Common use of Nomination of ELNO System and Completion of Electronic Workspace Clause in Contracts

Nomination of ELNO System and Completion of Electronic Workspace. (1) The Seller must nominate the ELNO System to be used for the Electronic Settlement. Despite clause 10.4(9), the Seller may nominate the ELNO System by sending or accepting an invitation to an Electronic Workspace in an ELNO System. (2) The parties must: (a) ensure that the Electronic Workspace is completed and all Electronic Conveyancing Documents and the Financial Settlement Schedule are Digitally Signed prior to settlement; and (b) do everything else required in the Electronic Workspace or otherwise to enable settlement to occur on the Settlement Date. (3) If the parties cannot agree on a time for settlement, the time to be nominated in the Electronic Workspace is 4pm AEST. (4) If any part of the Purchase Price is to be paid to discharge an Outgoing: (a) the Buyer may, by notice in writing to the Seller, require that the amount is paid to the Buyer’s Solicitor’s trust account and the Buyer is responsible for paying the amount to the relevant authority; (b) for amounts to be paid to destination accounts other than the Buyer’s Solicitor’s trust account, the Seller must give the Buyer a copy of the current account for the Outgoing to enable the Buyer to verify the destination account details in the Financial Settlement Schedule. (5) If the Deposit is required to discharge any Encumbrance or pay an Outgoing at settlement: (a) the Deposit Holder must, if directed by the Seller at least 2 Business Days before settlement, pay the Deposit (and any interest accrued on investment of the Deposit) less commission as clear funds to the Seller’s Solicitor; (b) the Buyer and the Seller authorise the Deposit Holder to make the payment in clause 11.2(5)(a); (c) the Seller’s Solicitor will hold the money as Deposit Holder under the Contract; (d) the Seller and Buyer authorise the Seller’s Solicitor to pay the money as directed by the Seller in accordance with the Financial Settlement Schedule.

Nomination of ELNO System and Completion of Electronic Workspace. (1) The Seller must nominate the ELNO System to be used for the Electronic Settlement. Despite clause 10.4(912.4(9), the Seller may nominate the ELNO System by sending or accepting an invitation to an Electronic Workspace in an ELNO System. (2) The parties must: (a) ensure that the Electronic Workspace is completed and all Electronic Conveyancing Documents and the Financial Settlement Schedule are Digitally Signed prior to settlement; and (b) do everything else required in the Electronic Workspace or otherwise to enable settlement to occur on the Settlement Date. (3) If the parties cannot agree on a time for settlement, the time to be nominated in the Electronic Workspace is 4pm AEST. (4) If any part of the Purchase Price is to be paid to discharge an Outgoing: (a) the Buyer may, by notice in writing to the Seller, require that the amount is paid to the Buyer’s Solicitor’s trust account and the Buyer is responsible for paying the amount to the relevant authority; (b) for amounts to be paid to destination accounts other than the Buyer’s Solicitor’s trust account, the Seller must give the Buyer a copy of the current account for the Outgoing to enable the Buyer to verify the destination account details in the Financial Settlement Schedule. (5) If the Deposit is required to discharge any Encumbrance or pay an Outgoing at settlement: (a) the Deposit Holder must, if directed by the Seller at least 2 Business Days before settlement, pay the Deposit (and any interest accrued on investment of the Deposit) less commission as clear funds to the Seller’s Solicitor; (b) the Buyer and the Seller authorise the Deposit Holder to make the payment in clause 11.2(5)(a13.2(5)(a); (c) the Seller’s Solicitor will hold the money as Deposit Holder under the Contract; (d) the Seller and Buyer authorise the Seller’s Solicitor to pay the money as directed by the Seller in accordance with the Financial Settlement Schedule.