Common use of Net Operating Losses Clause in Contracts

Net Operating Losses. Notwithstanding any other provision of this Agreement, Spectra Energy hereby expressly agrees to elect (under section 172(b)(3) of the Code and, to the extent feasible, any similar provision of any state, local or foreign Tax law) to relinquish any right to carryback net operating losses to any Pre-Distribution Periods of Duke Energy (in which event no payment shall be due from Duke Energy to Spectra Energy in respect of such net operating losses).