Company: TDBCP
Filing Date: 2025-11-06
Form Type: 424B2
Source: 0001140361-25-040749
Chunk: 14

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-06
Form: 424B2
Chunk 14
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 supplement under “General Terms of the Notes”. Similarly, the Calculation Agent may select a Substitute Equity Security if a Change in Law Event (as defined in the product supplement) occurs with respect to a Reference Asset. Notwithstanding the Calculation Agent’s ability to make adjustments to the terms of the Notes and the Reference Assets, those events or other actions affecting a Reference Asset, Reference Asset Issuer or a third party may nevertheless adversely affect the price of the applicable Reference Asset and, therefore, adversely affect the market value of, and return on, your Notes. There Are Legal and Regulatory Risks Relating to the Reference Asset Issuer of TSM and the Return on the Notes May Be Based on a Substitute Security. Pursuant to recent executive orders, U.S. persons are prohibited from engaging in transactions in publicly traded securities of certain companies that are determined to be linked to the People’s Republic of China (the “PRC”) military, intelligence and security apparatus. The prohibition also covers any securities that are derivative of, or are designed to provide investment exposure to, such securities. While the Reference Asset Issuer of TSM is not currently designated as such a company, there can be no assurance that such Reference Asset Issuer will not, in the future, become subject to the executive order, a similar bill, other executive action or other legal restrictions. Any such action could lead to the loss of a significant portion or all of your initial investment. In addition, under recent legislation, the SEC would be required to maintain a list of issuers for which the U.S. Public Company Accounting Oversight Board is not able to inspect or investigate an auditor report issued by a non U.S. public accounting firm, which would include many companies organized in, or with a parent company organized in, the PRC. While the proposal for implementation is still under consideration by the SEC, this bill will require increased disclosure requirements for such issuers that do not comply with guidelines that are ultimately established, including, potentially, the Reference Asset Issuer of TSM. The designation of such Reference Asset Issuer as subject to the foregoing could lead to the delisting of the Reference Asset. Additionally, following such a delisting the Calculation Agent would have the ability to select a substitute security and/or make any other determinations as discussed further under "General Terms of the Notes — Delisting of ADRs or Termination of, or Change in Law Event Affecting, an ADR Facility" in the product supplement. Each Call Observation Date, the Final Valuation Date and the Correspond