Company: RWT-PA
Filing Date: 2025-03-03
Form Type: S-3ASR
Source: 0001104659-25-019828
Chunk: 31

Company: REDWOOD TRUST INC
Filing Date: 2025-03-03
Form: S-3ASR
Chunk 31
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 for the account
of customers in bearer form or registered in “street name.” Those payments will be the responsibility of participants and
not of DTC or us, subject to any statutory or regulatory requirements in effect from time to time. Payment of redemption proceeds, distributions
and dividend payments to Cede & Co., or such other nominee as may be requested by an authorized representative of DTC, is our responsibility,
disbursement of payments to direct participants is the responsibility of DTC, and disbursement of payments to the beneficial owners is
the responsibility of direct and indirect participants.

Except under the limited
circumstances described below, purchasers of securities will not be entitled to have securities registered in their names and will not
receive physical delivery of securities. Accordingly, each beneficial owner must rely on the procedures of DTC and its participants to
exercise any rights under the securities and the indenture.

The laws of some jurisdictions
may require that some purchasers of securities take physical delivery of securities in definitive form. Those laws may impair the ability
to transfer or pledge beneficial interests in securities.

DTC may discontinue providing
its services as securities depositary with respect to the securities at any time by giving reasonable notice to us. Under such circumstances,
in the event that a successor depositary is not obtained, securities certificates are required to be printed and delivered.

As noted above, beneficial
owners of a particular series of securities generally will not receive certificates representing their ownership interests in those securities.
However, if:

| · | DTC                                                                                              
 notifies us that it is unwilling or unable to continue as a depositary for the global security   
 or securities representing such series of securities or if DTC ceases to be a clearing agency    
 registered under the Exchange Act at a time when it is required to be registered and a successor 
 depositary is not appointed within 90 days of the notification to us or of our becoming aware    
 of DTC’s ceasing to be so registered, as the case may be;                                        |

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| · | we                                                                                        
 determine, in our sole discretion, not to have such securities represented by one or more 
 global securities; or                                                                     |

| · | an                                                                                        
 Event of Default has occurred and is continuing with respect to such series of securities 
 and upon request of a holder,                                                             |

we will prepare and deliver certificates for
such securities in exchange for beneficial interests in the global securities. Any beneficial interest in a global security that is exchangeable
under the circumstances described in