What does the term "NET" represent on a PMG graded note?

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I was just looking at some PMG graded notes and noticed the term NET on the description beside the number grade. For example:   VF 45 NET (the word NET is actually printed vertically beside the grade designation). Can anyone tell me what this actually stands for...
Thanks in advance

FRIEDSQUID

Who knows, PMG states nothing about their grading standards on their website except that they use the use the system that is most commonly accepted by other people.

I did check the website before I asked and also could not find any info on it.
Guess I will just send them an email an ask.

Guess I got the answer:

"A "net graded" note is one which has had an adverse occurrence after it left the BEP. PMG understands that such a note can still be rare and valuable. Instead of returning it ungraded, PMG will holder and authenticate it as a "Net Graded". PMG will specifically state the reason(s) why any note is net graded. The PMG guarantee is not valid on any net graded note. Listed here are a few examples of why a note may be "net graded": tear, corner missing, repaired, re-embossed, washed, stained, ink or writing and PVC damage.  "

Now what is BEP? 

Now what is BEP?

The United Stated Bureau of Engraving and Printing. They are tasked with producing all US banknotes.