suppl
The
information in this preliminary pricing supplement is not
complete and may be changed. This preliminary pricing supplement
and the accompanying prospectus supplement and prospectus are
not an offer to sell these securities and are not soliciting an
offer to buy these securities in any jurisdiction where the
offer or sale is not permitted.
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Filed
Pursuant to General Instruction II.K of Form-9
File No. 333-167637
SUBJECT TO COMPLETION
Preliminary Pricing Supplement Dated July 20,
2011
Pricing Supplement to the Prospectus Supplement dated
June 22, 2011 and the
Short Form Base Shelf Prospectus dated July 7, 2010
The Toronto-Dominion
Bank
US$
Floating
Rate Senior Medium-Term Notes, Series A, Due 2013
We will pay interest on the Floating Rate Senior Medium-Term
Notes, Series A, due 2013, which we refer to in this
pricing supplement as the Notes, quarterly
on , , and
of each year. We will make the first interest payment
on ,
20 . The interest rate on the Notes for each period
will be equal to three-month LIBOR plus a spread
of basis
points. The Notes will mature
on ,
2013. The Notes will be our unsecured obligations and will rank
equally with all of our other unsecured and unsubordinated
indebtedness from time to time outstanding. We will issue the
Notes in minimum denominations of US$2,000 and integral
multiples of US$1,000.
Other than as set forth under Terms of the
Notes Redemption for Tax Reasons, we may not
redeem the Notes prior to their maturity. There is no sinking
fund for the Notes.
The Notes will not be listed on any securities exchange.
Investing in the Notes involves a number of risks. See
Risk Factors beginning on
page S-6
of the prospectus supplement dated June 22, 2011.
The Notes are unsecured and are not savings accounts or insured
deposits of a bank. The Notes are not insured or guaranteed by
the Canada Deposit Insurance Corporation, the U.S. Federal
Deposit Insurance Corporation or any other governmental agency
or instrumentality of Canada or the United States.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of these
securities or determined that this pricing supplement is
truthful or complete. Any representation to the contrary is a
criminal offense.
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Per Note
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Total
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Price to the public(1)
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US$
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US$
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Underwriting commissions
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US$
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US$
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Proceeds to The Toronto-Dominion Bank
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US$
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US$
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(1) |
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The price to the public also will include interest accrued on
the Notes
after ,
2011, if any. |
This pricing supplement may be used by certain of our affiliates
in connection with offers and sales of the Notes in
market-making
transactions.
We will deliver the Notes in book-entry only form through the
facilities of The Depository Trust Company (including
through its indirect participants Euroclear and Clearstream,
Luxembourg) on or
about ,
2011, against payment in immediately available funds.
Joint
Book-Runners
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TD Securities |
Goldman, Sachs & Co. |
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TD Securities (USA) LLC is our affiliate. See Underwriting
(Conflicts of Interest) in this pricing supplement.
Pricing Supplement dated July , 2011
WHERE YOU
CAN YOU FIND MORE INFORMATION
You should read this pricing supplement together with the
prospectus supplement dated June 22, 2011 and the short
form base shelf prospectus dated July 7, 2010. You should
carefully consider, among other things, the matters set forth in
Risk Factors in the prospectus supplement. We urge
you to consult your investment, legal, tax, accounting and other
advisors before you invest in the Notes.
You may access these documents on the SEC website at www.sec.gov
as follows (or if such address has changed, by reviewing our
filings for the relevant date on the SEC website):
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Prospectus Supplement dated June 22, 2011:
http://www.sec.gov/Archives/edgar/data/947263/000095012311060995/y91677lsuppl.htm
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Short Form Base Shelf Prospectus dated July 7, 2010
(forming part of Amendment No. 2 to the Registration
Statement on
Form F-9
(File
No. 333-167637)):
http://www.sec.gov/Archives/edgar/data/947263/000095012311059119/y91677fv9za.htm
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Our Central Index Key, or CIK, on the SEC website is 947263.
PS-1
TERMS OF
THE NOTES
We describe the basic features of the Notes in the sections
of the short form base shelf prospectus dated July 7, 2010
called Description of the Debt Securities and
prospectus supplement dated June 22, 2011 called
Description of the Notes We May Offer, subject to
and as modified by the provisions described below. References in
this pricing supplement to we, us,
our or the Bank are to The
Toronto-Dominion Bank.
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Issuer: |
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The Toronto-Dominion Bank |
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Title of Series: |
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Senior Medium-Term Notes, Series A |
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Issue: |
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Floating Rate Senior Medium-Term Notes, Series A, due 2013 |
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Ranking: |
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Senior |
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Aggregate Principal Amount Initially Being Issued: |
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US$ |
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Currency: |
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U.S. Dollars |
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Minimum Denominations: |
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US$2,000 and minimum denominations of US$1,000 in excess of
US$2,000 |
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Pricing Date: |
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July , 2011 |
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Issue Date: |
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July , 2011 |
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Maturity Date: |
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,
2013 |
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CUSIP/ISIN: |
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/ |
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Day Count Fraction: |
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Actual/360 |
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Base Rate: |
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LIBOR |
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Index Maturity: |
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Three months |
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Spread: |
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basis
points |
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Interest Payment Dates: |
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Quarterly,
on , , and
of each year,
beginning ,
20 . |
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Interest Determination Date: |
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The second London business day preceding the applicable Interest
Reset Date. |
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Record Dates for Interest Payments: |
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The fifteenth calendar day prior to the applicable Interest
Payment Date. |
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Redemption at Our Option: |
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Not applicable, other than as set forth under
Redemption for Tax Reasons. |
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Optional Redemption by Holders of Notes: |
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Not applicable. |
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Optional Redemption by Us for Tax Reasons: |
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In certain circumstances where we have or will become obligated
to pay additional amounts, we may redeem, at our option, the
Notes in whole but not in part, at any time before maturity,
after giving not less than 15 nor more than 45 calendar
days notice to the trustee under the indenture and to the
holders of the Notes, at a redemption price equal to 100% of
their principal amount together with accrued interest, if any,
to, but excluding, the redemption date. See
Redemption for Tax Reasons. |
PS-2
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Listing: |
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The Notes will not be listed on any securities exchange. |
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Clearance and Settlement: |
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DTC global (including through its indirect participants
Euroclear and Clearstream, Luxembourg as described under
Description of the Debt Securities Book-Entry
Procedures and Settlement in the prospectus dated
July 7, 2010). |
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Terms Incorporated in the Master Note: |
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All of the terms appearing above the item captioned
Listing on
page PS-3
of this pricing supplement and under
Additional Amounts and
Redemption for Tax Reasons. |
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Conflicts of Interest: |
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TD Securities (USA) LLC is our affiliate. The agents are members
of the Financial Industry Regulatory Authority, Inc., or FINRA.
Accordingly, the offering of the Notes will conform to the
requirements of FINRA Rule 5121. TD Securities (USA) LLC is
not permitted to sell the Notes to an account over which it
exercises discretionary authority without the prior specific
written approval of the account holder. |
PS-3
Additional
Amounts
All payments of principal and interest in respect of the Notes
by us will be made without us making any withholding of or
deduction for, or on account of any present or future taxes,
duties, assessments or governmental charges of whatever nature
(Taxes) imposed or levied by or on behalf of Canada
or any political subdivision or taxing authority thereof or
therein having the power to tax (each a Taxing
Jurisdiction), unless the withholding or deduction of such
Taxes is required or authorized by law or the administration
thereof. In that event, we will, subject to certain exceptions
and limitations set forth below, pay such additional amounts
(Additional Amounts) to the beneficial owner of any
Note as may be necessary in order that every net payment of the
principal of and interest on such Note and any other amounts
payable on such Note, after any such withholding or deduction,
will not be less than the amount provided for in such Note to be
then due and payable. We will not, however, be required to make
any payment of Additional Amounts to any holder or beneficial
owner for or on account of:
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any Taxes that would not have been so imposed but for a present
or former connection (including, without limitation, carrying on
business in Canada or a province or territory of Canada or
having a permanent establishment or fixed base in Canada or a
province or territory of Canada) between such holder or
beneficial owner of a Note (or between a fiduciary, settlor,
beneficiary, member or shareholder of, or possessor of power
over, such holder or beneficial owner, if such holder or
beneficial owner is an estate, trust, partnership, limited
liability company or corporation) and Canada or a political
subdivision or taxing authority of or in Canada, other than
merely holding such Note or receiving payments with respect to
such Note;
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any estate, inheritance, gift, sales, transfer or personal
property Tax or any similar Tax with respect to a Note;
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any Tax imposed by reason that such holder or beneficial owner
of a Note does not deal at arms length within the meaning
of the Income Tax Act (Canada) with us;
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any Tax that is levied or collected otherwise than by
withholding from payments on or in respect of any Note;
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any Tax required to be withheld by any paying agent from any
payment of principal of, or interest on, any Note, if such
payment can be made without such withholding by at least one
other paying agent;
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any Tax that would not have been imposed but for the failure of
a holder or beneficial owner of a Note to comply with
certification, information or other reporting requirements, if
such compliance is required by Canada or any political
subdivision or taxing authority of or in Canada as a
precondition to relief or exemption from such Tax;
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any Tax which would not have been imposed but for the
presentation of a Note (where presentation is required) for
payment on a date more than 30 days after (i) the date
on which such payment became due and payable or (ii) the
date on which payment thereof is duly provided for, whichever
occurs later; or
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any combination of the items listed above;
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nor will Additional Amounts be paid with respect to any payment
on a Note to a holder or beneficial owner who is a fiduciary or
partnership or other than the sole beneficial owner of such
payment to the extent a beneficiary or settlor with respect to
such fiduciary or a member of such partnership or beneficial
owner would not have been entitled to the Additional Amounts had
such beneficiary, settlor, member or beneficial owner held its
interest in the Note directly.
PS-4
Redemption
for Tax Reasons
We may redeem the Notes, in whole but not in part, at our option
at any time prior to maturity, upon the giving of a notice of
redemption as described below if (i) we have or will become
obligated to pay Additional Amounts, as described above under
Additional Amounts, as a result of any
change in or amendment (including any announced prospective
change) to the laws or treaties of the relevant Taxing
Jurisdiction or any rules or regulations or administrative
pronouncements thereunder or any change in position regarding
the application, administration or interpretation of such laws,
treaties, rules, regulations or administrative pronouncements
(including a holding, judgment or order by a court of competent
jurisdiction), which change or amendment was announced or became
effective on or after the date of this pricing supplement, and
(ii) we have determined that the obligation to pay such
Additional Amounts cannot be avoided by taking reasonable
measures available to us. For the avoidance of doubt reasonable
measures do not include a change in the terms of the Notes or a
substitution of the debtor.
Any Notes redeemed for tax reasons will be redeemed at 100% of
their principal amount together with interest accrued up to, but
excluding, the redemption date.
Prior to the giving of any notice of redemption pursuant to this
paragraph, we will deliver to the trustee:
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a certificate stating that we are entitled to effect such
redemption and setting forth a statement of facts showing that
the conditions precedent to our right to redeem have
occurred; and
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an opinion of independent counsel or written advice of a
qualified tax expert, such counsel or expert being reasonably
acceptable to the trustee, to such effect based on such
statements of facts;
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provided that no such notice of redemption shall be given
earlier than 45 days prior to the earliest date on which we
would be obligated to pay such Additional Amounts if a payment
in respect of a Note were then due. Notice of redemption will be
given to the trustee under the indenture and to the holders of
the Notes not less than 15 nor more than 45 days prior to
the date fixed for redemption, which date and the applicable
redemption price will be specified in the notice.
PS-5
U.S.
FEDERAL INCOME TAX CONSIDERATIONS
For a discussion of certain material U.S. federal income
tax consequences of owning the Notes, please see the section
Tax Consequences United States Taxation
in the accompanying prospectus supplement.
CANADIAN
FEDERAL INCOME TAX CONSIDERATIONS
For a discussion of certain material Canadian federal income tax
consequences of owning the Notes, please see the section
Tax Consequences Canadian Taxation in
the accompanying prospectus supplement.
PS-6
UNDERWRITING
(CONFLICT OF INTERESTS)
On July , 2011, we entered into a terms
agreement with the agents pursuant to the Distribution
Agreement, dated June 22, 2011, among us and the agent
party thereto for the purchase and sale of the Notes. We have
agreed to sell to each of the agents, and each of the agents
have agreed to purchase from us, as principal, the principal
amount of the Notes shown opposite its name at the public
offering price set forth above.
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Principal Amount
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Agent
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of Notes
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TD Securities (USA) LLC
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US$
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Goldman, Sachs & Co.
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US$
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Total
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US$
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The agents may sell the Notes to certain dealers at the public
offering price, less a concession which will not
exceed % of their principal amount.
The agents and those dealers may resell the Notes to other
dealers at a reallowance discount which will not
exceed % of their principal amount.
After the initial offering of the Notes, the concession and
reallowance discounts on the Notes may change.
We estimate that the total offering expenses for the Notes,
excluding underwriting commissions, will be approximately
US$ .
We have agreed to indemnify the several agents against certain
liabilities, including liabilities under the Securities Act of
1933.
We expect that delivery of the Notes will be made against
payment for the Notes on or about July , 2011,
which is the fifth (5th) business day following the pricing date
(this settlement cycle being referred to as T+5).
Rule 15c6-1
under the Securities Exchange Act of 1934, as amended, generally
requires that securities trades in the secondary market settle
in three business days, unless the parties to a trade expressly
agree otherwise. Accordingly, purchasers who wish to trade the
Notes on the pricing date or the next succeeding business day
will be required, by virtue of the fact that the Notes will
settle in T+5, to specify an alternative settlement cycle at the
time of any such trade to prevent a failed settlement. Such
purchasers should also consult their own advisors in this
regard. See Supplemental Plan of Distribution (Conflicts
of Interest) in the prospectus supplement dated
June 22, 2011.
The agents and their respective affiliates are full service
financial institutions engaged in various activities, which may
include securities trading, commercial and investment banking,
financial advisory, investment management, investment research,
principal investment, hedging, financing and brokerage
activities. Certain of the agents and their respective
affiliates have, from time to time, performed, and may in the
future perform, various financial advisory and investment
banking services for the issuer, for which they received or will
receive customary fees and expenses.
In the ordinary course of their various business activities, the
agents and their respective affiliates may make or hold a broad
array of investments and actively trade debt and equity
securities (or related derivative securities) and financial
instruments (including bank loans) for their own account and for
the accounts of their customers, and such investment and
securities activities may involve securities
and/or
instruments of the issuer. The agents and their respective
affiliates may also make investment recommendations
and/or
publish or express independent research views in respect of such
securities or instruments and may at any time hold, or recommend
to clients that they acquire, long
and/or short
positions in such securities and instruments.
Conflicts
of Interest
TD Securities (USA) LLC is our affiliate. The agents are members
of FINRA. Accordingly, the offering of the Notes will conform to
the requirements of FINRA Rule 5121. TD Securities (USA)
LLC is not permitted to sell the Notes to an account over which
it exercises discretionary authority without the prior specific
written approval of the account holder.
PS-7
No securities regulatory authority has expressed an opinion
about these securities and it is an offence to claim
otherwise.
This prospectus supplement, together with the short form base
shelf prospectus dated July 7, 2010 to which it relates, as
amended or supplemented, and each document deemed to be
incorporated by reference in the short form base shelf
prospectus, as amended or supplemented, constitutes a public
offering of these securities only in those jurisdictions where
they may be lawfully offered for sale and therein only by
persons permitted to sell such securities.
Prospectus Supplement to Short Form Base Shelf Prospectus
Dated July 7, 2010
The Toronto-Dominion
Bank
Up to
US$15,000,000,000
Senior
Medium-Term Notes, Series A
Terms of Sale
The Toronto-Dominion Bank may from time to time offer and sell
notes with various terms (the notes), including the
following:
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stated maturity of 9 months or longer
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book-entry form only through The Depository Trust
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fixed interest rate, including zero-coupon, or floating
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Company
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interest rate, or a combination of both; a floating interest
rate may be based on:
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redemption at the option of The Toronto-Dominion Bank or the
option of the holder
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commercial paper rate
U.S. prime rate
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interest on notes paid monthly, quarterly, semi-annually or
annually
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LIBOR
EURIBOR
Treasury rate
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unless otherwise set forth in the applicable pricing supplement,
minimum denominations of US$2,000 and integral multiples of
US$1,000 in excess thereof
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CMT rate
CD rate
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denominated in U.S. dollars, a currency other than U.S. dollars
or in a composite currency
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CMS rate
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settlement in immediately available funds
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federal funds rate
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may be issued with original issue discount
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ranked as senior indebtedness of The Toronto-Dominion Bank
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The final terms of each note will be included in a pricing
supplement. For information regarding the agents
commissions, see Supplemental Plan of Distribution
(Conflicts of Interest). The aggregate initial offering
price of the notes is subject to reduction as a result of the
sale by The Toronto-Dominion Bank of other debt securities
pursuant to another prospectus supplement to the accompanying
prospectus.
See Risk Factors beginning on
page S-6
to read about factors you should consider before investing in
any notes.
Neither the Securities and Exchange Commission nor any state
securities commission has approved or disapproved of the
securities or passed upon the adequacy or accuracy of this
prospectus supplement and the accompanying prospectus. Any
representation to the contrary is a criminal offense.
The notes will not constitute deposits insured under the Canada
Deposit Insurance Corporation Act or by the United States
Federal Deposit Insurance Corporation or any other Canadian or
United States governmental agency or instrumentality.
The Toronto-Dominion Bank may sell the notes directly or through
one or more agents or dealers, including the agents referred to
in Supplemental Plan of Distribution. The agents are
not required to sell any particular amount of the notes.
The Toronto-Dominion Bank may use this prospectus supplement in
the initial sale of any notes. In addition, this prospectus
supplement may be used by certain of our affiliates in
connection with offers and sales of the notes in market-making
transactions. In a market-making transaction, our affiliates may
resell a note it acquires from other holders, after the original
offering and sale of the note. Resales of this kind may occur in
the open market or may be privately negotiated, at prevailing
market prices at the time of the resale or at related or
negotiated prices. In these transactions, our affiliates may act
as principal or as agent, including as agent for the
counterparty in a transaction in which our affiliates act as
principal. Our affiliates may receive compensation in the form
of discounts and commissions including from both counterparties
in some cases.
No underwriter, as defined under Canadian securities
legislation, has been involved in the preparation of, or has
performed any review of, the contents of this prospectus
supplement or the accompanying prospectus.
Arranger
TD Securities
The date of this prospectus supplement is June 22, 2011.
TABLE OF
CONTENTS
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Page
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Prospectus Supplement
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S-2
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S-2
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S-2
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S-3
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S-5
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S-6
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S-11
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S-11
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S-30
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S-30
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S-36
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S-37
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S-39
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S-40
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S-41
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Prospectus
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I-3
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I-4
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I-5
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I-5
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I-5
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I-6
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I-6
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I-6
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I-13
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I-13
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I-15
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I-15
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I-16
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I-17
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I-17
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I-17
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S-1
ABOUT
THIS PROSPECTUS SUPPLEMENT
This prospectus supplement and the accompanying prospectus
provide you with a general description of the notes we may
offer. Each time we sell notes we will provide a pricing
supplement containing specific information about the terms of
the notes being offered. Each pricing supplement may include a
discussion of any risk factors or other special considerations
that apply to those notes. The pricing supplement may also add,
update or change the information in this prospectus supplement.
If there is any inconsistency between the information in this
prospectus supplement or any pricing supplement, you should rely
on the information in that pricing supplement.
THE
TORONTO-DOMINION BANK
The Toronto-Dominion Bank, which we refer to as TD,
we or us, is the sixth largest bank in
North America by branches and serves more than 19 million
customers in four key businesses operating in a number of
locations in key financial centres around the globe: Canadian
Personal and Commercial Banking, including TD Canada Trust and
TD Insurance; Wealth Management, including TD Waterhouse and an
investment in TD Ameritrade; U.S. Personal and Commercial
Banking, including TD Bank, Americas Most Convenient Bank;
and Wholesale Banking, including TD Securities. TD also ranks
among the worlds leading online financial services firms,
with approximately 7 million online customers. TD Group had
CDN$630 billion in assets on April 30, 2011. The
Toronto-Dominion Bank trades under the symbol TD on
the Toronto and New York Stock Exchanges. To find out how to
obtain more information about us, see Available
Information on
page I-6
of the accompanying prospectus.
DOCUMENTS
INCORPORATED BY REFERENCE
This prospectus supplement is deemed to be incorporated by
reference into the accompanying prospectus solely for the
purpose of the notes to be issued hereunder. Other documents are
also incorporated or deemed to be incorporated by reference into
the accompanying prospectus and reference should be made to the
accompanying prospectus for full particulars thereof.
The following documents with respect to TD filed with the
securities commissions or similar authorities in Canada, are
specifically incorporated by reference in and form an integral
part of this prospectus supplement:
(a) the Second Quarter Report to Shareholders for the three
and six months ended April 30, 2011, which includes
comparative consolidated interim financial statements
(unaudited) and Managements Discussion &
Analysis (MD&A);
(b) the Management Proxy Circular dated as of
January 27, 2011;
(c) the Annual Information Form dated December 1,
2010; and
(d) the consolidated audited financial statements for the
fiscal year ended October 31, 2010 with comparative
consolidated financial statements for the fiscal year ended
October 31, 2009, together with the auditors report
thereon and MD&A as contained in the Annual Report to
Shareholders for the year ended October 31, 2010.
Any management proxy circular, annual information form,
consolidated audited financial statements, interim unaudited
financial statements, material change reports (excluding
confidential material change reports) or business acquisition
reports, all as filed by TD with the various securities
commissions or similar authorities in Canada pursuant to the
requirements of applicable securities legislation after the date
of this prospectus supplement and prior to the termination of
the offering of notes hereunder will be deemed to be
incorporated by reference into this prospectus supplement.
A pricing supplement describing the specific terms of an
offering of notes and containing such other information that TD
may elect to include will be delivered to purchasers of the
notes together with this prospectus supplement and the
accompanying prospectus and will be deemed to be incorporated by
reference into this prospectus supplement and the accompanying
prospectus as of the date of the applicable pricing supplement
solely for the purpose of the notes issued thereunder.
S-2
Updated earnings coverage ratios, as necessary, will be filed
quarterly with the various securities commissions and similar
authorities in Canada, either as prospectus supplements to the
accompanying prospectus or as exhibits to TDs unaudited
interim and audited annual consolidated financial statements,
and will be deemed to be incorporated by reference into this
prospectus supplement and the accompanying prospectus for the
issuance of notes thereunder.
Any statement contained in the accompanying prospectus, in this
prospectus supplement or in any other document incorporated or
deemed to be incorporated by reference herein will be deemed to
be modified or superseded for the purposes of this prospectus
supplement to the extent that a statement contained herein or in
any other subsequently filed document which also is or is deemed
to be incorporated by reference herein modifies or supersedes
such statement. The modifying or superseding statement need not
state that it has modified or superseded a prior statement or
include any other information set forth in the document that it
modifies or supersedes. The making of a modifying or superseding
statement is not to be deemed an admission for any purposes that
the modified or superseded statement, when made, constituted a
misrepresentation, an untrue statement of a material fact or an
omission to state a material fact that was required to be stated
or that was necessary to make a statement not misleading in
light of the circumstances in which it was made. Any statement
so modified or superseded will not be deemed, except as so
modified or superseded, to constitute a part of this prospectus
supplement.
TRADING
PRICE AND VOLUME OF TDS SECURITIES
The following chart sets out the trading price in Canadian
dollars and volume of TDs securities on the Toronto Stock
Exchange during the 12 months preceding the date of this
prospectus supplement:
|
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|
|
|
|
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|
|
|
|
|
|
|
|
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|
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|
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|
|
|
|
|
|
|
|
|
|
June
|
|
|
July
|
|
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August
|
|
|
Sept.
|
|
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October
|
|
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Nov.
|
|
|
Dec.
|
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|
January
|
|
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Feb.
|
|
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March
|
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April
|
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May
|
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June
|
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011(1)
|
|
|
COMMON SHARES
|
High(CDN$)
|
|
|
74.26
|
|
|
|
74.95
|
|
|
|
74.49
|
|
|
|
76.50
|
|
|
|
76.14
|
|
|
|
75.47
|
|
|
|
75.87
|
|
|
|
76.72
|
|
|
|
81.69
|
|
|
|
86.82
|
|
|
|
86.75
|
|
|
|
85.32
|
|
|
|
83.51
|
|
Low(CDN$)
|
|
|
68.17
|
|
|
|
67.63
|
|
|
|
68.25
|
|
|
|
71.95
|
|
|
|
72.41
|
|
|
|
72.05
|
|
|
|
70.48
|
|
|
|
73.50
|
|
|
|
75.11
|
|
|
|
79.52
|
|
|
|
80.39
|
|
|
|
80.59
|
|
|
|
77.87
|
|
Vol (000)
|
|
|
50,356
|
|
|
|
41,746
|
|
|
|
44,280
|
|
|
|
54,628
|
|
|
|
40,170
|
|
|
|
41,468
|
|
|
|
64,303
|
|
|
|
46,787
|
|
|
|
40,173
|
|
|
|
55,842
|
|
|
|
36,108
|
|
|
|
32,755
|
|
|
|
28,783
|
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|
|
|
|
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|
CLASS A FIRST PREFERRED SHARES
|
Series M
|
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|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
26.40
|
|
|
|
26.35
|
|
|
|
26.45
|
|
|
|
26.85
|
|
|
|
26.19
|
|
|
|
25.90
|
|
|
|
25.93
|
|
|
|
26.00
|
|
|
|
25.72
|
|
|
|
25.83
|
|
|
|
25.95
|
|
|
|
26.51
|
|
|
|
25.94
|
|
Low(CDN$)
|
|
|
25.74
|
|
|
|
25.67
|
|
|
|
26.05
|
|
|
|
25.91
|
|
|
|
25.80
|
|
|
|
25.77
|
|
|
|
25.75
|
|
|
|
25.56
|
|
|
|
25.55
|
|
|
|
25.52
|
|
|
|
25.53
|
|
|
|
25.60
|
|
|
|
25.66
|
|
Vol (000)
|
|
|
126
|
|
|
|
139
|
|
|
|
159
|
|
|
|
71
|
|
|
|
267
|
|
|
|
820
|
|
|
|
400
|
|
|
|
963
|
|
|
|
256
|
|
|
|
262
|
|
|
|
83
|
|
|
|
46
|
|
|
|
741
|
|
|
|
|
|
|
|
|
|
|
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|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series N
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
26.25
|
|
|
|
26.10
|
|
|
|
26.20
|
|
|
|
26.60
|
|
|
|
26.20
|
|
|
|
26.00
|
|
|
|
25.94
|
|
|
|
27.75
|
|
|
|
25.75
|
|
|
|
25.80
|
|
|
|
27.70
|
|
|
|
25.80
|
|
|
|
25.89
|
|
Low(CDN$)
|
|
|
25.70
|
|
|
|
25.85
|
|
|
|
25.98
|
|
|
|
25.80
|
|
|
|
25.67
|
|
|
|
25.72
|
|
|
|
25.75
|
|
|
|
25.56
|
|
|
|
25.50
|
|
|
|
25.65
|
|
|
|
25.61
|
|
|
|
25.60
|
|
|
|
25.62
|
|
Vol (000)
|
|
|
41
|
|
|
|
28
|
|
|
|
40
|
|
|
|
37
|
|
|
|
77
|
|
|
|
49
|
|
|
|
27
|
|
|
|
433
|
|
|
|
88
|
|
|
|
66
|
|
|
|
295
|
|
|
|
32
|
|
|
|
365
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series O
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
21.38
|
|
|
|
21.87
|
|
|
|
22.70
|
|
|
|
23.91
|
|
|
|
23.96
|
|
|
|
24.74
|
|
|
|
24.45
|
|
|
|
24.70
|
|
|
|
24.59
|
|
|
|
25.05
|
|
|
|
25.31
|
|
|
|
25.20
|
|
|
|
25.48
|
|
Low(CDN$)
|
|
|
20.22
|
|
|
|
20.94
|
|
|
|
21.68
|
|
|
|
22.52
|
|
|
|
23.26
|
|
|
|
23.82
|
|
|
|
23.00
|
|
|
|
23.49
|
|
|
|
24.09
|
|
|
|
24.35
|
|
|
|
24.27
|
|
|
|
24.87
|
|
|
|
25.00
|
|
Vol (000)
|
|
|
639
|
|
|
|
498
|
|
|
|
576
|
|
|
|
711
|
|
|
|
501
|
|
|
|
579
|
|
|
|
425
|
|
|
|
342
|
|
|
|
338
|
|
|
|
497
|
|
|
|
488
|
|
|
|
298
|
|
|
|
203
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series P
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
23.16
|
|
|
|
23.50
|
|
|
|
24.38
|
|
|
|
24.90
|
|
|
|
25.19
|
|
|
|
25.25
|
|
|
|
25.54
|
|
|
|
25.49
|
|
|
|
25.39
|
|
|
|
26.00
|
|
|
|
25.96
|
|
|
|
25.68
|
|
|
|
26.17
|
|
Low(CDN$)
|
|
|
21.90
|
|
|
|
22.75
|
|
|
|
23.25
|
|
|
|
24.15
|
|
|
|
24.46
|
|
|
|
24.66
|
|
|
|
24.75
|
|
|
|
24.69
|
|
|
|
24.77
|
|
|
|
25.10
|
|
|
|
25.05
|
|
|
|
25.29
|
|
|
|
25.33
|
|
Vol (000)
|
|
|
145
|
|
|
|
96
|
|
|
|
140
|
|
|
|
384
|
|
|
|
360
|
|
|
|
417
|
|
|
|
127
|
|
|
|
165
|
|
|
|
299
|
|
|
|
269
|
|
|
|
113
|
|
|
|
136
|
|
|
|
92
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series Q
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
24.63
|
|
|
|
24.94
|
|
|
|
25.25
|
|
|
|
25.84
|
|
|
|
25.99
|
|
|
|
26.08
|
|
|
|
25.93
|
|
|
|
26.00
|
|
|
|
25.88
|
|
|
|
26.16
|
|
|
|
26.19
|
|
|
|
26.20
|
|
|
|
26.39
|
|
Low(CDN$)
|
|
|
23.21
|
|
|
|
24.23
|
|
|
|
24.65
|
|
|
|
25.24
|
|
|
|
25.32
|
|
|
|
25.50
|
|
|
|
25.40
|
|
|
|
25.50
|
|
|
|
25.60
|
|
|
|
25.66
|
|
|
|
25.39
|
|
|
|
25.87
|
|
|
|
26.01
|
|
Vol (000)
|
|
|
117
|
|
|
|
91
|
|
|
|
105
|
|
|
|
112
|
|
|
|
172
|
|
|
|
371
|
|
|
|
224
|
|
|
|
433
|
|
|
|
149
|
|
|
|
247
|
|
|
|
134
|
|
|
|
86
|
|
|
|
56
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series R
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
24.50
|
|
|
|
24.96
|
|
|
|
25.25
|
|
|
|
25.84
|
|
|
|
25.87
|
|
|
|
26.31
|
|
|
|
25.83
|
|
|
|
25.94
|
|
|
|
25.87
|
|
|
|
26.13
|
|
|
|
26.17
|
|
|
|
26.35
|
|
|
|
27.28
|
|
Low(CDN$)
|
|
|
23.22
|
|
|
|
24.19
|
|
|
|
24.55
|
|
|
|
25.02
|
|
|
|
25.13
|
|
|
|
25.15
|
|
|
|
25.11
|
|
|
|
25.24
|
|
|
|
25.52
|
|
|
|
25.65
|
|
|
|
25.45
|
|
|
|
25.85
|
|
|
|
25.92
|
|
Vol (000)
|
|
|
268
|
|
|
|
327
|
|
|
|
328
|
|
|
|
290
|
|
|
|
285
|
|
|
|
356
|
|
|
|
159
|
|
|
|
212
|
|
|
|
202
|
|
|
|
247
|
|
|
|
246
|
|
|
|
100
|
|
|
|
108
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
S-3
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
June
|
|
|
July
|
|
|
August
|
|
|
Sept.
|
|
|
October
|
|
|
Nov.
|
|
|
Dec.
|
|
|
January
|
|
|
Feb.
|
|
|
March
|
|
|
April
|
|
|
May
|
|
|
June
|
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2010
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011
|
|
|
2011(1)
|
|
|
Series S
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
26.10
|
|
|
|
26.29
|
|
|
|
27.00
|
|
|
|
27.40
|
|
|
|
26.95
|
|
|
|
26.83
|
|
|
|
26.41
|
|
|
|
26.59
|
|
|
|
26.10
|
|
|
|
26.29
|
|
|
|
26.43
|
|
|
|
26.25
|
|
|
|
26.25
|
|
Low(CDN$)
|
|
|
25.66
|
|
|
|
25.75
|
|
|
|
26.07
|
|
|
|
26.49
|
|
|
|
26.16
|
|
|
|
26.14
|
|
|
|
25.82
|
|
|
|
25.88
|
|
|
|
25.61
|
|
|
|
25.87
|
|
|
|
25.70
|
|
|
|
25.92
|
|
|
|
25.88
|
|
Vol (000)
|
|
|
529
|
|
|
|
410
|
|
|
|
185
|
|
|
|
160
|
|
|
|
173
|
|
|
|
540
|
|
|
|
114
|
|
|
|
72
|
|
|
|
232
|
|
|
|
288
|
|
|
|
111
|
|
|
|
66
|
|
|
|
79
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series Y
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
26.32
|
|
|
|
26.29
|
|
|
|
26.70
|
|
|
|
27.35
|
|
|
|
26.86
|
|
|
|
26.98
|
|
|
|
26.50
|
|
|
|
26.64
|
|
|
|
26.35
|
|
|
|
26.46
|
|
|
|
26.58
|
|
|
|
26.39
|
|
|
|
26.36
|
|
Low(CDN$)
|
|
|
25.77
|
|
|
|
25.75
|
|
|
|
26.17
|
|
|
|
26.53
|
|
|
|
26.26
|
|
|
|
26.09
|
|
|
|
25.83
|
|
|
|
26.12
|
|
|
|
25.90
|
|
|
|
26.07
|
|
|
|
25.87
|
|
|
|
26.06
|
|
|
|
26.18
|
|
Vol (000)
|
|
|
54
|
|
|
|
275
|
|
|
|
44
|
|
|
|
189
|
|
|
|
110
|
|
|
|
425
|
|
|
|
97
|
|
|
|
157
|
|
|
|
190
|
|
|
|
120
|
|
|
|
62
|
|
|
|
197
|
|
|
|
642
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series AA
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
26.28
|
|
|
|
26.42
|
|
|
|
26.84
|
|
|
|
27.17
|
|
|
|
26.85
|
|
|
|
26.90
|
|
|
|
26.72
|
|
|
|
26.74
|
|
|
|
26.62
|
|
|
|
26.43
|
|
|
|
26.55
|
|
|
|
26.54
|
|
|
|
26.36
|
|
Low(CDN$)
|
|
|
25.82
|
|
|
|
25.80
|
|
|
|
26.15
|
|
|
|
26.63
|
|
|
|
26.25
|
|
|
|
26.14
|
|
|
|
26.08
|
|
|
|
26.00
|
|
|
|
25.81
|
|
|
|
25.92
|
|
|
|
25.96
|
|
|
|
26.09
|
|
|
|
26.12
|
|
Vol (000)
|
|
|
107
|
|
|
|
312
|
|
|
|
94
|
|
|
|
111
|
|
|
|
274
|
|
|
|
168
|
|
|
|
128
|
|
|
|
250
|
|
|
|
133
|
|
|
|
200
|
|
|
|
120
|
|
|
|
130
|
|
|
|
128
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series AC
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
26.90
|
|
|
|
27.05
|
|
|
|
27.50
|
|
|
|
27.73
|
|
|
|
27.37
|
|
|
|
27.38
|
|
|
|
27.22
|
|
|
|
27.22
|
|
|
|
26.90
|
|
|
|
27.02
|
|
|
|
27.09
|
|
|
|
26.88
|
|
|
|
26.93
|
|
Low(CDN$)
|
|
|
26.23
|
|
|
|
26.50
|
|
|
|
26.88
|
|
|
|
27.15
|
|
|
|
26.70
|
|
|
|
26.92
|
|
|
|
26.50
|
|
|
|
26.44
|
|
|
|
26.17
|
|
|
|
26.46
|
|
|
|
26.35
|
|
|
|
26.45
|
|
|
|
26.55
|
|
Vol (000)
|
|
|
327
|
|
|
|
289
|
|
|
|
92
|
|
|
|
223
|
|
|
|
215
|
|
|
|
222
|
|
|
|
391
|
|
|
|
236
|
|
|
|
156
|
|
|
|
84
|
|
|
|
142
|
|
|
|
115
|
|
|
|
43
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series AE
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
27.75
|
|
|
|
27.75
|
|
|
|
28.20
|
|
|
|
28.38
|
|
|
|
28.02
|
|
|
|
28.11
|
|
|
|
27.94
|
|
|
|
27.78
|
|
|
|
27.50
|
|
|
|
27.69
|
|
|
|
27.67
|
|
|
|
27.62
|
|
|
|
27.61
|
|
Low(CDN$)
|
|
|
26.92
|
|
|
|
27.20
|
|
|
|
27.35
|
|
|
|
27.96
|
|
|
|
27.47
|
|
|
|
27.65
|
|
|
|
27.20
|
|
|
|
27.10
|
|
|
|
26.95
|
|
|
|
27.33
|
|
|
|
26.99
|
|
|
|
27.12
|
|
|
|
27.12
|
|
Vol (000)
|
|
|
275
|
|
|
|
256
|
|
|
|
156
|
|
|
|
441
|
|
|
|
435
|
|
|
|
317
|
|
|
|
168
|
|
|
|
220
|
|
|
|
348
|
|
|
|
204
|
|
|
|
171
|
|
|
|
129
|
|
|
|
218
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series AG
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
27.96
|
|
|
|
27.90
|
|
|
|
28.05
|
|
|
|
28.49
|
|
|
|
28.10
|
|
|
|
28.00
|
|
|
|
27.90
|
|
|
|
27.72
|
|
|
|
27.44
|
|
|
|
27.62
|
|
|
|
27.60
|
|
|
|
27.56
|
|
|
|
27.55
|
|
Low(CDN$)
|
|
|
26.94
|
|
|
|
27.25
|
|
|
|
27.38
|
|
|
|
27.87
|
|
|
|
27.48
|
|
|
|
27.62
|
|
|
|
27.31
|
|
|
|
27.10
|
|
|
|
26.78
|
|
|
|
27.25
|
|
|
|
26.95
|
|
|
|
27.14
|
|
|
|
27.27
|
|
Vol (000)
|
|
|
352
|
|
|
|
323
|
|
|
|
289
|
|
|
|
681
|
|
|
|
647
|
|
|
|
334
|
|
|
|
208
|
|
|
|
294
|
|
|
|
309
|
|
|
|
523
|
|
|
|
221
|
|
|
|
618
|
|
|
|
161
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series AI
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
27.90
|
|
|
|
27.90
|
|
|
|
28.10
|
|
|
|
28.48
|
|
|
|
28.29
|
|
|
|
28.20
|
|
|
|
28.00
|
|
|
|
28.00
|
|
|
|
27.49
|
|
|
|
27.75
|
|
|
|
27.79
|
|
|
|
27.64
|
|
|
|
27.73
|
|
Low(CDN$)
|
|
|
27.00
|
|
|
|
27.42
|
|
|
|
27.54
|
|
|
|
27.94
|
|
|
|
27.61
|
|
|
|
27.81
|
|
|
|
27.21
|
|
|
|
27.12
|
|
|
|
27.01
|
|
|
|
27.32
|
|
|
|
27.10
|
|
|
|
27.23
|
|
|
|
27.32
|
|
Vol (000)
|
|
|
235
|
|
|
|
148
|
|
|
|
242
|
|
|
|
434
|
|
|
|
317
|
|
|
|
211
|
|
|
|
284
|
|
|
|
586
|
|
|
|
240
|
|
|
|
339
|
|
|
|
180
|
|
|
|
267
|
|
|
|
206
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series AK
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
High(CDN$)
|
|
|
27.88
|
|
|
|
27.90
|
|
|
|
28.27
|
|
|
|
28.49
|
|
|
|
28.19
|
|
|
|
28.18
|
|
|
|
27.99
|
|
|
|
27.94
|
|
|
|
27.49
|
|
|
|
27.77
|
|
|
|
27.82
|
|
|
|
27.67
|
|
|
|
27.73
|
|
Low(CDN$)
|
|
|
26.98
|
|
|
|
27.20
|
|
|
|
27.60
|
|
|
|
27.99
|
|
|
|
27.60
|
|
|
|
27.82
|
|
|
|
27.36
|
|
|
|
27.02
|
|
|
|
26.84
|
|
|
|
27.29
|
|
|
|
26.76
|
|
|
|
27.27
|
|
|
|
27.42
|
|
Vol (000)
|
|
|
381
|
|
|
|
325
|
|
|
|
242
|
|
|
|
482
|
|
|
|
362
|
|
|
|
224
|
|
|
|
227
|
|
|
|
269
|
|
|
|
281
|
|
|
|
234
|
|
|
|
141
|
|
|
|
300
|
|
|
|
231
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
(1)
|
|
The June 2011 data include trading
prices and volume up to and including June 20, 2011.
|
S-4
SUMMARY
The information in this Summary section is
qualified by the more detailed information set forth in this
prospectus supplement and the accompanying prospectus, as well
as the applicable pricing supplement.
|
|
|
Issuer: |
|
The Toronto-Dominion Bank (TD). |
|
Interest Payment Dates: |
|
The date or dates specified in the applicable pricing
supplement. The applicable pricing supplement may specify that
the interest dates are monthly, quarterly, semi-annually,
annually or at other specified intervals, or that interest will
be paid only at maturity. |
|
Interest Payable: |
|
Unless we specify otherwise in the applicable pricing
supplement, the notes will bear interest at: |
|
|
|
a fixed rate, which may be zero;
|
|
|
|
a floating rate; or
|
|
|
|
a combination of both fixed and floating rates.
|
|
Payment at Maturity: |
|
On the maturity date, you will receive the principal amount of
your notes plus any accrued and unpaid interest. |
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Redemption: |
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If the applicable pricing supplement specifies that the notes
are Redeemable, we may redeem the notes at a price
specified in the applicable pricing supplement plus accrued and
unpaid interest to the redemption date on any payment date on or
after the date or dates specified in the applicable pricing
supplement. |
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Put Option: |
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You will only have the right to require us to repurchase your
notes prior to maturity if so specified in the applicable
pricing supplement. |
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Clearance and Settlement: |
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Unless we specify otherwise in the applicable pricing
supplement, through DTC (including through its indirect
participants Euroclear and Clearstream as described under
Book-Entry Procedures and Settlement in the
accompanying prospectus). |
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Listing: |
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The notes will not be listed on any securities exchange. |
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Calculation Agent: |
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Unless we specify otherwise in the applicable pricing
supplement, The Bank of New York Mellon. |
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Conflicts of Interest: |
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TD Securities (USA) LLC is an affiliate of The Toronto-Dominion
Bank. Financial Industry Regulatory Authority, Inc.
(FINRA) Rule 5121 imposes certain requirements
when a FINRA member, such as TD Securities (USA) LLC,
distributes an affiliated companys securities. TD
Securities (USA) LLC has advised The Toronto-Dominion Bank that
each particular offering of notes in which it participates will
comply with the applicable requirements of FINRA Rule 5121. |
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Neither TD Securities (USA) LLC nor any other FINRA member is
permitted to sell notes in an offering to an account over which
it exercises discretionary authority without the prior written
approval of the customer to which the account relates. |
S-5
RISK
FACTORS
An investment in your notes is subject to the risks described
below, as well as the risks described under Risk
Factors in the accompanying prospectus. You should
carefully consider whether the notes are suited to your
particular circumstances. This prospectus supplement should be
read together with the prospectus and the applicable pricing
supplement. The information in the prospectus is supplemented
by, and to the extent inconsistent therewith replaced and
superseded by, the information in this prospectus supplement and
the applicable pricing supplement. This section describes
the most significant risks relating to the terms of the notes.
We urge you to read the following information about these risks,
together with the other information in this prospectus
supplement and the prospectus and the applicable pricing
supplement, before investing in the notes.
Risks
Relating to the Notes in General
An
Investment in the Notes Is Subject to Our Credit Risk, and
Changes in Our Credit Ratings Are Expected to Affect the Market
Value of the Notes.
An investment in any of the notes issued under our medium-term
note program, which are TDs senior unsecured debt
securities, is subject to our credit risk. As a result, your
receipt of each interest payment, if any, and the amount due on
the maturity date is dependent upon TDs ability to repay
its obligations as of each payment date. The existence of a
trading market for, and the market value of, any of the notes
may be impacted by market perception of our creditworthiness. If
market perception of our creditworthiness were to decline for
any reason, the market value of your notes, and availability of
the trading markets generally, may be adversely affected. No
assurance can be given as to what our financial condition will
be at any time during the term of the notes, or at maturity.
The
Interest Rate of Certain Types of Notes Is Not Certain for One
or More Interest Periods, and May Be Zero or Very
Low.
Except for any interest periods in which your notes will bear
interest at a fixed rate, the interest rate for one or more
interest periods during the term of the notes will not be known
on the pricing date of your notes. Depending on the terms set
forth in the applicable pricing supplement, it is possible that
the applicable interest rate for one or more interest periods
may be 0%, or if the rate is above 0%, it may be substantially
less than the rate of interest that we would pay on conventional
debt securities with a comparable term. You should carefully
read the terms of the notes that will be set forth in the
applicable pricing supplement in order to determine the extent
to which the interest rate on your notes during any period may
be so limited.
Even if your yield on the notes is positive, and even if your
notes have a specified fixed rate of interest for one or more
interest periods, your total yield may be less than the yield
you would earn if you bought a standard senior non-callable debt
security of TD with the same maturity date. The return on your
investment may not compensate you for the opportunity cost when
you take into account factors, such as inflation, that affect
the time value of money.
Depending on the terms of your notes, you should, therefore, be
prepared to realize no return at maturity over the principal
amount of your notes.
Your
Notes May Be Subject to Early Redemption.
Depending upon the terms of your notes, we may have the right to
redeem them, or the notes may be automatically redeemable under
some circumstances. If we have the right to redeem them, we will
be more likely to do so as the rate of interest payable on your
notes increases. If we redeem your notes, depending on the
market conditions at the time of redemption, you may not be able
to reinvest the redemption proceeds in a security with a
comparable return.
S-6
There
May Not Be an Active Trading Market for the Notes
Sales in the Secondary Market May Result in Significant
Losses.
There may be little or no secondary market for the notes. The
notes will not be listed on any securities exchange. TD
Securities (USA) LLC and other affiliates of TD may make a
market for the notes; however, they are not required to do so.
TD Securities (USA) LLC or any other affiliate of TD may stop
any market-making activities at any time. Even if a secondary
market for the notes develops, it may not provide significant
liquidity or trade at prices advantageous to you. We expect that
transaction costs in any secondary market would be high. As a
result, the difference between bid and asked prices for your
notes in any secondary market could be substantial.
If you sell your notes before maturity, you may have to do so at
a substantial discount from the issue price, and as a result,
you may suffer substantial losses.
The
Market Value of Your Notes May Be Influenced by Many
Unpredictable Factors.
The following factors, which are beyond our control, may
influence the market value of your notes:
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Changes in the level of the interest rate basis. For example, if
you purchase floating rate notes, an increase in the level of
the interest rate basis could cause a decrease in the market
value of the notes. Conversely, a decrease in the level of the
interest rate basis for any of the notes could cause an increase
in the market value of the notes. However, if the level of the
interest rate basis decreases and remains low, the likelihood of
the notes being redeemed (if the notes are redeemable) would
increase. In all cases, the level of the interest rate basis
itself will be influenced by complex and interrelated political,
economic, financial and other factors that can affect the money
markets generally and the London interbank market or other
applicable market in particular.
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Changes in U.S. interest rates. In general, if
U.S. interest rates increase, the market value of the notes
may decrease, and if U.S. interest rates decrease, the
market value of the notes may increase.
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Volatility of the interest rate basis. Depending on the terms of
your notes, if the size and frequency of fluctuations of the
interest rate basis changes, the market value of the notes may
decrease.
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These factors may influence the market value of your notes if
you sell your notes before maturity. Our creditworthiness, as
represented by our credit ratings or as otherwise perceived in
the market will also affect the market value of your notes. If
you sell your notes prior to maturity, you may receive less than
the principal amount of your notes.
For
Certain Types of Notes, the Interest Rate Payable During the
Initial Interest Period May Not Be Indicative of the Interest
Rate Payable During Subsequent Interest Periods.
The interest rate of certain notes that we may offer with this
prospectus supplement, may be based on a different rate during
the initial interest period than in subsequent interest periods.
In particular, during the interest period(s) where a fixed rate
of interest (or other financial measure) applies, this fixed
rate of interest (or other financial measure) may be higher than
the floating rate of interest (or other financial measure) that
will be applicable during subsequent interest period(s). As
noted above, the interest rate during the interest period where
a floating rate of interest is applicable is uncertain and could
be as little as 0.0%.
The
Interest Rate on the Notes Will Be Limited if the Notes have a
Maximum Interest Rate.
If the applicable pricing supplement specifies that your notes
have a maximum interest rate, the interest rate payable on your
notes during any period will be limited to the maximum rate
specified in the applicable pricing supplement. Therefore, the
return you receive during any interest period may be less than
what you would have received had you invested in a security that
was not subject to a maximum interest rate.
Trading
Activities by TD or its Affiliates May Adversely Affect the
Market Value of the Notes.
We or one or more affiliates may hedge our obligations under the
notes by purchasing securities, futures, options or other
derivative instruments with returns linked or related to changes
in the level of the interest rate basis,
S-7
and we may adjust these hedges by, among other things,
purchasing or selling securities, futures, options or other
derivative instruments at any time. It is possible that we or
one or more of our affiliates could receive substantial returns
from these hedging activities while the market value of the
notes declines. We or one or more of our affiliates may also
issue or underwrite other securities or financial or derivative
instruments with returns linked or related to changes in the
performance of the applicable interest rate basis.
These trading activities may present a conflict between the
holders interest in the notes and the interests we and our
affiliates will have in our or their proprietary accounts, in
facilitating transactions, including options and other
derivatives transactions, for our or their customers
accounts and in accounts under our or their management. These
trading activities could be adverse to the interests of the
holders of the notes.
Historical
Levels of an Interest Rate Basis Should Not Be Taken as an
Indication of the Future Levels of Such Rate.
The historical performance of an interest rate basis, which may
be included in the applicable pricing supplement, should not be
taken as an indication of the future performance of the interest
rate basis during the term of the notes. Changes in the level of
the interest rate basis will affect the trading price of the
notes, but it is impossible to predict whether the level of the
interest rate basis will rise or fall.
Significant
Aspects of the U.S. Tax Treatment of the Notes May Be
Uncertain.
The U.S. tax treatment of the notes may be uncertain. We do not
plan to request a ruling from the Internal Revenue Service
regarding the tax treatment of the notes, and the Internal
Revenue Service or a court may not agree with the tax treatment
described in this prospectus supplement.
In addition, because the tax disclosure in this prospectus
supplement has been prepared without regard to any particular
offering of notes, the tax disclosure does not take into account
the terms of any particular note. The U.S. federal income
tax consequences of a note with terms that are not consistent
with the assumptions made in the section entitled Tax
Consequences United States Taxation in this
prospectus supplement may be significantly different from the
anticipated tax treatment discussed in this document. You should
therefore not rely on the disclosure in this prospectus
supplement under Tax Consequences United
States Taxation with regard to an investment in any
particular note because it does not take into account the terms
of any particular note or the tax consequences of investing in
or holding any particular note unless the applicable pricing
supplement applicable to your notes indicates that you may so
rely. There may also be other features or terms of any specific
offering of notes that will cause the tax section in this
prospectus supplement to be inapplicable to any specific
offering of notes.
Please read carefully the section entitled Tax
Consequences United States Taxation in this
prospectus supplement. You should consult your tax advisor about
your own tax situation.
Non-U.S.
Investors May Be Subject to Certain Additional
Risks.
Unless otherwise specified in the applicable pricing supplement,
the notes will be denominated in U.S. dollars. If you are a
non-U.S. investor
who purchases the notes with a currency other than
U.S. dollars, changes in rates of exchange may have an
adverse effect on the value, price or returns of your investment.
Risks
Relating to Floating Rate Notes
You
Must Rely on Your Own Evaluation of the Merits of an Investment
Linked to the Applicable Interest Rate Basis.
In the ordinary course of their business, our affiliates may
have expressed views on expected movements in any interest rate
basis, and may do so in the future. These views or reports may
be communicated to our clients and clients of our affiliates.
However, these views are subject to change from time to time.
Moreover, other professionals who transact business in markets
relating to any interest rate basis may at any time have
significantly different views from those of our affiliates. For
these reasons, you are encouraged to derive information
concerning any applicable interest rate basis from multiple
sources, and you should not rely solely on views expressed by
our affiliates.
S-8
The
Method Used by the Publisher of an Interest Rate Basis May
Change in the Future.
The publisher of one or more of the interest rates basis for
your notes may change the manner in which an interest rate basis
is calculated. Any such changes could occur after the issue date
of your notes, and may decrease the amounts of the payments that
you receive on the notes. Unless otherwise set forth in the
applicable pricing supplement, we will not have any obligation
to compensate you for any reductions of this kind.
Floating
Rates of Interest are Uncertain and Could be 0.0%.
If your notes are floating rate notes, no interest will accrue
on the notes with respect to any interest period for which the
applicable floating rate specified in the applicable pricing
supplement is zero on the related interest rate reset date.
Floating interest rates, by their very nature, fluctuate, and
may be as low as 0.0%. Also, in certain economic environments,
floating rates of interest may be less than fixed rates of
interest for instruments with a similar credit quality and term.
As a result, the return you receive on your notes may be less
than a fixed rate security issued for a similar term by a
comparable issuer.
Changes
in Banks Inter-bank Lending Rate Reporting Practices or
the Method Pursuant to which LIBOR is Determined May Adversely
Affect the Value of Securities to which LIBOR
Relates.
Concerns have been expressed that some of the member banks
surveyed by the British Bankers Association (the
BBA) in 2008 in connection with the calculation of
daily LIBOR rates may have been under-reporting the inter-bank
lending rate applicable to them in order to avoid an appearance
of capital insufficiency or adverse reputational or other
consequences that may result from reporting higher inter-bank
lending rates. As a result, the LIBOR rate-fixing process was
changed by increasing the number of banks surveyed to set a
LIBOR rate. The BBA is continuing its consideration of ways to
strengthen the oversight of the process. Future changes adopted
by the BBA in the method pursuant to which the LIBOR rates are
determined may result in a sudden or prolonged increase or
decrease in the reported LIBOR rates, which may adversely affect
the level of interest payments and the value of the notes.
Risks
Relating to Notes Denominated or Payable in or Linked to a
Non-U.S.
Dollar Currency
If you intend to invest in a
non-U.S. dollar
note e.g., a note whose principal
and/or
interest is payable in a currency other than U.S. dollars
or that may be settled by delivery of or reference to a
non-U.S. dollar
currency or property denominated in or otherwise linked to a
non-U.S. dollar
currency you should consult your own financial and
legal advisors as to the currency risks entailed by your
investment. Notes of this kind may not be an appropriate
investment for investors who are unsophisticated with respect to
non-U.S. dollar
currency transactions.
An
Investment in a
Non-U.S.
Dollar Note Involves Currency-Related Risks.
An investment in a
non-U.S. dollar
note may entail significant risks that may not be associated
with a similar investment in a note that is payable solely in
U.S. dollars and where settlement value is not otherwise
based on a
non-U.S. dollar
currency. These risks include the possibility of significant
changes in rates of exchange between the U.S. dollar and
the various
non-U.S. dollar
currencies or composite currencies and the possibility of the
imposition or modification of foreign exchange controls or other
conditions by foreign governments. These risks generally depend
on factors over which we have no control, such as economic,
military and political events and the supply of and demand for
the relevant currencies in the global markets.
Changes
in Currency Exchange Rates Can Be Volatile and
Unpredictable.
Rates of exchange between the U.S. dollar and other
currencies have been volatile, and this volatility may continue
and perhaps spread to other currencies in the future.
Fluctuations in currency exchange rates could adversely affect
an investment in a note denominated in a specified currency
other than U.S. dollars. Depreciation of the specified
currency against the U.S. dollar could result in a decrease
in the U.S. market value of your note, including the
principal payable at maturity. That in turn could cause the
market value of the note to fall. Depreciation of the specified
currency against the U.S. dollar could result in a loss to
the investor on a U.S. dollar basis.
S-9
Government
Policy Can Adversely Affect Foreign Currency Exchange Rates and
an Investment in a
Non-U.S.
Dollar Note.
Foreign currency exchange rates can either float or be fixed by
sovereign governments. From time to time, governments use a
variety of techniques, such as intervention by a countrys
central bank or imposition of regulatory controls or taxes, to
affect the exchange rate of their currencies. Governments may
also issue a new currency to replace an existing currency or
alter the exchange rate or exchange characteristics by
devaluation or revaluation of a currency. Thus, a special risk
in purchasing
non-U.S. dollar
notes is that their yields or payouts could be significantly and
unpredictably affected by governmental actions. Even in the
absence of governmental action directly affecting currency
exchange rates, political, military or economic developments in
the country issuing the specified currency for a
non-U.S. dollar
note or elsewhere could lead to significant and sudden changes
in the exchange rate between the U.S. dollar and the
specified currency. These changes could affect the value of the
note as participants in the global currency markets move to buy
or sell the specified currency or U.S. dollars in reaction
to these developments.
Governments have imposed from time to time and may in the future
impose exchange controls or other conditions, including taxes,
with respect to the exchange or transfer of a specified currency
that could affect exchange rates as well as the availability of
a specified currency for a note at its maturity or on any other
payment date. In addition, the ability of a holder to move
currency freely out of the country in which payment in the
currency is received or to convert the currency at a freely
determined market rate could be limited by governmental actions.
Information
About Exchange Rates May Not Be Indicative of Future
Performance.
If we issue a
non-U.S. dollar
note, we may include in the applicable pricing supplement a
currency supplement that provides information about historical
exchange rates for the relevant
non-U.S. dollar
currency or currencies. Any information about exchange rates
that we may provide will be furnished as a matter of information
only, and you should not regard the information as indicative of
the range of, or trends in, fluctuations in currency exchange
rates that may occur in the future. That rate will likely differ
from the exchange rate used under the terms that apply to a
particular note. In addition, the historical relationship
between the U.S. dollar and the specified
non-U.S. currency
may not be an accurate proxy for the historical relationship
between your own principal currency and that currency.
In a
Lawsuit for Payment on a
Non-U.S.
Dollar Note, an Investor May Bear Foreign Currency Exchange
Risk.
The notes will be governed by New York law. Under
Section 27 of the New York Judiciary Law, a state court in
the State of New York rendering a judgment on a note denominated
in a foreign currency other than U.S. dollars would be
required to render the judgment in the specified currency;
however, the judgment would be converted into U.S. dollars
at the exchange rate prevailing on the date of entry of the
judgment. Consequently, in a lawsuit for payment on a note
denominated in a currency other than U.S. dollars,
investors would bear currency exchange risk until judgment is
entered, which could be a long time. You will therefore be
exposed to currency risk with respect to both the
U.S. dollar and, if applicable, the foreign currency.
In courts outside of New York, investors may not be able to
obtain judgment in a specified currency other than
U.S. dollars. For example, a judgment for money in an
action based on a
non-U.S. dollar
note in many other U.S. federal or state courts ordinarily
would be enforced in the United States only in
U.S. dollars. The date used to determine the rate of
conversion of the currency in which any particular note is
denominated into U.S. dollars will depend upon various
factors, including which court renders the judgment.
Non-U.S.
Dollar Notes Will Permit Us to Make Payments in U.S. Dollars or
Delay Payment If We Are Unable to Obtain the Specified
Currency.
Notes payable in a currency other than U.S. dollars will
provide that, if the other currency is not available to us at or
about the time when a payment on the notes comes due because of
circumstances beyond our control, we will be entitled to make
the payment in U.S. dollars or delay making the payment.
These circumstances could include the imposition of exchange
controls or our inability to obtain the other currency because
of a disruption in the currency
S-10
markets. If we make payment in U.S. dollars, the exchange
rate we will use, unless otherwise specified in the applicable
pricing supplement, will be based on the most recently available
noon buying rate in New York City for cable transfers of the
other currency, available from the Federal Reserve Bank of New
York. The most recently available rate may be for a date
substantially before the payment date. A determination of this
kind may be based on limited information and would involve
significant discretion on the part of the exchange rate agent,
as specified in the applicable pricing supplement. As a result,
the value of the payment in U.S. dollars an investor would
receive on the payment date may be less than the value of the
payment the investor would have received in the other currency
if it had been available, or may be zero.
In addition, the unavailability of the specified
non-U.S. currency
will expose you to currency risks with respect to the
U.S. dollar which would not have existed had the specified
non-U.S. currency
been available.
We
Will Not Adjust Any Notes to Compensate for Changes in Foreign
Currency Exchange Rates.
Except as set forth in the applicable pricing supplement, we
will not make any adjustment or change in the terms of any note
in the event of any change in exchange rates for the relevant
currency, whether in the event of any devaluation, revaluation
or imposition of exchange or other regulatory controls or taxes
or in the event of other developments affecting that currency or
any other currency. Consequently, investors in notes will bear
the risk that their investment may be adversely affected by
these types of events.
USE OF
PROCEEDS
Except as otherwise set forth in a pricing supplement, the net
proceeds from the sale of any notes will be added to our general
funds and will be utilized for general corporate purposes.
DESCRIPTION
OF THE NOTES WE MAY OFFER
You should carefully read the description of the terms and
provisions of the notes and our senior indenture under
Description of the Debt Securities in the
accompanying prospectus. That section, together with this
prospectus supplement and the applicable pricing supplement,
summarizes all the material terms of our senior indenture and
your note. They do not, however, describe every aspect of our
senior indenture and your note. For example, in this section
entitled Description of the Notes We May Offer, the
accompanying prospectus and the applicable pricing supplement,
we use terms that have been given special meanings in our senior
indenture, but we describe the meanings of only the more
important of those terms. The specific terms of any series of
notes will be described in the applicable pricing supplement. As
you read this section, please remember that the specific terms
of your note as described in your pricing supplement will
supplement and, if applicable, may modify or replace the general
terms described in this section. To the extent the information
in the applicable pricing supplement is inconsistent with this
prospectus supplement or the accompanying prospectus, the
information in the applicable pricing supplement will supersede
the conflicting information in this prospectus supplement or the
accompanying prospectus. Thus, the statements we make in this
section may not apply to your note.
General
The notes will be issued under our senior indenture, dated as of
June 30, 2006, between TD and The Bank of New York Mellon
(formerly known as The Bank of New York), as trustee, and as
further amended from time to time, which we may refer to as the
indenture. The notes constitute a single series of
debt securities of TD issued under the indenture. The term
debt securities, as used in this prospectus
supplement, refers to all debt securities, including the notes,
issued and issuable from time to time under the indenture. The
indenture is subject to, and governed by, the
Trust Indenture Act of 1939, as amended. The indenture is
more fully described below in this section. Whenever we refer to
specific provisions or defined terms in the indenture, those
provisions or defined terms are incorporated in this prospectus
supplement by reference. Capitalized terms which are not
otherwise defined shall have the meanings given to them in the
indenture.
The notes will be limited to an aggregate initial offering price
of US$15,000,000,000 or at our option if so specified in the
applicable pricing supplement, the equivalent of this amount in
any other currency or currency unit,
S-11
and will be our direct, unsecured obligations. This aggregate
initial offering price is subject to reduction as a result of
the sale by us of other debt securities pursuant to another
prospectus supplement to the accompanying prospectus. The notes
will not constitute deposits insured under the Canada Deposit
Insurance Corporation Act or by the United States Federal
Deposit Insurance Corporation or any other Canadian or United
States governmental agency or instrumentality.
We will offer the notes on a continuous basis through one or
more agents listed in the section entitled Supplemental
Plan of Distribution in this prospectus supplement or the
applicable pricing supplement. The indenture does not limit the
aggregate principal amount of senior notes that we may issue. We
may, from time to time, without the consent of the holders of
the notes, provide for the issuance of notes or other debt
securities under the indenture in addition to the
US$15,000,000,000 aggregate initial offering price of notes
noted on the cover of this prospectus supplement. Each note
issued under this prospectus supplement will have a stated
maturity that will be specified in the applicable pricing
supplement and may be subject to redemption or repayment before
its stated maturity. As a general matter, each note will mature
nine months or more from its date of issue. Notes may be issued
at significant discounts from their principal amount due on the
stated maturity (or on any prior date on which the principal or
an installment of principal of a note becomes due and payable,
whether by the declaration of acceleration, call for redemption
at our option, repayment at the option of the holder or
otherwise), and some notes may not bear interest. We may from
time to time, without the consent of the existing holders of the
relevant notes, create and issue further notes having the same
terms and conditions as such notes in all respects, except for
the issue date, issue price and, if applicable, the first
payment of interest thereon.
Unless we specify otherwise in the applicable pricing
supplement, currency amounts in this prospectus supplement are
expressed in U.S. dollars. Unless we specify otherwise in
the applicable pricing supplement, the notes will be denominated
in U.S. dollars and payments of principal, premium, if any,
and any interest on the notes will be made in U.S. dollars.
If any note is to be denominated other than exclusively in
U.S. dollars, or if the principal of, premium, if any, or
any interest on the note is to be paid in one or more currencies
(or currency units) other than that in which that note is
denominated, additional information (including authorized
denominations and related exchange rate information) will be
provided in the applicable pricing supplement. Unless we specify
otherwise in the applicable pricing supplement, notes
denominated in U.S. dollars will be issued in minimum
denominations of $2,000 and integral multiples of $1,000 in
excess thereof.
Interest rates that we offer on the notes may differ depending
upon, among other factors, the aggregate principal amount of
notes purchased in any single transaction. Notes with different
variable terms other than interest rates may also be offered
concurrently to different investors. We may change interest
rates or formulas and other terms of notes from time to time,
but no change of terms will affect any note we have previously
issued or as to which we have accepted an offer to purchase.
Each note will be issued as a book-entry note in fully
registered form without coupons. Each note issued in book-entry
form may be represented by a global note that we register in the
name of a financial institution or its nominee that we select.
The financial institution that we select for this purpose is
called the depositary. Unless we specify otherwise in the
applicable pricing supplement, The Depository
Trust Company, New York, New York, will be the depositary
for all notes in global form. Except as discussed in the
accompanying prospectus under Book-Entry Procedures and
Settlement, owners of beneficial interests in book-entry
notes will not be entitled to physical delivery of notes in
certificated form. We will make payments of principal of, and
premium, if any and interest, if any, on the notes through the
trustee to the depositary for the notes.
Types of
Notes
We may issue the following types of notes:
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Fixed Rate Notes. A note of this type will
bear interest at a fixed rate described in the applicable
pricing supplement. This type includes zero-coupon notes, which
bear no interest and are instead issued at a price lower than
the principal amount.
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Floating Rate Notes. A note of this type will
bear interest at rates that are determined by reference to an
interest rate formula. In some cases, the rates may also be
adjusted by adding or subtracting a spread or
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multiplying by a spread multiplier and may be subject to a
minimum rate or a maximum rate. The various interest rate
formulas and these other features are described below in
Interest Rates Floating Rate
Notes. If your note is a floating rate note, the formula
and any adjustments that apply to the interest rate will be
specified in the applicable pricing supplement.
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Fixed-to-Floating
Rate Notes. A note of this type will bear
interest at both a fixed rate described in the applicable
pricing supplement for a certain period of time and at a
floating rate for another certain period of time determined by
reference to an interest rate formula. We refer to these notes
as
fixed-to-floating
rate notes. The rate for the floating-rate period(s) for a
fixed-to-floating
rate note will be set, calculated and paid in the same manner as
for floating rate notes, as described in this prospectus
supplement. Any references to or discussion of floating-rate
notes in this prospectus supplement also applies to the
floating-rate period(s) of
fixed-to-floating
rate notes.
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Floating-to-Fixed
Rate Notes. A note of this type will bear
interest at both a floating rate described in the applicable
pricing supplement for a certain period of time and at a fixed
rate for another certain period of time determined by reference
to an interest rate formula. We refer to these notes as
floating-to-fixed
rate notes. The rate for the floating-rate period(s) for a
floating-to-fixed
rate note will be set, calculated and paid in the same manner as
for floating-rate notes, as described in this prospectus
supplement. Any references to or discussion of floating-rate
notes in this prospectus supplement also applies to the
floating-rate period(s) of
floating-to-fixed
rate notes.
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Original
Issue Discount Notes
A fixed rate note or a floating rate note may be an original
issue discount note. A note of this type is issued at a price
lower than its principal amount and provides that, upon
redemption or acceleration of its maturity, an amount equal to
its principal amount will be payable. An original issue discount
note may be a zero-coupon note. A note issued at a discount to
its principal may be considered for U.S. federal income tax
purposes as issued with original issue discount, regardless of
the amount payable upon redemption or acceleration of maturity.
See Tax Consequences United States
Taxation in this prospectus supplement for a brief
description of the U.S. federal income tax consequences of
owning a note issued with original issue discount.
Information
in the Pricing Supplement
Your pricing supplement will describe all relevant terms of your
note not described in this prospectus supplement or the
accompanying prospectus, including one or more of the following
terms of your note:
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the stated maturity;
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the specified currency or currencies for principal and interest,
if not U.S. dollars;
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the price at which we originally issue your note, expressed as a
percentage of the principal amount, and the original issue date;
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whether your note is a fixed rate note or a floating rate note;
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if your note is a fixed rate note, the annual rate at which your
note will bear interest, if any, and the interest payment dates;
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if your note is a floating rate note, the interest rate basis,
which may be one of the interest rate bases described in
Interest Rates Floating Rate
Notes below; any applicable spread or spread multiplier or
initial, maximum or minimum rate; and the interest reset,
determination, calculation and payment dates, all of which we
describe under Interest Rates
Floating Rate Notes below;
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if your note is an original issue discount note, the yield to
maturity;
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if applicable, the circumstances under which your note may be
redeemed at our option before the stated maturity, including any
redemption commencement date, redemption price(s) and redemption
period(s);
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S-13
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if applicable, the circumstances under which you may demand
repayment of your note before the stated maturity, including any
repayment commencement date, repayment price(s) and repayment
period(s);
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any special Canadian or U.S. federal income tax
consequences of the purchase, ownership or disposition of a
particular issuance of notes;
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the use of proceeds, if different than those discussed in this
prospectus supplement; and
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any other terms of your note, which could be different from
those described in this prospectus supplement.
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Payment
at Maturity
At maturity, unless otherwise set forth in the applicable
pricing supplement, you will receive the principal amount of
your notes, plus accrued and unpaid interest, if any, as
described under Interest Payments below.
Maturity
Date
The maturity date will be the date specified in the applicable
pricing supplement, unless that date is not a business day, in
which case the maturity date will be the next following business
day. No interest will accrue past the maturity date specified in
the applicable pricing supplement.
Interest
Each interest-bearing note will bear interest from its date of
issue at the rate per annum, in the case of a fixed rate note,
or pursuant to the interest rate formula, in the case of a
floating rate note, in each case as specified in the applicable
pricing supplement, until the principal thereof is paid. We will
make interest payments in respect of fixed rate notes and
floating rate notes in an amount equal to the interest accrued
from and including the immediately preceding interest payment
date in respect of which interest has been paid or from and
including the date of issue, if no interest has been paid, to
but excluding the applicable interest payment date or the
maturity date, as the case may be (each, an interest
period).
Interest on fixed rate notes and floating rate notes will be
payable in arrears on each interest payment date and on the
maturity date. The first payment of interest on any note
originally issued between a regular record date and the related
interest payment date will be made on the interest payment date
immediately following the next succeeding record date to the
registered holder on the next succeeding record date. Unless
otherwise specified in the applicable pricing supplement, the
regular record date shall be the fifteenth calendar
day, whether or not a business day, immediately
preceding the related interest payment date. Business
day is defined below under Interest
Rates Special Rate Calculation Terms. If the
applicable pricing supplement specifies a different meaning for
the term business day, we will use that modified definition in
determining each interest payment date as well as the maturity
date for your notes. For the purpose of determining the holder
at the close of business on a regular record date when business
is not being conducted, the close of business will mean
5:00 P.M., New York City time, on that day.
Any payment on your note that would otherwise be due on a day
that is not a business day may instead be paid on the next day
that is a business day, with the same effect as if paid on the
original due date. However, if the interest rate basis is LIBOR
or EURIBOR, and the next business day falls in the next calendar
month, then the interest payment date will be advanced to the
next preceding day that is a business day. The term
business day with respect to your note may have a
different meaning than it does for other Series A notes.
Interest
Rates
This subsection describes the different kinds of interest rates
that may apply to your note, if it bears interest.
Fixed
Rate Notes
The applicable pricing supplement will specify the interest
payment dates for a fixed rate note as well as the maturity
date. Unless otherwise specified in the applicable pricing
supplement, interest, if any, on fixed rate notes
S-14
will be computed on the basis of a
360-day year
consisting of twelve
30-day
months and, in the case of an incomplete month, the number of
days elapsed.
If any interest payment date, redemption date, repayment date or
maturity date of a fixed rate note falls on a day that is not a
business day, we will make the required payment of principal,
premium, if any,
and/or
interest on the next succeeding business day, and no additional
interest will accrue in respect of the payment made on that next
succeeding business day.
Floating
Rate Notes
In this subsection, we use several specialized terms relating to
the manner in which floating interest rates are calculated.
These terms appear in bold, italicized type the first time they
appear, and we define these terms in Special
Rate Calculation Terms at the end of this subsection.
The following will apply to floating rate notes.
Interest Rate Basis. We currently expect to
issue floating rate notes that bear interest at rates based on
one or more of the following interest rate bases:
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commercial paper rate;
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U.S. prime rate;
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LIBOR;
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EURIBOR;
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Treasury rate;
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CMT rate;
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CD rate;
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CMS rate; and/or
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federal funds rate.
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We describe each of the interest rate bases in further detail
below in this subsection. If you purchase a floating rate note,
your pricing supplement will specify the interest rate basis
that applies to your note.
Index Maturity. The term index
maturity means, with respect to a floating rate note, the
period to maturity of the instrument or obligation on which the
interest rate formula is based, as specified in the applicable
pricing supplement.
Calculation of Interest. Calculations relating
to floating rate notes will be made by the calculation agent, an
institution that we appoint as our agent for this purpose.
Unless we specify otherwise in the applicable pricing
supplement, we have initially appointed The Bank of New York
Mellon as our calculation agent for the notes. We may appoint a
different institution to serve as calculation agent from time to
time without your consent and without notifying you of the
change.
For each floating rate note, the calculation agent will
determine, on the corresponding interest calculation date or on
the interest determination date, as described below, the
interest rate that takes effect on each interest reset date. In
addition, the calculation agent will calculate the amount of
interest that has accrued during each interest
period that is, the period from and including the
original issue date, or the last date to which interest has been
paid or made available for payment, to but excluding the payment
date. For each interest period, the calculation agent will
calculate the amount of accrued interest by multiplying the face
or other specified amount of the floating rate note by an
accrued interest factor for the interest period. This factor
will equal the sum of the interest factors calculated for each
day during the interest period. The interest factor for each day
will be expressed as a decimal and will be calculated by
dividing the interest rate, also expressed as a decimal,
applicable to that day by 360 or by the actual number of days in
the year, as specified in the applicable pricing supplement.
S-15
Upon the request of the holder of any floating rate note, the
calculation agent will provide for that note the interest rate
then in effect and, if determined, the interest rate
that will become effective on the next interest reset date. The
calculation agents determination of any interest rate, and
its calculation of the amount of interest for any interest
period, will be final and binding in the absence of manifest
error.
All percentages resulting from any calculation relating to a
note will be rounded upward or downward, as appropriate, to the
next higher or lower one hundred-thousandth of a percentage
point, e.g., 9.876541% (or .09876541) being rounded down to
9.87654% (or .0987654) and 9.876545% (or .09876545) being
rounded up to 9.87655% (or .0987655). All amounts used in or
resulting from any calculation relating to a floating rate note
will be rounded upward or downward, as appropriate, to the
nearest cent, in the case of U.S. dollars, or to the
nearest corresponding hundredth of a unit, in the case of a
currency other than U.S. dollars, with one-half cent or
one-half of a corresponding hundredth of a unit or more being
rounded upward.
In determining the interest rate basis that applies to a
floating rate note during a particular interest period, the
calculation agent may obtain rate quotes from various banks or
dealers active in the relevant market, as discussed below. Those
reference banks and dealers may include the calculation agent
itself and its affiliates, as well as any agent participating in
the distribution of the relevant floating rate notes and its
affiliates, and they may include our affiliates.
Initial Interest Rate. For any floating rate
note, the interest rate in effect from the original issue date
to the first interest reset date will be the initial interest
rate. We will specify the initial interest rate or the manner in
which it is determined in the applicable pricing supplement.
Spread or Spread Multiplier. In some cases,
the interest rate basis for a floating rate note may be adjusted:
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by adding or subtracting a specified number of basis points,
called the spread, with one basis point being 0.01%; or
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by multiplying the interest rate basis by a specified
percentage, called the spread multiplier.
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If you purchase a floating rate note, your pricing supplement
will indicate whether a spread or spread multiplier will apply
to your note and, if so, the amount of the spread or spread
multiplier.
Maximum and Minimum Rates. The actual interest
rate, after being adjusted by the spread or spread multiplier,
may also be subject to either or both of the following limits:
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a maximum rate i.e., a specified upper limit
that the actual interest rate in effect at any time may not
exceed; and/or
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a minimum rate i.e., a specified lower limit
that the actual interest rate in effect at any time may not fall
below.
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If you purchase a floating rate note, your pricing supplement
will indicate whether a maximum rate
and/or
minimum rate will apply to your note and, if so, what those
rates are.
Whether or not a maximum rate applies, the interest rate on a
floating rate note will in no event be higher than the maximum
rate permitted by New York law, as it may be modified by
U.S. law of general application and the Criminal Code
(Canada). Under New York law as in effect on the date of this
prospectus supplement, the maximum rate of interest, with some
exceptions, for any loan in an amount less than US$250,000 is
16% per year on a simple interest basis; for any loan in the
amount of US$250,000 or more but less than US$2,500,000 the
maximum rate of interest is 25% per year on a simple interest
basis; and for any loan in excess of US$2,500,000, there is no
limit on the maximum rate of interest, except for the Criminal
Code (Canada), which limits the rate to 60%.
The rest of this subsection describes how the interest rate and
the interest payment dates will be determined, and how interest
will be calculated, on a floating rate note.
Interest Reset Dates. The rate of interest on
a floating rate note will be reset, by the calculation agent
described below, daily, weekly, monthly, quarterly,
semi-annually or annually. The date on which the interest rate
S-16
resets and the reset rate becomes effective is called the
interest reset date. Unless we specify otherwise in the
applicable pricing supplement, the interest reset date will be
as follows:
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for floating rate notes that reset daily, each business day;
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for floating rate notes that reset weekly and are not treasury
rate notes, the Wednesday of each week;
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for treasury rate notes that reset weekly, the Tuesday of each
week;
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for floating rate notes that reset monthly, the third Wednesday
of each month;
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for floating rate notes that reset quarterly, the third
Wednesday of each of four months of each year as indicated in
the applicable pricing supplement;
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for floating rate notes that reset semi-annually, the third
Wednesday of the month indicated in the applicable pricing
supplement; and
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for floating rate notes that reset annually, the third Wednesday
of one month of each year as indicated in the applicable pricing
supplement.
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For a floating rate note, the interest rate in effect on any
particular day will be the interest rate determined with respect
to the latest interest reset date that occurs on or before that
day. There are several exceptions, however, to the reset
provisions described above.
If any interest reset date for a floating rate note would
otherwise be a day that is not a business day, the interest
reset date will be postponed to the next day that is a business
day. For a LIBOR or EURIBOR note, however, if that business day
is in the next succeeding calendar month, the interest reset
date will be the immediately preceding business day. If a
treasury bill auction will be held on any day that would
otherwise be a reset date for a treasury note, then that reset
date will instead be the business day immediately following that
auction date.
Interest Determination Dates. The interest
rate that takes effect on an interest reset date will be
determined by the calculation agent by reference to a particular
date called an interest determination date. Unless we specify
otherwise in the applicable pricing supplement:
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for commercial paper rate, federal funds rate and
U.S. prime rate notes, the interest determination date
relating to a particular interest reset date will be the second
business day preceding the interest reset date;
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for LIBOR notes, the interest determination date relating to a
particular interest reset date will be the second London
business day preceding the interest reset date, unless
the notes are denominated in pounds sterling, in which case the
interest determination date will be the interest reset date. We
refer to an interest determination date for a LIBOR note as a
LIBOR interest determination date;
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for EURIBOR notes, the interest determination date relating to a
particular interest reset date will be the second euro
business day preceding the interest reset date. We refer
to an interest determination date for a EURIBOR note as a
EURIBOR interest determination date;
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for treasury rate notes, the interest determination date
relating to a particular interest reset date, which we refer to
as a treasury interest determination date, will be the day of
the week in which the interest reset date falls on which
treasury bills i.e., direct obligations of
the U.S. government would normally be
auctioned. Treasury bills are usually sold at auction on the
Monday of each week, unless that day is a legal holiday, in
which case the auction is usually held on the following Tuesday,
except that the auction may be held on the preceding Friday. If
as the result of a legal holiday an auction is held on the
following Tuesday or preceding Friday, that Tuesday or Friday
will be the treasury interest determination date relating to the
interest reset date occurring in the next succeeding
week; and
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for CD rate, CMT rate and CMS rate notes, the interest
determination date relating to a particular interest reset date
will be the second business day preceding the interest reset
date.
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The interest determination date pertaining to a floating rate
note, the interest rate of which is determined with reference to
two or more interest rate bases, will be the latest business day
which is at least two business days before the related interest
reset date for the applicable floating rate note on which each
interest rate basis is determinable.
S-17
Interest Calculation Dates. As described
above, the interest rate that takes effect on a particular
interest reset date will be determined by reference to the
corresponding interest determination date. Except for LIBOR
notes and EURIBOR notes, however, the determination of the rate
will actually be made on a day no later than the corresponding
interest calculation date. Unless we specify otherwise in the
applicable pricing supplement, the interest calculation date
will be the earlier of the following:
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the tenth calendar day after the interest determination date or,
if that tenth calendar day is not a business day, the next
succeeding business day; and
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the business day immediately preceding the interest payment date
or the maturity, whichever is the day on which the next payment
of interest will be due.
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The calculation agent need not wait until the relevant interest
calculation date to determine the interest rate if the rate
information it needs to make the determination is available from
the relevant sources sooner.
Interest Payment Dates. The interest payment
dates for a floating rate note will depend on when the interest
rate is reset and, unless we specify otherwise in the applicable
pricing supplement, will be as follows:
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for floating rate notes that reset daily, weekly or monthly, the
third Wednesday of each month;
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for floating rate notes that reset quarterly, the third
Wednesday of the four months of each year specified in the
applicable pricing supplement;
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for floating rate notes that reset semi-annually, the third
Wednesday of the two months of each year specified in the
applicable pricing supplement; or
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for floating rate notes that reset annually, the third Wednesday
of the month specified in the applicable pricing supplement.
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Regardless of these rules, if a note is originally issued after
the regular record date and before the date that would otherwise
be the first interest payment date, the first interest payment
date will be the date that would otherwise be the second
interest payment date.
In addition, the following special provision will apply to a
floating rate note with regard to any interest payment date
other than one that falls on the maturity. If the interest
payment date would otherwise fall on a day that is not a
business day, then the interest payment date will be the next
day that is a business day. However, if the floating rate note
is a LIBOR note or a EURIBOR note and the next business day
falls in the next calendar month, then the interest payment date
will be advanced to the next preceding day that is a business
day. If the maturity date of a floating rate note falls on a day
that is not a business day, we will make the required payment of
principal, premium, if any, and interest on the next succeeding
business day, and no additional interest will accrue in respect
of the payment made on that next succeeding business day.
Commercial
Paper Rate Notes
If you purchase a commercial paper rate note, your note will
bear interest at the interest rate equal to the commercial paper
rate and adjusted by the spread or spread multiplier, if any,
indicated in the applicable pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, the commercial paper rate will be the money market
yield of the rate, for the relevant interest determination date,
for commercial paper having the index maturity indicated in the
applicable pricing supplement, as published in H.15(519) prior
to 3:00 p.m., New York City time, on the calculation date
pertaining to the relevant interest determination date under the
heading Commercial Paper Nonfinancial.
If the commercial paper rate cannot be determined as described
above, the following procedures will apply:
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If the rate described above does not appear in H.15(519) by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from that source at that time, then the
commercial paper rate will be the money market yield of the
rate, for the relevant interest determination date, for
commercial paper having the index maturity specified in the
applicable pricing
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S-18
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supplement, as published in H.15 Daily Update
under the heading Commercial Paper
Nonfinancial or any other recognized electronic source
used for displaying that rate.
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If the rate described above does not appear in H.15(519), H.15
Daily Update or another recognized electronic source by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from one of those sources at that time, the
commercial paper rate will be the money market yield of the
arithmetic mean of the following offered rates for
U.S. dollar commercial paper that has the relevant index
maturity specified in the applicable pricing supplement and is
placed for a non-financial issuer whose bond rating is
AA, or the equivalent, from a nationally recognized
statistical rating organization: the rates offered as of
11:00 A.M., New York City time, on the relevant interest
determination date, by three leading U.S. dollar commercial
paper dealers in New York City selected by the calculation agent.
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If fewer than three dealers selected by the calculation agent
are quoting as described above, the commercial paper rate for
the new interest period will be the commercial paper rate in
effect for the prior interest period. If the initial interest
rate has been in effect for the prior interest period, however,
it will remain in effect for the new interest period.
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U.S.
Prime Rate Notes
If you purchase a U.S. prime rate note, your note will bear
interest at an interest rate equal to the U.S. prime rate
and adjusted by the spread or spread multiplier, if any,
indicated in the applicable pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, the U.S. prime rate will be the rate or base
lending rate, for the relevant interest determination date,
published in H.15(519) by 3:00 p.m., New York City time,
opposite the heading Bank Prime Loan.
If the U.S. prime rate cannot be determined as described
above, the following procedures will apply:
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If the rate described above does not appear in H.15(519) by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from that source at that time, then the
U.S. prime rate will be the rate, for the relevant interest
determination date, as published in H.15 Daily Update under the
heading Bank Prime Loan, or another recognized
electronic source used for the purpose of displaying that rate.
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If the rate described above does not appear in H.15(519), H.15
Daily Update or another recognized electronic source by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from one of those sources at that time, then
the U.S. prime rate will be the arithmetic mean of the
following rates as they appear on the Reuters Screen US
PRIME 1 page: the rate of interest publicly announced by
each bank appearing on that page as that banks prime rate
or base lending rate, as of 11:00 A..M., New York City time, on
the relevant interest determination date.
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If fewer than four rates appear on the Reuters Screen US PRIME 1
page on the relevant interest calculation date, the
U.S. prime rate will be the arithmetic mean of the prime
rates or base lending rates, as of the close of business on the
relevant interest determination date, of three major banks in
New York City selected by the calculation agent. For this
purpose, the calculation agent will use rates quoted on the
basis of the actual number of days in the year divided by a
360-day year.
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If fewer than three banks selected by the calculation agent are
quoting as described above, the U.S. prime rate for the new
interest period will be the U.S. prime rate in effect for
the prior interest period. If the initial interest rate has been
in effect for the prior interest period, however, it will remain
in effect for the new interest period.
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LIBOR
Notes
If you purchase a LIBOR note, your note will bear interest at an
interest rate equal to LIBOR, which will be the London interbank
offered rate for deposits in U.S. dollars or any other
index currency, as noted in the applicable
S-19
pricing supplement. In addition, when LIBOR is the interest rate
basis the applicable LIBOR rate will be adjusted by the spread
or spread multiplier, if any, indicated in the applicable
pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, LIBOR will be determined in the following manner:
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LIBOR will be the London interbank offered rate appearing on the
Reuters Page LIBOR01 as of 11:00 A.M.,
London time, on the relevant LIBOR interest determination date,
for deposits in the relevant index currency having the relevant
index maturity specified in the applicable pricing supplement,
beginning on the relevant interest reset date.
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If Reuters Page LIBOR01 applies and the rate described
above does not appear on that page, then LIBOR will be
determined on the basis of the rates, at approximately
11:00 A.M., London time, on the relevant LIBOR interest
determination date, at which deposits of the following kind are
offered to prime banks in the London interbank market by four
major banks in that market selected by the calculation agent:
deposits in the index currency having the relevant index
maturity specified in the applicable pricing supplement,
beginning on the relevant interest reset date, and in a
representative amount. The calculation agent will
request the principal London office of each of these banks to
provide a quotation of its rate. If at least two quotations are
provided, LIBOR for the relevant LIBOR interest determination
date will be the arithmetic mean of the quotations provided.
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If fewer than two quotations are provided as described above,
LIBOR for the relevant LIBOR interest determination date will be
the arithmetic mean of the rates for loans of the following kind
to leading European banks quoted, at approximately
11:00 A.M., in the applicable principal financial
center, on that LIBOR interest determination date, by
three major banks in that financial center selected by the
calculation agent: loans of the index currency having the
relevant index maturity designated in the applicable pricing
supplement, beginning on the relevant interest reset date and in
a representative amount.
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If fewer than three banks selected by the calculation agent are
quoting as described above, LIBOR for the new interest period
will be LIBOR in effect for the prior interest period. If the
initial interest rate has been in effect for the prior interest
period, however, it will remain in effect for the new interest
period.
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EURIBOR
Notes
If you purchase a EURIBOR note, your note will bear interest at
an interest rate equal to the interest rate for deposits in
euro, designated as EURIBOR and sponsored jointly by
the European Banking Federation and ACI the
Financial Market Association, or any company established by the
joint sponsors for purposes of compiling and publishing that
rate. In addition, when EURIBOR is the interest rate basis the
EURIBOR base rate will be adjusted by the spread or spread
multiplier, if any, specified in the applicable pricing
supplement.
Unless we specify otherwise in the applicable pricing
supplement, EURIBOR will be determined in the following manner:
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EURIBOR will be the offered rate for deposits in euros having
the index maturity specified in the applicable pricing
supplement, beginning on the second euro business day after the
relevant EURIBOR interest determination date, as that rate
appears on Reuters Screen EURIBOR01 page as of
11:00 A.M., Brussels time, on the relevant EURIBOR interest
determination date.
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If the rate described above does not appear on Reuters Screen
EURIBOR01 page, EURIBOR will be determined on the basis of the
rates, at approximately 11:00 A.M., Brussels time, on the
relevant EURIBOR interest determination date, at which deposits
of the following kind are offered to prime banks in the
euro-zone interbank market by the principal
euro-zone office of each of four major banks in that market
selected by the calculation agent: euro deposits having the
relevant index maturity specified in the applicable pricing
supplement, beginning on the relevant interest reset date, and
in a representative amount. The calculation agent will request
the principal euro-zone office of each of these banks to provide
a quotation of its rate. If at least two quotations are
provided, EURIBOR for the relevant EURIBOR interest
determination date will be the arithmetic mean of the quotations.
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If fewer than two quotations are provided as described above,
EURIBOR for the relevant EURIBOR interest determination date
will be the arithmetic mean of the rates for loans of the
following kind to leading euro-zone banks quoted, at
approximately 11:00 A.M., Brussels time on that EURIBOR
interest determination date, by three major banks in the
euro-zone selected by the calculation agent: loans of euros
having the relevant index maturity specified in the applicable
pricing supplement, beginning on the relevant interest reset
date, and in a representative amount.
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If fewer than three banks selected by the calculation agent are
quoting as described above, EURIBOR for the new interest period
will be EURIBOR in effect for the prior interest period. If the
initial interest rate has been in effect for the prior interest
period, however, it will remain in effect for the new interest
period.
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Treasury
Rate Notes
If you purchase a treasury rate note, your note will bear
interest at an interest rate equal to the treasury rate and
adjusted by the spread or spread multiplier, if any, indicated
in the applicable pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, the treasury rate will be the rate for the most
recent auction, on the relevant treasury interest determination
date, of treasury bills having the index maturity specified in
the applicable pricing supplement, as that rate appears on
Reuters Screen USAUCTION
10/11
by 3:00 p.m., New York City time, on the calculation date
pertaining to the relevant interest determination date, under
the heading INVEST RATE. For purposes of this
prospectus supplement, Reuters Screen USAUCTION
10/11 means the display on the Reuters (or any successor
service) pages designated as USAUCTION 10 or
USAUCTION 11 or any other page that replaces the
applicable page on that service for the purpose of displaying
the rate for the most recent auction of treasury bills.
If the treasury rate cannot be determined in this manner, the
following procedures will apply:
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If the rate described above does not appear on Reuters Screen
USAUCTION
10/11
page by 3:00 P.M., New York City time, on the relevant
interest calculation date, unless the calculation is made
earlier and the rate is available from that source at that time,
the treasury rate will be the bond equivalent yield
of the rate, for the relevant interest determination
date, for the type of treasury bill described above, as
published in H.15 Daily Update, under the heading
U.S. government securities/treasury bills (secondary
market), or another recognized electronic source used for
displaying that rate. The rate will be expressed as a bond
equivalent on the basis of a year of 365 or 366 days, as
applicable, and applied on a daily basis.
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If the rate described in the prior paragraph does not appear in
H.15 Daily Update or another recognized electronic source by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from one of those sources at that time, the
treasury rate will be the bond equivalent yield of
the auction rate, for the relevant treasury interest
determination date and for treasury bills of the kind described
above, as announced by the U.S. Department of the Treasury.
The auction rate will be expressed as a bond equivalent on the
basis of a year of 365 or 366 days, as applicable, and
applied on a daily basis.
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If the auction rate described in the prior paragraph is not so
announced by 3:00 P.M., New York City time, on the relevant
interest calculation date, or if no such auction is held for the
relevant week, then the treasury rate will be the bond
equivalent yield of the rate, for the relevant treasury interest
determination date and for treasury bills having a remaining
maturity closest to the index maturity specified in the
applicable pricing supplement, as published in H.15(519) under
the heading U.S. government securities/treasury bills
(secondary market) or in another recognized electronic
source used for the purpose of displaying that rate. The rate
will be expressed as a bond equivalent on the basis of a year of
365 or 366 days, as applicable, and applied on a daily
basis.
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If the rate described in the prior paragraph does not appear in
H.15(519) by 3:00 P.M., New York City time, on the relevant
interest calculation date, unless the calculation is made
earlier and the rate is available from one of those sources at
that time, then the treasury rate will be the rate, for the
relevant treasury interest determination date and for treasury
bills having a remaining maturity closest to the index maturity
specified in the applicable pricing supplement, as published in
H.15 Daily Update under the heading U.S. government
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S-21
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securities/treasury bills (secondary market), or another
recognized electronic source used for displaying that rate.
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If the rate described in the prior paragraph does not appear in
H.15 Daily Update or another recognized electronic source by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from one of those sources at that time, the
treasury rate will be the bond equivalent yield of
the arithmetic mean of the following secondary market bid rates
for the issue of treasury bills with a remaining maturity
closest to the index maturity specified in the applicable
pricing supplement: the rates bid as of approximately
3:30 P.M., New York City time, on the relevant treasury
interest determination date, by three primary
U.S. government securities dealers in New York City
selected by the calculation agent.
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If fewer than three dealers selected by the calculation agent
are quoting as described in the prior paragraph, the treasury
rate in effect for the new interest period will be the treasury
rate in effect for the prior interest period. If the initial
interest rate has been in effect for the prior interest period,
however, it will remain in effect for the new interest period.
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CD Rate
Notes
If you purchase a CD rate note, your note will bear interest at
an interest rate equal to the CD rate and adjusted by the spread
or spread multiplier, if any, indicated in the applicable
pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, the CD rate will be the rate, on the relevant
interest determination date, for negotiable U.S. dollar
certificates of deposit having the index maturity specified in
the applicable pricing supplement, as published in H.15(519)
prior to 3:00 p.m., New York City time, on the calculation
date pertaining to the relevant interest determination date,
under the heading CDs (Secondary Market).
If the CD rate cannot be determined in this manner, the
following procedures will apply.
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If the rate described above does not appear in H.15(519) by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from that source at that time, then the CD
rate will be the rate, for the relevant interest determination
date for negotiable U.S. dollar certificates of deposit
having the index maturity specified in the applicable pricing
supplement, as published in H.15 Daily Update, under the heading
CDs (secondary market) or another recognized
electronic source used for displaying that rate.
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If the rate described above does not appear in H.15 Daily Update
or another recognized electronic source by 3:00 P.M., New
York City time, on the relevant interest calculation date,
unless the calculation is made earlier and the rate is available
from one of those sources at that time, the CD rate will be the
arithmetic mean of the following secondary market offered rates
for negotiable U.S. dollar certificates of deposit of major
U.S. money center banks of the highest credit rating
standing in the market for negotiable certificates of deposit
with a remaining maturity closest to the index maturity
specified in the applicable pricing supplement, and in a
representative amount: the rates offered as of 10:00 A.M.,
New York City time, on the relevant interest determination date,
by three leading non-bank dealers in negotiable U.S. dollar
certificates of deposit in New York City, as selected by the
calculation agent.
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If fewer than three dealers selected by the calculation agent
are quoting as described above, the CD rate in effect for the
new interest period will be the CD rate in effect for the prior
interest period. If the initial interest rate has been in effect
for the prior interest period, however, it will remain in effect
for the new interest period.
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CMT Rate
Notes
If you purchase a CMT rate note, your note will bear interest at
an interest rate equal to the CMT rate and adjusted by the
spread or spread multiplier, if any, indicated in the applicable
pricing supplement.
S-22
Unless we specify otherwise in the applicable pricing
supplement, the CMT rate on the relevant interest determination
date will be the following rate displayed on the designated CMT
Reuters page by 3:00 p.m., New York City time, on the
calculation date pertaining to the relevant interest
determination date, under the heading Constant
Maturity/treasury under the column for the designated CMT
index maturity:
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if the designated CMT Reuters page is FRBCMT, the rate for the
relevant interest determination date; or
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if the designated CMT Reuters page is FEDCMT, the weekly or
monthly average, as specified in the applicable pricing
supplement, for the week that ends immediately before the week
in which the relevant interest determination date falls, or for
the month that ends immediately before the month in which the
relevant interest determination date falls, as applicable.
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If the CMT rate cannot be determined in this manner, the
following procedures will apply.
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If the applicable rate described above is not displayed on the
relevant designated CMT Reuters page at 3:00 P.M., New York
City time, on the relevant interest calculation date, unless the
calculation is made earlier and the rate is available from that
source at that time, then the CMT rate will be the applicable
treasury constant maturity rate for the designated CMT index
maturity and for either the relevant interest determination date
or the weekly or monthly average, as applicable, as published in
H.15(519).
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If the applicable rate described above does not appear in
H.15(519) by 3:00 P.M., New York City time, on the relevant
interest calculation date, unless the calculation is made
earlier and the rate is available from one of those sources at
that time, then the CMT rate will be the treasury constant
maturity rate, or other U.S. treasury rate, for the
designated CMT index maturity and with reference to the relevant
interest determination date, that:
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is published by the Board of Governors of the Federal Reserve
System, or the U.S. Department of the Treasury; and
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is determined by the calculation agent to be comparable to the
applicable rate formerly displayed on the designated CMT Reuters
page and published in H.15(519).
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If the rate described in the prior paragraph does not appear by
3:00 P.M., New York City time, on the relevant interest
calculation date, unless the calculation is made earlier and the
rate is available from one of those sources at that time, then
the CMT rate will be the yield to maturity of the arithmetic
mean of the following secondary market offered rates for the
most recently issued treasury notes having an original maturity
equal to the designated CMT index maturity and a remaining term
to maturity of not less than the designated CMT index maturity
minus one year, and in a representative amount: the bid rates,
as of approximately 3:30 P.M., New York City time, on the
relevant interest determination date, of three leading primary
U.S. government securities dealers in New York City (each,
a reference dealer) selected by the calculation
agent. In selecting these bid rates, the calculation agent will
request quotations from five of these reference dealers and will
disregard the highest quotation or, if there is
equality, one of the highest quotations and the
lowest quotation or, if there is equality, one of
the lowest quotations. Treasury notes are direct, non-callable,
fixed rate obligations of the U.S. government.
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If three or four of these reference dealers are quoting as
described in the prior paragraph, then the CMT rate for the
relevant interest determination date will be based on the
arithmetic mean of the offered rates so obtained, and neither
the highest nor the lowest of those quotations will be
disregarded.
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If the calculation agent is unable to obtain three treasury note
quotations, the CMT rate will be the yield to maturity of the
arithmetic mean of the following secondary market offered rates
for treasury notes with an original maturity of the number of
years that is the next highest to the index maturity and a
remaining term to maturity closest to the index maturity and in
a representative amount: the offered rates, as of approximately
3:30 P.M., New York City time, on the relevant interest
determination date, of three reference dealers selected by the
calculation agent.
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If two treasury notes with an original maturity as described in
the preceding sentence have remaining terms to maturity that are
equally close to the designated CMT index maturity, the
calculation agent will obtain
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S-23
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from three reference dealers selected as described above
quotations for the treasury notes with the shorter remaining
term to maturity.
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If two or fewer primary dealers selected by the calculation
agent are quoting as described above, the CMT rate in effect for
the new interest period will be the CMT rate in effect for the
prior interest period. If the initial interest rate has been in
effect for the prior interest period, however, it will remain in
effect for the new interest period.
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CMS Rate
Notes
If you purchase a CMS rate note, your note will bear interest at
an interest rate equal to the CMS rate and adjusted by the
spread or spread multiplier, if any, indicated in the applicable
pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, the CMS rate will be the rate for euro swaps with a
maturity for a specified number of years, expressed as a
percentage in the applicable pricing supplement, which appears
on the Reuters Screen ISDAFIX2 page under the heading
EURIBOR Basis-EUR or LIBOR Basis-EUR as
of 10:00 a.m., London time, on the interest rate
determination date.
If the CMS rate cannot be determined as described above, the
following procedures will be used:
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If the applicable rate described above is not displayed on the
relevant designated CMS Reuters page by 10:00 a.m., London
time, on the interest rate determination date, then the CMS rate
will be a percentage determined on the basis of the mid-market,
semi-annual swap rate quotations provided by five leading swap
dealers in the London interbank market at 10:00 a.m.,
London time, on the interest rate determination date. For this
purpose, the semi-annual swap rate means the mean of the bid and
offered rates for the semi-annual fixed leg, calculated on a
30/360 day count basis, of a
fixed-for-floating
euro interest rate swap transaction with a term equal to the
maturity designated in the applicable pricing supplement
commencing on that interest rate determination date with an
acknowledged dealer of good credit in the swap market, where the
floating leg, calculated on an Actual/360 day count basis,
is equivalent to EURIBOR (in the case of EURIBOR Basis-EUR) or
LIBOR (in the case of LIBOR Basis-EUR) with a maturity of three
months. The calculation agent will select the five swap dealers
after consultation with us and will request the principal London
office of each of those dealers to provide a quotation of its
rate.
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If at least three quotations are provided, the CMS rate for the
interest determination date will be the arithmetic mean of the
quotations, eliminating the highest and lowest quotations, or,
in the event of equality, one of the highest and one of the
lowest quotations.
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If fewer than three leading swap dealers selected by the
calculation agent are quoting as described above, the CMS rate
will remain the CMS rate in effect on that interest rate
determination date or, if that interest rate determination date
is the first interest rate basis determination date, the initial
interest rate.
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Federal
Funds Rate Notes
If you purchase a federal funds rate note, your note will bear
interest at an interest rate equal to the federal funds rate and
adjusted by the spread or spread multiplier, if any, indicated
in the applicable pricing supplement.
Unless we specify otherwise in the applicable pricing
supplement, the federal funds rate will be the rate for
U.S. dollar federal funds as of the relevant interest
determination date, as published in H.15(519) under the heading
Federal Funds (Effective), as that rate is displayed
on Reuters Screen FEDFUNDS1 prior to 3:00 p.m., New York
City time, on the calculation date pertaining to the relevant
interest determination date.
If the federal funds rate cannot be determined in this manner,
the following procedures will apply:
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If the rate described above is not displayed on Reuters Screen
FEDFUNDS1 by 3:00 P.M., New York City time, on the relevant
interest calculation date, unless the calculation is made
earlier and the rate is available from that source at that time,
then the federal funds rate, as of the relevant interest
determination date, will be the rate described above as
published in H.15 Daily Update, under the heading Federal
Funds (Effective), or another recognized electronic source
used for displaying that rate.
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If the rate described above is not displayed on Reuters Screen
FEDFUNDS1 and does not appear in H.15(519), H.15 Daily Update or
another recognized electronic source by 3:00 P.M., New York
City time, on the relevant interest calculation date, unless the
calculation is made earlier and the rate is available from one
of those sources at that time, the federal funds rate will be
the arithmetic mean of the rates for the last transaction in
overnight, U.S. dollar federal funds arranged, before
9:00 A.M., New York City time, on the relevant interest
determination date, by three leading brokers of U.S. dollar
federal funds transactions in New York City selected by the
calculation agent.
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If fewer than three brokers selected by the calculation agent
are quoting as described above, the federal funds rate in effect
for the new interest period will be the federal funds rate in
effect for the prior interest period. If the initial interest
rate has been in effect for the prior interest period, however,
it will remain in effect for the new interest period.
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Special
Rate Calculation Terms
In this subsection entitled Interest
Rates, we use several terms that have special meanings
relevant to calculating floating interest rates. We define these
terms as follows:
The term bond equivalent yield means a yield
expressed as a percentage and calculated in accordance with the
following formula:
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bond equivalent yield =
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D x N
360
− (D x M)
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x 100
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where
D means the annual rate for treasury bills
quoted on a bank discount basis and expressed as a decimal;
N means 365 or 366, as the case may
be; and
M means the actual number of days in the
applicable interest reset period.
The term business day means, for any note, a day
that meets all the following applicable requirements:
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for all notes, is a Monday, Tuesday, Wednesday, Thursday or
Friday that is neither a legal holiday nor a day on which
banking institutions are authorized or required by law to close
in New York City or Toronto;
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if the note has a specified currency other than
U.S. dollars or euros, is also a day on which banking
institutions are not authorized or obligated by law, regulation
or executive order to close in the applicable principal
financial center;
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if the note is a LIBOR note, is also a London business
day; and
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if the note is a EURIBOR note or has a specified currency of
euros, or is a LIBOR note for which the index currency is euros,
is also a euro business day.
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The term designated CMT index maturity means the
index maturity for a CMT rate note and will be the original
period to maturity of a U.S. treasury security
either 1, 2, 3, 5, 7, 10, 20 or 30 years
specified in the applicable pricing supplement.
The term designated CMT Reuters page means the
Reuters (or any other successor service) page specified in the
applicable pricing supplement (or any other page that replaces
that page on that service) that displays treasury constant
maturities as reported in H.15(519). If no Reuters page is so
specified, then the applicable page will be Reuters
page FEDCMT for the most recent week. If page FEDCMT
applies but the applicable pricing supplement does not specify
whether the weekly or monthly average applies, the weekly
average will apply.
The term euro business day means any day on which
the Trans-European Automated Real-Time Gross Settlement Express
Transfer (TARGET) System, or any successor system, is open for
business.
S-25
The term euro-zone means, at any time, the region
comprised of the member states of the European Economic and
Monetary Union that, as of that time, have adopted a single
currency in accordance with the Treaty on European Union of
February 1992.
H.15(519) means the weekly statistical
release entitled Statistical Release H.15(519) Selected
Interest Rates, or any successor publication, published by
the Board of Governors of the Federal Reserve System.
H.15 Daily Update means the daily update of
H.15(519), available through the website of the Board of
Governors of the Federal Reserve System at
http://www.federalreserve.gov/releases/h15/update/h15supd.htm
or any successor site or publication.
The term index currency means, with respect to a
LIBOR note, the currency, including composite currencies,
specified as such in the applicable pricing supplement. The
index currency may be U.S. dollars or any other currency,
and will be U.S. dollars unless another currency is
specified in the applicable pricing supplement.
London business day means any day on which
dealings in the relevant index currency are transacted in the
London interbank market.
The term money market yield means a yield expressed
as a percentage and calculated in accordance with the following
formula:
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money market yield =
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D x 360
360
− (D x M)
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x 100
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where
D means the annual rate for commercial paper,
quoted on a bank discount basis and expressed as a
decimal; and
M means the actual number of days in the
relevant interest reset period.
The term principal financial center means the
capital city of the country to which an index currency relates
(or the capital city of the country issuing the specified
currency, as applicable), except that with respect to
U.S. dollars, Australian dollars, Canadian dollars, South
African rands and Swiss francs, the principal financial
center means The City of New York, Sydney, Toronto,
Johannesburg and Zurich, respectively, and with respect to euros
the principal financial center means London.
The term representative amount means an amount that,
in the calculation agents judgment, is representative of a
single transaction in the relevant market at the relevant time.
Reuters Page LIBOR01 means the display
designated as LIBOR01 (or any successor service) (or
such other page on that service as may replace Page LIBOR01
or any successor service as may be nominated by the British
Bankers Association for the purpose of displaying London
interbank offered rates for U.S. dollar deposits).
Reuters Screen FEDFUNDS1 means the display on
the Reuters (or any successor service) FEDFUNDS1 page under the
heading EFFECT (or any other page that replaces that
page on that service for the purpose of displaying the federal
funds (effective) as reported in H.15(519).
Reuters Screen US PRIME 1 page means the
display on the US PRIME 1 page on the Reuters
Monitor Money Rates Service, or any successor service, or any
replacement page or pages on that service, for the purpose of
displaying prime rates or base lending rates of major
U.S. banks.
Reuters page means the display on Reuters
3000 Xtra, or any successor service, on the page or pages
specified in this prospectus supplement or the applicable
pricing supplement, or any replacement page or pages on that
service.
If, when we use the terms designated CMT Reuters
page, H.15(519), H.15 Daily
Update, Reuters Screen US PRIME 1 page,
Reuters Page LIBOR01 or Reuters
page, or we refer to a particular heading or headings on
any of those pages, those references include any successor or
replacement heading or headings as determined by the calculation
agent.
S-26
Market-Making
Transactions
If you purchase your note in a market-making transaction, you
will receive information about the price you pay and your trade
and settlement dates in a separate confirmation of sale. A
market-making transaction is one in which an agent or other
person resells a note that it has previously acquired from
another holder. A market-making transaction in a particular note
occurs after the original sale of the note. For more information
regarding market-making transactions, see Supplemental
Plan of Distribution (Conflicts of Interest)
Market-Making Transactions.
Redemption
at the Option of TD; No Sinking Fund
If an initial redemption date is specified in the applicable
pricing supplement, we may redeem the particular notes prior to
their stated maturity date at our option on any date on or after
that initial redemption date specified in the applicable pricing
supplement or on the dates specified in the applicable pricing
supplement in whole, unless otherwise specified in the
applicable pricing supplement, in increments of US$1,000 or any
other integral multiple of an authorized denomination specified
in the applicable pricing supplement (provided that any
remaining principal amount thereof shall be at least US$2,000 or
other minimum authorized denomination applicable thereto), at
the redemption price or prices specified in that pricing
supplement, together with unpaid interest accrued thereon to the
date of redemption. Unless we specify otherwise in the
applicable pricing supplement, we must give written notice to
registered holders of the particular notes to be redeemed at our
option not more than 45 nor less than 15 calendar days prior to
the date of redemption.
The notes will not be subject to, or entitled to the benefit of,
any sinking fund.
Repayment
at the Option of the Holder
If one or more optional repayment dates are specified in the
applicable pricing supplement, registered holders of the
particular notes may require us to repay those notes prior to
their stated maturity date on any optional repayment date in
whole or from time to time in part in increments of US$1,000 or
any other integral multiple of an authorized denomination
specified in the applicable pricing supplement (provided that
any remaining principal amount thereof shall be at least
US$2,000 or other minimum authorized denomination applicable
thereto), at the repayment price or prices specified in that
pricing supplement, together with unpaid interest accrued
thereon to the date of repayment. A registered holders
exercise of the repayment option will be irrevocable.
For any note to be repaid, the applicable trustee must receive,
at its corporate trust office in the Borough of Manhattan, The
City of New York, not more than 60 nor less than 30 calendar
days prior to the date of repayment, the particular notes to be
repaid and, in the case of a book-entry note, repayment
instructions from the applicable beneficial owner to the
depositary and forwarded by the depositary to the trustee. Only
the depositary may exercise the repayment option in respect of
global notes representing book-entry notes. Accordingly,
beneficial owners of global notes that desire to have all or any
portion of the book-entry notes represented thereby repaid must
instruct the participant through which they own their interest
to direct the depositary to exercise the repayment option on
their behalf by forwarding the repayment instructions to the
applicable trustee as aforesaid. In order to ensure that these
instructions are received by the applicable trustee on a
particular day, the applicable beneficial owner must so instruct
the participant through which it owns its interest before that
participants deadline for accepting instructions for that
day. Different firms may have different deadlines for accepting
instructions from their customers. Accordingly, beneficial
owners should consult their participants for the respective
deadlines. In addition, at the time repayment instructions are
given, each beneficial owner shall cause the participant through
which it owns its interest to transfer the beneficial
owners interest in the global note representing the
related book-entry notes, on the depositarys records, to
the applicable trustee.
If applicable, we will comply with the requirements of the
Securities Exchange Act of 1934, as amended (the Exchange
Act), and the rules promulgated thereunder, and any other
securities laws or regulations in connection with any repayment
of notes at the option of the registered holders thereof.
We may at any time purchase notes at any price or prices in the
open market or otherwise. Notes so purchased by us may, at our
discretion, be held, resold or surrendered to the applicable
trustee for cancellation.
S-27
Defeasance,
Default Amount, Other Terms
Unless otherwise specified in the applicable pricing supplement,
neither full defeasance nor covenant defeasance will apply to
your notes. The following will apply to your notes:
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the default amount payable on any acceleration of the maturity
of your notes as described under Default
Amount on Acceleration below; and
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a business day for your notes will have the meaning described
under Special Calculation Provisions
below.
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Please note that the information about the settlement or pricing
date, issue price discounts or commissions and net proceeds to
TD in the applicable pricing supplement relates only to the
initial issuance and sale of your notes. If you have purchased
your notes in a market-making transaction after the initial
issuance and sale, any such relevant information about the sale
to you will be provided in a separate confirmation of sale.
Form,
Exchange and Transfer
Unless we specify otherwise in the applicable pricing
supplement, the notes will be issued:
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only in fully-registered form;
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without interest coupons; and
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in denominations that are even multiples of US$2,000.
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If a note is issued as a registered global note, only the
depositary e.g., DTC, Euroclear and Clearstream,
each as defined under Book-Entry Procedures and
Settlement in the accompanying prospectus will
be entitled to transfer and exchange the note as described in
this subsection because the depositary will be the sole
registered holder of the note and is referred to below as the
holder. Those who own beneficial interests in a
global note do so through participants in the depositarys
securities clearance system, and the rights of these indirect
owners will be governed by the applicable procedures of the
depositary and its participants. We describe book-entry
procedures under Book-Entry Procedures and
Settlement in the accompanying prospectus.
Holders of notes issued in fully-registered form may have their
notes broken into more notes of smaller denominations of not
less than US$2,000, or combined into fewer notes of larger
denominations, as long as the total principal amount is not
changed. This is called an exchange.
To the extent the notes are certificated, holders may exchange
or register the transfer of notes at the office of the trustee.
Notes may be transferred by endorsement. Holders may also
replace lost, stolen or mutilated notes at that office. The
trustee acts as our agent for registering notes in the names of
holders and registering the transfer of notes. We may change
this appointment to another entity or perform it ourselves. The
entity performing the role of maintaining the list of registered
holders is called the security registrar. It will also record
transfers. The trustee may require an indemnity before replacing
any notes.
Holders will not be required to pay a service charge to register
the transfer or exchange of notes, but holders may be required
to pay for any tax or other governmental charge associated with
the exchange or transfer. The registration of a transfer or
exchange will only be made if the security registrar is
satisfied with your proof of ownership.
If we designate additional transfer agents, they will be named
in the applicable pricing supplement. We may cancel the
designation of any particular transfer agent. We may also
approve a change in the office through which any transfer agent
acts.
If the notes are redeemable and we redeem less than all of the
notes of a particular series, we may block the registration of
transfer or exchange of notes during the period beginning
15 days before the day we mail the notice of redemption and
ending on the day of that mailing, in order to freeze the list
of holders entitled to receive the mailing. We may also refuse
to register transfers or exchanges of notes selected for
redemption, except that we will continue to permit registration
of transfers and exchanges of the unredeemed portion of any note
being partially redeemed.
S-28
Payment
and Paying Agents
We will pay interest to the person listed in the trustees
records at the close of business on a particular day (the
record date) in advance of each due date for
interest, even if that person no longer owns notes on the
interest due date. Holders buying and selling notes must work
out between them how to compensate for the fact that we will pay
all the interest for an interest period to the one who is the
registered holder on the regular record date. The most common
manner is to adjust the sale price of the securities to prorate
interest fairly between buyer and seller. This prorated interest
amount is called accrued interest.
We will pay interest, principal and any other money due on the
debt securities at the corporate trust office of the trustee in
the City of New York. That office is currently located at 101
Barclay Street, New York, NY 10286. Holders must make
arrangements to have their payments picked up at or wired from
that office. We may also choose to pay interest by mailing
checks.
Book-entry and other indirect holders should consult their
banks, brokers or other financial institutions for information
on how they will receive payments.
We may also arrange for additional payment offices and may
cancel or change these offices, including our use of the
trustees corporate trust office. These offices are called
paying agents. We may also choose to act as our own paying agent
or choose one of our subsidiaries to do so. We must notify
holders of changes in the paying agents for any particular
series of notes.
Conversion
or Exchange of Senior Debt Securities
If and to the extent mentioned in the applicable pricing
supplement, any notes may be optionally or mandatorily
convertible or exchangeable for stock or other securities of TD
or another entity or entities, into the cash value therefor or
into any combination of the above. The specific terms on which
any notes series may be so converted or exchanged will be
described in the applicable pricing supplement. These terms may
include provisions for conversion or exchange, either mandatory,
at the holders option or at our option, in which case the
amount or number of securities the note holders would receive
would be calculated at the time and manner described in the
applicable pricing supplement.
Notices
We and the trustee will send notices regarding the notes only to
registered holders, using their addresses as listed in the
trustees records. With respect to who is a registered
holder for this purpose, see Book-Entry
Procedures and Settlement in the accompanying prospectus.
Manner of
Payment and Delivery
Any payment on the notes at maturity will be made to accounts
designated by you and approved by us, or at the office of the
trustee in New York City. The payment at maturity will only be
made when the notes are surrendered to the trustee at that
office. We also may make any payment or delivery in accordance
with the applicable procedures of the depositary.
Other
Provisions; Addenda
Any provisions relating to the notes, including the
determination of the interest rate basis, calculation of the
interest rate applicable to a floating rate note, its interest
payment dates, any redemption or repayment provisions, or any
other term relating thereto, may be modified
and/or
supplemented by the terms as specified under Other
Provisions in the applicable notes or in an addendum
relating to the applicable notes and, in each case, in the
applicable pricing supplement.
No
Listing
Your notes will not be listed on any securities exchange.
S-29
TAX
CONSEQUENCES
UNITED
STATES TAXATION
The following summary describes certain U.S. federal income
tax consequences of the ownership of notes by
U.S. Holders (as defined below) as of the date
hereof. Except where noted, this summary deals only with notes
held as capital assets and which are denominated in or
determined by reference to the U.S. dollar. This summary
does not represent a detailed description of the
U.S. federal income tax consequences applicable to holders
subject to special treatment under the U.S. federal income
tax laws, including, without limitation, dealers in securities
or currencies, financial institutions, regulated investment
companies, real estate investment trusts, tax-exempt entities,
insurance companies, persons holding notes as a part of a
hedging, integrated, conversion or constructive sale transaction
or a straddle, traders in securities that elect to use a
mark-to-market
method of accounting for their securities holdings, persons
liable for alternative minimum tax, partnerships or other
pass-through entities for U.S. federal income tax purposes
or U.S. Holders whose functional currency is
not the U.S. dollar. Furthermore, the summary below is
based upon the provisions of the Internal Revenue Code of 1986,
as amended (the Code), and regulations, rulings and
judicial decisions thereunder as of the date hereof, and such
authorities may be repealed, revoked or modified (possibly with
retroactive effect) so as to result in U.S. federal income
tax consequences different from those discussed below.
The summary below assumes that all notes issued pursuant to this
prospectus supplement will be classified for U.S. federal
income tax purposes as TDs indebtedness, and purchasers
should note that in the event of an alternative
characterization, the tax consequences would differ from those
discussed below. Any special U.S. federal income tax
considerations relevant to a particular issue of the notes will
be provided in the applicable pricing supplement.
As used herein, a U.S. Holder means a
beneficial owner of a note that is for U.S. federal income
tax purposes: (i) an individual citizen or resident of the
United States, (ii) a corporation (or any other entity
treated as a corporation for U.S. federal income tax
purposes) created or organized in or under the laws of the
United States, any state thereof or the District of Columbia,
(iii) an estate the income of which is subject to
U.S. federal income taxation regardless of its source or
(iv) a trust if it (X) is subject to the primary
supervision of a court within the United States and one or more
U.S. persons have the authority to control all substantial
decisions of the trust or (Y) has a valid election in
effect under applicable U.S. Treasury Regulations to be
treated as a U.S. person.
If a partnership holds notes, the tax treatment of a partner
will generally depend upon the status of the partner and the
activities of the partnership. A partner of a partnership
holding notes is urged to consult its own tax advisors.
This summary does not represent a detailed description of the
U.S. federal income tax consequences to holders in light of
their particular circumstances and does not address the effects
of any state, local or
non-U.S. tax
laws. Persons considering the purchase of notes should consult
their own tax advisors concerning the particular
U.S. federal income tax consequences to them of the
ownership of the notes, as well as any consequences arising
under the laws of any other taxing jurisdiction.
Payments
of Interest
Except as set forth below, stated interest on a note will
generally be taxable to a U.S. Holder as ordinary income at
the time it is paid or accrued in accordance with the
U.S. Holders method of accounting for
U.S. federal income tax purposes. Interest income on a note
generally will be considered foreign source income and, for
purposes of the U.S. foreign tax credit, generally will be
considered passive category income.
Original
Issue Discount Notes
U.S. Holders of notes issued with original issue discount
(OID), other than Short-Term Notes (as defined
below), will be subject to special tax accounting rules, as
described in greater detail below. Notes issued with OID will be
referred to as Original Issue Discount Notes.
U.S. Holders of such notes should be aware that they
generally must include OID in gross income in advance of the
receipt of cash attributable to that income. However,
U.S. Holders of such notes generally will not be required
to include separately in income cash payments received on the
notes, even if denominated as interest, to the extent such
payments do not constitute qualified stated interest
(as defined below). OID on a note generally will be considered
foreign source income and, for purposes of the
S-30
U.S. foreign tax credit, generally will be considered
passive category income. Notice will be given in the applicable
pricing supplement when TD determines that a particular note
will be an Original Issue Discount Note.
Additional rules applicable to Original Issue Discount Notes
that are denominated in or determined by reference to a currency
or currencies other than the U.S. dollar are described
under Foreign Currency Notes below.
A note with an issue price that is less than its
stated redemption price at maturity (the sum of all
payments to be made on the note other than qualified
stated interest) will be issued with OID unless such
difference is de minimis (i.e., less than 0.25 percent of
the stated redemption price at maturity multiplied by the number
of complete years to maturity). The issue price of
each note in a particular offering will be the first price at
which a substantial amount of that particular offering is sold
(other than to an underwriter, broker, placement agent or
wholesaler).
The term qualified stated interest means stated
interest that is unconditionally payable in cash or in property
(other than debt instruments of the issuer) at least annually at
a single fixed rate or, subject to certain conditions, a rate
based on one or more interest indices. Interest is payable at a
single fixed rate only if the rate appropriately takes into
account the length of the interval between payments. Notice will
be given in the applicable pricing supplement when TD determines
that a particular note will bear interest that is not qualified
stated interest.
In the case of a note issued with de minimis OID, the
U.S. Holder generally must include such de minimis OID in
income as stated principal payments on the notes are made in
proportion to the stated principal amount of the note unless the
holder makes an election to treat all interest as OID as further
described below. Any amount of de minimis OID that has been
included in income shall be treated as capital gain.
Certain of the notes may be redeemed prior to their stated
maturity date (as specified in the applicable pricing
supplement) at the option of TD
and/or at
the option of the holder. Original Issue Discount Notes
containing such features may be subject to rules that differ
from the general rules discussed herein. Persons considering the
purchase of Original Issue Discount Notes with such features
should carefully examine the applicable pricing supplement and
should consult their own tax advisors with respect to such
features since the tax consequences with respect to OID will
depend, in part, on the particular terms and features of the
notes.
U.S. Holders of Original Issue Discount Notes with a
maturity upon issuance of more than one year must, in general,
include OID in income in advance of the receipt of some or all
of the related cash payments, regardless of such
U.S. Holders method of accounting. The amount of OID
that a U.S. Holder must include in income is calculated
using a constant-yield method, and generally a holder will
include increasingly greater amounts of OID in income over the
life of the Original Issue Discount Note. Specifically, the
amount of OID includible in income by the initial
U.S. Holder of an Original Issue Discount Note is the sum
of the daily portions of OID with respect to the
note for each day during the taxable year or portion of the
taxable year in which such U.S. Holder held such note
(accrued OID). The daily portion is determined by
allocating to each day in any accrual period a pro
rata portion of the OID allocable to that accrual period. The
accrual period for an Original Issue Discount Note
may be of any length and may vary in length over the term of the
note, provided that each accrual period is no longer than one
year and each scheduled payment of principal or interest occurs
on the first day or the final day of an accrual period. The
amount of OID allocable to any accrual period other than the
final accrual period is an amount equal to the excess, if any,
of (a) the product of the notes adjusted issue price
at the beginning of such accrual period and its yield to
maturity (determined on the basis of compounding at the close of
each accrual period and properly adjusted for the length of the
accrual period) over (b) the aggregate of all qualified
stated interest allocable to the accrual period. OID allocable
to a final accrual period is the difference between the amount
payable at maturity (other than a payment of qualified stated
interest) and the adjusted issue price at the beginning of the
final accrual period. Special rules will apply for calculating
OID for an initial short accrual period. The adjusted
issue price of an Original Issue Discount Note at the
beginning of any accrual period is equal to its issue price
increased by the accrued OID for each prior accrual period
(determined without regard to the amortization of any
acquisition or bond premium, as described below) and reduced by
any payments previously made on such note (other than qualified
stated interest). TD is required to provide information returns
stating the amount of OID accrued on Original Issue Discount
Notes held by persons of record other than certain exempt
holders.
S-31
Floating rate notes are subject to special OID rules. In the
case of a floating rate note that is an Original Issue Discount
Note, both the yield to maturity and qualified
stated interest will be determined solely for purposes of
calculating the accrual of OID as though the note will bear
interest in all periods at a fixed rate generally equal to the
rate that would be applicable to interest payments on the note
on its date of issue or, in the case of certain floating rate
notes, the rate that reflects the yield to maturity that is
reasonably expected for the note. Additional rules may apply if
interest on a floating rate note is based on more than one
interest rate basis. Persons considering the purchase of
floating rate notes should carefully examine the applicable
pricing supplement and should consult their own tax advisors
regarding the U.S. federal income tax consequences of the
holding and disposition of such notes.
In addition, the discussion above generally does not address
notes providing for contingent payments or notes that may be
convertible or exchangeable for stock or other securities (or
the cash value thereof). U.S. Holders should carefully
examine the applicable pricing supplement and should consult
their own tax advisors regarding the U.S. federal income
tax consequences of the holding and disposition of any such
notes.
U.S. Holders may elect to treat all interest on any note as
OID and calculate the amount includible in gross income under
the constant yield method described above. For the purposes of
this election, interest includes stated interest, acquisition
discount, OID, de minimis OID, market discount, de minimis
market discount and unstated interest, as adjusted by any
amortizable bond premium or acquisition premium.
U.S. Holders should consult with their own tax advisors
about this election.
Short-Term
Notes
In the case of notes having a term of one year or less
(Short-Term Notes), all payments (including all
stated interest) will be included in the stated redemption price
at maturity and will not be qualified stated interest. Thus,
U.S. Holders will generally be taxable on the discount in
lieu of stated interest. The discount will be equal to the
excess of the stated redemption price at maturity over the issue
price of a Short-Term Note, unless the U.S. Holder elects
to compute this discount using tax basis instead of issue price.
In general, individuals and certain other cash method
U.S. Holders of a Short-Term Note are not required to
include accrued discount in their income currently unless they
elect to do so (but may be required to include any stated
interest in income as it is received). U.S. Holders that
report income for U.S. federal income tax purposes on the
accrual method and certain other U.S. Holders are required
to accrue discount on such Short-Term Notes (as ordinary income)
on a straight-line basis, unless an election is made to accrue
the discount according to a constant yield method based on daily
compounding. In the case of a U.S. Holder that is not
required, and does not elect, to include discount in income
currently, any gain realized on the sale, exchange or retirement
of Short-Term Notes will generally be ordinary income to the
extent of the discount accrued through the date of sale,
exchange or retirement. In addition, a U.S. Holder that
does not elect to include currently accrued discount in income
may be required to defer deductions for a portion of the
U.S. Holders interest expense with respect to any
indebtedness incurred or continued to purchase or carry such
Short-Term Notes.
Market
Discount
If a U.S. Holder purchases a note, other than a Short-Term
Note, for an amount that is less than its stated redemption
price at maturity or, in the case of an Original Issue Discount
Note, its adjusted issue price, the amount of the difference
will be treated as market discount for
U.S. federal income tax purposes, unless such difference is
less than a specified de minimis amount. Under the market
discount rules, a U.S. Holder will be required to treat any
principal payment on, or any gain on the sale, exchange,
retirement or other disposition of, a note as ordinary income to
the extent of the market discount which has not previously been
included in income and is treated as having accrued on such note
at the time of such payment or disposition. In addition, the
U.S. Holder may be required to defer, until the maturity of
the note or its earlier disposition in a taxable transaction,
the deduction of all or a portion of the interest expense on any
indebtedness incurred or continued to purchase or carry such
note (in an amount not exceeding the accrued market discount).
Any market discount will be considered to accrue ratably during
the period from the date of acquisition to the maturity date of
the note, unless the U.S. Holder elects to accrue on a
constant yield method. A U.S. Holder of a note
S-32
may elect to include market discount in income currently as it
accrues (on either a ratable or constant yield method), in which
case the rule described above regarding deferral of interest
deductions will not apply.
Acquisition
Premium; Amortizable Bond Premium
A U.S. Holder that purchases an Original Issue Discount
Note for an amount that is greater than its adjusted issue price
but equal to or less than the sum of all amounts payable on the
note after the purchase date other than payments of qualified
stated interest will be considered to have purchased such note
at an acquisition premium. Under the acquisition
premium rules, the amount of OID which such U.S. Holder
must include in its gross income with respect to such note for
any taxable year will be reduced by the portion of such
acquisition premium properly allocable to such year.
A U.S. Holder that purchases a note for an amount in excess
of the sum of all amounts payable on the note after the purchase
date other than qualified stated interest will be considered to
have purchased the note at a premium and will not be
required to include OID, if any, in income. A U.S. Holder
generally may elect to amortize the premium over the remaining
term of the note on a constant yield method as an offset to
interest when includible in income under the
U.S. Holders regular accounting method. Bond premium
on a note held by a U.S. Holder that does not make such an
election will decrease the gain or increase the loss otherwise
recognized on disposition of the note.
Sale,
Exchange, Retirement or Other Disposition of Notes
Upon the sale, exchange, retirement or other disposition of a
note, a U.S. Holder will recognize gain or loss equal to
the difference between the amount realized upon the sale,
exchange, retirement or other disposition (less an amount equal
to any accrued and unpaid qualified stated interest, which will
be treated as a payment of interest for U.S. federal income
tax purposes) and the adjusted tax basis of the note. A
U.S. Holders adjusted tax basis in a note will, in
general, be the U.S. Holders cost for the note,
increased by any OID, market discount or, in the case of
Short-Term Notes, discount previously included in income by the
U.S. Holder, and reduced by any amortized premium and any
cash payments on the note other than qualified stated interest.
Except (i) as described above with respect to certain
Short-Term Notes and market discount, (ii) with respect to
gain or loss attributable to changes in exchange rates, as
discussed below with respect to certain Foreign Currency Notes
(as defined below), and (iii) with respect to notes treated
as contingent payment debt instruments for U.S. federal
income tax purposes (which this summary generally does not
discuss), such gain or loss will be capital gain or loss.
Capital gains of individuals derived in respect of capital
assets held for more than one year are eligible for preferential
rates of taxation. The deductibility of capital losses is
subject to limitations. Gain or loss realized by a
U.S. Holder on the sale, exchange, retirement or other
disposition of a note generally will be considered
U.S. source gain or loss.
Foreign
Currency Notes
The following is a summary of certain U.S. federal income
tax consequences to a U.S. Holder of the ownership of a
note denominated in, or for which payments are determined by
reference to, a currency other than the U.S. dollar (a
Foreign Currency Note).
Interest
Payments
U.S. Holders that use the cash basis method of accounting
for U.S. federal income tax purposes are required to
include in income the U.S. dollar value of the amount of
interest received, based on the exchange rate in effect on the
date of receipt, regardless of whether the payment is in fact
converted into U.S. dollars. No exchange gain or loss (as
discussed below) is recognized with respect to the receipt of
such payment.
U.S. Holders that use the accrual basis method of
accounting for U.S. federal income tax purposes may
determine the amount of income recognized with respect to an
interest payment in accordance with either of two methods. Under
the first method, the U.S. Holder will be required to
include in income for each taxable year the U.S. dollar
value of the interest that has accrued during such year,
determined by translating such interest at the average rate of
exchange for the period or periods during which such interest
accrued. Under the second method, the U.S. Holder may elect
to translate interest income at the spot rate on the last day of
the accrual period (or last day of
S-33
the taxable year in the case of an accrual period that straddles
the U.S. Holders taxable year) or on the date the
interest payment is received if such date is within five days of
the end of the accrual period. Upon receipt of an interest
payment on a note (including, upon the sale of such note, the
receipt of proceeds attributable to accrued interest previously
included in income), an accrual basis U.S. Holder will
recognize ordinary income or loss in an amount equal to the
difference between the U.S. dollar value of such payment
(determined by translating any foreign currency received at the
spot rate for such foreign currency on the date received) and
the U.S. dollar value of the interest income that such
U.S. Holder has previously included in income with respect
to such payment.
Original
Issue Discount Notes
OID on an Original Issue Discount Note that is also a Foreign
Currency Note will be determined for any accrual period in the
applicable foreign currency and then translated into
U.S. dollars in the same manner as interest income accrued
by a holder on the accrual basis, as described above. Upon
receipt of OID on such note (including, upon the sale of such
note, the receipt of proceeds attributable to OID previously
included in income), a U.S. Holder will recognize ordinary
income or loss in an amount determined in the same manner as
interest income received by a holder on the accrual basis, as
described above.
Market
Discount
The amount of market discount on Foreign Currency Notes
includible in income will generally be determined by translating
the market discount determined in the foreign currency into
U.S. dollars at the spot rate on the date the Foreign
Currency Note is retired or otherwise disposed of. If the
U.S. Holder has elected to accrue market discount
currently, then the amount which accrues is determined in the
foreign currency and then translated into U.S. dollars on
the basis of the average exchange rate in effect during such
accrual period. A U.S. Holder will recognize exchange gain
or loss with respect to market discount which is accrued
currently using the approach applicable to the accrual of
interest income as described above.
Amortizable
Bond Premium
Bond premium on a Foreign Currency Note will be computed in the
applicable foreign currency. With respect to a U.S. Holder
that elects to amortize the premium, the amortizable bond
premium will reduce interest income in the applicable foreign
currency. At the time bond premium is amortized, exchange gain
or loss (which is generally ordinary income or loss) will be
realized based on the difference between spot rates at such time
and at the time of acquisition of the Foreign Currency Note. A
U.S. Holder that does not elect to amortize bond premium
will translate the bond premium, computed in the applicable
foreign currency, into U.S. dollars at the spot rate on the
maturity date and such bond premium will constitute a capital
loss which may be offset or eliminated by exchange gain.
Sale,
Exchange, Retirement or Other Disposition of Foreign Currency
Notes
Upon the sale, exchange, retirement or other disposition of a
Foreign Currency Note, a U.S. Holder will recognize gain or
loss equal to the difference between the amount realized upon
the sale, exchange, retirement or other disposition (less an
amount equal to any accrued and unpaid qualified stated
interest, which will be treated as a payment of interest for
U.S. federal income tax purposes) and the
U.S. Holders adjusted tax basis in the Foreign
Currency Note. Except as described above with respect to certain
Short-Term Notes or with respect to market discount, and subject
to the foreign currency rules discussed below, such gain or loss
will be capital gain or loss and will be long-term capital gain
or loss if at the time of sale, exchange, retirement or other
disposition, the Foreign Currency Note has been held for more
than one year. Capital gains of individuals derived with respect
to capital assets held for more than one year are eligible for
reduced rates of taxation. The deductibility of capital losses
is subject to limitations. Gain or loss realized by a
U.S. Holder on the sale, exchange, retirement or other
taxable disposition of a Foreign Currency Note generally will be
considered U.S. source gain or loss.
A U.S. Holders initial tax basis in a Foreign
Currency Note generally will be the U.S. Holders cost
therefor. If a U.S. Holder purchased a Foreign Currency
Note with foreign currency, the U.S. Holders cost
will be the U.S. dollar value of the foreign currency
amount paid for such Foreign Currency Note determined at the
time of such purchase. If a U.S. Holders Foreign
Currency Note is sold, exchanged, retired or otherwise disposed
of for an
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amount denominated in foreign currency, then the
U.S. Holders amount realized generally will be based
on the spot rate of the foreign currency on the date of sale,
exchange or retirement. If the Foreign Currency Notes are traded
on an established securities market and the U.S. Holder is
a cash method taxpayer, however, foreign currency paid or
received is translated into U.S. dollars at the spot rate
on the settlement date of the purchase or sale. An accrual
method taxpayer may elect the same treatment with respect to the
purchase and sale of Foreign Currency Notes traded on an
established securities market, provided that the election is
applied consistently.
Upon the sale, exchange, retirement or other disposition of a
Foreign Currency Note, a U.S. Holder may recognize exchange
gain or loss with respect to the principal amount of such
Foreign Currency Note. For these purposes, the principal amount
of the Foreign Currency Note is the U.S. Holders
purchase price for the Foreign Currency Note calculated in the
foreign currency on the date of purchase, and the amount of
exchange gain or loss realized is equal to the difference
between (i) the U.S. dollar value of the principal
amount determined on the date of the sale, exchange, retirement
or other disposition of the Foreign Currency Note and
(ii) the U.S. dollar value of the principal amount
determined on the date such U.S. Holder purchased the note.
Such gain or loss will be treated as ordinary income or loss and
generally will be U.S. source gain or loss. The recognition
of such gain or loss will be limited to the amount of overall
gain or loss realized on the disposition of a Foreign Currency
Note.
Exchange
Gain or Loss with Respect to Foreign Currency
A U.S. Holders tax basis in the foreign currency
received as interest on a Foreign Currency Note will be the
U.S. dollar value thereof at the spot rate in effect on the
date the foreign currency is received. A U.S. Holders
tax basis in foreign currency received on the sale, exchange or
retirement of a Foreign Currency Note will be equal to the
U.S. dollar value of the foreign currency, determined at
the time of the sale, exchange or retirement, or, if the Foreign
Currency Notes are traded on an established securities market,
the spot rate of exchange on the settlement date, in the case of
a cash basis U.S. Holder or an electing accrual basis
U.S. Holder as described above.
Any gain or loss recognized by a U.S. Holder on a sale,
exchange or other disposition of the foreign currency will be
ordinary income or loss and generally will be U.S. source
gain or loss.
Disclosure
Requirements
Treasury Regulations meant to require the reporting of certain
tax shelter transactions (Reportable Transactions)
could be interpreted to cover transactions generally not
regarded as tax shelters, including certain foreign currency
transactions. Under the Treasury Regulations, certain
transactions may be characterized as Reportable Transactions
including, in certain circumstances, a sale, exchange,
retirement or other taxable disposition of a Foreign Currency
Note or foreign currency received in respect of a Foreign
Currency Note to the extent that such sale, exchange, retirement
or other taxable disposition results in a tax loss in excess of
a threshold amount. Persons considering the purchase of Foreign
Currency Notes should consult with their own tax advisers to
determine the tax return disclosure obligations, if any, with
respect to an investment in a Foreign Currency Note, including
any requirement to file Internal Revenue Service
(IRS) Form 8886 (Reportable Transaction
Statement).
Additional
Medicare Tax on Unearned Income
With respect to taxable years beginning after December 31,
2012, certain U.S. Holders, including individuals and
estates and trusts, will be subject to an additional 3.8%
Medicare tax on unearned income. For individual
U.S. Holders, the additional Medicare tax applies to the
lesser of (i) net investment income, or
(ii) the excess of modified adjusted gross
income over US$200,000 (US$250,000 if married and filing
jointly or US$125,000 if married and filing separately).
Net investment income generally equals the
taxpayers gross investment income reduced by the
deductions that are allocable to such income. Investment income
generally includes passive income such as interest, dividends,
annuities, royalties, rents, and capital gains.
U.S. Holders are urged to consult their own tax advisors
regarding the implications of the additional Medicare tax
resulting from an investment in the notes.
Information
Reporting and Backup Withholding
In general, information reporting requirements will apply to
payments of principal, interest, OID and premium paid on notes
and to the proceeds of sale of a note paid to U.S. Holders
other than certain exempt recipients. A
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backup withholding tax may apply to such payments if the
U.S. Holder fails to provide a taxpayer identification
number or certification of exempt status or fails to report in
full dividend and interest income.
Any amounts withheld under the backup withholding rules will be
allowed as a refund or credit against such
U.S. Holders U.S. federal income tax liability
provided the required information is timely furnished to the IRS.
Individual U.S. Holders that own specified foreign
financial assets may be required to include certain
information with respect to such assets with their
U.S. federal income tax return. U.S. Holders are urged
to consult their own tax advisors regarding such requirements
with respect to the notes.
CANADIAN
TAXATION
The following summary describes the principal Canadian federal
income tax considerations under the Income Tax Act
(Canada) (the Canadian Tax Act) and Income Tax
Regulations issued thereunder (the Canadian Tax
Regulations) generally applicable to a holder of notes who
acquires all of the beneficial interests in notes pursuant to
this prospectus supplement, and who, for purposes of the
Canadian Tax Act and any applicable income tax convention, at
all relevant times, is not resident and is not deemed to be
resident in Canada, and who, for purposes of the Canadian Tax
Act, at all relevant times, (i) deals at arms length with
TD and any Canadian resident (or deemed Canadian resident) to
whom the holder disposes of the notes, (ii) holds the notes as
capital property, and (iii) does not use or hold and is not
deemed to use or hold notes in or in the course of carrying on a
business in Canada and is not an insurer carrying on an
insurance business in Canada and elsewhere (a Non-resident
Holder).
This summary is based upon the current provisions of the
Canadian Tax Act and the Regulations in force as of the date
hereof, all specific proposals to amend the Canadian Tax Act and
the Canadian Tax Regulations publicly announced by or on behalf
of the Minister of Finance (Canada) prior to the date hereof
(the Tax Proposals) and counsels understanding
of the current administrative policies and assessing practices
of the Canada Revenue Agency (CRA) published in
writing by the CRA prior to the date hereof. This summary is not
exhaustive of all possible Canadian federal income tax
considerations relevant to an investment in notes and, except
for the Tax Proposals, does not take into account or anticipate
any changes in law or CRA administrative policies or assessing
practices, whether by way of legislative, governmental or
judicial decision or action, nor does it take into account or
consider any other federal tax considerations or any provincial,
territorial or foreign tax considerations, which may differ
materially from those discussed herein. While this summary
assumes that the Tax Proposals will be enacted in the form
proposed, no assurance can be given that this will be the case,
and no assurance can be given that judicial, legislative or
administrative changes will not modify or change the statements
below.
The following is only a general summary of certain Canadian
non-resident withholding and other tax provisions which may
affect a Non-resident Holder of the notes described in this
prospectus supplement. This summary is not, and is not intended
to be, and should not be construed to be, legal or tax advice to
any particular Non-resident Holder and no representation with
respect to the income tax consequences to any particular
Non-resident Holder is made. Persons considering investing in
notes should consult their own tax advisors with respect to the
tax consequences of acquiring, holding and disposing of notes
having regard to their own particular circumstances.
Material Canadian federal income tax considerations applicable
to notes may be described particularly in the pricing supplement
related thereto, when such notes are offered. In the event the
material Canadian federal income tax considerations are
described in the pricing supplement, the following description
will be superseded by the description in such pricing supplement
to the extent indicated therein.
Interest (including amounts on account or in lieu of payment of,
or in satisfaction of, interest) paid or credited, or deemed to
be paid or credited on a note (including accrued interest to the
time of a transfer) to a Non-resident Holder will not be subject
to Canadian non-resident withholding tax unless all or any part
of such interest is participating debt interest.
Participating debt interest is defined generally as
interest (other than on a prescribed obligation
described below) all or any portion of which is contingent or
dependent on the use of or production from property in Canada or
is computed by reference to revenue, profit, cash flow,
commodity price or any other similar criterion or by reference
to dividends paid or payable to shareholders of any class or
series of shares of a corporation. A prescribed
obligation for this purpose is an indexed debt
obligation, as defined in the Canadian Tax Act, in respect
of which no amount payable
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is: (a) contingent or dependent upon the use of, or
production from, property in Canada, or (b) computed by
reference to: (i) revenue, profit, cash flow, commodity
price or any other similar criterion, other than a change in the
purchasing power of money, or (ii) dividends paid or
payable to shareholders of any class of shares of the capital
stock of a corporation. An indexed debt obligation
is a debt obligation the terms or conditions of which provide
for an adjustment to an amount payable in respect of the
obligation for a period during which the obligation was
outstanding that is determined by reference to a change in the
purchasing power of money.
In the event that a note is redeemed, cancelled, purchased or
repurchased by TD or any other person resident or deemed to be
resident in Canada from a Non-resident Holder or is otherwise
assigned or transferred by a Non-resident Holder to a person
resident or deemed to be resident in Canada for an amount which
exceeds, generally, the issue price thereof, the excess may be
deemed to be interest and may, together with any interest that
has accrued or is deemed to have accrued on the note to that
time, be subject to Canadian non-resident withholding tax. The
foregoing does not apply, amongst other exceptions, in respect
of a note the interest on which is not participating debt
interest and where (a) the note is a deposit note not
repayable in Canadian currency on which interest is payable in a
non-Canadian currency, (b) under the terms of the note or
any agreement relating thereto, TD may not under any
circumstances be obliged to repay more than 25% of the aggregate
principal amount of the relevant tranche of notes of the
relevant series within five years from the date of issue of such
tranche of notes except, generally, in the event of a failure or
default under such notes or a related agreement or (c) the
note is not an indexed debt obligation (described above) and was
issued for an amount not less than 97% of its principal amount
(as defined in the Canadian Tax Act), and the yield from the
note, expressed in terms of an annual rate (determined in
accordance with the Canadian Tax Act) on the amount for which
the note was issued does not exceed
4/3
of the interest stipulated to be payable on the note, expressed
in terms of an annual rate on the outstanding principal amount
from time to time.
Generally, there are no other Canadian taxes on income
(including taxable capital gains) payable by a Non-resident
Holder under the Canadian Tax Act solely as a consequence of the
acquisition, ownership or disposition of notes.
SUPPLEMENTAL
PLAN OF DISTRIBUTION (CONFLICTS OF INTEREST)
We and TD Securities (USA) LLC, as agent, have entered into a
distribution agreement with respect to the notes. The agent or
agents through whom the notes will be offered will be identified
in the applicable pricing supplement. Subject to certain
conditions, the agent has agreed to use its reasonable efforts
to solicit purchases of the notes. We have the right to accept
offers to purchase notes and may reject any proposed purchase of
the notes. The agent may also reject any offer to purchase
notes. We will pay the agent a commission on any notes sold
through the agent. The commission is expected to range from 0%
to 2% of the principal amount of the notes, depending on the
stated maturity of the notes, for fixed rate and floating rate
notes, or in such other amount as may be agreed between the
agent and TD.
We may also sell notes to the agent, who will purchase the notes
as principal for its own account. In that case, the agent will
purchase the notes at a price equal to the issue price specified
in the applicable pricing supplement, less a discount to be
agreed with us at the time of the offering.
The agent may resell any notes it purchases as principal to
other brokers or dealers at a discount, which may include all or
part of the discount the agent received from us. If all the
notes are not sold at the initial offering price, the agent may
change the offering price and the other selling terms.
We may also sell notes directly to investors. We will not pay
commissions on notes we sell directly.
We have reserved the right to withdraw, cancel or modify the
offer made by this prospectus supplement without notice and may
reject orders in whole or in part whether placed directly with
us or with an agent. No termination date has been established
for the offering of the notes.
The agent, whether acting as agent or principal, may be deemed
to be an underwriter within the meaning of the
Securities Act of 1933, as amended (the Securities
Act). We have agreed to indemnify the agent against
certain liabilities, including liabilities under the Securities
Act, or to contribute to payments made in respect of those
liabilities.
If the agent sells notes to dealers who resell to investors and
the agent pays the dealers all or part of the discount or
commission it receives from us, those dealers may also be deemed
to be underwriters within the meaning of the
Securities Act.
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Unless otherwise indicated in any pricing supplement, payment of
the purchase price of notes, other than notes denominated in a
non-U.S. dollar
currency, will be required to be made in funds immediately
available in The City of New York. The notes will be in the Same
Day Funds Settlement System at DTC and, to the extent the
secondary market trading in the notes is effected through the
facilities of such depositary, such trades will be settled in
immediately available funds.
We may appoint additional agents with respect to the notes. Any
other agents will be named in the applicable pricing supplements
and those agents will enter into the distribution agreement
referred to above. The agent referred to above and any
additional agents may engage in commercial banking and
investment banking and other transactions with and perform
services for TD and our affiliates in the ordinary course of
business. TD Securities (USA) LLC is an affiliate of TD and may
resell notes to or through another of our affiliates, as selling
agent.
The notes are a new issue of securities, and there will be no
established trading market for any note before its original
issue date. We do not plan to list the notes on a securities
exchange or quotation system. We have been advised by the agent
named above that it may make a market in the notes offered
through it. However, neither TD Securities (USA) LLC nor any of
our other affiliates nor any other agent named in your pricing
supplement that makes a market is obligated to do so, and any of
them may stop doing so at any time without notice. No assurance
can be given as to the liquidity or trading market for the notes.
The agent may engage in over-allotment, stabilizing
transactions, syndicate covering transactions and penalty bids
in accordance with Regulation M under the Exchange Act.
Over-allotment involves syndicate sales in excess of the
offering size, which creates a syndicate short position.
Stabilizing transactions permit bids to purchase the underlying
security so long as the stabilizing bids do not exceed a
specified maximum. Syndicate covering transactions involve
purchases of the notes in the open market after the distribution
has been completed in order to cover syndicate short positions.
Penalty bids permit reclaiming a selling concession from a
syndicate member when the notes originally sold by such
syndicate member are purchased in a syndicate covering
transaction to cover syndicate short positions. Such stabilizing
transactions, syndicate covering transactions and penalty bids
may stabilize, maintain or otherwise affect the market price of
the notes, which may be higher than it would otherwise be in the
absence of such transactions. The agent is not required to
engage in these activities, and may end any of these activities
at any time.
In addition to offering notes through the agent as discussed
above, other medium-term notes that have terms substantially
similar to the terms of the notes offered by this prospectus
supplement may in the future be offered, concurrently with the
offering of the notes, on a continuing basis by TD. Any of these
notes sold pursuant to the distribution agreement or sold by TD
directly to investors will reduce the aggregate amount of notes
which may be offered by this prospectus supplement.
Market-Making
Transactions
This prospectus supplement may be used by TD Securities (USA)
LLC and any other agent in connection with offers and sales of
the notes in market-making transactions. In a market-making
transaction, an agent or other person resells a note it acquires
from other holders after the original offering and sale of the
note. Resales of this kind may occur in the open market or may
be privately negotiated, at prevailing market prices at the time
of resale or at related or negotiated prices. In these
transactions, such agent may act as principal or agent,
including as agent for the counterparty in a transaction in
which TD Securities (USA) LLC or another agent acts as
principal, or as agent for both counterparties in a transaction
in which TD Securities (USA) LLC does not act as principal. The
agent may receive compensation in the form of discounts and
commissions, including from both counterparties in some cases.
Other affiliates of TD (in addition to TD Securities (USA)
LLC) may also engage in transactions of this kind and may
use this prospectus supplement for this purpose.
The aggregate initial offering price specified on the cover of
this prospectus supplement relates to the initial offering of
new notes we may issue on and after the date of this prospectus
supplement. This amount does not include notes that may be
resold in market-making transactions. The latter includes notes
that we may issue going forward as well as notes we have
previously issued.
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TD does not expect to receive any proceeds from market-making
transactions. TD does not expect that any agent that engages in
these transactions will pay any proceeds from its market-making
resales to TD.
Information about the trade and settlement dates, as well as the
purchase price, for a market-making transaction will be provided
to the purchaser in a separate confirmation of sale.
Unless TD or an agent informs you in your confirmation of sale
that your note is being purchased in its original offering and
sale, you may assume that you are purchasing your note in a
market-making transaction.
In this prospectus supplement, the term this
offering means the initial offering of the notes made in
connection with their original issuance. This term does not
refer to any subsequent resales of notes in market-making
transactions.
Conflicts
of Interest
TD Securities (USA) LLC is an affiliate of The Toronto-Dominion
Bank. FINRA Rule 5121 imposes certain requirements when a
FINRA member, such as TD Securities (USA) LLC, distributes an
affiliated companys securities. TD Securities (USA) LLC
has advised The Toronto-Dominion Bank that each particular
offering of notes in which it participates will comply with the
applicable requirements of FINRA Rule 5121.
Neither TD Securities (USA) LLC nor any other FINRA member is
permitted to sell notes in an offering to an account over which
it exercises discretionary authority without the prior written
approval of the customer to which the account relates.
BENEFIT
PLAN INVESTOR CONSIDERATIONS
A fiduciary of a pension, profit-sharing or other employee
benefit plan (a plan) subject to the Employee
Retirement Income Security Act of 1974, as amended
(ERISA), should consider the fiduciary standards of
ERISA in the context of the plans particular circumstances
before authorizing an investment in the debt securities.
Accordingly, among other factors, the fiduciary should consider
whether the investment would satisfy the prudence and
diversification requirements of ERISA and would be consistent
with the documents and instruments governing the plan, and
whether the investment would involve a prohibited transaction
under Section 406 of ERISA or Section 4975 of the Code.
Section 406 of ERISA and Section 4975 of the Code
prohibit plans, as well as individual retirement accounts and
Keogh plans subject to Section 4975 of the Internal Revenue
Code (also plans), from engaging in certain
transactions involving plan assets with persons who
are parties in interest under ERISA or
disqualified persons under the Code (parties
in interest) with respect to the plan. A violation of
these prohibited transaction rules may result in civil penalties
or other liabilities under ERISA
and/or an
excise tax under Section 4975 of the Code for those
persons, unless exemptive relief is available under an
applicable statutory, regulatory or administrative exemption. In
addition, the fiduciary of the ERISA Plan that engaged in such a
non-exempt prohibited transaction may be subject to penalties
and liabilities under ERISA and the Code. Certain employee
benefit plans and arrangements including those that are
governmental plans (as defined in section 3(32) of ERISA),
certain church plans (as defined in Section 3(33) of ERISA)
and foreign plans (as described in Section 4(b)(4) of
ERISA) (non-ERISA arrangements) are not subject to
the requirements of ERISA or Section 4975 of the Code but
may be subject to similar provisions under applicable federal,
state, local, foreign or other regulations, rules or laws
(similar laws).
The acquisition, holding or, if applicable, exchange of the debt
securities by a plan or any entity whose underlying assets
include plan assets by reason of any Plans
investment in the entity with respect to which we or certain of
our affiliates is or becomes a party in interest may constitute
or result in a prohibited transaction under ERISA or
Section 4975 of the Code, unless those notes are acquired
and held pursuant to and in accordance with an applicable
exemption. The U.S. Department of Labor has issued
prohibited transaction class exemptions, or
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PTCEs, that may provide exemptive relief if required
for direct or indirect prohibited transactions that may arise
from the purchase or holding of the notes. These exemptions
include, without limitation:
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PTCE 84-14,
an exemption for certain transactions determined or effected by
independent qualified professional asset managers;
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PTCE 90-1,
an exemption for certain transactions involving insurance
company pooled separate accounts;
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PTCE 91-38,
an exemption for certain transactions involving bank collective
investment funds;
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PTCE 95-60,
an exemption for transactions involving certain insurance
company general accounts; and
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PTCE 96-23,
an exemption for plan asset transactions managed by in-house
asset managers.
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In addition, ERISA Section 408(b)(17) and
Section 4975(d)(20) of the Code provide statutory exemptive
relief for certain arms-length transactions with a person
that is a party in interest solely by reason of providing
services to Plans or being an affiliate of such a service
provider. Under these provisions, the purchase and sale of the
Notes will not constitute a prohibited transaction under ERISA
or Section 4975 of the Code, provided that neither the
issuer of the Notes nor any of its affiliates have or exercise
any discretionary authority or control or render any investment
advice with respect to the assets of any Plan involved in the
transaction, and provided further that the Plan pays no more and
receives no less than adequate consideration in
connection with the transaction (the service provider
exemption). There can be no assurance that all of the
conditions of any such exemptions will be satisfied, and the
Notes should not be purchased or held by any person investing
plan assets of any plan, unless such purchase and
holding will not constitute a non-exempt prohibited transaction
under ERISA and the Code or similar violation of any applicable
similar laws.
Accordingly, by acceptance of a Note, any purchaser or holder of
debt securities or any interest therein will be deemed to have
represented (both on behalf of itself and any plan) by its
purchase and holding of the debt securities that either
(1) it is not a plan and is not purchasing those debt
securities on behalf of or with plan assets of any
plan or (2) the purchase and holding of the debt securities
will not constitute a non-exempt prohibited transaction under
ERISA or the Code. In addition, any purchaser or holder of debt
securities or any interest therein which is a non-ERISA
arrangement will be deemed to have represented by its purchase
or holding or, if applicable, exchange of the debt securities
that its purchase and holding will not violate the provisions of
any similar law.
Due to the complexity of these rules and the penalties that may
be imposed upon persons involved in non-exempt prohibited
transactions, it is particularly important that fiduciaries or
other persons considering purchasing debt securities on behalf
of or with plan assets of any plan or non-ERISA
arrangement consult with their counsel regarding the
availability of exemptive relief under any of the PTCEs listed
above or some other basis on which such purchase and holding is
not prohibited, or the potential consequences of any purchase,
holding or exchange under similar laws, as applicable.
Each purchaser and holder of the debt securities has exclusive
responsibility for ensuring that its purchase and holding of the
debt securities does not violate the fiduciary or prohibited
transaction rules of ERISA, the Code or any similar laws. The
sale of any debt securities to any plan is in no respect a
representation by us or any of our affiliates or representatives
that such an investment meets all relevant legal requirements
with respect to investments by plans generally or any particular
plan, or that such an investment is appropriate for plans
generally or any particular plan.
DOCUMENTS
FILED AS PART OF THE REGISTRATION STATEMENT
In addition to the documents specified in the accompanying
prospectus under Documents Incorporated by
Reference, the Distribution Agreement dated the date of
this prospectus supplement between us and the agent was filed
with the Securities and Exchange Commission and incorporated by
reference as part of the registration statement to which this
prospectus supplement relates (the Registration
Statement). Additional exhibits to the Registration
Statement to which this prospectus supplement relates may be
subsequently filed in reports on
Form 40-F
or on
Form 6-K
that specifically state that such materials are incorporated by
reference as exhibits in Part II of the Registration
Statement.
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AUDITORS
CONSENT
We have read the Short Form Base Shelf Prospectus of The
Toronto-Dominion Bank (the Bank) dated July 7,
2010 as supplemented by the Prospectus Supplement dated
June 22, 2011 related to the offering of up to
US$15,000,000,000 Senior Medium-Term Notes, Series A. We
have complied with Canadian generally accepted standards for an
auditors involvement with offering documents.
We consent to the incorporation by reference in the
above-mentioned Prospectus Supplement of our report dated
December 1, 2010 to the shareholders of the Bank on the
Consolidated Balance Sheet of the Bank as at October 31,
2010 and 2009 and the Consolidated Statements of Income, Changes
in Shareholders Equity, Comprehensive Income and Cash
Flows for each of the years then ended.
/s/ Ernst & Young LLP
Chartered Accountants
Licensed Public Accountants
Toronto, Canada
June 22, 2011
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This short form prospectus is
referred to as a base shelf prospectus and has been filed under
legislation in the Province of Ontario that permits certain
information about these securities to be determined after this
prospectus has become final and that permits the omission from
this prospectus of that information. The legislation requires
the delivery to purchasers of a prospectus supplement containing
the omitted information within a specified period of time after
agreeing to purchase any of these securities.
This short form base shelf prospectus and each document
deemed to be incorporated by reference herein, constitutes a
public offering of these securities only in those jurisdictions
where they may be lawfully offered for sale and therein only by
persons permitted to sell such securities. No securities
regulatory authority has expressed an opinion about these
securities and it is an offense to claim otherwise.
Information has been incorporated by reference in this
short form base shelf prospectus from documents filed with the
securities commission or similar authorities in Canada.
Copies of the documents incorporated herein by
reference may be obtained on request without charge from the
Corporate Secretary of The Toronto-Dominion Bank at the
following address: Toronto Dominion Bank Tower, Toronto-Dominion
Centre, Toronto, Ontario, Canada, M5K 1A2 (telephone:
(416) 308-6963)
and are also available electronically at www.sedar.com.
New
Issue
Short Form Base Shelf Prospectus
July 7,
2010
The Toronto-Dominion Bank
(a Canadian chartered bank)
U.S. $15,000,000,000
Senior Debt Securities
We intend to offer from time to time senior debt securities
(which we refer to in this prospectus as the debt
securities) in one or more series with a total offering
price not to exceed U.S. $15,000,000,000 (or the
U.S. dollar equivalent thereof if any of the debt
securities are denominated in a currency or a currency unit
other than U.S. dollars) during the
25-month
period that this prospectus, including any amendments thereto,
remains valid.
All shelf information omitted from this short form base shelf
prospectus will be contained in one or more prospectus
supplements that will be delivered to purchasers together with
this prospectus. You should read this prospectus and the
applicable supplement carefully before you invest.
We may sell the debt securities to or through one or more
underwriters, dealers or agents. The names of the underwriters,
dealers or agents will be set forth in supplements to this
prospectus.
The debt securities will constitute our unsecured and
unsubordinated contractual obligations and will constitute
deposit liabilities which will rank pari passu in right
of payment with all of our deposit liabilities, except for
obligations preferred by mandatory provisions of law. The debt
securities will not be insured under the Canada Deposit
Insurance Corporation Act or by the U.S. Federal Deposit
Insurance Corporation or any other Canadian or
U.S. government agency or instrumentality.
We are permitted, under a multi-jurisdictional disclosure
system adopted by the United States, to prepare this prospectus
in accordance with the disclosure requirements of Canada.
Prospective investors should be aware that such requirements are
different from those of the United States. Financial statements
included or incorporated herein have been prepared in accordance
with Canadian generally accepted accounting principles, and may
be subject to Canadian auditing and auditor independence
standards, and thus may not be comparable to financial
statements of United States companies.
Prospective investors should be aware that the acquisition of
the debt securities described herein may have tax consequences
both in the United States and in Canada. Such consequences for
investors who are resident in, or citizens of, the United States
may not be described fully herein.
The enforcement by investors of civil liabilities under the
United States federal securities laws may be affected adversely
by the fact that we are organized under the laws of Canada, that
most of our officers and directors, and some of the underwriters
or experts named in this prospectus, may be residents of Canada
and that all or a substantial portion of our assets and the
assets of said persons may be located outside the United
States.
THESE DEBT SECURITIES HAVE NOT BEEN APPROVED OR DISAPPROVED
BY THE SECURITIES AND EXCHANGE COMMISSION (THE SEC)
OR ANY STATE SECURITIES REGULATOR NOR HAS THE SEC OR ANY STATE
SECURITIES REGULATOR PASSED UPON THE ACCURACY OR ADEQUECY OF
THIS PROSPECTUS. ANY REPRESENTATION TO THE CONTRARY IS A
CRIMINAL OFFENSE.
This prospectus does not qualify for issuance debt securities in
respect of which the payment of principal
and/or
interest may be determined, in whole or in part, by reference to
one or more underlying interests, including, for example, an
equity or debt security, a statistical measure of economic or
financial performance including, but not limited to, any
currency, consumer price or mortgage index, or the price or
value of one or more commodities, indices or other items, or any
other item or formula, or any combination or basket of the
foregoing items. For greater certainty, this prospectus may
qualify for issuance debt securities in respect of which the
payment of principal
and/or
interest may be determined, in whole or in part, by reference to
published rates of a central banking authority or one or more
financial institutions, such as a prime rate or a bankers
acceptance rate, or to recognized market benchmark interest
rates such as LIBOR.
Certain of our affiliates may use this prospectus in the initial
sale of any debt securities or in a market-making transaction in
any debt securities after their initial sale. See Plan of
Distribution.
There is no market through which the debt securities may be sold
and purchasers may not be able to resell debt securities
purchased under this prospectus. This may affect the pricing of
the debt securities in the secondary market, the transparency
and availability of trading prices, the liquidity of the debt
securities, and the extent of issuer regulation. See Plan
of Distribution.
TABLE OF
CONTENTS
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FORWARD
LOOKING STATEMENTS
This prospectus, including those documents incorporated by
reference, may contain forward-looking statements. All such
statements are made pursuant to the safe harbour
provisions of the United States Private Securities Litigation
Reform Act of 1995 and applicable Canadian securities
legislation. Forward-looking statements include, among others,
statements regarding our objectives and priorities for 2010 and
beyond and strategies to achieve them, and our anticipated
financial performance. The forward-looking information contained
in this prospectus, including those documents incorporated by
reference, is presented for the purpose of assisting our
securityholders in understanding our financial position as at
and for the periods ended on the dates presented and our
strategic priorities and objectives, and may not be appropriate
for other purposes. The economic assumptions for each of our
business segments are set out in our Annual Report as updated in
the subsequently filed Quarterly Reports to Shareholders.
Forward-looking statements are typically identified by words
such as will, should,
believe, expect, anticipate,
intend, estimate, plan,
may and could.
By their very nature, these statements require us to make
assumptions and are subject to inherent risks and uncertainties,
general and specific. Especially in light of the uncertainty
related to the current financial, economic and regulatory
environments, such risks and uncertainties many of
which are beyond our control and the effects of which can be
difficult to predict may cause actual results to
differ materially from the expectations expressed in the
forward-looking statements. Risk factors that could cause such
differences include: credit, market (including equity,
commodity, foreign exchange and interest rate), liquidity,
operational, reputational, insurance, strategic, regulatory,
legal and other risks, all of which are discussed in our Annual
Report and in other regulatory filings made in Canada and with
the SEC. Additional risk factors include changes to and new
interpretations of risk-based capital guidelines and reporting
instructions; increased funding costs for credit due to market
illiquidity and competition for funding; the failure of third
parties to comply with their obligations to us or our affiliates
relating to the care and control of information; and the use of
new technologies in unprecedented ways to defraud us or our
customers and the organized efforts of increasingly
sophisticated parties who direct their attempts to defraud us or
our customers through many channels.
We caution that the preceding list is not exhaustive of all
possible risk factors and other factors could also adversely
affect our results. For more information, see our Annual Report.
All such factors should be considered
I-3
carefully when making decisions with respect to us, and undue
reliance should not be placed on our forward-looking statements
as they may not be suitable for other purposes.
Any forward-looking statements contained in this short form base
shelf prospectus represent the views of management only as of
the date hereof and are presented for the purpose of assisting
our securityholders and analysts in understanding our financial
position, objectives and priorities and anticipated financial
performance as at and for the periods ended on the dates
presented, and may not be appropriate for other purposes. We do
not undertake to update any forward-looking statements, whether
written or oral, that may be made from time to time by or on our
behalf, except as required under applicable securities
legislation. See Risk Factors
DOCUMENTS
INCORPORATED BY REFERENCE
The following documents with respect to The Toronto-Dominion
Bank (which we refer to in the prospectus as the
Bank), filed with the various securities commissions
or similar authorities in each of the provinces and territories
of Canada, are specifically incorporated by reference in and
form an integral part of this prospectus:
(a) the Management Proxy Circular dated as of
January 28, 2010;
(b) the Annual Information Form dated December 2, 2009;
(c) the consolidated audited financial statements for the
fiscal year ended October 31, 2009 with comparative
consolidated financial statements for the fiscal year ended
October 31, 2008, together with the auditors report
thereon and Managements Discussion and Analysis as
contained in the Annual Report to Shareholders for the fiscal
year ended October 31, 2009; and
(d) the Second Quarter Report to Shareholders for the three
and six months ended April 30, 2010, which includes
comparative consolidated interim financial statements
(unaudited) and Managements Discussion and Analysis.
Any documents of the type referred to above and any material
change reports (excluding confidential material change reports)
or business acquisition reports, all as filed by the Bank with
the various securities commissions or similar authorities in
Canada pursuant to the requirements of applicable securities
legislation after the date of this prospectus and prior to the
termination of the offering of debt securities under any
prospectus supplement to this prospectus, shall be deemed to be
incorporated by reference into this prospectus. In addition, any
similar documents filed on
Form 40-F
or on
Form 6-K,
if and to the extent expressly provided in such reports on
Form 6-K,
by us with the SEC, after the date of this prospectus and prior
to the termination of the offering of debt securities under any
prospectus supplement to this prospectus, shall be deemed to be
incorporated by reference into this prospectus.
Any statement contained in this prospectus or in a document
incorporated or deemed to be incorporated by reference herein
shall be deemed to be modified or superseded for the purposes of
this prospectus to the extent that a statement contained herein
or in any other subsequently filed document which also is or is
deemed to be incorporated by reference herein modifies or
supersedes such statement. The modifying or superseding
statement need not state that it has modified or superseded a
prior statement or include any other information set forth in
the document that it modifies or supersedes. The making of a
modifying or superseding statement is not to be deemed an
admission for any purposes that the modified or superseded
statement, when made, constituted a misrepresentation, an untrue
statement of a material fact or an omission to state a material
fact that is required to be stated or that is necessary to make
a statement not misleading in light of the circumstances in
which it was made. Any statement so modified or superseded shall
not be deemed, except as so modified or superseded, to
constitute a part of this prospectus. Copies of the documents
incorporated by reference herein may be obtained on request
without charge from the Corporate Secretary of The
Toronto-Dominion Bank, Toronto Dominion Bank Tower,
Toronto-Dominion Centre, Toronto, Ontario, M5K 1A2 (telephone:
(416) 308-6963),
or through the Internet on the Canadian Securities
Administrators System for Electronic Document Analysis and
Retrieval (SEDAR) at www.sedar.com.
A prospectus supplement containing the specific terms of an
offering of debt securities will be delivered to purchasers of
such securities together with this prospectus and will be deemed
to be incorporated into this prospectus as of the date of the
prospectus supplement solely for the purposes of the offering of
the debt securities covered by that prospectus supplement unless
otherwise expressly provided therein.
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Upon a new Management Proxy Circular, Annual Information Form or
new interim or annual financial statements, together with the
auditors report thereon and managements discussion
and analysis contained therein, being filed by us with the
applicable securities regulatory authorities during the currency
of this prospectus, the previous Annual Information Form,
Management Proxy Circular, interim or annual financial
statements and all material change reports, and information
circulars filed prior to the commencement of our financial year
in which the new Management Proxy Circular, Annual Information
Form or interim or annual financial statements are filed shall
be deemed no longer to be incorporated into this prospectus for
purposes of future offers and sales of debt securities hereunder.
AVAILABLE
INFORMATION
In addition to the continuous disclosure obligations under the
securities laws of the provinces and territories of Canada, we
are subject to the informational reporting requirements of the
U.S. Securities Exchange Act of 1934, as amended, and in
accordance therewith file reports and other information with the
SEC. Such reports and other information filed by us may be
inspected and copied at the public reference facilities
maintained by the SEC at 100 F Street, N.E.,
Washington, D.C. 20549. Prospective investors may call the
SEC at
1-800-SEC-0330
for further information regarding the public reference
facilities. The SEC also maintains a website, at
www.sec.gov, that contains reports and other information
filed by us with the SEC. Our common shares are listed on the
New York Stock Exchange and reports and other information
concerning us may be inspected at the offices of the New York
Stock Exchange, 20 Broad Street, New York, NY 10005.
We are filing with the SEC a registration statement on
Form F-9
under the U.S. Securities Act of 1933, as amended, with
respect to the debt securities. This prospectus does not contain
all of the information set forth in the registration statement,
certain parts of which are omitted in accordance with the rules
and regulations of the SEC. For further information with respect
to us and the debt securities, reference is made to the
registration statement and the exhibits thereto, which will be
publicly available as described in the preceding paragraph.
THE
TORONTO-DOMINION BANK
The Bank is a Canadian chartered bank subject to the provisions
of the Bank Act and was formed on February 1, 1955 through
the amalgamation of The Bank of Toronto (established in
1855) and The Dominion Bank (established in 1869). The Bank
and its subsidiaries are collectively known as TD Bank Financial
Group. TD Bank Financial Group is the sixth largest bank in
North America by branches and serves approximately
18 million customers in four key businesses operating in a
number of locations in financial centres around the globe:
Canadian Personal and Commercial Banking, including TD Canada
Trust and TD Insurance; Wealth Management, including TD
Waterhouse and an investment in TD Ameritrade;
U.S. Personal and Commercial Banking, including TD Bank,
Americas Most Convenient Bank; and Wholesale Banking,
including TD Securities. TD Bank Financial Group also ranks
among the worlds leading on-line financial services firms
with more than 6 million on-line customers.
The Banks head office and registered office are located in
the Toronto Dominion Bank Tower,
Toronto-Dominion
Centre, Toronto, Ontario, M5K 1A2.
Additional information regarding the Bank is incorporated by
reference into this prospectus. See Documents Incorporated
by Reference.
CHANGES
TO CAPITAL OF THE BANK
On June 15, 2010, the Bank issued 3,525,000 common shares
for aggregate gross proceeds of $250 million. The common
shares issued qualify as Tier 1 regulatory capital of the
Bank.
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RISK
FACTORS
An investment in the debt securities is subject to various
risks. From time to time, the market experiences significant
price and volume volatility that may affect the market price of
our debt securities for reasons unrelated to our performance.
Also, the financial markets are generally characterized by
extensive interconnections among financial institutions. As
such, defaults by other financial institutions in Canada, the
United States or other countries could adversely affect us and
the market price of the debt securities. Additionally, the debt
securities are subject to market value fluctuations based upon
factors which influence our operations, such as legislative or
regulatory developments, competition, technological change and
global capital market activity.
Before deciding whether to invest in any debt securities,
investors should consider carefully the risks set out herein and
incorporated by reference in this prospectus (including
subsequently filed documents incorporated by reference) and, if
applicable, those described in a prospectus supplement relating
to a specific offering of debt securities. Prospective investors
should consider the categories of risks identified and discussed
in the Annual Information Form and Managements Discussion
and Analysis of the Bank incorporated herein by reference
including credit risk, market risk, liquidity risk, operational
risk, reputational risk, insurance risk, strategic risk,
regulatory risk, and legal risk.
USE OF
PROCEEDS
Unless otherwise specified in a prospectus supplement, the net
proceeds to us from the sale of the debt securities will be
added to our general funds and utilized for general corporate
purposes.
DESCRIPTION
OF THE DEBT SECURITIES
We have summarized below the material provisions of the
indenture and the debt securities, or indicated which material
provisions will be described in the related prospectus
supplement. These descriptions are only summaries, and each
investor should refer to the indenture, which describes
completely the terms and definitions summarized below and
contains additional information regarding the debt securities.
Any reference to provisions or defined terms of the indenture in
any statement under this heading qualifies the entire statement
and incorporates by reference the applicable section or
definition into that statement.
General
We will issue the debt securities under an indenture between us
and The Bank of New York Mellon (as successor in interest to The
Bank of New York), as trustee. A copy of the indenture is filed
as an exhibit to the registration statement and is also
available at www.sedar.com. We may issue debt securities under
the indenture from time to time in one or more series. The
indenture does not limit the aggregate principal amount of the
debt securities which we can issue under such indenture. We will
authorize the aggregate amount from time to time for each series.
Unless otherwise specified in the applicable prospectus
supplement, the debt securities will be unsecured and
unsubordinated deposit liability obligations of the Bank and
will rank on a parity in right of payment with all of the
Banks deposit liabilities, except for obligations
preferred by mandatory provisions of law. The debt securities
will not be insured under the Canada Deposit Insurance
Corporation Act or by the U.S. Federal Deposit Insurance
Corporation or any other Canadian or U.S. governmental
agency or instrumentality. In the case of the insolvency of the
Bank, the Bank Act (Canada) provides that priorities among
payments of deposit liabilities of the Bank (including payments
in respect of the debt securities) and payments of all other
liabilities are to be determined in accordance with the laws
governing priorities and, where applicable, by the terms of the
indebtedness and liabilities.
We may issue debt securities from time to time in one or more
series. The provisions of the indenture allow us to
reopen a previous issue of a series of debt
securities and issue additional debt securities of that series.
The debt securities in each series may be denominated and
payable in U.S. dollars or foreign currencies.
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The debt securities may bear interest at a floating rate or a
fixed rate. A floating rate is determined by reference to an
interest rate formula which may be adjusted by adding or
subtracting the spread or multiplying the spread multiplier.
Terms
Specified in Prospectus Supplement
The prospectus supplement will contain, where applicable, the
following terms of and other information relating to any series
of offered debt securities:
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the specific title;
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the aggregate principal amount, purchase price and denomination;
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any limit upon the aggregate principal amount of the securities
of such series;
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the currency in which the debt securities are denominated
and/or in
which principal, and premium, if any,
and/or
interest, if any, is payable;
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the date or dates on which the principal is payable;
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the interest rate or rates or the method by which the
calculation agent (to be designated in the applicable prospectus
supplement) will determine the interest rate or rates, if any;
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the interest payment dates, if any;
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the place or places for payment of the principal of and any
premium
and/or
interest on or other amounts due under the debt securities;
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any repayment, redemption, prepayment or sinking fund
provisions, including any notice provisions;
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whether we will issue the debt securities in global form and
under what terms and conditions;
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terms and conditions, if any, upon which the debt securities may
or shall be convertible into or exchangeable or exercisable for
or payable in, among other things, other securities (whether or
not issued by us), instruments, contracts, currencies,
commodities or other forms of property, rights or interests or
any combination of the foregoing;
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any agents for the debt securities, including trustees,
depositories, authenticating or paying agents, transfer agents
or registrars;
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any applicable United States federal income tax and Canadian
federal income tax consequences, including, but not limited to:
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(1) whether and under what circumstances we will pay
additional amounts on debt securities for any tax, assessment or
governmental charge withheld or deducted and, if so, whether we
will have the option to redeem those debt securities rather than
pay the additional amounts;
(2) tax considerations applicable to any discounted debt
securities or to debt securities issued at par that are treated
as having original issue discount for United States federal
income tax purposes; and
(3) tax considerations applicable to any debt securities
denominated and payable in foreign currencies;
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any other specific terms of the debt securities, including any
additional events of default or covenants, and any terms
required by or advisable under applicable laws or regulations.
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We may sell the debt securities at a substantial discount below
their stated principal amount. We will describe special United
States federal income tax and Canadian federal income tax
considerations, if any, applicable to debt securities sold at an
original issue discount in the prospectus supplement. An
original issue discount security is any debt
security that provides for an amount less than the principal
amount to be due and payable upon the declaration of
acceleration of the maturity in accordance with the terms of the
applicable indenture. The prospectus supplement relating to any
original issue discount securities will describe the particular
provisions relating to acceleration of the maturity upon the
occurrence of an event of default.
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Registration
and Transfer of Debt Securities
Registered holders may present debt securities for exchange or
registration of transfer. We will provide these services without
charge except for any tax or other governmental charge payable
in connection with these services and subject to any limitations
provided in the indenture.
The procedures for transfer of interests in the debt securities
in global form will depend upon the procedures of the depository
for such global securities. See Form of the Debt
Securities.
Merger,
Consolidation, Sale, Lease or Conveyance
The indenture provides that we may merge or consolidate with any
other person or sell, lease or convey all or substantially all
of our assets to any other person, only if certain conditions,
including the following, are met:
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we will be the continuing corporation or the successor
corporation, or person which acquires all or substantially all
of our assets shall either (a) be one or more direct or
indirect affiliates which we control or which are under common
control with us or (b) will expressly assume or guaranty
all of our obligations under the indenture; and
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immediately after such merger, consolidation, sale, lease or
conveyance, we, or any such successor that has assumed our
obligations, will not be in default in the performance of the
covenants and conditions of the indenture applicable to us.
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Absence of Protections against All Potential Actions of the
Bank. There are no covenants or other provisions
in the indenture that would afford holders of debt securities
additional protection in the event of a recapitalization
transaction, a change of control of the Bank or a highly
leveraged transaction. The merger covenant described above would
only apply if the recapitalization transaction, change of
control or highly leveraged transaction were structured to
include a merger or consolidation of the Bank or a sale, lease
or conveyance of all or substantially all of our assets.
Events of
Default
The indenture provides holders of debt securities with remedies
if we fail to perform specific obligations, such as making
payments on the debt securities, or if we become bankrupt.
Holders should review these provisions and understand which of
our actions would trigger an event of default and which actions
would not. The indenture permits the issuance of debt securities
in one or more series, and, in many cases, whether an event of
default has occurred is determined on a series by series basis.
An event of default is defined under the indenture, with respect
to any series of debt securities issued under the indenture, as
being:
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default in payment of any principal of the debt securities of
that series, either at maturity or upon any redemption, by
declaration or otherwise and continuance of such default for a
period of 7 days;
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default in payment of any interest on any debt securities of
that series and continuance of such default for a period of
30 days;
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certain events of bankruptcy, insolvency or
reorganization; or
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any other event of default provided in the applicable board
resolution, in the supplemental indenture under which that
series of debt securities is issued or in the form of security
for such series.
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Acceleration of Debt Securities Upon an Event of
Default. The indenture provides that:
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if an event of default due to the default in payment of
principal of, or any premium or interest on, any series of debt
securities issued under the indenture, or due to the default in
the performance or breach of any other covenant or warranty of
the Bank applicable to the debt securities of that series but
not applicable to all outstanding debt securities issued under
the indenture occurs and is continuing, either the trustee or
the holders of not less than 25% in aggregate principal amount
of the outstanding debt securities of each affected series,
voting as one class, by notice in writing to the Bank, may
declare the principal of (or such other
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amount as may be specified) all debt securities of each affected
series and interest accrued thereon to be due and payable
immediately; and
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if an event of default due to a default in the performance of
any of the covenants or agreements in the indenture applicable
to all outstanding debt securities issued under the indenture or
due to specified events of bankruptcy, insolvency or
reorganization of the Bank, occurs and is continuing, either the
trustee or the holders of not less than 25% in aggregate
principal amount of all outstanding debt securities issued under
the indenture, voting as one class, by notice in writing to the
Bank may declare the principal of (or such other amount as may
be specified) all those debt securities and interest accrued
thereon to be due and payable immediately.
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Annulment of Acceleration and Waiver of
Defaults. In some circumstances, if any and all
events of default under the indenture, other than the
non-payment of the principal of the securities that has become
due as a result of an acceleration, have been cured, waived or
otherwise remedied, then the holders of a majority in aggregate
principal amount of all series of outstanding debt securities
affected, voting as one class, may annul past declarations of
acceleration of or waive past defaults of the debt securities.
Indemnification of Trustee for Actions Taken on Your
Behalf. The indenture contains a provision
entitling the trustee, subject to the duty of the trustee during
a default to act with the required standard of care, to be
indemnified to its satisfaction by the holders of debt
securities before proceeding to exercise any right or power at
the request, order or direction of the holders. Subject to these
provisions and some other limitations, the holders of a majority
in aggregate principal amount of each series of outstanding debt
securities of each affected series, voting as one class, may
direct the time, method and place of conducting any proceeding
for any remedy available to the trustee, or exercising any trust
or power conferred on the trustee.
Limitation on Actions by You as an Individual
Holder. The indenture provides that no individual
holder of debt securities may institute any action or proceeding
under the indenture, except actions for payment of overdue
principal and interest, unless the following actions have
occurred:
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the holder must have previously given written notice to the
trustee of the continuing default;
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the holders of not less than 25% in aggregate principal amount
of the outstanding debt securities of each affected series,
treated as one class, must have (1) requested the trustee
to institute that action and (2) offered the trustee
reasonable indemnity satisfactory to it;
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the trustee must have failed to institute that action within
60 days after receipt of the request referred to
above; and
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the holders of a majority in principal amount of the outstanding
debt securities of each affected series, voting as one class,
must not have given directions to the trustee inconsistent with
those of the holders referred to above.
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The indenture contains a covenant that we will file annually
with the trustee a certificate of no default or a certificate
specifying any default that exists.
Discharge,
Defeasance and Covenant Defeasance
We have the ability to eliminate most or all of our obligations
on any series of debt securities prior to maturity if we comply
with the following provisions.
Discharge of Indenture. We may discharge all
of our obligations, other than certain obligations including
those as to transfers and exchanges, under the indenture after
we have:
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paid or caused to be paid the principal of, interest on and any
other amounts due under all of the outstanding debt securities
in accordance with their terms;
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delivered to the trustee for cancellation all of the outstanding
debt securities; or
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irrevocably deposited or caused to be deposited with the trustee
cash or, in the case of a series of debt securities payable only
in U.S. dollars, U.S. government obligations in trust
for the benefit of the holders of
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any series of debt securities issued under the indenture that
have either become due and payable, or are by their terms due
and payable, or are scheduled for redemption, within one year,
in an amount certified to be sufficient to pay on each date that
they become due and payable, the principal of, interest and
other amounts on, and any mandatory sinking fund payments for,
those debt securities, except that the deposit of cash or
U.S. government obligations for the benefit of holders of a
series of debt securities that are due and payable, or are
scheduled for redemption within one year will discharge
obligations under the indenture relating only to that series of
debt securities.
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Defeasance of a Series of Securities at Any
Time. We may also discharge all of our
obligations, other than certain obligations including those as
to transfers and exchanges, under any series of debt securities
at any time, which we refer to as defeasance.
We may be released with respect to any outstanding series of
debt securities from the obligations imposed by
Section 9.01 of the indenture which contains the covenants
described above limiting consolidations, mergers, asset sales
and leases, and elect not to comply with those sections without
creating an event of default. Discharge under those procedures
is called covenant defeasance.
Defeasance or covenant defeasance may be effected only if, among
other things:
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we irrevocably deposit with the trustee cash or, in the case of
debt securities payable only in U.S. dollars,
U.S. government obligations, as trust funds in an amount
certified to be sufficient to pay on each date that they become
due and payable, the principal, interest and other amounts due
on, and any mandatory sinking fund payments for, all outstanding
debt securities of the series being defeased;
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such deposit will not result in a breach or violation of, or
constitute a default under, any agreement or instrument to which
we are a party or to which we are bound; and
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we deliver to the trustee an opinion of counsel to the effect
that:
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the holders of the series of debt securities being defeased will
not recognize income, gain or loss for United States federal
income tax purposes as a result of the defeasance or covenant
defeasance;
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such holders will be subject to United States federal income tax
on the same amounts, in the same manner and at the same times as
would have been the case if such defeasance or covenant
defeasance had not occurred; and
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in the case of a defeasance (but not a covenant defeasance),
this opinion must be based on a ruling of relevant tax
authorities or a change in United States tax laws occurring
after the date of the indenture.
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Modification
of the Indenture
Modification without Consent of Holders. We
and the trustee may enter into supplemental indentures without
the consent of the holders of debt securities issued under the
indenture to, among other things:
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secure any debt securities subject to the requirements of the
Bank Act;
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evidence the assumption by a successor corporation of our
obligations;
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add covenants or events of default for the protection of the
holders of debt securities;
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cure any ambiguity or correct any defect or inconsistency or
make any other provisions with respect to matters arising under
the indenture as we may deem desirable, provided that no such
action shall adversely affect the holders in any material
respect;
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establish the forms or terms of debt securities of any series;
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evidence the acceptance of appointment by a successor trustee;
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add to, change or eliminate provisions of the indenture that do
not (i) apply to any series of debt securities created
prior to such supplemental indenture and (ii) modify the
rights of any holder of such series of debt securities with
respect to such provision;
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add to, change or eliminate provisions of the indenture with
respect to a new series of debt securities; or
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to increase the minimum denomination of debt securities of any
series as may be permitted by the terms of such series.
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Modification with Consent of Holders. We and
the trustee, with the consent of the holders of not less than a
majority in aggregate principal amount of each affected series
of outstanding debt securities, voting as one class, may add any
provisions to, or change in any manner or eliminate any of the
provisions of, the indenture or modify in any manner the rights
of the holders of those debt securities. However, we and the
trustee may not make any of the following changes to any
outstanding debt security without the consent of each affected
holder to, among other things:
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extend the stated maturity of any debt security;
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reduce the principal amount;
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reduce the rate or extend the time of payment of interest or
other amounts due;
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reduce any amount payable on redemption;
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change the currency in which the principal, including any amount
of original issue discount, premium, or interest thereon is
payable;
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modify or amend the provisions for conversion of any currency
into another currency;
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reduce the amount of any original issue discount security
payable upon acceleration or provable in bankruptcy;
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modify or amend the provisions so as to adversely affect the
terms or conditions upon which the debt securities are
convertible into or exchangeable or exercisable for or payable
in other securities, instruments, contracts, currencies,
commodities or other forms of property, rights or interests;
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impair or affect the right of any holder to institute suit for
the enforcement of any payment on any debt security when
due; or
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reduce the percentage of debt securities the consent of whose
holders is required for modification of the indenture or for
waiver of certain defaults.
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Payment
of Additional Amounts
Unless otherwise indicated in the applicable prospectus
supplement, we will, subject to certain exceptions and
limitations set forth below, pay such additional amounts to the
beneficial owner of any debt security who is resident in the
United States (for purposes of The Canada-United States Income
Tax Convention (1980)) as may be necessary in order that every
net payment of the principal of and interest on such security
and any other amounts payable on the debt security, after
withholding for or on account of any present or future tax,
assessment or governmental charge imposed upon such payment by
Canada or any political subdivision or taxing authority thereof
or therein (the Taxing Jurisdiction), will not be
less than the amount provided for in such debt security to be
then due and payable. We will not, however, be required to make
any payment of additional amounts to any beneficial owner for or
on account of:
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any such tax, assessment or other governmental charge that would
not have been so imposed but for a present or former connection
(including, without limitation, carrying on business in Canada
or a province or territory of Canada or having a permanent
establishment or fixed base in Canada or a province or territory
of Canada) between such owner or the beneficial owner of a debt
security (or between a fiduciary, settlor, beneficiary, member
or shareholder of, or possessor of power over, such owner or
beneficial owner, if such owner or beneficial owner is an
estate, trust, partnership, limited liability company or
corporation) and Canada or a political subdivision or taxing
authority of or in Canada, other than merely holding such debt
security or receiving payments with respect to such debt
security;
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I-11
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any estate, inheritance, gift, sales, transfer or personal
property tax or any similar tax, assessment or governmental
charge with respect to such debt security;
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any tax, assessment or other governmental charge imposed by
reason that such owner or beneficial owner of a debt security
does not deal at arms length within the meaning of the
Income Tax Act (Canada) with us;
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any tax, assessment or other governmental charge that is levied
or collected otherwise than by withholding from payments on or
in respect of any such debt security;
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any tax, assessment or other governmental charge required to be
withheld by any paying agent from any payment of principal of,
or interest on, any such debt security, if such payment can be
made without such withholding by at least one other paying agent;
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any tax, assessment or other governmental charge that would not
have been imposed but for the failure of an owner or beneficial
owner of a debt security to comply with certification,
information or other reporting requirements, if such compliance
is required by Canada or any political subdivision or taxing
authority of or in Canada as a precondition to relief or
exemption from such tax, assessment or other governmental charge;
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any tax, assessment or other governmental charge which would not
have been imposed but for the presentation of a debt security
(where presentation is required) for payment on a date more than
30 days after (i) the date on which such payment
became due and payable or (ii) the date on which payment
thereof is duly provided for, whichever occurs later; or
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any combination of the items listed above;
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nor shall additional amounts be paid with respect to any payment
on a debt security to a holder or beneficial owner who is a
fiduciary or partnership or other than the sole beneficial owner
of such payment to the extent a beneficiary or settlor with
respect to such fiduciary or a member of such partnership or a
beneficial owner would not have been entitled to the additional
amounts had such beneficiary, settlor, member or beneficial
owner held its interest in the debt security directly.
Tax
Redemption
Unless otherwise indicated in the applicable prospectus
supplement, we have the right to redeem, in whole but not in
part, any of the debt securities at our option at any time prior
to maturity, upon the giving of a notice of redemption as
described below (i) we have or will become obligated to pay
additional amounts with respect to any such debt securities as
described above under Payment of Additional
Amounts as a result of any change in or amendment
(including any announced prospective change) to the laws or
treaties of the relevant Taxing Jurisdiction or any rules or
regulations or administrative pronouncements thereunder or any
change in position regarding the application, administration or
interpretation of such laws, treaties, rules, regulations or
administrative pronouncements (including a holding, judgment or
order by a court of competent jurisdiction), which change or
amendment was announced or became effective on or after the date
of the prospectus supplement relating to the applicable debt
securities, and (ii) we have determined that the obligation
to pay such additional amounts cannot be avoided by taking
reasonable measures available to us. For the avoidance of doubt,
reasonable measures do not include a change in the terms of the
debt securities or a substitution of the debtor. If we exercise
this right, the redemption price of the debt securities will be
determined in the manner described in the applicable prospectus
supplement. Prior to the giving of any notice of redemption
pursuant to this paragraph, we will deliver to the trustee:
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a certificate stating that we are entitled to effect such
redemption and setting forth a statement of facts showing that
the conditions precedent to our right to so redeem have
occurred; and
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an opinion of independent counsel or written advice of a
qualified tax expert, such counsel or expert being reasonably
acceptable to the trustee, to such effect based on such
statement of facts;
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provided that no such notice of redemption shall be given
earlier than 60 days prior to the earliest date on which we
would be obligated to pay such additional amounts if a payment
in respect of such debt securities were then due. Notice of
redemption will be given not less than 30 nor more than
60 days prior to the date fixed for redemption, which date
and the applicable redemption price will be specified in the
notice.
I-12
FORMS OF
THE DEBT SECURITIES
Except as provided in an applicable prospectus supplement, each
debt security will generally be represented by one or more
global securities representing the entire issuance of
securities. We will issue debt securities evidenced by
certificates in definitive form to a particular investor only in
limited circumstances. Both certificated securities in
definitive form and global securities will be issued in
registered form, where our obligation runs to the holder of the
security named on the face of the security. Definitive
securities name you or your nominee as the owner of the
security, and in order to transfer or exchange these securities
or to receive payments other than interest or other interim
payments, you or your nominee must physically deliver the
securities to the trustee, registrar, paying agent or other
agent, as applicable. Global securities name a depository or its
nominee as the owner of the debt securities. The depositary
maintains a computerized system that will reflect each
investors beneficial ownership of the securities through
an account maintained by the investor with its broker/dealer,
bank, trust company or other representative. See
Book-Entry Procedures and Settlement.
BOOK-ENTRY
PROCEDURES AND SETTLEMENT
Most offered debt securities will be book-entry (global)
securities. Upon issuance, all book-entry securities will be
represented by one or more fully registered global securities,
without coupons. Each global security will be deposited with, or
on behalf of, The Depository Trust Company
(DTC), or a successor thereto, a securities
depository, and will be registered in the name of DTC or a
successor or nominee of DTC. DTC will thus be the only
registered holder of these debt securities.
DTC has advised us that it is a limited-purpose trust company
organized under the New York Banking Law, a banking
organization within the meaning of the New York Banking
Law, a member of the Federal Reserve System, a clearing
corporation within the meaning of the New York Uniform
Commercial Code, and a clearing agency registered
pursuant to the provisions of Section 17A of the Securities
Exchange Act of 1934.
Purchasers of debt securities may only hold interests in the
global securities through DTC if they are participants in the
DTC system. Participants include both U.S. and
non-U.S. securities
brokers and dealers, banks, trust companies, clearing
corporations, and certain other organizations. Access to the DTC
system is also available to others such as both U.S. and
non-U.S. securities
brokers and dealers, banks, trust companies, and clearing
corporations that clear through or maintain a custodial
relationship with a participant, either directly or indirectly.
DTC will maintain accounts showing the security holdings of its
participants, and these participants will in turn maintain
accounts showing the security holdings of their customers. Some
of these customers may themselves be securities intermediaries
holding securities for their customers. Thus, each beneficial
owner of a book-entry security will hold that security
indirectly through various intermediaries.
The debt securities of each beneficial owner of a book-entry
security will be evidenced solely by entries on the books of the
beneficial owners securities intermediary. The actual
purchaser of the debt securities will generally not be entitled
to have the debt securities represented by the global securities
registered in its name and will not be considered the owner
under the terms of the debt securities and their governing
documents. That means that we and any trustee, issuing and
paying agent, registrar or other agent of ours for the debt
securities will be entitled to treat the registered holder, DTC,
as the holder of the debt securities for all purposes. In most
cases, a beneficial owner will also not be able to obtain a
paper certificate evidencing the holders ownership of debt
securities. The book-entry system for holding securities
eliminates the need for physical movement of certificates and is
the system through which most publicly traded securities are
held in the United States. However, the laws of some
jurisdictions require some purchasers of securities to take
physical delivery of their securities in definitive form. These
laws may impair the ability to own, transfer or pledge
beneficial interests in book-entry securities.
A beneficial owner of book-entry securities represented by a
global security may exchange the securities for definitive
(paper) securities only if:
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DTC is unwilling or unable to continue as depository for such
global security and we do not appoint a qualified replacement
for DTC within 90 days; or
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I-13
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we in our sole discretion decide to allow some or all book-entry
securities to be exchangeable for definitive securities in
registered form.
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Unless we indicate otherwise, any global security that is so
exchangeable will be exchangeable in whole for definitive
securities in registered form, with the same terms and of an
equal aggregate amount. Definitive securities will be registered
in the name or names of the person or persons specified by DTC
in a written instruction to the registrar of the debt
securities. DTC may base its written instruction upon directions
that it receives from its participants.
In this prospectus, for book-entry securities, references to
actions taken by security holders will mean actions taken by DTC
upon instructions from its participants, and references to
payments and notices of redemption to security holders will mean
payments and notices of redemption to DTC as the registered
holder of the debt securities for distribution to participants
in accordance with DTCs procedures. Each sale of a
book-entry security will settle in immediately available funds
through DTC unless otherwise stated.
We will not have any responsibility or liability for any aspect
of the records relating to, or payments made on account of,
beneficial ownership interest in the book-entry securities or
for maintaining, supervising or reviewing any records relating
to the beneficial ownership interests.
The information in this section concerning DTC and DTCs
book-entry system has been obtained from sources that we believe
to be reliable, but we take no responsibility for the accuracy
thereof.
Clearstream
and Euroclear
Links have been established among DTC, Clearstream Banking,
Société Anonyme (Clearstream) and
Euroclear Bank S.A./N.V., as operator of Euroclear System
(Euroclear) (two international clearing systems that
perform functions similar to those that DTC performs in the
U.S.), to facilitate the initial issuance of book-entry
securities and cross-market transfers of book-entry securities
associated with secondary market trading.
Although DTC, Clearstream and Euroclear have agreed to the
procedures provided below in order to facilitate transfers, they
are under no obligation to perform such procedures, and the
procedures may be modified or discontinued at any time.
Clearstream and Euroclear will record the ownership interests of
their participants in much the same way as DTC, and DTC will
record the aggregate ownership of each of the U.S. agents
of Clearstream and Euroclear, as participants in DTC.
When book-entry securities are to be transferred from the
account of a DTC participant to the account of a Clearstream
participant or a Euroclear participant, the purchaser must send
instructions to Clearstream or Euroclear through a participant
at least one business day prior to settlement. Clearstream or
Euroclear, as the case may be, will instruct its U.S. agent
to receive book-entry securities against payment. After
settlement, Clearstream or Euroclear will credit its
participants account. Credit for the book-entry securities
will appear on the next day (European time).
Because settlement is taking place during New York business
hours, DTC participants can employ their usual procedures for
sending book-entry securities to the relevant U.S. agent
acting for the benefit of Clearstream or Euroclear participants.
The sale proceeds will be available to the DTC seller on the
settlement date. Thus, to the DTC participant, a cross-market
transaction will settle no differently than a trade between two
DTC participants.
When a Clearstream or Euroclear participant wishes to transfer
book-entry securities to a DTC participant, the seller must send
instructions to Clearstream or Euroclear through a participant
at least one business day prior to settlement. In these cases,
Clearstream or Euroclear will instruct its U.S. agent to
transfer the book-entry securities against payment. The payment
will then be reflected in the account of the Clearstream or
Euroclear participant the following day, with the proceeds
back-valued to the value date (which would be the preceding day,
when settlement occurs in New York). If settlement is not
completed on the intended value date (i.e., the trade fails),
proceeds credited to the Clearstream or Euroclear
participants account would instead be valued as of the
actual settlement date.
I-14
EARNINGS
COVERAGE
The following earnings coverage ratios do not reflect the
issuance of any debt securities under this prospectus.
The Banks interest requirements on all subordinated notes
and debentures, and liabilities for preferred shares and capital
trust securities after adjustment for new issues and retirement,
amounted to $1,017.4 million for the 12 months ended
October 31, 2009 and $997.0 million for the
12 months ended April 30, 2010. The Bank reported a
net income, before interest on subordinated debt and liabilities
for preferred shares and capital trust securities and income
taxes of $4,177 million for the 12 months ended
October 31, 2009, which was 4.1 times the Banks
interest requirements. The Bank reported a net income, before
interest on subordinated debt and liabilities for preferred
shares and capital trust securities and income taxes of
$6,138 million for the 12 months ended April 30,
2010, which was 6.2 times the Banks interest requirements.
On an adjusted basis, the Banks net income before interest
on subordinated debt and liabilities for preferred shares and
capital trust securities and income taxes for the 12 months
ended October 31, 2009 was $6,457 million, which was
6.3 times its interest requirements. On an adjusted basis, the
Banks net income before interest on subordinated debt and
liabilities for preferred shares and capital trust securities
and income taxes for the 12 months ended April 30,
2010 was $7,379 million, which was 7.4 times its interest
requirements. The Banks financial results are prepared in
accordance with Canadian generally accepted accounting
principles (GAAP). The Bank refers to results
prepared in accordance with GAAP as reported
results. The Bank also utilizes non-GAAP financial measures
referred to as adjusted results to assess each of
its businesses and to measure overall Bank performance. To
arrive at adjusted results, the Bank removes items of
note, net of income taxes, from reported results. The
items of note relate to items which management does not believe
are indicative of underlying business performance. The Bank
believes that adjusted results provide the reader with a better
understanding of how management views the Banks
performance. As explained, adjusted results are different from
reported results determined in accordance with GAAP. Adjusted
results, items of note and related terms are not defined terms
under GAAP, and therefore may not be comparable to similar terms
used by other issuers. Please see the Managements
Discussion and Analysis Financial Results
Overview How the Bank Reports section of the
Banks 2009 Annual Report to Shareholders and the
Managements Discussion and Analysis of Operating
Performance How we Performed How the
Bank Reports section of the Banks Second Quarter
Report to Shareholders for a reconciliation between the
Banks reported and adjusted results.
PLAN OF
DISTRIBUTION (CONFLICTS OF INTEREST)
We may sell the debt securities being offered by this prospectus
in four ways: (1) through agents, (2) through
underwriters, (3) through dealers
and/or
(4) directly to one or more purchasers (where permitted by
applicable law). Any of these agents, underwriters or dealers
may include our affiliates.
We may designate agents from time to time to solicit offers to
purchase these securities. We will name any such agent, who may
be deemed to be an underwriter as that term is defined in the
Securities Act, and state any commissions we are to pay to that
agent in the applicable prospectus supplement. That agent will
be acting on a reasonable efforts basis for the period of its
appointment or, if indicated in the applicable prospectus
supplement, on a firm commitment basis.
If we use a dealer to offer and sell these debt securities, we
will sell the debt securities to the dealer, as principal, and
will name the dealer in the applicable prospectus supplement.
The dealer may then resell the debt securities to the public at
varying prices to be determined by that dealer at the time of
resale.
There is no market through which the debt securities may be sold
and purchasers may not be able to resell debt securities
purchased under this prospectus. This may affect the pricing of
the debt securities in the secondary market, the transparency
and availability of trading prices, the liquidity of the debt
securities, and the extent of issuer regulation.
If so indicated in the applicable prospectus supplement, one or
more firms, which we refer to as remarketing firms,
acting as principals for their own accounts or as agents for us,
may offer and sell these debt securities as part of a
remarketing upon their purchase, in accordance with their terms.
We will identify any remarketing firm, the terms of its
agreement, if any, with us and its compensation in the
applicable prospectus supplement.
I-15
Remarketing firms, agents, underwriters and dealers may be
entitled under agreements with us to indemnification by us
against some civil liabilities, including liabilities under the
Securities Act, and may be customers of, engage in transactions
with or perform services for us in the ordinary course of
business.
If so indicated in the applicable prospectus supplement, we will
authorize agents, underwriters or dealers to solicit offers by
some purchasers to purchase debt securities from us at the
public offering price stated in the applicable prospectus
supplement under delayed delivery contracts providing for
payment and delivery on a specified date in the future. These
contracts will be subject to only those conditions described in
the applicable prospectus supplement, and the applicable
prospectus supplement will state the commission payable for
solicitation of these offers.
This prospectus may be used by certain of our affiliates in
connection with offers and sales of the debt securities in
market-making transactions. In a market-making transaction, our
affiliates may resell a security it acquires from other holders,
after the original offering and sale of the security. Resales of
this kind may occur in the open market or may be privately
negotiated, at prevailing market prices at the time of the
resale or at related or negotiated prices. In these
transactions, our affiliates may act as principal or agent,
including as agent for the counterparty in a transaction in
which our affiliates act as principal. Our affiliates may
receive compensation in the form of discounts and commissions,
including from both counterparties in some cases.
We do not expect to receive any proceeds from market-making
transactions. We do not expect that any of our affiliates that
engage in these transactions will pay any proceeds from its
market-making resales to us.
Information about the trade and settlement dates, as well as the
purchase price, for a market-making transaction will be provided
to the purchaser in a separate confirmation of sale. Unless we
or an agent informs you in your confirmation of sale that your
security is being purchased on its original offering and sale,
you may assume that you are purchasing your security in a
market-making transaction.
In this prospectus, the term this offering means the
initial offering of debt securities made in connection with
their original issuance. This term does not refer to any
subsequent resales of debt securities in market-making
transactions.
Conflicts
of Interest
To the extent an initial offering of the debt securities will be
distributed by an affiliate of the Bank, each such offering of
debt securities will be conducted in compliance with the
requirements of Rule 2720 of the Financial Industry
Regulatory Authority, which is commonly referred to as FINRA,
regarding a FINRA member firms distribution of securities
of an affiliate. Following the initial distribution of any of
these debt securities, affiliates of the Bank may offer and sell
these debt securities in the course of their businesses as
broker-dealers. Such affiliates may act as principals or agents
in these transactions and may make any sales at varying prices
related to prevailing market prices at the time of sale or
otherwise. Such affiliates may also use this prospectus in
connection with these transactions. None of our affiliates is
obligated to make a market in any of these debt securities and
may discontinue any market-making activities at any time without
notice. To the extent an initial offering of the debt securities
will be distributed by an affiliate of the Bank, such affiliate
will not confirm sales to accounts over which it exercises
discretionary authority without the prior specific written
approval of its customer.
In the event that any FINRA member participates in a public
offering of these debt securities the underwriting discounts and
commissions on debt securities sold in the initial distribution
will not exceed 8% of the offering proceeds.
INTERESTS
OF EXPERTS
Ernst & Young LLP, Chartered Accountants, Toronto,
Ontario, is the external auditor who prepared the Auditors
Report to Shareholders with respect to the consolidated balance
sheet of the Bank as at October 31, 2009 and the
consolidated statements of income, changes in shareholders
equity and comprehensive income and cash flows for the year then
ended. Ernst & Young LLP is independent with respect
to the Bank within the meaning of the Rules of Professional
Conduct of the Institute of
Chartered Accountants of Ontario, and the Public Company
Accounting Oversight Board, United States.
I-16
LEGAL
MATTERS
Unless otherwise specified in the prospectus supplement, certain
legal matters relating to the debt securities offered by a
prospectus supplement will be passed upon, on behalf of the
Bank, by McCarthy Tétrault LLP, Toronto, Ontario and
Simpson Thacher & Bartlett LLP, New York, New York.
LIMITATIONS
ON ENFORCEMENT OF U.S. LAWS AGAINST THE BANK,
OUR MANAGEMENT AND OTHERS
We are a Canadian chartered bank. Many of our directors and
executive officers, including many of the persons who signed the
Registration Statement on
Form F-9,
of which this prospectus is a part, and some of the experts
named in this document, are resident outside the United States,
and a substantial portion of our assets and all or a substantial
portion of the assets of such persons are located outside the
United States. As a result, it may be difficult for you to
effect service of process within the United States upon such
persons to enforce against them judgments of the courts of the
United States predicated upon, among other things, the civil
liability provisions of the federal securities laws of the
United States. In addition, it may be difficult for you to
enforce, in original actions brought in courts in jurisdictions
located outside the United States, among other things, civil
liabilities predicated upon such securities laws.
We have been advised by our Canadian counsel, McCarthy
Tétrault LLP, that a judgment of a United States court may
be enforceable in Canada if: (a) there is a real and
substantial connection between the events, persons and
circumstances and the United States proceedings such that the
United States court properly assumed jurisdiction; (b) the
United States judgment is final and conclusive; (c) the
defendant was properly served with originating process from the
United States court; and (d) the United States law that led
to the judgment is not contrary to Canadian public policy, as
that term would be applied by a Canadian court. We are advised
that in normal circumstances, only civil judgments and not other
rights arising from United States securities legislation (for
example, penal or similar awards made by a court in a regulatory
prosecution or proceeding) are enforceable in Canada. The
enforceability of a United States judgment in Canada will be
subject to the requirements that: (i) an action to enforce
the United States judgment must be commenced in the Ontario
Court within any applicable limitation period; (ii) the
Ontario Court has discretion to stay or decline to hear an
action on the United States judgment if the United States
judgment is under appeal or there is another subsisting judgment
in any jurisdiction relating to the same cause of action;
(iii) the Ontario Court will render judgment only in
Canadian dollars; and (iv) an action in the Ontario Court
on the United States judgment may be affected by bankruptcy,
insolvency or other laws of general application limiting the
enforcement of creditors rights generally. The
enforceability of a United States judgment in Canada will be
subject to the following defenses: (i) the United States
judgment was obtained by fraud or in a manner contrary to the
principles of natural justice; (ii) the United States
judgment is for a claim which under Ontario law would be
characterized as based on a foreign revenue, expropriatory,
penal or other public law; (iii) the United States judgment
is contrary to Ontario public policy or to an order made by the
Attorney General of Canada under the Foreign Extraterritorial
Measures Act (Canada) or by the Competition Tribunal under
the Competition Act (Canada) in respect of certain
judgments referred to in these statutes; and (iv) the
United States judgment has been satisfied or is void or voidable
under United States law.
DOCUMENTS
FILED AS PART OF
THE REGISTRATION STATEMENT
The following documents have been filed with the SEC as part of
the registration statement of which this prospectus forms a
part: the documents listed in (a) (d) under
Documents Incorporated by Reference; the Indenture;
the Statement of Eligibility of Trustee; consents of
Ernst & Young LLP; consent of McCarthy Tétrault
LLP; Powers of Attorney; and Certified Resolution of the Board
of Directors.
I-17
No dealer, salesman or other person has been authorized to
give any information or to make any representation not contained
in this prospectus supplement, the accompanying prospectus or
any pricing supplement and, if given or made, such information
or representation must not be relied upon as having been
authorized by The Toronto-Dominion Bank or the agent. This
prospectus supplement, the accompanying prospectus and any
pricing supplement do not constitute an offer to sell or a
solicitation of an offer to buy any securities other than the
securities described in the applicable pricing supplement nor do
they constitute an offer to sell or a solicitation of an offer
to buy the securities in any jurisdiction to any person to whom
it is unlawful to make such offer or solicitation in such
jurisdiction. The delivery of this prospectus supplement, the
accompanying prospectus and any pricing supplement at any time
does not imply that the information they contain is correct as
of any time subsequent to their respective dates.
Up to
US$15,000,000,000
The Toronto-Dominion
Bank
Senior Medium-Term Notes,
Series A
Arranger
TD Securities
June 22, 2011