Document:

<PAGE>
                                                                   Exhibit 10.29

                                 AMENDMENT NO. 7

     THIS AMENDMENT NO. 7 dated as of March 20, 2002 (this "Amendment") to the
                                                            ---------
Credit Agreement referenced below is by and among HUGHES ELECTRONICS
CORPORATION, a Delaware corporation (the "Borrower" or the "Company"), the Banks
                                          --------          -------
party hereto and BANK OF AMERICA, N.A., as Administrative Agent (in such
capacity, the "Administrative Agent"). Capitalized terms used herein and not
               --------------------
otherwise defined shall have the meanings provided in the Credit Agreement.

                               W I T N E S S E T H

     WHEREAS, a revolving credit and term loan facility has been established in
favor of the Borrower pursuant to the terms of that Amended and Restated
Revolving Credit Agreement (Multi-Year Facility) dated as of November 24, 1999
(as amended and modified, the "Credit Agreement") among the Borrower, the Banks
                               ----------------
identified therein, and the Administrative Agent; and

     WHEREAS, the parties hereto have agreed to certain modifications to the
Credit Agreement;

     NOW, THEREFORE, IN CONSIDERATION of these premises and other good and
valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties agree as follows:

     SECTION 1 Amendments to the Credit Agreement. The Credit Agreement is
               -----------------------------------
hereby amended in the following respects:

     1.1 The following definitions in Section 1.1 are amended and restated in
     their entirety or added in the correct alphabetical order to read as
     follows:

     "Commitments" means the Revolving Commitments, the LOC Commitment and the
      -----------
Term Loan Commitments.

     "Loan" or "Loans" means the Revolving Loans and the Term Loans, and the
      ----      -----
Base Rate Loans and Eurodollar Loans comprising such Loans.

     "Loan Obligations" means the Revolving Obligations and the Term Loans.
      ----------------

     "Loan Request" means a notice given by Borrower pursuant to Section
      ------------
2.2(a)(i) or (iii).

     "Other Guaranty Shared Collateral Debt" means those guaranty obligations of
      -------------------------------------
the Borrower in respect of loans, letters of credit, reimbursement obligations
and lines of credit extended to its subsidiaries as set forth on Schedule 8.1B
                                                                 -------------
hereto by those Banks under this Agreement that have entered into an
Intercreditor Agreement with the Administrative Agent and the Collateral Agent,
in each case as such Schedule 8.1B may be amended, modified, supplemented or
replaced from time to time by the Borrower by delivery to the Administrative

<PAGE>

 Agent of an updated Schedule 8.1B; provided, however, in no event shall the
                                    --------
 principal amount of the Other Guaranty Shared Collateral Debt exceed $150
 million and interest thereon.

     "Term Loan Commitments" means the Tranche A Term Loan Commitment and the
      ---------------------
Tranche B Term Loan Commitment.

     "Term Loan Committed Amounts" means the Tranche A Term Loan Committed
      ---------------------------
Amount and the Tranche B Term Loan Committed Amount.

     "Term Loan" means the Tranche A Term Loan and the Tranche B Term Loan.
      ---------

     "Term Notes" means the promissory notes, if any, evidencing the Tranche A
      ----------
Term Loan or the Tranche B Term Loan, each as amended, modified, supplemented,
extended, renewed or replaced.

     "Termination Date" means:
      ----------------

     (i) with respect to the Revolving Obligations and the Tranche A Term Loan,
     the earlier of (A) December 5, 2002 or, if such day is not a Business Day,
     the next preceding Business Day and (B) the effective date of the merger
     between the Borrower (or HEC Holdings, Inc., a holding company formed to
     hold all of the capital stock of the Borrower) and EchoStar Communications
     Corporation (or any of its subsidiaries) pursuant to the terms of the
     EchoStar Transaction Documents; and

     (ii) with respect to the Tranche B Term Loan, the earliest to occur of (A)
     March 20, 2003 or, if such day is not a Business Day, the next preceding
     Business Day, (B) the effective date of the merger between the Borrower (or
     HEC Holdings, Inc., a holding company formed to hold all of the capital
     stock of the Borrower) and EchoStar Communications Corporation (or any of
     its subsidiaries) pursuant to the terms of the EchoStar Transaction
     Documents, (C) the maturity date for the Revolving Obligations, if not
     extended, and (D) the maturity date for the loans and obligations owing
     under the GMAC Credit Agreement, if not extended.

     "Tranche A Term Loan" shall have the meaning given such term in Section 2.1
      -------------------
(c)(i).

     "Tranche A Term Loan Commitment" means the commitment of each Bank to make
      ------------------------------
its portion of the Tranche A Term Loan hereunder, being the dollar amount set
forth opposite such Bank's name on Schedule 1 hereto, as such amount may be
                                   ----------
reduced or changed pursuant to Sections 3.5 and 3.6; provided that for purposes
                                                     --------
of making determinations of Majority Banks hereunder and for other purposes
after date of advance of the Tranche A Term Loan, the principal amount of the
"Tranche A Term Loan Commitment" hereunder shall be the outstanding principal
amount of the Tranche A Term Loan.

     "Tranche A Term Loan Committed Amount" means, collectively, the aggregate
      ------------------------------------
amount of all Tranche A Term Loan Commitments, and individually, the amount of
each Bank's Tranche

<PAGE>

A Term Loan Commitment as set forth on Schedule 1 hereto, as such amount may be
                                       ----------
reduced or changed pursuant to Sections 3.5 and 3.6.

     "Tranche B Term Loan" shall have the meaning given such term in Section 2.1
      -------------------
(c)(ii).

     "Tranche B Term Loan Commitment" means the commitment of each Bank to make
      ------------------------------
its portion of the Tranche B Term Loan hereunder, being the dollar amount set
forth opposite such Bank's name on Schedule 1 hereto, as such amount may be
                                   ----------
reduced or changed pursuant to Sections 3.5 and 3.6; provided that for purposes
                                                     --------
of making determinations of Majority Banks hereunder and for other purposes
after date of advance of the Tranche B Term Loan, the principal amount of the
"Tranche B Term Loan Commitment" hereunder shall be the outstanding principal
amount of the Tranche B Term Loan.

     "Tranche B Term Loan Committed Amount" means, collectively, the aggregate
      ------------------------------------
amount of all Tranche B Term Loan Commitments, and individually, the amount of
each Bank's Tranche B Term Loan Commitment as set forth on Schedule 1 hereto, as
                                                           ----------
such amount may be reduced or changed pursuant to Sections 3.5 and 3.6.

     1.2 Section 2.1(c) is amended and restated in its entirety to read as
     follows:

     (c) Term Loan Commitments. On or after the Amendment Date, the Borrower may
         ----------------------
elect to establish a Term Loan facility as provided in Section 3.6(b), and in
any such case:

          (i) Each Bank with a Tranche A Term Loan Commitment will lend to the
     Borrower in U.S. dollars (the "Tranche A Term Loans") the amount set forth
                                    --------------------
     opposite such Bank's name and identified as its "Tranche A Term Loan
     Commitment" on Schedule 1 hereto. The Tranche A Term Loan may consist of
                    ----------
     Base Rate Loans or Eurodollar Loans, or a combination thereof, as the
     Borrower may request. Amounts repaid on the Tranche A Term Loan may not be
     reborrowed.

          (ii) Each Bank with a Tranche B Term Loan Commitment will lend to the
     Borrower in U.S. dollars (the "Tranche B Term Loans") the amount set forth
                                    --------------------
     opposite such Bank's name and identified as its "Tranche B Term Loan
     Commitment" on Schedule 1 hereto. The Tranche B Term Loan may consist of
                    ----------
     Base Rate Loans or Eurodollar Loans, or a combination thereof, as the
     Borrower may request. Amounts repaid on the Tranche B Term Loan may not be
     reborrowed.

     1.3 Section 2.2(a) (iii) is amended and restated in its entirety to read as
follows:

          (iii) Term Loans. In the case of the Term Loans, to the Administrative
                -----------
     Agent not later than 9:00 A.M. (California time) on the day of the
     requested borrowing in the case of Base Rate Loans, and on the third
     Business Day prior to the day of the requested borrowing in the case of
     Eurodollar Loans. Each such request for borrowing shall be irrevocable and
     shall specify (A) that a Term Loan advance is requested and the respective
     tranche thereof, (B) the aggregate principal amount to be borrowed, and
     (C) whether the borrowing shall be comprised of Base Rate Loans, Eurodollar
     Loans or a

<PAGE>

     combination thereof, and if Eurodollar Loans are requested, the Interest
     Period(s) therefor. A form of Loan Request is attached as Exhibit A-l. The
                                                               -----------
     Administrative Agent shall give notice to each Bank holding a Commitment
     for the requested Term Loan promptly upon receipt of each Loan Request
     pursuant to this Section 2.2(a)(iii), the contents thereof and each such
     Bank's share of any borrowing to be made pursuant thereto.

     1.4 The first sentence of Section 2.2(d) is amended and restated in its
entirety to read as follows:

     In connection with any request for a Loan, (i) Revolving Loans may be
     comprised of no more than ten (10) Eurodollar Loans outstanding at any
     time, (ii) the Tranche A Term Loan shall be comprised of no more than four
     (4) Eurodollar Loans outstanding at any time, and (iii) the Tranche B Term
     Loan shall be comprised of no more than four (4) Eurodollar Loans
     outstanding at any time.

     1.5 Section 2.4(b) is amended and restated in its entirety to read as
follows:

     (b) Term Loans.
         -----------

         (i) The principal amount of the Tranche A Term Loan shall be due and
     payable in full on the Termination Date.

         (ii) The principal amount of the Tranche B Term Loan shall be due and
     payable in full on the Termination Date.

     1.6 Section 3.4(c) (ii) is amended and restated in its entirety to read as
follows:

         (ii) Mandatory Prepayments. Mandatory prepayments made under subsection
              ----------------------
     (b)(ii) in respect of Asset Dispositions, under subsection (b)(iii) in
     respect of a sale of any capital stock in PAS or DLA, under subsection (b)
     (iv) in respect of the EchoStar Transaction Documents, under subsection (b)
     (v) in respect of dividends and distributions in respect of non-wholly
     owned Subsidiaries, under subsection (b)(vi) in respect of Debt
     Transactions, and under subsection (b)(vii) in respect of Equity
     Transactions shall be applied (A) if the Term Loans have been made and are
     outstanding, first to the Tranche A Term Loan and the Tranche B Term Loan
     on a pro rata basis until paid in full, and thereafter, to the Revolving
     Loans and/or to a cash collateral account in respect of the LOC
     Obligations, and (B) if the Term Loans have not been made or have been paid
     in full, to the Revolving Loans and/or to a cash collateral account in
     respect of the LOC Obligations. Within the foregoing parameters for
     application, mandatory prepayments shall be applied first to Base Rate
     Loans and then to Eurodollar Loans in direct order of Interest Period
     maturities.

     1.7 Section 3.6(b) is amended and restated in its entirety to read as
follows:

                                       4

<PAGE>

     (b) Establishment of a Term Loan Facility. Subject to the terms and
         --------------------------------------
conditions set forth herein, the Borrower may at any time upon notice to the
Administrative Agent establish a Term Loan facility hereunder; provided that:

          (i) any such Term Loan facility may consist of a Tranche A Term Loan
     and/or a Tranche B Term Loan, each of which shall be in a minimum aggregate
     principal amount of $5 million and integral multiples of $1 million in
     excess thereof (or the remaining amount, if less),

          (ii) the conditions to the making of a Loan set forth in Section 5.3
     shall be satisfied,

          (iii) the Borrower shall obtain commitments for the amount of the
     Tranche A Term Loan and the Tranche B Term Loan from existing Banks or
     other commercial banks or financial institutions reasonably acceptable to
     the Administrative Agent, provided that such other commercial banks and
     financial institutions join in this Agreement as Banks by Bank Joinder
     Agreement in substantially the form attached hereto as Exhibit H or other
     arrangement reasonably acceptable to the Administrative Agent. In
     connection with any such Term Loan, Schedule 1 shall be revised to reflect
                                         ----------
     the commitments and commitment percentages of the Banks, and the Borrower
     will provide supporting corporate resolutions, legal opinions, promissory
     notes and other items as may be reasonably requested by the Administrative
     Agent and the Banks in connection therewith; and

          (iv) after giving effect to any such Term Loan, the aggregate amount
     of Total Commitments (including the Term Loan Commitments, if any) shall
     not exceed Two Billion Dollars ($2,000,000,000).

     SECTION 2 Consent. The Banks hereby consent to the selection by the
               -------
Borrower of an Interest Period of seven days for the initial borrowing under the
Tranche B Term Loan.

     SECTION 3 Representations and Warranties; No Default. The Borrower hereby
               -------------------------------------------
affirms that, after giving effect to this Amendment, the representations and
warranties set forth in the Credit Agreement and the other Loan Documents are
true and correct in all material respects as of the date hereof (except those
that expressly relate to an earlier period), and no Event of Default or
Unmatured Event of Default exists under the Credit Agreement or the other Loan
Documents.

     SECTION 4 Conditions Precedent. This Amendment shall become effective
               ---------------------
immediately upon receipt by the Administrative Agent, in each case in form and
substance reasonably satisfactory to the Administrative Agent and the Majority
Banks, of each of the following:

     4.1 Counterparts of this Amendment duly executed by the Borrower, the
Majority Banks and the Administrative Agent.

                                       5

<PAGE>

     4.2 Opinions of counsel to the Credit Parties.

     4.3 Payment by the Borrower of all fees and expenses owed by the Credit
Parties to the Banks and the Administrative Agent in connection herewith.

     SECTION 5 Reaffirmation of Guaranty. Each of the Guarantors hereby (i)
               --------------------------
acknowledges and consents to all of the terms and conditions of this Amendment,
(ii) affirms all of its obligations under the Loan Documents and (iii) agrees
that this Amendment and all documents executed in connection herewith do not
operate to reduce or discharge such Guarantor's obligations under its Guaranty.

     SECTION 6 Miscellaneous.
               --------------

     6.1 Except as modified hereby, all of the terms and conditions of the
Credit Agreement (including Schedules and Exhibits) shall remain in full force
and effect.

     6.2 The Borrower agrees to pay all reasonable costs and expenses of the
Administrative Agent in connection with the preparation, execution and delivery
of this Amendment, including reasonable fees and expenses of Moore & Van Allen,
PLLC, counsel to the Administrative Agent.

     6.3 This Amendment may be executed in any number of counterparts, each of
which when so executed and delivered shall be deemed an original, and it shall
not be necessary in making proof of this Amendment to produce or account for
more than one such counterpart.

     6.4 This Amendment shall be deemed to be a contract made under, and for all
purposes shall be construed in accordance with the laws of the State of New
York.

                  [remainder of page intentionally left blank]

                                       6

<PAGE>

     IN WITNESS WHEREOF, each of the parties has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

     BORROWER:           HUGHES ELECTRONICS CORPORATION,
                         a Delaware corporation

                         By:  /s/ Patrick T. Doyle
                            --------------------
                         Name: Patrick T. Doyle
                         Title:  V.P., Treasurer

     GUARANTORS:         DIRECTV BROADBAND, INC.,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         DIRECTV ENTERPRISES, INC.,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         DIRECTV CUSTOMER SERVICES, INC.,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         DIRECTV, INC.,
                         a California corporation

                         By:
                         --------------------
                         Name:
                         Title:

                         [signature pages continue]

<PAGE>

     IN WITNESS WHEREOF, each of the parties has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

     BORROWER:           HUGHES ELECTRONICS CORPORATION,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

     GUARANTORS:         DIRECTV BROADBAND, INC.,
                         a Delaware corporation

                         By: /s/ Edward J. Hayes Jr.
                            --------------------
                         Name: Edward J. Hayes Jr.
                         Title: President & CEO

                         DIRECTV ENTERPRISES, INC.,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         DIRECTV CUSTOMER SERVICES, INC.,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         DIRECTV, INC.,
                         a California corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         [signature pages continue]

<PAGE>

     IN WITNESS WHEREOF, each of the parties has caused a counterpart of this
Amendment to be duly executed and delivered as of the date first above written.

     BORROWER:           HUGHES ELECTRONICS CORPORATION,
                         a Delaware corporation

                         By:
                            -------------------------
                         Name:
                         Title:

     GUARANTORS:         DIRECTV BROADBAND, INC.,
                         a Delaware corporation

                         By:
                            -------------------------
                         Name:
                         Title:

                         DIRECTV ENTERPRISES, INC.,
                         a Delaware corporation

                         By: /s/  Michael W. Palkovic
                            --------------------------
                         Name:  Michael W. Palkovic
                         Title: Chief Financial Officer

                         DIRECTV CUSTOMER SERVICES, INC.,
                         a Delaware corporation

                         By: /s/  Michael W. Palkovic
                            --------------------------
                         Name: Michael W. Palkovic
                         Title: Chief Financial Officer

                         DIRECTV, INC.,
                         a California corporation

                         By: /s/ Michael W. Palkovic
                            -------------------------
                         Name:  Michael W. Palkovic
                         Title:  Chief Financial Officer

                         [signature pages continue]

<PAGE>

                         DIRECTV OPERATIONS, INC.,
                         a California corporation

                         By: /s/  Michael W. Palkovic
                            -------------------------
                         Name:  Michael W. Palkovic
                         Title: Chief Financial Officer

                         USSB II, INC.,
                         a Minnesota corporation

                         By: /s/  Michael W. Palkovic
                            -------------------------
                         Name:  Michael W. Palkovic
                         Title: Treasurer

                         HUGHES NETWORK SYSTEMS, INC.,
                         a Delaware corporation

                         By:
                            -------------------------
                         Name:
                         Title:

                         HUGHES TELECOMMUNICATIONS & SPACE COMPANY,
                         a Delaware corporation

                         By:
                            -------------------------
                         Name:
                         Title:

                         [signature pages continue]

<PAGE>

                         DIRECTV OPERATIONS, INC.,
                         a California corporation

                         By:
                            ------------------------
                         Name:
                         Title:

                         USSB II, INC.,
                         a Minnesota corporation

                         By:
                            ------------------------
                         Name:
                         Title:

                         HUGHES NETWORK SYSTEMS, INC.,
                         a Delaware corporation

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

                         HUGHES TELECOMMUNICATIONS & SPACE COMPANY,
                         a Delaware corporation

                         By:
                            ------------------------
                         Name:
                         Title:

                         [signature pages continue]

<PAGE>

                         DIRECTV OPERATIONS, INC.,
                         a California corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         USSB II, INC.,
                         a Minnesota corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         HUGHES NETWORK SYSTEMS, INC.,
                         a Delaware corporation

                         By:
                            --------------------
                         Name:
                         Title:

                         HUGHES TELECOMMUNICATIONS & SPACE
                         COMPANY, a Delaware corporation

                         By: /s/  Patrick T. Doyle
                            -----------------------
                         Name:  Patrick T. Doyle
                         Title:

                         [signature pages continue]

<PAGE>
     AGENT:              BANK OF AMERICA, N.A., in its capacity as
     -----               Administrative Agent

                         By: /s/ Kevin F. Sullivan
                            -----------------------
                         Name:  Kevin F. Sullivan
                         Title: Managing Director

     LENDERS:            BANK OF AMERICA, N.A., in its
     --------            capacity as a Lender

                         By: /s/ Kevin F. Sullivan
                            --------------------
                         Name:  Kevin F. Sullivan
                         Title: Managing Director

                         JPMORGAN CHASE BANK (as successor to MORGAN
                         GUARANTY TRUST COMPANY OF NEW YORK and
                         formerly known as THE CHASE MANHATTAN BANK)

                         By:
                            --------------------
                         Name:
                         Title:

                         DEUTSCHE BANK AG NEW YORK
                         BRANCH AND/OR CAYMAN ISLANDS BRANCH

                         By:
                            --------------------
                         Name:
                         Title:

                         By:
                            --------------------
                         Name:
                         Title:

                         CITICORP USA, INC.

                         By:
                            --------------------
                         Name:
                         Title:

                         [Signature pages continue]

<PAGE>

     AGENT:              BANK OF AMERICA, N.A., in its capacity as
     -----               Administrative Agent

                         By:
                            -----------------------
                         Name:
                         Title:

     LENDERS:            BANK OF AMERICA, N.A., in its
     -------             capacity as a Lender

                         By:
                            -----------------------
                         Name:
                         Title:

                         JPMORGAN CHASE BANK (as successor to MORGAN
                         GUARANTY TRUST COMPANY OF NEW YORK and
                         formerly known as THE CHASE MANHATTAN BANK)

                         By: /s/  David M. Mallett
                            ----------------------
                         Name:  David M. Mallett
                         Title: Vice President

                         DEUTSCHE BANK AG NEW YORK
                         BRANCH AND/OR CAYMAN ISLANDS BRANCH

                         By:
                            -----------------------
                         Name:
                         Title:

                         By:
                            -----------------------
                         Name:
                         Title:

                         CITICORP USA, INC.

                         By:
                            -----------------------
                         Name:
                         Title:

                         [Signature pages continue]

<PAGE>

     AGENT:              BANK OF AMERICA, N.A., in its capacity as
     -----               Administrative Agent

                         By:
                             ----------------------
                         Name:
                         Title:

     LENDERS:            BANK OF AMERICA, N.A., in its
     -------             capacity as a Lender

                         By:
                             ----------------------
                         Name:
                         Title:

                         JPMORGAN CHASE BANK (as successor to MORGAN
                         GUARANTY TRUST COMPANY OF NEW YORK and
                         formerly known as THE CHASE MANHATTAN BANK)

                         By:
                             ----------------------
                         Name:
                         Title:

                         DEUTSCHE BANK AG NEW YORK BRANCH
                         AND/OR CAYMAN ISLANDS BRANCH

                         By: /s/  Oliver Schwarz
                             ----------------------
                         Name:  Oliver Schwarz
                         Title: Vice President

                         By: /s/ Martin Runow
                             ----------------------
                         Name:  Martin Runow
                         Title: Associate

                         CITICORP USA, INC.

                         By:
                             ----------------------
                         Name:
                         Title:

                         [Signature pages continue]

<PAGE>

     AGENT:              BANK OF AMERICA, N.A., in its capacity as
     -----               Administrative Agent

                         By:
                             ----------------------
                         Name:
                         Title:

     LENDERS:            BANK OF AMERICA, N.A. in its
     -------             capacity as a Lender

                         By:
                             ----------------------
                         Name:
                         Title:

                         JPMORGAN CHASE BANK (as successor to MORGAN
                         GUARANTY TRUST COMPANY OF NEW YORK and
                         formerly known as THE CHASE MANHATTAN BANK)

                         By:
                             ----------------------
                         Name:
                         Title:

                         DEUTSCHE BANK AG NEW YORK
                         BRANCH AND/OR CAYMAN ISLANDS BRANCH

                         By:
                             ----------------------
                         Name:
                         Title:

                         By:
                             ----------------------
                         Name:
                         Title:

                         CITICORP USA, INC.

                         By:  /s/ J. Gregory Davis
                             ----------------------
                         Name:  J. Gregory Davis
                         Title: Vice President

                         [Signature pages continue]

<PAGE>

                         CREDIT SUISSE FIRST BOSTON

                         By:  /s/ David W. Kratovil
                             ----------------------
                         Name:  David W. Kratovil
                         Title: Director

                         By: /s/ Ian W. Nalitt
                             ----------------------
                         Name:  Ian W. Nalitt
                         Title: Associate

                         BANK OF NEW YORK

                         By:
                            -----------------------
                         Name:
                         Title:

                         THE FUJI BANK, LIMITED

                         By:
                             ----------------------
                         Name:
                         Title:

                         THE INDUSTRIAL BANK OF JAPAN, LIMITED

                         By:
                             ----------------------
                         Name:
                         Title:

                         TORONTO DOMINION (TEXAS), INC.

                         By:
                             ----------------------
                         Name:
                         Title:

                         WESTDEUTSCHE LANDESBANK
                         GIROZENTRALE, NEW YORK BRANCH

                         By:
                             ----------------------
                         Name:
                         Title:

                         By:
                             ----------------------
                         Name:
                         Title:

                         [Signature pages continue]

<PAGE>

                         FIRSTAR BANK, N.A.

                         By:  /s/ Thomas G. Gunder
                             ----------------------
                         Name:  Thomas G. Gunder
                         Title: V.P.

                         BANK HAPOALIM B.M.

                         By:
                             ----------------------
                         Name:
                         Title:

                         By:
                             ----------------------
                         Name:
                         Title:

                         THE MITSUBISHI TRUST AND BANKING
                         CORPORATION, NEW YORK BRANCH

                         By:
                             ----------------------
                         Name:
                         Title:

                         PB CAPITAL CORPORATION

                         By:
                             ----------------------
                         Name:
                         Title:

                         By:
                             ----------------------
                         Name:
                         Title:

                         ALLFIRST BANK

                         By:
                             ----------------------
                         Name:
                         Title:

                         [Signature pages continue]

<PAGE>

                         BANCA DI ROMA SPA

                         By:
                             ----------------------
                         Name:
                         Title:

                         By:
                             ----------------------
                         Name:
                         Title:

                         UNION BANK OF CALIFORNIA, N.A.

                         By:
                             ----------------------
                         Name:
                         Title:

                         SANPAOLO IMI S.P.A.

                         By:
                             ----------------------
                         Name:
                         Title:

                         BANK ONE, NA

                         By:
                             ----------------------
                         Name:
                         Title:

                         CIBC, INC.

                         By:  /s/ Joan S. Griffin
                             ----------------------
                         Name:  Joan S. Griffin
                         Title: Executive Director,
                                CIBC World Markets Corp.
                                AS AGENT

                         ING BANK N.V.

                         By:
                             ----------------------
                         Name:
                         Title:

                         By:
                             ----------------------
                         Name:
                         Title:

                         [Signature pages continue]

<PAGE>

                         BANKERS TRUST COMPANY

                         By:   /s/ Scottye Lindsey
                             ----------------------
                         Name:  Scottye Lindsey
                         Title: Vice President<PAGE>
                                                                    Exhibit 10.1

         MEMORANDUM OF UNDERSTANDING, dated March 7, 2002, between DENTSU INC.,
a company organized under the laws of Japan ("Dentsu"), and MADAME ELISABETH
BADINTER, a French national (acting for herself and her successors, together
designated hereafter as "Madame EB"):

         WHEREAS, Madame EB, directly, and indirectly through Societe Anonyme
Somarel ("Somarel"), is the controlling shareholder of Publicis Groupe S.A., a
SOCIETE ANONYME organized under the laws of the Republic of France ("Publicis");

         WHEREAS, Publicis has entered into an Agreement and Plan of Merger (the
"Merger Agreement") with B|Com3 Group, Inc., a corporation organized under the
laws of Delaware ("B|Com3"), and a wholly-owned Delaware subsidiary of Publicis
(the "Acquisition Company"), providing among other things for the merger (the
"Merger") of B|Com3 into the Acquisition Company;

         WHEREAS, Dentsu is supportive of the Merger and has agreed, pursuant to
a support agreement dated this date (the "Support Agreement") among Publicis,
Acquisition Company, and Dentsu, to vote, subject to the conditions set forth
therein, the B|Com3 Shares (defined below) owned by it in favor of the Merger,
and Dentsu intends to enter into other transactions related thereto, subject,
however, to Dentsu's being able to equity account as of the effective date of
the Merger for its resulting investment in Publicis;

         WHEREAS, Dentsu is the holder of 4,284,873 shares of the Class B Common
Stock of B|Com3 ("B|Com3 Shares") and, upon the consummation of the Merger, will
become the owner of ordinary shares (ACTIONS ORDINAIRES) of Publicis ("Dentsu
Publicis Shares") representing in the aggregate not less than 15% of the voting
power of Publicis;

         WHEREAS, Dentsu has entered into a Memorandum of Understanding, dated
this date, with Publicis providing for certain shareholder rights and
obligations for Dentsu as a shareholder of Publicis (the "Publicis MOU"), a
complete and correct copy of which is attached hereto as Exhibit A;

         WHEREAS, Dentsu has entered into a Memorandum of Understanding, dated
this date, with Publicis providing for, among other things, a strategic alliance
between Dentsu and Publicis (the "Support Agreement MOU"); and

         WHEREAS, Madame EB (or her successors) owns directly approximately
5.556% of the share capital (8.930% of the voting rights) of Publicis and
approximately 51.29% of Somarel, which in turn owns approximately 22.149% of the
share capital (35.594% of the voting rights) of Publicis;

         THE PARTIES HERETO desiring to be bound have agreed as follows:

<PAGE>

         1. Dentsu acknowledges that (i) Publicis was founded by Marcel
Bleustein-Blanchet, (ii) Madame EB is the daughter of such founder, (iii)
Publicis is a French company with French roots, the domicile and headquarters of
which are in Paris, France, and it is intended that it will so remain, and (iv)
the leadership of Publicis is French and it is intended that any change will
only be made with the agreement of Madame EB.

         2. Dentsu will vote the Dentsu Publicis Shares and Madame EB will vote
or cause to be voted the EB Shares (in each case being defined for this purpose
as the shares of Publicis that Dentsu or Madame EB (whether directly or
indirectly through Somarel), respectively, then owns) in the following manner:

                  (a) Dentsu will vote and will cause its representatives on the
         Supervisory Board of Publicis (the "Supervisory Board") to vote, unless
         such vote would expose such representatives of Dentsu to legal
         liability:

                           (i) to elect Madame EB (or any person designated by
                  Madame EB) chairperson (PRESIDENTE or PRESIDENT, as the case
                  may be) of the Supervisory Board, and to maintain her or such
                  person in office;

                           (ii) to elect to the Supervisory Board and maintain
                  in office such persons designated by her; and

                           (iii) in favor of appointments of or changes in the
                  members of management (including at the DIRECTOIRE) of
                  Publicis proposed by Madame EB, provided that Madame EB shall
                  have consulted Dentsu on such appointments or changes.

         3. A special committee of the Supervisory Board (the "Committee") shall
be created comprised of members appointed by Madame EB and members appointed by
Dentsu (e.g. 2 or 3 by Madame EB, 1 or 2 by Dentsu) and members appointed by the
management of Publicis equal in number to the number of Dentsu's
representatives, provided that Madame EB shall appoint a majority of the members
of the Committee. The Committee shall examine all strategic decisions and
determine the vote on matters on which Dentsu has agreed to vote as directed by
EB pursuant to Section 5(a) below. The Committee shall act, after consultation,
by consensus of its members, or, in the absence of consensus, by a simple
majority vote.

         4. So long as Dentsu owns, directly or indirectly, not less than 10% of
the outstanding ordinary shares of Publicis (taking into account for this
purpose only diminutions in Dentsu's ownership by reason of any transfer of
Publicis shares or any failure by Dentsu to exercise its preemptive rights
(DROITS PREFERENTIELS DE SOUSCRIPTION), or any rights of Dentsu that would
entitle it to subscribe to shares on the same terms and in the same quantity as
if it were exercising such preemptive rights), Madame EB and Somarel will vote,
and Madame EB shall cause Somarel to vote, the EB Shares to elect

                                       2
<PAGE>

and maintain in office two members of the Supervisory Board chosen from among
candidates designated by Dentsu or their respective replacements designated by
Dentsu (one of such designees to be a representative director of Dentsu),
provided that if Madame EB establishes at the time of such election that any
such designee (other than such representative director) lacks reasonably
appropriate qualifications to serve as a member of the Supervisory Board, Dentsu
shall be entitled to designate a different person for election to the
Supervisory Board. If the size of the Supervisory Board is increased, the number
of members that Dentsu may appoint will be increased so that Dentsu will be
entitled to appoint a number of members of the Supervisory Board that is
proportionate to its voting power in Publicis (rounding up to the nearest whole
number).

         5. Dentsu shall vote its shares of Publicis at any such shareholders'
meeting in its own discretion, except only as set forth below in clause (a) and
(c) of this Section 5.

                  (a) After due consultation between Dentsu and Madame EB,
         Dentsu will vote its Publicis shares as directed by Madame EB on the
         following matters:

                           (i) decisions to amend Publicis' charter to change
                  Publicis' name or headquarters, the number of members of the
                  Supervisory Board or the Management Board (DIRECTOIRE), the
                  duration of the terms in office of any such members, and the
                  number of qualifying shares of Publicis required to be owned
                  by any such member;

                           (ii) any merger, consolidation or similar business
                  combination of Publicis with or into any other company as a
                  result of which those shareholders who were shareholders of
                  Publicis immediately prior to such business combination shall
                  have a majority of the outstanding votes and common equity
                  interest of the surviving entity in such business combination,
                  provided that, Dentsu will vote in any event its Publicis
                  shares as directed by EB with respect to any merger of Somarel
                  and/or the management companies holding certain Somarel
                  shares, with and into Publicis; and

                           (iii) declaration of dividends, so long as EB directs
                  Dentsu to vote in favor of reasonable dividends that do not
                  exceed 40% of Publicis' distributable profits for the
                  applicable fiscal year;

                           (iv) capital increases of less than 10% of the share
                  capital or the voting rights of Publicis where Dentsu is
                  entitled to subscribe by using preemptive rights (DROIT
                  PREFERENTIAL DE PREEMPTION), PROVIDED that the capital
                  increases with respect to which Madame EB may direct Denver
                  will not exceed in the aggregate 10% of the capital of
                  Publicis as constituted on the date hereof; and

                                       3
<PAGE>

                           (v) reductions of share capital of Publicis resulting
                  from cancellation of shares pursuant to Publicis' stock
                  repurchase program.

                  (b) After due consultation between Dentsu and Madame EB,
         Dentsu will vote its Publicis shares as it shall determine on each of
         the following:

                           (i) decisions to issue securities giving right to
                  more than 10% of the share capital or of the voting rights of
                  Publicis;

                           (ii) rights offerings without right to subscribe to,
                  or participate in, such offering;

                           (iii) reserved capital increases to identified
                  parties;

                           (iv) public offer by Publicis of its securities with
                  suppression of the preferential rights of existing
                  shareholders to subscribe, unless Dentsu has the right to
                  participate in such offer in proportion to its ownership of
                  Publicis;

                           (v) decisions to contribute or transfer assets to a
                  third party, to the extent such decision is put to the
                  shareholders; and

                           (vi) decisions to approve any related party
                  transaction involving EB or Dentsu or any other affiliate of
                  Publicis.

                  (c) In the event that members of the Supervisory Board
         designated by Dentsu are members of the audit committee of the
         Supervisory Board, and (x) the statutory auditors of Publicis
         (COMMISSAIRES AUX Comptes) present accounts certified by them, (y) any
         objections to such accounts raised by such Dentsu members of the audit
         committee are considered by such statutory auditors and answered by
         them, and (z) such statutory auditors maintain their certification of
         such accounts, then Dentsu shall vote at the shareholders' meeting in
         favor of the acceptance of such accounts.

         6. Until July 12, 2012 (the "Expiration Date"), Dentsu shall not pledge
or transfer any shares of Publicis owned by Dentsu to any third party, except to
comply with Dentsu's obligations under Section 8.

         7. From the Expiration Date, Dentsu may transfer all or any portion of
the Publicis shares held by it without restriction, subject to the following:

                  (a) If Dentsu shall receive from a third party an offer (an
         "Offer") to purchase any Publicis shares (the "Offered Shares") for
         cash, Dentsu shall make a written offer for the sale of such shares to
         Madame EB at the same price and on the same terms as have been offered
         by the third party (the "Offered Price"), by

                                       4
<PAGE>

         notice to Madame EB and Publicis' management board (DIRECTOIRE),
         setting forth the identity of such prospective third-party purchaser
         and attaching a copy of such offer and providing such further
         information relating to such offer as Madame EB may reasonably request.
         Madame EB shall have 45 days from the date the Offer is given in which
         to notify Dentsu in writing whether she, or her designee, elects to
         purchase all but not part of the Offered Shares set forth in such Offer
         (provided that such 45-day period may be reduced in the EB
         Shareholders' Agreement referred to below with respect to sales of
         small amounts of shares). If Madame EB or her designee elects to
         purchase the Offered Shares, Dentsu shall be bound to transfer to such
         person, and such person shall be bound to purchase, the Offered Shares,
         upon the terms set forth in the Offer within 20 days of the date of
         expiration of the 45-day period, by payment of cash in the amount of
         the Offered Price for such Offered Shares against delivery by Dentsu of
         all documents necessary to transfer such Offered Shares. If Madame EB
         or her designee does not elect to purchase all of the Offered Shares in
         accordance with the foregoing or fails to consummate the purchase
         within such 20-day period, Dentsu shall be free to sell and transfer
         such Offered Shares without restriction, provided that if such sale and
         transfer of the Offered Shares is not consummated within 180 days of
         the expiration of such 45-day period (if Madame EB fails to notify
         Dentsu of an election to purchase the Offered Shares) or the expiration
         of such 20-day period (if Madame EB notifies Dentsu in a timely manner
         of an election to purchase the Offered Shares, but fails to consummate
         the purchase), as the case may be, then any transfer by Dentsu of the
         Offered Shares shall be once again subject to the requirements of this
         Section 7(a).

                  (b) If Dentsu wishes to sell any Publicis shares on the open
         market or to an underwriter or in another organized selling effort
         (such as a bookbuilding or a secondary offering), Dentsu shall notify
         Madame EB thereof by delivery of a written notice (an "RFO Offer
         Notice") stating: (i) the number of Publicis shares proposed to be
         transferred (the "Sale Shares"); (ii) the proposed price (the "RFO
         Offer Consideration"); and (iii) an offer to Madame EB to sell to her
         the Sale Shares at the RFO Offer Consideration. Madame EB will have 30
         days from the date the RFO Offer Notice is given in which to notify
         Dentsu whether she, or her designee, elects to purchase all but not
         part of the Sale Shares on the terms stated in such RFO Offer Notice.
         If Madame EB or her designee elects to purchase all but not part of the
         Sale Shares, she or her designee shall consummate the purchase of such
         Sale Shares not later than 20 days from the date of such election by
         payment of cash in the amount of the RFO Offer Consideration for such
         Sale Shares against delivery by Dentsu of all documents necessary to
         transfer such Sale Shares. If Madame EB or her designee does not elect
         to purchase all of the Sale Shares or fails to consummate the purchase
         within such 20-day period, then Dentsu may sell and transfer all of the
         Sale Shares to any other person without restriction for cash at a price
         equal to or greater than the RFO Offered

                                       5
<PAGE>

         Consideration, provided that if Dentsu (x) does not accept an offer
         from any such other person to purchase the Sale Shares within 30
         Business Days of the expiration of the 30-day period specified above
         (if Madame EB fails to notify Dentsu of an election to purchase the
         Sale Shares) or the expiration of the 20-day period specified above (if
         Madame EB notifies Dentsu in a timely manner of an election to purchase
         the Sale Shares, but fails to consummate the purchase), as the case may
         be, or (y) if Dentsu does accept such an offer from any such other
         person within such 30 Business Day period but does not consummate the
         sale and transfer of the Sale Shares to such other person by the
         sixtieth day following such thirtieth Business Day, then any transfer
         by Dentsu of the Sale Shares shall once again be subject to the
         requirements of this Section 7(b). For purposes of the preceding
         sentence, "Business Day" shall mean any day, other than a Saturday,
         Sunday or other day on which the Paris Stock Exchange is closed.

         8. Until the Expiration Date, Dentsu shall be prohibited to own, alone
or in concert, at any time more than a number of Publicis Shares that entitles
it to 15% of the voting power of Publicis (such level of ownership, the
"Permitted Level"), except as may be otherwise agreed with Publicis in the
Publicis Shareholders' Agreement referred to in the Publicis MOU, PROVIDED that
no ORAs (or ordinary shares issuable in respect thereof) or warrants attached to
the OBSAs, such instruments being referred to in the Merger Agreement (or
ordinary shares issuable in respect of such warrants) issued in connection with
the Merger shall be taken into account for the purpose of determining whether
the Permitted Level had been exceeded by Dentsu, PROVIDED, FURTHER that Dentsu
shall not be deemed to have violated the foregoing prohibition (i) if Dentsu
inadvertently or unintentionally exceeds the Permitted Level and, upon notice
thereof from Publicis or Madame EB, Dentsu promptly reduces its ownership of
shares of Publicis to the Permitted Level, or (ii) to the extent Dentsu exceeds
the Permitted Level as a result of any repurchase of shares or other reduction
of capital by Publicis, and PROVIDED, further, that if Dentsu exceeds the
Permitted Level for any reason, Dentsu will not vote at any shareholders'
meeting of Publicis such number of shares of Publicis owned by Dentsu that
represents voting power in excess of 15% of the voting power of Publicis.

         9. Denver will not conclude any agreement concerning the direction and
management of Philadelphia with any third party without the written permission
of Madame EB. Without Dentsu's written permission, Madame EB will not conclude
any agreement concerning the direction and management of Philadelphia with any
third party that would result in Dentsu's being required to join in making a
tender offer for Publicis. In case of a violation by Madam EB of this Section 9
of this Memorandum of Understanding, Dentsu may immediately, by notice,
terminate this Memorandum of Understanding and any EB Shareholders' Agreement
incorporating the provisions of this Memorandum of Understanding.

         10. Madame EB will cause her designees on the Supervisory Board of
Publicis to comply with the provisions of the Publicis MOU. Madame EB agrees to
use

                                       6
<PAGE>

her best efforts to ensure that Dentsu will always be protected against any
dilution from a capital increase of Publicis in cash to which Dentsu is not
entitled to subscribe by using preemptive rights (DROITS PREFERENTIAL DE
PREEMPTION).

         11. Dentsu and Madame EB agree that, if any of the arrangements
contemplated by this Memorandum of Understanding would result in Dentsu's
inability to equity account for its investment in Publicis, Dentsu and Madame EB
will use their respective best efforts to adjust such arrangements to the extent
necessary so as to permit Dentsu to equity account for its investment in
Publicis, provided that the economic and legal substance of such adjusted
arrangements will be substantially equivalent to that of the arrangements
contemplated initially by this Memorandum of Understanding.

         12. The fact that, at any shareholders' meeting of Publicis, a party to
this Memorandum of Understanding shall cast one or more votes differently from
the votes cast by the other party shall not, of itself, constitute sufficient
ground for either party to seek the termination of this Memorandum of
Understanding.

         13. The term of the agreement between Madame EB and Dentsu shall be 12
years, renewable upon mutual agreement of Madame EB and Dentsu.

         14. On or before the first date on which Dentsu is required pursuant to
the Support Agreement to vote its B|Com3 shares in favor of the Merger, Dentsu
and Madame EB will enter into a shareholders' agreement (the "EB Shareholders'
Agreement") incorporating the provisions of this Memorandum of Understanding.
Madame EB undertakes to represent the interests of her successors in the
negotiation of the EB Shareholders' Agreement and to obtain their assent thereto
and their execution and delivery thereof to the extent legally appropriate or
necessary.

         15. Dentsu and Madame EB will instruct their respective advisers to
negotiate and draft expeditiously the EB Shareholders' Agreement giving effect
to this Memorandum of Understanding and will execute and deliver the same. The
EB Shareholders' Agreement will be in the English language and will be governed
by the laws of the Republic of France. Absent the execution and delivery of the
EB Shareholders' Agreement by the date referred to in Section 13, Dentsu and
Madame EB will continue to be bound by the terms of this Memorandum of
Understanding. All disputes arising under this Memorandum of Understanding or
the EB Shareholders' Agreement, or relating thereto or hereto, will be settled
by binding arbitration in Geneva under the Rules of the London Court of
International Arbitration (the "LCIA"). The arbitral tribunal will be composed
of two arbitrators chosen by the respective parties and a chairman jointly
chosen by the two arbitrators (and absent agreement, by the President du
Tribunal de Premiere Instance du Canton de Geneve"). The arbitration shall be
conducted in the English language.

                                       7
<PAGE>

         16. This Memorandum of Understanding shall be governed in all respects,
including as to validity, interpretation and effect, by the laws of the Republic
of France.

         17. The parties will keep this Memorandum of Understanding strictly
confidential and will not disclose it or the transactions contemplated hereby
except as may be required by applicable law and stock exchange rules and to
their respective advisers. Except as may be required by applicable law or the
rules of any securities exchange on which a party's securities are traded, any
press release or similar communication by either party as to this Memorandum of
Understanding or the transactions contemplated hereby must be reviewed by and
approved in advance in writing by the other party and the other party must be
given a reasonable opportunity to comment thereon.

DENTSU INC

By:     /s/ Yutaka Narita                            /s/ Elisabeth Badinter
   --------------------------------               -----------------------------
            President                                   ELISABETH BADINTER

                                       8

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