Limitations and Closed Periods. Notwithstanding anything to the contrary in this Indenture or the Notes: (A) Notes may be surrendered for conversion only after the Open of Business and before the Close of Business on a day that is a Business Day; (B) in no event may any Note be converted after the Close of Business on the second Scheduled Trading Day immediately before the Stated Maturity; (C) if the Company calls any Note for REIT Preservation Redemption or Provisional Redemption, then the Holder of such Note may not convert such Note after the Close of Business on the second Business Day immediately before the applicable Redemption Date (or, if the Company fails to pay the Redemption Price due on such Redemption Date in full, at any time until such time as the Company pays such Redemption Price in full); and (D) a Holder of a Note may not convert such note if a Fundamental Change Repurchase Notice with respect to such Note has been validly tendered and not validly withdrawn in accordance with the applicable provisions of Section 4.01.
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Sources: Indenture (Redwood Trust Inc), Indenture (Redwood Trust Inc)