Document:

Security Agreement

  
 Exhibit 10.43 
  
 SECURITY AGREEMENT 
  
 SECURITY AGREEMENT dated as of March 18, 2004 (together with all amendments,
if any, from time to time, this “Security Agreement”), among RESORTS REAL ESTATE HOLDINGS, INC., a New Jersey corporation (together with its successors and assigns, “Purchaser” or a “Grantor”),
COLONY RIH HOLDINGS, INC., a Delaware corporation (together with its successors and assigns, “Holdings” or a “Grantor” and, together with Purchaser, “Grantors”), and KERZNER INTERNATIONAL NORTH
AMERICA, INC., a Delaware corporation (together with any Holder as defined in the Secured Promissory Note, “Lender”). 
  
 W I T N E S S T H: 
  
 WHEREAS, pursuant to that certain Master Agreement dated as of the date hereof, among Lender, Holdings, Resorts
International Hotel and Casino, Inc., Purchaser, Resorts International Hotel, Inc. and New Pier Operating Company, Inc. (including all annexes, exhibits and schedules thereto, as from time to time amended, restated, supplemented or otherwise
modified, the “Master Agreement”), Lender has entered into the Purchase Agreement in respect of the sale by Lender to Purchaser of the Premises on the date hereof; 
  
 WHEREAS, Lender has agreed to sell the Premises pursuant to the Purchase Agreement in consideration of, among other things,
the execution and delivery by Purchaser to Lender of the Secured Promissory Note; and 
  
 WHEREAS, in order to induce Lender to enter into the Master Agreement, the Purchase Agreement and other Transaction Documents, and to induce Lender to accept the Secured Promissory Note as payment for the Premises,
Purchaser has agreed to grant continuing Liens on the Purchaser Collateral (as hereinafter defined) and Holdings has agreed to grant continuing Liens on the Holdings Collateral (as hereinafter defined) to secure all the Secured Obligations (as
hereinafter defined). 
  
 NOW, THEREFORE, in consideration of the
premises and mutual covenants herein contained and for other good and valuable consideration, the receipt and sufficiency of which hereby are acknowledged, the parties hereto agree as follows: 
  
 1. DEFINED TERMS. 
  
 (a) All capitalized terms used but not otherwise defined herein (including in
the recitals hereof) have the meanings given to them in the Master Agreement or in Annex I thereto. All other terms contained in this Security Agreement, unless the context indicates otherwise, have the meanings provided for by the Code (as
hereinafter defined) to the extent the same are used or defined therein. 
  
 (b) As used herein: 
  

 “Accounts” means all “accounts”, as such term is defined in the Code, now
owned or hereafter acquired by a Grantor, including (i) all accounts receivable, other receivables, book debts and other forms of obligations (other than forms of obligations evidenced by Chattel Paper or Instruments), including any such obligations
that may be characterized as an account or contract right under the Code, (ii) all of such Grantor’s rights in, to and under all purchase orders or receipts for goods or services, (iii) all of such Grantor’s rights to any goods represented
by any of the foregoing (including unpaid sellers’ rights of rescission, replevin, reclamation and stoppage in transit and rights to returned, reclaimed or repossessed goods), (iv) all rights to payment due to such Grantor for property sold,
leased, licensed, assigned or otherwise disposed of, for a policy of insurance issued or to be issued, for a secondary obligation incurred or to be incurred, for energy provided or to be provided, for the use or hire of a vessel under a charter or
other contract, arising out of the use of a credit card or charge card, or for services rendered or to be rendered by such Grantor or in connection with any other transaction (whether or not yet earned by performance on the part of Grantor), and (v)
all collateral security of any kind, given by any Account Debtor or any other Person with respect to any of the foregoing. 
  
 “Account Debtor” means any Person who may become obligated to a Grantor under, with respect to, or on account of, an Account, Chattel
Paper or General Intangibles (including a payment intangible). 
  
 “Chattel Paper” means any “chattel paper”, as such term is defined in the Code, including electronic chattel paper, now owned or hereafter acquired by a Grantor. 
  
 “Code” means the Uniform Commercial Code as the same may,
from time to time, be enacted and in effect in the State of New York; provided, however, that to the extent that the Code is used to define any term herein or in any Transaction Document and such term is defined differently in
different Articles or Divisions of the Code, the definition of such term contained in Article or Division 9 shall govern; provided further, however, that if, by reason of mandatory provisions of law, any of or all the
attachment, perfection or priority of, or remedies with respect to, Lender’s Lien on any Collateral is governed by the Uniform Commercial Code as enacted and in effect from time to time in a jurisdiction other than the State of New York, the
term “Code” shall mean the Uniform Commercial Code as enacted and in effect in such other jurisdiction solely for purposes of the provisions thereof relating to such attachment, perfection, priority or remedies and for purposes of
definitions related to such provisions. 
  
 “Deposit
Accounts” means all “deposit accounts”, as such term is defined in the Code, now or hereafter held in the name of a Grantor. 
  
 “Equipment” means all “equipment”, as such term is defined in the Code, now owned or hereafter acquired by a Grantor, wherever
located and, in any event, including all such Grantor’s machinery and equipment, including processing equipment, conveyors, machine tools, data processing and computer equipment, including embedded 

  

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software and peripheral equipment and all engineering, processing and manufacturing equipment, office machinery, furniture, materials handling equipment,
tools, attachments, accessories, automotive equipment, trailers, trucks, forklifts, molds, dies, stamps, motor vehicles, rolling stock and other equipment of every kind and nature, trade fixtures and fixtures not forming a part of real property,
together with all additions and accessions thereto, replacements therefor, all parts therefor, all substitutes for any of the foregoing, fuel therefor, and all manuals, drawings, instructions, warranties and rights with respect thereto, and all
products and proceeds thereof and condemnation awards and insurance proceeds with respect thereto. 
  
 “Fixtures” means all “fixtures”, as such term is defined in the Code, now owned or hereafter acquired by a Grantor. 

 
 “General Intangibles” means all “general
intangibles”, as such term is defined in the Code, now owned or hereafter acquired by a Grantor, including all right, title and interest that such Grantor may now or hereafter have in or under any Contract, all payment intangibles, customer
lists, licenses, copyrights, trademarks, patents, and all applications therefor and reissues, extensions or renewals thereof, rights in intellectual property, interests in partnerships, joint ventures and other business associations, licenses,
permits, copyrights, trade secrets, proprietary or confidential information, inventions (whether or not patented or patentable), technical information, procedures, designs, know-how, software, data bases, data, skill, processes, models, drawings,
materials and records, goodwill (including the goodwill associated with any trademark or trademark license), all rights and claims in or under insurance policies (including insurance for fire, damage, loss and casualty, whether covering personal
property, real property, tangible rights or intangible rights, all liability, life, key man and business interruption insurance, and all unearned premiums), uncertificated securities, choses in action, deposit, checking and other bank accounts,
rights to receive tax refunds and other payments, rights to receive dividends, distributions, cash, Instruments and other property in respect of or in exchange for pledged stock and Investment Property, rights of indemnification, all books and
records, correspondence, credit files, invoices and other papers, including without limitation all tapes, cards, computer runs and other papers and documents in the possession or under the control of such Grantor or any computer bureau or service
company from time to time acting for such Grantor. 
  
 “Goods” means all “goods”, as such term is defined in the Code, now owned or hereafter acquired by a Grantor, wherever located, including embedded software to the extent included in “goods” as defined in
the Code, and manufactured homes. 
  
 “including”, “include” and “includes” shall be construed as if followed by the phrase “without limitation”. 
  
 “Instruments” means all “instruments”, as such term is defined in the Code, now owned or
hereafter acquired by a Grantor, wherever located, and, in any 

  

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event, including all certificated securities, all certificates of deposit, and all promissory notes and other evidences of indebtedness, other than
instruments that constitute, or are a part of a group of writings that constitute, Chattel Paper. 
  
 “Letter of Credit Rights” means “letter of credit rights”, as such term is defined in the Code, now owned or hereafter acquired
by a Grantor, including rights to payment or performance under a letter of credit, whether or not such Grantor, as beneficiary, has demanded or is entitled to demand payment or performance. 
  
 “Proceeds” means “proceeds”, as such term is
defined in the Code, including (i) any and all proceeds of any insurance, indemnity, warranty or guaranty payable to a Grantor from time to time with respect to any of the Collateral, (ii) any and all payments (in any form whatsoever) made or due
and payable to a Grantor from time to time in connection with any requisition, confiscation, condemnation, seizure or forfeiture of all or any part of the Collateral by any Governmental Authority (or any Person acting under color of governmental
authority), (iii) any claim of a Grantor against third parties (A) for past, present or future infringement of any patent or patent license, or (B) for past, present or future infringement or dilution of any copyright, copyright license, trademark
or trademark license, or for injury to the goodwill associated with any trademark or trademark license, (iv) any recoveries by a Grantor against third parties with respect to any litigation or dispute concerning any of the Collateral including
claims arising out of the loss or nonconformity of, interference with the use of, defects in, or infringement of rights in, or damage to, Collateral, (v) all amounts collected on, or distributed on account of, other Collateral, including dividends,
interest, distributions and Instruments with respect to Investment Property and pledged stock, and (vi) any and all other amounts, rights to payment or other property acquired upon the sale, lease, license, exchange or other disposition of
Collateral and all rights arising out of Collateral. 
  
 “Restricted Payments” has the meaning given to it in Section 4.07 of the Indenture on the date hereof. 
  
 “Secured Obligations” means all the Obligations as defined in the Master Agreement, including, as applicable, each Guarantor’s
Obligations arising under its Guarantee. 
  
 “Software” means all “software”, as such term is defined in the Code, now owned or hereafter acquired by a Grantor, other than software embedded in any category of goods, including all computer programs and all
supporting information provided in connection with a transaction related to any program. 
  
 “Supporting Obligations” means all “supporting obligations”, as such term is defined in the Code, including letters of credit and guaranties issued in support of Accounts, Chattel Paper,
Documents, General Intangibles, Instruments or Investment Property. 
  

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 “Termination Date” means the date on which all the Obligations shall have been fully and
indefeasibly paid in cash and performed. 
  
 “Uniform
Commercial Code Jurisdiction” means any jurisdiction that had adopted all or substantially all of Article 9 as contained in the 2000 Official Text of the Uniform Commercial Code, as recommended by the National Conference of Commissioners on
Uniform State Laws and the American Law Institute, together with any subsequent amendments or modifications to the Official Text. 
  
 2. GRANTS OF LIENS. 
  
 (a) To secure the prompt and complete payment, performance and observance of all the Secured Obligations, Purchaser hereby grants, assigns, conveys,
mortgages, pledges, hypothecates and transfers to Lender, a Lien upon all its right, title and interest in, to and under all personal property and other assets whether now owned by or owing to, or hereafter acquired by or arising in favor of
Purchaser (including under any trade names, styles or derivations thereof), and whether owned or consigned by or to, or leased from or to, Purchaser, and regardless of where located (all of which being hereinafter collectively referred to as the
“Purchaser Collateral”), including: 
  
 (i) all Accounts; 
  
 (ii) all Chattel
Paper; 
  
 (iii) all Contracts; 
  
 (iv) all Documents; 
  
 (v) all General Intangibles (including payment intangibles
and Software); 
  
 (vi) all Goods (including
Inventory, Equipment and Fixtures); 
  
 (vii) all
Instruments; 
  
 (viii) all Investment Property;

  
 (ix) all Deposit Accounts of Purchaser,
including all blocked accounts, concentration accounts, depository accounts, disbursement accounts and all other deposit and other bank accounts, and all deposits therein; 
  
 (x) all money, cash or cash equivalents of Purchaser; 
  
 (xi) all Supporting Obligations and Letter of Credit Rights
of Purchaser; and 
  

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 (xii) to the extent not otherwise included, all Proceeds, tort claims, insurance claims
and other rights to payments not otherwise included in the foregoing and products of the foregoing and all accessions to, substitutions and replacements for, and rents and profits of, each of the foregoing. 
  
 (b) To secure the prompt and complete payment, performance and observance of
all the Secured Obligations, Holdings hereby grants, assigns, conveys, mortgages, pledges, hypothecates and transfers to Lender, a Lien upon all of its right, title and interest in, to and under any and all Restricted Payments other than Restricted
Payments made pursuant to Sections 4.07(b)(8), 4.07(b)(9) or 4.07(b)(11) of the Indenture. Proceeds and products of the foregoing, and all money, cash or cash equivalents or other property of Holdings constituting, or arising from or out of,
Restricted Payments, (all of which being hereinafter collectively referred to as the “Holdings Collateral” and, together with the Purchaser Collateral, the “Collateral”). 
  
 (c) In addition, to secure the prompt and complete payment, performance and
observance of the Secured Obligations and in order to induce Lender as aforesaid, each Grantor hereby grants to Lender, a right of setoff against the property of such Grantor held by Lender, consisting of property described above in Section
2(a) or Section 2(b), as the case may be, now or hereafter in the possession or custody of or in transit to Lender, for any purpose, including safekeeping, collection or pledge, for the account of such Grantor, or as to which such Grantor
may have any right or power. 
  
 3. LENDER’S RIGHTS:
LIMITATIONS ON LENDER’S OBLIGATIONS. 
  
 (a) Grantors
Retain Liability Under Contracts and Licenses. It is expressly agreed by each Grantor that, anything herein to the contrary notwithstanding, such Grantor shall remain liable under each of its Contracts and each of its Licenses to observe and
perform all the conditions and obligations to be observed and performed by it thereunder. Lender shall not have any obligation or liability under any Contract or License by reason of or arising out of this Security Agreement or the granting herein
of a Lien thereon or the receipt by Lender of any payment relating to any Contract or License pursuant hereto. Lender shall not be required or obligated in any manner to perform or fulfill any of the obligations of such Grantor under or pursuant to
any Contract or License, or to make any payment, or to make any inquiry as to the nature or the sufficiency of any payment received by it or the sufficiency of any performance by any party under any Contract or License, or to present or file any
claims, or to take any action to collect or enforce any performance or the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times. 
  
 (b) Certain Notifications. 
  

(i) Lender may at any time after an Event of Default has occurred and is continuing, without prior notice to Purchaser, notify Account

  

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Debtors and other Persons obligated on the Collateral that Lender has a security interest therein, and that payments shall be made directly to Lender. Upon
the request of Lender after the occurrence and during the continuance of an Event of Default, each Grantor shall so notify Account Debtors and other Persons obligated on the Collateral. Once any such notice has been given to any Account Debtor or
other Person obligated on the Collateral, each Grantor shall not give any contrary instructions to such Account Debtor or other Person without Lender’s prior written consent. 
  
 (ii) Lender may, at any time after an Event of Default has occurred and is continuing, notify Account
Debtors and other Persons obligated on the Holdings Collateral that Lender has a security interest therein, and that payments shall be made directly to Lender. Holdings shall not give any contrary instructions to such Account Debtor or other Person
without Lender’s prior written consent. 
  
 (c) Lender
Right to Communicate Directly. Lender may, at any time after a Default or Event of Default shall have occurred and be continuing, in Lender’s own name, in the name of a nominee of Lender or in the name of a Grantor communicate (by mail,
telephone, facsimile or otherwise) with Account Debtors, parties to Contracts, obligors in respect of Instruments and obligors in respect of Chattel Paper and/or payment intangibles in respect of the Collateral pledged by such Grantor hereunder to
verify with such Persons, to Lender’s satisfaction, the existence, amount, terms of, and any other matter relating to, any such Accounts, Contracts, Instruments or Chattel Paper and/or payment intangibles. 
  
 4. REPRESENTATIONS, WARRANTIES AND COVENANTS. Each Grantor represents,
warrants and covenants as follows: 
  
 (a) Each Grantor has rights
in and the power to transfer each item of the Collateral upon which it purports to grant a Lien hereunder free and clear of any and all Liens. 
  
 (b) No effective security agreement, financing statement, equivalent security or Lien instrument or continuation statement covering all or any part of the
Collateral is on file or of record in any public office, except such as may have been filed by Grantor in favor of Lender pursuant to this Security Agreement or the other Transaction Documents. 
  
 (c) This Security Agreement is effective to create a valid and continuing
Lien on and, upon the filing of the appropriate financing statements listed on Schedule I hereto, perfected, first-priority Liens in favor of Lender on the Collateral with respect to which a Lien may be perfected by filing pursuant to the
Code. Such Liens are prior to all other Liens, and are enforceable as such as against any and all creditors of and 

  

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purchasers from either Grantor. All action by each Grantor necessary or desirable to protect and perfect such Liens on each item of the Collateral has been
duly taken. 
  
 (d) Purchaser has no interest in any Instruments,
Letter of Credit Rights or Chattel Paper. 
  
 (e) Each
Grantor’s name as it appears in official filings in the state of its incorporation or other organization, the type of entity of such Grantor (including corporation, partnership, limited partnership or limited liability company), organizational
identification number issued by such Grantor’s state of incorporation or organization or a statement that no such number has been issued, such Grantor’s state of organization or incorporation, the location of such Grantor’s chief
executive office, principal place of business, offices, all warehouses and premises where Collateral is stored or located, and the locations of its books and records concerning the Collateral are set forth on Schedule II hereto. Each Grantor
has only one state of incorporation or organization. 
  
 (f)
Purchaser has no interest in, or title to, any Inventory. 
  
 (g)
Purchaser has no interest in, or title to, any patent, trademark or copyright. 
  
 (h) Purchaser has no interest in, or title to, any motor vehicles. 
  
 5. ADDITIONAL COVENANTS. Each Grantor covenants and agrees with Lender, from and after the date of this Security Agreement and until the
Termination Date, as follows: 
  
 (a) Further Assurances:
Pledge of Instruments; Chattel Paper. 
  
 (i)
Purchaser shall not acquire any interest in any Instruments, Letter of Credit Rights or Chattel Paper at any time or times hereafter without Lender’s prior written consent. 
  
 (ii) Purchaser shall not acquire any interest in any Inventory at any time or times hereafter without
Lender’s prior written consent. 
  
 (iii)
Purchaser shall not acquire any interest in any patent, trademark or copyright at any time or times hereafter without Lender’s prior written consent. 
  
 (iv) Purchaser shall not acquire any interest in any motor vehicles at any time or times hereafter without Lender’s prior written
consent. 
  
 (v) At any time and from time to
time, upon the written request of Lender to such Grantor and at the sole expense of such Grantor, such Grantor 

  

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shall promptly and duly execute and deliver any and all such further instruments and documents and take such further actions as Lender may deem desirable to
obtain the full benefits of this Security Agreement and of the rights and powers herein granted, including (A) using its commercially reasonable efforts to secure all consents and approvals necessary or appropriate for the assignment to or for the
benefit of Lender of any License or Contract held by the Purchaser constituting Collateral and to enforce the security interests granted hereunder; and (B) filing any financing or continuation statements under the Code with respect to the Liens
granted hereunder or under any other Transaction Document as to those jurisdictions that are not Uniform Commercial Code Jurisdictions. 
  
 (vi) Such Grantor shall deliver to Lender all Collateral consisting of negotiable Documents, certificated securities, Chattel Paper and
Instruments (in each case, accompanied by stock powers, allonges or other instruments of transfer executed in blank) promptly after such Grantor receives the same. 
  
 (vii) Purchaser shall obtain waivers or subordinations of Liens from landlords and mortgagees (other than
KINA or any other holder of a Note), and shall in all instances obtain signed acknowledgements of Lender’s Liens from bailees having possession of Purchaser’s Goods that they hold for the benefit of Lender, in each case on terms
satisfactory to Lender in its sole discretion. 
  
 (viii) Such Grantor shall obtain authenticated control letters, on terms satisfactory to Lender in its sole discretion, from each issuer of uncertificated securities, securities intermediary, or commodities intermediary issuing or holding
any financial assets or commodities constituting Collateral to or for such Grantor. 
  
 (ix) Such Grantor shall obtain a control or similar agreement, on terms satisfactory to Lender in its sole discretion, with each bank or
financial institution holding a Deposit Account included in or containing any Collateral for Grantor. 
  
 (x) If Purchaser is or becomes the beneficiary of a letter of credit, it shall promptly, and in any event within two (2) Business Days
after becoming a beneficiary, notify Lender thereof and enter into a tri-party agreement with Lender and the issuer and/or confirmation bank with respect to Letter of Credit Rights assigning such Letter of Credit Rights to Lender and directing all
payments thereunder to an account controlled by Lender as designated by Lender, all on terms satisfactory to Lender in its sole discretion. 
  
 (xi) Purchaser shall take all steps necessary to grant the Lender control of all electronic chattel paper in accordance with the Code and
all 

  

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“transferable records” as defined in each of the Uniform Electronic Transactions Act and the Electronic Signatures in Global and National Commerce
Act. 
  
 (xii) Such Grantor hereby irrevocably
authorizes the Lender at any time and from time to time to file in any filing office in any Uniform Commercial Code Jurisdiction any initial financing statements and amendments thereto that: (A) indicate the Purchaser Collateral or Holdings
Collateral, as the case may be, (1) as all assets of Purchaser or the Restricted Payments payable to Holdings by any Resorts Group Company, subject to certain exceptions as set forth in this Security Agreement, as the case may be, or words of
similar effect, regardless of whether any particular asset comprised in such Collateral falls within the scope of Article 9 of the Code of such jurisdiction, or (2) as being of an equal or lesser scope or with greater detail; and (B) contain any
other information required by part 5 of Article 9 of the Code for the sufficiency or filing office acceptance of any financing statement or amendment, including (1) whether such Grantor is an organization, the type of organization and any
organization identification number issued to such Grantor, and (2) in the case of a financing statement filed as a fixture filing or indicating Collateral as as-extracted collateral or timber to be cut, a sufficient description of real property to
which the Collateral relates. Such Grantor agrees to furnish any such information to the Lender promptly upon request. Such Grantor also ratifies its authorization for the Lender to have filed in any Uniform Commercial Code Jurisdiction any initial
financing statements or amendments thereto if filed prior to the date hereof. 
  
 (xiii) Purchaser shall promptly, and in any event within ten (10) Business Days after the same is acquired by it, notify Lender of any commercial tort claim (as defined in the Code) acquired by it and unless otherwise
consented by Lender, Purchaser shall enter into a supplement to this Security Agreement, granting to Lender a Lien in such commercial tort claim. 
  
 (b) Maintenance of Records. Such Grantor shall keep and maintain, at its own cost and expense, satisfactory and complete records of its Collateral,
including a record of any and all payments received and any and all credits granted with respect to such Collateral and all other dealings with such Collateral. If such Grantor retains possession of any Chattel Paper or Instruments included in such
Collateral with Lender’s consent, such Chattel Paper and Instruments shall be marked with the following legend: “This writing and the obligations evidenced or secured hereby are subject to the security interest of Kerzner International
North America, Inc., as Lender.” 
  
 (c) Covenants
Regarding Patent, Trademark and Copyright Collateral. In no event shall Purchaser, either itself or through any employee, licensee or designee, file an application for the registration of any patent, trademark or copyright with the United States
Patent and Trademark Office, the United States Copyright Office or any similar office or agency without the prior written consent of Lender, and, upon request of 

  

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Lender, Purchaser shall execute and deliver such agreements, documents and instruments as Lender may request to evidence Lender’s Lien on such patent,
trademark or copyright, and the General Intangibles of Purchaser relating thereto or represented thereby. 
  
 (d) Indemnification. In any suit, proceeding or action brought by Lender relating to any part of Purchaser Collateral or Holdings Collateral, as
the case may be, for any sum owing with respect thereto or to enforce any rights or claims with respect thereto, such Grantor will save, indemnify and keep Lender harmless from and against all expense (including reasonable attorneys’ fees and
expenses), loss or damage suffered by reason of any defense, setoff, counterclaim, recoupment or reduction of liability whatsoever of the Account Debtor or other Person obligated on such Collateral, arising out of a breach by such Grantor of any
obligation thereunder or arising out of any other agreement, indebtedness or liability at any time owing to, or in favor of, such obligor or its successors from such Grantor, except in the case of Lender, to the extent such expense, loss, or damage
is attributable solely to the gross negligence or willful misconduct of Lender as finally determined by a court of competent jurisdiction. 
  
 (e) Compliance with Terms of Accounts, etc. In all material respects, such Grantor will perform and comply with all obligations in respect of
Purchaser Collateral or Holdings Collateral, as the case may be, and all other agreements to which it is a party or by which it is bound relating to such Collateral. 
  
 (f) Limitation on Liens on Collateral. Such Grantor will not create, permit or suffer to exist, and such Grantor will
defend the Collateral, against, and take such other action as is necessary to remove, any Lien on such Collateral except the Liens granted hereby, and will defend the right, title and interest of Lender in and to any of such Grantor’s rights
under such Collateral against the claims and demands of all Persons whomsoever. 
  
 (g) Limitations on Disposition. Such Grantor will not sell, license, lease, transfer or otherwise dispose of any of the Collateral, or attempt or contract to do so. 
  
 (h) Further Identification of Collateral. Such Grantor will, if so
requested by Lender, furnish to Lender, as often as Lender requests, statements and schedules further identifying and describing the Collateral, and such other reports in connection with such Collateral as Lender may reasonably request, all in such
detail as Lender may specify. 
  
 (i) Notices. Such Grantor
will advise Lender promptly, in reasonable detail, (i) of any Lien (other than the Liens granted hereby) or claim made or asserted against any of the Collateral, and (ii) of the occurrence of any other event which would have a material adverse
effect on the aggregate value of such Collateral or on the Liens created hereunder or under any other Transaction Document. 
  

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 (j) Intentionally Omitted. 
  
 (k) No Reincorporation. Purchaser shall not reincorporate or reorganize itself under the laws of any jurisdiction
other than the jurisdiction in which it is incorporated or organized as of the date hereof without the prior written consent of Lender. 
  
 (l) Terminations; Amendments Not Authorized. Such Grantor acknowledges that it is not authorized to file any financing statement or amendment or
termination statement with respect to any financing statement with respect to the Collateral without the prior written consent of Lender and agrees that it will not do so without the prior written consent of Lender, subject to such Grantor’s
rights under Section 9-509(d)(2) of the Code. 
  
 6.
LENDER’S APPOINTMENT AS ATTORNEY-IN-FACT. 
  
 On the
Closing Date, each Grantor shall execute and deliver to Lender a power of attorney (each, a “Power of Attorney” and, together, the “Powers of Attorney”), substantially in the form attached hereto as Exhibit
A. The power of attorney granted pursuant to each Power of Attorney is a power coupled with an interest and shall be irrevocable until the Termination Date. The powers conferred on Lender under the Powers of Attorney are solely to protect
Lender’s interests in the Collateral and shall not impose any duty upon Lender to exercise any such powers. Lender agrees that (a) except for the powers granted in clause (h) of the Powers of Attorney, it shall not exercise any power or
authority granted under the Powers of Attorney unless an Event of Default has occurred and is continuing, and (b) Lender shall account for any moneys received by Lender in respect of any foreclosure on or disposition of Collateral pursuant to either
Power of Attorney provided that Lender shall have no duty as to any Collateral, and Lender shall be accountable only for amounts that it actually receive as a result of the exercise of such powers. NONE OF LENDER OR ITS AFFILIATES, OFFICERS,
DIRECTORS, EMPLOYEES OR REPRESENTATIVES SHALL BE RESPONSIBLE TO EITHER GRANTOR FOR ANY ACT OR FAILURE TO ACT UNDER ANY POWER OF ATTORNEY OR OTHERWISE, EXCEPT IN RESPECT OF DAMAGES ATTRIBUTABLE SOLELY TO THEIR OWN GROSS NEGLIGENCE OR WILLFUL
MISCONDUCT AS FINALLY DETERMINED BY A COURT OF COMPETENT JURISDICTION, NOR FOR ANY PUNITIVE, EXEMPLARY, INDIRECT OR CONSEQUENTIAL DAMAGES. 
  
 7. REMEDIES: RIGHTS UPON DEFAULT. 
  
 (a) In addition to all other rights and remedies granted to it under this Security Agreement, the Master Agreement, the other Transaction Documents and
under any other instrument or agreement securing, evidencing or relating to any of the Secured Obligations, if any Event of Default shall have occurred and be continuing, Lender may exercise all rights and remedies of a secured party under the Code.
Without limiting the 

  

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generality of the foregoing, each Grantor expressly agrees that in any such event Lender, without demand of performance or other demand, advertisement or
notice of any kind (except the notice specified below of time and place of public or private sale) to or upon such Grantor or any other Person (all and each of which demands, advertisements and notices are hereby expressly waived to the maximum
extent permitted by the Code and other applicable law), may forthwith enter upon the premises of such Grantor where any Collateral is located through self-help, without judicial process, without first obtaining a final judgment or giving such
Grantor or any other Person notice and opportunity for a hearing on Lender’s claim or action and may collect, receive, assemble, process, appropriate and realize upon the Collateral, or any part thereof, and may forthwith sell, lease, license,
assign, give an option or options to purchase, or sell or otherwise dispose of and deliver said Collateral (or contract to do so), or any part thereof, in one or more parcels at a public or private sale or sales, at any exchange at such prices as it
may deem acceptable, for cash or on credit or for future delivery without assumption of any credit risk. Lender shall have the right upon any such public sale or sales and, to the extent permitted by law, upon any such private sale or sales, to
purchase for the benefit of Lender, the whole or any part of said Collateral so sold, free of any right or equity of redemption, which equity of redemption such Grantor hereby releases. Such sales may be adjourned and continued from time to time
with or without notice. Lender shall have the right to conduct such sales on such Grantor’s premises or elsewhere and shall have the right to use such Grantor’s premises without charge for such time or times as Lender deems necessary or
advisable. 
  
 If any Event of Default shall have occurred and be
continued, each Grantor further agrees, at Lender’s request, to assemble the Collateral and make it available to Lender at a place or places designated by Lender which are reasonably convenient to Lender and such Grantor, whether at such
Grantor’s premises or elsewhere. Until Lender is able to effect a sale, lease, or other disposition of Collateral, Lender shall have the right to hold or use Collateral, or any part thereof, to the extent that it deems appropriate for the
purpose of preserving Collateral or its value or for any other purpose deemed appropriate by Lender. Lender shall have no obligation to such Grantor to maintain or preserve the rights of such Grantor as against third parties with respect to
Collateral while Collateral is in the possession of Lender. Lender may, if it so elects, seek the appointment of a receiver or keeper to take possession of Collateral and to enforce any of Lender’s remedies (for the benefit of Lender), with
respect to such appointment without prior notice or hearing as to such appointment. Lender shall apply the net proceeds of any such collection, recovery, receipt, appropriation, realization or sale to the Secured Obligations in any order it
reasonably determines, and only after so paying over such net proceeds, and after the payment by Lender of any other amount required by any provision of Law, need Lender account for the surplus, if any, to such Grantor. To the maximum extent
permitted by applicable Law, such Grantor waives all claims, damages, and demands against Lender arising out of the repossession, retention or sale of the Collateral except such as arise solely out of the gross negligence or willful misconduct of
Lender as finally determined by a court of competent jurisdiction. Such 

  

 13 

 
Grantor agrees that ten (10) days prior notice by Lender of the time and place of any public sale or of the time after which a private sale may take place is
reasonable notification of such matters. Such Grantor shall remain liable for any deficiency if the proceeds of any sale or disposition of the Collateral are insufficient to pay all Secured Obligations, including any attorneys’ fees and other
expenses incurred by Lender to collect such deficiency. 
  
 (b)
Except as otherwise specifically provided herein, each Grantor hereby waives presentment, demand, protest or any notice (to the maximum extent permitted by applicable law) of any kind in connection with this Security Agreement or any Collateral.

  
 (c) To the extent that applicable law imposes duties on Lender
to exercise remedies in a commercially reasonable manner, each Grantor acknowledges and agrees that it is not commercially unreasonable for Lender (i) to fail to incur expenses reasonably deemed significant by Lender to prepare Collateral for
disposition or otherwise to complete raw material or work in process into finished goods or other finished products for disposition, (ii) to fail to obtain third party consents for access to Collateral to be disposed of, or to obtain or, if not
required by other law, to fail to obtain governmental (other than from the Gaming Authorities) or third party consents for the collection or disposition of Collateral to be collected or disposed of, (iii) to fail to exercise collection remedies
against Account Debtors or other Persons obligated on Collateral or to remove Liens on or any adverse claims against Collateral, (iv) to exercise collection remedies against Account Debtors and other Persons obligated on Collateral directly or
through the use of collection agencies and other collection specialists, (v) to advertise dispositions of Collateral through publications or media of general circulation, whether or not the Collateral is of a specialized nature, (vi) to contact
other Persons, whether or not in the same business as such Grantor, for expressions of interest in acquiring all or any portion of such Collateral, (vii) to hire one or more professional auctioneers to assist in the disposition of Collateral,
whether or not the Collateral is of a specialized nature, (viii) to dispose of Collateral by utilizing internet sites that provide for the auction of assets of the types included in the Collateral or that have the reasonable capacity of doing so, or
that match buyers and sellers of assets, (ix) to dispose of assets in wholesale rather than retail markets, (x) to disclaim disposition warranties, such as title, possession or quiet enjoyment, (xi) to purchase insurance or credit enhancements to
insure Lender against risks of loss, collection or disposition of Collateral or to provide to Lender a guaranteed return from the collection or disposition of Collateral, or (xii) to the extent deemed appropriate by Lender, to obtain the services of
other brokers, investment bankers, consultants and other professionals to assist Lender in the collection or disposition of any of the Collateral. Such Grantor acknowledges that the purpose of this Section 7(c) is to provide non-exhaustive
indications of what actions or omissions by Lender would not be commercially unreasonable in Lender’s exercise of remedies against the Collateral and that other actions or omissions by Lender shall not be deemed commercially unreasonable solely
on account of not being indicated in this Section 7(c). 

  

 14 

 
Without limitation upon the foregoing, nothing contained in this Section 7(c) shall be construed to grant any rights to such Grantor or to impose any
duties on Lender that would not have been granted or imposed by this Security Agreement or by applicable law in the absence of this Section 7(c). 
  
 (d) Lender shall not be required to make any demand upon, or pursue or exhaust any of its rights or remedies against, either Grantor, any other obligor,
guarantor, pledgor or any other Person with respect to the payment of the Obligations or to pursue or exhaust any of its rights or remedies with respect to any Collateral therefor or any direct or indirect guarantee thereof. Lender shall not be
required to marshal the Purchaser Collateral, Holdings Collateral or any guarantee of the Obligations or to resort to the Purchaser Collateral, Holdings Collateral or any such guarantee in any particular order, and all of its rights hereunder or
under any other Transaction Document shall be cumulative. To the extent it may lawfully do so, each Grantor absolutely and irrevocably waives and relinquishes the benefit and advantage of, and covenants not to assert against Lender, any valuation,
stay, appraisement, extension, redemption or similar laws and any and all rights or defenses it may have as a surety now or hereafter existing which, but for this provision, might be applicable to the sale of any Collateral made under the judgment,
order or decree of any court, or privately under the power of sale conferred by this Security Agreement, or otherwise. 
  
 8. GRANT OF LICENSE TO USE INTELLECTUAL PROPERTY COLLATERAL. For the purpose of enabling Lender to exercise rights and remedies under Section
7 (including, without limiting the terms of Section 7, in order to take possession of, hold, preserve, process, assemble, prepare for sale, market for sale, sell or otherwise dispose of Collateral), at such time as Lender shall be
lawfully entitled to exercise such rights and remedies, Purchaser hereby grants to Lender an irrevocable, nonexclusive license (exercisable without payment of royalty or other compensation to Purchaser) to use, license or sublicense any Intellectual
Property now owned or hereafter acquired by Purchaser, and wherever the same may be located, and including in such license access to all media in which any of the licensed items may be recorded or stored and to all computer software and programs
used for the compilation or printout thereof. 
  
 9. LIMITATION
ON LENDER’S DUTY IN RESPECT OF COLLATERAL. Lender shall use reasonable care with respect to the Collateral in its possession or under its control. Lender shall not have any other duty as to any Collateral in its possession or control or in
the possession or control of any nominee of Lender, or any income thereon or as to the preservation of rights against prior parties or any other rights pertaining thereto. 
  
 10. REINSTATEMENT. This Security Agreement shall remain in full force and effect and continue to be effective should
any petition be filed by or against either Grantor for liquidation or reorganization, should either Grantor become insolvent or make an assignment for the benefit of any creditor or creditors or should a receiver or 

  

 15 

 
trustee be appointed for all or any significant part of either Grantor’s assets, and shall continue to be effective or be reinstated, as the case may
be, if at any time payment and performance of the Secured Obligations, or any part thereof, is, pursuant to applicable law, rescinded or reduced in amount, or must otherwise be restored or returned by any obligee of the Secured Obligations, whether
as a “voidable preference,” “fraudulent conveyance,” or otherwise, all as though such payment or performance had not been made. In the event that any payment, or any part thereof, is rescinded, reduced, restored or returned, the
Secured Obligations shall be reinstated and deemed reduced only by such amount paid and not so rescinded, reduced, restored or returned. 
  
 11. NOTICES. Except as otherwise provided herein, whenever it is provided herein that any notice, demand, request, consent, approval, declaration
or other communication shall or may be given to or served upon any of the parties by any other party, or whenever any of the parties desires to give and serve upon any other party any communication with respect to this Security Agreement, each such
notice, demand, request, consent, approval, declaration or other communication shall be in writing and shall be given in the manner, and deemed received, as provided for in the Master Agreement. 
  
 12. SEVERABILITY. Whenever possible, each provision of this Security
Agreement shall be interpreted in a manner as to be effective and valid under applicable law, but if any provision of this Security Agreement shall be prohibited by or invalid under applicable law, such provision shall be ineffective to the extent
of such prohibition or invalidity without invalidating the remainder of such provision or the remaining provisions of this Security Agreement. This Security Agreement is to be read, construed and applied together with the Master Agreement and the
other Transaction Documents which, taken together, set forth the complete understanding and agreement of Lender and Grantors with respect to the matters referred to herein and therein. 
  
 13. NO WAIVER; CUMULATIVE REMEDIES. Lender shall not by any act, delay, omission or otherwise be deemed to have
waived any of its rights or remedies hereunder, and no waiver shall be valid unless in writing, signed by Lender and then only to the extent therein set forth. A waiver by Lender of any right or remedy hereunder on any one occasion shall not be
construed as a bar to any right or remedy which Lender would otherwise have had on any future occasion. No failure to exercise nor any delay in exercising on the part of Lender, any right, power or privilege hereunder, shall operate as a waiver
thereof, nor shall any single or partial exercise of any right, power or privilege hereunder preclude any other or future exercise thereof or the exercise of any other right, power or privilege. The rights and remedies hereunder provided are
cumulative and may be exercised singly or concurrently, and are not exclusive of any rights and remedies provided by law. None of the terms or provisions of this Security Agreement may be waived, altered, modified or amended except by an instrument
in writing, duly executed by Lender and Grantors. 
  

 16 

 14. LIMITATION BY LAW. All rights, remedies and powers provided in this Security Agreement may be
exercised only to the extent that the exercise thereof does not violate any applicable provision of Law, and all the provisions of this Security Agreement are intended to be subject to all applicable mandatory provisions of law that may be
controlling and to be limited to the extent necessary so that they shall not render this Security Agreement invalid, unenforceable, in whole or in part, or not entitled to be recorded, registered or filed under the provisions of any applicable Law.

  
 15. TERMINATION OF THIS SECURITY AGREEMENT. Subject to
Section 10, this Security Agreement shall terminate on the Termination Date. 
  
 16. SUCCESSORS AND ASSIGNS. This Security Agreement and all obligations of each Grantor hereunder shall be binding upon the successors and assigns of such Grantor (including any debtor-in-possession on behalf
of such Grantor) and shall, together with the rights and remedies of Lender hereunder, inure to the benefit of Lender, all future holders of any instrument evidencing any of the Secured Obligations and their respective successors and assigns. No
sales of participations, other sales, assignments, transfers or other dispositions of any agreement governing or instrument evidencing the Secured Obligations or any portion thereof or interest therein shall in any manner affect the Lien granted to
Lender hereunder. Such Grantor may not assign, sell, hypothecate or otherwise transfer any interest in or obligation under this Security Agreement. 
  
 17. COUNTERPARTS. This Security Agreement may be executed (including by facsimile transmission) with counterpart signature pages or in any number
of separate counterparts, each of which shall collectively and separately constitute one agreement. 
  
 18. GOVERNING LAW. EXCEPT AS OTHERWISE EXPRESSLY PROVIDED IN ANY OF THE TRANSACTION DOCUMENTS, IN ALL RESPECTS, INCLUDING ALL MATTERS OF
CONSTRUCTION, VALIDITY AND PERFORMANCE, THIS SECURITY AGREEMENT AND THE OBLIGATIONS ARISING HEREUNDER SHALL BE GOVERNED BY, AND CONSTRUED AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK APPLICABLE TO CONTRACTS MADE AND PERFORMED
IN THAT STATE, AND ANY APPLICABLE LAWS OF THE UNITED STATES OF AMERICA. EACH GRANTOR HEREBY CONSENTS AND AGREES THAT THE STATE OR FEDERAL COURTS LOCATED IN NEW YORK COUNTY, CITY OF NEW YORK, NEW YORK, SHALL HAVE EXCLUSIVE JURISDICTION TO HEAR AND
DETERMINE ANY CLAIMS OR DISPUTES BETWEEN SUCH GRANTOR AND LENDER PERTAINING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR TO ANY MATTER ARISING OUT OF OR RELATING TO THIS SECURITY AGREEMENT OR ANY OF THE OTHER TRANSACTION
DOCUMENTS; PROVIDED, HOWEVER, THAT LENDER AND SUCH GRANTOR ACKNOWLEDGE THAT ANY APPEALS FROM THOSE 

  

 17 

 
COURTS MAY HAVE TO BE HEARD BY A COURT LOCATED OUTSIDE OF NEW YORK COUNTY; PROVIDED FURTHER, HOWEVER, NOTHING IN THIS AGREEMENT SHALL BE
DEEMED OR OPERATE TO PRECLUDE LENDER FROM BRINGING SUIT OR TAKING OTHER LEGAL ACTION IN ANY OTHER JURISDICTION TO REALIZE ON THE COLLATERAL OR ANY OTHER SECURITY FOR THE SECURED OBLIGATIONS, OR TO ENFORCE A JUDGMENT OR OTHER COURT ORDER IN FAVOR OF
LENDER. EACH GRANTOR EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH JURISDICTION IN ANY ACTION OR SUIT COMMENCED IN ANY SUCH COURT, AND SUCH GRANTOR HEREBY WAIVES ANY OBJECTION WHICH IT MAY HAVE BASED UPON LACK OF PERSONAL JURISDICTION, IMPROPER
VENUE OR FORUM NON CONVENIENS AND HEREBY CONSENTS TO THE GRANTING OF SUCH LEGAL OR EQUITABLE RELIEF AS IS DEEMED APPROPRIATE BY SUCH COURT. EACH GRANTOR HEREBY WAIVES PERSONAL SERVICE OF THE SUMMONS, COMPLAINT AND OTHER PROCESS
ISSUED IN ANY SUCH ACTION OR SUIT AND AGREES THAT SERVICE OF SUCH SUMMONS, COMPLAINTS AND OTHER PROCESS MAY BE MADE BY REGISTERED OR CERTIFIED MAIL ADDRESSED TO SUCH GRANTOR AT THE ADDRESS SET FORTH IN THE MASTER AGREEMENT AND THAT SERVICE SO MADE
SHALL BE DEEMED COMPLETED UPON THE EARLIER OF ACTUAL RECEIPT THEREOF OR THREE (3) DAYS AFTER DEPOSIT IN THE U.S. MAILS, PROPER POSTAGE PREPAID. 
  
 19. WAIVER OF JURY TRIAL. BECAUSE DISPUTES ARISING IN CONNECTION WITH COMPLEX FINANCIAL TRANSACTIONS ARE MOST QUICKLY AND ECONOMICALLY RESOLVED BY
AN EXPERIENCED AND EXPERT PERSON AND THE PARTIES WISH APPLICABLE STATE AND FEDERAL LAWS TO APPLY (RATHER THAN ARBITRATION RULES), THE PARTIES DESIRE THAT DISPUTES ARISING HEREUNDER OR RELATING HERETO BE RESOLVED BY A JUDGE APPLYING SUCH APPLICABLE
LAWS. THEREFORE, TO ACHIEVE THE BEST COMBINATION OF THE BENEFITS OF THE JUDICIAL SYSTEM AND OF ARBITRATION, THE PARTIES HERETO WAIVE ALL RIGHT TO TRIAL BY JURY IN ANY ACTION, SUIT OR PROCEEDING BROUGHT TO RESOLVE ANY DISPUTE, WHETHER SOUNDING IN
CONTRACT, TORT, OR OTHERWISE, BETWEEN LENDER AND EITHER GRANTOR ARISING OUT OF, CONNECTED WITH, RELATED TO, OR INCIDENTAL TO THE RELATIONSHIP ESTABLISHED IN CONNECTION WITH, THIS SECURITY AGREEMENT OR ANY OF THE OTHER TRANSACTION DOCUMENTS OR THE
TRANSACTIONS RELATED HERETO OR THERETO. 
  
 20. SECTION
TITLES. The Section titles contained in this Security Agreement are and shall be without substantive meaning or content of any kind whatsoever and are not a part of the agreement between the parties hereto. 
  

 18 

 21. NO STRICT CONSTRUCTION. The parties hereto have participated jointly in the negotiation and
drafting of this Security Agreement. In the event an ambiguity or question of intent or interpretation arises, this Security Agreement shall be construed as if drafted jointly by the parties hereto and no presumption or burden of proof shall arise
favoring or disfavoring any party by virtue of the authorship of any provisions of this Security Agreement. 
  
 22. ADVICE OF COUNSEL. Each of the parties represents to each other party hereto that it has discussed this Security Agreement and, specifically,
the provisions of Section 18 and Section 19, with its counsel. 
  
 23. BENEFIT OF LENDER. All Liens granted or contemplated hereby shall be for the benefit of Lender, and all proceeds or payments realized from Collateral in accordance herewith shall be applied to the Secured
Obligations. 
  

 19 

 IN WITNESS WHEREOF, each of the parties hereto has caused this Security Agreement to be executed and
delivered by its duly authorized officer as of the date first set forth above. 
  

			
	RESORTS REAL ESTATE HOLDINGS, INC.
		
	By:	 	/s/    NICHOLAS L. RIBIS
	 	 	

	 	 	 Name:  Nicholas L. Ribis

	 	 	 Title:    Vice President

  

			
	COLONY RIH HOLDINGS, INC.
		
	By:	 	/s/    NICHOLAS L. RIBIS
	 	 	

	 	 	 Name:  Nicholas L. Ribis

	 	 	 Title: Vice Chairman and Executive Vice President

  

			
	KERZNER INTERNATIONAL NORTH AMERICA, INC., as Lender
		
	By:	 	/s/    WILLIAM C. MURTHA
	 	 	

	 	 	 Name:  William C. Murtha

	 	 	 Title: Senior Vice President

  

 20 

 SCHEDULE I 
 to 
 SECURITY AGREEMENT 
  
 FILING JURISDICTIONS 
  

			
	 Grantor

	 	 Filing Jurisdictions

	 COLONY RIH HOLDINGS, INC.
	 	DELAWARE
	 RESORTS REAL ESTATE HOLDINGS, INC.
	 	NEW JERSEY

  
  

 SCHEDULE II 
 to  
 SECURITY AGREEMENT 
  
 SCHEDULE OF OFFICES, LOCATIONS OF COLLATERAL 
 AND RECORDS CONCERNING COLLATERAL 
  
 COLONY RIH HOLDINGS, INC. 
  
 I.
Grantor’s official name: Colony RIH Holdings, Inc. 
  
 II. Type of entity
(e.g. corporation, partnership, business trust, limited partnership, limited liability company): corporation 
  
 III. Organizational identification number issued by Grantor’s state of incorporation or organization or a statement that no such number has been issued: EIN: 95-4849060 
  
 IV. State of Incorporation or Organization: Delaware 
  
 V. Chief Executive Office and principal place of business: 1133 Boardwalk, Atlantic City, NJ
08401 
  
 VI. Corporate Offices: same as V. 
  
 VII. Warehouses: N/A 
  
 VIII. Other Premises at which Collateral is Stored or Located: N/A 
  
 IX. Locations of Records Concerning Collateral: N/A 
  

RESORTS REAL ESTATE HOLDINGS, INC. 
  
 I. Grantor’s official name: Resorts Real Estate Holdings, Inc. 
  
 II. Type of entity (e.g. corporation, partnership, business trust, limited partnership, limited liability company): corporation 
  
 III. Organizational identification number issued by Grantor’s state of incorporation or
organization or a statement that no such number has been issued: EIN: 20-0047069 
  
 IV. State of Incorporation or Organization: New Jersey 
  

 V. Chief Executive Office and principal place of business: 1133 Boardwalk, Atlantic City, NJ 08401 
  
 VI. Corporate Offices: same as V. 
  
 VII. Warehouses: N/A 
  
 VIII. Other Premises at which Collateral is Stored or Located: N/A 
  
 IX. Locations of Records Concerning Collateral: N/A 
  

 2 

 EXHIBIT A 
  
 POWER OF ATTORNEY 
  
 This Power of Attorney is executed and delivered by
                                        ,
a                      corporation (“Grantor”) to Kerzner International North America, Inc., a Delaware corporation
(hereinafter referred to as “Attorney”), as Lender under the Security Agreement dated as of March 18, 2004 (the “Security Agreement”). No person to whom this Power of Attorney is presented, as authority for Attorney
to take any action or actions contemplated hereby, shall be required (including in respect of clauses (d) and (e) in the next succeeding paragraph) to inquire into or seek confirmation from Grantor as to the authority of Attorney to take any action
described below, or as to the existence of or fulfillment of any condition to this Power of Attorney, which is intended to grant to Attorney unconditionally the authority to take and perform the actions contemplated herein, and Grantor irrevocable
waives any right to commence any suit or action, in law or equity, against any person or entity which acts in reliance upon or acknowledges the authority granted under this Power of Attorney. The power of attorney granted hereby is coupled with an
interest, and may not be revoked or canceled by Grantor without Attorney’s written consent. 
  
 Grantor hereby irrevocably constitutes and appoints Attorney (and all officers or employees designated by Attorney), with full power of substitution, as
Grantor’s true and lawful attorney-in-fact with full irrevocable power and authority in the place and stead of Grantor and in the name of Grantor or in its own name, from time to time in Attorney’s discretion, to take any and all
appropriate action and to execute and deliver any and all documents and instruments which may be necessary or desirable to accomplish the purposes of the Security Agreement and, without limiting the generality of the foregoing, Grantor hereby grants
to Attorney the power and right, on behalf of Grantor, without notice to or assent by Grantor (other than in connection with a change of address as specified in clause (a) below) as to which Attorney shall use commercially reasonable efforts to give
Grantor concurrent notice thereof provided that failure to do so will not affect Attorney’s rights hereunder, and at any time, to do the following: (a) change the mailing address of Grantor, open a post office box on behalf of Grantor, open
mail for Grantor, and ask, demand, collect, give acquittances and receipts for, take possession of, endorse any invoices, freight or express bills, bills of lading, storage or warehouse receipts, drafts against debtors, assignments, verifications,
and notices in connection with any property of Grantor; (b) effect any repairs to any asset of Grantor, or continue or obtain any insurance and pay all or any part of the premiums therefor and costs thereof, and make, settle and adjust all claims
under such policies of insurance, and make all determinations and decisions with respect to such policies; (c) pay or discharge any taxes, liens, security interests, or other encumbrances levied or placed on or threatened against Grantor or its
property; (d) defend any suit, action or proceeding brought against Grantor if Grantor does not defend such suit, action or proceeding or if Attorney believes that Grantor is not pursuing such defense in a manner that will 

  

 
maximize the recovery to Attorney, and settle, compromise or adjust any suit, action, or proceeding described above and, in connection therewith, give such
discharges or releases as Attorney may deem appropriate; (e) file or prosecute any claim, litigation, suit or proceeding in any court of competent jurisdiction or before any arbitrator, or take any other action otherwise deemed appropriate by
Attorney for the purpose of collecting any and all such moneys due to Grantor whenever payable and to enforce any other right in respect of Grantor’s property; (f) cause the certified public accountants then engaged by Grantor to prepare and
deliver to Attorney at any time and from time to time, promptly upon Attorney’s request, the following reports: (i) a reconciliation of all accounts, (ii) an aging of all accounts, (iii) trial balances, (iv) test verifications of such accounts
as Attorney may request, and (v) the results of each physical verification of inventory; (g) communicate in its own name with any party to any Contract with regard to the assignment of the right, title and interest of Grantor in and under the
Contracts and other matters relating thereto; (h) to file such financing statements with respect to the Security Agreement, with or without Grantor’s signature, or to file a photocopy of the Security Agreement in substitution for a financing
statement, as the Lender may deem appropriate and to execute in Grantor’s name such financing statements and amendments thereto and continuation statements which may require the Grantor’s signature; and (i) execute, in connection with any
sale provided for in the Security Agreement, any endorsements, assignments or other instruments of conveyance or transfer with respect to the Collateral and to otherwise direct such sale or resale, all as though Attorney were the absolute owner of
the property of Grantor for all purposes, and to do, at Attorney’s option and Grantor’s expense, at any time or from time to time, all acts and other things that Attorney reasonably deems necessary to perfect, preserve, or realize upon
Grantor’s property or assets and Attorney’s Liens thereon, all as fully and effectively as Grantor might do. Grantor hereby ratifies, to the extent permitted by law, all that said Attorney shall lawfully do or cause to be done by virtue
hereof. 
  
 IN WITNESS WHEREOF, this Power of Attorney is executed
by Grantor this      day of                     , 2004. 
  

			
	  

		
	By:	 	 
	 	 	

	 	 	 Name:

	 	 	 Title:

  

 NOTARY PUBLIC CERTIFICATE 
  
 On this      day of
                    , 2004, [officer’s name] who is personally known to me appeared before me in his/her capacity as the [title] of
                                    
(“Grantor”) and executed on behalf of Grantor the Power of Attorney in favor of KERZNER INTERNATIONAL NORTH AMERICA, INC. to which this Certificate is attached. 
  

	
	
	 
	

	 Notary PublicSecond Amendment to Lease Agreement

 Exhibit 10.44 
  
 SECOND AMENDMENT TO LEASE AGREEMENT 
  
 THIS SECOND AMENDMENT TO LEASE AGREEMENT (this “Amendment”) is made as of the 18th day of March, 2004
between and RESORTS REAL ESTATE HOLDINGS, INC. (successor in interest to Kerzner International North America, Inc.), a New Jersey corporation (“Landlord”), having an address at 1133 Boardwalk, Atlantic City, New Jersey 08401, and
RESORTS INTERNATIONAL HOTEL AND CASINO, INC. (f/k/a Colony RIH Acquisitions, Inc.), a Delaware corporation, (“Tenant”), having an address at 1133 Boardwalk, Atlantic City, New Jersey 08401. 
  
 W I T N E S S E
T H 
  
 WHEREAS, Landlord and Tenant entered into
that certain Lease Agreement, dated as of April 25, 2001, as amended by that certain First Amendment to Lease Agreement, dated as of October 4, 2002, and as assigned by that certain Assignment and Assumption of Contracts, Leases, Permits and
Licenses and General Intangibles, dated as of the date hereof (as so amended and assigned, the “Lease”), with respect to the Premises located in Atlantic City, County of Atlantic, State of New Jersey and related additional
properties located in the State of New Jersey, as more particularly described in the Lease; 
  
 WHEREAS, Landlord and Tenant desire to amend the Lease as set forth below. 
  
 NOW, THEREFORE, in consideration of the mutual covenants herein contained and other good and valuable consideration, the receipt and sufficiency of which
are hereby acknowledged, Landlord and Tenant hereby agree as follows: 
  
 1. Capitalized terms not otherwise defined herein shall have the meaning ascribed to such terms in the Lease. 
  
 2. “Premises” as defined in Section 1 of the Lease is hereby amended to collectively mean that certain real property as more particularly
described on Exhibit A attached hereto and made a part hereof. Exhibit A attached to the Lease is hereby deleted in its entirety and is replaced with Exhibit A attached hereto. 
  
 3. Landlord hereby leases to Tenant an additional parcel of land (referred to as “Parcel X”) obtained by
quit claim deed dated March 18, 2004 between Kerzner International North America, Inc. as Grantor, and Landlord, as Grantee as more particularly described on Exhibit B attached hereto and made a part hereof, to the extent of Landlord’s interest
in said parcel. Landlord makes no representations or promises as to its ownership, rights interest or title to Parcel X, but simply leases whatever interest Landlord has to Tenant. 
  
 4. Upon the termination of the Option Agreement, the Lease, by its terms, converted into a month-to-month lease. As such,
the definition of “Term” as used herein shall reflect said conversion of the Lease to a month-to-month tenancy commencing on the date hereof (the “Commencement Date”). Provided further and without limiting the
generality of the foregoing, beginning on the Commencement Date, the Lease will automatically expire at the end of any calendar year unless Tenant shall give notice to Landlord of its intention to continue the Lease within sixty (60) days prior to
the end of any calendar year. 

 5. Tenant acknowledges, that as of the date hereof, Tenant has no claims or demands against Landlord or
any predecessor in interest to Landlord in their capacity as landlord under the Lease. Tenant further acknowledges, that from and after the date hereof, Tenant will look solely to Landlord and its successors and assigns for any and all claims or
demands that may arise under the Lease and that Tenant will not assert any such claims or demands against any predecessor in interest to Landlord in their capacity as landlord under the Lease. It is expressly intended that Kerzner International
North America, Inc. is a third-party beneficiary of this Section 5. 
  
 6. Section 3(c) of the Lease is hereby amended to provide for termination of the Lease by Landlord upon thirty days’ written notice to Tenant. 
  
 7. Section 4(b) of the Lease is hereby amended to include the obligation of Tenant for the payment of real estate taxes on
the Premises for the period of time the Tenant is in possession of the Premises under the Lease. Any payments made in connection with the Lease by Tenant for any period beyond the expiration of the Term shall be reimbursed by Landlord. 

 
 8. The Lease is subordinate to that certain Mortgage made by Landlord for
the benefit of Kerzner International North America, Inc., a Delaware corporation, dated the date hereof (the “Mortgage”). 
  
 9. Section 14 of the Lease is hereby deleted in its entirety and replaced with the following: 
  

	 	14.	Notwithstanding anything to the contrary contained herein, Tenant shall have the right to assign or sublet its interest in the Lease, without the prior written consent of Landlord,
provided, that (i) such assignment or subletting is to a Wholly-Owned Subsidiary (as defined in the Master Agreement which is defined in the Mortgage) of Colony RIH Holdings, Inc., (ii) Landlord shall have received, at least 30 days prior to the
consummation of such transaction, (A) an executed counterpart of the instrument effecting such assignment or subletting, containing inter alia the name, address and telephone number of the assignee/sublessee, and (B) an affidavit of the
assignee/sublessee, or the principal officer or general partner thereof, setting forth the names and addresses of all persons having interests in the assignee/sublessee and of all directors and officers of the assignee/sublessee, (iii) on the date
such assignment or subletting is consummated, no Event of Default (as defined in the Mortgage), or event which with notice or the passage of time would constitute an Event of Default, shall have occurred and be continuing, (iv) with respect to any
such assignment, the assignee shall expressly assume all of the obligations of the tenant thereunder to the extent accruing from and after the date that the assignment is consummated and (v) in no event shall any assignment and/or sublease relieve
the tenant from its obligations under the Lease. 

  

 -2- 

 10. Section 2 of the Lease is hereby deleted in its entirety and as of the date hereof, the rental rate
schedule, attached as Exhibit C hereto, is deemed the Fair Market Rental Rate and Tenant shall pay rent at a rate equal to amount(s) set forth therein on the first (1st) of every month following the Commencement Date. 
  
 11. On the date hereof Tenant shall provide Landlord with a Security Deposit
in the amount of $1,312,000.00 (the “Security Deposit”). Landlord shall have the right to use the Security Deposit for any purpose at any time. If the Lease terminates prior to the first anniversary of the Commencement Date for any
reason other than the occurrence of an Event of Default by Tenant, Landlord shall be obligated to return to Tenant the remaining Security Deposit held by Landlord. Any such obligation to return the Security Deposit shall be subject and subordinate
to the repayment in full of the indebtedness secured by the Mortgage and no claim by Tenant for such return may be asserted in any action or proceeding until the repayment in full of the indebtedness secured by the Mortgage. 
  
 12. The Lease is hereby amended to insert the following at the end of Section
12(a)(v) after the sentence ending in “Atlantic City”: 
  
 “In addition, with respect to any portion of the Premises used for purposes other than a parking facility (including, without limitation, the Building Site, the Billboard Sites and any portion of the Premises used as a storage area),
Tenant shall maintain such insurance, with such coverage, in such amounts and with such deductibles, as may be, from time to time, reasonably required by Landlord with respect to such portion of the Premises and which at the time is commonly
maintained by owners and operators of similarly situated properties of similar type and use in Atlantic City, New Jersey.” 
  
 13. Section 5(a) of the Lease is hereby deleted in its entirety and replaced with the following: 
  
 Notwithstanding anything herein to the contrary, Tenant shall not use, or
permit the use of the Premises, or any portion thereof, for any use other than: (i) with respect to only that portion of the Premises other than the Building Site (as defined herein) and the Billboard Sites (as defined herein), for (x) parking
and/or turnaround area in connection with the operation of a hotel and/or casino property and/or (y) storage, temporary placement of construction materials and similar ancillary usage relating to the operation of a hotel and/or casino property
and/or (z) advertisements relating to the operation of a hotel and/or casino property; (ii) with respect to only that portion of the Premises located at and known as 157 South Chalfonte Avenue, Atlantic City, New Jersey and designated as Block 58,
Lot 11 in the City of Atlantic City, County of Atlantic and State of New Jersey (the “Building Site”) for (x) administrative and general office space in connection with the operation of a hotel and/or casino; and/or (y) parking and/or
turnaround area in connection with the operation of a hotel and/or casino property; and (iii) with respect to only that portion of the Premises designated as Block 270, Lot 10 in the City of Pleasantville, Block 588, Lot 11 in the Township of
Hamilton, Block 4214, Lot 1 in the Township of Egg Harbor, Block 226.01, Lot 11 in the City of Absecon, each in the County of Atlantic, State of New Jersey (the “Billboard Sites”), for advertisements relating to the operation of a hotel
and/or casino property. 
  

 -3- 

 14. Section 5(b)(6) of the Lease is hereby deleted in its entirety. 
  
 15. Section 6 of the Lease is hereby deleted in its entirety and replaced
with the following: 
  
 6. Alterations, Maintenance and Repair. 

 
 (a) Tenant covenants to Landlord as follows: 
  
 (1) Tenant, at its sole cost and expense, (A) shall keep (i)
the Premises, (ii) all buildings, structures, foundations, fixtures and improvements of every nature whatsoever now or hereafter affixed to the Premises and all replacements, repairs, additions, extensions and substitutions thereto (the
“Improvements”), and (iii) all equipment, machinery, fittings, apparatus, appliances, furniture and other property of every nature whatsoever now or hereafter located upon, or in, and used in connection with the Premises and the
Improvements and all replacements, repairs, additions, extensions and substitutions thereto (the “Equipment”), in good order, condition, and repair, (B) shall make all necessary structural and non-structural, ordinary and
extraordinary repairs to the Improvements and the Equipment, (C) shall not commit, permit or suffer any waste thereof or the conduct of any nuisance or unlawful occupation or business thereon or on any part thereof and (D) shall not desert or
abandon the Premises. Tenant shall maintain all signage at the Billboard Sites in good order, condition and repair, and shall not permanently desert or abandon such signage at the Billboard Sites for any period of time which would prevent its
continued use under local law; provided, however, that Tenant shall have the right to repair and replace the advertisements on such signage from time to time. 
  

(2) Except as set forth in Section 5(a), Tenant shall not remove or alter the Premises, the Improvements or the Equipment in any
material respect without the prior written consent of Landlord, such consent may not be unreasonably withheld, conditioned and/or delayed; provided, however, the foregoing restriction and requirements of this Section 6(a)(2)
shall not apply (nor, except as provided below, will notice to, or consent of, Landlord be required) with respect to (A) the installation of movable partitions, cubes, outlets, normal painting, carpeting, wall-coverings and office decorations, (B)
repairs and, if necessary, replacements of existing Improvements with new improvements of a comparable character, nature and quality made by Tenant in the ordinary course of business, (C) acts performed by or on behalf of Tenant pursuant to, or in
contemplation of, and in accordance with the terms and provisions (including, without limitation, any notice and consent provisions) of that certain Environmental Indemnity Agreement, dated as of the Commencement Date, made between Resorts
International Hotel and Casino, Inc. and Landlord (the “Environmental Indemnity”), (D) with respect to only that portion of the Premises designated as Block 59, Lot 1, Block 58, Lot 11 and the Westerly one-half of Block 60, Lot 39,
each in the City of Atlantic City, County of Atlantic, State of New Jersey and each as more particularly described on Exhibit A 
  

 -4- 

 attached hereto as the “Chalfonte Site” (“Chalfonte Site”), upon prior notice
to Landlord, preliminary design and pre-development work at the Chalfonte Site (including, without limitation, test boring and environmental testing) that does not necessitate the alteration or removal of any Improvement of the Chalfonte Site in any
material respect or the excavation of all or any portion of the Chalfonte Site, provided that Tenant shall be obligated, upon request of Landlord, to restore and repair any damage to the Premises caused by such preliminary design and pre-development
work (e.g., repair of any damage caused by boring to the condition of the Premises prior to boring), and (E) with respect to the Billboard Sites only, alter and/or replace any billboard or other advertising facility thereon provided that such
alteration and/or replacement, as applicable, does not materially and adversely affect the value of the Billboard Sites taken as a whole. Without limiting the foregoing, Tenant shall perform or cause to be effected any and all removals, alterations,
additions and other work performed at the Premises in a good and workmanlike manner and in material compliance with all Requirements and insurance requirements (pursuant to Section 12 herein). “Requirements” shall mean, with
respect to any person, all laws, statutes, ordinances, orders, judgments, decrees, injunctions, treaties, rules, regulations, covenants, conditions and restrictions and other requirements that may now or hereafter pertain to or affect such person or
its property and/or assets (including, without limitation, with respect to Tenant, the Premises or any part of the Premises) including, without limitation, land use, construction, maintenance, planning, zoning, subdivision, environmental, air
quality, flood hazard, fire safety, handicapped facilities, building, health, fire, traffic, safety, wetlands, coastal and other governmental or regulatory rules, laws, ordinances, statutes, codes and requirements applicable to such person or its
property and/or assets and permits, licenses and/or certificates that may be necessary from time to time to comply with any of the these requirements. 
  
 (b) Without the prior written consent of Landlord, which such consent may not be unreasonably withheld, conditioned and/or delayed if such value change
increases the value of the Premises taken as a whole, Tenant shall not (i) initiate or acquiesce in a change in the zoning classification of and/or restrictive covenants affecting the Premises or Improvements or seek any variance under existing
zoning ordinances, (ii) use or permit the use of the Premises or Improvements in a manner which may result in a non-conforming use under applicable zoning ordinances, or (iii) subject the Premises or Improvements to restrictive covenants. Tenant
shall not take any steps whatsoever to convert the Premises, or any part thereof, to a condominium or cooperative form of ownership. 
  
 (c) Tenant shall not under any circumstance consent to or initiate the joint assessment of the Premises or the Improvements (i) with any other real
property constituting a separate tax lot, or (ii) with any portion of the Premises which may be deemed to constitute personal property, or any other procedure whereby the lien of any taxes which may be levied against such personal property shall be
assessed or levied or charged to the Premises as a single lien. 
  
 (d) If, because of any acts or omission of Tenant, anyone claiming through or under Tenant (but not through or under Landlord) shall file any mechanic’s or other lien or order for the payment of money against the Premises or against
Landlord (whether or not such lien or order is valid or enforceable as such), Tenant shall, at Tenant’s own cost and expense, cause the same to be canceled and discharged of record or bonded within thirty (30) days after receiving 

 

 -5- 

 written notice of filing thereof, and shall also indemnify and save harmless Landlord from and against any and all costs,
expenses, claims, losses or damages, including reasonable counsel fees, resulting therefrom or by reason thereof. 
  
 Tenant shall not display or erect any exterior decorations, lettering, signs, advertisements, notices, posters, displays, projections, curtains, blinds,
shades, screens or awnings on or about the Premises (collectively, “Signs”) without obtaining any permits or government approvals required by law; and Landlord shall cooperate with Tenant, at Tenant’s sole cost and expense, to
the extent reasonably necessary for Tenant to obtain any such permits or governmental approvals. All such Signs shall be maintained by Tenant at its sole cost and expense in good order and condition, and in accordance with all of the terms and
provisions of this Lease. All Signs shall be removed by Tenant at the end of the Term, and Tenant shall repair, at Tenant’s sole cost and expense, any damage to the Premises caused by the installation, maintenance or removal of such Signs.
Tenant shall indemnify and hold Landlord harmless of and from any and all claims, costs, expenses or damages suffered by reason of the installation, maintenance or removal of such Signs, except to the extent caused by the negligence or willful
misconduct of Landlord, its employees and agents. 
  
 16. Except
as expressly modified herein, the Lease shall remain in full force and effect, and as modified herein, is expressly ratified and confirmed by the parties hereto. 
  
 17. This Amendment shall be binding upon and inure to the benefit of the parties hereto and their respective successors and
assigns. 
  
 18. This Amendment may be executed in counterparts,
each of which shall be an original and all of which counterparts taken together shall constitute one and the same agreement. Executed copies of this Agreement may be delivered by telecopy and, upon receipt, shall be deemed originals and binding upon
the parties hereto. 
  
 [REMAINDER OF THIS PAGE INTENTIONALLY LEFT
BLANK] 
  

 -6- 

 IN WITNESS WHEREOF, the parties hereto have executed this Amendment as of the date first above set forth. 
  

			
	 LANDLORD:

	
	 RESORTS REAL ESTATE HOLDINGS, INC.

	
	 By:       /s/ Nicholas L. Ribis

	       Name: Nicholas L. Ribis

	       Title: Vice Chairman and Executive Vice
       President

	
	 TENANT:

	
	 RESORTS INTERNATIONAL HOTEL AND CASINO,
 INC.

	
	 By:       /s/ Nicholas L. Ribis

	       Name: Nicholas L. Ribis

	       Title: Vice Chairman and Executive Vice
       President

  

 -7- 

 EXHIBIT C 
  
 Fair Market Rental Rate Schedule 
  
 Commencing from and including the Commencement Date through but excluding September 29, 2004, the minimum rent for each month (the
“Minimum Rent”) shall be payable at a monthly rate of $205,000.00 which shall be deemed applied from the Security Deposit and be payable on the first of every month and appropriately apportioned based on the actual days of the month
should payment of Minimum Rent commence other than on the first day of a month1. 
  
 Commencing from and including September 29, 2004 through but excluding the second anniversary
of the Commencement Date, the Minimum Rent shall change as follows and be payable at a monthly rate of One Hundred Thirty Five Eight Hundred Thirty Three Thousand and 33/100 ($135,833.33) which shall be payable on the first of every month and
appropriately apportioned based on the actual days of the month should payment of Minimum Rent commence other than on the first day of a month. 
  
 Commencing from and including the first day of the second anniversary of the Commencement Date through but excluding the fourth anniversary of the Commencement Date, the
Minimum Rent shall change as follows and be payable at a monthly rate of Two Hundred and Two Thousand Five Hundred and 00/100 ($202,500.00) which shall be payable on the first of every month and appropriately apportioned based on the actual days of
the month should payment of Minimum Rent commence other than on the first day of a month. 
  
 Commencing from and including the first day of the fourth anniversary of the Commencement Date, through but excluding the fifth anniversary of the Commencement Date, the Minimum Rent shall increase and be payable at a
monthly rate of Three Hundred and Two Thousand Five Hundred and 00/100 ($302,500.00) which shall be payable on the first of every month and appropriately apportioned based on the actual days of the month should payment of Minimum Rent commence other
than on the first day of a month. 
  
 Commencing on and including the first day of
the fifth anniversary of the Commencement Date, and for the remainder of the term, the Minimum Rent shall increase and be payable at a monthly rate of Four Hundred and Two Thousand Five Hundred and 00/100 ($402,500.00) which shall be payable on the
first of every month and appropriately apportioned based on the actual days of the month should payment of Minimum Rent commence other than on the first day of a month. 

	1	If the Lease terminates prior to the first anniversary of the Commencement Date for any reason other than the occurrence of an Event of Default by Tenant, Landlord
shall be obligated to return to Tenant the remaining Security Deposit held by Landlord subject to Section 10 of this Amendment. 

  

 8

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