Company: USB-PA
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-033179
Chunk: 13

Company: US BANCORP \DE\
Filing Date: 2025-02-24
Form: 424B2
Chunk 13
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 Notes were due on such date. Prior to the transmission or publication of any notice of redemption pursuant to this paragraph, we will deliver to the trustee an officer’s certificate stating that we are
entitled to effect such redemption and setting forth a statement of facts and including a written opinion of independent counsel selected by us showing that the conditions precedent to our right to so redeem the Notes has occurred.

Governing Law

The Indenture is and, once
issued, the Notes will be, governed by, and construed in accordance with, the laws of the State of New York.

PS-12

SUPPLEMENTAL UNITED STATES FEDERAL INCOME TAX CONSEQUENCES

The Notes should be treated as “variable rate debt instruments” denominated in a currency (the “denomination currency”)
other than the U.S. dollar for U.S. federal tax purposes, and should therefore be subject to special rules under Section 988 of the Code and the Treasury Regulations thereunder. See the discussion in the section of the accompanying prospectus
supplement called “Certain United States Federal Income Tax Consequences—U.S. Holders—Foreign Currency Notes” for further information about the treatment of the Notes.

Although there is uncertainty regarding their treatment (and subject to the discussion below regarding deemed exercise of our optional
redemption right), the Notes should be treated as providing for a single fixed rate followed by a single qualified floating rate (“QFR”).

Under this treatment, in order to determine the amount of qualified stated interest (“QSI”) and original issue discount
(“OID”) in respect of the Notes, an equivalent fixed rate debt instrument (denominated in euro) must be constructed for the entire term of the Notes. The equivalent fixed rate debt instrument is constructed in the following manner:
(i) first, the initial fixed rate is converted to a QFR that would preserve the fair market value of the Notes, and (ii) second, each QFR (including the QFR determined under (i) above) is converted to a fixed rate substitute (which
should generally be the value of that QFR as of the Issue Date of the Notes). Under Treasury Regulations applicable to certain options arising under the terms of a debt instrument, in determining the amount of QSI and OID, we should be deemed to
exercise our optional redemption right if doing so would reduce the yield on the equivalent fixed rate debt instrument. For the purpose of determining QSI and OID, the optional redemption prior to the Reset Date should not be deemed to be exercised