Company: TDBCP
Filing Date: 2025-03-04
Form Type: 424B3
Source: 0001140361-25-006811
Chunk: 16

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-04
Form: 424B3
Chunk 16
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 any party will be willing to purchase your ARNs at any price in any secondary market. We anticipate that one or more of the agents or their affiliates will act as a market-maker for ARNs, but none of them are required to do so and may cease to do so at any time. Any price at which an agent or its affiliates may bid for, offer, purchase, or sell any ARNs may be higher or lower than the public offering price, and that price may differ from the values determined by pricing models that it may use, whether as a result of dealer discounts, mark-ups, or other transaction costs. These bids, offers, or transactions may adversely affect the prices, if any, at which those ARNs might otherwise trade in the market. In addition, if at any time any entity were to cease acting as a market-maker for any issue of ARNs, it is likely that there would be significantly less liquidity in that secondary market. In such case, the price at which those ARNs could be sold likely would be lower than if an active market existed. Unless otherwise stated in the applicable term sheet, we will not list ARNs on any securities exchange or quotation system. Even if an application were made to list your ARNs, we cannot assure you that the application will be approved or that your ARNs will be listed and, if listed, that they will remain listed for their entire term. The listing of ARNs on any securities exchange or quotation system will not necessarily ensure that a trading market will develop, and if a trading market does develop, that there will be liquidity in the trading market. PS-14 The ARNs are not designed to be short-term trading instruments and, if you attempt to sell your ARNs prior to maturity, their market value, if any, will be affected by various factors that interrelate in complex ways and may be less than the principal amount.ARNs are not designed to be short-term trading instruments. You have no right to have your ARNs redeemed at your option prior to maturity. If you wish to liquidate your investment in your ARNs prior to maturity, your only option would be to sell them. At that time, there may be an illiquid market for your ARNs or no market at all. Even if you were able to sell your ARNs, there are many factors outside of our control that may affect their market value, some of which, but not all, are stated below. These factors may interact with each other in complex and unpredictable ways, and the impact