Document:

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                                                                    Exhibit 4.40

     THIS NOTE AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE HAVE
     NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS NOTE
     AND THE COMMON SHARES ISSUABLE UPON CONVERSION OF THIS NOTE MAY NOT BE
     SOLD, OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN
     EFFECTIVE REGISTRATION STATEMENT AS TO THIS NOTE UNDER SAID ACT OR AN
     OPINION OF COUNSEL REASONABLY SATISFACTORY TO TEAM COMMUNICATIONS GROUP,
     INC. THAT SUCH REGISTRATION IS NOT REQUIRED.

                               CONVERTIBLE NOTE
                               ----------------

     FOR VALUE RECEIVED, TEAM COMMUNICATIONS GROUP, INC., a California
corporation (hereinafter called "Borrower"), hereby promises to pay to THE
ROBERT AND ELLEN DEUTSCHMAN FAMILY TRUST, A Trust organized in the State of
California, Fax: 310-393-4838 (the "Holder") or order, without demand, the sum
of One Hundred and Twenty Five Thousand Dollars ($125,000.00), with simple
interest accruing at the annual rate of 8%, on May 30, 2002 (the "Maturity
Date").

     The following terms shall apply to this Note:

                                   ARTICLE I

                          DEFAULT RELATED PROVISIONS

     1.1  Payment Grace Period.  The Borrower shall have a five (5) day grace
          --------------------
period to pay any monetary amounts due under this Note, after which grace period
a default interest rate of twenty percent (20%) per annum shall apply to the
amounts owed hereunder.

     1.2  Conversion Privileges.  The Conversion Privileges set forth in Article
          ---------------------
II shall remain in full force and effect immediately from the date hereof and
until the Note is paid in full.

     1.3  Interest Rate.  Subject to the Holder's right to convert, interest
          -------------
payable on this Note shall accrue at the annual rate of eight percent (8%) and
be payable in arrears commencing September 30, 2001 and quarterly thereafter,
and on the Maturity Date, accelerated or otherwise, when the principal and
remaining accrued but unpaid interest shall be due and payable, or sooner as
described below.

                                  ARTICLE II

                               CONVERSION RIGHTS

     The Holder shall have the right to convert the principal amount and
interest due under this Note into Shares of the Borrower's Common Stock as set
forth below.

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     2.1.  Conversion into the Borrower's Common Stock.
           -------------------------------------------

           (a)  The Holder shall have the right from and after the issuance of
this Note and then at any time until this Note is fully paid, to convert any
outstanding and unpaid principal portion of this Note, and/or at the Holder's
election, the interest accrued on the Note, (the date of giving of such notice
of conversion being a "Conversion Date") into fully paid and nonassessable
shares of common stock of Borrower as such stock exists on the date of issuance
of this Note, or any shares of capital stock of Borrower into which such stock
shall hereafter be changed or reclassified (the "Common Stock") at the
conversion price as defined in Section 2.1(b) hereof (the "Conversion Price"),
determined as provided herein. Upon delivery to the Company of a Notice of
Conversion as described in Section 9 of the subscription agreement entered into
between the Company and Holder relating to this Note (the "Subscription
Agreement") of the Holder's written request for conversion, Borrower shall issue
and deliver to the Holder within three business days from the Conversion Date
that number of shares of Common Stock for the portion of the Note converted in
accordance with the foregoing. At the election of the Holder, the Company will
deliver accrued but unpaid interest on the Note through the Conversion Date
directly to the Holder on or before the Delivery Date (as defined in the
Subscription Agreement). The number of shares of Common Stock to be issued upon
each conversion of this Note shall be determined by dividing that portion of the
principal (and interest, at the election of the Holder) of the Note to be
converted, by the Conversion Price.

           (b)  Subject to adjustment as provided in Section 2.1(c) hereof, the
Conversion Price per share shall be the lower of (i) one dollar ($1.00)
("Maximum Base Price"); or (ii) eighty percent (80%) of the average of the three
lowest closing bid prices for the Common Stock on the NASD OTC Bulletin Board,
NASDAQ SmallCap Market, NASDAQ National Market System, American Stock Exchange,
or New York Stock Exchange (whichever of the foregoing is at the time the
principal trading exchange or market for the Common Stock, the "Principal
Market"), or if not then trading on a Principal Market, such other principal
market or exchange where the Common Stock is listed or traded, for the fifteen
(15) trading days prior to but not including the Conversion Date.

           (c)  The Maximum Base Price described in Section 2.1 (b)(i) above and
number and kind of shares or other securities to be issued upon conversion
determined pursuant to Section 2.1(a) and 2.1(b), shall be subject to adjustment
from time to time upon the happening of certain events while this conversion
right remains outstanding, as follows:

          A.    Merger, Sale of Assets, etc. If the Borrower at any time shall
consolidate with or merge into or sell or convey all or substantially all its
assets to any other corporation, this Note, as to the unpaid principal portion
thereof and accrued interest thereon, shall thereafter be deemed to evidence the
right to purchase such number and kind of shares or other securities and
property as would have been issuable or distributable on account of such
consolidation, merger, sale or conveyance, upon or with respect to the
securities subject to the conversion or purchase right immediately prior to such
consolidation, merger, sale or conveyance. The foregoing provision shall
similarly apply to successive transactions of a similar nature by any such
successor or purchaser. Without limiting the generality of the foregoing, the
anti-dilution provisions of this Section shall apply to such securities of such
successor or purchaser after any such consolidation, merger, sale or conveyance.

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          B.    Reclassification, etc. If the Borrower at any time shall, by
reclassification or otherwise, change the Common Stock into the same or a
different number of securities of any class or classes, this Note, as to the
unpaid principal portion thereof and accrued interest thereon, shall thereafter
be deemed to evidence the right to purchase an adjusted number of such
securities and kind of securities as would have been issuable as the result of
such change with respect to the Common Stock immediately prior to such
reclassification or other change.

          C.    Stock Splits, Combinations and Dividends. If the shares of
Common Stock are subdivided or combined into a greater or smaller number of
shares of Common Stock, or if a dividend is paid on the Common Stock in shares
of Common Stock, the Conversion Price shall be proportionately reduced in case
of subdivision of shares or stock dividend or proportionately increased in the
case of combination of shares, in each such case by the ratio which the total
number of shares of Common Stock outstanding immediately after such event bears
to the total number of shares of Common Stock outstanding immediately prior to
such event.

          D.    Share Issuance. Subject to the provisions of this Section, if
the Borrower at any time shall issue any shares of Common Stock prior to the
conversion of the entire principal amount of the Note (otherwise than as: (i)
provided in Sections 2.1(c)A, 2.1(c)B or 2.l(c)C or this subparagraph D; (ii)
pursuant to options, warrants, or other obligations to issue shares, outstanding
on the date hereof as described in the Reports and Other Written Information, as
such terms are defined in the Subscription Agreement (which agreement is
incorporated herein by this reference); or (iii) Excepted Issuances, as defined
in Section 11 of the Subscription Agreement; all securities issuances pursuant
to clauses (i), (ii) and (iii) above, are hereinafter referred to as the
"Excluded Issuances" for a consideration less than the Conversion Price that
would be in effect at the time of such issue, then, and thereafter successively
upon each such issue, the Conversion Price shall be reduced as follows: (i) the
number of shares of Common Stock outstanding immediately prior to such issue
shall be multiplied by the Conversion Price in effect at the time of such issue
and the product shall be added to the aggregate consideration, if any, received
by the Borrower upon such issue of additional shares of Common Stock; and (ii)
the sum so obtained shall be divided by the number of shares of Common Stock
outstanding immediately after such issue. The resulting quotient shall be the
adjusted Maximum Base Price. Except for the Excluded Issuances, for purposes of
this adjustment, the issuance of any security of the Borrower carrying the right
to convert such security into shares of Common Stock or of any warrant, right or
option to purchase Common Stock shall result in an adjustment to the Conversion
Price upon the issuance of shares of Common Stock upon exercise of such
conversion or purchase rights.

          (d)   During the period the conversion right exists, Borrower will
reserve from its authorized and unissued Common Stock a sufficient number of
shares to provide for the issuance of Common Stock upon the full conversion of
this Note. Borrower represents that upon issuance, such shares will be duly and
validly issued, fully paid and non-assessable. Borrower agrees that its issuance
of this Note shall constitute full authority to its officers, agents, and
transfer agents who are charged with the duty of executing and issuing stock
certificates to execute and issue the necessary certificates for shares of
Common Stock upon the conversion of this Note.

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     2.2  Method of Conversion.  This Note may be converted by the Holder in
          --------------------
whole or in part as described in Section 2.1(a) hereof and the Subscription
Agreement.  Upon partial conversion of this Note, a new Note containing the same
date and provisions of this Note shall, at the request of the Holder, be issued
by the Borrower to the Holder for the principal balance of this Note and
interest which shall not have been converted or paid.

                                  ARTICLE III

                               EVENT OF DEFAULT

     The occurrence of any of the following events of default ("Event of
Default") shall, at the option of the Holder hereof, make all sums of principal
and interest then remaining unpaid hereon and all other amounts payable
hereunder immediately due and payable, all without demand, presentment or
notice, or grace period, all of which hereby are expressly waived, except as set
forth below:

     3.1  Failure to Pay Principal or Interest.  The Borrower fails to pay any
          ------------------------------------
installment of principal or interest hereon when due and such failure continues
for a period of five (5) days after the due date.  The five (5) day period
described in this Section 3.1 is the same five (5) day period described in
Section 1.1 hereof.

     3.2  Breach of Covenant.  The Borrower breaches any material covenant or
          ------------------
other term or condition of this Note in any material respect and such breach, if
subject to cure, continues for a period of ten (10) days after written notice to
the Borrower from the Holder.

     3.3  Breach of Representations and Warranties.  Any material representation
          ----------------------------------------
or warranty of the Borrower made herein, in the Subscription Agreement entered
into by the Holder and Borrower in connection with this Note, or in any
agreement, statement or certificate given in writing pursuant hereto or in
connection therewith shall be false or misleading in any material respect.

     3.4  Receiver or Trustee.  The Borrower shall make an assignment for the
          -------------------
benefit of creditors, or apply for or consent to the appointment of a receiver
or trustee for it or for a substantial part of its property or business; or such
a receiver or trustee shall otherwise be appointed.

     3.5  Judgments.  Any money judgment, writ or similar final process shall be
          ---------
entered or filed against Borrower or any of its property or other assets for
more than $50,000, and shall remain unvacated, unbonded or unstayed for a period
of forty-five (45) days.

     3.6  Bankruptcy.  Bankruptcy, insolvency, reorganization or liquidation
          ----------
proceedings or other proceedings or relief under any bankruptcy law or any law
for the relief of debtors shall be instituted by or against the Borrower and if
instituted against Borrower are not dismissed within 45 days of initiation.

     3.7  Delisting.  Delisting of the Common Stock from the NASDAQ National
          ---------
Market System, the NASDAQ SmallCap Market, the American Stock Exchange, Inc., or
the New York Stock Exchange, Inc. (each a "Principal Market") or delisting from
such other principal

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exchange on which the Common Stock is listed for trading; Borrower's failure to
comply with the requirements of the Principal Market for continued listing for a
period of three consecutive trading days; or notification from the Principal
Market that the Borrower is not in compliance with the conditions for such
continued listing.

     3.8   Concession. A concession by the Borrower, after applicable notice and
           ----------
cure periods, under any one or more obligations in an aggregate monetary am ount
in excess of $100,000.

     3.9   Stop Trade.  An SEC stop trade order or Principal Market trading
           ----------
suspension that lasts for five or more trading days.

     3.10  Failure to Deliver Common Stock or Replacement Note.  Borrower's
           ---------------------------------------------------
failure to timely deliver Common Stock to the Holder pursuant to and in the form
required by this Note and Section 9 of the Subscription Agreement, or if
required a replacement Note.

     3.11  Approval Default.  The occurrence of an Approval Default as described
           ----------------
in Section 7(g) of the Subscription Agreement.

     3.12  Registration Default.  The occurrence of a Non-Registration Event as
           --------------------
described in Section 10.4 of the Subscription Agreement.

                                  ARTICLE IV

                                 MISCELLANEOUS

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

     4.2   Notices. Any notice herein required or permitted to be given shall be
           -------
in writing and may be personally served or sent by fax transmission (with copy
sent by regular, certified or registered mail or by overnight courier). For the
purposes hereof, the address and fax number of the Holder is as set forth on the
first page hereof. The address and fax number of the Borrower shall be Team
Communications Group, 11818 Wilshire Boulevard, Suite 200, Los Angeles, CA
90025, telecopier number: (310) 312-4401. Both Holder and Borrower may change
the address and fax number for service by service of notice to the other as
herein provided. Notice of Conversion shall be deemed given when made to the
Company pursuant to the Subscription Agreement.

     4.3   Amendment Provision.  The term "Note" and all reference thereto, as
           -------------------
used throughout this instrument, shall mean this instrument as originally
executed, or if later amended or supplemented, then as so amended or
supplemented.

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     4.4   Assignability.  This Note shall be binding upon the Borrower and its
           -------------
successors and assigns, and shall inure to the benefit of the Holder and its
successors and assigns, and may be assigned by the Holder.

     4.5   Cost of Collection.  If default is made in the payment of this Note,
           ------------------
Borrower shall pay the Holder hereof reasonable costs of collection, including
reasonable attorneys' fees.

     4.6   Governing Law.  This Note shall be governed by and construed in
           -------------
accordance with the laws of the State of New York.  Any action brought by either
party against the other concerning the transactions contemplated by this
Agreement shall be brought only in the state courts of New York or in the
federal courts located in the state of New York.  Both parties and the
individual signing this Agreement on behalf of the Borrower agree to submit to
the jurisdiction of such courts.  The prevailing party shall be entitled to
recover from the other party its reasonable attorney's fees and costs.

     4.7   Maximum Payments.  Nothing contained herein shall be deemed to
           ----------------
establish or require the payment of a rate of interest or other charges in
excess of the maximum permitted by applicable law.  In the event that the rate
of interest required to be paid or other charges hereunder exceed the maximum
permitted by such law, any payments in excess of such maximum shall be credited
against amounts owed by the Borrower to the Holder and thus refunded to the
Borrower.

     4.8   Prepayment.  Except as set forth in Section 9.7 of the Subscription
           ----------
Agreement, this Note may not be paid prior to the Maturity Date or after the
occurrence of an Event of Default without the consent of the Holder.

     4.9   Security Interest.  The holder of this Note has been granted a
           -----------------
security interest in common stock of the Company more fully described in a
Security Agreement.

     IN WITNESS WHEREOF, Borrower has caused this Note to be signed in its name
by its Chief Executive Officer on this 30th day of May, 2001.

                              TEAM COMMUNICATIONS GROUP, INC.

                              By:__________________________________

WITNESS:

________________________________

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                             NOTICE OF CONVERSION
                             --------------------

(To be executed by the Registered Holder in order to convert the Note)

     The undersigned hereby elects to convert $__________ of the principal and
$__________ of the interest due on the Note issued by TEAM COMMUNICATIONS GROUP,
INC. on May ___, 2001 into Shares of Common Stock of TEAM COMMUNICATIONS GROUP,
INC. (the "Company") according to the conditions set forth in such Note, as of
the date written below.

Date of Conversion:_____________________________________________________________

Conversion Price:_______________________________________________________________

Shares To Be Delivered:_________________________________________________________

Signature:______________________________________________________________________

Print Name:_____________________________________________________________________

Address:________________________________________________________________________

        ________________________________________________________________________

                                       7<PAGE>

                                                                Exhibit 4.41

THIS WARRANT AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT HAVE
NOT BEEN REGISTERED UNDER THE SECURITIES ACT OF 1933, AS AMENDED. THIS WARRANT
AND THE COMMON SHARES ISSUABLE UPON EXERCISE OF THIS WARRANT MAY NOT BE SOLD,
OFFERED FOR SALE, PLEDGED OR HYPOTHECATED IN THE ABSENCE OF AN EFFECTIVE
REGISTRATION STATEMENT AS TO THIS WARRANT UNDER SAID ACT OR AN OPINION OF
COUNSEL REASONABLY SATISFACTORY TO TEAM COMMUNICATIONS GROUP, INC. THAT SUCH
REGISTRATION IS NOT REQUIRED.

                              Right to Purchase 266,666 Shares of Common Stock
                              of Team Communications Group, Inc. (subject to
                              adjustment as provided herein)

                         COMMON STOCK PURCHASE WARRANT

No. 2001-1                                              Issue Date: May 30, 2001

          TEAM COMMUNICATIONS GROUP, INC., a corporation organized under the
laws of the State of California (the "Company"), hereby certifies that, for
value received, ALPHA CAPITAL AKTIENGESELLSCHAFT, or assigns, is entitled,
subject to the terms set forth below, to purchase from the Company from and
after the Issue Date of this Warrant and at any time or from time to time before
5:00 p.m., New York time, through five (5) years after such date (the
"Expiration Date"), up to 266,666 fully paid and nonassessable shares of Common
Stock (as hereinafter defined), no par value per share, of the Company, at a
purchase price of $1.56 per share (such purchase price per share as adjusted
from time to time as herein provided is referred to herein as the "Purchase
Price"). The number and character of such shares of Common Stock and the
Purchase Price are subject to adjustment as provided herein.

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

          (a)  The term "Company" shall include Team Communications Group, Inc.
and any corporation which shall succeed or assume the obligations of Team
Communications Group, Inc. hereunder.

          (b)  The term "Common Stock" includes (a) the Company's Common Stock,
no par value per share, as authorized on the date of the Subscription Agreement
referred to in Section 9 hereof, (b) any other capital stock of any class or
classes (however designated) of the Company, authorized on or after such date,
the holders of which shall have the right, without limitation as to amount,
either to all or to a share of the balance of current dividends and liquidating
dividends after the payment of dividends and distributions on any shares
entitled to preference, and the holders of which shall ordinarily, in the
absence of contingencies, be entitled to vote for the election of a majority of
directors of the Company (even if the right so to vote has been suspended by the
happening of such a contingency) and (c) any other securities into which or for

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which any of the securities described in (a) or (b) may be converted or
exchanged pursuant to a plan of recapitalization, reorganization, merger, sale
of assets or otherwise.

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

     1.   Exercise ofWarrant.

          1.1.  Number of Shares Issuable upon Exercise.  From and after the
date hereof through and including the Expiration Date, the holder hereof shall
be entitled to receive, upon exercise of this Warrant in whole in accordance
with the terms of subsection 1.2 or upon exercise of this Warrant in part in
accordance with subsection 1.3, shares of Common Stock of the Company, subject
to adjustment pursuant to Section 4.

          1.2.  Full Exercise.  This Warrant may be exercised in full by the
holder hereof by delivery of an original or fax copy of the form of subscription
attached as Exhibit A hereto (the "Subscription Form") duly executed by such
holder and surrender of the original Warrant within seven days of exercise, to
the Company at its principal office or at the office of its Warrant agent (as
provided hereinafter), accompanied by payment, in cash, wire transfer, or by
certified or official bank check payable to the order of the Company, in the
amount obtained by multiplying the number of shares of Common Stock for which
this Warrant is then exercisable by the Purchase Price (as hereinafter defined)
then in effect.

          1.3.  Partial Exercise.  This Warrant may be exercised in part (but
not for a fractional share) by surrender of this Warrant in the manner and at
the place provided in subsection 1.2 except that the amount payable by the
holder on such partial exercise shall be the amount obtained by multiplying (a)
the number of shares of Common Stock designated by the holder in the
Subscription Form by (b) the Purchase Price then in effect.  On any such partial
exercise, the Company, at its expense, will forthwith issue and deliver to or
upon the order of the holder hereof a new Warrant of like tenor, in the name of
the holder hereof or as such holder (upon payment by such holder of any
applicable transfer taxes) may request, the number of shares of Common Stock for
which such Warrant may still be exercised.

          1.4.  Fair Market Value.  Fair Market Value of a share of Common Stock
as of a particular date (the "Determination Date") shall mean the Fair Market
Value of a share of the Company's Common Stock.  Fair Market Value of a share of
Common Stock as of a Determination Date shall mean:

          (a)   If the Company's Common Stock is traded on an exchange or is
quoted on the National Association of Securities Dealers, Inc. Automated
Quotation ("NASDAQ") National Market System or the NASDAQ SmallCap Market, then
the closing or

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last sale price, respectively, reported for the last business day immediately
preceding the Determination Date.

          (b)  If the Company's Common Stock is not traded on an exchange or on
the NASDAQ National Market System or the NASDAQ SmallCap Market but is traded in
the over-the-counter market, then the mean of the closing bid and asked prices
reported for the last business day immediately preceding the Determination Date.

          (c)  Except as provided in clause (d) below, if the Company's Common
Stock is not publicly traded, then as the Holder and the Company agree or in the
absence of agreement by arbitration in accordance with the rules then standing
of the American Arbitration Association, before a single arbitrator to be chosen
from a panel of persons qualified by education and training to pass on the
matter to be decided.

          (d)  If the Determination Date is the date of a liquidation,
dissolution or winding up, or any event deemed to be a liquidation, dissolution
or winding up pursuant to the Company's charter, then all amounts to be payable
per share to holders of the Common Stock pursuant to the charter in the event of
such liquidation, dissolution or winding up, plus all other amounts to be
payable per share in respect of the Common Stock in liquidation under the
charter, assuming for the purposes of this clause (d) that all of the shares of
Common Stock then issuable upon exercise of all of the Warrants are outstanding
at the Determination Date.

     1.5. Company Acknowledgment.  The Company will, at the time of the
exercise of the Warrant, upon the request of the holder hereof acknowledge in
writing its continuing obligation to afford to such holder any rights to which
such holder shall continue to be entitled after such exercise in accordance with
the provisions of this Warrant.  If the holder shall fail to make any such
request, such failure shall not affect the continuing obligation of the Company
to afford to such holder any such rights.

     1.6. Trustee for Warrant Holders.  In the event that a bank or trust
company shall have been appointed as trustee for the holders of the Warrants
pursuant to Subsection 3.2, such bank or trust company shall have all the powers
and duties of a warrant agent (as hereinafter described) and shall accept, in
its own name for the account of the Company or such successor person as may be
entitled thereto, all amounts otherwise payable to the Company or such
successor, as the case may be, on exercise of this Warrant pursuant to this
Section 1.

     2.1  Delivery of Stock Certificates, etc. on Exercise.  The Company
agrees that the shares of Common Stock purchased upon exercise of this Warrant
shall be deemed to be issued to the holder hereof as the record owner of such
shares as of the close of business on the date on which this Warrant shall have
been surrendered and payment made for such shares as aforesaid.  As soon as
practicable after the exercise of this Warrant in full or in part, and in any
event within 7 days thereafter, the Company at its expense (including the
payment by it of any applicable issue taxes) will cause to be issued in the name
of and delivered to the holder hereof, or as such holder (upon payment by such
holder of any applicable transfer taxes) may direct in compliance with
applicable Securities Laws, a certificate or certificates for the number of duly
and validly issued, fully paid and nonassessable shares of Common Stock (or
Other Securities) to

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which such holder shall be entitled on such exercise, plus, in lieu of any
fractional share to which such holder would otherwise be entitled, cash equal to
such fraction multiplied by the then Fair Market Value of one full share,
together with any other stock or other securities and property (including cash,
where applicable) to which such holder is entitled upon such exercise pursuant
to Section 1 or otherwise.

     2.2.  Cashless Exercise.

           (a)  Payment may be made either in (a) cash or by certified or
official bank check payable to the order of the Company equal to the applicable
aggregate Purchase Price, (ii) by delivery of Warrants, Common Stock and/or
Common Stock receivable upon exercise of the Warrants in accordance with Section
(b) below, or (iii) by a combination of any of the foregoing methods, for the
number of Common Shares specified in such form (as such exercise number shall be
adjusted to reflect any adjustment in the total number of shares of Common Stock
issuable to the holder per the terms of this Warrant) and the holder shall
thereupon be entitled to receive the number of duly authorized, validly issued,
fully-paid and non-assessable shares of Common Stock (or Other Securities)
determined as provided herein.

           (b)  Notwithstanding any provisions herein to the contrary, if the
Fair Market Value of one share of Common Stock is greater than the Purchase
Price (at the date of calculation as set forth below), in lieu of exercising
this Warrant for cash, upon consent of the Company, the holder may elect to
receive shares equal to the value (as determined below) of this Warrant (or the
portion thereof being cancelled) by surrender of this Warrant at the principal
office of the Company together with the properly endorsed Subscription Form in
which event the Company shall issue to the holder a number of shares of Common
Stock computed using the following formula:

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

          Where  X=   the number of shares of Common Stock to be issued to the
                      holder

                 Y=   the number of shares of Common Stock purchasable under the
                      Warrant or, if only a portion of the Warrant is being
                      exercised, the portion of the Warrant being exercised (at
                      the date of such calculation)

                 A=   the Fair Market Value of one share of the Company's Common
                      Stock (at the date of such calculation)

                 B=   Purchase Price (as adjusted to the date of such
                      calculation)

          (c)  The Holder may not employ the cashless exercise feature described
above at any time that the Warrant Stock to be issued upon exercise is included
for unrestricted resale in an effective registration statement.

                                       4
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          3.   Adjustment for Reorganization, Consolidation, Merger, etc.

               3.1.   Reorganization, Consolidation, Merger, etc. In case at any
time or from time to time, the Company shall (a) effect a reorganization, (b)
consolidate with or merge into any other person, or (c) transfer all or
substantially all of its properties or assets to any other person under any plan
or arrangement contemplating the dissolution of the Company, then, in each such
case, as a condition to the consummation of such a transaction, proper and
adequate provision shall be made by the Company whereby the holder of this
Warrant, on the exercise hereof as provided in Section 1 at any time after the
consummation of such reorganization, consolidation or merger or the effective
date of such dissolution, as the case may be, shall receive, in lieu of the
Common Stock (or Other Securities) issuable on such exercise prior to such
consummation or such effective date, the stock and other securities and property
(including cash) to which such holder would have been entitled upon such
consummation or in connection with such dissolution, as the case may be, if such
holder had so exercised this Warrant, immediately prior thereto, all subject to
further adjustment thereafter as provided in Section 4.

               3.2.   Dissolution. In the event of any dissolution of the
Company following the transfer of all or substantially all of its properties or
assets, the Company, prior to such dissolution, shall at its expense deliver or
cause to be delivered the stock and other securities and property (including
cash, where applicable) receivable by the holders of the Warrants after the
effective date of such dissolution pursuant to this Section 3 to a bank or trust
company having its principal office in New York, NY, as trustee for the holder
or holders of the Warrants.

               3.3.   Continuation of Terms. Upon any reorganization,
consolidation, merger or transfer (and any dissolution following any transfer)
referred to in this Section 3, this Warrant shall continue in full force and
effect and the terms hereof shall be applicable to the shares of stock and other
securities and property receivable on the exercise of this Warrant after the
consummation of such reorganization, consolidation or merger or the effective
date of dissolution following any such transfer, as the case may be, and shall
be binding upon the issuer of any such stock or other securities, including, in
the case of any such transfer, the person acquiring all or substantially all of
the properties or assets of the Company, whether or not such person shall have
expressly assumed the terms of this Warrant as provided in Section 4. In the
event this Warrant does not continue in full force and effect after the
consummation of the transaction described in this Section 3, then only in such
event will the Company's securities and property (including cash, where
applicable) receivable by the holders of the Warrants be delivered to the
Trustee as contemplated by Section 3.2.

               3.4.   Share Issuance.  Except for the Excepted Issuances as
described in Section 11 of the Subscription Agreement, if the Company at any
time shall issue any shares of Common Stock prior to the complete exercise of
this Warrant for a consideration less than the Purchase Price that would be in
effect at the time of such issue, then, and thereafter successively upon each
such issue, the Purchase Price shall be reduced as follows: (i) the number of
shares of Common Stock outstanding immediately prior to such issue shall be
multiplied by the Purchase Price in effect at the time of such issue and the
product shall be added to the aggregate consideration, if any, received by the
Company upon such issue of additional shares of Common Stock; and (ii) the sum
so obtained shall be divided by the number of shares of Common Stock

                                       5
<PAGE>

outstanding immediately after such issue. The resulting quotient shall be the
adjusted Purchase Price. For purposes of this adjustment, the issuance of any
security of the Company carrying the right to convert such security into shares
of Common Stock or of any warrant, right or option to purchase Common Stock
shall result in an adjustment to the Purchase Price upon the issuance of shares
of Common Stock upon exercise of such conversion or purchase rights.

          4.   Extraordinary Events Regarding Common Stock.  In the event that
the Company shall (a) issue additional shares of the Common Stock as a dividend
or other distribution on outstanding Common Stock, (b) subdivide its outstanding
shares of Common Stock, or (c) combine its outstanding shares of the Common
Stock into a smaller number of shares of the Common Stock, then, in each such
event, the Purchase Price shall, simultaneously with the happening of such
event, be adjusted by multiplying the then Purchase Price by a fraction, the
numerator of which shall be the number of shares of Common Stock outstanding
immediately prior to such event and the denominator of which shall be the number
of shares of Common Stock outstanding immediately after such event, and the
product so obtained shall thereafter be the Purchase Price then in effect.  The
Purchase Price, as so adjusted, shall be readjusted in the same manner upon the
happening of any successive event or events described herein in this Section 4.
The number of shares of Common Stock that the holder of this Warrant shall
thereafter, on the exercise hereof as provided in Section 1, be entitled to
receive shall be increased to a number determined by multiplying the number of
shares of Common Stock that would otherwise (but for the provisions of this
Section 4) be issuable on such exercise by a fraction of which (a) the numerator
is the Purchase Price that would otherwise (but for the provisions of this
Section 4) be in effect, and (b) the denominator is the Purchase Price in effect
on the date of such exercise.

          5.   Certificate as to Adjustments.  In each case of any adjustment or
readjustment in the shares of Common Stock (or Other Securities) issuable on the
exercise of the Warrants, the Company at its expense will promptly cause its
Chief Financial Officer or other appropriate designee to compute such adjustment
or readjustment in accordance with the terms of the Warrant and prepare a
certificate setting forth such adjustment or readjustment and showing in detail
the facts upon which such adjustment or readjustment is based, including a
statement of (a) the consideration received or receivable by the Company for any
additional shares of Common Stock (or Other Securities) issued or sold or deemed
to have been issued or sold, (b) the number of shares of Common Stock (or Other
Securities) outstanding or deemed to be outstanding, and (c) the Purchase Price
and the number of shares of Common Stock to be received upon exercise of this
Warrant, in effect immediately prior to such adjustment or readjustment and as
adjusted or readjusted as provided in this Warrant.  The Company will forthwith
mail a copy of each such certificate to the holder of the Warrant and any
Warrant agent of the Company (appointed pursuant to Section 11 hereof).

          6.   Reservation of Stock, etc.  Issuable on Exercise of Warrant;
Financial Statements.  The Company will at all times reserve and keep available,
solely for issuance and delivery on the exercise of the Warrants, all shares of
Common Stock (or Other Securities) from time to time issuable on the exercise of
the Warrant.  This Warrant entitles the holder hereof to receive copies of all
financial and other information distributed or required to be distributed to the
holders of the Company's Common Stock.

                                       6
<PAGE>

          7.   Assignment; Exchange of Warrant.  Subject to compliance with
applicable Securities laws, this Warrant, and the rights evidenced hereby, may
be transferred by any registered holder hereof (a "Transferor") with respect to
any or all of the Shares.  On the surrender for exchange of this Warrant, with
the Transferor's endorsement in the form of Exhibit B attached hereto (the
Transferor Endorsement Form") and together with evidence reasonably satisfactory
to the Company demonstrating compliance with applicable Securities Laws, the
Company at its expense but with payment by the Transferor of any applicable
transfer taxes) will issue and deliver to or on the order of the Transferor
thereof a new Warrant or Warrants of like tenor, in the name of the Transferor
and/or the transferee(s) specified in such Transferor Endorsement Form (each a
"Transferee"), calling in the aggregate on the face or faces thereof for the
number of shares of Common Stock called for on the face or faces of the Warrant
so surrendered by the Transferor.

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

          9.   Subscription Agreement.  This Warrant is issued pursuant to a
Subscription Agreement entered into by the Company and Subscribers of the
Company's 8% Convertible Notes at or prior to the issue date of this Warrant.
The terms of the Subscription Agreement are incorporated herein by this
reference.  Upon the occurrence of a Non-Registration Event as described in the
Subscription Agreement, in the event the Company is unable to issue Common Stock
upon exercise of this Warrant that has been registered in the Registration
Statement described in Section 10.1 (iv) of the Subscription Agreement, within
the time periods described in the Subscription Agreement, which Registration
Statement must be effective for the periods set forth in the Subscription
Agreement, then upon written demand made by the Holder, the Company will pay to
the Holder of this Warrant, in lieu of delivering Common Stock, a sum equal to
the closing price of the Company's Common Stock on the Principal Market (as
defined in the Subscription Agreement) or such other principal trading market
for the Company's Common Stock on the trading date immediately preceding the
date notice is given by the Holder, less the Purchase Price, for each share of
Common Stock designated in such notice from the Holder.

          10.  Maximum Exercise.  The Holder shall not be entitled to exercise
this Warrant on an exercise date, in connection with that number of shares of
Common Stock which would be in excess of the sum of (i) the number of shares of
Common Stock beneficially owned by the Holder and its affiliates on an exercise
date, and (ii) the number of shares of Common Stock issuable upon the exercise
of this Warrant with respect to which the determination of this proviso is being
made on an exercise date, which would result in beneficial ownership by the
Holder and its affiliates of more than 9.99% of the outstanding shares of Common
Stock of the Company on such date.  For the purposes of the proviso to the
immediately preceding sentence, beneficial ownership shall be determined in
accordance with Section 13(d) of the Securities Exchange Act of 1934, as
amended, and Regulation l3d-3 thereunder.  Subject to the foregoing, the Holder

                                       7
<PAGE>

shall not be limited to aggregate exercises which would result in the issuance
of more than 9.99%. The restriction described in this paragraph may be revoked
upon 75 days prior notice from the Holder to the Company. The Holder may
allocate which of the equity of the Company deemed beneficially owned by the
Subscriber shall be included in the 9.99% amount described above and which shall
be allocated to the excess above 9.99%.

          11.  Warrant Agent.  The Company may, by written notice to the each
holder of the Warrant, appoint an agent for the purpose of issuing Common Stock
(or Other Securities) on the exercise of this Warrant pursuant to Section 1,
exchanging this Warrant pursuant to Section 7, and replacing this Warrant
pursuant to Section 8, or any of the foregoing, and thereafter any such
issuance, exchange or replacement, as the case may be, shall be made at such
office by such agent.

          12.  Transfer on the Company's Books.  Until this Warrant is
transferred on the books of the Company, the Company may treat the registered
holder hereof as the absolute owner hereof for all purposes, notwithstanding any
notice to the contrary.

          13.  Notices, etc.  All notices and other communications from the
Company to the holder of this Warrant shall be mailed by first class registered
or certified mail, postage prepaid, at such address as may have been furnished
to the Company in writing by such holder or, until any such holder furnishes to
the Company an address, then to, and at the address of, the last holder of this
Warrant who has so furnished an address to the Company.

          14.  Miscellaneous.  This Warrant and any term hereof may be changed,
waived, discharged or terminated only by an instrument in writing signed by the
party against which enforcement of such change, waiver, discharge or termination
is sought.  This Warrant shall be construed and enforced in accordance with and
governed by the laws of New York.  Any dispute relating to this Warrant shall be
adjudicated in New York State.  The headings in this Warrant are for purposes of
reference only, and shall not limit or otherwise affect any of the terms hereof.
The invalidity or unenforceability of any provision hereof shall in no way
affect the validity or enforceability of any other provision.

                     [THIS SPACE INTENTIONALLY LEFT BLANK]

                                       8
<PAGE>

          IN WITNESS WHEREOF, the Company has executed this Warrant under seal
as of the date first written above.

                                        TEAM COMMUNICATIONS GROUP, INC.

                                        By: ____________________________________
                                                Jay J. Shapiro
                                                President

Witness:

_________________________

                                       9
<PAGE>

                                                                       Exhibit A
                             FORM OF SUBSCRIPTION
                  (To be signed only on exercise of Warrant)

TO:       Team Communications Group, Inc.

The undersigned, pursuant to the provisions set forth in the attached Warrant
(No. __), hereby irrevocably elects to purchase (check applicable box):

__________________________ shares of the Common Stock covered by such Warrant;
or

____     the maximum number of shares of Common Stock covered by such Warrant
pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned herewith makes payment of the full purchase price for such
shares at the price per share provided for in such Warrant, which is $________.
Such payment takes the form of (check applicable box or boxes):

____      $in lawful money of the United States; and/or

____      the cancellation of such portion of the attached Warrant as is
exercisable for a total of ______ shares of Common Stock (using a Fair Market
Value of $________ per share for purposes of this calculation); and/or

____      the cancellation of such number of shares of Common Stock as is
necessary, in accordance with the formula set forth in Section 2, to exercise
this Warrant with respect to the maximum number of shares of Common Stock
purchasable pursuant to the cashless exercise procedure set forth in Section 2.

The undersigned requests that the certificates for such shares be issued in the
name of, and delivered to ___________________ whose address is
___________________________ __________________________.

The undersigned represents and warrants that all offers and sales by the
undersigned of the securities issuable upon exercise of the within Warrant shall
be made pursuant to registration of the Common Stock under the Securities Act of
1933, as amended (the "Securities Act") or pursuant to an exemption from
registration under the Securities Act.

Dated:_______________________     _____________________________________________
                                  (Signature must conform to name of holder as
                                  specified on the face of the Warrant)

                                  _____________________________________________
                                  (Address)

                                      10
<PAGE>

                                                                       Exhibit B

                        FORM OF TRANSFEROR ENDORSEMENT
                  (To be signed only on transfer of Warrant)

          For value received, the undersigned hereby sells, assigns, and
transfers unto the person(s) named below under the heading "Transferees" the
right represented by the within Warrant to purchase the percentage and number of
shares of Common Stock of Team Communications Group, Inc. to which the within
Warrant relates specified under the headings "Percentage Transferred" and
"Number Transferred," respectively, opposite the name(s) of such person(s) and
appoints each such person Attorney to transfer its respective right on the books
of Team Communications Group, Inc. with full power of substitution in the
premises.

<TABLE>
<CAPTION>
------------------------------------------------------------------------------------------------
<S>                                    <C>                              <C>
         Transferees                      Percentage                         Number
                                          Transferred                      Transferred
------------------------------------------------------------------------------------------------
------------------------------------------------------------------------------------------------

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

================================================================================================
</TABLE>

Dated:_______________________     _____________________________________________
                                  (Signature must conform to name of holder as
                                  specified on the face of the Warrant)

Signed in the presence of:

____________________________      _____________________________________________
          (Name)                                   (address)

ACCEPTED AND AGREED:              _____________________________________________
[TRANSFEREE]                                       (address)

__________________________
          (Name)

                                      11

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