Company: RWT-PA
Filing Date: 2025-01-15
Form Type: 424B5
Source: 0001104659-25-003632
Chunk: 63

Company: REDWOOD TRUST INC
Filing Date: 2025-01-15
Form: 424B5
Chunk 63
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 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 us,
within 120 days after the end of our fiscal year, to furnish to the trustee a statement as to compliance with the indenture. If a Default
or Event of Default occurs and is continuing with respect to the securities of any series and if it is known to a responsible officer
of the trustee, the trustee shall send to each Securityholder of the securities of that series notice of a Default or Event of Default
within 90 days after the trustee becomes aware or, if later, after a responsible officer of the trustee has knowledge of such Default
or Event of Default. The indenture provides that the trustee may withhold notice to the holders of debt securities of any series of any
Default or Event of Default (except in payment on any debt securities of that series) with respect to debt securities of that series
if the trustee determines in good faith that withholding notice is in the interest of the holders of those debt securities.

Modification and Waiver

We and the trustee may modify,
amend or supplement the indenture or the debt securities of any series without the consent of any holder of any debt security:

| ● | to cure any                         
 ambiguity, defect or inconsistency; |

| ● | to comply with                                                                                           
 covenants in the indenture described above under the heading “Consolidation, Merger and Sale of Assets”; |

| ● | to provide                                                                           
 for uncertificated securities in addition to or in place of certificated securities; |

| ● | to add guarantees                                                                      
 with respect to debt securities of any series or secure debt securities of