Company: TDBCP
Filing Date: 2025-10-09
Form Type: 424B3
Source: 0001140361-25-037791
Chunk: 15

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-09
Form: 424B3
Chunk 15
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 any secondary market prior to any Observation Date at a price that is greater than the applicable Call Amount.

| ● | Volatility of the Market Measure.Volatility is the term used to describe the size and frequency of market fluctuations. The volatility of the Market Measure during the                                                                          
 term of LIRNs may vary. In addition, an unsettled international environment and related uncertainties may result in greater market volatility, which may continue over the term of LIRNs. Increases or decreases in the volatility of the Market 
 Measure may have an adverse impact on the market value of LIRNs. Even if the value of the Market Measure increases after the applicable pricing date, if you are able to sell your LIRNs before their maturity date, you may receive             
 substantially less than the amount that would be payable upon an automatic call, if applicable, or at maturity based on that value because of the anticipation that the value of the Market Measure will continue to fluctuate until LIRNs are   
 automatically called, if applicable, or until the Ending Value is determined.                                                                                                                                                                    |

| ● | Economic and Other Conditions Generally.The general economic conditions of the capital markets in the United States, as well as geopolitical conditions and other                                                                          
 financial, political, public health, regulatory and judicial events, natural disasters, acts of terrorism or war, and related uncertainties that affect stock or commodity markets generally, may adversely affect the value of the Market 
 Measure and the market value of LIRNs. If an Underlying Stock is an ADR, the value of your LIRNs may also be adversely affected by similar events in the markets of the relevant foreign country.                                          |

| ● | Interest Rates.We expect that changes in interest rates will affect the market value of LIRNs. In general, if U.S. interest rates increase, we expect that the market value                                                                     
 of LIRNs will decrease. In general, we expect that the longer the amount of time that remains until maturity, the more significant the impact of these changes will be on the value of LIRNs. The level of interest rates also may affect the   
 U.S. economy and any applicable market outside of the U.S., and, in turn, the value of the Market Measure, and, thus, the market value of LIRNs may be adversely affected. If an Underlying Stock is an ADR, the level of interest rates in the 
 relevant foreign country may affect the economy of that foreign country and, in turn, the price of the ADR, and, thus,