Company: TDBCP
Filing Date: 2025-09-16
Form Type: 424B2
Source: 0001193125-25-205043
Chunk: 18

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-16
Form: 424B2
Chunk 18
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 purchase or otherwise retire (a) less than all the Series 33 Shares or (b) except pursuant to                
 any purchase obligation, sinking fund, retraction privilege or mandatory redemption provisions attaching to any series of preferred shares of the Bank, any other shares ranking prior to or on a parity with the Series 33 Shares; unless, in each case, 
 all dividends on the Series 33 Shares up to and including those payable on the dividend payment date for the last completed period for which dividends shall be payable and in respect of which the rights of the holders thereof have not been           
 extinguished or waived, and all dividends then accrued on all other shares ranking prior to or on a parity with the Series 33 Shares, have been declared and paid or set apart for payment.                                                               |

| Dividend Waiver: | The Limited Recourse Trustee, as trustee of the Limited Recourse Trust, will, by written notice, provide to the Bank a waiver immediately following the issue of the Series 33 Shares to the Limited Recourse Trustee of its right to receive any and  
 all dividends on the Series 33 Shares during the period from and including the date of the waiver to and including the earlier of (i) the date upon which the Limited Recourse Trustee, as trustee, provides, by written notice, a revocation of       
 such waiver to the Bank; and (ii) the date upon which the Limited Recourse Trustee is no longer a registered holder of the Series 33 Shares (the “Dividend Waiver”). Accordingly, no dividends are expected to be declared or paid on                  
 the Series 33 Shares while the Series 33 Shares are held by the Limited Recourse Trustee. The Dividend Waiver is applicable to the Limited Recourse Trustee and will not bind a subsequent holder of the Series 33 Shares. The Bank will provide a     
 covenant to the Limited Recourse Trustee that, at any time while the Series 33 Shares are held by the Limited Recourse Trustee and the Dividend Waiver is no longer in effect, if the Bank does not declare and pay dividends in full on the Series 33 
 Shares, the Bank will not declare or pay cash dividends on any of its other outstanding series of Class A First Preferred Shares.                                                                                                                      |

| Dividend Deferability: | If the board of directors does not declare a dividend, or any part thereof, on the Series 33 Shares on or before the dividend payment date therefor, then the rights of the holders of the