Document:

<PAGE>
                             MASTER PROMISSORY NOTE
                                (NEGOTIATED RATE)

$310,000,000.00                                      Sept. 24   , 2003
                                                   --------------

                  FOR VALUE RECEIVED, Ameritrade, Inc., a corporation formed
under the laws of Nebraska (the "Borrower"), hereby promises to pay to the order
of THE BANK OF NEW YORK (the "Bank") at its One Wall Street, New York, New York
office, the principal sum of Three Hundred Ten Million Dollars ($310,000,000.00)
or the aggregate unpaid principal amount of all advances made by the Bank to the
Borrower (which aggregate unpaid principal amount shall be equal to the amount
duly indorsed and set forth opposite the date last appearing on the schedule
attached to this note), whichever is less.

                  The Borrower agrees to pay interest on the unpaid principal
amount of each advance evidenced hereby from the date such advance is made at a
rate per annum equal to such rate (a "Negotiated Rate") as shall be agreed to
between the Bank and the Borrower at the time of such advance but not to exceed
the maximum rate permitted by law, which Negotiated Rate shall remain fixed
until the maturity date (the "Maturity Date") of such advance as shall be agreed
to between the Bank and the Borrower at the time of such advance. If any advance
evidenced hereby shall not be paid when due, the Borrower agrees to pay interest
on such advance at a rate per annum equal to the prime commercial lending rate
of the Bank as publicly announced to be in effect from time to time, such rate
to be adjusted automatically, without notice, on the effective date of any
change in such rate plus two percent (2%), but not to exceed the maximum rate
permitted by law. Interest shall be computed on the basis of a 360 day year for
the actual number of days elapsed.

                  Each advance evidenced hereby shall be payable on the Maturity
Date of such advance, and the Borrower shall not have the right to prepay any
such advance. Interest on each advance shall be payable on the Maturity Date of
such advance. If any payment of principal or interest on any advance evidenced
by this note becomes due and payable on a Saturday, Sunday or other day on which
commercial banks in New York, New York are authorized or permitted by law to
close, such payment shall be extended to the next succeeding business day. If
the date for any payment of principal is so extended, interest thereon shall be
payable for the extended time.

                  If the Bank shall make a new advance on a day on which the
Borrower is to repay an advance evidenced hereby, the Bank shall apply the
proceeds of the new advance to make such repayment and only the amount by which
the amount being advanced exceeds the amount being repaid shall be made
available to the Borrower in accordance with the terms of this note.

                  The Borrower hereby authorizes the Bank to accept oral
(including telephonic) and written (including facsimile) instructions from a
duly authorized representative of the Borrower to make an advance and to credit
the proceeds of such advance to an account of the Borrower maintained at the
Bank or to transfer the proceeds of such advance to another bank, or receive a
payment of an advance, and to indorse on the schedule attached hereto the amount
of each advance hereunder and each principal payment hereof received by the
Bank, the Negotiated Rate applicable to each advance and the Maturity Date of
each advance. The Borrower agrees that the Bank may rely upon any instructions
believed by the Bank to be genuine and given by an authorized representative of
the Borrower.

<PAGE>
                                       2

                  At the Borrower's option, the Bank shall credit a deposit
account maintained by the Borrower at the Bank in the amount of an advance
hereunder or transfer the proceeds of an advance hereunder to a bank designated
by the Borrower for credit to an account designated by the Borrower maintained
at such bank. The Borrower agrees that the crediting of the amount of an advance
to the Borrower's deposit account maintained at the Bank or the origination of a
payment order for a funds transfer of the proceeds of an advance in accordance
with the instructions of the Borrower shall constitute conclusive evidence that
such advance was made, and neither the failure of the Bank to indorse on the
schedule attached hereto the amount of such advance, nor the failure of the bank
designated by the Borrower to credit the proceeds of the advance to the
designated account maintained at such bank, shall affect the Borrower's
obligations hereunder.

                  The Bank is authorized to charge any deposit account of the
Borrower maintained at the Bank for each principal payment and each interest
payment due hereunder on the due date thereof.

                  All payments hereof shall be made in lawful money of the
United States of America and in immediately available funds.

                  All advances evidenced by this note together with all accrued
interest thereon shall become immediately and automatically due and payable,
without demand, presentment, protest or notice of any kind, upon the
commencement by or against the Borrower of a case or proceeding under any
bankruptcy, insolvency or other law relating to the relief of debtors, the
readjustment, composition or extension of indebtedness or reorganization or
liquidation.

                  The Borrower waives presentment, demand, protest and notice of
protest, non-payment or dishonor of this note.

                  The Borrower agrees to pay all out of pocket costs and
expenses incurred by the Bank incidental to or in any way relating to the Bank's
enforcement of the obligations of the Borrower hereunder or the protection of
the Bank's rights in connection herewith, including but not limited to,
reasonable attorneys' fees and expenses incurred by the Bank, whether or not
litigation is commenced.

                  This note may not be amended, and compliance with its terms
may not be waived, orally or by course of dealing, but only by a writing signed
by the Borrower and the Bank.

                  This note may be assigned or indorsed by the Bank and its
benefits shall inure to the successors, indorsees and assigns of the Bank.

                  The Borrower authorizes the Bank to date this note and to
complete any blank space herein according to the terms upon which said advances
were granted in accordance with the other provisions of this note.

                  No failure on the part of the Bank to exercise, and no delay
in exercising, any right, remedy or power hereunder shall operate as a waiver
thereof, nor shall any single or partial exercise by the Bank of any right,
remedy or power hereunder preclude any other or future exercise thereof or the
exercise of any other right, remedy or power.

                  Each and every right, remedy and power hereby granted to the
Bank or allowed it by law or other agreement shall be cumulative and not
exclusive of any other right, remedy or power, and may be exercised by the Bank
at any time and from time to time.

<PAGE>
                                       3

                  Every provision of this note is intended to be severable; if
any term or provision of this note shall be invalid, illegal or unenforceable
for any reason whatsoever, the validity, legality and enforceability of the
remaining provisions hereof shall not in any way be affected or impaired.

                  THE PROVISIONS OF THIS NOTE SHALL BE CONSTRUED AND
INTERPRETED, AND ALL RIGHTS AND OBLIGATIONS HEREUNDER DETERMINED, IN ACCORDANCE
WITH THE LAWS OF THE STATE OF NEW YORK WITHOUT REGARD TO THE PRINCIPLES OF
CONFLICT OF LAWS. THE BORROWER SUBMITS TO THE NON-EXCLUSIVE JURISDICTION OF
STATE AND FEDERAL COURTS LOCATED IN THE CITY AND STATE OF NEW YORK IN PERSONAM
AND AGREES THAT SUCH COURTS ARE CONVENIENT FORUMS. THE BORROWER WAIVES PERSONAL
SERVICE UPON IT AND CONSENTS TO SERVICE OF PROCESS BY MAILING A COPY THEREOF TO
THE BORROWER BY REGISTERED OR CERTIFIED MAIL.

                  THE BORROWER WAIVES THE RIGHT TO TRIAL BY JURY IN ANY ACTION
OR PROCEEDING ARISING OUT OF, BASED UPON, OR IN ANY WAY CONNECTED TO, THIS NOTE.

Name of Borrower:          AMERITRADE, INC.

Signature of Authorized Signer: /s/ JOHN R. MACDONALD
                                ------------------------------

                          Name: JOHN R. MACDONALD
                                ------------------------------

                         Title: TREASURER, AMTD INC.
                                ------------------------------

<PAGE>
                                   Schedule to

                             Master Promissory Note

                                   Executed By

                                AMERITRADE, INC.
                               (NAME OF BORROWER)

<Table>
<Caption>
                                                  Maturity          Amount
Date of         Amount of         Interest        Date of             of             Aggregate           Unpaid
Advance          Advance            Rate*         Advance           Payment          Principal           Amount
-------         ---------         --------        -------           -------          ---------           ------
<S>             <C>               <C>             <C>               <C>              <C>                 <C>
</Table>

----------

* Insert the actual interest rate.<PAGE>
                                                                    EXHIBIT 10.1

                      SECOND AMENDMENT TO CREDIT AGREEMENT

            SECOND AMENDMENT TO CREDIT AGREEMENT (this "Amendment"), dated as of
September 25, 2003, among R.J. REYNOLDS TOBACCO HOLDINGS, INC. (f/k/a/ RJR
NABISCO, INC.), a Delaware corporation (the "Borrower") and various lending
institutions party to the Credit Agreement referred to below. All capitalized
terms used herein and not otherwise defined herein shall have the respective
meanings provided such terms in the Credit Agreement.

                              W I T N E S S E T H :
                              - - - - - - - - - -

            WHEREAS, the Borrower, various lending institutions (the "Lenders")
and JPMorgan Chase Bank, as Administrative Agent (in such capacity, the
"Administrative Agent"), are parties to a Second Amended and Restated Credit
Agreement, dated as of May 10, 2002 (as so amended and restated and as the same
has been further amended, modified and/or supplemented through, but not
including, the date hereof, the "Credit Agreement"); and

            WHEREAS, the Borrower and the Lenders wish to amend the Credit
Agreement as provided herein;

            NOW, THEREFORE, it is agreed:

I.    Amendments to the Credit Agreement.
      ----------------------------------

            1. The definition of "Adjusted Operating Income" appearing in
Section 10 of the Credit Agreement is hereby amended by inserting the following
text immediately preceding the period at the end of said definition:

      "provided further that (x) notwithstanding any differing treatment by
      GAAP, for purposes of (and only for purposes of) determining the timing of
      the recording or accrual (but not the amount) of any New Restructuring
      Charge and its impact on Adjusted Operating Income, such determination
      shall be made in accordance with Modified GAAP and (y) (i) for any Test
      Period which includes any portion of the period from April 1, 2003 to and
      including June 30, 2003, Adjusted Operating Income shall be adjusted by
      adding thereto the pre-tax 2nd Quarter 2003 Restructuring Charges recorded
      or accrued during such period in accordance with preceding clause (x), in
      each case to the extent deducted in any determination of Adjusted
      Operating Income, (ii) for any Test Period which includes any portion of
      the period from July 1, 2003 to and including September 30, 2003, Adjusted
      Operating Income shall be adjusted by adding thereto the pre-tax 3rd
      Quarter 2003 Restructuring Charges recorded or accrued during such period
      in accordance with preceding clause (x), in each case to the extent
      deducted in any determination of Adjusted Operating Income, (iii) for any
      Test Period which includes any portion

<PAGE>

      of the period from October 1, 2003 to and including December 31, 2003,
      Adjusted Operating Income shall be adjusted by adding thereto the pre-tax
      4th Quarter 2003 Restructuring Charges recorded or accrued during such
      period in accordance with preceding clause (x), in each case to the extent
      deducted in any determination of Adjusted Operating Income and (iv) for
      any Test Period which includes any portion of the period from January 1,
      2004 to and including December 31, 2004, Adjusted Operating Income shall
      be adjusted by adding thereto the pre-tax Fiscal Year 2004 Restructuring
      Charges recorded or accrued during such period in accordance with
      preceding clause (x), in each case to the extent deducted in any
      determination of Adjusted Operating Income".

            2. The definition of "Consolidated Net Worth" appearing in
Section 10 of the Credit Agreement is hereby amended by inserting the following
text immediately prior to the period at the end of said definition:

      "provided further that (x) notwithstanding any differing treatment by
      GAAP, for purposes of (and only for purposes of) determining the timing of
      the recording or accrual (but not the amount) of any New Restructuring
      Charge and its impact on Consolidated Net Worth, such determination shall
      be made in accordance with Modified GAAP and (y) Consolidated Net Worth as
      otherwise determined above shall be adjusted by adding thereto (i) an
      amount equal to the aggregate post-tax 2nd Quarter 2003 Restructuring
      Charges recorded or accrued as of such date of determination in accordance
      with preceding clause (x), (ii) an amount equal to the aggregate post-tax
      3rd Quarter 2003 Restructuring Charges recorded or accrued as of such date
      of determination in accordance with preceding clause (x), (iii) an amount
      equal to the aggregate post-tax 4th Quarter 2003 Restructuring Charges
      recorded or accrued as of such date of determination in accordance with
      preceding clause (x) and (iv) an amount equal to the aggregate post-tax
      Fiscal Year 2004 Restructuring Charges recorded or accrued as of such date
      of determination in accordance with preceding clause (x), in the case of
      each of clauses (i) through (iv) above, to the extent the respective New
      Restructuring Charge is deducted in any determination of Consolidated Net
      Worth".

            3. Section 10 of the Credit Agreement is hereby further amended by
inserting the following defined terms in the appropriate alphabetical order:

      "Fiscal Year 2004 Restructuring Charges" shall mean restructuring charges
      actually accrued or recorded by the Borrower and its Subsidiaries during
      the fiscal year of the Borrower ending December 31, 2004 in connection
      with lease terminations, the relocation of equipment and employees and the
      payment of professional fees (including other associated costs disclosed
      in the SEC Form-10K or SEC Form-10Q, as the case may be, filed by the
      Borrower with the SEC for the fiscal quarter in which such restructuring
      charges are accrued or recorded); provided that (x) notwithstanding any
      differing treatment by GAAP, for purposes of (and only for purposes of)
      determining the timing of the actual recording or accrual (but not the
      amount) of such restructuring charges during such fiscal year, such
      determination shall be made in accordance with Modified GAAP and (y) the
      aggregate amount of such restructuring charges (to the extent provided for
      as an add-back pursuant to the definitions of "Adjusted Operating Income"
      or "Consolidated Net Worth") shall not exceed $20,000,000 during such
      fiscal year

                                      -2-

<PAGE>

      (determined on a pre-tax basis), of which no more than approximately
      $16,000,000 (determined on a pre-tax basis) shall be characterized as
      cash restructuring charges.

            "4th Quarter 2003 Restructuring Charges" shall mean restructuring
      charges actually accrued or recorded by the Borrower and its Subsidiaries
      during the fiscal quarter of the Borrower ended December 31, 2003 in
      connection with lease terminations, the relocation of equipment and
      employees and the payment of professional fees (including other associated
      costs disclosed in the SEC Form-10K filed by the Borrower with the SEC for
      the fiscal year ended of the Borrower December 31, 2003); provided that
      (x) notwithstanding any differing treatment by GAAP, for purposes of (and
      only for purposes of) determining the timing of the actual recording or
      accrual (but not the amount) of such restructuring charges during such
      fiscal quarter, such determination shall be made in accordance with
      Modified GAAP and (y) the aggregate amount of such restructuring charges
      (to the extent provided for as an add-back pursuant to the definitions of
      "Adjusted Operating Income" or "Consolidated Net Worth") shall not exceed
      $10,000,000 (determined on a pre-tax basis), of which no more than
      approximately $10,000,000 (determined on a pre-tax basis) shall be
      characterized as cash restructuring charges.

            "Modified GAAP" shall mean generally accepted accounting principles
      of the United States of America as in effect on March 31, 2003.

            "New Restructuring Charges" shall mean and include 2nd Quarter 2003
      Restructuring Charges, 3rd Quarter 2003 Restructuring Charges, 4th Quarter
      2003 Restructuring Charges and Fiscal Year 2004 Restructuring Charges.

            "2nd Quarter 2003 Restructuring Charges" shall mean restructuring
      charges actually accrued or recorded by the Borrower and its Subsidiaries
      during the fiscal quarter of the Borrower ended June 30, 2003 in
      connection with the write-off of certain equipment of the Borrower and its
      Subsidiaries and the discontinuation of certain event marketing programs
      of the Borrower and its Subsidiaries (including other associated costs
      disclosed in the SEC Form-10Q filed by the Borrower with the SEC for such
      fiscal quarter); provided that (x) notwithstanding any differing treatment
      by GAAP, for purposes of (and only for purposes of) determining the timing
      of the actual recording or accrual (but not the amount) of such
      restructuring charges during such fiscal quarter, such determination shall
      be made in accordance with Modified GAAP and (y) the aggregate amount of
      such restructuring charges (to the extent provided for as an add-back
      pursuant to the definitions of "Adjusted Operating Income" or
      "Consolidated Net Worth") shall not exceed $55,000,000 (determined on a
      pre-tax basis), of which no more than approximately $35,000,000
      (determined on a pre-tax basis) shall be characterized as cash
      restructuring charges.

            "3rd Quarter 2003 Restructuring Charges" shall mean restructuring
      charges actually accrued or recorded by the Borrower and its Subsidiaries
      during the fiscal quarter of the Borrower ended September 30, 2003 in
      connection with the accrual of certain pension liabilities by the Borrower
      and its Subsidiaries and a reduction in the workforce of the Borrower and
      its Subsidiaries (including other associated

                                      -3-

<PAGE>

      costs disclosed in the SEC Form-10Q filed by the Borrower with the SEC for
      such fiscal quarter); provided that (x) notwithstanding any differing
      treatment by GAAP, for purposes of (and only for purposes of) determining
      the timing of the actual recording or accrual (but not the amount) of such
      restructuring charges during such fiscal quarter, such determination shall
      be made in accordance with Modified GAAP and (y) the aggregate amount of
      such restructuring charges (to the extent provided for as an add-back
      pursuant to the definitions of "Adjusted Operating Income" or
      "Consolidated Net Worth") shall not exceed $340,000,000 (determined on a
      pre-tax basis), of which no more than approximately $225,000,000
      (determined on a pre-tax basis) shall be characterized as cash
      restructuring charges.

II.   Miscellaneous Provisions.
      ------------------------

            1. In order to induce the Lenders to enter into this Amendment, the
Borrower hereby (i) makes each of the representations, warranties and agreements
contained in Section 6 of the Credit Agreement, and (ii) represents and warrants
that there exists no Default or Event of Default, in each case on the date
hereof and on the Second Amendment Effective Date (as defined below), both
before and after giving effect to this Amendment.

            2. This Amendment is limited as specified and shall not constitute a
modification, acceptance or waiver of any other provision of the Credit
Agreement or any other Credit Document.

            3. This Amendment may be executed in any number of counterparts and
by the different parties hereto on separate counterparts, each of which
counterparts when executed and delivered shall be an original, but all of which
shall together constitute one and the same instrument. A complete set of
counterparts shall be lodged with the Borrower and the Administrative Agent.

            4. THIS AMENDMENT AND THE RIGHTS AND OBLIGATIONS OF THE PARTIES
HEREUNDER SHALL BE CONSTRUED IN ACCORDANCE WITH AND GOVERNED BY THE LAW OF THE
STATE OF NEW YORK.

            5. From and after the Second Amendment Effective Date, all
references in the Credit Agreement and each of the other Credit Documents shall
be deemed to be references to the Credit Agreement as amended hereby.

            6. This Amendment shall become effective on the date (the "Second
Amendment Effective Date") when the Borrower and the Lenders constituting
Required Lenders under the Credit Agreement shall have signed a copy hereof
(whether the same or different copies) and shall have delivered (including by
way of facsimile transmission) the same to White & Case LLP, 1155 Avenue of the
Americas, New York, New York 10036, Attention: May Yip-Daniels (Facsimile No.:
(212) 354-8113).

            7. The Borrower hereby covenants and agrees that, so long as the
Second Amendment Effective Date occurs, it shall pay to each Lender which
executes and delivers to the Administrative Agent (or its designee) a
counterpart hereof by the later to occur of (x) 5:00 P.M. (New York time) on
September 25, 2003 or (y) the close of business on the Second Amendment
Effective Date (such later date, the "Outside Date"), a non-refundable cash fee
in an amount

                                      -4-

<PAGE>

equal to 0.25% of the Commitment of such Lender as same is in effect on the
Second Amendment Effective Date immediately prior to giving effect hereto, which
fees shall be paid by the Borrower to the Administrative Agent for distribution
to the Lenders not later than the second Business Day following the Outside
Date.

                                      * * *

                                      -5-

<PAGE>

            IN WITNESS WHEREOF, each of the parties hereto has caused a
counterpart of this Amendment to be duly executed and delivered as of the date
first above written.

                                    R.J. REYNOLDS TOBACCO HOLDINGS, INC.,
                                      as the Borrower

                                    By: /s/ Lynn L. Lane
                                        ----------------------------------------
                                        Name:  Lynn L. Lane
                                        Title: Senior Vice President & Treasurer

<PAGE>

                                    LEAD AGENTS
                                    -----------

                                    JPMORGAN CHASE BANK, Individually, as
                                      Administrative Agent and as Senior
                                      Managing Agent

                                    By: /s/ Robert T. Sacks
                                        ----------------------------------------
                                        Name:  Robert T. Sacks
                                        Title: Managing Director

                                    CITIBANK, N.A., Individually, as Syndication
                                      Agent and Senior Managing Agent

                                    By: /s/ David L. Harris
                                        ----------------------------------------
                                        Name:  David L. Harris
                                        Title: Vice President

                                    THE BANK OF NEW YORK

                                    By:  /s/ David C. Siegel
                                        ----------------------------------------
                                        Name:  David C. Siegel
                                        Title: Vice President

                                    THE BANK OF NOVA SCOTIA

                                    By:  /s/ Chris J. Allen
                                        ----------------------------------------
                                        Name:  Chris J. Allen
                                        Title: Managing Director & Office Head

                                    LEHMAN COMMERCIAL PAPER INC.

                                    By:  /s/ Jane E. Gillard
                                        ----------------------------------------
                                        Name:  Jane E. Gillard
                                        Title: Authorized Signatory

<PAGE>

                                    MIZUHO CORPORATE BANK, LTD.

                                    By:  /s/ Atsushi Narikawa
                                        ----------------------------------------
                                        Name:  Atsushi Narikawa
                                        Title: Deputy General Manager

                                    CREDIT LYONNAIS, NEW YORK BRANCH

                                    By:  /s/ Scott R. Chappelka
                                        ----------------------------------------
                                        Name:  Scott R. Chappelka
                                        Title: Vice President

                                    PARTICIPANTS
                                    ------------

                                    WACHOVIA BANK, NATIONAL ASSOCIATION

                                    By: /s/ Denis Waltrich
                                        ----------------------------------------
                                        Name:  Denis Waltrich
                                        Title: Associate

                                    ERSTE BANK

                                    By: /s/ Paul Judicke
                                        ----------------------------------------
                                        Name:  Paul Judicke
                                        Title: Vice President

                                    By:  /s/ Bryan J. Lynch
                                        ----------------------------------------
                                        Name:  Bryan J. Lynch
                                        Title: First Vice President

                                    CITY NATIONAL BANK OF NEW JERSEY

                                    By:  /s/ Edward R. Wright
                                        ----------------------------------------
                                        Name:  Edward R. Wright
                                        Title: Senior Vice President

<PAGE>

                                    CHOHUNG BANK, NEW YORK BRANCH

                                    By: /s/ Nam Soo Heo
                                        ----------------------------------------
                                        Name:  Nam Soo Heo
                                        Title: General Manager

                                    BANCO BILBAO VIZCAYA ARGENTARIA
                                      PUERTO RICO OVERSEAS, A UNIT OF
                                      BANCO BILBAO VIZCAYA ARGENTARIA
                                      PUERTO RICO

                                    By: /s/ Alberto Nido
                                        ----------------------------------------
                                        Name:  Alberto Nido
                                        Title: Senior Executive Vice President

                                    By: /s/ Helen Pardo
                                        ----------------------------------------
                                        Name:  Helen Pardo
                                        Title: Senior Vice President

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