Company: RWT-PA
Filing Date: 2025-01-16
Form Type: 424B5
Source: 0001104659-25-004099
Chunk: 64

Company: REDWOOD TRUST INC
Filing Date: 2025-01-16
Form: 424B5
Chunk 64
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 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 any series; |

| ● | to surrender                                     
 any of our rights or powers under the indenture; |

| ● | to add covenants                                                                      
 or events of default for the benefit of the holders of debt securities of any series; |

| ● | to comply with                                          
 the applicable procedures of the applicable depositary; |

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| ● | to make any                                                                        
 change that does not adversely affect the rights of any holder of debt securities; |

| ● | to provide                                                                                                                          
 for the issuance of and establish the form and terms and conditions of debt securities of any series as permitted by the indenture; |

| ● | to effect the                                                                                                                      
 appointment of a successor trustee with respect to the debt securities of any series and to add to or change any of the provisions 
 of the indenture to provide for or facilitate administration by more than one trustee; or                                          |

| ● | to comply with                                                                                                           
 requirements of the SEC in order to effect or maintain the qualification of the indenture under the Trust Indenture Act. |

We may also modify and amend
the indenture with the consent of the holders of at least a majority in principal amount of the outstanding debt securities of each series
affected by the modifications or amendments. We may not make any modification or amendment without the consent of the holders of each
affected debt security then outstanding if that amendment will:

| ● | reduce the                                                                                  
 amount of debt securities whose holders must consent to an amendment, supplement or waiver