Document:

<PAGE>

                                                                     Exhibit 4.1
                                                                     -----------

                             [FORM OF GLOBAL NOTE]

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE
"DEPOSITARY") OR A NOMINEE OF THE DEPOSITARY.  UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS GLOBAL SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY 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 DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY), 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                                                            REGISTERED

No. R-1                                                             $400,000,000

                                COMDISCO, INC.
                    9 1/2% Senior Note Due August 15, 2003

                                                                CUSIP 200336 AW5

     Comdisco, Inc., a Delaware corporation (hereinafter called 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, the principal sum of FOUR HUNDRED MILLION DOLLARS
($400,000,000) on August 15, 2003 and to pay interest thereon from August 8,
2000 or from the most recent date in respect of which interest has been paid or
duly provided for semi-annually on February 15 and August 15, in each year,
commencing February  15, 2001, and at maturity, at the rate of 9 1/2% per annum,
until the principal hereof is paid or duly made available for payment.
<PAGE>

     The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest which shall
be the February 1 or August  1 (whether or not a Business Day) immediately
preceding such Interest Payment Date.  Any such interest which is payable, but
not punctually paid or duly provided for on any Interest Payment Date (herein
called "Defaulted Interest"), shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may either be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to the Holder of this Note not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner, all as more
fully provided in the Indenture.  Interest payable at Stated Maturity will be
payable to the Person to whom the principal hereof shall be payable.

     Payment of the principal of, and the interest on, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be
made at the option of the Company by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register.

     This Note is one of a duly authorized series of securities issued and to be
issued under an Indenture, dated as of September 15, 1999 (the "Indenture"),
between the Company and SunTrust Bank, as Trustee (herein called the "Trustee",
which term includes any successor Trustee with respect to the Notes, under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

     This Note is a global Security representing Securities of a series of the
Company's 9 1/2% Notes Due August 1, 2003 limited in aggregate principal amount
to $500,000,000 (the "Notes").

     This Note is not subject to any sinking fund and is not redeemable, in
whole or in part, prior to maturity.

     If (a) the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for this global Security and a successor depositary is
not appointed by the Company within 90 days or if at any time the Depositary
ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended, (b) the Company in its sole discretion determines that this
global Security shall be exchangeable for definitive Securities of this series
in registered form or (c) an Event of Default with respect to the Notes
represented hereby has occurred and is continuing, the Holder hereof shall
surrender this global Security to the Trustee for cancellation whereupon in
accordance with the Indenture the Company will execute and deliver the Notes of
this

                                      -2-
<PAGE>

series in definitive registered form without coupons, in denominations of
$1,000 and any integral multiples thereof, and in a like aggregate principal
amount, in exchange for this Note.

     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 principal of and interest on this Note at
the place, at the respective times, at the rate, and in the coin or currency
herein prescribed.

     The Indenture contains provisions permitting the Company and the Trustee,
with the written consent of Holders of not less than a majority in principal
amount of the Notes, to enter into a supplemental indenture to add any
provisions to or to change or eliminate any provisions of the Indenture or of
any supplemental indenture or to modify, in each case in any manner not covered
by provisions in the Indenture relating to amendments and modifications without
the consent of Holders, the rights of such Holders.  However, without the
consent of each Holder affected thereby, an amendment or modification may not:
(a) change the Stated Maturity or any Interest Payment Date or the redemption
price; (b) reduce the principal amount of, or the interest on, any Note or
reduce the amount of principal which could be declared due and payable prior to
the Stated Maturity; (c) change the place or currency of any payment of
principal or interest on any Note (except as otherwise provided in the
Indenture); (d) impair the right to institute suit for the enforcement of any
payment on or with respect to any Note; (e) reduce the percentage in principal
amount of Notes, the consent of whose Holders is required to modify or amend the
Indenture; or (f) modify the foregoing requirements or reduce the percentage in
principal amount of Notes necessary to waive any past default to less than a
majority.  Except with respect to certain fundamental provisions, the Holders of
at least a majority in principal amount of Notes may, with respect to the Notes,
waive past defaults under the Indenture and waive compliance by the Company with
certain provisions of the Indenture.  The Indenture also contains provisions
permitting the Company and the Trustee to effect certain modifications and
amendments without the consent of the Holders to cure ambiguities, correct
inconsistencies and make other changes, provided such modifications and
amendments do not adversely affect the interest of the Holders in any material
respect.

     If an Event of Default (as defined in the Indenture) with respect to Notes
should occur and be continuing, the principal amount of the Notes and interest
accrued thereon may, by written notice to the Company, be declared due and
payable by the Trustee or the Holders of not less than 25% in principal amount
of all outstanding Notes.  Such declaration of acceleration may, if all payments
due have been made and all Events of Default have been remedied or waived, be
rescinded by the Holders of a majority in principal amount of all outstanding
Notes.  Any Event of Default may be waived by the Holders of a majority in
principal amount of all outstanding Notes, except that default in payment of the
principal, premium, or interest on any Note, or in respect of a covenant under
the Indenture which cannot be modified absent the consent of the Holders of each
outstanding Note, cannot be waived.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of

                                      -3-
<PAGE>

a receiver or trustee or for any other remedy thereunder, unless: (i) such
Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Notes; (ii) the Holders of not less than
25% in principal amount of the Notes at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity; (iii) the
Trustee shall not have received from the Holders of a majority in principal
amount of the Notes at the time Outstanding a direction inconsistent with such
request; and (iv) the Trustee shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Note for the enforcement of any payment of principal hereof or any premium
or interest hereon on or after the respective due dates expressed herein.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or by its
attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     This Note is unsecured and ranks pari passu with all other unsecured and
unsubordinated indebtedness of the Company.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK.

     All capitalized terms used in this Note without definition which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

     Unless the Certificate of Authentication hereon has been executed by or on
behalf of SunTrust Bank, the Trustee for this Note under the Indenture, or its
successor thereunder, by the manual signature of one of its authorized officers,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

                                      -4-
<PAGE>

     IN WITNESS WHEREOF, Comdisco, Inc. has caused this Note to be signed
manually or by facsimile, by its duly authorized officers, under its corporate
seal (which may be printed, engraved or otherwise reproduced hereon by facsimile
or otherwise).

DATED: August 8, 2000

                              COMDISCO, INC.

                              By:__________________________
                                 Name:
                                 Title:
[SEAL]

                              Attest:

                                 __________________________
                                 Name:
                                 Title:

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

SUNTRUST BANK,
AS TRUSTEE

By:___________________________
      Authorized Signatory

                                      -5-
<PAGE>

                                 ASSIGNMENT FORM

     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 typewrite name and address
                    including postal zip code of assignee)

The within Note and all rights thereunder, hereby irrevocably constituting and
appointing ______________________________________________ attorney-in-fact to
transfer said Note on the books of the Company, with full power of substitution
in the premises.

                              ---------------------------------------------
Dated:_________________       Signature

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

                                      -6-
<PAGE>

                             [FORM OF GLOBAL NOTE]

THIS NOTE IS A GLOBAL SECURITY WITHIN THE MEANING OF THE INDENTURE HEREINAFTER
REFERRED TO AND IS REGISTERED IN THE NAME OF THE DEPOSITORY TRUST COMPANY (THE
"DEPOSITARY") OR A NOMINEE OF THE DEPOSITARY.  UNLESS AND UNTIL IT IS EXCHANGED
IN WHOLE OR IN PART FOR NOTES IN CERTIFICATED FORM, THIS GLOBAL SECURITY MAY NOT
BE TRANSFERRED EXCEPT AS A WHOLE BY THE DEPOSITARY TO A NOMINEE OF THE
DEPOSITARY OR BY THE DEPOSITARY OR ANY SUCH NOMINEE TO A SUCCESSOR DEPOSITARY OR
A NOMINEE OF SUCH SUCCESSOR DEPOSITARY.  UNLESS THIS CERTIFICATE IS PRESENTED BY
AN AUTHORIZED REPRESENTATIVE OF THE DEPOSITARY 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 DEPOSITARY (AND ANY PAYMENT IS MADE TO CEDE &
CO., OR TO SUCH OTHER ENTITY AS IS REQUESTED BY AN AUTHORIZED REPRESENTATIVE OF
THE DEPOSITARY), 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                                                            REGISTERED

No. R-2                                                             $100,000,000

                                COMDISCO, INC.
                    9 1/2% Senior Note Due August 15, 2003

                                                                CUSIP 200336 AW5

     Comdisco, Inc., a Delaware corporation (hereinafter called 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, the principal sum ONE HUNDRED MILLION DOLLARS ($100,000,000)
on August 15, 2003 and to pay interest thereon from August 8, 2000 or from the
most recent date in respect of which interest has been paid or duly provided for
semi-annually on February 15 and August 15, in each year, commencing February
15, 2001, and at maturity, at the rate of 9 1/2% per annum, until the principal
hereof is paid or duly made available for payment.
<PAGE>

     The interest so payable, and punctually paid or duly provided for, on any
Interest Payment Date will, as provided in the Indenture, be paid to the Person
in whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on the Regular Record Date for such interest which shall
be the February 1 or August 1 (whether or not a Business Day) immediately
preceding such Interest Payment Date.  Any such interest which is payable, but
not punctually paid or duly provided for on any Interest Payment Date (herein
called "Defaulted Interest"), shall forthwith cease to be payable to the
registered Holder on such Regular Record Date, and may either be paid to the
Person in whose name this Note (or one or more Predecessor Securities) is
registered at the close of business on a Special Record Date for the payment of
such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to the Holder of this Note not less than 10 days prior to such Special
Record Date, or may be paid at any time in any other lawful manner, all as more
fully provided in the Indenture.  Interest payable at Stated Maturity will be
payable to the Person to whom the principal hereof shall be payable.

     Payment of the principal of, and the interest on, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be
made at the option of the Company by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register.

     This Note is one of a duly authorized series of securities issued and to be
issued under an Indenture, dated as of September 15, 1999 (the "Indenture"),
between the Company and SunTrust Bank, as Trustee (herein called the "Trustee",
which term includes any successor Trustee with respect to the Notes, under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered.

     This Note is a global Security representing Securities of a series of the
Company's 9 1/2% Notes Due August 15, 2003 limited in aggregate principal amount
to $500,000,000 (the "Notes").

     This Note is not subject to any sinking fund and is not redeemable, in
whole or in part, prior to maturity.

     If (a) the Depositary notifies the Company that it is unwilling or unable
to continue as Depositary for this global Security and a successor depositary is
not appointed by the Company within 90 days or if at any time the Depositary
ceases to be a clearing agency registered under the Securities Exchange Act of
1934, as amended, (b) the Company in its sole discretion determines that this
global Security shall be exchangeable for definitive Securities of this series
in registered form or (c) an Event of Default with respect to the Notes
represented hereby has occurred and is continuing, the Holder hereof shall
surrender this global Security to the Trustee for cancellation whereupon in
accordance with the Indenture the Company will execute and deliver the Notes of
this

                                      -2-
<PAGE>

series in definitive registered form without coupons, in denominations of $1,000
and any integral multiples thereof, and in a like aggregate principal amount, in
exchange for this Note.

     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 principal of and interest on this Note at
the place, at the respective times, at the rate, and in the coin or currency
herein prescribed.

     The Indenture contains provisions permitting the Company and the Trustee,
with the written consent of Holders of not less than a majority in principal
amount of the Notes, to enter into a supplemental indenture to add any
provisions to or to change or eliminate any provisions of the Indenture or of
any supplemental indenture or to modify, in each case in any manner not covered
by provisions in the Indenture relating to amendments and modifications without
the consent of Holders, the rights of such Holders.  However, without the
consent of each Holder affected thereby, an amendment or modification may not:
(a) change the Stated Maturity or any Interest Payment Date or the redemption
price; (b) reduce the principal amount of, or the interest on, any Note or
reduce the amount of principal which could be declared due and payable prior to
the Stated Maturity; (c) change the place or currency of any payment of
principal or interest on any Note (except as otherwise provided in the
Indenture); (d) impair the right to institute suit for the enforcement of any
payment on or with respect to any Note; (e) reduce the percentage in principal
amount of Notes, the consent of whose Holders is required to modify or amend the
Indenture; or (f) modify the foregoing requirements or reduce the percentage in
principal amount of Notes necessary to waive any past default to less than a
majority.  Except with respect to certain fundamental provisions, the Holders of
at least a majority in principal amount of Notes may, with respect to the Notes,
waive past defaults under the Indenture and waive compliance by the Company with
certain provisions of the Indenture.  The Indenture also contains provisions
permitting the Company and the Trustee to effect certain modifications and
amendments without the consent of the Holders to cure ambiguities, correct
inconsistencies and make other changes, provided such modifications and
amendments do not adversely affect the interest of the Holders in any material
respect.

     If an Event of Default (as defined in the Indenture) with respect to Notes
should occur and be continuing, the principal amount of the Notes and interest
accrued thereon may, by written notice to the Company, be declared due and
payable by the Trustee or the Holders of not less than 25% in principal amount
of all outstanding Notes.  Such declaration of acceleration may, if all payments
due have been made and all Events of Default have been remedied or waived, be
rescinded by the Holders of a majority in principal amount of all outstanding
Notes.  Any Event of Default may be waived by the Holders of a majority in
principal amount of all outstanding Notes, except that default in payment of the
principal, premium, or interest on any Note, or in respect of a covenant under
the Indenture which cannot be modified absent the consent of the Holders of each
outstanding Note, cannot be waived.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of

                                      -3-
<PAGE>

a receiver or trustee or for any other remedy thereunder, unless: (i) such
Holder shall have previously given the Trustee written notice of a continuing
Event of Default with respect to the Notes; (ii) the Holders of not less than
25% in principal amount of the Notes at the time Outstanding shall have made
written request to the Trustee to institute proceedings in respect of such Event
of Default as Trustee and offered the Trustee reasonable indemnity; (iii) the
Trustee shall not have received from the Holders of a majority in principal
amount of the Notes at the time Outstanding a direction inconsistent with such
request; and (iv) the Trustee shall have failed to institute any such
proceeding, for 60 days after receipt of such notice, request and offer of
indemnity. The foregoing shall not apply to any suit instituted by the Holder of
this Note for the enforcement of any payment of principal hereof or any premium
or interest hereon on or after the respective due dates expressed herein.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or by its
attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     This Note is unsecured and ranks pari passu with all other unsecured and
unsubordinated indebtedness of the Company.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK.

     All capitalized terms used in this Note without definition which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.

     Unless the Certificate of Authentication hereon has been executed by or on
behalf of SunTrust Bank, the Trustee for this Note under the Indenture, or its
successor thereunder, by the manual signature of one of its authorized officers,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

                                      -4-
<PAGE>

     IN WITNESS WHEREOF, Comdisco, Inc. has caused this Note to be signed
manually or by facsimile, by its duly authorized officers, under its corporate
seal (which may be printed, engraved or otherwise reproduced hereon by facsimile
or otherwise).

DATED: August 8, 2000

                              COMDISCO, INC.

                              By:__________________________
                                 Name:
                                 Title:
[SEAL]

                              Attest:

                                 __________________________
                                 Name:
                                 Title:

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

SUNTRUST BANK,
AS TRUSTEE

By:______________________________
        Authorized Signatory

                                      -5-
<PAGE>

                                ASSIGNMENT FORM

     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 typewrite name and address
                    including postal zip code of assignee)

The within Note and all rights thereunder, hereby irrevocably constituting and
appointing ___________________________________________________________________
attorney-in-fact to transfer said Note on the books of the Company, with full
power of substitution in the premises.

                              -----------------------------------------
Dated:______________          Signature

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

                                      -6-<PAGE>

                                                                     Exhibit 4.2
                                                                     -----------

                       [FORM OF FACE OF DEFINITIVE NOTE]

REGISTERED                                                   REGISTERED

No. R-                              [LOGO]                   $

                                COMDISCO, INC.
                    9 1/2% Senior Note Due August 15, 2003

                                                             CUSIP 200336 AW5

     Comdisco, Inc., a Delaware corporation (hereinafter called the "Company",
which term includes any successor corporation under the Indenture hereinafter
referred to), for value received, hereby promises to pay to ___________________
_________, or registered assigns, the principal sum of _________________________
DOLLARS, on August 15, 2003 and to pay interest thereon from August 8, 2000 or
from the most recent date in respect of which interest has been paid or duly
provided for semi-annually on August 15 and February 15, in each year,
commencing February 15, 2001, and at maturity, at the rate of 9 1/2 % per annum,
until the principal hereof is paid or duly made available for payment. The
interest so payable, and punctually paid or duly provided for, on any Interest
Payment Date will, as provided in the Indenture, be paid to the Person in whose
name this Note (or one or more Predecessor Securities) is registered at the
close of business on the Regular Record Date for such interest which shall be
the February 1 or August 1 (whether or not a Business Day) immediately preceding
such Interest Payment Date. Any such interest which is payable, but not
punctually paid or duly provided for on any Interest Payment Date (herein called
"Defaulted Interest"), shall forthwith cease to be payable to the registered
Holder on such Regular Record Date, and may either be paid to the Person in
whose name this Note (or one or more Predecessor Securities) is registered at
the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder
of this Note not less than 10 days prior to such Special Record Date, or may be
paid at any time in any other lawful manner, all as more fully provided in the
Indenture. Interest payable at Stated Maturity will be payable to the Person to
whom the principal hereof shall be payable.

     Payment of the principal of, and the interest on, this Note will be made at
the office or agency of the Company maintained for that purpose in the Borough
of Manhattan, The City of New York, in such coin or currency of the United
States of America as at the time of payment is legal tender for payment of
public and private debts; provided, however, that payment of interest may be
made at the option of the Company by check mailed to the address of the Person
entitled thereto as such address shall appear in the Security Register.

     This Note is one of the Securities of a series of 9 1/2% Senior Notes Due
August 15, 2003, limited in aggregate principal amount to $500,000,000 (the
"Notes").  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.

     Unless the Certificate of Authentication hereon has been executed by or on
behalf of SunTrust Bank, the Trustee for this Note under the Indenture, or its
successor thereunder, by the manual signature of one of its authorized officers,
this Note shall not be entitled to any benefit under the Indenture or be valid
or obligatory for any purpose.

     All capitalized terms used in this Note without definition which are
defined in the Indenture shall have the meanings assigned to them in the
Indenture.
                               ----------------
<PAGE>

     IN WITNESS WHEREOF, Comdisco, Inc. has caused this Note to be signed,
manually or by facsimile, by its duly authorized officers, under its corporate
seal (which may be printed, engraved or otherwise reproduced hereon by facsimile
or otherwise).

DATED:______________

                              COMDISCO, INC.

                              By:__________________________
                                 President

[SEAL]

Attest:

-------------------
     Secretary

                    TRUSTEE'S CERTIFICATE OF AUTHENTICATION

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

SUNTRUST BANK,
AS TRUSTEE

By:__________________________
      Authorized Signatory

                                      -2-
<PAGE>

                           [Form of Reverse of Note]

                                COMDISCO, INC.
                        9 1/2% Note Due August 15, 2003

     This Note is one of a duly authorized series of securities issued and to be
issued under an Indenture, dated as of September 15, 1999 (the "Indenture"),
between the Company and SunTrust Bank, as Trustee (herein called the "Trustee",
which term includes any successor Trustee with respect to the Notes, under the
Indenture), to which Indenture and all indentures supplemental thereto reference
is hereby made for a statement of the respective rights, limitations of rights,
duties and immunities thereunder of the Company, the Trustee and the Holders of
the Notes and the terms upon which the Notes are to be authenticated and
delivered.

     This Note is not subject to any sinking fund and is not redeemable, in
whole or in part, prior to maturity.

     The Indenture contains provisions permitting the Company and the Trustee,
with the written consent of Holders of not less than a majority in principal
amount of the Notes, to enter into a supplemental indenture to add any
provisions to or to change or eliminate any provisions of the Indenture or of
any supplemental indenture or to modify, in each case in any manner not covered
by provisions in the Indenture relating to amendments and modifications without
the consent of Holders, the rights of such Holders.  However, without the
consent of each Holder affected thereby, an amendment or modification may not:
(a) change the Stated Maturity or any Interest Payment Date or the redemption
price; (b) reduce the principal amount of, or the interest on, any Note or
reduce the amount of principal which could be declared due and payable prior to
the Stated Maturity; (c) change the place or currency of any payment of
principal or interest on any Note (except as otherwise provided in the
Indenture); (d) impair the right to institute suit for the enforcement of any
payment on or with respect to any Note; (e) reduce the percentage in principal
amount of Notes, the consent of whose Holders is required to modify or amend the
Indenture; or (f) modify the foregoing requirements or reduce the percentage in
principal amount of Notes necessary to waive any past default to less than a
majority.  Except with respect to certain fundamental provisions, the Holders of
at least a majority in principal amount of Notes may, with respect to the Notes,
waive past defaults under the Indenture and waive compliance by the Company with
certain provisions of the Indenture. The Indenture also contains provisions
permitting the Company and the Trustee to effect certain modifications and
amendments without the consent of the Holders to cure ambiguities, correct
inconsistencies and make other changes, provided such modifications and
amendments do not adversely affect the interest of the Holders in any material
respect.

     If an Event of Default (as defined in the Indenture) with respect to Notes
should occur and be continuing, the principal amount of the Notes and interest
accrued thereon may, by written notice to the Company, be declared due and
payable by the Trustee or the Holders of not less than 25% in principal amount
of all outstanding Notes.  Such declaration of acceleration may, if all payments
due have been made and all Events of Default have been remedied or waived, be
rescinded by the Holders of a majority in principal amount of all outstanding
Notes.  Any Event of Default may be waived by the Holders of a majority in
principal amount of all outstanding Notes, except that default in payment of the
principal, premium, or interest on any Note, or in respect of a covenant under
the Indenture which cannot be modified absent the consent of the Holders of each
outstanding Note, cannot be waived.

     As provided in and subject to the provisions of the Indenture, the Holder
of this Note shall not have the right to institute any proceeding with respect
to the Indenture or for the appointment of a receiver or trustee or for any
other remedy thereunder, unless:  (i) such Holder shall have previously given
the Trustee written notice of a continuing Event of Default with respect to the
Notes; (ii) the Holders of not less than 25% in principal amount of the Notes at
the time Outstanding shall have made written request to the Trustee to institute
proceedings in respect of such Event of Default as Trustee and offered the
Trustee reasonable indemnity; (iii) the Trustee shall not have received from the
Holders of a majority in principal amount of the Notes at the time Outstanding a
direction inconsistent with such request; and (iv) the Trustee shall have failed
to institute any such proceeding for 60 days after receipt of such notice,
request and offer of indemnity.  The foregoing shall not apply to any suit
instituted by the Holder of this Note for the enforcement of any payment of
principal hereof or any premium or interest hereon on or after the respective
due dates expressed herein.

                                      -3-
<PAGE>

     The Notes are issuable only in registered form without coupons, in
denominations of $1,000 and any integral multiples thereof.  As provided in the
Indenture and subject to certain limitations therein set forth, the Notes are
exchangeable for a like aggregate principal amount of Notes denominated as
authorized, as requested by the Holder surrendering the same.

     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 principal of and interest on this Note at
the place, at the respective times, at the rate, and in the coin or currency
herein prescribed.

     As provided in the Indenture and subject to certain limitations therein set
forth, the transfer of this Note may be registered on the Security Register of
the Company, upon surrender of this Note for registration of transfer at the
office or agency of the Company in The City of New York, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the
Company and the Security Registrar duly executed by, the Holder hereof or by its
attorney duly authorized in writing, and thereupon one or more new Notes of
authorized denominations and for the same aggregate principal amount, will be
issued to the designated transferee or transferees.

     No service charge shall be made for any registration of transfer or
exchange, but the Company may require payment of a sum sufficient to cover any
tax or other governmental charge payable in connection therewith.

     Prior to due presentment of this Note for registration of transfer, the
Company, the Trustee and any agent of the Company or the Trustee may treat the
Person in whose name this Note is registered as the owner hereof for all
purposes, whether or not this Note be overdue, and neither the Company, the
Trustee nor any such agent shall be affected by notice to the contrary.

     This Note is unsecured and ranks pari passu with all other unsecured and
unsubordinated indebtedness of the Company.

     THIS NOTE SHALL BE GOVERNED BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF
THE STATE OF NEW YORK.

                           _________________________

                                      -4-
<PAGE>

                                 ABBREVIATIONS

     The following abbreviations, when used in the inscription on the face of
this instrument, shall be construed as through they were written out in full
according to applicable laws or regulations.

          TEN COM--as tenants in common

          TEN ENT--as tenants by the entireties
          JT TEN--as joint tenants with right of survivorship
                  and not as tenants in common

          UNIF GIFT MIN ACT--__________________ Custodian _____________________
                               (Cust)                           (Minor)

                       under Uniform Gifts to Minors Act

                       _________________________________
                                   (State)

     Additional abbreviations may also be used though not in the above list.

                       _________________________________

                                      -5-
<PAGE>

                                ASSIGNMENT FORM

     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 typewrite name and address
                    including postal zip code of assignee)

The within Note and all rights thereunder, hereby irrevocably constituting and
appointing ____________________________________________________________________
attorney-in-fact to transfer said Note on the books of the Company, with full
power of substitution in the premises.

                              ---------------------------------
Dated:_______________         Signature

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

                                      -6-

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