Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 19

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 19
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 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 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