Document:

Indenture, dated as of May 20, 2005

 Exhibit 10.2 
  
 EXECUTION COPY 
  

  
 TRUMP ENTERTAINMENT RESORTS
HOLDINGS, L.P. 
 TRUMP ENTERTAINMENT RESORTS FUNDING, INC. 
  
 $1,250,000,000 
  
 81⁄2% SENIOR SECURED NOTES DUE 2015 
  

  
 INDENTURE 
  
 Dated as of May 20, 2005 
  

  
 U.S. BANK NATIONAL ASSOCIATION, 
 as Trustee 
  

  

 This INDENTURE dated as of May 20, 2005, is by and among Trump Entertainment Resorts Holdings, L.P., a
Delaware limited partnership (the “Company”), Trump Entertainment Resorts Funding, Inc., a Delaware corporation (“TER Funding”) (the Company and TER Funding, each an
“Issuer,” and together, the “Issuers”), each Guarantor (as defined herein) from time to time party hereto, and U.S. Bank National Association, a national banking association, as trustee (the
“Trustee”). 
  
 WHEREAS, pursuant to the
second amended and restated joint plan of reorganization of THCR/LP Corporation and certain of its subsidiaries and affiliates, including the Issuers, dated as of March 30, 2005 (as amended, supplemented or modified from time to time, the
“Plan”) in connection with the Cases (as defined herein), the Issuers have agreed to issue the Notes (as defined herein) on the terms and conditions set forth herein; 
  
 WHEREAS, the total principal amount of the Notes issued under this Indenture
is $1.25 billion, of which $730 million (as defined herein, the “Qualified Portion”) is initially intended to qualify under the requirements of Section 465(b)(6) of the Internal Revenue Code of 1986, as amended and in effect
from time to time, as interpreted by the applicable regulations thereunder and $520 million is not intended to so qualify (as defined herein, the “Non-Qualified Portion”); 
  
 WHEREAS, pursuant to the terms of the Indenture and the other Note Documents
(as defined herein), both the Qualified Portion and the Non-Qualified Potion are guaranteed by all of the Domestic Restricted Subsidiaries (as defined herein) of the Issuers, which Guarantees (as defined herein) are non-recourse and recourse,
respectively, to the Guarantors in the same proportion as the Issuers’ Obligations (as defined herein) under the Notes; 
  
 WHEREAS, the Obligations of the Issuers and the Guarantors (other than Trump Indiana and any future Subsidiary that is treated as a corporation under U.S.
federal income tax law that in the future may become a Guarantor under this Indenture) with respect to both the Non-Qualified Portion and the Qualified Portion of the Notes are secured by the Collateral (as defined herein); 
  
 WHEREAS, with respect to the Qualified Portion of the Notes (whether the
Obligations of the Issuers under the Notes or the Guarantors under the Guarantees hereunder), such Obligations are non-recourse to such Issuer or Guarantor and satisfaction of payment for such Obligations is limited to the Collateral; 
  
 WHEREAS, with respect to the Non-Qualified Portion of the Notes (whether
Obligations of the Issuers under the Notes or the Guarantors under the Guarantees hereunder), such Obligations are recourse to such Issuer or Guarantor and the satisfaction of payment for such Obligations are not limited to the Collateral, but such
Obligations are general obligations of such Issuer or Guarantor (secured by the Collateral); and 
  
 WHEREAS, Trump Indiana (and any future Subsidiary that is treated as a corporation under U.S. federal income tax law that may become a Guarantor under
this Indenture) has not and will not pledge any Collateral to secure the Obligations under the Notes and therefore will not be obligated to satisfy any Obligation under its Guarantee on the Qualified Portion of the Notes, but has and will fully
Guarantee the Non-Qualified Portion of the Notes, which Guarantee is not secured, and which Obligations are and will be general obligations of Trump Indiana or any such future Domestic Restricted Subsidiary. 
  
 NOW, THEREFORE, the Issuers, each Guarantor and the Trustee agree as follows
for the benefit of each other and for the equal and ratable benefit of the Holders of the 81⁄2% Senior Secured Notes due 2015 (the “Notes”) issued under this Indenture: 
  

 ARTICLE 1. 
  

DEFINITIONS AND INCORPORATION BY REFERENCE 
  

	Section 1.01.	Definitions. 

  
 For all purposes of this Indenture, except as otherwise expressly provided or unless the context otherwise requires: 
  
 “Acquired Indebtedness” means, with respect to any specified
Person, 
  
 (1) Indebtedness of any other Person existing at the
time such other Person is merged with or into or became a Restricted Subsidiary of such specified Person, including Indebtedness incurred in connection with, or in contemplation of, such other Person merging with or into or becoming a Restricted
Subsidiary of such specified Person, and 
  
 (2) Indebtedness
secured by a Lien encumbering any asset acquired by such specified Person. 
  
 Indebtedness shall be deemed to be incurred on the date of the related acquisition of such asset or the date such other Person becomes a Restricted Subsidiary, including by designation, or the date of such merger or
consolidation, as applicable. 
  
 “Affiliate” of
any specified Person means any other Person directly or indirectly controlling or controlled by or under direct or indirect common control with such specified Person. For purposes of this definition, “control” (including, with correlative
meanings, the terms “controlling,” “controlled by” and “under common control with”), as used with respect to any Person, shall mean the possession, directly or indirectly, of the power to direct or cause the direction
of the management or policies of such Person, whether through the ownership of voting securities, by agreement or otherwise. 
  
 “Agent” means any Registrar, co-registrar, Paying Agent or additional paying agent. 
  
 “Applicable Procedures” means, with respect to any transfer
or exchange of or for beneficial interests in any Global Note, the rules and procedures of the Depositary that apply to such transfer or exchange. 
  
 “Asset Acquisition” means (1) an Investment by the Company or any of its Restricted Subsidiaries in any other Person pursuant to which
such Person shall become a Restricted Subsidiary, or shall be merged with or into the Company or any Restricted Subsidiary or (2) the acquisition by the Company or any Restricted Subsidiary of the property of any person (other than a Restricted
Subsidiary) that constitutes all or substantially all of the property of such person or comprises any division or line of business of such person or any other properties of such person other than in the ordinary course of business. 
  
 “Asset Sale” means: 
  
 (1) the sale, lease, conveyance, transfer or other disposition, whether in a
single transaction or a series of related transactions, of property or assets (including by way of a Sale and Lease-Back Transaction) of the Company or any Restricted Subsidiary (each referred to in this definition as a “disposition”), or

  
 (2) the issuance or sale of Equity Interests of any Restricted
Subsidiary, whether in a single transaction or a series of related transactions, 
  
 in each case, other than: 
  
 (a)
a disposition of Cash Equivalents or obsolete or worn out equipment in the ordinary course of business, Inventory or goods held for sale in the ordinary course of business; 
  

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 (b) the disposition of all or substantially all of the assets of the Company and its Subsidiaries in a
manner permitted pursuant to Section 5.01 or any disposition that constitutes a Change of Control hereunder; 
  
 (c) the making of any Restricted Payment or Permitted Investment that is permitted to be made, and is made, under Section 4.10; 
  
 (d) any disposition of assets or issuance or sale of Equity Interests of any
Restricted Subsidiary in any transaction or series of transactions with an aggregate Fair Market Value of less than $1.0 million; 
  
 (e) any disposition of property or assets or issuance of securities by a Restricted Subsidiary to the Company or by the Company or a Restricted Subsidiary
to a Guarantor (other than Trump Indiana or any other Guarantor that is treated as a corporation for U.S. federal income tax purposes); 
  
 (f) the lease, assignment or sub-lease of any real or personal property in the ordinary course of business; 
  
 (g) any sale of Equity Interests in, or Indebtedness or other securities of,
an Unrestricted Subsidiary; and 
  
 (h) the sale of the
World’s Fair Site under the Plan. 
  
 “Attributable
Debt” in respect of a Sale and Lease-Back Transaction means, at the time of determination, the present value of the obligation of the lessee for net rental payments during the remaining term of the lease included in such Sale and Lease-Back
Transaction, including any period for which such lease has been extended or may, at the option of the lessor, be extended. Such present value shall be calculated using a discount rate equal to the rate of interest implicit in such transaction,
determined in accordance with GAAP. 
  
 “Bankruptcy
Law” means Title 11, U.S. Code or any similar federal or state law for the relief of debtors, or the law of any other jurisdiction relating to bankruptcy, insolvency, winding up, liquidation, reorganization or relief of debtors. 

 
 “Beneficial Owner” has the meaning assigned to such term
in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to
have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent
condition. The terms “Beneficially Owns” and “Beneficially Owned” have a corresponding meaning. 
  
 “Berthing Agreement” means the Trump Berthing Agreement, dated as of April 23, 1996 as amended, by and between Trump Indiana and BHR
Joint Venture as the same is in effect on the Issue Date (and any renewals or replacements thereof or amendments thereto so long as (i) the terms of such renewals, replacements or amendments are not less favorable to the Holders in any material
respect, taken as a whole, as compared to the applicable agreement as in effect on the Issue Date or (ii) the Berthing Agreement between BHR Joint Venture and Majestic Star, LLC is simultaneously amended in analogous fashion). 
  
 “BHR Joint Venture” means Buffington Harbor Riverboats, LLC,
a Delaware limited liability company, in which Trump Indiana currently owns a 50% membership interest, and any other flow through entity owned solely by the members of the BHR Joint Venture. 
  
 “Board of Directors” means (1) with respect to a
corporation, the board of directors of the corporation; (2) with respect to a partnership, the Board of Directors of the general partner of the partnership; (3) with respect to a limited liability company, the board of directors of the single member
or the managing member of such limited liability company, as applicable, or in the case of a manager-managed limited liability company, the board of directors, board of managers or manager of such manager; and (4) with respect to any other Person,
the board or committee of such Person serving a similar function. 
  

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 “Board Resolution” means a copy of a resolution certified by the secretary or an
assistant secretary (or individual performing comparable duties) of the applicable Person to have been duly adopted by the Board of Directors of such Person and to be in full force and effect on the date of such certification, and delivered to the
Trustee. 
  
 “Business Day” means each day which
is not a Legal Holiday. 
  
 “Capitalized Lease
Obligation” means, at the time any determination thereof is to be made, the amount of the liability in respect of a capital lease that would at such time be required to be capitalized and reflected as a liability on a balance sheet
(excluding the footnotes thereto) in accordance with GAAP. 
  
 “Capital Stock” means: 
  
 (1) in the
case of a corporation, corporate stock, 
  
 (2) in the case of an
association or business entity, any and all shares, interests, participations, rights or other equivalents (however designated) of corporate stock, 
  
 (3) in the case of a partnership or limited liability company, partnership or membership interests (whether general or limited), and 
  
 (4) any other interest or participation that confers on a Person the right to
receive a share of the profits and losses of, or distributions of assets of, the issuing Person. 
  
 “Cases” means the cases filed by Trump Hotels & Casino Resorts, Inc. and its subsidiaries with the United States Bankruptcy Court for
the District of New Jersey under chapter 11 of the United States Bankruptcy Code (Case Nos. 04-46898 through 04-046925). 
  
 “Cash Equivalents” means 
  
 (1) United States dollars, 
  
 (2) in the case of any Foreign Restricted Subsidiary, such local currencies held by them from time to time in the ordinary course of business, 

 
 (3) securities issued or directly and fully and unconditionally guaranteed
or insured by the United States government or any agency or instrumentality thereof the securities of which are unconditionally guaranteed as a full faith and credit obligation of such government with maturities of 12 months or less from the date of
acquisition, 
  
 (4) certificates of deposit, time deposits and
eurodollar time deposits with maturities of one year or less from the date of acquisition, bankers’ acceptances with maturities not exceeding one year and overnight bank deposits, in each case with any commercial bank having capital and surplus
of not less than $300 million and a Thomson Bank Watch Rating of “B” or better, 
  
 (5) repurchase obligations with a term of not more than seven days for underlying securities of the types described in clauses (3) and (4) entered into with any financial institution meeting the qualifications
specified in clause (4) above, 
  
 (6) commercial paper rated at
least P-1 by Moody’s or at least A-1 by S&P and in each case maturing within 12 months after the date of creation thereof, 
  
 (7) marketable short-term money market and similar securities having a rating of at least P-2 or A-2 from either Moody’s or S&P, respectively
(or, if at any time neither Moody’s nor S&P shall be rating such 

  

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obligations, an equivalent rating from another Rating Agency) and in each case maturing within 12 months after the date of creation thereof, 
  
 (8) investment funds investing 95% of their assets in securities of the types
described in clauses (1) through (7) above, and 
  
 (9) readily
marketable direct obligations issued by any state of the United States of America or any political subdivision thereof having one of the two highest rating categories obtainable from either Moody’s or S&P with maturities of 24 months or
less from the date of acquisition. 
  
 Notwithstanding the
foregoing, Cash Equivalents shall include amounts denominated in currencies other than those set forth in clauses (1) and (2) above, provided that such amounts are converted into any currency listed in clauses (1) and (2) above as promptly as
practicable and in any event within ten Business Days following the receipt of such amounts. 
  
 “Casino Property” means, (i) the hotel and complex currently known as the “Trump Plaza Hotel Casino” in Atlantic City, New Jersey, (ii) the hotel and complex currently known as the
“Trump Marina Hotel Casino” in Atlantic City, New Jersey, (iii) the hotel and complex currently known as the “Trump Taj Mahal Casino Resort” in Atlantic City, New Jersey, or (iv) the riverboat and hotel complex currently known as
the “Trump Indiana Casino Hotel” in Gary, Indiana, in each case including ancillary structures and facilities located on all such premises and all furniture, fixtures and equipment contained therein and all Equity Interests in any joint
ventures related thereto. 
  
 “Change of Control”
means the occurrence of any of the following: 
  
 (1) the direct
or indirect sale, lease, transfer, conveyance or other disposition (other than by way of merger or consolidation), in one or a series of related transactions, of all or substantially all of the properties or assets of the Issuers and its
Subsidiaries, taken as a whole, to any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or any successor provision) other than to a direct or indirect Wholly-Owned Subsidiary of the Company; 
  
 (2) the liquidation or dissolution of, or adoption of a plan relating to the
liquidation or dissolution of, either of the Issuers or any successors thereto; 
  
 (3) the consummation of any transaction (including, without limitation, any merger or consolidation) the result of which is that any “person” (as that term is used in Section 13(d)(3) of the Exchange Act or
any successor provision), becomes the Beneficial Owner, directly or indirectly, of more than 50% of the total voting power entitled to vote in the election of directors of TER or such other Person surviving the transaction; or 
  
 (4) the first day on which a majority of the members of TER’s Board of
Directors are not Continuing Directors. 
  
 “Collateral” means, collectively, all of the property and assets of the Issuers or the Guarantors which, at the time in question, is subject to the Liens created by the Collateral Documents. 
  
 “Collateral Account” means the collateral account
established pursuant to the Indenture and the Collateral Documents. 
  
 “Collateral Agent” means the collateral agent under the Collateral Documents. 
  
 “Collateral Documents” means, collectively, the Mortgages, the Security Agreement, the Intercreditor Agreement and all other mortgages,
deeds of trust, pledge agreements, collateral assignments, security agreements, fiduciary transfers, debentures, fiduciary assignments or other instruments evidencing or creating any Liens in favor of the Collateral Agent in all or any portion of
the Collateral, in each case, as amended, amended and 

  

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restated, extended, renewed, supplemented or otherwise modified from time to time, in accordance with the terms thereof. 
  
 “Company” means Trump Entertainment Resorts Holdings, L.P.,
a Delaware limited partnership, and any successor thereto. 
  
 “consolidated” with respect to any Person, unless otherwise specifically indicated, refers to such Person consolidated with the Restricted Subsidiaries, and excludes from such consolidation any Unrestricted Subsidiary as if
such Unrestricted Subsidiary were not an Affiliate of such Person. 
  
 “Consolidated Depreciation and Amortization Expense” means with respect to any Person for any period, the total amount of depreciation and amortization expense, including the amortization of deferred financing fees and
other related noncash charges, excluding any noncash item that represents an accrual or reserve for a cash expenditure for a future period, of such Person and the Restricted Subsidiaries for such period on a consolidated basis and otherwise
determined in accordance with GAAP. 
  
 “Consolidated
Fixed Charges” means, with respect to any Person for any period, the sum, without duplication, of: 
  
 (1) consolidated interest expense of such Person and the Restricted Subsidiaries for such period, (including amortization of original issue discount
resulting from the issuance of Indebtedness at less than par, non-cash interest payments (but excluding any non-cash interest expense attributable to the movement in the mark to market valuation of Hedging Obligations or other derivative instruments
pursuant to Financial Accounting Standards Board Statement No. 133 “Accounting for Derivative Instruments and Hedging Activities”), the interest component of Capitalized Lease Obligations, all deferred payment obligations and net payments,
if any, pursuant to interest rate Hedging Obligations with respect to Indebtedness, and all commissions, discounts and other fees and charges owed with respect to bankers’ acceptances, letter of credit financings and Hedging Obligations,

  
 (2) the product of (a) all cash dividend payments (excluding
items eliminated in consolidation) on any series of preferred stock of such Person made during such period plus all cash dividend payments (excluding items eliminated in consolidation) on any series of Disqualified Stock made during such period, and
(b) a fraction, the numerator of which is one and the denominator of which is one minus the then current combined federal, state and local statutory tax rate of such Person, expressed as a decimal, and 
  
 (3) consolidated capitalized interest of such Person and the Restricted
Subsidiaries for such period, whether paid or accrued, less 
  
 (4) interest income for such period. 
  
 For purposes of
this definition, interest on a Capitalized Lease Obligation shall be deemed to accrue at an interest rate reasonably determined by such Person to be the rate of interest implicit in such Capitalized Lease Obligation in accordance with GAAP.

  
 “Consolidated Net Income” means, with respect
to any Person for any period, the aggregate of the Net Income of such Person and the Restricted Subsidiaries for such period, on a consolidated basis, and otherwise determined in accordance with GAAP, adjusted to exclude (only to the extent included
in computing such Net Income and without duplication): 
  
 (1) any
after-tax effect of extraordinary, non-recurring or unusual gains or losses (less all fees and expenses relating thereto) or expenses (including those relating to severance, relocation costs, one-time compensation charges and the Transactions),

  
 (2) the cumulative effect of a change in accounting principles
during such period, 
  

 6 

 (3) the Net Income for such period of any Person that is not a Subsidiary, or is an Unrestricted
Subsidiary, or that is accounted for by the equity method of accounting; provided that Consolidated Net Income of the Company shall be increased by the amount of dividends or distributions or other payments that are actually paid in cash (or
to the extent converted into cash) to the referent Person or a Restricted Subsidiary thereof in respect of such period, and 
  
 (4) the Net Income for such period of any Restricted Subsidiary (other than any Guarantor), if the declaration or payment of dividends or similar
distributions by that Restricted Subsidiary of its Net Income is not at the date of determination wholly permitted without any prior governmental approval (which has not been obtained) or, directly or indirectly, by the operation of the terms of its
charter or any agreement, instrument, judgment, decree, order, statute, rule, or governmental regulation applicable to that Restricted Subsidiary or its stockholders, unless such restriction with respect to the payment of dividends or in similar
distributions has been legally waived, provided that Consolidated Net Income of the Company will be increased by the amount of dividends or other distributions or other payments actually paid in cash (or to the extent converted into cash) to
the Company or a Restricted Subsidiary thereof in respect of such period, to the extent not already included therein. 
  
 To the extent not already reduced thereby, Consolidated Net Income of the Company for any period shall be reduced by the aggregate amount of all Permitted
Tax Distributions made during, or distributable in respect of, such period. 
  
 “Contested Collateral Lien Conditions” means the following conditions: 
  
 (1) any proceeding instituted contesting such Lien shall conclusively operate to stay the sale or forfeiture of any portion of the Collateral on account
of such Lien; 
  
 (2) at the option and upon request of the
Collateral Agent, the Issuers or any Guarantor, as applicable, shall maintain cash reserves in an amount sufficient to pay and discharge such Lien and the Collateral Agent’s reasonable estimate of all interest and penalties related thereto; and

  
 (3) such Lien shall in all respects be subject and subordinate
in priority to the Lien created and evidenced by the Collateral Documents, except if and to the extent that the law or regulation creating, permitting or authorizing such Lien provides that such Lien is or must be superior to the Lien created and
evidenced by the Collateral Documents. 
  
 “Continuing
Director” means, as of any date of determination, any member of the Board of Directors of TER who: 
  
 (1) was a member of the Board of Directors of TER on the Issue Date; or 
  
 (2) was nominated for election or elected or appointed to such Board of Directors (i) as long as the Voting Agreement is in
effect, in accordance with the Voting Agreement or (ii) if the Voting Agreement is no longer in effect in accordance with its terms (and not as a result of a breach by either party thereto), with the approval of a majority of the Continuing
Directors who were members of the Board of Directors at the time of such election or appointment. 
  
 “Corporate Trust Office of the Trustee” shall be at the address of the Trustee specified in Section 13.02 hereof, or such other address
as to which the Trustee may give notice to the Issuers. 
  
 “Credit Facilities” means, with respect to the Company or any of the Restricted Subsidiaries, one or more debt facilities, including the Senior Credit Facility, or commercial paper facilities with banks or other
institutional lenders or investors or indentures providing for revolving credit loans, term loans, receivables financing, including through the sale of receivables to such lenders or to special purpose entities formed to borrow from such lenders
against receivables, letters of credit or other long-term indebtedness, including any guarantees, collateral documents, instruments and agreements executed in connection therewith, and any amendments, 

  

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supplements, modifications, extensions, renewals, restatements, refundings or refinancings thereof and any indentures or credit facilities or commercial
paper facilities with banks or other institutional lenders or investors that replace, refund or refinance any part of the loans, Notes, other credit facilities or commitments thereunder, including any such replacement, refunding or refinancing
facility or indenture that increases the amount borrowable thereunder or alters the maturity thereof (provided that such increase in borrowings is permitted under Section 4.09). 
  
 “Credit Facility Agent” means, at any time, the Person serving at such time as the “Agent” or
“Administrative Agent” under the Credit Facilities or any other representative then most recently designated in accordance with the applicable provisions of the Credit Facilities, together with its successors in such capacity. 

 
 “Custodian” means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.03(c) as Custodian with respect to the Notes, and any and all successors thereto appointed as custodian hereunder and having become such pursuant to the applicable
provisions of this Indenture. 
  
 “Default” means
any event that is, or with the passage of time or the giving of notice or both would be, an Event of Default. 
  
 “Definitive Note” means a certificated Note registered in the name of the Holder thereof and issued in accordance with Section 2.06
hereof, in substantially the form of Exhibit A hereto except that such Note shall not bear the Global Note Legend and shall not have the “Schedule of Exchanges of Interests in the Global Note” attached thereto. 
  
 “Depositary” means, with respect to the Notes issuable or
issued in whole or in part in global form, the Person specified in Section 2.03(b) hereof as the Depositary with respect to the Notes, and any and all successors thereto appointed as depositary hereunder and having become such pursuant to the
applicable provisions of this Indenture. 
  
 “Disqualified
Stock” means, with respect to any Person, any Capital Stock of such Person which, by its terms, or by the terms of any security into which it is convertible or for which it is putable or exchangeable, or upon the happening of any event,
matures or is mandatorily redeemable, pursuant to a sinking fund obligation or otherwise, or is redeemable at the option of the holder thereof, in whole or in part, in each case prior to the date 91 days after the earlier of the maturity date of the
Notes or the date the Notes are no longer outstanding; provided, however, that any Capital Stock that would constitute Disqualified Stock solely because the holders thereof have the right to require the Issuers to repurchase that
Capital Stock upon the occurrence of a Change of Control or an Asset Sale will not constitute Disqualified Stock if the terms of that Capital Stock provide that the Issuers may not repurchase or redeem any of that Capital Stock unless the repurchase
or redemption complies with Section 4.10; provided further that if such Capital Stock is issued to any plan for the benefit of employees of the Company or its Subsidiaries or by any such plan to such employees, such Capital Stock shall not
constitute Disqualified Stock solely because it may be required to be repurchased by the Company or its Subsidiaries in order to satisfy applicable statutory or regulatory obligations. 
  
 “Domestic Restricted Subsidiary” means any Domestic Subsidiary that is a Restricted Subsidiary. 

 
 “Domestic Subsidiary” means, with respect to any Person,
any Subsidiary of such Person other than a Foreign Subsidiary. 
  
 “EBITDA” means, with respect to any Person for any period, the Consolidated Net Income of such Person for such period, plus, without duplication: 
  
 (1) an amount equal to any extraordinary loss plus any net loss realized by such person or any of its Restricted
Subsidiaries in connection with an Asset Sale to the extent such losses were deducted in computing Consolidated Net Income, plus 
  
 (2) provision for taxes based on income or profits of such Person for such period deducted in computing Consolidated Net Income and, in the case of the
Company, the amount of all Permitted Tax Distributions 

  

 8 

 
made during, or distributable in respect of, such period, to the extent deducted in calculating Consolidated Net Income of the Company for such period, plus

  
 (3) Consolidated Fixed Charges of such Person for such period
to the extent the same was deducted in calculating such Consolidated Net Income, plus 
  
 (4) Consolidated Depreciation and Amortization Expense of such Person for such period to the extent the same were deducted in computing Consolidated Net Income, plus 
  
 (5) any fees, expenses or charges related to or arising from the
restructuring of Company, Trump Hotels & Casino Resorts, Inc. and their affiliates and subsidiaries (collectively, the “Debtors”) in connection with the Cases, including, without limitation, all fees, expenses or charges
incurred or reimbursed by the Debtors (including those of the Debtors, the informal committees of holders of the Debtors’ public indebtedness, the committee appointed to represent the interests of equity holders in the Cases, DLJ Merchant
Banking Partners III, L.P., the indenture trustees for the Debtors’ outstanding bonds, any witnesses retained by the Debtors in the Cases and the respective legal and financial advisors of such parties), whether incurred in connection with the
planning, negotiation, structuring or implementation of the Debtors’ plan of reorganization, and whether incurred prior to the petition date of the Cases, during the pendency of the Cases or after the effective date of the Cases, plus

  
 (6) without duplication, any other non-cash charges, including
any write off or write downs (including charges related to New Jersey Casino Reinvestment Development Authority obligations), reducing Consolidated Net Income for such period, excluding any such charge that represents an accrual or reserve for a
cash expenditure for a future period, less 
  
 (7) non-cash items
increasing Consolidated Net Income for such period, other than the accrual of revenue in the ordinary course of business and other than any items which represent the reversal of any accrual of, or cash reserve for, anticipated cash charges for any
prior period. 
  
 “Equity Interests” means
Capital Stock and all warrants, options or other rights to acquire Capital Stock or other Equity Interests, but excluding any debt security that is convertible into, or exchangeable for, Capital Stock. 
  
 “Equity Offering” means any public or private sale of
Capital Stock of (a) the Company (other than Disqualified Stock) or (b) the Parent, to the extent the cash proceeds thereof are contributed to the Company, other than: 
  
 (1) public offerings with respect to the Company’s or the Parent’s common stock registered on Form S-8; and

  
 (2) issuances to the Company or any Subsidiary of the Company
or the Parent. 
  
 “Event of Loss” means, with
respect to any property, any (i) loss, destruction or damage of such property, (ii) condemnation, seizure or taking, by exercise of the power of eminent domain or otherwise, of such property, or confiscation or requisition of the use of such
property or (iii) settlement in lieu of clause (ii) above. 
  
 “Exchange Act” means the Securities Exchange Act of 1934, as amended, and the rules and regulations of the SEC promulgated thereunder. 
  

“Excluded Assets” means the following items or types of property or assets, whether now owned or hereafter acquired: 
  
 (1) all right, title and interest of the Issuers and the Guarantors in and to
any and all Receivables, Inventory and commercial tort claims; 
  

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 (2) all right, title and interest of the Issuers and the Guarantors in and to any and all Gaming
Licenses; 
  
 (3) all right, title and interest of the Issuers and
the Guarantors in and to any and all property securing indebtedness permitted under clause (3) or (4) of paragraph (b) of Section 4.09 to the extent that (y) such property is collateral securing the obligations in respect of such Indebtedness and
(z) the Lien on such property is permitted to be incurred pursuant to Section 4.11; 
  
 (4) all right, title and interest of the Issuers and the Guarantors in and to any and all cash, Cash Equivalents and securities and deposit accounts, except for Collateral Account Funds (as defined in the Security
Agreement); 
  
 (5) all right, title and interest of the Issuers
and the Guarantors in and to the World’s Fair Site; 
  
 (6)
all right, title and interest of the Issuers and the Guarantors in and to any and all general intangibles, books and records (except to the extent such books and records also relate to the Collateral) relating to the foregoing property described in
clauses (1) through (5) above, and all proceeds and products of any and all of the foregoing, including, without limitation, proceeds of insurance, condemnation awards, tax refunds and other similar property or claims with respect to any and all of
the foregoing; 
  
 (7) any Equity Interests in Unrestricted
Subsidiaries; 
  
 (8) one-third of Equity Interests in any Foreign
Restricted Subsidiary; and 
  
 (9) any license, contract or permit
to which any of the Parent, the Issuers or their Subsidiaries is a party or any of its rights or interests thereunder to the extent, but only to the extent, that such a grant would, under the terms of such license, contract or permit, result in a
breach of the terms of, or constitute a default under, such license, contract or permit (other than to the extent that any such term would be rendered ineffective pursuant to the Uniform Commercial Code or any applicable law (including any
Bankruptcy Law) or principles of equity). 
  
 “Existing
Indebtedness” means Indebtedness of the Company or the Restricted Subsidiaries in existence on the Issue Date, other than any Indebtedness discharged in connection with the issuance of Notes pursuant to the plan of reorganization of Trump
Hotels & Casino Resorts, Inc. and its subsidiaries in connection with the Cases. 
  
 “Fair Market Value” means (a) with respect to any property, the sale value that would be obtained in an arm’s-length transaction between an informed and willing seller under no compulsion to sell
and an informed and willing buyer under no compulsion to buy, and (b) with respect to any redemption of Notes pursuant to the applicable Gaming Laws: 
  
 (1) the last sales price regular way on the last trading day prior to the date of determination of such value on the largest national securities exchange
(or, if said security is not listed on a national securities exchange, on the National Market System of the National Association of Securities Dealers, Inc. Automated Quotation System (“Nasdaq”)) on which such Notes shall
have traded on such trading day; 
  
 (2) if no such sales of such
Notes occurred on such trading day, the mean between the “bid” and “asked” prices on such national securities exchange or as quoted on the National Market System of Nasdaq, as the case may be, on such last trading day;

  
 (3) if the Notes are not listed or quoted on any national
securities exchange or the National Market System of Nasdaq, the average of the closing bid and asked prices on such day in the over-the-counter market as reported by Nasdaq or, if bid and asked prices for the Notes have not been reported through
Nasdaq, the average of the bid and asked prices on such day as furnished by any New York Stock Exchange member firm regularly making a market in the Notes, selected for such purpose by the Company; or 
  

 10 

 (4) if none of clauses (1) through (3) are applicable, the Fair Market Value of such Notes as of the date
of determination as determined in such manner as shall be satisfactory to the Company, which shall be entitled to rely for such purpose on the advice of any firm of investment bankers or securities dealers having familiarity with the Notes.

  
 “Foreign Restricted Subsidiary” means any
Foreign Subsidiary that is a Restricted Subsidiary. 
  
 “Foreign Subsidiary” means, with respect to any Person, any Subsidiary of such Person that is not organized or existing under the laws of the United States, any state thereof, the District of Columbia, or any territory
thereof. 
  
 “GAAP” means generally accepted
accounting principles in the United States which are in effect on the Issue Date. 
  
 “Gaming Authorities” means any agency, authority, board, bureau, commission, department, office or instrumentality of any nature whatsoever of the United States Federal government, any foreign
government, any state, province or city or other political subdivision or otherwise, whether now or hereafter existing, or any officer or official thereof, including, without limitation, the New Jersey Casino Control Commission, the New Jersey
Division of Gaming Enforcement, the Indiana Gaming Commission and any other agency, in each case, with authority to regulate any gaming operation (or proposed gaming operation) owned, managed or operated by the Company or any of its Subsidiaries.

  
 “Gaming Laws” mean all laws and regulations
pursuant to which any Gaming Authority possesses regulatory, licensing or permit authority over gambling, gaming or casino activities conducted by the Company and its Subsidiaries. 
  
 “Gaming Licenses” means every license, franchise or other authorization required to own, lease, operate or
otherwise conduct or manage gambling, gaming or casino activities in any state or jurisdiction where the Company or its Restricted Subsidiaries conduct business, and any applicable liquor licenses. 
  
 “Global Note Legend” means the legend set forth in Section
2.06(f), which is required to be placed on all Global Notes issued under this Indenture. 
  
 “Global Notes” means the global Notes substantially in the form of Exhibit A hereto issued in accordance with Article 2 hereof. 
  
 “Government Securities” means securities that are: 
  
 (1) direct obligations of the United States of America for the timely payment
of which its full faith and credit is pledged, or 
  
 (2)
obligations of a Person controlled or supervised by and acting as an agency or instrumentality of the United States of America the timely payment of which is unconditionally guaranteed as a full faith and credit obligation by the United States of
America, which, in either case, are not callable or redeemable at the option of the issuers thereof, and shall also include a depository receipt issued by a bank (as defined in Section 3(a)(2) of the Securities Act), as custodian with respect to any
such Government Securities or a specific payment of principal of or interest on any such Government Securities held by such custodian for the account of the holder of such depository receipt; provided that (except as required by law) such
custodian is not authorized to make any deduction from the amount payable to the holder of such depository receipt from any amount received by the custodian in respect of the Government Securities or the specific payment of principal of or interest
on the Government Securities evidenced by such depository receipt. 
  
 “guarantee” means a guarantee (other than by endorsement of negotiable instruments for collection in the ordinary course of business), direct or indirect, in any manner (including letters of credit
and reimbursement agreements in respect thereof), of all or any part of any Indebtedness or other obligations. 
  

 11 

 “Guarantee” means the guarantee by any Guarantor of the Issuers’ Note Obligations.

  
 “Guarantors” means each of: 
  
 (1) Trump Marina Associates, LLC, a New Jersey limited liability company,
Trump Indiana, Inc., a Delaware corporation, Trump Indiana Realty LLC, a Delaware limited liability company, Trump Entertainment Resorts Development Company, LLC, a Delaware limited liability company, Trump Plaza Associates, LLC, a New Jersey
limited liability company, and Trump Taj Mahal Associates, LLC, a New Jersey limited liability company; and 
  
 (2) any other Domestic Restricted Subsidiary that executes a Guarantee in accordance with the provisions of this Indenture or assumes liability under a
Guarantee pursuant to Section 10.04; 
  
 and their respective successors and
assigns, in each case, until the Guarantee of such Person has been released in accordance with this Indenture. 
  
 “Hedging Obligations” means, with respect to any Person, the obligations of such Person under any interest rate swap agreement, interest
rate cap agreement, interest rate collar agreement, commodity swap agreement, commodity cap agreement, commodity collar agreement, foreign exchange contract, currency swap agreement or similar agreement providing for the transfer or mitigation of
interest rate or currency risks either generally or under specific contingencies. 
  
 “Holder” means a Person in whose name a Note is registered. 
  
 “Immaterial Subsidiary” means any Domestic Restricted Subsidiary for so long as such Domestic Restricted Subsidiary (A) does not incur
any Indebtedness or Guarantee Indebtedness of the Issuers or any other Restricted Subsidiary, (B) (1) has total assets of less than $1.0 million on its most recently available balance sheet and (2) has total revenue of less than $1.0 million for the
last twelve-month period for which internal financial statements are available, and (C) such Domestic Restricted Subsidiary, when combined with all other Immaterial Subsidiaries, would not result in all Immaterial Subsidiaries having total
assets in excess of $5.0 million on the most recently available balance sheet of the Company or total revenue in excess of $5.0 million for the last twelve months for which internal financial statements are available. 
  
 “Indebtedness” means, with respect to any Person,

  
 (1) any indebtedness (including principal and premium) of such
Person, whether or not contingent 
  
 (a) in respect of borrowed
money, 
  
 (b) evidenced by bonds, notes, debentures or similar
instruments or letters of credit or bankers’ acceptances (or, without double counting, reimbursement agreements in respect thereof), 
  
 (c) representing the balance deferred and unpaid of the purchase price of any property or services, except any such balance that constitutes a trade
payable or similar obligation to a trade creditor, in each case accrued in the ordinary course of business, 
  
 (d) in respect of Capitalized Lease Obligations and the present value (discounted at the interest rate borne by the Notes, compounded annually) of total
obligations of the lessee for rental payments during the remaining term of the lease included in any Sale and Lease-Back Transaction (including any period for which such lease has been extended), or 
  
 (e) representing any Hedging Obligations, 
  

 12 

 in each case, if and to the extent that any of the foregoing Indebtedness (other than letters of credit
and Hedging Obligations) would appear as a liability upon a balance sheet (excluding the footnotes thereto) of such Person prepared in accordance with GAAP, 
  
 (2) to the extent not otherwise included, any obligation by such Person to be liable for, or to pay, as obligor, guarantor or otherwise, on the
obligations of the type referred to in clause (1) of another Person (whether or not such items would appear upon the balance sheet of the such obligor or guarantor), other than by endorsement of negotiable instruments for collection in the ordinary
course of business, and 
  
 (3) to the extent not otherwise
included, the obligations of the type referred to in clause (1) of another Person secured by a Lien on any asset owned by such Person, whether or not such Indebtedness is assumed by such Person; provided, however, that such obligations
shall not include any Indebtedness secured solely by a Lien on any Equity Interests in joint ventures or in Unrestricted Subsidiaries. 
  
 “Indenture” means this instrument, as originally executed or as it may from time to time be supplemented or amended in accordance with
Article 9 hereof. 
  
 “insolvency or liquidation
proceeding” means: 
  
 (1) any case commenced by or
against the Company or any other Pledgor under Title 11, U.S. Code or any similar federal or state law for the relief of debtors, any other proceeding for the reorganization, recapitalization or adjustment or marshalling of the assets or liabilities
of the Company or any other Pledgor, any receivership or assignment for the benefit of creditors relating to the Company or any other Pledgor or any similar case or proceeding relative to the Company or any other Pledgor or its creditors, as such,
in each case whether or not voluntary; 
  
 (2) any liquidation,
dissolution, marshalling of assets or liabilities or other winding up of or relating to the Company or any other Pledgor, in each case whether or not voluntary and whether or not involving bankruptcy or insolvency; or 
  
 (3) any other proceeding of any type or nature in which substantially all
claims of creditors of the Company or any other Pledgor are determined and any payment or distribution is or may be made on account of such claims. 
  
 “Indirect Participant” means a Person who holds a beneficial interest in a Global Note through a Participant. 
  
 “Intercreditor Agreement” means the Intercreditor Agreement,
dated as of the Issue Date, among the Pledgors, the Credit Facility Agent, the Priority Lien Collateral Agent, the Trustee and the Collateral Agent, as amended, supplemented or otherwise modified from time to time. 
  
 “Interest Payment Dates” shall have the meaning set forth in
paragraph 1 of each Note. 
  
 “Internal Revenue
Service” means the U.S. Internal Revenue Service. 
  
 “Inventory” shall include all food, beverages, hotel operating supplies (including linens), china, glassware, flatware, and silverware, tobacco, property sold in retail shops, marketing gifts, fuel, uniforms, property
(other than Collateral) held for sale or lease in the ordinary course of business and items consumed in the business of the Company and its Subsidiaries. 
  
 “Investments” means, with respect to any Person, all direct or indirect investments by such Person in other Persons (including
Affiliates) in the form of loans (including guarantees and other Obligations), advances, extensions of credit, or capital contributions (excluding accounts receivable, trade credit, advances to customers, commission, travel and similar advances to
officers and employees, in each case made in the ordinary course of business), purchases or other acquisitions for consideration of Indebtedness, Equity Interests or other securities 

  

 13 

 
issued by any other Person and investments that are required by GAAP to be classified as investments on the balance sheet (excluding the footnotes) of the
Company. 
  
 For purposes of the definition of “Unrestricted
Subsidiary” and Section 4.10, 
  
 (1) “Investments”
shall include the portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of a Subsidiary of the Company at the time that such Subsidiary is designated an Unrestricted Subsidiary;
provided, however, that upon a redesignation of such Subsidiary as a Restricted Subsidiary, the Company shall be deemed to continue to have a permanent “Investment” in an Unrestricted Subsidiary in an amount (if positive)
equal to 
  
 (x) the Company’s “Investment” in such
Subsidiary at the time of such redesignation, less 
  
 (y) the
portion (proportionate to the Company’s equity interest in such Subsidiary) of the Fair Market Value of the net assets of such Subsidiary at the time of such redesignation; and 
  
 (2) any property transferred to or from an Unrestricted Subsidiary shall be valued at its Fair Market Value at the time of
such transfer, in each case as determined in good faith by the Board of Directors of TER. 
  
 “Issue Date” means May 20, 2005. 
  
 “Legal Holiday” means a Saturday, a Sunday or a day on which banking institutions are not required to be open in the State of New York. 
  
 “Lien” means, with respect to any asset, any mortgage, lien, pledge, charge, security interest or
encumbrance of any kind in respect of such asset, whether or not filed, recorded or otherwise perfected under applicable law, including any conditional sale or other title retention agreement, any lease in the nature thereof, any option or other
agreement to sell or give a security interest in and any filing of or agreement to give any financing statement under the Uniform Commercial Code (or equivalent statutes) of any jurisdiction; provided that in no event shall an operating lease
be deemed to constitute a Lien. 
  
 “Limited Partnership
Agreement” means the Limited Partnership Agreement of the Company, dated as of May 20, 2005, by and among TER, Donald J. Trump, Trump Casinos, Inc. and TCI 2 Holdings, LLC, as amended from time to time in accordance with its terms.

  
 “Moody’s” means Moody’s Investors
Service, Inc. and any successor to its rating agency business. 
  
 “Mortgages” mean, collectively (i) the Fee and Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of May 20, 2005, between Trump Taj Mahal Associates, LLC, a New Jersey
limited liability company, and the Collateral Agent, (ii) the Fee and Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of May 20, 2005, between Trump Plaza Associates, LLC, a New Jersey limited
liability company, and the Collateral Agent, (iii) the Fee and Leasehold Mortgage, Assignment of Leases and Rents, Security Agreement and Fixture Filing, dated as of May 20, 2005 between Trump Marina Associates, LLC, a New Jersey limited liability
company, and the Collateral Agent, and (iv) any other mortgages, deeds of trust or other instruments entered into by the Issuers or any Guarantor after the Issue Date evidencing or creating a Lien on real property in favor of the Collateral Agent in
accordance with the terms of this Indenture. 
  
 “Net
Income” means, with respect to any Person, the net income (loss) of such Person, determined in accordance with GAAP and before any reduction in respect of preferred stock dividends. 
  
 “Net Asset Sale Proceeds” means the aggregate cash proceeds
received by the Company or any Restricted Subsidiary in respect of any Asset Sale (including any cash received upon the sale or other disposition of any noncash consideration received in any Asset Sale), net of the direct costs relating to such
Asset Sale and the sale 

  

 14 

 
or disposition of such noncash consideration, including legal, accounting and investment banking fees, and brokerage and sales commissions, taxes paid or
payable by the Company or any Restricted Subsidiary as a result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), Tax Distributions paid or payable as a result thereof, amounts required to
be applied to the repayment of principal, premium, if any, and interest on Secured Debt secured by a Lien on the asset or assets being sold (or Capital Stock of an entity that directly or indirectly owns such assets) that were subject to such Asset
Sale required (other than required by clause (1) of paragraph (b) of Section 4.12) to be paid as a result of such transaction and any deduction of appropriate amounts to be provided by the Company as a reserve in accordance with GAAP against any
liabilities associated with the asset disposed of in such transaction and retained by the Company after such sale or other disposition thereof, including pension and other post-employment benefit liabilities and liabilities related to environmental
matters or against any indemnification obligations associated with such transaction. 
  
 “Net Loss Proceeds” means the aggregate cash proceeds received by the Company or any of its Subsidiaries in respect of any Event of Loss, including, without limitation, insurance proceeds from
condemnation awards or damages awarded by any judgment, net of the direct costs in recovery of such Net Loss Proceeds (including, without limitation, legal, accounting, appraisal and insurance adjuster fees and any relocation expenses incurred as a
result thereof), amounts required to be applied to the repayment of Indebtedness secured by a Lien (provided that in case of any Event of Loss involving Collateral, such Lien constitutes a Permitted Lien that is permitted to be prior to the
Liens granted to the Collateral Agent pursuant to the Collateral Documents) on the property that was the subject of such Event of Loss, any taxes attributable to such Event of Loss paid or payable by the Company or any Restricted Subsidiary as a
result thereof (after taking into account any available tax credits or deductions and any tax sharing arrangements), and any Tax Distributions paid or payable as a result thereof, 
  
 “Note Documents” means the Indenture, the Notes and the Collateral Documents. 
  
 “Note Obligations” means all Obligations under the Note
Documents. 
  
 “Notes” has the meaning assigned
to it in the preamble to this Indenture. 
  
 “Obligations” means any principal, interest, penalties, fees, indemnifications, reimbursements (including reimbursement obligations with respect to letters of credit and banker’s acceptances), damages and other
liabilities, and guarantees of payment of such principal, interest, penalties, fees, indemnifications, reimbursements, damages and other liabilities, payable under the documentation governing any Indebtedness. 
  
 “Officer” means the Chairman of the Board, the President,
any Executive Vice President, Senior Vice President or Vice President, the Treasurer or the Secretary of the Company. 
  
 “Officers’ Certificate” means a certificate signed on behalf of the Company by two Officers of the Company, one of whom must be the
principal executive officer, the principal financial officer, the treasurer or the principal accounting officer of the Company that meets the requirements set forth in the Indenture. 
  
 “Opinion of Counsel” means a written opinion from legal counsel who is reasonably acceptable to the
Trustee. The counsel may be an employee of or counsel to the Company or the Trustee. 
  
 “Pari Passu Debt” means any Indebtedness that is pari passu in right of payment with the Notes. 
  
 “Parent” means TER or any direct or indirect parent of the Company or any successor thereof. 
  
 “Parking Lease” means the Parking Lease, dated as of June
19, 2000, by and between Buffington Harbor Parking Associates, LLC, as lessor, and Trump Indiana, as lessee, as the same is in effect on the Issue Date (and any renewals or replacements thereof or amendments thereto so long as the terms of such
renewals, replacements or amendments are not less favorable to the Holders in any material respect, taken as a whole, as compared to such agreement as in effect on the Issue Date). 
  

 15 

 “Participant” means, with respect to the Depositary, a Person who has an account with
the Depositary. 
  
 “Partners” means each of TER,
Donald J. Trump, Trump Casinos, Inc. and TCI 2 Holdings, LLC or any additional or substitute partners admitted under the Limited Partnership Agreement so long as (i) each is a member under the Limited Partnership Agreement, unless removed as a
member in accordance with the Limited Partnership Agreement, and (ii) no Default or Event of Default occurs as a result thereof. 
  
 “Permit” means any license (including, without limitation, all Gaming Licenses), franchise, authorization, statement of compliance,
certificate of operation, certificate of occupancy and permit required for the lawful ownership, occupancy, operation and use of all or a material portion of the Casino Properties (which may be temporary or permanent) (including, without limitation,
those required for the use of the Casino Properties as a licensed casino facility). 
  
 “Permitted Business” means: 
  
 (1) any line of business conducted by the Company, TER or their Subsidiaries on the Issue Date, 
  
 (2) all businesses whether or not licensed by a Gaming Authority that are necessary for, incident to, useful to, arising out of, supportive of or
connected to the development, ownership or operation of a gaming facility, 
  
 (3) any casino and gaming activities (including, without limitation, the development, ownership, operation or management of casinos, casino hotels, riverboat casinos, racetracks, video lottery terminals, slot
machines, internet gaming or related activities); or 
  
 (4) any
business that is a reasonable extension, development or expansion of any of the foregoing. 
  
 “Permitted Indebtedness” has the meaning set forth in Section 4.09 hereof. 
  
 “Permitted Investments” means: 
  
 (1) any Investment in the Issuers or any Domestic Restricted Subsidiary; 
  
 (2) any Investment in cash and Cash Equivalents; 
  
 (3) any Investment by the Company or any Restricted Subsidiary of the Company in a Person that is engaged in a Permitted
Business if as a result of such Investment: 
  
 (a) such Person
becomes a Domestic Restricted Subsidiary, or 
  
 (b) such Person,
in one transaction or a series of related transactions, is merged, consolidated or amalgamated with or into, or transfers or conveys substantially all of its assets to, or is liquidated into, the Company or a Domestic Restricted Subsidiary;

  
 (4) any Investment in securities or other assets not
constituting cash or Cash Equivalents and received in connection with an Asset Sale made pursuant to and in compliance with Section 4.12 or any other disposition of assets not constituting an Asset Sale; 
  
 (5) any Investment existing on the Issue Date; 
  

 16 

 (6) any Investment acquired by the Company or any Restricted Subsidiary: 
  
 (a) in exchange for any other Investment or accounts receivable held by the
Company or any such Restricted Subsidiary in connection with or as a result of a bankruptcy, workout, reorganization or recapitalization of the issuer of such other Investment or accounts receivable, or 
  
 (b) as a result of a foreclosure by the Company or any Restricted Subsidiary
with respect to any secured Investment or other transfer of title with respect to any secured Investment in default; 
  
 (7) Hedging Obligations permitted under clause (10) of Section 4.09; 
  
 (8) any Investment in a Permitted Business and unconsolidated joint ventures having an aggregate Fair Market Value, taken
together with all other Investments made pursuant to this clause (8) that are at that time outstanding (without giving effect to the sale of an Unrestricted Subsidiary to the extent the proceeds of such sale do not consist of cash or marketable
securities), not to exceed $50.0 million (with the Fair Market Value of each Investment being measured at the time made and without giving effect to subsequent changes in value); 
  
 (9) Investments the payment for which consists of Equity Interests of the Company, or the Parent (in each case, exclusive of
Disqualified Stock); provided, however, that such Equity Interests will not increase the amount available for Restricted Payments under clause (C) of paragraph (a) of Section 4.10; 
  
 (10) guarantees of Indebtedness permitted under Section 4.09; 
  
 (11) Investments consisting of purchases and acquisitions of Inventory,
supplies, material or equipment in the ordinary course of business; 
  
 (12) loans and advances to officers, directors and employees for business-related travel expenses, moving expenses and other similar expenses, in each case incurred in the ordinary course of business and not in excess of an aggregate of
$500,000 outstanding at any one time; 
  
 (13) Investments
required to be made in order to comply with the rules, regulations and requirements of Gaming Authorities and/or Gaming Laws; 
  
 (14) Investments made pursuant to the Berthing Agreement and the Parking Lease; and 
  
 (15) any Investment consisting of the extension of gaming credit to un-Affiliated customers consistent with industry
practice in the ordinary course of business. 
  
 “Permitted Liens” means: 
  
 (1)
inchoate Liens for taxes, assessments or governmental charges or levies not yet due and payable or delinquent and Liens for taxes, assessments or governmental charges or levies, which (i) are being contested in good faith by appropriate proceedings
for which adequate reserves have been established in accordance with GAAP, or (ii) in the case of any such charge or claim which has or may become a Lien against any of the Collateral, such Lien and the contest thereof shall satisfy the Contested
Collateral Lien Conditions; 
  
 (2) Liens in respect of property
of the Issuers or any Subsidiary of the Company imposed by law, such as carriers’, warehousemen’s, materialmen’s, landlords’ and mechanics’ Liens, maritime Liens and other similar Liens arising in the ordinary course of
business, provided that, in the case of any such Lien against any of the Collateral, such Lien and the contest thereof shall satisfy the Contested Collateral Lien Conditions; 
  
 (3) Liens on property of the Issuers or any Subsidiary of the Company existing on the Issue Date; 
  
 (4) easements, rights-of-way, restrictions (including zoning restrictions),
covenants, encroachments, protrusions and other similar charges or encumbrances, and minor title deficiencies on or with respect to any real property, in each case whether now or hereafter in existence, not (i) securing Indebtedness, (ii) 

  

 17 

 
individually or in the aggregate materially impairing the value or marketability of such real property and (iii) individually or in the aggregate materially
interfering with the conduct of the business of any of the Casino Properties; 
  
 (5) Liens arising out of judgments or awards not resulting in an Event of Default and in respect of which the Issuers or any Subsidiary of the Company shall in good faith be prosecuting an appeal or proceedings for
review in respect of which there shall be secured a subsisting stay of execution pending such appeal or proceedings; provided that the aggregate amount of all such judgments or awards (and any cash and the Fair Market Value of any property
subject to such Liens) does not exceed $20.0 million at any time outstanding; 
  
 (6) Liens (other than any Lien imposed by the United States Employee Retirement Income Securities Act of 1974, as amended) (i) imposed by law or deposits made in connection therewith in the ordinary course of business
in connection with workers’ compensation, unemployment insurance and other types of social security or public utility obligations, (ii) incurred in the ordinary course of business to secure the performance of tenders, statutory obligations
(other than excise taxes), surety, stay, customs and appeal bonds, statutory bonds, bids, leases, government contracts, trade contracts, performance and return of money bonds and other similar obligations (exclusive of obligations for the payment of
borrowed money) or (iii) arising by virtue of deposits made in the ordinary course of business to secure liability for premiums to insurance carriers; provided that, in the case of any such Lien against any of the Collateral, such Lien and
the contest thereof shall satisfy the Contested Collateral Lien Conditions; 
  
 (7) Leases with respect to the properties of any Issuer or any Subsidiary of the Company, in each case entered into in the ordinary course of any Issuer or any Subsidiary’s business, so long as such leases are
subordinate in all respects to the Liens granted and evidenced by the Collateral Documents and do not, individually or in the aggregate, (i) interfere in any material respect with the ordinary conduct of the business of any of the Casino Properties
and (ii) materially impair the use (for its intended purposes) or the value of the property subject thereto; 
  
 (8) Liens (which may be Priority Liens) on the Collateral securing the Indebtedness (including all Obligations and Refinancing Indebtedness in respect
thereof) described in clause (1) of paragraph (b) of Section 4.09 and Hedging Obligations payable to any lender or holder of such Indebtedness or an Affiliate thereof to the extent such Hedging Obligations are secured by Liens on assets also
securing such Indebtedness (including all Obligations in respect thereof); 
  
 (9) Liens arising out of conditional sale, title retention, consignment or similar arrangements for the sale of goods entered into by any Issuer or any Subsidiary of the Company in the ordinary course of business in
accordance with the past practices of the Issuers and the Subsidiaries of the Company; 
  
 (10) Liens securing the Indebtedness described in clause (4) of paragraph (b) of Section 4.09; provided that (i) the Indebtedness secured by any such Lien (including refinancings thereof) does not exceed 100%
of the cost (including fees and premiums in connection with such transactions) of the property being acquired, leased or otherwise financed at the time of the incurrence of such Indebtedness and (ii) any such Liens attach only to the property being
financed pursuant to such Indebtedness and do not encumber any other property of any Issuer or any Subsidiary of the Company (it being understood that all Indebtedness to a single lender shall be considered to be a single Purchase Money Obligation,
whether drawn at one time or from time to time); 
  
 (11)
bankers’ Liens, rights of setoff and other similar Liens existing solely with respect to cash and Cash Equivalents on deposit in one or more accounts maintained by any Issuer or any Subsidiary of the Company, in each case granted in the
ordinary course of business in favor of the bank or banks with which such accounts are maintained, securing amounts owing to such bank with respect to cash management and operating account arrangements, including those involving pooled accounts and
netting arrangements; provided that in no case shall any such Liens secure (either directly or indirectly) the repayment of any Indebtedness; 
  
 (12) Liens on property of a Person existing at the time such Person is acquired or merged with or into or consolidated with any Issuer or any Subsidiary
of the Company (and not created in anticipation or contemplation thereof) in accordance with the provisions of the Indenture; provided that such Liens were in 

  

 18 

 
existence prior to the contemplation of the acquisition, merger or consolidation and do not extend to property not subject to such Liens at the time of
acquisition (other than improvements thereon) and are no more favorable to the lienholders than the existing Lien; 
  
 (13) Liens securing obligations under the Indenture, the Notes, the Guarantees and the Collateral Documents (and any Liens securing obligations incurred
pursuant to a refinancing of all, but not less than all, of the then-outstanding Notes); 
  
 (14) Liens securing Acquired Indebtedness (and any Refinancing Indebtedness which refinances such Acquired Indebtedness) incurred in accordance with Section 4.09; provided that (i) such Liens secured the
Acquired Indebtedness at the time of and prior to the incurrence of such Acquired Indebtedness by any Issuer or a Subsidiary of the Company and were not granted in connection with, or in anticipation of the incurrence of such Acquired Indebtedness
by any Issuer or a Subsidiary of the Company and (ii) such Liens do not extend to or cover any property of the Issuers or the Subsidiaries of the Company other than the property that secured the Acquired Indebtedness prior to the time such
Indebtedness became Acquired Indebtedness of any Issuer or a Subsidiary of the Company; 
  
 (15) licenses of the patents, patent applications, trademarks, trademark applications, service marks, service mark applications, trade names, copyrights, trade-secrets, know-how and processes, granted by any Issuer or
any Subsidiary of the Company in the ordinary course of business and not interfering in any material respect with the ordinary conduct of the business of any Issuer and the Subsidiaries of the Company; 
  
 (16) Liens arising under applicable Gaming Laws, provided that no such
Lien constitutes a Lien securing repayment of Indebtedness; 
  
 (17) Liens in favor of any Issuer or any Guarantor; provided that such Liens are subject to the Liens of the Collateral Documents; 
  
 (18) Liens on Equity Interests in any Unrestricted Subsidiaries that secure Indebtedness of such Unrestricted Subsidiary; 
  
 (19) Liens securing Refinancing Indebtedness; provided that the terms
of such Liens are not less favorable to the Holders in any material respect, taken as a whole, as compared to the terms of the Liens (if any) securing such refinanced Indebtedness; and 
  
 (20) Liens extending, renewing or replacing, in whole or in part, any of the Liens referred to above, so long as that Lien
does not extend to any other property (other than improvements, accessions, proceeds or dividends or distributions with respect thereto); 
  
 provided, however, that (except as set forth in clauses (3) (solely in respect of Equity Interests in the BHR Joint Venture and Buffington Harbor Parking
Associates, LLC), (8), (12), (13), (14), (16) and (18) above) no Liens shall be permitted to exist, directly or indirectly, on any Equity Interests, intercompany notes or other securities constituting Collateral. 
  
 “Permitted Prior Liens” means: 
  
 (1) Liens securing (i) Priority Lien Debt in an aggregate principal amount
not exceeding the amounts set forth in clause (1) of the definition of Permitted Indebtedness and (ii) all related Priority Lien Obligations; 
  
 (2) Liens described in clauses (3), (8), (9), (10), (11), (12), (14), (16) and (18) of the definition of “Permitted Liens;” and 
  

 19 

 (3) Permitted Liens that arise by operation of law and are not voluntarily granted, to the extent
entitled by law to priority over the Liens created by the Priority Lien Collateral Documents and the Collateral Documents. 
  
 “Person” means any individual, corporation, limited liability company, partnership, joint venture, association, joint stock company,
trust, unincorporated organization, government or any agency or political subdivision thereof or any other entity. 
  
 “Pledgor” means the Issuers, the Guarantors (other than Trump Indiana or any other entity treated as a corporation for U.S. federal
income tax purposes, so long as the Qualified Portion of the Note Obligations is greater than zero), and any other Person (if any) that provides collateral security for any Secured Obligations. 
  
 “Predecessor Note” of any particular Note means every
previous Note evidencing all or a portion of the same Indebtedness as that evidenced by such particular Note; and any Note authenticated and delivered under Section 2.07 in lieu of a lost, destroyed or stolen Note shall be deemed to evidence the
same Indebtedness as the lost, destroyed or stolen Note. 
  
 “preferred stock” means any Equity Interest with preferential rights of payment of dividends or upon liquidation, dissolution, or winding up. 
  
 “Priority Lien” means a Lien granted by a Priority Lien Collateral Document to the Priority Lien Collateral
Agent, at any time, upon any property of the Issuers or any other Pledgor to secure Priority Lien Obligations. 
  
 “Priority Lien Collateral Agent” means Morgan Stanley & Co. Incorporated, in its capacity as collateral agent under the Priority Lien
Collateral Documents, together with its successors in such capacity. 
  
 “Priority Lien Collateral Documents” means, collectively, the Intercreditor Agreement and all other mortgages, deeds of trust, pledge agreements, collateral assignments, security agreements, fiduciary transfers, debentures,
fiduciary assignments or other instruments evidencing or creating any Liens in favor of the Priority Lien Collateral Agent in all or any portion of the Collateral, in each case, as amended, amended and restated, extended, renewed, supplemented or
otherwise modified from time to time, in accordance with the terms thereof. 
  
 “Priority Lien Debt” means: 
  
 (1) Indebtedness of the Issuers or any Guarantor under any Credit Facility permitted by clause (1) of paragraph (b) of Section 4.09; provided, in the case of any Indebtedness referred to in this clause (1),
that: 
  
 (a) on or before the date on which the Priority Lien
securing such Indebtedness is granted by any Pledgor, such Indebtedness is designated by Company, in an Officers’ Certificate delivered to the Priority Lien Collateral Agent and the Collateral Agent, as “Priority Lien Debt” for the
purposes of the Secured Debt Documents; and 
  
 (b) all
requirements set forth in the Intercreditor Agreement as to the confirmation, grant or perfection of the Priority Lien Collateral Agent’s Lien to secure such Indebtedness or Obligations in respect thereof are satisfied (and the satisfaction of
such requirements and the other provisions of this clause (c) will be conclusively established if Company delivers to the Priority Lien Collateral Agent and the Collateral Agent an Officers’ Certificate stating that such requirements and other
provisions have been satisfied and that such Indebtedness is “Priority Lien Debt”); and 
  

 20 

 (2) Hedging Obligations incurred to hedge or manage interest rate risk with respect to any series of
Priority Lien Debt; provided that: 
  
 (a) such Hedging
Obligations are secured by a Priority Lien on only the assets and properties that secure Indebtedness under any series of Priority Lien Debt in respect of which such Hedging Obligations are incurred; and 
  
 (b) such Priority Lien is senior to or on a parity with the Priority Liens
securing Indebtedness under the Credit Facility in respect of which such Hedging Obligations are incurred. 
  
 “Priority Lien Documents” means each indenture, credit agreement or other agreement governing each series of Priority Lien Debt and the
Priority Lien Collateral Documents. 
  
 “Priority Lien
Obligations” means the Priority Lien Debt and all other Obligations of the Issuers and the Guarantors (including all interest accrued thereon after the commencement of any insolvency or liquidation proceeding at the rate, including any
applicable post-default rate, specified in the Priority Lien Documents, even if such interest is not enforceable, allowable or allowed as a claim in such proceeding) in respect of the Priority Lien Debt. 
  
 “Receivables” shall include all receivables arising out of
the sale or lease of Inventory or the provision of services in the ordinary course of the Company or any of its Subsidiaries business, including all casino receivables (markers, instruments, Notes and checks) both undeposited and returned, hotel
receivables, credit card receivables, interest receivables and progressive jackpot receivables (wide area progressives or multiple casinos linked progressives). 
  

“Regular Record Date” for the interest payable on any Interest Payment Date means the applicable date specified as a “Record
Date” on the face of the Note. 
  
 “Reference
Period” with regard to any Person means the four full fiscal quarters (or such lesser period during which such Person has been in existence) ended immediately preceding any date upon which any determination is to be made pursuant to the
terms of the Notes or the Indenture. 
  
 “Representative” means any agent on behalf of any lender, creditor or group of creditors or lenders constituting the holders of the Priority Lien Debt or other Indebtedness permitted to be incurred pursuant to Section 4.09
hereof, including Permitted Indebtedness. 
  
 “Required
Noteholders” means (A) prior to May 20, 2006, Holders of more than 66-2/3% of the principal amount of Notes then outstanding and (B) on or after May 20, 2006, Holders of more than 50% of the principal amount of Notes then outstanding.

  
 “Responsible Officer,” when used with respect
to the Trustee, means any officer within the Corporate Trust Office of the Trustee (or any successor group of the Trustee) with direct responsibility for the administration of this Indenture or any other officer of the Trustee customarily performing
functions similar to those performed by any of the above designated officers and also means, with respect to a particular corporate trust matter, any other officer to whom such matter is referred because of his or her knowledge of and familiarity
with the particular subject. 
  
 “Restricted
Investment” means an Investment other than a Permitted Investment. 
  
 “Restricted Subsidiary” means, at any time, any direct or indirect Subsidiary of the Company (including any Foreign Subsidiary) that is not then an Unrestricted Subsidiary; provided,
however, that upon the occurrence of an Unrestricted Subsidiary ceasing to be an Unrestricted Subsidiary, such Subsidiary shall be included in the definition of “Restricted Subsidiary.” 
  
 “ROFO Agreement” means the Right of First Offer Agreement,
dated as of May 20, 2005, among Trump Organization LLC, TER and the Company (and any renewals or replacements thereof or amendments thereto so long as the terms of such renewals, replacements or amendments are not less favorable to the Holders in
any material respect, taken as a whole, as compared to such agreement as in effect on the Issue Date). 
  

 21 

 “S&P” means Standard & Poor’s, a division of The McGraw-Hill Companies,
Inc., and any successor to its rating agency business. 
  
 “Sale and Lease-Back Transaction” means any arrangement with any Person providing for the leasing by the Company or any Restricted Subsidiary of any real or tangible personal property, which property has been or is to be
sold or transferred by the Company or such Restricted Subsidiary to such Person in contemplation of such leasing. 
  
 “SEC” means the Securities and Exchange Commission or any successor thereto. 
  
 “Secured Debt” means the Issuers’ Obligations under the
Notes and Priority Lien Debt. 
  
 “Secured Debt
Documents” means the Note Documents and the Priority Lien Documents. 
  
 “Secured Obligations” means Issuers’ Obligations under the Notes and Priority Lien Obligations. 
  
 “Securities Act” means the Securities Act of 1933 and the rules and regulations of the SEC promulgated thereunder. 
  
 “Security Agreement” means the security agreement, dated as
of May 20, 2005, between the Collateral Agent, the Issuers and certain Guarantors parties thereto, as it may be amended or supplemented from time to time in accordance with its terms. 
  
 “Senior Credit Facility” means the Credit Agreement to be entered into as of the Issue Date by and among
the Company, the Restricted Subsidiaries, the lenders party thereto in their capacities as lenders thereunder, including any guarantees, collateral documents, instruments and agreements executed in connection therewith. 
  
 “Series of Priority Lien Debt” means, severally, each issue
or series of Priority Lien Debt for which a single transfer register is maintained. 
  
 “Services Agreement” means the Services Agreement, dated as of May 20, 2005, among the Company, TER and Donald J. Trump (and any renewals or replacements thereof or amendments thereto so long as the
terms of such renewals, replacements or amendments are not less favorable to the Holders in any material respect, taken as a whole, as compared to such agreement as in effect on the Issue Date). 
  
 “Significant Subsidiary” means any Subsidiary that would be
a “significant subsidiary” as defined in Article 1, Rule 1-02 of Regulation S-X, promulgated pursuant to the Securities Act, as such Regulation is in effect on the Issue Date. 
  
 “Stated Maturity” means, with respect to any installment of interest or principal on any series of
Indebtedness, the date on which the payment of interest or principal was scheduled to be paid in the original documentation governing such Indebtedness, and shall not include any contingent obligations to repay, redeem or repurchase any such
interest or principal prior to the date originally scheduled for the payment thereof. 
  
 “Subordinated Indebtedness” means: 
  
 (1) with respect to the Company, any Indebtedness of the Company which is by its terms subordinated in right of payment to the Notes, and 
  
 (2) with respect to any Guarantor, any Indebtedness of such Guarantor which is by its terms subordinated in right of payment
to the guarantee of such Guarantor. 
  
 “Subsidiary” means, with respect to any Person, 
  

 22 

 (1) any corporation, association, or other business entity (other than a partnership, joint venture,
limited liability company or similar entity) of which more than 50% of the total voting power of shares of Capital Stock entitled (without regard to the occurrence of any contingency) to vote in the election of directors, managers or trustees
thereof is at the time of determination owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof, and 
  
 (2) any partnership, joint venture, limited liability company or similar entity of which: 
  
 (a) more than 50% of the capital accounts, distribution rights, Capital Stock
or voting interests, are owned or controlled, directly or indirectly, by such Person or one or more of the other Subsidiaries of that Person or a combination thereof whether in the form of membership, general, special or limited partnership or
otherwise, and 
  
 (b) such Person or any Subsidiary of such
Person is the sole general partner, a controlling general partner or otherwise controls such entity. 
  
 “Tax Distributions” shall mean any cash distributions made by the Company to its Partners pursuant to the tax distribution provisions of
Section 6.2 of the Limited Partnership Agreement as of the Issue Date, and payments under the indemnification provisions of Section 6.3 of the Limited Partnership Agreement as of the Issue Date. 
  
 “TER” means Trump Entertainment Resorts, Inc., a Delaware
corporation. 
  
 “TER Funding” means Trump
Entertainment Resorts Funding, Inc., a Delaware corporation, and any successor thereto. 
  
 “TIA” means the Trust Indenture Act of 1939, as amended, and the rules and regulations thereunder. 
  
 “Total Indebtedness” means all Indebtedness other than Indebtedness within the meaning of clause (1)(c) of the definition of the term
“Indebtedness.” 
  
 “Total Leverage
Ratio” of any Person on any date of determination means the ratio, on a pro forma basis, of (a) the aggregate outstanding principal amount of the Total Indebtedness on such date to (b) the aggregate amount of EBITDA of such Person
attributable to continuing operations and businesses (exclusive of amounts attributable to operations and businesses permanently discontinued or disposed of) for the Reference Period immediately preceding such date. 
  
 For purposes of making the computation of the Total Leverage Ratio:

  
 (1) any Asset Sales or Asset Acquisitions (including, without
limitation, any Asset Acquisition giving rise to the need to make such calculations as a result of such person or one of its Subsidiaries (including any person who becomes a Subsidiary as a result of the Asset Acquisition) incurring, assuming or
otherwise being liable for Acquired Indebtedness and also, including any EBITDA (including any pro forma expense and cost reductions calculated on a basis consistent with Regulation S-X promulgated under the Exchange Act) attributable to the
properties that are the subject of the Asset Acquisition or Asset Sale during the Reference Period) occurring during the Reference Period or any time subsequent to the last day of the Reference Period and on or prior to such date, as if such Asset
Sale or Asset Acquisition (including the incurrence or assumption of any such Acquired Indebtedness) occurred on the first day of the Reference Period. Further, if such person or any of its Subsidiaries directly or indirectly guarantees Indebtedness
of a third person, the preceding sentence shall give effect to the incurrence of such guaranteed Indebtedness as if such person or any subsidiary of such person had directly incurred or otherwise assumed such other Indebtedness that was so
guaranteed; 
  
 (2) transactions giving rise to the need to
calculate the Total Leverage Ratio shall be assumed to have occurred on the first day of the Reference Period; and 
  

 23 

 (3) the incurrence of any Indebtedness or issuance of any Disqualified Stock during the Reference Period
or subsequent to the Reference Period and on or prior to such date (and the application of the proceeds therefrom to the extent used to refinance or retire other Indebtedness) shall be assumed to have occurred on the first day of such Reference
Period. 
  
 For purposes of this definition, whenever pro forma
effect is to be given to a transaction, the pro forma calculations shall be made in good faith by a responsible financial or accounting officer of the Company. 
  

“Trademark and Licensing Agreement” means the Trademark and Licensing Agreement, dated as of May 20, 2005, between the Company and
Donald J. Trump (and any renewals or replacements thereof or amendments thereto so long as the terms of such renewals, replacements or amendments are not less favorable to the Holders in any material respect, taken as a whole, as compared to such
agreement as in effect on the Issue Date). 
  
 “Transactions” means the transactions contemplated by the Investment Agreement, the Notes and the Senior Credit Facilities as in effect on the Issue Date. 
  
 “Trump Indiana” means Trump Indiana, Inc., a Delaware corporation. 
  
 “Trump Tower Lease” means the lease, dated as of November 1,
1996, between Trump Tower Commercial LLC and Trump Taj Mahal Associates (predecessor-in-interest to the Company), as amended. 
  
 “Trustee” means the Person named as the “Trustee” in the first paragraph of this instrument until a successor Trustee shall
have become such pursuant to the applicable provisions of this Indenture, and thereafter “Trustee” shall mean such successor Trustee. 
  
 “Unrestricted Subsidiary” means: 
  
 (1) any Subsidiary of the Company which at the time of determination is an Unrestricted Subsidiary (as designated by the Board of Directors of TER, as
provided below) and 
  
 (2) any Subsidiary of an Unrestricted
Subsidiary. 
  
 The Board of Directors of TER may designate any
Subsidiary of the Company (including any existing Subsidiary and any newly acquired or newly formed Subsidiary) to be an Unrestricted Subsidiary if: 
  
 (1) such Subsidiary or any of its Subsidiaries does not own any Equity Interests or Indebtedness of, or own or hold any Lien on any property of, the
Company or any Restricted Subsidiary (other than any Subsidiary of the Subsidiary to be so designated), 
  
 (2) each of (i) the Subsidiary to be so designated and (ii) its Subsidiaries, in each case, has not at the time of designation, and does not thereafter,
create, incur, issue, assume, guarantee or otherwise become directly or indirectly liable with respect to any Indebtedness pursuant to which the lender has recourse to any of the assets of the Company or any Restricted Subsidiary, and 
  
 (3) such designation complies with Section 4.10, and 
  
 The Board of Directors of TER may designate any Unrestricted Subsidiary to be
a Restricted Subsidiary; provided that, immediately after giving effect to such designation no Default or Event of Default shall have occurred and be continuing and either: 
  
 (1) the Company and the Restricted Subsidiaries could incur at least $1.00 of additional Indebtedness pursuant to the Total
Leverage Ratio test described in paragraph (a) of Section 4.09, or 
  

 24 

 (2) the Total Leverage Ratio for the Company and the Restricted Subsidiaries would be greater than such
ratio for the Company and the Restricted Subsidiaries immediately prior to such designation, in each case on a pro forma basis taking into account such designation. 
  
 Any such designation by the Board of Directors of the TER shall be notified by the Company to the Trustee by promptly filing
with the Trustee a copy of the resolution adopted by the Board of Directors of TER giving effect to such designation and an Officers’ Certificate certifying that such designation complied with the foregoing provisions, as applicable.

  
 “Voting Agreement” means the Voting
Agreement, dated as of May 20, 2005, between TER and Donald J. Trump (and any renewals or replacements thereof or amendments thereto so long as the terms of such renewals, replacements or amendments are not less favorable to the Holders in any
material respect, taken as a whole, as compared to such agreement as in effect on the Issue Date). 
  
 “Warrant Agreements” means, collectively, the Warrant Agreement and New Class A Warrant Agreement, each dated as of May 20, 2005, between
TER and Donald J. Trump (and any renewals or replacements thereof or amendments thereto so long as the terms of such renewals, replacements or amendments are not less favorable to the Holders in any material respect, taken as a whole, as compared to
such agreement as in effect on the Issue Date). 
  
 “Weighted Average Life to Maturity” means, when applied to any Indebtedness, Disqualified Stock or preferred stock, as the case may be, at any date, the quotient obtained by dividing: 
  
 (1) the sum of the products of (x) the number of years from the date of
determination to the date of each successive scheduled principal payment of such Indebtedness, including remaining sinking fund payments or payments at serial or final maturity or redemption or similar payment with respect to such Disqualified Stock
or preferred stock multiplied by (y) the amount of such payment, by 
  
 (2) the sum of all such payments. 
  
 “Wholly-Owned Subsidiary” of any Person means a Subsidiary of such Person, 100% of the outstanding Capital Stock or other ownership interests of which (other than directors’ qualifying shares) shall at the time be
owned by such Person or by one or more Wholly Owned Subsidiaries of such Person. 
  
 “World’s Fair Site Sale Proceeds” means the net proceeds from the sale of the World’s Fair Site pursuant to Section 363 of the United States Bankruptcy Code, as set forth in the Plan.

  
 “World’s Fair Site” means the parcels of
land and other real property interests located in Atlantic City, New Jersey, constituting the former World’s Fair site, which is owned by Trump Plaza Associates, LLC as of the Issue Date. 
  

	Section 1.02.	Other Definitions. 

  

			
	 Term

	  	 Defined in
 Section

	 “Additional Collateral”
	  	4.22
	 “Affiliate Transaction”
	  	4.14
	 “Asset Sale Offer”
	  	4.12
	 “Authentication Order”
	  	2.02
	 “Benefited Party”
	  	10.01
	 “Change of Control Offer”
	  	4.18
	 “Change of Control Payment Date”
	  	4.18
	 “Collateral Valuation
	  	4.22
	 “Covenant Defeasance”
	  	8.03
	 “DTC”
	  	2.03

  

 25 

			
	 “Event of Default”
	  	6.01
	 “Event of Loss Offer”
	  	4.21
	 “Excess Proceeds”
	  	4.12
	 “Excess Loss Proceeds”
	  	4.21
	 “Extraordinary Asset Sale”
	  	4.12
	 “incur” or “incurrence”
	  	4.09
	 “Legal Defeasance”
	  	8.02
	 “losses”
	  	7.07
	 “Non-Qualified Portion”
	  	2.01
	 “Offer Amount”
	  	3.10
	 “Offer Period”
	  	3.10
	 “Offer to Purchase”
	  	3.10
	 “Ordinary Asset Sale”
	  	4.12
	 “Paying Agent”
	  	2.03
	 “Payment Default”
	  	6.01
	 “Permitted Indebtedness”
	  	4.09
	 “Plan”
	  	preamble
	 “Purchase Date”
	  	3.10
	 “Qualified Indebtedness Determination
	  	4.26
	 “Qualified Portion”
	  	2.01
	 “Redemption Date”
	  	3.07
	 “Refinancing Indebtedness”
	  	4.09
	 “Registrar”
	  	2.03
	 “Replacement Assets”
	  	4.12
	 “Restricted Payments”
	  	4.10
	 “Security Register”
	  	2.03
	 “Subject Property”
	  	4.21
	 “Surviving Person”
	  	5.02
	 “Surviving Entity”
	  	5.01

  

	Section 1.03.	Incorporation by Reference of Trust Indenture Act. 

  
 (a) Whenever this Indenture refers to a provision of the TIA, the provision is incorporated by reference in and made a part of this Indenture. 

 
 (b) The following TIA terms used in this Indenture have the following
meanings: 
  
 “indenture
securities” means the Notes and the Guarantees; 
  
 “indenture security holder” means a Holder; 
  
 “indenture to be qualified” means this Indenture; 
  
 “indenture trustee” or “institutional trustee” means the Trustee; and

  
 “obligor” on the Notes means
the Company and any successor obligor upon the Notes. 
  
 (c) All
other terms used in this Indenture that are defined by the TIA, defined by TIA reference to another statute or defined by SEC rule under the TIA and not otherwise defined herein have the meanings so assigned to them either in the TIA, by another
statute or SEC rule, as applicable. 
  

 26 

	Section 1.04.	Rules of Construction. 

  
 (a) Unless the context otherwise requires: 
  
 (i) a term has the meaning assigned to it; 
  
 (ii) an accounting term not otherwise defined herein has the meaning assigned to it in accordance with GAAP; 
  
 (iii) “or” is not exclusive; 
  
 (iv) words in the singular include the plural, and in the
plural include the singular; 
  
 (v) all
references in this instrument to “Articles,” “Sections” and other subdivisions are to the designated Articles, Sections and subdivisions of this instrument as originally executed; 
  
 (vi) the words “herein,” “hereof” and
“hereunder” and other words of similar import refer to this Indenture as a whole and not to any particular Article, Section or other subdivision. 
  
 (vii) “including” means “including without limitation;” 
  
 (viii) provisions apply to successive events and transactions; 
  
 (ix) references to sections of or rules under the Securities
Act, the Exchange Act or the TIA shall be deemed to include substitute, replacement or successor sections or rules adopted by the SEC from time to time thereunder; and 
  
 (x) references to any contract, agreement or instrument shall mean the same, as amended, modified,
supplemented or amended and restated from time to time, in each case, in accordance with the applicable restrictions contained therein, in this Indenture or in any Collateral Document, as the case may be. 
  
 ARTICLE 2. 
  
 THE NOTES 
  

	Section 2.01.	Terms; Form and Dating. 

  
 (a) General. The aggregate principal amount of Notes that may be authenticated and delivered and outstanding under this
Indenture is limited to $1,250.0 million. Initially, the principal amount of each Note shall represent an undivided 58.4% non-recourse Obligation of the Issuers (the “Qualified Portion”), with the remaining
41.6% Obligation represented by the Note being fully recourse to the Issuers and to TER, in its capacity as general partner of the Company (the “Non-Qualified Portion”). For avoidance of doubt, as of the Issue
Date, $730.0 million of aggregate principal amount of Notes constitute the Qualified Portion of the Issuers’ Obligations hereunder, and $520.0 million of aggregate principal amount of Notes constitute the Non-Qualified Portion of the
Issuers’ Obligations hereunder. All interest and premium, if any, payable on the Notes, including default interest pursuant to Section 2.12, if any, shall be allocated as a Non-Qualified Portion and Qualified Portion of such amounts in the same
percentage as the principal amount of the Notes. With respect to the Qualified Portion of the Notes (whether the Obligations of the Issuers under the Notes or the Guarantors under the Guarantees hereunder), such Obligations are non-recourse to such
Issuer or Guarantor and satisfaction of payment for such Obligations is limited to the Collateral. The percentage of each Note constituting the Qualified Portion and the Non-Qualified Portion is subject to adjustment as set forth in Sections 3.11
and 4.26 hereof. 
  
 The Notes and the Trustee’s certificate
of authentication shall be substantially in the form included in Exhibit A hereto, which is hereby incorporated in and expressly made part of this Indenture. The Notes may have notations, legends or endorsements required by law, exchange rule
or usage in addition to those set forth on Exhibit A. Each Note shall be dated the date of its authentication. The terms and provisions contained in the Notes shall constitute a part of this Indenture, and the Issuers, the Guarantors and the
Trustee, by their execution 

  

 27 

 
and delivery of this Indenture, expressly agree to such terms and provisions and to be bound thereby. To the extent any provision of any Note conflicts with
the express provisions of this Indenture, the provisions of this Indenture shall govern and be controlling. 
  
 (b) Form of Notes. Notes issued in global form shall be substantially in the form of Exhibit A attached hereto
(including the Global Note Legend thereon and the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Notes issued in definitive form shall be substantially in the form of Exhibit A attached hereto (but
without the Global Note Legend thereon and without the “Schedule of Exchanges of Interests in the Global Note” attached thereto). Each Global Note shall represent such aggregate principal amount of the outstanding Notes as shall be
specified therein, and each shall provide that it shall represent the aggregate principal amount of outstanding Notes from time to time endorsed thereon and that the aggregate principal amount of outstanding Notes represented thereby may from time
to time be reduced or increased, as appropriate, to reflect exchanges and redemptions thereof and transfers of interests therein. Any endorsement of a Global Note to reflect the amount of any increase or decrease in the aggregate principal amount of
outstanding Notes represented thereby shall be made by the Trustee or the Custodian, at the direction of the Trustee, in accordance with instructions given by the Holder thereof as required by Section 2.06 hereof. 
  
 (c) Book-Entry Provisions. This Section 2.01(c)
shall apply only to Global Notes deposited with the Trustee, as custodian for the Depositary. Participants and Indirect Participants shall have no rights under this Indenture or any Global Note with respect to any Global Note held on their behalf by
the Depositary or by the Trustee as custodian for the Depositary, and the Depositary shall be treated by the Company, the Trustee and any agent of the Company or the Trustee as the absolute owner of such Global Note for all purposes whatsoever.
Notwithstanding the foregoing, nothing herein shall prevent the Company, the Trustee or any agent of the Company or the Trustee from giving effect to any written certification, proxy or other authorization furnished by the Depositary or impair, as
between the Depositary and its Participants or Indirect Participants, the Applicable Procedures or the operation of customary practices of the Depositary governing the exercise of the rights of a holder of a beneficial interest in any Global Note.

  
 (d) Certificated Securities.

  
 (i) The Issuers shall issue Definitive Notes
to all owners of beneficial interests in Global Notes if: (1) at any time the Depositary notifies the Issuers that it is unwilling or unable to continue to act as Depositary for the Global Notes or if at any time the Depositary shall no longer be
eligible to act as such because it ceases to be a clearing agency registered under the Exchange Act, and, in either case, the Issuers shall not have appointed a successor Depositary within 120 days after the Issuers receive such notice or becomes
aware of such ineligibility or (2) the Issuers, at their option, determine that the Global Notes shall be exchanged for Definitive Notes and delivers a written notice to such effect to the Trustee. Upon the occurrence of any of the events set forth
in clauses (1) or (2) above, the Issuers shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate and deliver, Definitive Notes, in authorized denominations, in an aggregate
principal amount equal to the principal amount of the Global Notes in exchange for such Global Notes. Upon the exchange of a Global Note for Definitive Notes, such Global Note shall be cancelled by the Trustee or an agent of the Issuers or the
Trustee. 
  
 (ii) The Issuers shall issue
Definitive Notes to a Holder of, or an owner of a beneficial interest in, a Global Note in exchange for such Global Note or beneficial interest, as the case may be, upon written request from a Holder of, or an owner of a beneficial interest in, a
Global Note if a Default or Event of Default shall have occurred and be continuing. Upon the occurrence of the foregoing, the Issuers shall execute, and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee
shall authenticate and deliver, Definitive Notes, in authorized denominations, in an aggregate principal amount equal to the principal amount of the Global Note owned by such Holder or such owner of a beneficial interest. Upon the exchange of all or
a portion of a Global Note for Definitive Notes, such Global Note shall be cancelled or correspondingly reduced by the Trustee or an agent of the Issuers or the Trustee. In the event that the Definitive Notes are not issued to an owner of a
beneficial interest in a Global Note promptly after the Issuers have received a request from such owner, the Issuers expressly acknowledge, with respect to the right of any Holder to pursue a remedy pursuant to this Indenture, the 

  

 28 

 
right of any such owner to pursue such remedy with respect to the portion of the Global Note that represents such owner’s beneficial interest as if such
Definitive Notes had been issued. 
  
 (iii)
Definitive Notes issued in exchange for a Global Note pursuant to this Section 2.01 shall be registered in such names and in such authorized denominations as the Depositary, pursuant to instructions from its Participants or its Applicable
Procedures, shall instruct the Trustee or an agent of the Issuers or the Trustee in writing. The Trustee or such agent shall deliver such Definitive Notes to or as directed by the Persons in whose names such Definitive Notes are so registered or to
the Depositary. 
  

	Section 2.02.	Execution and Authentication. 

  
 (a) One Officer shall execute the Notes on behalf of each Issuer by manual or facsimile signature. 
  
 (b) If an Officer whose signature is on a Note no longer holds that office at
the time a Note is authenticated by the Trustee, the Note shall nevertheless be valid. 
  
 (c) A Note shall not be valid until authenticated by the manual signature of the Trustee. The signature shall be conclusive evidence that the Note has been authenticated under this Indenture. 
  
 (d) The Trustee shall, upon a written order of the Issuers signed by an
Officer of each Issuer (an “Authentication Order”), authenticate and deliver Notes for issuance. 
  
 (e) The Trustee may appoint an authenticating agent acceptable to the Issuers to authenticate Notes. Unless otherwise provided in such appointment, an
authenticating agent may authenticate Notes whenever the Trustee may do so. Each reference in this Indenture to authentication by the Trustee includes authentication by such agent. An authenticating agent shall have the same rights as the Trustee to
deal with Holders, the Issuers or an Affiliate of the Issuers. 
  

	Section 2.03.	Registrar and Paying Agent. 

  
 (a) The Issuers shall maintain an office or agency where Notes may be presented for registration of transfer or for exchange
(“Registrar”) and an office or agency where Notes may be presented for payment (“Paying Agent”). The Registrar shall keep a register (the “Security Register”) of the Notes and
of their transfer and exchange. The Issuers may appoint one or more co-registrars and one or more additional paying agents. The term “Registrar” includes any co-registrar and the term “Paying Agent” includes any additional paying
agent. The Issuers may change any Paying Agent or Registrar without notice to any Holder. The Issuers shall notify the Trustee in writing of the name and address of any Agent not a party to this Indenture. If the Issuers fail to appoint or maintain
another entity as Registrar or Paying Agent, the Trustee shall act as such. Either or both of the Issuers or any of their Subsidiaries may act as Paying Agent or Registrar. 
  
 (b) The Issuers initially appoint The Depository Trust Company (“DTC”) to act as Depositary with
respect to the Global Notes. 
  
 (c) The Issuers initially appoint
the Trustee to act as Registrar and Paying Agent and to act as Custodian with respect to the Global Notes, and the Trustee hereby agrees so to initially act. 
  
 (d) The Issuers shall enter into an appropriate agency agreement with any Registrar or Paying Agent (that is not also the Trustee). The agreement shall
implement the provisions of this Indenture that relate to such Agent. 
  

	Section 2.04.	Paying Agent to Hold Money in Trust. 

  
 The Issuers shall require each Paying Agent other than the Trustee to agree in writing that the Paying Agent shall hold in trust for the benefit of
Holders or the Trustee all money held by the Paying Agent for the 

  

 29 

 
payment of principal, premium, if any, or interest on the Notes, and shall notify the Trustee of any default by the Issuers in making any such payment. While
any such default continues, the Trustee may require a Paying Agent to pay all funds held by it relating to the Notes to the Trustee. The Issuers at any time may require a Paying Agent to pay all funds held by it to the Trustee. Upon payment over to
the Trustee, the Paying Agent (if other than the Issuers or a Subsidiary of an Issuer) shall have no further liability for such funds. If the Issuers or a Subsidiary of an Issuer acts as Paying Agent, it shall segregate and hold in a separate trust
fund for the benefit of the Holders all funds held by it as Paying Agent. Upon any Event of Default under Sections 6.01(j) and (k) hereof relating to the Issuers, the Trustee shall serve as Paying Agent for the Notes. 
  

	Section 2.05.	Holder Lists. 

  
 The Trustee shall preserve in as current a form as is reasonably practicable the most recent list available to it of the names and addresses of all
Holders and shall otherwise comply with TIA §312(a). If the Trustee is not the Registrar, the Issuers shall furnish or cause to be furnished to the Trustee at least seven Business Days before each Interest Payment Date and at such other times
as the Trustee may request in writing, a list in such form and as of such date or such shorter time as the Trustee may allow, as the Trustee may reasonably require of the names and addresses of the Holders and the Issuers shall otherwise comply with
TIA §312(a). 
  

	Section 2.06.	Transfer and Exchange. 

  
 (a) Transfer and Exchange of Global Notes. A Global Note may not be transferred as a whole except by the Depositary to a
nominee of the Depositary, by a nominee of the Depositary to the Depositary or to another nominee of the Depositary, or by the Depositary or any such nominee to a successor Depositary or a nominee of such successor Depositary. All Global Notes will
be exchanged by the Issuers for Definitive Notes if (1) the Issuers deliver to the Trustee notice from the Depositary that it is unwilling or unable to continue to act as Depositary or that it is no longer a clearing agency registered under the
Exchange Act and, in either case, a successor Depositary is not appointed by the Issuers within 120 days after the date of such notice from the Depositary or (2) the Issuers in their sole discretion determine that the Global Notes (in whole but not
in part) should be exchanged for Definitive Notes and deliver a written notice to such effect to the Trustee. Upon the occurrence of any of the preceding events in (1) or (2) above, Definitive Notes shall be issued in such names as the Depositary
shall instruct the Trustee. Global Notes also may be exchanged or replaced, in whole or in part, as provided in Sections 2.07 and Section 2.10 hereof. Every Note authenticated and delivered in exchange for, or in lieu of, a Global Note or any
portion thereof, pursuant to this Section 2.06 or Sections 2.07 or Section 2.10 hereof, shall be authenticated and delivered in the form of, and shall be, a Global Note. A Global Note may not be exchanged for another Note other than as provided in
this Section 2.06(a), however, beneficial interests in a Global Note may be transferred and exchanged as provided in Section 2.06(b) or (c) hereof. Neither Issuer nor the Trustee will be liable for any delay by a Holder of a Global Note or the
Depositary in identifying the beneficial owners of Notes, except as a result of such Issuer’s or Trustee’s own negligent action, negligent failure to act or own willful misconduct, as the case may be. In the absence of bad faith on their
part, the Issuers and the Trustee may conclusively rely on, and will be protected in relying on written instructions from the Holder of a Global Note or the Depositary for all purposes under this Indenture. 
  
 (b) Transfer and Exchange of Beneficial Interests in the
Global Notes. The transfer and exchange of beneficial interests in the Global Notes shall be effected through the Depositary, in accordance with the provisions of this Indenture and the Applicable Procedures. Beneficial
interests in Global Notes may be subject to restrictions on transfer to the extent required by the Securities Act. 
  
 Beneficial interests in any Global Note may be transferred to Persons who take delivery thereof in the form of a beneficial interest in a Global Note, in
accordance with the Applicable Procedures. No written orders or instructions shall be required to be delivered to the Registrar to effect the transfers described in this Section 2.06(b). 
  
 (c) Transfer or Exchange of Beneficial Interests for Definitive Notes. The holder of a
beneficial interest in a Global Note may exchange such beneficial interest for a Definitive Note or transfer such beneficial interest to a Person who takes delivery thereof in the form of a Definitive Note only in which event such owner of such
beneficial interest shall instruct the Depositary (or shall cause the appropriate participant to 

  

 30 

 
direct the Depositary) in accordance with the Applicable Procedures to instruct the Trustee to reduce the aggregate principal amount of the Global Note by
the applicable amount of such exchange or transfer and to issue in exchange therefore a Definitive Note or Notes in such aggregate amount and registered as provided in such instruction; and upon the Trustee’s receipt of such instruction from
the Depositary (or from the applicable Participant or beneficial owner pursuant to the Depositary’s proxy procedures), the Trustee to, and the Trustee shall, cause the aggregate principal amount of the applicable Global Note to be reduced
accordingly pursuant to Section 2.06(g) hereof, and the Issuers shall execute and the Trustee shall authenticate and deliver, in both cases in accordance with Section 2.02 hereof, to the Person designated in such instruction a Definitive Note in the
appropriate principal amount. Any Definitive Note issued in exchange for a beneficial interest pursuant to this Section 2.06(c) shall be registered in such name or names and in such authorized denomination or denominations as the holder of such
beneficial interest shall instruct the Registrar through instructions from the Depositary and the Participant or Indirect Participant. The Trustee shall mail or deliver such Definitive Notes to the Persons in whose names such Notes are so registered

  
 (d) Transfer and Exchange of Definitive Notes for
Beneficial Interests. A Holder of a Definitive Note may exchange such Note for a beneficial interest in a Global Note or transfer such Definitive Notes to a Person who takes delivery thereof in the form of a beneficial interest in a
Global Note at any time. Upon receipt of a request for such an exchange or transfer together with surrender of the Definitive Note to be exchanged or transferred, (and, accompanied by a written instrument or instruments of transfer as provided in
Section 2.06(e) hereof, and subject to the Applicable Procedures), the Trustee shall cancel the applicable Definitive Note and increase or cause to be increased the aggregate principal amount of one of the Global Notes pursuant to Section 2.06(g)
hereof. 
  
 (e) Transfer and Exchange of Definitive
Notes for Definitive Notes. Upon request by a Holder of Definitive Notes and such Holder’s compliance with the provisions of this Section 2.06(e), the Registrar shall register the transfer or exchange of Definitive Notes. Prior
to such registration of transfer or exchange, the requesting Holder shall present or surrender to the Registrar the Definitive Notes duly endorsed or accompanied by a written instruction of transfer in form satisfactory to the Registrar duly
executed by such Holder or by its attorney, duly authorized in writing. In addition, the requesting Holder must provide any additional certifications, documents and information, as applicable, required pursuant to the Applicable Procedures or
reasonably requested by the Issuers to demonstrate compliance by such Holder with applicable law. 
  
 (f) Global Note Legend. Each Global Note shall bear a legend in substantially the following form: 
  
 “THIS GLOBAL NOTE IS HELD BY THE DEPOSITARY (AS DEFINED
IN THE INDENTURE GOVERNING THIS NOTE) OR ITS NOMINEE IN CUSTODY FOR THE BENEFIT OF THE BENEFICIAL OWNERS HEREOF, AND IS NOT TRANSFERABLE TO ANY PERSON UNDER ANY CIRCUMSTANCES EXCEPT THAT (I) THE TRUSTEE MAY MAKE SUCH NOTATIONS HEREON AS MAY BE
REQUIRED PURSUANT TO SECTION 2.06 OF THE INDENTURE, (II) THIS GLOBAL NOTE MAY BE EXCHANGED IN WHOLE BUT NOT IN PART PURSUANT TO SECTION 2.06(a) OF THE INDENTURE, (III) THIS GLOBAL NOTE MAY BE DELIVERED TO THE TRUSTEE FOR CANCELLATION PURSUANT TO
SECTION 2.11 OF THE INDENTURE AND (IV) THIS GLOBAL NOTE MAY BE TRANSFERRED TO A SUCCESSOR DEPOSITARY WITH THE PRIOR WRITTEN CONSENT OF THE ISSUERS. 
  
 UNLESS AND UNTIL IT IS EXCHANGED IN WHOLE OR IN PART FOR NOTES IN DEFINITIVE FORM, THIS NOTE MAY NOT BE TRANSFERRED EXCEPT AS A WHOLE BY
THE DEPOSITARY TO A NOMINEE OF THE DEPOSITARY OR BY A NOMINEE OF THE DEPOSITARY TO THE DEPOSITARY OR ANOTHER NOMINEE OF THE DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.

  
 UNLESS THIS NOTE IS PRESENTED BY AN
AUTHORIZED REPRESENTATIVE OF THE DEPOSITORY TRUST COMPANY, A NEW YORK CORPORATION (“DTC”), TO THE ISSUERS OR THEIR AGENT FOR REGISTRATION OF TRANSFER, EXCHANGE OR PAYMENT, AND ANY NOTE ISSUED IS 

  

 31 

 
REGISTERED IN THE NAME OF CEDE & CO. OR IN SUCH OTHER NAME AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC (AND ANY PAYMENT IS MADE TO CEDE &
CO. OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL INASMUCH AS THE REGISTERED OWNER HEREOF, CEDE & CO., HAS AN
INTEREST HEREIN.” 
  
 (g) Cancellation and/or
Adjustment of Global Notes. At such time as all beneficial interests in a particular Global Note have been exchanged for Definitive Notes or a particular Global Note has been redeemed, repurchased or cancelled in whole and not in
part, each such Global Note shall be returned to or retained and cancelled by the Trustee in accordance with Section 2.11 hereof. At any time prior to such cancellation, if any beneficial interest in a Global Note is exchanged for or transferred to
a Person who will take delivery thereof in the form of a beneficial interest in another Global Note or for Definitive Notes, the principal amount of Notes represented by such Global Note shall be reduced accordingly and an endorsement shall be made
on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such reduction; and if the beneficial interest is being exchanged for or transferred to a Person who will take delivery thereof in the form of a
beneficial interest in another Global Note, such other Global Note shall be increased accordingly and an endorsement shall be made on such Global Note by the Trustee or by the Depositary at the direction of the Trustee to reflect such increase.

  
 (h) General Provisions Relating to Transfers and
Exchanges. 
  
 (i) To permit
registrations of transfers and exchanges, the Issuers shall execute Global Notes and Definitive Notes, and the Trustee shall authenticate Global Notes and Definitive Notes upon the Company’s order (including an Authentication Order given
pursuant to Section 2.02) or at the Registrar’s request (in connection with any transfer or exchange of Notes pursuant to this Section 2.06). 
  
 (ii) No service charge shall be made to a Holder of a beneficial interest in a Global Note or to a Holder of a Definitive Note for any
registration of transfer or exchange, but the Issuers may require payment of a sum sufficient to cover any transfer tax or similar governmental charge payable in connection therewith (other than any such transfer taxes or similar governmental charge
payable upon exchange or transfer pursuant to Sections 2.10, 3.06, 3.10, 4.12, 4.18, 4.21 and 9.05 hereof). 
  
 (iii) All Global Notes and Definitive Notes issued upon any registration of transfer or exchange of Global Notes or Definitive Notes shall
be the valid obligations of the Issuers, evidencing the same debt, and entitled to the same benefits under this Indenture, as the Global Notes or Definitive Notes surrendered upon such registration of transfer or exchange. 
  
 (iv) Neither the Registrar nor the Issuers shall be required
(A) to issue, to register the transfer of or to exchange any Notes during a period beginning at the opening of business 15 days before the day of any selection of Notes for redemption under Section 3.02 hereof and ending at the close of business on
the day of selection, (B) to register the transfer of or to exchange any Note so selected for redemption in whole or in part, except the unredeemed portion of any Note being redeemed in part or (C) to register the transfer of or to exchange a Note
between a record date and the next succeeding Interest Payment Date. 
  
 (v) Prior to due presentment for the registration of a transfer of any Note, the Trustee, any Agent and the Issuers may deem and treat the Person in whose name any Note is registered as the absolute owner of such Note
for the purpose of receiving payment of principal of and interest on such Notes and for all other purposes, and none of the Trustee, any Agent or the Issuers shall be affected by notice to the contrary. 
  
 (vi) The Trustee shall authenticate Global Notes and
Definitive Notes in accordance with the provisions of Section 2.02 hereof. 
  

 32 

 (vii) All certifications, certificates and Opinions of Counsel required to be submitted
to the Registrar pursuant to this Section 2.06 to effect a registration of transfer or exchange may be submitted by facsimile. 
  
 (viii) The Trustee is hereby authorized to enter into a letter of representation with the Depositary in the form provided by the Issuers
and to act in accordance with such letter. 
  
 (ix) Notwithstanding anything contained herein to the contrary, neither the Trustee nor the Registrar shall be responsible for ascertaining whether any purchase or transfer complies with the registration provisions of or exemptions from the
Securities Act or other state, federal securities laws that may be applicable; provided, however, that if a certificate is specifically required by the express terms of this Section 2.06 to be delivered to a Trustee by a purchaser or
required by the express terms of this Section 2.06 to be delivered to a Trustee by a purchaser or transferee of a Note, the Trustee shall be under a duty to receive and examine the same to determine whether it confirms on its face to the
requirements of this Section 2.06 and shall promptly notify the party delivering the same if such transfer does not comply with such terms. 
  

	Section 2.07.	Replacement Notes. 

  
 If any mutilated Note is surrendered to the Trustee or the Issuers and the Trustee receives evidence to its satisfaction of the destruction, loss or theft
of any Note, the Issuers shall issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate a replacement Note. If required by the Trustee or the Issuers, the Holder of such Note shall
provide indemnity that is sufficient, in the judgment of the Trustee or the Issuers, to protect the Issuers, the Trustee, any Agent and any authenticating agent from any loss that any of them may suffer in connection with such replacement. If
required by the Issuers, such Holder shall reimburse the Issuers for its reasonable expenses in connection with such replacement. 
  
 Every replacement Note issued in accordance with this Section 2.07 shall be the valid obligation of the Issuers, evidencing the same debt as the
destroyed, lost or stolen Note, and shall be entitled to all of the benefits of this Indenture equally and proportionately with all other Notes duly issued hereunder. 
  

	Section 2.08.	Outstanding Notes. 

  
 (a) The Notes outstanding at any time shall be the entire principal amount of Notes represented by all of the Global Notes and Definitive Notes
authenticated by the Trustee except for those cancelled by it, those delivered to it for cancellation, those subject to reductions in beneficial interests effected by the Trustee in accordance with Section 2.06 hereof, and those described in this
Section 2.08 as not outstanding. Except as set forth in Section 2.09 hereof, a Note shall not cease to be outstanding because the Issuers or an Affiliate of an Issuer holds the Note; provided, however, that Notes held by the Issuers or
a Subsidiary of an Issuer shall be deemed not to be outstanding for purposes of Section 3.07(b) hereof. 
  
 (b) If a Note is replaced pursuant to Section 2.07 hereof, it shall cease to be outstanding unless the Trustee receives proof satisfactory to it that the
replaced note is held by a bona fide purchaser. 
  
 (c) If the
principal amount of any Note is considered paid under Section 4.01 hereof, it shall cease to be outstanding and interest on it shall cease to accrue. 
  
 (d) If the Paying Agent (other than the Issuers, a Subsidiary of an Issuer or an Affiliate of any thereof) holds, on a redemption date, a Purchase Date or
a maturity date, funds sufficient to pay in full Notes payable on that date, then on and after that date such Notes shall be deemed to be no longer outstanding and shall cease to accrue interest. 
  

 33 

	Section 2.09.	Treasury Notes. 

  
 In determining the Required Noteholders or otherwise whether the Holders of the required principal amount of Notes have concurred in any direction, waiver
or consent, Notes owned by the Issuers, or by any Affiliate of an Issuer, shall be considered as though not outstanding, except that for the purposes of determining whether the Trustee shall be protected in relying on any such direction, waiver or
consent, only Notes that the Trustee knows are so owned shall be so disregarded. 
  

	Section 2.10.	Temporary Notes. 

  
 Until certificates representing Notes are ready for delivery, the Issuers may prepare and, upon receipt of an Authentication Order in accordance with
Section 2.02 hereof, the Trustee shall authenticate temporary Notes. Temporary Notes shall be substantially in the form of Definitive Notes but may have variations that the Issuers consider appropriate for temporary Notes and as shall be reasonably
acceptable to the Trustee. Without unreasonable delay, the Issuers shall prepare and the Trustee shall authenticate Global Notes or Definitive Notes in exchange for temporary Notes, as applicable. 
  
 Holders of temporary Notes shall be entitled to all of the benefits of this
Indenture. 
  

	Section 2.11.	Cancellation. 

  
 The Issuers at any time may deliver Notes to the Trustee for cancellation. The Registrar and Paying Agent shall forward to the Trustee any Notes
surrendered to them for registration of transfer, exchange or payment. Upon sole direction of the Issuers, the Trustee and no one else shall cancel all Notes surrendered for registration of transfer, exchange, payment, replacement or cancellation
and shall destroy cancelled Notes (subject to the record retention requirements of the Exchange Act or other applicable laws) unless the Issuers direct them to be returned to it. Certification of the destruction of all cancelled Notes shall be
delivered to the Issuers from time to time upon request. The Issuers may not issue new Notes to replace Notes that it has paid or that have been delivered to the Trustee for cancellation. 
  

	Section 2.12.	Payment of Interest; Defaulted Interest. 

  
 If the Issuers default in a payment of interest on the Notes, they shall pay the defaulted interest in any lawful manner plus, to the extent lawful,
interest payable on the defaulted interest, to the Persons who are Holders on a subsequent special record date, in each case at the rate provided in the Notes and in Section 4.01 hereof. The Issuers shall notify the Trustee in writing of the amount
of defaulted interest proposed to be paid on each Note and the date of the proposed payment. The Issuers shall fix or cause to be fixed each such special record date and payment date; provided that no such special record date shall be less
than 10 days prior to the related Interest Payment Date for such defaulted interest. At least 15 days before the special record date, the Issuers (or, upon the written request of the Issuers, the Trustee in the name and at the expense of the
Issuers) shall mail or cause to be mailed to Holders a notice that states the special record date, the related Interest Payment Date and the amount of such interest to be paid. 
  

	Section 2.13.	CUSIP or ISIN Numbers. 

  
 The Issuers in issuing the Notes may use “CUSIP” and/or “ISIN” numbers (if then generally in use), and, if so, the Trustee shall use
“CUSIP” and/or “ISIN” numbers in notices of redemption or Offers to Purchase as a convenience to Holders; provided, however, that any such notice may state that no representation is made as to the correctness of such
numbers either as printed on the Notes or as contained in any notice of a redemption or notice of an Offer to Purchase and that reliance may be placed only on the other identification numbers printed on the Notes, and any such redemption or Offer to
Purchase shall not be affected by any defect in or omission of such numbers. The Issuers shall promptly notify the Trustee of any change in the “CUSIP” and/or “ISIN” numbers. 
  

 34 

	Section 2.14.	Record Date. 

  
 The record date for purposes of determining the identity of Holders of Notes entitled to vote or consent to any action by vote or consent or permitted
under this Indenture shall be determined as provided for in TIA Section 316(c). 
  

	Section 2.15.	Tax Matters. 

  
 (a) Any Holder that incurs any documentary or other taxes, charges or assessments made by a governmental agency by reason of the execution and delivery of
the Notes or any document related thereto shall pay any such amounts to the relevant governmental agency in accordance with applicable law. 
  
 (b) Each Holder of a Definitive Note shall certify that it is either not subject to United States withholding or is entitled to an exemption from or
reduction in United States withholding with respect to all amounts payable to such Holder under this Indenture by delivering to the Issuers and the Paying Agent at any time or times as reasonably requested by the Issuers or the Paying Agent,
properly completed and executed documentation (if required under applicable law) to permit all payments under this Indenture to be made to it without withholding or at a reduced rate of withholding pursuant to an applicable income tax treaty. Such
documentation may include, but not be limited to, a properly completed and duly executed United States Internal Revenue Form W-9 (or Form W-8 for Holders who are not United States persons) or any successor form, certifying that such Holder of the
Definitive Note is exempt from or entitled to a reduction in United States withholding with respect to payments pursuant to this Indenture. In the event that a Holder of a Definitive Note becomes subject to United States withholding initially or at
an increased rate, then for so long as such rate of withholding is required by law to be made by the Issuers or the Paying Agent, appropriate amounts shall be withheld from all amounts payable to such Holder under this Indenture and remitted to the
appropriate governmental agency. In the event that any Holder is subject to United States withholding and such withholding is required by law to be made by the Issuers or the Paying Agent, then such amounts will be so withheld and remitted to the
appropriate governmental agency. The Issuers and the Paying Agent shall not be required to gross up any amount payable to any Holder under this Indenture from which taxes are withheld. 
  
 (c) In the event that a Holder of a Definitive Note transfers a Definitive Note, any assignee or transferee of the Note
shall be bound by this Section 2.15, so that such assignee or transferee will have all of the obligations and provide all forms and statements required by this Section 2.15. 
  
 ARTICLE 3. 
  
 REDEMPTION AND PREPAYMENT 
  

	Section 3.01.	Notices to Trustee. 

  
 If the Issuers elect to redeem Notes pursuant to the optional redemption provisions of Section 3.07 hereof, they shall furnish to the Trustee, at least 30
days but not more than 60 days before a redemption date (or such shorter period as allowed by the Trustee), an Officers’ Certificate setting forth (a) the applicable section of this Indenture pursuant to which the redemption shall occur, (b)
the redemption date, (c) the principal amount of Notes to be redeemed and (d) the redemption price. 
  

	Section 3.02.	Selection of Notes to Be Redeemed or Repurchased. 

  

If less than all of the Notes are to be redeemed or repurchased at any time, the Trustee shall select the Notes for redemption or repurchase among the
Holders of the Notes as follows: (1) if the Notes are listed on any national securities exchange, in compliance with the requirements of the principal national securities exchange on which the Notes are listed; or (2) if the Notes are not listed on
any national securities exchange, on a pro rata basis, by lot or by such method as the Trustee deems fair and appropriate. In the event of partial redemption or repurchase by lot, the particular Notes to be redeemed or repurchased shall be
selected, unless otherwise provided herein, not 

  

 35 

 
less than 30 nor more than 60 days prior to the redemption or repurchase date by the Trustee from the outstanding Notes not previously called for redemption
or repurchase. 
  
 The Trustee shall promptly notify the Issuers
in writing of the Notes selected for redemption or repurchase and, in the case of any Note selected for partial redemption or repurchase, the principal amount thereof to be redeemed or repurchased. Notes and portions of Notes selected shall be in
amounts of $1,000 or integral multiples thereof, except that if all of the Notes of a Holder are to be redeemed or repurchased, the entire outstanding amount of Notes held by such Holder, even if not an integral multiple of $1,000, shall be redeemed
or repurchased. Except as provided in the preceding sentence, provisions of this Indenture that apply to Notes called for redemption or repurchase also apply to portions of Notes called for redemption or repurchase. 
  

	Section 3.03.	Notice of Redemption. 

  
 At least 30 days but not more than 60 days prior to a redemption or repurchase date, the Issuers shall mail or cause to be mailed, by first class mail, a
notice of redemption or repurchase to each Holder whose Notes are to be redeemed or repurchased at such Holder’s registered address appearing in the Security Register; provided, however, that (1) redemption or repurchase notices may be
mailed more than 60 days prior to a redemption or repurchase date if the notice is issued in connection with a defeasance of the Notes or a satisfaction and discharge of this Indenture and (2) notices may be mailed less than 30 days prior to the
redemption or repurchase date if so required by any applicable Gaming Authority in connection with a redemption pursuant to Section 3.09 hereof. 
  
 The notice shall identify the Notes to be redeemed and shall state: 
  
 (a) the redemption date; 
  
 (b) the redemption price (the appropriate calculation of which shall be set forth in an Officers’
Certificate delivered to the Trustee no later than two (2) Business Days prior to the redemption date); 
  
 (c) if any Note is being redeemed or repurchased in part, the portion of the principal amount of such Note to be redeemed and that, after
the redemption date upon surrender of such Note, if applicable, a new Note or Notes in principal amount equal to the unredeemed or unpurchased portion shall be issued upon cancellation of the original Note; 
  
 (d) the name and address of the Paying Agent; 
  
 (e) that Notes called for redemption must be surrendered to
the Paying Agent to collect the redemption price; 
  
 (f) that, unless the Issuers default in making such redemption payment, interest on Notes called for redemption ceases to accrue on and after the redemption date; 
  
 (g) the applicable section of this Indenture pursuant to which the Notes called for redemption are being
redeemed; and 
  
 (h) that no representation is
made as to the correctness of the CUSIP and/or ISIN numbers, if any, listed in such notice or printed on the Notes. 
  
 At the Issuers’ request, the Trustee shall give the notice of redemption in the Issuers’ name and at the Issuers’ expense; provided,
however, that the Issuers shall have delivered to the Trustee, at least 45 days (or such shorter period allowed by the Trustee), prior to the redemption date, an Officers’ Certificate requesting that the Trustee give such notice (in the
name and at the expense of the Issuers) and setting forth the information to be stated in such notice as provided in this Section 3.03. 
  

 36 

	Section 3.04.	Effect of Notice of Redemption. 

  
 Once notice of redemption is mailed in accordance with Section 3.03 hereof, Notes called for redemption shall become irrevocably due and payable on the
redemption date at the redemption price; provided, that any defect in or failure to give notice in accordance with Section 3.03 shall not affect the validity of the proceedings for the redemption of any Note taken in accordance with the terms
of this Indenture. A notice of redemption may not be conditional. 
  

	Section 3.05.	Deposit of Redemption Price. 

  
 On or prior to 11:00 a.m. Eastern time on any redemption date, the Issuers shall deposit with the Trustee or with the Paying Agent money sufficient to pay
the redemption price of and, if applicable, accrued and unpaid interest on all Notes to be redeemed on that date. The Trustee or the Paying Agent shall promptly, and in any event within two (2) Business Days after the redemption date, return to the
Issuers any money deposited with the Trustee or the Paying Agent by the Issuers in excess of the amounts necessary to pay the redemption price of, and accrued and unpaid interest, if any, on, all Notes to be redeemed. 
  
 If the Issuers comply with the provisions of the preceding paragraph, on and
after the redemption date, interest shall cease to accrue on the Notes or the portions of Notes called for purchase or redemption in accordance with Section 2.08(d) hereof, whether or not such Notes are presented for payment. If a Note is redeemed
on or after a Regular Record Date but on or prior to the related Interest Payment Date, then any accrued and unpaid interest, if any, shall be paid to the Person in whose name such Note was registered at the close of business on such Regular Record
Date. If any Note called for redemption shall not be so paid upon surrender for redemption because of the failure of the Issuers to comply with the preceding paragraph, interest shall be paid on the unpaid principal from the redemption date until
such principal is paid, and to the extent lawful on any interest not paid on such unpaid principal, in each case at the rate provided in the Notes and in Section 4.01 hereof. 
  

	Section 3.06.	Notes Redeemed in Part. 

  
 Upon surrender of a Note that is redeemed in part, the Issuers shall issue and, upon the Issuers’ written request, the Trustee shall authenticate for
the Holder at the expense of the Issuers a new Note equal in principal amount to the unredeemed portion of the Note surrendered. 
  

	Section 3.07.	Optional Redemption. 

  
 (a) Except as set forth in clause (b) of this Section 3.07, the Notes shall not be redeemable at the Company’s option prior to June 1, 2010. On or
after June 1, 2010, the Issuers may redeem the Notes, in whole or in part, from time to time, at the redemption prices (expressed as percentages of principal amount) set forth below, plus accrued and unpaid interest to the applicable date of
redemption (the “Redemption Date”), subject to the right of Holders of record on the relevant record date to receive interest due on the relevant interest payment date, if redeemed during the twelve-month period beginning on June 1
of each of the years indicated below: 
  

				
	 Year

	  	Percentage

	 
	 2010
	  	104.250	%
	 2011
	  	102.833	%
	 2012
	  	101.417	%
	 2013 and thereafter
	  	100.000	%

  
 (b) At any time prior
to June 1, 2008, the Issuers may, at their option, redeem up to 35% of the aggregate principal amount of Notes issued under the Indenture at a redemption price equal to 108.500% of the principal amount thereof, plus accrued and unpaid interest to
the applicable Redemption Date, subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant interest payment date, with the net cash proceeds of one or more Equity Offerings; provided
that at least 65% of the sum of the aggregate principal amount of Notes issued under the Indenture remains outstanding immediately 

  

 37 

 
after the occurrence of each such redemption; provided further that each such redemption occurs within 60 days of the date of closing of the
applicable Equity Offering. 
  
 (c) Any prepayment pursuant to
this Section 3.07 shall be made pursuant to the provisions of Sections 3.01 through 3.06 hereof. 
  

	Section 3.08.	Mandatory Redemption. 

  
 Except as set forth in Section 3.09 and subject to Sections 4.12, 4.18 or 4.21 hereof, the Issuers shall not be required to make mandatory redemption or
sinking fund payments with respect to the Notes. 
  

	Section 3.09.	Mandatory Disposition Pursuant to Gaming Laws. 

  
 Notwithstanding any other provision of this Indenture, if any Gaming Authority requires that a Holder or Beneficial Owner of Notes must be licensed,
qualified or found suitable under any applicable Gaming Law and such Holder or Beneficial Owner: 
  
 (a) fails to apply for a license, qualification or a finding of suitability within 30 days after being requested to do so by the Gaming
Authority, or such lesser period as may be required by such Gaming Authority; or 
  
 (b) if such Holder or such Beneficial Owner is notified by such Gaming Authority that such Holder or Beneficial Owner will not be so
licensed, qualified or found suitable; 
  
 the Holder or Beneficial Owner, as the
case may be, will be required to dispose of its Notes within 30 days, or such lesser period as may be required by the Gaming Authority, and the Issuers will have the right to redeem the Notes of each such Holder or Beneficial Owner, subject to the
approval of any Gaming Authority and in accordance with Rule 14e-1, if applicable, at a redemption price equal to the lowest of: 
  
 (i) the principal amount thereof, plus accrued and unpaid interest up to the date of notice from the Gaming Authority that such Holder or
Beneficial Owner will not be licensed or qualified; 
  
 (ii) the price at which such Holder or Beneficial Owner acquired the Notes, plus accrued and unpaid interest up to the date of notice from the Gaming Authority that such Holder or Beneficial Owner will not be licensed or qualified; and

  
 (iii) the Fair Market Value of such Notes.

  
 Immediately upon a determination by a Gaming Authority that a
Holder or Beneficial Owner of the Notes will not be licensed, qualified or found suitable by such Gaming Authority, such Holder or Beneficial Owner will have no further rights with respect to the Notes: 
  
 (1) to receive any interest with respect to the Notes, other
than as part of the redemption price of the Notes; 
  
 (2) to exercise, directly or through any trustee or nominee, any right conferred by the Notes, the Guarantees or this Indenture; or 
  
 (3) to receive any remuneration in any form for services rendered or otherwise, other than as part of the redemption price of the Notes.

  
 The Issuers shall notify the Trustee in writing of any
redemption pursuant to this Section 3.09 as soon as reasonably practicable. Any Holder or Beneficial Owner that is required to apply for a license, qualification or a finding of suitability shall be responsible for all fees and costs of applying for
and obtaining the license, qualification or finding of suitability and of any investigation by the applicable Gaming Authorities. 
  

 38 

	Section 3.10.	Offer To Purchase by Application of Excess Proceeds. 

  
 (a) In the event that, pursuant to Section 4.12 or 4.21 hereof, the Issuers shall be required to commence an Asset Sale Offer or Event of Loss Offer
(each, an “Offer to Purchase”), it shall follow the procedures specified below. 
  
 (b) The Issuers shall commence the Offer to Purchase by sending, by first-class mail, with a copy to the Trustee, to each Holder at such Holder’s
address appearing in the Security Register, a notice the terms of which shall govern the Offer to Purchase stating: 
  
 (i) that the Offer to Purchase is being made pursuant to this Section 3.10 and Section 4.12 or 4.21, as the case may be; 
  
 (ii) the principal amount of Notes required to be purchased
pursuant to Section 4.12 or 4.21, as the case may be (the “Offer Amount”), the purchase price set forth in Section 4.12 or 4.21, as applicable, the Offer Period and the Purchase Date (each
as defined below); 
  
 (iii) except as provided
in clause (ix), that all Notes timely tendered and not withdrawn shall be accepted for payment; 
  
 (iv) that any Note not tendered or accepted for payment shall continue to accrue interest; 
  
 (v) that, unless the Issuers default in making such payment,
any Note accepted for payment pursuant to the Offer to Purchase shall cease to accrue interest after the Purchase Date; 
  
 (vi) that Holders electing to have a Note purchased pursuant to an Offer to Purchase may elect to have Notes purchased in integral
multiples of $1,000 only, unless such Holder is electing to have all of its Notes purchased and such Notes are in an amount less than an integral multiple of $1,000; 
  
 (vii) that Holders electing to have a Note purchased pursuant to any Offer to Purchase shall be required to
surrender the Note, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Note completed, or transfer by book-entry transfer, to the Issuers, the Depositary, if appointed by the Company, or a Paying Agent at the
address specified in the notice before the close of business on the third Business Day before the Purchase Date; 
  
 (viii) that Holders shall be entitled to withdraw their election if the Issuers, the Depositary or the Paying Agent, as the case may be,
receives, not later than the expiration of the Offer Period, a telegram, facsimile transmission or letter setting forth the name of the Holder, the principal amount of the Note (or portions thereof) the Holder delivered for purchase and a statement
that such Holder is withdrawing his election to have such Note purchased; 
  
 (ix) that if the aggregate principal amount of Notes surrendered by Holders exceeds the Offer Amount, the Issuers shall select the Notes to be purchased on a pro rata basis (with such adjustments as may be
deemed appropriate by the Issuers so that only Notes in denominations of $1,000 or integral multiples thereof shall be purchased); 
  
 (x) that Holders whose Notes were purchased in part shall be issued new Notes equal in principal amount to the unpurchased portion of the
Notes surrendered (or transferred by book-entry transfer); and 
  
 (xi) any other procedures the Holders must follow in order to tender their Notes (or portions thereof) for payment and the procedures that Holders must follow in order to withdraw an election to tender Notes (or
portions thereof) for payment. 
  
 (c) The Offer to Purchase shall
remain open for a period of at least 20 Business Days but no more than 30 Business Days following its commencement, except to the extent that a longer period is required 

  

 39 

 
by applicable law (the “Offer Period”). No later than five (5) Business Days after the termination of the Offer Period (the
“Purchase Date”), the Issuers shall purchase the Offer Amount or, if less than the Offer Amount has been tendered, all Notes tendered in response to the Offer to Purchase. Payment for any Notes so purchased shall be made in
the same manner as interest payments are made. The Issuers shall publicly announce the results of the Offer to Purchase on or as soon as practicable following the Purchase Date. 
  
 (d) On or prior to the Purchase Date, the Issuers shall, to the extent lawful: 
  
 (i) accept for payment (on a pro rata basis to the
extent necessary), the Offer Amount of Notes or portions of Notes properly tendered and not withdrawn pursuant to the Offer to Purchase, or if less than the Offer Amount has been tendered, all Notes tendered; 
  
 (ii) deposit with the Paying Agent funds in an amount equal
to the purchase price as set forth in Section 4.12 or 4.21, as applicable, in respect of all Notes or portions of Notes properly tendered; and 
  
 (iii) deliver or cause to be delivered to the Trustee the Notes so accepted together with an Officers’ Certificate stating the
aggregate principal amount of Notes or portions of Notes being purchased by the Company and that such Notes or portions thereof were accepted for payment by the Issuers in accordance with the terms of this Section 3.10. 
  
 (e) The Depositary or the Paying Agent (or an Issuer, if acting as the Paying
Agent), as the case may be, shall promptly deliver to each tendering Holder the purchase price as set forth in Section 4.12 or 4.21, as applicable. In the event that any portion of the Notes surrendered is not purchased by the Company, the Issuers
shall promptly execute and issue a new Note in a principal amount equal to such unpurchased portion of the Note surrendered, and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate and
deliver (or cause to be transferred by book-entry) such new Note to such Holder. 
  
 (f) If the Purchase Date is on or after a Regular Record Date and on or before the related Interest Payment Date, any accrued and unpaid interest shall be paid to the Person in whose name a Note is registered at the
close of business on such Regular Record Date, and no additional interest shall be payable to Holders who tender Notes pursuant to the Offer to Purchase. 
  
 (g) The Issuers shall comply, to the extent applicable, with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and
regulations thereunder to the extent those laws and regulations are applicable in connection with the Offer to Purchase. To the extent that the provisions of any securities laws or regulations conflict with Sections 4.12 or 4.21, as applicable, this
Section 3.10 or other provisions of this Indenture, the Issuers shall comply with applicable securities laws and regulations and shall not be deemed to have breached its obligations under Sections 4.12 or 4.21, as applicable, this Section 3.10 or
such other provisions of this Indenture by virtue of such conflict. 
  
 (h) Other than as specifically provided in this Section 3.10, any purchase pursuant to this Section 3.10 shall be made in accordance with the provisions of Section 3.01 through 3.06 hereof. 
  

	Section 3.11.	Allocation of Redeemed or Repurchased Notes. 

  
 To the extent that any Notes are redeemed or repurchased pursuant to Sections 3.07, 3.09, 4.12, 4.18 or 4.21 hereof, then the Non-Qualified Portion of the
Note Obligations shall be reduced correspondingly to the percentage obtained by dividing (a) the excess, if any, of (i) the aggregate principal amount of the Non-Qualified Portion of Note Obligations outstanding immediately prior to the redemption
or repurchase over (ii) the aggregate amount of Notes redeemed or repurchased, by (b) the aggregate amount of Notes outstanding hereunder after giving effect to the redemption or repurchase; provided, that the Non-Qualified Portion shall in
no event be less than zero. The Qualified Portion of the Note Obligations shall be adjusted to equal 100% less the Non-Qualified Portion of the Note Obligations. The foregoing adjustment may be further adjusted following the delivery of a Qualified
Indebtedness Determination pursuant to Section 4.26 hereof. 
  

 40 

 ARTICLE 4. 
  

COVENANTS 
  

	Section 4.01.	Payment of Notes. 

  
 The Issuers shall pay or cause to be paid the principal of, premium, if any, and interest on, the Notes on the dates and in the manner provided in this
Indenture and the Notes. Principal, premium, if any, and interest shall be considered paid on the date due if the Paying Agent, if other than the Issuers or a Subsidiary thereof, holds as of 11:00 a.m. Eastern Time on the due date money deposited by
the Issuers in immediately available funds and designated for and sufficient to pay all principal, premium, if any, and interest then due. Such Paying Agent shall return to the Issuers promptly, and in any event, no later than three (3) Business
Days following the date of payment, any money (including accrued interest) that exceeds such amount of principal, premium, if any, and interest paid on the Notes. If a payment date is a Legal Holiday at a place of payment, payment may be made at
that place on the next succeeding day that is not a Legal Holiday, and no interest shall accrue on such payment for the intervening period. 
  
 The Issuers shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue principal and premium, if any, at
a rate that is 1% per annum in excess of the rate then in effect to the extent lawful; it shall pay interest (including post-petition interest in any proceeding under any Bankruptcy Law) on overdue installments of interest (without regard to any
applicable grace periods), at the same rate to the extent lawful. 
  
 Interest shall be computed on the basis of a 360-day year of twelve 30-day months. 
  

	Section 4.02.	Maintenance of Office or Agency. 

  
 (a) The Issuers shall maintain in the Borough of Manhattan, The City of New York, an office or agency (which may be an office or drop facility of the
Trustee or an affiliate of the Trustee, Registrar or co-registrar) where Notes may be presented or surrendered for registration of transfer or for exchange and where notices and demands to or upon the Issuers in respect of the Notes and this
Indenture may be served. The Issuers shall give prompt written notice to the Trustee of the location, and any change in the location, of such office or agency. If at any time the Issuers shall fail to maintain any such required office or agency or
shall fail to furnish the Trustee with the address thereof, such presentations, surrenders, notices and demands may be made or served at the Corporate Trust Office of the Trustee, and the Issuers hereby appoint the Trustee as its agent to receive
all such presentations, surrenders, notices and demands. 
  
 (b)
The Issuers may also from time to time designate one or more other offices or agencies where the Notes may be presented or surrendered for any or all such purposes and may from time to time rescind such designations. The Issuers shall give prompt
written notice to the Trustee of any such designation or rescission and of any change in the location of any such other office or agency. 
  
 (c) The Issuers hereby designate the Corporate Trust Office of the Trustee, as one such office, drop facility or agency of the Issuers in accordance with
Section 2.03 hereof. 
  

 41 

	Section 4.03.	Reports. 

  
 (a) Notwithstanding that the Issuers may not be subject to the reporting requirements of Section 13 or 15(d) of the Exchange Act or otherwise report on an
annual and quarterly basis on forms provided for such annual and quarterly reporting pursuant to rules and regulations promulgated by the SEC, so long as any Notes are outstanding, the Issuers will file with the SEC (and make available to the
Trustee and Holders (without exhibits), without cost to each Holder, within 15 days after they file them with the SEC), in each case, on or prior to the respective dates by which the Issuers would have been required to file such information with the
SEC, if the Issuers were subject to Section 13 or 15(d) of the Exchange Act: 
  
 (1) annual reports on Form 10-K, or any successor or comparable form, containing the information required to be contained therein, or required in such successor or comparable form; 
  
 (2) quarterly reports on Form 10-Q, containing the
information required to be contained therein, or any successor or comparable form; 
  
 (3) current reports on Form 8-K, or any successor or comparable form; and 
  
 (4) any other information, documents and other reports which the Issuers would be required to file with the
SEC if they were subject to Section 13 or 15(d) of the Exchange Act; 
  
 provided that the Issuers shall not be so obligated to file such reports with the SEC (i) with respect to annual or quarterly reports, for any period prior to the quarter ended June 30, 2005 and (ii) if the SEC does not permit such
filing, in which event the Issuers will make available such information to prospective purchasers of Notes, in addition to providing such information to the Trustee and the Holders, in each case within 15 days after the respective dates the Issuers
would have been required to file such information with the SEC, if they were subject to Sections 13 or 15(d) of the Exchange Act. 
  
 (b) The Issuers’ reporting obligations with respect to this Section 4.03 shall be satisfied in the event the Issuers file such information with the
SEC on EDGAR and deliver a copy of such information to the Trustee, unless the SEC does not permit such filings, in which case, the Issuers shall comply with the immediately preceding proviso. 
  
 (c) If the Company has designated any of its Subsidiaries as Unrestricted
Subsidiaries, then the quarterly and annual financial information required by the preceding paragraph will include a reasonably detailed presentation, either on the face of the financial statements or in the footnotes thereto, and in
Management’s Discussion and Analysis of Financial Condition and Results of Operations, of the financial condition and results of operations of the Company and its Restricted Subsidiaries separate from the financial condition and results and
operations of the Unrestricted Subsidiaries of the Company. 
  

	Section 4.04.	Compliance Certificate. 

  
 (a) The Issuers and any Guarantor (to the extent that such Guarantor is so required under the TIA) shall deliver to the Trustee, within 90 days after the
end of each fiscal year, an Officers’ Certificate stating that a review of the activities of the Issuers, the Guarantors and their respective Subsidiaries during the preceding fiscal year has been made under the supervision of the signing
Officers with a view to determining whether the Issuers, the Guarantors and their respective Subsidiaries have kept, observed, performed and fulfilled their obligations under this Indenture, and further stating, as to each such Officer signing such
certificate, that to the best of his or her knowledge the Issuers, the Guarantors and their respective Subsidiaries have kept, observed, performed and fulfilled each and every covenant contained in this Indenture and are not in default in the
performance or observance of any of the terms, provisions and conditions of this Indenture (or, if a Default or Event of Default shall have occurred, describing all such Defaults or Events of Default of which he or she may have knowledge and what
action the Issuers is taking or proposes to take with respect thereto). 
  
 (b) The Issuers shall otherwise comply with TIA §314(a)(2). 
  
 (c) The Issuers shall deliver to the Trustee, within 30 days after the Issuers become aware of the occurrence thereof, written notice in the form of an Officers’ Certificate of any Default or Event of Default,
its status and what action the Issuers are taking or propose to take with respect thereto. 
  

	Section 4.05.	Taxes. 

  
 The Issuers shall pay, and shall cause each of their Subsidiaries to pay, prior to delinquency, all material taxes, assessments and governmental levies,
except such as are being contested in good faith and by 

  

 42 

 
appropriate proceedings or where the failure to effect such payment is not adverse in any material respect to the Holders. 
  

	Section 4.06.	Stay, Extension and Usury Laws. 

  
 Each Issuer and each of the Guarantors covenant (to the extent that it may lawfully do so) that it shall not at any time insist upon, plead, or in any
manner whatsoever claim or take the benefit or advantage of, any stay, extension or usury law wherever enacted, now or at any time hereafter in force, that may affect the covenants or the performance of this Indenture; and each Issuer and each
Guarantor (to the extent that it may lawfully do so) hereby expressly waives all benefit or advantage of any such law, and covenants that it shall not, by resort to any such law, hinder, delay or impede the execution of any power herein granted to
the Trustee, but shall suffer and permit the execution of every such power as though no such law has been enacted. 
  

	Section 4.07.	Corporate Existence. 

  
 Subject to Article 5 and Section 10.04 hereof, each of the Issuers and the Guarantors shall do or cause to be done all things necessary to preserve and
keep in full force and effect (i) its corporate existence, and the corporate, partnership or other existence of each Subsidiary, in accordance with the respective organizational documents (as the same may be amended from time to time) of each of the
Issuers or any such Subsidiary and (ii) the rights (charter and statutory), licenses and franchises of each of the Issuers and their Subsidiaries; provided, however, that the Issuers shall not be required to preserve any such right, license
or franchise, or the corporate, partnership or other existence of any Subsidiary, if the Board of Directors of the Company shall determine that the preservation thereof is no longer desirable in the conduct of the business of the Issuers and its
Subsidiaries, taken as a whole, and that the loss thereof is not adverse in any material respect to the Holders of the Notes, or that such preservation is not necessary in connection with any transaction not prohibited by this Indenture. 

 

	Section 4.08.	Payments for Consent. 

  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, directly or indirectly, pay or cause to be paid any consideration to or
for the benefit of any Holder for or as an inducement to any consent, waiver or amendment of any of the terms or provisions of this Indenture or the Notes unless such consideration is offered to be paid and is paid to all Holders of the Notes that
consent, waive or agree to amend in the time frame set forth in the solicitation documents relating to such consent, waiver or agreement. 
  

	Section 4.09.	Incurrence of Indebtedness and Issuance of Preferred Stock. 

  
 (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create, incur, issue,
assume, guarantee or otherwise become directly or indirectly liable, contingently or otherwise (collectively, “incur” and collectively, an “incurrence”) with respect to any Indebtedness (including
Acquired Indebtedness) and the Company will not issue any shares of Disqualified Stock and will not permit any Restricted Subsidiary to issue any shares of Disqualified Stock or preferred stock; provided, however, that on or after the first
anniversary following the Issue Date, the Company may incur Indebtedness (including Acquired Indebtedness) or issue shares of Disqualified Stock, and any Guarantor (other than Trump Indiana) may incur Indebtedness (including Acquired Indebtedness),
issue shares of Disqualified Stock and issue shares of preferred stock, if (i) no Default or Event of Default shall have occurred and be continuing at the time of, or would occur after giving effect to such incurrence of Indebtedness or issuance of
shares of Disqualified Stock or preferred stock, and (ii) the Total Leverage Ratio for the Company’s and the Restricted Subsidiaries’ most recently ended four fiscal quarters for which internal financial statements are available
immediately preceding the date on which such additional Indebtedness is incurred or such Disqualified Stock or preferred stock is issued would have been less than or equal to 6.0 to 1, determined on a pro forma basis (including a pro forma
application of the net proceeds therefrom), as if the additional Indebtedness had been incurred, or the Disqualified Stock or preferred stock had been issued, as the case may be, and the application of proceeds therefrom, had occurred at the
beginning of such four-quarter period. 
  

 43 

 (b) The foregoing limitations will not apply to the following (each of the following,
“Permitted Indebtedness”): 
  
 (1) (A) the incurrence of Indebtedness under Credit Facilities by the Company or any of the Company’s Restricted Subsidiaries and the issuance and creation of letters of credit and bankers’ acceptances
thereunder (with letters of credit and bankers’ acceptances being deemed to have a principal amount equal to the face amount thereof), not to exceed $350 million outstanding at any one time, minus all principal payments made in respect
of any term loans or the amount by which any commitments thereunder are permanently reduced, in each case, from the proceeds of one or more Asset Sales pursuant to Section 4.12 and (B) up to $150 million of term loan borrowings solely for the
purpose of financing the construction of the tower and related capital improvements at the Trump Taj Mahal Casino Resort. 
  
 (2) the incurrence by the Company and any Guarantor of Indebtedness in aggregate principal amount not to exceed $1.25 billion represented
by the Notes (including any Guarantee thereof) represented by this Indenture; 
  
 (3) Existing Indebtedness (other than Indebtedness described in the immediately preceding clauses (1) and (2) and clause (4) below); 
  
 (4) Indebtedness (including Capitalized Lease Obligations) and Disqualified Stock incurred by the Company or
Indebtedness (including Capitalized Lease Obligations) incurred by any of the Restricted Subsidiaries, to finance the purchase, lease, construction or improvement of property (real or personal) or equipment that is used or useful in a Permitted
Business, whether through the direct purchase of assets or the Capital Stock of any Person owning such assets, in an aggregate principal amount which, when aggregated with the principal amount of all other Indebtedness and Disqualified Stock then
outstanding and incurred pursuant to this clause (4) (including any Refinancing Indebtedness permitted to be incurred pursuant to clause (12) and incurred to extend, refund, refinance, defease, renew or replace Indebtedness or Disqualified Stock
incurred pursuant to this clause (4) or subsequent Refinancing Indebtedness attributable to Indebtedness or Disqualified Stock incurred pursuant to this clause (4)) does not exceed at any time in the aggregate outstanding $20.0 million per Casino
Property; 
  
 (5) to the extent such incurrence
does not result in the incurrence by the Company or any Restricted Subsidiary of any obligation for the payment of borrowed money of others, Indebtedness by the Company or any of its Restricted Subsidiaries owed to any Person in connection with
workers’ compensation, self-insurance, health, disability or other employee benefits or property, casualty or liability insurance provided by such Person to the Company or such Restricted Subsidiary, pursuant to reimbursement or indemnification
obligations to such person, in each case incurred in the ordinary course of business; 
  
 (6) Indebtedness arising from agreements of the Company or a Restricted Subsidiary providing for indemnification, adjustment of purchase
price or similar obligations, in each case, incurred or assumed in connection with the disposition of any business, assets or a Subsidiary, other than guarantees of Indebtedness incurred by any Person acquiring all or any portion of such business,
assets or a Subsidiary for the purpose of financing such acquisition; provided, however, that: 
  
 (i) such Indebtedness is not reflected on the balance sheet of the Company or any Restricted Subsidiary (contingent obligations referred
to in a footnote to financial statements and not otherwise reflected on the balance sheet will not be deemed to be reflected on such balance sheet for purposes of this clause (6)(i)) and 
  
 (ii) the maximum assumable liability in respect of all such Indebtedness shall at no time exceed the gross
proceeds including noncash proceeds (the Fair Market Value of such noncash proceeds being measured at the time received and without giving effect to any subsequent changes in value) actually received by the Company and the Restricted Subsidiaries in
connection with such disposition; 
  

 44 

 (7) Indebtedness (including Indebtedness related to Sale and Lease-Back Transactions) of
the Company to a Restricted Subsidiary or of a Restricted Subsidiary to the Company or another Restricted Subsidiary; provided that: 
  
 (i) if the Company or any Guarantor is the borrower of such Indebtedness and the lender is a Restricted Subsidiary that is not a
Guarantor, such Indebtedness must be expressly subordinated to the prior payment in full in cash of all Note Obligations, in the case of the Company, or the Guarantee, in the case of a Guarantor; and 
  
 (ii) any subsequent issuance or transfer of any Capital
Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such Indebtedness (except to the Company or another Restricted Subsidiary) shall be deemed, in
each case to be an incurrence of such Indebtedness not permitted by this clause (7); 
  
 (8) shares of Disqualified Stock or preferred stock of a Restricted Subsidiary issued to the Company or another Restricted Subsidiary;
provided that any subsequent issuance or transfer of any Capital Stock or any other event which results in any such Restricted Subsidiary ceasing to be a Restricted Subsidiary or any other subsequent transfer of any such shares of
Disqualified Stock or preferred stock (except to the Company or another Restricted Subsidiary) shall be deemed in each case to be an issuance of such shares of Disqualified Stock or preferred stock; 
  
 (9) (i) any guarantee by the Company or a Guarantor of
Indebtedness or other obligations of any Restricted Subsidiary so long as the incurrence of such Indebtedness incurred by such Restricted Subsidiary is permitted under the terms of the Indenture, or 
  
 (ii) any guarantee by a Restricted Subsidiary of
Indebtedness of the Company, provided that such guarantee is incurred in accordance with Section 4.19. 
  
 (10) Hedging Obligations (excluding Hedging Obligations entered into for speculative purposes) for the purpose of limiting interest rate
risk or exchange rate risk with respect to any Indebtedness permitted to be incurred pursuant to this Section 4.09; 
  
 (11) to the extent such incurrence does not result in the incurrence by the Company or any Restricted Subsidiary of any obligation for the
payment of borrowed money of others, obligations in respect of performance, bid, appeal and surety bonds and completion guarantees provided by the Company or any Restricted Subsidiary in the ordinary course of business; 
  
 (12) the incurrence by the Company of Indebtedness or
Disqualified Stock or the incurrence by any Restricted Subsidiary of Indebtedness in exchange for, or the net proceeds of which are used to extend, refund, refinance, defease, renew or replace, any Indebtedness or Disqualified Stock incurred under
paragraph (a) of this Section 4.09 or clauses (1)(B), (2), (3), (4) above and this clause (12) or any Indebtedness or Disqualified Stock incurred in exchange for, or the net proceeds of which are used to extend, refund, refinance, defease, renew or
replace, such Indebtedness or Disqualified Stock including additional Indebtedness or Disqualified Stock incurred to pay premiums (including tender premiums), defeasance costs and fees in connection therewith prior to its respective maturity (the
“Refinancing Indebtedness”); provided, however, that: 
  
 (A) such Refinancing Indebtedness has a Weighted Average Life to Maturity at the time such Refinancing Indebtedness is incurred which is
not less than the remaining Weighted Average Life to Maturity of the Indebtedness or Disqualified Stock being extended, refunded, refinanced, defeased, renewed or replaced, 
  

 45 

 (B) to the extent such Refinancing Indebtedness extends, refunds, refinances, defeases,
renews or replaces (i) Indebtedness subordinated or pari passu to the Notes or any Guarantee of the Notes, such Refinancing Indebtedness is subordinated or pari passu to the Notes or such Guarantee at least to the same extent as the Indebtedness
being extended, refunded, refinanced, defeased, renewed or replaced or (ii) Disqualified Stock, such Refinancing Indebtedness must be Disqualified Stock, 
  
 (C) the principal amount (or accreted value, if applicable) of such Refinancing Indebtedness (or liquidation preference in the case of
Disqualified Stock) does not exceed the sum of the outstanding principal amount (or accreted value, if applicable) of the Indebtedness so extended, refunded, refinanced, defeased, renewed or replaced (plus all accrued interest thereon and the amount
of all premiums and reasonable expenses incurred in connection therewith), 
  
 (D) the Indebtedness is incurred either by the Issuers or by the Restricted Subsidiary that is the obligor on the Indebtedness being extended, refunded, refinanced, defeased, renewed or replaced, 
  
 (E) the Indebtedness shall be secured only by the property
or assets (if any) securing the Indebtedness to be so extended, refunded, refinanced, defeased, renewed or replaced, and 
  
 (F) such Refinancing Indebtedness shall not include: 
  
 (x) Indebtedness or Disqualified Stock of a Restricted Subsidiary (other than a Restricted Subsidiary that
is a primary obligor or guarantor of the Indebtedness being refinanced) that extends, refunds, refinances, defeases, renews or replaces Indebtedness, Disqualified Stock or preferred stock of the Company, 
  
 (y) Indebtedness or Disqualified Stock of a Restricted
Subsidiary (other than a Restricted Subsidiary that is a primary obligor or guarantor of the Indebtedness being refinanced) that is not a Guarantor that extends, refunds, refinances, defeases, renews or replaces Indebtedness, Disqualified Stock or
preferred stock of a Guarantor, or 
  
 (z)
Indebtedness or Disqualified Stock of the Company or a Restricted Subsidiary (other than a Restricted Subsidiary that is a primary obligor or guarantor of the Indebtedness being refinanced) that extends, refunds, refinances, defeases, renews or
replaces Indebtedness, Disqualified Stock or preferred stock of an Unrestricted Subsidiary; 
  
 (14) Indebtedness arising from the honoring by a bank or other financial institution of a check, draft or similar instrument drawn against
insufficient funds in the ordinary course of business, provided that such Indebtedness is extinguished within two Business Days of its incurrence; or 
  
 (15) Indebtedness of the Company or any Restricted Subsidiary supported by a letter of credit issued pursuant to the Credit Facilities, in
a principal amount not in excess of the stated amount of such letter of credit. 
  
 (c) Neither the Company nor any Guarantor will incur any Indebtedness (including Permitted Indebtedness) that is contractually subordinated in right of payment to any other Indebtedness of the Company or such
Guarantor unless such Indebtedness is also contractually subordinated in right of payment to the Notes or such Guarantee on substantially identical terms; provided, however, that no Indebtedness of the Company or any Guarantor shall be
deemed to be contractually subordinated in right of payment to any other Indebtedness of the Company or such Guarantor solely by virtue of being unsecured. 
  
 (d) For purposes of determining compliance with this Section 4.09, in the event that an item of Indebtedness, Disqualified Stock or preferred stock meets
the criteria of more than one of the categories of 

  

 46 

 
permitted Indebtedness, Disqualified Stock or preferred stock described in clauses (1) through (15) of paragraph (b) above or is entitled to be incurred
pursuant to paragraph (a) of this Section 4.09, the Company, in its sole discretion, will classify or reclassify such item of Indebtedness, Disqualified Stock or preferred stock (or any portion thereof) and will only be required to include the
amount and type of such Indebtedness, Disqualified Stock or preferred stock in one of the above clauses; provided, however, that any incurrence of Indebtedness under Credit Facilities must be first applied to clause (1) of Section
4.09(b). For purposes of determining compliance with this Section 4.09, at the time of incurrence, the Company will be entitled to divide and classify an item of Indebtedness in more than one of the types of Indebtedness described above. 

 
 (e) Accrual of interest, the accretion of accreted value and the payment
of interest in the form of additional Indebtedness or Disqualified Stock by the Company or additional Indebtedness of any Restricted Subsidiary will not be deemed to be an incurrence of Indebtedness, Disqualified Stock or preferred stock for
purposes of this Section 4.09. 
  
 (f) For purposes of determining
compliance with any U.S. dollar-denominated restriction on the incurrence of Indebtedness, the U.S. dollar-equivalent principal amount of Indebtedness denominated in a foreign currency shall be calculated based on the relevant currency exchange rate
in effect on the date such Indebtedness was incurred, in the case of term debt, or first committed, in the case of revolving credit debt; provided that if such Indebtedness is incurred to refinance other Indebtedness denominated in a foreign
currency, and such refinancing would cause the applicable U.S. dollar denominated restriction to be exceeded if calculated at the relevant currency exchange rate in effect on the date of such refinancing, such U.S. dollar-denominated restriction
shall be deemed not to have been exceeded so long as the principal amount of such refinancing Indebtedness does not exceed the principal amount of such Indebtedness being refinanced. The principal amount of any Indebtedness incurred to refinance
other Indebtedness, if incurred in a different currency from the Indebtedness being refinanced, shall be calculated based on the currency exchange rate applicable to the currencies in which such respective Indebtedness is denominated that is in
effect on the date of such refinancing. 
  

	Section 4.10.	Restricted Payments. 

  
 (a) The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly: 
  
 (1) declare or pay any dividend or make any other payment or
distribution on account of the Company’s or any Restricted Subsidiary’s Equity Interests (including, without limitation, any payment in connection with any merger or consolidation involving the Company) or to the direct or indirect holders
of the Company’s or any Restricted Subsidiary’s Equity Interests in their capacity as such, other than: 
  
 (i) dividends or distributions by the Company payable in Equity Interests (other than Disqualified Stock) of the Company, or 

 
 (ii) dividends or distributions by a Restricted
Subsidiary, provided that, in the case of any dividend or distribution payable on or in respect of any class or series of securities issued by a Restricted Subsidiary other than a Wholly Owned Subsidiary, the Company or a Restricted
Subsidiary receives at least its pro rata share of such dividend or distribution in accordance with its Equity Interests in such class or series of securities; 
  

(2) purchase, redeem, defease or otherwise acquire or retire (including, without limitation, in connection with any merger or
consolidation involving the Company) any Equity Interests of the Company or the Parent; 
  
 (3) make any principal payment on or with respect to, or redeem, repurchase, defease or otherwise acquire or retire in each case, prior to
any scheduled repayment, sinking fund payment or maturity, any Subordinated Indebtedness of the Company or such Restricted Subsidiary (including any payment in respect of any amendment of the terms of such Subordinated Indebtedness, which amendment
is sought in connection with any 

  

 47 

 
such acquisition of Subordinated Indebtedness or seeks to shorten any such date), other than Indebtedness owed to the Company or a Guarantor permitted under
clauses (7) and (8) of Section 4.09; or 
  
 (4)
make any Restricted Investment; 
  
 (all such payments and other actions set forth
in clauses (1) through (4) above being collectively referred to as “Restricted Payments”), unless, at the time of and after giving effect to such Restricted Payment: 
  
 (A) no Default or Event of Default shall have occurred and
be continuing or would occur as a consequence thereof; 
  
 (B) immediately after giving effect to such Restricted Payment on a pro forma basis, as if such Restricted Payment had been made at the beginning of the applicable four-quarter period, the Company could incur at least $1.00 of additional
Indebtedness pursuant to the Total Leverage Ratio test set forth in paragraph (a) of Section 4.09 (for the purpose of this clause (B), without regard to the time limitation of one year following the Issue Date contained in such Section 4.09(a)); and

  
 (C) such Restricted Payment, together with
the aggregate amount of all other Restricted Payments made by the Company and the Restricted Subsidiaries after the Issue Date (excluding Restricted Payments permitted by clauses (2), (3), (5), (6), (7), (13) and (14) of paragraph (b) of this
Section 4.10), is less (without duplication) than the sum of: 
  
 (i) 50% of the Consolidated Net Income of the Company for the period (taken as one accounting period) from the beginning of the first fiscal quarter commencing after the Issue Date, to the end of the Company’s
most recently ended fiscal quarter for which internal financial statements are available at the time of such Restricted Payment (or, in the case such Consolidated Net Income for such period is a deficit, minus 100% of such deficit), plus

  
 (ii) 100% of the aggregate net cash proceeds
received by the Company since immediately after the Issue Date as a contribution to its common equity capital or from the issue or sale of Equity Interests of the Company (other than Disqualified Stock) or from the issue or sale of convertible or
exchangeable Disqualified Stock or convertible or exchangeable debt securities of the Company that have been converted into or exchanged for such Equity Interests (other than Equity Interests (or Disqualified Stock or debt securities) sold to a
Restricted Subsidiary of the Company), plus 
  
 (iii) to the extent that any Restricted Investment that was made since immediately after the Issue Date is sold for cash or otherwise liquidated or repaid for cash, the lesser of (x) the cash return of capital with respect to such
Restricted Investment (less the cost of disposition, if any) and (y) the initial amount of such Restricted Investment, plus 
  
 (iv) to the extent that any Unrestricted Subsidiary of the Company designated as such since immediately after the Issue Date is
redesignated as a Restricted Subsidiary after the Issue Date, the lesser of (i) the Fair Market Value of the Company’s Investment in such Subsidiary as of the date of such redesignation and (ii) such Fair Market Value as of the date on which
such Subsidiary was originally designated as an Unrestricted Subsidiary after the Issue Date and treated as a Restricted Payment hereunder, plus 
  
 (v) 50% of any dividends received by the Company or a Restricted Subsidiary of the Company since immediately after the Issue Date from an
Unrestricted Subsidiary of the Company, to the extent that such dividends were not otherwise included in the Consolidated Net Income of the Company for such period, minus 
  
 (vi) 50% of the aggregate amount of all Investments made since the Issue Date pursuant to clause (8) of the
definition of “Permitted Investments” hereunder. 
  

 48 

 (b) The foregoing provisions will not prohibit: 
  
 (1) the payment of any dividend within 60 days after the
date of declaration thereof, if at the date of declaration such payment would have complied with the provisions of the Indenture; 
  
 (2) the redemption, repurchase or other acquisition of Subordinated Indebtedness of the Company or any Guarantor or of any Equity
Interests of the Company in exchange for, or out of the net cash proceeds of the substantially concurrent sale (other than to a Restricted Subsidiary of the Company) of, Equity Interests of the Company (other than Disqualified Stock) or from the
substantially concurrent contribution of common equity capital to the Company; provided that the amount of any such net cash proceeds that are utilized for any such Restricted Payment will be excluded from clause (C)(ii) of paragraph (a) of
this Section 4.10; 
  
 (3) the redemption,
repurchase or other acquisition or retirement of Subordinated Indebtedness of the Company made by exchange for, or out of the proceeds of the substantially concurrent issuance or sale of, Refinancing Indebtedness of the Company which is incurred in
compliance with Section 4.09; 
  
 (4) a
Restricted Payment to pay for the repurchase, retirement or other acquisition or retirement of common Equity Interests of the Parent held by any future, present or former employee, director or consultant of the Parent or any of its Subsidiaries
pursuant to any management equity plan or stock option plan or any other management or employee benefit plan or agreement; provided, however, that the aggregate Restricted Payments made under this clause (4) do not exceed in any
calendar year $1.0 million; 
  
 (5) the
declaration and payment of distributions or dividends to holders of any class or series of Disqualified Stock of the Company or any Restricted Subsidiary issued in accordance with Section 4.09 to the extent such dividends are included in the
definition of Consolidated Fixed Charges; 
  
 (6)
repurchases of Equity Interests deemed to occur upon exercise of stock options or warrants if such Equity Interests represent a portion of the exercise price of such options or warrants; 
  
 (7) the declaration and payment of distributions or dividends by the Company to, or the making of loans to
the Parent in amounts required for the Parent to pay: 
  
 (A) franchise taxes and other fees, taxes and expenses required to maintain its corporate existence, 
  
 (B) customary salary, bonus and other benefits payable to officers and employees of the Parent to the extent such salaries, bonuses and
other benefits are attributable to the ownership or operation of the Company and the Restricted Subsidiaries, and 
  
 (C) general corporate overhead expenses of the Parent to the extent such expenses are attributable or allocable to the ownership or
operation of the Company and the Restricted Subsidiaries; 
  
 provided, however, that such declarations, payments and dividends shall not exceed $1.5 million in any fiscal year. 
  
 (8) payments under the Services Agreement and/or Trademark and Licensing Agreement; 
  
 (9) the redemption, repurchase or other acquisition or
retirement of, or any distributions or dividends to the Parent to effect the redemption, repurchase, acquisition or retirement of, any Equity Interests or Indebtedness of the Company or the Parent to the extent required by any Gaming Authority;
provided, however, that, no such Restricted Payment shall be made if at the time of and after giving effect to such Restricted Payment a Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof
unless (i) the ownership of such Equity Interests or Indebtedness will preclude, interfere with, threaten or delay the issuance, maintenance, existence or reinstatement of any material Gaming License and (ii) so long as such efforts do not
jeopardize a material Gaming License, the Company or the Parent shall have diligently sought a third-party 

  

 49 

 
purchaser for such Equity Interests or Indebtedness and no third-party purchaser acceptable to the relevant Gaming Authority was willing to purchase such
Equity Interests or Indebtedness within a time period acceptable to such Gaming Authority; 
  
 (10) payments under any indemnification agreements with the members of the Board of Directors of the Parent (other than any payments under
indemnification agreements included in the definition of “Tax Distributions” hereunder); 
  
 (11) for so long as the Company is a partnership or substantially similar pass-through entity for U.S. federal income tax purposes, any
Tax Distributions; 
  
 (12) proceeds to fund any
“Special Dividend” pursuant to Article IV.D.3 of the Parent’s Restated Certificate of Incorporation as in effect as of the Issue Date, to the extent that there are insufficient funds at the Parent to fund all or a portion of such
Special Dividend; 
  
 (13) distributions of the
World’s Fair Site Sale Proceeds; and 
  
 (14) proceeds to fund payments (including with respect to claims, fees, expenses, cure amounts and reserves) under or in connection with the Plan or the Cases; 
  
 provided, however, that at the time of, and after giving effect to, any Restricted Payment permitted under clauses (4), (5), (6),
(7)(B), (7)(C), (11) and (12) above, no Default or Event of Default shall have occurred and be continuing or would occur as a consequence thereof. 
  
 (c) The Company will not permit any Unrestricted Subsidiary to become a Restricted Subsidiary except pursuant to the last sentence of the definition of
“Unrestricted Subsidiary.” For purposes of designating any Restricted Subsidiary as an Unrestricted Subsidiary, all outstanding Investments by the Company and the Restricted Subsidiaries (except to the extent repaid) in the Subsidiary so
designated will be deemed to be Restricted Payments in an amount determined as set forth in the last sentence of the definition of “Investment.” Such designation will be permitted only if a Restricted Payment in such amount would be
permitted at such time, whether pursuant to paragraph (a) of this Section 4.10 or under clause (8) of the definition of “Permitted Investments” hereunder or otherwise pursuant to the definition of “Permitted Investments”
hereunder, and if such Subsidiary otherwise meets the definition of an Unrestricted Subsidiary. 
  
 (d) The amount of all Restricted Payments (other than cash) will be the Fair Market Value on the date of the Restricted Payment of the assets, property or
securities proposed to be transferred or issued by the Company or such Restricted Subsidiary, as the case may be, pursuant to the Restricted Payment. The Fair Market Value of any assets or securities that are required to be valued by this Section
4.10 in excess of $10.0 million will be determined in good faith by the Board of Directors of TER and evidenced by a Board Resolution and, in the case of any assets or securities with a Fair Market Value in excess of $20.0 million, based upon a
fairness opinion or appraisal issued by an accounting, appraisal or investment banking firm of national standing. Other than with respect to any payment described in clauses (1) through (14) of paragraph (b) of this Section 4.10, no later than the
date of making any Restricted Payment, the Issuers will deliver to the Trustee an Officers’ Certificate stating that such Restricted Payment is permitted and setting forth the basis upon which the calculations required by this Section 4.10 were
computed, together with a copy of any Board Resolution or fairness opinion or appraisal required hereunder. 
  

	Section 4.11.	Liens. 

  
 The Company will not, and will not permit any of the Restricted Subsidiaries to, create, incur, assume or suffer to exist any Lien of any kind securing
Indebtedness, other than Permitted Liens, upon any of its property now owned or acquired after the date of the Indenture or upon any income or profits therefrom. 
  

 50 

	Section 4.12.	Asset Sales. 

  
 (a) The Company will not, and will not permit any Restricted Subsidiary to, consummate an Asset Sale, unless: 
  
 (1) the Company or such Restricted Subsidiary, as the case
may be, receives consideration at the time of such Asset Sale at least equal to the Fair Market Value of the assets or Equity Interests sold or otherwise disposed of; 
  
 (2) with respect to any Asset Sale involving consideration or property in excess of $10.0 million, such Fair
Market Value is determined by the Board of Directors of TER and evidenced by a resolution of the Board of Directors set forth in an Officers’ Certificate delivered to the Trustee; 
  
 (3) at least 85% of the consideration therefor received by the Company or such Restricted Subsidiary, as the
case may be, is in the form of cash or Cash Equivalents; provided that the amount of: 
  
 (A) any liabilities (as shown on the Company’s, or such Restricted Subsidiary’s, most recent balance sheet or in the footnotes
thereto) (other than contingent liabilities and liabilities that are by their terms subordinated to the Notes or such Restricted Subsidiary’s Guarantee) that are assumed by the transferee of any such assets and for which the Company and all
Restricted Subsidiaries have been validly released in writing by all creditors of such liabilities, and 
  
 (B) any securities received by the Company or such Restricted Subsidiary from such transferee that are converted by the Company or such
Restricted Subsidiary into cash (to the extent of the cash received) within 30 Business Days following the closing of such Asset Sale, shall be deemed to be cash for purposes of this provision and for no other purpose; and 
  
 (4) if such Asset Sale involves the disposition of
Collateral, the Net Asset Sale Proceeds thereof, if cash or Cash Equivalents, shall be paid directly by the purchaser of the Collateral to the Collateral Agent for deposit into the Collateral Account, and, if any property other than cash or Cash
Equivalents so deposited into the Collateral Account is included in such Net Asset Sale Proceeds, such property shall be made subject to the Lien of the Indenture and the applicable Collateral Documents, in each case, subject to and pending
application pursuant to the provisions set forth in the Collateral Documents. 
  
 (b) If the assets sold by the Company or any of its Restricted Subsidiaries from an Asset Sale or series of related Asset Sales generated less than 25% of the Company’s consolidated EBITDA for the most recent
twelve-month period for which internal financial statements are available (an “Ordinary Asset Sale”), within 365 days after the Company’s or any Restricted Subsidiary’s receipt of such Net Asset Sale Proceeds, the Company
or such Restricted Subsidiary, at its option, may apply the Net Asset Sale Proceeds from such Asset Sale: 
  
 (1) to the repayment of Priority Lien Debt and, if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce
commitments with respect thereto, or 
  
 (2) to
an investment in (a) any one or more Permitted Businesses, provided that if such investment in any business is in the form of the acquisition of Capital Stock, such investment results in the Company or a Restricted Subsidiary, as the case may
be, owning an amount of the Capital Stock of such Person such that it constitutes a Restricted Subsidiary, (b) capital expenditures or (c) acquisitions of other assets (other than the payment of ordinary operating expenses), in each of (a), (b) and
(c), used or useful in a Permitted Business (any of the foregoing clauses (a), (b), or (c), “Replacement Assets”); 
  
 provided that any Replacement Assets acquired with any Net Asset Sale Proceeds of Collateral shall be owned by the Company or by a Guarantor and shall not be
subject to any Liens other than Permitted Liens, and the Company or such Guarantor, as the case may be, shall execute and deliver to the Collateral Agent such Collateral Documents 

  

 51 

 
or other instruments as shall be reasonably necessary to cause such Replacement Assets to become subject to a Lien in favor of the Collateral Agent on behalf
of the Trustee, for the benefit of the Holders, securing its obligations under the Notes or its Guarantee, as the case may be, and otherwise shall comply with terms of this Indenture and the Senior Credit Facility. 
  
 (c) If the assets sold by the Company or any of its Restricted Subsidiaries
from an Asset Sale or series of related Asset Sales generated 25% or more of the Company’s consolidated EBITDA for the most recent twelve-month period for which internal financial statements are available at the time of such sale (an
“Extraordinary Asset Sale”), then within 10 Business Days after the Company’s or any Restricted Subsidiaries receipt of such Net Asset Sale Proceeds, the Company or such Restricted Subsidiary must repay any Priority Lien Debt
(and, if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto), if any, to the extent such Priority Lien Debt is permitted or required to be repaid with such proceeds in accordance with
its terms. 
  
 (d) For the purposes of calculating the percentage
of the Company’s consolidated EBITDA to determine an Ordinary Asset Sale or Extraordinary Asset Sale under this Section 4.12, the amount of EBITDA generated by such assets shall be determined on an annualized basis to the extent such assets
were acquired less than twelve months prior to such Asset Sale or series of related Asset Sales. 
  
 (e) Any Net Asset Sale Proceeds (i) from an or Ordinary Asset Sale that are not invested or applied as provided and within the time period set forth in
the first sentence of paragraph (b) of this Section 4.12 or (ii) from an Extraordinary Asset Sale that are not used to repay Priority Lien Debt within the time period set forth in paragraph (c) of this Section 4.12, will be deemed to constitute
“Excess Proceeds.” Within 10 Business Days following the date that the aggregate amount of Excess Proceeds exceeds $15.0 million, the Issuers shall make an offer to all Holders (an “Asset Sale Offer”), to purchase the
maximum principal amount of Notes that may be purchased out of the Excess Proceeds at an offer price in cash in an amount equal to 100% of the principal amount thereof, plus accrued and unpaid interest to the date fixed for the closing of such
offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes, tendered pursuant to an Asset Sale Offer is less than the Excess Proceeds, the Company may use any remaining Excess Proceeds for
any purposes, subject to other covenants contained in this Indenture. If the aggregate principal amount of Notes, tendered pursuant to an Asset Sale Offer exceeds the amount of Excess Proceeds, the Trustee shall select the Notes to be purchased on a
pro rata basis based on the aggregate principal amount of the Notes so tendered. Upon completion of any Asset Sale Offer, the amount of Excess Proceeds shall be reset at zero. 
  
 (f) Except as set forth in the following sentence, pending the final application of any Net Asset Sale Proceeds pursuant to
this Section 4.12, the Company or the applicable Restricted Subsidiary may apply such Net Asset Sale Proceeds temporarily to reduce revolving credit Indebtedness or otherwise invest such Net Asset Sale Proceeds in any manner not prohibited by the
Indenture. Notwithstanding the foregoing, all Net Asset Sale Proceeds of any Collateral in respect of any Asset Sale shall, pending their application in accordance with this Section 4.12 or the release thereof in accordance with the provisions of
the Collateral Documents, be deposited in the Collateral Account under the Intercreditor Agreement. 
  
 (g) The Issuers will comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent such laws or regulations are applicable in connection with the repurchase of the Notes pursuant to an Asset Sale Offer. To the extent that the provisions of any securities laws or regulations conflict with the provisions of the Indenture, the
Issuers will comply with the applicable securities laws and regulations and shall not be deemed to have breached its obligations described in the Indenture by virtue thereof. 
  

 52 

	Section 4.13.	Dividend and Other Payment Restrictions Affecting Restricted Subsidiaries. 

  
 The Company will not, and will not permit any Restricted Subsidiary to, directly or indirectly, create or otherwise cause or
suffer to exist or become effective any consensual encumbrance or consensual restriction on the ability of any such Restricted Subsidiary to: 
  
 (1) (a) pay dividends or make any other distributions to the Company or any Restricted Subsidiary on its Capital Stock or with respect to
any other interest or participation in, or measured by, its profits, or 
  
 (b) pay any Indebtedness owed to the Company or any Restricted Subsidiary; 
  
 (2) make loans or advances to the Company or any Restricted Subsidiary; or 
  
 (3) sell, lease or transfer any of its properties or assets to the Company or any Restricted Subsidiary.

  
 However, the preceding restrictions will not
apply to encumbrances or restrictions existing under or by reason of: 
  
 (1) contractual encumbrances or restrictions in effect on the Issue Date, including pursuant to the Senior Credit Facility and the related documentation; 
  
 (2) the Indenture, the Collateral Documents and the Notes, in each case, as the same may be amended from
time to time in accordance with the terms thereof; 
  
 (3) purchase money obligations for property acquired in the ordinary course of business that impose restrictions of the nature discussed in clause (3) of the preceding paragraph on the property so acquired; 
  
 (4) applicable law (including, without limitation, any
Gaming Law) or any applicable rule, regulation or order; 
  
 (5) any agreement or other instrument of a Person acquired by the Company or any Restricted Subsidiary in existence at the time of such acquisition (but not created in contemplation thereof), which encumbrance or
restriction is not applicable to any Person, or the properties or assets of any Person, other than the Person, or the property or assets of the Person, so acquired; 
  
 (6) contracts for the sale of assets, including customary restrictions with respect to a Subsidiary pursuant
to an agreement that has been entered into for the sale or disposition of all or substantially all of the Capital Stock or assets of such Subsidiary; provided that such restrictions or encumbrances relate only to the assets (or Capital Stock
of an entity directly or indirectly owning such assets) being sold pursuant to these contracts; 
  
 (7) secured Indebtedness otherwise permitted to be incurred pursuant to Sections 4.09 and 4.11 that limit the right of the debtor to
dispose of the assets securing such Indebtedness; 
  
 (8) restrictions on cash or other deposits or net worth imposed by customers under contracts entered into in the ordinary course of business; 
  
 (9) other Indebtedness, Disqualified Stock or preferred stock of Restricted Subsidiaries permitted to be incurred subsequent to the Issue
Date pursuant to the provisions of Section 4.09; 
  
 (10) customary provisions in joint venture agreements and other similar agreements; 
  
 (11) customary provisions contained in leases and other agreements entered into in the ordinary course of business; 
  
 (12) any encumbrances or restrictions of the type referred
to in clauses (1), (2) and (3) of the preceding paragraph imposed by any amendments, modifications, restatements, renewals, increases, supplements, refundings, replacements or refinancings of the contracts, instruments or obligations referred

  

 53 

 
to in clauses (1) through (11) above or this clause (12), provided that such amendments, modifications, restatements, renewals, increases,
supplements, refundings, replacements or refinancings are, in the good faith judgment of the Board of Directors of TER, no more restrictive with respect to such encumbrance and other restrictions than those prior to such amendment, modification,
restatement, renewal, increase, supplement, refunding, replacement or refinancing; and 
  
 (13) restrictions imposed by Gaming Authorities on the payment of dividends by entities holding Gaming Licenses. 
  

	Section 4.14.	Transactions with Affiliates. 

  
 (a) The Company will not, and will not permit any Restricted Subsidiary to, make any payment to, or sell, lease, transfer or otherwise dispose of any of
its properties or assets to, or purchase any property or assets from, or enter into or make or amend any transaction, contract, agreement, understanding, loan, advance or guarantee with, or for the benefit of, any Affiliate of the Company (each of
the foregoing, an “Affiliate Transaction”), unless: 
  
 (1) such Affiliate Transaction is on terms that are not materially less favorable to the Company or the relevant Restricted Subsidiary than those that would have been obtained in a comparable transaction by the
Company or such Restricted Subsidiary with an unrelated Person; and 
  
 (2) the Company delivers to the Trustee: 
  
 (A) with respect to any Affiliate Transaction or series of related Affiliate Transactions (i) involving aggregate payments or consideration in excess of $60,000, or (ii) involving Donald J. Trump or any of his
controlled Affiliates, a resolution adopted by the Board of Directors of TER approving such Affiliate Transaction and set forth in an Officers’ Certificate certifying that such Affiliate Transaction complies with clause (1) above and that such
Affiliate Transaction has been approved by a majority of the disinterested directors of TER; provided, that for purposes of determining whether or not a director qualifies as “disinterested” for approval under this Section 4.14, any
director nominated by or appointed by Donald J. Trump or any of his controlled Affiliates shall not be “disinterested” for purposes of approving any such Affiliate Transaction or series of related Affiliate Transactions involving Donald J.
Trump or any of his controlled Affiliates; and 
  
 (B) with respect to any Affiliate Transaction or series of related Affiliate Transactions (i) involving aggregate payments or consideration in excess of $10.0 million or (ii) involving Donald J. Trump or his controlled Affiliates and
aggregate payments or consideration in excess of $5.0 million, an opinion as to the fairness to the applicable entity of such Affiliate Transaction from a financial point of view issued by an accounting, appraisal or investment banking firm of
national standing that is not an Affiliate of the Company or Donald J. Trump or own more than 10% of the outstanding equity interests of the Company or any Affiliate of the Company or Donald J. Trump prior to the consummation of such Affiliate
Transaction (the Company being entitled to rely on representations made by such accounting, appraisal or investment banking firm as to ownership of any such equity interests). 
  
 (b) The foregoing provisions will not apply to the following: 
  
 (1) transactions between or among the Company or any of the Restricted Subsidiaries; 
  
 (2) Restricted Payments permitted by Section 4.10;

  
 (3) the payment of (i) reasonable and
customary fees paid to, and (ii) indemnities in the ordinary course of business provided on behalf of, officers, directors, employees or consultants of the Company, the Parent or any Restricted Subsidiary; 
  

 54 

 (4) the Trump Tower Lease, as in effect as of the Issue Date (including transactions and
arrangements contemplated thereby or pursuant thereto), and any renewals, replacements or amendments thereof (so long as the terms of such renewals, replacements or amendments are not less favorable to the Holders in any material respect, taken as a
whole, as compared to the applicable agreement as in effect on the Issue Date); 
  
 (5) the issuance of Equity Interests (other than Disqualified Stock) of the Company or the Parent to any director, officer or employee in
connection with any benefit or compensation plan approved by the Board of Directors of TER; 
  
 (6) payments or loans (or cancellation of loans) to employees or consultants of the Company, the Parent or any Restricted Subsidiary and
employment agreements, stock option plans and other arrangements which, in each case, are approved in good faith by a majority of the Board of Directors of TER; 
  
 (7) the Limited Partnership Agreement as in effect as of the Issue Date (including transactions and
arrangements contemplated thereby or pursuant thereto), and any renewals, replacements or amendments thereof (so long as the terms of such renewals, replacements or amendments are not less favorable to the Holders in any material respect, taken as a
whole, as compared to such agreement as in effect on the Issue Date and so long as such renewals, replacements or amendments are not disproportionately favorable to Donald J. Trump (or the successor to his interest therein); or 
  
 (8) the following arrangements and agreements as in effect
on the Issue Date (including transactions and arrangements contemplated thereby and pursuant thereto, but not any agreements entered into pursuant to the ROFO Agreement): (a) the BHR Joint Venture and the Parking Lease; (b) the Trademark and
Licensing Agreement; (c) the ROFO Agreement; (d) the Services Agreement; (e) the Voting Agreement; (f) the Warrant Agreements; and (g) the Berthing Agreement. 
  

	Section 4.15.	Sale and Leaseback Transactions. 

  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, enter into any Sale and Lease-Back Transaction; provided that the
Company or any of its Restricted Subsidiaries may enter into a Sale and Lease-Back Transaction if: 
  
 (1) the Company or that Restricted Subsidiary, if applicable, could have (a) incurred Indebtedness in an amount equal to the Attributable
Debt relating to such Sale and Lease-Back Transaction under the Total Leverage Ratio test in paragraph (a) of Section 4.09 and (b) incurred a Lien to secure such Indebtedness pursuant to Section 4.11; 
  
 (2) the gross cash proceeds of that Sale and Lease-Back
transaction are at least equal to the Fair Market Value, as determined in good faith by the Board of Directors of TER and set forth in an Officers’ Certificate and delivered to the Trustee, of the property that is the subject of that Sale and
Lease-Back transaction; and 
  
 (3) the transfer
of assets in that Sale and Lease-Back transaction is permitted by, and the Company applies the proceeds of such transaction in compliance with, Section 4.12 hereof. 
  

	Section 4.16.	Issuances and Sales of Equity Interests of Restricted Subsidiaries. 

  
 The Company will not, and will not permit any of its Restricted Subsidiaries to, transfer, convey, sell, lease or otherwise
dispose of any Equity Interests in any Restricted Subsidiary to any Person (other than the Company or a Restricted Subsidiary of the Company that is a Wholly-Owned Subsidiary), unless: 
  
 (1) such transfer, conveyance, sale, lease or other disposition is of all Equity Interests in such
Restricted Subsidiary; and 
  

 55 

 (2) the cash Net Asset Sale Proceeds from such transfer, conveyance, sale, lease or other
disposition are applied in accordance with Section 4.12; 
  
 In
addition, the Company will not permit any of its Restricted Subsidiaries to issue any of its Equity Interests to any Person other than to the Company or a Restricted Subsidiary that is a Wholly-Owned Subsidiary. 
  

	Section 4.17.	Designation of Restricted and Unrestricted Subsidiaries. 

  

The Company’s Board of Directors may designate any Restricted Subsidiary to be an Unrestricted Subsidiary if that designation would not cause a
Default. If a Restricted Subsidiary is designated as an Unrestricted Subsidiary, the aggregate Fair Market Value (as determined in good faith by the Company’s Board of Directors) of all outstanding Investments owned by the Company and its
Restricted Subsidiaries in the Subsidiary properly designated shall be deemed to be an Investment made as of the time of the designation and shall reduce the amount available for Restricted Payments under paragraph (a) of Section 4.10 or the
definition of “Permitted Investments,” as determined by the Company. That designation shall only be permitted if the Investment would be permitted at that time and if the Restricted Subsidiary otherwise meets the definition of an
“Unrestricted Subsidiary.” The Company’s Board of Directors may redesignate any Unrestricted Subsidiary to be a Restricted Subsidiary if the redesignation would not cause a Default. 
  

	Section 4.18.	Repurchase at the Option of Holders Upon a Change of Control. 

  
 (a) If a Change of Control occurs, the Issuers will make an offer (the “Change of Control Offer”) to
repurchase all or any part (equal to $1,000 or an integral multiple of $1,000) of that Holder’s Notes pursuant to the Change of Control Offer at a purchase price, in cash, equal to 101% of the aggregate principal amount of Notes repurchased,
plus accrued and unpaid interest on the Notes repurchased, to the Purchase Date (subject to the right of Holders of record on the relevant Regular Record Date to receive interest due on the relevant Interest Payment Date). 
  
 (b) Within 30 days following any Change of Control, the Issuers shall mail a
notice of such Change of Control Offer by first class mail, postage prepaid, to each Holder describing the transaction or transactions that constitute the Change of Control and stating: 
  
 (1) that the Change of Control Offer is being made pursuant to this Section 4.18 and that all Notes tendered
shall be accepted for payment; 
  
 (2) the
purchase price and the purchase date, which shall be no earlier than 30 days and no later than 60 days from the date such notice is mailed (the “Change of Control Payment Date”); 
  
 (3) that any Note not tendered shall remain outstanding and
continue to accrue interest; 
  
 (4) that, unless
the Issuers default in the payment of the Change of Control Payment, all Notes accepted for payment pursuant to the Change of Control Offer shall cease to accrue interest after the Change of Control Payment Date; 
  
 (5) that Holders electing to have any Notes purchased
pursuant to a Change of Control Offer shall be required to surrender the Notes, with the form entitled “Option of Holder to Elect Purchase” on the reverse of the Notes completed, to the Paying Agent at the address specified in the notice
prior to the close of business on the third Business Day preceding the Change of Control Payment Date; 
  
 (6) that Holders shall be entitled to withdraw their election if the Paying Agent receives, not later than the close of business on the
second Business Day preceding the Change of Control Payment Date, a telegram, telex, facsimile transmission or letter setting forth the name of the 

  

 56 

 
Holder, the principal amount of Notes delivered for purchase, and a statement that such Holder is withdrawing his election to have the Notes purchased; and

  
 (7) that Holders whose Notes are being
purchased only in part shall be issued new Notes equal in principal amount to the unpurchased portion of the Notes surrendered. 
  
 (c) So long as the Notes are in global form, if the Issuers make an offer to purchase all of the Notes pursuant to a Change of Control Offer, a Holder may
exercise its option to elect for the purchase of Notes through the facilities of the Depositary, subject to its rules and regulations. 
  
 (d) The Issuers shall comply with the requirements of Rule 14e-1 under the Exchange Act and any other securities laws and regulations thereunder to the
extent those laws and regulations are applicable in connection with the purchase of the Notes as a result of a Change in Control. To the extent that the provisions of any securities laws or regulations conflict with the provisions of this Section
4.18 of this Indenture, the Issuers shall comply with the applicable securities laws and regulations and shall not be deemed to have breached their obligations under this Section 4.18 by virtue of such conflict. 
  
 (e) On the Change of Control Payment Date, the Issuers shall, to the extent
lawful: 
  
 (1) accept for payment all Notes or
portions thereof properly tendered pursuant to the Change of Control Offer; 
  
 (2) prior to 11:00 a.m. (New York City time) on such date, deposit with the Paying Agent an amount equal to the Change of Control Payment in respect of all Notes or portions of Notes properly tendered; and 

 
 (3) deliver or cause to be delivered to the Trustee the
Notes so accepted together with an Officers’ Certificate stating the aggregate principal amount of Notes or portions of Notes being purchased by the Issuers. 
  
 (f) The Paying Agent shall promptly mail to each Holder of Notes properly tendered the Change of Control Payment for such
Notes, and the Trustee shall promptly authenticate and mail (or cause to be transferred by book entry) to each Holder a new Note equal in principal amount to any unpurchased portion of the Notes surrendered, if any. The Issuers shall publicly
announce the results of the Change of Control Offer on or as soon as practicable after the Change of Control Payment Date. 
  
 (g) Notwithstanding anything to the contrary in this Section 4.18, the Issuers shall not be required to make a Change of Control Offer upon a Change of
Control if a third party makes the Change of Control Offer in the manner, at the times and otherwise in compliance with the requirements set forth in this Section 4.18 and purchases all Notes validly tendered and not withdrawn under the Change of
Control Offer. A Change of Control Offer may be made in advance of a Change of Control, conditional upon such Change of Control, if a definitive agreement is in place for the Change of Control at the time of making the Change of Control Offer.

  

	Section 4.19.	Additional Guarantees. 

  
 (a) If: 
  
 (1) the Company or any of its Restricted Subsidiaries acquires or creates another Domestic Restricted Subsidiary (other than an Immaterial
Subsidiary) after the date of this Indenture in accordance with this Section 4.19, or 
  
 (2) any Immaterial Subsidiary that is not a Guarantor ceases to be an Immaterial Subsidiary, 

  

 57 

 
then, subject to applicable Gaming Laws, that Domestic Restricted Subsidiary will become a Guarantor and execute a supplemental indenture and deliver an
Opinion of Counsel, reasonably satisfactory to the Trustee and subject to customary assumptions and exclusions, within 30 days of the date on which it was acquired, created, or ceased to be an Immaterial Subsidiary; provided that if that
Subsidiary is properly designated as an Unrestricted Subsidiary in accordance with the Indenture then this covenant shall not apply for so long as such Subsidiary continues to constitute an Unrestricted Subsidiary. 
  
 (b) In the case of additional Guarantees arising as a result of clause (2)
with respect to the guarantee of any Indebtedness of the Company or any Guarantor by a former Immaterial Subsidiary, if such Indebtedness is by its express terms subordinated in right of payment to the Notes or such Guarantor’s Guarantee of the
Notes, any such guarantee of such Restricted Subsidiary with respect to such Indebtedness shall be subordinated in right of payment to such Restricted Subsidiary’s Guarantee with respect to the Notes substantially to the same extent as such
Indebtedness is subordinated to the Notes. 
  
 (c) The Company
will not acquire or create, or permit any of its Restricted Subsidiaries to acquire or create, any Domestic Restricted Subsidiary that is treated as a corporation under U.S. federal income tax law, other than Immaterial Subsidiaries;
provided, that in the case of an Immaterial Subsidiary that is treated as a corporation under U.S. federal income tax law, if such Immaterial Subsidiary ceases to be an Immaterial Subsidiary and is required to become a Guarantor pursuant to
this Section 4.19, the Company shall promptly cause such Immaterial Subsidiary to first be converted to an entity that is not treated as a corporation under U.S. federal income tax law or otherwise merge, consolidate or liquidate such Immaterial
Subsidiary with and into the Company or a Guarantor. 
  

	Section 4.20.	Business Activities. 

  
 The Company will not, and will not permit any of its Subsidiaries to, engage in any business or investment activities other than a Permitted Business;
provided, however, that Trump Indiana shall not engage in any business or activity that materially deviates from those businesses or activities conducted on the Issue Date. Neither the Company nor any of its Subsidiaries may conduct a
Permitted Business in any gaming jurisdiction in which the Company or such Subsidiary is not licensed on the Issue Date if the Holders of Notes would be required to be licensed or qualified as a result thereof; provided, however, that
the provisions described in this sentence will not prohibit the Company or any of its Subsidiaries from conducting a Permitted Business in any jurisdiction that does not require the licensing or qualification of all the Holders, but reserves the
discretionary right to require the licensing or qualification of any Holder. 
  

	Section 4.21.	Events of Loss. 

  
 (a) In the event of an Event of Loss with respect to any Collateral with a Fair Market Value (or replacement cost, if greater) in excess of $5.0 million,
the affected Issuer or the affected Guarantor, as the case may be, will apply the Net Loss Proceeds from such Event of Loss to the rebuilding, repair, replacement or construction of improvements to the affected property (the “Subject
Property”), or to the payment of Priority Lien Debt, and, if such Priority Lien Debt is revolving credit Indebtedness, to correspondingly reduce commitments with respect thereto, with no concurrent obligation to make any purchase of any
Notes; provided, however, that the Company delivers to the Trustee within 90 days of such Event of Loss: 
  
 (1) a written opinion from a reputable contractor that the Subject Property can be rebuilt, repaired, replaced or constructed and
operating within 365 days from the date of such opinion; and 
  
 (2) an Officers’ Certificate certifying that the affected Issuer or the affected Guarantor has available from Net Loss Proceeds (including amounts collectible from the applicable insurance carrier) or other
sources sufficient funds to complete the rebuilding, repair, replacement or construction described in clause (1) above. 
  
 (b) Any Net Loss Proceeds that are not invested or applied as provided in clause (a) above will be deemed to constitute “Excess Loss
Proceeds.” Within 10 Business Days following the date that the 

  

 58 

 
aggregate amount of Excess Loss Proceeds received by the applicable Issuer or the applicable Guarantor exceeds $15.0 million, the Issuers will make an offer
to all Holders (an “Event of Loss Offer”), to purchase the maximum principal amount of Notes that may be purchased out of the Excess Loss Proceeds at an offer price in cash in an amount equal to 100% of principal amount
thereof, plus accrued and unpaid interest to the date fixed for the closing of such offer, in accordance with the procedures set forth in the Indenture. To the extent that the aggregate amount of Notes and such Pari Passu Debt, as applicable,
tendered pursuant to an Event of Loss Offer is less than the Excess Loss Proceeds, such remaining Excess Loss Proceeds shall be deposited in the Collateral Account and shall be released to the Issuers upon the satisfaction of the conditions to
release described in the Indenture and the Collateral Documents. If the aggregate principal amount of Notes tendered pursuant to an Event of Loss Offer exceeds the amount of Excess Loss Proceeds, the Trustee shall select the Notes to be purchased on
a pro rata basis based on the aggregate principal amount of the Notes so tendered. Upon completion of any Event of Loss Offer, the amount of Excess Loss Proceeds shall be reset at zero. 
  
 (c) In the event of any settlement relating to any Event of Loss, the affected Issuer or the affected Guarantor, as the case
may be, will be required to receive consideration at least equal to the Fair Market Value of the property subject to the Event of Loss. With respect to any settlement relating to any Event of Loss involving property or assets, the portion of which
is destroyed, damaged, condemned, seized or taken, as the case may be, has a Fair Market Value in excess of $20.0 million, (i) the Fair Market Value shall be evidenced by a resolution of the Board of Directors of TER set forth in an Officers’
Certificate delivered to the Trustee, and (ii) at least 85% of such consideration shall be in cash or Cash Equivalents. 
  

	Section 4.22.	Additional Collateral. 

  
 (a) In addition to the Collateral granted by the Issuers and the Guarantors to the Collateral Agent for the benefit of the Holders on the Issue Date, the
Issuers and the Guarantors will, in the circumstances described in this Section 4.22, grant additional collateral to secure the obligations under the Notes and Guarantees consisting of other property and assets of the Issuers and the Guarantors not
then constituting Collateral hereunder, other than Excluded Assets (each right, title or interest in or to such property referred to herein as “Additional Collateral”). 
  
 (b) On January 1st of each calendar year following the Issue Date, the
Issuers shall present to the Collateral Agent an itemized valuation of the Collateral pledged to secure its obligations hereunder in reasonable detail showing separately the value of all interests in real property and other property incidental to
the activity of holding real property (within the meaning of Treasury Regulation Section 1.465-27(b)(2)(i)) and the value of all other property pledged as Collateral as of such date (the “Collateral Valuation”). The
Collateral Valuation shall be prepared and certified by a nationally recognized independent appraisal or investment banking firm as of a date no more than 45 days prior to such delivery to the Collateral Agent. Upon delivery of the Collateral
Valuation, the Company shall also deliver a certified resolution of the Board of Directors of TER determining, in its reasonable discretion after consultation with counsel, the amount, if any, of the Additional Collateral that shall be pledged to
secure the Issuers’ and Guarantors’ obligations under the Notes and Guarantees hereunder. Such determination shall be made in good faith by the Board of Directors in order to pledge all or a portion of the Additional Collateral to the
extent permissible under the provisions of Treasury Regulation Section 1.465-27. Such certified resolution, Collateral Valuation and the calculation of Additional Collateral permitted to be pledged to secure the Note Obligations hereunder shall be
set forth in an Officers’ Certificate and delivered to the Trustee and Collateral Agent. In the event that any Additional Collateral is determined to be required to be pledged as Collateral pursuant to this Section 4.22(b), the Company and
Collateral Agent shall execute and deliver all applicable amendments, addendums and other documents under the Collateral Documents to effect the pledge of and perfection of a Lien on the Additional Collateral, subject to the prior Liens on the
assets of the Issuers and Guarantors securing Priority Lien Debt and other Permitted Prior Liens, within 90 days after the delivery of the Collateral Valuation. If the granting of a security interest in Additional Collateral requires the consent of
a third party, the Company will use its commercially reasonable efforts to obtain such consent with respect to the Lien for the benefit of the Collateral Agent. All or any portion of the Additional Collateral that is hereafter pledged to secure the
obligations under the Notes and Guarantees hereunder shall thereafter be “Collateral” for all purposes under this Indenture and the Collateral Documents, in each case without the need to otherwise amend the Indenture, except as determined
by the Issuers and the Collateral Agent. 
  

 59 

 (c) In the event that an Issuer or any Guarantor (other than any Guarantor that is treated as a
corporation for U.S. federal income tax purposes) acquires any interest in any parcel of real property after the Issue Date, then the Issuer or such Guarantor shall enter into a Mortgage in substantially the form of those Mortgages attached hereto
as Exhibits E, F and G, pledging such real property, together with all property incidental thereto (within the meaning of Treasury Regulation Section 1.465-27), as Additional Collateral to secure the Note Obligations hereunder.

  
 (d) In the event that the Qualified Portion of the Note
Obligations is set to zero pursuant to Section 4.26(a) or (b), then the Issuers and the Guarantors shall enter into amendments to the Security Agreement and/or enter into new security agreements, mortgages or such other agreements as is necessary or
appropriate to pledge all of the property (both real and personal, tangible and intangible) then held by the Issuers or any of the Guarantors as Collateral to secure the Note Obligations hereunder, including any after-acquired property, other than
Excluded Assets. 
  

	Section 4.23.	Insurance. 

  
 The Issuers and the other Pledgors will: 
  
 (1) keep their properties adequately insured at all times by financially sound and reputable insurers; 
  
 (2) maintain such other insurance, to such extent and
against such risks (and with such deductibles, retentions and exclusions), including fire and other risks insured against by extended coverage and coverage for acts of terrorism, as is customary with companies in the same or similar businesses
operating in the same or similar locations, including public liability insurance against claims for personal injury or death or property damage occurring upon, in, about or in connection with the use of any properties owned, occupied or controlled
by them; 
  
 (3) maintain such other insurance as
may be required by law; 
  
 (4) maintain title
insurance on all real property Collateral insuring the Collateral Agent’s Lien on that property, subject only to Permitted Prior Liens and other exceptions to title approved by the Collateral Agent; provided that title insurance need
only be maintained on any particular parcel of real property having a Fair Market Value of less than $1.0 million if and to the extent title insurance is maintained in respect of Priority Liens on that property; and 
  
 (5) maintain such other insurance as may be required by the
Indenture and the Collateral Documents. 
  
 Upon the request of
the Collateral Agent, the Issuers and the Guarantors will furnish to the Collateral Agent full information as to their property and liability insurance carriers. The Holders, as a class, will be named as additional insureds, with a waiver of
subrogation, on all insurance policies of the Issuers and Guarantors and the Collateral Agent will be named as loss payee, with 30 days’ notice of cancellation or material change, on all property and casualty insurance policies of the Issuers
and the Guarantors. 
  

	Section 4.24.	Further Assurances. 

  
 The Issuers shall, and shall cause each of the Pledgors to, execute and deliver such additional instruments, certificates or documents, and take such
actions as may be reasonably required from time to time in order to: 
  
 (1) carry out more effectively the purposes of the Collateral Documents; 
  
 (2) create, grant, perfect and maintain the validity, effectiveness and priority of any of the Collateral Documents and the Liens created,
or intended to be created, by the Collateral Documents; and 
  

 60 

 (3) ensure the protection and enforcement of any of the rights granted or intended to be
granted to the Trustee or the Collateral Agent under any other instrument executed in connection therewith. 
  
 Upon the exercise by the Trustee, the Collateral Agent or any Holder of any power, right, privilege or remedy under this Indenture or any of the
Collateral Documents which requires any consent, approval, recording, qualification or authorization of any governmental authority (including any Gaming Authority), the Issuers shall, and shall cause each of the Pledgors to, execute and deliver all
applications, certifications, instruments and other documents and papers that may be required of the Issuers or any of the Pledgors for such governmental consent, approval, recording, qualification or authorization. 
  

	Section 4.25.	Limitation on Activities of TER Funding. 

  
 TER Funding will not conduct any business (including having any Subsidiary) whatsoever, other than to comply with its obligations under the Indenture and
the Notes. TER Funding will not incur or otherwise become liable for any Indebtedness (other than the Permitted Indebtedness, the Indenture, the Notes and any renewal, extension, substitution, refunding, refinancing or replacement thereof in
accordance with the Indenture) or make any Restricted Payments. 
  

	Section 4.26.	Adjustment of Non-Qualified Portion and Qualified Portion of Note Obligations. 

  
 (a) Pursuant to Section 7.12 of the Limited Partnership Agreement, Donald J. Trump is required, on a periodic basis no less
frequently than annually, to calculate the maximum amount of non-recourse Indebtedness required to support his existing capital accounts and tax structure and deliver a copy of such calculation to the Company in writing, all in accordance with the
terms of the Limited Partnership Agreement (each, a “Qualified Indebtedness Determination”). Upon each such Qualified Indebtedness Determination, the Company shall determine the maximum amount of the Qualified Portion of the Note
Obligations hereunder and, within 30 days of receipt of the Qualified Indebtedness Determination, notify the Trustee in writing of the revised percentages of the Qualified Portion and Non-Qualified Portion of the Note Obligations, if any;
provided, however, in no event shall the aggregate principal amount of the Qualified Note Obligations hereunder exceed $730 million (or, if such amount is adjusted pursuant to this Section 4.26, such adjusted principal amount). The
Non-Qualified Portion of the Note Obligations shall be adjusted to equal 100% less the Qualified Portion of the Note Obligations. The Trustee shall make available the then-applicable percentage of Qualified Portion and Non-Qualified Portion of the
Note Obligations to any Holder upon written request. 
  
 (b)
Notwithstanding the foregoing provisions of Section 4.26(a), in the event of the death of Donald J. Trump, the time at which none of Donald J. Trump or any Affiliate of Donald J. Trump is a partner in the Company, or the sale of more than 90% of the
gross assets of the Company (other than the current assets), the Qualified Portion of the Notes shall thereupon become set to zero, and all outstanding Note Obligations shall thereupon become fully recourse to the Issuers and TER, as general partner
of the Company. 
  
 (c) Without the consent of the Required
Noteholders, the Company shall not permit Section 7.12 of the Limited Partnership Agreement to be amended in a manner that would be materially adverse to the Holders of the Notes. 
  
 (d) The determination of the Qualified Portion and Non-Qualified Portion of the Note Obligations pursuant to this Section
4.26 shall be made in good faith by the Board of Directors of the Company and set forth in a Board Resolution thereof. 
  

 61 

 ARTICLE 5. 
  

SUCCESSORS 
  

	Section 5.01.	Merger, Consolidation and Sale of Assets. 

  
 (a) The Company may not, directly or indirectly, consolidate with or merge with or into any other Person (whether or not the Company is the Surviving
Person) or sell, assign, convey, transfer, lease or otherwise dispose of all or substantially all of its properties or assets (as an entirety or substantially as an entirety in one transaction or series of related transactions) to any Person or
group of affiliated Persons or permit any of its Subsidiaries to enter into any such transaction or transactions if such transaction or transactions, in the aggregate, would result in a transfer of all or substantially all of the properties or
assets of the Company on a consolidated basis to any other Person, unless: 
  
 (i) the Company shall be the continuing Person, or the Person (if other than the Company) formed by such consolidation or merger or into which the Company is merged or to which the properties of the Company are
transferred (the “Surviving Entity”) shall be a partnership, limited liability company or corporation duly organized and validly existing under the laws of the United States or any state thereof or the District of Columbia and shall
expressly assume, by a supplemental indenture and supplemental Collateral Documents in form and substance reasonably satisfactory to the Trustee, all of the obligations of the Company under the Notes, the Indenture and the Collateral Documents, and
the Notes, the Indenture and the Collateral Documents shall remain in full force and effect; 
  
 (ii) immediately before and immediately after giving effect to such transaction on a pro forma basis, no Event of Default or Default shall
have occurred and be continuing; 
  
 (iii)
immediately after giving pro forma effect to such transaction, as if such transaction had occurred at the beginning of the applicable four-quarter period, the Company (or the Surviving Entity, as applicable) and the Restricted Subsidiaries would be
permitted to incur at least $1.00 of additional Indebtedness pursuant to the Total Leverage Ratio test set forth in paragraph (a) of Section 4.09; 
  
 (iv) immediately after such transaction, the Company or the Surviving Entity, as applicable, holds all Permits required for the operation
of the business of, and such entity is controlled by a Person (or has retained a Person which is) experienced in, operating casino hotels or otherwise holds all Permits (including those required from Gaming Authorities) to operate its business; and

  
 (v) such transaction would not require any
Holder or beneficial owner of Notes to obtain a Gaming License or be qualified or found suitable under the law of any applicable gaming jurisdiction, provided that such Holder or beneficial owner would not have been required to obtain a
gaming license or be qualified or found suitable under the laws of the applicable gaming jurisdiction in the absence of such transaction; provided further that a transaction involving a jurisdiction that does not require the licensing or
qualification of any Holder of Notes as a condition to such transaction, but reserves the discretionary right to require the licensing or qualification of any Holder of Notes, shall not be prohibited pursuant to the terms of this clause (v).

  
 The Company or the Surviving Entity shall deliver to the
Trustee an Officers’ Certificate and an Opinion of Counsel each stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or disposition does not breach the Indenture and the Collateral Documents and, if a
supplemental indenture is required in connection with the transaction, the supplemental indenture complies with this provision of the Indenture and the Collateral Documents, and that all conditions precedent in the Indenture relating to the
transaction have been satisfied. 
  
 (b) In the event of any
transaction (other than a lease) described in and complying with the conditions listed in the immediately preceding paragraph in which the Company is not the continuing Person, the successor Person formed or remaining shall succeed to, and be
substituted for, and may exercise every right 

  

 62 

 
and power of, the Company, and the Company shall in such case be discharged from all obligations and covenants under the Indenture, the Notes and the
Collateral Documents. 
  
 (c) Notwithstanding anything herein to
the contrary, TER Funding shall, at all times that the Company is a partnership or limited liability company, be maintained as a C corporation and a directly Wholly-Owned Subsidiary of the Company. 
  

	Section 5.02.	Successor Corporation Substituted. 

  
 Upon any consolidation or merger or any sale, assignment, transfer, lease, conveyance or other disposition in accordance with Section 5.01, the successor
Person formed by such consolidation or into or with which the Company is merged or to which such sale, assignment, transfer, conveyance or other disposition is made (the “Surviving Person”) shall succeed to, and be
substituted for, and may exercise every right and power of the Company under this Indenture; provided, however, that the predecessor entity shall not be released from any of the obligations or covenants under this Indenture, including
with respect to the payment of the Notes, except in the case of a sale, transfer, lease, assignment, conveyance or other disposition of all or substantially all of the assets of the Issuers as provided in Section 5.01(a) hereof. 
  
 ARTICLE 6. 
  
 DEFAULTS AND REMEDIES 
  

	Section 6.01.	Events of Default. 

  
 Each of the following is an “Event of Default” with respect to the Notes: 
  
 (a) the failure by the Issuers to pay any installment of
interest (including defaulted interest) on the Notes as and when the same becomes due and payable and the continuance of any such failure for 30 days; 
  
 (b) the failure by the Issuers to pay all or any part of the principal or premium, if any, on the Notes when and as the same becomes due
and payable at maturity, redemption, by acceleration or otherwise including, without limitation, payment of the Change of Control Payment Price, purchase price in any Event of Loss Offer or the Asset Sale Offer, or otherwise; 
  
 (c) the failure by the Issuers or any of the Company’s
Restricted Subsidiaries after written notice from the Trustee or Holders of not less than 25% in aggregate principal amount of Notes then outstanding to comply with the provisions of Sections 4.12, 4.18, 4.21 or 5.01; 
  
 (d) the failure by the Issuers or any of the Company’s
Subsidiaries to observe or perform any other covenant or agreement contained in any Note Documents and the continuance of such failure for a period of 30 days after written notice is given to the Issuers by the Trustee or to the Issuers and the
Trustee by the Holders of at least 25% in aggregate principal amount of the Notes outstanding; 
  
 (e) a default under any mortgage, indenture or instrument under which there may be issued or by which there may be secured or evidenced
any Indebtedness for money borrowed by the Issuers, any Guarantor or any of the Company’s Subsidiaries (or the payment of which is guaranteed by any Issuer or any of the Guarantors) whether such Indebtedness or guarantee now exists, or is
created after the Issue Date, which default: 
  
 (A) is caused by a failure to pay principal of or premium, if any, or interest on such Indebtedness, after the expiration of any grace period provided in such Indebtedness on the date of such default (a “Payment
Default”); or 
  

 63 

 (B) results in the acceleration of such Indebtedness prior to its express maturity,

  
 and in each case, either (i) such Indebtedness was incurred pursuant to clause
(1) of paragraph (b) of Section 4.09 or (ii) the principal amount of any such Indebtedness, together with the principal amount of any other such Indebtedness under which there has been a Payment Default or the maturity of which has been so
accelerated, aggregates $20 million or more; 
  
 (f) failure by the Issuers or any of the Company’s Subsidiaries to pay final unsatisfied judgments aggregating in excess of $20 million at any one time rendered against either or both of the Issuers or any of the Company’s
Subsidiaries and not stayed, bonded or discharged within 60 days; 
  
 (g) the revocation, suspension or involuntary loss of any Permit which results in the cessation of all or a material portion or aspect of the gaming operations of the Casino Properties for a period of more than 90
consecutive days; 
  
 (h) except as permitted by
the Indenture and the Notes, the cessation of effectiveness of any Guarantee of the Note Obligations in any material respect or the finding by any judicial proceeding that any such Guarantee is unenforceable or invalid in any material respect or the
denial or disaffirmation by any Guarantor in writing of its obligations under its Guarantee; 
  
 (i) a default by any Issuer or any Guarantor in the performance of any of their respective obligations under the Collateral Documents, or
the failure of any of the representations or warranties contained in the Collateral Documents to be true and correct as of and on the times specified therein, in each case which materially and adversely affects the enforceability, validity,
perfection or priority of the Trustee’s Lien on the Collateral or which adversely affects the condition or value of the Collateral, taken as a whole, in any material respect, a repudiation or disaffirmation by any Issuer or any Guarantor of its
obligations under the Collateral Documents or the determination in a judicial proceeding that the Collateral Documents are unenforceable or invalid against any Issuer or any Guarantor for any reason; 
  
 (j) Donald J. Trump fails to perform any of his obligations
under the Trademark and Licensing Agreement which results in the substantial diminution of value of the Trademark and Licensing Agreement and the Company fails to diligently pursue in good faith appropriate remedies, or the Trademark and Licensing
Agreement is terminated by the Company or any other party other than in accordance with its terms; provided, however, that any conversion of the Trademark Licensing Agreement into a royalty bearing license as contemplated therein shall not
constitute a termination of the Trademark Licensing Agreement; 
  
 (k) the occurrence of any of the following: 
  
 (i) except as permitted by the Indenture, any Collateral Document ceases for any reason to be fully enforceable; provided, that it will not be an Event of Default under this clause (k)(i) if the sole result of
the failure of one or more Collateral Document to be fully enforceable is that any Lien purported to be granted under such Collateral Documents on Collateral, individually or in the aggregate, having a Fair Market Value of not more than $1.0 million
ceases to be an enforceable and perfected Lien, subject only to Permitted Prior Liens and such failure is remedied within 30 days after notice thereof by the Collateral Agent, Trustee or Holders of not less than 25% in aggregate principal amount of
Notes than outstanding; or 
  
 (ii) the Company
or any other Pledgor, or any Person acting on behalf of any of them, denies or disaffirms, in writing, any obligation of the Company or any other Pledgor set forth in or arising under any Collateral Document; or 
  

 64 

 (l) an Issuer, any Restricted Subsidiary of the Company that is a Significant Subsidiary
or any group of the Company’s Restricted Subsidiaries that, when taken together, would constitute a Significant Subsidiary pursuant to or within the meaning of any Bankruptcy Law: 
  
 (A) commences a voluntary case or gives written notice of intention to make a proposal under any Bankruptcy
Law; 
  
 (B) consents to the entry of an order
for relief against it in an involuntary case or consents to its dissolution or winding up; 
  
 (C) consents to the appointment of a receiver, interim receiver, receiver and manager, liquidator, trustee or custodian of it or for all
or substantially all of its property; 
  
 (D)
makes a general assignment for the benefit of its creditors; or 
  
 (E) admits in writing its inability to pay its debts as they become due or otherwise admits its insolvency in writing; and 
  
 (m) a court of competent jurisdiction enters an order or decree under any Bankruptcy Law that: 
  
 (A) is for relief against an Issuer, any Restricted
Subsidiary of the Company that is a Significant Subsidiary or any group of the Company’s Restricted Subsidiaries that, when taken together, would constitute a Significant Subsidiary in an involuntary case; or 
  
 (B) appoints a receiver, interim receiver, receiver and
manager, liquidator, trustee or custodian of an Issuer, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of the Company’s Restricted Subsidiaries that, when taken together, would constitute a Significant
Subsidiary or for all or substantially all of the property of an Issuer, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of the Company’s Restricted Subsidiaries that, when taken together, would constitute
a Significant Subsidiary; or 
  
 (C) orders the
liquidation of an Issuer, any Restricted Subsidiary of the Company that is a Significant Subsidiary or any group of the Company’s Restricted Subsidiaries that, when taken together, would constitute a Significant Subsidiary; 
  
 and such order or decree remains unstayed and in effect for 60 consecutive
days. 
  

	Section 6.02.	Acceleration. 

  
 If any Event of Default (other than those of the type described in Section 6.01(l) or (m)) occurs and is continuing, the Trustee may, and the Trustee upon
the request of Holders of at least 25% in principal amount of the outstanding Notes shall, or the Holders of at least 25% in principal amount of outstanding Notes may, declare the principal of all the Notes, together with all accrued and unpaid
interest, premium, if any, to be due and payable by notice in writing to the Issuers and the Trustee specifying the respective Event of Default and that such notice is a notice of acceleration, and the same shall become immediately due and payable.

  
 In the case of an Event of Default specified in Section
6.01(l) or (m), all outstanding Notes shall become due and payable immediately without any further declaration or other act on the part of the Trustee or the Holders. Holders may not enforce this Indenture or the Notes except as provided in this
Indenture. 
  

 65 

 At any time after a declaration of acceleration with respect to the Notes, the Required Noteholders (by
notice to the Trustee) may rescind and cancel such declaration and its consequences if: 
  
 (a) the rescission would not conflict with any judgment or decree of a court of competent jurisdiction; 
  
 (b) all existing Defaults and Events of Default have been
cured or waived except nonpayment of principal of or interest on the Notes that has become due solely by reason of such declaration of acceleration; and 
  
 (c) to the extent the payment of such interest is lawful, interest (at the same rate specified in the Notes) on overdue installments of
interest and overdue payments of principal which has become due otherwise than by such declaration of acceleration has been paid. 
  
 In the case of any Event of Default occurring by reason of any willful action or inaction taken or not taken by the Issuers or on their behalf with the
intention of avoiding payment of the premium that the Issuers would have had to pay if the Issuers then had elected to redeem the Notes pursuant to the optional redemption provisions of the Indenture, an equivalent premium shall also become and be
immediately due and payable to the extent permitted by law upon the acceleration of the Notes. If an Event of Default occurs prior to June 1, 2010, by reason of any willful action (or inaction) taken (or not taken) by the Issuers or on their behalf
with the intention of avoiding the prohibition on redemption of the Notes prior to June 1, 2010, then the premium specified in the Indenture shall also become immediately due and payable to the extent permitted by law upon the acceleration of the
Notes. 
  

	Section 6.03.	Other Remedies. 

  
 If an Event of Default occurs and is continuing, the Trustee may pursue any available remedy to collect the payment of principal, premium, if any, and
interest on the Notes or to enforce the performance of any provision of the Notes, this Indenture or the Collateral Documents. 
  
 The Trustee may maintain a proceeding even if it does not possess any of the Notes or does not produce any of them in the proceeding. A delay or omission
by the Trustee or any Holder in exercising any right or remedy accruing upon an Event of Default shall not impair the right or remedy or constitute a waiver of or acquiescence in the Event of Default. All remedies shall be cumulative to the extent
permitted by law. 
  

	Section 6.04.	Waiver of Defaults. 

  
 The Required Noteholders by notice to the Trustee may on behalf of the Holders of all of the Notes, waive any existing Default or Event of Default, and
its consequences hereunder, except a continuing Default or Event of Default (i) in the payment of the principal of, premium, if any, or interest, on the Notes (provided, that the Required Noteholders may rescind an acceleration and its
consequences, including any related payment default that resulted from such acceleration) and (ii) in respect of a covenant or provision which under this Indenture cannot be modified or amended without the consent of the Holder of each Note affected
by such modification or amendment. In the event of any Event of Default specified in Section 6.01(e), such Event of Default and all consequences of that Event of Default, including without limitation any acceleration or resulting payment default,
shall be annulled, waived and rescinded, automatically and without any action by the Trustee or the Holders of the Notes, if after the Event of Default arose: 
  

(a) the Indebtedness that is the basis for the Event of Default has been discharged; 
  
 (b) the holders of such Indebtedness have rescinded or
waived the acceleration, notice or action, as the case may be, giving rise to the Event of Default; or 
  
 (c) the default that is the basis for such Event of Default has been cured. 
  

 66 

 Upon any waiver of a Default or Event of Default, such Default shall cease to exist, and any Event of Default arising
therefrom shall be deemed cured for every purpose of this Indenture but no such waiver shall extend to any subsequent or other Default or Event of Default or impair any right consequent thereon. 
  

	Section 6.05.	Control by Majority. 

  
 Subject to Section 6.02, Section 7.01, Section 7.02 and Section 7.07 hereof, in case an Event of Default shall occur and be continuing, the Required
Noteholders shall have the right to direct the time, method and place of conducting any proceeding for any remedy available to the Trustee or exercising any trust or power conferred on the Trustee with respect to the Notes. 
  

	Section 6.06.	Limitation on Suits. 

  
 No Holder shall have any right to institute any proceeding with respect to this Indenture, or for the appointment of a receiver or trustee, or for any
remedy thereunder, unless: 
  
 (a) such Holder
has previously given to the Trustee written notice of a continuing Event of Default or the Trustee receives the notice from the Issuers, 
  
 (b) Holders of at least 25% in aggregate principal amount of the Notes then outstanding have made written request and offered reasonable
security or indemnity to the Trustee to institute such proceeding as Trustee, and 
  
 (c) the Trustee shall not have received from the Required Noteholders a direction inconsistent with such request and shall have failed to
institute such proceeding within 60 days. 
  
 The preceding
limitations shall not apply to a suit instituted by a Holder for enforcement of payment of principal of, and premium, if any, or interest on, a Note on or after the respective due dates for such payments set forth in such Note. 
  
 A Holder may not use this Indenture to affect, disturb or prejudice the
rights of another Holder or to obtain a preference or priority over another Holder. 
  

	Section 6.07.	Rights of Holders to Receive Payment. 

  
 Notwithstanding any other provision of this Indenture (including Section 6.06), the right of any Holder to receive payment of principal, premium, if any,
and interest on the Notes held by such Holder, on or after the respective due dates expressed in the Notes (including in connection with an offer to purchase), or to bring suit for the enforcement of any such payment on or after such respective
dates, shall not be impaired or affected without the consent of such Holder; provided, that a Holder shall not have the right to institute any such suit for the enforcement of payment if and to the extent that the institution or prosecution
thereof or entry of judgment therein would, under applicable law, result in the surrender, impairment, waiver or loss of the Lien of this Indenture and the Collateral Documents upon any property subject to such Lien. 
  

	Section 6.08.	Collection Suit by Trustee. 

  
 If an Event of Default specified in Section 6.01(a) or (b) occurs and is continuing, the Trustee is authorized to recover judgment in its own name and as
trustee of an express trust against the Company for the whole amount of principal of, premium, if any, and interest then due and owing (together with interest on overdue principal and, to the extent lawful, interest) and such further amount as shall
be sufficient to cover the costs and expenses of collection, including the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel. 
  

 67 

	Section 6.09.	Trustee May File Proofs of Claim. 

  
 The Trustee shall be authorized to file such proofs of claim and other papers or documents as may be necessary or advisable in order to have the claims of
the Trustee (including any claim for the reasonable compensation, expenses, disbursements and advances of the Trustee, its agents and counsel) and the Holders allowed in any judicial proceedings relative to the Issuers (or any other obligor upon the
Notes), its creditors or its property and shall be entitled and empowered to collect, receive and distribute any money or other property payable or deliverable on any such claims and any custodian in any such judicial proceeding is hereby authorized
by each Holder to make such payments to the Trustee, and in the event that the Trustee shall consent to the making of such payments directly to the Holders, to pay to the Trustee any amount due to it for the reasonable compensation, expenses,
disbursements and advances of the Trustee, its agents and counsel, and any other amounts due the Trustee under Section 7.07 hereof. To the extent that the payment of any such compensation, expenses, disbursements and advances of the Trustee and its
agents and counsel, and any other amounts due to the Trustee under Section 7.07 hereof out of the estate in any such proceeding, shall be denied for any reason, payment of the same shall be secured by a Lien on, and shall be paid out of, any and all
distributions, dividends, moneys, securities and any other properties that the Holders may be entitled to receive in such proceeding whether in liquidation or under any plan of reorganization or arrangement or otherwise. Nothing herein contained
shall be deemed to authorize the Trustee to authorize or consent to or accept or adopt on behalf of any Holder any plan of reorganization, arrangement, adjustment or composition affecting the Notes or the rights of any Holder, or to authorize the
Trustee to vote in respect of the claim of any Holder in any such proceeding. 
  

	Section 6.10.	Priorities. 

  
 If the Trustee collects any money pursuant to this Article 6, it shall pay out the money in the following order: 
  
 First: to the Trustee, its agents and attorneys for amounts due under
Section 7.07 hereof, including payment of all compensation, expenses and liabilities incurred, and all advances made, by the Trustee and the costs and expenses of collection; 
  
 Second: to Holders for amounts due and unpaid on the Notes for principal, premium, if any, and interest ratably,
without preference or priority of any kind, according to the amounts due and payable on the Notes for principal, premium, if any, and interest, respectively; and 
  
 Third: to the Issuers or to such party as a court of competent jurisdiction shall direct. 
  
 The Trustee may fix a record date and payment date for any payment to Holders
pursuant to this Section 6.10. 
  

	Section 6.11.	Undertaking for Costs. 

  
 In any suit for the enforcement of any right or remedy under this Indenture or in any suit against the Trustee for any action taken or omitted by it as a
Trustee, a court in its discretion may require the filing by any party litigant in such suit of an undertaking to pay the costs of such suit, and the court in its discretion may assess reasonable costs, including reasonable attorneys’ fees,
against any party litigant in such suit, having due regard to the merits and good faith of the claims or defenses made by the party litigant. This Section 6.11 shall not apply to a suit by the Trustee, a suit by the Issuers, a suit by a Holder
pursuant to Section 6.07 hereof, or a suit by Holders of more than 10% in principal amount of the then outstanding Notes. 
  

 68 

 ARTICLE 7. 
  

TRUSTEE 
  

	Section 7.01.	Duties of Trustee. 

  
 (a) If an Event of Default has occurred and is continuing, the Trustee shall exercise such of the rights and powers vested in it by this Indenture, and
use the same degree of care and skill in its exercise, as a prudent Person would exercise or use under the circumstances in the conduct of such Person’s own affairs. 
  
 (b) Except during the continuance of an Event of Default: 
  
 (1) the duties of the Trustee shall be determined solely by the express provisions of this Indenture and the
Trustee need perform only those duties that are specifically set forth in this Indenture and no others, and no implied covenants or obligations shall be read into this Indenture against the Trustee; and 
  
 (2) in the absence of bad faith on its part, the Trustee may
conclusively rely, as to the truth of the statements and the correctness of the opinions expressed therein, upon certificates or opinions furnished to the Trustee and conforming to the requirements of this Indenture. However, the Trustee shall
examine the certificates and opinions to determine whether or not they conform to the requirements of this Indenture. 
  
 (c) The Trustee may not be relieved from liabilities for its own negligent action, its own negligent failure to act, or its own willful misconduct, except
that: 
  
 (1) this paragraph does not limit the
effect of paragraph (b) of this Section; 
  
 (2)
the Trustee shall not be liable for any error of judgment made in good faith by a Responsible Officer, unless it is proved that the Trustee was negligent in ascertaining the pertinent facts; and 
  
 (3) the Trustee shall not be liable with respect to any
action it takes or omits to take in good faith in accordance with a direction received by it pursuant to Section 6.05 hereof. 
  
 (d) Whether or not therein expressly so provided, every provision of this Indenture that in any way relates to the Trustee is subject to paragraphs (a),
(b) and (c) of this Section 7.01. 
  
 (e) No provision of this
Indenture shall require the Trustee to expend or risk its own funds or incur any liability. The Trustee shall be under no obligation to exercise any of its rights and powers under this Indenture at the request of any Holders, unless such Holder
shall have offered to the Trustee security and indemnity satisfactory to it against any loss, liability or expense. 
  
 (f) The Trustee shall not be liable for interest on any money received by it except as the Trustee may agree in writing with the Issuers. Money held in
trust by the Trustee need not be segregated from other funds except to the extent required by law. 
  

	Section 7.02.	Rights of Trustee. 

  
 (a) The Trustee may conclusively rely upon any document believed by it to be genuine and to have been signed or presented by the proper Person. The
Trustee need not investigate any fact or matter stated in any such document. 
  
 (b) Before the Trustee acts or refrains from acting, it may require an Officers’ Certificate or an Opinion of Counsel or both. The Trustee shall not be liable for any action it takes or omits to take in good

  

 69 

 
faith in reliance on such Officers’ Certificate or Opinion of Counsel. The Trustee may consult with counsel and the written advice of such counsel or
any Opinion of Counsel shall be full and complete authorization and protection from liability in respect of any action taken, suffered or omitted by it hereunder in good faith and in reliance thereon. 
  
 (c) The Trustee shall not be liable for any action it takes or omits to take
in good faith that it believes to be authorized or within the rights or powers conferred upon it by this Indenture. 
  
 (d) Unless otherwise specifically provided in this Indenture, any demand, request, direction or notice from the Issuers shall be sufficient if signed by
an Officer of each Issuer. 
  
 (e) The Trustee shall not be deemed
to have notice of any Default or Event of Default except (i) any Default or Event of Default occurring with respect to Section 4.01 or under 6.01(a) or 6.01(b) or (ii) any Default or Event of Default of which a Responsible Officer of the Trustee has
actual knowledge thereof or of which written notice of any event which is in fact such a Default or Event of Default is received by a Responsible Officer of the Trustee at the Corporate Trust Office of the Trustee from the Issuers or the Holders of
25% in aggregate principal amount of the outstanding Notes, and such notice references the specific Default or Event of Default, the Notes and this Indenture. 
  

(f) Delivery of reports, information and documents to the Trustee under Section 4.03 hereunder is for informational purposes only, and the
Trustee’s receipt of the foregoing shall not constitute constructive notice of any information contained therein or determinable from the information contained therein, including the Issuers’ or any Restricted Subsidiary’s compliance
with any of their covenants hereunder (as to which, absent actual knowledge thereof by a Responsible Officer of the Trustee, the Trustee is entitled to rely exclusively on Officers’ Certificates) 
  
 (g) Except with respect to Section 4.01 hereunder, the Trustee shall have no
duty to inquire as to the performance of the Issuers’ covenants in Article 4 hereunder. 
  

	Section 7.03.	Individual Rights of Trustee. 

  
 The Trustee in its individual or any other capacity may become the owner or pledgee of Notes and may otherwise deal with the Issuers or any Affiliate of
any Issuer with the same rights it would have if it were not Trustee. However, in the event that the Trustee acquires any conflicting interest it must eliminate such conflict within 90 days, apply to the SEC for permission to continue as Trustee or
resign. Any Agent may do the same with like rights and duties. The Trustee shall also be subject to Sections 7.10 and 7.11 hereof. 
  

	Section 7.04.	Trustee’s Disclaimer. 

  
 The Trustee shall not be responsible for and makes no representation as to the validity or adequacy of this Indenture or the Notes, it shall not be
accountable for the Issuers’ use of the proceeds from the Notes or any money paid to the Issuers or upon the Issuers’ direction under any provision of this Indenture, it shall not be responsible for the use or application of any money
received by any Paying Agent other than the Trustee, and it shall not be responsible for any statement or recital herein or any statement in the Notes or any other document in connection with the sale of the Notes or pursuant to this Indenture other
than its certificate of authentication. 
  

	Section 7.05.	Notice of Defaults. 

  
 If a Default or Event of Default occurs and is continuing and if it is known to the Trustee, the Trustee shall mail to Holders a notice of the Default or
Event of Default within 90 days after it occurs. Except in the case of a Default or Event of Default in payment of principal of, premium, if any, or interest on any Note, the Trustee may withhold the notice if and so long as a committee of its
Responsible Officers in good faith determines that withholding the notice is in the interests of the Holders. 
  

 70 

	Section 7.06.	Reports by Trustee to Holders. 

  
 Within 60 days after each May 15th beginning with May 15, 2006, and for so long as Notes remain outstanding, the Trustee shall mail to the Holders a brief
report dated as of such reporting date that complies with TIA §313(a) (but if no event described in TIA §313(a) has occurred within the twelve months preceding the reporting date, no report need be transmitted). The Trustee also shall
comply with TIA §313(b)(2). The Trustee shall also transmit by mail all reports as required by TIA §313(c). 
  
 A copy of each report at the time of its mailing to the Holders shall be mailed to the Issuers and filed with the SEC and each stock exchange on which the
Notes are listed in accordance with TIA §313(d). The Issuers shall promptly notify the Trustee when the Notes are listed on any stock exchange and any delisting thereof. 
  

	Section 7.07.	Compensation and Indemnity. 

  
 The Issuers shall pay to the Trustee from time to time reasonable compensation for its acceptance of this Indenture and services hereunder. The
Trustee’s compensation shall not be limited by any law on compensation of a trustee of an express trust. The Issuers shall reimburse the Trustee promptly upon request for all reasonable disbursements, advances and expenses incurred or made by
it in addition to the compensation for its services. Such expenses shall include the reasonable compensation, disbursements and expenses of the Trustee’s agents and counsel. 
  
 The Issuers shall jointly and severally indemnify the Trustee (in its capacity as Trustee, Registrar and Paying Agent) or
any predecessor Trustee (in its capacity as Trustee, Registrar and Paying Agent) against any and all losses, liabilities or expenses, including incidental and out-of-pocket expenses and reasonable attorneys fees (for purposes of this Article,
“losses”) incurred by it arising out of or in connection with the acceptance or administration of its duties under this Indenture, including the costs and expenses of enforcing this Indenture against the Issuers (including
this Section 7.07) and defending itself against any claim (whether asserted by the Issuers or any Holder or any other Person) or liability in connection with the exercise or performance of any of its powers or duties hereunder, except to the extent
such losses may be attributable to its willful misconduct, negligence or bad faith. The Trustee shall notify the Issuers promptly of any claim for which it may seek indemnity. Failure by the Trustee to so notify the Issuers shall not relieve the
Issuers of their obligations under this Section 7.07, to the extent the Issuers have not been prejudiced thereby. The Issuers shall defend the claim, and the Trustee shall cooperate in the defense. The Trustee may have separate counsel if the
Trustee has been reasonably advised by counsel that there may be one or more legal defenses available to it that are different from or additional to those available to the Issuers and in the reasonable judgment of such counsel it is advisable for
the Trustee to engage separate counsel, and the Issuers shall pay the reasonable fees and expenses of such counsel. The Issuers need not pay for any settlement made without their consent, which consent shall not be unreasonably withheld. The Issuers
need not reimburse any expense or indemnify against any loss incurred by the Trustee through the Trustee’s own willful misconduct, gross negligence or bad faith. 
  
 The obligations of the Issuers under this Section 7.07 shall survive the satisfaction and discharge of this Indenture.

  
 To secure the Issuers’ payment obligations in this
Section, the Trustee shall have a Lien prior to the Notes on all money or property held or collected by the Trustee, except that held in trust to pay principal, premium, if any, and interest on particular Notes. Such Lien shall survive the
satisfaction and discharge of this Indenture. 
  
 When the Trustee
incurs expenses or renders services after an Event of Default specified in Section 6.01(l) or (m) hereof occurs, the expenses and the compensation for the services (including the fees and expenses of its agents and counsel) are intended to
constitute expenses of administration under any Bankruptcy Law. 
  

 71 

	Section 7.08.	Replacement of Trustee. 

  
 A resignation or removal of the Trustee and appointment of a successor Trustee shall become effective only upon the successor Trustee’s acceptance of
appointment as provided in this Section 7.08. 
  
 The Trustee may
resign in writing at any time upon 30 days’ prior notice to the Issuers and be discharged from the trust hereby created by so notifying the Issuers. The Required Noteholders may remove the Trustee by so notifying the Trustee and the Issuers in
writing. The Issuers may remove the Trustee if: 
  
 (a) the Trustee fails to comply with Section 7.10 hereof; 
  
 (b) the Trustee is adjudged bankrupt or insolvent or an order for relief is entered with respect to the Trustee under any Bankruptcy Law; 
  
 (c) a custodian or public officer takes charge of the Trustee or its property; or 
  
 (d) the Trustee becomes incapable of acting. 
  
 If the Trustee resigns or is removed or if a vacancy exists in the office of
Trustee for any reason (the Trustee in such event being referred to herein as the retiring Trustee), the Issuers shall promptly appoint a successor Trustee. Within one year after the successor Trustee takes office, the Required Noteholders may
appoint a successor Trustee to replace the successor Trustee appointed by the Issuers. 
  
 If a successor Trustee does not take office within 30 days after the retiring Trustee resigns or is removed, the retiring Trustee, the Issuers, or the Holders of at least 10% in aggregate principal amount of the then
outstanding Notes may petition any court of competent jurisdiction for the appointment of a successor Trustee. 
  
 If the Trustee, after written request by any Holder who has been a Holder for at least six months, fails to comply with Section 7.10 hereof, such Holder
may petition any court of competent jurisdiction for the removal of the Trustee and the appointment of a successor Trustee. 
  
 A successor Trustee shall deliver a written acceptance of its appointment to the retiring Trustee and to the Issuers. Thereupon, the resignation or
removal of the retiring Trustee shall become effective, and the successor Trustee shall have all the rights, powers and duties of the Trustee under this Indenture. The successor Trustee shall mail a notice of its succession to Holders. Subject to
the Lien provided for in Section 7.07 hereof, the retiring Trustee shall promptly transfer all property held by it as Trustee to the successor Trustee; provided, however, that all sums owing to the retiring Trustee hereunder shall have
been paid. Notwithstanding replacement of the Trustee pursuant to this Section 7.08, the Company’s obligations under Section 7.07 hereof shall continue for the benefit of the retiring Trustee. 
  
 In the case of an appointment hereunder of a separate or successor Trustee
with respect to the Notes, the Issuers, the Guarantors, any retiring Trustee and each successor or separate Trustee with respect to the Notes shall execute and deliver an Indenture supplemental hereto (1) which shall contain such provisions as shall
be deemed necessary or desirable to confirm that all the rights, powers, trusts and duties of any retiring Trustee with respect to the Notes as to which any such retiring Trustee is not retiring shall continue to be vested in such retiring Trustee
and (2) that shall add to or change any of the provisions of this Indenture as shall be necessary to provide for or facilitate the administration of the trusts hereunder by more than one Trustee, it being understood that nothing herein or in such
supplemental indenture shall constitute such Trustee co-trustees of the same trust and that each such separate, retiring or successor Trustee shall be Trustee of a trust or trusts hereunder separate and apart from any trust or trusts hereunder
administered by any such other Trustee. 
  

	Section 7.09.	Successor Trustee by Merger, etc. 

  
 If the Trustee consolidates, merges or converts into, or transfers all or substantially all of its corporate trust business to, another corporation or
banking association, the successor corporation or banking 

  

 72 

 
association without any further act shall, if such successor corporation or banking association is otherwise eligible hereunder, be the successor Trustee.

  

	Section 7.10.	Eligibility; Disqualification. 

  
 There shall at all times be a Trustee hereunder that is a Person organized and doing business under the laws of the United States of America or of any
state thereof that is authorized under such laws to exercise corporate trustee power, that is subject to supervision or examination by federal or state authorities and that has a combined capital and surplus of at least $100.0 million as set forth
in its most recent published annual report of condition. 
  
 This
Indenture shall always have a Trustee who satisfies the requirements of TIA §310(a)(1), (2) and (5). The Trustee is subject to TIA §310(b). 
  

	Section 7.11.	Preferential Collection of Claims Against Company. 

  
 The Trustee is subject to TIA §311(a), excluding any creditor relationship listed in TIA §311(b). A Trustee who has resigned or been removed
shall be subject to TIA §311(a) to the extent indicated therein. 
  
 ARTICLE 8. 
  
 LEGAL DEFEASANCE AND COVENANT
DEFEASANCE 
  

	Section 8.01.	Option to Effect Legal Defeasance or Covenant Defeasance. 

  
 The Issuers may, at their option and at any time, elect to have either Section 8.02 or 8.03 hereof be applied to all
outstanding Notes and Guarantees upon compliance with the conditions set forth in this Article 8. 
  

	Section 8.02.	Legal Defeasance and Discharge. 

  
 Upon the Issuers’ exercise under Section 8.01 of the option applicable to this Section 8.02, the Issuers shall, subject to the satisfaction of the
conditions set forth in Section 8.04, be deemed to have been discharged from its obligations with respect to all outstanding Notes on the date the conditions set forth below are satisfied (hereinafter, “Legal Defeasance”) and
each Guarantor shall be released from all of its obligations under its Guarantee. For this purpose, Legal Defeasance means that the Issuers and the Guarantors shall be deemed to have paid and discharged the entire Indebtedness represented by the
outstanding Notes, which shall thereafter be deemed to be “outstanding” only for the purposes of Section 8.05 and the other Sections of this Indenture referred to in (a) and (b) below, and to have satisfied all of its other obligations
under the Notes, the Guarantees and this Indenture (and the Trustee, on demand of and at the expense of the Issuers, shall execute proper instruments acknowledging the same), except for the following provisions which shall survive until otherwise
terminated or discharged hereunder: (a) the rights of Holders of outstanding Notes to receive solely from the trust fund described in Section 8.04, and as more fully set forth in such Section, payments in respect of the principal of, premium, if
any, and interest on such Notes when such payments are due, (b) the Issuers’ obligations with respect to such Notes under Article 2 and Section 4.02, (c) the rights, powers, trusts, duties and immunities of the Trustee hereunder and the
Issuers’ and the Guarantors’ obligations in connection therewith and (d) this Article 8. If the Issuers exercise under Section 8.01 the option applicable to this Section 8.02, subject to the satisfaction of the conditions set forth in
Section 8.04, payment of the Notes may not be accelerated because of an Event of Default. Subject to compliance with this Article 8, the Issuers may exercise its option under this Section 8.02 notwithstanding the prior exercise of its option under
Section 8.03. 
  

	Section 8.03.	Covenant Defeasance. 

  
 Upon the Issuers’ exercise under Section 8.01 of the option applicable to this Section 8.03, the Issuers shall, subject to the satisfaction of the
conditions set forth in Section 8.04, be released from its obligations under the covenants contained in Sections 4.08 through 4.26 hereof, and the operation of Section 5.01(a), with 

  

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respect to the outstanding Notes on and after the date the conditions set forth in Section 8.04 are satisfied (hereinafter, “Covenant
Defeasance”) and each Guarantor shall be released from all of its obligations under its Guarantee with respect to such covenants in connection with such outstanding Notes and the Notes shall thereafter be deemed not
“outstanding” for the purposes of any direction, waiver, consent or declaration or act of Holders (and the consequences of any thereof) in connection with such covenants, but shall continue to be deemed “outstanding” for all
other purposes hereunder (it being understood that such Notes shall not be deemed outstanding for accounting purposes). For this purpose, Covenant Defeasance means that, with respect to the outstanding Notes and Guarantees, the Issuers and
Guarantors may omit to comply with and shall have no liability in respect of any term, condition or limitation set forth in any such covenant, whether directly or indirectly, by reason of any reference elsewhere herein to any such covenant or by
reason of any reference in any such covenant to any other provision herein or in any other document and such omission to comply shall not constitute a Default or an Event of Default under Section 6.01, but, except as specified above, the remainder
of this Indenture and such Notes and Guarantees shall be unaffected thereby. If the Issuers exercise under Section 8.01 the option applicable to this Section 8.03, subject to the satisfaction of the conditions set forth in Section 8.04, payment of
the Notes may not be accelerated because of an Event of Default specified in clause (c) (with respect to the covenants contained in Sections 4.12, 4.18, 4.21 or 5.01), clause (d) (with respect to the covenants contained in Sections 4.08 through
4.11, 4.13 through 4.17, 4.19, 4.20 and 4.22 through 4.26 hereof), and clauses (e), (f), (g), (h), (i), (j), (k), (l) and (m) (but in the case of clauses (l) and (m), with respect to Restricted Subsidiaries that are Significant Subsidiaries or any
group of Restricted Subsidiaries that, taken together, would constitute a Significant Subsidiary only) of Section 6.01. 
  

	Section 8.04.	Conditions to Legal or Covenant Defeasance. 

  
 The following shall be the conditions to the application of either Section 8.02 or 8.03 to the outstanding Notes. 
  
 The Legal Defeasance or Covenant Defeasance may be exercised only if:

  
 (a) the Issuers irrevocably deposit with the
Trustee, in trust, for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination of cash in U.S. dollars and non-callable Government Securities, in an amount sufficient, in the opinion of a nationally
recognized investment bank, appraisal firm or firm of independent public accountants, to pay the principal of, or interest and premium, if any, on the outstanding Notes on the Stated Maturity or on the applicable redemption date, as the case may be,
and the Issuers shall specify whether the Notes are being defeased to Stated Maturity or to such particular redemption date; 
  
 (b) in the case of Legal Defeasance, the Issuers shall deliver to the Trustee an Opinion of Counsel confirming that (i) the Issuers have
received from, or there has been published by, the Internal Revenue Service a ruling or (ii) subsequent to the Issue Date, there has been a change in the applicable federal income tax law, in either case to the effect that, and based thereon such
Opinion of Counsel shall confirm that, the Holders of the outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Legal Defeasance and will be subject to federal income tax on the same amounts,
in the same manner and at the same times as would have been the case if such Legal Defeasance had not occurred; 
  
 (c) in the case of Covenant Defeasance, the Issuers shall deliver to the Trustee an Opinion of Counsel confirming that the Holders of the
outstanding Notes will not recognize income, gain or loss for federal income tax purposes as a result of such Covenant Defeasance and will be subject to federal income tax on the same amounts, in the same manner and at the same times as would have
been the case if such Covenant Defeasance had not occurred; 
  
 (d) no Default or Event of Default shall have occurred and be continuing on the date of such deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit);

  
 (e) such Legal Defeasance or Covenant
Defeasance shall not result in a breach or violation of, or constitute a default under, any material agreement or instrument (other than this Indenture) to which the 

  

 74 

 
Issuers or any Restricted Subsidiary of the Company is a party or by which the Issuers or any Restricted Subsidiary of the Company is bound; 
  
 (f) the Issuers shall deliver to the Trustee an
Officers’ Certificate stating that the deposit was not made by the Issuers with the intent of preferring the Holders over other creditors of the Issuers with the intent of defeating, hindering, delaying or defrauding such other creditors; and

  
 (g) the Issuers deliver to the Trustee an
Officers’ Certificate and an Opinion of Counsel, each stating that all conditions precedent relating to the Legal Defeasance or the Covenant Defeasance have been complied with. 
  

	Section 8.05.	Deposited Cash and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

  
 Subject to Section 8.06, all cash and non-callable U.S. Government
Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 8.05, the “Trustee”) pursuant to Section 8.04 in respect of the outstanding Notes
shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including the Company acting as Paying Agent) as the Trustee may
determine, to the Holders of all sums due and to become due thereon in respect of principal, premium, if any, and interest but such cash and securities need not be segregated from other funds except to the extent required by law. 
  
 The Issuers shall pay and indemnify the Trustee against any tax, fee or other
charge imposed on or assessed against the cash or non-callable U.S. Government Securities deposited pursuant to Section 8.04 hereof or the principal and interest received in respect thereof other than any such tax, fee or other charge which by law
is for the account of the Holders of the outstanding Notes. 
  
 Anything in this Article 8 to the contrary notwithstanding, the Trustee shall deliver or pay to the Issuers from time to time upon the request of the Issuers any cash or non-callable U.S. Government Securities held by it as provided in
Section 8.04 which, in the opinion of a nationally recognized firm of independent certified public accountants expressed in a written certification thereof delivered to the Trustee (which may be the certification delivered under Section 8.04(a)),
are in excess of the amount thereof that would then be required to be deposited to effect an equivalent Legal Defeasance or Covenant Defeasance. 
  

	Section 8.06.	Repayment to Company. 

  
 The Trustee shall promptly, and in any event, no later than three (3) Business Days, pay to the Issuers after request therefor, any excess money held with
respect to the Notes at such time in excess of amounts required to pay any of the Issuers’ Obligations then owing with respect to the Notes. 
  
 Any cash or non-callable U.S. Government Securities deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment
of the principal, premium, if any, or interest on any Note and remaining unclaimed for one year after such principal, premium, if any, or interest has become due and payable shall be paid to the Issuers on its request or (if then held by the
Issuers) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and securities,
and all liability of the Issuers as trustees thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be published
once, in The New York Times and The Wall Street Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date of such
notification or publication, any unclaimed balance of such cash and securities then remaining shall be repaid to the Issuers. 
  

 75 

	Section 8.07.	Reinstatement. 

  
 If the Trustee or Paying Agent is unable to apply any cash or non-callable U.S. Government Securities in accordance with Section 8.02 or 8.03, as the case
may be, by reason of any order or judgment of any court or governmental authority enjoining, restraining or otherwise prohibiting such application, then the Issuers’ obligations under this Indenture and the Notes shall be revived and reinstated
as though no deposit had occurred pursuant to Section 8.02 or 8.03 until such time as the Trustee or Paying Agent is permitted to apply all such cash and securities in accordance with Section 8.02 or 8.03, as the case may be; provided,
however, that, if the Issuers make any payment of principal of, premium, if any, or interest on any Note following the reinstatement of its obligations, the Issuers shall be subrogated to the rights of the Holders to receive such payment from
the cash and securities held by the Trustee or Paying Agent. 
  
 ARTICLE 9. 
  
 AMENDMENT, SUPPLEMENT AND WAIVER

  

	Section 9.01.	Without Consent of Holders of Notes. 

  
 Notwithstanding Section 9.02 of this Indenture, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, the Notes or the
Guarantees without the consent of any Holder to: 
  
 (a) cure any ambiguity, omission, mistake, defect or inconsistency; 
  
 (b) provide for uncertificated Notes in addition to or in place of certificated Notes; 
  
 (c) provide the assumption of the Issuers’ or any Guarantor’s obligations to Holders (including, without limitation, pursuant to
Section 5.01); 
  
 (d) make any change that would
provide any additional rights or benefits to the Holders or that does not adversely affect the legal rights under the Indenture of any such Holder; 
  
 (e) add covenants for the benefit of the Holders or to surrender any right or power conferred upon the Issuers or any Guarantor;

  
 (f) comply with requirements of the SEC in
order to effect or maintain the qualification of the Indenture under the Trust Indenture Act; 
  
 (g) evidence and provide for the acceptance and appointment under the Indenture of a successor Trustee pursuant to the requirements
thereof; 
  
 (h) add a Guarantor under the
Indenture; 
  
 (i) make any amendment to the
provisions of the Indenture relating to the transfer and legending of Notes; provided, however, that (i) compliance with the Indenture as so amended would not result in Notes being transferred in violation of the Securities Act or any
applicable securities law and (ii) such amendment does not materially and adversely affect the rights of Holders to transfer Notes; or 
  
 (j) make, complete or confirm any grant of Collateral permitted or required by the Indenture or any of the Collateral Documents or any
release of Collateral that becomes effective as set forth in the Indenture or any of the Collateral Documents. 
  

	Section 9.02.	With Consent of Holders of Notes. 

  
 Except as provided below in this Section 9.02, the Issuers, the Guarantors and the Trustee may amend or supplement this Indenture, any Guarantee, the
Notes or the Guarantees with the consent of the Required 

  

 76 

 
Noteholders, including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes, and, subject to Sections 6.04 and
6.07, any existing Default or Event of Default (except a continuing Default or Event of Default in (i) the payment of principal, premium, if any, or interest on the Notes and (ii) in respect of a covenant or provision which under this Indenture
cannot be modified or amended without the consent of the Holder of each Note affected by such modification or amendment) or compliance with any provision of this Indenture or the Notes may be waived with the consent of the Required Noteholders,
including consents obtained in connection with a purchase of, or tender offer or exchange offer for, Notes; provided, that any such amendment or supplement to or waiver of the Collateral Documents also shall comply with the provisions
described in the Intercreditor Agreement. 
  
 Without the consent
of each Holder affected, an amendment or waiver under this Section 9.02 may not (with respect to any Notes held by a non-consenting Holder): 
  
 (a) reduce the principal amount of Notes whose Holders must consent to an amendment, supplement or waiver of the Notes, the Indenture or
the Collateral Documents, 
  
 (b) reduce the
principal of or change the fixed maturity of any such note or alter or waive the provisions with respect to the redemption of the Notes (other than provisions relating to Sections 4.12, 4.18 and 4.21), 
  
 (c) reduce the rate of or change the time for payment of
interest on any Note, 
  
 (d) waive a Default or
Event of Default in the payment of principal of or premium, if any, or interest on the Notes issued under the Indenture, except a rescission of acceleration of the Notes by the Required Noteholders and a waiver of the payment default that resulted
from such acceleration, or in respect of a covenant or provision contained in the Indenture or any Guarantee which cannot be amended or modified without the consent of all Holders, 
  
 (e) make any Note payable in money other than that stated in the Notes, 
  
 (f) make any change in the provisions of the Indenture
relating to waivers of past Defaults or the rights of Holders to receive payments of principal of or premium, if any, or interest on the Notes (other than provisions relating to Sections 4.12, 4.18 and 4.21), 
  
 (g) make any change in these amendment and waiver
provisions, 
  
 (h) impair the right of any
Holder to receive payment of principal of, or interest on such Holder’s Notes on or after the due dates therefor or to institute suit for the enforcement of any payment on or with respect to such Holder’s Notes, 
  
 (i) release all or substantially all of the Collateral other
than in accordance with the terms of the Collateral Documents and the Indenture; or 
  
 (j) at any time after a Change of Control Offer, Asset Sale Offer or Event of Loss Offer is required by Sections 4.12, 4.18 and 4.21,
modify the provisions of any such covenant (or related definition) in the Indenture requiring the Company to make such an offer to purchase the Notes in accordance with the terms thereof. 
  
 The Issuers may, but shall not be obligated to, fix a record date for the purpose of determining the Persons entitled to
consent to any supplemental indenture. If a record date is fixed, the Holders on such record date, or their duly designated proxies, and only such Persons, shall be entitled to consent to such supplemental indenture, whether or not such Holders
remain Holders after such record date; provided that unless such consent shall have become effective by virtue of the requisite percentage having been obtained prior to the date which is 120 days after such record date, any such consent
previously given shall automatically and without further action by any Holder be cancelled and of no further effect. 
  

 77 

 It shall not be necessary for the consent of the Holders under this Section 9.02 to approve the
particular form of any proposed amendment or waiver, but it shall be sufficient if such consent approves the substance thereof. 
  
 After an amendment, supplement or waiver under this Section 9.02 becomes effective, the Issuers shall mail to the Holder of each Note affected thereby to
such Holder’s address appearing in the Security Register a notice briefly describing the amendment, supplement or waiver. Any failure of the Issuers to mail such notice, or any defect therein, shall not, however, in any way impair or affect the
validity of any such amended or supplemental indenture or waiver. 
  

	Section 9.03.	Compliance with Trust Indenture Act. 

  
 Every amendment or supplement to this Indenture or the Notes shall be set forth in an amended or supplemental indenture that complies with the TIA as then
in effect. 
  

	Section 9.04.	Revocation and Effect of Consents. 

  
 Until an amendment, supplement or waiver becomes effective, a consent to it by a Holder is a continuing consent by the Holder of a Note and every
subsequent Holder of a Note or portion thereof that evidences the same debt as the consenting Holder’s Note, even if notation of the consent is not made on any Note. However, any such Holder or subsequent Holder may revoke the consent as to its
Note or portion thereof if the Trustee receives written notice of revocation before the date the waiver, supplement or amendment becomes effective. An amendment, supplement or waiver shall become effective in accordance with its terms and thereafter
shall bind every Holder. 
  

	Section 9.05.	Notation on or Exchange of Notes. 

  
 The Trustee may place an appropriate notation about an amendment, supplement or waiver on any Note thereafter authenticated. The Issuers in exchange for
all Notes may issue and, upon receipt of an Authentication Order in accordance with Section 2.02 hereof, the Trustee shall authenticate new Notes that reflect the amendment, supplement or waiver. 
  
 Failure to make the appropriate notation or issue a new Note shall not affect
the validity and effect of such amendment, supplement or waiver. 
  

	Section 9.06.	Trustee to Sign Amendments, etc. 

  
 The Trustee shall sign any amended or supplemental indenture authorized pursuant to this Article 9 if the amendment or supplement does not adversely
affect the rights, duties, liabilities or immunities of the Trustee. None of the Issuers nor any Guarantor may sign an amendment or supplemental indenture until its Board of Directors (or committee serving a similar function) approves it. In
executing any amended or supplemental indenture, the Trustee shall be entitled to receive and (subject to Section 7.01 hereof) shall be fully protected in relying upon an Officers’ Certificate and an Opinion of Counsel stating that the
execution of such amended or supplemental indenture is authorized or permitted by this Indenture and that such amended or supplemental indenture is the valid and binding obligation of the Issuers enforceable against each of them in accordance with
its terms, subject to customary exceptions and that such amended or supplemental indenture complies with the provisions hereof (including Section 9.03). 
  

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 ARTICLE 10. 
  
 GUARANTEES 
  

	Section 10.01.	Guarantee. 

  
 Subject to this Article 10, the Guarantors hereby unconditionally guarantee, on the same basis as to the Non-Qualified Portion and Qualified Portion as
the Issuers, to each Holder of a Note authenticated and delivered by the Trustee and to the Trustee and its successors and assigns: (a) the due and punctual payment of the principal of, premium, if any, and interest on the Notes, subject to any
applicable grace period, whether at Stated Maturity, by acceleration, redemption or otherwise, the due and punctual payment of interest on the overdue principal of and premium, if any, and, to the extent permitted by law, interest, and the due and
punctual performance of all other obligations of the Issuers to the Holders or the Trustee under this Indenture or any other agreement with or for the benefit of the Holders or the Trustee, all in accordance with the terms hereof and thereof; and
(b) in case of any extension of time of payment or renewal of any Notes or any of such other obligations, that same shall be promptly paid in full when due or performed in accordance with the terms of the extension or renewal, whether at Stated
Maturity, by acceleration pursuant to Section 6.02, redemption or otherwise. Failing payment when due of any amount so guaranteed or any performance so guaranteed for whatever reason, the Guarantors shall be jointly and severally obligated to pay
the same immediately. Each Guarantor agrees that this is a guarantee of payment and not a guarantee of collection. Notwithstanding anything herein or in the other Note Documents to the contrary, Trump Indiana, together with any Subsidiary of any
Issuer that is treated as a corporation under U.S. federal income tax law and may in the future become a Guarantor hereunder, shall not pledge any Collateral to secure Note Obligations hereunder and shall only Guarantee the Non-Qualified Portion of
the Note Obligations. 
  
 Each Guarantor hereby agrees that its
obligations with regard to its Guarantee shall be joint and several, unconditional, irrespective of the validity or enforceability of the Notes or the Note Obligations of the Issuers under this Indenture, the absence of any action to enforce the
same, the recovery of any judgment against the Issuers or any other obligor with respect to this Indenture, the Notes or the Note Obligations of the Issuers under this Indenture or the Notes, any action to enforce the same or any other circumstances
(other than complete performance) which might otherwise constitute a legal or equitable discharge or defense of a Guarantor. Each Guarantor further, to the extent permitted by law, waives and relinquishes all claims, rights and remedies accorded by
applicable law to guarantors and agrees not to assert or take advantage of any such claims, rights or remedies, including but not limited to: (a) any right to require any of the Trustee, the Holders or the Issuers (each a “Benefited
Party”), as a condition of payment or performance by such Guarantor, to (1) proceed against the Issuers, any other guarantor (including any other Guarantor) of the Obligations under the Guarantees or any other Person, (2) proceed
against or exhaust any security held from the Issuers, any such other guarantor or any other Person, (3) proceed against or have resort to any balance of any deposit account or credit on the books of any Benefited Party in favor of the Issuers or
any other Person, or (4) pursue any other remedy in the power of any Benefited Party whatsoever; (b) any defense arising by reason of the incapacity, lack of authority or any disability or other defense of the Issuers including any defense based on
or arising out of the lack of validity or the unenforceability of the Obligations under the Guarantees or any agreement or instrument relating thereto or by reason of the cessation of the liability of the Issuers from any cause other than payment in
full of the Obligations under the Guarantees; (c) any defense based upon any statute or rule of law which provides that the obligation of a surety must be neither larger in amount nor in other respects more burdensome than that of the principal; (d)
any defense based upon any Benefited Party’s errors or omissions in the administration of the Obligations under the Guarantees, except behavior which amounts to bad faith; (e)(1) any principles or provisions of law, statutory or otherwise,
which are or might be in conflict with the terms of the Guarantees and any legal or equitable discharge of such Guarantor’s obligations hereunder, (2) the benefit of any statute of limitations affecting such Guarantor’s liability hereunder
or the enforcement hereof, (3) any rights to set-offs, recoupments and counterclaims and (4) promptness, diligence and any requirement that any Benefited Party protect, secure, perfect or insure any security interest or Lien or any property subject
thereto; (f) notices, demands, presentations, protests, notices of protest, notices of dishonor and notices of any action or inaction, including acceptance of the Guarantees, notices of Default under the Notes or any agreement or instrument related
thereto, notices of any renewal, extension or modification of the Obligations under the Guarantees or any agreement related thereto, and notices of any extension of credit to the Issuers and any right to consent to any thereof; (g) to the extent
permitted under applicable law, the benefits of any “One Action” rule and (h) any defenses or benefits that may be derived from or afforded by law which limit the liability of or exonerate guarantors or 

  

 79 

 
sureties, or which may conflict with the terms of the Guarantees. Except to the extent expressly provided herein, including Sections 8.02, 8.03 and 10.05,
each Guarantor hereby covenants that its Guarantee shall not be discharged except by complete performance of the obligations contained in its Guarantee and this Indenture. 
  
 If any Holder or the Trustee is required by any court or otherwise to return to the Issuers, the Guarantors or any
custodian, trustee, liquidator or other similar official acting in relation to either the Issuers or the Guarantors any amount paid either to the Trustee or such Holder, this Guarantee, to the extent theretofore discharged, shall be reinstated in
full force and effect. 
  
 Each Guarantor agrees that it shall not
be entitled to any right of subrogation in relation to the Holders in respect of any Obligations guaranteed hereby until payment in full of all Obligations guaranteed hereby. Each Guarantor further agrees that, as between the Guarantors, on the one
hand, and the Holders and the Trustee, on the other hand, (x) the maturity of the Obligations guaranteed hereby may be accelerated as provided in Section 6.02 hereof for the purposes of this Guarantee, notwithstanding any stay, injunction or other
prohibition preventing such acceleration in respect of the Obligations guaranteed hereby and (y) in the event of any declaration of acceleration of such obligations as provided in Section 6.02 hereof, such obligations (whether or not due and
payable) shall forthwith become due and payable by the Guarantors for the purpose of this Guarantee. The Guarantors shall have the right to seek contribution from any non-paying Guarantor so long as the exercise of such right does not impair the
rights of the Holders under the Guarantee. 
  

	Section 10.02.	Limitation on Guarantor Liability. 

  
 (a) Each Guarantor, and by its acceptance of Notes, each Holder, hereby confirms that it is the intention of all such parties that the Guarantee of such
Guarantor not constitute a fraudulent transfer or conveyance for purposes of Bankruptcy Law, the Uniform Fraudulent Conveyance Act, the Uniform Fraudulent Transfer Act or any similar federal or state law to the extent applicable to any guarantee. To
effectuate the foregoing intention, the Trustee, the Holders and the Guarantors hereby irrevocably agree that each Guarantor’s liability shall be that amount from time to time equal to the aggregate liability of such Guarantor under the
guarantee, but shall be limited to the lesser of (a) the aggregate amount of the Issuers’ obligations under the Notes and this Indenture or (b) the amount, if any, which would not have (1) rendered the Guarantor “insolvent” (as such
term is defined in the Federal Bankruptcy Code and in the Debtor and Creditor Law of the State of New York) or (2) left it with unreasonably small capital at the time its guarantee with respect to the Notes was entered into, after giving effect to
the incurrence of existing Indebtedness immediately before such time; provided, however, it shall be a presumption in any lawsuit or proceeding in which a Guarantor is a party that the amount guaranteed pursuant to the guarantee with
respect to the Notes is the amount described in clause (a) above unless any creditor, or representative of creditors of the Guarantor, or debtor in possession or Trustee in bankruptcy of the Guarantor, otherwise proves in a lawsuit that the
aggregate liability of the Guarantor is limited to the amount described in clause (b). 
  
 (b) In making any determination as to the solvency or sufficiency of capital of a Guarantor in accordance with the proviso of Section 10.2(a), the right of each Guarantor to contribution from other Guarantors and any
other rights such Guarantor may have, contractual or otherwise, shall be taken into account. 
  

	Section 10.03.	Execution and Delivery of Guarantee. 

  
 To evidence its Guarantee set forth in Section 10.01, each Guarantor hereby agrees that a notation of such Guarantee in substantially the form included in
Exhibit B attached hereto shall be endorsed by an Officer of such Guarantor on each Note authenticated and delivered by the Trustee and that this Indenture shall be executed on behalf of such Guarantor by one of its Officers. 
  
 Each Guarantor hereby agrees that its Guarantee set forth in Section 10.01
shall remain in full force and effect notwithstanding any failure to endorse on each Note a notation of such Guarantee. 
  

 80 

 If an Officer whose signature is on this Indenture or on the Guarantee no longer holds that office at the
time the Trustee authenticates the Note on which a Guarantee is endorsed, the Guarantee shall be valid nevertheless. 
  
 The delivery of any Note by the Trustee, after the authentication thereof hereunder, shall constitute due delivery of the Guarantee set forth in this
Indenture on behalf of the Guarantors. 
  
 The Company hereby
agrees that it shall cause each Person that becomes obligated to provide a Guarantee pursuant to Section 4.19 to execute a supplemental indenture in form and substance reasonably satisfactory to the Trustee, pursuant to which such Person provides
the guarantee set forth in this Article 10 and otherwise assumes the obligations and accepts the rights of a Guarantor under this Indenture, in each case with the same effect and to the same extent as if such Person had been named herein as a
Guarantor. The Issuers also hereby agrees to cause each such new Guarantor to evidence its guarantee by endorsing a notation of such guarantee on each Note as provided in this Section 10.03. 
  

	Section 10.04.	Guarantors May Consolidate, etc., on Certain Terms. 

  
 Except as otherwise provided in Section 10.05, no Guarantor will consolidate or merge with or into (whether or not such Guarantor is the Surviving Person)
another Person unless: 
  
 (a) subject to Section
10.05, the Person formed by or surviving any such consolidation or merger (if other than the Company or a Guarantor) assumes all the obligations of such Guarantor pursuant to a supplemental indenture and supplemental Collateral Documents in form and
substance reasonably satisfactory to the Trustee and the Collateral Agent, pursuant to which such Person shall unconditionally guarantee all of such Guarantor’s obligations under such Guarantor’s Guarantee, the Indenture, and the
Collateral Documents on the terms set forth herein; 
  
 (b) immediately before and immediately after giving effect to such transaction on a pro forma basis, no Default or Event of Default shall have occurred or be continuing; and 
  
 (c) immediately after such transaction, the surviving Person holds all Permits required for operation of the
business of, and such entity is controlled by a Person (or has retained a Person which is) experienced in, operating casino hotels or otherwise holds all Permits (including those required from Gaming Authorities) to operate its business. 

 
 The Guarantor shall deliver to the Trustee an Officers’ Certificate
and an Opinion of Counsel each stating that such consolidation, merger, sale, assignment, conveyance, transfer, lease or disposition does not breach the Indenture and the Collateral Documents and, if a supplemental indenture is required in
connection with the transaction, the supplemental indenture complies with this provision of the Indenture and the Collateral Documents, and that all conditions precedent in the Indenture relating to the transaction have been satisfied. 

 
 In case of any such consolidation, merger, sale or conveyance and upon the
assumption by the successor Person, by supplemental indenture, executed and delivered to the Trustee and reasonably satisfactory in form to the Trustee, of the Guarantee endorsed upon the Notes and the due and punctual performance of all of the
covenants and conditions of this Indenture to be performed by the Guarantor, such successor Person shall succeed to and be substituted for the Guarantor with the same effect as if it had been named herein as a Guarantor. Such successor Person
thereupon may cause to be signed any or all of the Guarantees to be endorsed upon all of the Notes issuable hereunder which theretofore shall not have been signed by the Issuers and delivered to the Trustee. All the Guarantees so issued shall in all
respects have the same legal rank and benefit under this Indenture as the Guarantees theretofore and thereafter issued in accordance with the terms of this Indenture as though all of such Guarantees had been issued at the date of the execution
hereof. 
  
 Except as set forth in Articles 4 and 5, and
notwithstanding clauses (a) and (b) above, nothing contained in this Indenture or in any of the Notes shall prevent any consolidation or merger of a Guarantor with or 

  

 81 

 
into the Company or another Guarantor, or shall prevent any sale or conveyance of the property of a Guarantor as an entirety or substantially as an entirety
to the Company or another Guarantor. 
  

	Section 10.05.	Releases Following Merger, Consolidation or Sale of Assets, Etc. 

  
 Upon: 
  
 (1) a sale or other disposition of a Guarantor (as an entirety) (whether by way of merger, consolidation, sale or other disposition of all
of the assets of such Guarantor, sale or other disposition of all of the Equity Interests of such Guarantor or otherwise) other than a transaction that constitutes a sale of all or substantially all of the assets of the Company so as to trigger a
Change of Control, to a Person that is not (either before or after giving effect to such transactions) the Company or a Guarantor, and provided that the Net Asset Sale Proceeds of such sale or other disposition are applied in accordance with
the provisions of Section 4.12, or 
  
 (2) the
designation of a Restricted Subsidiary that is a Guarantor as an Unrestricted Subsidiary in compliance with the applicable provisions of the Indenture, 
  
 then such Guarantor will be released and relieved of any obligations under its Guarantee, and neither such transaction nor the Person formed by any such consolidation or
merger or that so acquires the assets or Equity Interests of such Guarantor shall be required to comply with the provisions set forth in Section 10.04. 
  
 Any Guarantor not released from its obligations under its Guarantee shall remain liable for the full amount of principal of and interest on the Notes and
for the other obligations of any Guarantor under this Indenture as provided in this Article 10. 
  
 ARTICLE 11. 
  
 COLLATERAL AND SECURITY 
  

	Section 11.01.	Collateral Documents. 

  
 The due and punctual payment of the principal of and interest on the Notes when and as the same shall be due and payable, whether on an Interest Payment
Date, at maturity, by acceleration, repurchase, redemption or otherwise, and interest on the overdue principal of and interest on the Notes and performance of all other obligations of the Issuers and the Guarantors to the Holders or the Trustee
under this Indenture, the Notes and the Guarantees, according to the terms hereunder or thereunder, shall be secured as provided in the Collateral Documents which the Issuers and the Guarantors shall enter into on the Issue Date, in substantially
the forms attached as Exhibits C through G hereto, together with such changes as may be reasonably necessary to accurately reflect the Collateral referred to therein, and which the Issuers and the Guarantors may enter into on or after
the Issue Date in accordance with the terms hereof. Each Holder authorizes the Trustee to initially act as Collateral Agent for the Holders under the Collateral Documents. Each Holder, by its acceptance thereof, consents and agrees to the terms of
the Collateral Documents and the Intercreditor Agreement (including, without limitation, the provisions providing for foreclosure and release of Collateral) as the same may be in effect or may be amended from time to time in accordance with its
terms and the terms of this Indenture and authorizes and directs the Collateral Agent to enter into the Collateral Documents and the Intercreditor Agreement, in substantially the form attached as Exhibit D hereto, and to perform its
obligations and exercise its rights thereunder in accordance therewith. The Issuers and the Guarantors shall deliver to the Collateral Agent copies of all documents executed pursuant to this Indenture or the Collateral Documents and shall do or
cause to be done all such acts and things as may be necessary or proper, or as may be required by the provisions of the Collateral Documents, to assure and confirm to the Collateral Agent the security interest in the Collateral contemplated hereby,
by the Collateral Documents or any part thereof, as from time to time constituted, so as to render the same available for the security and benefit of this Indenture and of the Notes and the Guarantees secured hereby, according to the intent and
purposes herein expressed. The Issuers shall, and shall cause their Subsidiaries to, at their own expense, take all reasonable actions (i) that are requested by the Trustee or the Collateral Agent, or (ii) that an Officer of the Issuer has knowledge
are necessary as a legal matter, in either case of (i) or (ii), as required to establish, maintain and perfect a security 

  

 82 

 
interest in and continuing Lien on all of the Collateral, in favor of the Collateral Agent for the benefit of the Holders, superior to and prior to the
rights of all third Persons, except for holders of Priority Lien Obligations, and subject to no Liens other than Permitted Liens and the Liens permitted by the Collateral Documents. Without limiting the generality of the foregoing, the Issuers shall
execute or cause to be executed and shall file or cause to be filed such financing statements, continuation statements, and fixture filings and such mortgages, or deeds of trust in all places necessary to establish, maintain and perfect the Liens
purported to be provided for in the Collateral Documents. 
  

	Section 11.02.	Recording and Opinions. 

  
 The Issuers and the Guarantors shall furnish to the Trustee no later than March 31st in each year beginning with March 31, 2006, an Opinion of Counsel,
dated as of such date, either: 
  
 (a) stating
that, in the opinion of such counsel, action has been taken with respect to the recording, registering, filing, re-recording, re-registering and re-filing of all supplemental indentures, financing statements, continuation statements or other
instruments of further assurance as is necessary to maintain the Lien of the Collateral Documents and reciting with respect to the security interest in the Collateral the details of such action or referring to prior Opinions of Counsel in which such
details are given, and (B) stating that, in the opinion of such counsel, based on relevant laws as in effect on the date of such Opinion of Counsel, all financing statements and continuation statements have been executed and filed that are necessary
as of such date and during the succeeding 12 months fully to preserve and protect, to the extent such protection and preservation are possible by filing, the rights of the Holders, the Collateral Agent and the Trustee hereunder and under the
Collateral Documents with respect to the security interest in the Collateral; or 
  
 (b) stating that, in the opinion of such counsel, no such action is necessary to maintain such Lien. 
  
 The Company will otherwise comply with the provisions of TIA §314(b).

  

	Section 11.03.	Release of Collateral. 

  
 (a) Subject to subsections (b), (c) and (d) of this Section 11.03 and the Intercreditor Agreement, Collateral may be released from the Lien and security
interest created by the Collateral Documents at any time or from time to time in accordance with the provisions of the Collateral Documents, the Intercreditor Agreement or as provided hereby. In addition, subject to the terms of the Intercreditor
Agreement, upon the request of the Issuers pursuant to an Officers’ Certificate certifying that all conditions precedent under the Indenture have been met, then (at the sole cost and expense of the Issuers) the Collateral Agent shall release
(or cause to be released) Collateral that is sold, conveyed or disposed of in compliance with the provisions of this Indenture; provided, that if such sale, conveyance or disposition constitutes an Asset Sale, the Company will apply the Net
Asset Sale Proceeds in compliance with Section 4.12. Upon receipt of such Officers’ Certificate the Collateral Agent shall promptly execute, deliver or acknowledge any necessary or proper instruments of termination, satisfaction or release to
evidence the release of any Collateral permitted to be released pursuant to this Indenture, the Collateral Documents or the Intercreditor Agreement. 
  
 (b) No Collateral may be released from the Lien and security interest created by the Collateral Documents pursuant to the provisions of the Collateral
Documents and the Intercreditor Agreement unless the certificate required by this Section 11.03 has been delivered to the Collateral Agent. 
  
 (c) At any time when a Default or Event of Default has occurred and is continuing and the maturity of the Notes has been accelerated (whether by
declaration or otherwise) and the Trustee shall have delivered a notice of acceleration to the Collateral Agent, no release of Collateral pursuant to the provisions of the Collateral Documents and the Intercreditor Agreement will be effective as
against the Holders. 
  
 (d) The release of any Collateral from
the terms of this Indenture, the Collateral Documents and the Intercreditor Agreement shall not be deemed to impair the security under this Indenture in contravention of the provisions hereof if and to the extent the Collateral is released pursuant
to the terms of the Collateral 

  

 83 

 
Documents, this Indenture and the Intercreditor Agreement. To the extent applicable, the Issuers shall cause TIA § 313(b), relating to reports, and TIA
§ 314(d), relating to the release of property or securities from the Lien and security interest of the Collateral Documents and relating to the substitution therefor of any property or securities to be subjected to the Lien and security
interest of the Collateral Documents, to be complied with. Any certificate or opinion required by TIA § 314(d) may be made by an Officer of each Issuer except in cases where TIA § 314(d) requires that such certificate or opinion be made by
an independent Person, which Person shall be an independent engineer, appraiser or other expert selected or approved by the Trustee and the Collateral Agent in the exercise of reasonable care. 
  

	Section 11.04.	Certificates of the Company. 

  
 (a) The Issuers shall furnish to the Trustee and the Collateral Agent, prior to each proposed release of Collateral pursuant to the Collateral Documents
and the Intercreditor Agreement: 
  
 (1) all
documents required by TIA §314(d); and 
  
 (2) an Opinion of Counsel, which may be rendered by internal counsel to the Issuers to the effect that such accompanying documents constitute all documents required by TIA §314(d). 
  
 (b) The Trustee, to the extent permitted by Sections 7.01 and 7.02 hereof,
and the Collateral Agent may accept as conclusive evidence of compliance with the foregoing provisions the appropriate statements contained in such documents and such Opinion of Counsel. 
  
 (c) Notwithstanding anything to the contrary in this Section 11.04, the Issuers shall not be required to comply with all or
any portion of TIA §314(d) if it determines, in good faith based on advice of counsel, that under the terms of TIA §314(d) and/or any interpretation or guidance as to the meaning thereof of the SEC or its staff, including “no
action” letters or exemptive orders, all or any portion of TIA §314(d) is inapplicable to one or a series of releases of Collateral or the SEC will not take any action against the Issuers for failure to comply with, or that the Issuers are
exempt from, all or any portion of TIA §314(d). 
  

	Section 11.05.	Certificates of the Trustee. 

  
 In the event that the Issuers wish to release Collateral in accordance with the Collateral Documents and the Intercreditor Agreement and has delivered the
certificates and documents required by the Collateral Documents, the Intercreditor Agreement and Sections 11.03 and 11.04 hereof, the Trustee will determine whether it has received all documentation required by TIA §314(d) in connection with
such release. 
  

	Section 11.06.	Authorization of Actions to Be Taken by the Trustee and the Collateral Agent Under the Collateral Documents. 

  
 Subject to the provisions of Section 7.01 and 7.02 hereof, the Trustee may,
in its sole discretion and without the consent of the Holders, direct, on behalf of the Holders, the Collateral Agent to take all actions it deems necessary or appropriate in order to: 
  
 (a) enforce any of the terms of the Collateral Documents and the Intercreditor Agreement; and 
  
 (b) collect and receive any and all amounts payable in
respect of the Obligations of the Issuers and the Guarantors hereunder and under the Notes and the Guarantees. 
  
 The Collateral Agent shall have the power to institute and maintain such suits and proceedings as it may deem expedient to prevent any impairment of the
Collateral by any acts that may be unlawful or in violation of the Collateral Documents, this Indenture or the Intercreditor Agreement, and such suits and proceedings as the Collateral Agent may deem expedient to preserve or protect its interests
and the interests of the Holders in the Collateral (including power to institute and maintain suits or proceedings to restrain the enforcement of, or 

  

 84 

 
compliance with, any legislative or other governmental enactment, rule or order that may be unconstitutional or otherwise invalid if the enforcement of, or
compliance with, such enactment, rule or order would impair the security interest hereunder or be prejudicial to the interests of the Holders or of the Collateral Agent). 
  

	Section 11.07.	Authorization of Receipt of Funds by the Collateral Agent Under the Collateral Documents. 

  
 The Collateral Agent is authorized to receive any funds for the benefit of
the Holders distributed under the Collateral Documents and the Intercreditor Agreement, and to make further distributions of such funds to the Holders according to the provisions of this Indenture, the Collateral Documents and the Intercreditor
Agreement. 
  

	Section 11.08.	Termination of Security Interest. 

  
 Subject to the Intercreditor Agreement, upon the full and final payment and performance of all Obligations of the Issuers and the Guarantors under this
Indenture, the Notes and the Guarantees or in connection with the discharge of all Obligations under the Notes, the Guarantees and this Indenture as described under Article 8 and Article 12 (including a release of Guarantees under Section 10.05
hereunder or designation of a Restricted Subsidiary as an Unrestricted Subsidiary in accordance with the terms of this Indenture), the Trustee shall, at the request of the Issuers, deliver an Officers’ Certificate to the Collateral Agent
stating that such Obligations have been paid in full or discharged, as the case may be, and instruct the Collateral Agent to release the Liens pursuant to this Indenture, the Intercreditor Agreement and the Collateral Documents. 
  

	Section 11.09.	Conflicts Between Indenture and Collateral Documents. 

  
 If any conflict or inconsistency exists between this Indenture and any of the Collateral Documents, this Indenture shall govern; provided, however,
that to the extent a Collateral Document is governed by a law other than the internal laws of the State of New York, this Indenture shall not require that the internal laws of the State of New York govern such Collateral Document. 
  
 ARTICLE 12. 
  
 SATISFACTION AND DISCHARGE 
  

	Section 12.01.	Satisfaction and Discharge. 

  
 This Indenture will be discharged and will cease to be of further effect as to all Notes and Guarantees issued hereunder, when either: 
  
 (i) all such Notes theretofore authenticated and delivered,
except lost, stolen or destroyed Notes which have been replaced or paid and Notes for whose payment money has theretofore been deposited in trust, have been delivered to the Trustee for cancellation; or 
  
 (ii) (A) all such Notes not theretofore delivered to such
Trustee for cancellation have become due and payable by reason of the mailing of a notice of redemption or otherwise or will become due and payable within one year and the Issuers or any Guarantor has irrevocably deposited or caused to be deposited
with such Trustee as trust funds in trust solely for the benefit of the Holders, cash in U.S. dollars, non-callable Government Securities, or a combination thereof, in such amounts as will be sufficient without consideration of any reinvestment of
interest to pay and discharge the entire indebtedness on such Notes not theretofore delivered to the Trustee for cancellation for principal, premium, if any, and accrued interest to the date of maturity or redemption, (B) the Issuers have paid or
caused to be paid all sums payable by it under the Indenture and (C) the Issuers have delivered irrevocable instructions to the Trustee under the Indenture to apply the deposited money toward the payment of such Notes at maturity or the redemption
date, as the case may be; and 
  
 in the case of either clause
(i) or (ii): 
  

 85 

 (x) no Default or Event of Default has occurred and is continuing on the date of the
deposit or will occur as a result of the deposit (other than a Default or Event of Default resulting from the borrowing of funds to be applied to such deposit) and the deposit will not result in a breach or violation of, or constitute a default
under, any other instrument (other than the Indenture) to which the Company or any Guarantor is a party or by which the Company or any Guarantor is bound; and 
  

(y) the Issuers shall have delivered to the Trustee an Officers’ Certificate and Opinion of Counsel stating that all conditions
precedent relating to the satisfaction and discharge of this Indenture have been satisfied. 
  

	Section 12.02.	Deposited Cash and U.S. Government Securities to be Held in Trust; Other Miscellaneous Provisions. 

  
 Subject to Section 12.03, all cash and non-callable U.S. Government
Securities (including the proceeds thereof) deposited with the Trustee (or other qualifying trustee, collectively for purposes of this Section 12.02, the “Trustee”) pursuant to Section 12.01 hereof in respect of the
outstanding Notes shall be held in trust and applied by the Trustee, in accordance with the provisions of such Notes and this Indenture, to the payment, either directly or through any Paying Agent (including an Issuer acting as Paying Agent) as the
Trustee may determine, to the Persons entitled thereto of all sums due and to become due thereon in respect of principal, premium, if any, and interest but such cash and securities need not be segregated from other funds except to the extent
required by law. 
  

	Section 12.03.	Repayment to Company. 

  
 Any cash or non-callable U.S. Government Securities deposited with the Trustee or any Paying Agent, or then held by the Issuers, in trust for the payment
of the principal of, premium, if any, or interest on, any Note and remaining unclaimed for one year after such principal, and premium, if any, or interest has become due and payable shall be paid to the Issuers on their request or (if then held by
the Issuers) shall be discharged from such trust; and the Holder shall thereafter, as an unsecured creditor, look only to the Issuers for payment thereof, and all liability of the Trustee or such Paying Agent with respect to such cash and
securities, and all liability of the Issuers as trustees thereof, shall thereupon cease; provided, however, that the Trustee or such Paying Agent, before being required to make any such repayment, may at the expense of the Issuers cause to be
published once, in The New York Times and The Wall Street Journal (national edition), notice that such cash and securities remains unclaimed and that, after a date specified therein, which shall not be less than 30 days from the date
of such notification or publication, any unclaimed balance of such cash and securities then remaining shall be repaid to the Issuers. 
  
 ARTICLE 13. 
  
 MISCELLANEOUS 
  

	Section 13.01.	Trust Indenture Act Controls. 

  
 If any provision of this Indenture limits, qualifies or conflicts with the duties imposed by TIA §318(a), the imposed duties of the TIA shall
control. 
  

	Section 13.02.	Notices. 

  
 Any notice or communication by the Issuers, any Guarantor or the Trustee to the other is duly given if in writing and delivered in person or mailed by
first class mail (registered or certified, return receipt requested), facsimile transmission or overnight air courier guaranteeing next-day delivery, to the other’s address: 
  
 If to the Issuers and/or any Guarantor: 
  
 Trump Entertainment Resorts Holdings, L.P. 
 Trump Entertainment Resorts Funding, Inc. 
 1000 Boardwalk at Virginia 
  

 86 

 Atlantic City, New Jersey 08401 
 Attention: General Counsel 
 Facsimile No.:
(        )     -             
  
 If to the Trustee: 
  
 U.S. Bank National Association 
 60 Livingston
Avenue 
 St. Paul, Minnesota 55107 
 Attention: Corporate Trust Administration 
 Facsimile No.: (651) 495-8097 
  
 The Issuers or the Trustee, by notice to the other, may designate additional
or different addresses for subsequent notices or communications. 
  
 All notices and communications shall be deemed to have been duly given: at the time delivered by hand, if personally delivered; five Business Days after being deposited in the mail, postage prepaid, if mailed; when receipt acknowledged, if
sent by facsimile transmission; and the next Business Day after timely delivery to the courier, if sent by overnight air courier guaranteeing next-day delivery. 
  

Any notice or communication to a Holder shall be mailed by first class mail, certified or registered, return receipt requested, or by overnight air
courier guaranteeing next-day delivery to its address shown on the Security Register. Any notice or communication shall also be so mailed to any Person described in TIA § 313(c), to the extent required by the TIA. Failure to mail a notice or
communication to a Holder or any defect in it shall not affect its sufficiency with respect to other Holders. 
  
 If a notice or communication is mailed in the manner provided above within the time prescribed, it is duly given, whether or not the addressee receives
it. 
  
 If the Issuers mail a notice or communication to Holders,
they shall mail a copy to the Trustee and each Agent at the same time. 
  

	Section 13.03.	Communication by Holders of Notes with Other Holders of Notes. 

  
 Holders may communicate pursuant to TIA §312(b) with other Holders with respect to their rights under this Indenture or
the Notes. The Issuers, the Trustee, the Registrar and anyone else shall have the protection of TIA §312(c). 
  

	Section 13.04.	Certificate and Opinion as to Conditions Precedent. 

  
 Upon any request or application by the Issuers to the Trustee to take any action under any provision of this Indenture, the Issuers shall furnish to the
Trustee: 
  
 (a) an Officers’ Certificate in
form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 13.05 hereof) stating that, in the opinion of the signers, all conditions precedent and covenants, if any, provided for in this
Indenture relating to the proposed action have been complied with; and 
  
 (b) an Opinion of Counsel in form and substance reasonably satisfactory to the Trustee (which shall include the statements set forth in Section 13.05 hereof) stating that, in the opinion of such counsel, all such
conditions precedent and covenants have been complied with. 
  

 87 

	Section 13.05.	Statements Required in Certificate or Opinion. 

  
 Each certificate or opinion with respect to compliance with a condition or covenant provided for in this Indenture (other than a certificate provided
pursuant to TIA §314(a)(4)) shall comply with the provisions of TIA §314(e) and shall include: 
  
 (a) a statement that the Person making such certificate or opinion has read such covenant or condition; 
  
 (b) a brief statement as to the nature and scope of the
examination or investigation upon which the statements or opinions contained in such certificate or opinion are based; 
  
 (c) a statement that, in the opinion of such Person, he or she has made such examination or investigation as is necessary to enable such
Person to express an informed opinion as to whether or not such covenant or condition has been complied with; and 
  
 (d) a statement as to whether or not, in the opinion of such Person, such condition or covenant has been complied with. 
  
 With respect to matters of fact, an Opinion of Counsel may rely on an Officers’
Certificate, certificates of public officials or reports or opinions of experts. 
  

	Section 13.06.	Rules by Trustee and Agents. 

  
 The Trustee may make reasonable rules for action by or at a meeting of Holders. The Registrar or Paying Agent may make reasonable rules and set reasonable
requirements for its functions. 
  

	Section 13.07.	No Personal Liability of Directors, Officers, Employees and Stockholders. 

  
 No direct or indirect stockholder, partner, member, employee, officer, director or Partner, as such, past, present or
future, of either of the Issuers, any Guarantor or any successor entity shall have any personal liability in respect of the obligations of the Issuers or any Guarantor under the Indenture or the Notes or the Guarantees by reason of his, her or its
status as such stockholder, partner, member, employee, officer, director or Partner, except to the extent such Person is an Issuer or a Guarantor. 
  

	Section 13.08.	Governing Law. 

  
 THE INTERNAL LAW OF THE STATE OF NEW YORK SHALL GOVERN AND BE USED TO CONSTRUE THIS INDENTURE, THE NOTES AND THE GUARANTEES WITHOUT GIVING EFFECT TO
APPLICABLE PRINCIPLES OF CONFLICTS OF LAW TO THE EXTENT THAT THE APPLICATION OF THE LAWS OF ANOTHER JURISDICTION WOULD BE REQUIRED THEREBY. 
  

	Section 13.09.	No Adverse Interpretation of Other Agreements. 

  
 This Indenture may not be used to interpret any other indenture, loan or debt agreement of the Issuers or their Subsidiaries or of any other Person (other
than the Notes and the Guarantees). Any such indenture, loan or debt agreement (other than the Notes and the Guarantees) may not be used to interpret this Indenture. 
  

	Section 13.10.	Successors. 

  
 All covenants and agreements of the Issuers in this Indenture and the Notes shall bind its successors. All covenants and agreements of the Trustee in this
Indenture shall bind its successors. 
  

 88 

	Section 13.11.	Severability. 

  
 In case any provision in this Indenture or in the Notes shall be invalid, illegal or unenforceable, the validity, legality and enforceability of the
remaining provisions shall not in any way be affected or impaired thereby. 
  

	Section 13.12.	Counterpart Originals. 

  
 The parties may sign any number of copies of this Indenture. Each signed copy shall be an original, but all of them together represent the same agreement.

  

	Section 13.13.	Table of Contents, Headings, etc. 

  
 The Table of Contents, Cross-Reference Table and Headings in this Indenture have been inserted for convenience of reference only, are not to be considered
a part of this Indenture and shall in no way modify or restrict any of the terms or provisions hereof. 
  
 [Signatures on following page] 
  

 89 

 SIGNATURES 
  
 Dated as of May 20, 2005 
  

			
	ISSUERS:
	
	TRUMP ENTERTAINMENT RESORTS HOLDINGS, L.P.
	
	By: Trump Entertainment Resorts, Inc., its general partner
		
	By:	 	/S/    JOHN P. BURKE
	 	 	 Name: John P. Burke

	 	 	 Title: Executive Vice President and Corporate Treasurer

	
	 TRUMP ENTERTAINMENT RESORTS FUNDING, INC.

		
	By:	 	/S/    JOHN P. BURKE
	 	 	 Name: John P. Burke

	 	 	 Title: Corporate Treasurer

	
	GUARANTORS:
	
	 TRUMP MARINA ASSOCIATES, LLC

		
	By:	 	/S/    JOHN P. BURKE
	 	 	 Name: John P. Burke

	 	 	 Title: Vice President and Treasurer

	
	 TRUMP INDIANA REALTY LLC

		
	By:	 	/S/    JOHN P. BURKE
	 	 	 Name: John P. Burke

	 	 	 Title: Executive Vice President and Corporate Treasurer

  
  

					
	 TRUMP PLAZA ASSOCIATES, LLC

		
	By:	 	 /S/    JOHN P. BURKE

	 	 	

	 	 	 Name:
	 	John P. Burke
	 	 	 Title:
	 	Treasurer
	
	 TRUMP TAJ MAHAL ASSOCIATES, LLC

		
	By:	 	 /S/    JOHN P. BURKE

	 	 	

	 	 	 Name:
	 	John P. Burke
	 	 	 Title:
	 	Corporate Treasurer
	
	 TRUMP INDIANA, INC.

		
	By:	 	 /S/    JOHN P. BURKE

	 	 	

	 	 	 Name:
	 	John P. Burke
	 	 	 Title:
	 	Treasurer
	
	TRUMP ENTERTAINMENT RESORTS DEVELOPMENT COMPANY, LLC
		
	By:	 	 /S/    JOHN P. BURKE

	 	 	

	 	 	 Name:
	 	John P. Burke
	 	 	 Title:
	 	Executive Vice President and Corporate Treasurer

  
  

					
	TRUSTEE:
	
	 U.S. BANK NATIONAL ASSOCIATION

		
	By:	 	/S/    RICHARD H. PROKOSH
	 	 	 Name:
	 	 Richard H. Prokosh

	 	 	 Title:
	 	 Vice PresidentAmended and Restated Investment Agreement, dated as of May 20, 2005

 Exhibit 10.3 
  
 EXECUTION VERSION 
  

  
 AMENDED AND RESTATED

  
 INVESTMENT AGREEMENT 
  
 BY AND AMONG 
  
 TRUMP HOTELS & CASINO RESORTS, INC., 
  
 TRUMP HOTELS & CASINO RESORTS HOLDINGS, L.P. 
  
 and 
  
 DONALD J. TRUMP 
  
 DATED AS OF MAY 20, 2005 
  

  

  
 TABLE OF CONTENTS

  

					
	 	  	 	  	Page

	 ARTICLE I     DEFINITIONS; INTERPRETATION
	  	2
			
	 Section 1.1
	  	Definitions	  	2
	 Section 1.2
	  	Interpretation	  	10
		
	 ARTICLE II      STOCK SPLIT AND EXCHANGE AND ISSUANCES OF SECURITIES
	  	11
			
	 Section 2.1
	  	Reverse Stock Split; Common Shares	  	11
	 Section 2.2
	  	Exchange of Old Class B Common Stock	  	11
	 Section 2.3
	  	Issuance of Class A Partnership Interests	  	11
	 Section 2.4
	  	Issuance of Class B Partnership Interests and One Year Warrant	  	12
	 Section 2.5
	  	Issuance of Ten Year Warrant	  	12
		
	 ARTICLE III      CLOSING
	  	12
			
	 Section 3.1
	  	Closing	  	12
	 Section 3.2
	  	Closing Deliveries	  	13
		
	 ARTICLE IV      REPRESENTATIONS AND WARRANTIES OF COMPANY AND PARTNERSHIP
	  	15
			
	 Section 4.1
	  	Organization	  	15
	 Section 4.2
	  	Authority; No Conflict; Required Filings and Consents	  	16
		
	 ARTICLE V     REPRESENTATIONS AND WARRANTIES OF INVESTOR
	  	18
			
	 Section 5.1
	  	Authority	  	18
	 Section 5.2
	  	No Conflict	  	18
	 Section 5.3
	  	Investment Representations	  	18
	 Section 5.4
	  	Sufficient Funds	  	19
		
	 ARTICLE VI      COVENANTS
	  	19
			
	 Section 6.1
	  	Certain Notices	  	19
	 Section 6.2
	  	Governmental Approvals.	  	20
	 Section 6.3
	  	Hart-Scott-Rodino Filing	  	21
	 Section 6.4
	  	[Intentionally Omitted]	  	21
	 Section 6.5
	  	Restructuring; Bankruptcy	  	21
	 Section 6.6
	  	[Intentionally Omitted]	  	22
	 Section 6.7
	  	Publicity	  	22
	 Section 6.8
	  	[Intentionally Omitted]	  	22
	 Section 6.9
	  	Amended and Restated Organizational Documents	  	22
	 Section 6.10
	  	Board Representation	  	22
	 Section 6.11
	  	Director and Officer Indemnification	  	23
	 Section 6.12
	  	Further Assurances and Actions	  	24
	 Section 6.13
	  	Changes to Transaction Documents	  	24
	 Section 6.14
	  	Affiliate Transactions	  	24
	 Section 6.15
	  	Set Off	  	24

  

					
	 ARTICLE VII      CONDITIONS TO CLOSING
	  	24
			
	 Section 7.1
	  	Conditions to Each Party’s Obligation to Effect the Closing	  	24
	 Section 7.2
	  	Additional Conditions to Obligations of the Company and the Partnership	  	25
	 Section 7.3
	  	Additional Conditions to Obligations of the Investor	  	26
		
	 ARTICLE VIII      TERMINATION
	  	28
			
	 Section 8.1
	  	Termination	  	28
	 Section 8.2
	  	Effect of Termination	  	29
	 Section 8.3
	  	Fees and Expenses	  	29
		
	 ARTICLE IX      MISCELLANEOUS
	  	30
			
	 Section 9.1
	  	Non-Survival	  	30
	 Section 9.2
	  	Notices	  	30
	 Section 9.3
	  	Counterparts	  	31
	 Section 9.4
	  	Headings	  	31
	 Section 9.5
	  	Amendment	  	31
	 Section 9.6
	  	Extension; Waiver	  	31
	 Section 9.7
	  	Severability	  	32
	 Section 9.8
	  	Entire Agreement; No Third Party Beneficiaries	  	32
	 Section 9.9
	  	Governing Law	  	32
	 Section 9.10
	  	Assignment; Successors	  	32
	 Section 9.11
	  	Election of Remedies	  	32
	 Section 9.12
	  	Submission to Jurisdiction	  	32

  
 EXHIBITS: 
  

			
	 Exhibit A
	  	Form of Amended and Restated Bylaws
	 Exhibit B
	  	Form of Amended and Restated Certificate of Incorporation
	 Exhibit C
	  	Form of Amended Exchange Rights Agreement
	 Exhibit D
	  	Form of Amended Partnership Agreement
	 Exhibit E
	  	THCR Debt Restructure - DJT Tax Points
	 Exhibit F
	  	Form of Amended Trademark License Agreement
	 Exhibit G
	  	Form of Amended Trademark Security Agreement
	 Exhibit H
	  	Company Subsidiaries
	 Exhibit I
	  	Form of Miss Universe Assignment Agreement
	 Exhibit J
	  	Form of One Year Warrant
	 Exhibit K
	  	Form of Right of First Offer Agreement
	 Exhibit L
	  	Form of Services Agreement
	 Exhibit M
	  	Form of Voting Agreement
	 Exhibit N
	  	Form of Ten Year Warrant

  

 -ii- 

  
 AMENDED AND RESTATED
INVESTMENT AGREEMENT 
  
 AMENDED AND RESTATED INVESTMENT
AGREEMENT, dated as of May 20, 2005 (this “Agreement”), by and among Trump Hotels & Casino Resorts, Inc., a Delaware corporation, Trump Hotels & Casino Resorts Holding, L.P., a Delaware limited partnership (the
“Partnership”), and Donald J. Trump (the “Investor”). 
  
 R E C I T A L S: 
  
 WHEREAS, the Company (as hereinafter defined) is the sole general partner of the Partnership; 
  
 WHEREAS, the Investor (directly and through certain of the Investor’s
controlled Affiliates (as hereinafter defined)) beneficially owns 9,960,887 issued and outstanding shares (the “Present Shares”) of common stock, par value $0.01 per share, of the Company; 
  
 WHEREAS, the Investor owns TCH 2nd Priority Notes (as hereinafter defined) in
the aggregate principal amount of $16,366,686 (the “Investor Notes”), and the interest that shall be due on the Investor Notes is referred to herein as the “Accrued Interest”; 
  
 WHEREAS, on November 21, 2004, the Debtors (as hereinafter defined) commenced
the Bankruptcy Case (as hereinafter defined); 
  
 WHEREAS, on
January 25, 2005, the Company, the Partnership and the Investor entered into an Investment Agreement (the “Prior Agreement”) with respect to the Investment (as hereinafter defined) and the other transactions contemplated thereby;

  
 WHEREAS, on April 5, 2005, by written order, the Bankruptcy
Court confirmed the Bankruptcy Plan; 
  
 WHEREAS, the Company, the
Partnership and the Investor desire to amend and restate the Prior Agreement as provided herein; 
  
 WHEREAS, on the terms and subject to the conditions set forth herein, at the Closing (as hereinafter defined), the Investor and/or one or more Affiliates
of the Investor will make an equity investment (the “Investment”) in the Partnership consisting of (i) a cash investment of $55,000,000 (the “Cash Amount”), (ii) the exchange and cancellation of the Investor Notes
and (iii) the written waiver (the “Investor Waiver”) by the Investor (for the Investor and on behalf of the Investor’s controlled Affiliates) of the Investor’s (and any such controlled Affiliates’) right to receive
the Accrued Interest in respect of the Investor Notes, pursuant to which the Partnership will (and the Restructured Company (as hereinafter defined) will cause the Partnership to) issue Class A Partnership Interests (as hereinafter defined) to the
Investor; 
  
 WHEREAS, on the terms and subject to the conditions
set forth herein, at the Closing, in consideration of the Investor entering (and/or causing one or more Affiliates of the Investor to enter) into the Amended Agreements (as hereinafter defined) and consummating (and/or causing any such Affiliates to
consummate) the transactions contemplated hereby, the 

  

 
Partnership will (and the Restructured Company will cause the Company to) issue Class B Partnership Interests (as hereinafter defined), and the Company will
issue the One Year Warrant (as hereinafter defined), to the Investor and/or one or more Affiliates of the Investor; 
  
 WHEREAS, in consideration of the Investor entering into the Services Agreement, the Company will issue the Ten Year Warrant (as hereinafter defined) to
the Investor and/or one or more Affiliates of the Investor; 
  
 WHEREAS, the Class A Partnership Interests will be exchangeable for shares of common stock, par value $0.001 per share (the “Common Stock”), of the Restructured Company, and the Class B Partnership Interests will be
exchangeable for shares of Common Stock and/or cash in an amount equal to the fair market value of such shares of Common Stock, as provided in the Amended Exchange Rights Agreement and the Amended Partnership Agreement (as each such term is
hereinafter defined); 
  
 WHEREAS, in connection with, and as a
condition to the consummation of the transactions contemplated hereby, the Company and certain Company Subsidiaries (as hereinafter defined) have undertaken, under Chapter 11 of the Bankruptcy Code (as hereinafter defined) and pursuant to the
Bankruptcy Plan (as hereinafter defined), the Restructuring (as hereinafter defined), the terms of which are set forth on Exhibit A (the “Term Sheet”) to that certain Restructuring Support Agreement, dated as of October 20, 2004
(the “Restructuring Support Agreement”), by and among the Company, the Investor, the Noteholders (as defined in the Restructuring Support Agreement) and the other parties thereto; 
  
 WHEREAS, the Special Committee of the Board of Directors of the Company (the
“Board of Directors”) and the Board of Directors have duly approved and authorized this Agreement and the transactions contemplated hereby; and 
  

WHEREAS, pursuant to the Restructuring Support Agreement, the Investor has agreed to support the commencement of the Bankruptcy Case (as hereinafter
defined) by the Debtors (as hereinafter defined), confirmation by the Bankruptcy Court of the Bankruptcy Plan, approval by the Bankruptcy Court of the Disclosure Statement (as hereinafter defined) and approval by the Bankruptcy Court of this
Agreement and the transactions contemplated hereby; 
  
 NOW,
THEREFORE, in consideration of the foregoing premises and the mutual representations, warranties, covenants and agreements set forth in this Agreement, and for other good and valuable consideration, the receipt and sufficiency of which are hereby
acknowledged, the parties hereto, each intending to be legally bound, hereby agree to amend and restate the Prior Agreement in its entirety as follows: 
  
 ARTICLE I 
  
 DEFINITIONS; INTERPRETATION 
  
 Section 1.1 Definitions. In addition to the terms defined elsewhere in this Agreement, for all purposes of this Agreement, the following terms shall have the respective meanings set forth below: 
  

 - 2 - 

 “Accrued Interest” shall have the meaning set forth in the recitals hereto. 

 
 “Affiliate” shall mean, with respect to any specified
Person, any other Person that directly, or indirectly through one or more intermediaries, controls, is controlled by, or is under common control with, such specified Person. For the purposes of this definition, “control” of a Person
shall mean the possession, directly or indirectly, of the power to direct or cause the direction of its management or policies, whether through the ownership of voting securities, by contract or otherwise. For the purposes of this definition, except
as otherwise provided herein, TCI shall be deemed an Affiliate of the Investor even if the Investor has transferred the outstanding equity interests of TCI held thereby as of the date hereof to another Person who is not an Affiliate of the Investor.

  
 “Agreement” shall have the meaning set forth
in the preamble hereto. 
  
 “Amended Agreements”
shall mean, collectively, the Amended Exchange Rights Agreement, the Amended Partnership Agreement and the Amended Trademark License Agreement. 
  
 “Amended and Restated Bylaws” shall mean the Amended and Restated Bylaws of the Restructured Company, substantially in the form attached
hereto as Exhibit A. 
  
 “Amended and Restated
Certificate of Incorporation” shall mean the Restated Certificate of Incorporation of the Restructured Company, substantially in the form attached hereto as Exhibit B. 
  
 “Amended Exchange Rights Agreement” shall mean the Third Amended and Restated Exchange and Registration
Rights Agreement, substantially in the form attached hereto as Exhibit C. 
  
 “Amended Partnership Agreement” shall mean the Fourth Amended and Restated Agreement of Limited Partnership of the Partnership, substantially in the form attached hereto as Exhibit D, which
shall contain or reflect the terms set forth in Exhibit E. 
  
 “Amended Trademark License Agreement” shall mean the Amended and Restated Trademark License Agreement to be entered into by and between the Investor, the Partnership and the Restructured Company on the Closing Date,
substantially in the form attached hereto as Exhibit F. 
  
 “Amended Trademark Security Agreement” shall mean the Amended and Restated Trademark Security Agreement to be entered into by and between the Investor and the Partnership on the Closing Date, substantially in the form
attached hereto as Exhibit G. 
  
 “Bankruptcy
Case” shall mean the chapter 11 cases of the Debtors pending in the Bankruptcy Court, which are being jointly administered under case numbers 04-46898 through 04-46925 (JHW). 
  
 “Bankruptcy Code” shall mean title 11 of the United States Code, 11 U.S.C. §101, et seq., as now in
effect or hereafter amended. 
  

 - 3 - 

 “Bankruptcy Court” shall mean the United States Bankruptcy Court for the District of New
Jersey and, to the extent that there is no reference pursuant to section 157 of title 28 of the United States Code, the United States District Court for the District of New Jersey. 
  
 “Bankruptcy Exceptions” shall have the meaning set forth in Section 4.2(a) hereof. 
  
 “Bankruptcy Plan” shall mean the Debtors’ Second
Amended Joint Plan of Reorganization, dated as of March 30, 2005, as modified, amended or supplemented from time to time, in each case with the approval of the Investor (which approval shall not be unreasonably withheld), together with any and all
Contracts, schedules, exhibits, certificates, orders and other documents and instruments prepared in connection therewith. 
  
 “Board of Directors” shall have the meaning set forth in the recitals hereto. 
  
 “Business Day” shall mean any day other than a Saturday or
Sunday which is not a day on which banking institutions in New York City are authorized or obligated by Law or executive order to close. 
  
 “Capitalization Table” shall have the meaning set forth in Section 3.2(a)(xx) hereof. 
  
 “Cash Amount” shall have the meaning set forth in the
recitals hereto. 
  
 “Class A Partnership
Interests” shall have the meaning set forth in the Amended Partnership Agreement. 
  
 “Class B Exchange” shall mean the exchange of each outstanding share of Old Class B Common Stock for one share of New Class B Common Stock. 
  
 “Class B Partnership Interests” shall have the meaning set
forth in the Amended Partnership Agreement. 
  
 “Closing” shall have the meaning set forth in Section 3.1 hereof. 
  
 “Closing Date” shall have the meaning set forth in Section 3.1 hereof. 
  
 “Common Shares” shall mean the 23,880 shares of Common Stock
(less any shares of Common Stock issued to the Investor or any of his Affiliates pursuant to the TCI 2 Merger) beneficially owned by the Investor; provided that the number of Common Shares held by the Investor immediately following the Stock
Split shall be adjusted so that such number of Common Shares represents 0.06% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on a Fully Diluted Basis. 
  
 “Common Stock” shall have the meaning set forth in the
recitals hereto. 
  
 “Company” shall mean Trump
Hotels & Casino Resorts, Inc., a Delaware corporation, until the consummation of the Restructuring, and the Restructured Company. 
  

 - 4 - 

 “Company Entities” shall mean, collectively, the Company and each Company Subsidiary.

  
 “Company Gaming Facilities” shall mean,
collectively, (a) the Trump Taj Mahal Casino Resort, (b) the Trump Plaza Hotel and Casino, (c) the Trump Marina Hotel Casino, and (d) the Trump Indiana Casino Hotel. 
  
 “Company Material Adverse Effect” shall mean, with respect to any one or more changes, events or effects, a
material adverse effect on the business, assets, financial condition or results of operations of (a) the Company and the Company Subsidiaries, taken as a whole, (b) the Trump Taj Mahal Casino Resort, (c) the Trump Marina Hotel Casino, or (d) the
Trump Plaza Hotel and Casino, in each case except for any such change, event or effect resulting from, arising out of or related to (i) changes in or affecting (A) the gaming industry generally in the United States, or (B) the United States economy
or financial markets as a whole, or (ii) the taking of any action in furtherance of and not inconsistent with this Agreement or the Restructuring or expressly consented to by the Investor; provided, however, that any event,
circumstance, condition, fact, effect or other matter that would otherwise constitute a Company Material Adverse Effect shall not constitute a Company Material Adverse Effect if the material adverse effect thereof shall cease to exist or be of any
effect as of the consummation of the Bankruptcy Plan. 
  
 “Company Subsidiary” shall mean any Subsidiary of the set forth on Exhibit H attached hereto. 
  
 “Confirmation Order” shall mean the order in a form and substance reasonably acceptable to the Investor entered by the Bankruptcy Court
in the Bankruptcy Case confirming the Bankruptcy Plan pursuant to Section 1129 of the Bankruptcy Code. 
  
 “Contract” shall mean, with respect to any Person, any agreement, arrangement or obligation, whether written or oral, including any
commitment, mortgage, instrument, indenture, note, bond, loan, guarantee, lease, sublease, license, contract, deed of trust, option agreement, right of first refusal, security agreement, development agreement, operating agreement, management
agreement, service agreement, partnership agreement, joint venture agreement, limited liability agreement, put/call arrangement, purchase, or sale or merger agreement, in each case that is binding on such Person under applicable Law, including any
amendments or modifications thereto and restatements thereof. 
  
 “D&O Indemnified Parties” shall have the meaning set forth in Section 6.11(a) hereof. 
  
 “Debtors” shall have the meaning set forth in the Bankruptcy Plan. 
  
 “Disclosure Statement” shall mean the written disclosure statement filed by the Company and certain Company
Subsidiaries in connection with the Bankruptcy Plan in the Bankruptcy Case, as approved by the Bankruptcy Court pursuant to Section 1125 of the Bankruptcy Code, as may be amended, modified or supplemented from time to time. 
  

 - 5 - 

 “Encumbrance” shall mean, with respect to any asset, security or property, any security
interest, pledge, mortgage, deed of trust, lien (including environmental and Tax liens), charge, encumbrance, adverse claim, restriction on use or option, in each case, in respect of such asset, security or property; provided, that, with
respect to securities, “Encumbrances” shall exclude limitations on transfer imposed by Gaming Laws. 
  
 “Exchange Act” shall mean the Securities Exchange Act of 1934, as amended from time to time, including the rules and regulations
promulgated thereunder. 
  
 “Existing Security
Agreement” shall mean that certain Trademark Security Agreement, dated as of June 12, 1995, as amended, between the Investor and the Company. 
  
 “Existing Trademark License Agreement” shall mean that certain Trademark License Agreement, dated as of June 12, 1995, as amended,
between the Investor and the Company. 
  
 “Five Board
Members” shall have the meaning set forth in Section 6.10 hereof. 
  
 “Fully Diluted Basis” shall mean, at any given time, on a fully diluted basis, assuming the full conversion, exercise and exchange (as applicable) of all then outstanding options, warrants and other
rights to acquire shares of Common Stock (other than shares of Common Stock reserved for issuance under any employee or management stock option or incentive plan or program adopted by the Board of Directors of the Restructured Company). 

 
 “Gaming Activities” shall mean the business of owning,
operating or managing a casino or similar gaming facility in which the principal business activity is the taking or receiving of bets or wagers upon the results of games of chance or skill. 
  
 “Gaming Authority” shall mean any Governmental Entity that
is directly responsible for the licensing or granting of permit authority for, or otherwise exercises direct legal or regulatory oversight with respect to, Gaming Activities conducted in the United States, including (a) the New Jersey Casino Control
Commission, (b) the New Jersey Division of Gaming Enforcement, (c) the Indiana Gaming Commission and (d) the National Indian Gaming Commission. 
  
 “Gaming Law” shall mean any Law governing or regulating Gaming Activities, including, without limitation, the New Jersey Casino Control
Act and the rules and regulations promulgated thereunder, the Indiana Riverboat Gambling Act (as set forth at Indiana Code 4-33) and the rules and regulations promulgated thereunder, the Indiana Gaming Control Act and the rules and regulations
promulgated thereunder and the Indian Gaming Regulatory Act and the rules and regulations promulgated thereunder. 
  
 “Gaming License” shall mean any Governmental Approval required in order to conduct Gaming Activities under any Gaming Law issued by any
Gaming Authority. 
  
 “Governmental Approvals”
shall mean, with respect to any Person, all Gaming Licenses, Liquor Licenses and any other permit, license, certificate, franchise, concession, finding of suitability, exemption, entitlement, approval, consent, ratification, permission, 

  

 - 6 - 

 
clearance, confirmation, waiver, certification, filing, designation, rating, registration, qualification, authorization or order that is issued or granted to
such Person by any Governmental Entity in connection with the operation of such Person’s business. 
  
 “Governmental Entity” shall mean any foreign, domestic or supranational governmental (executive, legislative or judicial), tribal,
administrative, regulatory, police, military or taxing authority. 
  
 “Governmental Order” shall mean any order, writ, judgment, stay, injunction, decree or award entered by or with any Governmental Entity. 
  
 “HSR Act” shall mean the Hart-Scott Rodino Antitrust Improvements Act of 1976, as amended from time to
time, including the rules and regulations promulgated thereunder. 
  
 “Investment” shall have the meaning set forth in the recitals hereto. 
  
 “Investor” shall have the meaning set forth in the preamble hereto. 
  
 “Investor Board Members” shall have the meaning set forth in Section 6.10 hereof. 
  
 “Investor Notes” shall have the meaning set forth in the
recitals hereto. 
  
 “Investor Waiver” shall have
the meaning set forth in the recitals hereto. 
  
 “Laws” shall mean all laws, statutes, ordinances, decrees, rules, regulations, orders, injunctions or judgments of the United States, any foreign country or any domestic or foreign state, county, city, province or other
political subdivision or of any Governmental Entity, including, without limitation, Gaming Laws. 
  
 “Liquor Licenses” shall mean all those certain “off sale,” “portable bar” and other alcoholic beverage licenses
issued by any Governmental Entity or Gaming Authority pursuant to which the sale of alcoholic beverages is permitted in the restaurants, bars, function rooms and guest rooms of hotels or related properties (including casino, gambling or gaming
facilities such as the Company Gaming Facilities). 
  
 “Maximum D&O Premium” shall have the meaning set forth in Section 6.11(b) hereof. 
  
 “Merger Sub” shall mean a Delaware limited liability company that is wholly owned by the Company. 
  
 “Miss Universe Assignment Agreement” shall mean the
Assignment and Assumption Agreement with respect to the Partnership’s limited and general partnership interests in Miss Universe L.P., LLLP, a Delaware limited liability limited partnership, to be entered into by and between the Partnership,
the Investor and TPI on the Closing Date, substantially in the form attached hereto as Exhibit I. 
  

 - 7 - 

 “Mutual Board Member” shall have the meaning set forth in Section 6.10 hereof.

  
 “New Class B Common Stock” shall mean the
Class B Common Stock, par value $0.001 per share, of the Restructured Company. 
  
 “Notifying Party” shall have the meaning set forth in Section 6.2(c) hereof. 
  
 “NYSE” shall mean the New York Stock Exchange. 
  

“Old Class B Common Stock” shall mean the Class B Common Stock, par value $0.01 per share, of the Company prior to the consummation of
the Restructuring. 
  
 “One Year Warrant” shall
mean a warrant, substantially in the form attached hereto as Exhibit J, exercisable until the first anniversary of the Closing Date, to purchase, for an exercise price of $14.60 per share, 1,217,933 shares of Common Stock; provided
that the number of shares of Common Stock issuable upon exercise of the One Year Warrant shall be adjusted so that such number of issuable shares represents 2.9% of the shares of Common Stock issued and outstanding immediately after the consummation
of the Closing on a Fully Diluted Basis. 
  
 “Partnership” shall have the meaning set forth in the preamble hereto. 
  
 “Partnership Interests” shall mean the Class A Partnership Interests and the Class B Partnership Interests, collectively. 
  
 “Person” shall mean a natural person, partnership (general
or limited), corporation, limited liability company, business trust, joint stock company, trust, business association, unincorporated association, joint venture, Governmental Entity or other entity or organization. 
  
 “Present Shares” shall have the meaning set forth in the
recitals hereto. 
  
 “Prior Agreement” shall have
the meaning set forth in the recitals hereto. 
  
 “Restructured Company” shall mean the Company from and after the consummation of the Restructuring. 
  
 “Restructuring Support Agreement” shall have the meaning set forth in the recitals hereto. 
  
 “Right of First Offer Agreement” shall mean the Right of
First Offer Agreement to be entered into by and among the Trump Organization, the Partnership and the Restructured Company on the Closing Date, substantially in the form attached hereto as Exhibit K. 
  
 “SEC” shall mean the United States Securities and Exchange
Commission. 
  
 “Securities Act” shall mean the
Securities Act of 1933, as amended from time to time, including the rules and regulations promulgated thereunder. 
  

 - 8 - 

 “Services Agreement” shall mean the Services Agreement to be entered into by and between
the Restructured Company, the Partnership and the Investor on the Closing Date, substantially in the form attached hereto as Exhibit L. 
  
 “Stock Split” shall have the meaning set forth in Section 2.1 hereof. 
  
 “Subsidiary” shall mean, with respect to any Person, any
corporation, limited liability company, partnership, business association or other Person of which such Person owns, directly or indirectly, rights with respect to, securities or other interests having the power to elect a majority of such
Person’s board of directors or analogous or similar governing body of such Person. 
  
 “TCF” shall mean Trump Casino Funding, Inc., a Delaware corporation. 
  
 “TCH” shall mean Trump Casino Holdings, LLC, a Delaware limited liability company. 
  
 “TCH 2nd Priority Notes” shall mean the 17 5/8% Second
Priority Mortgage Notes due 2010 of TCH and TCF. 
  
 “TCI” shall mean Trump Casinos, Inc., a New Jersey corporation. 
  
 “TCI 2” shall mean Trump Casinos II, Inc., a Delaware corporation, and its successor, TCI 2 Holdings, LLC, a Delaware limited liability company. 
  
 “TCI 2 Merger” shall mean the merger of Trump Casinos II,
Inc., a Delaware corporation, with and into Merger Sub, with Merger Sub as the entity surviving such merger, pursuant to an Agreement and Plan of Merger containing such terms and in such form as shall be mutually agreed upon by the Company and the
Investor. 
  
 “Ten Year Warrant” shall mean a
warrant, substantially in the form attached hereto as Exhibit M, exercisable until the tenth anniversary of the Closing Date, to purchase, for an exercise price of $21.90 per share, 1,446,706 shares of Common Stock; provided that the
number of shares of Common Stock issuable upon exercise of the Ten Year Warrant shall be adjusted so that such number of issuable shares represents 3.5% of the shares of Common Stock issued and outstanding immediately after the consummation of the
Closing on a Fully Diluted Basis. 
  
 “Term
Sheet” shall have the meaning set forth in the recitals hereto. 
  
 “TPA” shall mean Trump Plaza Associates, a New Jersey general partnership beneficially wholly owned by the Company. 
  
 “TPI” shall mean Trump Pageants, Inc., a New York corporation. 
  
 “Transaction Documents” shall mean, collectively, this
Agreement, the Amended and Restated Certificate of Incorporation, the Amended and Restated Bylaws, the Voting Agreement, the Warrants, the Services Agreement, the Amended Partnership Agreement, the 

  

 - 9 - 

 
Amended Exchange Rights Agreement, the Amended Trademark License Agreement, the Amended Trademark Security Agreement, the Right of First Offer Agreement and
the Miss Universe Assignment Agreement. 
  
 “Trump
Organization” shall mean, The Trump Organization LLC, a New York limited liability company. 
  
 “Voting Agreement” shall mean the Voting Agreement to be entered into by and among the Restructured Company and the Investor on the
Closing Date, substantially in the form attached hereto as Exhibit N. 
  
 “Warrants” shall mean the One Year Warrant and the Ten Year Warrant, collectively. 
  
 Section 1.2 Interpretation. 
  
 (a) When a reference is made in this Agreement to a section, article, paragraph, exhibit or schedule, such reference shall be to a
section, article, paragraph, exhibit or schedule of this Agreement, unless otherwise clearly indicated to the contrary. 
  
 (b) Whenever the words “include,” “includes” or “including” are used in this Agreement, they shall be deemed
to be followed by the words “without limitation.” 
  
 (c) The words “hereof,” “herein” and “herewith” and words of similar import shall, unless otherwise stated, be construed to refer to this Agreement as a whole and not to any particular
provision of this Agreement. 
  
 (d) The meaning
assigned to each term defined herein shall be equally applicable to both the singular and plural forms of such term, and words denoting any gender shall include all genders. Where a word or phrase is defined herein, each of its other grammatical
forms shall have a corresponding meaning. 
  
 (e)
A reference to any party to this Agreement or any other agreement or documents shall include such party’s successors and permitted assigns. 
  
 (f) A reference to any legislation or to any provision of any legislation shall include any amendment to, and any modification or
reenactment thereof, any legislative provision substituted therefor and all regulations and statutory instruments issued thereunder or pursuant thereto. 
  
 (g) The parties hereto have participated jointly in the negotiation and drafting of this Agreement. In the event an ambiguity or question
of intent or interpretation arises, this Agreement shall be construed as if drafted jointly by the parties hereto, and no presumption or burden of proof shall arise favoring or disfavoring any such party by virtue of the authorship of any provisions
of this Agreement. 
  
 (h) For the purposes of
this Agreement, all shares of Common Stock or Partnership Interests to be owned by the Investor as of immediately after the Closing, as 

  

 - 10 - 

 
provided herein, shall include all shares of Common Stock and Partnership Interests owned by TCI (whether or not TCI is then owned by the Investor), unless
TCI is then directly or indirectly owned by the Company or any of its Affiliates, in which case such shares of Common Stock and Partnership Interests owned by TCI shall not be deemed to be owned by the Investor. 
  
 ARTICLE II 
  
 STOCK SPLIT AND EXCHANGE AND ISSUANCES OF SECURITIES 
  
 Section 2.1 Reverse Stock Split; Common Shares. At or immediately
prior to the Closing, the Company shall effect a reverse stock split (the “Stock Split”) pursuant to which each 1,000 shares of Common Stock then outstanding shall be consolidated into one share of Common Stock (subject to
adjustment for fractional shares, as provided in the Bankruptcy Plan), without the need for any further corporate or other action or deed under any applicable law, regulation, order or rule, as a result of, and immediately after, which Stock Split
(taking into consideration the issuances hereunder) the Investor shall beneficially own the Common Shares, free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services
Agreement and the Voting Agreement). 
  
 Section 2.2 Exchange
of Old Class B Common Stock. Except as otherwise provided in the Bankruptcy Plan, at or immediately prior to the Closing, the Company shall effect the Class B Exchange such that each share of Old Class B Common Stock beneficially owned by the
Investor or his Affiliates shall be exchanged for one share of New Class B Common Stock, free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting
Agreement). 
  
 Section 2.3 Issuance of Class A Partnership
Interests. 
  
 (a) On and subject to the
terms and conditions contained in this Agreement, at the Closing, in exchange for the consummation of the Investment by the Investor and/or one or more Affiliates of the Investor, the Partnership shall (and the Restructured Company shall cause the
Partnership to) issue to the Investor and/or such Affiliates, free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting Agreement), Class A
Partnership Interests exchangeable for 4,811,580 shares of Common Stock; provided that the number of shares of Common Stock issuable upon exchange of such Partnership Interests shall be adjusted so that such number of issuable shares
represents, assuming the conversion of such shares into Common Stock, 11.64% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on a Fully Diluted Basis. 
  
 (b) The consummation of the Investment pursuant to
Section 2.3(a) hereof shall be effected at the Closing by the Investor and/or one or more Affiliates of the Investor by (i) the delivery to the Partnership of the Investor Notes, (ii) the delivery of the Investor Waiver and (iii) wire
transfer of immediately available funds in an amount equal to the Cash Amount to an account or accounts designated by the Partnership at least three (3) Business Days prior to the Closing Date. 
  

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 Section 2.4 Issuance of Class B Partnership Interests and One Year Warrant. On and subject to the
terms and conditions contained in this Agreement, at the Closing, in consideration of the Investor entering (and/or causing one or more Affiliates of the Investor to enter) into the Amended Agreements and consummating (and/or causing any such
Affiliates to consummate) the transactions contemplated hereby: (a) the Partnership shall (and the Restructured Company shall cause the Partnership to) issue to the Investor (and/or any such Affiliates, as determined by the Investor in the
Investor’s sole discretion), free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting Agreement) Class B Partnership Interests exchangeable
for 4,554,197 shares of Common Stock or an amount in cash equal to the aggregate fair market value of such shares (as provided in the Amended Exchange Rights Agreement and the Amended Partnership Agreement); provided that the number of shares
of Common Stock issuable upon exchange of such Partnership Interests shall be adjusted so that such number of issuable shares represents 11.02% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on
a Fully Diluted Basis (it being understood that the amount of cash payable by the Company upon exchange of such Class B Partnership Interests shall also be adjusted to an amount equal to the aggregate fair market value of such shares of Common Stock
representing 11.02% of the shares of Common Stock issued and outstanding immediately after the consummation of the Closing on a Fully Diluted Basis); and (b) the Restructured Company shall issue to the Investor the One Year Warrant, free and clear
of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended Agreements, the Services Agreement and the Voting Agreement). 
  
 Section 2.5 Issuance of Ten Year Warrant. On and subject to the terms and conditions contained in this Agreement, at the Closing, in consideration
of the Investor entering into the Services Agreement, the Restructured Company shall issue to the Investor the Ten Year Warrant, free and clear of any and all Encumbrances (other than any Encumbrances specifically set forth in the Amended
Agreements, the Services Agreement and the Voting Agreement). 
  
 ARTICLE III 
  
 CLOSING 
  
 Section 3.1 Closing. The closing (the “Closing”) of
the transactions contemplated hereby, shall take place at the offices of Latham & Watkins LLP, 885 Third Avenue, Suite 1000, New York, New York 10022, at a date (the “Closing Date”) and time to be mutually agreed upon by the
Company and the Investor, which Closing Date shall occur within three (3) Business Days following the satisfaction (or waiver by the Company or the Investor, as applicable) of the conditions set forth in Article VII hereof (other than those
conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions). 
  
 Section 3.2 Closing Deliveries. 
  
 (a) The Company will deliver, or cause to be delivered, to the Investor on the Closing Date: 
  

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 (i) a copy of the Amended and Restated Certificate of Incorporation, certified as of the
date of the Closing by the Secretary of State of the State of Delaware; 
  
 (ii) a copy of the Amended and Restated Bylaws, duly adopted by the Board of Directors; 
  
 (iii) a certificate or certificates representing the Common Shares to be issued to the Investor and/or one or more Affiliates of the
Investor at the Closing hereunder; 
  
 (iv)
evidence reasonably acceptable to the Investor of the constitution of the Board of Directors (effective as of the Closing) as provided in Section 6.10 hereof; 
  
 (v) good standing certificates (or equivalents thereof) for each of the Company and the Partnership, each
issued by the Secretary of State of the State of Delaware and of such other applicable jurisdictions where the Company or the Partnership, as applicable, is qualified or licensed to do business or own, lease or operate property making such
qualification or licensing necessary, and dated as of a date within three (3) Business Days prior to the Closing Date; 
  
 (vi) the certificate required to be delivered pursuant to Section 7.3(c) hereof; 
  
 (vii) an executed cross-receipt for the Cash Amount, the
Investor Notes and the Investor Waiver; 
  
 (viii) a certified copy of the Confirmation Order; 
  
 (ix) a certified copy of the docket in the Bankruptcy Case evidencing that, as of the Closing Date, the Confirmation Order has not been stayed, revised or vacated, or modified in a manner which is inconsistent with
the terms of this Agreement; 
  
 (x) evidence
reasonably acceptable to the Investor of the issuance of the Partnership Interests to be issued to the Investor and/or one or more Affiliates of the Investor at the Closing hereunder; 
  
 (xi) a counterpart of the Services Agreement, duly executed by the Company, the Partnership and Trump
Atlantic City Associates, a New Jersey general partnership; 
  
 (xii) an executed assignment of the Existing Trademark License Agreement to the Partnership and a counterpart of the Amended Trademark License Agreement, duly executed by the Company and the Partnership; 

 
 (xiii) a counterpart of the Amended Exchange Rights
Agreement, duly executed by the Company, the Partnership and each other party thereto (other than the Investor and TCI); 
  

 - 13 - 

 (xiv) a counterpart of the Amended Partnership Agreement, duly executed by the Company,
the Partnership and Merger Sub; 
  
 (xv) a
counterpart of the Right of First Offer Agreement, duly executed by the Company and the Partnership; 
  
 (xvi) a counterpart of the Voting Agreement, duly executed by the Company; 
  
 (xvii) a counterpart of each Warrant, duly executed by the Company; 
  
 (xviii) a counterpart of the Miss Universe Assignment
Agreement, duly executed by the Partnership; 
  
 (xix) an executed assignment of the Existing Trademark Security Agreement to the Partnership and a counterpart of the Amended Trademark Security Agreement, duly executed by the Partnership; 
  
 (xx) a table (the “Capitalization Table”)
containing the complete pro forma capitalization of the Company and the Partnership at the Closing (after giving effect thereto), which Capitalization Table shall be consistent with the Term Sheet; and 
  
 (xxi) such other previously undelivered documents reasonably
requested by the Investor to be delivered by the Company and/or the Partnership to the Investor at or prior to the Closing in connection with this Agreement or the other Transaction Documents to which the Company or the Partnership is a party.

  
 (b) The Investor will deliver, or cause to be
delivered, to the Company (for itself and, as applicable, on behalf of the Partnership) on the Closing Date: 
  
 (i) the Cash Amount, the Investor Notes and the Investor Waiver in accordance with Section 2.3(b) hereof; 
  
 (ii) the certificate required to be delivered pursuant to
Section 7.2(c) hereof; 
  
 (iii) an
executed cross receipt with respect to the Common Shares, Partnership Interests and Warrants to be issued to the Investor and/or one or more Affiliates of the Investor (as applicable) at the Closing hereunder; 
  
 (iv) a counterpart of the Services Agreement, duly executed
by the Investor; 
  
 (v) a counterpart of the
Amended Trademark License Agreement, duly executed by the Investor; 
  

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 (vi) a counterpart of the Amended Exchange Rights Agreement, duly executed by the
Investor and TCI (to the extent that the Investor is then the sole shareholder thereof); 
  
 (vii) a counterpart of the Amended Partnership Agreement, duly executed by the Investor and TCI (to the extent that the Investor is then
the sole shareholder thereof); 
  
 (viii) a
counterpart of the Right of First Offer Agreement, duly executed by the Trump Organization; 
  
 (ix) a counterpart of the Voting Agreement, duly executed by the Investor and/or any of the Investor’s controlled Affiliates that are
parties thereto; 
  
 (x) a counterpart of the
Miss Universe Assignment Agreement, duly executed by the Investor and TPI; 
  
 (xi) a counterpart of the Amended Trademark Security Agreement, duly executed by the Investor; and 
  
 (xii) such other previously undelivered documents reasonably requested by the Company to be delivered by the Investor to the Company at or
prior to the Closing in connection with this Agreement or the other Transaction Documents to which the Investor is a party. 
  
 ARTICLE IV 
  
 REPRESENTATIONS AND WARRANTIES OF COMPANY AND PARTNERSHIP 
  
 Except as set forth herein, the Company and the Partnership hereby jointly and severally represent and warrant to the Investor as follows:

  
 Section 4.1 Organization. 
  
 (a) The Company is a corporation duly organized, validly
existing and in good standing under the laws of the State of Delaware and has the requisite corporate power and authority to own, lease and operate its properties and to carry on its business as currently being conducted. The Company is duly
qualified or licensed to do business and is in good standing, in each jurisdiction in which the property owned, leased or operated by the Company or the nature of the business conducted by the Company makes such qualification or licensing necessary,
except where the failure to be so qualified, licensed or in good standing would not, individually or in the aggregate, have a Company Material Adverse Effect. 
  

(b) The Partnership is a limited partnership duly organized, validly existing and in good standing under the laws of the State of
Delaware and has the requisite organizational power and authority to own, lease and operate its properties and to carry on its business as currently being conducted. The Partnership is duly qualified or licensed to do business and is in good
standing, in each jurisdiction in which the property owned, leased or operated by the 

  

 - 15 - 

 
Company or the nature of the business conducted by the Partnership makes such qualification or licensing necessary, except where the failure to be so
qualified, licensed or in good standing would not, individually or in the aggregate, have a Company Material Adverse Effect. 
  
 (c) Each Company Subsidiary is a corporation or other legal entity duly organized, validly existing and in good standing under the laws of
the jurisdiction of its incorporation or organization and has the requisite corporate, limited liability, partnership or other organizational power and authority to own, lease and operate its properties and to carry on its business as it is
currently being conducted. Each Company Subsidiary is duly qualified or licensed as a foreign corporation or other business entity to do business and is in good standing in each jurisdiction where the character of its properties owned or held under
lease or the nature of its business makes such qualification, licensing or good standing necessary, except where the failure to be so qualified, licensed or in good standing would not, individually or in the aggregate, have a Company Material
Adverse Effect. 
  
 Section 4.2 Authority; No Conflict;
Required Filings and Consents. 
  
 (a) Each
of the Company and the Partnership has the requisite corporate or organizational power and authority to enter into this Agreement and each of the other Transaction Documents to which it is a party, and to consummate the transactions contemplated
hereby and thereby to be consummated by it. The execution and delivery of this Agreement by each of the Company and the Partnership has been, and each of the other Transaction Documents to which it is a party will prior to the Closing be, duly
authorized by the requisite corporate or organizational action of the Company and the Partnership. This Agreement has been, and each of the other Transaction Documents to which the Company or the Partnership is a party, when executed and delivered
by it, will be duly authorized and validly executed and delivered thereby, and this Agreement constitutes, and each of the other Transaction Documents to which the Company or the Partnership is a party, when executed and delivered by it (assuming
this Agreement and the other Transaction Documents to which it is a party constitute the valid and binding obligations of the other parties hereto and thereto) will constitute, a valid and binding obligation of the Company or the Partnership (as
applicable), enforceable against it in accordance with its terms, except as such enforceability may be limited by (i) bankruptcy, insolvency, reorganization, moratorium, fraudulent conveyance or other similar Laws now or hereafter in effect relating
to creditors’ rights generally and (ii) general principles of equity (regardless of whether enforcement is considered in a proceeding at Law or in equity) (collectively, the “Bankruptcy Exceptions”). 
  
 (b) The execution and delivery of this Agreement by the
Company and the Partnership, and the performance by any of them of the other Transaction Documents to which it is a party, will not, (i) conflict with, violate or breach any provision of the certificate of incorporation or bylaws or other
organizational document of any Company Entity or the Partnership, (ii) assuming that (x) as of the Effective Date (as defined in the Bankruptcy Plan), upon the consummation of the transactions contemplated thereby, no individual Noteholder will
beneficially own a majority of the then outstanding shares of capital stock of the Company and (y) the reduction of the Investor’s current beneficial ownership of the outstanding capital stock of the Company as a result of the transactions
contemplated by the Bankruptcy Plan (including the consummation of the transactions contemplated by this Agreement) will not be deemed a change 

  

 - 16 - 

 
of control of any Company Entity, result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give
rise to a right of termination, cancellation or acceleration of any obligation or loss of any material benefit) under, or require a consent or waiver under, any of the terms, conditions or provisions of any Contract to which any Company Entity or
the Partnership is a party or by which any of them or any of their properties or assets may be bound (subject to the Bankruptcy Exceptions), or (iii) assuming that all Governmental Approvals and other matters referred to in Section 4.2(c)
hereof have been made and any waiting periods thereunder have terminated or expired, conflict with or violate any Law or Governmental Approval applicable to the Company Entities or the Partnership or any of their respective properties or assets,
except in the cases of the foregoing clauses (ii) and (iii) for any such breaches, conflicts, violations, defaults, terminations, cancellations, accelerations, losses or failures to obtain any such consent or waiver which would not (A) individually
or in the aggregate, have a Company Material Adverse Effect or (B) prevent or materially delay the Closing. 
  
 (c) No Governmental Approvals or notice to, declaration or filing with, or waiver from any other Person is required by or of the Company
Entities or the Partnership in connection with the execution, delivery or performance by the Company Entities and the Partnership of this Agreement or any of the other Transaction Documents to which any of them is a party nor the consummation of the
transactions contemplated hereby and thereby, except (i) the filing of the premerger notification and report form under the HSR Act, (ii) the filing with the SEC of such reports under the Securities Act or the Exchange Act as may be required in
connection with this Agreement and the other Transaction Documents, (iii) the filing of the Amended and Restated Certificate of Incorporation with the Secretary of State of the State of Delaware in accordance with the Delaware General Corporation
Law, (iv) applicable filings, if any, with the NYSE, including filings in connection with the listing of shares and name change of the Company, (v) the Gaming Licenses and other Governmental Approvals related to, or arising out of, compliance with
Gaming Laws, (vi) Governmental Approvals as may be required under applicable state securities Laws or “Blue Sky” laws, (vii) the Confirmation Order, (viii) other Governmental Approvals reasonably necessary to own, lease or operate the
properties of the Company Entities and to carry on the business of the Company Entities as currently conducted, and (ix) such other consents, Governmental Approvals, orders, authorizations, notifications, registrations, declarations and filings, the
failure of which to be obtained or made would not, individually or in the aggregate, have a Company Material Adverse Effect or prevent or materially delay the Closing. 
  

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 ARTICLE V 
  

REPRESENTATIONS AND WARRANTIES OF INVESTOR 
  
 Except as set forth herein, the Investor hereby represents and warrants to the Company and the Partnership as follows: 
  
 Section 5.1 Authority. The Investor has the requisite power and
authority to enter into this Agreement and each of the other Transaction Documents to which he is a party and to consummate the transactions contemplated hereby and thereby to be consummated by the Investor. This Agreement has been, and each of the
other Transaction Documents to which the Investor is a party when executed and delivered by the Investor will be, duly and validly executed and delivered by the Investor, and this Agreement constitutes, and each of the other Transaction Documents to
which the Investor is a party, when executed and delivered by the Investor (assuming this Agreement and the other Transaction Documents to which the Investor is a party constitute the valid and binding obligations of the other parties hereto and
thereto), will constitute a valid and binding obligation of the Investor, enforceable against the Investor in accordance with its terms, except as such enforceability may be limited by the Bankruptcy Exceptions. 
  
 Section 5.2 No Conflict. The execution and delivery by the Investor of
this Agreement and the performance by the Investor of the other Transaction Documents to which he is a party will not, (a) result in any violation or breach of, or constitute (with or without notice or lapse of time, or both) a default (or give rise
to a right of termination, cancellation or acceleration of any obligation or loss of any material benefit) under, or require a consent or waiver under, any of the terms, conditions or provisions of any Contract to which the Investor is a party or is
bound or to which the Investor’s properties or assets are bound, or (b) conflict with or violate any Law or Governmental Approval applicable to the Investor or the Investor’s respective properties or assets, except in each case for any
such breaches, conflicts, violations, defaults, terminations, cancellations, accelerations, losses, failure to obtain any such consent or waiver that would materially adversely effect the Investor’s ability to perform his obligations under this
Agreement or the other Transaction Documents to which the Investor is a party. 
  
 Section 5.3 Investment Representations. 
  
 (a) The Investor understands that the Common Shares, the Partnership Interests and the Warrants issued hereunder (and the shares of Common
Stock issuable upon exercise of the Warrants) or issuable under the Exchange Agreement have not been registered under the Securities Act, or any state or foreign securities act and are being issued to the Investor by reason of specific exemptions
under the provisions thereof that depend in part upon the representations and warranties made by the Investor in this Section 5.3. 
  
 (b) The Investor understands that the Common Shares, the Partnership Interests and the Warrants issued hereunder (and the shares of Common
Stock issuable upon exercise of the Warrants) are “restricted securities” under applicable federal securities laws and that the Securities Act and the rules of the Securities and Exchange Commission promulgated thereunder provide in
substance that the Investor may dispose of the Common Shares, the 

  

 - 18 - 

 
Partnership Interests and the Warrants issued hereunder (and the shares of Common Stock issuable upon exercise of the Warrants) only pursuant to an effective
registration statement under the Securities Act or an exemption from such registration, if available. 
  
 (c) The Investor is acquiring the Common Shares, the Partnership Interests and the Warrants issued hereunder (and the shares of Common
Stock issuable upon exercise of the Warrants) for investment only and not with a view to, or in connection with, any resale or distribution of any of the Common Shares, the Partnership Interests or the Warrants issued hereunder (or the shares of
Common Stock issuable upon exercise of the Warrants). 
  
 (d) The Investor is an “accredited investor” as such term is defined in Rule 501 under Regulation D promulgated under the Securities Act and was not organized for the specific purpose of acquiring the Common Shares, the
Partnership Interests and the Warrants issued hereunder (and the shares of Common Stock issuable upon exercise of the Warrants). 
  
 (e) The Investor has sufficient knowledge and experience in investing in companies similar to the Company so as to be able to evaluate the
risks and merits of its investment in the Common Shares, the Partnership Interests and the Warrants issued hereunder (and the shares of Common Stock issuable upon exercise of the Warrants) and he is able financially to bear the risks thereof.

  
 (f) The Investor has had an opportunity to
discuss the Company’s business, management, and financial affairs with the Company’s executive officers. The Investor has also had an opportunity to ask questions and receive answers from the executive officers of the Company concerning
the terms and conditions of the offering of the Common Shares, the Partnership Interests and the Warrants issued hereunder (and the shares of Common Stock issuable upon exercise of the Warrants) and to obtain the information he believes necessary or
appropriate to evaluate the suitability of an investment in the Common Shares, the Partnership Interests and the Warrants issued hereunder (and the shares of Common Stock issuable upon exercise of the Warrants). 
  
 Section 5.4 Sufficient Funds. On the Closing Date, the Investor will
have sufficient funds to pay the Cash Amount at the Closing as provided herein. 
  
 ARTICLE VI 
  
 COVENANTS

  
 Section 6.1 Certain Notices. Subject to compliance
with applicable Law, from the date hereof until earlier of the Closing and the termination of this Agreement in accordance with its terms, each of the Company, the Partnership and the Investor shall confer on a regular basis with each other to
report on the general status of the ongoing operations of the Company and the Partnership, and each of the Company, the Partnership and the Investor shall notify the other parties hereto of (a) the occurrence, or failure to occur, of any event or
circumstance, which occurrence or failure to occur would be reasonably likely to cause either (i) any representation or warranty contained in this Agreement to be untrue or inaccurate in any material respect at any time from the date hereof to the
Closing, (ii) any condition set forth in Article VII hereof to be 

  

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unsatisfied in any material respect as of the date by which such condition must be satisfied hereunder, (iii) any Company Material Adverse Effect, (iv) a
material adverse effect on the Investor’s ability to perform his obligations under this Agreement or the other Transaction Documents to which the Investor is a party, or (b) any failure by the Company, the Partnership or the Investor, as the
case may be, or (as applicable) of any officer, director (or Person in a similar position), employee or agent thereof, to comply with or satisfy in any material respect any covenant, condition or agreement to be complied with or satisfied by it
under this Agreement, which notice shall be given by the Company, the Partnership or the Investor, as the case may be, reasonably promptly after it acquires knowledge of any such occurrence or failure described in the foregoing sentence. Nothing
contained in this Section 6.1 shall prevent any of the parties hereto from giving such notice, using such efforts or taking any action to cure or curing any such event or circumstance. No notice given pursuant to this Section 6.1 shall
have any effect on the representations, warranties, covenants or agreements contained in this Agreement for purposes of determining satisfaction of any condition contained herein and shall not limit or otherwise affect the remedies available
hereunder. 
  
 Section 6.2 Governmental Approvals.

  
 (a) The parties hereto acknowledge that this
Agreement, the other Transaction Documents and the transactions contemplated hereby and thereby are subject to the review and approval of the applicable Gaming Authorities and the Bankruptcy Court. 
  
 (b) Subject to the terms and conditions of this Agreement,
each of the Company, the Partnership and the Investor agrees to use its commercially reasonable efforts to (and, with respect to the Gaming Laws and antitrust Laws, if applicable, use their commercially reasonable efforts to cause their respective
directors (or Persons in similar positions) and officers to): (i) take, or cause to be taken, all appropriate action, and to do, or cause to be done, all things reasonably necessary, proper or advisable under applicable Laws to consummate and make
effective the transactions contemplated by this Agreement and the other Transaction Documents, (ii) obtain all licenses, permits, consents, approvals, authorizations, qualifications and orders of Governmental Entities (including Governmental
Approvals) as are necessary for consummation of the transactions contemplated by this Agreement and the other Transaction Documents, (iii) prepare, submit and file all necessary documentation, to effect all applications, notices, petitions and
filings, to obtain as promptly as practicable all requisite Governmental Approvals, and (iv) comply with the terms and conditions of all such Governmental Approvals. 
  
 (c) Each of the Company, the Partnership and the Investor and their respective officers and directors (or
Persons in similar positions) shall use their commercially reasonable efforts to file, and in any event shall file within ten (10) days after the date hereof, all required initial applications and documents under applicable Gaming Laws in connection
with the Transaction Documents and the transactions contemplated thereby, and shall act reasonably and promptly thereafter in responding to additional requests and comments in connection therewith. Subject to the proviso of the ultimate sentence of
this Section 6.2(c), each of the Company, the Partnership and the Investor, to the extent reasonably practicable, will consult the others on, subject to applicable Laws relating to the exchange of information (including the Gaming Laws), all
the information relating to the Company Entities, the Partnership or the Investor, as the case may be, and any of their respective directors (or Persons in similar positions), officers, 

  

 - 20 - 

 
stockholders and Affiliates that appear in any filing made with, or written materials submitted to, any third Person or any Governmental Entity in connection
with the transactions contemplated by this Agreement. Without limiting the foregoing, each party hereto (the “Notifying Party”) shall notify the other parties hereto promptly of the receipt of material comments or material requests
from Governmental Entities relating to Governmental Approvals, and shall supply the other parties with copies of all material correspondence between the Notifying Party or any of its agents or representatives and Governmental Entities with respect
to Governmental Approvals; provided, however, that none of the Company Entities or the Partnership, on the one hand, or the Investor, on the other hand, shall be required to supply the other with copies of communications relating to
the personal applications of individual applicants except for evidence of such filing. 
  
 (d) Each of the Company Entities, the Partnership and the Investor shall promptly notify the other parties hereto upon receiving any
communication from any Governmental Entity whose consent or approval is required for consummation of the transactions contemplated by this Agreement that causes such party to reasonably believe that there is a reasonable likelihood that the
conditions to Closing set forth in Section 7.1(b) or (c) hereof shall not be satisfied at or prior to the Closing. 
  
 Section 6.3 Hart-Scott-Rodino Filing. The Company, the Partnership and the Investor shall use their respective commercially reasonable efforts to
(a) comply with the requirements of the HSR Act, to the extent applicable to the transactions contemplated by this Agreement, and (b) make their required filings thereunder as promptly as reasonably practicable (but in no event later than twenty
(20) Business Days following the date hereof). Each party hereto agrees to use its commercially reasonable efforts to satisfy any requests for additional information imposed under the HSR Act in connection with the transactions contemplated hereby
as soon as practicable and, if requested by any party, to request early termination of any applicable waiting period. 
  
 Section 6.4 [Intentionally Omitted] 
  
 Section 6.5 Restructuring; Bankruptcy. 
  
 (a) The Company shall, and shall cause each Company Subsidiary, in coordination with the Investor, to use its commercially reasonable
efforts to undertake the steps of the Restructuring, the material steps of which are set forth in the Term Sheet and the material terms of which shall be contained and/or authorized in the Bankruptcy Plan such that the complete pro forma
capitalization of the Company and the Partnership at the Closing (after giving effect thereto) shall be as set forth in the Capitalization Table (the “Restructuring”) in all material respects. 
  
 (b) Each of the Company Entities shall provide the Investor
with copies of all material motions, orders, applications and supporting papers and notices prepared by any of the Company Entities (including without limitation, forms of orders and notices to interested parties) that materially relate to the
Bankruptcy Case at least one (1) Business Day prior to their being filed with the Bankruptcy Court and shall consult as often as reasonably practicable with the Investor prior to taking any significant action with respect to the Restructuring,
including the Bankruptcy Case. The Investor understands and agrees that the form and substance of any such 

  

 - 21 - 

 
motions, orders, applications and supporting papers shall be made by the Company in its reasonable discretion; provided, however, that the
Company shall consider in good faith all comments and suggestions relating thereto made by the Investor. 
  
 (c) Each of the Company Entities shall give reasonable advance notice, and provide appropriate opportunity for a hearing to parties
entitled thereto (including the Investor), of all material motions, orders, hearings or other proceedings relating to this Agreement or the transactions contemplated hereby, including in connection with the entering of the Confirmation Order or
otherwise. 
  
 Section 6.6 [Intentionally Omitted] 
  
 Section 6.7 Publicity. The Investor and the Company shall consult with
each other before issuing and provide each other the opportunity to review and comment upon any press release or other public statement with respect to this Agreement and any of the transactions contemplated hereby and shall not issue, directly or
indirectly, any such press release or make, directly or indirectly, any such public statement prior to such consultation and prior to considering in good faith any such comments, except (a) as may be reasonably required by applicable Law or (b) in
connection with the Company complying with its obligations under the rules of the NYSE. 
  
 Section 6.8 [Intentionally Omitted] 
  
 Section 6.9 Amended and Restated Organizational Documents. The Company shall, prior to the Closing, use its commercially reasonable efforts to take, or cause to be taken, all action to cause the Amended and Restated Certificate of
Incorporation to be the certificate of incorporation of the Company at the Closing. The Company shall, prior to the Closing, use its commercially reasonable efforts to take, or cause to be taken, all action to cause the Amended and Restated Bylaws
to be the bylaws of the Company at the Closing. The Confirmation Order and the Bankruptcy Plan shall approve the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws and shall direct and authorize the Company to file
each with the Secretary of State for the State of Delaware. The Company shall, and shall cause the Partnership (in its capacity as the general partner of the Partnership) and Merger Sub, and the Investor shall, and shall cause TCI and TCI 2 (in each
case, in his capacity as, and to the extent that he is then, the sole shareholder thereof), to amend the Partnership Agreement so that on the Closing Date the Amended Partnership Agreement will be in full force and effect. 
  
 Section 6.10 Board Representation. In connection with the Bankruptcy
Plan and the Company’s efforts to cause the condition set forth in Section 7.3(d) to be satisfied, at the Closing, the Board of Directors shall be comprised of nine (9) individuals, of whom five (5) individuals shall be acceptable to the
TAC Noteholders (as defined in the Restructuring Support Agreement) consistent with the terms of the Bankruptcy Plan (the “Five Board Members”), three (3) individuals shall be designated by the Investor consistent with the terms of
the Bankruptcy Plan (the “Investor Board Member”) and one (1) individual shall be mutually agreed upon by the Investor and the Company and who shall be acceptable to the TAC Noteholders consistent with the terms of the Bankruptcy
Plan (the “Mutual Board Member”). The Company agrees to use its commercially reasonable efforts, subject to requirements of applicable Law, to 

  

 - 22 - 

 
satisfy its obligations under the rules of the NYSE and its obligations under applicable Contracts to which it is a party or is otherwise bound, to ensure
that the Board of Directors, at the Closing, will consist of the Five Board Members, the Investor Board Member and the Mutual Board Member. Following the Closing, subject to applicable Laws (including the rules and regulations of the NYSE), the
composition of the Board of Directors shall be as determined by, and shall be consistent with, the Voting Agreement. 
  
 Section 6.11 Director and Officer Indemnification. 
  
 (a) From and after the Closing, the Company agrees to indemnify and hold harmless each present and former director (and Persons in similar
positions) and officer of the Company and the Company Subsidiaries (the “D&O Indemnified Parties”), against any costs or expenses (including attorneys’ fees), judgments, fines, losses, claims, damages, liabilities or
amounts paid in settlement incurred in connection with any claim, action, suit, proceeding or investigation, whether civil, criminal, administrative or investigative, arising out of or pertaining to matters existing or occurring prior to, at or
after the Closing, to the fullest extent that the Company would be permitted under its certificate of incorporation and by-laws, any applicable Bankruptcy Laws and any indemnification agreements or arrangements in effect on the date hereof to
indemnify such D&O Indemnified Party subject to applicable Law. From and after the Closing, the indemnification obligations set forth in the Amended and Restated Certificate of Incorporation and the Amended and Restated Bylaws shall not be
amended, repealed or otherwise modified for a period of six (6) years following the Closing Date in any manner that would adversely affect the rights thereunder of any D&O Indemnified Party. 
  
 (b) For a period of six (6) years after the Closing, the
Company agrees to maintain in effect a directors’ and officers’ liability insurance policy covering those persons and officer positions that are currently covered by the Company’s directors’ and officers’ liability insurance
policy with coverage in the aggregate amount of $50,000,000 and scope at least as favorable as the Company’s existing coverage, or, if substantially equivalent insurance coverage is unavailable, the best available coverage; provided,
however, that in no event shall the Company be required to expend to maintain insurance coverage pursuant to this Section 6.11(b) an amount per annum in excess of 200% of the current annual premium paid by the Company for such
insurance coverage (the “Maximum D&O Premium”); provided, further, that, if the cost of such coverage exceeds the Maximum D&O Premium, the maximum amount of coverage that shall be required to be purchased or
maintained shall be such amount that may be purchased or maintained for the Maximum D&O Premium. 
  
 (c) In the event that the Company or any of its respective, successors or assigns (i) consolidates with or merges into any other Person
and is not the continuing or surviving corporation or entity of such consolidation or merger or (ii) transfers or conveys all or substantially all of its properties and assets to any Person, then, and in each such case, proper provision will be made
so that the successors and assigns of the Company will assume the obligations thereof set forth in this Section 6.11. 
  
 (d) The provisions of this Section 6.11 are intended to be, and shall be, in addition to the rights otherwise available to the
current officers and directors of the Company and the Company Subsidiaries by Law, charter, statute, bylaw or agreement, and shall operate for 

  

 - 23 - 

 
the benefit of, and shall be enforceable by, the D&O Indemnified Parties, their heirs and personal representatives and shall be binding on the Company
and its respective successors and assigns. 
  
 Section 6.12
Further Assurances and Actions. Subject to the terms and conditions herein, each of the parties hereto agrees to use its commercially reasonable efforts to take, or cause to be taken, all appropriate action, and to do, or cause to be done,
all things reasonably necessary, proper or advisable under applicable Laws and regulations to consummate and make effective the transactions contemplated by this Agreement and the other Transaction Documents and to satisfy all of the conditions to
the obligations applicable to such party. 
  
 Section 6.13
Changes to Transaction Documents. Each of the Company, the Partnership and the Investor agrees that no change or amendment will be made to, or in respect of, the terms of any Transaction Document or any form of any Transaction Document prior
to the Closing Date without each such party’s consent (with respect to any such Transaction Document to which such party is not a party). 
  
 Section 6.14 Affiliate Transactions. Except as otherwise specifically contemplated by this Agreement or the Bankruptcy Plan, without the prior
written consent of the Investor, neither the Company nor the Partnership shall enter into, effect or otherwise consummate any transaction with any other Person (other than any Company Entity or the Investor and his controlled Affiliates) that is, or
after giving effect to such transaction would become an, Affiliate of the Company or the Partnership on terms less favorable to the Company or the Partnership than those that would otherwise be obtained in a substantially similar arms-length
transaction with a Person that is not an Affiliate of the Company or the Partnership. 
  
 Section 6.15 Set Off. Notwithstanding anything in the Bankruptcy Plan to the contrary, the Company and the Partnership (for themselves and on behalf of all of the Debtors) hereby agree to waive any right of set
off, whether such right arises under section 553 of the Bankruptcy Code or applicable non-bankruptcy law, against any Allowed Claim (as each such term is defined in the Bankruptcy Plan) of the Investor. 
  
 ARTICLE VII 
  
 CONDITIONS TO CLOSING 
  
 Section 7.1 Conditions to Each Party’s Obligation to Effect the
Closing. The respective obligations of each party to this Agreement to effect the Closing shall be subject to the satisfaction or waiver by each party (as applicable), on or prior to the Closing Date, of the following conditions: 
  
 (a) No Injunctions. No Governmental Entity shall have
enacted, issued, promulgated, enforced or entered any Governmental Order or Law that is in effect and that has the effect of making the Closing illegal or otherwise prohibits the consummation of the transactions contemplated by this Agreement;
provided, however, that, in the case of a decree, injunction or other order, each of the parties hereto shall have used its commercially reasonable efforts to prevent the entry of any such injunction or other order and to appeal as
promptly as possible any decree, injunction or other order that may be entered. 
  

 - 24 - 

 (b) Governmental Approvals. All material Governmental Approvals required to
consummate the transactions contemplated hereby, and all other Governmental Approvals necessary in order for the Company Entities to conduct their businesses following the Closing in all material respects in the manner such businesses were conducted
prior to the date hereof, shall have been obtained and remain in full force and effect, and no Governmental Approval in effect that is applicable to any Company Entity or the Partnership shall contain any conditions, limitations or restrictions that
would prevent the Company Entities or the Partnership from conducting their respective businesses immediately after the Closing in all material respects in the manner such businesses were conducted prior to the date hereof. 
  
 (c) HSR Waiting Period. Any waiting period (or any
extension thereof) under the HSR Act and the antitrust or competition laws of any other jurisdiction applicable to this Agreement and the transactions contemplated hereby shall have expired or shall have been terminated. 
  
 Section 7.2 Additional Conditions to Obligations of the Company and the
Partnership. The obligations of the Company and the Partnership to effect the Closing shall be subject to the satisfaction of each of the following conditions prior to the Closing (other than those conditions that by their nature are to be
satisfied at the Closing, but subject to the satisfaction or waiver of those conditions), any of which may be waived in writing exclusively by the Company: 
  
 (a) Investor Representations and Warranties. The representations and warranties of the Investor contained in this Agreement shall
be true and correct as of the date of this Agreement and as of the Closing Date with the same force and effect as if made at and as of such date (or, in the case of representations and warranties made as of a specific date, as of such date), except
for such failure(s) to be true and correct as would not have a material adverse effect on the Investor’s ability to perform his obligations under this Agreement or the other Transaction Documents to which the Investor is a party. 
  
 (b) Performance of Obligations of the Investor. The
Investor shall have, in all material respects, performed, satisfied and complied with all of his, and shall have caused TCI and TCI 2 (in each case, in his capacity as, and to the extent that he is then, the sole shareholder thereof) and the Trump
Organization to, in all material respects, perform, satisfy and comply with their respective, covenants and agreements set forth in this Agreement and the Bankruptcy Plan to be performed, satisfied and complied with by him or it on or prior to the
Closing Date. 
  
 (c) Investor
Certificate. The Investor shall have delivered to the Company a certificate dated as of the Closing Date and signed by the Investor to the effect that the conditions set forth in Sections 7.2(a) and (b) hereof have been satisfied.

  
 (d) Bankruptcy Case. The Bankruptcy
Plan shall have been confirmed by the Bankruptcy Court pursuant to the Confirmation Order without material modifications (to which the Investor has not consented) and the Confirmation Order shall have become final and non-appealable. 
  
 (e) Services Agreement. The Services Agreement shall
be in full force and effect and the Investor shall not be in breach thereof. 
  

 - 25 - 

 (f) Amended Trademark License Agreement. The Amended Trademark License Agreement
shall be in full force and effect and the Investor shall not be in breach thereof. 
  
 (g) Amended Exchange Rights Agreement. The Amended Exchange Rights Agreement shall be in full force and effect and neither the
Investor nor TCI shall be in breach thereof. 
  
 (h) Amended Partnership Agreement. The Amended Partnership Agreement shall be in full force and effect and neither the Investor nor TCI shall be in breach thereof. 
  
 (i) Right of First Offer Agreement. The Right of First Offer Agreement shall be in full force and
effect and the Trump Organization shall not be in breach thereof. 
  
 (j) Voting Agreement. The Voting Agreement shall be in full force and effect and neither the Investor nor any of his controlled Affiliates that are parties thereto shall be in breach thereof. 
  
 (k) Closing Deliveries. The Investor shall have
delivered, or caused to be delivered, to the Company all items required pursuant to Section 3.2(b) hereof. 
  
 Section 7.3 Additional Conditions to Obligations of the Investor. The obligations of the Investor to effect the Closing shall be subject to the
satisfaction of each of the following conditions prior to the Closing (other than those conditions that by their nature are to be satisfied at the Closing, but subject to the satisfaction or waiver of those conditions), any of which may be waived in
writing exclusively by the Investor: 
  
 (a)
Company and Partnership Representations and Warranties. The representations and warranties of the Company and the Partnership contained in this Agreement shall be true and correct as of the date of this Agreement and as of the Closing Date
with the same force and effect as if made at and as of such date (or, in the case of representations and warranties made as of a specific date, as of such date), except for such failure(s) to be true and correct as would not have a Company Material
Adverse Effect. 
  
 (b) Performance of Company
and Partnership Obligations. Each of the Company and the Partnership shall have, in all material respects, performed, satisfied and complied with all of its, and the Company shall have caused each of the Company Entities to, in all material
respects, perform, satisfy and comply with all of their respective covenants and agreements set forth in this Agreement and the Bankruptcy Plan to be performed, satisfied and complied with by it on or prior to the Closing Date. 
  
 (c) Company Certificate. The Company shall have
delivered to the Investor an officer’s certificate dated as of the Closing Date and signed on behalf of the Company and the Partnership by a duly authorized officer to the effect that the conditions set forth in Sections 7.3(a) and
(b) have been satisfied. 
  
 (d) Board
of Directors. The Board of Directors shall have been constituted (effective as of the Closing) as provided in Section 6.10 hereof. 
  

 - 26 - 

 (e) Bankruptcy Case. (i) The Bankruptcy Plan (including, without limitation, the
terms and conditions of the New Notes Indenture and the New Notes (as each such term is defined in the Bankruptcy Plan), each of which shall be in conformity with the applicable provisions of Exhibit E attached hereto), in form and substance
reasonably satisfactory to the Investor, shall have been approved by the Bankruptcy Court pursuant to the Confirmation Order, (ii) the Confirmation Order shall be final and non-appealable, (iii) all conditions to the consummation of the Bankruptcy
Plan shall have been satisfied in all material respects or waived by the Investor and any other Person that is the beneficiary of any such condition and (iv) all other material orders of the Bankruptcy Court in respect of the Restructuring shall be
final and non-appealable. The Restructuring shall have been substantially completed, such that the revised capital structure of the Company on the effective date of the Bankruptcy Case, after giving effect thereto, shall be as set forth in the
Capitalization Table. 
  
 (f) Organizational
Documents. The Amended and Restated Bylaws and the Amended and Restated Certificate of Incorporation, as provided for in the Bankruptcy Plan, shall have been filed with and accepted by the Secretary of State of the State of Delaware and shall
have become effective at the time designated as so filed. As of the Closing Date, the Company shall have made available to the Investor a complete and correct copy of the Amended and Restated Certificate of Incorporation and the Amended and Restated
Bylaws, in each case in full force and effect as of the Closing Date. 
  
 (g) Services Agreement. The Services Agreement shall be in full force and effect and neither the Company nor the Partnership shall be in breach thereof. 
  
 (h) Amended Trademark License Agreement. The Existing
Trademark License Agreement shall have been assigned to and assumed by the Partnership, and the Amended Trademark License Agreement shall be in full force and effect and neither the Company nor the Partnership shall be in breach thereof. 

 
 (i) Amended Exchange Rights Agreement. The Amended
Exchange Rights Agreement shall be in full force and effect and neither the Company, the Partnership nor any other party thereto (other than the Investor and TCI) shall be in breach thereof. 
  
 (j) Amended Partnership Agreement. The Amended
Partnership Agreement shall be in full force and effect and neither the Company, the Partnership nor Merger Sub shall be in breach thereof. 
  
 (k) Right of First Offer Agreement. The Right of First Offer Agreement shall be in full force and effect and neither the Company
nor the Partnership shall be in breach thereof. 
  
 (l) Voting Agreement. The Voting Agreement shall be in full force and effect and the Company shall not be in breach thereof. 
  
 (m) Warrants. Each of the Warrants shall be in full force and effect and the Company shall not be in breach thereof. 
  
 (n) Miss Universe Assignment Agreement. The Miss
Universe Assignment Agreement shall be in full force and effect and the Partnership shall not be in breach thereof. 
  

 - 27 - 

 (o) TCI 2 Merger. The TCI 2 Merger shall have been consummated and shall be
effective under the applicable laws of the State of Delaware. 
  
 (p) Amended Trademark Security Agreement. The Existing Trademark Security Agreement shall have been assigned to and assumed by the Partnership, and the Amended Trademark Security Agreement shall be in full
force and effect. 
  
 (q) Closing
Deliveries. The Company shall have delivered, or caused to be delivered, to the Investor all items required pursuant to Section 3.2(a) hereof. 
  
 ARTICLE VIII 
  
 TERMINATION 
  
 Section 8.1 Termination. This Agreement may be terminated and the transactions contemplated hereby may be abandoned at any time prior to the Closing as follows: 
  
 (a) upon any termination of the Restructuring Support Agreement; 
  
 (b) by mutual written consent of each of the Company and the
Investor; 
  
 (c) by any of the Company or the
Investor, if: 
  
 (i) the transactions
contemplated hereby shall not have been consummated on or prior to May 23, 2005; provided, however, that the right to terminate this Agreement under this Section 8.1(c)(i) shall not be available to any party hereto whose breach
or failure to perform any material covenant or material obligation under this Agreement or the other Transaction Documents to which such party is a party has prevented the consummation of the transactions contemplated hereby and thereby to occur on
or before such date; 
  
 (ii) a court of
competent jurisdiction or other Governmental Entity shall have issued a final and nonappealable Governmental Order or taken any other nonappealable final action, in each case having the effect of permanently restraining, permanently enjoining or
otherwise permanently prohibiting the Closing and the transactions contemplated by this Agreement (which Governmental Order or other action the parties shall have used their commercially reasonable efforts to resist, resolve or lift, as applicable,
subject to the provisions of Section 6.2 hereof); or 
  
 (iii) the Bankruptcy Court shall have issued a final order denying confirmation of the Bankruptcy Plan, the Bankruptcy Plan is terminated in accordance with its terms or the Confirmation Order is vacated or reversed
by a final order; 
  
 (d) by the Investor, if

  
 (i) there has been a breach of any
representation or warranty of the Company or the Partnership contained in this Agreement (that has not been waived by the Investor in writing), which breach, in the aggregate with all other such breaches, if any, 

  

 - 28 - 

 
would cause the condition set forth in Section 7.3(a) hereof to become incapable of being fulfilled prior to Closing; or 
  
 (ii) there has been a breach or violation by the Company or
the Partnership of any of its covenants or agreements contained in this Agreement (that have not been waived by the Investor in writing), which breach or violation, in the aggregate with all other such breaches or violations, if any, would cause the
condition in Section 7.3(b) hereof to become incapable of being fulfilled prior to Closing; 
  
 provided, however, that the right to terminate this Agreement under this Section 8.1(d) shall not be available if the Investor’s breach or failure to perform any material covenant or material
obligation under this Agreement or the other Transaction Documents to which the Investor is a party has prevented the consummation of the transactions contemplated hereby and thereby to occur on or before such date; or 
  
 (e) by the Company, if: 
  
 (i) there has been a breach of any representation or
warranty of the Investor contained in this Agreement (that has not been waived by the Company in writing), which breach, in the aggregate with all other such breaches, if any, would cause the condition set forth in Section 7.2(a) hereof to
become incapable of being fulfilled prior to Closing; or 
  
 (ii) there has been a breach or violation by the Investor of any of his covenants or agreements contained in this Agreement (that have not been waived by the Company in writing), which breach or violation, in the
aggregate with all other such breaches or violations, if any, would cause the condition in Section 7.2(b) hereof to become incapable of being fulfilled prior to Closing; 
  
 provided, however, that the right to terminate this Agreement under this Section 8.1(e) shall not be available if the
Company’s or the Partnership’s breach or failure to perform any material covenant or material obligation under this Agreement or the other Transaction Documents to which the Company or the Partnership is a party has prevented the
consummation of the transactions contemplated hereby and thereby to occur on or before such date. 
  
 Section 8.2 Effect of Termination. In the event of any termination of this Agreement pursuant to Section 8.1 hereof, this Agreement shall
immediately become void and there shall be no liability or obligation on the part of any party hereto or their respective officers, directors (or Persons in similar positions), members, employees, stockholders or Affiliates, except that such
termination shall not limit any liability for a breach or violation of this Agreement prior to the time of such termination; provided, however, that the provisions of this Section 8.2 and Section 8.3, Article I (to
the extent that any terms defined in Article I are used in the provisions hereof that shall survive the termination of this Agreement, as specifically set forth in this Section 8.2) and Article IX hereof shall remain in full
force and effect and survive any termination of this Agreement. 
  
 Section 8.3 Fees and Expenses. At the Closing, the Company shall pay (or, at the option of the Investor, the Investor shall have the right to offset against the Cash Amount an 

  

 - 29 - 

 
amount equal to) all of the reasonable out-of-pocket expenses (including but not limited to attorneys’ fees and expenses) of the Investor and/or the
Affiliates of the Investor (other than any Company Entity or the Partnership) arising in connection with the negotiation, preparation and execution of this Agreement and the other Transaction Documents and the consummation of the transactions
contemplated hereby and thereby. 
  
 ARTICLE IX 

 
 MISCELLANEOUS 
  
 Section 9.1 Non-Survival. Subject to the limitations and other
provisions of this Agreement, the representations and warranties made by the parties hereto contained herein or in any instrument delivered pursuant hereto shall terminate upon Closing. 
  
 Section 9.2 Notices. All demands, notices, requests, consents and communications hereunder shall be in writing and
shall be deemed to have been duly given if delivered personally or by courier service, messenger, facsimile, telecopy, or if duly deposited in the mails, by certified or registered mail, postage prepaid-return receipt requested, and shall be deemed
to have been duly given or made (i) upon delivery, if delivered personally or by courier service or messenger, in each case with record of receipt, (ii) upon transmission with confirmed delivery, if sent by facsimile or telecopy, or (iii) four (4)
Business Days after being sent by certified or registered mail, postage pre-paid, return receipt requested, to the following addresses, or such other addresses as may be furnished hereafter by notice in writing, to the following parties: 

 

	 	(a)	If to the Company or the Partnership, to: 

  
 c/o Trump Hotels & Casino Resorts, Inc. 
 725 Fifth Avenue, 15th Floor 
 New York, NY 10022 
 Facsimile: (212) 688-0397 
 Attn:       Scott C. Butera 
                 Robert M. Pickus, Esq. 
  
 with copies to: 
  
 Latham & Watkins LLP 
 633 West Fifth
Street, Suite 4000 
 Los Angeles, CA 90071-2007 
 Facsimile: (213) 891-8763 
 Attn:       Thomas W. Dobson, Esq. 
                 Robert A. Klyman, Esq. 
  

 - 30 - 

 Weil, Gotshal & Manges LLP 
 767 Fifth Avenue 
 New York, NY 10153

 Facsimile: (212) 310-8007 
 Attn:       Michael F. Walsh, Esq. 
                 Eric L. Schondorf, Esq. 
  
 Milbank, Tweed, Hadley & McCloy LLP 
 601
South Figueroa Street 
 30th Floor 
 Los Angeles, CA 90017 
 Facsimile: (213) 629-5063 
 Attn:       Paul S. Aronzon, Esq. 
                 Thomas R. Kreller, Esq. 
  

	 	(b)	if to the Investor, to: 

  
 c/o The Trump Organization 
 725 Fifth Avenue

 New York, NY 10022 
 Facsimile:
(212) 935-0141 
 Attn:       Donald J. Trump 
  
 with a copy to: 
  
 Willkie Farr & Gallagher LLP 
 787 Seventh
Avenue 
 New York, NY 10019-6099 
 Facsimile: (212) 728-8111 
 Attn:       Thomas M. Cerabino, Esq. 
  
 Section 9.3 Counterparts. This Agreement may be executed in one or
more counterparts, each of which shall be deemed an original, and all of which shall together be considered one and the same instrument. 
  
 Section 9.4 Headings. The headings of the articles, sections and paragraphs of this Agreement have been inserted for convenience of reference only
and shall not be deemed to be a part of this Agreement. 
  
 Section 9.5 Amendment. This Agreement may be amended only by an instrument in writing duly executed by or on behalf of each of the Company and the Investor. 
  
 Section 9.6 Extension; Waiver. At any time prior to the Closing, any party hereto may, to the extent legally allowed,
(a) extend the time for or waive the performance of any of the obligations or other acts of the other parties hereto to be performed hereunder as of the Closing, (b) waive any inaccuracies in the representations and warranties of the other parties
hereto contained herein or in any document delivered pursuant hereto and (c) waive compliance with 

  

 - 31 - 

 
any of the agreements or conditions for the benefit of such party contained herein. Any agreement on the part of a party hereto to any such extension or
waiver shall be valid only if and as set forth in a written instrument signed on behalf of such party. 
  
 Section 9.7 Severability. If any term or other provision of this Agreement is invalid, illegal or incapable of being enforced by any rule of Law or
public policy, all other conditions and provisions of this Agreement shall nevertheless remain in full force and effect, and such invalid term or provision shall be deemed deleted herefrom to the minimum extent necessary to cure such violation.

  
 Section 9.8 Entire Agreement; No Third Party
Beneficiaries. This Agreement and all documents and instruments referred to herein (including, without limitation, the other Transaction Documents) (a) constitute the entire agreement and (other than the Restructuring Support Agreement)
supersede all prior agreements and understandings (including the Prior Agreement), both written and oral, among the parties hereto with respect to the subject matter hereof, and (b) except as otherwise provided in Section 6.11 hereof, are not
intended to confer upon any Person other than the parties hereto (and the holders of the TAC Notes and the TCH Notes (as each such term is defined in the Restructuring Support Agreement)) any rights or remedies hereunder. 
  
 Section 9.9 Governing Law. This Agreement shall be governed by and
construed in accordance with the laws of the State of New York, without giving effect to the principles of conflicts of law; provided, however, that each of the provisions of this Agreement is subject to and shall be enforced in
compliance with the Gaming Laws. 
  
 Section 9.10 Assignment;
Successors. Neither this Agreement nor any of the rights, interests or obligations hereunder shall be assigned by any of the parties hereto (whether by operation of Law or otherwise) without the prior written consent of the other parties;
provided, however, that the Investor may assign this Agreement and/or any of his rights, interests or obligations hereunder to one or more controlled Affiliates of the Investor (it being understood that no such assignment shall relieve
the Investor of his obligations hereunder). Any attempted or purported assignment of this Agreement or of the rights, interests or obligations hereunder of any party hereto other than in accordance with this Section 9.10 shall be void ab
initio. Subject to the preceding sentence, this Agreement will be binding upon, inure to the benefit of and be enforceable by the parties and their respective successors and permitted assigns. 
  
 Section 9.11 Election of Remedies. Neither the exercise nor the
failure to exercise a right of set-off or to give notice of a claim under this Agreement will constitute an election of remedies or limit the parties in any manner in the enforcement of any other remedies that may be available to any of them,
whether at Law or in equity. 
  
 Section 9.12 Submission to
Jurisdiction. Each of the parties hereto (a) consents to commit itself to the personal jurisdiction of any federal court located in the State of New York or any New York state court in the event any dispute arises out of this Agreement or any of
the transactions contemplated by this Agreement, (b) agrees that it will not attempt to deny or defeat such personal jurisdiction by motion or other request for leave from any such court and (c) agrees that it will not bring any action relating to
this Agreement or any of the transactions 

  

 - 32 - 

 
contemplated by this Agreement in any court other than a federal or state court sitting in the State of New York; provided, however, that each
of the parties hereto hereby (i) consents and commits itself to the personal jurisdiction of the Bankruptcy Court at all times during the pendency of the Bankruptcy Case and (ii) agrees that it will not attempt to deny or defeat such personal
jurisdiction of the Bankruptcy Court by motion or other request for leave therefrom or otherwise. 
  
 [remainder of page intentionally left blank] 
  

 - 33 - 

 IN WITNESS WHEREOF, the undersigned have caused this Amended and Restated Investment Agreement to be duly
executed thereby as of the date first written above. 
  

			
	COMPANY:
	
	 TRUMP HOTELS & CASINO RESORTS, INC.

		
	By:	 	/s/    JOHN P. BURKE        
	 Name:
	 	John P. Burke
	 Title:
	 	Executive Vice President and Treasurer
	
	PARTNERSHIP:
	
	 TRUMP HOTELS & CASINO RESORTS
HOLDINGS, L.P.

		
	By:	 	Trump Hotels & Casino Resorts, Inc.,
its general partner
		
	By:	 	/s/    JOHN P. BURKE        
	 Name:
	 	John P. Burke
	 Title:
	 	Executive Vice President and Treasurer
	
	INVESTOR:
		
	 	 	/s/    DONALD J. TRUMP        
	 Name:
	 	Donald J. Trump

  

			
	ACKNOWLEDGED AND AGREED:
	
	 TRUMP CASINOS, INC.

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

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