termpath token not listing full hierarchy?

Hello,

I'm not sure if I have something misconfigured, but the use of [termpath-raw] in filefield path is not working correctly. It only creates a folder for the last taxonomy term, and not the whole hierarchy. This is working fine in my pathauto for the node. I even set pathauto to not strip the slashes to see if it would help but it didn't.

Any ideas?

Thanks.