Investment Company; PFIC. For a period of five years after any Closing Date, the Partnership will use its best reasonable efforts to ensure that no Teekay Entity, nor any subsidiary thereof, shall become an “investment company” as defined in the 1940 Act. For a period of three years after any Closing Date, the Partnership will use its best reasonable efforts to ensure that no Teekay Entity, nor any subsidiary thereof, shall become 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 such unitholder.
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Samples: Underwriting Agreement (Teekay LNG Partners L.P.), Underwriting Agreement (Teekay LNG Partners L.P.), Underwriting Agreement (Teekay LNG Partners L.P.)
Investment Company; PFIC. For a period of five years after any Closing Date, the Partnership will use its reasonable best reasonable efforts to ensure that no Teekay Entity, nor any subsidiary thereof, shall become required to register as an “investment company” as defined in under the 1940 Act. For a period of three years after any Closing Date, the Partnership will use its reasonable best reasonable efforts to ensure that no Teekay Entity, nor any subsidiary thereof, shall become 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 such unitholder.
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