Document:

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                                                                   Exhibit 10.46

                                Promissory Note

December 30, 1999                                                    $1,000,000
                                                                    Stamford, CT

FOR VALUE RECEIVED, Synapse Group, Inc. ("Maker") hereby promises to pay to the
order of Michael Loeb ("Lender"), or his successors or assigns, the principal
amount of $1,000,000 as hereafter provided.  The loan is payable on demand.  The
interest rate is 10% per annum.

1. Payment.
   -------

Payment will be made in full, including interest upon demand.  Any default in
the payments due hereunder, which continues for more than 30 days, shall
constitute an Event of Default, as defined herein below.

2. Events of Default.
   -----------------

If any of the following events shall occur, hereinafter individually referred to
as an event of default, the entire unpaid principal and accrued interest thereon
shall immediately become due and payable:

     (a)  Default in the making of any payment due under this Note when it
          become due and payable and continuance of such default for a period of
          30 days: or

     (b)  Bankruptcy proceeding on behalf of Maker

3. Acceleration on Default.
   -----------------------

Maker and any endorser or guarantor of the obligation agree that upon the
occurrence of an Event of Default, this Note shall become due and payable
without notice, presentment, or demand of payment.

4. Non Waiver.
   ----------

No delay or failure on the part of Lender to exercise any power or right
hereunder shall operate as a waiver and such rights and powers shall be deemed
continuous, nor shall a partial exercise preclude full exercise; and no right or
remedy of Lender shall be deemed abridged or modified by any course of conduct
and no waiver thereof shall be predicated thereon, nor shall failure to exercise
any such power or right subject Lender to any liability.
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5. Waiver.
   ------

Except as set forth herein above, Maker waives presentment, demand for payment,
notice of dishonor, and all other notices and demands in connection with the
delivery, acceptance, performance, default, or endorsement of this Note.

6. Jurisdiction.
   ------------

Lender and Maker hereby agree to submit themselves to the jurisdiction of the
State and Federal courts of the State of Connecticut, and each agrees to submit
itself to service of process with respect to such courts in connection with any
lawsuit arising under this Note or the transactions contemplated or described
hereunder.

7. Costs of Collection.
   -------------------

Should the indebtedness represented by this Note or any part thereof be placed
in the hands of attorneys for collection after an Event of Default, as defined
herein, Maker agrees to pay the principal, premium, if any, and interest due and
payable hereon, and all costs of collecting this Note, including reasonable
attorneys fees and expenses.

8. Applicable Law.
   --------------

This Note shall be governed by and construed in accordance with the laws of the
State of Connecticut without giving effect to principles of conflicts of law.

/s/ Jonathan A. Siegel
-------------------------------
By:  NewSub Services, Inc.

/s/ Monika Heilbut
-------------------------------
Witness

                                       2<PAGE>

                                                                   Exhibit 10.47

                            LOAN EXCHANGE AGREEMENT

          This Loan Exchange Agreement (the "Agreement") is entered into as of
January 12, 2000 by and among Synapse Group, Inc., a Delaware corporation (the
"Company"), and Michael Loeb ("Lender").

          Whereas, Lender has made loans (collectively, the "Loan") to a
predecessor of the Company evidenced by the promissory notes listed on Schedule
1 attached hereto (collectively, the "Notes");

          Whereas, concurrently with the execution of this Agreement, Lender
will execute that Stock and Warrant Purchase Agreement dated as of the date
hereof (the "Purchase Agreement"), between the Company and the Purchasers named
therein, pursuant to which the Company will sell to the Purchasers and the
Purchasers will purchase from the Company, shares of the Company's Series B
Preferred Stock, par value $.01 per share (the "Series B Preferred"), for $8.00
per share (the "Series B Preferred"), and warrants (the "Warrants") to purchase,
at an exercise price of $8.00 per share (subject to adjustment) shares of the
Company's voting common stock, no par value per share ("Voting Common Stock");
and

          Whereas, Lender desires to exchange the Notes for the number of shares
of Series B Preferred listed below and in the Purchase Agreement.

          Now, therefore, in consideration of the representations, warranties
and covenants herein contained, the parties agree as follows.

                                   ARTICLE I

                    FOREGIVENESS OF LOAN; DELIVERY OF NOTES

          Section 1.1  The Loan.  The parties agree that as of the date hereof:
                       --------
(a) the aggregate principal due on the Loan and the Notes is $12,000,000 (the
"Total Outstanding Principal"); and (b) the aggregate interest and penalties due
on the Loan and the Notes, together with any and all liability with respect to
any claims, whether known or unknown, arising from any default, or event that
with the giving of notice or the passage of time would constitute a default,
under the Loan or the Notes, is $745,000 (the "Total Outstanding Interest and
Penalties"). The parties agree that the Total Outstanding Principal and $280,000
of the Total Outstanding Interest and Penalties shall be satisfied in full and
the Notes cancelled in exchange and as consideration for the issuance pursuant
to the Purchase Agreement of 1,535,000 shares of Series B Preferred.

          Section 1.2  The Closing.  The closing of the transactions
                       -----------
contemplated by this Agreement (the "Closing") shall take place at the Boston
offices of Hale and Dorr LLP, or at such other time as the parties may agree, on
the Closing Date (as defined in the Purchase Agreement). At the Closing, as a
condition precedent to the Company's obligations hereunder and under the
Purchase Agreement, Lender shall deliver the originally-executed Notes which
shall be marked "CANCELLED" by the Company and retained by the Company, and the
Company shall deliver to Lender the various certificates, instruments and
documents referred to in the Purchase Agreement.

                                       1
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          Section 1.3  Representations of Lender.  Lender represents and
                       -------------------------
warrants to the Company that (a) he has all requisite power and authority to
execute and deliver this Agreement and to perform his obligations hereunder, (b)
this Agreement has been duly and validly executed and delivered by Lender and
constitutes a valid and binding obligation of Lender, enforceable against him in
accordance with its terms, (c) no third party has any Security Interest (as
defined below) in the Loan or the Notes, and (d) the delivery of the Notes for
cancellation as provided for hereunder will not conflict with, result in a
breach of, constitute (with or without due notice or lapse of time or both) a
default under, result in the acceleration of obligations under, create in any
party the right to terminate, modify or cancel, or require any notice, consent
or waiver under, any contract or instrument to which Lender is a party.  As used
herein, "Security Interest" means any mortgage, pledge, security interest,
encumbrance, charge or other lien (whether arising by contract or by operation
of law).  All representations and warranties of Lender contained herein shall
survive the Closing without limitation.

                                   ARTICLE X

                                 MISCELLANEOUS

          Section 2.1   No Third Party Beneficiaries.  This Agreement shall not
                        ----------------------------
confer any rights or remedies upon any person other than the parties hereto and
their respective successors and permitted assigns.

          Section 2.2   Entire Agreement.  This Agreement (including the
                        ----------------
documents referred to herein) constitutes the entire agreement among the parties
and supersedes any prior understandings, agreements or representations by or
among the parties, written or oral, with respect to the subject matter hereof.

          Section 2.3   Succession and Assignment.  This Agreement shall be
                        -------------------------
binding upon and inure to the benefit of the parties named herein and their
respective successors and permitted assigns.  No party may assign either this
Agreement or any of its rights, interests or obligations hereunder without the
prior written approval of the other party.

          Section 2.4   Counterparts and Facsimile Signature.  This Agreement
                        ------------------------------------
may be executed in two or more counterparts, each of which shall be deemed an
original but all of which together shall constitute one and the same instrument.
This Agreement may be executed by facsimile signature.

          Section 2.5   Headings.  The section headings contained in this
                        --------
Agreement are inserted for convenience only and shall not affect in any way the
meaning or interpretation of this Agreement.

          Section 2.6   Notices.  All notices, requests, demands, claims, and
                        -------
other communications hereunder shall be in writing and given in the manner
provided for in the Purchase Agreement

                                       2
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          Section 2.7   Governing Law.  This Agreement shall be governed by and
                        -------------
construed in accordance with the internal laws of the Commonwealth of
Massachusetts without giving effect to any choice or conflict of law provision
or rule (whether of the Commonwealth of Massachusetts or any other jurisdiction)
that would cause the application of laws of any jurisdictions other than those
of the Commonwealth of Massachusetts.

          Section 2.8   Amendments and Waivers.  The parties may mutually amend
                        ----------------------
any provision of this Agreement.  No amendment of any provision of this
Agreement shall be valid unless the same shall be in writing and signed by all
of the parties.  No waiver of any right or remedy hereunder shall be valid
unless the same shall be in writing and signed by the party giving such waiver.
No waiver by any party with respect to any default, misrepresentation or breach
of warranty or covenant hereunder shall be deemed to extend to any prior or
subsequent default, misrepresentation or breach of warranty or covenant
hereunder or affect in any way any rights arising by virtue of any prior or
subsequent such occurrence.

          Section 2.9  Severability.  Any term or provision of this Agreement
                       ------------
that is invalid or unenforceable in any situation in any jurisdiction shall not
affect the validity or enforceability of the remaining terms and provisions
hereof or the validity or enforceability of the offending term or provision in
any other situation or in any other jurisdiction.  If the final judgment of a
court of competent jurisdiction declares that any term or provision hereof is
invalid or unenforceable, the parties agree that the court making the
determination of invalidity or unenforceability shall have the power to limit
the term or provision, to delete specific words or phrases, or to replace any
invalid or unenforceable term or provision with a term or provision that is
valid and enforceable and that comes closest to expressing the intention of the
invalid or unenforceable term or provision, and this Agreement shall be
enforceable as so modified.

          Section 2.10  Construction.
                        ------------

          (a) The language used in this Agreement shall be deemed to be the
language chosen by the parties to express their mutual intent, and no rule of
strict construction shall be applied against any Party.

          (b) Any reference to any federal, state, local or foreign statute or
law shall be deemed also to refer to all rules and regulations promulgated
thereunder, unless the context requires otherwise.

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          IN WITNESS WHEREOF, the parties have executed this Agreement as of the
date first above written.

                         the "Company"

                         SYNAPSE GROUP, INC.

                         By: /s/Jonathan A. Siegel
                             ---------------------

                         Title: Vice President

                         "Lender"

                         /s/Michael Loeb
                         -------------------------
                         Michael Loeb

                                       4
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                                  Schedule 1

                               Promissory Notes

     1.  Promissory Note dated April 28, 1999 in the amount of $2,000,000.
     2.  Promissory Note dated April 20, 1999 in the amount of $1,000,000.
     3.  Promissory Note dated April 7, 1999 in the amount of $1,000,000.
     4.  Promissory Note dated May 25, 1999 in the amount of $1,000,000.
     5.  Promissory Note dated December 18, 1998 in the amount of $2,000,000.
     6.  Promissory Note dated November 24, 1998 in the amount of $1,000,000.
     7.  Promissory Note dated August 11, 1998 in the amount of $1,000,000.
     8.  Promissory Note dated March 25, 1999 in the amount of $1,000,000.
     9.  Promissory Note dated November 12, 1999 in the amount of $2,000,000.

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