Common use of PFIC Matters Clause in Contracts

PFIC Matters. If a U.S. Purchaser so requests in writing for any taxable year of the Company, the Company, after consulting with its outside accounting firm, shall within 15 days notify the U.S. Purchaser in writing that either (A) the Company was not a PFIC for such year, or (B) the Company was a PFIC for such year, in which event the Company shall provide to the U.S. Purchaser, upon the reasonable written request of the U.S. Purchaser, the information reasonably necessary to allow the U.S. Purchaser to elect to treat each of the Company as a qualified electing fund (within the meaning of Code Section 1295) for such year, including a PFIC Annual Information Statement as described in U.S. Treasury Regulation Section 1.1295-1(g)(1) (or any successor Treasury Regulation). For purposes hereof, PFIC means a passive foreign investment company within the meaning of Section 1297(a) of the Internal Revenue Code of 1986, as amended.