Document:

Exhibit 10.1(s)

                               EXCHANGE AGREEMENT

                          TRANSMEDIA ASIA PACIFIC, INC.

                                Table of Contents

                                                                            Page
                                                                            ----

1. AGREEMENT TO EXCHANGE...................................................... 1

      (a)   Exchange.......................................................... 1
      (b)   Certain Definitions............................................... 2
      (c)   Closing........................................................... 2

2. HOLDER REPRESENTATIONS, WARRANTIES, ETC.................................... 2

      (a)   Investment Purpose................................................ 2
      (b)   Accredited Investor............................................... 2
      (c)   Reoffers and Resales.............................................. 2
      (d)   Company Reliance.................................................. 2
      (e)   Information Provided.............................................. 2
      (f)   Absence of Approvals.............................................. 3
      (g)   Exchange Agreement................................................ 3
      (h)   Title to the Series A Preferred Stock and March Warrants.......... 3

3. COMPANY REPRESENTATIONS, WARRANTIES, ETC................................... 3

      (a)   Organization and Authority........................................ 3
      (b)   Capitalization.................................................... 3
      (c)   Concerning the Common Shares and the Common Stock................. 4
      (d)   Transaction Documents............................................. 4
      (e)   Non-contravention................................................. 5
      (f)   Approvals......................................................... 5
      (g)   Information Provided.............................................. 6
      (h)   Absence of Certain Changes........................................ 6
      (i)   Absence of Certain Proceedings.................................... 7
      (j)   Properties........................................................ 7
      (k)   Labor Relations................................................... 8
      (l)   SEC Filings....................................................... 8
      (m)   Absence of Brokers, Finders, Etc.................................. 8
      (n)   No Solicitation................................................... 8
      (o)   Certain Issuances of Securities................................... 9
      (p)   Absence of Rights Agreement....................................... 9
      (q)   Exchange of Stock for Notes....................................... 9
      (r)   Equivalent Value, etc............................................. 9
      (s)   Rule 144.......................................................... 9

4. CERTAIN COVENANTS AND ACKNOWLEDGMENTS...................................... 9
<PAGE>

      (a)   Transfer Restrictions............................................  9
      (b)   Restrictive Legends.............................................. 10
      (c)   Registration Rights Agreement; Waiver............................ 10
      (d)   Security Agreement............................................... 10
      (e)   Guaranty Agreement............................................... 11
      (f)   Authorization for Trading; Reporting Status...................... 11
      (g)   Blue Sky Laws.................................................... 11
      (h)   Certain Expenses................................................. 11
      (i)   Certain Issuances of Securities.................................. 10
      (j)   Conduct of Business and Maintenance of Existence................. 12
      (k)   Compliance with Laws............................................. 12
      (l)   Investment Company Act........................................... 12
      (m)   Transactions with Affiliates..................................... 12
      (n)   Short Selling and Ownership Restrictions......................... 13
      (o)   Debt Obligation.................................................. 13
      (p)   Disclosure....................................................... 13
      (q)   Best Efforts..................................................... 13

5. TRANSFER AGENT INSTRUCTIONS............................................... 14

6. CONDITIONS TO THE COMPANY'S OBLIGATIONS................................... 14

7. CONDITIONS TO THE HOLDERS' OBLIGATION..................................... 15

8. MISCELLANEOUS............................................................. 16

      (a)   Governing Law.................................................... 16
      (b)   Counterparts..................................................... 16
      (c)   Headings, etc.................................................... 16
      (d)   Severability..................................................... 16
      (e)   Amendments....................................................... 16
      (f)   Waivers.......................................................... 16
      (g)   Notices.......................................................... 17
      (h)   Assignment....................................................... 17
      (i)   Survival of Representations and Warranties....................... 17
      (j)   Entire Agreement................................................. 17
      (k)   Termination...................................................... 18
      (l)   Further Assurances............................................... 18
      (m)   Public Statements, Press Releases, Etc........................... 18
      (n)   Construction..................................................... 18

                                     (iii)
<PAGE>

SCHEDULES

Schedule 3(a)     Subsidiaries
Schedule 3(b)     Antidilution Adjustments; Registration Rights
Schedule 3(c)     Nasdaq Matters
Schedule 3(e)     Certain Conflicts
Schedule 3(i)     Certain Claims
Schedule 3(l)     SEC Filings

ANNEXES

Annex I           Form of 12% Secured Convertible Note
Annex II          Form of Warrant
Annex III         Form of Amended and Restated Registration Rights Agreement
Annex IV          Form of Transfer Agent Instructions
Annex V           Form of Security Agreement
Annex VI          Form of Guaranty Agreement
Annex VII         Form of Opinion of Davis & Gilbert LLP to Be Delivered on
                  Closing Date

                                      (iv)
<PAGE>

                               EXCHANGE AGREEMENT

            THIS EXCHANGE AGREEMENT, dated as of December 12, 2000, by and among
TRANSMEDIA ASIA PACIFIC, INC., a Delaware corporation (the "Company"), with
headquarters located at 11 St. James's Square, London SW1Y 4LB, England,
ADVANTAGE FUND II LTD., a British Virgin Islands corporation ("Advantage"), and
KOCH INVESTMENT GROUP LIMITED, a Delaware corporation ("Koch", and together with
Advantage, the "Holders").

                              W I T N E S S E T H:

            WHEREAS, on March 28, 2000 (i) Advantage purchased 6,000 shares (the
"Advantage Preferred Shares") of the Series A Convertible Preferred Stock, $.01
par value (the "Series A Preferred Stock"), of the Company and acquired Common
Stock Purchase Warrants (the "Advantage March Warrants") to purchase an
aggregate of 231,325 shares of Common Stock, $.00001 par value (the "Common
Stock"), of the Company and (ii) Koch purchased 4,000 shares (the "Koch
Preferred Shares") of Series A Preferred Stock and acquired Common Stock
Purchase Warrants (the "Koch March Warrants" and, together with the Advantage
March Warrants, the "March Warrants") to purchase an aggregate of 154,217 shares
of Common Stock, in each case pursuant to the respective Subscription
Agreements, dated as of March 27, 2000, by and between the Company and each
Holder (the "Subscription Agreements");

            WHEREAS, the parties hereto desire that each of the Holders exchange
all of their shares of Series A Preferred Stock and all of their March Warrants
for secured convertible promissory notes and new Common Stock Purchase Warrants
to be issued by the Company on the terms and conditions provided in this
Agreement (the "Exchange"); and

            WHEREAS, the Company and the Holders are executing and delivering
this Agreement in reliance upon the exemption from securities registration
afforded by Section 3(a)(9) and other applicable provisions of the Securities
Act of 1933, as amended (the "1933 Act");

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

            1. AGREEMENT TO EXCHANGE.

            (a) Exchange. (1) The Company and Advantage hereby agree that at the
Closing (as defined herein) the Company shall issue and deliver to Advantage (i)
a duly executed 12% Secured Convertible Note of the Company in the form attached
hereto as Annex I (a "Note") in the aggregate principal amount of $6,234,000.00
and (ii) a duly executed Common Stock Purchase Warrant in the form attached
hereto as Annex II (a "Warrant") to purchase 1,373,493 shares of Common Stock in
exchange for the delivery by Advantage to the Company for cancellation of (x)
the Advantage Preferred Shares and (y) the Advantage March Warrants.

            (2) The Company and Koch hereby agree that at the Closing the
Company shall issue and deliver to Koch (i) a duly executed Note in the
aggregate principal amount of $4,156,000.00 and (ii) a duly executed Warrant to
purchase 915,662 shares of Common Stock in exchange for the delivery by Koch to
the Company for cancellation of (x) the Koch Preferred Shares and (y) the Koch
March Warrants.

<PAGE>

            (b) Certain Definitions. The shares of Common Stock issuable upon
exercise of the Warrants are referred to herein as the "Warrant Shares." The
shares of Common Stock issuable upon conversion of the Notes are referred to
herein as the "Conversion Shares." The Warrant Shares and the Conversion Shares
are referred to herein collectively as the "Common Shares." The Notes, the
Warrants and the Common Shares are referred to herein collectively as the
"Securities." As used in this Agreement, the term "Business Day" means any day
other than a Saturday, Sunday or other day on which commercial banks in New York
City are authorized or required by law to remain closed.

            (c) Closing. The issuance of the Notes and the Warrants to the
Holders against delivery of the shares of Series A Preferred Stock and the March
Warrants to the Company (the "Closing") shall occur at 12:00 noon, New York City
time on or within three Business Days after the date (the "Closing Date") on
which the parties' respective conditions set forth in Sections 6 and 7 have been
satisfied or waived, or such other mutually agreed to date and time. The Closing
shall occur on the Closing Date at the offices of Siller Wilk LLP, 747 Third
Avenue, New York, New York, 10017-2803. The Notes and the Warrants shall be
registered in the names of the Holders or their nominees.

            2. HOLDER REPRESENTATIONS, WARRANTIES, ETC.

            Each Holder, severally and not jointly, represents and warrants to,
and covenants and agrees with, the Company with respect to such Holder as
follows:

            (a) Investment Purpose. Such Holder is acquiring its Note and its
Warrants, and will acquire the Common Shares issuable upon conversion of such
Note and exercise of such Warrants, for its own account for investment only and
not with a view towards the public sale or distribution thereof;

            (b) Accredited Investor. Such Holder is an "accredited investor" as
that term is defined in Rule 501 of the General Rules and Regulations under the
1933 Act by reason of Rule 501(a)(3);

            (c) Reoffers and Resales. All subsequent offers and sales of the
Securities by the Holder shall be made pursuant to registration of the
Securities being offered and sold under the 1933 Act or pursuant to an exemption
from registration;

            (d) Company Reliance. Such Holder understands that its Note and its
Warrants are being issued, and the Common Shares are being offered, in each case
to it in reliance on specific exemptions from the registration requirements of
United States federal and state securities laws and that the Company is relying
upon the truth and accuracy of, and such Holder's compliance with, the
representations, warranties, agreements, acknowledgments and understandings of
such Holder set forth herein in order to determine the availability of such
exemptions and the eligibility of such Holder to acquire its Note and its
Warrants and to receive an offer of the Common Shares;

            (e) Information Provided. Such Holder and its advisors, if any, have
been furnished with all materials relating to the business, finances and
operations of the Company and materials relating to the issuance of the Notes
and the Warrants and the offer of the Common Shares which have been requested by
such Holder; such Holder and its advisors, if any, have been afforded the
opportunity to ask questions of the Company and have received satisfactory
answers to any such inquiries; without limiting the generality of the foregoing,
such Holder has had the opportunity to obtain and to review the Company's (1)
Annual Report on Form 10-K for the fiscal year ended September 30, 1999, as
amended by Amendment No. 1 thereto on Form 10-K/A filed April 6, 2000 (the "1999
10-K"), (2) Quarterly Reports on Form 10-Q for the fiscal quarters ended
December 31, 1999, March 31, 2000

                                     - 2 -
<PAGE>

and June 30, 2000, (3) Current Reports on Form 8-K/A filed April 6, 2000 and on
Form 8-K filed April 28, 2000, and (4) the definitive proxy statement for the
Company's Annual Meeting of Stockholders held on March 16, 2000, in each case as
filed with the Security and Exchange Commission (the "SEC") (collectively, the
"SEC Reports"); and such Holder understands that its investment in its Note and
its Warrants involves a high degree of risk;

            (f) Absence of Approvals. Such Holder understands that no United
States federal or state agency or any other government or governmental agency
has passed on or made any recommendation or endorsement of the Common Shares;

            (g) Exchange Agreement. This Agreement has been duly and validly
authorized, executed and delivered on behalf of such Holder and is a valid and
binding agreement of such Holder enforceable in accordance with its terms,
subject as to enforceability to general principles of equity and to bankruptcy,
insolvency, moratorium and other similar laws affecting the enforcement of
creditors' rights generally; and

            (h) Title to the Series A Preferred Stock and March Warrants. Such
Holder is the legal and beneficial owner of its shares of the Series A Preferred
Stock and its March Warrants and, if the Exchange is consummated, such shares of
Series A Preferred Stock and March Warrants will be transferred to the Company
free and clear of all claims, liens, security interests, pledges, charges and
other encumbrances.

            3. COMPANY REPRESENTATIONS, WARRANTIES, ETC.

            The Company represents and warrants to, and covenants and agrees
with, the Holders that:

            (a) Organization and Authority. The Company and each of its
subsidiaries listed on Schedule 3(a) to this Agreement (the "Subsidiaries") is a
corporation duly organized, validly existing and in good standing under the laws
of its jurisdiction of incorporation, and (i) the Company and each Subsidiary
has all requisite corporate power and authority to own, lease and operate its
properties and to carry on its business as now being conducted, and (ii) the
Company has all requisite corporate power and authority to execute, deliver and
perform its obligations under this Agreement, the Notes, the Warrants, the
Amended and Restated Registration Rights Agreement, the form of which is
attached hereto as Annex III (the "Registration Rights Agreement"), the Transfer
Agent Instructions, the form of which is attached hereto as Annex IV (the
"Transfer Agent Instructions"), the Pledge and Security Agreement, the form of
which is attached hereto as Annex V (the "Security Agreement"), the Guaranty
Agreement, the form of which is attached hereto as Annex VI (the "Guaranty
Agreement"), and the other agreements, instruments and documents to be executed
and delivered by the Company in connection herewith (collectively, the
"Transaction Documents"), and to consummate the transactions contemplated hereby
and thereby. The Company and each Subsidiary is duly qualified to do business as
a foreign corporation and is in good standing in all jurisdictions wherein such
qualification is necessary and where failure so to qualify could have a material
adverse effect on the business, properties, operations, condition (financial or
other), results of operations or prospects of the Company and the Subsidiaries,
taken as a whole. The Company has no subsidiaries or equity investment in any
person other than the Subsidiaries.

            (b) Capitalization. The authorized capital stock of the Company
consists of (1) 95,000,000 shares of Common Stock of which 37,151,441 shares
were outstanding on December 11, 2000, all of which are fully paid and
nonassessable; and (2) 5,000,000 shares of Preferred Stock, $.01 par value, of
which 10,000 shares have been designated as Series A Convertible Preferred Stock
and are issued and outstanding and held by the Holders on the date hereof, and
on the Closing Date there will be

                                     - 3 -
<PAGE>

(x) no material increase from December 11, 2000, in the number of shares of
Common Stock outstanding and (y) no outstanding preferred stock other than the
shares of Series A Preferred Stock being cancelled at the Closing. As of
December 11, 2000, the Company had outstanding options, warrants and similar
rights entitling the holders to purchase an aggregate of 12,343,042 shares of
Common Stock. Other than as set forth in the preceding sentence, the Company
does not have outstanding any material amount of securities (or obligations to
issue any such securities) convertible into, exchangeable for or otherwise
entitling the holders thereof to acquire shares of Common Stock, except as
disclosed in the SEC Reports. The Company has duly reserved from its authorized
and unissued shares of Common Stock the full number of shares required for (a)
all options, warrants, convertible securities and other rights to acquire shares
of Common Stock which are outstanding and (b) all shares of Common Stock and
options and other rights to acquire shares of Common Stock which may be issued
or granted under the stock option and similar plans which have been adopted by
the Company or any Subsidiary. Each outstanding class or series of securities
for which any antidilution or similar adjustment arising by reason of the
issuance or conversion of the Notes or the issuance or exercise of the Warrants
will occur is identified on Schedule 3(b) to this Agreement, together with the
amount of such antidilution adjustment. The outstanding shares of Common Stock
and preferred stock and outstanding options, warrants and other securities
convertible into, exchangeable for or otherwise entitling the holder thereof to
acquire shares of Common Stock have been duly authorized and validly issued.
None of such outstanding shares of Common Stock, preferred stock, options,
warrants and other securities has been issued in violation of the preemptive
rights of any securityholder of the Company. The offers and sales of the
outstanding shares of Common Stock, preferred stock, and such options, warrants
and other securities were at all relevant times either registered under the 1933
Act and applicable state securities laws or exempt from such requirements.
Except as set forth on Schedule 3(b) to this Agreement and in the March
Registration Rights Agreements, no holder of any of the Company's securities has
any rights, "demand," "piggy-back" or otherwise, to have such securities
registered by reason of the intention to file, filing or effectiveness of the
Registration Statement (as defined in the Registration Rights Agreement).

            (c) Concerning the Common Shares and the Common Stock. The Common
Shares have been duly authorized. The Common Shares, when issued upon conversion
of the Notes or upon exercise of the Warrants, as the case may be, will be duly
and validly issued, fully paid and non-assessable and will not subject the
holder thereof to personal liability by reason of being such holder. There are
no preemptive or similar rights of any stockholder of the Company or any other
person to acquire any of the Common Shares. The Company has duly reserved
9,089,155 shares of Common Stock for conversion of the Notes and exercise of the
Warrants, and such shares shall remain so reserved (subject to pro rata
reduction from time to time for shares of Common Stock issued upon conversion of
Notes or redemption or other permitted retirement of Notes), and the Company
shall from time to time reserve such additional shares of Common Stock as shall
be required to be reserved pursuant to the Notes, as long as the Notes are
convertible, and pursuant to the Warrants, as long as the Warrants are
exercisable. The Common Stock is listed for trading on the Nasdaq SmallCap
Market ("Nasdaq") and (1) the Company and the Common Stock meet the criteria for
continued listing and trading on Nasdaq; (2) except as set forth on Schedule
3(c) to this Agreement, the Company has not been notified since January 1, 1998
by the Nasdaq of any failure or potential failure to meet the criteria for
continued listing and trading on the Nasdaq and (3) no suspension of trading in
the Common Stock is in effect. The Company knows of no reason that the Common
Shares will not be eligible for listing on the Nasdaq.

            (d) Transaction Documents. The Transaction Documents have been duly
and validly authorized by the Company, this Agreement has been duly executed and
delivered by the Company and this Agreement is, and the Registration Rights
Agreement, the Notes, the Warrants and the other Transaction Documents, when
executed and delivered by the Company, will be, valid and binding obligations of
the Company enforceable in accordance with their respective terms, subject as to

                                     - 4 -
<PAGE>

enforceability to general principles of equity and to bankruptcy, insolvency,
moratorium and other similar laws affecting the enforcement of creditors' rights
generally.

            (e) Non-contravention. The execution and delivery by the Company of
this Agreement and the other Transaction Documents and the consummation by the
Company of the issuance of the Notes and the Warrants as contemplated by this
Agreement and the other transactions contemplated by the Transaction Documents
do not and will not, with or without the giving of notice or the lapse of time,
or both (i) result in any violation of any terms of the certificate of
incorporation or by-laws of the Company or any Subsidiary, (ii) except as set
forth on Schedule 3(e) to this Agreement, conflict with or result in a breach by
the Company or any Subsidiary of any of the terms or provisions of, or
constitute a default under, or result in the modification, amendment,
termination or cancellation of, result in the acceleration of any obligation of
the Company or any Subsidiary under, or result in the creation or imposition of
any lien, security interest, charge or encumbrance upon any of the properties or
assets of the Company or any Subsidiary pursuant to, any indenture, mortgage,
deed of trust or other agreement or instrument to which the Company or any
Subsidiary is a party or by which the Company or any Subsidiary or any of their
respective properties or assets is bound or affected, (iii) violate or
contravene any applicable law, rule or regulation or any applicable decree,
judgment or order of any court, federal or state regulatory body, administrative
agency or other governmental body of the United States or any other country
having jurisdiction over the Company or any Subsidiary or any of their
respective properties or assets or (iv) have any material adverse effect on any
permit, certification, registration, approval, consent, license or franchise
necessary for the Company or any Subsidiary to own or lease and operate any of
their respective properties or to conduct any of their respective businesses or
the ability of the Company or any Subsidiary to make use thereof.

            (f) Approvals. No authorization, approval or consent of, or filing
with, any court, governmental body, regulatory agency, self-regulatory
organization, or stock exchange or market or the stockholders of the Company or
any other third party is required to be obtained or made by the Company for (1)
the execution, delivery and performance by the Company of the Transaction
Documents, (2) the issuance of the Notes and the Warrants as contemplated by
this Agreement and (3) the issuance of Common Shares on conversion of the Notes
or upon the exercise of the Warrants, other than (x) the filing of the
notification for listing of additional shares with the Nasdaq pursuant to
Section 4(f), (y) registration of the resale of the Common Shares under the 1933
Act as contemplated by the Registration Rights Agreement, and (z) as may be
required under applicable state securities or "blue sky" laws.

            (g) Information Provided. The information provided by or on behalf
of the Company to the Holders in connection with the transactions contemplated
by this Agreement, including, without limitation, the information referred to in
Section 2(e) of this Agreement, does not contain any untrue statement of a
material fact or omit to state any material fact necessary in order to make the
statements therein, in the light of the circumstances under which they are made,
not misleading, it being understood that, for purposes of this Section 3(g), any
statement contained in such information shall be deemed to be modified or
superseded for purposes of this Section 3(g) to the extent that a statement in
any document included in such information which was prepared or filed with the
SEC on a later date modifies or replaces such statement, whether or not such
later prepared or filed statement so states. The Company has not filed any
reports with the SEC under the Securities Exchange Act of 1934, as amended (the
"1934 Act"), since September 30, 1999 other than the SEC Reports.

            (h) Absence of Certain Changes. Since September 30, 1999, there has
been no material adverse change and no material adverse development in the
business, properties, operations, condition (financial or other), results of
operations or prospects of the Company and the Subsidiaries, taken as a whole,
except as disclosed in the SEC Reports. Except as and to the extent disclosed,
reflected or reserved against in the financial statements of the Company and the
notes thereto included in the SEC

                                     - 5 -
<PAGE>

Reports, neither the Company nor any Subsidiary has any material (individually
or in the aggregate) liabilities, debts or obligations whether accrued,
absolute, contingent or otherwise, and whether due or to become due. Subsequent
to September 30, 1999, neither the Company nor any Subsidiary has incurred any
liabilities, debts or obligations of any nature whatsoever which are
individually or in the aggregate material to the Company and the Subsidiaries,
taken as a whole, other than those incurred in the ordinary course of its
business or disclosed in the SEC Reports.

            (i) Absence of Certain Proceedings. Except as disclosed in the SEC
Reports and as set forth in Schedule 3(i) to this Agreement, there is no action,
suit, proceeding, inquiry or investigation before or by any court, arbitrator,
public board or body or governmental agency (collectively, an "Action") pending
or, to the knowledge of the Company and the Subsidiaries, threatened against the
Company or any Subsidiary, in any such case wherein an unfavorable decision,
ruling or finding would have a material adverse effect on business, properties,
operations, condition (financial or other), results of operations or prospects
of the Company and the Subsidiaries, taken as a whole, or the transactions
contemplated by the Transaction Documents or which would adversely affect the
validity or enforceability of, or the authority or ability of the Company to
perform its obligations under the Transaction Documents; neither the Company,
any Subsidiary nor any director or officer thereof is or has been the subject of
any Action involving a claim of violation of or liability under federal or state
securities laws or a claim of breach of fiduciary duty; and there has not been,
and to the best of the Company's knowledge there is not pending or contemplated,
any investigation by the SEC involving the Company or any current or former
director or officer of the Company.

            (j) Properties. The Company and each Subsidiary has good title to or
leasehold interests in all property real and personal (tangible and intangible)
and other assets owned by it, free and clear of all security interests, charges,
mortgages, liens or other encumbrances, except with respect to capital lease
obligations and protective filings by lessors and except such as are described
in the SEC Reports or such as do not materially interfere with the use of such
property made, or proposed to be made, by the Company or any Subsidiary. The
leases, licenses or other contracts or instruments under which the Company and
each Subsidiary leases, holds or is entitled to use any property, real or
personal, are valid, subsisting and enforceable with only such exceptions as do
not materially interfere with the use of such property made, or proposed to be
made, by the Company or any Subsidiary. Neither the Company nor any Subsidiary
has received notice of any material violation of any applicable law, ordinance,
regulation, order or requirement relating to its owned or leased properties. The
Company does not have any knowledge of, and the Company has not given or
received any notice of, any pending conflicts with or infringement of the rights
of others with respect to any Company Proprietary Rights (as defined herein) or
with respect to any license of Company Proprietary Rights. No action, suit,
arbitration, or legal, administrative or other proceeding or investigation is
pending, or, to the best knowledge of the Company, threatened, which involves
any Company Proprietary Rights. Neither the Company nor any Subsidiary is
subject to any judgment, order, writ, injunction or decree of any court or any
federal, state, local, foreign or other governmental department, commission,
board, bureau, agency or instrumentality, domestic or foreign, or any
arbitrator, or has entered into or is a party to any contract which restricts or
impairs the use of any such Company Proprietary Rights in a manner which would
have a material adverse effect on the use by the Company or any Subsidiary of
any of the Company Proprietary Rights. To the best knowledge of the Company, no
Company Proprietary Rights and no services or products sold by the Company
conflict with or infringe upon any proprietary rights available to any third
party. Neither the Company nor any Subsidiary has received written notice of any
pending conflict with or infringement upon such third-party proprietary rights.
Neither the Company nor any Subsidiary has entered into any consent,
indemnification, forbearance to sue or settlement agreement with respect to
Company Proprietary Rights other than in the ordinary course of business. No
claims have been asserted by any person with respect to the validity of the
Company's or any Subsidiary's ownership or right to use the Company Proprietary
Rights and, to the best knowledge of the Company, there is no reasonable basis
for any such claim to be

                                     - 6 -
<PAGE>

successful. To the best knowledge of the Company, the Company Proprietary Rights
are valid and enforceable. No registration relating to the Company Proprietary
Rights has lapsed, expired or been abandoned or canceled or is the subject of
cancellation or other adversarial proceedings, and all applications therefor are
pending and are in good standing, except for such lapses, expirations,
abandonments, cancellations, adversarial proceedings or failures to be in good
standing which would not, singly or in the aggregate, have a material adverse
effect on the business, properties, operations, condition (financial or other),
results of operations or prospects of the Company and the Subsidiaries, taken as
a whole. The Company and each Subsidiary has complied, in all material respects,
with its respective contractual obligations relating to the protection of the
Company Proprietary Rights used pursuant to licenses. To the best knowledge of
the Company, no person is infringing on or violating the Company Proprietary
Rights. As used herein, the term "Company Proprietary Rights" means all patents,
patent applications, inventions, trademarks, trade names, applications for
registration of trademarks, service marks, service mark applications, domain
names, copyrights, know-how, manufacturing processes, formulae, trade secrets,
licenses and rights in any thereof and any other intangible property and assets
which are material to the business of the Company and the Subsidiaries as now
conducted, as proposed to be conducted or as described in this Agreement.

            (k) Labor Relations. Except as disclosed in the SEC Reports, no
material labor problem exists or, to the knowledge of the Company, is imminent
with respect to any of the employees of the Company or any Subsidiary.

            (l) SEC Filings. Except as set forth on Schedule 3(l) to this
Agreement, the Company has timely filed all required forms, reports and other
documents required to be filed by the Company with the SEC under the 1934 Act.
All of such forms, reports and other documents complied, when filed, in all
material respects, with all applicable requirements of the 1933 Act and the 1934
Act.

            (m) Absence of Brokers, Finders, Etc. No broker, finder or similar
person is entitled to any commission, fee or other compensation by reason of the
transactions contemplated by this Agreement, and the Company shall pay, and
indemnify and hold harmless the Holders from, any claim made against either
Holder by any person for any such commission, fee or other compensation.

            (n) No Solicitation. No form of general solicitation or general
advertising was used by the Company or, to the best of its knowledge, any other
person acting on behalf of the Company, in respect of or in connection with the
offer and exchange of the Securities. Neither the Company nor, to its knowledge,
any person acting on behalf of the Company has, either directly or indirectly,
sold or offered for sale to any person any of the Notes or Warrants or, within
the six months prior to the date hereof, any other similar security of the
Company except as contemplated by this Agreement; and neither the Company nor
any person authorized to act on its behalf will sell or offer for sale any
Notes, shares of Common Stock, Warrants or similar securities, or solicit any
offers to buy any Notes, shares of Common Stock, Warrants or similar securities,
so as thereby to cause the issuance of the Notes or the Warrants to be in
violation of Section 5 of the 1933 Act.

            (o) Certain Issuances of Securities. The Company has not issued any
shares of Common Stock or shares of any series of preferred stock or other
securities convertible into, exchangeable for or otherwise entitling the holder
to acquire shares of Common Stock which are subject to Rule 4310(c)(25)(H) of
Nasdaq as in effect from time to time or any successor, replacement or similar
provision thereof or of any other market on which the Common Stock is listed for
trading (the "Stockholder Approval Rule") and which would be integrated with the
issuance of the Notes to the Holders or the issuance of Common Shares upon
conversion thereof or upon exercise of the Warrants for purposes of the
Stockholder Approval Rule.

                                     - 7 -
<PAGE>

            (p) Absence of Rights Agreement. The Company has not adopted a
shareholder rights plan or similar arrangement relating to accumulations of
beneficial ownership of Common Stock or a change in control of the Company.

            (q) Exchange of Stock for Notes. The Company has not and will not
pay any commission or other remuneration for soliciting exchanges of shares of
Series A Preferred Stock and the March Warrants for the Notes and the Warrants.

            (r) Equivalent Value, etc. The Company is receiving reasonably
equivalent value in exchange for the issuance of the Notes and the Warrants,
including, but not limited to, the facilitation of the Merger (as defined in the
Notes) and improving the Company's ability to obtain future financing. Prior to
and after giving effect to the Exchange, (1) the fair market value of the
Company's assets exceeds and will exceed the sum of the Company's liabilities
and (2) the Company retains and will retain sufficient capital with which to
conduct its business and engage in any contemplated transaction. After giving
effect to the Exchange, the Company will have the ability to satisfy its current
and future debts and other obligations as they become due.

            (s) Rule 144. For purposes of paragraph (d) of Rule 144 under the
1933 Act, the holding period for each Holder's shares of Series A Preferred
Stock may be tacked to the holding period of their Notes and, to the extent that
the Warrants are exercised pursuant to the net issuance provisions of Section
1.2 of the Warrants, the holding period of each Holder's March Warrants may be
tacked to the holding period of their Warrants.

            4. CERTAIN COVENANTS AND ACKNOWLEDGMENTS.

            (a) Transfer Restrictions. The Company and the Holders acknowledge
and agree that (1) Notes and the Warrants have not been and are not being
registered under the provisions of the 1933 Act and, except as provided in the
Registration Rights Agreement with respect to the resale of the Common Shares,
the Common Shares have not been and are not being registered for resale under
the 1933 Act, and the Securities may not be transferred unless (A) subsequently
registered for resale thereunder or (B) a Holder shall have delivered to the
Company an opinion of counsel, reasonably satisfactory in form, scope and
substance to the Company, to the effect that the Securities to be sold or
transferred may be sold or transferred pursuant to an exemption from such
registration; (2) any resale of the Securities made in reliance on Rule 144
promulgated under the 1933 Act may be made only in accordance with the terms of
said Rule and further, if said Rule is not applicable, any such resale of
Securities under circumstances in which the seller, or the person through whom
the sale is made, may be deemed to be an underwriter, as that term is used in
the 1933 Act, may require compliance with some other exemption under the 1933
Act or the rules and regulations of the SEC thereunder; and (3) other than
pursuant to the Registration Rights Agreement, neither the Company nor any other
person is under any obligation to register the Securities under the 1933 Act or
to comply with the terms and conditions of any exemption thereunder.

            (b) Restrictive Legends. (1) The Holders acknowledge and agree that
the Notes shall bear a restrictive legend in substantially the following form:

      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 the 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 such that registration is not required.

                                     - 8 -
<PAGE>

            (2) The Holders further acknowledge and agree that the Warrants
shall bear a restrictive legend in substantially the following form (and a
stop-transfer order may be placed against transfer of the Warrants):

      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.

            (3) The Holders further acknowledge and agree that until such time
as the Common Shares have been registered for resale under the 1933 Act as
contemplated by the Registration Rights Agreement, the certificates for the
Common Shares may bear a restrictive legend in substantially the following form
(and a stop-transfer order may be placed against transfer of the certificates
for the Common Shares):

      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 under said Act.

            (4) Once the Registration Statement required to be filed by the
Company pursuant to Section 2 of the Registration Rights Agreement has been
declared effective, thereafter (1) upon request of a Holder the Company will
substitute certificates without restrictive legend for certificates for any
Common Shares issued prior to the date such Registration Statement is declared
effective by the SEC which bear such restrictive legend and remove any
stop-transfer restriction relating thereto promptly, but in no event later than
three Trading Days (as defined in the Note) after surrender of such certificates
by the Holder and (2) the Company shall not place any restrictive legend on
certificates for Common Shares issued on conversion of the Notes or upon
exercise of the Warrants or impose any stop-transfer restriction thereon.

            (c) Registration Rights Agreement; Waiver. The parties hereto agree
to amend and restate the March Registration Rights Agreements and combine them
into one agreement by entering into the Amended and Restated Registration Rights
Agreement in the form attached hereto as Annex III on the Closing Date.
Effective upon the Closing and the execution and delivery of such Amended and
Restated Registration Rights Agreement, the Holders shall be deemed to have
waived all rights to receive from the Company additional common stock purchase
warrants and cash payments pursuant to Section 2(c) of the March Registration
Rights Agreements.

            (d) Security Agreement. On or before the Closing Date, the parties
hereto agree to enter into the Security Agreement in the form attached hereto as
Annex V.

            (e) Guaranty Agreement. On or before the Closing Date, the parties
hereto agree to enter into the Guaranty Agreement in the form attached hereto as
Annex VI.

            (f) Authorization for Trading; Reporting Status. On or before the
Closing Date, the Company shall file a notification for listing of additional
shares with the Nasdaq relating to the Common Shares and shall provide evidence
of such filing to the Holders. So long as the Holders beneficially own any of
the Notes (so long as the Notes are convertible into Conversion Shares), the
Warrants or the Common Shares, the Company shall file all reports required to be
filed with the SEC pursuant to Section 13 or 15(d) of the 1934 Act and the
Company shall not terminate its status as an

                                     - 9 -
<PAGE>

issuer required to file reports under the 1934 Act even if the 1934 Act or the
rules and regulations thereunder would permit such termination.

            (g) Blue Sky Laws. On or before the Closing Date, the Company shall
take such action, if any, as shall be necessary to qualify, or to obtain an
exemption for, the Notes and the Warrants for issuance to the Holders pursuant
to this Agreement, and the Common Shares for issuance to the Holders on
conversion of the Notes and exercise of the Warrants, under such of the
securities or "blue sky" laws of jurisdictions as shall be applicable to the
issuance of the Notes and the Warrants pursuant to this Agreement and the
issuance to the Holders of Common Shares on conversion of the Notes and exercise
of the Warrants. The Company shall furnish to the Holders copies of all filings,
applications, orders and grants or confirmations of exemptions relating to such
securities or "blue sky" laws on or prior to the Closing Date.

            (h) Certain Expenses. Whether or not the Closing occurs, the Company
shall pay or reimburse the Holders for all reasonable expenses (including,
without limitation, legal fees and expenses of counsel to the Holders) not in
excess of $32,500 incurred by the Holders in connection with this Agreement and
the transactions contemplated hereby. In addition, the Company shall pay on
demand all reasonable expenses incurred by the Holders, including reasonable
attorneys' fees and expenses, as a consequence of, or in connection with (1) the
negotiation, preparation or execution of any amendment, modification or waiver
of any of the Transaction Documents requested by the Company, (2) any default or
breach of any of the Company's or its Affiliates (as such term is defined in the
Note) obligations set forth in any of the Transaction Documents and (3) the
enforcement or restructuring of any right of, including the collection of any
payments due, a Holder under any of 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 a
Holder, in which such Holder prevails.

            (i) Certain Issuances of Securities. Unless the Company obtains the
approval of its stockholders pursuant to the Stockholder Approval Rule or a
waiver thereof from the Nasdaq, the Company will not issue any shares of Common
Stock or preferred stock or other securities convertible into, exchangeable for,
or otherwise entitling the holder to acquire, shares of Common Stock which would
be subject to the requirements of the Stockholder Approval Rule and which would
be integrated with the issuance of the Notes and the Warrants to the Holders or
the issuance of Common Shares upon conversion of the Notes or upon exercise of
the Warrants for purposes of the Stockholder Approval Rule.

            (j) Conduct of Business and Maintenance of Existence. The Company
will continue, and will cause each subsidiary of the Company to continue, to
engage in business of the same general type as conducted by the Company and its
operating subsidiaries on the date of this Agreement and will preserve, renew
and keep in full force and effect, and will cause each subsidiary of the Company
to preserve, renew and keep in full force and effect, their respective existence
and their respective material rights, privileges and franchises necessary or
desirable in the normal conduct of business; provided, however, that the Company
and its subsidiaries shall not be required to preserve any such right, privilege
or franchise, or the corporate or other existence of any such subsidiary, if the
Board of Directors shall determine that the preservation thereof is no longer
desirable in the conduct of the business of the Company and each of its
subsidiaries, taken as a whole, and that the loss thereof is not, and will not
be, adverse in any material respect to the holders of the Notes; provided
further, however, that the Company may expand its current business and engage in
new, related business in connection with the execution of its business strategy
as approved from time to time by the Board of Directors.

            (k) Compliance with Laws. The Company will comply, and will cause
each subsidiary of the Company to comply, in all material respects with all
applicable laws, ordinances, rules, regulations, decisions, orders and
requirements of governmental authorities and courts (including, without

                                     - 10 -
<PAGE>

limitation, environmental laws) except (i) where compliance therewith is
contested in good faith by appropriate proceedings or (ii) where non-compliance
therewith could not reasonably be expected to have a material adverse effect on
the business, condition (financial or otherwise), operations, performance,
properties or prospects of the Company and its subsidiaries taken as a whole.

            (l) Investment Company Act. The Company will not be or become an
open-end investment trust, unit investment trust or face-amount certificate
company that is or is required to be registered under Section 8 of the
Investment Company Act of 1940, as amended, or any successor provision.

            (m) Transactions with Affiliates. (1) The Company will not, and will
not permit any subsidiary of the Company, directly or indirectly, to pay any
funds to or for the account of, make any investment (whether by acquisition of
stock or indebtedness, by loan, advance, transfer of property, guarantee or
other agreement to pay, purchase or service, directly or indirectly, any
indebtedness, or otherwise) in, lease, sell, transfer or otherwise dispose of
any assets, tangible or intangible, to, or participate in, or effect any
transaction in connection with, any joint enterprise or other joint arrangement
with, any Affiliate of the Company, except (i) on terms to the Company or such
subsidiary no less favorable than terms that could be reasonably obtained by the
Company or such subsidiary from a person that is not an Affiliate of the
Company, as determined in good faith by the Board of Directors and (ii) as
permitted by clause (2) of this Section 4(m);

            (2) The restrictions set forth in clause (1) shall not apply to (i)
reasonable fees and compensation paid to and indemnity provided on behalf of,
officers, directors, employees or consultants of the Company or any subsidiary
of the Company as determined in good faith by the Board of Directors, (ii)
transactions exclusively between or among the Company and any of its
subsidiaries or exclusively between or among such subsidiaries and (iii) any
agreement as in effect on the date of this Agreement.

            (n) Short Selling and Ownership Restrictions. So long as the Company
is in compliance in all material respects with its obligations to the Holders
(including, without limitation, its obligations under this Agreement, the Notes
and the other Transaction Documents), during the period from the Closing Date to
the date when the Notes are no longer convertible into Conversion Shares,

            (1) the Holders shall not engage in any short sales or other hedging
transactions relating to the Common Stock; and

            (2) in addition to and without limiting the effect of Section 2.1 of
the Notes and Section 1.1(b) of the Warrants, at any given time during such
period each Holder will not beneficially own Conversion Shares which represent
more than 3.0% of the then outstanding shares of Common Stock (with such
beneficial ownership for purposes of this clause (2) to be determined in
accordance with Section 2.1 of the Notes).

            (o) Debt Obligation. So long as any portion of any Note is
outstanding, the Company shall cause its books, records and financial statements
to reflect the Notes as debts of the Company in the unpaid principal amount
thereof and, whenever appropriate, as valid senior debt obligations of the
Company for money borrowed.

            (p) Disclosure. The Company confirms that neither it nor any other
person acting on its behalf has provided or at any time in the future will
provide either of the Holders or their respective agents or counsel with any
information that constitutes or might constitute material non-public
information. The Company acknowledges that the Holders shall be relying on the
foregoing representation and covenant in effecting transactions in the
securities of the Company.

                                     - 11 -
<PAGE>

            (q) Best Efforts. Each of the parties shall use its reasonable best
efforts timely to satisfy each of the conditions to the other party's
obligations to effect the Exchange set forth in Section 6 or 7, as the case may
be, of this Agreement on or before the Closing Date.

            5. TRANSFER AGENT INSTRUCTIONS.

            Prior to the Closing Date, the Company will (1) execute and deliver
the Transfer Agent Instructions in the form attached hereto as Annex IV and
thereby irrevocably instruct, American Stock Transfer & Trust Company, as
Transfer Agent and Registrar (the "Transfer Agent"), to issue certificates for
the Common Shares from time to time upon conversion of the Notes and exercise of
the Warrants in such amounts as specified from time to time to the Transfer
Agent in the Notices of Conversion in the form attached to the Notes and the
Form of Subscription in the form attached to the Warrants and (2) appoint the
Transfer Agent the conversion agent for the Notes and the exercise agent for the
Warrants. The certificates for the Common Shares shall bear the restrictive
legend specified in Section 4(b) of this Agreement prior to registration of the
resale of the Common Shares under the 1933 Act. The certificates for the Common
Shares shall be registered in the name of the Holder or its nominee and in such
denominations to be specified by the Holder in connection with each conversion
of Notes or exercise of the Warrants. The Company warrants that no instruction
other than (x) such instructions referred to in this Section 5, (y) stop
transfer instructions to give effect to Section 4(a) prior to registration of
the resale of the Common Shares under the 1933 Act and (z) the instructions
required by Section 3(n) of the Registration Rights Agreement will be given by
the Company to the Transfer Agent and that the Common Shares shall otherwise be
freely transferable on the books and records of the Company as and to the extent
provided in this Agreement. Nothing in this Section 5 shall limit in any way
each Holder's obligations and agreement to comply with the registration
requirements of the 1933 Act upon resale of the Common Shares. If a Holder
provides the Company with an opinion of counsel, reasonably satisfactory in
form, scope and substance to the Company and its legal counsel, that
registration of a resale by such Holder of any of the Securities is not required
under the 1933 Act, the Company shall permit the transfer of such Securities
and, in the case of the Common Shares, in accordance with clause (1)(B) of
Section 4(a) of this Agreement, promptly instruct the Transfer Agent to issue
upon transfer one or more share certificates in such name and in such
denominations as specified by such Holder within three Business Days after
receipt of such opinion. Nothing in this Section 5 shall limit the obligations
of the Company under Section 3(n) of the Registration Rights Agreement.

            6. CONDITIONS TO THE COMPANY'S OBLIGATIONS.

            The Holders understand that the Company's obligation to issue the
Notes and the Warrants to the Holders in exchange for their shares of Series A
Preferred Stock and their March Warrants pursuant to this Agreement is
conditioned upon the satisfaction of the following conditions precedent on or
before the Closing Date (any or all of which may be waived by the Company in its
sole discretion):

            (a) The receipt and acceptance by the Company of this Agreement as
evidenced by execution of this Agreement by the Company and delivery of an
executed counterpart of this Agreement to the Holders or their legal counsel;

            (b) The accuracy on the Closing Date of the representations and
warranties of the Holders contained in this Agreement as if made on the Closing
Date and the performance by the Holders on or before the Closing Date of all
covenants and agreements of the Holders required to be performed on or before
the Closing Date; and

                                     - 12 -
<PAGE>

            (c) Delivery by the Holders to the Company for cancellation on (or
within three Business Days following) the Closing Date of (1) certificates
representing their respective shares of Series A Preferred Stock, together with
executed stock powers, and (2) their March Warrants.

            7. CONDITIONS TO THE HOLDERS' OBLIGATION.

            The Company understands that the Holders' obligation to exchange
their shares of Series A Preferred Stock and their March Warrants for Notes and
Warrants pursuant to this Agreement is conditioned upon the satisfaction of the
following conditions precedent on or before the Closing Date (any or all of
which may be waived by the Holders in their sole discretion):

            (a) The accuracy on the Closing Date of the representations and
warranties of the Company contained in this Agreement as if made on the Closing
Date and the performance by the Company on or before the Closing Date of all
covenants and agreements of the Company required to be performed on or before
the Closing Date, and receipt by the Holders of a certificate, dated the Closing
Date, of the Chief Executive Officer of the Company confirming such matters and
such other matters as the Holders may reasonably request;

            (b) The receipt by the Holders of a certificate, dated the Closing
Date, of the Secretary of the Company certifying (1) the Certificate of
Incorporation and By-Laws of the Company as in effect on the Closing Date and
(2) all resolutions of the Board of Directors (and committees thereof) of the
Company relating to this Agreement and the transactions contemplated hereby;

            (c) The receipt by the Holders of certificates, dated the Closing
Date, of the Secretary of each of Transmedia Europe, Inc., MonsterBook.com, Inc.
and DSS Direct Connect, L.L.C. certifying all resolutions of their respective
Boards of Directors or managing members, as the case may be, relating to the
Transaction Documents to which each such company is a party and the transactions
contemplated thereby;

            (d) The Transfer Agent shall have acknowledged receipt of the
Transfer Agent Instructions in the form attached hereto as Annex IV;

            (e) Each of the parties to (1) the Security Agreement in the form
attached hereto as Annex V and (2) the Guaranty Agreement in the form attached
hereto as Annex VI shall have executed and delivered such agreements to the
Holders; and

            (f) Receipt by the Holders on the Closing Date of an opinion of
Davis & Gilbert LLP, counsel for the Company and certain of its affiliates,
dated the Closing Date, in form, scope and substance reasonably satisfactory to
the Holders, to the effect set forth in Annex VII attached hereto.

            8. MISCELLANEOUS.

            (a) Governing Law. This Agreement 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.

            (b) Counterparts. This Agreement may be executed in counterparts and
by the parties hereto on separate counterparts, all of which together shall
constitute one and the same instrument. A facsimile transmission of this
Agreement bearing a signature on behalf of a party hereto shall be legal and
binding on such party. Although this Agreement is dated as of the date first set
forth above, the

                                     - 13 -
<PAGE>

actual date of execution and delivery of this Agreement by each party is the
date set forth below such party's signature on the signature page hereof. Any
reference in this Agreement or in any of the documents executed and delivered by
the parties hereto in connection herewith to (1) the date of execution and
delivery of this Agreement by a Holder shall be deemed a reference to the date
set forth below such Holder's signature on the signature page hereof, (2) the
date of execution and delivery of this Agreement by the Company shall be deemed
a reference to the date set forth below the Company's signature on the signature
page hereof and (3) the date of execution and delivery of this Agreement or the
date of execution and delivery of this Agreement by the Holders and the Company
shall be deemed a reference to the later of the dates set forth below the
signatures of the parties on the signature page hereof.

            (c) Headings, etc. The headings, captions and footers of this
Agreement are for convenience of reference and shall not form part of, or affect
the interpretation of, this Agreement.

            (d) Severability. If any provision of this Agreement shall be
invalid or unenforceable in any jurisdiction, such invalidity or
unenforceability shall not affect the validity or enforceability of the
remainder of this Agreement or the validity or enforceability of this Agreement
in any other jurisdiction.

            (e) Amendments. No amendment, modification, waiver, discharge or
termination of any provision of this Agreement nor consent to any departure by
the Holders or the Company therefrom shall in any event be effective unless the
same shall be in writing and signed by the party to be charged with enforcement,
and then shall be effective only in the specific instance and for the purpose
for which given. No course of dealing between the parties hereto shall operate
as an amendment of this Agreement.

            (f) Waivers. Failure of any party to exercise any right or remedy
under this Agreement or otherwise, or delay by a party in exercising such right
or remedy, or any course of dealings between the parties, shall not operate as a
waiver thereof or an amendment hereof, nor shall any single or partial exercise
of any such right or power, or any abandonment or discontinuance of steps to
enforce such a right or power, preclude any other or further exercise thereof or
exercise of any other right or power.

            (g) Notices. Any notices required or permitted to be given under the
terms of this Agreement shall be delivered personally (which shall include
telephone line facsimile transmission with answer back confirmation) or by
courier and shall be effective upon receipt,

            (1) in the case of the Company, addressed to the Company at its
address shown in the introductory paragraph of this Agreement, Attention: Chief
Executive Officer, or to its telephone line facsimile transmission number
011-44-207-839-5727;

            (2) in the case of Advantage, at its address or telephone line
facsimile transmission number shown on the signature page of this Agreement,
with a copy to Genesee International, Inc., 10500 N.E. 8th Street, Suite 1920,
Bellevue, Washington 98004-4332 (telephone line facsimile transmission number
(425) 462-4645); or

            (3) in the case of Koch, at its address or telephone line facsimile
transmission number shown on the signature page of this Agreement;

or such other address or telephone line facsimile transmission number as a party
shall have provided by notice to the other parties in accordance with this
provision.

                                     - 14 -
<PAGE>

            (h) Assignment. Prior to the Closing Date, the Holders may not
assign their rights and obligations under this Agreement. Any transfer of the
Notes or the Warrants by the Holders after the Closing Date shall be made in
accordance with Section 4(a). After the Closing Date, a Holder shall have the
right to assign its rights and obligations under this Agreement to any
transferee of all or any portion of the Securities if: (a) such Holder agrees in
writing with the transferee or assignee to assign such rights, and a copy of
such agreement is furnished to the Company within a reasonable time after such
assignment, (b) the Company is, within a reasonable time after such transfer or
assignment, furnished with written notice of (i) the name and address of such
transferee or assignee and (ii) the Securities with respect to which such rights
are being transferred or assigned, (c) immediately following such transfer or
assignment the further disposition of such Securities by the transferee or
assignee is restricted to the extent required under the 1933 Act and applicable
state securities laws, and (d) at or before the time the Company receives the
written notice contemplated by clause (b) of this sentence the transferee or
assignee agrees in writing with the Company to be bound by all of the provisions
of this Agreement. Following such notice of assignment of rights under this
Agreement, the Company shall be obligated to such transferee or assignee to
perform all of its covenants under this Agreement as if such transferee or
assignee were a Holder under this Agreement.

            (i) Survival of Representations and Warranties. The respective
representations, warranties, covenants and agreements of the Holders and the
Company contained in this Agreement or made by or on behalf of them,
respectively, pursuant to this Agreement shall survive the Closing and shall
remain in full force and effect regardless of any investigation made by or on
behalf of them or any person controlling or advising any of them.

            (j) Entire Agreement. This Agreement and its Schedules and Annexes
set forth the entire agreement among the parties hereto with respect to the
subject matter hereof and supersede all prior agreements and understandings,
whether written or oral, with respect thereto.

            (k) Termination. Either Holder shall have the right to terminate
this Agreement by giving notice to the Company at any time at or prior to the
Closing Date if:

            (1) the Company shall have failed, refused, or been unable at or
      prior to the date of such termination of this Agreement to perform any of
      its obligations hereunder;

            (2) any other condition of the Holder's obligations hereunder is not
      fulfilled and cannot reasonably be fulfilled; or

            (3) the Closing shall not have occurred on a Closing Date on or
      before December 13, 2000, other than solely by reason of a breach of this
      Agreement by the Holders.

Any such termination shall be effective upon the giving of notice thereof by a
Holder. Upon such termination, the Holders shall have no further obligation to
the Company hereunder and the Company shall remain liable for any breach of this
Agreement or the other documents contemplated hereby which occurred on or prior
to the date of such termination.

            (l) Further Assurances. Each party to this Agreement will perform
any and all acts and execute any and all documents as may be necessary and
proper under the circumstances in order to accomplish the intents and purposes
of this Agreement and to carry out its provisions.

            (m) Public Statements, Press Releases, Etc. The Company and the
Holders shall have the right to approve before issuance any press releases or
any other public statements with respect to the transactions contemplated
hereby; provided, however, that the Company shall be entitled, without the

                                     - 15 -
<PAGE>

prior approval of the Holders, to make any press release or other public
disclosure with respect to such transactions as is required by applicable law or
Nasdaq regulation (although the Holders shall be consulted by the Company in
connection with any such press release or other public disclosure prior to its
release and shall be provided with a copy thereof).

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

                                   * * * * * *

                                     - 16 -
<PAGE>

            IN WITNESS WHEREOF, this Exchange Agreement has been duly executed
by the Company and the Holders by their respective officers or other
representatives thereunto duly authorized on the respective dates set forth
below.

                                      TRANSMEDIA ASIA PACIFIC, INC.

                                      By:_______________________________________
                                         Name:                 Title:

                                      Date:_____________________________________

                                      ADVANTAGE FUND II LTD.

                                      By:  Genesee International, Inc.,
                                              as General Manager

                                      By:_______________________________________
                                                    Donald R. Morken
                                                       President

                                      Date:_____________________________________

                                      Address:  c/o CITCO
                                                Kaya Flamboyan 9
                                                Curacao, Netherlands Antilles

                                      Facsimile No.:  011-599-9732-2008

                                      KOCH INVESTMENT GROUP LIMITED

                                      By:_______________________________________
                                         Name:                 Title:

                                      Date:_____________________________________

                                      Address:   20 East Greenway Plaza
                                                 Houston, Texas  77046

                                      Facsimile No.: (713) 544-9061

                                     - 17 -Exhibit 10.1(t)

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                                                 $6,234,000.00
December 13, 2000

            FOR VALUE RECEIVED, TRANSMEDIA ASIA PACIFIC, INC., a Delaware
corporation (hereinafter called the "Company"), hereby promises to pay to
Advantage Fund II Ltd., a British Virgin Islands corporation, c/o CITCO, Kaya
Flamboyan 9 Curacao, Netherlands Antilles, or registered assigns (the "Holder")
or order, the aggregate principal amount of Six Million Two Hundred Thirty Four
Thousand Dollars ($6,234,000.00), 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.

<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.

                                       -2-
<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

                                       -3-
<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

                                       -4-
<PAGE>

provision to be made so that the Holder shall have the right thereafter to
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

                                       -5-
<PAGE>

notice (promptly confirmed in writing) given at any time prior to delivery to
the Holder of the certificates 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.

                                       -6-
<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,

                                       -7-
<PAGE>

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;

            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.

                                       -8-
<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.

                                       -9-
<PAGE>

            (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 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.

                                      -10-
<PAGE>

            "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.

            "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.

                                      -11-
<PAGE>

            "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.

            "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

                                      -12-
<PAGE>

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).

            "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.

                                      -13-
<PAGE>

            "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 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.

                                      -14-
<PAGE>

            "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.

            "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

                                      -15-
<PAGE>

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 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.

                                      -16-
<PAGE>

            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.

            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.

                                   * * * * * *

                                      -17-
<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:

                                      -18-
<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 _____________.

                                      -19-
<PAGE>

            (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:

                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)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00019-of-00352.parquet"}]]