Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 41

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 41
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 Trust Assets (being Common Shares) to the Noteholders, the Bank reserves the right not to (a) deliver Common Shares issuable thereupon to any person whom the Bank or its transfer agent has reason to believe is an Ineligible
Person or any person who, by virtue of the Contingent Conversion, would become a Significant Shareholder (as defined below), or (b) record in its securities register a transfer or issue of Common Shares to any person whom the Bank or its
transfer agent has reason to believe is an Ineligible Government Holder based on a declaration submitted to the Bank or its transfer agent by or on behalf of such person. In those circumstances, the Bank or its agent will hold, as agent of any such
person, all or the relevant number of Common Shares otherwise to be delivered to such Ineligible Persons or persons who would become Significant Shareholders or registered to such Ineligible Government Holders, as the case may be, and the Bank or
its agent will deliver such shares to a broker retained by the Bank for the purpose of selling such Common Shares to parties other than the Limited Recourse Trust and the Bank and its affiliates on behalf of any such person. Such sales (if any) will
be made at such times and at such prices as the Bank (or its agent as directed by the Bank), in its sole discretion, may determine. Neither the Bank nor its agent will be subject to any liability for failure to sell any such Common Shares on behalf
of any such person or at any particular price on any particular day.

S-22

The Bank has no limitation on issuing senior or pari passu securities.

The Indenture will not contain any financial covenants and will contain only limited restrictive covenants. In addition, the Indenture will not
limit the Bank’s or its subsidiaries’ ability to incur additional indebtedness, issue or repurchase securities or engage in transactions with affiliates. The Bank’s ability to incur additional indebtedness and use its funds for any
purpose in the Bank’s discretion may increase the risk that the Bank may be unable to service its debt, including paying its obligations under the Notes.

The Notes are not covered by deposit insurance.

The Notes will not constitute deposits insured by the U.S. Federal Deposit Insurance Corporation under the U.S. Federal Deposit Insurance
Actor by the CDIC under the CDICAct or any other Canadian or U.S. governmental agency or instrumentality or any other deposit insurance regime designed to ensure the payment of all or a portion of a