Document:

Financial Warranty Agreement

  
 Exhibit 10.2

  
 FINANCIAL WARRANTY AGREEMENT 
  
 between 
  
 BANK OF AMERICA, N.A. 
  
 and 
  
 MAIN PLACE FUNDING, LLC 
  
 Dated as of October 31, 2003 
  

 15 

 TABLE OF CONTENTS 
  

	 ARTICLE I DEFINITIONS
	  	18
				
	 	  	Section 1.1.	  	 General Definitions
	  	18
				
	 	  	Section 1.2.	  	 Generic Terms
	  	20
		
	 ARTICLE II AMOUNT AND TERMS OF THE BANA FINANCIAL WARRANTY
	  	20
				
	 	  	Section 2.1.	  	 The BANA Financial Warranty
	  	20
				
	 	  	Section 2.2.	  	 Procedure for Issuance
	  	20
				
	 	  	Section 2.3.	  	 Conditions Precedent to Effectiveness
	  	20
				
	 	  	Section 2.4.	  	 MPF Warranty Fee
	  	21
				
	 	  	Section 2.5.	  	 MPF Drawdown Amount
	  	21
		
	 ARTICLE III INDEMNIFICATION
	  	21
				
	 	  	Section 3.1.	  	 Survival
	  	21
				
	 	  	Section 3.2.	  	 Indemnification
	  	21
				
	 	  	Section 3.3.	  	 Indemnification Procedure
	  	22
		
	 ARTICLE IV FURTHER AGREEMENTS
	  	23
				
	 	  	Section 4.1.	  	 Obligations Absolute
	  	23
				
	 	  	Section 4.2.	  	 Participations and Assignments
	  	24
				
	 	  	Section 4.3.	  	 MPF Obligations
	  	24
				
	 	  	Section 4.4.	  	 Limitation of Liability of BANA
	  	24
				
	 	  	Section 4.5.	  	 Costs and Expenses
	  	24
		
	 ARTICLE V CONFIDENTIALITY
	  	24
				
	 	  	Section 5.1.	  	 Confidentiality Obligations of BANA
	  	24
		
	 ARTICLE VI TERMINATION
	  	24
				
	 	  	Section 6.1.	  	 Termination
	  	24
		
	 ARTICLE VII MISCELLANEOUS
	  	25
				
	 	  	Section 7.1.	  	 Amendments and Waivers
	  	25
				
	 	  	Section 7.2.	  	 Notices
	  	25
				
	 	  	Section 7.3.	  	 No Waiver, Remedies and Severability
	  	26
				
	 	  	Section 7.4.	  	 Payments
	  	26
				
	 	  	Section 7.5.	  	 Governing Law
	  	26
				
	 	  	Section 7.6.	  	 Counterparts
	  	26
				
	 	  	Section 7.7.	  	 Paragraph Headings
	  	26
				
	 	  	Section 7.8.	  	 Time of the Essence
	  	26
				
	 	  	Section 7.9.	  	 No Third-Party Rights
	  	26

  

 16 

 TABLE OF CONTENTS 
  

				
	 	 	Section 7.10.	  	 Further Assurances
	  	26

  

	 Exhibit A
	  	 Oppenheimer Financial Warranty Agreement

	 Exhibit B
	  	 Form of BANA Financial Warranty

  

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 FINANCIAL WARRANTY AGREEMENT 
  
 FINANCIAL WARRANTY AGREEMENT, dated as of October 31, 2003 (this ”Agreement”), between BANK OF AMERICA, N.A., a national
banking association formed under the federal laws of the United States (“BANA”), and MAIN PLACE FUNDING, LLC, a limited liability company organized under the laws of the State of Delaware (“MPF”). 
  
 W I T N E S
S E T H: 
  
 WHEREAS, Oppenheimer Principal Protected
Trust II (the “Trust”), on behalf of its series, Oppenheimer Principal Protected Main Street Fund II (the “Fund”), OppenheimerFunds, Inc., and MPF have entered into a Financial Warranty Agreement, dated as of
October 31, 2003 (the “Oppenheimer Financial Warranty Agreement”), a copy of which is attached hereto as Exhibit A; 
  
 WHEREAS, the Trust on behalf of the Fund has requested MPF, and MPF has agreed, to issue a financial warranty (such financial warranty being the “Oppenheimer
Financial Warranty”) in the amount of up to $500 million under the terms of the Oppenheimer Financial Warranty Agreement; 
  
 WHEREAS, MPF desires to hedge its risk under the Oppenheimer Financial Warranty Agreement and in that regard has requested BANA, and BANA has agreed, to issue a financial
warranty to MPF in substantially the form of Exhibit B (such financial warranty being the “BANA Financial Warranty”), the amount of which shall be equal to the amount of the Oppenheimer Financial Warranty; and 
  
 WHEREAS, the parties hereto, among other things, desire to specify the conditions precedent
to the issuance by BANA of the BANA Financial Warranty and the drawdown of the MPF Drawdown Amount (as defined herein), the payment of the MPF Warranty Fee (as defined herein) in respect of the BANA Financial Warranty, and to provide for certain
other matters related thereto. 
  
 NOW, THEREFORE, for good and
valuable consideration, the receipt and sufficiency of which is hereby acknowledged, the parties hereto agree as follows: 
  
 ARTICLE I 
 DEFINITIONS

  
 Section 1.1. General Definitions. The terms defined in this
Article I shall have the meanings provided herein for all purposes of this Agreement, in both singular and plural form, as appropriate. 
  
 “Act of Insolvency” means, with respect to any party, (i) the commencement by such party as debtor of any case or proceeding under any bankruptcy,
insolvency, reorganization, liquidation, dissolution or similar law, or such party seeking the appointment of a receiver, trustee, custodian or similar official for such party or any substantial part of its property; (ii) the appointment of a
receiver, conservator, or manager for such party by any government agency or authority having the jurisdiction to do so; (iii) the commencement of any such case or proceeding against such party, which (a) is consented to or not timely contested by
such party, (b) results in the entry of an order for relief, such an appointment, the issuance of such a protective decree or the entry of an order having a similar effect, or (c) is not dismissed within 72 hours; (iv) the making or offering by such
party of a composition with its creditors or a general assignment for the benefit of creditors; (v) the admission by such party of such party’s inability to pay its debts or discharge its obligations as they become due or mature; or (vi) any
governmental authority or agency or any person, agency or entity acting under governmental authority shall have taken any action to 

  

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condemn, seize or appropriate, or to assume custody or control of, all or any substantial part of the property of such party. 
  
 “Adverse Effect” means, with respect to any party, a material adverse effect
upon the ability of any party to perform its obligations under this Agreement or any other Transaction Document to which it is a party. An adverse effect on the binding nature, validity or enforceability of this Agreement or any other Transaction
Documents shall constitute an Adverse Effect. The determination of whether a particular set of circumstances would reasonably be expected to have an Adverse Effect includes a determination of both the likelihood of the occurrence of such set of
circumstances and the likelihood that such set of circumstances, if it were to occur, would result in an Adverse Effect. 
  
 “Affiliate” means any Person directly or indirectly controlling or controlled by or under common control with such Person or any Subsidiary;
provided, that for purposes of this definition, “control” (including, with correlative meanings, the terms “controlled by” and “under common control with”), as used with respect to any Person, shall mean the
possession, directly or indirectly, of the power to direct or cause the direction of the management and policies of such Person, whether through the ownership of voting securities or by contract or otherwise. 
  
 “Agreement” has the meaning provided in the preamble. 
  
 “BANA” has the meaning provided in the preamble. 
  
 “BANA Financial Warranty” has the meaning provided in the recitals.

  
 “BANA Financial Warranty Amount Limit” has the meaning
provided in Section 2.1. 
  
 “BANA Parties” has the meaning
provided in Section 3.2(a). 
  
 “Business Day” means any day
other than a day on which banks located in the City of New York, New York are required or authorized by law to close or on which the New York Stock Exchange and Nasdaq National Market are closed for business. 
  
 “Early Close Exchange Business Day” means any Exchange Business Day on which
the New York Stock Exchange closes early due to extraordinary circumstances. 
  
 “Exchange Business Day” means any day other than a day on which the New York Stock Exchange and Nasdaq National Market are closed for business. 
  
 “Fee Payment Date” has the meaning provided in Section 2.4. 
  
 “Fund” has the meaning provided in the preamble. 
  
 “Fund Confidential Information” has the meaning ascribed thereto in the Oppenheimer Financial Warranty Agreement. Any
defined terms used in the definition of Fund Confidential Information in the Oppenheimer Financial Warranty Agreement shall also have the meaning ascribed thereto in such Agreement. 
  
 “Government Authority” means any nation or government, any state or other political subdivision thereof and any entity
exercising executive, legislative, judicial, regulatory or administrative functions or pertaining to government, including any self-regulatory organization. 
  
 “Indemnified Party” has the meaning provided in Section 3.3(a). 
  

“Indemnifying Party” has the meaning provided in Section 3.3(a). 
  
 “Issued BANA Financial Warranty Amount” has the meaning provided in Section 2.1. 
  
 “Issuance Date” has the meaning provided in Section 2.2. 
  
 “Losses” has the meaning provided in Section 3.2(a). 
  
 “Maturity Date” means the date that is seven years after the Issuance Date,
but if that date is not an Exchange Business Day, or is an Early Close Exchange Business Day, the Maturity Date shall be the first Exchange Business Day thereafter that is not an Early Close Exchange Business Day. 
  
 “Oppenheimer Financial Warranty” has the meaning provided in the recitals.

  

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 “Oppenheimer Financial Warranty Agreement” has the meaning provided in the recitals. 
  
 “MPF Drawdown Amount” has the meaning provided in Section 2.5. 

 
 “MPF Parties” has the meaning provided in Section 3.2(b). 
  
 “Notice” has the meaning provided in Section 3.3(a). 
  
 “Person” means a natural person, partnership, corporation, business trust,
joint stock company, trust, unincorporated association, limited liability company, joint venture, Government Authority or other entity of whatever nature. 
  
 “Requirements of Law” means, as to any Person, the charter and by-laws or other organizational or governing document of such Person, and any law, treaty,
rule, or regulation or determination of an arbitrator or a court or other Government Authority, in each case applicable to or binding upon such Person or any of its property or to which such Person or any of its property is subject. 
  
 “Subsidiary” means with respect to any Person, any corporation, association
or other business entity of which securities representing 50% or more of the combined voting power of the total capital stock (or in the case of an association or other business entity which is not a corporation, 50% or more of the equity interest)
is at the time owned or controlled, directly or indirectly, by that Person or one or more Subsidiaries of that Person or a combination thereof. 
  
 “Term” means the period commencing on the Issuance Date and ending on the Maturity Date. 
  
 “Termination Date” has the meaning provided in Section 6.1(a). 
  
 “Transaction Documents” means this Agreement, the BANA Financial Warranty,
the Oppenheimer Financial Warranty Agreement and the Oppenheimer Financial Warranty. 
  
 “MPF Warranty Fee” has the meaning provided in Section 2.4. 
  
 Section 1.2. Generic Terms. All words used herein shall be construed to be of such gender or number as the circumstances require. The words “herein,” “hereby,” “hereof” and “hereto,” and words
of similar import, refer to this Agreement in its entirety and not to any particular paragraph, clause or other subdivision, unless otherwise specified, and Section and Exhibit references are to this Agreement unless otherwise specified. 

 
 ARTICLE II 
 AMOUNT AND TERMS OF THE BANA FINANCIAL WARRANTY 
  
 Section 2.1. The BANA Financial Warranty. BANA agrees to issue the BANA Financial Warranty, subject to the conditions set forth herein, on the Issuance Date, in an amount equal to the amount of the Oppenheimer
Financial Warranty (the “Issued BANA Financial Warranty Amount”), which shall not exceed $500 million (the “BANA Financial Warranty Amount Limit”) if MPF is required to issue the Oppenheimer Financial Warranty under
the terms of the Oppenheimer Financial Warranty Agreement. 
  
 Section 2.2.
Procedure for Issuance. MPF shall notify BANA of the projected amount of the Oppenheimer Financial Warranty promptly after receipt of the notice specifying such amount under Section 2.2 of the Oppenheimer Financial Warranty Agreement.
MPF shall further notify BANA of the issuance by MPF of the Oppenheimer Financial Warranty and the amount thereof, and upon receipt of such notice (the “Issuance Date”), BANA will issue the BANA Financial Warranty to MPF in an
amount equal to the Issued BANA Financial Warranty Amount. BANA shall not incur any obligation or liability hereunder prior to the issuance of the BANA Financial Warranty. 
  
 Section 2.3. Conditions Precedent to Effectiveness. 
  
 (a) Article III shall be effective immediately upon the execution of this Agreement. Subject to Section 2.3(b), the
effectiveness of all other provisions of this Agreement (other than Article III) is subject to the effectiveness of the Oppenheimer Financial Warranty Agreement. 
  

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 (b) The obligation of BANA to issue the BANA Financial Warranty is subject to the satisfaction of the following
conditions on the Issuance Date: 
  
 (i) The Oppenheimer Financial Warranty shall
have been issued by MPF. 
  
 (ii) No statute, rule, regulation or order shall have
been enacted, entered or deemed applicable by any Government Authority which would make the transactions contemplated by any of the Transaction Documents illegal or otherwise prevent the consummation thereof. 
  
 (iii) No suit, action or other proceeding, investigation or injunction or final judgment
relating thereto, shall be pending or threatened before any court or governmental agency in which it is sought to restrain or prohibit or to obtain damages or other relief in connection with any of the Transaction Documents. 
  
 (iv) On the Issuance Date, the Issued BANA Financial Warranty Amount shall not exceed the
BANA Financial Warranty Amount Limit. If after the effectiveness of this Agreement and prior to the Issuance Date, MPF expects the Issued BANA Financial Warranty Amount to exceed the BANA Financial Warranty Amount Limit, MPF shall consult with BANA.
If BANA agrees to increase the BANA Financial Warranty Amount Limit in its sole discretion, this Agreement will be amended accordingly. 
  
 (v) This Agreement shall not have been terminated in accordance with Article VI. 
  
 Section 2.4. MPF Warranty Fee. In consideration of the issuance by BANA of the BANA Financial Warranty, MPF shall pay to BANA a fee
in an amount equal to (a) 0.355% per annum of the average daily net assets of the Fund during each calendar month during the Term prior to the occurrence of a Permanent Defeasance Event (as defined in the Oppenheimer Financial Warranty Agreement)
and (b) following the occurrence of a Permanent Defeasance Event (as defined in the Oppenheimer Financial Warranty Agreement), 0.20% per annum of the average daily net assets of the Fund during each calendar month during the Term (collectively, the
“MPF Warranty Fee”), payable monthly in arrears on the tenth Business Day of the following calendar month (each a “Fee Payment Date”). The MPF Warranty Fee payable on each Fee Payment Date will be calculated based
on a 360 day year for the actual number of days elapsed. The obligation to pay the MPF Warranty Fee that has accrued hereunder shall survive termination of this Agreement to the extent not paid in full prior to such termination. 
  
 Section 2.5. MPF Drawdown Amount. Unless this Agreement shall have been terminated in
accordance with Article VI prior to such time, if the Fund becomes entitled to draw upon the Oppenheimer Financial Warranty, then for ten Business Days commencing on the second Business Day thereafter, MPF shall be entitled to draw upon the
BANA Financial Warranty in an amount equal to the amount drawn by the Fund under the Oppenheimer Financial Warranty, if any (the “MPF Drawdown Amount”). 
  
 ARTICLE III 
 INDEMNIFICATION 
  
 Section 3.1. Survival. All covenants
and other agreements contained herein shall survive the execution and delivery of this Agreement and the BANA Financial Warranty. Articles I, III and V shall survive the Termination Date. 
  
 Section 3.2. Indemnification. 
  
 (a) MPF agrees to indemnify and hold harmless BANA, its Affiliates, and their respective
employees, officers, directors and agents (collectively, the “BANA Parties”) from and against any and all 

  

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losses, claims, damages, liabilities, judgments, costs (including reasonable attorneys’ fees), expenses (including expenses of investigation and
enforcement) and disbursements (collectively, “Losses”) incurred or suffered by any of them in connection with or arising out of (i) the failure of MPF to fulfill any agreement or covenant contained in this Agreement or any of the
other Transaction Documents to which it is a party, (ii) the enforcement or preservation of any of BANA’s rights under this Agreement and the other Transaction Documents, and (iii) the improper issuance of the BANA Financial Warranty or
improper payment of the MPF Drawdown Amount, including by reason of mistake, fraud or error in the issuance of, or calculation of, the amount payable under the Oppenheimer Financial Warranty or the BANA Financial Warranty; provided, however,
that MPF shall not be liable for any Losses resulting directly or indirectly from any action or omission on the part of any of the BANA Parties which constitutes gross negligence, recklessness, bad faith or willful misconduct by such BANA Party. MPF
agrees to promptly reimburse any of the BANA Parties for all Losses in respect of which indemnification may be sought by such BANA Party hereunder as they are incurred or suffered by such BANA Party. 
  
 (b) BANA agrees to indemnify and hold harmless MPF, its Affiliates, and its respective
employees, officers, directors, trustees and agents (collectively, the “MPF Parties”) from and against any and all Losses incurred or suffered by any of them in connection with or arising out of BANA’s failure to pay any
amounts, if any, required to be paid by it under the BANA Financial Warranty in accordance with the terms of this Agreement; provided, that BANA shall not be liable for any Losses resulting, directly or indirectly, from any action or omission
on the part of any of the MPF Parties which constitutes gross negligence, recklessness, bad faith or willful misconduct by such MPF Party. BANA agrees to promptly reimburse any of the MPF Parties for all Losses in respect of which indemnification
may be sought by such MPF Party hereunder as they are incurred or suffered by such MPF Party. 
  
 Section 3.3. Indemnification Procedure 
  
 (a) The party or parties being indemnified are referred to herein as the “Indemnified Party” and the indemnifying party is referred to herein as the “Indemnifying Party.” In the event that any party shall
incur or suffer any Losses in respect of which indemnification may be sought by such party hereunder, the Indemnified Party shall assert a claim for indemnification by written notice (“Notice”) to the Indemnifying Party stating the
nature and basis of such claim. In the case of Losses arising by reason of any third party claim, the Notice shall be given within thirty (30) days of the filing or other written assertion of any such claim against the Indemnified Party, but the
failure of the Indemnified Party to give the Notice within such time period shall not relieve the Indemnifying Party of any liability that the Indemnifying Party may have to the Indemnified Party, except to the extent that the Indemnifying Party
demonstrates that the defense of such action has been prejudiced by the Indemnified Party’s failure to give such notice. 
  
 (b) In the case of third party claims for which indemnification is sought, the Indemnifying Party shall have the option (i) to conduct any proceedings or negotiations in
connection therewith, (ii) to take all other steps to settle or defend any such claim (provided; that the Indemnifying Party shall not settle any such claim without the consent of the Indemnified Party (which consent shall not be unreasonably
withheld or delayed)), and (iii) to employ counsel to contest any such claim or liability in the name of the Indemnified Party or otherwise. In any event, the Indemnified Party shall be entitled to participate at its own expense and by its own
counsel in any proceedings relating to any third party claim. The Indemnifying Party shall, within twenty (20) days of receipt of the Notice, notify the Indemnified Party of its intention to assume the defense of such claim. If (i) the Indemnifying
Party shall decline to assume the defense of any such claim, (ii) the Indemnifying Party shall fail to notify the Indemnified Party within twenty (20) days after receipt of the Notice of the Indemnifying Party’s election to defend such claim or
(iii) the Indemnified Party shall have reasonably concluded that there may be defenses available to it which are different from or in addition to those available to the Indemnifying Party or a conflict exists 

  

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between the Indemnifying Party and the Indemnified Party (in which case the Indemnifying Party shall not have the right to direct the defense of such action
on behalf of the Indemnified Party), the Indemnified Party shall defend against such claim and the Indemnified Party may settle such claim without the consent of the Indemnifying Party, and the Indemnifying Party may not challenge the reasonableness
of any such settlement. The expenses of all proceedings, contests or lawsuits in respect of such claims shall be borne and paid by the Indemnifying Party (up to a limit of one counsel in the case of attorneys’ fees) and the Indemnifying Party
shall pay the Indemnified Party, in immediately available funds, as such Losses are incurred upon receipt of supporting documentation thereof. Regardless of which party shall assume the defense of the claim, the parties agree to cooperate fully with
one another in connection therewith. In the event that any Losses incurred by the Indemnified Party do not involve payment by the Indemnified Party of a third party claim, then, the Indemnifying Party shall pay, within ten (10) days after agreement
on the amount of Losses or the occurrence of a final non-appealable determination of such amount payable, to the Indemnified Party, in immediately available funds, the amount of such Losses. Anything in this Section 3.3 to the contrary
notwithstanding, the Indemnifying Party shall not, without the Indemnified Party’s prior written consent, settle or compromise any claim or consent to entry of any judgment in respect thereof which imposes any future obligation on the
Indemnified Party or which does not include, as an unconditional term thereof, the giving by the claimant or plaintiff to the Indemnified Party, a release from all liability in respect of such claim. 
  
 (c) The remedies provided for in this Article III shall not be exclusive of any other
rights or remedies available to one party against the other, either at law or in equity. 
  
 ARTICLE IV 
 FURTHER AGREEMENTS 
  
 Section 4.1. Obligations Absolute. The obligations of MPF pursuant to this Agreement are absolute and unconditional and will be paid
or performed strictly in accordance with the respective terms hereof, irrespective of: 
  
 (a) (i) Any lack of validity or enforceability of any of the Transaction Documents (other than the BANA Financial Warranty), unless such lack of validity or enforceability is finally determined by a final non-appealable judgment of a court
of competent jurisdiction, or (ii) any amendment or other modification of, or waiver with respect to, or consent to departure from, any of the Transaction Documents (other than amendments to this Agreement in accordance with Section 7.1);

  

	(b)	Any amendment or waiver of, or consent to departure from any Transaction Document; 

  
 (c) The existence of any claim, set-off, defense or other right either may have at any time against the other, any beneficiary or any
transferee of the BANA Financial Warranty (or any persons or entities for whom any such beneficiary or any such transferee may be acting), BANA or any other Person or entity whether in connection with this Agreement, any of the Transaction Documents
or any unrelated transactions; 
  
 (d) Any statement or any other document
presented in connection herewith proving to be forged, fraudulent, invalid or insufficient in any respect or any statement therein being untrue or inaccurate in any respect whatsoever; 
  

	(e)	The inaccuracy or alleged inaccuracy upon which any drawing under the BANA Financial Warranty is based; 

  

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 (f) Payment by BANA under the BANA Financial Warranty which does not comply with the terms hereof; provided, that
such payment shall not have constituted willful misconduct on the part of BANA; 
  
 (g) Any default or alleged default of BANA under this Agreement, other than a default with respect to payment of the MPF Drawdown Amount; or 
  
 (h) Any other circumstance or happening whatsoever; provided, that the same shall not have constituted willful misconduct of BANA and to the extent that such
circumstance or happening does not result in a default by BANA with respect to the payment of the MPF Drawdown Amount. 
  
 Section 4.2. Participations and Assignments. Subject to the prior written consent of MPF (which consent shall not be unreasonably withheld or delayed), BANA may
assign its obligations under this Agreement to an Affiliate. BANA shall have the right to give participations in its rights under this Agreement and to enter into hedging contracts with respect to the BANA Financial Warranty; provided, that
BANA agrees that any such disposition will not alter or affect in any way whatsoever BANA’s direct obligations hereunder and under the BANA Financial Warranty. 
  
 Section 4.3. MPF Obligations. MPF agrees that none of its obligations to the Fund under the Oppenheimer Financial Warranty Agreement
are in any way dependent upon BANA’s performance of its obligations under this Agreement. 
  
 Section 4.4. Limitation of Liability of BANA. MPF agrees that neither BANA, its Affiliates, nor any of their respective officers, trustees/directors or employees shall be liable or responsible for (a) the use
which may be made of the BANA Financial Warranty by any Person or for any acts or omissions of another Person in connection therewith or (b) the validity, sufficiency, accuracy or genuineness of any documents delivered to BANA, or of any
endorsement(s) thereon, even if such documents should in fact prove to be in any or all respects invalid, insufficient, fraudulent or forged. In furtherance and not in limitation of the foregoing, BANA may accept documents that appear on their face
to be in order, without responsibility for further investigation. 
  
 Section 4.5.
Costs and Expenses. Except as otherwise specified in this Agreement, all costs and expenses incurred in connection with this Agreement and the transactions contemplated hereby shall be paid by the party incurring such costs and expenses.

  
 ARTICLE V 
 CONFIDENTIALITY 
  
 Section 5.1. Confidentiality Obligations of BANA. BANA hereby represents, warrants and agrees to keep Fund Confidential Information confidential in accordance with
the terms of Sections 9.1 and 9.2 of the Oppenheimer Financial Warranty Agreement. 
  
 ARTICLE VI 
 TERMINATION 
  
 Section 6.1. Termination 
  
 (a) Unless this Agreement and the BANA Financial Warranty are sooner terminated pursuant to Section 6.1(b) hereof, this Agreement and
the BANA Financial Warranty shall terminate (i) on the Maturity Date if no amounts are payable under the BANA Financial Warranty, or (ii) thereafter, upon payment by BANA of all amounts due by BANA under the BANA Financial Warranty to MPF (any such

  

 24 

 
date of termination pursuant to this Article VI is referred to in this Agreement as the “Termination Date”). 
  
 (b) This Agreement may be terminated by MPF by written notice to BANA at any time upon the
occurrence of an Act of Insolvency with respect to BANA. 
  
 (c) Notwithstanding
any of the foregoing, this Agreement shall automatically terminate, and if such termination occurs after the Issuance Date, the BANA Financial Warranty shall automatically terminate, if the Oppenheimer Financial Warranty Agreement (and, if
applicable, the Oppenheimer Financial Warranty) is terminated and on the Issuance Date if the BANA Financial Warranty is not issued by March 15, 2004 because the conditions in Section 2.3(b) have not been satisfied. 
  
 (d) From and after the effective date of any such termination, MPF shall have no obligation
to pay the MPF Warranty Fee (except as to amounts thereof accrued on a daily interpolated basis prior to such termination), and BANA shall have no liability under the BANA Financial Warranty. 
  
 ARTICLE VII 
 MISCELLANEOUS 
  
 Section 7.1. Amendments and Waivers. No amendment or waiver of any provision of this Agreement nor consent to any departure therefrom, shall in any event be effective unless in writing and signed by the parties hereto;
provided, that any waiver so granted shall extend only to the specific event or occurrence so waived and not to any other similar event or occurrence which occurs subsequent to the date of such waiver. 
  
 Section 7.2. Notices. Except to the extent otherwise expressly provided herein, all
notices, requests and demands to or upon the respective parties hereto to be effective shall be in writing (and if, sent by mail, certified or registered, return receipt requested) or confirmed facsimile transmission and, unless otherwise expressly
provided herein, shall be deemed to have been duly given or made when delivered by hand, or three Business Days after being deposited in the mail, postage prepaid, or, in the case of facsimile transmission, when sent addressed as follows:

  
 If to MPF: 
 Main Place Funding, LLC 
 c/o Banc of America
Securities LLC 
 9 West 57th Street 
 New York, NY 10019 
 Attention: Kevin Beauregard, Managing Director 
 Telephone: (212) 583-8205 
 Facsimile: (212) 847-6570 
  
 If to BANA: 
 c/o Banc of America Securities
LLC 
 9 West 57th Street 
 New York, NY 10019 
 Attention: Kevin Beauregard, Managing Director 
 Telephone: (212) 583-8205 
 Facsimile: (212) 847-6570 
  
 or such other address and/or addresses (and with copies to such persons) as shall be specified in writing by any such party to the others. 
  

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 Section 7.3. No Waiver, Remedies and Severability. No failure on the part of any party to exercise, and no delay
in exercising, any right hereunder shall operate as a waiver thereof, nor shall any single or partial exercise of any such right preclude any other or further exercise thereof or the exercise of any other right. The remedies herein provided are
cumulative and not exclusive of any remedies provided by law. The parties further agree that the holding by any court of competent jurisdiction that any remedy pursued by any party hereunder is unavailable or unenforceable shall not affect in any
way the ability of such party to pursue any other remedy available to it. In the event any provision of this Agreement shall be held invalid or unenforceable by any court of competent jurisdiction, the parties hereto agree that such holding shall
not invalidate or render unenforceable any other provision hereof. 
  
 Section
7.4. Payments. All payments to BANA hereunder shall be made in lawful currency of the United States in immediately available funds and shall be made prior to 2:00 p.m. (New York City time) on the date such payment is due by wire transfer to
the account designated by BANA by notice to MPF. Any payments to MPF under the BANA Financial Warranty shall be made in accordance with the terms thereof in lawful currency of the United States in immediately available funds by wire transfer to the
account designated by MPF by notice to BANA. 
  
 Whenever any payment under
this Agreement shall be stated to be due on a day which is not a Business Day, such payment shall be made on the next succeeding Business Day, and such extension of time shall in such cases be included in computing interest or fees, if any, in
connection with such payment. 
  
 Section 7.5. Governing Law. This
Agreement shall be governed by and construed in accordance with the laws of the State of New York (including Section 5-1401 of the New York General Obligations Law but excluding all other choice of law and conflicts of law rules). 
  
 Section 7.6. Counterparts. This Agreement may be executed in counterparts of the
parties hereto, and each such counterpart shall be considered an original and all such counterparts shall constitute one and the same instrument. 
  
 Section 7.7. Paragraph Headings. The headings of paragraphs contained in this Agreement are provided for convenience only. They form no part of this Agreement and
shall not affect its construction or interpretation. 
  
 Section 7.8. Time of
the Essence. Time is of the essence under this Agreement. 
  
 Section 7.9.
No Third-Party Rights. Nothing in this Agreement, express or implied, shall or is intended to confer any rights upon any Person other than the parties hereto or their respective successors or assigns. Without limiting the generality of the
foregoing, nothing herein is intended to confer any benefits on the Fund, which shall have no rights against BANA hereunder. 
  
 Section 7.10. Further Assurances. The parties hereto shall, upon the request of BANA or MPF, from time to time, execute, acknowledge and deliver, or cause to be
executed, acknowledged and delivered, within a reasonable period following such request, such amendments or supplements hereto and such further instruments and take such further action as may be reasonably necessary to effectuate the intention,
performance and provisions of the Transaction Documents. 
  
 Section 7.11.
..Entire Agreement. This Agreement constitutes the entire agreement and understanding of the parties with respect to its subject matter and supercedes all prior discussions and agreements among the parties with respect to the subject matter
hereof. 
  

 26 

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

  

	 MAIN PLACE FUNDING, LLC

		
	By:	 	 /s/ Mark O’Donnell

	 	

	 	 	 Name: Mark O’Donnell
 Title: Senior Vice President

  

	 BANK OF AMERICA, N.A.

		
	By:	 	 /s/ Sonia K. Han

	 	

	 	 	 Name: Sonia Han
 Title: Authorized Signatory

  

 27 

  
 EXHIBIT A
TO FINANCIAL WARRANTY AGREEMENT 
 OPPENHEIMER FINANCIAL WARRANTY AGREEMENT 
  

 28 

  
 EXHIBIT B TO FINANCIAL WARRANTY AGREEMENT

 FINANCIAL WARRANTY 
 No.
                         
 [Date of issuance of BANA Financial Warranty] 
  
 Main Place Funding, LLC 
 c/o Banc of America Securities LLC 
 9 West 57th Street 
 New York, NY 10019 
 Attention: Kevin Beauregard, Managing Director 
 Telephone: (212) 583-8205 
 Facsimile: (212) 847-6570 
  
 Dear Sirs: 
  
 We hereby establish, in your favor, our Financial Warranty No.          (the “BANA Financial Warranty”) in
the amount of $                     (as more fully described below), effective immediately and expiring at the close of banking business at
our New York City office on the tenth Business Day after the Maturity Date. All terms used herein but not defined herein have the meanings given to such terms in the Financial Warranty Agreement (the “BANA Financial Warranty
Agreement”) dated October 31, 2003 between Main Place Funding, LLC and Bank of America, N.A. 
  
 If at any time on or prior to the Maturity Date Banc of America Securities LLC (the “Calculation Agent”) provides BANA with a written certificate certifying that the BANA Financial Warranty has been
terminated pursuant to Section 6.1 of the BANA Financial Warranty Agreement (a “Termination Certificate”), the BANA Financial Warranty amount shall automatically reduce to zero and the BANA Financial Warranty shall terminate
on such date and the MPF Drawdown Amount shall be deemed to be zero. 
  
 Unless
BANA has received a Termination Certificate, funds under this BANA Financial Warranty are available to you against on sight draft drawn on our New York office, referring thereon to the number of this BANA Financial Warranty, accompanied by your
written certificate signed by you with an authenticated signature and certifying as to (a), (b) and (c) below, and a written certificate from the Calculation Agent certifying the determination of the MPF Drawdown Amount and its accuracy. Your
written certificate shall state that: 
  
 (a) The Maturity Date under the BANA
Financial Warranty Agreement has occurred. 
  
 (b) The amount of your draft
is equal to the amount drawn under the MPF Financial Warranty. 
  
 (c) You
have complied with all applicable covenants set forth in the BANA Financial Warranty Agreement. 
  
 Presentation of such draft and certificate shall be made by facsimile at (212) 230 8687 at our office located at New York, New York, Attention: Kevin Beauregard, or at any other office which may be designated by us by
written notice delivered to you. 
  
 Upon the earliest of (i) the termination of
this BANA Financial Warranty in accordance with the BANA Financial Warranty Agreement; (ii) our honoring your draft presented hereunder, (iii) the surrender to us by you of this BANA Financial Warranty for cancellation, and (iv) the expiration date
stated in the initial paragraph hereof, this BANA Financial Warranty shall automatically terminate. A termination of this BANA Financial Warranty in accordance with the BANA Financial Warranty Agreement will be notified to you in writing upon which
you will immediately surrender this BANA Financial Warranty to us for cancellation; provided, that the failure to so notify or surrender shall not affect the validity of such termination. 
  

 29 

 This BANA Financial Warranty is subject to the International Standby Practices, International Chamber of Commerce
Publication No. 590 (the “ISP”), which is incorporated into the text of this BANA Financial Warranty by this reference. Communications with respect to this BANA Financial Warranty shall be addressed to us at 9 West 57th Street, New York, New York 10019, Attention: Kevin Beauregard specifically referring to the number of this BANA Financial
Warranty. 
  
 This BANA Financial Warranty is not transferable. 
  
 As to matters not governed by the ISP, this BANA Financial Warranty shall be governed by,
and construed in accordance with, the laws of the State of New York, including the Uniform Commercial Code as in effect in the State of New York (without regard to choice of law principles). 
  
 This BANA Financial Warranty sets forth in full our undertaking, and such undertaking shall
not in any way be modified, amended, amplified or limited by reference to any document, instrument or agreement referred to herein, except only the certificates and draft referred to herein; and any such reference shall not be deemed to incorporate
herein by reference any document, instrument or agreement except for such certificates and draft. 
  
 Subject to the fifth preceding paragraph herein, we hereby agree to forthwith honor your draft drawn under and in compliance with the terms of this BANA Financial Warranty if presented to us on or before the tenth
Business Day after the Maturity Date, accompanied by the written certificate specified above. 
  
 Very truly yours, 
  

	BANK OF AMERICA, N.A.
		
	By:	 	 
	 	

	 Name:
	 	 
	 Title:
	 	 

  

 30Amended and Restated Executive Agreement dated January 1, 2003

 EXHIBIT 10.1 
  
 AMENDED AND RESTATED EXECUTIVE
AGREEMENT 
  
 THIS AMENDED
AND RESTATED EXECUTIVE AGREEMENT (the “Agreement”), made as of this 1ST day of January, 2003, is by and
among DONALD J. TRUMP (the “Executive”), TRUMP HOTELS & CASINO RESORTS, INC., a Delaware corporation (the “Company”), and TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P., a Delaware limited partnership (“THCR
Holdings”), and TRUMP ATLANTIC CITY ASSOCIATES, a New Jersey general partnership (“TAC”). 
  
 W I T N E S S E T H 
  
 WHEREAS, Executive has served as Chairman of the Board of the Company since its inception as a public company in 1995 and as its President and Chief Executive Officer since June, 2000, and has been compensated
for serving as such pursuant to the terms of an Executive Agreement, dated as of June 12, 1995, among Executive, the Company and THCR Holdings (as amended prior to the date hereof, the “Executive Agreement); and 
  
 WHEREAS, through a corporation owned by him, Executive has provided
certain consulting and marketing services to Trump’s Castle Associates, a subsidiary of the Company, pursuant to a Services Agreement, dated December 28, 1993, which expires on December 31, 2005 (the “Services Agreement”); and

  
 WHEREAS, Executive agreed to an early termination of
the Services Agreement in order to facilitate the consummation of a refinancing of certain public debt issues of the Company and its subsidiaries (the “Refinancing”); and 
  
 WHEREAS, the ongoing services of Executive and his association with the Company are vital to the continued success
and future prospects of the Company; and 
  
 WHEREAS,
Executive, THCR Holdings and the Company heretofore entered into an Amended and Restated Executive Agreement, dated as of April 10, 2003 (the “April 10 Agreement”), pursuant to which Executive agreed to serve as President and Chief
Executive Officer of the Company; and 
  
 WHEREAS, the
parties hereto desire that Executive also agree to serve as the President and Chief Executive Officer of TAC for no additional consideration as contemplated by the April 10 Agreement; and 
  
 WHEREAS, the Company desires to secure the services of Executive on a long-term basis and to memorialize the terms of
employment of the Executive in this amendment to the April 10 Agreement and restatement thereof; and 
  

 

 WHEREAS, the Executive is willing to perform certain services on behalf of the Company and THCR
Holdings on the terms and conditions hereinafter provided; 
  
 NOW, THEREFORE, in consideration of the promises and the mutual covenants herein contained, the parties hereto agree as follows: 
  

 

 ARTICLE I 
  

EMPLOYMENT; DUTIES 
  
 Section 1.1 Employment; Duties. The Company shall employ Executive, and Executive hereby agrees to serve, as the President and Chief
Executive Officer of the Company. The Company shall recommend that Executive be nominated to serve as a member of the Board of Directors of the Company and, if elected a director, that he serve as its Chairman at all times during the term hereof.
Executive shall have such reasonable and customary powers and duties as are generally associated with the positions of President and Chief Executive Officer of a public company, as well as those conferred upon such offices and the position of
Chairman of the Board by the by-laws of the Company and resolutions of its Board of Directors. In recognition of the fact that Executive has, and will continue to have, diverse business interests in addition to those of the Company, Executive shall
not be required to devote any fixed amount of time to the performance of his duties hereunder, but shall devote sufficient time to discharge his duties hereunder responsibly and in a professional manner. Executive agrees to serve as a director and
executive officer of such subsidiaries of the Company as the Board of Directors of the Company and Executive may agree for no additional compensation. Executive hereby agrees to serve as the President and Chief Executive Officer of TAC. Executive
may perform this Agreement from one or more locations within the United States that he selects. Executive agrees that he will use his reasonable efforts to maintain all Material Licenses. Nothing herein shall be construed as affecting the
obligations of Executive under the Contribution Agreement. 
  
 ARTICLE II 
  
 TERM 
  
 Section 2.1 Term. This Agreement shall be effective as of
January 1, 2003 and shall continue for an initial term of three years and thereafter for a three-year rolling term which rolling term shall be automatically extended so that the remaining term of this Agreement on any date after the initial three
year term is always at least three years. If during such rolling term either party gives written notice to the other of its election not to continue extending such term, then the term of this Agreement shall end three years from the date on which
such notice is given (except that Section 4.4 hereof shall survive any such termination). The parties hereto acknowledge that the Services Agreement was terminated as of December 31, 2002; provided, however, that any Incentive Fee under the Services
Agreement (as defined therein) earned in 2002 that is payable in 2003 shall remain payable. 
  

 

 ARTICLE III 
  
 COMPENSATION; BENEFITS 
  
 Section 3.1 (a) Annual Base Compensation. The Executive shall be paid an annual base salary of $1,500,000 (the “Annual Base
Compensation”). The Annual Base Compensation shall be payable to Executive monthly in accordance with the regular payroll practices of the Company. 
  
 (b) Additional Fixed Compensation. In addition to Annual Base Compensation, Executive shall be paid additional fixed compensation of
$1,500,000 per year (“Additional Fixed Compensation”) for each year beginning with 2003 that the Consolidated EBITDA of the Company is at least $270,000,000 (“Minimum EBITDA”). Minimum EBITDA is subject to adjustment as provided
in subsection (d) below. Additional Fixed Compensation shall also be paid monthly in twelve equal installments; provided, however, that if the Board of Directors of the Company shall determine, in its good faith reasonable judgment, that the
Company’s Consolidated EBITDA for the current year will not equal or exceed the Minimum EBITDA then the monthly payment thereof shall cease until such time as the Board of Directors shall determine that the Minimum EBITDA will be achieved, at
which time the monthly payments shall resume and prior arrearages shall be paid promptly. If, for any year, it shall be determined by March 31 of the next ensuing year that the Minimum EBITDA was not achieved for the prior year, then Executive shall
promptly repay all amounts previously paid to him in respect of the Additional Fixed Compensation for such year, without interest. Until such time as Executive makes such repayment, Additional Fixed Compensation for the current year shall accrue but
shall not be paid.  
  
 (c) Incentive Fee. In
addition to Annual Base Compensation and Additional Fixed Compensation, Executive shall also be paid annual incentive compensation equal to 5.0 percent (5%) of the amount by which the Consolidated EBITDA of the Company for any year exceeds Minimum
EBITDA for such year (the “Incentive Fee”). 
  
 If the Company’s
Consolidated EBITDA for any fiscal year does not exceed Minimum EBITDA for such fiscal year, then the Incentive Fee for such year shall be $0. If the Company’s Consolidated EBITDA is less than Minimum EBITDA for a given year, such deficiency
shall not be carried forward to reduce or increase the Minimum EBITDA for the following year. Minimum EBITDA is subject to adjustment only as provided in Section 3.1(d) or Section 4.13 hereof. 
  
 The Incentive Fee if and when earned with respect to any year or portion
thereof, shall be payable to Executive within thirty (30) days after submission by the Company to the New Jersey Casino Control Commission (the “Casino Control Commission”) of an annual report reflecting the consolidated results of
operations of the Company for such year. 
  
 (d) The
parties hereto agree that the Minimum EBITDA of $270 million set forth above in subsection (a) is based upon the operations of THCR and its subsidiaries existing as of 
  

 

 January 1, 2003. The parties agree to negotiate in good faith to adjust Minimum EBITDA either upwards or downwards, as
appropriate, to reflect any new casino gaming operations of THCR and its subsidiaries undertaken after January 1, 2003, or the sale of any operations after such date. 
  
 Section 3.2 Expenses. Within ten (10) business days after presentation of expense vouchers in such detail as
may be necessary under applicable rules or regulations of the Internal Revenue Service, or as otherwise may reasonably be requested by the Company, the Company shall reimburse the Executive for all reasonable and sufficiently documented expenses
incurred by the Executive in connection with this Agreement. Executive shall also be reimbursed for amounts paid by him or a corporation owned by him in respect of expenses relating to his New York staff that are related to the performance by
Executive of this Agreement. 
  
 Section 3.3 Fringe Benefits
and Air Travel. During the term hereof, Executive shall be entitled to fringe benefits and perquisites in accordance with the most favorable plans, practices, programs and policies of the Company as in effect at the time with respect to
other senior executives of the Company. 
  
 Section 3.4
Office and Support Services. During the term, Executive shall be entitled to office space, and to secretarial and other support services, at least equal to the most favorable of such as provided with respect to other senior executives
of the Company. 
  
 Section 3.5 Other Benefits.
Executive shall be eligible to participate in any and all other benefit plans of the Company for which senior executive employees are eligible.  
  
 ARTICLE IV 
  
 DEFINITIONS – ADDITIONAL PROVISIONS 
  
 Section 4.1 Certain Definitions. For purposes of this Agreement, the following terms shall have the following meanings: 
  
 “Consolidated EBITDA” means, with respect to the Company and
its consolidated subsidiaries, for any period, an amount equal to the sum of (i) the net income (or loss) of the Company and its consolidated subsidiaries for such period determined in accordance with generally accepted accounting principles,
consistently applied, excluding any extraordinary, unusual or non-recurring gains or losses, plus (ii) all amounts deducted in computing such net income (or loss) in respect of interest (including the imputed interest portions of rentals
under capitalized leases), depreciation, amortization and taxes based upon or measured by income, plus (iii) other non-cash charges arising from market value adjustments and adjustments pertaining to contributions of deposits in each case in
respect of CRDA Bonds. Additional Fixed Compensation and Incentive Fee for a given year shall not be deducted in determining net income of the Company for such year for purposes of this Section 4.1. 
  

 

 “Contribution Agreement” means the Contribution Agreement among THCR Holdings, Donald J.
Trump, THCR/LP and Trump Casinos, Inc., as amended. 
  
 “Material License” means the casino gaming licenses and qualifications referred to in Sections 4.6, 4.7 and 4.8 hereof and any other license or qualification that Executive is required to obtain with respect to any new
jurisdiction in which the Company or its subsidiaries conduct casino gaming activities in the future. 
  
 “Subsidiary” or “subsidiary” means: a corporation a majority of whose voting stock is at the time, directly or indirectly,
owned by such person, by such person and one or more subsidiaries of such person or by one or more subsidiaries of such person; any other person (other than a corporation) in which such person, one or more subsidiaries of such person, or such person
and one or more subsidiaries of such person, directly or indirectly, at the date of determination thereof have a majority ownership interest; or a partnership or limited liability company in which such person or a subsidiary of such person is, at
the time, general partner or a managing member and has a majority ownership interest. 
  
 Section 4.2 CHOICE OF LAW. THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF DELAWARE WITHOUT REGARD TO ITS PRINCIPLES OF CONFLICTS OF LAWS.

  
 Section 4.3 Confidential Information.
Neither the Company nor Executive shall disclose or permit the disclosure of any information deemed confidential by either of them except (i) to the directors, officers, agents, employees or representatives of the company and THCR Holdings and their
subsidiaries; (ii) if required by a court of competent jurisdiction or other governmental agency or body or otherwise required by law or legal process; or (iii) to the extent reasonably required to perform the Agreement. 
  
 Section 4.4 Indemnification. 
  
 (a) The Executive shall be indemnified and held harmless by the Company and
THCR Holdings in his capacity as a director and officer of the Company (and any of its subsidiaries of which Executive is a director or officer) to the full extent permitted by the Delaware General Corporation Law. 
  
 (b) The Company shall continue to maintain in full force and effect director
and officer liability insurance for the benefit of Executive consistent with its current practices. 
  
 (c) The provisions of this Section 4.4 shall survive the expiration of the Term of employment of Executive for any reason for 10 years thereafter or such
longer period as the Company maintains such insurance for the benefit of past directors and officers. 
  
 Section 4.5 Notices. All notices to be given hereunder shall be given in writing and shall be deemed given when delivered by
messenger (including delivery by overnight express delivery services) or by first-class U.S. mail, with postage prepaid, registered or 

  

 

 
certified, and if intended for the Company, THCR Holdings or TAC, delivered or addressed to the following addresses (or at such other address for a party as
shall be specified by like notice): 
  
 Trump Hotels & Casino
Resorts, Inc. 
 Trump Hotels & Casino Resorts Holdings, L.P. 
 Trump Atlantic City Associates 
  
 1000 Boardwalk at Virginia 
 Atlantic City, NJ
08401 
 Attention: Robert M. Pickus, Esq. 
  
 and if intended for the Executive, delivered or addressed to: 
  
 Donald J. Trump 
 The Trump Organization

 725 Fifth Avenue 
 New York,
New York 10022 
  
 Section 4.6 New Jersey Casino Control
Act. The Executive has been found qualified by the New Jersey Casino Control Commission as a natural person qualifier of Trump Plaza Associates. Performance of Executive’s duties as chairman of the board and president and chief
executive officer of the Company requires his continuing qualification as a natural person qualifier of Trump’s Castle Associates, LP, Trump Plaza Associates and Trump Taj Mahal Associates. The Executive agrees to take all steps necessary to
maintain his qualification as a natural person qualifier of such entities in a timely manner. 
  
 Section 4.7 Indiana Riverboat Gambling Act. The Executive has been found suitable by the Indiana Gaming Commission as a key person of Trump Indiana, Inc. Performance of Executive’s duties as
Chairman of the Board of the Company requires a continuing finding of suitability as a key person of Trump Indiana, Inc. The Executive agrees to take all steps necessary to maintain his suitability in a timely manner. 
  
 Section 4.8 National Indian Gaming Commission. The National
Indian Gaming Commission has found Executive suitable as a key person of THCR Management Services, LLC. Executive agrees to take all steps necessary to maintain this suitability in a timely manner.  
  
 Section 4.9 Limitations on Rights of Third Parties.
Except as otherwise set forth herein, nothing in this Agreement is intended or shall be construed to confer upon or give any Person, other than the parties hereto and their respective successors, any rights or remedies under or by reason of this
Agreement or any transaction contemplated hereby. 
  
 Section 4.10
Assignments. This Agreement (other than the right of the Executive to receive payments hereunder) is not assignable and any purported assignment or other transfer of rights or obligations under this Agreement shall be void and
of no effect. 
  

 

 Section 4.11 No Joint Venture or Company. Nothing expressed or implied in this
Agreement is intended or shall be construed to create or establish a joint venture or a partnership between the parties hereto. 
  
 Section 4.12 Amendments. This Agreement may not be amended, modified, altered or waived, in whole or in part, except by a subsequent
writing signed by the parties hereto. No amendments may be made to this Agreement without the prior approval of the Compensation Committee of the Company. 
  
 Section 4.13 Termination. Except as provided in Section 2.1, this Agreement may be terminated by the Company and THCR Holdings only in the
event that Executive fails to maintain the licenses and qualifications referred to in Sections 4.6, 4.7 and 4.8 hereof and such failure has a material adverse effect on the Company and its subsidiaries taken as a whole. Executive may terminate this
Agreement as provided in Section 2.1 or in the event of a material breach hereof by the Company or THCR Holdings. The provisions of Section 4.4 hereof shall survive termination of this Agreement for any reason for ten years. If this Agreement is
terminated as of any date other than December 31 of any year, then the Consolidated EBITDA amounts specified an Sections 3.1(b) and 3.1(c) shall be adjusted ratably downward to reflect the actual number of days elapsed in the year of termination to
the date of termination and the amount payable under such Section 3.1(b) shall be similarly adjusted. In the event of a termination of this Agreement by any party, the amount of any Additional Fixed Compensation (adjusted, if appropriate) shall be
paid to Executive within 30 days of termination and the amount of any Incentive Fee (adjusted, if appropriate) shall be made paid as soon as practicable, but in no event later than 90 days after termination.  
  
 Section 4.14 Limitation on Damages. Neither party
shall be liable to the other party for any consequential damages resulting from a breach of this Agreement. 
  

 

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

	 DONALD J. TRUMP

	
	 /s/    DONALD J. TRUMP        

  

	 TRUMP HOTELS & CASINO RESORTS, INC.

		
	By:	 	 /s/    ROBERT M. PICKUS        

	 	

	 	 	            Authorized Officer

  

	 TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P.

		
	 By:
	 	 Trump Hotels & Casino Resorts, Inc.
 its general partner

		
	 By:
	 	 /s/    ROBERT M. PICKUS        

	 	

	 	 	            Authorized Officer

  

	 TRUMP ATLANTIC CITY ASSOCIATES

		
	 By:
	 	 Trump Hotels & Casino Resorts Holdings, L.P.
 Trump Hotels & Casino Resorts, Inc.
 its general partner

		
	 By:
	 	 /s/    ROBERT M. PICKUS        

	 	

	 	 	            Authorized Officer

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