Document:

Exhibit 4.3(d)

Exhibit 4.3(d)

REGISTERED

No. TD—

This Note is a Global Security within the meaning of the Indenture referred to herein and is
registered in the name of a Depositary or a nominee of a Depositary. Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”) to the issuer or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), 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.

REGISTERED

Principal Amount

$

CUSIP
No.

U.S. Bancorp

Medium-Term Note, Series T (Senior)

(Global Original Issue Discount Fixed Rate Note)

	 	 	 
	ORIGINAL ISSUE DATE:

	 	MATURITY DATE:
	 
	 	 
	INTEREST RATE:

	 	REDEMPTION TERMS:
	 
	 	 
	OTHER TERMS:
	 	 
	 
	 	 
	ORIGINAL ISSUE DISCOUNT:

	 	YIELD TO MATURITY:
	 
	 	 
	o   ORIGINAL ISSUE DISCOUNT NOTE
SUBJECT TO “SPECIAL PROVISIONS”
BELOW

	 	o   ORIGINAL ISSUE DISCOUNT NOTE FOR
FEDERAL INCOME TAX PURPOSES
ONLY

SPECIFIED CURRENCY:

FOR PURPOSES OF SECTIONS 1273 AND 1275 OF THE INTERNAL REVENUE CODE, THE AMOUNT OF ORIGINAL
ISSUE DISCOUNT ON THIS NOTE IS THE PERCENTAGE OF ITS PRINCIPAL AMOUNT SET FORTH ABOVE AND THE YIELD
TO MATURITY IS THE PERCENTAGE SET FORTH ABOVE.

U.S. BANCORP, a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to                     

or registered assigns, the principal sum of            
                  
            DOLLARS ($    
           
     ) on the Maturity Date shown above or, together
with any premium thereon, upon any applicable Redemption Date (subject to the “Special Provisions”
on the reverse side hereof, if applicable), and to pay interest on such principal sum from the
Original Issue Date shown above or from and including the most recent Interest Payment Date to
which interest has been paid or duly provided for, on each February 1 and August 1 or such other
dates, if any, as are specified under “Other Terms” above (the “Interest Payment Dates”),
commencing with the

 

 

 

Interest Payment Date immediately
following the Original Issue Date, at the rate per annum equal to
the Interest Rate shown above, until the principal hereof is paid or made available for payment;
provided, however, that if the Original Issue Date is between a Regular Record Date and an Interest
Payment Date, interest payments will be made on the Interest Payment Date following the next
succeeding Regular Record Date. The interest so payable and punctually paid or duly provided for
any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name
this Note (or one or more predecessor Notes) is registered at the close of business on the Regular
Record Date related to the Interest Payment Date, which shall, unless otherwise specified above
under “Other Terms”, be the day (whether or not a Business Day) fifteen calendar days preceding
each Interest Payment Date; provided, however, that interest payable on the Maturity Date of this
Note or any applicable Redemption Date shall be payable to the Person to whom principal shall be
payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder hereof on such Regular Record Date and may be paid to the Person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on a
Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice
whereof shall be given to the Holder of this Note not less than 10 days prior to such Special
Record Date. In the event that any Maturity Date or Redemption Date is not a Business Day, the
principal otherwise payable on such date will be paid on the next day that is a Business Day with
the same force and effect as if made on such Maturity Date or Redemption Date, and no interest will
accrue for the period from and after that Maturity Date or Redemption Date, as applicable. In the
event that any Interest Payment Date is not a Business Day, such Interest Payment Date shall be
postponed to the next day that is a Business Day, and no interest will accrue with respect to the
payment due on such Interest Payment Date for the period from and after that Interest Payment Date
to the next succeeding Business Day. Payment of the principal of (and premium, if any) and
interest on this Note will be made to The Depository Trust Company, as depositary, or its nominee
as the registered owner of the global notes representing the book entry notes, provided, however,
that the Company may, at its option, pay interest on any Certificated Note, other than interest at
maturity or upon redemption, by mailing a check to the address of the Person entitled to payment as
it appears on the Security Register of the Company at the close of business on the Regular Record
Date corresponding to the relevant Interest Payment Date. A Holder of $10,000,000 (or the
equivalent of $10,000,000 in a currency other than U.S. dollars) or more in aggregate principal
amount of Notes of like tenor and term shall be entitled to receive payments by wire transfer of
immediately available funds, but only if appropriate wire transfer instructions have been received
in writing by the Trustee or the applicable Paying Agent not later than fifteen calendar days prior
to the applicable Interest Payment Date. Payment of the principal of (and premium, if any) and
interest on this Note due on the Maturity Date or any applicable Redemption Date will be made in
immediately available funds upon presentation of this Note. Interest on this Note shall be
computed on the basis of a 360-day year of twelve 30-day months.

The principal of and any premium and interest on this Note are payable by the Company in the
Specified Currency for this Note. If the Specified Currency for this Note is other than U.S.
dollars, the Company will (unless otherwise specified on the face hereof) arrange to convert all
payments in respect of this Note into U.S. dollars in the manner described in the following
paragraph. If this Note has a Specified Currency other than U.S. dollars, the Holder may (if so
indicated on the face hereof) elect to receive all payments in respect of this Note in the
Specified
Currency by delivery of a written notice to the Trustee or the applicable Paying Agent not later
than fifteen days prior to the applicable payment date. That election will remain in effect until
revoked by written notice to the Trustee or Paying Agent received no later than fifteen calendar
days prior to the applicable payment date.

 

2

 

In case the Specified Currency on the face hereof is other than U.S. dollars, the amount of
any U.S. dollar payment will be based on the bid quoted by an exchange rate agent as of 11:00 a.m.,
London time, on the second day preceding the applicable payment date on which banks are open for
business in London and New York City for the purchase of U.S. dollars with the Specified Currency
for settlement on the payment date of the aggregate amount of the Specified Currency payable to
Holders of Notes denominated in other than U.S. dollars and who are scheduled to receive U.S.
dollar payments. If this bid quotation is not available, such exchange rate agent will obtain a
bid quotation from a leading foreign exchange bank in London or New York City selected by such
exchange rate agent. If bids are not available, payment of the aggregate amount due to all Holders
on the payment date will be in the Specified Currency. All currency exchange costs will be borne
by the Holder of this Note by deductions from such payments due such Holder.

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

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

 

3

 

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

	 	 	 	 	 	 	 
	 	 	U.S. BANCORP	 	 
	 
	 	 	 	 	 	 
	Dated:

	 	By 
	 
 

	 	 
	 	 	Vice President	 	 
	 
	 	 	 	 	 	 
	 

	 	Attest 
	 
 

	 	 
	 	 	Assistant Secretary	 	 

TRUSTEE’S CERTIFICATE

 OF AUTHENTICATION

This is one of the Securities of the series

designated herein and issued pursuant to

the within-mentioned Indenture.

CITIBANK, N.A.,

as Trustee

	 	 	 	 	 
	By

	 	 
 

	 	 

Authorized Signatory

Or by

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Authenticating Agent

	 	 	 	 	 
	By

	 	 
 

	 	 

Authorized Officer

 

4

 

[Reverse Side of Note]

U.S. Bancorp

Medium-Term Note, Series T (Senior)

(Global Original Issue Discount Fixed Rate Note)

This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued or to be issued in one or more series under an Indenture, dated as of October 1,
1991 (herein called the “Indenture”), between the Company and Citibank, N.A., 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 Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated herein. By the terms of
the Indenture, additional Notes of this series and of other separate series, which may vary as to
date, amount, Stated Maturity, interest rate or method of calculating the interest rate and in
other respects as therein provided, may be issued in an unlimited principal amount.

If possible Redemption Dates or periods within which Redemption Dates may occur and the
related Redemption Prices (unless otherwise specified on the face hereof under “Other Terms”,
expressed as percentages of the principal amount of this Note if this Note is an Original Issue
Discount Note for federal income tax purposes only as shown on the face hereof and as percentages
of the Amortized Face Amount of this Note if this Note is an Original Issue Discount Note subject
to the “Special Provisions” below as shown on the face hereof) as set forth on the face hereof
under “Redemption Terms”, this Note is subject to redemption prior to the Maturity Date upon not
less than 30 nor more than 60 days’ notice mailed to the Person in whose name this Note is
registered at such address as shall appear in the Security Register of the Company, on any
Redemption Date so specified or occurring within any period so specified, as a whole or in part, at
the election of the Company, at the applicable Redemption Price so specified, together in the case
of any such redemption with accrued interest, if any, to the Redemption Date; provided, however,
that installments of interest whose Stated Maturity is on or prior to such Redemption Date will be
payable to the Holder of this Note (or one or more predecessor Notes) at the close of business on
the relevant Record Dates, referred to on the face hereof, all as provided in the Indenture. In
the event of redemption of less than all of the principal of this Note, a new Note of this series
and of like tenor of an authorized denomination representing the unredeemed portion of this Note
will be issued in the name of the Holder hereof upon the cancellation hereof. Unless otherwise
specified on the face hereof under “Redemption Terms”, this Note is not subject to any sinking
fund.

If an Event of Default with respect to Notes of this series shall occur and be continuing, a
lesser amount than the principal amount due at the Stated Maturity may (subject to the conditions
set forth in the Indenture) be declared due and payable in the manner and with the effect provided
in the Indenture. Upon payment (i) of the amount of principal so declared due and payable and (ii)
of interest on any overdue principal and overdue interest (in each case to the extent that the
payment of such interest shall be legally enforceable), all of the Company’s obligations in respect
of the payment of the principal of and interest, if any, on this Note shall terminate.

 

5

 

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and
the modification of the rights and obligations of the Company and the rights of the Holders of the
Notes of each series to be affected under the Indenture at any time by the Company and the Trustee
with the consent of the Holders of not less than a majority in aggregate principal amount of the
Notes at the time Outstanding of each series to be affected and, for certain purposes, without the
consent of the Holders of any Notes at the time Outstanding. The Indenture also contains
provisions permitting the Holders of specified percentages in aggregate principal amount of the
Notes of each series at the time Outstanding, on behalf of the Holders of all Notes 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 Holder of
this Note shall be conclusive and binding upon such Holder and upon all future Holders of this Note
and of any Note issued upon the registration of transfer hereof or in exchange herefor or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note.

In determining whether the Holders of the requisite principal amount of the Outstanding Notes
have given any request, demand, authorization, direction, notice, consent or waiver under the
Indenture or whether a quorum is present at a meeting of Holders of Notes, the principal amount of
any Original Issue Discount Note that shall be deemed to be Outstanding shall be the amount of the
principal thereof that would be due and payable as of the date of such determination upon
acceleration of the Maturity thereof.

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

As provided in the Indenture and subject to certain limitations therein set forth, the
transfer of this Note is registrable in the Security Register of the Company, upon surrender of
this Note for registration of transfer at the office or agency of the Company in any place where
the principal of (and premium, if any) and interest on this Note are payable, duly endorsed by, or
accompanied by a written instrument of transfer in form satisfactory to the Company and the
Security Registrar duly executed by, the Holder hereof or his attorney duly authorized in writing,
and thereupon one or more new Notes of this series and of like tenor of authorized denominations
and for the same aggregate principal amount, will be issued to the designated transferee or
transferees.

Unless otherwise set forth on the face hereof under “Other Terms”, the Notes of this series
are issuable only in fully registered form without coupons in denominations of $1,000 and any
amount in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture
and subject to certain limitations therein set forth, Notes of this series are exchangeable for a
like aggregate principal amount of Notes of this series and of like tenor of a different authorized
denomination, as requested by the Holder surrendering the same.

No service charge will 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.

 

6

 

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

This Note may have such additional or different terms as are set forth on the face hereof,
under “Other Terms”. Any terms so set forth shall be deemed to modify and/or supersede, as
necessary, any other terms set forth in this Note.

This Note shall be governed by and construed in accordance with the laws of the State of New
York.

Unless otherwise defined herein, all terms used in this Note which are defined in the
Indenture shall have the respective meanings assigned to them in the Indenture.

SPECIAL PROVISIONS

Unless otherwise indicated on the face hereof under “Other Terms”, if this Note is an Original
Issue Discount Fixed Rate Note subject to these Special Provisions, as indicated on the face
hereof, the amount due and payable on this Note in the event that the principal amount hereof is
declared due and payable prior to the Stated Maturity hereof or in the event that this Note is
redeemed shall be the Amortized Face Amount (as defined below) of this Note or, in the case of
redemption, the specified percentage of the Amortized Face Amount of this Note on the date such
payment is due and payable as determined by the Company, plus, in each case, any accrued but unpaid
“qualified stated interest” payments (as defined in the Treasury Regulations regarding original
issue discount issued by the Treasury Department (the “Regulations”)).

The “Amortized Face Amount” of this Note shall be the amount equal to the sum of (i) the issue
price (as defined below) of this Note and (ii) that portion of the difference between the issue
price and the principal amount of this Note that has been amortized at the Stated Yield (as defined
below) of this Note (computed in accordance with Section 1272(a)(4) of the Internal Revenue Code of
1986, as amended, and Section 1.1275-1(b) of the Regulations, in each case as in effect on the
issue date of this Note) at the date as of which the Amortized Face Amount is calculated. In no
event can the Amortized Face Amount exceed the principal amount of this Note due at the Stated
Maturity hereof. As used in the preceding sentence, the term “issue price” means the principal
amount of this Note due at the Stated Maturity hereof less the Original Issue Discount of this Note
specified on the face hereof. The term “Stated Yield” of this Note means the Yield to Maturity
specified on the face hereof for the period from the Original Issue Date of this Note specified on
the face hereof, to the Stated Maturity hereof based on the issue price and stated redemption price
at maturity hereof.

 

7

 

ABBREVIATIONS

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

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

	 	UNIF GIFT MIN ACT—
	 	 	 	Custodian	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 
	 

	 	 	 	(Cust)
	 	 	 	(Minor)	 	 
	 	 	 	 	under Uniform Gift to Minors Act	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	 
	 	 	 	 	(State)
	 	 

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

 

8

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

(Name and address of assignee, including zip code, must be printed or typewritten)

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

attorney to transfer said Note on the books of the within Company, with full power of substitution
in the premises.

	 	 	 
	Dated                                         

	 	 
	 

	 	 
	 

	 	 
	 

	 	 

NOTICE: The signature to this assignment must correspond with the name as written upon the
within Note in every particular, without alteration or enlargement or any change whatever and must
be guaranteed by a commercial bank or trust company having its principal office or a correspondent
in New York City or by a member of the New York Stock Exchange.

 

9Exhibit 4.3(e)

Exhibit 4.3(e)

This Note is a Global Security within the meaning of the Indenture referred to herein and is
registered in the name of a Depositary or a nominee of a Depositary. Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”) to the issuer or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), 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.

					
	 	 	 	 	 
	REGISTERED
	 	U.S. Bancorp
	 	REGISTERED
	 
	 	Medium-Term Note, Series T (Senior)	 	 
	No. TM-    
      
	 	(Master Global Note)	 	 

U.S. Bancorp (the “Issuer”), a corporation duly organized and existing under the laws of
Delaware, for value received, hereby promises to pay to Cede & Co. or its registered assigns: (i)
on each principal payment date, including each amortization date, redemption date, repayment date,
maturity date, and extended maturity date, as applicable, of each obligation identified on the
records of the Issuer (which records are maintained by U.S. Bank Trust National Association (the
“Issuing and Paying Agent”)) as being evidenced by this Master Global Note, the principal amount
then due and payable for each such obligation, and (ii) on each interest payment date, if any, the
interest then due and payable on the principal amount for each such obligation. Payment shall be
made by wire transfer of United States dollars to the registered owner, or immediately available
funds or the equivalent to a party as authorized by the registered owner and in the currency other
than United States dollars as provided for in each such obligation, by the Issuing and Paying Agent
without the necessity of presentation and surrender of this Master Global Note.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF THIS MASTER GLOBAL NOTE SET FORTH ON THE
REVERSE HEREOF.

This Master Global Note is a valid and binding obligation of the Issuer.

 

 

 

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

	 	 	 	 	 	 	 
	Dated: April 21, 2011	 	U.S. BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 

	 	 
	 

	 	 	 	Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	Attest: 	 	 	 
	 

	 	 	 	 

Name:
	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF
 AUTHENTICATION

This is one of the Securities of the series

designated herein and issued pursuant

to the within-mentioned Indenture.

CITIBANK, N.A.,

as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Authorized Signatory	 	 

Or by

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Authenticating Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Authorized Officer	 	 

 

2

 

(Reverse Side of Note)

This Master Global Note evidences certain indebtedness (the “Debt Obligations”) of the Issuer,
which shall form a part of the Issuer’s unsecured, unsubordinated medium-term notes, Series T due
nine months or more from the date of issue (“Series T”), all issued or to be issued under and
pursuant to an Indenture dated as of October 1, 1991 (the “Indenture”), duly executed and delivered
by the Issuer to Citibank, N.A., as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto (including the Issuer’s Officer’s Certificate and Company Order, dated April
21, 2011, with respect to, among other things, the establishment of Medium-Term Notes, Series T
(Senior)) reference is hereby made for a description of the rights, duties and immunities
thereunder of the Issuer, the Trustee and the holders of the Debt Obligations. As provided in the
Indenture, the Debt Obligations may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption and repayment provisions, if any, may be
subject to different sinking, purchase, or analogous funds, if any, may be subject to different
covenants and events of default, and may otherwise vary as in the Indenture provided or permitted.
The Debt Obligations as evidenced by this Master Global Note aggregated with any other indebtedness
of the Issuer issued under Series T are unlimited.

Capitalized terms used herein that are not defined herein shall have the meanings assigned to
them in the Indenture.

No reference herein to the Indenture and no provision of this Master Global Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of, premium, if any, and interest, if any, on each Debt Obligation at the
times, places, and rates, and in the coin or currency, identified on the records of the Issuer.

At the request of the registered owner, the Issuer shall promptly issue and deliver one or
more separate note certificates evidencing each Debt Obligation evidenced by this Master Global
Note. As of the date any such note certificate or certificates are issued, the Debt Obligations
which are evidenced thereby shall no longer be evidenced by this Master Global Note.

Beneficial interests in the Debt Obligations evidenced by this Master Global Note are
exchangeable for definitive notes in registered form, of like tenor and of an equal aggregate
principal amount, only if (a) (i) The Depository Trust Company, as depositary (the “Depositary”),
notifies the Issuer that it is unwilling or unable to continue as Depositary for this Master Global
Note, or (ii) if at any time the Depositary ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and in either case, a successor depositary is not
appointed by the Issuer within 90 days after receiving notice or becoming aware the Depositary is
unwilling or unable to continue as Depositary or is no longer so registered; (b) in the case of any
other registered global note if (i) the clearing system(s) through which the notes are cleared and
settled is closed for business for a continuous period of 14 days, other than by reason of
holidays, statutory or otherwise; or (ii) the clearing system(s) through which the notes are
cleared and settled announces an intention to cease business permanently or does in fact do so; (c)
the Issuer in its sole discretion elects to issue definitive notes; or (d) after the occurrence of
an Event of Default relating to a Debt Obligation evidenced by this Master Global Note, beneficial
owners representing a majority in principal amount of such Debt Obligation advise the Depositary or
other clearing system(s) through its participants to cease acting as depositary for such Debt
Obligation evidenced by this Master Global Note. Any beneficial interests in such Debt Obligation
that are exchangeable pursuant to the preceding sentence shall be exchangeable in whole for
definitive notes in registered form, of like tenor and of an equal aggregate principal amount, in
minimum denominations of $1,000 and integral multiples of $1,000 in excess thereof. Such
definitive notes shall be registered in the name or names of such person or persons as the
Depositary shall instruct the registrar.

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

 

3

 

FOR VALUE RECEIVED, the undersigned hereby sells, assigns, and transfers unto

 

(Name, Address, and Taxpayer Identification Number of Assignee)

the Master Global Note and all rights thereunder, hereby irrevocably constituting and appointing
                                         attorney to transfer said Master Global Note on the books of the Issuer with full
power of substitution in the premises.

	 	 	 
	Dated:      
                  
                 

	 	 
	 

	 	 
	 

	 	(Signature)
	 
	 	 
	Signature(s) Guaranteed:

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

 

4

 

U.S. BANCORP

RIDER TO MASTER GLOBAL NOTE DATED APRIL 21, 2011

Medium-Term Notes, Series T (Senior)

This RIDER forms a part of and is incorporated into the Master Global Note dated April 21, 2011, of
U.S. Bancorp (the “Issuer”) registered in the name of Cede & Co, or its registered assigns,
evidencing the Issuer’s Debt Obligations.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF SUCH MASTER GLOBAL NOTE (TOGETHER WITH THIS
RIDER, HEREIN REFERRED TO AS THIS “MASTER GLOBAL NOTE”) SET FORTH IN THE RECORDS OF THE ISSUER
MAINTAINED BY THE TRUSTEE, WHICH RECORDS CONSIST OF THE PRICING SUPPLEMENT(S) TO THE PROSPECTUS
SUPPLEMENT DATED APRIL 21, 2011, AND PROSPECTUS DATED APRIL 21, 2011 (EACH, AS IT MAY BE AMENDED OR
SUPPLEMENTED, A “PRICING SUPPLEMENT”) RELATING TO EACH ISSUANCE OF DEBT OBLIGATIONS, AS FILED BY
THE ISSUER WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

Section 1. Defined Terms.

Unless otherwise defined herein, all terms used in this Master Global Note which are defined in the
Indenture shall have the respective meanings assigned to them in the Indenture.

Section 2. General.

This Master Global Note is a duly authorized issue of the series of notes of the Issuer designated
herein. By the terms of the Indenture, the Debt Obligations may mature at different times, may
bear interest, if any, at different rates, may be subject to different redemption and repayment
provisions, if any, may be subject to different sinking, purchase, or analogous funds, if any, may
be subject to different covenants and events of default, and may otherwise vary as in the Indenture
provided or permitted. The Debt Obligations aggregated with any other indebtedness of the Issuer
of this series are unlimited.

This Master Global Note may have such additional or different terms as are set forth in the
applicable Pricing Supplement(s). Any terms so set forth shall be deemed to modify and/or
supersede, as necessary, any other terms set forth in this Master Global Note.

Section 3. Payments of Principal and Interest.

Unless otherwise specified in the applicable Pricing Supplement, the issuer shall pay on the
Maturity date of each Debt Obligation, together with any premium thereon, upon any applicable
Redemption Date, and to pay interest thereon from the original issue date of such Debt Obligation
(the “Original Issue Date”), except as otherwise specified below, from and including the most
recent Interest Payment Date to which interest has been paid or duly provided for, on each
applicable Interest Payment Date, commencing with the Interest Payment Date immediately following
the Original Issue Date, at the applicable rate, until the principal of Debt Obligation is paid or
made available for payment; provided, however, that if the Original Issue Date is between a Regular
Record Date and an Interest Payment Date, interest payments will be made on the Interest Payment
Date following the next succeeding Regular Record Date. The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Master Global Note (or one or more predecessor Master Global
Notes) is registered at the close of business on the Regular Record Date related to the Interest
Payment Date, which, unless otherwise specified in the applicable Pricing Supplement, shall be the
day (whether or not a Business Day) fifteen calendar days preceding each Interest Payment Date;
provided, however, that interest payable on the Maturity date of any Debt Obligation or any
applicable Redemption Date shall be

 

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payable to the Person to whom principal shall be payable. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the holder of the this Master Global
Note on such Regular Record Date and may be paid to the Person in whose name this Master Global
Note (or one or more predecessor Notes) is registered at the close of business on a Special Record
Date for the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be
given to the holder of this Master Global Note not less than 10 days prior to such Special Record
Date. In the event that any Maturity date or Redemption Date is not a Business Day, the principal
otherwise payable on such date will be paid on the next day that is a Business Day with the same
force and effect as if made on such Maturity date or Redemption Date, as applicable. In the event
that any Interest Payment Date is not a Business Day, such Interest Payment Date shall be postponed
to the next day that is a Business Day, provided that, for LIBOR Debt Obligations and EURIBOR Debt
Obligations, if such Business Day is in the next succeeding calendar month, such Interest Payment
Date shall be the immediately preceding Business Day. Payment of the principal of (and premium, if
any) and interest on this Master Global Note will be made to the Depository, or its nominee, as the
registered owner of this Master Global Note representing the Debt Obligations. A holder of this
Master Global Note holding $10,000,000 (or the equivalent of $10,000,000 in a currency other than
U.S. dollars) or more in aggregate principal amount of the Debt Obligations shall be entitled to
receive payments by wire transfer of immediately available funds, but only if appropriate wire
transfer instructions have been received in writing by the Trustee or the applicable Paying Agent
not later than the Regular Record Date. Payment of the principal of (and premium, if any) and
interest on this Master Global Note due on the Maturity date or any applicable Redemption Date will
be made in immediately available funds.

The principal of and any premium and interest on the Debt Obligations under this Master Global Note
are payable by the Issuer in the currency specified in the applicable Pricing Supplement. If the
specified currency is other than U.S. dollars, the Issuer will (unless otherwise specified in the
applicable Pricing Supplement) arrange to convert all payments in respect of the applicable Debt
Obligations under this Master Global Note into U.S. dollars in the manner described in the
following paragraph. If the specified currency is other than U.S. dollars, the holder may (if so
indicated in the applicable Pricing Supplement) elect to receive all payments in respect of
applicable Debt Obligations under this Master Global Note in the specified currency by delivery of
a written notice to the Trustee or the applicable Paying Agent not later than fifteen days prior
to the applicable payment date. That election will remain in effect until revoked by written
notice to the Trustee or Paying Agent received no later than fifteen calendar days prior to the
applicable payment date.

In case the specified currency is other than U.S. dollars, the amount of any U.S. dollar payment
will be based on the bid quoted by an exchange rate agent as of 11:00 a.m., London time, on the
second day preceding the applicable payment date on which banks are open for business in London and
New York City, for the purchase of U.S. dollars with the specified currency for settlement on the
payment date of the aggregate amount of the specified currency payable to the holder of this Master
Global Note. If this bid quotation is not available, such exchange rate agent will obtain a bid
quotation from a leading foreign exchange bank in London or New York City selected by such exchange
rate agent. If the bids are not available, payment of the aggregate amount due to the holder on
the payment date will be in the specified currency. All currency exchange costs will be borne by
the holder of this Master Global Note by deductions from such payments due such holder.

Section 4. Redemption.

If possible Redemption Dates or periods within which Redemption Dates may occur and the related
Redemption Prices (expressed as percentages of the principal amount of the applicable Debt
Obligations) are set forth in the applicable Pricing Supplement, such Debt Obligations are subject
to redemption prior to the Maturity date upon not less than 30 nor more than 60 days’ notice
mailed to the Person in whose name this Master Global Note is registered at such address as shall
appear in the Security Register of the Issuer, on any Redemption Date so specified or occurring
within any period so specified, as a whole or in part, at the election of the Issuer, at the
applicable Redemption Price so specified, together with accrued interest, if any, to the Redemption
Date; provided, however, that installments of interest whose Stated Maturity is on or prior to such
Redemption Date will be payable in the case of any such redemption to the holder of this Master
Global Note (or one or more predecessor Notes) at the close of business on the relevant record
dates referred to above, all as provided in the Indenture.

 

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Section 5. Sinking Funds.

Unless otherwise specified in the applicable Pricing Supplement, the Debt Obligations under this
Master Global Note is not subject to any sinking fund.

Section 6. Principal Amount For Indenture Purposes.

For the purpose of determining whether holders of the requisite amount of the notes of Series T,
including the Debt Obligations as evidenced by this Master Global Note, outstanding under the
Indenture have made a demand, given a notice or waiver or taken any other action, the outstanding
principal amount of this Master Global Note shall be deemed to be the aggregate principal amount
outstanding of the Debt Obligations as evidenced by this Master Global Note.

Section 7. Modification and Waivers.

The Indenture permits, with certain exceptions as therein provided, the amendment thereof and the
modification of the rights and obligations of the Issuer and the rights of the holders of the notes
of each series, including the holders of the Debt Obligations, to be affected under the Indenture
at any time by the Issuer and the Trustee with the consent of the holders of not less than a
majority in aggregate principal amount of the notes at the time Outstanding of each series to be
affected and, for certain purposes, without the consent of the holders of any notes, including the
holders of Debt Obligations, at the time Outstanding. The Indenture also contains provisions
permitting the holders of specified percentages in aggregate principal amount of the Debt
Obligations of each series at the time Outstanding, on behalf of the holders of all Debt
Obligations of such series, to waive compliance by the Issuer with certain provisions of the
Indenture and certain past defaults under the Indenture and their consequences. Any such consent
or waiver by the holder of this Master Global Note shall be conclusive and binding upon such holder
and upon all future holders of this Master Global Note and of any Master Global Note issued upon
the registration of transfer hereof or in exchange hereof or in lieu hereof, whether or not
notation of such consent or waiver is made upon this Master Global Note.

No reference herein to the Indenture and no provision of this Master Global Note or of the
Indenture shall alter or impair the obligation of the Issuer, which is absolute and unconditional,
to pay the principal of (and premium, if any) and interest on this Master Global Note at the times,
place and rate, and in the coin or currency, herein prescribed.

Section 8. Authorized Form and Denominations.

Unless otherwise set forth in the applicable Pricing Supplement, the Debt Obligations of this
series are issuable only in fully registered form without coupons in denominations of $1,000 or any
amount in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture
and subject to certain limitations therein set forth, Debt Obligations of this series are
exchangeable for a like aggregate principal amount of Debt Obligations of this series and of like
tenor of a different authorized denomination, as requested by the holder surrendering the same.

No service charge will be made for any such registration of transfer or exchange, but the Issuer
may require payment of a sum sufficient to cover any tax or other governmental charge payable in
connection therewith. The Issuer, the Trustee and any agent of the Issuer or the Trustee may treat
the Person in whose name this Master Global Note is registered in the Security Register as the
owner hereof for all purposes, whether or not this Master Global Note be overdue, and neither the
Issuer, the Trustee nor any such agent shall be affected by notice to the contrary.

Section 9. Registration of Transfer.

As provided in the Indenture and subject to certain limitations therein set forth, the transfer of
this Master Global Note is registrable in the Security Register of the Issuer, upon surrender of
this Master Global Note for registration of transfer at the office or agency of the Issuer in any
place where the principal of (and premium, if any) and interest on this Master Global Note are
payable, duly endorsed by, or accompanied by a written instrument of transfer in form satisfactory
to the Issuer and the Security Registrar duly executed by, the holder hereof or his attorney duly
authorized in writing, and thereupon one or more new Master Global Notes of this series and of like
tenor of authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

 

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Section 10. Events of Default.

If an Event of Default with respect to the Debt Obligations under this Master Global Note of this
series shall occur and be continuing, the principal of all such Debt Obligations under this Master
Global Notes may (subject to the conditions set forth in the Indenture) be declared due and payable
in the manner and with the effect provided in the Indenture.

Section 11. Governing Law.

This Master Global Note shall be governed by and construed in accordance with the laws of the State
of New York.

 

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