Company: TDBCP
Filing Date: 2025-10-21
Form Type: 424B2
Source: 0001140361-25-038801
Chunk: 22

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-21
Form: 424B2
Chunk 22
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 such event, the calculation agent determines that the physical delivery of all or any portion of the exchange ratio of the worst performing underlying stock is prohibited, restricted, impractical or otherwise 
 impaired, the value of all or the affected portion of the exchange ratio of the worst performing underlying stock will be valued by the calculation agent as described in the product supplement and settled by cash payment. Furthermore, in    
 certain situations, such as when an underlying stock undergoes a reorganization event or an underlying stock is delisted, an underlying stock may be replaced by distribution property or a substitute equity security, as discussed more fully  
 in the product supplement under “General Terms of the Notes — Delisting or Suspension of Trading in, or Change in Law Event Affecting, an Equity Security” and “— Anti-Dilution Adjustments”. The occurrence of any such events and the          
 consequent adjustments may materially and adversely affect the market value of, and any amounts payable and/or deliverable on, the securities. For more information, see the sections as described under “General Terms of the Notes — Delisting 
 or Suspension of Trading in, or Change in Law Event Affecting, an Equity Security” and “— Anti-Dilution Adjustments” in the accompanying product supplement.                                                                                     |

| ◾ | Trading and business activities by TD or its affiliates may adversely affect the market value of, and any amounts payable and/or deliverable on, the securities.We, the agent and/or our other                                                  
 affiliates may hedge our obligations under the securities by purchasing securities, futures, options or other derivative instruments with returns linked or related to changes in the price of an underlying stock, and we may adjust these     
 hedges by, among other things, purchasing or selling at any time any of the foregoing assets. It is possible that we or one or more of our affiliates could receive substantial returns from these hedging activities while the market value of 
 the securities declines. We or one or more of our affiliates may also issue or underwrite other securities or financial or derivative instruments with returns linked or related to changes in an underlying stock.                             |

These trading activities may present a conflict between the holders’ interest in the securities and the interests we and our affiliates will have in our or their proprietary accounts, in facilitating transactions, including options and other derivatives transactions, for our or their customers’ accounts and in accounts under our or their management. These trading activities could be adverse to the interests of the holders of the securities. We, the agent and/or our other affiliates may,