Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 35

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 35
---
 insolvent or is wound-up while the Notes remain outstanding, the Bank’s assets must be used to pay deposit liabilities and
prior and senior ranking indebtedness before payments may be made on the Notes, other subordinated indebtedness, the Series 33 Shares and the Common Shares. Subject to the Bank’s regulatory capital requirements, there is no limit on the
Bank’s ability to incur additional subordinated debt. In addition, the terms of the Notes do not restrict the Bank’s ability to incur indebtedness that ranks senior to the Notes. For the avoidance of doubt, as a result of the limited
recourse feature as described in “Description of the Notes—Limited Recourse”, the ranking of the Notes will not be relevant during insolvency proceedings or wind-up of the Bank, since once
the Corresponding Limited Recourse Trust Assets shall have been delivered to the holders of Notes, such delivery will have exhausted all remedies of such holders against the Bank, and the Notes shall have ceased to be outstanding. Upon the
occurrence of a Trigger Event, each outstanding Series 33 Share will automatically and immediately be converted into Common Shares pursuant to a Contingent Conversion and the principal amount of, and accrued and unpaid interest on, all of the Notes
will become immediately due and payable by the Bank without any declaration or other act on the part of the Trustees or any the Noteholders, provided that the sole remedy of the Noteholders for such amounts due and payable by the Bank shall be, the
delivery of the Corresponding Limited Recourse Trust Assets (which shall consist of, in such circumstance, the Common Shares issued in connection with the Trigger Event), such that the terms of the Notes with respect to priority and rights upon
liquidation will not be relevant as the Notes will have been converted to Common Shares ranking on parity with all other outstanding Common Shares.

Any potential compensation to be provided through the compensation process under the CDIC Act is unknown.

The CDIC Actprovides for a compensation process for holders of Series 33 Shares who immediately prior to the making of an Order,
directly or through an intermediary, own Series 33 Shares that after the Order is made, are converted in whole or in part into Common Shares in accordance with their terms. While this process applies to successors of those holders it does not apply
to assignees or transferees of the holder following the making of the Order. The circumstances that give rise to compensation under the CDIC Act constitute a Recourse Event. Therefore, the Corresponding Limited Recourse Trust