Treatment of Post-1997 Net Operating Losses and Other Tax Attributes Sample Clauses

Treatment of Post-1997 Net Operating Losses and Other Tax Attributes. (a) If for any taxable year beginning on or after January 1, 1998, any member of the Western PCS Group has a net operating loss (computed without regard to any net operating loss carryover or carryback from any period) or generates any other tax attribute (e.g., a credit) that reduces the federal consolidated tax liability of the WWC Affiliated Group (excluding the Western PCS Group) for the year in which such loss is incurred or such attribute is generated, the amount of the net operating loss or tax attribute producing such reduction in tax liability shall be treated as follows: (i) first, to the extent of losses or attributes referred to in Section 1.12 (generally, Western PCS Group Pre-1997 Losses), as reducing the amount of such losses or attributes; (ii) then, to the extent of losses referred to in Section 1.07 (Western PCS Group 1997 Losses), as reducing the amount of such losses; and (iii) thereafter, as a utilization of a current year loss or attribute; all as further described below in this Section. (b) With respect to the losses referred to in Section 1.06(a)(ii), WWC shall make such payment as provided in Section 1.07 by treating such amount as a "1997 Reimbursable Loss". (c) With respect to the losses and attributes referred to in Section 1.06(a)(iii) above, the aggregate total of such losses and attributes shall be maintained in a deferred account (the "Western PCS Deferred Account") until the date upon which the Western PCS Group members (i) cease to file a consolidated federal income Tax Return with WWC, or (ii) cease to have any net operating loss carryovers computed on a stand-alone basis (taking into account the provisions of this Section 1.06 and computed as of the end of a taxable year). If the Western PCS Group members cease to file a consolidated federal income Tax Return with WWC, WWC shall pay to Western PCS within 30 days following the date of such deconsolidation an amount equal to the present value of the aggregate balance of such Western PCS Deferred Account determined by mutual agreement among WWC, Western PCS and Investor based on (i) the maximum federal income tax rate for corporations applicable for the year during which the deconsolidation becomes effective, (ii) reasonable projections for the Western PCS Group with regard to the anticipated timing of the utilization by it of such losses and