Company: TDBCP
Filing Date: 2025-03-04
Form Type: 424B3
Source: 0001140361-25-006811
Chunk: 22

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-04
Form: 424B3
Chunk 22
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Ns. ARNs are our senior unsecured debt securities, and are not, either directly or indirectly, an obligation of any third party. As a result, your receipt of the Redemption Amount at maturity is dependent upon our ability to repay our obligations on the maturity date, regardless of whether the Market Measure increases from the Starting Value to the Ending Value. No assurance can be given as to what our financial condition will be on the maturity date. If we become unable to meet our financial obligations as they become due, you may not receive any amount payable under the terms of ARNs. PS-18 In addition, our credit ratings are an assessment by ratings agencies of our ability to pay our obligations. Consequently, our perceived creditworthiness and actual or anticipated decreases in our credit ratings or increases in the spread between the yield on our securities and the yield on U.S. Treasury securities (the “ credit spread”) prior to the maturity date may adversely affect the market value of ARNs. However, because your return on ARNs depends upon factors in addition to our ability to pay our obligations, such as the value of the Market Measure, an improvement in our credit ratings will not reduce the other investment risks related to ARNs. Tax-Related Risks Significant Aspects of the Tax Treatment of ARNs Are Uncertain.The U.S. federal income tax consequences of an investment in ARNs are uncertain and may be adverse to a noteholder. There is no direct legal authority as to the proper U.S. federal income tax treatment of ARNs, and we do not plan to request a ruling from the U.S. Internal Revenue Service (the “ IRS”) regarding the tax treatment of ARNs, and the IRS or a court may not agree with the tax treatment described in this product supplement or the applicable term sheet. If the IRS were successful in asserting an alternative treatment for ARNs, the timing and/or character of income on ARNs could be materially and adversely affected. Please read carefully the section entitled “Material U.S. Federal Income Tax Consequences” herein. You should consult your tax advisor about your own tax situation. Further, there exists a risk (and in certain circumstances, a substantial risk) that an investment in ARNs that are linked to shares of an Underlying Fund, PFIC, REIT or other “pass-thru entity” or a basket thatcontains Underlying Funds, PFICs, REITs or other “pass-thru entities” could be treated as a “constructive ownership transaction”, which could result in part or