Document:

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                                                                    EXHIBIT 10.1

                              AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

                                      AMONG

                         AMERITRADE HOLDING CORPORATION
                                       AND
                          FIRST NATIONAL BANK OF OMAHA

                                DECEMBER 28, 2001

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                AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT

     This AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT (the "Agreement") is
entered into as of the 28th day of December, 2001, among AMERITRADE HOLDING
CORPORATION, a Delaware corporation having its principal place of business at
4211 South 102nd Street, Omaha, Nebraska 68127 (the "Borrower"), such lenders as
may become Revolving Lenders hereunder after the date hereof and FIRST NATIONAL
BANK OF OMAHA, a national banking association having its principal place of
business at One First National Center, Omaha, Nebraska 68102 ("Agent" or
"FNB-O").

                                 I. DEFINITIONS

     For purposes of this Agreement, the following definitions shall apply:

Advance:       Any advance of funds to the Borrower by the Revolving Lenders or
               any of them under the revolving credit facility provided in this
               Agreement.

Advanced
Clearing:      Advanced Clearing, Inc., a Nebraska corporation, and
               wholly-owned subsidiary of the Borrower, which, after the
               consolidation of broker-dealer subsidiaries expected to occur on
               or about January 2, 2002, will be known as "Ameritrade, Inc."

Agreement:     This Amended and Restated Revolving Credit Agreement dated as
               of December 28,  2001, among the Borrower and the Revolving
               Lenders, as amended or restated from time to time.

Annualized
Modified
Cash           Flow: The (i) product of (a) 4 times (b) the sum, for the
               three months preceding the date of determination of the
               Borrower's consolidated net income (loss) before taxes, and
               plus or minus any non-ordinary non-cash charges or credits to
               earnings for each month in such quarter, plus (ii) advertising
               expenditures in each month in excess of $2,000,000.

Borrower:      Ameritrade Holding Corporation, a Delaware corporation having
               its principal place of business at 4211 South 102nd Street,
               Omaha, Nebraska 68127.

Business
Day:           Any day other than a Saturday, Sunday or a legal holiday on which
               banks in the State of Nebraska are not open for business.

Change of
Control:       (a) At any time when any of the equity securities of the Borrower
               shall be registered under Section 12 of the Securities Exchange
               Act of 1934 as amended

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               from time to time (the "Exchange Act"), (i) any person, entity or
               "group" (within the meaning of Section 13(d)(3) of the Exchange
               Act) (other than any person which is a management employee, or
               any such "group" which consists entirely of management employees,
               of the Borrower) being or becoming the beneficial owner, directly
               or indirectly, of voting stock of the Borrower in an amount
               sufficient to elect a majority of the members of the Borrower's
               board of directors, or (ii) a majority of the members of the
               Borrower's board of directors (the "Board") consisting of persons
               other than Continuing Directors (as hereinafter defined); and (b)
               at any other time, the voting stock of the Borrower being owned
               beneficially, directly or indirectly, by any person, entity or
               group other than employees of the Borrower or its Subsidiaries.
               As used herein, the term "Continuing Director" means any member
               of the Board on the date of this Agreement, and any other member
               of the Board who shall be recommended or elected to succeed a
               Continuing Director by a majority of Continuing Directors who are
               the members of the Board.

Collateral:    All personal property of the Borrower described in the Security
               Agreement and the Pledge Agreement, whether now owned or
               hereafter acquired, including, without limitation:

                         (a)  all of the Borrower's stock in any present or
                    future subsidiary, including without limitation, Advanced
                    Clearing, Inc.,  Ameritrade, Inc., and Accutrade, Inc.;

                         (b) all of the Borrower's interest in the Pledged NITE
                    Stock (as that term is defined in the Pledge Agreement)
                    including any additional Pledged NITE Stock required to be
                    delivered pursuant to the terms of the Pledge Agreement;

                         (c) all of the Borrower's accounts, accounts
                    receivable, chattel paper, documents, instruments and other
                    securities (excluding NITE Stock other than the Pledged NITE
                    stock), goods, inventory, letter of credit rights,
                    equipment, furniture and fixtures, general intangibles,
                    contract rights, computer, data processing, hardware and
                    software licenses, books and records; and

                         (d) all proceeds and products of the foregoing.

Commitment:    As to each Revolving Lender, such Revolving Lender's pro rata
               percentage or maximum dollar amount of the commitments  set forth
               in Section 2.1 of this Agreement.

Core Retail
Accounts:      Open accounts of Ameritrade, Inc. and Accutrade, Inc. which have
               a currently valid account number, are eligible for online
               trading, and are reported publicly on a quarterly basis.

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Default Rate:     The Revolving Credit Rate as defined herein plus 3.0%.

Event of
Default:          Any of the events set forth in Section 6.1 of this Agreement.

Existing
Credit
Facility:         The Amended and Restated Revolving Credit Agreement dated as
                  of January 25, 2000, as amended prior to the date hereof, by
                  and among the Borrower, FNB-O, Harris Trust and Savings Bank,
                  LaSalle Bank National Association and Mercantile Bank National
                  Association.

FNB-O:            First National Bank of Omaha, a national banking association
                  having its principal place of business at One First National
                  Center, Omaha, Nebraska 68102, and its successors and assigns.

GAAP:             Generally accepted accounting principles as in effect from
                  time to time in the United States of America.

Indebtedness:     All loans and other obligations of the Borrower for borrowed
                  money, without duplication, (including, without limitation,
                  the indebtedness due to the Revolving Lenders) regardless of
                  the maturity thereof, but excluding capital leases incurred in
                  the ordinary course of business and excluding net payables to
                  customers and broker-dealers in the ordinary course of
                  business and excluding Subordinated Debt and amounts
                  outstanding under any other Credit Facility.

Letter(s) of
Credit:           Letter(s) of Credit issued under the Letter of Credit
                  Facility, the Letter of Credit Amount of which shall not
                  exceed $5,000,000.00 at any time.

Letter of
Credit
Amount:           The original face amount of the Letters of Credit, minus the
                  amount of any draws thereunder which have been reimbursed to
                  the Agent for the benefit of the Revolving Lenders.

Letter of
Credit
Facility:         The letter of credit facility provided for in Section 2.7 of
                  the Agreement.

Letter of
Credit Fees:      The letter of credit fees specified in Section 2.9 of this
                  Agreement.

LIBOR
Rate:             The floating per annum interest rate published from time to
                  time as the "90 day LIBOR rate" in the Midwest Edition of the
                  Wall Street Journal on the first

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                  business day of each month, or if no such rate is published on
                  such date, on the last preceding date on when such rate was
                  published.

National
Prime             Rate: The floating per annum interest rate published from time
                  to time as the "Prime Rate" (the base rate on corporate loans
                  posted by at least 75% of the nation's 30 largest banks) in
                  the Midwest Edition of the Wall Street Journal on the first
                  business day of the month, or if no such rate is published on
                  such date, on the last preceding date when such rate was
                  published.

Net Worth:        The Borrower's consolidated net worth as determined in
                  accordance with generally accepted accounting principles.

NITE Stock:       The common stock, or any securities exchanged for the common
                  stock, of Knight Trading Group, Inc. (formerly Knight/Trimark
                  Group, Inc.).

Notes:            The revolving credit note, substantially in the form of
                  Exhibit A attached to this Agreement, which note replaces the
                  revolving credit notes issued and outstanding under the
                  Existing Agreement, and such additional similar notes as may
                  be issued to certain additional Revolving Lenders, and all
                  extensions, renewals, and substitutions of or for the
                  foregoing.

Operative
Documents:        This Agreement, the Notes, the Pledge Agreement, the Security
                  Agreement, the financing statements regarding the Collateral
                  and the documents and certificates delivered pursuant to
                  Section 5.1.

Other Credit
Facility:         As defined in Section 4.24 hereof.

Permitted
Investments:      Any one or more of the following:

                                    (a)     certificates of deposit fully
                           covered by Federal Deposit Insurance and maintained
                           at a bank having capital and surplus of not less than
                           $50,000,000;

                                    (b)     short-term obligations of, or
                           obligations fully guaranteed by, the United States of
                           America or any agencies thereof;

                                    (c)     commercial paper rated at least A-1
                           by Standard and Poor's Corporation or P-1 by Moody's
                           Investors Service, Inc.; and

                                    (d)     demand deposit accounts maintained
                           in the ordinary course of the Borrower's business at
                           a bank having capital and surplus of not less than
                           $50,000,000

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Permitted
Liens:            (i) Liens existing on the date of this Agreement as shown on
                  Schedule A; (ii) Liens for taxes, assessments, governmental
                  charges or claims which are not yet delinquent or which are
                  being contested in good faith by appropriate proceedings
                  promptly instituted and diligently conducted and if a reserve
                  or other appropriate provision, if any, as shall be required
                  in conformity with GAAP shall have been made therefor; (iii)
                  statutory Liens of landlords and carriers, warehousemen,
                  mechanics, suppliers, materialmen, repairmen or other like
                  Liens arising in the ordinary course of business and with
                  respect to amounts not yet delinquent or being contested in
                  good faith by appropriate proceedings, and if a reserve or
                  other appropriate provision, if any, as shall be required in
                  conformity with GAAP shall have been made therefor; (iv) Liens
                  (other than any Lien imposed by the Employee Retirement Income
                  Security Act of 1974, as amended) incurred or deposits made in
                  the ordinary course of business in connection with workers'
                  compensation, unemployment insurance and other types of social
                  security; (v) Liens incurred or deposits made to secure the
                  performance of tenders, bids, leases, statutory obligations,
                  surety and appeal bonds, government contracts, performance and
                  return-of-money bonds and other obligations of a like nature
                  incurred in the ordinary course of business (exclusive of
                  obligations for the payment of borrowed money); (vi)
                  easements, rights-of-way, restrictions, minor defects or
                  irregularities in title and other similar charges or
                  encumbrances not interfering in any material respect with the
                  business of the Borrower or any of its Subsidiaries incurred
                  in the ordinary course of business; (vii) Liens securing
                  reimbursement obligations with respect to documentary letters
                  of credit which encumber documents and other property relating
                  to such letters of credit and the products and proceeds
                  thereof; (viii) Liens in favor of customs and revenue
                  authorities arising as a matter of law to secure payment of
                  customs duties in connection with the importation of goods;
                  (ix) judgment and attachment Liens not giving rise to a
                  Default or an Event of Default; (x) leases or subleases
                  granted to others not interfering in any material respect with
                  the business of the Borrower or any of its Subsidiaries; (xi)
                  customary Liens securing indebtedness under interest rate
                  protection agreements and foreign currency hedging
                  arrangements; (xii) Liens encumbering deposits made to secure
                  obligations arising from statutory, regulatory, contractual or
                  warranty requirements of the Borrower; (xiii)  any interest or
                  title of a lessor in the property subject to any capital lease
                  obligation or operating lease entered into by the borrower in
                  the ordinary course of business provided that the incurrence
                  of any related indebtedness is permitted by this Agreement;
                  (xiv) Liens of banks in funds on deposit with such banks; (xv)
                  mortgage or deed of trust securing real estate loan for
                  premises located in Kansas City, Missouri, in the approximate
                  amount of $7,500,000,  and  (xvi) extensions, renewals or
                  regranting of any Liens referred to in clauses (i) through
                  (xv) above.

Pledge
Agreement:        The Amended and Restated Stock Pledge Agreement dated as of
                  the date hereof, between the Borrower and FNB-O, as agent for
                  the Revolving Lenders, as amended or restated from time to
                  time.

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Pledged
NITE Stock:       The NITE Stock pledged to the Revolving Lenders under the
                  Pledge Agreement.

Principal
Loan
Amount:           The aggregate principal amount of all unpaid Advances made
                  under the Notes outstanding at any time, plus the then current
                  Letter of Credit Amount.

Quarterly
Compliance
Certificate:      The certificate delivered to the Revolving Lenders by the
                  Borrower pursuant to Section 4.1(e).

Regulatory
Net               Capital The amount of net capital required for Advanced
                  Clearing under Section 15(c)(3) of the Securities Exchange Act
                  of 1934 and Regulations promulgated thereunder in effect as of
                  December 31, 1999.

Requisite
Revolving
Lenders           Except where a higher percentage is required pursuant to the
                  express terms of this Agreement, including without limitation
                  Section 7.1, Revolving Lenders owning fifty-one percent (51%)
                  by amount of the Principal Loan Amount outstanding or, if no
                  Principal Loan Amount is outstanding, Revolving Lenders
                  representing fifty-one percent (51%) of the Commitments in
                  effect at such time.

Revolving
Credit Rate:      As defined in Section 2.3 hereof.

Revolving
Lenders:          FNB-O and such additional Revolving Lenders as may be added as
                  Revolving Lenders under Section 2.1 hereto from time to time
                  in accordance with this Agreement, as such Revolving Lenders
                  may be modified by assignments permitted under Section 7.4
                  from time to time.

Security
Agreement:        The Amended and Restated Security Agreement dated as of this
                  date between the Borrower and FNB-O as agent for the Revolving
                  Lenders, as amended from time to time. Subordinated Debt:
                  The Convertible Subordinated Notes due August 1, 2004,
                  originally issued by the Borrower in the amount of
                  $200,000,000, but as of the date hereof, outstanding in the
                  amount of $47,645,000, which Notes are unsecured obligations
                  of the Borrower, subordinated in right of payment to all
                  existing and future senior indebtedness of the Borrower
                  (including without limitation the Notes).

Subsidiary:       Any corporation business association, partnership, joint
                  venture, limited liability company or other business entity in
                  which the Borrower, or one or more of its Subsidiaries, or the
                  Borrower and one or more of its Subsidiaries has more than

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                  50% of the equity ownership thereof, or any other entity
                  which, pursuant to GAAP, would be considered a subsidiary of
                  the Borrower or any one or more of its Subsidiaries.

Termination
Date:             December 27, 2002, or such later date as is approved in
                  writing by the Revolving Lenders.

All accounting terms not otherwise defined herein shall have the meaning
ordinarily applied under generally accepted accounting principles from time to
time in effect.

                             II. REVOLVING FACILITY

         2.1 Revolving Credit. Until December 27, 2002, the Revolving Lenders
severally agree to advance funds for general corporate purposes not to exceed
the amount shown on Appendix I attached hereto, as amended from time to time
(the "Base Revolving Credit Facility"), to the Borrower on a revolving credit
basis.

         Such Advances shall be made on a pro rata basis by the Revolving
Lenders, based on the maximum Advance limits and applicable percentages for each
Revolving Lender as shown on Appendix I attached hereto, as amended from time to
time; provided, however, that each Revolving Lender's Commitment is several and
not joint or joint and several.

         The Borrower shall not be entitled to any Advance hereunder if, after
the making of such Advance, the Principal Loan Amount would exceed the least of
(w) the then current Base Revolving Credit Facility, or (x) one and one-half (1
1/2) times the Borrower's Annualized Modified Cash Flow, or (y) the number of
Core Retail Accounts times $200, or (z) seventy percent (70%) of the then
current fair market value of the Pledged NITE Stock, determined in each case
after giving effect to the requested Advance. Nor shall the Borrower be entitled
to any further Advances hereunder after the occurrence and during the
continuation of any Event of Default or any event which with the passage of time
or the giving of notice or both would constitute an Event of Default, or if the
Borrower's representations and warranties cease to be true and correct in all
material respects at the time of the requested Advance. Advances shall be made,
on the terms and conditions of this Agreement, upon the Borrower's request.
Requests shall be made by 12:00 noon Omaha time on the Business Day prior to the
requested date of the Advance. Requests shall be made by presentation to FNB-O
of a drawing certificate in the form of Exhibit B. The Borrower's obligation to
make payments of principal and interest on the foregoing revolving credit
indebtedness shall be further evidenced by the Notes.

         2.2      Revolving Credit Fees.

                  (a) The Borrower shall pay to the Revolving Lenders a
         commitment fee equal to 3/8 of 1% (.00375) of the average unused
         facility, payable quarterly in arrears. Such fee shall be paid to the
         Agent and based on the average unused portion of the revolving credit
         commitment during the applicable quarter. FNB-O shall distribute to
         each Revolving

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         Lender its pro rata share of such fees based on the maximum Advance
         limits set forth above.

                  (b) The Borrower shall also pay a closing fee of $50,000.00,
         which is equal to 1/4 of 1% (.0025) of the Base Revolving Credit
         Facility, as set forth in Section 2.1 above, such fee to be payable at
         closing.

         2.3 Interest on Revolving Credit. Interest shall accrue on the
Principal Loan Amount outstanding from time to time at a variable rate per annum
(the "Revolving Credit Rate") equal to the greater of (a) the National Prime
Rate, or (b) the LIBOR Rate plus 2.50%, but in no event shall the Revolving
Credit Rate be less than five percent (5.0%) per annum. Such rate shall
fluctuate monthly based on changes in such rates on the first business day of
each month. All interest under the Notes shall accrue based on a year of 360
days, and for actual days elapsed. Interest shall be due no later than the tenth
day of each month. Notwithstanding anything to the contrary elsewhere herein,
after an Event of Default has occurred and is continuing, interest shall accrue
on the entire outstanding balance of principal and interest on all indebtedness
hereunder at a fluctuating rate per annum equal to the Default Rate.

         2.4 Payments. On or prior to the end of each calendar quarter the
Borrower shall repay the amount, if any, outstanding on the Notes which in the
aggregate exceeds the amount of the Base Revolving Credit Facility to be in
place on the next succeeding Business Day following such calendar quarter. The
balance of the loan on December 27, 2002, if any, shall be due on the
Termination Date. All obligations of the Borrower under the Notes and under the
other Operative Documents shall be payable in immediately available funds in
lawful money of the United States of America at the principal office of FNB-O in
Omaha, Nebraska or at such other address as may be designated by FNB-O in
writing. In the event that a payment day is not a Business Day, the payment
shall be due on the next succeeding Business Day.

         2.5 Prepayments. The Borrower may at any time prepay the Principal Loan
Amount, in whole or in part, outstanding under the Notes if the Borrower has
given the Agent at least one (1) Business Day's prior written notice of its
intention to make such prepayment. Any such prepayment may be made without
penalty. All such prepayments shall be made pro rata among the Revolving Lenders
based on their respective pro rata share of the amounts outstanding on the
Notes. No such prepayment shall reduce the Base Revolving Credit Facility.

         2.6 Security. All obligations of the Borrower hereunder and under the
Operative Documents, including, without limitation, the Borrower's obligations
to make payments of principal and interest on the Notes and to pay all amounts
due in connection with the Letters of Credit shall be secured by a first
security interest in the Collateral, as more specifically described in the
Security Agreement and the Pledge Agreement. All references in the Security
Agreement and the Pledge Agreement to the "Revolving Credit Agreement" shall
mean this Agreement as amended from time to time.

         2.7 Letter of Credit Facility. Subject to and upon the terms and
conditions herein set forth, the Borrower may request and FNB-O on behalf of the
Revolving Lenders shall issue from time to time for the account of the Borrower
or one or more of its Subsidiaries letters of credit (the "Letters of Credit");
provided, however, the Agent shall have no obligation to issue any such

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Letter of Credit unless at such time the Borrower meets all the conditions for
an Advance under the Base Revolving Credit Facility and, after such issuance,
the aggregate Letter of Credit Amount outstanding will not exceed $5,000,000 and
the Principal Loan Amount will not exceed the then available Base Revolving
Credit Facility, all as more specifically set forth in this Agreement. The
Revolving Lenders shall be obligated to fund pro rata according to their
respective pro rata percentages shown in Section 2.1 of this Agreement any draws
on such Letters of Credit and shall be entitled to share pro rata in the Letter
of Credit Fees and reimbursement amounts received in connection with such
Letters of Credit. The Letter of Credit Amount outstanding at any time shall
operate to reduce amounts available to be drawn under the Base Revolving Credit
Facility by such sum, and shall be deemed to be outstanding for purposes of
calculating the commitment fee under Section 2.2 (a) of this Agreement. No
Letter of Credit shall have a maturity date occurring more than one year after
the issue date thereof, and in no event later than the Termination Date of this
Agreement; provided, however, FNB-O, upon five days prior written notice to the
other Revolving Lenders, may issue one or more Letters of Credit in an aggregate
amount not to exceed $1,000,000.00 in Letters of Credit under this Agreement
with a maturity occurring after the Termination Date of this Agreement (a
"Non-Conforming Letter of Credit"), but no other Revolving Lender shall be
obligated to fund any draws on such Non-Conforming Letters of Credit and shall
not be entitled to share pro rata in the Letter of Credit Fees and reimbursement
amounts received in connection therewith unless such Revolving Lender elects in
writing to participate in such Non-Conforming Letters of Credit after receipt of
notice from FNB-O. Except as provided in the preceding sentence, any such
Non-Conforming Letters of Credit shall in all other respects be deemed a "Letter
of Credit" under this Agreement. Any reference in this Agreement (including
without limitation Articles VII and VIII) to a "loan" or "loans" made under this
Agreement shall include the Letters of Credit.

         2.8 Letter of Credit Documents. Prior to the issuance by FNB-O of any
Letters of Credit, the Borrower and, if requested by FNB-O, the applicable
Subsidiary, shall execute and deliver to FNB-O an application and continuing
letter of credit agreement, such agreements to be in the forms attached hereto
as Attachment A to this Agreement, as such forms may be amended from time to
time for general use in connection with letters of credit issued by FNB-O.

         2.9 Letter of Credit Fees. In addition to all costs incurred by FNB-O
in the issuance and enforcement of the Letters of Credit which are to be
reimbursed by the Borrower in accordance with the application and continuing
letter of credit agreement executed in connection with each Letter of Credit,
the Borrower shall pay to the Agent a letter of credit fee (the "Letter of
Credit Fee") equal to two and one-half percent (2.5%) per annum of the
outstanding Letter of Credit Amount, such fee to be paid quarterly in arrears
based on the average Letter of Credit Amount outstanding during such quarter;
provided, however, that at any time that an Event of Default has occurred and is
continuing under the Agreement, such fee shall be equal to five percent (5%) per
annum. Interest shall accrue on amounts drawn under any Letter of Credit, until
such amount is reimbursed, at the then current rate for amounts outstanding
under the Revolving Note and, for any period that such draw remains unreimbursed
more than two Business Days after such draw, at the Default Rate. In addition,
the Borrower shall pay such other administrative fees, including a fee for
opening the Letter of Credit, as are agreed in writing between FNB-O and the
Borrower. Amounts received by FNB-O for opening a Non-Conforming Letter of
Credit or as administrative fees with respect to any Letter of Credit remain the
property of FNB-O and shall not be shared pro rata with the Revolving Lenders.

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                       III. REPRESENTATIONS AND WARRANTIES

         The Borrower represents and warrants that as of the date hereof and as
of the date of each and every request for an Advance hereunder, the following
are and shall be true and correct:

         3.1 Corporate Existence. Each of the Borrower and its Subsidiaries is a
corporation duly organized, validly existing and in good standing under the laws
of the state of its incorporation and duly qualified and in good standing in all
states where it is doing business except where the failure to be so qualified
would not have a material adverse effect on it and its Subsidiaries taken as a
whole, and it has full corporate power and authority to own and operate its
properties and to carry on its business.

         3.2 Corporate Authority. It has full corporate power, authority and
legal right to execute, deliver and perform the Operative Documents to which it
is a party, and all other instruments and agreements contemplated hereby and
thereby, and to perform its obligations hereunder and thereunder; and such
actions have been duly authorized by all necessary corporate action, and are not
in conflict with any applicable law or regulation, or any order, judgment or
decree of any court or other governmental agency or instrumentality or its
articles of incorporation or bylaws, or with any provisions of any indenture,
contract or agreement to which it or any of its Subsidiaries is a party or by
which it or any of its Subsidiaries or any of its or their property may be
bound.

         3.3 Validity of Agreements. The Borrower's Operative Documents have
been duly authorized, executed and delivered and constitute its legal, valid and
binding agreements, enforceable against the Borrower in accordance with their
respective terms (except to the extent that enforcement thereof may be limited
by any applicable bankruptcy, reorganization, moratorium or similar laws now or
hereafter in effect, or by principles of equity).

         3.4 Litigation. Neither the Borrower nor any Subsidiary is a party to
any pending lawsuit or proceeding before or by any court or governmental body or
agency, which is likely to have a material adverse effect on (a) the Borrower's
ability to perform its obligations under its Operative Documents or (b) a
Subsidiary's ability to pay dividends to the Borrower, to the extent that such
impaired ability would have a material adverse effect on the Borrower and its
Subsidiaries, taken as a whole; nor is the Borrower aware of any threatened
lawsuit or proceeding, to which it or any Subsidiary may become a party or of
any investigation of any Court or governmental body or agency into its affairs,
which if instituted would have a material adverse effect upon the Borrower's
ability to perform its obligations under its Operative Documents or a
Subsidiary's ability to pay dividends to the Borrower.

         3.5 Governmental Approvals. The execution, delivery and performance by
the Borrower of the Operative Documents do not require the consent or approval
of, the giving of notice to, the registration with, or the taking of any other
action in respect of, any federal, state or other governmental authority or
agency other than as contemplated herein and therein.

         3.6 Defaults Under Other Documents. Neither the Borrower nor any
Subsidiary is in default or in violation (nor has any event occurred which, with
notice or lapse of time or both, would constitute a default or violation) under
any document or any agreement or instrument to

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which it may be a party or under which it or any of its properties may be bound,
the result of which would have a material adverse effect upon the Borrower's
ability to perform its obligations under its Operative Documents or a
Subsidiary's ability to pay dividends to the Borrower.

         3.7 Judgments. There are no outstanding or unpaid judgments (which are
not adequately bonded) of the Borrower or any Subsidiary which would have a
material adverse effect upon the Borrower's ability to perform its obligations
under its Operative Documents or a Subsidiary's ability to pay dividends to the
Borrower.

         3.8 Compliance with Laws. Neither the Borrower nor any Subsidiary is in
violation of any laws, regulations or judicial or governmental decrees in any
respect which would have any material adverse effect upon the validity or
enforceability of any of the terms of the Borrower's Operative Documents or
which would have a material adverse effect upon the Borrower's ability to
perform its obligations under its Operative Documents or a Subsidiary's ability
to pay dividends to the Borrower.

         3.9 Taxes. All tax returns of the Borrower and its Subsidiaries for
material taxes required to be filed have been filed or extensions permitted by
law have been obtained; all taxes of the Borrower and its Subsidiaries of a
material nature and which are due and payable as reflected on such returns have
been paid, other than taxes which are due but for which only a nominal late
payment penalty is payable and for which the taxing authority is not yet
entitled to enforce its remedies for payment thereof and other than taxes being
contested in good faith and with respect to which adequate reserves have been
established; and no material amounts of taxes of the Borrower and its
Subsidiaries not reflected on such returns are payable.

         3.10 Collateral. The Borrower has good title to the Collateral and the
Collateral is free from all liens, encumbrances or security interests, except
for Permitted Liens and except as disclosed on Schedule A attached hereto. The
Borrower is a Delaware corporation with its principal place of business, chief
executive office, and the principal place where it keeps its records concerning
the Collateral at 4211 South 102nd Street, Omaha, Nebraska 68127.

         3.11 Pension Benefits. Neither the Borrower nor any Subsidiary
maintains a "Plan" as defined in Section 3(3) of the Employee Retirement Income
Security Act of 1974, as amended ("ERISA"), or each such entity is in compliance
with the minimum funding requirements with respect to any such "Plan" maintained
by it to the extent applicable, and it has not incurred any material liability
to the Pension Benefit Guaranty Corporation ("PBGC") or otherwise under ERISA in
connection with any such Plan.

         3.12 Margin Regulations. No part of the proceeds of any Advance
hereunder shall be used for any purpose that violates, or which is inconsistent
with, the provisions of Regulation T, U or X of the Board of Governors of the
Federal Reserve System of the United States.

         3.13 Financial Condition. The financial condition of the Borrower and
its Subsidiaries is fairly presented in the most recent financial statement
which has been provided to the Agent and such financial statement does not
contain any untrue statements of a material fact or omit to state any material
fact necessary to make the statement therein not misleading in light of the

                                      -12-
<PAGE>
circumstances under which it was made. No material adverse change has occurred
since the date of such financial statement.

                                  IV. COVENANTS

         The Borrower hereby covenants that:

         4.1      Financial Reports.

                  (a) Within thirty (30) days after the end of each month, the
         Borrower, at its sole expense, shall furnish the Agent a consolidated
         balance sheet, a statement of earnings of the Borrower and its
         consolidated Subsidiaries, and a statement of cash flows of the
         Borrower and its consolidated Subsidiaries, and such financial
         statements on a consolidating basis as to the Borrower, all such
         financial statements to be prepared in accordance with generally
         accepted accounting principles consistently applied and certified as
         completed and correct, subject to normal changes resulting from
         year-end audit adjustments, by the chief financial officer of the
         Borrower.

                  (b) Within ninety (90) days after the close of the Borrower's
         fiscal year, the Borrower, at its sole expense, shall furnish the
         Agent: (i) a consolidated balance sheet, a statement of earnings of the
         Borrower and its consolidated Subsidiaries and a statement of cash
         flows of the Borrower and its consolidated Subsidiaries, certified by
         Deloitte & Touche LLP, or other independent certified public
         accountants reasonably acceptable to the Requisite Revolving Lenders,
         that such financial reports fairly present the financial condition of
         the Borrower and its consolidated Subsidiaries and have been prepared
         in accordance with generally accepted accounting principles
         consistently applied; and (ii) a certificate from such accountants
         certifying that in making the requisite audit for certification of the
         Borrower's financial statements, the auditors either (1) have obtained
         no knowledge, and are not otherwise aware of, any condition or event
         which constitutes an Event of Default or which with the passage of time
         or the giving of notice would constitute an Event of Default under this
         Agreement; or (2) have discovered such condition or event, as
         specifically set forth in such certificate, which constitutes an Event
         of Default or which with the passage of time or the giving of notice
         would constitute an Event of Default under such sections. The auditors
         shall not be liable to the Revolving Lenders by reason of the auditors'
         failure to obtain knowledge of such event or condition in the ordinary
         course of their audit unless such failure is the result of negligence
         or willful misconduct in the performance of the audit.

                  (c) Within thirty (30) days after submission to the Securities
         and Exchange Commission, the Borrower shall provide to the Agent copies
         of its Forms 10K and 10Q, as submitted to the Securities and Exchange
         Commission during the term of this Agreement.

                  (d) Within thirty (30) days after the end of each month, the
         Borrower shall provide to the Agent the FOCUS report of Advanced
         Clearing for such month.

                  (e) Within thirty (30) days after the end of each quarter, the
         Borrower, at its expense, shall furnish the Agent a certificate of the
         chief financial officer of the Borrower

                                      -13-
<PAGE>
         in the form of Exhibit C attached hereto, setting forth such
         information (including detailed calculations) sufficient to verify the
         conclusions of such officer after due inquiry and review, that:

                           (i) The Borrower and each Subsidiary, either (y) is
                  in compliance with the requirements set forth in this
                  Agreement or (z) is NOT in compliance with the foregoing for
                  reasons specifically set forth therein; and

                           (ii) The chief financial officer of the Borrower has
                  reviewed or caused to be reviewed all of the terms of the
                  Operative Documents of the Borrower and that such review
                  either (y) has NOT disclosed the existence of any condition or
                  event which constitutes an event of default or any condition
                  or event which with the passage of time or the giving of
                  notice would constitute an event of default under the
                  Operative Documents or (z) has disclosed the existence of a
                  condition or event which constitutes an event of default, or a
                  condition or event which with the passage of time or the
                  giving of notice would constitute an event of default, under
                  the aforesaid instrument or instruments and the specific
                  condition or event is specifically set forth.

                  (f) The Borrower shall provide the Agent with such other
         financial reports and statements as the Revolving Lenders may
         reasonably request.

                  4.2      Corporate Structure and Assets.

                  (a) The Borrower shall not merge or consolidate with any other
         corporation or entity without the prior written consent of the
         Requisite Revolving Lenders, except as provided in clause (b) below.

                  (b) The foregoing restriction on mergers and consolidations
         shall not apply if: (i) in the case of a merger, the Borrower is the
         surviving entity and expressly reaffirms its obligations hereunder;
         (ii) in the case of a consolidation, the resulting corporation
         expressly assumes the obligations of the Borrower hereunder; (iii) the
         surviving or resulting corporation is organized under the laws of the
         United States or a jurisdiction thereof; (iv) after giving effect to
         such merger or consolidation, the surviving or resulting corporation
         will be engaged in substantially the same lines of business as are now
         engaged in by the Borrower and its Subsidiaries and businesses
         reasonably related thereto; and (v) immediately after giving effect to
         such merger or consolidation, no Event of Default will exist hereunder.

                 (c) The Borrower shall not sell any assets, other than in the
         ordinary course of business, in an aggregate amount greater than one
         million dollars ($1,000,000), except (i) items that are obsolete or no
         longer necessary for operation of the business, (ii) the Borrower's
         interest in Comprehensive Software Systems, Ltd. and (iii) the
         Borrower's interest in the NITE Stock (other than the Pledged NITE
         Stock). The Revolving Lenders shall be entitled to receive as a
         prepayment on the Notes the net cash proceeds of any sale of assets of
         the Borrower which are prohibited by the preceding sentence.
         Notwithstanding the foregoing prepayment requirements, any such
         prohibited sale shall

                                      -14-
<PAGE>
         remain a violation of this Agreement. For purposes of this Section 4.2
         (c), "net cash proceeds" shall mean the amount in cash or cash
         equivalents received from the sale after taxes and after payment of all
         costs and expenses incurred in connection with the sale, including
         brokerage or similar fees.

                  (d) In addition, the Borrower shall not engage in any business
         materially different from that in which it is presently engaged and
         businesses reasonably related thereto without the prior written consent
         of the Requisite Revolving Lenders, which consent shall not be
         unreasonably withheld.

             4.3  Net Worth.  The Borrower shall maintain a minimum Net Worth at
closing and during the term of this Agreement of at least $360,000,000.00.

             4.4 Indebtedness. The Borrower shall not have any Indebtedness
other than as incurred under this Agreement, and shall not at any time permit
the sum of its total Indebtedness to exceed the lesser of (i) fifty percent
(50%) of its Net Worth or (ii) three (3) times its Annualized Modified Cash
Flow, in each case tested at the end of each calendar quarter.

         4.5 Use of Proceeds. No part of the proceeds of the Advances shall be
used for any purpose that violates, or which is inconsistent with, the
provisions of Regulation T, U or X of the Board of Governors of the Federal
Reserve System of the United States.

         4.6 Notice of Occurrences. The Borrower shall give to the Agent written
notification (promptly after the Borrower becomes aware thereof) of the
existence or occurrence of:

                  (a) any fact or event which results, or which with notice or
         the passage of time, or both, would result in an Event of Default
         hereunder;

                  (b) any proceedings instituted by or against the Borrower or
         any Subsidiary in any federal, state or local court or before any
         governmental body or agency, or before any arbitration board, or any
         such proceedings threatened against the Borrower or any Subsidiary by
         any governmental agency, or any change in law or regulation applicable
         to the Borrower or one or more of its Subsidiaries, which event alone
         or in the aggregate is, in the Borrower's reasonable judgment, likely
         to have a material adverse effect upon the Borrower's ability to
         perform its obligations under its Operative Documents;

                  (c) any default or event of default involving the payment of
         money under any agreement or instrument which is material to the
         Borrower or any Subsidiary to which such entity is a party or by which
         it or any of its property may be bound, and which default or event of
         default would have a material adverse effect upon the Borrower's
         ability to perform its obligations under its Operative Documents;

                  (d)  the commencement of any proceeding under the Federal
         Bankruptcy Code or similar law affecting creditor's rights by or
         against the Borrower or any Subsidiary; and

                  (e) pending or threatened litigation exists against the
         Borrower or any Subsidiary with a prayer for damages in excess of
         $500,000 or for any other relief which is likely to

                                      -15-
<PAGE>
         have a material adverse effect upon the Borrower's ability to perform
         its obligations under its Operative Documents.

         4.7      Distributions.

                  (a) The Borrower shall not declare any dividends or make any
         cash distribution in respect of any shares of its capital stock or
         warrants of its capital stock, without the prior written consent of the
         Requisite Revolving Lenders; provided, however, that the Borrower may
         declare stock dividends.

                  (b) The Borrower shall not purchase, redeem, or otherwise
         retire any shares of its capital stock or warrants of its capital stock
         other than open market purchases not to exceed 2% of outstanding shares
         in any year to have stock available for compensation plans; provided,
         however, that the amount of such purchases is not to exceed $3 million
         per year.

                  (c) Neither the Borrower nor any Subsidiary will enter into
         any agreements limiting a Subsidiary's ability to make dividends to the
         Borrower which are more restrictive than the net capital rule
         promulgated under Section 15(c) of the Securities Exchange Act of 1934
         in effect on October 28, 1997; provided, however, that the granting of
         a security interest pursuant to a Broker-Loan Pledge and Security
         Agreement in the ordinary conduct of Advanced Clearing's business shall
         not in and of itself be deemed a violation of this Subsection 4.7(c).

         4.8 Compliance with Law and Regulations. The Borrower and each
Subsidiary shall comply in all material respects with all applicable federal and
state laws and regulations except when the failure to so comply would not have a
material adverse effect on the Borrower's business.

         4.9 Maintenance of Property; Accounting; Corporate Form; Taxes;
Insurance.

                  (a) The Borrower and each Subsidiary shall maintain its
         property in good condition in all material respects, ordinary wear and
         tear excepted.

                  (b) The Borrower and each Subsidiary shall keep true books of
         record and accounts in which full and correct entries shall be made of
         all its business transactions, all in accordance with generally
         accepted accounting principles consistently applied.

                  (c) The Borrower and each Subsidiary shall do or cause to be
         done all things necessary to preserve and keep in full force and effect
         its corporate form of existence as is necessary for the continuation of
         its business in substantially the same form, except where such failure
         to do so with respect to any Subsidiary would not have a material
         adverse effect on the ability of the Borrower to perform its
         obligations under the Operative Documents.

                  (d) The Borrower and each Subsidiary shall pay all taxes,
         assessments and governmental charges or levies imposed upon it or its
         property; provided, however, that the Borrower or any Subsidiary shall
         not be required to pay any of the foregoing taxes

                                      -16-
<PAGE>
         which are being diligently contested in good faith by appropriate legal
         proceedings and with respect to which adequate reserves have been
         established.

         4.10 Inspection of Properties and Books. The Borrower shall recognize
and honor the right of the Revolving Lenders, upon reasonable advance notice to
an officer of the Borrower, to visit and inspect, during normal business hours,
any of the properties of, to examine the books, accounts, and other records of,
and to take extracts therefrom and to discuss the affairs, finances, loans and
accounts of, and to be advised as to the same by the officers of, the Borrower
at all such times, in such detail and through such agents and representatives as
the Revolving Lenders may reasonably desire.

         4.11 Guaranties. Neither the Borrower nor any Subsidiary shall guaranty
or become responsible for the indebtedness of any other person or entity in
excess of an aggregate amount outstanding at any time of $1,000,000, plus
employee stock loans in an aggregate amount outstanding at any time not to
exceed $5,000,000.

         4.12 Collateral. The Borrower shall not incur or permit to exist any
mortgage, pledge, lien, security interest or other encumbrance on the
Collateral, other than Permitted Liens and except as otherwise permitted in the
Security Agreement or the Pledge Agreement.

         4.13 Name; Location. The Borrower shall give the Agent thirty (30) days
notice prior to changing its name, identity or corporate structure, state of
incorporation, or its principal place of business, chief executive office or the
place where it keeps its records concerning the Collateral.

         4.14 Notice of Change in Ownership or Management. During the term of
this Agreement, the Borrower shall give the Revolving Lenders notice of the
occurrence of the following described event, which notice shall be given as soon
as the Borrower obtains notice or knowledge thereof:

                  (a)  any change, directly or indirectly, in the existing
         controlling interest in the Borrower.

         4.15 Subordinated Debt. After the date of this Agreement, the Borrower
shall not, and shall not permit any Subsidiary to, incur any subordinated debt
or issue any preferred stock or warrants for preferred stock except upon the
prior written consent of the Requisite Revolving Lenders. The Borrower shall not
amend its articles of incorporation or any other documents or agreements
relating to the issuance of subordinated debt, preferred stock or warrants for
preferred stock without the prior written consent of the Requisite Revolving
Lenders.

         4.16 Capital Expenditures. The Borrower shall not incur capital
expenditures commencing with the fiscal year beginning September 28, 2001,
determined in accordance with generally accepted accounting principles, of more
than $50,000,000.

         4.17 Acquisitions. The Borrower shall not, and shall not permit any
Subsidiaries to, acquire any stock or any equity interest in, or warrants
therefor or securities convertible into the same, or a substantial portion of
the assets of, or debentures of, or other investments in another entity without
the prior written consent of the Requisite Revolving Lenders; provided, however,

                                      -17-
<PAGE>
that without the consent of the Requisite Revolving Lenders (i) the Borrower
shall be permitted to make in any twelve-month period the following: (y)
acquisitions and investments for which the Borrower pays cash in an amount not
to exceed $5,000,000.00 in the aggregate and (z) acquisitions the consideration
for which is payable by the issuance by Borrower of capital stock having a value
(determined, with respect to the consideration for any such acquisition, at the
time such acquisition is consummated) not to exceed $75,000,000.00 in the
aggregate; (ii) the Borrower and each Subsidiary shall be permitted to make
investments in short term marketable securities in the normal course of its cash
management activities; (iii) Advanced Clearing shall be permitted to hold short
term equity positions in the normal course of its securities clearing business;
and (iv) Permitted Investments. Notwithstanding the foregoing, the Borrower
shall not be permitted to act as a market maker or to conduct trading
activities; and no Subsidiary shall be permitted to conduct trading activities
for its own account or to act as a market maker.

         4.18 Subsidiaries. The Borrower shall give prompt written notice to the
Revolving Lenders of the Borrower's intent to acquire, or the Borrower's
acquisition of, any Subsidiary. Prior to the creation or acquisition of such
Subsidiary, the Borrower shall cause a first security interest in the Borrower's
equity interest in such Subsidiary to be perfected in favor of FNB-O, as agent
for the Revolving Lenders.

         4.19 Minimum Regulatory Net Capital.  Advanced Clearing will have
Regulatory Net Capital at all times in compliance with law but in no event less
than 5% of aggregate debit items.

         4.20 Minimum Core Retail Accounts.  The Borrower will have at least
1,600,000 Core Retail Accounts as of the date hereof and during the term of this
Agreement.

         4.21 Taxes. The Borrower shall, and shall cause its Subsidiaries to,
pay all taxes imposed upon them before any penalties or interest accrue thereon;
provided, however, that no such taxes need be paid for so long as they are being
diligently contested in good faith by appropriate proceeding and with respect to
which adequate reserves in accordance with GAAP have been established.

         4.22 ERISA.  The Borrower shall not, and shall not permit any of its
Subsidiaries to:

                  (a) (i) engage in any transaction in connection with which the
         Borrower or any Subsidiary could be subject to either a criminal or
         civil penalty under section 501 or 502(i) of ERISA or a tax imposed by
         section 4975 of the Internal Revenue Code of 1986 as amended from time
         to time, (ii) fail to make full payment when due of all amounts which
         would be deductible by the Borrower or a Subsidiary and which, under
         the provisions of any Plan, applicable law or applicable collective
         bargaining agreement, the Borrower or any Subsidiary is required to pay
         as contributions thereto, or (iii) permit to exist any accumulated
         funding deficiency, whether or not waived, with respect to any Plan,
         if, in the case of any of subdivision (i), (ii) or (iii) above, such
         penalty or tax, or the failure to make such payment, or the existence
         of such deficiency, as the case may be, could have a material adverse
         effect on (a) the Borrower's or its Subsidiaries' abilities to conduct
         their business, (b) a Subsidiary's ability to pay dividends to the
         Borrower, or (c) the Borrower's ability to perform its obligations
         under the Operative Documents; or

                                      -18-
<PAGE>
                  (b) permit the aggregate complete or partial withdrawal
         liability under Title IV of ERISA which is due and unpaid with respect
         to all Multiemployer Plans incurred by the Borrower or one or more of
         its Subsidiaries to exceed $500,000.

         4.23 Expenses. The Borrower shall, immediately upon demand by the
Agent, reimburse the Agent for all reasonable and documented costs and expenses,
including reasonable and documented fees and expenses of counsel to the Agent,
incurred by the Agent in connection with the negotiation and documentation of
this Agreement, such payment to be payable at closing, and in connection with
the transaction contemplated by the Operative Documents after the closing,
including without limitation, any waiver, amendment or enforcement thereof, such
payment to be payable on demand by the Agent. After the occurrence of an Event
of Default, the Borrower shall, immediately upon demand, reimburse each
Revolving Lender for all reasonable and documented costs and expenses, including
reasonable and documented fees and expenses of counsel to such Revolving Lender,
incurred by such Revolving Lender in connection with enforcing such Revolving
Lender's rights under the Operative Documents.

         4.24     Other Credit Agreements; NITE Stock.

                  (a) The Borrower shall not suffer to exist any security
         interest on the Pledged NITE Stock, other than the security interest of
         the Agent. The Borrower shall not suffer to exist any security interest
         or other encumbrance on any other portion of the NITE Stock owned by
         the Borrower and its Subsidiaries other than to secure indebtedness of
         the Borrower under any credit, margin stock, or put and/or call
         agreement secured by or covering such NITE Stock (an "Other Credit
         Facility").

                  (b) The Borrower shall not permit the aggregate principal
         amount outstanding under all Other Credit Facilities to exceed 70% of
         the fair market value of the NITE Stock (exclusive of the Pledged NITE
         Stock) owned by the Borrower and its Subsidiaries.

                  (c) Prior to entering into any Other Credit Facility, the
         Borrower shall provide to Agent a copy of the final form of the
         operative agreements for the Other Credit Facility and such Other
         Credit Facility shall not, in the reasonable opinion of Agent,
         constitute an Event of Default hereunder or materially adversely affect
         the rights of the Revolving Lenders under this Agreement.

                             V. CONDITIONS PRECEDENT

         5.1  Closing Conditions.  Any and all obligations of the Revolving
Lenders to make their initial Advances hereunder are subject to satisfaction of
the following conditions precedent:

                  (a) FNB-O, as agent, shall have received an opinion of counsel
         to the Borrower covering such matters as the Revolving Lenders may
         request (including, without limitation, corporate existence and good
         standing, corporate authority, due authorization, execution and
         delivery of the Operative Documents, the legal, valid, binding and
         enforceable nature of the Operative Documents, and the perfection of
         the security interest

                                      -19-
<PAGE>
         in the Collateral granted to the Revolving Lenders), such opinion to be
         satisfactory in form and substance to counsel to FNB-O;

                  (b) FNB-O, as agent, shall have received such certificates and
         documents as the Revolving Lenders may reasonably request from the
         Borrower, including articles of incorporation and bylaws, certificates
         regarding good standing, incumbency, copies of other corporate
         documents, and appropriate authorizing resolutions;

                  (c) the Operative Documents shall have been duly authorized
         and executed and shall be in full force and effect, and such UCC
         financing statements shall have been executed and filed in such offices
         as may be appropriate to perfect the security interest of FNB-O, as
         agent for the Revolving Lenders, in the Collateral;

                  (d) the Borrower shall have delivered to FNB-O as agent the
         certificates covered by the Pledge Agreement and the applicable stock
         powers endorsed in blank, or, at the option of FNB-O, evidence of the
         recording of the interest of FNB-O as agent in book entry form; and

                  (e) the Borrower shall have paid the reasonable and documented
         fees and expenses of counsel to the Agent in connection with the
         preparation, negotiation and execution of the Operative Documents.

                                                 VI. DEFAULTS AND REMEDIES

         6.1 Events of Default.  Any of the following shall be deemed an event
of default under this Agreement (an "Event of Default"):

                  (a) Any payment of principal required by any of the Operative
         Documents shall not be paid within three (3) Business Days after the
         date on which such payment was invoiced or due.

                  (b) Any payment of interest or other fees due hereunder or
         under any of the Operative Documents shall not be paid within three (3)
         Business Days after the date on which such payment was invoiced or due.

                  (c) Any representation or warranty of the Borrower under any
         of the Operative Documents, or any financial reports or statements or
         certificates submitted pursuant to this Agreement, shall prove to have
         been false in any material respect when made.

                  (d) A failure of the Borrower or any Subsidiary to comply with
         any requirement or restriction applicable to such entity and contained
         in Sections 4.2, 4.3, 4.4, 4.5, 4.7, 4.11, 4.12, 4.15, 4.16, 4.17,
         4.19, 4.20, 4.21 or 4.22 of this Agreement.

                  (e) A failure of the Borrower or any Subsidiary to comply with
         any requirement or restriction contained in any provision of the
         Operative Documents not otherwise

                                      -20-
<PAGE>
         specified in this Article VI, which failure remains unremedied for
         thirty (30) days following knowledge or receipt of notice as to such
         failure from any source.

                  (f) The occurrence of a default or a breach of any of the
         obligations of the Borrower or any Subsidiary (other than obligations
         of such Subsidiary to the Borrower) under any note, loan agreement,
         preferred stock, subordinated debt instrument or agreement (including
         the Subordinated Debt), Other Credit Agreement, or any other agreement
         evidencing an obligation to repay borrowed money when the aggregate
         amount of indebtedness thereby affected (1) exceeds $500,000 or (2) if
         such default or breach has been declared, such loan agreement,
         preferred stock, subordinated debt instrument or agreement, exceeds
         $100,000.

                  (g) The entry of a final judgment that exceeds $500,000
         against the Borrower or any Subsidiary for the payment of money, which
         is not covered by insurance, and the expiration of thirty (30) days
         from the date of such entry during which the judgment is not discharged
         in full or stayed.

                  (h)  The occurrence of any one or more of the following:

                           (1) The Borrower or any Subsidiary shall file a
                  voluntary petition in bankruptcy or an order for relief shall
                  be entered in a bankruptcy case as to such entity or shall
                  file any petition or answer seeking or acquiescing in any
                  reorganization, arrangement, composition, readjustment,
                  liquidation, dissolution or similar relief for itself under
                  any present or future federal, state or other statute, law or
                  regulation relating to bankruptcy, insolvency or other relief
                  for debtors; or shall seek or consent to or acquiesce in the
                  appointment of any trustee, receiver or liquidator of such
                  entity or of all or any part of its property, or of any or all
                  of the royalties, revenues, rents, issues or profits thereof,
                  or shall make any general assignment for the benefit of
                  creditors, or shall admit in writing its inability to pay its
                  debts or shall generally not pay its debts as they become due;
                  or

                           (2) A court of competent jurisdiction shall enter an
                  order, judgment or decree approving a petition filed against
                  the Borrower or any Subsidiary seeking any reorganization,
                  dissolution or similar relief under any present or future
                  federal, state or other statute, law or regulation relating to
                  bankruptcy, insolvency or other relief for debtors, and such
                  order, judgment or decree shall remain unvacated and unstayed
                  for an aggregate of sixty (60) days (whether or not
                  consecutive) from the first date of entry thereof; or any
                  trustee, receiver or liquidator of the Borrower or any
                  Subsidiary or of all or any part of its property, or of any or
                  all of the royalties, revenues, rents, issues or profits
                  thereof, shall be appointed without the consent or
                  acquiescence of such entity and such appointments shall remain
                  unvacated and unstayed for an aggregate of sixty (60) days
                  (whether or not consecutive); or

                           (3) A writ of execution or attachment or any similar
                  process shall be issued or levied against all or any part of
                  or interest in the Collateral, or any judgment involving
                  monetary damages shall be entered against the Borrower or

                                      -21-
<PAGE>
                  any Subsidiary which shall become a lien on the Collateral or
                  any portion thereof or interest therein and such execution,
                  attachment or similar process or judgment is not released,
                  bonded, satisfied, vacated or stayed within thirty (30) days
                  after its entry or levy.

                  (i)      A  Change of Control shall occur.

                  (j) Any adverse regulatory action has been taken against the
         Borrower or one or more of its Subsidiaries which will materially
         adversely affect (a) the Borrower's or its Subsidiaries' abilities to
         conduct their business, (b) a Subsidiary's ability to pay dividends to
         the Borrower, to the extent that such impaired ability would have a
         material adverse effect on the Borrower and its Subsidiaries, taken as
         a whole, or (c) the Borrower's ability to perform its obligations under
         this Agreement or any of the Operative Documents.

                  (k) Any litigation has been filed against the Borrower or one
         or more of its Subsidiaries which will materially adversely affect (a)
         the Borrower's or its Subsidiaries' abilities to conduct their
         business, (b) a Subsidiary's ability to pay dividends to the Borrower,
         to the extent that such impaired ability would have a material adverse
         effect on the Borrower and its Subsidiaries, taken as a whole, or (c)
         the Borrower's ability to perform its obligations under this Agreement
         or any of the Operative Documents.

                  (l) The Principal Amount Outstanding shall exceed eighty
         percent (80%) of the fair market value of the Pledged NITE Stock and
         such excess shall continue for more than two Business Days, as set
         forth in Section 4.3 of the Pledge Agreement.

         6.2 Remedies. If an Event of Default occurs and is continuing, upon the
election of the Requisite Revolving Lenders, the entire unpaid principal amount
under the Notes, together with interest accrued thereon, shall become
immediately due and payable without presentment, demand, protest or notice of
any kind, all of which are hereby expressly waived, the Commitments of the
Revolving Lenders hereunder shall terminate, and the Revolving Lenders may
exercise their rights under the other Operative Documents or the Notes,
including, without limitation, under the Security Agreement and the Pledge
Agreement. Upon the occurrence of an Event of Default described in Section
6.1(h)(1) or (2) hereof, acceleration under this Section 6.2 shall occur
automatically without the election, declaration, notice or other act on the part
of any of the Revolving Lenders. In addition, the Revolving Lenders shall have
such other remedies as are available at law and in equity. Remedies under this
Agreement, the Operative Documents, and the Notes are cumulative. Any waiver
must be in writing by the Revolving Lenders and no waiver shall constitute a
waiver as to any other occurrence which constitutes an Event of Default or as to
any party not specifically included in such written waiver.

                         VII. INTER-CREDITOR AGREEMENTS

         7.1 FNB-O as Servicer. FNB-O will act as sole servicer of the loans
evidenced by the Notes. For purposes of this Article VII, the term Event of
Default means any Event of Default hereunder. FNB-O will enforce, administer and
otherwise deal with the loans made by the Revolving Lenders in accordance with
safe and prudent banking standards employed by FNB-O

                                      -22-
<PAGE>
in the case of the loan made by FNB-O. Without limiting the generality of the
foregoing, FNB-O will, on its own behalf and on behalf of the Revolving Lenders:
(i) maintain originals of the Operative Documents (excluding the Notes); (ii)
receive requests for Advances from the Borrower, promptly transmit the same to
the Revolving Lenders and make such Advances on behalf of the Revolving Lenders
(provided that FNB-O is assured of reimbursement therefor by the other Revolving
Lenders for their pro rata shares); (iii) receive payments and prepayments from
the Borrower and apply such payments as provided in Section 7.2; (iv) receive
notices from the Borrower and send copies thereof to the Revolving Lenders if
FNB-O has reasonable cause to believe that such Revolving Lenders have not
received such notice from another source; and (v) advise the Revolving Lenders
of the occurrence of any Event of Default which FNB-O obtains actual knowledge
of. The Revolving Lenders agree not to attempt to take any action against the
Borrower under the Operative Documents or the Notes, or with respect to the
indebtedness evidenced thereby without FNB-O's consent unless the Requisite
Revolving Lenders shall have requested FNB-O to take specific action against the
Borrower and FNB-O shall have failed to do so within a reasonable period after
receipt of such request. All actions, consents, waivers and approvals by the
Revolving Lenders shall be deemed taken or given and amendments hereto deemed
agreed to if the Requisite Revolving Lenders shall have indicated their consent
thereto. Notwithstanding the foregoing, approval of a Revolving Lender shall be
required for: (i) any reduction or compromise of the principal loan amount of
any Note held by such Lender, the amount or rate of interest accrued or accruing
thereon or the fees due hereunder; and (ii) extension of the date of any
scheduled payment under such Note; and unanimous consent of all the Revolving
Lenders shall be required for (iii) permitting the sale of or releasing the
security interest of the Revolving Lenders in (x) any stock held in Subsidiaries
or (y) other Collateral which comprises more than ten percent (10%) of net book
value of fixed assets of the Borrower; and (iv) any amendment of Sections 7.1 or
7.2 hereof. A Revolving Lender's commitment hereunder may not be increased
without the consent of such Revolving Lender, it being understood, however, that
increases in the total revolving credit facility hereunder may be made with the
consent of the Requisite Revolving Lenders, so long as such increase does not
result in the increase of any non-consenting Revolving Lender's commitment
hereunder.

         7.2 Application of Payments. Until the earlier of the occurrence of an
Event of Default, payments or prepayments made by the Borrower may be applied to
the indebtedness designated by the Borrower or otherwise applied as follows:

                  (a) first, to pay interest to date on the Notes and fees due
         to the Revolving Lenders;

                  (b) second, pro rata to the Revolving Lenders, such pro rata
         share to be determined as set forth below in subsection (bb) of this
         Section 7.2.

After the occurrence of an Event of Default, payments or prepayments on the
Notes received by FNB-O or any of the Revolving Lenders and funds realized upon
the disposition of any of the Collateral shall be applied as follows:

                  (aa) first, to reimburse FNB-O for any reasonable and
         documented costs, expenses, and disbursements (including reasonable and
         documented attorneys' fees)

                                      -23-
<PAGE>
         which may be incurred or made by FNB-O: (i) in connection with its
         servicing obligations; (ii) in the process of collecting such payments
         or funds; or (iii) as advances made by FNB-O to protect the Collateral
         (provided, however, that FNB-O shall have no obligation to make such
         protective advances); and

                  (bb) second, pari passu among the Revolving Lenders, based on
         their respective pro rata shares of the funds to be applied. Each
         Revolving Lender's pro rata share shall be equal to a fraction, (x) the
         numerator of which shall be the total principal loan amount then
         outstanding which is owing to each such Revolving Lender under its
         Notes, and (y) the denominator of which shall be the total Principal
         Loan Amount then outstanding which is owing to the Revolving Lenders
         under all Notes.

Except as specifically provided in this Section 7.2, FNB-O shall have no
obligation to repay or prepay any amount due from the Borrower to any of the
other Revolving Lenders nor shall FNB-O have any obligation to purchase all or a
part of any Note hereunder or any Advance made by any Revolving Lenders, nor
shall the Revolving Lenders have any recourse whatsoever against FNB-O with
respect to any failure of the Borrower to repay the indebtedness referenced
herein.

         7.3 Liability of FNB-O. FNB-O shall not be liable to the Revolving
Lenders for any error of judgment or for any action taken or omitted to be taken
by it hereunder, except for gross negligence or willful misconduct. Without
limiting the generality of the foregoing, FNB-O, except as expressly set forth
herein, (a) may consult with legal counsel, independent public accountants and
other experts selected by it and shall not be liable for any action taken or
omitted to be taken in good faith by it in accordance with the advice of such
counsel, accountants or experts; (b) makes no representation or warranty with
respect to, and shall not be responsible for, the accuracy, completeness,
execution, legality, validity, legal effect or enforceability of this Revolving
Credit Agreement, the Notes, or the other Operative Documents, or the value or
sufficiency of any Collateral given by the Borrower or the priority of the
Revolving Lenders' security interest therein or the financial condition of the
Borrower; and (c) shall not be responsible for the performance or observance of
any of the terms, covenants or conditions of the Operative Documents on the part
of the Borrower and shall not have any duty to inspect the property (including,
without limitation, the books and records) of the Borrower.

         7.4 Transfers. No Revolving Lender shall subdivide or transfer its
respective Notes (except to a Federal Reserve Bank) without first giving ten
(10) days prior written notice to and obtaining the prior written consent (which
consent shall not be unreasonably withheld) of FNB-O and the Borrower. No
Revolving Lender may grant a participation in any Advance hereunder without the
prior written consent of FNB-O (which consent shall not be unreasonably
withheld).

         7.5 Reliance. The Revolving Lenders acknowledge that they have been
advised that none of the Notes nor any interest therein or related thereto has
been (i) registered under the Securities Act of 1933, as amended, nor (ii)
insured by the Federal Deposit Insurance Corporation. The Revolving Lenders
acknowledge that they have received from the Borrower all financial information
and other data relevant to their decision to extend credit to the Borrower and
that they have independently approved the credit quality of the Borrower.

                                      -24-
<PAGE>
         7.6 Relationship of Lenders. The Revolving Lenders intend for the
relationships created by this Agreement to be construed as concurrent direct
loans from each Revolving Lender respectively to the Borrower. Nothing herein
shall be construed as a loan from any Revolving Lender to FNB-O or as creating a
partnership or joint venture relationship among them.

         7.7 New Revolving Lenders.  In the event that new Revolving Lenders are
added to this Agreement, such Revolving Lenders shall be required to agree to
the inter-creditor provisions of this Article VII.

         7.8 Agenting Fee. The Borrower will pay to FNB-O an annual agenting fee
equal to $20,000, payable quarterly on or before the last day of such quarter in
equal installments of $5,000; provided that such fee shall be zero ($0) until
such time as there is more than one Revolving Lender hereunder.

                     VIII. REIMBURSEMENTS; INDEMNIFICATION

         8.1 Capital Adequacy. If, after the date hereof, the adoption or
implementation of any applicable law, rule or regulation regarding capital
adequacy (including, without limitation, any law, rule or regulation
implementing the Basle Accord), or any change therein, or any change in the
interpretation or administration thereof by any central bank or other
governmental authority charged with the interpretation or administration
thereof, or compliance by a Revolving Lender (or its parent) with any guideline,
request or directive regarding capital adequacy (whether or not having the force
of law) of any such central bank or other governmental authority (including,
without limitation, any guideline or other requirement implementing the Basle
Accord), has or would have the effect of reducing the rate of return on such
Revolving Lender's capital as a consequence of its obligations hereunder or the
transactions contemplated hereby to a level below that which such Revolving
Lender could have achieved but for such adoption, implementation, change or
compliance (taking into consideration such Revolving Lender's policies with
respect to capital adequacy) by an amount deemed by such Revolving Lender to be
material, then such Revolving Lender shall provide to the Borrower notice of
such matter, and from time to time thereafter within ten (10) Business Days
after demand by such Revolving Lender, the Borrower shall pay to such Revolving
Lender such additional amount or amounts as will compensate such Revolving
Lender for such reduction which is incurred by such Revolving Lender after the
date of such Revolving Lender's notice to the Borrower under this Section 8.1.
Notwithstanding the preceding sentence, upon Borrower's receipt of such notice
from such Revolving Lender, Borrower may provide to such Revolving Lender its
notice of prepayment in accordance with Section 2.5 hereof. A certificate of
such Revolving Lender claiming compensation under this Section and setting forth
the additional amount or amounts to be paid to it hereunder shall be conclusive,
provided that the determination thereof is made on a reasonable basis. In
determining such amount or amounts, such Revolving Lender may use any reasonable
averaging and attribution methods. Upon receipt of a notice from a Revolving
Lender under this section, the Borrower, upon ten (10) days prior written notice
to the Agent, may replace such Revolving Lender with a new Revolving Lender that
would not require a payment under this section, which replacement Revolving
Lender shall purchase the rights and assume the

                                      -25-
<PAGE>
obligations of the replaced Revolving Lender under this Agreement and the other
Operative Documents for a price equal to the outstanding principal and accrued
but unpaid interest on the Note issued to such replaced Revolving Lender, plus
the amount of other fees (including without limitation the commitment fee
payable in accordance with Section 2.2 (a) of this Agreement), such fees to be
pro rated through the purchase and assumption date; provided, however, that such
replacement Revolving Lender must be acceptable to the Agent.

         8.2 General Indemnity. The Borrower shall indemnify each Revolving
Lender and its directors, officers, employees and agents from and against any
and all losses, claims, liabilities, damages, reasonable and documented
attorneys' fees and disbursements, and other reasonable and documented costs and
expenses which the indemnified party may at any time sustain or incur in
connection with the Borrower's use of loan proceeds; provided that the
indemnified party shall not have any right to be indemnified for its own gross
negligence or willful misconduct. All indemnities and all provisions relative to
reimbursement to the Revolving Lenders of amounts sufficient to compensate the
Revolving Lenders for changes in capital adequacy requirements, including, but
not limited to, Section 8.1 hereof, shall survive the termination of this
Agreement and the payment of the Notes.

                               IX. MISCELLANEOUS

         9.1 Entire Agreement. This Agreement constitutes the entire agreement
between the parties hereto with respect to the subject matter hereof and, except
as specified by Section 7.1, may not be effectively amended, changed, modified
or altered, except in writing executed by the Borrower and the Requisite
Revolving Lenders.

         9.2 Governing Law. The Operative Documents shall be governed by and
construed pursuant to the laws of the State of Nebraska.

         9.3 Notices. Until changed by written notice from one party hereto to
the other, all communications under the Operative Documents shall be in writing
and shall be hand delivered or mailed by registered mail to the parties, and
shall be deemed given when mailed, as follows:

                  If to the Borrower:

                           AMERITRADE HOLDING CORPORATION
                           4211 South 102nd Street
                           Omaha, Nebraska 68127
                           Attention:  Chief Financial Officer

                  If to the Agent:

                           FIRST NATIONAL BANK OF OMAHA
                           One First National Center
                           Omaha, Nebraska  68102
                           Attention:  Mr. James P. Bonham

                                      -26-
<PAGE>

                  If to the Revolving Lenders, at their respective addresses
listed herein.

         9.4 Headings.  The captions and headings herein are for convenience
only and in no way define or limit the scope or intent of any provisions or
sections of this Agreement.

         9.5 Counterparts.  This Agreement may be executed in several
counterparts and such counterparts together shall constitute one and the same
instrument.

         9.6 Survival; Successors and Assigns. The covenants, agreements,
representations and warranties made herein, and in the certificates delivered
pursuant hereto, shall survive the execution and delivery to the Revolving
Lenders of this Agreement and shall continue in full force and effect so long as
any Note or any obligation to the Revolving Lenders under any of the Operative
Documents (other than contingent obligations that, by their terms, survive the
termination hereof) is outstanding and unpaid or any Commitment remains in
effect. Whenever in this Agreement any of the parties hereto is referred to,
such reference shall be deemed to include the successors and assigns of such
party, and all covenants, promises and agreements by or on behalf of the
Borrower which are contained in this Agreement shall bind the successors and
assigns of the Borrower and shall inure to the benefit of the successors and
assigns of the Revolving Lenders.

         9.7 Severability. If any provision of this Agreement shall be
prohibited by or invalid under applicable law, such provision shall be
ineffective to the extent of such prohibition or invalidity without invalidating
the remainder of such provision or the remaining provisions of this Agreement.

         9.8 Assignment.  The Borrower may not assign its rights or obligations
hereunder and any assignment in contravention of the terms hereof shall be void.

         9.9 Consent to Form of Pledge Agreement and Security Agreement.  The
parties hereto expressly approve the form of the Pledge Agreement and the
Security Agreement.

                                      -27-
<PAGE>

         IN WITNESS WHEREOF, the Borrower and the Revolving Lenders have caused
this Revolving Credit Agreement to be executed by their duly authorized
corporate officers as of the day and year first above written.

                             AMERITRADE HOLDING CORPORATION

                             By: /s/ William J. Gerber
                                ------------------------------------------
                             Title:     Managing Director of Finance
                                   ---------------------------------------

                             FIRST NATIONAL BANK OF OMAHA

                             By:  /s/ JP Bonham
                                 -----------------------------------------
                             Title:     Vice President
                                   ---------------------------------------

NOTICE: A credit agreement must be in writing to be enforceable under Nebraska
law. To protect you and us from any misunderstandings or disappointments, any
contract, promise, undertaking, or offer to forebear repayment of money or to
make any other financial accommodation in connection with this loan of money or
grant or extension of credit, or any amendment of, cancellation of, waiver of,
or substitution for any or all of the terms or provisions of any instrument or
document executed in connection with this loan of money or grant or extension of
credit, must be in writing to be effective.

                                            INITIALED:

                                                /s/WJG
                                            ------------------
                                            Borrower

                                      -28-
<PAGE>

                                   APPENDIX I

                          TO REVOLVING CREDIT AGREEMENT
                                      AMONG
                         AMERITRADE HOLDING CORPORATION
                                       AND
                          FIRST NATIONAL BANK OF OMAHA

                          REVOLVING CREDIT COMMITMENTS

                                      -29-
<PAGE>

                          REVOLVING CREDIT COMMITMENTS
                         AMERITRADE HOLDING CORPORATION

LENDER                     REVOLVING COMMITMENT          REVOLVING COMMITMENT %
------                     --------------------          ----------------------

First National Bank        $20,000,000.00                        100%
of Omaha

TOTAL REVOLVING            _____________________
CREDIT COMMITMENT          $20,000,000.00

Dated as of December 28, 2001.

                                      -30-<PAGE>
                                                                    EXHIBIT 10.2

                   AMENDED AND RESTATED STOCK PLEDGE AGREEMENT

         THIS AMENDED AND RESTATED STOCK PLEDGE AGREEMENT (the "Stock Pledge
Agreement") is made as of December 28, 2001, by and between FIRST NATIONAL BANK
OF OMAHA, a national banking association having its principal place of business
in Omaha, Nebraska as agent ("FNB-O" or the "Agent") for itself and such
additional Revolving Lenders as may from time to time enter the Amended and
Restated Revolving Credit Agreement (the "Revolving Credit Agreement"), dated as
of December 28, 2001 (collectively, the "Revolving Lenders"), and AMERITRADE
HOLDING CORPORATION (the "Borrower"). All terms not defined in this Stock Pledge
Agreement shall have their respective meanings as set forth in the Revolving
Credit Agreement.

                              W I T N E S S E T H:

         WHEREAS, the Agent, the Revolving Lenders and the Borrower are parties
to the Revolving Credit Agreement, which amends and restates the Existing
Agreement;

         WHEREAS, the Borrower owns 100% of the stock of its Subsidiaries,
including without limitation, Advanced Clearing, Ameritrade (Inc.), and
Accutrade, Inc., and certain shares of NITE Stock;

         WHEREAS, in order to induce the Revolving Lenders to make the loan to
the Borrower and in order to secure the borrower's obligations due to the
Revolving Lenders under the Existing Agreement, and under the notes given in
connection therewith, the Borrower entered into the Stock Pledge Agreement dated
as of January 25, 2000, as amended (the "Existing Stock Pledge Agreement");

         WHEREAS, in order to induce the Revolving Lenders to make the loan to
the Borrower and in order to secure the Borrower's obligations due to the
Revolving Lenders under the Revolving Credit Agreement and under the Notes given
in connection therewith, the Borrower desires to amend and restate the Existing
Stock Pledge Agreement;

         WHEREAS, the Borrower and Revolving Lenders wish to have this Amended
and Restated Stock Pledge Agreement dated as of December 28, 2001, be the
controlling agreement with respect to the matters set forth herein, which shall
supersede the Existing Stock Pledge Agreement; and

         WHEREAS, the Borrower and Revolving Lenders do not intend for this
Amended and Restated Stock Pledge Agreement to be deemed to extinguish any
existing obligations of the Borrower;

         NOW, THEREFORE, as additional consideration for the loans to the
Borrower, the Borrower and the Revolving Lenders hereby agree as follows:

                                 I. DEFINITIONS

         Section 1.1 Definitions. For purposes hereof, the following definitions
shall apply:

<PAGE>

         "Collateral" means the Pledged Stock and the Stock Rights, including
the proceeds of each.

         "Event of Default" means an event described in Section 5.

         "Lien" means any security interest, mortgage, pledge, lien,
encumbrance, title retention agreement, or lessor's interest, in, of or on any
of the Collateral.

         "Obligations" means any and all existing and future indebtedness,
obligations and liability in connection with the Revolving Credit Agreement,
direct or indirect, absolute or contingent (including all renewals, extensions
and modifications thereof and all attorneys' fees incurred by the Agent or the
Revolving Lenders in connection with the collection or enforcement thereof), of
the Borrower to the Agent and the Revolving Lenders.

         "Permitted Encumbrance" means any and all encumbrances existing as of
this date which are listed on Schedule B attached hereto and the lien of any
financial intermediary of the Pledged NITE Stock arising through the Agent or
First National Bank of Omaha, as trustee.

         "Pledged NITE Stock" means the NITE Stock pledged by the Borrower to
the Agent under this Stock Pledge Agreement, as shown on Schedule A, including
any additional NITE Stock pledged to the Agent, including without limitation,
additional NITE Stock pledged in accordance with the provisions of Section 4.3
of this Stock Pledge Agreement.

         "Pledged Stock" means  the Subsidiary Stock and the Pledged NITE Stock.

         "Section" means a numbered section of this Stock Pledge Agreement,
unless another document is specifically referenced.

         "Stock Rights" means any stock, any dividend or other distribution and
any other right or property, including any "securities entitlement," (as defined
in Articles 8 and 9 of the Uniform Commercial Code as adopted by the State of
Nebraska, as amended from time to time, the meaning to be ascribed thereto with
respect to securities entitlements shall be that under the more encompassing of
the two definitions), which the Borrower shall now or hereafter receive or shall
become entitled to receive for any reason whatsoever with respect to, in
substitution for or in exchange for any shares of the Pledged Stock and any
stock, any right to receive stock and any right to receive earnings, in which
the Borrower now has or hereafter acquires any right, in connection with the
Pledged Stock.

         "Subsidiary Stock" shall mean the pledged stock of the Borrower's
Subsidiaries as listed in Schedule A attached hereto, as amended from time to
time, and all additional stock issued to the Borrower in connection with any
Subsidiary.

         The foregoing definitions shall be equally applicable to both the
singular and plural forms of the defined terms.

                                     - 2 -
<PAGE>

                              II. SECURITY INTEREST

         Section 2.1 Grant of Security Interest. The Borrower hereby grants to
the Agent for the benefit of the Revolving Lenders a security interest in the
Pledged Stock and all related Stock Rights to secure payment and performance of
the Obligations, including, without limitation, payment of the Notes. The
Pledged Stock shall be delivered to the Agent for the Revolving Lenders together
with appropriate stock powers duly executed in blank; provided, however, that at
the request of the Borrower, the Agent in its sole discretion may permit the
Pledged NITE Stock to be held in book entry on the books of Depository Trust
Company in an account (the "Pledged Account") to be held in the name of and
under the sole control of the Agent, such account to be held on such terms and
conditions as the Agent shall require.

                       III. REPRESENTATIONS AND WARRANTIES

         Section 3.1 Representations and Warranties. The Borrower represents and
warrants to the Agent and the Revolving Lenders that each share of the Pledged
Stock has been duly and validly issued, is fully paid and non-assessable and is
owned by the Borrower free and clear of any Lien, other than the security
interest created by this Stock Pledge Agreement and Permitted Encumbrances as
defined herein.

                                  IV. COVENANTS

         Section 4.1 Affirmative Covenants. From the date of this Stock Pledge
Agreement, and thereafter until this Stock Pledge Agreement is terminated
pursuant to Section 7.15, the Borrower shall:

                  (a) Delivery of Certain Items. Deliver to the Agent any stock
         certificate or instrument evidencing or constituting Collateral,
         including subsequent shares of stock (including stock dividends) of any
         Subsidiary issued to the Borrower and any additional shares of NITE
         Stock as shall be required to be pledged in accordance with the
         provision of Section 4.3 of this Stock Pledge Agreement.

                  (b) Taxes. Pay when due all taxes, assessments and
         governmental charges and levies upon the Collateral, except those being
         contested in good faith by appropriate proceedings and with respect to
         which no Lien exists.

                  (c) Financing Statements and Other Actions. Execute and
         deliver to the Agent all stock powers, financing statements and other
         documents and do such other things from time to time requested by the
         Agent or the Revolving Lenders in order to maintain a first perfected
         security interest in the Collateral in favor of the Agent for the
         Revolving Lenders and to effect a transfer of the Collateral, or any
         part thereof.

                  (d) Reports. Furnish to the Agent such reports relating to the
         Collateral as the Agent or Revolving Lenders may from time to time
         request.

         Section 4.2 Negative Covenants. From the date of this Stock Pledge
Agreement, and thereafter until this Stock Pledge Agreement is terminated
pursuant to Section 7.15, the Borrower shall not:

                                     - 3 -
<PAGE>

                  (a) Liens. Create, incur, or suffer to exist, any Lien on the
         Collateral except the security interest created by the Existing
         Agreement and this Stock Pledge Agreement, Permitted Encumbrances as
         defined herein and Permitted Liens as defined in the Revolving Credit
         Agreement.

                  (b) Disposition of Collateral. Sell or otherwise dispose of
         all or any part of the Collateral, except as permitted in writing by
         the Requisite Revolving Lenders or as expressly permitted under Section
         4.2 of the Revolving Credit Agreement.

                  (c) Changes in Capital Structure of Issuers. (i) Permit or
         suffer any issuer of Subsidiary Stock to dissolve, liquidate, retire
         any of its capital stock, reduce its capital or merge or consolidate
         with any other entity, or (ii) vote any of the Pledged Stock in favor
         of any of the foregoing, except as otherwise permitted in writing by
         the Requisite Revolving Lenders; provided that the broker-dealer
         Subsidiaries of the Borrower may consolidate if (x) the Borrower
         provides the Agent with prior notice of the consolidation, (y) there
         are no Events of Default under the Revolving Credit Agreement and (z)
         all stock of the entity or entities remaining after consolidation of
         the broker-dealer Subsidiaries will have been delivered as collateral
         to the Agent.

                  (d) Issuance of Additional Stock. (i) Permit or suffer the
         issuer of any of the Subsidiary Stock to authorize or issue any
         additional stock, any right to receive stock or any right to receive
         earnings, or (ii) vote any of the Pledged Stock in favor of any of the
         foregoing, except as otherwise permitted in writing by the Requisite
         Revolving Lenders.

         Section 4.3 NITE Stock Covenants. In connection with the NITE Stock,
the Borrower agrees as follows:

                  (a)      Mark to Market. The Borrower represents and warrants
                           that the current Pledged NITE Stock on the date
                           hereof has a market value of at least $28,572,000.00.
                           The Pledged NITE Stock shall be marked to market
                           daily to determine the fair market value of such
                           Collateral. The Borrower shall provide to the Agent
                           weekly a report showing the current fair market value
                           of the Pledged NITE Stock. Such report will be
                           delivered by 5:00 p.m. on the first Business Day of
                           each week showing the fair market value of the
                           Pledged NITE Stock as of the close of the last
                           Business Day of the preceding week.

                  (b)      Additional Pledged NITE Stock. In the event that the
                           fair market value of the Pledged NITE Stock
                           (including any additional Pledged NITE Stock
                           delivered to the Agent pursuant to this Stock Pledge
                           Agreement) on any day is less than $28,572,000.00 or
                           if, on any day, the Principal Loan Amount exceeds 70%
                           of the fair market value of the Pledged NITE Stock on
                           such day, the Borrower shall give notice of such
                           deficiency to the Agent as soon as practicable, but
                           in no event later than three Business Days after the
                           occurrence of such event(s). If, on any day, the
                           Principal Loan Amount then outstanding exceeds 80% of
                           the fair market value of the Pledged NITE Stock on
                           such day, the Borrower shall, within two

                                     - 4 -
<PAGE>

                           Business Days, pay down the Notes or deliver to the
                           Agent, or transfer into the Pledged Account, as
                           applicable, additional NITE Stock such that the
                           Principal Loan Amount then outstanding shall not
                           exceed 70% of the then current fair market value of
                           the Pledged NITE Stock. In the event that the
                           Borrower fails to remedy the collateral deficiency
                           described in the preceding sentence within two
                           Business Days, the Agent on behalf of the Revolving
                           Lenders may require the sale of the Pledged NITE
                           Stock in an amount such that the net proceeds from
                           such sale will be sufficient to reduce the Principal
                           Loan Amount outstanding to an amount not exceeding
                           70% of the fair market value of the remaining Pledged
                           NITE Stock. The Pledged NITE Stock to be sold will be
                           delivered pursuant to a trust receipt to consummate a
                           sale arranged by the Borrower with the net proceeds
                           of such sale to be paid in immediately available
                           funds to the Agent no later than the third Business
                           Day following the release of such stock.

                            V. DEFAULTS AND REMEDIES

         Section 5.1 Events of Default. The occurrence of any one or more Events
of Default under the Revolving Credit Agreement or the failure of the Borrower
to fulfill its obligations under this Stock Pledge Agreement shall constitute an
Event of Default hereunder.

         Section 5.2. Acceleration and Remedies. If any Event of Default occurs
and is continuing, and upon the expiration of any applicable cure period, if
any, upon the election of the Requisite Revolving Lenders, the Obligations,
including accrued interest, shall immediately become due and payable without
presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived, and the Agent, or if the Agent refuses to act upon the
direction of Requisite Revolving Lenders, the Revolving Lenders may (i) exercise
all rights set forth in Sections 7.2, 7.3 and 7.4, and (ii) may exercise any or
all of the rights and remedies provided (x) in this Stock Pledge Agreement, (y)
in the Nebraska Uniform Commercial Code (the "Nebraska UCC") and in the Delaware
Uniform Commercial Code (the "Delaware UCC") to a secured party when a debtor is
in default under a security agreement and (z) by any other applicable law. Upon
the occurrence of an Event of Default described in Section 6.1(h)(1) or (2) of
the Agreement, acceleration under this Section 5.2 shall occur automatically
without the election, declaration, notice or other act on the part of any of the
Revolving Lenders.

                      VI. WAIVERS, AMENDMENTS AND REMEDIES

         Section 6.1 Waivers, Amendments and Remedies. No delay or omission of
the Agent or Revolving Lenders to exercise any right or remedy granted under
this Stock Pledge Agreement shall impair such right or remedy or be construed to
be a waiver of any Event of Default or an acquiescence therein, and any single
or partial exercise of any such right or remedy shall not preclude other or
further exercise thereof or the exercise of any other right or remedy, and no
waiver, amendment or other variation of the terms, conditions or provisions of
this Stock Pledge Agreement whatsoever shall be valid unless in writing signed
by the Agent, and then only

                                     - 5 -
<PAGE>

to the extent in such writing specifically set forth. All rights and remedies
contained in this Stock Pledge Agreement or by law afforded shall be cumulative
and all shall be available to the Agent and the Revolving Lenders until the
Obligations have been paid and performed in full.

                             VII. GENERAL PROVISIONS

         Section 7.1 Dividends. Unless an Event of Default occurs and is
continuing, any dividends permitted under the Loan Agreement and payable in
connection with the Pledged Stock may be payable to the Borrower.

         Section 7.2 Special Collateral Account. Subject to the provisions of
Section 7.1, all cash received by the Agent or the Revolving Lenders, if any,
with respect to the Collateral shall be deposited in a special collateral
account with the Agent for the Revolving Lenders and shall be held by the Agent
as security for the Obligations. The Borrower shall have no control whatsoever
over said special collateral account. The Agent may, but is not required to, at
any time and from time to time, in its sole discretion, apply any part of the
credit balance in said special collateral account to the payment of the
Obligations, in accordance with the Agreement, whether or not the Obligations
shall be then due.

         Section 7.3 Registration of Pledged Stock. At the option of the Agent,
any registerable Collateral may at any time after the occurrence of an Event of
Default and upon the expiration of any applicable cure period, if any, be
registered in the name of FNB-O or its nominee as agent for the Revolving
Lenders. This right is in addition to any rights the Agent may have as to
Pledged NITE Stock held in the Pledged Account.

         Section 7.4 Exercise of Rights in Pledged Stock. After an Event of
Default occurs and is continuing, and upon the expiration of any applicable cure
period, if any, the Agent or its nominee as agent for the Revolving Lenders may
at any time and from time to time, without notice, exercise all voting and
corporate rights relating to the Collateral, including, without limitation,
exchange, subscription or any other rights, privileges, or options pertaining to
any shares of the Pledged Stock and the Stock Rights as if it were the absolute
owner thereof. At all other times, the Borrower may exercise such rights.

         Section 7.5 Notice of Disposition of Pledged Stock. Notice of the time
and place of any public sale or the time after which any private sale or other
disposition of all or any part of the Collateral may be made shall be reasonable
if sent to the Borrower, addressed as set forth in Article VIII, at least ten
days prior to any such public sale or the time after which any such private sale
or other disposition may be made.

         Section 7.6 Terms of Disposition. The Borrower agrees that the private
sale or other private disposition of Collateral consisting of securities shall
be commercially reasonable notwithstanding the possibility that a substantially
higher price might be realized if such sale or other disposition were public and
deferred until after registration under the Securities Act of 1933, as amended,
or compliance with any other applicable securities laws.

                                     - 6 -
<PAGE>

         Section 7.7 Possession of Collateral; Disclaimer. Beyond the exercise
of reasonable care to assure the safe custody of the Collateral in the physical
possession of the Agent pursuant hereto, neither the Agent nor the Revolving
Lenders shall have any duty or liability to collect any sums due in respect
thereof or to protect, preserve or exercise any rights pertaining thereto, and
the Agent and each Revolving Lender shall be relieved of all responsibility for
the Collateral upon surrendering it to the Borrower. No course of dealing
between the Borrower and the Agent or the Revolving Lenders, nor any failure to
exercise nor any delay in exercising, on the part of the Agent or the Revolving
Lenders, any right, power or privilege hereunder or with respect to the
Obligations shall operate as a waiver thereof; nor shall any single or partial
exercise of any right, power or privilege hereunder or thereunder preclude any
other or further exercise thereof or the exercise of any other right, power or
privilege. The rights and remedies herein provided and provided in all other
agreements, instruments and documents delivered, or to be delivered, pursuant to
or in connection with or to evidence any of the Obligations are cumulative and
are in addition to, and not exclusive of, any rights and remedies of a secured
party under the Nebraska UCC or the Delaware UCC. The provisions of this Stock
Pledge Agreement are severable and if any clause or provision thereof shall be
held invalid or unenforceable in whole or in part, then such invalidity or
unenforceability shall attach only to such clause or provision, or part thereof,
and shall not in any manner affect such clause or provision in any other
jurisdiction or any other clause or provision in this Stock Pledge Agreement or
any jurisdiction.

         Section 7.8 Specific Performance of Certain Covenants. The Borrower
acknowledges and agrees that a breach of any of the covenants contained in
Sections 4.1(a), 4.1(d) or 4.2 will cause irreparable injury to the Revolving
Lenders, that the Revolving Lenders have no adequate remedy at law in respect of
such breaches and therefore agrees, without limiting the right of the Revolving
Lenders to seek and obtain specific performance of other obligations of the
Borrower contained in this Stock Pledge Agreement, that the covenants of the
Borrower contained in the Sections referred to in this Section 7.8 shall be
specifically enforceable against the Borrower.

         Section 7.9 Definition of Certain Terms. Terms defined in the Nebraska
UCC which are not otherwise defined in this Stock Pledge Agreement are used in
this Stock Pledge Agreement as defined in the Nebraska UCC as in effect on the
date hereof.

         Section 7.10 Benefit of Agreement. The terms and provisions of this
Stock Pledge Agreement shall be binding upon and inure to the benefit of the
Borrower, the Agent and the Revolving Lenders and their respective successors
and assignees, except that the Borrower shall not have the right to assign its
rights nor delegate its duties under this Stock Pledge Agreement, without the
prior written consent of all the Revolving Lenders.

         Section 7.11 Survival of Representations. All representations and
warranties of the Borrower contained in this Stock Pledge Agreement shall
survive the execution and delivery of this Stock Pledge Agreement.

         Section 7.12 Taxes and Expenses. The Borrower will upon demand pay to
the Agent (i) any taxes (excluding income taxes) payable or ruled payable by
federal or state authority in respect of this Stock Pledge Agreement, together
with interest and penalties, if any, and (ii) all

                                     - 7 -
<PAGE>

reasonable expenses, including the reasonable and documented fees and expenses
of counsel for the Agent and the Revolving Lenders (which may be employees of
the Agent or another Revolving Lender) and of any experts and agents that the
Revolving Lenders may incur in connection with (a) the administration of this
Stock Pledge Agreement, (b) the custody or preservation of, or the sale of,
collection from, or other realization upon, any of the Pledged Stock, (c) the
exercise or enforcement of any of the rights of the Revolving Lenders hereunder,
or (d) the failure of the Borrower to perform or observe any of the provisions
hereof or of the Revolving Credit Agreement.

         Section 7.13 Choice of Law. This Stock Pledge Agreement shall be
construed in accordance with the laws of the State of Nebraska.

         Section 7.14 Headings. The title of and section headings in this Stock
Pledge Agreement are for convenience of reference only, and shall not govern the
interpretation of any of the terms and provisions of this Stock Pledge
Agreement.

         Section 7.15 Termination. This Stock Pledge Agreement shall continue in
effect (notwithstanding the fact that from time to time there may be no
Obligations outstanding) until the Borrower has received written notice from the
Revolving Lenders electing to terminate this Stock Pledge Agreement or the
Revolving Credit Agreement is terminated and there are no Obligations
outstanding (other than contingent obligations which, by their terms, survive
termination of the Revolving Credit Agreement). Upon such termination, the Agent
shall promptly return to Borrower all certificates and documents in its
possession representing Collateral hereunder and execute and deliver to Borrower
such releases and documents as Borrower shall reasonably request to evidence
such termination.

         Section 7.16 Counterparts. This Stock Pledge Agreement may be executed
in several counterparts and such counterparts together shall constitute one and
the same instrument.

                                  VIII. NOTICES

         Section 8.1 Sending Notices. Any notice required or permitted to be
given under this Stock Pledge Agreement may be, and shall be deemed, given and
sent when deposited in the United States mail, postage prepaid, or by telegraph
or telex when delivered to the appropriate office for transmission, charges
prepaid, addressed:

         To the Borrower:

                  AMERITRADE HOLDING CORPORATION
                  4211 South 102nd Street
                  Omaha, Nebraska 68127
                  Attention: Chief Financial Officer

         To the Agent and the Revolving Lenders:

                  FIRST NATIONAL BANK OF OMAHA
                  One First National Center
                  Omaha, Nebraska  68102
                  Attention: James P. Bonham

                                     - 8 -
<PAGE>

                                   IX. WAIVERS

         Section 9.1 Waivers. By execution of this Stock Pledge Agreement, the
Borrower intends that the Collateral shall be absolutely and unconditionally
available to secure the prompt payment when due of all Obligations, irrespective
of the unenforceability, illegality or invalidity of such obligations or the
unenforceability, illegality, invalidity or insufficiency of any security
therefor, together with all reasonable and documented costs, expenses and
attorneys' fees incurred by the Revolving Lenders in connection with any Event
of Default.

         It shall not be necessary to procure the consent of the Borrower or to
give any notice in reference to: (i) any settlement, renewal, extension,
modification, release, waiver, discharge or variation of terms of any of the
obligations of the Borrower, any other guarantor or any other interested person,
by operation of law or otherwise; (ii) any acceptance of partial payments from
the Borrower; (iii) any impairment, release, collection or liquidation of any
collateral for the Obligations; (iv) any acceptance of new or additional
documents, instruments or agreements in satisfaction or substitution of the
Obligations; (v) any failure to file, record or register any security document,
to preserve or protect the collateral obtained thereby, or to perfect the
security interest therein; or (vi) any other failure of the Agent or the
Revolving Lenders to exercise or enforce any of their rights against the
Borrower.

         The Borrower hereby expressly waives and dispenses with notice of
acceptance of this Stock Pledge Agreement, notices of non-payment, default,
non-performance or protest, notice of the amount of indebtedness outstanding at
any time, presentments, protests, demands, prosecution of collection,
foreclosure and possessory remedies, all exemption and homestead laws, and all
setoffs and counterclaims.

         If a claim is made upon the Agent or the Revolving Lenders for
repayment or recovery of any amount(s) or other value received by the Agent or
the Revolving Lenders, from any source, in payment of or on account of the
Obligations and the Agent or the Revolving Lenders pay or otherwise become
liable for such claim by reason of any judgment, decree or order or by reason of
any compromise or settlement of such claim, this Stock Pledge Agreement shall
remain in full force and effect to the same extent as if such amount has never
been received by the Agent or the Revolving Lenders, notwithstanding any
termination hereof or the cancellation of any note or other agreement evidencing
the Obligations.

         The Borrower by its signature below, does hereby waive for purposes of
the security interest granted by this Stock Pledge Agreement (including, without
limitation, for purposes of any necessary enforcement thereof) any transfer
restrictions set forth within the Borrower's Articles of Incorporation.

                                     - 9 -
<PAGE>

         IN WITNESS WHEREOF, the Borrower and the Agent have executed this Stock
Pledge Agreement as of the date first above written.

                                    AMERITRADE HOLDING CORPORATION

                                    By /s/ William J. Gerber
                                       -----------------------------------------

                                    Title Managing Director of Finance
                                          --------------------------------------

                                    FIRST NATIONAL BANK OF OMAHA, as Agent
                                    for itself and the other Revolving Lenders

                                    By /s/ JP Bonham
                                      ------------------------------------------

                                    Title Vice President
                                         ---------------------------------------

                                     - 10 -
<PAGE>

                           ACKNOWLEDGMENT AND CONSENT

         The undersigned hereby acknowledge and consent as follows:

         a. the Pledged NITE Stock (as defined in the foregoing Pledge
         Agreement) will be held by First National Bank of Omaha, trust
         department, (the "Trustee") solely on behalf of First National Bank of
         Omaha, as agent (the "Agent") for the Revolving Lenders specified in
         the Pledge Agreement;

         b. the Trustee is holding such stock solely for the Agent and such
         holding will constitute possession of the Pledged NITE Stock for
         purposes of perfecting the Agent's interest therein;

         c. the Trustee shall be permitted to follow the directions given by the
         Agent in connection with the Pledged NITE Stock; provided, however,
         that prior to the Trustee's receipt of notice from the Agent that an
         event of default or an event which with the passage of time or notice
         or both would constitute an Event of Default, the Borrower shall be
         permitted to exercise the rights specified in Section 7.4 of the Pledge
         Agreement;

         d. the Trustee shall be permitted to rely upon the advice of counsel
         selected by it, and, absent the Trustee's gross negligence or willful
         misconduct, shall not be liable for any actions taken in good faith to
         carry out its duties hereunder; and

         e. upon receipt of the applicable invoice, the Borrower shall pay the
         Trustee's $1,200 annual fee during each year that the Pledged NITE
         Stock is held under this Pledge Agreement.

         Dated as of this 28th day of December, 2001.

TRUSTEE:                                    AGENT:

FIRST NATIONAL BANK OF                      FIRST NATIONAL BANK OF OMAHA
OMAHA, Trust Department

By:  /s/ John Doyle                         By: /s/ James P. Bonham
   ---------------------------------           ---------------------------------
Its: Vice President                         Its: Vice President
    --------------------------------            --------------------------------

BORROWER:

AMERITRADE HOLDING CORPORATION

By:  /s/ William J. Gerber                  By:
    --------------------------------           --------------------------------
Its: Managing Director of Finance           Its:
    --------------------------------            --------------------------------

                                     - 11 -
<PAGE>

                                   SCHEDULE A

                                  PLEDGED STOCK

<TABLE>
<CAPTION>

Owner                           Issuer                                No. of Shares      Certificate No.(s)
-----                           ------                                -------------      ------------------
<S>                             <C>                                   <C>                <C>
World Securities, Inc.(1)       First National Brokerage Services,           5,000                   2
                                Inc.(2)

Ameritrade Holding Corporation  Advanced Clearing, Inc.                      7,559                  20

Ameritrade Holding Corporation  Ameritrade (Inc.)                            6,000                   3

Ameritrade Holding Corporation  The R. J. Forbes Group, Inc.(6)              1,250                  12

Ameritrade Holding Corporation  K. Aufhauser & Company, Inc.(3)                 25                   6

American Holding Corporation    All American Brokers, Inc.(4)              100,000                   8

Ameritrade Holding Corporation  OnMoney, Inc.(5)                             1,000                   2

Ameritrade Holding Corporation  Knight Trading Group, Inc.               1,650,000            KTI 3035

                                                                           100,000            KTI 6413
                                                                           250,000            KTI 6414
                                                                           250,000            KTI 6415
                                                                           250,000            KTI 6416

</TABLE>

--------

     (1) World Securities, Inc. changed its name to TransTerra Co. on November
18, 1987. Trans Terra Co. merged with Ameritrade Holding Corporation on
September 27, 1996 with Ameritrade Holding Corporation being the surviving
entity.

     (2) First National Brokerage Services, Inc. changed its name to Accutrade,
Inc. on May 24, 1983.

     (3) K. Aufthauser & Company, Inc. changed its name to Freetrade.com, Inc.
on January 10, 2000.

     (4) All American Brokers, Inc. changed its name to AmeriVest, Inc. on
November 18, 1997.

     (5) OnMoney, Inc. was merged with OnMoney Financial Services Corporation on
May 24, 1997.

     (6) The R.J. Forbes Group, Inc. changed its name to Ameritrade
Institutional Services, Inc.

                                     - 12 -
<PAGE>
<TABLE>
<CAPTION>

Owner                           Issuer                                No. of Shares      Certificate No.(s)
-----                           ------                                -------------      ------------------
<S>                             <C>                                   <C>                <C>
                                                                           250,000            KTI 6417
                                                                           250,000            KTI 6418
                                                                           250,000            KTI 6419
                                                                           250,000            KTI 6420
                                                                           250,000            KTI 6421
                                                                           250,000            KTI 6422
                                                                         ---------
                                         Total NITE Shares               4,000,000

                                                                         plus such additional
                                                                         shares as are required
                                                                         to be delivered pursuant
                                                                         to the Stock Pledge
                                                                         Agreement
</TABLE>

                                     - 13 -
<PAGE>

<TABLE>
<CAPTION>
Owner                           Issuer                                No. of Shares      Certificate No.(s)
-----                           ------                                -------------      ------------------
<S>                             <C>                                   <C>                 <C>
Ameritrade Holding              TradeCast, Inc.                             1,000                     1
Corporation

OnMoney Financial Services      Financial Passport, Inc.                    1,000                 00254
Corporation

Ameritrade Holding              Nebraska Hudson Company,
Corporation                     Inc.
                                                                           ------                ------
Ameritrade Holding              Ten Bagger Incorporated                    ______                ______
Corporation

Ameritrade Holding              Ameritrade Canada, Inc.                    ______                ______
Corporation

Ameritrade Holding              Ameritrade International
Corporation                     Company, Inc.
                                                                           ------                ------
</TABLE>

                                     - 14 -
<PAGE>

                                   SCHEDULE B

                             PERMITTED ENCUMBRANCES

                                      None

                                     - 15 -

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