MMI OPERATIONS definition
MMI OPERATIONS means (i) all current operations of MMI existing as of the Closing plus (ii)any new operations (including acquisitions) which are expressly approved as a MMI Operation by Purchaser in writing, in its reasonable discretion and consistent with Section 10 hereof.
MMI OPERATIONS means (i) all current operations of MMI existing as of the Closing plus (ii) any new operations (including acquisitions) which are expressly approved as a MMI Operation by Prism in writing, in its reasonable discretion. (f) "MMI'S MORTGAGE BANKING NET INCOME" shall include all service release premiums, incentive income, gain on sale income, interest income, income generated as a result of bulk sales, assignment of trade or co-issuer transactions and all similar income and fees generated from the sale of loans in the secondary market and shall be computed on a product-by-product basis by calculating the total gross revenues generated by each product for MMI and Prism and its Affiliates. Such gross revenue shall be allocated as MMI Mortgage Banking Net Income based on (i) [*] MMI, Prism or its Affiliates (including MMI) [*] Prism and its Affiliates (including the MMI loans) multiplied by (ii) [*] from which total (i.e., the aggregate sum of the foregoing calculations [*]) is subtracted the following: (A) all mortgage banking expenses incurred in connection with such revenues [*] MMI and funded by Prism or its Affiliates (including MMI) relative to [*] Prism or its Affiliates [*]; (B) all hedging costs (e.g., all costs, including transaction costs, of purchasing and selling marketable securities obtained to hedge pipeline loans against interest rate risk together with the pair-off losses and gains associated with such ▇▇▇▇▇▇) allocated to MMI [*] MMI and funded by Prism or its Affiliates (including MMI) [*] Prism or its Affiliates [*], (C) any costs and expenses associated with any repurchase obligations of MMI to the extent they are not solely caused by Prism and its Affiliates other than MMI, and (D) any special fees paid to, or reduced premiums received from, purchasers of loan product of MMI, Prism or its Affiliates due to [*] such loan products closed by MMI (e.g., surcharges by purchasers of loans based on [*] the loans) and (E) adjusted further by adding or subtracting any [*] reflected on the rate sheet of MMI distributed to its loan officers vis-a-vis the rate sheets of Prism and its Affiliates (other than MMI) distributed to their loan officers. By way of example, assume [*]. MMI Mortgage Banking Net Income would equal [*]. 2.