Common use of Time and Place; Closing Clause in Contracts

Time and Place; Closing. The Securities will be sold in one or more closings at such place, date and time as may be fixed by mutual agreement of Gruntal & Co., L.L.C., the placement agent for the shares of Common Stock, and Seller (each such date referred to herein as the "Closing Date"). The initial Closing Date shall be after the date on which Seller receives subscriptions in the minimum amount of $4,000,000 at the offices of Gruntal & Co., L.L.C., ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, or at such other place, date or time as may be fixed by mutual agreement by Buyer and Seller; provided, however, that the final Closing shall be no later than December 22, 1997. 3. Section 8.1(b) of the STOCK PURCHASE AGREEMENT is amended to read as follows in its entirety:

Time and Place; Closing. The Securities will be sold in one or more closings at such place, date and time as may be fixed by mutual agreement of Gruntal & Co., L.L.C., the placement agent for the shares of Common Stock, and Seller (each such date referred to herein as the "Closing Date"). The initial Closing Date shall be after the date on which Seller receives subscriptions in the minimum amount of $4,000,000 5,005,000 at the offices of Gruntal & Co., L.L.C., ▇▇▇ ▇▇▇▇▇ ▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇, ▇▇▇ ▇▇▇▇ ▇▇▇▇▇, or at such other place, date or time as may be fixed by mutual agreement by Buyer and Seller; provided, however, that the final Closing shall be no later than December 22November 30, 1997. 3. Section 8.1(b) of the STOCK PURCHASE AGREEMENT is amended to read as follows in its entirety: