Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 76

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 76
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 previously accrued and unpaid interest, if any, upon delivery or transfer of the notes.

In connection with any repurchase offer pursuant to a fundamental change repurchase right notice, we will, if required:

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comply with the provisions of the tender offer rules under the Exchange Act that may then be applicable;

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file a Schedule TO or any other successor or similar schedule, if required, under the Exchange Act; and

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otherwise comply with all federal and state securities laws in connection with any offer by us to repurchase the notes,

in each case, so as to permit the rights and obligations under this “— Fundamental change permits holders to require us to repurchase notes” to be exercised in the time and in the manner specified in the indenture. No notes may be repurchased on any date at the option of holders on a fundamental change repurchase date if the principal amount of the notes has been accelerated, and such acceleration has not been rescinded, on or prior to such date (except in the case of an acceleration resulting from a default by us in the payment of the applicable fundamental change repurchase price with respect to such notes).

We will not be required to make an offer to repurchase the notes upon a fundamental change if a third party makes such an offer to repurchase in the manner, at the times and otherwise in compliance with the requirements set forth in the indenture applicable to an offer to repurchase made by us and such third party purchases all notes properly tendered and not validly withdrawn under such offer.

In addition, notwithstanding the foregoing, we will not be required to offer to repurchase, or repurchase, the notes as described above in respect of an event that constitutes a fundamental change pursuant to clause (2) of the definition thereof if (i) immediately after such fundamental change, the notes become convertible (pursuant to the provisions described under “— Conversion rights — Recapitalizations, reclassifications and changes of our common stock” and, if applicable, “— Adjustment to shares delivered upon conversion upon make-whole fundamental change” above) into reference property consisting of cash (in U.S. dollars) in an amount per note that is greater than the fundamental change repurchase price (assuming the maximum amount of accrued interest would be payable based on the latest possible fundamental change repurchase date, including any accrued and unpaid interest prior to such date) and (ii) our notice of the fundamental change states that holders will have the right to convert their notes and receive such amount of cash. We refer to any fundamental