Company: TDBCP
Filing Date: 2025-03-07
Form Type: 424B3
Source: 0001140361-25-007568
Chunk: 56

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-07
Form: 424B3
Chunk 56
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 both the equity interest and an undivided interest in each of the entity’s underlying assets, unless it is established that the entity is an “operating company” or that “benefit plan investors” (within the meaning of the plan asset
    regulations) own less than 25% of the total value of each class of equity interests in the entity. An “operating company” is defined under the plan asset regulations as an entity that is primarily engaged, directly or through a majority owned
    subsidiary or subsidiaries, in the production or sale of a product or service other than the investment of capital. It is not anticipated that the notes will constitute “publicly-offered securities” or that TD will register under the Investment Company
    Act, and TD will not monitor whether “benefit plan investors” will own 25% or more of the total value of any class of equity interests in TD.  That said, while no assurance can be given, we believe that TD should qualify as an “operating company”
    within the meaning of the plan asset regulations. If the underlying assets of TD were deemed to be “plan assets” of a covered plan, this would result, among other things, in the application of the prudence and other fiduciary responsibility standards
    of ERISA to activities engaged in by TD and the possibility that certain transactions in which TD might seek to engage could constitute “prohibited transactions” under ERISA and the Code.

Certain employee benefit plans and arrangements including those that are governmental plans (as defined in section 3(32) of ERISA), certain church plans (as
    defined in Section 3(33) of ERISA) and foreign plans (as described in Section 4(b)(4) of ERISA) (collectively referred to herein as

#### “non-ERISA arrangements”
) are not subject to the fiduciary responsibility or
    prohibited transaction provisions of Title I of ERISA or Section 4975 of the Code but may be subject to similar provisions under other applicable federal, state, local, non-U.S. or other regulations, rules or laws (collectively,

#### “similar laws”
).

Accordingly, by acceptance of a note or any interest therein, each purchaser and holder of the notes or any interest therein will be deemed to have represented by its purchase and
    holding of the notes that either (1) it is not an ERISA plan and is not purchasing any notes or interest therein on behalf of or with “plan assets