Common use of PFIC Notice to Shareholders Clause in Contracts

PFIC Notice to Shareholders. If the Partnership notifies its shareholders that it or a subsidiary will be a PFIC, it will contemporaneously give similar notice to the Managers, along with information concerning the potential availability of a “qualified electing fund” election (or elections) under Section 1295 of the Code or any other applicable election with respect to each Partnership Entity that is a PFIC.

PFIC Notice to Shareholders. If the Partnership Company notifies its shareholders that it or a subsidiary will be a PFIC, it will contemporaneously give similar notice to the ManagersManager, along with information concerning the potential availability of a “qualified electing fund” election (or elections) under Section 1295 of the Code or any other applicable election with respect to each Partnership Teekay Entity that is a PFIC.

PFIC Notice to Shareholders. If the Partnership Company notifies its shareholders that it or a subsidiary will be a PFIC, it will contemporaneously give similar notice to the ManagersUnderwriters, along with information concerning the potential availability of a “qualified electing fund” election (or elections) under Section 1295 of the Code or any other applicable election with respect to each Partnership Teekay Entity that is a PFIC.

PFIC Notice to Shareholders. If the Partnership Company notifies its shareholders that it or a subsidiary will be a PFIC, it will contemporaneously give similar notice to the ManagersAgents, along with information concerning the potential availability of a “qualified electing fund” election (or elections) under Section 1295 of the Code or any other applicable election with respect to each Partnership Entity subsidiary of the Company that is a PFIC.