Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 65

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 65
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; |

| ● | 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 currency other than that stated in the debt security; |

| ● | make any change                                                                                                                    
 to certain provisions of the indenture relating to, among other things, the right of holders of debt securities to receive payment 
 of the principal of, premium and interest on those debt securities and to institute suit for the enforcement of any such payment   
 and to waivers or amendments; or                                                                                                   |

| ● | waive a redemption                         
 payment with respect to any debt security. |

Except for certain specified
provisions, the holders of at least a majority in principal amount of the outstanding debt securities of any series may on behalf of
the holders of all debt securities of that series waive our compliance with provisions of the indenture. The holders of a majority in
principal amount of the outstanding debt securities of any series may on behalf of the holders of all the debt securities of such series
waive any past default under the indenture with respect to that series and its consequences, except a default in the payment of the principal
of, premium or any interest on any debt security of that series; provided, however, that the holders of a majority in principal amount
of the outstanding debt securities of any series may rescind an acceleration and its consequences, including any related payment default
that resulted from the acceleration.

<div align='center'>11</div>

Defeasance of Debt Securities and Certain Covenants in Certain Circumstances

Legal Defeasance. The indenture provides that, unless otherwise provided by the terms of the applicable series of