to deduct and withhold, pursuant to the Code or any other federal, state or local law, rule or regulation which is currently in effect or which may be promulgated hereafter (“Applicable
Law”), any amount from an actual distribution to a Member, the amount so deducted and withheld from such distribution shall, for all purposes of this Agreement, be treated as a distribution to such Member of the same type as the
distribution giving rise to the obligation. In the event Applicable Law requires the Company to pay or withhold any amount on behalf of a Member (including any federal, state or local taxes) measured by a Member’s distributive share of the
Company’s Net Profits or other items of Company income or gain, other than any amount required to be deducted and withheld from actual distributions to a Member, then the payment or withholding of any such amount shall be considered a loan
(“Tax Loan”) by the Company to such Member (the “Borrowing Member”). The Borrowing Member shall repay any such Tax Loan within thirty (30) days after the Board (or if the Board fails to do so, any Member) delivers
a written demand therefor, together with interest at a fluctuating annual rate equal to the publicly announced prime rate of The Wall Street Journal plus two (2%) percent, from the date such loan was made until the date of the repayment
thereof. In addition to any other rights of the Company to enforce its entitlement to receive payment of the Tax Loan, plus any accrued interest thereon, the Company may deduct from any distribution to be made to a Borrowing Member an amount not
greater than the outstanding balance of any Tax Loan, plus any accrued interest thereon, as a payment in total or partial satisfaction thereof. 
 6.
ALLOCATIONS 
 6.1 Allocations of Net Profits. Subject to Section 6.3, the Net Profits of the Company for each
Fiscal Year of the Company shall be allocated by the Board to the Members as follows: 
 (a) First, to the Members, in proportion to the
aggregate amount of Net Losses theretofore allocated to each Member, until the aggregate amount of Net Losses so allocated to the Members shall equal the aggregate amount of Net Profits allocated to the Members pursuant to this Section 6.1(a);
and 
 (b) Then, to the Members, in proportion to their respective Percentage Interests. 
 Any credit available for income tax purposes shall be allocated to the Members in proportion to their respective Unrecovered Capital Contributions. If the Company shall
realize gain which is treated as ordinary income under Section 1245 or 1250 of the Code, such ordinary income shall be allocated to the Members who receive the allocation of the depreciation or cost recovery deduction that generated the
ordinary income, which amount shall be allocated in the same proportions as such deductions. 
 6.2 Allocation of Net Losses. Subject
to Section 6.3, Net Losses of the Company for any Fiscal Year of the Company shall be allocated to the Members as follows: 
 (a) First,
to those Members with positive Capital Account balances, and in proportion to said positive balances, until their positive Capital Account balances are reduced to zero; and 
  

 15 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (b) Then, to the Members, in proportion to their respective Percentage Interests. 
 6.3 Other Special Allocations. Notwithstanding anything herein to the contrary: 
 (a) In accordance with Sections 704(b) and (c) of the Code and the Treasury Regulations thereunder, income, gain, loss and deduction with respect to
any property contributed to the capital of the Company shall, solely for tax purposes, be allocated among the Members so as to take account of any variation between the adjusted basis of such property to the Company and its fair market value (as
shall be reasonably determined by the Board), using any method selected by the Board and which is not prohibited under Section 704(b) or 704(c) of the Code. In the event that Capital Accounts are ever adjusted pursuant to Treasury Regulations
Section 1.704-1(b)(2) to reflect the fair market value of any Company Property (which fair market value shall be reasonably determined by the Board), subsequent allocations of income, gain, loss and deduction with respect to such asset shall,
solely for tax purposes, take account of any variation between the adjusted basis of such asset and such fair market value, using any method selected by the Board under the Treasury Regulations and which is not prohibited under Section 704(b)
or 704(c) of the Code. 
 (b) The Company shall make such allocations of Company income, gain, deduction, loss and credit in such a manner as
the Board determines to be necessary so as to satisfy the requirements of Treasury Regulations Sections 1.704-1(b) and 1.704-2, and the provisions of said regulations are incorporated herein by reference. All “nonrecourse deductions” (as
defined in Treasury Regulations Section 1.704-2(b)(1)) of the Company for any Fiscal Year shall be allocated among the Members in accordance with their respective Percentage Interests. 
 (c) Rules of Construction. An allocation to a Member of Net Profits or Net Loss shall be treated as an allocation to such Member of each item of
income, gain, loss and deduction that has been taken into account in computing such Net Profits or Net Loss. 
  

 16 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 7. MANAGEMENT OF THE COMPANY AND OF THE FACILITY 
 7.1 Management of the Company. 
 (a)
Board of Member Representatives. Except as expressly provided otherwise by Law or this Agreement, the powers of the Company shall be exercised, and the business and affairs of the Company shall be managed, by the Board of Member
Representatives. Subject to the provisions of this Agreement requiring the consent or approval of the Members, the Board shall have full and complete discretion, power, and authority, subject to the requirements of this Agreement and applicable Law,
to manage, control, administer, and operate the business and affairs of the Company for the purposes herein stated, and to make all decisions affecting such business and affairs. 
 (b) Composition of Board. 
 (i) The
Board shall be comprised of five (5) Persons (each, a “Representative”). Three (3) Representatives (the “TER Representatives”) shall be designated by TER and two (2) Representatives (the
“General Representatives”) shall be elected by the General Members at a meeting of the General Members held for such purpose, the first of which shall occur on the first anniversary of the date upon which the Facility first opens to
the public for business (the “Opening Date”) and annually thereafter; provided that the initial General Representatives shall be designated by the General Members as provided herein. 
 (ii) The Members hereby designate the following persons to the initial Board of the Company: 
  

			
	TER Representatives:	  	James B. Perry
		  	Mark Juliano
		  	Robert M. Pickus
		
	General Representatives:	  	Pasquale W. Croce, Jr.
		  	Brian P. Tierney

 (iii) TER shall have the right to remove any of the TER Representatives at any time and for any
reason. If any of the TER Representatives resigns, is removed or otherwise vacates his or her position on the Board, TER shall designate a replacement Representative to serve on the Board. If any of the General Representatives resigns, is removed or
otherwise vacates his or her position on the Board, the General Members shall at a special meeting elect a replacement Representative. 
 (iv) The Representatives shall elect a Representative to serve as Chairman of the Board (the “Chairman”), and a Representative to serve as Secretary to the Company (the “Secretary”). Either the Chairman or
the Secretary shall have the authority to execute and deliver on behalf of the Company the Management Agreement and the Trademark License Agreement, and such other contracts, agreements and instruments as may from time to time be approved by the
Board. 
  

 17 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (c) Action by the Board. A meeting of the Board may be called at any time by any Representative. Meetings of the Board shall be held at the
Company’s principal place of business or by telephone conference in the event same is more convenient for any of the Representatives. Participation by any Representative at a meeting by telephone conference shall constitute attendance and
presence in person at such meeting. Not less than one (1) business day nor more than thirty (30) calendar days before each meeting, the Representative calling the meeting shall give written notice of the meeting to each other
Representative. The notice shall state the place, date, hour and purpose of the meeting. Notwithstanding the foregoing provisions, each Representative waives notice if before or after the meeting the Representative signs a waiver of the notice which
is filed with the records of Board meetings, or is present at the meeting in person without objecting to the lack of notice. At a meeting of the Board, the presence in person of a majority of the Representatives shall constitute a quorum. Unless
otherwise expressly provided by Law or the terms of this Agreement, the approval or consent of three Representatives shall be necessary and sufficient to approve any action to be taken by the Board at such meeting. The Board may also act by written
consent in lieu of a meeting executed by such number of Representatives as would be necessary to approve such action at a meeting of Representatives. Notwithstanding anything contained herein to the contrary, the General Representatives, acting
unanimously by written consent, shall have the power and authority on behalf of the Company to approve the budgets and any revisions thereto submitted by the Manager to the Company pursuant to Section 5.1c and 5.1e of the Management Agreement,
approve the insurance coverages proposed by Manager pursuant to Section 10.1 of the Management Agreement, and to enforce the rights of the Company under Sections 2.3, 5.2b, 6.3 and 16.1 of the Management Agreement 
 (d) Actions Requiring Approval of Five Representatives. Notwithstanding any other provision of this Agreement, the approval of five
Representatives shall be required in order for any of the following actions to be taken on behalf of the Company: 
 (i) entering into
agreements and contracts with Affiliates of a Member (other than the Management Agreement or Trademark License Agreement); 
 (ii) amending
the Management Agreement or Trademark License Agreement in any manner; 
 (iii) accepting the withdrawal or resignation of a Member;

 (iv) amending this Agreement in any manner; 
 (v) admitting additional Members; 
 (vi) filing or consenting to filing a petition for or against the
Company under any federal or state bankruptcy, insolvency or reorganization act; 
 (vii) selling outside of the ordinary course of business
a material portion, but less than all or substantially all, of the assets of the Company; 
 (viii) changing the purpose of the Company from
that set forth in Section 2.5 hereof; 
  

 18 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (ix) acquiring a business enterprise other than in furtherance of the purpose of the Company set forth in Section 2.5 hereof; 
 (x) approving the Annual Budget submitted by the Manager to the Company pursuant to Section 5.1c of the Management Agreement, and any revisions to
the Annual Budget pursuant to Section 5.1e of the Management Agreement; 
 (xi) approving [*****] pursuant to Section 5.2b of the
Management Agreement; 
 (xii) dissolving or liquidating the Company; 
 (xiii) retaining more than [*****] ([*****]%) percent of [*****] in any year; 
 (xiv) entering into a binding agreement between the Company and the Developer in accordance with the ROFO Agreement. 
 (e) Standing and Special Committees. The Board shall create as a standing committee of the Board an audit committee to consist of one of the TER
Representatives and the two General Representatives, and a construction committee to consist of one of the TER Representatives and the two General Representatives. The Board shall also have the power and authority to create one or more standing
committees or special committees to address such aspects of the business of the Company as the Board shall specify, such as community relations and governmental regulatory, and to appoint Representatives or other Persons to serve on such standing
committees or special committees. Standing committees and special committees shall be advisory committees to the Board, and shall not have the power and authority to bind the Company or control or direct the affairs of the Company. 
 (f) Meetings of and Voting by Members. 
 (i) A meeting of the Members may be called at any time by Members holding at least twenty-five (25%) percent of the Interests of the Company. Meetings of Members shall be held at the Company’s principal place of business or by
telephone conference in the event same is more convenient for the Members. Not less than ten (10) nor more than sixty (60) days before each meeting, the Member(s) calling the meeting shall give written notice of the meeting to each Member
entitled to vote at the meeting. The notice shall state the place, date, hour and purpose of the meeting. Notwithstanding the foregoing provisions, each Member who is entitled to notice waives notice if before or after the meeting the Member signs a
waiver of the notice which is filed with the records of Members’ meetings, or is present at the meeting in person or by proxy without objecting to the lack of notice. Unless this Agreement provides otherwise, at a meeting of Members, the
presence in person or by proxy of Members holding a majority of the Percentage Interests of the Company shall constitute a quorum. A Member may vote either in person or by written proxy signed by the Member or by the Member’s duly authorized
attorney-in-fact. 
 (ii) Except where this Agreement requires approval of a matter by the Requisite Vote of the Members, the affirmative
vote of Members holding an absolute majority of 
  

 19 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 the Percentage Interests of the Company shall be required to approve any matter required to be decided by the Members under this Agreement. Any Section of this Agreement that requires approval of a matter by the
Requisite Vote of the Members may only be amended by the Requisite Vote of the Members. 
 (iii) In lieu of holding a meeting, the Members
may vote or otherwise take action by a written instrument indicating the consent of Members holding such Percentage Interests as would be required to approve the action at a meeting of the Members. The action shall not become effective until after
at least ten days written notice of the action has been given to each Member entitled to vote thereon who has not consented thereto. 
 (iv)
All meetings of the Members shall be presided over by the Chairman of the Board of Representatives, or, in his or her absence, the Secretary of the Board of Representatives. The chairperson of any meeting of the Members shall determine the order of
business and the procedure at the meeting, including regulation of the manner of voting and the conduct of discussion, and shall appoint a secretary of such meeting to take minutes thereof. 
 (v) Members may participate and hold a meeting by means of conference telephone or similar communications equipment by means of which all Members
participating can hear and be heard, and such participation shall constitute attendance and presence in person at such meeting. 
 (g)
Actions Requiring Approval by Requisite Vote. Notwithstanding any other provision of this Agreement, the Requisite Vote of the Members shall be required in order for any of the following actions to be taken on behalf of the Company:

 (i) amending this Agreement in any manner; 
 (iii) admitting additional Members; 
 (iii) filing or consenting to filing a petition for or against the
Company under any federal or state bankruptcy, insolvency or reorganization act; 
 (iv) dissolving or liquidating the Company. 

Any action taken by the Requisite Vote of the Members shall be valid and binding upon all Members, notwithstanding any dissent from such action by any Member.

 7.2 Business Plan and Management Agreement. Attached hereto as Schedule C is a copy of a preliminary Business Plan agreed to
by the Members. The Members agree and acknowledge that the Business Plan is for budgeting and projection use only and that none of the parties will be held accountable as to its accuracy or inaccuracy. On the date hereof, the Company shall enter
into the Management Agreement and the Chairman of the Board is hereby authorized to execute and deliver the Management Agreement on behalf of the Company. The Facility shall be managed by the Manager pursuant to and in accordance with the terms and
conditions of the Management Agreement. 
  

 20 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 7.3 Facility Development And Construction. The Members acknowledge that, pursuant to the terms and conditions of that certain Right of First Offer
Agreement by and among Trump Entertainment Resorts, Inc., Trump Entertainment Resorts Holdings, L.P. and Trump Organization, LLC (“Developer”), dated May 20, 2005 (the “ROFO Agreement”), Developer has a right
of first offer to provide construction management services, general contracting services and development management services for a “Covered Project” as defined in the ROFO Agreement, and that the construction of the Facility by the Company
constitutes a “Covered Project” subject to the ROFO Agreement. Accordingly, the Company shall comply with the terms of the ROFO Agreement as a “Company Party” as defined therein. In the event that, following compliance with the
terms of the ROFO Agreement, no agreement is reached between the Company and the Developer regarding the development of the Facility, then the Members hereby designate TER to develop the Facility on behalf of the Company in accordance with the
provisions of this Section 7.3. 
 (a) Employment of Architect. TER shall use its experience and professional expertise to
pre-qualify architects, engineers and other design consultants to be engaged on the project (the “Design Team”). TER shall present to the Board a recommendation for a Design Team to be engaged for the design and engineering of the
Facility; said team to be headed by and managed by TER. TER shall provide the Board with sufficient information, including interviews and presentations, to allow the Board to fully evaluate each prospective member of the Design Team. If any member
of the recommended Design Team is deemed unacceptable to the Board for any reasonable objection, then TER shall make additional recommendation(s) to the Board until a full Design Team is accepted. The Company shall employ such Design Team members
for the purpose of performing services in connection with the design of the Facility. TER shall supervise, direct, control and administer the duties, activities and functions of the Design Team to efficiently carry out its covenants and obligations
under this Agreement. 
 (b) Design and Construction Budgets. TER, subject to the approval of the Board, shall establish budgets
(collectively the “Development Budget”) for designing, constructing, furnishing and equipping the Facility and related costs. TER may, after notice to and approval by the Board, revise the aggregate Development Budget from
time-to-time, as necessary or appropriate, to reflect any unpredicted changes, variables or events or to include additional modifications to the design of the Facility requested and/or approved by the Board. TER may, after notice to and approval of
the Board, not to be unreasonably withheld, reallocate part or all of the amount budgeted with respect to any line item to another line item and to make such other modifications to the Development Budget as TER deems necessary or appropriate,
provided that (i) the cumulative modifications of the Development Budget shall not, without the Board’s prior approval, exceed the approved aggregate Development Budget, and (ii) do not otherwise conflict with the terms of this
Agreement. 
 (c) Concept Design and Engineering. TER shall prepare for the review and approval of the Board, a statement of the
concept design and engineering requirements for the Facility, including, but not limited to, planned phasing, a program of preliminary objectives, schedule requirements, design criteria, including assumptions regarding infrastructure, access, HVAC
demands, space requirements and relationships, special equipment and any other site requirements. 
  

 21 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (d) Preliminary Program Evaluation. TER shall prepare, or cause to be prepared, for review and approval of the Board, a preliminary evaluation of
the proposed project including, but not limited to, market analysis, planned phasing, schedule and Development Budget requirements. Based upon the agreed-upon schedule, Development Budget requirements and conceptual design, the Design Team shall,
under the direction of TER, prepare schematic design documents consisting of drawings and other documents illustrating the scale and relationship of the Facility, as well as a preliminary line-item estimate of Facility costs based upon the proposed
area, size and scope of the Facility. 
 (e) Design Development. After review by the Board and upon final approval of the schematic
design documents by the Board, the Design Team shall prepare design development documents consisting of drawings and other documents to fix and describe the size and character of the Facility as to architectural, structural, mechanical and
electrical systems, materials, the Company’s operational requirements and such other elements as may be appropriate. Further, the Design Team shall advise TER with respect to any potential variations from Development Budget estimates. TER shall
submit to the Board, for its review and approval, finalized versions of the design development documents prepared by the Design Team and agreed to by TER. 
 (f) Plans and Specifications. Based upon the approved design development documents and any further adjustments in the scope and quality of the Facility or in the Development Budget, the Design Team shall
prepare for approval by TER and the Board, construction documents consisting of detailed plans and specifications (the “Plans and Specifications”) as they relate to construction of portions of the Facility in the order such portions
are to be completed or in the order required for sequential completion, and shall proceed with completion of all Plans and Specifications on the schedule developed by TER. The Design Team shall advise TER, and TER shall advise the Board, of any
adjustments to previous Development Budget estimates. As portions of the detailed Plans and Specifications are completed for segments of the Facility, the Design Team shall be required to submit duplicate copies of those portions of the Plans and
Specifications to TER and TER shall review said plans with the Board for approval prior to release of such documents to prospective bidders for bidding. 
 (g) Selection of Contractors and Vendors. TER shall initiate a pre-bid selection process in order to pre-qualify all prospective contractors, sub-contractors and vendors, which shall include a security review
and background analysis. TER shall submit the list of pre-qualified contractors and vendors to the Board together with recommendations, for the Board’s review, comment and approval. TER shall provide the Board with sufficient information to
allow the Board to fully evaluate each prospective pre-qualified contractor and/or vendor. 
 (h) Proposal Review. Subsequent to the
pre-qualification of prospective contractors, TER shall conduct a review of responsive proposals for the various components of construction of the Facility, and TER shall recommend to the Board the best qualified contractor with the lowest
responsible bid proposal. The recommended contractor shall be subject to the approval of the Board, shall be properly licensed in the Commonwealth of Pennsylvania, shall meet the financial capability requirements of the Company and TER, and shall be
capable of furnishing a payment and performance bond satisfactory to TER to cover the construction for which the contractor may be retained. 
  

 22 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (i) Contracts. The Board on behalf of the Company shall enter into construction contract or contracts (the “Construction
Documents”) with the parties selected and approved in the form drafted and negotiated by TER and approved by the Board for each Construction Document. 
 (j) Construction Administration. The Construction Documents shall provide that TER shall be responsible for all construction administration during the construction phase of the Facility. TER shall act as the
Company’s designated representative and shall have full power and complete authority to act on behalf of the Company in connection with the Construction Documents. To the extent allowed by the Construction Documents, TER shall have full control
and charge of any persons performing work on the project site, and shall interpret and decide on matters concerning the performance of any requirements of the Construction Documents. TER shall have the authority to reject work which does not conform
to the Construction Documents. TER may conduct inspections to determine the date or dates of substantial completion. TER shall observe and evaluate or authorize the observation and evaluation of project work performed. 
 (k) Selection of Furnishings and Equipment. TER shall submit to the Board, for its review and approval, the specifications for Furnishings,
Fixtures and Equipment in compliance with industry standards. Thereafter, TER shall select and procure vendors for purchase by the Company of Furnishings, Fixtures and Equipment required to operate the Facility in conformity with such specifications
and any industry standards. Alternatively, in the sole discretion of the Board, TER may arrange for the procurement of Furnishings and Equipment on lease terms as may be approved by the Board. 
 (l) Pre-Opening. TER shall prepare and submit to the Board, for its review and approval, a budget of pre-opening expenses. Thereafter, TER shall
implement all pre-opening activities contemplated in the approved pre-opening budget. 
 7.4 Other Business. The Members and their
respective Affiliates may engage independently or with others in other business ventures of every kind and nature including, but not limited to, the ownership, financing, leasing, operation, management, brokerage, sale and development of real
property, or gaming operations, whether or not competitive with the business of the Company or any of its assets or facilities, and neither the Company, the Members, nor their respective Affiliates, shall have any rights by virtue of this Agreement
in and to said independent ventures or to the income or profits derived therefrom. 
  

 23 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 8. BOOKS, RECORDS AND REPORTS 
 8.1
Maintenance of Books and Accounts. The Board shall maintain, at the principal office of the Company, complete books of account, in which there shall be entered, fully and accurately, every transaction of the Company and shall include the
following: 
 (a) A current list of the full name and last known business address of each Member; 
 (b) A copy of the Certificate of Formation of the Company and all amendments thereto; 
 (c) Copies of the Company’s federal, state, and local income tax returns and reports, if any, for the three most recent years; and 
 (d) Copies of the Company’s currently effective Agreement and copies of any financial statements of the Company. The books of account of the Company
shall also be kept on a tax accounting basis applied in a consistent manner. All determinations by the Tax Matters Member (as defined in Section 10.3 below) with respect to the treatment of any item or its allocation for federal, state, or
local tax purposes shall be binding upon all of the Members. Any Member shall have the right, from time to time, at its own expense, to cause its accountants and representatives to examine and audit the books and records of the Company, upon not
less than five (5) days’ written notice shall make such books and records available for such examinations and audits at reasonable hours during business days. 
 8.2 Fiscal Year End. The Fiscal Year of the Company shall commence on January 1st and end on December 31st of each year or shall be any other permissible fiscal period as
determined by the Manager. 
 8.3 Year End Reports. Within a reasonable time after the end of each Fiscal Year of the Company, the
Board, at the expense of the Company, shall cause the accountants for the Company, who shall be the same accountants as are engaged by TER and its Affiliates as their independent auditor, to deliver to each Member an annual financial statement of
the Company for such fiscal year and a report setting forth each Member’s share of the Company’s Net Profits or Net Losses for such Fiscal Year and the total distributions made to each of the Members during such Fiscal Year. In addition,
the Board, at the expense of the Company, shall use good faith efforts to deliver to the Members by March 1st
following the end of each Fiscal Year, a Schedule K-1 (or other substitute form), and any corresponding schedule or form for state, local and, as applicable, foreign tax purposes, setting forth such Member’s allocable share of all items of
income, gain, loss, deduction and credit of the Company for such Fiscal Year for federal income tax purposes. The Board shall also provide to any Member any additional information pertaining to the Company as such Member may reasonably request in
order to enable such Member to be able to prepare and file its federal, state and local income tax returns. 
 8.4 Tax Returns. The
Board, at the expense of the Company, shall also cause to be prepared and timely filed (taking into account all timely filed extension requests) all federal, state and local tax and information returns and reports required of the Company. All books,
records, balance sheets, statements, reports and tax returns required pursuant to this Section 8 shall be prepared at the expense of the Company. 
  

 24 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 8.5 Other Filings. In accordance with the Act, the Board shall cause to be prepared and timely filed the requisite statements on behalf of the
Company to qualify the Company to do business in any jurisdiction as may be required. 
 8.6 Confidentiality of Company Information.
Subject to the provisions of Section 12.5(e) herein, all Members shall maintain confidentiality with respect to all tax, financial and operating information of the Company provided to, or reviewed by, any Member, except to the extent disclosure
of any such information is required by Law, any Governmental Authority, any accounting and audit standards applicable to a Member, and any securities or other regulatory filings in accordance with Law applicable to any Member. Except to the extent
disclosure is permitted or required as contemplated by the preceding sentence, the tax, financial and operating information of the Company shall only be made available to such of a Member’s employees and consultants as are required to have
access to the same in order for the recipient party to adequately use such information for the purposes for which it was furnished. Any Person to whom such information is disclosed shall be informed of its confidential nature and shall agree to keep
it confidential as provided herein. Information of the Company shall be presumed confidential unless the information is published or is in the public domain other than as a result of any action by the recipient thereof in breach of this Agreement.

 9. INDEMNIFICATION 
 9.1
Right to Indemnification. Subject to the limitations and conditions provided in this Section 9 and in the Act, each person (“Indemnified Person”) who was or is made a party to or is threatened to be made a party to or is
involved in any threatened, pending or completed action, suit or proceeding, whether civil, criminal, administrative, arbitrative or investigative (“Proceeding”), or any appeal in such a Proceeding or any action or investigation
that could lead to such a Proceeding, by reason of the fact that any person was or is a Member, Representative, member of a standing committee of the Board or an officer of the Company or was or is the legal representative of a manager, director,
officer, member, venturer, proprietor, trustee, employee, agent or similar functionary of a Member, shall be indemnified by the Company against judgments, penalties (including excise and similar taxes and punitive damages), fines, settlements and
reasonable costs and expenses (including, without limitation, attorneys’ fees) actually incurred by such Indemnified Person in connection with such Proceeding if such Indemnified Person acted within the scope of his authority, in good faith and
in a manner he reasonably believed to be in, or not opposed to, the best interests of the Company and, with respect to any criminal action or proceeding, had no reasonable cause to believe his conduct was unlawful. The termination of any Proceeding
by judgment, order, settlement, conviction, or upon a plea of nolo contendere or its equivalent, shall not, of itself, create a presumption that the Indemnified Person did not act in good faith and in a manner which he reasonably believed to
be in or not opposed to the best interests of the Company or, with respect to any criminal action or proceeding, that the Indemnified Person had reasonable cause to believe that such conduct was unlawful. 
  

 25 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 9.2 Derivative Claims. Subject to the limitations and conditions provided in this Section 9.2 and in the Act, the Company shall and does
hereby indemnify any Person who was or is a party, or is threatened to be made a party, to any threatened, pending or completed action or suit by or in the right of the Company to procure a judgment in its favor by reason of the fact that such
Person is or was a Member or an officer of the Company, the legal representative of a Member or officer, or manager, director, officer, member, venturer, proprietor, trustee, employee, agent or similar functionary of a Member against expenses
(including attorneys’ fees) actually and reasonably incurred by such Person in connection with the defense or settlement of such action or suit, if such Person acted in good faith and in a manner he reasonably believed to be in, or not opposed
to, the best interests of the Company, provided that no indemnification shall be made in respect of any claim, issue or matter as to which such Person shall have been adjudged to be liable for gross negligence, willful misconduct or fraud in the
performance of his duty to the Company unless, and only to the extent that, the court in which such action or suit was brought shall determine upon application that, despite the adjudication of liability, but in view of all the circumstances of the
case, such Person is fairly and reasonably entitled to indemnity for such expenses as the court shall deem proper. 
 9.3 Success on
Merits. To the extent that a Person has been successful, on the merits or otherwise, in the defense of any action, suit or proceeding referred to in Sections 9.1 or 9.2, or in defense of any claim, issue or matter therein, such Person shall be
indemnified against expenses (including attorneys’ fees) actually and reasonably incurred by such Person in connection therewith. 
 9.4
Survival. Indemnification under this Section 9 shall continue as to a Person who has ceased to serve in the capacity which initially entitled such Person to indemnity hereunder. The rights granted pursuant to this Section 9 shall be
deemed contract rights, and no amendment, modification or repeal of this Section 9 shall have the effect of limiting or denying any such rights with respect to actions taken or Proceedings arising prior to any such amendment, modification or
repeal. 
 10. TAX MATTERS 
 10.1 Election Under Section 754 of the Code. In the event of any transfer described in Section 743(b) of the Code or any distribution described under Section 734 of the Code, which, in either
case, is permitted by the provisions of this Agreement, the Board may, in its sole determination, cause the Company to make, upon the timely written request of the Person succeeding to an Interest in the case of such a transfer or in the
Board’s sole determination in the case of such a distribution, the election provided for in Section 754 of the Code. The successor Person requesting such election (in the case of a transfer described in Section 743(b) of the Code) or
the Company (in the case of a distribution described in Section 734 of the Code) shall pay all costs and expenses incurred by the Company in connection therewith. 
 10.2 Accountant. The Company shall engage such certified public accountant, or firm of certified public accounts, as the Board shall so determine in its sole discretion, to prepare the books and records, as
well as any and all tax filings, of the Company. 
  

 26 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 10.3 Tax Matters Member. TER is hereby designated the Tax Matters Member (the “TMM”) of the Company for purposes of Chapter 63 of
the Code and the Treasury Regulations thereunder. The TMM shall not make any tax election as TMM without the prior consent of the Board. 
 (a) Each Member shall furnish the TMM with such information as the TMM may reasonably request to permit it to provide the Internal Revenue Service with sufficient information to allow proper notice to the parties in accordance with
Section 6223 of the Code. 
 (b) No Member shall file, pursuant to Section 6227 of the Code, a request for an administrative
adjustment of Company items for any Company taxable year without first notifying the other Members. If the other Members agree with the requested adjustment, the TMM shall file the request for administrative adjustment on behalf of the Company. If
the Members do not reach agreement within thirty (30) days or within the period required to timely file the request for administrative adjustment, if such period is shorter, any Member may file a request for administrative adjustment on its own
behalf. If, under Section 6227 of the Code, a request for administrative adjustment which is to be made by the TMM must be filed on behalf of the Company, the TMM shall also file such a request on behalf of the Company under the circumstances
set forth in the preceding sentence. 
 (c) If any Member intends to file a petition under Section 6226 or 6228 of the Code with respect
to any Company item or other tax matter involving the Company, the Member so intending shall notify the other Members of such intention and the nature of the contemplated proceeding. Such notice shall be given in a reasonable time to allow the other
Members to participate in the choosing of the forum in which such petition will be filed. If the Members do not agree on the appropriate forum, the petition shall be filed with the United States Tax Court. If any Member intends to seek review of any
court decision rendered as a result of the proceeding instituted under the preceding part of this Section 10.3(c), such party shall notify the others of such intended action. 
 (d) The TMM shall not bind the other Members to a settlement agreement without the approval of a majority in Interest of the Members. If any Member
enters into a settlement agreement with the Secretary of the Treasury with respect to any Company items, as defined by Section 6231(a)(3) of the Code, it shall notify the other Members of such settlement agreement and its terms within thirty
(30) days from the date of settlement. 
 11. DISSOLUTION; WINDING UP 
 11.1 Dissolution. The Company shall be dissolved upon the occurrence of any of the following events (a “Dissolution Event”):

 (a) Upon the approval of the Board and the Requisite Vote of the Members to cease business operations and dissolve the Company; 

(b) The occurrence of an Involuntary Withdrawal or dissolution of Members holding more than two-thirds of the Percentage Interests of the Company,
unless all remaining Members, within ninety (90) days after the occurrence of the Involuntary Withdrawal, elect to 
  

 27 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 continue the business of the Company pursuant to the terms of this Agreement, in which event such withdrawing Members’ Capital Accounts shall be distributed to such Members one (1) year after such
withdrawal; 
 (c) The entry of a decree of judicial dissolution under Section 18-802 of the Act; or 
 (d) The sale by the Company of all or substantially all of its assets. 
 11.2 Distribution of Assets Upon Dissolution or Liquidation. In settling accounts after a Dissolution Event, the assets of the Company shall be applied in the following order of priority: 
 (a) First, to the creditors (including Members who are creditors), to the extent permitted by law, other than liabilities for distributions to Members;

 (b) Then, for the establishment of reasonable reserves for liabilities (including, without limitation, contingent liabilities) and other
expenses of the Company, as shall be determined by the Board in its sole discretion; and 
 (c) Then, to the Members with positive Capital
Account balances after giving effect to the allocation of all Company items, in proportion to said positive balances. 
 Any amounts required to be
distributed pursuant to this Section 11.2 shall be distributed to the Members no later than the later of (i) the end of the taxable year of the Company in which the Dissolution Event occurs or (ii) within ninety (90) days after
the date of the Dissolution Event. 
 11.3 Winding Up. 
 (a) Upon dissolution of the Company, the Board shall conclude the affairs of the Company. The Company’s assets may be liquidated and distributed in cash, or, if the Board so determines, distributed in kind;
provided, however, in the event of a Dissolution Event occurring prior to contribution by all of the General Members of their Additional Capital Contributions, at TER’s election, the Option and Pre-Formation Development Materials shall be
distributed in-kind to TER at the same value ascribed thereto upon their initial contribution to the Company by TER. To the extent any assets of the Company cannot either be sold without undue loss or readily divided for distribution in kind to the
Members, the Company may, as determined by the Board, convey those assets to a trust or other suitable holding entity established for the benefit of the Members in order to permit the assets to be sold without undue loss and the proceeds thereof
distributed to the Members at a future date. The legal form of the holding entity, the identity of the trustee or, other fiduciary, and the terms of its governing instrument shall be determined by the Board. 
 (b) Pursuant to the winding-up of the Company, the Company’s assets shall first be applied to the payment of, or to a reserve for the payment of,
Company liabilities (including cash needs loans and other debts to members and their Affiliates and further including such provision for contingent or unforeseen liabilities as the Board deems appropriate), and then shall be distributed to the
Members in accordance with their respective positive Capital Accounts 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 after the allocations pursuant to Section 6 and after any distributions pursuant to Section 5 for the then-current Fiscal Year. If assets are distributed in kind, the assets so distributed shall be valued at
their then-current fair-market values and the unrealized appreciation or depreciation in value of such assets shall be allocated to the Members’ respective Capital Accounts as if such assets had been sold, and such assets shall then be
distributed to the Members in accordance with their respective positive Capital Accounts as so adjusted. 
 (c) A taking of all or
substantially all of the Company’s property and assets in condemnation or by eminent domain shall be treated in all respects as a sale of the Company’s assets upon the dissolution and liquidation of the Company pursuant to this
Section 11 in such event any portion of the property and assets of the Company not so taken shall be sold and the proceeds, together with the condemnation award, distributed in the manner provided for in this Section 11. 
 (d) The amount by which the fair market value of any property to be distributed in kind to the Members exceeds or is less than the basis of such property
(determined without regard to any election under Section 754 of the Code) shall, to the extent not otherwise recognized to the Company, be taken into, account in computing gain or loss of the Company for purposes of crediting or charging the
Capital Accounts of, and distributing proceeds to, the Members under this Section 11. 
 (e) If, following the termination of the
Company, any asset of the Company is sold in a transaction in which, by reason of the provisions of Section 453 of the Code, gain is realized but not recognized, such realized gain shall be taken into account in computing gain of the Company
for the purposes of making allocations under Article 6 hereof and distributions of proceeds to the Members under Article 5 hereof. 
 11.4
Certificate of Cancellation. When all debts, liabilities and obligations have been paid and discharged or adequate provisions have been made therefor and all of the remaining property and assets have been distributed to the Members, a
Certificate of Cancellation shall be executed and filed pursuant to of the Act, and shall contain the information required by the Act. 
 12.
RESTRICTIONS AND REQUIREMENTS ON INTERESTS 
 12.1
Non-Complying Transfers Prohibited. No General Member may sell, assign, transfer, exchange, gift, devise, pledge, hypothecate, encumber or otherwise alienate or dispose of any Interest owned by such Member, or any right or interest therein,
whether voluntarily or involuntarily, by operation of law or otherwise, except as permitted by this Agreement. Notwithstanding the foregoing or Section 12.5 below, a General Member may transfer any or all of such Member’s Interest as
follows (an “Affiliate Transfer”): (i) to such Member’s spouse or descendents or to a trust or partnership established for the benefit of such Member’s spouse, descendents or Member, (ii) by will, or
(iii) to an entity owned by the equity holder(s) of such Member for the purpose of realigning, but not transferring, such equity holder(s) equity interests in such Member, and (iv) to an entity wholly-owned by one or more General Members,
provided that any transferee pursuant to sections (i) and (iii) is an “accredited investor” as such term is defined in the Securities Act, and further provided that in each such case the Interest shall remain subject to this
Agreement and such permitted transferee shall, as a condition to such transfer, 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement as a Member. Except to the extent otherwise required by applicable law,
any transfer of title, purported sale, transfer, pledge, encumbrance, hypothecation, grant of a security interest or assignment in violation of this Agreement of any interest in an Interest including upon default, foreclosure, forfeit, or otherwise,
shall be void and shall in no way limit, modify, alter or impair the Members obligations under this Agreement or create any rights on the part of the purported transferee, assignee or creditor against the Company or the other Members. 
 12.2 Transfer Requirements. Prior to the third anniversary of the Opening Date, no General Member may (i) Transfer all or any portion of, or
any interest or rights in, the General Member’s Interest or any portion thereof, or (ii) Transfer all or any portion of, or any interest or rights in, itself or any portion thereof. Following the fifth anniversary of the Opening Date, and
subject to the provisions of Section 12.5 herein, a General Member may Transfer all or a portion of its Interest, provided that the following conditions (“Conditions of Transfer”) are satisfied (a transfer described herein
being referred to hereinafter as a “Permitted Transfer”): 
 (a) The Transfer will not require registration of the
transferring Member’s Interest under any federal or state securities laws; 
 (b) The transferee has applied for and received any gaming
license or qualification of the Pennsylvania Gaming Control Board in order to hold an interest in the Company and has otherwise satisfied all conditions and requirements that may be imposed under the Pennsylvania Racehorse Development and Gaming Act
and any regulations promulgated thereunder (collectively, the “Gaming Act”); 
 (c) Any sale or other assignment of the
interest subsumes all rights of the transferring Member with respect to the Interest being transferred (including the voting rights, powers of appointment, informational rights, Percentage Interest and Capital Account related to the transferred
Interest); 
 (d) The transferee delivers to the Company a written instrument in which the transferee acknowledges that it acquires its
rights in or against the interest subject to the terms of this Agreement (which shall continue to govern), assumes in writing the obligations of the selling Member from and after the date of such Transfer, and agrees to be bound by the terms of this
Agreement; 
 (e) Reasonable assurances are provided to the Board that all monetary obligations hereunder of the transferring Member prior to
the date of such assumption have been or will be satisfied; 
 (f) The Transfer would not result in a breach or default under any agreement
to which the Company is a party or give rise to the right to accelerate the maturity of any Company indebtedness or result in any fees or penalties to the Company (unless the transferee or assignor indemnifies the Company against such fees or
penalties in a manner reasonably satisfactory to the non-transferring Member or pays such fees or penalties); 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (g) If the transferring Member’s Percentage Interest is less than five (5%) percent, such Transfer shall be of all, and not less than all, of
such Member’s Percentage Interest; and 
 (h) Upon the request of the Company, the transferring Member shall, at such Member’s
expense, furnish an opinion of counsel reasonably acceptable to the Company confirming that such Conditions of Transfer as specified by the Company have been satisfied. 
 12.3 Required Pledge. In the event TER pledges its Membership Interest to a lender or lenders in order to secure financing for the Company, including the letter of credit required to be posted by the Company in
connection with the Company’s application for a Category 2 License and costs included in the Development Budget, then to the extent such lender or lenders request, all General Members will pledge their respective Membership Interests to such
lender or lenders on the same terms and conditions as the TER pledge. 
 12.4 No Withdrawal. Notwithstanding any provisions in this
Agreement to the contrary, without the prior consent of the Board, no Member may resign, withdraw or take any other action that would cause a dissolution of the Company prior to the termination of the Company pursuant to Section 11.1.

 12.5 Right of First Refusal. 
 (a) If a General Member (the “Selling Member”) desires to make a bona fide sale of its Interest to a third party (a “Third Party”), other than pursuant to an Affiliate Transfer, as evidenced by an
executed letter of intent or signed term sheet with such Third Party, the Selling Member shall first offer the Interest for sale or transfer to TER and the General Members at a price equal to the price set forth in the in the letter of intent or
term sheet with the Third Party (the “Offer Price”), but not to exceed the Ceiling Price, and otherwise on the terms and conditions set forth in the letter of intent or term sheet with the Third Party. The Selling Member shall,
prior to any such sale, give written notice (the “Selling Member’s Notice”) to TER and the Company. The Selling Member’s Notice shall include the Offer Price, the identity of the Third Party, the terms of payment of the
Offer Price and all material terms relating to such sale, and include a copy of the term sheet or letter of intent. The Selling Member’s Notice shall constitute a binding offer by the Selling Member to sell to TER and TER shall have the right
to purchase the Interest (the “Offered Interest”) then owned by the Selling Member at the lesser of the Offer Price or the Ceiling Price. Not later than thirty (30) days after receipt of the Selling Member’s Notice, TER
shall deliver written notice to the Selling Member and the Company (the “TER Notice”) stating whether TER has elected to purchase the Offered Interest. For purposes of this Section 12.5(a), the “Ceiling Price” shall
be (x) the Percentage Interest represented by the Offered Interest multiplied by [*****], (y) multiplied by [*****] (*****). 
 (b)
In the event TER elects not to purchase the Offered Interest as provided above, the Company shall give notice (the “Company Notice”) of that fact to each General Member and each General Member shall have the right to purchase such
General Member’s Proportionate Share of the Offered Interest at the lesser of the Offer Price or the Ceiling Price. As used in this Section 12.5(b), “Proportionate Share” shall mean with respect to each Member a fraction, the
numerator of which is the Percentage Interest then held by such Member, and the 
  

 31 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 denominator of which is the total Percentage Interests of all Members timely electing to purchase the Offered Interest pursuant to this Section 12.5(b). Not later than fifteen (15) days after delivery of the
Company Notice, each Member electing to purchase the Offered Interest shall deliver to the Company and the other Members, including the Selling Member, a written notice stating that it has elected to purchase its Percentage Share of the Offered
Interest. 
 (c) The place for the closing of any purchase and sale described in Section 12.5(b) or Section 12.5(c) shall be the
principal office of the Company or at such other place as the parties shall agree, within thirty (30) days of the later to occur of the TER Notice or the Company Notice. At the closing, the Selling Member shall sell the Offered Interest at the
price specified in Section 12.5(a) and otherwise on the terms specified in the Selling Member’s Notice, and shall deliver to TER or any purchasing General Members, as applicable the Offered Interest free and clear of any and all claims,
liens, and encumbrances of every kind and nature by duly executed instruments of transfer of the Offered Interest. If the Ceiling Price has not yet been determined as provided in Section 12.5(a) above at the time for closing as specified in
this Section 12.5(c), then the purchase of the Offered Interest shall occur at the Offer Price. 
 (d) If TER and the General Members
fail to purchase the Offered Interest, then the Selling Member shall be free to sell to the Third Party the Offered Interest at a price and on terms no less favorable to the Selling Member than described in the Selling Member’s Notice,
provided, however, that such sale is consummated within forty-five (45) days of the date of the Company Notice. As a condition precedent to the effectiveness of a transfer to a Third Party pursuant to this Section 12.5(d), the Conditions
of Transfer shall be satisfied. If the sale to the Third Party is not concluded within forty-five (45) days after the date of the Company Notice, then the Interest of the Selling Member shall once again become subject to the right of first
refusal set forth herein. 
 (e) In connection with a prospective sale by a Selling Member of its Interest in the Company, provided the
potential third-party purchaser of the Selling Member’s Interest shall have entered into a non-disclosure agreement reasonably acceptable to the Company, and provided further that neither such potential third party purchaser nor any of its
Affiliates engages in a competing business anywhere in the Restricted Area, then the Selling Member may furnish, and the Company will cooperate with the Selling Member in furnishing, such information regarding the Company and its business operations
as such potential third-party purchaser may reasonably request in order to value and evaluate the Interest of the Selling Member. For purposes of this subsection, the phrase “engages in a competing business” shall mean, directly or
indirectly, operating, owning any equity interest in (as a partner, member, shareholder, principal, agent or trustee), or rendering any management, consulting or similar services to, any casino or slot parlor, other than ownership, solely as a
passive investment, of securities of an entity traded on any national securities exchange or market if such third party and its Affiliates do not own, collectively, more than of such securities. 
 12.6 Transfer by TER. Notwithstanding anything contained herein to the contrary, provided the Conditions of Transfer are satisfied, TER may sell,
assign, pledge or hypothecate its Interest in the Company, in whole or in part, at any time and from time to time. 
  

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 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 12.7 Drag Along Obligation. 
 (a)
Subject to Section 12.7(b) below, if after the fifth anniversary of the Opening Date, TER shall desire to accept (X) a proposal from a Person for the transfer, directly or indirectly, of all of the Interests of the Company to such person,
(Y) the merger or consolidation of the Company with or into another Person in which the Members of the Company will receive cash or securities of any other Person for their Interests or (Z) an offer to purchase all or substantially all of
the assets and business of the Company, in each of the above cases for a specified price payable in cash or otherwise and on specified terms and conditions ((X), (Y) and (Z), collectively, a “Sale Proposal”), then TER shall
deliver a notice (a “Required Sale Notice”) with respect to such Sale Proposal to each General Member stating that TER proposes to effect the Sale Proposal and providing the identity of the Persons involved in such Sale Proposal and
the terms thereof. Each General Member, upon receipt of a Required Sale Notice, shall be obligated (the “Drag Along Obligation”), which Drag Along Obligation shall be enforceable by TER, to sell their Interests and/or participate in
the transaction (a “Required Sale”) contemplated by the Sale Proposal, to vote their Interest in favor of such Sale Proposal at any meeting of Members called to vote on or approve such Sale Proposal and otherwise to take all
reasonably necessary action to cause the Representatives, the Company and the Members to consummate such Required Sale; provided, that the General Members shall not be obligated to make substantive representations and warranties to the purchaser
regarding the business and assets of the Company, but shall be obligated to make customary representations regarding their ownership of their respective Interests in the Company, and the absence of liens and encumbrances thereon; but any holdback of
the purchase price by the purchaser shall be allocated proportionally to the consideration payable to each Member. Any such Required Sale Notice may be rescinded by TER by delivering written notice thereof to all of the General Members. 

(b) Notwithstanding the provisions of Section 12.7(a) above, the Drag Along Obligation shall only be binding upon the General Members if the
consideration to be received by the Members is determined to be fair, from a financial point of view, as evidenced by a fairness opinion from a nationally recognized investment banking or valuation firm retained by the Company to render such
fairness opinion to the Board. 
 12.8. Power of Attorney. Each General Member hereby appoints the Chairman of the Board of
Representatives of the Company as its lawful attorney-in-fact, to be effective upon the failure of any General Member to comply with the provisions of Sections 12.3, 12.7 and 14.2, for the purpose of carrying out such provisions on the part of such
General Member and taking any action and executing any instrument with respect to the Interest of such General Member which the Chairman of the Board may deem necessary or advisable to accomplish the purposes of Sections 12.3, 12.7 and 14.2. The
power of attorney granted hereunder is coupled with an interest and is irrevocable until this Agreement is terminated. 
 12.9
Participation Rights. 
 (a) In the event that TER receives a bona fide offer from a third party or parties other than an Affiliate of
TER (a “Third Party Buyer”), in a single transaction or series of transactions within a six month period, to purchase more than 50% of TER’s Interest in the Company for a specified price payable in cash or otherwise and on
specified terms and conditions (the “Offer”), and TER proposes to sell or otherwise transfer more than 50% of its 
  

 33 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Interest in the Company to the Third Party Buyer pursuant to the Offer, TER shall not effect such sale or transfer unless each General Member is first given the right, on notice from TER, to sell to the Third Party
Buyer, at the same price and on the same terms and conditions as stated in the Offer, all or a portion of such Member’s Interest. 
 (b)
Notices of Offer and Intent to Participate. If a General Member wishes to participate in any sale pursuant to Section 12.9(a) (an “Electing Member”) it shall notify TER in writing of such intention not later than fifteen
(15) days after receipt of the Notice from TER (as described in Section 12.9(a) above). If TER does not receive such notice from a General Member within such fifteen (15) day period, TER shall be free to consummate the proposed
transaction without any obligation to include such General Member’s Participant Interest in such transaction. 
 (c) Sale of
Participation Interests. TER and each Electing Member shall sell to the Third Party Buyer all or such portions of their Interests proposed to be sold by them at not less than the price and upon other terms and conditions, if any, not more favorable
to the Third Party Buyer than those stated in the Offer. In the event the Offer proposes to purchase less than 100% of the Interests of the Members, then the Interests to be sold to the Third Party shall be a pro-rata portion of the Interests of TER
and the Electing Members. 
 12.10 TER Restrictive Covenant. For so long as TER or any of its Affiliates own more than a fifteen
(15%) Interest in the Company, neither TER nor an Affiliate of TER shall (i) engage in a competing business for its own account anywhere in [*****] (the “Restricted Area”); or (ii) [*****]; provided, however, [*****].

 13. EVENTS OF DEFAULT; REMEDIES. 
 13.1 Events of Default by Member. The following shall constitute events of default under this Agreement (“Events of Default”):

 (a) The failure of any Member to fulfill any of its obligations in its capacity as a Member under this Agreement within thirty
(30) days after written notice from the other Member, which default may be cured during such thirty (30) day period, provided that no notice shall be required if a Member fails to make all or any portion of such Member’s Capital
Contribution within the time periods provided in Article 3 or Article 4 herein; or 
 (b) A Member suffers an Involuntary Withdrawal.

 13.2 Remedies in the Event of Default by a Member. If a Member causes, permits or suffers an Event of Default under this Agreement,
such Member (the “Defaulting Member”) shall be subject to the following remedies, each of which shall be cumulative and not exclusive of any other right or remedy of the other Members: During any period in which an Event of Default
continues: 
 (a) If the Event of Default is the failure to make a Capital Contribution, such the Defaulting Member shall be subject to a
penalty of $100,000 for each day such Defaulting Member fails to make its Capital Contribution, and upon the tenth day following the failure to 
  

 34 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 make timely its Capital Contribution, the Defaulting Member’s Interest in the Company shall be forfeit, without right of the Defaulting Member to cure such Event of Default, and such Defaulting Member shall have
no further rights or interests under this Agreement.. 
 (b) Any distributions from the Company to which the Defaulting Member would be
entitled shall be retained by the Company in a segregated account, and shall be available to satisfy any damages suffered by the Company on account of the Event of Default. 
 14. COMPLIANCE WITH PENNSYLVANIA GAMING REGULATIONS 
 14.1 Licensing. Each Member hereby agrees to cooperate reasonably and promptly with the Company and the other Members, and with the Pennsylvania Gaming Control Board, in obtaining any and all qualifications,
licenses, permits or approvals required of the Company, including a Category 2 License, and all qualifications, licenses, permits or approvals required of the Members, including filing applications, submitting to investigations and providing such
documentation and information as may be required in connection therewith. 
 14.2 Disqualification of a Member. 
 (a) All Interests in the LLC are held subject to the condition that if the Pennsylvania Gaming Control Board determines that a Member (i) does not
meet the character requirements of Section 1310 of the Gaming Act or any other eligibility requirements under the Gaming Act or (ii) acquired such Interest in violation of Section 1328 of the Gaming Act, such Member (a
“Disqualified Member”) shall divest his, her or its Interest in the LLC; provided that the consideration received by the Disqualified Member in connection with such a divestiture shall not exceed the cost of the Interest.
Accordingly, TER shall have the right and option for a period of sixty (60) days following the date of such determination by the Pennsylvania Gaming Control Board to acquire the Interest of the Disqualified Member (exercisable in its own right
or in the name of TER’s designee) at a price equal to the lesser of (i) the fair market value of the Interest or (ii) such price as the Disqualified Member is allowed to receive pursuant to applicable Law or order of the Gaming
Authorities. In the event TER elects not to purchase the Interest of the Disqualified Member, then each General Member, for a period of sixty (60) days, shall have the right and option to acquire its Proportionate Share of the Interest of the
Disqualified Member at a price equal to the lesser of (i) the fair market value of the Interest or (ii) such price as the Disqualified Member is allowed to receive pursuant to applicable Law or order of the Gaming Authorities. 

(b) The General Members acknowledge that the Company must vigilantly protect its suitability for licensure, and that TER must at all times vigilantly
protect the gaming licenses held by its Affiliates. Accordingly, all agreements involving the operation of the Facility must strictly comply with all applicable laws and all persons and entities to be dealt with by the Company and the Members in
connection with the operation of the Facility must be of the highest integrity. The Company, all Members and any third parties or agents acting on their behalf shall at all times comply with all applicable laws and regulations. In addition, all
General Members , on behalf of themselves and their respective affiliates, will submit such information as may be requested by the Company, TER and/or the Pennsylvania Gaming Control Board for the purpose of determining suitability for licensure. In
the event that the Company, in the course 
  

 35 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 of its continuing due diligence, determines at any time prior to the date on which Additional Capital Contributions are made, that any Member is unsuitable for licensure or qualification to hold an equity interest in
the Company, or that the affiliation by the Company or TER with any Member could reasonably jeopardize the suitability of the Company to hold a Category 2 License under the Gaming Act or an Affiliate of TER to hold gaming licenses in other
jurisdictions, then the Company shall have the right to redeem the Interest of such Member for a redemption price equal to such Member’s Initial Capital Contribution. 
 14.3 Contacts with Gaming Control Board; Political Contributions. 
 (a) Neither the Company, nor any Member, nor any affiliate, employee, agent or representative of the Company or any Member, shall meet with any member of the Pennsylvania Gaming Control Board, or discuss any
application or other matter which may reasonably be expected to come before the Pennsylvania Gaming Control Board, other than at a public meeting at the offices of the Gaming Board. 
 (b) Neither the Company, nor any Member, nor any affiliate, employee, agent or representative of the Company or any Member, shall, directly or
indirectly, contribute any money, property or services to any candidate for nomination or election to any public office in the Commonwealth of Pennsylvania, or to any group, committee or association organized in support of any such candidate,
political committee or state party. 
 15. ARBITRATION 
 15.1 Agreement to Arbitrate. Any controversy, dispute or claim arising out of, in connection with, or in relation to the interpretation, performance or breach of this Agreement shall be resolved by binding
arbitration in Philadelphia, Pennsylvania, pursuant to the commercial arbitration rules (the “Rules”) of the American Arbitration Association (“AAA”), specifically including the Rules relating to “Expedited
Procedures” (the “Expedited Procedures”); and any judgment may be entered in any Court having jurisdiction. 
 15.2
Jurisdiction. The parties consent to the jurisdiction of the Supreme Court of Pennsylvania, and of the United States District Court for the Eastern District of Pennsylvania, for all purposes in connection with arbitration, including the entry
of judgment confirming any award; and consent that any process, notice, motion or other application to either of said courts, and any papers in connection with arbitration, may be served by registered or certified mail, return receipt requested, by
personal service, or in such other manner as may be permissible under the rules of the applicable court or arbitration tribunal, provided a reasonable time for appearance is allowed. 
 15.3 Selection of Arbitrators. The AAA in Philadelphia, PA shall be requested to submit a list of five (5) persons to serve as the
arbitrator. The arbitrator will be selected from a panel of persons having experience with and knowledge of the gaming business. The parties shall select the arbitrator from the list submitted, provided that if the parties cannot agree upon the
arbitrator, then the arbitrator shall be selected from the list of five (5) through the process of each party jointly striking names from the list until one name remains. The above procedures contemplate that there will only be two (two)
parties to the arbitration proceeding; if there are 
  

 36 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 more, and the parties cannot agree upon the method of choosing arbitrators the method of proceeding shall be determined pursuant to the then existing Commercial Arbitration Rules of the AAA. 
 15.4 Determination by the Arbitrator. The decision of arbitrator shall be final and binding upon all parties. A judgment upon any award rendered
by arbitrator may be entered and enforced in any court of competent jurisdiction. The arbitrator shall be requested to render an opinion within thirty (30) days after the date the controversy (within fifteen (15) days in the case of any
expedited proceeding) is submitted to them. 
 15.5 Scheduling. The arbitrator is instructed to schedule promptly all discovery and
other procedural steps and otherwise to assume case management initiative and control to effect an efficient and expeditious resolution of the dispute. The arbitrator is authorized to issue reasonable monetary sanctions against either party if, upon
a showing of good cause, such party is unreasonably delaying the proceeding. 
 15.6 Expenses. The arbitrator shall award to the
prevailing party in any arbitration proceeding commenced hereunder the prevailing party’s costs and expenses (including expert witness expenses and reasonable attorneys’ fees but excluding the cost of the arbitrator selected by the
prevailing party) of investigating, preparing and presenting such arbitration claim. 
 15.7 Expedited Procedures. Each party hereto
hereby consents to the use, of the Expedited Procedures without regard to the amount in controversy and agrees to cooperate in all respects with the arbitrator in order to permit a speedy resolution to such disputes. The arbitrator shall convene a
hearing as quickly as practicable after his or her appointment, and in any event no later than fifteen (15) days after such appointment. There shall be only one hearing, which shall not exceed five (5) consecutive business days in length.

 15.8 Other Procedures. The arbitrator is specifically authorized to render partial or full summary judgment as provided for in the
Federal Rules of Civil Procedure. The Federal Rules of Evidence shall apply to the arbitration hearing. The party bringing a particular claim or asserting an affirmative defense will have the burden of proof with respect thereto. The arbitration
proceedings and all testimony, filings, documents and information relating to or presented during the arbitration proceedings shall be deemed to be information subject to the confidentiality provisions of this Agreement. At the time of granting or
denying a motion for hearing, the arbitrator shall prepare and distribute to the parties a writing setting forth the arbitrator’s findings of facts and conclusions of law relating to the dispute, including the reasons for the giving or denial
of any aware. 
 15.9 Certain Decisions or Disputes Not Subject to Arbitration. Notwithstanding anything to the contrary in the
foregoing, the following decisions or disputes shall not be subject to arbitration: 
 (a) Consents, approvals or decisions made by the Board
of Member Representatives pursuant to Section 7.1; 
 (b) Consents or approvals of the Members at a meeting of Members pursuant to
Section 7.1. 
  

 37 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (c) Matters arising from the requirements and obligations provided in Article 12. 
 Furthermore, the arbitrators shall have no power to alter or modify any express provision of this Agreement, or to render an award which has the effect of altering or modifying any express provision hereof, provided,
however, that any application for reformation of this Agreement shall be made to the arbitrators and not to any Court, and the arbitrators shall be empowered to determine whether valid grounds for reformation exist. 
 15.10 Certain Limitations on the Authority of Arbitrators. Notwithstanding Sections 13.1 and 13.2 above, the arbitrator(s) shall not have the
authority to (i) cause any Member to contribute capital to the Company, (ii) cause the Company to sell substantially all of its assets or merger with any other Company. 
 15.11 Time Limitations. Any arbitration proceeding must be instituted within one year after the claimed breach occurred, and a party’s
failure to institute arbitration proceedings within such period shall constitute an absolute bar to the institution of any proceedings by said party and a waiver of such claimed breach. Notwithstanding any Law or rule to the contrary, the
determination of whether said one-year period has expired shall be made by the Court and shall not be within the jurisdiction of the arbitrators. 
 16.
MISCELLANEOUS 
 16.1 Tense or Gender. All terms and words used in this Agreement, regardless of the tense or gender
in which they are used, shall be deemed to include each other tense and gender unless the context requires otherwise. 
 16.2 Further
Assurances. The Members agree immediately and from time to time to execute, acknowledge, deliver, file, record and publish such further certificates, amendments to certificates, instruments and documents, and to do all such other acts and things
as may be required by Law, or, in the opinion of a majority in Interest of the Members, as may be necessary or advisable to carry out the intent and purposes of this Agreement. 
 16.3 Notices. Unless otherwise specified in this Agreement, all notices, demands, requests or other communications which any of the parties to
this Agreement may desire or be required to give hereunder (hereinafter referred to collectively as “Notices”) shall be in writing and may be delivered by hand, by overnight courier, or mailed by registered or certified mail,
postage prepaid, to the appropriate Member or to the Company at the address set forth in the Preamble or Schedule A, as applicable. Notice may also be sent to such other addresses or substitute addresses of which a Member advises the Company by
notice given in the manner set forth herein. Notices given in compliance with the provisions of this Section 16.3 shall be deemed to have been duly given when received or upon refusal to accept delivery, or as demonstrated by the sender.

 16.4 Governing Law. The parties agree that the parties shall be governed by, and this Agreement shall be construed in accordance
with, the laws of the State of Delaware applicable to agreements made and to be performed in such State (without regard to choice of laws). 
  

 38 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 16.5 Counterparts. This Agreement may be executed in counterparts and each counterpart so executed by each Member shall constitute an original,
all of which when taken together shall constitute one agreement, notwithstanding that all the parties are not signatories to the same counterpart. 
 16.6 Entire Agreement. This Agreement is the entire agreement among the parties with respect to the subject matter hereof and supersedes all prior agreements relative to such subject matter. 
 16.7 Amendments. This Agreement may not be changed, modified, amended waived or discharged, in whole or in part, unless in writing and signed by
all of the Members. 
 16.8 Severability. If any term or provision of this Agreement or the application thereof to any person or
circumstance shall to any extent be invalid or unenforceable, the remainder of this Agreement or the application of such term or provision to persons or circumstances other than those as to which it is held invalid or unenforceable shall not be
affected thereby and each term and provision of this Agreement shall be valid and enforced to the fullest extent permitted by law so long as the economic or legal substance of the transactions contemplated hereby is not affected in any manner
materially adverse to any party hereto. 
 16.9 Submission to Jurisdiction; Agent to Service. EACH OF
THE PARTIES HERETO CONSENTS TO THE JURISDICTION OF ANY STATE OR
FEDERAL COURT LOCATED WITHIN THE STATE OF DELAWARE, AND IRREVOCABLY AGREES
THAT ALL ACTIONS OR PROCEEDINGS RELATING TO THIS AGREEMENT OR ANY
AGREEMENT OR INSTRUMENT EXECUTED HEREUNDER, OTHER THAN ANY ACTION OR PROCEEDING
REQUIRED BY SECTION 15 HEREOF TO BE SUBMITTED TO ARBITRATION, SHALL BE
LITIGATED IN SUCH COURTS, AND EACH OF THE PARTIES WAIVES ANY
OBJECTION WHICH IT MAY HAVE BASED ON IMPROPER VENUE OR FORUM NON
CONVENIENS TO THE CONDUCT OF ANY SUCH ACTION OR PROCEEDING IN ANY
SUCH COURT AND WAIVES PERSONAL SERVICE OF ANY AND ALL PROCESS UPON
IT, AND CONSENTS TO ALL SUCH SERVICE OR PROCESS MADE IN THE
MANNER SET FORTH IN SECTION 16.3 HEREOF. Nothing contained in this Section shall affect the right of any party to serve legal process on any other party
in any other manner permitted by law. Nothing contained in this Section shall affect the obligations of the parties with respect to the arbitration of disputes under Section 15 hereof. 
 16.10 Headings. The headings in this Agreement are inserted for convenience and identification only and are in no way intended to describe,
interpret, define or limit the scope, extent or intent of this Agreement or any provision hereof. 
 16.11 Parties Bound. This
Agreement shall be binding upon the Members and their respective successors, assigns, heirs, devises, legal representatives, executors and administrators. Any Person acquiring or claiming an Interest in the Company, in any manner whatsoever, shall
be subject to and bound by all the terms, conditions and obligations of the Agreement to which his predecessor in Interest was subject or bound, without regard to whether such Person has executed this Agreement or a counterpart hereof or any other
document contemplated hereby. No Person shall have any rights or obligations relating to the Company greater than those set forth in this Agreement, and no Person shall acquire an Interest in the Company or become a Member thereof except as
permitted by the terms of this Agreement. 
  

 39 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 16.12 Strict Construction. It is the intent of the Members upon execution hereof that this Agreement shall be deemed to have been prepared by all
of the parties. The language in all parts of this Agreement shall be in all cases construed simply according to its full meaning and not strictly for or against any of the Members. 
 16.13 Singular and Plural Terms. The singular of any defined term or any term used herein shall be deemed to include the plural. 
 [Signature page follows] 
  

 40 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the day and year first above written. 
  

											
	TER KEYSTONE DEVELOPMENT, LLC	 		 	MSM GAMING, INC.	 	
						
	By:	 	 /s/    James B. Perry
 James B. Perry
 President and Chief Executive Officer
	 		 	By:	 	 /s/    Nathan B. Morris
 Nathan B. Morris
	 	
				
	YO! GAMING, LLC	 		 	MLGC, L.P.	 	
						
	By:	 	 /s/    Pasquale W. Croce, Jr.
 Pasquale W. Croce, Jr.
	 		 	By:	 	 /s/    Leslie A. Brun
 Leslie A. Brun
	 	
					
	NEIGHBORHOOD PARTNERSHIP, LLC	 		 		 		 	
					
	By:	 	 /s/    Brian P. Tierney
 Brian P. Tierney
	 		 	 /s/    Mitchell Morgan
 Mitchell Morgan
	 	
					
	QUAKER CITY GAMING, LLC	 		 		 		 	
						
	By:	 	 /s/    Peter Ciarrocchi, Jr.
 Peter Ciarrocchi, Jr.
	 		 		 		 	
					
	S&B INVESTMENTS GROUP, LLC	 		 		 		 	
						
	By:	 	 /s/    Gerald S. Segal
 Gerald S. Segal
	 		 		 		 	

  

 41 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 [to be provided on behalf of each General Member] 
 GUARANTY
OF ADDITIONAL CAPITAL CONTRIBUTION 
 The undersigned, jointly and severally if more than
one, hereby personally and unconditionally guarantee(s) to KEYSTONE REDEVELOPMENT PARTNERS, LLC (the “Company”), each other Member, and any Person extending credit to of for the benefit of the Company, the timely payment by [Member Name]
to the Company of its Additional Capital Contribution as provided in Section 4.1 herein and on Schedule B hereto. The undersigned acknowledge that the Members are relying on this guaranty in entering into the Limited Liability Company Agreement
of the Company, and that lenders to the Company will be relying on this guaranty in extending credit to the Company. 
 NATURE
OF GUARANTY. This Guaranty is primary, absolute, irrevocable, unconditional and continuing and enforcement of this Guaranty shall not be contingent upon pursuit by the Company or the Members of any remedies they may
have against [Member Name], whether pursuant to the terms of any agreements or by law, and neither the Company nor any Members shall be required to (i) institute any judicial action against [Member Name], (ii) enforce any other remedy
against [Member Name], or (iii) take any action to realize upon any property or collateral assigned, pledged or otherwise available to the Company as security for performance of the obligations of Buyer. 
 WAIVERS AND CONSENTS. The undersigned hereby waive(s) (i) notice of acceptance of this Guaranty and of extensions of
credit by lenders to the Company; (ii) presentment, demand, protest and notice of dishonor of the obligation hereby guaranteed; (iii) demand by the Company for observance or performance of, or enforcement by the Company of any terms or
provisions of the Agreement, or any terms or provisions of this Guaranty; (iv) any defense arising by reason of any disability or other defense of or by reason of the cessation from any cause whatsoever of [Member Name] ; and (v) any right
to require the Company to bring any action against [Member Name] or any other person; to proceed against or exhaust any security held from [Member Name]; or to pursue any other remedy in the Company’s power whatsoever. 
  

	
	  
 Name:

	Date:

  

 42 

 SCHEDULE A 
 GENERAL MEMBERS 
  

							
	 Name
	  	 Address
	  	 Phone No.
	  	 Email

	 Yo! Gaming LLC
	  	 [*****]
	  	 [*****]
	  	
				
	 Neighborhood Partnership, LLC
	  	 [*****]
	  	 [*****]
	  	
				
	 Quaker City Gaming, LLC
	  	 [*****]
	  		  	
				
	 S&B Investments Group, LLC
	  	 [*****]
	  		  	
				
	 MSM Gaming, Inc.
	  	 [*****]
	  		  	
				
	 MLGC, L.P.
	  	 [*****]
	  	 [*****]
	  	
				
	 Mitchell Morgan
	  	 Morgan Properties
 160 Clubhouse Road
 King of Prussia, PA 19406
	  	 [*****]
	  	 [*****]

 SCHEDULE B 
 CAPITAL CONTRIBUTIONS AND PERCENTAGE INTERESTS 
  

										
	 Name
	  	 Initial Capital
 Contribution
	  	 Additional
 Capital
Contribution
	 	 	 Percentage
 Interest
	 
	 TER Keystone Redevelopment, LLC
	  	 Option and Pre-
 Formation
 Development
 Materials (value of
 $4,645,885)
	  	$	39,854,115	 	 	63.5555	%
				
	 Yo! Gaming, LLC
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 Neighborhood Partnership, LLC
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 Quaker City Gaming, LLC
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 S&B Investments Group, LLC
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 MSM Gaming, Inc.
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 MLGC, L.P.
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 Mitchell Morgan
	  	[*****]	  	 	[*****	]	 	[*****	]
				
	 Total
	  	$4,663,385	  	$	65,354,115	 	 	100	%

 SCHEDULE C 
 BUSINESS PLAN 
 [*****]Management Agreement

 Exhibit 10.2 
 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Confidential terms of this agreement which have been redacted
are marked (“[*****]”). The omitted materials have been filed separately with the Securities and Exchange Commission. 
 MANAGEMENT AGREEMENT 
 THIS MANAGEMENT
AGREEMENT (hereinafter called the “Agreement”) is hereby executed as of the 26th day of December 2005, by and between KEYSTONE REDEVELOPMENT PARTNERS,
LLC, a Delaware limited liability company having an address at Fox Street and Roberts Avenue, Philadelphia, Pennsylvania (hereinafter called “Owner”), and TER MANAGEMENT CO., LLC, a Delaware limited
liability company having an address at 1000 Boardwalk, Atlantic City, New Jersey 08401 (hereinafter called “Manager”). 
 RECITALS: 
 WHEREAS, Owner has or will apply for a license to operate a facility under
the Pennsylvania Racehorse Development and Gaming Act (the “Act”) to operate slot machines to be located in Philadelphia, Pennsylvania (the “Facility”); and 
 WHEREAS, Manager, itself and through its Affiliates, has substantial expertise in the operation and management of unique and
distinctive hotel casinos and for marketing and promotional activities in connection therewith; and 
 WHEREAS, Owner
has determined it to be in its best interest to avail itself through Manager of the expertise and capabilities available to Manager in the management and operation of the Facility; and 
 WHEREAS, the parties have agreed, based upon the foregoing considerations, that Owner requires, and that Manager has agreed to
provide, the services more particularly described herein, on the terms and conditions herein described. 
 NOW,
THEREFORE, based upon the mutual premises herein contained and for good and valuable consideration, the parties hereby agree as follows: 
 1. DEFINITIONS 
 All capitalized terms referenced or used in this Agreement and not specifically defined herein shall have
the meaning set forth on Exhibit A, which is attached hereto and incorporated herein by reference. 
 2. TERM 
 2.1 Initial Term. This Agreement shall be effective upon its execution by Owner and Manager (the “Effective Date”), and the
management services to be rendered hereunder shall commence eight (8) months in advance of the projected Opening Date of the Facility, or such earlier time as the parties may agree upon in writing (the “Commencement Date”). The
Initial Term of this Agreement shall be ten (10) years from the Commencement Date. 
  

 1 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 2.2 Extended Term. Provided no Event of Default on the part of Manager shall exist at the conclusion of the Initial Term, Manager shall
have the right and option to extend the Term for one (1) additional ten (10) year period (the additional ten (10) year period being designated as the “Extended Term”) by providing written notice of Manger’s election to
so extend the Term to Owner not less than six (6) months prior to the end of the Initial Term. 
 2.3 Owner Option to
Terminate. In the event that Manager’s Affiliates hold less than ten (10%) of the equity interests of Owner, Owner shall have the right and option to terminate this Agreement on three (3) months’ notice to Manager.

 3. APPOINTMENT OF MANAGER 
 3.1
Appointment. Owner hereby appoints, hires and engages Manager as Owner’s exclusive agent to manage and operate the Facility on behalf of and for the account of Owner commencing as of the Commencement Date and continuing during the
Term of this Agreement. Manager hereby accepts such appointment upon and subject to the terms, conditions, covenants and provisions set forth herein. 
 3.2 Management of the Facility. Manager shall diligently operate the Facility and perform its duties hereunder consistent with the operational quality of other first-class casinos, after taking into
account differences with respect to the physical characteristics of the Facility, local conditions, budgeting limitations and the nature of its market, as well as the limitations imposed upon Manager by this Agreement, Owner and any applicable
Governmental Requirements. 
 3.3 Owner’s Representatives. Manager acknowledges that Owner is governed by a “Board of
Member Representatives,” and that all approvals or other actions that this Agreement specifies are to be granted or taken by Owner are to be granted or taken by Owner’s Board of Member Representatives acting in accordance with Owner’s
governing documents. Subject to Governmental Requirements, Owner’s Representatives shall have access to all areas of the Facility, other than private offices, at all times and shall have access to, and the right to review the Books and Records.
Manager and Manager’s Senior Staff shall cooperate with Owner’s Representatives to provide such information and access as Owner’s Representatives may request from time to time. Owner’s Representatives shall not interfere with the
conduct of Manager’s business. 
 4. PRE OPENING ACTIVITIES 
 4.1 Pre-Opening. Six (6) months prior to the scheduled Opening Date, Manager shall commence implementation of a pre-opening program which shall include all activities necessary to financially and
operationally prepare the Facility for opening in accordance with a pre-opening budget which shall be submitted by Owner to Manager no later than seven (7) months prior to the scheduled Opening Date (“Pre-Opening Budget”). The
Pre-Opening Budget shall set forth the expenses which Owner anticipates to be necessary or desirable in order to prepare the Facility for opening, including without limitation, cash for disbursements, FF&E and 
  

 2 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Operating Supplies, hiring, training, relocation and temporary lodging of employees, advertising and promotion, office overhead and office space (whether on or off the Facility), and travel and business entertainment
(including opening celebrations and ceremonies) (“Pre-Opening Expenses”). The Manager agrees that the Pre-Opening Budget may be modified by Owner from time to time. 
 5. AUTHORITIES AND RESPONSIBILITIES OF MANAGER 
 5.1 Rights and Responsibilities of
Manager. During the Term, Manager shall have the following rights and responsibilities in connection with the management and operation of the Facility: 
 a. Personnel Matters. Manager shall have the authority and responsibility to establish and implement procedures, techniques and programs to screen, evaluate, hire, and train qualified applicants to become
Facility employees. Manager shall have the sole authority to hire, promote, discharge and supervise all Facility employees. In exercising this authority, Manager shall comply with the laws of Pennsylvania applicable to employment matters. All
Facility employees shall be employees of the Owner, and the costs and expenses of such employees shall be Operating Expenses; provided, however, the persons appointed by Manger to serve as the [*****] of the Facility (“Manager’s Senior
Staff”) shall be employees of Manager, and the cost incurred by Manger for the base salary of such persons shall be reimbursed by Owner as an Operating Expense. 
 b. Financial Management. Manager shall be responsible for the management of the day-to-day financial affairs of the Facility, including, but not limited to: 
 (1) Accounting Services. Manager shall establish and maintain a Facility accounting system, internal controls, and reporting systems
(a) that are adequate to provide Owner and Manager with the necessary information about the business and to safeguard Facility assets and (b) which comply with all Governmental Requirements. Owner shall have the right to request that
Manager provide to Owner (and in such event Manager shall provide) (a) any managerial reports produced by Manager for the Facility in the ordinary course of business and (b) other managerial reports of a type produced by Affiliates of
manager in the ordinary course of business for their gaming units taking into account differences in business conditions and reporting and data processing systems. 
 (2) Bank Accounts. Owner shall establish one or more bank accounts that are necessary for the operation of the Facility at such banking institution chosen by Owner and reasonably acceptable to Manager
(such accounts, but not including the Capital Replacement Fund, are hereinafter collectively referred to as the “Bank Accounts”). The accounts shall be in the name of Owner, but Manager’s designees shall be the only persons authorized
to draw upon the Bank Accounts. The Bank Accounts shall be interest-bearing accounts if such accounts are reasonably available and all interest thereon shall be credited to the Bank Accounts. All Gross Revenues received by Manager from the
operations of the Facility shall be deposited in the Bank Accounts and Manager shall pay out of the Bank Accounts, to the extent of the funds therein, from time to time, all Operating Expenses and other amounts required by Manager to perform its
obligations under this Agreement. All funds in the Bank Accounts shall be separate from any 
  

 3 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 other funds and Manager may not commingle any of Manager’s funds with the funds in the Bank Accounts. Owner shall bear the risk of the insolvency of any financial institution holding such Bank Accounts.

 c. Budgets. No later than sixty (60) days prior to the commencement of each Fiscal Year, Manager shall submit to Owner, for
Owner’s approval, an annual budget for the operation of the Facility for the forthcoming Fiscal Year (each such annual budget that is approved by Owner is referred to herein as an “Annual Budget”), which shall include an annual
projection of sources of cash by month, an annual operating budget by month, an annual capital improvements budget and an annual sources and uses of cash. The Annual Budget shall include sufficient amounts for maintenance and repairs to keep the
Facility in first class condition. Owner shall be required, by giving written notice to Manager, to approve or disapprove each proposed Annual Budget within thirty (30) Business Days after submission to Owner. Any notice that disapproves a
proposed Annual Budget must contain reasonably detailed specific objections along with suggestions as to what corrective measures can be taken to make such proposed Annual Budget acceptable to Owner. If Owner fails to provide written notice to
Manager of its objections within thirty (30) Business Days after submission thereof to Owner, such proposed Annual Budget shall be deemed to be approved as submitted, subject to any changes upon which Owner and Manager have previously agreed.
If Owner disapproves or objects to any items contained in the proposed Annual Budget or any revisions thereto, Owner and Manager shall cooperate with each other in good faith to attempt to expeditiously resolve the disputed or objectionable proposed
items. If Owner and Manager are unable to reach a mutually acceptable agreement concerning the disputed or objectionable items within fifteen (15) days after the date Owner advises Manager of its objections as aforesaid, either party shall be
entitled to submit the dispute to arbitration in accordance with Section 21. If Owner’s objection relates only to certain portions of the proposed Annual Budget, the undisputed portions of the proposed Annual Budget shall be deemed to be
adopted and approved. With respect to objectionable items in any proposed budget, the corresponding item contained in the budget for the preceding Fiscal Year shall be substituted in lieu of the disputed portions of the proposed budget, excluding,
however, line items in the previous budget for extraordinary expenses or revenues. If Owner and Manager are unable to agree on the amount of any capital expenditure item in a budget, only those capital expenditures (or the undisputed amount when the
amount is in dispute) with respect to which Owner and Manager have reached an agreement shall be made. Except as otherwise provided in Section 5.3 or 5.4, Manager shall not, without Owner’s prior written consent, expend in any Fiscal Year
for a matter included within any budget for such Fiscal Year more than the amount approved for that matter in such budget unless otherwise permitted by Section 5.1e. 
 d. Capital Replacement Fund. Manager shall have the responsibility to plan, account for and supervise all capital replacements and improvements to the Facility and related facilities or any portion thereof
(collectively, “Capital Replacements”) that are contemplated in any Annual Budget. Manager shall establish a cash account for Capital Replacements on the books of account of the Facility and a separate interest-bearing account in
Owner’s name (the “Capital Replacements Fund”) at a bank selected by Owner, with Manager’s designee being the only authorized signatories on such account. Commencing on the first day of the first (1st ) full calendar month after the Opening Date and continuing on the first day of each month thereafter during the Term, Manager
shall deposit into the Capital Replacements Fund from Facility operations an amount equal to [****(****%)] percent of [*****] for the preceding month to pay 
  

 4 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 for Capital Replacements. The funds in the Capital Replacements Fund shall be utilized first for any necessary repairs and replacements to the Facility, and FF&E and then for improvements. Any expenditures for
Capital Replacements during any Fiscal Year shall be made in accordance with the applicable Annual Budget. To the extent available, expenditures shall be made by Manager from the Capital Replacements Fund (including accrued interest and unused
accumulation from earlier years). Any amounts remaining in the Capital Replacements Fund at the close of each Fiscal Year shall be carried forward and retained in the Capital Replacements Fund until fully used in accordance with this Agreement. To
the extent the Capital Replacements Fund is insufficient at the time the funds are planned for expenditure in accordance with an Annual Budget, Owner shall supply such shortfall of funds by making a deposit into the Capital Replacements Fund as soon
as practicable but in no event later than thirty (30) days after receipt of notice from Manager. To the extent that amounts in the Capital Replacements Fund equal or exceed one hundred (100%) percent of the amount allocated therefor in the
applicable Annual Budget at any time during a Fiscal Year (after taking into consideration Capital Replacements scheduled for such Fiscal Year which are in process or have not yet been undertaken), then, in such event, Manager shall make no further
deposits into the Capital Replacements Fund during such Fiscal Year. All net proceeds from the disposition of capital items no longer needed for the operation of the Facility shall be deposited into the Capital Replacements Fund. The disposition of
such items shall be conducted by Manager in a commercially reasonable manner. 
 e. Revisions to Annual Budget and Reallocation of
Funds. If, in Manager’s good faith business judgment, revisions to the Annual Budget are appropriate, Manager shall revise the Annual Budget and submit such revised Annual Budget, to Owner for approval in accordance with the procedures set
forth in Section 5.1. Manager, without Owner’s consent, may reallocate all or any portion of any line item in a budget to another item in an amount not to exceed the greater of [*****] ([*****]%) percent of such line item or
[*****] in any Fiscal Year. Manager shall not make any payments or disbursements in excess of the total operating expense amounts in an Annual Budget, except as follows: 
 (1) Pursuant to Section 5.3 or 5.4; 
 (2) If expenditures for Operating Expenses bear the same relationship (ratio) to the amount budgeted for such items as actual Gross Revenue for such month bears to the projected Gross Revenue for such month (provided that any increase in
Operating Expenses is, in Manager’s business judgment, a necessary consequence of the increase in Gross Revenue); 
 (3) Any
expenditure for which written approval in advance has been obtained from Owner; 
 (4) For taxes, insurance and utilities to reflect actual
costs thereof, subject to Owner’s right to contest the validity of such items; and 
 (5) For payment of any monetary judgment in
litigation involving the Facility. 
  

 5 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 f. Accounting Records. During the Term of this Agreement, Manager shall maintain full and adequate books of account and records (“Books and
Records”) reflecting the results of the operation of the Facility on an accrual basis, all in accordance with Generally Accepted Accounting Principles consistently applied in all material respects. The Books and Records shall be kept separate
and distinct from all other operations and businesses of Manager. Manager shall keep all Books and Records, including, without limitation, current vendor invoices, payroll records, general ledgers, credit transactions and other records relating to
the Facility at the Facility or at such other location as shall be approved by Owner in writing. All such Books and Records shall at all times be the property of Owner and shall not be removed from the Facility or other approved location by Manager
without Owner’s written consent. Upon any termination of this Agreement, all Books and Records shall immediately be turned over to Owner so as to insure the orderly continuance of the operation of the Facility, but such Books and Records shall
be available to Manager for a period of five (5) years at all reasonable times for inspection, audit, examination and photocopying. 
 g. Financial Statements. Manager shall provide Owner with accurate unaudited Financial Statements of the Facility for each month within twenty (20) days after the end of each calendar month. Manager shall also provide Owner with
such other information, analyses and reports as Owner may reasonably request in writing. The annual Financial Statements shall be audited by the Facility Auditors at Owner’s expense and provided to Owner within ninety (90) days after the
end of the Fiscal Year. In addition to the annual audited Financial Statements, the Books and Records shall be audited at the termination of this Agreement. Manger shall have the right to appoint the Facility Auditors, subject to the approval of
Owner, whose approval shall not be unreasonably withheld. 
 h. Operations. Manager shall have the discretion and authority to
determine operating policies and procedures, standards of operation, staffing levels and organization, win payment arrangements, standards of service and maintenance, food and beverage quality and service, pricing and other policies affecting the
Facility, or the operation thereof, to implement all such policies and procedures, and to perform any act on behalf of Owner which Manager deems necessary or desirable in its good faith business judgment for the operation and maintenance of the
Facility on behalf, for the account and at the expense of Owner, including but not limited to the following, as applicable: 
 (1)
Service Agreements. Manager shall enter into such agreements as Manager deems necessary for the furnishing of utilities, services, security, and supplies for the maintenance and operation of the Facility. All service agreements shall
be consistent with the applicable Annual Budget(s). 
 (2) Concessions. Manager shall negotiate and grant concessions and
leases for such services customarily subject to concessions and leases for casinos as Manager deems appropriate. Manager shall provide Owner with a copy of the applicable agreement and shall require such tenants and concessionaires to operate their
businesses in a quality manner and in accordance with Governmental Requirements. 
 (3) Purchases. Manager shall purchase such
Operating Supplies, and other materials and services as shall be necessary for the operation of the Facility. 
  

 6 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 (4) Maintenance and Repairs. Subject to Section 5.1d, Manager shall implement an effective preventive maintenance program for the
Facility and its operating systems intended to keep the Facility in first class condition. Manager shall have the sole responsibility and authority to make all repairs, replacements, and improvements which are necessary or appropriate for such
purposes 
 (5) Licenses, Permits, Reports and Accreditation. Manager shall apply for, process, obtain and maintain all
Operating Permits in a manner and within the time periods that will permit the Facility to be operated on a continuous and uninterrupted basis. Manager shall act in a reasonably diligent manner to assure that all reports required by any Governmental
Authority pertaining to the Facility and itself are filed prior to their due date. Owner shall file all such other reports pertaining to Owner and Owner’s Representatives, and Members. Manager shall prepare, maintain and provide to Owner a
listing of all Operating Permits and reports required by any Governmental Authority and the term, duration or frequency of such Operating Permits and reports. All out-of-pocket costs and expenses reasonably necessary to obtain and maintain Manager
Operating Permits shall be reimbursable by Owner. Owner shall provide all required information for all of the above promptly upon request and such information shall be accurate. 
 (6) Legal Actions. All matters of a legal nature involving the Facility shall be handled by legal counsel selected by Manager, subject to
the approval of Owner, whose approval shall not be unreasonably withheld (such legal counsel is hereinafter referred to as “Approved Legal Counsel”). Manager shall notify Owner in writing of the commencement of any legal action or
proceeding concerning the Facility as soon as practicable after Manager receives actual notice of the commencement of such legal action which could reasonably be anticipated to involve an expense, liability or damage to Owner that is not fully
covered by insurance or is in excess of Two Hundred Fifty Thousand ($250,000) Dollars or could result in a lien on the Facility. Except with respect to those legal matters in which Owner advised Manager that it desires to be directly involved,
Manager shall be responsible for retaining on behalf of Owner the Approved Legal Counsel to take any reasonable or necessary legal actions. If any legal action or proceeding in which Owner is to be the plaintiff or complainant could reasonably be
anticipated to involve an expense, liability or damage to Owner in excess of Fifty Thousand ($50,000) Dollars or result in a lien on the Facility, then Manager may not commence such legal action or proceeding without first obtaining the prior
written consent of Owner. 
 (7) Credit. All decisions regarding the granting and collection of credit shall be determined by
Manager. 
 (8) Taxes. Manager shall comply in all material respects with all applicable Laws with respect to collecting and
accounting for the payments of all applicable excise, sales and use taxes to the appropriate Governmental Authorities and other similar governmental charges resulting from the operation of the Facility. 
 (9) Games. Subject in all respects to applicable Law, Manager shall establish the types of electronic gaming activities to be offered at
the Facility, including the matrix of owned, leased, progressive and systems games. 
  

 7 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 5.2 Limitation of Responsibility for Budgets. 
 a. All budgets are intended only to be reasonable estimates based on Manager’s best business judgment and Manager shall not be liable or responsible in any event if any of the budgeted figures are not attained or
there is any variance between the actual revenues and expenditures and the amounts set forth in any budgets. Owner acknowledges that Manager has not made any guarantee, warranty or representation of any nature concerning or related to the amounts of
Gross Revenue to be generated and Operating Expenses to be incurred from the operation of the Facility during the Term of this Agreement. 
 b. In the event that following the second full fiscal year of operation of the Facility, any of the following shall occur: 
  

	 	(i)	[*****]; or 

  

	 	(ii)	[*****]; 

 Then [*****]. 
 5.3 Emergency Expenditures. Without limiting the generality of this Section 5, in the event that a condition exists with respect to
the Facility of an emergency nature which requires immediate repairs to preserve and protect and assure the continued operation of the Facility or to protect the safety and welfare of the Facility customers, guests or employees, Manager, on behalf
of and at the expense of Owner, shall take all reasonable steps and make all reasonable expenditures necessary to repair and correct any such condition, whether or not provisions have been made in the applicable budgets for any such emergency
expenditures, subject to Owner funds being available therefor. Expenditures made by Manager in connection with an emergency shall be paid first from the Capital Replacements Fund to the extent funds are available and then, in Manager’s sole
discretion, from the Bank Accounts. Owner shall replenish funds paid from the Capital Replacements Fund and the Bank Accounts with any insurance proceeds received by Owner with respect to such emergency condition or situation, and Owner shall
replace any difference between the insurance proceeds and the amount used for such emergency from the Capital Replacements Fund. If circumstances require, Owner shall also immediately replenish the applicable Bank Accounts. 
 5.4 Expenditures Required for Compliance with Law. Without limiting the generality of this Section 5, if at any time during the Term
of this Agreement repairs, additions, changes or corrections in the Facility of any nature shall be required by reason of Governmental Requirements, such repairs, additions, changes or corrections shall be made at the direction of Manager and shall
be paid for by Owner. Manager shall inform Owner of the existence of any Governmental Requirements which require expenditures under this Section 5.4 as soon as practicable after learning of such Governmental Requirements and the repairs,
additions, changes or corrections which Manager believes are required to be made and the estimated expenditures to be incurred. Owner and Manager shall agree upon the work to be performed and the schedule for its implementation. Owner shall have the
right to contest the validity or application of any Governmental Requirements provided that such contest does not subject Manager to risk of any material liability and does not result in the suspension or a material limitation of the operations of
the Facility. 
  

 8 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 5.5 Marketing Programs. Manager shall develop a marketing program to implement the marketing plans contained in each Annual Budget. Manager
shall select the form of any advertising and promotional materials and identify particular media sources (whether it be particular newspapers, radio stations, television stations or networks or other mass marketing outlets) with respect to which the
Facility marketing efforts are to be directed. Manager may, at its option, also provide for the Facility, or seek to cause an Affiliate to so provide, joint marketing or advertising with similar properties owned or operated by Affiliates of Manager
(including, without limitation, its casinos in Atlantic City, New Jersey). Any joint marketing, advertising, or sharing of events and promotions shall be subject to the prior written approval of Owner. The total costs and expenses associated with
any such joint marketing or advertising, to the extent approved in writing by Owner, shall be shared on a reasonable basis between the parties and the portion allocable to the Facility shall be an Operating Expense of the Facility. 
 5.6 Manager Expenses. In connection with Manager’s obligations under this Agreement, Manager agrees to arrange for Trump Entertainment
Resorts, Inc., and its other subsidiaries, to provide such reasonable supervisory services to Manager as are generally provided by Trump Entertainment Resorts, Inc., and its other subsidiaries, to its other gaming units. The reasonable costs of
travel, food and lodging (without mark-up) for any non-Facility staff of Manager or its Affiliates visiting the Facility for purposes of providing services related to the management of the Facility shall be paid by Owner as an Operating Expense of
the Facility. 
 6. CERTAIN RIGHTS AND RESPONSIBILITIES OF OWNER 
 6.1 Owner’s Advances. Owner shall advance to Manager on a timely and prompt basis immediately available funds with which to conduct the affairs of the Facility and maintain the Facility (hereafter
referred to as “Owner’s Advances”) as set forth in this Agreement and as otherwise provided hereunder; provided, however, that notwithstanding anything contained in this Agreement to the contrary, Owner shall have no obligation to
advance funds to Manager for the Facility if to do so Owner would be required to make a capital call on Owner’s members beyond the amount of capital committed by Owner’s members as “Initial Capital Contributions” and
“Additional Capital Contributions” as set forth on Schedule B to Owner’s limited liability company agreement. 
 a. Initial
Cash Needs. Six (6) months prior to the scheduled Opening Date of the Facility, Owner shall fund the amounts necessary to implement the Pre-Opening Budget, and Fifteen (15) days prior to Opening Date of the Facility, Owner shall fund
the Working Capital necessary to commence operating the Facility, in an amount not to exceed the estimated operating expenses for four (4) weeks as set forth in the initial Annual Budget as revised. 
 b. Working Capital. During the Term of this Agreement, within five (5) Business Days after receipt of written notice from Manager, Owner
shall fund Owner’s Advances adequate to insure that the Working Capital set forth in the applicable Annual Budget as revised pursuant to the provisions of Section 5.1 is sufficient to support the uninterrupted and efficient ongoing
operation of the Facility. The written request for any additional Working Capital shall be submitted by Manager to Owner on a monthly basis based on the applicable Annual Budget as revised pursuant to the provisions of Section 5.1. 

 

 9 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 c. Payment of Expenses. Manager shall cause to be paid from Gross Revenues the following items in the order of priority listed below, on or before
their applicable due date: 
 (1) Operating Expenses (excluding the Base Management Fee and Incentive Management Fee), expenditures permitted
pursuant to Sections 5.3 and 5.4, payments to Governmental Authorities; 
 (2) Base Management Fee and Incentive Management Fee payable in
accordance with Section 7; 
 (3) Deposits in the Capital Replacements Fund pursuant to Section 5.1d, payments due on any lease or
other financing arrangement relating to the FF&E, any other expenditures permitted by any Annual Budget; and 
 (4) Debt Service
payments and any escrow or impound payments required by any Loan Documents. 
 Notwithstanding the foregoing, failure to pay the Base Management Fee or the
Incentive Management Fee in accordance with the time periods set forth in this Agreement shall constitute a breach of this Agreement by Owner. Manager’s responsibility to make any of the foregoing payments is subject to and conditioned upon
Owner making available funds sufficient to make such payments from Gross Revenues or otherwise in the order set forth above. Manager shall advise Owner as soon as possible of any anticipated requirements for additional Working Capital. Nothing in
this Section 6.1c shall be deemed to relieve Owner from its obligations to pay Management Fees in accordance with Section 7 or to comply with the time requirements set forth in Section 7 or to pay any other obligation of Owner under
this Agreement. 
 6.2 Cooperation of Owner and Manager. Owner and Manager shall cooperate fully with each other during the
Term of this Agreement to facilitate the performance by Manager of Manager’s obligations and responsibilities set forth in this Agreement and to procure and maintain all Operating Permits. Owner shall provide Manager with such information
pertaining to the Facility necessary to the performance by Manager of its obligations hereunder as may be reasonably and specifically requested by Manager from time to time. 
 6.3 Access, Review and Audit. Owner’s Representatives shall have the right at all times to examine, audit, inspect and transcribe the
Books and Records; provided Owner’s Representatives shall not unreasonably disrupt the business of Manager or the operation of the Facility in exercising such rights. With respect to such reviews, Owner’s Representatives and Owner shall be
subject to the confidentiality covenants in Section 22.1. Owner acknowledges that the calculation of the Management Fees and the accounting information set forth in the Financial Statements shall be binding and conclusive on the parties unless
a written statement setting forth any objections and the basis for the objections is received by Manager within one hundred eighty (180) days after Owner receives the audited Financial Statements applicable to such time period. If the parties
cannot resolve the disputed items within thirty (30) days after Manager receives the written objections, then the disputed matters shall be submitted to arbitration pursuant to the provisions of Section 20. 
  

 10 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 6.4 Limitations on Use of Names and Logos. Owner acknowledges that neither this Agreement nor the exercise of any of Owner’s rights in
respect of the Facility shall give Owner any rights to the name “Trump.” 
 7. MANAGEMENT FEES 
 7.1 Management Fees. In addition to reimbursement or payment of expenses as otherwise provided in this Agreement, during the Term of this
Agreement, Manager shall be paid by Owner the Management Fees set forth herein. Subject to the priority of other expenses set forth in Section 6.1c, Management Fees may be collected monthly by Manager withdrawing the same from the Bank Accounts
five (5) Business Days after Manager delivers the financial statements to Owner for such month without abatement, deduction, or set-off. Notwithstanding the foregoing, failure to pay the Base Management Fee in accordance with the time periods
set forth in this Agreement shall constitute a breach of this Agreement by Owner. 
 7.2 Base Management Fee. For each Fiscal
Year during the Term of this Agreement, Manager shall be paid a fee (the “Base Management Fee”) equal to [*****] ([*****]%) percent of the Gross Revenue for such Fiscal Year. The Base Management Fee shall be due and payable monthly in
arrears on the date the monthly Financial Statements are delivered to Owner; provided, however, if Gross Revenues are not sufficient in any month to pay the Base Management Fee when due, Owner may, if Owner is experiencing financial difficulties,
defer one such payment (or a portion thereof) for sixty (60) days, provided further, however, Owner shall be entitled to only one such deferral in any continuous twelve (12) month period. The Base Management Fee (or portion thereof) so
deferred shall bear interest at the Default Rate until paid. The Base Management Fee shall be adjusted quarterly based on actual reported results for such fiscal quarter, and, if necessary, annually based on actual reported results for each Fiscal
Year. 
 7.3 Incentive Management Fee. For each Fiscal Year during the term of this Agreement, Manager shall be paid a fee
(“Incentive Management Fee”) of [*****] ([*****]% percent of Gross Operating Profit for such Fiscal Year. The Incentive Management Fee shall be computed and paid annually thirty (30) days after the annual audited Financial Statements
have been delivered to Owner. 
 7.4 Fees Following Termination. Following termination of Manager as manager for any reason, if
Owner collects amounts with respect to Bad Debts in an amount in excess of the amount reserved on the Financial Statements, then Manager shall be entitled to Management Fees as if such excess amount had been part of Gross Revenue or included in
Gross Operating Profit for the applicable period of Facility operations. 
 7.5 Payments to Manager. All payments to Manager
pursuant to this Agreement, including payments of Management Fees and reimbursements to Manager, shall be payable in U.S. Dollars by wire transfer of immediately available funds to such bank, located within or without the United States, as Manager
shall designate upon notice to Owner. 
  

 11 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 8. OWNER’S COVENANTS AND REPRESENTATIONS 
 8.1 Owner’s Covenants and
Representations. Owner makes the following covenants and representations to Manager, which representations and covenants shall, unless otherwise stated herein, survive the execution and delivery of this Agreement and shall continue to be
true during the Term of this Agreement. 
 a. Corporate Status. Owner is a limited liability company duly organized, validly existing
and in good standing under the laws of Delaware, with full corporate power to enter into this Agreement and execute all documents required hereunder. 
 b. Organization. The execution, delivery and performance of this Agreement by Owner and the consummation of the transactions contemplated thereby do not and will not violate or conflict with any provision of
the certificate of formation or limited liability company agreement of Owner, or any other agreement to which Owner is a party. 
 c.
Authorization. The making, execution, delivery and performance of this Agreement by Owner has been duly authorized and approved by all requisite action of the Board of Directors of Owner, and this Agreement has been duly executed and
delivered by Owner and constitutes a valid and binding obligation of Owner, enforceable in accordance with its terms. 
 d. Other
Agreements. Neither the execution and delivery of this Agreement by Owner nor Owner’s performance of its obligations hereunder will result in a violation or breach of, or constitute a default with respect to or accelerate the performance
required under any other agreement or obligation to which Owner is a party or is otherwise bound or to which the Facility or any part thereof if subject, and will not constitute a violation of any law to which Owner or the Facility is subject.

 e. Documentation. If necessary to carry out the intent of this Agreement, Owner agrees to execute and provide to Manager, on or
after the date hereof, any and all other instruments, documents and agreements necessary to make this Agreement fully and legally effective, binding and enforceable between the parties hereto and as against third parties. 
 f. Related Contracts. Owner shall cause the timely payment and performance of all its obligations under any Loan Documents and Owner shall fund
all such obligations to the extent Gross Revenues are insufficient therefor. 
 g. Manager Operating Permits. Owner agrees to use all
reasonable efforts to assist Manager in obtaining all Manager Operating Permits necessary for Manager to manage the Facility and otherwise consummate the transactions contemplated herein. 
 h. Brokers. Owner agrees to indemnify, defend and hold harmless Manager from all broker’s commissions, finder’s fees or other fees and
commissions to any broker, agent, consultant or finder claiming to have acted on Owner’s behalf in connection with this Agreement and the transactions contemplated herein. 
  

 12 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 9. MANAGER’S COVENANTS AND REPRESENTATIONS 
 9.1 Manager’s Covenants and
Representations. Manager makes the following covenants and representations to Owner, which covenants and representations shall, unless otherwise stated herein, survive the execution and delivery of this Agreement and continue to be true
during the Term of this Agreement. 
 a. Corporate Status. Manager is a limited liability company duly organized, validly existing,
and in good standing under the laws of the State of Delaware, with full corporate power to enter into this Agreement and execute all documents required hereunder. 
 b. Organization. The execution, delivery and performance of this Agreement by Manager and the consummation of the transactions contemplated thereby do not and will not violate or conflict with any provision of
the Manager’s organization documents, or any other agreement to which Manager is a party. 
 c. Authorization. The making,
execution, delivery and performance of this Agreement by Manager has been duly authorized and approved by all requisite action of the Members of Manager, and this Agreement has been duly executed and delivered by Manager and constitutes a valid and
binding obligation of Manager, enforceable in accordance with its terms. 
 d. Other Agreements. Neither the execution and delivery of
this Agreement by Manager nor Manager’s performance of its obligations hereunder will result in a violation or breach of, or constitute a default with respect to or accelerate the performance required under any other agreement or obligation to
which Manager is a party or is otherwise bound and will not constitute a violation of any law to which Manager is subject. 
 e.
Documentation. If necessary to carry out the intent of this Agreement, Manager agrees to execute and provide to Owner, on or after the date hereof, any and all other instruments, documents and agreements that may be necessary to make this
Agreement fully and legally effective, binding and enforceable between the parties hereto and against third parties. 
 f. Brokers.
Manager agrees to indemnify, defend and hold harmless Owner from all broker’s commissions, finder’s fees or other fees and commissions to any broker, agent, consultant or finder claiming to have acted on Manager’s behalf in connection
with this Agreement and the transactions contemplated herein. 
 10. INSURANCE 
 10.1 Insurance. During the Term of this Agreement, Owner shall maintain such insurance coverage in amounts, subject to such deductibles, and
with responsible and properly licensed companies as recommended by Manager and approved by Owner, including, without limitation: 
 a. Public
liability insurance for injury to or death of persons and damage to or loss of property, with endorsements thereto as may be requested by Manager; 
 b. Insurance against all risk of direct physical loss, including, but not limited to, fire and extended coverage including business interruption, boiler and machinery coverage, use and occupancy, and such other risks and perils with respect
to which insurance is customarily carried, with endorsements thereto as may be requested by Manager; 
  

 13 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 c. Crime and fidelity insurance against dishonest acts by employees, with endorsements thereto as may be requested by Manager; 
 d. Business interruption coverage; and 
 e.
Such other policies of insurance as are customary for similar operations, in each instance with endorsements thereto as may be requested by Manager. 
 10.2 Notice Of Cancellation Or Change. All insurance policies required to be carried under this Section 10 shall, to the extent obtainable, have attached thereto an endorsement that the same shall
not be cancelled or changed without at least thirty (30) days’ prior written notice to Manager. 
 10.3 Evidence Of Insurance
Coverage. For the purpose of evidencing compliance with the provisions of this Section 10, Owner shall, from time to time, furnish to Manager duplicate policies of all insurance required to be maintained by Owner pursuant to this
Section 10. 
 10.4 Waiver of Subrogation. All policies of insurance required to be maintained by Owner pursuant to this
Section 10 shall, to the extent reasonably attainable, contain a waiver by the insurer of any rights of subrogation. 
 10.5
Termination of Agreement. In the event of the termination of this Agreement for any reason, Owner shall, at Owner’s sole cost and expense, continue to name Manager as an additional insured on the liability insurance coverage required
by this Agreement for a period of two (2) years following the date of the termination of this Agreement. Owner shall provide Manager with evidence of the foregoing coverage following the date of the termination of this Agreement by the delivery
of certificates of insurance evidencing the current in-place coverage, together with such other information as may be reasonably requested, from time to time, by Manager. 
 11. DAMAGE AND CONDEMNATION 
 11.1 Damage or Destruction. In the event the Facility is
destroyed or materially damaged by fire, casualty or otherwise, Owner shall repair and restore the damaged or destroyed premises to the extent of available insurance proceeds. In the event insurance proceeds are insufficient to repair or restore the
premises to the reasonable satisfaction of Manager, Manager shall have the right to terminate this Agreement. 
 11.2 Major
Condemnation. In the event of a Major Condemnation, this Agreement shall terminate upon written notice by Owner within thirty (30) days of the conclusion of the condemnation proceedings. Manager may separately claim for, prove and
receive an award for any separately compensable rights of Manager that are taken in the condemnation action. 
  

 14 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 11.3 Minor Condemnation. In the event of a Minor Condemnation, this Agreement shall not terminate and Owner shall use the award to repair
and restore the Facility. The balance of such award, if any, shall belong to Owner. Manager may separately claim for, prove and receive an award for any separately compensable rights of Manager that are taken in any such condemnation action.

 11.4 Casualty Management Fees. Manager shall have the right to maintain business interruption insurance at its own expense
and for its own account and in the event of a destruction, damage, or condemnation, Manager shall be entitled to retain any payments from such business interruption insurance. 
 12. INDEMNIFICATION 
 12.1 Owner Indemnity. Owner hereby covenants and agrees to
indemnify, save, and defend, at Owner’s sole cost and expense, and hold harmless, Manager and its Affiliates and their respective employees, officers and directors (collectively, “Owner Indemnitees”), from and against the full amount
of any and all Losses. The term “Losses” shall mean any and all liabilities, claims, suits, administrative proceedings, losses, damages or costs, which may be asserted against an Owner Indemnitee arising from, or relating to the financing
or operation of the Facility and shall include expenses of defense including, without limitation, attorneys’ fees. The term “Losses” does not include (and this indemnity shall not apply to) Losses caused by an Owner Indemnitee’s
willful, wanton or criminal misconduct, gross negligence or fraud. The term “Losses” includes losses arising out of the negligence or strict liability of any Owner Indemnitees. Each Owner Indemnitee will promptly notify Owner of such
action, suit or proceeding which relates to any matter covered by the indemnity in this Section 12.1. The costs incurred by Owner pursuant to this Section 12.1 shall be an Operating Expense. 
 12.2 Manager Indemnity. Manager hereby covenants and agrees to indemnify, save and defend, at Manager’s sole cost and expense, and
hold harmless, Owner and its employees, officers and directors, (collectively, “Manager Indemnitees”) from and against the full amount of any and all liabilities, claims, suits, administrative proceedings, losses, damages or costs which
may be asserted against a Manager Indemnitee and caused by Manager’s willful, wanton or criminal misconduct or fraud of Manager, other than losses caused by Manager’s Indemnitees’ willful, wanton or criminal misconduct, gross
negligence or fraud. Each Manager Indemnitee will promptly notify Manager of such action, suit or proceeding which relates to any matter covered by the indemnity in this Section 12.2. 
 12.3 Legal Fees, etc.; Procedures. Each indemnitor under this Section 12 shall reimburse each
indemnitee for any legal fees and costs, including reasonable attorneys’ fees and other litigation or proceeding expenses, even if the claim is groundless, false, or fraudulent, reasonably incurred by such indemnitee in connection with
investigating or defending against Losses with respect to which indemnity is provided hereunder; provided, however, that an indemnitor shall not be required to indemnify an indemnitee for any payment made by such indemnitee to any claimant in
settlement of Losses unless such settlement has been previously approved by the indemnitor. If Losses are asserted, or if any action or suit is commenced with respect thereto, for which indemnity may be sought against an indemnitor hereunder, the
indemnitee shall notify the indemnitor in writing within ten (10) days after the indemnitee shall 
  

 15 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 have had actual knowledge of the assertion or commencement of the Losses or a claim which could give rise to Losses, which notice shall specify in reasonable detail the matter for which indemnity may be sought. The
indemnitor shall have the right, upon notice to the indemnitee given within thirty (30) days following its receipt of the indemnitee’s notice (or shorter period if such notice specifies such shorter period and provides reasonable reason
therefor), to take primary responsibility for the prosecution, defense or settlement of such matter, including the employment of counsel chosen by the indemnitor with the approval of the indemnitee, which approval shall not be unreasonably withheld
or delayed, and payment of expenses in connection therewith. The indemnitee shall provide, without cost to the indemnitor, all relevant records and information reasonably required by the indemnitor for such prosecution, defense or settlement and
shall cooperate with the indemnitor to the fullest extent possible. The indemnitee shall have the right to employ its own counsel in any such matter with respect to which the indemnitor has elected to take primary responsibility for prosecution
(without regard to Section 5.1h(6), defense or settlement, but the fees and expenses of such counsel shall be the expense of the indemnitee except when indemnitee has engaged its own counsel due to a conflict of interest between
indemnitor’s and indemnitee’s interests in which case such fees and expenses shall be paid in by the indemnitor accordance with this Section 12.3. 
 13. NON-DISTURBANCE AGREEMENT/SUBORDINATION 
 13.1 Non-Disturbance Agreement. Owner shall obtain for Manager
from the present or any future Lenders a subordination, non-disturbance and attornment agreement in a form upon which Manager and such Lender(s) shall reasonably agree, providing that so long as Manager is not in Default under this Agreement,
Manager’s rights under this Agreement shall not be disturbed if Owner defaults under any mortgage, deed of trust, hypothecation or other instrument or document creating a lien on the Facility, or any portion thereof, and Manager’s
possession and enjoyment of all of Manager’s rights under this Agreement shall continue unimpaired. 
 13.2 Estoppel
Certificates. Each party shall cooperate with the other in providing information about the status of this Agreement to facilitate financing requirements including absence of defaults or potential defaults, non-modification and other
pertinent information. Information will be provided within ten (10) days after any request therefor, on the form requested and at no charge to the requesting party. 
 14. ASSIGNMENT 
 14.1 Sale/Assignment. Except as set forth below, neither party may
assign or otherwise transfer this Agreement without first obtaining the consent of the other, which consent shall not be unreasonably withheld or delayed. Any assignment or other transfer of any stock or equity interest in a party, or any other
indirect assignment or other transfer (such as a transfer of stock in a parent corporation) which results in a change in Control of a party to this Agreement shall be deemed an assignment or transfer of this Agreement for purposes of this
Section 14. The following shall not be subject to the restrictions in this Section 14.1: (a) assignment or other transfer of publicly held stock in a publicly traded corporation; (b) mergers by Owner or Manager which are done for
internal corporate purposes and not done with the intention of avoiding the consequences of a change in Control of either Owner or Manager as set forth in this Agreement or any transfer or assignment of this Agreement in connection therewith; or
(c)
  

 16 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 assignment or transfer of Owner’s rights and obligations under this Agreement to a purchaser of the Facility who assumes in writing all of Owner’s obligations hereunder, provided, however, that in the event
the transferee or assignee would adversely affect Manager’s or its Affiliates’ gaming license(s) in any other jurisdiction, Manager may terminate this Agreement. 
 14.2 Effect of Assignment. In the event the necessary consents to an assignment of this Agreement are given, no further assignment that is
restricted by Section 14.1 shall be made without the express written consent of the parties whose consent is required in Section 14.1. An assignment with express written consent of the other party shall relieve the assignor of its
obligations under this Agreement after the effective date of such assignment provided that the assignee specifically assumes all of the assignor’s obligations and duties recited herein after the effective date of such assignment pursuant to a
written assignment. An assignment by either Owner or Manager of its interest in this Agreement which is permitted hereby shall inure to the benefit of and be binding upon their respective successors, heirs, legal representatives or assigns to the
same extent as if such successors were an original party to this Agreement. 
 15. DEFAULT 
 15.1 Definitions. The occurrence of any one or more of the following events shall constitute a default under this Agreement (hereinafter
referred to as a “Default” or an “Event of Default”) as to the party effecting the breaching act: 
 a. Manager’s
Defaults. 
 (1) If Manager shall fail to perform or materially comply with any of the covenants, agreements, terms or conditions
contained in this Agreement applicable to Manager (other than monetary payments) and such failure shall continue for a period of thirty (30) days after written notice thereof from Owner to Manager specifying in detail the nature of such
failure, or, in the case such failure is of a nature that it cannot, with due diligence and good faith, be cured within thirty (30) days, if Manager fails to proceed promptly and with all due diligence to cure the same and thereafter
continuously to prosecute the curing of such failure to completion. 
 (2) If Manager shall commit any act of fraud or embezzlement or
similar dishonesty with respect to the Owner or the Facility resulting in Manager’s gain or profit; or a Manager Denial shall occur. 
 b. Owner’s Default. If Owner shall fail to make any monetary payment required under this Agreement, including, but not limited to, Debt Service, Management Fees or Owner’s Advances, on or before the due date and said
failure continues for five (5) Business Days after written notice from Manager specifying such failure, or shall commit any act of fraud or embezzlement or similar dishonesty with respect to Manager or the Facility resulting in Owner’s
gain or profit; or an Owner Denial shall occur. 
 c. Bankruptcy. If either party (a) applies for or consents to the appointment
of a receiver, trustee or liquidator of itself or any of its property, (b) makes a general assignment for the benefit of creditors, (c) is adjudicated a bankrupt or insolvent, or (d) files a voluntary petition in bankruptcy or a
petition or an answer seeking reorganization or an arrangement with 
  

 17 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 creditors, takes advantage of any bankruptcy, reorganization, insolvency, readjustment of debt, dissolution or liquidation Law, or admits the material allegations of a petition filed against it in any proceedings
under any such law. 
 d. Reorganization/Receiver. If an order, judgment or decree is entered by any court of competent jurisdiction
approving a petition seeking reorganization of Manager or Owner, as the case may be, or appointing a receiver, trustee or liquidator of Manager or Owner, as the case may be, or of all or a substantial part of any of the assets of Manager or Owner,
as the case may be, and such order, judgment or decree continues unstayed and in effect for a period of sixty (60) days from the date of entry thereof. 
 15.2 Delays and Omissions. No delay or omission as to the exercise of any right or power accruing upon any Event of Default shall impair the non-defaulting party’s exercise of any right or power or
shall be construed to be a waiver of any Event of Default or acquiescence therein. 
 16. REMEDIES AND TERMINATION 
 16.1 Owner’s Remedies. Upon the occurrence of a Default by Manager, Owner shall be entitled to: 
 a. In the event, and only in the event, of a Default by Manager pursuant to Section 15.1a(2), terminate this Agreement by Owner’s written notice
of termination to Manager and such termination shall be effective thirty (30) days after delivery of such notice; or 
 b. Obtain
specific performance of Manager’s obligations hereunder and injunctive relief; or 
 c. Cause the Management Fee otherwise payable under
this Agreement to accrue and be retained in a separate account in Owner’s name, and not be payable to Manager until Manager shall have cured such Default (and this remedy shall be specifically enforceable by Owner). 
 16.2 Manager’s Remedies. Upon the occurrence of a Default by Owner, Manager shall be entitled to: 
 a. Terminate this Agreement by Manager’s written notice of termination to Owner, and such termination shall be effective thirty (30) days after
delivery of such notice; or 
 b. Obtain specific performance of Owner’s obligations hereunder and injunctive relief. 
 16.3 Remedies Exclusive. The remedies provided to Owner and Manager under Sections 16.1 and 16.2, respectively, are intended to be
exclusive of any other remedy herein or provided at law or in equity. 
  

 18 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 16.4 Termination. This Agreement shall terminate upon the occurrence of any of the following events: 
 a. The expiration of the stated Term including any extensions effected by Manager; 
 b. Agreement by both parties in writing to terminate this Agreement; 
 c. The exercise of any termination right expressly granted to either Owner or Manager in this Agreement; 
 d. The issuance by the Gaming Control Board of the Commonwealth of Pennsylvania of Category 2 Licenses for Philadelphia to two entities other than Owner. 
 16.5 Effect of Termination. Upon termination of this Agreement, all sums owed by either party to the other shall be paid within thirty (30) days of the termination date. In the event of any
termination of this Agreement for any reason, Owner shall, notwithstanding such termination, be liable to Manager for the fees earned and reasonable out-of-pocket expenses incurred by Manager in conformity with this Agreement prior to such
termination as follows: (a) unpaid accrued Management Fees (including any unpaid accrued interest thereon), if any, plus (b) all reimbursable costs to Manager which were properly incurred prior to termination in connection with the
performance of Manager’s obligations in conformity with this Agreement, plus (c) in the event of termination due to Owner’s Defaults, all reasonable costs (including, but not limited to, severance pay or settlements and moving
expenses of Manager’s employees and any attorneys’ fees, expenses, and losses as the result of such severance) incurred as a direct result of Owner’s Default. 
 16.6 Proprietary Information. In the event of termination of this Agreement, Manager will relinquish to Owner all of the Books and Records
and the marketing, credit and customer data contained in operating records at the Facility and which are generated by Manager in connection with it duties hereunder. Owner and Manager acknowledge that pursuant to the sharing of information by and
among Owner, Manager and Manager’s Affiliates, Owner, Manager and Manager’s Affiliates will have information and copies of records obtained from the Facility prior to termination and nothing herein shall prevent the use of such information
so obtained. Upon termination of this Agreement for any reason, Manager’s marketing, credit and customer data and proprietary computer programs generated prior to the commencement of the term of Manager’s obligations under this Agreement
shall remain the sole property of Manager, and shall not be used or disclosed to other Persons by Owner or its agents or Affiliates. Owner recognizes, acknowledges and agrees that Manager and/or its Affiliates operate and manage other properties in
addition to the Facility and that Manager and/or its Affiliates shall, during the Term of this Agreement and thereafter, have and enjoy the continuing right to use all portions of its national marketing data base in conjunction with management,
operation or ownership by Manager and/or its Affiliates of any other such properties. 
 16.7 Manager Responsibilities. In the
event of termination of this Agreement, Manager will relinquish control of all Bank Accounts and all funds in the Facility. Manager shall make its staff available to Owner on a reasonable basis and at cost to Owner equivalent to Manager’s cost
for such persons including overhead for a period of sixty (60) days to insure an orderly and uninterrupted transition of Facility management; provided, however, Owner waives its rights against Manager for such period for any misfeasance,
malfeasance or nonfeasance of 
  

 19 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 any Person and Manager shall receive an advance deposit sufficient to cover such expenses, and further provided that such persons agree to serve in such capacities. None of such persons shall be under Manager’s
supervision during such period. 
 16.8 Survival of Representations and Indemnifications. Notwithstanding anything contained
herein to the contrary, the parties acknowledge that the representations, covenants and indemnifications set forth in Sections 5.1(f) (last sentence only), 5.6 (last sentence only), 12, 16, 20, 22.1 and 22.3 shall survive the termination or
expiration of this Agreement. All amounts due and payable from either party to the other shall survive the termination of this Agreement. 
 17. LICENSE
PROTECTION 
 17.1 Owner Denial. Owner shall apply for and diligently pursue all Owner Operating Permits. If at any time
(a) either Owner or any Person owning a membership interest (or other equity or beneficial interest in) either Owner or an Affiliate of Owner or an officer or director of either is denied a license, found unsuitable, or is denied any other
Approval with respect to the Facility or any other gaming operation by any Gaming Authority because of such Person’s misconduct or association with any other Person who is reputed to be controlled by Persons known to engage in criminal
activities, or is required by any Gaming Authority to apply for an Approval and does not apply within any required time limit (including extensions, if any), wrongfully withdraws any application for Approval, and if the result of the foregoing has
or would have an adverse effect on Manager or any Affiliate of Manager with respect to its operation or ownership of a casino under any Gaming Authority in the United States or does or would materially delay obtaining any Approval affecting Manager
of any Affiliate of Manager, or (b) any Gaming Authority commences or threatens to commence any suit or proceeding against either Manager or an Affiliate or to terminate or deny any right or approval of Manager or any Affiliate because of the
reputation or misconduct of Owner, any Affiliate of Owner or any Person owning a beneficial interest in Owner (all of the foregoing events described in clauses (a) and (b) above are collectively referred to as an “Owner Denial”),
said Owner Denial shall be a Default on the part of Owner and shall entitle Manager to its remedies under Section 16. If Manager exercises its right to terminate this Agreement pursuant to Section 16 solely as the result of an association
of Owner or any Person associated with Owner, there shall be no Default and this Agreement shall not terminate if Owner ends such association within thirty (30) days after Manager’s notice or such longer period of time, if any, as the
Gaming Authority gives for termination of such association. Owner and all Persons associated with Owner shall promptly, and in all events within any time limit established by law or such Gaming Authority, furnish each Gaming Authority any
information requested by such Gaming Authority and shall otherwise fully cooperate with all Gaming Authorities including any required inspections. Any Owner Denial that is attributable in whole or in part to the acts or omissions of Manager shall
not constitute an Owner Default. 
 17.2 Manager Licensing. Manager shall apply for and diligently pursue all Manager Operating
Permits. Manager shall not be obligated to accept any conditions to obtain any Manager Operating Permit which imposes any liabilities, financial obligations or performance obligations not required by this Agreement. If Manager shall have been
finally denied any Manager Operating Permit (other than on the grounds such permit is not available or administratively will not be awarded until a later date as a matter of administrative discretion), 
  

 20 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 and no further appeal is available or Manager has failed to timely file an appeal (a “Manager Denial”) said Manager Denial shall be a Default on the part of Manager and shall entitle Owner to its remedies
under Section 16. In the event Manager is issued any Manager Operating Permit which is subject to any condition or requirement of Manager, then if Manager promptly gives Owner reasonably satisfactory written assurance that such condition can
reasonably be complied with, Manager shall be deemed licensed for purposes hereof. Any Manager Denial that is attributable in whole or in part to the acts or omissions of Owner shall not constitute a Manager Default. 
 18. RELATIONSHIP, AUTHORITY AND FURTHER ACTIONS 
 18.1 No Joint Venture or Ownership. Nothing contained in this Agreement shall be deemed or construed by the parties or by any third party as (a) creating the relationship of a partnership or joint venture between the
parties to this Agreement, or (b) creating or vesting any right, title, interest, estate, equity participation or beneficial ownership interest in favor of Manager in or to the Facility, except the contractual rights created in Manager by this
Agreement. Neither any provisions contained herein nor any acts of the parties shall be deemed to create any relationship between the parties other than the relationship of owner and manager, as provided in this Agreement. 
 18.2 Affiliates. 
 a. The parent of
Manager and/or other Affiliates of Manager may provide services to, provide loans and funds to, negotiate for, provide personnel to, and, from time to time, take actions on behalf of or for the benefit of Manager by direct dealings with Owner or
those acting for it provided that the costs of such services shall not be charged to Owner or included in Operating Expenses other than as provided in Section 5.6. Manager shall be responsible to Owner under this Agreement for the acts of
Affiliates in the performance of services of Manager under this Agreement as if such Affiliates were Manager’s employees or agents. 
 b. The parent corporations or members of Manager shall not be liable to Owner and the members of Owner shall not be liable to Manager for obligations or liabilities of Manager or Owner, respectively, in the absence of a direct and
independent contract right between such parent corporations, members and Owner or Manager, as the case may be. 
 19. FINANCING MATTERS 
 19.1 Restrictions on Financing Representations. In no event may either party represent that the other party or any Affiliate thereof is or
in any way may be liable for the obligations of such party in connection with (a) any financing agreement, or (b) any public or private offering or sale of securities. If Owner, or any Affiliate of Owner shall, at any time, sell or offer
to sell any securities issued by Owner or any Affiliate of Owner through the medium of any prospectus or otherwise and which relates to the Facility or its operation, it shall do so only in compliance with all applicable law, and shall clearly
disclose to all purchasers and offerees that (i) neither Manager nor any of its Affiliates, officers, directors, agents or employees shall in any way be deemed to be an issuer or underwriter of such securities, and (ii) Manager and its

  

 21 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Affiliates, and the officers, directors, agents, and employees of each have not assumed and shall not have any liability arising out of or related to the sale or offer of such securities, including without limitation,
any liability or responsibility for any financial statements, projections or other information contained in any prospectus or similar written or oral communication. Manager shall have the right to approve any description of Manager or its
Affiliates, or any description of this Agreement or of Owner’s relationship with Manager hereunder, which may be contained in any prospectus or other communications (unless such information was furnished to Owner by Manager in writing), and
Owner agrees to furnish copies of all such materials to Manager for such purposes not less than twenty (20) days prior to the delivery thereof to any prospective purchaser or offeree. Owner agrees to indemnify, defend or hold Manager and its
Affiliates, and the officers, directors, agents and employees of Manager and its Affiliates, free and harmless from any an all liabilities, costs, damages, claims or expenses arising out of or related to the breach of its obligations under this
Section 19.1. Manager agrees to reasonably cooperate with Owner in the preparation of such agreements and offerings. 
 19.2
Permissible Disclosure. Notwithstanding the above restrictions, subject to Manager’s right of review set forth in Section 19.1, Owner may represent that the Facility shall be managed by Manager and Manager may represent that it
manages the Facility and both may describe the terms of this Agreement and the physical characteristics of the Facility in regulatory filings and public or private offerings. Moreover, nothing in this Section 19 shall preclude the disclosure of
(a) already public information, or (b) audited or unaudited Financial Statements from the Facility required by the terms of this Agreement or (c) any information or documents required to be disclosed to or filed with any Gaming
Authority or Governmental Authority. Both parties shall use their best efforts to consult with the other concerning disclosures as to the Facility. Owner and Manager shall cooperate with each other in providing financial information concerning the
Facility and Manager that may be requested by any Lender or required by any Governmental Authority. 
 19.3 Compliance. Both
parties shall use their best efforts to cause their respective Affiliates or controlling Persons, and any partner or joint venturer, to comply with all provisions of this Section 19 that are applicable to such party. 
 20. ARBITRATION 
 20.1 Non-Financial
Disputes. As to any non-financial dispute, the arbitration provisions set forth in this Section 20.1 shall be the exclusive dispute resolution procedures and no such dispute shall be a default by either Owner or Manager under this
Agreement. 
 a. General. Except as otherwise set forth in Section 20.2, any controversy, dispute or claim arising out of, in
connection with, or in relation to the interpretation, performance or breach of this Agreement shall be resolved by binding arbitration in Philadelphia, Pennsylvania, pursuant to the commercial arbitration rules (the “Rules”) of the
American Arbitration Association (“AAA”), specifically including the Rules relating to “Expedited Procedures” (the “Expedited Procedures”); and any judgment may be entered in any Court having jurisdiction. The parties
intend that such arbitration shall provide final and binding resolution of any dispute, controversy or claim, and that action in any other forum shall be brought only if necessary to compel arbitration, or to enforce an arbitration award or order.
All initial arbitration or judicial proceedings shall be instituted within twelve (12) months after the claim accrues or shall be forever barred. 
  

 22 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Each party agrees that it will use its best efforts to negotiate an amicable resolution of any dispute between Manager and Owner arising from this
Agreement. If Owner and Manager are unable to negotiate an amicable resolution of a dispute within fourteen (14) Business Days from the date of notice of the dispute pursuant to the notice section of this Agreement, or such other period as the
parties mutually agree in writing, either party may refer the matter to arbitration as provided herein. 
 b. Initiation of Arbitration
and Selection of Arbitrators. Arbitration shall be initiated by written notice by one party to the other pursuant to the notice section of this Agreement, and the Commercial Arbitration Rules of the American Arbitration Association shall
thereafter apply. The arbitrator shall have the power to grant equitable and injunctive relief and specific performance as provided in this Agreement. If necessary, orders to compel arbitration or enforce an arbitration award may be sought before
the United States District Court for the District of Delaware and any federal court having appellate jurisdiction over said court. If the United States District Court for the District of Delaware finds that it lacks jurisdiction, each party consents
to be sued in the Delaware State Court system. 
 The AAA in Philadelphia, PA shall be requested to submit a list of five (5) persons to
serve as the arbitrator. The arbitrator will be selected from a panel of persons having experience with and knowledge of the gaming business. The parties shall select the arbitrator from the list submitted, provided that if the parties cannot agree
upon the arbitrator, then the arbitrator shall be selected from the list of five (5) through the process of each party jointly striking names from the list until one name remains. The above procedures contemplate that there will only be two
(two) parties to the arbitration proceeding; if there are more, and the parties cannot agree upon the method of choosing arbitrators the method of proceeding shall be determined pursuant to the then existing Commercial Arbitration Rules of the AAA.

 c. Choice of Law. In determining any matter the arbitrator(s) shall apply the terms of this Agreement, without adding to, modifying
or changing the terms in any respect, and shall apply the laws of the State of Delaware. 
 d. Place and Conduct of Hearing. All
arbitration hearings shall be held at a place designated by the arbitrator(s) in Wilmington, Delaware or Philadelphia, Pennsylvania. The arbitrator is instructed to schedule promptly all discovery and other procedural steps and otherwise to assume
case management initiative and control to effect an efficient and expeditious resolution of the dispute. The arbitrator is authorized to issue reasonable monetary sanctions against either party if, upon a showing of good cause, such party is
unreasonably delaying the proceeding. Each party hereto hereby consents to the use, of the Expedited Procedures without regard to the amount in controversy and agrees to cooperate in all respects with the arbitrator in order to permit a speedy
resolution to such disputes. The arbitrator shall convene a hearing as quickly as practicable after his or her appointment, and in any event no later than fifteen (15) days after such appointment. There shall be only one hearing, which shall
not exceed five (5) consecutive business days in length. The arbitrator is specifically authorized to render partial or full summary judgment as provided for in the Federal Rules of Civil Procedure. The Federal 
  

 23 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 Rules of Evidence shall apply to the arbitration hearing. The party bringing a particular claim or asserting an affirmative defense will have the burden of proof with respect thereto. At the time of granting or
denying a motion for hearing, the arbitrator shall prepare and distribute to the parties a writing setting forth the arbitrator’s findings of facts and conclusions of law relating to the dispute, including the reasons for the giving or denial
of any aware. The arbitrator shall be requested to render an opinion within thirty (30) days after the date the controversy (within fifteen (15) days in the case of any expedited proceeding) is submitted to him or her. 
 e. Confidentiality. The arbitration proceedings and all testimony, filings, documents and information relating to or presented during the
arbitration proceedings shall be deemed to be information subject to the confidentiality provisions of this Agreement. 
 20.2
Financial Disputes. As to any financial dispute, the arbitration provisions set forth in this Section 20.2 shall be the exclusive dispute resolution procedures and no such dispute shall be a default by either Owner or Manager under
this Agreement. 
 a. Arbitration Accountants. The “Arbitration Accountants” (herein so called) shall be one of the four
(4) largest firms of independent certified public accountants in the United States (but shall not be the Facility Auditors or any firm of independent certified public accountants engaged by either Owner or Manager or any Affiliates of either of
them as auditors). In the event the conditions set forth in the preceding sentence eliminate all four (4) of the largest firms of independent certified public accountants, then the Arbitration Accountants, shall be chosen from other
international accounting firms. The party desiring to submit any matter to arbitration under Section 20.2 shall do so by written notice to the other party, which notice shall set forth the items to be arbitrated and such party’s choice of
one of the firms of accountants. The party receiving such notice shall within three (3) Business Days after receipt of such notice either approve such choice, or designate one of the remaining firms by written notice back to the first party,
and the first party shall within three (3) business days after receipt of such notice either approve such choice or disapprove the same. If both parties shall have agreed under the preceding sentence, then such firm shall be the Arbitration
Accountants for the purposes of arbitrating the dispute; otherwise, within three (3) business days the two (2) firms chosen will select a firm from among the remaining firms to be the Arbitration Accountants for such purpose. The
Arbitration Accountants shall be required to render a decision in accordance with the procedures described in Section 20.2b within twenty (20) business days after being notified of their selection. The fees and expenses of the Arbitration
Accountants will be paid by the non-prevailing party, unless the dispute involves insurance, in which case they shall be an Operating Expense. In connection with a dispute involving the value of the Facility, staff members of the Arbitration
Accountants with recognized expertise in the valuation of casino properties will be used. 
 b. Arbitration Procedures. In all
arbitration proceedings submitted to the Arbitration Accountants, the Arbitration Accountants shall be required to agree upon and approve the substantive position advocated by Owner or Manager with respect to each disputed item and shall not adopt
an alternative or compromise position. Any decision rendered by the Arbitration Accountants that does not reflect a substantive position advocated by Owner or Manager shall be beyond the scope of authority granted to the Arbitration Accountants and
consequently may be rejected by either party. All proceedings by the Arbitration Accountants 
  

 24 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 shall be conducted in accordance with the then current rules regarding commercial arbitration of the American Arbitration Association, except to the extent the provisions of such rules are modified by this Agreement
or the mutual agreement of the parties. Unless otherwise agreed, all arbitration proceedings shall be conducted in Wilmington, Delaware or Philadelphia, Pennsylvania. In rendering their decision, the Arbitration Accountants shall issue a decision of
their findings and conclusions and shall not add to, subtract from or otherwise modify the provisions of this Agreement. 
 21. NOTICES 
 All notices to be given hereunder shall be given in writing and may be delivered by internationally recognized overnight or express messenger or delivery
service to: 
  

			
	 If to Owner:
	  	Keystone Redevelopment Partners, LLC
		  	Fox Street and Roberts Avenue
		  	Philadelphia, PA
		  	Attn: Chairman of the Board
		
	 If to Manager:
	  	Trump Entertainment Resorts, Inc.
		  	1000 Boardwalk
		  	Atlantic City NJ 08401
		  	Attn: Executive Vice President and General Counsel

 Either party hereto may change its address by giving notice of such change to the other party hereto in the manner
hereinabove provided. Notices shall be deemed to have been duly given when received or upon refusal to accept delivery, or as demonstrated by the sender. 
 22. MISCELLANEOUS 
 22.1 Confidentiality. Except as otherwise set forth in Section 17.2 and
Section 19.2, both parties shall maintain confidentiality with respect to material developments in the course of operation of the Facility, subject to Governmental Requirements. Except as required by any law and Gaming Authorities, material
confidential information shall only be made available to such of a party’s employees and consultants as are required to have access to the same in order for the recipient party to adequately use such information for the purposes for which it
was furnished. Any Person to whom such information is disclosed shall be informed of its confidential nature and shall agree to keep it confidential as provided herein. Information provided by one party to the other shall be presumed confidential
unless the information is (a) published or in the public domain other than as a result of any action by the recipient thereof, (b) disclosed to the recipient by a third party or (c) presented to the recipient under circumstances which
clearly and directly indicate the delivering party does not intend such information to be confidential. 
 22.2 Conflict of Interest;
Non-Compete. 
 a. Subject to the restriction set forth in Section 22.2(b) below, nothing contained in this Agreement shall be
construed to restrict or prevent, in any manner, any party from engaging in any other businesses or investments during the Term of this Agreement, 
  

 25 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 including, without limitation, any similar or competitive casino operation. Owner acknowledges that Manager and/or its Affiliates operate other casinos and may in the future operate additional casinos in different
areas of the world, and that marketing efforts may cross over into the same markets and with respect to the same potential customer base as the Facility’s. Manager, in the course of managing the Facility, may refer customers of the Facility and
other parties to other facilities operated by Affiliates of Manager to utilize gaming, entertainment and other amenities, without payment of any fees to Owner. Owner consents to such activities and agrees that such activities will not constitute a
conflict of interest. Owner acknowledges and agrees that Manager may have and distribute promotional materials for Manager’s Affiliates and facilities, including casinos, at the Facility if reciprocal arrangements are made in favor of the
Facility at Manager’s Affiliates and other facilities. 
 b. During the Term of this Agreement, neither Manager nor an Affiliate of
Manager shall (i) engage in a competing business for its own account anywhere in [*****] (the “Restricted Area”); or (ii) [*****]; provided, however, [*****]. 
 22.3 Choice of Law and Construction of Agreement. This Agreement shall be governed by and construed under the laws of the State of New
York. Should any provision of this Agreement require judicial interpretation or as to any arbitration under this Agreement, it is agreed that the court or arbitrators interpreting or considering such provision shall not apply the presumption that
the terms hereof shall be more strictly construed against a party by reason of the rule or conclusion that a document should be construed more strictly against the party who itself or through its agent prepared the same. It is agreed and stipulated
that all parties hereto have participated equally in the preparation of this Agreement and that legal counsel was consulted by each party before the execution of this Agreement. All references in this Agreement to “Dollars” or
“$” shall be deemed to refer to the currency of the United States. 
 22.4 Regulatory Information. Owner and Manager
shall provide to each other all information pertaining to this arrangement and the Facility and as to their ownership structure, corporate structure, officers’ and directors’, stockholders’, members’ and partners’ identity,
financing, transfers of interest, etc. as shall be required by any Gaming Authorities or other regulatory authority with jurisdiction over the other or with respect to any federal or state security law requirement. 
 22.5 Force Majeure. Notwithstanding anything to the contrary in this Agreement, Manager shall not be deemed to have breached or be in
default under this Agreement by reason of failing to take any action or to perform in accordance therewith to the extent the same is the direct result of any event beyond the reasonable control of Manager, including but not limited to casualty,
fire, flood, earthquake, condemnation, strike, lockout, war, riot, unanticipated labor or material shortages, unknown physical or environmental conditions affecting the Facility, and orders or judgments of courts or Governmental Authorities that
impact or impede the development or operation of the Facility (a “Force Majeure Event”), provided that as promptly as practicable under the circumstances, upon the cessation of the Force Majeure Event, Manager take such action or perform
such obligation as had been prevented by the Force Majeure Event. 
 22.6 Conditions to Obligations. Notwithstanding anything
contained in this Agreement to the contrary, the rights, obligations and liabilities of the parties hereto are subject to all applicable Laws, and any necessary approvals of the Gaming Control Board of the Commonwealth of Pennsylvania. 

 

 26 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 22.7 Negation of Partnership, Joint Venture or Lease. Nothing contained in this Agreement shall constitute, or be construed to be or to
create, a partnership, joint venture or lease between Owner and Manager, or any affiliated person or entity. 
 22.8 Further
Assurances. The parties hereto agree that they shall execute, acknowledge and deliver any and all other instruments or documents, and engage in any other further actions, which shall be deemed reasonably necessary or desirable to effect the
purposes of this Agreement. 
 22.9 Waiver. No exercise or waiver, in whole or in part, of any right or remedy provided for in
this Agreement shall operate as a waiver of any other right or remedy, except as otherwise herein provided. No delay on the part of any party in the exercise of any right or remedy shall operate as a waiver thereof. 
 22.10 Severability. If any term or other provision of this Agreement (other than Section 7) is invalid, illegal or incapable of being
enforced by any law or public policy, all other terms and provisions of this Agreement shall nevertheless remain in full force and effect so long as the economic or legal substance of the transactions contemplated hereby is not affected in any
manner materially adverse to any party hereto. 
 22.11 Successors and Assigns Bound. The terms of this Agreement shall bind
and inure to the benefit of Owner, Manager and each of their respective successors and permitted assigns. 
 22.12 Captions.
The captions used herein are for convenience only and do not in any way affect, limit, amplify or otherwise modify the terms and provisions of this Agreement. 
 22.13 Counterparts. This Agreement may be executed in one or more counterparts with each such counterpart deemed to be an original hereof and all such counterparts deemed to be one and the same
Agreement. 
 22.14 Entire Agreement. This Agreement constitutes the entire understanding between the parties concerning the
subject matter herein contained. There are no oral promises, conditions, representations, undertakings, interpretations or terms of any nature except or expressly set forth herein and each of the parties represents and warrants that there exist no
conditions or inducements to the signing of this Agreement except as expressly set forth herein. This Agreement may not be amended, modified, altered or waived, in whole or in part, except by a subsequent writing signed by the parties sought to be
bound. 
 [Signature page follows] 
  

 27 

 *****CONFIDENTIAL TREATMENT REQUESTED***** 
 IN WITNESS WHEREOF, Owner and Manager have caused this Agreement to be duly executed as of the day
and year first above written. 

			
	TER MANAGEMENT Co., L.L.C.
		
	 By:
	 	 /s/ Mark Juliano

		 	 Mark Juliano

		 	 Chief Operating Officer

	
	KEYSTONE REDEVELOPMENT PARTNERS, LLC
		
	 By:
	 	 /s/ James B. Perry

		 	 James B. Perry

		 	 Chairman of the Board

		 	 of Member Representatives

  

 28 

 EXHIBIT A 
 DEFINITIONS 
 All capitalized terms referenced or used in the Management
Agreement (the “Agreement”) and not specifically defined therein shall have the meaning set forth below in this Exhibit A, which is attached to and made a part of the Agreement for all purposes. The section references herein refer
to the Sections in and to the Agreement. 
 AAA. The term “AAA” shall have the meaning set forth in Section 20.1a.

 Affiliate. The term “Affiliate” shall mean a Person that directly or indirectly, or through one or more intermediaries,
controls, is controlled by, or is under common control with the Person in question and any stockholder or partner of any Person referred to in the preceding clause owning (i) more than fifty (50%) percent or more of such Person if such
Person is a publicly traded corporation, or (ii) more than fifty (50%) percent or more of an ownership or beneficial interest in any other Person. 
 Annual Budget. The term “Annual Budget” shall have the meaning set forth in Section 5.1c. 
 Approved Legal Counsel. The terms “Approved Legal Counsel” shall have the meaning set forth in Section 5.1h(6). 
 Arbitration Accountants. The term “Arbitration Accountants” shall have the meaning set forth in Section 20.2a. 
 Bad Debts. The term “Bad Debts” shall mean an amount equal to the provision for doubtful accounts as set forth in the Facility’s statement of income covering the Facility operations. 
 Bank Accounts. The term “Bank Accounts” shall have the meaning set forth in Section 5.1h(8). It shall not include any of
Manager’s accounts. 
 Base Management Fee. The term “Base Management Fee” shall have the meaning set forth in
Section 7.2. 
 Board of Member Representatives. The term “Board of Member Representatives” shall have the meaning set
forth in Section 3.3. 
 Books and Records. The term “Books and Records” shall have the meaning set forth in
Section 5.1f. 
 Budget. The term “Budget” or “Budgets” means any budget contemplated by the Agreement that
has been approved by Owner or has been arbitrated as set forth in the Agreement, including, without limitation, the Annual Budget. 
  

 Exhibit A – Page 1 

 Business Days. The term “Business Days” shall mean all weekdays except those that are
official holidays of the State of Delaware. Unless specifically stated as “Business Days,” a reference to “days” means calendar days. 
 Capital Replacements. The term “Capital Replacements” shall have the meaning set forth in Section 5.1d. 
 Capital Replacements Fund. The term “Capital Replacements Fund” shall mean those amounts at any given time allocated to an account for the purpose of funding budgeted capital replacements, renewals,
non-routine repairs and maintenance and improvements within and to the Facility pursuant to the applicable Budget. The Capital Replacements Fund shall be maintained at a financial institution selected by Owner. In the event that Gross Revenue in any
month is insufficient to permit a deposit to the Capital Replacements Fund after paying Operating Expenses, the amount of the deficiency shall be carried over and added to the amount to be deposited in the Capital Replacements Fund in subsequent
months. 
 Condemnation. The term “Condemnation” shall mean any taking by eminent domain, condemnation, nationalization or
any other governmental action. 
 Control. The term “Control” (including derivations such as “controlled” and
“controlling” means with respect to a Person, the ownership of more than fifty (50%) percent or more of the beneficial interest or voting power of such Person. 
 Commencement Date. The term “Commencement Date” shall have the meaning set forth in Section 2.1. 
 Debt Service. The term “Debt Service” shall mean payments (including, without limitation, principal, interest and expense reimbursement)
with respect to (a) capitalized leases, as defined in accordance with Generally Accepted Accounting Principles, (b) all third party borrowed funds related to the Facility, and (c) any construction or permanent financing related to the
Facility. 
 Default/Event of Default. The term “Default” and “Event of Default” shall have the meaning set forth
in Section 15. 
 Default Rate. The term “Default Rate” shall mean the lesser of (a) the referenced or prime
commercial lending rate published in the Wall Street Journal, plus two (2%) percent per annum, or (b) the highest rate permitted by applicable law, to the extent applicable law establishes a maximum rate of interest which may be charged
with respect to obligations of the type in question, until paid. 
 Effective Date. The term “Effective Date” shall have the
meaning set forth in Section 2.1. 
 Expedited Procedures. The term “Expedited Procedures” shall have the meaning set
forth in Section 20.1a. 
  

 Exhibit A – Page 2 

 Extended Term. The term “Extended Term” shall have the meaning set forth in
Section 2.2. 
 FF&E. The term “FF&E” shall mean all furniture, furnishings, equipment, and fixtures, including
gaming equipment, computers, housekeeping and maintenance equipment necessary or appropriate to operate the Facility in conformity with this Agreement. 
 Financial Statements. The term “Financial Statements” shall mean an income statement, balance sheet and a sources and use of cash statement, all prepared in conformity with Generally Accepted
Accounting Principles and on a basis consistent in all material respects with that of the preceding period (except as to those changes or exceptions disclosed in such Financial Statements). 
 Fiscal Year. The term “Fiscal Year” shall mean a period beginning and ending on January 1 and December 31, respectively.
“Fiscal Year” shall also refer to the period commencing on the first day of the Term and ending on the last day of that calendar year. In the event this Agreement terminates on a date other than the last day of a calendar year, the term
“Fiscal Year” shall include the period from the first day of the Fiscal Year during which this Agreement terminates to and including the date of such termination. 
 Gaming Authorities. The term “Gaming Authorities” or “Authority” shall mean the Gaming Control Board of the Commonwealth of
Pennsylvania, and all other agencies, authorities and instrumentalities of any state, nation, or other governmental entity, or any subdivision thereof, regulating gaming or related activities and having jurisdiction over Manager, Owner or the
Facility. 
 Generally Accepted Accounting Principles. The term “Generally Accepted Accounting Principles” shall mean
generally accepted accounting principles as in effect from time to time by the American Institute of Certified Public Accountants. 
 Governmental Authority. The term “Governmental Authorities” or “Authority” means the United States, the Commonwealth of Pennsylvania, the City of Pennsylvania, any other political subdivision in which the Facility
is located and any court or political subdivision, agency, commission, board or instrumentality or officer thereof, whether federal, state or local having or exercising a jurisdiction over Owner or Manager. 
 Governmental Requirements. The term “Governmental Requirements” means all laws and agreements with any Governmental Authority that are
applicable to the operation of the Facility and including, without limitation, all Approvals and any rules, guidelines or restrictions created by or imposed by Governmental Authorities. 
 Gross Operating Profit. The term “Gross Operating Profit” shall mean [*****] less [*****] exclusive of [*****]. 
 Gross Revenue. The term “Gross Revenue” shall include all of the revenue from the operation of the Facility computed on an accrual basis
from all business conducted upon, related 
  

 Exhibit A – Page 3 

 to or from the Facility in accordance with Generally Accepted Accounting Principles and shall include, but not be limited
to, the net win from gaming activities, which is the difference between gaming wins and losses before deducting taxes, and the amount of all sales of food, beverages, goods, wares, services or merchandise at or from the Facility, less Bad Debts and
deposits made in respect of progressive and other similar games, except to the extent such deposits are allocable to expenses. Gross Revenue shall not include: 
 a. Applicable gross receipts taxes, admission, cabaret, excise, value added, sales and use taxes, or similar governmental charges collected directly from customers or as a part of the sales price of any goods or
services; 
 b. Income and revenues of tenants, licensees and concessionaires of Manager or Owner of the Facility or any part thereof;
provided, however, that all fees, rents, commissions, percentages or other payments received from any tenant, licensee or concessionaire of the Facility shall be included in Gross Revenue; 
 c. Service charges, which are defined to mean percentage gratuities added to customer billings as compensation to employees of the Facility; 

d. Proceeds of financing, refinancing or sale of all or a portion of the Facility assets; 
 e. Proceeds paid as a result of an insurable loss (unless paid for the loss or interruption of business and representing payment for damage for loss of
income and profits of the Facility) after deducting any expenses of adjustment and collection; 
 f. Owner’s Advances and any funds
advanced or investments by Manager; 
 g. Proceeds of condemnation and eminent domain awards; 
 h. Interest on any Bank Accounts; 
 i.
Credits and refunds; and 
 j. Credit card or travel agent commissions. 
 Any of the above provisions resulting in a double exclusion from Gross Revenue shall be allowed as an exclusion only once. 
 Incentive Management Fee. The term “Incentive Management Fee” shall have the meaning set forth in Section 7.3. 
 Initial Term. The term “Initial Term” shall have the meaning set forth in Section 2.1. 
  

 Exhibit A – Page 4 

 Law. The term “Law” means any statute, ordinance, promulgation, law, treaty, rule,
regulation, code, judicial or administrative precedent or order of any court or any other Governmental Authority. 
 Lender. The term
“Lender” shall mean any Person that has extended credit to Owner secured by, among other things, a mortgage or hypothecation encumbering the Facility. 
 Loan Documents. The term “Loan Documents” means any documents evidencing, securing and relating to any indebtedness owing by Owner to a Lender and relating to the Facility, now existing or incurred
during the Term, including, without limitation, all promissory notes, loan agreements, mortgages, hypothecations, pledges, assignments, certificates, indemnities and other agreements. 
 Losses. The term “Losses” shall have the meaning set forth in Section 12.1. 
 Major Condemnation. The term “Major Condemnation” shall mean any condemnation which prevents the conduct of the Facility business and
the ability to earn or generate revenues and income. 
 Management Fee. The term “Management Fee” shall collectively mean
(a) the Base Management Fee, and (b) the Incentive Management Fee. 
 Manager Denial. The term “Manager Denial”
shall have the meaning set forth in Section 17.2. 
 Manager Operating Permits. The term “Manager Operating Permits”
shall mean all licenses and approvals of Manager (as distinct from Owner or the Facility) required from any Gaming Authority to manage the Facility and otherwise perform and carry out its obligations under this Agreement. 
 Manager’s Senior Staff. The term “Manager’s Senior Staff” shall have the meaning set forth in Section 5.1(a). 

Minor Condemnation. The term “Minor Condemnation” shall mean any condemnation other than a Major Condemnation. 
 Operating Expenses. The term “Operating Expenses” shall mean those necessary and reasonable operating expenses, including, without
limitation, costs of Operating Supplies, payroll and benefits, marketing, administration, maintenance, energy, insurance, Management Fees and all costs and expenses of licensing Manger’s or Owner’s employees, incurred on behalf of Owner in
connection with conducting and operating the Facility, computed on an accrual basis, deductible under Generally Accepted Accounting Principles in determining “Operating Income” (as defined in casino industry practice) for purposes of
preparing a statement of operations for the Facility as well as ad valorem taxes, payroll taxes, fees, assessments and other payments due any Governmental Authorities (other than excise, sales and use taxes, withholding taxes and taxes in
respect of income or profits); provided, however, Operating Expenses shall not include depreciation or amortization with respect to the Facility or the FF&E, Debt Service or Capital Replacement Fund deposits. 
  

 Exhibit A – Page 5 

 Operating Permits. The term “Operating Permits” shall mean all licenses, permits and
approvals required of any Governmental Authority for the operation of the Facility, including the Manager Operating Permits and Owner Operating Permits. 
 Operating Supplies. The term “Operating Supplies” shall mean gaming supplies, paper supplies, cleaning materials, food and beverage, marketing materials, maintenance supplies, uniforms and all other
consumable supplies and materials used in the operation of the Facility. 
 Owner Denial. The term “Owner Denial” shall have
the meaning set forth in Section 17.1. 
 Owner Indemnitees. The term “Owner Indemnitees” shall have the meaning set
forth in Section 12.1. 
 Owner Operating Permits. The term “Owner Operating Permits” shall mean all licenses and
approvals of Owner (as distinct from Manager or the Facility) required from any Gaming Authority to own the Facility and otherwise perform and carry out its obligations under this Agreement. 
 Owner’s Advances. The term “Owner’s Advances” shall mean the amounts to be advanced by Owner to Manager pursuant to
Section 6.1. 
 Owner’s Representative. The term “Owner’s Representative” shall have the meaning set forth in
Section 3.3. 
 Person. The term “Person” shall mean any individual, partnership, corporation, association or other
entity, including, but not limited to, any government or agency or subdivision thereof, and the heirs, executors, administrators, legal representatives, successors and assigns of such Person where the context so admits. 
 Pre-Opening Budget. The term “Pre-Opening Budget” shall have the meaning set forth in Section 4.1. 
 Pre-Opening Expenses. The term “Pre-Opening Expenses” shall have the meaning set forth in Section 4.1. 
 Rules. The term “Rules” shall have the meaning set forth in Section 20.1a. 
 Term. The term “Term” shall mean the Initial Term and any Extended Term for which the option to extend as provided in the Agreement has
been exercised. 
 Unavoidable Delay. The term “Unavoidable Delay” shall have the meaning set forth in Section 15.4.

  

 Exhibit A – Page 6 

 Working Capital. The term “Working Capital” shall mean such amount in the Bank Accounts
as in the reasonable business judgment of Manager will be sufficient to reasonably assure the timely payment of all current liabilities of the Facility and the uninterrupted and efficient operation of the Facility during the Term of this Agreement
to permit the Manager to perform its responsibilities and obligations hereunder, all as contemplated by the applicable Annual Budget with reasonable reserves for unanticipated contingencies and for short term business fluctuations resulting from
monthly variations between the Annual Budget and actual operating expenses. 
  

 Exhibit A – Page 7

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