definiens: means the amount invoiced ( or in t he absence of an invoice, received ) by COMPANY, its AFFILIATES or SU BLICENSEES for the sale to THIRD PARTIES ( including without limitation, dis tributors ) of SELECTED PRODUCT less the following, to the extent included in the amount invoiced : ( i ) trade, quantity and/or cash discoun ts, allowances or rebates, including promotional or similar discounts or rebates and discounts or rebates to governmental or managed car e organizations, in each case to the extent reasonable and customary ; Page 7 of 70 ( ii ) credits or allowances with respect to SELECTED PRODUCT by reason of rejection, defects, recalls or returns, o r chargebacks ; ( iii ) an allowance for bad debt not to exceed ( [ * * * ] percent ( [ * * * ] % ) ) of NET SALES, provided such amounts are i ncluded in NET SALES if and when subsequently collected ; ( iv ) any tax, tariff, duty or governmen t charge ( including any sales, value added, excise or similar tax or govern ment charge, but excluding any income tax ) levied on the sale, trans portation or delivery of any SELECTED PRODUCT ; and ( v ) any charges for freight, postage, s hipping or transportation, or for insurance ( if charged to the purchaser )