Document:

Exhibit 10.17

Right of First Review Agreement for Overture Acquisition Corp.

January 30, 2008

Overture Acquisition Corp.

c/o Maples Corporate Services Limited

PO Box 309

Ugland House

Grand Cayman, KY1-1104

Cayman Islands

Re: Initial Public Offering of Overture Acquisition Corp.

Ladies and Gentlemen:

This letter is being delivered to you in accordance with the Underwriting Agreement (the “Underwriting Agreement”) entered into by and between Overture Acquisition Corp., a Cayman Islands exempted limited liability company (the “Company”), and J.P. Morgan Securities Inc., as representative of the underwriters named therein (the “Underwriters”), relating to an underwritten initial public offering (the “IPO”) of the Company’s units (the “Units”), each Unit composed of one ordinary share of the Company, par value $0.0001 per share (the “Ordinary Share”), and one warrant, which is exercisable for one Ordinary Share (the “Warrants”). Certain capitalized terms used herein are defined in paragraph 3 hereof. 

In order to induce the Company and the Underwriters to enter into the Underwriting Agreement and to proceed with the IPO and for other good and valuable consideration, the receipt and sufficiency of which are hereby acknowledged, the undersigned hereby agree with the Company as follows:

1. The undersigned agree that from the Effective Date of the Registration Statement until the earlier of (i) the consummation of an Initial Business Combination or (ii) 24 months from the Effective Date of the Registration Statement, the Company shall have the right of first review (the “Right of First Review”) with respect to business combination opportunities of the undersigned and companies or other entities which the undersigned manage or control with an enterprise value of $120 million or more. The undersigned will first offer, and will cause such companies or other entities under their management or control to first offer (subject to any fiduciary obligations the undersigned or members of management or members of the board of directors of such companies or other entities may
have), any such business combination opportunity to the Company. The undersigned will not, and will cause each company or other entity under their management or control not to, pursue such business combination opportunity unless and until a majority of the Company’s disinterested directors has determined for any reason that the Company will not pursue such opportunity.

2. Each of the undersigned has the full right and power, without violating any agreement by which he or it is bound, to enter into this letter agreement. 

3. As used herein, (i) “Effective Date” shall mean the date of the notice of effectiveness of the Registration Statement from the United States Securities and Exchange Commission; (ii) “Initial Business Combination” shall mean the effecting a merger, share capital exchange, asset acquisition, share purchase, reorganization or similar business combination with one or more operating businesses in connection with which the Company will require that a majority of the Ordinary Shares voted by the Public Shareholders are voted in favor of such acquisition and Public Shareholders owning less than 30% of the IPO Shares exercise their redemption rights; (iii) “IPO Shares” shall mean the Ordinary Shares  underlying the Units issued in the IPO; (iv) “Public Shareholders” shall mean purchasers of Ordinary Shares in the IPO or in the secondary market,
including any of the Company’s officers or directors or their affiliates, including the undersigned, to the extent that they purchase or acquire Ordinary Shares in the IPO or the secondary market; and (v) “Registration Statement” shall mean the Company’s Registration Statement on Form S-1 (File No. 333-146946, originally filed by the Company with the Securities and Exchange Commission under the Securities Act of 1933, as amended, on October 26, 2007) in the

 

 

 

form it became effective and including the information deemed to be a part thereof at the time of effectiveness pursuant to Rule 430A under the Securities Act of 1933, as amended. 

4. Each of the undersigned acknowledges and understands that the Company and the Underwriters will rely upon the agreements, representations and warranties set forth herein in proceeding with the IPO. Nothing contained herein shall be deemed to render the Underwriters a representative of, or a fiduciary with respect to, the Company, its shareholders, or any creditor or vendor of the Company with respect to the subject matter hereof.

5. This letter agreement shall be binding on the undersigned and their successors and assigns. This letter agreement shall terminate on the earlier of (i) the consummation of an Initial Business Combination and (ii) 24 months from the effective date of the Registration Statement; provided that such termination shall not relieve the undersigned from liability for any breach of this letter agreement prior to its termination.

6. This letter agreement shall be governed by and interpreted and construed in accordance with the laws of the State of New York applicable to contracts formed and to be performed entirely within the State of New York, without regard to the conflicts of law provisions thereof to the extent such principles or rules would require or permit the application of the laws of another jurisdiction. 

7. No term or provision of this letter agreement may be amended, changed, waived, altered or modified except by written instrument executed and delivered by the party against whom such amendment, change, waiver, alteration or modification is to be enforced. 

[SIGNATURE PAGE FOLLOWS]

 

 

 

IN WITNESS WHEREOF, the parties hereto have executed this agreement as of the date first set forth above.

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                        /s/ John F. W. Hunt
 
	
                         
 	
                         
 	
                         
 	
                        John F. W. Hunt  
 

 

	
                         
 	
                         
 	
                         
 	
                         
 
	
                          
 	
                         
 	
                         
 	
                        /s/ Marc J. Blazer
 
	
                         
 	
                         
 	
                         
 	
                        Marc J. Blazer
 

 

ACCEPTED AND AGREED:

Overture Acquisition Corp.

 

	
                         
 	
                         
 	
                         
 	
                         
 	
                         
 
	
                        By:  
 	
                        /s/ John F. W. Hunt
 	
                         
 	
                         
 	
                          
 
	
                         
 	
                        Name: John F. W. Hunt
 Title:  Chief Executive Officer
 	
                         
 	
                         
 	
                         
 

 

 

Signature Page to Right of First Review Agreementexv4w1

 

Exhibit 4.1

U.S. BANCORP

Medium-Term Notes, Series R (Senior)

Officers’ Certificate and Company Order

          Pursuant to the Indenture dated as of October 1, 1991, (the “Indenture”), between U.S. Bancorp
(the “Company”) and Citibank, N.A., as Trustee (the “Trustee”), and resolutions adopted by the
Company’s Board of Directors on April 15, 2008, this Officers’ Certificate and Company Order is
being delivered to the Trustee to establish the terms of a series of Securities in accordance with
Section 301 of the Indenture, to establish the forms of the Securities of such series in accordance
with Section 201 of the Indenture, and to establish the procedures for the authentication and
delivery of specific Securities from time to time pursuant to Section 303 of the Indenture. This
Officers’ Certificate and Company Order shall be treated for all purposes under the Indenture as a
supplemental indenture thereto.

          All conditions precedent provided for in the Indenture relating to the establishment of (i) a
series of Securities, (ii) the forms of such series of Securities, and (iii) the procedures for the
authentication and delivery of such series of Securities have been complied with.

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

          A. Establishment of Series pursuant to Section 301 of the Indenture.

          There is hereby established pursuant to Section 301 of the Indenture a series of Securities
which shall have the following terms:

          (1) The Securities of such series shall bear the title “Medium-Term Notes, Series R (Senior)”
(referred to herein as the “Notes”).

          (2) The aggregate principal amount of the Notes of such series to be issued pursuant to this
Officers’ Certificate is unlimited.

          (3) Interest will be payable to the person in whose name a Note (or one or more predecessor
Notes) is registered at the close of business on the Regular Record Date (as defined below) next
preceding each Interest Payment Date (as defined below); provided, however, that interest payable
at maturity or upon redemption will be payable to the person to whom principal shall be payable.

          (4) Each Note within such series shall mature on a date 9 months or more from its date of
issue as specified in such Note and in the applicable Pricing Supplement; provided, however, that
no Commercial Paper Rate Note (as defined below) shall mature less

 

 

than 9 months and 1 day from its date of issue. If the Maturity Date or Redemption Date
specified in the applicable Pricing Supplement for any Note is a day that is not a Business Day,
principal will be paid on the next day that is a Business Day with the same force and effect as if
made on such specified Maturity Date or Redemption Date, as applicable. With respect to the Notes
of this series, “Business Day” means, and unless the applicable Pricing Supplement specifies
otherwise, any day that is not a Saturday or Sunday and that is not a day that banking institutions
in New York City are generally authorized or obligated by law or executive order to close. For
LIBOR Notes issued in U.S. dollars, a Business Day, with respect to any payment, is any day that is
not a Saturday or Sunday and that is not a day that banking institutions in New York City are
generally authorized or obligated by law or executive order to close, and is also a London Business
Day, and with respect to an Interest Determination Date, is a London Business Day. For Notes
denominated in a specified currency other than euro, the term Business Day means any day that is
not a Saturday or Sunday and that is not a day that banking institutions in New York City are
generally authorized or obligated by law or executive order to close, and is also a day on which
commercial banks and foreign exchange markets settle payments in the principal financial center of
the country of the relevant specified currency (if other than New York City). For Notes
denominated in euro, the term Business Day means any day that is not a Saturday or Sunday, and is
also a day on which the Trans-European Automated Real Time Gross Settlement Express Transfer System
is operating (a “TARGET Business Day”).

     Unless otherwise specified in the applicable Pricing Supplement, the principal financial
center of any country for the purpose of the foregoing definition is as provided in the 2000 ISDA
Definitions, as amended and updated from time to time, published by the International Swaps and
Derivatives Association, Inc.

     “London Business Day” means any day on which dealings in U.S. dollars are transacted in the
London interbank market.

          (5) Each Note within such series that bears interest will bear interest at either (a) a fixed
rate (the “Fixed Rate Notes”) or (b) a floating rate determined by reference to one or more base
rates, which may be adjusted by a Spread and/or Spread Multiplier (each as defined below) (the
“Floating Rate Notes”). Notes within such series may also be issued as “Zero Coupon Notes” which do
not provide for any periodic payments of interest. Notes may be issued as Original Issue Discount
Notes at a discount from the principal amount thereof due at the stated maturity as specified in
the applicable Pricing Supplement. Any Floating Rate Note may also have either or both of the
following as set forth in the applicable Pricing Supplement: (i) a maximum interest rate
limitation, or ceiling, on the rate at which interest will accrue during any Interest Reset Period
(as defined below); and (ii) a minimum interest rate limitation, or floor, on the rate at which
interest will accrue during any Interest Reset Period. The interest rate on a Note will in no event
be higher than the maximum rate permitted by New York law as the same may be modified by United
States law of general application. Under present New York law, the maximum rate of interest is 25%
per annum on a simple interest basis. This limit may not apply to Notes in which $2,500,000 or more
has been invested. The applicable Pricing Supplement may designate any of the following base rates
(“Base Rates”) as applicable to each Floating Rate Note: (a) the Commercial Paper Rate, in which
case such Note will be a “Commercial Paper Rate Note”; (b) EURIBOR, in which case such note will be
a “EURIBOR Note”; (c) the Federal Funds Rate, in which case such Note will be a “Federal Funds Rate
Note”; (d) LIBOR, in which

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case such Note will be a “LIBOR Note”; (e) the Prime Rate, in which case such Note will be a
“Prime Rate Note”; (f) the CD Rate, in which case such Note will be a “CD Rate Note”; (g) the
Treasury Rate, in which case such Note will be a “Treasury Rate Note”; (h) the CMT Rate, in which
case such Note will be a “ CMT Rate Note”; or (i) one or more other Base Rates.

          The interest rate on each Floating Rate Note for each Interest Period will be determined by
reference to (i) the applicable Base Rates specified in the applicable Pricing Supplement for such
Interest Period, plus or minus the applicable Spread, if any, or multiplied by the applicable
Spread Multiplier, if any. The “Spread” is the number of basis points, each one-hundredth of a
percentage point, specified in the applicable Pricing Supplement to be added or subtracted from the
Base Rate for a Floating Rate Note. For example, if a Note bears interest at LIBOR plus one basis
point, or .01%, and the Calculation Agent (as defined below) determines that LIBOR is 5.00% per
annum, the Note will bear interest at 5.01 % per annum until the next Interest Reset Date (as
defined below). The “Spread Multiplier” is the percentage specified in the applicable Pricing
Supplement to be applied to the Base Rate for a Floating Rate Note. For example, if a Note bears
interest at 90% of LIBOR, and the Calculation Agent determines that LIBOR is 5.00% per annum, the
Note will bear interest at 4.50% per annum until the next Interest Reset Date.

          Each Note that bears interest will bear interest from and including its date of issue or from
and including the most recent Interest Payment Date to which interest on such Note (or one or more
predecessor Notes) has been paid or duly provided for (i) at the fixed rate per annum applicable to
the related Interest Period, or (ii) at a rate per annum determined pursuant to the Base Rates
applicable to the related Interest Period or Interest Periods, in each case as specified therein
and in the applicable Pricing Supplement, until the principal thereof is paid or made available for
payment. Interest will be payable on each Interest Payment Date and at maturity or upon redemption.
The first payment of interest on any Note originally issued after a Regular Record Date and on or
before an Interest Payment Date will be made on the Interest Payment Date following the next
succeeding Regular Record Date to the registered holder on such next succeeding Regular Record
Date. Interest rates and Base Rates are subject to change by the Company from time to time but no
such change will affect any Note theretofore issued or which the Company has agreed to issue.
Unless otherwise specified in the applicable Pricing Supplement, the “Interest Payment Dates” and
the “Regular Record Dates” for Fixed Rate Notes shall be as described below under “Fixed Rate
Notes” and the “Interest Payment Dates” and the “Regular Record Dates” for Floating Rate Notes
shall be as described below under “Floating Rate Notes”.

          The applicable Pricing Supplement will specify: (i) the issue price, Interest Payment Dates
and Regular Record Dates; (ii) with respect to any Fixed Rate Note, the interest rate; (iii) with
respect to any Floating Rate Note, the Initial Interest Rate (as defined below), the method (which
may vary from Interest Period to Interest Period) of calculating the interest rate applicable to
each Interest Period (including, if applicable, the fixed rate per annum applicable to one or more
Interest Periods, the period to maturity of any instrument on which the Base Rate for any Interest
Period is predicated (the “Index Maturity”), the Spread and/or Spread Multiplier, the Interest
Determination Dates (as defined below), the Interest Reset Dates and any minimum or

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maximum interest rate limitations); (iv) whether such Note is an Original Issue Discount Note;
and (v) any other terms related to interest on the Notes.

Fixed Rate Notes

          Each Fixed Rate Note, whether or not issued as an Original Issue Discount Note, will bear
interest at the annual rate specified therein and in the applicable Pricing Supplement. Unless
otherwise specified in the applicable Pricing Supplement, the Interest Payment Dates for the Fixed
Rate Notes will be on February 1 and August 1 of each year and at maturity or upon redemption and
the Regular Record Dates for the Fixed Rate Notes will be on the day (whether or not a Business
Day) fifteen calendar days preceding each Interest Payment Date. Unless otherwise specified in the
applicable Pricing Supplement, interest payments for Fixed Rate Notes shall be the amount of
interest accrued to, but excluding, the relevant Interest Payment Date. Interest on Fixed Rate
Notes will be computed and paid on the basis of a 360-day year of twelve 30-day months. In the
event that any Interest Payment Date or any applicable Redemption Date on a Fixed Rate Note is not
a Business Day, such Interest Payment Date or Redemption Date shall be postponed to the next day
that is a Business Day, and no interest will accrue for the period from and after the scheduled
Interest Payment Date or Redemption Date, as the case may be.

Floating Rate Notes

          Unless otherwise specified in the applicable Pricing Supplement and except as provided below,
interest on Floating Rate Notes will be payable on the following Interest Payment Dates: in the
case of Floating Rate Notes with a daily, weekly or monthly Interest Reset Date, on the third
Wednesday of each month of each year; in the case of Floating Rate Notes with a quarterly Interest
Reset Date, on the third Wednesday of March, June, September and December of each year; in the case
of Floating Rate Notes with a semi-annual Interest Reset Date, on the third Wednesday of the two
months of each year specified in the applicable Pricing Supplement; and in the case of Floating
Rate Notes with an annual Interest Reset Date, on the third Wednesday of the month of each year
specified in the applicable Pricing Supplement. Interest will also be paid at maturity or upon
redemption. Unless otherwise specified in the applicable Pricing Supplement, the Regular Record
Dates for the Floating Rate Notes will be the day (whether or not a Business Day) fifteen calendar
days preceding each Interest Payment Date. In the event that any Interest Payment Date for any
Floating Rate Note 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 and EURIBOR notes, if such Business Day is in
the next succeeding calendar month, such Interest Payment Date shall be the immediately preceding
Business Day.

          The rate of interest on each Floating Rate Note will be reset daily, weekly, monthly,
quarterly, semi-annually or annually (such specified period, an “Interest Reset Period”, and the
date on which each such reset occurs, an “Interest Reset Date”), as specified in the applicable
Pricing Supplement. Unless otherwise specified in the applicable Pricing Supplement, the Interest
Reset Date will be as follows: in the case of Floating Rate Notes which are reset daily, each
Business Day; in the case of Floating Rate Notes (other than Treasury Rate Notes) which are reset
weekly, the Wednesday of each week; in the case of Floating Rate Notes that are

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Treasury Rate Notes which are reset weekly, the Tuesday of each week (except if the auction
date falls on a Tuesday, then the next Business Day, as provided below); in the case of Floating
Rate Notes which are reset monthly, the third Wednesday of each month; in the case of Floating Rate
Notes which are reset quarterly, the third Wednesday of March, June, September and December of each
year; in the case of Floating Rate Notes which are reset semi-annually, the third Wednesday of the
two months of each year specified in the applicable Pricing Supplement; and in the case of Floating
Rate Notes which are reset annually, the third Wednesday of the month of each year specified in the
applicable Pricing Supplement.

          The interest rate in effect from the date of issue to the first Interest Reset Date with
respect to a Floating Rate Note (the “Initial Interest Rate”) will be as specified in the
applicable Pricing Supplement. If any Interest Reset Date for any Floating Rate Note would
otherwise be a day that is not a Business Day, such Interest Reset Date shall be postponed to the
next day that is a Business Day, provided that, for LIBOR and EURIBOR notes, if such Business Day
is in the next succeeding calendar month, such Interest Reset Date shall be the immediately
preceding Business Day.

          Unless otherwise specified in the applicable Pricing Supplement, the interest rate determined
with respect to any Interest Determination Date will become effective on and as of the next
succeeding Interest Reset Date. As used herein, “Interest Determination Date” means the date as of
which the interest rate for a Floating Rate Note is to be calculated, to be effective as of the
following Interest Reset Date and calculated on the related Calculation Date (as defined below).
Unless otherwise specified in the applicable Pricing Supplement, the Interest Determination Date
pertaining to any Interest Reset Date for a Commercial Paper Rate Note, a CD Rate Note or a CMT
Rate Note (the “Commercial Paper Rate Interest Determination Date”, the “CD Rate Interest
Determination Date”, and the “CMT Rate Interest Determination Date,” respectively), will be the
second Business Day prior to such Interest Reset Date; for Federal Funds Rate Notes and Prime Rate
Notes, the Business Day immediately preceding the related Interest Reset Date (the “Federal Funds
Rate Interest Determination Date” and the “Prime Rate Interest Determination Date”, respectively);
for EURIBOR Notes, the second TARGET Business Day before the Interest Reset Date (the “EURIBOR
Interest Determination Date”); and for LIBOR Notes, the second London Business Day before the
Interest Reset Date (the “LIBOR Interest Determination Date”). Unless otherwise specified in the
applicable Pricing Supplement, the Interest Determination Date pertaining to an Interest Reset Date
for a Treasury Rate Note (the “Treasury Rate Interest Determination Date”) will be the Business Day
(other than the Interest Reset Date) on which Treasury Bills (as defined below) would normally be
auctioned in the week in which such Interest Reset Date falls. Treasury Bills are usually sold at
auction on Monday of each week, unless that day is a legal holiday, in which case the auction is
usually held on the following Tuesday, but the auction may be held on the preceding Friday. If, as
the result of a legal holiday, an auction is so held on the preceding Friday, such Friday will be
the Treasury Rate Interest Determination Date pertaining to the Interest Reset Date occurring in
the next succeeding week. If an auction date shall fall on any Interest Reset Date for a Treasury
Rate Note, then such Interest Reset Date shall instead be the first Business Day immediately
following such auction date. The Interest Determination Date pertaining to a Floating Rate Note the
interest rate of which is determined by reference to two or more Base Rates will be the latest
Business

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Day which is at least two Business Days prior to such Interest Reset Date for such Floating
Rate Note on which each such Base Rate is determinable.

          Unless otherwise specified in the applicable Pricing Supplement, interest payments on an
Interest Payment Date for a Floating Rate Note will include interest accrued from, and including,
the most recent Interest Payment Date to which interest has been paid or duly provided for (or,
from, and including, the date of issue if no interest has been paid or duly provided for with
respect to such Floating Rate Note). Interest will accrue to, but excluding, the next Interest
Payment Date (each such interest accrual period, an “Interest Period”), or if earlier the date on
which the principal is paid or duly made available for payment. Accrued interest from the date of
issue or from the last date to which interest has been paid or duly provided for to the date for
which interest is being calculated shall be calculated by multiplying the face amount of a Floating
Rate Note by the applicable accrued interest factor (the “Accrued Interest Factor”). The Accrued
Interest Factor shall be computed by adding together the interest factors calculated for each day
from the date of issue, or from the last date to which interest has been paid or duly provided for
to the date for which accrued interest is being calculated. Unless otherwise specified in the
applicable Pricing Supplement, the interest factor for each such day shall be computed by dividing
the per annum interest rate, expressed as a decimal, applicable to such day by 360 in the case of
Commercial Paper Rate Notes, Federal Funds Rate Notes, LIBOR Notes, EURIBOR Notes, Prime Rate
Notes, and CD Rate Notes, or by the actual number of days in the year in the case of Treasury Rate
Notes and CMT Rate Notes. The interest rate in effect on each day will be (i) if such day is an
Interest Reset Date, the interest rate with respect to the Interest Determination Date pertaining
to such Interest Reset Date or (ii) if such day is not an Interest Reset Date, the interest rate
with respect to the Interest Determination Date relating to the next preceding Interest Reset Date,
subject in either case to any maximum or minimum interest rate referred to above or in the
applicable Pricing Supplement.

          Unless otherwise specified in the applicable Pricing Supplement, U.S. Bank Trust National
Association will be the “Calculation Agent”. On or before each Calculation Date, the Calculation
Agent will determine the interest rate as described below and notify the Paying Agent. The Paying
Agent will determine the Accrued Interest Factor applicable to any such Floating Rate Note. The
Paying Agent will, upon the request of the holder of any Floating Rate Note, provide the interest
rate then in effect and the interest rate which will become effective as a result of a
determination made with respect to the most recent Interest Determination Date with respect to such
Floating Rate Note. The determinations of interest rates made by the Calculation Agent shall, in
the absence of manifest error, be conclusive and binding, and neither the Trustee nor the Paying
Agent shall have the duty to verify determinations of interest rates made by the Calculation Agent.
The determinations of Accrued Interest Factors made by the Paying Agent shall, in the absence of
manifest error, be conclusive and binding. Unless otherwise specified in the applicable Pricing
Supplement, the “Calculation Date”, if applicable, pertaining to any Interest Determination Date on
a Floating Rate Note will be the earlier of (i) the tenth calendar day after such Interest
Determination Date, or, if any such day is not a Business Day, the following Business Day, and (ii)
the Business Day before the applicable Interest Payment Date, Redemption Date or Maturity Date, as
the case may be.

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          Unless otherwise specified in the applicable Pricing Supplement, all percentages resulting
from any calculation on Floating Rate Notes will be rounded, if necessary, to the nearest one
hundred-thousandth of one percentage point, with five one-millionths of one percentage point
rounded upward (e.g., 9.876545% (or .09876545) will be rounded to 9.87655% (or .0987655) and
9.876544% (or .09876544) will be rounded to 9.87654% (or .0987654)); all calculations of the
Accrued Interest Factor for any day on Floating Rate Notes will be rounded, if necessary, to the
nearest one hundred-millionth, with five one-billionths rounded upward (e.g. .098765455 will be
rounded to .09876546 and .098765454 will be rounded to .09876545); and all dollar amounts used in
or resulting from such calculations on Floating Rate Notes will be rounded to the nearest cent
(with one-half cent being rounded upward).

          Commercial Paper Rate. Commercial Paper Rate Notes will bear interest at the interest
rates (calculated with reference to the Commercial Paper Rate and the Spread and/or Spread
Multiplier, if any) specified in the Commercial Paper Rate Notes and in the applicable Pricing
Supplement. Commercial Paper Rate Notes will be subject to the minimum interest rate and maximum
interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “Commercial Paper Rate”
means, with respect to any Commercial Paper Rate Interest Determination Date, the Money Market
Yield (calculated as described below) of the rate on that date for commercial paper having the
Index Maturity specified in the applicable Pricing Supplement as published in “Statistical Release
H.15(519), Selected Interest Rates” or any successor publication of the Board of Governors of the
Federal Reserve System (“H.15 (519)”) under the heading “Commercial Paper — Nonfinancial.”

          The following procedures will be followed if the Commercial Paper Rate cannot be determined as
described above: (I) If the rate is not published by 3:00 p.m., New York City time, on the
Calculation Date relating to the Commercial Paper Rate Interest Determination Date, then the
Commercial Paper Rate will be the Money Market Yield of the rate on the Commercial Paper Rate
Interest Determination Date for commercial paper having the Index Maturity specified in the
applicable Pricing Supplement as set forth in the daily update of H.15(519), available through the
worldwide website of the Board of Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update, or any successor site or publication (the “H.15
Daily Update”) under the heading “Commercial Paper — Nonfinancial;” (II) If by 3:00 p.m., New York
City time, on the Calculation Date the rate is not published in either H.15(519) or the H.15 Daily
Update, then the Calculation Agent shall determine the Commercial Paper Rate to be the Money Market
Yield of the arithmetic mean of the offered rates as of 11:00 a.m., New York City time, on the
Commercial Paper Rate Interest Determination Date, of three leading dealers of commercial paper in
New York City selected by the Calculation Agent, after consultation with the Company, for
commercial paper having the Index Maturity specified in the applicable Pricing Supplement placed
for an industrial issuer whose bond rating is “AA,” or the equivalent, from a nationally recognized
securities rating agency; provided, however, that if the dealers selected by the Calculation Agent
are not quoting as described above in this sentence, the Commercial Paper Rate in effect
immediately before the Commercial Paper Rate Interest Determination Date will not change and will
remain the Commercial Paper Rate in effect on the Commercial Paper Rate Interest Determination
Date.

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          “Money Market Yield” shall be a yield calculated in accordance with the following formula:

where “D” refers to the applicable per annum rate for the commercial paper, quoted on a bank
discount basis and expressed as a decimal, and “M” refers to the actual number of days in the
Interest Period for which the interest is being calculated.

          Federal Funds Rate. Federal Funds Rate Notes will bear interest at the interest rates
(calculated with reference to the Federal Funds Rate and the Spread and/or Spread Multiplier, if
any) specified in the Federal Funds Rate Notes and in the applicable Pricing Supplement. Federal
Funds Rate Notes will be subject to the minimum interest rate and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “Federal Funds Rate” means,
the rate determined by the Calculation Agent, with respect to any Federal Funds Rate Interest
Determination Date, in accordance with the following provisions:

          (I) If “Federal Funds (Effective) Rate” is the specified Federal Funds Rate in the applicable
Pricing Supplement, the Federal Funds Rate as of the applicable Federal Funds Rate Interest
Determination Date shall be the rate with respect to such date for United States dollar federal
funds as published in H.15(519) opposite the caption “Federal Funds (Effective),” as such rate is
displayed on Reuters on page FEDFUNDS1 (or any other page as may replace such page on such service)
(“Reuters Page FEDFUNDS1”) under the heading “EFFECT,” or, if such rate is not so published by 3:00
p.m., New York City time, on the Calculation Date, the rate with respect to such Federal Funds Rate
Interest Determination Date for United States dollar federal funds as published in H.15 Daily
Update, or such other recognized electronic source used for the purpose of displaying such rate,
under the caption “Federal funds (effective).” If such rate does not appear on Reuters Page
FEDFUNDS1 or is not yet published in H.15(519), H.15 Daily Update or another recognized electronic
source by 3:00 p.m., New York City time, on the related Calculation Date, then the Federal Funds
Rate with respect to such Federal Funds Rate Interest Determination Date shall be calculated by the
Calculation Agent and will be the arithmetic mean of the rates for the last transaction in
overnight United States dollar federal funds arranged by three leading brokers of U.S. dollar
federal funds transactions in New York City (which may include the agents or their affiliates)
selected by the Calculation Agent, prior to 9:00 a.m., New York City time, on the Business Day
following such Federal Funds Rate Interest Determination Date; provided, however, that if the
brokers so selected by the Calculation Agent are not quoting as mentioned in this sentence, the
Federal Funds Rate determined as of such Federal Funds Rate Interest Determination Date will be the
Federal Funds Rate in effect on such Federal Funds Rate Interest Determination Date.

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          (II) If “Federal Funds Open Rate” is the specified Federal Funds Rate in the applicable
Pricing Supplement, the Federal Funds Rate as of the applicable Federal Funds Rate
Interest Determination Date shall be the rate on such date under the heading “Federal Funds”
for the relevant Index Maturity and opposite the caption “Open” as such rate is displayed on
Reuters on page 5 (or any other page as may replace such page on such service) (“Reuters Page 5”),
or, if such rate does not appear on Reuters Page 5 by 3:00 p.m., New York City time, on the
Calculation Date, the Federal Funds Rate for the Federal Funds Rate Interest Determination Date
will be the rate for that day displayed on FFPREBON Index page on Bloomberg L.P. (“Bloomberg”),
which is the Fed Funds Opening Rate as reported by Prebon Yamane (or a successor) on Bloomberg. If
such rate does not appear on Reuters Page 5 or is not displayed on FFPREBON Index page on Bloomberg
or another recognized electronic source by 3:00 p.m., New York City time, on the related
Calculation Date, then the Federal Funds Rate on such Federal Funds Rate Interest Determination
Date shall be calculated by the Calculation Agent and will be the arithmetic mean of the rates for
the last transaction in overnight United States dollar federal funds arranged by three leading
brokers of United States dollar federal funds transactions in New York City (which may include the
agents or their affiliates) selected by the Calculation Agent prior to 9:00 a.m., New York City
time, on such Federal Funds Rate Interest Determination Date; provided, however, that if the
brokers so selected by the Calculation Agent are not quoting as mentioned in this sentence, the
Federal Funds Rate determined as of such Federal Funds Rate Interest Determination Date will be the
Federal Funds Rate in effect on such Federal Funds Rate Interest Determination Date.

          (III) If “Federal Funds Target Rate” is the specified Federal Funds Rate in the applicable
Pricing Supplement, the Federal Funds Rate as of the applicable Federal Funds Rate Interest
Determination Date shall be the rate on such date as displayed on the FDTR Index page on Bloomberg.
If such rate does not appear on the FDTR Index page on Bloomberg by 3:00 p.m., New York City time,
on the Calculation Date, the Federal Funds Rate for such Federal Funds Rate Interest Determination
Date will be the rate for that day appearing on Reuters Page USFFTARGET= (or any other page as may
replace such page on such service) (“Reuters Page USFFTARGET=”). If such rate does not appear on
the FDTR Index page on Bloomberg or is not displayed on Reuters Page USFFTARGET= by 3:00 p.m., New
York City time, on the related Calculation Date, then the Federal Funds Rate on such Federal Funds
Rate Interest Determination Date shall be calculated by the Calculation Agent and will be the
arithmetic mean of the rates for the last transaction in overnight United States dollar federal
funds arranged by three leading brokers of United States dollar federal funds transactions in New
York City (which may include the agents or their affiliates) selected by the Calculation Agent
prior to 9:00 a.m., New York City time, on such Federal Funds Rate Interest Determination Date.

          LIBOR. LIBOR Notes will bear interest at the interest rates (calculated with
reference to LIBOR and the Spread and/or Spread Multiplier, if any) specified in the LIBOR Notes
and in the applicable Pricing Supplement. LIBOR Notes will be subject to the minimum interest rate
and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, LIBOR will be determined by
the Calculation Agent for each Interest Determination Date in accordance with the following
provisions:

-9-

 

          (I) With respect to LIBOR Interest Determination Date, LIBOR will be the rate for deposits in
the Designated LIBOR Currency having the Index Maturity specified in the applicable Pricing
Supplement as such rate is displayed on Reuters on page LIBOR01 (or any other page as may replace
such page on such service for the purpose of displaying the London interbank rates of major banks
for the Designated LIBOR Currency) (“Reuters Page LIBOR01”) as of 11:00 a.m., London time, on such
LIBOR Interest Determination Date. If no such rate so appears, LIBOR on such LIBOR Interest
Determination Date will be determined in accordance with provision described in clause (II) below.

          (II) With respect to LIBOR Interest Determination Date on which no rate is displayed on
Reuters Page LIBOR01 as specified in clause (I) above, the Calculation Agent shall request the
principal London offices of each of four major reference banks (which may include affiliates of the
agents) in the London interbank market, as selected by the Calculation Agent to provide the
Calculation Agent with its offered quotation for deposits in the Designated LIBOR Currency for the
period of the Index Maturity specified in the applicable Pricing Supplement, commencing on the
related Interest Reset Date, to prime banks in the London interbank market at approximately 11:00
a.m., London time, on such LIBOR Interest Determination Date and in a principal amount that is
representative for a single transaction in the Designated LIBOR Currency in such market at such
time. If at least two such quotations are so provided, then LIBOR on such LIBOR Interest
Determination Date will be the arithmetic mean calculated by the Calculation Agent of such
quotations. If fewer than two such quotations are so provided, then LIBOR on such LIBOR Interest
Determination Date will be the arithmetic mean calculated by the Calculation Agent of the rates
quoted at approximately 11:00 a.m., in the applicable Principal Financial Center (as defined
below), on such LIBOR Interest Determination Date by three major banks (which may include
affiliates of the agents) in such Principal Financial Center selected by the Calculation Agent for
loans in the Designated LIBOR Currency to leading European banks, having the Index Maturity
specified in the applicable Pricing Supplement and in a principal amount that is representative for
a single transaction in the Designated LIBOR Currency in such market at such time; provided,
however, that if the banks so selected by the Calculation Agent are not quoting as mentioned in
this sentence, LIBOR determined as of such LIBOR Interest Determination Date shall be LIBOR in
effect on such LIBOR Interest Determination Date.

          As referenced above, “Designated LIBOR Currency” means the currency specified in the
applicable Pricing Supplement as to which LIBOR shall be calculated or, if no such Designated LIBOR
Currency is specified in the applicable Pricing Supplement, U.S. dollars. “Principal Financial
Center” means (i) the capital city of the country issuing the Designated LIBOR Currency or (ii) the
capital city of the country to which the Designated LIBOR Currency, if applicable, relates, except,
in each case, that with respect to United States dollars, Australian dollars, Canadian dollars,
euro, New Zealand dollars, South African rand and Swiss francs, the “Principal Financial Center”
shall be New York City, Sydney, Toronto, London (solely in the case of the Designated LIBOR
Currency), Wellington, Johannesburg and Zurich, respectively.

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          EURIBOR Rate. EURIBOR Notes will bear interest at the interest rates (calculated with
reference to EURIBOR and the Spread and/or Spread Multiplier, if any)
specified in the EURIBOR Notes and in the applicable Pricing Supplement. EURIBOR Notes will
be subject to the minimum interest rate and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, EURIBOR means with respect to
any EURIBOR Interest Determination Date, a base rate equal to the interest rate for deposits in
euro designated as “EURIBOR” and sponsored jointly by the European Banking Federation and ACI — the
Financial Market Association, or any company established by the joint sponsors for purposes of
compiling and publishing that rate. EURIBOR will be determined in the following manner:

          (I) EURIBOR will be the offered rate for deposits in euro having the Index Maturity specified
in the applicable Pricing Supplement, beginning on the second euro Business Day after such EURIBOR
Interest Determination Date, as that rate appears on Reuters Page EURIBOR 01 as of 11:00 a.m.,
Brussels time, on such EURIBOR Interest Determination Date.

          (II) If the rate described above does not appear on Reuters Page EURIBOR 01, EURIBOR will be
determined on the basis of the rates, at approximately 11:00 a.m., Brussels time, on such EURIBOR
Interest Determination Date, at which deposits of the following kind are offered to prime banks in
the euro-zone interbank market by the principal euro-zone office of each of four major banks in
that market selected by the Calculation Agent: euro deposits having such EURIBOR Index Maturity,
beginning on such EURIBOR Interest Reset Date, and in a representative amount. The Calculation
Agent will request that the principal euro-zone office of each of these banks provide a quotation
of its rate. If at least two quotations are provided, EURIBOR for such EURIBOR Interest
Determination Date will be the arithmetic mean of the quotations.

          (III) If fewer than two quotations are provided as described above, EURIBOR for such EURIBOR
Interest Determination Date will be the arithmetic mean of the rates for loans of the following
kind to leading euro-zone banks quoted, at approximately 11:00 a.m., Brussels time on that EURIBOR
Interest Determination Date, by three major banks in the euro-zone selected by the Calculation
Agent: loans of euro having such EURIBOR Index Maturity, beginning on such EURIBOR Interest Reset
Date, and in an amount that is representative of a single transaction in euro in that market at the
time.

          (IV) If fewer than three banks selected by the Calculation Agent are quoting as described
above, EURIBOR for the new Interest Period will be EURIBOR in effect for the prior Interest Period.
If the initial Base Rate has been in effect for the prior Interest Period, however, it will remain
in effect for the new Interest Period.

          Prime Rate. Prime Rate Notes will bear interest at the interest rates (calculated with
reference to the Prime Rate and the Spread and/or Spread Multiplier, if any) specified in the Prime
Rate Notes and in the applicable Pricing Supplement. Prime Rate Notes will be subject to the
minimum interest rate and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “Prime Rate” means, with
respect to any Prime Rate Interest Determination Date, the rate on such date as such rate is
published in H.15(519) under the caption “Bank prime loan” or, if not published by 3:00

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p.m., New York City time, on the related Calculation Date, the rate on such Prime Rate
Interest Determination Date as published in H.15 Daily Update, or such other recognized electronic
source used for the purpose of displaying such rate, under the caption “Bank prime loan.” If such
rate is not yet published in H.15(519), H.15 Daily Update, or another recognized electronic source
by 3:00 p.m., New York City time, on the related Calculation Date, then the Prime Rate shall be the
arithmetic mean calculated by the Calculation Agent of the rates of interest publicly announced by
each bank that appears on Reuters on page USPRIME1 (or any other page as may replace such page on
such service for the purpose of displaying prime rates or base lending rates of major United States
banks) (“Reuters Page USPRIME1”) as such bank’s prime rate or base lending rate as of 11:00 a.m.,
New York City time, on such Prime Rate Interest Determination Date. If fewer than four such rates
so appear on the Reuters Page USPRIME1 for such Prime Rate Interest Determination Date by 3:00
p.m., New York City time, on the related Calculation Date, then the Prime Rate shall be the
arithmetic mean calculated by the Calculation Agent of the prime rates or base lending rates quoted
on the basis of the actual number of days in the year divided by a 360-day year as of the close of
business on such Prime Rate Interest Determination Date by three major banks (which may include
affiliates of the dealers) in New York City selected by the Calculation Agent; provided, however,
that if the banks so selected by the Calculation Agent are not quoting as mentioned in this
sentence, the Prime Rate determined as of such Prime Rate Interest Determination Date will be the
Prime Rate in effect on such Prime Rate Interest Determination Date.

          “Reuters Page USPRIME1” means the display on the Reuters 3000 Xtra Service (or any successor
service) on the “USPRIME1 Page” (or such other page as may replace the USPRIME1 Page on such
service) for the purpose of displaying prime rates or base lending rates of major U.S. banks.

          CD Rate. CD Rate Notes will bear interest at the interest rates (calculated with
reference to the CD Rate and the Spread and/or Spread Multiplier, if any) specified in the CD Rate
Notes and in the applicable Pricing Supplement. CD Rate Notes will be subject to the minimum
interest rate and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “CD Rate” means, with respect
to any CD Rate Interest Determination Date, the rate on that date for negotiable U.S. dollar
certificates of deposit having the Index Maturity specified in the applicable Pricing Supplement as
published in H.15(519), under the heading “CDs (Secondary Market).” If the CD Rate cannot be
determined in this manner, the following procedures will apply:

          (I) If the rate described above is not published by 3:00 p.m., New York City time, on the
relevant Calculation Date, then the CD Rate will be the rate on that CD Rate Interest Determination
Date for negotiable U.S. dollar certificates of deposit having the specified Index Maturity as
published in H.15 Daily Update, or other recognized electronic sources used for the purpose of
displaying the applicable rate, under the caption “CDs (Secondary Market).”

          (II) If by 3:00 p.m., New York City time, on the applicable Calculation Date, that rate is not
published in either H.15(519), H.15 Daily Update or another recognized

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electronic source, the CD Rate for that CD Rate Interest Determination Date will be calculated
by the Calculation Agent and will be the arithmetic mean of the secondary market offered rates as
of 10:00 a.m., New York City time, on that CD Rate Interest Determination Date, of three leading
non-bank dealers in negotiable U.S. dollar certificates of deposit in New York City, which may
include one or more of the agents or their affiliates, selected by the Calculation Agent, after
consultation with us, for negotiable U.S. dollar certificates of deposit of major U.S. money market
banks for negotiable certificates of deposit with a remaining maturity closest to the Index
Maturity specified in the applicable Pricing Supplement in an amount that is representative for a
single transaction in that market at that time.

          (III) If the dealer(s) selected as described above by the Calculation Agent are not quoting
rates as set forth above, the CD Rate for that CD interest rate determination date will be the CD
Rate in effect for the immediately preceding interest reset period, or if there was no interest
reset period, then the rate of interest payable will be the initial interest rate.

          Treasury Rate. Treasury Rate Notes will bear interest at the interest rates
(calculated with reference to the Treasury Rate and the Spread and/or Spread Multiplier, if any)
specified in the Treasury Rate Notes and in the applicable Pricing Supplement. Treasury Rate Notes
will be subject to the minimum interest rate and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “Treasury Rate” means, with
respect to any Treasury Rate Interest Determination Date, the rate from the auction held on such
Treasury Rate Interest Determination Date (the “Auction”) of direct obligations of the United
States (“Treasury Bills”) having the Index Maturity specified in the applicable Pricing Supplement
under the caption “INVEST RATE” on the display on Reuters page USAUCTION10 (or any other page as
may replace such page on such service) or page USAUCTION11 (or any other page as may replace such
page on such service) or, if not so published at 3:00 p.m., New York City time, on the related
Calculation Date, the Bond Equivalent Yield (as defined below) of the rate for such Treasury Bills
as published in H.15 Daily Update, or such other recognized electronic source used for the purpose
of displaying such rate, under the caption “U.S. Government Securities/Treasury Bills/Auction
High.” If such rate is not so published in the related H.15 Daily Update or another recognized
source by 3:00 p.m., New York City time, on the related Calculation Date, the Treasury Rate on such
Treasury Rate Interest Determination Date shall be the Bond Equivalent Yield of the Auction rate of
such Treasury Bills as announced by the United States Department of the Treasury. In the event
that such Auction rate is not so announced by the United States Department of the Treasury on such
Calculation Date, or if no such Auction is held, then the Treasury Rate on such Treasury Rate
Interest Determination Date shall be the Bond Equivalent Yield of the rate on such Treasury Rate
Interest Determination Date of Treasury Bills having the Index Maturity specified in the applicable
Pricing Supplement as published in H.15(519) under the caption “U.S. government securities/treasury
bills/secondary market” or, if not yet published by 3:00 p.m., New York City time, on the related
Calculation Date, the rate on such Treasury Rate Interest Determination Date of such Treasury Bills
as published in H.15 Daily Update, or such other recognized electronic source used for the purpose
of displaying such rate, under the caption “U.S. government securities/treasury bills (secondary
market).” If such rate is not yet published in the H.15(519), H.15 Daily Update or another
recognized electronic source by 3:00 p.m., New York City time,

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on the related Calculation Date, then the Treasury Rate on such Treasury Rate Interest
Determination Date shall be calculated by the Calculation Agent and shall be the Bond Equivalent
Yield of the arithmetic mean of the secondary market bid rates, as of approximately 3:30 p.m., New
York City time, on such Treasury Rate Interest Determination Date, of the three leading primary
United States government securities dealers (which may include the agents or their affiliates)
selected by the Calculation Agent, for the issue of Treasury Bills with a remaining maturity
closest to the Index Maturity specified in the applicable Pricing Supplement; provided, however,
that if the dealers so selected by the Calculation Agent are not quoting as mentioned in this
sentence, the Treasury Rate determined as of such Treasury Rate Interest Determination Date will be
the Treasury Rate in effect on such Treasury Rate Interest Determination Date.

          The “Bond Equivalent Yield” means a yield (expressed as a percentage) calculated in accordance
with the following formula:

where “D” refers to the applicable per annum rate for Treasury Bills quoted on a bank discount
basis and expressed as a decimal, “N” refers to 365 or 366, as the case may be, and “M” refers to
the actual number of days in the applicable interest reset period.

          CMT Rate. CMT Rate Notes will bear interest at the interest rates (calculated with
reference to the CMT Rate and the Spread and/or Spread Multiplier, if any) specified in the CMT
Rate Note and in the applicable Pricing Supplement. CMT Rate Notes will be subject to the minimum
interest rate and maximum interest rate, if any.

          Unless otherwise specified in the applicable Pricing Supplement, “CMT Rate” means, with
respect to any CMT Rate Interest Determination Date:

          (I) If “Reuters Page FRBCMT” is the specified CMT Reuters Page in the applicable Pricing
Supplement, the CMT Rate on the CMT Rate Interest Determination Date shall be a percentage equal to
the yield for United States Treasury securities at “constant maturity” having the Index Maturity
specified in the applicable Pricing Supplement as set forth in H.15(519) under the caption
“Treasury constant maturities,” as such yield is displayed on Reuters (or any successor service) on
page FRBCMT (or any other page as may replace such page on such service) (“Reuters Page FRBCMT”)
for such CMT Rate Interest Determination Date. If such rate does not appear on Reuters Page
FRBCMT, the CMT Rate on such CMT Rate Interest Determination Date shall be a percentage equal to
the yield for United States Treasury securities at “constant maturity” having the Index Maturity
specified in the applicable Pricing Supplement and for such CMT Rate Interest Determination Date as
set forth in H.15(519) under the caption “Treasury constant maturities.” If such rate does not
appear in H.15(519), the CMT Rate on such CMT Rate Interest Determination Date shall be the rate
for the period of the Index Maturity specified in the applicable Pricing Supplement as may then be
published by either the Federal Reserve Board or the United States Department of the Treasury that
the Calculation

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Agent determines to be comparable to the rate that would otherwise have been published in
H.15(519). If the Federal Reserve Board or the United States Department of the Treasury does not
publish a yield on United States Treasury securities at “constant maturity” having the Index
Maturity specified in the applicable Pricing Supplement for such CMT Rate Interest Determination
Date, the CMT Rate on such CMT Rate Interest Determination Date shall be calculated by the
Calculation Agent and shall be a yield-to-maturity based on the arithmetic mean of the secondary
market bid prices at approximately 3:30 p.m., New York City time, on such CMT Rate Interest
Determination Date of three leading primary United States government securities dealers in New York
City (which may include the agents or their affiliates) (each, a “Reference Dealer”) selected by
the Calculation Agent from five such Reference Dealers selected by the Calculation Agent and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest
quotation (or, in the event of equality, one of the lowest) for United States Treasury securities
with an original maturity equal to the Index Maturity specified in the applicable Pricing
Supplement, a remaining term to maturity no more than one year shorter than such Index Maturity and
in a principal amount that is representative for a single transaction in such securities in such
market at such time. If fewer than three prices are provided as requested, the CMT Rate on such
CMT Rate Interest Determination Date shall be calculated by the Calculation Agent and shall be a
yield-to-maturity based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 p.m., New York City time, on such CMT Rate Interest Determination Date of three
Reference Dealers selected by the Calculation Agent from five such Reference Dealers selected by
the Calculation Agent and eliminating the highest quotation (or, in the event of equality, one of
the highest) and the lowest quotation (or, in the event of equality, one of the lowest) for United
States Treasury securities with an original maturity greater than the Index Maturity specified in
the applicable Pricing Supplement, a remaining term to maturity closest to such Index Maturity and
in a principal amount that is representative for a single transaction in such securities in such
market at such time. If two such United States Treasury securities with an original maturity
greater than the Index Maturity specified in the applicable Pricing Supplement have remaining terms
to maturity equally close to such Index Maturity, the quotes for the treasury security with the
shorter original term to maturity will be used. If fewer than five but more than two such prices
are provided as requested, the CMT Rate on such CMT Rate Interest Determination Date shall be
calculated by the Calculation Agent and shall be based on the arithmetic mean of the bid prices
obtained and neither the highest nor the lowest of such quotations shall be eliminated; provided,
however, that if fewer than three such prices are provided as requested, the CMT Rate determined as
of such CMT Rate Interest Determination Date shall be the CMT Rate in effect on such CMT Rate
Interest Determination Date.

          (II) If “Reuters Page FEDCMT” is the specified CMT Reuters Page in the applicable Pricing
Supplement, the CMT Rate on the CMT Rate Interest Determination Date shall be a percentage equal to
the one-week or one-month, as specified in the applicable Pricing Supplement, average yield for
United States Treasury securities at “constant maturity” having the Index Maturity specified in the
applicable Pricing Supplement as set forth in H.15(519) opposite the caption “Treasury Constant
Maturities,” as such yield is displayed on Reuters on page FEDCMT (or any other page as may replace
such page on such service) (“Reuters Page FEDCMT”) for the week or month, as applicable, ended
immediately preceding the week or month, as applicable, in which such CMT Rate Interest
Determination Date falls. If such rate

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does not appear on Reuters Page FEDCMT, the CMT Rate on such CMT Rate Interest Determination
Date shall be a percentage equal to the one-week or one-month, as specified in the applicable
Pricing Supplement, average yield for United States Treasury securities at “constant maturity”
having the Index Maturity specified in the applicable Pricing Supplement for the week or month, as
applicable, preceding such CMT Rate Interest Determination Date as set forth in H.15(519) opposite
the caption “Treasury Constant Maturities.” If such rate does not appear in H.15(519), the CMT
Rate on such CMT Rate Interest Determination Date shall be the one-week or one-month, as specified
in the applicable Pricing Supplement, average yield for United States Treasury securities at
“constant maturity” having the Index Maturity specified in the applicable Pricing Supplement as
otherwise announced by the Federal Reserve Bank of New York for the week or month, as applicable,
ended immediately preceding the week or month, as applicable, in which such CMT Rate Interest
Determination Date falls. If the Federal Reserve Bank of New York does not publish a one-week or
one-month, as specified in the applicable Pricing Supplement, average yield on United States
Treasury securities at “constant maturity” having the Index Maturity specified in the applicable
Pricing Supplement for the applicable week or month, the CMT Rate on such CMT Rate Interest
Determination Date shall be calculated by the Calculation Agent and shall be a yield-to-maturity
based on the arithmetic mean of the secondary market bid prices at approximately 3:30 p.m., New
York City time, on such CMT Rate Interest Determination Date of three Reference Dealers selected by
the Calculation Agent from five such Reference Dealers selected by the Calculation Agent and
eliminating the highest quotation (or, in the event of equality, one of the highest) and the lowest
quotation (or, in the event of equality, one of the lowest) for United States Treasury securities
with an original maturity equal to the Index Maturity specified in the applicable Pricing
Supplement, a remaining term to maturity of no more than one year shorter than such Index Maturity
and in a principal amount that is representative for a single transaction in such securities in
such market at such time. If fewer than five but more than two such prices are provided as
requested, the CMT Rate on such CMT Rate Interest Determination Date shall be the rate on the CMT
Rate Interest Determination Date calculated by the Calculation Agent based on the arithmetic mean
of the bid prices obtained and neither the highest nor the lowest of such quotation shall be
eliminated. If fewer than three prices are provided as requested, the CMT Rate on such CMT Rate
Interest Determination Date shall be calculated by the Calculation Agent and shall be a
yield-to-maturity based on the arithmetic mean of the secondary market bid prices as of
approximately 3:30 p.m., New York City time, on such CMT Rate Interest Determination Date of three
Reference Dealers selected by the Calculation Agent from five such Reference Dealers selected by
the Calculation Agent and eliminating the highest quotation (or, in the event of equality, one of
the highest) and the lowest quotation (or, in the event of equality, one of the lowest) for United
States Treasury securities with an original maturity longer than the Index Maturity specified in
the applicable Pricing Supplement, a remaining term to maturity closest to such Index Maturity and
in a principal amount that is representative for a single transaction in such securities in such
market at such time. If two United States Treasury securities with an original maturity greater
than the Index Maturity specified in the applicable Pricing Supplement have remaining terms to
maturity equally close to such Index Maturity, the quotes for the Treasury security with the
shorter original term to maturi
ty will be used. If fewer than five but more than two such prices
are provided as requested, the CMT Rate on such CMT Rate Interest Determination Date shall be the
rate on the CMT Rate Interest Determination Date calculated by the Calculation Agent based on the
arithmetic mean of the bid prices obtained and neither the highest nor lowest of such

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 quotations shall be eliminated; provided, however, that if fewer than three such prices are
provided as requested, the CMT Rate determined as of such CMT Rate determination date shall be the
CMT Rate in effect on such CMT Rate Interest Determination Date.

Zero Coupon Notes

          The specific terms of any Zero Coupon Notes will be set forth in the applicable Pricing
Supplement.

          (6) Unless otherwise specified in the applicable Pricing Supplement, principal of (and
premium, if any) and interest (if any) on the Notes will be payable, and, except as provided in
Section 305 of the Indenture with respect to any Global Security (as defined below) representing
Book-Entry Notes (as defined below), the transfer of the Notes will be registrable and Notes will
be exchangeable for Notes bearing identical terms and provisions at the corporate trust office of
U.S. Bank Trust National Association (the “Paying Agent”), in New York City, New York, provided
that payments of interest with respect to any Certificated Note (as defined below), other than
interest at maturity or upon redemption, may be made at the option of the Company by check mailed
to the address of the person or entity entitled thereto 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. Unless otherwise specified in the applicable Pricing Supplement, holders of
$10,000,000 or more in aggregate principal amount of Certificated Notes shall be entitled to
receive payments of interest, other than interest at maturity or upon redemption, by wire transfer
of immediately available funds, if appropriate wire transfer instructions have been given to the
Paying Agent in writing not later than the Regular Record Date prior to the applicable Interest
Payment Date.

          (7) If so specified in the applicable Pricing Supplement, the Notes will be redeemable at the
option of the Company on the date or dates prior to maturity specified in the applicable Pricing
Supplement at the price or prices specified in the applicable Pricing Supplement: (i) Unless
otherwise specified in such Pricing Supplement, in the case of Notes other than Zero Coupon Notes
or certain interest bearing notes issued as Original Issue Discount Notes, expressed as a specified
percentage of the principal amount of such Note, together with accrued interest, if any, to the
date of redemption stated in the applicable Pricing Supplement; (ii) Unless otherwise specified in
the applicable Pricing Supplement, in the case of Zero Coupon Notes or certain interest bearing
Notes issued as Original Issue Discount Notes (as specified in the applicable Pricing Supplement),
as a specified percentage of the Amortized Face Amount (as defined below) of such Note (as
described in paragraph (13) below), together with accrued interest, if any, to the date of
redemption (or, in the case of any interest bearing Note issued as an Original Issue Discount Note,
any accrued but unpaid “qualified stated interest” payments (as specified in Paragraph (13) below).
Unless otherwise specified in the applicable Pricing Supplement, the Company may redeem any of the
Notes which are redeemable and remain outstanding either in whole or from time to time in part upon
the terms and conditions set forth in Article XI of the Indenture.

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          (8) Unless otherwise specified in the applicable Pricing Supplement, the Company shall not be
obligated to redeem or purchase any Notes of such series pursuant to any sinking fund or analogous
provisions or at the option of any Holder.

          (9) Unless otherwise specified in the applicable Pricing Supplement, Notes of such series may
be issued only in fully registered form. Unless otherwise specified in the applicable Pricing
Supplement, the authorized denomination of the Notes of such series other than Foreign Currency
Notes (as defined below), shall be $1,000 or any amount in excess of $1,000 which is an integral
multiple of $1,000. Foreign Currency Notes will be issued in the denominations specified in the
applicable Pricing Supplement.

          (10) The Notes may be denominated, and payments of principal of and interest on the Notes will
be made, in United States dollars or in such foreign currencies or foreign currency units as may be
specified in the applicable Pricing Supplement (“Foreign Currency Notes”). In the case of a Note
having a Specified Currency other than U.S. dollars, the principal of that Note in U.S. dollars
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 all Holders of Notes denominated
other than in other than U.S. dollars and who are scheduled to receive U.S. dollar payments. If
this bid quotation is not available, the exchange rate agent will obtain a bid quotation from a
leading foreign exchange bank in London or New York City selected by the exchange rate agent for
this purchase. If the bids are not available, payment of the aggregate amount due to all Holders of
Notes on the payment date will be made in the Specified Currency. All currency exchange costs will
be borne by the Holder of the Note by deductions from these payments.

          (11) Except as otherwise described in Paragraph (5) above and Paragraph (13) below, the amount
of payments of principal of and any premium or interest on the Notes will not be determined with
reference to an index.

          (12) Unless otherwise specified in the applicable Pricing Supplement, the Notes shall be
subject to the events of default specified in Section 501, paragraphs (1) through (8), of the
Indenture.

          (13) The portion of the principal amount of the Notes, other than Original Issue Discount
Notes (including any Zero Coupon Notes), which shall be payable upon declaration of acceleration of
maturity thereof shall not be other than the principal amount thereof. Unless otherwise specified
in the applicable Pricing Supplement, the portion of the principal amount of Zero Coupon Notes and
certain interest bearing Notes issued as Original Issue Discount Notes (as specified in the
applicable Pricing Supplement) upon any acceleration of the maturity thereof will be the Amortized
Face Amount and in the case of an interest-bearing note issued as an Original Issue Discount Note,
any accrued but unpaid qualified stated interest payments. Unless otherwise specified in the
applicable Pricing Supplement, the amount payable to the holder of such Original Issue Discount
Note upon any redemption thereof will be the applicable specified percentage of the Amortized Face
Amount thereof specified in the applicable Pricing

-18-

 

Supplement, and in the case of any interest bearing Note issued as an Original Issue Discount
Note, 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 an Original Issue Discount Note is equal to the sum
of (i) the Issue Price (as defined below) of such Original Issue Discount Note and (ii) that
portion of the difference between the Issue Price and the principal amount of such original Issue
Discount Note that has been amortized at the Stated Yield (as defined below) of such Original Issue
Discount 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 such Original Issue Discount 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 such Note due
at the stated maturity thereof. As used in the preceding sentence, the term “Issue Price” means the
principal amount of such Original Issue Discount Note due at the stated maturity thereof less the
“Original Issue Discount” of such Original Issue Discount Note specified on the face thereof and in
the applicable Pricing Supplement. The term “Stated Yield” of such Original Issue Discount Note
means the “Yield to Maturity” specified on the face of such Original Issue Discount Note and in the
applicable Pricing Supplement for the period from the Original Issue Date of such Original Issue
Discount Note, as specified on the face of such Original Issue Discount Note and in the applicable
Pricing Supplement, to the stated maturity thereof based on its Issue Price and stated redemption
price at maturity thereof.

          (14) Each Note will be represented by either a master global note or a global note in fully
registered form (each a “Global Note”) registered in the name of a nominee of the Depository (each
such Note represented by a Global Note being herein referred to as a “Book-Entry Note”) or a
certificate issued in definitive registered form, without coupons (a “Certificated Note”), as set
forth in the applicable Pricing Supplement. Unless otherwise specified in the applicable Pricing
Supplement, The Depository Trust Company will act as Depositary. Except as provided in Section 305
of the Indenture, Book-Entry Notes will not be issuable in certificated form and will not be
exchangeable or transferable. So long as the Depositary or its nominee is the registered holder of
any Global Note, the Depositary or its nominee, as the case may be, will be considered the sole
Holder of the Book-Entry Note or Notes represented by such Global Note for all purposes under the
Indenture and the Notes.

          (15) Subject to the terms of the Indenture and the resolutions and authorization referred to
in the first paragraph hereof, the Notes shall have such other terms (which may be in addition to
or different from the terms set forth herein) as are specified in the applicable Pricing
Supplement.

          B. Establishment of Note Forms pursuant to Section 201 of Indenture.

          It is hereby established pursuant to Section 201 of the Indenture that the Global Securities
representing Book-Entry Notes shall be substantially in the forms attached as Exhibits A, B, C, D
and E hereto, unless a different form is provided in the applicable Pricing Supplement (which
Pricing Supplement shall be an “Officers’ Certificate” satisfying the requirements of Section 201
of the Indenture).

-19-

 

          C. Establishment or Procedures for Authentication of Notes Pursuant to Section 303 of
Indenture.

          It is hereby ordered pursuant to Section 303 of the Indenture that Notes may be authenticated
by the Trustee and issued in accordance with the Administrative Procedures attached hereto as
Exhibit F and upon receipt by the Trustee (including by facsimile) of a Pricing Supplement to this
Officers’ Certificate and Company Order, in substantially the form attached as Exhibit G hereto (a
“Pricing Supplement”), setting forth the information specified or contemplated therein for the
particular Notes to be authenticated and issued. At least one officer signing each Pricing
Supplement shall be an Authorized Officer as defined in the resolutions referred to in the first
paragraph hereof.

          D. Other Matters.

          The applicable Pricing Supplement shall specify any agent of the Company designated for the
purpose of delivering, for cancellation by the Trustee pursuant to Section 309 of the Indenture,
Notes which have not been issued and sold by the Company.

          Attached as Exhibit H hereto is a true and correct copy of resolutions duly adopted by the
Board of Directors of the Company on April 15, 2008, such resolutions have not been further
amended, modified or rescinded and remain in full force and effect; and such resolutions are the
only resolutions adopted by the Company’s Board of Directors or by any Authorized Officers relating
to the offering and sale of the Notes.

[THE REMAINDER OF THIS PAGE IS LEFT INTENTIONALLY BLANK]

-20-

 

     The undersigned have read the pertinent sections of the Indenture including the related
definitions contained therein. The undersigned have examined the resolutions adopted by the Board
of Directors of the Company. In the opinion of the undersigned, the undersigned have made such
examination or investigation as is necessary to enable the undersigned to express an informed
opinion as to whether or not the conditions precedent to the establishment of (i) a series of
Securities, (ii) the forms of such Securities and (iii) the procedures for authentication of such
series of Securities, contained in the Indenture have been complied with. In the opinion of the
undersigned, such conditions have been complied with.

Dated: April 25, 2008

	 	 	 	 	 	 	 	 	 
	 	 	U.S. BANCORP	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ Kenneth D. Nelson
	 	*
	 	 
	 	 	 	 	 	 	 
	 	 	Name: Kenneth D. Nelson

Title: Senior Vice President and Treasurer	 	 	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	By:
	 	/s/ John C. Stern
	 	**	 	 
	 	 	 	 	 	 	 
	 	 	Name: John C. Stern

Title: Vice President	 	 	 	 

 

			
	*	 	To be signed by the Treasurer or any Assistant Treasurer or Senior Vice President designated
as an Authorized Officer.
	 
	**	 	To be signed by a Vice President.

-21-

 

EXHIBIT A — GLOBAL FIXED RATE NOTE

-22-

 

EXHIBIT B — GLOBAL FLOATING RATE NOTE

-23-

 

EXHIBIT C — GLOBAL ORIGINAL ISSUE DISCOUNT ZERO COUPON NOTE

-24-

 

EXHIBIT D — GLOBAL ORIGINAL ISSUE DISCOUNT FIXED RATE NOTE

-25-

 

EXHIBIT E — MASTER GLOBAL NOTE (SERIES R)

-26-

 

EXHIBIT F — ADMINISTRATIVE PROCEDURES

-27-

 

EXHIBIT G — PRICING SUPPLEMENT

-28-

 

EXHIBIT H — BOARD RESOLUTIONS

-29-

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