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Publishing Agreement

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Sectors: Media
Governing Law: New York, View New York State Laws
Effective Date: May 28, 2004
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This Publishing Agreement ("Agreement") dated as of May 28, 2004 is between SOBE LIFE, LLC, an Illinois limited liability company, authorized to do business, in New York State ("SOBE") and TRUMP WORLD PUBLICATIONS LLC, a New York limited liability Company ("TRUMP").


WHEREAS, affiliates of Trump are engaged in various businesses, including real estate development and operating luxury hotels and casino (collectively, "Hotels") and SOBE is engaged in the business of publishing magazines.


WHEREAS, SOBE desires to publish on behalf of Trump, six times a year, a quality magazine, featuring articles and editorials about luxury life styles, gaming and personal success stories, among other interests, for distribution throughout the Hotels, and other "Trump Properties" (as herein defined) and on national newsstands, under the terms and conditions of this Agreement.


NOW THEREFORE, IT IS AGREED AS FOLLOWS:


Section I -- The Magazine; Distribution; Payment; Audit


SOBE will create and publish a magazine entitled "Trump World Magazine" (sometimes, the "Magazine") as follows:


a. The Magazine will be a four-color magazine, interior paper printed on 6OLB
high-grade glossy stock and the cover on l00# glossy stock. Binding will be
perfect bound. The minimum page count will be 100 pages, including cover,
(Exhibit A -- Cover of Trump World Issue -- May 2003 illustrates the
quality Trump World will achieve).


b. The first issue will appear September, 2004 entitled -- September/October
Premiere Issue; the second issue will appear November, 2004 entitled
November/December Issue. All subsequent issues will appear bi-monthly.


c. All photography will be supplied and paid for by SOBE with the exception of
Trump affiliate supplied photography related to specific "Trump Properties"
(as herein defined), Trump affiliate articles, Trump affiliate promotional
events and Trump affiliate advertisements.


d. SOBE shall provide Trump four (4) pages in every issue, at no charge, as
follows: One of the four (4) pages will be used for the Trump President's
Letter and the three (3) remaining pages will be used by Trump, Trump
affiliates or their designees, in their sole discretion. With respect to
the four (4) pages SOBE shall provide to Trump at no charge, if Trump or a
Trump affiliate or a designee shall use such pages for advertising, Trump
agrees to provide its or such designees' advertising materials according to
SOBE's reasonable production requirements and at Trump's sole expense, with
reasonable specified advertising deadlines provided to Trump by SOBE.
Additional Trump pages will be made available at a discounted rate of
$9,000.00 per page and spread (two pages creative) at $18,000.00 net for


one (1) year, unless circulation increases, in which event, a new rate,
based on CPM, will be agreed to between SOBE and Trump. Except for the
voluntary advertising in exoess of four (4) pages, provided above, Trump
shall have no other responsibility to make any financial payments to SOBB.
SOBE acknowledges and agrees that, except for "Limited Trade Items" (as
herein defined), any revenues or other consideration, whatsoever the
type, received by SOBE, directly or indirectly, for sales of copies of the
Magazine, distribution rights, advertising or otherwise, which shall not be
in cash, shall be subject to Trump's prior written approval. For the
purposes of this Agreement "Limited Trade Items" shall mean goods and
services (collectively, "Trade") in exchange for up to, but not exceeding,
five (5) full ad pages per issue of the Magazine. In the event SOBE shall,
desire to obtain Trade for in excess of five (5) ad pages ("Excess Trade
Items") in any issue of the Magazine, SOBE shall obtain Trump's written
approval, which it may withhold in its sole discretion. SOBE shall make
available to Trump for its selection and use, fifteen (15%) percent of all
Limited Trade Items and Excess Trade Items that are obtained by or on
behalf of SOBE. SOBE shall provide Trump monthly with all catalogues and
lists of available Trade applicable to Limited Trade Items and Excess Trade
Items.


e. Bach issue of the Magazine shall be produced for distribution of 200,000
copies. Fifty thousand (50,000) copies will be distributed by SOBE, at no
charge to Trump or any Trump affiliate, at the Trump properties identified
on Exhibit B annexed hereto ("Trump Properties") and such other Trump
Properties as Trump may hereafter designate; and 150,00Q copies will be
made available on newsstands nationally.


f. It is understood that printing quantity may increase as Trump identifies
additional Trump Properties or requires additional copies, or newsstand
demand warrants printing additional copies, at the sole discretion of
SOBE. If Trump requests additional copies, SOBE shall provide these copies
at $1.50 per copy, plus distribution, shipping and postage costs to Trump.
SOBE may create and launch, at its expense, a support website, entitled,
Trumpworldmag.com, subject to Trump's prior written approval as for form
and content. Trump shall own the website URL.


g. SOBE shall be responsible to deliver each issue of the Magazine to
specific Trump Properties in the United States.


1. All costs of distribution and mailing of the 50,000 copies shall be
borne by SOBE. It's agreed, on a per issue basis, that, subject to
Trump's ability to control distribution, the 50,000 copies will be
distributed in-room or other appropriate places at all Trump
Properties and 150,000 copies will be placed on newsstands through a
national distributor;


2. Trump will provide SOBE with contact person for each Trump Property to
whom the magazine shall be delivered and who is responsible for the
distribution at the Trump Property.


2


3. Trump will provide SOBE contact information for all key executives at
all Trump Properties. Additionally, Trump will provide SOBE with Trump
editorial materials, public relations information, creative and
up-dated Trump information on, a regular basis, as Trump shall
determine.


h. 1. In consideration of Trump's grant to SOBE of the rights provided in
this Agreement, SOBE shall pay to Trump an amount equal to fifteen
(15%) percent of all gross revenues and other consideration,
regardless of the source, received by or on behalf of SOBE with
respect to the Magazine and all ancillary rights and interests related
thereto, without any deductions or set offs whatsoever. Such
consideration shall be paid to Trump on a per issue basis, within
sixty (60) days after the publication date of each issue.
Notwithstanding the foregoing, the payment of the amounts due to Trump
pursuant to this paragraph h1 shall not commence until SOBE's lender,
identified in Section II a. B. (ii) hereof, has been paid up to
$700,000.00 plus interest of $35,000.00. Following such payments to
SOBE's lender, as aforesaid, Trump shall be paid the amounts due to it
as above-provided with respect to all future revenues.


2. Aside from the payments referred to in paragraph h1 hereof of this
Section I and paragraph 3 immediately below, SOBE shall have no
responsibility to make any financial payments to Trump.


3. If SOBE shall desire to sell its rights to publish the Magazine, as
provided herein, and shall have obtained the prior written consent of
Trump to do so (which Trump may withhold in its sole discretion),
SOBE shall pay to Trump an amount equal to fifty (50%) percent of all
consideration received, directly or indirectly, by or on behalf of
SOBE for the rights to publish the Magazine, less only reasonable
attorneys' and accountants' fees incurred in connection with such
sale.


i. SOBE shall keep complete and accurate books of account and records for all
transactions it undertakes pursuant to this Agreement at its offices in New
York, New York. Trump and its representatives may inspect and make copies
of such books and records, at Trump's expense, at any time and from time to
time, on reasonable written notice during regular business hours. Such
audits and inspections shall be limited to twice per calendar year. If such
inspection demonstrates that SOBE has underpaid any amounts owed to Trump,
the amounts due shall be paid to Trump within fifteen (15) days, with
interest of one and
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