Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 25

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 25
---
ourse”, the ranking of the Notes will not be relevant
during insolvency proceedings or wind-up of the Bank, since once the Corresponding Limited Recourse Trust Assets shall have been delivered to the holders of Notes, such delivery will have exhausted all
remedies of such holders against the Bank, and the Notes shall have ceased to be outstanding.

An investment in the Notes may become an investment in Series 33 Shares or Common Shares in certain circumstances.

In the event of a Recourse Event, the sole remedy of the Noteholders will
be the delivery of the Corresponding Limited Recourse Trust Assets, which may comprise Series 33 Shares or, in the case of a Recourse Event that is a Trigger Event, Common Shares. An investment in Common Shares is subject to general risks inherent
in equity investments in depository institutions. The delivery of Corresponding Limited Recourse Trust Assets to the holders of Notes shall be applied to the payment of the principal amount of the Notes and will exhaust the holders’ remedies
against the bank for repayment of the principal amount of the Notes and any accrued but unpaid interest thereon when due and payable. As a result, you may become a shareholder of the Bank at a time when the Bank’s financial condition is
deteriorating or when the Bank has become insolvent or has been ordered to be wound-up or liquidated. In the event of the Bank’s liquidation, the claims of the Bank’s depositors and creditors
(including holders of subordinated indebtedness) would be entitled to priority of payment over holders of Series 33 Shares or Common Shares. If the Bank were to become insolvent or be ordered to be wound-up or
liquidated after your investment in the Notes has become an investment in Series 33 Shares or Common Shares, you may receive, if anything, substantially less than you would have received as a holder of the Notes.

There is no market for the Notes or the Series 33 Shares.

Neither the Notes nor the Series 33 Shares will be listed on any stock exchange or quotation system, consequently, there may be no market
through which the Notes may be sold and purchasers may therefore be unable to resell such Notes or the Series 33 Shares. This may affect the pricing of the Notes and the Series 33 Shares in any secondary market, the transparency and availability of
trading prices, the liquidity of the Notes and the Series 33 Shares and the extent of issuer regulation. Each of the underwriters may from time to time purchase and sell Notes in