Document:

<PAGE>

                                                                    EXHIBIT 4.11

                               PURCHASE AGREEMENT

                            dated as of June 29, 2000

                                  by and among

                            TRANSMEDIA NETWORK INC.,

                            SPECTRUM PARTNERS, INC.,

                       POTOMAC DINING LIMITED PARTNERSHIP,

                              GUSTAVO L. BESSALEL,

                                THOMAS E. GORMAN

                               AND FRANCIS ROTHGEB

<PAGE>

                              TABLE OF CONTENTS

<TABLE>
<CAPTION>

                                                                                                              Page No.

<S>                 <C>
ARTICLE I           TRANSFER OF ASSETS; TERMINATION OF FRANCHISE AGREEMENT
                    AND REPRESENTATIVE AGREEMENT..................................................................3
         1.1        Transfer of Assets; Termination of Franchise Agreement........................................3
         1.2        Purchase Price................................................................................5
         1.3        Closing.......................................................................................5
         1.4        Excluded Assets and Obligations...............................................................7
         1.5        Rights-to-Receive Adjustment..................................................................8
         1.6        Calculation of Number of Shares...............................................................9
         1.7        Further Assurances............................................................................9
         1.8        Nonassignability.............................................................................10

ARTICLE II          REPRESENTATIONS AND WARRANTIES...............................................................11
         2.1        The Seller...................................................................................11
         2.2        Transmedia...................................................................................22

ARTICLE III         REGISTRATION.................................................................................25
         3.1        Shelf Registration...........................................................................25
         3.2        Postponement.................................................................................25
         3.3        Obligations of Transmedia....................................................................26
         3.4        Furnish Information..........................................................................28
         3.5        Indemnification..............................................................................28
         3.6        Reports Under the Exchange Act...............................................................32
         3.7        No Assignment of Registration Rights.........................................................33

ARTICLE IV          AGREEMENTS OF THE SELLER AND OTHERS..........................................................33
         4.1        Ordinary Course of Business..................................................................33

ARTICLE V           ADDITIONAL AGREEMENTS........................................................................34
         5.1        Legal Conditions to Transaction..............................................................34
         5.2        Taxes........................................................................................35
         5.3        Confidentiality..............................................................................35
         5.4        Access to Information........................................................................36
         5.5        Non-Competition..............................................................................36
         5.6        NYSE Listing.................................................................................39
         5.7        Allocation of Purchase Price.................................................................39

ARTICLE VI          CONDITIONS TO CLOSING........................................................................40
         6.1        Conditions to the Obligations of Transmedia..................................................40
</TABLE>

                                      i

<PAGE>

<TABLE>
<S>                 <C>

         6.2        Conditions to the Obligations of the Seller..................................................41

ARTICLE VII         TERMINATION..................................................................................43
         7.1        Termination..................................................................................43
         7.2        Effect of Termination........................................................................43

ARTICLE VIII        SURVIVAL OF REPRESENTATIONS AND WARRANTIES; INDEMNIFICATION .................................44
         8.1        Survival of Representations and Warranties...................................................44
         8.2        Indemnification Obligations..................................................................44
         8.3        Transmedia's Indemnification Obligations.....................................................45
         8.4        Claims for Indemnification; Defense of Indemnified  Claims; Limitations on Indemnification...46
         8.5        Set-Off......................................................................................48

ARTICLE IX          DEFINITIONS..................................................................................49

ARTICLE X           MISCELLANEOUS; GENERAL.......................................................................54
         10.1       Fees and Expenses............................................................................54
         10.2       Modification or Amendment....................................................................55
         10.3       Waiver of Conditions.........................................................................55
         10.4       Counterparts.................................................................................55
         10.5       Governing Law; Forum; Consent to Jurisdiction................................................55
         10.6       WAIVER OF JURY TRIAL.........................................................................56
         10.7       Notices......................................................................................56
         10.8       Disclosure Letter and Exhibits; Entire Agreement.............................................58
         10.9       Assignment...................................................................................58
         10.10      Titles and Captions..........................................................................58
         10.11      Severability.................................................................................58
         10.12      Publicity....................................................................................59
         10.13      No Third Party Beneficiaries.................................................................59
</TABLE>

                                      ii

<PAGE>

                              PURCHASE AGREEMENT

                  PURCHASE AGREEMENT (the "Agreement"), dated as of June 29,
2000, by and among Transmedia Network Inc., a Delaware corporation
("Transmedia"), Spectrum Partners, Inc., a Maryland corporation ("Spectrum"),
Potomac Dining Limited Partnership, a Maryland limited partnership ("Potomac"
and, together with Spectrum, the "Seller"), Gustavo L. Bessalel ("Bessalel"),
Thomas E. Gorman ("Gorman" and, together with Bessalel, the "Original
Franchisees") and Francis Rothgeb ("Rothgeb").

                  WHEREAS, Transmedia and the Original Franchisees entered into
a Franchise Agreement, dated February 14, 1992, as amended by an Amendment,
dated February 14, 1992, and a Second Amendment, dated September 24, 1993
(collectively, the "Franchise Agreement"), pursuant to which Transmedia granted
the Original Franchisees the right to utilize certain property and promote and
sell certain services owned by Transmedia in the Territory, upon the terms and
conditions contained in the Franchise Agreement;

                  WHEREAS, the Original Franchisees and Spectrum entered into an
Assignment of the Franchise Agreement, dated June 15, 1992, pursuant to which
the Original Franchisees assigned and transferred to Spectrum all of their
right, title and interest as "Franchisee" under the Franchise Agreement;

                  WHEREAS, Spectrum, as the general partner of Potomac,
contributed all of its rights and burdens under the Franchise Agreement to
Potomac;

<PAGE>

                  WHEREAS, Transmedia entered into a Guaranty, dated as of June
14, 1995 (the "Guaranty"), in favor of Merrill Lynch Business Financial Services
Inc. ("MLBFS") for the benefit of the Seller in connection with the WCMA Note,
Loan and Security Agreement, dated as of June 14, 1995, between Potomac and
MLBFS (the "Loan Agreement") and an Agreement, effective July 11, 1995, between
Transmedia and Potomac with respect to such Bank Guaranty;

                  WHEREAS, Transmedia and Spectrum entered into a Sale
Representative Agreement, dated as of July 1, 1999 (the "Representative
Agreement"), pursuant to which Transmedia appointed Spectrum as sales
representative in the Territory for the Dining a la Card program; and

                  WHEREAS, Transmedia and the Seller desire to terminate the
Franchise Agreement and the Representative Agreement and the Seller desires to
sell to Transmedia, or its designee, and Transmedia, or its designee, desires to
purchase from the Seller, certain assets of the Seller relating to the Territory
in exchange for the termination of the Franchise Agreement and the
Representative Agreement and the consideration described herein, all on the
terms and conditions hereinafter set forth;

                  NOW, THEREFORE, in consideration of the mutual covenants and
agreements set forth in this Agreement, and for other good and valuable
consideration, the receipt and sufficiency of which are hereby acknowledged, the
parties hereto hereby agree as follows:

                                      2

<PAGE>

                                  ARTICLE I
            TRANSFER OF ASSETS; TERMINATION OF FRANCHISE AGREEMENT
                         AND REPRESENTATIVE AGREEMENT

                  1.1      Transfer of Assets; Termination of Franchise
Agreement.  On the terms and subject to the conditions in this Agreement and for
the consideration specified herein, at the Closing (as hereinafter defined):

                           (a)      Transmedia shall purchase from the Seller,
and the Seller shall sell, transfer, convey, assign and deliver to Transmedia
Restaurant Company Inc., a Delaware corporation ("Transmedia Restaurant"), free
and clear of all mortgages, pledges, assessments, security interests, leases,
liens, adverse claims, levies, charges or other encumbrances of any nature,
conditional sale or title retention contracts, agreements or understandings or
any contracts, agreements or understandings to grant any of the foregoing
(collectively, "Liens"), all of the Seller's right, title and interest in, to
and under (i) the contractual rights-to-receive (both funded and unfunded)
including, without limitation, the food and beverage credits of the Seller at,
and any loans or advances of the Seller to, restaurants and other establishments
in the Territory (including, without limitation, those restaurants and
establishments listed on Exhibit A attached hereto and the restaurants and
establishments listed on Exhibit B attached hereto (the "Additional
Restaurants")) used or held for use in connection with the Seller's business in
the Territory and at the Additional Restaurants, all agreements, contracts,
guarantees, instruments, security agreements and other documents evidencing or
securing, and any collateral and security interests securing, such credits and
all claims of the Seller related thereto (collectively, the
"Rights-to-Receive"), as the same shall exist on the Closing Date, (ii) (x) all
agreements, contracts and other documents (including arrearage sale contracts)

                                      3

<PAGE>

evidencing the Rights-to-Receive and the Seller's other rights with respect to
the restaurants and other establishments in the Territory and the Additional
Restaurants in connection with the Seller's business pursuant to the Franchise
Agreement and the Representative Agreement and (y) the Lease Agreement, dated
April 17, 1997, between NY Life Funding, Inc. and Potomac (as amended), and, in
each case, all claims of the Seller's related thereto (the "Assigned
Agreements"), (iii) all electronic processors in the Territory and at the
Additional Restaurants (a list of which is attached hereto as Exhibit C) (the
"Processors"), and (iv) specified tangible assets (a list of which is attached
hereto as Exhibit D) (the "Property") but excluding the Excluded Assets as
hereinafter defined, (items (i) - (iv), being, collectively, the "Assets"), by
the execution and delivery of the General Assignment and Bill of Sale Agreement,
in the form attached hereto as Exhibit E (the "Bill of Sale").

                           (b)      Effective as of the Closing Date, the
Seller's rights under the Franchise Agreement (including the right to market
under the Franchise Agreement the TRANSMEDIA System in the Territory), and,
except as otherwise provided in the Letter Agreements (as defined herein), the
Representative Agreement (including the right to market under the Representative
Agreement the Dining a la Card program in the Territory) shall, by the execution
and delivery of the letter agreements, in the form attached hereto as Exhibits F
and G (collectively, the "Letter Agreements"), terminate and be of no further
force and effect. The Seller shall execute and deliver the power of attorney, in
the form attached hereto as Exhibit H (the "Power of Attorney"), the release, in
the form attached hereto as Exhibit I (the "Release"), and the two subordinated
convertible notes issued by Transmedia Restaurant, in the forms attached hereto
as Exhibits J and K (the "Payment Notes").

                                      4

<PAGE>

                  1.2      Purchase Price. In consideration of the transfer of
the Assets specified in Section 1.1(a), the cancellation and termination of the
Seller's rights under the Franchise Agreement and under the Representative
Agreement and the execution and delivery of the Release, at the Closing, subject
to Sections 1.5 and 1.6, Transmedia shall deliver to Potomac: (i) by wire
transfer of immediately available funds to an account in Potomac's name or the
names of its designees at such banks in the United States as Potomac (or such
other party as Potomac shall designate) shall specify in writing to Transmedia
at least two Business Days prior to the Closing Date, $1,425,888.00 in the
aggregate, (ii) the Payment Notes in aggregate principal amount of
$2,000,000.00, registered in the name of Potomac, which shall bear appropriate
legends stating that they have not been registered under federal and state
securities laws, and (iii) certificates for such number of shares (the "Shares")
of Common Stock, calculated as provided in Section 1.6, registered in the name
of Potomac, which shall bear appropriate legends stating that the shares
evidenced thereby have not been registered under federal and state securities
laws.

                  1.3      Closing.

                           (a)      Date and Place.  The closing of the
transactions contemplated hereby (the "Closing") shall take place at the offices
of Transmedia, 11900 Biscayne Boulevard, North Miami, Florida 33181, or such
other location as the parties shall mutually agree, commencing at 10:00 a.m.
local time, on June 29, 2000, or at such other time and place as the parties may
agree in writing. The "Closing Date" shall be the date on which the Closing
occurs.

                           (b)      Transfer and Purchase.

                                    (i)     On the Closing Date, the Seller will
         convey, transfer, assign and deliver the Assets to Transmedia
         Restaurant, and put Transmedia Restaurant in

                                      5

<PAGE>

         possession (or right thereto) of all Assets, free and clear of all
         Liens. In furtherance thereof, the Seller shall deliver to Transmedia
         (or its designees):

                                            (1)      the Bill of Sale;

                                            (2)      such other specific
                  assignments, bills of sale and forms of transfer to such of
                  the Assets, and in such form, as Transmedia may reasonably
                  request;

                                            (3)      the Power of Attorney, the
                  Letter Agreements, the Release and the Payment Notes; and

                                            (4)      such other assignments,
                  financing statements, instruments or other documents as
                  Transmedia may reasonably request.

                                    (ii)    On the Closing Date, Transmedia and
         Transmedia Restaurant, as appropriate, shall execute and deliver to the
         Seller: the Bill of Sale, the Letter Agreements, the Payment Notes and
         the release, in the form attached hereto as Exhibit L (the "Transmedia
         Release"), and shall deliver (x) to Potomac or its designee, cash in
         the amount specified in Section 1.2(i) and (y) to Potomac, certificates
         representing the Shares.

                                    (iii)   From and after the Closing Date,
         Transmedia, as successor in interest to the Seller but on behalf of and
         for the benefit of Transmedia, may at its own cost or expense collect,
         assert or enforce any claim, right or title of any kind in, with
         respect to or to any of the Assets (including, without limitation,
         instituting and prosecuting any proceedings in connection therewith),
         or defend or compromise any and all claims, actions, suits or
         proceedings in respect of any of the Assets, and otherwise to do all
         such acts and things in relation to the Assets as Transmedia shall deem
         advisable (including, without

                                      6

<PAGE>

         limitation, asserting any rights under any Assets or performing or
         accepting performance under any agreements), and Transmedia shall
         retain for its own account any amounts collected pursuant to the
         foregoing, including any sums payable as interest in respect thereof.

                  1.4      Excluded Assets and Obligations.

                           (a)      Notwithstanding anything in this Agreement
to the contrary, the following assets, properties and rights of the Seller (the
"Excluded Assets") shall be excluded from and shall not constitute Assets, and
Transmedia shall have no rights, title or interest in or to or duties or
obligations of any nature whatsoever with respect thereto by virtue of the
consummation of the transactions contemplated by this Agreement:

                                    (i)     Agreements.  The rights of the
         Seller in, to and under, and the obligations of the Seller under, all
         contracts, agreements and leases of any nature, including the Letter
         Agreements and the Seller's arrangement with Stoney Creek Dining Inc.,
         other than the Assigned Agreements and the Rights-to-Receive.

                                    (ii)    Other Assets.  All assets,
         properties and rights owned, used or previously used by the Seller
         other than the Assets, including, without limitation, all of the
         Seller's tangible personal property (other than the Property and the
         Processors) and cash and accounts receivables (other than with respect
         to the Rights-to-Receive).

                                    (iii)   Litigation Claims.  Any rights
         (including indemnification) and claims and recoveries under litigation
         of the Seller relating solely to the Excluded Assets described in
         clauses (i) through (ii) of this Section 1.4.

                           (b)      In connection with the sale, transfer,
assignment and delivery of the Assets pursuant to this Agreement, Transmedia
shall have no liability for, and shall not assume, any

                                      7

<PAGE>

debt, liability or obligation of the Seller or any of its Affiliates
(collectively, the "Retained Liabilities") (other than with respect to the
unfunded portion of the Rights-to-Receive included in the Assets and the
Assigned Agreements, excluding, however, any claim, liability or obligation with
respect to any breach, default or failure by the Seller arising on or before the
Closing Date (collectively, the "Assumed Liabilities")).

                  1.5      Rights-to-Receive Adjustment. The Seller represents,
warrants and covenants to Transmedia that the balance sheet of the Seller as of
the end of the calendar month immediately preceding the Closing Date, and the
related statements of income and stockholders' equity and cash flow (the
"Closing Date Balance Sheet") to be delivered pursuant to Section 6.1(d) shall
reflect contractual rights-to-receive which have been purchased by the Seller
from restaurants which are members of the TRANSMEDIA network, currently accept
the TRANSMEDIA card, are then currently in operation and for which no bankruptcy
or liquidation proceedings (whether voluntary or involuntary) have been
commenced or, to the knowledge of the Seller, have been threatened to be
commenced, in either case prior to or on the Closing Date. The Seller and
Transmedia acknowledge and agree that Transmedia, though having completed some
due diligence, will not have completed its due diligence with respect to the
Rights-to-Receive prior to the Closing Date. No later than twenty (20) Business
Days following the Closing Date, Transmedia shall complete such due diligence.
Upon the completion of the due diligence with respect to the rights-to-receive
and the calculation of the Rights-to-Receive Amount, Transmedia shall provide
the Seller with a calculation indicating the valuation and aging of all
Rights-to-Receive as of the Closing Date (the "Data Sheet"). If Transmedia
determines that the value of the Rights-to-Receive Amount is less than
$1,850,000.00, effective as of the Closing, the principal amount of the Payment
Note having a term of two years

                                      8

<PAGE>

shall be reduced by the full amount of the shortfall in the Rights-to-Receive
Amount. If Transmedia determines that the Rights-to-Receive Amount is greater
than $1,850,000.00, effective as of the Closing, the principal amount of the
Payment Note having a term of two years shall be increased by the full amount of
such difference.

                  1.6      Calculation of Number of Shares. The number of Shares
to be delivered to Seller pursuant to Section 1.2 shall be determined by
dividing (x) $1,500,000 by (y) the trailing average closing price of a share of
Common Stock on the New York Stock Exchange calculated over the ten trading days
immediately preceding June 29, 2000; provided, however, that in no event shall
Transmedia issue to the Seller more than 375,000 shares of Common Stock. If the
foregoing calculation would result in requiring more than 375,000 shares of
Common Stock to be issued, the cash value of such additional Shares (being the
product of (A) the price determined in (i) above and (B) such number of
additional Shares) shall be paid in cash or added to the principal of the
Payment Notes, as Transmedia, in its sole discretion, shall determine.

                  1.7      Further Assurances. If at any time after the Closing
it shall be determined that any further bills of sale, assignments, assurances
or any other actions or things are necessary or proper to vest, perfect or
confirm, of record or otherwise, in Transmedia, Transmedia Restaurant or any
designee of either its right, title or interest in, to or under any of the
Assets, acquired as a result of, or in connection with, the transactions
contemplated by this Agreement, or otherwise to carry out the purposes of this
Agreement, the Seller shall deliver to Transmedia such bills of sale,
assignments and assurances and take and do all such other actions and things, at
Transmedia's cost and expense, as may be necessary or proper to vest, perfect
or confirm any and all right, title and interest in, to and under the Assets
and the rights, properties or assets transferred hereby.

                                      9

<PAGE>

                  1.8      Nonassignability. Anything contained in this
Agreement or any Additional Agreement to the contrary notwithstanding, neither
this Agreement nor any Additional Agreement shall constitute an assignment,
transfer, sublicense or sublease of or an agreement to assign, transfer,
sublicense or sublease any right, title or interest in, to or under any
contract, license, lease, commitment, sales order, purchase order or other
agreement or any claim or right to any benefit arising thereunder or resulting
therefrom, if an attempted assignment, transfer, sublicense or sublease
thereof, without the consent or waiver of a third party thereto would constitute
a breach thereof or a violation of any Law, or in any way adversely affect the
rights of the Seller, Transmedia or Transmedia Restaurant thereunder. In any
case to which the immediately preceding sentence applies, Transmedia shall, at
the request of the Seller and at the cost and for the account of the Seller,
cooperate and assist the Seller in the Seller's reasonable efforts to obtain
such consent. In the event and to the extent that the Seller and Transmedia are
unable to obtain any such required consent or waiver, the parties shall use all
commercially reasonable efforts to provide Transmedia or Transmedia Restaurant
the benefits of any such contract, license, commitment, sales order, purchase
order or other agreement included in the Assets (including executing and
delivering such further contracts or agreements between the Seller and
Transmedia or Transmedia Restaurant as are appropriate and necessary to provide
such benefits to Transmedia or Transmedia Restaurant; provided that no such
agreement or contract shall constitute an assignment); provided, that Transmedia
or Transmedia Restaurant, as applicable, shall undertake to pay or satisfy the
corresponding liabilities with respect to such Asset for the enjoyment of such
benefit to such Asset to the extent that Transmedia or Transmedia Restaurant,
as applicable, would have been responsible for such liabilities hereunder if
such consent, waiver or approval had been obtained.

                                      10

<PAGE>

                                  ARTICLE II
                        REPRESENTATIONS AND WARRANTIES

                  2.1      The Seller. The Seller and each of Bessalel, Gorman
and Rothgeb, jointly and severally, each for his own benefit, represents and
warrants to Transmedia that, except as disclosed in a letter (the "Seller
Disclosure Letter") delivered by the Seller to Transmedia at the date of this
Agreement containing schedules (the "Schedules") specifically referencing the
particular representations and warranties to which such Schedules relate:

                           (a)      Organization and Qualification.  Spectrum is
a corporation duly incorporated, validly existing and in good standing under the
laws of the State of Maryland, has all requisite corporate power and authority
to own, lease and operate its properties and to carry on its business as it is
now being conducted and is duly qualified, registered or licensed and in good
standing to do business in each jurisdiction in which the nature of the business
conducted by it or the ownership or leasing of its properties makes such
qualification necessary, except such jurisdictions, if any, where the failure to
be so qualified would not have a material adverse effect on its business and
operations, taken as a whole. Seller does not own and has never held, directly
or indirectly, any other interest or any right to acquire any interest in
another corporation, partnership, trust, limited liability company, joint
venture or other domestic or foreign entity (each, a "Person") other than, in
the case of Spectrum, its general partner interest in Potomac, in which it is
the sole general partner, and which interest it holds free and clear of all
Liens. Potomac is a limited partnership duly formed, validly existing and in
good standing under the laws of the State of Maryland, has all requisite
partnership power and authority to own, lease and operate its properties and to
carry on its business as it is now being conducted and is duly qualified,
registered or licensed

                                      11

<PAGE>

and in good standing to do business in each jurisdiction in which the nature of
the business conducted by it or the ownership or leasing of its properties makes
such qualification necessary, except such jurisdictions, if any, where the
failure to be so qualified would not have a material adverse effect on its
business and operations, taken as a whole. Schedule 2.1(a) of the Seller
Disclosure Letter lists each of the limited partners of Potomac, their mailing
addresses and their percentage interest in Potomac. Each limited partner of
Potomac listed on Schedule 2.1(a) of the Seller Disclosure Letter is the record
and beneficial owner of such interest and holds such interest free and clear of
all Liens. Seller has furnished to Transmedia complete and correct copies of (i)
the Certificate of Incorporation and the By-Laws of Spectrum and (ii) the
Certificate of Limited Partnership and the Agreement of Limited Partnership of
Potomac, in each case as amended or restated, as of the date hereof.

                           (b)      Capitalization.  The authorized, issued and
outstanding capital stock of Spectrum, and the holders thereof as of the date
hereof, are set forth in Schedule 2.1(b)(i) of the Seller Disclosure Letter.
Each of Bessalel, Gorman and Rothgeb is the record and beneficial owner of the
securities of Spectrum shown as owned by him in Schedule 2.1(b)(i) of the Seller
Disclosure Letter, free and clear of all Liens. No shares of Spectrum capital
stock are held in treasury or are reserved for any other purpose (including,
without limitation, for issuance pursuant to any options, warrants, debentures
or similar convertible security). All outstanding shares of Spectrum capital
stock are duly authorized, fully paid and non-assessable and were validly issued
free of any preemptive rights. Except as set forth in Schedule 2.1(b)(ii) of the
Seller Disclosure Letter, there are no options, warrants, or other rights,
agreements, arrangements or commitments of any character relating to the issued
or unissued capital stock of, or other equity interests in, Seller or obligating

                                      12

<PAGE>

Seller to grant, issue, sell or register for sale any shares of the capital
stock of, or other equity interests in, Seller. There are no obligations,
contingent or otherwise, of Seller to (x) repurchase, redeem or otherwise
acquire any shares of capital stock, or the capital stock of, or other equity
interests in, Seller or (y) provide funds to, or make any investment in (in the
form of a loan, capital contribution or otherwise), or provide any guarantee
with respect to the obligations of, any other person or entity.

                           (c)      Authority; Vote Required.

                                    (i)     The Seller has the requisite power
         and authority to execute and deliver this Agreement and the Additional
         Agreements, to perform its obligations hereunder and thereunder and to
         consummate the transactions contemplated hereby and thereby. The
         execution and delivery of this Agreement and the Additional Agreements
         by the Seller and the consummation by the Seller of the transactions
         contemplated hereby and thereby have been duly authorized by all
         necessary corporate or partnership action on the part of Seller
         (including approval by its Board of Directors, in the case of Spectrum,
         and its partners, in the case of Potomac) and no other proceedings on
         the part of the Seller are necessary to authorize this Agreement or the
         Additional Agreements or to consummate the transactions contemplated
         hereby and thereby. This Agreement and each of the Additional
         Agreements has been duly executed and delivered by the Seller and,
         assuming the due authorization, execution and delivery by each of the
         other parties (other than Bessalel, Gorman and Rothgeb) hereto or
         thereto, constitutes the legal, valid and binding obligation of the
         Seller, enforceable against the Seller in accordance with its terms.

                                      13

<PAGE>

                                    (ii)    Each of Bessalel, Gorman and Rothgeb
         has all legal right, power and capacity to execute and deliver and to
         perform its obligations under this Agreement and each Additional
         Agreement to which he is a party and to consummate the transactions
         contemplated hereby and thereby. Each of this Agreement and each
         Additional Agreement to which Bessalel, Gorman or Rothgeb is a party
         has been duly executed and delivered by him and, assuming the due
         authorization, execution and delivery by each of the other parties
         (other than the Seller, Bessalel, Gorman and Rothgeb) hereto and
         thereto, constitutes a legal, valid and binding obligation of each of
         Bessalel, Gorman and Rothgeb, enforceable against each of Bessalel,
         Gorman and Rothgeb in accordance with its terms.

                           (d)      No Conflict; Required Filings and Consents.

                                    (i)     The execution, delivery and
         performance of this Agreement and the Additional Agreements by the
         Seller do not, and the consummation of the transactions contemplated
         hereby and thereby will not, (i) conflict with or violate the
         Certificate of Incorporation or By-Laws of Spectrum or the Certificate
         of Limited Partnership or Agreement of Limited Partnership of Potomac;
         (ii) except as set forth in Schedule 2.1(d) of the Seller Disclosure
         Letter, conflict with or violate any federal, state, local or foreign
         laws, rules, ordinances, regulations, licenses, judgments, orders or
         decrees (collectively "Laws") applicable to the Seller or the Assets or
         by which the Seller 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 any other persons any right of termination, amendment,
         acceleration or cancellation of, or result in the creation of a lien or
         encumbrance on any of the properties or assets of the Seller

                                      14

<PAGE>

         (including the Assets) pursuant to, any note, bond, mortgage,
         indenture, contract, agreement, lease, mortgage, license, permit,
         franchise or other instrument or obligation to which the Seller is a
         party or by which the Seller or any of its properties is bound or
         affected, the result of which conflict, breach or default described in
         clause (iii) would be material and adverse to the business, properties,
         condition (financial or otherwise) or results of operations of the
         Seller or to any of the Assets (a "Material Adverse Effect").

                                    (ii)    The execution and delivery by each
         of Bessalel, Gorman and Rothgeb of this Agreement and each Additional
         Agreement to which he is a party do not, and the performance by each of
         Bessalel, Gorman and Rothgeb of his obligations under this Agreement
         and each Additional Agreement to which he is a party and the
         consummation of the transactions contemplated hereby and thereby did
         not, do not and will not: (A) conflict with or violate any Laws
         applicable to either Bessalel, Gorman or Rothgeb or by which any of
         their respective properties is bound or affected; or (B) 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, amendment, acceleration or cancellation of,
         or result in the creation of a lien or encumbrance on any of the
         properties or assets of each of Bessalel, Gorman or Rothgeb pursuant
         to, any note, bond, mortgage, indenture, contract, agreement, lease,
         mortgage, license, permit, franchise or other instrument or obligation
         to which Bessalel, Gorman or Rothgeb is a party or by which he or any
         of his properties is bound or affected; or (C) require any consent,
         approval, authorization or permit of, or filing with or notification
         to, any governmental authority or court or any other Person, by any of
         Bessalel, Gorman or Rothgeb.

                                      15

<PAGE>

                                    (iii)   The execution, delivery and
         performance of this Agreement and the Additional Agreements by the
         Seller and the consummation by the Seller of the transactions
         contemplated hereby and thereby do not require the Seller or any of its
         Affiliates to receive any consent, approval, authorization or permit
         from, or make any filing with or notification to, any governmental
         authority or court or any other Person.

                           (e)      Permits; Compliance.  The Seller and its
Affiliates are in possession of all franchises, grants, authorizations,
licenses, permits, easements, variances, exemptions, consents, certificates,
approvals and orders necessary for it to own the Assets or to carry on their
business pursuant to the Franchise Agreement and the Representative Agreement as
it is now being conducted in the Territory and at the Additional Restaurants
(the "Permits"), except for those Permits the failure of which to obtain or
maintain would not result in a Material Adverse Effect, and no suspension,
revocation or cancellation of any such Permits is pending, or to the knowledge
of the Seller, threatened. All such Permits are listed on Schedule 2.1(e) of the
Seller Disclosure Letter. The Seller and its Affiliates have not operated and
are not operating such business in conflict with, or in default or violation of,
(i) any Law applicable to it or by which it or any of its properties is bound or
affected or (ii) any of the Permits (except in either case for any such
conflicts, defaults or violations which would not have a Material Adverse
Effect), and the Seller has not received any notice to that effect.

                           (f)      Title to Assets.  The Seller owns, free and
clear of any Liens, other than as set forth on Schedule 2.1(f) of the Seller
Disclosure Letter, and has full right to sell, assign and convey, all of the
Assets, and at the Closing will convey the Assets and good and marketable title
of the Assets to Transmedia (or its designee), free and clear of any Liens.

                                      16

<PAGE>

                           (g)      Absence of Certain Changes or Events.  Since
December 31, 1999: (i) the Seller has conducted its business only in the
ordinary and usual course and consistent with past practice; and (ii) to the
knowledge of the Seller, there has not incurred any act, omission, event or
occurrence on the part of or with respect to the Seller or any other Person,
which has had or could reasonably be expected to have a Material Adverse Effect.

                           (h)      Absence of Litigation.

                                    (i)     Except as set forth on Schedule
         2.1(h)(i) of the Seller Disclosure Letter, there is no claim, action,
         suit, litigation, proceeding, arbitration or investigation of any kind
         involving the Seller (or any Affiliate of the Seller) or any of the
         Assets, the Franchise Agreement, the Representative Agreement or the
         business conducted by the Seller pursuant to the Franchise Agreement,
         the Representative Agreement or at the Additional Restaurants, at law
         or in equity (including actions or proceedings seeking injunctive
         relief), which are pending or, to the knowledge of the Seller, are
         threatened. To the knowledge of the Seller, there are no circumstances
         or set of facts or circumstances that could give rise to any such
         claim, action, suit, litigation, proceeding, arbitration or
         investigation. There is no action pending, or to the knowledge of the
         Seller, threatened, seeking to enjoin or restrain or otherwise make it
         imprudent to consummate any of the transactions contemplated by this
         Agreement or the Additional Agreements. Neither the Seller nor, to its
         knowledge, any of its officers, directors, stockholders, employees,
         agents or representatives has any claims, actions, demands, causes of
         action, liability or liabilities, suits, reckonings, obligations,
         damages, judgments or executions of whatever kind or

                                      17

<PAGE>

         character, whether in law, equity or otherwise and whether or not
         presently known or unknown, against any Released Party (as defined in
         the Release).

                                    (ii)    Neither Seller nor any of its
         Affiliates are subject to any continuing order of, consent decree,
         settlement agreement or other similar written agreement, or, to the
         knowledge of the Seller, continuing investigation by, any governmental
         authority, or any judgment, order, writ, injunction, decree or award of
         any governmental authority, or any arbitrator, including, without
         limitation, cease-and-desist or other orders, which relates to any of
         the Assets, the Franchise Agreement, the Representative Agreement or
         the business conducted by the Seller and its Affiliates pursuant to the
         Franchise Agreement, the Representative Agreement or at the Additional
         Restaurants.

                           (i)      Contracts; No Default; Etc.

                                    (i)     Schedule 2.1(i) of the Seller
         Disclosure Letter sets forth the Assigned Agreements and any and all
         financing statements and filings made by or on behalf of the Seller to
         perfect any security interest or liens securing any Rights-to-Receive
         or loans or advances or any of the other Assets by the Seller (the
         "Financing Statements"). Correct and complete copies of all written
         Assigned Agreements, together with all amendments, supplements and side
         letters thereto, have been delivered to Transmedia for its review and
         the material terms of all oral Assigned Agreements, if any, have been
         disclosed to Transmedia.

                                    (ii)    Except as set forth in Exhibit P,
         each Assigned Agreement and any liens or security interests securing
         any Rights-to-Receive are valid, subsisting and enforceable, save only
         that such enforceability may be affected by bankruptcy, insolvency,

                                      18

<PAGE>

         fraudulent conveyance, moratorium and similar laws affecting the rights
         of creditors generally and by general principles of equity (whether
         considered in a proceeding at law or in equity); provided, however,
         that, except as otherwise expressly provided under this Agreement, no
         warranty as to the financial capability of the other party thereto is
         given. There is no material default (or any event known to the Seller
         which, with the giving of notice or lapse of time or both, would be a
         material default) by the Seller, or, to the knowledge of the Seller,
         any other party, in the timely performance of any obligation to be
         performed or paid under any Assigned Agreement. The Seller has not
         received any written notice of a filing or proposed filing under any
         bankruptcy, insolvency or other law for the relief of debtors by any
         restaurant or other establishment whose Rights-to-Receive are included
         among the Assets. The Seller has not agreed to impair, reduce,
         compromise or cancel any such Rights-to-Receive.

                                    (iii)   Except as set forth in Exhibit P, no
         restaurant or other establishment from which the Seller or any of its
         Affiliates has purchased any Rights-to-Receive, has notified the
         Seller in writing that it has canceled, not renewed or otherwise
         terminated, or will cancel, not renew or otherwise terminate, its
         relationship with the Seller or its agreement to accept The Transmedia
         Card.

                                    (iv)    The Seller has not made any loans or
         advances (other than the Rights-to-Receive) to any restaurant or other
         establishment in the Territory or to any Additional Restaurant.

                           (j)      Disclosure.  No representation or warranty
by the Seller, Bessalel, Gorman or Rothgeb in this Agreement or the Additional
Agreements and no statement contained in

                                      19

<PAGE>

the Seller Disclosure Letter or the Schedules thereto or any certificate
delivered by the Seller to Transmedia pursuant to this Agreement, contains or
will contain any untrue statement of a material fact or omits or will omit any
material fact necessary to make the statements herein or therein not misleading.
Copies of all documents which have been delivered or made available to
Transmedia are true, correct and complete copies thereof, and include all
amendments, supplements or modifications thereto or waivers thereunder.

                           (k)      Brokers.  No broker, finder or investment
banker is entitled to any brokerage, finder's or other fee or commission in
connection with the transactions contemplated by this Agreement based upon
arrangements made by or on behalf of the Seller or any of its Affiliates.

                           (l)      Representations and Covenants with Respect
to the Shares and the Payment Notes.

                                    (i)     Potomac is an "accredited investor,"
         as such term is defined in Rule 501(a) of Regulation D under the
         Securities Act. Potomac understands that neither the Shares nor the
         Payment Notes have been registered under the Securities Act or any
         state securities laws by reason of exemptions from the registration
         requirements of the Securities Act or any state securities laws which
         depend upon, among other things, the accuracy of the representations
         set forth in this Section 2.1(l). Potomac 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. Potomac (i) is the true party in interest and is
         not acquiring any of the Shares or the Payment Notes for the benefit of
         any other person or entity and (ii) is acquiring the Shares and the
         Payment Notes for the purpose of investment

                                      20

<PAGE>

         and not with a view to the resale or distribution of all or any part
         thereof in violation of the Securities Act.

                                    (ii)    Potomac understands that none of the
         Shares nor the Payment Notes 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.

                                    (iii)   The certificates evidencing the
         Shares and the Payment Notes will bear a legend in substantially the
         form set forth below:

                 "THE SECURITIES REPRESENTED BY THIS CERTIFICATE
                  HAVE 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 Transmedia of (i) such documentation as it deems
         necessary and appropriate (including an opinion of counsel, with
         counsel and such opinion being reasonably satisfactory to Transmedia)
         to evidence that the foregoing legend may be removed from the
         certificates evidencing the Shares and (ii) the certificates for the
         Shares containing such legend, it shall issue to the holder of the
         Shares new certificates for the Shares without such legends.

                                      21

<PAGE>

                                    (iv)    Potomac covenants that none of the
         Shares issued to it nor the Payment Notes 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 Transmedia, upon receipt by Transmedia of an
         opinion of counsel to Potomac (which opinion and counsel are reasonably
         satisfactory to Transmedia), 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
         SEC and all applicable state securities laws, rules and regulations.

                  2.2      Transmedia. Transmedia represents and warrants to the
Seller that, except as set forth in a letter (the "Transmedia Disclosure
Letter") delivered by Transmedia to the Seller at the date of this Agreement
containing Schedules specifically referencing the particular representations and
warranties to which such Schedules relate:

                           (a)      Organization; Authority.  Transmedia is a
corporation duly incorporated, validly existing and in good standing under the
laws of the State of Delaware. Transmedia has the requisite corporate power and
authority to execute and deliver this Agreement, the Bill of Sale, the Letter
Agreements, the Payment Notes and the Transmedia Release, to perform its
obligations hereunder and thereunder and to consummate the transactions
contemplated hereby and thereby. The execution and delivery of this Agreement,
the Bill of Sale, the Letter Agreements, the Payment Notes and the Transmedia
Release by Transmedia and the consummation by Transmedia of the transactions
contemplated hereby and thereby, have been duly authorized by all

                                      22

<PAGE>

necessary corporate action and no other corporate proceedings on the part of
Transmedia are necessary to authorize this Agreement, the Bill of Sale, the
Letter Agreements, the Payment Notes or the Transmedia Release. This Agreement
and each of the Bill of Sale, the Letter Agreements, the Payment Notes and the
Transmedia Release have been duly executed and delivered by Transmedia and,
assuming the due authorization, execution and delivery by each of the other
parties hereto or thereto, constitutes the legal, valid and binding obligations
of Transmedia.

                           (b)      Shares.  Upon issuance and sale at the
Closing in accordance with the terms hereof, the Shares will be duly authorized,
validly issued, fully paid and nonassessable and will not have been issued in
violation of any preemptive rights.

                           (c)      No Conflict; Required Filings and Consents.

                                    (i)     The execution and delivery of this
         Agreement, the Bill of Sale, the Letter Agreements, the Payment Notes
         and the Transmedia Release by Transmedia does not, and the performance
         thereof by it will not, (i) conflict with or violate the Certificate of
         Incorporation or By-Laws of Transmedia, (ii) conflict with or violate
         any Laws applicable to Transmedia 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, amendment, acceleration or cancellation of, or result in
         the creation of a lien or encumbrance on any of the properties or
         assets of Transmedia pursuant to any note, bond, mortgage, indenture,
         contract, agreement, lease, license, permit, franchise or other
         instrument or obligation to which Transmedia is a party or by which
         Transmedia 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

                                      23

<PAGE>

         adverse to the business, properties, condition (financial or
         otherwise) or results of operations of Transmedia.

                                    (ii)    Except as set forth in Schedule
         2.2(c)(ii) of the Transmedia Disclosure Schedule, the execution,
         delivery and performance of this Agreement by Transmedia and the
         consummation by it of the transactions contemplated hereby do not
         require Transmedia to receive any consent, approval, authorization or
         permit from, or make any filing with or notification to, any
         governmental authority or any other Person.

                           (d)      Absence of Litigation.

                                    (i)     There is no action pending, or to
         the knowledge of Transmedia, threatened, seeking to enjoin or restrain
         or otherwise materially adversely affect Transmedia's ability to
         consummate any of the transactions contemplated by this Agreement.

                                    (ii)    Neither Transmedia nor any of its
         Affiliates is subject to any continuing order of, consent decree,
         settlement agreement or other similar written agreement, or, to the
         knowledge of Transmedia, continuing investigation by, any governmental
         authority, or any judgment, order, writ, injunction, decree or award of
         any governmental authority, or any arbitrator, including, without
         limitation, cease-and-desist or other orders, which relates to the
         acquisition of the Assets by Transmedia.

                           (e)      Brokers.  No broker, finder or investment
banker is entitled to any brokerage, finder's or other fee or commission in
connection with the transactions contemplated by this Agreement based upon
arrangements made by or on behalf of Transmedia or any of its Affiliates.

                                      24

<PAGE>

                                 ARTICLE III
                                 REGISTRATION

                  3.1      Shelf Registration. Transmedia shall prepare and file
and use its best efforts to have declared effective a Shelf Registration
Statement that shall include all Registrable Securities on any appropriate
form pursuant to Rule 415 under the Securities Act, and/or any similar rule
that may be adopted by the SEC, no later than one hundred twenty (120) days
from the date hereof (the "Registration Date"), which such Shelf Registration
Statements shall identify all of the Holders as potential re-sellers of the
Registrable Securities.. Transmedia shall use its best efforts to keep such
Shelf Registration continuously effective for such period following the date on
which the Shelf Registration is declared effective until the earlier of (x) all
such Registrable Securities have been disposed of in accordance with the
registration statement covering them, and (y) the Holders of Registrable
Securities may sell all of such shares pursuant to Rule 144 under the Securities
Act (the "Effective Period"). Transmedia shall pay all Registration Expenses in
connection with the Shelf Registration, whether or not it becomes effective.
Transmedia shall have no obligation to pay any underwriting discounts,
commissions or fees attributable to the sale of Registered Securities, which
expenses will be borne by all sellers of securities.

                  3.2      Postponement. Transmedia shall be entitled to
postpone for a reasonable period of time (but not exceeding the number of days
set forth in the next two sentences) (the "Postponement Period") the filing of
any Shelf Registration Statement required to be prepared and filed by it
pursuant to this Agreement if Transmedia determines, in its reasonable judgment,
that such registration and offering would materially and adversely interfere
with any financing, corporate reorganization or other material transaction or
development involving Transmedia or any subsidiary

                                      25

<PAGE>

or would require a premature disclosure thereof, and shall promptly give the
Holders of Registrable Securities written notice of such determination,
containing a general statement of the reasons for such postponement and an
approximation of the anticipated delay (which notice, in the event of a
postponement resulting from the registration by Transmedia of any of its common
equity securities under the Securities Act, shall be given to each holder of
Registrable Securities no later than two Business Days before the Registration
Date). In the event of a postponement resulting from the offer, sale or
distribution or registration under the Securities Act by Transmedia of any
common equity securities, the Postponement Period shall be 180 days. In the
event of a postponement for any other reason, the Postponement Period shall be
90 days.

                  3.3      Obligations of Transmedia. In connection with the
registration of the Registrable Securities pursuant to this Agreement,
Transmedia shall, as expeditiously and reasonably as possible:

                           (a)      Prepare and file with the SEC the Shelf
Registration Statement with respect to such Registrable Securities and use its
reasonable efforts to cause such Shelf Registration Statement to become
effective on or before the Registration Date.

                           (b)      During the Effective Period, prepare and
file with the SEC such amendments and supplements to such Shelf Registration
Statement and the prospectus used in connection with such registration statement
as may be necessary to comply with the provisions of the Securities Act with
respect to the disposition of the Registrable Securities covered by such Shelf
Registration Statement.

                           (c)      Furnish to the Holders such numbers of
copies of a prospectus, including a preliminary prospectus, in conformity with
the requirements of the Securities Act, and

                                      26

<PAGE>

such other documents as they may reasonably request in order to facilitate the
disposition of Registrable Securities covered by the Shelf Registration
Statement owned by them.

                           (d)      Use its best efforts to register and qualify
the securities covered by such Shelf Registration Statement under such other
securities or laws of such states or other jurisdictions within the United
States of America as shall be reasonably requested by the Holders, provided that
Transmedia shall not be required to qualify to do business, to file a general
consent to service of process or to subject itself to taxation in any such
states or jurisdictions where it is not so subject.

                           (e)      Notify each Holder of Registrable Securities
covered by such Shelf Registration Statement at any time when a prospectus
relating thereto is required to be delivered under the Securities Act of the
happening of any event known to Transmedia as a result of which the prospectus
included in such registration statement, as then in effect, contains an untrue
statement of a material fact or omits to state a material fact required to be
stated therein or necessary to make the statements therein not misleading in the
light of the circumstances then existing, and then use its best efforts to
promptly correct such statement or omission. Notwithstanding the foregoing and
anything to the contrary set forth in this Section 3.3, each Holder acknowledges
that Transmedia shall have the right to suspend the use of the prospectus
forming a part of the Shelf Registration Statement if the offering would
interfere with a pending corporate transaction or for other reasons until such
time as an amendment to the Shelf Registration Statement has been filed by
Transmedia and declared effective by the SEC, or until such time as Transmedia
has filed an appropriate report with the SEC pursuant to the Exchange Act. Each
Holder hereby covenants that it will (a) keep any such notice strictly
confidential, and (b) not sell any shares of Common Stock pursuant to such
prospectus during

                                      27

<PAGE>

the period commencing at the time at which Transmedia gives the Holder notice of
the suspension of the use of such prospectus and ending at the time Transmedia
gives the Holder notice that it may thereafter effect sales pursuant to such
prospectus. Transmedia shall only be able to suspend the use of such prospectus
for periods aggregating no more than 90 days in respect of any registration.

                           (f)      Use its reasonable best efforts to cause
counsel to Transmedia to deliver promptly to the transfer agent such opinions on
behalf of Transmedia as are customary so as to permit a Holder to sell the
Registrable Securities covered by the Shelf Registration Statement pursuant to
the registration effected by such Shelf Registration Statement.

                  3.4      Furnish Information. It shall be a condition
precedent to the obligations of Transmedia to take any action pursuant to this
Agreement with respect to the Registrable Securities of any Holder that such
Holder shall furnish to Transmedia such information regarding itself, the
Registrable Securities held by it, and the intended method of disposition of
such securities as shall be required to effect the registration of such Holder's
Registrable Securities and as may be required from time to time to keep such
registration current in accordance with the terms hereof.

                  3.5      Indemnification.  In the event any Registrable
Securities are included in the Shelf Registration Statement under this
Agreement:

                           (a)      To the extent permitted by Law, Transmedia
will indemnify and hold harmless each Holder and their respective directors,
officers and each Person, if any, who controls such Holder within the meaning of
Section 15 of the Securities Act or Section 20 of the Exchange Act, and such
controlling Person's directors, officers and general partners, against any
losses, claims, damages or liabilities (joint or several) (or actions with
respect thereto) to which any of the foregoing persons may become subject, under
the Securities Act, the Exchange Act or other federal or state

                                      28

<PAGE>

law, insofar as such losses, claims, damages or liabilities (or actions in
respect thereto) arise out of or are based upon (i) any untrue statement or
alleged untrue statement of a material fact contained in such registration
statement, including any preliminary prospectus (but only if such statement is
not corrected in the final prospectus) contained therein or any amendments or
supplements thereto, (ii) the omission or alleged omission to state therein a
material fact required to be stated therein, or necessary to make the statements
therein, not misleading (but only if such omission is not corrected in the final
prospectus), or (iii) any violation or alleged violation by Transmedia in
connection with the registration of Registrable Securities under the Securities
Act, the Exchange Act, any state securities law or any rule or regulation
promulgated under the Securities Act, the Exchange Act or any state securities
law; and Transmedia will pay, as incurred, any legal or other expenses
reasonably incurred by any Person intended to be indemnified pursuant to this
Section 3.5(a) in connection with investigating or defending any such loss,
claim, damage, liability or action; provided, however, that the indemnity
agreement contained in this Section 3.5(a) shall not apply to amounts paid in
settlement of any such loss, claim, damage, liability or action if such
settlement is effected without the consent of Transmedia (which consent shall
not be unreasonably withheld), nor shall Transmedia be liable in any such case
or any such loss, claim, damage, liability or action to the extent that it
arises out of or is based upon written information furnished expressly for use
in connection with such registration by any such Holder or controlling person.
Each indemnified party shall furnish such information regarding itself or the
claim in question as an indemnifying party may reasonably request in writing and
as shall be reasonably required in connection with defense of such claim and
litigation resulting therefrom.

                                      29

<PAGE>

                           (b)      To the extent permitted by Law, each Holder
will indemnify and hold harmless Transmedia and its employees, agents,
directors, officers, each other Holder and each Person, if any, who controls
Transmedia or other Holder within the meaning of Section 15 of the Securities
Act or Section 20 of the Exchange Act, and such controlling Person's employees,
agents, directors, officers and general partners, against any losses, claims,
damages or liabilities (joint or several) to which any of the foregoing persons
may become subject, under the Securities Act, the Exchange Act or other federal
or state law, insofar as such losses, claims, damages or liabilities (or actions
in respect thereto) arise out of or are based upon any statement or alleged
statement in or omission or alleged omission from such registration statement,
any preliminary, final or summary Prospectus contained therein, or any amendment
or supplement thereto, if such statement or alleged statement or omission or
alleged omission was made about such Holder in reliance upon and in conformity
with written information furnished to Transmedia by or on behalf of such Holder,
specifically stating that it is for use in the preparation of such registration
statement; and each such Holder will pay, as incurred, any legal or other
expenses reasonably incurred by any Person intended to be indemnified pursuant
to this Section 3.5(b) in connection with investigating or defending any such
loss, claim, damage, liability or action.

                           (c)      The obligations of Transmedia and the
Holders under this Section 3.5 shall survive the completion of any offering of
Registrable Securities in a Shelf Registration Statement under this Agreement,
shall remain in full force and effect regardless of any investigation made by or
on behalf of Transmedia, or such Holder, as the case may be, or any of their
respective directors, officers, controlling Persons or general partners and
shall survive the transfer of such securities by such Holder. The obligations of
each Holder pursuant to this Section 3.5 are to be

                                      30

<PAGE>

several and not joint; provided, that, with respect to each claim pursuant to
this Section 3.5, each such Holder's maximum liability under this Section 3.5
shall be limited to an amount equal to the gross proceeds actually received by
such Holder from the sale of Registrable Securities being sold pursuant to such
registration statement or Prospectus by such Holder.

                           (d)      Promptly after receipt by an indemnified
party under this Section 3.5 of notice of the commencement of any action
(including any governmental action), such indemnified party will, if a claim in
respect thereof is to be made against any indemnifying party under this Section
3.5, deliver to the indemnifying party a written notice of the commencement
thereof and the indemnifying party shall have the right to participate in, and,
to the extent the indemnifying party so desires, jointly with any other
indemnifying party similarly noticed, to assume the defense thereof with counsel
mutually satisfactory to the parties. The failure to deliver written notice to
the indemnifying party within a reasonable time after the commencement of any
such action, if materially and actually prejudicial to its ability to defend
such action, shall relieve such indemnifying party of any liability to the
indemnified party under this Section 3.5 to the extent of such prejudice, but
the omission so to deliver written notice to the indemnifying party will not
relieve it of any liability that it may have to any indemnified party otherwise
than under this Section 3.5. The indemnified party shall have the right, but not
the obligation, to participate in the defense of any action referred to above
through counsel of its own choosing and shall have the right, but not the
obligation, to assert any and all separate defenses, cross claims or
counterclaims which it may have, and the fees and expenses of such counsel shall
be at the expense of such indemnified party unless (i) the employment of such
counsel has been specifically authorized in advance by the indemnifying party,
(ii) there is a conflict of interest that prevents counsel for the indemnifying
party

                                      31

<PAGE>

from adequately representing the interests of the indemnified party or there are
defenses available to the indemnified party that are different from, or
additional to, the defenses that are available to the indemnifying party, (iii)
the indemnifying party does not employ counsel that is reasonably satisfactory
to the indemnified party within a reasonable period of time, or (iv) the
indemnifying party fails to assume the defense or does not reasonably contest
such action in good faith, in which case, if the indemnified party notifies the
indemnifying party that it elects to employ separate counsel, the indemnifying
party shall not have the right to assume the defense of such action on behalf of
the indemnified party and the reasonable fees and expenses of such separate
counsel shall be borne by the indemnifying party.

                  3.6      Reports Under the Exchange Act. With a view to making
available to the Holders the benefits of Rule 144 and any other rule or
regulation of the SEC that may at any time permit a Holder to sell securities of
Transmedia to the public without registration or pursuant to a registration on
Form S-3, Transmedia agrees to:

                           (a)      use its best efforts to make and keep public
information available, as those terms are understood and defined in Rule 144;

                           (b)      use its best efforts to file with the SEC in
a timely manner all reports and other documents required under the Securities
Act and the Exchange Act; and

                           (c)      furnish to any Holder forthwith upon request
(i) a written statement by Transmedia as to its compliance with the reporting
requirements of Rule 144, or as to whether it qualifies as a registrant whose
securities may be resold pursuant to Form S-3, (ii) a copy of the most recent
annual or quarterly report of Transmedia and such other reports and documents so
filed by Transmedia, and (iii) such other information (and Transmedia shall take
such action) as may be

                                      32

<PAGE>

reasonably requested in availing any Holder of any rule or regulation of the SEC
which permits the selling of any such securities without registration or
pursuant to such form.

                  3.7      No Assignment of Registration Rights.  The rights to
cause Transmedia to register Registrable Securities pursuant to this Agreement
may not be assigned by Potomac.

                                  ARTICLE IV
                     AGREEMENTS OF THE SELLER AND OTHERS

                  4.1      Ordinary Course of Business.

                           (a)      For the period from the date hereof through
the Closing Date, and except as approved in writing by Transmedia, the Seller
covenants and agrees that it shall, and each of Bessalel, Gorman and Rothgeb
covenants and agrees that it shall cause the Seller to:

                                    (i)     carry on its business in material
         compliance with the Franchise Agreement and the Representative
         Agreement in the ordinary course substantially in the manner carried on
         as of the date hereof;

                                    (ii)    use its, and cause its Affiliates to
         use their, commercially reasonable efforts to preserve for Transmedia
         the Seller's relationships with restaurants and other establishments
         that accept The Transmedia Card, with holders of The Transmedia Card
         and with others having business relationships with the Seller and its
         Affiliates;

                                    (iii)   not, and shall cause its Affiliates
         not to, modify, impair, reduce, compromise or cancel any Asset or
         amend, modify, terminate or extend any of the Assigned Agreements;

                                      33

<PAGE>

                                    (iv)    not, and shall cause its Affiliates
         not to, sell, assign, transfer, or otherwise dispose of any Asset, or
         subject any Asset to any Liens;

                                    (v)     maintain all the tangible Assets in
         their current condition, ordinary wear and tear excepted, and make all
         ordinary and necessary repairs to the Assets; and

                                    (vi)    not take, or agree to commit to
         take, or permit any of its Affiliates to take, any action that would
         make any representation or warranty of the Seller contained herein
         inaccurate in any material respect.

                                  ARTICLE V
                            ADDITIONAL AGREEMENTS

                  5.1      Legal Conditions to Transaction. Each of the parties
will take all reasonable actions necessary to comply promptly with all legal
requirements which may be imposed on it with respect to the transactions
contemplated hereby and in connection with required approvals of or filings with
any other governmental authorities and will promptly cooperate with and furnish
information to each other in connection with any such requirements imposed upon
any of them or any of their respective Affiliates. The Seller will take all
reasonable actions necessary to obtain (and Transmedia will cooperate with the
Seller in obtaining) any consent, authorization, order or approval of, or any
exemption by, any governmental authority or other public or private third party
required to be obtained or made by the Seller in connection with the
transactions contemplated by this Agreement. By the Closing Date, the Seller
shall use its best efforts to obtain and deliver to Transmedia: (i) all
necessary consents to the assignment to Transmedia of the Assets and the

                                      34

<PAGE>

Assigned Agreements; and (ii) any other consents that Transmedia may reasonably
require. All such consents shall be in form and substance reasonably
satisfactory to Transmedia and its counsel.

                  5.2      Taxes. Transmedia shall pay all sales and other
transfer taxes arising as a result of the transfer of the Assets pursuant to
this Agreement and Potomac and Transmedia shall share equally all the costs of
amending the Financing Statements and assigning the security interests evidenced
thereby.

                  5.3      Confidentiality.

                           (a)      The Seller and its Affiliates will hold and
keep confidential and will not disclose or use (i) any information provided to
them or any of their representatives by or on behalf of Transmedia or any of its
Affiliates in connection with the transactions contemplated hereby; and (ii)
after the Closing, any confidential or proprietary information regarding any of
the Assets, the Franchise Agreement, the Representative Agreement, the business
conducted pursuant to the Franchise Agreement or the Representative Agreement in
the Territory or the Additional Restaurants or the Assigned Agreements or any
confidential or proprietary information relating to the business of the Seller
in the Territory; provided, that this Section 5.3 shall not apply to (1)
information which is publicly available at the time of disclosure (through no
act of the Seller or any of its Affiliates); or (2) disclosures which are
required to be made by the Seller or any of its Affiliates under legal process,
in any legal proceeding arising between the Seller and Transmedia or its
Affiliates out of this Agreement, by applicable Laws, or which are requested by
Transmedia or any of its Affiliates.

                           (b)      The Seller agrees that damages may be an
inadequate remedy for any breach of the terms or provisions of this Section 5.3
and that Transmedia shall, whether or not it is

                                      35

<PAGE>

pursuing any potential remedies at Law, be entitled to equitable relief in the
form of preliminary and permanent injunctions, without having to post any bond
or other security, upon any breach or threatened breach of any of such terms or
provisions.

                           (c)      The parties agree that nothing in this
Agreement shall be construed to limit or negate the common law of torts or trade
secrets where it provides Transmedia or any of its Affiliates with any broader,
further or other remedy or protection than that provided herein.

                  5.4      Access to Information. Upon reasonable prior notice,
provided that there is no unreasonable interference with the business of the
Seller, the Seller shall (and shall cause its Affiliates to) afford to the
officers, employees, accountants, counsel and other representatives of
Transmedia access, during normal business hours during the period prior to the
Closing Date, to all of its properties, books, contracts, commitments and
records relating to the Assets and the Assigned Agreements and, during such
period, the Seller shall (and shall cause its Affiliates to) furnish promptly to
Transmedia all other information concerning its business in the Territory and at
the Additional Restaurants, the Assets and the Assigned Agreements as Transmedia
may reasonably request. Unless otherwise required by law, Transmedia will hold
any such information which is nonpublic in confidence until such time as such
information otherwise becomes publicly available through no wrongful act of
Transmedia, and in the event of termination of this Agreement for any reason
Transmedia shall promptly return all nonpublic documents obtained from the
Seller or its affiliates, and any copies made of such documents, to the Seller.

                  5.5      Non-Competition.

                           (a)      Each of Bessalel, Gorman and Rothgeb,
severally and not jointly and for his own account, and the Seller covenants
that, for the period commencing on the Closing Date

                                      36

<PAGE>

until the third anniversary of the Closing Date, except as otherwise approved in
writing by Transmedia, he or it and each of his or its respective Affiliates
(excluding any limited partners of Potomac listed on Schedule 2.1(a)) shall not,
either directly or indirectly, for himself or itself, or through, on behalf of,
or in conjunction with any Person, (i) own, maintain, engage in, advise,
finance, assist, or have any interest in, any business engaging, in whole or in
part, in providing discount dining or discount restaurant services, whether
through use of barter, trade credits, scrip or similar items, or printing,
selling, distributing or soliciting of a charge card for discount services and
activities or promoting a charge card or providing services the same or similar
to that sold, offered or provided through the TRANSMEDIA System (as defined in
the Franchise Agreement and including the Dining A La Card program) within the
Territory (or the Metropolitan Statistical Area (MSA), as that term is defined
by the United States Census, in which the Territory is located, whichever is
greater), within a radius of fifty miles of the Territory, within a radius of
fifty miles of the location of any other business using the TRANSMEDIA System
(as defined above), whether franchised or owned by Transmedia, or any such area
in which, within the twelve month period prior to the Closing Date, Transmedia
has taken significant affirmative steps to commence operations or (ii) interfere
with, or divert or attempt to divert from Transmedia and its subsidiaries,
licensees or franchises the benefits of, any relationship with employees,
agents, suppliers, restaurant clients, membership card holders or other
customers maintained by Transmedia and its subsidiaries, licensees or
franchisees.

                           (b)      Each of Bessalel, Gorman, Rothgeb and the
Seller agrees that damages are an inadequate remedy for any breach of the terms
or provisions of this Section 5.5 and that each of Transmedia or any Person
shall, whether or not it is pursuing any potential remedies at law, be

                                      37

<PAGE>

entitled to equitable relief in the form of preliminary and permanent
injunctions without having to post any bond or other security, upon any breach
or threatened breach of any term or provision of this Section 5.5 and to the
remedy of specific performance to restrain Bessalel, Gorman, Rothgeb or the
Seller from committing or continuing any such breach and to enforce Bessalel's,
Gorman's, Rothgeb's or the Seller's obligations hereunder.

                           (c)      It is expressly understood and agreed that
although Transmedia and each of Bessalel, Gorman, Rothgeb and the Seller
consider the restrictions contained in Section 5.5(a) hereof to be reasonable
for the purpose of preserving the goodwill, proprietary rights and going concern
value of Transmedia and its subsidiaries, if a final judicial determination is
made by a court having jurisdiction that the time or territory or any other
restriction contained in Section 5.5(a) hereof is an unenforceable restriction
on Bessalel's, Gorman's, Rothgeb's or the Seller's activities, the provisions of
Section 5.5(a) hereof shall not be rendered void but shall be deemed amended to
apply as to such maximum time and territory and to such other extent with
respect to such Person, as applicable, as such court may judicially determine or
indicate to be reasonable. Alternatively, if the court referred to above finds
that any restriction contained in Section 5.5(a) hereof or any remedy provided
therein is unenforceable, and such restriction or remedy cannot be amended so as
to make it enforceable, such finding shall not affect the enforceability of any
of the other restrictions contained therein or the availability of any other
remedy with respect to such Person or any other party.

                           (d)      The parties agree that nothing in this
Agreement shall be construed to limit or negate the common law of torts or trade
secrets where it provides Transmedia or any of

                                      38

<PAGE>

it Affiliates or subsidiaries with any broader, further or other remedy or
protection than that provided herein.

                           (e)      If any court or tribunal of competent
jurisdiction shall refuse to enforce any or all of the provisions of this
Section 5.5, because individually or taken together, they are deemed
unreasonable, then the parties hereto understand and agree that any such
provision or provisions shall not be void, but for the purpose of such
proceedings, and shall be revised to the extent necessary to permit the
enforcement of such provisions.

                  5.6      NYSE Listing.  Transmedia will use its best efforts
to list the Shares on the New York Stock Exchange by the Registration Date.

                  5.7      Allocation of Purchase Price. Attached hereto as
Exhibit M is a schedule setting forth an allocation of the purchase price paid
by Transmedia for the Assets (as specified in Section 1.2) for use in accordance
with all applicable Laws (the "Allocation Schedule"), which allocation was made
in accordance with section 1060 of the Internal Revenue Code of 1986, as
amended, and applicable regulations promulgated thereunder by the United States
Treasury. Each of the Seller and Transmedia shall (i) be bound by such
allocation set forth in the Allocation Schedule for purposes of determining any
taxes, (ii) prepare and file its tax returns on a basis consistent with the
allocation set forth in the Allocation Schedule and (iii) take no position that
is inconsistent with the allocation set forth on the Allocation Schedule on any
applicable tax return, in any proceeding before any taxing authority or
otherwise. In the event that the allocation set forth in the Allocation Schedule
is disputed by any taxing authority, the party receiving notice of the dispute
shall promptly notify the other party hereto concerning resolution of the
dispute.

                                      39

<PAGE>

                                  ARTICLE VI
                            CONDITIONS TO CLOSING

                  6.1      Conditions to the Obligations of Transmedia. The
obligation of Transmedia to consummate the transactions contemplated hereby is
subject to the fulfillment at or prior to the Closing of the following
conditions, any or all of which may be waived in whole or in part by Transmedia
to the extent permitted by applicable Law:

                           (a)      Representations and Warranties; Covenants.
The representations and warranties of the Seller, Bessalel, Gorman and Rothgeb
set forth in this Agreement or in any certificate or document delivered pursuant
hereto shall be true and correct in all material respects (unless qualified by
materiality, in which case such representation and warranty shall be true and
correct in all respects) when made and on and as of the Closing Date, as if made
on such date, and the Seller, Bessalel, Gorman and Rothgeb shall have duly
performed and complied in all material respects with all of its agreements,
covenants, conditions and obligations contained in this Agreement. Transmedia
shall have received a certificate from the Seller dated the Closing Date signed
by the Chief Executive Officer of the Seller to the effect that the conditions
of this paragraph have been satisfied.

                           (b)      Other Consents and Filings.  All approvals
and consents of or filings with governmental authorities, and all approvals and
consents of any other persons, required to permit the consummation of all of the
transactions contemplated hereby shall have been obtained or made to the
reasonable satisfaction of Transmedia.

                           (c)      Documents of Transfer.  All bills of sale,
instruments of transfer and assignment and other statements, instruments and
documents contemplated by Article I hereof shall

                                      40

<PAGE>

have been duly executed and delivered by the Seller, and the Seller shall have
furnished Transmedia with copies of all such items, and such other certificates
and documents as Transmedia and its counsel may reasonably request, in
sufficient time prior to the Closing Date to permit review and evaluation
thereof and the making of preliminary arrangements for any necessary recording
and filing thereof on the Closing Date.

                           (d)      Closing Date Balance Sheet.  Transmedia
shall have received the Closing Date Balance Sheet.

                           (e)      Additional Agreements.  Each of the
Additional Agreements shall have been duly executed and delivered by the Seller,
Bessalel, Gorman and Rothgeb, and Transmedia shall have received evidence,
reasonably satisfactory to it, of the termination of the Loan Agreement and the
release by MLBFS of Transmedia under the Guaranty.

                           (f)      Opinion of Counsel.  Seller shall have
delivered to Transmedia an opinion of Wechsler, Selzer & Gurvitch, Chtd., dated
the Closing Date, to the effect set forth in Exhibit N.

                           (g)      FIRPTA Certificate.  Seller shall have
delivered to Transmedia a FIRPTA Certificate in the form attached hereto as
Exhibit O.

                           (h)      Absence of Litigation.  No action shall be
pending seeking to enjoin or restrain or otherwise make it imprudent to
consummate any of the transactions contemplated by this Agreement.

                  6.2      Conditions to the Obligations of the Seller. The
obligation of the Seller to consummate the transactions contemplated hereby is
subject to the fulfillment at or prior to the

                                      41

<PAGE>

Closing of the following conditions, any or all of which may be waived in whole
or in part by the Seller to the extent permitted by applicable Law:

                           (a)      Representations and Warranties; Covenants.
The representations and warranties of Transmedia set forth in this Agreement or
in any certificate or document delivered pursuant hereto shall be true and
correct in all material respects when made and on and as of the Closing Date, as
if made on such date, and Transmedia shall have duly performed and complied in
all material respects with all of its agreements, covenants, conditions and
obligations contained in this Agreement. The Seller shall have received a
certificate dated the Closing Date signed by the Chief Executive Officer or the
Chief Financial Officer of Transmedia to the effect that the conditions of this
paragraph have been satisfied.

                           (b)      Other Consents and Filings.  All material
approvals and consents of or filings with governmental authorities, and all
material approvals and consents of any other persons, required to permit the
consummation of all of the transactions contemplated hereby shall have been
obtained or made to the reasonable satisfaction of the Seller.

                           (c)      Documents of Transfer.  The Bill of Sale,
the Letter Agreements, the Payment Notes and the Transmedia Release shall have
been duly executed and delivered by Transmedia or Transmedia Restaurant, as
applicable.

                           (d)      Other Consideration.  At the Closing,
Transmedia shall have delivered to the Seller or its designee by wire transfer
of immediately available funds in an aggregate amount equal to the cash amount
listed in Section 1.2 and shall have delivered the Payment Notes and
certificates for the Shares.

                                      42

<PAGE>

                           (e)      Absence of Litigation.  No action shall be
pending seeking to enjoin or restrain or otherwise materially adversely affect
the Seller's ability to consummate any of the transactions contemplated by this
Agreement.

                                 ARTICLE VII
                                 TERMINATION

                  7.1      Termination.  This Agreement may be terminated at any
time prior to the Closing Date:

                           (a)      by the mutual consent of the Seller and
Transmedia, by action of their respective Boards of Directors (or other legally
binding authority of such party);

                           (b)      by Transmedia if there has been a material
breach of any representation, warranty, covenant or agreement on the part of the
Seller set forth in this Agreement which breach has not been cured within five
Business Days following receipt by the Seller of notice of such breach, or by
either party if any permanent injunction or other order of a court or other
competent authority preventing the consummation of the transactions contemplated
hereby shall have become final and non-appealable; or

                           (c)      by either Transmedia or the Seller if the
transactions contemplated hereby shall not have been consummated before July 30,
2000, provided that the party seeking to terminate this Agreement is not
otherwise in breach in any material respect of any of its obligations hereunder.

                  7.2      Effect of Termination.  In the event of termination
of this Agreement by either Transmedia or the Seller as provided in Section 7.1,
this Agreement shall forthwith become void and

                                      43

<PAGE>

there shall be no liability or obligation on the part of Transmedia or the
Seller, or their respective officers or directors, except (y) with respect to
Sections 5.2, Article VIII (with respect to any claim for breach of the
representation in Sections 2.1(k) or 2.2(e)) and 10.1) and (z) to the extent
that such termination results from the breach by a party hereto of any of its
representations, warranties, covenants or agreements set forth in this
Agreement.

                                 ARTICLE VIII
                       SURVIVAL OF REPRESENTATIONS AND
                         WARRANTIES; INDEMNIFICATION

                  8.1      Survival of Representations and Warranties. All
representations and warranties contained in this Agreement, any schedule and any
certificate, written statement, or other document delivered at the Closing
pursuant to this Agreement by or on behalf of the Seller, Bessalel, Gorman,
Transmedia or Transmedia Restaurant shall be deemed to have been relied upon
notwithstanding any investigation heretofore or hereafter made or omitted by any
party hereto and shall survive for a period of six (6) months after the Closing
Date.

                  8.2      Indemnification Obligations. Subject to the terms and
conditions of this Article VIII, each of the Seller, Bessalel, Gorman and
Rothgeb, jointly and severally, agrees to defend, indemnify and hold Transmedia,
Transmedia Restaurant and their respective officers, directors, agents,
attorneys, employees, representatives and other affiliates (collectively, the
"Transmedia Parties") harmless against any and all liabilities, losses, costs
and expenses including, without limitation, reasonable legal and other expenses
(collectively "Damages"), resulting from or relating to:

                                      44

<PAGE>

                           (a)      any misrepresentation or breach of any
representation or warranty of the Seller, Bessalel, Gorman or Rothgeb contained
in this Agreement or in any Schedule or any certificate, written statement or
other document delivered by or on behalf of the Seller pursuant to this
Agreement;

                           (b)      any breach of any covenant, agreement or
obligation of the Seller, Bessalel, Gorman or Rothgeb contained in this
Agreement;

                           (c)      any debt, liability or obligation of the
Seller or any of its Affiliates (other than with respect to the unfunded portion
of the Rights-to-Receive included in the Assets and the Assigned Agreements,
excluding, however, any claim, liability or obligation with respect to any
breach, default or failure by the Seller arising on or before the Closing Date);

                           (d)      the conduct of the business of the Seller
and its Affiliates, and the ownership, use and operation of the Assets, on or
prior to the Closing Date;

                           (e)      the Retained Liabilities; and

                           (f)      any and all actions, suits, demands,
assessments or judgments with respect to any claim arising out of or relating to
the subject matter of the indemnification; provided, however, that each of the
Seller, Bessalel, Gorman and Rothgeb, severally and not jointly, shall be liable
for any damages arising out of their respective, or any of their respective
Affiliates', breach of the covenants set forth in Section 5.5.

                  8.3      Transmedia's Indemnification Obligations.  Subject to
the terms and conditions of this Article VIII, Transmedia agrees to defend,
indemnify and hold Spectrum, Potomac and each of their respective officers,
directors, agents, attorneys, employees and representatives

                                      45

<PAGE>

(collectively, the "Seller Parties") harmless against any and all Damages
resulting from or relating to:

                           (a)      any misrepresentation or breach of any
representation or warranty of Transmedia or Transmedia Restaurant contained in
this Agreement or any certificate, written statement or other document delivered
by or on behalf of Transmedia or Transmedia Restaurant pursuant to this
Agreement;

                           (b)      any breach of any covenant, agreement or
obligation of Transmedia contained in this Agreement;

                           (c)      the ownership, use and operation of the
Assets by Transmedia after the Closing Date;

                           (d)      the Assumed Liabilities; and

                           (e)      any and all actions, suits, demands,
assessments or judgments with respect to any claim arising out of or relating to
the subject matter of indemnification.

                  8.4      Claims for Indemnification; Defense of Indemnified
Claims; Limitations on Indemnification.

                           (a)      For purposes of this Section, the party
entitled to indemnification shall be known as the "Indemnified Party" and the
party required to indemnify shall be known as the "Indemnifying Party". In the
event that the Indemnifying Party shall be obligated to the Indemnified Party
pursuant to this Article VIII or in the event that a suit, action,
investigation, claim or proceeding is begun, made or instituted as a result of
which the Indemnifying Party may become obligated to the Indemnified Party
hereunder, the Indemnified Party shall give prompt written notice to the
Indemnifying Party of the occurrence of such event; provided, however, that the
failure to give

                                      46

<PAGE>

such notice shall not constitute a waiver of the right to indemnification
hereunder unless the Indemnifying Party is prejudiced in an actual and material
respect thereby. The Indemnifying Party agrees to defend, contest or otherwise
protect against any such suit, action, investigation, claim or proceeding at the
Indemnifying Party's own cost and expense with counsel of its own choice, who
shall be, however, reasonably acceptable to the Indemnified Party. The
Indemnifying Party may make any compromise or settlement (subject to the written
consent of the Indemnified Party, which will not be unreasonably withheld). The
Indemnified Party shall have the right but not the obligation to participate at
its own expense in the defense thereof by counsel of its own choice. In the
event that the Indemnifying Party fails timely to defend, contest or otherwise
protect itself against any such suit, action, investigation, claim or
proceeding, the Indemnified Party shall have the right to defend, contest or
otherwise protect the Indemnified Party against the same and may make any
compromise or settlement thereof and recover the entire cost thereof from the
Indemnifying Party including without limitation, reasonable attorneys' fees,
disbursements and all amounts paid as a result of such suit, action,
investigation, claim or proceeding or compromise or settlement thereof.

                           (b)      No amounts of indemnity shall be payable as
a result of a claim under Section 8.2 (other than a claim with respect to a
misrepresentation or breach of Section 2.1(a), (b), (c), (d), (f), (i), (k) or
(j) (as it relates to such Sections), Section 5.5 or Section 8.2(c), (d) or
(e)), unless and until the Transmedia Parties have suffered, incurred or
sustained Damages with respect to claims hereunder in excess of $25,000.00, and
then indemnity shall be payable for the amount of all Damages sustained by the
Transmedia Parties. In no event, however, shall the Seller, Bessalel, Gorman or
Rothgeb be liable for an amount in excess of $5,600,000.00, in the aggregate,
for Damages under Section 8.2 (other than a claim with respect to a
misrepresentation or breach of

                                      47

<PAGE>

Section 2.1(a), (b), (c), (d), (f), (i), (k) or (j) (as it relates to such
Sections), Section 5.5 or Section 8.2(c), (d) or (e)).

                           (c)      No amounts of indemnity shall be payable as
a result of a claim under Section 8.3 (other than a claim of a breach of Section
8.3(d)) unless and until the Seller Parties have suffered, incurred or sustained
Damages with respect to claims hereunder in excess of $25,000.00, and then
indemnity shall be payable for the amount of all Damages sustained by the Seller
Parties. In no event, however, shall Transmedia be liable for an amount in
excess of $3,500,000.00, in the aggregate, for Damages under Section 8.3 (other
than a claim of a breach of Section 8.3(d)).

                           (d)      Payments; Non-Exclusivity.  Any amounts due
an Indemnified Party under the aforesaid indemnities shall be due and payable by
the Indemnifying Party within fifteen (15) days after written demand therefor.
The remedies conferred in this Article VIII are intended to be without prejudice
to any other rights or remedies available at law or equity to the Indemnified
Parties, now or hereafter.

                  8.5      Set-Off. If from time to time and at any time
Transmedia shall be entitled to be paid any amount under the provisions of this
Agreement, including this Article VIII, Transmedia shall be entitled, if it so
elects, to set-off such amount against any other amounts due to the Seller from
Transmedia or any of its Affiliates, including, without limitation, the Payment
Notes. Such right of set-off shall be in addition to and not in substitution of
any other rights Transmedia shall be entitled to under the provisions of this
Article VIII or otherwise.

                                      48

<PAGE>

                                  ARTICLE IX
                                 DEFINITIONS

                  9.1      As used in this Agreement, the following defined
terms shall have the meanings indicated below:

                           "Additional Agreements" mean the Bill of Sale, the
Letter Agreements, the Power of Attorney, the Release, the Payment Notes and the
Stockholder Releases.

                           "Additional Restaurants" has the meaning assigned to
it in Section 1.1(a).

                           "Affiliate" means any corporation or other
organization, whether incorporated or unincorporated, (x) of which such party or
any other affiliate of such party is a general partner or limited partner or (y)
beneficially owns at least a majority of the securities or interests having by
the terms thereof ordinary voting power to elect a majority of the board of
directors or others performing similar functions with respect to such
corporation or other organization, or (z) beneficially owns a majority of the
securities or other interests representing the total equity in such
organization, is directly or indirectly owned or controlled by such party or by
any one or more of its affiliates, or by such party and one or more of its
affiliates.

                           "Additional Restaurants" has the meaning assigned to
it in Section 1.1(a).

                           "Agreement" has the meaning set forth in the preamble
hereto.

                           "Allocation Schedule" has the meaning assigned to it
in Section 5.7.

                           "Assets" has the meaning assigned to it in Section
1.1(a).

                           "Assigned Agreement" has the meaning assigned to it
in Section 1.1(a).

                           "Assumed Liabilities" has the meaning assigned to it
in Section 1.4(b).

                           "Bessalel" has the meaning set forth in the recitals
hereto.

                                      49

<PAGE>

                           "Bill of Sale" has the meaning assigned to it in
Section 1.1(a).

                           "Business Day" means a calendar day other than a
Saturday, Sunday or any other day on which banks located in the State of New
York, the State of Florida or the State of Maryland are authorized or obligated
to be closed.

                           "Closing" has the meaning assigned to it in Section
1.3(a).

                           "Closing Date" has the meaning assigned to it in
Section 1.3(a).

                           "Closing Date Balance Sheet" has the meaning assigned
to it in Section 1.5.

                           "Common Stock" means the common stock, par value $
0.02 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.

                           "Damages" has the meaning assigned to it in
Section 8.2.

                           "Data Sheet" has the meaning assigned to it in
Section 1.5.

                           "Effective Period" has the meaning assigned to it in
Section 3.1.

                           "Exchange Act" means the Securities Exchange Act of
1934, as amended, and the rules and regulations thereunder.

                           "Excluded Assets" has the meaning assigned to it in
Section 1.4(a).

                           "Financing Statements" has the meaning assigned to it
in Section 2.1(i)(i).

                           "Franchise Agreement" has the meaning set forth in
the recitals hereto.

                           "Gorman" has the meaning set forth in the recitals
hereto.

                                      50

<PAGE>

                           "Guaranty" has the meaning set forth in the recitals
hereto.

                           "Holder" means any (i) recipient (including all the
appropriate general and limited partners of Spectrum as set forth in Schedule
2.1(a) of the Seller Disclosure Letter) of the Shares issued as consideration
under Section 1.2 hereof and (ii) recipient (including all the appropriate
general and limited partners of Spectrum as set forth in Schedule 2.1(a) of the
Seller Disclosure Letter) of the Common Stock issued upon conversion of all or
any part of the Payment Notes in accordance with the terms thereof.

                           "Indemnified Party" has the meaning assigned to it in
Section 8.4(a).

                           "Indemnifying Party" has the meaning assigned to it
in Section 8.4(a).

                           "Knowledge" means the knowledge of Bessalel, Gorman
or Rothgeb, on his own behalf and/or on behalf of the Seller as a senior officer
or director, as such knowledge has been or reasonably should have been obtained
in the conduct of the business of the Seller.

                           "Laws" has the meaning assigned to it in Section
2.1(d)(i).

                           "Letter Agreements" has the meaning assigned to it in
Section 1.1(b).

                           "Liens" has the meaning assigned to it in Section
1.1(a).

                           "Loan Agreement" has the meaning set forth in the
recitals hereto.

                           "Material Adverse Effect" has the meaning assigned to
it in Section 2.1(d)(i).

                           "MLBFS" has the meaning set forth in the recitals
hereto.

                           "Original Franchisees" has the meaning set forth in
the recitals hereto.

                           "Payment Notes" has the meaning assigned to it in
Section 1.1(b).

                           "Permits" has the meaning assigned to it in
Section 2.1(e).

                           "Person" has the meaning assigned to it in
Section 2.1(a).

                                      51

<PAGE>

                           "Postponement Period" has the meaning assigned to it
in Section 3.2.

                           "Potomac" has the meaning set forth in the preamble
hereto.

                           "Power of Attorney" has the meaning assigned to it in
Section 1.1(b).

                           "Processors" has the meaning assigned to it in
Section 1.1(a).

                           "Property" has the meaning assigned to it in Section
1.1(a).

                           "Release" has the meaning assigned to it in Section
1.1(b).

                           "Register," "Registered" and "Registration" refer to
a registration effected by preparing and filing a registration statement in
compliance with the Securities Act.

                           "Registrable Securities" means the Shares issued as
consideration under Section 1.2 hereof and the Common Stock issued upon
conversion of all or any part of the Payment Notes in accordance with the terms
thereof. As to any particular Registrable Securities, such securities will cease
to be Registrable Securities when they have been (x) effectively registered
under the Securities Act and disposed of in accordance with the registration
statement covering them or (y) transferable pursuant to Rule 144 (or any similar
rule then in force) under the Securities Act or otherwise transferred and, in
each case, new certificates for them not bearing a restrictive Securities Act
legend have been delivered by Transmedia and they can be sold without complying
with the registration requirements of the Securities Act.

                           "Registration Date" has the meaning assigned to it in
Section 3.1.

                           "Registration Expenses" as used in this Agreement
shall mean all expenses incident to registration and disposition of the
Registration Securities pursuant to this Agreement, including, without
limitation, all registration, filing and applicable national securities exchange
listing and National Association of Securities Dealers, Inc. fees, all fees and
expenses of complying

                                      52

<PAGE>

with state securities or blue sky laws (including reasonable fees and
disbursements of counsel to the underwriters in connection with "blue sky"
qualification of the Registrable Securities under the laws of the various
jurisdictions), all duplicating and printing expenses, all messenger and
delivery expenses, and the fees and disbursements of counsel for Transmedia and
of its independent public accountants. Registration Expenses shall not include
underwriters' and brokers' expenses and underwriting and brokerage fees,
discounts and commissions in respect of the Registrable Securities being
registered, transfer taxes or the fees and expenses of counsel to the holders of
Registrable Securities.

                           "Release" has the meaning assigned to it in
Section 1.1(b).

                           "Representative Agreement" has the meaning set forth
in the recitals hereto.

                           "Retained Liabilities" has the meaning assigned to it
in Section 1.4(b).

                           "Rights-to-Receive" has the meaning assigned to it in
Section 1.1(a).

                           "Rights-to-Receive Amount" means an amount equal to
the cash or equivalent consideration funded by the Seller for Rights-to-Receive,
net of usage and adjustments, as reported on the balance sheet data prepared by
Transmedia in the normal course of business as of the Business Day immediately
preceding the Closing Date with restaurants and other establishments in the
Territory and the Additional Restaurants, calculated in accordance with Exhibit
P attached hereto.

                           "Rothgeb" has the meaning set forth in the preamble
hereto.

                           "Rule 144" means Rule 144 (or any successor rule to
similar effect) promulgated under the Securities Act.

                           "Schedules" has the meaning assigned to it in
Section 2.1.

                           "SEC" means the Securities and Exchange Commission.

                                      53

<PAGE>

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

                           "Seller Disclosure Letter" has the meaning assigned
to it in Section 2.1.

                           "Seller" has the meaning set forth in the preamble
hereto.

                           "Seller Parties" has the meaning assigned to it in
Section 8.3.

                           "Shares" has the meaning assigned to it in
Section 1.2.

                           "Shelf Registration Statement" means a registration
statement intended to effect a shelf registration pursuant to Rule 415
promulgated under the Securities Act.

                           "Spectrum" has the meaning set forth in the preamble
hereto.

                           "Stockholder Releases" means the releases, in the
form of Exhibit I attached hereto, to be delivered by Bessalel, Gorman and
Rothgeb.

                           "Territory" has the meaning assigned to it in the
Franchise Agreement.

                           "Transfer" has the meaning assigned to it in Section
2.1(iv).

                           "Transmedia" has the meaning assigned to it in the
preamble hereto.

                           "Transmedia Disclosure Letter" has the meaning
assigned to it in Section 2.2.

                           "Transmedia Parties" has the meaning assigned to it
in Section 8.2.

                           "Transmedia Release" has the meaning assigned to it
in Section 1.3(b)(ii).

                           "Transmedia Restaurant" has the meaning assigned to
it in Section 1.1(a).

                                      54

<PAGE>

                                  ARTICLE X
                           MISCELLANEOUS; GENERAL

                  10.1     Fees and Expenses. Except as otherwise specified
herein, each party hereto shall pay its own expenses incident to preparing,
entering into or carrying out this Agreement and the consummation of the
transactions contemplated hereby.

                  10.2     Modification or Amendment. This Agreement
constitutes the entire understanding among the parties relating to the subject
matter hereof, and no modification, amendment or waiver of any provision of
this Agreement will be effective against any party hereto, unless such
modification, amendment or waiver is approved in writing by such party. The
failure of any party to enforce any of the provisions of this Agreement will in
no way be construed as a waiver of such provisions and will not affect the
right of such party thereafter to enforce each and every provision of this
Agreement in accordance with its terms.

                  10.3     Waiver of Conditions. The conditions to each party's
obligations to consummate the transactions contemplated hereby are for the sole
benefit of such party and may be waived by such party (in the manner provided
for herein) in whole or in part to the extent permitted by applicable law.

                  10.4     Counterparts. For the convenience of the parties
hereto, this Agreement may be executed in any number of counterparts (each
being an original or facsimile), and each such counterpart being deemed to be
an original instrument, and all such counterparts shall together constitute the
same agreement.

                  10.5     Governing Law; Forum; Consent to Jurisdiction. This
Agreement shall be governed by and construed in accordance with the laws of the
State of Maryland applicable to a contract executed and performed in such State
without giving effect to the principles of conflict of laws which would apply
the Law of any state other than the State of Maryland. Each of the Seller,

                                      55

<PAGE>

Transmedia, Bessalel, Gorman and Rothgeb hereby irrevocably and unconditionally
(i) consents to submit to the jurisdiction of the courts of New York County, New
York (state or federal) for any proceeding arising in connection with this
Agreement (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 10.7 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 10.7, (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.

                  10.6     WAIVER OF JURY TRIAL. EACH PARTY HERETO 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 AGREEMENT.

                  10.7     Notices. Any notice, request, instruction or other
document to be given hereunder by any party to the others 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. Such notices, demands and other
communications will be sent to the address indicated below:

                                      56

<PAGE>

                           If to the Seller:
                           Potomac Dining Limited Partnership
                           c/o Gustavo L. Bessalel
                           5107 Lawton Drive
                           Bethesda, Maryland  20816

                           With a copy to:

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

                           If to Transmedia:

                           Transmedia Network Inc.
                           11900 Biscayne Boulevard
                           North Miami, Florida 33181
                           Facsimile No.: (305) 892-3342
                           Attn:  Chief Executive Officer

                           With a copy to:

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

                           If to Bessalel:

                           Gustavo L. Bessalel
                           5107 Lawton Drive
                           Bethesda, Maryland  20816

                           If to Gorman:

                           Thomas E. Gorman
                           1455 W Street, N.W.
                           Washington, DC  20009

                                      57

<PAGE>

                           If to Rothgeb:

                           Francis Rothgeb
                           1914 1/2 17th Street, N.W.
                           Washington, DC  20009

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 delivery 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 (with
confirmation of receipt) 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.

                  10.8     Disclosure Letter and Exhibits; Entire Agreement.
The Disclosure Letter and all exhibits and schedules and attachments to
exhibits or schedules, or documents expressly incorporated into this Agreement,
and any other attachments to this Agreement are hereby incorporated into this
Agreement and are hereby made a part hereof as if set out in full in this
Agreement. This Agreement supersedes all other prior agreements and
understandings, both written and oral, among the parties with respect to the
subject matter hereof and constitutes the entire agreement among the parties
hereto with respect to the subject matter hereof.

                  10.9     Assignment. Except as provided in the following
sentence, this Agreement and the rights and obligations of the parties hereto
shall not be assignable, by operation of Law or otherwise, or delegable.
Transmedia may assign any or all of its rights and interests and delegate any
or all of its obligations under this Agreement to any one or more Affiliates of
Transmedia, but in such event Transmedia shall remain, and the assignee shall
be, fully liable for the performance

                                      58

<PAGE>

of all such obligations in the manner prescribed in this Agreement. Subject to
the two preceding sentences, this Agreement will be binding upon, inure to the
benefit of and be enforceable by the parties hereto and their respective
successors and assigns.

                  10.10    Titles and Captions. The titles, captions and table
of contents contained in this Agreement are inserted herein only as a matter of
convenience and for reference and in no way affect, limit, extend or describe
the scope of this Agreement or the intent of any provision hereof.

                  10.11    Severability. Any provision hereof which is
prohibited or unenforceable in any jurisdiction shall, as to such jurisdiction,
be ineffective to the extent of such prohibition or unenforceability without
invalidating the remaining provisions hereof, and any such prohibition or
unenforceability in any jurisdiction shall not invalidate or render
unenforceable such provision in any other jurisdiction. To the extent permitted
by applicable law, the parties hereby waive any provision of Law which may
render any provision hereof prohibited or unenforceable in any respect.

                  10.12    Publicity. During the period through the Closing
Date, Transmedia, the Seller Bessalel, Gorman and Rothgeb and their respective
Affiliates shall consult before making any public announcements or public
comments regarding this Agreement or the sale contemplated hereby, except as
required by applicable Law.

                  10.13    No Third Party Beneficiaries. This Agreement has
been made for the sole benefit of Transmedia and the Seller and shall not be
construed to confer any benefit or rights upon, nor may it be enforced by, any
other person, including any officer, director, employee, stockholder or
creditor of Transmedia or the Seller, except as otherwise specifically provided
herein.

                         [Signature page to follow]

                                      59

<PAGE>

         IN WITNESS WHEREOF, this Agreement has been duly executed and delivered
by the duly authorized officers of the parties hereto as of the date first
hereinabove written.

                                        TRANSMEDIA NETWORK INC.

                                        By:
                                           ------------------------------------
                                           Name:  Stephen E. Lerch
                                           Title: Executive Vice President and
                                           Chief Financial Officer

                                        SPECTRUM PARTNERS, INC.

                                        By:
                                           ------------------------------------
                                           Name:
                                           Title:

                                        POTOMAC DINING LIMITED PARTNERSHIP

                                        By:  SPECTRUM PARTNERS, INC.
                                             General Partner

                                        By:
                                           ------------------------------------
                                           Name:
                                           Title:

                                        ------------------------------------
                                        Gustavo L. Bessalel

                                        ------------------------------------
                                        Thomas E. Gorman

                                        ------------------------------------
                                        Francis Rothgeb<PAGE>

                                                                    EXHIBIT 4.12

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

<PAGE>

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.

                                          2

<PAGE>

         "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

                                          3

<PAGE>

         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,
2003.

                                          4

<PAGE>

         "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

                                       5

<PAGE>

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, 2002 (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.

                                      6

<PAGE>

         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.

                                      7

<PAGE>

         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 three 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

                                      8

<PAGE>

                  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.

                                      9

<PAGE>

         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

                                      10

<PAGE>

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

                                      11

<PAGE>

         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:

                                      22

<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)

Source: [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}, [{"source": "alea-institute/alea-institute/kl3m-data-edgar-agreements/train-00016-of-00352.parquet"}]]