Document:

SECOND AMENDMENT TO LEASE

         This SECOND  AMENDMENT  TO LEASE (the  "Agreement")  is made as of this
30th day of  August , 1999 by and  between  DALLAS  OFFICE  PORTFOLIO,  L.P.,  a
Delaware  limited   partnership   ("Landlord")  as  successor-in-   interest  to
GREENVILLE AVENUE PROPERTIES,  LTD.  ("Previous  Landlord") and PREFERRED VOICE,
INC.  having an address at 6500 Greenville  Avenue,  Suite 570,  Dallas,  Texas,
75206 ("Tenant").

                                   WITNESSETH:

         WHEREAS,  Landlord and Tenant  entered  into a Lease dated  February 3,
1998,  as amended  by that First  Amendment  to Lease  dated  March 1, 1999 (the
"Lease") with respect to the Premises  consisting of approximately  3,588 square
feet  ("Existing  Space")  known as Suite  570,  in the  building  known as 6500
Greenville  Place,  located at 6500  Greenville  Avenue,  Dallas,  Texas,  which
premises are more particularly described in the Lease; and;

         WHEREAS,  Landlord and Tenant now mutually desire to amend the Lease to
reflect (i) the addition of 2,535 square feet (the  "Expansion  Space") as shown
on  Exhibit  "B-2"  annexed  hereto  and made a part  thereof,  which  all space
combined  (including the Expansion  Space and Existing  Space) shall be known as
Suite 570,  consisting of 6,123 rentable  square feet as shown on Exhibit "B- 1"
annexed  hereto  and  made a part  hereof  (the  "Premises"),  and (ii) the then
subsequent  extension  of lease on the Existing  Space and to further  amend the
terms and conditions of the Lease as set forth below; and;

         NOW,  THEREFORE,  in  consideration  of  the  mutual  covenants  herein
contained,   and  other  good  and  valuable  consideration,   the  receipt  and
sufficiency  of which  are  hereby  acknowledged,  Landlord  and  Tenant  hereby
covenant and agree as follows:

         1. The provisions of this Agreement  shall  supersede any  inconsistent
provisions  contained  in the Lease,  regardless  of whether  such  inconsistent
provisions  are  contained  in the  printed  portion  of the  Lease or any rider
annexed  thereto and made a part thereof.  All  capitalized  items not otherwise
defined herein shall have the same meanings ascribed to them in the Lease.

         2. The Effective Date for the first 1,409rsf  ("First  Expansion Space"
refer to Exhibit B-2 for  location)  expansion  shall  commence  October 1, 1999
("Primary  Effective  Date")  and  subsequently,  the  Effective  Date  for  the
remaining  1,126rsf ("Second Expansion Space" refer to Exhibit B-2 for location)
shall commence January 1, 2000 ("Secondary Effective Date")

         3. A).Effective from and after the day following substantial completion
of the Work in the Existing Space and the First  Expansion  Space  ("Substantial
Completion Date" which is estimated to be September 30, 1999), Tenant shall then
occupy both the Existing Space and the First Expansion Space ("Primary Effective
Date").  Landlord  and Tenant  shall  confirm the Primary  Effective  Date in an
acceptance  letter or other written  instrument after the Primary Effective Date
within  fifteen (15) days of demand  therefore by Landlord,  provided,  however,
that the failure of  Landlord  and Tenant to execute  such letter or  instrument
shall not affect the  Primary  Effective  Date as  established  pursuant to this
Paragraph  3(A).  If the Primary  Effective  Date occurs on a day other than the
first  day of a  calendar  month,  rent  and  such  other  amounts  constituting
additional  rental  under the Lease with  respect to the First  Expansion  Space
shall be  prorated  on a per diem  basis  for the  month  in which  the  Primary
Effective Date shall occur.  Tenant  expressly  waives any right to rescind this
Agreement  or the Lease,  or any damages,  direct or indirect,  which may result
from  Landlord's  failure to deliver the First  Expansion Space by September 30,
1999. If Landlord  shall be unable to deliver to Tenant  possession of the First
Expansion  Space by September 30, 1999,  then rent for the Existing  Space shall
continue and rent for the First Expansion Space only shall abate for such period
as possession by Tenant is delayed unless Tenant shall cause such delay in which
case  rent  shall  not  abate  and rent for the  Existing  Space  and the  First
Expansion  Space shall commence  October 1, 1999 (according to the rent schedule
as addressed in  paragraph 5 below).  The  abatement of rent with respect to the
First  Expansion  Space,  does  constitute  full  settlement of all claims which
Tenant might  otherwise have against  Landlord by reason of the First  Expansion
Space not being ready for occupancy by September 30, 1999 and no such failure by
Landlord to deliver  possession  of the First  Expansion  Space shall  affect or
impair the validity of the Agreement or the Lease,  or the obligations of Tenant
hereunder or give rise to any claim for damages by Tenant or claim for

<PAGE>

rescission of this Agreement or the Lease.  Notwithstanding  anything  contained
herein to the  contrary,  if Landlord  is unable to deliver the First  Expansion
Space to Tenant by  September  30,  1999,  then the term of this Lease  shall be
extended  by the number of days of such  delay in  commencement  of the  Primary
Effective Date and the Base Annual Rent for that extension period shall be equal
to the per diem  rate  Tenant  paid  during  the  month of  December,  2003.  If
Substantial  Completion can be achieved  earlier than  September 30, 1999,  then
Landlord  shall give Tenant ten (10) days prior written  notice and Tenant shall
agree  to move  into the  First  Expansion  Space  the  next  morning  following
Substantial Completion and commence the Primary Effective Date on that date at a
daily rate (for the First Expansion  Space) of $61.76 for those days occupied by
Tenant prior to October 1, 1999.

                  B).Effective  from and  after  the day  following  substantial
completion of the Work in the Second  Expansion Space  ("Substantial  Completion
Date" which is defined as December 31, 1999),  Tenant shall then also occupy the
Second Expansion Space ("Secondary  Effective Date").  Landlord and Tenant shall
confirm the Secondary  Effective  Date in an acceptance  letter or other written
instrument after the Secondary Effective Date within fifteen (15) days of demand
therefore  by  Landlord,  provided,  however,  that the failure of Landlord  and
Tenant to execute  such  letter or  instrument  shall not  affect the  Secondary
Effective Date as established  pursuant to this Paragraph 3(B). If the Secondary
Effective  Date  occurs on a day other than the first day of a  calendar  month,
rent and such other amounts constituting  additional rental under the Lease with
respect to the Second  Expansion Space shall be prorated on a per diem basis for
the month in which the Secondary  Effective Date shall occur.  Tenant  expressly
waives any right to rescind this Agreement or the Lease, or any damages,  direct
or  indirect,  which may result  from  Landlord's  failure to deliver the Second
Expansion  Space by December 31, 1999. If Landlord shall be unable to deliver to
Tenant  possession of the Second Expansion Space by December 31, 1999, then rent
for the Existing Space and the First Expansion Space shall continue and rent for
the Second  Expansion  Space only shall abate for such period as  possession  by
Tenant is delayed  unless Tenant shall cause such delay in which case rent shall
not abate and rent for the Second  Expansion  Space  shall  commence  January 1,
2000.  The abatement of rent with respect to the Second  Expansion  Space,  does
constitute  full  settlement  of all claims which Tenant  might  otherwise  have
against  Landlord  by reason of the Second  Expansion  Space not being ready for
occupancy  by  December  31,  1999 and no such  failure by  Landlord  to deliver
possession of the Second  Expansion Space shall affect or impair the validity of
the Agreement or the Lease, or the obligations of Tenant  hereunder or give rise
to any claim for damages by Tenant or claim for  rescission of this Agreement or
the  Lease.  Notwithstanding  anything  contained  herein  to the  contrary,  if
Landlord is unable to deliver the Second  Expansion  Space to Tenant by December
31, 1999, then the term of this Lease shall be extended by the number of days of
such delay in commencement  of the Secondary  Effective Date and the Base Annual
Rent for that  extension  period shall be equal to the per diem rate Tenant paid
during the month of December,  2003.  If Tenant should wish to occupy the Second
Expansion Space earlier than January 1, 2000, Tenant shall then give Landlord 45
days  prior  written  notice  of such  request,  and  within  10 days  following
Landlord's notice of early  commencement,  sign Landlord's  document  signifying
such  early  required  commencement.   If  Landlord  is  then  able  to  achieve
Substantial  Completion earlier than December 31, 1999, then Landlord shall give
Tenant ten (10) days prior written  notice and Tenant shall agree to move in the
morning following  Substantial  Completion and commence the Secondary  Effective
Date on that date at a daily rate (for the Second Expansion Space) of $49.36 for
those days prior occupied by Tenant to January 1, 2000.

         4. Upon Tenant's  execution  thereof,  Tenant shall pay to Landlord the
sum of  $3,578.58  to be held by Landlord  as  additional  security  pursuant to
Article 6 of the Fundamental Lease Provisions of the Lease, for a total Security
Deposit held of $8,512.08.

         5.  Effective  from and after  October 1, 1999,  Base Annual  Rent,  as
reflected in Article 4 of the Fundamental Lease Provisions shall be:

                           *October 1, 1999  -December  31,  1999:$6,662.67  per
                           month January 1, 2000-December 31, 2000:$8,357.90 per
                           month January 1, 2001-December 31, 2001:$8,613.02 per
                           month January 1, 2002-December 31, 2002:$8,674.25 per
                           month January 1, 2003 -December 3 1, 2003:$ 8,929.3 8
                           per month

* If the Primary or Secondary Effective Dates should commence prior to the dates
specified in  paragraphs  3(A) and (B) above,  then the monthly  rental shall be
adjusted as provided for therein.

<PAGE>

         6. For and in consideration of the covenants  contained in the Lease to
which this  Agreement  has been made a part,  Landlord and Tenant agree that the
ending date, as defined in Paragraph  (3) of the  Fundamental  Lease  Provisions
section of the Lease shall become December 31, 2003,  unless otherwise  adjusted
as detailed in paragraphs 3(A) & 3(B) above.

         7. (A) Landlord,  at its sole cost and expense,  shall  provide  Tenant
requested  improvements (the "Improvements") to the Existing Space and the First
Expansion  Space only, in a building  standard manner for a cost to Landlord not
to  exceed  $16.986.59  ("Landlord's  Primary  Allowance")  and  in  the  manner
specified in Exhibit  "A-1" ("Work  Letter") and the  contractor's  bid (Exhibit
A-2)  herein  attached.  In the event the cost of  completing  the  Improvements
exceeds Landlord's Allowance or if Tenant makes any changes to the Improvements,
Tenant  expressly  agrees that the costs  attributable to those changes shall be
the sole  responsibility  of Tenant and Tenant  shall pay same to Landlord  upon
demand  as  specified  in  Exhibit  A-1.  Except  for the  Improvements,  Tenant
acknowledges  and agrees that it has made a full and complete  inspection of the
Existing  Space and the First  Expansion  Space and accepts  such in its present
"as-is"  condition as suitable for Tenant's  intended use and  occupancy  and/or
continued  occupancy  thereof.  Upon Tenant's  possession of the First Expansion
Space,  it shall be  conclusively  presumed  that same has been so  accepted  by
Tenant,  is in  satisfactory  conditions  and  complies  fully  with  Landlord's
covenants and obligations.

                  (B)  Landlord,  at its sole cost and  expense,  shall  provide
Tenant requested improvements (the "Improvements") to the Second Expansion Space
only,  in a  building  standard  manner  for a cost to  Landlord  not to  exceed
$12,795.15  ("Landlord's  Secondary  Allowance") and in the manner  specified in
Exhibit  "A-3" ("Work  Letter") and the  contractor's  bid (Exhibit  A-4) herein
attached.  In  the  event  the  cost  of  completing  the  Improvements  exceeds
Landlord's Allowance or if Tenant makes any changes to the Improvements,  Tenant
expressly agrees that the costs  attributable to those changes shall be the sole
responsibility  of Tenant and Tenant  shall pay same to Landlord  upon demand as
specified in Exhibit A-3. Except for the Improvements,  Tenant  acknowledges and
agrees that it has made a full and complete  inspection of the Second  Expansion
Space and accepts such in its present "as-is" condition as suitable for Tenant's
intended use and  occupancy  thereof.  Upon  Tenant's  possession  of the Second
Expansion  Space,  it  shall  be  conclusively  presumed  that  same has been so
accepted  by Tenant,  is in  satisfactory  conditions  and  complies  fully with
Landlord's covenants and obligations.

         8. Tenant  expressly  warrants and represents that the sole brokers who
negotiated  and  brought  about this  transaction  was  Transwestern  Commercial
Services  ("Landlord's  Agent") and Swearingen Realty Group ("Tenant's  Agent").
Tenant  represents it neither  consulted nor  negotiated  with any brokers other
than those named herein with regard to the Promises. Tenant agrees to indemnify,
defend  and save  Landlord  harmless  from and  against  any  claims for fees or
commissions  from anyone or any entity other than those  brokers  named  herein,
with whom Tenant has dealt in  connection  with this  Agreement.  The  foregoing
provisions  contained in this  Paragraph 8 shall survive the expiration or early
termination of the Lease.

         9. (A) Effective from and after the Primary  Effective  Date,  Tenant's
parking as referred to in Section 12 of the Fundamental  Lease  Provisions shall
be amended  to read:  "A total of four (4)  Garage  parking  spaces at no charge
during the term and eleven (11) Lot spaces at no charge during the term,  all on
a first come first serve basis."

                  (B)  Effective  from and after the Secondary  Effective  Date,
Tenant's  parking  as  referred  to in  Section  12  of  the  Fundamental  Lease
Provisions  shall be amended to read: "A total of six (6) Garage  parking spaces
at no charge during the term and  seventeen  (17) Lot spaces at no charge during
the term, all on a first come first serve basis."

         10. Effective from and after the Primary and Secondary Effective Dates,
#10 of the First  Amendment  to Lease  shall be  modified  to include the entire
Premises  (including  the  Existing  Space,  the First  Expansion  Space and the
Secondary Expansion Space) so that Landlord's Annual Operating Cost Contribution
(as addressed in Section 5 of the Fundamental  Lease Provisions) shall be Actual
Expenses for Calendar Year 1999 for building standard  services,  with no cap of
any kind.

         11.  Effective  from and after the Primary  Effective  Date, #11 of the
First  Amendment  to Lease shall become null and void and Tenant shall no longer
have any Right of First Refusal under this lease.

Dallas1 571383 v 1, 99999.00001

<PAGE>

         12. This  Agreement  shall not  constitute an Agreement by Landlord and
shall not be binding  upon  Landlord  unless and until this  Agreement  shall be
executed by Landlord and Tenant and shall be delivered by Landlord to Tenant.

         13. This Agreement may not be changed orally, and shall be binding upon
and shall  inure to the benefit of the parties to it,  their  respective  heirs,
successors and, as permitted, their assigns.

         14.      Except  as  hereby  modified  or  amended,  all  of the terms,
covenants  and conditions of the Lease shall remain unmodified and in full force
and effect.

         IN  WITNESS  WHEREOF,  Landlord  and  Tenant  have duly  executed  this
Agreement as of the day and year first above written.

LANDLORD:                                                  TENANT:

Dallas Office Portfolio, L.P.,                             Preferred Voice, Inc.
a Delaware limited partnership

By: Suburban Dallas Office Portfolio, LLC,
    a Delaware limited liability company, its
    sole general partner

  By:  Beacon Capital Partners, L.P., a Delaware
       limited partnership, its sole member

      By:  Beacon Capital Partners, Inc., a Maryland
           corporation, its sole general partner

         By:  /s/ E. Valker Wheeler                     By:   /s/ Mary Merritt
              ---------------------                           ------------------
              Name: E. Valker Wheeler                         Name: Mary Merritt
              -----------------------                         ------------------
              Title: S.V.P.                                   Title: VP Finance
              -------------                                   ------------------
                                                              Hereunto Duly
                                                              Authorized

Date Signed: 8/30/99                                         Date Signed:8/25/99
            --------                                                     -------

<PAGE>

                                  EXHIBIT "A-1"

                                   WORK LETTER

                                       TO

                             OFFICE LEASE AGREEMENT

                                     BETWEEN

                           DALLAS OFFICE PORTFOLIO, L.P.,
                           a Delaware limited partnership
                                       AND

                              PREFERRED VOICE, INC.

         This  Exhibit  sets  forth  the  respective  obligations  of,  and  the
procedures to be followed by, Landlord and Tenant in the design and construction
of those  improvements  that will  prepare the  Existing  Premises and the First
Expansion  Space  described  in Exhibit B-2 of the Lease for Tenant's use and/or
continued occupancy.

1.       The Work.
         --------

         The "Work" will  consist of  leasehold  improvements  described  in the
floor plan and  specifications  attached  to this Lease as Exhibit  C-1  ("Final
Plan-1").

         B. Landlord  will pay all costs and fees  incurred in  connection  with
construction  of the leasehold  improvements as described in the Final Plan-1 up
to a cost of  $16,986.59.  Tenant  will  pay all  costs  and  fees  incurred  in
connection  with  preparation of plans and working  drawings (if should later be
required) and construction  resulting from a change requested by Tenant pursuant
to Paragraph 2 of this Exhibit and any amount in excess of  $16,986.59  incurred
by  Landlord  in  connection  with  the  design  and  construction  of the  Work
(collectively,   "Tenant's  Cost").  Tenant's  Cost  hereunder  will  be  deemed
additional rent under the Lease.

2.       Changes.
         -------

         A. If Tenant desires any changes, alterations or additions to the Final
Plan-1,  Tenant must  submit a detailed  written  request to  Landlord  ("Change
Order").  If reasonable and practicable and generally  consistent with the Final
Plan-1 previously approved,  Landlord will comply with the Change Order, but all
costs in connection  therewith,  including  without  limitation  any  additional
plans,  drawings and engineering  reports or opinions or  modifications  of such
existing items, will be paid for by Tenant.  Landlord may at any time reasonably
estimate Tenant's Cost for a Change Order, in advance,  and, Tenant will deposit
the  estimated  amount with  Landlord  within five (5) days after  requested  by
Landlord.  If such estimated  amount exceeds the actual amount of Tenant's Cost,
Tenant will receive a refund of the difference, and if the actual amount exceeds
the estimated amount, Tenant will pay the difference to Landlord within five (5)
days  after  requested  by  Landlord.  If  any  additional  plans,  drawings  or
specifications,  or  modifications  of such items,  are  required to construct a
Change Order, the same will be prepared (at Tenant's cost by Tenant's architect)
and approved in the manner  described  above.  Under no  circumstances  will any
Change Orders serve to abate the rentals under the Lease.

3.       Substantial Completion.
         ----------------------

         A. Landlord will be deemed to have  "substantially  completed" the Work
for the purposes  thereof if Landlord has caused all of the Work to be completed
substantially  except for so called "punch list items,"  e.g.,  minor details of
construction or decoration or mechanical  adjustments which do not substantially
interfere with Tenant's  occupancy of the First Expansion space and/or continued
occupancy of Existing  Premises to be made by Tenant. If there is any dispute as
to  whether  Landlord  has  substantially  completed  the Work,  the good  faith
decision of Landlord's architect will be final and binding on the parties.

         B.  If  Landlord   notifies   Tenant  in  writing   that  the  Work  is
substantially  completed,  and Tenant fails to object  thereto in writing within
three (3) days  thereafter  specifying  in  reasonable  detail the items of Work
needed to be  performed  in order for  substantial  completion,  Tenant  will be
deemed conclusively to have agreed that the Work is substantially completed, for
purposes of commencing rental under the Lease.

<PAGE>

         C. Substantial completion will not prejudice Tenant's rights to require
full completion of any remaining items of Work.  However,  if Landlord  notifies
Tenant in writing that the Work is fully  completed,  and Tenant fails to object
thereto in writing within fifteen (15) days thereafter  specifying in reasonable
detail the items of work needed to be completed and the nature of work needed to
complete  said items,  Tenant will be deemed  conclusively  to have accepted the
Work as fully completed (or such portions  thereof as to which Tenant has not so
objected).

4.       Construction.
         ------------

         A.       Landlord reserves the right to substitute comparable or better
materials and items for those shown in the attached Final Plan-1.

         B. Landlord warrants that Landlord will employ an experienced, licensed
contractor  to  construct  the  leasehold  improvements  and will require in the
construction contract that such contractor construct the leasehold  improvements
in a good and  workmanlike  manner and in compliance  with all applicable  laws,
ordinances  and  building  codes;  provided,  however,  Tenant  will  be  solely
responsible  for  determining  whether or not  Tenant is a public  accommodation
under The Americans with Disabilities Act and Texas  Architectural  Barriers Act
and whether or not the Final Plan-1  complies with such laws and the regulations
thereunder.

5.       Liability.
         ---------

         The parties  acknowledge that Landlord is not an architect or engineer,
and  that the Work  will be  performed  by  Landlord's  independent  contractor.
Accordingly,  Landlord does not guarantee or warrant that the Final Plan- 1 will
be free from errors or  omissions,  nor that the Work will be free from defects,
and  Landlord  will have no  liability  therefor.  In the event of such  errors,
omissions, or defects, by the independent contractor, Landlord will cooperate in
any action Tenant desires to bring against such party.

6.       Incorporation Into Lease: Default .
         ----------------------------------

         THE  PARTIES  AGREE  THAT THE  PROVISIONS  OF THIS  EXHIBIT  ARE HEREBY
INCORPORATED BY THIS REFERENCE INTO THE LEASE FULLY AS THOUGH SET FORTH THEREIN.
In the event of any express  inconsistencies between the Lease and this Exhibit,
the latter  will  govern and  control.  Any  default  by Tenant  hereunder  will
constitute a default by Tenant under the Lease and Tenant will be subject to the
remedies and other provisions applicable thereto under the Lease.

INITIALED FOR                                             INITIALED FOR
IDENTIFICATION:                                           IDENTIFICATION:
BY LANDLORD:                                              BY TENANT:

------------------                                        ----------------------

<PAGE>

                                  EXHIBIT "A-2"

                                CONTRACTOR'S BID

                       [chart outlining break-down of bid]

<PAGE>

                                 EXHIBIT "A-3"

                                   WORK LETTER

                                       TO

                             OFFICE LEASE AGREEMENT

                                     BETWEEN

                           DALLAS OFFICE PORTFOLIO, L.P.,
                          a Delaware limited partnership
                                       AND

                              PREFERRED VOICE, INC.

         This  Exhibit  sets  forth  the  respective  obligations  of,  and  the
procedures to be followed by, Landlord and Tenant in the design and construction
of those  improvements that will prepare the Second Expansion Space described in
Exhibit B-2 of the Lease for Tenant's use and occupancy.

1.       The Work.
         --------

         The "Work" will  consist of  leasehold  improvements  described  in the
floor plan and  specifications  attached  to this Lease as Exhibit  C-2  ("Final
Plan-2").

         B. Landlord  will pay all costs and fees  incurred in  connection  with
construction  of the leasehold  improvements as described in the Final Plan-2 up
to a cost of  $12,795.  15.  Tenant  will pay all  costs  and fees  incurred  in
connection  with  preparation of plans and working  drawings (if should later be
required) and construction  resulting from a change requested by Tenant pursuant
to Paragraph 2 of this Exhibit and any amount in excess of  $12,795.15  incurred
by  Landlord  in  connection  with  the  design  and  construction  of the  Work
(collectively,   "Tenant's  Cost").  Tenant's  Cost  hereunder  will  be  deemed
additional rent under the Lease.

2.       Changes.
         -------

         A. If Tenant desires any changes, alterations or additions to the Final
Plan-2,  Tenant must  submit a detailed  written  request to  Landlord  ("Change
Order").  If reasonable and practicable and generally  consistent with the Final
Plan-2 previously approved,  Landlord will comply with the Change Order, but all
costs in connection  therewith,  including  without  limitation  any  additional
plans,  drawings and engineering  reports or opinions or  modifications  of such
existing items, will be paid for by Tenant.  Landlord may at any time reasonably
estimate Tenant's Cost for a Change Order, in advance,  and, Tenant will deposit
the  estimated  amount with  Landlord  within five (5) days after  requested  by
Landlord.  If such estimated  amount exceeds the actual amount of Tenant's Cost,
Tenant will receive a refund of the difference, and if the actual amount exceeds
the estimated amount, Tenant will pay the difference to Landlord within five (5)
days  after  requested  by  Landlord.  If  any  additional  plans,  drawings  or
specifications,  or  modifications  of such items,  are  required to construct a
Change Order, the same will be prepared (at Tenant's cost by Tenant's architect)
and approved in the mariner  described above.  Under no  circumstances  will any
Change Orders serve to abate the rentals under the Lease.

3.       Substantial Completion.
         ----------------------

         A. Landlord will be deemed to have  "substantially  completed" the Work
for the purposes  thereof if Landlord has caused all of the Work to be completed
substantially  except for so called "punch list items,"  e.g.,  minor details of
construction or decoration or mechanical  adjustments which do not substantially
interfere with Tenant's  occupancy of the Second  Expansion  space to be made by
Tenant.  If  there is any  dispute  as to  whether  Landlord  has  substantially
completed  the Work,  the good faith  decision of Landlord's  architect  will be
final and binding on the parties.

<PAGE>

4.       Construction.
         ------------

         A.       Landlord reserves the right to substitute comparable or better
materials and items for those shown in the attached Final Plan-2.

         B. Landlord warrants that Landlord will employ an experienced, licensed
contractor  to  construct  the  leasehold  improvements  and will require in the
construction contract that such contractor construct the leasehold  improvements
in a good and  workmanlike  manner and in compliance  with all applicable  laws,
ordinances  and  building  codes;  provided,  however,  Tenant  will  be  solely
responsible  for  determining  whether or not  Tenant is a public  accommodation
under The Americans with Disabilities Act and Texas  Architectural  Barriers Act
and whether or not the Final Plan-2  complies with such laws and the regulations
thereunder.

5.       Liability..
         ---------

         The parties  acknowledge that Landlord is not an architect or engineer,
and  that the Work  will be  performed  by  Landlord's  independent  contractor.
Accordingly,  Landlord  does not guarantee or warrant that the Final Plan-2 will
be free from errors or  omissions,  nor that the Work will be free from defects,
and  Landlord  will have no  liability  therefor.  In the event of such  errors,
omissions, or defects, by the independent contractor, Landlord will cooperate in
any action Tenant desires to bring against such party.

6.       Incorporation Into Lease: Default.
         ---------------------------------

         THE  PARTIES  AGREE  THAT THE  PROVISIONS  OF THIS  EXHIBIT  ARE HEREBY
INCORPORATED BY THIS REFERENCE INTO THE LEASE FULLY AS THOUGH SET FORTH THEREIN.
In the event of any express  inconsistencies  between the Lease and this Exhibit
the latter  will  govern and  control.  Any  default  by Tenant  hereunder  will
constitute a default by Tenant under the Lease and Tenant will be subject to the
remedies and other provisions applicable thereto under the Lease.

         INITIALED FOR                                  INITIALED FOR
         IDENTIFICATION                                 IDENTIFICATION
         BY LANDLORD:                                   BY TENANT:

         ------------------                             ------------------

<PAGE>

                            Exhibits "C-1" and "C-2"

               [Graphics of site plans or layout of leased spaces]These  Warrants have not been  registered  under the  Securities Act of
         1933,  as  amended  (the  "Act"),  and  may not be  sold,  transferred,
         assigned  or  otherwise  disposed of unless the person  requesting  the
         transfer  of the  Warrants  shall  provide  an  opinion  of  counsel to
         Preferred  Voice,  Inc. (the "Company") (both counsel and opinion to be
         satisfactory  to the  Company) to the effect that such sale,  transfer,
         assignment  or  disposition  will  not  involve  any  violation  of the
         registration  provisions  of  the  Act or any  similar  or  superseding
         statute.

No.       98                                                  5,000     Warrants
    --------------                                         -----------

                                               PREFERRED VOICE, INC.

                                                WARRANT CERTIFICATE

         This warrant  certificate  ("Warrant  Certificate")  certifies that for
value  received  Southwest  Texas  Telephone (the "Initial  Warrant  Holder") or
registered  assigns is the owner of the number of warrants specified above, each
of which entitles the holder  thereof to purchase,  at any time on or before the
Expiration Date hereinafter provided, one fully paid and non-assessable share of
common Stock,  $0.001 par value per share, of Preferred Voice,  Inc., a Delaware
corporation  (the  "Company"),  at a purchase price of $1.66 per share of Common
Stock  payable in lawful  money of the United  States of  America,  in cash,  by
official bank or certified check, or by wire transfer ("Warrants").

1.       Warrant; Purchase Price

         Each Warrant shall entitle the holder  thereof to purchase one share of
Common Stock, $0.001 par value per share, of the Company ("Common Stock") during
the period  commencing on the date hereof and ending on the Expiration Date. The
purchase  price payable upon exercise of a Warrant shall be $1.66 (the "Purchase
Price").  The  Purchase  Price and number of Warrants  evidenced by this Warrant
Certificate  are subject to  adjustment  as provided in Article 7. Common  Stock
purchased  or subject  to  purchase  pursuant  to the  Warrants  shall be called
"Warrant Shares" herein.

2.       Exercise; Expiration Date

         2.1 Each Warrant is  exercisable,  at the option of the holder,  at any
time  after  issuance  and on or  before  the  Expiration  Date.  In the case of
exercise of less than all the Warrants represented by a Warrant Certificate, the
Company  shall cancel the Warrant  Certificate  upon the  surrender  thereof and
shall  execute  and deliver a new  Warrant  Certificate  for the balance of such
Warrants.

         2.2 The term  "Expiration  Date"  shall mean 5:00 p.m.  Dallas  time on
September  20, 2000, or if such date shall in the State of Texas be a holiday or
a day on which banks are  authorized  to close,  then 5:00 p.m.  Dallas time the
next  following  day which in the  State of Texas is not a  holiday  or a day on
which banks are authorized to close.

<PAGE>

3.       Registration and Transfer on Company Books

         3.1      The Company  shall maintain books  for  the  registration  and
transfer of Warrant Certificates.

         3.2 Prior to due  presentment  for  registration  of  transfer  of this
Warrant Certificate, the Company may deem and treat the registered holder as the
absolute owner thereof.

         3.3 The Company shall register upon its books any transfer of a Warrant
Certificate upon surrender of same to the Company accompanied (if so required by
the Company) by a written instrument of transfer duly executed by the registered
holder or by a duly authorized attorney. Upon any such registration of transfer,
new  Warrant  Certificate(s)  shall  be  issued  to the  transferee(s)  and  the
surrendered  Warrant  Certificate  shall be cancelled by the Company.  A Warrant
Certificate may also be exchanged,  at the option of the holder, for new Warrant
Certificates  representing in the aggregate the number of Warrants  evidenced by
the Warrant Certificate surrendered.

4.       Securities Law Registration

         4.1 The Warrant Shares will not be registered  under the Securities Act
or any state securities law and shall not be transferrable  unless registered or
an exemption from  registration is available.  A legend to the foregoing  effect
will be placed on any certificate representing such shares.

         4.2 If, at any time within  five (5) years of the date of this  Warrant
Certificate,  the  Company  proposes  for  any  reason  to  register  any of its
securities  under the  Securities  Act  other  than a  registration  on Form S-8
relating solely to employee stock option or purchase plans, on Form S-4 relating
solely  to an SEC Rule 145  transaction  or on any  other  form  which  does not
include  substantially  the same information as would be required to be included
in a registration  statement  covering the sale of the Warrant Shares,  it shall
each such time  give  written  notice  to the  holder of these  Warrants  or the
Warrant  Shares  ("Holder"  for  purposes  of this  Section 4) of the  Company's
intention to register  such  securities,  and, upon the written  request,  given
within thirty (30) days after receipt of any such notice,  of the Holders of the
Warrants and Warrant Shares outstanding,  to register any of the Warrant Shares,
the  Company  shall cause the Warrant  Shares so  requested  by the Holder to be
registered,  whether such Warrant Shares are  outstanding or subject to purchase
hereby,  to be registered  under the Securities Act, all to the extent requisite
to permit the sale or other  disposition  by the Holder of the Warrant Shares so
registered;  provided, however, that the Warrant Shares as to which registration
had been requested need not be included in such  registration  if in the opinion
of counsel for the Company and counsel for the Holder the  proposed  transfer by
the Holder may be effected without registration under the Securities Act and any
certificate  evidencing the Warrant Shares need not bear any restrictive legend.
In the event that any  registration  pursuant  to this  Section 4.2 shall be, in
whole or in part, an  underwritten  offering of securities of the Company,  then
(i) any request  pursuant to this  Section  4.2 to register  Warrant  Shares may
specify  that such  shares are to be included  in the  underwriting  on the same
terms and  conditions  as the shares of the Company's  capital  stock  otherwise
being sold through  underwriters under such  registration,  (ii) if the managing
underwriter of such offering  determines that the number of shares to be offered
by all selling  shareholders  must be reduced,  then the Company  shall have the
right to reduce the number of shares

                                       -2-

<PAGE>

registered  on behalf of the  Holder,  provided  that the number of shares to be
registered  on behalf of the Holder  shall not be reduced to such an extent that
the ratio of the shares  which the Holder is  permitted to register to the total
number of shares the Holder  owns is less than that ratio for any other  selling
shareholder, and (iii) the Holder will be bound by the terms of the underwriting
agreement and the conditions imposed by the underwriter on selling shareholders.

         4.3 If and whenever the Company is under an obligation  pursuant to the
provisions  of this  Warrant  Certificate  to register any Warrant  Shares,  the
Company shall, as expeditiously as practicable:

                  (a)  prepare  and  file  with  the   Securities  and  Exchange
         Commission (the "Commission") a registration  statement with respect to
         such  shares  and use its  best  efforts  to  cause  such  registration
         statement to become and remain effective for at least nine (9) months;

                  (b) prepare and file with the Commission  such  amendments and
         supplements to such  registration  statement and the prospectus used in
         connection  therewith  as may be  necessary  to keep such  registration
         statement  effective  for at least nine  months and to comply  with the
         provisions  of the  Securities  Act with  respect  to the sale or other
         disposition  of  all  Warrant  Shares  covered  by  such   registration
         statement;

                  (c)  furnish to the Holder a suitable  number of copies of all
         preliminary and final  prospectuses to enable the Holder to comply with
         the requirements of the Securities Act, and such other documents as the
         Holder may reasonably request in order to facilitate the public sale or
         other disposition of the Warrant Shares;

                  (d) use its best  efforts to  register  or qualify the Warrant
         Shares covered by such registration  statement under such securities or
         blue sky laws of such  jurisdictions  as the  Holder  shall  reasonably
         request  and  where  registration  or  qualification  will not  involve
         unreasonable expense or delay and provided,  however,  that the Company
         will not have to  register  or  qualify  in any  state in which  solely
         because of such  registration or qualification it would have to qualify
         to do business;  and the Company shall do any and all other  reasonable
         acts and  things  which may be  necessary  or  advisable  to enable the
         Holder  to  consummate  the  public  sale or other  disposition  of the
         Warrant Shares in such jurisdiction;

                  (e) notify the Holder, at any time when a prospectus  relating
         to the Warrant Shares is required to be delivered  under the Securities
         Act  within  the  appropriate  period  mentioned  in clause (b) of this
         Section  4.3,  of the  happening  of any event as a result of which the
         prospectus included in such 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 not  misleading  in the light of the  circumstances
         then existing,  and at the request of the Holder prepare and furnish to
         the  Holder a  reasonable  number of copies  of a  supplement  to or an
         amendment of such prospectus as may be necessary so that, as thereafter
         delivered to the  purchasers  of the Warrant  Shares,  such  prospectus
         shall not include an untrue statement of a

                                       -3-

<PAGE>

         material  fact or omit to state a material  fact  required to be stated
         therein or necessary to make the  statements  therein not misleading in
         the light of the circumstances then existing; and

                  (f) exercise  its best  efforts to furnish,  at the request of
         the Holder on the date that the  Warrant  Shares are  delivered  to the
         underwriters for sale pursuant to such  registration or, if the Warrant
         Shares are not being sold  through  underwriters,  on the date that the
         registration  statements  with  respect  to  such  Warrant  Shares  are
         declared  effective,  (1) an opinion,  dated such date,  of the counsel
         representing  the  Company  for  the  purposes  of  such  registration,
         addressed to the Holder,  stating that such registration  statement has
         become  effective  under the Securities Act and that (i) to the best of
         the  knowledge  of  such  counsel,   no  stop  order   suspending   the
         effectiveness  thereof  has been  issued  and no  proceedings  for that
         purpose have been instituted or are pending or  contemplated  under the
         Securities   Act;  (ii)  the   registration   statement,   the  related
         prospectus, and each amendment or supplement thereto, comply as to form
         in all material  respects with the  requirements  of the Securities Act
         and the applicable  rules and regulations of the Commission  thereunder
         (except  that such  counsel  need  express no  opinion as to  financial
         statements and other financial data contained therein);  and (iii) such
         counsel has no reason to believe that either the registration statement
         or the prospectus, or any amendment or supplement thereto, contains any
         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  not  misleading;  and (2) a letter  dated such date,  from the
         independent  certified public accountants of the Company,  stating that
         they are independent certified public accountants within the meaning of
         the  Securities  Act and the rules and  regulations  of the  Commission
         thereunder and that in the opinion of such  accountants,  the financial
         statements  and other  financial  data of the  Company  included in the
         registration   statement  or  the  prospectus,   or  any  amendment  or
         supplement thereof, comply as to form in all material respects with the
         applicable accounting  requirements of the Securities Act and the rules
         and  regulations  of the  Commission  thereunder.  Such letter from the
         independent  certified public accountants shall additionally cover such
         other financial matters (including information as to periods ending not
         more than five  business  days prior to the date of such letter) as the
         Holder may reasonably request.

         If  the  Holder  exercises  its  rights  to  have  the  Warrant  Shares
registered,  it is understood  that the Holder shall furnish to the Company such
information  regarding  the  securities  held by it and the  intended  method of
disposition  thereof as the  Company  shall  reasonably  request and as shall be
required in connection with the action to be taken by the Company.

         4.4  All  Registration   Expenses   incurred  in  connection  with  any
registration pursuant to this Warrant Certificate shall be borne by the Company.
All  Selling  Expenses  in  connection  with any  registration  pursuant to this
Warrant Certificate shall be borne by the Holder.

         For purposes of Section  4.4,  all expenses  incurred by the company in
complying with Section 4.3, including,  without limitation, all registration and
filing fees,  fees and expenses of complying with  securities and blue sky laws,
printing  expenses,  and fees and  disbursements  of counsel and of  independent
public  accountants for the Company (including the expense of any special audits
in  connection  with any such  registration),  are herein  called  "Registration
Expenses", and all underwriting discounts and selling

                                       -4-

<PAGE>

commissions  applicable to the Warrant Shares  covered by any such  registration
and all fees and  disbursements  of counsel  for the  Holder  are herein  called
"Selling Expenses".

         4.5 In the event of any  registration  of any Warrant  Shares under the
Securities Act pursuant to this Warrant Certificate, the Company shall indemnify
and hold  harmless the Holder,  each  underwriter  of such shares,  if any, each
broker,  and any other person, if any, who controls any of the foregoing persons
within the meaning of the Securities Act, against any losses, claims, damages or
liabilities,  joint or several, to which any of the foregoing persons may become
subject under the Securities Act or otherwise,  insofar as such losses,  claims,
damages or liabilities (or actions in respect thereof) arise out of or are based
upon an  untrue  statement  or  alleged  untrue  statement  of a  material  fact
contained  in any  registration  statement  under which the Warrant  Shares were
registered  under  the  Securities  Act,  any  preliminary  prospectus  or final
prospectus  contained therein,  or any amendment or supplement  thereto,  or any
document  incident  to  registration  or  qualification  of any  Warrant  Shares
pursuant  to  paragraph  4.3(d)  above,  or arise out of or are  based  upon the
omission or alleged  omission to state  therein a material  fact  required to be
stated  therein or necessary to make the  statements  therein not misleading or,
with respect to any prospectus, necessary to make the statements therein, in the
light of the  circumstances  under which they were made, not misleading,  or any
violation by the Company of the Securities  Act or state  securities or blue sky
laws  applicable  to the Company and relating to action or inaction  required of
the  company  in  connection   with  such   registration   or   registration  or
qualification  under such state securities or blue sky laws; and shall reimburse
the Holder and such underwriter,  broker or other person acting on behalf of the
Holder  and each such  controlling  person  for any legal or any other  expenses
reasonably incurred by any of them in connection with investigating or defending
any such loss, claim, damage, liability or action;  provided,  however, that the
Company  shall not be liable in any such case to the extent  that any such loss,
claim,  damage,  or liability arises out of or is based upon an untrue statement
or alleged  untrue  statement or omission or alleged  omission  made in reliance
upon and in conformity with written  information  furnished to the Company in an
instrument duly executed by the Holder or such underwriter  specifically for use
in the preparation  thereof.  The indemnity  agreement set forth in this Section
4.5,  insofar as it  relates  to any such  omission,  alleged  omission,  untrue
statement or alleged  untrue  statement  made in a  preliminary  prospectus  but
eliminated or remedied in the final  prospectus,  shall not inure to the benefit
of any of the  beneficiaries  named in this Section 4.5 whose  responsibility it
was to  send,  furnish  or  give a copy  of the  final  prospectus  to a  person
asserting a claim for which  indemnification is sought (the "Claimant") unless a
copy of the final prospectus was so sent,  furnished or given to the Claimant at
or prior to the time such action is required by the Act.

         Before  Warrant  Shares  held or  purchasable  by the  Holder  shall be
included in any registration  pursuant to this Warrant  Certificate,  the Holder
and any underwriter acting on its behalf shall have agreed to indemnify and hold
harmless  (in the  same  manner  and to the  same  extent  as set  forth  in the
preceding paragraph) the Company,  each director of the Company, each officer of
the  Company  who shall  sign such  registration  statement  and any  person who
controls the Company within the meaning of the  Securities  Act, with respect to
any failure of the Holder or such underwriter to comply with all laws, rules and
regulations  in  connection  with the offer and sale of Warrant  Shares,  or any
statement  or  omission  from  such  registration  statement,   any  preliminary
prospectus or final prospectus contained therein, or any amendment or supplement
thereto,  if such  statement  or  omission  was  made in  reliance  upon  and in
conformity with written

                                       -5-

<PAGE>

information  furnished  to the  Company in an  instrument  duly  executed by the
Holder  or such  underwriter  specifically  for use in the  preparation  of such
registration statement, preliminary prospectus, final prospectus or amendment or
supplement.

         Promptly  after  receipt  by an  indemnified  party  of  notice  of the
commencement  of any  action  involving  a claim  referred  to in the  preceding
paragraphs  of this  Section 4.5,  such  indemnified  party will,  if a claim in
respect thereof is to be made against an indemnifying party, give written notice
to the indemnifying  party of the commencement of such action.  In case any such
action is brought against an indemnified  party, the indemnifying  party will be
entitled to participate in and to assume the defense  thereof,  jointly with any
other indemnifying party similarly notified to the extent that it may wish, with
counsel reasonably satisfactory to such indemnified party, and after notice from
the indemnifying  party to such  indemnified  party of its election so to assume
the  defense  thereof,  the  indemnifying  party  will  not be  liable  to  such
indemnified party for any legal or other expenses  subsequently  incurred by the
latter in connection with the defense thereof.

5.       Reservation of Warrant Shares

         The  Company  covenants  that it will at all  times  reserve  and  keep
available out of its  authorized  Common Stock,  solely for the purpose of issue
upon  exercise of the  Warrants,  such number of shares of Common Stock as shall
then be issuable  upon the  exercise of all  outstanding  Warrants.  The Company
covenants  that all shares of Common Stock which shall be issuable upon exercise
of  the  Warrants   shall  be  duly  and  validly  issued  and  fully  paid  and
non-assessable  and free from all taxes,  liens and charges  with respect to the
issue thereof.

6.       Loss or Mutilation

         Upon receipt by the Company of reasonable  evidence of the ownership of
and the loss, theft,  destruction or mutilation of any Warrant  Certificate and,
in the case of loss, theft or destruction,  of indemnity reasonably satisfactory
to the Company,  or, in the case of mutilation,  upon surrender and cancellation
of the mutilated Warrant  Certificate,  the Company shall execute and deliver in
lieu thereof a new Warrant Certificate representing an equal number of Warrants.

7.       Adjustment of Purchase Price and Number of Warrant Shares Deliverable

         7.1 The  Purchase  Price and the  number  of  shares  of  Common  Stock
purchasable pursuant to this Warrant shall be subject to adjustment from time to
time as hereinafter  set forth in this Article 7. Whenever  reference is made in
this Article 7 to the issue or sale of shares of Common Stock, or simply shares,
such term shall mean any stock of any class of the Company other than  preferred
stock with a fixed limit on dividends and a fixed amount payable in the event of
any  voluntary  or  involuntary  liquidation,  dissolution  or winding up of the
Company.  The shares  issuable  upon  exercise of the Warrants  shall however be
shares  of  Common  Stock  of the  Company,  par  value  $0.001  per  share,  as
constituted at the date hereof, except as otherwise provided in Sections 7.3 and
7.4.

                                       -6-

<PAGE>

         7.2 In case  the  Company  shall  at any time  change  as a  whole,  by
subdivision or  combination in any manner or by the making of a stock  dividend,
the number of  outstanding  shares  into a different  number of shares,  with or
without  par value,  (i) the number of shares  which  immediately  prior to such
change the holder of each Warrant shall have been entitled to purchase  pursuant
to this Warrant  shall be increased  or  decreased in direct  proportion  to the
increase  or  decrease,  respectively,  in  the  number  of  shares  outstanding
immediately  prior  to such  change,  and  (ii) the  Purchase  Price  in  effect
immediately  prior to such change  shall be  increased  or  decreased in inverse
proportion to such increase or decrease in the number of such shares outstanding
immediately  prior to such  change.  For the purpose of this  Section  7.2,  the
number of shares  outstanding  at any given time shall not include shares in the
treasury of the Company.

         7.3 In case of any capital  reorganization or any  reclassification  of
the capital  stock of the Company or in case of the  consolidation  or merger of
the Company with another corporation,  or in case of any sale, transfer or other
disposition  to another  corporation of all or  substantially  all the property,
assets,  business and good will of the Company, the holder of each Warrant shall
thereafter  be  entitled  to  purchase  (and  it  shall  be a  condition  to the
consummation  of  any  such  reorganization,  reclassification,   consolidation,
merger, sale, transfer or other disposition that appropriate  provision shall be
made so that such holder shall  thereafter be entitled to purchase) the kind and
amount of shares of stock and other  securities and property  receivable in such
transaction  which a  shareholder  receives who holds the number of shares which
the Warrant  entitled the holder to purchase  immediately  prior to such capital
reorganization,  reclassification of capital stock, consolidation, merger, sale,
transfer  or other  disposition;  and in any such case  appropriate  adjustments
shall  be made in the  application  of the  provisions  of this  Article  7 with
respect to rights and interests  thereafter of the holder of the Warrants to the
end that the  provisions of this Article 7 shall  thereafter be  applicable,  as
nearly  as  reasonably  may be, in  relation  to any  shares  or other  property
thereafter purchasable upon the exercise of the Warrants.

         7.4 In the event the Company  shall  declare a dividend upon the Common
Stock payable otherwise than out of earnings or earned surplus or otherwise than
in shares of Common  Stock or in stock or  obligations  directly  or  indirectly
convertible  into or  exchangeable  for such shares,  the holder of each Warrant
shall, upon exercise of the Warrant, be entitled to purchase, in addition to the
number of shares deliverable upon such exercise,  against payment of the Warrant
Price  therefor  but without  further  consideration,  the cash,  stock or other
securities  or property  which the holder of the Warrant  would have received as
dividends  (otherwise  than out of such earnings or earned surplus and otherwise
than in shares or in obligations  convertible  into or  exchangeable  for Common
Stock) if continuously since the date hereof such holder (i) had been the holder
of record of the number of shares  deliverable  upon such  exercise and (ii) had
retained all dividends in stock or other  securities  (other than shares or such
convertible or exchangeable  stock or obligations) paid or payable in respect of
said  number of shares or in respect of any such  stock or other  securities  so
paid or payable as such dividends.

         7.5 No  certificate  for  fractional  shares  shall be issued  upon the
exercise of the  Warrants,  but in lieu thereof the Company  shall  purchase any
such fractional interest calculated to the nearest cent.

                                       -7-

<PAGE>

         7.6  Whenever the Purchase  Price is adjusted as herein  provided,  the
Company shall forthwith deliver to each Warrant holder a statement signed by the
President of the Company and by its Treasurer or Secretary  stating the adjusted
Purchase  Price and  number  of shares  determined  as  herein  specified.  Such
statement shall show in detail the facts requiring such adjustment,  including a
statement of the consideration  received by the Company for any additional stock
issued.

         7.7      In the event at any time:

                  (i) The Company  shall pay any dividend  payable in stock upon
                  its Common  Stock or make any  distribution  (other  than cash
                  dividends) to the holders of its Common Stock; or

                  (ii)     The Company shall offer for subscription pro rata to
                  the holders of its Common Stock any additional shares of stock
                  of any class or any other rights; or

                  (iii) The Company shall effect any capital  reorganization  or
                  any  reclassification  of or change in the outstanding capital
                  stock of the Company  (other than a chance in par value,  or a
                  change from par value to no par value, or a change from no par
                  value  to par  value,  or a  change  resulting  solely  from a
                  subdivision  or combination  of  outstanding  shares),  or any
                  consolidation  or  merger,  or any  sale,  transfer  or  other
                  disposition of all or substantially all its property,  assets,
                  business  and good will as an  entirety,  or the  liquidation,
                  dissolution or winding up of the Company; or

                  (iv) The  Company  shall  declare a  dividend  upon its Common
                  Stock payable otherwise than out of earnings or earned surplus
                  or otherwise  than in Common Stock or any stock or obligations
                  directly or indirectly  convertible  into or exchangeable  for
                  Common Stock;

then,  in any such case,  the Company  shall cause at least  thirty  days' prior
notice to be mailed to the  registered  holder of each Warrant at the address of
such holder  shown on the books of the  Company.  Such notice shall also specify
the date on which the books of the Company  shall  close,  or a record be taken,
for such stock dividend,  distribution or  subscription  rights,  or the date on
which  such  reclassification,   reorganization,  consolidation,  merger,  sale,
transfer, disposition,  liquidation, dissolution, winding up or dividend, as the
case may be,  shall take  place,  and the date of  participation  therein by the
holders of shares if any such date is to be fixed, and shall also set forth such
facts with  respect  thereto as shall be  reasonably  necessary  to indicate the
effect of such action on the rights of the holders of the Warrants.

                                       -8-

<PAGE>

8.       Governing Law

         8.1      This Warrant Certificate shall be governed by and construed in
accordance with the laws of the State of Delaware.

         IN WITNESS WHEREOF,  the Company has caused this Warrant Certificate to
be duly executed by its officers  thereunto  duly  authorized  and its corporate
seal to be affixed hereon as of the 21st day of September, 1999.

                                                           PREFERRED VOICE, INC.

                                                           BY:
                                                           Chairman of the Board

Attest:

Secretary

                                       -9-

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00001-of-00352.parquet"}]]