Common use of POSCO Affiliates Clause in Contracts

POSCO Affiliates. POSCO Power agrees to notify FCE within five (5) days after entering into such arrangements, and the Parties shall subsequently use commercially reasonable good faith efforts to establish guidelines for determining the royalties for such transactions within sixty (60) days from the date such notice is received, taking into consideration the principles of the Korean GAAP and U.S. GAAP and incorporating the principles of best accounting practices. If the Parties failed to reach agreement, the Parties agree to abide by the procedures set forth in Section 4.4.