Company: TDBCP
Filing Date: 2025-06-26
Form Type: 424B2
Source: 0001140361-25-023774
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-26
Form: 424B2
Chunk 15
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 in effect as of the date hereof, all of which are subject to change, possibly with retroactive effect. This discussion, other than the section entitled “Non-U.S. Holders” below, applies to you only if you are a U.S. holder, as defined in the product supplement. Tax consequences under state, local and non-U.S. laws are not addressed herein. No ruling from the U.S. Internal Revenue Service (the “IRS”) has been sought as to the U.S. federal income tax consequences of your investment in the Notes, and the following discussion is not binding on the IRS. U.S. Tax Treatment.Pursuant to the terms of the Notes, TD and you agree, in the absence of a statutory or regulatory change or an administrative determination or judicial ruling to the contrary, to characterize each Note as consisting of two components for U.S. federal income tax purposes: (1) a non-contingent debt instrument (the “Debt Component”); and (2) a put option contract in respect of the Reference Assets (the “Put Option Component”). In accordance with this treatment, you agree to treat each Interest Payment as consisting of (1) interest on the Debt Component and (2) put option premium on the Put Option Component as follows:

| Interest Rate                  | Interest on Debt Component | Put Option Component |
| Approximately 13.85% per annum | [●]%                       | [●]%                 |

We intend to treat the Debt Component as having a term greater than one year, so that the amounts treated as interest on the Debt Component would be includable in income by you in accordance with your regular method of accounting for interest for U.S. federal income purposes. If, however, the Debt Component were treated as having a term of one year or less, amounts treated as interest on the Debt Component would be subject to the general rules governing interest payments on short-term notes and would be required to be accrued by accrual-basis taxpayers (and cash-basis taxpayers who elect to accrue interest currently) on either the straight-line method, or, if elected, the constant yield method, compounded daily. Cash-basis taxpayers who do not elect to accrue interest currently would include interest in income upon receipt of such interest. Put option premium payments in respect of the Put Option Component would generally not be taxed until a sale or maturity of the Notes. At maturity, such payments would be taxed as a short-term capital gain. Upon the taxable disposition (including cash settlement) of the Notes for