Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 61

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 61
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 Default”
means with respect to any series of debt securities, any of the following:

| ● | default in                                                                                                                         
 the payment of any interest upon any debt security of that series when it becomes due and payable, and continuance of such default 
 for a period of 30 days (unless the entire amount of the payment is deposited by us with the trustee or with a paying agent prior  
 to the expiration of the 30-day period);                                                                                           |

| ● | default in                                                               
 the payment of principal of any security of that series at its maturity; |

| ● | default in                                                                                                         
 the deposit of any sinking fund payment, within 30 days when and as due in respect of any security of that series; |

| ● | default in                                                                                                                           
 the performance or breach of any other covenant or warranty by us in the indenture (other than a covenant or warranty that has been  
 included in the indenture solely for the benefit of a series of debt securities other than that series), which default continues     
 uncured for a period of 90 days after we receive written notice from the trustee or Redwood and the trustee receive written notice   
 from the holders of at least 25% in principal amount of the outstanding debt securities of that series as provided in the indenture; |

| ● | certain voluntary                                                             
 or involuntary events of bankruptcy, insolvency or reorganization of Redwood; |

| ● | any other Event                                                                                                               
 of Default provided with respect to debt securities of that series that is described in the applicable prospectus supplement. |

No Event of Default with
respect to a particular series of debt securities (except as to certain events of bankruptcy, insolvency or reorganization) necessarily
constitutes an Event of Default with respect to any other series of debt securities. The occurrence of certain Events of Default or an
acceleration under the indenture may constitute an event of default under certain indebtedness of ours or our subsidiaries outstanding
from time to time.

We will provide the trustee
written notice of any Default or Event of Default within 30 days of becoming aware of the occurrence of such Default or Event of Default,
which notice will describe in reasonable detail the status of such Default or Event of Default and what action we are taking or propose
to take in respect thereof.

If an Event of Default with
respect to debt securities of any series at the time outstanding occurs and is continuing, then the trustee or the holders of at least
25% in principal amount of the outstanding debt securities of that