Company: TDBCP
Filing Date: 2025-10-09
Form Type: 424B3
Source: 0001140361-25-037791
Chunk: 27

Company: TORONTO DOMINION BANK
Filing Date: 2025-10-09
Form: 424B3
Chunk 27
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-23 Observation Level If your LIRNs are subject to an automatic call as specified in the applicable term sheet, unless otherwise specified in the applicable term sheet, the “ Observation Level” will equal the Closing Market Price of the Underlying Stock on the applicable Observation Date multiplied by its Price Multiplier (as defined below) on that day. If the Market Measure consists of a Basket, the Observation Level of the Basket will be determined in “Description of the Notes — Basket Market Measure — Observation Level and Ending Value of the Basket.” Ending Value Unless otherwise specified in the applicable term sheet, the “ Ending Value” will equal the Closing Market Price of the Underlying Stock on the calculation day multiplied by its Price Multiplier on that day. If the Market Measure consists of a Basket, the Ending Value of the Basket will be determined as described in “— Basket Market Measures — Ending Value of the Basket.” A “ trading day” means a day on which trading is generally conducted (or was scheduled to have been generally conducted, but for the occurrence of a Market Disruption Event) on the New York Stock Exchange (the “ NYSE”), The Nasdaq Stock Market, the Chicago Board Options Exchange, and in the over-the-counter market for equity securities in the United States, or any successor exchange or market, or in the case of a security traded on one or more non-U.S. securities exchanges or markets, on the principal non-U.S. securities exchange or market for such security. The “ Closing Market Price” for one share of any Underlying Stock (or one unit of any other security for which a Closing Market Price must be determined) on any trading day means any of the following:

| ● | if the Underlying Stock (or such other security) is listed or admitted to trading on a national securities exchange, the last reported sale price, regular way (or, in the case of The Nasdaq Stock Market, the                            
 official closing price), of the principal trading session on that day on the principal U.S. securities exchange registered under the Exchange Act on which the Underlying Stock (or such other security) is listed or admitted to trading; |

| ● | if the Underlying Stock (or such other security) is not listed or admitted to trading on any national securities exchange but is included in an OTC Exchange, the last reported sale price of the principal trading 
 session on an OTC Exchange on that day;                                                                                                                                                                             |

| ● | if the Underlying Stock (or such other security) is issued by a foreign issuer and