Company: TDBCP
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036947
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-26
Form: 424B5
Chunk 16
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 such notes during any interest period will not be the same as the interest rate on other SOFR-linked investments that use an alternative basis to
determine the applicable interest rate. Further, if the SOFR rate in respect of a particular date during an interest period is negative, its contribution to Compounded SOFR (as defined herein) will be less than one, resulting in a reduction to
Compounded SOFR (as defined herein) used to calculate the interest payable on the notes on the Interest Payment Date (as defined herein) for such interest period.

In addition, limited market precedent exists for securities that use SOFR as the interest rate and the method for calculating an interest rate
based upon SOFR in those precedents varies. Accordingly, the specific formula for the Compounded SOFR (as defined herein) rate used in the notes may not be widely adopted by other market participants, if at all and Compounded SOFR in applicable
notes may differ from the compounded SOFR used in other seemingly comparable notes. If the bond market adopts a different calculation method, that could adversely affect the market value of the notes. Furthermore, the manner of adoption or
application of reference rates based on the SOFR in the bond market may differ materially compared with the application and adoption of the SOFR in other markets, such as the derivatives and loan markets. Investors should carefully consider how any
potential inconsistencies between the adoption of reference rates based on the SOFR across these markets may impact any hedging or other financial arrangements which they may put in place in connection with any acquisition, holding or disposal of
the SOFR-linked notes.

Market terms for securities that are linked to SOFR, including, but not limited to, the spread over the reference
rate reflected in the interest rate provisions, may evolve over time, and as a result, trading prices of the notes may be lower than those of later-issued securities that are based on SOFR. Investors in the notes may not be able to sell the notes at
all or may not be able to sell the notes at prices that will provide them with a yield comparable to similar investments that have a developed secondary market, and may consequently suffer from increased pricing volatility and market risk.

S-11

Compounded SOFR with Respect to a Particular Interest Period Will Only Be Capable of Being Determined Near the End of the Relevant Interest Period.

The level of Compounded SOFR (as defined herein) applicable to a particular interest
period and, therefore, the amount of interest payable with respect to