Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 50

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 50
---
ebtedness” means Indebtedness of the Bank then outstanding which by       
 its terms ranks equally in right of payment with, or is subordinate to, the Notes (including the Notes). |

| • |     | “Subordinated Indebtedness” at any time means the Bank’s subordinated indebtedness within the 
 meaning of the Bank Act.                                                                      |

Events of Default The Indenture and the Notes will provide that an event of default in respect of the Notes will occur if the Bank becomes insolvent or bankrupt or resolves to wind-upor liquidate or is ordered wound-upor liquidated. An event of default is a Recourse Event. On the occurrence of a Recourse Event, the recourse of each Noteholder will be limited to such holder’s proportionate share of the Corresponding Limited Recourse Trust Assets. The S-29

delivery of the Corresponding Limited Recourse Trust Assets to the Noteholders will exhaust all remedies of such holders in connection with such Recourse Event, and all claims of holders of Notes
against the Bank under the Notes will be extinguished upon receipt of the Corresponding Limited Recourse Trust Assets. See “—Limited Recourse”.

A resolution or order for winding-up the Bank, with a view to its consolidation, amalgamation or
merger with another entity or the transfer of its assets as an entirety to another entity, does not entitle a Noteholder to demand payment of principal prior to maturity.

Limited Recourse

In the event of a non-payment by the Bank of the principal amount of, interest on, or Redemption Price for, the Notes when due, 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 holder of the Notes will be limited to Corresponding Limited Recourse Trust Assets in respect of the Notes held by Computershare Trust Company of Canada, as
trustee (the “Limited Recourse Trustee”) of the Limited Recourse Trust. The Limited Recourse Trustee will hold legal title to the Corresponding Limited Recourse Trust Assets in trust as trustee for the benefit of the Bank to satisfy the
recourse of the holders of Notes in respect of the Bank’s obligations under the Indenture. The Corresponding Limited Recourse Trust Assets in respect of the Notes may consist of (i) Series 33 Shares (or amounts held by the Limited
Recourse Trust which are to be used by the