Company: TDBCP
Filing Date: 2025-09-12
Form Type: 424B5
Source: 0001193125-25-201820
Chunk: 23

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-12
Form: 424B5
Chunk 23
---
 Inc. in October 2024, and we have received a negative outlook rating from Fitch Ratings, Inc. and may be downgraded in the future.
Our borrowing costs and ability to obtain funding are influenced by our credit ratings. Reductions in one or more of our credit ratings could adversely affect our ability to borrow funds and raise the costs of our borrowings substantially and could
cause creditors and business counterparties to raise collateral requirements or take other actions that could adversely affect our ability to raise funding. In addition to credit ratings, our borrowing costs are affected by various other external
factors, including market volatility and concerns or perceptions about the financial services industry generally. There can be no assurance that we will maintain our credit ratings and outlooks and that credit ratings downgrades in the future would
not have a material adverse effect on our ability to borrow funds and borrowing costs. Downgrades in our credit ratings also may trigger additional collateral or funding obligations which, depending on the severity of the downgrade, could have a
material adverse effect on our liquidity, including as a result of credit-related contingent features in certain of our derivative contracts.

An investment in the Notes and the Series 33 Shares is subject to market fluctuations.

The value of the Notes or the Series 33 Shares may
be affected by market value fluctuations resulting from factors which influence the Bank’s operations, including regulatory developments, competition and global market activity.

The Noteholders will have limited remedies.

In the event of a non-payment by the Bank of the principal amount of, interest on, or Redemption Price
for, the Notes when due or the occurrence of an event of default, the sole remedy of holders of Notes for any claims against the Bank shall be the delivery to the holders of their proportionate share of the Corresponding Limited Recourse Trust
Assets. If the Corresponding Limited Recourse Trust Assets consist of Series 33 Shares at the time a Recourse Event occurs, the Limited Recourse Trustee will deliver to each Noteholder one Series 33 Share for each US$1,000 principal amount of Notes
held, which shall be applied to the payment of the principal amount of the Notes, and such delivery of Series 33 Shares will exhaust all remedies of each Noteholder against the Bank for repayment of the principal amount of the Notes and any accrued
but unpaid interest thereon then due and payable. The market value of the Corresponding Limited Recourse Trust Assets could be significantly less than the face amount of the Notes. In the event that the value of the Corresponding Limited