Company: TDBCP
Filing Date: 2025-06-17
Form Type: 424B3
Source: 0001140361-25-022771
Chunk: 32

Company: TORONTO DOMINION BANK
Filing Date: 2025-06-17
Form: 424B3
Chunk 32
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 unless otherwise specified in the applicable term sheet, the “ Starting Value” will be the Closing Market Price (as defined below) of the Underlying Fund on the pricing date. If the Market Measure consists of a Basket, the Starting Value will be equal to 100. See “—Basket Market Measures” below. Observation Level In the case of an Index, unless otherwise specified in the applicable term sheet, the “ Observation Level” will be the closing level of the Index on the applicable Observation Date. In the case of an Underlying Fund, unless otherwise specified in the applicable term sheet, the “Observation Level” will be the Closing Market Price of the Underlying Fund on the applicable Observation Date multiplied by the Price Multiplier (as defined below) on that day. Ending Value In the case of an Index, the “Ending Value” will equal the closing level of the Index on the calculation day. In the case of an Underlying Fund, the “Ending Value” will equal the Closing Market Price of the Underlying Fund multiplied by the Price Multiplier on the calculation day. Unless otherwise set forth in the applicable term sheet, the “ closing level” of an Index (or any successor index) will be its official closing level published by its Market Measure Publisher on any Market Measure Business Day for the Market Measure, in each case as displayed on the relevant Bloomberg L.P. page or any successor page or service. The “ Closing Market Price” for one share of an Underlying Fund (or one unit of any other security for which a Closing Market Price must be determined) on any Market Measure Business Day means any of the following:

| • | if the Underlying Fund (or such other security) is listed or admitted to trading on a national securities exchange, the last reported sale price, regular way (or, in the case of The Nasdaq Stock Market, the                             
 official closing price), of the principal trading session on that day on the principal U.S. securities exchange registered under the Securities Exchange Act of 1934, as amended, on which the Underlying Fund (or such other security) is 
 listed or admitted to trading;                                                                                                                                                                                                             |

| • | if the Underlying Fund (or such other security) is not listed or admitted to trading on any national securities exchange but is included in a successor to the Over-The-Counter Bulletin Board (an “OTC Exchange”) as operated by the Financial Industry Regulatory Authority (“FINRA”), the last reported sale price of the principal trading session on an OTC 
 Exchange on that