Company: RWT-PA
Filing Date: 2025-08-25
Form Type: 8-K
Source: 0001104659-25-082532
Chunk: 2

Company: REDWOOD TRUST INC
Filing Date: 2025-08-25
Form: 8-K
Item: Item 2.03
Chunk 2
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may not elect to redeem less than all of the outstanding Notes pursuant to a Provisional Redemption unless at least $100.0 million aggregate
principal amount of Notes are outstanding and not subject to Provisional Redemption as of the time the Company sends the related redemption
notice. The redemption price for any Note called for redemption will be a cash amount equal to the principal amount of the Notes to be
redeemed, plus accrued and unpaid interest, if any. The Company may at any time and from time to time repurchase Notes by tender offer,
open market purchases, negotiated transactions or otherwise, in accordance with applicable securities laws.

If an event of default (as
defined in the Indenture) occurs and is continuing, the Trustee by notice to the Company, or the holders of at least 25% in aggregate
principal amount of the Notes then outstanding by notice to the Company and the Trustee, may, and the Trustee at the request of such holders
shall, declare 100% of the principal of and accrued and unpaid interest on all the Notes to be due and payable. In the case of an event
of default arising out of certain bankruptcy or insolvency events (as set forth in the Indenture), 100% of the principal of and accrued
and unpaid interest on the Notes will automatically become due and payable.

The above description of the
Indenture and the Notes is a summary and is not complete. Copies of the Indenture and the form of the certificate representing the Notes,
the terms of which are incorporated by reference, are attached as exhibits 4.1 and 4.2, respectively, to the Company’s Current Report
on Form 8-K, filed on June 9, 2022, and the above summary is qualified in its entirety by reference to the terms of the Indenture
and the Notes set forth in such exhibits.