Document:

EX-10.1

Exhibit 10.1

LOAN AGREEMENT

Wachovia Bank, National Association

225 Water Street

Jacksonville, Florida 32202

(Hereinafter referred to as the “Bank”)

TradeStation Securities, Inc.

8050 S.W. 10th Street, Suite 4000

Plantation, Florida 33324

(Individually and collectively “Borrower”)

This Loan Agreement (“Agreement”) is entered into June 16, 2005, by and between Bank and Borrower.

This Agreement applies to the loan or loans (individually and collectively, the “Loan”) evidenced
by one or more promissory notes of even date herewith or other notes subject hereto, as modified
from time to time (whether one or more, the “Note”) and all Loan Documents. The terms “Loan
Documents” and “Obligations,” as used in this Agreement, are defined in the Note.

Relying upon the covenants, agreements, representations and warranties contained in this Agreement,
Bank is willing to extend credit to Borrower upon the terms and subject to the conditions set forth
herein, and Bank and Borrower agree as follows:

REPRESENTATIONS. Borrower represents that from the date of this Agreement and until final payment
in full of the Obligations: Accurate Information. All information now and hereafter furnished to
Bank is and will be true, correct and complete in all material respects. Any such information
relating to Borrower’s financial condition will accurately reflect in all material respects
Borrower’s financial condition as of the date(s) thereof (including all contingent liabilities of
every type), and Borrower further represents that its financial condition has not materially
adversely changed since the date(s) of such documents. Authorization; Non-Contravention. The
execution, delivery and performance by Borrower and any guarantor, as applicable, of this Agreement
and other Loan Documents to which it is a party are within its power, have been duly authorized as
may be required and, if necessary, by making appropriate filings with any governmental agency or
unit and are the legal, binding, valid and enforceable obligations of Borrower and any guarantors;
and do not (i) contravene, or constitute (with or without the giving of notice or lapse of time or
both) a violation of any provision of applicable law, a violation of the organizational documents
of Borrower or any guarantor, or a default under any agreement, judgment, injunction, order, decree
or other instrument binding upon or affecting Borrower or any guarantor, (ii) result in the
creation or imposition of any lien (other than the lien(s) created by the Loan Documents) on any of
Borrower’s or any guarantor’s assets, or (iii) give cause for the acceleration of any obligations
of Borrower or any guarantor to any other creditor. Asset Ownership. Borrower has good and
marketable title to all of the properties and assets reflected on the balance sheets and financial
statements supplied Bank by Borrower, and all such properties and assets are free and clear of
material mortgages, security deeds, pledges, liens, charges, and all other encumbrances, except as
otherwise disclosed in public filings or otherwise disclosed to Bank by Borrower in writing, or
that arise under contractual landlord liens or common or statutory law (“Permitted Liens”). To
Borrower’s knowledge, no default has occurred under any Permitted Liens and no material claims or
interests materially adverse to Borrower’s present rights in its properties and assets have arisen.
Discharge of Liens and Taxes. Borrower has duly filed, paid and/or discharged when due and owing
all taxes or other claims that may become a lien on any of its property or assets, except to the
extent that such items are being appropriately contested in good faith and an adequate reserve for
the payment thereof is being maintained. Sufficiency of Capital. Borrower is not, and after
consummation of this Agreement and after giving effect to all indebtedness incurred and liens
created by Borrower in connection with the Note and any other Loan Documents will not be, insolvent
within the meaning of 11 U.S.C. § 101, as in effect from time to time. Compliance with Laws.
Borrower is in compliance in all material respects with all federal, state and local laws, rules
and regulations applicable to its properties, operations, business, and finances, including,
without limitation, any federal or state laws relating to liquor (including 18 U.S.C. § 3617, et
seq.) or narcotics (including 21 U.S.C. § 801, et seq.) and/or any commercial crimes; all
applicable federal, state and local laws and regulations intended to protect the environment; and
the Employee Retirement Income Security Act of 1974, as amended (“ERISA”), if applicable.
Organization and Authority. Each Borrower and/or guarantor, as applicable, is duly created,
validly existing and in good standing under the laws of the state of its organization, and has all
powers, governmental licenses, authorizations, consents and approvals required to operate in all
material respects its business as now conducted. Each of Borrower and guarantor, is duly
qualified, licensed and in good standing in each jurisdiction where qualification or licensing is
required by the nature of its business or the character and location of its property, business or
customers, and in which the failure to so qualify or be licensed, as the case may be, in the
aggregate, could have a material adverse effect on the business, financial position, results of
operations, properties or prospects of Borrower or any such guarantor. No Litigation. There are
no material pending or threatened suits, claims or demands against Borrower or any guarantor that
have not been disclosed in public filings, or otherwise disclosed to Bank by Borrower in writing.

AFFIRMATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full
of the Obligations, unless Bank shall otherwise consent in writing, Borrower will: Access to Books
and Records. Allow Bank, or its agents, during normal business hours, upon reasonable advance
notice access to the books, records and such other documents of Borrower as Bank shall reasonably
require, and allow Bank, at Borrower’s expense, to inspect, audit and examine the same and to make
extracts therefrom and to make copies thereof; provided that such information shall be used
strictly for the Bank’s internal credit review purposes and the confidentiality of such information
shall be protected in accordance with the Bank’s policies on confidential information and in
accordance with applicable law. Compliance with Other Agreements. Comply in all material respects
with all terms and conditions contained in this Agreement, and any other Loan Documents, and swap
agreements, if applicable, as defined in the 11 U.S.C. § 101, as in effect from time to time.
Estoppel Certificate. Furnish, within 15 days after request by Bank, a written statement duly
acknowledged of the amount due under the Loan and whether offsets or defenses exist against the
Obligations. Insurance. Maintain adequate insurance coverage with respect to its properties and
business against loss or damage of the kinds and in the amounts customarily insured against by
companies of established reputation engaged in the same or similar businesses including, without
limitation, commercial general liability insurance, workers compensation insurance, and business
interruption insurance, but Bank acknowledges that Borrower does not carry errors and ommission
insurance coverage; Bank acknowledges that Borrower’s insurance coverages maintained as of the date
of this Promissory Note satisfy this covenant. Maintain Properties. Maintain, preserve and keep
its property in working order and condition, making all replacements, additions and improvements
thereto necessary for the proper conduct of its business, unless prohibited by the Loan Documents.
Notice of Default and Other Notices. (a) Notice of Default. Furnish to Bank immediately upon
becoming aware of the existence of any condition or event which constitutes a Default (as defined
in the Loan Documents) or any event which, upon the giving of notice or lapse of time or both,
would become a Default, written notice specifying the nature and period of existence thereof and
the action which Borrower is taking or proposes to take with respect thereto. (b) Other Notices.
Promptly notify Bank in writing of (i) any material adverse change in its financial condition or
its business; (ii) any default under any material agreement, contract or other instrument to which
it is a party or by which any of its properties are bound, or any involuntary acceleration of the
maturity of any indebtedness owing by Borrower; (iii) any material adverse claim against or
affecting Borrower or any part of its properties; (iv) the commencement of, and any material
determination in, any litigation with any third party or any proceeding before any governmental
agency or unit affecting Borrower which may have a materially adverse effect on Borrower; and (v)
at least 30 days prior thereto, any change in Borrower’s name or address as shown above, and/or any
change in Borrower’s structure. Other Financial Information. Deliver promptly such other
information regarding the operation, business affairs, and financial condition of Borrower which
Bank may reasonably request. Payment of Debts. Pay and discharge when due, and before subject to
penalty or further charge, and otherwise satisfy before maturity or delinquency, all obligations,
debts, taxes, and liabilities of whatever nature or amount, except those which Borrower in good
faith disputes. Reports and Proxies. Deliver to Bank, promptly, a copy of all regular annual
reports and quarterly reports required to be filed by Borrower with any governmental agency or
authority.

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NEGATIVE COVENANTS. Borrower agrees that from the date hereof and until final payment in full
of the Obligations, unless Bank shall otherwise consent in writing, Borrower will not: Default on
Other Contracts or Obligations. Default on any material contract with, or material obligation when
due, to a third party or default in the performance of any obligation to a third party incurred for
money borrowed. Government Intervention. Permit the assertion or making of any seizure, vesting
or intervention by or under authority of any governmental entity as a result of which the
management of Borrower or any guarantor is displaced of its authority in the conduct of its
respective business or such business is materially curtailed or impaired. Judgment Entered.
Permit the entry of any monetary judgment or the assessment against, the filing of any tax lien
against, or the issuance of any writ of garnishment or attachment against any property of or debts
due.

CONDITIONS PRECEDENT. The obligations of Bank to make the loan and any advances pursuant to this
Agreement are subject to the following conditions precedent: Additional Documents. Receipt by
Bank of such additional supporting documents as Bank or its counsel may reasonably request.
Opinion of Counsel. On or prior to the date of any extension of credit hereunder, Bank shall have
received a written opinion of the counsel of Borrower reasonably acceptable to Bank.

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IN WITNESS WHEREOF, Borrower and Bank, on the day and year first written above, have caused
this Agreement to be executed under seal.

TradeStation Securities, Inc.

By: /s/ Joseph Nikolson

Name: Joseph Nikolson

Title:  President

Wachovia Bank, National Association

By: /s/ Juan Castro

Name: Juan Castro

Title: Vice President

Tracking #: 1

CAT — Deal # 305919 Facility ID 276516

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2EX-10.2

Exhibit 10.2

PROMISSORY NOTE

$10,000,000.00

June 16, 2005

TradeStation Securities, Inc.

8050 S.W. 10th Street, Suite 2000

Plantation, Florida 33324

(Hereinafter referred to as “Borrower”)

Wachovia Bank, National Association

225 Water Street

Jacksonville, Florida 32202

(Hereinafter referred to as “Bank”)

Borrower promises to pay to the order of Bank, in lawful money of the United States of America, at
its office indicated above or wherever else in the United States of America Bank may specify, the
sum of Ten Million and No/100 Dollars ($10,000,000.00) or such sum as may be advanced and
outstanding from time to time, with interest on the unpaid principal balance at the rate and on the
terms provided in this Promissory Note (including all renewals, extensions or modifications hereof,
this “Note”).

LOAN AGREEMENT. This Note is subject to the provisions of that certain Loan Agreement between Bank
and Borrower of even date herewith, as modified from time to time (the “Loan Agreement”).

LINE OF CREDIT. Borrower may borrow, repay and reborrow, and, upon the request of Borrower, Bank
shall advance and readvance under this Note from time to time until the maturity hereof (each an
“Advance” and together the “Advances”), so long as the total principal balance outstanding
under this Note at any one time does not exceed the principal amount stated on the
face of this Note, subject to the limitations described in the Loan Agreement; and further
provided that the outstanding Advances are repaid to a maximum outstanding balance of $1,000 for 5
(consecutive or non-consecutive) days each month. Bank’s obligation to make Advances under this
Note shall terminate if a demand for payment is made under this Note or if a Default (as
defined below) occurs or, in any event, on the first anniversary hereof unless renewed or extended
by Bank in writing upon such terms then satisfactory to Bank. As of the date of each proposed
Advance, Borrower shall be deemed to represent that each representation made in the Loan Documents
is true as of such date in all material respects.

If Borrower subscribes to Bank’s cash management services and such services are applicable to this
line of credit, the terms of such service shall control the manner in which funds are transferred
between the applicable demand deposit account and the line of credit for credit or debit to the
line of credit.

USE OF PROCEEDS. Borrower shall use the proceeds of the loan(s) evidenced by this Note for the
commercial purposes of Borrower, as follows: for working capital.

INTEREST RATE. Interest shall accrue on the unpaid principal balance of this Note from the date
hereof at the LIBOR Market Index Rate plus 1.70%, as that rate may change from day to day in
accordance with changes in the LIBOR Market Index Rate (“Interest Rate”). “LIBOR Market Index
Rate”, for any day, means the rate for 1 month U.S. dollar deposits as reported on Telerate page
3750 as of 11:00 a.m., London time, on such day, or if such day is not a London business day, then
the immediately preceding London business day (or if not so reported, then as determined by Bank
from another recognized source or interbank quotation).

DEFAULT RATE. In addition to all other rights contained in this Note, if a Default (as defined
herein) occurs and as long as a Default continues, all outstanding Obligations, other than
Obligations under any swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to
time) between Borrower and Bank or its affiliates, shall bear interest at the Interest Rate plus 3%
(“Default Rate”). The Default Rate shall also apply from acceleration until the Obligations or any
judgment thereon is paid in full.

INTEREST AND FEE(S) COMPUTATION (ACTUAL/360). Interest and fees, if any, shall be computed on the
basis of a 360-day year for the actual number of days in the applicable period (“Actual/360
Computation”). The Actual/360 Computation determines the annual effective interest yield by taking
the stated (nominal) rate for a year’s period and then dividing said rate by 360 to determine the
daily periodic rate to be applied for each day in the applicable period. Application of the
Actual/360 Computation produces an annualized effective rate exceeding the nominal rate.

REPAYMENT TERMS. This Note shall be due and payable in consecutive monthly payments of accrued
interest only, commencing on June 30, 2005, and continuing on the same day of each month thereafter
until fully paid. In any event, all principal and accrued interest shall be due and payable on
demand but in no event later than June 16, 2006, unless this Note is extended as provided above.

AUTOMATIC DEBIT OF CHECKING ACCOUNT FOR LOAN PAYMENT. Borrower authorizes Bank to debit demand
deposit account number 2000025742451 or any other account with Bank (routing number 063000021)
designated in writing by Borrower, beginning June 30, 2005 for any payments due under this Note.
Borrower further certifies that Borrower holds legitimate ownership of this account and
preauthorizes this periodic debit as part of its right under said ownership.

UNUSED FEE. Borrower shall pay Bank a quarterly unused fee equal to .25% per annum on the average
daily unused available principal under this Note for the preceding calendar quarter or portion
thereof. However, should Borrower and/or TradeStation Group, Inc. (“Guarantor”) (and/or other
subsidiaries or affiliates of Guarantor) maintain in the aggregate, on average, deposits with Bank
equal to or greater than $1,000,000, then, with respect to all such periods, Bank shall waive the
unused fee above in full in the first full year of the commitment evidenced by this Note.
Thereafter, should this Note be renewed, the unused fee shall be waived on a going forward basis if
the sum of such deposits, coupled with any other investment instruments offered by Bank, in the
aggregate total on average $10,000,000. Average deposits shall be computed on a quarterly basis.

APPLICATION OF PAYMENTS. Monies received by Bank from any source for application toward payment of
the Obligations shall be applied to accrued interest and then to principal. If a Default occurs,
monies may be applied to the Obligations in any manner or order deemed appropriate by Bank.

If any payment received by Bank under this Note or other Loan Documents is rescinded, avoided or
for any reason returned by Bank because of any adverse claim or threatened action, the returned
payment shall remain payable as an obligation of all persons liable under this Note or other Loan
Documents as though such payment had not been made.

DEFINITIONS. Loan Documents. The term “Loan Documents” as used in this Note and the other Loan
Documents, refers to all documents executed in connection with and related to the loan evidenced by
this Note, and may include, without limitation, a loan agreement, this Note, a guaranty agreement,
and any renewals or modifications, whenever any of the foregoing are executed, but does not include
swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to time). Obligations. The
term “Obligations”, as used in this Note and the other Loan Documents, refers to any and all
indebtedness and other obligations under this Note, all other material obligations under any other
Loan Document(s), and all obligations under any swap agreements (as defined in 11 U.S.C. § 101, as
in effect from time to time) between Borrower and Bank, or its affiliates, whenever executed.
Certain Other Terms. All terms that are used but not otherwise defined in any of the Loan
Documents shall have the definitions provided in the Uniform Commercial Code.

LATE CHARGE. If any payments are not timely made, Borrower shall also pay to Bank a late charge
equal to 5% of each payment past due for 10 or more days. This late charge shall not apply to
payments

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due at maturity or by acceleration hereof, unless such late payment is in an amount not
greater than the highest periodic payment due hereunder.

Acceptance by Bank of any late payment without an accompanying late charge shall not be deemed a
waiver of Bank’s right to collect such late charge or to collect a late charge for any subsequent
late payment received.

ATTORNEYS’ FEES AND OTHER COLLECTION COSTS. Borrower shall pay all of Bank’s reasonable expenses
incurred to enforce or collect any of the Obligations including, without limitation, reasonable
arbitration, paralegals’, attorneys’ and experts’ fees and expenses, whether incurred without the
commencement of a suit, in any trial, arbitration, or administrative proceeding, or in any
appellate or bankruptcy proceeding.

USURY. If at any time the effective interest rate under this Note would, but for this paragraph,
exceed the maximum lawful rate, the effective interest rate under this Note shall be the maximum
lawful rate, and any amount received by Bank in excess of such rate shall be applied to principal
and then to fees and expenses, or, if no such amounts are owing, returned to Borrower.

DEFAULT. If any of the following occurs, a default (“Default”) under this Note shall exist:
Nonpayment; Nonperformance. The failure of timely payment or performance of the Obligations under
this Note or a Default under any other Loan Documents with respect to which any non-payment
related failure to perform is not cured within ten (10) days following written notice to Borrower
(the right to cure may not be utilized more than once in any twelve (12) month period). False
Warranty. A warranty or representation made or deemed made in the Loan Documents or furnished Bank
in connection with the loan evidenced by this Note proves materially false and is materially
adverse to Borrower, or, if of a continuing nature, becomes materially false and is materially
adverse to Borrower. Cessation; Bankruptcy. The dissolution of, termination of existence of, loss
of good standing status by, appointment of a receiver for, assignment for the benefit of creditors
of, or commencement of any bankruptcy or insolvency proceeding by or against Borrower, or any party
to the Loan Documents (“Affiliate” shall have the meaning as defined in 11 U.S.C. § 101, as in
effect from time to time, except that the term “Borrower” shall be substituted for the term
“Debtor” therein; “Subsidiary” shall mean any business in which Borrower holds, directly or
indirectly, a controlling interest). Material Capital Structure or Business Alteration. Without
prior written consent of Bank, (i) a material alteration in the kind or type of Borrower’s
business; (ii) the sale of substantially all of the business or assets of Borrower, or any
guarantor, or a material portion (10% or more) of such business or assets if such a sale is outside
the ordinary course of business of Borrower, or any guarantor, or more than 50% of the outstanding
stock or voting power of or in any such entity in a single transaction or a series of transactions;
(iii) the acquisition by Borrower of substantially all of the business or assets or more than 50%
of the outstanding stock or voting power of any other entity; provided that Borrower may make one
such acquistion during the term of this Note without the written consent of Bank if the net book
value of such business or assets is less than 25% of Borrower’s net book value; or (iv) should any
Borrower or any of Borrower’s Subsidiaries or Affiliates or any guarantor enter into any merger or
consolidation with an unrelated third party; provided that Borrower may enter into one such merger
or consolidation during the term of this Note without the written consent of Bank if the net book
value of the other entity is less than 25% of Borrower’s net book value. Material Adverse Change.
Bank determines in good faith, exercising reasonable discretion, that the prospects for payment or
performance of the Obligations are materially impaired or there has occurred a material adverse
change in the business or prospects of Borrower, financial or otherwise.

REMEDIES UPON DEFAULT. If a Default occurs under this Note or any Loan Documents, Bank may at any
time thereafter, take the following actions: Acceleration Upon Default. Accelerate the maturity
of this Note and, at Bank’s option, any or all other Obligations, other than Obligations under any
swap agreements (as defined in 11 U.S.C. § 101, as in effect from time to time) between Borrower
and Bank, or its affiliates, which shall be due in accordance with and governed by the provisions
of said swap agreements; whereupon this Note and the accelerated Obligations shall be immediately
due and payable; provided, however, if the Default is based upon a bankruptcy or insolvency
proceeding commenced by or against Borrower or any guarantor or endorser of this Note, all
Obligations (other than Obligations under

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any swap agreement as referenced above) shall automatically and immediately be due and
payable. Cumulative. Exercise any rights and remedies as provided under the Note and other Loan
Documents, or as provided by law or equity.

FINANCIAL AND OTHER INFORMATION. Borrower shall deliver to Bank its parent company’s annual
reports on Form 10-K and quarterly reports on Form 10-Q promptly following filing thereof with the
Securities and Exchange Commission. Such information shall be true, complete, and accurate in all
material respects.

WAIVERS AND AMENDMENTS. No waivers, amendments or modifications of this Note and other Loan
Documents shall be valid unless in writing and signed by an officer of Bank. No waiver by Bank of
any Default shall operate as a waiver of any other Default or the same Default on a future
occasion. Neither the failure nor any delay on the part of Bank in exercising any right, power, or
remedy under this Note and other Loan Documents shall operate as a waiver thereof, nor shall a
single or partial exercise thereof preclude any other or further exercise thereof or the exercise
of any other right, power or remedy.

Except to the extent otherwise provided by the Loan Documents or prohibited by law, each Borrower
and each other person liable under this Note waives presentment, protest, notice of dishonor,
demand for payment, notice of intention to accelerate maturity, notice of acceleration of maturity,
notice of sale and all other notices of any kind. Further, each agrees that Bank may extend, or
renew this Note, all without notice to or consent of Borrower, and without affecting the liability
of Borrower.

MISCELLANEOUS PROVISIONS. Assignment. This Note and the other Loan Documents shall inure to the
benefit of and be binding upon the parties and their respective heirs, legal representatives,
successors and assigns. Bank’s interests in and rights under this Note and the other Loan
Documents are freely assignable, in whole or in part, by Bank. In addition, nothing in this Note
or any of the other Loan Documents shall prohibit Bank from pledging or assigning this Note or any
of the other Loan Documents or any interest therein to any Federal Reserve Bank. Borrower shall
not assign its rights and interest hereunder without the prior written consent of Bank, and any
attempt by Borrower to assign without Bank’s prior written consent is null and void. Any
assignment shall not release Borrower from the Obligations. Applicable Law; Conflict Between
Documents. This Note and, unless otherwise provided in any other Loan Document, the other Loan
Documents shall be governed by and construed under the laws of the state named in Bank’s address on
the first page hereof without regard to that state’s conflict of laws principles. If the terms of
this Note should conflict with the terms of any loan agreement or any commitment letter that
survives closing, the terms of this Note shall control. Borrower’s Accounts. Except as prohibited
by law, Borrower grants Bank a security interest in all of Borrower’s accounts with Bank and any of
its affiliates. Swap Agreements. All swap agreements (as defined in 11 U.S.C. § 101, as in effect
from time to time), if any, between Borrower and Bank or its affiliates are independent agreements
governed by the written provisions of said swap agreements, which will remain in full force and
effect, unaffected by any repayment, prepayment, acceleration, reduction, increase or change in the
terms of this Note, except as otherwise expressly provided in said written swap agreements, and any
payoff statement from Bank relating to this Note shall not apply to said swap agreements unless
expressly referred to in such payoff statement. Jurisdiction. Borrower irrevocably agrees to
non-exclusive personal jurisdiction in the state named in Bank’s address on the first page hereof.
Severability. If any provision of this Note or of the other Loan Documents shall be prohibited or
invalid under applicable law, such provision shall be ineffective but only to the extent of such
prohibition or invalidity, without invalidating the remainder of such provision or the remaining
provisions of this Note or other such document. Notices. Any notices, demands or similar
communications to Borrower shall be sufficiently given, if in writing and mailed or delivered to
the Borrower’s address shown above or such other address as provided hereunder, and to Bank, if in
writing and mailed or delivered to Wachovia Bank, National Association, Mail Code VA7628, P. O. Box
13327, Roanoke, VA 24040 or Wachovia Bank, National Association, Mail Code VA7628, 10 South
Jefferson Street, Roanoke, VA 24011 or such other address as Bank may specify in writing from time
to time. Notices to Bank must include the mail code. In the event that Borrower changes
Borrower’s address at any time prior to the date the Obligations are paid in full, Borrower agrees
to promptly give written notice of said change of address by registered or certified mail, return
receipt requested, all charges prepaid. Plural; Captions. All

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references in the Loan Documents to Borrower, guarantor, person, document or other nouns of
reference mean both the singular and plural form, as the case may be, and the term “person” shall
mean any individual, person or entity. The captions contained in the Loan Documents are inserted
for convenience only and shall not affect the meaning or interpretation of the Loan Documents.
Advances. Bank may, in its sole discretion, make other advances which shall be deemed to be
advances under this Note, even though the stated principal amount of this Note may be exceeded as a
result thereof. Posting of Payments. All payments received during normal banking hours after 2:00
p.m. local time at the office of Bank first shown above shall be deemed received at the opening of
the next banking day. Joint and Several Obligations. If there is more than one Borrower, each is
jointly and severally obligated. Fees and Taxes. Borrower shall promptly pay all documentary,
intangible recordation and/or similar taxes on this transaction whether assessed at closing or
arising from time to time. LIMITATION ON LIABILITY; WAIVER OF PUNITIVE DAMAGES. EACH OF THE
PARTIES HERETO, INCLUDING BANK BY ACCEPTANCE HEREOF, AGREES THAT IN ANY JUDICIAL, MEDIATION OR
ARBITRATION PROCEEDING OR ANY CLAIM OR CONTROVERSY BETWEEN OR AMONG THEM THAT MAY ARISE OUT OF OR
BE IN ANY WAY CONNECTED WITH THIS NOTE, THE LOAN DOCUMENTS OR ANY OTHER AGREEMENT OR DOCUMENT
BETWEEN OR AMONG THEM OR THE OBLIGATIONS EVIDENCED HEREBY OR RELATED HERETO, IN NO EVENT SHALL ANY
PARTY HAVE A REMEDY OF, OR BE LIABLE TO THE OTHER FOR, (1) INDIRECT, SPECIAL OR CONSEQUENTIAL
DAMAGES OR (2) PUNITIVE OR EXEMPLARY DAMAGES. EACH OF THE PARTIES HEREBY EXPRESSLY WAIVES ANY
RIGHT OR CLAIM TO PUNITIVE OR EXEMPLARY DAMAGES THEY MAY HAVE OR WHICH MAY ARISE IN THE FUTURE IN
CONNECTION WITH ANY SUCH PROCEEDING, CLAIM OR CONTROVERSY, WHETHER THE SAME IS RESOLVED BY
ARBITRATION, MEDIATION, JUDICIALLY OR OTHERWISE. Patriot Act Notice. To help fight the funding of
terrorism and money laundering activities, Federal law requires all financial institutions to
obtain, verify, and record information that identifies each person who opens an account. For
purposes of this section, account shall be understood to include loan accounts. FINAL AGREEMENT.
This Note and the other Loan Documents represent the final agreement between the parties and may
not be contradicted by evidence of prior, contemporaneous or subsequent oral agreements of the
parties. There are no unwritten oral agreements between the parties.

WAIVER OF JURY TRIAL. TO THE EXTENT PERMITTED BY APPLICABLE LAW, EACH OF BORROWER BY EXECUTION
HEREOF AND BANK BY ACCEPTANCE HEREOF, KNOWINGLY, VOLUNTARILY AND INTENTIONALLY WAIVES ANY RIGHT
EACH MAY HAVE TO A TRIAL BY JURY IN RESPECT OF ANY LITIGATION BASED ON, OR ARISING OUT OF, UNDER OR
IN CONNECTION WITH THIS NOTE, THE LOAN DOCUMENTS OR ANY AGREEMENT CONTEMPLATED TO BE EXECUTED IN
CONNECTION WITH THIS NOTE, OR ANY COURSE OF CONDUCT, COURSE OF DEALING, STATEMENTS (WHETHER VERBAL
OR WRITTEN) OR ACTIONS OF ANY PARTY WITH RESPECT HERETO. THIS PROVISION IS A MATERIAL INDUCEMENT
TO BANK TO ACCEPT THIS NOTE. EACH OF THE PARTIES AGREES THAT THE TERMS HEREOF SHALL SUPERSEDE AND
REPLACE ANY PRIOR AGREEMENT RELATED TO ARBITRATION OF DISPUTES BETWEEN THE PARTIES CONTAINED IN ANY
LOAN DOCUMENT OR ANY OTHER DOCUMENT OR AGREEMENT HERETOFORE EXECUTED IN CONNECTION WITH, RELATED TO
OR BEING REPLACED, SUPPLEMENTED, EXTENDED OR MODIFIED BY, THIS NOTE.

[remainder of page intentionally left blank]

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IN WITNESS WHEREOF, Borrower, on the day and year first above written, has caused this Note to
be executed under seal.

TradeStation Securities, Inc.

By: /s/ Joseph Nikolson

	 	 	 	Name: Joseph Nikolson

Title: President

Address:

8050 S.W. 10th Street, Suite 2000

Plantation, Florida 33324

Tracking #: 1

CAT — Deal # 305919 Facility ID 276516

2

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