Document:

<PAGE>

                                                                   Exhibit 10.82
                                                                   -------------

                               INDEMNITY AGREEMENT
                               -------------------

          This Indemnity Agreement is entered into as of November 2, 2001 (the
"Agreement"), by THCR Enterprises LLC, a Delaware limited liability company
("Enterprises") in favor of Donald J. Trump ("Trump").

          WHEREAS, Enterprises and THCR Management Services, LLC ("Management")
are each indirect wholly-owned subsidiaries of Trump Hotels & Casino Resorts
Holdings, L.P.;

          WHEREAS, Management is entering into a Loan Agreement with certain
Lenders;

          WHEREAS, Trump is entering into that certain Guaranty of even date
herewith in favor of Lenders, pursuant to which Trump guaranteed to Agent the
full and punctual payment of the Guaranteed Obligations (as defined in the
Guaranty);

          WHEREAS, Trump is willing to provide such Guaranty on the condition
that he be indemnified as provided herein and Enterprises has concluded that it
is in the best interests of Enterprises to provide to Trump the protections of
this Agreement; and

          WHEREAS, to further assure that Trump will obtain the benefits of the
rights to indemnification and advances contemplated by this Agreement,
notwithstanding future uncertainties, Enterprises has concluded that it would be
in the best interests of Enterprises for such rights to be secured by a pledge
of certain assets of Enterprises.

          NOW, THEREFORE, in consideration of the premises and the covenants
contained herein, Enterprises and Trump do hereby covenant and agree as follows:

          1.   Indemnification. Enterprises hereby agrees to indemnify and hold
               ---------------
harmless Trump, and his successors, assigns, estate, heirs and personal
representatives, against any and all losses, costs, or expenses (including,
without limitation, any reasonable legal, accounting, and other expenses for
defending any actions or threatened actions) incurred by Trump or any of such
successors, assigns, estate, heirs and/or personal representatives under the
provisions of the Guaranty (the "Trump Guaranteed Obligations").

          2.   Indemnification Procedure. Whenever any demand shall be made upon
               -------------------------
Trump under the Guaranty, Trump shall promptly notify Enterprises of such demand
and provide a copy of any written document delivered to Trump relating to such
demand; provided, however, that so long as Trump shall directly or indirectly
control Enterprises, any demand upon or notice to Trump under the Guaranty shall
constitute notice to Enterprises under this Agreement as well and no additional
notice to Enterprises shall be required under this Agreement unless and until
Trump no longer directly or indirectly controls Enterprises. No notice need be
given by Trump

                                       -1-

<PAGE>

unless and until he has received written notice of the demand. Within fifteen
(15) days of notice to Enterprises of any such demand, Enterprises shall either
satisfy and pay in full such demand or assume the defense of such demand at its
sole cost and expense. If Enterprises shall fail to satisfy any such demand or
fail to assume in a reasonable manner the defense of any demand arising under
the Guaranty within the time period set forth above, Trump shall be free to
defend, settle, litigate, appeal and otherwise act in his sole discretion, and
Enterprises shall be obligated to pay in full any settlement, judgment or
similar liability and all costs associated therewith including reasonable
out-of-pocket legal fees and disbursements and shall not have any defense based
on the reasonableness or necessity of Trump's actions or his failure to defend
effectively such demand.

          3.   Other Rights to Indemnification. The rights to indemnification
               -------------------------------
and advances provided by this Agreement shall not be deemed exclusive of any
other rights to which Trump may now or in the future be entitled under any other
agreement or any provision of applicable law.

          4.   Security Interest. In order to induce Trump to provide the
               -----------------
Guaranty and in order to provide further assurance of payment to Trump of
indemnification and advance amounts to which he may become entitled under this
Agreement, Enterprises hereby pledges, assigns and delivers to Trump and grants
to Trump a first priority security interest in all of the securities described
on the attached Schedule A, together with all dividends, interest, proceeds and
any other sums due or to become due thereon, all instruments, securities or
other property at any time and from time to time received, receivable or
otherwise distributed in respect of or in exchange for any or all of such
securities, and all proceeds thereof, as security for the payment and
performance of all obligations owing by Enterprises to Trump under this
Indemnity Agreement, whether direct or indirect, absolute or contingent, due or
to become due, now existing or hereafter arising.

          5.   Enforcement.
               -----------

               a.   Enterprises unconditionally and irrevocably agrees that its
execution of this Agreement shall also constitute a stipulation by which it
shall be irrevocably bound in any court in which a proceeding by Trump for
enforcement of his rights shall have been commenced, continued or appealed that
obligations of Enterprises set forth in this Agreement are unique and special,
and that failure of Enterprises to comply with the provisions of this Agreement
will cause irreparable and irremediable injury to Trump, for which a remedy at
law will be inadequate. As a result, in addition to any other right or remedy he
may have at law or in equity with respect to a violation of this Agreement,
Trump shall be entitled to injunctive or mandatory relief directing specific
performance by Enterprises of its obligations under this Agreement. Enterprises
further irrevocably stipulates and agrees that it shall not, except in good
faith, raise any objections not specifically relating to the merits of Trump's
claim.

                                      -2-

<PAGE>

               b.   In the event that Trump is subject to or intervenes in any
legal action in which the validity or enforceability of this Agreement is at
issue or institutes any legal action, for specific performance or otherwise, to
enforce his rights under, or to recover damages for breach of, this Agreement,
Trump shall, within thirty (30) days after written request to Enterprises
therefor, be indemnified by or receive advances from Enterprises in respect of
all costsand expenses (including attorney's fees and disbursements) incurred by
him in connection therewith.

          6.   Duration of Agreement.
               ---------------------

               a.   This Agreement shall continue until and terminate upon the
later of (i) the termination of the Guaranty according to its term, or (ii) the
full satisfaction of the obligations of Management under the Loan Agreement.

               b.   This Agreement shall be binding upon Enterprises and its
successors and assigns and shall inure to the benefit of Trump and his heirs,
devisees, executors, administrators or other legal representatives.

          7.   Severability. If any provision or provisions of this Agreement
               ------------
shall be held to be invalid, illegal or unenforceable under any particular
circumstances or for any reason whatsoever (i) the validity, legality and
enforceability of the remaining provisions of this Agreement (including, without
limitation, all other portions of any Section, paragraph of clause of this
Agreement that contains any provision that has been found to be invalid, illegal
or unenforceable), or the validity, legality or enforceability under any other
circumstances shall not in any way be affected or impaired thereby and (b) to
the fullest extent possible consistent with applicable law, the provisions of
this Agreement (including, without limitation, all other portions of any
Section, paragraph or clause of this Agreement that contains any such provision
that has been found to be invalid, illegal or unenforceable) shall be deemed
revised, and shall be construed so as to give effect to the intent manifested by
this Agreement (including the provision held invalid, illegal or unenforceable).

          8.   Counterparts. This Agreement may be executed in one or more
               ------------
counterparts, each of which shall for all purposes be deemed to be an original,
but all of which together shall constitute one and the same Agreement. Only one
such counterpart singed by the party against whom enforceability is sought needs
to be produced to evidence the existence of this Agreement.

          9.   Headings. The headings of the paragraphs of this Agreement are
               --------
inserted for convenience only and shall not be deemed to constitute part of this
Agreement or to affect the construction thereof.

          10.  Modification and Waiver. No supplement, modification or
               -----------------------
amendment of this Agreement shall be binding unless executed in writing by both
parties hereto. No waiver of

                                      -3-

<PAGE>

any of the provisions of this Agreement shall be deemed or shall constitute a
waiver of any other provision hereof (whether or not similar) nor shall such
waiver constitute a continuing waiver.

          11.  Notification and Defense of Claim. Trump agrees to promptly
               ---------------------------------
notify the Partnership in writing upon being served with any summons, citation,
subpoena, complaint, indictment, information or other document relating to any
matter which may be subject to indemnification covered hereunder, whether civil,
criminal or investigative; provided, however, that the failure of Trump to give
such notice to Enterprises shall not adversely affect Trump's rights under this
Agreement.

          12.  Notices and Payments. All notices, requests, demands and other
               --------------------
communications hereunder shall be in writing and shall be deemed to have been
duly given upon delivery thereof if (i) delivered by hand, or sent via telecopy
or facsimile transmission, in each case receipted for by the party to whom such
notice or other communication shall have been directed or transmitted, (ii)
mailed by certified or registered mail with postage prepaid, or (iii) delivered
by overnight courier service:

               a.   if to Trump, at the address indicated on the signature page
                    hereof, with copy to:

                    Bernard R. Diamond
                    FAX No. 212-317-0037

               and

               b.   if to Enterprises:

                    THCR Enterprises, LLC
                    Huron Avenue & Brigantine Boulevard
                    Atlantic City, New Jersey 08401

                    Attention: Robert M. Pickus
                    FAX No. 609-340-5041

or to such other address as may have been furnished to any party by any other
party.

                  All payments by Enterprises to Trump hereunder shall be
effected by payment of cash or delivery of a certified or official bank check in
the amount of the claim or liability within five (5) days after demand therefor
and if interest must be paid by Trump on the liability for which indemnity is
due, Enterprises shall deliver an amount adequate to pay interest to the date on
which funds are available to Trump for payment of such liability. Payments
required to be made by Enterprises pursuant to the Indemnity Agreement shall be
made immediately upon

                                      -4-

<PAGE>

demand, without deduction, withholding or set-off, and free and clear of any
claim, counterclaim or defense against Trump.

          13.  Governing Law. The parties hereto agree that this Agreement shall
               -------------
be governed by, and construed and enforced in accordance with, the laws of the
State of New York without regard to conflict of law principles thereunder.

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

                                         THCR ENTERPRISES, LLC

                                         By:  THCR Enterprises, Inc.

                                              By:  /s/ Robert M. Pickus
                                                 ------------------------------
                                                   Robert M. Pickus
                                                   Executive Vice President

                                       -5-<PAGE>

                                                                   Exhibit 10.83
                                                                   -------------

                                    GUARANTY
                                    --------

         THIS GUARANTY, dated as of November 2, 2001, (as amended, restated,
supplemented or otherwise modified from time to time, the "Guaranty") is made by
Donald J. Trump, an individual (the "Guarantor"), in favor of the Lenders party
to the Loan Agreement described below.

                                    RECITALS
                                    --------

         WHEREAS, concurrently herewith, THCR Management Services, LLC, a
Delaware limited liability company (the "Borrower"), is entering into a Loan
Agreement, dated as of November __, 2001 (as amended, restated, supplemented or
otherwise modified, the "Loan Agreement") among the Borrower, the Lenders party
thereto (the "Lenders"), pursuant to which the Lenders will make Loans to the
Borrower in the aggregate principal amount not to exceed $18,800,000;

         WHEREAS, the Guarantor has an indirect beneficial ownership interest in
the Borrower;

         WHEREAS, the Borrower has agreed to use the Loans under the Loan
Agreement for the purposes described in Section 2.5 thereof, including providing
a portion of the financing for the construction of a proposed expansion of the
29 Spotlight Casino;

         WHEREAS, the Guarantor is executing this Guaranty to induce the Lenders
to make Loans to the Borrower under the Loan Agreement; and

         WHEREAS, Lenders have required as a condition to their entering into
the Loan Agreement the execution and delivery of this Guaranty;

         NOW, THEREFORE, in consideration of the premises and in order to induce
Lenders to enter into the Loan Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
Guarantor hereby agrees with Lenders as follows:

         1. Defined Terms.  All terms not otherwise defined herein shall have
            -------------
for the purposes hereof the meanings set forth in the Loan Agreement.

         2. The Guaranty.  The Guarantor hereby absolutely, unconditionally and
            ------------
irrevocably guarantees the full and punctual payment (whether at stated
maturity, upon acceleration or otherwise) of the Borrower's obligations to pay
principal, accrued interest, fees and expenses under the Loan Documents,
including all reasonable costs of collection and enforcement thereof and
interest thereon which would be owing by the Borrower but for the effect of the
Bankruptcy Code, 11 U.S.C. (S) 101 et. seq. (the "Guaranteed Obligations").
Notwithstanding the foregoing, from and after the date on which the Borrower has
made prepayments under Section 2.4(b)(iv)(l) of the Loan Agreement aggregating
$1,000,000 or more, the Guaranteed Obligations shall be reduced to an amount
equal to the excess of the outstanding principal amount of the Notes over the
outstanding principal amount owed to the Borrower under the Bank Loan. The
Guarantor understands, agrees and confirms that the Lenders may enforce this
Guaranty up to the full

<PAGE>

amount guaranteed hereunder without proceeding against the Borrower, against any
security for the Guaranteed Obligations or against any guarantor under any other
guarantee covering the Guaranteed Obligations. The Guarantor agrees that if, for
any reason, the Borrower shall fail or be unable to pay punctually and fully,
any of the Guaranteed Obligations, the Guarantor shall pay such Guaranteed
Obligations to Lenders in full immediately upon demand. The Guarantor agrees
that one or more successive actions may be brought against the Guarantor, as
often as Lenders deem advisable, until all of the Guaranteed Obligations are
paid and performed in full. This Guaranty constitutes a guarantee of payment and
not of collection.

       3.    Guaranty Unconditional.  The obligations of the Guarantor hereunder
             ----------------------
shall be primary obligations, unconditional, absolute, and, without limiting the
generality of the foregoing, shall not be released, discharged or otherwise
affected by:

       (a)   any extension, renewal, settlement, compromise, waiver or release
             in respect of any Obligation of the Borrower under the Loan
             Documents, by operation of law, or otherwise;

       (b)   any release or discharge by operation of law of the Borrower, the
             Guarantor, or any other guarantor of the Obligations from any
             obligation or agreement contained in any of the Loan Documents;

       (c)   any termination, modification or amendment of or supplement to the
             Loan Agreement or any of the other Loan Documents;

       (d)   any release, exchange, substitution, non-perfection or invalidity
             of any direct or indirect security for, or any other guaranty of,
             any of the Guaranteed Obligations;

       (e)   any change in the limited liability company existence, structure or
             ownership of the Borrower, or any insolvency, bankruptcy,
             reorganization, arrangement, readjustment, assignment for the
             benefit of creditors, composition, receivership, liquidation,
             marshaling of assets and liabilities or other similar events or
             proceedings affecting the Borrower or its assets or any resulting
             release or discharge of any Obligation of the Borrower under the
             Loan Documents;

       (f)   any merger or consolidation of the Borrower into or with any
             Person, or any sale, lease or transfer of any of the assets of the
             Borrower or the Guarantor to any other Person;

       (g)   the existence of any claim, set-off, or other rights which the
             Guarantor may have at any time against the Borrower or any other
             Person, whether in connection herewith or with any unrelated
             transactions;

       (h)   any invalidity or unenforceability of the Loan Agreement relating
             to or against the Borrower for any reason, or any provision of
             applicable law or regulation purporting to prohibit the payment by
             the Borrower of its Obligations under the Loan Agreement or the
             other Loan Documents;

                                       2

<PAGE>

       (i)   the failure of any financing source, including without limitation
             the Lenders or the Borrower, to obtain or maintain any required
             Permits (including a license or exemption issued pursuant to
             Section 6.4.6 of the Compact) or the termination or revocation of
             any such license or exemption, or any finding of the Borrower or
             the Lenders as unsuitable by any California State gaming agency,
             regardless of whether any of the foregoing results in the
             Twenty-Nine Palms Enterprises Corporation not being required to pay
             interest under the Bank Loan or otherwise impairs or invalidates
             the Twenty-Nine Palms Enterprises Corporation's obligations under
             the Bank Loan; or

       (j)   any other act or omission to act or delay of any kind by the
             Lenders or the Borrower or any other Person or any other
             circumstance whatsoever which might, but for the provisions of this
             Section 3, constitute a legal or equitable discharge of the
             Guarantor's obligations hereunder.

       4.    Waiver by Guarantor.  The Guarantor expressly waives in respect of
             -------------------
the Guaranteed Obligations any and all defenses now or hereafter arising or
asserted by reason of:

       (a)   any disability or other defense of the Borrower or any other Person
             with respect to the Guaranteed Obligations;

       (b)   the unenforceability or invalidity of any security or guaranty for
             the Guaranteed Obligations or the lack of perfection or continuing
             perfection or failure of priority of any security for the
             Guaranteed Obligations;

       (c)   the cessation for any cause whatsoever of the liability of the
             Borrower or any other Person (other than by reason of the full
                                           ----- ----
             payment and performance of all Obligations);

       (d)   any failure of any Lender to marshal assets in favor of the
             Borrower or any other Person;

       (e)   any amendment, modification or waiver of any provision of the Loan
             Documents or lack of notice thereof;

       (f)   any incapacity, lack of authority, death or disability of the
             Borrower or any other Person;

       (g)   any failure of the Lenders to give notice of the existence,
             creation or incurring of any new or additional indebtedness or
             other obligation (other than increases in the principal amount of
             the Lenders' commitments from those in effect on the Closing Date)
             or of any action or nonaction on the part of any other Person in
             connection with the Loan Documents, including the waiver of any
             conditions to the making of any advance of proceeds of any Loan;

       (h)   any notice of Default or Event of Default or intention to
             accelerate any of the Obligations or any notice of acceleration of
             the Obligations;

                                       3

<PAGE>

       (i)   any lack of acceptance or notice of acceptance of this Agreement by
             the Lenders;

       (j)   notice of any of the matters referred to in Section 3 above;

       (k)   any lack of presentment, demand, protest, or notice of dishonor,
             demand, protest or nonpayment with respect to any indebtedness or
             obligations under any of the Loan Documents;

       (l)   any lack of other notices to which the Borrower, or any other
             Person, might be entitled;

       (m)   any invalidity or irregularity, in whole or in part, of any one or
             more of the Loan Documents;

       (n)   any direct or indirect sale, transfer, or other disposition of the
             Guarantor's indirect equity interest in the Borrower;

       (o)   any sale or assignment by the Borrower of any assets of such
             Person, or any portion thereof, whether or not consented to by the
             Lenders;

       (p)   the dissolution or termination of existence of the Borrower or any
             other Person or the voluntary or involuntary liquidation, sale or
             other disposition of all or substantially all of the assets of the
             Borrower;

       (q)   any failure or delay of the Lenders to commence an action against
             the Borrower, to assert or enforce any remedies against the
             Borrower under the Notes or the Loan Documents, or to realize upon
             any security;

       (r)   the compromise, settlement, release or termination of any or all of
             the obligations of the Borrower under the Notes or the Loan
             Documents;

       (s)   any act or omission of any Lender or others that directly or
             indirectly results in or aids the discharge or release of the
             Borrower or any other Person or any other security or guaranty for
             the Guaranteed Obligations by operation of law or otherwise;

       (t)   any law which provides that the obligation of a surety or guarantor
             must neither be larger in amount nor in other respects more
             burdensome than that of the principal or which reduces a surety's
             or guarantor's obligation in proportion to the principal
             obligation;

       (u)   any failure of any Lender to file or enforce a claim in any
             bankruptcy or other proceeding with respect to any Person;

       (v)   the election by any Lender, in any bankruptcy proceeding of any
             Person, of the application or non-application of Section 1111(b)(2)
             of the United States Bankruptcy Code;

                                       4

<PAGE>

        (w)  any extension of credit or the grant of any lien under Section 364
             of the United States Bankruptcy Code or any use of cash collateral
             under Section 363 of the United States Bankruptcy Code;

        (x)  any agreement or stipulation with respect to the provision of
             adequate protection in any bankruptcy proceeding of any Person;

        (y)  the avoidance of any Lien in favor of the Lenders for any reason;

        (z)  any bankruptcy, insolvency, reorganization, arrangement,
             readjustment of debt, liquidation or dissolution proceeding
             commenced by or against any Person, including any discharge of, or
             bar or stay against collecting, all or any of the Guaranteed
             Obligations (or any interest thereon) in or as a result of any such
             proceeding; or

        (aa) to the fullest extent permitted by law, any other legal, equitable
             or surety defenses whatsoever to which the Guarantor might
             otherwise be entitled with respect to the Guaranteed Obligations.

         5.  Subrogation of Guarantor. Upon making any payment with respect to
             ------------------------
the Guaranteed Obligations hereunder, the Guarantor shall be subrogated to the
rights of the Lenders against the Borrower with respect to such payment;
provided that the Guarantor shall not enforce any payment by way of subrogation
until all Obligations under the Loan Agreement have been paid in full.

         6.  Representations and Warranties.  The Guarantor represents and
             ------------------------------
warrants that:

        (a)  This agreement is the valid and binding obligation of the
             Guarantor, enforceable in accordance with its terms;

        (b)  The execution, delivery and performance of this Guaranty do not and
             will not (i) constitute a default or cause an acceleration of any
             obligation under, or result in the imposition or creation of (or
             the obligation to create or impose) any Lien with respect to, any
             material bond, note, debenture or other evidence of Indebtedness or
             any indenture, mortgage, deed of trust or other agreement or
             instrument to which the Guarantor is a party or bound, or to which
             any properties of the Guarantor may be subject, (ii) contravene any
             order of any court or governmental agency (including, without
             limitation, any gaming authority in any state of the United States
             or foreign country or body having jurisdiction over the Guarantor
             or any of his properties), (iii) violate or conflict with any
             statute, rule or regulation or administrative or court decree or
             Permit applicable to the Guarantor or to which any of his
             properties may be subject, or (iv) require any approval or consent
             of any Tribunal.

        7.   Stay of Acceleration. In the event that acceleration of the time
             --------------------
for payment of any of the Guaranteed Obligations is stayed upon insolvency,
bankruptcy or reorganization of the Borrower, all such amounts shall nonetheless
be payable by the Guarantor forthwith on demand by any Lender.

                                       5

<PAGE>

       8.    Termination. This Guaranty shall automatically terminate and the
             -----------
Guarantor shall thereafter have no further liability or obligations hereunder on
the earlier of (i) the first date that each of the following have occurred: (x)
the outstanding principal amount under the Notes is reduced to an amount equal
to or less than the outstanding principal amounts owed to the Borrower under the
Bank Loan and (y) no Default or Event of Default (other than pursuant to Section
7.19 of the Loan Agreement) has occurred and is continuing and (ii) the full
satisfaction of the Guaranteed Obligations. Upon the termination of this
Guaranty, the Lenders shall, promptly upon the request of the Guarantor, execute
and deliver to the Guarantor an acknowledgment of the termination of this
Guaranty and a release of the Guarantor from all claims of any nature arising
under this Guaranty.

       9.    Reinstatement. Notwithstanding anything to the contrary contained
             -------------
herein, the Guarantor covenants that this Guaranty shall be reinstated if and to
the extent that any payment of any of the Guaranteed Obligations made on or
prior to such termination is rescinded or otherwise must be restored or returned
by the Lenders upon the insolvency, bankruptcy, dissolution, liquidation or
reorganization of the Borrower, all as though such payment had not been made.

       10.   Miscellaneous.
             -------------

       (a)   Successors and Assigns. This Guaranty shall be binding upon the
             ----------------------
             Guarantor and his successors and assigns and shall inure to the
             benefit of the Lenders. The Guarantor may not assign his
             obligations hereunder.

       (b)   Notices. All notices, demands and other communications hereunder
             -------
             shall be given and shall be effective in accordance with Section
             9.8 of the Loan Agreement, except that notices to the Guarantor
             shall be given to his address set forth on the signature page
             hereof, or to such other address as the Guarantor may specify in
             writing from time to time to the Lenders.

       (c)   Amendments. Neither this Guaranty nor any provision hereof may be
             ----------
             amended, modified, waived, discharged or terminated orally, but
             only by a statement in writing signed by the Required Lenders.

       (d)   Governing Law; Waiver of Jury. This Guaranty shall be construed in
             -------------
             accordance with and governed by the laws of the State of New York
             including, without limitation Sections 5-1401 and 5-1402 of the New
             York General Obligations Law. Any judicial proceeding brought
             against the Guarantor with respect to this Guaranty may be brought
             in any court of competent jurisdiction in the State of New York or
             of the United States of America for the Southern District of New
             York and, by execution and delivery of this Guaranty, the Guarantor
             (a) accepts, generally and unconditionally, the nonexclusive
             jurisdiction of such courts and any related appellate court, and
             irrevocably agrees to be bound by any judgment rendered thereby in
             connection with this Guaranty, and (b) irrevocably waives any
             objection the Guarantor may now or hereafter have as to the venue
             of any such suit, action or proceeding brought in such a court or
             that such court is an inconvenient forum. The Guarantor hereby
             waives personal service of process

                                       6

<PAGE>

             and consents that service of process upon it may be made by
             certified or registered mail, return receipt requested, at his
             address specified or determined in accordance with the provisions
             of Section 10(b), and service so made shall be deemed completed on
             the fifth Business Day after such service is deposited in the mail
             or, if earlier, when delivered. Nothing herein shall affect the
             right to serve process in any other manner permitted by law or
             shall limit the right of any Lender to bring proceedings against
             the Guarantor in the courts of any other jurisdiction. EACH OF THE
                                                                    -----------
             GUARANTOR AND THE LENDERS HEREBY WAIVE TRIAL BY JURY IN ANY
             -----------------------------------------------------------
             JUDICIAL PROCEEDING INVOLVING, DIRECTLY OR INDIRECTLY, ANY MATTER
             -----------------------------------------------------------------
             (WHETHER SOUNDING IN TORT, CONTRACT OR OTHERWISE) IN ANY WAY
             ------------------------------------------------------------
             ARISING OUT OF, RELATED TO, OR CONNECTED WITH THIS GUARANTY, THE
             ----------------------------------------------------------------
             LOAN AGREEMENT OR THE RELATIONSHIP ESTABLISHED HEREUNDER.
             --------------------------------------------------------

       (e)   Counterparts; Effectiveness. This Guaranty may be executed in any
             ---------------------------
             number of counterparts each of which shall be deemed an original
             with the same effect as if the signatures thereto and hereto were
             upon the same instrument. Delivery of an executed counterpart of a
             signature page of this Guaranty by telecopy shall be effective as
             delivery of a manually executed counterpart of this Guaranty.

       (f)   Severability. In case any provision in or obligation under this
             ------------
             Guaranty or any other Loan Document shall be invalid, illegal or
             unenforceable in any jurisdiction, the validity, legality and
             enforceability of the remaining provisions or obligations, or of
             such provision or obligation in any other jurisdiction, shall not
             in any way be affected or impaired thereby.

       (g)   Entire Agreement. This Guaranty embodies the entire agreement of
             ----------------
             the parties and supersedes all prior agreements and understandings,
             if any, relating to the subject matter hereof and thereof.

       (h)   Failure or Indulgence Not Waiver. No failure or delay on the part
             --------------------------------
             of any Lender in the exercise of any power, right or privilege
             hereunder or under any other Loan Document shall impair such power,
             right or privilege or be construed to be a waiver of any default or
             acquiescence therein, nor shall any single or partial exercise of
             any such power, right or privilege preclude other or further
             exercise thereof or of any other right, power or privilege.

                                       7

<PAGE>

         IN WITNESS WHEREOF, the undersigned Guarantor has duly executed and
delivered this Guaranty as of the date first above written.

                                            DONALD J. TRUMP

                                            /s/ Donald J. Trump
                                            -----------------------------------

                                            Address for Notices:
                                            -------------------

                                            Donald J. Trump
                                            725 Fifth Avenue
                                            New York, New York 10022
                                            Facsimile: (XXX) XXX-XXXX

                                            With a copy to:

                                            The Trump Organization
                                            725 Fifth Avenue
                                            New York, New York 10022
                                            Attention: Bernard R. Diamond, Esq.
                                            Facsimile: (XXX) XXX-XXXX

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