Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 64

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 64
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 any series; |

| ● | to surrender                                     
 any of our rights or powers under the indenture; |

| ● | to add covenants                                                                      
 or events of default for the benefit of the holders of debt securities of any series; |

| ● | to comply with                                          
 the applicable procedures of the applicable depositary; |

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| ● | to make any                                                                        
 change that does not adversely affect the rights of any holder of debt securities; |

| ● | to provide                                                                                                                          
 for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture; |

| ● | to effect the                                                                                                                      
 appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions 
 of the indenture to provide for or facilitate administration by more than one trustee; or                                          |

| ● | to comply with                                                                                                           
 requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act. |

We may also modify and amend
the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series
affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each
affected debt security then outstanding if that amendment will:

| ● | reduce the                                                                                  
 amount of debt securities whose holders must consent to an amendment, supplement or waiver; |

| ● | reduce the                                                                                            
 rate of or extend the time for payment of interest (including default interest) on any debt security; |

| ● | reduce the                                                                                                                       
 principal of or premium on or change the fixed maturity of any debt security or reduce the amount of, or postpone the date fixed 
 for, the payment of any sinking fund or analogous obligation with respect to any series of debt securities;                      |

| ● | reduce the                                                                     
 principal amount of discount securities payable upon acceleration of maturity; |

| ● | waive a default                                                                                                                          
 in the payment of the principal of, premium or interest on any debt security (except a rescission of acceleration of the debt securities 
 of any series by the holders of at least a majority in aggregate principal amount of the then outstanding debt securities of that        
 series and a waiver of the payment default that resulted from such acceleration);                                                        |

| ● | make the principal                                                                                              
 of or premium or interest on any debt security payable in