Document:

New Class 11 Class A Warrant Agreement, dated as of May 20, 2005

 Exhibit 10.14 
  
 EXECUTION VERSION 
  
 NEW CLASS 11 CLASS A WARRANT AGREEMENT 
  
 between 
  
 TRUMP ENTERTAINMENT RESORTS, INC. 
  
 and 
  
 CONTINENTAL STOCK
TRANSFER & TRUST COMPANY 
  
 as Warrant Agent

  
 Dated as of May 20, 2005 
  

 TABLE OF CONTENTS 
  

					
	 	  	 	  	Page

	 ARTICLE I. DEFINITIONS
	  	1
		
	 ARTICLE II. ISSUANCE OF WARRANTS CERTIFICATES
	  	4
			
	 2.1
	  	 Issuance
	  	4
	 2.2
	  	 Form Of Warrant Certificate
	  	4
	 2.3
	  	 Execution Of Warrant Certificate
	  	5
	 2.4
	  	 Countersignature Of Warrant Certificates
	  	5
	 2.5
	  	 Regulatory Restrictions
	  	5
		
	 ARTICLE III. EXERCISE TERMS
	  	5
		
	 ARTICLE IV. EXERCISE OF NEW CLASS 11 CLASS A WARRANTS
	  	6
			
	 4.1
	  	 Manner Of Exercise
	  	6
	 4.2
	  	 When Exercise Effective
	  	6
	 4.3
	  	 Delivery Of Certificates, Etc.
	  	7
	 4.4
	  	 Fractional Shares
	  	7
	 4.5
	  	 Deposit of Proceeds
	  	8
	 4.6
	  	 Distribution of Proceeds and Reserve Shares
	  	8
		
	 ARTICLE V. ADJUSTMENT OF THE AMOUNT OF COMMON STOCK ISSUABLE AND THE EXERCISE PRICE UPON EXERCISE
	  	9
			
	 5.1
	  	 Stock Dividends, Split-ups And Combinations Of Shares
	  	9
	 5.2
	  	 Exercise Price Adjustment
	  	9
	 5.3
	  	 Adjustments For Mergers And Consolidations
	  	9
	 5.4
	  	 Calculation To Nearest Cent And One-hundredth Of Share
	  	10
	 5.5
	  	 Notice Of Adjustment In Exercise Price
	  	10
	 5.6
	  	 Other Notices
	  	10
	 5.7
	  	 No Change In New Class 11 Class A Warrant Terms On Adjustment
	  	10
	 5.8
	  	 No Adjustment for Distributions under the Plan
	  	10
	 5.9
	  	 Treasury Shares
	  	11
		
	 ARTICLE VI. CONSOLIDATION, MERGER, ETC.
	  	11
		
	 ARTICLE VII. NO DILUTION OR IMPAIRMENT
	  	11
		
	 ARTICLE VIII. REPORTS
	  	12
		
	 ARTICLE IX. NOTIFICATION OF CERTAIN EVENTS
	  	12
		
	 ARTICLE X. RESERVATION OF STOCK
	  	12
			
	 10.1
	  	 Reservation; Due Authorization, Etc.
	  	12
	 10.2
	  	 Compliance With Law
	  	12

  

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	 ARTICLE XI. PAYMENT OF TAXES
	  	13
		
	 ARTICLE XII. LOSS OR MUTILATION
	  	13
		
	 ARTICLE XIII. CLASS A WARRANT REGISTRATION
	  	13
			
	 13.1
	  	 Registration
	  	13
	 13.2
	  	 Transfer and Exchange
	  	14
	 13.3
	  	 Valid And Enforceable
	  	14
	 13.4
	  	 Endorsement
	  	14
	 13.5
	  	 No Service Charge
	  	14
	 13.6
	  	 Cancellation
	  	14
		
	 ARTICLE XIV. WARRANT AGENT
	  	15
			
	 14.1
	  	 Obligations Binding
	  	15
	 14.2
	  	 No Liability
	  	15
	 14.3
	  	 Instructions
	  	15
	 14.4
	  	 Agents
	  	15
	 14.5
	  	 Cooperation
	  	16
	 14.6
	  	 Agent Only
	  	16
	 14.7
	  	 Right To Counsel
	  	16
	 14.8
	  	 Compensation
	  	16
	 14.9
	  	 Accounting
	  	16
	 14.10
	  	 No Conflict
	  	16
	 14.11
	  	 Resignation; Termination
	  	16
	 14.12
	  	 Change Of Warrant Agent
	  	17
	 14.13
	  	 Successor Warrant Agent
	  	17
		
	 ARTICLE XV. REMEDIES, ETC.
	  	18
			
	 15.1
	  	 Class A Warrant Holder Not Deemed A Stockholder
	  	18
	 15.2
	  	 Right Of Action
	  	18
		
	 ARTICLE XVI. MISCELLANEOUS
	  	18
			
	 16.1
	  	 Notices
	  	18
	 16.2
	  	 Governing Law And Consent To Forum
	  	19
	 16.3
	  	 Benefits Of This Agreement
	  	19
	 16.4
	  	 Agreement Of Holders Of Warrant Certificates
	  	19
	 16.5
	  	 Counterparts
	  	19
	 16.6
	  	 Amendments
	  	19
	 16.7
	  	 Consent To Jurisdiction
	  	20
	 16.8
	  	 Headings
	  	20

  
 EXHIBIT A – Form of Warrant
Certificate 
  

 ii 

 NEW CLASS 11 CLASS A WARRANT AGREEMENT 
  
 THIS NEW CLASS 11 CLASS A WARRANT AGREEMENT is made and entered into as of
May 20, 2005 by and between TRUMP ENTERTAINMENT RESORTS, INC. (formerly Trump Hotel & Casino Resorts, Inc.), a Delaware corporation (the “Company”), and CONTINENTAL STOCK TRANSFER & TRUST COMPANY, as Warrant Agent (the
“Warrant Agent”). 
  
 WITNESSETH: 
  
 WHEREAS, in connection with the financial restructuring of the Company and
its Subsidiaries (as defined herein) pursuant to their Plan (as defined herein) under the Bankruptcy Code (as defined herein), the Company proposes to issue New Class 11 Class A Warrants which are exercisable to purchase up to approximately
2,207,260 shares of Common Stock (as defined herein), subject to the disposition of fractional interests under the Plan and adjustment as provided herein, to the Holders (as defined herein) of Old THCR Shares (as defined herein) partially in
exchange for such Old THCR Shares; and 
  
 WHEREAS, the Company
desires the Warrant Agent to act on behalf of the Company, and the Warrant Agent is willing to act, in connection with the issuance, transfer, exchange, replacement and exercise of the Warrant Certificates (as defined herein) and other matters as
provided herein; and 
  
 WHEREAS, the Company desires to enter
into this Agreement to set forth the terms and conditions of the New Class 11 Class A Warrants and the rights of the holders thereof, 
  
 NOW, THEREFORE, in consideration of the foregoing premises and of the mutual agreements set forth herein, the Company and the Warrant Agent hereby agree
as follows: 
  
 ARTICLE I. 
  
 DEFINITIONS 
  
 As used herein, the following terms shall have the respective meanings set
forth below. Whenever the context requires, such terms shall include the plural as well as the singular number. 
  
 “Act” has the meaning specified in Section 2.5. 
  
 “Affiliate” means with respect to any Person, any Person directly or indirectly controlling or controlled by or under direct or indirect common
control with such Person. For purposes of this definition, (a) “control” when used with respect to any Person means the power to direct the management and policies of such Person, directly or indirectly, whether through the ownership of
voting common stock (or equivalent equity interests), by contract or otherwise, and the terms “controlling” or “controlled” have meanings correlative to the foregoing, and (b) a subsidiary of a Person is an Affiliate of such
Person and of each other subsidiary of that Person. 
  

 “Agreement” means this New Class 11 Class A Warrant Agreement, as the same may be amended or
modified from time to time hereafter. 
  
 “Bankruptcy
Code” means title 11 of the United States Code. 
  
 “Bankruptcy Court” means the United States Bankruptcy Court, District of New Jersey, or other U.S. Federal court of competent jurisdiction in which the Chapter 11 Case is pending. 
  
 “Business Day” means each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in New York, New York are authorized or obligated by law or executive order to close; provided, that, in determining the period within which certificates or warrants are to be issued and
delivered at a time when shares of common stock are listed or admitted to trading on any national securities exchange or in the over-the-counter market and in determining the Fair Value of any securities listed or admitted to trading on any national
securities exchange or in the over-the-counter market, “Business Day” shall mean any day when the principal exchange on which such securities are then listed or admitted to trading is open for trading or, if such securities are traded in
the over-the-counter market in the United States, such market is open for trading; provided, further, that any reference in this Agreement to “days” (unless Business Days are specified) shall mean calendar days. 
  
 “Chapter 11 Case” means a case or cases under Chapter 11 of the
Bankruptcy Code concerning Trump Hotels & Casino Resorts, Inc. and/or any of its subsidiaries. 
  
 “Class A Warrants” means the New DJT Class A Warrants and New Class 11 Class A Warrants. 
  
 “Common Stock” means the Company’s Common Stock, par value
$0.001 per share, as authorized from and after the Effective Date. 
  
 “Commission” means the Securities and Exchange Commission or any successor agency. 
  
 “Company” means Trump Entertainment Resorts, Inc., a Delaware corporation. 
  
 “Confirmation Order” means that order of the Bankruptcy Court entered on April 5, 2005, confirming the Plan, as
amended. 
  
 “Disbursing Agent” has the meaning
specified in the Plan, and may include the Company and/or the Warrant Agent as designated by the Company. 
  
 “Distribution Record Date” has the meaning specified in the Confirmation Order. 
  
 “DJT” means Donald J. Trump. 
  
 “Effective Date” has the meaning specified in the Plan. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, or any
successor Federal statute, and the rules and regulations of the Commission thereunder, all as the same shall be amended and in effect at the time. 
  

 2 

 “Exercise Period” has the meaning specified in Article III. 
  
 “Exercise Price” has the meaning specified in Article III.

  
 “Fair Value” means (a) with respect to Common Stock
in each case if such security is listed on one or more stock exchanges or quoted on the National Market System or SmallCap Market of NASDAQ (the “NASDAQ Market”), the average of the closing sales prices of a share of such Common Stock on
the primary national or regional stock exchange on which such security is listed or on the NASDAQ Market if quoted thereon or (b) if the Common Stock is not so listed or quoted but is traded in the over-the-counter market (other than the NASDAQ
Market), the average of the closing sale prices, or if such are not available, the average of the closing bid and asked prices of a share of such Common Stock in each case for the 30 Business Days (or such lesser number of Business Days as such
Common Stock or other security shall have been so listed, quoted or traded) next preceding the date of measurement; provided, however, that if no such sales price or bid and asked prices have been quoted during the preceding 30-day period or there
is otherwise no established trading market for such security, then “Fair Value” means the value of such Common Stock as determined reasonably and in good faith by the Board of Directors of the Company; and provided, further, however, that
in the event the current market price of a share of such Common Stock is determined during a period following the announcement by the Company of (x) a dividend or distribution on the Common Stock payable in shares of Common Stock, or (y) any
subdivision, combination or reclassification of the Common Stock, and prior to the expiration of 30 Business Days after the ex-dividend date for such dividend or distribution, or the record date for such subdivision, combination or reclassification,
then and in each such case, the “Fair Value” shall be appropriately adjusted to take into account ex-dividend trading. Anything herein to the contrary notwithstanding, in case the Company shall issue any shares of Common Stock, rights or
options, in connection with the acquisition by the Company of the stock or assets of any other Person or the merger of any other Person into the Company, the Fair Value of the Common Stock so issued shall be determined as of the date the number of
shares of Common Stock, rights or options, was determined (as set forth in a written agreement between the Company and the other party to the transaction) rather than on the date of issuance of such shares of Common Stock, rights or option.

  
 “Holders” means the record holders of Old THCR
Shares as of the Distribution Record Date. 
  
 “Issue
Date” has the meaning specified in Section 2.1. 
  
 “New
Class 11 Class A Warrants” or “Warrants” has the meaning specified in the Plan. 
  
 “New DJT Class A Warrant” means the Company’s warrant to purchase an aggregate of 1,217,933 shares of Common Stock at the Exercise Price, subject to adjustment as provided therein, issued pursuant to
the Plan and the amended and restated investment agreement, dated as of May 20, 2005, by and among the Company, Trump Hotels & Casino Resorts Holdings, L.P. and Donald J. Trump. 
  

 3 

 “Note Holders” means registered holders of 11 1⁄4% First Mortgage Notes due 2006 of Trump
Atlantic City Associates and Trump Atlantic City Funding, Inc., Trump Atlantic City Funding II, Inc. and Trump Atlantic City Funding III, Inc. as of the Distribution Record Date. 
  
 “Old Common Stock” means the Company’s common stock, par value $.01 per share, outstanding as of the
Distribution Record Date. 
  
 “Old THCR Shares” has the
meaning specified in the Plan. 
  
 “Permitted
Investment” shall have the meaning specified in Section 4.5. 
  
 “Person” means any individual, partnership, association, joint venture, corporation, business trust, unincorporated organization, government or department, agency or subdivision thereof, or other person or entity. 
  
 “Plan” means the Second Amended Joint Plan of Reorganization of
THCR/LP Corporation, et al., dated as of March 30, 2005, filed with the Bankruptcy Court on March 30, 2005, as confirmed by, and as amended, modified or supplemented in accordance with the terms of, the Confirmation Order. 
  
 “Reserve Shares” has the meaning specified in Section 4.6.

  
 “Subsidiaries” means each corporation, limited
liability company, partnership, business association or other Person in which the Company owns any direct or indirect equity interest. 
  
 “Warrant Agent” means Continental Stock Transfer & Trust Company. 
  
 “Warrant Certificate” has the meaning specified in Section 2.2. 
  
 ARTICLE II. 
  
 ISSUANCE OF WARRANTS CERTIFICATES 
  
 2.1 Issuance. On the date hereof (the “Issue Date”),
which may also be the Effective Date, the Company shall, pursuant to the Plan, issue New Class 11 Class A Warrants to purchase approximately 2,207,260 shares of Common Stock to the Holders, subject to rounding for fractional interests under the
Plan. 
  
 2.2 Form Of Warrant Certificate. The New
Class 11 Class A Warrants shall be evidenced by certificates substantially in the form attached hereto as Exhibit A (the “Warrant Certificate”). Each Warrant Certificate shall be dated as of the date on which it is countersigned by the
Warrant Agent, which shall be on the Issue Date or, in the event of a division, exchange, substitution or transfer of any of the New Class 11 Class A Warrants, on the date of such event. The Warrant Certificate may have such further legends and
endorsements stamped, printed, lithographed or engraved thereon as the Company may deem appropriate and as are not inconsistent with the provisions of this Agreement, or as may be required to comply with any law or with any rule or regulation
pursuant thereto or with any rule or regulation of any securities exchange on which the New Class 11 Class A Warrants may be listed. 
  

 4 

 2.3 Execution Of Warrant Certificate. Warrant Certificates shall be executed on behalf of
the Company by its Chairman of the Board, President, any Vice President, Treasurer or Secretary, either manually or by facsimile signature printed thereon. In case any such officer of the Company whose signature shall have been placed upon any
Warrant Certificate shall cease to be such officer of the Company before countersignature by the Warrant Agent or issuance and delivery thereof, such Warrant Certificate nevertheless may be countersigned by the Warrant Agent and issued and delivered
with the same force and effect as though such person had not ceased to be such officer of the Company. 
  
 2.4 Countersignature Of Warrant Certificates. Warrant Certificates shall be manually countersigned by an authorized signatory of the Warrant
Agent and shall not be valid for any purpose unless so countersigned. Such manual countersignature shall constitute conclusive evidence of such authorization. The Warrant Agent is hereby authorized to countersign, in accordance with the provisions
of this Section 2.4, and deliver any new Warrant Certificates, as directed by the Company and as and when required pursuant to the provisions of Articles XII and XIII. Each Warrant Certificate shall, when manually countersigned by an authorized
signatory of the Warrant Agent, entitle the registered holder thereof to exercise the rights as the holder of the number of New Class 11 Class A Warrants set forth thereon, subject to the provisions of this Agreement. 
  
 2.5 Regulatory Restrictions. The Class A Warrants and Common
Stock issuable upon exercise thereof are subject, without limitation, to restrictions and limitations under the New Jersey Casino Control Act (the “Act”) and the Indiana Riverboat Gambling Act and other gaming control laws described or
referred to in Article V of the Company’s Restated Certificate of Incorporation. Further without limitation, all securities (as defined by the Act) of the Company are held subject to the condition that, if a holder thereof is found to be
disqualified by the New Jersey Casino Control Commission pursuant to the provisions of the Act, such holder shall (a) dispose of his or her interest in the Company; (b) not receive any dividends or interest upon any such securities; (c) not
exercise, directly or through any trustee or nominee, any voting right conferred by such securities; and (d) not receive any remuneration in any form from the casino licensee for services rendered or otherwise. If any unsuitable or disqualified
holder fails to dispose of his securities within 180 days following such disqualification, (i) such securities shall be subject to redemption by the Company, as provided in the Company’s Restated Certificate of Incorporation, and (ii) such
unsuitable or disqualified holder shall indemnify the Company for any and all direct or indirect costs, including attorney’s fees, incurred by the Company as a result of such holder’s continuing ownership or failure to divest promptly.

  
 ARTICLE III. 
  
 EXERCISE TERMS 
  
 Each New Class 11 Class A Warrant shall entitle the holder thereof to
purchase from the Company for the Exercise Price one (1) share of Common Stock (subject to the adjustments provided in Article V hereof), at any time during the period that commences on the first Business Day after the Issue Date (May 20, 2005), and
terminates at 5:00 p.m., New York City time on the first anniversary of the Issue Date, or if that is not a Business Day, on the next Business Day (May 22, 2006) (the “Exercise Period”). The exercise price for the Warrants shall be $14.60
per 

  

 5 

 
share of Common Stock (the “Exercise Price”) (subject to adjustment pursuant to Article V hereof). 
  
 ARTICLE IV. 
  
 EXERCISE OF NEW CLASS 11 CLASS A WARRANTS 
  
 4.1 Manner Of Exercise. 
  
 (a) Exercise of New Class 11 Class A Warrants. All or
any of the New Class 11 Class A Warrants represented by a Warrant Certificate may be exercised by the registered holder thereof during normal business hours on any Business Day, by surrendering such Warrant Certificate, with the subscription form
set forth therein duly executed by such holder, by hand or by mail to the Warrant Agent at its office addressed to Continental Stock Transfer & Trust Company, 17 Battery Place, 8th Floor, New York, NY 10004, or at such other location as may be designated by the Company. Such Warrant Certificate shall be accompanied by payment in respect
of each New Class 11 Class A Warrant that is exercised in lawful money of the United States of America. Such payment shall be in an amount equal to the product of the number of shares of Common Stock (without giving effect to any adjustment therein)
designated in such subscription form multiplied by the Exercise Price for the New Class 11 Class A Warrants being exercised (plus such additional consideration as may be provided herein), made payable to Continental Stock Transfer & Trust
Company, as agent for Trump Entertainment Resorts, Inc. Upon such surrender and payment, such holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock determined
as provided in Article III, and as and if adjusted pursuant to Article V. 
  
 (b) Exercise of New DJT Class A Warrant. All or any of the Warrant Shares (as defined in the New DJT Class A Warrant) may be purchased by the registered holder thereof during normal business hours on any
Business Day, by written order, by hand or by mail to the Warrant Agent at its office addressed to Continental Stock Transfer & Trust Company, 17 Battery Place, 8th Floor, New York, NY 10004, or at such other location as may be designated by the Company. Such order shall be accompanied by the Exercise Payment (as defined
in the New DJT Class A Warrant) in lawful money of the United States of America, made payable to Continental Stock Transfer & Trust Company, as agent for Trump Entertainment Resorts, Inc. Upon such surrender and payment, as verified by the
Company, such holder shall thereupon be entitled to receive the number of duly authorized, validly issued, fully paid and nonassessable shares of Common Stock determined as provided in the New DJT Warrant. 
  
 4.2 When Exercise Effective. Each exercise of any Class A
Warrant pursuant to Section 4.1 shall be deemed to have been effected immediately prior to the close of business on the Business Day on which the certificate representing such Class A Warrant, duly executed, with accompanying payment shall have been
delivered as provided in Section 4.1, and at such time the Person or Persons in whose name or names the certificate or certificates for Common 

  

 6 

 
Stock shall be issuable upon such exercise as provided in Section 4.3 shall be deemed to have become the holder or holders of record thereof. 
  
 4.3 Delivery Of Certificates, Etc. 
  
 (a) As promptly as practicable after the exercise of any New
Class 11 Class A Warrant, and in any event within ten (10) Business Days thereafter, the Company at its expense (other than as to payment of transfer taxes or governmental charges, which will be paid by the holder) will cause to be issued and
delivered to such holder, or as such holder may otherwise direct in writing (subject to Article XII), 
  
 (i) a certificate or certificates for the number of shares of Common Stock to which such holder is entitled, and 
  
 (ii) if less than all the New Class 11 Class A Warrants
represented by a Warrant Certificate are exercised, a new Warrant Certificate or Warrant Certificates of the same tenor and for the aggregate number of New Class 11 Class A Warrants that were not exercised, executed and countersigned in accordance
with Sections 2.3 and 2.4. 
  
 (b) The Warrant
Agent shall countersign any new Warrant Certificate, register it in such name or names as may be directed in writing by such holder, and shall deliver it to the person entitled to receive the same in accordance with this Section 4.3. The Company,
whenever required by the Warrant Agent, will supply the Warrant Agent with Warrant Certificates executed on behalf of the Company for such purpose. 
  
 (c) Upon any exercise of the New DJT Class A Warrant, the Warrant Agent shall issue and deliver with all reasonable dispatch, but in any
event within three Business Days, to or upon the written order of the holder thereof and, subject to Section 3 of the New DJT Class A Warrant, in such name or names as such holder may designate, a certificate or certificates for the number of full
Warrant Shares issuable upon such exercise together with such other property, including cash, which may be deliverable upon such exercise. If fewer than all of the Warrant Shares represented by the New DJT Class A Warrant are purchased, at the
Company’s expense, the Company shall issue to the holder a new warrant of the same tenor as the New DJT Class A Warrant evidencing the Warrant Shares not purchased hereunder, together with the issue of the certificates representing the Warrant
Shares then being purchased. All warrant certificates surrendered upon exercise of the New DJT Class A Warrants shall be canceled by the Warrant Agent. 
  
 4.4 Fractional Shares. No fractional shares of Common Stock shall be issued upon any exercise of Class A Warrants. If more than one Warrant
Certificate shall be delivered for exercise at one time by the same holder, the number of full shares or securities that shall be issuable upon exercise shall be computed on the basis of the aggregate number of New Class 11 Class A Warrants
exercised. As to any fraction of a share of Common Stock, the Company shall pay a cash adjustment in respect thereto in an amount equal to the product of the Fair Value per share of Common Stock as of the Business Day immediately preceding the date
of such exercise 

  

 7 

 
multiplied by such fraction of a share. Fractional shares of Common Stock upon exercise of the New DJT Class A Warrant shall be disposed of as set forth in
Section 5.4 of such warrant. 
  
 4.5 Deposit of
Proceeds. The Warrant Agent shall cause all proceeds of exercise of Class A Warrants to be deposited in a segregated interest bearing account for the benefit of the Note Holders. The Warrant Agent may invest such proceeds, at its
discretion, in one or more of: (a) securities issued by governmental agencies backed by the full faith and credit of the United States government, (b) deposits with, certificates of deposit issued by and securities repurchase contracts with the
Warrant Agent, or commercial banks or primary financial institutions with capital in excess of $500 million, the unsecured long-term debt of which is rated A-1 or better, (c) commercial paper rated of the highest quality by Moody’s Investors
Services, Inc. or Standard & Poor’s Corporation or (d) money market deposit accounts (each, a “Permitted Investment”). Any loss incurred from an investment made pursuant to this Section 4.5 will be borne by such account. Neither
the Warrant Agent nor the Company shall have any liability for any loss sustained as a result of any Permitted Investment or as a result of any liquidation of any Permitted Investment prior to its maturity. 
  
 4.6 Distribution of Proceeds and Reserve Shares. As soon as
reasonably practicable after the expiration of the Exercise Period: 
  
 (a) The Warrant Agent shall determine and advise the Company of the number of Class A Warrants that have expired unexercised, and the Company shall cause to be deposited with the Disbursing Agent validly issued, fully
paid and nonassessable shares of Common Stock equal to the aggregate number of shares of Common Stock issuable upon exercise of such expired Class A Warrants immediately prior to expiration (the “Reserve Shares”). 
  
 (b) The Warrant Agent shall deposit with the Disbursing
Agent the proceeds of exercise of Class A Warrants, plus interest accumulated thereon to the date of deposit. 
  
 (c) The Company shall cause the Disbursing Agent to distribute all such proceeds of exercise of Class A Warrants, interest, and the
Reserve Shares to the Note Holders, pro rata. 
  
 (d) Only whole shares of Common Stock shall be distributed. The Disbursing Agent shall dispose of any shares of Common Stock representing fractional interests and distribute the proceeds thereof to the Note Holders entitled. The
dispositions of such Common Stock by the Disbursing Agent, as agent for the Note Holders who would otherwise receive such fractional interests, shall be executed as the Disbursing Agent, in its sole discretion, may determine. 
  

 8 

 ARTICLE V. 
  

ADJUSTMENT OF THE AMOUNT OF COMMON STOCK ISSUABLE 
 AND THE EXERCISE PRICE UPON EXERCISE 
  
 5.1 Stock Dividends, Split-ups And Combinations Of Shares. If, after the date hereof, the number of outstanding shares of Common Stock is increased by a dividend, share distribution or split up, in each
case payable in shares of Common Stock, or if the number of outstanding shares of Common Stock is combined into a smaller number of such shares or in the event of any other reclassification of shares of Common Stock (other than a reclassification in
connection with a merger, consolidation or other business combination which will be governed by Section 5.3), then the number of shares of Common Stock issuable upon exercise of each New Class 11 Class A Warrant immediately after the occurrence of
any such event shall be adjusted so that the holder of each New Class 11 Class A Warrant shall be entitled to receive the kind and number of shares of Common Stock of the Company which such holder would have been entitled to receive upon the
occurrence of such event had such New Class 11 Class A Warrant been exercised immediately prior thereto or any record date with respect thereto (with any record date requirement being deemed to have been satisfied). Any adjustment made pursuant to
this Section 5.1 shall become effective immediately after the effective date of such event retroactive to the record date, if any, for such event. 
  
 5.2 Exercise Price Adjustment. Whenever the number of shares of Common Stock into which a New Class 11 Class A Warrant is exercisable is
adjusted as provided in this Article V, then the Exercise Price payable upon exercise of the New Class 11 Class A Warrant shall simultaneously be adjusted by multiplying such Exercise Price immediately prior to such adjustment by a fraction, the
numerator of which shall be the number of shares of Common Stock into which such New Class 11 Class A Warrant was exercisable immediately prior to such adjustment, and the denominator of which shall be the number of shares of Common Stock into which
such New Class 11 Class A Warrant was exercisable immediately thereafter. 
  
 5.3 Adjustments For Mergers And Consolidations. In case the Company, after the date hereof, shall merge or consolidate with another Person, then, in the case of any such transaction, proper provision
shall be made so that, upon the basis and terms and in the manner provided in this Warrant Agreement, the holders of the New Class 11 Class A Warrants, upon the exercise thereof at any time after the consummation of such transaction (subject to the
Exercise Period), shall at the election of the Company made prior to the consummation of such transaction be entitled to receive (at the aggregate Exercise Price in effect at the time of the transaction for all Common Stock issuable upon such
exercise immediately prior to such consummation), in lieu of the Common Stock issuable upon such exercise prior to such consummation, the amount of securities, cash or other property to which such holder would have been entitled as a holder of
Common Stock upon such consummation if such holder had exercised the rights represented by the New Class 11 Class A Warrants held by such holder immediately prior thereto (which in the case of a transaction in which stockholders may elect to receive
different consideration shall be deemed to be the consideration received by stockholders who fail to make an election), subject to adjustments (subsequent to such consummation) as nearly equivalent as possible to the adjustments provided for in
Section 5.1 hereof. 
  

 9 

 5.4 Calculation To Nearest Cent And One-hundredth Of Share. All calculations under this
Article V shall be made to the nearest cent or to the nearest one-hundredth of a share, as the case may be. 
  
 5.5 Notice Of Adjustment In Exercise Price. Whenever the Exercise Price and securities issuable shall be adjusted as provided in this
Article V, the Company shall forthwith file with the Warrant Agent a statement, signed by the Chairman of the Board, the President or any Vice President of the Company and by its Treasurer or an Assistant Treasurer or its Secretary or an Assistant
Secretary, stating in detail the facts requiring such adjustment, the Exercise Price that will be effective after such adjustment and the impact of such adjustment on the number and kind of securities issuable upon exercise of the New Class 11 Class
A Warrants. The Company shall also cause a notice setting forth any such adjustments to be sent by mail, first class, postage prepaid, to each registered holder of New Class 11 Class A Warrants at its address appearing on the Warrant register. The
Warrant Agent shall have no duty with respect to any statement filed with it except to keep the same on file and available for inspection by registered holders of New Class 11 Class A Warrants during reasonable business hours. The Warrant Agent
shall not at any time be under any duty or responsibility to any holder of a New Class 11 Class A Warrant to determine whether any facts exist which may require any adjustment to the Exercise Price or securities issuable, or with respect to the
nature or extent of any adjustment of the Exercise Price or securities issuable when made or with respect to the method employed in making such adjustment. 
  
 5.6 Other Notices. In case the Company after the date hereof shall propose to take any action of the type described in Sections 5.1 or 5.2
of this Article V, the Company shall give notice to the Warrant Agent and to each registered holder of a New Class 11 Class A Warrant in the manner set forth in Section 5.5 of this Article V, which notice shall specify the date on which a record
shall be taken with respect to any such action. Such notice shall be given at least ten (10) days prior to the record date with respect thereto. Failure to give such notice, or any defect therein, shall not affect the legality or validity of any
such action. Where appropriate, such notice may be given in advance and may be included as part of a notice required to be mailed under the provisions of Section 5.5 of this Article V. 
  
 5.7 No Change In New Class 11 Class A Warrant Terms On Adjustment. Irrespective of any adjustments in the
Exercise Price or the number of shares of Common Stock issuable upon exercise, New Class 11 Class A Warrants theretofore or thereafter issued may continue to express the same prices and number of shares as are stated in the similar New Class 11
Class A Warrants issuable initially, or at some subsequent time, pursuant to this Agreement, and the Exercise Price and such number of shares issuable upon exercise specified thereon shall be deemed to have been so adjusted. 
  
 5.8 No Adjustment for Distributions under the Plan. Without
limiting the foregoing, no adjustment shall be made pursuant to this Article V by reason of (a) the issuance of shares of Common Stock or other securities, including the New Class 11 Class A Warrants, pursuant to the Plan, (b) the issuance of any
employee stock options or restricted stock to parties other than DJT, (c) the issuance or sale by the Company of any shares of Common Stock pursuant to the exercise of any stock options, DJT’s warrants or New Class 11 Class A Warrants; or (d)
the issuance of shares of Common Stock for consideration consisting in cash or property in whole or in part. 
  

 10 

 5.9 Treasury Shares. Shares of Common Stock at any time owned by the Company shall not be deemed
to be outstanding for the purposes of any computation under this Article V. 
  
 ARTICLE VI. 
  
 CONSOLIDATION, MERGER, ETC. 
  
 Notwithstanding
anything contained herein to the contrary, the Company will not effect a merger or consolidation unless, prior to the consummation of such transaction, each Person (other than the Company) which may be required to deliver any Common Stock,
securities, cash or property upon the exercise of the New Class 11 Class A Warrants as provided herein shall assume, by written instrument delivered to the Warrant Agent, the obligations of the Company under this Warrant Agreement and under each of
the New Class 11 Class A Warrants, including, without limitation, the obligation to deliver such shares of Common Stock, cash or property as may be required pursuant to Article V hereof. 
  
 ARTICLE VII. 
  
 NO DILUTION OR IMPAIRMENT 
  
 The Company will not, by amendment of its certificate of incorporation or through any consolidation, merger, reorganization, transfer of assets,
dissolution, issuance or sale of securities, or any other voluntary action or omission, avoid or seek to avoid the observance or performance of any of the terms of this Agreement or any of the New Class 11 Class A Warrants issued hereunder, but will
at all times in good faith observe and perform all such terms and take all such action as may be necessary or appropriate to protect the rights of each holder of a New Class 11 Class A Warrant against dilution or other impairment of the kind
specified herein, provided, however, that, subject to compliance with the applicable provisions of this Agreement, the Company shall not be prohibited by this Article VII nor by any provision of this Agreement from making decisions providing for,
inter alia, the merger or consolidation of the Company or the sale of its assets which transactions, in the judgment of the Company’s board of directors, are in the best interests of the Company and its stockholders. Without limiting the
generality of the foregoing, the Company (a) will not permit the par value of any shares of stock receivable upon the exercise of any New Class 11 Class A Warrant to exceed the amount payable therefore upon such exercise, (b) will take all such
action as may be necessary or appropriate in order that the Company may validly and legally issue fully paid and nonassessable shares of stock upon the exercise of all of the New Class 11 Class A Warrants from time to time outstanding, and (c) will
not take any action that results in any adjustment of the shares issuable upon exercise of the New Class 11 Class A Warrants if the total number of shares of Common Stock issuable after the action upon the exercise of all of the New Class 11 Class A
Warrants would exceed the total number of shares of Common Stock then authorized by the Company’s certificate of incorporation and available for the purpose of issuance upon such exercise. 
  

 11 

 ARTICLE VIII. 
  
 REPORTS 
  
 In each case of any adjustment or readjustment in the shares of Common Stock issuable upon exercise of the New Class 11 Class A Warrants, the Company at
its expense will promptly compute such adjustment or readjustment after giving effect to such in accordance with the terms of this Agreement and shall prepare a report setting forth such adjustment or readjustment and showing in reasonable detail
the method of calculation thereof and the facts upon which such adjustment or readjustment is based. The Company will promptly mail a copy of each such report to the Warrant Agent, which shall promptly mail a copy to each holder of a New Class 11
Class A Warrant. The Warrant Agent will cause the same to be available for inspection at its principal office during normal business hours by any holder of a New Class 11 Class A Warrant or any prospective purchaser of a New Class 11 Class A Warrant
designated by the holder thereof. 
  
 ARTICLE IX.

  
 NOTIFICATION OF CERTAIN EVENTS 
  
 The Company shall promptly file with the Warrant Agent copies of its annual
reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission may by rules and regulations prescribe) that the Company is required to file with the Commission pursuant to Section 13
or 15(d) of the Exchange Act. 
  
 ARTICLE X. 
  
 RESERVATION OF STOCK 
  
 10.1 Reservation; Due Authorization, Etc. The Company shall at
all times reserve and keep available, free from preemptive rights, out of its authorized but unissued Common Stock, solely for issuance and delivery upon exercise of Class A Warrants, the full number of shares of Common Stock from time to time
issuable upon exercise of all Class A Warrants and any other outstanding warrants, options or similar rights, from time to time outstanding. All shares of Common Stock shall be duly authorized and, when issued upon such exercise, shall be duly and
validly issued, and (in the case of shares) fully paid and nonassessable, and free from all taxes, liens, charges, security interests, encumbrances and other restrictions created by or through the Company. 
  
 10.2 Compliance With Law. The Company will use commercially
reasonable efforts, at its expense and on a continual basis, to assure that all shares of Common Stock that may be issued upon exercise of Class A Warrants may be so issued and delivered without violation of any federal or state securities law or
regulation, or any other law or regulation applicable to the Company or any of its Subsidiaries; provided, that, with respect to any such exercise involving a sale or transfer of Class A Warrants or any such securities issuable upon such exercise,
the Company shall have no obligation to register such Class A Warrants or securities under any such securities law. 
  

 12 

 ARTICLE XI. 
  
 PAYMENT OF TAXES 
  
 The Company will pay any and all documentary stamp or similar issue taxes payable to the United States of America or any State, or any political
subdivision or taxing authority thereof or therein, in respect of the issuance or delivery of shares of Common Stock on exercise of New Class 11 Class A Warrants, provided, that the Company shall not be required to pay any tax that may be payable in
respect of any transfer of a New Class 11 Class A Warrant or any transfer involved in the issuance and delivery of Common Stock in a name other than that of the registered holder of the New Class 11 Class A Warrants to be exercised, and no such
issuance or delivery shall be made unless and until the person requesting such issuance has paid to the Company the amount of any such tax or has established, to the reasonable satisfaction of the Company, that such tax has been paid. 
  
 ARTICLE XII. 
  
 LOSS OR MUTILATION 
  
 Upon receipt by the Company and the Warrant Agent of evidence reasonably
satisfactory to them of the ownership of and the loss, theft, destruction or mutilation of any Warrant Certificate and of an indemnity bond reasonably satisfactory to them in form or amount, and (in the case of mutilation) upon surrender and
cancellation thereof, then, in the absence of notice to the Company or the Warrant Agent that the New Class 11 Class A Warrants represented thereby have been acquired by a protected purchaser, the Company shall execute and deliver to the Warrant
Agent and, upon the Company’s request, an authorized signatory of the Warrant Agent shall manually countersign and deliver, to the registered holder of the lost, stolen, destroyed or mutilated Warrant Certificate, in exchange for or in lieu
thereof, a new Warrant Certificate of the same tenor and for a like aggregate number of New Class 11 Class A Warrants. Upon the issuance of any new Warrant Certificate under this Article XII, the Company may require the payment of a sum sufficient
to cover any tax or other governmental charge that may be imposed in relation thereto and any other expenses (including the reasonable fees and expenses of the Warrant Agent) in connection therewith. Every new Warrant Certificate executed and
delivered pursuant to this Article XII in lieu of any lost, stolen or destroyed Warrant Certificate shall be entitled to the same benefits of this Agreement equally and proportionately with any and all other Warrant Certificates, whether or not the
allegedly lost, stolen or destroyed Warrant Certificate shall be at any time enforceable by anyone. The provisions of this Article XII are exclusive and shall preclude (to the extent lawful) all other rights or remedies with respect to the
replacement of mutilated, lost, stolen or destroyed Warrant Certificates. 
  
 ARTICLE XIII. 
  
 NEW
CLASS 11 CLASS A WARRANT REGISTRATION 
  
 13.1
Registration. The Warrant Certificates shall be issued in registered form only and shall be registered in the names of the record holders of the Warrant Certificates to whom they are to be delivered. The Company shall maintain or cause
to be maintained a register in which, 

  

 13 

 
subject to such reasonable regulations as it may prescribe, the Company shall provide for the registration of New Class 11 Class A Warrants and of transfers
or exchanges of Warrant Certificates as provided in this Agreement. Such register shall be maintained at the office of the Company or the Warrant Agent located at the respective address therefor as provided in Section 16.1. Such register shall be
open for inspection upon notice at all reasonable times by the Warrant Agent and each holder of a New Class 11 Class A Warrant. 
  
 13.2 Transfer and Exchange. Subject to Section 2.1 hereof, at the option of the holder, Warrant Certificates may be exchanged or transferred
for other Warrant Certificates for a like aggregate number of New Class 11 Class A Warrants, upon surrender of the Warrant Certificates to be exchanged at the office of the Company or the Warrant Agent maintained for such purpose at the respective
address therefore as provided in Section 16.1, and upon payment of the charges herein provided. Whenever any Warrant Certificates are so surrendered for exchange or transfer, the Company shall execute, and an authorized signatory of the Warrant
Agent shall manually countersign and deliver, the Warrant Certificates that the holder making the exchange is entitled to receive. 
  
 13.3 Valid And Enforceable. All Warrant Certificates issued upon any registration of transfer or exchange of Warrant Certificates shall be
the valid obligations of the Company, evidencing the same obligations, and entitled to the same benefits under this Agreement, as the Warrant Certificates surrendered for such registration of transfer or exchange. 
  
 13.4 Endorsement. Every Warrant Certificate surrendered for
registration of transfer or exchange shall (if so required by the Company or the Warrant Agent) be duly endorsed, or be accompanied by an instrument of transfer in form reasonably satisfactory to the Company and the Warrant Agent and duly executed
by the registered holder thereof or such holder’s officer or representative duly authorized in writing. 
  
 13.5 No Service Charge. No service charge shall be made for any registration of transfer or exchange of Warrant Certificates. 
  
 13.6 Cancellation. Any Warrant Certificate surrendered for
registration of transfer, exchange or the exercise of the Warrants represented thereby shall, if surrendered to the Company, be delivered to the Warrant Agent, and all Warrant Certificates surrendered or so delivered to the Warrant Agent shall be
promptly cancelled by the Warrant Agent. Any such Warrant Certificate shall not be reissued by the Company and, except as provided in this Article XIII in case of an exchange or transfer, in Article XII in case of a mutilated Warrant Certificate and
in Article IV in case of the exercise of less than all the Warrants represented thereby, no Warrant Certificate shall be issued hereunder in lieu thereof. The Warrant Agent shall deliver to the Company from time to time or otherwise dispose of such
cancelled Warrant Certificates in a manner reasonably satisfactory to the Company. 
  

 14 

 ARTICLE XIV. 
  
 WARRANT AGENT 
  
 14.1 Obligations Binding. The Warrant Agent undertakes the duties and obligations imposed by this Agreement upon the terms and conditions
set forth in this Article XIV. The Company, and the holders of New Class 11 Class A Warrants by their acceptance thereof, shall be bound by all of such terms and conditions. 
  
 14.2 No Liability. The Warrant Agent shall not by countersigning Warrant Certificates or by any other act
hereunder be accountable with respect to or be deemed to make any representations as to the validity or authorization of the Class A Warrants or the Warrant Certificates (except as to its countersignature thereon), as to the validity, authorization
or value (or kind or amount) of any Common Stock or any other property delivered or deliverable upon exercise of any Class A Warrant, or as to the purchase price of such Common Stock, securities, or other property. The Warrant Agent shall not (a) be
liable for any recital or statement of fact contained herein or in the Warrant Certificates or for any action taken, suffered or omitted by the Warrant Agent in good faith in the belief that any Warrant Certificate or any other document or any
signature is genuine or properly authorized, (b) be responsible for determining whether any facts exist that may require any adjustment of the purchase price and the number of shares of Common Stock purchasable upon exercise of Class A Warrants, or
with respect to the nature or extent of any such adjustments when made, or with respect to the method of adjustment employed, (c) be responsible for any failure on the part of the Company to issue, transfer or deliver any Common Stock or property
upon the surrender of any Class A Warrant for the purpose of exercise or to comply with any other of the Company’s covenants and obligations contained in this Agreement or in the Warrant Certificates, or (d) be liable for any act or omission in
connection with this Agreement except for its own bad faith, gross negligence or willful misconduct. 
  
 14.3 Instructions. The Warrant Agent is hereby authorized to accept instructions with respect to the performance of its duties hereunder
from the Chairman of the Board, President, any Vice President, Treasurer or any Assistant Treasurer of the Company, and to apply to any such officer for advice or instructions. The Warrant Agent shall not be liable for any action taken, suffered or
omitted by it in good faith in accordance with the instructions of any such officer. 
  
 14.4 Agents. The Warrant Agent may execute and exercise any of the rights and powers hereby vested in it or perform any duty hereunder either itself or by or through its attorneys, agents or employees,
provided reasonable care has been exercised in the selection and in the continued employment of any such attorney, agent or employee. The Warrant Agent shall not be under any obligation or duty to institute, appear in or defend any action, suit or
legal proceeding in respect hereof, but this provision shall not affect the power of the Warrant Agent to take such action as the Warrant Agent may consider proper. The Warrant Agent shall promptly notify the Company in writing of any claim made or
action, suit or proceeding instituted against the Warrant Agent arising out of or in connection with this Agreement. 
  

 15 

 14.5 Cooperation. The Company will perform, execute, acknowledge and deliver or cause to be
performed, executed, acknowledged and delivered all such further acts, instruments and assurances as may reasonably be required by the Warrant Agent in order to enable the Warrant Agent to carry out or perform its duties under this Agreement.

  
 14.6 Agent Only. The Warrant Agent shall act
solely as agent. The Warrant Agent shall not be liable except for the performance of such duties as are specifically set forth herein, and no implied covenants or obligations shall be read into this Agreement against the Warrant Agent, whose duties
and obligations shall be determined solely by the express provisions hereof. 
  
 14.7 Right To Counsel. The Warrant Agent may at any time consult with legal counsel satisfactory to it (who may be legal counsel for the Company) and the Warrant Agent shall incur no liability or
responsibility to the Company or to any Class A Warrant holder for any action taken, suffered or omitted by the Warrant Agent in good faith in accordance with the opinion or advice of such counsel. 
  
 14.8 Compensation. The Company agrees to pay the Warrant Agent
reasonable compensation for its services hereunder and to reimburse the Warrant Agent for its reasonable expenses hereunder; and further agrees to indemnify the Warrant Agent and hold it harmless against any and all liabilities, including, but not
limited to, judgments, costs and reasonable counsel fees for anything done, suffered or omitted by the Warrant Agent in the execution of its duties and powers hereunder, except for any such liabilities that arise as a result of the Warrant
Agent’s bad faith, negligence or willful misconduct. 
  
 14.9
Accounting. The Warrant Agent shall account promptly to the Company with respect to Class A Warrants exercised. 
  
 14.10 No Conflict. The Warrant Agent and any stockholder, director, officer or employee of the Warrant Agent may buy, sell or deal in any of
the Class A Warrants or other securities of the Company or become pecuniarily interested in any transaction in which the Company may be interested, or contract with or lend money to the Company or otherwise act as fully and freely as though it were
not Warrant Agent under this Agreement. Nothing herein shall preclude the Warrant Agent from acting in any other capacity for the Company or for any other legal entity. 
  
 14.11 Resignation; Termination. The Warrant Agent may resign its duties and be discharged from all further
duties and liabilities hereunder (except liabilities arising as a result of the Warrant Agent’s bad faith, negligence or willful misconduct), after giving thirty (30) days’ prior written notice to the Company. The Company may remove the
Warrant Agent upon thirty (30) days’ written notice, and the Warrant Agent shall thereupon in like manner be discharged from all further duties and liabilities hereunder, except as to liabilities arising as a result of the Warrant Agent’s
bad faith, gross negligence or willful misconduct. The Company shall cause to be mailed (by first class mail, postage prepaid) to each registered holder of a New Class 11 Class A Warrant at such holder’s last address as shown on the register of
the Company, at the Company’s expense, a copy of such notice of resignation or notice of removal, as the case may be. Upon such resignation or removal the Company shall promptly appoint in writing a new warrant agent. If the Company shall fail
to make such appointment within a period of thirty (30) 

  

 16 

 
days after it has been notified in writing of such resignation by the resigning Warrant Agent or after such removal, then the holder of any New Class 11
Class A Warrant may apply to any court of competent jurisdiction for the appointment of a new warrant agent. Pending appointment of a successor to the Warrant Agent, either by the Company or by such a court, the duties of the Warrant Agent shall be
carried out by the Company. Any successor warrant agent, whether appointed by the Company or by such a court, shall be a corporation, incorporated under the laws of the United States or of any state thereof and authorized under such laws to exercise
corporate trust powers, be subject to supervision and examination by federal or state authority, and have a combined capital and surplus of not less than $100,000,000 as set forth in its most recent published annual report of condition. After
acceptance in writing of such appointment by the new warrant agent it shall be vested with the same powers, rights, duties and responsibilities as if it had been originally named herein as the Warrant Agent, without any further assurance,
conveyance, act or deed; but if for any reason it shall be necessary or expedient to execute and deliver any further assurance, conveyance, act or deed, the same shall be done at the expense of the Company and shall be legally and validly executed
and delivered by the resigning or removed Warrant Agent. Not later than the effective date of any such appointment the Company shall file notice thereof with the resigning or removed Warrant Agent and shall forthwith cause a copy of such notice to
be mailed (by first class mail, postage prepaid) to each registered holder of a New Class 11 Class A Warrant at such holder’s last address as shown on the register of the Company. Failure to give any notice provided for in this Section 14.11,
or any defect in any such notice, shall not affect the legality or validity of the resignation of the Warrant Agent or the appointment of a new warrant agent, as the case may be. 
  
 14.12 Change Of Warrant Agent. If at any time the name of the Warrant Agent shall be changed and at such time
any of the Warrant Certificates shall have been countersigned but not delivered, the Warrant Agent may adopt the countersignature under its prior name and deliver Warrant Certificates so countersigned; and if at that time any of the Warrant
Certificates shall not have been countersigned, the Warrant Agent may countersign such Warrant Certificates either in its prior name or in its changed name; and in all such cases such Warrant Certificates shall have the full force and effect
provided in the Warrant Certificates and this Agreement. 
  
 14.13
Successor Warrant Agent. Any corporation into which the Warrant Agent or any new warrant agent may be merged or any corporation resulting from any consolidation to which the Warrant Agent or any new warrant agent shall be a party or
any corporation succeeding to all or substantially all the agency business of the Warrant Agent or any new warrant agent shall be a successor Warrant Agent under this Agreement without any further act; provided, that such corporation would be
eligible for appointment as a new warrant agent under the provisions of Section 14.11. The Company shall promptly cause notice of the succession as Warrant Agent of any such successor Warrant Agent to be mailed (by first class mail, postage prepaid)
to each registered holder of a New Class 11 Class A Warrant at its last address as shown on the register of the Company. 
  

 17 

 ARTICLE XV. 
  
 REMEDIES, ETC. 
  
 15.1 New Class 11 Class A Warrant Holder Not Deemed A Stockholder. Prior to the exercise of the New Class 11 Class A Warrants represented
thereby no holder of a Warrant Certificate, as such, shall be entitled to any rights of a stockholder of the Company, including, but not limited to, the right to vote, to receive dividends or other distributions, to exercise any preemptive right or,
except as otherwise provided herein, to receive any notice of meetings of stockholders, and no such holder shall be entitled to receive notice of any proceedings of the Company except as provided in this Agreement. Nothing contained in this
Agreement shall be construed as imposing any liabilities on such holder to purchase any securities or as a stockholder of the Company, whether such liabilities are asserted by the Company or by creditors or stockholders of the Company or otherwise.

  
 15.2 Right Of Action. All rights of action in
respect of this Agreement are vested in the registered holders of the New Class 11 Class A Warrants. Any registered holder of any New Class 11 Class A Warrant, without the consent of the Warrant Agent or the registered holder of any other New Class
11 Class A Warrant, may in such holder’s own behalf and for such holder’s own benefit enforce, and may institute and maintain any suit, action or proceeding against the Company suitable to enforce, or otherwise in respect of, such
holder’s right to exercise such holder’s New Class 11 Class A Warrants in the manner provided in the Warrant Certificate representing such New Class 11 Class A Warrants and the Company’s obligations under this Agreement and the New
Class 11 Class A Warrants. 
  
 ARTICLE XVI. 
  
 MISCELLANEOUS 
  
 16.1 Notices. Any notice, demand or delivery authorized by this
Agreement shall be sufficiently given or made if sent by first class mail, postage prepaid, addressed to any registered holder of a Class A Warrant at such holder’s last known address appearing on the register of the Company, and to the Company
or the Warrant Agent as follows: 
  

			
	 If to the Company:

	
	 Trump Entertainment Resorts, Inc.

	 725 Fifth Avenue, 15th Floor

	 New York, New York 10022

	 Facsimile:
	  	(212) 688-0397
	 Attn:
	  	Scott C. Butera
	 	  	Robert M. Pickus, Esq.

  

 18 

			
	 If to the Warrant Agent:

	
	 Continental Stock Transfer & Trust Company

	 17 Battery Place, 8th Floor

	 New York, NY 10004

	 Facsimile:
	  	(212) 509-5150
	 Attn:
	  	Compliance Department

  
 or such other address as shall have
been furnished in writing, in accordance with this Section 16.1, to the party giving or making such notice, demand or delivery. 
  
 16.2 Governing Law And Consent To Forum. THIS AGREEMENT SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH 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 CONFLICT OF LAWS. THE COMPANY AND THE WARRANT AGENT EACH HEREBY IRREVOCABLY SUBMITS TO THE JURISDICTION OF ANY NEW YORK STATE COURT
SITTING IN THE CITY OF NEW YORK OR ANY FEDERAL COURT SITTING IN THE CITY OF NEW YORK IN RESPECT OF ANY SUIT, ACTION OR PROCEEDING ARISING OUT OF OR RELATING TO THIS AGREEMENT, AND EACH IRREVOCABLY ACCEPTS FOR ITSELF AND IN RESPECT OF ITS PROPERTY,
GENERALLY AND UNCONDITIONALLY, THE JURISDICTION OF THE AFORESAID COURTS. NOTHING HEREIN SHALL AFFECT THE RIGHT OF ANY PERSON TO SERVE PROCESS IN ANY MANNER PERMITTED BY LAW OR TO COMMENCE LEGAL PROCEEDINGS OR OTHERWISE PROCEED AGAINST THE COMPANY IN
ANY OTHER JURISDICTION. 
  
 16.3 Benefits Of This
Agreement. This Agreement shall be binding upon and inure to the benefit of the Company and the Warrant Agent and their respective successors and assigns, and the registered holders from time to time of the New Class 11 Class A Warrants.
Nothing in this Agreement is intended or shall be construed to confer upon any other person, any right, remedy or claim under or by reason of this Agreement or any part hereof. 
  
 16.4 Agreement Of Holders Of Warrant Certificates. Every holder of a Warrant Certificate, by accepting the
same, covenants and agrees with the Company, the Warrant Agent and with every other holder of a Warrant Certificate that the Warrant Certificates are transferable on the registry books of the Warrant Agent only upon the terms and conditions set
forth in this Agreement, and the Company and the Warrant Agent may deem and treat the person in whose name the Warrant Certificate is registered as the absolute owner for all purposes whatsoever and neither the Company nor the Warrant Agent shall be
affected by any notice to the contrary. 
  
 16.5
Counterparts. This Agreement may be executed in any number of counterparts and each such counterpart shall for all purposes be deemed to be an original, and all such counterparts shall together constitute but one and the same
instrument. 
  
 16.6 Amendments. The Warrant Agent
may, without the consent or concurrence of the holders of the New Class 11 Class A Warrants, by supplemental agreement or other writing, join with the Company in making any amendments or modifications of this Agreement that they shall 

  

 19 

 
have been advised by counsel (a) are required to cure any ambiguity or to correct any defective or inconsistent provision or clerical omission or mistake or
manifest error herein contained and which do not accurately reflect the understanding of the parties hereto, (b) add to the covenants and agreements of the Company in this Agreement further covenants and agreements of the Company thereafter to be
observed, or surrender any rights or powers reserved to or conferred upon the Company in this Agreement, or (c) do not and will not adversely affect, alter or change the rights, privileges or immunities of the registered holders of New Class 11
Class A Warrants or of any person entitled to the benefits of this Agreement who has not assented to such change, in writing. This Agreement may otherwise be amended by the Company and the Warrant Agent only with the consent of the holders of a
majority of the then outstanding New Class 11 Class A Warrants. Notwithstanding the foregoing, the consent of each holder of a New Class 11 Class A Warrant affected shall be required for any amendment pursuant to which the Exercise Price would be
increased or the number of shares of Common Stock purchasable upon exercise of New Class 11 Class A Warrants would be decreased (other than pursuant to adjustments provided herein). The Warrant Agent shall join with the Company in the execution and
delivery of any such amendment unless such amendment affects the Warrant Agent’s own rights, duties or immunities hereunder, in which case the Warrant Agent may, but shall not be required to, join in such execution and delivery. Upon execution
and delivery of any amendment pursuant to this Section 16.6, such amendment shall be considered a part of this Agreement for all purposes and every holder of a Warrant Certificate theretofore or thereafter countersigned and delivered hereunder shall
be bound thereby. 
  
 16.7 Consent To Jurisdiction.
The parties hereby expressly acknowledge and agree that, to the extent permitted by applicable law, the Bankruptcy Court shall have exclusive jurisdiction to hear and determine any and all disputes concerning the distribution of New Class 11 Class A
Warrants hereunder to holders of Old Common Stock pursuant to the Plan, the exercise of New Class 11 Class A Warrants, or the distribution of Class A Warrants exercise proceeds or Reserve Shares to Note Holders. The Warrant Agent hereby assents to
the jurisdiction of the Bankruptcy Court with respect to any such disputes and waives any argument of lack of such jurisdiction. 
  
 16.8 Headings. The table of contents hereto and the descriptive headings of the several sections hereof are inserted for convenience only
and shall not control or affect the meaning or construction of any of the provisions hereof. 
  

 20 

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

			
	TRUMP ENTERTAINMENT RESORTS, INC.
		
	 By:
	 	/S/    JOHN P.BURKE
	 	 	 Name: /s/    John P. Burke

	 	 	 Title: Executive Vice President and Corporate Treasurer

	
	 CONTINENTAL STOCK TRANSFER & TRUST
 COMPANY

		
	 By:
	 	/S/    WILLIAM F. SEEGRABER
	 	 	 Name: William F. Seegraber

	 	 	 Title: Vice President

  

 21Registration Rights Agreement, dated as of May 20, 2005

 Exhibit 10.15 
  
 REGISTRATION RIGHTS AGREEMENT 
  

THIS REGISTRATION RIGHTS AGREEMENT (this “Agreement”) is made and entered into as of May 20, 2005 by and between (1) Trump Entertainment
Resorts, Inc. (formerly Trump Hotels & Casino Resorts, Inc.), a Delaware corporation (the “Company”), (2) Trump Entertainment Resorts Holdings, L.P. (formerly Trump Hotels & Casino Resorts Holdings, L.P.), a Delaware limited
partnership (the “Partnership”), and Trump Entertainment Resorts Funding, Inc., a Delaware corporation (“TER Funding”) (the Partnership and TER Funding, each an “Issuer,” and together, the “Issuers”), and (3)
the Affiliated Holders who, pursuant to Section 7 hereof, are listed on Exhibit A attached hereto. 
  
 WHEREAS, a Plan of Reorganization under Chapter 11 of the United States Bankruptcy Code (the “Plan”) for the Company and its subsidiaries was
confirmed on April 5, 2005 by order of the United States Bankruptcy Court for the District of New Jersey and amended on April 11, 2005, in Case Nos. 04-46898 through 04-46924, and has become effective; 
  
 WHEREAS, in connection with the Plan and the transactions contemplated
thereby, each of the Affiliated Holders has become an owner of (i) 8.5% Senior Secured Notes due 2015 of the Issuers (the “Notes”) and/or (ii) shares of common stock, $.001 par value per share, of the Company (the “Common
Stock”); and 
  
 WHEREAS, in accordance with the Plan, the
Company and the Issuers desire to provide for the registration of the sale, on the terms subject to the conditions herein, of Notes and Common Stock owned by Affiliated Holders. 
  
 NOW, THEREFORE, in consideration of the mutual promises and covenants contained in this Agreement, the parties hereto agree
as follows: 
  
 1. Definitions. 
  
 As used in this Agreement, the following capitalized terms shall have the
meanings ascribed thereto below (such meanings being equally applicable to both the singular and plural form of the terms defined): 
  
 “Agreement” shall mean this Registration Rights Agreement, as the same may from time to time be amended, modified and
supplemented in accordance with its terms. 
  
 “Common Stock” shall mean the shares of Common Stock, par value of $ 0.001 per share, of the Company, as authorized by the Certificate of Incorporation on the Effective Date. 
  
 “control” (including the term
“controlled by”) shall mean the possession, direct or indirect, of the power to direct or cause the direction of the management and policies of a Person, whether through the ownership of voting securities, by contract, or otherwise.

  

 “Debt Shelf Registration Termination Date” shall mean the eighteen
months after the date on which the Issuers Shelf Registration first became effective under the Securities Act or such earlier date on which there no longer are any Registrable Debt Securities or on which all the Registrable Debt Securities may be
disposed of by the Holders pursuant to Rule 144 either within a 90 day period in accordance with the volume limitations of such rule or without volume limitation in accordance with the provisions of Rule 144(k) or pursuant to another exemption from
the registration requirements of the Securities Act pursuant to which the Registrable Debt Securities are thereafter freely tradable without restriction under the Securities Act. 
  
 “Effective Date” shall mean the Effective Date as defined in the Plan. 
  
 “Equity Shelf Registration Termination
Date” shall mean the eighteen months after of the date on which the Equity Shelf Registration first became effective under the Securities Act or such earlier date on which there no longer are any Registrable Equity Securities or on which
all the Registrable Equity Securities may be disposed of by the Affiliated Holders pursuant to Rule 144 either within a 90 day period in accordance with the volume limitations of such rule or without volume limitation in accordance with the
provisions of Rule 144(k) or pursuant to another exemption from the registration requirements of the Securities Act pursuant to which the Registrable Equity Securities are thereafter freely tradable without restriction under the Securities Act.

  
 “Exchange Act” shall mean
the Securities Exchange Act of 1934, as amended, or any successor federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same may be amended and shall be in effect from time to time. 
  
 “Nasdaq” shall mean the Nasdaq Stock
Market. 
  
 “Notes” shall mean
the $1.25 billion principal amount of 8.5% Senior Secured Notes issued by the Issuers. 
  
 “Person” shall mean any individual, partnership (general, limited or limited liability), corporation, limited liability
company, trust, unincorporated organization or other legal entity, and a government or agency or political subdivision thereof. 
  
 “Registrable Debt Securities” shall mean the Notes owned by Affiliated Holders issued to the Holders pursuant to the
Plan, for so long as such Notes are owned by the Holders or permitted transferee of such the Holders’ rights under Section 7 hereof. For the avoidance of doubt, it is understood and agreed that any particular Registrable Debt Security shall
cease to be such when (A) a Registration Statement with respect to the sale of such security shall have become effective under the Securities Act and such security shall have been disposed of in accordance with such Registration Statement, (B) such
security shall have been sold pursuant to Rule 144 (or all such securities held by such Holder could be sold within a 90 day period in accordance with the volume limitation of Rule 144 or without volume limitation in accordance with the provisions
of Rule 144(k)) or pursuant to another exemption from registration under the Securities Act pursuant to which the securities sold are thereafter freely transferable without registration and without restriction under the Securities Act or (C) such
security shall have ceased to be outstanding. 
  

 “Registrable Equity Securities” shall mean (i) shares of Common Stock
owned by an Affiliated Holders issued to the Holders pursuant to the Plan, (ii) any additional shares of Common Stock or other equity securities issued by the Company to the Holders as a dividend upon or a distribution in respect of, or upon
conversion of or in exchange for or as a result of any reclassification of, any such shares of Common Stock or any other equity security that is a Registrable Equity Security issued to the Holders pursuant to the Plan, and (iii) any equity security
issued upon exercise of any warrant, right or option which is a Registrable Equity Security issued to the Holders pursuant to the Plan, for so long as such equity security is owned by the Holders or permitted transferee of such the Holders’
rights under Section 7 hereof. For the avoidance of doubt, it is understood and agreed that any particular Registrable Equity Security shall cease to be such when (A) a Registration Statement with respect to the sale of such security shall have
become effective under the Securities Act and such security shall have been disposed of in accordance with such Registration Statement, (B) such security shall have been sold pursuant to Rule 144 (or all such securities held by such Holder could be
sold within a 90 day period in accordance with the volume limitation of Rule 144 or without volume limitation in accordance with the provisions of Rule 144(k)) or pursuant to another exemption from registration under the Securities Act pursuant to
which the securities sold are thereafter freely transferable without registration and without restriction under the Securities Act or (C) such security shall have ceased to be outstanding. 
  
 “Registration Statement” shall mean a
registration statement of the Company as it may be amended or supplemented from time to time, including without limitation, all exhibits, financial statements, schedules and attachments thereto. 
  
 “Rule 144” shall mean Rule 144 promulgated
by the SEC under the Securities Act, or any similar rule or regulation permitting the sale of securities without registration under the Securities Act hereafter promulgated by the SEC, as the same may be amended and in effect from time to time.

  
 “Rule 415” shall mean Rule
415 promulgated by the SEC under the Securities Act, or any similar rule or regulation relating to registration of securities under the Securities Act for offering and sale by a continuous or delayed offering hereafter promulgated by the SEC, as the
same may be amended and in effect from time to time. 
  
 “SEC” shall mean the Securities and Exchange Commission or any other federal agency then administering the Securities Act and other federal securities laws. 
  
 “Securities Act” shall mean the Securities Act of 1933, as amended, or any successor
federal statute, and the rules and regulations of the SEC promulgated thereunder, all as the same may be amended and shall be in effect from time to time. 
  
 Other terms are defined herein and shall have the meanings elsewhere provided herein. References herein to specific rules of the SEC refer to such rules as in effect on
the date hereof and as the same may thereafter from time to time be amended and in effect. References herein to “Sections” shall refer to the sections of this Agreement, unless otherwise specifically provided, and references to
“hereof,” “herein” or “hereunder” shall refer to this Agreement as a whole and 

  

 
not to any particular Section, paragraph, sentence or clause unless otherwise specifically provided. 
  
 2. Company Shelf Registration. 
  
 (a) The Company shall promptly file with the SEC (but in no
event more than 90 days after the Effective Date) and thereafter use its commercially reasonable efforts to cause to be declared effective no later than 150 days after the Effective Date, a registration statement (the “Company Shelf
Registration Statement”) on an appropriate form under the Securities Act relating to the continuous offering and sale of the shares of Common Stock which are Registrable Equity Securities in resales by selling Holders (or their permitted
transferees) in market transactions on the Nasdaq or such other national securities exchange on which the Common Stock is then listed (and through such other method or methods of distribution as may be requested by the Affiliated Holders and set
forth in the Company Shelf Registration Statement and permitted by Rule 415, whether upon initial effectiveness or upon amendment or supplement of such Company Shelf Registration Statement). The Company shall use its commercially reasonable efforts
to keep the Company Equity Shelf Registration Statement effective under the Securities Act, for so long as it is permitted to do so under Rule 415, until the Equity Shelf Registration Termination Date, including by preparing and filing such
amendments to the Registration Statement and prospectus supplements as may be required therefor. 
  
 (b) The Company shall use its commercially reasonable efforts to keep the Company Shelf Registration Statement continuously effective in
order to permit the prospectus included therein to be lawfully delivered by the Holders from the date of its effectiveness until the Equity Shelf Termination Date. The Company shall be deemed not to have used its commercially reasonable efforts to
keep the Company Shelf Registration Statement effective during the requisite period if it voluntarily takes any action that would result in Holders of Registrable Equity Securities covered thereby not being able to offer and sell such Registrable
Equity Securities during that period, unless such action is required by applicable law; provided, that the foregoing shall not apply upon the occurrence or existence of any corporate development (including, without limitation, any material
financing, corporate reorganization or other material transaction involving the Company or any subsidiary) that, in the reasonable discretion of the Company, makes it appropriate to delay filing or suspend maintenance or use of the Shelf
Registration Statement or prospectus included therein, and the Company promptly gives the Affiliated Holders written notice of such determination; provided, however, that the failure to keep the Company Shelf Registration Statement
effective and usable for offers and sales of Registrable Equity Securities for such reasons shall last no longer than 90 days each or 120 days in the aggregate as to any Company Shelf Registration. 
  
 2. Issuers Shelf Registration. 
  
 (a) The Issuers shall promptly file with the SEC (but in no
event more than 90 days after the Effective Date) and thereafter use their commercially reasonable 

  

 
efforts to cause to be declared effective no later than 150 days after the Effective Date, a registration statement (the “Issuers Shelf Registration
Statement” and together with the Company Shelf Registration Statement, a “Shelf Registration Statement”) on an appropriate form under the Securities Act relating to the continuous offering and sale of the Registrable Debt Securities
in resales by selling Holders (or their permitted transferees) in market transactions on the Nasdaq or such other national securities exchange on which the Notes are then listed (and through such other method or methods of distribution as may be
requested by the Affiliated Holders and set forth in the Issuers Shelf Registration Statement and permitted by Rule 415, whether upon initial effectiveness or amendment or supplement of such Issuers Shelf Registration Statement). The Issuers shall
use their commercially reasonable efforts to keep the Issuers Shelf Registration Statement effective under the Securities Act, for so long as it is permitted to do so under Rule 415, until the Debt Registration Termination Date, including by
preparing and filing such amendments to the Registration Statement and prospectus supplements as may be required therefor. 
  
 (b) The Issuers shall use their commercially reasonable efforts to keep the Issuers Shelf Registration Statement continuously effective in
order to permit the prospectus included therein to be lawfully delivered by the Holders for a period from the date of its effectiveness until the Debt Shelf Registration Termination Date. The Issuers shall be deemed not to have used their
commercially reasonable efforts to keep the Issuers Shelf Registration Statement effective during the requisite period if they voluntarily take any action that would result in Holders of Registrable Debt Securities covered thereby not being able to
offer and sell such Registrable Debt Securities during that period, unless such action is required by applicable law; provided, that the foregoing shall not apply upon the occurrence or existence of any corporate development (including,
without limitation, any material financing, corporate reorganization or other material transaction involving the Company or any subsidiary) that, in the reasonable discretion of the Company, makes it appropriate to delay filing or suspend
maintenance or use of the Shelf Registration Statement or prospectus included therein, and the Company promptly gives the affected Note Holder written notice of such determination; provided, however, that the failure to keep the Issuer
Shelf Registration Statement effective and usable for offers and sales of Registrable Debt Securities for such reasons shall last no longer than 90 days each or 120 days in the aggregate as to any Issuers Shelf Registration. 
  
 3. Registration Procedures. In connection with any shelf registration
contemplated by Sections 1 or 2 hereof, the following provisions shall apply: 
  
 (a) the Company or the Issuers, as applicable (such party, the “Registrant”), shall prepare and file with the SEC such amendments and post-effective amendments to the Shelf Registration Statement as may be
reasonably necessary under applicable law to keep the Shelf Registration Statement effective for the applicable period; and cause each prospectus to be supplemented by any required prospectus supplement, and as so supplemented to be filed pursuant
to Rule 424 (or similar provision then in force) under the Securities Act and use commercially reasonable efforts to comply with the provisions of the Securities Act and the Exchange Act, and the rules and 

  

 
regulations thereunder applicable to them with respect to the disposition of all securities covered by the Shelf Registration Statement during the applicable
period in accordance with the intended method or methods of distribution by the Holders of Registrable Debt Securities or Holders of Registrable Equity Securities (each a “Holder” and collectively the “Holders”); 
  
 (b) The Registrant shall use its commercially reasonable
efforts to register or qualify the Registrable Equity Securities or the Registrable Debt Securities, as applicable (the “Securities”) under all applicable state securities or “blue sky” laws of such jurisdiction as any Holder of
Securities covered by the Shelf Registration Statement shall reasonably request by the time the applicable Shelf Registration Statement is declared effective by the SEC, and do any and all other acts and things which may be reasonably necessary or
advisable to enable each such Holder to consummate the disposition in each such jurisdiction of such Securities owned by such Holder; provided, however, that the Registrant shall not be required to (i) qualify as a foreign corporation
or as a dealer in securities in any jurisdiction where they would not otherwise be required to qualify but for this Section 3(b), or (ii) take any action which would submit it to general service of process or taxation in any such jurisdiction where
it is not then so subject; 
  
 (c) The Registrant
shall include the names of the Holders who propose to sell Securities pursuant to the Shelf Registration Statement as selling Holders. 
  
 (d) The Registrant shall give written notice to the Holders of the Securities covered by the Shelf Registration Statement: (i) when the
Shelf Registration Statement or any amendment thereto has been filed with the SEC and when the Shelf Registration Statement or any post-effective amendment thereto has become effective; (ii) of any request by the SEC for amendments or supplements to
the Shelf Registration Statement or the prospectus included therein or for additional information; (iii) of the issuance by the SEC of any stop order suspending the effectiveness of the Shelf Registration Statement or the initiation of any
proceedings for that purpose; (iv) of the receipt by the Registrant or its legal counsel of any notification with respect to the suspension of the qualification of the Securities for sale in any jurisdiction or the initiation or threatening of any
proceeding for such purpose; and (v) of the happening of any event that requires the Registrant to make changes in the Shelf Registration Statement or the prospectus in order that the Shelf Registration Statement or the prospectus do not contain an
untrue statement of a material fact nor omit to state a material fact required to be stated therein or necessary to make the statements therein (in the case of the prospectus, in light of the circumstances under which they were made) not misleading.

  
 (e) The Registrant shall make commercially
reasonable efforts to obtain the withdrawal, at the earliest possible time, of any order suspending the effectiveness of the Shelf Registration Statement. 
  
 (f) The Registrant shall deliver to each Holder of Securities included within the coverage of the Shelf Registration Statement, without
charge, as many copies of the prospectus (including each preliminary prospectus) included in the Shelf 

  

 
Registration Statement and any amendment or supplement thereto as such person may reasonably request. The Registrant consents, subject to the provisions of
this Agreement, to the use of the prospectus or any amendment or supplement thereto by each of the selling Holders of the Securities in connection with the offering and sale of the Securities covered by the prospectus, or any amendment or supplement
thereto, included in the Shelf Registration Statement. 
  
 (g) The Registrant shall cooperate with the Holders of the Securities covered by the Shelf Registration Statement to facilitate the timely preparation and delivery of certificates representing the Securities to be sold pursuant to any Shelf
Registration Statement free of any restrictive legends and in such denominations and registered in such names as such Holders may request a reasonable period of time prior to sales of the Securities pursuant to the Shelf Registration Statement.

  
 (h) Upon the occurrence of any event
contemplated by paragraphs (ii) through (v) of Section 3(d) above during the period for which the Registrant is required to maintain an effective Shelf Registration Statement, the Registrant shall promptly prepare and file a post-effective amendment
to the Shelf Registration Statement or a supplement to the related prospectus and any other required document so that, as thereafter delivered to Holders of the Securities covered by the Shelf Registration Statement or purchasers of such Securities,
the prospectus will not contain an untrue statement of a material fact or omit to state any material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not
misleading. If the Registrant notifies the Holders and the Holders of the Securities covered by the Shelf Registration Statement in accordance with paragraphs (ii) through (v) of Section 3(d) above to suspend the use of the prospectus until the
requisite changes to the prospectus have been made, then the Holders and such Holders of the Securities shall suspend use of such prospectus. 
  
 (i) The Registrant will comply with all rules and regulations of the SEC to the extent and so long as they are applicable to the Shelf
Registration and will make generally available to its security holders (or otherwise provide in accordance with Section 11(a) of the Securities Act) an earnings statement satisfying the provisions of Section 11(a) of the Securities Act, no later
than 45 days after the end of a 12-month period (or 90 days, if such period is a fiscal year) beginning with the first month of the Company’s first fiscal quarter commencing after the effective date of the Shelf Registration Statement, which
statement shall cover such 12-month period. 
  
 (j) The Registrant may require each Holder of Securities to be sold pursuant to the Shelf Registration Statement to furnish to the Registrant such information regarding such Holder and the distribution of the Securities as the Registrant
may from time to time reasonably require for inclusion in the Shelf Registration Statement, and the Registrant may exclude from such registration the Securities of any Holder that unreasonably fails to furnish such information within a reasonable
time after receiving such request. 
  

 4. Registration Expenses. 
  
 All expenses incident to the Registrant’s performance of and compliance with this Agreement will be borne by the
Registrant, regardless of whether a Shelf Registration Statement is ever filed or becomes effective, including without limitation: 
  
 (i) all registration and filing fees and expenses; 
  
 (ii) all fees and expenses of compliance with federal securities and state “blue sky” or
securities laws; 
  
 (iii) all expenses of
printing (including printing of Prospectuses), messenger and delivery services and telephone; 
  
 (iv) all fees and disbursements of counsel for the Registrant; and 
  
 (v) all fees and disbursements of independent certified public accountants of the Registrant (including the
expenses of any special audit and comfort letters required by or incident to such performance). 
  
 The Registrant will bear its internal expenses (including, without limitation, all salaries and expenses of its officers and employees performing legal or
accounting duties), the expenses of any annual audit and the fees and expenses of any person, including special experts, retained by the Registrant. Each Holder shall pay all fees and disbursements of its counsel (other than as set forth in the
preceding two sentences) and all underwriting discounts and commissions and transfer taxes, if any, relating to the sale or disposition of such Holder’s Securities pursuant to the Shelf Registration Statement. 
  
 5. Indemnification. 
  
 (a) Each Registrant agrees to indemnify and hold harmless
each Holder of the Securities covered by a Shelf Registration Statement and each person, if any, who controls such Holder within the meaning of the Securities Act or the Exchange Act (each such Holder and such controlling persons are referred to
collectively as the “Indemnified Parties”) from and against any losses, claims, damages or liabilities, joint or several, or any actions in respect thereof (including, but not limited to, any losses, claims, damages, liabilities or actions
relating to purchases and sales of the Securities) to which each Indemnified Party may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based
upon any untrue statement or alleged untrue statement of a material fact contained in a Shelf Registration Statement or prospectus or in any amendment or supplement thereto, or arise out of, or are based upon, the omission or alleged omission to
state therein a material fact required to be stated therein or necessary to make the statements therein not misleading, and shall reimburse, as incurred, the Indemnified Parties for any legal or other expenses reasonably incurred by them in
connection with investigating or defending any such loss, claim, damage, liability or action in respect thereof; provided, that (i) the Registrant shall not be liable in any such case to the extent 

  

 
that such loss, claim, damage or liability arises out of or is based upon any untrue statement or alleged untrue statement or omission or alleged omission
made in a Shelf Registration Statement or prospectus or in any amendment or supplement thereto in reliance upon and in conformity with written information pertaining to such Holder and furnished to the Registrant by or on behalf of such Holder
specifically for inclusion therein and (ii) with respect to any untrue statement or omission or alleged untrue statement or omission made in any preliminary prospectus relating to a Shelf Registration Statement, the indemnity agreement contained in
this Section 5(a) shall not inure to the benefit of any Holder from whom the person asserting any such losses, claims, damages or liabilities purchased the Securities concerned, to the extent that a prospectus relating to such Securities was
required to be delivered by such Holder under the Securities Act in connection with such purchase and any such loss, claim, damage or liability of such Holder results from the fact that there was not sent or given to such person, at or prior to the
written confirmation of the sale of such Securities to such person, a copy of the final prospectus if the Registrant had previously furnished copies thereof to such Holder; provided further, that this indemnity agreement will be in
addition to any liability which the Registrant may otherwise have to such Indemnified Party. 
  
 (b) Each Holder of the Securities covered by the Shelf Registration Statement agrees, severally and not jointly, to indemnify and hold
harmless the Registrant and each person, if any, who controls the Registrant within the meaning of the Securities Act or the Exchange Act from and against any losses, claims, damages or liabilities or any actions in respect thereof, to which the
Registrant or any such controlling person may become subject under the Securities Act, the Exchange Act or otherwise, insofar as such losses, claims, damages, liabilities or actions arise out of or are based upon any untrue statement or alleged
untrue statement of a material fact contained in a Shelf Registration Statement or prospectus or in any amendment or supplement thereto, or arise out of or are based upon the omission or alleged omission to state therein a material fact necessary to
make the statements therein not misleading, but in each case only to the extent that the untrue statement or omission or alleged untrue statement or omission was made in reliance upon and in conformity with written information pertaining to such
Holder and furnished to the Registrant by or on behalf of such Holder specifically for inclusion therein; and, subject to the limitation set forth immediately preceding this clause, shall reimburse, as incurred, the Registrant for any legal or other
expenses reasonably incurred by the Registrant or any such controlling person in connection with investigating or defending any loss, claim, damage, liability or action in respect thereof; provided, however, that no such Holder shall
be liable for any claims hereunder in excess of the amount of net proceeds received by such Holder from the sale of the Securities pursuant to such Shelf Registration Statement. This indemnity agreement will be in addition to any liability which
such Holder may otherwise have to the Registrant or any of its controlling persons. 
  
 (c) Promptly after receipt by an indemnified party under this Section 5 of notice of the commencement of any action or proceeding
(including a governmental investigation), such indemnified party will, if a claim in respect thereof is to be made against the indemnifying party under this Section 5, notify the indemnifying party of the commencement thereof; but the omission so to
notify the indemnifying party will not, in 

  

 
any event, relieve the indemnifying party from any obligations to any indemnified party to the extent not prejudiced as a result thereof and in any event
shall not relieve it from any liability which it may have other than the indemnification obligation provided in paragraph (a) or (b) above. 
  
 In case any such action is brought against any indemnified party, and it notifies the indemnifying party of the commencement thereof, the
indemnifying party will be entitled to participate therein and, to the extent that it may wish, jointly with any other indemnifying party similarly notified, to assume the defense thereof, with counsel reasonably satisfactory to such indemnified
party (who shall not, except with the consent of the indemnified party, be counsel to the indemnifying party), and after notice from the indemnifying party to such indemnified party of its election so to assume the defense thereof the indemnifying
party will not be liable to such indemnified party under this Section 5 for any legal or other expenses, other than reasonable costs of investigation, subsequently incurred by such indemnified party in connection with the defense thereof. No
indemnifying party shall, without the prior written consent of the indemnified party, effect any settlement of any pending or threatened action against an indemnified party unless such settlement includes an unconditional release of such indemnified
party from all liability on any claims that are the subject matter of such action, and does not include a statement as to or an admission of fault, culpability or a failure to act by or on behalf of any indemnified party. 
  
 (d) If the indemnification provided for in this Section 5 is
unavailable or insufficient to hold harmless an indemnified party under Section 5(a) or Section 5(b) above, then each indemnifying party shall contribute to the amount paid or payable by such indemnified party as a result of the losses, claims,
damages or liabilities (or actions in respect thereof) referred to in Section 5(a) or Section 5(b) above (i) in such proportion as is appropriate to reflect the relative benefits received by the indemnifying party or parties on the one hand and the
indemnified party on the other from the offering of the Securities, or (ii) if the allocation provided by the foregoing clause (i) is not permitted by applicable law, in such proportion as is appropriate to reflect not only the relative benefits
referred to in clause (i) above but also the relative fault of the indemnifying party or parties on the one hand and the indemnified party on the other in connection with the statements or omissions that resulted in such losses, claims, damages or
liabilities (or actions in respect thereof) as well as any other relevant equitable considerations. The relative fault of the parties shall be determined by reference to, among other things, whether the untrue or alleged untrue statement of a
material fact or the omission or alleged omission to state a material fact relates to information supplied by the Registrant on the one hand or such Holder or such other indemnified party, as the case may be, on the other, and the parties’
relative intent, knowledge, access to information and opportunity to correct or prevent such statement or omission. The amount paid by an indemnified party as a result of the losses, claims, damages or liabilities referred to in the first sentence
of this Section 5(d) shall be deemed to include any legal or other expenses reasonably incurred by such indemnified party in connection with investigating or defending any action or claim which is the subject of this Section 5(d). Notwithstanding
any other provision of this Section 5(d), the Holders of the Securities shall not be required to contribute any amount in excess of the amount by which the net proceeds 

  

 
received by such Holders from the sale of the Securities pursuant to a Shelf Registration Statement exceeds the amount of damages which such Holders have
otherwise been required to pay by reason of such untrue or alleged untrue statement or omission or alleged omission. No person guilty of fraudulent misrepresentation (within the meaning of Section 11(f) of the Securities Act) shall be entitled to
contribution from any person who was not guilty of such fraudulent misrepresentation. For purposes of this Section 5(d), each person, if any, who controls such indemnified party within the meaning of the Securities Act or the Exchange Act shall have
the same rights to contribution as such indemnified party and each person, if any, who controls the Company within the meaning of the Securities Act or the Exchange Act shall have the same rights to contribution as the Company. 
  
 (e) The agreements contained in this Section 5 shall survive
the sale of the Securities pursuant to a Shelf Registration Statement and shall remain in full force and effect, regardless of any termination or cancellation of this Agreement or any investigation made by or on behalf of any indemnified party.

  
 6. Rules 144 and 144A. Each Registrant shall file the
reports required to be filed by it under the Securities Act and the Exchange Act in a timely manner and, if at any time the Registrant is not required to file such reports, it will, upon the request of any Affiliated Holder, make publicly available
other information so long as necessary to permit sales of their securities pursuant to Rules 144 and 144A. The Registrant covenants that it will take such further action as any Affiliated Holder may reasonably request, all to the extent required
from time to time to enable such Holder to sell Securities without registration under the Securities Act within the limitation of the exemptions provided by Rules 144 and 144A (including the requirements of Rule 144A(d)(4)). The Registrant will
provide a copy of this Agreement to prospective purchasers of Securities identified to the Registrant by the Affiliated Holders upon request. Upon the request of any Affiliated Holder, the Registrant shall deliver to such Holder a written statement
as to whether it has complied with such requirements. Notwithstanding the foregoing, nothing in this Section 6 shall be deemed to require the Registrant to register any of its securities pursuant to the Exchange Act. 
  
 7. Affiliated Holders. Any person (a) who has acquired Common Stock or
Notes pursuant to the Plan (or in respect of Securities so acquired), and (b) who is an affiliate (within the meaning of Rule 144) of the Company and/or the Issuers, may become a party to this Agreement and be listed on Exhibit A. In order to become
a party to this Agreement and be listed on Exhibit A, such person shall (i) notify the Company of such status in writing, (iii) provide any information reasonably requested by the Company to substantiate that such person is or remains eligible to be
a party to this Agreement, and (iii) agree to be bound by all of the provisions of this Agreement applicable to such Holder. Persons who satisfy these conditions and are listed on Exhibit A are herein called “Affiliated Holders.”
Notwithstanding the foregoing, a person shall cease to be an Affiliated Holder at the earlier to occur of the time when he or she is no longer subject to the volume limitations of section (e) of Rule 144, or when he or she has disposed of his or her
Securities. If no person has met the requirements of this Section 7 and become Affiliate Holders within 30 days of the Effective Date, this Agreement shall terminate and be of no further force and effect. 
  

 8. Miscellaneous. 
  
 (a) Amendments and Waivers. The provisions of this Agreement may not be amended, modified or
supplemented, and waivers or consents to departures from the provisions hereof may not be given, except by the Company and (i) with respect to any provisions related to the Notes, the written consent of the Holders of a majority in amount of the
Notes affected by such amendment, modification, supplement, waiver or consents and held by Affiliated Holders, and (ii) with respect to any provisions related to the Common Stock, the written consent of the Holders of a majority in market value of
the Common Stock affected by such amendment, modification, supplement, waiver or consents and held by Affiliated Holders. 
  
 (b) Notices. All notices and other communications provided for or permitted hereunder shall be made in writing by hand delivery,
first-class mail, facsimile transmission, or air courier which guarantees overnight delivery: 
  
 (1) if to the Holders or to a Holder of the Securities, at the most current address given by such Holders or Holder to the Company.

  
 (2) if to the Company or the Issuers, at its
address as follows: 
  
 Trump Entertainment Resorts, Inc.

 1000 Boardwalk 
 Atlantic
City, New Jersey 08401 
 Attention: General Counsel 
  
 with a copy to: 
  
 Latham & Watkins LLP 
 633 W.
5th St., Suite 4000 
 Los Angeles, California 90071 
 Fax No: (213) 891-8763 
 Attention: Thomas W. Dobson, Esq. 
  
 All such notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; three business days after being
deposited in the mail, postage prepaid, if mailed; when receipt is acknowledged by recipient’s facsimile machine operator, if sent by facsimile transmission; and on the day delivered, if sent by overnight air courier guaranteeing next day
delivery. 
  
 (c) Equitable Relief. It is
hereby acknowledged that irreparable harm would occur in the event that any of the provisions of this Agreement were not performed fully by the parties hereto in accordance with the terms specified herein, and that, except where explicitly provided
for herein, monetary damages are an inadequate remedy for breach of this Agreement because of the difficulty of ascertaining and quantifying the amount of damage that will be suffered by the parties relying hereon in the event that the undertakings
and provisions contained in this Agreement were breached or violated. Accordingly, each party hereto hereby agrees that each other party hereto shall be entitled 

  

 
to an injunction or injunctions to restrain, enjoin and prevent breaches of the undertakings and provisions hereof and to enforce specifically the
undertakings and provisions hereof in any court of the United States or any state having jurisdiction over the matter; it being understood that such remedies shall be in addition to, and not in lieu of, any other rights and remedies available at law
or in equity. 
  
 (d) Successors and
Assigns. This Agreement shall be binding upon the parties and their respective successors and assigns. 
  
 (e) Counterparts. This Agreement may be executed in any number of counterparts and by the parties hereto in separate counterparts,
each of which when so executed shall be deemed to be an original and all of which taken together shall constitute one and the same agreement. 
  
 (f) Headings. The headings in this Agreement are for convenience of reference only and shall not limit or otherwise affect the
meaning hereof. 
  
 (g) Governing Law.
THIS AGREEMENT SHALL BE GOVERNED BY, AND CONSTRUED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAWS. 
  
 (h) Severability. If any one or more of the provisions contained herein, or the application thereof in any circumstance, is held
invalid, illegal or unenforceable, the validity, legality and enforceability of any such provision in every other respect and of the remaining provisions contained herein shall not be affected or impaired thereby. 
  
 [Remainder of page intentionally left blank] 
  

 IN WITNESS WHEREOF, the undersigned have executed and delivered this Registration Rights Agreement as of
the date first written above. 
  

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

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