Common use of Investment Company; PFIC Clause in Contracts

Investment Company; PFIC. For a period of four years after the Closing Date or, if later, the Closing Date for the Option Units, the Partnership will use its commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.

Investment Company; PFIC. For a period of four years after the Closing Date or, if later, the any Option Closing Date for the Option UnitsDate, the Partnership will use its commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) required to register as an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.

Investment Company; PFIC. For a period of four years after the Closing Date or, if later, the Closing Date for the Option Units, the Partnership will use its commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.

Investment Company; PFIC. For a period of four five years after the Closing Date or, if later, the Closing Date for the Option Units, the Partnership will use its commercially best reasonable efforts to avoid any ensure that no Teekay Entity, or nor any subsidiary thereof, from becoming shall become (i) an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.

Investment Company; PFIC. For a period of four five years after the Closing Date or, if later, the Option Closing Date for the Option UnitsDate, the Partnership will use its commercially best reasonable efforts to avoid any ensure that (i) no Teekay Entity, or nor any subsidiary thereof, from becoming (i) shall become an “investment company” as defined in the 1940 Act, or and (ii) the Partnership shall not become a PFIC with respect to any U.S. unitholderPFIC.

Investment Company; PFIC. For a period of four years after the Closing Date or, if later, the any Option Closing Date for the Option UnitsDate, the Partnership Company will use its commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) required to register as an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. shareholder or unitholder.

Investment Company; PFIC. For a period of four five years after the Closing Date or, if later, the Option Closing Date for the Option UnitsDate, the Partnership will use its commercially best reasonable efforts to avoid any ensure that (i) no Teekay Entity, or nor any subsidiary thereof, from becoming (i) shall become an “"investment company” " as defined in the 1940 Act, or and (ii) the Partnership shall not become a PFIC with respect to any U.S. unitholderPFIC.

Investment Company; PFIC. For a period of four years after the Closing Date or, if later, the any Option Closing Date for the Option UnitsDate, the Partnership Issuers will use its their commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.

Investment Company; PFIC. For a period of four five years after the Closing Date or, if later, the Closing Date for the Option Units, the Partnership will use its commercially best reasonable efforts to avoid any ensure that no Teekay Entity, or nor any subsidiary thereof, from becoming shall become (i) an “investment company” as defined in the 1940 Act, Act or (ii) a PFIC that would require action on the part of a unitholder to make an election to treat the PFIC as a “qualified electing fund” with respect to any U.S. such unitholder.

Investment Company; PFIC. For a period of four years after the initial Closing Date or, if later, the Closing Date for the Option Units, the Partnership will use its commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.

Investment Company; PFIC. For a period of four years after the Closing Date or, if later, the any Option Closing Date for the Option UnitsDate, the Partnership will use its commercially reasonable efforts to avoid any Teekay Entity, or any subsidiary thereof, from becoming (i) an “investment company” as defined in the 1940 Act, or (ii) a PFIC with respect to any U.S. unitholder.