Common use of Books and Record Internal Accounting Controls Clause in Contracts

Books and Record Internal Accounting Controls. The books and records of the Company and its Subsidiaries accurately reflect in all material respects the information relating to the business of the Company and its Subsidiaries, the location and collection of their assets, and the nature of all transactions giving rise to the obligations or accounts receivable of the Company or any Subsidiary. As noted in the Company’s annual report on Form 10-K for the year ended December 31, 2011, the Company’s management conducted an evaluation of the Company’s internal control over financial reporting as of December 31, 2011, and concluded that the Company’s internal control over financial reporting was not effective as of December 31, 2011. The Company’s management conducted an evaluation of the Company’s disclosure controls and procedures as of December 31, 2011 and concluded that the Company’s disclosure controls and procedures are not effective to provide reasonable assurance that (i) information required to be disclosed by the Company in reports filed or submitted under the Exchange Act is accumulated and communicated to management to allow timely decisions regarding required disclosure by the Company, and (ii) information required to be disclosed in reports that filed or submitted under the Exchange Act is recorded, processed, summarized and reported within the time periods specified in the Commission’s rules and forms.