Document:

Exhibit 10.44

                                     FORM OF
                     CHANGE OF CONTROL EMPLOYMENT AGREEMENT

     THIS  AGREEMENT,  which  shall  only  become  effective  as  an  employment
agreement upon satisfaction of the conditions  described in Section 1 hereof, is
made as of the 21st day of March, 2000 between and among Hibernia Corporation, a
Louisiana  corporation  (the  "Company"),  Hibernia  National  Bank,  a national
banking association (the "Bank")  (collectively,  with their direct and indirect
subsidiaries, ("Hibernia") and ((FULLNAME)) ("Executive").

                              W I T N E S S E T H:

     WHEREAS,  Hibernia  and/or the Bank  employs  Executive  in a  position  of
significant authority and responsibility;

     WHEREAS,  Hibernia  on  behalf of itself  and its  shareholders,  wishes to
attract and retain  well-qualified  executives  and key  personnel and to assure
itself of the continuity of its management;

     WHEREAS,  Hibernia recognizes that Executive is a valuable resource and, in
the event of a change of control of the Company or the Bank, Hibernia desires to
assure  itself of  Executive's  continued  loyalty and services or, in the event
Executive is terminated  or adversely  modified as a result  thereof,  to assure
Executive of adequate severance; and

     WHEREAS, in the event of a change of control of Hibernia,  Hibernia desires
to assure,  as much as possible,  that its management  team remains intact for a
period  of time  after  the  change  of  control  in  order  to  assure a smooth
transition and to increase the value of its franchise to its shareholders.

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

1.   Employment.
     ----------

     In the event of a change of control  of  Hibernia  or the Bank,  as defined
herein below,  Hibernia hereby agrees to continue  Executive in its employ,  and
Executive  hereby  agrees to remain in the  employ of  Hibernia,  for the period
commencing on the  Effective  Date of the change in control,  as defined  herein
below,  and  ending on the last day of the month  that is [one  year/two  years]
after the Effective Date (the "Employment  Period").  It is hereby  acknowledged
and agreed that this Agreement shall not operate to ensure employment, and shall
not constitute an employment agreement, until and unless a change of control, as
defined herein,  occurs, and, in the event of a change of control,  only for the
Employment Period, as defined above.

2.   Position and Duties.
     -------------------

     (a) During the Employment  Period,  Executive  shall hold such position and
exercise  such  authority and perform such duties as are  commensurate  with the
position  held and  authority  being  exercised  and duties  being  performed by
Executive  immediately  prior to the Effective  Date,  which  services  shall be
performed at the location where Executive was employed  immediately prior to the
Effective  Date or at such other  location as Hibernia  may  reasonably  require
within a  20-mile  radius  of the  location  at  which  Executive  was  employed
immediately  prior to the Effective Date. The position,  authority and duties of
Executive  shall be  deemed to be not  commensurate  with  Executive's  previous
position,  authority  or duties  if (i)  Hibernia  becomes a direct or  indirect
subsidiary  of  another  corporation  or  corporations  or  becomes  controlled,
directly  or  indirectly,  by  one  or  more  unincorporated  entities  ("parent
company")  or (ii)  all or  substantially  all of the  assets  of  Hibernia  are
acquired  by  another   corporation  or   unincorporated   entity  or  group  of
corporations  or  unincorporated  entities  owned  or  controlled,  directly  or
indirectly,  by another  corporation  or  unincorporated  entity  ("successor"),
unless,  in either case,  Executive's  position,  authority and duties with such
parent company or successor are at least  commensurate in all material  respects
with those held,  exercised and assigned with Hibernia  immediately prior to the
Effective Date.

     (b)  Excluding  periods of vacation  and sick leave to which  Executive  is
entitled,  Executive  agrees that during the Employment  Period  Executive shall
devote  his  or  her  full   business   time  and   attention   to   Executive's
responsibilities   as  described  herein  and  shall  perform  such  duties  and
responsibilities  faithfully  and  efficiently.  Notwithstanding  the foregoing,
Executive  may  engage  in such  outside  professional,  civic,  charitable  and
personal  activities as are permitted by Hibernia's  Code of Ethics and which do
not  materially  interfere  with  the  performance  of  Executive's  duties  and
responsibilities.

3.   Compensation and Benefits.
     -------------------------

     During  the  Employment  Period,  Executive  shall  receive  the  following
compensation and benefits:

     (a) An annual  base  salary  which is not less than his or her annual  base
salary  immediately prior to the Effective Date.  During the Employment  Period,
Executive's  annual base salary shall be reviewed at least annually and shall be
increased  from time to time  consistent  with  increases  in annual base salary
awarded  in the  ordinary  course  of  business  to  other  executives  and  key
employees.  Any  increase in annual  base  salary  shall not limit or reduce any
other  obligation to Executive under this  Agreement.  Hibernia shall not reduce
Executive's annual base salary during the Employment Period without  Executive's
consent.

     (b) A bonus  (either  pursuant to a bonus or  incentive  plan or program of
Hibernia or  otherwise)  in cash at least equal to the product of the average of
the  bonus  payout  ratio (1) for the three  years  (or such  shorter  period as
Executive has been employed by Hibernia)  prior to the Effective Date (expressed
as a fraction)  times the target  bonus for the year in question  (such bonus is
hereinafter  sometimes  referred  to as  the  "Employment  Period  Bonus").  For
purposes of this paragraph (b), the parties acknowledge and agree that the bonus
payout ratio is the  percentage of  Executive's  target bonus for the year(s) in
question which was actually awarded to Executive in the year(s) in question. The
annual bonus shall be payable within 60 days after the end of each fiscal year.

     (c)  Notwithstanding  anything  in  paragraph  (b)  above to the  contrary,
however,  Executive  shall not be entitled to an  Employment  Period  Bonus with
respect  to any  year  for  which no  bonuses  have  been or will be paid to any
officer  eligible to receive a bonus from Hibernia.  It is expressly  understood
and agreed by the parties hereto that any bonus,  regardless  when paid, that is
paid to any officer of Hibernia  that  relates to a year to which an  Employment
Period Bonus is otherwise  required to be paid,  shall require the payment of an
Employment Period Bonus to Executive.

     (d) Executive  shall be eligible to  participate  and to continue  existing
participation  in any and all  incentive  compensation  plans of Hibernia  which
provide  opportunities to receive compensation in addition to annual base salary
and cash  bonus on the same terms and  conditions  as other  executives  and key
employees of Hibernia.(1)

     (e) Executive shall be entitled to participate in salaried employee benefit
plans of Hibernia and receive  perquisites  on the same terms and  conditions as
other executives and key employees of Hibernia.

     (f) Executive shall be entitled to continue to accrue credited  service for
retirement  benefits and receive  retirement  benefits under and pursuant to the
terms of any qualified  retirement  plan of Hibernia or  supplemental  executive
retirement  plan of Hibernia in effect on the Effective  Date, on the same terms
and conditions as other executives and key employees of Hibernia.

4.   Termination.
     -----------

     (a) Executive  acknowledges and agrees that his or her employment is at the
pleasure  of the Board of  Directors  (or,  to the extent so  delegated  by such
Board,  the Chief Executive  Officer) of the Bank and/or the Company and that he
or she may be removed at any time by the Board of  Directors  (or, to the extent
so delegated by such Board, the Chief Executive Officer).  Hibernia acknowledges
and agrees that Executive may resign his or her employment  with Hibernia at any
time with or without Good Reason as hereinafter  defined.  If, at any time after
the  Effective  Date of a change in control and prior to the  expiration  of the
Employment  Period,  Executive is removed from the position which Executive held
prior to the  Effective  Date of a change in control,  as  hereinafter  defined,
other than for cause or as a result of Executive's  disability,  or if Executive
resigns his or her position for Good Reason, the Bank shall (i) pay to Executive
a lump sum  severance  amount equal to the  aggregate  salary  remaining  unpaid
during the unexpired portion of the Employment  Period,  plus an amount equal to
the product of the bonus, if any, that would be payable to Executive pursuant to
Section 3 hereof  times the  fraction,  the  numerator of which is the number of
months  remaining  in the  unexpired  portion of the  Employment  Period and the
denominator of which is  [twelve/twenty-four],  and (ii) provide for the benefit
of Executive, his/her spouse, and his/her dependents, if any, coverage under the
plans,  policies  or  programs  (as the same may be  amended  from time to time)
maintained by the Company for the purpose of providing medical benefits to other
executives of the Company with comparable  duties. In no event,  however,  shall
the coverage  provided under this paragraph be substantially  less than coverage
provided to the  Executive as of the date  immediately  preceding a  termination
described in this Section 4(a). The medical  benefits  coverage  provided for in
this Section 4(a) shall  commence as of the later of the date of  termination or
the  occurrence  of a  Change  of  Control,  and  end as of the  earlier  of the
Executive's coverage under Medicare Part B or the date on which the Executive is
covered under group plans providing substantially similar benefits maintained by
another employer.

     (b) In order to ensure a smooth  transition of management in the event of a
change of control,  Executive may also resign his or her employment voluntarily,
with or without Good Reason,  during the  thirty-day  period  following the date
that is [six  months/twelve  months]  after  the  Effective  Date of a change of
control,  and, if Executive so terminates  his  employment,  Executive  shall be
entitled  to (i) a lump  sum  severance  amount  equal to the  aggregate  salary
remaining unpaid during the unexpired portion of the Employment Period,  plus an
amount  equal  to  one-half  of his or her  Employment  Period  Bonus,  and (ii)
coverage under the plans,  policies or programs (as the same may be amended from
time to time)  maintained  by the Company for the purpose of  providing  medical
benefits to other executives of the Company with comparable duties. In no event,
however,  shall the medical benefits  coverage  provided under this paragraph be
substantially  less  than  coverage  provided  to the  Executive  as of the date
immediately  preceding a termination described in this Section 4(b). The medical
benefits  coverage  provided for in this  Section 4(b) shall  commence as of the
later of the date of termination  or the occurrence of a Change of Control,  and
end as of the earlier of the  Executive's  coverage under Medicare Part B or the
date on which the Executive is covered under group plans providing substantially
similar benefits maintained by another employer.

     (c) In the event of  termination  pursuant to Section 4(a) or Section 4(b),
the  Company  shall  provide  career  counseling  services  for the  benefit  of
Executive  for a period  of six  months  following  termination  of  employment,
including,  but not limited  to, the use of a  telephone,  photocopying  and fax
equipment  and  counseling  services  relating  to  availability  of  other  job
opportunities, all at no charge or cost to Executive.

     (d) In the event Executive remains in the employ of the Bank for the entire
Employment Period  (commencing on the Effective Date), and this Agreement is not
terminated by Employee and the Bank or by its terms,  then this Agreement  shall
terminate on the date that falls [one year/two years] after the Effective Date.

     (e) Notwithstanding  anything in this Section 4 to the contrary,  Executive
and Hibernia hereby  acknowledge and agree that the parties hereto may, upon the
mutual consent of all parties hereto,  modify or amend the provisions  hereof or
terminate  this  Agreement  at any time before or after the  Effective  Date and
that, upon such  termination,  the provisions hereof shall have no further force
or effect.

     (f) If it shall be  determined  that any payment to  Executive  pursuant to
this Section 4 of this Agreement (a "Payment") would be subject to any Taxes (as
defined  below),  then  Executive  shall be  entitled  to receive an  additional
payment (a "Gross-Up Payment") in an amount such that after payment by Executive
of all Taxes imposed upon the Gross-Up  Payment,  Executive retains an amount of
the Gross-Up Payment equal to the Taxes imposed on the Payment.

5.   Confidential and Proprietary Information.
     ----------------------------------------

     Executive  acknowledges and agrees that any and all non public  information
regarding  Hibernia  and its  customers  is  confidential  and the  unauthorized
disclosure of such information  will result in irreparable harm to Hibernia.  An
Executive  shall not, during his employment by Hibernia and for a period of five
years  thereafter,  disclose or permit the disclosure of any such information to
any person  other than an  employee  of  Hibernia  or an  individual  engaged by
Hibernia to render  professional  services to Hibernia under  circumstances that
require such person to maintain the confidentiality of such information,  except
as such  disclosure  may be required by law.  The  provisions  of this Section 5
shall survive any termination of this Agreement. For purposes of this Section 5,
the term "confidential  information" shall not include  information that (i) was
or  becomes  generally  available  to the  public  other  than  as a  result  of
disclosure  by  Executive,  (ii) was or becomes  available to Executive on a non
confidential basis from a source other than Hibernia.

6.   Definitions.
     -----------

     For purposes of this Agreement, the following terms shall have the meanings
given them in this Section 6.

     (a) "Cause"  shall mean a material  breach by Executive of his  obligations
under  Section 2 of this  Agreement  or any  failure or  refusal to perform  the
material duties associated with his position.

     (b) "Good Reason" shall mean (i) the assignment to Executive of duties that
are materially  inconsistent  with Executive's  position,  authority,  duties or
responsibilities immediately prior to the change in control, or any other action
by Hibernia which results in a material diminution in such position,  authority,
duties or responsibilities; or (ii) requiring Executive, without his consent, to
be based at any office or  location  other than the office or  location at which
Executive  was employed  immediately  prior to the change in control;  provided,
however,  that any such relocation requests shall not be grounds for resignation
with  Good  Reason if such  relocation  is  within a  twenty-mile  radius of the
location at which Executive was based prior to the Effective Date of a change in
control.

     (c)  "Disability"  shall mean  circumstances  that  qualify  Executive  for
long-term  disability benefits under Hibernia's  Long-Term Disability Plan as in
effect immediately prior to the change in control.

     (d) "Change of control" shall be deemed to occur if (i) a person, including
a "group" as defined in Section  13(d)(3) of the  Securities and Exchange Act of
1934  and the  rules  and  regulations  promulgated  there  under,  becomes  the
beneficial owner of shares of Hibernia having 50% or more of the voting power of
Hibernia,  (ii) Hibernia shall have sold or disposed of all or substantially all
of its assets or  substantially  all of the assets of the Bank,  or (iii) during
any period of two  consecutive  calendar  years,  the  individuals  who,  at the
beginning of such period, constitute the Board of Directors of the Company cease
for any reason to constitute at least a majority thereof, unless the election or
the nomination for election by the Company shareholders of each new director was
approved by a vote of at least a majority of the directors  then still in office
who were  directors  at the  beginning  of the  period or persons  nominated  or
elected  by such  directors.  The  Effective  Date of a change  in  control  for
purposes of this Agreement  shall be (A) the date on which  Hibernia  receives a
copy of a Schedule 13D disclosing  beneficial  ownership of shares in accordance
with  (d)(i)  above;  (B) the  closing  date of a sale of assets by  Hibernia in
accordance  with (d)(ii) above; or (C) the date of the annual or special meeting
of shareholders at which the last director necessary to meet the requirements of
(d)(iii) above is elected.

     (e) "Taxes" shall mean the  incremental  United States  federal,  state and
local income,  excise and other taxes  including,  but without  limitation,  the
excise tax imposed under  Section 4999 of the Internal  Revenue Code of 1986, as
amended, payable to Executive with respect to any applicable item of income.

7.   Liability of the Company; Regulatory Restrictions.
     -------------------------------------------------

     The parties recognize that the enforceability of employment  contracts with
national banks are subject to some uncertainty and that national banks and their
bank holding  companies are subject to regulatory  restrictions that change from
time to  time.  As a  result,  Executive  may be  prevented  from  obtaining  or
enforcing any or all of his rights here under from the Bank or the Company.  The
Company agrees that if, for any reason,  the Bank is prevented  from  performing
its obligations  here under,  the Company will perform each and every obligation
as if it were the sole party to the Agreement and without  regard to whether the
Agreement  specifies certain obligations to be those of the Bank rather than the
Company; provided,  however, nothing herein shall require the Company to perform
any obligation if such performance is prohibited or limited by applicable law or
regulation,  as determined in a proceeding or adjudication by a court, tribunal,
or regulatory  agency having authority to so determine,  which  determination is
final and subject to no further  appeals.  The parties  further  acknowledge and
agree that it is the intent of this Agreement that it be enforced to the fullest
degree permitted by law and regulation.

8.   Notices.
     -------

     All notices and other  communications  provided for by this Agreement shall
be in  writing  and shall be deemed to have been duly given  when  delivered  in
person or mailed by United States  Certified  Mail,  return  receipt  requested,
postage prepaid, addressed as follows:

                  If to Executive:

                  If to Hibernia:

                  Hibernia Corporation (or Hibernia National Bank)
                  313 Carondelet Street
                  New Orleans, Louisiana 70130
                  Attention:  Director, Human Resources

or to such other  addresses any party may have furnished to the other in writing
in accordance with this Agreement.

9.   Governing Law.
     -------------

     The  provisions of this  Agreement  shall be  interpreted  and construed in
accordance  with,  and  enforcement  may be made under,  the law of the State of
Louisiana.

10.  Successors and Assigns.
     ----------------------

     Except as otherwise  provided herein,  this Agreement shall be binding upon
and inure to the benefit of the parties hereto and their  respective  successors
and assigns.

11.  Severability.
     ------------

     If any  provision or portion of this  Agreement  shall be  determined to be
invalid or  unenforceable  for any  reason,  the  remaining  provisions  of this
Agreement shall be unaffected  thereby and shall remain in full force and effect
to the fullest extent permitted by applicable law.

12.  Entire Agreement; Amendment.
     ---------------------------

     This  Agreement  sets forth the entire  Agreement of the parties hereto and
supersedes all prior  agreements,  understandings  and covenants with respect to
the subject matter hereof.  This Agreement may be amended or terminated  only by
mutual agreement of the parties in writing.

     IN WITNESS  WHEREOF,  the parties hereto have executed this Agreement as of
the day and year first above written.

HIBERNIA NATIONAL BANK                           HIBERNIA CORPORATION

By: _______________________                      By:_______________________

                     EXECUTIVE

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

----------
     (1) The bonus payout ratio shall be the percentage  of the target bonus for
Executive, which target bonus is expressed as a percentage of annual base salary
and which is  established  in advance of each fiscal year by Hibernia,  which is
actually  awarded in that year. For example,  if the target bonus is 50% of base
salary, and the award is 25% of the target,  then the bonus payout ratio is 25%.
For purposes of this  provision,  the bonus payout ratios for the three years in
question  would be aggregated  and divided by three,  and the resulting  average
would be applied to the target bonus for the  Executive in the year in which the
Employment Period Bonus would be paid.August 25, 2000

The Interpublic Group of Companies, Inc.
1271 Avenue of the Americas, 44th Floor
New York, New York 10020

Attention:  Steven D. Berns
            Vice President and
            Treasurer

Ladies and Gentlemen:

                            The Chase  Manhattan Bank (the "Bank") is pleased to
confirm that it is prepared to make funds available to The Interpublic  Group of
Companies,  Inc. (the "Borrower")  subject to the terms and conditions  outlined
below.

1. THE COMMITMENT:         (a)  Subject  to the  terms  and  conditions  of this
                           Agreement and the Note (as defined in Section 5), the
                           Bank agrees to make loans bearing interest at (i) the
                           Eurodollar  Rate (as defined in the Note) (such loans
                           are  referred to as  "Eurodollar  Loans") or (ii) the
                           Alternate  Base Rate (as  defined in the Note)  (such
                           loans are referred to as "Alternate Base Rate Loans";
                           Eurodollar  Loans and  Alternate  Base Rate Loans are
                           collectively referred to as the "Committed Loans") to
                           the Borrower from time to time during the period from
                           and  including  August  25,  2000  to  but  excluding
                           December  1,  2000  (the  "Termination  Date")  in an
                           aggregate  principal  amount not to exceed at any one
                           time $250,000,000, as such amount may be reduced from
                           time   to   time   pursuant   to   Section   3   (the
                           "Commitment");  PROVIDED, HOWEVER, that the aggregate
                           outstanding  amount of the Loans (as  defined  below)
                           shall not exceed the amount of the Commitment.

                           (b) In addition to the Committed Loans, the Bank may,
                           in its  sole  discretion,  offer to make  loans  (the
                           "Money  Market  Loans";  Committed  Loans  and  Money
                           Market  Loans  are  collectively  referred  to as the
                           "Loans") to the Borrower on such terms and conditions
                           (including,  without  limitation,  tenor,  amount and
                           interest rate) as the Bank may offer and the Borrower
                           shall accept;  PROVIDED,  HOWEVER, that the aggregate
                           outstanding  amount of the Loans shall not exceed the
                           amount of the Commitment.

2. PURPOSE:                The  proceeds  of the  Loans  will  be  used  for the
                           general corporate purposes of the Borrower.

3. REDUCTION OR
   TERMINATION OF
   COMMITMENT:             (a) The  Borrower  may,  upon at least three  Banking
                           Days' (as  defined  in the Note)  notice to the Bank,
                           terminate  at any time,  or reduce from time to time,
                           the unused amount of the Commitment.
<PAGE>
                           (b) The Commitment shall  automatically  terminate on
                           the Termination Date.

4. INTEREST RATE:          (a) Each  Eurodollar  Loan shall bear  interest  at a
                           rate per annum equal to the sum of (i) the applicable
                           Margin  (as  defined  in  the  Note)  plus  (ii)  the
                           Eurodollar Rate.

                           (b) Each Alternate Base Rate Loan shall bear interest
                           at a rate  per  annum  equal  to the  sum of (i)  the
                           applicable Margin plus (ii) the Alternate Base Rate.

                           (c) Each Money  Market  Loan shall bear  interest  at
                           such  rate as the Bank  may  offer  and the  Borrower
                           shall accept.

5. NOTE:                   The  Loans  shall  be  evidenced  by  a  single  note
                           substantially  in the form of  Exhibit A hereto  (the
                           "Note").

6. REPAYMENT AND
    PREPAYMENT:            (a) Each  Committed  Loan shall be due and payable on
                           the Termination Date.

                           (b) Each Money  Market  Loan shall be due and payable
                           on the last day of the Interest Period (as defined in
                           Section 7) applicable to such Money Market Loan.

                           (c) The  Borrower may prepay  Committed  Loans at any
                           time or from  time to  time;  provided  that  (i) the
                           Borrower  shall  give  notice of such  prepayment  by
                           12:00  noon,  New York  City  time,  (x) at least one
                           Banking  Day  prior   thereto   with  respect  to  an
                           Alternate  Base  Rate  Loan  and (y) at  least  three
                           Banking   Days  prior   thereto  with  respect  to  a
                           Eurodollar Loan and (ii) any prepayment of Eurodollar
                           Loans  must be  accompanied  by any  amounts  payable
                           pursuant to Section 13(e).

                           (d) Money Market Loans may not be prepaid without the
                           prior written consent of the Bank.

7. INTEREST  PERIODS:      (a) Eurodollar  Loans shall be available for interest
                           periods ("Eurodollar Interest Periods") of one month;
                           PROVIDED,  HOWEVER, that (a) if a Eurodollar Interest
                           Period would end on a day which is not a Banking Day,
                           such Eurodollar  Interest Period shall be extended to
                           the next Banking  Day,  unless such Banking Day would
                           fall in the next  calendar  month in which event such
                           Eurodollar   Interest   Period   shall   end  on  the
                           immediately   preceding   Banking  Day;  and  (b)  no
                           Eurodollar  Interest  Period  may  extend  beyond the
                           Termination Date.

                           (b) Money Market  Loans shall be  available  for such
                           interest  periods ("Money Market  Interest  Periods";
                           Eurodollar Interest Periods and Money Market Interest
                           Periods are  collectively  referred  to as  "Interest
                           Periods")  as the Bank  may  offer  and the  Borrower
                           shall accept.
<PAGE>
8. NOTICE OF BORROWING;
    AMOUNT OF BORROWING;
    NOTICE OF CONTINUATION:(a) The  Borrower  may request a borrowing  by giving
                           the Bank  notice by 11:00  a.m.,  New York City time,
                           (i) on the same Banking Day of an Alternate Base Rate
                           Loan or a Money  Market  Loan and (ii) at least three
                           Banking Days prior to a Eurodollar Loan.

                           (b) The minimum amount of any Committed Loan shall be
                           $10,000,000 or any larger multiple of $1,000,0000.

                           (c) The Borrower may elect to continue any Eurodollar
                           Loan  on  the  last  day  of  the   Interest   Period
                           applicable  thereto by giving the Bank notice of such
                           continuation  no later than 11:00 a.m., New York City
                           time,  at least three  Banking Days prior to the last
                           day of such Interest Period.

                           (d) If the Borrower  fails to deliver a timely notice
                           of  continuation  of a Eurodollar  Loan in accordance
                           with  Section  8(c),  such  Eurodollar  Loan shall be
                           converted to an Alternate  Base Rate Loan on the last
                           day  of  the  Interest  Period   applicable  to  such
                           Eurodollar Loan.

9. CONDITIONS:             (a) This Agreement  shall become  effective as of the
                           date hereof (the "Effective Date") when the following
                           conditions precedent have been satisfied:

                                   (i)  there  shall  exist  no  action,   suit,
                            investigation,  litigation or  proceeding  affecting
                            the Borrower or any of its Consolidated Subsidiaries
                            (as defined in the Syndicated Agreement) (as defined
                            in  Section  16)  pending or  threatened  before any
                            court,  governmental  agency or arbitrator  that (x)
                            could be reasonably like to have a Material  Adverse
                            Effect (as defined in the  Syndicated  Agreement) or
                            (y)  purports  to affect the  legality,  validity or
                            enforceability  of this Agreement or the Note or the
                            consummation   of  the   transactions   contemplated
                            hereby;

                                   (ii) nothing shall have come to the attention
                            of the Bank  during the course of its due  diligence
                            investigation   to  lead  it  to  believe  that  any
                            information previously submitted by the Borrower was
                            or has become misleading, incorrect or incomplete in
                            any   material   respect;   without   limiting   the
                            generality  of the  foregoing,  the Bank  shall have
                            been given such access to the  management,  records,
                            books of account,  contracts  and  properties of the
                            Borrower  and its  Consolidated  Subsidiaries  as it
                            shall  have  reasonably  requested  as a  basis  for
                            making its  decision  to enter  into its  commitment
                            hereunder;

                                   (iii)  all   governmental   and  third  party
                            consents and approvals  necessary in connection with
                            the transactions by the Borrower contemplated hereby
                            shall have been obtained  (without prior  imposition
                            of any  conditions  that are not  acceptable  to the
                            Bank) and  shall  remain  in  effect,  and no law or
                            regulation  shall be  applicable  in the  reasonable
                            judgment  of the Bank that  restrains,  prevents  or
                            imposes   materially  adverse  conditions  upon  the
                            transactions contemplated hereby.

                                   (iv) the  Borrower  shall  have paid the fees
                            referred to in Section 18;

                                   (v)  on the  Effective  Date,  the  following
                            statements  shall be true and the  Bank  shall  have
                            received a certificate  signed by a duly  authorized
                            officer of the Borrower  dated the  Effective  Date,
                            stating that:

                                   (x)  the   representations   and   warranties
                            contained in Section 10 are correct on and as of the
                            Effective Date; and

                                   (y) no event has occurred  and is  continuing
                            that  constitutes  an Event of  Default or any event
                            that would  constitute  an Event of Default  but for
                            the requirement  that notice be given or time elapse
                            or both; and

                                   (vi)  the  Bank  shall  have  received  on or
                            before the Effective Date the following,  each dated
                            such day, in form and substance  satisfactory to the
                            Bank:

                                   (1) the Note duly  executed and  delivered by
                            the Borrower;

                                   (2) certified copy of the  resolutions of the
                            Finance  Committee  of the Board of Directors of the
                            Borrower approving this Agreement and the Note to be
                            delivered  by it,  and of all  documents  evidencing
                            other necessary  corporate  action and  governmental
                            approvals,  if any,  with respect to this  Agreement
                            and the Note to be delivered by it;

                                   (3) a  certificate  of  the  Secretary  or an
                            Assistant  Secretary of the Borrower  certifying the
                            names and true  signatures  of the  officers  of the
                            Borrower  authorized to sign this  Agreement and the
                            Note to be delivered  by it and the other  documents
                            to be delivered by it hereunder; and

                                   (4) an opinion  of  counsel  to the  Borrower
                            covering  the matters set forth in Exhibits  D-1 and
                            D-2 to the Syndicated  Agreement,  with such changes
                            therein as the Bank may reasonably request.

                                   (b)  The  obligation  of  the  Bank  to  make
                            Committed  Loans to the Borrower and the willingness
                            of the Bank to consider  offering Money Market Loans
                            to  the  Borrower  are  subject  to  the  conditions
                            precedent   that  the  Effective   Date  shall  have
                            occurred  and on the day of any Loan  the  following
                            statements  shall be true (and each of the giving of
                            notice  of  borrowing  and  the  acceptance  by  the
                            Borrower   of  the   proceeds  of  such  Loan  shall
                            constitute  a  representation  and  warranty  by the
                            Borrower   that  on  the  date  of  such  Loan  such
                            statements are true):
<PAGE>
                                   (w) the  representations  and warranties made
                            in Section 10 (other than  representation  set forth
                            in the  last  sentence  of  Section  4.01(e)  of the
                            Syndicated  Agreement,  as Incorporated by Reference
                            (as defined in Section 16)) are correct on and as of
                            such date,  before and after  giving  effect to such
                            Loan  and  to  the   application   of  the  proceeds
                            therefrom, as though made on and as of such date;

                                   (x) no event has occurred and is  continuing,
                            or  would   result   from  such  Loan  or  from  the
                            application   of  the   proceeds   therefrom,   that
                            constitutes  an Event of  Default  or any event that
                            would  constitute  an Event of  Default  but for the
                            requirement  that  notice be given or time elapse or
                            both;

                                   (y)(1) the most recently  publicly  announced
                            ratings on senior, unsecured noncredit-enhanced Debt
                            (as  defined  in the  Syndicated  Agreement)  of the
                            Borrower  ("Index Debt") by Moody's and S&P (in each
                            case, as defined in the Syndicated Agreement) on the
                            date of such Loan are equal to or  greater  than the
                            publicly  announced ratings on Index Debt by Moody's
                            and S&P on the date hereof and (2) a negative credit
                            watch  with  respect  to the  Borrower  has not been
                            publicly  announced  by  Moody's  and S&P during the
                            period  from and  including  the date  hereof to and
                            including the date of such Loan; and

                                   (z)  immediately  after giving effect to such
                            Loan,  the  aggregate   outstanding  amount  of  the
                            Committed  Loans and Money  Market  Loans  shall not
                            exceed the amount of the Commitment.

10. REPRESENTATIONS
      AND WARRANTIES;
      COVENANTS:           (a)  Subject to Section 17, the  representations  and
                           warranties in Article IV of the Syndicated  Agreement
                           are hereby Incorporated by Reference.

                           (b) Subject to Section 17, the covenants in Article V
                           of the Syndicated  Agreement are hereby  Incorporated
                           by Reference.

11. DEFAULT:               Events  which  may  cause  the  acceleration  of  the
                           maturity of any Loan (the "Events of Default") are as
                           specified  in the Note.  The Bank may  terminate  the
                           Commitment and declare the Loans then  outstanding to
                           be due and payable upon the  occurrence  of any Event
                           of  Default,   but  the  Commitment  shall  terminate
                           automatically  and the Loans,  together  with accrued
                           interest  thereon and all other fees and  obligations
                           of the Borrower accrued  hereunder,  shall become due
                           and payable  automatically upon the occurrence of any
                           "bankruptcy" or "insolvency" Event of Default.
<PAGE>
12. GOVERNING LAW;
      JURISDICTION:        THIS  AGREEMENT  SHALL BE GOVERNED BY THE LAWS OF THE
                           STATE  OF NEW  YORK.  THE  BORROWER  CONSENTS  TO THE
                           NONEXCLUSIVE  JURISDICTION AND VENUE OF THE STATE AND
                           FEDERAL  COURTS  LOCATED  IN THE  CITY  OF NEW  YORK.
                           SERVICE OF PROCESS BY THE BANK IN CONNECTION WITH ANY
                           DISPUTE HEREUNDER SHALL BE BINDING ON THE BORROWER IF
                           SENT TO THE  BORROWER AT THE ADDRESS SET FORTH ABOVE.
                           THE  BORROWER  AND THE BANK EACH  WAIVES ANY RIGHT IT
                           MAY  HAVE  TO  JURY  TRIAL  IN ANY  LEGAL  PROCEEDING
                           DIRECTLY OR INDIRECTLY  ARISING OUT OF OR RELATING TO
                           THIS AGREEMENT, THE NOTE OR TRANSACTIONS CONTEMPLATED
                           HEREBY (WHETHER BASED ON CONTRACT,  TORT OR ANY OTHER
                           THEORY).

13. EXPENSES; TAXES
      INDEMNITY:           (a) The Borrower  shall pay or reimburse  the Bank on
                           demand  for  all  reasonable  costs,   expenses,  and
                           charges   (including,    without   limitation,    the
                           reasonable fees and charges of external legal counsel
                           for the Bank) incurred by the Bank in connection with
                           the preparation of this Agreement or the Note.

                           (b) The  Borrower  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 Note or
                           from the  execution,  delivery  or  registration  of,
                           performing  under, or otherwise with respect to, this
                           Agreement  or the Note  (hereinafter  referred  to as
                           "Other Taxes").

                           (c) The  Borrower  shall  indemnify  the Bank for and
                           hold it  harmless  against  the full  amount of Other
                           Taxes  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)  The  Borrower   agrees  to  indemnify  the  Bank
                           against, and hold the Bank harmless from, any and all
                           losses,  claims,  damages,  liabilities  and  related
                           expenses,  including the reasonable fees, charges and
                           disbursements  of any counsel for the Bank,  incurred
                           by or asserted  against  the Bank  arising out of, in
                           connection  with, or as a result of (i) the execution
                           or  delivery  of  this  Agreement,  the  Note  or any
                           agreement  or  instrument  contemplated  hereby,  the
                           performance by the parties hereto of their respective
                           obligations  hereunder  or  the  consummation  of the
                           transactions  contemplated  hereby,  (ii) any Loan or
                           the  use of the  proceeds  therefrom,  or  (iii)  any
                           actual    or    prospective    claim,     litigation,
                           investigation  or  proceeding  relating to any of the
                           foregoing,  whether  based on  contract,  tort or any
                           other theory and  regardless of whether the Bank is a
                           party thereto; PROVIDED that such indemnity shall not
                           be available to the extent that such losses,  claims,
                           damages,  liabilities  or related  expenses  resulted
                           from the gross  negligence  or willful  misconduct of
                           the  Bank  as  determined  by a  court  of  competent
                           jurisdiction.
<PAGE>
                           (e)  If  (i)  the  Borrower   makes  any  payment  or
                           prepayment  of a Eurodollar  Loan on a day other than
                           the last  day of an  Interest  Period  or (ii) if the
                           Borrower  fails to borrow a Eurodollar  Loan or Money
                           Market  Loan on the date  specified  in the notice to
                           borrow such Loan,  then the Borrower shall  reimburse
                           the Bank  within  5 days  after  demand  for any loss
                           incurred  in  obtaining,   liquidating  or  employing
                           deposits from third  parties,  but excluding  loss of
                           margin for the period after such payment,  prepayment
                           or failure to  borrow,  PROVIDED  that the Bank shall
                           have  delivered to the Borrower a written  request as
                           to the amount of such loss or expense,  which written
                           request  shall set  forth in  reasonable  detail  the
                           calculation  of such  loss or  expense  and  shall be
                           PRIMA FACIE evidence of the amount  payable.  Without
                           limiting   the   effect   of  the   foregoing,   such
                           compensation  shall  include  an amount  equal to the
                           excess,  if any, of (i) the amount of  interest  that
                           otherwise  would have accrued on the principal of the
                           Loan  repaid,  prepaid or not borrowed for the period
                           from the date of such payment,  prepayment or failure
                           to borrow to the last day of the Interest  Period for
                           such Loan or that  would have  commenced  on the date
                           specified  for such  Loan at the  applicable  rate of
                           interest  for such Loan  (excluding  loss of  margin)
                           over (ii) the amount of interest that otherwise would
                           have accrued on such  principal  amount at a rate per
                           annum equal to the  interest  component of the amount
                           the  Bank  would  have  bid in the  London  interbank
                           market for U.S.  dollar  deposits of leading banks in
                           amounts  comparable to such principal amount and with
                           maturities  comparable to such period (as  reasonably
                           determined by the Bank).

14. AMENDMENTS AND
      WAIVERS:             Except  as  otherwise   expressly  provided  in  this
                           Agreement,  any  provision of this  Agreement  may be
                           amended or modified  only by an instrument in writing
                           signed  by  the  Borrower  and  the  Bank,   and  any
                           provision  of this  Agreement  may be  waived  by the
                           Borrower and the Bank.  No failure on the part of the
                           Bank to  exercise,  and no delay in  exercising,  any
                           right  hereunder shall operate as a waiver thereof or
                           preclude any other or further exercise thereof or the
                           exercise  of any other  right.  The  remedies  herein
                           provided  are  cumulative  and not  exclusive  of any
                           remedies provided by law.

15. COUNTERPARTS;
      SUCCESSORS AND
      ASSIGNS:             (a) This  Agreement  may be executed in any number of
                           counterparts,  all  of  which  taken  together  shall
                           constitute one and the same instrument, and any party
                           hereto may execute this Agreement by signing any such
                           counterpart.

                           (b) The provisions of this Agreement shall be binding
                           upon and inure to the benefit of the  parties  hereto
                           and their respective successors and assigns permitted
                           hereby;   PROVIDED,   HOWEVER,  that  (i)  except  as
                           provided   herein,   neither   party  may  assign  or
                           otherwise  transfer any of its rights or  obligations
                           hereunder  without the prior  written  consent of the
                           other  party  and  (ii)  the Bank  may,  without  the
                           consent  of the  Borrower,  (x)  assign or  otherwise
                           transfer to any affiliate or any Federal Reserve Bank
                           all or a portion  of its  rights  and/or  obligations
                           under this Agreement and (y) sell to any other person
                           or entity  participations  in all or a portion of its
                           rights and/or obligations under this Agreement.

16.  DEFINITIONS:          (a)  "Incorporated by Reference"  means, with respect
                           to any  provision of the  Syndicated  Agreement to be
                           incorporated  by reference  in this  Agreement or the
                           Note,  such provision and the other sections to which
                           reference  is made therein or herein,  together  with
                           the related definitions and ancillary provisions, are
                           incorporated  in this  Agreement or the Note,  as the
                           case may be, by reference, MUTATIS MUTANDIS, and will
                           be deemed to  continue  in effect for the  benefit of
                           the Bank  without  giving  effect  to any  amendment,
                           modification, waiver or termination of the Syndicated
                           Agreement.

                           (b) "Syndicated  Agreement"  means the 364-Day Credit
                           Agreement  dated  as  of  June  27,  2000  among  The
                           Interpublic  Group of  Companies,  Inc.,  the Initial
                           Lenders  listed  on  the  signature   pages  thereof,
                           Salomon  Smith Barney Inc. as Lead  Arranger and Book
                           Manager,  Bank One, NA,  SunTrust  Bank and HSBC Bank
                           USA, as Co-Arrangers,  Bank One, NA, as Documentation
                           Agent,   SunTrust  Bank,  as  Syndication  Agent  and
                           Citibank,  N.A.,  as Agent,  as in effect on the date
                           hereof.

17. EFFECT OF
      INCORPORATION
      BY REFERENCE:        Any  provision of the  Syndicated  Agreement  that is
                           Incorporated  by Reference  in this  Agreement or the
                           Note  shall be  subject  to the  condition  that,  as
                           incorporated  in this  Agreement,  (a) each reference
                           therein to "the  Company" or words of similar  import
                           shall  be  deemed  a   reference   to  the   Borrower
                           hereunder,   (b)  each  reference  therein  to  "each
                           Lender",  "any  Lender",  "a Lender",  "the Agent" or
                           words  of  similar  import  shall be  deemed  to be a
                           reference to the Bank, (c) each reference  therein to
                           the "Commitment" or  "Commitments"  shall be deemed a
                           reference  to  the  Commitment  hereunder,  (d)  each
                           reference  therein  to "this  Agreement"  or words of
                           similar  import  shall be deemed a reference  to this
                           Agreement,  (e) each reference therein to "Advances",
                           "Revolving Credit Advance", "Competitive Bid Advance"
                           or words of  similar  import  shall be  deemed  to be
                           reference to Loans under this Agreement, and (f) each
                           reference  therein to "the date of this Agreement" or
                           words of similar  import  shall be deemed a reference
                           to the date of the Syndicated Agreement.

18. FEES:                  The Borrower shall pay to the Bank on the date of the
                           execution  of this  Agreement by the Borrower and the
                           Bank a fee in an amount heretofore agreed between the
                           Borrower and the Bank.
<PAGE>
               Please  evidence your  acceptance of the foregoing by signing and
returning to the Bank the enclosed  copy of this  Agreement on or before  August
28, 2000,  the date on which the Bank's  commitment to enter into this Agreement
(if not accepted prior thereto) will expire.

                                                    Very truly yours,

                                                    THE CHASE MANHATTAN BANK

                                                    BY  /s/ ALDO QUINI
                                                      --------------------------
                                                       Name: ALDO QUINI
                                                       Title: VP

AGREED AND ACCEPTED:

The Interpublic Group of Companies, Inc.

By /s/ STEVEN BERNS
   -------------------------------
    Name: STEVEN BERNS
    Title: Vice President & Treasurer

<PAGE>

                                    EXHIBIT A

                                 PROMISSORY NOTE

                                                              [Date]
                                                              New York, New York

                 FOR VALUE RECEIVED,  The Interpublic  Group of Companies,  Inc.
(the  "Borrower")  promises to pay to the order of THE CHASE MANHATTAN BANK (the
"Bank"), at its principal office, 270 Park Avenue, New York, New York 10017 (the
"Principal  Office"),  for the  account of the  Lending  Office (as  hereinafter
defined),  the  principal  amount of each loan (a "Loan")  made  pursuant to the
Letter  Agreement  (as  defined  in Section  2),  which may be  endorsed  on the
schedule  attached hereto and made a part hereof  (including any  continuations,
the "Schedule") on the maturity date of such Loan as shown on the Schedule,  and
to pay interest on the unpaid balance of the principal  amount of such Loan from
and  including the date of such Loan (as shown on the Schedule) to such maturity
date at a rate per annum equal to the sum of (a) the Margin (as  defined  below)
plus (b)(i) a variable  rate equal to: the higher of (x) the Federal  Funds Rate
(as defined below) plus 1/2 of 1% and (y) the Prime Rate (as defined below)(such
higher rate being the  "Alternate  Base Rate" and such Loan an  "Alternate  Base
Rate Loan"); (ii) the Eurodollar Rate (as defined below) applicable to such Loan
(such  Loan a  "Eurodollar  Loan") or (iii) the Money  Market  Rate (as  defined
below) applicable to such Loan (such Loan a "Money Market Loan").  Any principal
and (to the  extent  permitted  by law)  interest  not paid when due shall  bear
interest  from the date when due until paid in full at a rate per annum equal to
the Default Rate (as defined  below).  Interest shall be payable on the relevant
Interest  Payment Date (as defined  below).  Interest shall be calculated on the
basis of a year of 365 or 366 days (in the case of  Alternate  Base Rate  Loans)
and 360 days (in the case of  Eurodollar  Loans and Money Market  Loans) and, in
each case, for the actual days elapsed.  All payments hereunder shall be made in
lawful money of the United  States and in  immediately  available  funds without
set-off or counterclaim.  Any extension of time for the payment of the principal
of this Note  resulting from the due date falling on a day that is not a Banking
Day (as defined  below) shall be included in the  computation  of interest.  The
date,  and  Interest  Periods (as defined in the Letter  Agreement)  of, and the
interest rates with respect to, the Loans and any payments of principal shall be
recorded by the Bank on its books and prior to any transfer of this Note (or, at
the  discretion  of the Bank,  at any other  time)  endorsed  by the Bank on the
Schedule,  which shall be PRIMA  FACIE  evidence  of the  information  set forth
therein;  provided,  HOWEVER,  that the Bank's  failure to endorse the  Schedule
shall not affect the Borrower's obligations hereunder.

                 1. CERTAIN  DEFINITIONS.  Terms defined in the Letter Agreement
are used herein as therein  defined.  As used herein,  the following terms shall
have the corresponding meanings:

                 (a) "Banking Day" means any day on which  commercial  banks are
not  authorized  or required  to close in New York City and,  where such term is
used in the definition of "LIBOR Rate" or refers to the Eurodollar  Rate,  which
is also a day on which dealings in U.S.  dollar  deposits are carried out in the
London interbank market.
<PAGE>
                 (b)  "Default  Rate"  means,  in respect of any amount not paid
when due, a rate per annum  during the period  commencing  on the due date until
such  amount is paid in full equal to:  (a) if an  Alternate  Base Rate Loan,  a
floating rate 2% above the rate of interest thereon  (including any Margin);  or
(b) if a Eurodollar Loan or Money Market Loan, a fixed rate 2% above the rate of
interest in effect  thereon  (including any Margin) at the time of default until
the end of the then current Interest Period therefor and, thereafter, a floating
rate 2% above the Alternate Base Rate (including any Margin).

                 (c) "Eurodollar  Rate" means (i) the LIBOR Rate divided by (ii)
1 minus the Reserve Requirement.

                 (d) "Federal  Funds Rate" means,  for any day,  with respect to
(a) an Alternate Base Rate Loan (i) for the first day of such Loan, the rate per
annum  at  which  U.S.  Dollar  deposits  with an  overnight  maturity  and in a
comparable  principal amount to such Loan are offered by the Bank in the Federal
funds market at approximately  the time the Borrower  requests an Alternate Base
Rate  Loan on such  day,  and (ii) for each day  thereafter  that  such  Loan is
outstanding, the rate per annum at which U. S. Dollar deposits with an overnight
maturity  and in a comparable  principal  amount to such Loan are offered by the
Bank in the Federal funds market at approximately 2:00 p.m., New York City time;
and (b) any other amount  hereunder  which bears  interest at the Alternate Base
Rate,  the rate per  annum at which  U. S.  Dollar  deposits  with an  overnight
maturity and in a comparable amount are offered by the Bank in the Federal funds
market at approximately 2:00 p.m., New York City time.

                 (e) "Interest  Payment  Date" means (i) for any Alternate  Base
Rate Loan, the last day of each calendar  quarter;  (ii) for any Eurodollar Loan
or Money Market Loan, the last day of the Interest  Period for such Loan;  (iii)
for any amount  accruing  interest at the Default Rate, on demand;  and (iv) for
any Loan, upon maturity and any repayment or prepayment thereof.

                 (f) "Lending  Office" means the Principal  Office or such other
office (or affiliate) as the Bank may from time to time specify.

                 (g) "LIBOR Rate" means the rate per annum (rounded upwards,  if
necessary, to the nearest 1/100 of 1%) quoted by the Bank at approximately 11:00
a.m. London time (or as soon  thereafter as practicable)  two Banking Days prior
to the first day of an  Interest  Period (as  defined  in the Letter  Agreement)
during  which the  Eurodollar  Rate will accrue for the  offering by the Bank to
leading banks in the London  interbank  market of U.S.  dollar deposits having a
term  comparable  to such  Eurodollar  Loan and in an amount  comparable  to the
principal amount of such Eurodollar Loan.

                 (h) "Money Market Rate" means, with respect to any Money Market
Loan,  the rate per annum as the Bank may offer,  and the Borrower shall accept,
with respect to such Money Market Loan.

                 (i)  "Margin"  means,  for any day,  (a) 0%, with respect to an
Alternate  Base Rate Loan or Money  Market Loan and (b) .40%,  with respect to a
Eurodollar Loan.

                 (j) "Prime Rate" means the rate of interest per annum  publicly
announced  from  time to time by the Bank as its  prime  rate in  effect  at the
Principal Office; each such change in the Prime Rate shall be effective from and
including the date such change is publicly announced as being effective.

                 (k) "Regulatory  Change" means any change after the date hereof
in United  States  federal,  state or  foreign  laws or  regulations  (including
Regulation D of the Board of Governors of the Federal Reserve System) applicable
to the Bank or the  adoption or making  after such date of any  interpretations,
directives  or requests  applying to a class of banks  including  the Bank of or
under any United States  federal or state,  or any foreign,  laws or regulations
(whether  or not  having  the  force  of law) by any  court or  governmental  or
monetary authority charged with the interpretation or administration thereof.

                 (l) "Reserve  Requirement"  means,  for any Interest Period for
any Eurodollar  Loan, the average maximum rate at which reserves  (including any
marginal,  supplemental  or emergency  reserves)  are required to be  maintained
during the Interest Period for such  Eurodollar  Loan under  Regulation D of the
Board of Governors of the Federal  Reserve System by member banks of the Federal
Reserve System in New York City with deposits exceeding  $1,000,000,000  against
"Eurocurrency liabilities" (as such term is used in Regulation D of the Board of
Governors of the Federal Reserve System).

                 2.  RELATED  LETTER  AGREEMENT.  Loans  evidenced   hereby  are
made pursuant to that certain letter agreement dated August 25, 2000 between the
Bank and the Borrower (the "Letter Agreement").

                 3. ADDITIONAL  COSTS. If as a result of any Regulatory  Change,
the Bank  determines  that the cost to the Bank of  making  or  maintaining  any
Eurodollar  Loan  evidenced  hereby is  increased,  or any  amount  received  or
receivable by the Bank hereunder is reduced, or the Bank is required to make any
payment  in  connection  with  any  transaction  contemplated  hereby,  then the
Borrower  shall pay to the Bank on demand such  additional  amount or amounts as
the Bank determines will compensate the Bank for such increased cost,  reduction
or payment, which demand shall set forth in reasonable detail the calculation of
such additional amounts. The demand by the Bank of such amounts shall constitute
PRIMA FACIE evidence of such amounts.

                 4.  EVENTS OF DEFAULT.  Any of the following events shall be an
"Event of Default":

                 (a) the Borrower  shall:  (i) fail to pay the  principal of the
Note as and when due and  payable;  or (ii) fail to pay  interest on the Note or
any other amount due hereunder or under the Letter Agreement as and when due and
payable and such failure shall continue for five Banking Days;

                 (b) any representation or warranty made by the Borrower in this
Note  or  the  Letter   Agreement  (this  Note  and  the  Letter  Agreement  are
collectively  referred to as the "Facility  Documents") or which is contained in
any certificate, financial statement or other document furnished pursuant to any
Facility  Document shall prove to have been incorrect in any material respect on
or as of the date made;

                 (c)(i) the  Borrower  shall  fail to  observe  or  perform  any
covenant,  condition or agreement  contained in Section 5.01(e) or (h), 5.02(a),
(b) or (d) or 5.03 of the Syndicated Agreement,  in each case as Incorporated by
Reference in Section 10 of the Letter Agreement; (ii) the Borrower shall fail to
perform or observe any term,  covenant or agreement contained in Section 5.01(d)
of the Syndicated  Agreement,  as Incorporated by Reference in Section 10 of the
Letter Agreement,  if such failure remains  unremedied for 10 days after written
notice  thereof  shall have been given to the Borrower by the Bank; or (iii) the
Borrower shall fail to perform or observe any other term,  covenant or agreement
contained  in the Letter  Agreement  or this Note on its part to be performed or
observed if such  failure  shall  remain  unremedied  for 30 days after  written
notice thereof shall have been given to the Borrower by the Bank; or

                 (d)  an  Event  of  Default  (as  defined  in  the   Syndicated
Agreement)  (other than Section  6.01(a),  Section  6.01(b),  Section 6.01(c) or
Section 6.01(i)) shall occur and be continuing.
<PAGE>
                 If any Event of Default shall occur and be continuing, the Bank
may, by notice to the Borrower,  (a) declare the  Commitment  to be  terminated,
whereupon the same shall  forthwith  terminate,  and (b) declare the outstanding
principal of this Note, all interest thereon and all other amounts payable under
the Letter  Agreement and this Note to be forthwith  due and payable,  whereupon
this Note,  all such interest and all such amounts shall become and be forthwith
due and payable,  without presentment,  demand, protest or further notice of any
kind, all of which are hereby expressly  waived by the Borrower;  provided that,
in the case of an Event of Default arising  pursuant to Section 4(d) relating to
the occurrence of any Event of Default (as defined in the Syndicated  Agreement)
arising pursuant to Section 6.01(e) of the Syndicated Agreement,  the Commitment
shall be immediately  terminated,  and this Note,  all interest  thereon and all
other amounts  payable under the Letter  Agreement  shall be immediately due and
payable without notice, presentment, demand, protest or other formalities of any
kind, all of which are hereby expressly waived by the Borrower.

                 5. MISCELLANEOUS.  (a) The Borrower waives presentment,  notice
of dishonor,  protest and any other  formality with respect to this Note and (b)
this Note shall be binding on the  Borrower and its  successors  and assigns and
shall inure to the benefit of the Bank and its  successors  and assigns,  except
that the Borrower may not delegate any obligations  hereunder  without the prior
written consent of the Bank.

                                        THE INTERPUBLIC GROUP OF COMPANIES, INC.

                                        By______________________________________
                                           Name:
                                           Title:

<PAGE>
        loan number      maturity    amount of      balance       notation
        amount and       date of     payment and    remaining     made
date    interest rate    loan        loan number    unpaid        by
----    -------------    -------     -----------    ---------     --------

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