GAAP Net Sales definition
GAAP Net Sales with respect to a given period, means the net sales of the Covered Products during such period, in arm’s length sales by Parent, the Surviving Corporation or their respective Affiliates or Sublicensees to Third Parties, in each case calculated in accordance with GAAP applied on a consistent basis, and in accordance, with the practices, methodologies and principles utilized by Parent in the calculation of net sales for purposes of Parent’s audited consolidated financial statements for the fiscal year in which such net sales occur; provided that for the purposes of calculating GAAP Net Sales, (a) in the case of Affiliates or Sublicensees, GAAP Net Sales will include sales made by those Persons to Third Parties irrespective of whether Parent or the Surviving Corporation would normally be required by GAAP to consolidate those sales for the purposes of Parent’s consolidated financial statements and (b) the paragraphs following clause (i) in the definition of Net Sales shall apply to the definition of GAAP Net Sales on a mutatis mutandis basis as though GAAP Net Sales were Net Sales.
Examples of GAAP Net Sales in a sentence
Hospital offers and Resident accepts appointments as a first year resident in Program for the year beginning July 1, Year and ending June 30, Year.