Common use of Net Operating Losses Clause in Contracts

Net Operating Losses. As of the end of its 2016 taxable year, the Company had a net operating loss carryover for federal income tax purposes of at least $300,000,000. The net operating loss carryover of the Company is not subject to any annual use limitation pursuant to Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), or any use limitation pursuant to the separate return limitation year provisions of Treasury Regulation Section 1.1502-21(c).

Net Operating Losses. As of the end of its 2016 2018 taxable year, the Company had a net operating loss carryover for federal income tax purposes of at least $300,000,000. The net operating loss carryover of the Company is not subject to any annual use limitation pursuant to 19572537 Section 382 of the Internal Revenue Code of 1986, as amended (the “Code”), or any use limitation pursuant to the separate return limitation year provisions of Treasury Regulation Section 1.1502-21(c).