Document:

Exhibit 10.3

THE SECURITIES REPRESENTED HEREBY HAVE NOT BEEN REGISTERED UNDER THE SECURITIES
ACT OF 1933 (THE "ACT"), OR THE SECURITIES LAWS OF ANY STATE. THE SECURITIES
HAVE BEEN ACQUIRED FOR INVESTMENT AND NOT WITH A VIEW TOWARD DISTRIBUTION OR
RESALE AND MAY NOT BE SOLD OR OTHERWISE TRANSFERRED WITHOUT AN EFFECTIVE
REGISTRATION STATEMENT COVERING SUCH SECURITIES UNDER THE ACT OR ANY APPLICABLE
STATE SECURITIES LAWS, OR AN OPINION OF COUNSEL, REASONABLY SATISFACTORY TO THE
ISSUER, THAT REGISTRATION IS NOT REQUIRED UNDER THE ACT OR APPLICABLE STATE LAW.

                                  ELCOTEL, INC.

                               WARRANT TO PURCHASE
                             SHARES OF COMMON STOCK

Warrant No. W-2                                           No. of Shares - 18,938

      This certifies that, for valued received, Greyhawke Capital Advisors LLC
("Holder"), or its registered assigns, is entitled, subject to the terms and
conditions hereinafter set forth, at or prior to 5:00 p.m., Sarasota, Florida
time, on May 22, 2005, but not thereafter, to purchase 18,938 shares of Common
Stock ("Common Stock"), par value $.01 per share, of Elcotel, Inc., a Delaware
corporation (hereinafter called the "Company"). The purchase price payable upon
the exercise of this Warrant (the "Warrant Price") shall be $2.475 per share.

      Upon delivery of this Warrant with the subscription notice duly executed,
together with payment of the Warrant Price, by certified or cashier's check
payable to the Company, for the shares of Common Stock thereby purchased, at the
principal office of the Company, 6428 Parkland Drive, Sarasota, Florida 34243,
or at such other address as the Company may designate by notice in writing to
the Holder, the Holder of this Warrant shall be entitled to receive a
certificate or certificates for the shares of Common Stock so purchased. All
shares of Common Stock which may be issued upon the exercise of this Warrant
will, upon issuance, be fully paid and non-assessable and free from all taxes,
liens and charges with respect thereto.

      This Warrant is subject to the following terms and conditions:

      1. Exercise of Warrant. Except as otherwise provided in this paragraph 1,
this Warrant may be exercised in whole at any time, or in part from time to
time, at or prior to 5:00 p.m., Sarasota, Florida time, on May 22, 2005, but not
thereafter, as to all or any part of the number of whole shares of Common Stock
then subject hereto so long as for any partial exercise the number of shares of
Common Stock purchased is at least 100 shares. In case of any partial exercise
of this Warrant, the Company shall execute and deliver a new Warrant of like
tenor and date for the balance of the shares of Common Stock purchasable
hereunder or appropriate notation may be made on this Warrant which shall then
be returned to the Holder.

      2. Adjustment of Warrant Price and Number of Shares Purchasable Hereunder.
The Warrant Price and the number of shares purchasable hereunder shall be
subject to adjustment from time to time in accordance with the following
provisions:

            (a) In the event of any payment of any cash dividend or distribution
of property by the Company otherwise than out of earned surplus, either tangible
or intangible (other than distributions of the Common Stock), to the holders of
the Common Stock, the Warrant Price for the shares of Common Stock then subject
to this Warrant shall be reduced by the per share amount of such dividend or
distribution unless and until the Warrant Price is equal to the then par value
of the Common Stock. If and when the Warrant Price is equal to the then par
value of the Common Stock, the registered holder of this Warrant shall be
entitled to receive, concurrently with the holders of the Common Stock then
outstanding, the per share amount of any such dividend or distribution with
respect to the number of shares of Common Stock then purchasable upon exercise
of this Warrant in the same manner and to the same extent as if the registered
holder of this Warrant were then the registered owner of the shares of Common
Stock then subject hereto. For purposes of this subparagraph (a), the per share
amount of any

<PAGE>

distribution of property shall be the fair market value thereof as determined by
the Board of Directors in good faith in the resolutions authorizing any such
distribution.

            (b) In case the Company shall at any time subdivide the outstanding
shares of its Common Stock, the Warrant Price in effect immediately prior to
such subdivision shall be proportionately decreased, and in case the Company
shall at any time combine the outstanding shares of its Common Stock, the
Warrant Price in effect immediately prior to such combination shall be
proportionately increased, effective from and after the record date of such
subdivision or combination, as the case may be.

      Upon any adjustment in the Warrant Price per share pursuant to this
subparagraph (b), the Holder of this Warrant shall thereafter be entitled to
purchase, at the adjusted Warrant Price, the number of shares of Common Stock,
calculated to the nearest full share obtained by (X) multiplying the number of
shares of Common Stock purchasable hereunder immediately prior to such
adjustment by the Warrant Price in effect immediately prior to such adjustment,
and (Y) by dividing the product thereof by the Warrant Price resulting from such
adjustment. No such adjustment in the number of shares that may be purchased
upon exercise of this Warrant shall be required in the event of an adjustment in
the Warrant Price per share pursuant to subparagraph (a).

            (c) In the event of the issuance of additional shares of Common
Stock of the Company as a dividend on the Common Stock, from and after the day
that is the record date for the determination of stockholders entitled to such
dividend the Holder of this Warrant shall (until another adjustment) be entitled
to purchase the number of shares of Common Stock, calculated to the nearest full
share, obtained by multiplying the number of shares of Common Stock purchasable
hereunder immediately prior to said record date by the percentage which the
number of additional shares constituting any such dividend is of the total
number of shares of Common Stock outstanding immediately prior to said record
date plus the number of shares of Common Stock issuable upon conversion of the
outstanding convertible securities or upon exercise of any outstanding warrants,
options or rights (including those with respect to convertible securities) and
adding the result so obtained to the number of shares of Common Stock
purchasable hereunder immediately prior to said record date.

      Upon each adjustment pursuant to this subparagraph (c), the Warrant Price
in effect immediately prior to such adjustment shall be reduced to an amount
determined by dividing (X) the product obtained by multiplying such Warrant
Price by the number of shares of Common Stock purchasable hereunder immediately
prior to such adjustment by (Y) the number of shares of Common Stock purchasable
hereunder immediately following such adjustment.

            (d) If the Company, at any time subsequent to the date on which this
Warrant has been issued, shall issue any additional shares of Common Stock at a
price per share less than the lesser of the (i) Warrant Price and (ii) Current
Market Price (as defined below), including, for purposes of this subparagraph
(d) any shares of Common Stock that may be issued upon the exercise of
conversion or other rights with respect to any security of the Company issued by
the Company subsequent to the date on which this Warrant has been issued that is
convertible into or exchangeable for Common Stock, other than additional shares
of Common Stock issued in transactions described in subparagraphs (b) or (c) of
this paragraph 2, the number of shares of Common Stock thereafter purchasable
upon exercise of this Warrant (calculated to the nearest full share) shall be
adjusted by multiplying the number of shares of Common Stock purchasable upon
exercise of this Warrant prior to such issuance by a fraction (i) the numerator
of which shall be (A) the number of shares of Common Stock outstanding
immediately prior to such issue or sale (assuming exercise of all outstanding
options and warrants and conversion of all outstanding convertible securities)
plus (B) the number of such additional shares of Common Stock so issued and (ii)
the denominator of which shall be (A) the number of shares of Common Stock
outstanding immediately prior to such issue or sale (assuming exercise of all
outstanding options and warrants and conversion of all outstanding convertible
securities) plus (B) the number of shares of Common Stock that the aggregate
consideration received by the Company for the total number of additional shares
of Common Stock so issued would purchase at the lower of the (i) Warrant Price
and (ii) Current Market Price. "Current Market Price" shall mean the closing
sales price of the Common Stock on the NASDAQ National Market System or the
principal securities exchange on which the Common Stock is then listed or
admitted to trading, or if not so reported, the mean between the highest and
lowest quoted selling prices of the Common Stock, or the mean between the
highest asked price and the lowest bid price as the case may be, as reported on
the National Association of Securities Dealers Automated Quotation System as of
the close of business on the last full day of trading prior to the issue or sale
of such Common Stock by the Company.

<PAGE>

      If the Common Stock shall not be so traded, the Current Market Price shall
be determined by the Board of Directors taking into account all relevant facts
and circumstances.

      For the purposes of the subparagraph (d), the issuance of any warrants,
options or other subscription rights with respect to Common Stock and the
issuance of any securities convertible into or exchangeable for Common Stock (or
the issuance of any warrants, options or any rights with respect to such
securities) shall be deemed an issuance at such time of Common Stock. No
adjustment of the number of shares of Common Stock purchasable hereunder shall
be made under this subparagraph (d) upon the subsequent issuance of any
additional shares of Common Stock pursuant to the exercise of such warrants,
options or other subscription or purchase rights or pursuant to the exercise of
any conversion or exchange rights in any convertible securities. On the
expiration or termination of any warrants, options or other subscription rights
with respect to Common Stock, or on the expiration or termination of any
conversion or exchange rights with respect to securities convertible into Common
Stock (or warrants, options or any rights therefor), the number of shares of
Common Stock then purchasable hereunder shall forthwith be decreased to the
number of shares of Common Stock which would have been purchasable hereunder at
the time of such expiration or termination if such warrants, options or other
subscription rights, or such conversion or exchange rights (or warrants, options
or any rights therefor), to the extent outstanding immediately prior to such
expiration or termination, had never been issued.

      For the purpose of this subparagraph (d), in the case of the issue of
shares of Common Stock for a consideration other than cash, the consideration
received by the Company therefore shall be deemed to be the fair value of such
consideration as determined in good faith by its Board of Directors.

      This subparagraph (d) shall not apply to the issuance by the Company of
(i) Common Stock pursuant to the exercise of warrants, options or other rights
to purchase Common Stock outstanding on the date hereof or (ii) Common Stock,
warrants, options or other subscription rights with respect to Common Stock or
securities convertible into or exchangeable for Common Stock (or the issuance of
any warrants, options or any rights with respect to such securities) pursuant to
a private placement completed on or before December 31, 2000.

      Upon each adjustment pursuant to this subparagraph (d), the Warrant Price
in effect immediately prior to such adjustment shall be reduced to an amount
determined by dividing (X) the product obtained by multiplying such Warrant
Price by the number of shares of Common Stock purchasable hereunder immediately
prior to such adjustment by (Y) the number of shares of Common Stock purchasable
hereunder immediately following such adjustment.

      3. Reorganization, Reclassification, Consolidation or Merger. If at any
time while this Warrant is outstanding there shall be any reorganization or
reclassification of the Common Stock of the Company (other than a subdivision or
combination of shares provided for in paragraph 2 above), any consolidation or
merger of the Company with another corporation or any sale of all or
substantially all of its assets to another corporation effected in such a way
that holders of Common Stock shall be entitled to receive stock, securities or
property with respect to or in exchange for Common Stock, the Holder of this
Warrant shall thereafter be entitled to receive, during the term hereof and upon
payment of the Warrant Price, the number of shares of stock or other securities
or property of the Company or of the successor corporation resulting from such
consolidation, merger or sale of assets, as the case may be, to which a holder
of the Common Stock of the Company, deliverable upon the exercise of this
Warrant, would have been entitled upon such reorganization, reclassification,
consolidation, merger or sale of assets if this Warrant had been exercised
immediately prior to such reorganization, reclassification, consolidation,
merger or sale of assets; and in any such case, appropriate adjustment (as
determined in good faith by the Board of Directors of the Company) shall be made
in the application of the provisions herein set forth with respect to the rights
and interest thereafter of the Holder of this Warrant to the end that the
provisions set forth herein (including the adjustment of the Warrant Price and
the number of shares issuable upon the exercise of this Warrant) shall
thereafter be applicable, as near as reasonably may be, in relation to any
shares or other property thereafter deliverable upon the exercise hereof.

      4. Net Issue Exercise. In lieu of exercising this Warrant or any part
thereof, Holder may elect to receive shares of Common Stock equal to the value
of this Warrant (or the portion thereof being canceled) by surrender of this
Warrant at the principal office of the Company together with written notice
stating (i) that the Holder elects to receive Common Stock by exercise of its
net issue exercise right pursuant to this paragraph 4 and

<PAGE>

(ii) the number of Warrants the Holder desires to surrender, in which event the
Company shall issue to Holder that number of shares of Common Stock computed
using the following formula:

                                    X=Y(A-B)
                                        A

       Where:

                X=    the number of shares of Common Stock to be issued to
                      Holder

                Y=    the number of shares of Common Stock being purchased
                      under this Warrant

                A=    the Current Market Price (as defined in paragraph 2(d))
                      of one share of Common Stock

                B=    the Warrant Price (as adjusted to the date of such
                      calculations)

      5. Notice of Adjustments. Upon any adjustment of the Warrant Price and any
increase or decrease in the number of shares of Common Stock purchasable upon
the exercise of this Warrant, then, and in each such case, the Company, within
thirty days after a Holder's request, shall give written notice thereof to the
Holder of this Warrant at the address of such Holder as shown on the books of
the Company, which notice shall state the Warrant Price as adjusted and the
increased or decreased number of shares purchasable upon the exercise of this
Warrant, setting forth in reasonable detail the method of calculation of each.

      6. Charges, Taxes and Expenses. The issuance of certificates for shares of
Common Stock upon any exercise of this Warrant shall be made without charge to
the Holder hereof for any tax or other expense in respect to the issuance of
such certificates, all of which taxes and expenses shall be paid by the Company,
and such certificates shall be issued in the name of, or in such name or names
as may be directed by, the Holder of this Warrant; provided, however, that in
the event that certificates for shares of Common Stock are to be issued in a
name other than the name of the Holder of this Warrant, this Warrant when
surrendered for exercise shall be accompanied by an instrument of transfer in
form satisfactory to the Company, duly executed by the Holder hereof in person
or by an attorney duly authorized in writing and the Holder shall pay all stock
transfer taxes payable upon issuance of such stock certificate.

      7. Certain Obligations of the Company. The Company agrees that it will not
establish or increase the par value of the shares of any Common Stock which are
at the time issuable upon exercise of this Warrant above the then prevailing
Warrant Price hereunder and that, before taking any action which would cause an
adjustment reducing the Warrant Price hereunder below the then par value, if
any, of the shares of any Common Stock issuable upon exercise hereof, the
Company will take any corporate action which may, in the opinion of its counsel,
be necessary in order that the Company may validly and legally issue fully paid
and non-assessable shares of Common Stock at the Warrant Price as so adjusted.

      8. Restrictions on Exercise and Transfer. Notwithstanding any provisions
contained in this Warrant to the contrary, this Warrant shall not be exercisable
or transferable and the related shares of Common Stock shall not be transferable
except upon the conditions specified in this paragraph 7 8, which conditions are
intended, among other things, to insure compliance with the provisions of the
Act in respect of the exercise or transfer of the Warrant or transfer of the
related shares of Common Stock. The Holder represents and warrants that the
language contained in the legend on the first page hereof is true and correct.
The Holder of this Warrant, by acceptance hereof, agrees that it will not (a)
exercise this Warrant except in compliance with the applicable securities laws
or (b) transfer this Warrant or the related shares of Common Stock except (i)
pursuant to an effective registration statement covering such securities under
the Act and any applicable state securities laws, (ii) in a transaction
permitted by Rule 144 promulgated under the Act and as to which the Company has
received reasonably satisfactory evidence of compliance with the provisions of
Rule 144, or (iii) upon receipt of a legal opinion rendered

<PAGE>

by counsel reasonably satisfactory to the Company to the effect that the
transaction does not require registration under the Act and any applicable state
securities laws.

      9. Miscellaneous. (a) The Company covenants that it will at all times
reserve and keep available, solely for the purpose of issue upon the exercise
hereof, a sufficient number of shares of Common Stock to permit the exercise
hereof in full.

            (b) The terms of this Warrant shall be binding upon and shall inure
to the benefit of any successors or assigns of the Company and of the Holder or
Holders hereof.

            (c) No Holder of this Warrant, as such, shall be entitled to vote,
receive dividends (except as provided in paragraph 2(a) hereof), receive notice
in respect of meetings of stockholders or any other matter whatsoever as a
stockholder of the Company or be deemed to be a stockholder of the Company for
any purpose.

            (d) This Warrant may be divided into separate Warrants covering at
least one hundred shares of the Common Stock for the total number of shares of
Common Stock then subject to this Warrant at any time, or from time to time,
upon the request of the Holder of this Warrant and the surrender of the same to
the Company for such purpose. Such subdivided Warrants shall be issued promptly
by the Company following any such request and shall be of the same form and
tenor as this Warrant, except for any requested change in the name of the Holder
stated herein.

            (e) Except as otherwise provided herein, this Warrant and all rights
hereunder are transferable by the Holder hereof in person or by duly authorized
attorney on the books of the Company upon surrender of this Warrant, with the
attached assignment properly endorsed, to the Company. The Company may deem and
treat the registered Holder of this Warrant at any time as the absolute owner
hereof for all purposes and shall not be affected by any notice to the contrary.

            (f) Notwithstanding any provision herein to the contrary, the Holder
hereof may not exercise, sell, transfer or otherwise assign this Warrant unless
the Company is provided with an opinion of counsel satisfactory in form and
substance to the Company, to the effect that such exercise, sale, transfer or
assignment does not violate the Securities Act of 1933 or applicable state
securities laws.

            (g) This Warrant contains the entire agreement between the Holder
hereof and the Company with respect to the purchase of shares of Common Stock of
the Company and supersedes all prior arrangements or understandings with respect
thereto.

            (h) This Warrant shall be governed by and construed in accordance
with the laws of the State of Delaware.

            (i) Any term or provision of this Warrant may be waived at any time
by the party which is entitled to the benefits thereof and any term or provision
of this Warrant may be amended or supplemented at any time by agreement of the
Holder of this Warrant and the Company, except that any waiver of any term or
condition, or any amendment or supplementation, of this Warrant must be in
writing. A waiver of any breach or failure to enforce any of the terms or
conditions of this Warrant shall not in any way affect, limit or waive a party's
rights hereunder at any time to enforce strict compliance thereafter with any
term or condition of this Warrant.

            (j) Any notice or other document required or permitted to be given
or delivered to the Holder of this Warrant shall be delivered personally, or
sent by certified or registered mail, to each such Holder at the last address
shown on the books of the Company for the registration of, and the registration
of transfer of, the Warrant or at any more recent address of which the Holder of
this Warrant shall have notified the Company in writing. Any notice or other
document required or permitted to be given or delivered to the Company, shall be
delivered at, or sent by certified or registered mail to, the office of the
Company at 6428 Parkland Drive, Sarasota, Florida 34243, Attention: Chief
Executive Officer, or such other address within the United States of America as
shall have been furnished by the Company to the Holder of the Warrant.

<PAGE>

      IN WITNESS WHEREOF, the Company and the Holder caused this Warrant to be
signed by their duly authorized officers.

Dated: May 22, 2000

                                 ELCOTEL, INC.

                                 By:  /s/ Michael J. Boyle
                                      ------------------------------------------
                                      Michael J. Boyle, Chief Executive Officer

                                 GREYHAWKE CAPITAL ADVISORS LLC

                                 By:  /s/ Mark L, Plaumann
                                       -----------------------------------------
                                       Mark L. Plaumann, Managing Member

<PAGE>

                               SUBSCRIPTION NOTICE

Elcotel, Inc.

      The undersigned, the holder of the foregoing Warrant, hereby elects to
exercise purchase rights represented by said Warrant for, and to purchase
thereunder, ________ shares of the Common Stock covered by said Warrant and
herewith makes payment in full therefor of $_______ by certified or cashier's
check payable to the order of the Company, and requests (a) that certificates
for such shares (and any securities or other property issuable upon such
exercise) be issued in the name of and delivered to ______________ whose address
is _________________________________ and (b) if such shares shall not include
all of the shares issuable as provided in said Warrant, that a new Warrant of
like tenor and date for the balance of the shares issuable thereunder be
delivered to the undersigned or that appropriate notation be made on the Warrant
which shall be returned to the undersigned.

                                                _______________________________
                                                Signature Guaranteed:

Dated:

<PAGE>

                                   ASSIGNMENT

                   (To be Executed by the Registered Holder to
                   effect a transfer of the foregoing Warrant)

      FOR VALUE RECEIVED, the undersigned hereby sells, and assigns and
transfers unto ______________________________________________ the foregoing
Warrant and the rights represented thereby to purchase shares of Common Stock of
the Company in accordance with the terms and conditions thereof, and does hereby
irrevocably constitute and appoint _________________________ Attorney to
transfer the said Warrant on the books of the Company, with full power of
substitution.

                                               Holder:

                                               ________________________________

                                               ________________________________
                                                             Address

Dated:   _____________________, 20__

In the presence of:

_____________________________________Exhibit 10.2

                                                           EXECUTION COUNTERPART

                     AMENDMENT NO. 1 TO THE CREDIT AGREEMENT

            AMENDMENT NO. 1 dated as of July 7, 2000, between OMNICOM FINANCE
INC., a corporation organized and existing under the laws of the State of
Delaware ("OFI"); OMNICOM FINANCE PLC (formerly, Omnicom Finance Limited), a
corporation organized and existing under the laws of England and Wales ("OFL");
OMNICOM CAPITAL INC., a corporation organized and existing under the laws of the
State of Connecticut ("OCI" and, together with OFI and OFL, each a "Borrower"
and, collectively, the "Borrowers"); OMNICOM GROUP INC. (the "Guarantor"); each
of the financial institutions that is a signatory hereto (individually, a "Bank"
and, collectively, the "Banks"); and ABN AMRO BANK N.V., NEW YORK BRANCH, as
agent for the Banks (in such capacity, together with its successors in such
capacity, the "Administrative Agent").

            OFI and OFL, the Banks and the Administrative Agent are parties to
an Amended and Restated Credit Agreement dated as of February 20, 1998 (as
heretofore modified and supplemented and in effect on the date hereof, the
"Credit Agreement"), providing, subject to the terms and conditions thereof, for
extensions of credit (by the making of loans) by the Banks to the Borrowers in
an aggregate principal amount not exceeding $500,000,000 at any one time
outstanding. The Borrowers, the Banks and the Administrative Agent wish to amend
the Credit Agreement in certain respects, and accordingly, the parties hereto
hereby agree as follows:

            Section 1. Definitions. Except as otherwise defined in this
Amendment No. 1, terms defined in the Credit Agreement are used herein as
defined therein.

            Section 2. Amendments. Subject to the satisfaction of the conditions
precedent specified in Section 4 below, but effective as of the date hereof, the
Credit Agreement shall be amended as follows:

            2.01. References. References in the Credit Agreement (including
references to the Credit Agreement as amended hereby) to "this Agreement" (and
indirect references such as "hereunder", "hereby", "herein" and "hereof") shall
be deemed to be references to the Credit Agreement as amended hereby.

            2.02. Definitions. Section 1.01 of the Credit Agreement shall be
amended by adding the following new definitions (to the extent not already
included in said Section 1.01) and inserting the same in the appropriate
alphabetical locations and amending the following definitions (to the extent
already included in said Section 1.01) to read in their entirety as follows:

            "Borrower" and "Borrowers" shall mean, individually or collectively,
      as the case may be, each of Omnicom Finance Inc., a corporation organized
      and existing under the laws of Delaware ("OFI"); Omnicom Finance plc
      (formerly, Omnicom Finance Limited), a corporation

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -2-

      organized and existing under the laws of England and Wales ("OFL"), and
      OCI; provided that for the purposes of Section 3 and any other provisions
      or terms in the Credit Agreement relating to the Letter of Credit, the
      issuance of Commercial Paper or the Depositary Agreement, "Borrower" shall
      only mean each of OFI and OFL.

            "OCI" shall mean Omnicom Capital Inc., a corporation organized and
      existing under the laws of Connecticut.

            2.03. OCI as Borrower. OCI shall become a party to the Credit
Agreement as a Borrower thereunder for the sole purpose of borrowing Loans.
Accordingly, the Credit Agreement shall be amended to provide that each
reference therein to the term "Borrower" or "Borrowers" shall be deemed to
refer, individually or collectively, as the case may be, to OFI, OFL and to OCI,
and each reference therein to "either Borrower" shall be deemed to refer to "any
Borrower", and OCI shall be entitled to borrow Loans thereunder on the same
terms and conditions as OFI and OFL (and shall be subject to the same terms and
conditions thereunder with respect to Loans made to it as each of OFI and OFL is
with respect to Loans made to it); provided, that such terms shall not be deemed
to refer to OCI when used in Section 3 or in any other provisions or terms in
the Credit Agreement relating to the Letter of Credit, the issuance of
Commercial Paper or the Depositary Agreement; and provided, further, that OCI
shall have no obligation to reimburse any payment made under the Letter of
Credit and shall not be permitted to issue Commercial Paper. The covenants and
agreements specified in Sections 8 and 9 of the Credit Agreement shall be
applicable to each of OFI, OFL and OCI (it being understood that any dollar
limitation specified in such provisions shall be applicable to OFI, OFL and OCI
collectively); provided, however, that the introductory paragraph of Section 8
shall be amended by deleting the word "OFI" therein and replacing it with the
words "OFI and OCI"; and provided, further, that Section 8.05 shall be amended
as provided in Section 2.04 of this Amendment No. 1.

            2.04. ERISA. Sections 8.05 of the Credit Agreement shall be deleted
in its entirety and replaced with the following:

            "8.05. ERISA. As soon as possible and, in any event, within 10 days
      after OFI or any of its Subsidiaries or ERISA Affiliates or OCI or any of
      its Subsidiaries or ERISA Affiliates knows or has reason to know of any of
      the following, OFI or OCI, as the case may be, will deliver to each of the
      Banks a certificate of the chief financial officer of OFI or OCI, as the
      case may be, setting forth details as to such occurrence and such action,
      if any, which OFI, OCI, such Subsidiary or such ERISA Affiliate is
      required or proposes to take, together with any notices required or
      proposed to be given to or filed with or by OFI, OCI, the Subsidiary, the
      ERISA Affiliate, the PBGC, a Plan participant or the Plan administrator
      with respect thereto: that a Reportable Event has occurred, that an
      accumulated funding deficiency has been incurred or an application may be
      or has been made to the Secretary of the Treasury for a waiver or
      modification of the minimum funding standard (including any required
      installment payments) or an extension of any amortization period under
      Section 412 of the Code with respect to a Plan, that a Plan has been or
      may be terminated via a "distress termination" as referred to in section
      4041(c) of ERISA, reorganized, partitioned or declared insolvent under
      Title IV of ERISA, that a

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -3-

      Plan has an Unfunded Current Liability giving rise to a Lien under ERISA,
      that proceedings may be or have been instituted by the PBGC to terminate a
      Plan, that a proceeding has been instituted pursuant to Section 515 of
      ERISA to collect a delinquent contribution to a Plan, or that OFI or any
      of its Subsidiaries or ERISA Affiliates or OCI or any of its Subsidiaries
      or ERISA Affiliates will or may incur any liability (including any
      contingent or secondary liability) to or on account of the termination of
      or withdrawal from a Plan under Section 4062, 4063, 4064, 4201 or 4204 of
      ERISA. In addition to any certificates or notices delivered to the Banks
      pursuant to the first sentence hereof, copies of notices received by OFI
      or any of its Subsidiaries or ERISA Affiliates or OCI or any of its
      Subsidiaries or ERISA Affiliates required to be delivered to the Banks
      hereunder shall be delivered to the Banks no later than 10 days after the
      later of the date such notice has been filed with the Internal Revenue
      Service or the PBGC, given to Plan participants or received by OFI or any
      of its Subsidiaries or ERISA Affiliates or OCI or any of its Subsidiaries
      or ERISA Affiliates.

            Section 3. Representations and Warranties. Each Borrower (but only
OFI and OCI with respect to Section 7.09) represents and warrants to the Banks
as of the date hereof that: (i) the representations and warranties set forth in
Section 7 of the Credit Agreement are true and correct as to itself and its
Subsidiaries (if applicable) on and as of the date hereof as though made on and
as of the date hereof (or, if any such representation or warranty is expressly
stated to have been made as of a specific date, as of such specific date) and as
if each reference in said Section 7 to "this Agreement" included reference to
this Amendment No. 1 and as if each reference in Section 7.09 to "OFI" included
reference to "OFI or OCI" and (ii) no event has occurred and is continuing that
constitutes a Default or Event of Default (and the parties agree that breach of
any of the representations and warranties in this Section 3 shall constitute an
Event of Default under Section 10.02 of the Credit Agreement).

            Section 4. Conditions Precedent. As provided in Section 2 above, the
amendments to the Credit Agreement set forth in said Section 2 shall become
effective, as of the date hereof, upon the satisfaction of each of the following
conditions precedent:

            (a) Documents. The Administrative Agent shall have received the
      following documents, each of which shall be satisfactory to the
      Administrative Agent in form and substance:

                  (1) Execution by All Parties. Counterparts of this Amendment
            No. 1, duly executed and delivered by each Borrower, the Guarantor,
            the Administrative Agent and each Bank.

                  (2) Authority and Approvals. Certified copies of resolutions
            of the Board of Directors of OCI (or equivalent documents)
            authorizing and approving the Credit Agreement as amended hereby and
            the Notes, authorizing Borrowings under the Credit Agreement in an
            aggregate principal amount up to $500,000,000 at any one time
            outstanding, and certified copies of all documents evidencing other
            necessary action (corporate, partnership or otherwise) and
            governmental

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -4-

            approvals, if any, with respect to the Credit Agreement as amended
            hereby and the Notes.

                  (3) Notes. There shall have been executed by OCI and delivered
            to the Administrative Agent, pursuant to Section 2.05 of the Credit
            Agreement, a Syndicated Note, a Competitive Bid Note and a Swingline
            Note, substantially in form of Exhibits B-1, B-3 and B-4,
            respectively, to the Credit Agreement, for each Bank which is to
            evidence each such Bank's Loans to OCI.

                  (4) Secretary's or Assistant Secretary's Certificate. A
            certificate of the Secretary or an Assistant Secretary of OCI, dated
            the date hereof, certifying the names and true signatures of the
            officers of OCI authorized to execute and deliver this Amendment No.
            1 and the Notes and the other documents to be delivered hereunder
            and attaching corporate documentation respecting the organization,
            existence and good standing of OCI.

                  (5) Other Documents. Such other documents as the
            Administrative Agent may reasonably request, including certificates
            of officers or opinions of counsel, relating to the organization,
            existence and good standing of OCI, the authorization of the Credit
            Agreement as amended hereby, the enforceability of the Credit
            Agreement as amended hereby or other legal matters relating to the
            Credit Agreement as amended hereby or the transactions contemplated
            thereby, all in form and substance satisfactory to the
            Administrative Agent.

            (b) Guaranty. Each of the Guarantor, the Administrative Agent and
      each Bank shall have duly executed and delivered Amendment No. 1 to the
      Guaranty attached hereto as Exhibit A.

            (c) Fees and Expenses. The Administrative Agent shall have received
      evidence satisfactory to it that the Guarantor shall have paid all accrued
      fees and expenses of the Administrative Agent (including the reasonable
      fees and expenses of counsel to the Administrative Agent), to the extent
      invoiced, in connection with this Amendment No. 1.

            Section 5. Miscellaneous. Except as herein provided, the Credit
Agreement shall remain unchanged and in full force and effect. This Amendment
No. 1 may be executed in any number of counterparts, all of which taken together
shall constitute one and the same amendatory instrument and any of the parties
hereto may execute this Amendment No. 1 by signing any such counterpart. This
Amendment No. 1 shall be governed by, and construed in accordance with, the law
of the State of New York.

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -5-

            IN WITNESS WHEREOF, the parties hereto have caused this Amendment
No. 1 to be duly executed and delivered as of the day and year first above
written.

                                        BORROWERS

                                        OMNICOM FINANCE INC.

                                        By: /s/ Dennis E. Hewitt
                                            ------------------------------------
                                            Name: Dennis E. Hewitt
                                            Title: Treasurer

                                        OMNICOM FINANCE PLC

                                        By: /s/ Barry J. Wagner
                                            ------------------------------------
                                            Name:  Barry J. Wagner
                                            Title: Director

                                        By: /s/ Dennis E. Hewitt
                                            ------------------------------------
                                            Name:  Dennis E. Hewitt
                                            Title:

                                        OMNICOM CAPITAL INC.

                                        By: /s/ Dennis E. Hewitt
                                            ------------------------------------
                                            Name:  Dennis E. Hewitt
                                            Title: President and Chief Executive
                                                     Officer

                                        GUARANTOR:

                                        OMNICOM GROUP INC.,
                                          as Guarantor

                                        By: /s/ Dennis E. Hewitt
                                            ------------------------------------
                                            Name:  Dennis E. Hewitt
                                            Title: Treasurer

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -6-

                                        ADMINISTRATIVE AGENT

                                        ABN AMRO BANK N.V., NEW YORK
                                          BRANCH, as Administrative Agent

                                        By: /s/ Frances O'R. Logan
                                            ------------------------------------
                                            Name:  Frances O'R. Logan
                                            Title: Senior Vice President

                                        By: /s/ Thomas Rogers
                                            ------------------------------------
                                            Name:  Thomas Rogers
                                            Title: Vice President

                                        BANKS

                                        ABN AMRO BANK N.V., NEW YORK BRANCH

                                        By: /s/ Frances O'R. Logan
                                            ------------------------------------
                                            Name:  Frances O'R. Logan
                                            Title: Senior Vice President

                                        By: /s/ Thomas Rogers
                                            ------------------------------------
                                            Name:  Thomas Rogers
                                            Title: Vice President

                                        THE CHASE MANHATTAN BANK

                                        By: /s/ Bruce E. Langenkamp
                                            ------------------------------------
                                            Name:  Bruce E. Langenkamp
                                            Title: Vice President

                                        THE NORTHERN TRUST COMPANY

                                        By: /s/ Michelle D. Griffin
                                            ------------------------------------
                                            Name:  Michelle D. Griffin
                                            Title: Vice President

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -7-

                                        SOCIETE GENERALE, NEW YORK BRANCH

                                        By: /s/ Elaine Khalil
                                            ------------------------------------
                                            Name:  Elaine Khalil
                                            Title: Director

                                        CITIBANK, N.A.

                                        By: /s/ Julio Ojea Quintana
                                            ------------------------------------
                                        Name:  Julio Ojea Quintana
                                        Title: Vice President

                                        DRESDNER BANK AG, NEW YORK AND
                                          GRAND CAYMAN BRANCHES

                                        By: /s/ Brian Schneider
                                            ------------------------------------
                                            Name:  Brian Schneider
                                            Title: Assistant Vice President

                                        By: /s/ Brian E. Haughney
                                            ------------------------------------
                                            Name:  Brian E. Haughney
                                            Title: Assistant Vice President

                                        HSBC BANK USA

                                        By: /s/ Diane M. Zieske
                                            ------------------------------------
                                            Name:  Diane M. Zieske
                                            Title: Vice President

                                        BANK OF AMERICA, N.A.

                                        By: /s/ Michael R. Heredia
                                            ------------------------------------
                                            Name:  Michael R. Heredia
                                            Title: Managing Director

                     Form of Amendment No. 1 to the Guaranty

<PAGE>
                                      -8-

                                        THE BANK OF NEW YORK

                                        By: /s/ Kenneth P. Sneider
                                            ------------------------------------
                                            Name:  Kenneth P. Sneider
                                            Title: Vice President

                                        MELLON BANK, N.A.

                                        By: /s/ Marian N. Sisto
                                            ------------------------------------
                                            Name:  Marian N. Sisto
                                            Title: Vice President

                                        SAN PAOLO IMI S.P.A

                                        By: /s/ Robert Wurster
                                            ------------------------------------
                                            Name:  Robert Wurster
                                            Title: 1st Vice President

                                        By: /s/ Alex Guzzo
                                            ------------------------------------
                                            Name:  Alex Guzzo
                                            Title: Vice President

                                        WACHOVIA BANK, N.A.

                                        By: /s/ William C. Christie
                                            ------------------------------------
                                            Name:  William C. Christie
                                            Title: Senior Vice President

                                        WESTPAC BANKING CORPORATION

                                        By: /s/ Tony Smith
                                            ------------------------------------
                                            Name:  Tony Smith
                                            Title: Vice President

                     Form of Amendment No. 1 to the Guaranty

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