Document:

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Exhibit 4.2

U.S. BANCORP

Medium-Term Notes, Series S (Subordinated)

Officers’ Certificate and Company Order

     Pursuant to the 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 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 S
(Subordinated)” (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. Unless otherwise authorized by or pursuant to a resolution of the Board of
Directors of the Company, no Series S Note will mature less than 5

 

years 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) the Federal Funds Rate, in
which case such Note will be a “Federal Funds Rate Note”: (c) LIBOR, in which case such Note will
be a “LIBOR Note”; (d) the Prime Rate, in

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which case such Note will be a “Prime Rate Note”; (e) the CD Rate, in which case such Note
will be a “CD Rate Note”; (f) the Treasury Rate, in which case such Note will be a “Treasury Rate
Note”; (g) the CMT Rate, in which case such Note will be a “CMT Rate Note”; (h) EURIBOR, in which
case such Note will be a “EURIBOR 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 Treasury Rate Notes
which are reset weekly, the Tuesday of each week (except if the auction

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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 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.

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          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.

          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

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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 such 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.

          (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

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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:

          (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

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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.

          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

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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 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

-11-

 

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 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

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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, 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

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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, 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 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

-14-

 

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 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

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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 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 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 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.

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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.

     (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

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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 (5), 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 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

-18-

 

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) The Notes shall be subject to the subordination provisions contained in Article Thirteen
of the Indenture.

          (16) 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).

          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

-19-

 

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.

 

 

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 S)

-26-

 

EXHIBIT F – ADMINISTRATIVE PROCEDURES

-27-

 

EXHIBIT G – PRICING SUPPLEMENT

-28-

 

EXHIBIT H – BOARD RESOLUTIONS

-29-exv4w3

 

Exhibit 4.3(a)

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

	 	 	 	REGISTERED
	 

	 	 	 	Principal Amount:
	No.RA-

	 	U.S. BANCORP
	 	$ 
	 

	 	Medium-Term Note, Series R (Senior)
	 	CUSIP
	 

	 	(Global Fixed Rate Note)
	 	No.

	 	 	 
	ORIGINAL ISSUE DATE:

	 	MATURITY DATE:
	 
	INTEREST RATE:

	 	REDEMPTION TERMS:
	 
	SPECIFIED CURRENCY:

	 	OTHER TERMS:

     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, and to pay interest thereon 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 (but excluding) 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 on 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 under “Other Terms”
above, be the day (whether or not a Business Day) fifteen calendar days preceding each Interest
Payment Date; provided, however, that interest payable on the Maturity Date of this Note or any
applicable Redemption Date shall be payable to the Person to whom principal shall be payable. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
Holder hereof on such Regular Record Date and may be paid to the Person in whose name this Note (or
one or more predecessor Notes) is registered at the close of business on a Special Record Date for
the payment of such Defaulted Interest to be fixed by the Trustee, notice whereof shall be given to
the Holder of this Note not less than 10 days prior to such Special Record Date. In the event that
any Maturity Date or Redemption Date is not a Business

 

 

Day, the principal otherwise payable on such date will be paid on the next day that is a
Business Day with the same force and effect as if made on such Maturity Date or Redemption Date,
and no interest will accrue for the period from and after that Maturity Date or Redemption Date, as
applicable. In the event that any Interest Payment Date is not a Business Day, such Interest
Payment Date shall be postponed to the next day that is a Business Day, and no interest will accrue
with respect to the payment due on such Interest Payment Date for the period from and after that
Interest Payment Date to the next succeeding Business Day. Payment of the principal of (and
premium, if any) and interest on this Note will be made to The Depository Trust Company, as
depositary, or its nominee as the registered owner of the global notes representing the book entry
notes, provided, however, that the Company may, at its option, pay interest on any Certificated
Note, other than interest at maturity or upon redemption, by mailing a check to the address of the
Person entitled to payment as it appears on the Security Register of the Company at the close of
business on the Regular Record Date corresponding to the relevant Interest Payment Date. A Holder
of $10,000,000 (or the equivalent of $10,000,000 in a currency other than U.S. dollars) or more in
aggregate principal amount of Notes of like tenor and term shall be entitled to receive payments by
wire transfer of immediately available funds, but only if appropriate wire transfer instructions
have been received in writing by the Trustee or the applicable Paying Agent not later than fifteen
calendar days prior to the applicable Interest Payment Date. Payment of the principal of (and
premium, if any) and interest on this Note due on the Maturity Date or any applicable Redemption
Date will be made in immediately available funds upon presentation of this Note. Interest on this
Note shall be computed on the basis of a 360-day year of twelve 30-day months.

     The principal of and any premium and interest on this Note are payable by the Company in the
Specified Currency for this Note. If the Specified Currency for this Note is other than U.S.
dollars, the Company will (unless otherwise specified on the face hereof) arrange to convert all
payments in respect of this Note into U.S. dollars in the manner described in the following
paragraph. If this Note has a Specified Currency other than U.S. dollars, the Holder may (if so
indicated on the face hereof) elect to receive all payments in respect of this Note in the
Specified Currency by delivery of a written notice to the Trustee or the applicable Paying Agent
not later than fifteen days prior to the applicable payment date, subject to certain exceptions.
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 the 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.

2

 

     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 identified below, by manual signature, this Note shall not be entitled to any benefit under
the Indenture 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 R (Senior)

(Global Fixed Rate Note)

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued or to be issued in one or more series under an Indenture, dated as of October 1,
1991 (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated herein. By the terms of
the Indenture, additional Notes of this series and of other separate series, which may vary as to
date, amount, Stated Maturity, interest rate or method of calculating the interest rate and in
other respects as therein provided, may be issued in an unlimited principal amount.

     If possible Redemption Dates or periods within which Redemption Dates may occur and the
related Redemption Prices (expressed as percentages of the principal 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, 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 with similar terms, and 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, the
principal of all the Notes may (subject to the conditions set forth in the Indenture) be declared
due and payable in the manner and with the effect provided in the Indenture.

     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

5

 

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.

     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 of (and premium, if any) 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 or any amount
in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, 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 meanings assigned to them in the Indenture.

6

 

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.

7

 

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.

8

 

Exhibit 4.3(b)

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

	 	 	 	REGISTERED
	 

	 	 	 	Principal Amount:
	No. RB-

	 	U.S. BANCORP
	 	$ 
	 

	 	Medium-Term Note, Series R (Senior)
	 	CUSIP
	 

	 	(Global Floating Rate Note)
	 	No.

	 	 	 
	No.
	 	 
	ORIGINAL ISSUE DATE:

	 	MATURITY DATE:
	 
	INITIAL INTEREST RATE:

	 	SPREAD:
	 
	BASE RATE (and, if

	 	SPREAD MULTIPLIER:
	applicable, related Interest Periods):
	 	 

	o	 	Commercial Paper Rate
       
                    
                    
                 REDEMPTION TERMS:
	 
	o	 	Federal Funds Rate

	 	 	 	o Federal Funds (Effective) Rate
	 
	 	 	 	o Federal Funds Open Rate
	 
	 	 	 	o Federal Funds Target Rate

	o	 	LIBOR
	 
	o	 	EURIBOR
	 
	o	 	Prime Rate
	 
	o	 	CD Rate
	 
	o	 	Treasury Rate
	 
	o	 	CMT Rate

	 	 	 	o Reuters Page FRBCMT
	 
	 	 	 	o Reuters Page FEDCMT

	 	 	 	o One-Week o One-Month

	o	 	Other (see “Other Terms”)
    
                    
                    
                 OTHER TERMS:

INDEX MATURITY:

MAXIMUM INTEREST RATE:

MINIMUM INTEREST RATE:

INTEREST RESET DATES:

INTEREST PAYMENT DATES:

INTEREST RESET PERIOD:

SPECIFIED CURRENCY:

DAY COUNT CONVENTION:

	o	 	30/360 for the period
	 
	 	 	From                      To
	 
	o	 	Actual/360 for the period
	 
	 	 	From                     To
	 
	o	 	Actual/Actual for the period
	 
	 	 	From                     To

 

 

     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, and to pay interest thereon from the Original Issue Date shown
above or, except as otherwise specified below, from and including the most recent Interest Payment
Date to which interest has been paid or duly provided for, on each Interest Payment Date shown
above, commencing with the Interest Payment Date immediately following the Original Issue Date, at
the rate per annum determined in accordance with the provisions set forth on the reverse side
hereof relating to the applicable Base Rate specified 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 on any Interest Payment Date will, as provided in such 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, unless
otherwise specified under “Other Terms” above, shall be the day (whether or not a Business Day)
fifteen calendar days preceding each Interest Payment Date; provided, however, that interest
payable on the Maturity Date of 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, as applicable. In the event that any Interest Payment Date is not a Business
Day, such Interest Payment Date shall be postponed to the next day that is a Business Day, provided
that, for LIBOR 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. 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. If possible Redemption
Dates or periods within which Redemption Dates may occur and the related Redemption Prices
(expressed as percentages of the principal amount of this Note) are set forth above under
“Redemption Terms”, this Note is subject to redemption, in whole or in part, at the option of the
Company prior to the Maturity Date upon not less than 30 nor more than 60 days’ notice mailed to
the registered holder of the Note.

     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 the 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 or be valid or obligatory for any purpose.

 

 

     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

 

 

[Reverse Side of Note]

U.S. BANCORP

Medium-Term Note, Series R (Senior)

(Global Floating Rate Note)

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued or to be issued in one or more series under an Indenture dated as of October 1,
1991 (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and 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.

     General

     The rate of interest for this Note will be determined by reference to one or more Base Rates
specified on the face hereof, which may be adjusted by a Spread and/or Spread Multiplier. The
“Spread” is the number of basis points, or one-hundredth of a percentage point, specified on the
face hereof to be added or subtracted from the Base Rate specified on the face hereof. The “Spread
Multiplier” is the percentage specified on the face hereof to be applied to the Base Rate specified
on the face hereof. This Note may also have either or both of the following: (i) a Maximum
Interest Rate, or ceiling, on the rate at which interest will accrue during any Interest Reset
Period; and (ii) a Minimum Interest Rate, or floor, on the rate at which interest will accrue
during any Interest Reset Period. Notwithstanding the foregoing, the interest rate per annum
hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof. The interest rate on this 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.

     Commencing with the Interest Reset Date specified on the face hereof, first following the
Original Issue Date specified on the face hereof, the rate at which this Note bears interest 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”).
Unless otherwise specified on the face hereof under “Other Terms,” the Interest Reset Date will be
as follows: in the case of Notes which are reset daily, each Business Day; in the case of Notes
(other than Treasury Rate Notes) which are reset weekly, the Wednesday of each week; in the case of
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 Notes which are
reset monthly, the third Wednesday of each month; in the case of Notes which are reset quarterly,
the third Wednesday of March, June, September and December of each year; in the case of Notes which
are reset semi-annually, the third Wednesday of the two months of each year as indicated on the
face hereof, by the Interest Reset Dates; and in the case of Notes which are reset annually, the
third Wednesday of the month of each year as indicated on the face hereof, by the Interest Reset
Dates. Unless otherwise specified on the face hereof, the interest rate determined with respect to
any Interest Determination Date (as defined below) will become effective on the next succeeding
Interest Reset Date; provided, however, that the interest rate in effect from the Original Issue
Date to the first Interest Reset Date with respect to this Note (the “Initial Interest Rate”) will
be as set forth on the face hereof. If any Interest Reset Date for any 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. Subject to applicable provisions of law and except as specified herein, on each Interest
Reset Date the rate of interest on this Note shall be the rate determined in accordance with the
provisions of the applicable heading below.

     As used herein, “Interest Determination Date” is the date that the Calculation Agent will
refer to, when determining the new interest rate at which the interest rate on a Floating Rate Note
will reset. Unless otherwise

 

 

specified on the face hereof under “Other Terms,” the Interest Determination Date pertaining
to an 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 before
the 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 on the face hereof
under “Other Terms,” 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 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, that Friday will be the Treasury Rate
Interest Determination Date pertaining to the Interest Reset Date occurring in the next week. If
an auction falls on a day that is an Interest Reset Date for a Treasury Rate Note, the Interest
Reset Date will be the following Business Day. The Interest Determination Date for a Floating Rate
Note, which interest rate is determined by two or more Base Rates, will be the latest Business Day
which is at least two Business Days prior to the Interest Reset Date for such Floating Rate Note on
which each such Base Rate can be determined.

     Unless otherwise specified on the face hereof under “Other Terms,” interest payments on this
Note on an Interest Payment Date will accrue from and including the most recent Interest Payment
Date on which interest is paid or duly provided for, or if no interest is paid or duly provided
for, the date will be from and including the Original Issue Date or any other date specified on the
face hereof on which interest begins to accrue. Interest will accrue to, but excluding, the next
Interest Payment Date, or if earlier, the date on which the principal is paid or duly made
available for payment. Accrued interest is calculated by multiplying the face amount of this Note
by the applicable accrued interest factor (the “Accrued Interest Factor”). This Accrued Interest
Factor is the sum of the interest factors calculated for each day from the Original Issue Date 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. The interest factor for each such day is computed by
dividing the annual interest rate, expressed as a decimal, applicable to that 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 the day is
an Interest Reset Date, the interest rate for the Interest Determination Date related to the
Interest Reset Date or (ii) if the day is not an Interest Reset Date, the interest rate for the
Interest Determination Date related to the next preceding Interest Reset Date, subject in either
case to the Maximum Interest Rate or Minimum Interest Rate referred to on the face hereof.

     On or before the Calculation Date (as defined below), U.S. Bank Trust National Association, as
Calculation Agent (the “Calculation Agent”), will determine the interest rate in accordance with
the foregoing with respect to the applicable Base Rate and will notify the Paying Agent. The
Paying Agent will determine the Accrued Interest Factor applicable to this Note. The Paying Agent
will, upon the request of the Holder of this 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 this 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 be conclusive and binding. Unless otherwise specified on the face
hereof under “Other Terms,” the “Calculation Date” means the earlier of (i) the tenth calendar day
after such Interest Determination Date, or, if that day is not a Business Day, the following
Business Day, and (ii) the Business Day before the applicable Interest Payment Date, Maturity Date
or Redemption Date, as the case may be.

     Unless otherwise specified on the face hereof under “Other Terms,” all percentages resulting
from any calculation on this Note, will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point, with five one-millionths of a percentage point rounded
upward. For example, 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).
All dollar amounts used in or resulting from calculation on this Note will be rounded to the
nearest cent, with one-half cent being rounded upward.

     Determination of Commercial Paper Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the
Commercial Paper Rate, this Note is a “Commercial Paper Rate Note” with respect to such Interest
Period and the interest rate with respect to this Note for any Interest Reset Date relating to such
Interest Period shall be the Commercial Paper Rate as adjusted by the Spread and/or the Spread
Multiplier, if any, as specified on the face hereof, as determined on the applicable Commercial
Paper Rate Interest Determination Date. Commercial Paper Rate Notes will be subject to the Minimum
Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “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 on the face hereof 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: (1) 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 on the face
hereof 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;” (2) 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 on the face hereof 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.

     “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.

     Determination of Federal Funds Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the
Federal Funds Rate, this Note is a “Federal Funds Rate Note” with respect to such Interest Period
and the interest rate with respect to this Note for any Interest Reset Date relating to such
Interest Period shall be the Federal Funds Rate as adjusted by the Spread and/or Spread Multiplier,
if any, as specified on the face hereof, as determined on the applicable Federal Funds Rate
Interest Determination Date. Federal Funds Rate Notes will be subject to the Minimum Interest Rate

 

 

and Maximum Interest Rate, if any. The Federal Funds Rate will be calculated by reference to
either the Federal Funds (Effective) Rate, the Federal Funds Open Rate or the Federal Funds Target
Rate, as specified on the face hereof.

     Unless otherwise specified on the face hereof under “Other Terms,” “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:

     (1) If “Federal Funds (Effective) Rate” is the specified Federal Funds Rate on the face
hereof, 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.

     (2) If “Federal Funds Open Rate” is the specified Federal Funds Rate on the face hereof, 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.

     (3) If “Federal Funds Target Rate” is the specified Federal Funds Rate on the face hereof, 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.

 

 

     Determination of LIBOR

     If the Base Rate specified on the face hereof with respect to any Interest Period is LIBOR,
this Note is a “LIBOR Note” with respect to such Interest Period and the interest rate with respect
to this Note for any Interest Reset Date relating to such Interest Period shall be LIBOR as
adjusted by the Spread and/or the Spread Multiplier, if any, as specified on the face hereof, as
determined on the applicable LIBOR Interest Determination Date. LIBOR Notes will be subject to the
Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “LIBOR” will be determined
by the Calculation Agent with respect to each LIBOR Interest Determination Date in accordance with
the following provisions:

     (1) With respect to LIBOR Interest Determination Date, LIBOR will be the rate for deposits in
the Designated LIBOR Currency having the Index Maturity specified on the face hereof 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 (2) below.

     (2) With respect to LIBOR Interest Determination Date on which no rate is displayed on Reuters
Page LIBOR01 as specified in clause (1) 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 on the face hereof, 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 on the face hereof 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 on the face
hereof as to which LIBOR shall be calculated or, if no such Designated LIBOR Currency is specified
on the face hereof, 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.

     Determination of EURIBOR

     If the Base Rate specified on the face hereof with respect to any Interest Period is EURIBOR,
this Note is a “EURIBOR Note” with respect to such Interest Period and the interest rate with
respect to this Note for any Interest

 

 

Reset Date relating to such Interest Period shall be the EURIBOR Rate as adjusted by the Spread
and/or Spread Multiplier, if any, as specified on the face hereof, as determined on the applicable
EURIBOR Interest Determination Date. EURIBOR Rate Notes will be subject to the Minimum Interest
Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” 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:

     (1) EURIBOR will be the offered rate for deposits in euro having the Index Maturity specified
on the face hereof, 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.

     (2) 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.

     (3) 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.

     (4) 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.

     Determination of Prime Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the Prime
Rate, this Note is a “Prime Rate Note” with respect to such Interest Period and the interest rate
with respect to this Note for any Interest Reset Date relating to such Interest Period shall be the
Prime Rate as adjusted by the Spread and/or Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable Prime Rate Interest Determination Date. Prime Rate Notes
will be subject to the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “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 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.

     Determination of the CD Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the CD
Rate, this Note is a “CD Rate Note” with respect to such Interest Period and the interest rate with
respect to this Note for any Interest Reset Date relating to such Interest Period shall be the CD
Rate as adjusted by the Spread and/or the Spread Multiplier, as specified on the face hereof, as
determined on the applicable CD Rate Interest Determination Date. CD Rate Notes will be subject to
the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “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 on the face hereof 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:

     (1) 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).”

     (2) 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 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 on the face hereof in an
amount that is representative for a single transaction in that market at that time.

     (3) 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.

     Determination of Treasury Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the
Treasury Rate, this Note is a “Treasury Rate Note” with respect to such Interest Period and the
interest rate with respect to this Note for any Interest Reset Date relating to such Interest
Period shall be the Treasury Rate as adjusted by the Spread and/or the Spread Multiplier, if any,
as specified on the face hereof, as determined on the applicable Treasury Rate Interest
Determination Date. Treasury Rate Notes will be subject to the Minimum Interest Rate and Maximum
Interest Rate, if any.

 

 

     Unless otherwise specified on the face hereof under “Other Terms,” “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 on the face hereof 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 on the face hereof 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, 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 on the face hereof; 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.

     Determination of CMT Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the CMT
Rate, this Note is a “CMT Rate Note” with respect to such Interest Period and the interest rate
with respect to this Note for any Interest Reset Date relating to such Interest Period shall be the
CMT Rate as adjusted by the Spread and/or the Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable CMT Rate Interest Determination Date. CMT Rate Notes will
be subject to the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” with respect to any CMT
Rate Interest Determination Date:

     (1) If “Reuters Page FRBCMT” is the specified CMT Reuters Page on the face hereof, 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 on the
face hereof 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 on the face hereof 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 on the face hereof as may then be published by
either the Federal Reserve Board or the United States Department of the Treasury that the
Calculation 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 on the face hereof 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 on the face hereof, 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 on the face hereof, 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 on the face hereof 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.

     (2) If “Reuters Page FEDCMT” is the specified CMT Reuters Page on the face hereof, the CMT
Rate on the CMT Rate Interest Determination Date shall be a percentage equal to the one-week or
one-month, as specified on the face hereof, average yield for United States Treasury securities at
“constant maturity” having the Index Maturity specified on the face hereof 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 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 on the face hereof, average yield for
United States Treasury securities at “constant maturity” having the Index Maturity specified on the
face hereof 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 on the face hereof, average yield for United States
Treasury securities at “constant maturity” having the Index Maturity specified on the face hereof
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 on the face

 

 

hereof, average yield on United States Treasury securities at “constant maturity” having the
Index Maturity specified on the face hereof 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 on the
face hereof, 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 on
the face hereof, 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 on the face hereof 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 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 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.

     Redemption

     If possible Redemption Dates or periods within which Redemption Dates may occur and the
related Redemption Prices (expressed as percentages of the principal amount of 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, at the applicable Redemption Price so specified,
together with accrued interest, if any, to the Redemption Date; provided, however, that
installments of interest whose Stated Maturity is on or prior to such Redemption Date will be
payable in the case of any such redemption to the Holder of this Note (or one or more predecessor
Notes) at the close of business on the relevant Record Dates referred to above, all as provided in
the Indenture. 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 for 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.

     Miscellaneous Provisions

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

     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 hereof or in lieu hereof, whether or not notation of such consent or
waiver is made upon this Note.

     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 of (and premium, if any) 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 or any amount
in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, 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.

 

 

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.

 

 

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.

 

 

Exhibit 4.3(c)

REGISTERED

No. RC–

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 R (Senior)

(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 R (Senior)

(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 (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated herein. By the terms of
the Indenture, additional Notes of this series and of other separate series, which may vary as to
date, amount, Stated Maturity, interest rate or method of calculating the interest rate and in
other respects as therein provided may be issued in an unlimited principal amount.

     If possible Redemption Dates or periods within which Redemption Dates may occur and the
related Redemption Prices (unless otherwise specified on the face hereof under “Other Terms”,
expressed as percentages of the 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

-5-

 

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.

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

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

     No reference herein to the Indenture and no provision of this Note or of the Indenture shall
alter or impair the obligation of the Company, which is absolute and unconditional, to pay the
principal (and premium, if any) of 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

-6-

 

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.

     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-

 

ABBREVIATIONS

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

TEN COM—as tenants in common

TEN ENT—as tenants by the entireties

JT TEN—as joint tenants with right of survivorship and not as tenants in common

	 	 	 	 	 	 	 	 	 	 
	 

	  UNIF GIFT MIN ACT—
	 	 	 	Custodian	 	 	 	 
	 

	 	 	 

(Cust)
	 	 	 	 

(Minor)
	 	 

under Uniform Gift to Minors Act

 

(State)

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

-8-

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

      

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

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

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

	 	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	 	 	 

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

-9-

 

Exhibit 4.3(d)

REGISTERED

No. RD—

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 R (Senior)

(Global Original Issue Discount Fixed Rate Note)

	 	 	 	 	 	 	 	 	 	 	 
	ORIGINAL ISSUE DATE:	 	MATURITY DATE:
	 
	 	 	 	 	 	 	 	 	 	 
	INTEREST RATE:	 	REDEMPTION TERMS:
	 
	 	 	 	 	 	 	 	 	 	 
	OTHER TERMS:	 	 	 	 	 	 	 	 
	 
	 	 	 	 	 	 	 	 	 	 
	ORIGINAL ISSUE DISCOUNT:	 	YIELD TO MATURITY:
	 
	 	 	 	 	 	 	 	 	 	 
	[  ]

	 	ORIGINAL ISSUE DISCOUNT NOTE
SUBJECT TO “SPECIAL PROVISIONS”
BELOW
	 	[  ]
	 	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 premi
um thereon,
upon any applicable Redemption Date (subject to the “Special Provisions” on the reverse side
hereof, if applicable), and to pay interest on such principal sum from the Original Issue Date
shown above or from and including the most recent

 

 

Interest Payment Date to which interest has been
paid or duly provided for, on each February 1 and August 1 or such other dates, if any, as are
specified under “Other Terms” above (the “Interest Payment Dates”), commencing with the Interest
Payment Date immediately following the Original Issue Date, at the rate per annum equal to the
Interest Rate shown above, until the principal hereof is paid or made available for payment;
provided, however, that if the Original Issue Date is between a Regular Record Date and an Interest
Payment Date, interest payments will be made on the Interest Payment Date following the next
succeeding Regular Record Date. The interest so payable and punctually paid or duly provided for
any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name
this Note (or one or more predecessor Notes) is registered at the close of business on the Regular
Record Date related to the Interest Payment Date, which shall, unless otherwise specified above
under “Other Terms”, be the day (whether or not a Business Day) fifteen calendar days preceding
each Interest Payment Date; provided, however, that interest payable on the Maturity Date of this
Note or any applicable Redemption Date shall be payable to the Person to whom principal shall be
payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder hereof on such Regular Record Date and may be paid to the Person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on a
Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice
whereof shall be given to the Holder of this Note not less than 10 days prior to such Special
Record Date. In the event that any Maturity Date or Redemption Date is not a Business Day, the
principal otherwise payable on such date will be paid on the next day that is a Business Day with
the same force and effect as if made on such Maturity Date or Redemption Date, and no interest will
accrue for the period from and after that Maturity Date or Redemption Date, as applicable. In the
event that any Interest Payment Date is not a Business Day, such Interest Payment Date shall be
postponed to the next day that is a Business Day, and no interest will accrue with respect to the
payment due on such Interest Payment Date for the period from and after that Interest Payment Date
to the next succeeding Business Day. Payment of the principal of (and premium, if any) and
interest on this Note will be made to The Depository Trust Company, as depositary, or its nominee
as the registered owner of the global notes representing the book entry notes, provided, however,
that the Company may, at its option, pay interest on any Certificated Note, other than interest at
maturity or upon redemption, by mailing a check to the address of the Person entitled to payment as
it appears on the Security Register of the Company at the close of business on the Regular Record
Date corresponding to the relevant Interest Payment Date. A Holder of $10,000,000 (or the
equivalent of $10,000,000 in a currency other than U.S. dollars) or more in aggregate principal
amount of Notes of like tenor and term shall be entitled to receive payments by wire transfer of
immediately available funds, but only if appropriate wire transfer instructions have been received
in writing by the Trustee or the applicable Paying Agent not later than fifteen calendar days prior
to the applicable Interest Payment Date. Payment of the principal of (and premium, if any) and
interest on this Note due on the Maturity Date or any applicable Redemption Date will be made in
immediately available funds upon presentation of this Note. Interest on this Note shall be
computed on the basis of a 360-day year of twelve 30-day months.

     The principal of and any premium and interest on this Note are payable by the Company in the
Specified Currency for this Note. If the Specified Currency for this Note is other than U.S.
dollars, the Company will (unless otherwise specified on the face hereof) arrange to convert all

-2-

 

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 R (Senior)

(Global Original Issue Discount Fixed Rate Note)

     This Note is one of a duly authorized issue of securities of the Company (herein called the
“Notes”), issued or to be issued in one or more series under an Indenture, dated as of October 1,
1991 (herein called the “Indenture”), between the Company and Citibank, N.A., as Trustee (herein
called the “Trustee”, which term includes any successor trustee under the Indenture), to which
Indenture and all indentures supplemental thereto reference is hereby made for a statement of the
respective rights, limitations of rights, duties and immunities thereunder of the Company, the
Trustee and the Holders of the Notes and of the terms upon which the Notes are, and are to be,
authenticated and delivered. This Note is one of the series designated herein. By the terms of
the Indenture, additional Notes of this series and of other separate series, which may vary as to
date, amount, Stated Maturity, interest rate or method of calculating the interest rate and in
other respects as therein provided, may be issued in an unlimited principal amount.

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

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

-5-

 

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

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

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

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

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

-6-

 

     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.

SPECIAL PROVISIONS

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

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

-7-

 

ABBREVIATIONS

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

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

	 	UNIF GIFT MIN ACT—
	 	 	 	Custodian	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 
	 

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

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

-8-

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

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

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

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

	 	 	 	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 	 	 
	 

	 	 

	 	 	 	 

	 	 
	 
	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	 

	 	 

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

-9-

 

Exhibit 4.3(e)

This Note is a Global Security within the meaning of the Indenture referred to herein and is
registered in the name of a Depositary or a nominee of a Depositary. Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”) to the issuer or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
Cede & Co., has an interest herein.

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

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

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

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

1

 

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

	 	 	 	 	 	 	 
	Dated:                    , 2008	 	U.S. BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By:	 	 	 	 
	 

	 	 
	 	 
Name:
	 	 
	 

	 	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	Attest:	 	 	 	 
	 

	 	 
	 	 
Name:
	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the series

designated herein and issued pursuant

to the within-mentioned Indenture.

CITIBANK, N.A.,

as Trustee

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Authorized Signatory	 	 

Or by

U.S. BANK TRUST NATIONAL ASSOCIATION,

as Authenticating Agent

	 	 	 	 	 
	By:
	 	 	 	 
	 

	 	 

	 	 
	Authorized Officer	 	 

2

 

(Reverse Side of Note)

     This Master Global Note evidences certain indebtedness (the “Debt Obligations”) of the Issuer,
which shall form a part of the Issuer’s unsecured, unsubordinated medium-term notes, Series R due
nine months or more from the date of issue (“Series R”), all issued or to be issued under and
pursuant to an Indenture dated as of October 1, 1991 (the “Indenture”), duly executed and delivered
by the Issuer to Citibank, N.A., as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto (including the Issuer’s Officer’s Certificate and Company Order, dated April
25, 2008, with respect to, among other things, the establishment of Medium-Term Notes, Series R
(Senior)) reference is hereby made for a description of the rights, duties and immunities
thereunder of the Issuer, the Trustee and the holders of the Debt Obligations. As provided in the
Indenture, the Debt Obligations may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption and repayment provisions, if any, may be
subject to different sinking, purchase, or analogous funds, if any, may be subject to different
covenants and events of default, and may otherwise vary as in the Indenture provided or permitted.
The Debt Obligations as evidenced by this Master Global Note aggregated with any other indebtedness
of the Issuer issued under Series R are unlimited.

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

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

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

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

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

3

 

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

 

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

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

	 	 	 	 	 	 	 
	Dated:
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

	 	 	 	 	 	(Signature)
	Signature(s) Guaranteed:

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

4

 

U.S. BANCORP

RIDER TO MASTER GLOBAL NOTE DATED ___, 2008

Medium-Term Notes, Series R (Senior)

This RIDER forms a part of and is incorporated into the Master Global Note dated                     ,
2008, of U.S. Bancorp (the “Issuer”) registered in the name of Cede & Co, or its registered
assigns, evidencing the Issuer’s Debt Obligations.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF SUCH MASTER GLOBAL NOTE (TOGETHER WITH THIS
RIDER, HEREIN REFERRED TO AS THIS “MASTER GLOBAL NOTE”) SET FORTH IN THE RECORDS OF THE ISSUER
MAINTAINED BY THE TRUSTEE, WHICH RECORDS CONSIST OF THE PRICING SUPPLEMENT(S) TO THE PROSPECTUS
SUPPLEMENT DATED APRIL 25, 2008, AND PROSPECTUS DATED APRIL 17, 2008 (EACH, AS IT MAY BE AMENDED OR
SUPPLEMENTED, A “PRICING SUPPLEMENT”) RELATING TO EACH ISSUANCE OF DEBT OBLIGATIONS, AS FILED BY
THE ISSUER WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

Section 1. Defined Terms.

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

Section 2. General.

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

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

Section 3. Payments of Principal and Interest.

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

5

 

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

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

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

Section 4. Redemption.

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

6

 

Section 5. Sinking Funds.

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

Section 6. Principal Amount For Indenture Purposes.

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

Section 7. Modification and Waivers.

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

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

Section 8. Authorized Form and Denominations.

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

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

Section 9. Registration of Transfer.

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

7

 

authorized denominations and for the same aggregate principal amount, will be issued to
the designated transferee or transferees.

Section 10. Events of Default.

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

Section 12. Governing Law.

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

8

 

Exhibit 4.3(f)

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
	 	 	 	REGISTERED
	 
	 	U.S. BANCORP
	 	Principal Amount:
	 
	 	Medium-Term Note, Series S (Subordinated)
	 	$
	No. SA—
	 	(Global Fixed Rate Note)
	 	CUSIP
	 
	 	 	 	No.

	 	 	 
	ORIGINAL ISSUE DATE:

	 	MATURITY DATE:
	 
	 	 
	INTEREST RATE:

	 	REDEMPTION TERMS:
	 

	 	OTHER TERMS:
	SPECIFIED CURRENCY:
	 	 

     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, and to pay
interest thereon 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 (but excluding) 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 on 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 under “Other Terms” above, be the day (whether or not
a Business Day) fifteen calendar days preceding each Interest Payment Date; provided, however, that
interest payable on the Maturity Date of this Note or any applicable Redemption Date shall be
payable to the Person to whom principal shall be payable. Any such interest not so punctually paid
or duly provided for will forthwith cease to be payable to the Holder hereof on such Regular Record
Date and may be paid to the Person in whose name this Note (or one or more predecessor Notes) is
registered at the close of business on a Special Record Date for the payment of such Defaulted
Interest to be fixed by the Trustee, notice whereof shall be given to the Holder of this Note not
less than 10 days prior to such Special Record Date. In the event that any Maturity Date or
Redemption Date is not a Business

 

 

Day, the principal otherwise payable on
such date will be paid on the next day that is a Business Day with the same force and effect
as if made on such Maturity Date or Redemption Date, and no interest will accrue for the period
from and after that Maturity Date or Redemption Date, as applicable. In the event that any
Interest Payment Date is not a Business Day, such Interest Payment Date shall be postponed to the
next day that is a Business Day, and no interest will accrue with respect to the payment due on
such Interest Payment Date for the period from and after that Interest Payment Date to the next
succeeding Business Day. Payment of the principal of (and premium, if any) and interest on this
Note will be made to The Depository Trust Company, as depositary, or its nominee as the registered
owner of the global notes representing the book entry notes, provided, however, that the Company
may, at its option, pay interest on any Certificated Note, other than interest at maturity or upon
redemption, by mailing a check to the address of the Person entitled to payment as it appears on
the Security Register of the Company at the close of business on the Regular Record Date
corresponding to the relevant Interest Payment Date. A Holder of $10,000,000 (or the equivalent of
$10,000,000 in a currency other than U.S. dollars) or more in aggregate principal amount of Notes
of like tenor and term shall be entitled to receive payments by wire transfer of immediately
available funds, but only if appropriate wire transfer instructions have been received in writing
by the Trustee or the applicable Paying Agent not later than fifteen calendar days prior to the
applicable Interest Payment Date. Payment of the principal of (and premium, if any) and interest
on this Note due on the Maturity Date or any applicable Redemption Date will be made in immediately
available funds upon presentation of this Note. Interest on this Note shall be computed on the
basis of a 360-day year of twelve 30-day months.

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

     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 the 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.

2

 

     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 identified below, by manual signature, this Note shall not be entitled to any benefit under
the Indenture 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 S (Subordinated)

(Global 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).

     If possible Redemption Dates or periods within which Redemption Dates may occur and the
related Redemption Prices (expressed as percentages of the principal amount of 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

5

 

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 with similar terms, and 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, the
principal of all the Notes may (subject to the conditions set forth in the Indenture) be declared
due and payable in the manner and with the effect provided in the Indenture.

     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.

     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 of (and
premium, if any) 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

6

 

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 or any amount
in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, 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 meanings assigned to them in the Indenture.

7

 

ABBREVIATIONS

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

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

	 	UNIF GIFT MIN ACT—
	 	 	 	Custodian	 	 	 	 
	 

	 	 	 	 
	 	 	 	 	 	 
	 

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

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

8

 

ASSIGNMENT

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

PLEASE INSERT SOCIAL SECURITY

OR OTHER IDENTIFYING NUMBER

OF ASSIGNEE

 

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

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

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

	 	 	 	 	 	 	 
	Dated
	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 
	 	 	 	 	 	 
	 

	 	 	 	 	 	 

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

9

 

Exhibit 4.3(g)

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

	 	 	 	REGISTERED
	 
	 	 	 	 
	 

	U.S. Bancorp
	 	Principal Amount:
	No. SB-

	Medium-Term Note, Series S (Subordinated)
	 	$
	 

	(Global Floating Rate Note)
	 	CUSIP
	 

	 	 	 	No.

	 	 	 
	ORIGINAL ISSUE DATE:

	 	MATURITY DATE:
	 
	 	 
	INITIAL INTEREST RATE:

	 	SPREAD:
	 
	 	 
	BASE RATE (and, if

	 	SPREAD MULTIPLIER:
	applicable, related Interest Periods):
	 	 

	o	 	Commercial Paper Rate
       
              
                 REDEMPTION TERMS:
	 
	o	 	Federal Funds Rate

	 	o	 	Federal Funds (Effective) Rate
	 
	 	o	 	Federal Funds Open Rate
	 
	 	o	 	Federal Funds Target Rate

	o	 	LIBOR
	 
	o	 	EURIBOR
	 
	o	 	Prime Rate
	 
	o	 	CD Rate
	 
	o	 	Treasury Rate
	 
	o	 	CMT Rate

	 	o	 	Reuters Page FRBCMT
	 
	 	o	 	Reuters Page FEDCMT

	 	o	 	One-Week
           o    One-Month
	 

	o	 	Other (see “Other Terms”)

	 	OTHER TERMS:

INDEX MATURITY:

MAXIMUM INTEREST RATE:

MINIMUM INTEREST RATE:

INTEREST RESET DATES:

INTEREST PAYMENT DATES:

INTEREST RESET PERIOD:

SPECIFIED CURRENCY:

DAY COUNT CONVENTION:

	o	 	30/360 for the period
	 
	 	 	From       To
	 
	o	 	Actual/360 for the period
	 
	 	 	From       To
	 
	o	 	Actual/Actual for the period
	 
	 	 	From       To

 

 

     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, and to pay interest thereon from the Original Issue Date shown above or, except as
otherwise specified below, from and including the most recent Interest Payment Date to which
interest has been paid or duly provided for, on each Interest Payment Date shown above, commencing
with the Interest Payment Date immediately following the Original Issue Date, at the rate per annum
determined in accordance with the provisions set forth on the reverse side hereof relating to the
applicable Base Rate specified 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 on any Interest Payment Date will as provided in such 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, unless otherwise specified under
“Other Terms” above, shall be the day (whether or not a Business Day) fifteen calendar days
preceding each Interest Payment Date; provided, however, that interest payable on the Maturity Date
of 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, as applicable.
In the event that any Interest Payment Date is not a Business Day, such Interest Payment Date shall
be postponed to the next day that is a Business Day, provided that, for LIBOR 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. 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. If possible Redemption Dates or periods within which Redemption Dates may occur
and the related Redemption Prices (expressed as percentages of the principal amount of this Note)
are set forth above under “Redemption Terms”, this Note is subject to redemption, in whole or in
part, at the option of the Company prior to the Maturity Date upon not less than 30 nor more than
60 days’ notice mailed to the registered holder of the Note.

     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

2

 

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 the 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 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 S (Subordinated)

(Global Floating 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 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.

     General

     The rate of interest for this Note will be determined by reference to one or more Base Rates
specified on the face hereof, which may be adjusted by a Spread and/or Spread Multiplier. The
“Spread” is the number of basis points, or one-hundredth of a percentage point, specified on the
face hereof to be added or subtracted from the Base Rate specified on the face hereof. The “Spread
Multiplier” is the percentage specified on the face hereof to be applied to the Base Rate specified
on the face hereof. This Note may also have either or both of the following: (i) a Maximum
Interest Rate, or ceiling, on the rate at which interest will accrue during any Interest Reset
Period; and (ii) a Minimum Interest Rate, or floor, on the rate at which interest will accrue
during any Interest Reset Period. Notwithstanding the foregoing, the interest rate per annum
hereon shall not be greater than the Maximum Interest Rate, if any, or less than the Minimum
Interest Rate, if any, specified on the face hereof. The interest rate on this 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.

     Commencing with the Interest Reset Date specified on the face hereof, first following the
Original Issue Date specified on the face hereof, the rate at which this Note bears interest 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”).
Unless otherwise specified on the face hereof under “Other Terms,” the Interest Reset Date will be
as follows: in the case of Notes which are reset daily, each Business Day; in the case of Notes
(other than Treasury Rate Notes) which are reset weekly, the Wednesday of each week; in the case of
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 Notes which are
reset monthly, the third Wednesday of each month; in the case of Notes which are reset quarterly,
the third Wednesday of March, June, September and December of each year; in the case of Notes which
are reset semi-annually, the third Wednesday of the two months of each year as indicated on the
face hereof, by the Interest Reset Dates; and in the case of Notes which are reset annually, the
third Wednesday of the month of each year as indicated on the face hereof, by the Interest Reset
Dates. Unless otherwise specified on the face hereof, the interest rate determined with respect to
any Interest Determination Date (as defined below) will become effective on the next succeeding
Interest Reset Date; provided, however, that the interest rate in effect from the Original Issue
Date to the first Interest Reset Date with respect to this Note (the “Initial Interest Rate”) will
be as set forth on the face hereof. If any Interest Reset Date for any 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. Subject to applicable provisions of law and except as specified herein, on each Interest
Reset Date the rate of interest on this Note shall be the rate determined in accordance with the
provisions of the applicable heading below.

5

 

     As used herein, “Interest Determination Date” is the date that the Calculation Agent will
refer to, when determining the new interest rate at which the interest rate on a Floating Rate Note
will reset. Unless otherwise specified on the face hereof under “Other Terms,” the Interest
Determination Date pertaining to an 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 before the 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 on the
face hereof under “Other Terms,” 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 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, that Friday will be
the Treasury Rate Interest Determination Date pertaining to the Interest Reset Date occurring in
the next week. If an auction falls on a day that is an Interest Reset Date for a Treasury Rate
Note, the Interest Reset Date will be the following Business Day. The Interest Determination Date
for a Floating Rate Note, which interest rate is determined by two or more Base Rates, will be the
latest Business Day which is at least two Business Days prior to the Interest Reset Date for such
Floating Rate Note on which each such Base Rate can be determined.

     Unless otherwise specified on the face hereof under “Other Terms,” interest payments on this
Note on an Interest Payment Date will accrue from and including the most recent Interest Payment
Date on which interest is paid or duly provided for, or if no interest is paid or duly provided
for, the date will be from and including the Original Issue Date or any other date specified on the
face hereof on which interest begins to accrue. Interest will accrue to, but excluding, the next
Interest Payment Date, or if earlier, the date on which the principal is paid or duly made
available for payment. Accrued interest is calculated by multiplying the face amount of this Note
by the applicable accrued interest factor (the “Accrued Interest Factor”). This Accrued Interest
Factor is the sum of the interest factors calculated for each day from the Original Issue Date 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. The interest factor for each such day is computed by
dividing the annual interest rate, expressed as a decimal, applicable to that 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 the day is
an Interest Reset Date, the interest rate for the Interest Determination Date related to the
Interest Reset Date or (ii) if the day is not an Interest Reset Date, the interest rate for the
Interest Determination Date related to the next preceding Interest Reset Date, subject in either
case to the Maximum Interest Rate or Minimum Interest Rate referred to on the face hereof.

     On or before the Calculation Date (as defined below), U.S. Bank Trust National Association, as
Calculation Agent (the “Calculation Agent”), will determine the interest rate in accordance with
the foregoing with respect to the applicable Base Rate and will notify the Paying Agent. The
Paying Agent will determine the Accrued Interest Factor applicable to this Note. The Paying Agent
will, upon the request of the Holder of this 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 this 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 be conclusive and binding. Unless otherwise specified on the face
hereof under “Other Terms,” the “Calculation Date” means the earlier of (i) the tenth calendar day
after such Interest Determination Date, or, if that day is not a Business Day, the following
Business Day, and (ii) the Business Day before the applicable Interest Payment Date, Maturity Date
or Redemption Date, as the case may be.

6

 

     Unless otherwise specified on the face hereof under “Other Terms,” all percentages resulting
from any calculation on this Note, will be rounded, if necessary, to the nearest one
hundred-thousandth of a percentage point,
with five one-millionths of a percentage point rounded upward. For example, 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). All dollar amounts used in or resulting from calculation on this Note will
be rounded to the nearest cent, with one-half cent being rounded upward.

     Determination of Commercial Paper Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the
Commercial Paper Rate, this Note is a “Commercial Paper Rate Note” with respect to such Interest
Period and the interest rate with respect to this Note for any Interest Reset Date relating to such
Interest Period shall be the Commercial Paper Rate as adjusted by the Spread and/or the Spread
Multiplier, if any, as specified on the face hereof, as determined on the applicable Commercial
Paper Rate Interest Determination Date. Commercial Paper Rate Notes will be subject to the Minimum
Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “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 on the face hereof 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: (1) 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 on the face
hereof 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;” (2) 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 on the face hereof 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.

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

	 	 	 	 	 	 	 	 	 
	 

	 	Money Market Yield
	 	=
	 	D x 360
	 	x 100
	 

	 	 	 	 	 	 	 	 
	 

	 	 	 	 	 	360 - (D x M)	 	 

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.

     Determination of Federal Funds Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the
Federal Funds Rate, this Note is a “Federal Funds Rate Note” with respect to such Interest Period
and the interest rate with respect to this Note for any Interest Reset Date relating to such
Interest Period shall be the Federal Funds Rate as adjusted by the

7

 

Spread and/or Spread Multiplier, if any, as specified on the face hereof, as determined on the
applicable Federal Funds Rate Interest Determination Date. Federal Funds Rate Notes will be
subject to the Minimum Interest Rate and Maximum Interest Rate, if any. The Federal Funds Rate
will be calculated by reference to either the Federal Funds (Effective) Rate, the Federal Funds
Open Rate or the Federal Funds Target Rate, as specified on the face hereof.

     Unless otherwise specified on the face hereof under “Other Terms,” “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:

     (1) If “Federal Funds (Effective) Rate” is the specified Federal Funds Rate on the face
hereof, 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.

     (2) If “Federal Funds Open Rate” is the specified Federal Funds Rate on the face hereof, 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.

     (3) If “Federal Funds Target Rate” is the specified Federal Funds Rate on the face hereof, 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

8

 

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.

     Determination of LIBOR

     If the Base Rate specified on the face hereof with respect to any Interest Period is LIBOR,
this Note is a “LIBOR Note” with respect to such Interest Period and the interest rate with respect
to this Note for any Interest Reset Date relating to such Interest Period shall be LIBOR as
adjusted by the Spread and/or the Spread Multiplier, if any, as specified on the face hereof, as
determined on the applicable LIBOR Interest Determination Date. LIBOR Notes will be subject to the
Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “LIBOR” will be determined
by the Calculation Agent with respect to each LIBOR Interest Determination Date in accordance with
the following provisions:

     (1) With respect to LIBOR Interest Determination Date, LIBOR will be the rate for deposits in
the Designated LIBOR Currency having the Index Maturity specified on the face hereof 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 (2) below.

     (2) With respect to LIBOR Interest Determination Date on which no rate is displayed on Reuters
Page LIBOR01 as specified in clause (1) 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 on the face hereof, 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 on the face hereof 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 on the face
hereof as to which LIBOR shall be calculated or, if no such Designated LIBOR Currency is specified
on the face hereof, 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.

9

 

     Determination of EURIBOR

     If the Base Rate specified on the face hereof with respect to any Interest Period is EURIBOR,
this Note is a “EURIBOR Note” with respect to such Interest Period and the interest rate with
respect to this Note for any Interest Reset Date relating to such Interest Period shall be the
EURIBOR Rate as adjusted by the Spread and/or Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable EURIBOR Interest Determination Date. EURIBOR Rate Notes
will be subject to the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” 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:

     (1) EURIBOR will be the offered rate for deposits in euro having the Index Maturity specified
on the face hereof, 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.

     (2) 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.

     (3) 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.

     (4) 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.

     Determination of Prime Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the Prime
Rate, this Note is a “Prime Rate Note” with respect to such Interest Period and the interest rate
with respect to this Note for any Interest Reset Date relating to such Interest Period shall be the
Prime Rate as adjusted by the Spread and/or Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable Prime Rate Interest Determination Date. Prime Rate Notes
will be subject to the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “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 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

10

 

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.

     Determination of the CD Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the CD
Rate, this Note is a “CD Rate Note” with respect to such Interest Period and the interest rate with
respect to this Note for any Interest Reset Date relating to such Interest Period shall be the CD
Rate as adjusted by the Spread and/or the Spread Multiplier, as specified on the face hereof, as
determined on the applicable CD Rate Interest Determination Date. CD Rate Notes will be subject to
the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” “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 on the face hereof 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:

     (1) 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).”

     (2) 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 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 on the face hereof in an
amount that is representative for a single transaction in that market at that time.

     (3) 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.

     Determination of Treasury Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the
Treasury Rate, this Note is a “Treasury Rate Note” with respect to such Interest Period and the
interest rate with respect to this Note for any Interest Reset Date relating to such Interest
Period shall be the Treasury Rate as adjusted by the Spread and/or the Spread Multiplier, if any,
as specified on the face hereof, as determined on the applicable Treasury Rate Interest
Determination Date. Treasury Rate Notes will be subject to the Minimum Interest Rate and Maximum
Interest Rate, if any.

11

 

     Unless otherwise specified on the face hereof under “Other Terms,” “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 on the face hereof 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 on the face hereof 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, 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 on the face hereof; 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:

	 	 	 	 	 	 	 	 	 
	 	 	 	 	 	 	D × N	 	 
	 

	 	Bond Equivalent Yield
	 	=
	 	     360 — (D× M)
	 	× 100

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.

     Determination of CMT Rate

     If the Base Rate specified on the face hereof with respect to any Interest Period is the CMT
Rate, this Note is a “CMT Rate Note” with respect to such Interest Period and the interest rate
with respect to this Note for any Interest Reset Date relating to such Interest Period shall be the
CMT Rate as adjusted by the Spread and/or the Spread Multiplier, if any, as specified on the face
hereof, as determined on the applicable CMT Rate Interest Determination Date. CMT Rate Notes will
be subject to the Minimum Interest Rate and Maximum Interest Rate, if any.

     Unless otherwise specified on the face hereof under “Other Terms,” with respect to any CMT
Rate Interest Determination Date:

     (1) If “Reuters Page FRBCMT” is the specified CMT Reuters Page on the face hereof, 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 on the
face hereof as set forth in H.15(519)

12

 

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 on the face hereof 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 on the face hereof as may then be published by
either the Federal Reserve Board or the United States Department of the Treasury that the
Calculation 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 on the face hereof 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 on the face hereof, 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 on the face hereof, 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 on the face hereof 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.

     (2) If “Reuters Page FEDCMT” is the specified CMT Reuters Page on the face hereof, the CMT
Rate on the CMT Rate Interest Determination Date shall be a percentage equal to the one-week or
one-month, as specified on the face hereof, average yield for United States Treasury securities at
“constant maturity” having the Index Maturity specified on the face hereof 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 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 on the face hereof, average yield for
United States Treasury securities at “constant maturity” having the Index Maturity specified on the
face hereof 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 on the face hereof, average yield for United States
Treasury securities at “constant maturity” having the Index Maturity specified on the face hereof
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 on the face

13

 

hereof, average yield on United States Treasury securities at “constant maturity” having the
Index Maturity specified on the face hereof 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 on the
face hereof, 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 on
the face hereof, 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 on the face hereof 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 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 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.

     Redemption

     If possible Redemption Dates or periods within which Redemption Dates may occur and the
related Redemption Prices (expressed as percentages of the principal amount of 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, at the applicable Redemption Price so specified,
together with accrued interest, if any, to the Redemption Date; provided, however, that
installments of interest whose Stated Maturity is on or prior to such Redemption Date will be
payable in the case of any such redemption to the Holder of this Note (or one or more predecessor
Notes) at the close of business on the relevant Record Dates referred to above, all as provided in
the Indenture. 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 for 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.

     Miscellaneous Provisions

     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.

14

 

     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).

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

     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 hereof or in lieu
hereof, whether or not notation of such consent or waiver is made upon this Note.

     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 of (and
premium, if any) 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 or any amount
in excess of $1,000 which is an integral multiple of $1,000. As provided in the Indenture and
subject to certain limitations therein set forth, 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.

15

 

     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.

16

 

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
	 

	 	UNF GIFT MIN ACT—                                          Custodian  
             
            
              
	 

	 	         
               
               
           (Cust)   
               
               
            (Minor)
	 

	 	under Uniform Gift to Minors Act
 

	 

	 	(State)

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

17

 

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.

18

 

Exhibit 4.3(h)

REGISTERED

No. SC-

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 S (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.

     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

-2-

 

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 S (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).

     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

-5-

 

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.

     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

-6-

 

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.

     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

-7-

 

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.

-10-

 

Exhibit 4.3(i)

REGISTERED

No. SD-

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 S (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
	 	o
	 	ORIGINAL ISSUE DISCOUNT NOTE FOR
	 

	 	SUBJECT TO “SPECIAL PROVISIONS”
	 	 	 	FEDERAL INCOME TAX PURPOSES
	 

	 	BELOW
	 	 	 	ONLY

SPECIFIED CURRENCY:

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

     U.S. BANCORP, a corporation duly organized and existing under the laws of Delaware (herein
called the “Company”, which term includes any successor Person under the Indenture hereinafter
referred to), for value received, hereby promises to pay to                                          or registered assigns, the
principal sum of                                          DOLLARS
($                    ) on the Maturity Date shown above or, together with any premium thereon,
upon any applicable Redemption Date (subject to the “Special Provisions” on the reverse side
hereof, if applicable), and to pay interest on such principal sum from the Original Issue Date
shown above or from and including the most recent

 

 

Interest Payment Date to which interest has been
paid or duly provided for, on each February 1 and August 1 or such other dates, if any, as are
specified under “Other Terms” above (the “Interest Payment Dates”), commencing with the Interest
Payment Date immediately following the Original Issue Date, at the rate per annum equal to the
Interest Rate shown above, until the principal hereof is paid or made available for
payment; provided, however, that if the Original Issue Date is between a Regular Record Date and an
Interest Payment Date, interest payments will be made on the Interest Payment Date following the
next succeeding Regular Record Date. The interest so payable and punctually paid or duly provided
for any Interest Payment Date will as provided in the Indenture be paid to the Person in whose name
this Note (or one or more predecessor Notes) is registered at the close of business on the Regular
Record Date related to the Interest Payment Date, which shall, unless otherwise specified above
under “Other Terms”, be the day (whether or not a Business Day) fifteen calendar days preceding
each Interest Payment Date; provided, however, that interest payable on the Maturity Date of this
Note or any applicable Redemption Date shall be payable to the Person to whom principal shall be
payable. Any such interest not so punctually paid or duly provided for will forthwith cease to be
payable to the Holder hereof on such Regular Record Date and may be paid to the Person in whose
name this Note (or one or more predecessor Notes) is registered at the close of business on a
Special Record Date for the payment of such defaulted interest to be fixed by the Trustee, notice
whereof shall be given to the Holder of this Note not less than 10 days prior to such Special
Record Date. In the event that any Maturity Date or Redemption Date is not a Business Day, the
principal otherwise payable on such date will be paid on the next day that is a Business Day with
the same force and effect as if made on such Maturity Date or Redemption Date, and no interest will
accrue for the period from and after that Maturity Date or Redemption Date, as applicable. In the
event that any Interest Payment Date is not a Business Day, such Interest Payment Date shall be
postponed to the next day that is a Business Day, and no interest will accrue with respect to the
payment due on such Interest Payment Date for the period from and after that Interest Payment Date
to the next succeeding Business Day. Payment of the principal of (and premium, if any) and
interest on this Note will be made to The Depository Trust Company, as depositary, or its nominee
as the registered owner of the global notes representing the book entry notes, provided, however,
that the Company may, at its option, pay interest on any Certificated Note, other than interest at
maturity or upon redemption, by mailing a check to the address of the Person entitled to payment as
it appears on the Security Register of the Company at the close of business on the Regular Record
Date corresponding to the relevant Interest Payment Date. A Holder of $10,000,000 (or the
equivalent of $10,000,000 in a currency other than U.S. dollars) or more in aggregate principal
amount of Notes of like tenor and term shall be entitled to receive payments by wire transfer of
immediately available funds, but only if appropriate wire transfer instructions have been received
in writing by the Trustee or the applicable Paying Agent not later than fifteen calendar days prior
to the applicable Interest Payment Date. Payment of the principal of (and premium, if any) and
interest on this Note due on the Maturity Date or any applicable Redemption Date will be made in
immediately available funds upon presentation of this Note. Interest on this Note shall be
computed on the basis of a 360-day year of twelve 30-day months.

     The principal of and any premium and interest on this Note are payable by the Company in the
Specified Currency for this Note. If the Specified Currency for this Note is other than U.S.
dollars, the Company will (unless otherwise specified on the face hereof) arrange to convert all

-2-

 

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 S (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).

     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

-5-

 

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-

 

Exhibit 4.3(j)

This Note is a Global Security within the meaning of the Indenture referred to herein and is
registered in the name of a Depositary or a nominee of a Depositary. Unless this certificate is
presented by an authorized representative of The Depository Trust Company, a New York corporation
(“DTC”) to the issuer or its agent for registration of transfer, exchange, or payment, and any
certificate issued is registered in the name of Cede & Co. or in such other name as is requested by
an authorized representative of DTC (and any payment is made to Cede & Co. or to such other entity
as is requested by an authorized representative of DTC), ANY TRANSFER, PLEDGE OR OTHER USE HEREOF
FOR VALUE OR OTHERWISE BY OR TO ANY PERSON IS WRONGFUL inasmuch as the registered owner hereof,
Cede & Co., has an interest herein.

					
	 	 	 	 	 
	REGISTERED
	 	U.S. Bancorp
	 	REGISTERED
	 
	 	Medium-Term Note, Series S (Subordinated)	 	 
	No. SE-
	 	(Master Global Note)	 	 

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

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

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

1

 

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

	 	 	 	 	 	 	 
	Dated:                         , 2008	 	U.S. BANCORP	 	 
	 
	 	 	 	 	 	 
	 

	 	By: 	 	 	 	 
	 

	 	 	 	 	 
	 

	 	 	Name:	 	 
	 

	 	 	Title:	 	 
	 
	 	 	 	 	 	 
	 

	 	Attest:	 	 	 
	 

	 	 	 	 	 	 
	 

	 	 	 	Name:	 	 
	 

	 	 	 	Title:	 	 

TRUSTEE’S CERTIFICATE OF

AUTHENTICATION

This is one of the Securities of the series

designated herein and issued pursuant

to the within-mentioned Indenture.

CITIBANK, N.A.,

as Trustee

	 	 	 	 	 
	By:

	 	 	 	 
	 

	 	 	 	 
	Authorized Signatory	 	 
	 
	 	 	 	 
	Or by	 	 
	 
	 	 	 	 
	U.S. BANK TRUST NATIONAL ASSOCIATION,

as Authenticating Agent	 	 
	 
	 	 	 	 
	By:
	 	 	 	 
	 

	 	 	 	 
	Authorized Officer	 	 

2

 

(Reverse Side of Note)

     This Master Global Note evidences certain indebtedness (the “Debt Obligations”) of the Issuer,
which shall form a part of the Issuer’s unsecured, subordinated medium-term notes, Series S due
nine months or more from the date of issue (“Series S”), all issued or to be issued under and
pursuant to 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”), duly executed and delivered by the
Issuer to Citibank, N.A., as trustee (the “Trustee”), to which Indenture and all indentures
supplemental thereto (including the Issuer’s Officer’s Certificate and Company Order, dated April
25, 2008, with respect to, among other things, the establishment of Medium-Term Notes, Series S
(Subordinated)) reference is hereby made for a description of the rights, duties and immunities
thereunder of the Issuer, the Trustee and the holders of the Debt Obligations. As provided in the
Indenture, the Debt Obligations may mature at different times, may bear interest, if any, at
different rates, may be subject to different redemption and repayment provisions, if any, may be
subject to different sinking, purchase, or analogous funds, if any, may be subject to different
covenants and events of default, and may otherwise vary as in the Indenture provided or permitted.
The Debt Obligations as evidenced by this Master Global Note aggregated with any other indebtedness
of the Issuer issued under this Series S are unlimited.

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

     The indebtedness evidenced by this Master Global Note 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 Issuer, as defined in the Indenture, and each Holder of this Master Global
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 Master Global Note as provided
in the Indenture and appoints the Trustee his attorney-in-fact for any and all such purposes.

     The indebtedness evidenced by this Master Global 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 Issuer, 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 this Master Global Note (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 this Master Global
Note. 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).

     Subject to the rights of holders of Senior Indebtedness and General Obligations of the Company
set forth in this Master Global Note and as provided in the Indenture referred to above, no
reference herein to the Indenture and no provision of this Master Global Note or of the Indenture
shall alter or impair the obligation of the Issuer, which is absolute and unconditional, to pay the
principal of, premium, if any, and interest, if any, on each Debt Obligation at the times, places,
and rates, and in the coin or currency, identified on the records of the Issuer.

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

     Beneficial interests in the Debt Obligations evidenced by this Master Global Note are
exchangeable for definitive notes in registered form, of like tenor and of an equal aggregate
principal amount, only if (a) (i) The Depository Trust Company, as depositary (the “Depositary”),
notifies the Issuer that it is unwilling or unable to continue as Depositary for this Master Global
Note, or (ii) if at any time the Depositary ceases to be a clearing agency registered under the
Securities Exchange Act of 1934, as amended, and in either case, a successor depositary

3

 

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

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

4

 

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

 

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

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

	 	 	 	 	 	 	 
	Dated:

	 	 	 	 	 	 
	 

	 	 
	 	 	 	 
	 

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

5

 

U.S. BANCORP

RIDER TO MASTER GLOBAL NOTE DATED                     , 2008

Medium-Term Notes, Series S (Subordinated)

This RIDER forms a part of and is incorporated into the Master Global Note dated ___,
2008, of U.S. Bancorp (the “Issuer”) registered in the name of Cede & Co, or its registered
assigns, evidencing the Issuer’s Debt Obligations.

REFERENCE IS HEREBY MADE TO THE FURTHER PROVISIONS OF SUCH MASTER GLOBAL NOTE (TOGETHER WITH
THIS RIDER, HEREIN REFERRED TO AS THIS “MASTER GLOBAL NOTE”) SET FORTH IN THE RECORDS OF THE ISSUER
MAINTAINED BY THE TRUSTEE, WHICH RECORDS CONSIST OF THE PRICING SUPPLEMENT(S) TO THE PROSPECTUS
SUPPLEMENT DATED APRIL 25, 2008, AND PROSPECTUS DATED APRIL 17, 2008 (EACH, AS IT MAY BE AMENDED OR
SUPPLEMENTED, A “PRICING SUPPLEMENT”) RELATING TO EACH ISSUANCE OF DEBT OBLIGATIONS, AS FILED BY
THE ISSUER WITH THE SECURITIES AND EXCHANGE COMMISSION. SUCH FURTHER PROVISIONS SHALL FOR ALL
PURPOSES HAVE THE SAME EFFECT AS THOUGH FULLY SET FORTH AT THIS PLACE.

Section 1. Defined Terms.

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

Section 2. General.

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

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

The indebtedness evidenced by this Master Global Note is, to the extent and in the manner provided
in the Indenture, 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 Issuer, as defined
in the Indenture, and the holder of this Master Global 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 Master Global Note as provided in the Indenture and appoints the Trustee his
attorney-in-fact for any and all such purposes.

The indebtedness evidenced by this Master Global 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 Issuer, 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 this Master Global Note (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

6

 

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 this Master Global Note. 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).

Section 3. Payments of Principal and Interest.

Unless otherwise specified in the applicable Pricing Supplement, the issuer shall pay on the
Maturity date of each Debt Obligation, together with any premium thereon, upon any applicable
Redemption Date, and to pay interest thereon from the original issue date of such Debt Obligation
(the “Original Issue Date”), except as otherwise specified below, from and including the most
recent Interest Payment Date to which interest has been paid or duly provided for, on each
applicable Interest Payment Date, commencing with the Interest Payment Date immediately following
the Original Issue Date, at the applicable rate, until the principal of Debt Obligation is paid or
made available for payment; provided, however, that if the Original Issue Date is between a Regular
Record Date and an Interest Payment Date, interest payments will be made on the Interest Payment
Date following the next succeeding Regular Record Date. The interest so payable and punctually
paid or duly provided for on any Interest Payment Date will, as provided in the Indenture, be paid
to the Person in whose name this Master Global Note (or one or more predecessor Master Global
Notes) is registered at the close of business on the Regular Record Date related to the Interest
Payment Date, which, unless otherwise specified in the applicable Pricing Supplement, shall be the
day (whether or not a Business Day) fifteen calendar days preceding each Interest Payment Date;
provided, however, that interest payable on the Maturity date of any Debt Obligation or any
applicable Redemption Date shall be payable to the Person to whom principal shall be payable. Any
such interest not so punctually paid or duly provided for will forthwith cease to be payable to the
holder of the this Master Global Note on such Regular Record Date and may be paid to the Person in
whose name this Master Global Note (or one or more predecessor Notes) is registered at the close of
business on a Special Record Date for the payment of such Defaulted Interest to be fixed by the
Trustee, notice whereof shall be given to the holder of this Master Global Note not less than 10
days prior to such Special Record Date. In the event that any Maturity date or Redemption Date is
not a Business Day, the principal otherwise payable on such date will be paid on the next day that
is a Business Day with the same force and effect as if made on such Maturity date or Redemption
Date, as applicable. In the event that any Interest Payment Date is not a Business Day, such
Interest Payment Date shall be postponed to the next day that is a Business Day, provided that, for
LIBOR Debt Obligations and EURIBOR Debt Obligations, if such Business Day is in the next succeeding
calendar month, such Interest Payment Date shall be the immediately preceding Business Day.
Payment of the principal of (and premium, if any) and interest on this Master Global Note will be
made to the Depository, or its nominee, as the registered owner of this Master Global Note
representing the Debt Obligations. A holder of this Master Global Note holding $10,000,000 (or the
equivalent of $10,000,000 in a currency other than U.S. dollars) or more in aggregate principal
amount of the Debt Obligations shall be entitled to receive payments by wire transfer of
immediately available funds, but only if appropriate wire transfer instructions have been received
in writing by the Trustee or the applicable Paying Agent not later than the Regular Record Date.
Payment of the principal of (and premium, if any) and interest on this Master Global Note due on
the Maturity date or any applicable Redemption Date will be made in immediately available funds.

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

In case the specified currency is other than U.S. dollars, the amount of any U.S. dollar payment
will be based on the bid quoted by an exchange rate agent as of 11:00 a.m., London time, on the
second day preceding the applicable payment date on which banks are open for business in London and
New York City, for the purchase of U.S. dollars with the specified currency for settlement on the
payment date of the aggregate amount of the specified currency

7

 

payable to the holder of this Master Global Note. If this bid quotation is not available, such
exchange rate agent will obtain a bid quotation from a leading foreign exchange bank in London or
New York City selected by such exchange rate agent. If the bids are not available, payment of the
aggregate amount due to the holder on the payment date will be in the specified currency. All
currency exchange costs will be borne by the holder of this Master Global Note by deductions from
such payments due such holder.

Section 4. Redemption.

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

Section 5. Sinking Funds.

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

Section 6. Principal Amount For Indenture Purposes.

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

Section 7. Modification and Waivers.

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

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

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Section 8. Authorized Form and Denominations.

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

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

Section 9. Registration of Transfer.

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

Section 10. Events of Default.

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

Section 12. Governing Law.

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

9

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