Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 12

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 12
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holder for any claims against the Bank shall be the delivery of such Corresponding Limited Recourse Trust Assets. If the Corresponding Limited Recourse Trust Assets that are delivered 
 to the Noteholders under such circumstances comprise Series 33 Shares or Common Shares, such Series 33 Shares or Common Shares will rank on parity with the Bank’s other Class A First Preferred Shares or Common Shares, as applicable.                  |

| Limited Recourse: | If (a) a Failed Coupon Payment Date occurs, (b) on the Maturity Date, the Bank does not pay the aggregate principal amount of the Notes,                                                                                                      
 together with any accrued and unpaid interest thereon, in cash, (c) an event of default occurs, (d) in connection with the redemption of the Notes, on the date of redemption for such redemption, the Bank does not pay the Redemption Price 
 in cash or (e) a Trigger Event occurs (each such event, a “Recourse Event”), while a Noteholder will have a claim against the Bank for the principal amount of the Notes and any accrued and unpaid interest (which will then be due and      
 payable), the recourse of each Noteholder will be limited to that Noteholder’s proportionate share of the assets held by the Limited Recourse Trustee in respect of the Notes (the “Corresponding Limited Recourse Trust Assets”) in          
 the TD LRCN Limited Recourse Trust (the “Limited Recourse Trust”). The Limited Recourse Trustee will                                                                                                                                          |

S-2

| hold assets in the Limited Recourse Trust in respect of more than one series of limited recourse capital notes. The assets (including the Bank’s preferred shares) for each such series will 
 be held separate from the assets for the other series. Initially, Computershare Trust Company of Canada will act as the Limited Recourse Trustee.                                            |

| Initially, at the time of issuance of the Notes, the Corresponding Limited Recourse Trust Assets will consist of the Series 33 Shares issued at an issue price of the Canadian Dollar Equivalent of US$1,000 per Series 33                              
 Share. Following the issuance of the Notes, the Corresponding Limited Recourse Trust Assets may consist of (i) Series 33 Shares (or amounts held by the Limited Recourse Trust which are to be used by the Limited Recourse Trustee to subscribe for    
 Series 33 Shares), (ii) Common Shares issued upon a Contingent Conversion (as defined below) (other than Dividend Common Shares (as defined