Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 33

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 33
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 the SEC in connection with any qualification of the indenture under 
 the Trust Indenture Act;                                                                    |

| (9) | evidence                                                                    
 or provide for the acceptance of the appointment of a successor trustee; or |

| (10) | conform                                                                                       
 the provisions of the indenture to the “Description of the Notes” section in                  
 this preliminary prospectus supplement, as supplemented by the issuer free writing prospectus 
 related to the offering of the notes.                                                         |

<div align='center'>S-19</div>

The consent of the holders
is not necessary under the indenture to approve the particular form of any proposed amendment. It is sufficient if such consent approves
the substance of the proposed amendment.

After an amendment under the indenture becomes effective,
we are required to send to the holders a notice briefly describing such amendment.

However, the failure to give such notice to all the holders, or any
defect in the notice, will not impair or affect the validity of the amendment.

Information Rights

We, pursuant to Section 314(a) of
the Trust Indenture Act, shall: (1) deliver to the trustee, within 15 days after we file the same with the Commission, copies of
the annual reports and of the information, documents and other reports (or copies of such portions of any of the foregoing as the Commission
may from time to time by rules and regulations prescribe) which we may be required to file with the Commission pursuant to Section 13
or Section 15(d) of the Exchange Act; or, if we are not required to file information, documents or reports pursuant to either
of said Sections, then it shall deliver to the trustee and file with the Commission, in accordance with rules and regulations prescribed
from time to time by the Commission, such of the supplementary and periodic information, documents and reports which may be required
pursuant to Section 13 of the Exchange Act in respect of a security listed and registered on a national securities exchange as may
be prescribed from time to time in such rules and regulations.

The trustee shall have no
duty to review or analyze reports delivered to it. Delivery of such reports, information and documents to the trustee pursuant is for
informational purposes only, and the trustee’s receipt thereof shall not constitute actual or constructive notice or knowledge
of any information contained therein or determinable from information contained therein, including our compliance with any of the covenants
under the indenture (as to which the trustee is entitled to certificates