Document:

<PAGE>   1
                                                                    EXHIBIT 10.1

                               THIRD AMENDMENT TO

                              AMENDED AND RESTATED

                           REVOLVING CREDIT AGREEMENT

                                      AMONG

                         AMERITRADE HOLDING CORPORATION,
                          FIRST NATIONAL BANK OF OMAHA,
                         HARRIS TRUST AND SAVINGS BANK,
                     LASALLE BANK NATIONAL ASSOCIATION, AND
                               FIRSTAR BANK, N. A.

                          DATED AS OF JANUARY 25, 2000

<PAGE>   2
                     THIRD AMENDMENT TO AMENDED AND RESTATED
                           REVOLVING CREDIT AGREEMENT

     THIS THIRD AMENDMENT to AMENDED AND RESTATED REVOLVING CREDIT AGREEMENT
(this "Third Amendment") entered into as of this 10th day of May, 2001, is
intended to amend the terms of the Amended and Restated Revolving Credit
Agreement (the "Agreement") dated as of the 25th day of January, 2000, as
previously amended, 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 One First National
Center, Omaha, Nebraska 68102 ("Agent" or "FNB-O"); HARRIS TRUST AND SAVINGS
BANK, an Illinois banking corporation having its principal place of business at
111 W. Monroe Street, Chicago, Illinois 60603 ("Harris"); LASALLE BANK NATIONAL
ASSOCIATION, a national banking association having its principal place of
business at 135 South LaSalle Street, Chicago, Illinois 60603 ("LaSalle"); and
FIRSTAR BANK, N. A. (formerly known as FIRSTAR BANK MISSOURI, NATIONAL
ASSOCIATION, formerly known as MERCANTILE BANK NATIONAL ASSOCIATION), a national
banking association having its principal place of business at One Firstar
Center, 7th and Washington TRAM 12-3, St. Louis, Missouri 63101 ("Firstar"). 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 requested a waiver of certain covenants of the
Agreement and the Revolving Lenders have executed a Waiver Agreement dated as of
April 30, 2001, subject to the execution of this Third Amendment and related
amendments to the Pledge Agreement (together, the "Amendments");

     WHEREAS, the Revolving Lenders and the Borrower have agreed to reduce the
Base Revolving Credit Facility; and

     WHEREAS, the Borrower has agreed to pledge additional NITE Stock to the
collateral package;

     NOW, THEREFORE, the parties hereby agree that as of the date hereof:

1.   The following definitions in Section I of the Agreement are hereby amended
     to read as follows:

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

                                      -2-
<PAGE>   3
                    (a) all of the Borrower's stock in any present or future
                    subsidiary, including without limitation, Advanced Clearing,
                    Inc., Ameritrade (Inc.), and Accutrade, Inc.;

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

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

                    (d) all proceeds and products of the foregoing.

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

2.   Section 2.1 of the Agreement is hereby amended to read as follows:

     2.1  Revolving Credit. Until December 31, 2001, the Revolving Lenders
severally agree to advance funds for general corporate purposes not to exceed
the amount shown below (the "Base Revolving Credit Facility") to the Borrower on
a revolving credit basis.

          Such Advances shall be made on a pro rata basis by the Revolving
Lenders, based on the following maximum Advance limits and applicable
percentages for each Revolving Lender: (i) as to FNB-O, $17,333,340 (28.8889%);
(ii) as to Harris, $13,333,320 (22.2222%); (iii) as to Firstar, $16,000,020
(26.6667%); (iv) as to LaSalle, $13,333,320 (22.2222%); provided, however, that
each Revolving Lender's Commitment is several and not joint or joint and
several.

     The Borrower shall not be entitled to any Advance hereunder if, after the
making of such Advance, the Principal Loan Amount would exceed the least of (w)
the then current Base Revolving Credit Facility, or (x) one and one-half (1 1/2)
times the Borrower's Annualized Modified Cash Flow, or (y) the number of Core
Retail Accounts times $200, or (z) seventy percent (70%) of the then current
fair market value of the Pledged NITE Stock, determined in each case after
giving effect to the requested Advance. Nor shall the Borrower be entitled to
any further Advances hereunder after the occurrence and during the continuation
of any Event of Default or any event which with the passage of time or the
giving of notice or both would constitute an Event of Default, or if the
Borrower's representations and warranties cease to be true and correct in all
material respects at the time of the requested Advance. Advances shall be made,
on the terms and conditions of this Agreement, upon the Borrower's request.
Requests

                                      -3-
<PAGE>   4

shall be made by 12:00 noon Omaha time on the Business Day prior to the
requested date of the Advance. Requests shall be made by presentation to FNB-O
of a drawing certificate in the form of Exhibit B. The Borrower's obligation to
make payments of principal and interest on the foregoing revolving credit
indebtedness shall be further evidenced by the Notes.

3.   Section 2.2(a) of the Agreement is hereby amended to read as follows:

     2.2 Revolving Credit Fees.

     (a) The Borrower shall pay to the Revolving Lenders a commitment fee equal
     to 1/2 of 1% (.005) of the average unused facility, payable quarterly in
     arrears. Such fee shall be paid to the Agent and based on the average
     unused portion of the revolving credit commitment during the applicable
     quarter. FNB-O shall distribute to each Revolving Lender its pro rata share
     of such fees based on the maximum Advance limits set forth above.

4.   Section 2.3 of the Agreement is hereby amended to read as follows:

     2.3 Interest on Revolving Credit. Interest shall accrue on the Principal
     Loan Amount outstanding from time to time at a variable rate per annum (the
     "Revolving Credit Rate") equal to the greater of (a) the Base Rate minus
     1/4 of 1% (.0025), or (b) the LIBOR Rate plus 2.00%. Such rate shall
     fluctuate monthly based on changes in such rates on the first business day
     of each month. All interest under the Notes shall accrue based on a year of
     360 days, and for actual days elapsed. Interest shall be due no later than
     the tenth day of each month. Notwithstanding anything to the contrary
     elsewhere herein, after an Event of Default has occurred and is continuing,
     interest shall accrue on the entire outstanding balance of principal and
     interest on all indebtedness hereunder at a fluctuating rate per annum
     equal to the Default Rate.

5.   Section 4.24 of the Agreement is hereby amended to read as follows:

     4.24 Cumulative Pre-Tax Earnings (Losses). The Borrower shall not incur net
     income prior to taxes less than (or net losses prior to taxes more than)
     the amounts shown below, such income (or losses) to be calculated for the
     quarters ending on or before March 31, 2001, on a cumulative basis during
     the Borrower's fiscal year, and for the quarters ending after March 31,
     2001, for the respective fiscal quarter on a stand-alone (i.e.,
     non-cumulative) basis as indicated:

<TABLE>
<CAPTION>
Fiscal Year Ending        Fiscal Quarter Ending       Net Income (or Loss) Before Taxes
------------------        ---------------------       ---------------------------------
<S>                       <C>                         <C>
    9/30/00                     12/31/99              ($80,000,000)  (cumulative)
                                 3/31/00             ($115,000,000)  (cumulative)
                                 6/30/00              ($75,000,000)  (cumulative)
                                 9/30/00              ($60,000,000)  (cumulative)

    9/30/01                     12/31/00              ($35,000,000)  (waived)
                                 3/31/01              ($20,000,000)  (waived)
                                 6/30/01                 ($500,000)  (single quarter)
                                 9/30/01               $15,000,000   (single quarter)
</TABLE>

in each case as tested at the end of each fiscal quarter.

                                      -4-
<PAGE>   5

6.   The following Section 6.1(m) is hereby added to the Agreement:

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

7.   The first sentence of Section 6.2 of the Agreement is hereby amended to
     read as follows:

          If an Event of Default occurs and is continuing, upon the election of
     the Requisite Revolving Lenders, the entire unpaid principal amount under
     the Notes, together with interest accrued thereon, shall become immediately
     due and payable without presentment, demand, protest or notice of any kind,
     all of which are hereby expressly waived, the Commitments of the Revolving
     Lenders hereunder shall terminate, and the Revolving Lenders may exercise
     their rights under the other Operative Documents or the Notes, including,
     without limitation, under the Security Agreement and the Pledge Agreement.

8.   Section 7.1 of the Agreement is hereby amended to read as follows:

     7.1 FNB-O as Servicer. FNB-O will act as sole servicer of the loans
  evidenced by the Notes. For purposes of this Article VII, the term Event of
  Default means any Event of Default hereunder. FNB-O will enforce, administer
  and otherwise deal with the loans made by the Revolving Lenders in accordance
  with safe and prudent banking standards employed by FNB-O in the case of the
  loan made by FNB-O. Without limiting the generality of the foregoing, FNB-O
  will, on its own behalf and on behalf of the Revolving Lenders: (i) maintain
  originals of the Operative Documents (excluding the Notes); (ii) receive
  requests for Advances from the Borrower, promptly transmit the same to the
  Revolving Lenders and make such Advances on behalf of the Revolving Lenders
  (provided that FNB-O is assured of reimbursement therefor by the other
  Revolving Lenders for their pro rata shares); (iii) receive payments and
  prepayments from the Borrower and apply such payments as provided in Section
  7.2; (iv) receive notices from the Borrower and send copies thereof to the
  Revolving Lenders if FNB-O has reasonable cause to believe that such Revolving
  Lenders have not received such notice from another source; and (v) advise the
  Revolving Lenders of the occurrence of any Event of Default which FNB-O
  obtains actual knowledge of. The Revolving Lenders agree not to attempt to
  take any action against the Borrower under the Operative Documents or the
  Notes, or with respect to the indebtedness evidenced thereby without FNB-O's
  consent unless the Requisite Revolving Lenders shall have requested FNB-O to
  take specific action against the Borrower and FNB-O shall have failed to do so
  within a reasonable period after receipt of such request. All actions,
  consents, waivers and approvals by the Revolving Lenders shall be deemed taken
  or given and amendments hereto deemed agreed to if the Requisite Revolving
  Lenders shall have indicated their consent thereto. Notwithstanding the
  foregoing, approval of a Revolving Lender shall be required for: (i) any
  reduction or compromise of the principal loan amount of any Note held by such
  Lender, the amount or rate of interest accrued or accruing

                                      -5-
<PAGE>   6

  thereon or the fees due hereunder; and (ii) extension of the date of any
  scheduled payment under such Note; and unanimous consent of all the Revolving
  Lenders shall be required for (iii) permitting the sale of or releasing the
  security interest of the Revolving Lenders in (x) any stock held in
  Subsidiaries or (y) other Collateral which comprises more than ten percent
  (10%) of net book value of fixed assets of the Borrower; and (iv) any
  amendment of Sections 7.1 or 7.2 hereof. A Revolving Lender's commitment
  hereunder may not be increased without the consent of such Revolving Lender,
  it being understood, however, that increases in the total revolving credit
  facility hereunder may be made with the consent of the Requisite Revolving
  Lenders, so long as such increase does not result in the increase of any
  non-consenting Revolving Lender's commitment hereunder.

9.   Simultaneously with the execution and delivery of this Third Amendment, the
Borrower will execute and deliver to each of the Revolving Lenders a Note,
substantially in the form of Attachment A to this Third Amendment, which will
reflect the revised commitment of such Revolving Lender. Upon receipt of such
new Note each Revolving Lender will cancel and return to the Agent for
distribution to the Borrower the cancelled prior note.

10.  The drawing certificate attached as Exhibit B to the Agreement is amended
to read as shown on Attachment B to this Third Amendment.

11.  The compliance certificate attached as Exhibit C to the Agreement is
amended to read as shown on Attachment C to this Third Amendment.

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

13.  This Third Amendment shall be effective upon receipt by the Agent of
counterpart signature pages from each of the parties hereto, and also from the
Borrower:

     (a) the revised Notes specified in Paragraph 7 above,

     (b) a certificate dated as of the effective date of this Third Amendment
     (the "Effective Date") of an executive officer of the Borrower affirming as
     of such Effective Date (i) the representations and warranties of the
     Borrower set forth in the Operative Documents, and (ii) that no Default or
     Event of Default has occurred and is continuing;

     (c) a certificate of the secretary or assistant secretary of the Borrower
     that the Amendments have been duly authorized, executed and delivered by
     the Borrower, such certificate to include a copy of the corporate
     resolution of the Borrower authorizing the execution of the Amendments;

     (d) UCC-3s reflecting the amended Collateral description and in lieu
     financing statements, such UCC-3s and in lieu financing statements to be in
     a form acceptable to the Agent; and

     (e) such other documents and certificates as shall be requested by the
     Agent to effect the Amendments.

                                      -6-
<PAGE>   7

     14. Notwithstanding any other provision in the Operative Documents prior to
the Effective Date, after the Effective Date all references in the Operative
Documents to the Uniform Commercial Code shall mean the Uniform Commercial Code
adopted by the State of Nebraska, as amended from time to time.

     15. The Revolving Lenders have previously waived, pursuant to the Waiver
Agreement (the "Waiver") dated as of April 30, 2001 among the Borrower, the
Agent and the Revolving Lenders, and subject to the execution of the Amendments,
certain covenants of the Agreement specified in the Waiver. The Waiver also
stated that for purposes of calculating Annualized Modified Cash Flow as of
March 31, 2001, the subordinated debt retirement expense in the amount of
$62,082,119 which was incurred in the quarter ending March 31, 2001 (the
"Subordinated Debt Retirement Expense"), would be excluded. The Agent and the
Revolving Lenders hereby confirm that the Subordinated Debt Retirement Expense
is excluded for purposes of determining Annualized Modified Cash Flow for the
quarter ending March 31, 2001, in determining the maximum Principal Loan Amount
permitted under clause (x) of the second paragraph of Section 2.1 of the
Agreement as amended by this Third Amendment.

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

                                      -7-
<PAGE>   8

                                        AMERITRADE HOLDING CORPORATION

                                        By:     /s/ John R. MacDonald
                                           -------------------------------------
                                        Title:  Chief Financial Officer
                                             -----------------------------------

                                        FIRST NATIONAL BANK OF OMAHA

                                        By:     /s/ James P. Bonham
                                           -------------------------------------
                                        Title:  Vice President
                                             -----------------------------------

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

                                            INITIALED:

                                             /s/ JRM
                                            -------------
                                            Borrower

                                      -8-
<PAGE>   9

                                        HARRIS TRUST AND SAVINGS BANK

                                        By:     /s/ Gary R. Shafer
                                           -------------------------------------
                                        Title:  Vice President
                                              ----------------------------------

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

                                            INITIALED:

                                             /s/ JRM
                                            -----------
                                            Borrower

                                      -9-
<PAGE>   10

                                        FIRSTAR BANK, N.A.

                                        By:    /s/ Joseph L. Sooter, Jr.
                                            ------------------------------------
                                        Title:    Vice President
                                              ----------------------------------

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

                                             INITIALED:

                                             /s/ JRM
                                             -------
                                             Borrower

                                      -10-
<PAGE>   11
                                        LASALLE BANK NATIONAL ASSOCIATION

                                        By:      /s/ Darren Lemkau
                                           -------------------------------------
                                        Title:   First Vice President
                                              ----------------------------------

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

                                            INITIALED:

                                             /s/ JRM
                                            ----------
                                            Borrower

                                      -11-
<PAGE>   12

                            NOTICE OF EFFECTIVE DATE

         Ameritrade Holding Corporation is the borrower (the "Borrower") under
that certain Amended and Restated Revolving Credit Agreement (the "Agreement")
dated as of January 25, 2000, as previously amended by the First Amendment to
Amended and Restated Revolving Credit Agreement and the Second Amendment to
Amended and Restated Revolving Credit Agreement, by and among the Borrower;
First National Bank of Omaha, as agent (the "Agent") for itself and the other
lenders (the "Lenders") named therein; Harris Trust and Savings Bank; LaSalle
Bank National Association and Firstar Bank, N.A.

         In connection with the Waiver Agreement (the "Waiver Agreement") dated
as of April 30, 2001, by the Agent and the Lenders,

         (a) the Borrower, the Agent and the Lenders have entered into a Third
         Amendment to Amended and Restated Revolving Credit Agreement (the
         "Third Amendment") dated as of May 10, 2001, and

         (b) the Borrower and the Agent have entered into a Second Amendment to
         the Amended and Restated Stock Pledge Agreement (the "Second
         Amendment") dated as of May 10, 2001.

Certain requirements for the effectiveness of the Third Amendment were not
completed until June 20, 2001. The parties to the Second Amendment and the Third
Amendment (together, the "Amendments") desire for the effective date of the
Amendments to be the same for both Amendments and to avoid any confusion as to
such effective dates. Therefore, the parties to the Amendments hereby agree that
(i) notwithstanding the as-of date of May 10, 2001, shown in the Amendments or
any other reference in the Amendments to an Effective Date, the "Effective Date"
of both Amendments is hereby acknowledged by all such parties to have occurred
on June 20, 2001; (ii) the reference in Section 4.3(a) of the Amended and
Restated Stock Pledge Agreement, as amended by the Second Amendment (the
"Revised Pledge Agreement"), to "the date hereof" is deemed to read "June 20,
2001;" and (iii) the reference in Section 4.3(a) of the Revised Pledge Agreement
to "$85,715,000" is amended to read $74,550,000." This Notice of Effective Date
may be executed by the parties in counterparts.

BORROWER:                           AMERITRADE HOLDING CORPORATION

                                    By:  /s/ John R. MacDonald
                                         ---------------------
                                             Title: Chief Financial Officer
                                                    -----------------------

AGENT and LENDER:                   FIRST NATIONAL BANK OF OMAHA

                                    By:  /s/ James P. Bonham
                                         -------------------
                                             Title: Vice President
                                                    --------------

<PAGE>   13

LENDERS:                            HARRIS TRUST AND SAVINGS BANK

                                    By:  /s/ Gary R. Shafer
                                         ------------------
                                             Title: Vice President
                                                    --------------

                                    FIRSTAR BANK, N.A.

                                    By:  /s/ Joseph L. Sooter, Jr.
                                         -------------------------
                                             Title: Vice President
                                                    --------------

                                    LASALLE BANK NATIONAL ASSOCIATION

                                    By:  /s/ Darren Lemkau
                                         -----------------
                                             Title: First Vice President
                                                    --------------------<PAGE>   1

Exhibit 10.2
                   AMENDED AND RESTATED STOCK PLEDGE AGREEMENT

     THIS AMENDED AND RESTATED STOCK PLEDGE AGREEMENT (the "Stock Pledge
Agreement") is made as of January 25, 2000, by and between FIRST NATIONAL BANK
OF OMAHA, a national banking association having its principal place of business
in Omaha, Nebraska as agent ("FNB-O" or the "Agent") for itself and HARRIS TRUST
AND SAVINGS BANK, LASALLE BANK NATIONAL ASSOCIATION, MERCANTILE BANK NATIONAL
ASSOCIATION , the revolving lenders (the "Revolving Lenders") under the Amended
and Restated Revolving Credit Agreement dated as of January 25, 2000 ( the
"Revolving Credit Agreement") and AMERITRADE HOLDING CORPORATION (the
"Borrower"). All terms not defined in this Stock Pledge Agreement shall have
their respective meanings as set forth in the Revolving Credit Agreement.

                              W I T N E S S E T H:
                              - - - - - - - - - -
     WHEREAS, the Agent, the Revolving Lenders and the Borrower are parties to
the Revolving Credit Agreement, which amends and restates the Existing
Agreement;

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

     WHEREAS, in order to induce the Revolving Lenders to make the loan to the
Borrower and in order to secure the borrower's obligations due to the Revolving
Lenders under the Existing Agreement, and under the notes given in connection
therewith, the Borrower entered into the Stock Pledge Agreement dated as of
January 16, 1998 (the "Existing Stock Pledge Agreement");

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

     WHEREAS, the Borrower and Revolving Lenders wish to have this Amended and
Restated Stock Pledge Agreement dated as of January 25, 2000, be the controlling
agreement with respect to the matters set forth herein, which shall supersede
the Existing Stock Pledge Agreement; and

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

<PAGE>   2

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

                                 I. DEFINITIONS

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

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

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

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

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

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

     "Pledged NITE Stock" shall mean the NITE Stock pledged by the Borrower to
the Agent under this Stock Pledge Agreement, as shown on Schedule A, including
such additional NITE Stock as shall be required in accordance with the
provisions of Section 4.3 of this Stock Pledge Agreement.

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

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

     "Stock Rights" means any stock, any dividend or other distribution and any
other right or property, including any "securities entitlement," as defined in
Section 8-102 of the Uniform Commercial Code as adopted by the State of
Nebraska, which the Borrower shall now or hereafter receive or shall become
entitled to receive for any reason whatsoever with respect to, in substitution
for or in exchange for any shares of the Pledged Stock and any stock, any right
to receive stock and any right to receive earnings, in which the Borrower now
has or hereafter acquires any right, in connection with the Pledged Stock.

                                      -2-

<PAGE>   3

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

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

                              II. SECURITY INTEREST

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

                       III. REPRESENTATIONS AND WARRANTIES

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

                                  IV. COVENANTS

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

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

                                      -3-

<PAGE>   4

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

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

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

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

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

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

          (c) Changes in Capital Structure of Issuers. (i) Permit or suffer any
     issuer of Subsidiary Stock to dissolve, liquidate, retire any of its
     capital stock, reduce its capital or merge or consolidate with any other
     entity, or (ii) vote any of the Pledged Stock in favor of any of the
     foregoing, except as otherwise permitted in writing by the Requisite
     Revolving Lenders.

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

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

              1.        Mark to Market. The Borrower represents and warrants
                        that the original Pledged NITE Stock has a market
                        value of at least $50,000,000. The Pledged NITE Stock
                        shall be marked to market weekly to determine the
                        fair market value of such Collateral. The Borrower
                        shall provide to the Agent weekly a report showing
                        the current fair market value of the Pledged NITE
                        Stock.

                                      -4-

<PAGE>   5

              2.         Addional Pledged NITE Stock. In the event that the fair
                         market value of the Pledged NITE Stock at any time is
                         less than $36,000,000, the Borrower shall give notice
                         of such deficiency to the Agent and, within three
                         Business Days after the determination of the
                         deficiency, deliver to the Agent, or transfer into the
                         Pledged Account, as applicable, additional NITE Stock
                         such that the fair market value of the Pledged NITE
                         Stock again shall be at least $50,000,000. Prior to the
                         provision of such additional Pledged NITE Stock, the
                         Base Revolving Credit Facility shall be reduced
                         immediately to an amount equal to the sum of (a) 1.5
                         times Annualized Modified Cash Flow, plus (b)70% of the
                         fair market value of the Pledged NITE Stock (as to (a)
                         ---- and (b) together, the "Maximum Loan
                         Availability"). Failure to provide such additional
                         Pledged NITE Stock within three Business Days shall
                         constitute a default under this Stock Pledge Agreement
                         unless the total amount outstanding under the Notes
                         does not exceed the Maximum Loan Availability.

                   (c)  Release of Pledged NITE Stock. The Agent shall release
                         the Pledged NITE Stock and return all interest therein
                         to the Borrower upon satisfaction of all of the
                         following conditions:

                   (i)  the Base Revolving Credit Facility has been reduced to
                         $75,000,000 or less;

                  (ii)   the aggregate amounts outstanding under the Notes and
                         the Revolving Credit Agreement do not exceed the
                         product of l.5 times Annualized Modified Cash Flow; and

                  (iii)  no Event of Default nor any event or occurrence which
                         with the passage of time, or notice, or both, would
                         constitute an Event of Default, has occurred and is
                         continuing.

                            V. DEFAULTS AND REMEDIES

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

     Section 5.2. Acceleration and Remedies. If any Event of Default occurs and
is continuing, and upon the expiration of any applicable cure period, if any,
upon the election of the

                                      -5-

<PAGE>   6

Revolving Lenders holding two-thirds of the then outstanding aggregate total
Indebtedness of the Borrower to the Revolving Lenders, the Obligations,
including accrued interest, shall immediately become due and payable without
presentment, demand, protest or notice of any kind, all of which are hereby
expressly waived, and the Agent, or if the Agent refuses to act upon the
direction of Revolving Lenders holding 2/3 of the Principal Loan Amount then
outstanding (or, if there is no Principal Loan Amount outstanding, upon the
direction of Revolving Lenders representing 2/3 of the Commitments in effect at
such time), the Revolving Lenders may (i) exercise all rights set forth in
Sections 7.2, 7.3 and 7.4, and (ii) may exercise any or all of the rights and
remedies provided (x) in this Stock Pledge Agreement, (y) in the Nebraska
Uniform Commercial Code to a secured party when a debtor is in default under a
security agreement and (z) by any other applicable law. Upon the occurrence of
an Event of Default described in Section 6.1(h)(1) or (2) of the Agreement,
acceleration under this Section 5.2 shall occur automatically without the
election, declaration, notice or other act on the part of any of the Revolving
Lenders.

                      VI. WAIVERS, AMENDMENTS AND REMEDIES

     Section 6.1 Waivers, Amendments and Remedies. No delay or omission of the
Agent or Revolving Lenders to exercise any right or remedy granted under this
Stock Pledge Agreement shall impair such right or remedy or be construed to be a
waiver of any Event of Default or an acquiescence therein, and any single or
partial exercise of any such right or remedy shall not preclude other or further
exercise thereof or the exercise of any other right or remedy, and no waiver,
amendment or other variation of the terms, conditions or provisions of this
Stock Pledge Agreement whatsoever shall be valid unless in writing signed by the
Agent, and then only to the extent in such writing specifically set forth. All
rights and remedies contained in this Stock Pledge Agreement or by law afforded
shall be cumulative and all shall be available to the Agent and the Revolving
Lenders until the Obligations have been paid and performed in full.

                             VII. GENERAL PROVISIONS

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

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

                                      -6-
<PAGE>   7

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

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

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

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

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

                                      -7-

<PAGE>   8

and shall not in any manner affect such clause or provision in any other
jurisdiction or any other clause or provision in this Stock Pledge Agreement or
any jurisdiction.

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

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

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

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

     Section 7.12 Taxes and Expenses. The Borrower will upon demand pay to the
Agent (i) any taxes (excluding income taxes) payable or ruled payable by federal
or state authority in respect of this Stock Pledge Agreement, together with
interest and penalties, if any, and (ii) all reasonable expenses, including the
reasonable and documented fees and expenses of counsel for the Agent and the
Revolving Lenders (which may be employees of the Agent or another Revolving
Lender) and of any experts and agents that the Revolving Lenders may incur in
connection with (a) the administration of this Stock Pledge Agreement, (b) the
custody or preservation of, or the sale of, collection from, or other
realization upon, any of the Pledged Stock, (c) the exercise or enforcement of
any of the rights of the Revolving Lenders hereunder, or (d) the failure of the
Borrower to perform or observe any of the provisions hereof or of the Revolving
Credit Agreement.

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

                                      -8-

<PAGE>   9

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

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

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

                                  VIII. NOTICES

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

     To the Borrower:

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

     To the Agent and the Revolving Lenders:

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

                                   IX. WAIVERS

     Section 9.1 Waivers. By execution of this Stock Pledge Agreement, the
Borrower intends that the Collateral shall be absolutely and unconditionally
available to secure the prompt

                                      -9-

<PAGE>   10

payment when due of all Obligations, irrespective of the unenforceability,
illegality or invalidity of such obligations or the unenforceability,
illegality, invalidity or insufficiency of any security therefor, together with
all reasonable and documented costs, expenses and attorneys' fees incurred by
the Revolving Lenders in connection with any Event of Default.

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

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

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

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

                                  -10-
<PAGE>   11

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

                                 AMERITRADE HOLDING CORPORATION

                                 By     /s/ Thomas K. Lewis
                                 ------------------------------------------
                                 Title   Co-Chief Executive Officer
                                 ------------------------------------------

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

                                 By     /s/ James P. Bonham
                                   ----------------------------------------

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

                                      -11-

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