definiens: as hereinafter defined with respect to such specified RESEARCH INFORMATION or GENERAL MATERIALS, GENERAL • shall be deemed to have granted to BIOTRANSPLANT the right to make, use or sell such PRODUCT at the lowest royalty rate that is within the competitive Range at the time GENERAL receives BIOTRANSPLANT 'S PRODUCT Notice or that would have been within the Competitive Range as of the time GENERAL transferred such RESEARCH INFORMATION or GENERAL'MATERIALS to BIOTRANSPLANT, whichever is lower . For purposes of this paragraph 7.1(b ), a royalty rate shall be regarded as within the Competitive Range if it is either within the range of royalty rates that GENERAL would charge in an arms length transaction with a licensee which was, not and had not been a sponsor of research at GENERAL, or within the range of royalty rates which generally would be charged ~n the industry for similar technology " in either case taking into account the value of the licensed technology at the time of GENERAL 's receipt from BIOTRANSPLANT of a written request for a license or PRODUCT Notice, or, if applicable, GENERAL 's transfer of RESEARCH INFORMATION or GENERAL MATERIALS to BIOTRANSPLANT