Company: TDBCP
Filing Date: 2025-11-19
Form Type: 424B2
Source: 0001140361-25-042690
Chunk: 11

Company: TORONTO DOMINION BANK
Filing Date: 2025-11-19
Form: 424B2
Chunk 11
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 least performing Reference Asset, and as a result, you may suffer substantial losses. If the Value of Any Reference Asset Changes, the Market Value of Your Notes May Not Change in the Same Manner. Your Notes may trade quite differently from the performance of any of the Reference Assets. Any payment on the Notes will be based solely on the Percentage Change of the Least Performing Reference Asset on the Final Valuation Date. Changes in the value of any Reference Asset may not result in acomparable change in the market value of your Notes. Even if the value of each Reference Asset remains greater than or equal to its Buffer Value or its Initial Value during the term of the Notes, the market value of your Notes may not increase by the same amount and could decline. Risks Relating to Hedging Activities and Conflicts of Interest There Are Potential Conflicts of Interest Between You and the Calculation Agent. The Calculation Agent will, among other things, determine the Payment at Maturity on the Notes. We will serve as the Calculation Agent and may appoint a different Calculation Agent after the Issue Date without notice to you. The Calculation Agent will exercise its judgment when performing its functions and may have a conflict of interest if it needs to make certain decisions. For example, the Calculation Agent may have to determine whether a market disruption event affecting a Reference Asset has occurred, and make certain adjustments if certain events occur, which may, in turn, depend on the Calculation Agent’s judgment as to whether the event has materially interfered with our ability or the ability of one of our affiliates to unwind our hedge positions. Because this determination by the Calculation Agent may affect the amounts payable on the Notes, the Calculation Agent may have a conflict of interest if it needs to make a determination of this kind. For additional information on the Calculation Agent’s role, see “General Terms of the Notes—Role of Calculation Agent” in the product supplement. The Final Valuation Date and the Maturity Date Are Subject to Market Disruption Events and Postponements. The Final Valuation Date and accordingly the Maturity Date are subject to postponement due to the occurrence of one or more market disruption events. For a description of what constitutes a market disruption event as well as the consequences of that market disruption event, see “General Terms of the Notes — Market Disruption Events” in the product supplement. A market disruption event for a particular Reference Asset will not constitute a market disruption event for any other Reference Asset. Trading and Business Activities by TD or Its Affiliates May Adversely Affect the Market Value Of