Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 15

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 15
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 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.

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 entity or the successor person (if other than Redwood) is a corporation,            
 partnership, trust or other entity 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.                                                                          |

<div align='center'>9</div>

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 Default”
means with respect to any series of debt securities, any of the following:

| · | default                                                                                           
 in the payment of any interest upon any debt security of that series when it becomes due          
 and payable, and continuance of such default for a period of 30 days (unless the entire amount    
 of the payment is deposited by us with the trustee or with a paying agent prior to the expiration 
 of the 30-day period);                                                                            |

| · | default                                                                     
 in the payment of principal of any security of that series at its maturity; |

| · | default                                                                                  
 in the deposit of any sinking fund payment, within 30 days when and as due in respect of 
 any security of that series;                                                             |

| · | default                                                                                         
 in the performance or breach of any other covenant or warranty by us in the indenture (other    
 than a covenant or warranty that has been included in the indenture solely for the benefit      
 of a series of debt