Document:

Exhibit 10.1(u)

THIS NOTE HAS NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED
(THE "ACT"). THIS NOTE HAS BEEN ACQUIRED, AND THE SHARES OF COMMON STOCK
ISSUABLE UPON CONVERSION OF THIS NOTE MUST BE ACQUIRED, FOR INVESTMENT ONLY AND
MAY NOT BE SOLD, TRANSFERRED OR ASSIGNED IN THE ABSENCE OF REGISTRATION OF THE
RESALE THEREOF UNDER THE ACT OR AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS
NOT REQUIRED.

                          TRANSMEDIA ASIA PACIFIC, INC.

                          12% SECURED CONVERTIBLE NOTE

New York, New York                                                 $4,156,000.00
December 13, 2000

            FOR VALUE RECEIVED, TRANSMEDIA ASIA PACIFIC, INC., a Delaware
corporation (hereinafter called the "Company"), hereby promises to pay to Koch
Invbestment Group Limited, a Delaware corporation, 20 East Greenway Plaza,
Houston, Texas 77046, or registered assigns (the "Holder") or order, the
aggregate principal amount of Four Million One Hundred Fifty Six Thousand
Dollars ($4,156,000.00), which principal shall be paid in seven quarterly
installments equal to the Principal Installment Amount due on each of June 13,
2001, September 13, 2001, December 13, 2001, March 13, 2002, June 13, 2002,
September 13, 2002 and December 13, 2002 (the "Final Maturity Date", and
together with such other six dates, the "Principal Payment Dates"), and to pay
interest on the unpaid principal balance hereof at the Applicable Rate from the
date hereof until the same becomes due and payable, whether on a Principal
Payment Date, at maturity or upon acceleration or by redemption or repurchase in
accordance with the terms hereof or otherwise. Any amount of principal of or
interest on this Note which is not paid when due shall bear interest at the
Default Rate from the due date thereof (except as otherwise provided in the
definition of Default Rate in Article VI) until the same is paid ("Default
Interest"). Interest shall be payable quarterly in arrears on each of March 13,
2001, June 13, 2001, September 13, 2001, December 13, 2001, March 13, 2002, June
13, 2002, September 13, 2002 and on the Final Maturity Date (the "Interest
Payment Dates"); provided, however, that the first quarterly interest payment
due on March 13, 2001 may be deferred by the Company until no later than June
13, 2001. Interest on this Note shall accrue daily and be computed on the basis
of a 360-day year of 12 30-day months and actual days elapsed. No interest shall
be payable on an Interest Payment Date on any portion of the principal amount of
this Note for any period after which such portion shall have been converted,
redeemed or repurchased prior to such Interest Payment Date so long as the
Company shall have complied in full with its obligations with respect to such
conversion, redemption or repurchase.

            All payments of principal of and premium, if any, and interest on
this Note shall be made in the lawful money of the United States of America. All
payments shall be made by wire transfer of immediately available funds to such
account as the Holder may from time to time designate by written notice in
accordance with the provisions of this Note. Whenever any amount expressed to be
due by the terms of this Note is due on any day which is not a Business Day, the
same shall instead be due on the next succeeding day which is a Business Day
and, in the case of any Interest Payment Date which is not the date on which
this Note is paid in full, the extension of the due date thereof shall not be
taken into account for purposes of determining the amount of interest due on
such date. Certain capitalized terms used in this Note are defined in Article
VI.

                                      -2-
<PAGE>

            The obligations of the Company under this Note shall rank in right
of payment (i) on a parity with all other unsubordinated obligations of the
Company for Indebtedness existing on the Issuance Date and (ii) senior to all
Indebtedness of the Company hereafter created or incurred. This Note is issued
pursuant to the Exchange Agreement and the Holder of this Note and the Other
Note are subject to the terms of the Exchange Agreement. The obligations of the
Company under this Note are secured pursuant to, and the Holder of this Note is
entitled to the benefits of, the Security Agreement.

            The following terms shall apply to this Note:

                                    ARTICLE I

                               OPTIONAL REDEMPTION

            1.1 Optional Redemption by Company. (a) On any Optional Redemption
Date, so long as no Event of Default or Repurchase Event has occurred and is
continuing and so long as the Company is in compliance in all material respects
with its obligations to the Holder (including, without limitation, its
obligations under the Transaction Documents), the Company shall have the right
to redeem all or from time to time any portion of this Note at the Optional
Redemption Price pursuant to this Section 1.1. In order to exercise its right of
redemption under this Section 1.1, the Company shall give an Optional Redemption
Notice to the Holder not less than 20 Trading Days or more than 30 Trading Days
prior to the Optional Redemption Date stating that: (1) the Company is
exercising its right to redeem a specified portion of this Note in accordance
with this Section 1.1, (2) the principal amount of this Note to be redeemed, (3)
the Optional Redemption Price and (4) the Optional Redemption Date. On the
applicable Optional Redemption Date the Company shall pay to or upon the order
of the Holder by wire transfer of immediately available funds to such account as
shall be specified for such purpose by the Holder an amount equal to the
Optional Redemption Price of the portion of this Note to be redeemed.

            (b) Notwithstanding the giving of an Optional Redemption Notice, the
Holder shall be entitled to convert in accordance with the terms of this Note
the portion of this Note which is to be redeemed in accordance with such
Optional Redemption Notice by giving a Conversion Notice at any time prior to
the later of (1) date which is one Business Day prior to the applicable Optional
Redemption Date and (2) the date on which the Company pays the Optional
Redemption Price of such portion of this Note to the Holder.

            (c) Any redemption of this Note pursuant to this Section 1.1 shall
be made at the same time as a redemption by the Company of a pro rata portion
(based on the outstanding principal amounts) of the Other Note. The Company
shall not redeem the Other Note pursuant to the provisions thereof similar to
this Section 1.1 or repurchase or otherwise acquire the Other Note unless the
Company offers simultaneously to redeem, repurchase or otherwise acquire a pro
rata portion (based on outstanding principal amount) of this Note for cash at
the same price as the Other Note.

            1.2 No Prepayment. Except as otherwise specifically provided in
Section 1.1 or with the consent of the holders of this Note and the Other Note,
this Note may not be prepaid, redeemed or repurchased at the option of the
Company prior to the Final Maturity Date.

                                      -3-
<PAGE>

                                   ARTICLE II

                                   CONVERSION

            2.1 Conversion Right. (a) The Holder shall have the right from and
after the Issuance Date and then at any time on or prior to the date this Note
is paid in full, to convert at any time all or from time to time any part of the
outstanding and unpaid principal amount of this Note of at least $10,000, or
such lesser amount as shall remain unpaid at the time of the conversion or may
be permitted from time to time by the Company in its discretion, and accrued and
unpaid interest on the principal amount to be converted and on any such
interest, into fully paid and nonassessable shares of Common Stock at the
Conversion Price in effect on the date the applicable Conversion Notice is given
in accordance with this Note. The number of shares of Common Stock to be issued
upon each conversion of this Note shall be determined by dividing the sum of (1)
that portion of the principal amount of this Note to be converted plus (2)
accrued and unpaid interest on such principal amount to the date the Conversion
Notice for such conversion is given plus (3) Default Interest, if any, on the
amounts referred to in clauses (1) and (2) of this sentence to the date such
Conversion Notice is given, by the Conversion Price in effect on the applicable
Conversion Date.

            (b) Notwithstanding any other provision of this Note, in no event
shall the Holder be entitled at any time to convert any portion of the principal
amount of this Note (and accrued and unpaid interest thereon and on any such
interest) in excess of that portion of the principal amount of this Note (and
accrued and unpaid interest thereon and on any such interest) upon conversion of
which the sum of (1) the number of shares of Common Stock beneficially owned by
the Holder and all Aggregated Persons of the Holder (other than shares of Common
Stock deemed beneficially owned by the Holder or any Aggregated Person of the
Holder through the ownership of (x) the unconverted portion of the principal
amount of this Note and the Other Note and accrued and unpaid interest thereon
and on any such interest and (y) the unconverted or unexercised portion of any
instrument, including, without limitation, the Warrants, which contains
limitations similar to those set forth in this sentence) and (2) the number of
shares of Common Stock issuable upon conversion of the portion of the principal
amount of this Note and accrued and unpaid interest thereon and on any such
interest with respect to which the determination in this sentence is being made,
would result in beneficial ownership by the Holder and all Aggregated Persons of
the Holder of more than 4.9% of the outstanding shares of Common Stock. For
purposes of the immediately preceding sentence, beneficial ownership shall be
determined in accordance with Section 13(d) of the 1934 Act, and Regulation
13D-G thereunder, except as otherwise provided in clause (1) of the immediately
preceding sentence.

            2.2 Authorized Shares. The Company covenants that, during the period
the conversion rights exist, the Company will reserve from its authorized and
unissued Common Stock an aggregate of 6,800,000 shares (such amount to be
subject to equitable adjustment from time to time on terms reasonably acceptable
to the Majority Holders for stock splits, stock dividends, combinations, capital
reorganizations and similar events relating to the Common Stock occurring on or
after the Issuance Date) to provide for the issuance of Common Stock upon the
full conversion of this Note and the Other Note, subject to reduction from time
to time by the number of shares of Common Stock issued on conversion of this
Note and the Other Note. The Company shall, from time to time, authorize and
reserve additional shares of Common Stock to be issuable pursuant to the terms
of this Note as shall be necessary to ensure that an adequate number of shares
of Common Stock are at all times authorized and reserved for issuance upon full
conversion of this Note and the Other Note in accordance with the terms hereof
and thereof. The Company represents and warrants that upon issuance, such shares
of Common Stock will be duly and validly issued, fully paid and non-assessable.
The Company agrees that its issuance of this Note shall constitute full
authority to its officers and agents who are charged with the duty of executing
stock

                                      -4-
<PAGE>

certificates to execute and issue the necessary certificates for shares of
Common Stock upon the conversion of this Note.

            2.3 Method of Conversion. (a) The right of the Holder to convert
this Note shall be exercised by delivering (which may be made by telephone line
facsimile transmission) to the Conversion Agent, with a copy to the Company, a
Conversion Notice stating the principal amount of this Note which, together with
interest and Default Interest, if any, as provided in this Note, is being
converted and the number of shares of Common Stock to be issued upon such
conversion. The number of shares of Common Stock to be issued upon each
conversion of this Note shall be the number set forth in the applicable
Conversion Notice, which number shall be conclusive absent manifest error. The
Company shall notify the Holder of any claim by the Company of manifest error in
a Conversion Notice within two Trading Days after the Holder gives such
Conversion Notice and no such claim of error shall limit or delay performance of
the Company's obligation to issue upon such conversion the number of shares of
Common Stock which are not in dispute. A Conversion Notice shall be deemed for
all purposes to be in proper form unless the Company notifies the Holder by
telephone line facsimile transmission within two Trading Days after a Conversion
Notice has been given (which notice from the Company shall specify all defects
in the Conversion Notice) and any Conversion Notice containing any such defect
shall nonetheless be effective on the date given if the Holder promptly
undertakes in writing to correct all such defects. The Company shall pay any
transfer taxes arising in connection with any conversion of this Note except
that the Company shall not be required to pay any tax which may be payable in
respect of any transfer involved in the issuance and delivery of shares of
Common Stock or other securities or property on conversion of this Note in a
name other than that of the Holder, and the Company shall not be required to
issue or deliver any such shares or other securities or property unless and
until the Person or Persons requesting the issuance thereof shall have paid to
the Company the amount of any such tax or shall have established to the
satisfaction of the Company that such tax has been paid. The Holder shall be
responsible for the amount of any withholding tax payable in connection with
such conversion.

            (b) If the Holder elects to convert this Note in accordance with
Section 2.1, the Holder shall not be required to physically surrender this Note
unless the entire unpaid principal amount of this Note is so converted. The
Company shall maintain records showing the principal amount and the amount of
interest so converted and the dates of such conversions or shall use such other
method, reasonably satisfactory to the Holder and the Company, so as not to
require physical surrender of this Note upon each such conversion. In the event
of any dispute or discrepancy, such records of the Company shall be controlling
and determinative in the absence of manifest error. Notwithstanding the
foregoing, if any portion of this Note is converted as aforesaid the Holder may
not transfer this Note unless (1) the Holder first physically surrenders this
Note to the Company, whereupon the Company will forthwith issue and deliver upon
the order of the Holder a new note of like tenor, registered as the Holder (upon
payment by the Holder of any applicable transfer taxes) may request,
representing in the aggregate the remaining unpaid principal amount of this Note
and (2) such transfer is otherwise in compliance with Section 7.7 hereof. THE
HOLDER AND ANY ASSIGNEE HEREOF, BY ACCEPTANCE OF THIS NOTE, ACKNOWLEDGES AND
AGREES THAT, BY REASON OF THE PROVISIONS OF THIS PARAGRAPH, FOLLOWING CONVERSION
OF A PORTION OF THIS NOTE, THE UNPAID AND UNCONVERTED PRINCIPAL AMOUNT OF THIS
NOTE REPRESENTED BY THIS NOTE MAY BE LESS THAN THE AMOUNT STATED ON THE FACE
HEREOF.

            (c) In case of any consolidation or merger of the Company with any
other corporation (other than a wholly-owned subsidiary of the Company) in which
the Company is not the surviving corporation, or in case of any sale or transfer
of all or substantially all of the assets of the Company, or in the case of any
share exchange pursuant to which all of the outstanding shares of Common Stock
are converted into other securities or property, the Company shall make
appropriate provision or cause appropriate provision to be made so that the
Holder shall have the right thereafter to

                                      -5-
<PAGE>

convert this Note into the kind of shares of stock and other securities and
property receivable upon such consolidation, merger, sale, transfer or share
exchange by the Persons who were holders of Common Stock immediately prior to
the effective date of such consolidation, merger, sale, transfer or share
exchange and on a basis which preserves the economic benefits of the conversion
rights of the Holder on a basis as nearly as practical as such rights existed
prior to such consolidation, merger, sale, transfer or share exchange. If, in
connection with any such consolidation, merger, sale, transfer or share exchange
each holder of shares of Common Stock is entitled to elect to receive either
securities, cash or other assets upon completion of such transaction, the
Company shall provide or cause to be provided to the Holder the right to elect
the securities, cash or other assets into which this Note shall be convertible
after completion of any such transaction on the same terms and subject to the
same conditions applicable to holders of the Common Stock (including, without
limitation, notice of the right to elect, limitations on the period in which
such election shall be made, and the effect of failing to exercise the
election). The Company shall not effect any such transaction unless the
provisions of this paragraph have been complied with. The above provisions shall
similarly apply to successive consolidations, mergers, sales, transfers or share
exchanges.

            Whenever the Company shall propose to take any of the actions
specified in this Section 2.3(c), the Company shall cause a notice to be mailed
to the Holder at least 20 days prior to the date on which the books of the
Company will close or on which a record will be taken for such action. Such
notice shall specify the action proposed to be taken by the Company and the date
as of which holders of record of the Common Stock shall participate in any such
actions or be entitled to exchange their Common Stock for securities or other
property, as the case may be.

            (d) Upon receipt by the Conversion Agent from the Holder of a
Conversion Notice, the Company shall issue and deliver or cause to be issued and
delivered to the Holder certificates for the Common Stock issuable upon such
conversion by the close of business on the third Business Day after the date of
such receipt, and as of the close of business on the date of receipt of such
Conversion Notice the Holder shall be deemed to be the holder of record of the
Common Stock issuable upon such conversion, the outstanding principal amount and
the amount of accrued and unpaid interest on this Note shall be reduced to
reflect such conversion, and all rights with respect to the portion of this Note
being so converted shall forthwith terminate except the right to receive the
Common Stock or other securities, cash or other assets, as herein provided, on
such conversion. If the Holder shall have given a Conversion Notice as provided
herein, the Company's obligation to issue and deliver the certificates for
Common Stock shall be absolute and unconditional, irrespective of any action or
inaction by the Holder to enforce the same, any waiver or consent with respect
to any provision thereof, the recovery of any judgment against any Person or any
action to enforce the same, any failure or delay in the enforcement of any other
obligation of the Company to the Holder, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the
Holder or any other Person of any obligation to the Company or any violation or
alleged violation of law by the Holder or any other Person, and irrespective of
any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with such conversion. If the Company fails
to issue and deliver the certificates for the Common Stock to the Holder
pursuant to the first sentence of this Section 2.3(d) as and when required to do
so, in addition to any other liabilities the Company may have hereunder and
under applicable law, (1) the Company shall pay or reimburse the Holder on
demand for all out-of-pocket expenses including, without limitation, fees and
expenses of legal counsel incurred by the Holder as a result of such failure,
(2) for each Trading Day thereafter on which the Company so fails to deliver
such certificates, the Conversion Price applicable to such conversion shall be
reduced by an amount equal to one percent (1%) of the amount that the Conversion
Price would otherwise be and (3) the Holder may by written notice (which may be
given by mail, courier, personal service or telephone line facsimile
transmission) or oral notice (promptly confirmed in writing) given at any time
prior to delivery to the Holder of the certificates

                                      -6-
<PAGE>

for the shares of Common Stock issuable upon such conversion of this Note,
rescind such conversion, whereupon the Holder shall have the right to convert
this Note thereafter in accordance herewith.

            (e) No fractional shares of Common Stock shall be issued upon
conversion of this Note but, in lieu of any fraction of a share of Common Stock
which would otherwise be issuable in respect of the aggregate number of such
shares converted at one time by the same holder, the Company may round the
number of shares of Common Stock issued on such conversion up to the next
highest whole share or may pay lawful money of the United States of America,
based on a value of one share of Common Stock being equal to the last sale price
of the Common Stock on the date the applicable Conversion Notice is given to the
Company, as reported by Bloomberg, L.P.

            2.4 Limitation on Shares Issuable on Conversion. Notwithstanding any
other provision herein, unless (i) the Company elects otherwise and (ii) if
required, the Stockholder Approval shall have been obtained from the
stockholders of the Company or waived by the Nasdaq SmallCap or other securities
market on which the Common Stock is then listed which has a Stockholder Approval
Rule, the Company shall not be required to issue upon conversion of this Note a
number of shares of Common Stock in excess of the Maximum Share Amount. The
Company shall maintain records which show the number of shares of Common Stock
issued by the Company upon conversion from time to time of this Note, which
records shall be controlling in the absence of manifest error. Upon surrender of
this Note for transfer or re-registration hereof (or, at the option of the
Holder, for conversion pursuant to Section 2.1 of less than all of this Note),
the Company shall make a notation on the new Note issued upon such transfer or
re-registration or evidencing such unconverted portion of this Note, as the case
may be, as to the remaining number of shares of Common Stock from the Maximum
Share Amount remaining available for conversion of the Note evidenced by such
new certificate. If this Note is surrendered for split-up into two or more Notes
representing an aggregate principal amount equal to the principal amount of this
Note at the time so surrendered (as reduced by any contemporaneous conversion of
this Note), each Note issued on such split-up shall bear a notation of the
portion of the Maximum Share Amount allocated thereto determined by pro rata
allocation from among the remaining portion of the Maximum Share Amount
allocated to this Note at the time so surrendered. If any Other Note is
converted in full, repaid, repurchased or redeemed, all of the portion of the
Maximum Share Amount (as defined in such Other Note) allocated to such Other
Note which remains unissued after such conversion, repayment, repurchase or
redemption shall be re-allocated to this Note and the Other Note outstanding at
the close of business on the date of such conversion, repayment, repurchase or
redemption of the Other Note so converted, repaid, repurchased or redeemed pro
rata based on the principal amounts outstanding at the close of business on such
date.

                                   ARTICLE III

                                CERTAIN COVENANTS

            3.1 Limitations on Certain Indebtedness. The Company will not
itself, and will not permit any subsidiary of the Company to, create, assume,
incur or in any manner become liable in respect of, any Indebtedness other than
Permitted Indebtedness.

            3.2 Payment of Obligations. The Company will pay and discharge, and
will cause each subsidiary to pay and discharge, all their respective material
obligations and liabilities, including, without limitation, tax liabilities,
except where the same may be contested in good faith by appropriate proceedings.

                                      -7-
<PAGE>

                                   ARTICLE IV

                                EVENTS OF DEFAULT

            If any of the following events of default (each, an "Event of
Default") shall occur:

            4.1 Failure to Pay Principal or Interest. The Company fails (a) to
pay any installment of principal, the Optional Redemption Price or the
Repurchase Price hereof when due, whether on a Principal Payment Date, at
maturity, upon redemption or repurchase, upon acceleration or otherwise, as
applicable, or (b) to pay any installment of interest hereon when due and, in
the case of clauses (a) or (b) of this Section 4.1, such failure continues for a
period of five (5) Business Days after the due date thereof, and provided,
however, that if the first quarterly interest payment due March 13, 2001 is not
timely made, such failure to pay will not become an Event of Default unless such
failure continues until the 180th day after the Issuance Date;

            4.2 Conversion and the Shares. The Company fails to timely issue or
cause to be issued shares of Common Stock to the Holder upon exercise by the
Holder of the conversion rights of the Holder in accordance with the terms of
this Note or fails to transfer any certificate for shares of Common Stock issued
to the Holder upon conversion of this Note as and when required by this Note and
the other Transaction Documents;

            4.3 Breach of Covenant. The Company or any Guarantor (a) fails to
comply with any provision of Article III of this Note or (b) breaches any other
material covenant or other material term or condition of this Note (other than
as specifically provided in Sections 4.1, 4.2 and 4.3(a) hereof) or the other
Transaction Documents, and in the case of this clause (b) of this Section 4.3
only, such breach continues for a period of ten (10) Business Days after written
notice thereof to the Company from the Holder;

            4.4 Breach of Representations and Warranties. Any representation or
warranty of the Company or the Guarantors made herein or in any agreement,
statement or certificate given in writing pursuant hereto or in connection
herewith (including, without limitation, the Transaction Documents) shall be
false or misleading in any material respect when made;

            4.5 Certain Voluntary Proceedings. The Company, any material
subsidiary of the Company, or any Guarantor shall commence a voluntary case or
other proceeding seeking liquidation, reorganization or other relief with
respect to itself or its debts under any bankruptcy, insolvency or other similar
law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, or shall consent to any such relief or to the
appointment of or taking possession by any such official in an involuntary case
or other proceeding commenced against it, or shall make a general assignment for
the benefit of creditors, or shall fail generally to pay its debts as they
become due or shall admit in writing its inability generally to pay its debts as
they become due;

            4.6 Certain Involuntary Proceedings. An involuntary case or other
proceeding shall be commenced against the Company, any material subsidiary of
the Company, or any Guarantor seeking liquidation, reorganization or other
relief with respect to it or its debts under any bankruptcy, insolvency or other
similar law now or hereafter in effect or seeking the appointment of a trustee,
receiver, liquidator, custodian or other similar official of it or any
substantial part of its property, and such involuntary case or other proceeding
shall remain undismissed and unstayed for a period of sixty (60) consecutive
days;

                                      -8-
<PAGE>

            4.7 Judgments. Any court of competent jurisdiction shall enter one
or more final judgments against the Company, any subsidiary of the Company, or
any Guarantor or any of their respective properties or other assets in an
aggregate amount in excess of $100,000, which is not vacated, bonded, stayed,
discharged, satisfied or waived for a period of sixty (60) consecutive days;

            4.8 Default Under Other Agreements. (a) the Company, any subsidiary
of the Company, or any Guarantor shall (i) default in any payment with respect
to any Indebtedness for borrowed money (other than this Note) which Indebtedness
has an outstanding principal amount in excess of $100,000 individually or
$200,000 in the aggregate for the Company, its subsidiaries and the Guarantors,
taken as a whole, beyond the period of grace, if any, provided in the instrument
or agreement under which such Indebtedness was created or (ii) default in the
observance or performance of any agreement, covenant or condition relating to
any such Indebtedness or contained in any instrument or agreement evidencing,
securing or relating thereto, or any other event shall occur or condition exist,
the effect of which default or other event or condition is to cause, or to
permit the holder or holders of such Indebtedness (or a trustee or agent on
behalf of such holder or holders) to cause, any such Indebtedness to become due
prior to its stated maturity and such default or event shall continue beyond the
period of grace, if any, provided in the instrument or agreement under which
such Indebtedness was created (after giving effect to any consent or waiver
obtained and then in effect thereunder); or (b) any Indebtedness of the Company,
any of its subsidiaries or the Guarantors which has an outstanding principal
amount in excess of $100,000 individually or $200,000 in the aggregate shall, in
accordance with its terms, be declared to be due and payable, or required to be
prepaid other than by a regularly scheduled or required payment prior to the
stated maturity thereof;

            4.9 Security Agreement. The occurrence of any Event of Default as
such term is defined in the Security Agreement; or

            4.10 Assertion of Invalidity. There shall have been asserted, in
writing, by or on behalf of the Company that any provision of the Transaction
Documents is not valid and binding on the Company, any of its subsidiaries or
the Guarantors, as the case may be, or declaration shall have been sought by or
on behalf of the Company, any of its subsidiaries or the Guarantors, as the case
may be, that any such provision is null and void, or there shall have been
commenced by or on behalf of the Company, any of its subsidiaries or the
Guarantors, as the case may be, a proceeding to contest the validity or
enforceability thereof, or there shall have been a denial by or on behalf of the
Company, any of its subsidiaries or the Guarantors, as the case may be, that any
of them has any or further liability or obligation under the Transaction
Documents; then upon the occurrence and during the continuation of any Event of
Default specified in Section 4.1, 4.2, 4.3, 4.4, 4.7, 4.8, 4.9 or 4.10, at the
option of the Holder, the Company shall, and upon the occurrence of any Event of
Default specified in Section 4.5 or 4.6, the Company shall, pay to the Holder an
amount equal to the sum of (1) the product obtained by multiplying (a) the sum
of (A) the outstanding principal amount of this Note plus (B) accrued and unpaid
interest on such principal amount to the date of payment times (b) 120% plus (2)
accrued and unpaid Default Interest, if any, on the amounts referred to in the
immediately preceding clauses (A) and (B) at the rate provided in this Note to
the date of payment, and all other amounts payable hereunder shall immediately
become due and payable, all without demand, presentment or notice, all of which
hereby are expressly waived, together with all costs, including, without
limitation, legal fees and expenses, of collection, and the Holder shall be
entitled to exercise all other rights and remedies available at law or in
equity, including all rights and remedies under or in connection with the
Security Agreement.

                                      -9-
<PAGE>

                                    ARTICLE V

                       REPURCHASE UPON A REPURCHASE EVENT

            5.1 Repurchase Right Upon Repurchase Event. If there shall occur a
Repurchase Event, then, in addition to any other right or remedy of the Holder,
the Holder shall have the right, at the Holder's option, to require the Company
to repurchase all of this Note, or any portion hereof (in a minimum principal
amount of $100,000 or integral multiples thereof (or such lesser remaining
principal amount of this Note)), on the repurchase date that is three Business
Days after the date of the Holder Notice delivered with respect to such
Repurchase Event. The Holder shall have the right to require the Company to
repurchase all or any such portion of this Note if a Repurchase Event occurs at
any time while any portion of the principal amount of this Note is outstanding
at a price equal to the Repurchase Price.

            5.2 Notices; Method of Exercising Repurchase Rights, Etc.

            (a) On or before the fifth Business Day after the occurrence of a
Repurchase Event, the Company shall give to the Holder a Company Notice of the
occurrence of the Repurchase Event and of the repurchase right set forth herein
arising as a result thereof. Such Company Notice shall set forth:

            (i) the date by which the repurchase right must be exercised, and

      (ii) a description of the procedure (set forth below) which the Holder
must follow to exercise the repurchase right.

No failure of the Company to give a Company Notice or defect therein shall limit
the Holder's right to exercise the repurchase right or affect the validity of
the proceedings for the repurchase of this Note or portion hereof.

            (b) To exercise the repurchase right, the Holder shall deliver to
the Company on or before the 30th day after the Company Notice is given (or if
no such Company Notice has been given, within 50 days after the Holder first
learns of the Repurchase Event) (i) a Holder Notice setting forth the name of
the Holder, the principal amount of this Note to be repurchased, and, in general
terms, the Repurchase Event giving rise to such repurchase and (ii) this Note,
duly endorsed for transfer to the Company of the portion of the principal amount
of this Note to be repurchased. A Holder Notice may be revoked by the Holder by
given notice of such revocation prior to the time the Company pays the
Repurchase Price.

            5.3 Other. (a) If the Holder shall have given a Holder Notice, on
the date which is three Business Days after the date such Notice is given (or
such later date as the Holder surrenders this Note for full or partial
repurchase) the Company shall make payment in immediately available funds of the
applicable Repurchase Price to such account as specified by the Holder in
writing to the Company at least one Business Day prior to the applicable
repurchase date. If the Company fails to repurchase on the applicable repurchase
date this Note (or portion hereof) as to which the repurchase right has been
properly exercised pursuant to this Article V, then the Repurchase Price for the
portion (which, if applicable, may be all) of this Note shall bear interest to
the extent not prohibited by applicable law from the applicable repurchase date
until paid at the Default Rate.

            (b) If a portion of this Note is to be repurchased, upon surrender
of this Note to the Company in accordance with the terms of this Article V, the
Company shall execute and deliver to the Holder without service charge, a new
Note or Notes, having the same date hereof and containing identical

                                      -10-
<PAGE>

terms and conditions, in such denomination or denominations as requested by the
Holder in an aggregate principal amount equal to, and in exchange for, the
unrepurchased portion of the principal amount of the Note so surrendered.

            (c) The Company shall notify the Holder of any claim by the Company
of manifest error in a Holder Notice within one Business Day after the Holder
gives such notice and no such claim of error shall limit or delay performance of
the Company's obligation to repurchase such portion of the Note which is not in
dispute and (ii) such notice shall be deemed for all purposes to be in proper
form unless the Company notifies the Holder within one Business Day after such
notice has been given (which notice from the Company shall specify all defects
in such notice) and any Holder Notice containing any such defect shall
nonetheless be effective on the date given if the Holder promptly undertakes in
writing to correct all such defects.

                                   ARTICLE VI

                                   DEFINITIONS

            6.1 Certain Defined Terms. (a) All the agreements or instruments
herein defined shall mean such agreements or instruments as the same may from
time to time be supplemented or amended or the terms thereof waived or modified
to the extent permitted by, and in accordance with, the terms thereof and of
this Note.

            (b) The following terms shall have the following meanings (such
meanings to be equally applicable to both the singular and plural forms of the
terms defined):

            "Affiliate" means, with respect to any Person, any other Person that
directly, or indirectly through one or more intermediaries, controls, is
controlled by or under common control with the subject Person; for purposes of
this definition, "control" (including, with correlative meanings, the terms
"controlled by" and "under common control with"), as used with respect to any
Person, shall mean the possession, directly or indirectly, of the power to
direct or cause the direction of the management and policies of such Person,
whether through the ownership of voting securities, by contract or otherwise.

            "Aggregated Person" means, with respect to any Person, any Person
whose beneficial ownership of shares of Common Stock would be aggregated with
the beneficial ownership of shares of Common Stock by such Person for purposes
of Section 13(d) of the 1934 Act and Regulation 13D-G thereunder.

            "AMEX" means the American Stock Exchange, Inc.

            "Applicable Rate" means twelve percent (12.0%) per annum; provided,
however, that if the first quarterly interest payment due March 13, 2001 is made
after such Interest Payment Date, the Applicable Rate for such payment shall be
fifteen percent (15.0%) per annum commencing on the Issuance Date.

            "Average Market Price" for any date means the arithmetic average of
the Market Price for each of the five Trading Days, whether or not consecutive,
during the applicable Measurement Period on which the lowest Market Prices
occurred.

                                      -11-
<PAGE>

            "Business Day" shall mean any day other than a Saturday, Sunday or a
day on which commercial banks in The City of New York are authorized or required
by law or executive order to remain closed.

            "Collateral Agent" means Advantage Fund II Ltd., as Collateral Agent
under the Security Agreement.

            "Common Stock" shall mean the Common Stock, $.00001 par value, of
the Company or any shares of capital stock of the Company into which such stock
shall be changed or reclassified after the Issuance Date.

            "Company" shall have the meaning provided in the first paragraph of
this Note.

            "Company Notice" means a notice from the Company to the Holder of
the occurrence of a Repurchase Event given in accordance with Section 5.2(a).

            "Conversion Agent" means American Stock Transfer & Trust Company, or
its duly appointed successor, as conversion agent for this Note pursuant to the
Transfer Agent Instructions.

            "Conversion Date" means, with respect to each conversion of this
Note pursuant to Article II, the date on which the Conversion Notice relating to
such conversion is actually received by the Conversion Agent, whether by mail,
courier, personal service, telephone line facsimile transmission or other means.

            "Conversion Notice" means a Notice of Conversion of 12% Secured
Convertible Note substantially in the form attached hereto as Exhibit A,
properly completed and duly executed by the Holder or the Holder's
attorney-in-fact.

            "Conversion Price" means for any Conversion Date, 95% of the Average
Market Price during the Measurement Period for such Conversion Date.

            "Default Interest" shall have the meaning provided in the first
paragraph of this Note.

            "Default Rate" means sixteen and one half percent (16.5%) per annum
(or such lesser rate equal to the highest rate permitted by applicable law);
provided, however, that if the first quarterly interest payment is made (i)
after the first Interest Payment Date but on or prior to June 13, 2001, such
payment shall not bear Default Interest or (ii) after June 13, 2001, the 16.5%
Default Rate shall apply commencing on June 14, 2001 to such payment computed at
an Applicable Rate of 15% from the Issuance Date.

            "Event of Default" shall have the meaning provided in Article IV.

            "Exchange Agreement" means the Exchange Agreement, dated as of
December 12, 2000, by and among the Company, Advantage Fund II Ltd. and Koch
Investment Group Limited.

            "Final Maturity Date" shall have the meaning provided in the first
paragraph of this Note.

            "Generally Accepted Accounting Principles" for any Person means the
generally accepted accounting principles and practices applied by such Person
from time to time in the preparation of its audited financial statements.

                                      -12-
<PAGE>

            "Guarantors" means TME, MonsterBook.com, Inc., a Delaware
corporation, and DSS Direct Connect, L.L.C., a Washington limited liability
company, and their respective successors and assigns.

            "Guaranty Agreement" means the Guaranty Agreement, dated as of the
Issuance Date, by and among the Guarantors, the Company, the Holder and the
original holder of the Other Note.

            "Holder" shall have the meaning provided in the first paragraph of
this Note.

            "Holder Notice" means a notice from the Holder to the Company
requiring the repurchase of all or a portion of this Note given in accordance
with Section 5.2(b).

            "Indebtedness" as used in reference to any Person means all
indebtedness of such Person for borrowed money, the deferred purchase price of
property, goods and services and obligations under leases which are required to
be capitalized in accordance with Generally Accepted Accounting Principles and
shall include all such indebtedness guaranteed in any manner by such Person or
in effect guaranteed by such Person through a contingent agreement to purchase
and all indebtedness for the payment or purchase of which such Person has
contingently agreed to advance or supply funds and all indebtedness secured by
mortgage or other lien upon property owned by such Person, although such Person
has not assumed or become liable for the payment of such indebtedness, and, for
all purposes hereof, such indebtedness shall be treated as though it has been
assumed by such Person.

            "Interest Payment Dates" shall have the meaning provided in the
first paragraph of this Note.

            "Issuance Date" means the date this Note was first issued to the
original Holder of this Note.

            "Majority Holders" means at any time such of the holders of this
Note and the Other Note which hold this Note and the Other Note which, based on
the outstanding principal amount thereof, represent a majority of the aggregate
outstanding principal amount of this Note and the Other Note.

            "Market Price" of the Common Stock on any date means the closing bid
price for one share of Common Stock on such date on the first applicable among
the following: (a) the national securities exchange on which the shares of
Common Stock are listed which constitutes the principal securities market for
the Common Stock, (b) the Nasdaq, if the Nasdaq constitutes the principal
securities market for the Common Stock on such date, (c) the Nasdaq SmallCap, if
the Nasdaq SmallCap constitutes the principal securities market for the Common
Stock on such date (in the case of clauses (a), (b) and (c), as reported by
Bloomberg, L.P.) or (d) the OTC Bulletin Board or such other market or service
where the Common Stock is listed or quoted (subject to equitable adjustments
from time to time on terms reasonably acceptable to the Majority Holders for
stock splits, stock dividends, combinations, recapitalizations,
reclassifications, distributions, Tender Offers and similar events relating to
the Common Stock occurring after the Issuance Date).

            "Maximum Share Amount" means [INSERT PRO RATA PORTION OF 6,800,000]
shares of Common Stock (such amount to be subject to (i) adjustment pursuant to
the provisions of Section 2.4 and (ii) equitable adjustment from time to time on
terms reasonably acceptable to the Majority Holders for stock splits, stock
dividends, combinations, recapitalizations, reclassifications, distributions,
Tender Offers and similar events relating to the Common Stock occurring after
the Issuance Date).

                                      -13-
<PAGE>

            "Measurement Period" means, with respect to any date, the period of
20 consecutive Trading Days ending on the Trading Day prior to such date.

            "Merger" means the proposed merger of TME with and into a subsidiary
of the Company pursuant to the Agreement and Plan of Merger, dated as of
December 28, 1999, as amended, among such parties.

            "Nasdaq" means the Nasdaq National Market.

            "Nasdaq SmallCap" means the Nasdaq SmallCap Market.

            "1933 Act" means the Securities Act of 1933, as amended.

            "1934 Act" means the Securities Exchange Act of 1934, as amended.

            "Note" shall have the meaning provided in Section 7.3.

            "NYSE" shall mean the New York Stock Exchange, Inc.

            "Optional Redemption Date" means the date on which the Company
elects to redeem this Note in accordance with Section 1.1.

            "Optional Redemption Notice" means a notice from the Company to the
Holder electing to redeem this Note given in accordance with Section 1.1(a).

            "Optional Redemption Price" means an amount equal to the sum of (1)
the product obtained by multiplying (A) the sum of (i) the outstanding principal
amount of the Note to be redeemed on a particular Optional Redemption Date plus
(ii) accrued and unpaid interest on such principal amount to the Optional
Redemption Date times (B) 115% plus (2) accrued and unpaid Default Interest, if
any, on the amounts referred to in the immediately preceding clauses (1)(A)(i)
and (1)(A)(ii) at the rate provided in this Note to the Optional Redemption
Date.

            "Other Note" means the 12% Secured Convertible Note of the Company
issued to the other holder pursuant to the Exchange Agreement and any
replacement note or notes.

            "Permitted Indebtedness" means (i) Indebtedness of the Company
outstanding on the Issuance Date, (ii) Indebtedness of the Company incurred
after the Issuance Date which is unsecured and expressly subordinated to this
Note and the Other Note on terms reasonably acceptable to the Majority Holders,
and (iii) Indebtedness of the Company's subsidiary, DSS Direct Connect, L.L.C.,
a Washington limited liability company, incurred after the Issuance Date for a
working capital line of credit provided by a bank or other financial institution
which is secured by the assets and limited liability company interests of such
subsidiary.

            "Person" means any natural person, corporation, partnership, trust,
incorporated organization, unincorporated association or similar entity or any
government, governmental agency or political subdivision.

            "Principal Installment Amount" on any Principal Payment Date means
an amount equal to (x) the principal amount of this Note outstanding on such
Principal Payment Date divided by (y) the number of remaining Principal Payment
Dates hereunder (including such Principal Payment Date for

                                      -14-
<PAGE>

which the Principal Installment Amount is being determined) which have not
occurred on prior dates, such amount to be rounded to the nearest cent.

            "Principal Payment Dates" shall have the meaning provided in the
first paragraph of this Note.

            "Registration Rights Agreement" means the Amended and Restated
Registration Rights Agreement, dated as of the Issuance Date, entered into
between the Company and the original holders of this Note and the Other Note.

            "Registration Statement" means the Registration Statement required
to be filed by the Company with the SEC pursuant to Section 2(a) of the
Registration Rights Agreement.

            "Repurchase Event" means the occurrence of any one or more of the
following events:

            (1) The inability for 30 or more days (whether or not consecutive)
commencing on or after the SEC Effective Date of the Holder to sell any shares
of Common Stock issued or issuable on conversion of this Note or exercise of the
Warrants pursuant to the Registration Statement for any reason on each of such
30 days;

            (2) Any consolidation or merger of the Company with or into another
entity (other than the Merger or a merger or consolidation of a subsidiary of
the Company into the Company or a wholly-owned subsidiary of the Company) where
the stockholders of the Company immediately prior to such transaction do not
collectively own at least 51% of the outstanding voting securities of the
surviving corporation of such consolidation or merger immediately following such
transaction or the common stock of such surviving corporation is not listed for
trading on the NYSE, the AMEX, the Nasdaq or the Nasdaq SmallCap; or any sale or
other transfer of all or substantially all of the assets of the Company or any
Guarantor;

            (3) The taking of any action, including any amendment to the
Company's Certificate of Incorporation, without the consent of the Majority
Holders which materially and adversely affects the rights of the Holder;
provided, however, that no Repurchase Event shall be deemed to occur by reason
of an amendment to the Corporation's Certificate of Incorporation which
increases the number of authorized shares of Common Stock in connection with the
Merger; or

            (4) The occurrence of any Event of Default specified in Article IV
of this Note.

            "Repurchase Price" means an amount equal to the sum of (1) the
product obtained by multiplying the sum of (A) the outstanding principal amount
of this Note plus (B) accrued and unpaid interest on such principal amount to
the date of repurchase times 120% plus (2) accrued and unpaid Default Interest,
if any, on the amounts referred to in the immediately preceding clauses (1)(A)
and (1)(B) at the rate provided in this Note to the date of repurchase.

            "SEC" means the Securities and Exchange Commission.

                  "SEC Effective Date" means the date on which the Registration
Statement is first declared effective by the SEC.

            "Security Agreement" means the Pledge and Security Agreement, dated
as of the Issuance Date, by and among the Company, the Guarantors and the
Collateral Agent.

                                      -15-
<PAGE>

            "Stockholder Approval" shall mean the approval by a majority of the
votes cast by the holders of shares of Common Stock (in person or by proxy) at a
meeting of the stockholders of the Corporation (duly convened at which a quorum
was present), or a written consent of holders of shares of Common Stock entitled
to such number of votes given without a meeting, of the issuance by the
Corporation of 20% or more of the Common Stock of the Corporation outstanding on
the Issuance Date for less than the greater of the book or market value of such
Common Stock on conversion of the Note and the Other Note, as and to the extent
required under the Stockholder Approval Rule.

            "Stockholder Approval Rule" means Rule 4310(c)(25)(H) of the Nasdaq
SmallCap as in effect from time to time or any successor, replacement or similar
rule or regulation of the Nasdaq SmallCap or any other principal securities
market on which the Common Stock is listed for trading.

            "Tender Offer" means a tender offer or exchange offer.

            "TME" means Transmedia Europe, Inc., a Delaware corporation.

            "Trading Day" means a day on whichever of (x) the national
securities exchange, (y) the Nasdaq or (z) the Nasdaq SmallCap which at the time
constitutes the principal securities market for the Common Stock is open for
general trading.

            "Transaction Documents" means this Note, the Exchange Agreement, the
Registration Rights Agreement, the Warrants, the Security Agreement, the
Guaranty Agreement and the Transfer Agent Instructions.

            "Transfer Agent Instructions" means the Transfer Agent Instructions
from the Company to the Conversion Agent issued pursuant to the Exchange
Agreement for the benefit of the holders of this Note and the Other Note.

            "Warrants" shall have the meaning provided in the Exchange
Agreement.

                                   ARTICLE VII

                                  MISCELLANEOUS

            7.1 Failure or Indulgency Not Waiver. No failure or delay on the
part of the Holder in the exercise of any power, right or privilege hereunder
shall operate as a waiver thereof, nor shall any single or partial exercise of
any such power, right or privilege preclude other or further exercise thereof or
of any other right, power or privileges. All rights and remedies existing
hereunder are cumulative to, and not exclusive of, any rights or remedies
otherwise available.

            7.2 Notices. Except as otherwise specifically provided herein, any
notice herein required or permitted to be given shall be in writing and may be
personally served, sent by telephone line facsimile transmission or delivered by
courier or sent by United States mail and shall be deemed to have been given
upon receipt if personally served, sent by telephone line facsimile transmission
or sent by courier or three days after being deposited in the United States
mail, certified, with postage pre-paid and properly addressed, if sent by mail.
For the purposes hereof, the address of the Holder shall be as shown on the
records of the Company (telephone line facsimile transmission number (__) ____ -
____); and the address of the Company shall be 11 St. James's Square, London
SW1Y 4LB, England, Attention: Chief Executive Officer (telephone line facsimile
transmission number 011-44-207-839-5727. Both the Holder

                                      -16-
<PAGE>

and the Company may change the address for service by service of written notice
to the other as herein provided.

            7.3 Amendment Provision. The term "Note" and all reference thereto,
as used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented, and any replacement note or notes. Neither this Note, any Other
Note, the Security Agreement, nor any terms hereof or thereof may be changed,
waived, discharged or terminated unless such change, waiver, discharge or
termination is in writing signed by the Majority Holders, provided that no such
change, waiver, discharge or termination shall, without the consent of the
Holder and the holder of the Other Note if affected thereby, (i) extend the
scheduled final maturity of this Note or the Other Note, or reduce the rate or
extend the time of payment of interest (other than as a result of waiving the
applicability of any post-default increase in interest rates) hereon or thereon
or reduce the principal amount hereof or thereof or the Optional Redemption
Price or Repurchase Price, (ii) release the collateral or reduce the amount of
collateral required to be deposited or maintained by the Company pursuant to the
Security Agreement except as expressly provided in the Security Agreement, (iii)
amend, modify or waive any provision of this Section 7.3, (iv) reduce any
percentage specified in, or otherwise modify, the definition of Majority Holders
or (v) except as provided in this Note, change the method of calculating the
Conversion Price. Notwithstanding any other provision of this Note, in addition
to the requirements of the immediately preceding sentence, any amendment of (x)
Section 2.1(b), (y) the definition of the term Aggregated Person or (z) this
sentence shall require approval by the affirmative vote of the holders of a
majority of the outstanding shares of Common Stock, present in person or
represented by proxy at a duly convened meeting of stockholders of the Company,
and entitled to vote, or the consent thereto in writing by holders of a majority
of the outstanding shares of Common Stock, and the stockholders of the Company
are hereby expressly made third party beneficiaries of this sentence.

            7.4 Assignability. This Note shall be binding upon the Company and
its successors and permitted assigns, and shall inure to the benefit of and be
binding upon the Holder and its successors and permitted assigns.

            7.5 Certain Expenses. The Company shall pay on demand all expenses
incurred by the Holder, including reasonable attorneys' fees and expenses, as a
consequence of, or in connection with, (x) the negotiation, preparation or
execution of any amendment or modification of the Transaction Documents, (y) any
default or breach of any of the Company's obligations set forth in the
Transaction Documents and (z) the enforcement or restructuring of any right of,
including the collection of any payments due, the Holder under the Transaction
Documents, including any action or proceeding relating to such enforcement or
any order, injunction or other process seeking to restrain the Company from
paying any amount due the Holder in which the Holder prevails.

            7.6 Governing Law. This Note shall be governed by and interpreted in
accordance with the internal laws of the State of New York, without giving
effect to any choice of law or conflict of law provision or rule that would
cause the laws of any jurisdiction other than the State of New York to be
applied.

            7.7 Transfer of Note. This Note has not been and is not being
registered under the provisions of the 1933 Act or any state securities laws and
this Note may not be transferred unless (1) the transferee is an "accredited
investor" as defined in Regulation D under the 1933 Act and (2) the Holder shall
have delivered to the Company an opinion of counsel to the effect that this Note
may be sold or transferred pursuant to an exemption from such registration.

                                      -17-
<PAGE>

            7.8 Enforceable Obligation. The Company represents and warrants that
at the time of the original issuance of this Note it received consideration
pursuant to the Exchange Agreement of a type and in an amount with a value to
the Company at least equal to the original principal amount of this Note, and
that this Note is an enforceable obligation of the Company which is not subject
to any offset, reduction, counterclaim or disallowance of any sort.

            7.9 Certain Amounts. Whenever pursuant to this Note the Company is
required to pay an amount in excess of the outstanding principal amount (or the
portion thereof required to be paid at that time) plus accrued and unpaid
interest plus Default Interest on such principal and interest, the Company and
the Holder agree that the actual damages to the Holder from the receipt of cash
payment on this Note may be difficult to determine and the amount to be so paid
by the Company represents stipulated damages and not a penalty and is intended
to compensate the Holder in part for loss of the opportunity to convert this
Note and to earn a return from the sale of shares of Common Stock acquired upon
conversion of this Note at a price in excess of the price paid for such shares
pursuant to this Note. The Company and the Holder hereby agree that such amount
of stipulated damages is not plainly disproportionate to the possible loss to
the Holder from the receipt of a cash payment without the opportunity to convert
this Note into shares of Common Stock.

            7.10 Replacement of Notes. Upon receipt by the Company of evidence
reasonably satisfactory to it of the ownership of and the loss, theft,
destruction or mutilation of any Note and (a) in the case of loss, theft or
destruction, of an affidavit from the Holder reasonably satisfactory to the
Company or (b) in the case of mutilation, upon surrender and cancellation of
this Note, the Company at its expense will execute and deliver to the Holder a
new Note of like tenor.

                                   * * * * * *

                                      -18-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Note to be signed in
its name by its duly authorized officer on the day and in the year first above
written.

                                              TRANSMEDIA ASIA PACIFIC, INC.

                                              By:_______________________________
                                              Name:
                                              Title:

                                      -19-
<PAGE>

                                                                       Exhibit A

                              NOTICE OF CONVERSION
                                       OF
                          12% SECURED CONVERTIBLE NOTE
                                       OF
                          TRANSMEDIA ASIA PACIFIC, INC.

TO:  American Stock Transfer          CC:   Transmedia Asia Pacific, Inc.
      & Trust Company,                      11 St. James's Square
     as Conversion Agent                    London SW1Y 4LB
     6201 Fifteenth Avenue                  England
     Brooklyn, New York 11219
                                            Attention:  Chief Executive Officer
Facsimile No.:  (718) 921-8355              Facsimile No.:  011-44-207-839-5727

            (1) Pursuant to the terms of the 12% Secured Convertible Note due
2002 (the "Note") of Transmedia Asia Pacific, Inc., a Delaware corporation (the
"Company"), the undersigned hereby elects to convert $__________________ of the
Note, equal to the sum of $__________________ principal amount of the Note,
$_________________ of accrued and unpaid interest on such principal amount and
$_______________ of Default Interest on such principal and interest, into shares
of Common Stock, $.00001 par value (the "Common Stock"), of the Company.
Capitalized terms used in this Conversion Notice and not otherwise defined
herein have the respective meanings provided in the Note.

            (2) Please issue a certificate or certificates for shares (the
"Conversion Shares") of Common Stock in the name(s) specified immediately below
or, if additional space is necessary, on an attachment hereto:

         _______________________________         _______________________________
         Name                                    Name

         _______________________________         _______________________________
         Address                                 Address

         _______________________________         _______________________________
         SS or Tax ID Number                     SS or Tax ID Number

            (3) The Conversion Date is __________________.

            (4) The closing bid price of the Common Stock on each of the five
Trading Days during the Measurement Period preceding the Conversion Date on
which the lowest closing bid prices occurred and the arithmetic average thereof
are as follows:

<PAGE>

                Date                          Closing Bid Price
                ----                          -----------------

                 1.________________           ________________

                 2.________________           ________________

                 3.________________           ________________

                 4.________________           ________________

                 5.________________           ________________

                Arithmetic Average: $ __________________ = Average Market Price

                95% of Average Market Price = $_____________ = Conversion Price

                                      A-2
<PAGE>

            (5) Calculation of number of Conversion Shares to be issued:

Amount to be converted of $__________________ divided by Conversion Price of
$_________________ = ___________________ shares of Common Stock.

            (6) Principal amount of the Note held by the undersigned after
giving effect to this Conversion Notice: $__________________.

            (7) Remaining number of shares of Common Stock from the Maximum
Share Amount available for conversion of the Note: ______________________.

            (8) If the shares of Common Stock issuable upon conversion of the
Note have not been registered for resale under the Securities Act of 1933, as
amended (the "Act"), and the provisions of Rule 144(k) under the Act are
inapplicable to the undersigned with respect to the Conversion Shares relating
to this Notice, the undersigned represents and warrants that (i) the Conversion
Shares not so registered are being acquired for the account of the undersigned
for investment, and not with a view to, or for resale in connection with, the
public distribution thereof other than pursuant to registration under the Act,
and that the undersigned has no present intention of distributing or reselling
the shares of Common Stock not so registered other than pursuant to registration
under the Act and (ii) the undersigned is an "accredited investor" as defined in
Regulation D under the Act. If the provisions of Rule 144(k) under the Act are
inapplicable to the undersigned with respect to the Conversion Shares relating
to this Notice the undersigned further agrees that (A) the shares of Common
Stock not so registered shall not be sold or transferred unless either (i) they
first shall have been registered under the Act and applicable state securities
laws or (ii) the Company first shall have been furnished with an opinion of
legal counsel reasonably satisfactory to the Company to the effect that such
sale or transfer is exempt from the registration requirements of the Act and (B)
the Company may place a legend on the certificate(s) for the shares of Common
Stock not so registered to that effect and place a stop-transfer restriction in
its records relating to the shares of Common Stock not so registered, all in
accordance with the Exchange Agreement.

Date _________________________

                                  ______________________________________________
                                  Signature of Holder
                                  (Must be signed exactly as name appears on the
                                  Note)Exhibit 10.1(v)

THE SECURITIES REPRESENTED BY THIS CERTIFICATE HAVE NOT BEEN REGISTERED UNDER
THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"). THE SECURITIES HAVE BEEN
ACQUIRED FOR INVESTMENT AND MAY NOT BE RESOLD, TRANSFERRED OR ASSIGNED IN THE
ABSENCE OF AN EFFECTIVE REGISTRATION STATEMENT FOR THE SECURITIES UNDER THE ACT
OR AN OPINION OF COUNSEL THAT SUCH REGISTRATION IS NOT REQUIRED.

                              Right to Purchase 1,373,493 Shares of Common Stock
                              of Transmedia Asia Pacific, Inc.

                          TRANSMEDIA ASIA PACIFIC, INC.

                          Common Stock Purchase Warrant
No. W-3

            TRANSMEDIA ASIA PACIFIC, INC., a Delaware corporation (the
"Company"), hereby certifies that, for value received, Advantage Fund II Ltd., a
British Virgin Islands corpopration, or registered assigns (the "Holder"), is
entitled, subject to the terms set forth below, to purchase from the Company at
any time or from time to time after the date hereof, and before 5:00 p.m., New
York City time, on the Expiration Date (such capitalized term and all other
capitalized terms used herein having the meanings provided herein), 1,373,493
fully paid and nonassessable shares of Common Stock at a purchase price per
share equal to the Purchase Price. The number of such shares of Common Stock and
the Purchase Price are subject to adjustment as provided in this Warrant.

            As used herein the following terms, unless the context otherwise
requires, have the following respective meanings:

            "Closing Price" means $0.6188 (subject to equitable adjustments from
time to time, on terms reasonably acceptable to the holders of this Warrant and
the other Warrant of like tenor issued on the Issuance Date who are entitled to
acquire a majority of the shares of Common Stock issuable pursuant hereto and
thereto, for stock splits, stock dividends, combinations, recapitalizations,
reclassifications, distributions, tender offers and similar events relating to
the Common Stock occurring or with respect to which "ex-" trading commences on
or after the Issuance Date).

            "Common Stock" includes the Company's Common Stock, $.00001 par
value per share, as authorized on the date hereof, and any other securities into
which or for which the Common Stock may be converted or exchanged pursuant to a
plan of recapitalization, reorganization, merger, sale of assets or otherwise.

            "Company" shall include Transmedia Asia Pacific, Inc., a Delaware
corporation, and any corporation that shall succeed to or assume the obligations
of Transmedia Asia Pacific, Inc. hereunder in accordance with the terms hereof.

            "Exchange Agreement" means the Exchange Agreement, dated as of
December 12, 2000, by and among the Company and the original holders of this
Warrant and the other Warrant of like tenor issued on the Issuance Date, as
amended from time to time in accordance with its terms.

            "Expiration Date" means December 13, 2005.

                                      -4-
<PAGE>

            "Issuance Date" means the first date of original issuance of this
Warrant.

            "1934 Act" means the Securities Exchange Act of 1934, as amended.

            "1933 Act" means the Securities Act of 1933, as amended.

            "Other Securities" refers to any stock (other than Common Stock) and
other securities of the Company or any other person (corporate or otherwise)
which the Holder at any time shall be entitled to receive, or shall have
received, on the exercise of this Warrant, in lieu of or in addition to Common
Stock, or which at any time shall be issuable or shall have been issued in
exchange for or in replacement of Common Stock or Other Securities pursuant to
Section 4.

            "Purchase Price" means $0.75 per share, subject to adjustment as
provided in this Warrant.

            "Registration Rights Agreement" means the Amended and Restated
Registration Rights Agreement, dated as of December 12, 2000 by and among the
Company and the original holders of this Warrant and the other Warrant of like
tenor issued on the Issuance Date, as amended from time to time in accordance
with its terms.

            "Trading Day" means a day on which the principal securities market
for the Common Stock is open for general trading of securities.

            1. Exercise of Warrant.

            1.1 Exercise. (a) Subject to the limitation on exercise in Section
1.1(b), this Warrant may be exercised by the Holder hereof in full or in part at
any time or from time to time during the exercise period specified in the first
paragraph hereof until the Expiration Date by surrender of this Warrant and the
subscription form annexed hereto (duly executed by the Holder), to the Company's
transfer agent and registrar for the Common Stock, with a copy to the Company,
and by making payment, in cash or by certified or official bank check payable to
the order of the Company, in the amount obtained by multiplying (a) the number
of shares of Common Stock designated by the Holder in the subscription form by
(b) the Purchase Price then in effect. On any partial exercise the Company will
forthwith issue and deliver to or upon the order of the Holder hereof a new
Warrant or Warrants of like tenor, in the name of the Holder hereof or as the
Holder (upon payment by the Holder of any applicable transfer taxes) may
request, providing in the aggregate on the face or faces thereof for the
purchase of the number of shares of Common Stock for which such Warrant or
Warrants may still be exercised.

            (b) Notwithstanding any other provision of this Warrant, in no event
shall the Holder be entitled at any time to purchase a number of shares of
Common Stock on exercise of this Warrant in excess of that number of shares upon
purchase of which the sum of (1) the number of shares of Common Stock
beneficially owned by the Holder and all persons whose beneficial ownership of
shares of Common Stock would be aggregated with the Holder's beneficial
ownership of shares of Common Stock for purposes of Section 13(d) of the 1934
Act and Regulation 13D-G thereunder, (each such person other than the Holder an
"Aggregated Person" and all such persons other than the Holder, collectively,
the "Aggregated Persons") (other than shares of Common Stock deemed beneficially
owned through the ownership by the Holder and all Aggregated Persons of the
Holder of the unexercised portion of this Warrant and the unexercised or
unconverted portion of any other security of the Company which contains similar
provisions) and (2) the number of shares of Common Stock issuable upon exercise
of the portion of this Warrant with respect to which the determination in this
sentence is being made, would result in

                                      -5-
<PAGE>

beneficial ownership by the Holder and all Aggregated Persons of the Holder of
more than 4.9% of the outstanding shares of Common Stock. For purposes of the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the 1934 Act and Regulation 13D-G thereunder,
except as otherwise provided in clause (1) of the immediately preceding
sentence.

            1.2 Net Issuance. Notwithstanding anything to the contrary contained
in Section 1.1, the Holder may elect to exercise this Warrant in whole or in
part by receiving shares of Common Stock equal to the net issuance value (as
determined below) of this Warrant, or any part hereof, upon surrender of this
Warrant to the Company's transfer agent and registrar for the Common Stock
together with the subscription form annexed hereto (duly executed by the
Holder), in which event the Company shall issue to the Holder a number of shares
of Common Stock computed using the following formula:

            X = Y (A-B)
                -------
                   A

      where:

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

      Y =   the number of shares of Common Stock as to which this Warrant is to
            be exercised

      A =   the current fair market value of one share of Common Stock
            calculated as of the last Trading Day immediately preceding the
            exercise of this Warrant

      B =   the Purchase Price

            As used herein, current fair market value of Common Stock as of a
specified date shall mean with respect to each share of Common Stock the closing
sale price of the Common Stock on the principal securities market on which the
Common Stock may at the time be listed or, if there have been no sales on any
such exchange on such day, the average of the highest bid and lowest asked
prices on the principal securities market at the end of such day, or, if on such
day the Common Stock is not so listed, the average of the representative bid and
asked prices quoted in the Nasdaq System as of 4:00 p.m., New York City time,
or, if on such day the Common Stock is not quoted in the Nasdaq System, the
average of the highest bid and lowest asked price on such day in the domestic
over-the-counter market as reported by the National Quotation Bureau,
Incorporated, or any similar successor organization, in each such case averaged
over a period of five consecutive Trading Days consisting of the day as of which
the current fair market value of a share of Common Stock is being determined (or
if such day is not a Trading Day, the Trading Day next preceding such day) and
the four consecutive Trading Days prior to such day. If on the date for which
current fair market value is to be determined the Common Stock is not listed on
any securities exchange or quoted in the Nasdaq System or the over-the-counter
market, the current fair market value of Common Stock shall be the highest price
per share which the Company could then obtain from a willing buyer (not a
current employee or director) for shares of Common Stock sold by the Company,
from authorized but unissued shares, as determined in good faith by the Board of
Directors of the Company, unless prior to such date the Company has become
subject to a merger, acquisition or other consolidation pursuant to which the
Company is not the surviving party, in which case the current fair market value
of the Common Stock shall be deemed to be the value received by the holders of
the Company's Common Stock for each share thereof pursuant to the Company's
acquisition.

            2. Delivery of Stock Certificates, etc., on Exercise. As soon as
practicable after the exercise of this Warrant, and in any event within three
Trading Days thereafter, the Company at its expense (including the payment by it
of any applicable issue or stamp taxes) will cause to be issued in the

                                      -6-
<PAGE>

name of and delivered to the Holder hereof, or as the Holder (upon payment by
the Holder of any applicable transfer taxes) may direct, a certificate or
certificates for the number of fully paid and nonassessable shares of Common
Stock (or Other Securities) to which the Holder shall be entitled on such
exercise, in such denominations as may be requested by the Holder, plus, in lieu
of any fractional share to which the Holder would otherwise be entitled, cash
equal to such fraction multiplied by the then current fair market value (as
determined in accordance with subsection 1.2) of one full share, together with
any other stock or other securities and property (including cash, where
applicable) to which the Holder is entitled upon such exercise pursuant to
Section 1 or otherwise. Upon exercise of this Warrant as provided herein, the
Company's obligation to issue and deliver the certificates for Common Stock
shall be absolute and unconditional, irrespective of the absence of any action
by the Holder to enforce the same, any waiver or consent with respect to any
provision thereof, the recovery of any judgment against any person or any action
to enforce the same, any failure or delay in the enforcement of any other
obligation of the Company to the Holder, or any setoff, counterclaim,
recoupment, limitation or termination, or any breach or alleged breach by the
Holder or any other person of any obligation to the Company, and irrespective of
any other circumstance which might otherwise limit such obligation of the
Company to the Holder in connection with such exercise. If the Company fails to
issue and deliver the certificates for the Common Stock to the Holder pursuant
to the first sentence of this paragraph as and when required to do so, in
addition to any other liabilities the Company may have hereunder and under
applicable law, the Company shall pay or reimburse the Holder on demand for all
out-of-pocket expenses including, without limitation, reasonable fees and
expenses of legal counsel incurred by the Holder as a result of such failure.

            3. Adjustment for Dividends in Other Stock, Property, etc.;
Reclassification, etc. In case at any time or from time to time after the
Issuance Date, all the holders of Common Stock (or Other Securities) shall have
received, or (on or after the record date fixed for the determination of
stockholders eligible to receive) shall have become entitled to receive, without
payment therefor,

            (a) other or additional stock or other securities or property (other
than cash) by way of dividend, or

            (b) any cash (excluding cash dividends payable solely out of
earnings or earned surplus of the Company), or

            (c) other or additional stock or other securities or property
(including cash) by way of spin-off, split-up, reclassification,
recapitalization, combination of shares or similar corporate rearrangement,
other than additional shares of Common Stock (or Other Securities) issued as a
stock dividend or in a stock-split (adjustments in respect of which are provided
for in Section 5), then and in each such case the Holder, on the exercise hereof
as provided in Section 1, shall be entitled to receive the amount of stock and
other securities and property (including cash in the cases referred to in
subdivisions (b) and (c) of this Section 3) which the Holder would hold on the
date of such exercise if on the date thereof the Holder had been the holder of
record of the number of shares of Common Stock called for on the face of this
Warrant and had thereafter, during the period from the date hereof to and
including the date of such exercise, retained such shares and all such other or
additional stock and other securities and property (including cash in the case
referred to in subdivisions (b) and (c) of this Section 3) receivable by the
Holder as aforesaid during such period, giving effect to all adjustments called
for during such period by Section 4. Notwithstanding anything in this Section 3
to the contrary, no adjustments pursuant to this Section 3 shall actually be
made until the cumulative effect of the adjustments called for by this Section 3
since the date of the last adjustment actually made would change the amount of
stock or other securities and property which the Holder would hold by more than
1%.

                                      -7-
<PAGE>

            4. Exercise upon Reorganization, Consolidation, Merger, etc. In case
at any time or from time to time after the Issuance Date, the Company shall (a)
effect a reorganization, (b) consolidate with or merge into any other person,
(c) effect an exchange of outstanding shares of the Company for securities of
any other person or (d) transfer all or substantially all of its properties or
assets to any other person under any plan or arrangement contemplating the
dissolution of the Company, then, in each such case, as a condition of such
reorganization, consolidation, merger, share exchange, sale or conveyance, (i)
the Company shall give at least 30 days notice to the Holder of such pending
transaction whereby the Holder shall have the right to exercise this Warrant
prior to any such reorganization, consolidation, merger, share exchange, sale or
conveyance and (ii) if the Holder does not so exercise this Warrant in full, the
Company shall cause effective provisions to be made so that the Holder shall
have the right thereafter, by exercising this Warrant (in lieu of the shares of
Common Stock of the Company purchasable and receivable upon exercise of the
rights represented hereby immediately prior to such transaction) to purchase the
kind and amount of shares of stock and other securities and property (including
cash) receivable upon such reorganization, consolidation, merger, share
exchange, sale or conveyance by a holder of the number of shares of Common Stock
that might have been received upon exercise of this Warrant immediately prior to
such reorganization, consolidation, merger, share exchange, sale or conveyance.
Any exercise of this Warrant pursuant to notice under this Section shall be
conditioned upon the closing of such reorganization, consolidation, merger, sale
or conveyance which is the subject of the notice and the exercise of this
Warrant shall not be deemed to have occurred until immediately prior to the
closing of such transaction.

            5. Adjustment for Extraordinary Events. In the event that after the
Issuance Date the Company shall (i) issue additional shares of Common Stock as a
dividend or other distribution on outstanding Common Stock, (ii) subdivide or
reclassify its outstanding shares of Common Stock, or (iii) combine its
outstanding shares of Common Stock into a smaller number of shares of Common
Stock, then, in each such event, the Purchase Price shall, simultaneously with
the happening of such event, be adjusted by multiplying the Purchase Price in
effect immediately prior to such event by a fraction, the numerator of which
shall be the number of shares of Common Stock outstanding immediately prior to
such event and the denominator of which shall be the number of shares of Common
Stock outstanding immediately after such event, and the product so obtained
shall thereafter be the Purchase Price then in effect. The Purchase Price, as so
adjusted, shall be readjusted in the same manner upon the happening of any
successive event or events described herein in this Section 5. The Holder shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive that number of shares of Common Stock determined by multiplying the
number of shares of Common Stock which would be issuable on such exercise
immediately prior to such issuance by a fraction of which (i) the numerator is
the Purchase Price in effect immediately prior to such issuance and (ii) the
denominator is the Purchase Price in effect on the date of such exercise.

            6. Adjustment for Certain Stock Issuances. In case at any time the
Company shall issue shares of its Common Stock or debt or equity securities
convertible into or exercisable or exchangeable for shares of Common Stock
(collectively, the "Newly Issued Shares"), other than (i) an issuance pro rata
to all holders of its outstanding Common Stock, (ii) issuances pursuant to
options, warrants and convertible securities outstanding on the Issuance Date
(including securities issued pursuant to the Exchange Agreement) and (iii)
issuances pursuant to employee stock option plans (other than in connection with
any corporate financing or acquisition transaction), at a price below the
Closing Price in effect at the time of such issuance, then following such
issuance of Newly Issued Shares the number of shares of Common Stock which the
Holder shall be entitled to receive upon exercise of this Warrant shall be
increased and the Purchase Price shall be decreased to the respective amounts
determined pursuant to this Section 6. The number of shares of Common Stock
purchasable upon the exercise of this Warrant following any such adjustment
shall be determined by multiplying the number of shares purchasable upon
exercise of this Warrant immediately prior to such adjustment by a fraction, the
numerator of which shall

                                      -8-
<PAGE>

be the sum of (a) the number of shares of Common Stock outstanding immediately
prior to the issuance of the Newly Issued Shares (calculated on a fully-diluted
basis assuming the exercise or conversion of all options, warrants, purchase
rights or convertible securities which are exercisable at the time of the
issuance of the Newly Issued Shares), plus (b) the number of Newly Issued
Shares, and the denominator of which shall be the sum of (a) the number of
shares of Common Stock outstanding immediately prior to the issuance of the
Newly Issued Shares (calculated on a fully-diluted basis assuming the conversion
of all options, warrants, purchase rights or convertible securities which are
exercisable at the time of the issuance of the Newly Issued Shares), plus (b)
the number of shares of Common Stock which the aggregate consideration, if any,
received by the Company for the number of Newly Issued Shares would purchase at
a price equal to the Closing Price in effect at the time of such issuance. Upon
any adjustment under this Section 6, the number of shares of Common Stock
purchasable upon exercise of this Warrant in full immediately after such
adjustment shall be rounded to the nearest one-one-hundredth of a share of
Common Stock subject, however, to Section 2 of this Warrant relating to
fractional shares of Common Stock. Such adjustment of the number of shares
purchasable provided for in this Section 6 may be expressed as the following
mathematical formula:

                  X = W x [O+N]
                          --------------------------
                          [O+(A/C)]

      where:

      A   = aggregate consideration received by the Company for the Newly
            Issued Shares

      C   = Closing Price in effect at the time of the issuance of the Newly
            Issued Shares

      N   = number of Newly Issued Shares

      O   = number of shares of Common Stock outstanding (on a fully diluted
            basis, as described above) prior to the issuance of the Newly Issued
            Shares

      W   = number of shares issuable upon exercise of this Warrant prior to
            the issuance of the Newly Issued Shares

      X   = number of shares issuable upon exercise of this Warrant after the
            issuance of the Newly Issued Shares

Upon the issuance of such Newly Issued Shares, the Purchase Price shall,
simultaneously with the happening of such event, be adjusted by multiplying the
Purchase Price in effect immediately prior to such event by a fraction, the
numerator of which shall be the number of shares of Common Stock issuable upon
exercise of this Warrant prior to the issuance of the Newly Issued Shares and
the denominator of which shall be the number of shares of Common Stock issuable
upon the exercise of this Warrant after the issuance of the Newly Issued Shares
as provided in this Section 6, and the product so obtained shall thereafter be
the Purchase Price then in effect. The number of shares issuable upon exercise
of this Warrant and the Purchase Price, as each is so adjusted, shall be
readjusted in the same manner upon the happening of any successive issuances of
Newly Issued Shares described in this Section 6. Notwithstanding the foregoing
provisions of this Section 6, no adjustment in the Purchase Price or the number
of shares of Common Stock issuable upon exercise of this Warrant shall be
required unless such adjustment would require an increase or decrease of at 1%
in such price or number; provided, however, that any adjustments which by reason
of this Section 6 are not required to be made shall be carried forward and taken
into account in any subsequent adjustment.

                                      -9-
<PAGE>

            7. Further Assurances. The Company will take all action that may be
necessary or appropriate in order that the Company may validly and legally issue
fully paid and nonassessable shares of stock, free from all taxes, liens and
charges with respect to the issue thereof, on the exercise of all or any portion
of this Warrant from time to time outstanding.

            8. Notices of Record Date, etc. In the event of

            (a) any taking by the Company of a record of the holders of any
class of securities for the purpose of determining the holders thereof who are
entitled to receive any dividend on, or any right to subscribe for, purchase or
otherwise acquire any shares of stock of any class or any other securities or
property, or to receive any other right, or

            (b) any capital reorganization of the Company, any reclassification
or recapitalization of the capital stock of the Company or any transfer of all
or substantially all of the assets of the Company to or consolidation or merger
of the Company with or into any other person (other than a wholly-owned
subsidiary of the Company), or

            (c) any voluntary or involuntary dissolution, liquidation or
winding-up of the Company,

then and in each such event the Company will mail or cause to be mailed to the
Holder, at least ten days prior to such record date, a notice specifying (i) the
date on which any such record is to be taken for the purpose of such dividend,
distribution or right, and stating the amount and character of such dividend,
distribution or right, (ii) the date on which any such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up is to take place, and the time, if any is
to be fixed, as of which the holders of record of Common Stock (or Other
Securities) shall be entitled to exchange their shares of Common Stock (or Other
Securities) for securities or other property deliverable on such reorganization,
reclassification, recapitalization, transfer, consolidation, merger,
dissolution, liquidation or winding-up, and (iii) the amount and character of
any stock or other securities, or rights or options with respect thereto,
proposed to be issued or granted, the date of such proposed issue or grant and
the persons or class of persons to whom such proposed issue or grant is to be
offered or made. Such notice shall also state that the action in question or the
record date is subject to the effectiveness of a registration statement under
the 1933 Act, or a favorable vote of stockholders if either is required. Such
notice shall be mailed at least ten days prior to the date specified in such
notice on which any such action is to be taken or the record date, whichever is
earlier.

            9. Reservation of Stock, etc., Issuable on Exercise of Warrants. The
Company will at all times reserve and keep available out of its authorized but
unissued shares of capital stock, solely for issuance and delivery on the
exercise of this Warrant, a sufficient number of shares of Common Stock (or
Other Securities) to effect the full exercise of this Warrant and the exercise,
conversion or exchange of any other warrant or security of the Company
exercisable for, convertible into, exchangeable for or otherwise entitling the
holder to acquire shares of Common Stock (or Other Securities), and if at any
time the number of authorized but unissued shares of Common Stock (or Other
Securities) shall not be sufficient to effect such exercise, conversion or
exchange, the Company shall take such action as may be necessary to increase its
authorized but unissued shares of Common Stock (or Other Securities) to such
number as shall be sufficient for such purposes.

            10. Transfer of Warrant. This Warrant shall inure to the benefit of
the successors to and assigns of the Holder. This Warrant and all rights
hereunder, in whole or in part, are registrable at

                                      -10-
<PAGE>

the office or agency of the Company referred to below by the Holder hereof in
person or by his duly authorized attorney, upon surrender of this Warrant
properly endorsed.

            11. Register of Warrants. The Company shall maintain, at the
principal office of the Company (or such other office as it may designate by
notice to the Holder hereof), a register in which the Company shall record the
name and address of the person in whose name this Warrant has been issued, as
well as the name and address of each successor and prior owner of such Warrant.
The Company shall be entitled to treat the person in whose name this Warrant is
so registered as the sole and absolute owner of this Warrant for all purposes.

            12. Exchange of Warrant. This Warrant is exchangeable, upon the
surrender hereof by the Holder hereof at the office or agency of the Company
referred to in Section 11, for one or more new Warrants of like tenor
representing in the aggregate the right to subscribe for and purchase the number
of shares of Common Stock which may be subscribed for and purchased hereunder,
each of such new Warrants to represent the right to subscribe for and purchase
such number of shares as shall be designated by said Holder hereof at the time
of such surrender.

            13. Replacement of Warrant. On receipt of evidence reasonably
satisfactory to the Company of the loss, theft, destruction or mutilation of
this Warrant and, in the case of any such loss, theft or destruction of this
Warrant, on delivery of an indemnity agreement or security reasonably
satisfactory in form and amount to the Company or, in the case of any such
mutilation, on surrender and cancellation of this Warrant, the Company at its
expense will execute and deliver, in lieu thereof, a new Warrant of like tenor.

            14. Warrant Agent. In accordance with the Transfer Agent
Instructions, dated December 12, 2000, from the Company to American Stock
Transfer & Trust Company, as Transfer Agent and Registrar (the "Transfer
Agent"), the Company has appointed the Transfer Agent as the exercise agent for
purposes of issuing shares of Common Stock (or Other Securities) on the exercise
of this Warrant pursuant to Section 1. The Company may, by notice to the Holder,
appoint an agent having an office in the United States of America for the
purpose of exchanging this Warrant pursuant to Section 12 and replacing this
Warrant pursuant to Section 13, or either of the foregoing, and thereafter any
such exchange or replacement, as the case may be, shall be made at such office
by such agent.

            15. Remedies. The Company stipulates that the remedies at law of the
Holder in the event of any default or threatened default by the Company in the
performance of or compliance with any of the terms of this Warrant are not and
will not be adequate, and that such terms may be specifically enforced by a
decree for the specific performance of any agreement contained herein or by an
injunction against a violation of any of the terms hereof or otherwise.

            16. No Rights or Liabilities as a Stockholder. This Warrant shall
not entitle the Holder hereof to any voting rights or other rights as a
stockholder of the Company. No provision of this Warrant, in the absence of
affirmative action by the Holder hereof to purchase Common Stock, and no mere
enumeration herein of the rights or privileges of the Holder hereof, shall give
rise to any liability of the Holder for the Purchase Price or as a stockholder
of the Company, whether such liability is asserted by the Company or by
creditors of the Company.

            17. Notices, etc. All notices and other communications from the
Company to the registered Holder or from the registered Holder to the Company
shall be delivered personally (which shall include telephone line facsimile
transmission with answer back confirmation) or by courier and shall be effective
upon receipt, addressed to each party at the address or telephone line facsimile
transmission number for each party set forth in the Exchange Agreement or at
such other address or telephone line

                                      -11-
<PAGE>

facsimile transmission number as a party shall have provided to the other party
in accordance with this provision.

            18. Transfer Restrictions. By acceptance of this Warrant, the Holder
represents to the Company that this Warrant is being acquired for the Holder's
own account and for the purpose of investment and not with a view to, or for
sale in connection with, the distribution thereof, nor with any present
intention of distributing or selling this Warrant or the Common Stock issuable
upon exercise of this Warrant. The Holder acknowledges and agrees that this
Warrant and, except as otherwise provided in the Registration Rights Agreement,
the shares of Common Stock issuable upon exercise of this Warrant (if any) have
not been (and at the time of acquisition by the Holder, will not have been or
will not be), registered under the 1933 Act or under the securities laws of any
state, in reliance upon certain exemptive provisions of such statutes. The
Holder further recognizes and acknowledges that because this Warrant and, except
as provided in the Registration Rights Agreement, the Common Stock issuable upon
exercise of this Warrant (if any) are unregistered, they may not be eligible for
resale, and may only be resold in the future pursuant to an effective
registration statement under the 1933 Act and any applicable state securities
laws, or pursuant to a valid exemption from such registration requirements.
Unless the shares of Common Stock issuable upon exercise of this Warrant have
theretofore been registered for resale under the 1933 Act, the Company may
require, as a condition to the issuance of Common Stock upon the exercise of
this Warrant (i) in the case of an exercise in accordance with Section 1.1
hereof, a confirmation as of the date of exercise of the Holder's
representations pursuant to this Section 18, or (ii) in the case of an exercise
in accordance with Section 1.2 hereof, an opinion of counsel reasonably
satisfactory to the Company that the shares of Common Stock to be issued upon
such exercise may be issued without registration under the 1933 Act.

            19. Legend. Unless theretofore registered for resale under the 1933
Act, each certificate for shares issued upon exercise of this Warrant shall bear
the following legend:

      The securities represented by this certificate have not been registered
      under the Securities Act of 1933, as amended ("the Act"). The securities
      have been acquired for investment and may not be resold, transferred or
      assigned in the absence of an effective registration statement for the
      securities under the Act or an opinion of counsel that such registration
      is not required.

            20. Amendment; Waiver. This Warrant and any terms hereof may be
changed, waived, discharged or terminated only by an instrument in writing
signed by the party against which enforcement of such change, waiver, discharge
or termination is sought. Notwithstanding any other provision of this Warrant or
the Exchange Agreement, in addition to the requirements of the immediately
preceding sentence, any amendment of (x) Section 1.1(b), (y) the definition of
the term Aggregated Person or (z) this sentence shall require approval by the
affirmative vote of the holders of a majority of the outstanding shares of
Common Stock, present in person or represented by proxy at a duly convened
meeting of stockholders of the Company, and entitled to vote, or the consent
thereto in writing by holders of a majority of the outstanding shares of Common
Stock, and the stockholders of the Company are hereby expressly made third party
beneficiaries of this sentence.

            21. Miscellaneous. This Warrant shall be construed and enforced in
accordance with and governed by the internal laws of the State of New York. The
headings in this Warrant are for purposes of reference only, and shall not limit
or otherwise affect any of the terms hereof. The invalidity or unenforceability
of any provision hereof shall in no way affect the validity or enforceability of
any other provision.

                                      -12-
<PAGE>

            IN WITNESS WHEREOF, the Company has caused this Warrant to be
executed on its behalf by one of its officers thereunto duly authorized.

Dated:_________________, 2000           TRANSMEDIA ASIA PACIFIC, INC.

                                        By:_____________________________________

                                        Title:__________________________________

                                      -13-
<PAGE>

                              FORM OF SUBSCRIPTION

                          TRANSMEDIA ASIA PACIFIC, INC.

                   (To be signed only on exercise of Warrant)

TO:   American Stock Transfer                 CC:  Transmedia Asia Pacific, Inc.
        & Trust Company,                           11 St. James's Square
      as Exercise Agent                            London SW1Y 4LB
      6201 Fifteenth Avenue                        England
      Brooklyn, New York  11219

            1. The undersigned Holder of the attached original, executed Warrant
hereby elects to exercise its purchase right under such Warrant with respect to
______________ shares of Common Stock, as defined in the Warrant, of Transmedia
Asia Pacific, Inc., a Delaware corporation (the "Company").

            2. The undersigned Holder (check one):

     |_|   (a) elects to pay the aggregate purchase price for such
               shares of Common Stock (the "Exercise Shares") (i) by lawful
               money of the United States or the enclosed certified or official
               bank check payable in United States dollars to the order of the
               Company in the amount of $___________, or (ii) by wire transfer
               of United States funds to the account of the Company in the
               amount of $____________, which transfer has been made before or
               simultaneously with the delivery of this Form of Subscription
               pursuant to the instructions of the Company;

            or

     |_|   (b) elects to receive shares of Common Stock having a
               value equal to the value of the Warrant calculated in accordance
               with Section 1.2 of the Warrant.

            3. Please issue a stock certificate or certificates representing the
appropriate number of shares of Common Stock in the name of the undersigned or
in such other name as is specified below:

            Name:__________________________________

            Address:_______________________________

                    _______________________________

Dated: ____________ ___, _______        ________________________________________
                                        (Signature must conform to name of
                                        Holder as specified on the face of the
                                        Warrant)

                                        ________________________________________
                                        (Address)

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