Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 22

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 22
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 this waiver and release may not be effective to waive liabilities under U.S. federal securities
laws, and it is the view of the SEC that such a waiver is against public policy.

Governing Law

The indenture and the debt
securities, including any claim or controversy arising out of or relating to the indenture or the securities, will be governed by, and
construed under, the laws of the State of New York.

The indenture will provide
that we, the trustee and the holders of the debt securities (by their acceptance of the debt securities) irrevocably waive, to the fullest
extent permitted by applicable law, any and all right to trial by jury in any legal proceeding arising out of or relating to the indenture,
the debt securities or the transactions contemplated thereby.

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The indenture will provide
that any legal suit, action or proceeding arising out of or based upon the indenture or the transactions contemplated thereby may be
instituted in the federal courts of the United States of America located in the City of New York or the courts of the State of New York
in each case located in the City of New York, and we, the trustee and the holder of the debt securities (by their acceptance of the debt
securities) irrevocably submit to the non-exclusive jurisdiction of such courts in any such suit, action or proceeding. The indenture
will further provide that service of any process, summons, notice or document by mail (to the extent allowed under any applicable statute
or rule of court) to such party’s address set forth in the indenture will be effective service of process for any suit, action
or other proceeding brought in any such court. The indenture will further provide that we, the trustee and the holders of the debt securities
(by their acceptance of the debt securities) irrevocably and unconditionally waive any objection to the laying of venue of any suit,
action or other proceeding in the courts specified above and irrevocably and unconditionally waive and agree not to plead or claim any
such suit, action or other proceeding has been brought in an inconvenient forum.

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DESCRIPTION
OF COMMON STOCK</div>

All shares of common stock
offered by this prospectus will be duly authorized, fully paid, and nonassessable. Holders of our common stock are entitled to receive
dividends if, as, and when authorized by our board of