Company: TDBCP
Filing Date: 2025-09-24
Form Type: 424B3
Source: 0001140361-25-035988
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-09-24
Form: 424B3
Chunk 8
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 such ADRs and, consequently, the value of your notes. Delisting of an Underlying Stock that is an ADR may adversely affect the value of the notes. If an Underlying Stock that is an ADR is no longer listed or admitted to trading on a U.S. securities exchange registered under the Exchange Act nor included in a successor to the Over-the-Counter Bulletin Board (an “ OTC Exchange”) as operated by the Financial Industry Regulatory Authority, Inc. (“ FINRA”), or if the ADR facility between the Underlying Company and the ADR depositary is terminated for any reason, the applicable Underlying Stock for the notes will be deemed to be the Underlying Company’s common equity securities rather than the ADRs, and the calculation agent will determine the price of the Underlying Stock by reference to those common shares, as described below under “Description of the Notes—Delisting of ADRs or Termination of ADR Facility.” Replacing the original ADRs with the underlying common shares may adversely affect the value of the notes and the Redemption Amount. PS-9 Other Risk Factors Relating to the Underlying Stock The accompanying prospectus contains additional risk factors specific to the notes under the section entitled “Risk Factors” beginning on page 1. Additionally, the applicable term sheet may set forth additional risk factors as to the Underlying Stock. You are urged to review these other risk factors and consult with your advisors about the consequences on an investment in the notes prior to making an investment decision on the notes. Valuation- and Market-Related Risks The initial estimated value of your notes will be less than their public offering price.The difference between the public offering price of your notes and the initial estimated value of the notes (to be specified in the applicable term sheet) will reflect costs and expected profits associated with selling and structuring the notes, as well as hedging our obligations under the applicable the notes. Because hedging our obligations entails risks and may be influenced by market forces beyond our control, this hedging may result in a profit that is more or less than expected, or a loss and the amount of any such profit or loss will not be known until the applicable maturity date. The initial estimated value of your notes will be based on our internal funding rate.The internal funding rate used in the determination of the initial estimated value of the notes generally will represent a discount from the credit spreads for our conventional fixed-rate debt securities and the borrowing rate we would pay for our conventional fixed-rate debt securities. This discount will