definiens: ) . The term shall mean the total amount invoiced by the Compa ny and the total amount invoiced by each Sublicensee in connection with the sale of Pro ducts ( for the removal of doubt, whether such sales are made before or after the First Commercial Sale of any Pr oduct in any country ) ; in all cases after deduction of : ( a ) sales taxes ( including value added taxes ) to the ex tent applicable to such sale and included i n the invoice in respect of such sale ; ( b ) credits or allowances, if any, actually gran ted on account of price adjustments, recalls, rejections or returns of Prod ucts previously sold ; ( c ) Bad Debts, meaning invoices which have been recognized by the Company as bad debts and which amounts the Company ’s accoun tants have agreed to include as bad debts in the Company ’s financial sta tements in according with generally accepted accounting principles and in acc ordance with Israeli income tax regulations, and which derive from Net S ales in respect of which royalties were paid by the Company pursuant hereund er provided that : ( i ) with respect to sales which are not at arms - len gth and/or are not in the ordinary course of busine ss and/or are not according to then current market conditions for such a sale, the term shall mean the total amount that would have been due in an arms - length sale mad e in the ordinary course of business and according to 7 . The Royalty payment shall be pai d to Yeda in US Dollars no later than 45 ( forty fiv e ) days after the end of each calendar quarter, commencing with the first calendar quarter in which any Net Sales are made by the Company