Company: TDBCP
Filing Date: 2025-06-23
Form Type: 11-K
Source: 0001104659-25-061742
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-23
Form: 11-K
Chunk 6
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 the foregoing, any prior Plan
balances from merged plans shall continue to vest in accordance with their respective vesting schedules.

Notes Receivable from Participants

Notes receivable from participants represent participant
loans that are recorded at their unpaid principal balance plus any accrued but unpaid interest. Interest income on notes receivable from
participants is recorded when it is earned. Related fees are recorded as administrative expenses and are expensed when they are incurred.
No allowance for credit losses has been recorded as of December 31, 2024 or 2023. If a participant ceases to make loan repayments
and the Plan Administrator deems the participant loan to be a distribution, the participant loan balance is reduced, and a benefit payment
is recorded. No losses on participant loans have been recorded as of December 31, 2024 or 2023.

7

<div align='center'>TD 401(k) Retirement Plan

Notes to Financial Statements (continued)

December 31, 2024 and 2023</div>

1. Description of the Plan (continued)

Participants may borrow from their accounts, excluding
balances related to core contributions. The minimum amount that a participant may borrow is $1,000 and the maximum is equal to the lesser
of $50,000 or 50% of the account balance. Loans must be paid over a period of up to five years (up to 15 years for the purchase of a principal
residence). The loans are secured by the balance in the participant’s account and bear interest at a fixed rate established by the
Plan Administrator based on the Prime Rate as reported in The Wall Street Journal on the date that the loan application is processed.
Interest rates range from 3.25% to 9.5% on loans outstanding at December 31, 2024 and 2023. Principal and interest are paid through
payroll deductions.

Benefits

Participants may elect, at any time, to withdraw
all or a portion of their account related to a rollover contribution, including earnings on those contributions. After attaining age 59½,
participants may withdraw all or part of their total account balance. In the event of a qualifying hardship, participants may withdraw
their participant contributions, rollover contributions, certain balances from prior plans (as further defined in the Plan document),
and related earnings.

Upon termination of employment or retirement,
participants can elect to take a lump sum distribution or leave their account balance in the Plan. If the participant’s vested account
balance is less than $