Document:

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                                                                    Exhibit 10.2

                          REGISTRATION RIGHTS AGREEMENT

         This REGISTRATION RIGHTS AGREEMENT, dated as of July 25, 2003 (this
"Agreement"), is made by and among Sonus Pharmaceuticals, Inc., a Delaware
corporation, with headquarters located at 22026 20th Avenue S.E., Bothell,
Washington 98021 (the "Company"), and the investors named on the signature pages
hereto (the "Initial Investors").

                                    RECITALS:

         A. In connection with the Securities Purchase Agreement dated July 25,
2003 between the Initial Investors and the Company (the "Purchase Agreement"),
the Company has agreed, upon the terms and subject to the conditions of the
Purchase Agreement, to issue and sell to the Initial Investors 3,930,071 shares
of the Company's Common Stock (the "Common Shares") and warrants to purchase up
to 1,965,031 shares of the Company's Common Stock, subject to adjustment (the
"Warrants" and, collectively with the Common Shares, the "Securities").

         B. In order to induce the Initial Investors to execute and deliver the
Purchase Agreement, the Company has agreed to provide certain registration
rights under the Securities Act and applicable state securities laws with
respect to the Securities.

         In consideration of the premises and the mutual covenants contained
herein and other good and valuable consideration, the receipt and sufficiency of
which are hereby acknowledged, the Company and the Initial Investors hereby
agree as follows:

                                   ARTICLE I
                                   DEFINITIONS

         Capitalized terms used and not otherwise defined herein have the
respective meanings given them set forth in the Purchase Agreement. In addition,
as used in this Agreement, the following terms have the following meanings:

         1.1      "Closing Date" means the date on which the purchase of the
Securities is consummated pursuant to the Purchase Agreement.

         1.2      "Common Shares" means the shares of Common Stock sold pursuant
to the Purchase Agreement.

         1.3      "Investors" means the Initial Investors and any of their
transferees or assignees who agree to become bound by the provisions of this
Agreement in accordance with Article IX hereof.

         1.4      "Registrable Securities" means the Common Shares and the
Warrant Shares, and any shares of capital stock issued or issuable from time to
time (with any adjustments) in exchange for or otherwise with respect to the
Common Shares or Warrant Shares (including shares issued pursuant to Section 2.2
hereof).

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         1.5      "Registration Period" means the period between the date of
this Agreement and the earlier of (i) the date on which (x) all of the
Registrable Securities have been sold by the Investors pursuant to the
Registration Statement and (y) are freely tradable under the Securities Act
(except that this clause (y) shall not apply with respect to Shares sold to
affiliates) and no further Registrable Securities may be issued in the future,
(ii) the second anniversary of the last date on which Warrant Shares are
purchased under any then-outstanding Warrants, or (iii) the date on which all
the Registrable Securities may be immediately sold by the Investors without
registration and without restriction as to the number of Registrable Securities
to be sold, pursuant to Rule 144 or otherwise.

         1.6      "Registration Statement" means a Registration Statement of the
Company filed under the Securities Act.

         1.7      The terms "register," "registered," and "registration" refer
to a registration effected by preparing and filing a Registration Statement or
statements in compliance with the Securities Act and pursuant to Rule 415 and
the declaration or ordering of effectiveness of such Registration Statement by
the SEC.

         1.8      "Rule 415" means Rule 415 under the Securities Act, or any
successor Rule providing for offering securities on a continuous basis, and
applicable rules and regulations thereunder.

         1.9      "Securities" means the Common Shares and the Warrants sold
pursuant to the Purchase Agreement.

         1.10     "Warrants" means the warrants to purchase shares of the
Company's Common Stock sold pursuant to the Purchase Agreement.

         1.11     "Warrant Shares" means the shares of the Company's Common
Stock that may be purchased upon exercise of the Warrants.

                                   ARTICLE II
                                  REGISTRATION

         2.1      Mandatory Registration. The Company will use best efforts to
file with the SEC a Registration Statement on Form S-3 registering all of the
Registrable Securities for resale within 30 days after the Closing Date under
the Purchase Agreement. If Form S-3 is not available at that time, then the
Company will file a Registration Statement on such form as is then available to
effect a registration of all of the Registrable Securities, subject to the
consent of the Investors, which consent will not be unreasonably withheld.

         2.2      Effectiveness of the Registration Statement. The Company will
use its best efforts to cause the Registration Statement to be declared
effective by the SEC as soon as practicable after filing, and in any event no
later than the 90th day after the Closing Date (the "Required Effective Date").
However, so long as the Company filed the Registration Statement within 30 days
after the Closing Date, (a) if the SEC takes the position that registration of
the resale of the Registrable Securities by the Investors is not available under
applicable laws, rules and regulation and that the Company must register the
offering of the Registrable Securities as a primary offering by the Company, or
(b) if the Registration Statement receives SEC review, then the Required
Effective Date will be the 120th day after the Closing Date. In the case of an
SEC response described in clause (a),

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the Company will, within 40 business days after the date the Company receives
such SEC response, file a Registration Statement as a primary offering. The
Company's best efforts will include, but not be limited to, promptly responding
to all comments received from the staff of the SEC. If the Company receives
notification from the SEC that the Registration Statement will receive no action
or review from the SEC, then the Company will cause the Registration Statement
to become effective within five business days after such SEC notification. Once
the Registration Statement is declared effective by the SEC, the Company will
cause the Registration Statement to remain effective throughout the Registration
Period, except as permitted under Section 3. On the date of each monthly
anniversary of the date on which any breach of this Section 2.2 first occurs
(including failure to file a Registration Statement or to cause a Registration
Statement to be declared effective within the time periods set forth herein)
until the applicable default is cured (each a "Payment Date"), the Company shall
pay to each Investor as damages 1.5% of the purchase price paid by such Investor
pursuant to the Purchase Agreement. Such payment shall be the sole remedy to the
Investors for the Company's default of this Section 2.2 and shall be made in
shares of Common Stock, valued at the average closing sale prices of the
Company's Common Stock during five (5) trading days ending on the day prior to
the Payment Date, provided, that the total number of shares of the Company's
Common Stock payable pursuant to this Section 2.2 to any Investor shall not
exceed the lower of (i) the aggregate number of shares purchased pursuant to the
Purchase Agreement by such Investor and (ii) the number of shares, less one
share, which, if issued, would have, at the time of the Closing Date or the
Payment Date, required shareholder approval of such issuance pursuant to Section
4350(i)(1)(D) of the Nasdaq Marketplace Rules. In the event the number of shares
of the Company's Common Stock issuable under this Section 2.2 is restricted by
the limitations in the previous sentence, the balance of the damages payable by
the Company pursuant to this Section 2.2 shall be paid in cash on the applicable
Payment Date in accordance with payment instructions provided by each Investor.

         2.3      Piggyback Registrations.

                  (a)      If, at any time prior to the expiration of the
Registration Period, the Registration Statement contemplated in Section 2.1
above is not declared effective with respect to all of the Registrable
Securities and the Company decides to register any of its securities for its own
account or for the account of others, then the Company will promptly give the
Investors written notice thereof and will use its best efforts to include in
such registration all or any part of the Registrable Securities requested by
such Investors to be included therein (excluding any Registrable Securities
previously included in a Registration Statement which has been declared
effective and has not been withdrawn). This requirement does not apply to
Company registrations on Form S-4 or S-8 or their equivalents relating to equity
securities to be issued solely in connection with an acquisition of any entity
or business or equity securities issuable in connection with stock option or
other employee benefit plans. Each Investor must give its request for
registration under this paragraph to the Company in writing within 15 days after
receipt from the Company of notice of such pending registration. If the
registration for which the Company gives notice is a public offering involving
an underwriting, the Company will so advise the Investors as part of the
above-described written notice. In that event, if the managing underwriter(s) of
the public offering impose a limitation on the number of shares of Common Stock
that may be included in the Registration Statement because, in such
underwriter(s)' judgment, such limitation would be necessary to effect an
orderly public distribution, then the Company will be obligated to include only
such limited portion, if any, of the Registrable Securities with respect to
which such Investors have requested inclusion hereunder. Any exclusion of
Registrable Securities will be made pro rata among all holders of the Company's
securities seeking to include shares of Common Stock in proportion to the number
of shares of Common Stock

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sought to be included by those holders. However, the Company will not exclude
any Registrable Securities unless the Company has first excluded all outstanding
securities the holders of which are not entitled by right to inclusion of such
securities in such Registration Statement or are not entitled pro rata inclusion
with the Registrable Securities. No registration rights that limit or
subordinate the rights of the Investors to register the Registrable Securities
will be granted by the Company until one or more registration statements
covering all of the Registrable Securities have become effective.

                  (b)      No right to registration of Registrable Securities
under this Section 2.3 limits in any way the registration required under Section
2.1 above. The obligations of the Company under this Section 2.3 expire upon the
earlier of (i) the effectiveness of the Registration Statement filed pursuant to
Section 2.1 above, (ii) after the Company has afforded the opportunity for the
Investors to exercise registration rights under this Section 2.3 for two
registrations (provided, however, that any Investor that has had any Registrable
Securities excluded from any Registration Statement in accordance with this
Section 2.3 may include in any additional Registration Statement filed by the
Company the Registrable Securities so excluded), (iii) when all of the
Registrable Securities held by any Investor may be sold by such Investor under
Rule 144 without being subject to any volume restrictions, or (iv) the second
anniversary of the last date on which Warrant Shares are purchased under any
then outstanding Warrants.

         2.4      Eligibility to use Form S-3. The Company represents and
warrants that it meets the requirements for the use of Form S-3 for registration
of the sale by the Investors of the Registrable Securities. The Company will
file all reports required to be filed by the Company with the SEC in a timely
manner so as to preserve its eligibility for the use of Form S-3.

                                  ARTICLE III
                      ADDITIONAL OBLIGATIONS OF THE COMPANY

         3.1      Continued Effectiveness of Registration Statement. Subject to
the limitations set forth in Section 3.6, the Company will keep the Registration
Statement covering the Registrable Securities effective under Rule 415 at all
times during the Registration Period. In the event that the number of shares
available under a Registration Statement filed pursuant to this Agreement is
insufficient to cover all of the Registrable Securities issued, the Company will
(if permitted) amend the Registration Statement or file a new Registration
Statement (on the short form available therefor, if applicable), or both, so as
to cover all of the Registrable Securities. The Company will file such amendment
or new Registration Statement as soon as practicable, but in no event later than
30 business days after the necessity therefor arises (based upon the market
price of the Common Stock and other relevant factors on which the Company
reasonably elects to rely). The Company will use its best efforts to cause such
amendment or new Registration Statement to become effective as soon as is
practicable after the filing thereof, but in no event later than 90 days after
the date on which the Company reasonably first determines the need therefor.

         3.2      Accuracy of Registration Statement. Any Registration Statement
(including any amendments or supplements thereto and prospectuses contained
therein) filed by the Company covering Registrable Securities will not contain
any untrue statement of a material fact or omit to state a material fact
required to be stated therein, or necessary to make the statements therein, in
light of the circumstances in which they were made, not misleading. The Company
will prepare and file with the SEC such amendments (including post-effective
amendments) and supplements to the Registration Statement and the prospectus
used in connection with the Registration Statement as may be necessary to permit
sales pursuant to the Registration Statement at all times during the

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Registration Period, and, during such period, will comply with the provisions of
the Securities Act with respect to the disposition of all Registrable Securities
of the Company covered by the Registration Statement until the termination of
the Registration Period, or if earlier, until such time as all of such
Registrable Securities have been disposed of in accordance with the intended
methods of disposition by the seller or sellers thereof as set forth in the
Registration Statement.

         3.3      Furnishing Documentation. The Company will furnish to each
Investor whose Registrable Securities are included in a Registration Statement,
or to its legal counsel, (a) promptly after such document is filed with the SEC,
one copy of any Registration Statement filed pursuant to this Agreement and any
amendments thereto, each preliminary prospectus and final prospectus and each
amendment or supplement thereto; and (b) a number of copies of a prospectus,
including a preliminary prospectus, and all amendments and supplements thereto,
and such other documents as the Investor may reasonably request in order to
facilitate the disposition of the Registrable Securities owned by the Investor.
The Company will promptly notify by facsimile or email each Investor whose
Registrable Securities are included in any Registration Statement of the
effectiveness of the Registration Statement and any post-effective amendment.

         3.4      Additional Obligations. The Company will use its best efforts
to (a) register and qualify the Registrable Securities covered by a Registration
Statement under such other securities or blue sky laws of such jurisdictions as
each Investor who holds (or has the right to hold) Registrable Securities being
offered reasonably requests, (b) prepare and file in those jurisdictions any
amendments (including post-effective amendments) and supplements to such
registrations and qualifications as may be necessary to maintain their
effectiveness during the Registration Period, (c) take any other actions
necessary to maintain such registrations and qualifications in effect at all
times during the Registration Period, and (d) take any other actions reasonably
necessary or advisable to qualify the Registrable Securities for sale in such
jurisdictions. Notwithstanding the foregoing, the Company is not required, in
connection with such obligations, to (i) qualify to do business in any
jurisdiction where it would not otherwise be required to qualify but for this
Section 3.4, (ii) subject itself to general taxation in any such jurisdiction,
(iii) file a general consent to service of process in any such jurisdiction,
(iv) provide any undertakings that cause material expense or material burden to
the Company, or (v) make any change in its charter or bylaws, which in each case
the Board of Directors of the Company determines to be contrary to the best
interests of the Company and its stockholders.

         3.5      Underwritten Offerings. If the Investors who hold a majority
in interest of the Registrable Securities being offered in an offering pursuant
to a Registration Statement or any amendment or supplement thereto under this
Agreement select underwriters reasonably acceptable to the Company for such
offering, the Company will enter into and perform its obligations under an
underwriting agreement in usual and customary form including, without
limitation, customary indemnification and contribution obligations, with the
managing underwriter of such offering.

         3.6      Suspension of Registration.

                  (a)      The Company will notify (by telephone and also by
facsimile and reputable overnight courier) each Investor who holds Registrable
Securities being sold pursuant to a Registration Statement of the happening of
any event of which the Company has knowledge as a result of which the prospectus
included in the Registration Statement as then in effect includes an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein, in light of the
circumstances under which they were made,

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not misleading. The Company will make such notification as promptly as
practicable (but in no event more than two business days) after the Company
becomes aware of the event, will promptly (but in no event more than ten
business days) prepare and file a supplement or amendment to the Registration
Statement to correct such untrue statement or omission, and will deliver a
number of copies of such supplement or amendment to each Investor as such
Investor may reasonably request.

                  (b)      Notwithstanding the obligations under Section 3.6(a),
if in the good faith judgment of the Company, following consultation with legal
counsel, it would be detrimental to the Company and its stockholders for resales
of Registrable Securities to be made pursuant to the Registration Statement due
to the existence of a material development or potential material development
involving the Company which the Company would be obligated to disclose in the
Registration Statement, but which disclosure would be premature or otherwise
inadvisable at such time or would reasonably be expected to have a material
adverse effect upon the Company and its stockholders, the Company will have the
right to suspend the use of the Registration Statement for a period of not more
than forty-five days, provided, however, that the Company may so defer or
suspend the use of the Registration Statement no more than one time in any
twelve-month period.

                  (c)      Subject to the Company's rights under this Section 3,
the Company will use its best efforts to prevent the issuance of any stop order
or other suspension of effectiveness of a Registration Statement and, if such an
order is issued, will use its best efforts to obtain the withdrawal of such
order at the earliest possible time and to notify each Investor that holds
Registrable Securities being sold (or, in the event of an underwritten offering,
the managing underwriters) of the issuance of such order and the resolution
thereof.

                  (d)      Notwithstanding anything to the contrary contained
herein or in the Purchase Agreement, if the use of the Registration Statement is
suspended by the Company, the Company will promptly (but in no event more than
two business days) give notice of the suspension to all Investors whose
securities are covered by the Registration Statement, and will promptly (but in
no event more than two business days) notify each such Investor as soon as the
use of the Registration Statement may be resumed. Notwithstanding anything to
the contrary contained herein or in the Purchase Agreement, the Company will
cause the Transfer Agent to deliver unlegended shares of Common Stock to a
transferee of an Investor in accordance with the terms of the Purchase Agreement
in connection with any sale of Registrable Securities with respect to which such
Investor has entered into a contract for sale prior to receipt of notice of such
suspension and for which such Investor has not yet settled, unless otherwise
prohibited by law.

         3.7      Review by the Investors. The Company will permit a single firm
f legal counsel, designated by the Investors who hold a majority in interest of
the Registrable Securities being sold pursuant to a Registration Statement
("Investor's Counsel"), to review the Registration Statement and all amendments
and supplements thereto (as well as all requests for acceleration or
effectiveness thereof) a reasonable amount of time (not to exceed seven (7)
days) prior to their filing with the SEC, and will not file any document in a
form to which such counsel reasonably objects, unless otherwise required by law
in the opinion of the Company's counsel. The sections of any such Registration
Statement including information with respect to the Investors, the Investors'
beneficial ownership of securities of the Company or the Investors' intended
method of disposition of Registrable Securities must conform to the information
provided to the Company by each of the Investors or Investors Counsel.

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         3.8      Comfort Letter; Legal Opinion. At the request of the Investors
who hold a majority in interest of the Registrable Securities being sold
pursuant to a Registration Statement, and on the date that Registrable
Securities are delivered to an underwriter for sale in connection with the
Registration Statement, the Company will furnish to the Investors and the
underwriters (i) a letter, dated such date, from the Company's independent
certified public accountants, in form and substance as is customarily given by
independent certified public accountants to underwriters in an underwritten
public offering, addressed to the underwriters; and (ii) an opinion, dated such
date, from counsel representing the Company for purposes of the Registration
Statement, in form and substance as is customarily given in an underwritten
public offering, addressed to the underwriters and Investors.

         3.9      Due Diligence; Confidentiality.

                  (a)      The Company will make available for inspection by any
Investor whose Registrable Securities are being sold pursuant to a Registration
Statement, any underwriter participating in any disposition pursuant to the
Registration Statement, and any attorney, accountant or other agent retained by
any such Investor or underwriter (collectively, the "Inspectors"), all pertinent
financial and other records, pertinent corporate documents and properties of the
Company (collectively, the "Records"), as each Inspector reasonably deems
necessary to enable the Inspector to exercise its due diligence responsibility.
The Company will cause its officers, directors and employees to supply all
information that any Inspector may reasonably request for purposes of performing
such due diligence.

                 (b)      Each Inspector will hold in confidence, and will not
make any disclosure (except to an Investor) of, any Records or other information
that the Company determines in good faith to be confidential, and of which
determination the Inspectors are so notified, unless (i) the disclosure of such
Records is necessary to avoid or correct a misstatement or omission in any
Registration Statement, (ii) the release of such Records is ordered pursuant to
a subpoena or other order from a court or government body of competent
jurisdiction, (iii) the information in such Records has been made generally
available to the public other than by disclosure in violation of this or any
other agreement (to the knowledge of the relevant Inspector), (iv) the Records
or other information was developed independently by an Inspector without breach
of this Agreement, (v) the information was known to the Inspector before receipt
of such information from the Company, or (vi) the information was disclosed to
the Inspector by a third party without restriction. The Company is not required
to disclose any confidential information in the Records to any Inspector unless
and until such Inspector has entered into a confidentiality agreement (in form
and substance reasonably satisfactory to the Company) with the Company with
respect thereto, substantially in the substance of this Section 3.9(b). Each
Investor will, upon learning that disclosure of Records containing confidential
information is sought in or by a court or governmental body of competent
jurisdiction or through other means, give prompt notice to the Company and allow
the Company, at the Company's expense, to undertake appropriate action to
prevent disclosure of, or to obtain a protective order for, the Records deemed
confidential. Nothing herein will be deemed to limit the Investor's ability to
sell Registrable Securities in a manner that is otherwise consistent with
applicable laws and regulations.

                  (c)      The Company will hold in confidence, and will not
make any disclosure of, information concerning an Investor provided to the
Company under this Agreement unless (i) disclosure of such information is
necessary to comply with federal or state securities laws, (ii) the disclosure
of such information is necessary to avoid or correct a misstatement or omission
in any Registration Statement, (iii) the release of such information is ordered
pursuant to a subpoena or

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other order from a court or governmental body of competent jurisdiction, (iv)
such information has been made generally available to the public other than by
disclosure in violation of this Agreement or any other agreement, (v) the
information was disclosed to the Company by a third party without restriction or
(vi) such Investor consents to the form and content of any such disclosure. If
the Company learns that disclosure of such information concerning an Investor is
sought in or by a court or governmental body of competent jurisdiction or
through other means, the Company will give prompt notice to such Investor prior
to making such disclosure and allow such Investor, at its expense, to undertake
appropriate action to prevent disclosure of, or to obtain a protective order
for, such information.

                  3.10     Listing. The Company will (i) cause all of the
Registrable Securities covered by each Registration Statement to be listed on
each national securities exchange on which securities of the same class or
series issued by the Company are then listed, if any, if the listing of such
Registrable Securities is then permitted under the rules of such exchange, or
(ii) to the extent the securities of the same class or series are not then
listed on a national securities exchange, secure the designation and quotation
of all of the Registrable Securities covered by each Registration Statement on
Nasdaq.

         3.11     Transfer Agent; Registrar. The Company will provide a transfer
agent and registrar, which may be a single entity, for the Registrable
Securities not later than the effective date of the Registration Statement.

         3.12     Share Certificates. The Company will cooperate with the
Investors who hold Registrable Securities being sold and with the managing
underwriter(s), if any, to facilitate the timely preparation and delivery of
certificates (not bearing any restrictive legends) representing Registrable
Securities to be offered pursuant to a Registration Statement and will enable
such certificates to be in such denominations or amounts as the case may be, and
registered in such names as the Investors or the managing underwriter(s), if
any, may reasonably request, all in accordance with Article V of the Purchase
Agreement.

         3.13     Plan of Distribution. At the request of the Investors holding
a majority in interest of the Registrable Securities registered pursuant to a
Registration Statement, the Company will promptly prepare and file with the SEC
such amendments (including post-effective amendments) and supplements to the
Registration Statement, and the prospectus used in connection with the
Registration Statement, as may be necessary in order to change the plan of
distribution set forth in such Registration Statement.

         3.14     Securities Laws Compliance. The Company will comply with all
applicable laws related to any Registration Statement relating to the offer and
sale of Registrable Securities and with all applicable rules and regulations of
governmental authorities in connection therewith (including, without limitation,
the Securities Act, the Exchange Act and the rules and regulations promulgated
by the SEC).

         3.15     Further Assurances. The Company will take all other reasonable
actions as any Investor or the underwriters, if any, may reasonably request to
expedite and facilitate disposition by such Investor of the Registrable
Securities pursuant to the Registration Statement.

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                                   ARTICLE IV
                          OBLIGATIONS OF THE INVESTORS

         4.1      Investor Information. As a condition to the obligations of the
Company to complete any registration pursuant to this Agreement with respect to
the Registrable Securities of each Investor, such Investor will furnish to the
Company such information regarding itself, the Registrable Securities held by it
and the intended method of disposition of the Registrable Securities held by it
as is reasonably required by the Company to effect the registration of the
Registrable Securities. At least 10 business days prior to the first anticipated
filing date of a Registration Statement for any registration under this
Agreement, the Company will notify each Investor of the information the Company
requires from that Investor if the Investor elects to have any of its
Registrable Securities included in the Registration Statement. If, within three
business days prior to the filing date, the Company has not received the
requested information from an Investor, then the Company may file the
Registration Statement without including Registrable Securities of that
Investor.

         4.2      Further Assurances. Each Investor will cooperate with the
Company, as reasonably requested by the Company, in connection with the
preparation and filing of any Registration Statement hereunder, unless such
Investor has notified the Company in writing of such Investor's election to
exclude all of such Investor's Registrable Securities from the Registration
Statement.

         4.3      Suspension of Sales. Upon receipt of any notice from the
Company of the happening of any event of the kind described in Section 3.6, each
Investor will immediately discontinue disposition of Registrable Securities
pursuant to the Registration Statement covering such Registrable Securities
until it receives copies of the supplemented or amended prospectus contemplated
by Section 3.6. If so directed by the Company, each Investor will deliver to the
Company (at the expense of the Company) or destroy (and deliver to the Company a
certificate of destruction) all copies in the Investor's possession (other than
a limited number of file copies) of the prospectus covering such Registrable
Securities that is current at the time of receipt of such notice.

         4.4      Underwritten Offerings.

         (a)      If Investors holding a majority in interest of the Registrable
Securities being registered (with the approval of the Initial Investors)
determine to engage the services of an underwriter, each Investor will enter
into and perform such Investor's obligations under an underwriting agreement, in
usual and customary form, including, without limitation, customary
indemnification and contribution obligations, with the managing underwriter of
such offering, and will take such other actions as are reasonably required in
order to expedite or facilitate the disposition of the Registrable Securities,
unless such Investor has notified the Company in writing of such Investor's
election to exclude all of its Registrable Securities from such Registration
Statement.

         (b)      Without limiting any Investor's rights under Section 2.1
hereof, no Investor may participate in any underwritten distribution hereunder
unless such Investor (a) agrees to sell such Investor's Registrable Securities
on the basis provided in any underwriting arrangements approved by the Investors
entitled hereunder to approve such arrangements, (b) completes and executes all
questionnaires, powers of attorney, indemnities, underwriting agreements and
other documents reasonably required under the terms of such underwriting
arrangements, and (c) agrees to pay its pro rata share of all underwriting
discounts and commissions applicable with respect to its Registrable Securities.

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                                   ARTICLE V
                            EXPENSES OF REGISTRATION

         The Company will bear all reasonable expenses, other than underwriting
discounts and commissions, and transfer taxes, if any, incurred in connection
with registrations, filings or qualifications pursuant to Articles II and III of
this Agreement, including, without limitation, all registration, listing and
qualifications fees, printers and accounting fees, the fees and disbursements of
counsel for the Company, and the reasonable fees and disbursements of one firm
of legal counsel selected by the Initial Investors pursuant to Section 3.7
hereof.

                                   ARTICLE VI
                                 INDEMNIFICATION

         In the event that any Registrable Securities are included in a
Registration Statement under this Agreement:

         6.1      To the extent permitted by law, the Company will indemnify,
defend and hold harmless each Investor that holds such Registrable Securities,
and agents, employees, attorneys, accountants, underwriters (as defined in the
Securities Act) for such Investors and any directors or officers of such
Investor or such underwriter and any person who controls such Investor or such
underwriter within the meaning of the Securities Act or the Exchange Act (each,
an "Investor Indemnified Person") against any losses, claims, damages, expenses
or liabilities (collectively, and together with actions, proceedings or
inquiries by any regulatory or self-regulatory organization, whether commenced
or threatened in respect thereof, "Claims") to which any of them become subject
under the Securities Act, the Exchange Act or otherwise, insofar as such Claims
arise out of or are based upon any of the following statements, omissions or
violations in a Registration Statement filed pursuant to this Agreement, any
post-effective amendment thereof or any prospectus included therein: (a) any
untrue statement or alleged untrue statement of a material fact contained in the
Registration Statement or any post-effective amendment thereof or the omission
or alleged omission to state therein a material fact required to be stated
therein or necessary to make the statements therein not misleading, (b) any
untrue statement or alleged untrue statement of a material fact contained in the
prospectus or any preliminary prospectus (as it may be amended or supplemented)
or the omission or alleged omission to state therein any material fact necessary
to make the statements made therein, in light of the circumstances under which
the statements therein were made, not misleading, or (c) any violation or
alleged violation by the Company of the Securities Act, the Exchange Act or any
other law, including without limitation any state securities law or any rule or
regulation thereunder (the matters in the foregoing clauses (a) through (c)
being, collectively, "Violations"). Subject to the restrictions set forth in
Section 6.4 with respect to the number of legal counsel, the Company will
reimburse the Investors and each such attorney, accountant, underwriter or
controlling person and each such other Investor Indemnified Person, promptly as
such expenses are incurred and are due and payable, for any legal fees or other
reasonable expenses incurred by them in connection with investigating or
defending any Claim. Notwithstanding anything to the contrary contained herein,
the indemnification agreement contained in this Section 6.1 (i) does not apply
to a Claim by an Investor Indemnified Person arising out of or based upon a
Violation that occurs in reliance upon and in conformity with information
furnished in writing to the Company by such Investor Indemnified Person
expressly for use in the Registration Statement or any such amendment thereof or
supplement thereto, if such prospectus or supplement thereto was timely made
available by the Company pursuant to Section 3.3 hereof; and (ii) does not apply
to amounts paid in settlement of any Claim if such settlement is made without
the prior written consent of the Company, which consent will not be unreasonably
withheld. This indemnity obligation will remain in full force

                                       10

<PAGE>

and effect regardless of any investigation made by or on behalf of the
Indemnified Persons and will survive the transfer of the Registrable Securities
by the Investors under Article IX of this Agreement.

         6.2      In connection with any Registration Statement in which an
Investor is participating, each such Investor will indemnify and hold harmless,
to the same extent and in the same manner set forth in Section 6.1 above, the
Company, each of its directors, each of its officers who signs the Registration
Statement, each person, if any, who controls the Company within the meaning of
the Securities Act or the Exchange Act, and any other stockholder selling
securities pursuant to the Registration Statement or any of its directors or
officers or any person who controls such stockholder within the meaning of the
Securities Act or the Exchange Act (each a "Company Indemnified Person") against
any Claim to which any of them may become subject under the Securities Act, the
Exchange Act or otherwise, insofar as such Claim arises out of or is based upon
any Violation, in each case to the extent (and only to the extent) that such
Violation occurs in reliance upon and in conformity with written information
furnished to the Company by such Investor expressly for use in such Registration
Statement. Subject to the restrictions set forth in Section 6.4 with respect to
the number of legal counsel, such Investor will promptly reimburse each Company
Indemnified Person for any legal or other expenses (promptly as such expenses
are incurred and due and payable) reasonably incurred by them in connection with
investigating or defending any such Claim. However, the indemnity agreement
contained in this Section 6.2 does not apply to amounts paid in settlement of
any Claim if such settlement is effected without the prior written consent of
such Investor, which consent will not be unreasonably withheld, and no Investor
will be liable under this Agreement (including this Section 6.2 and Article VII)
for the amount of any Claim that exceeds the net proceeds actually received by
such Investor as a result of the sale of Registrable Securities pursuant to such
Registration Statement. This indemnity will remain in full force and effect
regardless of any investigation made by or on behalf of a Company Indemnified
Party and will survive the transfer of the Registrable Securities by the
Investors under Article IX of this Agreement.

         6.3      If any proceeding shall be brought or asserted against any
person entitled to indemnity under Sections 6.1 or 6.2 hereof (an "Indemnified
Party"), such Indemnified Party promptly shall notify the person from whom
indemnity is sought (the "Indemnifying Party") in writing, and the Indemnifying
Party shall assume the defense thereof, including the employment of counsel
reasonably satisfactory to the Indemnified Party and the payment of all
reasonable fees and expenses incurred in connection with defense thereof;
provided, however, that the failure of any Indemnified Party to give such notice
shall not relieve the Indemnifying Party of its obligations or liabilities
pursuant to this Agreement, except (and only) to the extent that it shall be
finally determined by a court of competent jurisdiction (which determination is
not subject to appeal or further review) that such failure shall have
proximately and materially adversely prejudiced the Indemnifying Party.

         6.4      An Indemnified Party shall have the right to employ separate
counsel in any such proceeding and to participate in the defense thereof, but
the fees and expenses of such counsel shall be at the expense of such
Indemnified Party or Indemnified Parties unless: (i) the Indemnifying Party has
agreed in writing to pay such fees and expenses; (ii) the Indemnifying Party
shall have failed promptly to assume the defense of such proceeding and to
employ counsel reasonably satisfactory to such Indemnified Party in any such
proceeding; or (iii) the named parties to any such proceeding (including any
impleaded parties) include both such Indemnified Party and the Indemnifying
Party, and such Indemnified Party shall have been advised by counsel that a
conflict of interest is likely to exist if the same counsel were to represent
such Indemnified Party and the Indemnifying Party (in which case, if such
Indemnified Party notifies the Indemnifying Party in writing that it elects to

                                       11

<PAGE>

employ separate counsel at the expense of the Indemnifying Party, the
Indemnifying Party shall not have the right to assume the defense thereof and
such counsel shall be at the reasonable expense of the Indemnifying Party;
provided, however, that in no event shall the Indemnifying Party be responsible
for the fees and expenses of more than one separate counsel). The Indemnifying
Party shall not be liable for any settlement of any such proceeding effected
without its written consent, which consent shall not be unreasonably withheld.
No Indemnifying Party shall, without the prior written consent of the
Indemnified Party, effect any settlement of any pending proceeding in respect of
which any Indemnified Party is a party, unless such settlement includes an
unconditional release of such Indemnified Party from all liability on Claims
that are the subject matter of such proceeding.

         6.5      Subject to the foregoing, all reasonable fees and expenses of
the Indemnified Party (including fees and expenses to the extent incurred in
connection with investigating or preparing to defend such proceeding in a manner
not inconsistent with this Section) shall be paid to the Indemnified Party, as
incurred, within ten (10) Business Days of written notice thereof to the
Indemnifying Party, which notice shall be delivered no more frequently than on a
monthly basis (regardless of whether it is ultimately determined that an
Indemnified Party is not entitled to indemnification hereunder; provided, that
the Indemnifying Party may require such Indemnified Party to undertake to
reimburse all such fees and expenses to the extent it is finally judicially
determined that such Indemnified Party is not entitled to indemnification
hereunder).

                                  ARTICLE VII
                                  CONTRIBUTION

         To the extent that any indemnification provided for herein is
prohibited or limited by law, the indemnifying party will make the maximum
contribution with respect to any amounts for which it would otherwise be liable
under Article VI to the fullest extent permitted by law. However, (a) no
contribution will be made under circumstances where the maker would not have
been liable for indemnification under the fault standards set forth in Article
VI (without giving effect to any prohibition or limitation or indemnification
under applicable law), (b) no person guilty of fraudulent misrepresentation
(within the meaning of Section 11(f) of the Securities Act) will be entitled to
contribution from any person who was not guilty of such fraudulent
misrepresentation, and (c) contribution (together with any indemnification or
other obligations under this Agreement) by any seller of Registrable Securities
will be limited in amount to the net amount of proceeds received by such seller
from the sale of such Registrable Securities.

                                  ARTICLE VIII
                             EXCHANGE ACT REPORTING

         In order to make available to the Investors the benefits of Rule 144 or
any similar rule or regulation of the SEC that may at any time permit the
Investors to sell securities of the Company to the public without registration,
the Company will:

                  (a)      File with the SEC in a timely manner, and make and
keep available, all reports and other documents required of the Company under
the Securities Act and the Exchange Act so long as the Company remains subject
to such requirements (it being understood that nothing herein limits the
Company's obligations under Section 4.3 of the Purchase Agreement) and file and
make available of such reports and other documents as required for the
applicable provisions of Rule 144; and

                                       12

<PAGE>

                  (b)      Furnish to each Investor, so long as such Investor
holds Registrable Securities, promptly upon the Investor's request, (i) a
written statement by the Company that it has complied with the reporting
requirements of Rule 144, the Securities Act and the Exchange Act, (ii) a copy
of the most recent annual or quarterly report of the Company and such other
reports and documents filed by the Company with the SEC and (iii) such other
information as may be reasonably requested to permit the Investors to sell such
securities pursuant to Rule 144 without registration.

                                   ARTICLE IX
                        ASSIGNMENT OF REGISTRATION RIGHTS

         The rights of the Initial Investors hereunder, including the right to
have the Company register Registrable Securities pursuant to this Agreement, may
be assigned by the Initial Investors to transferees or assignees of all or any
portion of the Registrable Securities, but only if (a) the Investor agrees in
writing with the transferee or assignee to assign such rights, and a copy of
such agreement is furnished to the Company within a reasonable time after such
assignment, (b) the Company is, within a reasonable time after such transfer or
assignment, furnished with written notice of the name and address of such
transferee or assignee and the securities with respect to which such
registration rights are being transferred or assigned, (c) after such transfer
or assignment, the further disposition of such securities by the transferee or
assignee is restricted under the Securities Act and applicable state securities
laws, (d) at or before the time the Company received the written notice
contemplated by clause (b) of this sentence, the transferee or assignee agrees
in writing with the Company to be bound by all of the provisions contained
herein, (e) such transfer is made in accordance with the applicable requirements
of the Purchase Agreement, and (f) the transferee is an "accredited investor" as
that term is defined in Rule 501 of Regulation D.

                                   ARTICLE X
                        AMENDMENT OF REGISTRATION RIGHTS

         This Agreement may be amended and the obligations hereunder may be
waived (either generally or in a particular instance, and either retroactively
or prospectively) only with the written consent of the Company and of the
Investors who then hold a majority interest of the Registrable Securities. Any
amendment or waiver effected in accordance with this Article X is binding upon
each Investor and the Company.

                                   ARTICLE XI
                                  MISCELLANEOUS

         11.1     Conflicting Instructions. A person or entity is deemed to be a
holder of Registrable Securities whenever such person or entity owns of record
such Registrable Securities. If the Company receives conflicting instructions,
notices or elections from two or more persons or entities with respect to the
same Registrable Securities, the Company will act upon the basis of
instructions, notice or election received from the registered owner of such
Registrable Securities.

         11.2     Notices. Any notices required or permitted to be given under
the terms of this Agreement will be given as set forth in the Purchase
Agreement.

                                       13

<PAGE>

         11.3     Waiver. Failure of any party to exercise any right or remedy
under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, does not operate as a waiver thereof.

         11.4     Governing Law. This Agreement will be governed by and
interpreted in accordance with the laws of the State of Delaware without regard
to the principles of conflict of laws. The parties hereto hereby submit to the
exclusive jurisdiction of the United States federal and state courts located in
the State of Delaware with respect to any dispute arising under this Agreement,
the agreements entered into in connection herewith or the transactions
contemplated hereby or thereby. EACH PARTY HEREBY IRREVOCABLY WAIVES ANY RIGHT
THAT IT MAY HAVE TO, AND AGREES NOT TO REQUEST, A JURY TRIAL FOR THE
ADJUDICATION OF ANY DISPUTE HEREUNDER OR IN CONNECTION HEREWITH OR WITH ANY
TRANSACTION CONTEMPLATED HEREBY.

         11.5     Severability. If any provision of this Agreement is invalid or
unenforceable under any applicable statute or rule of law, then such provision
will be deemed modified in order to conform with such statute or rule of law.
Any provision hereof that may prove invalid or unenforceable under any law will
not affect the validity or enforceability of any other provision hereof.

         11.6     Entire Agreement. This Agreement and the Purchase Agreement
(including all schedules and exhibits thereto) constitute the entire agreement
among the parties hereto with respect to the subject matter hereof and thereof.
There are no restrictions, promises, warranties or undertakings, other than
those set forth or referred to herein or therein. This Agreement supersedes all
prior agreements and understandings among the parties hereto with respect to the
subject matter hereof.

         11.7     Successors and Assigns. Subject to the requirements of Article
IX hereof, this Agreement inures to the benefit of and is binding upon the
successors and assigns of each of the parties hereto. Notwithstanding anything
to the contrary herein, including, without limitation, Article IX, the rights of
an Investor hereunder are assignable to and exercisable by a bona fide pledgee
of the Registrable Securities in connection with an Investor's margin or
brokerage accounts.

         11.8     Headings. The headings of this Agreement are for convenience
of reference only, are not part of this Agreement and do not affect its
interpretation.

         11.9     Counterparts. This Agreement may be executed in two or more
counterparts, each of which is deemed an original but all of which constitute
one and the same agreement. This Agreement, once executed by a party, may be
delivered to the other party hereto by facsimile transmission, and facsimile
signatures are binding on the parties hereto.

         11.10    Further Assurances. Each party will do and perform, or cause
to be done and performed, all such further acts and things, and will execute and
deliver all other agreements, certificates, instruments and documents, as
another party may reasonably request in order to carry out the intent and
accomplish the purposes of this Agreement and the consummation of the
transactions contemplated hereby.

                                       14

<PAGE>

         11.11    Consents. Unless otherwise provided in this Agreement, all
consents and other determinations to be made by the Investors pursuant to this
Agreement will be made by the Investors holding a majority in interest of the
Registrable Securities.

         11.12    No Strict Construction. The language used in this Agreement is
deemed to be the language chosen by the parties to express their mutual intent,
and no rules of strict construction will be applied against any party.

                                       15

<PAGE>

         IN WITNESS WHEREOF, the undersigned Investors and the Company have
caused this Registration Rights Agreement to be duly executed as of the date
first above written.

                                          COMPANY:

                                          SONUS PHARMACEUTICALS, INC.

                                          By:___________________________________
                                          Name:_________________________________
                                          Title:________________________________

                                       16

<PAGE>

                            OMNIBUS SIGNATURE PAGE TO
                           SONUS PHARMACEUTICALS, INC.
                          REGISTRATION RIGHTS AGREEMENT

         The undersigned hereby executes and delivers the Registration Rights
Agreement to which this Signature Page is attached, which, together with all
counterparts of the Agreement and Signature Pages of the other parties named in
said Agreement, shall constitute one and the same document in accordance with
the terms of the Agreement.

                                              Sign Name:________________________
                                              Print Name:_______________________
                                              Address:__________________________
                                                      __________________________
                                                      __________________________

                                              Telephone: _______________________
                                              Facsimile:________________________

                                              Number of Common Shares:__________
                                              Number of Warrant Shares:_________

                                       17Exhibit 10.1

      REVOLVING  CREDIT  AGREEMENT dated as of April 30, 2003 (the  "Agreement")
among OMNICOM  FINANCE INC., a Delaware  corporation  ("OFI"),  OMNICOM  CAPITAL
INC., a Connecticut  corporation ("OCI"), and OMNICOM FINANCE PLC, a corporation
organized under the laws of England and Wales ("OFP";  OFI, OCI and OFP are each
a "Borrower" and collectively, the "Borrowers"),  OMNICOM GROUP INC., a New York
corporation  (the  "Guarantor"),  and UBS AG,  Cayman  Islands  Branch (with its
successors, the "Bank").

                                    ARTICLE I

                                   DEFINITIONS

      Section 1.01.  Definitions.  The following terms, as used herein, have the
following meanings:

      "Applicable  Margin"  means (a) for Base Rate Loans,  0% per annum and (b)
for LIBOR Loans, as of any date, a percentage per annum  determined by reference
to the Public Debt Rating in effect on such date as set forth below:

          -----------------------------------------------------------
                Public Debt Rating          Applicable Margin for
                   S&P/Moody's                   LIBOR Loans
          -----------------------------------------------------------
          Level 1
          A+ or A1 or above                        0.150%
          -----------------------------------------------------------
          Level 2
          A or A2                                  0.255%
          -----------------------------------------------------------
          Level 3
          A- or A3                                 0.370%
          -----------------------------------------------------------
          Level 4
          BBB+ or Baa1                             0.475%
          -----------------------------------------------------------
          Level 5
          BBB or Baa2                              0.700%
          -----------------------------------------------------------
          Level 6
          Lower than Level 5                       0.750%
          -----------------------------------------------------------

      "Applicable  Percentage"  means,  as of any date, a  percentage  per annum
determined  by reference to the Public Debt Rating in effect on such date as set
forth below:

          -----------------------------------------------------------
               Public Debt Rating                Applicable
                   S&P/Moody's                   Percentage
          -----------------------------------------------------------
          Level 1
          A+ or A1 or above                        0.100%
          -----------------------------------------------------------
          Level 2
          A or A2                                  0.120%
          -----------------------------------------------------------
          Level 3
          A- or A3                                 0.130%
          -----------------------------------------------------------
          Level 4
          BBB+ or Baa1                             0.150%
          -----------------------------------------------------------
          Level 5
          BBB or Baa2                              0.175%
          -----------------------------------------------------------
          Level 6
          Lower than Level 5                       0.250%
          -----------------------------------------------------------

<PAGE>

      "Applicable  Utilization  Fee"  means,  as of any date that the  aggregate
Loans under the Reference Credit Agreement plus the amount outstanding hereunder
exceeds  $417,500,000,  a percentage  per annum  determined  by reference to the
Public Debt Rating in effect on such date as set forth below:

          ----------------------------------------------------------
               Public Debt Rating               Applicable
                   S&P/Moody's               Utilization Fee
          ----------------------------------------------------------
          Level 1
          A+ or A1 or above                       0.125%
          ----------------------------------------------------------
          Level 2
          A or A2                                 0.125%
          ----------------------------------------------------------
          Level 3
          A- or A3                                0.125%
          ----------------------------------------------------------
          Level 4
          BBB+ or Baa1                            0.125%
          ----------------------------------------------------------
          Level 5
          BBB or Baa2                             0.125%
          ----------------------------------------------------------
          Level 6
          Lower than Level 5                      0.250%
          ----------------------------------------------------------

      "Base Rate" means,  for any day, the higher of (x) the Prime Rate for such
day and (y) 1/2 of 1% in excess of the Federal Funds Rate for such day.

      "Business  Day" means any day that is not a Saturday or Sunday or a day on
which  banking  institutions  chartered  by the State of New York or the  United
States are legally  authorized to close and with respect to LIBOR Loans on which
commercial banks are open for international business in London.

      "Commitment"  means  $35,000,000  or  such  lesser  amount  to  which  the
Commitment  shall be reduced from time to time in  accordance  with the terms of
this Agreement.

      "Confidential  Information"  means  information  that any  Borrower or the
Guarantor  furnishes to the Bank in a writing  designated as  confidential,  but
does not include any such information that is or becomes generally  available to
the public or that is or becomes  available to the Bank from a source other than
any Borrower or the Guarantor.

      "Debt"  means  all  obligations  to  repay  money  or to pay the  deferred
purchase  price of assets or  services,  all  indebtedness  evidenced  by notes,
bonds,  debentures  or similar  obligations,  all  obligations  (whether  or not
contingent)  in respect of letters of credit,  and all guarantees of obligations
of others of the foregoing types.

      "Default"  means any event or condition which with the giving of notice or
the lapse of time or both  would,  unless  cured or  waived,  become an Event of
Default.

      "Eurocurrency Rate" means, for any Interest Period for each LIBOR Loan, an
interest rate per annum equal to the rate  (rounded  upward to the nearest whole
multiple  of 1/16 of 1% per  annum)  appearing  on  Telerate  Page  3750 (or any
successor  page) as the  London  interbank  offered  rate for  deposits  in U.S.
Dollars at approximately 11:00 A.M. (London time) two Business Days prior to the
first day of such Interest  Period for a term comparable to such Interest Period
or, if for any reason such rate is not available, the average (rounded upward to
the nearest whole multiple of 1/16 of 1% per annum,  if such average is not such
a multiple) of the rate per annum at which  deposits in U.S.  Dollars is offered
by the  principal  office  of UBS AG in  London  to

                                                                               2
<PAGE>

prime  banks in the  London  interbank  market at 11:00 A.M.  (London  time) two
Business Days before the first day of such Interest Period for a period equal to
such Interest Period.

      "Event of Default" means any of the events specified in Section 5.01.

      "Federal Funds Rate" means,  for any period,  a fluctuating  interest rate
per annum equal for each day during such period to the  weighted  average of the
rates on  overnight  Federal  funds  transactions  with  members of the  Federal
Reserve System arranged by Federal funds brokers, as published for such day (or,
if such day is not a Business Day, for the next  preceding  Business Day) by the
Federal  Reserve Bank of New York,  or, if such rate is not so published for any
day that is a Business Day, the average of the  quotations  for such day on such
transactions received by the Bank from three Federal funds brokers of recognized
standing selected by it.

      "Loan"  means  any loan  made by the  Bank to the  Borrowers  pursuant  to
Section 2.01.

      "Material  Adverse  Change"  means  any  material  adverse  change  in the
business,  condition  (financial  or  otherwise),   operations,  performance  or
properties of the Guarantor or the  Guarantor  and its  subsidiaries  taken as a
whole.

      "Material  Adverse  Effect"  means a  material  adverse  effect on (a) the
business,  condition  (financial  or  otherwise),   operations,  performance  or
properties of the Guarantor or the  Guarantor  and its  subsidiaries  taken as a
whole,  (b) the rights and remedies of the Bank under this Agreement or any Note
or (c) the ability of any Borrower or the  Guarantor to perform its  obligations
under this Agreement or any Note.

      "Prime  Rate"  means the rate  announced  from time to time by the Bank in
Stamford,  Connecticut  as its prime rate,  changing as and when such prime rate
changes.

      "Public Debt Rating" means,  as of any date, the rating that has been most
recently  announced by either  Standard & Poor's,  a division of The McGraw-Hill
Companies,  Inc. ("S&P") or Moody's Investors Service, Inc. ("Moody's"),  as the
case may be, for any class of non-credit  enhanced  long-term  senior  unsecured
debt issued by the  Guarantor or, if either such rating agency shall have issued
more than one such rating,  the lowest such rating issued by such rating agency.
For purposes of the foregoing,  (a) if only one of S&P and Moody's shall have in
effect a Public Debt Rating, the Applicable  Margin,  the Applicable  Percentage
and the  Applicable  Utilization  Fee shall be  determined  by  reference to the
available  rating;  (b) if neither S&P nor Moody's shall have in effect a Public
Debt Rating, the Applicable Margin, the Applicable Percentage and the Applicable
Utilization  Fee will be set in accordance  with Level 6 under the definition of
"Applicable Margin", "Applicable Percentage" or "Applicable Utilization Fee", as
the case may be; (c) if the ratings  established  by S&P and Moody's  shall fall
within different levels, the Applicable  Margin,  the Applicable  Percentage and
the Applicable Utilization Fee shall be based upon the higher rating unless such
rating differs by two or more levels, in which case the applicable level will be
deemed  to be one  level  above  the  lower of such  levels;  (d) if any  rating
established  by S&P or Moody's shall be changed,  such change shall be effective
as of the date on which such  change is first  announced  publicly by the rating
agency  making such change;  and (e) if S&P or Moody's shall change the basis on
which  ratings  are  established,  each  reference  to the  Public  Debt  Rating
announced  by S&P or  Moody's,  as the  case  may be,  shall  refer  to the then
equivalent rating by S&P or Moody's, as the case may be.

      "Reference  Credit  Agreement"  shall mean that certain Credit  Agreement,
dated as of November 14, 2002, by and among,  OFI, OCI, OFP, the Guarantor,  the
Lenders listed on the signature pages thereof, SALOMON SMITH BARNEY INC. and ABN
AMRO INCORPORATED,  as lead arrangers and book managers,  ABN AMRO BANK N.V., as

                                                                               3
<PAGE>

syndication  agent,  HSBC BANK USA,  WACHOVIA  BANK,  NATIONAL  ASSOCIATION  and
SOCIETE GENERALE, as documentation agents, and CITIBANK,  N.A. as administrative
agent  for the  Lenders  as in  effect  from  time to time  (including,  without
limitation,  by reason of any waiver or consent given thereunder;  provided that
the Bank has received written notice thereof).

      "Termination  Date" means April 29,  2004,  or such  earlier date when the
Commitment hereunder is terminated in full.

                                   ARTICLE II

                                    THE LOANS

      Section 2.01. Loans. (a) At the request of any Borrower, the Bank, subject
to the terms and conditions of this Agreement, shall on Business Days during the
period from and including the date hereof to but excluding the Termination Date,
make Loans to the  Borrowers  such that the  aggregate  principal  amount of all
Loans outstanding hereunder at no time exceeds the Commitment.

      (b) A Borrower may request a Loan by written notice to the Bank specifying
the amount to be borrowed  (which must be a minimum of  $5,000,000 or a multiple
of $1,000,000 in excess  thereof) and the type, and in the case of a LIBOR Loan,
the maturity of the proposed  Loan (a "Borrowing  Notice").  Such notice must be
delivered to the Bank at or before 10:00 a.m.,  New York City time,  on the date
of the  proposed  borrowing  (in the  case of a Base  Rate  Loan)  or the  third
Business Day before the date of the proposed  borrowing  (in the case of a LIBOR
Loan). Loans may be either:

      (i) "Base Rate Loans",  each of which shall be payable on the  Termination
Date,  shall bear a floating per annum interest rate equal to the sum of (x) the
Base Rate in effect from time to time plus (y) the  Applicable  Margin in effect
from time to time plus (z) the  Applicable  Utilization  Fee,  if any, in effect
from time to time and shall  mature in any event no later  than the  Termination
Date; or

      (ii) "LIBOR  Loans",  each of which  shall have a maturity of one,  two or
three months (each an "Interest Period"), subject to standard market conventions
as to  adjustments  for  non-Business  Days  and  month-ends  (but  in no  event
extending beyond the Termination Date), and shall bear a per annum interest rate
equal to the sum of (x) the Eurocurrency  Rate for such Interest Period for such
Loan plus (y) the  Applicable  Margin  in effect  from time to time plus (z) the
Applicable  Utilization  Fee, if any,  in effect  from time to time.  On (A) the
maturity  date of each LIBOR  Loan,  such Loan may either be rolled  forward (in
whole or in part) into a new Loan at the LIBOR Rate or the Base Rate,  or repaid
in full, and (B) on any Business Day, all or any portion of a Base Rate Loan may
be converted  into a LIBOR Loan,  in each case, as set forth in a notice to such
effect,  delivered as if it were a Borrowing  Notice and as if the maturity date
or date of conversion of such Loan, as applicable,  were a borrowing date. If no
such notice is received  with respect to a maturing  LIBOR Loan,  then such Loan
shall  automatically  roll forward into a new LIBOR Loan with an Interest Period
of one month, provided that if a Default or Event of Default has occurred and is
continuing  on the maturity  date of any LIBOR Loan that is not repaid  thereon,
such LIBOR Loan shall  automatically roll forward into a Base Rate Loan. No Loan
may be rolled  forward  as, or  converted  into,  a LIBOR Loan if a Default  has
occurred and is continuing.

      Each Loan will bear  interest  from its date until  maturity  on the basis
specified to the Borrower by the Bank  (subject to paragraph  (i) or (ii) above,
as  applicable)

                                                                               4
<PAGE>

contemporaneously  with the making of such Loan,  payable at maturity and in the
case of Base Rate  Loans,  on the last  Business  Day of each  calendar  quarter
during the  effectiveness  hereof.  Overdue payments of principal,  interest and
other amounts  payable  hereunder shall bear interest,  payable on demand,  at a
rate for  each day  equal  to the  Base  Rate for such day plus 2%.  Subject  to
Section  2.06(e) the  Borrowers  may prepay  Loans at any time.  All accrued and
unpaid  interest on any principal  amount prepaid shall be due on the prepayment
date.

      (c) All  Loans  shall be  evidenced  by a  promissory  note  appropriately
completed,  executed  and  delivered by the  respective  Borrower in the form of
Exhibit A hereto (each a "Note" and  collectively  the  "Notes").  The Bank will
endorse on the Notes or otherwise  record in its internal  records the amount of
such Loan, the interest rate or rate basis  applicable  thereto and each payment
of  principal or interest  made in respect  thereof;  provided  that neither the
failure of the Bank to do so nor any error by the Bank in doing so shall  affect
the obligations of such Borrower hereunder or under the Notes.

      Section 2.02. Conditions. The obligation of the Bank to make a Loan on any
proposed  borrowing date shall be subject to the  satisfaction  of the following
conditions:

            (i) the  representations  and  warranties  of the  Borrowers and the
      Guarantor  herein  (except,  in the case of a Loan  after  the date of the
      initial Loan (the "Closing Date"),  the  representations  set forth in the
      last sentence of  subsection  3.02(c)  thereof and in subsection  3.02(d))
      shall be true and correct on the date of such  borrowing as though made on
      and as of such date;

            (ii) no Default shall have occurred and be continuing on the date of
      such borrowing (either before or after giving effect to such borrowing);

            (iii) the representations  and warranties  contained in Section 4.01
      of the Reference Credit Agreement (except, in the case of a Loan after the
      Closing  Date,  the  representations  set  forth in the last  sentence  of
      subsection  (e) thereof and in subsection  (f) (i) thereof) are correct on
      and as of such date,  before and after giving effect to such Borrowing and
      to the application of the proceeds therefrom,  as though made on and as of
      such date;

            (iv) no event has occurred and is  continuing,  or would result from
      such  Loan  or  from  the  application  of the  proceeds  therefrom,  that
      constitutes  a Default  (as such term is defined in the  Reference  Credit
      Agreement);

            (v) the Bank shall have received the properly completed and executed
      Notes and such corporate  resolutions,  certificates,  opinions of counsel
      and  other  documents  in  connection  herewith  as the Bank  may,  in its
      reasonable discretion, require; and

            (vi)  payment by the  Borrowers to the Bank on the Closing Date of a
      cash fee in the amount of $43,750.

The Borrowers shall be deemed to have made a representation  and warranty on the
date of each borrowing that the conditions specified in clauses (i), (ii), (iii)
and (iv) above have been satisfied.

      Section 2.03. Fees. The Guarantor agrees to pay to the Bank a facility fee
on the  aggregate  amount  of the  Commitment  from the date  hereof  until  the
Termination  Date at a rate per  annum  equal to the  Applicable  Percentage  in
effect from time to time,  payable in arrears  quarterly on the last day of each
March,  June,  September  and  December,  commencing  June 30, 2003,  and on the
Termination Date.

                                                                               5
<PAGE>

      Section 2.04.  Increased  Costs;  Illegality (a) If, due to either (i) the
introduction  of or  any  change  in or in  the  interpretation  of  any  law or
regulation  after the date hereof,  or (ii) the compliance with any guideline or
request issued after the date hereof from any central bank or other governmental
authority  including,  without  limitation,  any agency of the European Union or
similar monetary or multinational  authority (whether or not having the force of
law), there shall be any increase in the cost to the Bank of agreeing to make or
making,  funding or  maintaining  LIBOR Loans  (excluding  for  purposes of this
Section 2.04 any such  increased  costs  resulting from (i) Taxes or Other Taxes
(as to which  Section  2.05  shall  govern)  and (ii)  changes  in the  basis of
taxation of overall net income or overall  gross income by the United  States or
by the  foreign  jurisdiction  or state  under  the  laws of  which  the Bank is
organized or any political subdivision  thereof),  then the Borrowers shall from
time to time,  upon  demand  by the  Bank,  pay to the Bank  additional  amounts
sufficient to compensate the Bank for such increased  cost;  provided,  however,
that before making any such demand,  the Bank agrees to use  reasonable  efforts
(consistent  with its internal policy and legal and regulatory  restrictions) to
designate a different  lending office if the making of such a designation  would
avoid the need for, or reduce the amount of, such  increased cost and would not,
in the  reasonable  judgment of the Bank,  be otherwise  disadvantageous  to the
Bank. A certificate  as to the amount of such increased  cost,  submitted to the
Borrowers by the Bank, shall be conclusive and binding for all purposes,  absent
manifest error.

      (b) If the Bank  determines  that compliance with any law or regulation or
any guideline or request  taking effect or issued after the date hereof from any
central bank or other governmental authority (whether or not having the force of
law)  affects or would  affect the amount of capital  required or expected to be
maintained  by the  Bank or any  corporation  controlling  the Bank and that the
amount of such capital is increased by or based upon the existence of the Bank's
commitment to lend  hereunder and other  commitments  of this type,  then,  upon
demand by the Bank,  the Borrowers  shall pay to the Bank,  from time to time as
specified by the Bank,  additional  amounts sufficient to compensate the Bank or
such corporation in the light of such circumstances, to the extent that the Bank
reasonably  determines such increase in capital to be allocable to the existence
of the Bank's  commitment to lend  hereunder.  A certificate  as to such amounts
submitted to the Borrowers by the Bank shall be  conclusive  and binding for all
purposes, absent manifest error.

      (c)  Failure  or  delay on the  part of the  Bank to  demand  compensation
pursuant to this  Section  shall not  constitute a waiver of the Bank's right to
demand such  compensation;  provided that the Borrowers shall not be required to
compensate  the  Bank  pursuant  to this  Section  for any  increased  costs  or
reductions  incurred  more  than six  months  prior  to the  date  that the Bank
notifies the Borrowers of the circumstances  giving rise to such increased costs
or  reductions  and of the  Bank's  intention  to claim  compensation  therefor;
provided further that, if the circumstances  giving rise to such increased costs
or reductions  cause such increased costs or reductions to be retroactive,  then
the six-month  period  referred to above shall be extended to include the period
of retroactive effect thereof.

      (d)  Notwithstanding  any other provision of this  Agreement,  if the Bank
shall notify the Borrowers that the  introduction  of or any change in or in the
interpretation  of any law or regulation makes it unlawful,  or any central bank
or other  governmental  authority  asserts that it is unlawful,  for the Bank to
perform  its  obligations  hereunder  to make LIBOR Loans or to fund or maintain
LIBOR Loans  hereunder,  (i) such Loan shall be converted  into a Base Rate Loan
and (ii) the obligation of the Bank to make LIBOR Loans shall be suspended until
the Bank  shall  notify  the  Borrowers  that  the  circumstances  causing  such
suspension  no longer  exist;  provided,  however,  that before  making any such
demand, the Bank agrees to use reasonable efforts  (consistent with its internal
policy and legal and regulatory  restrictions) to designate a different  lending
office if the making of such a  designation  would allow the Bank to continue to
perform  its  obligations  to make such LIBOR  Loans or to  continue  to fund or
maintain  such  LIBOR  Loans and would  not,  in the  judgment  of the Bank,  be
otherwise disadvantageous to the Bank.

                                                                               6
<PAGE>

      SECTION  2.05.  Taxes  (a) Any and all  payments  by any  Borrower  or the
Guarantor to or for the account of the Bank  hereunder or under the Notes or any
other  documents to be delivered  hereunder shall be made, free and clear of and
without  deduction  for any and all present or future  taxes,  levies,  imposts,
deductions,  charges or withholdings,  and all liabilities with respect thereto,
excluding  taxes imposed on its overall net income,  and franchise taxes imposed
on it in lieu of net income taxes, by the  jurisdiction  under the laws of which
the Bank is organized or any political  subdivision  thereof and excluding  such
taxes imposed by the United States or the United  Kingdom that are payable as of
the date hereof  (all such  non-excluded  taxes,  levies,  imposts,  deductions,
charges,  withholdings and liabilities in respect of payments hereunder or under
the Notes being  hereinafter  referred to as  "Taxes").  If any  Borrower or the
Guarantor shall be required by law to deduct any Taxes from or in respect of any
sum payable  hereunder or under any Note or any other  documents to be delivered
hereunder  to the  Bank,  (i) the  sum  payable  shall  be  increased  as may be
necessary  so that after making all required  deductions  (including  deductions
applicable to additional sums payable under this Section 2.05) the Bank receives
an amount equal to the sum it would have  received had no such  deductions  been
made,  (ii) such Borrower or the Guarantor  shall make such deductions and (iii)
such  Borrower  or the  Guarantor  shall  pay the full  amount  deducted  to the
relevant  taxation  authority or other  authority in accordance  with applicable
law.

      (b) In addition,  the  Borrowers  shall pay any present or future stamp or
documentary  taxes or any other  excise or  property  taxes,  charges or similar
levies  that arise from any  payment  made  hereunder  or under the Notes or any
other  documents to be delivered  hereunder or from the  execution,  delivery or
registration of,  performing under, or otherwise with respect to, this Agreement
or the Notes or any  other  documents  to be  delivered  hereunder  (hereinafter
referred to as "Other Taxes").

      (c) The Borrowers or the  Guarantor,  as applicable,  shall  indemnify the
Bank for and hold it  harmless  against  the full amount of Taxes or Other Taxes
(including,  without  limitation,  taxes of any kind  imposed or asserted by any
jurisdiction  on amounts  payable under this Section 2.05) imposed on or paid by
the Bank and any liability (including penalties,  interest and expenses) arising
therefrom or with respect thereto.  This indemnification shall be made within 30
days from the date the Bank makes written demand therefor.

      (d) Within 45 days after the date of any payment of Taxes,  the applicable
Borrower  shall  furnish  to the Bank,  at its  address on the  signature  pages
hereof, the original or a certified copy of a receipt evidencing such payment to
the extent such a receipt is issued therefor,  or other written proof of payment
thereof that is reasonably  satisfactory to the Bank. In the case of any payment
hereunder or under the Notes or any other documents to be delivered hereunder by
or on behalf of any  Borrower  or the  Guarantor  (other  than OFP)  through  an
account or branch  outside the United  States or by or on behalf of any Borrower
or the Guarantor (other than OFP) by a payor that is not a United States person,
if such  Borrower  or the  Guarantor  determines  that no Taxes are  payable  in
respect  thereof,  such Borrower or the Guarantor shall furnish,  or shall cause
such  payor to  furnish,  to the Bank,  at such  address,  an opinion of counsel
acceptable  to the Bank  stating  that such  payment is exempt from  Taxes.  For
purposes of this  subsection (d) and subsection  (e), the terms "United  States"
and "United States person" shall have the meanings  specified in Section 7701 of
the Internal Revenue Code.

      (e) The Bank,  on or prior to the date of its  execution  and  delivery of
this  Agreement,  and from time to time  thereafter as  reasonably  requested in
writing by OFI and OCI (but only so long as the Bank remains lawfully able to do
so),  shall  provide  each of OFI and OCI with  two  original  Internal  Revenue
Service forms W-8BEN or W-8ECI,  as appropriate,  or any successor or other form
prescribed by the Internal Revenue  Service,  certifying that the Bank is exempt
from or entitled to a reduced rate of United States  withholding tax on payments
made  by OFI and OCI  pursuant  to this  Agreement  or the  Notes.  If the  form
provided by the Bank indicates a United States interest  withholding tax rate in
excess of zero,  withholding tax at such rate shall be considered  excluded from
Taxes unless and until the Bank provides the appropriate forms

                                                                               7
<PAGE>

certifying that a lesser rate applies,  whereupon withholding tax at such lesser
rate only shall be considered  excluded from Taxes for periods  governed by such
form. If any form or document  referred to in this  subsection  (e) requires the
disclosure of information,  other than information  necessary to compute the tax
payable and information  required on the date hereof by Internal Revenue Service
form W-8BEN or W-8ECI,  that the Bank reasonably  considers to be  confidential,
the Bank shall give notice  thereof to OFI and OCI and shall not be obligated to
include in such form or document such confidential information.

      (f) For any  period  with  respect to which the Bank has failed to provide
OFI and OCI with the appropriate form,  certificate or other document  described
in Section  2.05(e) (other than if such failure is due to a change in law, or in
the interpretation or application  thereof,  occurring subsequent to the date on
which a form,  certificate  or other  document  originally  was  required  to be
provided,  or if such  form,  certificate  or other  document  otherwise  is not
required  under  subsection  (e)  above),  the Bank  shall  not be  entitled  to
indemnification  under  Section  2.05(a) or (c) with respect to Taxes imposed by
the United States by reason of such failure; provided,  however, that should the
Bank  become  subject  to  Taxes  because  of its  failure  to  deliver  a form,
certificate or other document required hereunder,  the Borrowers shall take such
steps as the Bank shall  reasonably  request to assist the Bank to recover  such
Taxes.

      (i) The Bank, at any time it is claiming any  additional  amounts  payable
pursuant to this Section 2.05, agrees to use reasonable efforts (consistent with
its  internal  policy  and  legal and  regulatory  restrictions)  to change  the
jurisdiction  of its lending  office if the making of such a change  would avoid
the need for,  or reduce the amount of,  any such  additional  amounts  that may
thereafter  accrue and would not, in the  reasonable  judgment  of the Bank,  be
otherwise disadvantageous to the Bank.

      Section 2.06.  Payments and Computations.  (a) Each Borrower shall make or
cause to be made each  payment  hereunder  or under the Notes in lawful money of
the United States of America by wire transfer of immediately  available funds to
the Bank at 677 Washington Blvd.,  Stamford CT 06901, ABA No.  026007993,  Ref.:
Omnicom.

      (b) Overdue  payments of  principal,  interest,  or fees and other amounts
payable hereunder shall bear interest, payable on demand, at a rate for each day
equal to the Base Rate for such day plus 2%.

      (c) Interest  determined based upon the Prime Rate shall be computed based
upon a year of 365 days (or 366 days in a leap year),  for the actual  number of
days elapsed  (including  the first day but excluding  the last day).  All other
computations  of  interest  and fees shall be made on the basis of a year of 360
days,  for the  actual  number  of days  elapsed  (including  the  first day but
excluding  the last day).  Notwithstanding  anything to the  contrary  set forth
herein,  interest shall in no event accrue  hereunder at a rate in excess of the
maximum rate permitted under applicable law.

      (d) Whenever any payment to be made hereunder shall be stated to be due on
a day  which  is not a  Business  Day,  such  payment  shall be made on the next
succeeding  Business  Day,  and such  extension of time shall be included in the
computation of payment of interest or fees, as the case may be.

      (e) If for any reason,  including without  limitation due to demand or due
to acceleration  following the occurrence of an Event of Default,  the principal
of any LIBOR  Loan,  or any  portion  thereof,  is paid  prior to the  scheduled
maturity  date  therefor,  or if any LIBOR  Loan is not  borrowed  after  notice
thereof shall have been received by the Bank,  each Borrower will  reimburse the
Bank,  on  demand,  for any  resulting  loss or  expense  incurred  by the Bank,
including

                                                                               8
<PAGE>

without  limitation  any loss or expense  incurred in obtaining,  liquidating or
employing deposits from third parties.

      Section 2.07.  Optional Reduction of Commitment.  The Guarantor may reduce
the unused  portion  of the  Commitment  at any time in whole,  or in part by an
amount equal to  $5,000,000  or a multiple  thereof,  by  delivering to the Bank
written  notice  specifying  the amount of such  reduction and the date on which
such  reduction is to become  effective  (which date may not be earlier than the
date of delivery of such notice). Any such reduction shall be irrevocable.

                                   ARTICLE III

                         REPRESENTATIONS AND WARRANTIES

      Section  3.01.  Representations  and  Warranties  of the  Borrowers.  Each
Borrower represents and warrants to the Bank as follows:

      (a) Such Borrower is a corporation duly organized, validly existing and in
good  standing  under  the laws of the  State of its  organization,  and has all
requisite power and authority,  corporate and otherwise, to conduct its business
as now  conducted  and to own its  properties.  Such Borrower has full power and
authority  to  enter  into  this  Agreement  and  the  Notes  and to  incur  its
obligations  provided  for  herein  and  therein,  all of which  have  been duly
authorized  by all proper  and  necessary  corporate  action on the part of such
Borrower.  This  Agreement has been duly executed and delivered by such Borrower
and  constitutes  the valid and  legally  binding  agreement  of such  Borrower,
enforceable  against  such  Borrower  in  accordance  with its terms,  except as
enforceability may be affected by bankruptcy, insolvency and other laws relating
to or affecting creditors' rights generally and by general principles of equity.
Upon execution and delivery  thereof,  each of the Notes will constitute a valid
and legally binding obligation of such Borrower,  enforceable in accordance with
their respective terms,  except as enforceability may be affected by bankruptcy,
insolvency and other laws relating to or affecting  creditors'  rights generally
and by general principles of equity.

      (b) All consents and  approvals  of, and all notices to and filings  with,
any  governmental  entities or regulatory  bodies required as a condition to the
valid execution,  delivery or performance by such Borrower of this Agreement and
the Notes have been obtained or made. Neither the execution and delivery of this
Agreement or the Notes nor compliance  with the terms and provisions  hereof and
thereof will conflict with,  result in a breach of or constitute a default under
(i) any of the terms, conditions or provisions of the charter or by-laws of such
Borrower, (ii) any law, regulation or order, writ, judgment, injunction, decree,
determination or award of any court or governmental instrumentality or (iii) any
agreement  or  instrument  to which such  Borrower  is a party or by which it is
bound. Such Borrower is not an "investment company" as defined in (or subject to
regulation  under) the Investment  Company Act of 1940 or a "holding company" as
defined in (or subject to regulation  under) the Public Utility  Holding Company
Act of 1935.

Each Borrower will be deemed to have made a representation and warranty, on each
date on which a Loan is made  that the  foregoing  representations  are true and
correct on and as of such date.

      Section  3.02.  Representations  and  Warranties  of  the  Guarantor.  The
Guarantor represents and warrants to the Bank as follows:

      (a) The Guarantor is a corporation duly organized, validly existing and in
good  standing  under  the laws of the  State of its  organization,  and has all
requisite power and authority,  corporate and otherwise, to conduct its business
as now  conducted  and to own its  properties.

                                                                               9
<PAGE>

The Guarantor  has full power and authority to enter into this  Agreement and to
incur  its  obligations  provided  for  herein,  all of  which  have  been  duly
authorized  by all  proper  and  necessary  corporate  action on the part of the
Guarantor.  This Agreement has been duly executed and delivered by the Guarantor
and  constitutes  the valid and  legally  binding  agreement  of the  Guarantor,
enforceable  against  the  Guarantor  in  accordance  with its terms,  except as
enforceability may be affected by bankruptcy, insolvency and other laws relating
to or affecting creditors' rights generally and by general principles of equity.

      (b) All consents and  approvals  of, and all notices to and filings  with,
any  governmental  entities or regulatory  bodies required as a condition to the
valid execution, delivery or performance by the Guarantor of this Agreement have
been obtained or made.  Neither the execution and delivery of this Agreement nor
compliance with the terms and provisions  hereof will conflict with, result in a
breach of or  constitute  a default  under (i) any of the terms,  conditions  or
provisions of the charter or by-laws of the Guarantor,  (ii) any law, regulation
or order,  writ,  judgment,  injunction,  decree,  determination or award of any
court or  governmental  instrumentality  or (iii) any agreement or instrument to
which the Guarantor is a party or by which it is bound.  The Guarantor is not an
"investment  company"  as  defined  in (or  subject  to  regulation  under)  the
Investment  Company Act of 1940 or a "holding company" as defined in (or subject
to regulation under) the Public Utility Holding Company Act of 1935.

      (c) The  consolidated  balance sheet of the Guarantor and its subsidiaries
as at December 31, 2001, and the related  consolidated  statements of income and
cash flows of the Guarantor and its subsidiaries for the fiscal year then ended,
accompanied  by  an  opinion  of  Arthur   Andersen  LLP,   independent   public
accountants,  and  the  consolidated  balance  sheet  of the  Guarantor  and its
subsidiaries  as at June 30, 2002,  and the related  consolidated  statements of
income and cash flows of the Guarantor and its  subsidiaries  for the six months
then ended,  duly  certified by the chief  financial  officer of the  Guarantor,
copies of which have been furnished to the Bank, fairly present, subject, in the
case of said balance  sheet as at June 30, 2002,  and said  statements of income
and cash flows for the six months then ended, to year-end audit adjustments, the
consolidated  financial  condition of the Guarantor and its  subsidiaries  as at
such dates and the  consolidated  results of the operations of the Guarantor and
its  subsidiaries  for the periods ended on such dates,  all in accordance  with
generally accepted accounting principles  consistently  applied.  Since December
31, 2001, there has been no Material Adverse Change.

      (d) There is no action,  suit or  proceeding  pending  against,  or to the
Guarantor's  knowledge threatened against or affecting,  the Guarantor or any of
its subsidiaries before any court or arbitrator or any governmental body, agency
or official  which,  (i) could be reasonably  likely to have a Material  Adverse
Effect  other  than the  matters  described  on  Schedule  3.02(d)  hereto  (the
"Disclosed  Litigation")  or (ii) purports to affect the  legality,  validity or
enforceability  of  this  Agreement  or  any  Note  or the  consummation  of the
transactions contemplated hereby, and there shall have been no adverse change in
the status, or financial effect on the Guarantor or any of its subsidiaries,  of
the Disclosed Litigation from that described on Schedule 3.02(d) hereto.

The Guarantor will be deemed to have made a representation and warranty, on each
date on which a Loan is made that the foregoing  representations (except, in the
case of a Loan after the Closing Date, the representations set forth in the last
sentence of subsection  3.02(c) thereof and in subsection  3.02(d)) are true and
correct on and as of such date.

                                                                              10
<PAGE>

                                   ARTICLE IV

                                    COVENANTS

      Section 4.01.  Covenants of the  Borrowers.  Each  Borrower  covenants and
agrees that until the later to occur of (i) the  Termination  Date, and (ii) the
performance of all obligations of such Borrower hereunder and under the Notes:

      (a)  General  Affirmative  Covenants.  Such  Borrower  will  maintain  its
corporate  existence in good standing,  and will comply in all material respects
with all applicable  laws,  rules,  regulations  and orders of any  governmental
authority  noncompliance  with which would have a material adverse effect on its
financial  condition  or  operations  or on its ability to meet its  obligations
hereunder,  and will  continue to engage in business of the same general type as
that engaged in by such Borrower on the date hereof.  Such Borrower will pay and
discharge,   at  or  before  maturity,  all  its  obligations  and  liabilities,
including,  without limitation,  tax liabilities,  where failure to satisfy such
obligations or liabilities in the aggregate would have a material adverse effect
on its  financial  condition,  operations  or  ability  to meet its  obligations
hereunder.  Such Borrower's  obligations hereunder and under the Notes will rank
pari passu with all other unsubordinated obligations of such Borrower (except as
to rights in collateral).

      (b) Use of proceeds.  Each Borrower will use the proceeds of the Loans for
general  corporate  purposes.  None of such  proceeds  will be used  directly or
indirectly for the purpose (whether immediate, incidental or ultimate) of buying
or carrying any "margin  stock"  within the meaning of Regulation U of the Board
of Governors of the Federal Reserve System.

      (c) Notice under the Reference Credit Agreement. Such Borrower shall cause
to be  delivered  to the Bank a copy of each and every  notice  delivered to the
Agent or any Lender in connection with the Reference Credit Agreement; and shall
use  commercially  reasonable  efforts to cause such  delivery to be made to the
Bank on the date  such  notice is  delivered  to the  Agent or such  Lender.  In
addition,  the Bank shall be invited to  participate  in all bank  meetings  and
conference   calls  conducted  with  the  Lenders  under  the  Reference  Credit
Agreement.

      Section 4.02.  Covenants of the  Guarantor.  The  Guarantor  covenants and
agrees that until the later to occur of (i) the  Termination  Date, and (ii) the
performance of all obligations of each Borrower hereunder and under the Notes:

      (a)  Incorporated  Covenants.  The Guarantor  will comply with each of the
covenants set forth in Article V of the Reference Credit Agreement.

      (b) Reporting Requirements. Furnish to the Bank:

      (i) as soon as available  and in any event within 50 days after the end of
each of the first  three  quarters of each  fiscal  year of the  Guarantor,  the
consolidated  balance sheet of the Guarantor and its  subsidiaries as of the end
of such  quarter  and  consolidated  statements  of income and cash flows of the
Guarantor  and its  subsidiaries  for the  period  commencing  at the end of the
previous  fiscal year and ending with the end of such  quarter,  duly  certified
(subject to year-end audit  adjustments) by the chief  financial  officer of the
Guarantor  as  having  been  prepared  in  accordance  with  generally  accepted
accounting  principles and  certificates of the chief  financial  officer of the
Guarantor as to compliance with the terms of this Agreement and setting forth in
reasonable  detail the  calculations  necessary to demonstrate  compliance  with
Section 5.03 of the Reference  Credit  Agreement,  provided that in the event of
any change in generally accepted  accounting  principles used in the preparation
of such financial statements, the Guarantor shall also provide, if necessary for
the  determination  of  compliance  with  Section 5.03 of the  Reference

                                                                              11
<PAGE>

Credit  Agreement,  a statement  of  reconciliation  conforming  such  financial
statements to generally accepted accounting principles;

      (ii)as soon as available  and in any event within 95 days after the end of
each fiscal year of the  Guarantor,  a copy of the annual  audit report for such
year for the Guarantor and its subsidiaries, containing the consolidated balance
sheet of the  Guarantor and its  subsidiaries  as of the end of such fiscal year
and  consolidated  statements  of income and cash flows of the Guarantor and its
subsidiaries  for such  fiscal  year,  in each case  accompanied  by an  opinion
acceptable  to the  Bank by KPMG  LLP or other  independent  public  accountants
acceptable to the Bank and  certificates of the chief  financial  officer of the
Guarantor as to compliance with the terms of this Agreement and setting forth in
reasonable  detail the  calculations  necessary to demonstrate  compliance  with
Section 5.03 of the Reference  Credit  Agreement,  provided that in the event of
any change in generally accepted  accounting  principles used in the preparation
of such financial statements, the Guarantor shall also provide, if necessary for
the  determination  of  compliance  with  Section 5.03 of the  Reference  Credit
Agreement, a statement of reconciliation conforming such financial statements to
generally accepted accounting principles;

      (iii) as soon as  possible  and in any event  within  five days  after any
senior  officer of the  Guarantor  or a Borrower  becomes  aware or should  have
become aware of the  occurrence of any Default,  the  occurrence of each Default
continuing  on the date of such  statement,  a statement of the chief  financial
officer of the  Guarantor  setting  forth details of such Default and the action
that the Guarantor has taken and proposes to take with respect thereto;

      (iv)promptly  after the sending or filing  thereof,  copies of all reports
that  the  Guarantor  sends to any of its  securityholders,  and  copies  of all
reports and  registration  statements that the Guarantor or any subsidiary files
with the Securities and Exchange Commission or any national securities exchange;

      (v) promptly  after the  commencement  thereof,  notice of all actions and
proceedings before any court,  governmental  agency or arbitrator  affecting the
Guarantor or any of its subsidiaries of the type described in Section 4.01(f) of
the Reference Credit Agreement; and

      (vi)such  other  information  respecting  the  Guarantor  or  any  of  its
subsidiaries as the Bank may from time to time reasonably request.

      Reports and financial statements required to be delivered by the Guarantor
pursuant to paragraphs  (i), (ii), (iv) and (v) of this Section 4.02(b) shall be
deemed to have been  delivered  on the date on which it posts such  reports,  or
reports containing such financial statements,  on its website on the Internet at
www.omnicomgroup.com  or when such reports, or reports containing such financial
statements,  are posted on the SEC's website at  www.sec.gov;  provided that the
Guarantor shall deliver notice that such reports and financial statements are so
available to the Bank.

                                    ARTICLE V

                                EVENTS OF DEFAULT

      Section  5.01.  Events of Default.  (a) The  following  events  constitute
Events of Default hereunder:

      (i) The principal amount of any Loan shall not be paid when due; or

                                                                              12
<PAGE>

      (ii)  Any  other  amount  payable  under  this  Agreement,  or  the  Notes
(including  interest)  shall not be paid within two Business Days after the same
shall become due; or

      (iii) A Default shall occur in the due  observance or  performance  by any
Borrower or the Guarantor of any other term,  covenant or agreement contained in
this  Agreement  (provided  that, in the case of  Guarantor's  obligation  under
Section 4.02(a) hereof to perform its covenants under Article V of the Reference
Credit  Agreement,  the same  requirements  of notice and cure applicable to any
such covenant  under Section  6.01(c) of the Reference  Credit  Agreement  shall
apply to the corresponding obligation of Guarantor under Section 4.02(a) hereof)
or in the Notes or any Event of  Default  (as  defined in the  Reference  Credit
Agreement) shall have occurred and be continuing; or

      (iv) Any  representation  or warranty of the Guarantor or any Borrower (a)
herein or any statement or representation made in any application,  certificate,
report or opinion delivered in connection  herewith or (b) to the lenders in the
Reference  Credit Agreement or any document  delivered in connection  therewith,
shall prove to have been  incorrect or misleading  in any material  respect when
made or deemed made; or

      (v) The Guarantor or any of its  subsidiaries  shall generally not pay its
debts as such debts  become due, or shall admit in writing its  inability to pay
its debts  generally,  or shall  make a general  assignment  for the  benefit of
creditors;  or any proceeding shall be instituted by or against the Guarantor or
any of its  subsidiaries  seeking to adjudicate  it a bankrupt or insolvent,  or
seeking  liquidation,  winding  up,  reorganization,   arrangement,  adjustment,
protection,  relief, or composition of it or its debts under any law relating to
bankruptcy,  insolvency or reorganization  or relief of debtors,  or seeking the
entry  of an  order  for  relief  or the  appointment  of a  receiver,  trustee,
custodian or other similar  official for it or for any  substantial  part of its
property and, in the case of any such proceeding  instituted against it (but not
instituted by it), either such proceeding  shall remain  undismissed or unstayed
for a  period  of 60  days,  or any of the  actions  sought  in such  proceeding
(including, without limitation, the entry of an order for relief against, or the
appointment of a receiver,  trustee, custodian or other similar official for, it
or for any  substantial  part of its property)  shall occur; or the Guarantor or
any of its subsidiaries  shall take any corporate action to authorize any of the
actions set forth above in this subsection (v);

      (b) If an Event of Default occurs and is  continuing,  (A) the Bank may by
notice to each  Borrower  and the  Guarantor  declare the Loans  (together  with
accrued interest  thereon) to be, and they shall thereupon  become,  immediately
due without presentment,  demand or other notice, all of which are hereby waived
by the Borrowers  (provided that, in the case of an Event of Default referred to
in clause (v) of subsection  (a) above with respect to such  Borrower,  the same
shall occur with  respect to all Loans  automatically  without any notice or any
other act by the Bank)  and/or  (B) the Bank may  exercise  any other  rights or
remedies it may have under this Agreement or under the Notes and take such other
action as is permitted at law or in equity.

                                   ARTICLE VI

                                    GUARANTY

      SECTION 6.01. Guaranty.  The Guarantor hereby absolutely,  unconditionally
and irrevocably  guarantees the punctual  payment when due, whether at scheduled
maturity or on any date of a required  prepayment or by acceleration,  demand or
otherwise,  of all obligations of the Borrowers now or hereafter  existing under
or  in  respect  of  the  this  Agreement  and  the  Notes  (including,  without
limitation, any extensions, modifications, substitutions, amendments or renewals
of any  or  all of the  foregoing  obligations),  whether  direct  or  indirect,
absolute or contingent,  and whether for principal,  interest,  premiums,  fees,
indemnities,  contract  causes of

                                       13
<PAGE>

action,  costs,  expenses or otherwise (such  obligations  being the "Guaranteed
Obligations"),  and  agrees  to pay  any and all  expenses  (including,  without
limitation,  fees and expenses of outside  counsel and the  allocated  costs and
expenses of in-house counsel) incurred by the Bank in enforcing any rights under
this  Agreement.   Without  limiting  the  generality  of  the  foregoing,   the
Guarantor's  liability  shall extend to all amounts that  constitute part of the
Guaranteed Obligations and would be owed by any other Borrower to the Bank under
or in  respect  of this  Agreement  and the Notes but for the fact that they are
unenforceable   or  not   allowable  due  to  the  existence  of  a  bankruptcy,
reorganization or similar proceeding involving such Borrower.

      SECTION  6.02.  Guaranty  Absolute.  The  Guarantor  guarantees  that  the
Guaranteed  Obligations  will be paid strictly in  accordance  with the terms of
this Agreement and the Notes,  regardless of any law, regulation or order now or
hereafter  in  effect in any  jurisdiction  affecting  any of such  terms or the
rights of the Bank with  respect  thereto.  This  Guaranty  is an  absolute  and
unconditional  guaranty  of  payment  when due,  and not of  collection,  by the
Guarantor of the Guaranteed Obligations.  The obligations of the Guarantor under
or in respect of this Guaranty are independent of the Guaranteed  Obligations or
any other  obligations of any Borrower under or in respect of this Agreement and
the Notes,  and a  separate  action or actions  may be  brought  and  prosecuted
against the  Guarantor to enforce  this  Guaranty,  irrespective  of whether any
action is brought  against any Borrower or whether any Borrower is joined in any
such action or actions. The liability of the Guarantor under this Guaranty shall
be irrevocable,  absolute and  unconditional  irrespective of, and the Guarantor
hereby  irrevocably  waives any defenses it may now have or hereafter acquire in
any way relating to, any or all of the following:

      (a) any  lack of  validity  or  enforceability  of any  provision  of this
Agreement or any Notes or any agreement or instrument relating thereto;

      (b) any change in the time, manner or place of payment of, or in any other
term of, all or any of the Guaranteed  Obligations  or any other  obligations of
any Borrower  under or in respect of this  Agreement or the Notes,  or any other
amendment  or waiver of or any consent to departure  from this  Agreement or the
Notes, including, without limitation, any increase in the Guaranteed Obligations
resulting from the extension of additional  credit to any Borrower or any of its
subsidiaries or otherwise;

      (c) any taking, exchange,  release or non-perfection of any collateral, or
any taking, release or amendment or waiver of, or consent to departure from, any
other guaranty, for all or any of the Guaranteed Obligations;

      (d) any manner of application of collateral,  or proceeds thereof,  to all
or any of the Guaranteed Obligations, or any manner of sale or other disposition
of any  collateral  for all or any of the  Guaranteed  Obligations  or any other
obligations  of any  Borrower  under  this  Agreement  or the Notes or any other
assets of any Borrower or any of its subsidiaries;

      (e) any change, restructuring or termination of the corporate structure or
existence of any Borrower or any of its subsidiaries;

      (f) any failure of the Bank to disclose to the Guarantor  any  information
relating  to the  business,  condition  (financial  or  otherwise),  operations,
performance,  properties or prospects of any Borrower now or hereafter  known to
the Bank (the  Guarantor  waiving  any duty on the part of the Bank to  disclose
such information);

      (g) the  failure of any other  person or entity to execute or deliver  any
other  guaranty or  agreement  or the release or  reduction  of liability of the
Guarantor  or  other   guarantor  or  surety  with  respect  to  the  Guaranteed
Obligations; or

                                                                              14
<PAGE>

      (h) any other circumstance (including,  without limitation, any statute of
limitations) or any existence of or reliance on any  representation  by the Bank
that might otherwise  constitute a defense  available to, or a discharge of, any
Borrower or the Guarantor or any other guarantor or surety.

      This Guaranty shall continue to be effective or be reinstated, as the case
may be,  if at any time any  payment  of any of the  Guaranteed  Obligations  is
rescinded  or must  otherwise  be  returned  by the Bank or any other  person or
entity upon the  insolvency,  bankruptcy  or  reorganization  of any Borrower or
otherwise, all as though such payment had not been made.

      SECTION  6.03.  Waivers  and  Acknowledgments.  (a) The  Guarantor  hereby
unconditionally  and  irrevocably  waives  promptness,   diligence,   notice  of
acceptance,  presentment,  demand  for  performance,  notice of  nonperformance,
default, acceleration,  protest or dishonor and any other notice with respect to
any of the Guaranteed Obligations and this Guaranty and any requirement that the
Bank protect, secure, perfect or insure any Lien or any property subject thereto
or exhaust any right or take any action against any Borrower or any other person
or entity or any collateral.

      (b) The Guarantor hereby  unconditionally and irrevocably waives any right
to revoke this  Guaranty and  acknowledges  that this  Guaranty is continuing in
nature and applies to all Guaranteed Obligations, whether existing now or in the
future.

      (c) The Guarantor hereby  unconditionally  and irrevocably  waives (i) any
defense  arising by reason of any claim or defense  based  upon an  election  of
remedies by the Bank that in any manner impairs,  reduces, releases or otherwise
adversely affects the subrogation,  reimbursement,  exoneration, contribution or
indemnification  rights of the  Guarantor  or other  rights of the  Guarantor to
proceed against any of the Borrowers, any other guarantor or any other person or
entity or any  collateral  and (ii) any defense based on any right of set-off or
counterclaim  against  or  in  respect  of  the  obligations  of  the  Guarantor
hereunder.

      (d) The Guarantor hereby  unconditionally  and irrevocably waives any duty
on the part of the Bank to disclose to the Guarantor  any matter,  fact or thing
relating  to the  business,  condition  (financial  or  otherwise),  operations,
performance,  properties or prospects of any Borrower or any of its subsidiaries
now or hereafter known by the Bank.

      (e) The Guarantor acknowledges that it will receive substantial direct and
indirect benefits from the financing arrangements contemplated by this Agreement
and  that the  waivers  set  forth in  Section  6.02 and this  Section  6.03 are
knowingly made in contemplation of such benefits.

      SECTION  6.04.  Subrogation.  The  Guarantor  hereby  unconditionally  and
irrevocably  agrees not to exercise any rights that it may now have or hereafter
acquire against any Borrower or any other insider  guarantor that arise from the
existence,  payment,  performance or enforcement of the Guarantor's  obligations
under or in respect of this Guaranty,  including,  without limitation, any right
of subrogation, reimbursement,  exoneration, contribution or indemnification and
any right to participate in any claim or remedy of the Bank against any Borrower
or any other  insider  guarantor or any  collateral,  whether or not such claim,
remedy  or right  arises in equity or under  contract,  statute  or common  law,
including, without limitation, the right to take or receive from any Borrower or
any other insider guarantor,  directly or indirectly,  in cash or other property
or by set-off or in any other  manner,  payment or  security  on account of such
claim, remedy or right,  unless and until all of the Guaranteed  Obligations

                                                                              15
<PAGE>

and all other amounts  payable under this Guaranty  shall have been paid in full
in cash and the Commitments shall have expired or been terminated. If any amount
shall  be  paid to the  Guarantor  in  violation  of the  immediately  preceding
sentence  at any time  prior to the later of the  payment in full in cash of the
Guaranteed Obligations and all other amounts payable under this Guaranty and the
Termination  Date,  such  amount  shall be  received  and held in trust  for the
benefit of the Bank,  shall be segregated  from other  property and funds of the
Guarantor and shall  forthwith be paid or delivered to the Bank in the same form
as so received (with any necessary endorsement or assignment) to be credited and
applied to the Guaranteed  Obligations  and all other amounts payable under this
Guaranty,  whether  matured or unmatured,  in accordance  with the terms of this
Agreement,  or to be held as collateral for any Guaranteed  Obligations or other
amounts  payable under this Guaranty  thereafter  arising.  If (i) the Guarantor
shall make payment to the Bank of all or any part of the Guaranteed Obligations,
(ii) all of the Guaranteed  Obligations and all other amounts payable under this
Guaranty  shall  have been paid in full in cash and (iii) the  Termination  Date
shall have  occurred,  the Bank will,  at the  Guarantor's  request and expense,
execute and deliver to the Guarantor appropriate documents, without recourse and
without  representation  or  warranty,  necessary  to evidence  the  transfer by
subrogation  to the  Guarantor  of an  interest  in the  Guaranteed  Obligations
resulting from such payment made by the Guarantor pursuant to this Guaranty.

      SECTION 6.05. Subordination. The Guarantor hereby subordinates any and all
debts,  liabilities and other obligations owed to the Guarantor by each Borrower
(the "Subordinated Obligations") to the Guaranteed Obligations to the extent and
in the manner hereinafter set forth in this Section 6.05:

      (a) Prior Payment of Guaranteed  Obligations.  In any proceeding under any
bankruptcy or insolvency law relating to any Borrower, the Guarantor agrees that
the Bank shall be entitled to receive  payment in full in cash of all Guaranteed
Obligations (including all interest and expenses accruing after the commencement
of a  proceeding  under  any  bankruptcy  or  insolvency  law,  whether  or  not
constituting  an allowed claim in such proceeding  ("Post  Petition  Interest"))
before the Guarantor receives payment of any Subordinated Obligations.

      (b)  Turn-Over.  After the  occurrence  and during the  continuance of any
Event of Default under Section 6.01(e) of the Reference  Credit  Agreement,  the
Guarantor shall, if the Bank so requests,  collect, enforce and receive payments
on account of the  Subordinated  Obligations as trustee for the Bank and deliver
such payments to the Bank on account of the  Guaranteed  Obligations  (including
all Post Petition Interest),  together with any necessary  endorsements or other
instruments  of  transfer,  but without  reducing or affecting in any manner the
liability of the Guarantor under the other provisions of this Guaranty.

      (c) Authorization.  After the occurrence and during the continuance of any
Event of Default under Section 6.01(e) of the Reference  Credit  Agreement,  the
Bank is authorized  and empowered  (but without any obligation to so do), in its
discretion,  (i) in the name of the  Guarantor,  to collect and enforce,  and to
submit claims in respect of,  Subordinated  Obligations and to apply any amounts
received  thereon  to the  Guaranteed  Obligations  (including  any and all Post
Petition  Interest),  and (ii) to  require  the  Guarantor  (A) to  collect  and
enforce, and to submit claims in respect of, Subordinated Obligations and (B) to
pay any amounts  received on such obligations to the Bank for application to the
Guaranteed Obligations (including any and all Post Petition Interest).

      (d) Pari passu.  The Guarantor's  obligations  under this Section 6.05 are
pari passu with its  obligations  under  Section  7.05 of the  Reference  Credit
Agreement.  Any payments under this Section 6.05 shall be applied to obligations
under this  Agreement and the Reference  Credit  Agreement on a pro-rata  basis,
based upon amounts outstanding under both agreements.

      SECTION  6.06.  Continuing  Guaranty;  Assignments.  This  Guaranty  is  a
continuing  guaranty  and shall (a) remain in full  force and  effect  until the
later of the payment in full in cash of the Guaranteed Obligations and all other
amounts  payable under this Guaranty and the  Termination  Date,  (b) be binding
upon the  Guarantor,  its successors and assigns and (c) inure to

                                                                              16
<PAGE>

the benefit of and be enforceable by the Bank and their successors,  transferees
and assigns.  Without  limiting the generality of clause (c) of the  immediately
preceding sentence, the Bank may assign or otherwise transfer all or any portion
of  its  rights  and  obligations  under  this  Agreement  (including,   without
limitation, all or any portion of its Commitments, the Loans owing to it and the
Note or Notes  held by it) to any other  person,  and such  other  person  shall
thereupon  become vested with all the benefits in respect thereof granted to the
Bank  herein.  The  Guarantor  shall  not have the right to  assign  its  rights
hereunder or any interest herein without the prior written consent of the Bank.

                                   ARTICLE VII

                                  MISCELLANEOUS

      Section 7.01.  Amendments and Waivers.  No failure or delay on the part of
the Bank in  exercising  any power or right  hereunder  or under the Notes shall
operate as a waiver  thereof,  nor shall any single or partial  exercise  of any
such  right or power  preclude  any other or  further  exercise  thereof  or the
exercise of any other right or power  hereunder.  No  amendment or waiver of any
provision of this  Agreement  or the Notes nor consent to any  departure by each
Borrower  herefrom or therefrom shall in any event be effective  unless the same
shall be in writing and signed by the Bank and each Borrower, and such waiver or
consent  shall be effective  only in the specific  instance and for the specific
purpose  for which  given.  No notice to or demand on each  Borrower in any case
shall, of itself, entitle such Borrower to any other or further notice or demand
in similar or other circumstances.

      Section 7.02.  Notices.  Any communication,  demand, or notice to be given
hereunder  will be duly given and  deemed to have been  received  when  actually
delivered (or 72 hours after having been deposited in the mails with first class
postage  prepaid) to such party at the address  specified on the signature pages
hereof  (or at such  other  address  as such  party  shall  specify to the other
parties  in  writing),   including  delivery  by  telex,   telecopier  or  other
telecommunication  device capable of  transmitting or creating a written record.
The  Bank  may  (but  shall  not be  required  to)  accept  and act  upon  oral,
telephonic,  faxed or other forms of notices or instructions  hereunder that the
Bank  believes in good faith to have been given by a person  authorized to do so
on behalf of such Borrower.  The Bank shall be fully protected and held harmless
by each Borrower,  and shall have no liability for, acting on any such notice or
instruction  that the Bank believes in good faith to have been given by a person
authorized to do so on behalf of such Borrower.

      Section 7.03. Set-off.  Each Borrower hereby grants to the Bank a right of
set-off  against any amounts due and payable by such Borrower  (including any of
its offices or divisions)  with respect to this  Agreement in any demand deposit
or other account maintained with any office of UBS AG.

      Section 7.04  Successors and Assigns.  This  Agreement  shall inure to the
benefit  of,  and  shall be  enforceable  by,  the Bank and its  successors  and
assigns. The Bank may assign any of its rights or obligations hereunder or under
the Notes to any other  office or affiliate of UBS AG or with the consent of the
Guarantor (which consent shall not be unreasonably withheld) to any third party;
provided that from and after the occurrence of an Event of Default, the Bank may
assign any of its rights or  obligations  hereunder  without  the consent of the
Guarantor.  The Bank may assign the Notes or any portion  thereof to any Federal
Reserve  Bank.  Neither any Borrower nor the  Guarantor  may assign or otherwise
transfer  any of its rights or  obligations  under this  Agreement  or the Notes
without the prior, written consent of the Bank.

                                                                              17
<PAGE>

      Section 7.05.  Costs,  Expenses and Taxes.  Each Borrower agrees to pay on
demand  all  costs  and  expenses  of the Bank,  including  reasonable  fees and
expenses of  counsel,  in  connection  with the  enforcement  against it of this
Agreement and the Notes and the  protection  of the Bank's rights  hereunder and
thereunder,  including any bankruptcy,  insolvency,  enforcement  proceedings or
restructuring  with respect to such Borrower.  In addition,  each Borrower shall
pay any and all stamp  and other  taxes and fees  payable  or  determined  to be
payable in connection with the execution, delivery, filing and recording of this
Agreement  and the Notes and agrees to save the Bank  harmless  from and against
any and all liabilities with respect to or resulting from any delay in paying or
omission to pay such taxes and fees.

      Section  7.06.  Governing  Law.  THIS  AGREEMENT  SHALL BE GOVERNED BY AND
CONSTRUED IN ACCORDANCE  WITH THE LAWS OF THE STATE OF NEW YORK (WITHOUT  REGARD
TO CONFLICT OF LAW PRINCIPLES).  Each Borrower hereby irrevocably submits to the
non-exclusive  jurisdiction  of any U.S.  federal or state court in the State of
New York for the purpose of any suit, action, proceeding or judgment relating to
or arising out of this Agreement or the Notes.  Each Borrower hereby consents to
the laying of venue in any such suit,  action or  proceeding in New York County,
New York, and hereby  irrevocably waives any claim that any such suit, action or
proceeding  brought in such a court has been brought in an  inconvenient  forum.
Any  process in any such  action  shall be duly  served if mailed by  registered
mail, postage prepaid,  to such Borrower at its address  designated  pursuant to
Section 6.02.

      Section 7.07. Counterparts;  Integration.  This Agreement may be signed in
any number of  counterparts,  each of which shall be an original,  with the same
effect  as if all  signatures  thereon  were  upon  the  same  instrument.  This
Agreement,  and the Notes  constitute  the entire  agreement  and  understanding
between the  Borrowers,  the  Guarantor and the Bank with respect to the subject
matter  hereof,  and  supersede any prior  agreements  and  understandings  with
respect thereto.

      Section 7.08 Confidentiality. The Bank shall not disclose any Confidential
Information  to any other person or entity without the consent of the Guarantor,
other  than  (a)  to  the  Bank's  affiliates  and  their  officers,  directors,
employees,  agents  and  advisors  and to actual or  prospective  assignees  and
participants, and then only on a confidential basis, (b) as required by any law,
rule or  regulation  or judicial  process,  (c) as  requested or required by any
state,  federal or foreign authority or examiner regulating banks or banking and
(d) in  connection  with the  exercise of any  remedies  hereunder  or any suit,
action or proceeding  relating to this  Agreement or the  enforcement  of rights
hereunder.

      Notwithstanding   anything  in  this   Agreement  to  the  contrary,   any
Information  with respect to the "tax  treatment"  or "tax  structure"  (in each
case,  within the  meaning  of  Treasury  Regulation  section  1.6011-4)  of the
transactions  contemplated  hereby  shall not be  confidential  and the Bank and
other parties hereto may disclose without limitation of any kind any Information
that is provided to the parties  hereto with respect to the "tax  treatment"  or
"tax structure" (in each case, within the meaning of Treasury Regulation section
1.6011-4); provided, that to the extent

any document  contains  Information  that relates to the "tax treatment" or "tax
structure" and contains other  information,  this paragraph  shall only apply to
the information regarding the "tax treatment" or "tax structure."

      Section 7.09. WAIVER OF JURY TRIAL.  EACH OF THE BORROWERS,  THE GUARANTOR
AND THE BANK HEREBY  IRREVOCABLY  WAIVES ANY RIGHT TO TRIAL BY JURY IN ANY LEGAL
PROCEEDING RELATING TO THIS AGREEMENT OR THE TRANSACTIONS CONTEMPLATED HEREBY.

                                                                              18
<PAGE>

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

                                          OMNICOM FINANCE INC.
                                          437 Madison Avenue
                                          New York, NY  10022
                                          Attn.: Dennis E. Hewitt

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

                                          OMNICOM CAPITAL INC.
                                          1 East Weaver Street
                                          Greenwich, Connecticut 06831
                                          Attn.: Dennis E. Hewitt

                                          By /s/ Dennis E. Hewitt
                                             -----------------------------------
                                             Title: President and CEO

                                          OMNICOM FINANCE PLC
                                             c/o Omnicom Group Inc.
                                          437 Madison Avenue
                                          New York, New York 10022
                                          Attn.: Dennis E. Hewitt

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

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

                                                                              19
<PAGE>

                                          OMNICOM GROUP INC.
                                          437 Madison Avenue
                                          New York, NY  10022
                                          Attn.: Dennis E. Hewitt

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

                                          UBS AG
                                             Cayman Islands Branch

                                          C/o UBS
                                          677 Washington Blvd.,
                                          Stamford CT 06901
                                          Attn.: Marie Haddad
                                          Phone: 203-719-5609
                                          fax: 203-719-3888

                                          By /s/ Wilfred V. Saint
                                             -----------------------------------
                                           Title: Associate Director
                                               Banking Products Services, US

                                          By /s/ Thomas R. Salzano
                                             -----------------------------------
                                             Title: Director
                                                    Banking Product Services, US

                                                                              20
<PAGE>

                                                                       Exhibit A

                                Promissory Notes

US$____________                                            _______________, 2003

____________, a ______________ corporation (the "Borrower"), for value received,
hereby promises to pay to the order of UBS AG, Cayman Islands Branch  (including
its successors and assigns, the "Bank"), c/o UBS, 677 Washington Blvd., Stamford
CT  06901,  in  lawful  money  of  the  United  States,  the  principal  sum  of
______________  U.S.  Dollars or, if less, the aggregate unpaid principal amount
of all  loans  ("Loans")  made  by the  Bank  to the  Borrower  pursuant  to the
Revolving  Credit  Agreement dated as of April 30, 2003 (as amended from time to
time, the "Agreement") among OMNICOM FINANCE INC., OMNICOM CAPITAL INC., OMNICOM
FINANCE PLC (as Borrowers), OMNICOM GROUP INC. (as Guarantor) and the Bank. Each
Loan shall  mature on the date  specified in or pursuant to the  Agreement,  and
such maturity shall be subject to  acceleration in the  circumstances  specified
therein.  Each Loan shall bear  interest at the rate or rates and such  interest
shall be payable on the date or dates specified in or pursuant to the Agreement.

Loan and  related  information  may be  endorsed  by the Bank  hereon  or upon a
schedule that may be attached  hereto and made a part hereof;  provided that the
failure of the Bank to make any such  endorsement or any error in doing so shall
not affect the obligations of the Borrower hereunder or under the Agreement.

                                             [Name of Borrower]

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

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