Company: TDBCP
Filing Date: 2025-01-10
Form Type: 424B2
Source: 0001140361-25-000785
Chunk: 6

Company: TORONTO DOMINION BANK
Filing Date: 2025-01-10
Form: 424B2
Chunk 6
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 the event the Notes are automatically called prior to the Maturity Date. Furthermore, to the extent you are able to reinvest such proceeds in an investment with a comparable return for a similar level of risk, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new notes. Risks Relating to Characteristics of the Reference Assets Because the Notes are Linked to the Least Performing Reference Asset, You Are Exposed to a Greater Risk of no Call Premium and Losing Some or All of Your Initial Investment at Maturity than if the Notes Were Linked to a Single Reference Asset. The risk that you will not receive any Call Premium and lose some or all of your initial investment in the Notes is greater if you invest in the Notes than the risk of investing in substantially similar securities that are linked to the performance of only one Reference Asset. With more Reference Assets, it is more likely that the Closing Level of any Reference Asset will be less than its Initial Level on the Review Date prior to the Final Review Date, and that the Final Level of any Reference Asset will be less than its Step-Down Call Level and Buffer Level on the Final Review Date, than if the Notes were linked to a single Reference Asset. In addition, the lower the correlation is between the performance of a pair of Reference Assets, the more likely it is that one of the Reference Assets will decline to a Closing Level that is less than its Initial Level on the Review Date prior to the Final Review Date and a Final Level that is less than its Step-Down Call Level and Buffer Level on the Final Review Date. Although the correlation of the Reference Assets’ performance may change over the term of the Notes, the economic terms of the Notes, including the Call Premium, Step-Down Call Level and Buffer Levels, are determined, in part, based on the correlation of the Reference Assets’ performance calculated using our internal models at the time when the terms of the Notes are finalized. All things being equal, higher Call Premiums and lower Step-Down Call Levels and Buffer Levels are generally associated with lower correlation of the Reference Assets. Therefore, if the performance of a pair of Reference Assets is not correlated to each other or is negatively correlated, the risk that you will not receive any Call Premium and that the Final Level of any Reference Asset will be less than its Step-Down Call Level and Buffer Level is even greater despite such lower levels. Therefore, it is more likely that you will not receive any Call Premium and that you will lose some or all of your initial investment