Company: TDBCP
Filing Date: 2025-10-09
Form Type: 424B3
Source: 0001140361-25-037791
Chunk: 45

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-09
Form: 424B3
Chunk 45
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 U.S. federal income taxation the accompanying prospectus. The discussion below assumes that an investor in LIRNs will be subject to a significant risk that it will lose a significant amount of its investment in LIRNs. If an investor in LIRNs is not subject to a significant risk that it will lose a significant amount of its investments in LIRNs, the U.S. federal income tax treatment of LIRNs may differ substantially from that described in the discussion below and such treatment will be described in the applicable term sheet. This discussion applies to you only if you acquire LIRNs upon initial issuance and hold LIRNs as capital assets within the meaning of Section 1221 of the Code for U.S. federal income tax purposes. This discussion does not apply to you if you are a member of a class of holders subject to special rules, such as:

| ● | a dealer in securities or currencies, |

| ● | a trader in securities that elects to use a mark-to-market method of tax accounting, |

| ● | a financial institution or a bank, |

| ● | a RIC, REIT or common trust fund, |

| ● | an insurance company, |

| ● | a tax-exempt organization or an investor holding LIRNs in a tax-advantaged account (such as an Individual Retirement Account or Roth IRA), as defined in Section 408 or 408A of the Code, respectively, |

| ● | a person that owns LIRNs as part of a hedging transaction, straddle, synthetic security, conversion transaction, or integrated transaction, or enters into a “constructive sale” with respect to LIRNs or a “wash 
 sale” with respect to LIRNs or the Underlying Stock,                                                                                                                                                              |

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| ● | a U.S. holder (as defined below) whose functional currency for U.S. tax purposes is not the U.S. dollar, |

| ● | a former citizen or resident of the U. S., or |

| ● | taxpayers subject to special tax accounting rules under Section 451(b) of the Code. |

If you are considering the purchase of LIRNs, you should consult your tax advisors concerning the application of the U.S. federal income tax laws to your particular situation, as well as any tax consequences arising under the laws of any state, local or non-U.S. jurisdictions. Except as discussed under “Notice 2008-2,” “Backup Withholding and Information Reporting,” “Non-U.S