Registration in the System Clause Samples

The 'Registration in the System' clause establishes the requirement for parties to formally enroll or create an account within a specified digital platform or system before accessing its services or features. Typically, this involves providing necessary identification details, agreeing to terms of use, and possibly undergoing verification steps to ensure eligibility. By mandating registration, the clause ensures that only authorized users can participate, thereby enhancing security, accountability, and proper management of system access.
Registration in the System. To start using Paynovate Services, the Client has to register in the System. The use of the Paynovate Application is described in the Terms of Use available in the system. Paynovate has the right to refuse to register the new Client without indicating the reasons, however, Paynovate assures that the refusal to register will always be based on significant reasons which Paynovate does not have to or does not have the right to reveal. The Account for the Client can be opened by the Client’s Representative. By registering the Client in the System, the Client’s Representative confirms that they are duly elected or appointed to represent the Client, also that the legal entity represented by them is properly established and operates lawfully. The Client’s Representative must provide the documents specified in the System in order to be duly verified under the procedures laid down in the System. If the onboarding procedure is successfully completed and Paynovate is satisfied with the identification and verification of the identity of the Customer concerned, the Bank shall confirm the acceptance of the Customer, Paynovate shall confirm the Customer's acceptance and the contractual relationship between the Customer and Paynovate shall take effect in accordance with these General Terms and Conditions. The Agreement comes into force after the client’s Representative has registered the Client in the System, learned the terms and conditions of the present Agreement and every related document, and electronically expressed their consent to comply with them. The Agreement is valid for an unlimited period of time. By registering in the System, the Client confirms that they agree to the terms of the Agreement and undertakes to observe them. The Client confirms that they have provided the correct data when registering in the System and, if there is a need to change or add data, the Client will submit correct data only. The Client shall bear any losses that may occur due to the submission of invalid data. In order for Paynovate to start or continue the provision of Services, the Client and/or the Client’s Representative shall confirm the profile, the provision of a new Service or a part of a Service and perform the Client identification procedure under the circumstances and procedures set out in the Agreement or in the System. The Client identification procedure, confirmation of the Profile, and provision of new Services is performed in order to ensure the protection of the int...
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Registration in the System. 2.1. In order to start using NovaPay services, the Client has to register in the System. NovaPay has the right to refuse to register the new Client without indicating the reasons, however, NovaPay assures that the refusal to register will always be based on significant reasons which NovaPay does not have to or does not have the right to reveal. 2.2. When registering in the System, first of all, a Profile for the Client’s Representative is created. The Profile is personal, thus each representative of the Client who has the rights to manage the Profile shall register in the System, create their personal Profile, and perform the Client identification procedure required by the System. 2.3. The Account for the Client can be opened by the Client’s Representative. Up to two accounts can be opened by the Client. By registering the Client in the System, the Client's Representative confirms that they are duly elected or appointed to represent the Client, also that the legal entity represented by them is properly established and operates lawfully. The Client’s Representative must provide the documents specified in the System in order to be duly verified under the procedures laid down in the System. The Client's Representative opening the account has the right to grant the rights to manage the Account to other authorised persons of the Client after they register in the System and create their own personal Profiles. 2.4. The Agreement comes into force after the Client’s Representative has registered the Client in the System, learned the terms and conditions of the present Agreement, and electronically expressed their consent to comply with them. The Agreement is valid for an unlimited period of time. 2.5. By registering in the System, the Client confirms that they agree to the terms of the Agreement and undertakes to observe them. 2.6. The Client confirms that they have provided the correct data when registering in the System and, if there is a need to change or add data, the Client will submit correct data only. The Client shall bear any losses that may occur due to the submission of invalid data. 2.7. In order for NovaPay to start or continue the provision of Services, the Client and/or the Client’s Representative shall confirm the Profile, the provision of a new Service or a part of a Service and perform the client identification procedure under the circumstances and procedures set out in the Agreement or in the System. The client identification procedure, confirmat...
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Registration in the System. 2.1. In order to start using Alphapay services, the Client has to register in the System. ▇▇▇▇▇▇▇▇ has the right to refuse to register the new Client. In such cases Alphapay must to indicate the reasons (legal and factual ground). ▇▇▇▇▇▇▇▇ assures that the refusal to register will always be based on significant reasons. 2.2. When registering in the System, first of all, a Profile for the Client’s Representative is created. The Profile is personal, thus each representative of the Client who has the rights to manage the Profile shall register in the System, create their personal Profile, and perform the Client identification procedure required by the System. 2.3. The Account for the Client can be opened by the Client’s Representative. Up to two accounts can be opened by the Client. By registering the Client in the System, the Client's Representative confirms that they are duly elected or appointed to represent the Client, also that the legal entity represented by them is properly established and operates lawfully. The Client’s Representative must provide the documents specified in the System in order to be duly verified under the procedures laid down in the System. The Client's Representative opening the account has the right to grant the rights to manage the Account to other authorised persons of the Client after they register in the System and create their own personal Profiles. 2.4. The Agreement comes into force after the Client’s Representative has registered the Client in the System, learned the terms and conditions of the present Agreement, and electronically expressed their consent to comply with them. The Agreement is valid for an unlimited period of time. 2.5. By registering in the System, the Client confirms that they agree to the terms of the Agreement and undertakes to observe them. 2.6. The Client confirms that they have provided the correct data when registering in the System and, if there is a need to change or add data, the Client will submit correct data only. The Client shall bear any losses that may occur due to the submission of invalid data. 2.7. In order for Alphapay to start or continue the provision of Services, the Client and/or the Client’s Representative shall confirm the Profile, the provision of a new Service or a part of a Service and perform the client identification procedure under the circumstances and procedures set out in the Agreement or in the System. The client identification procedure, confirmation of the Profile, and ...
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Registration in the System. III.2.1 Before using the Services, the Representative must register the Client to Our System first. The Representative must register the Client via Internet Bank. III.2.2 The Representative must have any and all authorizations to legally represent the Client. Though, during the registration process We ask the Representative to provide proof of such authorizations and We assess such proof, however, by registering the Client the Presentative represents and warrants Us that he/she has full capacity to represent the Client, and the Representative alone is entirely liable for any negative (legal and/or pecuniary) outcome should such representations and/or warranties were untrue/incorrect. III.2.3 Please note, that We apply specific requirements to Our Clients (please see Para III.1.2 above) and retain the right to set other requirements to Our Clients and/or limitations for acceptance of the Clients. These will be made public via Our website. III.2.4 As a part of the registration process, The Representative, acting on behalf of the Client: III.2.4.1 represents and warrants to Us that opening of the Account on behalf of the Client does not violate any laws and regulations applicable to the Representative and/or the Client; III.2.4.2 accepts this Agreement, Privacy Policy, and other documents constituting the entire agreement, as explained in detail in Section I.5 above; III.2.4.3 provides required initial information about himself/herself and the Client. However, ; III.2.4.4 fills the Client’s KYC questionnaire and presents all the information required per such questionnaire; III.2.4.5 please note that during the Client Identification process (Section III.3 below) We will require additional information for Our assessment. III.2.5 Our System will send the Personalized Security Measures (via SMS to the phone number of the Representative) required to finalize Account registration procedures.
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Registration in the System. III.2.1 In order use the Services, You must register to Our System first. Therefore, You must open Your Account by registering via Internet Bank first. III.2.2 You may only open Account, if You are at least 18 (eighteen) years old and such action is legal according to Your country of residence. The Company at its sole discretion is entitled to set different age limits for the different Services. III.2.3 Please note, that We apply specific requirements to Our Clients (please see Para III.1.2 above) and retain the right to set other requirements to Our Clients and/or limitations for acceptance of the Clients. These will be made public via Our website. III.2.4 As a part of the registration process: III.2.4.1 You represent and warrant to Us that opening of Account does not violate any laws and regulations applicable to You; III.2.4.2 You will have to accept this Agreement, Our Privacy Policy, and other documents constituting the entire agreement, as explained in detail in Section I.5 above. The System will allow You to download this Agreement and the Privacy Policy in a Durable Medium; III.2.4.3 You will have to provide some information about Yourself (such as: name, surname; telephone number; date of birth; etc.). Our System will guide You through the Registration process and keep You informed of the information We need from You; III.2.4.4 You will have to create Your own password and PIN code; III.2.4.5 Our System will send the Personalized Security Measures (via SMS to the phone number specified by You) required to finalize Account registration procedures.
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Registration in the System. 3.1. Before starting using the Payment Services, the Client shall register in the System and create a Profile or register for the use of Payment Services in person under the requirements set by the Institution. Client’s authentication and registration in the System shall be carried out in accordance with the requirements of the applicable legal acts. In order for the Client to be properly authenticated and logged in to the System, the Client may be ustanoveních. Dodatek může být označen jako dohoda, ujednání, pravidla, prohlášení, plán, nebo jakýmkoli jiným způsobem. Dodatek je nedílnou součástí Smlouvy. V případě rozporu má ▇▇▇▇▇▇▇ přednost před ustanoveními Smlouvy.
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Registration in the System. 2.1. In order to start using Paysera services, the Client has to register in the System. Paysera has the right to refuse to register the new Client without indicating the reasons, however, ▇▇▇▇▇▇▇ assures that the refusal to register will always be based on significant reasons which Paysera does not have to or does not have the right to reveal. 2.2. When registering in the System, first of all an Account for a representative of the Client is created. The Account is personal, thus, each representative of the Client who has the rights to manage the Account, shall register in the System, create his/ her personal Account and perform the Client identification procedure required by the System. 2.3. The Account for the Client can be opened by the Head of a legal entity or another representative of the Client, who has the authority specified in the legal acts and (or) legal acts of the legal person. By registering the Client in the System, the Client's representative confirms that the representative of that legal entity is duly elected or appointed and the legal entity represented by him is properly established and operates lawfully. The client's manager or his other representative must properly identify themselves in accordance with the procedures specified in the system by submitting the documents specified in the system. The Client's representative opening the account has the right to grant the rights to manage the Account to other authorized persons of the Client after they sign up for the System and create their own Personal Accounts. 2.4. The Agreement comes into force after both parties sign it. The Agreement is valid until the moment when any of the conditions mentioned below sets in:
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Registration in the System. 4.1. Merchant wishing to utilize DPS services shall register in the System and provide all necessary documents and information during the AML procedure via the System. 4.2. When registering in the System, an Account is created for the Merchant. The Account is personal and only its owner, i.e. the Merchant or its authorized representative, has the right to use it (log in). After the Merchant registers in the System and creates an Account, Merchant Account is automatically opened. DPS has the right to refuse registration to the Merchant at its own discretion. Until the Merchant has submitted, and DPS has reviewed and approved, all required information, Merchant Account will be available to the Merchant on a preliminary basis only, and DPS may terminate it at any time and for any reason. 4.3. This Agreement and Fees, as it may be amended from time to time with 5 (five) days prior Notice to the Merchant, becomes effective upon the Merchant’s acceptance of the terms of the Agreement and Fees or the date Merchant start to uses the Service (whichever is earlier). The Agreement and is valid for unlimited time. 4.4. The Merchant confirms that it has provided true and accurate information about its business, and beneficial owners, when registering in the System and that later, when changing or adding information about it, the Merchant will immediately provide only true and accurate information. The Merchant shall bear any losses and liability that occur due to submission of invalid data. DPS may suspend Merchant Account or terminate this Agreement if the Merchant fails to keep this information up to date. 4.5. When performing the Merchant identification, DPS has the right to demand the Merchant to provide the documents approved by a notary or another person authorized by the state via the System or if additionally requested via email or post.
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Registration in the System. 2.1. During the registration process, the User agrees with the terms of service of the System, and by this, agrees that he has become familiar with the said terms and agrees with all stated provisions. 2.2. The User may only use one activated Account. 2.3. Upon registering a Company in the System, a unique identifier is granted - CargoID. Each Company can only have one identifier. 2.4. Upon registering a User, it is required to provide only truthful and accurate information about the User or Company; 2.5. It is prohibited to register in the System under different, fake, or fictional (etc.) names.
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Related to Registration in the System

  • Registration Process In connection with the registration of the Registrable Securities pursuant to Section 5.2.1, the Company shall: (a) Prepare and file with the SEC the Registration Statement and such amendments (including post effective amendments) to the Registration Statement and supplements to the prospectus included therein (a “Prospectus”) as the Company may deem necessary or appropriate and take all lawful action such that the Registration Statement and any amendment thereto does not, when it becomes effective, contain an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, not misleading and that the Prospectus forming part of the Registration Statement, and any amendment or supplement thereto, does not at any time during the period commencing on the effective date of the Registration Statement and ending on the date on which all of the Registrable Securities may be sold to the public without registration under the Securities Act in reliance on Rule 144 (the “Registration Period”) include an untrue statement of a material fact or omit to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading; (b) Comply with the provisions of the Securities Act with respect to the Registrable Securities covered by the Registration Statement until the earlier of (i) such time as all of such Registrable Securities have been disposed of in accordance with the intended methods of disposition by each Purchaser as set forth in the Prospectus forming part of the Registration Statement or (ii) the date on which the Registration Statement is withdrawn; (c) Furnish to each Purchaser and its legal counsel identified to the Company (i) promptly after the same is prepared and publicly distributed, filed with the SEC, or received by the Company, one copy of the Registration Statement, each Prospectus, and each amendment or supplement thereto, and (ii) such number of copies of the Prospectus and all amendments and supplements thereto and such other documents, as the Purchaser may reasonably request in order to facilitate the disposition of the Registrable Securities; (d) Register or qualify the Registrable Securities covered by the Registration Statement under such securities or “blue sky” laws of such jurisdictions as the Purchasers reasonably request, (ii) prepare and file in such jurisdictions such amendments (including post effective amendments) and supplements to such registrations and qualifications as may be necessary to maintain the effectiveness thereof at all times during the Registration Period, (iii) take all such other lawful actions as may be necessary to maintain such registrations and qualifications in effect at all times during the Registration Period, and (iv) take all such other lawful actions reasonably necessary or advisable to qualify the Registrable Securities for sale in such jurisdictions; provided, however, that the Company shall not be required in connection therewith or as a condition thereto to (A) qualify to do business in any jurisdiction where it would not otherwise be required to qualify, (B) subject itself to general taxation in any such jurisdiction or (C) file a general consent to service of process in any such jurisdiction; (e) As promptly as practicable after becoming aware of such event, notify each Purchaser of the occurrence of any event, as a result of which the Prospectus included in the Registration Statement, as then in effect, includes an untrue statement of a material fact or omits to state a material fact required to be stated therein or necessary to make the statements therein, in light of the circumstances under which they were made, not misleading, and promptly prepare an amendment to the Registration Statement and supplement to the Prospectus to correct such untrue statement or omission, and deliver a number of copies of such supplement and amendment to each Purchaser as such Purchaser may reasonably request; (f) As promptly as practicable after becoming aware of such event, notify each Purchaser (or, in the event of an underwritten offering, the managing underwriters) of the issuance by the SEC of any stop order or other suspension of the effectiveness of the Registration Statement and take all lawful action to effect the withdrawal, rescission or removal of such stop order or other suspension; (g) Take all such other lawful actions reasonably necessary to expedite and facilitate the disposition by the Purchaser of its Registrable Securities in accordance with the intended methods therefor provided in the Prospectus which are customary under the circumstances; (h) In the event of an underwritten offering, promptly include or incorporate in a Prospectus supplement or post-effective amendment to the Registration Statement such information as the underwriters reasonably agree should be included therein and to which the Company does not reasonably object and make all required filings of such Prospectus supplement or post-effective amendment as soon as practicable after it is notified of the matters to be included or incorporated in such Prospectus supplement or post-effective amendment; (i) In connection with any underwritten offering, deliver such documents and certificates as may be reasonably required by the underwriters; and (j) Cooperate with the Purchasers to facilitate the timely preparation and delivery of certificates representing Registrable Securities to be sold pursuant to the Registration Statement, which certificates shall, if required under the terms of this Agreement, be free of all restrictive legends, and to enable such Registrable Securities to be in such denominations and registered in such names as any Purchaser may request and maintain a transfer agent for the Common Stock.

  • Registration of the Shares (i) The Company shall use its reasonable best efforts to prepare and file with the SEC, by August 31, 2011, a Registration Statement under the Securities Act to permit the public sale of the Restricted Stock and use its reasonable best efforts to cause such Registration Statement to be declared effective by the SEC as soon as reasonably practicable thereafter. The Selling Stockholders shall furnish such information as may be reasonably requested by the Company in order to include such Restricted Stock in such Registration Statement. If the Selling Stockholders decide not to include all or any portion of their Restricted Stock in such Registration Statement, then the Company shall have no further obligation to include such Restricted Stock in any subsequent Registration Statement or Registration Statements as may be filed by the Company with respect to offerings of its securities. (ii) In the event that any registration pursuant to Section 7(b)(i) shall be, in whole or in part, an underwritten public offering of Common Stock on behalf of the Company, all Selling Stockholders proposing to distribute their Restricted Stock through such underwriting shall enter into an underwriting agreement in customary form with the underwriter or underwriters selected for such underwriting by the Company. If the managing underwriter thereof advises the Company in writing that in its opinion the number of securities requested to be included in such registration exceeds the number which can be sold in an orderly manner in such offering within a price range acceptable to the Company, the Company shall include in such registration: (A) first, the securities the Company proposes to sell, and (B) second, the Restricted Stock and any other registrable securities eligible and requested to be included in such registration to the extent that the number of shares to be registered under this clause (B) will not, in the opinion of the managing underwriter, adversely affect the offering of the securities pursuant to clause (A). In such a case, shares shall be registered pro rata among the holders of such Restricted Stock and registrable securities on the basis of the number of shares eligible for registration that are owned by all such holders and requested to be included in such registration. (iii) Notwithstanding anything to the contrary contained herein, the Company's obligation in Sections 7(b)(i) and (ii) above shall extend only to the inclusion of the Restricted Stock in a Registration Statement. The Company shall have no obligation to assure the terms and conditions of distribution, to obtain a commitment from an underwriter relative to the sale of the Restricted Stock, or to otherwise assume any responsibility for the manner, price or terms of the distribution of the Restricted Stock. (iv) The Company shall have the right to terminate or withdraw any registration initiated by it under this Section 7(b) prior to the effectiveness of such registration without thereby incurring liability to the holders of the Restricted Stock, regardless of whether any holder has elected to include securities in such registration. The Registration Expenses (as defined in Section 7(e)) of such withdrawn registration shall be borne by the Company in accordance with Section 7(d) hereof.

  • Registration and Transfer (a) The Fiscal Agent shall maintain, as agent of Issuer for the purpose, at its office in [name of location], a register (i) registering and maintaining a record of the aggregate holdings of all DTC Global Securities and the International Global Security, (ii) registering transfers between holders of the Global Securities, (iii) registering and maintaining a record of the aggregate holdings of all definitive registered Securities, (iv) registering transfers between holders of the definitive registered Securities and (v) registering and maintaining a record of any further issues of Securities pursuant to Section 9 of this Agreement and any subsequent transfers thereof. In addition, the Fiscal Agent will (i) maintain and promptly update the respective Schedules to the DTC Global Securities and the International Global Security, and (ii) ensure that the sum of the respective aggregate principal amounts shown by the latest entry in the respective Schedules to the DTC Global Securities and the International Global Security does not exceed [currency; amount], plus the aggregate principal amount of any additional Securities issued by Issuer in accordance with Section 9 of this Agreement, at any one time. Upon presentation for the purpose at the said office of the Fiscal Agent of any Security duly endorsed by, or accompanied by delivery of a written instrument of transfer in form approved by the Fiscal Agent duly executed by, the registered holder of the Security, or the registered holder’s attorney thereunto duly authorized in writing, such Security shall be transferred upon such register and a new Security, bearing the guarantee of Japan in the form herein provided for, shall be authenticated and delivered in the name of the transferee. Transfers and exchanges of Securities shall be subject to such reasonable regulations as may be prescribed by Issuer. Upon presentation for transfer or exchange of any Security in definitive form at any office of any transfer agent accompanied by a written instrument of transfer in a form approved by the Fiscal Agent duly executed by the registered holder or such registered holder’s attorney duly authorized in writing, such Security and written instrument shall be forwarded to the office of the Fiscal Agent. In addition, any transfer agent shall provide to Fiscal Agent such information as the Fiscal Agent may reasonably require in connection with the delivery by such transfer agent of Securities in the definitive form in exchange for other Securities. (b) When book-entry interests in Securities are to be transferred from the account of a DTC participant holding a beneficial interest in a DTC Global Security to the account of a Euroclear or Clearstream, Luxembourg accountholder wishing to purchase a beneficial interest in an International Global Security, on the settlement date, the custodian of the DTC Global Security, initially [NAME OF DTC CUSTODIAN], will instruct the Fiscal Agent to: • decrease the amount of Securities registered in the name of the nominee of DTC and evidenced by the DTC Global Securities; and • increase the amount of Securities registered in the name of the nominee of the common depositary for Euroclear and Clearstream, Luxembourg, and evidenced by the International Global Security. Book-entry interests will be delivered free of payment to Euroclear or Clearstream, Luxembourg as the case may be, for credit to the relevant accountholder on the first business day following the settlement date. (c) When book-entry interests in the Securities are to be transferred from the account of a Euroclear or Clearstream, Luxembourg accountholder to the account of a DTC participant wishing to purchase a beneficial interest in a DTC Global Security, on the settlement date, the common depositary for Euroclear and Clearstream, Luxembourg, initially [NAME OF COMMON DEPOSITORY], will: • transmit appropriate instructions to the custodian of the DTC Global Security, initially [NAME OF DTC CUSTODIAN], who will in turn deliver such book-entry interests free of payment to the relevant account of the DTC participants; and • instruct the Fiscal Agent to: • decrease the amount of Securities registered in the name of the nominee of the common depositary for Euroclear and Clearstream, Luxembourg, and evidenced by the International Global Security; and • increase the amount of Securities registered in the name of the nominee of DTC and evidenced by the DTC Global Securities.

  • Registration of Registrable Securities The Company will file with the Commission, within 30 days following the date hereof, a Registration Statement on Form S-3 (the "Registration Statement") to register the resale of the Common Shares issuable upon the exercise of the Warrants. The Company will use its best efforts to cause the Registration Statement to become effective within (i) 90 days of the Date hereof, (ii) ten (10) days following the receipt of a "No Review" or similar letter from the Commission or (iii) the first day following the day the Commission determines the Registration Statement eligible to be declared effective (the "Required Effectiveness Date"). Nothing contained herein shall be deemed to limit the number of Registrable Securities to be registered by the Company hereunder. As a result, should the Registration Statement not relate to the maximum number of Registrable Securities acquired by (or potentially acquirable by) the holders thereof upon conversion of the Preferred Stock, or exercise of the Common Stock Purchase Warrants described in Section 1 above, the Company shall be required to promptly file a separate registration statement (utilizing Rule 462 promulgated under the Exchange Act, where applicable) relating to such Registrable Securities which then remain unregistered. The provisions of this Agreement shall relate to any such separate registration statement as if it were an amendment to the Registration Statement.

  • Registration, etc Each Pledgor agrees that, upon the occurrence and during the continuance of an Event of Default hereunder, if for any reason the Collateral Agent desires to sell any of the Pledged Securities of the Borrower at a public sale, it will, at any time and from time to time, upon the written request of the Collateral Agent, use its best efforts to take or to cause the issuer of such Pledged Securities to take such action and prepare, distribute and/or file such documents, as are required or advisable in the reasonable opinion of counsel for the Collateral Agent to permit the public sale of such Pledged Securities. Each Pledgor further agrees to indemnify, defend and hold harmless the Collateral Agent, each other Secured Party, any underwriter and their respective officers, directors, affiliates and controlling persons from and against all loss, liability, expenses, costs of counsel (including, without limitation, reasonable fees and expenses to the Collateral Agent of legal counsel), and claims (including the costs of investigation) that they may incur insofar as such loss, liability, expense or claim arises out of or is based upon any alleged untrue statement of a material fact contained in any prospectus (or any amendment or supplement thereto) or in any notification or offering circular, or arises out of or is based upon any alleged omission to state a material fact required to be stated therein or necessary to make the statements in any thereof not misleading, except insofar as the same may have been caused by any untrue statement or omission based upon information furnished in writing to such Pledgor or the issuer of such Pledged Securities by the Collateral Agent or any other Secured Party expressly for use therein. Each Pledgor further agrees, upon such written request referred to above, to use its best efforts to qualify, file or register, or cause the issuer of such Pledged Securities to qualify, file or register, any of the Pledged Securities under the Blue Sky or other securities laws of such states as may be requested by the Collateral Agent and keep effective, or cause to be kept effective, all such qualifications, filings or registrations. Each Pledgor will bear all costs and expenses of carrying out its obligations under this Section 12. Each Pledgor acknowledges that there is no adequate remedy at law for failure by it to comply with the provisions of this Section 12 and that such failure would not be adequately compensable in damages, and therefore agrees that its agreements contained in this Section 12 may be specifically enforced.