Common use of Net Operating Losses Clause in Contracts

Net Operating Losses. Notwithstanding any other provision of this Agreement, ADESA 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 for any tax year with respect to which such net operating loss could otherwise be carried back into a Consolidated Return or a Combined Return (in which event no payment shall be due from ALLETE to ADESA in respect of such net operating losses).