Company: TDBCP
Filing Date: 2025-03-07
Form Type: 424B3
Source: 0001140361-25-007568
Chunk: 9

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-07
Form: 424B3
Chunk 9
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 of price differentials between markets. 
    However, this provision may also cause the market prices of the applicable Underlying Stock to more closely correspond with the values of the common shares in the applicable non-U.S. markets.  As a result, a market outside of the United States for the
    underlying common shares that is not liquid may also result in an illiquid market for the ADRs, which may negatively impact the value of such ADRs and, consequently, the value of your notes.

Delisting of an Underlying Stock that is an ADR may adversely affect the value of the notes. If an Underlying Stock that is
    an ADR is no longer listed or admitted to trading on a U.S. securities exchange registered under the Exchange Act nor included in a successor to the Over-The-Counter Bulletin Board (an “**

#### OTC Exchange
**”) as operated
    by the Financial Industry Regulatory Authority, Inc. (**

#### “FINRA”
**), or if the ADR facility between the Underlying Company and the ADR depositary is terminated for any reason, the applicable Underlying Stock will be
    deemed to be the Underlying Company’s common equity securities rather than the ADRs, and the calculation agent will determine the price of the Market Measure by reference to those common shares, as described below under “Description of the Notes —
    Delisting of ADRs or Termination of ADR Facility.” Replacing the original ADRs with the underlying common shares may adversely affect the value of, or any amount payable on, the notes.

Other Risk Factors Relating to an Underlying Stock

The accompanying prospectus contains additional risk factors applicable to the notes under the section entitled “Risk Factors” beginning on page 1. Additionally,
    the applicable term sheet may set forth additional risk factors as to an Underlying Stock. You are urged to review these other risk factors and consult with your advisors about the consequences of an investment in the notes prior to making an
    investment decision on the notes.**

#### Valuation- and Market- Related Risks
**The initial estimated value of your notes will be less than their public offering price. The difference between the public
    offering price of the notes and the initial estimated value of the notes (to be specified in the applicable term sheet) will reflect costs and expected profits associated with selling and structuring the notes, as well as hedging our obligations under
    the applicable notes. Because hedging our obligations entails risks