Document:

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                                                                    EXHIBIT 4.13

NEITHER THIS INSTRUMENT NOR THE SECURITIES INTO WHICH IT IS CONVERTIBLE HAVE
BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR
QUALIFIED UNDER APPLICABLE STATE SECURITIES LAWS, AND NO TRANSFER OF THESE
SECURITIES MAY BE MADE EXCEPT (A) PURSUANT TO AN EFFECTIVE REGISTRATION
STATEMENT UNDER THE ACT OR (B) PURSUANT TO AN EXEMPTION THEREFROM WITH RESPECT
TO WHICH THE COMPANY MAY REQUIRE AN OPINION OF COUNSEL FROM THE HOLDER THAT SUCH
TRANSFER IS EXEMPT FROM THE REQUIREMENTS OF THE ACT.

                    SUBORDINATED CONVERTIBLE PROMISSORY NOTE

$1,000,000.00                                                     June 30, 2000

         FOR VALUE RECEIVED, Transmedia Restaurant Company Inc., a Delaware
corporation (the "Company"), promises to pay to Potomac Dining Limited
Partnership, a Maryland limited partnership (the "Noteholder"), at its principal
place of business in North Miami, Florida, in legal tender of the United States,
the principal amount of One Million Dollars ($1,000,000.00) (the "Principal
Amount"), or such lesser principal amount as may be from time to time
outstanding hereunder, together with interest thereon as provided herein, at the
times and places and otherwise upon the terms and conditions specified below.

         1.       Definitions.

         The following capitalized terms, when used in this Promissory Note,
shall have the following meanings (such definitions to be equally applicable to
both singular and plural terms of the terms defined):

         "Bankruptcy Code" means Title 11 of the United States Code, as now and
hereafter in effect, or any successor statute.

         "Bankruptcy Event" has the meaning set forth in Section 5.2(a).

         "Board of Directors" means the Board of Directors of the Company.

         "Business Day" means any day excluding Saturday, Sunday and any day
which is a legal holiday under the laws of the State of New York, the State of
Florida or the State of Maryland or is a day on which banking institutions
located in either such state are authorized or required by law or other
governmental action to close.

         "Capital Lease Obligations" means, as to any Person, an obligation of
such Person that is required to be classified and accounted for as a capital
lease for financial reporting purposes in

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accordance with GAAP and, for purposes of this Agreement, the amount of such
obligation shall be the capitalized amount thereof, determined in accordance
with GAAP.

         "Closing Date" has the meaning set forth in the Purchase Agreement.

         "Common Stock" means the Common Stock, par value $.02 per share, of
Transmedia any securities into which such Common Stock shall have been changed,
and all other securities of any class or classes (however designated) of
Transmedia, the holders of which have the right, without limitation as to
amount, after payment on any securities entitled to a preference on dividends or
other distributions upon any dissolution, liquidation or winding-up, either to
all or to a share of the balance of payments upon such dissolution, liquidation
or winding-up.

         "Company" has the meaning set forth in the first paragraph hereto.

         "Conversion Price" means, except as adjusted pursuant to Section 3.2,
$4.25625.

         "DIP Financing" has the meaning set forth in Section 5.2(c).

         "Exercise Time" has the meaning set forth in Section 3.1(b).

         "Event of Default" means each of the events set forth in Section 4.1.

         "GAAP" means, with respect to any Person, generally accepted accounting
principles and practices which are consistently applied for all periods after
the date hereof.

         "guarantee" of or by any Person shall mean any obligation, contingent
or otherwise, of such Person guaranteeing or having the economic effect of
guaranteeing any Indebtedness of any other Person (the "primary obligor") in any
manner, whether directly or indirectly, and including any obligation of such
Person, direct or indirect, (a) to purchase or pay (or advance or supply funds
for the purchase or payment of) such Indebtedness or to purchase (or to advance
or supply funds for the purchase of) any security for the payment of such
Indebtedness; (b) to purchase or lease property, securities or services for the
purpose of assuring the owner of such Indebtedness of the payment of such
Indebtedness; or (c) to maintain working capital, equity capital or any other
financial statement condition or liquidity of the primary obligor so as to
enable the primary obligor to pay such Indebtedness; provided, however, that the
term "guarantee" shall not include endorsements for collection or deposit in the
ordinary course of business. The amount of any guarantee of any guaranteeing
Person shall be deemed to be the lower of (i) an amount equal to the stated or
determinable amount of the primary obligation in respect of which such guarantee
is made and (ii) the maximum amount for which such guaranteeing Person may be
liable pursuant to the terms of the instrument embodying such guarantee, unless
such primary obligation and the maximum amount for which such guaranteeing
Person may be liable are not stated or determinable, in which case the amount of
such guarantee shall be such guaranteeing Person's maximum reasonably
anticipated liability in respect thereof as determined by the guaranteeing
Person in good faith.

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         "Indebtedness" of any Person means, without duplication:

                  (i)      all indebtedness of such Person (other than trade

         payables of the Company or any of its subsidiaries incurred in the
         ordinary course of business) for borrowed money and all obligations of
         such Person evidenced by bonds, debentures, notes or similar
         instruments;

                  (ii)     all obligations of such Person for the deferred
         purchase price of property or services;

                  (iii)    all factor advances;

                  (iv)     all obligations of such Person treated or arising
         under any conditional sale or other title retention agreement with
         respect to property acquired by such Person (even though the rights and
         remedies of the seller or lender under such agreement in the event of
         default are limited to repossession or sale of such property);

                  (v)      all Capital Lease Obligations of such Person;

                  (vi)     all obligations, contingent or otherwise, of such
         Person under acceptance, letter of credit or similar facilities;

                  (vii)    all obligations of such Person to purchase, redeem,
         retire, defease or otherwise make any payment in respect of any capital
         stock of or other ownership or profit interest in such Person or any
         other Person or any warrants, rights or options to acquire such Capital
         Stock, valued, in the case of redeemable capital stock, at the greater
         of its voluntary or involuntary liquidation preference plus accrued and
         unpaid dividends;

                  (viii)   all obligations of such Person in respect of Interest
         Rate Agreements or other similar agreements;

                  (ix)     all obligations of such Person under any foreign
         exchange agreement, currency swap agreement or any other similar
         agreement or arrangement;

                  (x)      all Indebtedness of others referred to in clauses (i)
         through (ix) above guaranteed directly or indirectly in any manner by
         such Person, or in effect guaranteed directly or indirectly by such
         Person through an agreement, (a) to pay or purchase such Indebtedness
         or to advance or supply funds for the payment or purchase of such
         Indebtedness, (b) to purchase, sell or lease (as lessee or lessor)
         property, or to purchase or sell services, primarily for the purpose of
         enabling the debtor to make payment of such Indebtedness or to assure
         the holder of such Indebtedness against loss, (c) to supply funds to or
         in any other manner invest in the debtor (including, without
         limitation, any agreement

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         to pay for property or services irrespective of whether such property
         is received or such services are rendered) or (d) otherwise to assure a
         creditor against loss.

         The Indebtedness of such Person shall include the Indebtedness of any
partnership in which such Person is a general partner, other than to the extent
that the instrument or agreement evidencing such Indebtedness expressly limits
the liability of such Person in respect thereof.

         Notwithstanding the foregoing, "Indebtedness" shall not include any
Indebtedness referred to in clauses (i) through (x) above which is not secured
by (or for which the holder of such Indebtedness does not have an existing
right, contingent or otherwise, to be secured by) any Lien on property
(including, without limitation, accounts and contract rights) owned by such
Person, even though such Person has not assumed or become liable for the payment
of such Indebtedness.

         "Initial Interest Payment Date" means September 30, 2000.

         "Interest Payment Date" means the last day of March, June, September
and December of each year.

         "Interest Rate Agreement" means, with respect to any Person, any
interest rate swap agreement, forward rate agreement, interest rate cap or
collar agreement or other financial agreement or arrangement designed to protect
such Person or its subsidiaries against fluctuations in interest rates, as in
effect from time to time.

         "Laws" means any federal, state, local or foreign laws, rules,
ordinances, regulations, licenses, judgments, orders or decrees.

         "Lien" means any lien, mortgage, pledge, security interest, charge or
encumbrance of any kind, whether voluntary or involuntary (including any
conditional sale or other title retention agreement, any lease in the nature
thereof, and any agreement to give any security interest).

         "Maturity Date" has the meaning set forth in Section 2.1.

         "Noteholder" has the meaning set forth in the first paragraph hereof.

         "Note" has the meaning set forth in Section 2.1.

         "Obligations" means all obligations for principal, premium, interest,
penalties, fees, indemnifications, reimbursements, damages and other liabilities
payable under the documentation governing any Indebtedness.

         "Payment Notes" means the Note and the promissory note, dated June 30,
2000, issued by the Company to the Noteholder with a maturity date of June 30,
2002.

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         "Person" means and includes natural persons, corporations, limited
partnerships, general partnerships, joint stock companies, joint ventures,
associations, companies, trusts, banks, trust companies, land trusts, business
trusts or other organizations, whether or not legal entities, and governments
and agencies and political subdivisions thereof.

         "Prepayment Notice" has the meaning set forth in Section 2.3(b)(i).

         "Principal Amount" has the meaning set forth in the first paragraph
hereof.

         "Purchase Agreement" means that Purchase Agreement, dated June 29,
2000, among Transmedia, Spectrum Partners, Inc., a Maryland corporation, the
Noteholder, Gustavo L. Bessalel, Thomas E. Gorman and Francis Rothgeb.

         "Receivables Debt" means any and all amounts payable under or in
respect of the Receivables Transfer Documents and any whole or partial increase,
extension, renewal, refinancing or replacement thereof or of any subsequent
Receivables Debt, including principal, premium (if any), interest (including
interest accruing on or after the filing of any petition in bankruptcy or for
reorganization relating to the Company or any subsidiary whether or not a claim
for post-filing interest is allowed in such proceeding), fees, charges,
expenses, reimbursement obligations, guarantees and all other amounts payable
thereunder or in respect thereof.

         "Receivables Lenders" has the meaning set forth in Section 6.1.

         "Receivables Transfer Documents" means, collectively, the Receivables
Transfer Agreement, dated December 30, 1999, among Park Avenue Receivables
Corporation, RTR Funding LLC, the Company, the Financial Institution party
thereto, Frank Felix Associates, Ltd. and The Chase Manhattan Bank and any
receivables purchase agreement, indenture or other agreement or instrument
entered into in connection with any other Receivables Debt and each other
document or instrument executed by the Company or any of its subsidiaries in
connection therewith, together with all amendments, restatements, supplements or
other modifications thereof.

         "Securities Act" means the Securities Act of 1933, as amended, and the
rules and regulations thereunder.

         "Senior Credit Documents" means, collectively, any loan document, note
purchase document, indenture or other agreement or instrument entered into in
connection with any Senior Debt and each other document or instrument executed
by the Company or any of its subsidiaries in connection therewith, together with
all amendments, restatements, supplements or other modifications thereof.

         "Senior Debt" means any and all amounts payable under or in respect of
Indebtedness of the Company for borrowed money and other Indebtedness of the
Company declared as "Senior Indebtedness" by the Board of Directors (including,
without limitation, under or with respect to the

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Senior Credit Documents in connection with such Senior Indebtedness), and any
whole or partial increase, extension, renewal, refinancing or replacement
thereof or of any subsequent Senior Debt, including principal, premium (if any),
interest (including interest accruing on or after the filing of any petition in
bankruptcy or for reorganization relating to the Company whether or not a claim
for post-filing interest is allowed in such proceeding), fees, charges,
expenses, reimbursement obligations, guarantees and all other amounts payable
thereunder or in respect thereof; unless under the provisions of the instrument
creating or evidencing any such other Indebtedness, or pursuant to which the
same is outstanding, it is provided that such Indebtedness is subordinate in
right of payment to any other Indebtedness of the Company (including, without
limitation, the Payment Notes).

         "Senior Lenders" has the meaning set forth in Section 5.3.

         "Subordinated Note Obligations" has the meaning set forth in Section
5.1.

         "Transmedia" means Transmedia Network Inc., a Delaware corporation.

         2.       Note.

         2.1      Maturity. The Principal Amount of this Promissory Note (the
"Note"), or such lesser principal amount as may be outstanding hereunder from
time to time, together with any accrued interest thereon, shall be due and
payable on June 30, 2003 (the "Maturity Date"). Upon payment in full of the
principal of and interest on this Note, this instrument shall be surrendered to
the Company for cancellation.

         2.2      Interest.

                  (a)      Rate of Interest. Subject to Section 2.2(c) hereof,
interest will accrue on the unpaid principal amount of the Note during the
period from and including the Closing Date through maturity (whether by
acceleration or otherwise) for each period from an Interest Payment Date until
the immediately following Interest Payment Date at a rate equal to the prime
rate as announced by The Chase Manhattan Bank in New York, New York, as of the
Interest Payment Date immediately preceding the current Interest Payment Date,
plus 1% on the principal amount outstanding as of such current Interest Payment
Date.

                  (b)      Interest Payments. Interest shall be payable with
respect to the Note in the manner specified in Section 2.3(c) in arrears on each
Interest Payment Date commencing on the Initial Interest Payment Date and upon
any prepayment or conversion of the Note and at maturity of the Note.

                  (c)      Computation of Interest.  Interest on the Note shall
be computed on the basis of a 360-day year of twelve 30-day months.

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         2.3      Payments and Prepayments.

                  (a)      Payment. The Note shall be payable in full, together
with all accrued and unpaid interest thereon, in accordance with the terms
thereof, on the Maturity Date.

                  (b)      Prepayments.

                           (i)      Voluntary Prepayments. Subject to Section
         3.1(b), at any time and from time to time the Company, at its option,
         may, without premium or penalty, prepay all or a portion of the
         outstanding principal amount of the Note plus accrued but unpaid
         interest thereon to (but excluding) the prepayment date. Written notice
         of any prepayment pursuant to this Section 2.3(b)(i) (indicating the
         principal amount to be prepaid and the interest payable upon such
         prepayment) (the "Prepayment Notice"), together with a revised
         Attachment A hereto indicating the amount of such pre-payment and the
         remaining outstanding principal amount under this Note, will be
         delivered at least fifteen (15) calendar days before the prepayment
         date to each Noteholder and such notice shall be irrevocable. Such
         revised Attachment A shall be binding upon the Noteholder unless the
         Company receives notice of its objection thereto (and the reasons for
         such objection) within five (5) calendar days after receipt thereof.
         The Company and the Noteholder shall use their reasonable best efforts
         to resolve any such disagreements expeditiously, but in no event later
         than the date specified for prepayment in the Prepayment Notice.

                           (ii)     Application of Prepayments. All prepayments
         shall include payment of accrued interest on the principal amount so
         prepaid and shall be applied to payment of interest before application
         to principal.

                  (c)      Manner and Time of Payment. The Company will pay
interest due and payable on the Note provided for in Section 2.2 above or any
principal to be prepaid as provided in Section 2.3(b) above to Persons who are
registered holders of the Note as of the close of business on the third Business
Day preceding the date on which the payment of such interest is due or demanded
or such prepayment of principal is to be made as specified in the Prepayment
Notice. The Company will pay the principal of and interest on the Note and all
other amounts (if any) required to be paid by it under this Note, in money of
the United States that at the time of payment is legal tender for payment of
public and private debts. The Company may pay principal, interest and any such
other amount by check payable in such money and may mail an interest check to
the holder's registered address.

                  (d)      Payments on Non-Business Days. Whenever any payment
to be made under the Note shall be stated to be due on a day which is not a
Business Day, the payment shall be made on the next succeeding Business Day and
such extension of time shall be included in the computation of the payment of
interest under the Note.

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         3.       Conversion.

         3.1      Conversion Procedure.

                  (a)      Until the earlier of repayment by the Company of all
outstanding principal of and interest on the Note and the Maturity Date, so long
as the Company is permitted to make payments under this Note, the Noteholder
may, upon not less than ten (10) Business Days' prior written notice to the
Company, elect to convert all or any portion (not less than $225,000 in
principal per each election to convert) of the principal amount outstanding of
the Note into a number of shares of Common Stock as is equal to the principal
amount outstanding of the Note to be converted divided by the Conversion Price.
Any such notice shall be irrevocable. The Noteholder may not exercise the rights
under this Section 3.1(a) more than two times in each calendar year.

                  (b)      Notwithstanding Section 3.1(a), if the Company has
exercised its right to prepay all or any portion of the outstanding principal
amount of the Note pursuant to Section 2.3(b), the Noteholder may elect to
convert all or any portion of the amount of the principal amount to be prepaid
into a number of shares of Common Stock as is equal to the portion of principal
so elected to be converted divided by the Conversion Price. Such election shall
be made by written notice to the Company, given within five (5) calendar days
after receipt of the Prepayment Notice, specifying the amount of principal to be
so converted. Any such notice shall be irrevocable.

                  (c)      Within three (3) Business Days after receipt of a
notice pursuant to Section 3.1(a) or 3.1(b), the Company shall provide the
Noteholder with a revised Attachment A hereto indicating the amount of principal
to be so converted and the remaining outstanding principal amount under this
Note and the interest payment to be made at the Exercise Time. Such revised
Attachment A shall be binding upon the Noteholder unless the Company receives
notice of its objection thereto (and the reasons for such objection) within
three (3) Business Days after receipt thereof by the Noteholder. The Company and
the Noteholder shall use their reasonable best efforts to resolve any such
disagreements expeditiously, but in no event later than the Exercise Time.

                  (d)      (i)      The principal amount of this Note so
         designated by the Noteholder in the notice delivered pursuant to
         Section 3.1(a) or Section 3.1(b) shall be deemed to have been converted
         when all of the following items shall have been delivered to the
         Company, but in no case prior to the tenth Business Day following a
         notice given pursuant to Section 3.1(a) or Section 3.1(b) (the
         "Exercise Time"):

                                    (A)     a completed Exercise Agreement, in
                  substantially the form set forth in Attachment B hereto
                  executed by the Noteholder;

                                    (B)      a revised Attachment A hereto, as
                  agreed in writing between the Company and the Noteholder or as
                  deemed to have been agreed pursuant to Section 3.1(c),
                  indicating the amount of principal so converted and the
                  remaining

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                  outstanding principal amount under this Note and the interest
                  payment to be made at the Exercise Time.

                           (ii)     Upon occurrence of the Exercise Time, the
         Company shall use its reasonable best efforts to deliver as reasonably
         practically promptly thereafter all documentation necessary to be
         delivered by the Company to the transfer agent so as to enable the
         transfer agent to issue, and shall use its commercially reasonable
         efforts to cause the transfer agent to issue as reasonably practically
         promptly after delivery of such documents, certificates for shares of
         Common Stock (rounded down to the nearest whole share) issuable upon
         conversion of this Note.

                           (iii)    Certificates for shares of Common Stock
         issued upon conversion of this Note shall contain the following legend:

                           "The issuance of the securities represented by this
                           certificate has not been registered under the
                           Securities Act of 1933, as amended (the "Act"), or
                           state securities laws, and no transfer of these
                           securities may be made except (a) pursuant to an
                           effective registration statement under the Act or (b)
                           pursuant to an exemption therefrom with respect to
                           which the Company may require an opinion of counsel
                           from the holder that such transfer is exempt from the
                           requirements of the Act."

         Upon receipt by the Company of (i) such documentation as it deems
         necessary and appropriate (including an opinion of counsel, with
         counsel and such opinion being reasonably satisfactory to the Company)
         to evidence that the foregoing legend may be removed from the
         certificates evidencing such shares of Common Stock and (ii) the
         certificates for the shares of Common Stock containing such legend, it
         shall issue to the holder of such shares of Common Stock as promptly as
         reasonably practicable new certificates for the shares of Common Stock
         without such legend.

                           (iv)     The issuance of certificates for shares of
         Common Stock issuable upon conversion of this Note shall be made
         without charge to the Noteholder for any issuance tax in respect
         thereof or other cost incurred by the Company in connection with such
         conversion and the related issuance of such shares of Common Stock;
         provided, however, that the Company shall not be required to pay any
         tax or taxes which may be payable in respect of any transfer involved
         in the issuance of any certificates representing shares of Common Stock
         in a name other than that of the Noteholder, and the Company shall not
         be required to issue or deliver such certificate for shares of Common
         Stock unless and until the Person requesting the issuance thereof shall
         have paid to the Company the amount of such tax or shall have
         established to the reasonable satisfaction of the Company that such tax
         has been paid.

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         3.2      Adjustment. If Transmedia at any time subdivides (by any stock
split, stock dividend, recapitalization or otherwise) the Common Stock into a
greater number of shares or pays a dividend or makes a distribution to holders
of the Common Stock in the form of shares of Common Stock, the Conversion Price
in effect immediately prior to such subdivision shall be proportionately reduced
and the number of shares of Common Stock issuable upon conversion of the Note
shall be proportionately increased. If Transmedia at any time combines (by
reverse stock split or otherwise) the Common Stock into a small number of
shares, then the Conversion Price in effect immediately prior to such
combination shall be proportionately increased and the number of shares of
Common Stock issuable upon conversion of the Note shall be proportionately
decreased.

         4.        Default.

         4.1      Events of Default.  If any of the following conditions or
events shall occur and be continuing:

                  (a)      Failure To Make Payments When Due. (i) Failure to pay
any principal of the Note when due, whether at stated maturity, by acceleration,
or otherwise and continuance of such failure for a period of thirty (30)
calendar days; or (ii) failure to pay any installment of interest on the Note or
any other amount due under this Note and such default continues for a period of
twenty (20) calendar days after there shall have been given to the Company by
the Noteholder, a written notice specifying such default or breach and requiring
it to be remedied and stating that such notice is a "Notice of Default".

                  (b)      Involuntary Bankruptcy; Appointment of Receiver, Etc.
(i) A court of competent jurisdiction shall enter a decree or order for relief
in respect of the Company in an involuntary case under the Bankruptcy Code or
any applicable bankruptcy, insolvency or other similar law now or hereafter in
effect, which decree or order is not stayed; or any other similar relief shall
be granted and remain unstayed under any applicable federal or state law; or
(ii) an involuntary case is commenced against the Company under any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect; or a
decree or order of a court of competent jurisdiction for the appointment of a
receiver, liquidator, sequestrator, trustee, custodian or other officer having
similar powers over the Company or over all or a substantial part of any of the
Company's properties, shall have been entered; or an interim receiver, trustee
or other custodian of the Company for all or a substantial part of the Company's
properties is involuntarily appointed; or a warrant of attachment, execution or
similar process is issued against any substantial part of the property of the
Company, and the continuance of any such events in this clause (ii) for sixty
(60) days unless dismissed, bonded, stayed, vacated or discharged.

                  (c)      Voluntary Bankruptcy; Appointment of Receiver, Etc.
The Company shall have an order for relief entered with respect to it or
commence a voluntary case under the Bankruptcy Code or any applicable
bankruptcy, insolvency or other similar law now or hereafter in effect, or shall
consent to the entry of an order for relief in an involuntary case, or to the
conversion of an involuntary case to a voluntary case, under any such law, or
shall consent to the appointment

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of or taking possession by a receiver, trustee or other custodian for all or a
substantial part of its property; the making by the Company of any assignment
for the benefit of creditors, the admission by the Company in writing of its
inability to pay its debts as such debts become due; or the Board of Directors
of the Company (or any committee thereof) adopts any resolution or otherwise
authorizes action to approve any of the foregoing.

THEN, subject to the terms of Sections 5 and 6, (i) upon the occurrence of any
Event of Default described in Section 4(b) or 4(c), the unpaid principal amount
of and accrued interest on the Note shall automatically become immediately due
and payable, without presentment, demand, protest or other requirements of any
kind, all of which are hereby expressly waived by the Company, and the
obligations of the Noteholder hereunder shall thereupon terminate and (ii) upon
the occurrence of any other Event of Default, the Noteholder may, by written
notice to the Company, declare the Note to be, and the same shall forthwith
become, due and payable, together with accrued interest thereon.

         5.       Subordination.

         5.1      Notes Subordinate to Senior Debt. The Company covenants and
agrees, and the Noteholder likewise covenants and agrees, that, to the extent
and in the manner hereinafter set forth in this Section 5, the payment of the
principal of and interest on the Note both before and after the commencement of
a bankruptcy proceeding, and all other sums or obligations due and payable by
the Company to the Noteholder hereunder (collectively, the "Subordinated Note
Obligations"), are hereby expressly made subordinate and subject in right of
payment to the prior payment in full in cash of all Senior Debt.

         5.2      Payment Over of Proceeds Upon Dissolution.

                  (a)      In the event of (i) any insolvency or bankruptcy
case or proceeding, or any receivership, liquidation, reorganization,
adjustment, composition or other similar case or proceeding in connection
therewith, relative to the Company or to its creditors, as such, or to its
assets, or (ii) any liquidation, dissolution or other winding up of the Company
whether voluntary or involuntary and whether or not involving insolvency or
bankruptcy, or (iii) any assignment for the benefit of creditors or any other
marshaling of assets and liabilities of the Company (each, a "Bankruptcy
Event"), then and in any such event:

                           (i)      the holders of Senior Debt shall be entitled
         to receive payment in cash in full of all amounts due or to become due
         on or in respect of all such Senior Debt, before the Noteholder is
         entitled to receive any payment or distribution, whether in cash,
         securities or other property, on account of Subordinated Note
         Obligations;

                           (ii)     any payment or distribution of assets of the
         Company of any kind or character, whether in cash, property or
         securities, by set-off or otherwise, to which the Noteholder would be
         entitled but for the provisions of this Section 5, including any such
         payment or distribution which may be payable or deliverable by reason
         of the payment of

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         any other Indebtedness of the Company being subordinated to the payment
         of Subordinated Note Obligations of the Company (except for any such
         payment or distribution authorized by an order or decree stating that
         effect is being given to the subordination of such Subordinated Note
         Obligations to such Senior Debt, and made by a court of competent
         jurisdiction in a reorganization proceeding under any applicable
         bankruptcy law) shall be paid by the liquidating trustee or agent or
         other Person making such payment or distribution, whether a trustee in
         bankruptcy, a receiver or liquidating trustee or otherwise, directly to
         the holders of such Senior Debt or their representative or
         representatives or to the trustee or trustees under any indenture under
         which any instruments evidencing any of such Senior Debt may have been
         issued, ratably according to the aggregate amounts remaining unpaid on
         account of the principal of, and interest on, such Senior Debt held or
         represented by each, to the extent necessary to make payment in cash in
         full of all such Senior Debt remaining unpaid, after giving effect to
         any concurrent payment or distribution to the holders of such Senior
         Debt; and

                           (iii)    in the event that, notwithstanding the
         foregoing provisions of this Section 5, the Noteholder shall have
         received any such payment or distribution of assets of the Company of
         any kind or character, whether in cash, property or securities,
         including any such payment or distribution which may be payable or
         deliverable by reason of the payment of any other Indebtedness of the
         Company being subordinated to the payment of Subordinated Note
         Obligations (but excluding any payment of the character described in
         the parenthetical clause in the foregoing paragraph (ii)) before all
         such Senior Debt is paid in full in cash or payment thereof provided
         for, then and in such event such payment or distribution shall be paid
         over or delivered forthwith to the trustee in bankruptcy, receiver,
         liquidating trustee, custodian, assignee, agent or other Person making
         payment or distribution of assets of the Company for application to the
         payment of all such Senior Debt remaining unpaid, to the extent
         necessary to pay all such Senior Debt in full in cash, after giving
         effect to any concurrent payment or distribution to or for the holders
         of such Senior Debt.

                  (b)      Each holder of Senior Debt shall have the right to
request the Noteholder to file and, in the event the Noteholder fails to do so
within twenty (20) days, is hereby authorized to file a proper claim or proof of
debt in the form required in any Bankruptcy Event for and on behalf of the
Noteholder including on behalf of the Noteholder with respect to any such rights
received by the Noteholder from holders of Indebtedness of the Company due to
such Indebtedness being subordinated to the Subordinated Note Obligations, to
accept and receive any payment or distribution which may be payable or
deliverable at any time upon or in respect of the Subordinated Note Obligations
in an amount not in excess of the Senior Debt then outstanding and to take such
other action as may be reasonably necessary to effectuate the foregoing. The
Noteholder shall provide to the holder of the Senior Debt all information and
documents reasonably necessary to present claims or seek enforcement as
aforesaid. The Noteholder shall retain the right to vote the Notes and otherwise
act in any Bankruptcy Event (including, without limitation the right to vote to
accept or reject any plan of partial or complete liquidation, reorganization,
arrangement, composition or extension); provided, that the Noteholder shall not
take any action or vote in any way so as to

                                      12

<PAGE>

contest the enforceability of this Section 5, the Senior Debt or any other
agreement or instrument to the extent evidencing or relating to the Senior Debt
or DIP Financing.

                  (c)      If the Company becomes subject to a Bankruptcy Event
or the Senior Lenders voluntarily or involuntarily provide funds to the Company
secured by any property of the Company, either as cash collateral pursuant to
Section 363 of the Bankruptcy Code or as debtor-in-possession financing pursuant
to Section 364 of the Bankruptcy Code ("DIP Financing"), the Noteholder agrees
that any and all loans, advances and other extensions of credit, and all other
obligations, liabilities or Indebtedness of every kind owed by arising out of or
in connection with DIP Financing shall be deemed to be a part of the Senior
Debt.

                  (d)      If, notwithstanding the provisions of this Note,
there shall occur any consolidation of the Company with, or any merger of the
Company into, another corporation or the liquidation or dissolution of the
Company following any conveyance, transfer or lease of its properties and assets
substantially as an entirety to another corporation, such consolidation, merger
or liquidation shall not be deemed a dissolution, winding up, liquidation,
reorganization, assignment for the benefit of creditors or marshaling of assets
and liabilities of the Company for the purposes of this Section 5.

         5.3      No Payment in Certain Circumstances. Upon the occurrence and
continuation of either (a) a default in the payment of any principal, interest,
premium or other amount due in respect of any Senior Debt of the Company,
whether at maturity or otherwise, or (b) a default that has resulted in, or that
would permit any of the holders of Senior Debt (collectively, the "Senior
Lenders") to cause (after lapse of time or the giving of notice or both), the
acceleration of the maturity of any Senior Debt, no payment may be made or
received with respect to this Note, for a period terminating on the earliest to
occur of (i) receipt of notice that such default has been cured or waived, (ii)
the payment in full in cash of such Senior Debt and (iii) the date the Senior
Lenders otherwise permit payments to be made under this Note. In the event of
any other default that has not resulted in, and would not permit the Senior
Lenders to cause, the acceleration of the maturity of any Senior Debt, no
payment may be made or received with respect to this Note for a period
terminating on the earliest to occur of (A) 365 days, (B) receipt of notice that
such default has been cured, (C) the payment in full in cash of all Senior Debt
and (D) the date the Senior Lenders otherwise permit payments to be made under
this Note.

         5.4      Acceleration Rights; Remedies. If an Event of Default shall
exist at any time that any Senior Debt shall be outstanding, the Noteholder
shall not take any action to accelerate or to collect payment on the
Subordinated Note Obligations or to pursue any other remedy with respect to the
Subordinated Note Obligations prior (including, without limitation, joining with
any creditor to commence any bankruptcy proceeding) until the earlier of:

                  (a)      the payment in cash in full of all Senior Debt;

                                      13

<PAGE>

                  (b)      the occurrence of any of the events specified in
Sections 4.1(b) or 4.1(c) hereof (with respect to which the provisions of
Section 5.2 shall govern); and

                  (c)      the acceleration of the maturity of the Senior Debt;

provided, that any amount received by any holder of the Note as a result of any
acceleration permitted above, to the extent necessary to pay in full in cash the
Senior Debt, shall be and paid to the holders of Senior Indebtedness in
accordance with the provisions of this Section 5.

         5.5      Subrogation to Rights of Holders of Senior Debt. Subject to
the payment in cash in full of all Senior Debt, the Noteholder shall be
subrogated to the rights of the holders of such Senior Debt to receive payments
and distributions of cash, property and securities applicable to such Senior
Debt until all principal of and interest on the Note shall be paid in full in
cash. For purposes of such subrogation, no payments or distributions to the
holders of such Senior Debt of any cash, property or securities to which the
Noteholder would be entitled except for the provision of this Section 5, and no
payments over pursuant to the provisions of this Section 5 to the holders of
such Senior Debt by the Noteholder shall, as among the Company and its creditors
(other than holders of such Senior Debt) and the Noteholder be deemed to be a
payment or distribution by the Company to or on account of such Senior Debt.

         5.6      Provisions Solely to Define Relative Rights. The provisions
of this Section 5 are and are intended solely for the purpose of defining the
relative rights of the Noteholder, on the one hand, and the holders of Senior
Debt, on the other hand. Nothing contained in this Section 5 or elsewhere in
this Note is intended to or shall (i) impair, as among the Company, its
creditors (other than holders of Senior Debt) and the Noteholder, the obligation
of the Company, which is absolute and unconditional, to pay to the Noteholder
the principal of, and premium and interest on, and any other amount payable by
the Company under the Note as and when the same shall become due and payable in
accordance with its terms; or (ii) affect the relative rights against the
Company of the Noteholder and its creditors other than the holders of Senior
Debt; or (iii) prevent the Noteholder from accelerating the Notes and exercising
all other remedies otherwise permitted by applicable law upon default under this
Note, subject to the terms of Section 5.4, or the rights, if any, under this
Section 5 of the holders of Senior Debt (x) upon the occurrence of a Bankruptcy
Event, to receive, pursuant to and in accordance with Section 5.2, cash,
property and securities otherwise payable or deliverable to the Noteholder, or
(y) under the conditions specified in Section 5.3, to prevent any payment
prohibited by such Section.

         5.7      No Waiver of Subordination Provisions. No right of any present
or future holder of any Senior Debt to enforce subordination as herein provided
shall at any time in any way be prejudiced or impaired by any act or failure to
act on the part of the Company or by any act or failure to act, in good faith,
by any such holder, or by any noncompliance by the Company with the terms,
provisions and covenants of this Agreement, regardless of any knowledge thereof
any such holder may have or be otherwise charged with. Without in any way
limiting the generality of the foregoing, the holders of Senior Debt may at any
time and from time to time, without the consent of or notice

                                      14

<PAGE>

to the Noteholder, without incurring responsibility to the Noteholder and
without impairing or releasing the subordination provided in this Section 5 or
the obligations hereunder of the Noteholder to the holders of Senior Debt, do
any one or more of the following: (i) subject to the provisions of this
Agreement, change the manner, place or terms of payment or extend the time of
payment of, or renew or alter, Senior Debt or any instrument evidencing the same
or any agreement under which Senior Debt is outstanding; (ii) sell, exchange,
release or otherwise deal with any property pledged, mortgaged or otherwise
securing Senior Debt; (iii) release any Person liable in any manner for the
collection of Senior Debt; and (iv) exercise or refrain from exercising or
waiving any rights, powers or remedies against the Company and any other Person.

         5.8      Reliance on Judicial Order or Certificate of Liquidating
Agent. Upon any payment or distribution of assets of the Company referred to in
this Section 5, the Noteholder shall be entitled to rely upon any order or
decree entered by any court of competent jurisdiction in which such insolvency,
bankruptcy, receivership, liquidation, reorganization, dissolution, winding up
or similar case or proceeding is pending, or a certificate of the trustee in
bankruptcy, receiver, liquidating trustee, custodian, assignee for the benefit
of creditors, agent or other Person making such payment or distribution,
delivered to the Noteholder for the purpose of ascertaining the Persons entitled
to participate in such payment or distribution, the holders of Senior Debt and
other Indebtedness of the Company, the amount thereof or payable thereon, the
amount or amounts paid or distributed thereon and all other facts pertinent
thereto or to this Section 5.

         5.9      Reinstatement. The provisions of this Section 5 shall
continue to be effective or be reinstated, as the case may be, if at any time
any payment of any of the Senior Debt is rescinded or must otherwise be returned
by any holder of Senior Debt upon the occurrence of a Bankruptcy Event, all as
though such payment had not been made.

         5.10     Amendment. Any material amendment to the provisions of this
Section 5 shall not be effective against any holder of Senior Debt without such
holder's consent.

         5.11     Remedies. The holders of Senior Debt shall be entitled to
enforce their rights under this Section 5 specifically, to recover damages by
reason of any breach of any provision of this Section 5 and to exercise all
other rights existing in their favor. The Noteholder acknowledge and agree that
money damages may not be an adequate remedy for any breach of the provisions of
this Section 5 and that holders of Senior Debt may apply to any court of law or
equity of competent jurisdiction for specific performance and/or injunctive
relief (without posting bond or other security) in order to enforce or prevent
any violation of the provisions of this Section 5.

         6.       Additional Provisions.

         6.1      No Payment in Certain Circumstances. Upon the occurrence and
continuation of either (a) a default in the payment of any principal, interest,
premium or other amount due in respect of any Receivables Debt, whether at
maturity or otherwise, or (b) a default that has resulted in, or that would
permit any of the holders of Receivables Debt (collectively, the "Receivables
Lenders")

                                      15

<PAGE>

to cause (after lapse of time or the giving of notice or both), the acceleration
of the maturity of any Receivables Debt, no payment may be made or received with
respect to this Note, for a period terminating on the earliest to occur of (i)
receipt of notice that such default has been cured or waived and (ii) the
payment in full in cash of such Receivables Debt. In the event of any other
default that has not resulted in, and would not permit the holders of such
Receivables Debt to cause, the acceleration of the maturity of any Receivables
Debt, no payment may be made or received with respect to this Note for a period
terminating on the earliest to occur of (A) 365 days, (B) receipt of notice that
such default has been cured and (C) the payment in full in cash of all
Receivables Debt.

         6.2      Acceleration Rights; Remedies. If an Event of Default shall
exist at any time that any Receivables Debt shall be outstanding, the Noteholder
shall not take any action to accelerate or to collect payment on the
Subordinated Note Obligations or to pursue any other remedy with respect to the
Subordinated Note Obligations prior (including, without limitation, joining with
any creditor to commence any bankruptcy proceeding) until the earlier of:

                  (a)      the payment in cash in full of all Receivables Debt;
and

                  (b)      the occurrence of any of the events specified in
Sections 4.1(b) or 4.1(c) hereof (with respect to which the provisions of
Section 5.2 shall govern).

         7.       Representations and Covenants.

         7.1      The Company.  The Company represents and warrants to the
Noteholder that:

                  (a)      Organization; Authority. The Company is a corporation
duly incorporated, validly existing and in good standing under the laws of the
State of Delaware. The Company has the requisite corporate power and authority
to execute and deliver this Note, to perform its obligations hereunder and to
consummate the transactions contemplated hereby. The execution and delivery of
this Note by the Company, and the consummation by the Company of the
transactions contemplated hereby, have been duly authorized by all necessary
corporate action and no other corporate proceedings on the part of the Company
are necessary to authorize this Note. This Note has been duly executed and
delivered by the Company and, assuming the due authorization, execution and
delivery by the other parties hereto, constitutes the legal, valid and binding
obligation of the Company.

                  (b)      No Conflict; Required Filings and Consents.

                           (i)      The execution and delivery of this Note by
         the Company do not, and the performance thereof by the Company will
         not, (i) conflict with or violate the Certificate of Incorporation or
         By-Laws of the Company, (ii) conflict with or violate any Laws
         applicable to the Company or by which it or any of its properties is
         bound or affected, or (iii) result in any breach of or constitute a
         default (or an event that with notice or lapse of time or both would
         become a default) under, or give to others any rights of termination,

                                      16

<PAGE>

         amendment, acceleration or cancellation of, or result in the creation
         of a lien or encumbrance on any of the properties or assets of the
         Company pursuant to any note, bond, mortgage, indenture, contract,
         agreement, lease, license, permit, franchise or other instrument or
         obligation to which the Company is a party or by which the Company or
         any of its properties is bound or affected, the result of which
         conflict, breach or default described in (ii) or (iii) would be
         material and adverse to the business, properties, condition (financial
         or otherwise) or results of operations of Transmedia.

                           (ii)     The execution, delivery and performance of
         this Note by the Company and the consummation by it of the transactions
         contemplated hereby do not require the Company to receive any consent,
         approval, authorization or permit from, or make any filing with or
         notification to, any governmental authority or any other Person.

         7.2      Transmedia. (a) Issuance. Transmedia represents and warrants
to the Noteholder that upon conversion and issuance in accordance with the terms
hereof, the shares of Common Stock issued to a Noteholder will be duly
authorized, validly issued, fully paid and nonassessable and will not have been
issued in violation of any preemptive right.

                  (b)      Listing. Transmedia covenants that it will use its
best efforts to obtain the listing of the shares of Common Stock issuable upon
conversion of this Note on the New York Stock Exchange or such other national
securities exchange on which the shares of Common Stock are then listed.

         8.       Miscellaneous.

         8.1      Transfers. The Note shall not be sold, assigned, pledged,
hypothecated or otherwise transferred, in whole or in part, by the Noteholder.
Upon receipt of evidence satisfactory to the Company of the loss, theft,
destruction or mutilation of any Note and, in the case of any such loss, theft
or destruction, upon delivery of an indemnity agreement reasonably satisfactory
to the Company, or in the case of any such mutilation, upon surrender of such
Note (which surrendered Note shall be canceled by the Company), the Company
will, without charge, issue a new Note of like tenor in lieu of such lost,
stolen, destroyed or mutilated Note as if the lost, stolen, destroyed or
mutilated Note were then surrendered for exchange.

         8.2      Expenses. The Company agrees to promptly pay after the
occurrence of an Event of Default, all costs and expenses (including reasonable
attorneys' fees) incurred by the Noteholder in enforcing any obligations of or
in collecting any payments due from the Company hereunder or under the Notes by
reason of such Event of Default or in connection with any refinancing or
restructuring of the credit arrangements provided under this Agreement
(including any amendment or waiver of the provisions of this Agreement), or of
any insolvency or bankruptcy proceedings.

         8.3      Amendments and Waivers.  No amendment, modification,
termination or waiver of any provision of this Note, or consent to any departure
by the Company therefrom, shall in any event

                                      17

<PAGE>

be effective without the written concurrence of the Noteholder and the Company.
Any waiver or consent shall be effective only in the specific instance and for
the specific purpose for which it was given. No notice to or demand on the
Company in any case shall entitle the Company to any further notice or demand in
similar or other circumstances. Any amendment, modification, termination, waiver
or consent effected in accordance with this Section 8.3 shall be binding upon
each holder of the Note at the time outstanding and each future holder of the
Note.

         8.4 Notices. All notices, demands or other communications to be given
or delivered under or by reason of the provisions of this Agreement shall be in
writing and delivered personally, mailed by certified or registered mail, return
receipt requested and postage prepaid, sent via a nationally recognized
overnight courier, or via facsimile (with confirmation of receipt). Such
notices, demands and other communications will be sent to the address indicated
below:

                  To the Company:

                           Transmedia Restaurant Company, Inc.
                           11900 Biscayne Boulevard
                           North Miami, Florida 33181
                           Attention:  Keith E. Kiper, Esq.
                           Facsimile No.:  (305) 892-3342

                  With a copy to:

                           Morgan, Lewis & Bockius LLP
                           101 Park Avenue
                           New York, New York  10178
                           Attention:  Stephen P. Farrell, Esq.
                           Facsimile No.:  (212) 309-6273

                  To the Noteholder:

                           Potomac Dining Limited Partnership
                           c/o Gustavo L. Bessalel
                           5107 Lawton Drive
                           Bethesda, Maryland  20816

                                      18

<PAGE>

                  With a copy to:

                           Wechsler, Selzer & Gurvitch, Chtd.
                           4550 Montgomery Avenue
                           Suite 900N
                           Bethesda, Maryland 20814
                           Attention: H. Mark Rabin, Esq.
                           Facsimile No.: (301) 986-1301

or such other address or to the attention of such other Person as the recipient
party shall have specified by prior written notice to the sending party;
provided, that the failure to deliver copies of notices as indicated above shall
not affect the validity of any notice. Any such communication shall be deemed to
have been received (i) when delivered, if personally delivered, or sent by
nationally- recognized overnight courier or sent via facsimile or (ii) on the
third Business Day following the date on which the piece of mail containing such
communication is posted if sent by certified or registered mail.

         8.5      Failure or Indulgence Not Waiver; Remedies Cumulative. No
failure or delay on the part of any Noteholder in the exercise of any power,
right or privilege hereunder or under the Notes shall impair such power, right
or privilege or be construed to be a waiver of any default or acquiescence
therein, 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 privilege. All rights and remedies existing under this Note are
cumulative to and not exclusive of, any rights or remedies otherwise available.

         8.6      Severability. In case any provision in or obligation under
this Note shall be invalid, illegal or unenforceable in any jurisdiction, the
validity, legality and enforceability of the remaining provisions or
obligations, or of such provision or obligation in any other jurisdiction, shall
not in any way be affected or impaired thereby.

         8.7      Heading. Section and subsection headings in this Agreement are
included herein for convenience of reference only and shall not constitute a
part of this Note for any other purpose or be given any substantive effect.

         8.8      Applicable Law; Jurisdiction; Service of Process.

                  (a)      THE NOTE SHALL BE GOVERNED BY, AND SHALL BE CONSTRUED
AND ENFORCED IN ACCORDANCE WITH, THE LAWS OF THE STATE OF MARYLAND WITHOUT
REGARD TO THE PRINCIPLES OF CONFLICTS OF LAWS WHICH WOULD RESULT IN THE
APPLICATION OF ANY OTHER LAW OF ANY OTHER JURISDICTION OTHER THAN THE STATE OF
MARYLAND.

                                      19

<PAGE>

                  (b)      Each of the Company, Transmedia and the Noteholder
hereby irrevocably and unconditionally (i) consents to submit to the
non-exclusive jurisdiction of the courts of New York County, New York (state or
federal) for any proceeding arising in connection with this Note (and each such
party agrees not to commence any such proceeding, except in such courts), (ii)
to the extent such party is not a resident of the State of New York, agrees to
accept service of legal process by registered mail at the address specified in
Section 8.4 in any such proceeding against such party with the same legal force
and validity as if served upon such party personally within the State of New
York and to notify promptly each other party hereto of any change of address for
such service of process from the address contained in Section 8.4, (iii) waives
any objection to the laying of venue of any such proceeding in the courts of New
York County, New York (state or federal), and (iv) waives, and agrees not to
plead or to make, any claim that any such proceeding brought in any court of New
York County, New York (state or federal) has been brought in an improper or
otherwise inconvenient forum.

         8.9      WAIVER OF JURY TRIAL. EACH OF THE COMPANY, TRANSMEDIA AND THE
NOTEHOLDER HEREBY WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW,
TRIAL BY JURY IN ANY LITIGATION IN ANY COURT WITH RESPECT TO, IN CONNECTION
WITH, OR ARISING OUT OF THIS NOTE OR THE VALIDITY, PRESERVATION OF RIGHTS,
INTERPRETATION, COLLECTION OR ENFORCEMENT THEREOF.

         8.10     Counterparts; Effectiveness. This Note and any amendments,
waivers, consents or supplements may be executed in any number of counterparts
and by different parties hereto in separate counterparts, each of which when so
executed and delivered shall be deemed an original, but all such counterparts
together shall constitute but one and the same instrument. This Note shall
become effective upon the execution of a counterpart hereof by each of the
parties hereto.

         8.11     Entirety. This Note and the Purchase Agreement embody the
entire agreement among the parties, and supersede all prior agreements and
understandings, if any, relating to the subject matter hereof and thereof.

         8.12     Right of Offset. This Note is executed and delivered pursuant
to the closing of the transactions contemplated by the Purchase Agreement. The
terms of the Purchase Agreement, which grants the Company, at its option, the
right to offset the payments due under this Note against any amounts, damages or
liabilities owing by the Noteholder to the Company as a result of a breach by
the Noteholder of its representations and warranties contained in the Purchase
Agreement, are hereby incorporated by reference into this Note.

         8.13     No Recourse. No recourse shall be had for the payment of the
principal of or the interest on this Note, or for any claim based hereon, or
otherwise in respect hereof, against any incorporator, shareholder, officer or
director, past, present or future, of the Company or of any predecessor or
successor corporation, whether by virtue of any constitution, state or rule of
law, or by the enforcement of any assessment or penalty or otherwise, all such
liability being, by the

                                      20

<PAGE>

acceptance hereof and as part of the consideration for the issue hereof,
expressly waived and released.

         8.14     Usury Restrictions. Interest on the debt evidenced by this
Note shall not exceed the maximum amount of interest that may be contracted for,
taken, reserved, charged or received under law. Any interest in excess of that
maximum amount shall be debited to the principal of the debt or, if the
principal has been paid, refunded. On any acceleration or required or permitted
prepayment, any such excess shall be canceled automatically as of the
acceleration or prepayment or, if already paid, credited on the principal of the
debt or, if the principal of the debt has been paid, refunded. This provision
overrides other provisions in this and all other instruments concerning the
debt.

                           (signature page to follow)

                                      21

<PAGE>

                                    TRANSMEDIA RESTAURANT COMPANY INC.

                                    By:_______________________________________
                                       Name:
                                       Title:

                                    For purposes of Sections 7.2, 8.8
                                      and 8.9 only:

                                    TRANSMEDIA NETWORK INC.

                                    By:_______________________________________
                                       Name:
                                       Title:

Agreed and accepted this _____
day of _______________, 2000.

POTOMAC DINING LIMITED PARTNERSHIP

By:  SPECTRUM PARTNERS, INC.
        Its General Partner

By:___________________________
   Name:
   Title:

<PAGE>

                                                              Attachment B
                                                              Exercise Agreement

To:      TRANSMEDIA RESTAURANT COMPANY INC.

         1.       The undersigned hereby elects to convert $ [ ] in principal
amount of the Promissory Note, dated June 30, 2000 (the "Note") (with all
capitalized terms herein not otherwise defined having the meaning assigned to
them in the Note), issued to it by Transmedia Restaurant Company Inc. (the
"Company") into ___ shares of Common Stock of Transmedia pursuant to the terms
of the attached Note.

         2.       Please issue a certificate or certificates representing ____
shares in the name of the undersigned:

                  (Name)

                  (Address)

         3.       In connection with the exercise of such conversion rights,
the undersigned represents and warrants to the Company and Transmedia, as of the
Effective Time, as follows:

                  (i)      The undersigned understands that none of the shares
of Common Stock issuable upon conversion of the Note have been registered under
the Securities Act or any state securities laws and cannot be sold, pledged or
otherwise disposed of or transferred without compliance with the Securities Act
and any applicable state securities laws. The undersigned is familiar with the
provisions of Rule 144 under the Securities Act, which permits the limited
resale of restricted securities subject to the satisfaction of certain
conditions. The undersigned (i) is the true party in interest and is not
acquiring any of the shares of Common Stock issuable upon conversion of the Note
for the benefit of any other person or entity and (ii) is acquiring the shares
of Common Stock issuable upon conversion of the Note for the purpose of
investment and not with a view to the resale or distribution of all or any part
thereof in violation of the Securities Act.

                  (ii)     The undersigned covenants that none of the shares of
Common Stock issued upon conversion of the Note will be offered, sold, assigned,
pledged, hypothecated, transferred or otherwise disposed of (each being a
"Transfer"), except (i) pursuant to an effective registration statement under
the Securities Act, or (ii) unless such requirement is waived by the Company,
upon receipt by the Company of an opinion of counsel to the undersigned (which
opinion and counsel are reasonably satisfactory to the Company), in either case
to the effect that no registration statement is required in connection with such
Transfer because of the availability of an exemption from registration under the
Securities Act and, in each case, after full compliance with all of the
applicable provisions of the Securities Act and the rules and regulations of the
Securities and Exchange Commission and all applicable state securities laws,
rules and regulations.

                                    ___________________________(Signature)

         (Date)<PAGE>

                                                                    EXHIBIT 4.14

                        STOCK PURCHASE AND SALE AGREEMENT

         STOCK PURCHASE AND SALE AGREEMENT, dated as of April 28, 2000 (as
amended, supplemented or otherwise modified from time to time, this
"Agreement"), among Minotaur Partners II, L.P., an Illinois limited partnership
("MP II"), ValueVision International Inc., a Minnesota corporation
("ValueVision"), Dominic Mangone ("Mangone"), Raymond Bank ("Bank" and, together
with MP II, ValueVision and Mangone, the "Purchasers"), and Transmedia Network
Inc., a Delaware corporation (the "Company"). All capitalized terms used and not
otherwise defined herein have the meanings ascribed to them in Article IX
hereof.

         WHEREAS, the Company desires to issue and sell to the Purchasers, and
the Purchasers desire to purchase from the Company, (i) 1,534,247 newly issued
shares of Common Stock in the aggregate (such 1,534,247 newly issued shares,
collectively the "Shares") at a price of $4.5625 per share (the "Share Purchase
Price") and (ii) warrants (the "Warrants") in the form of Exhibit A hereto to
purchase an additional 3,068,494 shares of Common Stock in the aggregate (such
additional 3,068,494 shares of Common Stock in the aggregate issuable from time
to time upon the exercise of the Warrants, collectively the "Warrant Shares").

         NOW, THEREFORE, in consideration of the premises, representations and
warranties and the mutual covenants and agreements set forth herein and other
good and valuable consideration, the receipt and sufficiency of which is hereby
acknowledged, the parties hereby agree as follows:

                                    ARTICLE I

                    PURCHASE AND SALE OF SHARES AND WARRANTS

         1.1      Purchase and Sale of the Shares and Warrants. Upon the terms
and subject to the satisfaction of the conditions contained in this Agreement,
at the Closings, the Company shall issue and sell to the Purchasers (in such
proportions as between the Purchasers as set forth on Schedule 1 hereto), and
the Purchasers shall so purchase from the Company, the Shares and Warrants in
two separate tranches, as follows:

         (a)      In the first tranche (the "First Tranche"), the Company shall
                  issue and sell to the Purchasers, and the Purchasers shall so
                  purchase from the Company, free and clear of all Liens, (i)
                  904,303 Shares (the "First Tranche Shares") and (ii) Warrants
                  to purchase 1,808,606 Warrant Shares (the "First Tranche
                  Warrants"); and

         (b)      In the second tranche (the "Second Tranche"), the Company
                  shall issue and sell to the Purchasers, and the Purchasers
                  shall so purchase from the Company, (i) 629,944 Shares (the
                  "Second Tranche Shares") and (ii) Warrants to purchase
                  1,259,888 Warrant Shares (the "Second Tranche Warrants").

<PAGE>

         1.2      Consideration. Upon the terms and subject to the satisfaction
of the conditions contained in this Agreement, the Purchasers shall pay to the
Company (in such proportions as between the Purchasers as set forth on Schedule
1 hereto) (i) $4,125,882 in the aggregate for the First Tranche (the "First
Purchase Price") and (ii) $2,874,120 in the aggregate for the Second Tranche
(the "Second Purchase Price" and, together with the First Purchase Price, the
"Purchase Price").

                                   ARTICLE II

                                  THE CLOSINGS

         2.1      Time and Place. (a) Upon the terms and subject to the
satisfaction of the conditions contained in this Agreement, the closing of the
First Tranche (the "First Closing") shall take place at the offices of
Transmedia Network Inc., 11900 Biscayne Boulevard, Miami, Florida, at 10:00 a.m.
(local time) on the third business day following the date on which all of the
conditions hereunder have been satisfied or waived, or at such other place or
time as the Purchasers and the Company may agree. The date and time at which the
First Closing actually occurs is hereinafter referred to as the "First Closing
Date."

         (b)      Upon the terms and subject to the satisfaction of the
conditions contained in this Agreement, including but not limited to the
Stockholder Approval, the closing of the Second Tranche (the "Second Closing"
and, together with the First Closing, the "Closings") shall take place at the
offices of Transmedia Network Inc., 11900 Biscayne Boulevard, Miami, Florida, at
10:00 a.m. (local time) within ten business days of the Company receiving the
Stockholder Approval, or at such other place or time as the Purchasers and the
Company may agree, but in no event at any time prior to the receipt of the
Stockholder Approval. The date and time at which the Second Closing actually
occurs is hereinafter referred to as the "Second Closing Date" and, together
with the First Closing Date, the "Closing Dates."

         2.2      Deliveries  by the Company.  (a) At the First Closing,
the Company shall deliver the following to the Purchasers:

                  (i)      stock certificates representing the First Tranche
                           Shares, in the names of MP II, ValueVision, Mangone
                           and Bank, dated as of the First Closing Date, in the
                           respective denominations set forth on Schedule 1
                           hereto;

                  (ii)     the First Tranche Warrants, in the names of MP II,
                           ValueVision, Mangone and Bank, dated as of the First
                           Closing Date, in the respective denominations set
                           forth on Schedule 1 hereto; and

                  (iii)    all other documents, instruments and writings
                           required to be delivered by the Company at or prior
                           to the First Closing Date pursuant to this Agreement.

                                      -2-
<PAGE>

         (b)      At the Second Closing, the Company shall deliver the following
                  to the Purchasers:

                  (i)      a certificate of the Secretary or any Assistant
                           Secretary of the Company certifying as to the receipt
                           by the Company of the Stockholder Approval;

                  (ii)     stock certificates representing the Second Tranche
                           Shares, in the names of MP II, ValueVision, Mangone
                           and Bank, dated as of the Second Closing Date, in the
                           respective denominations set forth on Schedule 1
                           hereto;

                  (iii)    the Second Tranche Warrants, in the names of MP II,
                           ValueVision, Mangone and Bank, dated as of the Second
                           Closing Date, in the respective denominations set
                           forth on Schedule 1 hereto; and

                  (iv)     all other documents, instruments and writings
                           required to be delivered by the Company at or prior
                           to the Second Closing Date pursuant to this
                           Agreement.

         2.3      Deliveries by the Purchasers. (a) At the First Closing, the
Purchasers shall deliver the following to the Company:

                  (i)      the First Purchase Price by wire transfer of
                           immediately available funds to such accounts
                           designated in a writing delivered by the Company to
                           the Purchasers no less than two (2) business days
                           prior to the First Closing Date or by such other
                           means as may be agreed upon in writing by the Company
                           and the Purchasers; and

                  (ii)     all other documents, instruments and writings
                           required to be delivered by the Purchasers at or
                           prior to the First Closing Date pursuant to this
                           Agreement.

         (b)      At the Second Closing, the Purchasers shall deliver the
                  following to the Company:

                  (i)      the Second Purchase Price by wire transfer of
                           immediately available funds to such accounts
                           designated in a writing delivered by the Company to
                           the Purchasers no less than two (2) business days
                           prior to the Second Closing Date or by such other
                           means as may be agreed upon in writing by the Company
                           and the Purchasers; and

                  (ii)     all other documents, instruments and writings
                           required to be delivered by the Purchasers at or
                           prior to the Second Closing Date pursuant to this
                           Agreement.

                                      -3-
<PAGE>

                                   ARTICLE III

                  REPRESENTATIONS AND WARRANTIES OF THE COMPANY

         The Company represents, warrants and covenants to the Purchasers on the
date of this Agreement and again on the First Closing Date, which
representations, warranties and covenants shall survive the Closings to the
extent hereinafter provided, that (except as set forth in the Company's
schedules delivered herewith):

         3.1      Organization and Qualification. Each of the Company and each
Subsidiary is a corporation duly organized, validly existing and in good
standing under the laws of the jurisdiction of its incorporation and has the
requisite corporate power and authority to carry on its business as it is now
being conducted. Each of the Company and each Subsidiary is duly qualified or
licensed as a foreign corporation to do business, and is in good standing, in
each jurisdiction (including any foreign country) where the character of its
properties owned, leased or operated by it or the nature of its activities makes
such qualification or licensing necessary, except for such failures to be so
qualified or licensed or in good standing which would not, individually or in
the aggregate, have a Material Adverse Effect.

         3.2      Certificate of Incorporation and Bylaws. The Company has
heretofore made available to the Purchasers a complete and correct copy of the
certificates of incorporation of the Company and iDine and the bylaws of the
Company and iDine as currently in effect (collectively, the "Organizational
Documents"). Such Organizational Documents are in full force and effect, and no
other organizational documents are applicable to or binding upon the Company or
any Subsidiary (including, without limitation, any joint venture, investment or
other agreement). Neither the Company nor iDine is in violation of any of the
provisions of its Organizational Documents.

         3.3      Capitalization; Subsidiaries.

         (a)      The authorized capital stock of the Company consists of
70,000,000 shares of Common Stock and 10,000,000 shares of Preferred Stock. As
of March 31, 2000, (i) 13,632,709 shares of Common Stock were issued and
outstanding, (ii) 4,149,378 shares of Series A Preferred Stock were issued and
outstanding and (iii) no shares of Common Stock or Preferred Stock were held in
the treasury of the Company.

         (b)      The First Tranche Shares and the First Tranche Warrants shall
represent approximately 13.23% of the Fully Diluted Common Stock and 19.90% of
the outstanding shares of Common Stock as of the First Closing Date. The Second
Tranche Shares and the Second Tranche Warrants shall represent approximately
8.44% of the Fully Diluted Common Stock and 13.86% of the outstanding shares of
Common Stock as of the Second Closing Date.

         (c)      Except as set forth above in Section 3.3(a) and as set forth
in Schedule 3.3(c) hereto, and except with respect to options granted to
employees of the Company in the ordinary course of business, there were as of
March 31, 2000 no outstanding Equity Securities of the Company. Schedule 3.3(c)
includes a true and correct table summarizing all outstanding stock options,

                                   -4-
<PAGE>

warrants and other rights to acquire Equity Securities of the Company or any
Subsidiary, including the identity and title of the holder (other than the
holders of the Series A Preferred Stock), the number of shares covered, the
vesting schedule therefor, the exercise price therefor, and the termination date
therefor.

         (d)      Each of the outstanding shares of capital stock of each
Subsidiary is duly authorized, validly issued, fully paid and nonassessable, and
all such shares are owned by the Company free and clear of all Liens, and there
are no outstanding Equity Securities of any Subsidiary other than such shares.
Except as set forth on Schedule 3.3(d) hereto, the Company does not own,
directly or indirectly, any capital stock or other equity interest in any Person
other than the Subsidiaries.

         3.4      The Shares and the Warrants.

         (a)      Upon payment of the First Purchase Price, the Purchasers will
acquire good and marketable title to the First Tranche Shares and the First
Tranche Warrants, free and clear of all Liens, and such First Tranche Shares
shall be validly issued, fully paid and nonassessable. Upon exercise of the
First Tranche Warrants, in whole or, from time to time, in part, and upon
payment of the exercise price therefor, in accordance with the terms of the
First Tranche Warrants, the Purchasers will acquire good and marketable title to
the First Warrant Shares, free and clear of all Liens, and such First Warrant
Shares shall be validly issued, fully paid and nonassessable.

         (b)      Upon payment of the Second Purchase Price, the Purchasers will
acquire good and marketable title to the Second Tranche Shares and the Second
Tranche Warrants, free and clear of all Liens, and such Second Tranche Shares
shall be validly issued, fully paid and nonassessable. Upon exercise of the
Second Tranche Warrants, in whole or, from time to time, in part, and upon
payment of the exercise price therefor, in accordance with the terms of the
Second Tranche Warrants, the Purchasers will acquire good and marketable title
to the Second Warrant Shares, free and clear of all Liens, and such Second
Warrant Shares shall be validly issued, fully paid and nonassessable.

         3.5      Power and Authority. The Company has all necessary corporate
power and authority to execute and deliver this Agreement, the Co-Sale and
Voting Agreement, the Investment Agreement, the Warrants and all other
documents, instruments and other writings to be executed and/or delivered by or
on behalf of the Company to the Purchasers or any of their representatives in
connection with the transactions contemplated hereby or thereby (collectively,
the "Company Transaction Documents"), to perform its obligations hereunder and
thereunder and to consummate the transactions contemplated hereby and thereby.
The execution, delivery and performance of each of the Company Transaction
Documents by the Company, and the consummation by the Company of the
transactions contemplated hereby and thereby, have been duly and validly
authorized by the Board of Directors of the Company (the "Board"), and no other
corporate proceedings on the part of the Company are necessary to authorize the
execution, delivery and performance of the Company Transaction Documents or the
consummation of the transactions contemplated hereby and thereby, other than
Stockholder Approval. The Board has approved each of the Company Transaction
Documents and the transactions contemplated hereby

                                      -5-
<PAGE>

and thereby so as to render inapplicable to such transactions, including,
without limitation, the issuance to the Purchasers of the Shares, the Warrants
and Warrant Shares, the restrictions contained in Article Seventh of the
Certificate of Incorporation of the Company and the restrictions contained in
Section 203 of the Delaware General Corporation Law. Each of the Company
Transaction Documents has been duly and validly executed and delivered by the
Company and, assuming the due authorization, execution and delivery hereof and
thereof by the Purchasers, each constitutes a legal, valid and binding
obligation of the Company enforceable against the Company in accordance with its
terms.

         3.6      No Conflict; Required Filings and Consents. The execution,
delivery and performance of the Company Transaction Documents by the Company do
not and will not: (a) conflict with or violate the Organizational Documents of
the Company or any Subsidiary; (b) conflict with or violate any law, rule,
regulation, order, judgment or decree applicable to the Company or any
Subsidiary or by which its or any of their respective properties are bound or
affected; (c) require any consent, approval, authorization or permit of, action
by, filing with or notification to, any Governmental Entity (other than any
filing required under Section 13(a) or (d), 14, 15(d) or 16(a) of the Exchange
Act); or (d) result in any breach or violation of or constitute a default (or an
event which with notice or lapse of time or both could become a default) or
result in the loss by the Company or any Subsidiary of a material benefit under,
or give rise to any right of termination, amendment, acceleration or
cancellation of, or result in the creation of a Lien on any of the properties or
assets of the Company or any Subsidiary pursuant to, any Contract, Permit or
other instrument or obligation to which the Company or any Subsidiary is a party
or by which the Company or any Subsidiary or any of their respective properties
are bound or affected; other than (i) in the case of clauses (b) and (d) for
such conflicts, violations, breaches, defaults, rights, losses and Liens as, and
(ii) in the case of clause (c), such consents, approvals, authorizations,
permits, actions, filings and notifications, the absence of which, would not
have a Material Adverse Effect.

         3.7      Employment, Consulting and Severance Agreements and Related
Matters. Except as set forth in Schedule 3.7 hereto:

         (a)      There are no Employment, Consulting or Severance Agreements
with respect to iDine to which the Company or iDine is a party or by which the
Company or iDine or any of their respective assets may be bound, and no present
or former employee, officer, director, consultant, independent contractor or
other agent of the Company or iDine is a party to or the beneficiary of any such
Employment, Consulting or Severance Agreements; and

         (b)      The execution and delivery of this Agreement or the other
Company Transaction Documents and the consummation of the transactions
contemplated hereby and thereby: (i) do not and will not result in any breach or
violation of or constitute a default (or an event which with notice or lapse of
time or both could become a default) or result in the loss by the Company or any
Subsidiary of a material benefit under, or give rise to any right of
termination, amendment, acceleration or cancellation of any Employment,
Consulting or Severance Agreement; or (ii) do not and will not give rise to any
obligation on the part of the Company or any Subsidiary to pay or provide any
Severance Payment.

                                      -6-
<PAGE>

         3.8      Compliance; No Violation. Each of the Company and each
Subsidiary is in compliance with, and is not in default or violation of, (i) its
respective Organizational Documents and (ii) all Contracts, Permits and other
instruments or obligations to which any of them are a party or by which any of
them or any of their respective properties may be bound or affected, except, in
the case of clause (ii), for any such failures of compliance, defaults and
violations which could not, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect. Since January 1, 2000, neither the
Company nor any Subsidiary has received notice of any revocation or modification
of any federal, state, local or foreign Permit material to the Company and its
subsidiaries taken as a whole.

         3.9      SEC Documents; Undisclosed Liabilities.

         (a)      Since September 30, 1998, the Company has filed all required
reports, schedules, forms, proxy, registration and other statements and other
documents with the SEC (collectively, the "SEC Documents"). As of the date of
this Agreement, the last SEC Document filed by the Company was its Quarterly
Report on Form 10-Q for the quarter ended December 31, 1999. As of their
respective filing dates, the SEC Documents complied in all material respects
with the requirements of the Securities Act or the Exchange Act, as the case may
be, and the rules and regulations of the SEC promulgated thereunder applicable
to the SEC Documents. As of their respective filing dates, none of the SEC
Documents contained any untrue statement of a material fact or omitted to state
a material fact required to be stated therein or necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading, except to the extent such statements have been modified or
superseded by a later SEC Document filed and publicly available prior to the
Closing Dates, the circumstances or bases for which modifications or
supersessions have not and will not individually or in the aggregate result in
any material liability or obligation on behalf of the Company under the
Securities Act, the Exchange Act, the rules promulgated under the Securities Act
or the Exchange Act, or any federal, state or local anti-fraud, blue-sky,
securities or similar laws. The consolidated financial statements of the Company
included in the SEC Documents (as amended or supplemented by any later filed SEC
Document filed and publicly available prior to January 1, 2000), comply as to
form in all material respects with applicable accounting requirements and the
rules and regulations of the SEC with respect thereto, have been prepared in
accordance with generally accepted accounting principles (except, in the case of
unaudited statements, as permitted by Form 10-Q of the SEC) applied on a
consistent basis during the periods involved (except as may be indicated in
notes thereto) and fairly present the consolidated financial position of the
Company and the Subsidiaries as of the dates thereof and the consolidated
results of their operations and cash flows for the periods then ended (subject,
in the case of unaudited statements, to normal year-end audit adjustments).
Except as set forth in the SEC Documents, neither the Company nor any Subsidiary
has any obligation or liability of any nature whatsoever (direct or indirect,
matured or unmatured, absolute, accrued, contingent or otherwise) either (i)
required by generally accepted accounting principles to be set forth on a
consolidated balance sheet of the Company and the Subsidiaries or in the notes
thereto or (ii) which, individually or in the aggregate, could reasonably be
expected to have a Material Adverse Effect whether or not required by generally
accepted accounting principles to be provided or reserved against on a balance
sheet prepared in accordance with generally accepted accounting principles;
other than liabilities and obligations

                                      -7-
<PAGE>

reflected or reserved against in the consolidated financial statements of the
Company and its consolidated subsidiaries included in the Company's quarterly
report on Form 10-Q for the quarter ended December 31, 1999, or incurred since
the date of the balance sheet included in such financial statements in the
ordinary course of business which are not individually or collectively material
to the Company and the Subsidiaries taken as a whole.

         (b)      At the date the Proxy Statement is first mailed to the
Company's stockholders or at the time of the Stockholders' Meeting, the Proxy
Statement will not contain any untrue statement of a material fact or omit to
state any material fact required to be stated therein or necessary in order to
make the statements therein, in light of the circumstances under which they are
made, not misleading. The Proxy Statement shall comply in all material respects
with the requirements of the Exchange Act and the rules and regulations
promulgated thereunder except that the Company makes no representation, warranty
or covenant with respect to any written information supplied by the Purchasers
specifically for inclusion in the Proxy Statement.

         3.10 Absence of Certain Changes or Events. Except as disclosed in the
SEC Documents, since January 1, 2000, the Company and the Subsidiaries have
conducted their businesses only in the ordinary course and in a manner
consistent with past practice, and there has not occurred any event, condition,
circumstance, change or development (whether or not in the ordinary course of
business) that, individually or in the aggregate, has had or could reasonably be
expected to have a Material Adverse Effect. Without limiting the generality of
the foregoing, except as set forth on Schedule 3.10 hereto or as disclosed in
any SEC Documents filed with the SEC and publicly available prior to January 1,
2000, since January 1, 2000, there has not been (i) any change by the Company in
its accounting methods, principles or practices, (ii) any revaluation by the
Company of any of its or any Subsidiary's material assets, including but not
limited to, writing down the value of any Rights to Receive other than in the
ordinary course of business consistent with past practice, (iii) any entry
outside the ordinary course of business by the Company or any Subsidiary into
any commitments or transactions material, individually or in the aggregate, to
the Company and the Subsidiaries taken as a whole, (iv) any declaration, setting
aside or payment of any dividends or distributions in respect of the shares of
Common Stock or, any redemption, purchase or other acquisition of any of its
securities, other than semi-annual cash dividends of $.02 per share on
outstanding Common Stock consistent with past practices, (v) any grant or
issuance of any Equity Securities of the Company or any Subsidiary; or (vi) any
increase in, establishment of or amendment of any Employment, Consulting or
Severance Agreement, bonus, insurance, deferred compensation, pension,
retirement, profit sharing, stock option (including without limitation the
granting of stock options, stock appreciation rights, performance awards, or
restricted stock awards), stock purchase or other employee benefit plan or
agreement or arrangement, or any other increase in the compensation payable or
to become payable to any present or former directors, officers or employees of
the Company or any Subsidiary, except for increases in compensation in the
ordinary course of business consistent with past practice.

         3.11     Absence of Litigation; Compliance. Except as set forth on
Schedule 3.11 hereto or as disclosed in any SEC Documents filed with the SEC and
publicly available prior to January 1, 2000, there are no suits, claims,
actions, proceedings or investigations pending or, to the

                                      -8-
<PAGE>

Company's knowledge, overtly threatened against the Company or any Subsidiary,
or any properties or rights of the Company or any Subsidiary, before any
arbitrator or Governmental Entity, that (i) if determined adversely to the
Company or any Subsidiary could, individually or in the aggregate, reasonably be
expected to have a Material Adverse Effect or (ii) seek to delay or prevent the
consummation of the transactions contemplated by this Agreement or any other
Transaction Document. Neither the Company nor any Subsidiary nor any of their
respective properties is or are subject to any order, writ, judgment,
injunction, decree, determination or award having, or which in the future could
reasonably be expected to have, individually or in the aggregate, a Material
Adverse Effect or could prevent or delay the consummation of the transactions
contemplated by this Agreement or any other Transaction Document. Neither the
Company nor any Subsidiary is in violation of, nor has the Company or any
Subsidiary violated, any applicable provisions of any note, bond, mortgage,
indenture, contract, agreement, lease, license, permit, franchise, or other
instrument or obligations to which the Company or any Subsidiary is a party or
by which the Company, any Subsidiary or any of their respective properties are
bound or affected except for any such violations which could not, individually
or in the aggregate, reasonably be expected to have a Material Adverse Effect.
Except as disclosed in the SEC Documents filed with the SEC and publicly
available prior to January 1, 2000, the Company and its Subsidiaries are in
compliance with all applicable statutes, laws, ordinances, rules, orders and
regulations of any Governmental Entity (including, without limitation, with
respect to employment and employment practices, immigration laws relevant to
employment, and terms and conditions of employment and wages and hours) except
for any failures to comply which could not, individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect. Except as disclosed in
the SEC Documents filed with the SEC and publicly available prior to January 1,
2000, no investigation by any Governmental Entity with respect to the Company or
any Subsidiary is pending or threatened.

         3.12     Material Contracts; Defaults. All material Contracts (other
than Employment, Consulting or Severance Agreements) to which the Company or any
Subsidiary is a party or by which the Company or any Subsidiary or any of their
respective assets may be bound (the "Material Contracts") have been filed with
or described in the Company's SEC Documents. Neither the Company nor any
Subsidiary is, or has received any notice or has any knowledge that any other
party is, in default in any respect under any Material Contract, except for
those defaults which would not, either individually or in the aggregate,
reasonably be expected to have a Material Adverse Effect, and there has not
occurred any event that with the lapse of time or the giving of notice or both
would constitute such a default by the Company or any Subsidiary or, to the
Company's knowledge, by any other party. To the Company's knowledge, no party to
any Material Contract has threatened to terminate such Material Contract (or
modify such Material Contract in a manner detrimental to the Company or any
Subsidiary).

         3.13   Intellectual Property. The Company and each of its Subsidiaries
owns, or is licensed to use (in each case, free and clear of any Liens) all
patents, trademarks, trade names, copyrights, technology, know-how, trade
secrets, processes and computer software (including, without limitation, all
documentation and source and object codes with respect to such software) used in
or necessary for the conduct of its business as currently conducted which are
material to the business, operations, assets, prospects, financial condition or
results of operations of the

                                      -9-
<PAGE>

Company and its Subsidiaries taken as a whole. To the Company's knowledge, the
use of such patents, trademarks, trade names, copyrights, technology, know-how,
trade secrets, processes and computer software (including, without limitation,
all documentation and source and object codes with respect to such software) by
the Company and its Subsidiaries does not infringe or otherwise violate the
rights of any person. To the Company's knowledge, no person is infringing any
right of the Company or any Subsidiary with respect to any such patents,
trademarks, trade names, copyrights, technology, know-how, processes or computer
software (including, without limitation, all documentation and source and object
codes with respect to such software).

         3.14     Vote Required. The affirmative vote of the holders of no more
than a majority of the outstanding shares of Common Stock and the Series A
Preferred Stock, voting together as a class, is the only vote of the holders of
any class or series of capital stock or other Equity Securities of the Company
necessary to approve the issuance and sale of the Second Tranche Shares and the
Second Tranche Warrants.

         3.15     Takeover Status. No "fair price", "moratorium", "control share
acquisition" or other similar anti-takeover statute or regulation enacted under
state or federal laws or applicable stock exchange rules or regulations,
including, without limitation, Section 203 of the Delaware General Corporation
Law, applicable to the Company or any Subsidiary is applicable to the
transactions contemplated hereby or by any other Transaction Document, taken
individually or in the aggregate.

         3.16     Compliance with Securities Laws. The Company has not taken,
and will not take, any action which would subject the issuance and sale of the
Shares, the Warrants and/or the Warrant Shares pursuant to this Agreement to the
provisions of Section 5 of the Securities Act, or violate the registration or
qualification provisions of any securities or blue sky laws of any applicable
jurisdiction, and, based in part on the representations of the Purchasers in
Section 4.5, the sale of the Shares and the Warrants pursuant to this Agreement
and the issuance of the Warrant Shares from time to time upon exercise of the
Warrants complies with all applicable requirements of applicable federal and
state securities and blue sky laws.

         3.17     Brokers. No broker, finder, investment banker or other person
is entitled to receive from the Purchasers any brokerage, finder's or other fee
or commission in connection with the transactions contemplated by the Company
Transaction Documents based upon arrangements made by or on behalf of the
Company.

                                   ARTICLE IV

                REPRESENTATIONS AND WARRANTIES OF THE PURCHASERS

         Each of MP II, ValueVision, Mangone and Bank hereby severally, but not
jointly, represents, warrants and covenants to the Company, with respect to
itself or himself, on the date of this Agreement and again on each of the
Closing Dates, which representations and warranties shall survive the Closings,
as follows:

                                      -10-
<PAGE>

         4.1 Organization. MP II is a limited partnership duly organized,
validly existing and in good standing under the laws of the jurisdiction in
which it is organized. ValueVision is a corporation duly organized, validly
existing and in good standing under the laws of the jurisdiction in which it is
organized.

         4.2 Authority Relative to This Agreement, etc. Each of MP II,
ValueVision, Mangone and Bank, as applicable, has the requisite power and
authority to execute and deliver this Agreement, the Investment Agreement, the
Co-Sale and Voting Agreement and all other documents, instruments and other
writings to be executed and/or delivered by or on behalf of MP II, ValueVision,
Mangone and/or Bank to the Company or any of its representatives in connection
with the transactions contemplated hereby or thereby (collectively, "Purchaser
Transaction Documents"), to perform its or his obligations hereunder and
thereunder and to consummate the transactions contemplated hereby and thereby.
The execution, delivery and performance of each of the Purchaser Transaction
Documents by MP II and ValueVision and the consummation by MP II and ValueVision
of the transactions contemplated hereby and thereby have been duly authorized by
the general partner of MP II and an authorized officer of ValueVision, and no
other proceedings on the part of MP II or ValueVision, are necessary to
authorize the execution, delivery and performance of the Purchaser Transaction
Documents or the transactions contemplated hereby or thereby. Each of the
Purchaser Transaction Documents has been duly executed and delivered by MP II,
ValueVision, Mangone and/or Bank, as the case may be, and, assuming due
authorization, execution and delivery by the Company, constitutes a legal, valid
and binding obligation of MP II, ValueVision, Mangone and/or Bank, as the case
may be, enforceable against MP II, ValueVision, Mangone and/or Bank, as the case
may be, in accordance with its terms.

         4.3 No Conflict; Required Filings and Consents. The execution, delivery
and performance of the Purchaser Transaction Documents by MP II, ValueVision,
Mangone or Bank, as the case may be, does not and will not: (i) conflict with or
violate the organizational documents of MP II or ValueVision, as the case may
be; (ii) conflict with or violate any law, rule, regulation, order, judgment or
decree applicable to MP II, ValueVision, Mangone or Bank, as the case may be, or
by which any of their properties are bound or affected; (iii) require any
consent, approval, authorization or permit of, action by, filing with or
notification to, any Governmental Entity (other than any filing required under
Section 13(a) or (d), 14, 15(d) or 16(a) of the Exchange Act); or (iv) result in
any breach or violation of or constitute a default (or an event which with
notice or lapse of time or both could become a default) or result in the loss of
a material benefit under, or give rise to any right of termination, amendment,
acceleration or cancellation of, or result in the creation of a Lien on any of
the property or assets of MP II, ValueVision, Mangone or Bank, as the case may
be, pursuant to, any Contract, Permit or other instrument or obligation to which
MP II, ValueVision, Mangone or Bank, as the case may be, is a party or by which
MP II, ValueVision, Mangone or Bank, as the case may be, or any of its
properties are bound or affected, except, in the case of clauses (ii), (iii) and
(iv), for any such conflicts, violations, breaches, defaults or other
occurrences which could not, individually or in the aggregate, reasonably be
expected to impair or delay the ability of MP II, ValueVision, Mangone or Bank,
as the case may be, to perform its obligations under this Agreement.

                                      -11-
<PAGE>

         4.4 Brokers. No broker, finder, investment banker or other person is
entitled to any brokerage, finder's or other fee or commission in connection
with the transactions contemplated by the Purchaser Transaction Documents based
upon arrangements made by or on behalf of MP II, ValueVision, Mangone or Bank.

         4.5 Investment Intent. Each of MP II, ValueVision, Mangone and Bank (i)
agrees that the Shares, the Warrants and the Warrant Shares have not been
registered under the Securities Act or any state securities laws and may not be
sold or transferred except pursuant to a registration statement or pursuant to
an exemption from the Securities Act, (ii) is purchasing the Shares and the
Warrants and will purchase the Warrant Shares for its own account for
investment, and not with a view to, or for resale in connection with, any public
distribution of the Shares, the Warrants or any Warrant Shares and (iii) agrees
to include in any Schedule 13D filed with the SEC covering the Shares and the
Warrant Shares a statement asserting their investment intent, such statement to
be in a form that is reasonably satisfactory to the Company.

         4.6 Share Ownership. Except as set forth on the Purchasers' Schedule
4.6, the Purchasers do not beneficially own any Equity Securities.

         4.7 Proxy Statement. The information supplied or to be supplied by MP
II, ValueVision, Mangone and Bank in writing specifically for inclusion in the
Proxy Statement will not, at the date the Proxy Statement is first mailed to the
Company's stockholders or at the time of the Stockholders Meeting, contain any
untrue statement of a material fact or omit to state any material fact required
to be stated therein or necessary to make the statements therein, in light of
the circumstances under which they are made, not misleading.

         4.8 Availability of Funds. MP II, ValueVision, Mangone and/or Bank has
on hand and will have on each Closing Date sufficient funds to pay the Purchase
Price then payable in accordance with the terms of this Agreement and all fees
and expenses incurred in connection with the transactions contemplated hereby
for which MP II, ValueVision, Mangone and/or Bank is responsible.

         4.9 MP II, ValueVision, Mangone and Bank not "Interested Stockholders".
Except to the extent that they may be deemed such by virtue of this Agreement
and the Co-Sale and Voting Agreement, neither of MP II, ValueVision, Mangone and
Bank, nor any of their affiliates, is an "interested stockholder" of the Company
within the meaning of Section 203 of the Delaware General Corporation Law or
Article 7 of the Company's Certificate of Incorporation.

                                    ARTICLE V

                              ADDITIONAL AGREEMENTS

         5.1 Access to Information. The Purchasers are entitled to continue
their due diligence investigation of the Company and the Subsidiaries, including
without limitation, any business, legal, financial or environmental due
diligence as the Purchasers deem appropriate. The Company will permit the
Purchasers and their authorized representatives, accountants, attorneys,

                                      -12-
<PAGE>

advisors and consultants full access to the Company's and the Subsidiaries'
property and all records and other data with respect to the Company, the
Subsidiaries, and their respective properties, assets, operations, sales and
marketing activities, and products and services, as is reasonably requested, and
will provide such assistance as is reasonably requested. Upon prior notification
to the Company, the Purchasers are entitled to contact and communicate with
employees, participating merchants (i.e., restaurants, other vendors and credit
card companies), legal advisors and accountants of the Company and the
Subsidiaries.

         5.2 Filings. As promptly as practicable after the date of this
Agreement, the Company and the Purchasers shall make or cause to be made all
filings and submissions under laws and regulations applicable to the Company and
the Purchasers, if any, as may be required for the consummation of the
transactions contemplated by this Agreement. The Purchasers and the Company
shall coordinate and cooperate in exchanging such information and providing such
reasonable assistance as may be requested by any of them in connection with the
filings and submissions contemplated by this Section 5.2.

         5.3 Stockholders' Meeting. The Company acting through the Board shall,
in accordance with applicable law, as soon as practicable:

         (a) duly call, give notice of, convene and hold a special meeting of
its stockholders (the "Stockholders' Meeting") for the purpose of considering
and taking action upon the Proxy Proposal;

         (b) include in the proxy statement (the "Proxy Statement") to be
distributed to the Company's stockholders in connection with the Proxy Proposal,
including any amendments or supplements thereto (which Proxy Statement shall be
in form and content reasonably satisfactory to the Purchasers), the
recommendation of the Board that the stockholders of the Company vote in favor
of the approval of the Proxy Proposal;

         (c) provide a reasonable opportunity for the Purchasers and their
counsel to review and provide comment on the Proxy Statement prior to its
filing;

         (d) use its best efforts (i) to obtain and furnish the information
required to be included by it in the Proxy Statement and respond promptly to any
comments made by the SEC with respect to the Proxy Statement and any preliminary
version thereof and cause the Proxy Statement to be mailed to its stockholders
at the earliest practicable time and (ii) to obtain the necessary approvals by
its stockholders of the Proxy Proposal; and

         (e) cause the Proxy Statement (i) not to contain any untrue statement
of a material fact or omit to state any material fact required to be stated
therein or necessary in order to make the statements therein, in light of the
circumstances under which they are made, not misleading, and (ii) to comply as
to form in all material respects with the applicable provisions of the Exchange
Act and the rules and regulations thereunder, provided that the Company makes no
covenant with respect to any written information supplied by the Purchasers
specifically for inclusion in the Proxy Statement.

                                      -13-
<PAGE>

         5.4 Board of Directors. At all times prior to the fifth anniversary of
the First Closing Date, the Company hereby agrees to take all action within its
power to cause one person designated by MP II who is reasonably acceptable to
the Independent Directors ("MP II Designee") to be appointed to the Board of
Directors of the Company (the "Board"). The MP II Designee shall serve on the
Board for as long as the Shares and Warrant Shares held by the Purchasers
constitute at least 5% of the combined voting power of the Company's voting
securities.

         5.5 Agreement to Cooperate; Further Assurances. Subject to the terms
and conditions of this Agreement, each of the parties hereto shall use all
reasonable efforts to take, or cause to be taken, all action and to do, or cause
to be done, all things necessary, proper or advisable under applicable laws and
regulations to consummate and make effective the transactions contemplated by
this Agreement and the other Transaction Documents, including providing
information and using reasonable efforts to obtain all necessary or appropriate
waivers, consents and approvals, and effecting all necessary registrations and
filings. In case at any time after the Closing Dates any further action is
necessary or desirable to transfer any Shares, the Warrants or the Warrant
Shares to the Purchasers or otherwise to carry out the purposes of this
Agreement and the other Transaction Documents, the Company and the Purchasers
shall execute such further documents and shall take such further action as shall
be necessary or desirable to effect such transfer and to otherwise carry out the
purposes of this Agreement and the other Transaction Documents, in each case to
the extent not inconsistent with applicable law.

         5.6 Public Announcements. Any public announcement made by or on behalf
of any Purchaser or the Company prior to the termination of this Agreement
pursuant to Article VII hereof concerning this Agreement, the transactions
described herein or in any other Transaction Document or any other aspect of the
dealings heretofore had or hereafter to be had between the Company and the
Purchasers and their respective Affiliates must first be approved in writing by
the other (any such approval not to be unreasonably withheld), subject to the
Company's obligations under applicable law or New York Stock Exchange rules and
listing requirements as a public company (but the Company shall use its best
efforts to consult with the Purchasers as to all such public announcements).

         5.7 Notification of Certain Matters. The Company shall promptly provide
the Purchasers (or their counsel) with copies of all filings made by the Company
with the SEC or any other Governmental Entity in connection with this Agreement,
the other Transaction Documents and the transactions contemplated hereby and
thereby.

         5.8 Representations and Warranties. The Company shall give prompt
notice to the Purchasers, and the Purchasers shall give prompt notice to the
Company, of (a) any representation or warranty made by such party contained in
this Agreement that is qualified as to materiality becoming untrue or inaccurate
in any respect or any such representation or warranty that is not so qualified
becoming untrue or inaccurate in any material respect prior to the Closings or
(b) the failure by such party prior to the Closings to comply with or satisfy in
any material respect any covenant, condition or agreement to be complied with or
satisfied by such party under this Agreement; provided, however, that no such
notification shall affect the

                                      -14-
<PAGE>

representations, warranties, covenants or agreements of the parties or the
conditions to the obligations of the parties under this Agreement.

         5.9 Use of Proceeds. Unless otherwise approved by the Board, the
proceeds raised by the Company pursuant to this Agreement shall be used solely
for the development of iDine.

         5.10     Indemnification and Insurance.

         (a) The Certificate of Incorporation and By-Laws of the Company shall
contain the provisions with respect to indemnification set forth in the
Certificate of Incorporation and By-Laws of the Company on the date hereof,
which provisions shall not be amended, repealed or otherwise modified in any
manner that would adversely affect the rights to indemnification thereunder of
any current or future directors, officers, employees or agents of the Company,
unless such modification is required by law.

         (b) The Company shall, to the fullest extent permitted under applicable
law or under the Company's Certificate of Incorporation or By-Laws as in effect
on the First Closing Date and regardless of whether the First Closing occurs,
indemnify and hold harmless each present and former director, officer or
employee of the Company or any of its Subsidiaries (collectively, the
"Indemnified Parties") against any out of pocket costs or expenses (including
reasonable attorneys' fees), judgments, fines, losses, claims, damages,
liabilities and amounts paid in settlement in connection with any claim, action,
suit, proceeding or investigation, whether civil, criminal, administrative or
investigative incurred by such person by reason of the fact that such person is
or was an Indemnified Party, (x) arising out of or pertaining to the
transactions contemplated by this Agreement and the other Transaction Documents
or (y) otherwise with respect to any acts or omissions occurring on or prior to
the First Closing Date, to the same extent as provided in the Company's
Certificate of Incorporation or By-Laws as in effect on the First Closing Date
or any Material Contract containing an agreement concerning indemnification of
any Indemnified Parties. In the event of any such claim, action, suit,
proceeding or investigation (whether arising before or after the First Closing
Date), (i) any counsel retained by the Indemnified Parties for any period after
the First Closing Date shall be reasonably satisfactory to the Company, (ii)
after the First Closing Date, the Company shall pay the reasonable fees and
expenses of such counsel, promptly after statements therefor are received,
provided the Indemnified Parties first deliver to the Company a written
undertaking to repay such amounts if it is ultimately determined that such
person is not entitled to be indemnified by the Company under this Section 5.10,
and (iii) the Company will cooperate in the defense of any such matter;
provided, however, that the Company shall not be liable for any settlement
effected without its written consent (which consent shall not be unreasonably
withheld). The Indemnified Parties as a group may retain (in addition to local
counsel) only one law firm to represent them with respect to any single action
unless there is, under applicable standards of professional conduct, a conflict
on any significant issue between the positions of any two or more Indemnified
Parties.

         (c) For as long as the MP II Designee serves on the Board, the Company
shall maintain in effect directors' and officers' liability insurance covering
those persons who are

                                      -15-
<PAGE>

currently covered by the Company's directors' and officers' liability insurance
policy on terms comparable to those now applicable to directors and officers of
the Company.

         (d) The obligations of the Company under this Section 5.10 shall
survive the First Closing, are intended to benefit the Company and the
Indemnified Parties, shall be binding on all successors and assigns of the
Company and shall be enforceable by the Indemnified Parties.

                                   ARTICLE VI

                         CONDITIONS AND SCHEDULE UPDATES

         6.1 Conditions to Obligation of Each Party. The respective obligations
of each party to effect the transactions contemplated by this Agreement shall be
subject to the satisfaction at or prior to each of the Closing Dates of the
following conditions:

                  (a) No temporary restraining order, preliminary or permanent
         injunction or other order or decree by any court of competent
         jurisdiction which prevents the consummation of the transactions
         contemplated by this Agreement or the other Transaction Documents or
         imposes material conditions with respect thereto shall have been issued
         and remain in effect (each party agreeing to use its reasonable efforts
         to have any such injunction, order or decree lifted);

                  (b) No action shall have been taken, and no statute, rule or
         regulation shall have been enacted, by any Governmental Entity which
         would prevent the consummation of the transactions contemplated by this
         Agreement or the other Transaction Documents or impose material
         conditions with respect thereto;

                  (c) All orders, consents and approvals of Governmental
         Entities legally required for the consummation of the transactions
         contemplated by this Agreement or the other Transaction Documents shall
         have been obtained and be in effect at each of the Closing Dates;

                  (d) The Shares and the Warrant Shares to be issued at each of
         the Closings shall have been approved for listing by the New York Stock
         Exchange upon official notice of issuance; and

                  (e) Only with respect to the Second Closing, the Proxy
         Proposal shall have received Stockholder Approval.

         6.2 Condition to Obligations of the Company. The obligation of the
Company to effect the transactions contemplated by this Agreement shall be
subject to the fulfillment at or prior to each of the Closing Dates (except as
noted below) of the following additional conditions:

                  (a) The Purchasers shall have performed in all material
         respects all obligations by the Purchasers required to be performed at
         or prior to the Closing Dates, and the

                                      -16-
<PAGE>

         representations and warranties of the Purchasers contained in this
         Agreement shall be true and correct in all material respects (if not
         qualified by materiality) and true and correct (if so qualified) on and
         as of the date of this Agreement and at and as of the Closing Dates as
         if made at and as of each Closing Date, except to the extent that any
         such representation or warranty expressly relates to another date (in
         which case, as of such date) and the Company shall have received a
         certificate signed on behalf of each of MP II, ValueVision, Mangone
         and/or Bank, to such effect;

                  (b) No action or proceeding shall be pending against the
         Company or the Purchasers before any court of competent jurisdiction to
         prohibit, restrain, enjoin or restrict the consummation of the
         transactions contemplated by this Agreement or the other Transaction
         Documents;

                  (c) All consents, approvals, authorizations and permits of,
         actions by, filing with or notifications to, Governmental Entities and
         third parties required in connection with the transactions contemplated
         by this Agreement and the other Transaction Documents shall have been
         obtained, taken or made;

                  (d) The Purchasers shall have executed and delivered to the
         Company the Investment Agreement, and such Investment Agreement shall
         be in full force and effect; and

                  (e) The Purchasers shall have executed and delivered to the
         Company the Co-Sale and Voting Agreement, and such Co-Sale and Voting
         Agreement shall be in full force and effect.

         6.3 Conditions to Obligations of the Purchasers. (a) The obligations of
the Purchasers to effect the transactions contemplated by this Agreement shall
be subject to the fulfillment at or prior to the First Closing Date of the
following additional conditions:

                   (i) The Company shall have performed in all material respects
         all obligations required to be performed by it under this Agreement at
         or prior to the Closing Dates, and the representations and warranties
         of the Company contained in this Agreement shall be true and correct in
         all material respects (if not qualified by materiality) and true and
         correct (if so qualified) on and as of the date of this Agreement and
         at and as of the Closing Dates (as modified by the matters or
         circumstances reflected in the Updated Schedules, if any, provided by
         the Company to the Purchasers in accordance with Section 6.4 hereof) as
         if made at and as of each Closing Date, except to the extent that any
         such representation or warranty expressly relates to another date (in
         which case, as of such date) and the Purchasers shall have received a
         certificate from the Company signed by an executive officer, to such
         effect;

                  (ii) No action or proceeding shall be pending against the
         Company or the Purchasers before any court of competent jurisdiction
         which action or proceeding has been brought by a Governmental Entity
         and which is reasonably likely to have a Material

                                      -17-
<PAGE>

         Adverse Effect or to prohibit, restrain, enjoin or restrict the
         consummation of the transactions contemplated by this Agreement or the
         other Transaction Documents;

                  (iii) All consents, approvals, authorizations and permits of,
         actions by, filings with or notifications to, Governmental Entities and
         third parties required in connection with the transactions contemplated
         by this Agreement and the other Transaction Documents shall have been
         obtained, taken or made;

                  (iv) The Purchasers shall have received an opinion of Morgan,
         Lewis & Bockius LLP, counsel to the Company, containing the opinions in
         the form attached hereto as Exhibit B with such provisions concerning
         scope of firm's inquiry, law covered by opinion, reliance by the firm,
         assumptions, definition of firm's "knowledge", qualifications,
         limitations and similar matters as shall be reasonably acceptable to
         the Company;

                  (v) The Company shall have executed and delivered to the
         Purchasers the Investment Agreement, and such Investment Agreement
         shall be in full force and effect;

                  (vi) The Company shall have executed and delivered to the
         Purchasers the Co-Sale and Voting Agreement, and such Co-Sale and
         Voting Agreement shall be in full force and effect; and

                  (vii) The Company shall have reached agreement with other
         investors, including Gene Henderson and Greg Robitaille, reasonably
         acceptable to the Purchasers to invest at least $3,000,000 in the
         securities of the Company on terms no more favorable than those of the
         Purchasers.

         (b) The obligations of the Purchasers to effect the transactions
contemplated by this Agreement shall be subject to the fulfillment at or prior
to the Second Closing Date of the following additional conditions:

                  (i) No action or proceeding shall be pending against the
         Company or the Purchasers before any court of competent jurisdiction
         which action or proceeding has been brought by a Governmental Entity
         and which is reasonably likely to have a Material Adverse Effect or to
         prohibit, restrain, enjoin or restrict the consummation of the
         transactions contemplated by this Agreement or the other Transaction
         Documents; and

                  (ii) All consents, approvals, authorizations and permits of,
         actions by, filings with or notifications to, Governmental Entities and
         third parties required in connection with the transactions contemplated
         by this Agreement and the other Transaction Documents shall have been
         obtained, taken or made.

         6.4 Schedule Updates. At any time prior to two (2) business days prior
to the First Closing, the Company shall be entitled to update any schedule
referred to in Article III of this Agreement or add new schedules not referred
to in or contemplated by Article III by written notice to the Purchasers if
necessary in order to make the corresponding representations and

                                      -18-
<PAGE>

warranties true and correct as of the First Closing Date; provided that such
updated or new Schedules may only reflect changes in circumstances or matters
arising subsequent to the date of the execution of this Agreement that are not
the result of any action undertaken, or failure to act, by the Company or the
Subsidiaries in breach of any provision of this Agreement (any such updated or
new schedules, "Updated Schedules"); it being understood that the Company shall
not be entitled to reflect in any Updated Schedules any circumstances, matters
or facts which were in existence as of or prior to the date of this Agreement,
whether or not the Company knew or should have known of such circumstances,
matters or facts as of the date of this Agreement). If, in accordance with the
immediately preceding sentence, new schedules are added, the applicable section
or subsection of Article III corresponding to such new schedule shall be read to
include the words "except as set forth in Schedule [insert applicable section or
subsection number]" or words of similar meaning to appropriately connote the
modifications created by such new schedule. The delivery of any Updated
Schedules pursuant to this Section 6.4 shall not cure any breach of any
representation, warranty or covenant made in this Agreement as of the date of
this Agreement.

                                   ARTICLE VII

                        TERMINATION, AMENDMENT AND WAIVER

         7.1 Termination. This Agreement may be terminated and the transactions
contemplated by this Agreement may be abandoned at any time prior to either
Closing Date:

                  (a) By mutual written consent of the Purchasers and
         the Company;

                  (b) By the Purchasers if there has been a material breach by
         the Company of any representation, warranty, covenant or agreement set
         forth in this Agreement, which breach has not been cured within ten
         (10) business days following receipt by the breaching party of notice
         of such breach; or

                  (c) By the Company, if there has been a material breach by the
         Purchasers of any representation, warranty, covenant or agreement set
         forth in this Agreement which breach has not been cured within ten (10)
         business days following receipt by the breaching party of notice of
         such breach.

         7.2 Termination Prior to the Second Closing. This Agreement may be
terminated with respect to the Second Closing, and the transactions contemplated
by this Agreement in connection with the Second Closing may be abandoned at any
time prior to the Second Closing Date:

                  (a) By the Purchasers, upon notice to the Company, if the
         Second Closing shall not have occurred on or before the one hundred
         twentieth (120th) day following the First Closing, unless the absence
         of such occurrence shall be due to the failure of the Purchasers to
         perform in all material respects each of its obligations under this
         Agreement required to be performed by it at or prior to the Second
         Closing;
                                      -19-
<PAGE>

                  (b) By the Purchasers or the Company, upon notice to the
         other, if the Company's stockholders fail to adopt the Proxy Proposal
         at the Stockholders' Meeting; or

                  (c) By the Purchasers, if the Board of Directors of the
         Company shall withdraw, modify or change its approval or recommendation
         of the Proxy Proposal in a manner adverse to the Purchasers or shall
         have resolved to do so.

                                  ARTICLE VIII

                                 INDEMNIFICATION

         8.1 General. From and after the First Closing, the parties shall
indemnify each other as provided in this Article VIII. No specifically
enumerated indemnification obligation with respect to a particular subject
matter as set forth below shall limit or affect the applicability of a more
general indemnification obligation as set forth below with respect to the same
subject matter. For the purposes of this Article VIII, each party shall be
deemed to have remade all of its representations, warranties and covenants
contained in this Agreement at the First Closing with the same effect as if
originally made at such Closing, except that the Purchasers shall be deemed to
have remade the representations and warranties contained in Section 4.5 and
Section 4.9 at the Second Closing with the same effect as if originally made at
such Closing. No Person which may be subject to an indemnification obligation
under this Article VIII shall be entitled to require that any action be brought
against any other Person before action is brought against it hereunder by a
Person seeking indemnification by such Person.

         8.2 The Company's Indemnification Obligations. The Company shall
indemnify, save and keep harmless each of MP II, ValueVision, Mangone and Bank
and each of their respective officers, directors, employees, agents,
representatives, Affiliates, successors and permitted assigns against and from
all Damages sustained or incurred by any of them resulting from or arising out
of or by virtue of any inaccuracy in, breach of or other failure to comply with
any representation, warranty or covenant made by the Company in this Agreement
or any other Company Transaction Document. A claim for indemnification under
this Section 8.2 must be asserted by notice delivered to the Company within
ninety (90) days after the Company files with the SEC its Annual Report on Form
10-K for the year ended September 30, 2001 (such ninetieth (90th) day,
hereinafter the "Survival Date"); provided, however, that any claims for any
inaccuracy in, breach of or other failure to comply with any representation,
warranty or covenant made by the Company under Section 3.1, Section 3.5 or
Section 3.15 may be made at any time prior to the expiration of any statute of
limitations, if any, applicable to such claims. Notwithstanding anything to the
contrary in this Agreement, no investigation or lack of investigation by any
Purchaser, nor any disclosure in any Schedule hereto or knowledge of any
Purchaser as to any indemnifiable matters referred to in this Section 8.2, shall
in any way limit the Company's indemnification obligations hereunder.

         8.3 The Purchasers' Indemnification Obligations. Each of MP II,
ValueVision, Mangone and Bank, severally and not jointly, shall indemnify, save
and keep harmless the

                                      -20-
<PAGE>

Company and its officers, directors, employees, agents, representatives,
Affiliates, successors and permitted assigns against and from all Damages
sustained or incurred by any of them resulting from or arising out of or by
virtue of any inaccuracy in, breach of or failure to comply with any
representation and warranty made by such Purchaser to the Company in this
Agreement or in any other Purchaser Transaction Document. A claim for
indemnification under this Section 8.3 must be asserted by notice delivered to
the party from whom indemnification is sought no later than the Survival Date.
Notwithstanding anything to the contrary in this Agreement, no investigation or
lack of investigation by the Company, nor the knowledge of the Company as to any
indemnifiable matters referred to in this Section 8.3, shall in any way limit
any Purchaser's indemnification obligations hereunder.

         8.4      Disputes; Mediation.

         (a) If the recipient of a notice of a claim for indemnification under
either Section 8.2 or 8.3 desires to dispute such claim, it shall, within
fourteen (14) days after notice of the claim of loss against it or a notice of
dispute is given, give a counter notice, setting forth the basis for disputing
such claim, to the Purchasers or the Company, as the case may be. If no such
counter notice is given within such fourteen (14) day period, or if the
Purchasers or the Company, as the case may be, acknowledge liability for
indemnification, then such loss shall be promptly satisfied.

         (b) If the dispute is not promptly resolved, then, within fourteen (14)
days after delivery of the counter notice, or at such later time as may be
mutually agreed upon by the parties, the parties shall meet in person to discuss
and negotiate in good faith a resolution to the dispute. The meeting shall be
conducted in Chicago, Illinois or such other place as may be mutually agreed
upon by the parties.

         (c) If the dispute is not resolved within thirty (30) days after the
first meeting of the parties referred to in Section 8.4(b), the parties shall
initiate a voluntary, nonbinding mediation conducted by a mutually agreed upon
mediator. If the parties are unable to agree upon a mediator, they shall request
the clerk of the Circuit Court of Cook County, Illinois to appoint a mediator
for them. Each of the parties shall bear their own costs and expenses (including
attorneys' fees) and their proportionate share of any other costs, fees or
expenses associated with this mediation and endeavor in good faith to resolve
their differences. The mediation shall be conducted in Chicago, Illinois or such
other place as may be mutually agreed upon by the parties.

                                   ARTICLE IX

                                   DEFINITIONS

         "Affiliate" shall mean, with respect to any person, any other person
that directly or indirectly through one or more intermediaries, controls or is
controlled by or is under common control with such first person. As used in this
definition, "control" (including, with correlative meanings, "controlled by" and
"under common control with") shall mean the possession, directly or indirectly,
of the power to direct or cause the direction of management or policies, whether

                                      -21-
<PAGE>

through the ownership of securities or partnership or other ownership interests,
by contract or otherwise.

         "Common Stock" means the common stock, $.02 par value per share, of the
Company.

         "Contract" means any contract, agreement, commitment, indenture, lease,
note, bond, mortgage, license, plan, arrangement or understanding, whether
written or oral.

         "Co-Sale and Voting Agreement" means that certain Co-Sale and Voting
Agreement, dated as of even date herewith, among Samstock, L.L.C., the
Purchasers and the Company.

         "Damages" means all liabilities, demands, claims, actions or causes of
action, regulatory, legislative or judicial proceedings or investigations,
assessments, levies, losses, fines, penalties, damages, costs and expenses,
including, without limitation, reasonable attorneys', accountants',
investigators', and experts' fees and expenses, sustained or incurred in
connection with the defense or investigation of any of the foregoing.

         "Employment, Consulting or Severance Agreements" means all oral and
written (i) agreements for the employment for any period of time whatsoever, or
in regard to the employment, or restricting the employment, of any employee of
the Company or any Subsidiary, (ii) consulting, independent contractor or
similar agreements, and (iii) policies, agreements, arrangements or
understandings relating to the payment or provision of severance, termination or
similar pay or benefits to any present or former employees, officers, directors,
consultants, independent contractors or other agents of the Company or any
Subsidiary (including, without limitation, the Company's Senior Executive
Severance Policy, any successor thereto or any similar plan).

         "Equity Securities" means, with respect to the Company or any
Subsidiary, as the case may be, (i) any class or series of common stock,
preferred stock or other capital stock, whether voting or non-voting, including,
without limitation, with respect to the Company, Common Stock and Preferred
Stock, (ii) any other equity securities issued by the Company or such
Subsidiary, as the case may be, whether now or hereafter authorized for issuance
by the Company's or such Subsidiary's, as the case may be, Certificate of
Incorporation, (iii) any debt, hybrid or other securities issued by the Company
or such Subsidiary, as the case may be, which are convertible into, exercisable
for or exchangeable for any other Equity Securities, whether now or hereafter
authorized for issuance by the Company's or such Subsidiary's, as the case may
be, Certificate of Incorporation, (iv) any equity equivalents (including,
without limitation, stock appreciation rights, phantom stock or similar rights),
interests in the ownership or earnings of the Company or such Subsidiary, as the
case may be, or other similar rights, (v) any written or oral rights, options,
warrants, subscriptions, calls, preemptive rights, rescission rights or other
rights to subscribe for, purchase or otherwise acquire any of the foregoing,
(vi) any written or oral obligation of the Company or such Subsidiary, as the
case may be, to issue, deliver or sell, any of the foregoing, (vii) any written
or oral obligations of the Company or such Subsidiary, as the case may be, to
repurchase, redeem or otherwise acquire any Equity Securities, and (viii) any
bonds, debentures, notes or other indebtedness of the Company or such
Subsidiary, as the case may be, having the right to vote (or convertible into,
or exchangeable for securities having the

                                      -22-
<PAGE>

right to vote) on any matters on which the stockholders of the Company or such
Subsidiary, as the case may be, may vote.

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

         "Fully Diluted Common Stock" means the total number of shares of Common
Stock outstanding after taking into account the following: (i) all shares of
Common Stock outstanding (exclusive of the Shares); (ii) all Shares and Warrant
Shares (assuming full exercise of the Warrants and issuance of all Warrant
Shares); (iii) all shares of Common Stock issuable upon conversion, exchange or
other exercise of the Company's Equity Securities outstanding; and (iv)
adjustments needed to account or adjust for stock splits, stock dividends,
recapitalizations, recombinations and similar events.

         "Governmental Entity" means any court, administrative agency or
commission or other governmental authority or instrumentality, whether domestic
(federal, state or local) or foreign.

         "iDine" means iDine.com, Inc., a Delaware corporation and a wholly
owned subsidiary of the Company established to develop an internet based dining
business.

         "Independent Directors" means directors of the Company who (i) are not
current or former employees or officers of the Company, (ii) are not holders of
more than 5% of the outstanding Common Stock, and (iii) have no financial
interest in and are not otherwise associated with the Purchasers, the Company,
any Subsidiary or any holder of more than 5% of the outstanding Common Stock or
any of their respective Affiliates, excluding however any equity interest of not
more than 2% of any publicly-held entity other than the Company. The term
"associated" means having a business, financial or familial relationship that
might reasonably be expected to affect the individual's judgment with respect to
matters in which the associated person might be interested.

         "Investment Agreement" means that certain Investment Agreement, dated
as of even date herewith, among the Company and the Purchasers.

         "Lien" means any preemptive or similar rights of any third party,
purchase options, calls, proxies, voting trusts, voting agreements, judgments,
pledges, charges, assessments, levies, escrows, rights of first refusal or first
offer, transfer restrictions, mortgages, indentures, claims, liens, equities,
mortgages, deeds of trust, deeds to secure debt, security interests and other
encumbrances of every kind and nature whatsoever, whether arising by agreement,
operation of law or otherwise, other than any created by the Purchasers or the
Purchaser Transaction Documents.

         "Material Adverse Effect" means a material adverse effect (or any
development which could reasonably be expected to have a material adverse
effect) on the business, operations, assets, financial or other condition,
results of operations or prospects of the Company and the Subsidiaries, taken as
a whole, or that could reasonably be expected to impair or delay the ability of
the Company to perform its obligations under this Agreement.

                                      -23-
<PAGE>

         "Permit" means any permit, certificate, consent, approval,
authorization, order, license, variance, franchise or other similar indicia of
authority issued or granted by any Governmental Entity.

         "Person" or "person" means any individual, corporation, partnership,
limited liability partnership, limited liability company, joint venture,
association, joint stock company, trust, unincorporated organization or
Governmental Entity, or any agency or political subdivision thereof, or any
other entity.

         "Preferred Stock" means the preferred stock, $.10 par value per share,
of the Company.

         "Proxy Proposal" means the following proposal to be included in the
Proxy Statement for Stockholder Approval: the issuance and sale of the Second
Tranche Shares and Second Tranche Warrants.

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

         "SEC" means the Securities and Exchange Commission.

         "Series A Preferred Stock" means the Series A Senior Convertible
Redeemable Preferred Stock, par value $.10 per share, of the Company.

         "Stockholder Approval" means the requisite approval of the Company's
stockholders under the Company's Organizational Documents and the Delaware
General Corporation Law for the Proxy Proposal.

         "Subsidiary" means each of (i) Transmedia Restaurant Company Inc., a
Delaware corporation, (ii) TMN International Incorporated, a Delaware
corporation, (iii) Transmedia Service Company Inc., a Delaware corporation, and
(iv) iDine.

         "Transaction Document" means any Company Transaction Document and any
Purchaser Transaction Document.

                                    ARTICLE X

                                  MISCELLANEOUS

         10.1 Restrictive Legend. The Purchasers agree to the placing on the
certificates representing the Shares or the Warrant Shares of a legend, in
substantially the following form:

                  "The securities evidenced by this certificate have not been
                  registered under the Securities Act of 1933, as amended (the
                  "Act"), or applicable state securities laws and may not be
                  sold, transferred, assigned, offered, pledged or otherwise
                  disposed of unless (i) there is an effective registration
                  statement under such Act and such laws covering such
                  securities or (ii)

                                      -24-
<PAGE>

                  such sale, transfer, assignment, offer, pledge or other
                  disposition is exempt from the registration and prospectus
                  delivery requirements of such Act and such laws. The
                  securities evidenced by this certificate are subject to the
                  restrictions on transfer contained in the Investment Agreement
                  dated as of April 28, 2000, and the Co-Sale and Voting
                  Agreement dated as of April 28, 2000, in each case, to which
                  the Company is a party, as amended, supplemented or otherwise
                  modified from time to time, and may not be transferred except
                  in compliance therewith."

         10.2 Notices. All notices, and other communications hereunder shall be
in writing and shall be deemed given if delivered personally, sent by documented
overnight delivery service or, to the extent receipt is confirmed, facsimile, to
the appropriate address or facsimile number set forth below (or at such other
address or facsimile number for a party as shall be specified by like notice):

                           if to any Purchaser, at their respective addresses
                           set forth on the signature pages hereto.

                           with an additional copy to:

                           Altheimer & Gray
                           10 South Wacker Drive, Suite 4000
                           Chicago, IL  60606
                           Attention:  Michael Altman, Esq.
                           Fax: (312) 715-4800

                           if to the Company:

                           Transmedia Network Inc.
                           11900 Biscayne Boulevard
                           Miami, Florida  33181
                           Attention:  Chief Executive Officer
                           Fax: (305) 892-3342

                           with a copy to:

                           Morgan, Lewis & Bockius LLP
                           101 Park Avenue
                           New York, New York  10178
                           Attention:  Stephen P. Farrell, Esq.
                           Fax:  (212) 309-6273

         10.3 Expenses. Except as otherwise provided in this Agreement, the
Company shall bear all fees and expenses incurred by the Company or any
Subsidiary in connection with, relating to or arising out of the execution,
delivery and performance of this Agreement and the other Company

                                      -25-
<PAGE>

Transaction Documents and the consummation of the transaction contemplated
hereby and thereby, including attorneys', accountants' and other professional
fees and expenses. The Purchasers shall bear all fees and expenses incurred by
the Purchasers in connection with, relating to or arising out of the execution,
delivery and performance of this Agreement and the other Purchaser Transaction
Documents and the consummation of the transaction contemplated hereby and
thereby, including attorneys', accountants' and other professional fees and
expenses.

         10.4 Severability. If any term or other provision of this Agreement is
invalid, illegal or incapable of being enforced by any rule of law or public
policy, all other conditions and provisions of this Agreement shall nevertheless
remain in full force and effect so long as the economic or legal substance of
the transactions contemplated hereby is not affected in any manner adverse to
any party. Upon such determination that any term or other provision is invalid,
illegal or incapable of being enforced, the parties hereto shall negotiate in
good faith to modify this Agreement so as to effect the original intent of the
parties as closely as possible in an acceptable manner to the end that the
transactions contemplated hereby are fulfilled to the fullest extent possible

         10.5 Entire Agreement; Amendment; Waiver; Assignment; Nature of
Obligations. This Agreement, together with the other Transaction Documents,
constitutes the entire agreement among the parties with respect to the subject
matter hereof and thereof and supersedes all prior agreements and undertakings,
both written and oral, among the parties, or any of them, with respect to the
subject matter hereof and thereof. No amendment, supplement, modification or
waiver of this Agreement shall be binding unless executed in writing by the
party to be bound thereby. No waiver of any of the provisions of this Agreement
shall be deemed or shall constitute a waiver of any other provision of this
Agreement, whether or not similar, nor shall such waiver constitute a continuing
waiver unless otherwise expressly provided. This Agreement shall not be assigned
by operation of law or otherwise; provided, however, that, notwithstanding the
foregoing, MP II, ValueVision, Mangone or Bank may assign its or their rights
and obligations hereunder to (i) any controlled Affiliate of MP II, ValueVision,
Mangone or Bank, (ii) any partner of MP II, (iii) any Affiliate of any partner
of MP II, (iv) any family member of Mangone or Bank or (v) any trust established
for the benefit of any family member of Mangone or Bank (each of (i), (ii),
(iii), (iv) and (v), a "Permitted Assignee"), upon the receipt by the Company of
the written agreement of any such Permitted Assignee to be bound by the terms of
each of the Purchaser Transaction Documents; provided further, however, that no
such assignment shall relieve the assigning party of any of its liabilities or
obligations under this Agreement. Any attempted assignment which does not comply
with the provisions of this Section 10.5 shall be null and void ab initio.

         10.6 Parties in Interest. Subject to the provisions regarding
assignment in Section 10.5 above, this Agreement shall be binding upon and inure
solely to the benefit of each party hereto, and nothing in this Agreement,
express or implied, is intended to or shall confer upon any other person any
rights, benefits or remedies of any nature whatsoever under or by reason of this
Agreement.

                                      -26-
<PAGE>

         10.7 Publicity. Neither the Company nor the Purchasers will make or
issue, or cause to be made or issued, any announcement or written statements
concerning the Transaction Documents or the transactions contemplated thereby
for dissemination to the general public without the prior written consent of the
Company or the Purchasers, as appropriate, which consent shall not be
unreasonably withheld. This provision will not apply to any announcement or
written statement required to be made by law or the regulations of the SEC, the
New York Stock Exchange or the NASDAQ Stock Exchange, except that the party
required to make such announcement will, whenever practicable, consult with the
other parties hereto concerning the timing and content of such announcement
before such announcement is made.

         10.8 Governing Law. This Agreement shall be governed and controlled as
to validity, enforcement, interpretation, construction, effect and in all other
respects by the internal laws of the State of Delaware applicable to contracts
made in that State.

         10.9 Headings. The descriptive headings contained in this Agreement are
included for convenience of reference only and shall not affect in any way the
meaning or interpretation of this Agreement.

         10.10 Interpretation. Unless the context requires otherwise, all words
used in this Agreement in the singular number shall extend to and include the
plural, all words in the plural number shall extend to and include the singular,
and all words in any gender (including neutral gender) shall extend to and
include all genders.

         10.11 Counterparts. This Agreement may be executed in two or more
counterparts, and by the different parties hereto in separate counterparts, each
of which when executed shall be deemed to be an original but all of which taken
together shall constitute one and the same agreement.

         10.12 Jurisdiction and Service of Process. THE COMPANY AND THE
PURCHASERS HEREBY CONSENT TO THE JURISDICTION OF ANY STATE OR FEDERAL COURT
LOCATED WITHIN THE STATE OF DELAWARE AND IRREVOCABLY AGREE THAT, SUBJECT TO THE
OTHER PROVISIONS OF THIS AGREEMENT, ALL ACTIONS OR PROCEEDINGS ARISING OUT OF OR
RELATING TO THIS AGREEMENT WHICH MAY BE LITIGATED SHALL BE LITIGATED IN SUCH
COURTS. EACH OF THE COMPANY AND THE PURCHASERS ACCEPTS FOR SUCH PARTY AND IN
CONNECTION WITH SUCH PARTY'S PROPERTIES, GENERALLY AND UNCONDITIONALLY, THE
NONEXCLUSIVE JURISDICTION OF THE AFORESAID COURTS AND WAIVES ANY DEFENSE OF
FORUM NON CONVENIENS, AND IRREVOCABLY AGREES TO BE BOUND BY ANY JUDGMENT
RENDERED THEREBY IN CONNECTION WITH THIS AGREEMENT. EACH OF THE COMPANY AND THE
PURCHASERS AGREES TO ACCEPT SERVICE OF ALL PROCESS BY REGISTERED OR CERTIFIED
MAIL, RETURN RECEIPT REQUESTED, IN ANY SUCH PROCEEDINGS IN ANY SUCH COURT, SUCH
SERVICE BEING HEREBY ACKNOWLEDGED BY EACH SUCH PARTY TO BE EFFECTIVE AND BINDING
SERVICE IN EVERY RESPECT. IF ANY AGENT APPOINTED BY THE COMPANY OR THE
PURCHASERS REFUSES TO ACCEPT SERVICE, SUCH

                                      -27-
<PAGE>

PARTY HEREBY AGREES THAT SERVICE UPON SUCH PARTY BY MAIL SHALL CONSTITUTE
SUFFICIENT NOTICE. NOTHING HEREIN SHALL AFFECT THE RIGHT TO SERVE PROCESS IN ANY
OTHER MANNER PERMITTED BY LAW OR SHALL LIMIT THE RIGHT OF THE COMPANY OR THE
PURCHASERS TO BRING PROCEEDINGS AGAINST THE COMPANY OR THE PURCHASERS IN THE
COURTS OF ANY OTHER JURISDICTION.

         10.13 Trial. EACH OF THE COMPANY AND THE PURCHASERS HEREBY WAIVES SUCH
PARTY'S RIGHTS TO A JURY TRIAL OF ANY CLAIM OR CAUSE OF ACTION BASED UPON OR
ARISING OUT OF THIS AGREEMENT OR ANY DEALINGS BETWEEN THE PARTIES HERETO
RELATING TO THE SUBJECT MATTER HEREOF. EACH OF THE COMPANY AND THE PURCHASERS
ALSO WAIVES ANY BOND OR SURETY OR SECURITY UPON SUCH BOND WHICH MIGHT, BUT FOR
THIS WAIVER, BE REQUIRED OF ANY PARTY TO THIS AGREEMENT WITH RESPECT TO ANY
ACTION COMMENCED BY ONE OF THEM AGAINST THE OTHER OF THEM. THE SCOPE OF THIS
WAIVER IS INTENDED TO BE ALL-ENCOMPASSING OF ANY AND ALL DISPUTES THAT MAY BE
FILED IN ANY COURT AND THAT RELATE TO THE SUBJECT MATTER OF THIS TRANSACTION,
INCLUDING WITHOUT LIMITATION, CONTRACT CLAIMS, TORT CLAIMS, BREACH OF DUTY
CLAIMS, AND ALL OTHER COMMON LAW AND STATUTORY CLAIMS. EACH OF THE COMPANY AND
THE PURCHASERS ACKNOWLEDGES THAT THIS WAIVER IS A MATERIAL INDUCEMENT TO ENTER
INTO A BUSINESS RELATIONSHIP, THAT EACH HAS ALREADY RELIED ON THE WAIVER IN
ENTERING INTO THIS AGREEMENT AND THAT EACH WILL CONTINUE TO RELY ON THE WAIVER
IN THEIR RELATED FUTURE DEALINGS. EACH OF THE COMPANY AND THE PURCHASERS FURTHER
WARRANTS AND REPRESENTS THAT SUCH PARTY HAS REVIEWED THIS WAIVER WITH SUCH
PARTY'S LEGAL COUNSEL, AND THAT SUCH PARTY KNOWINGLY AND VOLUNTARILY WAIVES SUCH
PARTY'S JURY TRIAL RIGHTS FOLLOWING CONSULTATION WITH LEGAL COUNSEL. THIS WAIVER
IS IRREVOCABLE, MEANING THAT IT MAY NOT BE MODIFIED EITHER ORALLY OR IN WRITING,
AND THE WAIVER SHALL APPLY TO ANY SUBSEQUENT AMENDMENTS, RENEWALS, SUPPLEMENTS
OR MODIFICATIONS TO THIS AGREEMENT. IN THE EVENT OF LITIGATION, THIS AGREEMENT
MAY BE FILED AS A WRITTEN CONSENT TO A TRIAL BY THE COURT.

                                      -28-
<PAGE>

         IN WITNESS WHEREOF, the Purchasers and the Company have executed this
Stock Purchase and Sale Agreement as of the date first above written.

                                THE PURCHASERS:

                                MINOTAUR PARTNERS II, L.P.
                                By:  Minotaur Partners II, L.L.C.
                                Its: General Partner

                                By:  Minotaur Partners II, Inc.
                                Its: Manager

                                /s/ Edward G. Finnegan, Jr.
                                -----------------------------------------
                                By:  Edward G. Finnegan, Jr.
                                Its:  Principal
                                Address: 150 South Wacker Drive
                                         Suite 470
                                         Chicago, Illinois 60606

                                VALUEVISION INTERNATIONAL INC.

                                /s/ Richard Barnes
                                -----------------------------------------
                                By: Richard Barnes
                                Its:  Senior Vice President and
                                      Chief Financial Officer
                                Address: 6740 Shady Oak Road
                                         Eden Prairie, Minnesota 55344

                                /s/ Dominic Mangone
                                -----------------------------------------
                                DOMINIC MANGONE
                                Address: 6N 271 James Court
                                         Medinah, Illinois 60157

                                /s/ Raymond Bank
                                -----------------------------------------
                                RAYMOND BANK
                                Address: P.O. Box 106
                                         Butler, Maryland 21023

                                      -29-
<PAGE>

                                COMPANY:

                                TRANSMEDIA NETWORK INC.

                                /s/ Gene M. Henderson
                                --------------------------------------
                                By:  Gene M. Henderson, President and
                                     Chief Executive Officer

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