Company: TDBCP
Filing Date: 2025-03-14
Form Type: 424B2
Source: 0001140361-25-008801
Chunk: 5

Company: TORONTO DOMINION BANK
Filing Date: 2025-03-14
Form: 424B2
Chunk 5
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 to the Level of the Reference Asset at Any Time Other Than on the Averaging Dates. Any payment on the Notes will be based on the Final Level, which will be the arithmetic average of the Closing Level of the Reference Asset on each of the Averaging Dates (including the Final Averaging Date). If the level of the Reference Asset prior to the Averaging Dates remains greater than or equal to the Initial Level, or less than the Initial Level but greater than or equal to the Buffer Level, but then adversely changes as of the Averaging Dates, the Payment at Maturity, if any,may be significantly less than it would have been had the Payment at Maturity been linked to the level of the Reference Asset prior to such change. Although the Closing Level of the Reference Asset on the Final Averaging Date or at other times during the term of the Notes may be higher than the Final Level, the Payment at Maturity, if any,will be based solely on the arithmetic average of the Closing Level of the Reference Asset on each of the Averaging Dates as compared to the Initial Level. The Amount Payable on the Notes, if Any, is Based on the Arithmetic Average of the Closing Levels of the Reference Asset on Each of the Averaging Dates, and Therefore the Payment at Maturity, if Any, May be Less Than If It Were Based Solely on the Closing Level of the Reference Asset on a Single Valuation Date. The Payment at Maturity, if any, will be calculated by reference to the Final Level, which will be equal to the arithmetic average of the Closing Level of the Reference Asset on each of the Averaging Dates. In calculating the Final Level, positive performance of the Reference Asset on one or more Averaging Dates that would lead to a positive return on the Notes may be moderated, wholly offset or even reversed by changes in the level of the Reference Asset on one or more of the other Averaging Dates. Therefore, even if the Closing Level of the Reference Asset was greater than or equal to the Initial Level, or less than the Initial Level but greater than or equal to the Buffer Level, on certain Averaging Dates (including the Final Averaging Date), the return on the Notes will be negative if the Closing Level of the Reference Asset is less than the Buffer Level on other Averaging Dates and the Final Level is less than the Buffer Level. Risks Relating to Characteristics of the Reference Asset There Are Market Risks Associated with the Reference Asset.