Document:

EXHIBIT 10.2

 

 

 

PNMAC GMSR ISSUER TRUST,

 

as Issuer

 

and

 

CITIBANK, N.A.,

 

as Indenture Trustee, Calculation Agent, Paying Agent and Securities Intermediary

 

and

 

PENNYMAC LOAN SERVICES, LLC,

 

as Administrator and Servicer

 

and

 

CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC,

 

as Administrative Agent

 

__________

 

SERIES 2022-GT1 INDENTURE SUPPLEMENT

 

Dated as of June 8, 2022

 

To

 

THIRD AMENDED AND RESTATED BASE INDENTURE

 

Dated as of April 1, 2020

 

MSR COLLATERALIZED NOTES,

SERIES 2022-GT1

 

 

 

     

     

    

 

Table of
Contents

 

	 	 	Page
	 	 	 
	Section 1.	Creation of the Series 2022-GT1 Term Notes	1
	 	 	 
	Section 2.	Defined Terms	2
	 	 	 
	Section 3.	Form of the Series 2022-GT1 Term Notes; Transfer Restrictions	11
	 	 	 
	Section 4.	Payments and Allocation of Funds on Payment Dates; No Series Reserve Account	12
	 	 	 
	Section 5.	Optional Redemption and Refinancing	12
	 	 	 
	Section 6.	Optional Extension of Stated Maturity Date	13
	 	 	 
	Section 7.	Determination of Note Interest Rate and Benchmark	13
	 	 	 
	Section 8.	Conditions Precedent Satisfied	15
	 	 	 
	Section 9.	Representations and Warranties	15
	 	 	 
	Section 10.	Amendments	16
	 	 	 
	Section 11.	Counterparts	18
	 	 	 
	Section 12.	Entire Agreement	18
	 	 	 
	Section 13.	Limited Recourse	18
	 	 	 
	Section 14.	Owner Trustee Limitation of Liability	19
	 	 	 
	Section 15.	Credit Risk Retention	19
	 	 	 
	Section 16.	Note Rating Agency	20

 

     - ii -

     

    

 

This SERIES 2022-GT1 INDENTURE
SUPPLEMENT (this “Indenture Supplement”), dated as of June 8, 2022, is made by and among PNMAC GMSR ISSUER TRUST,
a statutory trust organized under the laws of the State of Delaware, as issuer (the “Issuer”), CITIBANK, N.A., a national
banking association, as indenture trustee (in such capacity, the “Indenture Trustee”), as calculation agent (in such
capacity, the “Calculation Agent”), as paying agent (in such capacity, the “Paying Agent”) and as
securities intermediary (in such capacity, the “Securities Intermediary”), PENNYMAC LOAN SERVICES, LLC, a limited liability
company organized under the laws of the State of Delaware (“PLS”), as administrator (in such capacity, the “Administrator”)
and servicer (in such capacity, the “Servicer”), and CREDIT SUISSE FIRST BOSTON MORTGAGE CAPITAL LLC (“CSFB”),
a Delaware limited liability company, as administrative agent (the “Administrative Agent”). This Indenture Supplement
relates to and is executed pursuant to that certain Third Amended and Restated Base Indenture, dated as of April 1, 2020, including
the schedules and exhibits thereto (as amended by Amendment No. 1, dated as of June 8, 2022, and as may be further amended,
restated, supplemented or otherwise modified from time to time, the “Base Indenture” and together with this Indenture
Supplement, the “Indenture”), among the Issuer, the Administrator, the Servicer, the Indenture Trustee, the Calculation
Agent, the Paying Agent, the Securities Intermediary, and Pentalpha Surveillance LLC, a Delaware limited liability company, as credit
manager, and the Administrative Agent, all the provisions of which are incorporated herein as modified hereby and shall be a part of this
Indenture Supplement as if set forth herein in full.

 

Capitalized terms used and
not otherwise defined herein shall have the respective meanings given them in the Base Indenture.

 

PRELIMINARY STATEMENT

 

The Issuer has duly authorized
the issuance of a Series of Term Notes, the Series 2022-GT1 Term Notes (as defined below). The parties are entering into this
Indenture Supplement to document the terms of the issuance of the Series 2022-GT1 Term Notes pursuant to the Base Indenture, which
provides for the issuance of Notes in multiple series from time to time.

 

Section 1.     Creation
of the Series 2022-GT1 Term Notes.

 

There are hereby created,
effective as of the Issuance Date, the Series 2022-GT1 Term Notes, to be issued pursuant to the Base Indenture and this Indenture
Supplement, to be known as “PNMAC GMSR Issuer Trust MSR Collateralized Notes, Series 2022-GT1” (the “Series 2022-GT1
Term Notes”). The Series 2022-GT1 Term Notes will be rated and shall be subordinated to the Series 2016-MBSADV1 Notes
and the Series 2021-MBSADV1 Notes. The Series 2022-GT1 Term Notes are issued in one (1) Class of Term Notes with the
Initial Note Balance, Stated Maturity Date, Note Interest Rate and other terms as specified in this Indenture Supplement. The Series 2022-GT1
Term Notes shall be secured by the Trust Estate Granted to the Indenture Trustee pursuant to the Base Indenture. The Indenture Trustee
shall hold the Trust Estate as collateral security for the benefit of the Noteholders of the Series 2022-GT1 Term Notes and all other
Series of Notes issued under the Base Indenture as described therein. In the event that any term or provision contained herein with
respect to the Series 2022-GT1 Term Notes shall conflict with or be inconsistent with any term or provision contained in the Base
Indenture, the terms and provisions of this Indenture Supplement shall govern to the extent of such conflict.

 

     

     

    

 

Section 2.     Defined
Terms.

 

With respect to the Series 2022-GT1
Term Notes and in addition to or in replacement of the definitions set forth in Section 1.1 of the Base Indenture, the following
definitions shall be assigned to the defined terms set forth below:

 

“Administrative Agent”
means, for so long as the Series 2022-GT1 Term Notes are Outstanding: (i) with respect to the provisions of this Indenture Supplement,
CSFB, or an Affiliate or successor thereto; and (ii) with respect to the provisions of the Base Indenture, together CSFB and such
other parties as set forth in any other Indenture Supplement, or a respective Affiliate or any respective successor thereto. For the avoidance
of doubt, reference to “it” or “its” with respect to the Administrative Agent in this Indenture Supplement or
in the Base Indenture shall mean “them” and “their,” and reference to the singular herein and therein in relation
to the Administrative Agent will be construed as if plural.

 

“Advance Rate”
means, with respect to the Series 2022-GT1 Term Notes, 60% of the Collateral Value of the Portfolio; provided, that, upon
the occurrence of an Advance Rate Reduction Event, the Advance Rate will decrease by 1.00% per month until the Advance Rate Reduction
Event is cured in all respects subject to the satisfaction of the Administrative Agent, at which point the Advance Rate, as applicable,
will revert to the value it had prior to the occurrence of such Advance Rate Reduction Event.

 

“Base Indenture”
has the meaning assigned to such term in the Preamble.

 

“Benchmark”
means, with respect to any Interest Accrual Period, initially, the SOFR Rate; provided, that, if the Designated Transaction Representative
determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred with respect to the SOFR Rate or
the then-current Benchmark, then “Benchmark” means the applicable Benchmark Replacement as of the related Benchmark Reference
Time on the Benchmark Determination Date.

 

“Benchmark Determination
Date” means (i) for the first Payment Date and the related Interest Accrual Period following the Issuance Date, June 6,
2022, and (ii) for each Payment Date and the related Interest Accrual Period following the first Payment Date, means (1) if
the Benchmark is the SOFR Rate, the SOFR Determination Date and (2) if the Benchmark is not the SOFR Rate, the date determined by
the Designated Transaction Representative in accordance with the Benchmark Replacement Conforming Changes for each Payment Date and the
related Interest Accrual Period.

 

“Benchmark Reference
Agreement” means the first applicable alternative set forth in the order below that can be determined by the Designated Transaction
Representative:

 

(1) the Series 2016-MSRVF1
Repurchase Agreement;

 

(2) the Series 2020-SPIADVF1
Repurchase Agreement;

 

(3) any other repurchase
or financing facility entered into with respect to a Series of Variable Funding Notes that are Outstanding;

 

    2 

     

    

 

(4) any other repurchase
or financing facility entered into by the Servicer with respect to MSRs or mortgage loans; or

 

(5) any other financing
facility identified by the Designated Transaction Representative.

 

“Benchmark Reference
Time” means, with respect to any determination of the Benchmark, (i) if the Benchmark is the SOFR Rate, the SOFR Determination
Time and (ii) if the Benchmark is not the SOFR Rate, the time determined by the Designated Transaction Representative in accordance
with the Benchmark Replacement Conforming Changes for each Payment Date and the related Interest Accrual Period.

 

“Benchmark Replacement”
means, the first applicable alternative set forth in the order below that can be determined by the Calculation Agent as of the applicable
Benchmark Replacement Date:

 

(1)            the
sum of: (a) the alternate rate of interest that has been selected or recommended by the Relevant Governmental Body as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor and (b) the Benchmark Replacement Adjustment;

 

(2)            the
sum of: (a) the ISDA Fallback Rate and (b) the Benchmark Replacement Adjustment; or

 

(3)            the
sum of: (a) the alternate rate of interest that has been selected by the Designated Transaction Representative as the replacement
for the then-current Benchmark for the applicable Corresponding Tenor giving due consideration to any industry-accepted rate of interest
as a replacement for the then-current Benchmark for U.S. dollar denominated floating rate securities at such time and (b) the Benchmark
Replacement Adjustment.

 

“Benchmark Replacement
Adjustment” means the first alternative set forth in the order below that can be determined by the Designated Transaction Representative
as of the applicable Benchmark Replacement Date:

 

(1)            the
spread adjustment (which may be a positive or negative value or zero), or method for calculating or determining such spread adjustment,
that has been selected, endorsed or recommended by the Relevant Governmental Body for the applicable Unadjusted Benchmark Replacement;

 

(2)            if
the applicable Unadjusted Benchmark Replacement is equivalent to the ISDA Fallback Rate, then the ISDA Fallback Adjustment; or

 

(3)            the
spread adjustment (which may be a positive or negative value or zero) that has been selected by the Designated Transaction Representative
giving due consideration to any industry-accepted spread adjustment, or method for calculating or determining such spread adjustment,
for the replacement of the then-current Benchmark with the applicable Unadjusted Benchmark Replacement for U.S. dollar denominated floating
rate securities at such time.

 

    3 

     

    

 

“Benchmark Replacement
Conforming Changes” means, in connection with the determination of any Benchmark Transition Event or Benchmark Replacement Date
or the adoption of any Benchmark Replacement, Unadjusted Benchmark Replacement or Benchmark Replacement Adjustment, any technical, administrative
or operational changes (including changes to timing and frequency of determining rates and making payments of interest, changes to the
definition of “Corresponding Tenor” and other administrative matters) that the Designated Transaction Representative, in its
sole discretion, decides may be appropriate to reflect such determination or adoption in a manner substantially consistent with the practices
adopted with respect to the applicable Benchmark Reference Agreement or market practice (or, if the Designated Transaction Representative
decides that adoption of any portion of such market practice is not administratively feasible or if the Designated Transaction Representative
determines that no such market practice exists), in such other manner as the Designated Transaction Representative determines is reasonably
necessary, in each case as notified to the Indenture Trustee, the Calculation Agent and the Administrative Agent at least twenty (20)
calendar days prior to the posting of such Benchmark Replacement Conforming Changes with the Payment Date Report notifying Noteholders
of such changes and such Benchmark Replacement Conforming Changes taking effect, which such changes shall automatically become effective
without further action on behalf of any party (upon being provided with such Payment Date Report). The Benchmark Replacement Conforming
Changes will be prepared by the Designated Transaction Representative and delivered to the Indenture Trustee and Calculation Agent for
posting with the Payment Date Report.

 

“Benchmark Replacement
Date” means the earliest to occur of the following events with respect to then current Benchmark (including the daily published
component used in the calculation thereof):

 

(1)            in
the case of clause (1) or (2) of the definition of “Benchmark Transition Event,” the later of (a) the date
of the public statement or publication of information referenced therein and (b) the date on which the administrator of the relevant
Benchmark permanently or indefinitely ceases to provide the Benchmark (or such component); or

 

(2)            in
the case of clause (3) of the definition of “Benchmark Transition Event,” the date of the public statement or publication
of information referenced therein.

 

If the Designated Transaction
Representative determines that a Benchmark Transition Event and its related Benchmark Replacement Date have occurred prior to the Benchmark
Reference Time in respect of any determination of the Benchmark on any date, the Benchmark Replacement shall replace the then-current
Benchmark for all purposes with respect to the Notes in respect of such determination on such date and all determinations on all subsequent
dates.

 

For the avoidance of doubt,
if the event that gives rise to the applicable Benchmark Replacement Date occurs on the same day as, but earlier than, the Benchmark Reference
Time in respect of any determination, the Benchmark Replacement Date shall be deemed to have occurred prior to the Benchmark Reference
Time for such determination.

 

    4 

     

    

 

“Benchmark Transition
Event” means the occurrence of one or more of the following events with respect to the then-current Benchmark (including the
daily published component used in the calculation thereof):

 

(1)            a
public statement or publication of information by or on behalf of the administrator of the Benchmark (or such component) announcing that
such administrator has ceased or will cease to provide the Benchmark (or such component), permanently or indefinitely, provided that,
at the time of such statement or publication, there is no successor administrator that will continue to provide the Benchmark (or such
component); or

 

(2)            a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark (or such component),
the central bank for the currency of the Benchmark (or such component), an insolvency official with jurisdiction over the administrator
for the Benchmark (or such component), a resolution authority with jurisdiction over the administrator for the Benchmark (or such component)
or a court or an entity with similar insolvency or resolution authority over the administrator for the Benchmark (or such component),
which states that the administrator of the Benchmark (or such component) has ceased or will cease to provide the Benchmark (or such component)
permanently or indefinitely, provided that, at the time of such statement or publication, there is no successor administrator that will
continue to provide the Benchmark (or such component); or

 

(3)            a
public statement or publication of information by the regulatory supervisor for the administrator of the Benchmark announcing that the
Benchmark is no longer representative.

 

“Compounded SOFR”
with respect to any U.S. Government Securities Business Day, means: (1) the applicable compounded average of SOFR for the Corresponding
Tenor of 30 days as published on such U.S. Government Securities Business Day; or (2) if the rate specified in (1) above does
not so appear, the applicable compounded average of SOFR for the Corresponding Tenor as published in respect of the first preceding U.S.
Government Securities Business Day for which such rate appeared on the Federal Reserve Bank of New York’s Website. Compounded SOFR
rate is generally referred to by its tenor. For example, “30-day Average SOFR” refers to the compounded average SOFR over
a rolling 30-calendar day period as published on the Federal Reserve Bank of New York’s Website.

 

“Corporate Trust
Office” means the corporate trust offices of the Indenture Trustee at which at any particular time its corporate trust business
with respect to the Issuer shall be administered, which offices at the Issuance Date are located at Citibank, N.A., Agency &
Trust, 388 Greenwich Street, 14th Floor, New York, NY 10013, Attention: PNMAC GMSR ISSUER TRUST MSR Collateralized Notes, including for
Note transfer, exchange or surrender purposes.

 

“Corresponding Tenor”
means a tenor (including overnight) having the length (disregarding any business day adjustment) of 30 days or one month, and with respect
to a Benchmark Replacement, a tenor (including overnight) having approximately the same length (disregarding any business day adjustment)
as the applicable tenor for the then-current Benchmark.

 

“Cumulative Interest
Shortfall Amount Rate” means, with respect to the Series 2022-GT1 Term Notes, 2.00% per annum.

 

    5 

     

    

 

“Default Supplemental
Fee” means, for the Series 2022-GT1 Term Notes and each Payment Date during the Full Amortization Period and on the date
of final payment of such Notes (if the Full Amortization Period is continuing on such final payment date), a fee equal to (1) the
related Cumulative Default Supplemental Fee Shortfall Amount, plus (2) the product of:

 

(i)            the
Default Supplemental Fee Rate multiplied by

 

(ii)            the
average daily Note Balance since the prior Payment Date of the Series 2022-GT1 Term Notes multiplied by

 

(iii)            a
fraction, the numerator of which is the number of days elapsed from and including the prior Payment Date (or, if later, the commencement
of the Full Amortization Period) to but excluding such Payment Date and the denominator of which equals 360.

 

“Default Supplemental
Fee Rate” means, with respect to the Series 2022-GT1 Term Notes, 2.00% per annum.

 

“Designated Transaction
Representative” means the Administrator.

 

“Early Amortization
Event” occurs with respect to the Series 2022-GT1 Term Notes when:

 

(i)            the
amount currently funded with respect to all Series of VFNs, measured individually, by a Noteholder of an MBS Advance VFN is less
than $50,000,000;

 

(ii)            an
Advance Rate Reduction Event has occurred and has been continuing for six (6) consecutive months; or

 

(iii)            the
unpaid principal balance of the Portfolio is less than $35 billion.

 

“Early Amortization
Event Payment Amount” means, with respect to the Series 2022-GT1 Term Notes, the sum of (i) one-thirty-sixth (1/36)
of the Note Balance of the Series 2022-GT1 Term Notes as of the date on which an Early Amortization Event occurs and (ii) the
product of (a) the Series Allocation Percentage of the Series 2022-GT1 Term Notes and (b) the amounts in the Collection
and Funding Account that are designated as “Advance Rate Reduction Event Reserve Amounts” on such Payment Date, if applicable.

 

“Early Termination
Event” means, with respect to the Series 2022-GT1 Term Notes, not applicable.

 

“Early Termination
Event Payment Amount” means, with respect to the Series 2022-GT1 Term Notes, not applicable.

 

“Federal Reserve
Bank of New York’s Website” means the website of the Federal Reserve Bank of New York at http://www.newyorkfed.org, or
any successor source.

 

“First Optional Extension
Date” means May 25, 2027.

 

“First Optional Extension
Term” has the meaning assigned to such term in Section 6.

 

“Indenture”
has the meaning assigned to such term in the Preamble.

 

    6 

     

    

 

“Indenture Supplement”
has the meaning assigned to such term in the Preamble.

 

“Initial Note Balance”
means, for the Series 2022-GT1 Term Notes, $500,000,000.

 

“Initial Purchasers”
means together, Credit Suisse Securities (USA) LLC, Citigroup Global Markets, Inc and Goldman Sachs & Co. LLC.

 

“Interest Accrual
Period” means, for the Series 2022-GT1 Term Notes, (i) with respect to the first Payment Date, the period that will
commence on the Issuance Date and will end on the day immediately preceding the Payment Date in June 2022, and (ii) with respect
to any subsequent Payment Dates, the period that will commence on the immediately preceding Payment Date and end on the day immediately
preceding the current Payment Date. The Interest Payment Amount for the Series 2022-GT1 Term Notes for each Payment Date will be
calculated based on the Interest Day Count Convention. The first Payment Date with respect to the Series 2022-GT1 Term Notes will
be June 27, 2022.

 

“Interest Day Count
Convention” means, with respect to the Series 2022-GT1 Term Notes, the actual number of days in the related Interest Accrual
Period divided by 360.

 

“ISDA Definitions”
means the 2006 ISDA Definitions published by the International Swaps and Derivatives Association, Inc. or any successor thereto,
as amended or supplemented from time to time, or any successor definitional booklet for interest rate derivatives published from time
to time.

 

“ISDA Fallback Adjustment”
means the spread adjustment, (which may be a positive or negative value or zero) that would apply for derivatives transactions referencing
the ISDA Definitions to be determined upon the occurrence of an index cessation event with respect to the Benchmark for the applicable
tenor.

 

“ISDA Fallback Rate”
means the rate that would apply for derivatives transactions referencing the ISDA Definitions to be effective upon the occurrence of an
index cessation date with respect to the Benchmark for the applicable tenor excluding the applicable ISDA Fallback Adjustment.

 

“Issuance Date”
means June 8, 2022.

 

“Margin” means, for
the Series 2022-GT1 Term Notes, 4.25% per annum.

 

“Note Interest Rate”
means, for the Series 2022-GT1 Term Notes, with respect to any Interest Accrual Period, the sum of (a) the Benchmark plus
(b) the applicable Margin.

 

“Note Purchase Agreement”
means that certain Series 2022-GT1 Note Purchase Agreement, dated as of June 3, 2022, by and among the Issuer, CSFB, as Administrative
Agent on behalf of the Initial Purchasers, PLS, as Administrator and Servicer, and the Initial Purchasers, that relates to the purchase
of the Series 2022-GT1 Term Notes, as amended, restated, supplemented or otherwise modified from time to time.

 

“Note Rating Agency”
means Kroll Bond Rating Agency, LLC.

 

    7 

     

    

 

“PLS” has
the meaning assigned to such term in the Preamble.

 

“Regulation RR”
has the meaning assigned to such term in Section 15 of this Indenture Supplement.

 

“Relevant Governmental
Body” means the Federal Reserve Board and/or the Federal Reserve Bank of New York, or a committee officially endorsed or convened
by the Federal Reserve Board and/or the Federal Reserve Bank of New York or any successor thereto.

 

“Scheduled Principal
Payment Amount” means, with respect to any Payment Date following a Scheduled Principal Payment Event, an amount equal to the
sum of the Series Principal Payment Amounts due and payable on each Series of Terms Notes then outstanding.

 

“Scheduled Principal
Payment Events” means, for any Payment Date with respect to the Series 2022-GT1 Term Notes, a Series Principal Payment
Amount will be due on a one-time basis on any Payment Date following the occurrence of any of the following events (each, a “Scheduled
Principal Payment Event”):

 

(i)            the
unpaid principal balance of the Portfolio is less than $85 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(ii)           the
unpaid principal balance of the Portfolio is less than $80 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(iii)           the
unpaid principal balance of the Portfolio is less than $75 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(iv)          the
unpaid principal balance of the Portfolio is less than $70 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(v)           the
unpaid principal balance of the Portfolio is less than $65 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(vi)           the
unpaid principal balance of the Portfolio is less than $60 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

    8 

     

    

 

(vii)         the
unpaid principal balance of the Portfolio is less than $55 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(viii)        the
unpaid principal balance of the Portfolio is less than $50 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date;

 

(ix)          the
unpaid principal balance of the Portfolio is less than $45 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date; or

 

(x)           the
unpaid principal balance of the Portfolio is less than $40 billion and a Borrowing Base Deficiency exists as of the close of business
on the last day of the related Collection Period, prior to the paydown of the VFN Principal Balance of any Outstanding Class of VFNs
from the preceding Payment Date.

 

“Second Optional Extension
Date” means May 25, 2028.

 

“Second Optional
Extension Term” has the meaning assigned to such term in Section 6.

 

“Series 2022-GT1
Term Notes” has the meaning assigned to such term in Section 1 of this Indenture Supplement.

 

“Series Principal
Payment Amount” means, with respect to the Series 2022-GT1 Term Notes, upon the occurrence of a Scheduled Principal Payment
Event, an amount equal to the product of (i) the Series Allocation Percentage of the Series 2022-GT1 Term Notes and (ii) the
product of (a) $5,000,000,000, (b) the Market Value Percentage (as calculated using clause (b)(ii) of the definition thereof)
and (c) the Advance Rate of the Series 2022-GT1 Term Notes.

 

“Series Required
Noteholders” means, for so long as the Series 2022-GT1 Term Notes are Outstanding, Noteholders of the Series 2022-GT1
Term Notes constituting the Majority Noteholders of such Series.

 

“SOFR”
means, with respect to any day, the greater of (i) the secured overnight financing rate published for such day by the Federal Reserve
Bank of New York (or a successor administrator), as the administrator of the benchmark on the Federal Reserve Bank of New York’s
Website (or such successor administrator’s website) and (ii) 0%.

 

    9 

     

    

 

“SOFR
Adjustment Conforming Changes” means, with respect to any SOFR Rate, any technical, administrative or operational changes (including
changes to the Interest Accrual Period, timing and frequency of determining rates and making payments of interest, rounding of amounts
or tenors, and other administrative matters) that the Designated Transaction Representative decides, from time to time, may be appropriate
to adjust such SOFR Rate in a manner substantially consistent with or conforming to market practice (or, if the Designated Transaction
Representative decides that adoption of any portion of such market practice is not administratively feasible or if the Designated Transaction
Representative determines that no market practice exists, in such other manner as the Designated Transaction Representative determines
is reasonably necessary), in each case as notified to the Indenture Trustee, the Calculation Agent and the Administrative Agent
at least twenty (20) calendar days prior to the posting of such SOFR Adjustment Conforming Changes with the Payment Date Report notifying
Noteholders of such changes and such SOFR Adjustment Conforming Changes taking effect, which such changes shall automatically become effective
without further action on behalf of any party (upon being provided with such Payment Date Report). The SOFR Adjustment Conforming Changes
will be prepared by the Designated Transaction Representative and delivered to the Indenture Trustee and Calculation Agent for posting
with the Payment Date Report.

 

“SOFR Determination
Date” means the second U.S. Government Securities Business Day before each Interest Accrual Period begins.

 

“SOFR Determination
Time” means 3:00 p.m. (New York time) on a U.S. Government Securities Business Day, at which time Compounded SOFR or Term
SOFR, as applicable, is published on the Federal Reserve Bank of New York’s Website.

 

“SOFR Rate”
with respect to the Note Interest Rate, based on SOFR, means: (1) initially a rate equal to Compounded SOFR for the Corresponding
Tenor of 30 days; and (2) subsequently, a rate equal to Term SOFR for the Corresponding Tenor of such Note, commencing at a date
determined by the Designated Transaction Representative, in its sole discretion, to be operationally, administratively and technically
feasible, provided that such change will not adversely affect the tax status of such Note, and that the Designated Transaction Representative
will have the right, its sole discretion, to make applicable SOFR Adjustment Conforming Changes; provided, that if Compounded SOFR is
still available, but Term SOFR ceases to be available, then the rate in clause (1) above will apply; provided, however, if a Benchmark
Transition Event and its related Benchmark Replacement Date have occurred, the Designated Transaction Representative will determine an
alternative Benchmark in accordance with the definition of Benchmark Replacement and references to SOFR Rate herein will be deemed to
reference such Benchmark Replacement.

 

“Specified
Call Premium Amount” means, as of any date of determination in respect of the Series 2022-GT1 Term Notes, the greater
of (i) $0 and (ii) (a) the quotient of: (1) the product of: (x) the Note Interest Rate multiplied
by (y) the outstanding Note Balance divided by (2) 360 multiplied by (b) the difference between (1) 1080
and (2) the number of days from and including the date the Series 2022-GT1 Term Notes were issued through and including the
date on which the Series 2022-GT1 Term Notes are redeemed.

 

“Stated Maturity
Date” means, for Series 2022-GT1 Term Notes, the Payment Date in May 2027, or upon exercise of the First Optional
Extension, the Payment Date in May 2028, or upon exercise of the Second Optional Extension, the Payment Date in May 2029, as
further described in Section 6 hereof.

 

“Step-Up Fee”
means for the Series 2022-GT1 Term Notes and each Payment Date during the Step-Up Fee Period and on the date of final payment of
such Notes (if the Step-Up Fee Period is continuing on such final payment date), a fee equal to (1) the related Cumulative Step-Up
Fee Shortfall Amount plus (2) the product of (i) the applicable Step-Up Fee Rate multiplied by (ii) the average
daily Note Balance since the prior Payment Date of the Series 2022-GT1 Term Notes multiplied by (iii) a fraction, (A) the
numerator of which is the number of days elapsed from and including the prior Payment Date (or, if later, the commencement of the Step-Up
Fee Period) to but excluding such Payment Date and (B) the denominator of which equals 360.

 

    10 

     

    

 

“Step-Up Fee Period”
means, upon exercise of the First Optional Extension, the period that begins on the First Optional Extension Date and ends on the date
on which the Series 2022-GT1 Term Notes are no longer outstanding.

 

“Step-Up Fee Rate”
means, with respect to the Series 2022-GT1 Term Notes, 0.65% per annum during the First Optional Extension Term and 1.30%
per annum during the Second Optional Extension Term; provided, however, that if for any reason the Series 2022-GT1
Term Notes are downgraded by the Note Rating Agency to a rating below “BBB- (sf),” the Step-Up Fee Rate with respect to such
Series 2022-GT1 Term Notes will be 1.30% per annum during the First Optional Extension Term and 2.60% per annum during
the Second Optional Extension Term.

 

“Term SOFR”
means the forward-looking term rate for the applicable Corresponding Tenor based on SOFR that has been selected or recommended by the
Relevant Governmental Body as may initially be increased or decreased by a spread adjustment value that is either (i) set or recommended
by the Relevant Governmental Body for such term rate or (ii) determined in accordance with the methodology endorsed by the Relevant
Governmental Body for such term rate.

 

“Unadjusted Benchmark
Replacement” means the Benchmark Replacement excluding the applicable Benchmark Replacement Adjustment.

 

“U.S. Government
Securities Business Day” means any day except for a Saturday, a Sunday or a day on which the Securities Industry and Financial
Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in
U.S. government securities.

 

“WSFS”
has the meaning assigned to such term in Section 14 hereof.

 

Section 3.     Form of
the Series 2022-GT1 Term Notes; Transfer Restrictions.

 

(a)            Subject
to the terms and provisions of Section 5.4 of the Base Indenture, the Series 2022-GT1 Term Notes shall only be issued as a Book-Entry
Note, and the form of Global Rule 144A Note that may be used to evidence the Series 2022-GT1 Term Notes in the circumstances
described in Section 5.2(c) of the Base Indenture is attached to the Base Indenture as Exhibit A-1. The Series 2022-GT1
Term Notes shall not be issued as a Regulation S Notes nor shall any Series 2022-GT1 Term Notes be sold in offshore transactions
in reliance on Regulation S.

 

The Series 2022-GT1 Term
Notes will be issued in minimum denominations of $100,000 and integral multiples of $1 in excess thereof.

 

    11 

     

    

 

(b)            The
Series 2022-GT1 Term Notes will not be registered under the 1933 Act, or the securities laws of any other jurisdiction. The sale,
pledge or other transfer of any Series 2022-GT1 Term Note or any interest therein will be subject to the restrictions described below.
The Series 2022-GT1 Term Notes will bear a legend referring to the transfer restrictions thereof. None of the Issuer or the Initial
Purchasers will register the Series 2022-GT1 Term Notes under the 1933 Act, register or qualify the Series 2022-GT1 Term Notes
under the securities laws of any state or other jurisdiction or provide registration rights to any purchaser.

 

In addition to any provisions
set forth in Section 6.5 of the Base Indenture, any Noteholder of the Series 2022-GT1 Term Notes may only resell, pledge or
transfer its beneficial interest in a Series 2022-GT1 Term Note to a person that the transferor reasonably believes is, and who has
certified (or, in the case of Book-Entry Notes, is deemed to have certified) that it is a Qualified Institutional Buyer that purchases
for its own account or for the account of a Qualified Institutional Buyer and to whom notice is given that the resale, pledge or transfer
is made in reliance on Rule 144A. The Series 2022-GT1 Term Notes may not be resold, pledged or transferred pursuant to Regulation
S.

 

Section 4.     Payments
and Allocation of Funds on Payment Dates; No Series Reserve Account.

 

(a)            Except
as otherwise expressly set forth herein, the Paying Agent shall make payments on the Series 2022-GT1 Term Notes on each Payment Date
in accordance with Section 4.5 of the Base Indenture.

 

(b)            There
will be no Series Reserve Account for the Series 2022-GT1 Term Notes.

 

(c)            The
Administrative Agent and the Issuer further confirm that the Series 2022-GT1 Term Notes issued on the Issuance Date pursuant to this
Indenture Supplement shall be issued in the name of “Cede & Co.,” as nominee of DTC, pursuant to a letter agreement
between the Issuer and DTC, to be dated as of the Issuance Date. The Issuer and the Administrative Agent hereby direct the Indenture Trustee
to issue the Series 2022-GT1 Term Notes in the name of “Cede & Co”.

 

Section 5.     Optional
Redemption and Refinancing.

 

(a)            The
Issuer may, at any time, subject to Section 13.1 of the Base Indenture, upon at least five (5) Business Days’ prior written
notice to the Administrative Agent, the Indenture Trustee and the Noteholders of the Series 2022-GT1 Term Notes, redeem in whole
or in part and/or terminate and cause retirement of the Series 2022-GT1 Term Notes (so long as, in the case of any partial redemption,
(i) such redemption is funded using the proceeds of the issuance and sale of one or more new Classes of Notes or from any other cash
or funds of PLS and not Collections on the MSRs, and (ii) the Series 2022-GT1 Term Notes are redeemed on a pro rata basis
based on their related Note Balances). In anticipation of a redemption of the Series 2022-GT1 Term Notes at the end of their Revolving
Period, the Issuer may issue a new Series or one or more Classes of Notes within the ninety (90) day period prior to the end of such
Revolving Period and reserve the cash proceeds of the issuance for the sole purpose of paying the principal balance and all accrued and
unpaid interest on the Series 2022-GT1 Term Notes, on the last day of their Revolving Period. Any amendment to this Indenture Supplement
executed to effect an optional redemption may be entered into without consent of the Noteholders of the Series 2022-GT1 Term Notes
or of any other Notes issued under the Base Indenture (but with satisfaction of other requirements for amendments entered into without
Noteholder consent). Any Notes issued in replacement for the Series 2022-GT1 Term Notes will have the same rights and privileges
as the Class of Series 2022-GT1 Term Notes that was refinanced with the related proceeds thereof; provided, such replacement
Notes may have different Stated Maturity Dates and different Note Interest Rates.

 

    12 

     

    

 

(b)            If
the Issuer redeems the Series 2022-GT1 Term Notes within 36 months from and including the Issuance Date, the Issuer shall pay to
the Noteholders of the Series 2022-GT1 Term Notes as part of the Redemption Amount an amount equal to the Specified Call Premium
Amount.

 

Section 6.     Optional
Extension of Stated Maturity Date.

 

The
Administrator, on behalf of the Issuer, may, by written notice to the Administrative Agent and the Indenture Trustee, request two one-year
extensions of the Stated Maturity Date for the Series 2022-GT1 Term Notes. The first optional extension (the “First Optional
Extension”) request must be made at least fifteen (15) days prior to the First Optional Extension Date and the second optional
extension (the “Second Optional Extension” and together with the First Optional Extension, “Optional Extensions”)
request must be made at least fifteen (15) days prior to the Second Optional Extension Date. To the extent the Administrator has exercised
the First Optional Extension and the term of the Acknowledgment Agreement has been extended through at least May 25, 2028, the Stated
Maturity Date will be extended on the First Optional Extension Date such that, after giving effect to such extension, the Stated Maturity
Date will be one (1) year after the Stated Maturity Date in effect immediately prior to exercise of the First Optional Extension
(the “First Optional Extension Term”). To the extent the Administrator has exercised the Second Optional Extension
and the term of the Acknowledgment Agreement has been extended through at least May 25, 2029, the Stated Maturity Date will be extended
on the Second Optional Extension Date such that, after giving effect to such extension, the Stated Maturity Date will be one (1) year
after the Stated Maturity Date in effect immediately prior to exercise of the Second Optional Extension (“Second Optional Extension
Term”). The Stated Maturity Date of the Series 2022-GT1 Term Notes cannot be extended past the date which is two (2) years
following the initial Stated Maturity Date in effect immediately prior to exercise of the First Optional Extension. Upon exercise of an
Optional Extension, during the Step-Up Fee Period, the applicable Step-Up Fee will apply to the Series 2022-GT1 Term Notes.

 

Section 7.     Determination
of Note Interest Rate and Benchmark.

 

(a)            At
least one (1) Business Day prior to each Determination Date, the Calculation Agent shall calculate the Note Interest Rate for the
related Interest Accrual Period and the Interest Payment Amount for the Series 2022-GT1 Term Notes for the upcoming Payment Date,
and include a report of such amount in the related Payment Date Report.

 

(b)            On
each Benchmark Determination Date, the Calculation Agent will calculate the Benchmark for a one-month period for the succeeding Interest
Accrual Period for the related Series 2022-GT1 Term Notes on the basis of the procedures specified in the definition of “Benchmark.”

 

    13 

     

    

 

(c)            In
connection with the implementation of a Benchmark Replacement, the Designated Transaction Representative will have the right from time
to time to make Benchmark Replacement Conforming Changes as described in the definition thereof.

 

(d)            Written
notice or materials relating to the occurrence of a Benchmark Transition Event and its related Benchmark Replacement Date, the determination
of a Benchmark Replacement and the making of any Benchmark Replacement Conforming Changes or SOFR Adjustment Conforming Changes received
by the Paying Agent in a format suitable for posting shall be posted with the relevant Payment Date Report. Notwithstanding anything in
the Base Indenture, any Indenture Supplement or any other Transaction Document to the contrary, upon such information being provided with
the Payment Date Report, the Base Indenture, any Indenture Supplement or any other relevant Transaction Document, as applicable, shall
be deemed to have been amended to reflect the new Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement
Conforming Changes and/or SOFR Adjustment Conforming Changes without further compliance with the amendment provisions of the Base Indenture,
any Indenture Supplement or any other relevant Transaction Document.

 

(e)            Any
determination, decision or election that may be made by the Designated Transaction Representative in connection with a Benchmark Transition
Event or a Benchmark Replacement as described above, including any determination with respect to a tenor, rate or adjustment or of the
occurrence or non-occurrence of an event, circumstance or date and any decision to take or refrain from taking any action or any selection,
shall be conclusive and binding absent manifest error, may be made in the Designated Transaction Representative’s sole discretion,
and, notwithstanding anything to the contrary in the Transaction Documents, shall become effective without consent from any other party.
The Designated Transaction Representative shall provide notice of any determination, decision or election made by the Designated Transaction
Representative in connection with a Benchmark Transition Event or a Benchmark Replacement as described above at least twenty (20) days
prior to the proposed posting of such changes with the related Payment Date Report. None of the Issuer, Owner Trustee, the Indenture Trustee,
the Calculation Agent, the Paying Agent, the Administrator, the Designated Transaction Representative, the Administrative Agent, the Servicer
or any other transaction party will have any liability for any determination made by or on behalf of the Issuer by any party, including
the Designated Transaction Representative or any action or inaction by the Administrative Agent, in connection with a Benchmark Transition
Event, any Benchmark Replacement Date, the determination of or a Benchmark Replacement and the making of any Benchmark Replacement Conforming
Changes or SOFR Adjustment Conforming Changes as described above, and each Noteholder, by its acceptance of a Note or a beneficial interest
in a Note, shall be deemed to waive and release any and all claims against any of the Issuer, Owner Trustee, the Indenture Trustee, the
Calculation Agent, the Administrator, the Designated Transaction Representative, the Administrative Agent or the Servicer relating to
any such determinations.

 

(f)            The
establishment of the Benchmark by the Calculation Agent and the Designated Transaction Representative, as applicable, and the Calculation
Agent’s subsequent calculation of the Benchmark, the Note Interest Rate and the Interest Payment Amount on the Series 2022-GT1
Term Notes for the relevant Interest Accrual Period based on the determination made by the Designated Transaction Representative, in the
absence of manifest error, will be final and binding.

 

    14 

     

    

 

(g)            The
Designated Transaction Representative and its directors, officers, agents or employees shall not be liable for any action taken or omitted
to be taken by it under or in connection with this Indenture Supplement or the other Transaction Documents in its capacity as Designated
Transaction Representative, other than action or inaction undertaken with gross negligence, willful misconduct or bad faith. Without limiting
the foregoing and notwithstanding any understanding to the contrary, no Noteholder shall have any right of action whatsoever against the
Designated Transaction Representative as a result of the Designated Transaction Representative acting or refraining from acting under
this Indenture Supplement, the Notes or any of the other Transaction Documents in its own interests or otherwise, other than as a result
of gross negligence, willful misconduct or bad faith by the Designated Transaction Representative.

 

Section 8.     Conditions
Precedent Satisfied.

 

The
Issuer hereby represents and warrants to the Noteholders of the Series 2022-GT1 Term Notes and the Indenture Trustee that, as of
the Issuance Date (a) the Series 2022-GT1 Term Notes are rated “BBB (sf)” by the Note Rating Agency and (b) each
of the conditions precedent set forth in the Base Indenture, including but not limited to those conditions precedent set forth in Section 6.10(b) of
the Base Indenture and Article XII thereof, as applicable, to the issuance of the Series 2022-GT1 Term Notes have been
satisfied or waived in accordance with the terms thereof.

 

Section 9.     Representations
and Warranties.

 

The Issuer, the Administrator,
the Servicer and the Indenture Trustee hereby restate as of the related Issuance Date, or as of such other date as is specifically referenced
in the body of such representation and warranty, all of the representations and warranties set forth in Sections 9.1, 10.1 and 11.14,
respectively, of the Base Indenture.

 

The Administrator hereby represents
and warrants that it is not in default with respect to any material contract under which a default should reasonably be expected to have
a material adverse effect on the ability of the Administrator to perform its duties under this Indenture or any Indenture Supplement,
or with respect to any order of any court, administrative agency, arbitrator or governmental body which would have a material adverse
effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse of time or both would constitute
such a default with respect to any such contract or order of any court, administrative agency, arbitrator or governmental body.

 

PLS hereby represents and
warrants that it is not in default with respect to any material contract under which a default should reasonably be expected to have a
material adverse effect on the ability of PLS to perform its duties under this Indenture, any Indenture Supplement or any Transaction
Document to which it is a party, or with respect to any order of any court, administrative agency, arbitrator or governmental body which
would have a material adverse effect on the transactions contemplated hereunder, and no event has occurred which with notice or lapse
of time or both would constitute such a default with respect to any such contract or order of any court, administrative agency, arbitrator
or governmental body.

 

    15 

     

    

 

Section 10.     Amendments.

 

(a)            Notwithstanding
any provisions to the contrary in Article XII of the Base Indenture but subject to the provisions set forth in Sections 12.1 and
12.3 of the Base Indenture, without the consent of the Noteholders of any Notes but with the consent of the Issuer (evidenced by its execution
of such amendment), the Indenture Trustee, the Administrator, the Servicer (solely in the case of any amendment that adversely affects
the rights or obligations of the Servicer or adds new obligations or increases existing obligations of the Servicer), and the Administrative
Agent, at any time and from time to time, upon delivery of an Issuer Tax Opinion and upon delivery by the Issuer to the Indenture Trustee
of an Officer’s Certificate to the effect that the Issuer reasonably believes that such amendment will not have a material Adverse
Effect, may amend any Transaction Document for any of the following purposes: (i) to correct any mistake or typographical error or
cure any ambiguity, or to cure, correct or supplement any defective or inconsistent provision therein or in any other Transaction Document;
or (ii) to amend any other provision of this Indenture Supplement. Further, the Noteholders of Series 2022-GT1 Term Notes are
deemed to consent to any amendments made to the Transaction Documents as a result of amendments to the Acknowledgment Agreement that Ginnie
Mae and the Servicer agree to effect from time to time or changes that Ginnie Mae may make to the Ginnie Mae Guide from time to time.

 

(b)            Notwithstanding
any provisions to the contrary in Section 6.10 or Article XII of the Base Indenture except for amendments otherwise permitted
as described in Sections 12.1 and 12.2 of the Base Indenture and in the immediately preceding paragraph, no supplement, amendment or indenture
supplement entered into with respect to the issuance of a new Series of Notes or pursuant to the terms and provisions of Section 12.2
of the Base Indenture may, without the consent of the Series Required Noteholders in respect of the Series 2022-GT1 Term Notes,
supplement, amend or revise any term or provision of this Indenture Supplement; provided, that with respect to the following amendments,
the consent of each Noteholder of each Outstanding Series 2022-GT1 Term Notes materially and adversely affected thereby shall be
required:

 

		(i)	any change to the scheduled payment date of any payment of interest on any Note held by such Noteholder,
or change a Payment Date or Stated Maturity Date of any Note held by such Noteholder;

 

		(ii)	any reduction of the Note Balance of, or the Note Interest Rate, the Step-Up Fee Rate or the Default Supplemental
Fee Rate on any Notes held by such Noteholder, or change the method of computing the Note Balance or Note Interest Rate in a manner that
is adverse to such Noteholder;

 

		(iii)	any impairment of the right to institute suit for the enforcement of any payment on any Note held by such
Noteholder;

 

		(iv)	any reduction of the percentage of Noteholders of the Outstanding Notes (or of the Outstanding Notes of
any Series or Class), for which consent is required for any such amendment, or the consent of whose Noteholders is required for any
waiver of compliance with the provisions of the Indenture or any Indenture Supplement or of defaults thereunder and their consequences,
provided for in the Base Indenture or any Indenture Supplement;

 

		(v)	any modification of any amendment of the Indenture, except to increase any percentage of Noteholders required
to consent to any such amendment or to provide that other provisions of the Indenture or any Indenture Supplement cannot be modified or
waived without the consent of the Noteholder of each outstanding Note adversely affected thereby;

 

    16 

     

    

 

		(vi)	any modification to permit the creation of any lien or other encumbrance on the collateral that is prior
to the lien in favor of the Indenture Trustee for the benefit of the Noteholders of the Notes;

 

		(vii)	any modification to change the method of computing the amount of principal of, or interest on, any Note
held by such Noteholder on any date;

 

		(viii)	any modification to increase any Advance Rates in respect of Notes held by such Noteholder or eliminate
or decrease any collateral value exclusions in respect of Notes held by such Noteholder; or

 

		(ix)	any change, modification or waiver of any Scheduled Principal Payment Amount;

 

provided, that written notice of the occurrence
of a Benchmark Transition Event and its related Benchmark Replacement Date, the determination of a Benchmark Replacement and the making
of any Benchmark Replacement Conforming Changes or SOFR Adjustment Conforming Changes received by the Paying Agent in a format suitable
for posting shall be posted with the relevant Payment Date Report, and notwithstanding anything in the Base Indenture, any Indenture Supplement
or any other Transaction Document to the contrary, upon such information being provided with such Payment Date Report, the Base Indenture,
any Indenture Supplement or any other relevant Transaction Document, as applicable, shall be deemed to have been amended to reflect the
new Unadjusted Benchmark Replacement, Benchmark Replacement Adjustment, Benchmark Replacement Conforming Changes and/or SOFR Adjustment
Conforming Changes without further compliance with the amendment provisions of the Base Indenture, any Indenture Supplement or any other
relevant Transaction Document.

 

(c)            For
the avoidance of doubt, the consent of the Servicer is not required for (i) the waiver of any Event of Default or (ii) any other
modification or amendment to any Event of Default except those related to the actions and omissions of the Servicer.

 

(d)            For
the avoidance of doubt, the Issuer and the Administrator hereby covenant that the Issuer shall not issue any future Series of Notes
without designating an entity to act as “Administrative Agent” under the related Indenture Supplement with respect to such
Series of Notes.

 

(e)            Any
amendment of this Indenture Supplement which affects the rights, duties, immunities, obligations or liabilities of the Owner Trustee in
its capacity as owner trustee under the Trust Agreement shall require the written consent of the Owner Trustee.

 

    17 

     

    

 

Section 11.     Counterparts.

 

This
Indenture Supplement may be executed in any number of counterparts and all of such counterparts shall together constitute one and the
same instrument. The parties agree that this Indenture Supplement, any addendum or amendment hereto or any other document necessary for
the consummation of the transactions contemplated by this Indenture Supplement may be accepted, executed or agreed to through the use
of an electronic signature in accordance with the Electronic Signatures in Global and National Commerce Act, 15 U.S.C. § 7001 et
seq, Official Text of the Uniform Electronic Transactions Act as approved by the National Conference of Commissioners on Uniform State
Laws at its Annual Conference on July 29, 1999 and any applicable state law. Any document accepted, executed or agreed to in conformity
with such laws will be binding on all parties hereto to the same extent as if it were physically executed and each party hereby consents
to the use of any secure third party electronic signature capture service with appropriate document access tracking, electronic signature
tracking and document retention.

 

Section 12.     Entire
Agreement.

 

This Indenture Supplement,
together with the Base Indenture incorporated herein by reference and the related Transaction Documents, constitutes the entire agreement
among the parties hereto with respect to the subject matter hereof, and fully supersedes any prior or contemporaneous agreements relating
to such subject matter.

 

Section 13.     Limited
Recourse.

 

Notwithstanding any other
terms of this Indenture Supplement, the Series 2022-GT1 Term Notes, any other Transaction Documents or otherwise, the obligations
of the Issuer under the Series 2022-GT1 Term Notes, this Indenture Supplement and each other Transaction Document to which it is
a party are limited recourse obligations of the Issuer, payable solely from the Trust Estate, and following realization of the Trust Estate
and application of the proceeds thereof in accordance with the terms of this Indenture Supplement, none of the Noteholders of Series 2022-GT1
Term Notes, the Indenture Trustee or any of the other parties to the Transaction Documents shall be entitled to take any further steps
to recover any sums due but still unpaid hereunder or thereunder, all claims in respect of which shall be extinguished and shall not thereafter
revive. No recourse shall be had for the payment of any amount owing in respect of the Series 2022-GT1 Term Notes or this Indenture
Supplement or for any action or inaction of the Issuer against any officer, director, employee, shareholder, stockholder or incorporator
of the Issuer or any of their successors or assigns for any amounts payable under the Series 2022-GT1 Term Notes or this Indenture
Supplement. It is understood that the foregoing provisions of this Section 13 shall not (a) prevent recourse to the Trust
Estate for the sums due or to become due under any security, instrument or agreement which is part of the Trust Estate, including, without
limitation, the PC Guaranty and the PMT Guaranty or (b) save as specifically provided therein, constitute a waiver, release or discharge
of any indebtedness or obligation evidenced by the Series 2022-GT1 Term Notes or secured by this Indenture Supplement. It is further
understood that the foregoing provisions of this Section 13 shall not limit the right of any Person to name the Issuer as
a party defendant in any proceeding or in the exercise of any other remedy under the Series 2022-GT1 Term Notes or this Indenture
Supplement, so long as no judgment in the nature of a deficiency judgment or seeking personal liability shall be asked for or (if obtained)
enforced against any such Person or entity.

 

    18 

     

    

 

Section 14.     Owner
Trustee Limitation of Liability.

 

It is expressly understood
and agreed by the parties hereto that (a) this Indenture Supplement is executed and delivered by WSFS, not individually or personally
but solely in its capacity as Owner Trustee under the Trust Agreement, in the exercise of the powers and authority conferred and vested
in it thereunder, (b) each of the representations, warranties, undertakings, obligations and agreements herein made on the part of
the Issuer is made and intended not as personal representations, warranties, undertakings, obligations and agreements by WSFS but is made
and intended for the purpose of binding only, and is binding only on, the Issuer, (c) nothing herein contained shall be construed
as creating any liability on WSFS, individually or personally, to perform any covenant or obligation of the Issuer, either expressed or
implied, contained herein, all such liability, if any, being expressly waived by the parties hereto and by any Person claiming by, through
or under the parties hereto, (d) WSFS has not made and will not make any investigation as to the accuracy or completeness of any
representations or warranties made by the Issuer in this Indenture Supplement or any related document delivered pursuant hereto and (e) under
no circumstances shall WSFS be personally liable for the payment of any indebtedness, indemnities or expenses of the Issuer, or be liable
for the performance, breach or failure of any obligation, representation, warranty or covenant made or undertaken by the Issuer or by
WSFS as Owner Trustee on behalf of the Issuer under this Indenture Supplement or any other related documents, as to all of which recourse
shall be had solely to the assets of the Issuer.

 

Section 15.     Credit
Risk Retention.

 

While it is not clear that
Section 15G of the 1934 Act, added pursuant to Section 941(b) of the Dodd-Frank Wall Street Reform and Consumer Protection
Act (“Regulation RR”), applies to the issuance of the Series 2022-GT1 Term Notes and that PLS will be deemed a
securitizer for the purposes of Regulation RR, PLS will maintain a subordinated seller’s interest in the Issuer (in the form of
the Owner Trust Certificate) that equals not less than 5% of the aggregate unpaid principal balance of any Outstanding Notes (other than
Notes held to maturity by PLS or its wholly-owned affiliates), calculated in accordance with Regulation RR.

 

The seller’s interest
expected to be retained by PLS in connection with Regulation RR (to the extent applicable), will equal approximately 39.8% or $656,000,000
(in each case, as calculated in accordance with Regulation RR), as of the Issuance Date. As the Series 2016-MSRVF1 Notes and Series 2020-SPIADVF1
Notes are held by PLS and financed by Credit Suisse AG, Cayman Islands Branch and Citibank, N.A., as repo buyers, the Note Balances of
the Series 2016-MSRVF1 Notes and Series 2020-SPIADVF1 Notes are not included in the denominator of the calculation that produced
the percentage described above in accordance with Regulation RR. If the Note Balances of the Series 2016-MSRVF1 Notes and Series 2020-SPIADVF1
Notes were included in the denominator, the resulting percentage of the seller’s interest would be lower but still in excess of
the required 5%.

 

    19 

     

    

 

Section 16.     Note
Rating Agency.

 

It is a condition of issuance
of the Series 2022-GT1 Term Notes that the Series 2022-GT1 Term Notes be rated at least “BBB (sf)” by the Note Rating
Agency.

 

[Signatures follow]

 

    20 

     

    

 

IN
WITNESS WHEREOF, the undersigned have caused this Indenture Supplement to be duly executed by their respective signatories
thereunto all as of the day and year first above written.

 

	 	PNMAC GMSR
ISSUER TRUST, as Issuer  
	 	 
	 	 By: Wilmington Savings Fund Society, FSB, not in its individual capacity but solely as Owner Trustee
	 	 
	 	By:	/s/ Mary Emily Pagano
	 	 	Name:	Mary Emily Pagano
	 	 	Title:	 Assistant Vice President

 

[CS-PLS – GMSR – Series 2022-GT1 Indenture Supplement]

 

     

     

    

 

	 	CITIBANK, N.A., as Indenture Trustee, Calculation Agent,
Paying Agent and Securities Intermediary, and not in its individual capacity
	 	 
	 	By:	/s/ Jennifer H. McCourt
	 	 	Name:	Jennifer McCourt
	 	 	Title:	 Senior Trust Officer

 

[CS-PLS – GMSR – Series 2022-GT1 Indenture Supplement]

 

     

     

    

 

	 	PENNYMAC LOAN SERVICES, LLC, as Administrator and Servicer  
	 	 
	 	By:	/s/ Pamela Marsh
	 	 	Name:	Pamela Marsh
	 	 	Title:	Senior Managing Director and Treasurer

 

[CS-PLS
– GMSR – Series 2022-GT1 Indenture Supplement]

 

     

     

    

 

	 	CREDIT SUISSE
FIRST BOSTON MORTGAGE CAPITAL LLC, as Administrative Agent
	 	 
	 	By:	/s/ Dominic Obaditch
	 	 	Name:	Dominic Obaditch
	 	 	Title:	Vice President

 

[CS-PLS – GMSR – Series 2022-GT1 Indenture Supplement]Document

Exhibit 10.1
Standard Award

GRANT OF PERFORMANCE BASED AWARDS
PURSUANT TO THE
R1 RCM INC. 
THIRD AMENDED AND RESTATED 2010 STOCK INCENTIVE PLAN

*  *  *  *  *

Participant:        [NAME]
Grant Date:        [GRANT DATE]
Number of PBRSUs:    [NUMBER OF PBRSUs]
Measurement Date:      [MEASUREMENT DATE] (the “Non-COC Measurement Date”)
*  *  *  *  *
    THIS GRANT OF PERFORMANCE BASED AWARDS (this “Agreement”), dated as of the Grant Date specified above, is entered into by and between R1 RCM Inc., a Delaware corporation (the “Company”), and the Participant specified above, pursuant to the R1 RCM Inc. Third Amended and Restated 2010 Stock Incentive Plan, as in effect and as amended from time to time (the “Plan”), as administered by the Human Capital Committee of the Board of Directors of the Company (the “Committee”).
    WHEREAS, it has been determined under the Plan that it would be in the best interests of the Company to grant the performance-based Restricted Stock Units (“PBRSUs”) provided herein to the Participant; and
    WHEREAS, capitalized terms used in this Agreement and not otherwise defined in this Agreement have the meanings ascribed to them in the Plan.
    NOW, THEREFORE, in consideration of the mutual covenants and promises hereinafter set forth and for other good and valuable consideration, receipt of which is acknowledged, the parties hereto hereby mutually covenant and agree as follows:
1.Grant of Performance-Based Restricted Stock Units. In consideration of services rendered and to be rendered to the Company by the Participant, the Company hereby grants to the Participant, upon the terms and subject to the conditions set forth in this Agreement and in the Plan, as of the Grant Date specified above, an award consisting of the number of PBRSUs specified above (the “Granted PBRSUs”), with the actual number of shares of Common Stock to be issued in respect thereof pursuant to Section 3 (the “PBRSU Shares”) contingent upon satisfaction of the vesting conditions described in Section 2 but not to exceed the number of shares equal to the number of Granted PBRSUs that become “vested” pursuant to Section 2 below (the “Maximum Shares”). The Participant agrees and understands that nothing contained in this Agreement provides, or is intended to provide, the Participant with any protection against potential future dilution of the Participant’s interest in the equity of the Company for any reason, and no adjustments shall be made for dividends in cash or other property, distributions, or other rights in respect of the shares of Common Stock underlying the Granted PBRSUs, except as otherwise specifically provided for in the Plan or this Agreement. The Committee may, in its sole discretion, make adjustments or take other equitable actions to remediate any dilutive effect resulting from any strategic transaction, including in connection with any Change of Control. 

2.Vesting.
(a)The Granted PBRSUs shall be subject to both a time-based vesting condition (the “Time-Based Condition”) and a performance-based vesting condition (the “Performance-Based Condition”), as described herein. None of the Granted PBRSUs (or any portion thereof) shall be “vested” for purposes of this Agreement unless and until both the Time-Based Condition and the Performance-Based Condition for such Granted PBRSUs are satisfied. The number of Granted PBRSUs that become “vested” for purposes of this Agreement (which, for the sake of clarity and avoidance of doubt, may be less than or greater than the number of PBRSUs specified above as having been granted on the Grant Date) shall equal the product of (x) the number of the Granted PBRSUs that have satisfied the Time-Based Condition and (y) the percentage level at which the Performance-Based Condition has been satisfied.
(i)The Time-Based Condition shall be satisfied on the Performance Measurement Date (as defined below), subject to the Participant not having ceased to perform services to the Company, except as provided in Section 2(c), prior to the Performance Measurement Date.
(ii)The percentage level at which the Performance-Based Condition is satisfied will be measured as of the Performance Measurement Date and will be equal to the average of the Achievement Percentages separately determined for the Performance Goals (as defined below), where such average ultimately is determined by weighing differently each of the Performance Goals as follows: [●]% of such average will be measured by Cumulative Adjusted EBITDA; [●]% of such average will be measured by End-to-End RCM Agreement Growth; and [●]% of such average will be measured by Modular Sales Revenue.
															
	Table 1: Non-COC Measurement Date ([●])

	Level of Performance	Performance Goals	Achievement Percentage
(%)

	Cumulative Adjusted EBITDA
($M)
	End-to-End RCM Agreement Growth
($B)
	
Modular Sales Revenue
($M)
	Below Threshold	<[●]
	<[●]
	<[●]
	[●]

	Threshold	[●]
	[●]
	[●]
	[●]

	Target	[●]
	[●]
	[●]
	[●]

	Maximum	[●]
	[●]
	[●]
	[●]

(1)If the Performance Measurement Date is the Non-COC Measurement Date, then achievement will be determined pursuant to Table 1 above, subject to the terms and conditions of this paragraph. The maximum number of Granted PBRSUs that satisfy the Performance-Based Condition and thus become “vested” cannot exceed [●]% of the Granted PBRSUs. For each Performance Goal, performance between Threshold and Target or between Target and Maximum will be determined on a pro-rata basis using straight-line interpolation between the Achievement Percentages for the relevant levels of performance.
Example: If Cumulative Adjusted EBITDA is $[●], the Achievement Percentage for Cumulative Adjusted EBITDA is [●]%. If End-to-End RCM Agreement Growth is $[●], the Achievement Percentage for End-to-End RCM Agreement Growth is [●]%. If Modular Sales Revenue is $[●], the Achievement Percentage for Modular Sales Revenue is [●]%. Accordingly, the percentage level at which the Performance-Based Condition is satisfied, after giving weight to the different Performance Goals at [●]%, [●]% and [●]%, respectively, is [●]%.
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	Table 2: Change of Control Measurement Date
		Threshold
[●]
	Target
[●]
	Maximum
[●]

	Year	EBITDA*	E2E†	MSR#	EBITDA	E2E	MSR	EBITDA	E2E	MSR
	[Year]	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]

	[Year]	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]

	[Year]	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]

	Cumulative ([●] Yrs)
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]
	[●]

* In Table 2, “EBITDA” means Cumulative Adjusted EBITDA, in $M USD.
† In Table 2, “E2E” means End-to-End RCM Agreement Growth, in $B USD.    
# In Table 2, “MSR” means Modular Sales Revenue, in $M USD.    
(2)If the Performance Measurement Date is the effective date of a Change of Control (as defined below) prior to the Non-COC Measurement Date, then achievement will be determined pursuant to Table 2 above, with target achievement levels prorated for the time elapsed during the year in which the Performance Measurement Date occurs (“COC Year”). For Cumulative Adjusted EBITDA, target achievement levels for the COC Year will be prorated for the number of full fiscal quarters elapsed in the COC Year. The prorated target achievement levels for the COC Year will be the numbers in Table 2 multiplied by the “Budget Weighting,” which is the percentage equal to the aggregate EBITDA for the full fiscal quarters elapsed in the COC Year divided by aggregate EBITDA for the full COC Year, as reflected in the Company’s then-current operating budget for the COC Year as most recently approved by the Board prior to the Performance Measurement Date. For End-to-End RCM Agreement Growth, target achievement levels will be prorated on a straight-line basis according to the number of full months elapsed during the year in which the Performance Measurement Date occurs prior to the Change of Control. For Modular Sales Revenue, target achievement levels for the COC Year will be prorated for the number of full fiscal quarters elapsed in the COC Year. The prorated target achievement levels for the COC Year will be the numbers in Table 2 multiplied by the “Budget Weighting,” which is the percentage equal to the aggregate Modular Sales Revenue for the full fiscal quarters elapsed in the COC Year divided by aggregate Modular Sales Revenue for the full COC Year, as reflected in the Company’s then-current operating budget for the COC Year as most recently approved by the Board prior to the Performance Measurement Date.
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Example: If the effective date of the Change in Control is June 30, [Year], and the most recent Board-approved operating budget reflects $[●] of EBITDA for the full [Year] year (divided into $[●] for the first quarter (“Q1”), $[●] for the second quarter (“Q2”), $[●] for the third quarter, and $[●] for the fourth quarter), then the Budget Weighting is [●]% ($[●] for Q1 plus $[●] for Q2, divided by $[●] for the year). The prorated goal for Target achievement of Cumulative Adjusted EBITDA would be $[●] (the sum of $[●] for the full [Year] year and $[●] for two weighted quarters of the [Year] year). The prorated goal for Target achievement of End-to-End RCM Agreement Growth would be $[●] (the sum of $[●] for the full [Year] year and $[●] for 6 months of the [Year] year using time-based proration on a straight-line basis according to the number of full months elapsed during the year in which the Change in Control occurred). With respect to Modular Sales Revenue, if the most recent Board-approved operating budget reflects $[●] of Modular Sales Revenue for the full [Year] year (divided into $[●] for the first quarter (“Q1”), $[●] for the second quarter (“Q2”), $[●] for the third quarter, and $[●] for the fourth quarter), then the Budget Weighting is [●]% ($[●] for Q1 plus $[●] for Q2, divided by $[●] for the year). The prorated goal for Target achievement of Modular Sales Revenue would be $[●] (the sum of $[●] for the full [Year] year and $[●] for two weighted quarters of the [Year] year).
The prorated goals for Threshold and Maximum achievement would be similarly calculated. These figures are illustrative only and not representative of the Company’s actual quarterly operating budget. The percentage level at which the Performance-Based Condition is satisfied will, again, be determined after giving weight to the different Performance Goals at [●]%, [●]% and [●]%, respectively. 
(b)Forfeiture. Except as provided in Section 2(c), in the event that the Participant ceases to perform services to the Company for any reason or no reason before the Performance Measurement Date, all of the Granted PBRSUs shall be forfeited immediately and automatically to the Company, without the payment of any consideration to the Participant, effective as of such cessation. The Participant shall have no further rights with respect to any Granted PBRSUs that are so forfeited. If the Participant provides services to a subsidiary of the Company, any references in this Agreement to provision of services to the Company shall instead be deemed to refer to service with such subsidiary. 
(c)Good Leaver Treatment. If the Participant incurs a Good Leaver Termination (as defined below) on or after the first anniversary of the Grant Date but prior to the Performance Measurement Date, provided that the Participant has continuously provided services to the Company between the Grant Date and the effective date of the Good Leaver Termination, and provided that the Participant executes and does not revoke a general release of all employment and compensation related claims in favor of the Company on such form of release provided by the Company, then the Time-Based Condition shall be deemed satisfied for a pro-rata amount of the Granted PBRSUs (the “Pro-Rata Shares”), with such amount to be determined by multiplying the Granted PBRSUs by a fraction, the numerator of which is the number of days from the Grant Date through and including the effective date of termination, and the denominator of which is the number of days from the Grant Date through and including the Performance Measurement Date. The number of Granted PBRSUs that subsequently become vested on the Performance Measurement Date shall equal the product of (i) the Pro-Rata Shares and (ii) the percentage level at which the Performance-Based Condition has been satisfied. Any Granted PBRSUs that were not forfeited pursuant to Section 2(b) and that do not become vested as of the Performance Measurement Date shall expire immediately following the date on which the Committee determines the level at which the Performance-Based Condition is satisfied.
3.Delivery of Shares. Following the satisfaction of both the Time-Based Condition and the Performance-Based Condition with respect to any Granted PBRSUs, the Participant shall, subject to Section 10(a), receive the number of shares of Common Stock that correspond to the number of such vested Granted PBRSUs, which shall be delivered no later than the March 15th following the end of the calendar year in which or with respect to which both such vesting conditions were satisfied.
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4.Restrictions on Transfer of Granted PBRSUs. No portion of the Granted PBRSUs may be sold, assigned, transferred, encumbered, hypothecated, or pledged by the Participant, other than to the Company as a result of forfeiture of the Granted PBRSUs as provided herein, except that the Participant may sell, transfer, or assign such unvested Granted PBRSUs: (a) to or for the benefit of any spouse, children, parents, uncles, aunts, siblings, grandchildren, and any other relatives approved by the Committee (collectively, “Approved Relatives”) or to a trust established solely for the benefit of the Participant and/or Approved Relatives, provided that such Granted PBRSUs shall remain subject to this Agreement (including without limitation the vesting and forfeiture provisions set forth in Section 2 and the restrictions on transfer set forth in this Section 4) and such permitted transferee shall, as a condition to such transfer, deliver to the Company a written instrument confirming that such transferee shall be bound by all of the terms and conditions of this Agreement; or (b) as part of the sale of all or substantially all of the shares of capital stock of the Company (including pursuant to a merger or consolidation) (collectively, the “Transfer Restrictions”). The Company shall not be required (i) to transfer on its books any of the Granted PBRSUs that have been transferred in violation of any of the provisions of this Agreement or (ii) to treat as owner of the Granted PBRSUs or to pay dividends to any transferee to whom such Granted PBRSUs have been transferred in violation of any of the provisions of this Agreement.
5.Restrictive Legends. The Company may at any time place legends referencing any applicable federal, state, or foreign securities law restrictions on all certificates, if any, representing shares of Common Stock issued pursuant to this Agreement. The Participant shall, at the request of the Company, promptly present to the Company any and all certificates, representing shares of Common Stock acquired pursuant to this Agreement in the possession of the Participant in order to carry out the provisions of this Agreement.
6.Rights as Stockholder. Except as otherwise provided herein, the Participant shall have no rights as a stockholder with respect to any shares of Common Stock covered by any Granted PBRSU unless and until the Participant has become the holder of record of PBRSU Shares. Cash dividends on the number of shares of Common Stock issuable hereunder shall be credited to a dividend book entry account on behalf of the Participant with respect to each Granted PBRSU, provided that such cash dividends shall not be deemed to be reinvested in shares of Common Stock and shall be held uninvested and without interest and paid in cash only if and when the PBRSU Shares underlying the Granted PBRSUs are delivered to the Participant in accordance with the provisions hereof. Stock dividends on shares of Common Stock shall be credited to a dividend book entry account on behalf of the Participant with respect to each Granted PBRSU granted to the Participant, provided that such stock dividends shall be paid in shares of Common Stock only if and when the PBRSU Shares underlying the Granted PBRSUs are delivered to the Participant in accordance with the provisions hereof. If the Granted PBRSUs are forfeited in accordance with this Agreement, then the foregoing book entry account shall automatically and at the same time also be forfeited without any payment or consideration to the Participant in respect thereof.
7.Provisions of the Plan. This Agreement is subject to the provisions of the Plan (including, without limitation, any amendments thereto adopted at any time and from time to time unless such amendments are expressly intended not to apply to the Granted PBRSUs awarded hereunder), a copy of which is furnished to the Participant with this Agreement. The Participant hereby acknowledges receipt of a true copy of the Plan and that the Participant has read the Plan carefully and fully understands its content. In the event of any conflict between the terms of this Agreement and the terms of the Plan, the terms of the Plan shall control.
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8.Tax Matters.
(a)Withholding. The Participant acknowledges and agrees that the Company has the right to deduct from payments of any kind otherwise due to the Participant any federal, state, local, or other taxes of any kind required by law to be withheld with respect to the vesting of the Granted PBRSUs. As of the date on which the Granted PBRSUs vest, the Company shall deliver written notice to the Participant of the amount of withholding taxes due with respect to the vesting of the Granted PBRSUs that vest on such date. The Participant shall satisfy such tax withholding obligations by transferring to the Company, on each date on which Granted PBRSUs vest under this Agreement, such number of shares that are issuable on such date as have a fair market value (calculated using the last reported sale price of the Common Stock of the Company on the New York Stock Exchange or the NASDAQ, as applicable (or, if the Company’s Common Stock is not then traded on the New York Stock Exchange or the NASDAQ, then on any other United States stock exchange upon which the Company’s Common Stock is then listed, or otherwise as reported through the facilities of the OTC Markets Group, Inc.) on the trading date immediately prior to such vesting date) equal to the amount of the Company’s tax withholding obligation in connection with the vesting of such Granted PBRSUs (such withholding method, a “Surrender”), unless, prior to any vesting date, the Committee determines that a Surrender shall not be available to the Participant, in which case, the Participant shall be required to satisfy the Participant’s tax obligations hereunder in a manner permitted by the Plan upon the vesting date.
(b)Section 409A. Notwithstanding anything herein or in the Plan to the contrary, the Granted PBRSUs are intended to be exempt from, or otherwise comply with, the applicable requirements of Section 409A of the Code and shall be limited, construed, and interpreted in accordance with such intent as is reasonable under the circumstances. The Company makes no guarantees with respect to the tax treatment of any PBRSUs.
9.Restrictive Covenants.
(a)General. This Award represents a substantial economic benefit to the Participant. The Participant, by virtue of the Participant's role with the Company, has access to, and is involved in the formulation of, certain confidential and secret information of the Company regarding its operations and the Participant could materially harm the business of the Company by competing with the Company or soliciting employees or customers of the Company.
(b)Non-Solicitation. During the period in which the Participant performs services for the Company and for a period of eighteen months after the Participant ceases to perform services for the Company, regardless of the reason, the Participant shall not, directly or indirectly, either alone or in conjunction with any Person:
(i)   hire, recruit, solicit, or otherwise attempt to employ or retain or enter into any business relationship with, any individual who is or was an employee of the Company within the twelve-month period immediately preceding the cessation of the Participant’s service with the Company; or
(ii)   solicit the sale of any products or services that are similar to or competitive with products or services offered by, manufactured by, designed by, or distributed by the Company, to any Person which was or is a customer or potential customer of the Company for such products or services. 
(c)Non-Disclosure.
(i)   The Participant will not, without the Company’s prior written permission, directly or indirectly, utilize for any purpose other than for a legitimate business purpose solely on behalf of the Company, or directly or indirectly, disclose to anyone outside of the Company, either during or after the Participant’s relationship with the Company, the Company’s Confidential Information (as defined below), as long as such matters remain Confidential Information.
6

(ii)   This Agreement shall not prohibit the Participant from (A) revealing evidence of criminal wrongdoing to law enforcement, (B) disclosing or discussing concerns regarding regulatory or legal compliance with any governmental agency or entity to the extent that such disclosures or discussions are protected under any whistleblower protection provisions of Federal or state laws or regulations, or (C) divulging the Company’s Confidential Information by order of court or agency of competent jurisdiction. However, in the case of foregoing clause (C), the Participant shall promptly inform the Company of any such situations and shall take such reasonable steps to prevent disclosure of the Company’s Confidential Information until the Company has been informed of such requested disclosure and the Company has had an opportunity to respond to the court or agency.
(iii)   Federal law provides certain protections to individuals who disclose a trade secret to their attorney, a court, or a government official in certain confidential circumstances. Specifically, federal law provides that an individual shall not be held criminally or civilly liable under any federal or state trade secret law for the disclosure of a trade secret under either of the following conditions: (A) where the disclosure is made (x) in confidence to a federal, state, or local government official, either directly or indirectly, or to an attorney; and (y) solely for the purpose of reporting or investigating a suspected violation of law; or (B) where the disclosure is made in a complaint or other document filed in a lawsuit or other proceeding, if such filing is made under seal. See 18 U.S.C. § 1833(b)(1). Federal law also provides that an individual who files a lawsuit for retaliation by an employer for reporting a suspected violation of law may disclose the trade secret to the attorney of the individual and use the trade secret information in the court proceeding, if the individual (I) files any document containing the trade secret under seal and (II) does not disclose the trade secret, except pursuant to court order. See 18 U.S.C. § 1833(b)(2). Nothing in this Agreement is intended to preclude or limit such federal laws.
(d)Return of Company Property. The Participant agrees that, in the event that Participant’s service to the Company ceases for any reason, the Participant shall immediately return all of the Company’s property, including without limitation, (i) computers, tablets, phones, printers, key cards, documents, or any other tangible property of the Company, and (ii) the Company’s Confidential Information in any media, including paper or electronic form, and the Participant shall not retain in the Participant’s possession any copies of such information.
(e)Ownership of Software and Inventions. All discoveries, designs, improvements, ideas, inventions, and software, whether patentable or copyrightable or not, shall be works-made-for-hire and the Company shall be deemed the sole owner throughout the universe of any and all rights of whatsoever nature therein, with the rights to use the same in perpetuity in any manner the Company determines in its sole discretion without any further payment to the Participant whatsoever. If, for any reason, any of such results and proceeds that relate to the business shall not legally be a work-for-hire and/or there are any rights that do not accrue to the Company under the preceding sentence, then the Participant hereby irrevocably assigns and agrees to quitclaim any and all of the Participant’s right, title, and interest thereto including, without limitation, any and all copyrights, patents, trade secrets, trademarks, and/or other rights of whatsoever nature therein, whether or not now or hereafter known, existing, contemplated, recognized, or developed to the Company, and the Company shall have the right to use the same in perpetuity throughout the universe in any manner the Company determines without any further payment to the Participant whatsoever. The Participant shall, from time to time, as may be reasonably requested by the Company, at the Company’s expense, do any and all things that the Company may deem useful or desirable to establish or document the Company’s exclusive ownership of any and all rights in any such results and proceeds, including, without limitation, the execution of appropriate copyright and/or patent applications or assignments. To the extent the Participant has any rights in the results and proceeds of the Participant’s services that cannot be assigned in the manner described above, the Participant unconditionally and irrevocably waives the enforcement of such rights. Notwithstanding anything to the contrary set forth herein, works developed by the Participant that are (i) developed independently from the work developed for the Company regardless of whether such work was developed before or after the Participant performed services for the Company; or (ii) applications independently developed that are unrelated to the business and that the Participant develops during non-business hours using non-business property shall not be deemed work for hire and shall not be the exclusive property of the Company.
7

(f)Non-Competition. During the time in which the Participant performs services for the Company and for a period of twelve months after the cessation of the Participant’s service to the Company, regardless of the reason, the Participant shall not, directly or indirectly, either alone or in conjunction with any Person, within the Restricted Area (as defined below), own, manage, operate, or participate in the ownership, management, operation, or control of, or be employed by or provide services to, a Competing Business (as defined below). Notwithstanding anything to the contrary, nothing in this Section 9(f) prohibits the Participant from being a passive owner of not more than one percent of the outstanding stock of any class of a corporation that is publicly traded, so long as the Participant has no active participation in the business of such corporation. Notwithstanding the foregoing, the post-employment period of the covenant set forth in this Section 9(f) shall not apply to the Participant if the enforcement of such covenant is prohibited by applicable law. 
(g)Acknowledgments. The Participant acknowledges and agrees that the restrictions contained in this Agreement with respect to time, geographical area, and scope of activity are reasonable and do not impose a greater restraint than is necessary to protect the goodwill and other legitimate business interests of the Company and that the Participant has had the opportunity to review the provisions of this Agreement with his legal counsel. In particular, the Participant agrees and acknowledges (i) that the Company is currently engaging in business and actively marketing its services and products throughout the United States; (ii) that the Participant’s duties and responsibilities for the Company are co-extensive with the entire scope of the Company's business; (iii) that the Company has spent significant time and effort developing and protecting the confidentiality of its methods of doing business, technology, customer lists, long term customer relationships, and trade secrets; and (iv) that such methods, technology, customer lists, customer relationships, and trade secrets have significant value.
(h)Enforcement. The Participant agrees that the restrictions contained in this Agreement are necessary for the protection of the business, Confidential Information, customer relationships, and goodwill of the Company and are considered by the Participant to be reasonable for that purpose, and that the scope of restricted activities, the geographic scope, and the duration of the restrictions set forth in this Agreement are considered by the Participant to be reasonable. The Participant further agrees that any breach of any of the restrictive covenants in this Agreement would cause the Company substantial, continuing, and irrevocable harm for which money damages would be inadequate and therefore, in the event of any such breach or any threatened breach, in addition to such other remedies as may be available, the Company shall be entitled to specific performance and injunctive relief. This Agreement shall not in any way limit the remedies in law or equity otherwise available to the Company or its Affiliates (as defined below). The Participant further agrees that to the extent any provision or portion of the restrictive covenants of this Agreement shall be held, found, or deemed to be unreasonable, unlawful, or unenforceable by a court of competent jurisdiction, then any such provision or portion thereof shall be deemed to be modified to the extent necessary in order that any such provision or portion thereof shall be legally enforceable to the fullest extent permitted by applicable law. Without limitation to any other remedies available hereunder or at law, in the event of any breach of any of the restrictive covenants in this Agreement by the Participant, the Participant agrees that (i) any PBRSU Shares issued by the Company to the Participant pursuant to this Agreement shall be forfeited for no consideration; (ii) in the event that the Participant sold the PBRSU Shares issued to the Participant pursuant to this Agreement, then the Participant shall be required to pay to the Company in cash, within thirty (30) days of a request by the Company for such payment, the price at which the Participant sold the shares; and (iii) in the case of unvested Granted PBRSUs, such unvested Granted PBRSUs will automatically be forfeited for no consideration.
(i)Severability; Modification. It is expressly agreed by the Participant that:
(i)   Modification. If, at the time of enforcement of this Agreement, a court holds that the duration, geographical area, or scope of activity restrictions stated herein are unreasonable under circumstances then existing or impose a greater restraint than is necessary to protect the goodwill and other business interests of the Company, the Participant agrees that the maximum duration, scope, or area reasonable under such circumstances will be substituted for the stated duration, scope, or area and that the court will be allowed to revise the restrictions contained herein to cover the maximum duration, scope, and area permitted by law, in all cases giving effect to the intent of the parties that the restrictions contained herein be given effect to the broadest extent possible; and
8

(ii)   Severability. Whenever possible, each provision of this Agreement shall be interpreted in such manner as to be effective and valid under applicable law, but if any provision of this Agreement is held to be invalid, illegal, or unenforceable in any respect under applicable law, such invalidity, illegality, or unenforceability will not affect any other provision, but this Agreement will be reformed, construed, and enforced as if such invalid, illegal, or unenforceable provision had never been contained herein.
(j)Non-Disparagement. The Participant agrees not to disparage the Company, its officers, directors, administrators, representatives, employees, contractors, consultants, or customers or engage in any communications or other conduct that might interfere with the relationship between the Company and its current, former, or prospective employees, contractors, consultants, customers, suppliers, regulatory entities, and/or any other Person.
10.Miscellaneous.
(a)Compliance with Laws. The grant of Granted PBRSUs and any issuance of PBRSU Shares hereunder shall be subject to, and shall comply with, any applicable requirements of any foreign and U.S. federal and state securities laws, rules, and regulations (including, without limitation, the provisions of the Securities Act, the Exchange Act, and in each case any respective rules and regulations promulgated thereunder) and any other law, rule, regulation, or exchange requirement applicable thereto. The Company shall not be obligated to issue any PBRSUs or any shares of Common Stock pursuant to this Agreement if any such issuance would violate any such requirements. As a condition to the settlement of the Granted PBRSUs, the Company may require the Participant to satisfy any qualifications that may be necessary or appropriate to evidence compliance with any applicable law or regulation.
(b)Authority of Committee. In making any decisions or taking any actions with respect to the matters covered by this Agreement, the Committee shall have all of the authority and discretion, and shall be subject to all of the protections, provided for in the Plan. All decisions and actions by the Committee with respect to this Agreement shall be made in the Committee’s discretion and shall be final and binding on the Participant.
(c)No Right to Continued Service. The Participant acknowledges and agrees that this Agreement does not constitute an express or implied promise of continued service relationship with the Participant or confer upon the Participant any rights with respect to a continued service relationship with the Company.
(d)Acquired Rights. The Participant acknowledges and agrees that: (i) the Company may terminate or amend the Plan at any time; (ii) the award of the Granted PBRSUs made under this Agreement is completely independent of any other award or grant and is made at the sole discretion of the Company; (iii) no past grants or awards (including, without limitation, the Granted PBRSUs) give the Participant any right to any grants or awards in the future whatsoever; and (iv) any benefits granted under this Agreement are not part of the Participant’s ordinary salary, and shall not be considered as part of such salary in the event of severance, redundancy, or resignation.
(e)Governing Law. This Agreement shall be construed, interpreted, and enforced in accordance with the internal laws of the State of Delaware without regard to any applicable conflicts of law provisions.
(f)Exclusive Jurisdiction/Venue. All disputes that arise from or relate to this Agreement shall be decided exclusively by binding arbitration in Cook County, Illinois under the Commercial Arbitration Rules of the American Arbitration Association. The parties agree that the arbitrator’s award shall be final, and may be filed with and enforced as a final judgment by any court of competent jurisdiction. Notwithstanding the foregoing, any disputes related to the enforcement of the restrictive covenants contained in Section 9 shall be subject to and determined under Delaware law and adjudicated in Illinois courts.
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(g)Notices. Any notice hereunder by the Participant shall be given to the Company in writing and such notice shall be deemed duly given only upon receipt thereof by the General Counsel or Chief Executive Officer of the Company. Any notice hereunder by the Company shall be given to the Participant in writing and such notice shall be deemed duly given only upon receipt thereof at such address as the Participant may have on file with the Company.
(h)Headings; Section References. The titles and headings of the various sections of this Agreement have been inserted for convenience of reference only and shall not be deemed to be a part of this Agreement. Except as provided otherwise in this Agreement, a reference to any Section is a reference to a Section of this Agreement.
(i)Counterparts. This Agreement may be executed in one or more counterparts (including in pdf format or by other electronic means), each of which shall be deemed to be an original, but all of which shall constitute one and the same instrument.
(j)Severability. The invalidity or unenforceability of any provisions of this Agreement in any jurisdiction shall not affect the validity, legality, or enforceability of the remainder of this Agreement in such jurisdiction or the validity, legality, or enforceability of any provision of this Agreement in any other jurisdiction, it being intended that all rights and obligations of the parties hereunder shall be enforceable to the fullest extent permitted by law.
(k)Binding Agreement; Assignment. This Agreement shall inure to the benefit of, be binding upon, and be enforceable by the Company and its successors and assigns and the Participant and its permitted assigns. The Participant shall not assign any part of this Agreement without the prior express written consent of the Company.
(l)Entire Agreement; Amendment. This Agreement, together with the Plan, contains the entire agreement between the parties hereto with respect to the subject matter contained herein, and supersedes all prior agreements or prior understandings, whether written or oral, between the parties relating to such subject matter. The Committee shall have the right, in its sole discretion, to modify or amend this Agreement from time to time in accordance with and as provided in the Plan. This Agreement may also be modified or amended by a writing signed by both the Company and the Participant. The Company shall give written notice to the Participant of any such modification or amendment of this Agreement as soon as practicable after the adoption thereof.
(m)Further Assurances. Each party hereto shall do and perform (or shall cause to be done and performed) all such further acts and shall execute and deliver all such other agreements, certificates, instruments, and documents as either party hereto reasonably may request in order to carry out the intent and accomplish the purposes of this Agreement and the Plan and the consummation of the transactions contemplated thereunder.
11.Definitions. For purposes of this Agreement, the following terms have the following meanings:
(a) “Affiliate” means, with respect to any Person as of any time of determination, any entity controlling or controlled by or under common control with such Person as of such time the Company or another Affiliate, at the time of execution of the Agreement and any time thereafter, where “control” is defined as the ownership of at least fifty percent of the equity or beneficial interest of such entity, and any other entity with respect to which such Person as of such time has significant management or operational responsibility (even though such Person may own less than fifty percent of the equity of such entity).
(b)“Ascension” means, collectively, Ascension Health Alliance and any Affiliate of Ascension Health Alliance. 
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(c)“Cause,” with respect to the Participant, shall be defined as that term is defined in the Participant’s offer letter, employment agreement, change in control agreement, or other similar agreement; or if there is no such definition, “Cause” means any of: (A) the Participant’s conviction for, or plea of guilty or nolo contendere to, a felony; (B) the Participant engaging in conduct that constitutes gross neglect or willful misconduct and that, in either case, results in material economic or reputational harm to the Company; (C) the Participant’s willful breach of any provision of this Agreement or any applicable non-disclosure, non-competition, non-solicitation or other similar restrictive covenant obligation owed to the Company; (D) the Participant’s repeated refusal, or failure to undertake good faith efforts, to perform his or her material employment duties and responsibilities for the Company; or (E) the Participant engaging in willful misconduct resulting in or intended to result in direct personal gain to him or her at the Company’s expense. 
(d)“Change of Control” means (A) the consummation of any consolidation or merger of the Company with any Third Party Purchaser where the stockholders of the Company, immediately prior to the consolidation or merger, would not, immediately after the consolidation or merger, beneficially own (as such term is defined in Rule 13d-3 under the Exchange Act), directly or indirectly, shares representing in the aggregate more than fifty percent of the voting shares of the company issuing cash or securities in the consolidation or merger (or of its ultimate parent corporation, if any); (B) any sale, lease, exchange, or other transfer (in one transaction or a series of transactions contemplated or arranged by any party as a single plan) of all or substantially all of the assets of the Company to a Third Party Purchaser; (C) any sale of a majority of the voting shares of the Company to a Third Party Purchaser; (D) the consummation of a Take Private Change of Control; or (E) any liquidation or dissolution of the Company. Notwithstanding the foregoing, other than with respect to a Take Private Change of Control, a “Change of Control” shall not be deemed to have occurred if the event constituting such “Change of Control” is not (x) a change in the ownership of the corporation, (y) a change in effective control of the corporation, or (z) a change in the ownership of a substantial portion of the assets of the corporation, as those terms are used and defined in Section 409A(a)(2)(A)(v) of the Code, and the regulations thereunder, and where the word “corporation” used above and in such provisions is taken to refer to the Company.
(e)“Common Share Equivalent” means, as of any time of determination, (A) in the case of any shares of preferred stock issued by the Company that are convertible into shares of Common Stock, the number of shares of Common Stock into which such preferred shares are convertible as of such time; and (B) in the case of any options, warrants, or other securities issued by the Company that are exercisable or exchangeable for shares of Common Stock, the number of shares of Common Stock into or for which such options, warrants, or other securities are exercisable or exchangeable as of such time of determination, but only if such options, warrants, or other securities are “in-the-money” as of such time of determination.
(f)“Competing Business” means any entity or business: (i) engaged in the business of offering finance-related services to health care systems and hospitals, including, but not limited to, the collection of medical debt, hospital billings, and revenue management; or (ii) engaged in any other business or activity in which the Company is engaged during the term of the Participant’s employment.
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(g)“Confidential Information” as used in this Agreement shall include the Company’s trade secrets as defined under Illinois law, as well as any other information or material that is not generally known to the public, and that (A) is generated, collected by, or utilized in the operations of the Company’s business and relates to the actual or anticipated business, research, or development of the Company; or (B) is suggested by or results from any task assigned to the Participant by the Company or work performed by the Participant for or on behalf of the Company. Confidential Information shall not be considered generally known to the public if the Participant or others improperly reveal such information to the public without the Company’s express written consent and/or in violation of an obligation of confidentiality to the Company. Examples of Confidential Information include, but are not limited to, all customer, client, supplier, and vendor lists, budget information, contents of any database, contracts, product designs, technical know-how, engineering data, pricing and cost information, research and development work, software, business plans, proprietary data, projections, market research, perceptual studies, strategic plans, marketing information, financial information (including financial statements), sales information, training manuals, employee lists and compensation of employees, and all other competitively sensitive information with respect to the Company, whether or not it is in tangible form, and including without limitation any of the foregoing contained or described on paper or in computer software or other storage devices, as the same may exist from time to time.
(h)“Cumulative Adjusted EBITDA” means (A) if the Performance Measurement Date is the Non-COC Measurement Date, the sum of “Adjusted EBITDA” as finally reported in the Company’s Annual Report on 10-K for all fiscal years elapsed in the Performance Period, as may be adjusted by the Committee to take into account the impact of new business, acquisitions, divestitures, expenses related to new end-to-end revenue cycle agreements, pandemic-related adjustments (both favorable and unfavorable, as determined by the Committee), changes in accounting principles, gains or losses due to changes in debt or equity financing, litigation, impairment, and unplanned events; and (B) if the Performance Measurement Date is the effective date of a Change of Control, the sum of (x) “Adjusted EBITDA” as finally reported in the Company’s Annual Report on 10-K for any fiscal years fully elapsed in the Performance Period and (y) the Company’s earnings before interest, taxes, depreciation, amortization, stock compensation, and non-recurring items for any fiscal quarters fully elapsed in the fiscal year in which the effective date of the Change of Control falls, as may be adjusted by the Committee to take into account the impact of new business, acquisitions, divestitures, expenses related to new end-to-end revenue cycle agreements, pandemic-related adjustments (both favorable and unfavorable, as determined by the Committee), changes in accounting principles, gains or losses due to changes in debt or equity financing, litigation, impairment, and unplanned events. Cumulative Adjusted EBITDA will be adjusted to account for a Qualifying End-to-End RCM Agreement based on the agreed-upon proforma financials for the new business, beginning the quarter after the Qualifying End-to-End RCM Agreement is entered into. Adjustments to Cumulative Adjusted EBITDA for End-to-End RCM Agreement Growth will be added to, or subtracted from, the Cumulative Adjusted EBITDA target achievement levels provided in Section 2(a)(ii) at the end of each fiscal year based on the assumption that Cumulative Adjusted EBITDA for [Year] and [Year] includes $[●] for growth investments related to Qualifying End-to-End RCM Agreements and that Cumulative Adjusted EBITDA for [Year] includes $[●] for growth investments related to Qualifying End-to-End Agreements; provided that, in the event of a Change of Control that occurs prior to the end of a fiscal year, such adjustments will be made for such partial year in which such Change of Control occurs prior to the effective date of such Change of Control. 
(i)“Disability,” with respect to the Participant, means the Participant has been unable, with or without reasonable accommodation and due to physical or mental incapacity, to substantially and satisfactorily perform his or her duties and responsibilities hereunder for a period of one hundred eighty days out of any consecutive three hundred sixty-five days, as determined by the Committee in its reasonable discretion.
(j)“End-to-End RCM Agreement Growth” means the aggregate net patient revenue under management pursuant to Qualifying End-to-End RCM Agreements entered into during the Performance Period. A Qualifying End-to-End RCM Agreement is “entered into” upon execution of a definitive agreement for services.
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(k)“Good Leaver Termination,” with respect to the Participant, means any termination of the Participant’s services to the Company that is: (A) due to the Participant’s death, (B) due to the Participant’s Disability, (C) due to the Participant’s Retirement, or (D) due to a termination of services by the Company without Cause, in the case of each of the foregoing clauses (A) through (D), circumstances constituting Cause do not exist at the time of termination.
(l)“Modular Sales Revenue” means all services revenue of the Company not directly related to a Qualifying End-to-End RCM Agreement, including, without limitation, revenue from sales of the Company’s patient experience, physician advisory services (“PAS”), clinical documentation integrity (“CDI”), coding management, revenue integrity solutions (“RIS”), business office (excluding revenue currently included in net operating fees), practice management (“PM”), and Cloudmed solutions.  Modular revenue scoring may be adjusted (add-back of revenue) for contracts that transition from modular revenue to end to end in the transitioning year as well as future performance period years, including an amount in the future years for the expected revenue growth.
(m)“Performance Goals” means the performance conditions by which the Performance-Based Condition is satisfied, which are Adjusted EBITDA, End-to-End RCM Agreement Growth, and Modular Sales Revenue.
(n)“Performance Measurement Date” means the earlier of (A) the Non-COC Measurement Date and (B) the effective date of a Change of Control.
(o)“Performance Period” means the period beginning on January 1 of the year in which the Grant Date falls and ending on the Performance Measurement Date.
(p)“Person” means any individual, entity, or group, within the meaning of Section 13(d) or 14(d) of the Exchange Act, but excluding (A) the Company and any of its subsidiaries, (B) any employee stock ownership or other employee benefit plan maintained by the Company, and (C) an underwriter or underwriting syndicate that has acquired the Company’s securities solely in connection with a public offering thereof.
(q)“Qualifying End-to-End RCM Agreement” means a customer agreement that yields a base fee for services and deploys the Company’s revenue cycle management technology across the front, middle, and back of the revenue cycle, and may be either a co-managed or operating partner model.
(r)“R1 Ownership Interests” means, collectively, (A) any shares of Common Stock issued by the Company; (B) any shares of preferred stock issued by the Company that are not convertible into or exchangeable for shares of Common Stock; (C) the Common Share Equivalent of any shares of preferred stock issued by the Company that are convertible into or exchangeable for shares of Common Stock; (D) the Common Share Equivalent of any options, warrants, or other securities issued by the Company that are exercisable or exchangeable for shares of Common Stock; and (E) any securities of the Company or any other Person that are issued in exchange for, or in respect of, the securities referenced in the foregoing clauses (A)–(D), including, without limitation, in connection with any “roll-over” or recapitalization effected as part of a Take Private Change of Control. For purposes of this definition, the term “Company” shall mean (w) R1 RCM Inc., (x) any successor to R1 RCM Inc. (by merger or otherwise), (y) any subsidiary of R1 RCM Inc. or any such successor, and (z) any entity that, directly or indirectly, owns a majority of the equity interests of R1 RCM Inc. or of any such successor (including, without limitation, any such entity that, as a result of a Take Private Change of Control, becomes a direct or indirect parent entity of R1 RCM Inc. or of any such successor).
(s)“Restricted Area” means the United States of America.
(t)“Retirement,” with respect to the Participant, means the Participant’s voluntary termination of services to the Company, provided that circumstances constituting Cause do not exist at the time of termination, at or after the time the Participant has (A) attained age 55 and (B) provided services to the Company for at least 10 years.
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(u)“Take Private Change of Control” means the consummation of any transaction or series of transactions following which no shares of the Company (or of its ultimate parent corporation) are listed on the New York Stock Exchange or the NASDAQ, on any other United States stock exchange, or are otherwise listed on a public trading market (including the OTC Markets Group, Inc.). 
(v)“TB/AS Co-Investment Vehicle” means any entity that is owned, directly or indirectly, by both Ascension and TowerBrook and that holds any R1 Ownership Interests. As of the Grant Date, TCP-ASC ACHI Series LLLP is a TB/AS Co-Investment Vehicle.
(w)“Third Party Purchaser” means any Person or group of Persons, none of whom is, immediately prior to the subject transaction, TowerBrook, Ascension, a TB/AS Co-Investment Vehicle, or any Affiliate thereof. 
(x)“TowerBrook” means TowerBrook Capital Partners L.P. and any Affiliate of TowerBrook Capital Partners L.P., including, for this purpose, TowerBrook Investors IV (Onshore), L.P., TowerBrook Investors IV (892), L.P., TowerBrook Investors IV (OS), L.P., TowerBrook Investors IV Executive Fund, L.P., TowerBrook Investors IV Team Daybreak, L.P., and any other investment fund managed or advised, directly or indirectly, by TowerBrook Capital Partners L.P. or any of its Affiliates, and any Affiliate of any such fund; provided that, for purposes of this definition, the Company shall not be deemed an Affiliate of TowerBrook.

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    IN WITNESS WHEREOF, the parties hereto have executed this Agreement as of the date first written above.
R1 RCM INC.

By:    [INSERT CEO SIGNATURE BLOCK]

        
I hereby acknowledge that I have read this Agreement, have received and read the Plan, and understand and agree to comply with the terms and conditions of this Agreement and the Plan.
 
 
                        PARTICIPANT ACCEPTANCE
                        [To be accepted electronically]

    Signature Page to Grant of Performance Based Awards

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