Document:

THE SECURITIES EVIDENCED BY THIS INSTRUMENT HAVE NOT BEEN REGISTERED UNDER THE
SECURITIES ACT OF 1933, AS AMENDED (THE "ACT"), OR ANY STATE SECURITIES LAW, AND
SUCH SECURITIES MAY NOT BE SOLD, TRANSFERRED OR OTHERWISE DISPOSED OF UNLESS THE
SAME ARE REGISTERED AND QUALIFIED IN ACCORDANCE WITH THE ACT AND ANY APPLICABLE
STATE SECURITIES LAWS, OR IN THE OPINION OF COUNSEL REASONABLY SATISFACTORY TO
THE BORROWER SUCH REGISTRATION AND QUALIFICATION ARE NOT REQUIRED UNDER THE ACT
AND APPLICABLE STATE SECURITIES LAW.

                                 PROMISSORY NOTE

US$5,000,000                                                    January 5, 2001
                                                           Van Nuys, California

     FOR VALUE RECEIVED,  GenesisIntermedia.com,  Inc., a Delaware  corporation,
(the "Company"), hereby promises to pay to the order of Ultimate Holdings, Ltd.,
a  Bermuda  limited  company  ("Lender"),  at  Lender's  principal  office,  the
principal  sum of Five Million  United  States  Dollars  (US$5,000,000)  or such
lesser  amount as shall equal the unpaid  principal  amount of the Loans made by
the Lender to the Company under the Note Purchase  Agreement (as defined  below)
(this  "Note"),  in  lawful  money  of  the  United  States  of  America  and in
immediately  available  funds,  together with  interest on the unpaid  principal
amount for the period  commencing on the date or dates of disbursement  shown on
Schedule 1 attached  hereto (some which may precede the date hereof) at the rate
of eleven and one-half percent (11.5%) per annum.  Interest shall be paid on the
dates set forth on Schedule 1. The  Maturity  Date of this Note shall be January
5, 2006.

     The date, amount and interest payment dates of each Loan made by the Lender
to the Company,  and each payment made on account of the principal of such Loan,
shall be recorded by the Lender on its books and,  prior to any transfer of this
Note,  endorsed  by the  Lender  on  Schedule  1  attached  to this  Note or any
continuation  of Schedule 1, provided that the failure of the Lender to make any
such recordation or endorsement  shall not affect the obligations of the Company
to make a payment when due of any amount owing under the Note Purchase Agreement
or under this Note in respect of the Loans made by the Lender.

     This Note is the Note  referred to and is subject to the further  terms and
conditions  set  forth in the Note  Purchase  Agreement  of even  date  herewith
between  the  Company  and the Lender  (the "Note  Purchase  Agreement")  and is
evidence  of the Loans made by the  Lender  under the Note  Purchase  Agreement.
Except as otherwise  indicated,  capitalized terms used herein have the meanings
ascribed to them in the Note Purchase Agreement.

     This Note may be prepaid in full or in part,  at any time without  penalty.
Principal  and  interest  are  payable in lawful  money of the United  States of
America.

<PAGE>

     Upon the  occurrence  of an Event of Default and without  demand or notice,
Lender will have the option to declare the entire balance of principal  together
with all accrued  interest  thereon  immediately due and payable and to exercise
all rights and remedies available to it under any or all of the Documents.  Upon
the  occurrence  of an Event of  Default  (and so long as such  Event of Default
shall  continue),  the entire  balance of  principal  together  with all accrued
interest  thereon  shall  bear  interest  at the then  applicable  rate plus two
percent  (2%).  No delay or omission on the part of Lender  hereof in exercising
any right  under this Note or the Note  Purchase  Agreement  shall  operate as a
waiver  of such  right.  The  application  of this  default  rate  shall  not be
interpreted  or deemed to extend any cure period set forth in the Note  Purchase
Agreement or otherwise limit any of Lender's remedies hereunder or thereunder.

     The  Company  hereby  waives  diligence,  presentment,  protest and demand,
notice of protest,  dishonor and  nonpayment of this Note and  expressly  agrees
that,  without in any way  affecting  the  liability  of the Company  hereunder,
Lender may extend any maturity  date or the time for payment of any  installment
due hereunder,  accept security,  release any party liable hereunder and release
any security now or hereafter securing this Note. The Company further waives, to
the full extent  permitted  by law,  the right to plead any and all  statutes of
limitations  as a defense to any  demand on this Note,  or on any deed of trust,
security agreement,  lease assignment,  guaranty or other agreement, if any, now
or hereafter securing this Note.

     If this Note is not paid when due or if any Event of  Default  occurs,  the
Company  promises to pay all costs of enforcement and collection,  including but
not limited to, Lender's  reasonable  attorneys' fees, whether or not any action
or proceeding is brought to enforce the provisions hereof.

     Every provision of this Note is intended to be severable.  In the event any
term or provision hereof is declared by a court of competent  jurisdiction to be
illegal or invalid for any reason  whatsoever,  such  illegality  or  invalidity
shall not affect the balance of the terms and provisions hereof, which terms and
provisions shall remain binding and enforceable.

     It is the intent of the  Company and Lender in the  execution  of this Note
and all other  instruments  securing this Note that the loan evidenced hereby be
exempt from the  restrictions of applicable usury laws of any  jurisdiction.  In
the event that,  for any reason,  it should be  determined  that any  applicable
usury law of any jurisdiction is applicable to this Note, Lender and the Company
stipulate and agree that none of the terms and provisions contained herein or in
the Note  Purchase  Agreement  shall ever be  construed to create a contract for
use,  forbearance or detention of money requiring  payment of interest at a rate
in  excess  of the  maximum  interest  rate  permitted  to be  charged  by  such
applicable  laws. In such event, if any Lender of this Note shall collect monies
which are deemed to  constitute  interest  which would  otherwise  increase  the
effective  interest  rate on this Note to a rate in excess of the  maximum  rate
permitted to be charged by the applicable  laws of such  jurisdiction,  all such
sums deemed to constitute  interest in excess of such maximum rate shall, at the
option of  Lender,  be  credited  to the  payment of the sums due  hereunder  or
returned to the Company.

     In this Note, the singular shall include the plural and the masculine shall
include  the  feminine  and neuter  gender,  and vice  versa,  if the context so
requires.

     This Note shall be governed by, and construed in accordance  with,  the law
of the State of California applicable to contracts made and performed within the
State of California.

                            [Signature page follows]

                                       2
<PAGE>

     IN WITNESS WHEREOF,  the Company has caused this Note to be executed by its
duly authorized officer.

                                      COMPANY:

                                      GENESISINTERMEDIA.COM, INC.

                                      By: ___________________________
                                             Ramy Y. El-Batrawi
                                             ChairmanTHE LOAN  REPRESENTED  BY THIS  PROMISSORY  NOTE IS SUBJECT TO A LOAN  AGREEMENT
DATED AS OF APRIL 13, 2001, A COPY OF WHICH IS ON FILE AT THE  PRINCIPAL  OFFICE
OF THE BORROWER AND WILL BE FURNISHED TO THE HOLDER ON REQUEST TO THE  SECRETARY
OF THE BORROWER.

                                 PROMISSORY NOTE

Up to $15,000,000.00                                    Los Angeles, California
                                                           Date: April 13, 2001

     FOR VALUE RECEIVED, the undersigned GENESISINTERMEDIA.COM, INC., a Delaware
corporation  ("Borrower"),  hereby promises to pay to ULTIMATE HOLDINGS, LTD., a
Bermuda limited corporation ("Holder"),  at such place as Holder may specify, in
lawful money of the United  States of America,  the  principal  sum of all loans
made by Holder to  Borrower  (the  "Loans")  made by the Holder to the  Borrower
dated April 13, 2001 (the  "Agreement"),  in the principal  amounts set forth on
Schedule A hereto,  between  Borrower and Holder,  on or before October 13, 2002
(the "Maturity  Date"),  plus interest on the principal amount  outstanding from
time to time  hereunder at a rate equal to the lesser of (i) the maximum  lawful
rate or (ii) nine  percent  (9%) per  annum.  Interest  shall be  calculated  in
arrears  through  the last day of each month and shall be due and payable on the
date that the loan is  funded  as more  fully  set  forth  below in  Section  1.
Interest shall be computed on the basis of a 365 or 366-day year, as applicable.

     1. LOAN  AGREEMENT.  This  Note is issued  pursuant  to that  certain  Loan
Agreement (the "Agreement") between the Borrower and the Holder, and dated as of
April 13, 2001.  The terms of this Note include  those stated in the  Agreement.
This Note is subject to, and qualified by, all such terms,  certain of which are
summarized  hereon, and the holder of this Note is referred to the Agreement for
a statement of such terms.

     This  Note  is an  obligation  of the  Borrower  limited  to the  aggregate
principal amount of up to $15,000,000.

     The Holder,  by accepting this Note,  shall be bound by and entitled to the
benefits of the Agreement, as the same may be amended from time to time pursuant
to the provisions thereof.  All capitalized terms that are used in this Note but
not otherwise  defined herein are intended to have the meanings assigned to such
terms in the Agreement.

     2.  Advances;  Payments.  From time to time, and subject to the accuracy of
Borrower's representations in the Agreement,  Holder will deliver to Borrower in
immediately  available  funds the  principal  amounts  specified  in a Draw Down
Notice and set forth in Schedule A (net of any costs and  expenses to be paid by
Borrower to Holder or its counsel).

     All  payments  under  this  Agreement  shall be  applied  first to fees and
expenses,  then to interest  and then to  principal.  Any  principal or interest
payments  on this  Agreement  outstanding  after the  occurrence  and during the
continuance  of a default  under this  Agreement  shall bear  interest at a rate
equal to the lesser of (i) the lawful legal rate or (ii) five percent (5%) above
the interest rate otherwise applicable under this Agreement.

     3. Prepayments.  Borrower may, from time to time, prepay the loan evidenced
hereby, in whole or in part, so long as each partial  prepayment of principal is
equal to or greater  than  $50,000 and Borrower has given Holder two (2) or more
business  days' written  notice of such optional  prepayment.  Any such optional
prepayment of principal shall be without premium or penalty.  Each prepayment of
principal  under this Section shall be  accompanied by all interest then accrued
and unpaid on the principal so prepaid.  Any principal  prepaid pursuant to this
Section  shall be in  addition  to, and not in lieu of, all  payments  otherwise
required to be paid under this Agreement at the time of such prepayment.

     4. Events of Default.

     If  certain  Events of  Default  occur and are  continuing,  the Holder may
declare all sums owing and to become  owing under the Note  immediately  due and
payable.  After  the  occurrence  and  during  the  continuance  of any Event of
Default,  all payments on this Note shall be applied first to the payment of any
costs,  fees or other  charges  incurred  in  connection  with the  indebtedness
evidenced  hereunder,  next to the payment of accrued interest,  and then to the
reduction  of the  principal  amount  hereof.  "Event of  Default" is defined in
Section 4 of the Agreement.

     5. Miscellaneous.

     (a)  Reliance on and  Survival  of  Representations.  All  representations,
warranties,  covenants and  agreements of Borrower  herein shall be deemed to be
material and to have been relied upon by Holder and shall  survive the execution
and delivery of this  Agreement and of the  Securities,  for so long as the loan
remains outstanding.

     (b)  Successors  and Assigns.  This  Agreement  shall bind and inure to the
benefit of and be enforceable by Borrower,  Holder and each of their  respective
successors and assigns,  and, in addition,  shall inure to the benefit of and be
enforceable  by each person who shall from time to time be a holder of the loan.
Holder shall be permitted to transfer the  Securities in  accordance  with their
terms and in accordance with applicable  restrictions  under applicable  federal
and state securities laws.

     (c)  Notices.  All notices and other  communications  provided  for in this
Agreement  shall be in writing and delivered by  registered  or certified  mail,
postage  prepaid,  or  delivered by  overnight  courier  (for next  business day
delivery) or telecopied,  addressed as follows,  or at such other address as any
of the parties  hereto may  hereafter  designate by notice to the other  parties
given in accordance with this Section:

                  1)       if to the Borrower:

                           GenesisIntermedia.com, Inc.
                           5805 Sepulveda Blvd.
                           Van Nuys, California
                           Attn: Ramy El-Batrawi
                           Telephone: (818) 464-7270
                           Telecopier: (818) 464-7398

                           With a copy of any notice to:

                           Nida & Maloney
                           800 Anacapa Street
                           Santa Barbara, California  93101
                           Attn: Theodore R. Maloney
                           Telephone: (805) 568-1151
                           Telecopier:  (805) 568-1955

                  2)       if to the Lender:

                           Ultimate Holdings, Ltd.
                           13 Parliament St.
                           Hamilton, HM 12
                           Bermuda
                           Attn:  Collette Johnston
                           Telephone:
                           Telecopier:  (441) 292 7880

                           With a copy of any notice to:

                           ======================
                           ---------------------
                           ----------------------
                           Telephone:
                           Telecopier:

     Any such notice or communication shall be deemed to have been duly given on
the fifth day after being so mailed,  the next  business  day after  delivery by
overnight  courier,  when  received  when sent by telecopy or upon  receipt when
delivered personally.

     (d)   Counterparts.   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.  Signatures  may be
exchanged by telecopy,  with original  signatures to follow. Each of the parties
hereto agrees that it will be bound by its own telecopied  signature and that it
accepts the telecopied  signatures of the other parties to this  Agreement.  The
original  signature pages shall be forwarded to Holder or its counsel and Holder
or its counsel will provide all of the parties  hereto with a copy of the entire
Agreement.

     (e)  Amendments.  This  Agreement  may only be  amended  by a writing  duly
executed by the parties hereto.

     (f)  No  Recourse  Against  Others.  No  director,   officer,  employee  or
stockholder,  as  such,  of the  Borrower,  shall  have  any  liability  for any
obligations  of the Borrower  under this Note or the  Agreement or for any claim
based on, in  respect  of or by reason  of such  obligations  or their  creation
except as provided in the Agreement.

     (g)  Severability.  If any term or provision of this Agreement or any other
document  executed in connection  herewith  shall be determined to be illegal or
unenforceable,   all  other  terms  and  provisions  hereof  and  thereof  shall
nevertheless  remain  effective  and shall be  enforced  to the  fullest  extent
permitted by applicable law.

     (h)  Governing  Law;   Submission  to  Process.   THIS  AGREEMENT  AND  ALL
AMENDMENTS,  SUPPLEMENTS,  WAIVERS AND CONSENTS RELATING HERETO OR THERETO SHALL
BE  GOVERNED  BY AND  CONSTRUED  IN  ACCORDANCE  WITH THE  LAWS OF THE  STATE OF
ILLINOIS  WITHOUT REGARD TO PRINCIPLES OF CONFLICTS OF LAW. THE BORROWER  HEREBY
IRREVOCABLY  SUBMITS ITSELF TO THE  NON-EXCLUSIVE  JURISDICTION OF THE STATE AND
FEDERAL  COURTS  SITTING IN THE STATE OF ILLINOIS AND AGREES AND  CONSENTS  THAT
SERVICE OF PROCESS MAY BE MADE UPON IT IN ANY LEGAL PROCEEDINGS  RELATING HERETO
BY ANY MEANS  ALLOWED  UNDER  ILLINOIS OR FEDERAL LAW. THE BORROWER  IRREVOCABLY
WAIVES, TO THE FULLEST EXTENT PERMITTED BY APPLICABLE LAW, ANY OBJECTION THAT IT
MAY NOW OR HEREAFTER HAVE TO THE LAYING OF VENUE OF ANY SUCH PROCEEDING  BROUGHT
IN SUCH COURT AND ANY CLAIM THAT ANY SUCH PROCEEDING BROUGHT IN SUCH A COURT HAS
BEEN BROUGHT IN AN INCONVENIENT  FORUM.  THE BORROWER SHALL APPOINT AN AGENT FOR
SERVICE OF PROCESS IN  ILLINOIS  AND SHALL  NOTIFY  HOLDER OF ANY FUTURE  CHANGE
THEREIN.

     (i) Further  Assurances.  Borrower  agrees  promptly to execute and deliver
such  documents  and to take such  other  acts as are  reasonably  necessary  to
effectuate the purposes of this Agreement.

     (j) Headings. The headings contained herein are for reference purposes only
and shall not affect in any way the meaning or interpretation of this Agreement.

     (k) Assignments and  Participations.  Borrower may not assign its rights or
obligations  hereunder  or under the loan without the prior  written  consent of
Holder.  Holder may assign all or any portion of the loan or Warrant without the
prior consent of Borrower. Holder may sell or agree to sell to one or more other
persons a participation in all or any part of any of the loan or Warrant without
the prior consent of Borrower.  Upon surrender of the loan or Warrant,  Borrower
shall  execute  and  deliver  one or more  substitute  notes,  warrants or other
securities in such denominations and of a like aggregate unpaid principal amount
or other amount  issued to Holder  and/or to Holder's  designated  transferee or
transferees.  Holder may furnish any  information  in the  possession  of Holder
concerning Borrower, or any of its respective subsidiaries, from time to time to
assignees and participants (including prospective assignees and participants).

     (l) Waivers; Indemnity. Borrower waives presentment and demand for payment,
notice  of  dishonor,  protest  of this  Agreement,  and  shall pay all costs of
collection  when  incurred,  including  reasonable  attorneys'  fees,  costs and
expenses.  Borrower shall indemnify and hold harmless from any claim, obligation
or  liability  (including  without  limitation  reasonable  attorneys  fees  and
expenses) arising out of this Agreement or the transactions  contemplated  under
the Loan Documents.

     (m) JURY WAIVER.  HOLDER AND BORROWER EACH WAIVES ANY RIGHT TO A JURY TRIAL
OF ANY CLAIM OR CAUSE OF ACTION  ARISING OUT OF THE LOAN DOCUMENTS OR ANY OF THE
TRANSACTIONS CONTEMPLATED HEREIN.

                            [Signature page follows]

<PAGE>

     IN WITNESS  WHEREOF,  the parties  hereto have caused this  Agreement to be
executed as of the day and year set forth above.

                               LENDER:

                               ULTIMATE HOLDINGS, LTD.,
                               a  Bermuda limited company

                               By:____________________________
                                     Name: ___________________
                                     Title: __________________

:

                                 BORROWER:

                                 GENESISINTERMEDIA.COM, INC.,
                                  a Delaware corporation

                               By:____________________________
                                      Name: ___________________
                                      Title: ____________________

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00026-of-00352.parquet"}]]