Common use of Accounting Control Clause in Contracts

Accounting Control. Each of the BIP Entities maintains a system of internal accounting controls, which, on a consolidated basis, is sufficient to provide reasonable assurances that: (A) transactions are executed in accordance with management’s general or specific authorization; (B) transactions are recorded as necessary to permit preparation of financial statements in conformity with IFRS and to maintain accountability for assets; (C) access to assets is permitted only in accordance with management’s general or specific authorization; and (D) the recorded accountability for assets is compared with the existing assets at reasonable intervals and appropriate action is taken with respect to any differences. The internal controls of the BIP Entities (other than BIPC and its subsidiaries) are, and upon consummation of the Offering will be, overseen by the Audit Committee (the “BIP Audit Committee”) of the general partner of BIP (the “General Partner”) in accordance with the NYSE Rules. BIP has not publicly disclosed or reported to the BIP Audit Committee or the General Partner, and, within the next 135 days, BIP does not reasonably expect to publicly disclose or report to the BIP Audit Committee or the General Partner a significant deficiency, material weakness, change in internal controls or fraud involving management or other employees who have a significant role in internal controls, any violation of, or failure to comply with, the U.S. securities laws, or any matter which, if determined adversely, would have a Material Adverse Effect. The internal controls of the BIPC and its subsidiaries are, and upon consummation of the Offering will be, overseen by the Audit Committee (the “BIPC Audit Committee”) of BIPC in accordance with the NYSE Rules. BIPC has not publicly disclosed or reported to the BIPC Audit Committee, and, within the next 135 days, BIPC does not reasonably expect to publicly disclose or report to the BIPC Audit Committee a significant deficiency, material weakness, change in internal controls or fraud involving management or other employees who have a significant role in internal controls, any violation of, or failure to comply with, the U.S. securities laws, or any matter which, if determined adversely, would have a Material Adverse Effect.