Document:

Exhibit
4.52

EXECUTION VERSION

 

CREDIT SUISSE (USA), INC.,

formerly known as
CREDIT SUISSE FIRST BOSTON (USA), INC.

(the Company),

 

CREDIT SUISSE
GROUP

(the Group
Guarantor),

CREDIT SUISSE

(the Bank
Guarantor)

 

AND

 

THE BANK OF NEW YORK,

as successor to THE
CHASE MANHATTAN BANK

(the Trustee)

 

 

FIRST SUPPLEMENTAL INDENTURE

 

dated as of March 26, 2007

 

Supplemental to Senior Indenture, 

dated as of June 1, 2001

 

FIRST SUPPLEMENTAL INDENTURE, dated as of March 26,
2007 (this “First Supplemental Indenture”), among CREDIT SUISSE (USA), INC.
(formerly known as CREDIT SUISSE FIRST BOSTON (USA), INC.), a Delaware
corporation (the “Company”), CREDIT SUISSE GROUP, a company organized under the
laws of Switzerland (the “Group Guarantor”), CREDIT SUISSE, a corporation established
under the laws of, and duly licensed as a bank in, Switzerland (the “Bank
Guarantor”), and THE BANK OF NEW YORK (as successor to THE CHASE MANHATTAN
BANK), a New York banking corporation (the “Trustee”), to the Base Indenture
(as defined below).  The Group Guarantor
and the Bank Guarantor are also referred to herein as a “Guarantor” and
collectively as the “Guarantors.”

RECITALS OF THE COMPANY

WHEREAS, the Company has previously issued certain
series of senior debt securities (the “Securities”) under a senior indenture,
dated as of June 1, 2001, between the Company and the Trustee (the “Base
Indenture”);

WHEREAS, the Guarantors desire severally to guarantee
the Company’s obligations pursuant to the Base Indenture and the Securities;

WHEREAS, the Company has authorized the execution and
delivery of this First Supplemental Indenture by a Board Resolution;

WHEREAS, the Guarantors have authorized the execution
and delivery of this First Supplemental Indenture by a resolution of or under
the authority of their boards of directors or governing documents;

WHEREAS, Section 9.01(g) of the Base Indenture
provides that a supplemental indenture may be entered into by the Company and
the Trustee, without notice to or the consent of any Holder, to provide for a guarantee
from a third party on the Securities;

WHEREAS, the Company has determined that the execution
and delivery of this First Supplemental Indenture by the Company, the
Guarantors and the Trustee complies with said Section 9.01(g) and does not
require notice to or the consent of any Holder;

WHEREAS, at the request of the Trustee, (i) the
Company has furnished the Trustee with (A) an Opinion of Counsel complying with
the requirements of Sections 9.05, 10.03 and 10.04 of the Base Indenture and to
the effect that, among other things, this First Supplemental Indenture has been
duly authorized, executed and delivered by the Company, (B) an Officers’
Certificate complying with the requirements of Sections 10.03 and 10.04 of the
Base Indenture and (C) a Board Resolution authorizing the execution by the
Company of this First Supplemental Indenture and its delivery by the Company to
the Trustee, and (ii) the Guarantors have furnished the Trustee with (x) an
opinion of counsel to the Guarantors as to the due organization of the
Guarantors and as to the due authorization, execution and delivery by the
Guarantors of this First Supplemental Indenture and the validity and
enforceability thereof with respect to the Guarantors, (y) a secretary’s
certificate of each Guarantor as to attached articles of association and, if
required, board resolutions as to the incumbency of signing officers and (z) an
excerpt from the Commercial Register of the Canton of Zurich with respect to
each Guarantor as to, inter alia,
registration, incorporation and signatories;

 

WHEREAS, all conditions and requirements necessary to
make this First Supplemental Indenture a valid agreement of the Company, in
accordance with the terms of the Base Indenture, and a valid amendment of and
supplement to the Base Indenture have been done; and

WHEREAS, all capitalized terms used in this
Supplemental Indenture that are defined in the Base Indenture shall have the
meanings assigned to them in the Base Indenture.

NOW THEREFORE, the Company, the Guarantors and the
Trustee hereby agree as follows:

1.             Section 1.01 of the Base Indenture is hereby amended by
the insertion of the following definitions in the appropriate alphabetical
order:

“Bank Guarantee” means the Bank Guarantor’s full and
unconditional several guarantee of the payment of the Securities, as provided
in Article Eleven.

“Bank Guarantor” means Credit Suisse, a corporation
established under the laws of, and duly licensed as a bank in, Switzerland,
until a successor Person replaces it pursuant to the applicable provisions of
this Indenture and thereafter means such successor Person.

“Guarantors” means the Group Guarantor and the Bank
Guarantor; and each of the Group Guarantor and the Bank Guarantor is referred
to herein as a “Guarantor.”

“Guarantees” means the Group Guarantee and the Bank
Guarantee; and each of the Group Guarantee and the Bank Guarantee is referred
to herein as a “Guarantee.”

“Group Guarantee” means the Group Guarantor’s full and
unconditional several guarantee of the payment of the Securities, as provided
in Article Eleven and subject to Article Twelve.

“Group Guarantor” means Credit Suisse Group, a company
organized under the laws of Switzerland, until a successor Person replaces it
pursuant to the applicable provisions of this Indenture and thereafter means
such successor Person.

“Group Guarantor Senior Indebtedness” means the
principal of and premium, if any, and interest on (a) all unsubordinated
indebtedness of the Group Guarantor, whether outstanding on the date of this
Indenture or thereafter created, (i) for money borrowed by the Group Guarantor,
(ii) for money borrowed by, or obligations of, others and either assumed or
guaranteed, directly or indirectly, by the Group Guarantor, (iii) in respect of
letters of credit and acceptances issued or made by banks, or (iv) constituting  purchase money indebtedness, or indebtedness
secured by property included in the property, plant and equipment accounts of
the Group Guarantor at the time of the acquisition of such property by the
Group Guarantor, for the payment of which the Group Guarantor is directly
liable and (b) all deferrals, renewals, extensions and refundings of, 

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and amendments,
modifications and supplements to, any such indebtedness. As used in the
preceding sentence, the term “purchase money indebtedness” means indebtedness
evidenced by a note, debenture, bond or other instrument (whether or not
secured by any lien or other security interest) issued or assumed as all or a
part of the consideration for the acquisition of property, whether by purchase,
merger, consolidation or otherwise, unless by its terms such indebtedness is
subordinated to other unsubordinated indebtedness of the Group Guarantor.  Notwithstanding anything to the contrary in
this Indenture, Group Guarantor Senior Indebtedness shall not include (i) any
indebtedness of the Group Guarantor which, by its terms or the terms of the
instrument creating or evidencing it, is subordinate in right of payment to or
pari passu with the Group Guarantee or other subordinated obligations of the
Group Guarantor or (ii) any indebtedness of the Group Guarantor to a Subsidiary
of the Group Guarantor.

2.             The definition of “Officer’s Certificate” in Section
1.01 of the Base Indenture is hereby amended and restated in its entirety as
follows:

“Officers’ Certificate” means, (i) with respect to the
Company, a certificate signed (A) by the chief executive officer, the
president, the chief financial officer, the chief accounting officer or any
Managing Director and (B) by the treasurer or any assistant treasurer, or the
secretary or any assistant secretary, complying with Section 10.04 and
delivered to the Trustee; and (ii) with respect to a Guarantor, a certificate
signed by two persons authorized to bind the Guarantor and delivered to the
Trustee.  Each such Officers’ Certificate
shall comply with Section 314 of the Trust Indenture Act and include (except as
otherwise expressly provided in this Indenture) the statements provided in
Section 10.04, if and to the extent required thereby.  The Trustee shall be entitled conclusively to
assume, without any independent investigation, that any person signing an
Officer’s Certificate with respect to a Guarantor is authorized to bind such
Guarantor.

3.             The definition of “Opinion of Counsel” in Section 1.01
of the Base Indenture is hereby amended and restated in its entirety as
follows:

“Opinion of Counsel” means a written opinion signed by
legal counsel, who may be an employee of or counsel to the Company or a
Guarantor satisfactory to the Trustee and complying with Section 10.04.  Each Opinion of Counsel shall comply with
Section 314 of the Trust Indenture Act and include the statements provided in
Section 10.04, if and to the extent required thereby.

4.             Each Guarantor by its execution of this First
Supplemental Indenture hereby severally agrees with each Holder of Securities
previously authenticated and delivered by the Trustee, and with the Trustee, on
behalf of each such Holder, to be unconditionally bound by the terms and
provisions of the respective Guarantee set forth below and authorizes the
Trustee to confirm the existence of such Guarantee to any Holder requesting
such confirmation.  Accordingly, the Base
Indenture is hereby amended by the insertion of the following Articles Eleven
and Twelve after the existing Article Ten:

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ARTICLE ELEVEN

The Guarantees

Section 11.01.          Full
and Unconditional Subordinated Guarantee by Group Guarantor.

For value received, the
Group Guarantor, subject to the subordination provisions contained in Article
Twelve hereof, hereby fully and unconditionally guarantees to the Holders of
the Securities and to the Trustee on behalf of each such Holder the due and
punctual payment of the Principal of and interest on such Securities and the
due and punctual payment of the sinking fund or analogous payments referred to
therein, if any, when and as the same shall become due and payable, whether on
the stated maturity date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of this Indenture.  In case of the failure of the Company to
punctually make any such payment of Principal or interest or any such sinking
fund or analogous payment, the Group Guarantor hereby agrees, subject to the
subordination provisions contained in Article Twelve hereof, to cause any such
payment to be made punctually when and as the same shall become due and
payable, whether on the stated maturity date or by declaration of acceleration,
call for redemption or otherwise, and as if such payment were made by the
Company.

The indebtedness evidenced
by this Group Guarantee is, to the extent provided in this Indenture,
subordinate and junior in right of payment to Group Guarantor Senior
Indebtedness, and this Group Guarantee is issued subject to the subordination
provisions of Article Twelve hereof.

Subject to the
subordination provisions of Article Twelve hereof, the Group
Guarantor hereby agrees that its obligations hereunder shall be as if it were
the principal debtor and not merely surety, and shall be full and
unconditional, irrespective of, and shall be unaffected by, any invalidity,
irregularity or unenforceability of such Securities or this Indenture, any
failure to enforce the provisions of such Securities or this Indenture, or any
waiver, modification or indulgence granted to the Company with respect thereto,
by the Holders of such Securities or the Trustee or any other circumstance
which may otherwise constitute a legal or equitable discharge of a surety or
guarantor; provided, however, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the
consent of the Group Guarantor, increase the Principal amount of such
Securities, or increase the interest rate thereon, or alter the stated maturity
date thereof, or increase the principal amount of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of
the maturity thereof pursuant to Section 6.02 of this Indenture. The Group
Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of merger or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest or notice with
respect to such Securities or the indebtedness evidenced thereby or with
respect to any sinking fund or analogous payment required under such Securities
and all demands whatsoever, and covenants that this Group Guarantee will not be
discharged except by payment in full of the Principal of and interest on such
Securities. This Group Guarantee is a guarantee of payment and not of collection.

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The Group Guarantor shall
be subrogated to all rights of the Holders of such Securities and the Trustee
against the Company in respect of any amounts paid to such Holders by the Group
Guarantor pursuant to the provisions of this Group Guarantee.  The Group Guarantor shall not be entitled to
enforce, or to receive any payments arising out of, or based upon, such right
of subrogation until the Principal of and interest on all Securities of the
same series issued under this Indenture shall have been paid in full.

No reference herein to
this Indenture and no provision of this Group Guarantee or of this Indenture
shall, subject to the subordination provisions in Article Twelve hereof, alter
or impair the guarantees of the Group Guarantor, which are full and
unconditional, of the due and punctual payment of the Principal of and interest
on, and any sinking fund or analogous payments with respect to, the Securities.

Section 11.02.          Full
and Unconditional Guarantee by the Bank Guarantor.

For value received, the
Bank Guarantor hereby fully and unconditionally guarantees to the Holders of
the Securities and to the Trustee on behalf of each such Holder the due and
punctual payment of the Principal of and interest on such Securities and the
due and punctual payment of the sinking fund or analogous payments referred to
therein, if any, when and as the same shall become due and payable, whether on
the stated maturity date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of this Indenture. In case of
the failure of the Company to punctually make any such payment of Principal or
interest or any such sinking fund or analogous payment, the Bank Guarantor
hereby agrees to cause any such payment to be made punctually when and as the
same shall become due and payable, whether on the stated maturity date or by
declaration of acceleration, call for redemption or otherwise, and as if such
payment were made by the Company.

The
indebtedness evidenced by this Bank Guarantee ranks equally and pari passu with
all other unsecured and unsubordinated debt of the Bank Guarantor.

The Bank Guarantor
hereby agrees that its obligations hereunder shall be as if it were the
principal debtor and not merely surety, and shall be full and unconditional,
irrespective of, and shall be unaffected by, any invalidity, irregularity or
unenforceability of such Securities or this Indenture, any failure to enforce
the provisions of such Securities or this Indenture, or any waiver,
modification or indulgence granted to the Company with respect thereto, by the
Holders of such Securities or the Trustee or any other circumstance which may
otherwise constitute a legal or equitable discharge of a surety or guarantor; provided,
however, that, notwithstanding the foregoing, no such waiver, modification
or indulgence shall, without the consent of the Bank Guarantor, increase the
Principal amount of such Securities, or increase the interest rate thereon, or
alter the stated maturity date thereof, or increase the principal amount of any
Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the maturity thereof pursuant to Section 6.02 of
this Indenture. The Bank Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company,
protest or notice with respect to such Securities or the indebtedness evidenced
thereby or with respect to any sinking fund or analogous payment required under
such Securities and all demands whatsoever, and covenants that this Bank
Guarantee will not be discharged except by

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payment in full of the
Principal of and interest on such Securities. This Bank Guarantee is a
guarantee of payment and not of collection.

The Bank Guarantor shall
be subrogated to all rights of the Holders of such Securities and the Trustee
against the Company in respect of any amounts paid to such Holders by the Bank
Guarantor pursuant to the provisions of this Bank Guarantee.  The Bank Guarantor shall not be entitled to
enforce, or to receive any payments arising out of, or based upon, such right
of subrogation until the Principal of and interest on all Securities of the
same series issued under this Indenture shall have been paid in full.

No reference herein to
this Indenture and no provision of this Bank Guarantee or of this Indenture
shall alter or impair the guarantees of the Bank Guarantor, which are full and
unconditional, of the due and punctual payment of the Principal of and interest
on, and any sinking fund or analogous payments with respect to, the Securities.

ARTICLE TWELVE

Subordination of the Group Guarantee

Section 12.01.          Group Guarantee
Subordinated to Group Senior Indebtedness.

The obligations of the
Group Guarantor under the Group Guarantee are subordinated, to the extent and
in the manner provided in this Article Twelve, to all present and future Group
Guarantor Senior Indebtedness.  These
subordination provisions are for the benefit of the holders of Group Guarantor
Senior Indebtedness from time to time (and their successors and assigns). The
provisions of this Article Twelve shall be enforceable directly by such holders
and their respective representatives or trustees directly against the Group
Guarantor, the Trustee and the Holders (and their successors and assigns). The
provisions of this Article Twelve shall be a continuing agreement and shall be
irrevocable and shall remain in full force and effect until payment in full of
the Group Guarantor Senior Indebtedness in cash or cash equivalents, and shall
constitute a continuing and irrevocable offer to all Persons who become holders
of, or continue to hold, Group Guarantor Senior Indebtedness (whether such
Group Guarantor Senior Indebtedness was created or acquired before or after the
issuance of the Securities), each of which holders shall be deemed for the
purposes hereof to have acquired Group Guarantor Senior Indebtedness in reliance
upon the provisions of this Article Twelve. The provisions of this Article
Twelve shall survive the commencement of any reorganization or other
proceedings with respect to the Group Guarantor or any other Person and the
discharge of any claim in connection with such reorganization or other
proceedings, including, without limitation, the discharge of any Group
Guarantor Senior Indebtedness.

Section 12.02.          No
Payment on Group Guarantee in Certain Circumstances.

(a)          No
payment shall be made by or on behalf of the Group Guarantor on account of any
obligation or, to the extent the subordination thereof is permitted by
applicable law, claim in respect of the Group Guarantee, including the
Principal of or interest on the Securities, or to redeem (or make a deposit in
redemption of), defease (other than payments made by the Trustee 

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pursuant to Article Eight with respect to a defeasance
permitted by this Indenture, including the subordination provisions herein) or
acquire any of the Securities for cash, property or securities, (i) upon the
maturity of Group Guarantor Senior Indebtedness with an aggregate principal
amount in excess of $100 million by acceleration, unless and until all
principal of, premium, if any, and interest on such Group Guarantor Senior
Indebtedness and all other obligations in respect thereof shall first be paid
in full in cash or cash equivalents or such payment is duly provided for, or
unless and until any such maturity by acceleration has been rescinded or waived
or (ii) in the event of default in payment of any principal of, premium, if
any, or interest on or any other amount payable in respect of Group Guarantor
Senior Indebtedness with an aggregate principal amount in excess of $100
million when it becomes due and payable at maturity or at a date fixed for
prepayment or redemption, unless and until such payment default has been cured
or waived or has otherwise ceased to exist.

(b)          In
the event that, notwithstanding the foregoing provision of this Section 12.02,
any payment or distribution of assets of the Group Guarantor from any source,
whether in cash, property or securities, shall be received by the Trustee or
the Holders on account of any obligation or claim in respect of the Group
Guarantee at a time when such payment or distribution is prohibited by the
foregoing provision, such payment or distribution (subject to the provisions of
Sections 12.06 and 12.07) shall be held in trust for the benefit of the holders
of Group Guarantor Senior Indebtedness, and shall be paid or delivered by the
Trustee or such Holders, as the case may be, to the holders of the Group
Guarantor Senior Indebtedness remaining unpaid or unprovided for or their
representative or representatives, or to the trustee or trustees under any indenture
pursuant to which any instruments evidencing any of such Group Guarantor Senior
Indebtedness may have been issued, ratably according to the aggregate amounts
remaining unpaid on account of the Group Guarantor Senior Indebtedness held or
represented by each, for application to the payment of all Group Guarantor
Senior Indebtedness remaining unpaid, to the extent necessary to pay or to
provide for the payment in full in cash or cash equivalents of all such Group
Guarantor Senior Indebtedness, after giving effect to any concurrent payment or
distribution and all provisions therefor to the holders of such Group Guarantor
Senior Indebtedness, but only to the extent that as to any holder of Group
Guarantor Senior Indebtedness, as promptly as practicable following notice from
the Trustee to the holders of Group Guarantor Senior Indebtedness that such
prohibited payment has been received by the Trustee or Holder(s), such holder
(or a representative or trustee therefor) notifies the Trustee in writing of
the amounts then due and owing on the Group Guarantor Senior Indebtedness, if
any, held by such holder and only the amounts specified in such notices to the
Trustee shall be paid to the holders of Group Guarantor Senior Indebtedness.

The Group Guarantor shall
give prompt written notice to the Trustee of any default or event of default,
and any cure or waiver thereof, or any acceleration under any Group Guarantor
Senior Indebtedness or under any agreement pursuant to which Group Guarantor
Senior Indebtedness may have been issued and any rescission thereof covered by
Section 12.02(a).

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Section 12.03.          Group
Guarantee Subordinated to Prior Payment of all Group Guarantor Senior
Indebtedness on Dissolution, Liquidation or Reorganization of Group Guarantor. 

 

Upon any distribution of
assets of the Group Guarantor upon any dissolution, winding up, total or
partial liquidation or reorganization or readjustment of the Group Guarantor,
whether voluntary or involuntary, in bankruptcy, insolvency or similar
proceeding or upon assignment for the benefit of creditors, or any other
marshaling of the assets and liabilities of the Group Guarantor or otherwise,
the claims under this Group Guarantee are subordinated to all claims under the
Group Guarantor Senior Indebtedness with the effect that:

(a)          the
holders of all Group Guarantor Senior Indebtedness would first be entitled to
receive payment in full in cash or cash equivalents (or have such payment duly
provided for) of the principal, premium, if any, and interest payable in
respect thereof before the Holders would be entitled to receive any payment
under the Group Guarantee in respect of the Principal of and interest on the
Securities;

(b)          any
payment or distribution of assets of the Group Guarantor of any kind or
character, from any source, whether in cash, property or securities to which
the Holders or the Trustee on behalf of the Holders would otherwise have been
entitled (but for the provisions of this Article Twelve), shall be paid by the
liquidating trustee or agent or other person making such a payment or
distribution directly to the holders of Group Guarantor Senior Indebtedness
remaining unpaid or unprovided for or their representative or representatives,
or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing any of such Group Guarantor Senior Indebtedness may have
been issued, ratably according to the aggregate amounts remaining unpaid on
account of the Group Guarantor Senior Indebtedness held or represented by each,
for application to the payment of all Group Guarantor Senior Indebtedness
remaining unpaid, to the extent necessary to pay or provide for the payment in
full in cash or cash equivalents of all such Group Guarantor Senior Indebtedness,
after giving effect to any concurrent payment or distribution to the holders of
such Group Guarantor Senior Indebtedness; and

(c)          in
the event that, notwithstanding the foregoing, any payment or distribution of
assets of the Group Guarantor from any source, whether in cash, property or
securities, shall be received by the Trustee or the Holders under the Group
Guarantee before all Group Guarantor Senior Indebtedness is paid in full in
cash or cash equivalents (or such payment is duly provided for), such payment
or distribution (subject to the provisions of Sections 12.06 and 12.07) shall
be held in trust by the Trustee or such Holders for the benefit of the holders
of the Group Guarantor Senior Indebtedness, and shall be paid or delivered by
the Trustee or such Holders, as the case may be, to the holders of Group
Guarantor Senior Indebtedness remaining unpaid or unprovided for, or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any such Group Guarantor
Senior Indebtedness may have been issued, ratably according to the respective
amounts remaining unpaid on account of the Group Guarantor Senior Indebtedness
held or represented by each, for application to the payment of all Group
Guarantor Senior Indebtedness remaining unpaid, to the extent necessary 

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to make payment in full (except as such payment
otherwise shall have been provided for) of all Group Guarantor Senior
Indebtedness remaining unpaid after giving effect to all concurrent payments
and distributions and all provisions therefor to the holders of such Group
Guarantor Senior Indebtedness, but only to the extent that as to any holder of
Group Guarantor Senior Indebtedness, as promptly as practicable following
notice from the Trustee to the holders of Group Guarantor Senior Indebtedness
that such prohibited payment has been received by the Trustee or Holder(s),
such holder (or a representative or trustee therefor) notifies the Trustee in
writing of the amounts then due and owing on the Group Guarantor Senior
Indebtedness, if any, held by such holder and only the amounts specified in
such notices to the Trustee shall be paid to the holders of Group Guarantor
Senior Indebtedness.

The Group Guarantor shall
give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of the Group Guarantor or assignment for the
benefit of creditors by the Group Guarantor.

Section 12.04.          Holders to be Subrogated to Rights of
Group Guarantor Senior Indebtedness. 

Subject to the payment in
full in cash or cash equivalents of all Group Guarantor Senior Indebtedness (or
provision made for its payment), the Holders shall be subrogated to the rights
of the holders of such Group Guarantor Senior Indebtedness to receive payments
or distributions of assets of the Group Guarantor applicable to the Group
Guarantor Senior Indebtedness until all amounts owing on the Securities shall
be paid in full, in cash or cash equivalents, and for the purpose of such
subrogation no such payments or distributions to the holders of Group Guarantor
Senior Indebtedness by or on behalf of the Group Guarantor, or by or on behalf
of the Holders by virtue of this Article Twelve, which otherwise would have been
made to the Holders shall, as between the Group Guarantor and the Holders, be
deemed to be payment by the Group Guarantor to or on account of the Group
Guarantor Senior Indebtedness, it being understood that the provisions of this
Article Twelve are and are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of Group
Guarantor Senior Indebtedness, on the other hand. If any payment or
distribution to which the Holders would otherwise have been entitled but for
the provisions of this Article Twelve shall have been applied, pursuant to the
provisions of this Article Twelve, to the payment of amounts payable under
Group Guarantor Senior Indebtedness, then the Holders shall be entitled to
receive from the holders of such Group Guarantor Senior Indebtedness any
payments or distributions received by such holders of Group Guarantor
Senior Indebtedness in excess of the amount sufficient to pay all amounts
payable under or in respect of the Group Guarantor Senior Indebtedness in full
in cash or cash equivalents.

Section 12.05.          Obligations
of the Group Guarantor Full and Unconditional. 

Nothing contained in this
Article Twelve or elsewhere in this Indenture or in the Securities or the Group
Guarantee is intended to or shall impair, as between the Group Guarantor and
the Holders, the obligation of the Group Guarantor, which is full and
unconditional, to pay to the Holders any payment due under the Group Guarantee
in respect of the Principal of and interest on the Securities as and when the
same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the Holders and creditors of
the

 9

Group Guarantor other than the holders of the Group
Guarantor Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or any Holder from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if
any, under this Article Twelve, of the holders of Group Guarantor Senior
Indebtedness in respect of cash, property or securities of the Group Guarantor
received upon the exercise of any such remedy. 
Notwithstanding anything to the contrary in this Article Twelve or
elsewhere in this Indenture or in the Securities or in the Group Guarantee,
upon any distribution of assets of the Group Guarantor referred to in this
Article Twelve, the Trustee and the Holders shall be entitled to rely upon any
order or decree made by any court of competent jurisdiction in which such
dissolution, winding up, liquidation or reorganization proceeding is pending,
or a certificate of the liquidating trustee or agent or other person making any
distribution to the Trustee or to the Holders for the purpose of ascertaining
the persons entitled to participate in such distribution, the holders of the
Group Guarantor Senior Indebtedness and other indebtedness of the Group
Guarantor, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
Twelve.

The Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Group Guarantor Senior Indebtedness (or
a representative of such holder or a trustee under any indenture under which
any instruments evidencing any such Group Guarantor Senior Indebtedness may
have been issued) to establish that such notice has been given by a holder of
such Group Guarantor Senior Indebtedness or such representative or trustee on
behalf such holder. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a
holder of Group Guarantor Senior Indebtedness to participate in any payment or
distribution pursuant to this Article, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of Group Guarantor Senior Indebtedness held by such Person, the extent to which
such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the right of such Person under this Article, and, if
such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive
such payment or distribution.

Except as otherwise
provided in this Section 12.05, in the event of any inconsistency between the
provisions of this Article Twelve, on the one hand, and any other provision of
this Indenture or any provision of the Securities or the Group Guarantee, on
the other hand, the provisions of this Article Twelve shall govern.

Section 12.06.          Trustee
Entitled to Assume Payments not Prohibited in Absence of Notice. 

The Trustee shall not at
any time be charged with knowledge of the existence of any facts which would
prohibit the making of any payment to or by the Trustee with respect to the
Group Guarantee unless and until an officer of the Trustee responsible for the
administration of this Indenture shall have received, no later than three
Business Days prior to such payment, written notice thereof from the Group
Guarantor or from one or more holders of Group Guarantor Senior Indebtedness or
from any representative or trustee therefor and, prior to the receipt of any
such written notice, the Trustee shall be entitled in all respects conclusively
to assume that no such fact exists.

 10
 

 

Section 12.07.          Application
by Trustee of Assets Deposited with it. 

Money or U.S. Government
Obligations (and the proceeds thereof) deposited in trust with the Trustee
pursuant to and in accordance with Section 8.01, 8.02 or 8.03 shall be for the
sole benefit of the Holders and, to the extent (i) the making of such deposit
by the Group Guarantor shall not have been in contravention of any term or
provision of any agreement creating or evidencing Group Guarantor Senior
Indebtedness and (ii) allocated for the payment under the Securities (pursuant
to the Group Guarantee), shall not be subject to the subordination provisions
of this Article Twelve.  Otherwise, any
deposit of assets by the Group Guarantor with the Trustee or any Paying Agent
(whether or not in trust) for the payment under the Group Guarantee of
Principal of or interest on the Securities shall be subject to the provisions
of Sections 12.01, 12.02, 12.03 and 12.04; provided, that, if prior to
the second Business Day preceding the date on which by the terms of this
Indenture any such assets may become distributable for any purpose (including
without limitation, the payment of either Principal of or interest on any
Securities) the Trustee or such Paying Agent shall not have received with
respect to such assets the written notice provided for in Section 12.06, then
the Trustee or such Paying Agent shall have full power and authority to receive
such assets and to apply the same to the purpose for which they were received,
and shall not be affected by any notice to the contrary which may be received
by it on or after such date.

Section 12.08.          Subordination
Rights not Impaired by Acts or Omissions of the Group Guarantor, the Company,
the Trustee, Holders of Group Guarantor Senior Indebtedness or the Holders. 

 

No act, or failure to
act, of any holder of the Group Guarantor Senior Indebtedness or their
respective representatives or trustees (including, without limitation, any
action referred to in this Section 12.08), the Group Guarantor, the Trustee,
any Holder or any other Person in accordance with the terms, covenants or the
provisions of this Article Twelve (regardless of any knowledge thereof which
any such holder of the Group Guarantor Senior Indebtedness may have or
otherwise be charged with) or any reorganization or similar proceeding with
respect to the Group Guarantor shall affect the provisions of this Article
Twelve, the obligations owed by the Group Guarantor, the Trustee or any Holder
to the holders of the Group Guarantor Senior Indebtedness under this Article
Twelve or the rights of any holder of Group Guarantor Senior Indebtedness under
this Article Twelve.

The Group Guarantor and
the Trustee hereby agree, and each Holder, by continuing to hold the
Securities, is hereby deemed to agree, that the taking of any of the following
actions, with or without notice, by the holders of the Group Guarantor Senior
Indebtedness and their respective representatives, will not in any way affect
the provisions of this Article Twelve: (i) changing the manner, place or terms
of payment or extending the time of payment of, or renewing or altering, any
agreement or instrument creating, evidencing or governing any Group Guarantor
Senior Indebtedness, or consenting to any amendment or change of any terms of
any such agreement or instrument, each as amended from time to time; (ii)
granting extensions or renewals of any such agreement or instrument and any
other indulgence with respect thereto, or effecting any release, compromise or
settlement with respect thereto; (iii) releasing any Person 

 11
 

liable in any manner for the payment or collection of
any Group Guarantor Senior Indebtedness; (iv) substituting, exchanging or
releasing or otherwise disposing of any item of security at any time securing
any Group Guarantor Senior Indebtedness, whether or not the collateral, if any,
received upon the exercise of such power shall be of a character or value the
same as or different from the character or value of the item of security
released; (v) exercising or refraining from exercising any rights or remedies
against the Group Guarantor or any other Person; and (vi) taking any other
action, or refraining from taking any action, that, in the absence of authority
granted hereby, could have the effect of impairing, invalidating or rendering
unenforceable, in whole or in part, or otherwise affecting, any of the
provisions of this Article Twelve.

Section 12.09.          Claims
Filed on Behalf of the Holders. 

In the event of any
dissolution, winding up, liquidation or any reorganization or similar preceding
with respect to the Group Guarantor (whether in bankruptcy, insolvency or
receivership proceedings or upon an assignment for the benefit of creditors or
any other marshalling of assets and liabilities of the Group Guarantor) tending
towards liquidation of the business and assets of the Group Guarantor, the
Trustee may, on behalf of each Holder, cause the immediate filing of a claim
for the unpaid balance of such Holder’s Securities in the form required in said
proceedings and cause said claim to be approved.  If the Trustee does not file a proper claim
or proof of debt in the form required in such proceeding prior to 30 days
before the expiration of the time to file such claim or claims, then the
holders of the Group Guarantor Senior Indebtedness or their respective
representatives or trustees are hereby authorized to have the right to file and
are hereby authorized to file an appropriate claim for and on behalf of the
Holders. Nothing herein contained shall be deemed to authorize the Trustee or
the holders of Group Guarantor Senior Indebtedness or their respective
representatives or trustees to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Group Guarantee, the Securities or the rights of any
Holder thereof, or to authorize the Trustee or the holders of Group Guarantor
Senior Indebtedness or their respective representatives to vote in respect of
the claim of any Holder in any such proceeding.

Section 12.10.          Right
of Trustee to Hold Group Guarantor Senior Indebtedness.

The Trustee shall be
entitled to all of the rights set forth in this Article Twelve in respect of
any Group Guarantor Senior Indebtedness at any time held by it to the same extent
as any other holder of Group Guarantor Senior Indebtedness, and nothing in this
Indenture shall be construed to deprive the Trustee of any of its rights as
such holder.  Nothing in this Article
shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07.

Section 12.11.          Article
Twelve Not to Prevent Events of Default. 

The failure to make a
payment under the Group Guarantee on account of Principal of or interest on the
Securities by reason of any provision of this Article Twelve shall not be
construed as preventing the occurrence of a Default or an Event of Default
under Section 6.01 or in any way prevent the Holders from exercising any right
hereunder other than the right to receive payment under the Group Guarantee on
the Securities.

 12
 

 

Section 12.12.          No
Fiduciary Duty of Trustee to Holders of Group Guarantor Senior Indebtedness. 

The Trustee shall not be
deemed to owe any fiduciary duty to the holders of Group Guarantor Senior
Indebtedness, and shall not be liable to any such holders (other than for its
willful misconduct, bad faith or negligence) if it shall in good faith
mistakenly pay over or distribute to the Holders or the Group Guarantor or any
other person, cash, property or securities to which any holders of Group
Guarantor Senior Indebtedness shall be entitled by virtue of this Article
Twelve or otherwise.  Nothing in this
Section 12.12 shall affect the obligation of any other such person to hold such
payment for the benefit of, and to pay such payment over to, the holders of
Group Guarantor Senior Indebtedness or their representative or trustee.

Section 12.13.          Agreement of the
Holders.

Each Holder, by
continuing to hold the Securities, (i) is hereby deemed to agree to, and to
waive notice of the acceptance by each holder of Group Guarantor Senior
Indebtedness, whether now outstanding or hereafter incurred, of, and reliance
by each such holder on, the subordination provisions contained in Section 11.01
and Article Twelve of this Indenture, and shall be bound by such provisions,
(ii) is hereby deemed to authorize and expressly direct the Trustee on such
Holder’s behalf to take such action in accordance with the terms of this
Indenture as may be necessary or appropriate to acknowledge or effectuate the
subordination so provided and (iii) is hereby deemed to appoint the Trustee
such Holder’s attorney-in-fact for any and all such purposes.

5.             Section 4.05 of the Base Indenture is hereby amended and
restated in its entirety as follows:

Each Guarantor
covenants to file with the Trustee, within 15 days after such Guarantor is
required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports which such Guarantor may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act.  Delivery of such
reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained
therein, including the Company’s and such Guarantors’ compliance with any of
the covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates).

6.             The Base Indenture is hereby amended by the insertion of
the following paragraphs at the end of Article Five:

Section 5.03.          When
the Guarantors May Merge, Etc.

Each Guarantor shall not
consolidate with, merge with or into, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all of its property and assets (as an
entirety or substantially as an entirety in one transaction or a series of
related transactions) to,

 13
 

any Person (other than with or into the Company or any
other Subsidiary or Guarantor) or permit any Person to merge with or into such
Guarantor unless:

(a)          either
(x) such Guarantor shall be the continuing Person or (y) the Person (if other
than such Guarantor) formed by such consolidation or into which such Guarantor
is merged or that acquired or leased such property and assets of such Guarantor
shall expressly assume, by a supplemental indenture, executed and delivered to
the Company and to the Trustee, all of the obligations of such Guarantor on the
relevant Guarantee and under this Indenture and such Guarantor shall have
delivered to the Trustee an Opinion of Counsel stating that such consolidation,
merger, sale, conveyance, transfer, lease or other disposition and such
supplemental indenture complies with this provision and that all conditions
precedent provided for herein relating to such transaction have been complied
with and that such supplemental indenture constitutes the legal, valid and
binding obligation of such Guarantor or such successor enforceable against such
entity in accordance with its terms, subject to customary exceptions; and

(b)          such Guarantor shall have delivered to the
Trustee an Officers’ Certificate to the effect that immediately after giving
effect to such transaction, no Default shall have occurred and be continuing
and an Opinion of Counsel as to the matters set forth in
Section 5.03(a)(y).

Section 5.04.          Successor
Substituted.

(a)          Upon
any consolidation or merger, or any sale, conveyance, transfer, lease or other
disposition of all or substantially all of the property and assets of such
Guarantor in accordance with Section 5.03 of this Indenture, the successor
Person formed by such consolidation or into which such Guarantor is merged or
to which such sale, conveyance, transfer, lease or other disposition is made
shall succeed to, and be substituted for, and may exercise every right and
power of, such Guarantor under this Indenture with the same effect as if such
successor Person had been named as the Guarantor herein.

(b)          The
Bank Guarantor may at any time designate a branch of Credit Suisse and, to the
extent the Bank Guarantor is a branch of Credit Suisse, may at any time
designate another branch of Credit Suisse, to be its successor under this
Indenture.  This successor Person shall
succeed to, and be substituted for, and may exercise every right and power
of, the Bank Guarantor under this Indenture with the same effect as if such
successor Person had been named as the Bank Guarantor herein.

7.             Section 6.02 of the Base Indenture is hereby amended by
inserting the words “or either Guarantor” the first time the word “Company”
appears in the paragraph immediately succeeding clause (d) thereof.

8.             Section 6.08 of the Base Indenture is hereby amended by
inserting the words “or either or both Guarantors” after the word “Company.”

 14
 

9.             Section 7.07 of the Base Indenture is hereby amended by
inserting the words “and the Guarantors” after the word “Company” whenever it
appears thereunder, by inserting the word “and the Guarantors’” after the word
“Company’s” and by inserting, as the final paragraph of Section 7.07, the
following sentence:

The obligations of the
Company and the Guarantors under this Section 7.07 shall be several.

10.           Section 10.02 of the Base Indenture
is hereby amended by replacing the references to addresses and the subparagraph
immediately thereafter with the following:

If to the Company:

Credit Suisse (USA), Inc.

One Madison Avenue

New York, New York 10010

Facsimile No: (212) 325-8227

Attention: Corporate
Treasury Department

If to the Group
Guarantor:

Credit Suisse Group,

Paradeplatz 8, P.O. Box
1,

CH-8070 Zurich,
Switzerland

Attention: Legal
Department

If to the Bank Guarantor:

Credit Suisse

Paradeplatz 8,

CH-8070 Zurich, Switzerland

Attention: Legal
Department

If to the Trustee:

The Bank of New York

101 Barclay Street, Floor
8W

New York, New York  10286

Facsimile No.: (212)
815-5704

Attention:  Corporate Finance

The Company, each
Guarantor or the Trustee by written notice to the other parties hereto may
designate additional or different addresses for subsequent notices or
communications.

 

 15
 

 

11.           Ratification and Confirmation.  As amended and modified by this First
Supplemental Indenture, the Base Indenture is in all respects ratified and
confirmed and the Base Indenture and this First Supplemental Indenture shall be
read, taken and construed as one and the same instrument.

12.           Counterparts.  This First Supplemental Indenture may be
executed in any number of counterparts and all of said counterparts executed
and delivered each as an original shall constitute but one and the same
instrument.

13.           Trustee’s Duties, Responsibilities
and Liabilities.  The recitals
contained herein shall be taken as the statements of the Company and the Guarantors,
and the Trustee assumes no responsibility for the correctness of same.  The Trustee makes no representation as to the
validity of this First Supplemental Indenture. 
The Trustee assumes no duties, responsibilities or liabilities by reason
of this First Supplemental Indenture other than as set forth in the Base
Indenture, and this First Supplemental Indenture is executed and accepted by
the Trustee subject to all the terms and conditions of its acceptance of the
trust under the Base Indenture, as fully as if said terms and conditions were
herein set forth at length.

14.           For
purposes of Section 310(b)(i) of the Trust Indenture Act, the Indentures dated
as of November 8, 2004 and September 17, 1997, between Credit Suisse (formerly
known as Credit Suisse First Boston), acting through its New York Branch, and
The Bank of New York (as successor to The Chase Manhattan Bank), as Trustee,
the Indentures dated as of September 3, 1997 (as first supplemented on or about
September 18, 1997) and June 8, 1998, among Credit Suisse (USA), Inc. (as
successor to Donaldson, Lufkin & Jenrette, Inc.), Credit Suisse Group, as
Guarantor, Credit Suisse, as Guarantor, and The Bank of New York (as successor
to The Chase Manhattan Bank), as Trustee, and the Indenture dated as of October
25, 1995 among Credit Suisse (USA), Inc. (as successor to Donaldson, Lufkin
& Jenrette, Inc.), Credit Suisse Group, as Guarantor, Credit Suisse, as
Guarantor, and The Bank of New York, as Trustee, are hereby excluded.

 16

IN WITNESS WHEREOF, the parties hereto have caused
this First Supplemental Indenture to be duly executed as of the day and year
first above written.

	
  Dated: March 26, 2007

  	
  CREDIT SUISSE (USA), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Peter
  Feeney

  
	
   

  	
   

  	
  Name:  Peter Feeney

  
	
   

  	
   

  	
  Title:

  	
   Managing Director and Treasurer

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE GROUP

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Renato
  Fassbind

  
	
   

  	
   

  	
  Name: Renato Fassbind

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rolf
  Enderli

  
	
   

  	
   

  	
  Name: Rolf Enderli

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
  CREDIT SUISSE

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Renato
  Fassbind

  
	
   

  	
   

  	
  Name: Renato Fassbind

  
	
   

  	
   

  	
  Title: Chief Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Rolf
  Enderli

  
	
   

  	
   

  	
  Name: Rolf Enderli

  
	
   

  	
   

  	
  Title: Treasurer

  

 

 17
 

 

	
  

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Ignazio
  Tamburello

  
	
   

  	
   

  	
  Name: Ignazio Tamburello

  
	
   

  	
   

  	
  Title: Assistant Vice President

  

 

 18Exhibit
4.53

EXECUTION VERSION

	
  CREDIT SUISSE (USA), INC.,

  
	
   

  
	
  as successor to
  DONALDSON, LUFKIN & JENRETTE, INC.

  
	
   

  
	
  (the Company),

  
	
   

  
	
   

  
	
  CREDIT SUISSE
  GROUP

  
	
   

  
	
  (the Group
  Guarantor),

  
	
   

  
	
  CREDIT SUISSE

  
	
   

  
	
  (the Bank
  Guarantor)

  
	
   

  
	
   

  
	
  AND

  
	
   

  
	
   

  
	
  THE BANK OF NEW
  YORK,

  
	
   

  
	
  as successor to
  THE CHASE MANHATTAN BANK

  
	
   

  
	
  (the Trustee)

  
	
   

  
	
   

  
	
   

  
	
  FIRST
  SUPPLEMENTAL INDENTURE

  
	
   

  
	
   

  
	
  dated as of
  March 26, 2007

  
	
   

  
	
   

  
	
  Supplemental to
  Senior Indenture,

  
	
  dated as of June
  8, 1998

  

 

 

FIRST SUPPLEMENTAL INDENTURE, dated as of March 26,
2007 (this “First Supplemental Indenture”), among CREDIT SUISSE (USA), INC. (as
successor to DONALDSON, LUFKIN & JENRETTE, INC.), a Delaware corporation
(the “Company”), CREDIT SUISSE GROUP, a company organized under the laws of
Switzerland (the “Group Guarantor”), CREDIT SUISSE, a corporation established
under the laws of, and duly licensed as a bank in, Switzerland (the “Bank
Guarantor”), and THE BANK OF NEW YORK (as successor to THE CHASE MANHATTAN
BANK), a New York banking corporation (the “Trustee”), to the Base Indenture
(as defined below).  The Group Guarantor
and the Bank Guarantor are also referred to herein as a “Guarantor” and
collectively as the “Guarantors.”

RECITALS OF THE COMPANY

WHEREAS, the Company has previously issued certain
series of senior debt securities (the “Securities”) under a senior indenture,
dated as of June 8, 1998, between the Company and the Trustee (the “Base
Indenture”);

WHEREAS, the Guarantors desire severally to guarantee
the Company’s obligations pursuant to the Base Indenture and the Securities;

WHEREAS, the Company has authorized the execution and
delivery of this First Supplemental Indenture by a Board Resolution;

WHEREAS, the Guarantors have authorized the execution
and delivery of this First Supplemental Indenture by a resolution of or under
the authority of their boards of directors or governing documents;

WHEREAS, Section 9.01(g) of the Base Indenture
provides that a supplemental indenture may be entered into by the Company and
the Trustee, without notice to or the consent of any Holder, to make any change
that does not materially and adversely affect the rights of any Holder;

WHEREAS, the Company has determined that the execution
and delivery of this First Supplemental Indenture by the Company, the
Guarantors and the Trustee complies with said Section 9.01(g) and does not
require notice to or the consent of any Holder;

WHEREAS, at the request of the Trustee, (i) the
Company has furnished the Trustee with (A) an Opinion of Counsel complying with
the requirements of Sections 9.05, 10.03 and 10.04 of the Base Indenture and to
the effect that, among other things, this First Supplemental Indenture has been
duly authorized, executed and delivered by the Company, (B) an Officers’
Certificate complying with the requirements of Sections 10.03 and 10.04 of the
Base Indenture and (C) a Board Resolution authorizing the execution by the
Company of this First Supplemental Indenture and its delivery by the Company to
the Trustee, and (ii) the Guarantors have furnished the Trustee with (x) an
opinion of counsel to the Guarantors as to the due organization of the
Guarantors and as to the due authorization, execution and delivery by the
Guarantors of this First Supplemental Indenture and the validity and
enforceability thereof with respect to the Guarantors, (y) a secretary’s
certificate of each Guarantor as to attached articles of association and, if
required, board resolutions as to the incumbency of signing officers and (z) an

excerpt from the
Commercial Register of the Canton of Zurich with respect to each Guarantor as
to, inter alia, registration,
incorporation and signatories;

WHEREAS, all conditions and requirements necessary to
make this First Supplemental Indenture a valid agreement of the Company, in
accordance with the terms of the Base Indenture, and a valid amendment of and
supplement to the Base Indenture have been done; and

WHEREAS, all capitalized terms used in this
Supplemental Indenture that are defined in the Base Indenture shall have the
meanings assigned to them in the Base Indenture.

NOW THEREFORE, the Company, the Guarantors and the
Trustee hereby agree as follows:

1.             Section 1.01 of the Base Indenture is hereby amended by
the insertion of the following definitions in the appropriate alphabetical
order:

“Bank Guarantee” means the Bank Guarantor’s full and
unconditional several guarantee of the payment of the Securities, as provided
in Article Eleven.

“Bank Guarantor” means Credit Suisse, a corporation
established under the laws of, and duly licensed as a bank in, Switzerland,
until a successor Person replaces it pursuant to the applicable provisions of
this Indenture and thereafter means such successor Person.

“Guarantors” means the Group Guarantor and the Bank Guarantor;
and each of the Group Guarantor and the Bank Guarantor is referred to herein as
a “Guarantor.”

“Guarantees” means the Group Guarantee and the Bank
Guarantee; and each of the Group Guarantee and the Bank Guarantee is referred
to herein as a “Guarantee.”

“Group Guarantee” means the Group Guarantor’s full and
unconditional several guarantee of the payment of the Securities, as provided
in Article Eleven and subject to Article Twelve.

“Group Guarantor” means Credit Suisse Group, a company
organized under the laws of Switzerland, until a successor Person replaces it
pursuant to the applicable provisions of this Indenture and thereafter means
such successor Person.

 “Group
Guarantor Senior Indebtedness” means the principal of and premium, if any, and
interest on (a) all unsubordinated indebtedness of the Group Guarantor, whether
outstanding on the date of this Indenture or thereafter created, (i) for money
borrowed by the Group Guarantor, (ii) for money borrowed by, or obligations of,
others and either assumed or guaranteed, directly or indirectly, by the Group
Guarantor, (iii) in respect of letters of credit and acceptances issued or made
by banks, or (iv) constituting  purchase
money indebtedness, or indebtedness secured by property included 

 2
 

in the property, plant
and equipment accounts of the Group Guarantor at the time of the acquisition of
such property by the Group Guarantor, for the payment of which the Group
Guarantor is directly liable and (b) all deferrals, renewals, extensions and
refundings of, and amendments, modifications and supplements to, any such
indebtedness. As used in the preceding sentence, the term “purchase money
indebtedness” means indebtedness evidenced by a note, debenture, bond or other
instrument (whether or not secured by any lien or other security interest)
issued or assumed as all or a part of the consideration for the acquisition of
property, whether by purchase, merger, consolidation or otherwise, unless by
its terms such indebtedness is subordinated to other unsubordinated
indebtedness of the Group Guarantor. 
Notwithstanding anything to the contrary in this Indenture, Group
Guarantor Senior Indebtedness shall not include (i) any indebtedness of the
Group Guarantor which, by its terms or the terms of the instrument creating or
evidencing it, is subordinate in right of payment to or pari passu with the
Group Guarantee or other subordinated obligations of the Group Guarantor or
(ii) any indebtedness of the Group Guarantor to a Subsidiary of the Group
Guarantor.

2.             The definition of “Officer’s Certificate” in Section
1.01 of the Base Indenture is hereby amended and restated in its entirety as
follows:

“Officers’ Certificate” means, (i) with respect to the
Company, a certificate signed (A) by the chief executive officer, the president,
the chief financial officer, the chief accounting officer or any Managing
Director and (B) by the treasurer or any assistant treasurer, or the secretary
or any assistant secretary, complying with Section 10.04 and delivered to the
Trustee; and (ii) with respect to a Guarantor, a certificate signed by two
persons authorized to bind the Guarantor and delivered to the Trustee.  Each such Officers’ Certificate shall comply
with Section 314 of the Trust Indenture Act and include (except as otherwise
expressly provided in this Indenture) the statements provided in Section 10.04,
if and to the extent required thereby. 
The Trustee shall be entitled conclusively to assume, without any
independent investigation, that any person signing an Officer’s Certificate
with respect to a Guarantor is authorized to bind such Guarantor.

3.             The definition of “Opinion of Counsel” in Section 1.01
of the Base Indenture is hereby amended and restated in its entirety as
follows:

“Opinion of Counsel” means a written opinion signed by
legal counsel, who may be an employee of or counsel to the Company or a
Guarantor satisfactory to the Trustee and complying with Section 10.04.  Each Opinion of Counsel shall comply with
Section 314 of the Trust Indenture Act and include the statements provided in
Section 10.04, if and to the extent required thereby.

4.             Each Guarantor by its execution of this First
Supplemental Indenture hereby severally agrees with each Holder of Securities
previously authenticated and delivered by the Trustee, and with the Trustee, on
behalf of each such Holder, to be unconditionally bound by the terms and
provisions of the respective Guarantee set forth below and authorizes the
Trustee to confirm the existence of such Guarantee to any Holder requesting
such confirmation.  Accordingly, the Base
Indenture is hereby amended by the insertion of the following Articles Eleven
and Twelve after the existing Article Ten:

 3
 

ARTICLE ELEVEN

The Guarantees

Section 11.01.          Full
and Unconditional Subordinated Guarantee by Group Guarantor.

For value received, the
Group Guarantor, subject to the subordination provisions contained in Article
Twelve hereof, hereby fully and unconditionally guarantees to the Holders of
the Securities and to the Trustee on behalf of each such Holder the due and
punctual payment of the Principal of and interest on such Securities and the
due and punctual payment of the sinking fund or analogous payments referred to
therein, if any, when and as the same shall become due and payable, whether on
the stated maturity date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of this Indenture.  In case of the failure of the Company to
punctually make any such payment of Principal or interest or any such sinking
fund or analogous payment, the Group Guarantor hereby agrees, subject to the
subordination provisions contained in Article Twelve hereof, to cause any such
payment to be made punctually when and as the same shall become due and
payable, whether on the stated maturity date or by declaration of acceleration,
call for redemption or otherwise, and as if such payment were made by the
Company.

The indebtedness
evidenced by this Group Guarantee is, to the extent provided in this Indenture,
subordinate and junior in right of payment to Group Guarantor Senior
Indebtedness, and this Group Guarantee is issued subject to the subordination
provisions of Article Twelve hereof.

Subject to the
subordination provisions of Article Twelve hereof, the Group
Guarantor hereby agrees that its obligations hereunder shall be as if it were
the principal debtor and not merely surety, and shall be full and
unconditional, irrespective of, and shall be unaffected by, any invalidity,
irregularity or unenforceability of such Securities or this Indenture, any
failure to enforce the provisions of such Securities or this Indenture, or any
waiver, modification or indulgence granted to the Company with respect thereto,
by the Holders of such Securities or the Trustee or any other circumstance
which may otherwise constitute a legal or equitable discharge of a surety or
guarantor; provided, however, that, notwithstanding the
foregoing, no such waiver, modification or indulgence shall, without the
consent of the Group Guarantor, increase the Principal amount of such
Securities, or increase the interest rate thereon, or alter the stated maturity
date thereof, or increase the principal amount of any Original Issue Discount
Security that would be due and payable upon a declaration of acceleration of the
maturity thereof pursuant to Section 6.02 of this Indenture. The Group
Guarantor hereby waives diligence, presentment, demand of payment, filing of
claims with a court in the event of merger or bankruptcy of the Company, any
right to require a proceeding first against the Company, protest or notice with
respect to such Securities or the indebtedness evidenced thereby or with
respect to any sinking fund or analogous payment required under such Securities
and all demands whatsoever, and covenants that this Group Guarantee will not be
discharged except by payment in full of the Principal of and interest on such
Securities. This Group Guarantee is a guarantee of payment and not of collection.

 4
 

 

The Group Guarantor shall
be subrogated to all rights of the Holders of such Securities and the Trustee
against the Company in respect of any amounts paid to such Holders by the Group
Guarantor pursuant to the provisions of this Group Guarantee.  The Group Guarantor shall not be entitled to
enforce, or to receive any payments arising out of, or based upon, such right
of subrogation until the Principal of and interest on all Securities of the
same series issued under this Indenture shall have been paid in full.

No reference herein to
this Indenture and no provision of this Group Guarantee or of this Indenture
shall, subject to the subordination provisions in Article Twelve hereof, alter
or impair the guarantees of the Group Guarantor, which are full and
unconditional, of the due and punctual payment of the Principal of and interest
on, and any sinking fund or analogous payments with respect to, the Securities.

Section 11.02.          Full
and Unconditional Guarantee by the Bank Guarantor.

For value received, the
Bank Guarantor hereby fully and unconditionally guarantees to the Holders of
the Securities and to the Trustee on behalf of each such Holder the due and
punctual payment of the Principal of and interest on such Securities and the
due and punctual payment of the sinking fund or analogous payments referred to
therein, if any, when and as the same shall become due and payable, whether on
the stated maturity date, by declaration of acceleration, call for redemption
or otherwise, according to the terms thereof and of this Indenture. In case of
the failure of the Company to punctually make any such payment of Principal or
interest or any such sinking fund or analogous payment, the Bank Guarantor
hereby agrees to cause any such payment to be made punctually when and as the
same shall become due and payable, whether on the stated maturity date or by
declaration of acceleration, call for redemption or otherwise, and as if such
payment were made by the Company.

The
indebtedness evidenced by this Bank Guarantee ranks equally and pari passu with
all other unsecured and unsubordinated debt of the Bank Guarantor.

The Bank Guarantor
hereby agrees that its obligations hereunder shall be as if it were the
principal debtor and not merely surety, and shall be full and unconditional,
irrespective of, and shall be unaffected by, any invalidity, irregularity or
unenforceability of such Securities or this Indenture, any failure to enforce
the provisions of such Securities or this Indenture, or any waiver,
modification or indulgence granted to the Company with respect thereto, by the
Holders of such Securities or the Trustee or any other circumstance which may
otherwise constitute a legal or equitable discharge of a surety or guarantor; provided,
however, that, notwithstanding the foregoing, no such waiver, modification
or indulgence shall, without the consent of the Bank Guarantor, increase the
Principal amount of such Securities, or increase the interest rate thereon, or
alter the stated maturity date thereof, or increase the principal amount of any
Original Issue Discount Security that would be due and payable upon a
declaration of acceleration of the maturity thereof pursuant to Section 6.02 of
this Indenture. The Bank Guarantor hereby waives diligence, presentment, demand
of payment, filing of claims with a court in the event of merger or bankruptcy
of the Company, any right to require a proceeding first against the Company,
protest or notice with respect to such Securities or the indebtedness evidenced
thereby or with respect to any sinking fund or analogous payment required under
such Securities and all 

 5
 

demands whatsoever, and
covenants that this Bank Guarantee will not be discharged except by payment in
full of the Principal of and interest on such Securities. This Bank Guarantee
is a guarantee of payment and not of collection.

The Bank Guarantor shall
be subrogated to all rights of the Holders of such Securities and the Trustee
against the Company in respect of any amounts paid to such Holders by the Bank
Guarantor pursuant to the provisions of this Bank Guarantee.  The Bank Guarantor shall not be entitled to
enforce, or to receive any payments arising out of, or based upon, such right
of subrogation until the Principal of and interest on all Securities of the
same series issued under this Indenture shall have been paid in full.

No reference herein to
this Indenture and no provision of this Bank Guarantee or of this Indenture
shall alter or impair the guarantees of the Bank Guarantor, which are full and
unconditional, of the due and punctual payment of the Principal of and interest
on, and any sinking fund or analogous payments with respect to, the Securities.

ARTICLE TWELVE

Subordination of the Group Guarantee

Section 12.01.          Group Guarantee
Subordinated to Group Senior Indebtedness.

The obligations of the
Group Guarantor under the Group Guarantee are subordinated, to the extent and
in the manner provided in this Article Twelve, to all present and future Group
Guarantor Senior Indebtedness.  These
subordination provisions are for the benefit of the holders of Group Guarantor
Senior Indebtedness from time to time (and their successors and assigns). The
provisions of this Article Twelve shall be enforceable directly by such holders
and their respective representatives or trustees directly against the Group
Guarantor, the Trustee and the Holders (and their successors and assigns). The
provisions of this Article Twelve shall be a continuing agreement and shall be
irrevocable and shall remain in full force and effect until payment in full of
the Group Guarantor Senior Indebtedness in cash or cash equivalents, and shall
constitute a continuing and irrevocable offer to all Persons who become holders
of, or continue to hold, Group Guarantor Senior Indebtedness (whether such
Group Guarantor Senior Indebtedness was created or acquired before or after the
issuance of the Securities), each of which holders shall be deemed for the
purposes hereof to have acquired Group Guarantor Senior Indebtedness in
reliance upon the provisions of this Article Twelve. The provisions of this
Article Twelve shall survive the commencement of any reorganization or other
proceedings with respect to the Group Guarantor or any other Person and the
discharge of any claim in connection with such reorganization or other
proceedings, including, without limitation, the discharge of any Group
Guarantor Senior Indebtedness.

Section 12.02.          No
Payment on Group Guarantee in Certain Circumstances.

(a)          No
payment shall be made by or on behalf of the Group Guarantor on account of any
obligation or, to the extent the subordination thereof is permitted by
applicable law, claim in respect of the Group Guarantee, including the
Principal of or interest on the Securities, or to 

 6
 

redeem (or make a deposit in redemption of), defease
(other than payments made by the Trustee pursuant to Article Eight with respect
to a defeasance permitted by this Indenture, including the subordination
provisions herein) or acquire any of the Securities for cash, property or
securities, (i) upon the maturity of Group Guarantor Senior Indebtedness with
an aggregate principal amount in excess of $100 million by acceleration, unless
and until all principal of, premium, if any, and interest on such Group
Guarantor Senior Indebtedness and all other obligations in respect thereof
shall first be paid in full in cash or cash equivalents or such payment is duly
provided for, or unless and until any such maturity by acceleration has been
rescinded or waived or (ii) in the event of default in payment of any principal
of, premium, if any, or interest on or any other amount payable in respect of
Group Guarantor Senior Indebtedness with an aggregate principal amount in
excess of $100 million when it becomes due and payable at maturity or at a date
fixed for prepayment or redemption, unless and until such payment default has
been cured or waived or has otherwise ceased to exist.

(b)          In
the event that, notwithstanding the foregoing provision of this Section 12.02,
any payment or distribution of assets of the Group Guarantor from any source,
whether in cash, property or securities, shall be received by the Trustee or
the Holders on account of any obligation or claim in respect of the Group
Guarantee at a time when such payment or distribution is prohibited by the
foregoing provision, such payment or distribution (subject to the provisions of
Sections 12.06 and 12.07) shall be held in trust for the benefit of the holders
of Group Guarantor Senior Indebtedness, and shall be paid or delivered by the
Trustee or such Holders, as the case may be, to the holders of the Group
Guarantor Senior Indebtedness remaining unpaid or unprovided for or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any of such Group
Guarantor Senior Indebtedness may have been issued, ratably according to the
aggregate amounts remaining unpaid on account of the Group Guarantor Senior
Indebtedness held or represented by each, for application to the payment of all
Group Guarantor Senior Indebtedness remaining unpaid, to the extent necessary
to pay or to provide for the payment in full in cash or cash equivalents of all
such Group Guarantor Senior Indebtedness, after giving effect to any concurrent
payment or distribution and all provisions therefor to the holders of such
Group Guarantor Senior Indebtedness, but only to the extent that as to any
holder of Group Guarantor Senior Indebtedness, as promptly as practicable
following notice from the Trustee to the holders of Group Guarantor Senior
Indebtedness that such prohibited payment has been received by the Trustee or
Holder(s), such holder (or a representative or trustee therefor) notifies the
Trustee in writing of the amounts then due and owing on the Group Guarantor
Senior Indebtedness, if any, held by such holder and only the amounts specified
in such notices to the Trustee shall be paid to the holders of Group Guarantor
Senior Indebtedness.

The Group Guarantor shall
give prompt written notice to the Trustee of any default or event of default,
and any cure or waiver thereof, or any acceleration under any Group Guarantor
Senior Indebtedness or under any agreement pursuant to which Group Guarantor
Senior Indebtedness may have been issued and any rescission thereof covered by
Section 12.02(a).

 7
 

 

Section 12.03.          Group
Guarantee Subordinated to Prior Payment of all Group Guarantor Senior
Indebtedness on Dissolution, Liquidation or Reorganization of Group Guarantor. 

 

Upon any distribution of
assets of the Group Guarantor upon any dissolution, winding up, total or
partial liquidation or reorganization or readjustment of the Group Guarantor,
whether voluntary or involuntary, in bankruptcy, insolvency or similar
proceeding or upon assignment for the benefit of creditors, or any other
marshaling of the assets and liabilities of the Group Guarantor or otherwise,
the claims under this Group Guarantee are subordinated to all claims under the
Group Guarantor Senior Indebtedness with the effect that:

(a)          the
holders of all Group Guarantor Senior Indebtedness would first be entitled to
receive payment in full in cash or cash equivalents (or have such payment duly
provided for) of the principal, premium, if any, and interest payable in
respect thereof before the Holders would be entitled to receive any payment
under the Group Guarantee in respect of the Principal of and interest on the
Securities;

(b)          any
payment or distribution of assets of the Group Guarantor of any kind or
character, from any source, whether in cash, property or securities to which
the Holders or the Trustee on behalf of the Holders would otherwise have been
entitled (but for the provisions of this Article Twelve), shall be paid by the
liquidating trustee or agent or other person making such a payment or
distribution directly to the holders of Group Guarantor Senior Indebtedness
remaining unpaid or unprovided for or their representative or representatives,
or to the trustee or trustees under any indenture pursuant to which any
instruments evidencing any of such Group Guarantor Senior Indebtedness may have
been issued, ratably according to the aggregate amounts remaining unpaid on
account of the Group Guarantor Senior Indebtedness held or represented by each,
for application to the payment of all Group Guarantor Senior Indebtedness
remaining unpaid, to the extent necessary to pay or provide for the payment in
full in cash or cash equivalents of all such Group Guarantor Senior
Indebtedness, after giving effect to any concurrent payment or distribution to
the holders of such Group Guarantor Senior Indebtedness; and

(c)          in
the event that, notwithstanding the foregoing, any payment or distribution of
assets of the Group Guarantor from any source, whether in cash, property or
securities, shall be received by the Trustee or the Holders under the Group
Guarantee before all Group Guarantor Senior Indebtedness is paid in full in
cash or cash equivalents (or such payment is duly provided for), such payment
or distribution (subject to the provisions of Sections 12.06 and 12.07) shall
be held in trust by the Trustee or such Holders for the benefit of the holders
of the Group Guarantor Senior Indebtedness, and shall be paid or delivered by
the Trustee or such Holders, as the case may be, to the holders of Group
Guarantor Senior Indebtedness remaining unpaid or unprovided for, or their
representative or representatives, or to the trustee or trustees under any
indenture pursuant to which any instruments evidencing any such Group Guarantor
Senior Indebtedness may have been issued, ratably according to the respective
amounts remaining unpaid on account of the Group Guarantor Senior Indebtedness
held or represented by each, for application to the payment of all Group
Guarantor Senior Indebtedness remaining unpaid, to the extent necessary

 8

to make payment in full (except as such payment
otherwise shall have been provided for) of all Group Guarantor Senior
Indebtedness remaining unpaid after giving effect to all concurrent payments
and distributions and all provisions therefor to the holders of such Group
Guarantor Senior Indebtedness, but only to the extent that as to any holder of
Group Guarantor Senior Indebtedness, as promptly as practicable following
notice from the Trustee to the holders of Group Guarantor Senior Indebtedness
that such prohibited payment has been received by the Trustee or Holder(s),
such holder (or a representative or trustee therefor) notifies the Trustee in
writing of the amounts then due and owing on the Group Guarantor Senior
Indebtedness, if any, held by such holder and only the amounts specified in
such notices to the Trustee shall be paid to the holders of Group Guarantor
Senior Indebtedness.

The Group Guarantor shall
give prompt written notice to the Trustee of any dissolution, winding up,
liquidation or reorganization of the Group Guarantor or assignment for the
benefit of creditors by the Group Guarantor.

Section 12.04.          Holders to be Subrogated to Rights of
Group Guarantor Senior Indebtedness. 

Subject to the payment in
full in cash or cash equivalents of all Group Guarantor Senior Indebtedness (or
provision made for its payment), the Holders shall be subrogated to the rights
of the holders of such Group Guarantor Senior Indebtedness to receive payments
or distributions of assets of the Group Guarantor applicable to the Group
Guarantor Senior Indebtedness until all amounts owing on the Securities shall
be paid in full, in cash or cash equivalents, and for the purpose of such
subrogation no such payments or distributions to the holders of Group Guarantor
Senior Indebtedness by or on behalf of the Group Guarantor, or by or on behalf
of the Holders by virtue of this Article Twelve, which otherwise would have
been made to the Holders shall, as between the Group Guarantor and the Holders,
be deemed to be payment by the Group Guarantor to or on account of the Group
Guarantor Senior Indebtedness, it being understood that the provisions of this
Article Twelve are and are intended solely for the purpose of defining the
relative rights of the Holders, on the one hand, and the holders of Group
Guarantor Senior Indebtedness, on the other hand. If any payment or
distribution to which the Holders would otherwise have been entitled but for
the provisions of this Article Twelve shall have been applied, pursuant to the
provisions of this Article Twelve, to the payment of amounts payable under
Group Guarantor Senior Indebtedness, then the Holders shall be entitled to
receive from the holders of such Group Guarantor Senior Indebtedness any
payments or distributions received by such holders of Group Guarantor
Senior Indebtedness in excess of the amount sufficient to pay all amounts
payable under or in respect of the Group Guarantor Senior Indebtedness in full
in cash or cash equivalents.

Section 12.05.          Obligations
of the Group Guarantor Full and Unconditional. 

Nothing contained in this
Article Twelve or elsewhere in this Indenture or in the Securities or the Group
Guarantee is intended to or shall impair, as between the Group Guarantor and
the Holders, the obligation of the Group Guarantor, which is full and
unconditional, to pay to the Holders any payment due under the Group Guarantee
in respect of the Principal of and interest on the Securities as and when the
same shall become due and payable in accordance with their terms, or is
intended to or shall affect the relative rights of the Holders and creditors of
the 

 9
 

Group Guarantor other than the holders of the Group
Guarantor Senior Indebtedness, nor shall anything herein or therein prevent the
Trustee or any Holder from exercising all remedies otherwise permitted by
applicable law upon default under this Indenture, subject to the rights, if
any, under this Article Twelve, of the holders of Group Guarantor Senior
Indebtedness in respect of cash, property or securities of the Group Guarantor
received upon the exercise of any such remedy. 
Notwithstanding anything to the contrary in this Article Twelve or
elsewhere in this Indenture or in the Securities or in the Group Guarantee,
upon any distribution of assets of the Group Guarantor referred to in this
Article Twelve, the Trustee and the Holders shall be entitled to rely upon any
order or decree made by any court of competent jurisdiction in which such
dissolution, winding up, liquidation or reorganization proceeding is pending,
or a certificate of the liquidating trustee or agent or other person making any
distribution to the Trustee or to the Holders for the purpose of ascertaining
the persons entitled to participate in such distribution, the holders of the
Group Guarantor Senior Indebtedness and other indebtedness of the Group
Guarantor, the amount thereof or payable thereon, the amount or amounts paid or
distributed thereon and all other facts pertinent thereto or to this Article
Twelve.

The Trustee shall be
entitled to rely on the delivery to it of a written notice by a Person
representing himself to be a holder of Group Guarantor Senior Indebtedness (or
a representative of such holder or a trustee under any indenture under which
any instruments evidencing any such Group Guarantor Senior Indebtedness may
have been issued) to establish that such notice has been given by a holder of
such Group Guarantor Senior Indebtedness or such representative or trustee on
behalf such holder. In the event that the Trustee determines in good faith that
further evidence is required with respect to the right of any Person as a
holder of Group Guarantor Senior Indebtedness to participate in any payment or
distribution pursuant to this Article, the Trustee may request such Person to
furnish evidence to the reasonable satisfaction of the Trustee as to the amount
of Group Guarantor Senior Indebtedness held by such Person, the extent to which
such Person is entitled to participate in such payment or distribution and any
other facts pertinent to the right of such Person under this Article, and, if
such evidence is not furnished, the Trustee may defer any payment to such
Person pending judicial determination as to the right of such Person to receive
such payment or distribution.

Except as otherwise provided
in this Section 12.05, in the event of any inconsistency between the provisions
of this Article Twelve, on the one hand, and any other provision of this
Indenture or any provision of the Securities or the Group Guarantee, on the
other hand, the provisions of this Article Twelve shall govern.

Section 12.06.          Trustee
Entitled to Assume Payments not Prohibited in Absence of Notice. 

The Trustee shall not at
any time be charged with knowledge of the existence of any facts which would
prohibit the making of any payment to or by the Trustee with respect to the
Group Guarantee unless and until an officer of the Trustee responsible for the
administration of this Indenture shall have received, no later than three
Business Days prior to such payment, written notice thereof from the Group
Guarantor or from one or more holders of Group Guarantor Senior Indebtedness or
from any representative or trustee therefor and, prior to the receipt of any
such written notice, the Trustee shall be entitled in all respects conclusively
to assume that no such fact exists.

 10
 

 

Section 12.07.          Application
by Trustee of Assets Deposited with it. 

Money or U.S. Government
Obligations (and the proceeds thereof) deposited in trust with the Trustee
pursuant to and in accordance with Section 8.01, 8.02 or 8.03 shall be for the
sole benefit of the Holders and, to the extent (i) the making of such deposit
by the Group Guarantor shall not have been in contravention of any term or
provision of any agreement creating or evidencing Group Guarantor Senior
Indebtedness and (ii) allocated for the payment under the Securities (pursuant
to the Group Guarantee), shall not be subject to the subordination provisions
of this Article Twelve.  Otherwise, any
deposit of assets by the Group Guarantor with the Trustee or any Paying Agent
(whether or not in trust) for the payment under the Group Guarantee of
Principal of or interest on the Securities shall be subject to the provisions
of Sections 12.01, 12.02, 12.03 and 12.04; provided, that, if prior to
the second Business Day preceding the date on which by the terms of this
Indenture any such assets may become distributable for any purpose (including
without limitation, the payment of either Principal of or interest on any
Securities) the Trustee or such Paying Agent shall not have received with
respect to such assets the written notice provided for in Section 12.06, then
the Trustee or such Paying Agent shall have full power and authority to receive
such assets and to apply the same to the purpose for which they were received,
and shall not be affected by any notice to the contrary which may be received
by it on or after such date.

Section 12.08.          Subordination
Rights not Impaired by Acts or Omissions of the Group Guarantor, the Company,
the Trustee, Holders of Group Guarantor Senior Indebtedness or the Holders. 

 

No act, or failure to
act, of any holder of the Group Guarantor Senior Indebtedness or their
respective representatives or trustees (including, without limitation, any
action referred to in this Section 12.08), the Group Guarantor, the Trustee,
any Holder or any other Person in accordance with the terms, covenants or the
provisions of this Article Twelve (regardless of any knowledge thereof which
any such holder of the Group Guarantor Senior Indebtedness may have or
otherwise be charged with) or any reorganization or similar proceeding with
respect to the Group Guarantor shall affect the provisions of this Article
Twelve, the obligations owed by the Group Guarantor, the Trustee or any Holder
to the holders of the Group Guarantor Senior Indebtedness under this Article
Twelve or the rights of any holder of Group Guarantor Senior Indebtedness under
this Article Twelve.

The Group Guarantor and
the Trustee hereby agree, and each Holder, by continuing to hold the
Securities, is hereby deemed to agree, that the taking of any of the following
actions, with or without notice, by the holders of the Group Guarantor Senior
Indebtedness and their respective representatives, will not in any way affect
the provisions of this Article Twelve: (i) changing the manner, place or terms
of payment or extending the time of payment of, or renewing or altering, any
agreement or instrument creating, evidencing or governing any Group Guarantor
Senior Indebtedness, or consenting to any amendment or change of any terms of
any such agreement or instrument, each as amended from time to time; (ii)
granting extensions or renewals of any such agreement or instrument and any
other indulgence with respect thereto, or effecting any release, compromise or
settlement with respect thereto; (iii) releasing any Person 

 11
 

liable in any manner for the payment or collection of
any Group Guarantor Senior Indebtedness; (iv) substituting, exchanging or
releasing or otherwise disposing of any item of security at any time securing
any Group Guarantor Senior Indebtedness, whether or not the collateral, if any,
received upon the exercise of such power shall be of a character or value the
same as or different from the character or value of the item of security
released; (v) exercising or refraining from exercising any rights or remedies
against the Group Guarantor or any other Person; and (vi) taking any other
action, or refraining from taking any action, that, in the absence of authority
granted hereby, could have the effect of impairing, invalidating or rendering
unenforceable, in whole or in part, or otherwise affecting, any of the
provisions of this Article Twelve.

Section 12.09.          Claims
Filed on Behalf of the Holders. 

In the event of any
dissolution, winding up, liquidation or any reorganization or similar preceding
with respect to the Group Guarantor (whether in bankruptcy, insolvency or
receivership proceedings or upon an assignment for the benefit of creditors or
any other marshalling of assets and liabilities of the Group Guarantor) tending
towards liquidation of the business and assets of the Group Guarantor, the
Trustee may, on behalf of each Holder, cause the immediate filing of a claim
for the unpaid balance of such Holder’s Securities in the form required in said
proceedings and cause said claim to be approved.  If the Trustee does not file a proper claim
or proof of debt in the form required in such proceeding prior to 30 days
before the expiration of the time to file such claim or claims, then the
holders of the Group Guarantor Senior Indebtedness or their respective
representatives or trustees are hereby authorized to have the right to file and
are hereby authorized to file an appropriate claim for and on behalf of the
Holders. Nothing herein contained shall be deemed to authorize the Trustee or
the holders of Group Guarantor Senior Indebtedness or their respective
representatives or trustees to authorize or consent to or accept or adopt on
behalf of any Holder any plan of reorganization, arrangement, adjustment or
composition affecting the Group Guarantee, the Securities or the rights of any
Holder thereof, or to authorize the Trustee or the holders of Group Guarantor
Senior Indebtedness or their respective representatives to vote in respect of
the claim of any Holder in any such proceeding.

Section 12.10.          Right
of Trustee to Hold Group Guarantor Senior Indebtedness.

The Trustee shall be
entitled to all of the rights set forth in this Article Twelve in respect of
any Group Guarantor Senior Indebtedness at any time held by it to the same
extent as any other holder of Group Guarantor Senior Indebtedness, and nothing
in this Indenture shall be construed to deprive the Trustee of any of its rights
as such holder.  Nothing in this Article
shall apply to claims of, or payments to, the Trustee under or pursuant to
Section 7.07.

Section 12.11.          Article
Twelve Not to Prevent Events of Default. 

The failure to make a
payment under the Group Guarantee on account of Principal of or interest on the
Securities by reason of any provision of this Article Twelve shall not be
construed as preventing the occurrence of a Default or an Event of Default
under Section 6.01 or in any way prevent the Holders from exercising any right
hereunder other than the right to receive payment under the Group Guarantee on
the Securities.

 12
 

 

Section 12.12.          No
Fiduciary Duty of Trustee to Holders of Group Guarantor Senior Indebtedness. 

The Trustee shall not be
deemed to owe any fiduciary duty to the holders of Group Guarantor Senior
Indebtedness, and shall not be liable to any such holders (other than for its
willful misconduct, bad faith or negligence) if it shall in good faith
mistakenly pay over or distribute to the Holders or the Group Guarantor or any
other person, cash, property or securities to which any holders of Group
Guarantor Senior Indebtedness shall be entitled by virtue of this Article
Twelve or otherwise.  Nothing in this
Section 12.12 shall affect the obligation of any other such person to hold such
payment for the benefit of, and to pay such payment over to, the holders of
Group Guarantor Senior Indebtedness or their representative or trustee.

Section 12.13.          Agreement of the
Holders.

Each Holder, by
continuing to hold the Securities, (i) is hereby deemed to agree to, and to
waive notice of the acceptance by each holder of Group Guarantor Senior
Indebtedness, whether now outstanding or hereafter incurred, of, and reliance
by each such holder on, the subordination provisions contained in Section 11.01
and Article Twelve of this Indenture, and shall be bound by such provisions,
(ii) is hereby deemed to authorize and expressly direct the Trustee on such
Holder’s behalf to take such action in accordance with the terms of this
Indenture as may be necessary or appropriate to acknowledge or effectuate the
subordination so provided and (iii) is hereby deemed to appoint the Trustee
such Holder’s attorney-in-fact for any and all such purposes.

5.             Section 4.05 of the Base Indenture is hereby amended and
restated in its entirety as follows:

Each Guarantor
covenants to file with the Trustee, within 15 days after such Guarantor is
required to file the same with the Commission, copies of the annual reports and
of the information, documents and other reports which such Guarantor may be
required to file with the Commission pursuant to Section 13 or Section 15(d) of
the Exchange Act.  Delivery of such
reports, information and documents to the Trustee is for informational purposes
only and the Trustee’s receipt of such shall not constitute constructive notice
of any information contained therein or determinable from information contained
therein, including the Company’s and such Guarantors’ compliance with any of
the covenants hereunder (as to which the Trustee is entitled to rely
exclusively on Officers’ Certificates).

6.             The Base Indenture is hereby amended by the insertion of
the following paragraphs at the end of Article Five:

Section 5.03.          When
the Guarantors May Merge, Etc.

Each Guarantor shall not
consolidate with, merge with or into, or sell, convey, transfer, lease or
otherwise dispose of all or substantially all of its property and assets (as an

 13
 

entirety or substantially as an entirety in one
transaction or a series of related transactions) to, any Person (other
than with or into the Company or any other Subsidiary or Guarantor) or permit
any Person to merge with or into such Guarantor unless:

(a)          either
(x) such Guarantor shall be the continuing Person or (y) the Person (if other
than such Guarantor) formed by such consolidation or into which such Guarantor
is merged or that acquired or leased such property and assets of such Guarantor
shall expressly assume, by a supplemental indenture, executed and delivered to
the Company and to the Trustee, all of the obligations of such Guarantor on the
relevant Guarantee and under this Indenture and such Guarantor shall have
delivered to the Trustee an Opinion of Counsel stating that such consolidation,
merger, sale, conveyance, transfer, lease or other disposition and such
supplemental indenture complies with this provision and that all conditions
precedent provided for herein relating to such transaction have been complied
with and that such supplemental indenture constitutes the legal, valid and
binding obligation of such Guarantor or such successor enforceable against such
entity in accordance with its terms, subject to customary exceptions; and

(b)          such Guarantor shall have delivered to the
Trustee an Officers’ Certificate to the effect that immediately after giving
effect to such transaction, no Default shall have occurred and be continuing
and an Opinion of Counsel as to the matters set forth in
Section 5.03(a)(y).

Section 5.04.          Successor
Substituted.

(a)          Upon
any consolidation or merger, or any sale, conveyance, transfer, lease or other
disposition of all or substantially all of the property and assets of such
Guarantor in accordance with Section 5.03 of this Indenture, the successor
Person formed by such consolidation or into which such Guarantor is merged or
to which such sale, conveyance, transfer, lease or other disposition is made
shall succeed to, and be substituted for, and may exercise every right and
power of, such Guarantor under this Indenture with the same effect as if such
successor Person had been named as the Guarantor herein.

(b)          The
Bank Guarantor may at any time designate a branch of Credit Suisse and, to the
extent the Bank Guarantor is a branch of Credit Suisse, may at any time
designate another branch of Credit Suisse, to be its successor under this
Indenture.  This successor Person shall
succeed to, and be substituted for, and may exercise every right and power
of, the Bank Guarantor under this Indenture with the same effect as if such
successor Person had been named as the Bank Guarantor herein.

7.             Section 6.02 of the Base Indenture is hereby amended by
inserting the words “or either Guarantor” the first time the word “Company”
appears in the paragraph immediately succeeding clause (d) thereof.

8.             Section 6.08 of the Base Indenture is hereby amended by
inserting the words “or either or both Guarantors” after the word “Company.”

9.             Section 7.07 of the Base Indenture is hereby amended by
inserting the words “and the Guarantors” after the word “Company” whenever it
appears thereunder, by 

 14
 

inserting the word “and the Guarantors’” after the
word “Company’s” and by inserting, as the final paragraph of Section 7.07, the
following sentence:

The obligations of the Company
and the Guarantors under this Section 7.07 shall be several.

10.           Section 10.02 of the Base Indenture is hereby amended by
replacing the references to addresses and the subparagraph immediately
thereafter with the following:

 

If to the Company:

Credit Suisse (USA), Inc.

One Madison Avenue

New York, New York 10010

Facsimile No:
(212) 325-8227

Attention: Corporate Treasury Department

If to the Group
Guarantor:

Credit Suisse
Group,

Paradeplatz 8,
P.O. Box 1,

CH-8070 Zurich,
Switzerland

Attention: Legal
Department

If to the Bank Guarantor:

Credit Suisse

Paradeplatz 8,

CH-8070 Zurich,
Switzerland

Attention: Legal
Department

If to the Trustee:

The Bank of New
York

101 Barclay
Street, Floor 8W

New York, New York
10286

Facsimile No.:
(212) 815-5704

Attention:
Corporate Finance

 

The Company, each
Guarantor or the Trustee by written notice to the other parties hereto may
designate additional or different addresses for subsequent notices or
communications.

11.           Ratification and Confirmation. As amended and
modified by this First Supplemental Indenture, the Base 

 15
 

Indenture is in all respects ratified and confirmed and the Base
Indenture and this First Supplemental Indenture shall be read, taken and
construed as one and the same instrument.

12.           Counterparts.  This First Supplemental Indenture may be
executed in any number of counterparts and all of said counterparts executed
and delivered each as an original shall constitute but one and the same
instrument.

13.           Trustee’s Duties, Responsibilities
and Liabilities.  The recitals
contained herein shall be taken as the statements of the Company and the
Guarantors, and the Trustee assumes no responsibility for the correctness of
same.  The Trustee makes no
representation as to the validity of this First Supplemental Indenture.  The Trustee assumes no duties,
responsibilities or liabilities by reason of this First Supplemental Indenture
other than as set forth in the Base Indenture, and this First Supplemental
Indenture is executed and accepted by the Trustee subject to all the terms and
conditions of its acceptance of the trust under the Base Indenture, as fully as
if said terms and conditions were herein set forth at length.

14.           For
purposes of Section 310(b)(i) of the Trust Indenture Act, the Indentures dated
as of November 8, 2004 and September 17, 1997, between Credit Suisse (formerly
known as Credit Suisse First Boston), acting through its New York Branch, and
The Bank of New York (as successor to The Chase Manhattan Bank), as Trustee,
the Indenture dated as of September 3, 1997 (as first supplemented on or about
September 18, 1997), among Credit Suisse (USA), Inc. (as successor to
Donaldson, Lufkin & Jenrette, Inc.), Credit Suisse Group, as Guarantor,
Credit Suisse, as Guarantor, and The Bank of New York (as successor to The
Chase Manhattan Bank), as Trustee, the Indenture dated as of October 25, 1995
among Credit Suisse (USA), Inc. (as successor to Donaldson, Lufkin &
Jenrette, Inc.), Credit Suisse Group, as Guarantor, Credit Suisse, as
Guarantor, and The Bank of New York, and the Indenture dated as of June 1, 2001
among Credit Suisse (USA), Inc. (formerly known as Credit Suisse First Boston
(USA), Inc.), Credit Suisse Group, as Guarantor, Credit Suisse, as Guarantor,
and The Bank of New York (as successor to The Chase Manhattan Bank), as
Trustee, are hereby excluded.

 16

IN WITNESS WHEREOF, the parties hereto have caused
this First Supplemental Indenture to be duly executed as of the day and year
first above written.

	
  Dated: March 26, 2007

  	
   

  	
  CREDIT SUISSE (USA), INC.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By: 

  	
  /s/ Peter
  Feeney

  
	
   

  	
   

  	
  Name: Peter
  Feeney

  
	
   

  	
   

  	
  Title: Managing
  Director

  
	
   

  	
   

  	
  and Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT SUISSE GROUP

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Renato
  Fassbind

  
	
   

  	
   

  	
  Name: Renato
  Fassbind

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rolf
  Enderli

  
	
   

  	
   

  	
  Name: Rolf Enderli

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  CREDIT SUISSE

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Renato
  Fassbind

  
	
   

  	
   

  	
  Name: Renato
  Fassbind

  
	
   

  	
   

  	
  Title: Chief
  Financial Officer

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Rolf
  Enderli

  
	
   

  	
   

  	
  Name: Rolf
  Enderli

  
	
   

  	
   

  	
  Title: Treasurer

  
	
   

  	
   

  	
   

  

 

 17
 

 

	
  

  	
   

  	
  THE BANK OF NEW YORK, as Trustee

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
  By:

  	
  /s/ Ignazio
  Tamburello

  
	
   

  	
   

  	
  Name: Ignazio
  Tamburello

  
	
   

  	
   

  	
  Title: Assistant
  Vice President

  

 

 18

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