Document:

Exhibit
4.1

 

SIXTH SUPPLEMENTAL
INDENTURE

between

U.S. BANCORP

and

WILMINGTON TRUST
COMPANY,

as Trustee

DATED AS OF
FEBRUARY 1, 2007

Supplement to
Junior Subordinated Indenture dated as of April 28, 2005, as supplemented by
that certain First Supplemental Indenture dated as of August 3, 2005 and that
certain Second Supplemental Indenture dated as of December 29, 2005 and that
certain Third Supplemental Indenture dated as of March 17, 2006 and that
certain Fourth Supplemental Indenture dated as of April 12, 2006 and that
certain Fifth Supplemental Indenture dated as of August 30, 2006

 

SIXTH SUPPLEMENTAL INDENTURE,
dated as of February 1, 2007 (this “Supplemental Indenture”), among U.S.
BANCORP, a Delaware corporation (hereinafter called the “Company”), having its
principal office at 800 Nicollet Mall, Minneapolis, Minnesota 55402, WILMINGTON
TRUST COMPANY, a Delaware banking corporation, as successor Trustee
(hereinafter called the “Trustee”) and U.S. Bank National Association, as
Securities Registrar and Paying Agent.

RECITALS

WHEREAS, the Company and
Delaware Trust Company, National Association, a national banking association
organized and existing under the laws of the United States of America, as
original Trustee (hereinafter called the “Original Trustee”) have entered into
that certain Junior Subordinated Indenture, dated as of April 28, 2005 (the “Base
Indenture”), which was amended and supplemented by the First Supplemental
Indenture, dated as of August 3, 2005 (the “First Supplemental Indenture”),
which was further amended and supplemented by the Second Supplemental
Indenture, dated as of December 29, 2005, among the Company, the Original
Trustee and the Trustee (the “Second Supplemental Indenture”), which was
further amended and supplemented by the Third Supplemental Indenture, dated as
of March 17, 2006, (the “Third Supplemental Indenture”), which was further
amended and supplemented by the Fourth Supplemental Indenture, dated as of
April 12, 2006 (the “Fourth Supplemental Indenture”), and which was further
amended and supplemented by the Fifth Supplemental Indenture, dated as of August
30, 2006 (the “Fifth Supplemental Indenture” and, together with the Junior
Subordinated Indenture, the First Supplemental Indenture, the Second
Supplemental Indenture, and the Third Supplemental Indenture, the “Indenture”);
providing for the issuance from time to time of Securities;

 WHEREAS,
pursuant to Section 2.1 and 3.1 of the Indenture, the Company desires to
provide for the establishment of a new series of Securities under the Indenture
to be known as its 6.30% Income Capital Obligation NotesSM due February 15, 2067, the form and substance
of such Securities and the terms, provisions and conditions thereof to be set
forth as provided in the Indenture and this Supplemental Indenture;

WHEREAS, the conditions set
forth in the Indenture for the execution and delivery of this Supplemental
Indenture have been satisfied; and

 WHEREAS, all
things necessary to make this Supplemental Indenture a valid agreement of the
Company and the Trustee, in accordance with its terms, and a valid amendment
of, and supplement to, the Indenture have been done.

NOW, THEREFORE, in consideration
of the premises and the purchase of the Securities by the Holders thereof from
time to time on or after the date hereof, it is mutually covenanted and agreed,
for the equal and proportionate benefit of all such Holders, that the Indenture
is supplemented and amended, to the extent and for the purposes expressed
herein, as follows:

SM  Income Capital Obligation Notes is a service
mark of Merrill Lynch & Co., Inc.

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ARTICLE I

DEFINITIONS

Section 1.1.  Capitalized terms not otherwise defined
herein shall have the meanings set forth in the Indenture.

Section 1.2  In addition, the following terms used in this
Supplemental Indenture have the following respective meanings:

“APM Commencement Date” means, with respect to
any Deferral Period, the earlier of (i) the Date on which the Company elects to
pay any current interest on the ICONs, and (ii) the fifth anniversary of the
commencement of such Deferral Period.

“APM Period” means, with respect to any
Deferral Period, a period commencing on an APM Commencement Date and ending on
the next Interest Payment Date on which the Company has raised an amount of
Eligible Proceeds at least equal to the aggregate amount of Deferred Interest,
including Additional Interest thereon, on the ICONs.

“Bankruptcy Event” means any of the events set
forth in Section 5.1(4), (5), (6) or (7) of the Indenture.

“Base Indenture” has the meaning set forth in
the Declarations.

“Change in 1940 Act Law” means a change
(including any announced proposed change) in law or regulation or a change in
interpretation or application of law or regulation by any legislative body,
court, governmental agency or regulatory authority.

“Company” has the meaning set forth in the
Declarations.

“Current Stock Market Price” of the Common
Stock on any date shall mean (a) the closing sale price per share (or if no
closing sale price is reported, the average of the bid and ask prices or, if
more than one in either case, the average of the average bid and the average
ask prices) on that date as reported in composite transactions by the New York
Stock Exchange or, if the Common Stock is not then listed on the New York Stock
Exchange, as reported by the principal U.S. securities exchange or The Nasdaq National
Market on which the Common Stock is traded or quoted, (b) if the Common Stock
is not either listed on any U.S. securities exchange or quoted on The Nasdaq
National Market on the relevant date, the last quoted bid price for the Common
Stock in the over-the-counter market on the relevant date as reported by the
National Quotation Bureau or similar organization, or (c) if the Common Stock
is not so quoted, the average of the mid-point of the last bid and ask prices
for the Common Stock on the relevant date from each of at least three
nationally recognized independent investment banking firms selected by the
Company for this purpose.

“Deferral Period” means each period beginning
on an Interest Payment Date with respect to which the Company elects pursuant to
Section 2.1(g) to defer all or part of any interest

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payable on such date and ending on the earlier of (a)
the tenth anniversary of such Interest Payment Date and (b) the next Interest
Payment Date on which the Company has paid all Deferred Interest (including
Additional Interest thereon).

“Deferred Interest” means, as of any particular
time, accrued interest that was not paid on the applicable Interest Payment
Date or at any time thereafter.

“Eligible Equity” means (a) Qualifying Warrants
and shares of the Company’s Common Stock (including treasury shares and shares
of Common Stock sold pursuant to the Company’s dividend reinvestment plan and
employee benefit plans) and/or (b) shares of the Company’s Perpetual
Non-Cumulative Preferred Stock.

“Eligible Equity Proceeds” means, with respect
to any Interest Payment Date, the net cash proceeds (after underwriters’ or
placement agents’ fees, commissions or discounts and other expenses relating to
the issuances) received by the Company during the 180-day period prior to such
Interest Payment Date from the sale or offering of any combination of Eligible
Equity (subject to the Warrant and Common Stock Issuance Cap and the Preferred
Stock Issuance Cap) to persons that are not Affiliates of the Company.

“First Supplemental Indenture” has the meaning
set forth in the Declarations.

“FRB” means the Board of Governors of the
Federal Reserve System.

“Guarantee” has the meaning set forth in
Section 2.1(a).

“ICONs” has the meaning set forth in Section
2.1(a) hereof.

“Indenture” has the meaning set forth in the
Declarations.

“Investment Company Event” means the receipt by
the Company and the Trust of an opinion of an independent counsel experienced
in matters relating to investment companies (which opinion shall not have been rescinded),
to the effect that, as a result of any Change in 1940 Act Law, there is more
than an insubstantial risk that the Trust is or will be considered an “investment
company” that is required to be registered under the Investment Company Act of
1940, which Change in 1940 Act Law becomes effective on or after the date of
original issuance of the Capital Securities.

“Market Disruption Event” means the occurrence
or existence of any of the following events or sets of circumstances:

(a)           trading
in securities generally on the New York Stock Exchange or any other national
securities, futures or options exchange or over-the-counter market on which the
Company’s Eligible Equity is then listed or traded shall have been suspended or
the settlement of such trading activity generally shall have been materially
disrupted or minimum prices shall have been established on any such exchange or
market by the Securities and Exchange Commission, by the relevant exchange or
by another regulatory body or governmental authority having jurisdiction, and
the establishment of such

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minimum prices materially
disrupts or otherwise has a material adverse effect on trading in, or the
issuance and sale of the Company’s Eligible Equity;

(b)           the
Company would be required to obtain the consent or approval of the Company’s
shareholders or a regulatory body (including, without limitation, any
securities exchange) or governmental authority to issue or sell Eligible
Equity, and the Company shall have failed to obtain that consent or approval notwithstanding
the Company’s commercially reasonable efforts to obtain that consent or
approval (including, without limitation, (1) failing to obtain the
approval of the FRB for the issuance, offer and sale of Eligible Equity, if
such approval is required by the FRB, after having notified the FRB of the
commencement of the Deferral Period and sought such approval in accordance with
Section 2.1(h)(iii) hereof or (2) failing to obtain approval of the FRB for the
use of the proceeds of such issuance to pay Deferred Interest);

(c)           a
banking moratorium shall have been declared by the federal or state authorities
of the United States such that market trading in the Eligible Equity of the
Company has been materially disrupted;

(d)           a
material disruption shall have occurred in commercial banking or securities
settlement or clearance services in the United States such that market trading
in the Eligible Equity of the Company has been materially disrupted;

(e)           the
United States shall have become engaged in hostilities, there shall have been
an escalation in hostilities involving the United States, there shall have been
a declaration of a national emergency or war by the United States or there
shall have occurred any other national or international calamity or crisis such
that market trading in the Eligible Equity of the Company has been materially
disrupted;

(f)            there
shall have occurred such a material adverse change in general domestic or
international economic, political or financial conditions, including without
limitation as a result of terrorist activities, such that market trading in the
Eligible Equity of the Company has been materially disrupted;

(g)           the
Company reasonably believes that the offering document for the offer and sale
of the Eligible Equity of the Company would not be in compliance with a rule or
regulation of the Securities and Exchange Commission and the Company is unable
to comply with such rule or regulation or such compliance is unduly burdensome,
provided that no single suspension
period described in this subsection shall constitute a Market Disruption Event
with respect to more than one Interest Payment Date; or

(h)           an
event occurs and is continuing as a result of which the offering document for
the offer and sale of the Company’s Eligible Equity would, in the Company’s
reasonable judgment, contain an untrue statement of a material fact or omit to
state a material fact required to be stated in that offering document or
necessary to make the statements in that offering document not misleading and either
(1) the disclosure of that event at the time the event occurs, in the Company’s
reasonable judgment, would have a material adverse effect on the Company’s
business or (2) the disclosure relates to

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a previously undisclosed
proposed or pending material business transaction, the disclosure of which
would impede the Company’s ability to consummate that transaction, provided that one or more events described in this
subsection (c) shall not constitute a Market Disruption Event with respect to
more than one Interest Payment Date.

“MDE Certification” means an Officer’s
Certificate of the Company delivered in advance of an Interest Payment Date
certifying that:

(a) a Market Disruption Event was existing after the
immediately preceding Interest Payment Date; and

(b) either (1) the Market Disruption Event continued
for the entire period from the Business Day after the immediately preceding
Interest Payment Date to the Business Day immediately preceding the date on
which such certification is provided or (2) the Market Disruption Event
continued for only part of such period but the Company was unable after
commercially reasonable efforts to raise sufficient Eligible Equity Proceeds
during the rest of that period to pay all accrued and unpaid interest due on
the Interest Payment Date with respect to which such MDE Certification is being
delivered; and

identifying the type of Market Disruption Event that
has occurred with respect to the applicable Interest Payment Date, and the
date(s) on which such event occurred or existed.

“Original Trustee” has the meaning set forth in
the Declarations.

“Pari Passu Securities” means (a) indebtedness (1) the terms of which provide that such
indebtedness ranks equally with the Company’s 6.35% Income Capital Obligation
Notes  underlying the trust preferred
securities issued by USB Capital VIII, the Company’s Junior Subordinated Notes
underlying the 6.189% Fixed-to-Floating Rate Normal Income Trust Securities
issued by USB Capital IX, the Company’s 6.50% Income Capital Obligation
Notes underlying the trust preferred securities issued by USB Capital X, the
Company’s 6.60% Income Capital Obligation Notes underlying the trust preferred
securities issued by USB Capital XI and the
ICONs and (2) that qualifies as, or is issued to financing vehicles issuing
securities that qualify as, Tier 1 capital of the Company at the time of
issuance under the capital guidelines of the FRB; and (b) guarantees of
indebtedness described in clause (i) or securities issued by one or more
financing vehicles described in clause (a)(2).

“Perpetual Non-Cumulative Preferred Stock”
means shares of the Company’s perpetual non-cumulative preferred stock that (a)
are subject to a replacement capital covenant similar to the Replacement
Capital Covenant and/or (b) contain  provisions which would oblige the
Company upon the occurrence of certain events to defer dividends.

“Preferred Stock Issuance Cap” has the meaning
set forth in Section 2.1(h)(i).

“Qualifying Warrants” means net share settled
warrants to purchase Common Stock that (a) have an exercise price per
share greater than the Current Stock Market Price as of the date of issuance
thereof and (b) the Company is not entitled to redeem for cash and the holders
of which are not entitled to require the Company to repurchase for cash in any
circumstance.

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“Replacement Capital Covenant” means the
Replacement Capital Covenant, dated as of February 1, 2007, of the Company, as
the same may be amended or supplemented from time to time in accordance with
the provisions thereof.

“Regulatory Capital Event” means the reasonable
determination by the Company that, as a result of: (1) any amendment to, or
change (including any announced prospective change) in, the laws or any
applicable regulation of the United States or any political subdivision that is
enacted or becomes effective after the initial issuance of the Capital
Securities; or (2) any official or administrative pronouncement or action or
judicial decision for interpreting or applying such laws or regulations, which
is effective or announced on or after the initial issuance of the Capital
Securities, there is more than an insubstantial risk of impairment of the
Company’s ability to treat the Capital Securities (or any substantial portion
thereof) as Tier 1 capital (or its then equivalent) for purposes of the capital
adequacy guidelines of the FRB in effect and applicable to the Company.

“Second Supplemental Indenture” has the meaning
set forth in the Declarations.

“Special Event” means a Tax Event, a Regulatory
Capital Event or an Investment Company Event.

“Supplemental Indenture” has the meaning set
forth in the Declarations.

“Tax Event” means the receipt by the Company or
the Trust of an opinion of tax counsel (which may be the Company’s counsel or
counsel of an Affiliate but not an employee and must be reasonably acceptable
to the Property Trustee) experienced in tax matters stating that, as a result
of any amendment to, or change (including any announced prospective change) in,
the laws (or any regulations thereunder) of the United States or any political
subdivision or taxing authority affecting taxation that is enacted or becomes
effective after the initial issuance of the Capital Securities; or
interpretation or application of such laws or regulations by any court, governmental
agency or regulatory authority that is announced after the initial issuance of
the Capital Securities, there is more than an insubstantial risk that (1) the
Trust is, or will be within 90 days of the date of such opinion, subject to
United States federal income tax with respect to interest received or accrued
on the ICONs; (2) interest payable by the Company on the ICONs is not, or
within 90 days of the date of such opinion will not be, deductible, in whole or
in part, by the Company, for United States federal income tax purposes; or (3)
the Trust is, or will be within 90 days of the date of such opinion, subject to
more than a minimal amount of other taxes, duties, assessments or other
governmental charges.

“Third Supplemental Indenture” has the meaning
set forth in the Declarations.

“Trust” has the meaning set forth in Section
2.1(a) hereof.

“Trust Agreement” has the meaning set forth in
Section 2.1(a) hereof.

“Trustee” has the meaning set forth in the
Declarations.

“Warrant and Common Stock Issuance Cap” has the
meaning set forth in Section 2.1(h)(i).

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ARTICLE
II

 TERMS
OF SERIES OF SECURITIES

Section 2.1.   Pursuant to Sections 2.1 and 3.1 of the
Indenture, there is hereby established a series of Securities, the terms of
which shall be as follows:

(a)  Designation.
The Securities of this series shall be known and designated as the “6.30% Income
Capital Obligation NotesSM due February 15, 2067” of the Company (the “ICONs”).
The ICONs initially shall be issued to USB Capital XII, a Delaware statutory
trust (the “Trust”).  The Trust Agreement
for the Trust shall be the Amended and Restated Trust Agreement, dated as of
February 1, 2007, among the Company, as Sponsor, Wilmington Trust Company, as Delaware
Trustee and Property Trustee, and the Administrative Trustees named therein
(the “Trust Agreement”).  The Guarantee
will be issued pursuant to the Guarantee Agreement, dated as of February 1, 2007
(the “Guarantee”), between the Company and Wilmington Trust Company, as
Guarantee Trustee.

(b)  Aggregate
Principal Amount.  The maximum aggregate
principal amount of the ICONs which may be authenticated and delivered under
the Indenture and this Supplemental Indenture is $576,000,000 (except for ICONs
authenticated and delivered upon registration of transfer of, or exchange for,
or in lieu of, other ICONs pursuant to Section 3.4, 3.5, 3.6, 9.6 or 11.6 of
the Indenture).

(c)  Denominations.  The ICONs will be issued only in fully
registered form, and the authorized minimum denomination of the ICONs shall be
$25 principal amount and any integral multiple thereof.

(d)  Maturity.  The principal amount of the ICONs shall be
payable in full on February 15, 2067 subject to and in accordance with the
provisions of the Indenture and this Supplemental Indenture.

(e) Rate of Interest.  The rate at which the ICONs shall bear
interest will be 6.30% per annum; the date from which such interest shall
accrue is February 1, 2007; the Interest Payment Dates (as defined in the
Indenture) on which such interest shall be payable are February 15, May 15, August
15 and November 15 of each year, commencing May 15, 2007.  Interest payments not paid when due will
themselves accrue Additional Interest at the annual rate of 6.30% on the amount
of unpaid interest, to the extent permitted by law, compounded quarterly. The
amount of interest payable for any period will be computed on the basis of a
360-day year comprised of twelve 30-day months. The amount of interest payable
for any period shorter than a full quarterly period will be computed on the
basis of a 30-day month and, for periods of less than a month, the actual
number of days elapsed per 30-day month.

SM  Income Capital Obligation Notes is a service
mark of Merrill Lynch & Co., Inc.

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(f)  To Whom
Interest Payable.  Interest will be
payable to the person in whose name the ICONs are registered at the close of
business on the Regular Record Date next preceding the Interest Payment Date,
except that, interest payable on the Stated Maturity of the principal of the
ICONs shall be paid to the Person to whom principal is paid.

(g)  Option to Defer Interest Payments.  Section 3.11 of the Indenture shall not apply
to the ICONS, which shall be governed by the following provisions.

(i)            The Company shall have the right, at
any time and from time to time prior to the Stated Maturity of the ICONs, to
defer the payment of interest thereon for one or more Deferral Periods
consisting of no more than 20 consecutive quarters without becoming subject to
the obligations to issue Eligible Equity and pay Deferred Interest pursuant to
Section 2.1(h) of this Supplemental Indenture. The Company shall also have the
right, at any time and from time to time prior to the Stated Maturity of the
ICONs, to defer payment of interest thereon for one or more Deferral Periods consisting
of no more than 40 consecutive quarters without giving rise to an Event of
Default under Section 2.1(i).   The
Company may elect to so defer payment of interest by delivering to the Trustee
written notice of such election at least ten and not more than 60 Business Days
prior to the applicable Interest Payment Date. 
Notwithstanding the foregoing, no Deferral Period shall extend beyond
the Stated Maturity of the ICONs.

(ii)           During any Deferral Period, the
Company shall not, and shall not permit any Subsidiary of the Company to, (1)
declare or pay any dividends or distributions on, or redeem, purchase, acquire
or make a liquidation payment with respect to, any of the Company’s capital
stock (which includes common and preferred stock), (2) make any payment of
principal of or interest or premium, if any, on or repay, repurchase or redeem
any debt securities of the Company (including the Company’s 6.35% Income Capital Obligation Notes underlying the trust
preferred securities issued by USB Capital VIII, the Company’s Junior
Subordinated Notes underlying the 6.189% Fixed-to-Floating Rate Normal Income
Trust Securities issued by USB Capital IX, the Company’s 6.50% Income
Capital Obligation Notes underlying the trust preferred securities issued by
USB Capital X, the Company’s 6.60% Income Capital Obligation Notes underlying
the trust preferred securities issued by USB Capital XI)that rank pari passu with
or junior in interest to the ICONs other than pro rata payments of accrued and
unpaid interest on Pari Passu Securities except and to the extent the terms of
any Pari Passu Securities would prohibit the Company from making such pro rata
payment; or (3) make any guarantee payments with respect to any guarantee by
the Company of the debt securities of any Subsidiary of the Company if such
guarantee ranks pari passu with or junior in
interest to the ICONs other than pro rata payments of accrued and unpaid
amounts on the Guarantee and any other Guarantees of the Company of debt
securities of the Company’s subsidiaries that rank equally with Guarantee
except and to the extent that terms of any such debt securities would prohibit
from making such pro rata payment, other than in the case of each of clauses
(1), (2) and (3):  (A) any dividends or
distributions in

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additional shares of the
Company’s capital stock (which includes common and preferred stock), (B) any
payments under the Guarantee with respect to the Capital Securities and common
securities of the Trust, (C) any declaration or payment of a dividend in
connection with the implementation of a stockholders’ rights plan, or any
issuance of stock under any such plan in the future or the redemption or
repurchase of any such rights pursuant thereto, and (D) any purchases of Common
Stock related to the issuance of Common Stock or rights under any of the
Company’s benefits plans for its directors, officers or employees.

(iii) Upon the
payment of all Deferred Interest (including any Additional Interest thereon)
then due on the ICONs (that has not been cancelled), the Company may elect to
begin a new Deferral Period, which shall not extend beyond the Stated Maturity
of the ICONs.  At the end of ten
consecutive years of a Deferral Period, the Company shall pay all Deferred
Interest (including Additional Interest thereon) on the ICONs to the extent
permitted by applicable law, to the Persons in whose names the ICONs are
registered at the close of business on the Regular Record Date with respect to
the Interest Payment Date at the end of such Deferral Period.

(iv) Subject to Section
2.1(h)(vi), in the case of any Deferral Period that does not terminate on or
prior to the first anniversary of the commencement of such Deferral Period, the
restrictions set forth in Section 2.1(g)(ii) shall continue in effect in
respect of any redemption, purchase or repurchase, acquisition or liquidation
payment of the Company’s securities that rank pari passu
with or junior in interest to the ICONs until the first anniversary of the
termination of such Deferral Period.

(h)  Alternative Payment Mechanism; Payment of
Deferred Interest.  With regard to
each Interest Payment Date during any APM Period subsequent to the APM
Commencement Date, except for any Interest Payment Date for which the Company
has delivered a timely MDE Certification pursuant to Section 2.1(h)(ii) below
or as otherwise provided below in this Section 2.1(h), the Company covenants to
issue and sell on or immediately following an APM Commencement Date, Eligible
Equity until the Company has raised an amount of Eligible Equity Proceeds at
least equal to the aggregate amount of Deferred Interest (including Additional
Interest thereon) on the ICONs that will be accrued and unpaid as of the next
Interest Payment Date, and the Company shall apply such Eligible Equity
Proceeds to pay such Deferred Interest on or before the next Interest Payment
Date in accordance with Section 2.1(h)(iv) and, if applicable, Section 2.1(p)
of this Supplemental Indenture.  Except
as provided below in this Section 2.1(h), during any APM Period and on any date
of redemption or repurchase, the Company covenants not to pay any Deferred
Interest (including Additional Interest thereon) from any source other than
Eligible Equity Proceeds.  For the
avoidance of doubt, the Company may pay current interest at all times from any
available funds.  If, due to a Market
Disruption Event, the Company is able to raise some but not all, Eligible
Equity Proceeds in respect of an Interest Payment Date, the Company will apply
any available Eligible Equity Proceeds to pay Deferred Interest on or before
the such Interest Payment Date; provided, however, that if the Company has outstanding securities in
addition to the ICONs under

 9
 

which the Company
is obligated to sell Eligible Equity and apply the net proceeds to the payment
of Deferred Interest, then on any date and for any period the amount of net
proceeds received by the Company from such sales and available for the payment
of Deferred Interest shall be applied to the ICONs and those other securities
on a pro rata basis, or on such other basis as the FRB may approve.

(i)  The Company shall not be required to issue
Eligible Equity pursuant to this Section 2.1(h) to the extent that:

(1) with respect to
Deferred Interest attributable to the first 20 consecutive quarters of any
Deferral Period (including Additional Interest thereon), the net proceeds of
any issuance of Qualifying Warrants and shares of Common Stock applied to pay
interest on the ICONs pursuant to this Section 2.1(h), together with the net
proceeds of all prior issuances in connection with such Deferral Period of
Qualifying Warrants or shares of Common Stock so applied, would exceed an
aggregate amount equal to 2% of the product of the average of the Current Stock
Market Prices of the Common Stock on the ten consecutive trading days ending on
the fourth trading day immediately preceding the date of issuance multiplied by
the total number of issued and outstanding shares of Common Stock as of the
date of the most recent publicly available consolidated financial statements of
the Company (the “Warrant and Common Stock Issuance Cap”); provided that once the Company reaches the Warrant and
Common Stock Issuance Cap, the Company shall not be required to issue more
Qualifying Warrants or Common Stock with respect to Deferred Interest
attributable to the first twenty consecutive quarters of any Deferral Period
(including Additional Interest thereon) even if the amount referred to in this
clause (1) subsequently increases because of a subsequent increase in the sale
price of Common Stock or the number of outstanding shares of Common Stock, or

(2) the net proceeds of
any issuance of Perpetual Non-Cumulative Preferred Stock applied to pay
interest on the ICONs pursuant to this Section 2.1(h), together with the net
proceeds of all prior issuances of Perpetual Non-Cumulative Preferred Stock so
applied, would exceed 25% of the aggregate principal amount of the ICONs
initially issued under the Indenture (the “Preferred Stock Issuance Cap”).

(3) if the Company elects
to satisfy its obligation to pay deferred interest pursuant to this Section
2.1(h) by issuing Qualifying Warrants, the Company will only do so if the total
number of shares of Common Stock underlying such Qualifying Warrants applied to
pay interest on the ICONs pursuant to this Section 2.1(h), together with the
total number of shares of Common stock underlying all prior issuances of
Qualifying Warrants so applied, does not exceed an amount equal to 15% of the
total number of the Company’s issued and outstanding Common Stock as of the date
of any proposed issuance.

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(ii) On or after an APM
Commencement Date during any Deferral Period, the Company shall have the right
to defer payment of interest due on the next Interest Payment Date and not be
subject to the requirements to issue Eligible Equity and apply Eligible Equity
Proceeds to pay Deferred Interest pursuant to Section 2.1(h), if the Company
shall have delivered to the Trustee an MDE Certification with respect to such
Interest Payment Date no more than 20 Business Days and no less than ten
Business Days in advance thereof, provided that
the Company may not defer interest pursuant to this clause (ii) on or after the
Stated Maturity or redemption of the ICONs, or if such deferral would result in
the Company having failed to pay accrued interest in full on more than forty
(40) consecutive Interest Payment Dates.

(iii) During any Deferral
Period, the Company shall notify the FRB prior to or promptly after an APM
Commencement Date and shall seek the approval of the FRB if and when required
from time to time for the issuance, offer or sale of Eligible Equity and the
application of the Eligible Equity Proceeds to pay Deferred Interest.  In the event the FRB shall have disapproved
of the sale of Eligible Equity pursuant to this Section 2.1(h), the Company
shall be permitted to pay Deferred Interest from any source.  In the event the FRB shall not disapprove of
the sale of Eligible Equity, but shall have nonetheless disapproved of the use
of the Eligible Equity Proceeds to pay Deferred Interest, the Company may use
such Eligible Equity Proceeds for other purposes and shall be permitted to pay
Deferred Interest from any source.

(iv)    To the extent that the Company applies
Eligible Equity Proceeds to pay Deferred Interest pursuant to this Section
2.1(h), such Eligible Equity Proceeds shall be allocated first to payments of
Deferred Interest (including Additional Interest thereon) in chronological
order based on the date each such interest payment was first deferred.  The payment of interest from any other source
shall be applied to current interest as notified to the Trustee prior to the
applicable Interest Payment Date.  To the
extent any payment made by the Company with respect to any Deferred Interest
(including Additional Interest thereon) is insufficient to pay Deferred
Interest (including Additional Interest thereon) in full, such payment shall be
applied pro rata to the outstanding ICONs.

(v)  If on any date or for any period the Company
pays interest on any class of Pari Passu Securities that is less than the full
amount of accrued but unpaid interest, the Company shall make payments on all
outstanding classes of Pari Passu Securities on the same date for the
corresponding period on a pro rata basis (based on the total amount then due),
except and to the extent the terms of any such Pari Passu Securities would
prohibit the Company from making any such pro rata payment.

(vi)  If the Company engages in any transaction
that is subject to Section 8.1 of the Indenture, where immediately after the consummation
of such transaction more than 50% of the voting stock of the Person formed by
such transaction, or the Person that is the surviving entity of such
transaction, or the

 11
 

Person to whom
such properties and assets are conveyed, transferred or leased in such
transaction, is owned by the shareholders of the other party to such
transaction, then, with respect to any Deferral Period that is terminated on
the earlier of (a) the second Interest Payment Date and (b) 90 days, in each
case following the date of consummation of such transaction, Section 2.1(g)(iv)
shall not apply.

(vii) At any time during
a Deferral Period prior to an APM Commencement Date, the Company may elect to
pay all or any portion of the Deferred Interest (including Additional Interest thereon),
by notifying the Trustee in writing at least ten days prior to the proposed
payment date of the amount of Deferred Interest proposed to be paid and of the
proposed payment date, provided that
the Company makes such payment of Deferred Interest pursuant to and in
accordance with Section 2.1(h), provided further that
prior to making any such payment of Deferred Interest (including Additional
Interest thereon) the Company shall have deposited with the Trustee an amount
of money from any source equal to the amount of current interest that will be
accrued and payable on the next Interest Payment Date or shall make
arrangements satisfactory to the Trustee for such deposit prior to such
Interest Payment Date; such money when deposited to be held in trust for the
benefit of the Persons entitled to such payment of current interest as provided
herein.  For purposes of determining the
APM Commencement Date with respect to the applicable Deferral Period, the date
on which such written notice is given shall constitute the APM Commencement
Date.

(i)  Events
of Default.  (i) Solely for
purposes of the ICONs, Section 5.1(1) of the Indenture shall be replaced by the
following:

“(1)         default
in the payment of interest, including any Additional Interest in respect thereof,
in full on any ICONs for a period of 30 days after the conclusion of a period
consisting of forty consecutive quarters commencing with the quarter following
the earliest quarter for which interest has not been paid in full.”

(ii)           Solely
for purposes of the ICONs, Section 5.2 of the Indenture shall be replaced by
the following:

“If an Event of
Default specified in Section 5.1(1) with respect to Securities of any series at
the time Outstanding occurs and is continuing, then and in every such case the
Trustee or the Holders of not less than 25% in principal amount of the
Outstanding Securities of that series shall have the right to declare the
principal amount of, and accrued interest (including any Additional
Interest) on, all the ICONs to be due and payable immediately, by a notice in writing
to the Company (and to the Trustee if given by Holders), provided
that if the Trustee or the Holders of not less than 25% in principal amount of
the Outstanding ICONs fail to declare the principal of, and accrued interest
(including any Additional Interest) on, all the Securities of that series to be
immediately due and payable, then the holders of at least 25% in aggregate
liquidation amount of the

 12
 

corresponding series of Capital Securities
then outstanding shall have such right by a notice in writing to the Company
and the Trustee; and upon any such declaration such principal amount (or
specified portion thereof) of, and the accrued interest (including any
Additional Interest) on, all the ICONs shall become immediately due and
payable. Payment of principal and interest (including any Additional Interest)
on the ICONs shall remain subordinated to the extent provided in Article XIII
notwithstanding that such amount shall become immediately due and payable as
herein provided. If an Event of Default specified in Section 5.1(4),
(5), (6) or (7) with respect to the ICONs at the time Outstanding occurs, the principal
amount of all the ICONs shall automatically, and without any declaration or
other action on the part of the Trustee or any Holder, become immediately due
and payable.”

(iii)          For the avoidance of doubt, and
without prejudice to any other remedies that may be available to the Trustee,
the Holders of the ICONs or the holders of the Capital Securities under the
Indenture, no breach by the Company of any covenant or obligation under the
Indenture or the terms of the ICONs shall be an Event of Default (including,
without limitation, the failure to comply with the provisions of Section 2.1(g)
and Section 2.1(h) of this Supplemental Indenture), except those that are
specifically identified as an Event of Default under the Indenture.

(j)  Location
of Payment.  Payment of the principal
of (and premium, if any) and interest on the ICONs will be made at the
corporate trust office of the Paying Agent, in such coin or currency of the
United States of America as at the time of payment is legal tender for payment
of public and private debts; provided, however, that at the option of the Company payment of
interest may be made (i) by check mailed to the address of the Person entitled
thereto as such address shall appear in the Securities Register or (ii) by wire
transfer in immediately available funds at such place and to such account as
may be designated by the Person entitled thereto as specified in the Securities
Register. The office where the ICONs may be presented or surrendered for
payment and the office where the ICONs may be surrendered for transfer or
exchange and where notices and demands to or upon the Company in respect of the
ICONs and the Indenture may be served shall be the corporate trust office of
the Paying Agent.

(k)  Redemption.  The ICONs are redeemable at the option of the
Company, subject to the terms and conditions of Article XI of the Indenture and
subject to the Company having received prior approval from the FRB if then
required under applicable capital guidelines or policies of the FRB, at 100% of
their principal amount plus accrued and unpaid interest (1) in whole or in
part, on one or more occasions at any time on or after February 15, 2012, or (2)
in whole at any time if a Special Event has occurred and is continuing and the
Company cannot cure the Special Event by some reasonable action, in which case
the Company may redeem the ICONs within 90 days following the occurrence of the
Special Event.

(l)  Limitation
on Claims in the Event of Bankruptcy, Insolvency or Receivership.  Each Holder, by such Holder’s acceptance of
the ICONs, consents to and agrees that if a 

 13
 

Bankruptcy Event shall
occur prior to the redemption or repayment of the ICONs, such Holder shall have
no claim for, and thus no right to receive, any Deferred Interest (including
any Additional Interest thereon) to the extent it exceeds an amount equal to
the Deferred Interest for the first eight quarters of the applicable Deferral
Period (including Additional Interest on such eight quarter’s worth of Deferred
Interest) on such Holder’s ICONs, and the obligation of the Company to pay any
Deferred Interest exceeding such amount shall be permanently cancelled.

(m)  Sinking
Fund.  The ICONs shall not be subject
to any sinking fund or analogous provisions.

(n)  Forms.  The ICONs shall be substantially in the form
of Annex A attached hereto, with such modifications thereto as may be approved
by the authorized officer executing the same. The Trust Agreement shall be
substantially in the form of Annex B attached hereto, with such modifications
thereto as may be approved by the authorized officer executing the same. The
Guarantee Agreement shall be substantially in the form of Annex C attached
hereto, with such modifications thereto as may be approved by the authorized
officer executing the same.

(o)  Subordination.  The subordination provisions of Article XIII
of the Indenture shall apply; provided, however, that for the purposes of the ICONs (but not for the
purposes of any other Securities unless specifically set forth in the terms of
such Securities), the definition of “Senior and Subordinated Debt” in the
Indenture is hereby amended in its entirety to read as follows:

“‘Senior and
Subordinated Debt’ means the principal of (and premium, if any) and interest,
if any (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company whether or not such
claim for post-petition interest is allowed in such proceeding), on Debt of the
Company (including, for these purposes and without limitation, obligations
associated with commodity contracts, interest rate and foreign exchange
contracts, forward contracts related to mortgages and other derivative
products), whether incurred on or prior to the date of this Indenture or
thereafter incurred, provided, however, that Senior and Subordinated Debt shall not include
Pari Passu Securities or the Company’s trade account payables and accrued
liabilities arising in the ordinary course of business.”

(p) Special Record Date for the Payment of Deferred
Interest.  The Company may elect to
make a payment of any Deferred Interest on a date that is not an Interest
Payment Date to the Persons in whose names the ICONs are registered at the
close of business on a Special Record Date for the payment of such Deferred
Interest, which shall be fixed in the following manner.  The Company shall notify the Trustee and the
Paying Agent in writing of the amount of Deferred Interest proposed to be paid
on the ICONs and the date of the proposed payment, and at the same time the
Company shall deposit with the Paying Agent an amount of money equal to the
aggregate amount proposed to be paid in respect of such Deferred Interest or
shall make arrangements satisfactory to the Paying Agent for such deposit prior
to the date of the proposed payment, such money when

 14
 

deposited to be held in
trust for the benefit of the Persons entitled to such Deferred Interest as
provided herein.  Thereupon, the Trustee
shall fix a Special Record Date for the payment of such Deferred Interest which
shall be not more than 15 days and not less than ten days prior to the date of the
proposed payment and not less than ten days after the receipt by the Trustee of
the notice of the proposed payment.  The
Trustee shall promptly notify the Company and the Paying Agent of such Special
Record Date and, in the name and at the expense of the Company, the Paying
Agent shall cause notice of the proposed payment of such Deferred Interest and
the Special Record Date therefor to be mailed, first-class, postage prepaid, to
each Holder of ICONs at the address of such Holder as it appears in the
Securities Register not less than ten days prior to such Special Record
Date.  Notice of the proposed payment of
the Deferred Interest and the Special Record Date therefor having been mailed
as aforesaid, such Deferred Interest shall be paid to the persons in whose
names the ICONs are registered on such Special Record Date.

ARTICLE
III

MISCELLANEOUS

Section
3.1.  If any provision
of this Supplemental Indenture limits, qualifies or conflicts with the duties
imposed by any of Sections 310 to 317, inclusive, of the Trust Indenture Act of
1939 through operation of Section 318(c) thereof, such imposed duties shall
control.

Section
3.2. The Article headings herein are for convenience only and
shall not effect the construction hereof.

Section 3.3. 
All covenants and agreements in this Supplemental
Indenture by the Company shall bind its successors and assigns, whether so
expressed or not.

 Section 3.4.  In case any provision of this Supplemental
Indenture shall be invalid, illegal or unenforceable, the validity, legality
and enforceability of the remaining provisions shall not in any way be affected
or impaired thereby.

 Section 3.5.  Nothing in this Supplemental Indenture is
intended to or shall provide any rights to any parties other than those
expressly contemplated by this Supplemental Indenture.

 Section 3.6.  THIS SUPPLEMENTAL INDENTURE SHALL BE GOVERNED
BY AND CONSTRUED IN ACCORDANCE WITH THE LAWS OF THE STATE OF NEW YORK.

 Section 3.7.
The Trustee makes no representations as to the validity or sufficiency of this
Supplemental Indenture. The recitals and statements herein are deemed to be
those of the Company and not of the Trustee.

* * * *

 15
 

This instrument may be executed in any number of
counterparts, each of which so executed shall be deemed to be an original, but
all such counterparts shall together constitute but one and the same
instrument.

IN WITNESS WHEREOF, the parties hereto have caused
this Supplemental Indenture to be duly executed, and their respective corporate
seals to be hereunto affixed and attested, all as of the day and year first
above written.

 

	
  

  	
  U.S. BANCORP

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Andrew Cecere

  
	
   

  	
  Its:

  	
      Vice
  Chairman

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ Laura Bednarski

  	
   

  	
   

  
	
  Its

  	
      Assistant
  Secretary

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST
  COMPANY,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Denise Geran

  
	
   

  	
  Its:

  	
      Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ Kristen L.
  Moore

  	
   

  	
   

  
	
  Its

  	
  Senior Financial
  Services Officer

  	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  U.S. BANK
  NATIONAL ASSOCIATION,

  
	
   

  	
  as Securities
  Registrar and Paying Agent

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Patrick Crowley

  
	
   

  	
  Its:

  	
      Vice
  President

  

 

 16

Annex A

Form of ICONS

U.S. BANCORP

6.30% Income Capital Obligations NotesSM due February 15, 2067

No. •

$          

CUSIP No.   902973AR7

U.S. BANCORP, a
corporation organized and existing under the laws of the State of Delaware
(hereinafter called the “Company,” which term includes any successor
corporation under the Indenture hereinafter referred to), for value received,
hereby promises to pay to Wilmington Trust Company, the Property Trustee of USB
CAPITAL XII, or registered assigns, the principal sum of            dollars ($         ) on February 15, 2067.  The Company is authorized to direct payments
to U.S. Bank National Association, in its capacity as paying agent under the
Trust Agreement (as defined below), or any other paying agent appointed under the
terms of the Trust Agreement.  The
Company further promises to pay interest on said principal sum from February 1,
2007 or from the most recent interest payment date (each such date, an “Interest
Payment Date”) on which interest has been paid or duly provided for, quarterly
(subject to deferral as set forth herein) in arrears on February 15, May 15,
August 15 and November 15 of each year, commencing May 15, 2007, at the rate of
6.30% per annum, until the principal hereof shall have become due and payable,
and on any overdue principal and (without duplication and to the extent that
payment of such interest is enforceable under applicable law) on any overdue
installment of interest at the same rate per annum, compounded quarterly.  The amount of interest payable for any period
will be computed on the basis of a 360-day year comprised of twelve 30-day
months.  The amount of interest payable
for any period shorter than a full quarterly period will be computed on the basis
of a 30-day month period and, for periods of less than a month, the actual
number of days elapsed per 30-day month. 
In the event that any date on which interest is payable on this Security
is not a Business Day, then a payment of the interest payable on such date will
be made on the next succeeding day which is a Business Day (and without any
interest or other payment in respect of any such delay).  A “Business Day” shall mean any day other
than (i) a Saturday or Sunday, (ii) a day on which banking institutions in The
City of New York are authorized or required by law or executive order to remain
closed or (iii) a day on which the Corporate Trust Office of the Property
Trustee or the principal offices of the Property Trustee under the Trust
Agreement hereinafter referred to for USB CAPITAL XII, is closed for
business.  The interest installment so
payable, and punctually paid or duly provided for, on any Interest Payment Date
will, as provided in the Indenture, be paid to the Person in whose name this
Security (or one or more Predecessor Securities) is registered at the close of
business on the Regular Record Date for such interest installment, which shall
be (i) the Business Day next preceding such Interest Payment Date if this
Security is issued in the form of a Global Security, or (ii) the fifteenth day
(whether or not a Business Day) preceding such Interest Payment Date if this
Security is not issued in the form of a Global Security.  Any such interest installment not so
punctually paid or duly provided for shall forthwith cease to be payable to the

SM  Income Capital Obligation Notes is a service
mark of Merrill Lynch & Co., Inc.

Holder on such Regular
Record Date and may either be paid to the Person in whose name this Security
(or one or more Predecessor Securities) is registered at the close of business
on a Special Record Date for the payment of such Defaulted Interest to be fixed
by the Trustee, notice whereof shall be given to Holders of the Securities of
this series not fewer than ten days prior to such Special Record Date, or be
paid at any time in any other lawful manner not inconsistent with the
requirements of any securities exchange on which the Securities of this series
may be listed, and upon such notice as may be required by such exchange, all as
more full provided in said Indenture.

The Company shall
have the right, at any time and from time to time prior to the Stated Maturity
of this Security, to defer the payment of interest thereon for one or more
Deferral Periods consisting of no more than 20 consecutive quarters without becoming
subject to the obligations to issue Eligible Equity and pay Deferred Interest
pursuant to Section 2.1(h) of the Sixth Supplemental Indenture. The Company
shall also have the right, at any time and from time to time prior to the
Stated Maturity of this Security, to defer payment of interest thereon for one
or more Deferral Periods consisting of no more than 40 consecutive quarters
without giving rise to an Event of Default. 
The Company may elect to so defer payment of interest by delivering to
the Trustee written notice of such election at least ten and not more than 60
Business Days prior to the applicable Interest Payment Date.  Notwithstanding the foregoing, no Deferral
Period shall extend beyond the Stated Maturity of this Security.

During any Deferral
Period, the Company shall not, and shall not permit any Subsidiary of the
Company to, (1) declare or pay any dividends or distributions on, or redeem,
purchase, acquire or make a liquidation payment with respect to, any of the
Company’s capital stock (which includes common and preferred stock), (2) make
any payment of principal of or interest or premium, if any, on or repay,
repurchase or redeem any debt securities of the Company (including the Company’s 6.35% Income Capital Obligation
Notes underlying the trust preferred securities issued by USB Capital VIII, the
Company’s Junior Subordinated Notes underlying the 6.189% Fixed-to-Floating
Rate Normal Income Trust Securities issued by USB Capital IX, the
Company’s 6.50% Income Capital Obligation Notes underlying the trust preferred
securities issued by USB Capital X, the Company’s 6.60% Income Capital
Obligation Notes underlying the trust preferred securities issued by USB
Capital XI)that rank pari passu with or junior in interest to the ICONs other than
pro rata payment of accrued and unpaid interest on Pari Passu Securities except
and to the extent the terms of any Pari Passu Securities would prohibit the
Company from making such pro rata payment; or (3) make any guarantee payments
with respect to any guarantee by the Company of the debt securities of any
Subsidiary of the Company if such guarantee ranks pari passu
with or junior in interest to the ICONs other than pro rata payments of accrued
and unpaid amounts on the guarantee and any other guarantees of the Company of
debt securities of the Company’s subsidiaries that rank equally with guarantee
except and to the extent that terms of any such debt securities would prohibit
from making such pro rata payment, other than in the case of each of clauses (1),
(2) and (3):  (A) any dividends or
distributions in additional shares of the Company’s capital stock (which
includes common and preferred stock), (B) any payments under the Guarantee with
respect to the Capital Securities and common securities of the Trust, (C) any
declaration or payment of a dividend in connection with the implementation of a
stockholders’ rights plan, or any issuance of stock under any such plan in the
future or the redemption or repurchase of any such rights pursuant thereto, and
(D) any

 A-2
 

purchases of Common Stock
related to the issuance of Common Stock or rights under any of the Company’s
benefits plans for its directors, officers or employees.

Payment of
principal of (and premium, if any) and interest on this Security will be made
at the office or agency of the Company maintained for that purpose in the
United States, in such coin or currency of the United States of America as at
the time of payment is legal tender for payment of public and private debts; provided, however, that at the option of the Company payment
of interest may be made (i) by check mailed to the address of the Person
entitled thereto as such address shall appear in the Securities Register or
(ii) by wire transfer in immediately available funds at such place and to such
account as may be designated in writing at least 15 days before the relevant
Interest Payment Date by the Person entitled thereto as specified in the
Securities Register.

The indebtedness
evidenced by this Security is, to the extent provided in the Indenture,
subordinated and subject in right of payments to the prior payment in full of
all Senior and Subordinated Debt (as such definition is modified in the Fifth
Supplemental Indenture with respect to this Security), and this Security is
issued subject to the provisions of the Indenture with respect thereto.  Each Holder of this Security, by accepting
the same, (a) agrees to and shall be bound by such provisions, (b) authorizes
and directs the Trustee on his behalf to take such actions as may be necessary
or appropriate to effectuate the subordination so provided and (c) appoints the
Trustee his attorney-in-fact for any and all such purposes.  Each Holder hereof, by his acceptance hereof,
waives all notice of the acceptance of the subordination provisions contained
herein and in the Indenture by each holder of Senior and Subordinated Debt,
whether now outstanding or hereafter incurred, and waives reliance by each such
holder upon said provisions.

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

Unless the
certificate of authentication hereon has been executed by the Trustee referred
to on the reverse hereof by manual signature, this Security shall not be
entitled to any benefit under the Indenture or be valid or obligatory for any
purpose.

 A-3
 

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

 

	
  

  	
  U.S. BANCORP

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
  [SEAL]

  	
  Name:

  
	
   

  	
  Title:

  
	
   

  	
   

  
	
   

  	
   

  
	
  Attest:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Assistant
  Secretary

  	
   

  	
   

  
	
   

  	
   

  

 

Dated:  February 1, 2007

 A-4
 

REVERSE
OF SECURITY

This Security is
one of a duly authorized issue of securities of the Company (herein called the “Securities”),
issued and to be issued in one or more series under a Junior Subordinated
Indenture, dated as of April 28, 2005, as supplemented by the First
Supplemental Indenture, dated as of August 3, 2005, the Second Supplemental
Indenture, dated as of December 29, 2005, the Third Supplemental Indenture,
dated as of March 17, 2006, and the Fourth Supplemental Indenture, dated as of
April 12, 2006, the Fifth Supplemental Indenture, dated as of August 30, 2006
and the Sixth Supplemental Indenture, dated as of February 1, 2007 (herein
together called the “Indenture”), between the Company and Wilmington Trust
Company (as successor to Delaware Trust Company, National Association), as
Trustee (herein called the “Trustee,” which term includes any successor trustee
under the Indenture), to which Indenture and all indentures supplemental
thereto reference is hereby made for a statement of the respective rights,
limitations of rights, duties and immunities thereunder of the Trustee, the
Company and the Holders of the Securities, and of the terms upon which the
Securities are, and are to be, authenticated and delivered.  This Security is one of the series designated
on the face hereof, limited in aggregate principal amount of $576,000,000,
issuable on one or more occasions.

All terms used in
this Security that are defined in the Indenture or in the Amended and Restated
Trust Agreement, dated as of  February 1,
2007 (the “Trust Agreement”), for USB CAPITAL XII, among U.S. Bancorp, as
Sponsor, and the Trustees named therein, shall have the meanings assigned to
them in the Indenture or the Trust Agreement, as the case may be.

The Company may at
any time, at its option, on or after February 15, 2012 and subject to the terms
and conditions of Article XI of the Indenture and Section 2.1(k) of the Sixth
Supplemental Indenture, and subject to prior approval by the Board of Governors
of the Federal Reserve System if then required, redeem this Security in whole
at any time or in part from time to time, without premium or penalty, at a
redemption price equal to 100% of the principal amount thereof plus accrued and
unpaid interest including Additional Interest, if any, to the Redemption Date.

With regard to each
Interest Payment Date during any APM Period (defined in the Sixth Supplemental
Indenture) subsequent to the APM Commencement Date (defined in the Sixth
Supplemental Indenture), except for any Interest Payment Date for which the
Company has delivered a timely MDE Certification (defined in the Sixth
Supplemental Indenture), subject to certain exceptions, the Company shall issue
and sell on or immediately following an APM Commencement Date, Eligible Equity
(defined in the Sixth Supplemental Indenture) until the Company has raised an
amount of Eligible Equity Proceeds (defined in the Sixth Supplemental
Indenture) at least equal to the aggregate amount of Deferred Interest
(including Additional Interest thereon) on the Securities of this series that
will be accrued and unpaid as of the next Interest Payment Date, and the
Company shall apply such Eligible Equity Proceeds to pay such Deferred Interest
on or before the next Interest Payment Date. 
Subject to certain exceptions, during any APM Period, the Company shall
not to pay Deferred Interest (including Additional Interest thereon) from any
source other than Eligible Equity Proceeds. 
If, due to a Market

 A-5
 

Disruption Event, the Company is able to raise some
but not all, Eligible Equity Proceeds in respect of an Interest Payment Date,
the Company will apply any available Eligible Equity Proceeds to pay Deferred
Interest on or before the such Interest Payment Date provided,
however, that if the Company has
outstanding securities in addition to the ICONs under which the Company is
obligated to sell Eligible Equity and apply the net proceeds to the payment of
Deferred Interest, then on any date and for any period the amount of net
proceeds received by the Company from such sales and available for the payment
of Deferred Interest shall be applied to the ICONs and those other securities
on a pro rata basis, or on such other basis as the FRB may approve.

Upon the
occurrence and during the continuation of a Tax Event, Investment Company Event
or a Regulatory Capital Event in respect of a Trust, the Company may, at its
option, at any time within 90 days of the occurrence of such Tax Event,
Investment Company Event or Regulatory Capital Event redeem this Security, in
whole but not in part, subject to the provisions of Article XI of the
Indenture, at a redemption price equal to 100% of the principal amount thereof
plus accrued and unpaid interest, including Additional Interest, if any, to the
Redemption Date.

The Indenture
contains provisions for satisfaction and discharge of the entire indebtedness
of this Security upon compliance by the Company of certain conditions set forth
in the Indenture.

The Indenture
permits, with certain exceptions as therein provided, the Company and the
Trustee at any time to enter into a supplemental indenture or indentures for
the purpose of modifying in any manner the rights and obligations of the
Company and of the Holders of the Securities, with the consent of the Holders
of not less than a majority in principal amount of the Outstanding Securities
of all series to be affected by such supplemental indenture.  The Indenture also contains provisions
permitting Holders of specified percentages in principal amount of the
Securities of all series at the time Outstanding, on behalf of the Holders of
all Securities of such series, to waive compliance by the Company with certain
provisions of the Indenture and certain past defaults under the Indenture and
their consequences.  Any such consent or
waiver by the Holders of this Security and of any Security issued upon the
registration and transfer hereof or in exchange hereof or in lieu hereof,
whether or not notation of such consent or waiver is made upon this Security.

As provided in and
subject to the provisions of the Indenture, if an Event of Default with respect
to the Securities of this series at the time Outstanding occurs and is
continuing, then and in every such case the Trustee or the Holders of not less
that 25% in principal amount of the Outstanding Securities of this series may
declare the principal amount of all the Securities of this series to be due and
payable immediately, by a notice in writing to the Company (and to the Trustee
if given by the Holders), provided that,
in the case of the Securities of this series issued to a Trust, if upon an
Event of Default under the Sixth Supplemental Indenture, the Trustee or the Holders
of not less than 25% in principal amount of the Outstanding Securities of this
series fails to declare the principal of all the Securities of this series to
be immediately due and payable, the holders of at least 25% in aggregate
Liquidation Amount of the Capital Securities then outstanding shall have such
right by a notice in writing to the Company and the Trustee; and

 A-6
 

upon any such declaration
the principal amount of and the accrued interest (including Additional
Interest) on all the Securities of this series shall become immediately due and
payable, provided that the payment of principal
and interest (including Additional Interest) on such Securities shall remain
subordinated to the extent provided in Article XIII of the Indenture and
Section 2.1(o) of the Sixth Supplemental Indenture.

No reference
herein to the Indenture and no provision of this Security or of the Indenture
shall alter or impair the obligation of the Company, which is absolute and
unconditional, to pay the principal of (and premium, if any) and interest on
this Security at the times, places and rate, and in the coin or currency,
herein prescribed (subject to the deferral rights of the Company described in
the Indenture).

As provided in the
Indenture and subject to certain limitations therein set forth, the transfer of
this Security is registrable in the Securities Register, upon surrender of this
Security for registration of transfer at the office or agency of the Company
maintained under Section 10.2 of the Indenture duly endorsed by, or accompanied
by written instrument of transfer in form satisfactory to the Company and the
Securities Registrar duly executed by, the Holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Securities of this series,
of authorized denominations and for the same aggregate principal amount, will
be issued to the designated transferee or transferees.  No service charge shall be made for any such
registration of transfer or exchange, but the Company may require payment of a
sum sufficient to cover any tax or other governmental charge payable in
connection therewith.

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

The Securities of
this series are issuable only in registered form without coupons in
denominations of $25 and in any multiple thereof.  As provided in the Indenture and subject to
certain limitations therein set forth, Securities of this series are
exchangeable for like aggregate principal amount of Securities of such series
of a different authorized denomination, as requested by the Holder surrendering
the same.

The Company and,
by its acceptance of this Security or a beneficial interest therein, the Holder
of, and any Person that acquires a beneficial interest in, this Security agree
to treat the Trust as a grantor trust and beneficial owners of interests in the
Trust as owning an undivided beneficial interest in the Security and to treat
the Security as indebtedness for all United States federal, state and local tax
purposes.

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

 A-7
 

This is one of the
Securities referred to in the mentioned Indenture.

 

	
  

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
  as Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  
	
   

  	
   

  	
  Authorized Signatory

  

 

Dated:   February 1, 2007

 

 A-8

Annex B

Trust Agreement

 B-1

Annex C

Guarantee Agreement

 C-1Exhibit
4.4

 

AMENDED AND RESTATED TRUST AGREEMENT

By and Among

U.S. BANCORP,

as Sponsor

WILMINGTON TRUST COMPANY, 

as Property Trustee

WILMINGTON TRUST COMPANY,

as Delaware Trustee

And

THE ADMINISTRATIVE TRUSTEES NAMED
HEREIN

Dated as of February 1, 2007

USB CAPITAL XII

 

CROSS REFERENCE TABLE (1)

	
  Section
  of Trust

  Indenture Act of

  1939, as amended

  	
   

  	
  Section of

  Agreement

  
	
   

  	
   

  	
   

  
	
  310(a)

  	
   

  	
  6.3

  
	
  310(b)

  	
   

  	
  6.3(c); 6.3(d)

  
	
  310(c)

  	
   

  	
  Inapplicable

  
	
  311(a)

  	
   

  	
  2.2(b)

  
	
  311(b)

  	
   

  	
  2.2(b)

  
	
  311(c)

  	
   

  	
  Inapplicable

  
	
  312(a)

  	
   

  	
  2.2(a)

  
	
  312(b)

  	
   

  	
  2.2(b)

  
	
  312(c)

  	
   

  	
  Inapplicable

  
	
  313(a)

  	
   

  	
  2.3

  
	
  313(b)

  	
   

  	
  2.3

  
	
  313(c)

  	
   

  	
  2.3

  
	
  313(d)

  	
   

  	
  2.3

  
	
  314(a)

  	
   

  	
  2.4

  
	
  314(b)

  	
   

  	
  Inapplicable

  
	
  314(c)

  	
   

  	
  2.5

  
	
  314(d)

  	
   

  	
  Inapplicable

  
	
  314(e)

  	
   

  	
  2.5

  
	
  314(f)

  	
   

  	
  Inapplicable

  
	
  315(a)

  	
   

  	
  3.9(b); 3.10(a)

  
	
  315(b)

  	
   

  	
  2.7(a)

  
	
  315(c)

  	
   

  	
  3.9(a)

  
	
  315(d)

  	
   

  	
  3.9(b)

  
	
  316(a)

  	
   

  	
  2.6; 7.5(b); 7.6(c)

  
	
  316(b)

  	
   

  	
  Inapplicable

  
	
  316(c)

  	
   

  	
  Inapplicable

  
	
  317(a)

  	
   

  	
  3.16

  
	
  317(b)

  	
   

  	
  Inapplicable

  
	
  318(a)

  	
   

  	
  2.1(c)

  

 

(1)                                  This
Cross-Reference Table does not constitute part of the Agreement and shall not
have any bearing upon the interpretation of any of its terms or provisions.

 ii
 

TABLE OF CONTENTS

	
   

  	
   

  	
  Page

  
	
   

  	
   

  	
   

  
	
  ARTICLE 1 INTERPRETATION AND DEFINITIONS

  	
   

  	
  2

  
	
   

  	
   

  	
   

  
	
  SECTION 1.1.          Interpretation and Definitions

  	
   

  	
  2

  
	
   

  	
   

  	
  Administrative Trustee

  	
   

  	
  2

  
	
   

  	
   

  	
  Affiliate

  	
   

  	
  2

  
	
   

  	
   

  	
  Authorized Officer

  	
   

  	
  2

  
	
   

  	
   

  	
  Beneficial Owners

  	
   

  	
  2

  
	
   

  	
   

  	
  Business Day

  	
   

  	
  3

  
	
   

  	
   

  	
  Capital Security

  	
   

  	
  3

  
	
   

  	
   

  	
  Capital Security Certificate

  	
   

  	
  3

  
	
   

  	
   

  	
  Certificate

  	
   

  	
  3

  
	
   

  	
   

  	
  Certificate of Trust

  	
   

  	
  3

  
	
   

  	
   

  	
  Closing Date

  	
   

  	
  3

  
	
   

  	
   

  	
  Code

  	
   

  	
  3

  
	
   

  	
   

  	
  Commission

  	
   

  	
  3

  
	
   

  	
   

  	
  Common Securities Holder

  	
   

  	
  3

  
	
   

  	
   

  	
  Common Security

  	
   

  	
  3

  
	
   

  	
   

  	
  Common Security Certificate

  	
   

  	
  3

  
	
   

  	
   

  	
  Corporate Trust Office

  	
   

  	
  3

  
	
   

  	
   

  	
  Covered Person

  	
   

  	
  3

  
	
   

  	
   

  	
  Deferral Period

  	
   

  	
  3

  
	
   

  	
   

  	
  Delaware Statutory Trust Act

  	
   

  	
  4

  
	
   

  	
   

  	
  Delaware Trustee

  	
   

  	
  4

  
	
   

  	
   

  	
  Depositary

  	
   

  	
  4

  
	
   

  	
   

  	
  Depositary Participant

  	
   

  	
  4

  
	
   

  	
   

  	
  Direct Action

  	
   

  	
  4

  
	
   

  	
   

  	
  Distribution

  	
   

  	
  4

  
	
   

  	
   

  	
  Exchange Act

  	
   

  	
  4

  
	
   

  	
   

  	
  Federal Reserve

  	
   

  	
  4

  
	
   

  	
   

  	
  Fiduciary Indemnified Person

  	
   

  	
  4

  
	
   

  	
   

  	
  Fiscal Year

  	
   

  	
  4

  
	
   

  	
   

  	
  Global Security

  	
   

  	
  4

  
	
   

  	
   

  	
  Guarantee

  	
   

  	
  4

  
	
   

  	
   

  	
  Holder

  	
   

  	
  4

  
	
   

  	
   

  	
  ICON Issuer

  	
   

  	
  4

  
	
   

  	
   

  	
  ICON Issuer Indemnified Person

  	
   

  	
  4

  
	
   

  	
   

  	
  ICON Trustee

  	
   

  	
  4

  
	
   

  	
   

  	
  ICONs

  	
   

  	
  5

  
	
   

  	
   

  	
  Indemnified Person

  	
   

  	
  5

  
	
   

  	
   

  	
  Indenture

  	
   

  	
  5

  
	
   

  	
   

  	
  Indenture Event of Default

  	
   

  	
  5

  
	
   

  	
   

  	
  Investment Company

  	
   

  	
  5

  

 

 iii
 

 

	 
	
   

  	
   

  	
  Investment
  Company Act

  	
   

  	
  5

  
	 
	
   

  	
   

  	
  Investment Company Event

  	
   

  	
  5

  
	 
	
   

  	
   

  	
  Legal Action

  	
   

  	
  5

  
	 
	
   

  	
   

  	
  List of Holders

  	
   

  	
  5

  
	 
	
   

  	
   

  	
  Majority in Liquidation Amount

  	
   

  	
  5

  
	 
	
   

  	
   

  	
  Market Disruption Event

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  New York Stock Exchange

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Officers’ Certificate

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Paying Agent

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Payment Amount

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Person

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Property Account

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Property Trustee

  	
   

  	
  6

  
	 
	
   

  	
   

  	
  Pro Rata

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Quorum

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Redemption/Distribution Notice

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Redemption Price

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Regulatory Capital Event

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Related Party

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Resigning Administrative Trustee

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Responsible Officer

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Securities

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Securities Act

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Special Event

  	
   

  	
  7

  
	 
	
   

  	
   

  	
  Sponsor

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Successor Delaware Trustee

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Successor Entity

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Successor Property Trustee

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Successor Security

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Super Majority

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Tax Event

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  10% in Liquidation Amount

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Treasury Regulations

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Trust

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Trust Enforcement Event

  	
   

  	
  8

  
	 
	
   

  	
   

  	
  Trust Indenture Act

  	
   

  	
  9

  
	 
	
   

  	
   

  	
  Trustee\ or \Trustees

  	
   

  	
  9

  
	
   

  	
   

  	
   

  	 

	 
	
  ARTICLE 2 TRUST INDENTURE ACT

  	
   

  	
  9

  
	 
	
   

  	
   

  	
   

  
	 
	
  SECTION 2.1.          Trust Indenture Act; Application

  	
   

  	
  9

  
	 
	
  SECTION 2.2.          Lists of Holders of Securities

  	
   

  	
  9

  
	 
	
  SECTION 2.3.          Reports by the Property Trustee

  	
   

  	
  10

  
	 
	
  SECTION 2.4.          Periodic Reports to the Property
  Trustee

  	
   

  	
  10

  
	 
	
  SECTION 2.5.          Evidence of Compliance with
  Conditions Precedent

  	
   

  	
  10

  
	 
	
  SECTION 2.6.          Trust Enforcement Events; Waiver

  	
   

  	
  10

  
	 
	
  SECTION 2.7.          Trust Enforcement Event; Notice

  	
   

  	
  12

  
									

 

 iv
 

 

	
  ARTICLE 3 ORGANIZATION

  	
   

  	
  12

  
	
   

  	
   

  	
   

  
	
  SECTION 3.1.          Name and Organization

  	
   

  	
  12

  
	
  SECTION 3.2.          Office

  	
   

  	
  12

  
	
  SECTION 3.3.          Purpose

  	
   

  	
  13

  
	
  SECTION 3.4.          Authority

  	
   

  	
  13

  
	
  SECTION 3.5.          Title to Property of the Trust

  	
   

  	
  14

  
	
  SECTION 3.6.          Powers and Duties of the
  Administrative Trustees

  	
   

  	
  14

  
	
  SECTION 3.7.          Prohibition of Actions by the Trust
  and the Trustees

  	
   

  	
  16

  
	
  SECTION 3.8.          Powers and Duties of the Property
  Trustee

  	
   

  	
  17

  
	
  SECTION 3.9.          Certain Duties and Responsibilities
  of the Property Trustee

  	
   

  	
  19

  
	
  SECTION 3.10.        Certain Rights of Property Trustee

  	
   

  	
  20

  
	
  SECTION 3.11.        Delaware Trustee

  	
   

  	
  23

  
	
  SECTION 3.12.        Execution of Documents

  	
   

  	
  23

  
	
  SECTION 3.13.        Not Responsible for Recitals or
  Issuance of Securities

  	
   

  	
  23

  
	
  SECTION 3.14.        Duration of Trust

  	
   

  	
  23

  
	
  SECTION 3.15.        Mergers

  	
   

  	
  24

  
	
  SECTION 3.16.        Property Trustee May File Proofs of
  Claim

  	
   

  	
  25

  
	
   

  	
   

  	
   

  
	
  ARTICLE 4 SPONSOR

  	
   

  	
  26

  
	
   

  	
   

  	
   

  
	
  SECTION 4.1.          Responsibilities of the Sponsor

  	
   

  	
  26

  
	
  SECTION 4.2.          Indemnification and Fees and
  Expenses of the Trustees

  	
   

  	
  27

  
	
  SECTION 4.3.          Compensation of the Trustees

  	
   

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE 5 TRUST COMMON SECURITIES HOLDER

  	
   

  	
  27

  
	
   

  	
   

  	
   

  
	
  SECTION 5.1.          ICON Issuer’s Receipt of Common
  Securities

  	
   

  	
  27

  
	
  SECTION 5.2.          Covenants of the Common Securities
  Holder

  	
   

  	
  27

  
	
   

  	
   

  	
   

  
	
  ARTICLE 6 TRUSTEES

  	
   

  	
  28

  
	
   

  	
   

  	
   

  
	
  SECTION 6.1.          Number of Trustees

  	
   

  	
  28

  
	
  SECTION 6.2.          Delaware Trustee; Eligibility

  	
   

  	
  28

  
	
  SECTION 6.3.          Property Trustee; Eligibility

  	
   

  	
  29

  
	
  SECTION 6.4.          Qualifications of Administrative
  Trustees and Delaware Trustee Generally

  	
   

  	
  29

  
	
  SECTION 6.5.          Initial Administrative Trustees

  	
   

  	
  29

  
	
  SECTION 6.6.          Appointment, Removal and Resignation
  of Trustees

  	
   

  	
  30

  
	
  SECTION 6.7.          Vacancies among Trustees

  	
   

  	
  31

  
	
  SECTION 6.8.          Effect of Vacancies

  	
   

  	
  31

  
	
  SECTION 6.9.          Meetings

  	
   

  	
  31

  
	
  SECTION 6.10.        Delegation of Power

  	
   

  	
  32

  
	
  SECTION 6.11.        Merger, Conversion, Consolidation or
  Succession to Business

  	
   

  	
  32

  
	
   

  	
   

  	
   

  
	
  ARTICLE 7 TERMS OF SECURITIES

  	
   

  	
  33

  
	
   

  	
   

  	
   

  
	
  SECTION 7.1.          General Provisions Regarding
  Securities

  	
   

  	
  33

  

 

 v
 

 

	
  SECTION 7.2.          Distributions

  	
   

  	
  35

  
	
  SECTION 7.3.          Redemption of Securities

  	
   

  	
  36

  
	
  SECTION 7.4.          Redemption Procedures

  	
   

  	
  36

  
	
  SECTION 7.5.          Voting Rights of Capital Securities

  	
   

  	
  38

  
	
  SECTION 7.6.          Voting Rights of Common Securities

  	
   

  	
  40

  
	
  SECTION 7.7.          Paying Agent

  	
   

  	
  41

  
	
  SECTION 7.8.          Listing

  	
   

  	
  42

  
	
  SECTION 7.9.          Transfer of Securities

  	
   

  	
  42

  
	
  SECTION 7.10.        Mutilated, Destroyed, Lost or Stolen
  Certificates

  	
   

  	
  43

  
	
  SECTION 7.11.        Deemed Security Holders

  	
   

  	
  43

  
	
  SECTION 7.12.        Global Securities

  	
   

  	
  43

  
	
   

  	
   

  	
   

  
	
  ARTICLE 8 DISSOLUTION AND TERMINATION OF TRUST

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  SECTION 8.1.          Dissolution and Termination of Trust

  	
   

  	
  46

  
	
  SECTION 8.2.          Liquidation Distribution Upon
  Dissolution of the Trust

  	
   

  	
  46

  
	
   

  	
   

  	
   

  
	
  ARTICLE 9 LIMITATION OF LIABILITY OF HOLDERS OF
  SECURITIES, DELAWARE TRUSTEES

  	
   

  	
  47

  
	
   

  	
  OR OTHERS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  SECTION 9.1.          Liability

  	
   

  	
  47

  
	
  SECTION 9.2.          Exculpation

  	
   

  	
  48

  
	
  SECTION 9.3.          Fiduciary Duty

  	
   

  	
  48

  
	
  SECTION 9.4.          Indemnification

  	
   

  	
  49

  
	
  SECTION 9.5.          Outside Businesses

  	
   

  	
  51

  
	
   

  	
   

  	
   

  
	
  ARTICLE 10 ACCOUNTING

  	
   

  	
  52

  
	
   

  	
   

  	
   

  
	
  SECTION 10.1.        Fiscal Year

  	
   

  	
  52

  
	
  SECTION 10.2.        Certain Accounting Matters

  	
   

  	
  52

  
	
  SECTION 10.3.        Banking

  	
   

  	
  52

  
	
  SECTION 10.4.        Withholding

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  ARTICLE 11 AMENDMENTS AND MEETINGS

  	
   

  	
  53

  
	
   

  	
   

  	
   

  
	
  SECTION 11.1.        Amendments

  	
   

  	
  53

  
	
  SECTION 11.2.        Meetings of the Holders of Securities;
  Action by Written Consent

  	
   

  	
  55

  
	
   

  	
   

  	
   

  
	
  ARTICLE 12 REPRESENTATIONS OF PROPERTY TRUSTEE AND
  DELAWARE TRUSTEE

  	
   

  	
  57

  
	
   

  	
   

  	
   

  
	
  SECTION 12.1.        Representations and Warranties of the
  Property Trustee

  	
   

  	
  57

  
	
  SECTION 12.2.        Representations and Warranties of the
  Delaware Trustee

  	
   

  	
  57

  
	
   

  	
   

  	
   

  
	
  ARTICLE 13 MISCELLANEOUS

  	
   

  	
  58

  
	
   

  	
   

  	
   

  
	
  SECTION 13.1.        Notices

  	
   

  	
  58

  
	
  SECTION 13.2.        Governing Law

  	
   

  	
  59

  
				

 

 vi
 

 

	
  SECTION 13.3.        Intention of the Parties

  	
   

  	
  59

  
	
  SECTION 13.4.        Headings

  	
   

  	
  59

  
	
  SECTION 13.5.        Successors and Assigns

  	
   

  	
  59

  
	
  SECTION 13.6.        Partial Enforceability

  	
   

  	
  60

  
	
  SECTION 13.7.        Counterparts

  	
   

  	
  60

  
	
   

  	
   

  	
   

  
	
  ARTICLE 14 RESIGNATION

  	
   

  	
  60

  
	
   

  	
   

  	
   

  
	
  SECTION 14.1.        Resignation of Resigning
  Administrative Trustee

  	
   

  	
  60

  

 

	
  EXHIBITS

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
  Exhibit A

  	
   

  	
  Form of Capital Security Certificate

  
	
  Exhibit B

  	
   

  	
  Form of Common Security Certificate

  

 

 vii

AMENDED AND RESTATED TRUST AGREEMENT

This AMENDED AND RESTATED TRUST AGREEMENT (this “Trust Agreement”),
dated as of February 1, 2007 is entered into by and among (i) U.S. BANCORP, a
Delaware corporation (the “Sponsor”), (ii) WILMINGTON TRUST COMPANY, a Delaware
banking corporation, as property trustee (in each such capacity, the “Property
Trustee”), (iii) WILMINGTON TRUST COMPANY, as Delaware trustee (the “Delaware
Trustee”), (iv) ANDREW CECERE, an individual, DARYL N. BIBLE, an individual,
and LEE R. MITAU, an individual, each of whose address is c/o U.S. Bancorp, 800
Nicollet Mall, Minneapolis, Minnesota 55402 (each an “Administrative Trustee”
and collectively the “Administrative Trustees”) (the Property Trustee, the
Delaware Trustee and the Administrative Trustees referred to collectively as
the “Trustees”) and (v) the several Holders, as hereinafter defined.

RECITALS

WHEREAS, the Sponsor, Daryl N. Bible, as Administrative Trustee, Lee R.
Mitau, as Administrative Trustee and David M. Moffett, as Administrative
Trustee (the “Resigning Administrative Trustee”), and Delaware Trust Company,
National Association (the “Original Trustee”), have heretofore established USB
Capital XII (the “Trust”), a statutory trust under the Delaware Statutory Trust
Act (as defined, together with other capitalized terms, herein) pursuant to a
Trust Agreement dated as of April 27, 2005 (the “Original Trust Agreement”) and
a Certificate of Trust (the “Original Certificate of Trust”), filed with the
Secretary of State of the State of Delaware on April 27, 2005;

WHEREAS, pursuant to an Omnibus Appointment and Resignation Agreement,
dated as of January 18, 2006, the Original Trustee resigned and Wilmington
Trust Company was appointed by the Sponsor as successor trustee under the
Original Trust Agreement, and a Restated Certificate of Trust (the “Restated
Certificate of Trust” and, together with the Original Certificate of Trust, the
“Certificate of Trust”) was filed with the Secretary of the State of Delaware
on January 18, 2006;

WHEREAS, the
Resigning Administrative Trustee desires to resign and the Sponsor desires to appoint Andrew Cecere
as an Administrative Trustee, to succeed the Resigning Administrative Trustee,
and such appointment is hereby accepted as of the date hereof;

WHEREAS, the sole purpose of the Trust shall be to issue and sell
certain securities representing undivided beneficial interests in the assets of
the Trust and invest the gross proceeds thereof in the ICONs issued by the ICON
Issuer and to engage in only those activities necessary or incidental thereto;
and

WHEREAS, the parties hereto, by this Trust Agreement, amend and restate
each and every term and provision of the Original Trust Agreement;

NOW, THEREFORE, it being the intention of the parties hereto to
continue the Trust as a statutory trust under the Delaware Statutory Trust Act
and that this Trust Agreement constitute the governing instrument of such
statutory trust, the Trustees hereby declare that all

assets contributed to the Trust be held in trust for the benefit of the
Holders of the Securities representing undivided beneficial interests in the
assets of the Trust issued hereunder, subject to the provisions of this Trust
Agreement.

ARTICLE
1

INTERPRETATION AND DEFINITIONS

SECTION 1.1.                Interpretation and Definitions.

Unless the context otherwise requires:

(a)           capitalized
terms used in this Trust Agreement but not defined in the preamble above have
the meanings assigned to them in this Section 1.1;

(b)           a
term defined anywhere in this Trust Agreement has the same meaning throughout;

(c)           all
references to “the Trust Agreement” or “this Trust Agreement” are to this Trust
Agreement as modified, supplemented or amended from time to time;

(d)           all
references in this Trust Agreement to Articles, Sections, Recitals and Exhibits
are to Articles and Sections of, or Recitals and Exhibits to, this Trust
Agreement unless otherwise specified;

(e)           unless
otherwise defined in this Trust Agreement, a term defined in the Trust
Indenture Act has the same meaning when used in this Trust Agreement;

(f)            a
reference to the singular includes the plural and vice versa and a reference to
any masculine form of a term shall include the feminine form of a term, as
applicable; and

(g)           the
following terms have the following meanings:

“Administrative Trustee”
means any Trustee other than the Property Trustee and the Delaware Trustee.

“Affiliate” has the same
meaning as given to that term in Rule 405 of the Securities Act or any
successor rule thereunder.

“Authorized Officer” of a
Person means any Person that is authorized to bind such Person.

“Beneficial Owners”
means, for Capital Securities represented by a Global Security, the Person who
acquires an interest in the Capital Securities which is reflected on the
records of the Depositary through the Depositary Participants.

 2
 

“Business Day” means any
day other than (i) a Saturday or Sunday, (ii) a day on which banking
institutions in the Borough of Manhattan, The City of New York are authorized
or required by law or executive order to remain closed or (iii) a day on which
the Corporate Trust Office of the ICON Trustee, or, with respect to the
Securities of a series initially issued to a Trust, the principal office of the
Property Trustee under the related Trust Agreement, is closed for business.

“Capital Security” has
the meaning specified in Section 7.1.

“Capital Security Certificate”
means a definitive certificate in fully registered form representing a Capital
Security, substantially in the form of Exhibit A.

“Certificate” means a
Common Security Certificate or a Capital Security Certificate.

“Certificate of Trust”
has the meaning specified in the Recitals hereto.

“Closing Date” means the
date on which the Capital Securities are issued and sold.

“Code” means the Internal
Revenue Code of 1986, as amended from time to time, or any successor
legislation.  A reference to a specific
section of the Code refers not only to such specific section but also to any
corresponding provision of any federal tax statute enacted after the date of
this Trust Agreement, as such specific section or corresponding provision is in
effect on the date of application of the provisions of this Trust Agreement
containing such reference.

“Commission” means the
Securities and Exchange Commission or any successor thereto.

“Common Securities Holder”
means U.S. Bancorp, or any successor thereto, in its capacity as purchaser and
holder of all of the Common Securities issued by the Trust.

“Common Security” has the
meaning specified in Section 7.1.

“Common Security Certificate”
means a definitive certificate in fully registered form representing a Common
Security, substantially in the form of Exhibit B hereto.

“Corporate Trust Office”
means the principal office of the Property Trustee at which at any particular
time its corporate trust business shall be administered, which office at the
date of execution of this Trust Agreement is located at 1100 North Market
Street, Wilmington, Delaware 19890.

“Covered Person” means
(a) any officer, director, shareholder, partner, member, representative,
employee or agent of (i) the Trust or (ii) the Trust’s Affiliates; and (b) any
Holder.

“Deferral Period”  has the meaning specified in the Indenture.

 3
 

“Delaware Statutory Trust Act”
means Chapter 38 of Title 12 of the Delaware Code, 12 Del. Code Section 3801 et
seq., as it may be amended from time to time, or any successor legislation.

“Delaware Trustee” means
the Trustee meeting the eligibility requirements set forth in Section 6.2.

“Depositary” means, with
respect to Securities issuable in whole or in part in the form of one or more
Global Securities, a clearing agency registered under the Exchange Act that is
designated to act as Depositary for such Securities.

“Depositary Participant”
means a member of, or participant in, the Depositary.

“Direct Action” has the
meaning specified in Section 3.8(e).

“Distribution” means a
distribution payable to Holders of Securities in accordance with Section 7.2.

“Exchange Act” means the
Securities Exchange Act of 1934, as amended from time to time, or any successor
legislation.

“Federal Reserve” means
the Board of Governors of the Federal Reserve System, or any successor thereto.

“Fiduciary Indemnified Person”
has the meaning set forth in Section 9.4(b).

“Fiscal Year” has the
meaning specified in Section 10.1.

“Global Security” means a
fully registered, global Capital Security Certificate.

“Guarantee” means the
Guarantee Agreement, dated the date hereof, of the Sponsor in respect of the
Securities.

“Holder” means any holder
of Securities, as registered on the books and records of the Trust.

“ICON Issuer” means U.S.
Bancorp, or any successor thereto under the Indenture, in its capacity as
issuer of the ICONs under the Indenture.

“ICON Issuer Indemnified Person”
means (a) any Administrative Trustee; (b) any Affiliate of any Administrative
Trustee; (c) any officers, directors, shareholders, members, partners,
employees, representatives or agents of any Administrative Trustee or any
Affiliate thereof; or (d) any officer, employee or agent of the Trust or its
Affiliates.

“ICON Trustee” means
Wilmington Trust Company, in its capacity as trustee under the Indenture until
a successor is appointed thereunder, and thereafter means such successor
trustee.

 4
 

“ICONs” means the series
of 6.30% Income Capital Obligation Notes due 2067 to be issued by the ICON
Issuer under the Indenture and held by the Property Trustee.

“Indemnified Person”
means an ICON Issuer Indemnified Person or a Fiduciary Indemnified Person.

“Indenture” means the
Junior Subordinated Indenture, dated as of April 28, 2005, between the ICON
Issuer and Delaware Trust Company, National Association (the “Original
Indenture Trustee”), as supplemented by the First Supplemental Indenture dated
as of August 3, 2005, between the ICON Issuer and the Original Indenture
Trustee, as further supplemented by the Second Supplemental Indenture dated as
of December 29, 2005, between the
ICON Issuer, the Original Indenture Trustee, and the ICON Trustee, as successor
trustee, as further supplemented by the Third Supplemental Indenture dated as
of March 17, 2006, between the ICON Issuer and the ICON Trustee, as further
supplemented by the Fourth Supplemental Indenture dated as of April 12, 2006,
between the ICON Issuer and the ICON Trustee, as further supplemented by the
Fifth Supplemental Indenture dated as of August 30, 2006, between the ICON
Issuer and the ICON Trustee, and as further supplemented by the Sixth
Supplemental Indenture dated as of February 1, 2007, between the ICON Issuer
and the ICON Trustee pursuant to which the ICONs are to be issued.

“Indenture Event of Default”
has the meaning given to the term “Event of Default” in the Indenture.

“Investment Company”
means an investment company as defined in the Investment Company Act and the
regulations promulgated thereunder.

“Investment Company Act”
means the Investment Company Act of 1940, as amended from time to time, or any
successor legislation.

“Investment Company Event”
means the receipt by the Sponsor and the Trust of an opinion of an independent
counsel experienced in matters relating to investment companies (which opinion
shall not have been rescinded), to the effect that, as a result of the
occurrence of a change (including any announced proposed change) in law or
regulation or a change in interpretation or application of law or regulation by
any legislative body, court, governmental agency or regulatory authority (a “Change
in 1940 Act Law”), there is more than an insubstantial risk that the Trust is
or will be considered an “investment company” that is required to be registered
under the Investment Company Act, which Change in 1940 Act Law becomes
effective on or after the Closing Date.

“Legal Action” has the
meaning specified in Section 3.6(g).

“List of Holders” has the
meaning specified in Section 2.2(a).

“Majority in Liquidation Amount”
means, except as provided in the terms of the Capital Securities or by the
Trust Indenture Act, Holder(s) of outstanding Securities, voting together as a
single class, or, as the context may require, Holders of outstanding Capital
Securities or Holders of outstanding Common Securities, voting separately as a
class, who are the record owners of more than 50% of the aggregate liquidation
amount (including the stated

 5
 

amount that would be paid on redemption, liquidation or otherwise, plus
accumulated and unpaid Distributions to the date upon which the voting
percentages are determined) of all outstanding Securities of the relevant
class.

“Market Disruption Event”  has the meaning specified in the Indenture.

“New York Stock Exchange”
means the New York Stock Exchange, Inc. or any successor thereto.

“Officers’ Certificate”
means, with respect to any Person, a certificate signed on behalf of such
Person by two Authorized Officers of such Person.  Any Officers’ Certificate delivered with
respect to compliance with a condition or covenant provided for in this Trust
Agreement shall include:

(i)            a
statement that each officer signing the Officers’ Certificate has read the
covenant or condition and the definitions relating thereto;

(ii)           a
brief statement of the nature and scope of the examination or investigation
undertaken by each officer on behalf of such Person in rendering the Officers’
Certificate;

(iii)          a
statement that each such officer has made such examination or investigation as,
in such officer’s opinion, is necessary to enable such officer on behalf of
such Person to express an informed opinion as to whether or not such covenant
or condition has been complied with; and

(iv)          a
statement as to whether, in the opinion of each such officer acting on behalf
of such Person, such condition or covenant has been complied with; provided,
that the term “Officers’ Certificate”, when used with reference to
Administrative Trustees who are natural persons shall mean a certificate signed
by two or more of the Administrative Trustees which otherwise satisfies the
foregoing requirements.

“Paying Agent” has the
meaning specified in Section 7.7.

“Payment Amount” has the
meaning specified in Section 7.2(c).

“Person” means a legal
person, including any individual, corporation, estate, partnership, joint
venture, association, joint stock company, limited liability company, trust,
unincorporated association, or government or any agency or political
subdivision thereof, or any other entity of whatever nature.

“Property Account” has
the meaning specified in Section 3.8(c).

“Property Trustee” means
the Trustee meeting the eligibility requirements set forth in Section 6.3.

 6
 

“Pro Rata” means pro rata
to each Holder of Securities according to the aggregate liquidation amount of
the Securities held by the relevant Holder in relation to the aggregate
liquidation amount of all Securities outstanding.

“Quorum” means a majority
of the Administrative Trustees or, if there are only two Administrative
Trustees, both of them.

“Redemption/Distribution Notice”
has the meaning specified in Section 7.4(a).

“Redemption Price” means
the amount for which the Securities will be redeemed, which amount will equal
(i) the redemption price paid by the ICON Issuer to repay or redeem, in whole
or in part, the ICONs held by the Trust, which shall include accumulated and
unpaid Distributions on such Securities through the date of their redemption or
(ii) such lesser amount as will be received by the Trust in respect of the
ICONs so repaid or redeemed.

“Regulatory Capital Event”
means the reasonable determination by the Sponsor that, as a result of (a) any
amendment to, or change (including any announced prospective change) in, the
laws or any applicable regulation of the United States or any political
subdivision that is enacted or becomes effective after the initial issuance of
the Capital Securities; or (b) any official or administrative pronouncement or
action or judicial decision for interpreting or applying such laws or
regulations, which is effective or announced on or after the initial issuance
of the Capital Securities, there is more than an insubstantial risk of
impairment of the Sponsor’s ability to treat the Capital Securities (or any
substantial portion thereof) as Tier 1 capital (or its then equivalent) for
purposes of the capital adequacy guidelines of the Federal Reserve in effect
and applicable to the Sponsor.

“Related Party” means,
with respect to the Sponsor, any direct or wholly owned subsidiary of the
Sponsor or any Person that owns, directly or indirectly, 100% of the
outstanding voting securities of the Sponsor.

“Resigning Administrative Trustee”  has the meaning specified in the Recitals
hereto.

“Responsible Officer”
means, with respect to the Property Trustee, any officer with direct responsibility
for the administration of this Trust Agreement and also means, with respect to
a particular corporate trust matter, any other officer to whom such matter is
referred because of that officer’s knowledge of and familiarity with the
particular subject.

“Securities” means the
Common Securities and the Capital Securities.

“Securities Act” means
the Securities Act of 1933, as amended from time to time, or any successor
legislation.

“Special Event” means a
Tax Event, a Regulatory Capital Event or an Investment Company Event.

 7
 

“Sponsor” means U.S.
Bancorp, a Delaware corporation, or any successor entity in a merger,
consolidation, amalgamation or replacement by or conveyance, transfer or lease
of its properties substantially as an entirety, in its capacity as sponsor of
the Trust.

“Successor Delaware Trustee”
has the meaning specified in Section 6.6(b).

“Successor Entity” has
the meaning specified in Section 3.15(b)(i).

“Successor Property Trustee”
has the meaning specified in Section 6.6(b).

“Successor Security” has
the meaning specified in Section 3.15(b)(i)b.

“Super Majority” has the
meaning specified in Section 2.6(a)(ii).

“Tax Event” means the
receipt by the Sponsor or the Trust of an opinion of tax counsel (which may be
the Sponsor’s counsel or counsel of an Affiliate but not an employee and which
must be reasonably acceptable to the Property Trustee) experienced in tax
matters stating that, as a result of any amendment to, or change (including any
announced prospective change) in, the laws (or any regulations thereunder) of
the United States or any political subdivision or taxing authority affecting
taxation that is enacted or becomes effective after the initial issuance of the
Capital Securities; or interpretation or application of such laws or regulations
by any court, governmental agency or regulatory authority that is announced
after the initial issuance of the Capital Securities, there is more than an
insubstantial risk that (i) the Trust is, or will be within 90 days of the date
of such opinion, subject to United States federal income tax with respect to
interest received or accrued on the ICONs, (ii) interest payable by the ICON
Issuer on the ICONs is not, or within 90 days of the date of such opinion will
not be, deductible, in whole or in part, by the ICON Issuer for United States
federal income tax purposes, or (iii) the Trust is, or will be within 90 days
of the date of such opinion, subject to more than a minimal amount of other
taxes, duties, assessments or other governmental charges.

“10% in Liquidation Amount”
means, except as provided in the terms of the Capital Securities or by the
Trust Indenture Act, Holder(s) of outstanding Securities, voting together as a
single class, or, as the context may require, Holders of outstanding Capital
Securities or Holders of outstanding Common Securities, voting separately as a
class, who are the record owners of 10% or more of the aggregate liquidation
amount (including the stated amount that would be paid on redemption,
liquidation or otherwise, plus accumulated and unpaid Distributions to the date
upon which the voting percentages are determined) of all outstanding Securities
of the relevant class.

“Treasury Regulations”
means the income tax regulations, including temporary and proposed regulations,
promulgated under the Code by the United States Treasury, as such regulations
may be amended from time to time (including corresponding provisions of
succeeding regulations).

“Trust” has the
meaning specified in the Recitals.

“Trust Enforcement Event”,
in respect of the Securities, means an Indenture Event of Default has occurred
and is continuing in respect of the ICONs.

 8
 

“Trust Indenture Act”
means the Trust Indenture Act of 1939, as amended from time to time, or any
successor legislation.

“Trustee” or “Trustees” means
each Person who has signed this Trust Agreement as a trustee, so long as such
Person shall continue as a trustee in accordance with the terms hereof, and all
other Persons who may from time to time be duly appointed, qualified and
serving as Trustees in accordance with the provisions hereof, and references
herein to a Trustee or the Trustees shall refer to such Person or Persons
solely in their capacity as trustees hereunder.

ARTICLE
2

TRUST INDENTURE ACT

SECTION 2.1.                Trust Indenture Act;
Application.

(a)           This Trust Agreement is subject to the provisions of the
Trust Indenture Act that are required to be part of this Trust Agreement and
shall, to the extent applicable, be governed by such provisions.

(b)           The Property Trustee shall be the only Trustee which is a
Trustee for the purposes of the Trust Indenture Act.

(c)           If and to the extent that any provision of this Trust
Agreement conflicts with the duties imposed by Sections 310 to 317, inclusive,
of the Trust Indenture Act, such imposed duties shall control.

(d)           The application of the Trust Indenture Act to this Trust
Agreement shall not affect the Trust’s classification as a grantor trust for
United States federal income tax purposes.

SECTION 2.2.                Lists of Holders of
Securities.

(a)           Each of the Sponsor and the Administrative Trustees on
behalf of the Trust shall provide the Property Trustee (i), except while the
Capital Securities are represented by one or more Global Securities, at least
five Business Days prior to the date for payment of Distributions, a list,
in such form as the Property Trustee may reasonably require, of the names and
addresses of the Holders of the Securities (“List of Holders”) as of the record
date relating to the payment of such Distributions, and (ii) at any other
time, within 30 days of receipt by the Trust of a written request from the
Property Trustee for a List of Holders, as of a date no more than 15 days
before such List of Holders is given to the Property Trustee; provided that
neither the Sponsor nor the Administrative Trustees on behalf of the Trust
shall be obligated to provide such List of Holders at any time the List of
Holders does not differ from the most recent List of Holders given to the
Property Trustee by the Sponsor and the Administrative Trustees on behalf of the
Trust.  The Property Trustee shall
preserve, in as current a form as is reasonably practicable, all information
contained in Lists of Holders given to it or which it receives in the capacity
as Paying Agent (if acting in such capacity), provided that the Property
Trustee may destroy any List of Holders previously given to it on receipt of a
new List of Holders.

 9
 

(b)           The Property Trustee shall comply with its obligations
under, and shall be entitled to the benefits of, Sections 311(a), 311(b) and
312(b) of the Trust Indenture Act.

SECTION 2.3.                Reports by the Property
Trustee.

Within 60 days after May 15 of each year (commencing with the year of
the first anniversary of the issuance of the Capital Securities), the Property
Trustee shall provide to the Holders of the Capital Securities such reports as
are required by Section 313 of the Trust Indenture Act, if any, in the form and
in the manner provided by Section 313 of the Trust Indenture Act.  The Property Trustee shall also comply with
the requirements of Section 313(d) of the Trust Indenture Act.

SECTION 2.4.                Periodic Reports to the
Property Trustee.

Each of the Sponsor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such documents, reports and
information as required by Section 314 of the Trust Indenture Act (if any) and
the compliance certificate required by Section 314 of the Trust Indenture Act
in the form, in the manner and at the times required by Section 314 of the
Trust Indenture Act, but in no event later than 120 days after the end of each
calendar year.

SECTION 2.5.                Evidence of Compliance with
Conditions Precedent.

Each of the Sponsor and the Administrative Trustees on behalf of the
Trust shall provide to the Property Trustee such evidence of compliance with
any conditions precedent, if any, provided for in this Trust Agreement that
relate to any of the matters set forth in Section 314(c) of the Trust Indenture
Act.  Any certificate or opinion required
to be given by an officer pursuant to Section 314(c)(1) may be given in the
form of an Officers’ Certificate.

SECTION 2.6.                Trust Enforcement Events;
Waiver.

(a)           The Holders of a Majority in Liquidation Amount of the
Capital Securities may, by vote or written consent, on behalf of the Holders of
all of the Capital Securities, waive any past Trust Enforcement Event in
respect of the Capital Securities and its consequences, provided that, if the
underlying Indenture Event of Default:

(i)            is
not waivable under the Indenture, the Trust Enforcement Event under the Trust
Agreement shall also not be waivable; or

(ii)           requires
the consent or vote of the Holders of greater than a majority in principal
amount of the ICONs (a “Super Majority”) to be waived under the Indenture, the
related Trust Enforcement Event under the Trust Agreement may only be waived by
the vote or written consent of the Holders of at least the proportion in
liquidation amount of the Capital Securities that the relevant Super Majority
represents of the aggregate principal amount of the ICONs outstanding.

The foregoing provisions of this Section 2.6(a) shall be in lieu of
Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B)
of the Trust Indenture Act 

 10
 

is hereby expressly excluded from this Trust Agreement and the
Securities, as permitted by the Trust Indenture Act.  Upon such waiver, any such default shall
cease to exist, and any Trust Enforcement Event with respect to the Capital
Securities arising therefrom shall be deemed to have been cured, for every
purpose of this Trust Agreement and the Capital Securities, but no such waiver
shall extend to any subsequent or other Trust Enforcement Event with respect to
the Capital Securities or impair any right consequent thereon.  Any waiver by the Holders of the Capital
Securities of a Trust Enforcement Event with respect to the Capital Securities
shall also be deemed to constitute a waiver by the Holders of the Common
Securities of any such Trust Enforcement Event with respect to the Common
Securities for all purposes of this Trust Agreement without any further act,
vote, or consent of the Holders of the Common Securities.

(b)           The Holders of a Majority in Liquidation Amount of the
Common Securities may, by vote or written consent, on behalf of the Holders of
all of the Common Securities, waive any past Trust Enforcement Event in respect
of the Common Securities and its consequences, provided that, if the underlying
Indenture Event of Default:

(i)            is
not waivable under the Indenture, except where the Holders of the Common
Securities are deemed to have waived such Trust Enforcement Event under the
Trust Agreement as provided below in this Section 2.6(b), the Trust Enforcement
Event under the Trust Agreement shall also not be waivable; or

(ii)           requires
the consent or vote of a Super Majority to be waived under the Indenture,
except where the Holders of the Common Securities are deemed to have waived
such Trust Enforcement Event under the Trust Agreement as provided below in
this Section 2.6(b), the Trust Enforcement Event under the Trust Agreement may
only be waived by the vote or written consent of the Holders of at least the
proportion in liquidation amount of the Common Securities that the relevant
Super Majority represents of the aggregate principal amount of the ICONs
outstanding;

provided further, each
Holder of Common Securities will be deemed to have waived any Trust Enforcement
Event and all Trust Enforcement Events with respect to the Common Securities
and the consequences thereof until all Trust Enforcement Events with respect to
the Capital Securities have been cured, waived or otherwise eliminated, and
until such Trust Enforcement Events with respect to the Capital Securities have
been so cured, waived or otherwise eliminated, the Property Trustee will be
deemed to be acting solely on behalf of the Holders of the Capital Securities
and only the Holders of the Capital Securities will have the right to direct
the Property Trustee in accordance with the terms of the Securities.  The foregoing provisions of this Section
2.6(b) shall be in lieu of Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act and such Sections 316(a)(1)(A) and 316(a)(1)(B) of the Trust
Indenture Act are hereby expressly excluded from this Trust Agreement and the
Securities, as permitted by the Trust Indenture Act.  Subject to the foregoing provisions of this
Section 2.6(b), upon such cure, waiver or other elimination, any such default
shall cease to exist and any Trust Enforcement Event with respect to the Common
Securities arising therefrom shall be deemed to have been cured for every
purpose of this Trust Agreement, but no such waiver shall extend to any
subsequent or other Trust Enforcement Event with respect to the Common
Securities or impair any right consequent thereon.

 11
 

(c)           A waiver of an Indenture Event of Default by the Property
Trustee at the direction of the Holders of the Capital Securities constitutes a
waiver of the corresponding Trust Enforcement Event with respect to the Capital
Securities under this Trust Agreement. 
The foregoing provisions of this Section 2.6(c) shall be in lieu of
Section 316(a)(1)(B) of the Trust Indenture Act and such Section 316(a)(1)(B)
of the Trust Indenture Act is hereby expressly excluded from this Trust
Agreement and the Securities, as permitted by the Trust Indenture Act.

SECTION 2.7.                Trust Enforcement Event;
Notice.

(a)           The Property Trustee shall, within 90 days after the
occurrence of a Trust Enforcement Event actually known to a Responsible Officer
of the Property Trustee, transmit by mail, first class postage prepaid, to the
Holders of the Securities, notices of all such defaults with respect to the
Securities, unless such defaults have been cured before the giving of such
notice (the term “defaults” for the purposes of this Section 2.7(a) being
hereby defined to be an Indenture Event of Default, not including any periods
of grace provided for therein and irrespective of the giving of any notice
provided therein); provided that, except for a default in the payment of
principal of (or premium, if any) or interest on any of the ICONs, the Property
Trustee shall be protected fully in withholding such notice if and so long as a
Responsible Officer of the Property Trustee in good faith determines that the
withholding of such notice is in the interests of the Holders of the
Securities.

(b)           The Property Trustee shall not be deemed to have knowledge
of any default except:

(i)            a
default under Sections 5.1(1) and 5.1(2) of the Indenture; or

(ii)           any
default as to which the Property Trustee shall have received written notice or
of which a Responsible Officer of the Property Trustee charged with the
administration of this Trust Agreement shall have actual knowledge.

ARTICLE
3

ORGANIZATION

SECTION 3.1.                Name and Organization.

The Trust
hereby continued is named “USB Capital XII” as such name may be modified from
time to time by the Administrative Trustees following written notice to the
Holders of Securities, the Property Trustee and the Delaware Trustee.  The Trust’s activities may be conducted under
the name of the Trust or any other name deemed advisable by the Administrative
Trustees.

SECTION 3.2.                Office.

The address of
the principal office of the Trust is c/o U.S. Bancorp, 800 Nicollet Mall,
Minneapolis, Minnesota 55402.  On ten
Business Days’ written notice to the Holders of

 12
 

Securities, each of the Property Trustee, the Delaware Trustee and the
Administrative Trustees may designate another principal office.

SECTION 3.3.                Purpose.

The exclusive
purposes and functions of the Trust are (a) to issue and sell Securities and invest
the gross proceeds thereof in the ICONs, and (b) except as otherwise limited
herein, to engage in only those other activities necessary or incidental
thereto.  The Trust shall not borrow
money, issue debt or reinvest proceeds derived from investments, pledge any of
its assets or otherwise undertake (or permit to be undertaken) any activity
that would cause the Trust to be classified as other than a grantor trust for
United States federal income tax purposes.

By the
acceptance of this Trust, the Trustees, the Sponsor, the Holders of the Capital
Securities and Common Securities and the Capital Securities Beneficial Owners
will agree to treat the Trust as a grantor trust for United States federal
income tax purposes and not to take any position which is contrary to such
classification.

SECTION 3.4.                Authority.

Subject to the
limitations provided in this Trust Agreement and to the specific duties of the
Property Trustee, the Administrative Trustees shall have exclusive authority to
carry out the purposes of the Trust.  An
action taken by the Administrative Trustees in accordance with their powers
shall constitute the act of and serve to bind the Trust and an action taken by
the Property Trustee on behalf of the Trust in accordance with its powers shall
constitute the act of and serve to bind the Trust.  In dealing with the Trustees acting on behalf
of the Trust, no Person shall be required to inquire into the authority of the
Trustees to bind the Trust.  Persons
dealing with the Trust are entitled to rely conclusively on the power and
authority of the Trustees as set forth in this Trust Agreement.

(a)           Except as expressly set forth in this Trust Agreement and
except if a meeting of the Administrative Trustees is called with respect to
any matter over which the Administrative Trustees have power to act, any power
of the Administrative Trustees may be exercised by, or with the consent of, any
one such Administrative Trustee.

(b)           Except as otherwise required by the Delaware Statutory
Trust Act or applicable law, any Administrative Trustee is authorized to
execute on behalf of the Trust any documents which the Administrative Trustees
have the power and authority to cause the Trust to execute pursuant to Section
3.6(b).

(c)           An Administrative Trustee may, by power of attorney
consistent with applicable law, delegate to any other natural person over the
age of 21 his or her power for the purposes of signing any documents which the
Administrative Trustees have power and authority to cause the Trust to execute
pursuant to Section 3.6; provided that such person is a United States Person as
defined in Section 7701(a)(30) of the Code.

 13
 

SECTION 3.5.                Title to Property of the
Trust.

Except as
provided in Section 3.8 with respect to the ICONs and the Property Account or
as otherwise provided in this Trust Agreement, legal title to all assets of the
Trust shall be vested in the Trust.  The
Holders shall not have legal title to any part of the assets of the Trust, but
shall have an undivided beneficial ownership interest in the assets of the
Trust.

SECTION 3.6.                Powers and Duties of the
Administrative Trustees.

The
Administrative Trustees shall have the exclusive power, duty and authority, and
are hereby authorized and directed, to cause the Trust to engage in the
following activities:

(a)           to establish the terms and form of the Capital Securities
and the Common Securities in the manner specified in Section 7.1 and issue and
sell the Capital Securities and the Common Securities in accordance with this
Trust Agreement; provided, however, that the Trust
may issue no more than one series of Capital Securities and no more than one
series of Common Securities, and, provided further, that there shall be no
interests in the Trust other than the Securities, and the issuance of
Securities shall be limited to a simultaneous issuance of both Capital
Securities and Common Securities on the Closing Date;

(b)           in connection with the issuance of the Capital Securities,
at the direction of the Sponsor, to execute and file any documents prepared by
the Sponsor, or take any acts as determined by the Sponsor to be necessary, in
order to qualify or register all or part of the Capital Securities in any State
in which the Sponsor has determined to qualify or register such Capital
Securities for sale;

(c)           to purchase the ICONs with the gross proceeds from the
issuance and sale of the Capital Securities and in exchange for the Common
Securities; provided, however, that the
Administrative Trustees shall cause legal title to the ICONs to be held of
record in the name of the Property Trustee for the benefit of the Holders of
the Capital Securities and the Holders of the Common Securities;

(d)           to give the Sponsor and the Property Trustee prompt
written notice of the occurrence of a Special Event; provided that the Administrative
Trustees shall consult with the Sponsor and the Property Trustee before taking
or refraining from taking any action in relation to any such Special Event;

(e)           to establish a record date with respect to all actions to
be taken hereunder that require a record date be established, including and
with respect to, for the purposes of Section 316(c) of the Trust Indenture Act,
Distributions, voting rights, redemptions and exchanges, and to issue relevant
notices to the Holders of Capital Securities and Holders of Common Securities
as to such actions and applicable record dates;

(f)            to take all actions and perform such duties as may be
required of the Administrative Trustees pursuant to the terms of this Trust
Agreement and the Securities;

(g)           to bring or defend, pay, collect, compromise, arbitrate,
resort to legal action or otherwise adjust claims or demands of or against the
Trust (“Legal Action”), unless, pursuant to Section 3.8(e), the Property
Trustee has the exclusive power to bring such Legal Action;

 14

(h)           to employ or otherwise engage employees and agents (who
may be designated as officers with titles) and managers, contractors, advisors
and consultants to conduct only those services that the Administrative Trustees
have authority to conduct directly, and to pay reasonable compensation for such
services, provided that such person is a United States Person as defined in
Section 7701(a)(30) of the Code;

(i)            to cause the Trust to comply with the Trust’s obligations
under the Trust Indenture Act;

(j)            to give the certificate required by Section 314(a)(4) of
the Trust Indenture Act to the Property Trustee, which certificate may be
executed by any Administrative Trustee;

(k)           to incur expenses that are necessary or incidental to
carry out any of the purposes of the Trust;

(l)            to act as, or appoint another Person to act as, registrar
and transfer agent for the Securities;

(m)          to give prompt written notice to the Holders of the
Securities of any notice received from the ICON Issuer of its election to defer
payments of interest on the ICONs as authorized by the Indenture;

(n)           to give prompt written notice to the Holders of the
Securities of any certification of a Market Disruption Event received from the
ICON Issuer under the ICONs as authorized by the Indenture;

(o)           to take all action that may be necessary or appropriate
for the preservation and the continuation of the Trust’s valid existence,
rights, franchises and privileges as a statutory trust under the laws of the
State of Delaware and of each other jurisdiction in which such existence is
necessary to protect the limited liability of the Holders of the Capital
Securities and the Holders of the Common Securities or to enable the Trust to
effect the purposes for which the Trust was created;

(p)           to take any action, not inconsistent with applicable law,
that the Administrative Trustees determine in their discretion to be necessary
or desirable in carrying out the purposes and functions of the Trust as set out
in Section 3.3 or the activities of the Trust as set out in this Section 3.6,
including, but not limited to:

(i)            causing
the Trust not to be deemed to be an Investment Company required to be
registered under the Investment Company Act;

(ii)           causing
the Trust to be classified as a grantor trust for United States federal income
tax purposes; and

(iii)          cooperating
with the ICON Issuer to ensure that the ICONs will be treated as indebtedness
of the ICON Issuer for United States federal income tax purposes.

 15
 

(q)           to take all action necessary to cause all applicable tax
returns and tax information reports that are required to be filed with respect
to the Trust to be duly prepared and filed by the Administrative Trustees, on
behalf of the Trust; and

(r)            to execute and deliver all documents or instruments,
perform all duties and powers, and do all things for and on behalf of the Trust
in all matters necessary or incidental to the foregoing.

The
Administrative Trustees shall exercise the powers set forth in this Section 3.6
in a manner that is consistent with the purposes and functions of the Trust set
out in Section 3.3, and the Administrative Trustees shall have no power to, and
shall not, take any action that is inconsistent with the purposes and functions
of the Trust set forth in Section 3.3.

Subject to
this Section 3.6, the Administrative Trustees shall have none of the powers or
the authority of the Property Trustee set forth in Section 3.8.

Any expenses
incurred by the Administrative Trustees pursuant to this Section 3.6 shall be
reimbursed by the ICON Issuer.

SECTION 3.7.                Prohibition of Actions by the
Trust and the Trustees.

(a)           The Trust shall not, and none of the Trustees (including
the Property Trustee) shall cause the Trust to, engage in any activity other
than as required or authorized by this Trust Agreement.  In particular, the Trust shall not and none
of the Trustees (including the Property Trustee) shall cause the Trust to:

(i)            invest
any proceeds received by the Trust from holding the ICONs, but shall distribute
all such proceeds to Holders of Securities pursuant to the terms of this Trust
Agreement and of the Securities;

(ii)           acquire
any assets other than as expressly provided herein;

(iii)          possess
Trust property for other than a Trust purpose;

(iv)          make
any loans (other than those represented by the ICONs) or incur any
indebtedness;

(v)           possess
any power or otherwise act in such a way as to vary the Trust assets;

(vi)          possess
any power or otherwise act in such a way as to vary the terms of the Securities
in any way whatsoever (except to the extent expressly authorized in this Trust
Agreement or by the terms of the Securities);

(vii)         issue
any securities or other evidences of beneficial ownership of, or beneficial
interest in, the Trust other than the Securities;

 16
 

(viii)        other
than as provided in this Trust Agreement or by the terms of the Securities, (A)
direct the time, method and place of exercising any trust or power conferred
upon the ICON Trustee with respect to the ICONs, (B) waive any past default
that is waivable under the Indenture, (C) exercise any right to rescind or
annul any declaration that the principal of all the ICONs shall be due and
payable, or (D) consent to any amendment, modification or termination of the
Indenture or the ICONs where such consent shall be required, unless the Trust
shall have received an opinion of counsel to the effect that such modification
will not cause more than an insubstantial risk that the Trust will be deemed an
Investment Company required to be registered under the Investment Company Act,
or the Trust will be classified as other than a grantor trust for United States
federal income tax purposes;

(ix)           take
any action inconsistent with the status of the Trust as a grantor trust for
United States federal income tax purposes; or

(x)            revoke
any action previously authorized or approved by vote of the Holders of the
Capital Securities.

SECTION 3.8.                Powers and Duties of the
Property Trustee.

(a)           The legal title to the ICONs shall be owned by and held of
record in the name of the Property Trustee for the benefit of the Trust and the
Holders of the Securities.  The right,
title and interest of the Property Trustee to the ICONs shall vest
automatically in each Person who may hereafter be appointed as Property Trustee
in accordance with Section 6.6.  Such
vesting and cessation of title shall be effective whether or not conveyancing
documents with regard to the ICONs have been executed and delivered.

(b)           The Property Trustee shall not transfer its right, title
and interest in the ICONs to the Administrative Trustees or to the Delaware Trustee
(if the Property Trustee does not also act as Delaware Trustee).

(c)           The Property Trustee shall:

(i)            establish
and maintain a segregated non-interest bearing trust account (the “Property
Account”) in the name of and under the exclusive control of the Property
Trustee on behalf of the Holders of the Securities and, upon the receipt of
payments of funds made in respect of the ICONs held by the Property Trustee,
deposit such funds into the Property Account and make payments to the Holders
of the Capital Securities and Holders of the Common Securities from the
Property Account in accordance with Section 7.2.  Funds in the Property Account shall be held
uninvested until disbursed in accordance with this Trust Agreement.  The Property Account shall be an account that
is maintained with a banking institution the rating on whose long-term
unsecured indebtedness is at least equal to the rating assigned to the Capital
Securities by a “nationally recognized statistical rating organization”, within
the meaning of Rule 436(g)(2) under the Securities Act;

 17
 

(ii)           engage
in such ministerial activities as shall be necessary or appropriate to effect
the redemption of the Capital Securities and the Common Securities to the
extent the ICONs are redeemed or mature; and

(iii)          upon
written notice of distribution issued by the Administrative Trustees in
accordance with the terms of the Securities, engage in such ministerial
activities as so directed and as shall be necessary or appropriate to effect
the distribution of the ICONs to Holders of Securities upon the occurrence of a
Special Event.

(d)           The Property Trustee shall take all actions and perform
such duties as may be specifically required of the Property Trustee pursuant to
the terms of this Trust Agreement and the Securities.

(e)           The Property Trustee shall take any Legal Action which
arises out of or in connection with a Trust Enforcement Event of which a
Responsible Officer of the Property Trustee has actual knowledge or the
Property Trustee’s duties and obligations under this Trust Agreement or the
Trust Indenture Act.  Notwithstanding the
foregoing, if a Trust Enforcement Event has occurred and is continuing and such
event is attributable to the failure of the ICON Issuer to pay interest in full
on the ICONs for a period of 30 days after a Deferral Period has continued for
40 consecutive quarters, then a Holder of Capital Securities may directly
institute a proceeding against the ICON Issuer for enforcement of payment to
such Holder of the principal of or interest on ICONs having a principal amount
equal to the aggregate liquidation amount of the Capital Securities of such
Holder (a “Direct Action”) on or after the respective due date specified in the
ICONs.  Notwithstanding anything to the
contrary in this Trust Agreement or the Indenture, the ICON Issuer shall have
the right to set-off any payment it is otherwise required to make under the
Indenture in respect of any Capital Security to the extent the ICON Issuer has
heretofore made, or is currently on the date of such payment making, a payment
under the Guarantee relating to such Capital Security or under Section 5.8 of
the Indenture.

(f)            The Property Trustee shall continue to serve as a Trustee
until either:

(i)            the Trust has been
completely liquidated and the proceeds of the liquidation distributed to the
Holders of Securities pursuant to the terms of the Securities; or

(ii)           a
Successor Property Trustee has been appointed and has accepted that appointment
in accordance with Section 6.6.

(g)           The Property Trustee shall have the legal power to
exercise all of the rights, powers and privileges of a holder of ICONs under
the Indenture and, if a Trust Enforcement Event actually known to a Responsible
Officer of the Property Trustee occurs and is continuing, the Property Trustee
shall, for the benefit of Holders of the Securities, enforce its rights as
holder of the ICONs subject to the rights of the Holders pursuant to the terms
of such Securities.

(h)           [Reserved]

 18
 

(i)            Subject to this Section 3.8, the Property Trustee shall
have none of the duties, liabilities, powers or the authority of the
Administrative Trustees set forth in Section 3.6.

The Property
Trustee shall exercise the powers set forth in this Section 3.8 in a manner
that is consistent with the purposes and functions of the Trust set out in
Section 3.3, and the Property Trustee shall have no power to, and shall not,
take any action that is inconsistent with the purposes and functions of the
Trust set out in Section 3.3.

SECTION 3.9.                Certain Duties and
Responsibilities of the Property Trustee.

(a)           The Property Trustee, before the occurrence of any Trust
Enforcement Event and after the curing of all Trust Enforcement Events that may
have occurred, shall undertake to perform only such duties as are specifically
set forth in this Trust Agreement and no implied covenants shall be read into
this Trust Agreement against the Property Trustee.  In case a Trust Enforcement Event has
occurred (that has not been cured or waived pursuant to Section 2.6) of which a
Responsible Officer of the Property Trustee has actual knowledge, the Property
Trustee shall exercise such of the rights and powers vested in it by this Trust
Agreement, and use the same degree of care and skill in their exercise, as a
prudent person would exercise or use under the circumstances in the conduct of
his or her own affairs.

(b)           No provision of this Trust Agreement shall be construed to
relieve the Property Trustee from liability for its own negligent action, its
own negligent failure to act or its own willful misconduct, except that:

(i)            prior
to the occurrence of a Trust Enforcement Event and after the curing or waiving
of all such Trust Enforcement Events that may have occurred:

a.                                       the duties and
obligations of the Property Trustee shall be determined solely by the express
provisions of this Trust Agreement and the Property Trustee shall not be liable
except for the performance of such duties and obligations as are specifically
set forth in this Trust Agreement, and no implied covenants or obligations
shall be read into this Trust Agreement against the Property Trustee; and

b.                                      in the absence of
bad faith on the part of the Property Trustee, the Property Trustee may
conclusively rely, as to the truth of the statements and the correctness of the
opinions expressed therein, upon any certificates or opinions furnished to the
Property Trustee and conforming to the requirements of this Trust Agreement;
but in the case of any such certificates or opinions that by any provision
hereof are specifically required to be furnished to the Property Trustee, the
Property Trustee shall be under a duty to examine the same to determine whether
or not they conform to the requirements of this Trust Agreement;

 19
 

(ii)           the
Property Trustee shall not be liable for any error of judgment made in good
faith by a Responsible Officer of the Property Trustee, unless it shall be
proved that the Property Trustee was negligent in ascertaining the pertinent
facts;

(iii)          the
Property Trustee shall not be liable with respect to any action taken or
omitted to be taken by it without negligence, in good faith in accordance with
the direction of the Holders of not less than a Majority in Liquidation Amount
of the Securities relating to the time, method and place of conducting any
proceeding for any remedy available to the Property Trustee, or exercising any
trust or power conferred upon the Property Trustee under this Trust Agreement;

(iv)          no
provision of this Trust Agreement shall require the Property Trustee to expend
or risk its own funds or otherwise incur personal financial liability in the
performance of any of its duties or in the exercise of any of its rights or
powers, if it shall have reasonable grounds for believing that the repayment of
such funds or liability is not reasonably assured to it under the terms of this
Trust Agreement or indemnity reasonably satisfactory to the Property Trustee
against such risk or liability is not reasonably assured to it;

(v)           the
Property Trustee’s sole duty with respect to the custody, safe-keeping and
physical preservation of the ICONs and the Property Account shall be to deal
with such property in a similar manner as the Property Trustee deals with
similar property for its own account, subject to the protections and
limitations on liability afforded to the Property Trustee under this Trust
Agreement and the Trust Indenture Act;

(vi)          the
Property Trustee shall have no duty or liability for or with respect to the
value, genuineness, existence or sufficiency of the ICONs or the payment of any
taxes or assessments levied thereon or in connection therewith;

(vii)         the
Property Trustee shall not be liable for any interest on any money received by
it except as it may otherwise agree with the Sponsor.  Money held by the Property Trustee need not
be segregated from other funds held by it except in relation to the Property
Account maintained by the Property Trustee pursuant to Section 3.8(c)(i) and
except to the extent otherwise required by law; and

(viii)        the
Property Trustee shall not be responsible for monitoring the compliance by the
Administrative Trustees or the Sponsor with their respective duties under this
Trust Agreement, nor shall the Property Trustee be liable for any default or
misconduct of the Administrative Trustees or the Sponsor.

SECTION 3.10.              Certain Rights of Property
Trustee.

(a)           Subject to the provisions of Section 3.9:

 20
 

(i)            the
Property Trustee may conclusively rely and shall be fully protected in acting
or refraining from acting upon any resolution, certificate, statement,
instrument, opinion, report, notice, request, direction, consent, order, bond,
ICON, note, other evidence of indebtedness or other paper or document believed
by it to be genuine and to have been signed, sent or presented by the proper
party or parties;

(ii)           any
direction or act of the Sponsor or the Administrative Trustees contemplated by
this Trust Agreement shall be sufficiently evidenced by an Officers’
Certificate;

(iii)          whenever
in the administration of this Trust Agreement, the Property Trustee shall deem
it desirable that a matter be proved or established before taking, suffering or
omitting any action hereunder, the Property Trustee (unless other evidence is
herein specifically prescribed) may, in the absence of bad faith on its part,
request and conclusively rely upon an Officers’ Certificate which, upon receipt
of such request, shall be promptly delivered by the Sponsor or the
Administrative Trustees;

(iv)          the
Property Trustee shall have no duty to see to any recording, filing or
registration of any instrument (including any financing or continuation
statement or any filing under tax or securities laws) or any rerecording,
refiling or registration thereof;

(v)           the
Property Trustee may consult with counsel of its choice or other experts and
the advice or opinion of such counsel and experts with respect to legal matters
or advice within the scope of such experts’ area of expertise shall be full and
complete authorization and protection in respect of any action taken, suffered
or omitted by it hereunder in good faith and in accordance with such advice or
opinion; such counsel may be counsel to the Sponsor or any of its Affiliates,
and may include any of its employees. 
The Property Trustee shall have the right at any time to seek
instructions concerning the administration of this Trust Agreement from any
court of competent jurisdiction;

(vi)          the
Property Trustee shall be under no obligation to exercise any of the rights or
powers vested in it by this Trust Agreement at the request or direction of any
Holder, unless such Holder shall have provided to the Property Trustee security
and indemnity, reasonably satisfactory to the Property Trustee, against the
costs, expenses (including reasonable attorneys’ fees and expenses and the
expenses of the Property Trustee’s agents, nominees or custodians) and
liabilities that might be incurred by it in complying with such request or
direction, including such reasonable advances as may be requested by the
Property Trustee; provided that, nothing contained in this Section 3.10(a)
shall be taken to relieve the Property Trustee, upon the occurrence of a Trust
Enforcement Event, of its obligation to exercise the rights and powers vested
in it by this Trust Agreement;

 21
 

(vii)         the
Property Trustee shall not be bound to make any investigation into the facts or
matters stated in any resolution, certificate, statement, instrument, opinion,
report, notice, request, direction, consent, order, bond, ICON, note, other
evidence of indebtedness or other paper or document, but the Property Trustee,
in its discretion, may make such further inquiry or investigation into such
facts or matters as it may see fit;

(viii)        the
Property Trustee may execute any of the trusts or powers hereunder or perform
any duties hereunder either directly or by or through agents, custodians,
nominees or attorneys and the Property Trustee shall not be responsible for any
misconduct or negligence on the part of any agent or attorney appointed with
due care by it hereunder, provided that such agent, custodian, nominee or
attorney is a United States Person as defined in Section 7701(a)(30) of the
Code;

(ix)           any
authorized or required action taken by the Property Trustee or its agents
hereunder shall bind the Trust and the Holders of the Securities, and the
signature of the Property Trustee or its agents alone shall be sufficient and
effective to perform any such action and no third party shall be required to
inquire as to the authority of the Property Trustee to so act or as to its
compliance with any of the terms and provisions of this Trust Agreement, both of
which shall be conclusively evidenced by the Property Trustee’s or its agent’s
taking such action;

(x)            whenever
in the administration of this Trust Agreement the Property Trustee shall deem
it desirable to receive instructions with respect to enforcing any remedy or
right or taking any other action hereunder, the Property Trustee (i) may
request instructions from the Holders of the Securities, which instructions may
only be given by the Holders of the same proportion in liquidation amount of
the Securities as would be entitled to direct the Property Trustee under the
terms of the Securities in respect of such remedy, right or action, (ii) may
refrain from enforcing such remedy or right or taking such other action until
such instructions are received, and (iii) 
shall be protected in conclusively relying on or acting in or accordance
with such instructions;

(xi)           except
as otherwise expressly provided by this Trust Agreement, the Property Trustee
shall not be under any obligation to take any action that is discretionary
under the provisions of this Trust Agreement;

(xii)          the
Property Trustee shall not be liable for any action taken, suffered or omitted
to be taken by it without negligence or willful misconduct, in good faith and
reasonably believed by it to be authorized or within the discretion, rights or
powers conferred upon it by this Trust Agreement;

(xiii)         without
prejudice to any other rights available to the Property Trustee under
applicable law, when the Property Trustee incurs expenses or renders services
in connection with a bankruptcy, such expenses (including the fees and expenses
of its counsel) and the compensation for such services are

 22
 

intended to constitute expenses of administration under any bankruptcy
law or law relating to creditors rights generally; and

(xiv)       
the Property Trustee shall not be charged with knowledge of a Trust Enforcement
Event unless a Responsible Officer of the Property Trustee obtains actual
knowledge of such event or the Property Trustee receives written notice of such
event from Holders holding more than a Majority in Liquidation Amount of the
Capital Securities;

(b)           No provision of this Trust Agreement shall be deemed to
impose any duty or obligation on the Property Trustee to perform any act or
acts or exercise any right, power, duty or obligation conferred or imposed on
it, in any jurisdiction in which it shall be illegal, or in which the Property
Trustee shall be unqualified or incompetent in accordance with applicable law,
to perform any such act or acts, or to exercise any such right, power, duty or
obligation.  No permissive power or
authority available to the Property Trustee shall be construed to be a duty.

SECTION 3.11.              Delaware Trustee.

Notwithstanding
any other provision of this Trust Agreement other than Section 6.2, the
Delaware Trustee shall not be entitled to exercise any powers, nor shall the
Delaware Trustee have any of the duties and responsibilities of the
Administrative Trustees or the Property Trustee described in this Trust
Agreement.  Except as set forth in
Section 6.2, the Delaware Trustee shall be a Trustee for the sole and limited
purpose of fulfilling the requirements of Section 3807(a) of the Delaware
Statutory Trust Act.  In the event the
Delaware Trustee shall at any time be required to take any action or perform
any duty hereunder with respect to the Trust, the Delaware Trustee shall be
entitled to all of the same rights as the Property Trustee listed in Section
3.9(b) and Section 3.10.

SECTION 3.12.              Execution of Documents.

Except as
otherwise required by the Delaware Statutory Trust Act or applicable law, any
Administrative Trustee is authorized to execute on behalf of the Trust any
documents that the Administrative Trustees have the power and authority to
execute pursuant to Section 3.6.

SECTION 3.13.              Not Responsible for Recitals or
Issuance of Securities.

The recitals
contained in this Trust Agreement and the Securities shall be taken as the
statements of the Sponsor, and the Trustees do not assume any responsibility
for their correctness.  The Trustees make
no representations as to the value or condition of the property of the Trust or
any part thereof.  The Trustees make no
representations as to the validity or sufficiency of this Trust Agreement, the
Securities, the ICONs or the Indenture.

SECTION 3.14.              Duration of Trust.

The Trust
shall exist until dissolved and terminated pursuant to the provisions of
Article 8 hereof.

 23
 

SECTION 3.15.              Mergers.

(a)           The Trust may not consolidate, amalgamate, merge with or
into, or be replaced by, or convey, transfer or lease its properties and assets
substantially as an entirety to any Person, except as described in Section
3.15(b) and (c) or Section 8.2.

(b)           The Trust may, at the request of the Sponsor and with the
consent of the Administrative Trustees or, if there are more than two, a
majority of the Administrative Trustees and without the consent of the Holders
of the Securities, the Delaware Trustee or the Property Trustee, consolidate,
amalgamate, merge with or into, or be replaced by or convey, transfer or lease
its properties substantially as an entirety to a trust organized as such under
the laws of any State; provided, that:

(i)            if
the Trust is not the successor, such successor entity (the “Successor Entity”)
either:

a.                                       expressly
assumes all of the obligations of the Trust with respect to the Securities; or

b.                                      substitutes for
the Capital Securities other securities having substantially the same terms as
the Capital Securities (the “Successor Securities”) so long as the Successor
Securities rank the same as the Capital Securities rank in priority with
respect to Distributions and payments upon liquidation, redemption and
otherwise;

(ii)           the
ICON Issuer expressly appoints a trustee of such Successor Entity that
possesses the same powers and duties as the Property Trustee as the holder of
the ICONs;

(iii)          the
Capital Securities or any Successor Securities are listed, or any Successor
Securities will be listed upon notification of issuance, on any national
securities exchange or with any other or organization on which the Capital
Securities are then listed or quoted;

(iv)          such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not cause the Capital Securities (including any Successor Securities) to
be downgraded by any nationally recognized statistical rating organization;

(v)           such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
does not adversely affect the rights, preferences and privileges of the Holders
of the Capital Securities (including any Successor Securities) in any material
respect;

(vi)          such
Successor Entity has a purpose substantially identical to that of the Trust;

 24
 

(vii)         prior
to such merger, consolidation, amalgamation, replacement, conveyance, transfer
or lease the Sponsor has received an opinion of independent counsel to the
Trust experienced in such matters to the effect that:

a.                                       such merger,
consolidation, amalgamation, replacement, conveyance, transfer or lease does
not adversely affect the rights, preferences and privileges of the Holders of
the Capital Securities (including any Successor Securities) in any material
respect;

b.                                      following such
merger, consolidation, amalgamation, replacement, conveyance, transfer or lease
neither the Trust nor the Successor Entity will be required to register as an
Investment Company; and

c.                                       following such
merger, consolidation, amalgamation or replacement, the Trust (or the Successor
Entity) will continue to be classified as a grantor trust for United States
federal income tax purposes;

(viii)        the
Sponsor or any permitted successor or assignee owns all of the common
securities and guarantees the obligations of such Successor Entity under the
Successor Securities at least to the extent provided by the Securities
Guarantee and such Successor Entity expressly assumes all of the obligations of
the Trust with respect to the Trustees.

(c)           Notwithstanding Section 3.15(b), the Trust shall not,
except with the consent of Holders of 100% in aggregate liquidation amount of
the Securities, consolidate, amalgamate, merge with or into, or be replaced by
or convey, transfer or lease its properties and assets substantially as an
entirety to, any other entity or permit any other entity to consolidate,
amalgamate, merge with or into, or replace it, if such consolidation,
amalgamation, merger, replacement, conveyance, transfer or lease would cause
the Trust or Successor Entity to be classified as other than a grantor trust
for United States federal income tax purposes and each Holder of the Securities
not to be treated as owning an undivided interest in the ICONs.

SECTION 3.16.              Property Trustee May File
Proofs of Claim.

In case of the
pendency of any receivership, insolvency, liquidation, bankruptcy,
reorganization, arrangement, adjustment, composition or other similar judicial
proceeding relative to the Trust or any other obligor upon the Securities or
the property of the Trust or of such other obligor or their creditors, the
Property Trustee (irrespective of whether any Distributions on the Securities
shall then be due and payable as therein expressed or by declaration or
otherwise and irrespective of whether the Property Trustee shall have made any
demand on the Trust for the payment of any past due Distributions) shall be
entitled and empowered, to the fullest extent permitted by law, by intervention
in such proceeding or otherwise:

 25
 

(a)           to
file and prove a claim for the whole amount of any Distributions owing and
unpaid in respect of the Securities (or, if the Securities are original issue
discount Securities, such portion of the liquidation amount as may be specified
in the terms of such Securities) and to file such other papers or documents as
may be necessary or advisable in order to have the claims of the Property
Trustee (including any claim for the reasonable compensation, expenses,
disbursements and advances of the Property Trustee, its and counsel) and of the
Holders allowed in such judicial proceeding, and

(b)           to
collect and receive any moneys or other property payable or deliverable on any
such claims and to distribute the same;

and any custodian,
receiver, assignee, trustee, liquidator, sequestrator or other similar official
in any such judicial proceeding is hereby authorized by each Holder to make
such payments to the Property Trustee and, in the event the Property Trustee
shall consent to the making of such payments directly to the Holders, to pay to
the Property Trustee any amount due it for the reasonable compensation,
expenses, disbursements and advances of the Property Trustee, its agents and
counsel, and any other amounts due the Property Trustee.

Nothing herein
contained shall be deemed to authorize the Property Trustee to authorize or
consent to or accept or adopt on behalf of any Holder any plan of
reorganization, arrangement adjustment or compensation affecting the Securities
or the rights of any Holder thereof or to authorize the Property Trustee to
vote in respect of the claim of any Holder in any such proceeding.

ARTICLE
4

SPONSOR

SECTION 4.1.             Responsibilities of the Sponsor.

In connection
with the issue of the Capital Securities, the Sponsor shall have the exclusive
right and responsibility to engage in the following activities:

(a)           to
prepare for filing by the Trust with the Commission under the Securities Act or
the Exchange Act, and execute on behalf of the Trust, one or more registration
statements on the applicable forms, including any amendments thereto,
pertaining to the Capital Securities, the Guarantee and the ICONs;

(b)           to
determine the States in which to take appropriate action to qualify or register
for sale all or part of the Capital Securities and to do any and all such acts,
other than actions which must be taken by the Trust, and advise the Trust of
actions it must take, and prepare for execution and filing any documents to be
executed and filed by the Trust, as the Sponsor deems necessary or advisable in
order to comply with the applicable laws of any such States; and

(c)           to
negotiate the terms of, and execute, an underwriting agreement and other
related agreements providing for the sale of the Capital Securities.

 26
 

SECTION 4.2.                Indemnification and Fees and
Expenses of the Trustees.

The Sponsor,
in its capacity as ICON Issuer, agrees to indemnify the Property Trustee and
the Delaware Trustee for, and to hold each of them harmless against, any loss,
liability or expense incurred without negligence or bad faith on the part of
the Property Trustee or the Delaware Trustee, as the case may be, arising out
of or in connection with the acceptance or administration of the trust or
trusts hereunder, including the costs and expenses of defending either of them
against any claim or liability in connection with the exercise or performance
of any of their respective powers or duties hereunder; the provisions of this
Section 4.2 shall survive the resignation or removal of the Delaware Trustee or
the Property Trustee or the termination of this Trust Agreement.

SECTION 4.3.                Compensation of the Trustees.

The Sponsor
agrees to pay the Property Trustee and the Delaware Trustee from time to time
such compensation for all services rendered by the Property Trustee and the
Delaware Trustee hereunder as may be mutually agreed upon in writing by the
Sponsor and the Property Trustee or the Delaware Trustee, as the case may be,
and, except as otherwise expressly provided herein, to reimburse the Property
Trustee and the Delaware Trustee upon its or their request for all reasonable
expenses, disbursements and advances incurred or made by the Property Trustee
or the Delaware Trustee, as the case may be, in accordance with the provisions
of this Trust Agreement, except any such expense, disbursement or advance as
may be attributable to its or their negligence or bad faith.

ARTICLE
5

TRUST COMMON SECURITIES HOLDER

SECTION 5.1.                ICON Issuer’s Receipt of
Common Securities.

On the Closing
Date, the ICON Issuer will receive all of the Common Securities issued by the
Trust on the same date in exchange for ICONs issued to the Trust by the ICON
Issuer.  The Common Securities will be
issued in a total liquidation amount of $1,000,000.

The aggregate
stated liquidation amount of Common Securities outstanding at any time shall
not be less than $1,000,000.

SECTION 5.2.                Covenants of the Common
Securities Holder.

For so long as
the Capital Securities remain outstanding, the Common Securities Holder will
covenant (i) to maintain directly 100% ownership of the Common Securities, (ii)
to cause the Trust to remain a statutory trust and not to voluntarily dissolve,
wind up, liquidate or be terminated, except as permitted by this Trust Agreement,
(iii) to use its commercially reasonable efforts to ensure that the Trust will
not be an investment company for purposes of the Investment Company Act, and
(iv) to take no action which would be reasonably likely to cause the Trust to
be classified as other than a grantor trust for United States federal income
tax purposes.

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ARTICLE
6

TRUSTEES

SECTION 6.1.                Number of Trustees.

The number of
Trustees initially shall be five, and:

(a)           at
any time before the issuance of any Securities, the Sponsor may, by written
instrument, increase or decrease the number of Trustees;

(b)           after
the issuance of any Securities, the number of Trustees may be increased or
decreased by vote of the Holders of a Majority in Liquidation Amount of the
Common Securities voting as a class at a meeting of the Holders of the Common
Securities or by written consent in lieu of such meeting; provided that the
number of Trustees shall be at least three; and provided further that (1) the
Delaware Trustee, in the case of a natural person, shall be a person who is a
resident of the State of Delaware or that, if not a natural person, is an
entity which has its principal place of business in the State of Delaware and
otherwise meets the requirements of applicable law; (2) at least one Administrative
Trustee is an employee or officer of, or is affiliated with, the Sponsor; and
(3) one Trustee shall be the Property Trustee for so long as this Trust
Agreement is required to qualify as an indenture under the Trust Indenture Act,
and such Trustee may also serve as Delaware Trustee if it meets the applicable
requirements;

(c)           at
all times, the Property Trustee must be (i) a bank as defined in Section 581 of
the Code or (ii) a U.S. government-owned agency or U.S. government sponsored
enterprise; and

(d)           at
all times, each Trustee must be a United States Person as defined in Section
7701(a)(30) of the Code.

SECTION 6.2.                Delaware Trustee; Eligibility.

If required by
the Delaware Statutory Trust Act, one Trustee (which may be the Property
Trustee) (the “Delaware Trustee”) shall be:

(a)           a
natural person who is a resident of the State of Delaware; or

(b)           if
not a natural person, an entity which has its principal place of business in
the State of Delaware, and otherwise meets the requirements of applicable law,

provided that, if the Property Trustee has its
principal place of business in the State of Delaware and otherwise meets the
requirements of applicable law, then the Property Trustee shall also be the
Delaware Trustee and Section 3.11 shall have no application.

 28
 

SECTION 6.3.                Property Trustee; Eligibility.

(a)           There shall at all times be one Trustee (which may be the
Delaware Trustee) which shall act as Property Trustee which shall:

(i)            not
be an Affiliate of the Sponsor; and

(ii)           be
a corporation organized and doing business under the laws of the United States
of America or any State or Territory thereof or of the District of Columbia, or
a corporation or other Person permitted by the Commission to act as an
institutional trustee under the Trust Indenture Act, authorized under such laws
to exercise corporate trust owners, having a combined capital and surplus of at
least 50 million U.S. dollars ($50,000,000), and subject to supervision or
examination by federal, State, Territorial or District of Columbia authority.  If such corporation publishes reports of
condition at least annually, pursuant to law or to the requirements of the
supervising or examining authority referred to above, then for the purposes of
this Section 6.3(a)(ii), the combined capital and surplus of such corporation
shall be deemed to be its combined capital and surplus as set forth in its most
recent report of condition so published.

(b)           If at any time the Property Trustee shall cease to be
eligible to so act under Section 6.3(a), the Property Trustee shall immediately
resign in the manner and with the effect set forth in Section 6.6(c).

(c)           If the Property Trustee has or shall acquire any “conflicting
interest” within the meaning of Section 310(b) of the Trust Indenture Act, the
Property Trustee and the Holder of the Common Securities (as if it were the
obligor referred to in Section 310(b) of the Trust Indenture Act) shall in all
respects comply with the provisions of Section 310(b) of the Trust Indenture
Act.

(d)           The Guarantee shall be deemed to be specifically described
in this Trust Agreement for purposes of clause (i) of the first proviso
contained in Section 310(b) of the Trust Indenture Act.

SECTION 6.4.                Qualifications of
Administrative Trustees and Delaware Trustee Generally.

Each Administrative
Trustee and the Delaware Trustee (unless the Property Trustee also acts as
Delaware Trustee) shall be either a natural person who is at least 21 years of
age or a legal entity that shall act through one or more Authorized Officers.

SECTION 6.5.                Initial Administrative
Trustees.

The initial
Administrative Trustees shall be:

Andrew Cecere,
Daryl N. Bible and Lee R. Mitau, the business address of all of whom is c/o
U.S. Bancorp, 800 Nicollet Mall, Minneapolis, Minnesota  55402.

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SECTION 6.6.                Appointment, Removal and
Resignation of Trustees.

(a)           Subject to Section 6.6(b), Trustees may be appointed or
removed without cause at any time:

(i)            until
the issuance of any Securities, by written instrument executed by the Sponsor;

(ii)           after
the issuance of any Securities (but prior to the occurrence of an Indenture
Event of Default), by vote of the Holders of a Majority in Liquidation Amount
of the Common Securities voting as a class at a meeting of the Holders of the
Common Securities; and

(iii)          after
the issuance of the Capital Securities and the occurrence of  an Indenture Event of Default, and only with
respect to each of the Property Trustee and Delaware Trustee, by vote of the
Holders of a Majority in Liquidation Amount of the Capital Securities.

(b)           The Trustee that acts as Property Trustee shall not be
removed in accordance with Section 6.6(a) until a successor Trustee possessing
the qualifications to act as Property Trustee under Section 6.3(a) (a “Successor
Property Trustee”) has been appointed and has accepted such appointment by
written instrument executed by such Successor Property Trustee and delivered to
the Administrative Trustees and the Sponsor. 
The Trustee that acts as Delaware Trustee shall not be removed in
accordance with Section 6.6(a) until a successor Trustee possessing the
qualifications to act as Delaware Trustee under Sections 6.2 and 6.4 (a “Successor
Delaware Trustee”) has been appointed and has accepted such appointment by
written instrument executed by such Successor Delaware Trustee and delivered to
the Administrative Trustees and the Sponsor.

(c)           A Trustee appointed to office shall hold office until his
or its successor shall have been appointed, until his death or its dissolution
or until his or its removal or resignation. 
Any Trustee may resign from office (without need for prior or subsequent
accounting) by an instrument in writing signed by the Trustee and delivered to
the Sponsor and the Trust, which resignation shall take effect upon such
delivery or upon such later date as is specified therein; provided,
however, that:

(i)            no
such resignation of the Trustee that acts as the Property Trustee shall be
effective:

a.                                       until a
Successor Property Trustee has been appointed and has accepted such appointment
by instrument executed by such Successor Property Trustee and delivered to the
Trust, the Sponsor and the resigning Property Trustee; or

b.                                      until the assets
of the Trust have been completely liquidated and the proceeds thereof
distributed to the holders of the Securities; and

 30
 

(ii)           no
such resignation of the Trustee that acts as the Delaware Trustee shall be
effective until a Successor Delaware Trustee has been appointed and has
accepted such appointment by instrument executed by such Successor Delaware
Trustee and delivered to the Trust, the Sponsor and the resigning Delaware
Trustee.

(d)           The Holders of the Common Securities shall use their best
efforts to promptly appoint a Successor Delaware Trustee or Successor Property
Trustee, as the case may be, if the Property Trustee or the Delaware Trustee
delivers an instrument of resignation in accordance with this Section 6.6.

(e)           If no Successor Property Trustee or Successor Delaware
Trustee, as the case may be, shall have been appointed and accepted appointment
as provided in this Section 6.6 within 60 days after delivery to the Sponsor
and the Trust of an instrument of resignation or removal, the resigning or
removed Property Trustee or Delaware Trustee, as applicable, may petition any
court of competent jurisdiction in the U.S. for appointment of a Successor
Property Trustee or Successor Delaware Trustee, as applicable.  Such court may thereupon, after prescribing
such notice, if any, as it may deem proper, appoint a Successor Property
Trustee or Successor Delaware Trustee, as the case may be.

(f)            No Property Trustee or Delaware Trustee shall be liable
for the acts or omissions to act of any Successor Property Trustee or Successor
Delaware Trustee, as the case may be.

SECTION 6.7.                Vacancies among Trustees.

If a Trustee
ceases to hold office for any reason and the number of Trustees is not reduced
pursuant to Section 6.1, or if the number of Trustees is increased pursuant to
Section 6.1, a vacancy shall occur.  A
resolution certifying the existence of such vacancy by the Administrative
Trustees or, if there are more than two, a majority of the Administrative
Trustees shall be conclusive evidence of the existence of such vacancy.  The vacancy shall be filled with a Trustee
appointed in accordance with Section 6.6.

SECTION 6.8.                Effect of Vacancies.

The death,
resignation, retirement, removal, bankruptcy, dissolution, liquidation,
incompetence or incapacity to perform the duties of a Trustee shall not operate
to annul, dissolve or terminate the Trust. 
Whenever a vacancy in the number of Administrative Trustees shall occur,
until such vacancy is filled by the appointment of an Administrative Trustee in
accordance with Section 6.6, the Administrative Trustees in office, regardless
of their number, shall have all the powers granted to the Administrative
Trustees and shall discharge all the duties imposed upon the Administrative
Trustees by this Trust Agreement.

SECTION 6.9.                Meetings.

If there is more than one
Administrative Trustee, meetings of the Administrative Trustees shall be held
from time to time upon the call of any Administrative Trustee.  Regular meetings of the Administrative
Trustees may be held at a time and place fixed by resolution of the

 31
 

Administrative Trustees.  Notice of any in-person meetings of the
Administrative Trustees shall be hand delivered or otherwise delivered in
writing (including by facsimile, with a hard copy by overnight courier) not
less than 48 hours before such meeting. 
Notice of any telephonic meetings of the Administrative Trustees shall
be hand delivered or otherwise delivered in writing (including by facsimile,
with a hard copy by overnight courier) not less than 24 hours before a
meeting.  Notices shall contain a brief
statement of the time, place and anticipated purposes of the meeting.  The presence (whether in person or by
telephone) of an Administrative Trustee at a meeting shall constitute a waiver
of notice of such meeting except where an Administrative Trustee attends a
meeting for the express purpose of objecting to the transaction of any activity
on the ground that the meeting has not been lawfully called or convened.  Unless provided otherwise in this Trust
Agreement, any action of the Administrative Trustees may be taken at a meeting
by vote of a majority of the Administrative Trustees present (whether in person
or by telephone) and eligible to vote with respect to such matter, provided
that a Quorum is present, or without a meeting by the unanimous written consent
of the Administrative Trustees.  In the
event there is only one Administrative Trustee, any and all action of such
Administrative Trustee shall be evidenced by a written consent of such
Administrative Trustee.

SECTION 6.10.              Delegation of Power.

(a)           Any Administrative Trustee may, by power of attorney
consistent with applicable law, delegate to any natural person over the age of
21 his, her or its power for the purpose of executing any documents
contemplated in Section 3.6 or making any governmental filing; provided that
such person is a United States Person as defined in Section 7701(a)(30) of the
Code.

(b)           The Administrative Trustees shall have power to delegate
from time to time to such of their number or to officers of the Trust the doing
of such things and the execution of such instruments either in the name of the
Trust or the names of the Administrative Trustees or otherwise as the
Administrative Trustees may deem expedient, to the extent such delegation is
not prohibited by applicable law or contrary to the provisions of the Trust, as
set forth herein; provided, that such person is a United States Person as
defined in Section 7701(a)(30) of the Code.

SECTION 6.11.              Merger, Conversion,
Consolidation or Succession to Business.

Any
corporation into which the Property Trustee, the Delaware Trustee or any
Administrative Trustee that is not a natural person may be merged or converted
or with such Trustee may be consolidated, or any corporation resulting from any
merger, conversion or consolidation to which such Trustee shall be a party, or
any corporation succeeding to all or substantially all the corporate trust
business of such Trustee shall be the successor of such Trustee hereunder,
provided such corporation shall be otherwise qualified and eligible under this
Article, without the execution or filing of any paper or any further act on the
part of any of the parties hereto.

 32
 

ARTICLE
7

TERMS OF SECURITIES

SECTION 7.1.                General Provisions Regarding
Securities.

(a)           The Administrative Trustees shall on behalf of the Trust
issue one class of capital securities representing undivided beneficial
interests in the assets of the Trust and one class of common securities
representing undivided beneficial interests in the assets of the Trust.

(i)            Capital
Securities.  The Capital Securities of
the Trust have an aggregate liquidation amount with respect to the assets of
the Trust of up to five hundred seventy five million dollars ($575,000,000)
with respect to the closing of the sale of Capital Securities on one or more
occasions.  The Capital Securities are
hereby designated for identification purposes only as “6.30% Trust Preferred
Securities” (the “Capital Securities”). 
The Capital Security Certificates evidencing the Capital Securities
shall be substantially in the form of Exhibit A to this Trust Agreement, with
such changes and additions thereto or deletions therefrom as may be required by
ordinary usage, custom or practice or to conform to the rules of any stock
exchange on which the Capital Securities are listed or quoted.

(ii)           Common
Securities.  The Common Securities of the
Trust have an aggregate liquidation amount with respect to the assets of the
Trust of up to one million dollars
($1,000,000) with respect to the
closing of the sale of Common Securities on one or more occasions.  The Common Securities are hereby designated
for identification purposes only as “6.30% Common Securities” (the “Common
Securities” and, together with the Capital Securities, the “Securities”).  The Common Security Certificates evidencing
the Common Securities shall be substantially in the form of Exhibit B to
this Trust Agreement, with such changes and additions thereto or deletions
therefrom as may be required by ordinary usage, custom or practice.

(b)           Payment of Distributions on, and payment of the Redemption
Price upon a redemption of, the Capital Securities and the Common Securities,
as applicable, shall be made Pro Rata based on the liquidation amount of such
Capital Securities and Common Securities; provided, however,
that if on any date on which amounts payable on distribution or redemption, an
Indenture Event of Default shall have occurred and be continuing, no payment of
any Distribution on, or Redemption Price of, any of the Common Securities, and
no other payment on account of the redemption, liquidation or other acquisition
of such Common Securities, shall be made unless payment in full in cash of all
accumulated and unpaid Distributions on all of the outstanding Capital
Securities for all Distribution periods terminating on or prior thereto, or, in
the case of amounts payable on redemption, the full amount of the Redemption
Price for all of the outstanding Capital Securities then called for redemption,
shall have been made or provided for, and all funds available to the Property
Trustee shall first be applied to the payment in full in cash of all
Distributions on, or the Redemption Price of, the Capital Securities then due
and

 33
 

payable. 
The Trust shall issue no securities or other interests in the assets of
the Trust other than the Capital Securities and the Common Securities.

(c)           The Certificates shall be signed on behalf of the Trust by
an Administrative Trustee.  Such
signature shall be the manual or facsimile signature of any present or any
future Administrative Trustee.  In case
an Administrative Trustee of the Trust who shall have signed any of the
Certificates shall cease to be such Administrative Trustee before the
Certificates so signed shall be delivered by the Trust, such Certificates
nevertheless may be delivered as though the person who signed such Certificates
had not ceased to be such Administrative Trustee; and any Certificate may be
signed on behalf of the Trust by such persons who, at the actual date of
execution of such Certificate, shall be the Administrative Trustees of the
Trust, although at the date of the execution and delivery of the Trust
Agreement any such person was not such an Administrative Trustee.  Certificates shall be printed, lithographed
or engraved or may be produced in any other manner as is reasonably acceptable
to the Administrative Trustees, as evidenced by their execution thereof, and may
have such letters, numbers or other marks of identification or designation and
such legends or endorsements as the Administrative Trustees may deem
appropriate, or as may be required to comply with any law or with any rule or
regulation of any stock exchange on which Securities may be listed, or to
conform to usage.

A Certificate
representing Capital Securities shall not be valid until authenticated by the
manual signature of an authorized officer of the Property Trustee.  Such signature shall be conclusive evidence
that such Certificate has been authenticated under this Trust Agreement.

Upon a written
order of the Trust signed by one Administrative Trustee, the Property Trustee
shall authenticate the Certificates representing Capital Securities for original
issue.  The aggregate amount of Capital
Securities outstanding at any time shall not exceed the liquidation amount set
forth in Section 7.1(a)(i).

The Property
Trustee may appoint an authenticating agent acceptable to the Trust to
authenticate Certificates.  An
authenticating agent may authenticate Certificates whenever the Property
Trustee may do so.  Each reference in
this Trust Agreement to authentication by the Property Trustee includes
authentication by such agent.  An
authenticating agent has the same rights as the Property Trustee to deal with
the Sponsor or an Affiliate of the Sponsor.

(d)           The consideration received by the Trust for the issuance
of the Securities shall constitute a contribution to the capital of the Trust
and shall not constitute a loan to the Trust.

(e)           Upon issuance of the Securities as provided in this Trust
Agreement, the Securities so issued shall be deemed to be validly issued, fully
paid and non-assessable undivided beneficial interests in the assets of the
Trust.

(f)            Every Person, by virtue of having become a Holder or a
Capital Security Beneficial Owner in accordance with the terms of this Trust
Agreement, shall be deemed to have expressly assented and agreed to the terms
of, and shall be bound by, this Trust Agreement and the terms of the
Securities.

 34

(g)           The holders of the Securities shall have no preemptive or
similar rights.

SECTION 7.2.                Distributions.

(a)           As owners of undivided beneficial ownership interests in
the ICONs, holders of Securities shall be entitled (subject to the last
sentence of this Section 2.2(a)) to receive cumulative cash Distributions at
the rate per annum of 6.30% of the stated liquidation amount of $25.00 per Security.  Pursuant to the Indenture, the amount of
interest on the ICONs payable for any period shorter than a full quarterly
interest period, and, as a result, Distributions on the Securities payable for
any period shorter than a full quarterly distribution period shall be computed
on the basis of a 30-day month and for periods of less than a month, the actual
number of days elapsed per 30-day month. 
Subject to Section 7.1(b), Distributions shall be made on the
Capital Securities and the Common Securities on a Pro Rata basis.  Pursuant to the Indenture, interest on the
ICONs shall, from the date of original issue, accrue and be cumulative, and, as
a result Distributions on the Securities shall, from the date of original
issue, accumulate and be cumulative. 
Distributions shall be payable quarterly in arrears on each February 15,
May 15, August 15 and November 15 of each year, commencing May 15, 2007, when,
as and if available for payment, by the Property Trustee, except as otherwise
described below.  Distributions are
payable only to the extent that payments are made by the ICON Issuer in respect
of the ICONs held by the Property Trustee and to the extent that the Trust has
funds available for the payment of such Distributions in the Property Account.

(b)           Pursuant to the Indenture, interest not paid on the
scheduled payment date will accrue and compound quarterly at the rate of 6.30%
per annum, and, as a result, interest on the ICONs not paid on the scheduled
payment date will accrue and compound quarterly at the rate of 6.30% per annum
(and, as a result) the Distributions on the Securities will accumulate and
compound at the rate of 6.30% per annum (“Compounded Distributions”).  “Distributions” shall mean ordinary
cumulative distributions together with any Compounded Distributions.

(c)           If and to the extent that the ICON Issuer makes a payment
of interest, premium and/or principal on the ICONs held by the Property Trustee
(the amount of any such payment being a “Payment Amount”), the Property Trustee
shall and is directed, to the extent funds are available for that purpose, make
a Pro Rata distribution of the Payment Amount to Holders, subject to
Section 7.1(b).

(d)           Distributions on the Securities shall be payable to the
Holders thereof as they appear on the register of the Trust as of the close of
business on the relevant record dates. 
While the Capital Securities are represented by one or more Global
Securities, the relevant record dates shall be the close of business the
Business Day preceding such Distribution payment date; otherwise the relevant
record date shall be the fifteenth day (whether or not a Business Day) preceding
such Distribution payment date.  At all
times, the Distribution payment dates shall correspond to the interest payment
dates on the ICONs.  Distributions
payable on any Securities that are not punctually paid on any Distribution
payment date, as a result of the ICON Issuer having failed to make a payment
under the ICONs, shall cease to be payable to the Person in whose name such
Securities are registered on the relevant record date, and such defaulted

 35
 

Distribution will instead be payable to the
Person in whose name such Securities are registered on the special record date
or other specified date determined in accordance with this Trust
Agreement.  If any date on which
Distributions are payable on the Securities is not a Business Day, then payment
of the Distribution payable on such date will be made on the next succeeding
day that is a Business Day (and without any interest or other payment in
respect of any such delay), with the same force and effect as if made on such
payment date.

(e)           In the event that there is any money or other property
held by or for the Trust that is not accounted for hereunder, such property
shall be distributed Pro Rata among the Holders of the Securities except as
provided in Section 7.1(b).

SECTION 7.3.                Redemption of Securities.

(a)           Upon the repayment or redemption, in whole or in part, of
the ICONs held by the Trust, whether at the stated maturity of the ICONs or
upon earlier redemption as provided in the Indenture, the proceeds from such
repayment or redemption shall be simultaneously applied Pro Rata (subject to
Section 7.1(b)) to redeem Securities having an aggregate liquidation amount
equal to the aggregate principal amount of the ICONs so repaid or redeemed at
the Redemption Price.  Holders shall be
given not fewer than 30 nor more than 60 days notice of such redemption in
accordance with Section 7.4.

(b)           On the date fixed for any distribution of ICONs, upon
dissolution of the Trust, (i) the Securities will no longer be deemed to be
outstanding and (ii) certificates representing Securities will be deemed to
represent the ICONs having an aggregate principal amount equal to the stated
liquidation amount of, and bearing accrued and unpaid interest equal to
accumulated and unpaid distributions on, such Securities until such certificates
are presented to the Sponsor or its agent for transfer or reissuance.

SECTION 7.4.                Redemption Procedures.

(a)           Notice of any redemption of, or notice of distribution of
ICONs in exchange for, the Securities (a “Redemption/Distribution Notice”),
which notice shall be irrevocable, will be given by the Trust by mail to each
Holder of Securities to be redeemed or exchanged not fewer than 30 nor more
than 60 days before the date fixed for redemption or exchange thereof which, in
the case of a redemption, will be the date fixed for redemption of the
ICONs.  For purposes of the calculation
of the date of redemption or exchange and the dates on which notices are given
pursuant to this Section 7.4(a), a Redemption/Distribution Notice shall be
deemed to be given on the day such notice is first mailed by first-class mail,
postage prepaid, to Holders of Securities. 
Each Redemption/Distribution Notice shall be addressed to the Holders of
Securities at the address of each such Holder appearing in the register of the
Trust.  No defect in the
Redemption/Distribution Notice or in the mailing of either thereof with respect
to any Holder shall affect the validity of the redemption or exchange
proceedings with respect to any other Holder.

(b)           If fewer than all the outstanding Securities are to be so
redeemed, the Common Securities and the Capital Securities will be redeemed Pro
Rata (subject to Section 7.1(b)) and the Capital Securities to be redeemed will
be redeemed as described in Section 7.4(c)

 36
 

below. 
The particular Capital Securities to be redeemed will be selected on a
Pro Rata basis by the Property Trustee from the outstanding Capital Securities
not previously called for redemption, by such method (including, without
limitation, by lot) as the Property Trustee shall deem fair and
appropriate.  The Trust may not redeem
the Securities in part unless all accumulated and unpaid Distributions to the
date of redemption have been paid in full on all Securities then outstanding.  For all purposes of this Trust Agreement,
unless the context otherwise requires, all provisions relating to the
redemption of Capital Securities shall relate, in the case of any Capital
Security redeemed or to be redeemed only in part, to the portion of the
aggregate liquidation amount of Capital Securities which has been or is to be
redeemed.

(c)           Subject to the Trust’s fulfillment of the notice
requirements set forth in Section 7.4(a) above, if Securities are to be
redeemed, then (i) with respect to Capital Securities represented by one or
more Global Securities, by 12:00 noon, New York City time, on the redemption
date, provided that the ICON Issuer has paid the Property Trustee a sufficient
amount of cash in connection with the related redemption or maturity of the
ICONs, the Property Trustee will deposit irrevocably with the Depositary or its
nominee (or successor Clearing Agency or its nominee) funds sufficient to pay
the applicable Redemption Price with respect to the Capital Securities and will
give the Depositary irrevocable instructions and authority to pay the
Redemption Price to the Holders of the Capital Securities and (ii) with respect
to Securities not represented by one or more Global Securities, provided that
the ICON Issuer has paid the Property Trustee a sufficient amount of cash in
connection with the related redemption or maturity of the ICONs, the Property
Trustee will give the Paying Agent irrevocable instructions and authority to
pay the relevant Redemption Price to the Holders of such Securities upon
surrender of their certificates evidencing the Capital Securities.  Payment of the Redemption Price on the
Capital Securities will be made to the recordholders thereof as they appear on
the register of the Trust on the relevant record date, which shall be one
Business Day prior to the relevant redemption date; provided, however, that with respect to the Capital
Securities not represented by one or more Global Securities, the relevant
record date shall be the date fifteen days prior to the relevant redemption
date.  If any date fixed for redemption
of Securities is not a Business Day, then payment of the Redemption Price
payable on such date will be made on the next succeeding day that is a Business
Day (and without any interest or other payment in respect of any such delay)
with the same force and effect as if made on such date fixed for
redemption.  If, however, the Business
Day falls in the next calendar year, then payment of the Redemption Price will
be made on the immediately preceding Business Day with the same force and
effect as if made on such date fixed for redemption.  If payment of the Redemption Price in respect
of any Securities is not paid because the payment of the Redemption Price on
the ICONs is not made, interest will continue to accrue on the ICONs, and, as a
result, Distributions on such Securities will continue to accumulate at the
then applicable rate from the original redemption date to the actual date of
payment, in which case the actual payment date will be considered the date
fixed for redemption for purposes of calculating the Redemption Price.  For these purposes, the applicable Redemption
Price shall not include Distributions which are being paid to Holders who were
Holders on a relevant record date.  If a
Redemption/Distribution Notice shall have been given and funds deposited or
paid as required, then immediately prior to the close of business on the date
of such deposit or payment, Distributions will cease to accumulate on the
Securities called for redemption and all rights of Holders of such Securities
so called for redemption will cease, except the right of the Holders to receive
the Redemption Price, but without interest on

 37
 

such Redemption Price, and from and after the
date fixed for redemption, such Securities will cease to be outstanding.

Neither the
Administrative Trustees nor the Trust shall be required to register or cause to
be registered the transfer of any Securities that have been called for
redemption, except in the case of any Securities being redeemed in part, any
portion thereof not to be redeemed.

(d)           Subject to the foregoing and applicable law (including,
without limitation, United States federal securities laws), the ICON Issuer or
its subsidiaries may at any time and from time to time purchase outstanding
Capital Securities by tender, in the open market or by private agreement.

SECTION 7.5.                Voting Rights of Capital
Securities.

(a)           Except as provided under Section 6.6, Section 11.1 and
this Article 7 and as otherwise required by the Delaware Statutory Trust Act,
the Trust Indenture Act and other applicable law, the Holders of the Capital
Securities shall have no voting rights.

(b)           Subject to the requirement of the Property Trustee
obtaining a tax opinion in certain circumstances set forth in Section 7.5(d)
below, the Holders of a Majority in Liquidation Amount of the Capital
Securities voting separately as a class have the right to direct the time,
method and place of conducting any proceeding for any remedy available to the
Property Trustee, or to direct the exercise of any trust or power conferred upon
the Property Trustee under the Trust Agreement, including the right to direct
the Property Trustee, as Holder of the ICONs, to (i) exercise the remedies
available to it under the Indenture as a Holder of the ICONs; (ii) consent
to any amendment or modification of the Indenture or the ICONs where such
consent shall be required or (iii) waive any past default and its
consequences that is waivable under Section 5.13 of the Indenture; provided, however, that if an Indenture Event of Default has
occurred and is continuing, then the Holders of 25% of the aggregate
liquidation amount of the Capital Securities may direct the Property Trustee to
declare the principal of and interest on the ICONs due and payable; provided,
further, that where a consent or action under the Indenture would require the
consent or act of the Holders of more than a majority of the aggregate
principal amount of ICONs affected thereby, only the Holders of the percentage
of the aggregate stated liquidation amount of the Capital Securities which is
at least equal to the percentage required under the Indenture may direct the
Property Trustee to give such consent to take such action.

(c)           If the Property Trustee fails to enforce its rights under
the ICONs after a Holder of Capital Securities has made a written request, such
Holder of Capital Securities may, to the extent permitted by applicable law,
institute a legal proceeding directly against the ICON Issuer to enforce the
Property Trustee’s rights under the Indenture without first instituting any
legal proceeding against the Property Trustee or any other Person.  In addition, if a Trust Enforcement Event has
occurred and is continuing and such event is attributable to the failure of the
ICON Issuer to pay interest in full on the ICONs for a period of 30 days after
a Deferral Period has continued for 40 consecutive quarters, then a Holder of
Capital Securities may directly institute a Direct Action against the ICON
Issuer on or after the respective due date specified in the ICONs;

 38
 

(d)           The Property Trustee shall notify all Holders of the
Capital Securities of any notice of any Indenture Event of Default received
from the ICON Issuer with respect to the ICONs. 
Such notice shall state that such Indenture Event of Default also
constitutes a Trust Enforcement Event. 
Except with respect to directing the time, method, and place of
conducting a proceeding for a remedy, the Property Trustee shall be under no
obligation to take any of the actions described in clause 7.5(b)(i) and (ii)
above unless the Property Trustee has obtained an opinion of independent tax
counsel to the effect that the Trust will not be classified as an association
or publicly traded partnership taxable as a corporation for United States
federal income tax purposes as a result of such action.

(e)           In the event the consent of the Property Trustee, as the
Holder of the ICONs, is required under the Indenture with respect to any
amendment or modification of the Indenture, the Property Trustee shall request
the direction of the Holders of the Capital Securities with respect to such
amendment or modification and shall vote with respect to such amendment or
modification as directed by not less than a majority in liquidation amount of
the Capital Securities voting together as a single class; provided,
however, that where a consent under the Indenture would require the
consent of the Holders of more than a majority of the aggregate principal
amount of the ICONs, the Property Trustee may only give such consent at the
direction of the Holders of at least the same proportion in aggregate stated
liquidation amount of the Securities. 
The Property Trustee shall not take any such action in accordance with
the directions of the Holders of the Securities unless the Property Trustee has
obtained an opinion of independent tax counsel to the effect that the Trust
will not be classified as an association or publicly traded partnership taxable
as a corporation for United States federal income tax purposes as a result of
such action.

(f)            A waiver of an Indenture Event of Default with respect to
the ICONs will constitute a waiver of the corresponding Trust Enforcement
Event.

(g)           Any required approval or direction of Holders of Capital
Securities may be given at a separate meeting of Holders of Capital Securities convened
for such purpose, at a meeting of all of the Holders of Securities or pursuant
to written consent.  The Administrative
Trustees will cause a notice of any meeting at which Holders of Capital
Securities are entitled to vote to be mailed to each Holder of record of
Capital Securities.  Each such notice
will include a statement setting forth (i) the date of such meeting, (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote and (iii) instructions for the delivery of
proxies.

(h)           No vote or consent of the Holders of Capital Securities
shall be required for the Trust to redeem and cancel Capital Securities or
distribute ICONs in accordance with this Trust Agreement and the terms of the
Securities.

(i)            Notwithstanding that Holders of Capital Securities are
entitled to vote or consent under any of the circumstances described above, any
of the Securities that are owned at such time by the ICON Issuer, any
Administrative Trustee or any entity directly or indirectly controlled by, or
under direct or indirect common control with, the ICON Issuer or any
Administrative Trustee, shall not be entitled to vote or consent and shall, for
purposes of such vote or consent, be treated as if such Securities were not
outstanding; provided, however, that

 39
 

Persons otherwise eligible to vote to whom
the ICON Issuer or any of its subsidiaries have pledged Capital Securities may
vote or consent with respect to such pledged Capital Securities under any of
the circumstances described herein.

(j)            Subject to Sections 6.6(a) and 7.5(k), Holders of the
Capital Securities shall have no rights to appoint or remove the Trustees, who
may be appointed, removed or replaced solely by the Common Securities Holder.

(k)           If an Indenture Event of Default has occurred and is
continuing, the Property Trustee and the Delaware Trustee may be removed at
such time only by a Majority in Liquidation Amount of the Capital Securities.

(l)            The Trustees shall not revoke any action previously
authorized or approved by a vote of the Holders of the Securities, except by a
subsequent vote of the Holders of the Securities.

SECTION 7.6.                Voting Rights of Common
Securities.

(a)           Except as provided under Section 6.1(b), this Section
7.6 or Section 11.1 or as otherwise required by the Delaware Statutory Trust
Act, the Trust Indenture Act or other applicable law or provided by the Trust
Agreement, the Holders of the Common Securities will have no voting rights.

(b)           Subject to Sections 6.6(a) and 7.5(k), the Holders of the
Common Securities shall be entitled, in accordance with Article VI of this
Trust Agreement, to vote to appoint, remove or replace any Trustee or to
increase or decrease the number of Trustees.

(c)           Subject to Section 2.6 and only after all Trust Enforcement
Events with respect to the Capital Securities have been cured, waived, or
otherwise eliminated and subject to the requirement of the Property Trustee
obtaining a tax opinion in certain circumstances set forth in this paragraph
(c), the Holders of a Majority in Liquidation Amount of the Common Securities
have the right to direct the time, method and place of conducting any
proceeding for any remedy available to the Property Trustee, or direct the
exercise of any trust or power conferred upon the Property Trustee under this
Trust Agreement, including the right to direct the Property Trustee, as Holder
of the ICONs, to (i) exercise the remedies available to it under the Indenture
as a Holder of the ICONs, (ii) consent to any amendment or modification of
the Indenture or the ICONs where such consent shall be required or
(iii) waive any past default and its consequences that is waivable under
Section 5.13 of the Indenture; provided, however,
that where a consent or action under the Indenture would require the consent or
act of the Holders of more than a majority of the aggregate principal amount of
ICONs affected thereby, only the Holders of the percentage of the aggregate
stated liquidation amount of the Common Securities which is at least equal to the
percentage required under the Indenture may direct the Property Trustee to have
such consent or take such action.  Except
with respect to directing the time, method, and place of conducting a
proceeding for a remedy, the Property Trustee shall be under no obligation to
take any of the actions described in clause 7.6(c)(i) and (ii) above unless the
Property Trustee has obtained an opinion of independent tax counsel to the
effect that, as a result of such action, for

 40
 

United States federal income tax purposes the
Trust will not be classified as other than a grantor trust.

(d)           If the Property Trustee fails to enforce its rights under
the ICONs after a Holder of Common Securities has made a written request, such
Holder of Common Securities may, to the extent permitted by applicable law,
directly institute a legal proceeding directly against the ICON Issuer to
enforce the Property Trustee’s rights under the ICONs without first instituting
any legal proceeding against the Property Trustee or any other Person.

(e)           A waiver of an Indenture Event of Default with respect to
the ICONs will constitute a waiver of the corresponding Trust Enforcement
Event.

(f)            Any required approval or direction of Holders of Common
Securities may be given at a separate meeting of Holders of Common Securities
convened for such purpose, at a meeting of all of the Holders of Securities or
pursuant to written consent.  The
Administrative Trustees will cause a notice of any meeting at which Holders of
Common Securities are entitled to vote to be mailed to each Holder of record of
Common Securities.  Each such notice will
include a statement setting forth (i) the date of such meeting, (ii) a
description of any resolution proposed for adoption at such meeting on which
such Holders are entitled to vote and (iii) instructions for the delivery of
proxies.

(g)           No vote or consent of the Holders of the Common Securities
will be required for the Trust to redeem and cancel Common Securities or to
distribute ICONs in accordance with the Trust Agreement and the terms of the
Securities.

SECTION 7.7.                Paying Agent.

The Trust
shall maintain in the Borough of Manhattan, City of New York, State of New
York, an office or agency where the Capital Securities may be presented for
payment (“Paying Agent”) and to pay Distributions, redemption payments or
liquidation payments on behalf of the Trust with respect to all Securities and
any such Paying Agent shall comply with Section 317(b) of the Trust Indenture
Act.  The Trust may appoint the paying
agent and may appoint one or more additional paying agents in such other
locations as it shall determine.  The
term “Paying Agent” includes any additional paying agent.  The Trust may change any Paying Agent without
prior notice to the Holders.  The Trust
shall notify the Property Trustee of the name and address of any Paying Agent
not a party to this Trust Agreement.  If
the Trust fails to appoint or maintain another entity as Paying Agent, the
Property Trustee shall act as such.  The
Trust or any of its Affiliates may act as Paying Agent.  U.S. Bank National Association shall
initially act as Paying Agent for the Securities and the initial office of the
Paying Agent shall be U.S. Bank National Association, 100 Wall Street,
16th Floor,
New York, New York 10005 Attention: Corporate Trust Services.  In the event U.S. Bank National Association
shall no longer be the Paying Agent, the Administrative Trustees shall appoint
a successor (which shall be a bank or trust company acceptable to the ICON
Issuer) to act as Paying Agent.  The Paying
Agent shall be permitted to resign as Paying Agent upon 30 days’ written notice
to the Property Trustee and the ICON Issuer.

 41
 

SECTION 7.8.                Listing.

The Sponsor
shall use its best efforts to cause the Capital Securities to be listed for
quotation on the New York Stock Exchange.

SECTION 7.9.                Transfer of Securities.

(a)           Securities may only be transferred, in whole or in part,
in accordance with the terms and conditions set forth in this Trust Agreement
and in the terms of the Securities.  To
the fullest extent permitted by law, any transfer or purported transfer of any
Security not made in accordance with this Trust Agreement shall be null and
void.

(b)           (i)            Subject to this Article 7, Capital
Securities shall be freely transferable.

(ii)           The
Holder of the Common Securities may not transfer the Common Securities except
(A) in compliance with a consolidation, merger, sale, conveyance or lease of
the Sponsor in compliance with Article VIII of the Indenture or (B) to the
Sponsor or an Affiliate thereof in compliance with applicable law, including
the Securities Act and applicable state securities and blue sky laws.  To the fullest extent permitted by law, any
attempted transfer of the Common Securities other than as set forth in the
immediately preceding sentence shall be null and void.

(c)           The Trust shall cause to be kept at an office or offices
designated by the Trust a register (the register maintained in such office
being herein sometimes referred to as the “Security Register”) in which,
subject to such reasonable regulations as it may prescribe, the Trust shall
provide for the registration of Capital Securities and of transfers of Capital
Securities.  The Trust initially
designates U.S. Bank National Association, 100 Wall Street, 16th Floor, New York, New York 10005 Attention:
Corporate Trust Services, as its office for the purpose of registering Capital
Securities and transfers of Capital Securities, and hereby initially appoints
U.S. Bank National Association as “Security Registrar” for such purposes.

(d)           Upon surrender for registration of transfer of any
Security at an office or agency of the Trust designated for such purpose, the
Trust shall execute, and the Property Trustee shall authenticate and deliver,
in the name of the designated transferee or transferees, one or more new
Securities of any authorized denominations and of a like aggregate principal
amount.

(e)           At the option of the Holder, Securities may be exchanged
for other Securities of any authorized denominations and of a like aggregate
principal amount, upon surrender of the Securities to be exchanged at such
office or agency.  Whenever any
Securities are so surrendered for exchange, the Trust shall execute, and in the
case of Capital Securities the Property Trustee shall authenticate and deliver,
the Securities which the Holder making the exchange is entitled to receive.

(f)            Every Security presented or surrendered for registration
of transfer or for exchange shall (if so required by the Trust or the Property
Trustee) be duly endorsed, or be accompanied by a written instrument of
transfer in form satisfactory to the Trust and the Security Registrar duly
executed, by the Holder thereof or his attorney duly authorized in writing.

 42
 

(g)           No service charge shall be made for any registration of
transfer or exchange of Securities, but the Trust may require payment of a sum
sufficient to cover any tax or other governmental charge that may be imposed in
connection with any registration of transfer or exchange of Securities.

(h)           If the Securities are to be redeemed in part, the Trust
shall not be required (A) to issue, register the transfer of or exchange any
Securities during a period beginning at the opening of business 15 days before
the day of the mailing of a notice of redemption of any such Securities selected
for redemption under Section 7.4 and ending at the close of business on the day
of such mailing, or (B) to register the transfer or exchange of any Security so
selected for redemption in whole or in part, except the unredeemed portion of
any Security being redeemed in part.

SECTION 7.10.              Mutilated, Destroyed, Lost or
Stolen Certificates.

If:

(a)           any
mutilated Certificates should be surrendered to the Administrative Trustees, or
if the Administrative Trustees shall receive evidence to their satisfaction of the
destruction, loss or theft of any Certificate; and

(b)           there
shall be delivered to the Administrative Trustees such security or indemnity as
may be required by them to keep each of the Trustees, the Sponsor and the Trust
harmless,

then, in the absence of notice that such Certificate shall have been
acquired by a bona fide purchaser, any Administrative Trustee on behalf of the
Trust shall execute and deliver, in exchange for or in lieu of any such
mutilated, destroyed, lost or stolen Certificate, a new Certificate of like
denomination.  In connection with the
issuance of any new Certificate under this Section 7.10, the Administrative
Trustees may require the payment of a sum sufficient to cover any tax or other
governmental charge that may be imposed in connection therewith.  Any duplicate Certificate issued pursuant to
this Section shall constitute conclusive evidence of an ownership interest in
the relevant Securities, as if originally issued, whether or not the lost,
stolen or destroyed Certificate shall be found at any time.

SECTION 7.11.              Deemed Security Holders.

The Trustees
may treat the Person in whose name any Certificate shall be registered on the
register of the Trust as the sole holder of such Certificate and of the
Securities represented by such Certificate for purposes of receiving
Distributions and for all other purposes whatsoever and, accordingly, shall not
be bound to recognize any equitable or other claim to or interest in such
Certificate or in the Securities represented by such Certificate on the part of
any Person, whether or not the Trust shall have actual or other notice thereof.

SECTION 7.12.              Global Securities.

On initial
issuance, the Capital Securities shall be issued in definitive form to the
Sponsor.  Upon transfer by the Sponsor of
the Capital Securities, the Capital Securities may be

 43
 

issued in the form of one or more Global Securities.  If the Capital Securities are to be issued in
the form of one or more Global Securities, then an Administrative Trustee on
behalf of the Trust shall execute and the Property Trustee shall authenticate
and deliver one or more Global Securities that (i) shall represent and shall be
denominated in an amount equal to the aggregate liquidation amount of all of
the Capital Securities to be issued in the form of Global Securities and not
yet cancelled, (ii) shall be registered in the name of the Depositary for such
Global Security or the nominee of such Depositary, and (iii) shall be delivered
by the Property Trustee to such Depositary or pursuant to such Depositary’s
instructions.  Global Securities shall
bear a legend substantially to the following effect:

“This Capital Security is
a Global Security within the meaning of the Trust Agreement hereinafter
referred to and is registered in the name of The Depository Trust Company, a
New York corporation (the “Depositary”), or a nominee of the Depositary.  This Capital Security is exchangeable for
Capital Securities registered in the name of a person other than the Depositary
or its nominee only in the limited circumstances described in the Trust
Agreement and no transfer of this Capital Security (other than a transfer of
this Capital Security as a whole by the Depositary to a nominee of the
Depositary or by a nominee of the Depositary to the Depositary or another
nominee of the Depositary) may be registered except in limited circumstances.

Unless this Capital
Security Certificate is presented by an authorized representative of the
Depositary to USB Capital XII or its agent for registration of transfer,
exchange or payment, and any Capital Security Certificate issued is registered
in the name of Cede & Co. or such other name as requested by an authorized
representative of the Depositary (and any payment hereon is made to Cede &
Co. or to such other entity as is requested by an authorized representative of
the Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.”

Capital
Securities not represented by a Global Security issued in exchange for all or a
part of a Global Security pursuant to this Section 7.12 shall be registered in
such names and in such authorized denominations as the Depositary, pursuant to
instructions from its direct or indirect participants or otherwise, shall
instruct the Property Trustee.  Upon
execution and authentication, the Property Trustee shall deliver such Capital
Securities not represented by a Global Security to the Persons in whose names
such definitive Capital Securities are so registered.

At such time
as all interests in Global Securities have been redeemed, repurchased or
cancelled, such Global Securities shall be, upon receipt thereof, cancelled by
the Property Trustee in accordance with standing procedures of the
Depositary.  At any time prior to such
cancellation, if any interest in Global Securities is exchanged for Capital
Securities not represented by a Global Security, redeemed, cancelled or
transferred to a transferee who receives Capital Securities not represented by
a Global Security therefor or any Capital Security not represented by a Global
Security is exchanged or transferred for part of Global Securities, the
principal amount of such Global Securities shall, in accordance with the
standing procedures of

 44
 

the Depositary, be reduced or increased, as the case may be, and an
endorsement shall be made on such Global Securities by the Property Trustee to
reflect such reduction or increase.

The Trust and
the Property Trustee may for all purposes, including the making of payments due
on the Capital Securities, deal with the Depositary as the authorized
representative of the Holders for the purposes of exercising the rights of
Holders hereunder.  The rights of the owner
of any beneficial interest in a Global Security shall be limited to those
established by law and agreements between such owners and depository
participants provided, that no such agreement shall give any rights to any
Person against the Trust or the Property Trustee without the written consent of
the parties so affected.  Multiple
requests and directions from and votes of the Depositary as holder of Capital
Securities in global form with respect to any particular matter shall not be
deemed inconsistent to the extent they do not represent an amount of Capital
Securities in excess of those held in the name of the Depositary or its
nominee.

If at any time
the Depositary for any Capital Securities represented by one or more Global
Securities notifies the Trust that it is unwilling or unable to continue as
Depositary for such Capital Securities or if at any time the Depositary for
such Capital Securities shall no longer be eligible under this Section 7.12,
the Trust shall appoint a successor Depositary with respect to such Capital
Securities.  If a successor Depositary
for such Capital Securities is not appointed by the Trust within 90 days after
the Trust receives such notice or becomes aware of such ineligibility, the
Trust’s election that such Capital Securities be represented by one or more
Global Securities shall no longer be effective and the Trust shall execute, and
the Property Trustee will authenticate and deliver, Capital Securities in
definitive registered form, in any authorized denominations, in an aggregate
liquidation amount equal to the principal amount of the Global Security or
Capital Securities representing such Capital Securities in exchange for such
Global Security or Capital Securities.

The Trust may
at any time and in its sole discretion determine that the Capital Securities
issued in the form of one or more Global Securities shall no longer be
represented by a Global Security or Capital Securities.  In such event the Trust shall execute, and
the Property Trustee, shall authenticate and deliver, Capital Securities in
definitive registered form, in any authorized denominations, in an aggregate
liquidation amount equal to the principal amount of the Global Security or
Capital Securities representing such Capital Securities, in exchange for such
Global Security or Capital Securities.

Notwithstanding
any other provisions of this Trust Agreement (other than the provisions set
forth in Section 7.9), Global Securities may not be transferred as a whole
except by the Depositary to a nominee of the Depositary or by a nominee of the
Depositary to the Depositary or another nominee of the Depositary or by the
Depositary or any such nominee to a successor Depositary or a nominee of such
successor Depositary.

Interests of
beneficial owners in a Global Security may be transferred or exchanged for Capital
Securities not represented by a Global Security and Capital Securities not
represented by a Global Security may be transferred or exchange for Global
Securities in accordance with rules of the Depositary and the provisions of
Section 7.9.

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ARTICLE
8

DISSOLUTION AND TERMINATION OF TRUST

SECTION 8.1.                Dissolution and Termination
of Trust.

(a)           The Trust shall dissolve upon the earliest of:

(i)            the
bankruptcy of the Holder of the Common Securities or the Sponsor;

(ii)           the
filing of a certificate of dissolution or its equivalent with respect to the
Sponsor or the revocation of the Sponsor’s charter and the expiration of 90
days after the revocation without a reinstatement thereof;

(iii)          the
entry of a decree of judicial dissolution of the Sponsor or the Trust;

(iv)          the
time when all of the Securities shall have been called for redemption and the
amounts then due shall have been paid to the Holders in accordance with the
terms of the Securities;

(v)           at
the Sponsor’s election by notice and direction to the Property Trustee to
distribute the ICONs to the Holders of the Securities in exchange for all of
the Securities, subject to the receipt of any necessary approvals by the
Federal Reserve that may then be required under the applicable capital
guidelines or policies of the Federal Reserve; provided
that the Sponsor will be required to obtain an opinion of an independent
counsel that the distribution of the ICONs will not be taxable to the Holders
of the Capital Securities for United States federal income tax purposes; or

(vi)          the
time when all of the Administrative Trustees and the Sponsor shall have
consented to dissolution of the Trust provided such action is taken before the
issuance of any Securities.

(b)           As soon as is practicable after the occurrence of an event
referred to in Section 8.1(a) and upon completion of the winding up and
liquidation of the Trust, the Trustees shall terminate the Trust by filing a
certificate of cancellation with the Secretary of State of the State of
Delaware.

(c)           The provisions of Section 4.2 and Article 9 shall survive
the termination of the Trust.

SECTION 8.2.                Liquidation Distribution Upon
Dissolution of the Trust.

(a)           In the event of any voluntary or involuntary liquidation,
dissolution, or winding-up of the Trust (each a “Liquidation”), the Holders of
the Securities on the date of the Liquidation will be entitled to receive, out
of the assets of the Trust available for distribution to

 46
 

Holders of Securities after satisfaction of
the Trust’s liabilities to creditors, if any, distributions in cash or other
immediately available funds in an amount equal to the aggregate of the stated
liquidation amount of $25.00 per
Security plus accumulated and unpaid Distributions thereon to the date of
payment (such amount being the “Liquidation Distribution”), unless, in
connection with such Liquidation, ICONs in an aggregate stated principal amount
equal to the aggregate stated liquidation amount of, with an interest rate
identical to the distribution rate of, and accumulated and unpaid interest
equal to accrued and unpaid Distributions on, such Securities shall be
distributed on a Pro Rata basis to the Holders of the Securities in
exchange for such Securities.

(b)           If, upon any such Liquidation, the Liquidation
Distribution can be paid only in part because the Trust has insufficient assets
available to pay in full the aggregate Liquidation Distribution, then the
amounts payable directly by the Trust on the Securities shall be paid on a Pro
Rata basis.  The Holders of the Common
Securities will be entitled to receive distributions upon any such Liquidation
Pro Rata with the Holders of the Capital Securities except that if an Indenture
Event of Default has occurred and is continuing, the Capital Securities shall
have a preference over the Common Securities with regard to such distributions
as provided for in Section 7.1(b).

ARTICLE
9

LIMITATION OF LIABILITY OF HOLDERS OF SECURITIES, DELAWARE 

TRUSTEES OR OTHERS

SECTION 9.1.                Liability.

(a)           Except as expressly set forth in this Trust Agreement, the
Guarantee and the terms of the Securities, the Sponsor:

(i)            shall
not be personally liable for the return of any portion of the capital
contributions (or any return thereon) of the Holders of the Securities which
shall be made solely from assets of the Trust; and

(ii)           shall
not be required to pay to the Trust or to any Holder of Securities any deficit
upon dissolution of the Trust or otherwise.

(b)           Pursuant to Section 3803(a) of the Delaware Statutory
Trust Act, the Holder of the Common Securities shall be entitled to the same
limitation of personal liability extended to stockholders of private
corporations for profit organized under the General Corporation Law of the
State of Delaware; provided, however,
the Holders of the Common Securities shall be liable for all of the debts and
obligations of the Trust (other than with respect to the Securities) to the
extent not satisfied out of the Trust’s assets.

(c)           Pursuant to Section 3803(a) of the Delaware Statutory
Trust Act, the Holders of the Capital Securities shall be entitled to the same
limitation of personal liability

 47
 

extended to stockholders of private
corporations for profit organized under the General Corporation Law of the
State of Delaware.

SECTION 9.2.                Exculpation.

(a)           No Indemnified Person shall be liable, responsible or
accountable in damages or otherwise to the Trust or any Covered Person for any
loss, damage or claim incurred by reason of any act or omission performed or
omitted by such Indemnified Person in good faith on behalf of the Trust and in
a manner such Indemnified Person reasonably believed to be within the scope of
the authority conferred on such Indemnified Person by this Trust Agreement or
by law, except that an Indemnified Person shall be liable for any such loss,
damage or claim incurred by reason of such Indemnified Person’s negligence or
willful misconduct with respect to such acts or omissions.

(b)           An Indemnified Person shall be fully protected in relying
in good faith upon the records of the Trust and upon such information,
opinions, reports or statements presented to the Trust by any Person as to
matters the Indemnified Person reasonably believes are within such other Person’s
professional or expert competence and who has been selected with reasonable
care by or on behalf of the Trust, including information, opinions, reports or
statements as to the value and amount of the assets, liabilities, profits,
losses or any other facts pertinent to the existence and amount of assets from
which Distributions to Holders of Securities might properly be paid.

SECTION 9.3.                Fiduciary Duty.

(a)           To the extent that, at law or in equity, an Indemnified
Person has duties (including fiduciary duties) and liabilities relating thereto
to the Trust or to any other Covered Person, an Indemnified Person acting under
this Trust Agreement shall not be liable to the Trust or to another Covered
Person for its good faith reliance on the provisions of this Trust
Agreement.  The provisions of this Trust
Agreement, to the extent that they restrict the duties and liabilities of an
Indemnified Person otherwise existing at law or in equity (other than the
duties imposed on the Property Trustee under the Trust Indenture Act), are
agreed by the parties hereto to replace such other duties and liabilities of
such Indemnified Person.

(b)           Unless otherwise expressly provided herein:

(i)            whenever
a conflict of interest exists or arises between any Covered Person and any
Indemnified Person; or

(ii)           whenever
this Trust Agreement or any other agreement contemplated herein or therein provides
that an Indemnified Person shall act in a manner that is, or provides terms
that are, fair and reasonable to the Trust or any Holder of Securities,

the Indemnified Person shall resolve such conflict of
interest, take such action or provide such terms, considering in each case the
relative interest of each party (including its own interest) to such conflict,
agreement, transaction or situation and the benefits and burdens relating to
such interests, any customary or accepted industry practices and any applicable
generally accepted

 48
 

accounting practices or principles.  In the absence of bad faith by the
Indemnified Person, the resolution, action or term so made, taken or provided
by the Indemnified Person shall not constitute a breach of this Trust Agreement
or any other agreement contemplated herein or of any duty or obligation of the
Indemnified Person at law or in equity or otherwise.

(c)           Whenever in this Trust Agreement an Indemnified Person is
permitted or required to make a decision:

(i)            in
its “discretion” or under a grant of similar authority, the Indemnified Person
shall be entitled to consider such interests and factors as it desires,
including its own interests, and shall have no duty or obligation to give any
consideration to any interest of or factors affecting the Trust or any other
Person; or

(ii)           in
its “good faith” or under another express standard, the Indemnified Person
shall act under such express standard and shall not be subject to any other or
different standard imposed by this Trust Agreement or by applicable law.

SECTION 9.4.                Indemnification.

(a)           The ICON Issuer shall indemnify, to the full extent
permitted by law, any ICON Issuer Indemnified Person who was or is a party or
is threatened to be made a party to any threatened, pending or completed
action, suit or proceeding, whether civil, criminal, administrative or
investigative (other than an action by or in the right of the Trust) by reason
of the fact that he is or was an ICON Issuer Indemnified Person against
expenses (including attorney fees), judgments, fines and amounts paid in
settlement actually and reasonably incurred by him in connection with such
action, suit or proceeding if he acted in good faith and in a manner he
reasonably believed to be in or not opposed to the best interests of the Trust,
and, with respect to any criminal action or proceeding, had no reasonable cause
to believe his conduct was unlawful.  The
termination of any action, suit or proceeding by judgment, order, settlement,
conviction or upon a plea of nolo contendere or its equivalent, shall not, of
itself, create a presumption that the ICON Issuer Indemnified Person did not
act in good faith and in a manner which he reasonably believed to be in or not
opposed to the best interests of the Trust, and, with respect to any criminal
action or proceeding, had reasonable cause to believe that his conduct was
unlawful.

(b)           The ICON Issuer shall indemnify, to the full extent
permitted by law, any ICON Issuer Indemnified Person who was or is a party or
is threatened to be made a party to any threatened, pending or completed action
or suit by or in the right of the Trust to procure a judgment in its favor by
reason of the fact that he is or was an ICON Issuer Indemnified Person against
expenses (including attorneys’ fees) actually and reasonably incurred by him in
connection with the defense or settlement of such action or suit if he acted in
good faith and in a manner he reasonably believed to be in or not opposed to
the best interests of the Trust and except that no such indemnification shall
be made in respect of any claim, issue or matter as to which such ICON Issuer
Indemnified Person shall have been adjudged to be liable to the Trust unless
and only to the extent that the Court of Chancery of Delaware or the court in
which such

 49
 

action or suit was brought shall determine
upon application that, despite the adjudication of liability but in view of all
the circumstances of the case, such person is fairly and reasonably entitled to
indemnity for such expenses which such Court of Chancery or such other court
shall deem proper.

(c)           Any indemnification under paragraphs (a) and (b) of this
Section 9.4 (unless ordered by a court) shall be made by the ICON Issuer only
as authorized in the specific case upon a determination that indemnification of
the ICON Issuer Indemnified Person is proper in the circumstances because he
has met the applicable standard of conduct set forth in paragraphs (a) and
(b).  Such determination shall be made (1)
by the Administrative Trustees by a majority vote of a quorum consisting of
such Administrative Trustees who were not parties to such action, suit or
proceeding, (2) if such a quorum is not obtainable, or, even if obtainable, if
a quorum of disinterested Administrative Trustees so directs, by independent
legal counsel in a written opinion, or (3) by the Common Security Holder of the
Trust.

(d)           Expenses (including attorneys’ fees) incurred by an ICON
Issuer Indemnified Person in defending a civil, criminal, administrative or
investigative action, suit or proceeding referred to in paragraphs (a) and (b)
of this Section 9.4 shall be paid by the ICON Issuer in advance of the final
disposition of such action, suit or proceeding upon receipt of an undertaking
by or on behalf of such ICON Issuer Indemnified Person to repay such amount if
it shall ultimately be determined that he is not entitled to be indemnified by
the ICON Issuer as authorized in this Section 9.4.  Notwithstanding the foregoing, no advance
shall be made by the ICON Issuer if a determination is reasonably and promptly
made (1) by the Administrative Trustees by a majority vote of a quorum of
disinterested Administrative Trustees, (2) if such a quorum is not obtainable,
or, even if obtainable, if a quorum of disinterested Administrative Trustees so
directs, by independent legal counsel in a written opinion or (3) the Common
Security Holder of the Trust, that, based upon the facts known to the
Administrative Trustees, counsel or the Common Security Holder at the time such
determination is made, such ICON Issuer Indemnified Person acted in bad faith
or in a manner that such person did not believe to be in or not opposed to the
best interests of the Trust, or, with respect to any criminal proceeding, that
such ICON Issuer Indemnified Person believed or had reasonable cause to believe
his conduct was unlawful.  In no event
shall any advance be made in instances where the Administrative Trustees,
independent legal counsel or Common Security Holder reasonably determine that
such person deliberately breached his duty to the Trust or its Common or
Capital Security Holders.

(e)           The indemnification and advancement of expenses provided
by, or granted pursuant to, the other paragraphs of this Section 9.4 shall not
be deemed exclusive of any other rights to which those seeking indemnification
and advancement of expenses may be entitled under any agreement, vote of
stockholders or disinterested directors of the ICON Issuer or Capital Security
Holders of the Trust or otherwise, both as to action in his official capacity
and as to action in another capacity while holding such office.  All rights to indemnification under this
Section 9.4 shall be deemed to be provided by a contract between the ICON
Issuer and each ICON Issuer Indemnified Person who serves in such capacity at
any time while this Section 9.4 is in effect. 
Any repeal or modification of this Section 9.4 shall not affect any
rights or obligations then existing.

 50
 

(f)            The ICON Issuer or the Trust may purchase and maintain
insurance on behalf of any person who is or was an ICON Issuer Indemnified
Person against any liability asserted against him and incurred by him in any
such capacity, or arising out of his status as such, whether or not the ICON
Issuer would have the power to indemnify him against such liability under the
provisions of this Section 9.4.

(g)           For purposes of this Section 9.4, references to “the Trust”
shall include, in addition to the resulting or surviving entity, any
constituent entity (including any constituent of a constituent) absorbed in a
consolidation or merger, so that any person who is or was a director, trustee,
officer or employee of such constituent entity, or is or was serving at the
request of such constituent entity as a director, trustee, officer, employee or
agent of another entity, shall stand in the same position under the provisions
of this Section 9.4 with respect to the resulting or surviving entity as he
would have with respect to such constituent entity if its separate existence
had continued.

(h)           The indemnification and advancement of expenses provided
by, or granted pursuant to, this Section 9.4 shall, unless otherwise provided
when authorized or ratified, continue as to a person who has ceased to be an
ICON Issuer Indemnified Person and shall inure to the benefit of the heirs,
executors and administrators of such a person. 
The obligation to indemnify as set forth in this Section 9.4 shall
survive the resignation or removal of the Delaware Trustee or the Property
Trustee or the termination of this Trust Agreement.

SECTION 9.5.                Outside Businesses.

Subject to the
provisions of Section 6.3, any Covered Person, the Sponsor, the Delaware
Trustee and the Property Trustee may engage in or possess an interest in other
business ventures of any nature or description, independently or with others,
similar or dissimilar to the activities of the Trust, and the Trust and the
Holders of Securities shall have no rights by virtue of this Trust Agreement in
and to such independent ventures or the income or profits derived therefrom, and
the pursuit of any such venture, even if competitive with the activities of the
Trust, shall not be deemed wrongful or improper.  No Covered Person, the Sponsor, the Delaware
Trustee or the Property Trustee shall be obligated to present any particular investment
or other opportunity to the Trust even if such opportunity is of a character
that, if presented to the Trust, could be taken by the Trust, and any Covered
Person, the Sponsor, the Delaware Trustee and the Property Trustee shall have
the right to take for its own account (individually or as a partner or
fiduciary) or to recommend to others any such particular investment or other
opportunity.  Any Covered Person, the
Delaware Trustee and the Property Trustee may engage or be interested in any
financial or other transaction with the Sponsor or any Affiliate of the
Sponsor, or may act as depositary for, trustee or agent for, or act on any
committee or body of holders of, securities or other obligations of the Sponsor
or its Affiliates.

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ARTICLE
10

ACCOUNTING

SECTION 10.1.              Fiscal Year.

The fiscal
year (“Fiscal Year”) of the Trust shall be the calendar year, or such other
year as is required by the Code.

SECTION 10.2.              Certain Accounting Matters.

(a)           At all times during the existence of the Trust, the Administrative
Trustees shall keep, or cause to be kept, full books of account, records and
supporting documents, which shall reflect in reasonable detail, each
transaction of the Trust.  The books of
account shall be maintained on the accrual method of accounting, in accordance
with generally accepted accounting principles, consistently applied.  The Trust shall use the accrual method of
accounting for United States federal income tax purposes.  The books of account and the records of the
Trust shall be examined by and reported upon as of the end of each Fiscal Year
of the Trust by a firm of independent certified public accountants selected by
the Administrative Trustees.

(b)           The Administrative Trustees shall cause to be prepared and
delivered to each of the Holders of Securities, within 90 days after the end of
each Fiscal Year of the Trust, annual financial statements of the Trust,
including a balance sheet of the Trust as of the end of such Fiscal Year, and
the related statements of income or loss.

(c)           The Administrative Trustees shall cause to be duly
prepared and delivered to each of the Holders of Securities, an annual United
States federal income tax information statement, required by the Code,
containing such information with regard to the Securities held by each Holder
as is required by the Code and the Treasury Regulations.  Notwithstanding any right under the Code to
deliver any such statement at a later date, the Administrative Trustees shall
endeavor to deliver all such statements within 30 days after the end of each
Fiscal Year of the Trust.

(d)           The Administrative Trustees shall cause to be duly
prepared and filed with the appropriate taxing authority, an annual United
States federal income tax return, on a Form 1041 or such other form required by
United States federal income tax law, and any other annual income tax returns
required to be filed by the Administrative Trustees on behalf of the Trust with
any state or local taxing authority.

SECTION 10.3.              Banking.

The Trust
shall maintain one or more bank accounts in the name and for the sole benefit
of the Trust; provided, however, that all
payments of funds in respect of the ICONs held by the Property Trustee shall be
made directly to the Property Account and no other funds of the Trust shall be
deposited in the Property Account.  The
sole signatories for such accounts shall be designated by the Administrative
Trustees; provided, however, that the Property
Trustee shall designate the signatories for the Property Account.

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SECTION 10.4.              Withholding.

The Trust and
the Administrative Trustees shall comply with all withholding requirements
under United States federal, state and local law.  The Trust shall request, and the Holders
shall provide to the Trust, such forms or certificates as are necessary to
establish an exemption from withholding with respect to each Holder, and any
representations and forms as shall reasonably be requested by the Trust to
assist it in determining the extent of, and in fulfilling, its withholding
obligations.  The Administrative Trustees
shall file required forms with applicable jurisdictions and, unless an
exemption from withholding is properly established by a Holder, shall remit
amounts withheld with respect to the Holder to applicable jurisdictions.  To the extent that the Trust is required to
withhold and pay over any amounts to any authority with respect to
distributions or allocations to any Holder, the amount withheld shall be deemed
to be a distribution in the amount of the withholding to the Holder.  In the event of any claimed over withholding,
Holders shall be limited to an action against the applicable jurisdiction.  If the amount required to be withheld was not
withheld from actual Distributions made, the Trust may reduce subsequent
Distributions by the amount of such withholding.

ARTICLE
11

AMENDMENTS AND MEETINGS

SECTION 11.1.              Amendments.

(a)           Except as otherwise provided in this Trust Agreement or by
any applicable terms of the Securities, this Trust Agreement may only be
amended by a written instrument approved and executed by the Sponsor and
(i) the Administrative Trustees (or, if there are more than two
Administrative Trustees, a majority of the Administrative Trustees) and
(ii) the Property Trustee if the amendment affects the rights, powers,
duties, obligations or immunities of the Property Trustee; and (iii) the
Delaware Trustee if the amendment affects the rights, powers, duties,
obligations or immunities of the Delaware Trustee.

(b)           No amendment shall be made, and any such purported
amendment shall be void and ineffective:

(i)            unless,
in the case of any proposed amendment, the Property Trustee shall have first
received an Officers’ Certificate from each of the Trust and the Sponsor that
such amendment is permitted by, and conforms to, the terms of this Trust Agreement
(including the terms of the Securities);

(ii)           unless,
in the case of any proposed amendment which affects the rights, powers, duties,
obligations or immunities of the Property Trustee, the Property Trustee shall
have first received:

a.                                       an Officers’ Certificate
from each of the Trust and the Sponsor that such amendment is permitted by, and
conforms to, the terms of this Trust Agreement (including the terms of the
Securities) and that all conditions

 53
 

precedent to the execution and delivery of such amendment have been
satisfied; and

b.                                      an opinion of
counsel (who may be counsel to the Sponsor or the Trust) that such amendment is
permitted by, and conforms to, the terms of this Trust Agreement (including the
terms of the Securities) and that all conditions precedent to the execution and
delivery of such amendment have been satisfied; and

(iii)          to
the extent the result of such amendment would be to:

a.                                       cause the Trust
to be classified as other than a grantor trust for United States federal income
tax purposes;

b.                                      reduce or
otherwise adversely affect the powers of the Property Trustee in contravention
of the Trust Indenture Act; or

c.                                       cause the Trust
to be deemed to be an Investment Company required to be registered under the
Investment Company Act.

(c)           If the Trust has issued any Securities that remain
outstanding:

(i)            any
amendment that would (a) change the amount or timing of any distribution of the
Securities or otherwise adversely affect the amount of any distribution
required to be made in respect of the Securities as of a specified date or (b)
restrict the right of a Holder of Securities to institute suit for the
enforcement of any such payment on or after such date, will entitle the Holders
of such Securities, voting together as a single class, to vote on such
amendment or proposal and such amendment or proposal shall not be effective
except with the approval of each of the Holders of the Securities affected
thereby; and

(ii)           Except
as provided in Section 11.1(c)(i) hereof, any provision of this Trust Agreement
may be amended by the Trustee and the Sponsor with (i) the consent of the
Holders representing not less than a Majority in Liquidation Amount of the
Securities outstanding and (ii) receipt by the Trustees of an opinion of
counsel to the effect that such amendment or the exercise of any power granted
to the Trustees in accordance with such amendment will not affect the Trust’s
status as a grantor trust for United States federal income tax purposes or the
Trust’s exemption from status of an Investment Company.

(d)           This Section 11.1 shall not be amended without the consent
of all of the Holders of the Securities.

(e)           Article 4 shall not be amended without the consent of the
Holders of a Majority in Liquidation Amount of the Common Securities.

 54

(f)            The rights of the Holders of the Common Securities under
Article 5 to increase or decrease the number of, and appoint and remove
Trustees shall not be amended without the consent of the Holders of a Majority
in Liquidation Amount of the Common Securities.

(g)           Notwithstanding Section 11.1(c), this Trust Agreement may
be amended without the consent of the Holders of the Securities, if such
amendment does not adversely affect in any material respect the rights of the
holders of the Securities,  to:

(i)            cure
any ambiguity;

(ii)           correct
or supplement any provision in this Trust Agreement that may be defective or
inconsistent with any other provision of this Trust Agreement;

(iii)          add
to the covenants, restrictions or obligations of the Sponsor;

(iv)          to
conform to any change in Rule 3a-5 of the Investment Company Act or written
change in interpretation or application of Rule 3a-5 of the Investment Company
Act by any legislative body, court, government agency or regulatory authority;
or

(v)           to
modify, eliminate and add to any provision of this Trust Agreement to ensure
that the Trust will be classified as a grantor trust for United States federal
income tax purposes at all times that any Securities are outstanding or to
ensure that the Trust will not be required to register as an Investment Company
under the Investment Company Act.

SECTION 11.2.              Meetings of the Holders of
Securities; Action by Written Consent.

(a)           Meetings of the Holders of any class of Securities may be
called at any time by the Administrative Trustees (or as provided in the terms
of the Securities) to consider and act on any matter on which Holders of such
class of Securities are entitled to act under the terms of this Trust
Agreement, the terms of the Securities or the rules of any stock exchange on
which the Capital Securities are listed or admitted for trading.  The Administrative Trustees shall call a
meeting of the Holders of such class if directed to do so by the Holders of at
least 10% in Liquidation Amount of such class of Securities.  Such direction shall be given by delivering
to the Administrative Trustees one or more calls in a writing stating that the
signing Holders of Securities wish to call a meeting and indicating the general
or specific purpose for which the meeting is to be called.  Any Holders of Securities calling a meeting
shall specify in writing the Certificates held by the Holders of Securities
exercising the right to call a meeting and only those Securities specified
shall be counted for purposes of determining whether the required percentage
set forth in the second sentence of this paragraph has been met.

(b)           Except to the extent otherwise provided in the terms of
the Securities, the following provisions shall apply to meetings of Holders of
Securities:

 55
 

(i)            notice
of any such meeting shall be given to all the Holders of Securities having a
right to vote thereat at least seven days and not more than 60 days before the
date of such meeting.  Whenever a vote,
consent or approval of the Holders of Securities is permitted or required under
this Trust Agreement or the rules of any stock exchange on which the Capital
Securities are listed or admitted for trading, such vote, consent or approval
may be given at a meeting of the Holders of Securities.  Any action that may be taken at a meeting of
the Holders of Securities may be taken without a meeting and without prior
notice if a consent in writing setting forth the action so taken is signed by
the Holders of Securities owning not less than the minimum amount of Securities
in liquidation amount that would be necessary to authorize or take such action
at a meeting at which all Holders of Securities having a right to vote thereon
were present and voting.  Prompt notice
of the taking of action without a meeting shall be given to the Holders of
Securities entitled to vote who have not consented in writing.  The Administrative Trustees may specify that
any written ballot submitted to the Security Holders for the purpose of taking
any action without a meeting shall be returned to the Trust within the time
specified by the Administrative Trustees;

(ii)           each
Holder of a Security may authorize any Person to act for it by proxy on all
matters in which a Holder of Securities is entitled to participate, including
waiving notice of any meeting, or voting or participating at a meeting.  No proxy shall be valid after the expiration
of 11 months from the date thereof unless otherwise provided in the proxy.  Every proxy shall be revocable at the
pleasure of the Holder of Securities executing such proxy.  Except as otherwise provided herein, all
matters relating to the giving, voting or validity of proxies shall be governed
by the General Corporation Law of the State of Delaware relating to proxies,
and judicial interpretations thereunder, as if the Trust were a Delaware
corporation and the Holders of the Securities were stockholders of a Delaware
corporation;

(iii)          each
meeting of the Holders of the Securities shall be conducted by the
Administrative Trustees or by such other Person that the Administrative
Trustees may designate; and

(iv)          unless
the Delaware Statutory Trust Act, this Trust Agreement, the terms of the
Securities, the Trust Indenture Act or the listing rules of any stock exchange
on which the Capital Securities are then listed for trading, otherwise
provides, the Administrative Trustees, in their sole discretion, shall
establish all other provisions relating to meetings of Holders of Securities,
including notice of the time, place or purpose of any meeting at which any
matter is to be voted on by any Holders of Securities, waiver of any such
notice, action by consent without a meeting, the establishment of a record
date, quorum requirements, voting in person or by proxy or any other matter
with respect to the exercise of any such right to vote.

 56
 

ARTICLE
12

REPRESENTATIONS OF PROPERTY TRUSTEE AND DELAWARE TRUSTEE

SECTION 12.1.              Representations and Warranties
of the Property Trustee.

The Trustee
that acts as initial Property Trustee represents and warrants to the Trust and
to the Sponsor at the date of this Trust Agreement, and each Successor Property
Trustee represents and warrants to the Trust and the Sponsor at the time of the
Successor Property Trustee’s acceptance of its appointment as Property Trustee
that:

(a)           the
Property Trustee is a company duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation or
organization, with trust power and authority to execute and deliver, and to
carry out and perform its obligations under the terms of, this Trust Agreement;

(b)           the
Property Trustee satisfies the requirements set forth in Section 6.3(a);

(c)           the
execution, delivery and performance by the Property Trustee of this Trust
Agreement have been duly authorized by all necessary corporate action on the part
of the Property Trustee.  This Trust
Agreement has been duly executed and delivered by the Property Trustee, and it
constitutes a legal, valid and binding obligation of the Property Trustee,
enforceable against it in accordance with its terms, subject to applicable
bankruptcy, reorganization, moratorium, insolvency and other similar laws
affecting creditors’ rights generally and to general principles of equity and
the discretion of the court (regardless of whether the enforcement of such
remedies is considered in a proceeding in equity or at law);

(d)           the
execution, delivery and performance of this Trust Agreement by the Property
Trustee do not conflict with or constitute a breach of the articles of
association or incorporation, as the case may be, or the by-laws (or other
similar organizational documents) of the Property Trustee; and

(e)           no
consent, approval or authorization of, or registration with or notice to, any
Delaware or federal banking authority is required for the execution, delivery
or performance by the Property Trustee of this Trust Agreement.

SECTION 12.2.              Representations and Warranties
of the Delaware Trustee.

The Trustee
that acts as initial Delaware Trustee represents and warrants to the Trust and
to the Sponsor at the date of this Trust Agreement, and each Successor Delaware
Trustee represents and warrants to the Trust and the Sponsor at the time of the
Successor Delaware Trustee’s acceptance of its appointment as Delaware Trustee
that:

(a)           the
Delaware Trustee satisfies the requirements set forth in Section 6.2, satisfies
Trust Section 3807(a) of the Delaware Statutory Trust Act and has the power and
authority to execute and deliver, and to carry out and perform its obligations
under the terms of, this Trust Agreement and, if it is not a natural person, is
duly organized, validly

 57
 

existing and in good standing under the laws of its jurisdiction of
incorporation or organization;

(b)           the
Delaware Trustee has been authorized to perform its obligations under the
Certificate of Trust and this Trust Agreement. 
This Trust Agreement under Delaware law constitutes a legal, valid and
binding obligation of the Delaware Trustee, enforceable against it in
accordance with its terms, subject to applicable bankruptcy, reorganization,
moratorium, insolvency and other similar laws affecting creditors’ rights
generally and to general principles of equity and the discretion of the court
(regardless of whether the enforcement of such remedies is considered in a
proceeding in equity or at law); and

(c)           no
consent, approval or authorization of, or registration with or notice to, any
Delaware or federal banking authority is required for the execution, delivery
or performance by the Delaware Trustee of this Trust Agreement.

ARTICLE
13

MISCELLANEOUS

SECTION 13.1.              Notices.

All notices
provided for in this Trust Agreement shall be in writing, duly signed by the
party giving such notice, and shall be delivered, telecopied or mailed by
registered or certified mail, as follows:

(a)           if given to the Trust, in care of the Administrative
Trustees at the Trust’s mailing address set forth below (or such other address
as the Trust may give notice of to the Property Trustee, the Delaware Trustee
and the Holders of the Securities):

c/o  U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota  55402

Attention:  Treasury Department

Facsimile No: (612) 303-1338

(b)           if given to the Delaware Trustee, at the mailing address
set forth below (or such other address as the Delaware Trustee may give notice
of to the Administrative Trustees, the Property Trustee and the Holders of the
Securities):

Wilmington Trust Company

1100 North Market Street

Wilmington, Delaware  19890

Attention: Corporate Trust Administration 

Facsimile No.:  (302) 636-4145

 58
 

(c)           if given to the Property Trustee, at its Corporate Trust
Office (or such other address as the Property Trustee may give notice of to the
Administrative Trustees, the Delaware Trustee and the Holders of the
Securities).

(d)           if given to the Holder of the Common Securities, at the
mailing address of the Sponsor set forth below (or such other address as the
Holder of the Common Securities may give notice of to the Property Trustee, the
Delaware Trustee and the Trust):

c/o  U.S. Bancorp

800 Nicollet Mall

Minneapolis, Minnesota  55402

Attention:  Treasury Department

Facsimile No.: (612) 303-1338

(e)           if given to any other Holder, at the address set forth on
the register of the Trust.

All such notices shall be deemed to have been given
when received in person, telecopied with receipt confirmed or mailed by first
class mail, postage prepaid except that if a notice or other document is
refused delivery or cannot be delivered because of a changed address of which
no notice was given, such notice or other document shall be deemed to have been
delivered on the date of such refusal or inability to deliver.

SECTION 13.2.              Governing Law.

This Trust
Agreement and the Securities and the rights of the parties hereunder and
thereunder shall be governed by and interpreted in accordance with the laws of
the State of Delaware.

SECTION 13.3.              Intention of the Parties.

It is the
intention of the parties hereto that the Trust be classified for United States
federal income tax purposes as a grantor trust. 
The provisions of this Trust Agreement shall be interpreted in a manner
consistent with such classification.

SECTION 13.4.              Headings.

Headings
contained in this Trust Agreement are inserted for convenience of reference
only and do not affect the interpretation of this Trust Agreement or any
provision hereof.

SECTION 13.5.              Successors and Assigns.

Whenever in
this Trust Agreement any of the parties hereto is named or referred to, the
successors and assigns of such party shall be deemed to be included, and all
covenants and agreements in this Trust Agreement by the Sponsor and the Trustees
shall bind and inure to the benefit of their respective successors and assigns,
whether so expressed.

 59
 

SECTION 13.6.              Partial Enforceability.

If any provision of this
Trust Agreement, or the application of such provision to any Person or
circumstance, shall be held invalid, the remainder of this Trust Agreement, or
the application of such provision to persons or circumstances other than those
to which it is held invalid, shall not be affected thereby.

SECTION 13.7.              Counterparts.

This Trust
Agreement may contain more than one counterpart of the signature page and this
Trust Agreement may be executed by the affixing of the signature of each of the
Trustees to one of such counterpart signature pages.  All of such counterpart signature pages shall
be read as though one, and they shall have the same force and effect as though
all of the signers had signed a single signature page.

ARTICLE
14

RESIGNATION

SECTION 14.1.              Resignation of Resigning
Administrative Trustee.

The Resigning
Administrative Trustee hereby resigns as an administrative trustee of the Trust
and such resignation is hereby accepted by the Sponsor.

 

[The
remainder of this page left blank intentionally; The signature page follows.]

 60

IN WITNESS WHEREOF, the undersigned have caused these presents to be
executed as of the day and year first above written.

	
  

  	
  U.S. BANCORP,

  
	
   

  	
    as Sponsor, as Common Securities Holder

  
	
   

  	
    and as ICON Issuer

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Daryl N. Bible

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Daryl N. Bible

  
	
   

  	
   

  	
  Title:

  	
  Executive Vice President and Treasurer

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
    as Property Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Denise M. Geran

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Denise M. Geran

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,

  
	
   

  	
    as Delaware Trustee

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ Denise M. Geran

  	
   

  
	
   

  	
   

  	
  Name:

  	
  Denise M. Geran

  
	
   

  	
   

  	
  Title:

  	
  Vice President

  
	
   

  	
   

  	
   

  	
   

  
	
   

  	
  /s/ Andrew Cecere

  	
   

  
	
   

  	
  ANDREW CECERE,

  
	
   

  	
    as Administrative Trustee

  
	
   

  	
   

  
	
   

  	
  /s/ Daryl N. Bible

  	
   

  
	
   

  	
  DARYL N. BIBLE,

  
	
   

  	
    as Administrative Trustee

  
	
   

  	
   

  
	
   

  	
  /s/ Lee R. Mitau

  	
   

  
	
   

  	
  LEE R. MITAU,

  
	
   

  	
    as Administrative Trustee

  
						

IN WITNESS WHEREOF, the undersigned has caused this Trust
Agreement to be executed as of the day and year first above written solely with
respect to Article 14 hereof.

 

	
  

  	
  /s/ David M. Moffett

  	
   

  
	
   

  	
     DAVID M. MOFFETT,

  
	
   

  	
        as Resigning
  Administrative Trustee

  

 

EXHIBIT A

[IF
THE CAPITAL SECURITY IS TO BE A GLOBAL CAPITAL SECURITY, INSERT THE
FOLLOWING:  This Capital Security is a
Global Security within the meaning of the Trust Agreement hereinafter referred
to and is registered in the name of The Depository Trust Company, a New York
corporation (the “Depositary”), or a nominee of the Depositary.  This Capital Security is exchangeable for
Capital Securities registered in the name of a person other than the Depositary
or its nominee only in the limited circumstances described in the Trust
Agreement and no transfer of this Capital Security (other than a transfer of
this Security as a whole by the Depositary to a nominee of the Depositary or by
a nominee of the Depositary to the Depositary or another nominee of the Depositary)
may be registered except in limited circumstances.

Unless
this Capital Security Certificate is presented by an authorized representative
of the Depositary to the issuer or its agent for registration of transfer,
exchange or payment, and any Capital Security Certificate issued is registered
in the name of Cede & Co. or such other name as registered by an authorized
representative of the Depositary (and any payment hereon is made to Cede &
Co. or to such other entity as is requested by an authorized representative of
the Depositary), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF FOR VALUE OR
OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner
hereof, Cede & Co., has an interest herein.]

	
  Certificate No.                 

  	
  Number of Capital Securities:                 

  
	
  CUSIP No. 903305 20 9

  	
   

  

 

Certificate Evidencing
6.30% Trust Preferred Securities

of

USB Capital XII

6.30% Trust Preferred
Securities

Fully and Unconditionally

Guaranteed by U.S. Bancorp

USB CAPITAL
XII, a statutory trust created under the laws of the State of Delaware (the “Trust”),
hereby certifies that                 
(the “Holder”) is the registered owner of                 
capital securities of the Trust representing undivided beneficial ownership
interests in the assets of the Trust designated the “6.30% Trust Preferred
Securities” (the “Capital Securities”). 
The Capital Securities are transferable on the register of the Trust, in
person or by a duly authorized attorney, upon surrender of this certificate
duly endorsed and in proper form for transfer as provided in the Trust
Agreement (as defined below).  The
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Capital Securities represented hereby are issued and shall in
all respects be subject to the provisions of the Amended and Restated Trust
Agreement of the Trust, dated as of February 1, 2007, as the same may be
amended from time to time (the “Trust Agreement”), by and among U.S. BANCORP,

 A-1
 

ANDREW CECERE, DARYL N. BIBLE and LEE R. MITAU, as Administrative
Trustees, WILMINGTON TRUST COMPANY, as Property Trustee, and WILMINGTON TRUST
COMPANY, as Delaware Trustee, and the holders of undivided beneficial ownership
interests in the assets of the Trust. 
Capitalized terms used herein but not defined shall have the meaning
given them in the Trust Agreement.  The
Holder is entitled to the benefits of the Guarantee to the extent described
therein.  The Sponsor will provide a copy
of the Trust Agreement, the Guarantee and the Indenture to a Holder without
charge upon written request to the Sponsor at its principal place of business.

Upon receipt
of this certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder.

By acceptance,
the Holder agrees to treat, for United States federal, state and local income
tax purposes, the ICONs as indebtedness and the Capital Securities as evidence
of undivided beneficial ownership interests in the ICONs.

IN WITNESS
WHEREOF, the Trust has executed this certificate this       day
of [      ], 2007.

	
  

  	
  USB CAPITAL XII

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: Administrative Trustee

  
	
   

  	
   

  	
   

  
	
  This is one of the
  Capital Securities referred to in the within-mentioned Trust Agreement.

  
	
   

  
	
   

  	
  WILMINGTON TRUST COMPANY,

  	 

	
   

  	
  not in its individual capacity but solely as

  	 

	
   

  	
  Property Trustee

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
  By:

  	
  U.S. Bank National Association,

  	 

	
   

  	
   

  	
  as 

  	
  Authenticating Agent

  	 

	
   

  	
   

  	 

	
   

  	
   

  	 

	
   

  	
   

  	
  By:

  	
   

  	
   

  	 

	
   

  	
   

  	
  Name:

  	 

	
   

  	
   

  	
  Authorized Officer

  	 

										

 

 A-2

EXHIBIT
B

TRANSFER OF THIS
CERTIFICATE IS SUBJECT TO THE CONDITIONS SET FORTH IN THE TRUST AGREEMENT

REFERRED TO BELOW.

	
  Certificate No.                 

  	
  Number of Capital Securities:                 

  

 

Certificate Evidencing
Common Securities

of

USB Capital XII

6.30% Common Securities

USB CAPITAL
XII, a statutory trust created under the laws of the State of Delaware (the “Trust”),
hereby certifies that U.S. BANCORP (the “Holder”) is the registered owner of
common securities of the Trust representing an undivided beneficial ownership
interest in the assets of the Trust designated the “6.30% Common Securities”
(the “Common Securities”).  The Common
Securities are not transferable and any attempted transfer thereof shall be
void except as permitted by applicable law and by Section 7.9(b)(ii) of the
Trust Agreement (as defined below).  The
designation, rights, privileges, restrictions, preferences and other terms and
provisions of the Common Securities represented hereby are issued and shall in
all respects be subject to the provisions of the Amended and Restated Trust
Agreement of the Trust, dated as of February 1, 2007 (as the same may be
amended from time to time, the “Trust Agreement”), by and among U.S. Bancorp,
as Sponsor, ANDREW CECERE, DARYL N. BIBLE AND LEE R. MITAU, as Administrative
Trustees, WILMINGTON TRUST COMPANY, as Property Trustee, and WILMINGTON TRUST
COMPANY, as Delaware Trustee, and the holders of undivided beneficial ownership
interests in the assets of the Trust. 
The Holder is entitled to the benefits of the Guarantee to the extent
described therein.  Capitalized terms
used herein but not defined shall have the meaning given them in the Trust
Agreement.  The Sponsor will provide a
copy of the Trust Agreement, the Guarantee and the Indenture to the Holder
without charge upon written request to the Sponsor at its principal place of
business.

Upon receipt
of this certificate, the Holder is bound by the Trust Agreement and is entitled
to the benefits thereunder.

By acceptance,
the Holder agrees to treat, for United States federal, state and local income
tax purposes, the ICONs as indebtedness and the Common Securities as evidence
of an undivided indirect beneficial ownership interest in the ICONs.

 B-1
 

IN WITNESS
WHEREOF, the Trust has executed this certificate this      
day of                         ,
2007.

	
  

  	
  USB CAPITAL XII

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  By:

  	
   

  	
   

  
	
   

  	
   

  	
  Name:

  
	
   

  	
   

  	
  Title: 

  	
  Administrative Trustee

  
					

 

 B-2

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