Document:

<PAGE>

EXHIBIT 10.3

                               SECOND AMENDMENT TO
                           THIRD AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

                                      AMONG

                         AMERITRADE HOLDING CORPORATION
                                       AND
                     FIRST NATIONAL BANK OF OMAHA, AS AGENT
                                       AND
                         REVOLVING LENDERS PARTY HERETO

                          DATED AS OF DECEMBER 9, 2005

<PAGE>

                 SECOND AMENDMENT TO THIRD AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

      THIS SECOND AMENDMENT to THIRD AMENDED AND RESTATED REVOLVING CREDIT
AGREEMENT (this "Second Amendment") entered into as of this 9 day of December,
2005, is intended to amend the terms of the Third Amended and Restated Revolving
Credit Agreement (the "Agreement") dated as of the 15th day of December, 2003
(as previously amended by the First Amendment to Third Amended and Restated
Revolving Credit Agreement dated as of December 13, 2004 (the "First
Amendment")), among AMERITRADE HOLDING CORPORATION a Delaware corporation having
its principal place of business at 4211 South 102nd Street, Omaha, Nebraska
68127 (the "Borrower"), FIRST NATIONAL BANK OF OMAHA, a national banking
association having its principal place of business at 1620 Dodge Street, Omaha,
Nebraska 68197-1050 ("Agent" or "FNB-O"), LASALLE BANK NATIONAL ASSOCIATION, a
national banking association having its principal place of business at 801 Grand
Street, Suite 3150, Des Moines, Iowa 50309, M&I MARSHALL & ILSLEY BANK, a
Wisconsin banking association having its principal place of business at 770
North Water Street, Milwaukee, Wisconsin 53201-2035, WELLS FARGO BANK, NATIONAL
ASSOCIATION, a national banking association having its principal place of
business at 1919 Douglas Street, Omaha, Nebraska 68102, and such other lenders
as may become Revolving Lenders under the Agreement. All terms and conditions of
the Agreement shall remain in full force and effect except as expressly amended
herein. All capitalized terms used but not otherwise defined herein shall have
the respective meanings prescribed in the Agreement.

      WHEREAS, the Borrower has announced that it intends to enter into an
acquisition transaction with The Toronto Dominion Bank (the "Transaction"),
which Transaction is anticipated to be consummated on or about January 24, 2006;
and

      WHEREAS, in connection with the Transaction the Borrower will terminate
the Agreement and the facilities provided hereunder, will pay in full all
amounts owing hereunder, if any, and will enter into documents providing for an
increased credit facility for approximately $2,200,000,000 (the "Syndicated Loan
Facility"), as such facility is described in the notice from the Borrower to the
Agent addressed November 28, 2005, (the "Syndicated Loan Facility Notice"), a
copy of which is attached hereto as Attachment I to this Second Amendment; and

      WHEREAS, the Agreement is scheduled to terminate on December 12, 2005, and
the parties hereto desire to extend the Agreement so that the Agreement will
terminate upon the execution and delivery of the documents evidencing the
Syndicated Loan Facility;

      NOW, THEREFORE, the parties hereby agree that as of the date hereof (the
"Effective Date"):

1.    The following definition under Article I of the Agreement is hereby
      amended and restated in its entirety to read as follows:

      Termination
      Date:             The earlier of (a) March 12, 2006, and (b) the initial
                        borrowing under the Syndicated Loan Facility and the
                        simultaneous payment in full of all amounts owing under
                        this Agreement and the other Operative Documents, or
                        such later

<PAGE>

                        Termination Date as is approved in writing by the
                        Revolving Lenders.

2.    The following definitions are hereby added to Article I of the Agreement:

      Notice:           The letter notice from the Borrower to the Agent dated
                        as of November 28, 2005, which notice is attached to the
                        Second Amendment hereto as Attachment II.

      Transaction:      The anticipated acquisition transaction with The Toronto
                        Dominion Bank, such transaction to be substantially as
                        described in the Notice.

      Syndicated
      Loan Facility:    The loan facility described in the recitals to the
                        Second Amendment hereto.

      Syndicated
      Loan Facility
      Notice:           The notice described in the recitals to this Second
                        Amendment.

3.    The first paragraph of Section 2.1 of the Agreement is hereby amended and
      restated in its entirety to read as follows:

                        2.1 Revolving Credit. Until the the Termination Date,
                  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.

4.    Section 2.4 of the Agreement is hereby amended and restated in its
      entirely to read as follows:

                        2.4 Payments. On the next succeeding Business Day after
                  the end of any Fiscal Month 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 Fiscal Month and, within three (3) Business
                  Days after the end of any Fiscal Month in which the Borrower
                  is not in compliance with the Leverage Ratio covenant in
                  Section 4.19, such amount necessary to bring the Borrower into
                  compliance with Section 4.19. The balance of the loan, 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.

5.    The Revolving Lenders hereby acknowledge receipt of the Notice and the
      Syndicated Loan Facility Notice and agree that such notices shall be
      sufficient to meet the notice requirements of Sections 4.5, 4.13 and 4.17
      of the Agreement, to the extent notice is required under any such section;
      provided, however, that the Borrower hereby covenants and agrees to
      provide to the Agent additional notices if there shall be any material
      change in the Transaction or the

<PAGE>

      Syndicated Loan Facility as described in such notices, including without
      limitation any material delay or postponement of such anticipated
      transactions. Notwithstanding the acknowledgment of the receipt and
      sufficiency of the Notice and the Syndicated Loan Facility Notice as
      referenced above, such acknowledgment does not waive any Event of Default
      or Potential Event of Default which may arise out of the consummation of
      the Transaction or the Syndicated Loan Transaction prior to the
      Termination Date, including without limitation any Change of Control or
      any breach of the financial covenants or negative covenants set forth in
      Article IV of the Agreement.

6.    The form of Notes currently attached as Exhibit A to the Agreement is
      hereby amended and restated in its entirety to read as shown on Attachment
      III to this Second Amendment.

7.    In consideration of the Revolving Lenders entering into this Second
      Amendment, the Borrower agrees to pay to the Agent on or before the
      Effective Date (i) an amendment and extension fee equal to the product of
      2-1/2 basis points (.025%) and the existing aggregate commitment set
      forth in Section 2.1 of the Agreement, such fees to be fully earned and
      non-refundable upon execution and delivery of this Second Amendment. Such
      fee shall be distributed among the Revolving Lenders pro rata based on
      their commitments.

8.    Ameritrade Online Holdings Corp. ("Ameritrade Online") and Datek Online
      Holdings Corp. ("Datek" and, together with Ameritrade Online, the
      "Guarantors") hereby reaffirm and acknowledge their respective guaranty
      obligations under that certain Amended and Restated Guaranty Agreement,
      dated as of December 15, 2003, between Ameritrade Online and the Agent,
      and that certain Second Amended and Restated Guaranty Agreement, dated as
      of December 15, 2003, between Datek and the Agent.

9.    On or prior to the Effective Date, the Borrower shall deliver to the
      Agent:

      (a)   the replacement Notes;

      (b)   a certificate of an executive officer of the Borrower, dated as of
            the Effective Date, affirming as of such Effective Date (i) that the
            representations and warranties of the Borrower set forth in the
            Operative Documents are true and correct in all material respects as
            of the Effective Date, and (ii) that no Potential Event of Default
            or Event of Default has occurred and is continuing;

      (c)   a certificate of the secretary or assistant secretary of the
            Borrower and each of the Guarantors that this Second Amendment has
            been duly authorized, executed and delivered by the Borrower and
            each of the Guarantors, such certificate to include a copy of
            corporate resolutions of the Borrower and each of the Guarantors
            authorizing the execution of this Second Amendment, incumbency and
            copies of corporate documents;

      (d)   such other documents and certificates as shall be reasonably
            requested by the Agent to effect the intent of this Second
            Amendment; and

      (e)   the amendment and renewal fee described in Section 7 above.

<PAGE>

10.   This Second Amendment may be executed in several counterparts and such
      counterparts together shall constitute one and the same instrument.

11.   From the Effective Date, all references in the Operative Agreements to the
      Third Amended and Restated Credit Agreement, dated as of December 15,
      2003, shall mean such Agreement, as amended by the First Amendment and
      this Second Amendment. Obligations under the Notes and the Agreement are
      secured in accordance with the Security Agreements and the Pledge
      Agreements.

                            [Signature page follows]

<PAGE>

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

BORROWER:

                                AMERITRADE HOLDING CORPORATION

                                By: /s/ JOHN R. MACDONALD
                                    --------------------------------
                                Name: John R. MacDonald
                                Title: Executive Vice President, Chief Financial
                                       Officer and Chief Administrative Officer

GUARANTORS:

                                AMERITRADE ONLINE HOLDINGS CORP.

                                By: /s/ JOHN R. MACDONALD
                                    ---------------------------------
                                Name: John R. MacDonald
                                Title: Executive Vice President, Chief Financial
                                       Officer and Chief Administrative Officer

                                DATEK ONLINE HOLDINGS CORP.

                                By: /s/ JOHN R. MACDONALD
                                    ---------------------------------
                                Name: John R. MacDonald
                                Title: Executive Vice President, Chief Financial
                                       Officer and Chief Administrative Officer

<PAGE>

REVOLVING LENDERS:

                                FIRST NATIONAL BANK OF OMAHA

                                By: /s/ MARC T. WISDOM
                                    ---------------------------------
                                Name: Marc T. Wisdom
                                Title: Second Vice President

                                LASALLE BANK NATIONAL ASSOCIATION

                                By: /s/ DAVID J. GARDNER
                                    ---------------------------------
                                Name: David J. Gardner
                                Title: Vice President

                                M&I MARSHALL & ILSLEY BANK

                                By: /s/ BRENDAN P. MORAN
                                    ---------------------------------
                                Name: Brendan P. Moran
                                Title: Assistant Vice President

                                WELLS FARGO BANK, NATIONAL ASSOCIATION

                                By: /s/ RYAN K. JOHNSON
                                    ---------------------------------
                                Name: Ryan K. Johnson
                                Title: Assistant Vice President<PAGE>
                                                                               .
                                                                               .
                                                                               .

EXHIBIT 10.4

<TABLE>
<S>                           <C>                                   <C>                          <C>
Citigroup Global Markets Inc.   Merrill Lynch Capital Corporation       UBS Securities LLC       JPMorgan Securities Inc.
Citicorp North America, Inc.     Merrill Lynch, Pierce, Fenner &       UBS Loan Finance LLC      JPMorgan Chase Bank, N.A.
                                       Smith Incorporated

    388 Greenwich Street                                               677 Washington Blvd.           270 Park Avenue
  New York, New York 10013    4 World Financial Center North Tower  Stamford, Connecticut 06901     New York, NY 10017
                                       New York, NY 10080
</TABLE>

                                December 15, 2005

Ameritrade Holding Corporation
4211 South 102nd Street
Omaha, Nebraska 68127
Attn: Randy MacDonald

                                  TD AMERITRADE
                     $2,200,000,000 SENIOR CREDIT FACILITIES
                                COMMITMENT LETTER

Ladies and Gentlemen:

      You ("YOU" or the "COMPANY") have advised the Arrangers (as defined below)
that you intend to acquire (the "ACQUISITION") TD Waterhouse Group, Inc. ("TD
WATERHOUSE") from The Toronto-Dominion Bank (the "SELLER") in exchange for
196,300,000 shares of common stock of the Company. In connection with the
Acquisition, you also propose to make a special dividend of $6.00 per share (the
"SPECIAL DIVIDEND") to each holder of common stock of the Company prior to
giving effect to the Acquisition. You have also advised the Arrangers that you
intend to finance the Special Dividend, the payment of costs and expenses in
connection with the Acquisition and the transactions related thereto and the
ongoing working capital and other general corporate purposes of the Company and
its subsidiaries after the consummation of the Acquisition from sources
including: (a) a Senior Secured Term Loan A Facility in an aggregate principal
amount of up to $250 million (the "TERM A FACILITY"), (b) a Senior Secured Term
Loan B Facility in an aggregate principal amount of $1,650 million (the "TERM B
FACILITY") and (c) a Senior Secured Revolving Credit Facility in an aggregate
principal amount of $300 million (the "REVOLVING FACILITY" and, together with
the Term A Facility and the Term B Facility, the "SENIOR CREDIT FACILITIES").
Subject to the terms and conditions set forth in this letter and the attached
Exhibit A (the "TERM SHEET"; and together with this letter, the "COMMITMENT
LETTER"), (i) Citicorp North America, Inc. ("CNAI") is pleased to inform you of
its commitment to provide up to $955,236,885 of the principal amount of the Term
B Facility and $310 million of the aggregate principal amounts of the Term A
Facility and the Revolving Credit Facility, (ii) Merrill Lynch, Pierce, Fenner &
Smith Incorporated ("MERRILL") is pleased to inform you of its commitment to
provide up to $330 million of the principal amount of the Term B Facility and
$110 million of the aggregate principal amounts of the Term A Facility and the
Revolving Credit Facility, (iii) UBS Loan Finance LLC ("UBS") is pleased to
inform you of its commitment to provide up to $330 million of the principal
amount of the Term B

<PAGE>

Facility and $110 million of the aggregate
principal amounts of the Term A Facility and the Revolving Credit Facility, and
(iv) JPMorgan Chase Bank, N.A. ("JPMC") is pleased to inform you of its
commitment to provide up to $34,763,115 of the principal amount of the Term B
Facility and $20 million of the aggregate principal amounts of the Term A
Facility and the Revolving Credit Facility. As used herein, "CGMI" means
Citigroup Global Markets Inc., "CITI/CGMI" means CNAI together with CGMI, "MLCC"
means Merrill Lynch Capital Corporation, "UBSS" means UBS Securities LLC, "JPMS"
means JPMorgan Securities Inc., the "ARRANGERS" means CGMI, MLCC, UBSS and JPMS
and the "INITIAL LENDERS" means CNAI, Merrill, UBS and JPMC. The Initial
Lenders' commitments hereunder are several and not joint.

      Section 1. Conditions Precedent. The Initial Lenders' commitments
hereunder are subject to: (i) the preparation, execution and delivery of
definitive loan documentation incorporating substantially the terms and
conditions outlined in this Commitment Letter (the "LOAN DOCUMENTS"); (ii) your
compliance with the terms of this Commitment Letter and the Fee Letters,
including, without limitation, the payment in full of all fees, expenses and
other amounts payable under this Commitment Letter and the Fee Letters; and
(iii) the Company and its subsidiaries (other than its broker-dealer
subsidiaries) shall not have offered, placed, arranged or issued, or engaged in
discussions concerning the offering, placement, arrangement or issuance of, any
debt securities or commercial banking or other credit facilities (including any
refinancing of and increase of commitments under existing facilities) prior to
or during the primary syndication of the Senior Credit Facilities, without the
prior written consent of the Arrangers, and the Company's broker-dealer
subsidiaries shall have advised the Arrangers of any proposed amendment,
restatement, modification or refinancing of any of their respective commercial
banking or other credit facilities existing as of the date hereof and any
proposed new financing and shall have cooperated with the Arrangers to ensure
that such financing activities would not adversely affect the syndication of the
Senior Credit Facilities.

      Section 2. Commitment Termination. The Initial Lenders' commitments
hereunder will terminate on the earlier of (a) the date the Loan Documents
become effective, and (b) March 31, 2006.

      Section 3. Syndication. The Arrangers reserve the right, before or after
the execution of the Loan Documents, to syndicate all or a portion of the
Initial Lenders' commitments to other financial institutions reasonably
acceptable to you and the Arrangers (the "LENDERS") (it being understood that
Lenders will not include certain competitors of the Company to be specified by
the Company prior to the commencement of the syndication). CGMI will manage all
aspects of the syndication in consultation with you and the other Arrangers,
including, subject to the terms of this Commitment Letter and the Fee Letters,
the timing of all offers to potential Lenders, the determination of the amounts
offered to potential Lenders, the selection of Lenders, the allocation of
commitments among the Lenders, the assignment of any titles and the compensation
to be provided to the Lenders.

      You shall use commercially reasonable efforts to take all necessary action
as CGMI may reasonably request to assist CGMI in forming a syndicate reasonably
acceptable to you and CGMI. Your assistance in forming such a syndicate shall
include using commercially reasonable efforts to (i) make your senior
management, representatives and advisors available to participate in information
meetings with potential Lenders at such times and places as CGMI may reasonably
request; (ii) ensure that the syndication efforts benefit from your existing
lending relationships; (iii) assist (including your commercially reasonable
efforts to cause your affiliates and advisors to assist) in the preparation of a
confidential information memorandum for the Senior Credit Facilities and other
reasonably necessary marketing materials to be used in connection with the
syndication; (iv) provide the Arrangers with all projections, including updated
projections, in order to account for updated EBITDA and related financial data
from financial statements most recently delivered to the Arrangers, from the
date of this

                                       2

<PAGE>

Commitment Letter through the successful completion of the syndication of the
Senior Credit Facilities; (v) provide the Arrangers with all information
relating to the Company and the Acquisition reasonably deemed necessary by them,
as and when such information becomes available, to successfully complete the
primary syndication of the Senior Credit Facilities; and (vi) procure a rating
of the Senior Credit Facilities by Moody's Investors Service, Inc. ("MOODY'S")
and Standard & Poor's Ratings Services, a division of The McGraw-Hill Companies,
Inc. ("S&P") before the launch of the syndication of the Senior Credit
Facilities. You agree, at the request of CGMI, to prepare a version of the
information package and presentation to be provided to prospective Lenders that
do not wish to receive material non-public information concerning you or your
affiliates or any securities of any thereof (each such Lender, a "PUBLIC
LENDER"; such material non-public information, "LIMITED DISTRIBUTION
INFORMATION"). In addition, you agree to identify that portion of the
information, documentation or other data to be disseminated to prospective
Lenders in connection with the syndication of the Senior Credit Facilities,
whether through an internet site (including, without limitation, an IntraLinks
workspace), electronically, in presentations at meetings or otherwise, that may
be distributed to the Public Lenders and that all such information,
documentation or other data shall be clearly and conspicuously marked "PUBLIC"
which, at a minimum, shall mean the word "PUBLIC" shall appear prominently on
the first page thereof. By marking such information, documentation or other data
as "PUBLIC", you shall be deemed to have authorized the Arrangers and the
proposed Lenders to treat such information, documentation or other data as not
containing any Limited Distribution Information, it being understood that
certain of such information, documentation or other data may be subject to the
confidentiality requirements of the definitive credit documentation.

      You agree that CNAI or another Lender acceptable to you and to Citi/CGMI
will act as the Administrative Agent for the Senior Credit Facilities, or that,
in the event CNAI does not act as the Administrative Agent for the Senior Credit
Facilities, CNAI will act as a Co-Syndication Agent or Co-Documentation Agent
for the Senior Credit Facilities and that CGMI will act as the Sole Lead
Arranger and Sole Bookrunning Manager for the Senior Credit Facilities. You also
agree that Merrill and UBS will act as Co-Syndication Agents for the Senior
Credit Facilities, that JPMC will act as Documentation Agent for the Senior
Credit Facilities and that MLCC, UBSS and JPMS will act as the Co-Arrangers for
the Senior Credit Facilities. No additional agents, co-agents or arrangers
(other than the Administrative Agent as set forth in the first sentence of this
paragraph) will be appointed, or other titles conferred, without the consent of
the Arrangers and the Initial Lenders (such consent not to be unreasonably
withheld or delayed). You agree that the name of Citi/CGMI will appear above the
name of any other arranger on the cover of any information memorandum or other
syndication materials with respect to the Senior Credit Facilities. You agree
that no Lender will receive any compensation of any kind for its participation
in the Senior Credit Facilities, except as expressly provided in the Fee Letters
or the Term Sheet or otherwise mutually agreed. This Section 3 shall survive the
termination of the Initial Lenders' commitments hereunder.

      Section 4. Fees. In addition to the fees described in the Term Sheet, you
shall pay when due the non-refundable fees set forth in (a) the letter agreement
dated the date hereof (the "FEE LETTER") between you and the Arrangers and (b)
the letter agreement dated the date hereof (the "SOLE LEAD ARRANGER FEE LETTER";
and together with the Arrangers Fee Letter, the "FEE LETTERS") between you and
Citi/CGMI.

      Section 5. Indemnification. You shall indemnify and hold harmless the
Arrangers, each Lender and each of their respective affiliates and each of their
respective officers, directors, employees, agents, advisors and representatives
(each, an "INDEMNIFIED PARTY") from and against any and all claims, damages,
losses, liabilities and expenses (including, without limitation, reasonable fees
and disbursements of counsel), joint or several, that may be incurred by or
asserted or awarded against any Indemnified Party (including, without
limitation, in connection with any investigation, litigation or

                                       3

<PAGE>

proceeding or the preparation of a defense in connection therewith), in each
case arising out of or in connection with or by reason of this Commitment Letter
or the Loan Documents or the transactions contemplated hereby or thereby, or any
actual or proposed use of the proceeds of the Senior Credit Facilities, except
to the extent such claim, damage, loss, liability or expense arises from (x)
such Indemnified Party's gross negligence, bad faith, willful misconduct or
breach of its express contractual obligations or (y) litigation between or among
any of the Lenders and/or the Administrative Agent. In the case of an
investigation, litigation or other proceeding to which the indemnity in this
paragraph applies, such indemnity shall be effective whether or not such
investigation, litigation or proceeding is brought by the Company, the Seller,
TD Waterhouse, any of their respective directors, security holders or creditors,
an Indemnified Party or any other person, whether or not an Indemnified Party is
otherwise a party thereto and whether or not the transactions contemplated
hereby are consummated.

      No Indemnified Party shall have any liability (whether direct or indirect,
in contract, tort or otherwise) to the Company, the Seller, TD Waterhouse or any
of their respective security holders or creditors for or in connection with the
transactions contemplated hereby, except to the extent such liability arises
from such Indemnified Party's gross negligence, bad faith, willful misconduct or
breach of its express contractual obligations. No party hereto or any of its
subsidiaries or affiliates shall be liable to any other party hereto or any of
its subsidiaries or affiliates on any theory of liability for any special,
indirect, consequential or punitive damages (including, without limitation, any
loss of profits, business or anticipated savings), except to the extent such
other party or any of its subsidiaries or affiliates shall be liable to a third
party for any such special, indirect, consequential or punitive damages for
which such other party or any of its subsidiaries or affiliates shall be
entitled to be indemnified under this Section 5.

      Section 6. Costs and Expenses. You shall pay, or reimburse the Arrangers
from time to time (promptly upon presentation of invoices or other reasonably
detailed statements specifying the expenses so incurred) for, all reasonable
out-of-pocket costs and expenses incurred by the Arrangers (whether incurred
before or after the date hereof) in connection with the Senior Credit Facilities
and the preparation, negotiation, execution and delivery of this Commitment
Letter, the Loan Documents and any security arrangement in connection therewith,
including, without limitation, the reasonable fees and expenses of Shearman &
Sterling LLP (and, to the extent reasonably required, local and special counsel
with respect to collateral matters), regardless of whether any of the
transactions contemplated hereby are consummated; provided that such payment or
reimbursement obligation shall include only the reasonable fees and expenses of
Shearman & Sterling LLP and such other local and special counsel acting on
behalf of all of the Arrangers. You shall also pay (promptly upon presentation
of invoices or other reasonably detailed statements specifying the expenses so
incurred) all costs and expenses of each Arranger (including, without
limitation, the reasonable fees and disbursements of counsel) incurred in
connection with the enforcement of any of its rights and remedies hereunder.

      Section 7. Confidentiality. By accepting delivery of this Commitment
Letter, you agree that this Commitment Letter and the Fee Letters are for your
confidential use only and that neither its existence nor the terms hereof or
thereof will be disclosed by you to any person other than your officers,
directors, employees, accountants, attorneys and other advisors and then only on
a confidential and "need to know" basis in connection with the transactions
contemplated hereby. Notwithstanding the foregoing, following your acceptance of
the provisions hereof and your return of an executed counterpart of this
Commitment Letter to Citi/CGMI as provided below, (i) you may disclose this
Commitment Letter (but not the Fee Letters) to the Seller, TD Waterhouse and
their respective officers, directors, employees, accountants, attorneys and
other legal advisors on a confidential and "need to know" basis in connection
with the Acquisition, (ii) you may file a copy of any portion of this Commitment
Letter (but not the Fee Letters) in any public record in which it is required by
law to be filed and (iii) you may make such other public disclosures of any of
the terms and conditions hereof as you are required by law or compulsory legal

                                       4

<PAGE>

process to make. Subject to the terms of the next succeeding paragraph, you
agree that each Arranger may share with any of its affiliates and advisors any
confidential information regarding the Acquisition or the businesses, operation,
financial affairs, organization and personnel matters, policies, procedures and
other non-public matters of the Company and TD Waterhouse and their subsidiaries
or affiliates.

      Each Arranger agrees to maintain the confidentiality of the Confidential
Information (as defined below), except that Confidential Information may be
disclosed (a) to its and its affiliates' partners, directors, officers,
employees and agents, including accountants, legal counsel and other advisors
(it being understood that the persons to whom such disclosure is made will be
informed of the confidential nature of such Confidential Information and agree
to keep such Confidential Information confidential), (b) to the extent requested
or required by any state, Federal or foreign authority or examiner regulating
such Arranger, (c) to the extent required by applicable law, rule or regulation
or by any subpoena or similar legal process, (d) in connection with any
litigation or legal proceeding relating to this Commitment Letter or any of the
Fee Letters or any other documentation in connection therewith or the
enforcement of rights hereunder or thereunder or to which such Arranger or any
of its affiliates may be a party, (e) to any prospective Lender (it being
understood that the persons to whom such disclosure is made will be informed of
the confidential nature of such Confidential Information and agree to keep such
Confidential Information confidential), (f) with the Company, (g) to any rating
agency when required by it or (h) to the extent such Confidential Information
(i) becomes publicly available other than as a result of a breach of this
paragraph or (ii) becomes available to such Arranger on a nonconfidential basis
from a source other than the Company or the Seller. For the purposes of this
paragraph, "CONFIDENTIAL INFORMATION" means all information received from the
Company or the Seller relating to the Company, the Seller, the Acquisition or
their businesses, other than any such information that is available to the
Arrangers on a nonconfidential basis prior to disclosure by the Company or the
Seller; provided that, in the case of information received from the Company or
the Seller after the date hereof, such information is clearly identified at the
time of delivery as confidential. Any person required to maintain the
confidentiality of Confidential Information as provided in this paragraph shall
be considered to have complied with its obligation to do so if such person has
exercised the same degree of care to maintain the confidentiality of such
Confidential Information as such person would accord to its own confidential
information.

      Section 8. Representations and Warranties. You represent and warrant that
(i) all information (other than financial projections and information of a
general economic or industry-specific nature) that has been or will hereafter be
made available to any of the Arrangers, any Lender or any potential Lender by
the Company or any of its representatives, or to the knowledge of your senior
management and senior employees, by the Seller, TD Waterhouse or their
representatives, in each case in connection with the transactions contemplated
hereby is and will be, when taken as a whole, complete and correct in all
material respects at the time furnished and does not and will not contain any
untrue statement of a material fact or omit to state a material fact necessary
in order to make the statements contained therein, when taken as a whole, not
materially misleading in light of the circumstances under which such statements
were or are made and (ii) all financial projections, if any, covering the
Acquisition and the Company and its subsidiaries, after giving effect to the
Acquisition, that have been or will be prepared by or on behalf of the Company
or any of its representatives and made available to any of the Arrangers, any
Lender or any potential Lender have been or, in the case of projections made
after the date hereof, will be prepared in good faith based upon assumptions
that are reasonably believed to have been reasonable at the time made and at the
time the related financial projections are made available to any of the
Arrangers (it being understood that any such projections are subject to
significant uncertainties and contingencies, many of which are beyond your
control, and that no assurance can be given that such projections will be
realized and that actual results may differ from such projections and such
differences may be material). You agree to supplement the information and
projections from time to time until the Closing Date so that

                                       5

<PAGE>

the representations and warranties contained in this paragraph remain true and
correct in all material respects.

      In providing this Commitment Letter, each the Arranger is entitled to use,
and to rely on the accuracy of the information furnished to it by or on behalf
of the Company, the Seller, TD Waterhouse or any of their affiliates without
independent verification thereof.

      Section 9. No Third Party Reliance, Etc. The agreements of the Arrangers
hereunder and of any Lender that issues a commitment to provide financing under
the Senior Credit Facilities are made solely for your benefit and may not be
relied upon or enforced by any other person. Please note that those matters that
are not covered or made clear herein are subject to mutual agreement of the
parties. Except as set forth in Section 3 of this Commitment Letter with respect
to the Initial Lenders' right to syndicate their respective commitments to other
Lenders, none of the parties hereto may assign or delegate any of its respective
rights or obligations hereunder without the prior written consent of the other
parties hereto, and any attempted assignment without such consent shall be void
ab initio. This Commitment Letter may not be amended or modified, or any
provision hereof waived, except by a written agreement signed by all parties
hereto. This Commitment Letter is not intended to create a fiduciary
relationship among the parties hereto.

      You acknowledge that each Arranger and/or one or more of its affiliates
may provide financing, equity capital, financial advisory and/or other services
to parties whose interests may conflict with the Company's and TD Waterhouse's
interests. Consistent with each Arranger's policy to hold in confidence the
affairs of its customers, neither any Arranger nor any of its affiliates will
furnish confidential information obtained from the Company or TD Waterhouse to
any of such Arranger's other customers. Furthermore, neither any Arranger nor
any of its affiliates will make available to the Company or TD Waterhouse
confidential information that such Arranger obtained or may obtain from any
other person.

      The Arrangers hereby notify you that pursuant to the requirements of the
USA PATRIOT Act, Title III of Pub. L. 107-56 (signed into law October 26, 2001)
(the "PATRIOT Act"), the Arrangers and the Lenders are required to obtain,
verify and record information that identifies the Company and TD Waterhouse,
including the name, address, tax identification number and other information
regarding the Company and TD Waterhouse that will allow them to identify the
Company and TD Waterhouse in accordance with the PATRIOT Act. This notice is
given in accordance with the requirements of the Patriot Act and is effective as
to the Arrangers and the Lenders.

      Section 10. Governing Law, Etc. This Commitment Letter shall be governed
by, and construed in accordance with, the law of the State of New York. This
Commitment Letter sets forth the entire agreement between the parties with
respect to the matters addressed herein and supersedes all prior communications,
written or oral, with respect hereto. This Commitment Letter may be executed in
any number of counterparts, each of which, when so executed, shall be deemed to
be an original and all of which, taken together, shall constitute one and the
same Commitment Letter. Delivery of an executed counterpart of a signature page
to this Commitment Letter by telecopier shall be as effective as delivery of an
original executed counterpart of this Commitment Letter. Sections 5 through 7,
10 and 11 hereof shall survive the termination of the Initial Lenders'
commitments hereunder (it being understood that the reimbursement and
indemnification provisions contained herein shall be superseded by the
reimbursement and indemnifications provisions contained in the definitive
financing documentation when such documentation becomes effective). You
acknowledge that information and documents relating to the Senior Credit
Facilities and the transaction contemplated hereby may be transmitted on a
confidential basis through IntraLinks, the internet or similar electronic
transmission systems.

                                       6

<PAGE>

      Section 11. Waiver of Jury Trial, Etc. Each party hereto irrevocably
waives all right to trial by jury in any action, proceeding or counterclaim
(whether based on contract, tort or otherwise) arising out of or relating to
this Commitment Letter or the transactions contemplated hereby or the actions of
the parties hereto in the negotiation, performance or enforcement hereof.

      With respect to all matters relating to this Commitment Letter and the Fee
Letters, you hereby irrevocably (i) submit to the non-exclusive jurisdiction of
any New York State or Federal court sitting in the State of New York, County of
New York, and any appellate court from any thereof, (ii) agree that all claims
related hereto may be heard and determined in such courts, (iii) waive, to the
fullest extent it may effectively do so, the defense of an inconvenient forum,
(iv) agree that a final judgment of such courts shall be conclusive and may be
enforced in other jurisdictions by suit on the judgment or in any other manner
provided by law and (v) waive any immunity (sovereign or otherwise) from
jurisdiction of any court or from any legal process or setoff to which you or
your properties or assets may be entitled.

      Please indicate your acceptance of the provisions hereof by signing the
enclosed copy of this Commitment Letter and the Fee Letters and returning them
to David Wirdnam, Citigroup Global Markets Inc., 388 Greenwich Street, New York,
New York 10013 (fax: 212-723-8692) at or before 5:00 p.m. (New York City time)
on December 23, 2005, the time at which Initial Lenders' commitments hereunder
(if not so accepted prior thereto) will terminate.

                            [Signature Page Follows]

                                       7

<PAGE>

            If you elect to deliver this Commitment Letter by telecopier, please
arrange for the executed original to follow by next-day courier.

                                             Very truly yours,

                                             CITIGROUP GLOBAL MARKETS INC.

                                             By /s/ DAVID J. WIRDNAM
                                                --------------------------------
                                                Name: David J. Wirdnam
                                                Title: Director

                                             CITICORP NORTH AMERICA, INC.

                                             By /s/ DAVID J. WIRDNAM
                                                --------------------------------
                                                Name: David J. Wirdnam
                                                Title: VicePresident

<PAGE>

                                             MERRILL LYNCH CAPITAL CORPORATION

                                             By /s/ WISSAM B. KAROUZ
                                                --------------------------------
                                                Name: Wissam B. Karouz
                                                Title: Vice President

                                             MERRILL LYNCH, PIERCE, FENNER &
                                             SMITH INCORPORATED

                                             By /s/ WISSAM B. KAROUZ
                                                --------------------------------
                                                Name: Wissam B. Karouz
                                                Title: Director

<PAGE>

                                             UBS SECURITIES LLC

                                             By /s/ JOHN C. CROCKETT
                                                --------------------------------
                                                Name: John C. Crockett
                                                Title: Executive Director

                                             By /s/ BARBARA S. WANG
                                                --------------------------------
                                                Name: Barbara S. Wang
                                                Title: Director and Counsel
                                                        Region Americas Legal

                                             UBS LOAN FINANCE LLC

                                             By /s/ JOHN C. CROCKETT
                                                --------------------------------
                                                Name: John C. Crockett
                                                Title: Executive Director

                                             By /s/ BARBARA S. WANG
                                                --------------------------------
                                                Name: Barbara S. Wang
                                                Title: Director and Counsel
                                                        Region Americas Legal

<PAGE>

                                             JPMORGAN SECURITIES INC.

                                             By /s/ BENJAMIN D. BEN-ATTAR
                                                --------------------------------
                                                Name: Benjamin D. Ben-Attar
                                                Title: Managing Director

                                             JPMORGAN CHASE BANK, N.A.

                                             By /s/ ROBERT ANASTASIO
                                                --------------------------------
                                                Name: Robert Anastasio
                                                Title: Vice President

<PAGE>

ACCEPTED AND AGREED
ON December 15, 2005:

AMERITRADE HOLDING CORPORATION

By /s/ JOHN R. MACDONALD
   ---------------------------------------
   Name: John R. MacDonald
   Title: Executive Vice President, Chief Financial Officer
            and Chief Administrative Officer

<PAGE>

                                                                       EXHIBIT A

                                  TD AMERITRADE
                         SUMMARY OF TERMS AND CONDITIONS
                            SENIOR CREDIT FACILITIES

SET FORTH BELOW IS A SUMMARY OF CERTAIN OF THE TERMS AND CONDITIONS OF THE
SENIOR CREDIT FACILITIES AND THE DOCUMENTATION RELATED THERETO. THOSE MATTERS
THAT ARE NOT COVERED OR MADE CLEAR HEREIN ARE SUBJECT TO THE MUTUAL AGREEMENT OF
THE PARTIES.

PARTIES

BORROWER:               Ameritrade Holding Corporation (the "BORROWER").

GUARANTEES:             The obligations of the Borrower will be guaranteed (the
                        "GUARANTEES") by Ameritrade Online Holdings Corp., Datek
                        Online Holdings Corp., TD Waterhouse Group, Inc. and
                        other material subsidiaries of the Borrower to be
                        agreed, but excluding any subsidiaries that are
                        registered broker-dealers under the Securities Exchange
                        Act of 1934 (the "GUARANTORS).

SOLE LEAD ARRANGER AND  Citigroup Global Markets Inc. ("CGMI") will act as sole
SOLE BOOKRUNNING        lead arranger and sole bookrunning manager (in such
MANAGER:                capacity, the "LEAD ARRANGER").

CO-ARRANGERS:           JPMorgan Securities Inc., Merrill Lynch Capital
                        Corporation and UBS Securities LLC. CGMI and the
                        Co-Arrangers are herein referred to collectively as the
                        "ARRANGERS".

ADMINISTRATIVE AGENT:   Citicorp North America, Inc. ("CNAI" and, together with
                        CGMI, "CITI/CGMI") or another Lender acceptable to the
                        Borrower and Citi/CGMI will act as administrative and
                        collateral agent (in such capacity, the "ADMINISTRATIVE
                        AGENT"; together with the Lead Arranger, the "AGENTS").
                        In the event CNAI does not act as the Administrative
                        Agent, CNAI will act as a Co-Syndication Agent or
                        Co-Documentation Agent for the Senior Credit Facilities.

CO-SYNDICATION AGENTS:  Merrill Lynch, Pierce, Fenner & Smith Incorporated and
                        UBS Loan Finance LLC.

DOCUMENTATION AGENT:    JPMorgan Chase Bank, N.A.

LENDERS:                The Initial Lenders, and a syndicate of financial
                        institutions arranged by the Arrangers and reasonably
                        acceptable to Borrower (collectively, the "LENDERS").

CLOSING DATE:           The date of the initial extension of credit under the
                        Senior Credit Facilities, which shall occur on or before
                        March 31, 2006 (the "CLOSING DATE").

<PAGE>

SENIOR CREDIT FACILITIES

TERM FACILITIES:          (1) A Senior Secured Term Loan A Facility in an
                              aggregate principal amount of $250 million (the
                              "TERM A FACILITY"). The loans advanced under the
                              Term A Facility are hereinafter referred to as the
                              "TERM A LOANS."

                          (2) A Senior Secured Term Loan B Facility in an
                              aggregate principal amount of up to $1,650 million
                              (the "TERM B FACILITY" and, together with the Term
                              A Facility, the "TERM FACILITIES"). The loans
                              advanced under the Term B Facility are hereinafter
                              referred to as the "TERM B LOANS" and, together
                              with the Term A Loans, the "TERM LOANS."

Availability:             The Term Loans shall be made in a single drawing on
                          the Closing Date. Amounts repaid and prepaid under the
                          Term Facilities may not be reborrowed.

Purpose:                  The proceeds of the Term Loans shall be used to
                          finance (i) the payment of a special dividend of $6.00
                          per share (the "SPECIAL DIVIDEND") to each holder of
                          common stock of the Borrower prior to giving effect to
                          the acquisition (the "ACQUISITION") by the Borrower of
                          all of the capital stock of TD Waterhouse Group, Inc.
                          ("TD WATERHOUSE") from The Toronto-Dominion Bank (the
                          "SELLER") in exchange for 196,300,000 shares of common
                          stock of the Borrower and (ii) fees and expenses
                          related to the Acquisition and the Senior Credit
                          Facilities (including, without limitation,
                          restructuring and termination costs and expenses).

REVOLVING FACILITY:       A Senior Secured Revolving Credit Facility in an
                          aggregate principal amount of $300 million (the
                          "REVOLVING FACILITY" and, together with the Term
                          Facilities, the "SENIOR CREDIT FACILITIES"). The loans
                          advanced under the Revolving Facility are hereinafter
                          referred to as the "REVOLVING LOANS" and, together
                          with the Term Loans, the "LOANS."

Availability:             The Revolving Facility shall be available on a
                          revolving basis during the period commencing on the
                          Closing Date and ending on the final maturity of the
                          Revolving Facility. Amounts repaid under the Revolving
                          Facility may be reborrowed. $75 million under the
                          Revolving Facility shall be available for letters of
                          credit (the "LETTERS OF CREDIT"). $50 million under
                          the Revolving Facility shall be available for swing
                          line loans.

Purpose:                  Borrowings under the Revolving Facility will be used
                          to fund working capital needs and for general
                          corporate purposes.

INCREMENTAL FACILITY:     For a period to be agreed following the Closing Date,
                          the Borrower shall be permitted to request an increase
                          in the principal amount of the Term B Facility and/or
                          the Revolving Facility or a new term loan facility in
                          an aggregate amount of up to $750.0 million (the
                          "INCREMENTAL FACILITY"); provided, however, that (A)
                          as of the last day of the fiscal quarter

<PAGE>

                          immediately preceding the date of such increase the
                          Borrower is in pro forma compliance with all financial
                          covenants (giving effect to such Incremental Facility
                          as of the last day of such prior fiscal quarter and
                          other customary and appropriate pro forma adjustment
                          events, including any acquisitions or dispositions or
                          repayment of indebtedness after the beginning of the
                          relevant determination period but prior to or
                          simultaneous with the borrowing under such Incremental
                          Facility); (B) on the date of such increase no Default
                          or Event of Default (as defined in the Loan Documents)
                          shall have occurred and be continuing; (C) such
                          Incremental Facility shall have a maturity date no
                          earlier and a weighted average life no shorter than
                          the Term B Facility; (D) the interest rates and
                          amortization schedule applicable to any Incremental
                          Facility shall be determined by the Borrower and the
                          relevant lenders thereunder; (E) such increased amount
                          shall be treated like the Term B Loans in terms of
                          sharing of prepayments and other appropriate
                          provisions; (F) all other terms and conditions of such
                          increase to the extent not consistent with the terms
                          and conditions of the Term Facilities or the Revolving
                          Facility, as the case may be, shall be reasonably
                          satisfactory to the Agents (except as permitted by
                          clauses (C) and (D) above); and (G) such Incremental
                          Facility shall be made by one or more existing Lenders
                          or other financial institutions, selected by the
                          Borrower, willing to become Lenders to accommodate
                          such increases and/or the issuance of such term loans
                          or revolving credit loans, as the case may be.

CERTAIN PAYMENT
PROVISIONS

FEES AND INTEREST RATES:  The Borrower will be entitled to make borrowings based
                          on Base Rate plus the Applicable Margin or LIBOR plus
                          the Applicable Margin.

                          The "Applicable Margin" shall be (i) in respect of the
                          Term B Facility, 1.75% for LIBOR advances and 0.75%
                          for Base Rate advances and (ii) in respect of the Term
                          A Facility and the Revolving Facility, 1.50% for LIBOR
                          advances and 0.50% for Base Rate advances; provided
                          that in the case of the Revolving Facility and the
                          Term A Facility, the Applicable Margin shall be
                          adjusted upon delivery of the financial statements for
                          the first fiscal quarter occurring immediately
                          following the Closing Date and thereafter the
                          Applicable Margin shall be determined pursuant to a
                          leverage-based pricing grid to be mutually agreed.

                          The Borrower shall pay letter of credit fees equal to
                          the Applicable Margin from time to time in respect of
                          LIBOR advances, on each outstanding Revolving Letter
                          of Credit, to be shared proportionately by the Lenders
                          under the Revolving Facility. A fronting fee shall be
                          payable to the issuing bank in respect of the
                          Revolving Letters of Credit in an amount to be agreed.
                          A commitment fee at the rate of 0.375% per annum will
                          accrue on any unused amount of the Revolving Facility.

                          "Base Rate" means the higher of (i) the prime rate of
                          the Administrative

<PAGE>

                          Agent and (ii) the Federal Funds rate plus 0.50%.

                          LIBOR shall be 1,2, 3 or 6 months or, to the extent
                          available to all Lenders, 9 or 12 months (as selected
                          by the Borrower). Interest shall be payable on the
                          last day of each LIBOR interest period or, in the case
                          of LIBOR interest periods longer than three months, at
                          the end of every three months from the first day of
                          such interest period and, in the case of Base Rate
                          advances, quarterly in arrears.

                          During the continuance of a payment Event of Default,
                          interest on the overdue amount shall accrue at a
                          default rate per annum of 200 basis points plus the
                          otherwise applicable interest rate.

OPTIONAL PREPAYMENTS:     The Senior Credit Facilities may be prepaid at any
                          time in whole or in part without premium or penalty,
                          except that any prepayment of LIBOR Loans other than
                          at the end of the applicable interest periods therefor
                          shall be made with reimbursement for any funding
                          losses and redeployment costs of the Lenders resulting
                          therefrom. Each such prepayment of the Term Loan
                          Facilities shall be applied as determined by the
                          Borrower. The unutilized portion of any commitment
                          under the Senior Credit Facilities may be reduced or
                          terminated by the Borrower at any time without
                          penalty. Term Loans shall be prepaid in a minimum
                          principal amount of $5,000,000 or in integral
                          multiples of $1,000,000 in excess thereof. Revolving
                          Loans shall be prepaid in a minimum principal amount
                          of $1,000,000 or in integral multiples of $1,000,000
                          in excess thereof.

MANDATORY PREPAYMENTS:    The Borrower shall prepay Loans with 100% of the net
                          cash proceeds from (i) any incurrence of indebtedness
                          by the Borrower and its subsidiaries other than
                          Permitted Indebtedness (to be defined, but to include
                          the incurrence of up to $1 billion by broker-dealer
                          subsidiaries for operational liquidity needs pursuant
                          to uncommitted lines of credit); (ii) any sale of
                          assets (subject to customary exceptions, which shall
                          include carve outs for ordinary course dispositions,
                          limited thresholds and reinvestment rights if
                          reinvested or committed to be reinvested within 12
                          months of such sale and actually reinvested within 18
                          months of such sale) by the Borrower and its
                          subsidiaries and (iii) any indemnity payments in
                          respect of the Acquisition (with thresholds to be
                          agreed and to exclude payments used to reimburse or
                          indemnify third parties).

                          In addition to the foregoing, the Loans shall be
                          prepaid with 50% of Excess Cash Flow (to be defined),
                          reducing to 25% when leverage is below 3.0 to 1.0 and
                          reducing to 0% when leverage is below 1.75 to 1.0.

                          Each such prepayment shall be applied to the Loans in
                          the following manner: first, ratably to the Term
                          Facilities and, in the case of the Term A Facility,
                          ratably to the repayment installments thereof and, in
                          the case of the Term B Facility, to the repayment
                          installments thereof selected by the Borrower and,
                          second, to the Revolving Facility

<PAGE>

FINAL MATURITY AND        (A) Term Facilities
AMORTIZATION:
                          The Term A Facility will mature on the date that is
                          six years after the Closing Date and will amortize in
                          quarterly amounts to be agreed.

                          The Term B Facility will mature on the date that is
                          seven years after the Closing Date and will amortize
                          in equal quarterly installments in an annual amount of
                          1% of the initial aggregate Term B Facility in each of
                          the first six years (with the first quarterly
                          installment starting at March 31, 2006) and the first
                          three quarters in the seventh year and 93.50% of the
                          initial aggregate Term B Facility for the final
                          installment.

                          (B) Revolving Facility

                          The Revolving Facility will mature on the date that is
                          five years after the Closing Date.

COLLATERAL                The Senior Credit Facilities, the Guarantees and any
                          hedging arrangements will be secured by substantially
                          all the assets of the Borrower and each Guarantor
                          (collectively, the "COLLATERAL"), including but not
                          limited to: (a) a perfected first-priority pledge of
                          all the capital stock of any direct or indirect
                          subsidiary of the Borrower (other than certain
                          immaterial subsidiaries scheduled to be dissolved)
                          held by the Borrower or any Guarantor (which pledge,
                          in the case of any foreign subsidiary, shall be
                          limited to 66% of the capital stock of each material
                          first-tier foreign subsidiary to the extent the pledge
                          of any greater percentage would result in adverse tax
                          consequences to the Borrower or any Guarantor) and (b)
                          perfected first-priority security interests in
                          substantially all tangible and intangible assets of
                          the Borrower and each Guarantor (including but not
                          limited to accounts receivable, inventory, equipment,
                          general intangibles, investment property, intellectual
                          property, cash, deposit and securities accounts,
                          commercial tort claims, letter of credit rights,
                          intercompany notes and proceeds of the foregoing, but
                          in any case excluding real property). All the
                          above-described pledges and security interests shall
                          be created on terms, and pursuant to documentation,
                          reasonably satisfactory to the Agents, and none of the
                          Collateral shall be subject to any other pledges or
                          security interests, subject to Permitted Liens.

                          As determined by the Lead Arranger in its commercially
                          reasonable discretion, (i) actions to perfect security
                          interests in Collateral in foreign jurisdictions shall
                          be limited to (A) the perfection of the pledge of
                          equity interests of material foreign subsidiaries, and
                          (B) as to any other material Collateral in material
                          foreign jurisdictions, only as may be agreed by the
                          Lead Arranger and the Borrower, in each case, with
                          materiality to be determined by the Lead Arranger in
                          its reasonable discretion, and (ii) based upon
                          prevailing market conditions and the amount of time
                          reasonably required to achieve the following, the
                          perfection of certain security interests may be
                          accomplished after a period of time following the
                          Closing Date, such period to be determined by the Lead
                          Arranger in its commercially reasonable discretion.
                          Notwithstanding the foregoing, account control

<PAGE>

                          agreements shall not be required with respect to bank
                          accounts and perfection of security interest with
                          respect to goods, including motor vehicles, shall not
                          be required to be effected by recordings on
                          certificates of title in any state.

CERTAIN CONDITIONS

INITIAL CONDITIONS:       The availability of the Senior Credit Facilities is
                          subject to the following conditions precedent:

                          (i)     the preparation, execution and delivery of
                                mutually acceptable loan documentation
                                incorporating substantially the terms and
                                conditions outlined herein (the "LOAN
                                DOCUMENTS");

                          (ii)    the absence of any event (such event being a
                                "MATERIAL ADVERSE CHANGE") that could reasonably
                                be expected to have a material adverse effect on
                                (a) the business, financial condition, or
                                results of operations of the Borrower and its
                                subsidiaries, taken as a whole, since September
                                30, 2005, (b) the rights and remedies of the
                                Lenders under any Loan Document or (c) the
                                ability of the Borrower and the Guarantors,
                                taken as a whole, to perform their obligations
                                under any Loan Document (any such effect being a
                                "MATERIAL ADVERSE EFFECT");

                          (iii)   to the knowledge of the Borrower, except as
                                set forth in the disclosure schedules under the
                                Agreement of Sale and Purchase dated June 22,
                                2005 with respect to the Acquisition (the
                                "PURCHASE AGREEMENT"), as in effect on the
                                Closing Date, the absence of any change, or any
                                event involving a prospective change, in the
                                business, financial condition or results of
                                operation of TD Waterhouse or any of the
                                "Business Subsidiaries" (as defined in the
                                Purchase Agreement) which has had, or would
                                reasonably be expected to have, individually or
                                in the aggregate, a "Material Adverse Effect"
                                (as defined in the Purchase Agreement) on TD
                                Waterhouse, since October 31, 2004;

                          (iv)    certification as to the solvency of the
                                Borrower and its subsidiaries, taken as a whole,
                                after giving effect to the Acquisition, from the
                                chief financial officer of the Borrower;

                          (v)     reasonably satisfactory evidence as to the
                                existence, upon completion of all applicable
                                filings to be made on or after the Closing Date,
                                of a first priority perfected security interest
                                in the Collateral;

                          (vi)    receipt of all governmental and third party
                                approvals or consents necessary in connection
                                with the Acquisition and the Senior Credit
                                Facilities; and

                          (vii)   the Acquisition shall have been consummated or
                                shall be consummated simultaneously with or
                                immediately following the closings under the
                                Senior Credit Facilities, or the Lead Arranger
                                shall have received evidence reasonably
                                satisfactory to the Lead Arranger

<PAGE>

                                that the Acquisition shall be consummated
                                promptly following the closings under the Senior
                                Credit Facilities (in connection with which an
                                escrow arrangement reasonably satisfactory to
                                the Lead Arranger regarding the proceeds of the
                                Loans shall have been made), in each case in
                                accordance with the Purchase Agreement and all
                                other related documentation last received by the
                                Lead Arranger prior to December 15, 2005 without
                                amendment, modification or waiver thereof which
                                is materially adverse to the Lenders or is
                                otherwise consented to by the Lead Arranger.

ON-GOING CONDITIONS:      The making of each extension of credit (including the
                          issuance of any Letters of Credit, but excluding any
                          continuation or conversion of any LIBOR loan) shall be
                          conditional upon (i) the accuracy in all material
                          respects of all representations and warranties in the
                          Loan Documents and (ii) there being no default or
                          Event of Default in existence at the time of, or after
                          giving effect to the making of, such extension of
                          credit.

REPRESENTATIONS AND
WARRANTIES:               The Loan Documents shall contain the following
                          customary representations and warranties and such
                          other representations and warranties usual and
                          customary for facilities and transactions of this type
                          as shall be mutually agreed upon (subject to customary
                          and reasonable exceptions and materiality
                          qualifications):

                             -    accuracy and completeness of financial
                                  statements of Borrower and other information;

                             -    no Material Adverse Change;

                             -    corporate existence;

                             -    compliance with law;

                             -    corporate power and authority;

                             -    enforceability of Loan Documents;

                             -    no conflict with law, material contractual
                                  obligations or organizational documents;

                             -    governmental or third party approvals or
                                  consents and regulatory matters;

                             -    no litigation;

                             -    ownership of property;

                             -    insurance matters;

                             -    existing indebtedness schedule;

<PAGE>

                             -    existing lien schedule;

                             -    intellectual property;

                             -    taxes;

                             -    use of proceeds and Federal Reserve
                                  regulations;

                             -    ERISA;

                             -    Investment Company Act;

                             -    environmental matters;

                             -    solvency;

                             -    conduct of business; and

                             -    creation and perfection of security interests.

AFFIRMATIVE COVENANTS:    The Loan Documents shall contain the following
                          customary affirmative covenants and such other
                          affirmative covenants usual and customary for
                          facilities and transactions of this type as shall be
                          mutually agreed upon (subject to customary and
                          reasonable exceptions and materiality qualifications):

                             -    maintenance of (a) legal existence, (b) good
                                  standing and (c) all material rights, licenses
                                  and franchises;

                             -    use of proceeds;

                             -    transactions with affiliates, including
                                  exceptions for, among other things,
                                  intercompany loans;

                             -    maintenance of all material rights, privileges
                                  and franchises necessary for operations;

                             -    obtain and maintain all governmental
                                  approvals;

                             -    maintenance of properties and rights (charter
                                  and statutory);

                             -    delivery of unaudited quarterly financial
                                  statements, audited annual financial
                                  statements (together with a certificate of the
                                  auditor certifying that such financial
                                  statements fairly present in all material
                                  respects the financial condition and results
                                  of operation of the Borrower), compliance
                                  certificates, reports, projections and other
                                  information reasonably requested by any Lender
                                  through the Administrative Agent;

                             -    maintenance of books and records;

<PAGE>

                             -    maintenance of insurance;

                             -    further assurances as to perfection and
                                  priority of security interests;

                             -    payment of taxes;

                             -    delivery of notices of defaults or Events of
                                  Default, material litigation and Material
                                  Adverse Change;

                             -    inspection of books and records; and

                             -    maintenance of interest rate hedging.

NEGATIVE COVENANTS:       The Loan Documents shall contain the following
                          customary negative covenants and such other negative
                          covenants usual and customary for facilities and
                          transactions of this type as shall be mutually agreed
                          upon (subject to customary and reasonable exceptions
                          and materiality qualifications; certain covenants to
                          be mutually agreed to be modified or deleted following
                          achievement of investment grade ratings):

                             -    restrictions on changes in the nature of
                                  business;

                             -    restrictions on entering into mergers and
                                  consolidations or otherwise effecting any
                                  other fundamental change, or liquidating,
                                  winding-up or otherwise dissolving the
                                  Borrower or any material subsidiary;

                             -    restrictions on indebtedness and guarantees;

                             -    restrictions on sales, transfers or
                                  dispositions of assets;

                             -    restrictions on creation, incurrence or
                                  assumption of liens upon any of its properties
                                  (to include exceptions for, inter alia, liens
                                  securing broker-dealer subsidiary financing);

                             -    restrictions on loans or advances;

                             -    restrictions on acquisition of stock,
                                  obligations or securities of any person other
                                  than Permitted Investments (to be defined to
                                  include market making activities of
                                  broker-dealer subsidiaries in the ordinary
                                  course of business and Permitted Acquisitions
                                  (to be defined to include acquisitions with
                                  capital stock consideration and acquisitions
                                  with cash consideration up to an amount to be
                                  determined));

                             -    restrictions on capital expenditures beyond
                                  $100 million per annum;

                             -    restrictions on distributions, dividends,
                                  returns of capital or other payments to its
                                  shareholders (other than the Special
                                  Dividend);

<PAGE>

                             -    restrictions on prepaying, redeeming or
                                  repurchasing any subordinated indebtedness;
                                  and

                             -    restrictions on becoming a general partner in
                                  a partnership.

FINANCIAL COVENANTS:      Minimum Interest Coverage Ratio (to be defined), with
                          step-ups to be agreed.

                          Maximum Leverage Ratio (to be defined), with
                          step-downs to be agreed. "LEVERAGE RATIO" shall mean
                          total debt over EBITDA.

                          Minimum Regulatory Net Capital (to be defined) for
                          each broker-dealer subsidiary of the Borrower of 5% of
                          aggregate debit items of such broker-dealer subsidiary
                          using the alternative method of calculation.

EVENTS OF DEFAULT:        The Loan Documents shall contain the following
                          customary defaults and such other defaults usual and
                          customary for facilities and transactions of this type
                          as shall be mutually agreed upon (which shall
                          constitute "EVENTS OF DEFAULT") (subject to customary
                          and reasonable exceptions, materiality qualifications
                          and notice, cure and grace periods):

                             -    failure to pay, when due, any principal with
                                  respect to the Senior Credit Facilities; or

                             -    failure to pay any interest, fees or other
                                  amounts after a grace period of three business
                                  days; or

                             -    any representation or warranty made or deemed
                                  made shall prove to have been incorrect in any
                                  material respect when made or deemed made; or

                             -    breach or violation by the Borrower or any
                                  Guarantor of covenants or other provisions of
                                  the Loan Documents; or

                             -    any event of default shall occur under any
                                  other indebtedness of the Borrower or any
                                  subsidiary having an aggregate outstanding
                                  principal amount in excess of $50,000,000; or

                             -    judgments or decrees in excess of $50,000,000
                                  individually or in the aggregate against the
                                  Borrower or any subsidiary that are not
                                  stayed, discharged, paid (including by
                                  insurance) or bonded within 30 days; or

                             -    bankruptcy or insolvency events with respect
                                  to the Borrower or any material subsidiary; or

                             -    any Change of Control (to be defined); or

                             -    standard ERISA defaults; or

<PAGE>

                             -    any provision of any Loan Documents shall for
                                  any reason cease to be valid, binding and
                                  enforceable on the Borrower or any Guarantor;
                                  or

                             -    cessation, imperfection or loss of perfection
                                  or priority of any security interest with
                                  respect to a material amount of the
                                  Collateral.

VOTING                    Amendments and waivers with respect to the Loan
                          Documents shall require the approval of Lenders
                          holding not less than a majority of the aggregate
                          amount of the Senior Credit Facilities, except that,
                          subject to customary exceptions, (i) the consent of
                          each Lender adversely affected thereby shall be
                          required with respect to (a) reduction in the amount
                          or extensions of the scheduled date of amortization or
                          final maturity of any Loan, (b) reductions in the rate
                          of interest or any fee or extensions of any due date
                          thereof, (c) increases in the amount or extensions of
                          the expiry date of any Lender's commitment and (d)
                          modifications to the pro rata provisions of the Loan
                          Documents and (ii) the consent of 100% of the Lenders
                          shall be required with respect to (a) modifications to
                          any of the voting percentages and (b) releases of the
                          Administrative Agent's lien on all or substantially
                          all of the Collateral or releases of all or
                          substantially all of the value of the Guarantees.

ASSIGNMENTS AND
PARTICIPATIONS            The Lenders will have the right to assign loans and
                          commitments to their affiliates, other Lenders (and
                          affiliates of such other Lenders) and to any Federal
                          Reserve Bank without restriction and to other
                          financial institutions, with the consent, not to be
                          unreasonably withheld, of the Administrative Agent and
                          Borrower (except that no such consent of Borrower
                          shall be required in connection with the primary
                          syndication or if any default then exists). Each
                          assignment (unless to another Lender or its
                          affiliates) shall be in a minimum amount of $1.0
                          million in the case of the Term Facilities and $5.0
                          million in the case of the Revolving Facility (in each
                          case unless the Administrative Agent otherwise
                          consents or unless the assigning Lender's exposure is
                          thereby reduced to zero). The parties to the
                          assignment (other than Borrower) shall pay to the
                          Administrative Agent an administrative fee of $3,500.
                          Notwithstanding the foregoing, no Lender shall be
                          entitled to assign its commitment in respect of the
                          Term A Facility or its Term A Loans until the
                          expiration of 90 days following the Closing Date
                          without the consent of Citi/CGMI and the Borrower
                          (except that no such consent of Borrower shall be
                          required in connection with the primary syndication).

                          Each Lender will have the right to sell participations
                          in its rights and obligations under the loan
                          documents, subject to customary restrictions on the
                          participants' voting rights.

MISCELLANEOUS             Standard expense reimbursement and indemnity
                          provisions, agency provisions, contractual right of
                          set-off, yield protection (including compliance with
                          risk-based capital guidelines, increased costs,
                          payments free and clear of withholding taxes and
                          interest period breakage indemnities), eurodollar
                          illegality and similar provisions.

<PAGE>

GOVERNING LAW             State of New York.

COUNSEL TO THE LEAD
ARRANGER                  Shearman & Sterling LLP.

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