Company: TDBCP
Filing Date: 2025-08-26
Form Type: 424B2
Source: 0001140361-25-032661
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-08-26
Form: 424B2
Chunk 5
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, regular way, (or, in the case of Nasdaq, the official closing price) for the Reference Asset, on a per-share or other unit basis, on the principal national                                                           
 securities exchange on which the Reference Asset is listed for trading on that day, or, if the Reference Asset is not quoted on any national securities exchange on that day, on any other market system or quotation system that is the primary                          
 market for the trading of the Reference Asset.                                                                                                                                                                                                                            |
| Business Day:              | Any day that is a Monday, Tuesday, Wednesday, Thursday or Friday that is neither a legal holiday nor a day on which banking institutions are authorized or required by law to close in New York City                                                                      |

| TD SECURITIES (USA) LLC | P-4 |

| U.S. Tax Treatment:       | By purchasing a Note, each holder agrees, in the absence of a statutory or regulatory change or an  administrative determination or judicial ruling to the contrary, to characterize the Notes, for U.S. federal                             
 income tax purposes, as pre-paid derivative contracts with respect to the Reference Asset. Pursuant to this approach, it is likely that any Contingent Coupon Payment that you receive should be included in ordinary income at the time you 
 receive the payment or when it accrues, depending on your regular method of accounting for U.S. federal income tax purposes. Based on certain factual representations received from us, our special U.S. tax counsel, Fried, Frank, Harris,  
 Shriver & Jacobson LLP, is of the opinion that it would be reasonable to treat the Notes in the manner described above. However, because there is no authority that specifically addresses the tax treatment of the Notes, it is possible    
 that your Notes could alternatively be treated for tax purposes as a single contingent payment debt instrument, or pursuant to some other characterization, such that the timing and character of your income from the Notes could differ    
 materially and adversely from the treatment described above. Please see the discussion below under “Material U.S. Federal Income Tax Consequences”.An investment in the Notes is not appropriate for non-U.S.                                
 holders, and we will not attempt to ascertain the tax consequences to non-U.S. holders of the purchase, ownership or disposition of the Notes.                                                                                               |
| Canadian Tax Treatment:   | Please see the discussion in the prospectus under “Tax Consequences — Canadian Taxation” and in the product supplement under “Supplemental Discussion of Canadian Tax Consequences”, which applies to the Notes.                             
 We