Adjusted Tangible Net Worth

Adjusted Tangible Net Worth. For any Person, Net Worth of such Person plus Subordinated Debt (provided that Subordinated Debt shall not be taken into account to the extent that it would cause Adjusted Tangible Net Worth to be comprised of greater than 25% Subordinated Debt), minus (a) the difference, if any, of (x) the value of the mortgage servicing rights owned by such Person as set forth in such Person's most recent balance sheet as determined by such Person as of such date in accordance with GAAP and (y) the MSR... Valuation, (b) 50% of the MSR Valuation of any Unencumbered Mortgage Servicing Rights; (c) 50% of the Encumbered Mortgage Servicing Rights Equity; (d) intangibles; (e) goodwill and (f) receivables from Affiliates; provided, however, that any investment vehicle that is under the management of PNMAC Capital Management LLC and is otherwise not directly or indirectly owned or controlled by Borrower shall not be deemed an "Affiliate" for the purposes of this definition. View More

Adjusted Tangible Net Worth. Shall have the meaning set forth in the Pricing Side Letter

Adjusted Tangible Net Worth. With respect to any Person and its consolidated Subsidiaries on any date, an amount equal to the sum of such person's Tangible Net Worth plus such person's Net Available Capital Commitments.

Adjusted Tangible Net Worth. The Adjusted Tangible Net Worth of Seller (and, if applicable, its Subsidiaries, on a consolidated basis), computed as of the end of each calendar month, to be less than $10,000,000