Document:

Fourth Amended and Restated Partnership Agreement

 Exhibit 10.4 
  
 EXECUTION VERSION 
  

  
 FOURTH AMENDED AND RESTATED

  
 AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P. 
  

  
 TABLE OF CONTENTS

  

					
	 	 	 	  	Page

	 ARTICLE I. DEFINITIONS
	  	2
			
	 Section 1.1.
	 	 Definitions
	  	2
			
	 Section 1.2.
	 	 Accounting Terms and Determinations
	  	16
		
	 ARTICLE II. CONTINUATION OF PARTNERSHIP; BUSINESS OF PARTNERSHIP
	  	16
			
	 Section 2.1.
	 	 Continuation
	  	16
			
	 Section 2.2.
	 	 Name
	  	16
			
	 Section 2.3.
	 	 Character of the Business
	  	17
			
	 Section 2.4.
	 	 Location of Principal Place of Business
	  	17
			
	 Section 2.5.
	 	 Registered Agent and Registered Office
	  	17
		
	 ARTICLE III. TERM
	  	17
			
	 Section 3.1.
	 	 Commencement
	  	17
			
	 Section 3.2.
	 	 Term
	  	17
		
	 ARTICLE IV. CAPITAL CONTRIBUTIONS
	  	17
			
	 Section 4.1.
	 	 Capital Contributions; Partnership Interests and Percentage Interests of the Partners
	  	17
			
	 Section 4.2.
	 	 Issuance of Additional Partnership Interests and Shares
	  	18
			
	 Section 4.3.
	 	 Adjustment of Partnership Interests
	  	20
			
	 Section 4.4.
	 	 No Interest on or Return of Capital Contribution
	  	20
			
	 Section 4.5.
	 	 Adjustment for Restructuring
	  	20
		
	 ARTICLE V. ALLOCATIONS AND OTHER TAX AND ACCOUNTING MATTERS
	  	20
			
	 Section 5.1.
	 	 Allocations of Net Income and Net Loss
	  	20
			
	 Section 5.2.
	 	 Special Allocations
	  	22
			
	 Section 5.3.
	 	 Tax Allocations
	  	24
			
	 Section 5.4.
	 	 Books of Account
	  	25

  

 (i) 

					
	 Section 5.5.
	 	 Tax Matters Partner
	  	25
			
	 Section 5.6.
	 	 Tax Elections and Returns
	  	26
			
	 Section 5.7.
	 	 Tax Certifications
	  	26
		
	 ARTICLE VI. DISTRIBUTIONS
	  	27
			
	 Section 6.1.
	 	 General
	  	27
			
	 Section 6.2.
	 	 Distributions for Taxes
	  	27
			
	 Section 6.3.
	 	 Transfers of Specified Property; Indemnification
	  	29
			
	 Section 6.4.
	 	 Other Distributions
	  	34
			
	 Section 6.5.
	 	 Non-Recourse
	  	34
		
	 ARTICLE VII. RIGHTS, DUTIES AND RESTRICTIONS OF THE GENERAL PARTNER
	  	34
			
	 Section 7.1.
	 	 Powers and Duties of General Partner
	  	34
			
	 Section 7.2.
	 	 Major Decisions
	  	37
			
	 Section 7.3.
	 	 Reimbursement of the General Partner
	  	37
			
	 Section 7.4.
	 	 Outside Activities of the General Partner
	  	37
			
	 Section 7.5.
	 	 Contracts with Affiliates
	  	38
			
	 Section 7.6.
	 	 Title to Partnership Assets
	  	38
			
	 Section 7.7.
	 	 Reliance by Third Parties
	  	38
			
	 Section 7.8.
	 	 Liability of the General Partner
	  	39
			
	 Section 7.9.
	 	 Officers of the Partnership
	  	39
			
	 Section 7.10.
	 	 Covenants of TER Regarding the Issuance of New Securities
	  	39
			
	 Section 7.11.
	 	 Other Matters Concerning the General Partner
	  	40
			
	 Section 7.12.
	 	 Certain Covenants of the Partnership
	  	40
		
	 ARTICLE VIII. DISSOLUTION, LIQUIDATION AND WINDING-UP
	  	42
			
	 Section 8.1.
	 	 Accounting
	  	42
			
	 Section 8.2.
	 	 Distribution on Dissolution
	  	42

  

 (ii) 

					
	 Section 8.3.
	 	 Timing Requirements
	  	42
			
	 Section 8.4.
	 	 Termination
	  	43
			
	 Section 8.5.
	 	 Dissolution
	  	43
			
	 Section 8.6.
	 	 Continuation of the Partnership
	  	43
		
	 ARTICLE IX. TRANSFER AND REDEMPTION OF PARTNERSHIP INTERESTS; CERTAIN CONSENT RIGHTS
	  	44
			
	 Section 9.1.
	 	 General Partner Transfer
	  	44
			
	 Section 9.2.
	 	 Transfers by Limited Partners
	  	45
			
	 Section 9.3.
	 	 Certain Additional Restrictions on Transfer
	  	47
			
	 Section 9.4.
	 	 Effective Dates of Transfers
	  	47
			
	 Section 9.5.
	 	 Transfer
	  	48
			
	 Section 9.6.
	 	 Redemption of Partnership Interest
	  	48
			
	 Section 9.7.
	 	 Certain Consent Rights
	  	49
		
	 ARTICLE X. RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS
	  	49
			
	 Section 10.1.
	 	 No Participation in Management
	  	49
			
	 Section 10.2.
	 	 Bankruptcy of a Limited Partner
	  	49
			
	 Section 10.3.
	 	 No Withdrawal
	  	49
			
	 Section 10.4.
	 	 Conflicts
	  	49
			
	 Section 10.5.
	 	 Provision of Information
	  	50
			
	 Section 10.6.
	 	 Limited Partner Representative
	  	51
			
	 Section 10.7.
	 	 Power of Attorney
	  	52
		
	 ARTICLE XI. INDEMNIFICATION; EXCULPATION
	  	52
			
	 Section 11.1.
	 	 Indemnification
	  	52
			
	 Section 11.2.
	 	 Indemnification Procedures
	  	54
			
	 Section 11.3.
	 	 Exculpation
	  	54
			
	 Section 11.4.
	 	 No Liability of Directors and Others
	  	55

  

 (iii) 

					
	 ARTICLE XII. RIGHTS UNDER THE EXCHANGE RIGHTS AGREEMENT
	  	55
			
	 Section 12.1.
	 	 Transfer Pursuant to Exchange Rights Agreement
	  	55
			
	 Section 12.2.
	 	 Subject to the Exchange Rights Agreement
	  	55
		
	 ARTICLE XIII. AMENDMENT OF PARTNERSHIP AGREEMENT, MEETINGS
	  	55
			
	 Section 13.1.
	 	 Amendments
	  	55
			
	 Section 13.2.
	 	 Meetings of the Partners; Notices to Partners
	  	57
		
	 ARTICLE XIV. CERTIFICATE OF INTEREST
	  	57
			
	 Section 14.1.
	 	 Form of Certificate of Interest
	  	57
			
	 Section 14.2.
	 	 Transfers of Certificates of Interest
	  	58
			
	 Section 14.3.
	 	 Lost, Stolen, Destroyed or Mutilated Certificates of Interest
	  	58
			
	 Section 14.4.
	 	 Inspection of Certificate Transfer Ledger
	  	58
		
	 ARTICLE XV. REGULATORY REQUIREMENTS
	  	59
			
	 Section 15.1.
	 	 Applicable Regulatory Authority and CCC Regulation
	  	59
			
	 Section 15.2.
	 	 Additional Applicable Regulatory Authority Regulation
	  	59
			
	 Section 15.3.
	 	 Disqualified Holders
	  	60
		
	 ARTICLE XVI. GENERAL PROVISIONS
	  	60
			
	 Section 16.1.
	 	 Notices
	  	60
			
	 Section 16.2.
	 	 Controlling Law
	  	61
			
	 Section 16.3.
	 	 No Third Party Beneficiaries
	  	61
			
	 Section 16.4.
	 	 Execution in Counterparts
	  	61
			
	 Section 16.5.
	 	 Provisions Separable
	  	61
			
	 Section 16.6.
	 	 Entire Agreement
	  	61
			
	 Section 16.7.
	 	 Paragraph Headings
	  	61
			
	 Section 16.8.
	 	 Gender, Etc.
	  	61
			
	 Section 16.9.
	 	 Number of Days
	  	62

  

 (iv) 

					
	 Section 16.10.
	 	 Partners Not Agents
	  	62
			
	 Section 16.11.
	 	 Assurances
	  	62
			
	 Section 16.12.
	 	 Successors and Assigns
	  	62
			
	 Section 16.13.
	 	 Waiver
	  	62

  

 (v) 

  
 SCHEDULES 

 

					
	 SCHEDULE I
	  	–	  	Capital Contributions, Capital Account Balances, Units and Percentage Interests at Effective Date
	 SCHEDULE II
	  	–	  	Capital Contributions Prior to April 17, 1996
	 SCHEDULE III
	  	–	  	Capital Contributions in connection with the Taj Mahal Merger Transaction
	 SCHEDULE IV
	  	–	  	Capital Contributions in connection with the Marina Acquisition
	 SCHEDULE V
	  	–	  	Capital Contributions in connection with the Restructuring
	 SCHEDULE VI
	  	–	  	New Notes

  
 EXHIBITS

  

					
	 EXHIBIT A
	  	–	  	Form of Third Amended and Restated Exchange and Registration Rights Agreement

  

 (vi) 

  
 THE LIMITED PARTNERSHIP INTERESTS REFERRED
TO IN THIS AGREEMENT HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES LAWS. REFERENCE IS MADE TO ARTICLE IX OF THIS AGREEMENT FOR PROVISIONS RELATING TO VARIOUS RESTRICTIONS ON THE SALE OR OTHER TRANSFER
OF THESE INTERESTS. 
  
 FOURTH AMENDED AND RESTATED

  
 AGREEMENT OF LIMITED PARTNERSHIP 
  
 OF 
  
 TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P. 
  
 THIS FOURTH AMENDED AND RESTATED AGREEMENT OF LIMITED PARTNERSHIP of Trump Entertainment Resorts Holdings, L.P. (formerly
Trump Hotels & Casino Resorts Holdings, L.P.) is made and entered into this 20th day of May, 2005, by and among
Trump Entertainment Resorts, Inc. (formerly Trump Hotels & Casino Resorts, Inc.), a Delaware corporation (“TER”), Donald J. Trump (“Trump” or the “Initial Limited Partner”), Trump Casinos, Inc., a New Jersey
corporation (“TCI”), TCI 2 Holdings, LLC, a Delaware limited liability company (“TCI 2 Holdings”), and the Persons who may become party hereto from time to time pursuant to the terms of this Agreement. 
  
 W I T N E S S E
T H: 
  
 WHEREAS, TER and Trump formed the
Partnership on March 28, 1995 by the filing of a Certificate of Limited Partnership with the Secretary of State of the State of Delaware; 
  
 WHEREAS, TER and Trump entered into an Amended and Restated Agreement of Limited Partnership on June 12, 1995; 
  
 WHEREAS, in connection with the acquisition by the Partnership of Trump Taj
Mahal Associates (“Taj Associates”) and the other transactions related thereto (the “Taj Mahal Merger Transaction”), TER, Trump, THCR/LP Corporation, a New Jersey corporation (“THCR/LP”), and TCI entered into a Second
Amended and Restated Agreement of Limited Partnership, dated as of April 17, 1996, which provided for the capital contributions as set forth on Schedule III hereto and the admission of THCR/LP and TCI as Limited Partners of the Partnership;

  
 WHEREAS, in connection with the acquisition (the “Marina
Acquisition”) by the Partnership of the equity interests of Trump’s Castle Associates, L.P., predecessor-in-interest to Trump Marina Associates LP, a New Jersey limited partnership (“Marina Associates”), TER, Trump, THCR/LP, TCI
and Trump Casinos II, Inc., a Delaware Corporation (“TCI-II”), entered into a Third Amended and Restated Agreement of Limited Partnership, dated as of October 7, 1996, which provided for the capital contributions as set forth on Schedule
IV hereto and the admission of TCI-II as a Limited Partner of the Partnership; 
  
 WHEREAS, in connection with the restructuring (the “Restructuring”) of TER and certain of its subsidiaries pursuant to the second amended joint plan of reorganization of the 

  

 
Company and its subsidiaries dated March 30, 2005 (as amended pursuant to the terms thereof, the “Plan”) under chapter 11 of the United States
Bankruptcy Code (the “Bankruptcy Code”), (a) THCR/LP has been merged into TER, which has been admitted as a substituted Limited Partner, (b) TCI-II has been merged into TCI 2 Holdings, which has been admitted as a substituted Limited
Partner, and (c) the parties desire to enter into this Fourth Amended and Restated Agreement of Limited Partnership and to provide for the capital contributions set forth in Schedule V hereto; and 
  
 WHEREAS, the parties hereto desire to continue the Partnership as a limited
partnership under the Delaware Revised Uniform Limited Partnership Act in accordance with the provisions of this Agreement; 
  
 NOW, THEREFORE, in consideration of the mutual covenants and agreements herein contained and other good and valuable consideration, the receipt, adequacy
and sufficiency of which are hereby acknowledged, the parties hereto, intending to be legally bound, hereby agree as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 Section 1.1. Definitions. Except as otherwise herein expressly provided, the following terms and phrases shall have the meanings as set forth below: 
  
 “Accountants” shall mean the national firm or firms of independent certified public accountants selected by
the General Partner on behalf of the Partnership to audit the books and records of the Partnership and to prepare statements and reports in connection therewith, which initially shall be Ernst & Young LLP. 
  
 “Act” shall mean the Delaware Revised Uniform Limited
Partnership Act, as the same may hereafter be amended from time to time. 
  
 “Action” shall mean any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that give rise to a claim for indemnification pursuant to Article XI
hereof. 
  
 “Additional Partnership Interests”
shall have the meaning set forth in Section 4.2(a). 
  
 “Adjusted Capital Account” shall mean, with respect to any Partner, the balance, if any, in such Partner’s Capital Account as of the end of any relevant fiscal year and after giving effect to the following adjustments:

  
 (a) credit to such Capital Account any amounts which such Partner is obligated
or treated as obligated to restore with respect to any deficit balance in such Capital Account pursuant to Section 1.704-1(b)(2)(ii)(c) of the Regulations, or is deemed to be obligated to restore with respect to any deficit balance pursuant to the
penultimate sentences of Sections 1.704-2(g)(1) and 1.704-2(i)(5) of the Regulations; and 
  

 (b) debit to such Capital Account the items described in Sections 1.704-1(b)(2)(ii)(d)(4), (5) and (6) of the
Regulations. 
  
 The definition of Adjusted Capital Account is
intended to comply with the requirements of the alternate test for economic effect contained in Section 1.704-1(b)(2)(ii)(d) of the Regulations and shall be interpreted consistently therewith. 
  
 “Adjusted Capital Account Deficit” shall mean, with respect
to any Partner, a negative balance in such Partner’s Adjusted Capital Account. 
  
 “Adjustment Date” shall have the meaning set forth in Section 4.3 hereof. 
  
 “Affected Gain” shall have the meaning ascribed in Section 5.3(b) hereof. 
  
 “Affiliate” shall mean, with respect to any specified Person, any other Person directly or indirectly
controlling, controlled by or under common control with, such specified Person. For the purposes of this definition, “control” (including, with correlative meanings, the terms “controlling,” “controlled by” and
“under common control with”), as used with respect to any Person, means the possession, directly or indirectly, of the power to direct or cause the direction of the management or policies of such Person, whether through the ownership of
voting securities, by agreement or otherwise. 
  
 “Agreement” shall mean this Fourth Amended and Restated Agreement of Limited Partnership, as originally executed and as amended, modified, supplemented or restated from time to time, as the context requires. 
  
 “Applicable Regulatory Authority” shall mean any
governmental or quasi-governmental authority with applicable jurisdiction over the business, affairs, securities or properties of the Partnership or any of its Subsidiaries, including, without limitation, the CCC, the IGC, the NIGC and the NGC.

  
 “Applicable Tax Returns” shall have the
meaning set forth in Section 6.3(f) hereof. 
  
 “Audited
Financial Statements” shall mean financial statements (balance sheet, statement of income, statement of partners’ equity and statement of cash flows) prepared in accordance with GAAP and accompanied by an independent auditor’s
report containing an opinion thereon. 
  
 “Bankruptcy” shall mean, with respect to any Person, (i) the commencement by such Person of any petition, case or proceeding seeking relief under any provision or chapter of the Bankruptcy Code or any other federal or state
law relating to insolvency, bankruptcy or reorganization, (ii) an adjudication that such Person is insolvent or bankrupt, (iii) the entry of an order for relief under the Bankruptcy Code with respect to such Person, (iv) the filing of any such
petition or the commencement of any such case or proceeding against such Person, unless such petition and the case or proceeding initiated thereby are dismissed within ninety (90) days from the date of such filing or (v) the filing of an answer by
such Person admitting the allegations of any such petition. 
  

 “Bankruptcy Code” shall have the meaning set forth in the recitals hereof. 

 
 “Beneficial Owner” shall mean any Person who, singly or
together with any of such Person’s Affiliates, directly or indirectly, has “beneficial ownership” of Partnership Interests (as determined pursuant to Rule 13d-3 of the Securities Exchange Act of 1934, as amended). 
  
 “Business Day” shall mean any day that is not a Saturday,
Sunday or a day on which banking institutions in the State of New York are authorized or obligated by law or executive order to close. 
  
 “Capital Account” shall mean, with respect to any Partner, the separate “book” account which the Partnership shall establish
and maintain for such Partner in accordance with Section 704(b) of the Code and the Regulations promulgated thereunder. In the event that a Partnership Interest is transferred in accordance with the terms of this Agreement, the Capital Account, at
the time of the transfer, of the transferor attributable to the transferred interest shall carry over to the transferee. Although each Partner shall have only one Capital Account, if a Partner holds both Class A Units and Class B Units, the
Partnership shall establish and maintain separate sub-accounts for such Partner as if the holder of the Class A Units and the holder of the Class B Units were two separate Partners, and the Capital Account of such Partner shall be the sum of his
Class A sub-Capital Account and his Class B sub-Capital Account. The balance of each Partner’s Class B sub-Capital Account as of the Effective Date shall be zero. 
  
 “Capital Contribution” shall mean, with respect to any Partner, the amount of money and the initial Gross
Asset Value of any Contributed Property (net of liabilities to which such property is subject) set forth on Schedule I, as such exhibit will be amended by the General Partner from time to time to reflect the amount of money and the Gross Asset Value
of any Contributed Property received by the Partnership pursuant to any additional Capital Contribution actually contributed or deemed contributed pursuant to Sections 4.2 or 7.10. 
  
 “Casino Control Act” shall mean the New Jersey Casino Control Act, N.J.S.A. 5:12-1 et seq. 
  
 “CCC” shall mean the New Jersey Casino Control Commission
and any successor agency. 
  
 “Certificate” shall
mean the Certificate of Limited Partnership establishing the Partnership, as filed with the office of the Delaware Secretary of State on March 28, 1995, as it may be amended from time to time in accordance with the terms of this Agreement and the
Act. 
  
 “Certificate of Interest” shall have the
meaning set forth in Section 14.1 hereof. 
  
 “Certificate
Transfer Ledger” shall have the meaning set forth in Section 14.1 hereof. 
  
 “Class A Percentage Interest” shall mean, with respect to each Partner, the fraction, expressed as a percentage, the numerator of which is the number of Class A Units held by such Partner and the
denominator of which is the aggregate outstanding Class A units held by all Partners. 
  

 “Class A Unit” shall mean a Partnership Interest in the Partnership with the rights set
forth in this Agreement. As of the Effective Date, the number of Class A Units held by each Partner is as set forth in Schedule I hereto. 
  
 “Class A sub-Capital Account” shall mean the account established and maintained by the Partnership and so designated pursuant to the
definition of “Capital Account.” 
  
 “Class A
Warrants” shall mean the Class A Warrants issued pursuant to the Plan. 
  
 “Class B Overall Percentage Interest” shall mean, with respect to each Partner, the fraction, expressed as a percentage, the numerator of which is the number of Class B Units held by such Partner and
the denominator of which is the aggregate outstanding Units held by all Partners. 
  
 “Class B Percentage Interest” shall mean, with respect to each Partner, the fraction, expressed as a percentage, the numerator of which is the number of Class B Units held by such Partner and the
denominator of which is the aggregate outstanding Class B Units held by all Partners. 
  
 “Class B Stock” shall mean Class B Common Stock, par value $0.001 per share, of TER, and any class of securities into which the Class B Stock has been converted, other than Common Stock. 

 
 “Class B sub-Capital Account” shall mean the account
established and maintained by the Partnership and so designated pursuant to the definition of “Capital Account.” 
  
 “Class B Unit” shall mean a Partnership Interest in the Partnership with the rights set forth in this Agreement. As of the Effective
Date, the number of Class B Units held by each Partner is as set forth in Schedule I hereto. 
  
 “Code” shall mean the Internal Revenue Code of 1986, as amended and in effect from time to time, as interpreted by the applicable regulations thereunder. Any reference herein to a specific section or
sections of the Code shall be deemed to include a reference to any corresponding provision of future law. 
  
 “Common Stock” shall mean the common stock, par value $0.001 per share, of TER, other than the Class B Stock. 
  
 “Consent of the Limited Partners” shall mean the written
consent of a Majority-In-Interest of the Limited Partners given in accordance with Section 13.2 hereof, which consent shall be obtained prior to the taking of any action for which it is required by this Agreement and may be given or withheld by a
Majority-In-Interest of the Limited Partners, unless otherwise expressly provided herein, in their sole and absolute discretion. 
  
 “Contributed Property” shall mean any property or asset, in such form as may be permitted by the Act, but excluding cash, contributed or
deemed contributed to the Partnership with respect to the Partnership Interest held by each Partner. 
  

 “CPR” shall have the meaning set forth in Section 6.3 hereof. 
  
 “Current Market Price” shall mean, with respect to any
security on any Valuation Date specified herein, the arithmetic mean over a period of twenty consecutive trading days ending the second trading day prior to such date (a) if the security is listed or admitted to trading on any national securities
exchange or Nasdaq, of the closing sale price of the security (or, if such price is unavailable on such date, the average of the highest closing bid and lowest closing asked prices thereof on such date), in each case as officially reported on all
national securities exchanges on which the security is then listed or admitted to trading or Nasdaq, as the case may be, or (b) if the security is not then listed or admitted to trading on any national securities exchange or Nasdaq, of such closing
sale price (or such bid and asked prices if sale prices are unavailable) as published by any authoritative source thereof selected by the General Partner. If the security is not then listed or admitted to trading or if no prices therefor are then
quoted or published by such other authoritative sources, “Current Market Price” shall mean the value of the security as of a date which is 15 days preceding the date as of which the determination is to be made, as determined in good faith
by an investment banking firm of national reputation (which firm may have provided other services to the General Partner or the Partnership) selected by the Board of Directors of the General Partner, and, in connection with a Capital Contribution by
the Initial Limited Partner or his Permitted Holders, which selection shall be approved by a majority of the Special Committee. Notwithstanding the foregoing, if a determination of Current Market Price is being made in connection with an arms-length
underwritten public offering, such value shall be the public offering price of the Common Stock in such offering. 
  
 “Deemed Partnership Interest Value” as of any date, shall mean with respect to a Partner, the Deemed Value of the Partnership (as of the
day preceding such date) multiplied by such Partner’s Percentage Interest (expressed as a decimal carried to four places, e.g., .1234 or 12.34%). 
  
 “Deemed Value of the Partnership” shall mean, as of the Valuation Date, (a) the sum of (i) the product of (A) the Current Market Price
per share of Common Stock, (B) the number of shares of outstanding Common Stock, and (C) a fraction, the numerator of which is one, and the denominator of which is the aggregate Percentage Interest (expressed as a decimal) of the General Partner and
TCI 2 Holdings, (ii) the aggregate Fair Market Value of the outstanding capital stock of TER, other than the Common Stock or the Class B Stock, if any, and (iii) the Fair Market Value of the outstanding Indebtedness of TER appearing on the balance
sheet of TER, prepared in accordance with GAAP, as of the Valuation Date, which Indebtedness (the “Included Indebtedness”) shall exclude (A) the Indebtedness of the Partnership or its consolidated and combined Subsidiaries,
appearing on the balance sheet of the Partnership and its consolidated and combined Subsidiaries, prepared in accordance with GAAP as of the Valuation Date, (B) Indebtedness of TER in its capacity as General Partner of the Partnership or any
guarantee by TER of Indebtedness of the Partnership or its consolidated or combined Subsidiaries, and (C) any other Indebtedness appearing on the balance sheet of TER, prepared in accordance with GAAP, as of the Valuation Date, the proceeds of which
were not used to purchase additional Partnership Interests, reduced by (b) the amount, if any, by which the consolidated net worth of the General Partner exceeds its pro rata share of the consolidated net worth of the Partnership; provided,
however, that if the General Partner shall have material amounts of liabilities (other than Included Indebtedness) or material assets other than cash and 

  

 
Partnership Interests, the General Partner may seek the advice of an investment banking firm of national reputation as to the appropriate modification of the
Deemed Value of the Partnership formula set forth herein to take into account such liabilities or assets. 
  
 “Depreciation” shall mean, with respect to any asset of the Partnership for any fiscal year or other period, the depreciation or
amortization, as the case may be, allowed or allowable for federal income tax purposes in respect of such asset for such fiscal year or other period; provided, however, that if there is a difference between the Gross Asset Value and
the adjusted tax basis of such asset, Depreciation shall mean “book depreciation, depletion or amortization” as determined under Section 1.704-1(b)(2)(iv)(g)(3) of the Regulations. 
  
 “Disabling Event” shall have the meaning set forth in
Section 8.5(a) hereof. 
  
 “Disqualified Holder”
shall mean any Beneficial Owner of Partnership Interests or Equity Interests of the General Partner, the Partnership or any of its Subsidiaries (a) who is found to be disqualified by any Applicable Regulatory Authority, or (b) whose holding of such
Partnership Interests or Equity Interests may result or, when taken together with the holding of such Partnership Interests or Equity Interests by any other Beneficial Owner, may result, in the judgment of the General Partner, in the inability to
obtain, loss or non-reinstatement of any license or franchise from any Applicable Regulatory Authority sought or held by the Partnership or any Subsidiary to conduct any portion of the business of the Partnership or any Subsidiary, which license or
franchise is conditioned upon some or all of the holders of Partnership Interests and such Equity Interests meeting certain criteria. 
  
 “Effective Date” shall mean 10:00 a.m. Eastern Daylight Time, on May 20, 2005, the effective date of this Agreement and the Plan.

  
 “Entity” shall mean any general partnership,
limited partnership, limited liability company, corporation, joint venture, trust, business trust, real estate investment trust, association or other entity. 
  
 “Equity Interest” of any Person shall mean any shares, interests, participations or other equivalents (however designated) of such Person
in equity. 
  
 “ERISA” shall mean the Employee
Retirement Income Security Act of 1974, as amended from time to time (or any corresponding provisions of succeeding laws). 
  
 “Excess Tax Amount” shall mean, with respect to any Partner for any taxable year or other period, the amount, if any, of distributions
received by such Partner with respect to such taxable year or other period pursuant to Section 6.2(a)(ii). 
  
 “Exchange Rights Agreement” shall mean the Third Amended and Restated Exchange and Registration Rights Agreement, dated as of the
Effective Date, substantially in the form of Exhibit A hereto, entered into by and among Trump, TCI, the Partnership and TER, providing, among other things, for certain rights to exchange Limited Partnership Interests for Common Stock on the terms
and conditions set forth therein, as the same may be amended from time to time in accordance with the terms thereof. 
  

 “Fair Market Value” shall mean (i) in the case of any security, its Current Market Price
and (ii) in the case of any property or Indebtedness that is not a security, the fair market value of such property or Indebtedness as determined in good faith by a majority of the Board of Directors of the General Partner and, in connection with a
Capital Contribution by the Initial Limited Partner or his Permitted Holders, by a majority of the Special Committee. 
  
 “GAAP” shall have the meaning set forth in Section 1.2 hereof. 
  
 “General Partner” shall mean TER, its duly admitted successors and assigns and any other Person who is a
general partner of the Partnership at the time of reference thereto. 
  
 “General Partner Expenses” shall mean all organization, formation, administrative and operating costs and expenses of the General Partner, including, but not limited to, (a) salaries paid to officers of the General Partner,
and insurance, accounting, legal and other professional fees and expenses incurred by the General Partner, (b) costs and expenses relating to the organization, formation and continuity of existence of the Partnership and the General Partner,
including franchise taxes, fees and assessments associated therewith, any and all costs, expenses or fees payable or reimbursable to, or in respect of, any director or officer of the General Partner, (c) costs and expenses relating to any offer or
registration of securities by the General Partner or the Partnership and all statements, reports, fees and expenses incidental thereto, including Issuance Costs applicable to any such offer of securities, (d) costs and expenses associated with
compliance by the General Partner with laws, rules and regulations promulgated by any Applicable Regulatory Authority, including the SEC, and (e) any costs and expenses incurred in connection with any matter for which the General Partner may seek
indemnification from the Partnership pursuant to the provisions of this Agreement; provided, however, that “General Partner Expenses” shall not include, (i) any taxes with respect to which a distribution is made to the
General Partner pursuant to Section 6.2(a) and (ii) any administrative and operating costs and expenses of the General Partner to the extent arising out of any Outside Business Activities. 
  
 “Gross Asset Value” shall mean, with respect to any asset of
the Partnership, such asset’s adjusted basis for federal income tax purposes, except as follows: 
  
 (a) the initial Gross Asset Value of any asset contributed by a Partner to the Partnership shall be 
  
 (i) in the case of any asset described on attached Schedule I, the gross fair market value ascribed thereto on such Schedule; and

  
 (ii) in the case of any other asset hereafter
contributed by a Partner, the gross Fair Market Value of such asset at the time of its contribution, which determination, in the case of the Initial Limited Partner and his Permitted Holders, shall be made by a majority of the Special Committee;

  
 (b) the Gross Asset Values of all Partnership assets shall be adjusted to
equal their respective gross Fair Market Values: 
  
 (i) immediately prior to the issuance by the Partnership to a new or existing Partner of a Partnership Interest; 
  

 (ii) immediately prior to the distribution by the Partnership to a Partner of more than a
de minimis amount of Partnership property as consideration for the redemption of a Partnership Interest; 
  
 (iii) immediately prior to the liquidation of the Partnership within the meaning of Section 1.704-1(b)(2)(ii)(g) of the Regulations; and

  
 (iv) upon any other event as to which the
General Partner reasonably determines that an adjustment is necessary or appropriate to reflect the relative economic interests of the Partners; 
  
 (c) the Gross Asset Values of Partnership assets distributed to any Partner shall be the gross Fair Market Values of such assets as of the date of distribution; and

  
 (d) the Gross Asset Values of Partnership assets shall be increased (or
decreased) to reflect any adjustments to the adjusted basis of such assets pursuant to Sections 734(b) or 743(b) of the Code, but only to the extent that such adjustments are taken into account in determining Capital Accounts pursuant to Section
1.704-1(b)(2)(iv)(m) of the Regulations; provided, however, that Gross Asset Values shall not be adjusted pursuant to this paragraph to the extent that the General Partner reasonably determines that an adjustment pursuant to paragraph
(b) above is necessary or appropriate in connection with a transaction that would otherwise result in an adjustment pursuant to this paragraph (d). 
  
 At all times, Gross Asset Values shall be adjusted by any Depreciation taken into account with respect to the Partnership’s assets for purposes of computing Net
Income and Net Loss. Any adjustment to the Gross Asset Values of Partnership property shall require an adjustment to the Partners’ Capital Accounts; as for the manner in which such adjustments are allocated to the Capital Accounts, see clause
(c) of the definition of Net Income and Net Loss in the case of adjustment by Depreciation, and clause (d) of said definition in all other cases. 
  
 “IGC” shall mean the Indiana Gaming Commission and any successor agency. 
  
 “Indebtedness” shall mean any obligation, whether or not contingent, (i) in respect of borrowed money or
evidenced by bonds, notes, debentures or similar instruments, (ii) representing the balance deferred and unpaid of the purchase price of any property (including pursuant to capital leases), except any such balance that constitutes an accrued expense
or a trade payable, if and to the extent any of the foregoing indebtedness would appear as a liability upon a balance sheet prepared on a consolidated basis in accordance with GAAP, (iii) to the extent not otherwise included, obligations under
interest rate exchange, currency exchange, swaps, futures or similar agreements, and (iv) guarantees (other than endorsements for collection or deposit in the ordinary course of business), direct or indirect, in any manner (including, without
limitation, reimbursement agreements in respect of letters of credit), of all or any part of any Indebtedness of any third party. 
  
 “Indemnitee” shall mean any Person made or threatened to be made a party to a proceeding by reason of its status as a Partner or a
trustee, director, officer, or Liquidating Trustee of the Partnership, a Partner or an Affiliate of a Partner. 
  

 “Indian Gaming Regulatory Act” shall mean the Indian Gaming Regulatory Act, 25 U.S.C.
Section 2701 et seq. 
  
 “Indiana Riverboat”
shall mean a riverboat or dockside gaming facility and the ancillary structures and other facilities used in connection with the operation thereof located in Buffington Harbor, Indiana. 
  
 “Indiana Riverboat Act” shall mean the Indiana Riverboat Gambling Act, Ind. Code §§ 4-33-1-1 et
seq. 
  
 “Initial Limited Partner” shall have the
meaning set forth in the Preamble to this Agreement. 
  
 “Issuance Costs” shall mean the underwriter’s discount, placement fees, commissions or other expenses relating to the issuance of New Securities by the General Partner. 
  
 “Lien” shall mean any liens, security interests, mortgages,
deeds of trust, pledges, options, escrows, collateral assignments, rights of first offer or first refusal, preemptive rights and any other similar encumbrances of any nature whatsoever. 
  
 “Limited Partner Representative” shall have the meaning set forth in Section 10.6 hereof. 
  
 “Limited Partners” shall mean the Initial Limited Partner,
those Persons listed under the heading “Limited Partners” on the signature page hereto in their respective capacities as limited partners of the Partnership, their permitted successors or assigns as limited partners hereof, and any Person
who, at the time of reference thereto, is a limited partner of the Partnership. 
  
 “Limited Partnership Interest” means a Partnership Interest of a Limited Partner representing a fractional part of the Partnership Interests of all Limited Partners and includes any and all benefits
to which the holder of such a Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement. 
  
 “Liquidating Trustee” shall mean such individual or Entity
which is selected as the Liquidating Trustee hereunder by the General Partner (or, if there is no General Partner, by the Consent of the Limited Partners), which individual or Entity may include the General Partner or an Affiliate of the General
Partner; provided that, such Liquidating Trustee agrees in writing to be bound by the terms of this Agreement. The Liquidating Trustee shall be empowered to give and receive notices, reports and payments in connection with the dissolution,
liquidation and/or winding up of the Partnership and shall hold and exercise such other rights and powers granted to the General Partner herein or under the Act as are necessary or required to conduct the winding-up and liquidation of the
Partnership’s affairs and to authorize all parties to deal with the Liquidating Trustee in connection with the dissolution, liquidation and/or winding-up of the Partnership. 
  
 “Major Decisions” shall have the meaning set forth in Section 7.2 hereof. 
  

 “Majority-In-Interest of the Limited Partners” shall mean Limited Partner(s) (excluding
the General Partner to the extent it is the Beneficial Owner of any Limited Partnership Interest) who hold in the aggregate more than fifty (50) percent of the Percentage Interests then allocable to and held by the Limited Partners (excluding the
General Partner to the extent it is the Beneficial Owner of any Limited Partnership Interest), as a class. 
  
 “Marina Acquisition” shall have the meaning set forth in the recitals hereof. 
  
 “Marina Acquisition Agreement” shall mean the Agreement,
dated as of June 24, 1996, by and among TER, the Partnership, TCI-II, Trump’s Castle Hotel & Casino, predecessor-in-interest to TMI, and Trump, as amended as of August 27, 1996. 
  
 “Marina Associates” shall have the meaning set forth in the recitals hereof. 
  
 “Minimum Gain Attributable to Partner Nonrecourse Debt”
shall mean “partner nonrecourse debt minimum gain” as determined in accordance with Regulation Section 1.704-2(i)(3). 
  
 “Net Income” or “Net Loss” shall mean, for each fiscal year or other applicable period, an amount equal to the
Partnership’s net income or loss for such year or period as determined for federal income tax purposes by the Accountants, determined in accordance with Section 703(a) of the Code (for this purpose, all items of income, gain, loss or deduction
required to be stated separately pursuant to Section 703(a) of the Code shall be included in taxable income or loss), with the following adjustments: (a) by including as an item of gross income any tax-exempt income received by the Partnership; (b)
by treating as a deductible expense any expenditure of the Partnership described in Section 705(a)(2)(B) of the Code (including amounts paid or incurred to organize the Partnership (unless an election is made pursuant to Code Section 709(b)) or to
promote the sale of interests in the Partnership and by treating deductions for any losses incurred in connection with the sale or exchange of Partnership property disallowed pursuant to Section 267(a)(1) or Section 707(b) of the Code as
expenditures described in Section 705(a)(2)(B) of the Code); (c) in lieu of depreciation, depletion, amortization and other cost recovery deductions taken into account in computing total income or loss, there shall be taken into account
Depreciation; (d) gain or loss resulting from any disposition of Partnership property with respect to which gain or loss is recognized for federal income tax purposes shall be computed by reference to the Gross Asset Value of such property rather
than its adjusted tax basis; (e) in the event of an adjustment of the Gross Asset Value of any Partnership asset which requires that the Capital Accounts of the Partnership be adjusted pursuant to Regulation Section 1.704-1(b)(2)(iv)(e), (f) and
(m), the amount of such adjustment is to be taken into account as additional Net Income or Net Loss pursuant to Section 5.1; and (f) excluding any items specially allocated pursuant to Section 5.1 or Section 5.2. If an item of income, gain, loss or
deduction has been included in the initial computation of Net Income or Net Loss and such item is subjected to the special allocation rules in Section 5.1(a), (b) or (e) or Section 5.2, Net Income and Net Loss shall be computed without regard to
such item (to avoid double counting of such item). 
  
 “New Notes” means those certain promissory notes described in Schedule VI hereto which are nonrecourse to the Partnership. 
  

 “New Notes Indenture” shall mean the Indenture among the Partnership, Trump
Entertainment Resorts Funding, L.P., and U.S. Bank National Association, as trustee, dated as of the Effective Date, as amended from time to time. 
  

“New Securities” means Indebtedness or Equity Interests of the General Partner and any of its Subsidiaries other than the Partnership
and its Subsidiaries, in each case issued after the Effective Date; provided that, New Securities shall not include Class B Stock and Common Stock issued by TER on or prior to the Effective Date or any securities issued pursuant to the Plan
(other than Common Stock issued upon exercise of Warrants). 
  
 “NGCA” means the Nevada Gaming Control Act, N.R.S. 463.010 et seq., and ancillary statutes, and Regulations of the NGC and the NGCB. 
  
 “NGC” means the Nevada Gaming Commission. 
  
 “NGCB” means the Nevada Gaming Control Board. 
  
 “NIGC” means the National Indian Gaming Commission. 
  
 “Nonrecourse Deductions” shall have the meaning set forth in
Sections 1.704-2(b)(1) and (c) of the Regulations. 
  
 “Nonrecourse Liabilities” shall have the meaning set forth in Section 1.704-2(b)(3) of the Regulations. 
  
 “Outside Business Activity” shall mean any business other than (i) the ownership, acquisition and disposition of Partnership Interests as
a General Partner or Limited Partner and (ii) the management of the business of the Partnership, and such activities as are incidental thereto, including, without limitation, the issuance of New Securities and the application of the proceeds thereof
in compliance with the provisions of Section 7.10 of this Agreement. 
  
 “Partner Nonrecourse Debt” shall have the meaning set forth in Section 1.704-2(b)(4) of the Regulations. 
  
 “Partner Nonrecourse Deductions” shall have the meaning set forth in Section 1.704-2(i)(2) of the Regulations. 
  
 “Partners” shall mean the General Partner and the Limited
Partners, their duly admitted successors or assigns or any Person who is a partner of the Partnership at the time of reference thereto. 
  
 “Partnership” shall mean the limited partnership governed by this Agreement. 
  
 “Partnership Accountants” shall have the meaning set forth
in Section 6.3(d). 
  
 “Partnership Interest”
shall mean the partnership interest of a Partner in the Partnership from time to time, including each Partner’s Class A Units and Class B Units and such Partner’s Capital Account. Wherever in this Agreement reference is made to a
particular Partner’s 

  

 
Partnership Interest it shall be deemed to refer to such Partner’s Class A Units and Class B Units, and shall include the proportionate amount of such
Partner’s other interests in the Partnership which are attributable to or based upon the Partner’s Class A Units and Class B Units. The Class A Units and the Class B Units are not separate series of partnership interests within the meaning
of Section 17-218 of the Act. 
  
 “Partnership Minimum
Gain” shall have the meaning set forth in Section 1.704-2(b)(2) of the Regulations. 
  
 “Percentage Interest” shall mean, with respect to each Partner, the fraction, expressed as a percentage, the numerator of which is the aggregate number of Class A Units and Class B Units and any other
units of Partnership Interest held by such Partner and the denominator of which is the aggregate outstanding Class A Units and Class B Units and any other units of Partnership Interest held by all Partners. 
  
 “Permitted Holder” with respect to any Partner shall mean
(i) such Partner and (ii) if a natural person, the spouse and descendants of such Partner (including any related trusts controlled by, and established and maintained for the sole benefit of, such Partner or such spouse or descendants) and the estate
of any of the foregoing. In addition, TCI and Trump shall each be Permitted Holders in respect of each other. 
  
 “Permitted Limited Partnership Interest Lien” shall mean any Lien to which the Limited Partnership Interest of a Limited Partner is
subject; provided that, the terms of such Lien (other than a Lien on the proceeds (as defined in Section 9-306 of the Uniform Commercial Code) of, or right to receive distributions or payments with respect to, a Limited Partnership Interest)
must expressly acknowledge that the rights of the holder of such Lien, upon foreclosure, will be subject to the terms of the Exchange Rights Agreement. 
  
 “Person” shall mean any natural person or Entity. 
  
 “Plan” shall have the meaning set forth in the recitals hereof. 
  
 “Redemption Date” shall mean the date fixed by the General
Partner for the redemption of any Partnership Interests pursuant to Article XV hereof. 
  
 “Redemption Securities” shall mean any debt or equity securities of the Partnership, any Subsidiary or any other corporation or any combination thereof, having such terms and conditions as shall be
approved by the General Partner and which, together with any cash to be paid as part of the redemption price, in the opinion of any nationally recognized investment banking firm selected by the General Partner (which may be a firm which provides
other investment banking, brokerage or other services to the Partnership), has a value, at the time notice of redemption is given pursuant to Section 15.3, at least equal to the Fair Market Value of the Partnership Interests to be redeemed pursuant
to Article XV (assuming, in the case of Redemption Securities to be publicly traded, such Redemption Securities were fully distributed and subject only to normal trading activity). 
  

 “Regulations” shall mean the income tax regulations promulgated under the Code, as such
regulations may be amended from time to time (including corresponding provisions of succeeding regulations). 
  
 “Regulatory Allocations” shall have the meaning set forth in Section 5.2(g) hereof. 
  
 “Representatives” shall have the meaning set forth in
Section 6.3(j). 
  
 “Restructuring” shall have
the meaning set forth in the recitals hereof. 
  
 “Right
of First Offer Agreement” shall mean that certain Right of First Offer Agreement among TER, the Partnership and Trump Organization LLC, a New York limited liability company, dated as of the Effective Date, as amended from time to time.

  
 “Rights” shall mean the Exchange Right, the
Conversion Right, the Purchase Right, and/or the Alternative Repurchase Right, each as defined in the Exchange Rights Agreement. 
  
 “SEC” shall mean the United States Securities and Exchange Commission. 
  
 “Services Agreement” shall mean that certain Services Agreement, among Trump, TER and the Partnership,
dated as of the Effective Date, as amended from time to time. 
  
 “Special Committee” shall mean a committee of at least two (2) of the members of the board of directors of the General Partner, composed solely of directors who are not officers or employees of the General Partner and who
are not Affiliates of Trump or any of his Affiliates; provided that, a director shall not be deemed to be an Affiliate of either Trump or his Affiliates solely by reason of his or her being a member of the board of directors of the General
Partner or its Subsidiaries. 
  
 “Specified
Property” shall mean any direct or indirect interest in any of the following assets owned by the Partnership as of the date hereof: the Taj Mahal, Trump Plaza, and Trump Marina properties and the Partnership’s shares of Trump Indiana,
Inc. 
  
 “Stock Incentive Plan” shall mean the
General Partner’s Stock Option Plan, effective on or after the Effective Date. 
  
 “Stock Option” shall mean an option, granted under the Stock Incentive Plan, or any successor plan, to purchase shares of TER common stock. 
  
 “Subsidiary” with respect to any Person shall mean a
“subsidiary” as defined in Section 1-02 of Regulation S-X promulgated under the Securities Act of 1933, as amended. 
  
 “Taj Associates” shall have the meaning set forth in the recitals hereof. 
  
 “Taj Lease Income” shall have the meaning set forth in Section 5.1(a). 
  

 “Taj Mahal” shall mean the Trump Taj Mahal Casino Resort and the ancillary structures
and other facilities used in connection with the operation thereof located in Atlantic City, New Jersey. 
  
 “Taj Mahal Merger Transaction” shall have the meaning set forth in the recitals hereof. 
  
 “Tax Distribution” shall mean distributions by the
Partnership pursuant to Section 6.2 hereof. 
  
 “Tax
Items” shall have the meaning set forth in Section 5.3(a). 
  
 “Tax Percentage” shall mean the highest, aggregate effective marginal rate of federal, state and local income tax or, when applicable, alternative minimum tax, to which any Partner of the Partnership would be subject in the
relevant year of determination (as certified to the General Partner by the Accountants); provided, that in no event shall the Tax Percentage be greater than the sum of (x) the highest, aggregate effective marginal rate of federal, state and
local income tax or, when applicable, alternative minimum tax, to which the Partnership would have been subject if it were a C corporation, for federal income tax purposes, and (y) 5 percentage points. If any Partner is an S corporation, partnership
or similar pass-through entity for federal income tax purposes, the Tax Percentage shall be computed based upon the tax rates applicable to the owner of such Partner (with similar principles applying if such owner is itself a pass-through entity).

  
 “TCI” shall have the meaning set forth in the
preamble hereof. 
  
 “TCI 2 Holdings” shall have
the meaning set forth in the preamble hereof. 
  
 “TCI-II” shall have the meaning set forth in the recitals hereof. 
  
 “TER” shall have the meaning set forth in the preamble hereof. 
  
 “THCR/LP” shall have the meaning set forth in the recitals hereof. 
  
 “TMI” shall mean Trump Marina, Inc., a New Jersey corporation. 
  
 “Trademark License Agreement” shall mean the Trademark
License Agreement, dated as of the Effective Date, by and between Trump and the Partnership, as amended from time to time. 
  
 “Trading Day” shall mean a day on which the principal national securities exchange or trading market on which the Common Stock is listed
or admitted to trading is open for the transaction of business or, if the Common Stock is not so listed or admitted, shall mean a Business Day. 
  
 “Transfer” shall have the meaning set forth in Section 9.5. 
  
 “Transfer Determination” shall have the meaning set forth in Section 9.2(c). 
  
 “Trump” shall have the meaning set forth in the preamble
hereof. 
  

 “Trump Accountant” shall have the meaning set forth in Section 6.3(d). 
  
 “Trump Marina” shall mean Trump Marina Hotel Casino and the
ancillary structures and other facilities used in connection with the operation thereof located in Atlantic City, New Jersey. 
  
 “Trump Plaza” shall mean the Trump Plaza Hotel and Casino and the ancillary structures and other facilities used in connection with the
operation thereof located in Atlantic City, New Jersey. 
  
 “Trump Tower Lease” shall mean the lease agreement, dated as of November 1, 1996, between Trump Tower Commercial LLC and the Partnership, as amended. 
  
 “Valuation Date” shall mean any date as of which the value of New Securities, the Partnership, or any other
property is to be determined for purposes of this Agreement. 
  
 “Warrants” shall mean any warrants to purchase Common Stock or other New Securities, including the Class A Warrants and the Warrants issued to Trump pursuant to the Plan. 
  
 “Withholding Tax Act” shall have the meaning set forth in
Section 6.2(d) hereof. 
  
 Section 1.2. Accounting Terms and
Determinations. All references in this Agreement to “generally accepted accounting principles” or “GAAP” shall mean generally accepted accounting principles in effect in the United States of America at the time of application
thereof. Unless otherwise specified herein, all accounting terms used herein shall be interpreted, all determinations with respect to accounting matters hereunder shall be made, and all financial statements and certificates and reports as to
financial matters required to be furnished hereunder shall be prepared, in accordance with generally accepted accounting principles, applied on a consistent basis. 
  
 ARTICLE II. 
  
 CONTINUATION OF PARTNERSHIP; BUSINESS OF PARTNERSHIP 
  
 Section 2.1. Continuation. The parties hereto do hereby agree to continue the Partnership as a limited partnership pursuant to the provisions of
the Act, for the purposes and upon the terms and conditions hereinafter set forth. The Partners agree that the rights and liabilities of the Partners shall be as provided in the Act, except as otherwise herein expressly provided. 
  
 Section 2.2. Name. 
  
 (a) Subject to the provisions of paragraph (b) below, the
name of the Partnership shall be Trump Entertainment Resorts Holdings, L.P. or such other name as shall be chosen from time to time by the General Partner in its sole and absolute discretion. The inclusion of Trump’s name in the name of the
Partnership shall not be deemed to be evidence that Trump participates in the control of the business within the 

  

 
meaning of Section 17-303 of the Act or any comparable provision. The General Partner shall promptly notify the Limited Partners upon a change to the name of
the Partnership. 
  
 (b) The Partnership shall
conduct business and qualify as a foreign limited partnership under an assumed name, which shall not include the name of any Limited Partner, in any jurisdiction where the inclusion of a Limited Partner’s name in the name of the Partnership
would subject such Limited Partner to general liability for the Partnership’s debts. 
  
 Section 2.3. Character of the Business. The purpose and business of the Partnership is through its Affiliates and Subsidiaries (a) to conduct casino gaming and to own and/or operate (i) Trump Plaza, (ii) the
Taj Mahal, (iii) the Indiana Riverboat, (iv) Trump Marina, and (v) such other gaming properties and facilities as the Partnership may acquire, manage or operate in the future; (b) to do all things necessary, incidental, desirable or appropriate in
connection with the foregoing; and (c) to otherwise engage in any enterprise or business in which a limited partnership may engage or conduct under the Act. 
  
 Section 2.4. Location of Principal Place of Business. The location of the principal place of business of the Partnership shall be at 1000 Boardwalk
at Virginia Avenue, Atlantic City, New Jersey 08401, or such other location as shall be selected from time to time by the General Partner in its sole and absolute discretion. The General Partner shall promptly notify the Limited Partners upon a
change to the location of the principal place of business of the Partnership. 
  
 Section 2.5. Registered Agent and Registered Office. The registered agent of the Partnership shall be The Corporation Trust Company, or such other Person as the General Partner may select in its sole and
absolute discretion. The registered office of the Partnership in the State of Delaware shall be 1209 Orange Street, Wilmington, Delaware or such other location as the General Partner may from time to time select in its sole discretion. 

 
 ARTICLE III. 
  
 TERM 
  
 Section 3.1. Commencement. The Partnership’s term commenced upon the filing of the Certificate with the
Secretary of State of Delaware on March 28, 1995.  
  
 Section 3.2. Term. The Partnership shall continue until dissolved pursuant to Article VIII hereof. 
  
 ARTICLE IV. 
  
 CAPITAL CONTRIBUTIONS 
  
 Section 4.1. Capital
Contributions; Partnership Interests and Percentage Interests of the Partners. 
  
 (a) As a result of the Restructuring, the Capital Accounts of the Partners have been restated in accordance with Regulation Section
1.704-1(b)(2)(iv)(f). As of the 

  

 
Effective Date, and giving effect to the transactions contemplated by the Restructuring, the balance of each Partner’s Capital Account (and, in the case
of the Partners holding both Class A Units and Class B Units, such Partner’s Class A Capital sub-Account and Class B Capital sub-Account) is set forth on Schedule I hereto. Schedule I also sets forth aggregate Capital Contributions, the number
of Class A Units and Class B Units and the Percentage Interests of each Partner as of the Effective Date. The portion of Schedule I showing the number of Class A Units and Class B Units held by each Partner, and such Partner’s corresponding
Percentage Interests, shall be adjusted from time to time after the date hereof to the extent necessary to reflect redemptions or conversions of Partnership Interests, Capital Contributions, the issuance of Additional Partnership Interests or any
other event having an effect on the number of Class A Units or Class B Units held by a Partner, in each case to the extent permitted by and in accordance with this Agreement. Except to the extent specifically set forth in this Agreement with respect
to the General Partner, the Partners shall have no obligation to make any additional Capital Contributions or loans to the Partnership, even if the failure to do so could result in the Bankruptcy or insolvency of the Partnership or any other adverse
consequence to the Partnership. All surtax, documentary stamp tax or other transfer tax that may be imposed as a result of Capital Contributions shall be paid by the Partnership. 
  
 (b) Except as provided by law, (i) no Limited Partner shall be liable for any deficit in its Capital Account
or (ii) except as provided in Section 6.2(b) or (d), be obligated to return any distributions of any kind received from the Partnership. 
  
 Section 4.2. Issuance of Additional Partnership Interests and Shares. 
  
 (a) The General Partner is authorized to cause the Partnership from time to time to issue to the General
Partner, the Initial Limited Partner and his Permitted Holders, TCI and TCI 2 Holdings, Partnership Interests (“Additional Partnership Interests”) in one or more classes, or one or more series of any of such classes, with such
designations, preferences and participating, optional or other special rights, powers and duties, including rights, powers and duties which may be senior to interests in the Partnership theretofore issued, for consideration not less than the Fair
Market Value thereof, and on such terms and conditions as shall be determined by the General Partner, which special rights, powers and duties, without limitation, may relate to (i) the allocations of items of Partnership income, gain, loss,
deduction and credit to each such class or series of Partnership Interests; (ii) the right of each such class or series of Partnership Interests to share in Partnership distributions; and (iii) the rights of each such class or series of Partnership
Interests upon dissolution and liquidation of the Partnership. 
  
 (b) No Additional Partnership Interests shall be issued to the General Partner or any Subsidiary or nominee of the General Partner, unless either 
  
 (i) the Additional Partnership Interests are issued in connection with an issuance of New Securities, the
General Partner complies with all of the provisions of this Agreement, including, without limitation, Section 7.10(b) and (A) if such New Securities are Common Stock, such Additional Partnership Interests shall be Class A Units; provided,
however, in the cases of the issuance of 
  

 
Common Stock as compensation for services rendered, the issuance of Common Stock upon exercise of Class A Warrants, or the issuance of Common Stock to the
former holders of TAC Notes (as defined in the Plan) upon expiration of unexercised Class A Warrants, the General Partner shall be deemed to have contributed to the Partnership as a Capital Contribution pursuant to Section 4.3 hereof an amount equal
to the product of (x) the Fair Market Value of the Common Stock (as of the Trading Day immediately preceding the date of issue of the stock to such recipient or exercise or expiration of the Class A Warrant, as the case may be), times (y) the number
of shares of Common Stock issued by the General Partner to such recipient; (B) if such New Securities are Stock Options or Warrants, no Additional Partnership Interests shall be issued at the time of the issuance of such Stock Options or Warrants;
provided that, upon the exercise of such Stock Options or Warrants (other than Class A Warrants), the General Partner shall contribute to the capital of the Partnership an amount equal to the proceeds of exercise (if any) of such Stock
Options or Warrants, as the case may be, and shall be deemed to have contributed to the Partnership as a Capital Contribution pursuant to Section 4.3 hereof an amount equal to the product of (x) the Fair Market Value of the Common Stock (as of the
Trading Day immediately preceding the date on which the Stock Options or Warrants are exercised), and (y) the number of shares of Common Stock issued upon the exercise of such Stock Options or Warrants, and (C) if such New Securities are other than
Common Stock or Stock Options or Warrants, such Additional Partnership Interests having conversion, subscription, purchase and other terms equivalent to the terms of such New Securities; 
  
 (ii) the Additional Partnership Interests are issued to all Partners in proportion to their respective
Percentage Interests; 
  
 (iii) Additional
Partnership Interests are issued in connection with any other contribution of value made by the General Partner to the Partnership not otherwise described in clauses (i) and (ii) of this Section 4.2(b); or 
  
 (iv) the Additional Partnership Interests are issued with
the written consent of all of the Limited Partners given in accordance with Section 13.2 hereof. 
  
 (c) No Person shall have any preemptive, preferential or other similar right with respect to (i) additional Capital Contributions or loans
to the Partnership; or (ii) issuance or sale of any Partnership Interests. 
  
 (d) The General Partner is hereby authorized on behalf of each of the Partners to amend this Agreement solely to reflect any increase in the Percentage Interests of any Partner and the corresponding reduction of the
Percentage Interests of the other Partners in accordance with the provisions of this Section 4.2, and the General Partner shall promptly send a copy of such amendment to each Limited Partner. 
  

 Section 4.3. Adjustment of Partnership Interests. Except with respect to a Capital Contribution in
connection with a transaction described in Section 4.2(b)(i)(C), effective on each date on which a Partner has made (or is deemed to have made) a Capital Contribution to the Partnership (each an “Adjustment Date”), the Percentage Interest
of each Partner shall be adjusted, which adjustment in the case of a Capital Contribution by the Initial Limited Partner or his Permitted Holders shall be subject to the approval of a majority of the Special Committee, such that the Percentage
Interest of the Partner shall be equal to a fraction, (a) the numerator of which is equal to the sum of (i) the Deemed Partnership Interest Value of such Partner’s Partnership Interest (computed as of the Trading Day immediately preceding the
Adjustment Date) and (ii) the amount of the Capital Contribution contributed by such Partner on such Adjustment Date, and (b) the denominator of which is equal to the sum of (i) the Deemed Value of the Partnership (computed as of the Trading Day
immediately preceding the Adjustment Date) and (ii) the amount of the Capital Contribution contributed by all Partners on such Adjustment Date. The General Partner shall promptly give each Limited Partner written notice of its Percentage Interest,
as adjusted, and the Gross Asset Value shall be adjusted. Any adjustments to the Percentage Interests of the Partners shall, to the extent possible, be effected by increasing or decreasing the number of Class A Units held by the affected Partner(s).

  
 Section 4.4. No Interest on or Return of Capital
Contribution. No Partner shall be entitled to interest on its Capital Contribution or Capital Account. Except as provided herein or by law, no Partner shall have any right to demand or receive the return of its Capital Contribution. 

 
 Section 4.5. Adjustment for Restructuring. Notwithstanding anything
to the contrary contained in this Agreement, the adjustments to the Partnership Interest of each Partner with respect to the Restructuring shall be as set forth in Schedule I and Schedule V hereof. 
  
 ARTICLE V. 
  
 ALLOCATIONS AND OTHER TAX AND ACCOUNTING MATTERS 
  
 The Net Income, Net Loss and/or other Partnership items shall be allocated as
follows: 
  
 Section 5.1. Allocations of Net Income and Net
Loss. 
  
 Net Income, Net Loss, and any other items of income,
gain, loss or deduction shall be allocated pursuant to this Article V as of the last day of each fiscal year; provided that Net Income, Net Loss, and such other items shall also be allocated at such times as the Gross Asset Values of
Partnership property are adjusted pursuant to subparagraphs (b), (c) or (d) of the definition thereof. 
  
 (a) Special Allocation of Items Relating to the Taj Mahal. All items of gross income and gain attributable to third party leases in
respect of retail space at the Taj Mahal (such income and gain, the “Taj Lease Income”) shall be allocated 95% to Trump and 5% to TCI, in each case with respect to their Class A Units. If the Partnership disposes of all or a portion of the
Taj Mahal rental properties referred to above, or if such properties are subject to a material casualty, then the Partnership and Trump shall agree 

  

 
on one or more properties to be substituted therefor for purposes of the special allocation described in the preceding sentence. Until one or more
replacements has been agreed upon, Trump and TCI shall be allocated an amount of gross income of the Partnership equal to 100% of the average Taj Lease Income in respect of the property or properties disposed of or subject to casualty for the three
years prior to the disposition or casualty. To the maximum extent possible the substituted properties agreed upon shall yield income allocations in amounts, and are intended to produce tax effects to the parties, that are substantially similar to
the income allocations of the Taj Lease Income under this Section 5.1(a) and the allocation of “excess nonrecourse liabilities” provided for by Section 5.2(d). This Section 5.1(a) shall terminate and be of no further force or effect as set
forth in Section 7.12(b). 
  
 (b) Special
Allocation of Income from Cancellation of Indebtedness. If and to the extent that, as a result of the transactions occurring on the Effective Date, the Partnership recognizes income from cancellation of indebtedness pursuant to Section 108 of
the Code in excess of $50 million, then 100% of such excess shall be allocated to TER. 
  
 (c) Allocation of Net Income and Net Loss for Taxable Years Beginning Before the Fifth Year Anniversary of the Effective Date.
Subject to paragraphs (a), (b) and (e) and Section 5.2, Net Income and Net Loss for taxable years or other periods beginning before the fifth anniversary of the Effective Date shall be allocated among the Partners in proportion to their relative
Percentage Interests. 
  
 (d)
Allocation of Net Income and Net Loss for Taxable Years Beginning On or After the Fifth Year Anniversary of the Effective Date. Subject to paragraphs (a), (b) and (e) and Section 5.2, Net Income for taxable years or other periods beginning on
or after the fifth anniversary of the Effective Date shall be allocated 100% to the holders of the Class B Units (pro rata in accordance with their relative Class B Percentage Interests) until the Class B sub-Capital Account of each holder of Class
B Units is equal to the product of (A) the Class B Overall Percentage Interest of such Partner multiplied by (B) the sum of (1) the lesser of the aggregate of all Capital Account balances of all Partners as of the Effective Date or the end of the
taxable year for which the allocation is being made (excluding amounts included in clause (2) hereof) and (2) the net aggregate amount allocated to all Class B holders for the current and all prior periods pursuant to this Section 5.1(d). All Net
Loss for taxable years or other periods beginning on or after the fifth anniversary of the Effective Date, and all Net Income in excess of the amount described in the prior sentence, shall be allocated among the Partners in proportion to their
relative Percentage Interests. 
  
 (e) Special
Allocation in the Year of Sale or Other Disposition of All or Substantially All the Assets. Notwithstanding paragraphs (c) and (d), Net Income, Net Loss and to the extent necessary, items of income, gain, loss and deduction arising from the sale
or other disposition of all or substantially all of the assets of the Partnership shall be allocated among the Partners in such manner as will, to the maximum extent possible, cause each Partner’s Adjusted Capital Account balance (expressed as
a percentage of the aggregate Adjusted Capital Account balances of all Partners) to equal such Partner’s Percentage Interest. In connection therewith, income or gain otherwise allocable to 

  

 
Trump shall be reallocated to TER to the extent necessary to offset any disproportionality between TER and TCI 2 Holdings, on the one hand, and Trump and
TCI, on the other hand, as a result of TCI’s Capital Account balance. 
  
 Section 5.2. Special Allocations. Notwithstanding any provisions of Section 5.1, the following special allocations shall be made in the following order: 
  
 (a) Minimum Gain Chargeback (Nonrecourse
Liabilities). If there is a net decrease in Partnership Minimum Gain for any Partnership fiscal year (except as a result of conversion or refinancing of Partnership Indebtedness, certain capital contributions or revaluation of the Partnership
property as further outlined in Regulation Sections 1.704-2(d)(4), (f)(2) or (f)(3)), each Partner shall be specially allocated items of Partnership income and gain for such year (and, if necessary, subsequent years) in an amount equal to that
Partner’s share of the net decrease in Partnership Minimum Gain. The items to be so allocated shall be determined in accordance with Regulation Section 1.704-2(f)(6). This paragraph (a) is intended to comply with the minimum gain chargeback
requirement in said section of the Regulations and shall be interpreted consistently therewith. Allocations pursuant to this paragraph (a) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant
hereto. 
  
 (b) Minimum Gain Attributable to
Partner Nonrecourse Debt. If there is a net decrease in Minimum Gain Attributable to Partner Nonrecourse Debt during any fiscal year (other than due to the conversion, refinancing or other change in the debt instrument causing it to become
partially or wholly nonrecourse, certain capital contributions or certain revaluations of Partnership property (as further outlined in Regulation Section 1.704-2(i)(4))), each Partner shall be specially allocated items of Partnership income and gain
for such year (and, if necessary, subsequent years) in an amount equal to the Partner’s share of the net decrease in the Minimum Gain Attributable to Partner Nonrecourse Debt. The items to be so allocated shall be determined in accordance with
Regulation Section 1.704-2(i)(4) and (j)(2). This paragraph (b) is intended to comply with the minimum gain chargeback requirement with respect to Partner Nonrecourse Debt contained in said section of the Regulations and shall be interpreted
consistently therewith. Allocations pursuant to this paragraph (b) shall be made in proportion to the respective amounts required to be allocated to each Partner pursuant hereto. 
  
 (c) Qualified Income Offset. In the event a Limited Partner unexpectedly receives any adjustments,
allocations or distributions described in Regulation Section 1.704-1(b)(2)(ii) (d)(4), (5) or (6), and such Limited Partner has an Adjusted Capital Account Deficit, items of Partnership income and gain shall be specially allocated to such Partner in
an amount and manner sufficient to eliminate the Adjusted Capital Account Deficit as quickly as possible. This paragraph (c) is intended to constitute a “qualified income offset” under Regulation Section 1.704-1(b)(2)(ii)(d) and shall be
interpreted consistently therewith. 
  
 (d)
Nonrecourse Deductions and Liabilities. Nonrecourse Deductions for any fiscal year or other applicable period shall be allocated to the Partners in accordance with their respective Percentage Interests. For purposes of Regulation Section
1.752-3(a)(3), 

  

 
“excess nonrecourse liabilities” shall, subject to Section 7.12(b), be allocated among the Partners (i) first, to each Partner in an amount equal
to such Partner’s 704(c) gain (to the extent not captured pursuant to debt allocated pursuant to Regulation Section 1.752-3(a)(1) and (2)) and (ii) thereafter, in the same manner as the Taj Lease Income is allocated pursuant to Section 5.1(a).

  
 (e) Partner Nonrecourse Deductions.
Partner Nonrecourse Deductions for any fiscal year or other applicable period shall be specially allocated to the Partner that bears the economic risk of loss for the debt (i.e., the Partner Nonrecourse Debt) in respect of which such Partner
Nonrecourse Deductions are attributable (as determined under Regulation Section 1.704-2(b) (4) and (i) (1)). 
  
 (f) Limitation on Loss Allocations. If the allocation of Net Loss (or any item of loss or deduction) to a Partner as provided in
Section 5.1 hereof would create or increase an Adjusted Capital Account Deficit (treating for purposes of this Section 5.2(f) each Class B Sub-Capital Account and Class A Sub-Capital Account as held by separate Partners), there shall be allocated to
such Partner only that amount of Net Loss as will not create or increase an Adjusted Capital Account Deficit. The Net Loss that would, absent the application of the preceding sentence, otherwise be allocated to such Partner shall be allocated to the
other Partners in accordance with their relative Percentage Interests, subject to the limitations of this Section 5.2(f). 
  
 (g) Curative Allocation. The allocations set forth in subsections (a), (b), (c), (d), (e), and (f) of this Section 5.2 (the
“Regulatory Allocations”) are intended to comply with certain requirements of Regulations Sections 1.704-1(b) and 1.704-2(i). Notwithstanding the provisions of Section 5.1, the Regulatory Allocations shall be taken into account in
allocating other items of income, gain, loss and deduction among the Partners so that, to the extent possible, the net amount of such allocations of other items and the Regulatory Allocations to each Partner shall be equal to the net amount that
would have been allocated to each such Partner if the Regulatory Allocations had not occurred. 
  
 (h) Additional Allocations. Notwithstanding the foregoing, if, upon dissolution of the Partnership and after taking into account
all allocations of Net Income and Net Loss (and corresponding Tax Items) under this Article V, the distributions to be made in accordance with the positive Capital Account balances would result in a distribution that would be different from a
distribution under Section 6.4 hereof, then gross items of income and gain (and corresponding Tax Items) for the taxable year of the dissolution (and, to the extent permitted under section 761(c) of the Code, gross items of income and gain (and
corresponding Tax Items) for the immediately preceding taxable year) shall be allocated to the Partners to increase or decrease their Capital Account balances, as the case may be, so that the final distribution will occur in the same manner as a
distribution under Section 6.4 hereof. 
  

 Section 5.3. Tax Allocations. 
  
 (a) Generally. Subject to paragraphs (b) and (c) hereof, items of income, gain, loss, deduction and
credit to be allocated for income tax purposes (collectively, “Tax Items”) shall be allocated among the Partners on the same basis as their respective book items are allocated pursuant to Sections 5.1 and 5.2. 
  
 (b) Sections 1245/1250 Recapture. If any portion of
gain from the sale of property is treated as gain which is ordinary income by virtue of the application of Code Sections 1245 or 1250 (“Affected Gain”), except to the extent that the tax treatment of such sale is governed by section 704(c)
of the Code as provided under Section 5.3(c) hereof, then (i) such Affected Gain, to the extent attributable to depreciation or amortization allowed or allowable for any taxable period subsequent to the date hereof, shall be allocated among the
Partners in the same proportion that the depreciation and amortization deductions giving rise to the Affected Gain were allocated and (ii) other Tax Items of gain of the same character that would have been recognized, but for the application of Code
Sections 1245 and/or 1250, shall be allocated away from those Partners who are allocated Affected Gain pursuant to clause (i) so that, to the extent possible, the other Partners are allocated the same amount, and type, of capital gain that would
have been allocated to them had Code Sections 1245 and/or 1250 not applied. For purposes hereof, in order to determine the proportionate allocations of depreciation and amortization deductions for each fiscal year or other applicable period, such
deductions shall be deemed allocated on the same basis as Net Income or Net Loss for such respective period (or in the case of any items of income or loss that are specially allocated pursuant to this Agreement, allocations of corresponding
depreciation and amortization deductions shall be made in the same manner as such special allocation of income or loss). 
  
 (c) Allocations Respecting Section 704(c). 
  
 (i) Property contributed to the Partnership shall be subject to Section 704(c) of the Code and Regulation
Section 1.704-3 so that notwithstanding Section 5.2 hereof, taxable gain and loss from disposition of such property contributed to the Partnership that is subject to section 704(c) of the Code shall be allocated on a property by property basis in
accordance with the Regulations promulgated thereunder. If the Gross Asset Value of any Partnership property is adjusted pursuant to paragraph (b) of the definition of “Gross Asset Value,” subsequent allocations of income, gain, loss and
deduction with respect to such property will take account of any variation between the adjusted basis of such asset for federal income tax purposes and its Gross Asset Value in the same manner as under section 704(c) of the Code and the Regulations
thereunder. Notwithstanding the foregoing, tax depreciation and amortization with respect to Partnership property contributed by a Partner (x) pursuant to the Contribution Agreement between the Partnership and the Initial Limited Partner, dated as
of June 12, 1995, (y) pursuant to the 1996 Contribution Agreement among Trump, TCI, THCR/LP and the Partnership, dated as of April 17, 1996, and (z) pursuant to the Marina Acquisition Agreement and the documents of transfer executed in 

  

 
connection therewith, dated as of October 7, 1996, shall be allocated on an aggregate basis for purposes of complying with the requirements of Section 704(c)
of the Code, taking into account, for any particular taxable year for which such allocation is made, the aggregate amount of depreciation and amortization allowable with respect to the aggregate basis of such Partnership properties determined as of
the respective date of contribution (and not taking into account (i) any increase in the basis of such properties resulting from improvements thereon made by the Partnership subsequent to the respective date of contribution or (ii) any additional
basis resulting from any new property purchased by the Partnership in a taxable transaction subsequent to the respective date of contribution); provided that, the General Partner shall not specially allocate any Tax Items other than items of
depreciation and amortization referred to in this sentence to cure for the effect of the ceiling rule set forth in Regulation Section 1.704-3(b). The Partnership shall allocate items of income, gain, loss and deduction allocated to it by a
partnership to the Partner or Partners contributing the interest or interests in such partnership, so that, to the greatest extent possible and consistent with the foregoing, such contributing Partner or Partners are allocated the same amount and
character of items of income, gain, loss and deduction with respect to such partnership that they would have been allocated had they contributed undivided interests in the assets owned by such partnership to the Partnership in lieu of contributing
the interest or interests in the partnership to the Partnership. 
  
 (ii) Except as provided in the third sentence of paragraph (c)(i), the General Partner shall not specially allocate any Tax Items to cure for the effect of the ceiling rule set forth in Regulations Section 1.704-3(b).

  
 (iii) The tax allocations made pursuant to
this paragraph (c) shall be reflected only in the tax capital accounts of the Partners and shall have no effect on their Capital Accounts. 
  
 Section 5.4. Books of Account. At all times during the continuance of the Partnership, the General Partner shall maintain or cause to be maintained
full, true, complete and correct books of account in accordance with GAAP, using the calendar year as the fiscal and taxable year of the Partnership. In addition, the Partnership shall keep all records required to be kept pursuant to the Act.

  
 Section 5.5. Tax Matters Partner. The General Partner
is hereby designated as the Tax Matters Partner within the meaning of Section 6231(a)(7) of the Code for the Partnership. Notwithstanding the foregoing, Trump shall have the right (a) to review, a reasonable time in advance of filing, and to consent
to, the Partnership’s U.S. federal and applicable state income tax returns (such consent not to be unreasonably withheld or delayed); (b) to consult with the Tax Matters Partner in all tax matters that could adversely affect Trump, including
the right to review in advance all submissions made by the Partnership to tax authorities and the right to have a representative present at all meetings with tax authorities; (c) to approve any settlement in connection with any tax audit or judicial
settlement affecting partnership items that would affect Trump, such consent not to be unreasonably withheld or delayed; and (d) to approve the filing of 

  

 
any amended income tax return by the Partnership, or the extension of the statute of limitations in respect of any partnership item, if Trump could be
affected, such consent not to be unreasonably withheld or delayed. Trump or any Permitted Holder shall be entitled to exercise the rights set forth in this Section 5.5 for so long as Trump or such Permitted Holder is a Partner, either directly or
indirectly. 
  
 Section 5.6. Tax Elections and Returns. All
elections required or permitted to be made by the Partnership under any applicable tax law shall be made by the General Partner in its sole and absolute discretion, except that the General Partner shall, if requested by a Limited Partner or a
transferee, file an election on behalf of the Partnership pursuant to Section 754 of the Code to adjust the basis of the Partnership property in the case of a Transfer of a Partnership Interest or distribution from the Partnership, including
Transfers made in connection with the exercise of the Rights, made in accordance with the provisions of this Agreement. Notwithstanding the foregoing, (x) Trump shall have the right to control the resolution of tax matters affecting or relating to
Taj Associates in respect of periods ending on or prior to April 17, 1996, including requiring the Partnership, Trump Atlantic City Associates and Taj Associates to adjust the tax basis of assets held by Taj Associates in connection with the
resolution of such tax matters to the extent such basis adjustments shall not reduce the amount of federal income tax depreciation and cost recovery deductions allocated or allocable to TER in respect of assets held by Taj Associates as the date
hereof and contributions of the interests in Taj Associates to Trump Atlantic City Associates and (y) Trump shall have the right to control the resolution of tax matters affecting or relating to Trump Castle Associates, L.P. in respect of periods
ending on or prior to October 7, 1996, including requiring the Partnership, Trump’s Castle Hotel & Casino, Inc. and Trump Castle Associates, L.P., to adjust the tax basis of assets held by Trump Castle Associates, L.P. in connection with
the resolution of such tax matters to the extent such basis adjustments shall not reduce the amount of federal income tax depreciation and cost recovery deductions allocated or allocable to TER in respect of assets held by Trump Castle Associates,
L.P. as of the date hereof and contributions of the interests in Trump Castle Associates, L.P. to the Partnership. 
  
 Section 5.7. Tax Certifications. 
  
 (a) The Partnership shall deliver to each Partner in the manner provided in Section 16.1, from time to time as necessary to implement
timely the provisions of this Agreement, certificates executed by its chief financial officers and the Accountants indicating the respective calculations with respect to, and the amounts of, a Partner’s Excess Tax Amounts and the amount of any
repayments to the Partnership called for thereunder, together with supporting schedules in reasonable detail all as of each pertinent date and delivered at least fifteen (15) Business Days prior to the date payment is due. 
  
 (b) The certificates delivered pursuant to paragraph (a)
hereof shall be deemed approved by all parties and the Partnership shall act upon such certificates as provided in this Agreement unless within five (5) Business Days of delivery of such certificate a Partner objects to the contents of any
certificate by written notice in detail sufficient to state the basis for the objection. The Partners shall negotiate in good faith to resolve such objection. 
  

 ARTICLE VI. 
  
 DISTRIBUTIONS 
  
 Section 6.1. General. Distributions of cash or property may be made in accordance herewith at such times as the General Partner deems appropriate
in the order provided in this Article VI, subject to the limitations, if any, set forth in (i) the agreements governing the Partnership’s Indebtedness and (ii) the Act and other applicable law. 
  
 Section 6.2. Distributions for Taxes. 
  
 (a) Tax Distributions. 
  
 (i) Tax Distributions Attributable to Pro Rata
Allocations. The Partnership shall distribute to the Partners on a quarterly basis, pro rata in proportion to their Percentage Interests, an amount determined by the General Partner which shall be equal to the aggregate amount which will cause
the portion distributed to each Partner to be sufficient to cover all federal, state and local income taxes and, when applicable, alternative minimum tax (including required estimated payments), incident to ownership of their Class A Units and, if
applicable, Class B Units (including Code Section 704(c) gain) computed at the Tax Percentage for the relevant year of determination. For this purpose, in determining the amount of a Partner’s applicable federal, state and local income taxes
and, when applicable, alternative minimum tax, incident to the ownership of the Class A Units and Class B Units, if applicable, the impact of tax losses or credits arising before the Effective Date shall be disregarded, but there shall be taken into
account in any year (to the extent not previously taken into account), any income tax benefit attributable to the Partnership which could be realized (without regard to the actual realization) by the Partner in the current or any prior taxable year,
or portion thereof, commencing on the Effective Date (including any tax losses or credits), computed at the applicable Tax Percentage for the year that such benefit is taken into account for purposes of this computation. Moreover, for this purpose,
the impact of the special allocations set forth in Section 5.1(a), the first sentence of Section 5.1(d), and Section 5.1(e), shall not be considered in determining the amount of federal, state, and local income taxes and alternative minimum tax
incident to ownership of the Class A Units and Class B Units. Notwithstanding anything to the contrary, any federal, state or local income taxes and alternative minimum tax incurred by Trump or TCI as a result of the allocation of income to Trump or
TCI as a result of the liquidations of the direct or indirect corporate subsidiaries of the Partnership or the conversions of the direct or indirect subsidiary partnerships of the Partnership into disregarded entities for federal income tax
purposes, in each case in connection with the Restructuring, shall be considered in making the determinations referred to above. 
  
 (ii) Other Tax Distributions. The Partnership shall distribute to each Partner, on a quarterly basis an amount sufficient to cover
all federal, state and local income taxes and, when applicable, alternative minimum tax (including 

  

 
required estimated payments), attributable to the special allocations to such Partner set forth in Section 5.1(a), the first sentence of Section 5.1(d), and
Section 5.1(e), computed at the applicable Tax Percentage for such Partner for the relevant year of determination. For this purpose, in determining the amount of a Partner’s applicable federal, state and local income taxes and, when applicable,
alternative minimum tax, under this subparagraph (ii), the impact of tax losses or credits arising before the Effective Date shall be disregarded, but there shall be taken into account in any year (to the extent not previously taken into account
either in a prior year or under subparagraph (i) above), any income tax benefit attributable to the Partnership which could be realized (without regard to the actual realization) by the Partner in the current or any prior taxable year, or portion
thereof, commencing on the Effective Date (including any tax losses or credits), computed at the applicable Tax Percentage for the year that such benefit is taken into account for purposes of this computation. 
  
 If the aggregate amount of distributions to cover estimated
tax payments received by any Partner pursuant to Section 6.2(a) exceeds the distribution to which such Partner is actually entitled, such Partner shall forthwith refund such excess to the Partnership at the request of the General Partner.

  
 Notwithstanding the provisions of this
Section 6.2(a), no distributions shall be made pursuant to this Section 6.2(a) with respect to taxes to Trump or TCI that have been (or are entitled to be) indemnified pursuant to Section 6.3. 
  
 (b) Amounts distributed to a Partner pursuant to paragraph
(a) (ii) shall constitute an Excess Tax Amount, and shall be treated as an early distribution of amounts expected to become otherwise distributable to such Partner pursuant to this Agreement. Subsequent distributions to which such Partner would
otherwise be entitled pursuant to Section 6.4 and Section 8.2 shall not be distributed to such Partner but shall instead be deemed to have been distributed and used to reduce prior Excess Tax Amounts until all previous distributions of Excess Tax
Amounts have been reduced to zero. Further, upon an exchange or repurchase of a Partner’s Class A Units or Class B Units pursuant to the Exchange Rights Agreement, the aggregate number of shares of Common Stock or the amount of cash, as
applicable, to which such Partner would otherwise be entitled under the Exchange Rights Agreement shall, as provided in the Exchange Rights Agreement, be reduced in an amount equal to any outstanding Excess Tax Amount with respect to such Partner.

  
 (c) In addition to the certificates required
by Section 5.7, the Partnership shall furnish the Partners with such information as they shall reasonably request from time to time respecting estimates of the Partnership’s taxable income or loss (and items thereof) for any fiscal year or
portion thereof. 
  
 (d) Any amount paid by the
Partnership for or with respect to any Partner on account of any withholding tax or other tax payable with respect to the income, profits or distributions of the Partnership pursuant to the Code, the Regulations or any state or local statute,
regulation or ordinance requiring such payment (a “Withholding Tax Act”) shall 

  

 
be treated as a distribution to such Partner for all purposes of this Agreement, consistent with the character or source of the income, profits or cash which
gave rise to the payment or withholding obligation. If the aggregate amounts paid by the Partnership under Withholding Tax Acts shall exceed the distribution to which such Partner actually is entitled under Article VI, such Partner shall forthwith
refund such excess to the Partnership, failing which such excess shall be treated as an Excess Tax Amount and, as such, shall be applied to and reduce the amount otherwise distributable pursuant to Article VI (including, for this purpose, Sections
6.2(a) and 6.3) to such Partner in respect of the Partnership’s next succeeding fiscal year or years. 
  
 (e) The General Partner shall have the authority to take all actions necessary to enable the Partnership to comply with the provisions of
this Section 6.2. Nothing in this Section 6.2 shall create any obligation on the General Partner to advance funds to the Partnership or to borrow funds from third parties in order to make distributions pursuant to Section 6.2(a) or 6.3, or any
payments on account of any liability of the Partnership under a Withholding Tax Act. 
  
 Section 6.3. Transfers of Specified Property; Indemnification. Except as provided in this Section 6.3, the Partnership shall not sell, transfer or otherwise dispose of any Specified Property in a transaction in
which gain is recognized (in whole or in part) for U.S. federal income tax purposes without the prior written consent of Trump. If the Partnership desires to sell, transfer or otherwise dispose of a Specified Property in a transaction in which gain
is recognized, such transaction shall be effected in accordance with this Section 6.3. 
  
 (a) Not less than sixty (60) days prior to the date on which any such sale, transfer or disposition is contemplated by the parties thereto
to be consummated, the Partnership shall notify Trump thereof in writing, which notice shall set forth the names of the parties to such proposed transaction and, in reasonable detail, the terms of such transaction. 
  
 (b) Within ten (10) Business Days of receipt of such notice,
Trump shall advise the Partnership in writing as to whether he consents to the transaction described in such notice. 
  
 (c) If Trump does not consent to such transaction in writing prior to the consummation thereof, subject to the provisions of subparagraph
(d) below, the Partnership may nevertheless proceed with such transaction, provided that the Partnership shall to the fullest extent permitted by law indemnify and hold Trump, and, so long as it is owned by Trump, TCI, harmless from and against any
and all U.S. federal, state and local income tax and, when applicable alternative minimum tax, costs and expenses incurred (or to be incurred) or payable by Trump and, so long as it is owned by Trump, by TCI, respectively, due to his/its status as a
Partner and attributable or relating to such transaction, including, without limitation, the tax costs and expenses associated with any indemnification provided by the Partnership pursuant to this subparagraph (c). The amount payable by the
Partnership pursuant to such indemnification shall be determined by comparing the amount of federal, state and local income taxes and alternative minimum tax incurred by Trump and, if applicable, TCI during such taxable year with the 

  

 
amount of federal, state and local income taxes and alternative minimum tax he or it would have incurred if such taxable sale, transfer or other disposition
of the subject Specified Property had not occurred. 
  
 (d) If the Partnership determines to proceed with any such sale, transfer or other disposition of a Specified Property therein without Trump’s prior written consent: 
  
 (i) The Partnership shall notify Trump of its determination to so proceed and to indemnify Trump and, as
applicable, TCI pursuant to subparagraph (c) above. 
  
 (ii) Not fewer than ten (10) Business Days after receipt of such notice, Trump shall, or shall cause his accountant (the “Trump Accountant”) to, provide a written and reasonably detailed estimate of federal, state and local income
taxes and, when applicable, alternative minimum tax, to be incurred by Trump and, so long as it shall be owned by Trump, TCI in the year of such proposed transaction, with and without giving effect to such transaction, and a written and reasonably
detailed calculation of the amount of indemnity expected to be payable to Trump and, so long as it shall be owned by Trump, TCI, pursuant to subparagraph (c) in consequence of such disposition. 
  
 (iii) If accountants chosen by the Partnership (the
“Partnership Accountants”) disagree with such estimate and/or calculation or if Trump (or the Trump Accountant) does not timely provide such estimate and/or calculation, within ten (10) days after the last day for Trump (or the Trump
Accountant) to timely reply pursuant to clause (ii) above, the Partnership shall cause the Partnership Accountants to provide to Trump a written and reasonably detailed calculation of their estimate and calculation of the amounts referred to in such
clause (ii). 
  
 (iv) If the Trump Accountant
disagrees with the Partnership Accountants’ estimate and/or calculation prepared pursuant to clause (iii) above, the Trump Accountant and the Partnership Accountants shall negotiate in good faith to resolve such disagreement. If the Trump
Accountant and the Partnership Accountants are unable to resolve such disagreement within ten (10) days after receipt of the Partnership Accountants’ estimate and calculation pursuant to clause (iii), the disagreement may be submitted to
mediation as provided in clause (v) by either such party by written notice to the other party (provided that either such party may choose not to mediate and proceed directly to resolve such disagreement, as provided in clause (vi)). 
  
 (v) A mediator to resolve such disagreement shall be
mutually selected by the Trump Accountant, on the one hand, and the Partnership Accountants, on the other hand. If such parties cannot agree on a mediator within ten (10) days of the notice of intent to mediate described in clause (iv) above, the
CPR Institute for Dispute Resolution (“CPR”) shall designate a mediator at the request of either such party. The mediator shall conduct the mediation in New York City during 

  

 
business hours within ten (10) days of appointment. The Trump Accountant and the Partnership Accountants shall discuss their differences in good faith and
attempt, with the mediator’s assistance, to reach an amicable resolution of the disagreement. The mediation shall be treated as a settlement discussion and shall therefore be deemed confidential within the meaning of the Federal Rules of
Evidence, except that no statements of fact by any party may be used against any such party if the mediation is unsuccessful. The mediator may not testify for either party in any later proceeding related to the disagreement. The mediation proceeding
shall not be recorded or transcribed. Each of the Partnership and Trump shall bear its or his own respective costs and expenses incurred in connection with such mediation, provided that, for the avoidance of doubt, the Partnership shall pay the fees
and expenses of the Partnership Accountants and Trump shall pay the fees and expenses of the Trump Accountant. The Partnership and Trump shall share equally the fees and expenses of the mediator. 
  
 (vi) If (x) either the Trump Accountant or the Partnership
Accountants elect not to mediate as provided in clause (v) above, or (y) if such parties have agreed to mediate but have not resolved all disagreement within the mediation period provided above, the mediation shall terminate, and within ten (10)
days of the later of (x) or (y), the Trump Accountant and the Partnership Accountants shall promptly submit such dispute for resolution to the New York office of an independent certified public accounting firm of recognized national standing, which
accounting firm shall be mutually acceptable to the Trump Accountant, on the one hand, and the Partnership Accountants, on the other hand (the “Resolving Accountant”). If the Trump Accountant and the Partnership Accountants cannot so agree
on the Resolving Accountant within such ten (10) day period, CPR shall select such Resolving Accountant within ten (10) additional days. Unless otherwise expressly agreed by the Trump Accountant, on the one hand, and the Partnership Accountants, on
the other hand, the Resolving Accountant shall render its decision as to such disagreement within thirty (30) days after it is referred to the Resolving Accountant. The Resolving Accountant’s function shall be to resolve only such unresolved
matters that are the subject of such disagreement in accordance with the terms and provisions of this Agreement. The decision of the Resolving Accountant shall be conclusive, final and binding upon the Partnership, the Partnership Accountants, Trump
and the Trump Accountants and shall not be subject to any challenge or appeal by any such party. The fees of the Resolving Accountant shall be shared equally by the Partnership and Trump. 
  
 (e) Subject to subparagraph (i), the Partnership shall make
any and all indemnity payments payable pursuant to subparagraph (c) above (as finally agreed or determined pursuant to subparagraph (d) above) to Trump and, so long as it shall be owned by Trump, to TCI, on or prior to the date of consummation of
such sale, transfer or other disposition of the Specified Property or interest therein (it being understood that the payment in full of such indemnity payment or payments to Trump and, as applicable, TCI shall be a condition to the consummation of
any such sale, transfer or other disposition). Subject to subparagraph (i), the Partnership shall make any and all indemnity payments payable pursuant to subparagraph (c) above (as finally agreed or determined pursuant to subparagraph (d) above)

  

 
to Trump and, so long as it shall be owned by Trump, to TCI, at or prior to the time of consummation of such sale, transfer or other disposition of the
Specified Property (it being understood that the payment in full of such indemnity payment or payments to Trump and, as applicable, TCI shall be a condition to the consummation of any such sale, transfer or other disposition). All indemnity payment
or payments (or adjustments to indemnity payments pursuant to Section 6.3(f) or Section 6.3(g)) shall be made by the obligor by wire transfer of immediately available funds to an account specified in writing by the obligee. 
  
 (f) No later than fifteen (15) days following the earlier of
(i) the filing by Trump or, as applicable, TCI of his or its federal income tax return for the year of sale, transfer or other disposition of a Specified Property that gives rise to the indemnity payments made pursuant to subparagraph (e) above or
(ii) the due date (including extensions) for filing such tax returns, Trump shall, or shall cause the Trump Accountant to, provide to the Partnership Accountants a written and reasonably detailed calculation of federal, state and local income taxes
and, when applicable, alternative minimum tax, incurred by Trump and, so long as it shall be owned by Trump, TCI for such year prepared using the information reflected on Trump’s, and as applicable, TCI’s federal, state and local income
tax returns for such year (the “Applicable Tax Returns”), with and without giving effect to such transaction, and a written and reasonably detailed calculation of the amount of indemnity payable to Trump and, so long as it shall be owned
by Trump, TCI, pursuant to subparagraph (c) in consequence of such disposition. Clauses (iii) through (vi) of subparagraph (d) shall be applicable to any disagreement relating to such calculation between the Trump Accountant, on the one hand, and
the Partnership Accountants, on the other hand. Subject to subparagraph (i) below, within five (5) Business Days after the determination of the indemnity amount, as finally agreed or otherwise determined (pursuant to the dispute resolution
provisions of subparagraph (d)), either (i) Trump shall pay and, as applicable, shall cause TCI to pay, to the Partnership the excess, if any, of the amount paid pursuant to subparagraph (e) over the amount as finally determined pursuant to this
subparagraph (f), or (ii) the Partnership shall pay to Trump and, as applicable, TCI the excess, if any, of the amount as finally determined pursuant to this subparagraph (f) over the amount previously paid pursuant to subparagraph (e) above.

  
 (g) If (x) the Partnership files an amended
tax return for a year in which an indemnified disposition of a Specified Property occurred, (y) a tax return of the Partnership for such year is the subject of a determination (as that term is defined in Code Section 1313(a), with similar principles
applicable for state or local tax purposes) or (z) an Applicable Tax Return is the subject of a determination, then within sixty (60) days following the filing of such amended return or such determination, Trump shall, or shall cause the Trump
Accountant to, revise the computation described in subparagraph (f) (in accordance with the procedures set forth therein), calculated as if the Applicable Tax Return had been filed on the basis of such amended return (in the case of clause (x)) or
on the basis of such determination (in the case of clause (y) or (z)). Subject to subparagraph (i), within five (5) Business Days after the revised indemnity amount with respect to such Applicable Tax Return has been finally agreed or otherwise
determined (pursuant to the dispute resolution provisions of subparagraph (d)), either (i) the Partnership shall pay to Trump, and as applicable, TCI, the excess of the revised indemnity amount over the net amount previously paid to Trump and, as
applicable, TCI pursuant to this Section 6.3 with respect to 

  

 
such Applicable Tax Return or (ii) Trump shall pay and, as applicable, shall cause TCI to pay to the Partnership the excess of the net amount previously paid
to Trump and, as applicable, TCI pursuant to this Section 6.3 with respect to such Applicable Tax Return over the revised indemnity amount. Except as explicitly provided in this subparagraph (g), no indemnity amounts determined pursuant to
subparagraphs (d) and (f) shall be redetermined, and no further amounts shall be payable, in connection with any indemnified disposition of a Specified Property. 
  
 (h) Payments made by the Partnership to Trump and TCI pursuant to this Section 6.3 shall be treated as
guaranteed payments within the meaning of Section 707(c) of the Code. 
  
 (i) Notwithstanding anything to the contrary in this Section 6.3, the maximum amount payable in the aggregate to Trump and TCI pursuant to this Section 6.3 with respect to any or all of the Specified Properties in one
or multiple transactions throughout the life of the Partnership from and after the date hereof shall not exceed $100 million. For the avoidance of doubt, the amount of such indemnification (and any costs incurred in respect thereof) shall be borne
by all Partners (including Trump and TCI as Partners) in accordance with their relative Percentage Interests, shall not be indemnified, and shall be allocated in accordance with Article V. 
  
 (j) Each of Trump and the Partnership shall (and shall cause
the Trump Accountant and the Partnership Accountants, respectively, to) reasonably cooperate with one another and with their respective advisors in connection with the preparation of the calculations of the amount payable by or to the Partnership,
Trump and/or TCI pursuant to this Section 6.3, including, without limitation, by making books and records available for review and making advisors (including accountants) available to discuss matters relating to such calculations. Notwithstanding
the foregoing agreement of cooperation, the Partnership shall, and shall cause its partners (other than Trump and his controlled Affiliates), officers, directors (or similar Persons), employees, representatives, advisors, accountants (including the
Partnership Accountants), agents and Affiliates (collectively, “Representatives”) to, maintain any information provided or made available thereto (regardless of the format or medium in which it is so provided or made available) by or on
behalf of Trump or the Trump Accountant in connection with such calculation or otherwise pursuant to this Section 6.3 strictly confidential and, without the prior written consent of Trump (and subject to the provisos below), shall not disclose any
such information to any Person other than the Partnership and its Representatives who need to know such information for the purpose of determining such calculation (which Representatives shall have agreed to comply with the confidentiality
provisions of this subparagraph (j)), provided that, without the prior written consent of Trump, the Partnership shall not (and shall cause its Representatives not to) disclose any such information relating to Trump’s personal income tax or his
liability therefor to any Person other than the Partnership Accountants, the Trump Accountant, the Resolving Accountant and the mediator referred to above; provided, however, that the Partnership and its Representatives may otherwise disclose such
information only to the extent required by applicable law, provided that, not less than ten (10) days prior to any such required disclosure, the Partnership shall notify Trump thereof (which notice shall 

  

 
include, to the extent possible, and describe in reasonable detail such information so required to be disclosed) and shall reasonably cooperate with Trump to
obtain assurance that such information so disclosed will be accorded confidential treatment (it being understood, however, that the General Partner may publicly disclose only the amount of indemnification paid pursuant to this Section 6.3).

  
 Section 6.4. Other Distributions. After payments and
distributions, if any, of the amounts set forth in Section 6.2 above, and subject to Section 6.2(b), the Partnership may distribute, in the discretion of a majority of the board of directors of the General Partner, cash or other property, valued at
its Fair Market Value, to the Partners. Any such distributions shall be made pro rata in accordance with their Percentage Interests. 
  
 Section 6.5. Non-Recourse. Notwithstanding any other provisions of this Agreement, the obligations to make distributions contemplated hereby shall
be limited to the assets of the Partnership and shall be non-recourse with respect to the Partners and any of their assets. 
  
 ARTICLE VII. 
  
 RIGHTS, DUTIES AND RESTRICTIONS OF THE GENERAL PARTNER 
  
 Section 7.1. Powers and Duties of General Partner. 
  
 (a) The General Partner shall be responsible for the management of the Partnership’s business and affairs. Except as otherwise
expressly provided in this Agreement, and subject to the limitations contained in Section 7.2 hereof with respect to Major Decisions, the General Partner shall have, and is hereby granted, full and complete power, authority and discretion to take
such action for and on behalf of the Partnership and in its name as the General Partner shall, in its sole and absolute discretion, deem necessary or appropriate to carry out the Partnership’s business and the purposes for which the Partnership
was organized. Except as otherwise expressly provided herein, and subject to Section 7.2 hereof, the General Partner shall, on behalf of, and at the expense of, the Partnership, have the right, power and authority: 
  
 (i) to manage, control, invest, reinvest, acquire by
purchase, lease or otherwise, sell, contract to purchase or sell, grant, obtain or exercise options to purchase, options to sell or conversion rights, assign, transfer, convey, deliver, endorse, exchange, pledge, mortgage, abandon, improve, repair,
maintain, insure, lease for any term and otherwise deal with any and all property of whatsoever kind and nature, and wheresoever situated, in furtherance of the business or purposes of the Partnership; 
  
 (ii) to acquire, directly or indirectly, interests in gaming
ventures of any kind and of any type, and any and all kinds of interests therein (including, without limitation, Entities investing therein), and to determine the manner in which title thereto is to be held; to manage (directly or through management
agreements), insure against loss, protect and subdivide any of such gaming 

  

 
ventures, interests therein or parts thereof; and to participate in the ownership, management and operation of any gaming venture; 
  
 (iii) to employ, engage, indemnify or contract with or
dismiss from employment or engagement Persons to the extent deemed necessary or appropriate by the General Partner for the operation and management of the Partnership’s business, including but not limited to contractors, subcontractors,
engineers, architects, surveyors, mechanics, consultants, accountants, attorneys, insurance brokers and others; 
  
 (iv) to enter into contracts on behalf of the Partnership, and to cause all General Partner Expenses to be paid; 
  
 (v) to borrow or loan money, obtain or make loans and
advances from and to any Person for Partnership purposes and to apply for and secure from or accept and grant to any Person credit or accommodations; to contract liabilities and obligations (including interest rate swaps, caps and hedges) of every
kind and nature with or without security; and to repay, collect, discharge, settle, adjust, compromise or liquidate any such loan, advance, obligation or liability; 
  
 (vi) to grant security interests, mortgage, assign, deposit, deliver, enter into sale and leaseback
arrangements or otherwise give as security or as additional or substitute security or for sale or other disposition any and all Partnership property, tangible or intangible, including, but not limited to, personal property and real estate and
interests in land trusts, and to make substitutions thereof, and to receive any proceeds thereof upon the release or surrender thereof; to sign, execute and deliver any and all assignments, deeds, bills of sale and contracts and instruments in
writing; to authorize, give, make, procure, accept and receive moneys, payments, property notices, demands, protests and authorize and execute waivers of every kind and nature; to enter into, make, execute, deliver and receive agreements,
undertakings and instruments of every kind and nature; and generally to do any and all other acts and things incidental to any of the foregoing or with reference to any dealings or transactions which the General Partner may deem necessary, proper or
advisable to effect or accomplish any of the foregoing or to carry out the business and purposes of the Partnership; 
  
 (vii) to acquire and enter into any contract of insurance (including, without limitation, general partner liability and partnership
reimbursement insurance policies) which the General Partner may deem necessary or appropriate; 
  
 (viii) to conduct any and all banking transactions on behalf of the Partnership; to adjust and settle checking, savings and other accounts
with such institutions as the General Partner shall deem appropriate; to draw, sign, execute, accept, endorse, guarantee, deliver, receive and pay any checks, drafts, bills of exchange, acceptances, notes, obligations, undertakings and other
instruments for or relating to the payment of money in, into or from any account in the Partnership’s name; to make deposits into and withdrawals from the Partnership’s 

  

 
bank accounts and to negotiate or discount commercial paper, acceptances, negotiable instruments, bills of exchange and dollar drafts; 
  
 (ix) to demand, sue for, receive and otherwise take steps to
collect or recover all debts, rents, proceeds, interests, dividends, goods, chattels, income from property, damages and all other property, to which the Partnership may be entitled or which are or may become due the Partnership from any Person; to
commence, prosecute or enforce, or to defend, answer or oppose, contest and abandon all legal proceedings in which the Partnership is or may hereafter be interested; and to settle, compromise or submit to arbitration any accounts, debts, claims,
disputes and matters which may arise between the Partnership and any other Person and to grant an extension of time for the payment or satisfaction thereof on any terms, with or without security; 
  
 (x) to acquire interests in and contribute money or property
to any limited or general partnerships, joint ventures, Subsidiaries or other Entities as the General Partner deems desirable and to conduct the Partnership’s business through such Entities; 
  
 (xi) to maintain or cause to be maintained the
Partnership’s books and records; 
  
 (xii)
to prepare and deliver, or cause to be prepared and delivered, all financial and other reports with respect to the operations of the Partnership, and prepare and file all tax returns and reports; 
  
 (xiii) to do all things which are necessary or advisable for
the protection and preservation of the Partnership’s business and assets, and to execute and deliver such further instruments and undertake such further acts as may be necessary or desirable to carry out the intent and purposes of this
Agreement and as are not inconsistent with the terms hereof; and 
  
 (xiv) in general, to exercise all of the general rights, privileges and powers permitted to be had and exercised under the Act. 
  

(b) Except as otherwise provided in this Agreement, to the extent the duties of the General Partner require expenditures of funds to be
paid to third parties, the General Partner shall not have any obligations hereunder except to the extent that Partnership funds are reasonably available to it for the performance of such duties, and nothing herein contained shall be deemed to
require the General Partner, in its capacity as such, to expend its individual funds for payment to third parties or to undertake any specific liability or litigation on behalf of the Partnership. 
  
 (c) Notwithstanding the provisions of Section 7.1(a), the
Partnership shall not commingle its funds with those of any Affiliate or other Entity; funds and other assets of the Partnership shall be separately identified and segregated; all of the Partnership’s assets shall at all times be held by or on
behalf of the Partnership, and, if held on behalf of the Partnership by another Entity, shall at all times be kept identifiable (in accordance 

  

 
with customary usages) as assets owned by the Partnership; and the Partnership shall maintain its own separate bank accounts, payroll and books of account.

  
 (d) Notwithstanding the provisions of Section
7.1(a), the Partnership shall pay from its own assets all obligations of any kind incurred by the Partnership. 
  
 Section 7.2. Major Decisions. The General Partner shall not, without the prior Consent of the Limited Partners undertake, on behalf of the
Partnership, any of the following actions at any time that the Limited Partners (not including the General Partner) own in the aggregate more than ten percent (10%) of the issued and outstanding Partnership Interests (the “Major
Decisions”): 
  
 (a) except as permitted by
Articles IX and XII hereof, admit a new Limited Partner; 
  
 (b) make a general assignment for the benefit of creditors or appoint or acquiesce in the appointment of a custodian, receiver or trustee for all or any part of the assets of the Partnership; 
  
 (c) institute any proceedings for Bankruptcy on behalf of
the Partnership; or 
  
 (d) dissolve the
Partnership. 
  
 Without the consent of all the Limited Partners,
the General Partner shall have no power to do any act in contravention of this Agreement or possess any Partnership property for other than a Partnership purpose. In addition, the General Partner shall have no power to do any act in contravention of
applicable law. 
  
 Section 7.3. Reimbursement of the General
Partner. 
  
 (a) Except as provided in this
Section 7.3 and elsewhere in this Agreement (including the provisions of Articles VI and VIII), the General Partner shall not receive payments from, or be compensated for its services as general partner of, the Partnership. 
  
 (b) The General Partner shall be reimbursed on a monthly
basis, or such other basis as the General Partner may determine in its sole and absolute discretion, for all General Partner Expenses. The Partners agree that the General Partner Expenses shall be deemed to be incurred on behalf of the Partnership.
The General Partner represents that, except as permitted by Section 7.4, its sole business is the ownership of direct and indirect interests in and operation of the Partnership and as such all of the General Partner Expenses will be incurred for the
benefit of the Partnership. 
  
 Section7.4. Outside Activities
of the General Partner. Without the Consent of the Limited Partners, the General Partner shall not directly or indirectly enter into or conduct any Outside Business Activity. 
  

 Section 7.5. Contracts with Affiliates. 
  
 (a) The Partnership may engage in transactions and enter
into contracts with Affiliates on terms that are no less favorable to the Partnership than would be available at the time of such transaction or transactions in a comparable transaction in arms-length dealings with an unaffiliated third party;
provided that, the foregoing shall not limit or affect in any respect any of the transactions or contracts with Trump or his Affiliates that are contemplated by this Agreement or the Plan or are otherwise in being or effect as of the
Effective Date. 
  
 (b) Notwithstanding the
foregoing: 
  
 (i) No compensation shall be paid
directly or indirectly to the Initial Limited Partner by the Partnership or any of its Subsidiaries, except (A) as set forth in the Services Agreement, (B) as set forth in the Trademark License Agreement, (C) as set forth in the Right of First Offer
Agreement, (D) as set forth in the Trump Tower Lease, or (E) with the approval of the Special Committee of the board of directors of the General Partner; and 
  

(ii) The Partnership and its Subsidiaries shall not enter into any management, services, consulting or similar agreements with the
Initial Limited Partner or any of his controlled Affiliates, except (A) as set forth in the Services Agreement, or (B) employment agreements in the ordinary course of business, consistent with industry practice, which are approved by the
Compensation Committee of the board of directors of the General Partner. 
  
 provided, however, that, for the avoidance of doubt, the foregoing shall not limit or affect in any respect any of the transactions or contracts with Trump or his Affiliates that are contemplated by this Agreement or the Plan
or are otherwise in being or effect as of the Effective Date. 
  
 Section 7.6. Title to Partnership Assets. Title to Partnership assets, whether real, personal or mixed and whether tangible or intangible, shall be deemed to be owned by the Partnership as an Entity, and no Partner, individually or
collectively, shall have any ownership interest in such Partnership assets or any portion thereof. Title to any or all of the Partnership assets may be held in the name of the Partnership, the General Partner or one or more nominees, as the General
Partner may determine, including Affiliates of the General Partner. The General Partner hereby acknowledges and confirms that any Partnership assets for which legal title is held in the name of the General Partner or any nominee or Affiliate of the
General Partner shall be held by the General Partner for the use and benefit of the Partnership in accordance with the provisions of this Agreement; provided, however, that the General Partner shall use its best efforts to cause beneficial
and record title to such assets to be vested in the Partnership as soon as reasonably practicable. All Partnership assets shall be recorded as the property of the Partnership in its books and records, irrespective of the name in which legal title to
such Partnership assets is held. 
  
 Section 7.7. Reliance by
Third Parties. Notwithstanding anything to the contrary in this Agreement, any Person dealing with the Partnership shall be entitled to assume that the General 

  

 
Partner has full power and authority to encumber, sell or otherwise use in any manner any and all assets of the Partnership and to enter into any contracts
on behalf of the Partnership, and such Person shall be entitled to deal with the General Partner as if it were the Partnership’s sole party in interest, both legally and beneficially. In no event shall any Person dealing with the General
Partner or its representatives be obligated to ascertain that the terms of this Agreement have been complied with or to inquire into the necessity or expedience of any act or action of the General Partner or its representatives. Each and every
certificate, document or other instrument executed on behalf of the Partnership by the General Partner shall be conclusive evidence in favor of any and every Person relying thereon or claiming thereunder that (i) at the time of the execution and
delivery of such certificate, document or instrument, this Agreement was in full force and effect, (ii) the Person executing and delivering such certificate, document or instrument was duly authorized and empowered to do so for and on behalf of the
Partnership and (iii) such certificate, document or instrument was duly executed and delivered in accordance with the terms and provisions of this Agreement and is binding upon the Partnership. 
  
 Section 7.8. Liability of the General Partner. 
  
 (a) Notwithstanding anything to the contrary set forth in
this Agreement, the General Partner shall not be liable for monetary or other damages to the Partnership, any of the Partners or any assignee of any interest of any Partner for losses sustained or liabilities incurred as a result of errors in
judgment or of any act or omission if the General Partner acted in good faith without fraud, gross negligence, willful misconduct or a breach of the General Partner’s fiduciary duties to the Limited Partners. The General Partner shall not be
obligated to make any additional payments from its own funds or Capital Contributions for the purpose of returning any capital of the Limited Partners. 
  
 (b) Subject to its obligations and duties as General Partner set forth in Section 7.1 hereof, the General Partner may exercise any of the
powers granted to it by this Agreement and perform any of the duties imposed upon it hereunder either directly or by or through its agents. The General Partner shall not be responsible for any act of any such agent appointed by it in good faith and
without gross negligence including, without limitation, any willful misconduct or gross negligence on the part of any such agent. 
  
 Section 7.9. Officers of the Partnership. The Partnership shall have such officers, if any, as the General Partner from time to time may in its
discretion elect or appoint. The Partnership may also have such agents, if any, as the General Partner from time to time may in its discretion choose. Each officer shall have such duties and powers as are commonly incident to his or her office and
such additional duties and powers as the General Partner may from time to time designate. Each officer and agent shall retain his or her authority at the discretion of the General Partner. 
  
 Section 7.10. Covenants of TER Regarding the Issuance of New
Securities. TER hereby covenants and agrees that so long as it is a General Partner: 
  
 (a) TER shall not issue any additional shares of Class B Stock, except to the Initial Limited Partner and his Permitted Holders.

  

 (b) TER shall not issue any additional New Securities, other than pro rata to all holders
of Common Stock unless (x) the General Partner shall cause the Partnership to issue to TER (or, in the absence of such issuance, there shall be deemed to have been issued to TER) Additional Partnership Interests, as provided in Section 4.2(b)(i) and
(y) TER contributes the gross proceeds (net of any Issuance Costs not paid by the Partnership, which Issuance Costs shall be deemed to have been contributed to the Partnership as a Capital Contribution for purposes of Section 4.3), if any, from the
issuance of such New Securities and from the exercise of rights contained in such New Securities to the Partnership. 
  
 (c) In connection with any issuance of New Securities pursuant to paragraph (b) of this Section 7.10, TER shall make a Capital
Contribution to the Partnership of the gross proceeds (net of any Issuance Costs not paid by the Partnership) raised in connection with such issuance (and any proceeds paid upon conversion or exchange of the New Securities) and the Partnership
shall, as agent for TER, simultaneously pay the Issuance Costs to the extent included in General Partner Expenses, and credit such contribution to the capital account of TER. 
  
 Section 7.11. Other Matters Concerning the General Partner. 
  
 (a) The General Partner may rely and shall be protected in
acting or refraining from acting upon any resolution, certificate, statement, instrument, opinion, report or other document reasonably believed by it to be genuine and to have been signed or presented by the proper party or parties. 
  
 (b) The General Partner may consult with legal counsel,
accountants, appraisers, management consultants, investment bankers and other consultants and advisers selected by it, and any act taken or omitted to be taken in reliance upon the advice or opinion of such Persons as to matters which the General
Partner reasonably believes to be within such Person’s professional or expert competence and in accordance with such advice or opinion shall be prima facie evidence that such actions have been done or omitted in good faith. 
  
 (c) The General Partner shall have the right, in respect of
any of its powers or obligations hereunder, to act through any of its duly authorized officers and any attorney or attorneys-in-fact duly appointed by the General Partner. Each such attorney shall, to the extent provided by the General Partner in
the power of attorney, have full power and authority to do and perform all and every act and duty which is permitted or required to be done by the General Partner hereunder. 
  
 Section 7.12. Certain Covenants of the Partnership. 
  
 (a) Except as set forth below, until the earlier of (i) Trump’s death, (ii) the date upon which Trump
is no longer a Partner, or (iii) the sale or other disposition of assets comprising not less than 90% of the fair value of the gross assets of the Company and its subsidiaries (excluding from such calculation, current assets), the Partnership shall
maintain New Notes or replacement debt (described below) of at least $730 million. If 

  

 
the $730 million of Indebtedness described above is not in form of New Notes, then such replacement debt must satisfy all of the requirements of Code Section
465(b)(6), it being understood and agreed that debt issued under SEC Rule 144A (including registered debt issued in a subsequent A/B exchange) shall be deemed to satisfy the “holder” requirement of Code
Section 465(b)(6)(B)(ii). 
  
 (b)
Within (i) sixty (60) days after Trump’s receipt of his Form K-1 for each tax year or (ii) twenty (20) days after receipt of notice of the intended disposition of any Specified Property pursuant to Section 6.3, Trump shall determine in good
faith and then notify the General Partner (including with reasonable documentation supporting such determination) the extent to which, if any, the amount of New Notes or replacement debt specified in Section 7.12(a) and the special allocation of
excess nonrecourse liabilities specified in the second sentence of Section 5.2(d) are still necessary to avoid taxable income recognition by Trump or TCI pursuant to Code Section 465(e) or Code Section 731, computed as of the end of such prior
taxable year (in the case of clause (ii), after giving effect to the transaction stated in the notice and any payments required under Section 6.3, if any). If and to the extent that such amount or such special allocation is no longer necessary, the
Partnership shall, as the case may be, (i) no longer be required to maintain such debt or (ii) no longer maintain such special allocation of excess nonrecourse liabilities (and such special allocation shall be deemed to be adjusted accordingly) and,
at such time as such special allocation is of no further effect, Section 5.1(a) shall terminate and be of no further force or effect. 
  
 (c) The Partnership shall file its tax returns and reports consistently with the position that the New Notes constitute qualified
nonrecourse financing, and the allocation set forth in Section 5.2(d), and agrees to use reasonable efforts to support the foregoing positions in any tax audit or proceeding involving the Partnership, but the Partnership does not warrant that these
positions may not be successfully challenged. Trump may, at his option, guarantee all or any portion of the debt of the Partnership, on a “bottom guarantee” basis or otherwise on such terms as Trump in his sole discretion shall determine.

  
 (d) The Partnership shall inform Trump of the
results of any Collateral Valuation (as defined in the New Notes Indenture) and allow him reasonable access to such valuation and supporting documentation and the Partnership shall consult in good faith with Trump as to whether, and which,
Additional Collateral (as defined in the New Notes Indenture) may be pledged under the New Notes Indenture solely for the purpose of ensuring compliance of Code Section 465(b)(6) and Treasury Regulation Section 1.465-27. 
  
 (e) With respect to the Non-Recourse Portion (as defined in
the New Notes Indenture) of the New Notes required to be maintained pursuant to this Section 7.12, the Partnership shall not, after the Effective Date, (i) amend the terms of the New Notes Indenture in a manner which would result in the Non-Recourse
Portion (as defined in the New Notes Indenture) of the New Notes failing to satisfy the requirements of Code Section 465(b)(6) and Treasury Regulation Section 1.465-27, (ii) allow an entity treated as a corporation for U.S. federal income tax
purposes to guarantee any of the obligations 

  

 
under the Non-Recourse Portion (as defined in the New Notes Indenture) of the New Notes, or (iii) grant Additional Collateral (as defined in the New Notes
Indenture) to the holders of the New Notes which would result in the Non-Recourse Portion of the New Notes failing to satisfy the requirements of Code Section 465(b)(6) and Treasury Regulation Section 1.465-27. Until the Non-Recourse Portion of the
New Notes is reduced to zero, the Partnership shall not exercise any of its rights under Article VIII of the New Notes Indenture or otherwise effect any Legal Defeasance or Covenant Defeasance (as each such term is defined in the New Notes
Indenture) unless after giving effect to such defeasance, the Partnership is in compliance with Section 7.12(a) as a result of the issuance of replacement debt. 
  

ARTICLE VIII. 
  
 DISSOLUTION, LIQUIDATION AND WINDING-UP 
  
 Section 8.1. Accounting. In the event of the dissolution of the Partnership, a proper accounting shall be made of the Capital Account of each
Partner and of the Net Income or Net Loss of the Partnership from the date of the last previous accounting to the date of dissolution. 
  
 Section 8.2. Distribution on Dissolution. In the event of the dissolution of the Partnership for any reason, the assets of the Partnership shall be
liquidated for distribution in the following rank and order: 
  
 (a) To creditors of the Partnership, including Partners who are creditors, to the extent otherwise permitted by law, in satisfaction of the liabilities of the Partnership (whether by payment or the making of
reasonable provision for payment thereof); and 
  
 (b) To the Partners in accordance with the positive balances in their Capital Accounts after giving effect to all contributions, distributions and allocations for all periods. 
  
 Whenever the Liquidating Trustee reasonably determines that any reserves established pursuant to paragraph (a) above are in excess of the
reasonable requirements of the Partnership, the amount determined to be excess shall be distributed to the Partners in accordance with the provisions of this Section 8.2. 
  
 Section 8.3. Timing Requirements. 
  
 (a) In the event that the Partnership is “liquidated” within the meaning of Section
1.704-1(b)(2)(ii)(g) of the Regulations, any and all distributions to the Partners pursuant to Section 8.2(b) hereof shall, subject to the Act, be made no later than the later to occur of (i) the last day of the taxable year of the Partnership in
which such liquidation occurs or (ii) ninety (90) days after the date of such liquidation. 
  
 (b) Notwithstanding the provisions of Section 8.2 hereof which require liquidation of the assets of the Partnership, but subject to the
order of priorities set forth therein, if upon dissolution of the Partnership, the Liquidating Trustee determines that an immediate sale of part or all of the Partnership’s assets would be impractical or would 

  

 
cause undue loss to the Partners, the Liquidating Trustee may, in its sole and absolute discretion, defer for a reasonable time the liquidation of any assets
except those necessary to satisfy liabilities of the Partnership (including to those Partners which are creditors of the Partnership) and/or, with the Consent of the Limited Partners, distribute to the Partners, in lieu of cash, as tenants in common
and in accordance with the provisions of Section 8.2 hereof, undivided interests in such Partnership assets as the Liquidating Trustee deems not suitable for liquidation. Any such distributions in kind shall be made only if, in the good faith
judgment of the Liquidating Trustee, such distributions in kind are in the best interest of the Partners, and shall be subject to such conditions relating to the disposition and management of such properties as the Liquidating Trustee deems
reasonable and equitable and to any agreements governing the operation of such properties at such time. The Liquidating Trustee shall determine the fair market value of any property distributed in kind using such reasonable method of valuation as it
may adopt. 
  
 Section 8.4. Termination. The Partnership
shall terminate when (i) all of the assets of the Partnership, after payment of or due provision for all debts, liabilities and obligations of the Partnership, shall have been distributed to the Partners in the manner provided for in this Agreement
and (ii) the Certificate shall have been canceled in the manner required by the Act. 
  
 Section 8.5. Dissolution. The Partnership shall be dissolved upon the occurrence of any of the following events: 
  
 (a) the dissolution, liquidation, termination, withdrawal, death, insanity, retirement or Bankruptcy of the General Partner or other event
causing the General Partner to cease to be a general partner of the Partnership (a “Disabling Event”), unless the Partnership is continued in accordance with the Act or this Agreement; 
  
 (b) the election to dissolve the Partnership made in writing
by the General Partner with the Consent of the Limited Partners; 
  
 (c) the sale or other disposition of all or substantially all of the assets of the Partnership; 
  
 (d) the entry of a decree of judicial dissolution of the Partnership pursuant to the provisions of the Act, which decree is final and not
subject to appeal; or 
  
 (e) at any time there
are no limited partners of the Partnership, unless the business of the Partnership is continued in accordance with the Act. 
  
 Section 8.6. Continuation of the Partnership. The Partners hereby waive their right of partition and agree, that except as provided in Section 9.7,
they shall not do anything that would terminate the Partnership prior to the expiration of its term without the prior Consent of the Limited Partners. Notwithstanding Section 8.5(a), upon the occurrence of any Disabling Event, the Partnership shall
not be dissolved and required to be wound up in connection with any such event if (A) at the time of the occurrence of such event there is at least one remaining general partner of the Partnership who is hereby authorized to and does carry on the
business of the Partnership, or (B) within 90 days after the occurrence of such event, a Majority-in-Interest of 

  

 
the Limited Partners agree in writing or vote to continue the business of the Partnership and to the appointment, effective as of the date of such event, if
required, of one or more additional general partners of the Partnership, which substitute General Partner accepts such election and agrees to serve as General Partner. Such successor General Partner shall thereupon succeed to the rights and
obligations of the General Partner as provided in Section 9.1. A General Partner which has suffered a Disabling Event shall automatically be converted to a Limited Partner having none of the voting rights or privileges provided hereunder for the
election to continue the Partnership as provided above. 
  
 ARTICLE IX. 
  
 TRANSFER AND REDEMPTION OF
PARTNERSHIP INTERESTS; 
 CERTAIN CONSENT RIGHTS 
  
 Section 9.1. General Partner Transfer. 
  
 (a) Except as set forth in Section 9.7, during such time as the Limited Partners (not including the General
Partner) own in the aggregate more than ten percent (10%) of the issued and outstanding Partnership Interests, the General Partner shall not withdraw from the Partnership and shall not Transfer all or any portion of its interest in the Partnership
without the Consent of the Limited Partners. 
  
 (b) Upon any Transfer of a Partnership Interest by the General Partner in accordance with the provisions of this Section 9.1 (other than in connection with the granting of a Lien), the transferee General Partner shall become vested with the
powers and rights of the transferor General Partner, and shall be liable for all obligations and responsible for all duties of the General Partner, once such transferee has executed such instruments as may be necessary to effectuate such admission
and to confirm the agreement of such transferee to be bound by all the terms and provisions of this Agreement with respect to the Partnership Interest so acquired. It shall be a further condition to any Transfer otherwise permitted hereunder (other
than in connection with the granting of a Lien) that the transferee assumes by express agreement (or pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the General Partner are assumed by a successor
corporation by operation of law) all of the obligations of the transferor General Partner under this Agreement with respect to such transferred Partnership Interest and no such Transfer (other than pursuant to a statutory merger or consolidation
wherein all obligations and liabilities of the transferor General Partner are assumed by a successor corporation by operation of law) shall relieve the transferor General Partner of its obligations under this Agreement without the Consent of the
Limited Partners. In connection with any such permitted Transfer (other than in connection with the granting of a Lien), the successor General Partner shall be deemed admitted as such immediately prior to the effective time of the Transfer from the
transferor General Partner and shall continue the business of the Partnership without dissolution. If the transferor General Partner Transfers its entire general partner interest in the Partnership, such transferor General Partner shall cease to be
a general partner of the Partnership immediately following the admission of the transferee General Partner as a general partner of the Partnership. 
  

 (c) If the General Partner withdraws or retires from the Partnership in violation of this
Agreement, the Partnership business may be continued pursuant to Section 8.6. 
  
 Section 9.2. Transfers by Limited Partners. 
  
 (a) No Limited Partner shall have the right, directly or indirectly, to Transfer all or any part of its Partnership Interest to any Person
without the prior written consent of the General Partner, including a majority of the Special Committee, which consent shall not be unreasonably withheld or delayed; provided, however, that no such consent shall be required for (i) a
Transfer of Partnership Interests pursuant to Article XII hereof, (ii) a Transfer of Partnership Interests to a Permitted Holder, (iii) the subjecting of a Limited Partnership Interest to a Permitted Limited Partnership Interest Lien or (iv) the
subsequent foreclosure on such a Permitted Limited Partnership Interest Lien. 
  
 (b) It shall be a further condition to any Transfer (other than the granting of a Permitted Limited Partnership Interest Lien) otherwise permitted hereunder (including upon the foreclosure of any Lien) that the
transferee assume by operation of law or express agreement all of the obligations of the transferor Limited Partner under this Agreement (including, without limitation, under Article IX) with respect to such transferred Partnership Interest and no
such Transfer (other than pursuant to a statutory merger or consolidation wherein all obligations and liabilities of the transferor Partner are assumed by a successor corporation by operation of law) shall relieve the transferor Partner of its
obligations under this Agreement without the approval of the General Partner, in its reasonable discretion (it being understood that, without limiting the generality of Section 9.5, a transferor Partner shall be deemed relieved from such
obligations, without the necessity of any such approval, in respect of Partnership Interests transferred to the General Partner pursuant to Article XII hereof). Upon such Transfer, the transferee shall, subject to Section 9.2(d), be admitted as a
substituted Limited Partner and shall succeed to all of the rights, including rights with respect to Article XII hereof, of the transferor Limited Partner under this Agreement in the place and stead of such transferor Limited Partner (which
succession, in the event of a pledge, may be entered into and become effective at the time of foreclosure or other realization of such pledge). Any transferee, whether or not admitted as a substituted Limited Partner, shall succeed to the
obligations of the transferor hereunder (unless such transfer is a pledge, encumbrance, hypothecation or mortgage or except as otherwise provided herein). Unless admitted as a Limited Partner pursuant to, and in accordance with, the terms hereof, no
transferee, whether by a voluntary Transfer, by operation of law or otherwise, shall have rights hereunder, other than (i) to receive such portion of the distributions made by the Partnership as are allocable to the Percentage Interest transferred
and (ii) under Article XII hereof. 
  
 (c) In
addition to any other restrictions on transfer provided herein, no Partnership Interest of a Limited Partner shall be transferable unless the General Partner has determined by written notification (a “Transfer Determination”) to the
transferring Limited Partner, which Transfer Determination shall not be unreasonably withheld and shall be deemed given if not refused within ten Business Days of the notice to the 

  

 
Partnership of a proposed transfer; provided that, the proposed transferor and transferee have promptly responded in writing to the reasonable
requests, if any, of the General Partner for additional information sufficient for the General Partner to determine the matters set forth in this Section 9.2(c), that either (i) such transfer will not cause (x) any lender to the Partnership to hold
in excess of ten (10) percent of the aggregate Partnership Interests or any other percentage of the Partnership Interest that would, pursuant to the Regulations under Section 752 of the Code or any successor provision, cause a loan by such lender to
constitute Partner Nonrecourse Debt, (y) a transfer of a Partnership Interest the value of which would have been less than $20,000 when issued, or (z) a prohibited transaction (as defined in section 4975(c) of the Code or Section 406 of ERISA) to
occur, or the Partnership to become, with respect to any employee benefit plan subject to Title 1 of ERISA, a “party in interest” (as defined in Section 3(14) of ERISA) or a “disqualified person” (as defined in Section 4975(e)(2)
of the Code), or the Partnership to be deemed to hold “plan assets” (as defined in regulations promulgated by the Department of Labor) of any employee benefit plan subject to Title I of ERISA, or (ii) the General Partner has determined to
waive one or more of such requirements as of the Effective Date, and may, after the Effective Date, waive one or more of such requirements in its reasonable discretion after having determined that the transfer will not materially adversely affect
the Partnership, its assets or any Partner, or constitute a violation of law. 
  
 (d) Any transferee of the interest of a Limited Partner pursuant to this Section 9.2 shall, upon the written request of such transferee and the transferring Limited Partner and the consent of the General Partner,
including a majority of the Special Committee, which consent shall not be unreasonably withheld or delayed, be admitted as a Limited Partner under this Article IX, and the transferring Limited Partner shall, if all of its Partnership Interests have
been Transferred, cease to be a limited partner of the Partnership. Such transferee shall be admitted as a limited partner of the Partnership upon its execution of a counterpart signature page to this Agreement. If the transferring Limited Partner
Transfers all of its limited partner interests in the Partnership, such admission shall be deemed to have occurred immediately prior to the Transfer. The Partnership shall not be required in any way to determine the validity of any written
instrument referred to in the immediately preceding sentence, and shall be authorized to rely upon any such written instrument signed by the necessary parties. 
  

(e) Any permitted transferee under Section 9.2 who is not admitted as a substituted Limited Partner in accordance with this Article IX
(including, without limitation, Sections 9.2(b) and 9.2(d)) shall be considered an assignee for purposes of this Agreement. An assignee shall be deemed to have had assigned to it, and shall be entitled to receive, distributions from the Partnership
and the share of Net Income, Net Losses and any other items of income, gain, loss, deduction and credit of the Partnership and rights attributable to the Partnership Interests assigned to such transferee, and shall have the rights of the transferor
under Article XII hereof, but shall not be deemed to be a holder of Partnership Interests for any other purpose under this Agreement, and shall not be entitled to vote such Partnership Interests in any matter presented to the Limited Partners for a
vote or consent. In the event any such transferee desires to make a further assignment of any such Partnership Interests, such transferee shall be subject to all the 

  

 
provisions of this Article IX to the same extent and in the same manner as any Limited Partner desiring to make an assignment of Partnership Interests.

  
 (f) The Limited Partners acknowledge that the
Partnership Interests have not been registered under any federal or state securities laws and, as a result thereof, they may not be sold or otherwise transferred, except in compliance with such laws. Notwithstanding anything to the contrary
contained in this Agreement, no Partnership Interest may be sold or otherwise transferred unless such transfer is exempt from registration under any applicable securities laws or such transfer is registered under such laws, it being acknowledged
that the Partnership has no obligation to take any action which would cause any such Partnership Interests to be registered. 
  
 (g) Any transferee of ownership of the Partnership Interests originally held by the Initial Limited Partner shall have the right to
purchase from the transferor of such Partnership Interests a pro rata portion of the Class B Stock held by such transferor at a purchase price equal to its par value. 
  
 Section 9.3. Certain Additional Restrictions on Transfer. In addition to any other restrictions on Transfer herein
contained, in no event may any Transfer of a Partnership Interest by any Partner be made (i) to any Person that lacks the legal right, power or capacity to own a Partnership Interest; (ii) if such Transfer would cause a termination of the
Partnership for federal income tax purposes, except with the Consent of the Limited Partners, subject to the provisions of Section 9.7; (iii) if such Transfer would, in the opinion of counsel to the Partnership, cause the Partnership to cease to be
classified as a partnership for federal income tax purposes; (iv) if such Transfer is effectuated through an “established securities market” or a “secondary market (or the substantial equivalent thereof)” within the meaning of
Section 7704(b) of the Code; (v) if such Transfer would cause the Partnership to become, with respect to any employee benefit plan subject to Title 1 of ERISA, a “party-in-interest” (as defined in Section 3(14) of ERISA) or a
“disqualified person” (as defined in Section 4975(e)(2) of the Code); (vi) in violation of the Hart-Scott-Rodino Antitrust Improvements Act of 1976; (vii) if such transfer would, in the opinion of counsel to the Partnership, cause any
portion of the assets of the Partnership to constitute assets of any employee benefit plan pursuant to Department of Labor Regulations Section 2510.3-101 or (viii) if such transfer would cause the Partnership to fail to meet the “private
placement safe harbor” described in Treasury Regulation Section 1.7704-1(h).  
  
 Section 9.4. Effective Dates of Transfers. 
  
 (a) Transfers pursuant to this Article IX may be made on any day, but for purposes of this Agreement, the effective date of any such
Transfer shall be (i) the first day of the month in which such Transfer occurred if such Transfer occurred on or prior to the fifteenth calendar day of a month, or (ii) the first day of the month immediately following the month in which such
transfer occurred, if such Transfer occurred after the fifteenth calendar day of a month, or such other date determined by the General Partner pursuant to such convention as may be administratively feasible and consistent with applicable law.

  

 (b) If any Partnership Interest is Transferred (other than the granting of a Permitted
Limited Partnership Interest Lien) in compliance with the provisions of this Article IX, on any day other than the first day of a calendar year, then Net Income, Net Loss, each item thereof and all other items attributable to such Partnership
Interest for such year shall be allocated to the transferor Partner, or the redeemed or selling Partners, as the case may be, and, in the case of a Transfer other than a redemption or the granting of a Permitted Limited Partnership Interest Lien, to
the transferee Partner, by taking into account their varying interests during such year in accordance with Section 706(d) of the Code, using the interim closing of the books method. Solely for purposes of making such allocations, each of such items
for the calendar month in which the effective date of a Transfer (other than the granting of a Lien) occurs shall be allocated to the transferor or transferee Partner as provided in Section 9.4(a), and for purposes of Section 9.4(a), the transferee
shall be the owner of the Partnership Interest at the close of business on any day on which a Transfer takes place. 
  
 Section 9.5. Transfer. 
  
 (a) The term “Transfer,” when used in this Article IX with respect to a Partnership Interest, shall be deemed to refer to a
transaction by which a Partner purports to assign its Partnership Interest or any portion thereof to another Person, and includes a sale, assignment, gift, pledge, encumbrance, hypothecation, mortgage, exchange, granting of a Lien or any other
disposition by law or otherwise; provided, however, that the term “Transfer,” when used in this Article IX (except when such term is used in Section 9.4) does not include any acquisition of Partnership Interests from a
Limited Partner by the General Partner or the Partnership pursuant to Article XII. 
  
 (b) The Limited Partner has consented, in Section 4.1, to certain issuances of Partnership Interests, and the foregoing provisions of this
Article IX, to the extent that they would, but for such Section or this subsection (b), be applicable to such Transfers, are hereby deemed satisfied or waived. 
  

(c) The General Partner is hereby authorized on behalf of each of the Partners to amend this Agreement (including the schedules hereto)
to reflect the admission of any transferee of a Partnership Interest as a substituted Limited Partner in accordance with the provisions of this Article IX. 
  
 (d) No Partnership Interest shall be Transferred, in whole or in part, except in accordance with the terms and conditions set forth in
this Article IX. Any Transfer or purported Transfer of a Partnership Interest not made in accordance with this Article IX shall be null and void. 
  
 Section 9.6. Redemption of Partnership Interest. Except as provided in the Exchange Rights Agreement, the Partnership shall not redeem, repurchase
or otherwise acquire Partnership Interests from the Partners, except (i) for redemptions of Partnership Interests pro rata based on the Partners’ Percentage Interests, (ii) for redemptions of Partnership Interests as provided in Article XV, and
(iii) with the Consent of the Limited Partners. 
  

 Section 9.7. Certain Consent Rights. Notwithstanding any other provision of this Agreement to the
contrary, (A) the General Partner shall have the right to enter into, effect and/or consummate, and, (B) the Limited Partners, as such, shall not have the right to approve, consent or vote with respect to: (x) any merger, consolidation, combination,
sale of all or substantially all of the assets or stock of the General Partner, the sale of all of the General Partner’s interest in the Partnership or any similar transaction, which, in the case of this clause (x), if and only to the extent
required by applicable law, has been approved by the stockholders of the General Partner, or (y) any merger, consolidation, combination, sale of all or substantially all of the assets of the Partnership or any similar transaction, which in the case
of this clause (y) has been approved by the stockholders of the General Partner; provided, however, that if any transaction is determined to be described in both clauses (x) and (y) immediately above, the imposition of any requirement
that the stockholders of the General Partner approve such transaction shall be governed solely by clause (x) and not by clause (y). 
  
 ARTICLE X. 
  
 RIGHTS AND OBLIGATIONS OF THE LIMITED PARTNERS 
  
 Section 10.1. No Participation in Management. No Limited Partner, in its capacity as such, shall take part in the management of the
Partnership’s business, transact any business in the Partnership’s name or have the power to sign documents for or otherwise bind the Partnership. Any rights expressly granted to the Limited Partners in this Agreement shall not be deemed
to be rights relating to the management of the Partnership’s business. 
  
 Section 10.2. Bankruptcy of a Limited Partner. The Bankruptcy of any Limited Partner shall not cause such partner to cease to be a Limited Partner. 
  
 Section 10.3. No Withdrawal. No Limited Partner may withdraw from the Partnership without the prior written consent
of the General Partner, other than as provided in Article IX of this Agreement; provided that, the foregoing provisions of this Section 10.3 shall not apply to a withdrawal from the Partnership upon a Transfer pursuant to Article XII hereof,
such withdrawal to be effective immediately without any requirement for consent thereto by the General Partner. 
  
 Section 10.4. Conflicts. The Partners recognize that the Limited Partners and their Affiliates have or may have other business interests,
activities and investments, some of which may be in conflict or competition with the business of the Partnership, and that such Persons are entitled to carry on such other business interests, activities and investments. Notwithstanding any duty
otherwise existing at law or in equity, without limiting the foregoing in deciding whether to take any actions in such capacity, such Limited Partners and their Affiliates shall be under no obligation to consider the separate interests of the
Partnership and shall have no fiduciary obligations to the Partnership and shall not be liable for monetary damages for losses sustained, liabilities incurred or benefits not derived by the other Partners in connection with such actions;
provided, however, that the Limited Partners shall have the duty to act in accordance with the implied contractual covenant of good faith and fair dealing. Notwithstanding any duty otherwise existing at law or in equity, the Limited
Partners and their Affiliates may engage in or possess an interest in any other business or venture of any kind, independently or with others, on their own behalf or on behalf of other entities with which they 

  

 
are affiliated or associated, and such persons may engage in any activities, whether or not competitive with the Partnership, without any obligation to offer
any interest in such activities to the Partnership or to any Partner, and neither the Partnership nor any Partner shall have any right, by virtue of this Agreement, in or to such activities, or the income or profits derived therefrom, and the
pursuit of such activities, even if competitive with the business of the Partnership, shall not be deemed wrongful or improper. Notwithstanding the foregoing, (i) the provisions of this Section 10.4 shall not negate or impair any other agreement
between one or more of the Limited Partners and the General Partner, the Partnership, or any of their respective Subsidiaries, and (ii) in conducting an Outside Business Activity, a Limited Partner will to the best of its ability and consistent with
its fiduciary duty to such Outside Business Activity, conduct such Outside Business Activity in a commercially reasonable manner so that on an annual overall basis the Partnership is not discriminated against. 
  
 Section 10.5. Provision of Information. 
  
 (a) Annual and Periodic Reports. 
  
 (i) Annual Statement. The General Partner shall, as
soon as practicable, but in no event later than 105 days after the close of each fiscal year, cause to be furnished to each Partner Audited Financial Statements for the Partnership, or of the General Partner if such statements are prepared solely on
a consolidated basis with the General Partner, for the immediately preceding fiscal year of the Partnership. In lieu of the foregoing, the General Partner may furnish to each Partner a copy of the Partnership’s annual report on Form 10-K (or
the General Partner’s annual report on Form 10-K, if the Partnership’s statements are prepared solely on a consolidated basis with those of the General Partner), if the Partnership (or the General Partner, as the case may be) is then
obligated to file such report with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. 
  
 (ii) Quarterly Reports. The General Partner shall, as soon as available and, in any event, within 45 days after the end of each of
the first three fiscal quarters of the Partnership’s fiscal year, furnish to each Partner the internally prepared unaudited combined balance sheet of the Partnership and its combined Subsidiaries as of the end of such quarter and the combined
statements of profit and loss, partners’ capital and cash flow for such quarter and for the portion of the fiscal year then ending (all in reasonable detail), accompanied by a certificate of the General Partner or of the chief financial officer
of the Partnership to the effect that, except for the lack of required footnotes, such balance sheets and statements have been properly prepared in accordance with GAAP and fairly present the financial condition of the Partnership and its combined
Subsidiaries as of the date thereof and the results of their operations for the period covered thereby, subject only to normal year-end audit adjustments. In lieu of the foregoing, the General Partner may furnish to each Partner a copy of the
Partnership’s quarterly report on Form 10-Q (or the General Partner’s quarterly report on Form 10-Q, if the Partnership’s statements are prepared solely on a consolidated basis with those of the General Partner), if the Partnership
(or the General Partner, as the case may 

  

 
be) is then obligated to file such report with the SEC pursuant to Section 13 or 15(d) of the Securities Exchange Act of 1934, as amended. 
  
 (b) In addition to other rights provided by this Agreement
or by the Act, each Limited Partner shall have the right, for a purpose reasonably related to such Limited Partner’s interest as a limited partner in the Partnership (the interests of a lender to such Limited Partner having a Permitted Limited
Partnership Interest Lien on its Partnership Interests being so related), upon written demand with a statement of the purpose of such demand: 
  
 (i) to obtain a copy of the most recent annual and quarterly reports and current reports on Form 8-K filed with the SEC by the General
Partner pursuant to the Securities Exchange Act of 1934, as amended; 
  
 (ii) to obtain a copy of the Partnership’s federal, state and local income tax returns for each fiscal year of the Partnership; 
  
 (iii) to obtain a current list of the name and last known business, residence or mailing address of each
Partner; 
  
 (iv) to obtain a copy of this
Agreement and the Certificate and all amendments thereto, together with executed copies of all powers of attorney pursuant to which this Agreement, the Certificate and all amendments thereto have been executed; and 
  
 (v) such other information regarding the business, affairs
and condition, financial or otherwise, of the Partnership and its Subsidiaries as such Partner may reasonably request. 
  
 (c) Notwithstanding any other provision of this Section 10.5, the General Partner may keep confidential from the Limited Partners, for
such period of time as the General Partner determines in its sole and absolute discretion to be reasonable, any information that the Partnership is required by law or by agreements with an unaffiliated third party to keep confidential. 

 
 Section 10.6. Limited Partner Representative. The Initial Limited
Partner is hereby appointed as the “Limited Partner Representative.” A Majority-in-Interest of the Limited Partners shall have the right, at any time, within their sole discretion, to replace the Limited Partner Representative, or to
appoint a temporary substitute to act for a Limited Partner Representative unable to act. Any appointment of a Limited Partner Representative made hereunder shall remain effective until rescinded in a writing delivered to the General Partner via
certified mail, registered overnight express mail or telecopy, and the General Partner shall have the right and authority to rely (and shall be fully protected in so doing) on the actions taken and directions given by such Limited Partner
Representative, without any further evidence of their authority or further action by the Limited Partners. The General Partner shall send copies of all notices received by it pursuant to Section 5.6 to each Limited Partner requesting the same.

  

 Section 10.7. Power of Attorney. 
  
 (a) Each Limited Partner constitutes and appoints the General Partner, any Liquidating Trustee and
authorized officers and attorneys-in-fact of each, and each of those acting singly, in each case with full power of substitution, as its true and lawful agent and attorney-in-fact, with full power and authority in its name, place and stead to:
execute, swear to, acknowledge, deliver, file and record in the appropriate public offices (i) all certificates, documents and other instruments (including, without limitation, this Agreement and the Certificate and all amendments or restatements
thereof) that the General Partner or the Liquidating Trustee deems appropriate or necessary to form, qualify or continue the existence or qualification of the Partnership as a limited partnership (or a partnership in which the limited partners have
limited liability) in the State of Delaware and in all other jurisdictions in which the Partnership may conduct business or own property; (ii) all instruments that the General Partner deems appropriate or necessary to reflect any amendment, change,
modification or restatement of this Agreement in accordance with its terms; (iii) all conveyances and other instruments or documents that the General Partner deems appropriate or necessary to reflect the dissolution and liquidation of the
Partnership pursuant to the terms of this Agreement, including, without limitation, a certificate of cancellation; and (iv) all instruments relating to the admission, withdrawal, removal or substitution of any Partner pursuant to the provisions of
this Agreement or the Capital Contribution of any Partner. 
  
 (b) The foregoing power of attorney is irrevocable and a power coupled with an interest, in recognition of the fact that each of the Partners will be relying upon the power of the General Partner to act as
contemplated by this Agreement in any filing or other action by it on behalf of the Partnership, and it shall survive the death or incompetency of a Limited Partner to the effect and extent permitted by law, subsequent incapacity of any Limited
Partner and the transfer of all or any portion of such Limited Partner’s Partnership Interests and shall extend to such Limited Partner’s heirs, successors, assigns and personal representatives. 
  
 (c) Nothing contained in this Section 10.7 shall be
construed as authorizing the General Partner to amend this Agreement except in accordance with Article XIII hereof. 
  
 ARTICLE XI. 
  
 INDEMNIFICATION; EXCULPATION 
  
 Section 11.1.
Indemnification. 
  
 (a) To the fullest
extent permitted by law, the Partnership shall and does hereby indemnify an Indemnitee from and against any and all losses, claims, damages, liabilities, joint or several, expenses (including reasonable legal fees and expenses), judgments, fines,
settlements, and other amounts arising from any and all claims, demands, actions, suits or proceedings, civil, criminal, administrative or investigative, that relate to the operations of the Partnership as set forth in this Agreement in which any

  

 
Indemnitee may be involved, or is threatened to be involved, as a party or otherwise, unless it is established that: (i) the act or omission of the
Indemnitee was material to the matter giving rise to the proceeding and was committed with fraud, gross negligence, willful misconduct or in breach of the General Partner’s fiduciary duties to the Limited Partners; (ii) the Indemnitee actually
received an improper personal benefit in money, property or services; or (iii) in the case of any criminal proceeding, the Indemnitee had reasonable cause to believe that the act or omission was unlawful. The termination of any proceeding by
judgment, order or settlement shall not create a presumption that the Indemnitee did not meet the requisite standard of conduct set forth in this Section 11.1(a). Any indemnification pursuant to this Section 11.1 shall be made only out of the assets
of the Partnership and no Partner shall have any personal liability therefor. 
  
 (b) Reasonable expenses incurred by an Indemnitee may be paid or reimbursed by the Partnership in advance of the final disposition of the proceeding upon receipt by the Partnership of (i) a written affirmation by the
Indemnitee of the Indemnitee’s good faith belief that the standard of conduct necessary for indemnification by the Partnership, as authorized in this Section 11.1, has been met, and (ii) a written undertaking by or on behalf of the Indemnitee
to repay the amount paid or reimbursed if it shall ultimately be determined that such standard of conduct has not been met. 
  
 (c) The indemnification provided by this Section 11.1 shall be in addition to any other rights to which an Indemnitee may be entitled
under any agreement, as a matter of law or otherwise, and shall continue as to an Indemnitee who has ceased to serve in such capacity. 
  
 (d) The Partnership may purchase and maintain insurance, on behalf of the Indemnitees, against any liability that may be asserted against
or expenses that may be incurred by such Person in connection with the Partnership’s activities, regardless of whether the Partnership would have the power to indemnify such Person against such liability under the provisions of this Agreement.

  
 (e) For purposes of this Section 11.1, the
Partnership shall be deemed to have requested an Indemnitee to serve as fiduciary of an employee benefit plan whenever the performance by it of its duties to the Partnership also imposes duties on, or otherwise involves services by, it to the plan
or participants or beneficiaries of the plan; excise taxes assessed on an Indemnitee with respect to an employee benefit plan pursuant to applicable law shall constitute fines within the meaning of this Section 11.1; and actions taken or omitted by
the Indemnitee with respect to an employee benefit plan in the performance of its duties for a purpose reasonably believed by it to be in the interest of the participants and beneficiaries of the plan shall be deemed to be for a purpose which is not
opposed to the best interests of the Partnership. 
  
 (f) An Indemnitee shall not be denied indemnification in whole or in part under this Section 11.1 solely because the Indemnitee had an interest in the transaction with respect to which the indemnification applies. 
  

 (g) The provisions of this Section 11.1 are for the benefit of the Indemnitees, their
heirs, successors, assigns, personal representatives and administrators, and shall not be deemed to create any rights for the benefit of any other Persons. 
  
 Section 11.2. Indemnification Procedures. 
  
 (a) If a claim for indemnification is asserted against the Partnership under Article XI, the Partnership shall have the right, at its own
expense, (i) subject to the Partnership’s obligations to pay all amounts under Section 11.1(a) to participate in the defense of any Action which resulted in the claim for indemnification or (ii) to assume at any time the defense of any Action
which resulted in the claim for indemnification. Such assumption of the defense by the Partnership shall be an admission that the Action is a proper subject of indemnification pursuant to this Article XI. The Indemnitee at any time may elect to
participate in (but not conduct or control) such defense at its expense, and the Partnership shall not be responsible for the Indemnitee’s costs of participation (including attorneys, accountants and in-house counsel fees). In either event, the
parties shall cooperate in the defense of such Action. The Partnership in the defense of any Action shall not, except with the consent of the Indemnitee claiming indemnification under Article XI, cause to be entered any judgment or enter into any
settlement which provides for the release of the Partnership or any other Partner but does not include as an unconditional term thereof the giving by the claimant or plaintiff to such Indemnitee of a release equivalent to that provided to the
Partnership or any other Partner. 
  
 (b) The
Indemnitee claiming indemnification under Article XI may, at any time upon written notice to the Partnership, elect to conduct or control its own defense in such Action (as opposed to merely participating in the defense with counsel for the
Partnership), but in such event, provided that the Partnership has theretofore undertaken the defense of the Indemnitee pursuant to Section 11.2(a) and subject to Section 11.2(c), such Indemnitee shall cease to have the indemnification rights
under Article XI, and the Partnership shall no longer be obligated to continue the defense of the Limited Partner, with respect to such Action. 
  
 (c) If the Partnership has assumed the defense of any Action under clause (ii) of the first sentence of Section 11.2(a), and if at any
time there exists a conflict of interest in defending both the Partnership and the Indemnitee, as determined in the reasonable judgment of counsel to the Indemnitee, the Indemnitee shall so notify the Partnership and the Indemnitee may, upon written
notice to the Partnership delivered promptly thereafter, elect to defend itself in such Action with counsel selected by the Indemnitee, but reasonably acceptable to the Partnership, at the expense of the Partnership. Following the assumption of
defense by an Indemnitee under this Section 11.2(c), an Indemnitee may not enter into any settlement without the prior written consent of the Partnership, which consent shall not be unreasonably withheld. 
  
 Section 11.3. Exculpation. No officer, employee or agent of the
Partnership shall have any liability to the Partnership or any Partner for monetary damages for any action taken, or any failure to take any action, in such capacity, except liability for (a) any improper financial benefit received by such Person;
(b) an intentional infliction of harm on the Partnership or any Partner; 

  

 
(c) acts or omissions not in good faith or which involve intentional misconduct; and (d) any knowing violation of law. 
  
 Section 11.4. No Liability of Directors and Others. Notwithstanding
anything to the contrary contained herein, no recourse shall be had by the Partnership or any Partner against any director, shareholder, officer, employee, agent or attorney of the General Partner for any act or omission of the General Partner or
any obligation or liability of the General Partner under this Agreement, and none of the foregoing shall have any personal liability for or with respect to any of the foregoing; provided that, the foregoing shall not relieve any officer or
director of the General Partner of any liability in his capacity as such. 
  
 ARTICLE XII. 
  
 RIGHTS
UNDER THE EXCHANGE RIGHTS AGREEMENT 
  
 TER, the Partnership,
the Initial Limited Partner and TCI have entered into the Exchange Rights Agreement, substantially in the form of Exhibit A to this Agreement. 
  
 Section 12.1. Transfer Pursuant to Exchange Rights Agreement. Notwithstanding anything to the contrary contained in this Agreement, the Partners
hereby consent to the Transfer of Partnership Interests pursuant to the terms of such Exchange Rights Agreement, without compliance with any of the other provisions of this Agreement. 
  
 Section 12.2. Subject to the Exchange Rights Agreement. The Initial Limited Partner, TCI and all their respective
subsequent transferees shall be entitled to the benefits of, and subject to the burdens of, the Exchange Rights Agreement, including, but not limited to, the Rights, including the “Conversion Right” of TER to require any such transferee
(other than the Initial Limited Partner and his Permitted Holders) to exchange its Partnership Interests for shares of Common Stock, and the rights to repurchase or to exchange Class B Units for shares of Common Stock, on the terms and subject to
the conditions set forth therein. 
  
 ARTICLE
XIII. 
  
 AMENDMENT OF PARTNERSHIP AGREEMENT, MEETINGS

  
 Section 13.1. Amendments. 
  
 (a) This Agreement may not be amended unless such amendment
is approved by the General Partner, with the consent of a majority of the Special Committee, and by the Consent of the Limited Partners, except as provided below in this Section 13.1. 
  
 (b) Notwithstanding Section 13.1(a), the General Partner, with the consent of a majority of the Special
Committee, shall have the power, without the Consent of the Limited Partners but after five Business Days notice to the Limited Partners, to amend this Agreement as may be required to facilitate or implement any of the following purposes:

  

 (i) to add to the obligations of the General Partner or surrender any right or power
granted to the General Partner for the benefit of the Limited Partners; 
  
 (ii) to reflect the admission, substitution, termination or withdrawal of Partners after the date hereof in accordance with Article IX or XII of this Agreement; provided that, the General Partner shall not be
required to give the notice referred to in the first paragraph of this subsection (b) in respect of a transfer of Partnership Interests pursuant to Article XII hereof; 
  
 (iii) to reflect a change that is of an inconsequential nature and does not adversely affect the Limited
Partners, or to cure any ambiguity, correct or supplement any provision in this Agreement not inconsistent with law or with other provisions, or make other changes with respect to matters arising under this Agreement that will not be inconsistent
with law or with the provisions of this Agreement; and 
  
 (iv) to satisfy any requirements, conditions or guidelines contained in any order, directive, opinion, ruling or regulation of a federal or state agency or contained in federal or state law. The General Partner will provide notice to the
Limited Partners promptly after any action under this Section 13.1(b) is taken. 
  
 (c) Notwithstanding Sections 13.1(a) and (b) hereof, this Agreement shall not be amended without the prior written consent of each Partner
adversely affected if such amendment would (i) convert a Limited Partner’s interest in the Partnership into a general partner’s interest, (ii) modify the limited liability of a Limited Partner, (iii) alter rights of the Partners to receive
allocations, distributions and/or indemnification pursuant to Articles V and/or VI hereof, (iv) alter or modify the Rights referred to in Article XII except in compliance with the Exchange Rights Agreement, (v) amend this Section 13.1(c), (vi) alter
such Partner’s rights to transfer its Partnership Interests, or (vii) amend Section 7.8, Section 7.12, Article XI or Section 13.2(d). Further, no amendment or modification of this Agreement may directly or indirectly alter any of the provisions
of Section 7.2 or the restrictions on the General Partner’s authority under Section 7.2 without the prior written consent of each Limited Partner. 
  
 (d) Notwithstanding Section 13.1(a) hereof, no amendment of Section 7.4 shall be effective unless appropriate corresponding modifications
are made to Article XII and the Exchange Rights Agreement to preserve the financial terms of the Limited Partners’ rights thereunder. 
  
 (e) Any amendment, modification or repeal of Section 7.8 or Article XI or any provision thereof shall be prospective only and shall not in
any way affect the rights to indemnification and limitations on the General Partner’s liability to the Partnership and the Limited Partners as in effect immediately prior to such amendment, modification or repeal with respect to claims arising
from or relating to matters occurring, in whole or in part, prior to such amendment, modification or repeal, regardless of when such claims may arise or be asserted. 
  

 Section 13.2. Meetings of the Partners; Notices to Partners. 
  
 (a) Meetings of the Partners may be called by the General
Partner or by any Limited Partner to act on any matter specified herein or in the Act to be voted on or consented to by the Partners. The call shall state the nature of the business to be transacted. Notice of any such meeting shall be given to all
Partners not less than seven (7) Business Days prior to the date of such meeting. Partners may vote in person or by proxy at such meeting. Whenever the vote or Consent of the Limited Partners is permitted or required under this Agreement, such vote
or consent may be given at a meeting of Partners or may be given in accordance with the procedure prescribed in Section 13.2(b) hereof. Except as otherwise expressly provided in this Agreement, the consent of holders of a majority of the Partnership
Interests shall control. 
  
 (b) Any action
required or permitted to be taken at a meeting of the Partners may be taken without a meeting if a written consent setting forth the action so taken is (i) signed by Partners holding a majority of the Partnership Interests of the Partners (or such
other percentage as is expressly required by this Agreement) and (ii) in the case of any matter that would otherwise require the approval of a majority of the Special Committee, such consent is approved by a majority of the Special Committee. Such
consent may be in one instrument or in several instruments, and shall have the same force and effect as a vote of a majority of the Partnership Interests of the Partners (or such other percentage as is expressly required by this Agreement). Such
consent shall be filed with the General Partner and copies thereof delivered to all Partners. An action so taken shall be deemed to have been taken at a meeting held on the effective date so certified. 
  
 (c) Each Limited Partner may authorize any Person or Persons
to act for him by proxy on all matters in which a Limited Partner is entitled to participate, including waiving notice of any meeting, or voting or participating at a meeting. Every proxy must be signed by the Limited Partner or his
attorney-in-fact. No proxy shall be valid after the expiration of 11 months from the date thereof unless otherwise provided in the proxy. Every proxy shall be revocable at the pleasure of the Limited Partner executing it. No such proxy and no such
revocation shall be effective unless a copy thereof has been delivered to the General Partner. 
  
 (d) Whenever the Consent of the Limited Partners is required hereunder, the General Partner shall provide a notice to each Partner who is
a Limited Partner on the date the notice is given setting forth the matter(s) as to which it proposes to seek such consent at least five (5) Business Days in advance of the date upon which such consent is sought. 
  
 ARTICLE XIV. 
  
 CERTIFICATE OF INTEREST 
  
 Section 14.1. Form of Certificate of Interest. The interest of each
Partner in the Partnership shall be evidenced by one or more Certificates of Interest (each a “Certificate of Interest”). A certificate transfer ledger (the “Certificate Transfer Ledger”) recording the issue 

  

 
and transfer of Certificates of Interest in the Partnership shall be maintained at the principal office of the Partnership. Each such Certificate of Interest
shall be serially numbered and shall be issued by the General Partner to the lawful holder of an interest in the Partnership, upon payment of the full amount of the Capital Contributions then due with respect to the Partnership Interest represented
by such Certificate of Interest. All Certificates of Interest shall be executed in the name of the Partnership by the General Partner. Each Certificate of Interest shall state on its face the name of the registered holder thereof, the number of
Class A Units and/or Class B Units which it represents, and shall bear, on both sides thereof, a statement of the restrictions imposed by Section 105 of the Casino Control Act. Effective on the date hereof, the General Partner, TCI 2 Holdings, the
Initial Limited Partner and TCI shall tender their respective Certificates of Interest (which shall be canceled) for new Certificates of Interest evidencing, as of the date hereof, their respective interests in the Partnership. 
  
 Section 14.2. Transfers of Certificates of Interest. Certificates of
Interest in the Partnership may be transferred by the lawful holders thereof only in connection with the Transfer of all or part of the interest of such holder in the Partnership, and only in accordance with the provisions of this Agreement. All
such transfers shall be effected by duly executed and acknowledged instruments of assignment, each of which shall be duly recorded on the Certificate Transfer Ledger. No effect shall be given to any purported assignment of a Certificate of Interest,
or Transfer of the interest in the Partnership evidenced thereby, unless such assignment and Transfer shall be in compliance with the terms and provisions of this Agreement, and any attempted assignment or Transfer in contravention hereof shall be
ineffectual. 
  
 Section 14.3. Lost, Stolen, Destroyed or
Mutilated Certificates of Interest. In the event that a Certificate of Interest shall be lost, stolen, destroyed or mutilated, the Partnership may cause a replacement Certificate of Interest to be issued upon such terms and conditions as shall
be fixed by the General Partner, including, without limitation, provision for indemnity and the posting of a bond or other adequate security as security therefor. No replacement Certificate of Interest shall be issued to any Person unless such
Person has surrendered the Certificate of Interest to be replaced, or has complied with the terms of this Section 14.3. 
  
 Section 14.4. Inspection of Certificate Transfer Ledger. The Certificate Transfer Ledger containing the names and addresses of all Partners and the
interest of each Partner in the Partnership shall be open to the inspection of the Partners at the principal office of the Partnership during usual business hours upon request of any Partner. Such Certificate Transfer Ledger shall, in addition, be
available for inspection by the CCC and the Division of Gaming Enforcement of the State of New Jersey and each of their respective authorized agents at all reasonable times without notice. 
  

 ARTICLE XV. 
  
 REGULATORY REQUIREMENTS 
  
 Section 15.1. Applicable Regulatory Authority and CCC Regulation. Notwithstanding anything to the contrary in this Agreement: 
  
 (a) This Agreement will be deemed to include all provisions
required by the Casino Control Act, the Indiana Riverboat Act, and the NGCA and the Indian Gaming Regulatory Act and to the extent that anything contained in this Agreement is inconsistent with such acts, the provisions of such acts shall govern.
All provisions of the Casino Control Act, the Indiana Riverboat Act, the NGCA and the Indian Gaming Regulatory Act to the extent required by law to be included in this Agreement, are incorporated herein by reference as if fully restated in this
Agreement. 
  
 (b) If the continued holding of a
Partnership Interest by any Partner will disqualify the Partnership to continue as the owner and operator of a casino licensed in the State of New Jersey under the provisions of the Casino Control Act, such Partner shall enter into such escrow,
trust or similar arrangement as may be required by the CCC under the circumstances. It is the intent of this Section 15.1 to set forth procedures to permit the Partnership to continue, on an uninterrupted basis, as the owner and operator of a casino
licensed under the provisions of the Casino Control Act. 
  
 (c) All transfers (as defined by the Casino Control Act and the governing laws, statutes rules and regulations of any Applicable Regulatory Authority) of securities (as defined by the Casino Control Act and the
governing laws, statutes rules and regulations of any Applicable Regulatory Authority), shares and other interests in the Partnership shall be subject to the right of prior approval by the Applicable Regulatory Authority; and (b) the Partnership
shall have the absolute right to repurchase in accordance with Section 15.3, any security, share or other interest in the Partnership in the event that the Applicable Regulatory Authority disapproves a transfer in accordance with the provisions of
the Casino Control Act. 
  
 (d) Each Partner
hereby agrees to cooperate reasonably and promptly with the others in obtaining any and all licenses, permits or approvals required by any Applicable Regulatory Authority or deemed expedient by the Partners. 
  
 Section 15.2. Additional Applicable Regulatory Authority Regulation.
No Person may become the Beneficial Owner of five percent (5%) or more of any class or series of Partnership Interests unless such Person agrees in writing to: (i) provide to the Applicable Regulatory Authorities information regarding such Person,
including without limitation thereto, information regarding other gaming-related activities of such Person and financial statements, in such form, and with such updates, as may be required by the Applicable Regulatory Authorities; (ii) respond to
written or oral questions that may be propounded by the Applicable Regulatory Authorities and (iii) consent to the performance of any background investigation that may be required by the IGC, including without limitation thereto, an investigation of
any criminal record of such Person. 
  

 Section 15.3. Disqualified Holders. Notwithstanding any other provision of this Agreement,
Partnership Interests held by a Disqualified Holder (or in the case of a Disqualified Holder of securities of the General Partner, the corresponding Partnership Interest of the General Partner) shall be subject to redemption at any time by the
Partnership by action of the General Partner, pursuant to this Section 15.3 as follows: 
  
 (a) the redemption price of the Partnership Interest to be redeemed pursuant to this Section 15.3 shall be equal to the Fair Market Value
of such Partnership Interest or such other redemption price as required by pertinent state or federal law pursuant to which the redemption is required; 
  
 (b) the redemption price of such shares may be paid in cash, Redemption Securities or any combination thereof; provided,
however, in the case of a redemption mandated by the CCC, the redemption price shall be paid in cash; 
  
 (c) if less than all the Partnership Interests held by Disqualified Holders are to be redeemed, the Partnership Interest to be redeemed
shall be selected in such manner as shall be determined by the General Partner, which may include selection first of the most recently purchased portion thereof, selection by lot, or selection in any other manner determined by the General Partner;

  
 (d) at least thirty (30) days’ written
notice of the Redemption Date shall be given to the record holders of the Partnership Interest selected to be redeemed (unless waived in writing by any such holder); provided, however, that the Redemption Date shall be deemed to be the
date on which written notice shall be given to record holders if the cash or Redemption Securities necessary to effect the redemption shall have been deposited in trust for the benefit of such record holders and subject to immediate withdrawal by
them upon surrender of the Certificates of Interests for their Partnership Interests to be redeemed; 
  
 (e) from and after the Redemption Date or such earlier date as mandated by pertinent state or federal law, any and all rights of whatever
nature, which may be held by the Beneficial Owners of Partnership Interests selected for redemption (including without limitation any rights to vote or participate in distribution) shall cease and terminate and they shall thenceforth be entitled
only to receive the cash or Redemption Securities payable upon redemption; and 
  
 (f) such other terms and conditions as the General Partner shall determine. 
  
 ARTICLE XVI. 
  
 GENERAL PROVISIONS 
  
 Section 16.1. Notices. All notices, offers or other communications required or permitted to be given pursuant to this Agreement shall be in writing
and may be personally served or sent by United States mail and shall be deemed to have been given when delivered in person or by courier service or messenger, or three (3) Business Days after deposit in United States mail, registered or certified,
postage prepaid, and properly addressed, by or to the appropriate party. 

  

 
For purposes of this Section 16.1, the addresses of the parties hereto shall be as set forth below their name on the signature page hereof. The address of
any party hereto may be changed by a notice in writing given in accordance with the provisions hereof. 
  
 Section 16.2. Controlling Law. This Agreement and all questions relating to its validity, interpretation, performance and enforcement (including,
without limitation, provisions concerning limitations of actions), shall be governed by and construed in accordance with the laws of the State of Delaware, notwithstanding any conflict-of-laws doctrines of such state or other jurisdiction to the
contrary. 
  
 Section 16.3. No Third Party Beneficiaries.
No creditor or other third party shall have the right to enforce any right or obligation of any Partner to make Capital Contributions or to pursue any other right or remedy hereunder or at law or in equity, it being understood and agreed that the
provisions of this Agreement shall be solely for the benefit of, and may be enforced solely by, the parties hereto and their respective successors and assigns. None of the rights or obligations of the Partners herein set forth to make Capital
Contributions to the Partnership shall be deemed an asset of the Partnership for any purpose by any creditor or other third party, nor may such rights or obligations be sold, transferred or assigned by the Partnership or pledged or encumbered by the
Partnership to secure any debt or other obligation of the Partnership or of any of the Partners. 
  
 Section 16.4. Execution in Counterparts. This Agreement may be executed in any number of counterparts, each of which shall be deemed to be an
original as against any party whose signature appears thereon, and all of which shall together constitute one and the same instrument. This Agreement shall become binding when one or more counterparts hereof, individually or taken together, shall
bear the signatures of all of the parties reflected hereon as the signatories. 
  
 Section 16.5. Provisions Separable. The provisions of this Agreement are independent of and separable from each other, and no provision shall be affected or rendered invalid or unenforceable by virtue of the
fact that for any reason any other or others of them may be invalid or unenforceable in whole or in part. 
  
 Section 16.6. Entire Agreement. This Agreement (together with the Exhibit and Schedules hereto) contains the entire understanding among the parties
hereto with respect to the subject matter hereof, and supersedes all prior and contemporaneous agreements and understandings, inducements or conditions, express or implied, oral or written, except as herein contained. The express terms hereof
control and supersede any course of performance and/or usage of the trade inconsistent with any of the terms hereof. This Agreement may not be modified or amended other than by an agreement in writing. 
  
 Section 16.7. Paragraph Headings. The paragraph headings in this
Agreement are for convenience only; they form no part of this Agreement and shall not affect its interpretation. 
  
 Section 16.8. Gender, Etc. Words used herein, regardless of the number and gender specifically used, shall be deemed and construed to include any
other number, singular or plural, and any other gender, masculine, feminine or neuter, as the context indicates is appropriate. 
  

 Section 16.9. Number of Days. In computing the number of days (other than Business Days) for
purposes of this Agreement, all days shall be counted, including Saturdays, Sundays and holidays; provided, however, that if the final day of any time period falls on a date which is not a Business Day, then the final day shall be
deemed to be the next Business Day. 
  
 Section 16.10. Partners
Not Agents. Nothing contained herein shall be construed to constitute any Partner the agent of another Partner, except as specifically provided herein, or in any manner to limit the Limited Partners in the carrying on of their own respective
businesses or activities. 
  
 Section 16.11. Assurances.
Each of the Partners shall hereafter execute and deliver such further instruments and do such further acts and things as may be reasonably required or useful to carry out the intent and purpose of this Agreement and as are not inconsistent with the
terms hereof. 
  
 Section 16.12. Successors and Assigns.
This Agreement shall be binding upon and inure to the benefit of the parties and their heirs, executors, administrators, successors, legal representatives and permitted assigns, including any pledgee upon the foreclosure of any pledge of a
Partner’s Partnership Interest in the Partnership. 
  
 Section 16.13. Waiver. No failure by any party to insist upon the strict performance of any covenant, duty, agreement or condition of this Agreement or to exercise any right or remedy consequent upon a breach thereof shall constitute
waiver of any such breach or any other covenant, duty, agreement or condition. 
  

 IN WITNESS WHEREOF, the parties hereto have executed this Agreement or caused this Agreement to be
executed on their behalf as of the date first above written. 
  

			
	GENERAL PARTNER:
	
	TRUMP ENTERTAINMENT RESORTS, INC.
		
	By:	 	/s/    JOHN P. BURKE        
	 Name:
	 	John P. Burke
	 Title:
	 	Executive Vice President and Treasurer

  

	
	LIMITED PARTNERS:
	
	(Addresses are as set forth on Schedule I):
	
	DONALD J. TRUMP
	
	/s/    DONALD J. TRUMP        
	Donald J. Trump

  

			
	TRUMP CASINOS, INC.
		
	By:	 	/s/    DONALD J. TRUMP        
	 Name:
	 	Donald J. Trump
	 Title:
	 	President

  

			
	TCI 2 HOLDINGS, LLC
		
	By:	 	 TRUMP ENTERTAINMENT RESORTS,
 INC., its sole member

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

  

			
	TRUMP ENTERTAINMENT RESORTS, INC.
		
	By:	 	/s/    JOHN P. BURKE        
	 Name:
	 	John P. Burke
	 Title:
	 	Executive Vice President and Treasurer

  

  
 SCHEDULE I 

 
 CAPITAL ACCOUNT BALANCES*, UNITS AND PERCENTAGE INTEREST AT EFFECTIVE
DATE 
  

																				
	 	  	Class A Units

	 	 	Class B Units

	 	 	Aggregate
Capital
Account

	  	Aggregate
Percentage
Interest

	 
	 Partner

	  	Class A
sub-Capital
Account

	  	 No. of
 Units

	  	Class A
Percentage
Interest

	 	 	Class B
sub-Capital
Account

	  	No. of
Units

	  	Class B
Percentage
Interest

	 	 	  
	 Trump Entertainment Resorts, Inc.
general partner and limited partner
725 Fifth Avenue
New York, NY 10022
	  	$445,425,208	  	30,508,059	  	86.34301	%	 	$0	  	0	  	0	%	 	$445,425,208	  	76.48678	%
									
	 Donald J. Trump
limited partner
721 Fifth Avenue
New York, NY 10022
	  	$65,432,259	  	4,821,880	  	13.64674	%	 	$0	  	4,554,197	  	100	%	 	$65,432,259	  	23.50615	%
									
	 Trump Casinos, Inc.
limited partner
1000 Boardwalk at Virginia Avenue
Atlantic City, NJ 08401
	  	$25,037	  	1,407	  	0.00398	%	 	$0	  	0	  	0	%	 	$25,037	  	0.00353	%
									
	 TCI 2 Holdings, LLC
limited partner
725 Fifth Avenue
New York, NY 10022
	  	$39,348	  	2,212	  	0.00626	%	 	$0	  	0	  	0	%	 	$39,348	  	0.00556	%

  
 Dated: May 20, 2005 
  

	*	Estimated based on an assumed value, as of the Effective Date, of $14.60 per share of Common Stock 

  

  
 SCHEDULE II

  
 CAPITAL CONTRIBUTIONS PRIOR TO APRIL 17, 1996

  

							
	 Partner

	  	Contribution

	  	Percentage Interest

	 
	 Trump Entertainment Resorts, Inc.
general partner
	  	$	140,933,338	  	60.15936	%
			
	 Donald J. Trump
limited partner
	  	$	93,333,333	  	39.84064	%

  
 Dated: May 20, 2005 
  

  
 SCHEDULE III

  
 CAPITAL CONTRIBUTIONS IN CONNECTION WITH THE

 TAJ MAHAL MERGER TRANSACTION 
  

				
	 Partner

	  	Contribution

	 Trump Entertainment Resorts, Inc.
	  	$	375,068,151.00
		
	 Donald J. Trump
	  	$	4,392.62
		
	 Trump Casinos, Inc.
	  	$	43,921,854.66
		
	 Trump Entertainment Resorts, Inc.,
successor to THCR/LP Corporation
	  	$	40,499,609.57

  
 Dated: May 20, 2005 
  

  
 SCHEDULE IV

  
 CAPITAL CONTRIBUTIONS IN CONNECTION WITH THE

 MARINA ACQUISITION* 
  

				
	 Partner

	  	Contribution

	 Donald J. Trump
	  	$	108,793,500.00
		
	 Trump Casinos II, Inc.
	  	$	66,337,500.00

  

	*	Capital contributions are based on a Common Stock market value of $30.00 per share, the value ascribed to the Common Stock pursuant to the terms of the Marina Acquisition Agreement.

  
 Dated: May 20, 2005 
  

  
 SCHEDULE V 

 
 CAPITAL CONTRIBUTIONS AND UNITS ISSUED IN CONNECTION WITH THE

 RESTRUCTURING* 
  

								
	 Partner

	  	Contribution

	  	Class A
Units

	  	Class B
Units

	 Trump Entertainment Resorts, Inc.
general partner and limited partner
	  	$	444,995,648	  	30,508,059	  	0
				
	 Donald J. Trump
limited partner
	  	$	65,249,068	  	4,811,580	  	4,554,197
				
	 Trump Casinos, Inc.
limited partner
	  	$	0	  	0	  	0
				
	 TCI 2 Holdings, LLC
limited partner
	  	$	0	  	0	  	0

  

	*	Estimated capital contributions are based on an assumed value, as of the Effective Date, of $14.60 per share of Common Stock 

  

  
 SCHEDULE VI

  
 NEW NOTES 
  
 See Exhibit 10.2 to this Current Report on Form 8-K 
  
 Dated: May 20, 2005Third Amended and Restated Exchange and Registration Rights Agreement

 Exhibit 10.5 
  
 EXECUTION VERSION 
  

  
 THIRD AMENDED AND RESTATED

  
 EXCHANGE AND REGISTRATION RIGHTS AGREEMENT

  

 THIRD AMENDED AND RESTATED EXCHANGE AND REGISTRATION RIGHTS AGREEMENT, dated as of May 20, 2005 by and
among Trump Entertainment Resorts, Inc. (formerly Trump Hotels & Casino Resorts, Inc.), a Delaware corporation (the “Company”), Trump Entertainment Resorts Holdings, L.P. (formerly Trump Hotels & Casino Resorts Holdings, L.P.), a
Delaware limited partnership (the “Partnership”), Donald J. Trump (“Trump”) and Trump Casinos, Inc., a New Jersey corporation wholly owned by Trump (“TCI”). 
  
 WHEREAS, the Company and Trump entered into that certain Exchange and Registration Rights Agreement (the “Initial
Agreement”), dated as of June 12, 1995, relating to the exchange of limited partnership interests in the Partnership for shares of Common Stock (as defined below) of the Company and registration rights with respect thereto; 
  
 WHEREAS, in connection with the acquisition by the Partnership of Trump Taj
Mahal Associates and the other transactions related thereto, the Company, Trump and TCI entered into that certain Amended and Restated Exchange and Registration Rights Agreement, dated as of April 17, 1996 (the “First Amended Agreement”),
relating to the exchange of limited partnership interests in the Partnership issued in such transaction for shares of Common Stock and registration rights with respect thereto, which First Amended Agreement amended and restated the Initial Agreement
in its entirety; 
  
 WHEREAS, in connection with the acquisition
by the Partnership of all of the equity interests of Trump’s Castle Associates, L.P. and the other transactions related thereto, the Company, Trump, TCI and Trump Casinos II, Inc. (“TCI-II”) entered into that certain Second Amended
and Restated Exchange and Registration Rights Agreement, dated as of October 7, 1996 (the “Second Amended Agreement”), relating to the exchange of limited partnership interests in the Partnership issued in such transaction for shares of
Common Stock and registration rights with respect thereto, which Second Amended Agreement amended and restated the First Amended Agreement in its entirety; and 
  

WHEREAS, in connection with the restructuring (the “Restructuring”) of the Company and certain of its subsidiaries pursuant to the plan of
reorganization of the Company and its subsidiaries, dated February 14, 2005 (as amended pursuant to the terms thereof, the “Plan”) under chapter 11 of the Bankruptcy Code, the parties desire to enter into this Third Amended and Restated
Exchange and Registration Rights Agreement, which amends and restates in its entirety the Second Amended Agreement; 
  
 NOW, THEREFORE, for good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the parties hereto hereby agree to
amend and restate the Second Amended Agreement in its entirety as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 Section 1.1. Certain
Definitions. Except as may be otherwise herein expressly provided, the following terms and phrases shall have the respective meanings set forth below: 
  

 “Aggregate Conversion Number” means the sum of the Conversion Numbers of each Optionee.

  
 “Agreement” means this Third Amended and
Restated Exchange and Registration Rights Agreement, as amended from time to time. 
  
 “Alternative Repurchase Right” has the meaning set forth in Section 2.2 hereof.  
  
 “Blackout Determination” has the meaning set forth in Section 5.1(a) hereof. 
  
 “Board” means the Board of Directors of the Company.

  
 “Certificate of Incorporation” means the
certificate of incorporation of the Company, as amended and in effect from time to time. 
  
 “Class A Warrants” has the meaning set forth in the Plan. 
  
 “Common Stock” means the common stock, par value $0.001 per share of the Company, and any securities into which the Common Stock has been
converted or exchanged whether pursuant to a Recapitalization Event, merger or otherwise. 
  
 “Company” has the meaning set forth in the preamble hereto. 
  
 “Continuing Director” means, as of any date of determination, any member of the Board who: (i) is a member of the Board on the date of
this Agreement; or (ii) is nominated for election or elected or appointed to such Board (a) as long as the Voting Agreement is in effect, in accordance with the Voting Agreement or (b) if the Voting Agreement is no longer in effect in accordance
with its terms (and not as a result of a breach by either party thereto), with the approval of a majority of the Continuing Directors who were members of the Board at the time of such election or appointment. 
  
 “Contribution” has the meaning set forth in Section 2.4(d)
hereof. 
  
 “Conversion Number” means the
aggregate number of shares of Common Stock issuable upon the exercise of an Optionee’s entire Exchange Right, which number shall initially be 9,376,077 with respect to Trump, and 1,407 with respect to TCI, and which numbers shall be adjusted as
provided in Article II. 
  
 “Conversion Partner”
means an Optionee other than (i) Trump, (ii) TCI, and (iii) any Permitted Holder with respect to Trump. 
  
 “Conversion Right” has the meaning set forth in Section 2.1(c) hereof. 
  
 “Damages” has the meaning set forth in Section 5.3(a) hereof. 
  
 “Determination” has the meaning set forth in Section 2.7
hereof. 
  
 “Exchange Act” means the Securities
Exchange Act of 1934, as amended, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the relevant time. 
  

 - 2 - 

 “Exchange Right” has the meaning set forth in Section 2.1(a) hereof. 
  
 “First Amended Agreement” has the meaning set forth in the
recitals hereto. 
  
 “HSR” means the
Hart-Scott-Rodino Antitrust Improvements Act of 1976, as amended. 
  
 “Letter of Transmittal” means the form of letter attached hereto and made a part hereof pursuant to which an Optionee may tender his Partnership Interests in exchange for shares of Common Stock. 
  
 “Maximum Number” has the meaning set forth in Section 5.2(c)
hereof. 
  
 “One Year Warrant” means that certain
to purchase up to 1,217,933 shares of Common Stock issued to Trump pursuant to the Plan. 
  
 “Option” means any or all of the Conversion Right, the Purchase Right, and the Exchange Right. 
  
 “Optionee” means (i) Trump, (ii) TCI, and (iii) each assignee of Partnership Interests of Trump and TCI and any subsequent assignee.

  
 “Partnership” has the meaning set forth in
the preamble hereto. 
  
 “Partnership Agreement”
means the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, dated as of the date of this Agreement, as the same may be amended from time to time. 
  
 “Piggyback Holders” has the meaning set forth in Section 5.2(c) hereof. 
  
 “Plan” has the meaning set forth in the recitals hereto.

  
 “Purchase Right” has the meaning set forth in
Section 2.1(b) hereof. 
  
 “Recapitalization
Event” has the meaning set forth in Section 2.4(b) hereof. 
  
 “Registrable Securities” means, collectively, (i) the Common Stock issued or issuable upon the exercise of any options, warrants or other rights to acquire shares of Common Stock (including, without limitation, any Options
and the Warrants) held by the Optionees and (ii) any securities issued or issuable with respect to such shares of Common Stock by way of stock dividend, stock split, in connection with a combination of shares, recapitalization, merger, consolidation
or other reorganization or otherwise; provided, however, that the foregoing securities shall cease to be “Registrable Securities” to the extent that (A) a registration statement with respect to the sale of such securities has
been declared effective under the Securities Act and such securities have been disposed of pursuant to such registration statement, (B) such securities have been disposed of (1) pursuant to and in accordance with Rule 144 or (2) pursuant to another
exemption from the registration requirements of the Securities Act under which the securities are thereafter freely tradable without restriction or registration under the Securities Act, (C) such securities may be disposed of pursuant to Rule 144
within the volume limitations 

  

 - 3 - 

 
thereunder within a 90 day period or pursuant to Rule 144(k) under the Securities Act or (D) such securities cease to be issued and outstanding. For purposes
of this Agreement, any reference to a percentage (or a majority in number) of Registrable Securities shall mean that percentage of Registrable Securities, collectively, computed on the assumption that all such options, warrants and other rights to
acquire shares of Common Stock were exercised. 
  
 “Registration Expenses” means all expenses required to be disclosed in Item 13 of Part II of the Form S-1 registration statement, or in a comparable section of any similar form permitting an underwritten public offering, as
well as expenses of underwriters customarily reimbursed by issuers for selling stockholders and reasonable fees and expenses of one counsel for all selling stockholders (in respect of a demand registration) and any underwriter (for both a demand and
piggyback registration), but not including underwriting discounts and commissions and transfer taxes. 
  
 “Restructuring” has the meaning set forth in the recitals hereto. 
  
 “Rights” means any rights, options, warrants or convertible securities (or rights, options or warrants to
purchase convertible securities) containing the right to subscribe for, purchase or otherwise acquire shares of Common Stock (but not the Warrants or Class A Warrants). 
  
 “Rights Exercise Period” has the meaning set forth in Section 2.4(c) hereof. 
  
 “Rule 144” has the meaning set forth in Section 5.5(a)
hereof. 
  
 “SEC” means the Securities and
Exchange Commission and any successor agency. 
  
 “Second
Amended Agreement” has the meaning set forth in the recitals hereto. 
  
 “Securities Act” means the Securities Act of 1933, as amended, and the rules and regulations of the SEC thereunder, all as the same shall be in effect at the relevant time. 
  
 “Settlement Date” has the meaning set forth in Section
4.1(a) hereof. 
  
 “Special Dividend” has the
meaning set forth in the Certificate of Incorporation. 
  
 “Special Dividend Record Date” has the meaning set forth in the Certificate of Incorporation. 
  
 “Stop Order” means, with respect to any registration of the Registrable Securities or any portion thereof effected pursuant to this
Agreement, any stop order, injunction or other order or requirement of the SEC or any other governmental or administrative agency, or any act by any court preventing or otherwise limiting the sale of any Registrable Securities pursuant to such
registration. 
  
 “TCI” has the meaning set forth
in the preamble hereto. 
  
 “TCI-II” has the
meaning set forth in the preamble hereto. 
  

 - 4 - 

 “Ten Year Warrant” means that certain to purchase up to 1,446,706 shares of Common Stock
issued to Trump pursuant to the Plan. 
  
 “Triggering
Event” means the first to occur of (i) May 20, 2015, (ii) Trump’s death, or (iii): (A) the direct or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of
related transactions, of all or substantially all of the properties or assets of the Company and its subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision)
other than to a direct or indirect wholly-owned subsidiary of the Company; (B) the liquidation or dissolution of, or adoption of a plan relating to the liquidation or dissolution of the Company or the Partnership or any successors thereto; (C) the
consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision), becomes the
beneficial owner (as such term is defined in Rule 13d-3 and 13d-5 under the Exchange Act (or any successor provision), except that such person shall be deemed to have beneficial ownership of all securities that person has a right to acquire, whether
such right is exercisable or contingent), directly or indirectly, of more than 50% of the total voting power entitled to vote in the election of directors of the Company or such other Person surviving the transaction; or (D) the first day on which a
majority of the members of the Board are not Continuing Directors. 
  
 “Trump” has the meaning ascribed thereto in the preamble hereto. 
  
 “Voting Agreement” means that certain Voting Agreement, dated as of May 20, 2005, by and among the Company and the stockholders of the
Company identified therein, as such Voting Agreement may be amended from time to time in accordance with its terms. 
  
 “Warrants” means, collectively, the One Year Warrant and the Ten Year Warrant. 
  
 Section 1.2. Terms Defined in Partnership Agreement. Capitalized terms
used herein and not otherwise defined herein shall have the meaning ascribed to them in the Partnership Agreement. 
  
 Section 1.3. Rules of Construction. In this Agreement, whenever the context so indicates, the singular or plural number, and the masculine,
feminine or neuter gender shall each be deemed to include the other, and the terms “he” and “him” shall refer to an Optionee. Words such as “herein,” “hereinafter,” and “hereunder” refer to this
Agreement as a whole and not merely to a subdivision in which such words appear unless the context otherwise requires. 
  
 ARTICLE II. 
  
 THE OPTION 
  
 Section 2.1. The Option. 
  
 (a) Each Optionee
shall have the right (the “Exchange Right”), exercisable at any time, to require the Company to exchange shares of Common Stock for all or any 

  

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portion of the Class A Units owned by such Optionee and tendered for such exchange in accordance with this Agreement. 
  
 (b) Subject to Section 2.2, (i) prior to the occurrence of a Triggering Event
other than Trump’s death or (ii) upon the occurrence of Trump’s death, each Optionee (in the case of any such Triggering Event other than Trump’s death) or Trump’s estate (in the case of Trump’s death) shall have the right
(the “Purchase Right”) to require the Company to exchange shares of Common Stock for all or any portion of the Class B Units owned by such Optionee or estate (as applicable) and tendered for such exchange in accordance with this Agreement.
Not less than ten (10) Business Days prior to the occurrence of a Triggering Event (other than Trump’s death), the Company shall notify the Optionees thereof in writing, which notice shall include a reasonably detailed description of the terms
of such Triggering Event and the date on which it shall be consummated. 
  
 (c) The Company (acting through a majority of the Special Committee) shall have the right (the “Conversion Right”), exercisable at any time, to require a Conversion Partner to exchange all or any portion of the Partnership
Interests owned by such Conversion Partner for shares of Common Stock. 
  
 (d) In accordance with the Certificate of Incorporation, upon the exercise of an Option, the Company shall call a meeting of its Board. The Board shall promptly determine whether the declaration and payment of a Special Dividend or an
adjustment to the Optionee’s Conversion Number pursuant to Section 2.4(f) is required in the circumstances, and take any and appropriate all action with respect thereto. 
  
 Section 2.2. Alternative Repurchase. Upon the election by an Optionee or Trump’s estate (as applicable) to
exercise its Purchase Right pursuant to Section 2.1(b), the Company may, at its option and in lieu of the acquisition described in Section 2.1(b), repurchase (or cause the Partnership to repurchase) all or a portion of the Class B Units with respect
to which such holder or estate has made such election for cash in an amount equal to the Current Market Price, as of the date of the relevant Triggering Event, of the Common Stock otherwise issuable with respect to such Class B Units so repurchased
(the “Alternative Repurchase Right”). Such repurchase shall be effected in accordance with the procedures set forth in Article III. In the case of an Optionee (or such estate) with respect to whom an Excess Tax Amount exists under the
Partnership Agreement, the aggregate price shall be reduced in an amount equal to such Excess Tax Amount. 
  
 Section 2.3. Shares Issuable. Subject to the last sentence of this Section 2.3, the number of shares of Common Stock to be issued by the Company to
an Optionee upon exercise of an Option shall be equal to the product of (a) a fraction, (i) the numerator of which is the Percentage Interest of the outstanding Partnership Interests with respect to which the Option is exercised and (ii) the
denominator of which is the aggregate Percentage Interest of the outstanding Partnership Interests held by such Optionee immediately prior to such exercise (giving effect to any adjustment pursuant to Section 2.4(f), if applicable), multiplied by
(b) such Optionee’s Conversion Number. In the case of an Optionee with respect to whom an Excess Tax Amount exists under the Partnership 

  

 - 6 - 

 
Agreement, there shall be subtracted from the number of shares of Common Stock to be issued that number of shares which is equal to the result (rounded to
the nearest whole number) of dividing such Excess Tax Amount by the Current Market Price of one share of Common Stock as of the date the notice of exercise of Option is deemed delivered pursuant to Section 6.9 hereof (or, in the case of exercise of
the Purchase Right, as of the date of the Triggering Event). 
  
 Section 2.4. Adjustment of the Conversion Number. The Conversion Number shall be adjusted as provided in this Section 2.4 as follows: 
  
 (a) An Optionee’s Conversion Number shall be reduced by the number of shares of Common Stock issued upon any exercise of any Option, and for the
number of shares of Common Stock that were subtracted from any issuance by virtue of the application of the last sentence of Section 2.3. If Partnership Interests are repurchased pursuant to Section 2.2, an Optionee’s Conversion Number shall be
reduced by the number of shares of Common Stock that would have been issued had the Company instead acquired the Partnership Interests repurchased by the Company (or the Partnership) pursuant to Section 2.1(b), and for the number of shares of Common
Stock that would have been subtracted from any issuance by virtue of the application of the last sentence of Section 2.3. Upon an assignment of Partnership Interests by an Optionee in accordance with the terms of the Partnership Agreement, such
Optionee’s Conversion Number shall be reduced appropriately, and the Conversion Number of the assignee of such Partnership Interests shall be equal to the amount of such reduction, or in the case of an assignee who is also a holder of
Partnership Interests, such assignee’s Conversion Number shall increase by the amount of such reduction. 
  
 (b) Except in respect of transactions described in paragraph (c) below, in case the Company shall (i) pay a dividend on the Common Stock in additional
shares of equity securities of the Company, (ii) subdivide or reclassify its Common Stock, (iii) combine its outstanding shares of Common Stock into a smaller number of shares of Common Stock, or (iv) issue by reclassification of its Common Stock
other securities of the Company (each a “Recapitalization Event”), each Optionee’s Conversion Number immediately prior to the Recapitalization Event shall be adjusted such that the Conversion Number after the Recapitalization Event
shall equal, the kind and amount of shares and other securities and property which the Optionees would have owned or have been entitled to receive after the happening of such Recapitalization Event had all of the Options been exercised immediately
prior to such Recapitalization Event (or any record date with respect thereto). Any adjustment made pursuant to this paragraph (b) shall become effective immediately after the effective date of such event and such adjustment shall be retroactive to
the record date, if any, for such event. 
  
 (c) In case the
Company shall issue Rights pro rata to all holders of Common Stock, and the consideration payable upon exercise or conversion of any such Right to acquire one share of Common Stock is less than the Current Market Price on the date of and immediately
prior to such issuance of Rights, then upon the expiration of the period during which such Rights may be exercised or converted (the “Rights Exercise Period”) each Optionee’s Conversion Number immediately prior to such expiration
shall be 

  

 - 7 - 

 
adjusted to be that number of shares of Common Stock equal to the product of (i) such Optionee’s Conversion Number immediately prior to such expiration
and (ii) a fraction, (A) the numerator of which is equal to the sum of (I) the total number of shares of Common Stock outstanding immediately prior to such issuance and (II) the number of shares of Common Stock issued upon exercise or conversion of
such Rights and (B) the denominator of which is equal to the sum of (I) the total number of shares of Common Stock outstanding immediately prior to such issuance and (II) the number of shares of Common Stock which the aggregate consideration payable
upon exercise or conversion of such Rights would purchase at the Current Market Price on the date of issuance of the Rights; provided, however, in no event shall such fraction be less than one. If an Option is exercised during the period
commencing on the record date for the issuance of the Rights and ending on the expiration of the Rights Exercise Period, then (r) the Conversion Number upon such exercise shall be adjusted as provided in this Section 2.4(c), as if such exercise date
were the end of the Rights Exercise Period, utilizing for purposes of clause (ii)(A)(II) the number of shares of Common Stock issued upon exercise or conversion of Rights as of such date; provided, further, that in no event shall the fraction
in clause (ii) be less than one; and (s) at the end of the Rights Exercise Period, the Optionee shall be issued an additional number of shares equal to the excess, if any, of the number of shares of Common Stock which would have been issued had such
Option been exercised at the end of the Rights Exercise Period over the number of shares actually issued upon exercise of the Option. 
  
 (d) In case the Percentage Interest of the Partnership Interests held by an Optionee shall increase as the result of the contribution by such Optionee of
additional consideration or otherwise to the Partnership (a “Contribution”), then the Conversion Number shall be adjusted such that (i) such Optionee’s Conversion Number immediately after the Contribution divided by the sum of the
number of outstanding shares of Common Stock plus the new Aggregate Conversion Number shall equal (ii) the product of (A) a fraction, (I) the numerator of which is the aggregate Percentage Interest of such Optionee immediately after the
Contribution, and (II) the denominator of which is the aggregate Percentage Interest of such Optionee immediately prior to the Contribution, and (B) a fraction, (I) the numerator of which is such Optionee’s Conversion Number immediately prior
to the Contribution, and (II) the denominator of which is the sum of the Aggregate Conversion Number immediately prior to the Contribution and the number of outstanding shares of Common Stock. 
  
 (e) In case of any consolidation or merger of the Company with or into
another entity as a result of which the holders of Common Stock become holders of other shares or securities of the Company or of another entity or person, or such holders receive cash or other assets, or in case of any sale or conveyance to another
person of the property, assets or business of the Company as an entirety or substantially as an entirety, the Company or such successor or purchasing entity or person, as the case may be, shall execute with the Optionees an agreement that (i) the
Optionees shall have the right thereafter to receive upon exercise of their Options the kind and amount of shares and other securities and property which it would have owned or have been entitled to receive after the happening of such consolidation,
merger, sale or conveyance had its Option been exercised immediately prior to such action and (ii) that this Agreement, including, 

  

 - 8 - 

 
without limitation, the registration rights in Article V hereof, shall continue in full force and effect notwithstanding the consummation of such transaction
and that such person or entity shall assume the obligations of the Company hereunder. The agreements referred to in this Section 2.4(e) shall provide for adjustments which shall be as nearly equivalent as may be practicable to the adjustments
provided for in the other provisions in this Section 2.4. The provisions of this Section 2.4(e) shall similarly apply to successive consolidations, mergers, sales or conveyances. 
  
 (f) If in connection with the exercise of an Option, the Board determines that the declaration and payment of a Special
Dividend or an adjustment to the Conversion Number of an Optionee exercising an Option is required by the Certificate of Incorporation, and elects to adjust the Conversion Number, the Conversion Number shall be adjusted such that it shall equal (
P(O) x VP ) / MP per share, where 
  
 TV = (MP per share x # of
shares); and 
  
 VP = (TV-SDA) / P(GP), 
  
 and where 
  
 P(O) = Percentage Interest of the outstanding Partnership Interests held by such Optionee immediately prior to exercise of
such Optionee’s Option 
  
 P(GP) = Percentage Interest of the
outstanding Partnership Interests held by the Company immediately prior to exercise of such Optionee’s Option 
  
 MP per share = Current Market Price of one share of Common Stock as of date of exercise 
  
 # of shares = Number of shares of Common Stock outstanding immediately prior to exercise of such Optionees’ Option

  
 SDA = Special Dividend Amount (as defined in the Certificate
of Incorporation). 
  
 (g) For the avoidance of doubt, Section 2.4
shall not apply to any securities issued pursuant to the Plan, the appropriate adjustments to the Conversion Numbers of the parties as a result thereof being effected pursuant to the definition of “Conversion Number” herein. 
  
 Section 2.5. Company’s Covenant Regarding Certain Rights
Offerings. The Company covenants and agrees that it shall not issue Rights pro rata to all holders of Common Stock, unless such Rights are exercisable or convertible for a period not in excess of sixty (60) days from their date of issuance.

  
 Section 2.6. Reservation. The Company shall at all
times reserve and keep available out of its authorized but unissued Common Stock the full number of shares of Common Stock deliverable at such time upon the exercise of the Options and shall take all such action and obtain all such permits or orders
as may be necessary to enable the Company lawfully to issue such Common Stock upon the exercise of the Option and to cause such Common Stock to be fully paid and nonassessable. 
  

 - 9 - 

 Section 2.7. Determination of Number of Shares. The Company shall calculate (each calculation, a
“Determination”) the number of shares of Common Stock to be issued upon the exercise of an Option pursuant to this Agreement in connection with such exercise. After each exercise of an Option or Alternative Repurchase Right, the Company
shall promptly provide the Optionees a report, certified by the Chief Financial Officer of the Company and its independent public accountants, setting forth the Determination, and setting forth in reasonable detail the method of calculation and the
facts upon which such calculation is based. Each Determination will be made by the Company in good faith and in accordance with the provisions hereof. The Company shall, at any time upon the written request of an Optionee, furnish to such Optionee a
like report setting forth the number of shares of Common Stock issuable upon the exercise of an Option and showing in reasonable detail the derivation of such number of shares of Common Stock. 
  
 Section 2.8. Continuous Offer. This Agreement is a continuous offer
and may not be withdrawn, changed or modified by the Company or a Conversion Partner without the prior written consent of the Company and each Optionee. 
  
 ARTICLE III. 
  
 PROCEDURE FOR EXERCISING THE OPTION 
  
 Section 3.1. Exercise. 
  
 (a) Each Optionee (or Trump’s estate, as applicable) desiring to exercise his Exchange Right or Purchase Right (as the case may be) with respect to
all or a portion of his Partnership Interests may do so by delivering to the Company, at 1000 Boardwalk at Virginia Avenue, Atlantic City, New Jersey 08401, Attn: Corporate Secretary (or such other address as the Company shall provide in writing to
each Optionee), a completed and duly executed Letter of Transmittal and any other documents required by the Letter of Transmittal. 
  
 (b) The tender of Partnership Interests pursuant to this Section 3.1 shall constitute a binding agreement between the tendering Optionee (or Trump’s
estate, as applicable) and the Company and will not be subject to withdrawal or change except with the consent of the Company. 
  
 (c) All questions as to the validity and form of any tender of Partnership Interests upon the exercise of the Option will be determined in good faith by
the Company. 
  
 Section 3.2. Representation of Optionee.
Any exercise of an Option hereunder shall constitute a representation by such Optionee (or Trump’s estate, as applicable) that it is acquiring any Common Stock to be issued upon the exercise of the Option for purposes of investment and not with
a view to distribution (without any limitation of any rights such Person may have under Article V hereof) in violation of any federal or state securities laws. 
  

 - 10 - 

 Section 3.3. The Exercise of the Conversion Right or Alternative Repurchase Right. 
  
 (a) If the Company exercises the Conversion Right with respect to all or a
portion of the Partnership Interests of a Conversion Partner (or the Company or the Partnership exercises the Alternative Repurchase Right with respect to Class B Units), the Company may do so by delivering to the Conversion Partner (or the
Partnership may do so by delivering to the holder of such Class B Units) at his address appearing on the books of the Partnership, a notice setting forth (i) election to exercise the Conversion Right (or Alternative Repurchase Right), (ii) the
portion of the Partnership Interest with respect to which the Conversion Right (or Alternative Repurchase Right) is exercised, and (iii) that delivery of shares of Common Stock (or cash) as the consideration for the Partnership Interest subject to
the Conversion Right (or Alternative Repurchase Right) shall not be made until the Conversion Partner (or holder of Class B Units) has submitted a duly completed Letter of Transmittal and any other documents required by the Letter of Transmittal,
which Letter of Transmittal and other documents shall be completed and delivered promptly to the Company (or the Partnership, as the case may be). 
  
 (b) All questions as to the validity and form of any tender of Partnership Interests upon the exercise of the Conversion Right or Alternative Repurchase
Right will be determined in good faith by the Company. 
  
 ARTICLE IV. 
  
 SETTLEMENT OF THE OPTION

  
 Section 4.1. Settlement of the Option. 

 
 (a) Upon the terms and subject to the conditions of this Agreement, the
Company will issue shares of Common Stock for Partnership Interests tendered in accordance with this Agreement on that date (the “Settlement Date”) which is the latest of: (i) the expiration of three (3) Business Days from the date that
the Company receives the tender of the Partnership Interests in such form and meeting all of the applicable requirements set forth in this Agreement, which requirements may be waived by the Company in connection with a Conversion Right or
Alternative Repurchase Right, (ii) the earliest of ten (10) Business Days after the exercise of the Exchange Right or Purchase Right, or if the Board has determined to declare a Special Dividend or adjust such Optionee’s Conversion Number in
connection with such exercise, one day after the Special Dividend Record Date or date such Conversion Number adjustment is determined, if later, and (iii) the expiration or termination of the waiting period applicable to each tender, if any, under
HSR. The Optionee shall be deemed to be the record holder of the Common Stock issuable upon exercise of the Option on the Settlement Date, notwithstanding the fact that certificates with respect to such shares of Common Stock may not have been
issued on such date. 
  
 (b) Upon the exercise of an Option, the
General Partner shall use its reasonable best efforts (including, without limitation, forming and properly capitalizing a 

  

 - 11 - 

 
subsidiary for the purpose of holding all or a portion of the Partnership Interests being transferred upon exercise of the Option) and cooperate with the
remaining Optionees to the extent necessary to preserve the treatment of the Partnership as a pass-through entity for federal tax purposes. 
  
 (c) Each tender and the issuance of Common Stock with respect thereto will be subject to any change in securities or other applicable law imposing limits
or conditions on such tender or the issuance of Common Stock with respect thereto. 
  
 (d) Payment for the Partnership Interests tendered pursuant to this Agreement will be made only after timely receipt by the Company of (i) Certificates of Interest with respect to such Partnership Interests, duly
completed and executed by the Partnership in the name of the Optionee and duly endorsed by the Optionee for transfer to, or accompanied by stock powers duly executed by the Optionee in favor of, the Company, (ii) a properly completed and duly
executed Letter of Transmittal, and (iii) any other documents required by the Letter of Transmittal. 
  
 Section 4.2. Tax Withholding. Unless an exception applies under applicable law and regulations, the Company will be required to withhold, and will
withhold, such amount as applicable law may require of the gross proceeds (including dollar equivalent of shares of Common Stock) paid to a tendering Optionee unless the Optionee provides his tax identification number (employer identification number
or Social Security Number) and certifies that such number is correct. 
  
 Section 4.3. Rights as Partner/Stockholder. 
  
 (a) Except as otherwise provided in the Certificate of Incorporation, no Optionee shall, by virtue of this Agreement, have any rights as a stockholder of the Company until such time as that person becomes a holder of record of shares of
Common Stock. 
  
 (b) The Company, effective as of the Settlement
Date with respect to any tendered Partnership Interest, assumes all obligations related to the tendered Partnership Interest and will hold the Person tendering that Partnership Interest harmless from any such obligations other than with respect to
any breach of any representation contained in the Letter of Transmittal to be delivered in connection with the exercise of rights pursuant to this Agreement. 
  
 (c) Until the Settlement Date, each tendering Optionee shall continue to own his respective tendered Partnership Interests, and will continue to be
treated as the holder of such tendered Partnership Interests for all purposes of the Partnership Agreement, including, without limitation, for purposes of voting, consent, allocations and distributions (subject only to reasonable accounting
conventions adopted by the Partnership for purposes of determining the partners’ varying percentage interests in the Partnership during the taxable year). Tendered Partnership Interests will be transferred to the Company only upon receipt by
the tendering Optionee of Common Stock in payment in full therefor. 
  

 - 12 - 

 Section 4.4. HSR. If in connection with the exercise of an Option, such Optionee is required to
file a notification form pursuant to the HSR, then as promptly as practicable, and in any event within ten (10) Business Days following the exercise of the Option, such Optionee and the Company shall each prepare and file, or shall cause its
“ultimate parent” (as defined in the HSR) to prepare and file, any required notification and report form under the HSR, in connection with the transactions contemplated hereby, the filing fees for which shall be borne by the Company. Such
Optionee and the Company shall, or shall cause their ultimate parents to, request early termination of the waiting period with respect to such filing and to respond with reasonable diligence to any request for additional information made in response
to such filings. 
  
 ARTICLE V. 
  
 REGISTRATION RIGHTS 
  
 Section 5.1. Registration on Demand. 
  
 (a) Upon written notice to the Company from holders of at least thirty-three
percent (33%) of the Registrable Securities, determined as if the Exchange Right had been fully exercised, of their desire to cause a registration of the Registrable Securities, the Company shall (i) inform the other holders of Registrable
Securities (at least 30 days prior to the proposed filing of any registration statement), such notice to state the identity of the holders requesting registration and the number of Registrable Securities proposed to be sold thereby, and take
appropriate action, on a reasonably timely basis, to file with the SEC a registration statement on the appropriate form covering all Registrable Securities specified in such demand and by such other holders (by notice given to the Company within 15
days after the date the Company notified them of such demand), (ii) use best efforts to cause such registration statement to become effective under the Securities Act, and (iii) use best efforts to qualify such resale under those state securities
laws reasonably requested by the holders of a majority of Registrable Securities to be included in such registration; provided, however, that such effort shall not require the Company to qualify as a foreign corporation or subject itself to
taxation in any jurisdiction where it is not already so qualified or subject. The Company shall be obligated to effect three (3) registrations pursuant to this Section 5.1. The Company shall be obligated to effect any registration pursuant to this
Section 5.1 as promptly as practicable upon receipt from the requisite number of holders of Registrable Securities of the notice requesting such registration; provided, however, that the Company shall have the right to delay any registration
pursuant to this Section 5.1 for one period of up to thirty (30) days if the Board of Directors of the Company shall have determined (and passed a resolution to such effect) that to effectuate such registration at such time would materially and
adversely affect the Company and be materially detrimental to the business and operations thereof (a “Blackout Determination”), which period may be extended for an additional thirty (30) days upon a second Blackout Determination upon the
expiration of the first thirty (30) day period. 
  
 (b) The
Company will be obligated to pay all Registration Expenses with respect to the registrations pursuant to this Section 5.1. 
  

 - 13 - 

 (c) A registration requested pursuant to this Section 5.1 will not be deemed to have been effected unless
it has been declared effective by the SEC and the Company has complied with all of its obligations under this Agreement with respect thereto (without regard to the use of best efforts or the like); provided that, such registration will be
deemed not to have been effected if after such registration has become effective, the offering of the Registrable Securities (or any portion thereof) pursuant to such registration is withdrawn or is or becomes the subject of any Stop Order. If (i) a
registration requested pursuant to this Section 5.1 is deemed not to have been effected or (ii) the registration requested pursuant to this Section 5.1 does not remain effective for a period of at least 360 days, then (x) such requested registration
shall not be deemed to be an effective registration pursuant to this Section 5.1 and (y) such requested registration shall not reduce the number of registrations the Company shall be obligated to effect pursuant to this Section 5.1. 
  
 (d) Any offering of Registrable Securities contemplated by this Section 5.1
shall, unless the holders of a majority of the Registrable Securities to be included in such offering determine otherwise, be a firm commitment underwritten offering and the managing underwriter for such offering shall be chosen by the holders of a
majority of the Registrable Securities to be included therein, which managing underwriter shall be reasonably acceptable to the Company. 
  
 (e) The Company shall not, without the prior written consent of the holders of a majority of the Registrable Securities to be included in any registration
requested pursuant to this Section 5.1, include in such registration, any other securities of the Company; provided, however, that the Company may include in any such registration any securities to the extent that the inclusion of such
securities does not have the effect referred to in Section 5.1(f) hereof and so long as the sale of such securities is included in the underwriting of the Registrable Securities and the same underwriters are used. 
  
 (f) If the managing underwriter in a public offering to be effected pursuant
to the provisions of this Section 5.1 advises the Company and the holders of the Registrable Securities in writing that, in its opinion, inclusion in the registration of the total amount of securities requested to be registered will materially and
adversely affect the offering price of such securities or will materially and adversely affect the market for such securities, then, to the extent necessary, up to the entire amount of any securities proposed to be included in such registration
which are not Registrable Securities shall be eliminated. 
  
 (g)
The Company shall not be required to register Registrable Securities which, together with any other securities to be included in such registration, have a value, based on the proposed offering price, of less than $15,000,000. 
  
 Section 5.2. Incidental Registration. 
  
 (a) If the Company intends to file a registration statement on Form S-1, S-2
or S-3 (or other appropriate form) for the registration of an offering of equity securities with the SEC, the Company shall notify each of the holders of record of Registrable Securities 

  

 - 14 - 

 
at least 30 days prior to each such filing of the Company’s intention to file such a registration statement, such notice shall state the number of
shares of equity securities proposed to be registered thereby. If any holder of Registrable Securities notifies the Company within ten days after receipt of such notice from the Company of its desire to have included in such registration statement
any of its Registrable Securities, then the Company shall cause the Company to include such shares in such registration statement. The Company shall pay all the Registration Expenses of such registration. 
  
 (b) The Company may in its discretion withdraw any registration statement
filed pursuant to this Section 5.2 subsequent to its filing without liability to the holders of Registrable Securities. 
  
 (c) In the event that the managing underwriter for any such offering described in this Section 5.2 notifies the Company that, in good faith, it is able to
proceed with the proposed offering only with respect to a smaller number of securities (the “Maximum Number”) than the total number of Registrable Securities proposed to be offered by such holders and securities proposed to be offered by
the Company and all others entitled to registration rights under such registration statement, then the Company shall reduce the number of securities held by persons (the “Piggyback Holders”) other than the Company and persons exercising
demand registration rights to be included in such registration, to the extent necessary to reduce the number of securities to be included in such registration to an amount equal to the Maximum Number. Such amount will be allocated pro rata in
accordance with the number of securities proposed to be offered by each Piggyback Holder (including the holders of Registrable Securities). 
  
 Section 5.3. Indemnity and Contribution. 
  
 (a) In connection with a registration statement filed with the SEC pursuant to this Article V, the Company shall provide each holder of Registrable
Securities included in such registration statement, each officer and director of any thereof, and each person who controls such holder within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act, with indemnification
against any losses, claims, damages or liabilities, reasonable attorneys fees, costs or expenses and costs and expenses of investigating and defending any such claims (collectively “Damages”), joint or several, to which any of them may
become subject under the federal securities laws, or otherwise, in form and substance as is customarily given to underwriters in an underwritten offering of securities. Each holder including Registrable Securities in any such registration statement
agrees that it shall indemnify the Company, each officer and director thereof, and each person who controls the Company within the meaning of Section 15 of the Securities Act and Section 20 of the Exchange Act, against any Damages, in form and
substance as is customarily given by selling shareholders to a publicly held corporation in an underwritten public offering of securities, but only to the extent that such Damages (or proceedings in respect thereof) arise out of or are based upon
any untrue statement or alleged untrue statement of any material fact contained, on the effective date thereof, in any registration statement under which such securities are registered under the Securities Act, in any preliminary prospectus or final
prospectus contained therein or in any amendment or supplement thereto, or arise out of or are based 

  

 - 15 - 

 
upon the omission or alleged omission to state therein a material fact required to be stated therein or necessary to make the statements therein not
misleading, which, in each such case, has been made in or omitted from such registration statement, said preliminary or final prospectus or said amendment or supplement, solely in reliance upon, and in conformity with, written information furnished
to the Company by such holder of Registrable Securities. 
  
 (b)
In order to provide for just and equitable contribution in circumstances in which the indemnity agreement provided for in Section 5.3(a) is for any reason held to be unenforceable by the indemnified parties although applicable in accordance with its
terms, each of the Company and the holders of the Registrable Securities included in such registration shall contribute to the aggregate Damages contemplated by said indemnity agreement incurred by each of the Company and such holders of the
Registrable Securities, as incurred, in such proportions as is appropriate to reflect the relative fault of the Company and such holders of the Registrable Securities in connection with the statements or omissions which resulted in such Damages. The
relative fault of the Company and such holders of Registrable Securities shall be determined by reference to, among other things, whether the untrue or alleged untrue statements of a material fact or the omission or alleged omission to state a
material fact was supplied by the Company or one or more of the holders of Registrable Securities, and the parties’ relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. 

 
 (c) In no event shall a holder of Registrable Securities be liable for
indemnification or contribution pursuant to this Article V in excess of the net proceeds received upon the sale of such Registrable Securities. 
  
 Section 5.4. Certain Procedures. The Company shall provide each holder of Registrable Securities included in any registration with a “cold
comfort” letter from the Company’s independent public accountants, in customary form covering those matters customarily covered by a “cold comfort” letter with respect to any such registration statement and addressed to such
holder, and the Company shall use its best efforts to execute and deliver with underwriters for the offering covered by any such registration statement, an underwriting agreement in form and substance customarily executed for public offerings of
common stock. Any holder of Registrable Securities that includes shares in the registration shall also be a party to such underwriting agreement. 
  
 Section 5.5. Rule 144 Reporting. With a view to making available to the holders of Registrable Securities the benefits of certain rules and
regulations of the SEC which may permit the sale of the Registrable Securities to the public without registration, the Company agrees to, at all times: 
  
 (a) make and keep available current public information concerning the Company as those terms are understood and defined in Rule 144 under the Securities
Act (“Rule 144”); 
  

 - 16 - 

 (b) file with the SEC in a timely manner all reports and other documents required of the Company under
the Securities Act and the Exchange Act; and 
  
 (c) furnish to
each holder of Registrable Securities forthwith, upon such holder’s request, a written statement by the Company as to its compliance with the reporting requirements of Rule 144 and of the Securities Act and the Exchange Act, a copy of the most
recent annual or quarterly report of the Company and such other reports and documents so filed by the Company as such holder may reasonably request in availing itself of any rule or regulation of the SEC allowing it to sell any such securities
without registration. 
  
 Section 5.6. Lock-Ups. After
receipt of any notice pursuant to Section 5.1 or 5.2 hereof, each holder of Registrable Securities and the Company shall not demand or request a registration of securities of the Company or otherwise offer or sell securities until the later of (i)
90 days after the effective date of the registration statement in respect of which such notice was given, (ii) 150 days after the date such notice was given or (iii) the date such registration statement is withdrawn by the Company. To the extent
requested by the managing underwriter in respect of an offering of securities of the Company described in this Article V, each holder of Registrable Securities and the Company shall agree to refrain from selling or offering to sell any securities of
the Company within 120 days after the effective date of any registration statement described herein; provided, however, that any pledgee of Registrable Securities shall not be bound by this requirement in connection with a private sale by it
of its collateral. Nothing in this Section 5.6 shall preclude the Company from issuing shares of Registrable Securities upon exercise of an Option. 
  
 Section 5.7. No Inconsistent Provisions. The Company shall not, without the prior written consent of the holders of a majority of the Registrable
Securities include, or grant to any Person the right to request the Company to include, in such registration, any other securities of the Company that are inconsistent with the priorities, rights and privileges of the holders of Registrable
Securities contained in this Agreement. 
  
 ARTICLE VI.

  
 MISCELLANEOUS 
  
 Section 6.1. Waiver, Amendment. Neither this Agreement nor any
provisions hereof shall be waived, modified, changed, discharged or terminated except by an instrument in writing signed by the party against whom any waiver, modification, change, discharge or termination is sought. 
  
 Section 6.2. Assignability. Neither this Agreement nor any right,
remedy, obligation or liability arising hereunder or by reason hereof shall be assignable by either an Optionee or the Company, without the prior written consent of the other parties; provided, however, that the rights granted to an Optionee
hereunder shall automatically be assigned in connection with an assignment of Partnership Interests or Registrable Securities; provided, further, that the rights granted hereunder may be assigned to, and 

  

 - 17 - 

 
exercised by, a secured creditor to whom an Optionee has pledged Partnership Interests or Registrable Securities. 
  
 Section 6.3. Entire Agreement. This Agreement sets forth the entire
agreement and understanding of the parties hereto with respect to the transactions contemplated hereby and supersedes any and all prior agreements and understandings relating to the subject matter hereof. No representation, promise or statement of
intention has been made by any party hereto which is not embodied in this Agreement or the written statements, certificates, exhibits or other documents delivered pursuant hereto or in connection with the transactions contemplated hereby, and no
party hereto shall be bound by or liable for any alleged representation, promise or statement of intention not set forth herein or therein. The documents referred to in the immediately preceding sentence are incorporated by reference herein and
shall be deemed a part of this Agreement. By executing and delivering this Agreement, the Company (on behalf of itself and its wholly-owned subsidiary, TCI 2 Holdings, LLC), the Partnership, Trump and TCI agree to the termination of the Second
Amended and Restated Exchange and Registration Rights Agreement and to the amendment and restatement thereof by this Agreement. 
  
 Section 6.4. Severability. If any provision of this Agreement or the application of any such provision to any person or circumstance shall be held
invalid, illegal or unenforceable in any respect by a court of competent jurisdiction, this Agreement shall continue in full force and effect without said provision; provided that, no such severance of provision shall be effective if it
materially changes the economic benefit of this Agreement to any Person. 
  
 Section 6.5. Section and Other Headings. The section headings contained in this Agreement are for reference purposes only and shall not affect in any way the meaning or interpretation of this Agreement.

  
 Section 6.6. Governing Law. This Agreement shall be
governed by, and construed in accordance with, the laws of the State of New York, regardless of the law that might be applied under principles of conflicts of law. 
  
 Section 6.7. Counterparts. This Agreement may be executed in any number of counterparts, each of which when so
executed and delivered shall be deemed to be an original and all of which together shall be deemed to be one and the same agreement. 
  
 Section 6.8. Specific Performance. Without limiting or waiving in any respect any rights or remedies of an Optionee under this Agreement, or now or
hereinafter existing at law or in equity or by statute, the Company agrees that the Optionees shall be entitled to seek specific performance of the obligations to be performed by the Company in accordance with the provisions of this Agreement.

  
 Section 6.9. Notice. Each notice, demand, request,
request for approval, consent, approval, disapproval, designation or other communication (each of the foregoing being referred to herein as a “notice”) required or desired to be given or made under this Agreement shall be in writing
(except as otherwise provided in this Agreement), and shall 

  

 - 18 - 

 
be effective and deemed to have been received (i) when delivered in person, (ii) when sent by facsimile transmission with receipt acknowledged, (iii) three
(3) days after having been mailed by certified or registered United States mail, postage prepaid, return receipt requested, or (iv) the next business day after having been sent by a nationally recognized overnight mail or courier service, receipt
requested (a) if to any Optionee, at such address or to the telefax number as such Optionee shall have furnished the Company in writing, or (b) if to the Company, at the address of its principal executive offices and addressed to the attention of
the Corporate Secretary, or at such other address or to the telefax number as the Company shall have furnished to each Optionee. 
  
 [remainder of page intentionally left blank] 
  

 - 19 - 

 IN WITNESS WHEREOF, the undersigned have executed this Third Amended and Restated Exchange and
Registration Rights Agreement as of the date first set forth above. 
  

							
	 TRUMP ENTERTAINMENT RESORTS, INC.

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

  

							
	TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P.
		
	By:	 	Trump Entertainment Resorts, Inc., as General Partner
		
	 By:
	 	/s/    JOHN P. BURKE      
	 Name:
	 	John P. Burke
	 Title:
	 	Executive Vice President and Treasurer

  

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

  

							
	 TRUMP CASINOS, INC.

		
	By:	 	/s/    DONALD J.
TRUMP        
	 Name:
	 	Donald J. Trump
	 Title:
	 	President

  

							
	 The undersigned consents to the foregoing:

	
	 TCI 2 HOLDINGS LLC

		
	 By:
	 	 TRUMP ENTERTAINMENT RESORTS, INC.,
its sole member

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

  

 LETTER OF TRANSMITTAL 
  
 To Tender Partnership Interests 
  
 Pursuant to the Third Amended and Restated Exchange and 
 Registration Rights Agreement 
 Dated as of
                        , 2005 
 of 
 Trump Entertainment Resorts, Inc. 
  

	TO:	Trump Entertainment Resorts, Inc. 

	    	1000 Boardwalk at Virginia Avenue 

	    	Atlantic City, New Jersey 08401 

	    	Attn: Corporate Secretary 

  
 Description of Partnership Interests 
  

							
	Names(s) and Address(es)	  	Partnership Interest Certificate(s) of
Registered Owners Enclosed
	 	  	(Attach additional list if necessary)
				
	 	  	Partnership	  	Partnership	  	Partnership
	 	  	Interest	  	Interests	  	Interests
	 	  	Certificate	  	Represented	  	Being
	 	  	Number(s)	  	by	  	Tendered
	 	  	 	  	Partnership	  	 
	 	  	 	  	Interest	  	 
	 	  	 	  	Certificate(s)	  	 
	 	  	Total	  	 	  	 

  
 Unless otherwise
indicated, it will be assumed that all Partnership Interests evidenced by any Partnership Interest Certificate(s) delivered to the Company are being tendered. If, for any reason, Partnership Interest Certificates are not being issued by Trump
Entertainment Resorts Holdings, L.P., all provisions in this Letter of Transmittal referring thereto shall be of no effect. See instruction 4. 
  

 NOTE: SIGNATURES MUST BE PROVIDED BELOW 
 PLEASE READ THE ACCOMPANYING INSTRUCTIONS CAREFULLY 
  
 Gentlemen: 
  
 The undersigned
hereby tenders to Trump Entertainment Resorts, Inc., a Delaware corporation (the “Company”), the above-described Partnership Interests as defined in the Third Amended and Restated Exchange and Registration Rights Agreement dated as of May
20, 2005 (the “Agreement”) in accordance with the terms and conditions of the Agreement and this Letter of Transmittal (which together constitutes the “Tender”), receipt of which is hereby acknowledged. All terms used herein but
not defined herein are used as defined in the Agreement. 
  
 Subject to, and effective upon, payment (i.e., issuance of shares of Common Stock) for the Partnership Interests tendered herewith, the undersigned hereby assigns and transfers to the Company all right, title and interest in and to all the
Partnership Interests that are being tendered hereby and irrevocably constitutes and appoints the Company (the “Agent”), with full power of substitution (such power of attorney being deemed to be an irrevocable power coupled with an
interest), to (a) present such Partnership Interests for transfer on the Partnership’s books and (b) receive all rights, privileges and benefits, and any and all obligations and liabilities appertaining thereto and otherwise exercise all rights
of beneficial ownership of such Partnership Interests, all in accordance with the terms of the Tender. 
  
 The undersigned hereby represents and warrants that the undersigned has full power and authority to tender, sell, assign and transfer the tendered
Partnership Interests and that upon payment, the Company will acquire unencumbered title thereto, free and clear of all liens, restrictions, charges and encumbrances and the same will not be subject to any adverse claim. The undersigned will, upon
request, execute any additional documents deemed by the Agent or the Company to be reasonably necessary or desirable to complete the sale, assignment and transfer of the tendered Partnership Interests. If not sold pursuant to an effective
registration statement, the shares of Common Stock issued will bear an appropriate legend indicating that such shares have not been registered under the Securities Act and resale of such Common Stock is restricted under applicable securities laws.

  
 All authority conferred or agreed to be conferred in this
Letter of Transmittal shall not be affected by, and shall survive, the death or incapacity of the undersigned, and any obligation of the undersigned hereunder shall be binding upon the successors, assigns, heirs, executors, administrators and legal
representatives of the undersigned. Except as stated in the Agreement, this Tender is irrevocable. 
  
 The undersigned understands that a tender of Partnership Interests pursuant to the Agreement constitutes a binding agreement between the undersigned and
the Company upon the terms and subject to the conditions of the Agreement. Unless otherwise indicated under “Special Delivery Instructions,” please mail the shares of Common Stock for the purchase price and/or return the Partnership
Interest Certificate for Partnership Interests not tendered (and accompanying documents, as appropriate) to the address(es) of the registered holder(s) appearing under “Description of Partnership Interests.” In the event that the Special
Delivery Instructions 

  

 
are completed, please issue the shares of Common Stock for the purchase price and any Certificate for Partnership Interests not tendered in the name of the
registered holder(s) and transmit the same to the person or persons so indicated. 
  
 The Company, effective as of the Settlement Date (as defined in the Agreement), will assume all obligations related to the tendered Partnership Interests and will hold the undersigned harmless from such obligations,
including any liabilities, demands, claims, actions or causes of action, assessments, losses, fines, penalties, costs, damages and expenses as a result of or arising out of the ownership of such tendered Partnership Interests. The Company and the
undersigned agree that they will cooperate with each other and will make, execute, acknowledge, deliver, record and file, or cause to be made, executed, acknowledged, delivered, recorded and filed, at such times and places as the other may
reasonably deem necessary, all other and further documents and instruments, and will take all other and further actions, as the other may reasonably request from time to time in order to effectuate the purposes and provisions of the tender made
pursuant to this Letter of Transmittal. 
  

 SPECIAL DELIVERY INSTRUCTIONS 
 (See Instructions 5 and 6) 
  
 To be completed ONLY if (a) the Certificate of Interests includes Partnership Interests not tendered and/or (b) shares of Common Stock for the purchase price of Partnership Interests purchased are to be sent (i) to someone other than the
undersigned or (ii) to the undersigned at an address other than that above. 
  

	Mail     ̈    	Certificate(s) for shares of Common Stock 

  

	             ̈    	Certificate of Interests for Partnership 

	                    	Interests not tendered 

  
 To: 
  
 Name
_____________________________________________________________________________ 
                                 (please print) 
  
 Address ____________________________________________________________________________

 ____________________________________________________________________________________ 
                                 (include Zip Code)

  
 ____________________________________________________________________________________ 
 ____________________________________________________________________________________ 
                 (Tax Identification or Social Security Number) 
  

 SIGN HERE 
  
 Complete Substitute Form W-9 included 
  
 _________________________________________________________________________________________ 
  
 _________________________________________________________________________________________ 
 (Signature(s) of holder of Partnership Interests) 
  
 (Must be signed by registered holder(s) as name(s) appear(s) on Partnership Interest Certificate(s). If signature is by trustees, executors, administrators, guardians,
attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative capacity, please set forth full title and see instruction 5. 
  
 Dated ______________________________________________________________________________________ 
 Name(s) ____________________________________________________________________________________ 
                                        
     (please print) 
 Capacity 
 (Full
Title) ___________________________________________________________________________________ 
 Address
______________________________________________________________________________________ 
 ______________________________________________________________________________________________ 
                                        
     (include Zip Code) 
  
 Area Code and Tel. No.
__________________________________________________________________________ 
 Tax Identification or 
 Social Security No. ______________________________________________________________________________ 
                                        
                                        
     (Complete Substitute Form W-9) 
  
 Guarantee of Signature(s) 
 (See Instruction 1) 
  
 Authorized Signature ______________________________________________________________________________ 
 Name of Firm ____________________________________________________________________________________ 
 Dated ___________________________________________________________________________________________ 
  

 INSTRUCTIONS 
  
 Forming Part of the Terms and Conditions of the 
 Amended and Restated Exchange and Registration Rights Agreement 
  
 1. Guarantee of Signature. No signature guarantee on this Letter of Transmittal is required unless the registered holder of the Partnership
Interests has completed the box entitled “Special Delivery Instructions.” In such case all signatures on this Letter of Transmittal must be guaranteed by a member firm of any registered national securities exchange in the United States or
of the National Association of Securities Dealers, Inc. or by a commercial bank or trust company (not a savings bank or a savings and loan association) having an office, branch or agency in the United States. 
  
 2. Delivery of Letter of Transmittal and Partnership Interest
Certificate(s). This Letter of Transmittal is to be completed by the holder of Partnership Interests. Partnership Interest Certificate(s) for all Partnership Interests as well as a properly completed and duly executed Letter of Transmittal, and
any other documents required by this Letter of Transmittal, must be received by the Agent. 
  
 No alternative, conditional or contingent tenders will be accepted. 
  
 3. Inadequate Space. If the space provided herein is inadequate, the Partnership Interest Certificate numbers and/or other information required
should be listed on a separate schedule attached hereto. 
  
 4.
Partial Tenders. If fewer than all the Partnership Interests evidenced by any Certificate submitted are to be tendered, fill in the Percentage Interest represented by the Partnership Interests which are to be tendered in the box entitled
“Units of Partnership Interests Being Tendered.” In such case, a new Partnership Interest Certificate for the remainder of the Partnership Interests that was evidenced by old certificate(s) will be sent to the registered holder, unless
otherwise provided in the appropriate box on this Letter of Transmittal, as soon as practicable. All Partnership Interests represented by Partnership Interest Certificate(s) delivered to the Agent will be deemed to have been tendered unless
otherwise indicated. 
  
 5. Signatures on Letter of
Transmittal. The signature must correspond with the name as written on the face of the Partnership Interest Certificate(s) without any change whatsoever. 
  
 If any of the Partnership Interests tendered hereby are owned of record by two or more joint owners, all such owners must sign the Letter of Transmittal.

  
 If any tendered Partnership Interests are registered in
different names on several Partnership Interest Certificates, it will be necessary to complete, sign and submit as many separate Letters of Transmittal as there are different registrations of Partnership Interest Certificates. 
  
 If this Letter of Transmittal is signed by trustees, executors,
administrators, guardians, attorneys-in-fact, officers of corporations or others acting in a fiduciary or representative 

  

 
capacity, each person should so indicate when signing, and proper evidence satisfactory to the Agent of their authority so to act must be submitted.

  
 6. Special Delivery Instructions. If Partnership
Interest Certificate(s) for unpurchased Partnership Interests are to be returned to a person other than the signer of this Letter of Transmittal or if a certificate for shares of Common Stock is to be sent to someone other than the signer of this
Letter of Transmittal or to an address other than that shown above, the appropriate boxes on this letter of Transmittal should be completed. 
  
 7. Waiver of Conditions. The Company reserves the right to waive any of the specified conditions of the Tender in the case of the Partnership
Interests tendered. 
  
 8. Back-up Withholding. Under the
Federal income tax law, a person surrendering Partnership Interests must provide the Agent with his correct taxpayer identification number (“TIN”) on Substitute Form W-9 below unless an exemption applies. If the correct TIN is not
provided, a $50 penalty may be imposed by the Internal Revenue Service and payments made in exchange for the surrendered Partnership Interests may be subject to back-up withholding of that rate provided by the Federal income tax law. 
  
 The TIN that must be provided is that of the registered holder of the
Partnership Interests. The TIN for an individual is his social security number. 
  
 9. Requests for Assistance or Additional Copies. Questions and requests for assistance or additional copies of the Agreement and the Letter of Transmittal may be directed to the Agent at the address set forth
above. 
  

 IMPORTANT TAX INFORMATION 
  
 Under Federal income tax laws, a holder whose tendered Partnership interests are accepted for payment is required by law to
provide the Agent (as payer) with his correct taxpayer identification number on Substitute Form W-9 below. If such holder is an individual, the taxpayer identification number is his social security number. If the Agent is not provided with the
correct taxpayer identification number, the holder may be subject to a $50 penalty imposed by the Internal Revenue Service. In addition, payments that are made to such holder with respect to Partnership Interests purchased pursuant to the Tender may
be subject to back-up withholding. 
  
 If back-up withholding
applies, the Agent is required to withhold that rate provided by the Federal income tax law of any such payments made to the holder of Partnership Interests. Shares of Common Stock otherwise deliverable hereunder may, at the expense (and with all
risk of loss for the account) of the undersigned, be sold to pay such amounts. Back-up withholding is not an additional tax. Rather, the tax liability of persons subject to back-up withholding will be reduced by the amount of tax withheld. If
withholding results in an overpayment of taxes, a refund may be obtained. 
  
 Purpose of Substitute Form W-9 
  
 To prevent
back-up withholding on payments that are made to a holder of Partnership Interests purchased pursuant to the Tender, the holder is required to notify the Agent of his correct taxpayer identification number by completing the form below certifying
that the taxpayer identification number provided on Substitute Form W-9 is correct. 
  
 What Number to Give the Agent 
  
 The holder is
required to give the Agent the social security number or employer identification number of the record owner of the Partnership Interests. 
  

					
	
	 PAYER’S NAME: Trump Entertainment Resorts, Inc.

	====================================================================================================
			
	 Substitute
	  	Part 1 - Please provide your TIN in the	  	Social Security
	 Form W-9
	  	box at right and certify by signing and	  	Number/Employer
	 	  	dating below.	  	Identification Number
	 	  	 	  	_____________
	====================================================================================================
			
	Department of the Treasury/ Internal Revenue Service	  	Certification - Under penalties of Perjury, I certify that (i) the number shown on this form is my correct taxpayer identification number, (ii) I am not subject to backup withholding
because:  (a) I am exempt from backup withholding, or (b) I have not been notified by the Internal Revenue Service (IRS) that I am subject to backup withholding as a result of a failure to report all interest or dividends, or (c) the IRS
has notified me that I am no longer subject to backup withholding, and (iii) I am a U.S. person.	  	 
	
	—  —  —  —  —  —  —  —  —  —  —  —  — 
 —  —  —  —  —  —  —  —  —  —  —  —  — 
 —  —  —  —  —  —  —  —  —  —  —
			
	 	  	Name __________________________	  	 
			
	 	  	Address ________________________	  	 
			
	 	  	Signature __________________________	  	Date __________________________
	
	====================================================================================================

  

	NOTE:	FAILURE TO COMPLETE AND RETURN THIS FORM MAY RESULT IN BACK-UP WITHHOLDING OF THAT RATE PROVIDED BY U.S. FEDERAL INCOME TAX LAW OF ANY PAYMENTS MADE TO YOU UNDER THE THIRD AMENDED
AND RESTATED EXCHANGE AND REGISTRATION RIGHTS AGREEMENT OF TRUMP ENTERTAINMENT RESORTS, INC.

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