Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 32

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 32
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 (2) | reduce                                                                                       
 the rate, or extend the stated time for payment, of interest (other than additional interest 
 described above under “––Events of Default”) on any note;                                    |

| (3) | reduce                                                     
 the principal, or extend the stated maturity, of any note; |

| (4) | reduce                                                                                        
 any redemption price or Change of Control Repurchase Event repurchase price of any note or    
 amend or modify, in any manner adverse to the holders of notes, our right to redeem the notes 
 or our obligation to repurchase the notes in connection with a Change of Control Repurchase   
 Event, whether through an amendment or waiver of provisions in the covenants, definitions     
 or otherwise;                                                                                 |

| (5) | change                                                                            
 the place or currency of payment of principal or interest in respect of any note; |

| (6) | impair                                                                                    
 the right of any holder to receive payment of principal of and interest on such holder’s  
 notes on or after the due dates therefore or to institute suit for the enforcement of any 
 payment on or with respect to such holder’s notes;                                        |

| (7) | adversely                                                                
 affect the ranking of the notes as our senior unsecured indebtedness; or |

| (8) | make                                                                                   
 any change in the amendment provisions which require each holder’s consent or in the   
 waiver provisions if such change adversely affects the rights of holders of the notes. |

Without the consent of any holder, we and the trustee may
amend the indenture and/or the notes to:

| (1) | cure                                                                                       
 any ambiguity, omission, defect or inconsistency, including to eliminate any conflict with 
 the terms of the Trust Indenture Act;                                                      |

| (2) | provide                                                                               
 for the assumption by a successor corporation of our obligations under the indenture; |

| (3) | add                                   
 guarantees with respect to the notes; |

| (4) | secure     
 the notes; |

| (5) | issue                                           
 additional notes as described under “—General”; |

| (6) | add                                                                                       
 to our covenants for the benefit of the holders or surrender any right or power conferred 
 upon us;                                                                                  |

| (7) | make                                                                                       
 any change that does not adversely affect in any material respect the rights of any holder 
 of the notes (other than any holder that consents to such change);                         |

| (8) | comply                                                                                      
 with any requirement of