Document:

Exhibit
4.11

[FACE OF NOTE]

Unless this certificate is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New
York) to the issuer or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co.
or such other name as requested by an authorized representative of The
Depository Trust Company and any payment is made to Cede & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

	
  REGISTERED

   

   

   

  NO. 1 

  	
  CUSIP: 
  22541FEA0

   

   

  PRINCIPAL AMOUNT: $ 3,250,000

  

 

	
  CREDIT SUISSE (USA),
  INC.

  ProNotes Linked to the Value of a Basket
  of Commodities

  due
  September 30, 2010

  

 

CREDIT SUISSE (USA), INC., a Delaware corporation (the
“Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, at the office or agency of the Company in New
York, New York, the Redemption Amount (as defined on the reverse hereof) on the
Maturity Date (as defined on the reverse hereof).

Reference is hereby made to the further provisions of
this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

This Note shall not be valid or become obligatory for
any purpose until the certificate of authentication hereon shall have been manually
signed by the Trustee under the Indenture referred to on the reverse hereof.

This Note will not pay
interest.

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IN WITNESS WHEREOF, the
Company has caused this Note to be duly executed under its corporate seal.

	
  

  	
  CREDIT SUISSE (USA), INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
  [SEAL]

  	
  By:

  	
    /s/ Peter Feeney

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Peter Feeney

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE (USA), INC.

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
    /s/ Grace Koo

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Grace Koo

  
	
   

  	
   

  	
  Title:

  	
  Authorized
  Signatory

  
					

 

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

Dated: 
September 29, 2006

	
   

  	
  JPMORGAN CHASE, N.A.,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   /s/
  Ignazio Tamburello

  	
   

  
	
   

  	
   

  	
  Name:  Ignazio
  Tamburello

  
	
   

  	
   

  	
  Title:   
  Authorized Signatory

  
					

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[REVERSE OF NOTE]

CREDIT SUISSE (USA), INC.

ProNotes Linked to the Value of a Basket of
Commodities

due September 30, 2010

This Note is one
of a duly authorized issue of debentures, notes, bonds or other evidences of
indebtedness of the Company (the “Securities”) of the series hereinafter
specified, all issued or to be issued under and pursuant to a senior indenture,
dated as of June 1, 2001 (the “Indenture”), between the Company and JPMorgan
Chase Bank, as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company, and the Holders of the Securities.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), may be
subject to different sinking, purchase or analogous funds (if any) and may
otherwise vary as provided in the Indenture. 
This Note is one of a series designated as the ProNotes Linked to the Value of a Basket of Commodities due September
30, 2010 (the “Note”).

This Note will not pay interest.

This Note is payable in the manner, with the effect
and subject to the conditions provided in the Indenture.

If a payment date is not a Business Day as defined in
the Indenture at a place of payment, payment may be made at that place on the
next succeeding day that is a Business Day, and no interest shall accrue for
the intervening period.

The Indenture provides that, without prior notice to
any Holders, the Company and the Trustee may amend the Indenture and the
Securities of any series with the written consent of the Holders of a majority
in principal amount of the outstanding Securities of all series affected by
such amendment (all such series voting as one class), and the Holders of a majority
in principal amount of the outstanding Securities of all series affected
thereby (all such series voting as one class) may waive future compliance by
the Company with any provision of the Indenture or the Securities of such
series by written notice to the Trustee; provided that, without the consent of
each Holder of the Securities of each series affected thereby, an amendment or
waiver, including a waiver of past defaults, may not: (i) extend the stated
maturity of the Principal of, or any sinking fund obligation or any installment
of interest on, such Holder’s Security, or reduce the principal amount thereof
or the rate of interest thereon (including any amount in respect of original
issue discount), or any premium payable with respect thereto, or adversely
affect the rights of such Holder under any mandatory redemption or repurchase
provision or any right of redemption or repurchase at the option of such
Holder, or reduce the amount of the Principal of an Original Issue Discount
Security that would be due and payable upon an acceleration of the maturity
thereof or the amount thereof provable in bankruptcy, or change any place of
payment where, or the currency in which, any Security of such series or any
premium or the interest thereon is payable, or impair the right to institute
suit for the

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enforcement of any such
payment on or after the due date therefor; (ii) reduce the percentage in
principal amount of outstanding Securities of the relevant series the consent
of whose Holders is required for any such supplemental indenture, for any
waiver of compliance with certain provisions of the Indenture or certain
Defaults and their consequences provided for in the Indenture; (iii) waive a
Default in the payment of Principal of or interest on any Security of such
Holder; or (iv) modify any of the provisions of the Indenture governing
supplemental indentures with the consent of Securityholders except to increase
any such percentage or to provide that certain other provisions of the
Indenture cannot be modified or waived without the consent of the Holder of
each outstanding Security affected thereby.

The Indenture provides that, subject to certain
conditions, the Holders of at least a majority in principal amount (or, if any
Securities are Original Issue Discount Securities, such portion of the
Principal as is then accelerable) of the outstanding Securities of all series
affected (voting as a single class), by notice to the Trustee, may waive an
existing Default or Event of Default with respect to the Securities of such
series and its consequences, except a Default in the payment of Principal of or
interest on any Security or in respect of a covenant or provision of the
Indenture which cannot be modified or amended without the consent of the Holder
of each outstanding Security affected. 
Upon any such waiver, such Default shall cease to exist, and any Event
of Default with respect to the Securities of such series arising therefrom
shall be deemed to have been cured, for every purpose of the Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.

The Indenture provides that a series of Securities may
include one or more tranches (each a “tranche”) of Securities, including
Securities issued in a Periodic Offering. 
The Securities of different tranches may have one or more different
terms, including authentication dates and public offering prices, but all the
Securities within each such tranche shall have identical terms, including
authentication date and public offering price. 
Notwithstanding any other provision of the Indenture, subject to certain
exceptions, with respect to sections of the Indenture concerning the execution,
authentication and terms of the Securities, redemption of the Securities,
Events of Default of the Securities, defeasance of the Securities and amendment
of the Indenture, if any series of Securities includes more than one tranche,
all provisions of such sections applicable to any series of Securities shall be
deemed equally applicable to each tranche of any series of Securities in the
same manner as though originally designated a series unless otherwise provided
with respect to such series or tranche pursuant to a board resolution or a
supplemental indenture establishing such series or tranche.

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Redemption Amount of
this Note in the manner, at the place, at the time and in the coin or currency
herein prescribed.

The Securities are issuable initially only in
registered form without coupons in denominations of $10,000 and any integral
multiples of $1,000 in excess of that amount at the office or agency of the
Company in the Borough of Manhattan, The City of New York, and in the manner
and subject to the limitations provided in the Indenture.

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The Securities will not be redeemable at the option of
the Company prior to maturity.

The Company will not be required to pay any Additional
Amounts on the Securities.

Maturity
Date

The Maturity Date of the Securities is September 30, 2010 (the “Maturity
Date”); however, if a market disruption event exists on the valuation date, as
determined by the Calculation Agent, the Maturity Date will be the later of September 30, 2010, and the fifth
Business Day following the date on which the final basket level is calculated.

Redemption
Amount

The Company will redeem the Securities at maturity for
a redemption amount in cash that will equal the principal amount of the
Securities multiplied by the sum of 1 plus the basket return (the “Redemption
Amount”).  The basket return will be
based on the difference between the final basket level and the initial basket
level.  How the basket return will be
calculated depends on whether the final basket level is greater than, less than
or equal to the initial basket level:

·                  If the final
basket level is greater than the initial basket level, then the basket return
will equal:

final basket level - initial basket level

initial basket
level

Thus, if the final
basket level is greater than the initial basket level, the basket return will
be a positive number, and the Redemption Amount will equal more than the
principal amount of the Securities.

·                  If the final
basket level is less than or equal to the initial basket level, then the basket
return will equal:

initial basket level - final basket level

25%    *                                  initial basket
level

Thus, if the final
basket level is less than the initial basket level, the basket return will be a
positive number, and the Redemption Amount will equal more than the principal
amount of the Securities.

·                  If the final
basket level is equal to the initial basket level, then the basket return will
be zero and the Redemption Amount will equal the principal amount of the
Securities.

For purposes of calculating the basket return, the
final basket level on the valuation date will be equal to the sum of:

 R-3
 

 

(i) the product of (x) .07, the weighting of the
Aluminum component in the basket, and (y) the closing level of Aluminum on the
valuation date divided by 2521.00, the closing level of Aluminum on September
22, 2006, the date the Securities are priced for initial sale to the public;

(ii) the product of (x) .07, the weighting of the
Copper component in the basket, and (y) the closing level of Copper on the
valuation date divided by 7583.00, the closing level of Copper on September 22,
2006, the date the Securities are priced for initial sale to the public;

(iii) the product of (x) .15, the weighting of the
Crude Oil component in the basket, and (y) the closing level of Crude Oil on
the valuation date divided by 60.55, the closing level of Crude Oil on
September 22, 2006, the date the Securities are priced for initial sale to the
public;

(iv) the product of (x) .05, the weighting of the Gold
component in the basket, and (y) the closing level of Gold on the valuation
date divided by 590.00, the closing level of Gold on September 22, 2006, the
date the Securities are priced for initial sale to the public.

(v) the product of (x) .05, the weighting of the
Heating Oil component in the basket, and (y) the closing level of Heating Oil
on the valuation date divided by 164.72, the closing level of Heating Oil on
September 22, 2006, the date the Securities are priced for initial sale to the
public;

(vi) the product of (x) .05, the weighting of the Lead
component in the basket, and (y) the closing level of Lead on the valuation
date divided by 1391.00, the closing level of Lead on September 22, 2006, the
date the Securities are priced for initial sale to the public;

(vii) the product of (x) .10, the weighting of the
Natural Gas component in the basket, and (y) the closing level of Natural Gas
on the valuation date divided by 4.627, the closing level of Natural Gas on
September 22, 2006, the date the Securities are priced for initial sale to the
public;

(viii) the product of (x) .06, the weighting of the
Nickel component in the basket, and (y) the closing level of Nickel on the
valuation date divided by 29150.00, the closing level of Nickel on September
22, 2006, the date the Securities are priced for initial sale to the public;

(ix) the product of (x) .05, the weighting of the RBOB
Gasoline component in the basket, and (y) the closing level of RBOB Gasoline on
the valuation date divided by 151.99, the closing level of RBOB Gasoline on
September 22, 2006, the date the Securities are priced for initial sale to the
public;

(x) the product of (x) .05, the weighting of the Zinc
component in the basket, and (y) the closing level of Zinc on the valuation
date divided by 3411.00, the closing level of Zinc on September 22, 2006, the
date the Securities are priced for initial sale to the public;

 R-4
 

 

(xi) the product of (x) .20, the weighting of the
GSCI-ER Agriculture Index component in the basket, and (y) the closing level of
GSCI-ER Agriculture Index on the valuation date divided by 56.54448, the
closing level of GSCI-ER Agriculture Index on September 22, 2006, the date the
Securities are priced for initial sale to the public; and

(xii) the product of (x) .10, the weighting of the
GSCI-ER Livestock Index component in the basket, and (y) the closing level of
GSCI-ER Livestock Index on the valuation date divided by 383.5275, the closing
level of GSCI-ER Livestock Index on September 22, 2006, the date the Securities
are priced for initial sale to the public.

The “initial basket level” equals 1.0.

The “closing level” for each underlying commodity or
exchange rate will be the price of such underlying commodity or exchange rate
at such time as described below.

The price of “Aluminum” is the official settlement
price of the third Wednesday dated front month futures contract for one metric
ton of High Grade Primary Aluminum, stated in U.S. dollars, as determined by the
London Metal Exchange.

The price of “Copper” is the official settlement price
of the third Wednesday dated front month futures contract for one metric ton of
Copper, stated in U.S. dollars, as determined by the London Metal Exchange.

The price of “Crude Oil” is the official settlement
price for one barrel of the first nearby WTI light sweet crude oil futures
contract, stated in U.S. dollars, as determined by the New York Mercantile
Exchange.

The price of “Gold” is the official settlement price
for one fine troy ounce of the most active nearby refined Gold futures
contract, stated in U.S. dollars as determined by the COMEX Division of the New
York Mercantile Exchange.

The price of “Heating Oil” is the official settlement
price for one gallon of the first nearby fungible No. 2 heating oil futures
contract, stated in U.S. dollars, as determined by the New York Mercantile
Exchange.

The price of “Lead” is the official settlement price
of the third Wednesday dated front month futures contract for one metric ton of
Lead, stated in U.S. dollars, as determined by the London Metal Exchange.

The price of “Natural Gas” is the official settlement
price for one MMBTU of the first nearby Henry Hub natural gas futures contract,
stated in U.S. dollars, as determined by the New York Mercantile Exchange.

The price of “Nickel” is the official settlement price
of the third Wednesday dated front month futures contract for one metric ton of
Nickel, stated in U.S. dollars, as determined by the London Metal Exchange.

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The price of “RBOB Gasoline” is the official
settlement price for one gallon of the first nearby non-oxygenated blendstock
gasoline futures contract, stated in U.S. dollars, as determined by the New
York Mercantile Exchange.

The price of “Zinc” is the official settlement price
of the third Wednesday dated front month futures contract for one metric ton of
Special High Grade Zinc, stated in U.S. dollars, as determined by the London
Metal Exchange.

The price of the “GSCI-ER Agriculture Index” is the
value of the GSCI Agriculture Excess Return Index as published on Reuters.

The price of the “GSCI-ER Livestock Index” is the
value of the GSCI Livestock Excess Return Index as published on Reuters.

The “valuation date” will be September 23, 2010;
however, if the Calculation Agent determines that on the valuation date a
market disruption event exists, then the valuation date will be postponed to
the first succeeding business day on which the Calculation Agent determines
that no market disruption event exists, unless the Calculation Agent determines
that a market disruption event exists on each of the five business days
immediately following the valuation date. 
In that case, the fifth business day after the original valuation date
will be deemed to be the valuation date notwithstanding the existence of a
market disruption event, and the Calculation Agent will determine the basket
level for the valuation date on that fifth succeeding business day.

A “business day” is any day on which the relevant
futures contract or commodity index is published and on which the offices of
Goldman, Sachs & Co. in New York, New York are open for business.

Market
Disruption Events

A “market disruption
event” is the occurrence on any date or any number of consecutive dates of any
one or more of the following circumstances: (a) the termination or suspension
of, or material limitation or disruption for at least two hours in the trading
of a commodity or a futures contract thereon included in the underlying basket
or any commodity or a futures contract thereon underlying the GSCI-ER Livestock
Index or GSCI-ER Agriculture Index that prevents the relevant exchange on which
such commodity is traded from establishing an official settlement price for
such commodity or contract as of a regularly scheduled settlement time; (b) the
settlement price for any commodity or a futures contract thereon included in
the underlying basket or commodity underlying the GSCI-ER Livestock Index or
GSCI-ER Agriculture Index is a “limit price,” which means that such settlement
price for a day has increased or decreased from the previous day’s settlement
price by the maximum amount permitted under applicable exchange rules; (c)
failure by the applicable exchange or other price source to announce or publish
the settlement price for any commodity or a futures contract thereon included
in the underlying basket or commodity underlying the GSCI-ER Livestock Index or
the GSCI-ER Agriculture Index; and (d) failure of Goldman, Sachs & Co. to
publish the

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value for the GSCI-ER
Livestock Index or the GSCI-ER Agriculture Index, subject to certain
adjustments described below.

If the Calculation Agent
determines that a market disruption event exists in respect of a commodity
included in the underlying basket or the GSCI-ER Livestock Index or the GSCI-ER
Agriculture Index (together the “basket components”), then the valuation date
for such basket component will be postponed to the first succeeding business
day on which the Calculation Agent determines that no market disruption event
exists, unless the Calculation Agent determines that a market disruption event
exists on each of the five business days immediately following the valuation
date. In that case, (a) the fifth succeeding business day after the original
valuation date will be deemed to be the valuation date, notwithstanding the
market disruption event, and (b) the Calculation Agent will determine the
settlement price for such basket component in a commercially reasonable manner.
The valuation date for each basket component not affected by a market disruption
event will be the scheduled valuation date.

In the event that a
market disruption event exists on the valuation date, the Maturity Date of the
Securities will be the later of September 30, 2010 and the fifth business day
following the day on which the final basket level is calculated. No interest or
other payment will be payable because of any such postponement of the Maturity
Date.

All determinations made
by the Calculation Agent will be at the sole discretion of the Calculation
Agent and will be conclusive for all purposes and binding on the Company and
the beneficial owners of the Securities, absent manifest error.

Adjustments
to the calculation of the GSCI-ER Livestock Index or the GSCI-ER Agriculture
Index

If either the GSCI-ER
Livestock Index or the GSCI-ER Agriculture Index is not calculated and
announced by Goldman, Sachs & Co. but (a) is calculated and announced by a
successor acceptable to the Calculation Agent or (b) is replaced by a successor
index using, in the determination of the Calculation Agent, the same or a
substantially similar formula for and method of calculation as used in the
calculation of the GSCI-ER Livestock Index or GSCI-ER Agriculture Index, as the
case may be, then the GSCI-ER Livestock Index or GSCI-ER Agriculture Index, as
applicable, will be deemed to be the index so calculated and announced by that
successor sponsor or that successor index, as the case may be.

Upon any selection by the
Calculation Agent of a successor index, the Calculation Agent will cause notice
to be furnished to the Company and the Trustee, which will provide notice of
the selection of the successor index to the registered holders of the
Securities in the manner set forth in the prospectus.

If (x) on or prior to the
valuation date Goldman, Sachs & Co. makes, in the determination of the
Calculation Agent, a material change in the formula for or the method of
calculating the GSCI-ER Livestock Index or the GSCI-ER Agriculture Index or in
any other way materially modifies the GSCI-ER Livestock Index or the GSCI-ER
Agriculture Index or (y) on the valuation date Goldman, Sachs & Co. (or a
successor sponsor) fails to calculate and announce the GSCI-ER Livestock Index
or the GSCI-ER Agriculture Index and there is no comparable index available,
then the Calculation Agent will calculate the Redemption Amount

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using, in lieu of a
published level for the GSCI-ER Livestock Index or the GSCI-ER Agriculture
Index, as the case may be, the level for the index as on the valuation date as
determined by the Calculation Agent in accordance with the formula for and
method of calculating the GSCI-ER Livestock Index or the GSCI-ER Agriculture
Index, as the case may be, last in effect prior to that change or failure, but
using only those commodities that comprised the GSCI-ER Livestock Index or the
GSCI-ER Agriculture Index, as the case may be, immediately prior to that change
or failure.  Notice of adjustment of the
GSCI-ER Livestock Index or the GSCI-ER Agriculture Index will be provided by
the Trustee in the manner set forth in the prospectus.

All determinations made
by the Calculation Agent will be at the sole discretion of the Calculation
Agent and will be conclusive for all purposes and binding on the Company and
the beneficial owners of the securities, absent manifest error.

Events of Default and Acceleration

In case an Event of Default (as defined in the
Indenture) with respect to the Securities shall have occurred and be
continuing, the amount declared due and payable upon any acceleration of the
Securities (in accordance with the acceleration provisions set forth in the
prospectus) will be determined by the Calculation Agent and will equal, for
each security, the arithmetic average, as determined by the Calculation Agent,
of the fair market value of the Securities as determined by at least three but
not more than five broker-dealers (which may include Credit Suisse Securities
(USA) LLC or any of the Company’s other subsidiaries or affiliates) as will
make such fair market value determinations available to the Calculation Agent.

The Company, the Trustee and any agent of the Company
or the Trustee may deem and treat the registered Holder hereof as the absolute
owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon) for the
purpose of receiving payment of, or on account of, the Redemption Amount
hereof, and for all other purposes, and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the
contrary.

No recourse under or upon any obligation, covenant or
agreement contained in the Indenture or any indenture supplemental thereto or
in any Note, or because of any indebtedness evidenced thereby, shall be had
against any incorporator as such, or against any past, present or future
stockholder, officer, director or employee, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any
rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as
part of the consideration for the issue hereof.

The calculation agent for the Securities (the “Calculation
Agent”) is Credit Suisse International. 
The calculations and determinations of the Calculation Agent will be
final and binding upon all parties (except in the case of manifest error).  The Calculation Agent will have no
responsibility for good faith errors or omissions in its calculations and
determinations, whether caused by negligence or otherwise.

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Terms used herein that are defined in the Indenture
and not otherwise defined herein shall have the respective meanings assigned
thereto in the Indenture.

The laws of the State of New York (without regard to
conflicts of laws principles thereof) shall govern this Note.

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  FOR VALUE RECEIVED, the undersigned hereby
  sell(s), assign(s) and transfer(s) unto

  
	
   

  
	
  [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
  NUMBER OF ASSIGNEE]

  
	
  

  
	
   

  
	
   

  
	
   

  
	
  [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING
  ZIP CODE, OF ASSIGNEE]

  
	
   

  
	
   

  
	
  the within Note and all rights thereunder, hereby
  irrevocably constituting and appointing

  
	
   

  
	
   

  	
  Attorney to

  
	
  transfer such Note on the books of the Issuer, with
  full power of substitution in the premises.

  

 

 

	
   

  	
  Signature:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  
	
   

  	
  NOTICE: The signature to this assignment must
  correspond with the name as written upon the face of the within Note in every
  particular without alteration or enlargement or any change whatsoever.

  
				

 

 R-10Exhibit
4.12

[FACE OF NOTE]

Unless this certificate is presented by an authorized
representative of The Depository Trust Company (55 Water Street, New York, New
York) to the issuer or its agent for registration of transfer, exchange or
payment, and any certificate issued is registered in the name of Cede & Co.
or such other name as requested by an authorized representative of The
Depository Trust Company and any payment is made to Cede & Co., ANY
TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR OTHERWISE BY OR TO ANY PERSON
IS WRONGFUL since the registered owner hereof, Cede & Co., has an interest
herein.

	
  REGISTERED

  	
   

  	
  CUSIP: 22541FEC6

  
	
   

  	
   

  	
   

  
	
  NO. 1

  	
   

  	
  PRINCIPAL AMOUNT: $1,500,000

  

 

 

CREDIT SUISSE (USA), INC.

1 Year Non-Call Floating/Fixed Rate Securities

due September 28, 2021

 

CREDIT SUISSE (USA), INC., a Delaware corporation (the
“Company”, which term includes any successor corporation under the Indenture
hereinafter referred to), for value received, hereby promises to pay to Cede
& Co., or registered assigns, at the office or agency of the Company in New
York, New York, the Redemption Amount (as defined on the reverse hereof) on the
Maturity Date (as defined on the reverse hereof), in the coin or currency of
the United States and to pay interest semi-annually on the 28th of March and September of each year,
commencing March 28, 2007, on said principal sum at said office or agency, in
like coin or currency, at a rate per annum to be determined in accordance with
the provisions specified on the reverse hereof.

Reference is hereby made to the further provisions of
this Note set forth on the reverse hereof, which further provisions shall for
all purposes have the same effect as if set forth at this place.

This Note shall not be valid or become obligatory for
any purpose until the certificate of authentication hereon shall have been
manually signed by the Trustee under the Indenture referred to on the reverse
hereof.

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IN WITNESS WHEREOF, the Company has caused this Note
to be duly executed under its corporate seal.

	
  

  	
  CREDIT SUISSE (USA), INC.

  
	
   

  	
   

  	
   

  
	
  [SEAL]

  	
  By:

  	
  /s/  Peter
  Feeney

  
	
   

  	
   

  	
  Name: Peter Feeney

  
	
   

  	
   

  	
  Title: Authorized Signatory

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE (USA), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Grace Koo

  
	
   

  	
   

  	
  Name: Grace Koo

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 

CERTIFICATE OF AUTHENTICATION

This is one of the Securities of the series designated
therein referred to in the within-mentioned Indenture.

Dated: 
September 28, 2006

	
  

  	
  JPMORGAN CHASE, N.A.,

     as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/  Ignazio
  Tamburello

  
	
   

  	
   

  	
  Name: Ignazio Tamburello

  
	
   

  	
   

  	
  Title: Authorized Signatory

  

 F-2

 

[REVERSE OF NOTE]

CREDIT SUISSE
(USA), INC.

1 Year Non-Call Floating/Fixed Rate Securities

due September 28, 2021

This Note is one
of a duly authorized issue of debentures, notes, bonds or other evidences of
indebtedness of the Company (the “Securities”) of the series hereinafter
specified, all issued or to be issued under and pursuant to a senior indenture,
dated as of June 1, 2001 (the “Indenture”), between the Company and JPMorgan
Chase Bank, as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto reference is hereby made for a description of the rights,
limitations of rights, obligations, duties and immunities thereunder of the
Trustee, the Company, and the Holders of the Securities.  The Securities may be issued in one or more
series, which different series may be issued in various aggregate principal
amounts, may mature at different times, may bear interest (if any) at different
rates, may be subject to different redemption provisions (if any), may be
subject to different sinking, purchase or analogous funds (if any) and may
otherwise vary as provided in the Indenture. 
This Note is one of a series designated as the 1 Year Non-Call
Floating/Fixed Rate Securities due September 28, 2021 (the “Note”).

The Securities will accrue interest at a rate of
12.25% per annum on the principal amount from and including their issue date to
and including September 27, 2007. Unless otherwise redeemed by the Company, for
the period from and including September 28, 2007 through and including
September 27, 2021, the Securities will accrue interest at a rate equal to (a)
the 30-year Constant Maturity Swap Rate (‘‘CMS30’’) minus the 10-year Constant
Maturity Swap Rate (‘‘CMS10’’), (such difference, the “CMS Rate Spread”),
multiplied by (b) 50, but in no event less than zero. No interest will accrue
on the Securities during any period for which the applicable CMS Rate Spread is
equal to or less than zero. The CMS Rate Spread will be calculated for each
semi-annual interest accrual period on the first day of that interest accrual
period, which will be the 28th of each September and March commencing on
September 28, 2007. Unless the Securities have been previously redeemed by the
Company, the interest payments will be made semi-annually in arrears on the
28th of each March and September, commencing on March 28, 2007 and ending upon
the Maturity Date (each, an “Interest Payment Date”). If any such Interest
Payment Date is not a Business Day as defined below at a place of payment,
interest will be payable on the next succeeding Business Day and no interest
shall accrue for the intervening period.

This Note is payable in the manner, with the effect
and subject to the conditions provided in the Indenture.

The Indenture provides that, without prior notice to
any Holders, the Company and the Trustee may amend the Indenture and the
Securities of any series with the written consent of the Holders of a majority
in principal amount of the outstanding Securities of all series affected by
such amendment (all such series voting as one class), and the Holders of a
majority in principal amount of the outstanding Securities of all series
affected thereby (all such series voting as one class) may waive future
compliance by the Company with any provision of the Indenture or the Securities
of such series by written notice to the Trustee; provided that, 

 R-1
 

 

without the consent of each Holder of the Securities of each series
affected thereby, an amendment or waiver, including a waiver of past defaults,
may not: (i) extend the stated maturity of the Principal of, or any sinking
fund obligation or any installment of interest on, such Holder’s Security, or
reduce the principal amount thereof or the rate of interest thereon (including
any amount in respect of original issue discount), or any premium payable with
respect thereto, or adversely affect the rights of such Holder under any
mandatory redemption or repurchase provision or any right of redemption or
repurchase at the option of such Holder, or reduce the amount of the Principal
of an Original Issue Discount Security that would be due and payable upon an
acceleration of the maturity thereof or the amount thereof provable in
bankruptcy, or change any place of payment where, or the currency in which, any
Security of such series or any premium or the interest thereon is payable, or
impair the right to institute suit for the enforcement of any such payment on
or after the due date therefor; (ii) reduce the percentage in principal amount
of outstanding Securities of the relevant series the consent of whose Holders
is required for any such supplemental indenture, for any waiver of compliance
with certain provisions of the Indenture or certain Defaults and their
consequences provided for in the Indenture; (iii) waive a Default in the
payment of Principal of or interest on any Security of such Holder; or (iv)
modify any of the provisions of the Indenture governing supplemental indentures
with the consent of Securityholders except to increase any such percentage or
to provide that certain other provisions of the Indenture cannot be modified or
waived without the consent of the Holder of each outstanding Security affected
thereby.

 

The Indenture provides that, subject to certain
conditions, the Holders of at least a majority in principal amount (or, if any
Securities are Original Issue Discount Securities, such portion of the
Principal as is then accelerable) of the outstanding Securities of all series
affected (voting as a single class), by notice to the Trustee, may waive an
existing Default or Event of Default with respect to the Securities of such
series and its consequences, except a Default in the payment of Principal of or
interest on any Security or in respect of a covenant or provision of the
Indenture which cannot be modified or amended without the consent of the Holder
of each outstanding Security affected. 
Upon any such waiver, such Default shall cease to exist, and any Event
of Default with respect to the Securities of such series arising therefrom
shall be deemed to have been cured, for every purpose of the Indenture; but no
such waiver shall extend to any subsequent or other Default or Event of Default
or impair any right consequent thereto.

The Indenture provides that a series of Securities may
include one or more tranches (each a “tranche”) of Securities, including
Securities issued in a Periodic Offering. 
The Securities of different tranches may have one or more different
terms, including authentication dates and public offering prices, but all the
Securities within each such tranche shall have identical terms, including
authentication date and public offering price. 
Notwithstanding any other provision of the Indenture, subject to certain
exceptions, with respect to sections of the Indenture concerning the execution,
authentication and terms of the Securities, redemption of the Securities,
Events of Default of the Securities, defeasance of the Securities and amendment
of the Indenture, if any series of Securities includes more than one tranche,
all provisions of such sections applicable to any series of Securities shall be
deemed equally applicable to each tranche of any series of Securities in the
same manner as though originally designated a series unless otherwise provided
with respect to such series or tranche pursuant to a board resolution or a
supplemental indenture establishing such series or tranche.

 R-2
 

 

No reference herein to the Indenture and no provision
of this Note or of the Indenture shall alter or impair the obligation of the
Company, which is absolute and unconditional, to pay the Redemption Amount of
this Note in the manner, at the place, at the time and in the coin or currency
herein prescribed.

The Securities are issuable initially only in
registered form without coupons in denominations of $10,000 or any integral
multiples of $1,000 in excess of that amount at the office or agency of the
Company in the Borough of Manhattan, The City of New York, and in the manner
and subject to the limitations provided in the Indenture.

The Company will not be required to pay any Additional
Amounts on the Securities.

Determination
of the CMS Rate Spread

For purposes of determining the interest rate on the
Securities for interest accrual periods beginning on and after September 28,
2007, the CMS Rate Spread will equal (a) the 30-year 30/360 U.S. dollar
semi-annual swap rate (‘‘CMS30’’) minus (b) the 10-year 30/360 U.S. dollar
semi-annual swap rate (‘‘CMS10’’), each as quoted on Reuters page ‘‘ISDAFIX1’’ (or
any successor page as determined by the Calculation Agent (as defined below))
at 11:00 a.m. New York time, determined for each interest accrual period on the
first day of that interest accrual period (the “Interest Rate Reset Date”). If
a rate for CMS30 or CMS10 is not published on ‘‘ISDAFIX1’’ (or any successor
page as determined by the Calculation Agent) on any Interest Rate Reset Date,
then the Calculation Agent will request the principal New York office of each
of five major reference banks in the New York interbank market, selected by the
Calculation Agent, to provide such bank’s offered quotation to prime banks in
the New York interbank market for deposits in U.S. dollars in an amount that is
representative of a single transaction in that market at that time (a
‘‘Representative Amount’’) and for a term of 30 years or 10 years, as the case
may be, as of 11:00 a.m. (New York time) on such Interest Rate Reset Date. If
at least two such quotations are so provided, CMS30 or CMS10, as the case may
be, will be the arithmetic mean of such quotations. If fewer than two such
quotations are provided, the Calculation Agent will request each of three major
banks in New York City to provide such bank’s rate to leading European banks
for loans in U.S. dollars in a Representative Amount and for a term of 30 years
or 10 years, as the case may be, as of approximately 11:00 a.m. (New York City
time) on such Interest Rate Reset Date. If at least two such rates are so
provided, CMS30 or CMS10, as the case may be, will be the arithmetic mean of
such rates. If fewer than two such rates are so provided, then CMS30 or CMS10,
as the case may be, will be the rate for CMS30 or CMS10, as the case may be, in
effect on the immediately preceding Business Day.

Maturity
Date

The Maturity Date of the Securities is September 28, 2021 (the “Maturity Date”).

Redemption
Right

The Company may redeem the Securities, in whole and
not in part, on each Interest Payment Date beginning September 28, 2007 by
giving no less than five Business Days’ notice.

 R-3
 

 

Redemption Amount

If the Company exercises its redemption right, each
Holder will receive a redemption amount equal to 100% of the principal amount
of the Holder’s Securities, plus accrued and unpaid interest.  If the Securities are not previously redeemed
by the Company, at maturity the Holder will receive a redemption amount equal
to 100% of the principal amount of the Holder’s Securities, plus accrued and
unpaid interest.

A ‘‘Business Day’’ is any day, other than a Saturday,
Sunday or a day on which banking institutions in New York, New York are
generally authorized or obligated by law or executive order to close.

Events of Default and Acceleration

In case an Event of
Default (as defined in the Indenture) with respect to the Securities shall have
occurred and be continuing, the amount declared due and payable upon any
acceleration of the Securities (in accordance with the acceleration provisions
set forth in the prospectus) will be determined by the Calculation Agent and
will equal, for each Note, the arithmetic average, as determined by the
Calculation Agent, of the fair value of the Securities as determined by at
least three but not more than five broker-dealers (which may include Credit
Suisse Securities (USA) LLC or any of the Company’s other subsidiaries or
affiliates) as will make such fair market value determinations available to the
Calculation Agent.

The Company, the Trustee and any agent of the Company
or the Trustee may deem and treat the registered Holder hereof as the absolute
owner of this Note (whether or not this Note shall be overdue and
notwithstanding any notation of ownership or other writing hereon) for the
purpose of receiving payment of, or on account of, the redemption amount
hereof, and for all other purposes, and neither the Company nor the Trustee nor
any agent of the Company or the Trustee shall be affected by any notice to the
contrary.

No recourse under or upon any obligation, covenant or
agreement contained in the Indenture or any indenture supplemental thereto or
in any Note, or because of any indebtedness evidenced thereby, shall be had
against any incorporator as such, or against any past, present or future
stockholder, officer, director or employee, as such, of the Company or of any
successor, either directly or through the Company or any successor, under any
rule of law, statute or constitutional provision or by the enforcement of any
assessment or by any legal or equitable proceeding or otherwise, all such
liability being expressly waived and released by the acceptance hereof and as
part of the consideration for the issue hereof.

The calculation agent for the Securities (the
“Calculation Agent”) is Credit Suisse International.  The calculations and determinations of the
Calculation Agent will be final and binding upon all parties (except in the
case of manifest error).  The Calculation
Agent will have no responsibility for good faith errors or omissions in its
calculations and determinations, whether caused by negligence or otherwise.

 R-4
 

 

Terms used herein that are defined in the Indenture
and not otherwise defined herein shall have the respective meanings assigned
thereto in the Indenture.

The laws of the State of New York (without regard to
conflicts of laws principles thereof) shall govern this Note.

 R-5
 

 

 

	
  FOR
  VALUE RECEIVED, the undersigned hereby sell(s), assign(s) and transfer(s)
  unto

  
	
   

  
	
  [PLEASE INSERT SOCIAL SECURITY OR OTHER IDENTIFYING
  NUMBER OF ASSIGNEE]

  
	
  

  
	
   

  
	
   

  
	
   

  
	
  [PLEASE PRINT OR TYPE NAME AND ADDRESS, INCLUDING
  ZIP CODE, OF ASSIGNEE]

  
	
   

  
	
   

  
	
  the within Note and all rights thereunder, hereby
  irrevocably constituting and appointing

  
	
   

  
	
   

  	
  Attorney to

  
	
  transfer such Note on the books of the Issuer, with
  full power of substitution in the premises.

  
	
   

  
	
   

  
	
   

  	
   

  	
   

  	
   

  	
  Signature:

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
   

  
	
  Dated:

  	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  	
   

  	
  NOTICE:The signature to this assignment must
  correspond with the name as written upon the face of the within Note in every
  particular without alteration or enlargement or any change whatsoever.

  
						

 

 

 

 R-6

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