definiens: means with respect to a Product for any period, the greater of ( a ) the total amount billed or invoiced for the Product and ( b ) the list price ( pr ovided, that, if the price for the Product is set b y the applicable governmental authority, then the list price shall b e no less than such price ) on sales of the Product during such period by Pineworld, its Affiliates, related partie s or sublicensees in the Territory to Third Parties ( including wholesalers or Distributors ), less the following de ductions, in each case, related specifically to the Product and actually allowed and taken by such Third Parties an d not otherwise recovered by or reimbursed to Pinew orld, its Affiliates, related parties and/or sublicensees, or any employee, officer, director, chairman or secur ity holder of any of the foregoing : ( i ) normal trade, cash and quantity discounts actua lly given in bona fide arm ’s length transactions ; ( ii ) bona fide, arm ’s length price reductions or re bates, retroactive or otherwise, imposed by or othe rwise paid to governmental authorities or insurance payee ; ( iii ) taxes on sales ( such as sales, value added, o r use taxes ) to the extent added to the sale price and set forth separately as such in the total amount invoic ed ; -4- ( iv ) amounts repaid or credited by reason of reject ions or defects ; ( v ) the portion of administrative fees recorded by Pineworld or its Affiliate ( in accordance with its standard practices and IFRS ) as being paid during t he relevant time period to group purchasing organiz ations, pharmaceutical benefit managers and/or Medicare pre scription drug plans ( or equivalents thereof in the Territory ) relating to such Product ; ( vi ) if a Delivery System is bundled together with a Product and the total amount billed or invoiced includes both the Delivery System and Product, then any consideration Pineworld or its Affiliate actua lly paid for the Delivery System related to a billed or invo iced sale of such Product ; provided, that in determ ining the consideration Pineworld or its Affiliate actually p aid for any Delivery System, no greater discount sh all be applied to the Product than is applied to the Deliv ery System . For purposes of this Net Sales definiti on, a means any delivery system compris ing equipment, instrumentation, one or more devices, or other components designed to assist in the administ ration of such Product ; ( vii ) any invoiced amounts from the immediately pri or period which are not collected and are written o ff in good faith by Pineworld or its Affiliate, including bad debts, but not to exceed one percent ( 1 % ) of t he gross sales during such prior period ; provided, that if a ny written off or written down amounts are recovere d, then such amounts would constitute part of Net Sales for the period in which such amounts are recovered ; ( viii ) only in the case of clause ( a ) above, freight, insurance and other transportation charges to the extent added to the sale price and set forth separately as such in the total amount invoiced, as well as any fees for services provided by wholesalers and warehousing ch ains related to the distribution of such Product ; a nd ( ix ) any other similar and customary deductions tha t are required by IFRS