Company: TDBCP
Filing Date: 2025-02-26
Form Type: 424B5
Source: 0001193125-25-036947
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-02-26
Form: 424B5
Chunk 15
---
 than floating rate securities that are linked to less volatile rates. S-10

Any Failure of SOFR to Gain Market Acceptance Could Adversely Affect the Notes.

According to the ARRC, SOFR was developed for use in certain U.S. dollar derivatives and other financial contracts as an alternative to U.S.
dollar LIBOR in part because it is considered a good representation of general funding conditions in the overnight Treasury repurchase agreement market. However, as a rate based on transactions secured by Treasury securities, it does not measure
bank-specific credit risk and, as a result, is less likely to correlate with the unsecured short-term funding costs of banks. This may mean that market participants would not consider SOFR a suitable replacement or successor for all of the purposes
for which U.S. dollar LIBOR historically has been used (including, without limitation, as a representation of the unsecured short-term funding costs of banks), which may, in turn, lessen market acceptance of SOFR. Any failure of SOFR to gain market
acceptance could adversely affect the return on and value of the notes and the price at which investors can sell the notes in the secondary market.

In addition, if SOFR does not prove to be widely used as a benchmark in securities that are similar or comparable to your SOFR-linked notes,
the trading price of the notes may be lower than those of securities that are linked to rates that are more widely used. Similarly, market terms for floating-rate debt securities linked to SOFR, such as the spread over the base rate reflected in
interest rate provisions or the manner of compounding the base rate, may evolve over time, and trading prices of the notes may be lower than those of later-issued SOFR-based debt securities as a result. Investors in a note linked to SOFR may not be
able to sell such notes at all or may not be able to sell such 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.

For notes with an interest rate based on Compounded SOFR (as defined herein), which is calculated using the specific
formula described under “Description of the Notes We May Offer—Interest Rates—SOFR Notes”, the interest rate will not be based on the SOFR rate published on or in respect of a particular date during such interest period or an
arithmetic average of SOFR rates during such period. For this and other reasons, the interest rate on