Document:

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                                                                     Exhibit 4.9

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                             PREFERRED SHIP MORTGAGE

                                 $98,318,332.12

                              TRUMP INDIANA, INC.,
                                  as Mortgagor

                           One Buffington Harbor Drive
                               Gary, Indiana 46406

                                       to

                         U.S. BANK NATIONAL ASSOCIATION,
                 in its capacity as Collateral Agent under that
      certain Priority Intercreditor Agreement, dated as of March 25, 2003,
                                  as Mortgagee

                             U.S. Bank Trust Center
                              180 East Fifth Street
                            St. Paul, Minnesota 55101

                           Dated as of March 25, 2003

                                   ----------

                              Covering the whole of

                      TRUMP CASINO, Official Number 1039617

                                   ----------

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                             PREFERRED SHIP MORTGAGE

        THIS PREFERRED SHIP MORTGAGE is made as of March 25, 2003, by Trump
Indiana, Inc., a Delaware corporation having its principal office at One
Buffington Harbor Drive, Gary, Indiana 46406 (the "Mortgagor"), in favor of U.S.
BANK NATIONAL ASSOCIATION ("U.S. Bank"), a national banking association
organized under the law of the United States of America and having its principal
office at U.S. Bank Trust Center, 180 East Fifth Street, St. Paul, Minnesota
55101, in its capacity as collateral agent (in such capacity, together with its
successors and assigns in such capacity, the "Collateral Agent") under that
certain Priority Intercreditor Agreement, dated as of March 25, 2003 (the
"Mortgagee").

                                    RECITALS

FIRST:          The Mortgagor is the sole owner of the whole (100%) of the
                vessel TRUMP CASINO, Official Number 1039617, which is
                documented under and pursuant to the laws of the United States
                of America.

SECOND:         The Mortgagor has previously executed a First Preferred Ship
                Mortgage effective as of the date hereof (as amended, amended
                and restated, supplemented or otherwise modified from time to
                time, the "First Preferred Ship Mortgage"), in favor of U.S.
                Bank, in its capacity as Collateral Agent (in such capacity,
                together with its successors and assigns in such capacity, the
                "First Mortgagee"), pursuant to that certain indenture, dated as
                of March 25, 2003 (as amended, amended and restated,
                supplemented or otherwise modified from time to time, the "First
                Priority Indenture"), by and among U.S. Bank in its capacity as
                first priority trustee, Trump Casino Holdings, LLC ("Holdings")
                and Trump Casino Funding, Inc. ("Funding") as issuers (together
                the "First Priority Issuers"), and the Mortgagor, THCR
                Management Holdings, LLC, THCR Management Services, LLC, and
                Trump Marina Associates, L.P., and certain other subsidiaries as
                guarantors. Pursuant to the First Priority Indenture, the First
                Priority Issuers have agreed to issue $425,000,000 aggregate
                principal amount of 11 5/8% first priority mortgage notes due
                2010 (the "First Priority Notes"). It is contemplated that the
                First Priority Issuers under the First Priority Indenture may,
                after the date hereof, issue (a) exchange notes and private
                exchange notes (the "First Priority Mortgage Exchange Notes")
                and (b) additional notes in an aggregate principal amount of up
                to $25,000,000 (the "Additional First Priority Mortgage Notes";
                together with the First Priority Mortgage Exchange Notes and the
                First Priority Notes, collectively, the "First Notes") pursuant
                to the provisions of the First Priority Indenture. The First
                Notes are secured in the maximum amount of $450,000,000 by the
                First Preferred Ship Mortgage, which was filed with the National
                Vessel Documentation Center of the U.S. Coast Guard prior in
                time to this Mortgage.

THIRD:          The First Mortgagee has consented to the Mortgagor granting this
                Mortgage on the U.S.-flag vessel TRUMP CASINO, Official Number
                1039617, to the Mortgagee, provided that this Mortgage is
                subordinated to the First Preferred Ship Mortgage pursuant to
                the terms contained in Article VI of this Mortgage.

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FOURTH:         U.S. Bank, in its capacity as second priority trustee (in such
                capacity, together with its successors and assigns in such
                capacity, the "Second Priority Trustee") has entered into that
                certain indenture, dated as of March 25, 2003 (as amended,
                amended and restated, supplemented or otherwise modified from
                time to time, the "Second Priority Indenture"), with Holdings
                and Funding as issuers (together the "Second Priority Issuers"),
                and the Mortgagor, THCR Management Holdings, LLC, THCR
                Management Services, LLC, and Trump Marina Associates, L.P., and
                certain other subsidiaries as guarantors (all such guarantors,
                collectively, the "Guarantors"). Pursuant to the Second Priority
                Indenture, the Second Priority Issuers have agreed to issue
                $65,000,000 aggregate principal amount of 17 5/8% second
                priority mortgage notes due 2010 (the "Second Priority Notes").
                It is expressly understood and agreed that the Second Priority
                Issuers under the Second Priority Indenture shall pay a portion
                of the interest on the Second Priority Notes by the issuance of
                pay-in-kind notes in an aggregate principal amount of up to
                $33,318,332.12 (the "PIK Notes"). It is contemplated that the
                Second Priority Issuers under the Second Priority Indenture may,
                after the date hereof, issue exchange notes and private exchange
                notes (the "Second Priority Mortgage Exchange Notes"; together
                with the PIK Notes and the Second Priority Notes, the "Notes")
                pursuant to the provisions of the Second Priority Indenture. In
                accordance with the terms of the Second Priority Indenture, the
                Mortgagor has executed a guarantee (the "Second Priority
                Guarantee") in favor of the Second Priority Trustee and for the
                benefit of the holders of the Notes. A copy of the Second
                Priority Indenture, in the form executed (with the forms of the
                Notes and the Second Priority Guarantee attached, but without
                the other exhibits), is attached hereto as Exhibit A and
                incorporated by reference herein, with the same force and effect
                as if fully set forth in this Mortgage.

FIFTH:          The repayment obligations under the Notes are or will be
                evidenced by the Second Priority Indenture and by separate
                promissory notes of the Second Priority Issuers substantially in
                the forms attached as exhibits to the Second Priority Indenture,
                due and payable in the amounts and upon the terms and conditions
                set forth therein, to the order of the payees therein named,
                with interest as set forth in or by reference in the Notes.

SIXTH:          The Mortgagee is the Collateral Agent under that certain
                Priority Intercreditor Agreement, dated as of March 25, 2003 (as
                amended, amended and restated, supplemented or otherwise
                modified from time to time, the "Priority Intercreditor
                Agreement"), among the Collateral Agent, the Second Priority
                Trustee, and U.S. Bank in its capacity as first priority trustee
                under the First Priority Indenture. A copy of the Priority
                Intercreditor Agreement, in the form executed (without the
                exhibits), is attached hereto as Exhibit B and incorporated by
                reference herein, with the same force and effect as if fully set
                forth in this Mortgage.

SEVENTH:        Pursuant to the Second Priority Indenture and the Second
                Priority Guarantee, the Mortgagor has guaranteed to the
                Mortgagee, as Collateral Agent for the benefit of the Second
                Priority Trustee and the other Secured Parties (as hereinafter

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                defined), the payment and performance when due of the Secured
                Obligations (as hereinafter defined). The Mortgagor will receive
                substantial benefits from the execution, delivery and
                performance of the Secured Obligations, and the Mortgagor
                therefore desires to enter into this Mortgage in order to
                perform the Secured Obligations.

EIGTH:          The Mortgagor has duly authorized and directed the execution of
                this Mortgage as a preferred ship mortgage on the U.S.-flag
                vessel TRUMP CASINO, Official Number 1039617, under the
                provisions of Chapter 313 of Title 46 of the United States Code
                ("Chapter 313") in favor of the Mortgagee for the benefit of the
                Second Priority Trustee and the other Secured Parties, to secure
                the payment and performance of all of the Secured Obligations.

        NOW, THEREFORE, in consideration of the premises and other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, and in order to secure the due and prompt payment of the Secured
Obligations (as defined below), including the principal thereof and interest
thereon, and such additional sums as the Mortgagor may be obligated to pay under
the agreements, covenants, terms and conditions contained in this Mortgage, and
in order to secure the performance and observance of and compliance with all the
agreements, covenants, terms and conditions contained in the Second Priority
Indenture, the Notes, and the Second Priority Guarantee:

        THE MORTGAGOR hereby grants, conveys, mortgages, transfers, assigns,
pledges, hypothecates, sets over and confirms unto the Mortgagee, its successors
and assigns, on a subordinated basis consistent with Article VI below, the whole
(100%) of the vessel TRUMP CASINO, Official Number 1039617, which is documented
under and pursuant to the laws of the United States of America, together with
all of its engines, boilers, machinery, covers, masts, bowsprits, boats, spars,
anchors, cables, chains, rigging, tackle, capstans, fittings, tools, pumps and
pumping equipment, gear, apparel, furniture, equipment, spare parts, supplies,
accessions and accessories and all other appurtenances thereunto appertaining
and belonging, whether now owned or hereafter acquired, whether on board or not
and also any and all additions, improvements and replacements hereafter made in,
for or to such vessel, or any part thereof, or in or to its equipment and
appurtenances aforesaid, and all proceeds of the foregoing (all of the foregoing
referred to herein as the "Vessel");

        TO HAVE AND TO HOLD the Vessel unto the Mortgagee, its successors and
assigns, and to its, and its successors' and assigns' own use, benefit and
behoof, forever, upon the terms set forth herein;

        PROVIDED, HOWEVER, that if the Mortgagor shall pay or cause to be paid
in full to the Mortgagee all outstanding and unpaid Secured Obligations, then
upon payment by the Mortgagor of any recording or other fees attendant to filing
the satisfaction of this Mortgage with the National Vessel Documentation Center
of the United States Coast Guard and thenceforth this Mortgage and everything
herein contained shall cease and be null and void; otherwise this Mortgage shall
be and remain in full force and effect; and

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        FURTHER PROVIDED, HOWEVER, that the Vessel is mortgaged to the Mortgagee
subject to the following further representations, warranties, covenants,
agreements, conditions and provisions of this Mortgage.

                                    ARTICLE I

                                   DEFINITIONS

        1.1     General Definitions. Capitalized terms not otherwise defined
herein shall have the meanings provided in the Second Priority Indenture. The
following terms shall have the respective meanings specified:

        "Person" shall have the meaning assigned to the term "person" in the
Second Priority Indenture.

        "Secured Obligations" shall mean all obligations (whether or not
constituting future advances, obligatory or otherwise) of the Second Priority
Issuers, the Mortgagor, and any and all of the other Guarantors from time to
time arising under or in respect of this Mortgage, the Second Priority
Indenture, the Notes, the Second Priority Guarantee, and the other Collateral
Documents (as such term is defined in the Second Priority Indenture) (including,
without limitation, the obligations to pay principal, interest and all other
charges, fees, expenses, commissions, reimbursements, premiums, indemnities and
other payments related to or in respect of the obligations contained in this
Mortgage, the Second Priority Indenture, the Second Priority Guarantee, the
Notes and the other Collateral Documents), in each case whether (i) such
obligations are direct or indirect, joint or several, absolute or contingent,
due or to become due whether at stated maturity, acceleration or otherwise, (ii)
arising in the regular course of business or otherwise, (iii) for payment or
performance, and/or (iv) now existing or hereafter arising (including, without
limitation, interest and other obligations arising or accruing after the
commencement of any bankruptcy, insolvency, reorganization or similar proceeding
with respect to the Second Priority Issuers, the Mortgagor, any other Guarantor,
or any other Person, or which would have arisen or accrued but for the
commencement of such proceeding, even if such obligation or the claim therefor
is not enforceable or allowable in such proceeding).

        "Secured Parties" shall mean, collectively, the Mortgagee in its
capacity as Collateral Agent under the Priority Intercreditor Agreement, the
Second Priority Trustee under the Second Priority Indenture, and the holders of
the Notes.

                                   ARTICLE II

                         REPRESENTATIONS AND WARRANTIES

        The Mortgagor hereby represents, warrants, covenants and agrees as
follows:

        2.1     Mortgage is Legal, Valid and Binding. This Mortgage constitutes
a legal, valid and binding obligation of the Mortgagor and, upon the filing
hereof with the National Vessel Documentation Center of the United States Coast
Guard, will create a preferred mortgage upon the Vessel under Chapter 313 that
is enforceable against the Mortgagor in accordance with its terms.

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        2.2     Title to Vessel. The Mortgagor is the sole, true and lawful
owner and is lawfully possessed of the Vessel, and the Mortgagor owns all right,
title and interest in and to the Vessel free and clear of all complaints in rem,
libels, liens (maritime or otherwise), charges, claims, security interests,
mortgages or other encumbrances of any kind or nature except for Permitted
Liens.

        2.3     Citizen of United States. The Mortgagor is a citizen of the
United States of America within the meaning of Section 2 of the Shipping Act,
1916, as amended, for the purpose of operating the Vessel in the U.S. coastwise
trade and is entitled to own and operate the Vessel in the U.S. coastwise trade
under its Certificate of Documentation.

                                   ARTICLE III

                                    COVENANTS

        The Mortgagor covenants and agrees as follows:

        3.1     Covenants in Second Priority Indenture. The Mortgagor will fully
perform all covenants, agreements, obligations and conditions required of the
Mortgagor in the Second Priority Indenture.

        3.2     Maintain Citizenship and Documentation of Vessel. The Mortgagor
shall maintain the documentation and registry of the Vessel under the laws of
the United States of America, and shall maintain the same hailing port for the
Vessel as set forth in its current Certificate of Documentation unless a change
of said port is authorized by the Mortgagee. The Mortgagor shall continue to be
a citizen of the United States of America entitled to own and operate the Vessel
in the U.S. coastwise trade under its Certificate of Documentation, which the
Mortgagor shall maintain in full force and effect.

        3.3     Title to Vessel. Except to the limited extent permitted under
Section 3.11 of this Mortgage, the Mortgagor shall continue to own and possess
the whole of the Vessel free from all complaints in rem, libels, liens (maritime
or otherwise), charges, claims, security interests, mortgages, pledges or other
encumbrances of any kind or nature except for Permitted Liens. The Mortgagor
hereby does and will forever warrant and defend the title and possession of the
Vessel, and each part thereof, for the benefit of the Mortgagee, against any and
all claims and demands whatsoever.

        3.4     Preservation of Mortgage Lien. The Mortgagor will comply with
and not permit the Vessel to be operated contrary to applicable law, including,
without limitation, Chapter 313, and will take any and all such other action as
may be required from time to time in order to establish, record and maintain
this Mortgage as a valid preferred mortgage under Chapter 313 on the Vessel in
accordance with the terms hereof.

        3.5     Transfer of Vessel. The Mortgagor shall not sell or transfer the
Vessel, or place or permit the Vessel to be placed under any foreign
registration or flag or change the hailing port of the Vessel, or do or suffer
or permit anything to be done, including placing the Vessel under charter, which
would or might adversely affect the registration or documentation of the Vessel

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under the laws or regulations of the United States of America, without the prior
written consent of the Mortgagee.

        3.6     Taxes. The Mortgagor will from time to time pay or discharge or
cause to be paid or discharged, as they become due and payable, all taxes,
assessments, and governmental charges levied or assessed or imposed upon the
Vessel; provided, however, that the Mortgagor shall have the rights to contest
the same that are specified in the Second Priority Indenture.

        3.7     Seizure of Vessel. If the Vessel shall at any time, while
subject to the lien hereof, be libeled, seized, detained, levied or attached
under process or color of legal authority for any cause whatsoever, the
Mortgagor will forthwith notify the Mortgagee in writing and, without expense to
the Mortgagee, within fourteen (14) days from the time of such libel, seizure,
detention, levy or attachment, either cause the Vessel to be released by filing
an undertaking or stipulation or otherwise as may be lawfully permitted or
furnish the Mortgagee additional security of a value acceptable to the
Mortgagee. If the Mortgagor shall fail or neglect to furnish additional security
to the Mortgagee or otherwise to release the Vessel from libel, seizure,
detention, levy or attachment, the Mortgagee may (but need not) furnish security
to release the Vessel, and if, as a result of such libel, seizure, detention,
levy or attachment, the Vessel shall be sold at a marshal's sale or otherwise
under legal process, any insurance money, excess proceeds and other sums
recoverable with respect to the Vessel shall be paid to the Mortgagee and shall
be applied against the Secured Obligations.

        3.8     Insurance. The Mortgagor will obtain and maintain insurance with
respect to the Vessel as required by the Second Priority Indenture.

        3.9     Operation and Maintenance of Vessel. The Mortgagor will operate
or take all actions necessary to cause the Vessel to be operated in full
compliance with (a) each applicable law, treaty, convention, order, rule or
regulation of the United States of America, any state or any other jurisdiction
(foreign or otherwise) wherein operated or any department or agency thereof,
including without limitation the Federal Maritime Commission, the U.S. Maritime
Administration, the U.S. Department of Transportation, the U.S. Department of
Homeland Security, the U.S. Coast Guard, the U.S. Bureau of Customs, the U.S.
Department of the Treasury, and the Federal Communications Commission. The
Mortgagor will not remove the Vessel from the limits of the United States of
America. The Mortgagor will at all times and at its own cost and expense
maintain and preserve the Vessel in good condition, working order and repair,
ordinary wear and tear excepted, and will cause the Vessel to be kept fully
equipped and such equipment to be kept in good condition, working order and
repair, ordinary wear and tear excepted.

        3.10    Creation of Liens. Neither the Mortgagor nor any other Person
(including without limitation any master or charterer of the Vessel) has or
shall have any right, power or authority to create, incur or permit to be placed
or imposed upon the Vessel, or any part thereof, any lien whatsoever other than
the lien of the First Preferred Ship Mortgage, the lien of this Mortgage, other
liens in favor of the Mortgagee, and Permitted Liens.

        3.11    Requisition of Title to Vessel. In the event that title or
ownership of the Vessel shall be requisitioned, purchased or taken by any
government of any country or any agent

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thereof, the lien of this Mortgage shall be deemed to attach to the claim for
compensation, and the compensation, purchase price, reimbursement or award shall
be payable to the Mortgagee. The Mortgagor shall promptly execute and deliver
such documents, if any, and shall promptly do and perform such acts, if any, as
in the opinion of the Mortgagee may be necessary or useful to facilitate or
expedite the collection by the Mortgagee of such compensation, purchase price,
reimbursement or award.

        3.12    Notice of Loss or Adverse Claim. The Mortgagor shall forthwith
give notice by letter and telecopy to the Mortgagee in the event of (a) the
actual total loss of the Vessel, (b) any requisition of the use of or title to,
or seizure or forfeiture of, the Vessel by any governmental authority or any
other party, or the attachment, levying upon, filing of an action in rem
against, detention, sequestration or taking into custody of the Vessel in
connection with any proceeding, (c) any marshal's or other sale of the Vessel,
or (d) any casualty, accident or damage to the Vessel involving an amount in
excess of $1,000,000.

        3.13    Copies of Mortgage and Notice. The Mortgagor shall carry, or
cause to be carried, a certified copy of this Mortgage and of any amendments and
supplements hereto, or assignments hereof, on board the Vessel with the Vessel's
documents and will exhibit the same or cause the same to be exhibited, on
demand, to any Person having business with the Vessel that might give rise to a
maritime lien thereon and to any representative of the Mortgagee. The Mortgagor
shall cause to be placed and kept prominently displayed in the wheelhouse and in
the Captain's cabin on the Vessel a notice reading as follows, printed in plain
type of such size that the paragraph of reading matter shall cover a space not
less than six inches wide by nine inches high, and protected from exposure to
the elements:

                               NOTICE OF MORTGAGE

        This Vessel is owned by Trump Indiana, Inc., and is subject to a First
        Preferred Ship Mortgage in favor of U.S. Bank National Association, as
        first priority mortgagee and Collateral Agent, and a Preferred Ship
        Mortgage in favor of U.S. Bank National Association, as second priority
        mortgagee and Collateral Agent, under authority of Chapter 313 of Title
        46 United States Code. Under the terms of said Preferred Ship Mortgage,
        neither the owner of this Vessel, nor any one on the owner's behalf, nor
        the Master of this Vessel nor any other person has any right, power or
        authority to create, incur or permit to be placed or imposed upon this
        Vessel, any lien whatsoever, other than the lien of said Mortgages and
        liens for wages of crew or the Master of the Vessel arising from the
        current voyage, for wages of stevedores when employed directly by the
        Vessel, or for general average or salvage.

        3.14    Further Action. From time to time the Mortgagor shall, and the
Mortgagee may on behalf of the Mortgagor, execute and deliver such other and
further instruments and assurances and take such other actions as in the opinion
of the Mortgagee's counsel may reasonably be required to subject the Vessel more
effectually to the lien hereof and to the payment of the Secured Obligations and
for operation of the Vessel as herein provided, and (in case of an Event of
Default) to effectuate sales as provided in Article IV hereof.

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                                   ARTICLE IV

                                     DEFAULT

        4.1     Events of Default. The occurrence of any of the following events
shall constitute an event of default (an "Event of Default"):

        (a)     An Event of Default as such term is defined in either the Second
Priority Indenture shall occur and be continuing under the Second Priority
Indenture; or

        (b)     The Mortgagor shall fail to perform any covenant contained
herein and such failure shall continue for a period of thirty (30) days after
the Mortgagor obtains notice thereof.

        4.2     Remedies. If an Event of Default shall have occurred and be
continuing, then the Mortgagee may, in every case and concurrently or
separately:

        (a)     Exercise any or all remedies available to the Mortgagee under
the Second Priority Indenture, the Notes, the Second Priority Guarantee, or the
Collateral Documents, including, without limitation, acceleration of payment of
all Secured Obligations;

        (b)     Exercise all the rights and remedies provided: (i) under this
Mortgage; and (ii) in foreclosure and otherwise given to mortgagees by the
provisions of Chapter 313 and acts amendatory thereof and supplementary thereto,
or the applicable law of any other jurisdiction;

        (c)     Exercise any other right or remedy provided by law or agreement,
including, without limitation, the right to recover deficiency or other judgment
for any amount due under the Second Priority Indenture, the Notes, the Second
Priority Guarantee, or hereunder;

        (d)     Take and enter into possession of the Vessel, at any time,
wherever the same may be, without legal process and without being responsible
for loss or damage, and the Mortgagor or other Person in possession shall
forthwith, upon demand of the Mortgagee, surrender to the Mortgagee possession
of the Vessel and the Mortgagee may, without being responsible for loss or
damage except in case of the Mortgagee's own gross negligence, willful
misconduct or bad faith, hold, lay up, lease, charter, operate or otherwise use
the Vessel for such time and upon such terms as it may deem to be for its best
advantage, accounting only for the net profits, if any, arising from such use of
the Vessel and charging upon all receipts from the use of the Vessel or from any
sale thereof or from the exercise of any of the powers conferred by subparagraph
(e) next following, all costs, expenses, charges, damages or losses by reason of
such use and with the right to dock the Vessel free of charge at the Mortgagor's
dock located at Buffington Harbor, Gary, Indiana (or elsewhere at the
Mortgagor's expense);

        (e)     Demand, collect, receive, compromise and sue for, so far as may
be permitted by law, in the name of the Mortgagor, all earnings, revenues,
income and profits of the Vessel, all amounts due from insurers under any
insurance thereon as payments of losses or as return premiums or otherwise, all
salvage awards and recoveries, all recoveries in general average or otherwise,
and all other sums due or to become due in respect of the Vessel, or in respect
of any insurance thereon, from any Person whomsoever, and to make, give and
execute in the name of the Mortgagor acquittances, receipts, releases or other
discharges for the same, and to endorse

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and accept in the name of the Mortgagor all instruments in writing with respect
to the foregoing, and the Mortgagor does hereby irrevocably appoint the
Mortgagee the true and lawful attorney-in-fact of the Mortgagor, upon the
happening of an Event of Default, to do all said acts; and

        (f)     Take and enter into possession of the Vessel at any time,
wherever the same may be, without legal process and, if it seems desirable to
the Mortgagee and without being responsible for loss or damage except in case of
the Mortgagee's own gross negligence, willful misconduct or bad faith, sell the
Vessel upon such terms and conditions as the Mortgagee may determine, free from
any claim of or by the Mortgagor, at a public sale or sales after advertisement
or at a private sale or sales after notice to the Mortgagor, at any place as the
Mortgagee may specify and in such commercially reasonable manner as the
Mortgagee may deem advisable.

        In any suit to enforce its rights, powers or remedies, the Mortgagee
shall be entitled as a matter of right (i) to the appointment of a receiver or
receivers of the Vessel and the earnings thereof with full rights and powers to
use and operate the Vessel, and (ii) to a decree ordering and directing the sale
and disposition of the Vessel. The Mortgagee may become the purchaser at the
said sale, and the Mortgagee shall have the right to credit on the purchase
price any and all sums of money due to the Mortgagee hereunder.

        Each and every right and remedy provided in this Section 4.2 shall be
cumulative and in addition to every other remedy given hereunder or otherwise
existing. The exercise of any right or remedy shall not be construed to be a
waiver of the right to exercise at the same time or thereafter any other right
or remedy. No waiver, delay or omission by the Mortgagee in the exercise of any
right or remedy accruing upon any Event of Default shall impair the Mortgagee's
right to exercise such right or remedy or be construed to be a waiver of any
such Event of Default or to be any acquiescence therein. Nothing contained
herein shall limit any rights or remedies available to the Mortgagee under the
Second Priority Indenture, the Notes, the Second Priority Guarantee, or the
Collateral Documents, regardless of the existence of an Event of Default.

        Nothing in this Section 4.2 shall be interpreted in such manner as to
permit the Mortgagor to act unreasonably or exercise any remedies contrary to
applicable law.

        4.3     Application of Moneys. The proceeds of any judicial or other
sale of the Vessel and the net earnings from any management, charter, lease,
operation or other use of the Vessel, under any of the powers specified in
Section 4.2, together with the proceeds of any insurance, claim for damages, or
judgment and any other moneys received from or for the account of the Mortgagor
pursuant hereto or otherwise shall be applied in accordance with the provisions
of the Second Priority Indenture and the Priority Intercreditor Agreement.

        4.4     Advances and Entry by Mortgagee. If the Mortgagor shall default
in the performance or observance of any of the covenants in this Mortgage, the
Mortgagee may, in its discretion, do any act or make any expenditures the
Mortgagee deems necessary or appropriate to remedy such default or protect the
Mortgagee's rights, including, without limitation of the foregoing, the
obtaining of insurance, the payment and discharge of taxes and liens, entry upon

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the Vessel to make repairs (and for that purpose docking and maintaining the
Vessel) and defending suits. The Mortgagor shall reimburse the Mortgagee on
demand for any and all reasonable expenditures so made or incurred. Until the
Mortgagor has so reimbursed the Mortgagee for such expenditures, advances and
expenses, the amount thereof shall be a debt due from the Mortgagor to the
Mortgagee, and payment thereof shall be secured by the lien of this Mortgage.

        4.5     Sales, etc. of Certain Assets. Unless and until one or more
Events of Default shall occur and be continuing, the Mortgagor: (a) shall be
permitted to retain actual possession and use of the Vessel; and (b) shall have
the right, from time to time, in its discretion and without application to the
Mortgagee, and without obtaining a release therefrom by the Mortgagee, to
dispose of free from the lien hereof any engines, boilers, machinery, covers,
masts, bowsprits, boats, spars, anchors, cables, chains, rigging, tackle,
capstans, fittings, tools, pumps and pumping equipment, gear, apparel,
furniture, equipment, spare parts, supplies, accessions, accessories, or any
other appurtenances of the Vessel that are no longer useful, necessary,
profitable or advantageous in the operation of the Vessel, by first or
simultaneously replacing the same with new engines, boilers, machinery, covers,
masts, bowsprits, boats, spars, anchors, cables, chains, rigging, tackle,
capstans, fittings, tools, pumps and pumping equipment, gear, apparel,
furniture, equipment, spare parts, supplies, accessions, accessories, or other
appurtenances of not less than equal value at the time of replacement, which
shall forthwith become subject to the lien of this Mortgage as a preferred
mortgage thereon under Chapter 313 unless otherwise permitted by the Second
Priority Indenture.

                                    ARTICLE V

                                  MISCELLANEOUS

        5.1     Notices. All notices provided for herein shall be deemed to have
been given (unless otherwise required by the specific provision hereof in
respect of any matter) when delivered in the manner permitted in the Second
Priority Indenture.

        5.2     Other Security. This Mortgage is given to secure the Secured
Obligations in addition to other security and/or guaranties that may now or
hereafter secure the Secured Obligations. The Mortgagee shall have no duty to
exercise its rights or remedies under either this Mortgage or any other security
or guaranty in any particular order, and the Mortgagor waives any right to
require any marshalling of assets.

        5.3     Severability. If any provisions hereof shall be held invalid or
unenforceable according to law, the remaining provisions hereof shall not be
affected thereby and shall continue in full force and effect.

        5.4     Successors and Assigns. All the covenants, stipulations,
promises and agreements contained in this Mortgage shall bind and inure to the
benefit of the Mortgagor and the Mortgagee and their respective successors and
assigns; provided, however, that nothing in this Section 5.4 shall be deemed to
permit any sale or transfer of the Vessel otherwise prohibited hereunder.

                                       10

<PAGE>

        5.5     No Waiver. No provision of this Mortgage or any other document
and none of the actions or omissions to act by the Mortgagee contemplated
thereby shall be deemed to or shall constitute a waiver by the Mortgagee of the
preferred status of this Mortgage or of any of the benefits, privileges or
provisions given by Chapter 313.

        5.6     Governing Law.

        (a)     This Mortgage shall be governed by and construed in accordance
with the general maritime laws of the United States of America to the extent
applicable, and, to the extent that such laws are not applicable, the laws of
the State of New York as applied to contracts made and performed within the
State of New York, without regard to principles of conflicts of law.

        (b)     The Mortgagee acknowledges, understands and agrees that the
rules and regulations of the Indiana Gaming Commission (together with the
Indiana Riverboat Gambling Act, the "Gaming Laws") may impose certain licensing
or transaction approval requirements prior to the exercise of the rights and
remedies granted to it under this Mortgage with respect to gaming equipment on
board the Vessel that is subject to the Gaming Laws. In particular, the
Mortgagee acknowledges, understands and agrees that it may not take a direct
possessory interest in any gaming equipment, but will exercise such rights only
through an agent appropriately licensed or approved by the Indiana Gaming
Commission.

        (c)     Notwithstanding any other provision of this Mortgage to the
contrary, nothing in this Mortgage shall (i) effect any transfer of any
ownership interest (within the meaning of 68 Indiana Administrative Code 5) in
the Mortgagor or (ii) effect any transfer, sale, purchase, lease or
hypothecation of, or any borrowing or loaning of money against, or any
establishment of any voting trust agreement or other similar agreement with
respect to (all within the meanings of Indiana Code 4-33-4-21), any certificate
of suitability or any Gaming Licenses heretofore or hereafter issued to any
Person, including the Mortgagor, under any of the Gaming Laws.

        (d)     The Mortgagee acknowledges, understands and agrees that the
Indiana Gaming Commission reserves the right to disapprove and subsequently
cancel any contract that it determines does not comply with the Indiana
Riverboat Gambling Act, Title 68IAC and the regulations promulgated thereunder.

        5.7     Recording. For the purpose of recording this Mortgage as
required by Chapter 313, the total amount of the direct or contingent
obligations that are or may be secured by this Mortgage is NINETY-EIGHT MILLION
THREE HUNDRED EIGHTEEN THOUSAND THREE HUNDRED THIRTY-TWO AND AND 12/100 DOLLARS
($98,318,332.12), excluding interest, expenses and fees and any other amounts
for which the Mortgagee may become liable in connection with the performance of
Mortgage covenants. The discharge amount is the same as the total amount, and
there is no separate discharge amount for property other than the Vessel.

                                       11

<PAGE>

                                   ARTICLE VI

               SUBORDINATION TO THE FIRST PREFERRED SHIP MORTGAGE

        6.1     Subordination. So long as the First Preferred Ship Mortgage is
outstanding, this Mortgage is subject and subordinate thereto and all provisions
of this Mortgage shall be construed according to the following:

        (a)     Anything herein to the contrary notwithstanding, this Mortgage
is fully subject to and fully subordinate to the First Preferred Ship Mortgage,
and the rights, remedies, priorities and powers granted to the Mortgagee herein
are fully subject to and are fully subordinate to the corresponding rights,
remedies, priorities and powers granted to the First Mortgagee under the First
Preferred Ship Mortgage and may not be exercised in such a manner as to impair
or prejudice such rights, remedies, priorities and powers under the First
Preferred Ship Mortgage except as provided in this Article VI.

        (b)     This Mortgage has the right of succession on payment or
discharge of the First Preferred Ship Mortgage.

        (c)     So long as the First Preferred Ship Mortgage is outstanding the
Mortgagee may exercise the rights and remedies expressed herein only in
accordance with the terms and conditions of the Priority Intercreditor
Agreement.

        (d)     To the extent that the provisions of the First Preferred Ship
Mortgage require the Mortgagor to do something prohibited hereby or to refrain
from doing something required hereby, or require a distribution of funds other
than as provided herein, no Event of Default shall result from the Mortgagor's
compliance with such provisions. So long as any portion of the debt to the First
Mortgagee is outstanding, the Mortgagee may not require the Mortgagor to comply
with the provisions of this Mortgage to the extent that they require different
or additional performance than that required by the First Preferred Ship
Mortgage unless the Mortgagee has obtained the prior written consent of the
First Mortgagee.

        (e)     This Mortgage may be amended only in accordance with the
provisions of the Priority Intercreditor Agreement.

        (f)     Mortgagee acknowledges that the First Mortgagee owes no duty to
the Mortgagee in respect of this Mortgage, except that, in connection with the
sale of the Vessel by the First Mortgagee, the First Mortgagee shall provide the
Mortgagee with the same notice of sale that it provides any buyer.

         [The remainder of this page has been intentionally left blank.]

                                       12

<PAGE>

        IN WITNESS WHEREOF, the Mortgagor has caused this Preferred Ship
Mortgage to be executed by its duly authorized representative on March 25, 2003,
and delivered to be effective as of the date first above written.

                                      TRUMP INDIANA, INC.

                                      By: /s/ John P. Burke
                                         ---------------------------------------
                                      Name:  John P. Burke
                                      Title: Exec. V.P. and Treasurer

                                 ACKNOWLEDGEMENT

State of New York )
                  ) ss.:
County of New York)

         Before me, a Notary Public in and for said State and County, personally
appeared John P. Burke, to me known, who being duly sworn stated that he/she is
the Exec. V.P. and Treasurer of TRUMP INDIANA, INC., the corporation described
in and which executed the foregoing instrument; and that he/she signed his/her
name thereto pursuant to authority granted by the Board of Directors of said
corporation and acknowledged the same to be his/her act and deed as such on
behalf of said corporation.

        Witness my hand and Notarial Seal this 25th day of March, 2003.

                                            /s/ Paula S. Jaslow
                                            ------------------------------------
                                            Notary Public, State of New York
                                            No. 01JA5048244
                                            Qualified in New York County
                                            Commission Expires: December 1, 2005

My commission expires: 12/01/05

                                       13

<PAGE>

                           CONSENT OF FIRST MORTGAGEE

        U.S. BANK NATIONAL ASSOCIATION, in its capacity as Collateral Agent
under that certain Priority Intercreditor Agreement, dated as of March 25, 2003,
and mortgagee under that certain First Preferred Ship Mortgage dated as of March
25, 2003, HEREBY CONSENTS to the grant of the foregoing Preferred Ship Mortgage
in favor of U.S. Bank National Association, in its capacity as Collateral Agent
under said Priority Intercreditor Agreement and mortgagee under said Preferred
Ship Mortgage.

                                     U.S. BANK NATIONAL ASSOCIATION,
                                        in its capacity as Collateral Agent
                                        under that certain Priority
                                        Intercreditor Agreement, dated as of
                                        March 25, 2003, and mortgagee under that
                                        certain First Preferred Ship Mortgage,
                                        dated as of March 25, 2003

                                     By: /s/ Richard H. Prokosch
                                        ----------------------------------------
                                     Name:  Richard H. Prokosch
                                     Title: Vice President

                                 ACKNOWLEDGEMENT

State of New York )
                  ) ss.:
County of New York)

        Before me, a Notary Public in and for said State and County, personally
appeared Richard H. Prokosch, to me known, who being duly sworn stated that
he/she is the Vice President of U.S. Bank National Association, the bank
described in and which executed the foregoing Consent of First Mortgagee; and
that he/she signed his/her name thereto pursuant to authority granted by the
Board of said bank and acknowledged the same to be his act and deed as such on
behalf of said bank.

        Witness my hand and Notarial Seal this 25th day of March, 2003.

                                            /s/ Paula S. Jaslow
                                            ------------------------------------
                                            Notary Public, State of New York
                                            No. 01JA5048244
                                            Qualified in New York County
                                            Commission Expires: December 1, 2005

My commission expires: 12/01/05

                                       14<PAGE>

                                                                    Exhibit 10.1

                          TRUMP MARINA ASSOCIATES, L.P.
                        a New Jersey limited partnership

                   (formerly Trump's Castle Associates, L.P.)

                FOURTH AMENDED AND RESTATED PARTNERSHIP AGREEMENT

                                 March 25, 2003

<PAGE>

                          TRUMP MARINA ASSOCIATES, L.P.
                        a New Jersey limited partnership

                   (formerly Trump's Castle Associates, L.P.)

                FOURTH AMENDED AND RESTATED PARTNERSHIP AGREEMENT

        THIS FOURTH AMENDED AND RESTATED PARTNERSHIP AGREEMENT is entered into
by and between Trump Marina, Inc. (formerly Trump's Castle Hotel & Casino,
Inc.), a New Jersey corporation ("TMI"), as general partner, Trump Casino
Holdings, LLC, a Delaware limited liability company ("THC"), as the new limited
partner and Trump Hotels & Casino Resorts Holdings, L.P., a Delaware limited
partnership ("THCR Holdings"), as withdrawing limited partner. Each of TMI and
THC is referred to herein as a "Partner" and collectively they are the
"Partners."

                              PRELIMINARY STATEMENT

        Terms used in this Preliminary Statement which are not defined herein
have the respective meanings set forth in Article 2 of this Agreement.

        WHEREAS, TMI and Donald J. Trump ("Trump"), as general partners, and
Trump as limited partner, formed a partnership by entering into an Agreement of
Limited Partnership under the laws of the State of New Jersey on May 28, 1985,
and amended such agreement on December 14, 1988, August 8, 1990, February 7,
1992 and February 10, 1992, and further amended and restated such agreement as
set forth in an Amended and Restated Partnership Agreement dated May 29, 1992
(said Amended and Restated Partnership Agreement is referred to herein as the
"Prior Agreement"); and

        WHEREAS, in connection with the consummation of an exchange offer and
recapitalization of certain outstanding indebtedness of the Partnership, Trump,
TMI and TC/GP, Inc., a Delaware corporation ("TC/GP") amended and restated in
its entirety the Prior Agreement in a Second Amended and Restated Partnership
Agreement dated as of December 30, 1993 (the "Second Restated Agreement"), which
set forth their respective rights and obligations in connection with the
Partnership; and

        WHEREAS, in connection with the acquisition of all of the equity
interests in the Partnership by THCR Holdings, Trump, TMI and TC/GP amended the
Second Restated Agreement in an Amendment dated October 7, 1996 (the "Amended
Second Restated Agreement"), whereby Trump, TMI and TC/GP converted the
Partnership to a limited partnership governed by the New Jersey Uniform Limited
Partnership Law and set forth the respective limited and general partnership
interests of each Partner; and

        WHEREAS, Trump, TMI and TC/GP amended and restated the Amended Second
Restated Agreement to convert each of Trump's and TC/GP's remaining one (1%)
percent general partnership interests in the Partnership into one (1%) percent
limited partnership interests (the "Conversion") such that upon the consummation
of the Conversion, Trump had a 61.5% limited partnership interest in the
Partnership and TC/GP had a 37.5% limited partnership interest in the
Partnership and simultaneously with the Conversion, Trump and TC/GP contributed
their respective 61.5% or 37.5% limited partnership interest in the Partnership
to THCR Holdings, substituted THCR Holdings as a limited partner of the
Partnership in lieu of Trump and TC/GP to the full extent of the interest so
assigned, and entered into the Third Amended and Restated Partnership Agreement
dated October 7, 1996 (the "Current Agreement"); and

<PAGE>

        WHEREAS, in connection with the consummation of a refinancing of certain
outstanding indebtedness of the Partnership (the "Refinancing"), THCR Holdings,
the withdrawing limited partner, has contributed its 99% limited partnership
interest in the Partnership to TCH and substituted TCH as a limited partner of
the Partnership in lieu of THCR Holdings to the full extent of the interest so
assigned; and

        WHEREAS, TMI and TCH desire to change the name of the Partnership and to
restate their respective rights and obligations in connection with the
Partnership.

        NOW, THEREFORE, TMI and TCH agree that the Current Agreement is hereby
amended, restated and superseded in its entirety and that the Partnership is
hereby continued on the terms and conditions set forth herein, and further agree
as follows:

                                    ARTICLE 1

                                 CERTAIN MATTERS

        1.1     Name. The name of the Partnership shall be, and the business of
the Partnership shall be conducted under the name of, "Trump Marina Associates,
L.P." All contracts of the Partnership shall be made, all instruments and
documents executed, and all acts of the Partnership done, in the name of the
Partnership; and all properties of the Partnership shall be acquired, held and
disposed of in the name of the Partnership or in a designated nominee.

        1.2     Term. The Partnership shall continue in existence until December
31, 2041 or until the earlier termination of the Partnership in accordance with
the provisions of Article 13.

                                    ARTICLE 2

                                   DEFINITIONS

        The following definitions shall for all purposes, unless otherwise
clearly indicated to the contrary, apply to the terms used in this Agreement:

        "Affiliate" of any specified Person means any other Person directly or
indirectly controlling or controlled by or under direct or indirect common
control with such specified Person, and, with respect to any specified natural
Person, any other Person having a relationship with such specified Person by
blood, marriage or adoption not more remote than first cousin. For purposes of
this definition: "control" when used with respect to any specified Person means
the power to direct the management and policies of such Person, directly or
indirectly, whether through the ownership of voting securities, by contract or
otherwise; and the terms "controlling" and "controlled" have meanings
correlative to the foregoing.

        "Agreement" means this Fourth Amended and Restated Partnership
Agreement, as in effect from time to time.

        "Capital Account" has the meaning stated in Section 4.1.

        "Casino Control Act" means the New Jersey Casino Control Act and the
regulations promulgated thereunder, each as in effect from time to time.

                                      - 3 -

<PAGE>

        "Certificate of Interest" has the meaning stated in Section 15.15.

        "Certificate Transfer Ledger" has the meaning stated in Section 15.15.

        "Code" means the Internal Revenue Code of 1986, as in effect from time
to time.

        "General Partner" shall mean TMI, its successors and assigns.

        "Limited Partner" shall mean TCH, its successors and assigns.

        "Limited Partner Priority Capital" means, at any date, an amount equal
to $15 million, less distributions made pursuant to Section 5.7.

        "New Jersey Uniform Limited Partnership Law" means Sections 1 through 73
of Chapter 2A of Title 42 of the New Jersey Statutes Annotated, as in effect
from time to time.

        "Partner" means TMI and TCH, and permitted transferees, successors and
assigns of each.

        "Partnership" means Trump Marina Associates, L.P.

        "Partnership Interest" means the interest of a Partner in the
Partnership.

        "Partnership Percentage" has the meaning stated in Section 4.5.

        "Person" means any individual, partnership, corporation, company,
association, trust, joint venture, unincorporated organization, entity or
division, or any government, governmental department or agency or political
subdivision thereof.

        "Pledge Agreements" means any pledge agreement executed and delivered by
any Partner in connection with the consummation of the Refinancing.

        "Profits" and "Losses" mean, for each fiscal year or other period of the
Partnership, the amount of profits or losses, as the case may be, for such year
or period determined in the manner prescribed in Code Section 703(a) using the
tax accounting methods used for Federal income tax purposes and as prescribed in
Regulations under Code Section 704(b) reflecting the book adjustment of the
Capital Accounts as initially reflected in Article 4. Amounts, if any, allocated
and payable pursuant to Section 5.5 shall be treated as expenses for determining
such profits and losses.

        "Regulations" means the income tax regulations promulgated under the
Code, as such regulations may be amended from time to time (including
corresponding provisions of succeeding regulations).

        "TCH" has the meaning set forth in the Preamble to this Agreement.

        "TMI" has the meaning set forth in the Preamble to this Agreement.

        "Trump Marina" has the meaning stated in Article 3.

                                      - 4 -

<PAGE>

                                    ARTICLE 3

                                     PURPOSE

        The purpose and business of the Partnership is to conduct casino gaming
and to own and operate the Trump Marina Casino Resort and the ancillary
structures, marina and other facilities used or to be used in connection with
the operation thereof located in Atlantic City, New Jersey ("Trump Marina"),
with the power to: (i) buy, sell, lease, or enter into any transaction to
effectuate any of the foregoing; (ii) exercise complete control over Trump
Marina and all personal property attached to or used in connection therewith and
all securities or other interests or obligations arising out of the sale,
exchange or other disposition of Trump Marina or any of its properties by the
Partnership; (iii) borrow money for partnership purposes and otherwise mortgage,
pledge or encumber Trump Marina or any part thereof either directly or through
one or more nominee corporations; and (iv) do all things necessary, incidental,
desirable or appropriate in connection with the foregoing and related to the
operations, management and financing of Trump Marina.

                                    ARTICLE 4

                                CAPITAL ACCOUNTS

        4.1     Capital Accounts. A separate capital account shall be maintained
for each Partner (each a "Capital Account"). Capital Accounts shall be
maintained in accordance with the regulations promulgated under Section 704(b)
of the Code.

        4.2     Maintenance of Separate Capital Accounts. There shall be
credited to each Partner's Capital Account, as set forth in Section 4.1, each
Partner's share of the Profits of the Partnership allocated to such Partner
pursuant to Article 5 and any additional contributions to the capital of the
Partnership made by such Partner in accordance with Section 4.4. There shall be
charged against each Partner's Capital Account the amount of all cash
distributions made to such Partner (other than such distributions treated as
guaranteed payments pursuant to Section 5.5), such Partner's share of the Losses
of the Partnership allocated to such Partner pursuant to Article 5 and the fair
market value of any property (other than cash) distributed to such Partner.

        4.3     Capital Account Determinations. Except as otherwise provided in
this Agreement, whenever it is necessary to determine the Capital Account of any
Partner for purposes of any provision hereof, the Capital Account of the Partner
shall be determined after giving effect to all capital contributions theretofore
made to the Partnership and all allocations of Profits and Losses for
transactions effected prior to the time as of which such determination is made
and all distributions theretofore made. The Capital Account of any Partner,
including any additional or substitute partner, who shall receive a Partnership
Interest in the Partnership or whose Partnership Interest shall be increased by
means of a transfer to such Partner of all or a part of the Partnership Interest
of another Partner shall be credited with (or charged with) the transferor's
Capital Account (or an appropriate part thereof in the case of a partial
transfer of a Partnership Interest); and, in such event, corresponding
adjustments shall be made with respect to the Capital Account of the transferor
Partner.

        4.4     Additional Capital Contributions. No Partner shall be obligated
to make any additional contributions to the capital of the Partnership or, as
between Partners, to restore any deficit in its Capital Account. If a Partner
shall make any additional contributions to the capital of the Partnership, the
amount thereof shall be credited to such Partner's Capital Account; but, unless
otherwise agreed among the Partners at the time such contribution is made, such
Partner will not be

                                      - 5 -

<PAGE>

entitled to the return of such contribution prior to the termination of the
Partnership. No additional contribution made by a Partner will result in a
change in the Partnership Percentages of the Partners.

        4.5     Partnership Percentages. As of any date, each Partner's
"Partnership Percentage" shall mean such Partner's percentage interest in the
Profits and Losses of the Partnership determined in accordance with this Section
4.5. As of the date of this Agreement the Partnership Percentage of each Partner
is as follows:

<TABLE>
<CAPTION>
                                 GENERAL PARTNERSHIP         LIMITED PARTNERSHIP            PARTNERSHIP
PARTNER                          PERCENTAGE                  PERCENTAGE                     PERCENTAGE
--------------------------------------------------------------------------------------------------------
<S>                                  <C>                           <C>                         <C>
Trump Marina, Inc.                   1.0%                            --                         1.0%
--------------------------------------------------------------------------------------------------------
Trump Casino Holdings, LLC            --                           99.0%                       99.0%
--------------------------------------------------------------------------------------------------------
</TABLE>

                                    ARTICLE 5

                 ALLOCATIONS, CERTAIN PAYMENTS AND DISTRIBUTIONS

        5.1     Allocations. Except as is otherwise provided in this Agreement,
all Profits and Losses of the Partnership shall be allocated among the Partners
for each calendar year (or portion thereof) and credited or debited, as the case
may be, to their Capital Accounts as follows:

                5.1.1   Losses. Losses shall be allocated as follows: (A) First,
to those Partners with positive balances in their Capital Accounts in proportion
to and to the extent of the respective positive balances of such Capital
Accounts, until either the full amount of such Losses shall have been so
allocated or the Capital Account balances equal zero, and (B) next, in
accordance with the Partners' Partnership Percentages.

                5.1.2   Profits. Profits shall be allocated as follows: (A)
First, to those Partners with negative balances in their Capital Accounts, in
proportion to and to the extent of the respective negative balances of the
Capital Accounts, until either the full amount of such Profit shall have been so
allocated or the Capital Account balances of such Partners equal zero, (B) then,
if the ratio between the Capital Account balances of the Partners is other than
in the ratio of their then prevailing Partnership Percentages (determined for
this purpose without regard to any unrecovered amounts of Limited Partner
Priority Capital), there shall be credited to the Partners with the lesser
balance so much of the Profit as may be available to eliminate or reduce the
disparity and (C) next, in accordance with the Partners' Partnership
Percentages.

        5.2     Allocations for Tax Purposes.

                5.2.1   Except as otherwise provided in this Section 5.2,
Profits and Losses for all income tax purposes shall be allocated to the
Partners to the greatest extent practicable in a manner consistent with the
manner set forth in Sections 5.1.1 and 5.1.2 and Code Section 704(b) and (c) and
the Regulations promulgated thereunder. Except as provided in Section 5.2.5,
allocations pursuant to this Section 5.2 shall not be reflected in the Capital
Accounts of the Partners.

                                      - 6 -

<PAGE>

                5.2.2   Notwithstanding anything to the contrary in this
Agreement, if there is a net decrease in partnership minimum gain, as defined in
Regulation Section 1.704-2(b)(2), (except as a result of conversion or
refinancing of Partnership indebtedness, certain capital contributions or
revaluations 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). This Section 5.2.2 is intended to
comply with the minimum gain chargeback rule in said Section of the Regulations
and shall be interpreted consistently therewith. Allocations pursuant to this
Section 5.2.2 shall be made in proportion to the respective amounts required to
be allocated to each Partner pursuant hereto.

                5.2.3   Notwithstanding anything to the contrary in this
Agreement except Section 5.2.2, if there is a net decrease in minimum gain
attributable to partner nonrecourse debt, as determined in accordance with
Regulation Section 1.704-2(i)(2), 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 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 Section 5.2.3 is intended to comply with the
minimum gain chargeback requirement contained in Regulations Section
1.704-2(i)(4) and shall be interpreted consistently therewith. Allocations
pursuant to this Section 5.2.3 shall be made in proportion to the respective
amounts required to be allocated to each Partner pursuant hereto.

                5.2.4   If during any taxable year of the Partnership any
Partner unexpectedly receives an adjustment, allocation or distribution
described in Regulation Section 1.704-1(b)(2)(ii)(d)(4), (5) or (6), and such
Partner has a deficit Capital Account balance, there shall be allocated to such
Partner items of income and gain (consisting of a pro rata portion of each item
of Partnership income, including gross income and gain for such year) in an
amount and manner sufficient to eliminate such Partner's deficit Capital Account
balance as quickly as possible. This Section 5.2.4 is intended to constitute a
"Qualified Income Offset", under Regulation Section 1.704-1(b)(2)(ii)(d) and
shall be interpreted consistently therewith.

                5.2.5   Each Partner's Capital Account shall be charged for such
Partner's allocable share of expenditures of the Partnership (based on the
Partnership Percentages prevailing on the date such expenditures were made)
described in Section 705(a)(2)(B) of the Code (relating to expenditures which
are neither deductible nor properly chargeable to capital) and expenditures
which, pursuant to the Regulations under Section 704(b) of the Code, are
characterized as Section 705(a)(2)(B) expenditures.

                5.2.6   The amount of any partner nonrecourse deductions as
defined in Regulation Section 1.704-2(i)(2) attributable to debt of the
Partnership for which a Partner bears the economic risk of loss, within the
meaning of Regulation Section 1.752-2(d)(3), shall be specially allocated to
such Partner.

                5.2.7   To the extent an adjustment to the adjusted tax basis of
any Partnership asset pursuant to Section 732, 734 or 743 of the Code is
required to be taken into account in determining Capital Accounts in accordance
with Regulation Section 1.704-1(b)(2)(iv)(m), the amount of such adjustment to
the Capital Accounts shall be treated as an item of gain (if the adjustment
decreased such basis) and such gain or loss shall be specially allocated to the
Partners in a manner consistent with the manner in which their Capital Accounts
are required to be adjusted pursuant to such Section of the Regulations.

                                      - 7 -

<PAGE>

        5.3     Tax Elections. 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 discretion.

        5.4     Interim Closing of Books. In the event of a transfer of a
Partnership Interest or a change in the Partners' Partnership Percentages, then
Profits and Losses, each item thereof and all tax items shall be allocated to
the Partners by taking into account their varying interests during the taxable
year of the transfer or change in accordance with Section 706(d) of the Code,
using the interim closing of the books method.

        5.5     Certain Payments.

        The payments specified in this Section 5.5 shall be made to the
specified Partner for services or the use of capital and shall be treated as
"guaranteed payments" within the purview of Section 707(c) of the Code for
Federal income tax purposes and as expenses of the Partnership for purposes of
determining partnership Profits and Losses.

        Subject to the following provisions of this Section 5.5, the Limited
Partner shall be entitled to receive a distribution on February 25 and August 25
in each fiscal year (each a "distribution date") in respect of Limited Partner
Priority Capital unrecovered and outstanding during the period commencing on the
date immediately following the next preceding distribution date and ending on
such distribution date calculated at a rate per annum equal to 9.5%. The
Partnership shall pay such distribution in cash not later than the 30th day
following the applicable distribution date. If the Partnership shall be unable
to pay the entire amount of any such distribution in cash, the portion not paid
in cash shall be forgiven and shall not cumulate.

        5.6     Distributions. Except as prohibited by contractual obligations
of the Partnership entered into in accordance with the terms and provisions of
this Agreement, the General Partner may distribute to the Partners the net cash
flow of the Partnership from time to time in amounts as determined by the
General Partner in accordance with Partnership Percentage Interests.

        5.7     Priority Return of Limited Partner Priority Capital in Certain
Events. The Limited Partner shall be entitled to receive an amount equal to
Limited Partner Priority Capital upon any liquidation or winding-up of the
Partnership in priority to other distributions to the Partners.

                                    ARTICLE 6

                      MANAGEMENT AND OPERATION OF BUSINESS

        6.1     General Partner. The management and control of the business,
operations and activities of the Partnership shall be vested in and conducted by
the General Partner which shall be responsible for supervising the activities of
the Partnership's officers, employees and agents. Except as otherwise provided
expressly in this Agreement, the General Partner shall have full authority in
the name and on behalf of the Partnership to do all things deemed necessary or
desirable by it in the conduct of the business of the Partnership, including,
without limitation, the right to enter into and perform contracts of all kinds,
to bring and defend actions at law or in equity, to buy, own, manage, sell,
lease or otherwise acquire or dispose of Partnership assets, to pay all expenses
incurred by or on behalf of the Partnership, to borrow money and to grant
mortgages and security interests in Partnership property and to cause the
Partnership to enter into partnerships, joint ventures and similar arrangements.
The General Partner may delegate matters within the authority of the General
Partner hereunder to a third party, acting as agent for the General Partner,
pursuant to a management or similar agreement.

                                      - 8 -

<PAGE>

        6.2     Compensation and Reimbursement of Partners.

                6.2.1   Compensation of Partners. No Partner shall be entitled
to separate compensation for services as Partner.

                6.2.2   Reimbursement of Expenses. The Partners shall be
reimbursed by the Partnership for all expenses, disbursements, and advances
incurred or made in good faith to third parties for or on behalf of the
Partnership.

                                    ARTICLE 7

                                    OFFICERS

        7.1     Officers of the Partnership.

                7.1.1   Enumeration. The Partnership shall have a Chief
Executive Officer, a Chief Operating Officer, a Chief Financial Officer, a
Secretary and such other 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.

                7.1.2   Duties and Powers. Subject to law and to the other
provisions of this Agreement, each officer shall have such duties and powers as
are commonly incident to his or her office.

                7.1.3   Tenure. Each officer and agent shall retain his or her
authority at the pleasure of the General Partner.

        7.2     Resignations and Removals.

                7.2.1   Resignations. Any officer may resign by delivering his
or her resignation in writing to the General Partner. Such resignations shall be
effective upon receipt unless specified to be effective at some other time, and
without in either case the necessity of its being accepted unless the
resignation shall so state.

                7.2.2   Removal. The General Partner may at any time remove any
officer either with or without cause.

                                    ARTICLE 8

                     BOOKS, RECORDS, ACCOUNTING AND REPORTS

        8.1     Records and Accounting. The General Partner shall maintain a
standard, modern system of accounting in which full, true and correct entries
will be made of all dealings and transactions with respect to the Partnership's
business. All books of account and other records shall at all times be kept at
the principal office of the Partnership and shall be open to the inspection and
examination of the Partners or their representatives during reasonable hours.
All books and records of the Partnership shall be kept on an accrual basis of
accounting with the fiscal year as its annual accounting period which shall end
on the date of the final dissolution or termination of the Partnership. All
references in this Agreement to a "fiscal year" are to such an annual accounting
period. Any records maintained by the Partnership in the regular course of its
business, including the books of account, and records of Partnership proceedings
may be kept on, or be in the form of,

                                      - 9 -

<PAGE>

punch cards, magnetic tape, photographs, micrographics or any other information
storage device, provided that the records so kept are convertible into clearly
legible written form within a reasonable period of time. The books of the
Partnership shall be maintained for financial reporting purposes according to
generally accepted accounting principles.

        8.2     Fiscal Year. The fiscal year of the Partnership shall end on
December 31.

        8.3     Annual and Periodic Reports.

                8.3.1   Annual Statement; Annual Budget. The General Partner
shall, as soon as practicable, but in no event later than 90 days after the
close of each fiscal year, cause to be furnished to each Partner the combined
balance sheet of the Partnership and its combined subsidiaries as at the end of
such fiscal year and the combined statements of profit and loss, partners'
capital and cash flow for such year (all in reasonable detail), such combined
statements to be accompanied by reports or certificates of Ernst & Young, LLP,
auditors of the Partners and its consolidated subsidiaries, or other independent
certified public accountants of recognized national standing selected by the
General Partner.

                8.3.2   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, 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
generally accepted accounting principles 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.

                8.3.3   Other Information. From time to time upon request of any
Partner, the General Partner shall furnish to such Partner such other
information regarding the business, affairs and condition, financial or
otherwise, of the Partnership and its subsidiaries as such Partner may
reasonably request. The authorized officers and representatives of any Partner
shall have the right during normal business hours to examine the books and
records of the Partnership and each of its subsidiaries, to make copies, notes
and abstracts therefrom, and to make an independent examination of its books and
records.

                                    ARTICLE 9

                               INCOME TAX MATTERS

        9.1     Preparation of Tax Returns. The General Partner shall arrange
for the preparation (at the Partnership's expense) and timely filing of all
returns of Partnership income, gains, deductions and losses necessary for
federal and state income tax purposes. The General Partner shall use its best
efforts to furnish to the Partners within 60 days and in any event shall furnish
within 90 days of the close of the taxable year the tax information reasonably
required for federal and state income tax reporting purposes. A copy of the
Partnership's income tax returns will be furnished to any Partner upon request.
The classification, realization and recognition of income, gain, losses and
deductions and other items shall be on the accrual method of accounting for
federal income tax purposes. The taxable year of the Partnership shall end on
December 31.

                                     - 10 -

<PAGE>

        9.2     Tax Controversies. Subject to the provisions hereof, the
Partners hereby designate the General Partner as the "Tax Matters Partner" (as
defined in Section 6231 of the Code), and the General Partner is authorized and
required to represent the Partnership (at the Partnership's expense) in
connection with all examinations of the Partnership's affairs by tax
authorities, including resulting administrative and judicial proceedings, and to
expend Partnership funds for professional services and costs associated
therewith.

        9.3     Organizational Expenses. The Partnership shall elect to deduct
expenses, if any, incurred in organizing the Partnership ratably over a
sixty-month period as provided in Section 709 of the Code.

                                   ARTICLE 10

                              TRANSFER OF INTERESTS

        10.1    Transfer. The term "transfer," when used in this Article 10 with
respect to a Partnership Interest means a transaction by which the holder of a
Partnership Interest assigns the Partnership Interest or any part thereof to
another Person, and includes a sale, assignment, gift, pledge, encumbrance,
hypothecation, mortgage, exchange or any other disposition.

        10.2    Transfers Generally. No Partnership Interests shall be
transferred, in whole or in part, provided, that, the foregoing shall not apply
to the pledges pursuant to the Pledge Agreements.

Any transfer or purported transfer of any Partnership Interest not made in
accordance with this Section 10.2 shall be null and void.

                                   ARTICLE 11

                            [Intentionally omitted.]

                                   ARTICLE 12

                        ADMISSION OF ADDITIONAL PARTNERS

        12.1    Admission of Additional Partners. The General Partner may admit
additional Partners without the consent of the Partners. In admitting additional
Partners, the Partnership shall not be obligated to offer first to the existing
Partners the right to make additional capital contributions or subscriptions.
The Percentage Interest of each additional Partner shall be determined by the
General Partner.

        12.2    Amendment of Agreement in Connection with the Admission of
Additional Partners. For the admission to the Partnership of any Partner, the
Partners shall take all steps necessary and appropriate to prepare an amendment
of this Agreement reflecting the same.

                                   ARTICLE 13

                    TERMINATION AND WINDING-UP OF PARTNERSHIP

        13.1    Termination. The Partners hereby waive their right of partition
and agree not to do anything that would terminate the Partnership prior to the
expiration of its term without the prior written consent of the other Partners.
No Partner may voluntarily withdraw from the Partnership

                                     - 11 -

<PAGE>

without the prior written consent of all other Partners. Upon the withdrawal,
death, retirement or insanity of the General Partner, or any other event of
dissolution under the New Jersey Uniform Limited Partnership Law, the business
of the Partnership shall be wound up and terminated unless all remaining
Partners, within 90 days thereafter, agree in writing that the Partnership shall
be reconstituted and its business continued.

        13.2    Winding-Up of the Partnership. Upon any winding up of the
Partnership, the following shall be accomplished:

                13.2.1  The financial officers of the Partnership shall be
directed to prepare a balance sheet of the Partnership in accordance with
generally accepted accounting principles as of the date of dissolution, which
shall be reported upon by the Partnership's independent public accountants.

                13.2.2  The assets of the Partnership shall be liquidated by the
Partners as promptly as possible, but in an orderly and businesslike manner so
as not to involve undue sacrifice.

                13.2.3  The proceeds of sale of all or substantially all of the
property of the Partnership and all other assets of the Partnership to be
liquidated shall be applied and distributed as follows, and in the following
order of priority:

                        13.2.3.1        To the payment of debts and liabilities
of the Partnership and the expenses of liquidation not otherwise adequately
provided for; then

                        13.2.3.2        To the setting up of any reserves which
are reasonably necessary for any contingent liabilities or obligations of the
Partnership or of the Partners arising out of, or in connection with, the
Partnership; and then

                        13.2.3.3        The remaining proceeds, to the Partners
in proportion to and to the extent of their positive Capital Account balances
determined after giving effect to the allocations of Profits and Losses provided
for in Article 5 hereof.

                        13.2.3.4        The Partnership shall terminate when all
property and assets owned by the Partnership to be liquidated shall have been
disposed of, and the net sale proceeds, after payment of or provision for the
amounts specified in Sections 13.2.3.1 and 13.2.3.2, and any assets to be
distributed shall have been distributed to the Partners as provided herein.

                                   ARTICLE 14

                                AMENDMENTS; ETC.

        14.1    Amendments. The Partners may amend any provision of this
Agreement, and any provision of this Agreement may be waived, from time to time,
with a writing executed on behalf of each of the Partners.

        14.2    Non-Waiver. Except as expressly provided herein, no delay on the
part of any Partner in exercising any right hereunder shall operate as a waiver
thereof; nor shall any waiver by any Partner of any right hereunder or of any
failure to perform or breach hereof by any other Partner constitute or be deemed
a waiver of any other right hereunder or of any other failure to perform or
breach hereof by the same or any other Partner, whether of a similar or
dissimilar nature thereof.

                                     - 12 -

<PAGE>

                                   ARTICLE 15

                               GENERAL PROVISIONS

        15.1    Addresses and Notices. The address of each Partner for all
purposes initially shall be the address set forth in Exhibit A to this
Agreement. Any notice or communication required hereunder shall be in writing
and either delivered personally or by overnight courier service, or mailed first
class and registered, postage prepaid, to an officer of the addressee and shall
be deemed to be given when so delivered to, or if mailed when received at, such
initial address (or to such other address or addresses as such Person may
subsequently designate by notice given hereunder).

        15.2    Titles and Captions. The table of contents to this Agreement and
all article or section titles or captions in this Agreement are for convenience
only. They shall not be deemed part of this Agreement and in no way define,
limit, extend or describe the scope or intent of any provisions hereof.

        15.3    Pronouns and Plurals. Whenever the context may require, any
pronoun used in this Agreement shall include the corresponding masculine,
feminine or neuter forms, and the singular form of nouns, pronouns and verbs
shall include the plural and vice versa.

        15.4    Further Action. The parties shall execute and deliver all
documents, provide all information and take or refrain from taking action as may
be necessary or appropriate to achieve the purposes of this Agreement.

        15.5    Binding Effect. 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.

        15.6    Integration. This Agreement constitutes the entire agreement
among the parties pertaining to the subject matter hereof and supersedes all
prior agreements and understandings pertaining thereto, whether written or oral.

        15.7    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.

        15.8    Counterparts. This Agreement may be executed in counterparts,
all of which together shall constitute one agreement binding on all the parties,
notwithstanding that all the parties are not signatories to the original or the
same counterpart.

        15.9    Applicable Law; Jurisdiction. This Agreement shall be governed
by and construed in accordance with the laws of the State of New Jersey
regardless of the laws that might otherwise govern under applicable principles
of conflict of laws thereof. Each party hereto hereby expressly and irrevocably
agrees and consents that any action, suit or proceeding arising out of or
relating to this Agreement and the transactions contemplated hereby may be
instituted and maintained in any state or federal court sitting in Atlantic
County, New Jersey or in any federal court sitting in the State of New Jersey or
in any state or federal court sitting in the Borough of Manhattan in New York,
New York and, by execution of this Agreement, each party hereto expressly waives
any objection that it

                                     - 13 -

<PAGE>

may have now or hereafter to the venue or jurisdiction of any such action, suit
or proceeding and irrevocably submits to the jurisdiction of any such court in
any such action, suit or proceeding.

        15.10   Invalidity of Provisions. If any provision of this Agreement is
or becomes invalid, illegal or unenforceable in any respect, the validity,
legality and enforceability of the remaining provisions contained herein shall
not be affected thereby.

        15.11   Indemnification; Exculpation.

                15.11.1         Indemnification. The Partnership shall indemnify
and hold harmless each Partner, its Affiliates, any director of the General
Partner or an Affiliate of a director of the General Partner, any partner,
officer, director, employee, attorney or agent of a Partner, any Partner
Representative (as defined in the Third Amended and Restated Partnership
Agreement dated October 7, 1996) that served on Partnership's Board of Partner
Representatives prior to the date hereof and any Affiliate of such Persons (each
individually, an "Indemnitee") from and against any and all losses, claims,
demands, costs, damages, liabilities, joint and several, expenses of any nature
(including attorneys' fees and disbursements), judgments, fines, settlements and
other amounts arising from any and all claims, demands, actions, suits, or
proceedings, civil, criminal, administrative or investigative, in which the
Indemnitee may be involved, or threatened to be involved, as a party or
otherwise, arising out of or incidental to the business of the Partnership,
including without limitation liabilities under the Federal and state securities
laws, regardless of whether the Indemnitee continues to be a Partner, an
Affiliate of a Partner, a director of the General Partner or an Affiliate of a
director of the General Partner, or any partner, officer, director, employee,
attorney or agent of a Partner, a Partner Representative or an Affiliate of such
Persons at the time any such liability or expense is paid or incurred, but only
if such course of conduct does not constitute gross negligence or willful
misconduct; provided, however, that such indemnification or agreement to hold
harmless shall be recoverable only out of assets of the Partnership and not from
the Partners. The indemnification provided by this Section 15.11 shall be in
addition to any other rights to which an Indemnitee may be entitled under any
agreement, as a matter of law or equity, or otherwise, both as to action in the
Indemnitee's capacity as a Partner, an Affiliate of a Partner, a director of the
General Partner or an Affiliate of a director of the General Partner, or any
partner, officer, director, employee, attorney or agent of a Partner, a Partner
Representative or an Affiliate of such Persons and as to any action in another
capacity, and shall continue as to an Indemnitee who has ceased to serve in such
capacity and shall inure to the benefit of the heirs, successors, assigns and
administrators of the Indemnitee. No Indemnitee shall be denied indemnification
in whole or in part under this Section 15.11 by reason of the fact that the
Indemnitee had an interest in the transaction with respect to which the
indemnification applies if the transaction was fully disclosed to all Partners
who consented to such transaction.

                15.11.2         Exculpation. No director of the General Partner
shall have any liability to the Partnership or any Partner for monetary damages
for any action taken, or any failure to take any action, as a director of the
General Partner, except liability for (a) any improper financial benefit
received as a director of the General Partner; (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.

        15.12   [Intentionally omitted].

        15.13   Casino Control Commission Regulation. Notwithstanding anything
to the contrary in this Agreement:

                                     - 14 -

<PAGE>

                (i)     This Agreement will be deemed to include all provisions
required by the Casino Control Act and to the extent that anything contained in
this Agreement is inconsistent with the Casino Control Act, the provisions of
the Casino Control Act shall govern. All provisions of the Casino Control 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.

                (ii)    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 Commission under the
circumstances. It is the intent of this Section 15.13 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.

                (iii)   (a) All transfers (as defined by the Casino Control Act)
of securities (as defined by the Casino Control Act), shares and other interests
in the Partnership shall be subject to the right of prior approval by the
Commission; and (b) the Partnership shall have the absolute right to repurchase
at the market price or purchase price, whichever is the lesser, any security,
share or other interest in the Partnership in the event that the Commission
disapproves a transfer in accordance with the provisions of the Casino Control
Act.

                (iv)    Each Partner hereby agrees to cooperate reasonably and
promptly with the others in obtaining any and all licenses, permits or approvals
required by any governmental authority or deemed expedient by the Partners in
connection with the Casino Control Act.

                (v)     Each Partner shall have the right to offer to acquire
any Partnership Interest required to be disposed of pursuant to this Section
15.13 on the same basis as other potential purchasers, subject to the Casino
Control Act.

        15.14   Survival of Rights, Duties and Obligations. Termination of the
Partnership for any cause shall not release any party from any liability which
at the time of termination had already accrued to any other party or which
thereafter may accrue in respect of any act or omission prior to such
termination.

        15.15   Certificate of Interest.

                15.15.1         Form of Certificate of Interest. The interest of
each Partner in the Partnership shall be evidenced by a Certificate of Interest
in the form attached as Annex 15.15 hereto (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, or at the written
direction of, each of the Partners to the lawful holder of an interest in the
Partnership, upon payment by the issue of the full amount of the capital
contributions then due with respect to its interest in the Partnership
represented by such Certificate of Interest. All Certificates of Interest shall
be executed in the name of the Partnership by each of the Partners. Each
Certificate of Interest shall state on its face the name of the registered
holder thereof and the then interest in the Partnership held by the issue; and
shall bear, on both sides thereof, a statement of the restrictions imposed by
Section 105 of the Casino Control Act.

                                     - 15 -

<PAGE>

                15.15.2         Certificate of Interest. The interests of the
General Partner and the Limited Partner in the Partnership shall constitute a
security governed by Article 8 of the Uniform Commercial Code then in effect in
the State of New Jersey.

                15.15.3         Transfers of Certificates of Interest.
Certificates of Interest in the Partnership may be transferred by the lawful
holders thereof only in connection with the pledge or 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.

                15.15.4         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 15.15.

                15.15.5         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 Casino Control
Commission or the Division of Gaming Enforcement of the State of New Jersey and
each of their respective authorized agents at all reasonable times without
notice.

                         ****Signature Page Follows****

                                     - 16 -

<PAGE>

        IN WITNESS WHEREOF, this Agreement has been executed as of the 25th day
of March, 2003.

                                 GENERAL PARTNER:

                                 TRUMP MARINA, INC.

                                 By:    /s/ John P. Burke
                                     ---------------------------------
                                        John P. Burke
                                        Vice President

                                 NEW LIMITED PARTNER:

                                 TRUMP CASINO HOLDINGS, LLC

                                 By:    TRUMP HOTELS & CASINO RESORTS
                                        HOLDINGS, L.P.

                                        By: TRUMP HOTELS & CASINO RESORTS, INC.

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

                                 AS WITHDRAWING LIMITED PARTNER:

                                 TRUMP HOTELS & CASINO RESORTS
                                 HOLDINGS, L.P.

                                 By:    TRUMP HOTELS & CASINO RESORTS, INC.

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

<PAGE>

                                    EXHIBIT A

PARTNER:                                ADDRESSES:
--------------------------------------------------------------------------------
Trump Marina, Inc.                      Huron Avenue & Brigantine Blvd.
                                        Atlantic City, New Jersey 08401
--------------------------------------------------------------------------------
Trump Casino Holdings, LLC              1000 Boardwalk
                                        Atlantic City, New Jersey 08401
--------------------------------------------------------------------------------

<PAGE>

                                   ANNEX 15.15

                         FORM OF CERTIFICATE OF INTEREST

See Attached.

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF NEW YORK   :
                    : ss.
COUNTY OF NEW YORK  :

        BE IT REMEMBERED that on March 25, 2003, before me, the subscriber,
personally appeared John P. Burke, the Vice President of Trump Marina, Inc., a
New Jersey corporation, who, I am satisfied, is the person who has signed the
within instrument on behalf of such corporation, and I having first made known
to him the contents thereof he thereupon acknowledged that he signed and
delivered the said instrument in his capacity as such officer aforesaid, and
that the within instrument is the voluntary act and deed of said corporation,
made by virtue of authority from its Board of Directors.

                                        ------------------------------
                                                 Notary Public

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF NEW YORK   :
                    : ss.
COUNTY OF NEW YORK  :

        BE IT REMEMBERED that on March 25, 2003, before me, the subscriber,
personally appeared Robert M. Pickus, the Executive Vice President of Trump
Hotels & Casino Resorts, Inc., general partner of Trump Hotels & Casino Resorts
Holdings, L.P., the sole member of Trump Casino Holdings, LLC, a Delaware
limited liability company, who, I am satisfied, is the person who has signed the
within instrument on behalf of such limited liability company, and I having
first made known to him the contents thereof he thereupon acknowledged that he
signed and delivered the said instrument in his capacity as such officer
aforesaid, and that the within instrument is the voluntary act and deed of said
limited liability company.

                                        ------------------------------
                                                 Notary Public

<PAGE>

                                 ACKNOWLEDGMENT

STATE OF NEW YORK   :
                    : ss.
COUNTY OF NEW YORK  :

        BE IT REMEMBERED that on March 25, 2003, before me, the subscriber,
personally appeared Robert M. Pickus, the Executive Vice President of Trump
Hotels & Casino Resorts, Inc., general partner of Trump Hotels & Casino Resorts
Holdings, L.P., who, I am satisfied, is the person who has signed the within
instrument on behalf of such limited liability company, and I having first made
known to him the contents thereof he thereupon acknowledged that he signed and
delivered the said instrument in his capacity as such officer aforesaid, and
that the within instrument is the voluntary act and deed of said limited
liability company.

                                        ------------------------------
                                                 Notary Public

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