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Exhibit 4.2  

 
 

FIRST SUPPLEMENTAL
  TRUST INDENTURE
  TRANS WORLD GAMING CORP.,
  TWG INTERNATIONAL U.S. CORPORATION,
  TWG FINANCE CORP., ISSUER    
  

        This First Supplemental Trust Indenture, dated as of October 29, 1998 (this "Supplemental Indenture"), is made by and between the TWG International U.S.
Corporation ("TWG International"), Trans World Gaming Corp. ("TWG") and TWG Finance Corp. (together with any successors to their rights, duties and obligations hereunder, the "Issuers"), and U.S.
Trust Company of Texas, N.A. (together with any successor trustee hereunder, the "Trustee"), a national banking association having corporate trust offices located in Dallas, Texas. 

        WHEREAS,
the Issuers and the Trustee have heretofore executed and delivered that certain Indenture dated as of March 31, 1998 (the "Primary Indenture"), and the Issuers have
issued their 12% Senior Secured Notes Due March 17, 2005 (the "Securities") thereunder; and 

        WHEREAS,
TWG International U.S. Corporation and the Trustee have executed that certain Indenture dated as of March 31, 1998 (the "Finance Indenture") and has issued its 12% Senior
Secured Notes Due March 17, 2005 (the "Finance Note") thereunder; and 

        WHEREAS,
the Primary Indenture provides in Section 8.2 thereof that the Issuers, when authorized by a resolution of the Board of Directors, and the Trustee may, with the consent
of the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, add any provisions to or change in any manner or eliminate any of the provisions of
the Primary Indenture or of any supplemental indenture or of modify in any manner the rights of the Holders of the Securities, except under certain circumstances not applicable herein; and 

        WHEREAS,
in order that the collaterization of the Finance Note may comply with certain changes in the laws of the Czech Republic, the Issuers and the Trustee, with the consent of a
majority of the
holders of the aggregate principal amount of the Securities at the time outstanding, now desire to amend the Primary Indenture for the purpose of modifying certain provisions of the Primary Indenture
to clarify that certain of the Collateral (sixty-six percent of the Capital Stock of 21st Century Resorts, a.s. "21st Century") securing the Finance Note may be
transferred by TWG International to a Czech limited liability company known as SC98A, s.r.o. on the condition that (a) SC98A, s.r.o. is a Wholly Owned Subsidiary of TWG International;
(b) the Security Interest of TWG Finance Corp. and the trustee in 21st Century Resorts, a.s. pursuant to the Finance Indenture remains in full force and effect; and (c) the
Issuers take all steps necessary, subsequent to the transfer of the Capital Stock of 21st Century to SC98A, s.r.o., one percent (1%) of which joint stock company shall be owned by TWG
and ninety-nine percent (99%) by TWG International, which joint stock company shall be pledged in conformance with the Indenture, as amended herein, and the Finance Indenture, as amended,
to secure repayment of the Finance Note; and 

        WHEREAS,
the Issuers and the Trustee, with the consent of the majority of Holders of the aggregate principal amount of Securities at the time outstanding, now desire to amend the Primary
Indenture for the purpose of modifying Section 3.23 of the Primary Indenture to clarify that Trans World Gaming Corp. shall be permitted to own the outstanding Capital Stock of Casino de
Zaragoza on behalf of and for the benefit of TWG International and that Casino de Zaragoza shall be treated for all purposes as if it were owned by TWG International; and 

        WHEREAS,
the Issuers and the Trustee, with the consent of a majority of the holders of the aggregate principal amount of the Securities at the time outstanding, further desire to amend
the Primary Indenture to clarify that the Collateral securing the Finance Notes shall not include Trans World Leasing Limited, a Gibraltar legal entity, for the reason that such entity shall not be a
Subsidiary of TWG International and because all functions which this entity was to perform in relation to the 

 

operations of the Issuer's operation of the Czech Republic are to be performed by the Cyprus Entity, as that term is defined in the Primary Indenture; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly and validly authorized in all respects by the respective Boards of Directors of the Issuers; and 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Primary Indenture made hereby. 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are hereby
acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows: 

 
 

ARTICLE I    
    
    DEFINITIONS AND STATUTORY AUTHORITY    
  

        Section
1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is adopted in
accordance with Article 8 of the Primary Indenture. 

        Section 1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Primary Indenture shall have the same respective meanings in this Supplemental Indenture
as such defined terms are given in the Primary Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Primary Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section 1.3.    Primary Indenture to Remain in Force.    Except as amended by this Supplemental Indenture, the
Primary Indenture shall remain in full force and effect as to matters covered therein. 

        Section 1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the
Issuers and the Trustee shall bind the Holders of the Notes, the Issuers, the Trustee and their respective successors and assigns, whether so expressed or not. 

        Section 1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Notes,
express or implied, shall give any Person, other than the parties hereto, their respective successors hereunder and the Holders of the Notes, any benefit or any legal or equitable rights, remedy or
claim under this Supplemental Indenture. 

        Section 1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by
the Laws of the State of New York. 

2

 

 
 

ARTICLE II    
    
    AMENDMENTS TO PRIMARY INDENTURE    
  

        Section 2.1.    Issuance of Stock.    Section 3.11 (b) of the Primary Indenture is deleted in its
entirety and replaced in full by the following, which shall read in its entirety as follows: 

        TWG
International will not permit any of its Subsidiaries to issue any additional Capital Stock and agrees that the Capital Stock of its Subsidiaries pledged to TWG Finance and the
Trustee in the Finance Indenture shall at all times constitute one hundred percent (100%) of the Capital Stock of the Cyprus Entity, one hundred percent (100%) of the Capital Stock of any U.S.
Subsidiary and of any foreign Subsidiary, where, as to such foreign Subsidiary such pledge shall not create a "deemed dividend" and sixty-six percent (66%) of the Capital Stock of any
foreign Subsidiary where such pledge shall not create a "deemed dividend". Notwithstanding anything above to the contrary, TWG International shall be permitted to own one hundred percent (100%) of
SC98A, s.r.o. so long as one hundred percent (100%) of the Capital Stock of 21st Century Resorts, a.s. is owned by SC98A, s.r.o. and sixty-six percent (66%) of the Capital
Stock of 21st Century Resorts, a.s. is pledged to secure repayment of the Funding Note. Alternatively, and notwithstanding anything above to the contrary, the Capital Stock of
21st Century Resorts, a.s. may be conveyed to a Wholly Owned Subsidiary of TWG International ("Newco") and the Security Interest in the Capital Stock of 21st Century
released so long as sixty-six percent (66%) of the Capital Stock of Newco is pledged to secure repayment of the Funding Note. In the event the Capital Stock of 21st Century
is transferred to SC98A, s.r.o., the Issuers shall
promptly take all reasonable action necessary to replace SC98A, s.r.o. with a Czech joint stock company which is a Wholly Owned Subsidiary (the "Substitute Entity") of TWG International,
sixty-six (66%) of the Capital Stock of which Substitute Entity shall be pledged to secure repayment of the Funding Note. TWG International will not permit any of its Subsidiaries to
conduct any business through or otherwise own any outstanding share or interests of any class of Capital Stock of, any other corporation, partnership, limited liability company or other Person, other
than a Wholly-Owned Subsidiary, except as permitted in Section 3.23 of this Indenture. TWG may own one share of the outstanding Capital Stock of Newco or the Substitute Entity so long as such
share is pledged to TWG Finance and the Trustee of the Finance Indenture to secure repayment of the Funding Note. 

        Section 2.2.    Security Interests.    Section 3.17(a) of the Primary Indenture is deleted in its
entirety and replaced in full by the following, which shall read in its entirety as follows: 

        Transactions with Affiliates.    Except for transactions with the Cyprus Entity, the Substitute Entity (as permitted in
Section 3.11(b)) and Newco (as permitted in Section 3.11(b)), neither TWG International nor any of its Subsidiaries shall directly or indirectly, sell, lease, license, transfer,
exchange, or otherwise dispose of any of its properties, assets or services to, or purchase, lease, or license the use of any property, assets or services from, or transfer funds to, or enter into any
contract, agreement, understanding, loan, advance or Guarantee with, to, or for the benefit of, any Affiliate (each of the foregoing, an "Affiliate Transaction", whether constituting one transaction
or a series of related transactions), unless (a) such Affiliate Transaction is on terms that are no less favorable to TWG International or the relevant Subsidiary than those that would have
been obtained in a comparable transaction by TWG International or such Subsidiary with an unrelated person and (b) TWG International delivers to the Trustee (i) with respect to any
Affiliate Transaction involving aggregate payments in excess of $100,000, a resolution of the Board of Directors of TWG International approved by a majority of the disinterested members of the Board
of Directors, certifying that such Affiliate Transaction complies with clause (a) above, and (ii) with respect to any Affiliate Transaction involving aggregate payments in excess of
$250,000, an opinion as to the fairness of such Affiliate Transaction to TWG International or such Subsidiary from a financial point of view issued by an independent investment banking firm of
national standing. 

3

 

        Section 2.3.    Non USA Operations.    Section 3.23 of the Primary Indenture is deleted in its entirety
and replaced in full by the following, which shall read in its entirety as follows: 

        SECTION
3.23    NON USA OPERATIONS.    All business operations outside of the United States of America shall be under the control of an inure to the benefit of TWG
International and its Wholly Owned Subsidiaries, except in Bishkek. All business operations (other than those of TWG Finance) within the United States and in Bishkek shall be under the control of and
inure to the benefit of TWG. The business operations of TWG Finance shall be governed by this Indenture and the Collateral Agreements. Notwithstanding anything above to the contrary, the Capital Stock
of Casino de Zaragoza may be owned by TWG, but shall be under the control of and inure to the benefit of TWG International and its Wholly Owned Subsidiaries. For purposes of this Indenture and Finance
Indenture, the Capital Stock of Casino de Zaragoza shall be treated as if it constituted a Subsidiary of TWG International and shall be pledged to secure repayment of the Finance Note in compliance
with the terms of the Finance Note. To the extent permissible under applicable law, the Issuer shall use its best efforts to cause the legal and beneficial ownership of the Capital Stock of Casino de
Zaragoza to be conveyed to TWG International, subject to the pledge thereof to TWG Finance and the Trustee. 

        However,
one share of the issued and outstanding shares of Capital Stock of Newco or the Substitute Entity may be held by TWG so long as such share is pledged by TWG to the Trustee to
secure repayment of the Finance Note. 

        Section 2.4    Assignment of Rights Under Collateral Agreements.    Section 14.13 is added to the
Primary Indenture, and it should read in its entirety as follows: 

        As
additional security for Notes, TWG Finance does hereby irrevocably grant, convey, pledge, transfer and assign and deliver in trust to the Trustee and its successors and assigns in
trust forever all of the TWG Finance's right, title and interest in and to any of the present and future Collateral Agreements, as that term is defined in the Finance Indenture, including: the
Conditional Equipment Title Transfer Agreement dated as of the date hereof, among Trans World Gaming Management Limited, TWG Finance and the Trustee, as Security Agent; any agreement evidencing a
security interest in sixty-six percent (66%) of the Capital Stock of Newco or the Substitute Entity; that certain Share Pledge Agreement dated as of March 31, 1998 evidencing the
pledge by TWG International in favor of TWG Finance and the Trustee of sixty-six percent of the shares of 21st Century; that certain Security Agreement as of the date hereof
pursuant to which TWG International pledges one hundred percent (100%) of the Capital Stock of the Cyprus Entity to TWG Finance and the Trustee to secure repayment of the Funding Note; the Conditional
Assignment of Receivables Agreement and Contract Rights dated as of the date hereof among Trans World Gaming Management Limited in favor of TWG Finance and the Trustee, as Security Agent; and the
Floating Charge dated as of the date hereof, issued by Trans World Gaming Management Limited in favor of TWG Finance and the Trustee, as Security Agent. 

        Section 2.5    Definition of Newco.    The definition of Newco is added to the Indenture, which shall read as
follows: 

        Newco
shall have the meaning specified in Section 3.11. 

        Section 2.6.    Definition of Substitute Entity.    The definition of Substitute Entity is added to the
Indenture, which shall read as follows: 

        "Substitute
Entity" shall have the meaning specified in Section 3.11. 

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ARTICLE III    
    
    MISCELLANEOUS    
  

        Section 3.1.    Ratification and Reaffirmation.    The issuers and Trustee hereby ratify and reaffirm all the
terms and conditions of the Primary Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Primary Indenture remains in full force
and effect, as so amended and supplemented. 

        Section 3.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several
counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        Section 3.3    Effectiveness.    This Supplemental Indenture shall only become effective in the event the
following conditions are met: 

	(a)
	a
new Wholly-Owned Subsidiary of TWG International U.S. Corporation is properly formed under the laws of the Czech Republic (subject to the right of TWG to own one share thereof,
which share shall be pledged to the Trustee and the holder of the Finance Note under the Finance Indenture);

	(b)
	the
Trustee and the holder of the Finance Note shall be granted a Security Interest in sixty-six percent (66%) of all Capital Stock of such entity; and

	(c)
	one
hundred percent (100%) of the Capital Stock of 21st Century shall be transferred to such newly formed Subsidiary; or

	(d)
	as
an alternative to those conditions set forth in Section 3.3(a), (b) and (c), TWG International shall have acquired one hundred percent of ownership of SC98A, s.r.o.
and transferred to it one hundred percent (100%) of the Capital Stock of 21st Century, with such transfer of 21st Century subject to the Security Interest of TWG Finance
and the Trustee in sixty-six percent (66%) of the Capital Stock of 21st Century as granted by TWG International pursuant to the terms of that certain Shares Pledge Agreement
dated March 31, 1998. 

        The
Issuers will deliver a letter or certificate to the Trustee in which such person will certify to the Trustee that the foregoing conditions have been met and that this Supplement is
effective. The consenting Security Holders will execute this document solely to signify their consent to this Supplemental Indenture. 

5

   
        IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERANTIONAL U.S. CORPORATION
	

 	
 	
By:	
 	

/s/  ANDREW TOTTENHAM      

	 	 	Name:	 	Andrew Tottenham
	 	 	Title:	 	President
	

 	
 	
TWG FINANCE CORP.
	

 	
 	
By:	
 	

/s/  ANDREW TOTTENHAM      

	 	 	Name:	 	Andrew Tottenham
	 	 	Title:	 	President
	

 	
 	
TRANS WORLD GAMING CORP.
	
 	
 	

By:	
 	

/s/  ANDREW TOTTENHAM      

	 	 	Name:	 	Andrew Tottenham
	 	 	Title:	 	President

6

 

        Consent
of Security Holders: 

The
below designated Security Holder of the Primary Indenture, by its execution hereof, consents to the First Supplemental Trust Indenture. 

	 	 	VALUE PARTNERS, LTD.
	

 	
 	

By:	
 	

/s/  TIMOTHY G. EWING      

	 	 	Name:	 	Timothy G. Ewing
	 	 	Title:	 	Managing Partner of Ewing & Partners

General Partner of Value Partners
	

 	
 	
U.S. TRUST COMPANY OF TEXAS, N.A.,
 as Trustee
	

 	
 	

By:	
 	

/s/  JOHN STOHLMANN      

	 	 	Name:	 	John Stohlmann
	 	 	Title:	 	Authorized Officer

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SECOND SUPPLEMENTAL
  TRUST INDENTURE    
  

 
  TRANS WORLD GAMING CORP.,
  TWG INTERNATIONAL U.S. CORPORATION,
  TWG FINANCE CORP., ISSUERS    
  

        This Second Supplemental Trust Indenture, dated as of October 15, 1999 (this "Supplemental Indenture"), is made by and between TWG International U.S.
Corporation ("TWG International"), Trans World Gaming Corp. ("TWG") and TWG Finance Corp.("TWG Finance") (together with any successors to their rights, duties and obligations hereunder, the
"Issuers"), and U.S. Trust Company of Texas, N.A. (together with any successor trustee hereunder, the "Trustee"), a national banking association having corporate trust offices located in Dallas,
Texas. 

        WHEREAS,
the Issuers and the Trustee have heretofore executed and delivered that certain Indenture dated as of March 31, 1998 (the "Primary Indenture") as supplemented on
October 29, 1998, and the Issuers have issued their 12% Senior Secured Notes Due March 17, 2005 (which by the terms hereof will be re-designated as the 12% Senior Secured
Notes Due March 17, 2005, Series 1998) (the "Securities") thereunder; and 

        WHEREAS,
TWG International and the Trustee have executed that certain Indenture dated as of March 31, 1998 (the "Funding Note Indenture") as supplemented on October 29,
1998, and TWG International has issued its 12% Senior Secured Note Due March 17, 2005 (which by the terms of the Funding Note Indenture will be re-designated as the 12% Senior
Secured Note Dues March 17, 2005, Series 1998 (the "Funding Note") thereunder to TWG Finance; and 

        WHEREAS,
the Issuers and the Trustee have heretofore executed and delivered that certain First Supplemental Trust Indenture to the Indenture dated as of October 29, 1998; and 

        WHEREAS,
the Primary Indenture provides in Section 8.2 thereof that the Issuers, when authorized by a resolution of their respective Boards of Directors, and the Trustee may, with
the consent of the holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding (the "Holders"), add any provisions to change in any manner or eliminate
any of the provisions of the Primary Indenture or of any supplemental indenture or to modify in an manner the rights of the Holders of the Securities, except under certain circumstances not applicable
herein; and 

        WHEREAS,
the Issuers and the Trustee now desire to amend the Primary Indenture for the purpose of (i) permitting the authorization and issuance additional series of Securities
pursuant to the terms of the Primary Indenture, and pursuant to such authority, permitting the authorization and issuance of $3,000,000 in principal amount of Securities and the amendment of the
Funding Note (which additional Funding Note shall be pledged as collateral to secure repayment of the Securities), and (ii) making certain corrections to the Form of Security for the Securities
heretofore issued and delivered; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly and validly authorized in all respects by the respective Boards of Directors of the Issuers; and 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Primary Indenture made hereby; and 

        WHEREAS,
the Holders are a party of this Supplemental Indenture in order to consent to the terms and conditions hereof pursuant to the requirement of Section 8.2 of the Primary
Indenture; 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are hereby 

1

 

acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders, from time to time, of the Notes, as follows: 

 
 

ARTICLE I    
  

 
  DEFINITIONS AND AUTHORITY    
  

        Section 1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is
adopted in accordance with Article 8 of the Primary Indenture. 

        Section 1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Primary Indenture shall have the same respective meanings in this Supplemental Indenture
as such defined terms are given in the Primary Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Primary Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section 1.3.    Primary Indenture to Remain in Force.    Except as amended by this Supplemental Indenture, the
Primary Indenture shall remain in full force and effect as to matters covered therein. 

        Section 1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the
Issuers and the Trustee shall bind the Holders of the Notes, the Issuers, the Trustee and their respective successors and assigns, whether so expressed or not. 

        Section 1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Notes,
express or implied, shall give any Person, other than the parties hereto, their respective successors hereunder and the Holders of the Notes, any benefit or any legal or equitable rights, remedy or
claim under this Supplemental Indenture. 

        Section 1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by
the laws of the State of New York. 

 
 

ARTICLE II    
  

 
  AMENDMENTS TO PRIMARY INDENTURE    
  

        Section 2.1.    Definitions.    Section 1.1 of the Primary Indenture is amended to add or amend in their
entirety the definitions of the following terms: 

        "Additional
Securities" means each series of parity Securities which may from time to time be issued pursuant to the terms of Section 2.9 of this Indenture. 

        "Funding
Note" means that certain $17,000,000.00 12% Senior Secured Note due March 17, 2005, Series 1998 as issued by TWG International, as issuer and U.S. Trust Company of
Texas, N.A. as Trustee in the form set forth on the Funding Note Indenture, together with any Additional Securities issued pursuant to the terms of that certain Funding Note Indenture, as
supplemented. 

2

 

        "Funding
Note Indenture" means that certain Indenture dated as of the March 31, 1998, by and between TWG International, as issuer, and U.S. Trust Company of Texas, N.A. as
Trustee, as supplemented or amended from time to time. 

        "Issue
Date" means the date on which a series of Securities are originally issued under this Indenture. 

        "Security"or
"Securities" means any of the 12% Senior Secured Notes due March 17, 2005, Series 1998, and any Additional Securities authenticated and delivered in accordance
with Section 2.9 of this Indenture. 

        "Subscription
Agreement" means the Subscription Agreement dated as of March 16, 1998, among TWG, TWG International, TWG Financing and certain Securityholders relating to the
Series 1998 Securities, and any similar agreement entered into in connection with the issuance of Additional Securities issued under this Indenture. 

        Section 2.2.    Authentication and Delivery of Securities.    Section 2.1 of the Indenture is amended so
that, as amended, Section 2.1 shall read in its entirety as follows: 

        SECTION
2.1 AUTHENTICATION AND DELIVERY OF SECURITIES. Securities in an aggregate principal amount not in excess of $17,000,000 (except as otherwise provided in Section 2.6 and
Section 2.9 hereof) may be executed by the Issuer and delivered to the Trustee for authentication, and a responsible officer of the Trustee shall thereupon authenticate and deliver said
Securities to the Issuer or upon the written order of the Issuer, signed by both (a) the Chairman of the Board of Directors or any Vice Chairman of the Board of Directors, or its Chief
Executive Officer or President or any Vice President (whether or not designated by a number or numbers or a word or words added before or after the title "Vice President") and (b) by its
Treasurer or Secretary or any Assistant Treasurer or Secretary without any further action by the Issuer. The Issuer's $17,000,000 aggregate principal amount of Securities shall be designated the
Issuers's 12% Senior Notes Due March 12, 2005, Series 1998 (sometimes referred to herein as the "Series 1998 Securities"). 

        Section 2.3.    Additional Securities.    Section 2.9 is added to the Primary Indenture, and
Section 2.9 will read in its entirety as follows: 

        SECTION
2.9. ADDITIONAL SECURITIES. 

        (a)    General.    The Issuer may, subject to the requirements of Section 2.9(b), issue one or more
installments of Additional Securities. When issued and delivered, the Additional Securities will be payable from and secured by this Indenture and the Collateral on a parity with any previously issued
outstanding Securities. The Additional Securities may be issued in one or more series or not in any series, be in various principal amounts, mature at different times, and bear interest at different
rates from each other and from Securities which are previously outstanding, be payable in installments, be redeemable prior to maturity with or without premium on whatever terms or prices, and contain
such other provisions as may be provided in the supplemental indenture pursuant to which the Additional Securities are issued. 

        (b)    Requirements for Issuing Additional Securities.    No Additional Securities shall be issued unless: 

          (i)  The
prior written consent to the issuance of the Additional Securities is given by the Holders of not less than a majority in aggregate principal amount of Securities
at the time outstanding; 

        (ii)  The
Issuers deliver to the Trustee Officers Certificates, each stating to the effect that no Default exists in connection with any of the covenants or requirements of
this Indenture or any 

3

 

supplemental indenture authorizing the issuance of Additional Securities, except Defaults that have been waived in writing by the Holders; and 

        (iii)  The
Issuers and the Trustee enter into a Supplemental Indenture regarding the terms, issuance and delivery of Additional Securities and the Trustee is provided with
the documents required to be delivered to it pursuant to Section 8.4 of this Indenture and other documents and opinions reasonably requested by the Trustee. 

        Section 2.4    Supplemental Indentures.    Section 8.1 of the Primary Indenture is amended to add
thereto a new subsection (e) which will read in its entirely as follows: 

        (e)
to provide for the issuance of Additional Securities in accordance with Section 2.9 of this Indenture. 

        Section 2.5    Amendment to the Form of Face of the Series 1998 Security.    The Form of the Face of the
Series 1998 Security is amended by amending the fourth-to-the-last paragraph thereof, so that, as amended, such paragraph shall read in its entirety as
follows: 

        The
interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the Person in whose name this
Security is registered on the 15th day of the month next preceding the month in which such interest payment falls, whether or not such Interest Record Date is a Business Day. 

        Section 2.6    Global Amendment.    To the extent necessary, all other terms of the Primary Indenture shall be
deemed amended to reflect the issuance of Additional Securities and of an additional Funding Note or Notes as contemplated by the terms of this Supplemental Indenture. Section 3.28 shall not
govern the use of proceeds from the sale of Additional Securities permitted by the terms hereof. All Additional Funding Notes shall be Collateral. 

 
 

ARTICLE III    
  

 
  AUTHORIZATION AND TERMS OF ADDITIONAL SECURITIES    
  

        Section 3.1    Authorization of Additional Securities.    Pursuant to Section 2.9 of the Indenture,
Additional Securities in an amount not in excess of $3,000,000.00 (except as provided in Section 2.6) of the Indenture entitled to the benefit and security of this Indenture and the Collateral
referred to herein are hereby authorized. The Additional Securities shall be issued in the form of Exhibit A, attached hereto. Such Additional
Securities shall be designated the Issuer's 12% Senior Notes Due March 17, 2005, Series 1999 (sometimes referred to herein as the "Series 1999 Securities"). Such Additional
Securities may be executed by the Issuer and delivered to the Trustee for authentication, and a responsible officer of the Trustee shall thereupon authenticate and deliver said Securities to the
Issuer or upon written order of the Issuer signed by the Chairman of the Board of Directors or any Vice Chairman of the Board of Directors, or its Chief Executive Officer or President or any Vice
President (whether or not designated by a number or numbers or a word or words added before or after the title "Vice President.") Such Additional Securities shall be "Securities" under this Indenture
in all respects. 

        Section 3.2    Terms of the Additional Securities.    The terms of the Additional Securities, including, but
not limited to, dates, denominations, interest rates, maturities, and redemption provisions, if any, shall be as provided in the form of Security attached hereto as  Exhibit A and as provided in the
Indenture. 

4

 

 
 

ARTICLE IV    
  

 
  MISCELLANEOUS    
  

        Section 4.1.    Ratification and Reaffirmation.    The Issuers and Trustee hereby ratify and reaffirm all the
terms and conditions of the Primary Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Primary Indenture remains in full force
and effect, as so amended and supplemented. 

        Section 4.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several
counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        IN
WITNESS WHEREOF, the Issuers and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	Vice President
	

 	
 	
TWG FINANCE CORP.
	

 	
 	
By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	Vice President
	

 	
 	
TRANS WORLD GAMING CORP.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	 
	 	 	Title:	Chief Executive Officer
	

 	
 	
U.S. TRUST COMPANY OF TEXAS, N.A.,

as Trustee
	

 	
 	

By:	

 
	 	 	 	

	 	 	Name:	John C. Stohlmann
	 	 	Title:	Vice President

5

   CONSENT OF THE SECURITY HOLDER  

        The undersigned, Value Partners, Ltd., the holder of a majority in aggregate principal amount of the Securities, by its execution hereof, consents to this
Supplemental Indenture pursuant to Section 8.2 of the Indenture. 

	 	 	VALUE PARTNERS, LTD.
	

 	
 	

    
 Timothy G. Ewing

Managing Partner of Ewing & Partners

General Partner of Value Partners, Ltd.
	

Dated: October 15, 1999	
 	

 

6

   EXHIBIT "A"  

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER SUCH ACTS OR AN OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED. 

No.    $                   

TRANS WORLD GAMING CORP.

TWG INTERNATIONAL U.S. CORPORATION

TWG FINANCE CORP.

12% Senior Secured Notes Due March 17, 2005, Series 1999

Date: October 15, 1999

New York, New York  

        Trans World Gaming Corp. ("TWG"), a Nevada corporation, and its wholly-owned subsidiaries, TWG International U.S. Corporation ("TWG International"), a Nevada
corporation and TWG Finance Corp., a Delaware corporation ("TWG Finance"), which are collectively referred to herein as the "Issuer"), for value received, hereby promise to pay jointly and severally
to, [                        ] or its registered assigns, the principal sum of
$            Dollars, at the Issuer's office or agency for said purpose, on March 17, 2005, in
such coin or currency of the United States of America as at the time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on
March 17 and September 17 (each an "Interest Payment Date") of each year, commencing with March 17, 2000, on said principal sum in like coin or currency at 12% simple interest per
annum at said office or agency from the most recent Interest Payment Date to which interest on the Securities has been paid or duly provided for unless the date hereof is a date to which interest on
the Securities is paid or duly provided for, in which case from the date of this Security, or unless no interest has been paid or duly
provided for on the Securities, in which case from the date of issuance. To the extent lawful, the Issuer promises to pay interest on any interest payment past due but unpaid on such unpaid principal
amount at a rate of 17% per annum compounded semi-annually. 

        The
interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the Person in whose name this
Security is registered on the 15th day of the month next preceding the month in which such interest payment falls, whether or not a Business Day (each an "Interest Record Date"),
PROVIDED that interest may be paid, at the option of the Issuer, by mailing a check therefor payable on the Interest Payment Date to the registered Holder entitled thereto at his last address as it
appears on the Security register. 

        If
interest on the Securities is in default, the Trustee shall, prior to the payment of interest, establish a special record date (the "Special Record Date") for such payment, which
Special Record Date shall be not more than fifteen (15) nor less than ten (10) days prior to the date of the proposed payment. Payment of such defaulted interest shall then be made by
check, as provided herein and in the Indenture, mailed or remitted to the persons in whose names the Securities are registered on the Special Record Date at the addresses or accounts of such persons
shown on the security register. 

        Interest
on this Security will be calculated on the basis of a 360-day year, consisting of twelve 30-day months. 

        Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof which further provisions shall for all purposes have the same effect as if set forth
in this place. 

7

 

        IN
WITNESS WHEREOF, each Issuer has caused this instrument to be duly executed under its corporate seal. 

	[Seal]	 	TRANS WORLD GAMING CORP.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Its:	Chief Executive Officer
	

[Seal]	
 	

TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

 
	 	 	 	

	 	 	Its:	Vice President
	

[Seal]	
 	

TWG FINANCE CORP.
	

 	
 	

By:	

 
	 	 	 	

	 	 	Its:	Vice President

8

 
[REVERSE OF SECURITY]  

 TRANS WORLD GAMING CORP.

TWG INTERNATIONAL U.S. CORPORATION

TWG FINANCE CORP.

12% Senior Secured Notes Due March 17, 2005, Series 1999  

        This Security is one of a series of duly authorized debt securities of the Issuer designated as "12% Senior Secured Notes Due March 17, 2005,
Series 1999", issued in an aggregate principal amount of $3,000,000, and issued pursuant to that certain Second Supplemental Trust Indenture ("Supplemental Indenture") dated as of
October 15, 1999, duly executed and delivered by the Issuer to U.S. Trust Company of Texas, N.A., as Trustee (hereinafter referred to as the "Trustee"), which Supplemental Indenture supplements
the Indenture ("Original Indenture") dated as of March 31, 1998 and supplemented on October 29, 1998, duly executed and delivered by the
Issuer to the Trustee. The
Original Indenture and the Supplemental Indenture are hereinafter referred to as the "Indenture." Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders (the words "Holders" or "Holder" meaning the registered holders or
registered holder) of the Securities. The Securities are secured obligations of the Issuer. Capitalized terms used in this Security and not defined herein shall have the meaning set forth in the
Indenture. 

        In
case an Event of Default (as defined in the Indenture) shall have occurred and be continuing, the principal and interest in respect of all of the Securities then outstanding may be
declared due and payable in the manner and with the effect, and subject to the conditions, provided in the Indenture. The Indenture provides that the Holders of 50% in aggregate principal amount of
the Securities then outstanding, by notice to the Trustee, may on behalf of the Holders of all of the Securities, waive any existing Default or Event of Default and its consequences under the
Indenture except a continuing Default or Event of Default in the payment of interest or premium on, or the principal of, the Securities or in respect of a covenant or provision that cannot be modified
or amended without the consent of all Holders of the Securities. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Security and any Security which may be issued in exchange or substitution therefor, whether or not any notation thereof is made upon
this Security or such other Securities. 

        The
Indenture permits the Issuer and the Trustee, with the consent of the Holders of not less than 50% in aggregate principal amount of the Securities at the time outstanding, evidenced
as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental
indenture or modifying in any manner the rights of the Holders of the Securities; PROVIDED that no such supplemental indenture shall, without the consent of each Holder affected thereby (with respect
to any Securities held by a non-consenting Securityholder) (i) reduce the principal amount of Securities whose Holders must consent to an amendment, supplement or waiver,
(ii) reduce the principal of or change the fixed maturity of any Security or alter the provisions with respect to the redemption of the Securities, (iii) reduce the rate of or change the
time for payment of interest on any Security, (iv) waive a Default or Event of Default in the payment of principal of or premium, if any, or interest on the Securities (except a rescission of
acceleration of the Securities by the Holders of at least 50% in aggregate principal amount of the then outstanding Securities and a waiver of the payment default that resulted from such
acceleration), (v) make any Security payable in money other than that stated in the Securities, (vi) make any change in the provisions of the Indenture relating to waivers of past
Defaults or the rights of Holders of Securities to receive payments of principal of or interest on the Securities, (vii) waive a redemption payment with respect to any Security, or
(viii) make any change in the foregoing amendment and waiver provisions. 

9

 

        No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligations of the Issuer, which are absolute and unconditional, to
pay the principal of and the interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 

        The
Securities are issuable only as registered Securities without coupons. 

        At
the office or agency of the Issuer referred to on the face hereof and in the manner and subject to the limitations provided in the Indenture, Securities may be exchanged for a like
aggregate principal amount of Securities of other authorized denominations. 

        Upon
due presentment for registration of transfer of this Security at the above-mentioned office or agency of the Issuer, a new Security or Securities of authorized denominations, for a
like aggregate principal amount, will be issued to the transferee as provided in the Indenture. No service charge shall be made for any such transfer, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 

        As
provided in the Indenture, TWG International shall be required to make mandatory prepayments equal to Excess Cash Flow until the Obligations are fully defeased pursuant to
Section 10.2 or until one hundred percent (100%) of the principal amount of the Securities, together with accrued and unpaid interest, is paid. The Securities may also be redeemed by the
Issuer, in whole, or in part, upon mailing a notice of such redemption not less than 30 nor more than 60 days prior to the date fixed for redemption to the Holders of Securities to be redeemed,
at a redemption price equal to 100% of the principal amount of the Securities redeemed, together with accrued and unpaid interest to the date fixed for redemption. If there is a Change of Control (as
defined in the Indenture), the Issuer shall be required to offer to purchase all outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued unpaid interest,
if any, through the date of such purchase. 

        Subject
to payment by the Issuer of a sum sufficient to pay the amount due upon redemption, interest on this Security shall cease to accrue upon the date duly fixed for redemption of
this Security. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the registered Holder hereof as the absolute owner of this Security (whether or not this
Security shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Issuer or the Trustee or any authorized agent of the Issuer or the
Trustee), for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and subject to the provisions on the face hereof, interest hereon and for all other
purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

        No
recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Security, for any claim based hereon, or otherwise in respect hereof, or based on
or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer, employee or director, as such, past, present or future, of the Issuer or Trustee
or of any successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue of any
constitution, statute or rule of law or by the enforcement of any assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue
hereof, expressly waived and released. 

        Customary
abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants
with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

10

 

        This
Security shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by an authorized signatory of the Trustee acting under the
Indenture. 

[FORM
OF TRUSTEE'S CERTIFICATE OF AUTHENTICATION] 

        This
is one of the Securities described in the within-mentioned Indenture. 

Dated:

	 	 	U.S. Trust Company of Texas, N.A., as Trustee
	

 	
 	

By	

 
	 	 	 	
 Authorized Signatory

11

  

 
 

ASSIGNMENT FORM    
  

	To assign this Security, fill in the form below:
	

 	

I or we assign and transfer this Security to:
	

    

	 	(Insert assignee's soc. sec. or tax I.D. no.)
	

    

	

    

	

    

	 	(Print or type assignee's name, address and zip code)
	

and irrevocably appoint
                                         
        agent to transfer this Security on the books of Issuer. The agent may substitute another to act for him.
	

If you want the Note certificate made out in another person's name, fill in the form below:
	

    

	 	(insert other person's soc. sec. or tax I.D. no.)
	

    

	

    

	

    

	 	(Print or type other person's name, address and zip code)
	

Date:	

    
	
 	

    
 Your Signature
	

 	

 	
 	

    
 Signature Guaranty
	

 	

 	
 	

    
 Notice: Signature must be guaranteed by an "Eligible Guarantor Institution" as defined by Securities Exchange Act Rule 17Ad-15.
	

(Sign exactly as your name appears on the other side of this Security)
	

Second Supplemental Indenture—Primary

12

  

 
 

THIRD SUPPLEMENTAL
  TRUST INDENTURE
  TRANS WORLD CORPORATION
  (FORMERLY KNOWN AS TRANS WORLD GAMING CORP.),
  TWG INTERNATIONAL U.S. CORPORATION,
  TWG FINANCE CORP., ISSUERS    
  

        This Third Supplemental Trust Indenture, dated as of September 10, 2001, (this "Supplemental Indenture"), is made by and among TWG International U.S.
Corporation ("TWG International"), Trans World Corporation, formerly known as Trans World Gaming Corp. ("TWG"), and TWG Finance Corp. (together with any successors to their rights, duties and
obligations under the Indenture described herein, the "Issuers"), and U.S. Trust Company of Texas, N.A. (together with any successor trustee hereunder, the "Trustee"), a national banking association
having corporate trust offices located in Dallas, Texas. 

        WHEREAS,
the Issuers and the Trustee have heretofore executed and delivered that certain Indenture dated as of March 31, 1998, as supplemented by that certain First Supplemental
Trust Indenture among the Issuers and the Trustee dated as of October 29, 1998, and as supplemented by that certain Second Supplemental Trust Indenture among the Issuers and the Trustee dated
as of October 15, 1999 (the Indenture, as so supplemented is referred to herein as the "Primary Indenture"), and have issued their 12% Senior Secured Notes Due March 17, 2005
(collectively the "Primary Notes") thereunder; and 

        WHEREAS,
TWG International and the Trustee have executed that certain Indenture dated as of March 31, 1998, as supplemented by that First Supplemental Trust Indenture dated as of
October 29, 1998, and as supplemented by that certain Second Supplemental Trust Indenture dated as of October 15, 1999 (the Indenture, as so supplemented is referred to herein as the
"Funding Note Indenture") and has issued its 12% Senior Secured Note Due March 17, 2005 (collectively the "Funding Note") thereunder; and 

        WHEREAS,
the Primary Indenture provides in Section 8.2 thereof that the Issuers, when authorized by a resolution of their respective Boards of Directors, and the Trustee may, with
the consent of the Holders of not less than a majority in aggregate principal amount of the Securities at the time outstanding, add any provisions to or change in any manner or eliminate any of the
provisions of the Primary Indenture or of any supplemental indenture or of modify in any manner the rights of the Holders of the Securities, except under certain circumstances not applicable herein;
and 

        WHEREAS,
TWG International is the registered owner of one hundred percent (100%) of the Capital Stock of SC98A, s.r.o., a limited liability company incorporated in the Czech Republic,
and SC98A, s.r.o. is the owner of one hundred percent (100%) of the Capital Stock of 21st Century Resorts, a.s., a joint stock company organized and existing under the laws of the Czech
Republic ("21st Century"); and 

        WHEREAS,
the Funding Note is secured, in part, by the pledge of 15,531 shares of the Capital Stock of 21st Century (representing 66% of the total issued and outstanding
shares of the Capital Stock 21st Century) pursuant to the 21st Century Resorts Share Pledge Agreement II dated October 15, 1999, among SC98A, s.r.o., TWG Finance
Corp., and the Trustee; and 

        WHEREAS,
the laws of the Czech Republic prohibited the pledge or hypothecation by TWG International of the Capital Stock of SC98A, s.r.o. owned by it to secure the Obligations of the
Issuers hereunder and of TWG International under the Funding Note Indenture; 

        WHEREAS,
the laws of the Czech Republic have been amended to permit the pledge or hypothecation by TWG International of the Capital Stock of SC98A, s.r.o. owned by it to secure the
Obligations of TWG International under the Funding Note Indenture; 

1

 

        WHEREAS,
the Issuers, with the prior written consent of the Holders of a majority in aggregate principal amount of the Securities outstanding as of the date hereof, desire to amend the
Primary Indenture to (a) provide additional benefits to the Holders by expressly permitting and requiring TWG International to pledge and hypothecate one hundred percent (100%) of TWG
International's Capital Stock of in SC98A s.r.o. as security for the TWG International's Obligations under the Funding Note Indenture; and (b) make certain changes to the Primary Indenture in
connection therewith; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly and validly authorized in all respects by the respective Boards of Directors of the Issuers; and 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Primary Indenture made hereby. 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are hereby
acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders from time to time of the Notes, as follows: 

 
 

ARTICLE I    
    
    DEFINITIONS AND STATUTORY AUTHORITY    
  

        Section 1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is
adopted in accordance with Article 8 of the Primary Indenture. 

        Section 1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Primary Indenture shall have the same respective meanings in this Supplemental Indenture
as such defined terms are given in the Primary Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Primary Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section 1.3.    Primary Indenture to Remain in Force.    Except as amended by this Supplemental Indenture, the
Primary Indenture shall remain in full force and effect as to matters covered therein. 

        Section 1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the
Issuers and the Trustee shall bind the Holders of the Notes, the Issuers, the Trustee and their respective successors and assigns, whether so expressed or not. 

        Section 1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Notes,
express or implied, shall give any Person, other than the parties hereto, their respective successors hereunder and the Holders of the Notes, any benefit or any legal or equitable rights, remedy or
claim under this Supplemental Indenture. 

        Section 1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by
the laws of the State of New York. 

2

 

 
 

ARTICLE II    
    
    AMENDMENTS TO PRIMARY INDENTURE    
  

        Section 2.1.    Issuance of Stock.    Section 3.11(b) of the Primary Indenture is deleted in its
entirety and replaced in full by the following, which shall read in its entirety as follows: 

        (b)  TWG
International will not permit any of its Subsidiaries to issue any additional Capital Stock and agrees that the Capital Stock of its Subsidiaries pledged to TWG
Finance and the Trustee in the Funding Note Indenture shall at all times constitute (a) one hundred percent (100%) of the Capital Stock of the Cyprus Entity, (b) one hundred percent
(100%) of the Capital Stock of any U.S. Subsidiary and of any foreign Subsidiary, where, as to such foreign Subsidiary such pledge shall not create a "deemed dividend" (c) and
sixty-six percent (66%) of the Capital Stock of any foreign Subsidiary where such pledge or hypothecation shall not create a deemed dividend and where a pledge of more than that percentage
would create a "deemed dividend." Notwithstanding anything above to the contrary, (a) TWG International shall own one hundred percent (100%) of the Capital Stock of SC98A, s.r.o., and one
hundred percent (100%) of the Capital Stock of 21st Century shall be owned by SC98A, s.r.o. and (b) TWG International shall grant a Security Interest in one hundred percent (100%)
of TWG International's Capital Stock of SC98A, s.r.o. to secure repayment of "Obligations", as defined in the Funding Note Indenture (with such Security Interest in the Capital Stock of SC98A s.r.o.
granted in such manner as is necessary under applicable law to assure the creation and perfection thereof; and shall initially be made pursuant to the Pledge and Security Agreement entered into by TWG
International in favor of the Trustee, as Pledgee, and the SC98A Ownership Interest Pledge Agreement
among TWG International as Pledgor, TWG Finance, as Pledgee, and the Trustee, as Agent; should the initial manner of pledge or the documents related thereto prove inadequate, documents necessary to
assure such pledge shall occur shall be entered into promptly), and (c) TWG Finance and the Trustee shall retain their Security Interest in sixty-six percent (66%) of the Capital
Stock of 21st Century to secure repayment of the "Obligations", as defined in the Funding Note Indenture. TWG International will not permit any of its Subsidiaries to conduct any
business through, or otherwise own any outstanding shares or interests of any class of Capital Stock of, any other corporation, partnership, limited liability company or other Person, other than a
Wholly-Owned Subsidiary, except as permitted in Section 3.23 of this Indenture. 

        Section 2.2.    Transactions With Affiliates.    Section 3.17(a) of the Primary Indenture is deleted in
its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        (a)  Except
for transactions with the Cyprus Entity, neither TWG International nor any of its Subsidiaries shall directly or indirectly, sell, lease, license, transfer,
exchange, or otherwise dispose of any of its properties, assets or services to, or purchase, lease, or license the use of any property, assets or services from, or transfer funds to, or enter into any
contract, agreement, understanding, loan, advance or Guarantee with, to, or for the benefit of, any Affiliate (each of the foregoing, an "Affiliate Transaction", whether constituting one transaction
or a series of related transactions), unless (a) such Affiliate Transaction is on terms that are no less favorable to TWG International or the relevant Subsidiary than those that would have
been obtained in a comparable transaction by TWG International or such Subsidiary with an unrelated person, and (b) TWG International delivers to the Trustee (i) with respect to any
Affiliate Transaction involving aggregate payments in excess of $100,000, a resolution of the Board of Directors of TWG International approved by a majority of the disinterested members of the Board
of Directors, certifying that such Affiliate Transaction complies with clause (a) above, and (ii) with respect to any Affiliate Transaction involving aggregate payments in excess of
$250,000, an opinion as to the fairness of such Affiliate Transaction to TWG International or such Subsidiary from a financial point of view issued by an independent investment banking firm of
national standing. 

3

 

        Section 2.3.    Non USA Operations.    Section 3.23 of the Primary Indenture is deleted in its entirety
and replaced in full by the following, which shall read in its entirety as follows: 

        SECTION
3.23    NON USA OPERATIONS.    All business operations outside of the United States of America shall be under the control of and inure to the benefit of TWG
International and its Wholly Owned Subsidiaries, except in Bishkek. All business operations (other than those of TWG Finance) within the United States and in Bishkek shall be under the control of and
inure to the benefit of TWG. The business operations of TWG Finance shall be governed by this Indenture and the Collateral Agreements. Notwithstanding anything above to the contrary, the Capital Stock
of Casino de Zaragoza may be owned by TWG, but shall be under the control of and inure to the benefit of TWG International and its Wholly Owned Subsidiaries. For purposes of this Indenture and Funding
Note Indenture, the Capital Stock of Casino de Zaragoza shall be treated as if it constituted a Subsidiary of
TWG International and shall be pledged to secure repayment of the Funding Note in compliance with the terms of the Funding Note Indenture. To the extent permissible under applicable law, the Issuer
shall use its best efforts to cause the legal and beneficial ownership of the Capital Stock of Casino de Zaragoza to be conveyed to TWG International, subject to the pledge thereof to secure repayment
of the Obligations, as that term is defined in the Funding Note Indenture.. 

        Section 2.4.    Pledge and Security Interest.    Section 14.1 of the Primary Indenture is deleted in its
entirety and replaced by the following, which shall read in its entirety as follows: 

        Section 14.1    Pledge and Security Interest.    "Collateral" means all of the Capital Stock of TWG
International and of TWG Finance and all Property of TWG Finance, including the Funding Note. All references herein to the "Security Interest" and to the "Lien of this Indenture" shall be deemed to
mean and refer to the Liens granted pursuant to the terms of the Collateral Agreements. 

        Section 2.5.    Assignment of Rights Under Collateral Agreements.    Section 14.13 is added to the
Primary Indenture, and such Section shall read in its entirety as follows: 

        Section 14.13    Assignment of Rights Under Collateral Agreements.    As additional security for the
Obligations, TWG Finance does hereby irrevocably grant, convey, transfer and assign and deliver in trust to the Trustee and its successors and assigns in trust forever all of the TWG Finance's right,
title and interest in and to any of the present and future Collateral Agreements, as that term is defined in the Funding Note Indenture, including: the Conditional Equipment Title Transfer Agreement
dated as of the date hereof, among Trans World Gaming Management Limited, TWG Finance and the Trustee, as Security Agent; any agreement evidencing a security interest in one hundred percent (100%) of
the Capital Stock of SC98A, s.r.o., (including that certain Pledge and Security Agreement from TWG International as pledgor to the trustee under the Funding Note Indenture as pledgee and that certain
SC98A Ownership Interest Pledge Agreement dated between TWG International as pledgor, TWG Finance as pledgee and the trustee under the Funding Note Indenture as agent for the pledgee); that certain
Share Pledge Agreement dated as of October 15, 1999, evidencing the pledge by SC98A, s.r.o. in favor of TWG Finance and the trustee under the Funding Note Indenture of sixty-six
percent of the shares of 21st Century; that certain Security Agreement dated October 29, 1998, as amended October 15, 1999, pursuant to which TWG International has pledged
one hundred percent (100%) of the Capital Stock of the Cyprus Entity to TWG Finance and the Trustee under the Funding Note Indenture to secure repayment of the Obligations, as that term is defined in
the Funding Note Indenture; the Conditional Assignment of Receivables Agreement and Contract Rights among Trans World Gaming Management Limited in favor of TWG Finance and the trustee under the
Funding Note Indenture, as Security Agent; and the Floating Charge, issued by Trans World Gaming Management Limited in favor of TWG Finance and the trustee under the Funding Note Indenture, as
Security Agent, as all may be amended or supplemented from time to time. 

4

 

        Section 2.6    Definitions.    The following terms are deleted as defined terms in Section 1.1 of the
Primary Indenture: 

"Newco"

"Substitute Entity" 

        Section 2.7    Definition of Capital Stock.    The definition of Capital Stock as set forth in
Section 1.1 of the Primary Indenture is deleted in its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        "Capital
Stock" means any and all shares, interests (including ownership interests in limited liability companies incorporated under the laws of the Czech Republic), participations,
rights or other equivalents (however designated) or corporate stock, whether common or preferred, including, without limitation, partnership interests, membership interests in limited liability
companies and ownership interests in joint stock companies. 

        Section 2.8    Filing of Financing Statements.    

        New
Section 14.14 is added to the Primary Indenture as follows: 

        "Section 14.14    Filing of Financing Statements.    The Trustee shall be permitted, and the Issuer hereby
authorizes the Trustee to, execute and/or file from time to time appropriate financing statements (on Form UCC-1 or other appropriate form under the Uniform Commercial Code as in effect in
the various relevant states in the relevant filing offices in order to perfect a security interest in all Collateral which is, or may be, perfected by the filing of such financing statements." 

        Section 2.9    Global Amendment.    To the intent necessary, all other terms of the Primary Indenture shall be
deemed amended to reflect the requirement that one hundred percent (100%) of the Issuer's Interest in SC98A, s.r.o. (regardless of how that interest is defined under applicable law) shall become
Collateral (as defined in the Funding Note Indenture) under the Funding Note Indenture and that the pledge thereof shall be effective even if made in a manner different than the pledge of other
collateral (as defined in the Funding Note Indenture) under the Funding Note Indenture. Because the method of granting a Security Interest in Collateral under the Indenture or in Collateral (as
defined in the Funding Note Indenture) pursuant to the Funding Note Indenture may vary depending on the nature of such Collateral (or Collateral under the Funding Note Indenture), a reference in the
Indenture that requires that a pledge be made in a particular manner which may not be effective (for example, should the Indenture require a pledge to TWG Finance and the trustee under the Funding
Note Indenture, when applicable law requires a pledge to TWG Finance) shall not release any of the Issuers from their obligations to make a pledge in the appropriate manner. 

 
 

ARTICLE III    
    
    MISCELLANEOUS    
  

        Section 3.1.    Ratification and Reaffirmation.    The Issuers and Trustee hereby ratify and reaffirm all the
terms and conditions of the Primary Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Primary Indenture remains in full force
and effect, as so amended and supplemented. 

        Section 3.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several
counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        Section 3.3    Effectiveness.    In addition to the other conditions precedent contained in Sections 8.5 and
11.5 of the Primary Indenture which must be satisfied in connection with the prior to the execution 

5

 

and delivery of this Supplemental Indenture by the Trustee, the Trustee shall not so execute and deliver this Supplemental Indenture unless the following additional conditions are met: 

        The
execution and delivery of such security instruments and agreements pursuant to which TWG International shall pledge one hundred percent (100)% of its Capital Stock in SC98A, s.r.o.
to secure its Obligations (as that term is defined in the Funding Note Indenture) under the Funding Note Indenture and evidence of the perfection or other registration of such pledge under all
applicable law, in including the laws of the United States and the Czech Republic, as shall be satisfactory to legal counsel to the majority of Holders, as evidenced by such majority Holder's
execution and delivery of its consent to this Supplemental Indenture. 

        Section 3.4    Construction.    It is the intent of the parties hereto that the provisions of this Supplemental
Indenture be consistent and not conflict with, and such provisions shall be construed and interpreted as being consistent and not in conflict with, the Primary Note Indenture, the supplements thereto,
and the other agreements executed and delivered in connection therewith, including, but not limited to, all the Collateral Agreements (collectively, the "Transaction Documents"). If there are any such
inconsistent or conflicting provisions, such provisions shall be deemed amended so as not to be inconsistent or in conflict with the terms of the Transaction Documents, and in no event shall any such
inconsistent or conflicting provisions create a Default or an Event of Default. Further, nothing contained herein shall
be construed as disturbing or affecting the Liens previously or hereafter granted to the Trustee in the Transaction Documents in respect of Collateral, the intent of the parties hereto being to create
and perfect, and to permit the creation and perfection of, a security interest in Collateral consisting of one hundred percent (100%) of the SC98A, s.r.o. 

[This
space intentionally left blank.] 

6

  

        IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

    

	 	 	Name:	Rami S. Ramadan
	 	 	Title:	Chief Executive Officer
	

 	
 	

TWG FINANCE CORP.
	

 	
 	

By:	

    

	 	 	Name:	Rami S. Ramadan
	 	 	Title:	Chief Executive Officer
	

 	
 	

TRANS WORLD CORPORATION
	

 	
 	

By:	

    

	 	 	Name:	Rami S. Ramadan
	 	 	Title:	Chief Executive Officer

7

 
 
 

Consent of Securityholders:    
  

        The below designated Securityholder of greater than a majority of principal amount of the Primary Notes, by its execution hereof, consents to the Third
Supplemental Trust Indenture. By the execution hereof, the undersigned Securityholder represents and warrants to the Trustee that it is the holder of in excess of a majority in principal amount of the
Primary Notes outstanding on the date hereof. 

	 	 	VALUE PARTNERS, LTD.
	

 	
 	

By:	

    

	 	 	Name:	Timothy G. Ewing
	 	 	Managing Partner of Ewing & Partners

General Partner of Value Partners, Ltd.

8

 

	 	U.S. TRUST COMPANY OF TEXAS, N.A.,

as Trustee
	

By:	

    
	
 	

 
	Name:	John Stohlmann	 	 
	Title:	Vice President	 	 

9

QuickLinks

FIRST SUPPLEMENTAL TRUST INDENTURE TRANS WORLD GAMING CORP., TWG INTERNATIONAL U.S. CORPORATION, TWG FINANCE CORP., ISSUER

ARTICLE I DEFINITIONS AND STATUTORY AUTHORITY

ARTICLE II AMENDMENTS TO PRIMARY INDENTURE

ARTICLE III MISCELLANEOUS

SECOND SUPPLEMENTAL TRUST INDENTURE

TRANS WORLD GAMING CORP., TWG INTERNATIONAL U.S. CORPORATION, TWG FINANCE CORP., ISSUERS

ARTICLE I

DEFINITIONS AND AUTHORITY

ARTICLE II

AMENDMENTS TO PRIMARY INDENTURE

ARTICLE III

AUTHORIZATION AND TERMS OF ADDITIONAL SECURITIES

ARTICLE IV

MISCELLANEOUS

ASSIGNMENT FORM

THIRD SUPPLEMENTAL TRUST INDENTURE TRANS WORLD CORPORATION (FORMERLY KNOWN AS TRANS WORLD GAMING CORP.), TWG INTERNATIONAL U.S. CORPORATION, TWG FINANCE CORP., ISSUERS

ARTICLE I DEFINITIONS AND STATUTORY AUTHORITY

ARTICLE II AMENDMENTS TO PRIMARY INDENTURE

ARTICLE III MISCELLANEOUS

Consent of SecurityholdersQuickLinks
 -- Click here to rapidly navigate through this document
  

Exhibit 4.3  

 
 

FIRST SUPPLEMENTAL
  TRUST INDENTURE
  TWG INTERNATIONAL U.S. CORPORATION, ISSUER    
  

        This First Supplemental Trust Indenture, dated as of October 29, 1998 (this "Supplemental Indenture"), is made by and between the TWG International U.S.
Corporation(together with any successor to its rights, duties and obligations hereunder, the "Issuer"), and U.S. Trust Company of Texas, N.A. (together with any successor trustee hereunder, the
"Trustee"), a national banking association having corporate trust offices located in Dallas, Texas. 

        WHEREAS,
the Issuer and the Trustee have heretofore executed and delivered that certain Trust Indenture dated as of March 31, 1998 (the "Finance Indenture"), and the Issuer has
issued its 12% Senior Secured Note Due March 17, 2005 (the "Finance Note") thereunder; and 

        WHEREAS,
Trans World Gaming Corp., TWG Finance Corp., the Issuer and the Trustee have executed that certain Indenture dated as of March 31, 1998 (the "Primary Indenture") and the
Issuers have issued their 12% Senior Secured Notes Due March 17, 2005 (the "Primary Notes") thereunder; and 

        WHEREAS,
the Finance Indenture provides in Section 8.2 thereof that the Issuer, when authorized by a resolution of the Board of Directors, and the Trustee may, with the consent of
the Holders of not less than a majority in aggregate principal amount of the Finance Notes at the time outstanding, add any provisions to or change in any manner or eliminate any of the provisions of
the Finance Indenture or of any supplemental indenture or of modify in any manner the rights of the Holders of the Finance Notes, except under certain circumstances not applicable herein; and 

        WHEREAS,
Section 11.12 of the Finance Indenture provides that the Issuer and the Trustee are subject to Section 3.27 of the Primary indenture, which Section 3.27 of
the Primary Indenture provides that where the consent of holder of the Finance Note under the Finance Indenture is required consent of the same percentage of Securityholders (holders of Primary Notes)
under the Primary Indenture shall be required as well; and 

        WHEREAS,
the Issuer and the Trustee, with the consent of a majority of the holders of the aggregate principal amount of the Finance Notes and the Primary Notes outstanding, now desire to
amend the Finance Indenture for the purpose of modifying certain provisions of the Finance Indenture to clarify that the Collateral securing the Finance Notes may be transferred or substituted in
order that the collateralization of the Finance Notes may comply with certain changes in the laws of the Czech Republic, without which substitution the interests of the Finance and Primary Noteholders
would be materially adversely affected; and 

        WHEREAS,
the Issuer and the Trustee, with the consent of a majority of the holders of the aggregate principal amount of the Finance Notes and the Primary Notes outstanding further desire
to amend the Finance Indenture to clarify that the Collateral securing the Finance Notes shall not include Trans World Leasing Limited, a Gibraltar legal entity, for the reason that this entity shall
not be a Subsidiary of the Issuer, and that all functions which this entity was to Perform in relation to the Issuer's operation in the Czech Republic are to be performed by the Cyprus Entity, as that
term is defined in the Finance Indenture; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duty and validly authorized in all respects by the Board of Directors of the Issuer; and 

1

 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Indenture made hereby. 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are hereby
acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders from time to time of the Finance Notes, as follows: 

 
 

ARTICLE I
  DEFINITIONS AND STATUTORY AUTHORITY    
  

        Section 1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is
adopted in accordance with Article 8 of the Finance Indenture. 

        Section 1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Finance Indenture shall have the same respective meanings in this Supplemental Indenture
as such defined terms are given in the Finance Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Finance Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section 1.3.    Finance Indenture to Remain in Force.    Except as amended by this Supplemental Indenture, the
Finance Indenture shall remain in full force and effect as to matters covered therein. 

        Section 1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the
Issuer and the Trustee shall bind the Holders of the Finance Note and of the Primary Notes, the Issuer, the Trustee and their respective successors and assigns, whether so expressed or not. 

        Section 1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Finance
Note, express or implied, shall give any Person, other than the parties hereto, their respective
successors hereunder and the Holders of the Finance Note and Primary Notes, any benefit or any legal or equitable rights, remedy or claim, under this Supplemental Indenture. 

        Section 1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by
the laws of the State of New York. 

 
 

ARTICLE II
  AMENDMENTS TO FINANCE INDENTURE    
  

        Section 2.1.    Issuance of Stock.    Section 3.11 of the Finance Indenture is deleted in its entirety
and replaced in full by the following, which shall read in its entirety as follows: 

         Restrictions on Issuance of Stock.    Issuer will not permit any of its Subsidiaries to issue any additional Capital Stock and agrees that
the Capital
Stock of its Subsidiaries pledged to the holders of the Securities pursuant to the Collateral Agreements herein shall at all times constitute one hundred percent (100%) of the Cyprus Entity, 100% of
the Capital Stock of any U.S. 

2

 

Subsidiary and of any foreign Subsidiary, where, as to such foreign Subsidiary, such pledge shall not create a "deemed dividend", and sixty-six percent (66%) of the Capital Stock of any
foreign Subsidiary where such pledge shall not create a deemed dividend and where a pledge of more than that percentage would create a "deemed dividend". Furthermore, Issuer will not permit any of its
Subsidiaries to conduct any business through or otherwise own any shares or interests of any class of Capital Stock of any other corporation, partnership, limited liability company or other Person,
other than a Wholly-Owned Subsidiary. Notwithstanding anything above to the contrary, Issuer shall be permitted to own one hundred percent 100% of SC98A, s.r.o. so long as one hundred percent 100% of
the Capital Stock of 21st Century is owned by SC98A, s.r.o. and sixty-six percent (66%) of the Capital Stock of 21st Century remains pledged by the Issuer to
TWO Finance and the Trustee to secure repayment of the Securities. Alternatively, and notwithstanding anything above to the contrary, the Capital Stock of 21st Century may be conveyed to
a Wholly Owned Subsidiary of Issuer, ("Newco") and the Security Interest in the Capital Stock of 21st Century released so long as sixty-six (66%) of the Capital Stock of
Newco is pledged to secure repayment of the Securities. In the event the Capital Stock of 21st Century is transferred to SC98A, s.r.o., the Issuers shall promptly take all reasonable
action necessary to replace SC98A, s.r.o. with a Czech joint stock company which is a Wholly Owned Subsidiary (the "Substitute Entity") of TWG International, sixty-six percent (66%) of the
Capital Stock of which Substitute Entity shall be pledged to secure repayment of the Securities. TWG may own one percent (1%) of the outstanding Capital Stock of Newco or the Substitute Entity so long
as such shares are pledged to the Trustee by TWG to secure the repayment of the Securities. 

        Section 2.2.    Security Interests.    Section 3.23 of the Finance Indenture is deleted in its entirety
and replaced in full by the following, which shall read in its entirety as follows: 

        Security Interest.    The Issuer shall, including, to the extent necessary post-closing, execute, and shall cause such direct and indirect
Subsidiaries as are necessary to execute, such documents as are necessary to grant the Trustee and the Holder a Security Interest in all assets of the Cyprus Entity and of any other direct and/or
indirect Subsidiary where and to the extent that such pledge shall not create a "deemed dividend" under U.S. tax law. Notwithstanding anything above to the contrary, in the event SC98A, s.r.o. is
acquired as a Wholly Owned Subsidiary of the Issuer and 21st Century Resorts, a.s. is transferred to SC98A, s.r.o., sixty-six percent (66%) of the Capital Stock of
21st Century Resorts, a.s. shall remain pledged to secure repayment of the Securities even in the event such a pledge shall cause a "deemed dividend". Notwithstanding anything above to
the contrary, in the event Newco or the Substitute Entity become a Wholly Owned Subsidiary of Issuer (subject to the right of TWG to hold one percent (1%) of the Capital Stock of either), a Security
Interest in sixty-six percent (66%) of the Capital Stock of Newco or the Substitute Entity, as the case may be, shall be granted to secure repayment of the Securities or, if such grant is
not possible, sixty-six percent (66%) of the Capital Stock of 21st Century Resorts, a.s. shall remain pledged to secure repayment of the Securities even in the event such
pledges as set forth in this sentence shall cause a "deemed dividend". Should the holders of a majority of the Securities issued pursuant to the Primary Indenture so request, the Issuer shall take all
steps reasonably necessary to grant to the Trustee and TWG Finance a Security Interest in SC98A, s.r.o. Such grant shall not require a release of the Security Interest in 21stCentury
Resorts, a.s. The Issuer shall reimburse all reasonable costs, including attorneys fees incurred by such of the Security Holders and Trustee in preparing and executing documents required to comply
with this Indenture. 

        Section 2.3.    Ownership of 21st Century Resorts a.s.    A new Section 3.24 of the
Finance Indenture shall read as follows: 

        Section 3.24.    Ownership of 21st Century Resorts a.s    One hundred percent of the Capital
Stock of 21st Century Resorts, a.s. may be transferred to SC98A, s.r.o. so long as sixty-six percent (66%) of the Capital Stock of 21st Century Resorts, a.s.
shall remain pledged to secure repayment of the Finance 

3

 

Note. One hundred percent (100%) of the Capital Stock of 21st Century Resorts, a.s. may be transferred by Issuer to Newco or the Substitute Entity simultaneous with (a) the
release by the Holders and the Trustee of the Security Interest granted the Holders and the Trustee in sixty-six percent (66%) of the Capital Stock of 21st Century Resorts,
a.s. and (b) the grant to the Holders and the Trustee of a Security Interest in sixty-six percent (66%) of the Capital Stock of Newco or the Substitute Entity, as the case may be,
and perfection thereof. 

        Section 2.4.    Pledge and Security Interest.    Section 14.1 of the Finance Indenture is deleted in its
entirety and replaced in full by the following, which shall read in its entirety as follows: 

         Pledge and Security Interest.    "Collateral" means all of the assets of the Cyprus Entity and of any other direct or indirect Subsidiary
where such
pledge shall not create a "deemed dividend" under U.S. tax law, a 100 per cent (100%) interest in all of the Capital Stock of the Cyprus Entity, and, as to all other direct Subsidiaries of the Issuer,
whether in existence at the time of the closing of this Indenture or thereafter formed, reconstituted or otherwise acquired in any manner, whether or not named herein, a sixty-six per cent
(66%) interest in any such entity where a pledge of Capital Stock of a greater percentage would create "deemed dividend" for U.S. tax purposes and one hundred per cent (100%) interest in the Capital
Stock where the pledge will not create a "deemed dividend". Notwithstanding anything above to the contrary, Issuer shall be permitted to own one hundred percent 100% of SC98A, s.r.o. so long as one
hundred percent 100% of the Capital Stock of 21st Century is owned by SC98A, s.r.o. and sixty-six percent (66%) of the Capital Stock of 21st Century is pledged
to secure repayment of the Finance Note. Alternatively, and notwithstanding anything above to the contrary, the Capital Stock of 21st Century may be conveyed to a Wholly Owned Subsidiary
of Issuer, ("Newco") and the Security Interest in the Capital Stock 21st Century released so long as sixty-six percent (66%) of the Capital Stock of Newco is pledged to
secure repayment of the Finance Note. In the event the Capital Stock of 21st Century is transferred to SC98A, s.r.o., the Issuer shall promptly take all reasonable action necessary to
replace SC98A, s.r.o. with a Wholly Owned Subsidiary (the "Substitute Entity") of TWG International, sixty-six (66%) of the Capital Stock of which Substitute Entity shall be pledged to
secure repayment of the Finance Note. TWG may own one percent (1%) of Newco or the Substitute Entity so long as such interest is pledged by TWG to secure repayment of the Securities. All references
herein to the "Security Interest" and to the "Lien of this Indenture" shall be deemed to mean and refer to the Liens granted to the Trustee and the Holders pursuant to the terms of the Collateral
Agreements. 

        Section 2.5.    Perfection of Security Interest.    Section 14.3(b) of the Finance indenture is deleted
in its entirety and replaced in full by the following, which shall read in its entirely as follows: 

        Because
the Issuer cannot ascertain as of the date of execution of this Indenture the exact documents which the appropriate governmental authorities in the Czech Republic and Cyprus may
require for perfection of the Security Interest, the Issuer agrees, at its cost, to the preparation, execution and filing of any additional documents necessary to grant and perfect the Security
Interest. Because certain of the entities to be pledged are not yet direct Subsidiaries of the Issuer or may not yet exist, the Issuer agrees, at its cost (including reimbursement of costs and
expenses incurred by the Trustee and counsel for the Securityholders), post-closing, to take all steps necessary to cause those entities to become direct Subsidiaries of the Issuer (to the
extent permissible by applicable law or regulation and so long as no gambling licenses or other tangible or intangible rights are jeopardized, in the sole discretion of Issuer) and to grant a Security
interest in compliance with this Indenture in the percentage of Capital Stock of such entities as required herein. Nothing herein shall be deemed to grant the Issuer the discretion to refuse to cause
Newco or the Substitute Entity and the Cyprus Entity to be direct Wholly-Owned Subsidiaries of Issuer (except as permitted in Section 3.11 of this Indenture) or to grant the requisite Security
Interest in the Capital Stock thereof. 

4

 

        Section 2.6.    Substitution of Collateral.    Section 14.6 of the Indenture is amended to add a second
sentence thereto, which sentence shall read in its entirety as follows: 

        However,
the Collateral consisting of the sixty-six percent (66%) interest in all the Capital Stock of 21st Century Resorts, a.s. may be substituted by a perfected Security
Interest in sixty-six percent (66%) the Capital Stock of a Wholly Owned Subsidiary of the Issuer (owned ninety-nine percent (99%) by the Issuer and one percent (1%) by TWG)
which is a joint stock company organized under the laws of the Czech Republic, if the following conditions are met: 

        (a)  Such
new Subsidiary is properly formed under the laws of the Czech Republic; 

        (b)  the
Trustee and the holder of the Finance Note shall be granted a Security Interest in sixty-six percent (66%) of all Capital Stock of such entity, which
sixty-six percent (66%) shall include all of the Capital Stock of such entity held by TWG; and 

        (c)  one
hundred percent (100%) of the Capital Stock of 21st Century shall be transferred to such newly formed Subsidiary. 

        Section 2.7.    Definition of Collateral Agreements.    The definition of Collateral Agreements of the Finance
Indenture is deleted in its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        "Collateral
Agreements" means any agreements including those executed by the Issuer, TWG, Newco, the Substitute Entity, 21st Century Resorts, a.s., LMJ Slots, s.r.o., LMJ
Casino Rozadov, a.s., Atlantic Properties, s.r.o., Trans World Leasing Limited and the Cyprus Entity and/or such other Persona necessary to create a Security Interest in favor of the Trustee and the
Securityholders in the Collateral. 

        Section 2.8.    Definition of Newco.    The definition of Newco is added to the Indenture, which shall read as
follows: 

        "Newco"
shall have the meaning specified in Section 3.11. 

        Section 2.9.    Definition of Substitute Entity.    The definition of Substitute Entity is added to the
Indenture, which shall read as follows: 

        "Substitute
Entity" shall have the meaning specified in Section 3.11. 

 
 

ARTICLE III
  MISCELLANEOUS    
  

        Section 3.1.    Ratification and Reaffirmation.    The Issuer and Trustee hereby ratify and reaffirm all the
terms and conditions of the Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Indenture remains in full force and effect, as so
amended and supplemented. 

5

   
        Section 3.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several
counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        Section 3.3.    Effectiveness.    This Supplemental Indenture shall only become effective in the event the
First Supplemental Trust Indenture to the Primary Indenture, dated as of the date hereof, shall become effective. 

        The
Issuers will deliver a letter or certificate to the Trustee in which such persons will certify to the Trustee that the foregoing conditions have been met and that this Supplement is
effective. The consenting Security Holders will execute this document solely to signify their consent to this Supplemental Indenture. 

        IN
WITNESS WHEREOF, the Issuer and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

/s/ Andrew Tottenman

	 	 	Name:	Andrew Tottenham
	 	 	Title:	President

6

 
Consent of Security Holders:  

        The below designated Security holders of the Finance Indenture and Primary Indenture, respectively, by their execution hereof, consent to the First Supplemental
Trust Indenture. 

	 	 	TWG FINANCE CORP.
	

 	
 	

By:	

/s/ Andrew Tottenham

	 	 	Name:	Andrew Tottenham

President
	

 	
 	

VALUE PARTNERS, LTD.
	

 	
 	

By:	

/s/ Timothy G. Ewing

	 	 	Name:	Timothy G. Ewing
	 	 	Managing Partner of Ewing & Partners

General Partner of Value Partners
	

 	
 	

U.S. TRUST COMPANY OF TEXAS, NA.,

as Trustee
	

 	
 	

By:	

/s/ Bill Barber

	 	 	Name:	Bill Barber
	 	 	Title:	Authorized Officer

7

  

 
 

SECOND SUPPLEMENTAL
  TRUST INDENTURE    
  

 
  TWG INTERNATIONAL U.S. CORPORATION, ISSUER    
  

        This Second Supplemental Trust Indenture, dated as of October 15, 1999 (this "Supplemental Indenture"), is made by and between the TWG International U.S.
Corporation ("TWG International") (together with any successors to its rights, duties and obligations hereunder, the "Issuer"), and U.S. Trust Company of Texas, N.A. (together with any successor
trustee hereunder, the "Trustee"), a national banking association having corporate trust offices located in Dallas, Texas. 

        WHEREAS,
the Issuer and the Trustee have heretofore executed and delivered that certain Indenture dated as of March 31, 1998, as supplemented on October 29, 1998 (the
"Finance Indenture"), and the Issuer has issued its 12% Senior Secured Note Due March 17, 2005 (the "Finance Note") (which, by the terms hereof, will be redesignated as the 12% Senior Secured
Note Due March 17, 2005, Series 1998) thereunder; and 

        WHEREAS,
Trans World Gaming Corp. ("TWG"), TWG Finance Corp. ("TWGF"), the Issuer and the Trustee have executed that certain Indenture dated as of March 31, 1998 as supplemented
on October 29, 1998 (the "Finance Indenture"), and TWG, TWGF and TWG International have issued their 12% Senior Secured Notes Due March 17, 2005 (which, by the terms thereof, will be
redesignated as the 12% Senior Secured Note Due March 17, 2005, Series 1998) (the "Primary Notes") thereunder; and 

        WHEREAS,
the Issuer and the Trustee have heretofore executed and delivered that certain First Supplemental Trust Indenture to the Indenture dated as of October 29, 1998; and 

        WHEREAS,
the Finance Indenture provides in Section 8.2 thereof that the Issuer, when authorized by a resolution of its Board of Director, and the Trustee may, with the consent of
the Holders of not less
than a majority in aggregate principal amount of the Finance Notes at the time outstanding (the "Holders"), add any provisions to change in any manner or eliminate any of the provisions of the Finance
Indenture or of any supplemental indenture or to modify in an manner the rights of the Holders of the Finance Note, except under certain circumstances not applicable herein; and 

        WHEREAS,
the Issuer and the Trustee now desire to amend the Finance Indenture for the purpose of (i) permitting the authorization and issuance additional series of Securities
pursuant to the terms of the Finance Indenture, and pursuant to such authority, permitting the authorization and issuance of $3,000,000 in principal amount of Securities, and (ii) making
certain corrections to the Form of Security for the Securities heretofore issued and delivered; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly and validly authorized in all respects by the Board of Directors of the Issuer; and 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Finance Indenture made hereby; and. 

        WHEREAS,
the Holders are a party to this Supplemental Indenture in order to consent to the terms and conditions hereof pursuant to the requirements of Section 8.2 of the Finance
Indenture; and 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are hereby 

1

 

acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders, from time to time, of the Notes, as follows: 

 
 

ARTICLE I    
  

 
  DEFINITIONS AND AUTHORITY    
  

        Section 1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is
adopted in accordance with Article 8 of the Finance Indenture. 

        Section 1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Finance Indenture shall have the same respective meanings in this Supplemental Indenture
as such defined terms are given in the Finance Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Finance Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section 1.3.    Finance Indenture to Remain in Force.    Except as amended by this Supplemental Indenture, the
Finance Indenture shall remain in full force and effect as to matters covered therein. 

        Section 1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the
Issuer and the Trustee shall bind the Holders of the Securities, the Issuer, the Trustee and their respective successors and assigns, whether so expressed or not. 

        Section 1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Notes,
express or implied, shall give any Person, other than the parties hereto, their respective successors hereunder and the Holders of the Notes, any benefit or any legal or equitable rights, remedy or
claim under this Supplemental Indenture. 

        Section 1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by
the laws of the State of New York. 

 
 

ARTICLE II    
  

 
  AMENDMENTS TO FINANCE INDENTURE    
  

        Section 2.1.    Definitions.    Section 1.1 of the Finance Indenture is amended to add or amend in their
entirety the definitions of the following terms: 

        "Additional
Securities" means each series of parity Securities which may from time to time be issued pursuant to the terms of Section 2.9 of this Indenture. 

        "Issue
Date" means the date on which a series of Securities are originally issued under this Indenture. 

        "Primary
Indenture" means that certain Indenture dated as of March 31, 1998, as supplemented on October 29, 1998 pursuant to which the Issuer, TWG and TWG Finance
Corporation are issuers and the Trustee herein is the trustee, as to those certain $17,000,000 12% 

2

 

Senior Secured Notes Due March 17, 2005, together with any supplement to such Indenture and any additional notes issued under such Indenture and the supplements thereto. 

        "Security"or
"Securities" means any of the Issuer's 12% Senior Secured Notes due March 17, 2005, Series 1998, and any Additional Securities authenticated and delivered in
accordance with Section 2.9 of this Indenture. 

        "Subscription
Agreement" means the Subscription Agreement dated as of March 16, 1998, among TWG, TWG International, TWG Financing and certain Securityholders relating to the
Series 1998 Securities, and any similar agreement entered into in connection with the issuance of Additional Securities issued under this Indenture. 

        Section 2.2.    Authentication and Delivery of Securities.    Section 2.1 of the Indenture is amended so
that, as amended, Section 2.1 shall read in its entirety as follows: 

        SECTION
2.1    AUTHENTICATION AND DELIVERY OF SECURITIES.    Securities in an aggregate principal amount not in excess of $17,000,000 (except as otherwise provided in
Section 2.6 and Section 2.9 hereof) may be executed by the Issuer and delivered to the Trustee for authentication, and a responsible officer of the Trustee shall thereupon authenticate
and deliver said Securities to the Issuer or upon the written order of the Issuer, signed by both (a) the Chairman of the Board of Directors or any Vice Chairman of the Board of Directors, or
its Chief Executive Officer or President or any Vice President (whether or not designated by a number or numbers or a word or words added before or after the title "Vice President") and (b) by
its Treasurer or Secretary or any Assistant Treasurer or Secretary without any further action by the Issuer. The Issuer's $17,000,000 aggregate principal amount of Securities shall be designated the
Issuer's 12% Senior Notes Due March 12, 2005, Series 1998 (sometimes referred to herein as the "Series 1998 Securities"). 

        Section 2.3.    Additional Securities.    Section 2.9 is added to the Finance Indenture, and
Section 2.9 will read in its entirety as follows: 

        SECTION
2.9.    ADDITIONAL SECURITIES. 

        (a)    General.    The Issuer may, subject to the requirements of Section 2.9(b), issue one or more
installments of Additional Securities. When issued and delivered, the Additional Securities will be payable from and secured by this Indenture and the Collateral on a parity with any previously issued
outstanding Securities. The Additional Securities may be issued in one or more series or not in any series, be in various principal amounts, mature at different times, and bear interest at different
rates from each other and from Securities which are previously outstanding, be payable in installments, be redeemable prior to maturity with or without premium on whatever terms or prices, and contain
such other provisions as may be provided in the supplemental indenture pursuant to which the Additional Securities are issued. 

        (b)    Requirements for Issuing Additional Securities.    No Additional Securities shall be issued unless: 

          (i)  The
prior written consent to the issuance of the Additional Securities is given by the Holders of not less than a majority in aggregate principal amount of Securities
at the time Outstanding; 

        (ii)  The
Issuer delivers to the Trustee an Officers Certificate stating to the effect that no Default exists in connection with any of the covenants or requirements of this
Indenture or any supplemental indenture authorizing the issuance of Additional Securities, except Defaults that have been waived in writing by the Holders; and 

        (iii)  The
Issuer and the Trustee enter into a Supplemental Indenture regarding the terms, issuance and delivery of Additional Securities and the Trustee is provided with the
documents 

3

 

required to be delivered to it pursuant to Section 8.4 of this Indenture and other documents and opinions reasonably requested by the Trustee. 

        Section 2.4    Supplemental Indentures.    Section 8.1 of the Finance Indenture is amended to add
thereto a new subsection (e) which will read in its entirely as follows: 

        (e)  to
provide for the issuance of Additional Securities in accordance with Section 2.9 of this Indenture. 

        Section 2.5    Amendment to the Form of Face of the Series 1998 Security.    The Form of the Face of the
Series 1998 Security is amended by amending the fourth-to-the-last paragraph thereof, so that, as amended, such paragraph shall read in its entirety as
follows: 

        The
interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the Person in whose name this
Security is registered on the 15th day of the month next preceding the month in which such interest payment falls, whether or not such Interest Record Date is a Business Day. 

        Section 2.6    Global Amendment.    To the extent necessary, all other terms of the Finance Indenture shall be
deemed amended to reflect the issuance of Additional Securities constituting the Finance Note and of Additional Securities (as that term is defined in the Second Supplemental Trust Indenture to the
Primary Indenture executed contemporaneously herewith). 

 
 

ARTICLE III    
  

 
  AUTHORIZATION AND TERMS OF ADDITIONAL SECURITIES    
  

        Section 3.1    Authorization of Additional Securities.    Pursuant to Section 2.9 of the Indenture, an
Additional Security in an amount not in excess of $3,000,000 (except as provided in Section 2.6) of the Indenture entitled to the benefit and security of this Indenture and the Collateral
referred to herein are hereby authorized. The Additional Securities shall be issued in the form of Exhibit A, attached hereto. Such Additional
Security shall be designated the Issuer's 12% Senior Note Due March 17, 2005, Series 1999 (sometimes referred to herein as the "Series 1999 Security"). Such Additional Security
may be executed by the Issuer and delivered to the Trustee for authentication, and a responsible officer of the Trustee shall thereupon authenticate and deliver said Securities to the Issuer or upon
written order of the Issuer signed by the Chairman of the Board of Directors or any Vice Chairman of the Board of Directors, or its Chief Executive Officer or President or any Vice President (whether
or not designated by a number or numbers or a word or words added before or after the title "Vice President.") Such Additional Security shall be a "Security" under this Indenture in all respects. 

        Section 3.2    Terms of the Additional Securities.    The terms of the Additional Security, including, but not
limited to, date, denominations, interest rate, maturity, and redemption provisions, if any, shall be as provided in the form of Security attached hereto as Exhibit A and as provided in the
Indenture. 

 
 

ARTICLE IV    
  

 
  MISCELLANEOUS    
  

        Section 4.1.    Ratification and Reaffirmation.    The Issuer and Trustee hereby ratify and reaffirm all the
terms and conditions of the Finance Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Finance Indenture remains in full force
and effect, as so amended and supplemented. 

4

 

        Section 4.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several
counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        IN
WITNESS WHEREOF, the Issuer and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERNATIONAL U.S. CORPORATION

as Trustee
	

 	
 	

By:	
 	

                        

	 	 	Name:	 	 
	 	 	Title:	 	    

	

	
 	

 	
 	

 
	 	 	U.S. TRUST COMPANY OF TEXAS, N.A.,

as Trustee
	

 	
 	

By:	
 	

                        

	 	 	Name:	 	John C. Stohlmann
	 	 	Title:	 	Vice President
	

                        	 	 	 	 

5

  

 
 

CONSENT OF THE SECURITYHOLDER    
  

        The undersigned, TWG Finance Corp. and Value Partners, Ltd., each the Holder of a majority principal amount of the Finance Note and the Primary Notes,
respectively, by their execution hereof consent to this Supplemental Indenture pursuant to Section 8.2 of the Finance Indenture and pursuant to Section 2.9 of the Indenture, as amended
by the Supplemental Indenture. 

        EXECUTED
as of the day and year first above written. 

	 	 	TWG FINANCE CORP.
	

 	
 	

By	

    

	 	 	Name:	    

	 	 	Title:	    

	

 	
 	

VALUE PARTNERS, LTD.
	

 	
 	

By:	

    

	 	 	Name:	Timothy G. Ewing
	 	 	Managing Partner of Ewing & Partners

General Partner of Value Partners, Ltd.

6

  

EXHIBIT "A"  

THESE
SECURITIES HAVE NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED, OR ANY STATE SECURITIES ACT, AND MAY NOT BE TRANSFERRED WITHOUT REGISTRATION UNDER SUCH ACTS OR AN OPINION OF
COUNSEL SATISFACTORY TO THE ISSUER THAT SUCH REGISTRATION IS NOT REQUIRED. 

	No. 1	 	$3,000,000.00

TWG INTERNATIONAL U.S. CORPORATION

12% Senior Secured Note Due March 17, 2005, Series 1999

Date: October 15, 1999

New York, New York  

        TWG International U.S. Corporation, a Nevada corporation (the "Issuer"), for value received hereby promises to pay to TWG Finance Corp. a Delaware corporation, or
registered assigns, the principal sum of $3,000,000.00 at the Issuer's office or agency for said purpose, on March 17, 2005, in such coin or currency of the United States of America as at the
time of payment shall be legal tender for the payment of public and private debts, and to pay interest semi-annually on March 17 and September 17 (each an "Interest Payment
Date") of each year, commencing with March 17, 2000, on said principal sum in like coin or currency at 12% simple interest per annum at said office or agency from the most recent Interest
Payment Date to which interest on the Securities has been paid or duly provided for unless the date hereof is a date to which interest on the Securities is paid or duly provided for, in which case
from the date of this Security, or unless no interest has been paid or duly provided for on the Securities, in which case from the date of issuance. To the extent lawful, the Issuer promises to pay
interest on any interest payment past due but unpaid on such unpaid principal amount at a rate of 17% per annum compounded semi-annually. 

        The
interest so payable on any Interest Payment Date will, except as otherwise provided in the Indenture referred to on the reverse hereof, be paid to the Person in whose name this
Security is registered on the 15th day of the month next preceding the month in which such interest payment falls, whether or not a Business Day (each an "Interest Record Date");
PROVIDED that interest may be paid, at the option of the Issuer, by mailing a check therefor payable on the Interest Payment Date to the registered Holder entitled thereto at his last address as it
appears on the Security register. 

        If
interest on the Securities is in default, the Trustee shall, prior to the payment of interest, establish a special record date (the "Special Record Date") for such payment, which
Special Record Date shall be not more than fifteen (15) nor less than ten (10) days prior to the date of the proposed payment. Payment of such defaulted interest shall then be made by
check, as provided herein and in the Indenture, mailed or remitted to the persons in whose names the Securities are registered on the Special Record Date at the addresses or accounts of such persons
shown on the security register. 

        Interest
on this Security will be calculated on the basis of a 360-day year, consisting of twelve 30-day months. 

        Reference
is hereby made to the further provisions of this Security set forth on the reverse hereof which further provisions shall for all purposes have the same effect as if set forth
in this place. 

        IN
WITNESS WHEREOF, the Issuer has caused this instrument to be duly executed under its corporate seal. 

	[Seal]	 	TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	

    

	 	 	Its:	Vice President

7

 
 
 

REVERSE OF SECURITY    
    
    TWG INTERNATIONAL U.S. CORPORATION
  12% Senior Secured Note Due March 17, 2005, Series 1999    
  

        This Security one of a series of duly authorized debt securities of the Issuer designated as "12% Senior Secured Notes Due March 17, 2005,
Series 1999", issued in the aggregate principal amount of $3,000,000.00, and issued pursuant to a Supplemental Trust Indenture (Supplemental Indenture") dated as of October 15, 1999,
duly executed and delivered by the Issuer to U.S. Trust Company of Texas, N.A., as Trustee (hereinafter referred to as the "Trustee"), which Supplemental Indenture supplements the Indenture ("Original
Indenture") dated as of March 31, 1998 and supplemented on October 29, 1998, duly executed and delivered by the Issuer to the Trustee. The
Original Indenture and the Supplemental Indenture are hereinafter referred to as the "Indenture." Reference is hereby made to the Indenture and all indentures supplemental thereto for a description of
the rights, limitations of rights, obligations, duties and immunities thereunder of the Trustee, the Issuer and the Holders (the words "Holders" or "Holder" meaning the registered holders or
registered holder) of the Securities. The Securities are secured obligations of the Issuer. Capitalized terms used in this Security and not defined herein shall have the meaning set forth in the
Indenture. 

        In
case an Event of Default (as defined in the Indenture) shall have occurred and be continuing, the principal and interest in respect of all of the Securities then outstanding may be
declared due and payable in the manner and with the effect, and subject to the conditions, provided in the Indenture. The Indenture provides that the Holders of 50% in aggregate principal amount of
the Securities then outstanding, by notice to the Trustee, may on behalf of the Holders of all of the Securities, waive any existing Default or Event of Default and its consequences under the
Indenture except a continuing Default or Event of Default in the payment of interest or premium on, or the principal of, the Securities or in respect of a covenant or provision that cannot be modified
or amended without the consent of all Holders of the Securities. Any such consent or waiver by the Holder of this Security (unless revoked as provided in the Indenture) shall be conclusive and binding
upon such Holder and upon all future Holders and owners of this Security and any Security which may be issued in exchange or substitution therefor, whether or not any notation thereof is made upon
this Security or such other Securities. 

        The
Indenture permits the Issuer and the Trustee, with the consent of the Holders of not less than 50% in aggregate principal amount of the Securities at the time outstanding, evidenced
as in the Indenture provided, to execute supplemental indentures adding any provisions to or changing in any manner or eliminating any of the provisions of this Indenture or of any supplemental
indenture or modifying in any manner the rights of the Holders of the Securities; PROVIDED that no such supplemental indenture shall, without the consent of each Holder affected thereby (with respect
to any Securities held by a non-consenting Securityholder) (i) reduce the principal amount of Securities whose
Holders must consent to an amendment, supplement or waiver, (ii) reduce the principal of or change the fixed maturity of any Security or alter the provisions with respect to the redemption of
the Securities, (iii) reduce the rate of or change the time for payment of interest on any Security, (iv) waive a Default or Event of Default in the payment of principal of or premium,
if any, or interest on the Securities (except a rescission of acceleration of the Securities by the Holders of at least 50% in aggregate principal amount of the then outstanding Securities and a
waiver of the payment default that resulted from such acceleration), (v) make any Security payable in money other than that stated in the Securities, (vi) make any change in the
provisions of the Indenture relating to waivers of past Defaults or the rights of Holders of Securities to receive payments of principal of or interest on the Securities, (vii) waive a
redemption payment with respect to any Security or (viii) make any change in the foregoing amendment and waiver provisions. 

8

 

        No
reference herein to the Indenture and no provision of this Security or of the Indenture shall alter or impair the obligations of the Issuer, which are absolute and unconditional, to
pay the principal of and the interest on this Security at the place, times, and rate, and in the currency, herein prescribed. 

        The
Securities are issuable only as registered Securities without coupons. 

        At
the office or agency of the Issuer referred to on the face hereof and in the manner and subject to the limitations provided in the Indenture, Securities may be exchanged for a like
aggregate principal amount of Securities of other authorized denominations. 

        Upon
due presentment for registration of transfer of this Security at the above-mentioned office or agency of the Issuer, a new Security or Securities of authorized denominations, for a
like aggregate principal amount, will be issued to the transferee as provided in the Indenture. No service charge shall be made for any such transfer, but the Issuer may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in relation thereto. 

        As
provided in the Indenture, Issuer shall be required to make mandatory prepayments equal to Excess Cash Flow until Obligations are fully defeased pursuant to Section 10.2 or
until one hundred percent (100%) of the principal amount of the Securities, together with accrued and unpaid interest, is paid. The Securities may also be redeemed by the Issuer, in whole, or in part,
upon mailing a notice of such redemption not less than 30 nor more than 60 days prior to the date fixed for redemption to the Holders of Securities to be redeemed, at a redemption price equal
to 100% of the principal amount of the Securities redeemed, together with accrued and unpaid interest to the date fixed for redemption. If there is a Change of Control (as defined in the Indenture),
the Issuer shall be required to offer to purchase all outstanding Securities at a purchase price equal to 101% of the principal amount thereof, plus accrued unpaid interest, if any, through the date
of such purchase. 

        Subject
to payment by the Issuer of a sum sufficient to pay the amount due upon redemption, interest on this Security shall cease to accrue upon the date duly fixed for redemption of
this Security. 

        The
Issuer, the Trustee and any authorized agent of the Issuer or the Trustee may deem and treat the registered Holder hereof as the absolute owner of this Security (whether or not this
Security shall be overdue and notwithstanding any notation of ownership or other writing hereon made by anyone other than the Issuer or the Trustee or any authorized agent of the Issuer or the
Trustee), for the purpose of receiving payment of, or on account of, the principal hereof and premium, if any, and subject to the provisions on the face hereof, interest hereon and for all other
purposes, and neither the Issuer nor the Trustee nor any authorized agent of the Issuer or the Trustee shall be affected by any notice to the contrary. 

        No
recourse shall be had for the payment of the principal of, premium, if any, or the interest on this Security, for any claim based hereon, or otherwise in respect hereof, or based on
or in respect of the Indenture or any indenture supplemental thereto, against any incorporator, shareholder, officer, employee or director, as such, past, present or future, of the Issuer or Trustee
or of any successor corporation, either directly or through the Issuer or any successor corporation, whether by virtue of any constitution, statute or rule of law or by the enforcement of any
assessment or penalty or otherwise, all such liability being, by the acceptance hereof and as part of the consideration for the issue hereof, expressly waived and released. 

        Customary
abbreviations may be used in the name of a Securityholder or an assignee, such as: TEN COM (= tenants in common), TEN ENT (= tenants by the entireties), JT TEN (= joint tenants
with right of survivorship and not as tenants in common), CUST (= Custodian), and U/G/M/A (= Uniform Gifts to Minors Act). 

9

 

        This
Security shall not be valid or obligatory until the certificate of authentication hereon shall have been duly signed by an authorized signatory of the Trustee acting under the
Indenture. 

[TRUSTEE'S
CERTIFICATE OF AUTHENTICATION] 

        This
is one of the Securities described in the within-mentioned Indenture. 

Dated:

	 	 	U.S. Trust Company of Texas, N.A., as Trustee
	

 	
 	

By:	

    

	 	 	 	Authorized Signatory

10

 
 
 

ASSIGNMENT FORM    
  

To
assign this Security, fill in the form below: 

        I
or we assign and transfer this Security to: 

	
 (Insert assignee's soc. sec. or tax I.D. no.)
	

	

	

 (Print or type assignee's name, address and zip code)
	

and irrevocably appoint                        agent to transfer this Security on the books of Issuer. The agent may substitute
another to act for him.
	

If you want the Note certificate made out in another person's name, fill in the form below:
	

 (insert other person's soc. sec. or tax I.D. no.)
	

	

	

 (Print or type other person's name, address and zip code)
	

Date:	

 	
 	

 
	 	
	 	
 Your Signature
	

 	

 	
 	

 Signature Guaranty
	

 	

 	
 	

 Notice: Signature must be guaranteed by an "Eligible Guarantor Institution" as defined by Securities Exchange Act Rule 17Ad-15.
	

(Sign exactly as your name appears on the other side of this Security)

11

  

 
 

THIRD SUPPLEMENTAL
  TRUST INDENTURE
  TWG INTERNATIONAL U.S. CORPORATION, ISSUER    
  

        This Third Supplemental Trust Indenture, dated as of September 10, 2001 (this "Supplemental Indenture"), is made by and between TWG International U.S.
Corporation (together with any successor to its rights, duties and obligations under the Funding Note Indenture referred to below, the "Issuer"), and U.S. Trust Company of Texas, N.A. (together with
any successor trustee under such Funding Note Indenture, the "Trustee"), a national banking association having corporate trust offices located in Dallas, Texas. 

        WHEREAS,
the Issuer and the Trustee have heretofore executed and delivered that certain Trust Indenture dated as of March 31, 1998, as supplemented by that certain First
Supplemental Trust Indenture dated October 29, 1998, and as supplemented by that certain Second Supplemental Trust Indenture dated October 15, 1999 (the Indenture as so supplemented is
referred to herein as the "Funding Note Indenture"), and the Issuer has issued its 12% Senior Secured Note Due March 17, 2005 (the "Funding Note") thereunder; and 

        WHEREAS,
Trans World Corporation, formerly known as Trans World Gaming Corp., TWG Finance Corp., the Issuer and the Trustee have executed that certain Indenture dated as of
March 31, 1998, as supplemented by that certain First Supplemental Trust Indenture dated October 29, 1998, and as supplemented by that certain Second Supplemental Trust Indenture dated
October 15, 1999 (the Indenture as so supplemented is referred to herein as the "Primary Indenture") and the Issuers have issued their 12% Senior Secured Notes Due March 17, 2005 (the
"Primary Notes") thereunder; and 

        WHEREAS,
the Funding Note Indenture provides in Section 8.2 thereof that the Issuer, when authorized by a resolution of the Board of Directors, and the Trustee may, with the
consent of the Holders of not less than a majority in aggregate principal amount of the Funding Note at the time outstanding, add any provisions to or change in any manner or eliminate any of the
provisions of the Funding Note Indenture or of any supplemental indenture or of modify in any manner the rights of the Holders of the Funding Note, except under certain circumstances not applicable
herein; and 

        WHEREAS,
Section 11.12 of the Funding Note Indenture provides that the Issuer and the Trustee are subject to Section 3.27 of the Primary Indenture, which
Section 3.27 of the Primary Indenture provides
that where the consent of holder of the Funding Note under the Funding Note Indenture is required, consent of the same percentage of Securityholders (holders of Primary Notes) under the Primary
Indenture shall be required as well; and 

        Whereas,
the Issuer is the registered owner of one hundred percent (100%) of the Capital Stock of SC98A, s.r.o., a limited liability company incorporated in the Czech Republic, and
SC98A, s.r.o. is the owner of one hundred percent (100%) of the Capital Stock of 21st Century Resorts, a.s., a joint stock company organized and existing under the laws of the Czech
Republic ("21st Century"); and 

        WHEREAS,
the Funding Note is secured, in part, by the pledge of 15,531 shares of the Capital Stock of 21st Century (representing 66% of the total issued and outstanding
shares of the Capital Stock of 21st Century) pursuant to the 21st Century Resorts Share Pledge Agreement II dated October 15, 1999, among SC98A, s.r.o., TWG Finance
Corp., and the Trustee; and 

        WHEREAS,
the laws of the Czech Republic prohibited the pledge and/or hypothecation by the Issuer of the Capital Stock of SC98A, s.r.o. owned by it to secure the Obligations of the Issuer
under the Funding Note Indenture and the Obligations of the Issuers under the Primary Indenture; 

        WHEREAS,
the laws of the Czech Republic have been amended to permit the pledge or hypothecation by the Issuer of the Capital Stock of SC98A, s.r.o. owned by it to secure the Obligations
of the Issuer under the Funding Note Indenture; 

1

 

        WHEREAS,
pursuant to Section 2.23 of the Funding Note Indenture, the holders of a majority in principal amount of Primary Notes were granted the right to require the grant of a
Security Interest in one hundred percent (100%) of the Capital Stock of SC98A, s.r.o. to secure repayment of the Obligations and retain a Security Interest in sixty-six percent (66%) of
the Capital Stock of 21st Century to secure repayment of the Obligations, and such demand has been made; 

        WHEREAS,
the Issuer, with the prior written consent of TWG Finance and the holders of a majority in aggregate principal amount of the Primary Notes outstanding as of the date hereof,
desire to amend the Funding Note Indenture to (a) provide additional benefits to the Holders by expressly permitting and requiring the Issuer to pledge or hypothecate one hundred percent (100%)
of the Issuer's Capital Stock of in SC98A, s.r.o. as security for the Issuer's Obligations under the Funding Note Indenture; and (b) make certain changes to the Funding Note Indenture in
connection therewith; and 

        WHEREAS,
the execution and delivery of this Supplemental Indenture has been duly and validly authorized in all respects by the Board of Directors of the Issuer; and 

        WHEREAS,
the Trustee is a party to this Supplemental Indenture in order to acknowledge its acceptance of the terms and provisions hereof and to evidence its consent to the amendments to
the Indenture made hereby. 

        NOW,
THEREFORE, in consideration of the mutual understandings, promises and agreements herein contained and other good and valuable consideration, the sufficiency of which are hereby
acknowledged, the Issuer and the Trustee do covenant and agree hereby, for the equal and proportionate benefit of the respective Holders from time to time of the Funding Note, as follows: 

 
 

ARTICLE I    
    
    DEFINITIONS AND STATUTORY AUTHORITY    
  

        Section 1.1.    Supplemental Indenture.    This Supplemental Indenture is a Supplemental Indenture, and is
adopted in accordance with Article 8 of the Funding Note Indenture. 

        Section 1.2.    Definitions.    

        (A)  Unless
the context shall require otherwise, all defined terms contained in the Funding Note Indenture shall have the same respective meanings in this Supplemental
Indenture as such defined terms are given in the Funding Note Indenture. 

        (B)  As
used in this Supplemental Indenture, except as otherwise expressly provided or unless the context shall require otherwise: 

        (1)  This
"Supplemental Indenture" means this instrument as originally executed or as it may, from time to time, be supplemented or amended by one or more supplemental
indentures hereto entered into pursuant to the applicable provisions of the Funding Note Indenture. 

        (2)  All
references in this instrument to designated "Articles," "Sections," and other subdivisions are to the designated Articles, Sections, and other subdivisions of this
instrument as originally executed. 

        Section 1.3.    Funding Note Indenture to Remain in Force.    Except as amended by this Supplemental Indenture,
the Funding Note Indenture shall remain in full force and effect as to matters covered therein. 

        Section 1.4.    Successors and Assigns.    All covenants and agreements in this Supplemental Indenture by the
Issuer and the Trustee shall bind the Holders of the Funding Note and of the Primary Notes, the Issuer, the Trustee and their respective successors and assigns, whether so expressed or not. 

2

 

        Section 1.5.    Benefits of Supplemental Indenture.    Nothing in this Supplemental Indenture or in the Funding
Note, express or implied, shall give any Person, other than the parties hereto, their respective successors hereunder and the Holders of the Funding Note and Primary Notes, any benefit or any legal or
equitable rights, remedy or claim under this Supplemental Indenture. 

        Section 1.6.    Governing Law.    This Supplemental Indenture shall be construed in accordance and governed by
the laws of the State of New York. 

 
 

ARTICLE II    
    
    AMENDMENTS TO FUNDING NOTE INDENTURE    
  

        Section 2.1.    Issuance of Stock.    Section 3.11 of the Funding Note Indenture is deleted in its
entirety and replaced in full by the following, which shall read in its entirety as follows: 

        Restrictions on Issuance of Stock.    Issuer will not permit any of its Subsidiaries to issue any additional Capital Stock and
agrees that the Capital Stock of its Subsidiaries pledged to secure repayment of the Obligations pursuant to the Collateral Agreements shall at all times constitute one hundred percent (100%) of the
Cyprus Entity, 100% of the Capital Stock of any U.S. Subsidiary and of any foreign
Subsidiary, where, as to such foreign Subsidiary, such pledge shall not create a "deemed dividend", and sixty-six percent (66%) of the Capital Stock of any foreign Subsidiary where such
pledge and hypothecation shall not create a deemed dividend and where a pledge of more than that percentage would create a "deemed dividend." Furthermore, Issuer will not permit any of its
Subsidiaries to conduct any business through, or otherwise own any shares or interests of any class of Capital Stock of, any other corporation, partnership, limited liability company or other Person,
other than a Wholly-Owned Subsidiary. Notwithstanding anything above to the contrary, (a) Issuer shall own one hundred percent 100% of the Capital Stock of SC98A, s.r.o., and one hundred
percent 100% of the Capital Stock of 21st Century shall be owned by SC98A, s.r.o.; (b) the sixty-six percent (66%) of the Capital Stock of 21st Century
shall remain pledged to TWG Finance and the Trustee to secure repayment of the Obligations; and (c) the Issuer shall grant a Security Interest in one hundred percent (100%) of Issuer's Capital
Stock of SC98A, s.r.o. to secure repayment of the Obligations. Such Security Interest in the Capital Stock of SC98A s.r.o. shall be granted in such manner as is necessary under applicable law to
assure the creation and perfection thereof. Should the initial manner of pledge and Collateral Agreements prove inadequate, documents necessary to assure such pledge shall occur shall be entered into
promptly. Such pledge shall initially be made pursuant to (i) the Pledge and Security Agreement by the Issuer to the Trustee, as Pledgee thereunder and (ii) the SC98A Ownership Interest
Pledge Agreement among the Issuer, as Pledgor, TWG Finance Corp., as Pledgee, and the Trustee, as Agent. 

        Section 2.2.    Security Interests.    Section 3.23 of the Funding Note Indenture is deleted in its
entirety and replaced in full by the following, which shall read in its entirety as follows: 

        Security Interest.    The Issuer shall, including, to the extent necessary post-closing, execute, and shall cause
such direct and indirect Subsidiaries as are necessary to execute, such documents as are necessary to grant a Security Interest to secure repayment of the Obligations in all assets of the Cyprus
Entity and of any other direct and/or indirect Subsidiary where and to the extent that such pledge shall not create a "deemed dividend" under U.S. tax law. Notwithstanding anything above to the
contrary, sixty-six percent (66%) of the Capital Stock of 21st Century Resorts, a.s. shall remain pledged to secure repayment of the Obligations and the Security Interest
shall continue uninterrupted to secure repayment of the Obligations even in the event such a pledge shall cause a "deemed dividend". Notwithstanding anything above to the contrary, a Security Interest
in one hundred percent (100%) of Issuer's Capital Stock of SC98A, s.r.o. shall be granted by the Issuer in such a manner as is necessary to secure repayment of the Obligations even in the event such 

3

 

pledge and hypothecation shall cause a "deemed dividend". Such grant shall not require a release of the Security Interest in the Capital Stock of 21st Century Resorts, a.s. The Issuer
shall reimburse all reasonable costs, including attorneys fees incurred by such of the Security Holders and Trustee in preparing and executing documents required to comply with this Indenture. 

        Section 2.3.    Ownership of 21st Century Resorts, a.s.    Section 3.24 of the Funding
Note Indenture is deleted in it entirety and replaced in full be the following, which shall read in its entirety as follows: 

        Section 3.24    Ownership of 21st Century Resorts a.s.    The Capital Stock of 21st
Century Resorts, a.s. may not be, and the Issuer shall not permit the Capital Stock of 21st Century Resorts, a.s. to be, either directly or
indirectly, sold, transferred, assigned, pledged, hypothecated, or otherwise disposed of except as expressly permitted by this Indenture and the Primary Indenture and the Collateral Agreements. One
hundred percent of the Capital Stock of 21st Century Resorts, a.s. shall be owned by SC98A, s.r.o. and sixty-six percent (66%) of the Capital Stock of 21st
Century Resorts, a.s. shall remain pledged to secure repayment of the Obligations and one hundred percent (100%) of Issuer's interest in SC98A, s.r.o. shall remain pledged to secure repayment of the
Obligations. 

        Section 2.4.    Pledge and Security Interest.    Section 14.1 of the Funding Note Indenture is deleted
in its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        Pledge and Security Interest.    "Collateral" means all of the assets of the Cyprus Entity and of any other direct or indirect
Subsidiary where such pledge shall not create a "deemed dividend" under U.S. tax law, a 100 per cent (100%) interest in all of the Capital Stock of the Cyprus Entity, and, as to all other direct
Subsidiaries of the Issuer, whether in existence at the time of the closing of this Indenture or thereafter formed, reconstituted or otherwise acquired in any manner, whether or not named herein, a
sixty-six per cent (66%) interest in any such entity where a pledge of Capital Stock of a greater percentage would create "deemed dividend" for U.S. tax purposes and one hundred per cent
(100%) interest in the Capital Stock where the pledge will not create a "deemed dividend". Notwithstanding anything above to the contrary, one hundred percent (100%) of the Capital Stock of
21st Century shall be owned by SC98A, s.r.o., and one hundred percent (100%) of Issuer's interest in SC98A, s.r.o. and sixty-six percent (66%) of the Capital Stock of
21st Century shall be pledged (and shall be Collateral) and a Security Interest shall continue in full force and effect to secure repayment of the Obligations. All references
herein to the "Security Interest" and to the "Lien of this Indenture" shall be deemed to mean and refer to the Liens granted pursuant to the terms hereof and of the Collateral Agreements. 

        Section 2.5.    Perfection of Security Interest.    Section 14.3 of the Funding Note Indenture is
deleted in its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        (a)  The
Issuer shall take all steps necessary under applicable law to perfect the Security Interest in the Collateral, including to cause this Indenture, the Collateral
Agreements, financing statements, continuation statements, notifications of secured transactions and other instruments with respect to the Collateral to be promptly executed, recorded, registered and
filed and to be kept recorded, registered and filed in such manner and in such places as may be required by law, and take all such other actions as may be required, including delivery of possession of
certificates evidencing the capital stock of the Issuer's direct Subsidiaries to the Trustee, and shall pay all taxes and fees incidental thereto. 

        (b)  The
Issuer shall comply with the provisions of TIA Section 314(b) and (d). For purposes of TIA Section 314(d) and any certificate or opinion to be provided
to the Trustee thereunder by any engineer, appraiser or other expert, no release of Collateral from the Lien of this Indenture which is permitted by Section 14.4 or any other provision of this
Indenture will be deemed to impair the security under this Indenture in contravention of the provisions hereof. 

4

 

        (c)  Because
the Issuer cannot ascertain as of the date of execution of this Indenture the exact documents which the appropriate governmental authorities in the various
states of the United States of America and in the Czech Republic and Cyprus may require for perfection of the Security Interest, the Issuer agrees, at its cost, to the preparation, execution and
filing of such additional documents as may be necessary to grant and perfect the Security Interest. Because certain of the entities to be pledged are not yet direct Subsidiaries of the Issuer or may
not yet exist, the Issuer agrees, at its cost (including reimbursement of costs and expenses incurred by the Trustee and counsel for the Securityholders), post-closing, to take all steps
necessary to cause those entities to become direct Subsidiaries of the Issuer (to the extent permissible by applicable law or regulation and so long as no gambling licenses or other tangible or
intangible rights are jeopardized, in the sole discretion of Issuer) and to grant a Security Interest in compliance with this Indenture in the percentage of Capital Stock of such entities as required
herein. Nothing in this Indenture or its Primary Indenture shall be deemed to grant the Issuer the discretion to refuse to cause SC98A, s.r.o. to be (and remain) a direct Wholly-Owned Subsidiary of
Issuer or to refuse to grant the requisite Security Interest in Issuer's Capital Stock thereof. Nothing in this Indenture or the Primary Indenture shall be deemed to grant the Issuer the discretion to
refuse to cause the Capital Stock of 21ST Century to be a direct Wholly-Owned-Subsidiary of SC98A, s.r.o. or to take any steps harming the requisite Security Interest in the Capital
Stock of 21ST Century to secure repayment of the Obligations. 

        Section 2.6.    Trustee Appointed Attorney-in-Fact.    Section 14.6 of the
Indenture is deleted in its entirety and replaced in full with the following, which sentence shall read in its entirety as follows: 

        Trustee Appointed Attorney-in-Fact.    The Trustee shall take any action required or permitted to be
taken by the trustee under the Collateral Agreements if directed in writing to do so by the Holders of at least 50% in aggregate principal amount of the Securities then outstanding; provided, however,
the Trustee is provided the indemnity to which is entitled pursuant to the terms of this Indenture and the Collateral Agreements, and provided further that no action shall be taken which, in the
Opinion of Counsel, impairs the enforceability, priority or perfection of the Lien of this Indenture as to the Collateral then subject thereto, unless directed by all Holders. The Issuer hereby
authorizes the Trustee to sign and file on the Issuer's behalf all financing statements to the fullest extent permitted by applicable law. 

        Section 2.7    Definition of Collateral Agreements.    The definition of Collateral Agreements of the Funding
Note Indenture is deleted in its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        "Collateral
Agreements" means any agreements including those executed by the Issuer, TWG, SC98A s.r.o., 21st Century Resorts, a.s., LMJ Slots, s.r.o., LMJ Casino
Rozadov, a.s., Atlantic Properties, s.r.o., Trans World Leasing Limited and the Cyprus Entity and/or such other Persons necessary to create a Security Interest in the Collateral to secure repayment of
the Obligations. 

        Section 2.8    Definitions.    The following terms are deleted as defined terms in Section 1.1 of the
Funding Note Indenture. 

        "Newco" 

        "Substitute
Entity" 

        Section 2.10    Definition of Capital Stock.    The definition of Capital Stock as set forth in
Section 1.1 of the Funding Note Indenture is deleted in its entirety and replaced in full by the following, which shall read in its entirety as follows: 

        "Capital
Stock" means any and all shares, interests (including ownership interests in limited liability companies incorporated under the laws of the Czech Republic), participations,
rights or other 

5

 

equivalents (however designated) or corporate stock, whether common or preferred, including, without limitation, partnership interests, membership interests in limited liability companies and
ownership interests in joint stock companies. 

        Section 2.11    Filing of Financing Statements.    New Section 14.13 is added to the Funding Note
Indenture as follows: 

        "Section 14.13
Filing Finance Statements. The Trustee shall be permitted, and the Issuer hereby authorizes the Trustee to, execute and/or file from time to time appropriate
financing statements (on Form UCC-1 or other appropriate form under the Uniform Commercial Code as in effect in the various relevant states) in the relevant filing offices in order to
perfect a security interest in all Collateral which is, or may be, perfected by the filing of such financing statements." 

        Section 2.12    Global Amendment.    To the extent necessary, all other terms of the Funding Note Indenture
shall be deemed amended to reflect the requirement that one hundred percent (100%) of the Issuer's interest in SC98A s.r.o. (regardless of how that interest is defined under applicable law) shall
become Collateral to secure repayment of the Obligations and that the pledge thereof shall be effective even if made only in a manner different than the pledge of other Collateral. Further, because
the method of granting a Security Interest in Collateral may vary depending on the nature of Collateral, a reference in the Indenture which requires that the pledge be made in a particular manner
which may not be effective (for example, should the Indenture require a pledge to the Securityholder and the Trustee, when applicable law requires a pledge to the Securityholder) shall not release the
Issuer from it obligation to make the pledge in the appropriate manner. 

 
 

ARTICLE III    
    
    MISCELLANEOUS    
  

        Section 3.1.    Ratification and Reaffirmation.    The Issuer and Trustee hereby ratify and reaffirm all the
terms and conditions of the Indenture, as specifically amended and supplemented by this Supplemental Indenture, and each hereby acknowledges that the Indenture remains in full force and effect, as so
amended and supplemented. 

        Section 3.2.    Execution and Counterparts.    This Supplemental Indenture may be executed in several
counterparts, all of which shall constitute one and the same instrument and each of which shall be, and shall be deemed to be, an original. 

        Section 3.3    Effectiveness.    This Supplemental Indenture shall only become effective in the event the Third
Supplemental Trust Indenture to the Primary Indenture, dated as of the date hereof, shall become effective. 

        The
Issuers will deliver a letter or certificate to the Trustee in which such persons will certify to the Trustee that the foregoing conditions have been met and that this Supplement is
effective. The consenting Securityholders will execute this document solely to signify their consent to this Supplemental Indenture and to make the representation and warranty to the Trustee as
contained in such consent. 

        Section 3.4 Construction.    It is the intent of the parties hereto that the provisions of this Supplemental Indenture be
consistent and not conflict with, and such provisions shall be construed and interpreted as being consistent and not in conflict with, the Funding Note Indenture, the supplements thereto, and the
other agreements executed and delivered in connection therewith, including, but not limited to, all the Collateral Agreements (collectively, the "Transaction Documents"). If there are any such
inconsistent or conflicting provisions, such provisions shall be deemed amended so as not to be inconsistent or in conflict with the terms of the Transaction Documents, and in no event shall any such
inconsistent or conflicting provisions create a Default or an Event of Default. Further, nothing 

6

 

contained herein shall be construed as disturbing or affecting the Liens previously or hereafter granted to the Trustee and/or TWG Finance in the Transaction Documents in respect of Collateral, the
intent of the parties hereto being to create and perfect, and to permit the creation and perfection of, a
security interest in Collateral consisting of one hundred percent (100%) of the Capital Stock of SC98A, s.r.o. 

7

   
        IN WITNESS WHEREOF, the Issuer and the Trustee have caused this Supplemental Indenture to be signed on their behalf by their duly authorized representative, all as of the date first
hereinabove written. 

	 	 	TWG INTERNATIONAL U.S. CORPORATION
	

 	
 	

By:	
 	

    

	 	 	Name:	 	Rami S. Ramadan
	 	 	Title:	 	Chief Executive Officer

[This space intentionally left blank.] 

8

 

Consent of Security Holders: 

        The
below designated sole Security holder of the Funding Note and the holders of a majority of the principal amount of the Primary Notes outstanding on the date hereof, respectively, by
their execution hereof, consent to the Third Supplemental Trust Indenture. By the execution hereof, Value Partners, Ltd. represents and warrants to the Trustee that it is the holder of a
majority of the principal amount of Primary Notes outstanding on the date hereof. 

	 	 	TWG FINANCE CORP.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	Rami S. Ramadan
	 	 	 	 	Chief Executive Officer
	

 	
 	
VALUE PARTNERS, LTD.
	

 	
 	

By:	
 	

    

	 	 	Name:	 	Timothy G. Ewing
	 	 	Managing Partner of Ewing & Partners General Partner of Value Partners, Ltd.
	

 	
 	
U.S. TRUST COMPANY OF TEXAS, N.A., AS TRUSTEE
	

 	
 	

By:	
 	

    

	 	 	Name:	 	John Stohlmann
	 	 	Title:	 	Vice President

9

QuickLinks

FIRST SUPPLEMENTAL TRUST INDENTURE TWG INTERNATIONAL U.S. CORPORATION, ISSUER

ARTICLE I DEFINITIONS AND STATUTORY AUTHORITY

ARTICLE II AMENDMENTS TO FINANCE INDENTURE

ARTICLE III MISCELLANEOUS

SECOND SUPPLEMENTAL TRUST INDENTURE

TWG INTERNATIONAL U.S. CORPORATION, ISSUER

ARTICLE I

DEFINITIONS AND AUTHORITY

ARTICLE II

AMENDMENTS TO FINANCE INDENTURE

ARTICLE III

AUTHORIZATION AND TERMS OF ADDITIONAL SECURITIES

ARTICLE IV

MISCELLANEOUS

CONSENT OF THE SECURITYHOLDER

REVERSE OF SECURITY TWG INTERNATIONAL U.S. CORPORATION 12% Senior Secured Note Due March 17, 2005, Series 1999

ASSIGNMENT FORM

THIRD SUPPLEMENTAL TRUST INDENTURE TWG INTERNATIONAL U.S. CORPORATION, ISSUER

ARTICLE I DEFINITIONS AND STATUTORY AUTHORITY

ARTICLE II AMENDMENTS TO FUNDING NOTE INDENTURE

ARTICLE III MISCELLANEOUS

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