Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 17

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 17
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, the holders of a majority in principal amount of the outstanding
debt securities of that series may rescind and annul the acceleration if all Events of Default, other than the non-payment of accelerated
principal and interest, if any, with respect to debt securities of that series, have been cured or waived as provided in the indenture.
We refer you to the prospectus supplement relating to any series of debt securities that are discount securities for the particular provisions
relating to acceleration of a portion of the principal amount of such discount securities upon the occurrence of an Event of Default.

The indenture provides that
the trustee may refuse to perform any duty or exercise any of its rights or powers under the indenture unless the trustee receives indemnity
satisfactory to it against any cost, liability or expense which might be incurred by it in performing such duty or exercising such right
or power. Subject to certain rights of the trustee, the holders of a majority in principal amount of the outstanding debt securities
of any series will have the right to direct the time, method and place of conducting any proceeding for any remedy available to the trustee
or exercising any trust or power conferred on the trustee with respect to the debt securities of that series.

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No holder of any debt security
of any series will have any right to institute any proceeding, judicial or otherwise, with respect to the indenture or for the appointment
of a receiver or trustee, or for any remedy under the indenture, unless:

| · | that                                                                                       
 holder has previously given to the trustee written notice of a continuing Event of Default 
 with respect to debt securities of that series; and                                        |

| · | the                                                                                            
 holders of at least 25% in principal amount of the outstanding debt securities of that series  
 have made written request, and offered indemnity or security satisfactory to the trustee,      
 to the trustee to institute the proceeding as trustee, and the trustee has not received from   
 the holders of not less than a majority in principal amount of the outstanding debt securities 
 of that series a direction inconsistent with that request and has failed to institute the      
 proceeding within 60 days.                                                                     |

Notwithstanding any other
provision in the indenture, the holder of any debt security will have an absolute and unconditional right to receive payment of the principal
of, premium and any interest on that debt security on or after the due dates expressed in that debt security and to institute suit for
the enforcement of payment.

The indenture requires