Company: TDBCP
Filing Date: 2025-07-29
Form Type: 424B2
Source: 0001140361-25-027726
Chunk: 8

Company: TORONTO DOMINION BANK
Filing Date: 2025-07-29
Form: 424B2
Chunk 8
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 the term of the Notes. Even if you do receive one or more Contingent Coupon Payments and your return on the Notes is positive, your return may be less than the return you would earn
    if you bought a conventional, interest-bearing senior debt security of TD of comparable maturity. Your investment may not reflect the full opportunity cost to you when you take into account factors that affect the time value of money.

The Return on Your Notes May Change Significantly Despite Only a Small Change in the Price of the Reference Asset

If the Final Price is less than the Principal Barrier Price, you will receive a number of shares of the Reference Asset (with cash paid in lieu of any fractional share) per Note
    equal to the Share Delivery Amount, the value of which, as of the Final Valuation Date, will be less than the Principal Amount of your Notes and you could lose all or a substantial portion of your investment in the Notes. This means that while a
    decrease in the Final Price to the Principal Barrier Price will not result in a loss of the Principal Amount on the Notes, a decrease in the Final Price to less than the Principal Barrier Price will result in a loss of a significant portion of the
    Principal Amount of the Notes despite only a small change in the price of the Reference Asset.**

| TD SECURITIES (USA) LLC | P-7 |

**The Amounts Payable or Deliverable on the Notes Are Not Linked to the Price of the Reference Asset at Any Time Other Than on the Observation Dates (Including the Final Valuation
    Date).

Any payments or deliveries on the Notes will be based on the Closing Price of the Reference Asset only on the Observation Dates (including the Final Valuation Date). Even if the
    value of the Reference Asset appreciates prior to an Observation Date but then drops on that day to a Closing Price that is less than the Contingent Coupon Barrier Price, you will not receive any Contingent Coupon Payment with respect to such Coupon
    Payment Date. Similarly, the Payment at Maturity may be significantly less than it would have been had the Notes been linked to the Closing Price of the Reference Asset on a date other than the Final Valuation Date. Although the actual price of the
    Reference Asset at other times during the term of the Notes may be higher than the price on one or more Coupon Payment Dates (including the Final Valuation Date), any Contingent Coupon Payments on the Notes and the return on the Notes will be based
    solely on