Company: TDBCP
Filing Date: 2025-11-03
Form Type: 424B2
Source: 0001140361-25-040106
Chunk: 20

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-03
Form: 424B2
Chunk 20
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 threshold level or increases to greater than the call threshold level during the term of the securities, the market value of your securities may not increase by the same amount and could decline.                                        |

Risks Relating to General Credit Characteristics

| ◾ | Investors are subject to TD’s credit risk, and TD’s credit ratings and credit spreads may adversely affect the market value of the securities.Although the return on the securities will be based                                                
 on the performance of the underlying indices, the payment of any amount due on the securities is subject to TD’s credit risk. The securities are TD’s senior unsecured debt obligations. Investors are dependent on TD’s ability to pay all      
 amounts due on the securities and, therefore, investors are subject to the credit risk of TD and to changes in the market’s view of TD’s creditworthiness. Any decrease in TD’s credit ratings or increase in the credit spreads charged by the  
 market for taking TD’s credit risk is likely to adversely affect the market value of the securities. If TD becomes unable to meet its financial obligations as they become due, investors may not receive any amounts due under the terms of the 
 securities.                                                                                                                                                                                                                                      |

Risks Relating to Hedging Activities and Conflicts of Interest

| ◾ | There are potential conflicts of interest between you and the calculation agent. The calculation agent will, among other things, determine the amounts payable on the securities. We will serve as                                              
 the calculation agent and may appoint a different calculation agent after the original issue date without notice to you. The calculation agent will exercise its judgment when performing its functions and may have a conflict of interest if  
 it needs to make certain decisions. For example, the calculation agent may have to determine whether a market disruption event affecting an underlying index has occurred, and make certain adjustments if certain events occur, which may, in  
 turn, depend on the calculation agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind our hedge positions. Because this determination by the calculation agent  
 may affect the amounts payable on the securities, the calculation agent may have a conflict of interest if it needs to make a determination of this kind. For additional information on the calculation agent’s role, see “General Terms of the 
 Notes — Role of Calculation Agent” in the product supplement.                                                                                                                                                                                   |

| ◾ | The observation period end-dates and related payment dates are subject to market disruption events and postponements.Each observation period end-date (including the final observation