definiens: shall mean the amount billed or invoiced on account of all sales of Licensed Products to an independent Third Pa!iy by 3 M or permitted sublicensees in bona fide arms ' length transactions where full consideration for each sale of Licensed Product is reflected in the billed or invoiced price, less the following deductions : ( a ) trade and/or quantity discounts actually taken by the customer, or allowances or credits to customers on account of government regulations or price adjustments ; ( b ) any tax, excise, or other governmental charges upon or measured by the production, sales, transportation, delivery or use of said Licensed Products contained therein ( Income taxes owed or paid by 3 M shall not be deducted from Net Sales . ) ; ( c ) transportation and insurance charges and discounts other than those described above ; ( d ) amounts repaid or credited by reason of rejections, recall, destruction or return or because of price rebates