Investment Company. None of Borrowers, the Guarantor nor any of their Subsidiaries is required to be registered as an “investment company” as defined under the Investment Company Act or is an entity “controlled by” an entity required to be registered as an “investment company” as defined under the Investment Company Act; provided, however, that any entity that is under the management of PNMAC Capital Management LLC in its capacity as an “investment adviser” within the meaning of the Investment Company Act and is otherwise not directly or indirectly owned or controlled by a Borrower shall not be deemed a “Subsidiary” for the purposes of this [Section 6.01(m)].
Investment Company. No Seller nor Guarantor nor any of their Subsidiaries is an “investment company” or a company “controlled” by an “investment company” within the meaning of the Investment Company Act of 1940, as amended; provided, however, that any entity that is under the management of PNMAC Capital Management LLC in its capacity as an “investment adviser” within the meaning of the Investment Advisers Act of 1940 and is otherwise not directly or indirectly owned or controlled by a Seller or the Guarantor shall not be deemed a “Subsidiary” for the purposes of this [Section 11(s)].
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