NET BRANCHES definition
NET BRANCHES means PGM branch operations operating under a "PGM Branch Operators Agreement" as in effect on the date of this Agreement or as from time to time hereafter modified by the approval of the Board of PGM, which branches are licensed and authorized to conduct the Business and in which the responsibility and compensation to the Branch Manager are as set forth in the PGM Branch Operators Agreement.
NET BRANCHES means PGM branch operations operating under a "PGM Branch Operators Agreement" as in effect on the date of this Agreement, which branches are licensed and authorized to conduct the Business and in which the responsibility and compensation to the Branch Manager are as set forth in the PGM Branch Operators Agreement as in effect as of the date of this Agreement. (e) "NORTHERN CALIFORNIA" shall be defined as those counties in California north of and including Salinas and Monterey counties. (f) "PGM MANAGED BRANCH" shall mean offices other than Net Branches operated directly by PGM. (g) "PGM'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 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 PGM and Purchaser and its Affiliates. Such gross revenue shall be allocated as PGM Mortgage Banking Net Income based on (i) [*] the Purchaser or its Affiliates [*] Purchaser and its Affiliates (including the PGM loans), (ii) multiplied by [*] from which total is subtracted all mortgage banking expenses incurred in connection with such revenues [*] PGM and funded by PGM or Purchaser relative to [*] Purchaser and its Affiliates (including PGM Loans), adjusted by subtracting (i) all hedging costs allocated to PGM [*] Purchaser and PGM [*] Purchaser and its Affiliates (including PGM) [*], (ii) any costs and expenses associated with any repurchase obligations of PGM, and (iii) any special fees paid to or reduced premiums received from purchasers of loan product of PGM or Purchaser due to [*] such loans by PGM [*], and adjusted further by adding or subtracting any [*] reflected on the rate sheet of PGM distributed to its loan officers vis-A-vis the rate sheets of Purchaser and its Affiliates distributed to their loan officers. [*]. By way of example, assume [*].
NET BRANCHES means written contractual relationships by which MDCM hires a person or entity to manage a loan origination office under a name other than "▇▇▇▇▇▇▇▇.▇▇▇", the principal purpose of which is to originate mortgage loans and sell them to MDCM.