Document:

Exhibit 4.3(h)

Exhibit 4.3(h)

REGISTERED

No. UC—

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 U (Subordinated)

(Global Original Issue Discount Zero Coupon Note)

	 	 	 
	ORIGINAL ISSUE DATE:

	 	MATURITY DATE:
	 
	 	 
	OTHER TERMS:

	 	REDEMPTION TERMS:
	 
	 	 
	ORIGINAL ISSUE DISCOUNT:

	 	YIELD TO MATURITY:

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.

 

 

 

The principal of this Note shall not bear interest except in the case of a default in payment
of principal upon acceleration, upon redemption or at the Maturity Date, and in such case the
overdue principal of this Note shall bear interest at a rate which is equivalent to the Yield to
Maturity stated above (to the extent that the payment of such interest shall be legally
enforceable), which shall accrue from the Maturity Date or the date payment is due upon
acceleration or redemption, as the case may be, to the date payment of such principal has been made
or duly provided for. Interest on any overdue principal shall be payable upon demand. Any such
interest on any overdue principal that is not so paid on demand shall bear interest at the same
rate as the interest on the overdue principal (to the extent that the payment of such interest
shall be legally enforceable), which shall accrue from the date of such demand for payment to the
date payment of such interest has been made or duly provided for, and such interest shall also be
payable on demand. In the event that any Maturity 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 and no interest will accrue for the period from
or after that Maturity Date. In the event that any Redemption Date is not a Business Day, such
Redemption Date shall be postponed to the next day that is a Business Day, and no interest will
accrue for the period from or after that Redemption Date. 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.

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 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 U (Subordinated)

(Global Original Issue Discount Zero Coupon 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, as amended by a First Supplemental Indenture dated as of April 1, 1993 (as so amended, 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, the Holders of
Senior Indebtedness 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.

The indebtedness evidenced by the Notes is, to the extent and in the manner provided in the
Indenture referred to above, subordinate and subject in right of payment to the prior payment in
full of the principal of and premium, if any, and interest on all Senior Indebtedness of the
Company, as defined in the Indenture, and each Holder of this Note, by accepting the same, agrees
to and shall be bound by the provisions of the Indenture and authorizes and directs the Trustee on
his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the
subordination of this Note as provided in the Indenture and appoints the Trustee his
attorney-in-fact for any and all such purposes.

The indebtedness evidenced by the Note is issued subject to the provisions of the Indenture
regarding payments to creditors in respect of General Obligations. In particular, the Indenture
provides that if upon the occurrence of certain events of bankruptcy or insolvency relating to the
Company, there remains, after giving effect to the subordination provisions referred in the
preceding paragraph, any amount of cash, property or securities available for payment or
distribution in respect of Notes (as defined in the Indenture, “Excess Proceeds”), and if, at such
time, any creditors in respect of General Obligations have not received payment in full of all
amounts due or to become due on or in respect of such General Obligations, then such Excess
Proceeds shall first be applied to pay or provide for the payment in full of such General
Obligations before any payment or distribution may be made in respect of Notes. This paragraph
shall immediately and automatically terminate, be null and void ab initio and have no further
effect upon the occurrence of a Termination Event (as defined in the Indenture).

 

5

 

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 Amortized Face Amount of this Note) are 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. 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.

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 or in the event that this Note is redeemed
shall, unless otherwise indicated on the face hereof under “Other Terms”, be the Amortized Face
Amount of this Note or, in the case of redemption, the specified percentage of the Amortized Face
Amount of this Note on the day 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 the maturity hereof.

 

6

 

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.

Subject to the rights of holders of Senior Indebtedness and General Obligations of the Company
set forth in this Note and as provided in the Indenture referred to above, 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 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 (and premium, if any) of this Note is 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.

 

7

 

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.

 

8

 

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.

 

9

 

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.

 

10Exhibit 4.3(i)

Exhibit 4.3(i)

REGISTERED

No. UD—

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 U (Subordinated)

(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.

 

2

 

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.

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 U (Subordinated)

(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, as amended by a First Supplemental Indenture dated as of April 1, 1993 (as so amended, 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, the Holders of
Senior Indebtedness 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.

The indebtedness evidenced by the Notes is, to the extent and in the manner provided in the
Indenture referred to above, subordinate and subject in right of payment to the prior payment in
full of the principal of and premium, if any, and interest on all Senior Indebtedness of the
Company, as defined in the Indenture, and each Holder of this Note, by accepting the same, agrees
to and shall be bound by the provisions of the Indenture and authorizes and directs the Trustee on
his behalf to take such action as may be necessary or appropriate to acknowledge or effectuate the
subordination of this Note as provided in the Indenture and appoints the Trustee his
attorney-in-fact for any and all such purposes.

The indebtedness evidenced by the Note is issued subject to the provisions of the Indenture
regarding payments to creditors in respect of General Obligations. In particular, the Indenture
provides that if upon the occurrence of certain events of bankruptcy or insolvency relating to the
Company, there remains, after giving effect to the subordination provisions referred in the
preceding paragraph, any amount of cash, property or securities available for payment or
distribution in respect of Notes (as defined in the Indenture, “Excess Proceeds”), and if, at such
time, any creditors in respect of General Obligations have not received payment in full of all
amounts due or to become due on or in respect of such General Obligations, then such Excess
Proceeds shall first be applied to pay or provide for the payment in full of such General
Obligations before any payment or distribution may be made in respect of Notes. This paragraph
shall immediately and automatically terminate, be null and void ab initio and have no further
effect upon the occurrence of a Termination Event (as defined in the Indenture).

 

5

 

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.

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.

 

6

 

Subject to the rights of holders of Senior Indebtedness and General Obligations of the Company
set forth in this Note and as provided in the Indenture referred to above, 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.

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.

 

7

 

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 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.

 

8

 

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.

 

9

 

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.

 

10

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