Company: USB-PA
Filing Date: 2025-02-24
Form Type: 424B2
Source: 0001193125-25-033179
Chunk: 7

Company: US BANCORP \DE\
Filing Date: 2025-02-24
Form: 424B2
Chunk 7
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), then all payments in
respect of the Notes may be made in U.S. dollars until the euro is again available to us or so used. In such circumstances, the amount payable on any date in euros will be converted by us into U.S. dollars on the basis of the market
exchange rate on the second Business Day before that payment is due, or if such rate is not then available, on the basis of the most recently available market exchange rate for the euro on or before the date that payment is due or as otherwise
determined by us in our sole discretion if the foregoing is impracticable. Any payment in respect of the Notes so made in U.S. dollars will not constitute a default under the Notes or the Indenture governing the Notes. Neither the trustee nor the
paying agent shall be responsible for obtaining exchange rates, effecting conversions or otherwise handling redenominations. See “Description of Notes—Interest and Principal Payments” and “Description of Notes—Foreign Currency Notes” in the accompanying prospectus supplement for additional information.

The “market
exchange rate” means the noon dollar buying rate in the City of New York for cable transfers of euros as certified for customs purposes (or, if not so certified, as otherwise determined) by the Federal Reserve Bank of New York.

In the event that the euro is no longer used by the member states of the European Monetary Union that have adopted the euro as their currency
or an official redenomination of the euro, our obligations with respect to payments on the Notes shall, in all cases, be regarded immediately following such redenomination as providing for the payment of that amount of euros representing the amount
of such obligations immediately before such redenomination. The Notes do not provide for any adjustment to any amount payable under the Notes as a result of any change in the value of the euro relative to any other currency due solely to
fluctuations in exchange rates.

All determinations referred to above made by us and/or the exchange rate agent will be at our and its
sole discretion and will, in the absence of clear error, be conclusive for all purposes and binding on the holders of the Notes.

PS-8

Investors will be subject to foreign exchange risks as to payments of principal of, and
premium, if any, and interest on, the Notes, including any payments made upon any redemption of the Notes, that may have important economic and tax consequences to them. See “Supplemental United States Federal Income Tax Consequences” in this pricing