Net Sale

Net Sale. Means all gross amounts invoiced or otherwise charged by Licensee or Sublicensees from the sale of Licensed Products. Net Sales exclude the following items (but only to the extent they (i) pertain to the making, using, importing, or selling of Licensed Products, (ii) are included in gross revenue, and (iii) are separately billed): (A)cash, trade or quantity discounts actually granted to customer; 2 (B)import, export, excise and sales taxes, custom duties, and... value added taxes ("TAX") to the extent such TAX is incurred and not reimbursed, refunded, or credited under a tax authority; (C)freight, transport packing, and insurance charges associated with transportation; and (D)allowances or credit to customers for returns or rejections. Transfers to a Sublicensee of a Licensed Product for end use by Sublicensee shall be treated as a sale by the Licensee and the Net Sale of such transfer will be calculated based on the list price of such Licensed Product normally charged by the Licensee in arm's-length transactions. View More

Net Sale. Means the total amount invoiced (including fair market value of any non-cash consideration) by Licensee or by any Affiliate or Sublicensee on account of Sales of Licensed Product or Licensed Services, after deduction of all the following in accordance with U.S. Generally Accepted Accounting Principles ("U.S. GAAP") to the extent applicable to such Sales.