Common use of Electronic Registration Clause in Contracts

Electronic Registration. This transaction shall be completed on the Closing Date by electronic registration at the Vendor's lawyer's offices and the Purchaser's lawyer's offices, or at such other place as may be agreed to in writing by the parties or their respective lawyers. The Vendor and Purchaser acknowledge and agree that documents may be exchanged on Closing at the agreed upon place of Closing or delivered to the other party in properly executed form by email PDF transmission or other similar system reproducing the original. The Vendor and Purchaser acknowledge and agree that the delivery and exchange of documents, monies and possession of the Purchased Assets and the release thereof to the Vendor and the Purchaser, as the case may be, shall not occur contemporaneously with the registration of the transfer and other registrable documentation and shall be governed by a document registration agreement (the "DRA") pursuant to which the Vendor's lawyers and the Purchaser's lawyers will hold in escrow all documents and monies received by them and will not release same to their respective clients except in strict accordance with the DRA. The parties hereby instruct their respective lawyers to enter into the DRA establishing the procedures for completion of this transaction in escrow and by means of electronic registration.