definiens: ) ; The term shall mean five percent ( 5 % ) of the first Ten Million Dollars(US$10,000,000 ) in Gross Licensed Marks Sales, seven and one half percent ( 7.5 % ) of the Gross Licensed MarksSales between Ten Million Dollars ( US$ 10,000,000 ) and Fifty Million Dollars ( US$ 50,000,000 ) and ten percent ( 10%)on any Gross Licensed Marks Sales in excess of Fifty Million Dollars ( US$ 50,000,000 ) ; the term shallmean the gross amount billed for worldwide product sales of all products of Licensee at the time the Agreement isexecuted ( exclusive of any refunds, return allowances, sales, use or value added tax ( VAT ) ), minus any GrossLicensed Marks Sales ; and the term shall mean the gross amount billed for allLicensed Products sold under the Licensed Marks ( exclusive of any refunds, return allowances, sales, use or valueadded tax ( VAT ) ) . No other costs incurred in the manufacturing, selling, advertising, and/or distribution shall bededucted from Revenues or Gross Licensed Marks Sales, and both shall be determined in accordance with generallyaccepted accounting principles established and maintained by the U.S. Financial Accounting Standards Board