Company: TDBCP
Filing Date: 2025-07-30
Form Type: 424B2
Source: 0001140361-25-028028
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-30
Form: 424B2
Chunk 6
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 to maturity, there is no guarantee that you would be able to reinvest the proceeds from an investment in the Notes at a comparable return for a similar level of risk. Furthermore, to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new notes. It is more likely that TD will elect to call the Notes prior to maturity when the expected amounts payable on the Notes, including Interest Payments and the Payment at Maturity, are greater than the amounts that would be payable in the market on other comparable instruments issued by TD with a similar maturity. The greater likelihood of TD calling the Notes in that environment increases the risk that you will not be able to reinvest the proceeds from the called Notes in an equivalent investment with a similar Interest Rate. TD is less likely to call the Notes prior to maturity when the expected amounts payable on the Notes, both Interest Payments and at maturity, are less than the amounts that would be payable in the market on other comparable instruments issued by TD with a similar maturity, which includes periods when the values of any of the Reference Assets are less than their respective Barrier Values. Therefore, the Notes are more likely to remain outstanding when the expected amount payable on the Notes is less than what would be payable on other comparable instruments and the Principal Amount at maturity is relatively higher. The Interest Rate Will Reflect, In Part, the Volatility of Each Reference Asset and May Not Be Sufficient to Compensate You for the Risk of Loss at Maturity. Generally, the higher the volatility of a Reference Asset, the more likely it is that the Final Value of that Reference Asset could be less than its Barrier Value. Volatility means the magnitude and frequency of changes in the value of a Reference Asset. This greater risk will generally be reflected in a higher Interest Rate for the Notes than the interest rate payable on our conventional debt securities with a comparable term. However, while the Interest Rate is set on the Pricing Date, a Reference Asset’s volatility can change significantly over the term of the Notes, and may increase. The value of any Reference Asset could fall sharply on the Final Valuation Date, resulting in an increased risk of being exposed to the decline of the Least Performing Reference Asset on the Final Valuation Date and an increased risk of losing a significant portion or all of your Principal Amount.

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Risks Relating to Characteristics