Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 67

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 67
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ovenant defeasance”).                                                                                                               |

The conditions include:

| ● | depositing                                                                                                                              
 with the trustee money and/or U.S. government obligations or, in the case of debt securities denominated in a single currency other     
 than U.S. Dollars, government obligations of the government that issued or caused to be issued such currency, that, through the payment 
 of interest and principal in accordance with their terms, will provide money in an amount sufficient in the opinion of a nationally     
 recognized firm of independent public accountants or investment bank to pay and discharge each installment of principal of, premium     
 and interest on and any mandatory sinking fund payments in respect of the debt securities of that series on the stated maturity of      
 those payments in accordance with the terms of the indenture and those debt securities; and                                             |

| ● | delivering                                                                                                                             
 to the trustee an opinion of counsel to the effect that the holders of the debt securities of that series will not recognize income,   
 gain or loss for U.S. federal income tax purposes as a result of the deposit and related covenant defeasance and will be subject       
 to U.S. federal income tax on the same amounts and in the same manner and at the same times as would have been the case if the deposit 
 and related covenant defeasance had not occurred.                                                                                      |

No Personal Liability of Directors, Officers, Employees or Securityholders

None of our past, present
or future directors, officers, employees or securityholders, as such, will have any liability for any of our obligations under the debt
securities or the indenture or for any claim based on, or in respect or by reason of, such obligations or their creation. By accepting
a debt security, each holder waives and releases all such liability. This waiver and release is part of the consideration for the issue
of the debt securities. However, this waiver and release may not be effective to waive liabilities under U.S. federal securities laws,
and it is the view of the SEC that such a waiver is against public policy.

Governing Law

The indenture and the debt
securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by, and
construed under, the laws of the State of New York.

The indenture will provide
that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, to the fullest
extent permitted by applicable law,