Company: RWT-PA
Filing Date: 2025-08-22
Form Type: 424B5
Source: 0001104659-25-081925
Chunk: 74

Company: REDWOOD TRUST INC
Filing Date: 2025-08-22
Form: 424B5
Chunk 74
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”). Such fundamental change repurchase right notice shall state, among other things:

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the events causing a fundamental change and whether such fundamental change also constitutes a make-whole fundamental change;

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the date of the fundamental change;

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TABLE OF CONTENTS

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if such fundamental change is not an exempted fundamental change, the last date on which a holder may exercise the repurchase right, if applicable;

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if such fundamental change is not an exempted fundamental change, the fundamental change repurchase price;

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if such fundamental change is not an exempted fundamental change, the fundamental change repurchase date;

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the name and address of the paying agent (if such fundamental change is not an exempted fundamental change) and the conversion agent, if applicable;

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the applicable conversion rate and any related adjustments to the applicable conversion rate;

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if such fundamental change is not an exempted fundamental change, that the notes with respect to which a fundamental change repurchase notice has been delivered by a holder may be converted only if the holder withdraws the fundamental change repurchase notice in accordance with the terms of the indenture; and

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if such fundamental change is not an exempted fundamental change, the procedures that holders must follow to require us to repurchase their notes, if applicable.

The term “fundamental change” is limited to specified transactions and may not include other events that might adversely affect our financial condition. In addition, the requirement that we offer to repurchase the notes upon a fundamental change may not protect holders in the event of a highly leveraged transaction, reorganization, merger or similar transaction involving us.

The fundamental change repurchase rights of the holders could discourage a potential acquirer of us. The fundamental change repurchase price and fundamental change repurchase features, however, are not the result of management’s knowledge of any specific effort to obtain control of us by any means or part of a plan by management to adopt a series of anti-takeover provisions.

The definition of “fundamental change” includes a phrase relating to the sale, lease or other transfer of “all or substantially all” of our property and assets. There is no precise, established definition of the phrase “substantially all” under applicable law. Accordingly, the ability of a holder of the notes to require us to repurchase its notes as a result of the sale, lease or other transfer of less than all of our property and assets may be uncertain.

To exercise your fundamental change repurchase right, you must deliver, between