Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 60

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 60
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ificated Debt Securities. You may transfer or exchange certificated debt securities at any office we maintain for this purpose in accordance
with the terms of the indenture. No service charge will be made for any transfer or exchange of certificated debt securities, but we
may require payment of a sum sufficient to cover any tax or other governmental charge payable in connection with a transfer or exchange.

You may effect the transfer
of certificated debt securities and the right to receive the principal of, premium and interest on certificated debt securities only
by surrendering the certificate representing those certificated debt securities and either reissuance by us or the trustee of the certificate
to the new holder or the issuance by us or the trustee of a new certificate to the new holder.

Global Debt Securities and Book-Entry System. Each global debt security representing book-entry debt securities will be deposited
with, or on behalf of, the Depositary, and registered in the name of the Depositary or a nominee of the Depositary. Please see “Global
Securities.”

Covenants

We will set forth in the
applicable prospectus supplement any restrictive covenants applicable to any issue of debt securities.

No Protection in the Event of a Change of Control

Unless we state otherwise
in the applicable prospectus supplement, the debt securities will not contain any provisions which may afford holders of the debt securities
protection in the event we have a change in control or in the event of a highly leveraged transaction (whether or not such transaction
results in a change in control) which could adversely affect holders of debt securities.

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Consolidation, Merger and Sale of Assets

We may not consolidate with
or merge with or into, or convey, transfer or lease all or substantially all of our properties and assets to any person (a “successor
person”) unless:

| ● | we                                                                                             
 are the surviving corporation or the successor person (if other than Redwood) is a corporation 
 organized and validly existing under the laws of any U.S. domestic jurisdiction and expressly  
 assumes our obligations on the debt securities and under the indenture; and                    |

| ● | immediately                                                                                 
 after giving effect to the transaction, no Default or Event of Default, shall have occurred 
 and be continuing.                                                                          |

Notwithstanding the above,
any of our subsidiaries may consolidate with, merge into or transfer all or part of its properties to us.

Events of Default

“Event of