Company: TDBCP
Filing Date: 2025-01-30
Form Type: 424B2
Source: 0001193125-25-016792
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-30
Form: 424B2
Chunk 11
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 and raise the costs of our borrowings substantially and could cause creditors and business counterparties to raise collateral requirements or
take other actions that could adversely affect our ability to raise funding. In addition to credit ratings, our borrowing costs are affected by various other external factors, including market volatility and concerns or perceptions about the
financial services industry generally. There can be no assurance that we will maintain our credit ratings and outlooks and that credit ratings downgrades in the future would not have a material adverse effect on our ability to borrow funds and
borrowing costs. Some of the Bank’s credit ratings were downgraded following the global resolution of the investigations into the Bank’s U.S. Bank Secrecy Act/Anti-Money Laundering Program, and the Bank’s credit ratings and outlooks
could be further downgraded if the rating agencies consider that the impact of such global resolution on the Bank is more negative or sustained than they expected, including if the Bank fails to meet the requirements imposed by its regulators or if
the non-monetary penalties weaken the Bank’s U.S. franchise. Downgrades in our credit ratings also may trigger additional collateral or funding obligations which, depending on the severity of the downgrade, could have a material adverse effect
on our liquidity, including as a result of credit-related contingent features in certain of our derivative contracts.

PS-9

U.S. FEDERAL INCOME TAX CONSIDERATIONS

For a discussion of certain material U.S. federal income tax consequences of owning the Notes, please see the section “Tax Consequences
— United States Taxation” in the accompanying prospectus supplement and base prospectus.

CANADIAN FEDERAL INCOME TAX CONSIDERATIONS

For a discussion of certain material Canadian federal income tax consequences of owning the Notes, please see the
section “Tax Consequences — Canadian Taxation” in the accompanying prospectus supplement and base prospectus. In addition to the assumptions, limitations and conditions described therein, this discussion assumes that no amount paid or
payable in respect of the Notes will be the deduction component of a “hybrid mismatch arrangement” under which the payment arises within the meaning of section 18.4 of the Canadian Tax Act (as defined in the base prospectus) (the
“Hybrid Mismatch Rules”). A payment may be considered to arise under a “hybrid mismatch arrangement” in certain circumstances, including if (i) a payer of the payment does not deal at “arm’s length” with, or
is a “specified