Document:

Voting Agreement, dated as of May 20, 2005

 Exhibit 10.10 
  
 EXECUTION VERSION 
  
  
 VOTING AGREEMENT 
  
 VOTING AGREEMENT, dated as of May 20, 2005 (this
“Agreement”), by and among Trump Entertainment Resorts, Inc., a Delaware corporation formerly known as Trump Hotels & Casino Resorts, Inc. (the “Company”), and the Stockholders (as hereinafter defined).

  
 R E C I T A L
S: 
  
 WHEREAS, on November 21, 2004, the Company and
certain of its subsidiaries (collectively, the “Debtors”) filed voluntary petitions under Chapter 11 of Title 11 of the United States Code, 11 U.S.C. §§ 101-1330, in the United States Bankruptcy Court for the District of
New Jersey (the “Bankruptcy Court”), under Case Nos. 04-46898 through 04-46925 (J.H.W); 
  
 WHEREAS, on April 5, 2005, by written order, the Bankruptcy Court confirmed the Debtors’ Second Amended Joint Plan of Reorganization, dated as of
March 30, 2005 (the “Plan”); 
  
 WHEREAS, the
Plan contemplates a reorganization of the Debtors involving, among other things, an investment in the equity of the Company and Trump Entertainment Resorts Holdings, L.P., a Delaware limited partnership formerly known as Trump Hotels & Casino
Resorts Holdings, L.P. (the “Partnership”), pursuant to that certain Amended and Restated Investment Agreement, dated as of May 20, 2005 (the “Investment Agreement”), by and among the Company, the Partnership and
Donald J. Trump (the “Investor”); 
  
 WHEREAS,
pursuant to the Plan and the Investment Agreement, the Stockholders received (i) Class A Partnership Interests and/or Class B Partnership Interests (as each such term is defined in the Investment Agreement), (ii) shares of Common Stock (the
“Common Stock”) and Class B Common Stock (the “Class B Common Stock” and, together with the Common Stock, the “Capital Stock”), each with a par value of $0.01 per share, of the Company and (iii) a
warrant to purchase shares of Common Stock; 
  
 WHEREAS, the Class
A Partnership Interests and the Class B Partnership Interests are exchangeable for shares of Common Stock as provided in the Amended Exchange Rights Agreement (as defined in the Investment Agreement); 
  
 WHEREAS, pursuant to the Amended and Restated Certificate of Incorporation
(as defined in the Investment Agreement), subject to certain conditions, the holders of Common Stock and Class B Common Stock, voting together as a single class, shall have the exclusive right to vote for, among other things, the election of
directors of the Company; and 
  
 WHEREAS, the Stockholders and
the Company desire to promote their mutual interests by agreeing to certain matters relating to the operations of the Company and the voting of shares of capital stock in the Company; 
  
 NOW, THEREFORE, in consideration of the foregoing premises and the mutual covenants and agreements set forth in this
Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto, each intending to be legally bound, hereby agree as follows: 
  

 ARTICLE I. 
 DEFINED TERMS 
  
 Section
1.1. Definitions. In addition to the terms defined elsewhere in this Agreement, as used herein, the following terms shall have the respective meanings below: 
  
 “Affiliate” shall mean, with respect to any specified Person, any other Person that directly, or indirectly
through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. For the purposes of this definition, “control” of a Person shall mean the possession, directly or indirectly, of
the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise. 
  
 “Board” shall mean the Board of Directors of the Company. 
  
 “CEO Nomination Period” shall mean, at any time during the Class A Nomination Period, any time that the
then serving Chief Executive Officer of the Company is not also then serving as a director of the Company. 
  
 “Class A Directors” shall mean, (a) the five (5) initial members of the Board designated as “Class A Directors” designated
pursuant to Section 5.04 of the Plan and (b) at any given time thereafter, five (5) individuals designated by a majority of the Class A Directors serving as directors of the Company at such time. 
  
 “Class A Nomination Period” shall mean the period commencing
on the date hereof and ending on the earlier of (a) the day immediately following the date on which the sixth annual meeting of stockholders of the Company following the date hereof shall be held and (b) such time as the stockholders of the Company
shall fail to elect the Investor to the Board (provided that the Investor has voted all shares of Capital Stock Owned by him to elect the Investor to the Board). 
  
 “Independent” shall mean, with respect to any director of the Company, an individual who shall be
independent from the Company under applicable law and stock exchange and securities market rules. 
  
 “Investor Nomination Period” shall mean the period commencing on the date hereof and ending on the date of any termination of the
Services Agreement by the Company and the Partnership pursuant to Section 2.1(b)(ii) thereof. 
  
 “Owns”, “Own”, “Owned” or “Owning” shall mean, with respect to the Capital Stock, beneficial ownership, assuming the conversion of all outstanding
securities convertible into or exchangeable for shares of Capital Stock and the exercise of all outstanding options, warrants and other rights to acquire shares of Capital Stock. 
  
 “Person” shall mean any individual, partnership (general or limited), corporation, limited liability
company, association, joint stock company, trust, joint venture, unincorporated organization or other entity. 
  

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 “Services Agreement” shall mean that certain Services Agreement, dated as of the date
hereof, by and among the Investor, the Company and the Partnership, as amended from time to time. 
  
 “Stockholders” shall mean those stockholders of the Company set forth on Exhibit A hereto, together with their respective
successors and assigns. 
  
 ARTICLE II. 
 BOARD OF DIRECTORS 
  
 Section 2.1. Nomination of Directors. 
  
 (a) Subject to applicable law and stock exchange and securities market rules, during the Class A Nomination Period, the Company shall take
all such action as may be necessary to cause the nomination for election as directors of the Company the Class A Directors. The initial Class A Directors shall be Edward H. D’Alelio, Cezar M. Froelich, Morton H. Handel, Michael Kramer and James
B. Perry. Such initial Class A Directors shall serve in, and be divided among, Class I, Class II and Class III of the Board as provided in the Amended and Restated Certificate of Incorporation. 
  
 (b) Subject to applicable law and stock exchange and
securities market rules, during the Investor Nomination Period, so long as the Stockholders Own, in the aggregate: 
  
 (i) not less than 7.5% of the outstanding shares of Common Stock, the Company shall take all such action as may be necessary to cause the
nomination for election as directors of the Company three (3) individuals designated by the Investor one of whom shall be the Investor and one of whom shall be Independent; 
  
 (ii) not less than 5% and less than 7.5% of the outstanding shares of Common Stock, the Company shall take
all such action as may be necessary to cause the nomination for election as directors of the Company two (2) individuals designated by the Investor one of whom shall be the Investor and one of whom shall be Independent; or 
  
 (iii) less than 5% of the outstanding shares of Common Stock
and the Services Agreement shall have not been terminated at such time, the Company shall take all such action as may be necessary to cause the Investor to be nominated for election as a director of the Company. 
  
 Each of such one, two or three nominees of the Investor (including himself) designated
pursuant to this Section 2.1(b), as the case may be, shall hereinafter be referred to as an “Investor Board Member”. The initial Investor Board Members shall be the Investor, Wallace B. Askins and Don M. Thomas. Such initial
Investor Board Members shall serve in, and be divided among, Class I, Class II and Class III of the Board as provided in the Amended and Restated Certificate of Incorporation. 
  

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 (c) Subject to applicable law and stock exchange and securities market rules, during the
Investor Nomination Period, so long as the Stockholders Own, in the aggregate, not less than 5% of the outstanding shares of Common Stock, the Company shall take all such action as may be necessary to cause the nomination for election as a director
of the Company one (1) individual (the “Mutual Board Member”) who shall be acceptable to the Investor; provided, however, that, in the event that at any time during the Class A Nomination Period the Stockholders shall
Own, in the aggregate, less than 5% of the outstanding shares of Common Stock, the Mutual Board Member shall be acceptable to a majority of the Class A Directors serving as directors on the Board at such time. The initial Mutual Board Member shall
be James J. Florio, who shall serve in Class I of the Board as provided in the Amended and Restated Certificate of Incorporation. 
  
 (d) Subject to applicable law and stock exchange and securities market rules, if during the CEO Nomination Period the Board acts to
designate or nominate the then serving Chief Executive Officer of the Company to be a member of the Board and such Chief Executive Officer agrees to serve on the Board if elected, the Company shall take all such action as may be necessary to cause
the nomination for election as a director of the Company such then serving Chief Executive Officer of the Company (the “CEO Director” and, together with the Class A Directors, the Investor Board Members and the Mutual Board Member,
the “Board Designees”). 
  
 Section 2.2.
Number of Directors; Election of Directors; Committees. 
  
 (a) Subject to applicable law and stock exchange and securities market rules, and except as otherwise provided herein, each Stockholder shall vote all shares of Capital Stock Owned by it, and the Company shall take
all necessary and desirable actions within its control (including, without limitation, calling and holding special Board and stockholder meetings), so that: 
  
 (i) at any given time, the authorized number of directors on the Board shall be not less than the number of Board Designees entitled at
such time to be nominated as directors of the Company hereunder; 
  
 (ii) during the Class A Nomination Period, the Class A Directors shall be elected to the Board; 
  
 (iii) during the Investor Nomination Period, the Investor Board Members and the Mutual Board Member shall be elected to the Board;

  
 (iv) subject to Section 2.1(d), during
the CEO Nomination Period, the CEO Director shall be elected to the Board; 
  
 (v) during the Class A Nomination Period, each Class A Director then serving as a director of the Company shall, prior to the expiration of such Class A Director’s term, be nominated to serve for a successive
term as a Class A Director; 
  

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 (vi) during the Class A Nomination Period, a majority of the directors serving on each
committee of the Board shall consist of Class A Directors; and 
  
 (vii) during the Investor Nomination Period, the Investor, so long as he is a director of the Company, shall serve on each committee of the Board other than the Compensation Committee and the Audit Committee thereof.

  
 (b) Subject to applicable law, applicable
fiduciary duties and stock exchange and securities market rules: 
  
 (i) during the Class A Nomination Period, the Investor shall vote (in his capacity as a director) to re-nominate each Class A Director for a further term as a director on the Board prior to the expiration of each
Class A Director’s current term as a director on the Board; and 
  
 (ii) subject to Section 2.1(d), during the CEO Nomination Period, the Investor shall vote (in his capacity as a director) to nominate the then serving Chief Executive Officer of the Company to serve as a
director on the Board. 
  
 Section 2.3. Replacement
Directors. 
  
 (a) Subject to applicable law
and stock exchange and securities market rules, in the event that, during the Class A Nomination Period, any Class A Director is unable to serve, or once having commenced to serve, is removed or withdraws from the Board, such Class A Director’s
replacement (a “Substitute Class A Director”) shall be designated by a majority of the remaining Class A Directors serving as directors of the Company at such time. Subject to applicable law and stock exchange and securities market
rules, during the Class A Nomination Period, the Stockholders and the Company agree to take all action within their respective power, including but not limited to, the voting of all shares of Capital Stock Owned by them, (i) to cause the election of
such Substitute Class A Director promptly following his or her nomination to the Board pursuant to this Section 2.3(a), or (ii) upon the written request of a majority of the Class A Directors serving as directors of the Company at such time,
to remove, with cause, any relevant Class A Director. 
  
 (b) Subject to applicable law and stock exchange and securities market rules, in the event that, during the Investor Nomination Period, any Investor Board Member is unable to serve, or once having commenced to serve, is removed or withdraws
from the Board, such Investor Board Member’s replacement (a “Substitute Investor Board Member”) shall be designated by the Investor, subject to the provisions of Section 2.1(b) hereof. Subject to applicable law and stock
exchange and securities market rules, during the Investor Nomination Period, the Stockholders and the Company agree to take all action within their respective power, including but not limited to, the voting of all shares of Capital Stock Owned by
them, (i) to cause the 

  

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election of such Substitute Investor Board Member promptly following his or her nomination to the Board pursuant to this Section 2.3(b), or (ii) upon
the written request of the Investor, to remove, with cause, any relevant Investor Board Member. 
  
 (c) Subject to applicable law and stock exchange and securities market rules, in the event that a Mutual Board Member is unable to serve,
or once having commenced to serve, is removed or withdraws from the Board, such Mutual Board Member’s replacement (the “Substitute Mutual Board Member”) shall be designated by the Company and, during the Investor Nomination
Period, the Investor, provided that, during the Class A Nomination Period, the Substitute Mutual Board Member shall be acceptable to a majority of the Class A Directors serving as directors on the Board at such time. Subject to applicable law
and stock exchange and securities market rules, the Stockholders and the Company agree to take all action within their respective power, including but not limited to, the voting of all shares of Capital Stock Owned by them, (i) to cause the election
of such Substitute Mutual Board Member promptly following his or her nomination to the Board pursuant to this Section 2.3(c), or (ii) to remove, with cause, the Mutual Board Member, during the Investor Nomination Period, upon the written
request of the Investor, provided that, during the Class A Nomination Period, such removal shall be acceptable to a majority of the Class A Directors serving as directors of the Company at such time. 
  
 (d) Subject to applicable law and stock exchange and
securities market rules, in the event that, during the CEO Nomination Period, the then serving CEO Director shall no longer serve as the Chief Executive Officer of the Company or is unable to serve, or once having commenced to serve, is removed or
withdraws from the Board, such CEO Director’s replacement (the “Substitute CEO Director”) shall only be the then serving Chief Executive Officer of the Company, subject to the provisions of Section 2.1(d) hereof. Subject
to applicable law and stock exchange and securities market rules, during the CEO Nomination Period, the Stockholders and the Company agree to take all action within their respective power, including but not limited to, the voting of all shares of
Capital Stock Owned by them, (i) to cause the election of such Substitute CEO Director promptly following his or her nomination to the Board pursuant to this Section 2.3(d), or (ii) to remove, with or without cause, the CEO Director promptly
after such time as he or she shall no longer serve as the Chief Executive Officer of the Company. 
  
 ARTICLE III. 
 STOCKHOLDER PROXY 
  
 Section 3.1. Proxy. Each Stockholder hereby irrevocably appoints and
constitutes Investor as the sole and exclusive proxy of such Stockholder, with full power and authority to vote, or to consent or withhold consent with respect to, all shares of Capital Stock Owned by such Stockholder on any matter presented to the
stockholders of the Company. Each such proxy shall be irrevocable and is coupled with an interest sufficient in law to support an irrevocable proxy. Each proxy granted to the Investor pursuant to this Section 3.1 shall terminate upon the
written consent of the Investor. 
  

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 ARTICLE IV. 
 STOCK CERTIFICATE LEGENDS 
  
 Section 4.1. Legends. Each certificate representing shares of Capital Stock held by the Stockholders shall bear a legend containing the following words (in addition to any other legend required by applicable law to be set forth on
any certificate representing such shares of Capital Stock): 
  
 “THE SECURITIES REPRESENTED BY THIS CERTIFICATE ARE SUBJECT TO THE TERMS AND CONDITIONS OF THAT CERTAIN VOTING AGREEMENT, DATED AS OF MAY 20, 2005, BY AND AMONG TRUMP ENTERTAINMENT RESORTS, INC. (THE “COMPANY”) AND CERTAIN
STOCKHOLDERS OF THE COMPANY. COPIES OF SUCH AGREEMENT MAY BE OBTAINED AT NO COST BY WRITTEN REQUEST MADE BY THE HOLDER OF RECORD OF THIS CERTIFICATE TO THE SECRETARY OF THE COMPANY.” 
  
 ARTICLE V. 
 TERMINATION 
  
 Section 5.1. Termination.
This Agreement shall be effective as of the date hereof and shall continue thereafter in accordance with its terms until such time as the Stockholders, together with their Affiliates and any Persons with whom they have formed a “group” as
described in the rules and regulations of the Securities Exchange Act of 1934, as amended, shall own all of the outstanding Capital Stock. 
  
 ARTICLE VI. 
 MISCELLANEOUS

  
 Section 6.1. Notices. All notices, requests,
consents and other communications hereunder to any party shall be deemed to be sufficient if contained in a written instrument delivered in person or by facsimile or sent by nationally-recognized overnight courier or first class registered or
certified mail, return receipt requested, postage prepaid, addressed to such party at the address set forth below or at such other address as may hereafter be designated in writing by such party to the other parties: 
  

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 (a) if to the Company, to: 
  
 c/o Trump Entertainment Resorts, Inc. 
 725 Fifth Avenue, 15th Floor 
 New York, NY 10022 
 Facsimile: (212) 688-0397

 Attn:    Scott C. Butera 
             Robert M. Pickus, Esq. 
  
 with copies to: 
  
 Latham & Watkins LLP 
 633 West Fifth
Street, Suite 4000 
 Los Angeles, CA 90071-2007 
 Facsimile: (213) 891-8763 
 Attn:    Thomas W. Dobson, Esq. 
             Robert A. Klyman, Esq. 
  
 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, NY 10153

 Facsimile: (212) 310-8007 
 Attn:    Michael F. Walsh, Esq. 
             Eric
L. Schondorf, Esq. 
  
 Milbank, Tweed, Hadley & McCloy LLP

 601 South Figueroa Street 
 30th Floor 
 Los Angeles, CA 90017 
 Facsimile: (213) 629-5063 
 Attn:    Paul S. Aronzon, Esq. 
             Thomas R. Kreller, Esq. 
  
 (b) if to any Stockholder, to: 
  
 c/o The Trump Organization 
 725 Fifth Avenue

 New York, NY 10022 
 Facsimile:
(212) 935-0141 
 Attn:    Donald J. Trump 
  
 with a copy to: 
  
 Willkie Farr & Gallagher LLP 
 787 Seventh
Avenue 
 New York, NY 10019-6099 
 Facsimile: (212) 728-8111 
 Attn:    Thomas M. Cerabino, Esq. 
  

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 All such notices, requests, consents and other communications shall be deemed to have been delivered (i) in the case of
personal delivery or delivery by facsimile, on the date of such delivery, (i) in the case of dispatch by nationally-recognized overnight courier, on the next business day following such dispatch and (iii) in the case of mailing, on the third
business day after the posting thereof. 
  
 Section 6.2.
Severability; Governing Law. If any provision of this Agreement shall be determined to be illegal or unenforceable by any court of competent jurisdiction, the remaining provisions hereof shall be severable and enforceable in accordance with
their terms. This Agreement shall be governed by and construed in accordance with the laws of the State of Delaware, without giving effect to the principles of conflicts of law; provided, however, that each of the provisions of this
Agreement is subject to and shall be enforced in compliance with the Gaming Laws (as defined in the Investment Agreement). 
  
 Section 6.3. Successors and Assigns. This Agreement shall bind and inure to the benefit of the parties hereto and their respective successors and
assigns, transferees, legal representatives and heirs. 
  
 Section
6.4. Modification. Except as otherwise provided herein, neither this Agreement nor any provisions hereof can be modified, changed, discharged or terminated except by an instrument in writing signed by the Company, the Investor and, during the
Class A Nomination Period, a majority of the Class A Directors serving as directors on the Board at such time. 
  
 Section 6.5. Headings. The headings of the sections of this Agreement have been inserted for convenience of reference only and shall not be deemed
to be a part of this Agreement. 
  
 Section 6.6. Nouns and
Pronouns. Whenever the context may require, any pronouns used herein shall include the corresponding masculine, feminine or neuter forms, and the singular form of names and pronouns shall include the plural and vice versa. 
  
 Section 6.7. Entire Agreement. This Agreement contains the entire
agreement among the parties hereto with respect to the subject matter hereof and supersedes all prior agreements and understandings (written or oral) with respect thereto. 
  
 Section 6.8. Counterparts. This Agreement may be executed in any number of counterparts, and each such counterpart
hereof shall be deemed to be an original instrument, but all such counterparts, together, shall constitute one and the same agreement. 
  
 [remainder of page intentionally left blank] 
  

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 IN WITNESS WHEREOF, the parties hereto have executed this Voting Agreement as of the date first above
written. 
  

					
	COMPANY:
	
	 TRUMP ENTERTAINMENT RESORTS, INC.

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

  

					
	STOCKHOLDERS:
		
	By:	 	/s/    DONALD J.
TRUMP        
	 Name:
	 	Donald J. Trump

  

 EXHIBIT A 
  

Stockholders 
  
 Donald J. TrumpTen-Year Warrant Agreement, dated as of May 20, 2005

 Exhibit 10.11 
  
 THIS WARRANT AND THE WARRANT SHARES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, NOR REGISTERED OR QUALIFIED
UNDER ANY STATE SECURITIES LAWS, AND MAY NOT BE PLEDGED, HYPOTHECATED, SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS SO REGISTERED OR AN EXEMPTION THEREFROM IS AVAILABLE. 
  
 WARRANT TO PURCHASE COMMON STOCK 
 OF TRUMP ENTERTAINMENT RESORTS, INC. 
  
 THIS CERTIFIES THAT, for value received, TRUMP ENTERTAINMENT RESORTS, INC., a Delaware corporation formerly known as Trump Hotels & Casino Resorts, Inc. (the “Company”), promises to issue to
Donald J. Trump, the holder of this Warrant, its nominees, successors or assigns (the “Holder”), 1,446,706 nonassessable shares of Common Stock, par value $0.001 per share, of the Company (“Common Stock”), upon the
payment by the Holder to the Company of the Warrant Price (as defined herein) and to deliver to the Holder a certificate or certificates representing the Common Stock purchased. The number of shares of Common Stock purchasable upon exercise of this
Warrant and the Warrant Price shall be subject to adjustment from time to time as provided herein. The initial warrant price per share of Common Stock shall be equal to $21.90 per share (the “Warrant Price”), subject to adjustment
as provided herein. 
  
 For the purpose of this Warrant, the term
“Common Stock” shall mean (i) the class of stock designated as the Common Stock of the Company at the date of this Warrant, or (ii) any other class or classes of stock resulting from successive changes or reclassifications of such
class of stock, and the term “Business Day” shall mean any day other than a Saturday or Sunday or a day on which commercial banks in New York, New York are required or authorized to be closed. 
  
 Section 1. Term of Warrant, Exercise of Warrant. (a) Subject to the
terms of this Warrant, the Holder shall have the right, at its option, which may be exercised in whole or in part, at any time, and from time to time, commencing at the time of the issuance of this Warrant and until 5:00 p.m. Eastern Time on May 20,
2015 to purchase from the Company the number of fully paid and nonassessable shares of Common Stock which the Holder may at the time be entitled to purchase on exercise of this Warrant (the “Warrant Shares”). Notwithstanding the
foregoing, if the Holder shall have given the Company written notice of its intention to exercise this Warrant on or before 5:00 p.m. Eastern Time on May 20, 2015, the Holder may exercise this Warrant at any time through (and including) the next
Business Day following the date that all applicable required regulatory holding periods have expired and all applicable required governmental approvals have been obtained in connection with such exercise of this Warrant by the Holder, if such
Business Day is later than on May 20, 2015 (May 20, 2015 or such later date being herein referred to as the “Warrant Expiration Date”). After the Warrant Expiration Date, this Warrant will be void. 
  
 (b) The purchase rights evidenced by this Warrant shall be exercised by the
Holder surrendering this Warrant, with the form of Exhibit A hereof duly executed by the Holder, to the Company at its office in Atlantic City, New Jersey (or, in the event the Company’s principal office is no longer in Atlantic City,
New Jersey, its then principal office (the “Principal Office”)), accompanied by the payment of an amount (the “Exercise Payment”) equal to the Warrant Price, 

  

 
multiplied by the number of Warrant Shares being purchased pursuant to such exercise, payable as follows: (i) by payment to the Company in cash, by certified
or official bank check, or by wire transfer of the Exercise Payment, (ii) by surrender to the Company for cancellation of securities of the Company having a Market Price (as hereinafter defined) on the date of exercise equal to the Exercise Payment;
or (iii) by a combination of the methods described in clauses (i) and (ii) above. In lieu of exercising the Warrant, the Holder may elect to receive a payment equal to the difference between (A) the Market Price on the date of exercise, multiplied
by the number of Warrant Shares as to which the payment is then being elected and (B) the exercise price with respect to such Warrant Shares, payable by the Company to the Holder only in shares of Common Stock valued at the Market Price on the date
of exercise. For purposes hereof, the term “Market Price” shall mean, with respect to any day, the average closing price of a share of Common Stock or other security for the 15 consecutive trading days preceding such day on the
principal national securities exchange on which the shares of Common Stock or securities are listed or admitted to trading or, if not listed or admitted to trading on any national securities exchange, the average of the reported bid and asked prices
during such 15 trading day period on the Nasdaq National Market or, if the shares are not listed on the Nasdaq National Market, in the over-the-counter market or, if the shares of Common Stock or securities are not publicly traded, the Market Price
for such day shall be the fair market value thereof determined jointly by the Company and the Holder; provided, however, that if such parties are unable to reach agreement within a reasonable period of time, the Market Price shall be
determined in good faith by an independent investment banking firm selected jointly by the Company and the Holder or, if that selection cannot be made within 15 days, by an independent investment banking firm selected by the American Arbitration
Association in accordance with its rules. All fees and expenses of such independent investment banking firm that are incurred in connection with the determination of Market Price shall be borne equally by the Company and the Holder. 
  
 (c) Upon any exercise of this Warrant, the Company shall issue and cause to
be delivered with all reasonable dispatch, but in any event within three Business Days, to or upon the written order of the Holder and, subject to Section 3, in such name or names as the Holder may designate, a certificate or certificates for
the number of full Warrant Shares issuable upon such exercise together with such other property, including cash, which may be deliverable upon such exercise. If fewer than all of the Warrant Shares represented by this Warrant are purchased, a new
Warrant of the same tenor as this Warrant, evidencing the Warrant Shares not purchased will be issued and delivered by the Company at the Company’s expense, to the Holder together with the issue of the certificates representing the Warrant
Shares then being purchased. All Warrant Certificates surrendered upon exercise of Warrants shall be canceled by the Company. 
  
 Section 2. Warrant Register, Registration of Transfers. 
  
 Section 2.1. Warrant Register. The Company shall keep at its Principal Office, a register in which the Company shall record the name and address of
the Holder from time to time and all transfers and exchanges of this Warrant (the “Warrant Register”). The Company shall give the Holder prior written notice of any change of the address at which the Warrant Register is kept.

  
 Section 2.2. Registration of Transfers, Exchanges or
Assignment of Warrants. The Holder shall be entitled to assign its interest in this Warrant in whole or in part to any person upon surrender thereof accompanied by a written instrument or instruments of transfer in the 

  

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form of Exhibit B hereof duly executed by the Holder. This Warrant may also be exchanged or combined with warrants of like tenor at the option of the
Holder for another Warrant or Warrants of like tenor and representing in the aggregate the right to purchase a like number of Warrant Shares upon presentation thereof to the Company at its Principal Office together with a written notice signed by
the Holder specifying the denominations in which the new Warrant is or the new Warrants are to be issued. 
  
 Upon surrender for transfer or exchange of this Warrant to the Company at its Principal Office for transfer or exchange, in accordance with this
Section 2, the Company shall, without charge (subject to Section 3), execute and deliver a new Warrant or Warrants of like tenor and of a like aggregate amount of Warrant Shares in the name of the assignee named in such instrument of
assignment and, if the Holder’s entire interest is not being assigned, in the name of the Holder with respect to that portion not transferred, and this Warrant shall promptly be canceled. 
  
 Section 3. Payment of Taxes. The Company shall pay all documentary
stamp taxes, if any, attributable to the initial issuance of any Warrant Shares upon the exercise of this Warrant. 
  
 Section 4. Certain Covenants. 
  
 Section 4.1. Reservation of Warrant Shares. There have been reserved and the Company shall at all times keep reserved, out of its authorized but
unissued Common Stock, free from any preemptive rights, rights of first refusal or other restrictions (other than pursuant to the Securities Act of 1933, as amended (the “Act”)) a number of shares of Common Stock sufficient to
provide for the exercise of the rights of purchase represented by this Warrant. The transfer agent, if any, for the Common Stock, and every subsequent transfer agent for any shares of its Common Stock issuable upon the exercise of any of the rights
of purchase as set out in this Warrant, shall be irrevocably authorized and directed at all times to reserve such number of authorized shares as shall be requisite for such purpose. 
  
 Section 4.2. No Impairment. The Company shall not by any action including, without limitation, amending its Restated
Certificate of Incorporation, any reorganization, transfer of assets, consolidation, merger, dissolution or issue or sale of securities, avoid or seek to avoid the observance or performance of any of the terms of this Warrant, but shall at all times
in good faith assist in the carrying out of all such terms and in the taking of all such action, as may be necessary or appropriate to protect the rights of the Holder against impairment. Without limiting the generality of the foregoing, the Company
shall take all such action as may be necessary or appropriate so that the Company may validly issue fully paid and nonassessable shares of Common Stock upon the exercise of this Warrant at the then Warrant Price therefor. 
  
 Section 4.3. Notice of Certain Corporate Action. In case the Company
shall propose (a) to offer to the holders of its Common Stock rights to subscribe for or to purchase any shares of Common Stock or shares of stock of any class or any other securities, rights or options, or (b) to effect any reclassification of its
Common Stock (other than a reclassification involving only the subdivision, or combination, of outstanding shares of Common Stock), or (c) to effect any capital reorganization, or (d) to effect any consolidation, merger or sale, transfer or other
disposition of all or substantially all of its property, assets or business, or (e) to effect the liquidation, dissolution or winding up of the Company, or (f) to offer to the holders of its Common Stock the 

  

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right to have their shares of Common Stock repurchased or redeemed or otherwise acquired by the Company, or (g) to take any other action which would require
the adjustment of the Warrant Price and/or the number of Warrant Shares issuable upon exercise of this Warrant, then in each such case (but without limiting the provisions of Section 5), the Company shall give to the Holder, a notice of such
proposed action, which shall specify the date on which a record is to be taken for purposes of such dividend, distribution of offer of rights, or the date on which such reclassification, reorganization, consolidation, merger, sale, transfer,
disposition, liquidation, dissolution, or winding up is to take place and the date of participation therein by the holders of Common Stock, if any such date is to be fixed and shall also set forth such facts with respect thereto as shall be
reasonably necessary to indicate the effect of such action on the Common Stock. Such notice shall be so given at least 10 Business Days prior to the record date for determining holders of the Common Stock for purposes of participating in or voting
on such action, or at least 10 Business Days prior to the date of the taking of such proposed action or the date of participation therein by the holders of Common Stock, whichever shall be the earlier. Such notice shall specify, in the case of any
subscription or repurchase rights, the date on which the holders of Common Stock shall be entitled thereto, or the date on which the holders of Common Stock shall be entitled to exchange their Common Stock for securities or other property
deliverable upon any reorganization, reclassification, consolidation, merger, sale or other action, as the case may be. Such notice shall also state whether the action in question or the record date is subject to the effectiveness of a registration
statement under the Act or to a favorable vote of security holders, if either is required, and the adjustment in Warrant Price and/or number of Warrant Shares issuable upon exercise of this Warrant as a result of such reorganization,
reclassification, consolidation, merger, sale or other action. 
  
 Section 5. Adjustment of Warrant Price. 
  
 Section 5.1. Subdivision or Combination of Stock. In case the Company shall at any time (a) issue a dividend payable in Common Stock or Convertible Securities or any rights to subscribe for or to purchase, or any options for the
purchase of, Common Stock or Convertible Securities or (b) subdivide its outstanding shares of Common Stock into a greater number of shares or combine its outstanding shares of Common Stock into a smaller number of shares, the Warrant Price in
effect immediately prior to such subdivision or combination shall be adjusted to an amount that bears the same relationship to the Warrant Price in effect immediately prior to such action as the total amount of shares of Common Stock outstanding
immediately prior to such action bears to the total number of shares of Common Stock outstanding immediately after such action, and the number of shares of Common Stock purchasable upon the exercise of any Warrant shall be that number of shares of
Common Stock obtained by multiplying the number of shares of Common Stock purchasable immediately prior to such adjustment upon the exercise of such Warrant by the Warrant Price in effect immediately prior to such adjustment and dividing the product
so obtained by the Warrant Price in effect after such adjustment. 
  
 Section 5.2. Reorganization, Reclassification, Consolidation, Merger or Sale. (a) If any capital reorganization or reclassification of the capital stock of the Company, or any consolidation or merger of the Company with another
corporation, or the sale of all or substantially all of its assets to another corporation shall be effected in such a way that holders of Common Stock shall be entitled to receive stock, securities or assets with respect to or in exchange for Common
Stock, then, as a condition of such reorganization, reclassification, 

  

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consolidation, exercise, merger or sale, lawful and adequate provision shall be made whereby the Holder shall thereafter have the right to receive upon the
basis and upon the terms and conditions specified herein and in lieu of the shares of Common Stock immediately theretofore receivable upon the exercise of this Warrant, the amount of shares of stock, securities or assets (including cash) as may be
issued or payable with respect to or in exchange for a number of outstanding shares of such Common Stock equal to the number of Warrant Shares for which this Warrant could have been exercised immediately prior to such reorganization,
reclassification, consolidation, merger or sale, and in any such case appropriate provision shall be made with respect to the rights and interests of such Holder to the end that the provisions hereof shall thereafter be applicable, as nearly as may
be, in relation to any shares of stock, securities or assets (including cash) thereafter deliverable upon the exercise of this Warrant. The Company will not effect any consolidation, merger or sale, unless prior to the consummation thereof the
successor corporation (if other than the Company) resulting from such consolidation or merger or the corporation purchasing such assets shall assume, by written instrument executed and mailed or delivered to the Holder at the last address of such
Holder appearing on the books of the Company, the obligation to deliver to such Holder such shares of stock, securities or assets (including cash) as, in accordance with the foregoing provisions, the Holder may be entitled to receive. 
  
 (b) Notwithstanding the foregoing: 
  
 (i) In the event of a merger or consolidation of the Company
in which the consideration otherwise receivable in such merger or consolidation by the Holder upon exercise of the Warrant consists of anything other than cash or securities of an issuer whose equity securities are registered under the Securities
Exchange Act of 1934, as amended (the “1934 Act”), the Holder shall be entitled to receive, upon exercise hereof, the consideration the Holder would be entitled to receive pursuant to Section 5.2(a). 
  
 (ii) In the event of a merger or consolidation of the
Company in which the consideration otherwise receivable in such merger or consolidation by the Holder upon exercise of the Warrant consists solely of securities of an issuer whose equity securities are registered under the 1934 Act (a
“Public Issuer”), this Warrant may, at the option of the corporation surviving the merger or consolidation, be converted into either the right to receive an amount in cash equal to the number of Warrant Shares for which the Warrant
is then being exercised, multiplied by the Market Price of a share of Common Stock (the “Cash Value”) or a warrant to acquire Common Stock of the Public Issuer. In the event the corporation surviving the merger or consolidation
elects to convert this Warrant into the right to acquire Common Stock of the Public Issuer, the Warrant Price in effect immediately following such merger or consolidation shall equal the Warrant Price in effect immediately prior to such merger or
consolidation, multiplied by a fraction, the numerator of which shall be the Market Price of a share of Common Stock of the Public Issuer and the denominator of which shall be the Market Price of a share of Common Stock of the Company, and the
number of shares of Common Stock of the Public Company for which this Warrant shall be exercisable shall equal the number of Warrant Shares represented by this Warrant immediately prior to such merger or consolidation, multiplied by a fraction, the
numerator of which shall equal the Market Price of a share of 

  

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the Company and the denominator of which shall equal the Market Price of a share of the Public Issuer. 
  
 Section 5.3. No Adjustment for Exercise of Certain Options, Warrants,
Etc. The provisions of this Section 5 shall not apply to any Common Stock issued, issuable or deemed outstanding under Sections 5.1 to 5.2 inclusive: (i) to any person pursuant to any stock option, stock purchase or similar
plan or arrangement for the benefit of employees, consultants or directors of the Company or its subsidiaries in effect on the date of issuance hereof or (ii) pursuant to options, warrants and conversion rights in existence on the date of issuance
hereof. 
  
 Section 5.4. Fractional Shares. The Company
shall not issue fractions of shares of Common Stock upon exercise of this Warrant or scrip in lieu thereof. If any fraction of a share of Common Stock would, except for the provisions of this Section 5.4, be issuable upon exercise of this
Warrant, the Company shall in lieu thereof pay to the person entitled thereto an amount in cash equal to the current value of such fraction, calculated to the nearest one-hundredth (1/100) of a share, to be computed on the basis of the Fair Market
Value for a share of Common Stock as of the date of exercise. The term “Fair Market Value” shall mean the closing price of a share of Common Stock or other security on the date of the issuance or sale on the principal national
securities exchange on which the Common Stock is listed or admitted to trading or, if the Common Stock or such other security is not listed or admitted to trading on any national securities exchange, the average of the reported bid and asked prices
on the date of the issuance or sale on the Nasdaq National Market or, if the Common Stock or such other security is not listed on the Nasdaq National Market, in the over-the-counter market or, if the Common Stock or such other security is not
publicly traded, the Fair Market Value for such day shall be the fair market value thereof determined jointly by the Company and the Holder; provided, however, that if such parties are unable to reach agreement within five Business
Days of the date of issuance or sale. Fair Market Value shall be determined in good faith by an independent investment banking firm selected jointly by the Company and the Holder or, if that selection cannot be made within 15 days, by an independent
investment banking firm selected by the American Arbitration Association in accordance with its rules. All fees and expenses of such independent investment banking firm that are incurred in connection with the determination of Fair Market Value
shall be borne equally by the Company and the Holder. Notwithstanding the foregoing, in the event of issuances of Common Stock in settlement of obligations of the Company, including without limitation the settlement of any pending action, suit or
proceeding, the determination of Fair Market Value shall be made as of the date of the applicable settlement agreement and not the date of issuance as long as the relevant issuance occurs within 30 days of the date of such agreement. In the event
the issuance occurs more than 30 days after the date of such agreement, Fair Market Value shall be determined as of the date of such issuance. 
  
 Section 5.5. Notice of Adjustment. Upon any adjustment of the Warrant Price, and from time to time upon the request of the Holder, the Company
shall furnish to the Holder a notice setting forth the amount of the Warrant Price resulting from such adjustment or otherwise in effect and the number of Warrant Shares then available for purchase under this Warrant, setting forth in reasonable
detail the method of calculation and the facts upon which such calculation is based. 
  

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 Section 5.6. Certain Events. If any event occurs as to which, in the good faith judgment of the
Board of Directors of the Company the other provisions of this Section 5 are not strictly applicable or if strictly applicable would not fairly protect the exercise rights of the Holder in accordance with the essential intent and principles
of such provisions, then the Board of Directors of the Company in the good faith, reasonable exercise of its business judgment shall make an adjustment in the application of such provisions, in accordance with such essential intent and principles so
as to protect such exercise rights as aforesaid. 
  
 Section 6.
No Rights as a Stockholder; Notice to Holder. Nothing contained in this Warrant shall be construed as conferring upon the Holder the right to vote or to consent or to receive notice as a stockholder in respect of any meeting of stockholders
for the election of directors of the Company or any other matter, or any rights whatsoever as a stockholder of the Company. 
  
 Section 7. Replacement of Warrant. Upon receipt of evidence reasonably satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and (in the case of loss, theft or destruction) upon delivery of an indemnity agreement in an amount reasonably satisfactory to it, or (in the case of mutilation) upon surrender and cancellation thereof, the Company will issue, in lieu
thereof, a new Warrant of like tenor. 
  
 Section 8.
Notices. All notices and other written communications provided for hereunder shall be given in writing and delivered in person or sent by overnight delivery service (with charges prepaid) or by facsimile transmission, if the original of such
facsimile transmission is sent by overnight delivery service (with charges prepaid) by the next succeeding Business Day and (a) if to the Holder addressed to it at the address or fax number specified for such Holder in the Warrant Register or at
such other address or fax number as the Holder shall have specified to the Company in writing in accordance with this Section 8, and (b) if to the Company, addressed to it at 725 Fifth Avenue, 15th Floor, New York, NY 10022, Attention: General Counsel, Fax No: (212) 688-0397 or at such other address or fax number as the Company shall have specified to
the Holder in writing in accordance with this Section 8. Notice given in accordance with this Section 8 shall be effective upon the earlier of the date of delivery or the second Business Day at the place of delivery after dispatch.

  
 Section 9. Applicable Law. This Warrant shall be
governed by and construed in accordance with the laws of the State of New York without giving effect to principles of conflict of laws. 
  
 Section 10. Captions. The captions of the Sections and subsections of this Warrant have been inserted for convenience only and shall have no
substantive effect. 
  
 [remainder of page intentionally left
blank] 
  

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 IN WITNESS WHEREOF, the undersigned has executed this Warrant as of the 20th day of May, 2005.

  

			
	 TRUMP ENTERTAINMENT RESORTS, INC.

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

  

			
		
	 Attest:
	 	/s/    ROBERT PICKUS        
	 	 	Secretary

  

 EXHIBIT A 
  

[To be signed only upon exercise of Warrant] 
  
 To Trump Entertainment Resorts, Inc.: 
  
 The undersigned, the holder of the within Warrant (the “Holder”), hereby irrevocably elects to exercise the purchase right represented by
such Warrant for, and to purchase thereunder, [            ] shares of Common Stock of Trump Entertainment Resorts, Inc. and herewith [makes payment of
$[            ] therefor in full payment of the Exercise Payment][tenders securities having a Market Price of
$[            ] in full payment of the Exercise Payment ] or [elects to receive a payment equal to the difference between (i) the Market Price (as defined in the Warrant), multiplied
by [            ] (the number of Warrant Shares as to which the payment is being elected) and (ii) [            ],
which is the exercise price with respect to such Warrant Shares, in full payment of the Exercise Payment, payable by the Company to the Holder only in shares of Common Stock valued at the Market Price in accordance with the terms of the Warrant],
and requests that the certificates for such shares be issued in the name of, and be delivered to [            ], whose address is
[            ]. 
  

	
	Dated:
	
	  

  

	
	
	 

 (Signature must conform in all respects to name of Holder as specified on the face of the Warrant)

  

	
	
	 
	Address

  

 EXHIBIT B 
  

[To be signed only upon transfer of Warrant] 
  
 FOR VALUE RECEIVED, the undersigned hereby sells, assigns and transfers unto
[                                ] the right represented by the within Warrant to
purchase [            ] shares of the Common Stock of Trump Entertainment Resorts, Inc. to which the within Warrant relates, and appoints
[            ] attorney to transfer said right on the books of Trump Entertainment Resorts, Inc. with full power of substitution in the premises. 
  

	
	Dated:
	
	  

  
 (Signature must conform in all
respects to name of Holder as specified on the face of the Warrant) 
  

	
	
	 
	Address

  

	
	 In the presence of:

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