Company: TDBCP
Filing Date: 2025-11-14
Form Type: 424B2
Source: 0001140361-25-042197
Chunk: 13

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-14
Form: 424B2
Chunk 13
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 that environment  
 increases the risk that you will not be able to reinvest the proceeds from the redeemed securities in an investment with a similar level of risk and yield. To the extent you are able to reinvest such proceeds in an investment comparable to  
 the securities, you may incur transaction costs such as dealer discounts and hedging costs built into the price of the new securities. TD is less likely to elect to redeem the securities prior to maturity when the expected contingent        
 quarterly coupons payable on the securities are less than the interest that would be payable on other comparable instruments issued by TD, which includes when the value of any underlying index is less than its coupon threshold level.        
 Therefore, the securities are more likely to remain outstanding when the expected amount payable on the securities is less than what would be payable on other comparable instruments and when your risk of not receiving a contingent quarterly 
 coupon is relatively higher.                                                                                                                                                                                                                     |

| ◾ | An investment in securities with contingent quarterly coupon and optional early redemption features may be more sensitive to interest rate risk than an investment in securities without such features.Because of the issuer call and contingent quarterly coupon features of the securities, you will bear greater exposure to fluctuations in interest rates than if you purchased securities without such features. In particular, you may be 
 negatively affected if prevailing interest rates begin to rise as discussed in the preceding risk factor, and the contingent quarterly coupon rate on the securities may be less than the amount of interest you could earn on other investments                                                                                                                                                                                                 
 with asimilarlevel of risk available at such time. In addition, if you tried to sell your securities at such time, the value of your securities in any secondary market transaction would also be                                                                                                                                                                                                                                                
 adversely affected. Conversely, in the event that prevailing interest rates are low relative to the contingent quarterly coupon rate and TD elects to redeem the securities, there is no guarantee that you will be able to reinvest the                                                                                                                                                                                                         
 proceeds from an investment in the securities at a comparable rate of return for a similar level of risk.                                                                                                                                                                                                                                                                                                                                        |

| ◾ | The contingent quarterly coupon, if any, is based solely on the index closing value of each underlying index on each trading day during the related quarterly observation period.Whether the contingent quarterly coupon will be paid on any contingent coupon payment date will be determined at the end of the relevant quarterly observation period, based on the index closing value of each 
 underlying index oneach trading dayduring the relevant quarterly observation period. If the index closing value ofanyunderlying index onany trading dayduring a quarterly