Document:

<PAGE>
                                                                   EXHIBIT 10.23

                                                                  EXECUTION COPY

                              AMENDED AND RESTATED
                                OMNIBUS AMENDMENT
                                       TO
                                 NOTE AGREEMENTS

                  THIS AMENDED AND RESTATED OMNIBUS AMENDMENT TO NOTE AGREEMENTS
(this "Amendment") is entered into as of October 27, 2003 between THE PRUDENTIAL
INSURANCE COMPANY OF AMERICA ("Prudential") and GREY GLOBAL GROUP INC., a
Delaware corporation (the "Company").

                  WHEREAS, the Company and Prudential are parties to (1) that
certain Note Agreement, dated as of November 13, 2000 (as amended, supplemented
and in effect as of the date of effectiveness hereof, the "2000 Note Agreement")
relating to the issue and sale of the Company's 8.17% Senior Notes Due November
13, 2007, and (2) that certain Note Agreement, dated as of March 14, 2003 (as
amended, supplemented and in effect as of the date of effectiveness hereof, the
"2003 Note Agreement"; and collectively with the 2000 Note Agreement, the "Note
Agreements") relating to the issue and sale of the Company's 7.41% Senior Notes
Due March 14, 2009;

                  WHEREAS, the Company and Prudential agreed to certain
amendments to the Note Agreement, subject to certain limitations and conditions,
as provided for in the Omnibus Amendment To Note Agreements (the "Existing
Amendment"), dated as of October 21, 2003, between Prudential and the Company;
and

                  WHEREAS, at the Company's request, the Company and Prudential
have agreed to amend and restate the Existing Amendment, in its entirety, to
incorporate certain additional amendments to the Note Agreement and
modifications to such Existing Amendment, subject to certain limitations and
conditions, all as provided for herein.

                  NOW, THEREFORE, in consideration of the foregoing premises and
mutual covenants and agreements contained herein, the parties hereto agree as
follows:

1.       Amendments to Note Agreement. Prudential and the Company hereby agree
         as follows:

         (a)      Paragraph 6 of each Note Agreement is hereby amended by:

                  (i)      amending Paragraph 6F thereof, in each case, by
                  inserting the following, new paragraph immediately following
                  the first paragraph thereof and immediately before Paragraph
                  6G:

                                    "For purposes of this Paragraph 6F only, the
                           amount of Fixed Charges determined for any period
                           shall be decreased by an amount equal to the lesser
                           of (i) the amount of Interest Charges for such period
                           attributable to the Incremental Debentures (as
                           defined below) outstanding at such time, and (ii)
                           $1,250,000. "INCREMENTAL DEBENTURES" shall mean,
<PAGE>

                           so long as the aggregate, outstanding principal
                           amount of the Debentures exceeds $125,000,000, a
                           portion of the Debentures equal to the lesser of (A)
                           the amount by which the aggregate, outstanding
                           principal amount of the Debentures exceeds
                           $125,000,000, and (B) $25,000,000."; and

                  (ii)     deleting Paragraph 6H thereof (in each case) in its
                  entirety, and replacing it (in each case) with the following
                  new Paragraph 6H in it's entirety:

                  "6H. OPTIONAL PAYMENTS AND MODIFICATIONS OF CERTAIN DEBT
INSTRUMENTS. (a) Make or offer to make any optional or voluntary payment,
prepayment, repurchase or redemption of or otherwise optionally or voluntarily
defease or segregate funds with respect to (i) the Debentures or (ii) if, at the
time thereof or after giving effect thereto, a Default of Event of Default shall
have occurred and be continuing or the Company shall not be in pro forma
compliance with the financial covenants incorporated pursuant to paragraph 6G
above, any other Indebtedness in respect of any private placement or public
offering of notes or debt securities; or (b) amend, modify, waive or otherwise
change, or consent or agree to any amendment, modification, waiver or other
change to, any of the terms of or applicable to the Debentures including,
without limitation, the Indenture (other than any such amendment, modification,
waiver or other change that (x) (i) would only operate to extend the maturity or
reduce the amount of any payment of principal thereof or reduce the rate or
extend any date for payment of interest thereon and (ii) does not involve the
payment of a consent fee, or (y) would only operate to cure any ambiguity,
defect or inconsistency, so long as such amendment, modification, waiver or
other change is acceptable to the Required Holders).".

         (b)      Paragraph 7A of the Note Agreement is hereby amended by
inserting the following, new clause (xv) in its entirety immediately following
clause (xiv) thereof, and immediately before the last paragraph of Paragraph 7A:

                  "(xv) a Change of Control;".

         (c)      Each of the Note Agreements is hereby amended by deleting (in
their entirety) the respective definitions of "CONSOLIDATED CASH FLOW",
"CONSOLIDATED NET WORTH", and "TOTAL BORROWED FUNDS" set forth in Paragraph 10B
thereof, respectively, and replacing them, respectively, in each case, with the
following new definitions (in the appropriate alphabetical order):

                  ""CONSOLIDATED CASH FLOW" for any period shall mean the sum of
Consolidated Net Income, depreciation expenses, amortization costs (including
amortization of restricted stock and employee stock options granted as
compensation to employees), deferred compensation expenses (net of deferred
compensation due and payable within one year), intangibles-related asset
impairment charges for such period attributable to the purchase price of
acquisitions, Interest Charges for such period attributable to the Debentures,
dividends paid during such period on, and other downward adjustments (in
accordance with Financial Accounting Standard (FAS) No. 150, issued by the
Financial Accounting Standards Board in 2003) to Consolidated Net Income for
such period attributable to changes in the redemption value of, the Company's
Preferred Stock issued and outstanding on June 30, 2003, minority interests and
changes in deferred taxes, less any upward adjustments (in accordance with FAS
No. 150) to Consolidated

                                       2
<PAGE>

Net Income for such period attributable to changes in the redemption value of,
the Company's Preferred Stock issued and outstanding on June 30, 2003, and any
equity in the earnings of unconsolidated affiliated entities (net of dividends
received), all as computed and consolidated for the Company and its Subsidiaries
for such period in accordance with generally accepted accounting principles.".

                  ""CONSOLIDATED NET WORTH" shall mean, at any date, the excess,
if any, of the total assets of the Company and its Subsidiaries over the total
liabilities of the Company and its Subsidiaries, all as would be shown on a
consolidated balance sheet of the Company and its Subsidiaries prepared as of
such date in accordance with generally accepted accounting principles (but
Preferred Stock of the Company shall not in any event be treated as a
liability).".

                  ""TOTAL BORROWED FUNDS" shall mean, at any date, the sum of
(x) Consolidated Funded Debt (excluding Consolidated Funded Debt attributable to
(A) the outstanding principal amount of the Debentures, in an amount not to
exceed $125,000,000 and (B) obligations in respect of the Company's Preferred
Stock issued and outstanding on June 30, 2003) as of such date plus (y) the
excess, if any, of Consolidated Current Debt as of such date over the aggregate
of Cash Equivalents of the Company and its Subsidiaries on hand as of such date
(valued at the amount as would be shown for such items on a consolidated balance
sheet of the Company and its Subsidiaries prepared as of such date in accordance
with generally accepted accounting principles) and not subject to any Lien
(other than a Lien in favor of any such Consolidated Current Debt).".

         (d)      Each of the Note Agreements is hereby amended by adding, in
each case, the following defined terms and definitions in their entirety to
Paragraph l0B thereof, respectively, each in its appropriate, respective
position determined by alphabetical order:

                  ""CHANGE OF CONTROL" shall mean any event giving rise to the
obligation of the Company to repurchase the Debentures as defined in the
Indenture until such obligation ceases to exist."

                  ""DEBENTURES" shall mean those certain subordinated,
convertible debentures issued by the Company under the Indenture, in an
aggregate principal amount not greater than $150,000,000."

                  " "INCREMENTAL DEBENTURES" shall have the meaning ascribed
thereto in Paragraph 6F hereof."

                  ""INDENTURE" shall mean the indenture, dated on or about
October 28, 2003, pursuant to which the Debentures are issued by the Company."

         (e)      Each Note Agreement and any and all other documents
heretofore, now or hereafter executed and delivered pursuant to the terms of
such Note Agreement, are hereby amended so that any reference to such Note
Agreement shall mean a reference to such Note Agreement as amended hereby.
Except as expressly modified and amended in this Amendment all of the terms,
provisions and conditions of each Note Agreement and the agreements and
instruments relating thereto shall remain unchanged and in full force and
effect.

                                       3
<PAGE>

2.       Representations, Warranties and Acknowledgment of the Company

                  The Company hereby: (a) represents and warrants as of the date
hereof that (i) no Default or Event of Default has occurred and is continuing,
and (ii) no material adverse change has occurred in the financial condition,
assets, or prospects of the Company and its Subsidiaries, taken as a whole,
since December 31, 2002; and (b) confirms and acknowledges that it has no
defenses, offsets or counterclaims against any of its obligations under or in
respect of either Note Agreement and that all amounts outstanding under and in
respect of the respective Notes and each of the Note Agreements are owing to
holders of the Notes without defense, offset or counterclaim.

3.       Effectiveness of Amendment

                  This Amendment shall become effective upon receipt by the
Required Holders of (a) counterparts of this Amendment, executed and delivered
by each of the parties hereto, and (b) a true and correct copy of the executed
and effective Second Amendment to the 2001 Bank Agreement, dated as of October
2, 2003 (as amended and supplemented by the October 25, 2003 letter agreement
relating thereto), receipt of which is hereby acknowledged.

4.       Miscellaneous

         (a)      Capitalized terms used and not otherwise defined herein shall
have the respective meanings ascribed thereto in the Note Agreements (as the
case may be).

         (b)      The Note Agreements, as amended by this Amendment, are and
shall continue to be in full force and effect and are hereby in all respects
ratified and confirmed.

         (c)      This Amendment may be executed in any number of counterparts
and by any combination of the parties hereto in separate counterparts, each of
which counterparts shall be an original and all of which taken together shall
constitute one and the same agreement.

         (d)      Upon the effectiveness of this Amendment, the Existing
Amendment will be superseded and replaced in its entirety.

                  IN WITNESS WHEREOF, the parties have caused this Amendment to
be executed and delivered by their respective officers thereunto duly authorized
as of the date first above written.

                                     GREY GLOBAL GROUP INC.

                                     By:    /s/ Lester Feintuck
                                            ------------------------------------
                                     Title: SVP

                                       4
<PAGE>

                                     THE PRUDENTIAL INSURANCE COMPANY OF AMERICA

                                     By:    /s/ Christopher Carey
                                            -----------------------------------
                                     Title: Vice President

                                       5<PAGE>
                                                                   EXHIBIT 10.25

                                                                  EXECUTION COPY

                  FIRST AMENDMENT, dated as of December 31, 2001 (this
"Amendment"), to the Credit Agreement, dated as of December 21, 2001 (as amended
by this amendment and as the same may be further amended, supplemented or
otherwise modified from time to time, the "Credit Agreement"), among GREY GLOBAL
GROUP INC., a Delaware corporation (the "Company"), the Foreign Subsidiary
Borrowers from time to time parties thereto, the several banks and other
financial institutions or entities from time to time parties thereto (the
"Lenders"), HSBC BANK USA, as documentation agent (in such capacity, the
"Documentation Agent"), FLEET NATIONAL BANK, as syndication agent (in such
capacity, the "Syndication Agent"), and JPMORGAN CHASE BANK as administrative
agent (in such capacity, the "Administrative Agent").

                              W I T N E S S E T H:

                  WHEREAS, the Company, the Lenders, the Documentation Agent,
the Syndication Agent and the Administrative Agent are parties to the Credit
Agreement;

                  WHEREAS, the Company has requested that the Lenders amend
certain terms in the Credit Agreement in the manner provided for herein; and

                  WHEREAS, the Administrative Agent and the Lenders are willing
to agree to the requested amendment subject to certain limitations and
conditions, as provided for herein;

                  NOW, THEREFORE, in consideration of the premises contained
herein, the parties hereto agree as follows:

         1. Defined Terms. Unless otherwise defined herein, terms which are
defined in the Credit Agreement and used herein as defined terms are so used as
so defined.

         2. Amendment to Section 6.14. Section 6.14 of the Credit Agreement is
hereby amended by amending and restating such section in its entirety to read as
follows:

                  6.14. Note Agreements. Fail to comply with Section 6B, 6C or
6F of the 1997 Note Agreement or Section 6B, 6C or 6F of the 2000 Note Agreement
(which Sections (as in effect on the date hereof) are hereby incorporated herein
by reference as if set forth herein in full (together with any related
definitions) and without giving effect to any modifications or amendments
thereto after the date hereof, other than the Second Amendment to the Note
Agreements, dated as of December 31, 2001).

         3. Representations and Warranties. On and as of the date hereof, the
Company hereby confirms, reaffirms and restates the representations and
warranties set forth in Section 3 of the Credit Agreement mutatis mutandis,
except to the extent that such representations and warranties expressly relate
to a specific earlier date in which case the Company hereby confirms, reaffirms
and restates such representations and warranties as of such earlier date.

         4. Effectiveness of Amendment. This Amendment shall become effective as
of the date first written above so long as the Administrative Agent has received
(a)

<PAGE>

counterparts of this Amendment duly executed by the Company and each of the
Required Lenders and (b) all fees required to be paid, and all expenses for
which invoices have been presented (including the reasonable fees and expenses
of legal counsel).

         5. Continuing Effect; No Other Amendments or Consents. Except as
expressly provided herein, all of the terms and provisions of the Credit
Agreement are and shall remain in full force and effect. The amendment provided
for herein is limited to the specific section of the Credit Agreement specified
herein and shall not constitute a consent, waiver or amendment of, or an
indication of the Administrative Agent's or the Lenders' willingness to consent
to any action requiring consent under any other provisions of the Credit
Agreement or the same section for any other date or time period.

         6. Expenses. The Company agrees to pay and reimburse the Administrative
Agent for all its reasonable costs and out-of-pocket expenses incurred in
connection with the preparation and delivery of this Amendment, including,
without limitation, the reasonable fees and disbursements of counsel to the
Administrative Agent.

         7. Counterparts. This Amendment may be executed in any number of
counterparts by the parties hereto (including by facsimile transmission), each
of which counterparts when so executed shall be an original, but all the
counterparts shall together constitute one and the same instrument.

         8. GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND CONSTRUED
AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       2
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Agreement to be duly executed and delivered by their proper and duly authorized
officers as of the day and year first above written.

                                           GREY GLOBAL GROUP INC.

                                           By: /s/ Steven G. Felsher
                                              ----------------------------------
                                           Name: Steven Felsher
                                           Title: Vice Chairman

                                           By: /s/ Lester M. Feintuck
                                              ----------------------------------
                                           Name: Lester M. Feintuck
                                           Title: SVP

                                           JPMORGAN CHASE BANK, as
                                           Administrative Agent and as a Lender

                                           By: /s/ Rebecca Vogel
                                              ----------------------------------
                                           Name: Rebecca Vogel
                                           Title: Vice President

                                           FLEET NATIONAL BANK, as
                                           Syndication Agent and as a Lender

                                           By: /s/ Thomas J. Levy
                                              ----------------------------------
                                           Name: Thomas J. Levy
                                           Title:  Vice President

                                           HSBC BANK USA, as Documentation
                                           Agent and as a Lender

                                           By: /s/ Johan Sorensson
                                              ----------------------------------
                                           Name: Johan Sorensson
                                           Title: First Vice President

                                           NORTH FORK BANK, as a Lender

                                           By: /s/ Thomas McGann
                                              ----------------------------------
                                           Name: Thomas McGann
                                           Title: Senior Vice President

                                           THE BANK OF NEW YORK, as a Lender

                                           By: /s/ Brian A. Stern
                                              ----------------------------------
                                           Name: Brian A. Stern
                                           Title: Vice President

                                       3
<PAGE>
                                                                   EXHIBIT 10.25

                                                                  Execution Copy

                  SECOND AMENDMENT, dated as of October 2, 2003 (this
"Amendment"), to the Credit Agreement, dated as of December 21, 2001 (as amended
pursuant to the First Amendment hereto, dated as of December 31, 2001 and this
Amendment, and as the same may further be amended, supplemented or otherwise
modified from time to time, the "Credit Agreement"), among GREY GLOBAL GROUP
INC., a Delaware corporation (the "Company"), the Foreign Subsidiary Borrowers
from time to time parties thereto, the several banks and other financial
institutions or entities from time to time parties thereto (the "Lenders"), HSBC
BANK USA, as documentation agent (in such capacity, the "Documentation Agent"),
FLEET NATIONAL BANK, as syndication agent (in such capacity, the "Syndication
Agent"), and JPMORGAN CHASE BANK as administrative agent (in such capacity, the
"Administrative Agent").

                              W I T N E S S E T H:

                  WHEREAS, the Company, the Lenders, the Documentation Agent,
the Syndication Agent and the Administrative Agent are parties to the Credit
Agreement;

                  WHEREAS, the Company has requested that the Lenders amend
certain terms in the Credit Agreement in the manner provided for herein; and

                  WHEREAS, the Administrative Agent and the Lenders are willing
to agree to the requested amendment subject to certain limitations and
conditions, as provided for herein;

                  NOW, THEREFORE, in consideration of the premises contained
herein, the parties hereto agree as follows:

         1.       Defined Terms. Unless otherwise defined herein, terms which
are defined in the Credit Agreement and used herein as defined terms are so used
as so defined.

         2.       Amendment to Section 1 (Definitions). Section 1.1 of the
Credit Agreement is hereby amended as follows:

                  (a) by deleting therefrom the definition of "Termination Date"
         in its entirety and substituting in lieu thereof the following
         definition:

                           "Termination Date": September 30, 2004, subject to
                  extension as provided in Section 2.15.

                  (b) by adding at the end of the first sentence of the
         definition of "Indebtedness" the following proviso:

                           "; and provided, further, that, for purposes of
                  determining Consolidated Total Debt, Indebtedness of the
                  Company shall not include the Debentures."

                  (c) by replacing the words "1997 Note Agreement" in the
         definition of "Note Agreements" with the words "2003 Note Agreement".

<PAGE>

                  (d) by adding thereto the following definitions in their
         appropriate alphabetical order:

                           "Change of Control": any event giving rise to the
                  obligation of the Company to repurchase the Debentures as
                  defined in the Indenture until such obligation ceases to
                  exist.

                           "Debentures": as defined in the Second Amendment.

                           "Indenture": the indenture pursuant to which the
                  Debentures are issued by the Company.

                           "Second Amendment": the Second Amendment to this
                  Agreement, dated as of October 2, 2003.

                  (e) by deleting therefrom the definition of "1997 Note
         Agreement" in its entirety and substituting in lieu thereof the
         following definition:

                           "2003 Note Agreement": the Note Agreement, dated as
                  of March 14, 2003 entered into between the Company and the
                  Prudential Insurance Company of America.

         3.       Amendment to Section 6 (Negative Covenants). Section 6 of the
Credit Agreement is hereby amended as follows:

                  (a) by replacing the words "Administrative Agent" in proviso
         (i) of Section 6.4(c) with the words "Required Lenders".

                  (b) replacing the word "and" at the end of exception (a) of
         Section 6.6 with a comma, and by replacing the period at the end of
         Section 6.6 with the following language:

                           "and (c) the Company may use the cash proceeds
                  received from the issuance of the Debentures to repurchase
                  Capital Stock of the Company on the date of such issuance, so
                  long as the aggregate amount paid in connection with such
                  repurchases is not greater than $30,000,000."

                  (c) by replacing the words "Section 6B or 6C of the 1997 Note
         Agreement" in Section 6.14 with the words "Section 6B, 6C or 6F of the
         2003 Note Agreement".

                  (d) by inserting a new Section 6.16 immediately after Section
         6.15 as follows:

                           "6.16 Optional Payments and Modifications of the
                  Debentures; Certain Other Matters Relating to the Debentures.
                  (a) Make or offer to make any optional or voluntary payment,
                  prepayment, repurchase or redemption of or otherwise
                  optionally or voluntarily defease or segregate funds with
                  respect to the Debentures; or (b) amend, modify, waive or
                  otherwise change, or consent or agree to any amendment,
                  modification, waiver or other change to, any of the terms of

                                       2
<PAGE>

                  the Debentures including, without limitation, the Indenture
                  (other than any such amendment, modification, waiver or other
                  change that would (x) (i) extend the maturity or reduce the
                  amount of any payment of principal thereof or reduce the rate
                  or extend any date for payment of interest thereon and (ii)
                  does not involve the payment of a consent fee or (y) cure any
                  ambiguity, defect or inconsistency, so long as such amendment,
                  modification, waiver or other change is acceptable to the
                  Administrative Agent).

         4.       Amendment to Section 8 (Events of Default). Section 8 of the
Credit Agreement is hereby amended by replacing paragraph (j) with the following
language:

                  "(j)  a Change of Control;"

         5.       Representations and Warranties. On and as of the date hereof,
the Company hereby confirms, reaffirms and restates the representations and
warranties set forth in Section 3 of the Credit Agreement mutatis mutandis,
except to the extent that such representations and warranties expressly relate
to a specific earlier date in which case the Company hereby confirms, reaffirms
and restates such representations and warranties as of such earlier date.

         6.       Conditions to Effectiveness. (a) Sections 2(a), 2(c), 2(e),
3(a), 3(c) and 4 of this Amendment shall become effective as of the date first
written above upon satisfaction of the following conditions: (i) the
Administrative Agent shall have received counterparts of this Amendment duly
executed by the Company and each of the Required Lenders (or in the case of
Section 2(a),the Lenders); (ii) all fees required to be paid, and all expenses
for which invoices have been presented (including the reasonable fees and
expenses of legal counsel), in connection with this Amendment shall have been
paid or reimbursed, as the case may be; and (iii) The Bank of New York, Fleet
National Bank and HSBC Bank USA shall have executed an Assignment and Acceptance
pursuant to which The Bank of New York shall assign all of its Commitment and
its related rights and obligations under the Credit Agreement and the other Loan
Documents to Fleet National Bank and HSBC Bank USA as set forth therein.

                  (b) Sections 2(b), 2(d),3(b) and 3(d) of this Amendment shall
         become effective upon satisfaction of the following conditions: (i) the
         Administrative Agent has received counterparts of this Amendment duly
         executed by the Company and each of the Required Lenders; (ii) all fees
         required to be paid, and all expenses for which invoices have been
         presented (including the reasonable fees and expenses of legal
         counsel), in connection with this Amendment shall have been paid or
         reimbursed, as the case may be; (iii) the Company shall have issued
         subordinated debentures (the "Debentures") in an aggregate principal
         amount not greater than $125,000,000 on substantially the terms and
         conditions disclosed to the Administrative Agent prior to the date
         hereof or otherwise on terms and conditions reasonably satisfactory to
         the Administrative Agent; and (iv) all amendments required to be made
         to the Note Agreements in connection with the issuance of the
         Debentures (the "Note Agreements Amendments") shall have been executed
         and delivered to the Administrative Agent in form and substance
         satisfactory to the Administrative Agent and shall have become
         effective in accordance with the terms of the Note Agreements
         Amendments.

                                       3
<PAGE>

         7.       Consent. Subject to condition set forth in Section 6(b)(iv) of
this Amendment being satisfied, the Agents and the Lenders parties hereto hereby
consent to the Note Agreements Amendments and agree that the references to the
Note Agreements in Section 6.14 of the Credit Agreement will include such Note
Agreements Amendments.

         8.       Continuing Effect; No Other Amendments or Consents. Except as
expressly provided herein, all of the terms and provisions of the Credit
Agreement are and shall remain in full force and effect. The amendment provided
for herein is limited to the specific sections of the Credit Agreement specified
herein and shall not constitute a consent, waiver or amendment of, or an
indication of the Administrative Agent's or the Lenders' willingness to consent
to any action requiring consent under any other provisions of the Credit
Agreement or the same section for any other date or time period.

         9.       Expenses. The Company agrees to pay and reimburse the
Administrative Agent for all its reasonable costs and out-of-pocket expenses
incurred in connection with the preparation and delivery of this Amendment,
including, without limitation, the reasonable fees and disbursements of counsel
to the Administrative Agent.

         10.      Counterparts. This Amendment may be executed in any number of
counterparts by the parties hereto (including by facsimile transmission), each
of which counterparts when so executed shall be an original, but all the
counterparts shall together constitute one and the same instrument.

         11.      GOVERNING LAW. THIS AMENDMENT SHALL BE GOVERNED BY, AND
CONSTRUED AND INTERPRETED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF NEW YORK.

                                       4
<PAGE>

                  IN WITNESS WHEREOF, the parties hereto have caused this
Amendment to be executed and delivered by their respective duly authorized
officers as of the date first above written.

                                     GREY GLOBAL GROUP INC.

                                     By: /s/ Steven G. Felsher
                                        ---------------------------------------
                                         Name:  Steven G. Felsher
                                         Title: Vice Chairman

                                     By: /s/ Lester M. Feintuck
                                        ----------------------------------------
                                         Name:  Lester Feintuck
                                         Title: Senior VP, CFO

                                     JPMORGAN CHASE BANK, as Administrative
                                     Agent and as a Lender

                                     By: /s/ Rebecca Vogel
                                        ----------------------------------------
                                         Name:  Rebecca Vogel
                                         Title: Vice President

                                     FLEET NATIONAL BANK, as Syndication Agent
                                     and as a Lender

                                     By: /s/ Thomas J. Levy
                                        ----------------------------------------
                                         Name:  Thomas J. Levy
                                         Title: Senior Vice President

                                     HSBC BANK USA, as Documentation Agent and
                                     as a Lender

                                     By: /s/ Johan Sorensson
                                        ----------------------------------------
                                         Name:  Johan Sorensson
                                         Title: First Vice President

                                     NORTH FORK BANK, as a Lender

                                     By: /s/ Thomas McGann
                                        ----------------------------------------
                                         Name:  Thomas McGann
                                         Title: Senior Vice President

<PAGE>

                                     BARCLAYS BANK PLC, as a Lender

                                     By: /s/ Vincent Muldoon
                                        ----------------------------------------
                                         Name:  Vincent Muldoon
                                         Title: Relationship Director

                                     CITY NATIONAL BANK, A NATIONAL BANKING
                                     ASSOCIATION, as a Lender

                                     By: /s/ Craig D. Kelley
                                        ----------------------------------------
                                         Name:  Craig D. Kelley
                                         Title: Vice President/Senior
                                                Relationship Manager

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