Company: TDBCP
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036947
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-26
Form: 424B5
Chunk 14
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 U.S. dollar LIBOR is forward-looking. Because of these and other differences, there can be no assurance that SOFR will perform in the same way as U.S. dollar LIBOR would have done at any time, and there is no guarantee that it is a comparable substitute for U.S. dollar LIBOR. SOFR Has a Limited History, and the Future Performance of SOFR Cannot Be Predicted Based on Historical Performance. The publication of SOFR began in April 2018, and, therefore, it has a limited history. The future performance of SOFR cannot be predicted based on the limited historical performance. Levels of SOFR following the occurrence of a Benchmark Transition Event and related Benchmark Replacement Date (each, as defined herein) may bear little or no relation to the historical data. Prior observed patterns, if any, in the behavior of market variables and their relation to SOFR, such as correlations, may change in the future. The future performance of SOFR is impossible to predict and therefore no future performance of SOFR may be inferred from any of the historical data. Historical performance data are not indicative of, and have no bearing on, the potential performance of SOFR. There can be no assurance that SOFR or Compounded SOFR (as defined herein) will be positive. SOFR May Be More Volatile Than Other Benchmark or Market Rates. Since the initial publication of SOFR, daily changes in the rate have, on occasion, been more volatile than daily changes in other benchmark or market rates, such as three-month U.S. dollar LIBOR, during corresponding periods, and SOFR may bear little or no relation to the historical actual or historical indicative data. The volatility of SOFR has reflected the underlying volatility of the overnight U.S. Treasury repo market. The FRBNY has at times conducted operations in the overnight U.S. Treasury repo market in order to help maintain the federal funds rate within a target range. There can be no assurance that the FRBNY will continue to conduct such operations in the future, and the duration and extent of any such operations is inherently uncertain. The effect of any such operations, or of the cessation of such operations to the extent they are commenced, is uncertain and could be materially adverse to investors in a note linked to the Compounded SOFR index rate or SOFR index. Although changes in Compounded SOFR (as defined herein) generally are not expected to be as volatile as changes in daily levels of SOFR, the return on and value of the notes may fluctuate more