Common use of Place and Date of Closing Clause in Contracts

Place and Date of Closing. Unless this Agreement shall be terminated pursuant to Section 13 below, the consummation of the transactions contemplated by this Agreement (the "Closing") shall take place at the offices of the Buyer, or such other location as is agreed to between the parties, at 10:00 A.M. local time on the date that is three (3) business days after the satisfaction of all conditions to Closing set forth herein, it being understood that the parties hereto shall use their best efforts to satisfy the conditions precedent to Closing, in each case on or before July 15, 1998 (the date of the Closing being referred to in this Agreement as the "Closing Date"). If, notwithstanding the parties' best efforts, such conditions shall not have been satisfied by such date, then the Closing Date shall be extended to the date that is three (3) Businesses days after the satisfaction of all such conditions, but which shall not in any case be later than July 31, 1998 ("Outside Closing Date"), unless the parties hereto agree in writing otherwise.