Document:

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                                                                   Exhibit 10.32

                                 LOAN AGREEMENT

     THIS LOAN AGREEMENT, dated as of December 29, 1999, is between SYBRA, INC.,
a Michigan corporation ("Borrower"), and FINOVA CAPITAL CORPORATION, a Delaware
corporation (together with its successors and assigns, "FINOVA").

                             PRELIMINARY STATEMENT:

     Borrower desires to borrow up to $8,500,000 which amount shall be used (i)
to pay transaction costs, (ii) for working capital and (iii) to provide funds
for the acquisition and development of Expansion Stores. FINOVA has agreed to
make the Loan upon the terms and subject to the conditions set forth herein.

     NOW, THEREFORE, it is agreed as follows:

                                    ARTICLE I

                         DEFINITIONS AND DETERMINATIONS

     1.1 DEFINITIONS. As used in this Loan Agreement and in the other Loan
Instruments, unless otherwise expressly indicated herein or therein, the
following terms shall have the following meanings (such meanings to be
applicable equally to both the singular and plural forms of the terms defined):

          ACCOUNTANTS: Deloitte & Touche, LLP or any other independent certified
     public accounting firm selected by Borrower and reasonably satisfactory to
     FINOVA.

          ACCOUNTING CHANGES: as defined in Section 1.3.

          ADA: the Americans with Disabilities Act of 1990, as amended, any
     successor statute thereto, and the rules and regulations issued thereunder,
     as in effect from time to time.

          ADDITIONAL SUMS: as defined in subsection 2.2.4.

          AFFILIATE: any Person that directly or indirectly, through one or more
     intermediaries, controls or is controlled by or is under common control
     with another Person. The term "control" means possession, direct or
     indirect, of the power to direct or cause the direction of the management
     and policies of a Person, whether through the ownership of voting
     securities or equity interests, by contract or otherwise. For the purposes
     hereof any Person which owns or controls, directly or

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     indirectly, 10% or more of the securities or equity interests, as
     applicable, whether voting or non-voting, of any other Person shall be
     deemed to "control" such Person.

          ALLOCATED LOAN AMOUNT: for each Initial Store, the portion of the
     Principal Balance allocated to such Initial Store as set forth on EXHIBIT
     5.5.2. The Allocated Loan Amount for each Initial Store shall be reduced
     concurrently with each payment of the Principal Balance by an amount equal
     to the amount of such payment multiplied by the percentage that such
     Allocated Loan Amount bears to $8,500,000.

          BANKRUPTCY CODE: the United States Bankruptcy Code, any successor
     statute thereto, and the rules, regulations and legally binding policies
     promulgated thereunder, as amended and in effect from time to time.

          BASIC FINANCIAL STATEMENTS: as defined in subsection 6.3.2.

          BORROWER: as defined in the Preamble to this Loan Agreement.

          BORROWER CAPITAL STOCK: all of the issued and outstanding capital
     stock and all warrants, options and other rights to acquire capital stock
     of Borrower.

          BORROWER CASH FLOW: for any period, the net income of Borrower for
     such period:

               (i) PLUS the sum of the following (without duplication), to the
          extent deducted in determining such net income for such period:

                    (A) losses from sales, exchanges and other dispositions of
               Property, and other extraordinary and non-recurring losses, in
               each case not in the ordinary course of business;

                    (B) interest, fees and other charges paid or accrued on
               Indebtedness, including, without limitation, interest on
               Capitalized Leases that is imputed in accordance with GAAP;

                    (C) income taxes paid or accrued;

                    (D) depreciation, amortization and all other non-cash items
               deducted in determining such net income; and

                    (E) rent expense paid or accrued under all Operating Leases
               of Borrower during such period, including all Leases and all
               equipment leases of Borrower which are not Capitalized Leases;
               and

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               (ii) MINUS the sum of the following (without duplication), to the
          extent included in determining such net income for such period:

                    (A) gains from sales, exchanges and other dispositions of
               Property, and other extraordinary and non-recurring gains, in
               each case not in the ordinary course of business;

                    (B) proceeds of any insurance other than business
               interruption insurance; and

                    (C) any other non-cash item included in determining such net
               income.

          BORROWER FIXED CHARGE COVERAGE RATIO: for any period, the ratio of (i)
     Borrower Cash Flow for such period to (ii) Borrower Fixed Charges for such
     period.

          BORROWER FIXED CHARGES: during any period as applicable, the sum of
     (i) all payments of principal, interest, premium, loan fees and other
     charges with respect to Indebtedness for Borrowed Money made or required to
     be made by Borrower during such period plus (ii) rent expense paid or
     accrued under all Operating Leases of Borrower during such period,
     including all Leases and all equipment leases of Borrower which are not
     Capitalized Leases.

          BORROWER's Obligations: (i) any and all Indebtedness due or to become
     due, now existing or hereafter arising, of Borrower to FINOVA pursuant to
     the terms of this Loan Agreement or any other Loan Instrument, including,
     without limitation, the Loan Fee, and (ii) the performance of the covenants
     of Borrower contained in the Loan Instruments.

          BUSINESS DAY: any day other than a Saturday, Sunday or other day on
     which banks in Phoenix, Arizona or New York, New York are required to
     close.

          CAPITALIZED LEASE: any lease of Property, the obligations for the
     rental of which are required to be capitalized in accordance with GAAP.

          CLOSING: the disbursement of the Loan.

          CLOSING DATE: the date the Closing occurs.

          CODE: the Internal Revenue Code of 1986, any successor statute
     thereto, and the rules, regulations and legally binding policies
     promulgated thereunder, as amended and in effect from time to time.

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          COLLATERAL: (i) all existing and after-acquired Property of Borrower
     related to the Collateral Stores, including, without limitation, all
     furniture, fixtures, equipment and inventory located at the Collateral
     Stores, but excluding (A) the Development Agreement, (B) all intellectual
     property, Franchise Agreements, Collateral Store Leases and Licenses of
     Borrower and (B) all Property of Borrower subject to Permitted Senior
     Indebtedness Liens and (ii) all proceeds of the foregoing.

          COLLATERAL STORE LEASE: a Lease of a Collateral Store.

          COLLATERAL STORES: collectively, the Initial Stores and each
     Substitute Store.

          COMPLIANCE CERTIFICATE: a compliance certificate executed by Borrower
     in the form of Exhibit 1.1(A) attached hereto.

          DEFAULT RATE: 12.88% per annum.

          DEFAULT RATE PERIOD: a period of time commencing on the date an Event
     of Default has occurred and ending on the date that such Event of Default
     is cured or waived.

          DEVELOPMENT AGREEMENT: that certain Development Agreement dated as of
     May 12, 1998 between Franchisor and Borrower.

          EMPLOYEE BENEFIT PLAN: any employee benefit plan within the meaning of
     Section 3(3) of ERISA which (i) is maintained for employees of Borrower or
     any of its ERISA Affiliates or (ii) has at any time within the preceding
     six years been maintained for the employees of Borrower or any of its
     current or former ERISA Affiliates.

          ENVIRONMENTAL LAWS: any and all federal, state and local laws that
     relate to or impose liability or standards of conduct concerning public or
     occupational health and safety or protection of the environment, as now or
     hereafter in effect and as have been or hereafter may be amended or
     reauthorized, including, without limitation, the Comprehensive
     Environmental Response, Compensation and Liability Act (42 U.S.C. '9601 ET
     SEQ.), the Hazardous Materials Transportation Act (42 U.S.C. '1802 ET
     SEQ.), the Resource Conservation and Recovery Act (42 U.S.C. '6901 ET
     SEQ.), the Federal Water Pollution Control Act (33 U.S.C. '1251 ET SEQ.),
     the Toxic Substances Control Act (15 U.S.C. '2601 ET SEQ.), the Clean Air
     Act (42 U.S.C. '7901 ET seq.), the National Environmental Policy Act (42
     U.S.C. '4231, ET SEQ.), the Refuse Act (33 U.S.C. '407, ET SEQ.), the Safe
     Drinking Water Act (42 U.S.C. '300(f) ET SEQ.), the Occupational Safety and
     Health Act (29 U.S.C. '651 ET SEQ.), and all rules, regulations, codes,
     ordinances and guidance documents promulgated or published thereunder, and
     the provisions of any licenses, permits, orders and decrees issued pursuant
     to any of the foregoing.

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          ERISA: the Employee Retirement Income Security Act of 1974, and any
     successor statute thereto, and the rules, regulations and legally binding
     policies promulgated thereunder, as amended and in effect from time to
     time.

          ERISA AFFILIATE: any Person who is a member of a group which is under
     common control with Borrower, who together with Borrower is treated as a
     single employer within the meaning of Section 414(b), (c) and (m) of the
     Code.

          EVENT OF DEFAULT: any of the Events of Default set forth in Section
     8.1.

          EXCESS INTEREST: as defined in subsection 2.2.4.

          EXPANSION STORES: new Stores to be acquired, constructed, renovated or
     otherwise developed by Borrower after the Closing Date pursuant to the
     Development Agreement.

          FINOVA: as defined in the Preamble to this Loan Agreement.

          FINOVA DEBT SERVICE: for any period, all payments of principal and
     interest with respect to the Principal Balance or an Allocated Loan Amount,
     as applicable, made or required to be made by Borrower during such period.

          FRANCHISE AGREEMENT: a franchise agreement between Borrower and
     Franchisor with respect to the operation of a Collateral Store, in form and
     substance reasonably satisfactory to FINOVA.

          FRANCHISOR: Arby's, Inc., a Delaware corporation.

          GAAP: generally accepted accounting principles as in effect from time
     to time, which shall include but shall not be limited to the official
     interpretations thereof by the Financial Accounting Standards Board or any
     successor thereto.

          GOOD FUNDS: United States Dollars available in Federal funds to FINOVA
     at or before 2:00 p.m., Phoenix time, on a Business Day.

          GOVERNMENTAL BODY: any foreign, federal, state, municipal or other
     government, or any department, commission, board, bureau, agency, public
     authority or instrumentality thereof or any court or arbitrator.

          GUARANTY: a guaranty of Borrower's Obligations executed by the
     Guarantor in favor of FINOVA.

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          GUARANTOR: I.C.H. Corporation, a Delaware corporation.

          HAZARDOUS MATERIALS: any hazardous, toxic, dangerous or other waste,
     substance or material defined as such in, regulated by or for purposes of
     any Environmental Law.

          INCIPIENT DEFAULT: any event or condition which, with the giving of
     notice or the lapse of time, or both, would become an Event of Default.

          INDEBTEDNESS: all liabilities, obligations and reserves, contingent or
     otherwise, which, in accordance with GAAP, would be reflected as a
     liability on a balance sheet or would be required to be disclosed in a
     financial statement or the footnotes thereto, including, without
     duplication: (i) Indebtedness for Borrowed Money, (ii) obligations secured
     by any Lien upon Property, (iii) guaranties, letters of credit and other
     contingent obligations and (iv) liabilities in respect of unfunded vested
     benefits under any Pension Plan or in respect of withdrawal liabilities
     incurred under ERISA by Borrower or any of its ERISA Affiliates to any
     Multiemployer Plan.

          INDEBTEDNESS FOR BORROWED MONEY: without duplication, all Indebtedness
     (i) in respect of money borrowed, (ii) evidenced by a note, debenture or
     other like written obligation to pay money (including, without limitation,
     all of Borrower's Obligations and Permitted Senior Indebtedness), (iii) in
     respect of rent or hire of Property under Capitalized Leases or for the
     deferred purchase price of Property, (iv) in respect of obligations under
     conditional sales or other title retention agreements and (v) all
     guaranties of any or all of the foregoing.

          INITIAL STORES: the existing Stores designated by the numbers and at
     the locations described in EXHIBIT 5.5.2.

          LANDLORD: a lessor under a Lease.

          LANDLORD's Waiver: a landlord's waiver in form and substance
     satisfactory to FINOVA.

          LEASE: any lease of real estate under which Borrower is the lessee or
     sublessee.

          LEASEHOLD PROPERTY: any real estate which is the subject of a Lease.

          LICENSES: all licenses (including liquor licenses, if any), permits,
     consents, approvals and authority issued by any Governmental Body in
     connection with the operation of the Collateral Stores.

          LIEN: any mortgage, pledge, assignment, lien, charge, encumbrance or
     security interest of any kind, or the interest of a vendor or lessor under
     any conditional sale agreement, Capitalized Lease or other title retention
     agreement.

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          LOAN: the term loan to be made by FINOVA to Borrower pursuant to
     Section 2.1.

          LOAN AGREEMENT: this Loan Agreement and any amendments or supplements
     hereto.

          LOAN FEE: the fee payable to FINOVA pursuant to Section 2.5.

          LOAN INSTRUMENTS:

               (i)   Loan Agreement;

               (ii)  Note;

               (iii) Guaranty;

               (iv)  Security Agreement;

               (v)   Solvency Certificate;

               (vi)  such Uniform Commercial Code financing statements as FINOVA
                     may require in order to perfect the Security Interests; and

               (vii) such other instruments and documents as FINOVA reasonably
                     may require in connection with the transactions
                     contemplated by this Loan Agreement.

          LOAN YEAR: a period of time from the Closing Date or any anniversary
     of the Closing Date to the immediately succeeding anniversary of the
     Closing Date.

          MATERIAL ADVERSE EFFECT: (i) a material adverse effect upon the
     business, operations, Property, profits or condition (financial or
     otherwise) of Borrower, (ii) a material adverse effect upon the validity,
     enforceability or priority of the Security Interests or (iii) a material
     impairment of the ability of Borrower to perform its obligations under any
     Loan Instrument to which it is a party or of FINOVA to enforce or collect
     any of Borrower's Obligations.

          MATURITY DATE: the earlier to occur of (i) January 4, 2010 and (ii)
     the date Borrower's Obligations are accelerated pursuant to Section 8.2.

          MAXIMUM RATE: as defined in subsection 2.2.4.

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          MULTIEMPLOYER PLAN: any multiemployer plan as defined pursuant to
     Section 3(37) of ERISA to which Borrower or any of its ERISA Affiliates
     makes, or accrues an obligation to make contributions, or has made, or been
     obligated to make, contributions within the preceding six years.

          NOTE: a promissory note in the principal amount of $8,500,000 executed
     and delivered by Borrower to FINOVA to evidence the Loan.

          OBLIGOR: any of the Obligors.

          OBLIGORS: collectively, Borrower and Guarantor.

          OPERATING AGREEMENTS: all right-of-entry agreements, supply
     agreements, access agreements, advertising contracts, equipment leases,
     service contracts and similar agreements relating to the operation of the
     Collateral Stores, excluding the Development Agreement and the Collateral
     Store Leases, the Franchise Agreements and Licenses.

          OPERATING LEASE: any lease which, under GAAP, is not required to be
     capitalized.

          PBGC: the Pension Benefit  Guaranty  Corporation or any
     Governmental Body succeeding to the functions thereof.

          PENSION PLAN: any Employee Benefit Plan, other than a Multiemployer
     Plan, which is subject to the provisions of Part 3 of Title I of ERISA,
     Title IV of ERISA, or Section 412 of the Code and which (i) is maintained
     for employees of Borrower or any of its ERISA Affiliates, or (ii) has at
     any time within the preceding six years been maintained for the employees
     of Borrower or any of its current or former ERISA Affiliates.

          PERMITTED LIENS: any of the following Liens:

               (i)  the Security Interests;

              (ii)  Liens for taxes or assessments and similar charges, which
                    either are (A) not delinquent or (B) being contested
                    diligently and in good faith by appropriate proceedings, and
                    as to which Borrower has set aside reserves on its books
                    which are satisfactory to FINOVA;

             (iii)  statutory Liens, such as mechanic's, materialman's,
                    warehouseman's, carrier's or other like Liens, incurred in
                    good faith in the ordinary course of business, provided that
                    the underlying obligations relating to such Liens are paid
                    in the ordinary course of business, or are being contested
                    diligently and in good faith by appropriate proceedings and
                    as to which

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                     Borrower has set aside reserves on its books satisfactory
                     to FINOVA, or the payment of which obligations are
                     otherwise secured in a manner satisfactory to FINOVA;

              (iv)   zoning ordinances, easements, licenses, reservations,
                     provisions, covenants, conditions, waivers or restrictions
                     on the use of Property and other title exceptions, in each
                     case, that are acceptable to FINOVA, or that do not
                     interfere with the intended use of the Property as a
                     Collateral Store;

              (v)    Liens in respect of judgments or awards with respect to
                     which no Event of Default would exist pursuant to
                     subsection 8.1.6;

              (vi)   Liens to secure payment of insurance premiums (A) to be
                     paid in accordance with applicable laws in the ordinary
                     course of business relating to payment of worker's
                     compensation, or (B) that are required for the
                     participation in any fund in connection with worker's
                     compensation, unemployment insurance, old-age pensions or
                     other social security programs;

              (vii)  the Permitted Senior Indebtedness Liens; and

              (viii) statutory liens in favor of Landlords under Collateral
                     Store Leases or contractual liens granted to Landlords
                     under Collateral Store Leases, in each case to secure the
                     obligations of Borrower under Collateral Store Leases.

              PERMITTED PRIOR LIENS: any of the following Liens:

              (i)    the Permitted Liens described in clauses (ii) and (iii) of
                     the definition of Permitted Liens that are accorded
                     priority to the Security Interests by law;

              (ii)   the Permitted Liens described in clauses (iv) and (vi) of
                     the definition of Permitted Liens, subject to the
                     limitations set forth therein; and

              (iii)  the Permitted Senior Indebtedness Liens.

              PERMITTED SENIOR INDEBTEDNESS: Indebtedness, other than Borrower's
       Obligations, incurred to purchase tangible personal property or
       Indebtedness incurred to lease tangible personal property pursuant to
       Capitalized Leases, provided that (i) the amount of such Indebtedness
       attributable to any Collateral Store at any one time outstanding during
       any Loan Year shall not exceed $60,000,

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     and (ii) no Event of Default exists at the time or will be caused as a
     result of the incurrence of any Indebtedness described in clause (i).

          PERMITTED SENIOR INDEBTEDNESS LIENS: Liens that secure Permitted
     Senior Indebtedness, provided that each such Lien attaches only to the
     Property purchased or leased with the proceeds of the Permitted Senior
     Indebtedness incurred with respect to such Property.

          PERSON:  any individual,  firm,  corporation,  business
     enterprise, trust, association,  joint venture, partnership,
     Governmental  Body or other  entity,  whether  acting  in an
     individual, fiduciary or other capacity.

          PRINCIPAL BALANCE: the aggregate unpaid principal balance of the Loan
     or any specified portion thereof outstanding from time to time.

          PROPERTY: all types of real, personal or mixed property and all types
     of tangible or intangible property.

          QUALIFIED DEPOSITORY: a member bank of the Federal Reserve System
     having a combined capital and surplus of at least $100,000,000.

          REAL ESTATE: any fee simple real estate now owned or hereafter
     acquired, beneficially or otherwise, by Borrower.

          RESTAURANT BUSINESS: the ownership and operation of restaurants,
     taverns, banquet centers, related commissary/catering services and
     ancillary activities.

          SECURITIES ACT: the Securities Act of 1933, the Securities Exchange
     Act of 1934, any successor statute thereto, and the rules, regulations and
     legally binding policies of the Securities Exchange Commission promulgated
     thereunder, as amended and in effect from time to time.

          SECURITY AGREEMENT: a security agreements executed by Borrower in
     favor of FINOVA.

          SECURITY INTERESTS: the Liens in the Collateral granted to FINOVA
     pursuant to the Security Agreement and any other document now or hereafter
     executed by any Obligor which purports to grant a Lien on the Property of
     such Obligor in favor of FINOVA to secure Borrower's Obligations.

          SOLVENCY CERTIFICATE: a solvency certificate executed by Borrower in
     favor of FINOVA.

          STATED RATE: as defined in subsection 2.2.4.

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          STORE: an ARBY's restaurant owned and operated by Borrower.

          STORE CASH FLOW: for any period, with respect to any designated Store,
     the net income of Borrower derived from the operation of such Store for
     such period:

               (i) PLUS the sum of the following (without duplication), to the
          extent deducted in determining such net income for such period and to
          the extent attributable to such Store for such period:

                    (A) losses from sales, exchanges and other dispositions of
               Property, and other extraordinary and non-recurring losses, in
               each case not in the ordinary course of business;

                    (B) interest, fees and other charges paid or accrued on
               Indebtedness, including, without limitation, interest on
               Capitalized Leases that is imputed in accordance with GAAP;

                    (C) income taxes paid or accrued;

                    (D) depreciation, amortization and all other non-cash items
               deducted in determining such net income; and

                    (E) rent expense paid or accrued under all Operating Leases
               related to such Store, including the Collateral Store Lease of
               such Store and all equipment leases which are not Capitalized
               Leases pertaining to equipment located at such Store; and

               (ii) MINUS the sum of the following (without duplication), to the
          extent included in determining such net income for such period and to
          the extent attributable to such Store for such period:

                    (A) gains from sales, exchanges and other dispositions of
               Property, and other extraordinary and non-recurring gains, in
               each case not in the ordinary course of business;

                    (B) proceeds of any insurance other than business
               interruption insurance; and

                    (C) any other non-cash item included in determining such net
               income.

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          STORE FIXED CHARGES: during any period with respect to any designated
     Store, as applicable, the sum of (i) all payments of principal, interest,
     premium, loan fees and other charges with respect to Indebtedness for
     Borrowed Money made or required to be made by Borrower which are allocable
     to such Store plus (ii) rent expense paid or accrued under all Operating
     Leases of Borrower related to such Store including the applicable
     Collateral Store Lease and all equipment leases which are not Capitalized
     Leases pertaining to equipment located at such Store.

          SUBSTITUTE STORE: as defined in subsection 2.6.2(a).

          TERMINATION EVENT: (i) a "Reportable Event" described in Section 4043
     of ERISA and the regulations issued thereunder; or (ii) the withdrawal of
     Borrower or any of its ERISA Affiliates from a Pension Plan during a plan
     year in which it was a "substantial employer" as defined in Section
     4001(a)(2); or (iii) the termination of a Pension Plan, the filing of a
     notice of intent to terminate a Pension Plan or the treatment of a Pension
     Plan amendment as a termination under Section 4041 of ERISA; or (iv) the
     institution of proceedings to terminate, or the appointment of a trustee
     with respect to, any Pension Plan by the PBGC; or (v) any other event or
     condition which would constitute grounds under Section 4042(a) of ERISA for
     the termination of, or the appointment of a trustee to administer, any
     Pension Plan; or (vi) the partial or complete withdrawal of Borrower or any
     of its ERISA Affiliates from a Multiemployer Plan; or (vii) the imposition
     of a lien pursuant to Section 412 of the Code or Section 302 of ERISA; or
     (viii) any event or condition which results in the reorganization or
     insolvency of a Multiemployer Plan under Sections 4241 or 4245 of ERISA; or
     (ix) any event or condition which results in the termination of a
     Multiemployer Plan under Section 4041A of ERISA or the institution by the
     PBGC of proceedings to terminate a Multiemployer Plan under Section 4042 of
     ERISA.

     1.2 TIME PERIODS. In this Loan Agreement and the other Loan Instruments, in
the computation of periods of time from a specified date to a later specified
date, (i) the word "from" means "from and including," (ii) the words "to" and
"until" each mean "to, but excluding" and (iii) the words "through," "end of"
and "expiration" each mean "through and including." Unless otherwise specified,
all references in this Loan Agreement and the other Loan Instruments to (i) a
"month" shall be deemed to refer to a calendar month, (ii) a "quarter" shall be
deemed to refer to a calendar quarter and (iii) a "year" shall be deemed to
refer to a calendar year.

     1.3 ACCOUNTING TERMS AND DETERMINATIONS. All accounting terms not
specifically defined herein shall be construed, all accounting determinations
hereunder shall be made and all financial statements required to be delivered
pursuant hereto shall be prepared in accordance with GAAP as in effect at the
time of such interpretation, determination or preparation, as applicable. In the
event that any Accounting Changes (as hereinafter defined) occur and such
changes result in a change in the method of calculation of financial covenants,
standards or terms contained in this Loan Agreement, then Borrower and FINOVA
agree to enter into negotiations to amend such provisions of this Loan Agreement
so as to reflect such Accounting Changes with the desired result that the
criteria for evaluating the financial condition of

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Borrower shall be the same after such Accounting Changes as if such Accounting
Changes had not been made. For purposes hereof, "Accounting Changes" shall mean
(i) changes in generally accepted accounting principles required by the
promulgation of any rule, regulation, pronouncement or opinion by the Financial
Accounting Standards Board of the American Institute of Certified Public
Accountants (or any successor thereto) or other appropriate authoritative body
and (ii) changes in accounting principles as approved by the Accountants.

     1.4 REFERENCES. All references in this Loan Agreement to "Article,"
"Section," "subsection," "subparagraph," "clause" or "Exhibit," unless otherwise
indicated, shall be deemed to refer to an Article, Section, subsection,
subparagraph, clause or Exhibit, as applicable, of this Loan Agreement.

     1.5 FINOVA's Discretion. Whenever the terms "satisfactory to FINOVA,"
"determined by FINOVA," "acceptable to FINOVA," "FINOVA shall elect," "FINOVA
shall request," "at the option or election of FINOVA," or similar terms are used
in the Loan Instruments, except as otherwise specifically provided therein, such
terms shall mean satisfactory to, at the election or option of, determined by,
acceptable to or requested by FINOVA, in its sole and unlimited discretion.

     1.6 BORROWER's Knowledge. Any statements, representations or warranties in
the Loan Instruments that are based upon the best knowledge of Borrower or an
officer thereof shall be deemed to have been made after due inquiry by Borrower
or an officer, as applicable, with respect to the matter in question.

                                   ARTICLE II

                            LOAN AND TERMS OF PAYMENT

     2.1 LOAN.

          2.1.1 AMOUNT. The Loan shall consist of a term loan from FINOVA to
     Borrower in the amount of $8,500,000.

          2.1.2 DISBURSEMENT. FINOVA shall disburse the Loan to or as directed
     by Borrower when all of the terms and conditions set forth in Article IV
     have been satisfied.

          2.1.3 USE OF PROCEEDS. The proceeds of the Loan shall be used (i) to
     pay transaction costs, (ii) for the acquisition and development of
     Expansion Stores and (iii) for working capital.

          2.1.4 NOTE. The Loan shall be evidenced by the Note.

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          2.1.5 REBORROWING. Borrower shall not be entitled to reborrow any
     portion of the Loan which is repaid or prepaid.

     2.2  INTEREST.

          2.2.1 INTEREST RATE. Except as provided in subsection 2.2.2, the
     Principal Balance shall bear interest at a fixed rate per annum equal to
     10.88%.

          2.2.2 DEFAULT RATE. During a Default Rate Period, Borrower's
     Obligations shall bear interest at the Default Rate.

          2.2.3 INTEREST COMPUTATION. Interest shall be computed on the basis of
     a year consisting of 360 days and charged for the actual number of days
     during the period for which interest is being charged. In computing
     interest, the date of funding of the Loan shall be included and the date of
     payment shall be excluded.

          2.2.4 MAXIMUM INTEREST. Notwithstanding any provision to the contrary
     contained herein or in any other Loan Instrument, FINOVA shall not collect
     a rate of interest on any obligation or liability due and owing by Borrower
     to FINOVA in excess of the maximum contract rate of interest permitted by
     applicable law ("EXCESS Interest"). All fees, charges, goods, things in
     action or any other sums or things of value (other than items (a), (b) and
     (c) below) paid or payable by Borrower (collectively, the "ADDITIONAL
     SUMS"), whether pursuant to the Note, this Loan Agreement, the other Loan
     Instruments or any other document or instrument in any way pertaining to
     the Loan, that, under the laws of the State of Arizona, may be deemed to be
     interest with respect to the Loan, for the purpose of any laws of the State
     of Arizona that may limit the maximum amount of interest to be charged with
     respect to the Loan shall be payable by Borrower and shall be deemed to be
     additional interest, and for such purposes only, the agreed upon and
     "contracted for rate of interest" with respect to the Loan shall be deemed
     to be increased by the rate of interest resulting from the Additional Sums.
     FINOVA and Borrower agree that the interest laws of the State of Arizona
     shall govern the relationship among them and understand and believe that
     the transactions contemplated by the Loan Instruments comply with the usury
     laws of the State of Arizona, but in the event of a final adjudication to
     the contrary, Borrower shall be obligated to pay, NUNC PRO TUNC, to FINOVA
     only such interest as then shall be permitted by the laws of the state
     found to govern the contract relationship between FINOVA and Borrower. For
     the purpose of any laws of the State of Arizona that may limit the maximum
     amount of interest to be charged with respect to a loan, the "contracted
     for rate of interest" for the Loan shall consist of the following: (a)
     interest calculated in accordance with the provisions of subsections 2.2.1
     and 2.2.2; (b) the late charges calculated in accordance with the
     provisions of Section 2.4; (c) the Loan Fee; and (d) all Additional Sums,
     if any. Borrower agrees to pay an effective "contracted for rate of
     interest" which is the sum of items (a), (b), (c) and (d) above. If any
     Excess Interest is provided for or determined by a court of competent
     jurisdiction to have been provided for in this Loan

                                       14
<PAGE>

     Agreement or any other Loan Instrument, then in such event (i) no Obligor
     shall be obligated to pay such Excess Interest, (ii) any Excess Interest
     collected by FINOVA shall be, at FINOVA's option, (A) applied to the
     Principal Balance of any Loan in such manner as FINOVA may elect or to
     accrued and unpaid interest not in excess of the maximum rate permitted by
     applicable law or (B) refunded to the payor thereof, (iii) the interest
     rates provided for herein (collectively, including, without limitation, the
     Loan Fee, the "STATED RATE") shall be automatically reduced to the maximum
     rate allowed from time to time under applicable law (the "MAXIMUM RATE")
     and this Loan Agreement and the other Loan Instruments, as applicable,
     shall be deemed to have been, and shall be, modified to reflect such
     reduction, and (iv) neither Borrower nor any other Obligor shall have any
     action against FINOVA for any damages arising out of the payment or
     collection of such Excess Interest.

     2.3  PAYMENTS.

          2.3.1 STUB PERIOD INTEREST. Interest which will accrue on the
     Principal Balance from the Closing Date through the last day of the month
     in which the Closing occurs shall be paid in advance on the Closing Date.

          2.3.2 MONTHLY INSTALLMENTS. Commencing on the first Business Day of
     February, 2000 and on the first Business Day of each month thereafter
     through the first Business Day of December, 2009, the Principal Balance of
     the Loan and all accrued and unpaid interest thereon shall be payable in
     119 equal monthly installments of $116,510.88.

          2.3.3 PAYMENT AT MATURITY. The remaining Principal Balance, together
     with all accrued and unpaid interest thereon and all other amounts which
     then are due and payable pursuant to the terms of the Loan Instruments,
     shall be due and payable in full on the Maturity Date.

     2.4 LATE CHARGES. If a payment of principal or interest to be made pursuant
to this Loan Agreement becomes past due for a period in excess of ten days,
Borrower shall pay on demand to FINOVA a late charge of 10% of the amount of
such overdue payment.

     2.5 LOAN FEE. Borrower shall pay to FINOVA a loan fee of $85,000, which
shall be deemed to be fully earned and payable upon the Closing and against
which FINOVA shall credit the $25,000 deposit (net of FINOVA's expenses)
previously paid by Borrower to FINOVA.

     2.6  PREPAYMENTS.

          2.6.1 VOLUNTARY PREPAYMENT. Borrower may not prepay the Principal
     Balance at any time during the first two Loan Years. Borrower voluntarily
     may prepay the Principal Balance in whole, but not in part, at any time
     after the second Loan Year subject to the following conditions:

                                       15
<PAGE>

               (A) PREPAYMENT PREMIUM. Concurrently with any such voluntary
          prepayment of the Principal Balance, Borrower shall pay to FINOVA a
          prepayment premium equal to a percentage of the amount of the
          Principal Balance prepaid, determined in accordance with the following
          schedule:

                                              Percentage of Principal
                    Period Of Prepayment          Balance Prepaid
                    --------------------      -----------------------

                    Third Loan Year                    5.0%
                    Fourth Loan Year                   3.0%
                    Fifth Loan Year and Thereafter     1.0%

               (B) NOTICE OF PREPAYMENT. Not less than 30 days prior to the date
          upon which Borrower desires to prepay the Principal Balance, Borrower
          shall deliver to FINOVA notice of its intention to prepay, which
          notice shall state the prepayment date and the amount of the Principal
          Balance as of the prepayment date. If Borrower delivers to FINOVA a
          notice of prepayment and fails to make such prepayment, Borrower shall
          reimburse FINOVA on demand in the amount of any loss, cost and/or
          expense incurred by FINOVA as a result of FINOVA's reliance on such
          notice, including without limitation, any loss, cost or expense
          resulting from any contractual obligations of FINOVA in connection
          with the reinvestment of the amount indicated in such notice of
          prepayment.

               (C) ADDITIONAL PAYMENTS. Concurrently with any prepayment of the
          Principal Balance, Borrower shall pay to FINOVA accrued and unpaid
          interest on the Principal Balance which is being prepaid to the date
          on which FINOVA is in receipt of Good Funds, and any other sums which
          are due and payable pursuant to the terms of any of the Loan
          Instruments.

          2.6.2     MANDATORY PREPAYMENTS.

               (a) LEASE OR FRANCHISE EXPIRATION. In the event any Collateral
          Store Lease or Franchise Agreement with respect to any Initial Store
          terminates prior to January 4, 2010, and such Collateral Store Lease
          or Franchise Agreement is not renewed or otherwise extended, Borrower
          shall prepay the Principal Balance in an amount equal to the Allocated
          Loan Amount with respect such Initial Store, unless at least 30 days
          prior to such termination Borrower delivers to FINOVA (i) certified
          copies of a Collateral Store Lease and a Franchise Agreement with
          respect to a Substitute Store and (ii) such amendments to this Loan
          Agreement and the Security Agreement as are necessary to reflect the
          substitution of such Substitute Store for such Initial Store, together
          with a UCC-1 financing statement naming Borrower, as debtor, and
          FINOVA, as secured party,

                                       16
<PAGE>

          covering the Collateral located at such Substitute Store. As used
          herein, the term "SUBSTITUTE STORE" means any Store designated by
          Borrower:

                    (i) which is the subject of a Collateral Store Lease and a
               Franchise Agreement each having an expiration date not earlier
               than January 4, 2010;

                    (ii) with respect to which Borrower demonstrates to the
               satisfaction of FINOVA that the ratio of the Store Cash Flow for
               the most recently ended twelve month period to the sum of Store
               Fixed Charges for such period plus the projected FINOVA Debt
               Service on the Allocated Loan Amount of the Initial Store being
               replaced for the succeeding twelve month period is not less than
               1.25:1.00; and

                    (iii) with respect to which the representations and
               warranties contained in Section 5.5 are true and correct in all
               material respects.

               (b) ADDITIONAL PAYMENTS; PREPAYMENT PREMIUM. Concurrently with
          any mandatory prepayment pursuant to subsection 2.6.2(a), Borrower
          shall pay to FINOVA accrued and unpaid interest on the Principal
          Balance which is being prepaid to the date on which FINOVA is in
          receipt of Good Funds, any other sums which are due and payable
          pursuant to the terms of any of the Loan Instruments and a prepayment
          premium equal to a percentage of the Principal Balance prepaid,
          determined in accordance with the following schedule:

                                             Percentage of Principal
                    Period Of Prepayment         Balance Prepaid
                    --------------------     -----------------------

                    Third Loan Year                    5.0%
                    Fourth Loan Year                   3.0%
                    Fifth Loan Year and Thereafter     1.0%

               (c) APPLICATION OF MANDATORY PREPAYMENTS. Prepayments received by
          FINOVA pursuant to this subsection 2.6.2 shall be applied in the
          following order of priority to the payment of: (i) any and all sums
          which are due and payable pursuant to the terms of the Loan
          Instruments, except the Principal Balance and accrued and unpaid
          interest thereon, (ii) accrued and unpaid interest on the portion of
          the Principal Balance being prepaid and (iii) the installments of the
          Principal Balance in the inverse order of maturity.

          2.6.3 NO PREPAYMENT PREMIUM. No prepayment premium shall be payable
     with respect to prepayments made from insurance proceeds.

                                       17
<PAGE>

          2.6.4 INVOLUNTARY PREPAYMENT. Concurrently with any payment of the
     Principal Balance received by FINOVA resulting from the exercise by FINOVA
     of any remedy available to FINOVA subsequent to the occurrence of an Event
     of Default and the acceleration of Borrower's Obligations, Borrower shall
     pay to FINOVA a prepayment premium in an amount equal to the prepayment
     premium which would be payable if such payment was made pursuant to
     subsection 2.6.1.

     2.7 PAYMENTS AFTER EVENT OF DEFAULT. All payments received by FINOVA during
the existence of an Event of Default shall be applied in accordance with Section
8.4.

                                   ARTICLE III

                              GUARANTY AND SECURITY

     Borrower's Obligations shall be (i) guaranteed by the Guarantor pursuant to
the Guaranty and (iii) secured by a Lien upon all of the Collateral, which at
all times shall be superior and prior to all other Liens, except Permitted Prior
Liens.

                                   ARTICLE IV

                              CONDITIONS OF CLOSING

     4.1 REPRESENTATIONS AND WARRANTIES. On the Closing Date the representations
and warranties of each Obligor set forth in the Loan Instruments to which such
Person is a party shall be true and correct.

     4.2 PERFORMANCE; NO DEFAULT. Each Obligor shall have performed and complied
with all agreements and conditions contained in the Loan Instruments to be
performed by or complied with by such Person prior to or at such disbursement
and no Event of Default or Incipient Default shall then exist or result from the
disbursement of the Loan.

     4.3 APPRAISALS. FINOVA shall have received from the Accountants appraisals
of ten of the Initial Stores, in each case in form and substance satisfactory to
FINOVA, showing an aggregate business value of the Initial Stores of not less
than $8,630,000.

     4.4 STORE FIXED CHARGE COVERAGE. Borrower shall demonstrate to the
satisfaction of FINOVA that the ratio of the combined Store Cash Flow of the
Initial Stores for the twelve month period ending closest to September 30, 1999
to the sum of the combined Store Fixed Charges of the Initial Stores

                                       18
<PAGE>

for such twelve month period plus the projected FINOVA Debt Service on the
Principal Balance for the first Loan Year is not less than 1.25:1.00.

     4.5 DELIVERY OF DOCUMENTS. The following shall have been delivered to
FINOVA, each duly authorized and executed, where applicable, and in form and
substance satisfactory to FINOVA:

          (a) the Loan Instruments;

          (b) good standing certificates for each Obligor from the State in
     which each such Person is organized and for Borrower from each State in
     which any Initial Store is located, each dated a recent date prior to the
     Closing Date;

          (c)  copies of:

               (1) the articles of incorporation of each Obligor, certified by
          the Secretary of State of the State in which such Obligor is
          organized, together with all current and proposed amendments thereto,
          certified by the corporate secretary of such Obligor;

               (2) the by-laws of each Obligor, together with all current and
          proposed amendments thereto, certified by the corporate secretary of
          such Obligor;

               (3) resolutions adopted by the board of directors of each
          Obligor, authorizing the execution and delivery by such Obligor of the
          Loan Instruments to which such Obligor is a party and the consummation
          of the transactions contemplated thereby, certified as of the Closing
          Date by the corporate secretary of such Obligor;

               (4) signature and incumbency certificates of the officers of each
          Obligor;

               (5) certified copies or executed originals of each of the
          following:

                    (A) the Development Agreement as in effect on the Closing
               Date;

                    (B) the Franchise Agreements for each of the Initial Stores
               as in effect on the Closing Date;

                    (C) the Collateral Store Leases for each of the Initial
               Stores as in effect on the Closing Date; and

                    (D) the certificate of occupancy for each of the Initial
               Stores;

                                       19
<PAGE>

               (6) a Landlord's Waiver from the Landlord under at least seven of
          the Collateral Store Leases; and

               (7) such other instruments, documents, certificates, consents,
          waivers and opinions as FINOVA reasonably may request.

     4.6 OPINIONS OF COUNSEL; DIRECTION FOR DELIVERY. FINOVA shall have received
an opinion dated the Closing Date from Pryor Cashman Sherman and Flynn, counsel
to the Obligors, and any other law firm representing Obligors, addressed to
FINOVA, in such form and covering such matters as FINOVA may require.

     4.7 SECURITY INTERESTS. All filings of Uniform Commercial Code financing
statements and all other filings and actions necessary to perfect and maintain
the Security Interests as first, valid and perfected Liens in the Collateral
covered thereby, subject only to Permitted Prior Liens, shall have been filed or
taken and FINOVA shall have received such UCC, state and federal tax Lien,
pending suit, judgment and other Lien searches as it deems necessary to confirm
the foregoing.

     4.8 FINANCIAL STATEMENTS; INSPECTION. FINOVA shall have received the
financial statements described in EXHIBIT 5.7. Borrower shall have provided
FINOVA with an opportunity for representatives of FINOVA to visit and inspect
its offices and properties.

     4.9 BUSINESS AND FLOOD INSURANCE. At least two Business Days prior to the
Closing Date Borrower shall have delivered to FINOVA evidence satisfactory to
FINOVA that all insurance coverage required pursuant to Section 6.6 is in full
force and effect and all premiums then due thereon have been paid in full.

     4.10 APPROVAL OF INSTRUMENTS AND SECURITY INTERESTS. FINOVA shall have
received evidence that the approval or consent shall have been obtained from all
Governmental Bodies and all other Persons whose approval or consent is required
to enable Obligors to (i) enter into and perform their respective obligations
under the Loan Instruments to which each such Person is a party and (ii) grant
the Security Interests to FINOVA.

     4.11 LICENSES. FINOVA shall have received evidence that (i) Borrower is the
licensee of all Licenses and Franchise Agreements necessary for the operation of
the Collateral Stores and (ii) such Licenses and Franchise Agreements are in
full force and effect as of the Closing Date and no event has occurred which
could result in the termination, revocation or non-renewal of any such License
or Franchise Agreement.

     4.12 USE OF ASSETS. FINOVA shall be satisfied that Borrower at all times
shall be entitled to the use and quiet enjoyment of all Property necessary for
the continued ownership and operation of the

                                       20
<PAGE>

Collateral Stores, including, without limitation, the use of equipment,
fixtures, Licenses, offices and means of ingress and egress thereto, necessary
for the operation of the Collateral Stores.

     4.13 NO MATERIAL ADVERSE EFFECT. No event or series of events shall have
occurred since October 2, 1999, and no litigation or governmental proceeding or
investigation shall be pending, which has had or could reasonably be expected to
have a Material Adverse Effect. No judgment, order, injunction or other
restraint prohibiting or imposing materially adverse conditions on the
transactions to be consummated on the Closing Date shall be in effect.

     4.14 PAYMENT OF FEES AND EXPENSES. Borrower shall have paid the Loan Fee
and all fees and expenses described in subsection 10.1.1 incurred in connection
with the Loan.

                                    ARTICLE V

                         REPRESENTATIONS AND WARRANTIES

     Borrower represents and warrants to FINOVA as follows:

     5.1 EXISTENCE AND POWER. Each Obligor is a corporation, duly formed,
validly existing and in good standing under the laws of the State of its
incorporation. Each Obligor is duly authorized to transact business in each
other State where such Obligor conducts business and has all requisite power and
authority to own its Property and to carry on its business as now conducted and
as proposed to be conducted.

     5.2 AUTHORITY. Each Obligor has full power and authority to enter into,
execute, deliver and carry out the terms of the Loan Instruments to which it is
a party and to incur the obligations provided for therein, all of which have
been duly authorized by all proper and necessary action and are not prohibited
by its articles of incorporation, by-laws or other organizational instruments of
such Person.

     5.3  BORROWER CAPITAL STOCK AND RELATED MATTERS.

          5.3.1 BORROWER CAPITAL STOCK. As of the Closing Date, there is set
     forth in EXHIBIT 5.3.1 a complete description of the Borrower Capital
     Stock, all of which is validly issued, fully paid and non-assessable, and
     has been issued and sold in compliance with all applicable federal and
     state laws, rules and regulations, including, without limitation, all so-
     called "Blue-Sky" laws. The Borrower Capital Stock is owned beneficially
     and of record by Guarantor, free and clear of all Liens. Borrower has no
     subsidiaries.

          5.3.2 RESTRICTIONS. No Obligor (i) is a party to or has knowledge of
     any agreements restricting the transfer of the Borrower Capital Stock,
     except the Loan Instruments, (ii) has issued

                                       21
<PAGE>

     any rights which can be convertible into or exchangeable or exercisable for
     any of the Borrower Capital Stock, or any rights to subscribe for or to
     purchase, or any options for the purchase of, or any agreements providing
     for the issuance (contingent or otherwise) of, or any calls, commitments or
     claims of any character relating to, any of the Borrower Capital Stock or
     any securities convertible into or exchangeable or exercisable for any of
     the Borrower Capital Stock and (iii) is not subject to any obligation
     (contingent or otherwise) to repurchase or otherwise acquire or retire any
     of the Borrower Capital Stock or any convertible rights or options.

     5.4 BINDING AGREEMENTS. This Loan Agreement and the other Loan Instruments,
when executed and delivered, will constitute the valid and legally binding
obligations of each Obligor to the extent such Obligor is a party thereto,
enforceable against such Obligor in accordance with their respective terms,
except as such enforceability may be limited by (i) applicable bankruptcy,
insolvency, reorganization, moratorium or similar laws now or hereafter in
effect affecting the enforcement of creditors' rights generally and (ii)
equitable principles (whether or not any action to enforce such document is
brought at law or in equity).

     5.5  BUSINESS AND PROPERTY; COLLATERAL STORES.

          5.5.1 BUSINESS AND PROPERTY. Borrower owns all Property and hold all
     Collateral Store Leases, Licenses, Franchise Agreements and Operating
     Agreements necessary to conduct its business as now conducted. Borrower
     does not engage or propose to engage in any business or activity other than
     the Restaurant Business.

          5.5.2 COLLATERAL STORES; OTHER LOCATIONS. There is set forth in
     EXHIBIT 5.5.2 (i) a complete and accurate address of each Collateral Store,
     (ii) the chief executive office of each Obligor and (iii) all other
     locations where any books and records of Borrower pertaining to the
     Collateral Stores are located.

          5.5.3 COLLATERAL STORE LEASES. There is set forth in EXHIBIT 5.5.3 a
     description of each Collateral Store Lease, including the name and address
     of the landlord thereunder, the commencement and expiration dates thereof,
     a description of all renewal or extension options with respect thereto and
     a complete and accurate legal description of each parcel of Leasehold
     Property which is the subject of such Collateral Store Lease. Each such
     Collateral Store Lease is in full force and effect, there has been no
     material default in the performance of any of its terms or conditions by
     Borrower, or, to the best of Borrower's knowledge, any other party thereto,
     and no claims of default have been asserted with respect thereto. The
     present and contemplated use of the Leasehold Property which is the subject
     of such Collateral Store Lease is in compliance in all material respects
     with all applicable zoning ordinances and regulations and other laws and
     regulations.

                                       22
<PAGE>

          5.5.4 LICENSES AND FRANCHISE AGREEMENTS. All of Licenses and Franchise
     Agreements which have been issued or assigned to Borrower are in full force
     and effect and have been duly issued in the name of, or validly assigned
     to, Borrower, no default or breach exists thereunder and Borrower has full
     power and authority thereunder to conduct its Restaurant Business with
     respect to the Collateral Stores.

          5.5.5 OPERATING AGREEMENTS. There is set forth in EXHIBIT 5.5.5 a
     description of all material Operating Agreements with respect to the
     Collateral Stores. All of such Operating Agreements are in full force and
     effect and no event has occurred which could result in the cancellation or
     termination of any such Operating Agreement or the imposition thereunder of
     any liability upon Borrower which could have a Material Adverse Effect.

          5.5.6 REAL ESTATE. No Collateral Store is located upon any Real
     Estate.

          5.5.7 OPERATION AND MAINTENANCE OF EQUIPMENT. No equipment owned or
     operated by Borrower which is necessary for the operation of any Collateral
     Store has been used, operated or maintained in a manner which now or
     hereafter could result in the cancellation or termination of the right of
     Borrower to use or make use of the same or which could result in any
     material liability of Borrower for damages in connection therewith. All of
     the equipment and other tangible personal property owned by Borrower used
     in the operation of the Collateral Stores is, in all material respects, in
     good operating condition and repair (subject to normal wear and tear) and
     has been used, operated and maintained in substantial compliance with all
     material applicable laws, rules and regulations.

          5.5.8 TITLE TO PROPERTY; LIENS. Each Obligor has (i) good and
     marketable title to all of its Property used or useful in connection with
     the operation of the Collateral Stores, except (A) any License or Franchise
     Agreement which cannot be transferred without the consent of the applicable
     Governmental Body or Franchisor and (B) the portion thereof consisting of a
     leasehold estate and (ii) a valid leasehold estate in each portion of its
     Property which consists of a leasehold estate. All of such Property is free
     and clear of all Liens, except Permitted Liens. Upon the proper filing with
     the appropriate Governmental Bodies of appropriate Uniform Commercial Code
     financing statements, the applicable Loan Instruments will create valid and
     perfected Liens in the Property described therein, subject only to
     Permitted Liens, and subject in priority only to Permitted Prior Liens.

     5.6 INDEBTEDNESS FOR BORROWED MONEY. There is set forth in EXHIBIT 5.6 a
description of all Indebtedness for Borrowed Money of Borrower existing as of
the Closing Date, including the principal amount thereof and the interest rate,
amortization schedule and maturity date applicable thereto.

     5.7 FINANCIAL STATEMENTS. Borrower has delivered to FINOVA the financial
statements described in EXHIBIT 5.7 pertaining to the operations of the
Obligors. Such financial statements present

                                       23
<PAGE>

fairly in all material respects the results of operations of the Obligors for
the periods covered thereby and the financial condition of the Obligors as of
the dates indicated therein. All of such financial statements have been prepared
in conformity with GAAP. Since October 2, 1999, there has been no change which
has had a Material Adverse Effect. Borrower also has delivered to FINOVA a
pro-forma balance sheet as of the Closing Date. Such pro-forma balance sheet,
which assumes the consummation of the transactions contemplated by the Loan
Instruments, presents fairly in all material respects the anticipated financial
condition of Borrower as of the Closing Date.

     5.8 LITIGATION. There are no actions, suits, arbitration proceedings and
claims pending or, to the best knowledge of Borrower, threatened against any
Obligor or maintained by any Obligor at law or in equity or before any
Governmental Body, which could reasonably be expected to be adversely determined
could have a Material Adverse Effect if adversely determined.

     5.9 DEFAULTS IN OTHER AGREEMENTS; CONSENTS; CONFLICTING AGREEMENTS. No
Obligor is in default under any agreement to which it is a party or by which it
or any of its Property is bound, the effect of which default could have a
Material Adverse Effect. No authorization, consent, approval or other action by,
and no notice to or filing with, any Governmental Body or any other Person which
has not already been obtained, taken or filed, as applicable, is required (i)
for the due execution, delivery or performance by any Obligor of any of the Loan
Instruments to which it is a party or (ii) as a condition to the validity or
enforceability of any of the Loan Instruments to which it is a party or any of
the transactions contemplated thereby or the priority of the Security Interests,
except for certain filings to establish and perfect the Security Interests. No
provision of any mortgage, indenture, contract, agreement, statute, rule,
regulation, judgment, decree or order binding on any Obligor or affecting its
Property conflicts with, or requires any consent which has not already been
obtained under, or would in any way prevent the execution, delivery or
performance of the terms of any of the Loan Instruments or affect the validity
or priority of the Security Interests. The execution, delivery and performance
of the terms of the Loan Instruments will not constitute a default under, or
result in the creation or imposition of, or obligation to create, any Lien upon
the Property of any Obligor pursuant to the terms of any such mortgage,
indenture, contract or agreement.

     5.10 TAXES. Each Obligor has filed all tax returns required to be filed,
and has paid, or made adequate provision for the payment of, all taxes shown to
be due and payable on such returns or in any assessments made against it, and no
tax liens have been filed except for tax liens which are (i) not delinquent or
(ii) being contested diligently and in good faith by appropriate proceedings,
and as to which Borrower has set aside reserves on its books which are
satisfactory to FINOVA and, to the best knowledge of Borrower, no claims are
being asserted in respect of such taxes which are required by GAAP to be
reflected in the financial statements of such Obligor and are not so reflected
therein. The charges, accruals and reserves on the books of each Obligor with
respect to all federal, state, local and other taxes are considered by the
management of Borrower to be adequate, and Borrower does not know of any unpaid
assessment which is or might be due and payable by any Obligor or create a Lien
against such Obligor's Property, except such assessments as are being contested
in good faith and by appropriate proceedings diligently conducted, and for which
adequate reserves have been set aside in accordance with GAAP.

                                       24
<PAGE>

Borrower has not received written notice that any of its tax returns are under
audit or that it is the subject or target of any investigation by the Internal
Revenue Service.

     5.11 COMPLIANCE WITH APPLICABLE LAWS. No Obligor is in default in respect
of any judgment, order, writ, injunction, decree or decision of any Governmental
Body, which default could have a Material Adverse Effect. Each Obligor is in
compliance in all material respects with all applicable statutes and
regulations, including, without limitation, all Environmental Laws, ERISA, ADA
and all laws and regulations relating to unfair labor practices, equal
employment opportunity and employee safety, of all Governmental Bodies. No
material condemnation, eminent domain or expropriation has been commenced or, to
the best knowledge of Borrower, threatened against the Property which any
Obligor owns or will own upon the Closing.

     5.12 PATENTS, TRADEMARKS, FRANCHISES, AGREEMENTS. Each Obligor owns,
possesses or has the right to use all patents, trademarks, service marks, trade
names, copyrights, franchises and rights with respect thereto which are
necessary for the conduct of its business, the failure to own, possess or have
the right to use could have a Material Adverse Effect, without any known
conflict with the rights of others.

     5.13 REGULATORY MATTERS. Each Obligor (i) has duly and timely filed all
reports and other filings which are required to be filed by Borrower under any
applicable law, rule or regulation of any Governmental Body, the non-filing of
which could have a Material Adverse Effect, and (ii) is in compliance with all
such laws, rules and regulations, the noncompliance with which could have a
Material Adverse Effect.

     5.14 ENVIRONMENTAL MATTERS. Each Obligor is in compliance in all material
respects with all applicable Environmental Laws and, to the best knowledge of
Borrower, no portion of any Real Estate or Leasehold Property has been used as a
land fill. There currently are not any known Hazardous Materials generated,
manufactured, released, stored, buried or deposited over, beneath, in or on (or
used in the construction and/or renovation of) the Real Estate or Leasehold
Property in violation of applicable Environmental Laws.

     5.15   APPLICATION   OF   CERTAIN   LAWS  AND   REGULATIONS.
Borrower is not and no Affiliate of Borrower is:

          5.15.1 INVESTMENT COMPANY ACT. An "investment company," or a company
     "controlled" by an "investment company," within the meaning of the
     Investment Company Act of 1940, as amended.

          5.15.2 HOLDING COMPANY ACT. A "holding company," or a "subsidiary
     company" of a "holding company," or an "affiliate" of a "holding company"
     or of a "subsidiary company" of a "holding company," as such terms are
     defined in the Public Utility Holding Company Act of 1935, as amended.

                                       25
<PAGE>

          5.15.3 FOREIGN OR ENEMY STATUS. (i) An "enemy" or an "ally of an
     enemy" within the meaning of Section 2 of the Trading with the Enemy Act,
     (ii) a "national" of a foreign country designated in Executive Order No.
     8389, as amended, or of any "designated enemy country" as defined in
     Executive Order No. 9095, as amended, of the President of the United States
     of America, in each case within the meaning of such Executive Orders, as
     amended, or of any regulation issued thereunder, (iii) a "national of any
     designated foreign country" within the meaning of the Foreign Assets
     Control Regulations or the Cuban Assets Control Regulations of the United
     States of America (Code of Federal Regulations, Title 31, Chapter V, Part
     515, Subpart B, as amended) or (iv) an alien or a representative of any
     alien or foreign government within the meaning of Section 310 of Title 47
     of the United States Code.

          5.15.4 REGULATIONS AS TO BORROWING. Subject to any statute or
     regulation which regulates the incurrence of any Indebtedness for Borrowed
     Money, including, without limitation, statutes or regulations relative to
     common or interstate carriers or to the sale of electricity, gas, steam,
     water, telephone, telegraph or other public utility services.

     5.16 MARGIN REGULATIONS. None of the transactions contemplated by this Loan
Agreement or any of the other Loan Instruments, including the use of the
proceeds of the Loan, will violate or result in a violation of Section 7 of the
Securities Exchange Act of 1934, as amended, or any regulations issued pursuant
thereto, including, without limitation, Regulations T, U and X, and no Obligor
owns or intends to carry or purchase any "margin security" within the meaning of
Regulation U.

     5.17 NO MISREPRESENTATION. Neither this Loan Agreement nor any other Loan
Instrument, certificate or financial statement furnished or to be furnished by
or on behalf of any Obligor to FINOVA in connection with any of the transactions
contemplated hereby or thereby, contains or will contain a misstatement of
material fact, or omits or will omit to state a material fact required to be
stated in order to make the statements contained herein or therein, taken as a
whole, not misleading in the light of the circumstances under which such
statements were made. There is no fact, other than information known to the
public generally, known to Borrower after diligent inquiry, that could have a
Material Adverse Effect that has not expressly been disclosed to FINOVA in
writing.

     5.18 EMPLOYEE BENEFIT PLANS.

          5.18.1 ERISA AND CODE COMPLIANCE AND LIABILITY. Borrower and each
     ERISA Affiliate are in compliance with all applicable provisions of ERISA
     and the regulations and published interpretations thereunder with respect
     to all Employee Benefit Plans except where failure to comply would not
     result in a material liability to Borrower and except for any required
     amendments for which the remedial amendment period as defined in Section
     401(b) of the Code has not yet expired. Each Employee Benefit Plan that is
     intended to be qualified under Section 401(a) of the Code has been
     determined by the Internal Revenue Service to be so qualified, and each
     trust related to such plan has been determined to be exempt under Section
     401(a) of the

                                       26
<PAGE>

     Code. No material liability has been incurred by Borrower or any ERISA
     Affiliate which remains unsatisfied for any taxes or penalties with respect
     to any Employee Benefit Plan or any Multiemployer Plan.

          5.18.2 FUNDING. No Pension Plan has been terminated, nor has any
     accumulated funding deficiency (as defined in Section 412 of the Code) been
     insured (without regard to any waiver granted under Section 412 of the
     Code), nor has any funding waiver from the Internal Revenue Service been
     received or requested with respect to any Pension Plan, nor has Borrower or
     any ERISA Affiliate failed to make any contributions or to pay any amounts
     due and owing as required by Section 412 of the Code, Section 302 of ERISA
     or the terms of any Pension Plan prior to the due dates of such
     contributions under Section 412 of the Code or Section 302 of ERISA, nor
     has there been any event requiring any disclosure under Section
     4041(c)(3)(C), 4063(a) or 4068 of ERISA with respect to any Pension Plan.

          5.18.3 PROHIBITED TRANSACTIONS AND PAYMENTS. Neither Borrower nor any
     ERISA Affiliate has: (i) engaged in a nonexempt "prohibited transaction" as
     such term is defined in Section 406 of ERISA or Section 4975 of the Code;
     (ii) incurred any liability to the PBGC which remains outstanding other
     than the payment of premiums and there are no premium payments which are
     due and unpaid; (iii) failed to make a required contribution or payment to
     a Multiemployer Plan; or (iv) failed to make a required installment or
     other required payment under Section 412 of the Code.

          5.18.4 NO TERMINATION EVENT. No Termination Event has occurred or is
     reasonably expected to occur.

          5.18.5 ERISA LITIGATION. No material proceeding, claim, lawsuit and/or
     investigation is existing or, to the best knowledge of Borrower, threatened
     concerning or involving any (i) employee welfare benefit plan (as defined
     in Section 3(1) of ERISA) currently maintained or contributed to by
     Borrower or any ERISA Affiliate, (ii) Pension Plan or (iii) Multiemployer
     Plan.

     5.19 EMPLOYEE MATTERS.

          5.19.1 COLLECTIVE BARGAINING AGREEMENTS; Grievances. As of the Closing
     Date and except as set forth in EXHIBIT 5.20.1, (i) none of the employees
     of Borrower is subject to any collective bargaining agreement with
     Borrower, (ii) no petition for certification or union election is pending
     with respect to the employees of Borrower and no union or collective
     bargaining unit has sought such certification or recognition with respect
     to the employees of Borrower and (iii) there are no strikes, slowdowns,
     work stoppages, unfair labor practice complaints, grievances, arbitration
     proceedings or controversies pending or, to the best knowledge of Borrower,
     threatened against Borrower by any of Borrower's employees, other than
     employee grievances or controversies arising in the ordinary course of
     business that could not in the aggregate be expected to have a Material
     Adverse Effect.

                                       27
<PAGE>

          5.19.2 CLAIMS RELATING TO EMPLOYMENT. Neither Borrower nor, to
     Borrower's best knowledge, any employee of Borrower, is subject to any
     employment agreement or non-competition agreement with any former employer
     or any other Person which agreement would have a Material Adverse Effect
     due to (i) any information which Borrower would be prohibited from using
     under the terms of such agreement or (ii) any legal considerations relating
     to unfair competition, trade secrets or proprietary information.

     5.20 BURDENSOME OBLIGATIONS. After giving effect to the transactions
contemplated by the Loan Instruments (i) no Obligor (A) will be a party to or be
bound by any franchise, agreement, deed, lease or other instrument, or be
subject to any restriction, which is so unusual or burdensome so as to cause, in
the foreseeable future, a Material Adverse Effect and (B) intends to incur, or
believes that it will incur, debts beyond its ability to pay such debts as they
become due, and (ii) each Obligor (A) owns and will own Property, the fair
saleable value of which is (I) greater than the total amount of its liabilities
(including contingent liabilities) and (II) greater than the amount that will be
required to pay the probable liabilities of its then existing debts as they
become absolute and matured, and (B) has and will have capital that is not
unreasonably small in relation to its business as presently conducted and as
proposed to be conducted. Borrower does not presently anticipate that future
expenditures needed to meet the provisions of federal or state statutes, orders,
rules or regulations will be so burdensome so as to have a Material Adverse
Effect.

     5.21 BROKER FEES. The services of a broker or other similar agent have not
been used in connection with the Loan.

                                   ARTICLE VI

                              AFFIRMATIVE COVENANTS

     Until all of Borrower's Obligations are paid and performed in full Borrower
agrees that it will:

     6.1 LEGAL EXISTENCE; GOOD STANDING. Maintain its existence and its good
standing in the jurisdiction of its formation and its qualification in each
jurisdiction in which the failure so to qualify could have a Material Adverse
Effect, and in any event in each jurisdiction in which any Store is operated by
it.

     6.2 INSPECTION. Permit representatives of FINOVA at any reasonable time
during normal business hours and upon reasonable notice, provided, however, that
if an Event of Default or Incipient Default exists, the following activities may
be conducted at any time and without notice, to (i) visit its offices, (ii)
examine its books and records and Accountants' reports relating thereto, (iii)
make copies or extracts therefrom, (iv) discuss its affairs with its employees,
(v) examine and inspect the Collateral and (vi) meet and discuss its affairs
with the Accountants, and such Accountants, as a condition to their retention by
Borrower, are hereby irrevocably authorized by Borrower to fully discuss and
disclose all such affairs with

                                       28
<PAGE>

FINOVA. If no Event of Default or Incipient Default exists, FINOVA shall not
conduct any such inspections more than four times per calendar year.

     6.3 FINANCIAL STATEMENTS AND OTHER INFORMATION. Maintain a standard system
of accounting in accordance with GAAP and furnish to FINOVA:

          6.3.1 QUARTERLY STATEMENTS. As soon as available and in any event
     within 45 days after the close of each quarter:

               (a)  a copy of the  balance  sheet of  Borrower as
          of the end of such quarter, and

               (b) statements of operations and Borrower Cash Flow of Borrower
          for such quarter and for the period from the beginning of the then
          current year to the end of such quarter, setting forth in each case in
          comparative form the corresponding figures for the corresponding
          period in the preceding year,

     all in reasonable detail, containing such information as FINOVA reasonably
     may require, and certified by the chief financial officer of Borrower as
     complete and correct, subject to normal year-end adjustments.

          6.3.2 ANNUAL STATEMENTS. As soon as available and in any event within
     90 days after the close of each year:

               (a) the balance sheet of Guarantor as of the end of such year and
          the statements of operations, cash flows, shareholders' equity of
          Guarantor for such year (collectively, the "BASIC FINANCIAL
          STATEMENTS") and a statement of Borrower Cash Flow for Borrower for
          such year, setting forth in each case in comparative form the
          corresponding figures for the preceding year, and

               (b) an opinion of the Accountants which shall accompany the Basic
          Financial Statements which opinion shall be unqualified as to going
          concern and scope of audit, stating that (i) the examination by the
          Accountants in connection with such Basic Financial Statements has
          been made in accordance with generally accepted auditing standards,
          (ii) such Basic Financial Statements have been prepared in conformity
          with GAAP and in a manner consistent with prior periods, and (iii)
          such Basic Financial Statements fairly present in all material
          respects the financial position and results of operations of each
          Obligor.

          6.3.3 COMPLIANCE CERTIFICATE. The financial statements described in
     subsection 6.3.1 and in subsection 6.3.2 shall be accompanied by a
     Compliance Certificate.

                                       29
<PAGE>

          6.3.4 ACCOUNTANTs' Certificate. Simultaneously with the delivery of
     the certified Basic Financial Statements required by subsection 6.3.2,
     copies of a certificate of the Accountants stating that (i) they have
     checked the computations delivered by Borrower in compliance with
     subsection 6.3.2, and (ii) in making the examination necessary for their
     audit or review of the Basic Financial Statements for such year, nothing
     came to their attention of a financial or accounting nature that caused
     them to believe that (A) Borrower was not in compliance with the terms,
     covenants, provisions or conditions of any of the Loan Instruments, or (B)
     there shall have occurred any condition or event which would constitute an
     Event of Default, or, if so, specifying in such certificate all such
     instances of non-compliance and the nature and status thereof.

          6.3.5 AUDIT REPORTS. Promptly upon receipt thereof, a copy of each
     report, other than the reports referred to in subsection 6.3.2, including
     any so-called "Management Letter" or similar report, submitted to any
     Obligor by the Accountants in connection with any annual, interim or
     special audit made by the Accountants of the books of such Obligor.

          6.3.6 NOTICE OF DEFAULTS; LOSS. Prompt written notice if: (i) any
     Indebtedness of any Obligor in the aggregate principal amount in excess of
     $1,000,000 is declared or shall become due and payable prior to its
     declared or stated maturity, or called and not paid when due, (ii) an event
     has occurred that enables the holder of any note, or other evidence of such
     Indebtedness, certificate or security evidencing any such Indebtedness of
     any Obligor to declare such Indebtedness due and payable prior to its
     stated maturity, (iii) there shall occur and be continuing an Event of
     Default, accompanied by a statement of setting forth what action Borrower
     proposes to take in respect thereof, or (iv) any event shall occur which
     has a Material Adverse Effect, including the amount or the estimated amount
     of any loss or adverse effect.

          6.3.7 NOTICE OF SUITS; ADVERSE EVENTS. Prompt written notice of: (i)
     any citation, summons, subpoena, order to show cause or other order naming
     any Obligor a party to any proceeding before any Governmental Body which
     could reasonably be expected to have a Material Adverse Effect, including
     with such notice a copy of such citation, summons, subpoena, order to show
     cause or other order, (ii) any lapse or other termination of any license,
     permit, franchise, agreement or other authorization issued to Borrower by
     any Governmental Body or any other Person that is material to the operation
     of the business of Borrower, (iii) any refusal by any Governmental Body or
     any other Person to renew or extend any such license, permit, franchise,
     agreement or other authorization and (iv) any dispute between Borrower and
     any Governmental Body or any other Person, which lapse, termination,
     refusal or dispute referred to in clauses (ii) and (iii) above or in this
     clause (iv) could have a Material Adverse Effect.

          6.3.8 REPORTS TO SHAREHOLDERS, CREDITORS AND GOVERNMENTAL BODIES.

               (a) Promptly upon becoming available, copies of all financial
          statements, reports, notices and other statements sent or made
          available generally by any Obligor to

                                       30
<PAGE>

          its shareholders, of all regular and periodic reports and all
          registration statements and prospectuses filed by any Obligor with any
          securities exchange or with the Securities and Exchange Commission or
          any Governmental Body succeeding to any of its functions, and of all
          statements generally made available by any Obligor or others
          concerning material developments in the business of such Obligor.

               (b) Promptly upon becoming available, copies of any periodic or
          special reports filed by any Obligor with any Governmental Body or
          Person, if such reports indicate any material adverse change in the
          business, operations, affairs or condition of such Obligor, or if
          copies thereof are requested by FINOVA, and copies of any material
          notices and other communications from any Governmental Body or Person
          which specifically relate to any Obligor.

          6.3.9 ERISA NOTICES AND REQUESTS.

               (a) With reasonable promptness, and in any event within 30 days
          after occurrence of any of the following, notice and/or copies of: (i)
          the establishment of any new Employee Benefit Plan, Pension Plan or
          Multiemployer Plan; (ii) the commencement of contributions to any
          Employee Benefit Plan, Pension Plan or Multiemployer Plan to which
          Borrower or any of its ERISA Affiliates was not previously
          contributing or any increase in the benefits of any existing Employee
          Benefit Plan, Pension Plan or Multiemployer Plan; (iii) each funding
          waiver request filed with respect to any Employee Benefit Plan and all
          communications received or sent by Borrower or any ERISA Affiliate
          with respect to such request; and (iv) the failure of Borrower or any
          of its ERISA Affiliates to make a required installment or payment
          under Section 302 of ERISA or Section 412 of the Code by the due date.

               (b) Promptly and in any event within 10 days of becoming aware of
          the occurrence of or forthcoming occurrence of any (i) Termination
          Event or (ii) "prohibited transaction," as such term is defined in
          Section 406 of ERISA or Section 4975 of the Code, in connection with
          any Pension Plan or any trust created thereunder, a notice specifying
          the nature thereof, what action Borrower has taken, is taking or
          proposes to take with respect thereto and, when known, any action
          taken or threatened by the Internal Revenue Service, the Department of
          Labor or the PBGC with respect thereto.

               (c) With reasonable promptness but in any event within 10 days
          after the occurrence of any of the following, copies of: (i) any
          favorable or unfavorable determination letter from the Internal
          Revenue Service regarding the qualification of an Employee Benefit
          Plan under Section 401(a) of the Code; (ii) all notices received by
          Borrower or any ERISA Affiliate of the PBGC's intent to terminate any
          Pension Plan or to have a trustee appointed to administer any Pension
          Plan; (iii) each Schedule B (Actuarial

                                       31
<PAGE>

          Information) to the annual report (Form 5500 Series) filed by Borrower
          or any ERISA Affiliate with the Internal Revenue Service with respect
          to each Pension Plan; and (iv) all notices received by Borrower or any
          ERISA Affiliate from a Multiemployer Plan sponsor concerning the
          imposition or amount of withdrawal liability pursuant to Section 4202
          of ERISA; and written notice within two Business Days of Borrower's or
          any ERISA Affiliate's filing of or intention to file a notice of
          intent to terminate any Pension Plan under a distress termination
          within the meaning of Section 4041(c) of ERISA.

          6.3.10 OTHER INFORMATION.

               (a) Immediate notice of any change in the location of any
          Property of Borrower located at any of the Collateral Stores, any
          change in the name of Borrower, any sale or purchase of Property
          located at the Collateral Stores or arising out of activities
          conducted at the Collateral Stores outside the regular course of
          business of Borrower or as otherwise permitted by Section 7.10, and
          any change in the business or financial affairs of any Obligor, which
          change could have a Material Adverse Effect.

               (b) Promptly upon request therefor, such other information and
          reports relating to the past, present or future financial condition,
          operations, plans and projections of Borrower as FINOVA reasonably may
          request from time to time.

     6.4 REPORTS TO GOVERNMENTAL BODIES AND OTHER PERSONS. Timely file all
material reports, applications, documents, instruments and information required
to be filed pursuant to all rules, regulations or requests of any Governmental
Body or other Person having jurisdiction over the operation of the business of
Borrower, including, but not limited to, such of the Loan Instruments as are
required to be filed with any such Governmental Body or other Person pursuant to
applicable rules and regulations promulgated by such Governmental Body or other
Person, except where the failure to file such reports, applications, documents,
instruments and information could not reasonably be expected to have a Material
Adverse Effect.

     6.5 MAINTENANCE OF LICENSES AND FRANCHISE AGREEMENTS. Maintain in full
force and effect at all times, and apply in a timely manner for renewal of, all
Licenses, Franchise Agreements, trademarks, tradenames and agreements necessary
for the operation of its Restaurant Business at the Collateral Stores, the loss
of any of which could have a Material Adverse Effect.

     6.6  INSURANCE.

          6.6.1 MAINTENANCE OF INSURANCE. (i) Maintain in full force and effect
     at all times such property, casualty, business interruption and other
     insurance with respect to the Collateral Stores required by FINOVA, all of
     which shall be written by insurers, contain terms and be in amounts and
     forms reasonably satisfactory to FINOVA (including, at a minimum (i)
     comprehensive general

                                       32
<PAGE>

     liability insurance (including bodily injury and property damage coverage)
     with a broad form endorsement and combined single limit of at least
     $2,000,000 and (ii) casualty insurance against fire and other "All Risk"
     perils, including, if required by FINOVA, earthquake and flood, in the full
     replacement value of the Collateral Stores), providing for deductibles of
     not more than $30,000 for any single act or occurrence, with a standard
     mortgagee clause endorsed thereon in favor of FINOVA which shall provide,
     among other things, that the policies may not be canceled without 30 days'
     prior notice to FINOVA and (ii) deliver to FINOVA, from time to time as
     FINOVA reasonably may request, evidence of compliance with this subsection,
     provided that Borrower will use its best efforts to provide such evidence
     at least 15 days prior to the expiration date of any policy required
     hereunder, but in any event at least 5 days prior to such expiration date,
     each bearing notations evidencing prior payment of premiums.

          6.6.2 CLAIMS AND PROCEEDS. Borrower hereby directs all insurers under
     all policies of casualty and property insurance pertaining to the
     furniture, fixtures, equipment and other contents located at the Collateral
     Stores required to be maintained by Borrower pursuant to subsection 6.6.1
     to pay all proceeds payable thereunder directly to FINOVA and Borrower
     hereby authorizes FINOVA to collect such proceeds; provided that so long as
     no Incipient Default or Event of Default exists and is continuing any
     proceeds payable thereunder in an aggregate amount of $50,000 or less may
     be paid directly to Borrower provided Borrower promptly uses such proceeds
     to pay for the cost of repair or replacement of the Collateral subject to
     the applicable loss, damage, destruction or other casualty to at least
     equal value and substantially the same character as prior to such loss,
     damage, destruction or other casualty. Borrower hereby irrevocably appoints
     FINOVA (and all officers, employees or agents designated by FINOVA) as
     Borrower's true and lawful attorney and agent in fact for the purpose of
     and with power to make, settle and adjust claims under such policies of
     insurance, endorse the name of Borrower on any check, draft, instrument or
     other item of payment for the proceeds of such policies of insurance, and
     to make all determinations and decisions with respect to such policies of
     insurance. Borrower acknowledges that such appointment of FINOVA as its
     attorney and agent in fact is a power coupled with an interest and
     therefore is irrevocable. Borrower shall promptly notify FINOVA of any
     loss, damage, destruction or other casualty to the Collateral. Subject to
     the first sentence of this subsection 6.6.2, the insurance proceeds
     received on account of any loss, damage, destruction or other casualty (i)
     if any Incipient Default or Event of Default exists, at the option of
     FINOVA shall be applied (A) as set forth in the following clause (ii) or
     (B) in reduction of Borrower's Obligations in the following order of
     priority: (1) first, to the payment of any and all sums which are then due
     and payable pursuant to the terms of the Loan Instruments, other than the
     Principal Balance and accrued and unpaid interest thereon, (2) next, to
     accrued and unpaid interest on the Principal Balance and (3) next, to the
     Principal Balance of the Loans in the inverse order of the maturity of the
     installments thereof or (ii) if no Incipient Default or Event of Default
     exists or if FINOVA so elects, shall be held by FINOVA and applied to pay
     for the cost of repair or replacement of the Collateral subject to such
     loss, damage, destruction or other casualty, in which event such proceeds
     shall be made available in the manner and under such conditions as FINOVA

                                       33
<PAGE>

     reasonably may require. In the event the proceeds are to be applied to the
     repair or replacement of Collateral, the Collateral shall be so repaired or
     replaced as to be of at least equal value and substantially the same
     character as prior to such loss, damage, destruction or other casualty.

     6.7 ENVIRONMENTAL MATTERS. At all times comply with, and be responsible
for, its obligations under all Environmental Laws applicable to the Real Estate
and Leasehold Property and any other Property owned by Borrower or used by
Borrower in the operation of the Collateral Stores. At its sole cost and
expense, Borrower shall (i) comply in all respects with (A) any notice of any
violation or administrative or judicial complaint or order having been filed
against Borrower, any portion of any Real Estate or Leasehold Property or any
other Property owned by Borrower or used by Borrower in the operation of its
business alleging violations of any law, ordinance and/or regulation requiring
Borrower to take any action in connection with the release, transportation
and/or clean-up of any Hazardous Materials, the violation of which could have a
Material Adverse Effect, and (B) any notice from any Governmental Body or any
other Person alleging that Borrower is or may be liable for costs associated
with a response or clean-up of any Hazardous Materials or any damages resulting
from such release or transportation, or (ii) diligently contest in good faith by
appropriate proceedings any demands set forth in such notices, provided (A)
reserves in an amount satisfactory to FINOVA to pay the costs associated with
complying with any such notice are established by Borrower and (B) no Lien would
or will attach to any Collateral which is the subject of any such notice as a
result of any compliance by Borrower which is delayed during any such contest.
Promptly upon receipt of any notice described in the foregoing clause (i),
Borrower shall deliver to FINOVA a copy thereof.

     6.8 COMPLIANCE WITH LAWS. Comply with all federal, state and local laws,
ordinances, requirements and regulations and all judgments, orders, injunctions
and decrees applicable to Borrower and its operations, the failure to comply
with which could have a Material Adverse Effect.

     6.9 TAXES AND CLAIMS. Pay and discharge all taxes, assessments and
governmental charges or levies imposed upon it or upon its income or profits, or
upon any Collateral Store, prior to the date on which penalties attach thereto,
and all lawful claims which, if unpaid, might become a Lien (other than a
Permitted Lien) upon any Collateral Store, provided that Borrower shall not be
required by this Section 6.9 to pay any such amount if the same is being
contested diligently and in good faith by appropriate proceedings and as to
which Borrower has set aside reserves on its books satisfactory to FINOVA.

     6.10 MAINTENANCE OF PROPERTIES. Maintain all of its Properties necessary in
the operation of the Collateral Stores in good working order and condition.

     6.11 APPROVALS. Upon the exercise by FINOVA of any power, right or
privilege pursuant to the provisions of any of the Loan Instruments requiring
any consent, approval or authorization of any Governmental Body, Landlord,
Franchisor or other Person (including, without limitation, transfers of
Licenses, Collateral Store Leases and Franchise Agreements), promptly execute
and cause the execution

                                       34
<PAGE>

of all applications, certificates, instruments and other documents that FINOVA
may be required to obtain for such consent, approval or authorization.

     6.12 PAYMENT OF INDEBTEDNESS. Except as to matters being contested in good
faith and by appropriate proceedings, promptly pay when due, or in conformance
with customary trade terms, all of its Indebtedness.

     6.13 LANDLORD's Waivers. Deliver to FINOVA not later than January 31, 2000
a Landlord's Waiver from the Landlord under at least twelve of the Collateral
Store Leases.

                                   ARTICLE VII

                               NEGATIVE COVENANTS

     Until all of Borrower's Obligations are paid and performed in full,
Borrower shall not:

     7.1 BORROWING. Create, incur, assume or suffer to exist any liability for
Indebtedness for Borrowed Money if the Borrower Fixed Charge Coverage Ratio for
the twelve month period most recently ended would be less than 1.10 assuming
such Indebtedness for Borrowed Money was incurred on the first day of such
period.

     7.2 LIENS. Create, incur, assume or suffer to exist any Lien upon any of
the Collateral or the Collateral Store Leases, in each case whether now owned or
hereafter acquired, except Permitted Liens.

     7.3 MERGER AND ACQUISITION. Consolidate with or merge with or into any
Person unless (i) Borrower is the surviving corporation and (ii) immediately
upon consummation of such consolidation or merger, Borrower would be permitted
to borrow at least $1.00 of additional Indebtedness for Borrowed Money under
Section 7.1.

     7.4 CONTINGENT LIABILITIES. Assume, guarantee, endorse, contingently agree
to purchase, become liable in respect of any letter of credit, or otherwise
become liable upon the obligation of any Person, except for liabilities arising
from the endorsement of negotiable instruments for deposit or collection or
similar transactions in the ordinary course of business and except to the extent
permitted under Section 7.1.

     7.5 DIVIDENDS AND DISTRIBUTIONS. Make any dividends or distributions with
respect to the Borrower Capital Stock or apply any of its Property to the
purchase, redemption or other retirement of, or set apart any sum for the
payment of, or make any other distribution by reduction of capital or otherwise
in respect of, any of the Borrower Capital Stock, if the ratio of (i) the
remainder of (A) Borrower Cash

                                       35
<PAGE>

Flow for the period from the Closing Date through the last day of the month most
recently ended minus (B) the sum of (x) the aggregate amount of all dividends,
distributions and other payments referred to above made during such period plus
(y) the aggregate amount of all dividends, distributions and other payments
referred to above to be made to (ii) the Borrower Fixed Charges for such period
would be less than 1.00.

     7.6 EQUIPMENT LEASES. Enter into any (i) Operating Leases after the Closing
Date pertaining to equipment or other Property located at any of the Collateral
Stores if the aggregate rent expense payable under all such Operating Leases
would exceed $60,000 in any year or (ii) except to the extent permitted under
Section 7.1, Capitalized Leases.

     7.7 FUNDAMENTAL BUSINESS CHANGES. Materially change the nature of its
business or engage in any business other than the Restaurant Business and
activities incidental thereto.

     7.8 FACILITY SITES. Change the locations of its chief executive office or
other Property used in the operation of the Collateral Stores unless (i) FINOVA
shall have received at least 30 days' prior written notice thereof and (ii)
Borrower shall have executed and delivered to FINOVA any documents FINOVA may
reasonably require in order to maintain the validity and priority of the
Security Interests.

     7.9 SALE OR TRANSFER OF ASSETS. Sell, lease, assign, transfer or otherwise
dispose of any of the Collateral or any of the Collateral Store Leases, except
for the sale or disposition of (i) inventory in the ordinary course of business
and (ii) obsolete, surplus or unusable items of equipment which promptly are
replaced with new items of equipment of like function and comparable value to
the unusable items of equipment when the same were new or not obsolete or
unusable, provided such replacement items of equipment shall become subject to
the Security Interests.

     7.10 AMENDMENT OF CERTAIN AGREEMENTS. Amend, modify or waive any term or
provision of its articles of incorporation or by-laws or the Collateral Store
Leases or the Franchise Agreements, other than non-material amendments,
modifications or waivers that would not reasonable be expected to adversely
affect FINOVA.

     7.11 FUNDAMENTAL BUSINESS CHANGES. Engage in any business other than the
Restaurant Business.

     7.12 TRANSACTIONS WITH AFFILIATES. Sell, lease, assign, transfer or
otherwise dispose of any Property to any Obligor or any Affiliate of any
Obligor, lease Property, render or receive services or purchase assets from any
Obligor or any such Affiliate, or otherwise enter into any contractual
relationship with any Obligor or any Affiliate of any Obligor except to the
extent permitted by Section 7.5 or otherwise on terms and conditions no less
favorable to Borrower than could be obtained on an arm's length basis from a
third party who is not an Obligor or an Affiliate of an Obligor.

     7.13 COMPLIANCE WITH ERISA.

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<PAGE>

          (i) Permit the occurrence of any Termination Event which would result
     in a liability to Borrower or any ERISA Affiliate in excess of $50,000;

         (ii) Permit the present value of all benefit liabilities under all
     Pension Plans to exceed the current value of the assets of such Pension
     Plans allocable to such benefit liabilities by more than $50,000;

        (iii) Permit any accumulated funding deficiency in excess of $50,000 (as
     defined in Section 302 of ERISA and Section 412 of the Code) with respect
     to any Pension Plan, whether or not waived;

         (iv) Fail to make any contribution or payment to any Multiemployer Plan
     which Borrower or any ERISA Affiliate may be required to make under any
     agreement relating to such Multiemployer Plan, or any law pertaining
     thereto which results in or is likely to result in a liability in excess of
     $50,000;

          (v) Engage, or permit Borrower or any ERISA Affiliate to engage, in
     any "prohibited transaction" as such term is defined in Section 406 of
     ERISA or Section 4975 of the Code for which a civil penalty pursuant to
     Section 502(i) of ERISA or a tax pursuant to Section 4975 of the Code in
     excess of $50,000 is imposed;

         (vi) Permit the establishment of any Employee Benefit Plan providing
     post-retirement welfare benefits or establish or amend any Employee Benefit
     Plan which establishment or amendment could result in liability to Borrower
     or any ERISA Affiliate or increase the obligation of Borrower or any ERISA
     Affiliate to a Multiemployer Plan which liability or increase, individually
     or together with all similar liabilities and increases, is material to
     Borrower or amu ERISA Affiliate; or

        (vii) Fail, or permit Borrower or any ERISA Affiliate to fail, to
     establish, maintain and operate each Employee Benefit Plan in compliance in
     all material respects with ERISA, the Code and all other applicable laws
     and regulations and interpretations thereof.

     7.14 BORROWER FIXED CHARGE COVERAGE RATIO. Permit the Borrower Fixed Charge
Coverage Ratio for the twelve month period ending on the last day of any quarter
commencing with the quarter ending March 30, 2000 to be less than 1.10.

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<PAGE>

                                  ARTICLE VIII

                              DEFAULT AND REMEDIES

     8.1 EVENTS OF DEFAULT. The occurrence of any of the following shall
constitute an Event of Default under the Loan Instruments:

          8.1.1 DEFAULT IN PAYMENT. If Borrower shall fail to pay all or any
     portion of Borrower's Obligations the same become due and payable and such
     failure shall continue for a period of 5 Business Days; or

          8.1.2     BREACH OF COVENANTS.

               (a) If Borrower shall fail to observe or perform any covenant or
          agreement made by Borrower contained in Section 6.2, 6.5, 6.6, 6.8,
          6.9, 6.13 or in Article
          VII;

               (b) If Borrower shall fail to observe or perform any covenant or
          agreement made by Borrower contained in Section 6.1 or 6.3 and such
          failure shall continue for a period of 5 Business Days; or

               (c) If Borrower or Guarantor shall fail to observe or perform any
          covenant or agreement (other than those referred to in subparagraphs
          (a) or (b) above or specifically addressed elsewhere in this Section
          8.1) made by such Person in any of the Loan Instruments to which such
          Person is a party, and such failure shall continue for a period of 30
          days.

          8.1.3 BREACH OF WARRANTY. If any representation or warranty made by or
     on behalf of any Obligor in or pursuant to any of the Loan Instruments or
     in any instrument or document furnished in compliance with the Loan
     Instruments shall prove to be false or misleading in any material respect.

          8.1.4 DEFAULT UNDER OTHER INDEBTEDNESS FOR BORROWED MONEY. If any
     default shall occur in respect of any issue of Indebtedness for Borrowed
     Money of any Obligor (other than Borrower's Obligations) outstanding in a
     principal amount of at least $1,000,000, or in respect of any agreement or
     instrument relating to any such issue of Indebtedness for Borrowed Money,
     and such default shall continue beyond the grace period, if any, applicable
     thereto.

          8.1.5 BANKRUPTCY.

               (a) If any Obligor shall (i) generally not be paying its debts as
          they become due, (ii) file, or consent, by answer or otherwise, to the
          filing against it of a petition for relief or reorganization or
          arrangement or any other petition in bankruptcy or insolvency under
          the laws of any jurisdiction, (iii) make an assignment for the benefit
          of creditors, (iv) consent to the appointment of a custodian,
          receiver, trustee or other officer with similar powers for it or for
          any substantial part of its Property, or (v) be adjudicated insolvent.

                                       38
<PAGE>

               (b) If any Governmental Body of competent jurisdiction shall
          enter an order appointing, without consent of such Obligor, a
          custodian, receiver, trustee or other officer with similar powers with
          respect to it or with respect to any substantial part of its Property,
          or if an order for relief shall be entered in any case or proceeding
          for liquidation or reorganization or otherwise to take advantage of
          any bankruptcy or insolvency law of any jurisdiction, or ordering the
          dissolution, winding-up or liquidation of any Obligor or if any
          petition for any such relief shall be filed against it and such
          petition shall not be dismissed or stayed within 90 days.

          8.1.6 JUDGMENTS. If there shall be entered against Borrower one or
     more judgments, awards or decrees, or orders of attachment, garnishment or
     any other writ, which exceed $250,000 in the aggregate at any one time
     outstanding, excluding judgments, awards, decrees, orders or writs (i) for
     which there is full insurance (subject to applicable deductibles) and with
     respect to which the insurer has assumed responsibility in writing, (ii)
     for which there is full indemnification (upon terms and by creditworthy
     indemnitors which are satisfactory to FINOVA) or (iii) which have been in
     force for less than the applicable period for filing an appeal so long as
     execution has not been levied thereunder (or in respect of which Borrower
     shall at the time in good faith be prosecuting an appeal or proceeding for
     review and in respect of which a stay of execution or appropriate appeal
     bond shall have been obtained pending such appeal or review).

          8.1.7 IMPAIRMENT OF LICENSES; OTHER AGREEMENTS. If (i) any
     Governmental Body shall revoke, terminate, suspend or adversely modify any
     License of Borrower, the adverse modification or non-continuation of which
     could have a Material Adverse Effect, or (ii) there shall exist any
     violation or default in the performance of, or a material failure to comply
     with any agreement, or condition or term of any License or Franchise
     Agreement, which violation, default or failure has a Material Adverse
     Effect, or (iii) any Franchise Agreement or other agreement which is
     necessary to the operation of the Restaurant Business of Borrower with
     respect to any Collateral Store shall be revoked or terminated and not
     replaced by a substitute acceptable to FINOVA within 30 days after the date
     of such revocation or termination, and such revocation or termination and
     non-replacement could have a Material Adverse Effect.

          8.1.8 COLLATERAL. If any material portion of the Collateral or any
     Collateral Store Lease shall be seized or taken by a Governmental Body or
     Person (unless in any such case either (i) the Initial Store or Substitute
     Store affected is replaced with a Substitute Store within 60 days after
     such seizure or taking and Borrower otherwise complies with the
     requirements of subsection 2.6.2(a) with respect to such Substitute Store
     or (ii) Borrower prepays the Principal Balance in an amount equal to the
     Allocated Loan Amount with respect to such Initial Store or Substitute
     Store), or Borrower shall fail to maintain or cause to be maintained the
     Security Interests and priority of the Loan Instruments as against any
     Person, or the title and rights of Borrower to any material portion of the
     Collateral or any Collateral Store Lease shall have become the subject
     matter of

                                       39
<PAGE>

     litigation which could reasonably be expected to result in impairment or
     loss of the security provided by the Loan Instruments,

          8.1.9 PLANS. If an event or condition specified in subsection 6.3.9
     hereof shall occur or exist with respect to any Pension Plan or
     Multiemployer Plan and, as a result of such event or condition, together
     with all other such events or conditions, Borrower or any ERISA Affiliate
     shall incur, or in the opinion of FINOVA be reasonably likely to incur, a
     liability to a Pension Plan or Multiemployer Plan or the PBGC (or any of
     them) which, in the reasonable judgment of FINOVA, would have a Material
     Adverse Effect.

          8.1.10 CHANGE IN CONTROL. If Guarantor at any time shall cease (i) to
     own at least 51% of the Borrower Capital Stock or (ii) to maintain (A)
     effective voting control over Borrower, including the right to elect a
     majority of the board of directors of Borrower or (B) the ability to direct
     the management and policies of Borrower.

          8.1.11 GUARANTY. If prior to the termination of the Guaranty in
     accordance with its terms, Guarantor shall (i) deny or disaffirm its
     obligations thereunder or (ii) fail to make any payment required thereunder
     when due.

     8.2 ACCELERATION OF BORROWER'S OBLIGATIONS. Upon the occurrence of:

          (a) any Event of Default described in clauses (ii), (iii), (iv) and
     (v) of subsection 8.1.5(a) or in 8.1.5(b), all of Borrower's Obligations at
     that time outstanding automatically shall mature and become due, and

          (b) any other Event of Default, FINOVA, at any time, at its option,
     without further notice or demand, may declare all of Borrower's Obligations
     due and payable, whereupon Borrower's Obligations immediately shall mature
     and become due and payable,

all without presentment, demand, protest or notice (other than notice of the
declaration referred to in clause (b) above), all of which hereby are waived.

     8.3 REMEDIES ON DEFAULT. If Borrower's Obligations have been accelerated
pursuant to Section 8.2, FINOVA, at its option, may:

          8.3.1 ENFORCEMENT OF SECURITY INTERESTS. Enforce its rights and
     remedies under the Loan Instruments in accordance with their respective
     terms.

          8.3.2 OTHER REMEDIES. Enforce any of the rights or remedies accorded
     to FINOVA at equity or law, by virtue of statute or otherwise.

                                       40
<PAGE>

     8.4 APPLICATION OF FUNDS. Any funds received by FINOVA pursuant to the
exercise of any rights accorded to FINOVA pursuant to, or by the operation of
any of the terms of, any of the Loan Instruments, including, without limitation,
insurance proceeds, condemnation proceeds or proceeds from the sale of
Collateral, shall be applied to Borrower's Obligations in the following order of
priority:

          8.4.1 EXPENSES. First, to the payment of (i) all fees and expenses
     actually incurred, including, without limitation, court costs, fees of
     appraisers, title charges, costs of maintaining and preserving the
     Collateral, costs of sale, and all other costs incurred by FINOVA in
     exercising any rights accorded to such Persons pursuant to the Loan
     Instruments or by applicable law, including, without limitation, reasonable
     attorney's fees, and (ii) all Liens superior to the Liens of FINOVA except
     such superior Liens subject to which any sale of the Collateral may have
     been made.

          8.4.2 BORROWER'S OBLIGATIONS. Next, to the payment of the remaining
     portion of Borrower's Obligations in such order as FINOVA may determine.

          8.4.3 SURPLUS. Any surplus, to the Person or Persons entitled thereto.

     8.5 PERFORMANCE OF BORROWER'S Obligations. If Borrower fails to (i)
maintain in force and pay for any insurance policy or bond which Borrower is
required to provide pursuant to any of the Loan Instruments, (ii) keep the
Collateral free from all Liens except for Permitted Liens, (iii) pay when due
all taxes, levies and assessments on or in respect of the Collateral, except as
otherwise permitted pursuant to the terms hereof, (iv) make all payments and
perform all acts on the part of Borrower to be paid or performed in the manner
required by the terms hereof and by the terms of the other Loan Instruments with
respect to any of the Collateral, including, without limitation, all expenses of
protecting, storing, warehousing, insuring, handling and maintaining the
Collateral, (v) keep fully and perform promptly any other of the obligations of
Borrower hereunder or under any of the other Loan Instruments, and (vi) keep
fully and perform promptly the obligations of Borrower with respect to any issue
of Indebtedness for Borrowed Money secured by a Permitted Prior Lien, then
FINOVA may (but shall not be required to) procure and pay for such insurance
policy or bond, place such Collateral in good repair and operating condition,
pay, contest or settle such Liens or taxes or any judgments based thereon or
otherwise make good any other aforesaid failure of Borrower. Borrower shall
reimburse FINOVA immediately upon demand for all sums paid or advanced on behalf
of Borrower for any such purpose, together with costs and expenses (including
reasonable attorney's fees) paid or incurred by FINOVA in connection therewith
and interest on all sums advanced from the date of advancement until repaid to
FINOVA at the Default Rate. All such sums advanced by FINOVA, with interest
thereon, immediately upon advancement thereof, shall be deemed to be part of
Borrower's Obligations.

                                       41
<PAGE>

                                   ARTICLE IX

                                     CLOSING

     The Closing Date shall be such date as the parties shall determine, and the
Closing shall take place on such date, provided all conditions for the Closing
as set forth in this Loan Agreement have been satisfied or otherwise waived by
FINOVA. The Closing shall take place at the offices of Altheimer & Gray, 10 S.
Wacker Drive, Chicago, Illinois 60606 or such other place as the parties hereto
shall agree. Unless the Closing occurs on or before December 29, 1999, this Loan
Agreement shall terminate and be of no further force or effect and, except for
any obligation of Borrower to FINOVA pursuant to Article X, none of the parties
hereto shall have any further obligation to any other party.

                                    ARTICLE X

                             EXPENSES AND INDEMNITY

     10.1 ATTORNEYS' Fees and Other Fees and Expenses. Whether or not any of the
transactions contemplated by this Loan Agreement shall be consummated, subject
to the limitations set forth in subsection 10.1.1, Borrower agrees to pay to
FINOVA on demand all reasonable expenses incurred by FINOVA in connection with
the transactions contemplated hereby and in connection with any amendments,
modifications or waivers (whether or not the same become effective) under or in
respect of any of the Loan Instruments, including, without limitation:

          10.1.1 FEES AND EXPENSES FOR PREPARATION OF LOAN INSTRUMENTS. All
     reasonable expenses, disbursements (including, without limitation, charges
     for required mortgagee's title insurance, lien searches, reproduction of
     documents, long distance telephone calls and overnight express carriers)
     and reasonable attorneys' fees, actually incurred by FINOVA in connection
     with the (i) preparation and negotiation of the Loan Instruments or any
     amendments, modifications or waivers thereto or any documents delivered
     pursuant thereto and (ii) administration of the Loan.

          10.1.2 FEES AND EXPENSES IN ENFORCEMENT OF RIGHTS OR DEFENSE OF LOAN
     INSTRUMENTS. Any reasonable expenses or other costs, including reasonable
     attorneys' fees and expert witness fees, actually incurred by FINOVA in
     connection with the enforcement or collection against any Obligor of any
     provision of any of the Loan Instruments, and in connection with or arising
     out of any litigation, investigation or proceeding instituted by any
     Governmental Body or any other Person with respect to any of the Loan
     Instruments, whether or not suit is instituted, including, but not limited
     to, such costs or expenses arising from the enforcement or collection
     against any Obligor of any provision of any of the Loan Instruments in any
     workout or restructuring or in any state or federal bankruptcy or
     reorganization proceeding.

     10.2 INDEMNITY. Borrower agrees to indemnify and save FINOVA harmless of
and from the following:

          10.2.1 BROKERAGE FEES. The fees, if any, of brokers and finders
     engaged by Borrower.

                                       42
<PAGE>

          10.2.2 GENERAL. Any loss, cost, liability, damage or expense
     (including reasonable attorneys' fees and expenses) incurred by FINOVA in
     investigating, preparing for, defending against, providing evidence,
     producing documents or taking other action in respect of any commenced or
     threatened litigation, administrative proceeding, suit instituted by any
     Person or investigation under any law, including any federal securities
     law, the Bankruptcy Code, any relevant state corporate statute or any other
     securities law, bankruptcy law or law affecting creditors generally of any
     jurisdiction, or any regulation pertaining to any of the foregoing, or at
     common law or otherwise, relating, directly or indirectly, to the
     transactions contemplated by or referred to in, or any other matter related
     to, the Loan Instruments, except to the extent (i) of any gross negligence
     or willful misconduct of FINOVA or (ii) Borrower is the prevailing party in
     any adversarial proceeding between Borrower and FINOVA.

          10.2.3 OPERATION OF COLLATERAL; JOINT VENTURERS. Any loss, cost,
     liability, damage or expense (including reasonable attorneys' fees and
     expenses) incurred in connection with the ownership, operation or
     maintenance of the Collateral, the construction of FINOVA and Borrower as
     having the relationship of joint venturers or partners or the determination
     that FINOVA has acted as agent for Borrower.

          10.2.4 ENVIRONMENTAL INDEMNITY. Any and all claims, losses, damages,
     response costs, clean-up costs and expenses suffered and/or incurred at any
     time by FINOVA arising out of or in any way relating to the existence at
     any time of any Hazardous Materials in, on, under, at, transported to or
     from, or used in the construction and/or renovation of, any of the Real
     Estate or Leasehold Property, or otherwise with respect to any
     Environmental Law, and/or the failure of any Obligor to perform its
     obligations and covenants hereunder witch respect to environmental matters,
     including, but not limited to: (i) claims of any Persons for damages,
     penalties, response costs, clean-up costs, injunctive or other relief, (ii)
     costs of removal and restoration, including reasonable fees of attorneys
     and experts, and costs of reporting the existence of Hazardous Materials to
     any Governmental Body, and (iii) any expenses or obligations, including
     reasonable attorneys' fees and expert witness fees, incurred at, before and
     after any trial or other proceeding before any Governmental Body or appeal
     therefrom whether or not taxable as costs, including, without limitation,
     reasonable witness fees, deposition costs, copying and telephone charges
     and other expenses, all of which shall be paid by Borrower to FINOVA on
     demand, except where such costs were directly caused by the gross
     negligence or willful misconduct of FINOVA or by any agent or third party
     acting on behalf of and at the direction of FINOVA.

                                       43
<PAGE>

                                   ARTICLE XI

                                  MISCELLANEOUS

     11.1 NOTICES. All notices and communications under this Loan Agreement
shall be in writing and shall be (i) delivered in person, (ii) sent by telecopy,
or (iii) mailed, postage prepaid, either by registered or certified mail, return
receipt requested, or by overnight express carrier, addressed in each case as
follows:

     To Borrower:             I.C.H. Corporation
                              Sybra, Inc.
                              9255 Towne Centre Drive
                              Suite 600
                              San Diego, California 92121
                              Attention:    Glen V. Freter
                                            Senior Vice President
                                            Chief Financial Officer
                              Telecopy No.: (858) 638-2078

     Copy to:                 I.C.H. Corporation
                              780 Third Avenue, 43rd Floor
                              New York, New York 10017
                              Attention:    Robert H. Drechsler, Esq.
                                            Executive Vice President
                              Telecopy No.: (212) 317-0991

     Copy to:                 Pryor Cashman Sherman & Flynn LLP
                              410 Park Avenue
                              New York, New York 10022
                              Attention:    William M. Levine, Esq.
                              Telecopy No.: (212) 326-0806

     To FINOVA:               FINOVA Capital Corporation
                              115 West Century Road
                              Paramus, New Jersey 07693
                              Attention:    Daniel O'Donnell
                                            Vice President
                              Telecopy No.: (201) 634-3497

     Copy to:                 FINOVA Capital Corporation
                              1850 N. Central Avenue
                              Phoenix, Arizona 85077
                              Attention:     Vice President, Law
                              Telecopy No.:  (602) 207-5036

                                       44
<PAGE>

     Copy to:                 Altheimer & Gray
                              10 South Wacker Drive
                              Suite 4000
                              Chicago, Illinois 60606
                              Attention:     Michael L. Owen, Esq.
                              Telecopy No.:  (312) 715-4800

or to any other address or telecopy number, as to any of the parties hereto, as
such party shall designate in a written notice to the other parties hereto. All
notices sent pursuant to the terms of this Section 11.1 shall be deemed received
(i) if personally delivered, then on the Business Day of delivery, (ii) if sent
by telecopy before 2:00 p.m. Phoenix time, on the day sent if a Business Day or
if such day is not a Business Day or if sent after 2:00 p.m. Phoenix time, then
on the next Business Day, (iii) if sent by overnight, express carrier, on the
next Business Day immediately following the day sent, or (iv) if sent by
registered or certified mail, on the earlier of the fifth Business Day following
the day sent or when actually received. Any notice by telecopy shall be followed
by delivery on the next Business Day by overnight, express carrier or by hand.

     11.2 SURVIVAL OF LOAN AGREEMENT; INDEMNITIES. All covenants, agreements,
representations and warranties made in this Loan Agreement and in the
certificates delivered pursuant hereto shall survive the making by FINOVA of the
Loans and the execution and delivery to FINOVA of the Notes and of all other
Loan Instruments, and shall continue in full force and effect so long as any of
Borrower's Obligations remain outstanding, unperformed or unpaid.
Notwithstanding the repayment of all amounts due under the Loan Instruments, the
cancellation of the Note and the release and/or cancellation of any and all of
the Loan Instruments or the foreclosure of any Liens on the Collateral, the
obligations of Borrower to indemnify FINOVA with respect to the expenses,
damages, losses, costs and liabilities described in Section 10.2 shall survive
until all applicable statute of limitations periods with respect to actions
which may be brought against FINOVA have run.

     11.3 FURTHER ASSURANCE. From time to time, Borrower shall execute and
deliver to FINOVA such additional documents as FINOVA reasonably may require to
carry out the purposes of the Loan Instruments and to protect rights of FINOVA
thereunder, including, without limitation, using its reasonable best efforts in
the event any Collateral is to be sold to secure the approval by any
Governmental Body of any application required by such Governmental Body in
connection with such sale, and not take any action inconsistent with such sale
or the purposes of the Loan Instruments.

     11.4 TAXES AND FEES. Should any tax (other than taxes based upon the net
income of any FINOVA), recording or filing fees become payable in respect of any
of the Loan Instruments, or any amendment, modification or supplement thereof,
Borrower agrees to pay the same on demand, together with any interest or
penalties thereon attributable to any delay by Borrower in meeting any FINOVA
demand, and agrees to hold FINOVA harmless with respect thereto.

                                       45
<PAGE>

     11.5 SEVERABILITY. In the event that any provision of this Loan Agreement
is deemed to be invalid by reason of the operation of any law, or by reason of
the interpretation placed thereon by any court or any other Governmental Body,
as applicable, the validity, legality and enforceability of the remaining terms
and provisions of this Loan Agreement shall not in any way be affected or
impaired thereby, all of which shall remain in full force and effect, and the
affected term or provision shall be modified to the minimum extent permitted by
law so as to achieve most fully the intention of this Loan Agreement.

     11.6 WAIVER. No delay on the part of FINOVA in exercising any right, power
or privilege hereunder shall operate as a waiver thereof, and no single or
partial exercise of any right, power or privilege hereunder shall preclude other
or further exercise thereof, or be deemed to establish a custom or course of
dealing or performance between the parties hereto, or preclude the exercise of
any other right, power or privilege.

     11.7 MODIFICATION OF LOAN INSTRUMENTS. No modification or waiver of any
provision of any of the Loan Instruments shall be effective unless the same
shall be in writing and signed by Borrower and FINOVA, and then such waiver or
consent shall be effective only in the specific instance and for the purpose for
which given. No notice to or demand on Borrower in any case shall entitle
Borrower to any other or further notice or demand in the same, similar or other
circumstances.

     11.8 CAPTIONS. The headings in this Loan Agreement are for purposes of
reference only and shall not limit or otherwise affect the meaning hereof.

     11.9 SUCCESSORS AND ASSIGNS. This Loan Agreement shall be binding upon and
inure to the benefit of and be enforceable by the respective successors and
assigns of the parties hereto; provided that Borrower may not assign any of its
rights or delegate any of its duties hereunder to any other Person.

     11.10 REMEDIES CUMULATIVE. All rights and remedies of the parties hereto,
any other Loan Instruments or otherwise, shall be cumulative and non-exclusive,
and may be exercised singularly or concurrently. FINOVA shall not be required to
prosecute collection, enforcement or other remedies against any Obligor before
proceeding against any other Obligor or to enforce or resort to any security,
liens, collateral or other rights of FINOVA. One or more successive actions may
be brought against Borrower and/or any other Obligor, either in the same action
or in separate actions, as often as FINOVA deems advisable, until all of
Borrower's Obligations are paid and performed in full.

     11.11 ENTIRE AGREEMENT; CONFLICT. This Loan Agreement and the other Loan
Instruments executed prior or pursuant hereto constitute the entire agreement
among the parties hereto with respect to the transactions contemplated hereby or
thereby and supersede any prior agreements, whether written or oral, relating to
the subject matter hereof. In the event of a conflict between the terms and
conditions set forth herein and the terms and conditions set forth in any other
Loan Instrument, the terms and conditions set forth herein shall govern.

                                       46
<PAGE>

     11.12 APPLICABLE LAW. THE LOAN INSTRUMENTS SHALL BE CONSTRUED IN ACCORDANCE
WITH AND GOVERNED BY THE LAWS AND DECISIONS OF THE STATE OF ARIZONA. FOR
PURPOSES OF THIS SECTION 11.12, THE LOAN INSTRUMENTS SHALL BE DEEMED TO BE
PERFORMED AND MADE IN THE STATE OF ARIZONA.

     11.13 BORROWER HEREBY AGREES THAT ALL ACTIONS OR PROCEEDINGS INITIATED BY
BORROWER AND ARISING DIRECTLY OR INDIRECTLY OUT OF THE LOAN INSTRUMENTS SHALL BE
LITIGATED IN THE SUPERIOR COURT OF MARICOPA COUNTY, OR THE UNITED STATES
DISTRICT COURT FOR THE DISTRICT OF ARIZONA OR, IF FINOVA INITIATES SUCH ACTION,
IN ADDITION TO THE FOREGOING COURTS, ANY COURT IN WHICH FINOVA SHALL INITIATE OR
TO WHICH FINOVA SHALL REMOVE SUCH ACTION, TO THE EXTENT SUCH COURT HAS
JURISDICTION. BORROWER HEREBY EXPRESSLY SUBMITS AND CONSENTS IN ADVANCE TO SUCH
JURISDICTION IN ANY ACTION OR PROCEEDING COMMENCED BY FINOVA IN OR REMOVED BY
FINOVA TO ANY OF SUCH COURTS, AND HEREBY AGREES THAT PERSONAL SERVICE OF THE
SUMMONS AND COMPLAINT, OR OTHER PROCESS OR PAPERS ISSUED THEREIN MAY BE SERVED
IN THE MANNER PROVIDED FOR NOTICES HEREIN, AND AGREES THAT SERVICE OF SUCH
SUMMONS AND COMPLAINT OR OTHER PROCESS OR PAPERS MAY BE MADE BY REGISTERED OR
CERTIFIED MAIL ADDRESSED TO BORROWER AT THE ADDRESS TO WHICH NOTICES ARE TO BE
SENT PURSUANT TO SECTION 11.1. BORROWER WAIVES ANY CLAIM THAT MARICOPA COUNTY,
ARIZONA OR THE DISTRICT OF ARIZONA IS AN INCONVENIENT FORUM OR AN IMPROPER FORUM
BASED ON LACK OF VENUE. TO THE EXTENT PROVIDED BY LAW, SHOULD BORROWER, AFTER
BEING SO SERVED, FAIL TO APPEAR OR ANSWER TO ANY SUMMONS, COMPLAINT, PROCESS OR
PAPERS SO SERVED WITHIN THE NUMBER OF DAYS PRESCRIBED BY LAW AFTER THE MAILING
THEREOF, BORROWER SHALL BE DEEMED IN DEFAULT AND AN ORDER AND/OR JUDGMENT MAY BE
ENTERED BY THE COURT AGAINST BORROWER AS DEMANDED OR PRAYED FOR IN SUCH SUMMONS,
COMPLAINT, PROCESS OR PAPERS. THE EXCLUSIVE CHOICE OF FORUM FOR BORROWER SET
FORTH IN THIS SECTION 11.13 SHALL NOT BE DEEMED TO PRECLUDE THE ENFORCEMENT BY
FINOVA OF ANY JUDGMENT OBTAINED IN ANY OTHER FORUM OR THE TAKING BY FINOVA OF
ANY ACTION TO ENFORCE THE SAME IN ANY OTHER APPROPRIATE JURISDICTION, AND
BORROWER HEREBY WAIVES THE RIGHT TO COLLATERALLY ATTACK ANY SUCH JUDGMENT OR
ACTION.

     11.14 FINOVA AND BORROWER ACKNOWLEDGE AND AGREE THAT ANY CONTROVERSY WHICH
MAY ARISE UNDER ANY OF THE LOAN INSTRUMENTS OR WITH RESPECT TO THE TRANSACTIONS
CONTEMPLATED THEREBY WOULD BE BASED UPON DIFFICULT AND COMPLEX ISSUES AND,
THEREFORE, THE PARTIES AGREE THAT ANY LAWSUIT ARISING OUT OF ANY SUCH
CONTROVERSY WILL BE TRIED IN A COURT OF COMPETENT JURISDICTION BY A JUDGE
SITTING WITHOUT A JURY.

     11.15 ESTOPPEL CERTIFICATE. Within 15 days after FINOVA requests Borrower
to do so, Borrower will execute and deliver to FINOVA a statement certifying (i)
that this Loan Agreement is in full force and effect and has not been modified
except as described in such statement, (ii) the date to which interest and
principal on the Notes has been paid, (iii) the Principal Balance, (iv) whether
or not to its knowledge an Incipient Default or Event of Default has occurred
and is continuing, and, if so, specifying in reasonable detail each such
Incipient Default or Event of Default of which it has knowledge, (v) whether to
its knowledge it has any defense, setoff or counterclaim to the payment of the
Note in accordance with its terms, and, if so, specifying each defense, setoff
or counterclaim of which it has knowledge in reasonable

                                       47
<PAGE>

detail (including where applicable the amount thereof), and (vi) as to any other
matter reasonably requested by FINOVA.

     11.16 CONSEQUENTIAL DAMAGES. Neither FINOVA nor any agent or attorney of
FINOVA shall be liable to Borrower for consequential damages arising from any
breach of contract, tort or other wrong relating to the establishment,
administration or collection of Borrower's Obligations.

     11.17 COUNTERPARTS. This Loan Agreement may be executed by the parties
hereto in several counterparts and each such counterpart shall be deemed to be
an original, but all such counterparts shall together constitute one and the
same agreement.

     11.18 NO FIDUCIARY RELATIONSHIP. No provision in this Loan Agreement or in
any other Loan Instrument, and no course of dealing among the parties hereto,
shall be deemed to create any fiduciary duty by FINOVA to Borrower.

     11.19 SALE OF NOTE; PARTICIPATIONS. FINOVA may assign to one or more banks
or other Persons all or any part of, or may grant participations to one or more
banks or other Persons in, its right, title and interest in the Loan, this Loan
Agreement, the other Loan Instruments, or any of them, and to the extent of any
such assignment or participation (unless otherwise stated therein) the assignee
or participant of such assignment or participation shall have the same rights,
benefits and obligations hereunder and thereunder as FINOVA would have
hereunder.

     11.20 PUBLICITY. Borrower authorizes FINOVA to issue appropriate press
releases and to cause a tombstone to be published announcing the consummation of
this transaction and the aggregate amount thereof.

         [remainder of this page intentionally left blank]

                                       48
<PAGE>

     IN WITNESS WHEREOF, this Loan Agreement has been executed and delivered by
each of the parties hereto by a duly authorized officer of each such party on
the date first set forth above.

                              SYBRA, INC., a Michigan corporation

                              By:
                                  ------------------------------------
                                  Glen V. Freter
                                  Senior Vice President
                                  Chief Financial Officer

                              FINOVA CAPITAL CORPORATION, a
                              Delaware corporation

                              By:
                                  ------------------------------------
                              Name:
                                   -----------------------------------
                              Title:
                                    ----------------------------------<PAGE>

                                                                   Exhibit 10.33

                                                                     LOAN NO.163

                           LOAN AND SECURITY AGREEMENT

                                     Made By

                                   SYBRA, INC.
                             a Michigan Corporation
                                  ("Borrower")

                                   in favor of

                      U.S. RESTAURANT LENDING GROUP I, L P.
                         a Delaware Limited Partnership
                                ("Secured Party")
<PAGE>

                           LOAN AND SECURITY AGREEMENT

         LOAN AND SECURITY AGREEMENT (this "Security Agreement"), dated as of
December 22, 1999, by SYBRA, INC., a Michigan corporation (the "Borrower"), in
favor of U.S. RESTAURANT LENDING GROUP I, L.P., a Delaware limited partnership
(together with its successors and assigns, the "Secured Party").

                             PRELIMINARY STATEMENTS

         1. On the date hereof the Secured Party will make the loans
(individually, a "Loan", and collectively, the "Loans") to the Borrower
reflected in the promissory notes (individually, a "Promissory Note", and
collectively, the "Promissory Notes") in the aggregate loan amount (the
"Aggregate Loan Amount") of $5,500,000.00, dated the date hereof, in the form of
EXHIBIT E prepared by and acceptable to Secured Party, which Promissory Notes
will evidence the Borrower's obligation, INTER, ALIA (i) to repay the Loans, and
(ii) to pay interest and other amounts as set forth therein. The value of that
certain Promissory Note executed by Borrower with respect to this Security
Agreement is $100,000.00.

         2. It is a condition to the making of the Loan, that the Borrower shall
have executed and delivered this Security Agreement whereby the Borrower, in
order to provide security for the full payment when due of all amounts payable
under the Promissory Note, shall pledge and grant to the Secured Party a
security interest in the collateral described herein.

         NOW THEREFORE, in consideration of the foregoing and in order to induce
the Secured Party to make the Loan available to the Borrower and for other good
and valuable consideration, the receipt and sufficiency of which the Borrower
hereby acknowledges, the Borrower and the Secured Party agree as follows:

                                    ARTICLE I
                           DEFINITIONS AND OTHER TERMS

         1.       Definitions and Other Terms.

         1. 1. DEFINED TERMS. The following terms shall have the meanings herein
specified unless the context otherwise requires. All terms not otherwise defined
herein shall have the meaning ascribed to such terms in the Promissory Note. All
terms defined in the singular will have the same meaning when used in the plural
and vice versa.

                  "ACCOUNTS" means, "accounts", with respect to the Pledged
Store, as such term is defined in the UCC.

                  "AFFILIATE" means, with respect to any designated Person, any
Person that, directly or indirectly, controls or is controlled by or is under
common control with such designated Person and, without limiting the generality
of the foregoing, shall include, (i) any Person who is a director or officer of
the designated Person; (ii) any Person of which or whom the designated Person is
a director or officer; (iii) any Person, who, directly or indirectly, is the
legal or beneficial owner of or controls 10% or more of any class of equity
securities of the designated Person; and (iv) any Person, who is an Affiliate,
as defined in clauses (i), (ii) or (iii) of an Affiliate of the specified
person. For the purposes of this definition, "control" (including, with
correlative meanings, the terms "controlled by" and "under common control

LOAN AND SECURITY AGREEMENT -- PAGE 1
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

with"), as used with respect to any Person, shall mean the possession, directly
or indirectly, of the power to direct or cause the direction of the management
and policies of such Person, whether through the ownership of voting securities,
by contract or otherwise.

                  "BORROWER" means the Person or Persons (if more than one,
collectively, and jointly and severally) executing this Agreement as Borrower.

                  "BUSINESS" means the Pledged Stores operated by the Borrower.

                  "BUSINESS DAY" means any day other than a Saturday, Sunday or
a day on which borrowing institutions in New York, New York, are authorized or
obligated by law or executive order to be closed.

                  "BUSINESS VALUATION" means the business valuation of the
Pledged Store and Collateral prepared by Valuation Consultants.

                  "CHANGE IN CONTROL" means the sale, transfer or other
disposition, whether voluntary or involuntary, of more than forty-nine percent
(49.0%) of the outstanding voting equity interest in Borrower without Lender's
prior written consent, which consent shall not be unreasonably withheld or
delayed, or the merger, consolidation or combination of Borrower with any other
Person where Borrower is not the surviving entity.

                  "CHATTEL PAPER" means the chattel paper, as defined under the
UCC, with respect to the Pledged Store.

                  "CODE" means the Internal Revenue Code of 1986 as amended.

                  "COLLATERAL" has the meaning ascribed to such term in Section
2.

                  "CONSOLIDATED CASH FLOW" means, for any period, with respect
to the Consolidated Pledged Stores, an amount equal to (a) the sum of (i)
pre-tax income; (ii) interest expense; (iii) all non-cash charges, including
depreciation and amortization; (iv) Rental Expense; and (v) Non-Recurring
Expenses, all as recorded on the Consolidated Pledged Stores' financial
statements for such period in accordance with GAAP.

                  "CONSOLIDATED FCCR" means, for any period, the ratio of (a)
the Borrower's Consolidated Cash Flow for such period to (b) the sum of Fixed
Charges and Rental Expense of the Borrower for the Consolidated Pledged Stores
for such period.

                  "CONSOLIDATED PLEDGED STORES" means the Stores listed on
SCHEDULE 5 attached hereto.

                  "CONTRACTS" shall mean all contracts and agreements related to
the Pledged Store to which the Borrower now is, or hereafter will be, bound, or
a party, beneficiary or assignee (other than rights evidenced by Chattel Paper,
Documents or Instruments), other than the Franchise Agreement, License or any
other agreement which, by its terms, is non-assignable.

                  "CONTROL PERSONS" has the meaning ascribed to such term in
Section 3.19.

LOAN AND SECURITY AGREEMENT -- PAGE 2
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  "CORPORATE CASH FLOW" means, for any period, with respect to
the Borrower, an amount equal to (a) the sum of (i) pre-tax income, (ii)
interest expense, (iii) all non-cash charges, including depreciation and
amortization, (iv) Rental Expense, and (v) Non-Recurring Expenses, all as
recorded on the Borrower's financial statement for such period in accordance
with GAAP.

                  "CORPORATE FCCR" means, for any period, the ratio of (a) the
Corporate Cash Flow for such period to (b) the sum of Fixed Charges and Rental
Expense of the Borrower for such period.

                  "DEFAULT" means any event or condition which, with the giving
of any applicable notice or lapse of time or both, would become an Event of
Default.

                  "DEFAULT RATE" has the meaning ascribed to such term in the
Promissory Note.

                  "DEPOSIT ACCOUNTS" means the deposit accounts of Borrower set
forth on SCHEDULE 4 hereto.

                  "DISTRIBUTIONS" means all distributions and other payments by
Borrower to any Person on account of such Person's equity ownership in Borrower,
but shall not include stock dividends or reimbursement for insurance policies
expressly required to be maintained pursuant to Section 3.17 hereof.

                  "DOCUMENT" means the documents, as defined under the UCC, with
respect to the Pledged Store.

                  "ERISA" means the Employee Retirement Income Security Act of
1974 as amended.

                  "EQUIPMENT" means any "equipment", as such term is defined in
the UCC, used or bought for use primarily in the Pledged Store and not included
within Inventory, now or hereafter owned by the Borrower and, in any event,
shall include, but shall not be limited to, all appliances, machinery, tools,
office equipment, furniture, appliances, store fixtures, food service equipment,
coolers, furnishings, fixtures, petroleum storage tanks and pumps, and any
manuals, instructions and similar items which relate to the foregoing, and any
and all additions, substitutions and replacements of any of the foregoing,
wherever located, together with all improvements thereon and all attachments,
components, parts, equipment and accessories installed thereon or affixed
thereto.

                  "EVENT OF DEFAULT" has the meaning ascribed to such term in
Section 7.

                  "FINANCING STATEMENTS" means the UCC financing statements,
substantially in the form of EXHIBIT D hereto, prepared by Secured Party, and
delivered to Borrower and which Borrower must execute and deliver to Secured
Party as a condition under the Loan Documents.

                  "FIXED CHARGES" means, with respect to any Person, for any
period, without duplication, the aggregate amount of all scheduled or required
(accrued or otherwise) payments of Indebtedness by such Person during such
period, as determined in accordance with GAAP.

                  "FRANCHISE AGREEMENT" means, with respect to the Pledged
Store, the franchise agreement between Franchisor, as franchisor, and Borrower,
as franchisee.

                  "FRANCHISOR" means the franchisor identified as such on
SCHEDULE 1.

LOAN AND SECURITY AGREEMENT -- PAGE 3
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  "FUNDING DATE" means the date the Loan is actually closed and
funds are wired.

                  "GAAP" means generally accepted accounting principles
consistently applied.

                  "GENERAL INTANGIBLES" shall mean "general intangibles" as such
item is defined in the UCC, with respect to the Pledged Store, and shall
include, but not be limited to, writings, memoranda, confirmations, passbooks,
signature cards, acknowledgments, understandings, Contract rights, leases,
permits, filings, consents, and approvals, and all puts, calls, options, and all
security interests, methods, and information (including proprietary information,
director and shareholder, sales, business, financial, accounting, forecasts,
projections, media, and other information), know-how, programs, plans, data,
blueprints, designs, drawings, surveys, notices, and goodwill, and all
recordings and registrations thereof, applications for recording or
registration, renewals, modifications, supplements, reissues, continuations,
extensions, divisions thereof and rights corresponding thereto, and all manuals,
standards, practices, mail, advertisements, files, reports, books, catalogs,
records, journals, invoices, and bills, and all rights (including voting rights,
rights to receive notice or to consent, rights to payment, interest, dividends,
distributions or earnings, rights to sue and enforce), powers (including powers
of attorney), privileges, benefits, and remedies relating thereto or arising in
connection therewith.

                  "GOODS" means the goods, as defined under the UCC, with
respect to the Pledged Store, and shall include (i) all Inventory, and (ii) all
Equipment.

                  "GUARANTOR" has the meaning assigned to such term in the
Promissory Note.

                  "INDEBTEDNESS" means, with respect to any Person, (i) all
obligations of such Person for borrowed money, including the Promissory Note,
(ii) all obligations of such Person evidenced by bonds, debentures, notes or
other similar instruments, (iii) all obligations of such Person to pay the
deferred purchase price of property or services, (iv) all capitalized lease
obligations of such Person, (v) all indebtedness of others secured by a Lien on
any asset of such Person, whether or not such indebtedness has been assumed by
such Person, (vi) all indebtedness of others to the extent guaranteed by such
Person, and (vii) reimbursement obligations of such Person (whether contingent
or otherwise) in respect of letters of credit, bankers' acceptances, surety and
other bonds and similar instruments.

                  "INSTRUMENT" means the instruments, as defined under the UCC,
with respect to the Pledged Store (other than Instruments constituting Chattel
Paper).

                  "INVENTORY" means the inventory of the Borrower as such term
is defined in the UCC, with respect to the Pledged Store, now owned or hereafter
acquired and wherever located, whether raw, in process or furnished, and all
materials usable in processing the same and all documents of title covering any
inventory, including, without limitation, work in process, materials used or
consumed in the Pledged Store, now owned or hereafter acquired or manufactured
by the Borrower and held for sale in the ordinary course of its business, all
present and future substitutions thereof, parts and accessories thereof and all
additions thereto, and all Proceeds thereof and products of such inventory in
any form whatsoever.

                  "LEASE OBLIGATIONS" means with respect to any Person, any
obligations of such Person in connection with any leases for personal property
(including Equipment) or real property, to the extent such obligations are not
included in Indebtedness.

LOAN AND SECURITY AGREEMENT -- PAGE 4
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  "LICENSE" means, with respect to the Pledged Store, the
license to use the Trademark of Franchisor under the Franchise Agreement.

                  "LIEN" means any deed, mortgage, pledge, security interest,
hypothecation, collateral assignment, encumbrance, lien (statutory or other), or
preference, priority or other security agreement or preferential arrangement of
any kind or nature whatsoever (including, without limitation, any conditional
sale or other title retention agreement, any financing lease having
substantially the same economic effect as any of the foregoing, and the filing
of any financing statement under the UCC).

                  "LOAN" has the meaning ascribed to such term in the
preliminary statements of this Security Agreement.

                  "LOAN AMOUNT" shall have the meaning ascribed to such term in
the Promissory Note.

                  "LOAN DOCUMENTS" means the Promissory Note, this Security
Agreement and any commitment letter, guarantee, mortgage, assignment of lease,
deed of trust, environmental indemnity affidavit, assignment or other
instrument, agreement, certificate or other writing, now or hereafter executed
and delivered in connection with the Promissory Note or the Obligations.

                  "MATERIAL ADVERSE EFFECT" shall mean a material adverse effect
on (a) the business, operations, property, condition (financial or otherwise) or
prospects of the Borrower; (b) the validity or enforceability of this Security
Agreement or any of the other Loan Documents or the rights or remedies of the
Secured Party hereunder or thereunder; or (c) the ability of any Person to
perform its Obligations with or in respect of any Loan Documents.

                  "NON-RECURRING EXPENSES" [and "NON-RECURRING INCOME"] mean
expenses or income, as the case may be, that are extraordinary and generally not
reflected in any prior period or reasonably anticipated to be incurred in any
subsequent period.

                  "OBLIGATIONS" means each and every obligation, covenant,
agreement, Indebtedness and liability of the Borrower to the Secured Party with
respect to the Pledged Store or Other Pledged Stores evidenced by, arising under
or in connection with the Promissory Note (including, without limitation,
indebtedness, obligations and liabilities in respect of principal, interest and
the Prepayment Amount for the Loan), this Security Agreement, or any other Loan
Document, and any future advances thereon, renewals, extensions, modifications,
amendments, substitutions and consolidations thereof, including the Borrower's
obligations to pay (or reimburse the Secured Party for) all reasonable costs and
expenses (including reasonable attorneys' fees and disbursements) incurred by
the Secured Party in obtaining, maintaining, protecting and preserving its
interest in the Collateral or its security interest therein, foreclosing,
retaking, holding, preparing for sale or lease, selling or otherwise disposing
or realizing on the Collateral or in exercising its rights hereunder or as a
secured party under the UCC, any other applicable law, regulation or rule or
this Security Agreement.

                  "OTHER PLEDGED STORES" means the Arby's restaurants operated
by Borrower as identified on SCHEDULE 5 hereto.

LOAN AND SECURITY AGREEMENT -- PAGE 5
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  "PERMITTED LIENS" means (i) any and all of the Liens set forth
on EXHIBIT C attached hereto; (ii) Liens arising as a matter of law to secure
payment of taxes, assessments or charges owing to any governmental authority but
which are not yet due or which are being contested in good faith by appropriate
proceedings or other appropriate actions and with respect to which adequate
reserves or other appropriate provisions are being maintained in accordance with
GAAP; (iii) statutory Liens of landlords and Liens of carriers, warehousemen,
mechanics, materialmen and other Liens imposed by law, created in the ordinary
course of business and for amounts not yet due (or which are being contested in
good faith by appropriate proceedings or other appropriate actions which are
sufficient to prevent imminent foreclosure of such Liens, are promptly
instituted and diligently conducted) and with respect to which adequate reserves
or other appropriate provisions are being maintained in accordance with GAAP;
(iv) Liens incurred or deposits made in the ordinary course of business
(including, without limitation, security deposits for leases, surety bonds and
appeal bonds) in connection with workers' compensation, unemployment insurance
and other types of social security benefits or to secure the performance of
tenders, bids, contracts (other than for the repayment or guarantee of borrowed
money or purchase money obligations), statutory obligations and other similar
obligations or arising as a result of progress payments under government
contracts; (v) easements (including, without limitation, reciprocal easement
agreements and utility agreements), rights-of-way, covenants, consents,
reservations, encroachments, minor defects or irregularities in title,
variations and other restrictions, charges or encumbrances (whether or not
recorded) affecting the use of real property, which individually or in the
aggregate do not or are not reasonably likely to have a material adverse effect
on the conduct of the Borrower's business or on the use of such real property or
on the value to or marketability by the Borrower of its interest in such real
property; (vi) Liens arising under the Loan Documents in favor of the Secured
Party; (vii) Liens incurred in connection with the purchase or acquisition of
equipment or fixed assets, as security for the deferred purchase or acquisition
price of such equipment or assets, each of which Liens shall extend only to the
equipment or assets so purchased or acquired and shall secure only up to 100% of
the deferred purchase or acquisition price thereof, and (viii) extensions,
renewals or replacements or any Lien referred to in clauses (i) through (vii)
above.

                  "PERSON" means any individual, corporation, limited liability
company, partnership, unincorporated association, firm, trust, joint stock
company, joint venture, government or agency thereof or other entity of whatever
nature.

                  "PLEDGED STORE" means the Store listed on SCHEDULE 1, attached
hereto.

                  "PLEDGED STORE CASH FLOW" means, for any period, with respect
to the Pledged Store, an amount equal to (a) the sum of (i) pre-tax income, (ii)
interest expense, (iii) all non-cash charges, including depreciation and
amortization, (iv) Rental Expense, and (v) Non-Recurring Expenses.

                  "PREPAYMENT AMOUNT" shall have the meaning ascribed to such
term in the Promissory Note.

                  "PROCEEDS" shall mean "proceeds" as such term is defined in
the UCC or under other relevant law with respect to the Pledged Store and shall
include, but shall not be limited to, (a) any and all proceeds of any insurance
(insuring the Collateral or otherwise required to be maintained hereunder,
including return of unearned premium), indemnity, warranty or guaranty payable
to the Secured Party or Borrower from time to time, and claims for insurance,
indemnity, warranty or guaranty effected or held for the benefit of the
Borrower, with respect to any of the Collateral, (b) any and all payments (in
any form whatsoever) made or due and payable to the Borrower from time to time
in connection with any requisition, confiscation, condemnation, seizure or
forfeiture of all or any part of the Collateral by any governmental authority
(or any person acting under color of governmental authority) and (c) any and all
interest, income, dividends, distributions and earnings on the Collateral or
other monies, revenues or other amounts derived

LOAN AND SECURITY AGREEMENT -- PAGE 6
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

from the Collateral, including any such amounts received in connection with any
disposition of the Franchise Agreement.

                  "PROMISSORY NOTE" has the meaning ascribed to such term in the
preliminary statements to this Security Agreement.

                  "PROPERTY" means the real property on which the Pledged Store
is located, as more specifically described on SCHEDULE 1 attached hereto.

                  "RENTAL EXPENSE" means, with respect to any Person, for any
period, the aggregate of all amounts paid or accrued with respect to leases
(including building and ground operating lease expense), plus percent rent, plus
capitalized building lease expense (net of principal and interest), minus rent
on regional and corporate offices.

                  "REQUIRED CORPORATE FCCR" has the meaning ascribed to such
term in Section 3.14.

                  "SCHEDULED MONTHLY LOAN PAYMENT" shall have the meaning
ascribed to such term in the Promissory Note.

                  "SECURITIZATION" means the sale, pledge, grant of a security
interest, collateral assignment, transfer and delivery or other encumbrance or
disposition of the Loan (or the Secured Party's rights and powers therein) by
the Secured Party, from time to time, to one or more of its Affiliates or to
other Persons, including, without limitation, the sale of the Loan by the
Secured Party to one or more Persons who will issue debt instruments or equity
certificates backed by such Loan and the servicing of such Loan by the Person
appointed as Servicer in connection therewith.

                  "SERVICER" shall mean the Person designated by the Secured
Party from time to time to service the Loan.

                  "STATE" shall have the meaning ascribed to such term in the
Promissory Note.

                  "STORE" means a business/commercial property owned and/or
operated by the Borrower and includes all aspects of the operating unit.

                  "UCC" means the Uniform Commercial Code of the State and the
state where the Pledged Store is located, if different and as applicable.

                  "UCC SEARCH" means the security interest, tax lien, suit and
judgment search of the Borrower conducted in the locations set forth on SCHEDULE
2 hereto.

                  "UNIT FCCR" means, with respect to the Pledged Store and Other
Pledged Stores, for any period, the ratio of (x) such Pledged Store's or Other
Pledged Stores' Pledged Store Cash Flow for such period to (y) the sum of Fixed
Charges and Rental Expense for such Pledged Store or Other Pledged Store for
such period. In determining Unit FCCR, Indebtedness shall include only the
indebtedness of the Borrower to the Secured Party, and any Indebtedness secured
by Permitted Liens with respect to the Pledged Store or Other Pledged Stores.

LOAN AND SECURITY AGREEMENT -- PAGE 7
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  "VALUATION CONSULTANTS" shall mean Deloitte & Touche LLP, or
such other consultants selected by the Secured Party to prepare a Business
Valuation.

         1.2.     CERTAIN CALCULATIONS. For the purposes of calculating the
Borrower's Cash Flow, Non-Recurring Expenses, Non-Recurring Income and
Indebtedness, the term "financial statement" shall mean the consolidated
financial statement of the Borrower prepared in accordance with GAAP.

         1.3.     RULES OF CONSTRUCTION. When used in this Security Agreement:
(a) "or" is not exclusive; (b) a reference to a law includes any amendment or
modification of such law; (c) a reference to a Person includes its permitted
successors and permitted assigns; and (d) a reference to an agreement,
instrument or document shall include such agreement, instrument or document as
the same may be amended, modified or supplemented from time to time in
accordance with its terms.

                                   ARTICLE II
                               SECURITY INTERESTS

         2.       SECURITY INTERESTS.

         2.1.     PLEDGE AND GRANT OF SECURITY INTEREST. As collateral security
for the prompt and complete payment and performance when due of all of the
Obligations, the Borrower hereby pledges and grants to the Secured Party, a
continuing security interest in, and Lien on, all of the Borrower's right, title
and interest in and to the following (collectively, the "COLLATERAL"): all
Accounts, Goods, Documents, Chattel Paper, Deposit Accounts, Inventory,
Equipment, Contracts, General Intangibles (other than the Franchise Agreement
and Licenses), certificates of title, fixtures, credits, claims, demands, assets
and other personal property of Borrower, whether now owned, existing, hereafter
acquired, held, used, or sold to the extent that any such items are located at,
or used solely in the ownership or operation of, the Pledged Store, and any
other property, rights and interests of the Borrower which at any time relate
to, arise out of or in connection with the foregoing or which shall come into
the possession or custody or under the control of the Secured Party or any of
its agents, representatives, associates or correspondents, in connection with
the foregoing, any and all additions and accessions, replacements,
substitutions, and improvements, of or to all the foregoing and all products,
rents, profits, offspring, and Proceeds thereof subject to restrictions or
limitations on pledge or assignment of such Collateral contained in any existing
Property lease that have not been waived, subordinated or released by the
landlord of such lease pursuant to an estoppel or other similar agreement.
Without limiting the generality of the foregoing, this Agreement also secures
the payment of all amounts which constitute part of the Obligations and would be
owed by the Borrower to the Secured Party but for the fact they are
unenforceable or not allowable due to the existence of a bankruptcy,
reorganization or similar proceeding involving the Borrower.

         2.2.     SECURITY INTEREST ABSOLUTE. All rights of the Secured Party
and the security interests hereunder shall be absolute and unconditional
irrespective of:

                  (a) any change in the time, manner, amount or place of payment
of or in any other term of all or any of the Obligations, or any other amendment
or waiver of or any consent to any departure from the Promissory Note or any
other Loan Document;

LOAN AND SECURITY AGREEMENT -- PAGE 8
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  (b) any exchange, release or non-perfection of all or any part
of the Collateral or any other collateral, or any release from, amendment to,
waiver of or consent to departure from any guaranty, for all or any of the
Obligations; or

                  (c) to the fullest extent permitted by law, any other
circumstances which might otherwise constitute a defense available to, or a
discharge of the Borrower or a third party pledgor.

                                   ARTICLE III
                    REPRESENTATIONS, WARRANTIES AND COVENANTS

         3.       REPRESENTATIONS, WARRANTIES AND COVENANTS. The Borrower hereby
represents, warrants and covenants that:

         3.1.     ORGANIZATION. The Borrower is and will continue to be duly
formed, validly existing and in good standing under the laws of the state of its
organization set forth on SCHEDULE 1 and is duly authorized to do business in,
and is in good standing in each jurisdiction where the Business or the Property
is located and where such organization, qualification or standing is necessary,
required or proper in connection with the Borrower's ownership or use of the
Collateral or the Property or the conduct of the Business. There is no state or
jurisdiction, other than its state of organization , and, if different, the
State, where such organization, qualification or standing is necessary, required
or proper in connection with Borrower's ownership or use of the Collateral or
the Pledged Store or the conduct of its Business.

         3.2.     POWER AND AUTHORITY. The Borrower has and will continue to
maintain all requisite power, authority and the legal right and all necessary
permits, consents, licenses and authorizations (a) to own the Collateral, (b) to
conduct the Business and (c) to execute, deliver and perform its obligations
under this Security Agreement, the Promissory Note and the other Loan Documents,
except, in each case, where the failure to maintain such permits, consents,
licenses and authorizations would not result in a Material Adverse Effect. To
the extent that any Affiliate owns any Collateral, conducts any part of the
Business or has executed any of the Loan Documents, such Affiliate has and will
continue to maintain all requisite power, authority and the legal right and all
necessary permits, consents, licenses and authorizations (a) to own the
Collateral, (b) to conduct the Business and (c) to execute, deliver and perform
its obligations under this Security Agreement, the Promissory Note and the other
Loan Documents, except, in each case, where the failure to maintain such
permits, consents, licenses and authorizations would not result in a Material
Adverse Effect.

         3.3      EXECUTION AND DELIVERY; ENFORCEABILITY. Upon execution, this
Security Agreement, the Promissory Note and the other Loan Documents will be
duly executed and delivered by the Borrower. Upon execution, each of this
Security Agreement, the Promissory Note and the other Loan Documents will
constitute a legal, valid and binding obligation of the Borrower, enforceable
against the Borrower, in accordance with its terms, subject to the effect of any
applicable bankruptcy, insolvency, reorganization or moratorium or similar laws
affecting the rights of creditors generally and general principles of equity. To
the extent that any Affiliate executes any of the Loan Documents, such Loan
Documents will be duly executed and delivered by the Affiliate. Upon execution,
each Loan Document executed by the Affiliate will constitute a legal, valid and
binding obligation of the Affiliate, enforceable against the Affiliate, in
accordance with its terms, subject to the effect of any applicable bankruptcy,
insolvency, reorganization or moratorium or similar laws affecting the rights of
creditors generally and general principles of equity.

LOAN AND SECURITY AGREEMENT -- PAGE 9
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

         3.4.     NAME: CHIEF EXECUTIVE OFFICE: LOCATION.

                  (a) The Borrower's legal name, federal taxpayer identification
number, and mailing address are accurately set forth on SCHEDULE 1. As of the
Funding Date, the Borrower has not, merged, consolidated, acquired all or
substantially all of the assets of any other Person or, except as disclosed on
SCHEDULE 1, used any other name (whether in connection with the Business,
Property or the Collateral or for business, obtaining credit or financing or
otherwise) in the last five (5) years.

                  (b) As of the Funding Date, the Borrower's principal place of
business, chief executive office (and, if the Borrower is an individual,
residence) is accurately set forth on SCHEDULE 1.

                  (c) As of the Funding Date, the Borrower operates the Pledged
Store from the Property at the address and in the county and state set forth in
SCHEDULE 1. SCHEDULE 1 correctly discloses that the Borrower either (i) is sole
record owner of the fee estate in the Property or (ii) leases (or subleases) the
Property and the record owner of the Property is the person or entity disclosed
on SCHEDULE 1. All personal property of the Borrower owned, acquired, held,
used, sold or consumed in the Pledged Store, including Goods, Inventory,
Equipment, General Intangibles, Contracts, Chattel Paper, Instruments,
Documents, certificates of title, fixtures, and all writings relating thereto
and records thereof, books of record or account are located at and conducted out
of such Property or at its chief executive office.

                  (d) The Borrower will neither change its name, federal
taxpayer identification number, or its chief executive office nor the location
of the Pledged Store or the Collateral), without in each instance providing the
Secured Party with not less than thirty (30) days' prior written notice of the
proposed action and specifying within such notice and with reasonable clarity
and particularity the timing and nature of such proposed action. Additionally,
the Borrower shall provide such other information in connection with the
proposed action as the Secured Party may reasonably request and shall have taken
all action, reasonably satisfactory to the Secured Party, to maintain the
security interest of the Secured Party in the Collateral intended to be granted
hereby at all times fully perfected and in full force and effect.

         3.5.     NO CONFLICT. The Borrower's execution, delivery and
consummation of the transactions contemplated by this Security Agreement, the
Promissory Note and other Loan Documents do not and will not (with the passage
of time or otherwise) (i) conflict with, violate or constitute a default under
any law, rule, regulation, order, decree, contract, agreement (including the
Franchise Agreement, if applicable), note, mortgage, bond, indenture, lease,
license, or obligation of or applicable to the Borrower, or the Collateral or
(ii) grant, create or result in any Lien in favor of any person (other than the
Secured Party) in the Collateral. No Event of Default has occurred and is
continuing.

         3.6.     NO CONSENT REQUIRED. Except for the filing of the Financing
Statements in the locations set forth on SCHEDULE 2 hereto and as otherwise set
forth therein (and, if applicable, the recording of the mortgage or deed of
trust included in the Loan Documents), no consent of any other Person and no
authorization, approval or other action by and no notice to or filing with, any
court, government, agency or regulatory authority is required (i) for the grant
by the Borrower of the pledge and security interest granted hereby or for the
execution, delivery or performance of this Security Agreement, the Promissory
Note and other Loan Documents or (ii) for validity, perfection or maintenance of
the pledge, lien and security interest created hereby.

LOAN AND SECURITY AGREEMENT -- PAGE 10
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

         3.7.     TITLE TO THE COLLATERAL. The Borrower has and, subject to
Section 4, will maintain good and marketable title to the Collateral, free of
all Liens (other than Permitted Liens and the security interest granted to the
Secured Party hereunder) and such Collateral is sufficient to enable the Pledged
Store to be operated at the Property in accordance with the Franchise Agreement.

         3.8.     OWNERSHIP; NO LIENS. The Borrower has, and will continue to
have good and marketable title to each item of Collateral, free and clear of all
Liens, other than Permitted Liens, and except as shown on the UCC List attached
hereto as SCHEDULE 3, as of the Funding Date there is no Lien (including any
federal or state tax lien), suit (including any action, proceeding, or other
litigation pending, or to the Borrower's knowledge, threatened) or judgment
(including any award, injunction, order) filed with, registered, indexed or
recorded in any public office, court, arbitration panel, administrative agency
or regulatory authority (or intended so to be), directly or indirectly,
identifying or encumbering or covering or involving the Collateral or which
could have a material adverse effect on the Borrower, the Pledged Store or the
Borrower's ability to perform its Obligations. All Liens listed on SCHEDULE 3
shall be removed upon funding of the Loan unless such lien is specifically
identified as a Permitted Lien. Other than the security interest granted to the
Secured Party hereunder and the Permitted Liens, and except as provided in
Section 4 hereof the Borrower has not and, without the prior written consent of
the Secured Party, will not enter into any agreement or understanding or take,
permit or suffer to exist any action (including the filing of a financing
statement, agreement, pledge, mortgage, notice or registration) or event
(whether by operation of law or otherwise) for the purpose of or that may have
the effect of directly or indirectly, (i) granting a Lien on (including any
state of federal tax lien), pledging, transferring, assigning, selling,
disposing of or encumbering any Collateral including any interest therein or
rights pertaining thereto or involving the Pledged Store, or (ii) changing,
modifying, supplementing, or increasing the amount of credit, loans,
Indebtedness or value secured by the Permitted Liens, if any, or the amount,
property or assets encumbered thereby.

         3.9.     MAINTENANCE OF COLLATERAL AND BUSINESS. The Equipment and
Inventory are located at the Pledged Store. At the Borrower's sole cost and
expense, the Borrower shall continue to (i) keep, use, operate and maintain the
Collateral, the Pledged Store, the Business and the Property in accordance with
the Franchise Agreement and/or License and applicable laws, rules, and
regulations in all material respects, (ii) operate the Pledged Store at the
Property and in accordance with the Franchise Agreement (if applicable) and
customary, prudent business practices, and at all times fully comply with terms
and provisions of the Franchise Agreement (if applicable) in all material
respects, (iii) fully comply with all current and future laws and regulations
concerning the storage and sale of petroleum products, if applicable, in all
material respects and (iv) not do or acquiesce in any act whereby the value of
the Collateral, the Property or the Pledged Store or any part or interest
therein may be lessened in any material respect. The Borrower shall notify the
Secured Party promptly of any actual or threatened destruction or material
damage or impairment of the Pledged Store, the Collateral or the Property or if
Borrower receives a notice of violation from any governmental entity or agency.
Notwithstanding the foregoing to the contrary, Borrower may, without Secured
Party's prior consent but with prior written notice to Secured Party, cease
business operations at the Pledged Store on a temporary basis in order to
remodel the Pledged Store or otherwise comply with the requirements of the
Franchise Agreement or applicable law. In addition, Borrower may, with Secured
Party's prior written consent, which shall not be unreasonably withheld or
delayed, substitute a restaurant of approximately equal value for the Pledged
Store, in which event Secured Party shall release the Lien against the Pledged
Store. For purposes hereof, a restaurant (the "SUBSTITUTE STORE") shall not be
considered to be of equal value to the Pledged Store to be replaced (the
"REPLACED STORE"), unless (i) the Substitute Store is subject to a Franchise
Agreement, (ii) the lease agreement for the Substitute Store is of equivalent
duration and rental rate to the Replaced Store, (iii) Borrower shall have
obtained landlord estoppels and such security documents pledging the Substitute
Store (including leasehold mortgages and financing statements) in form
reasonably

LOAN AND SECURITY AGREEMENT -- PAGE 11
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

satisfactory to Secured Party, (iv) neither Secured Party nor its Affiliates may
operate any business at the Replaced Store after the date the Lien with respect
to such Replaced Store is released, (v) the Loan with respect to the Replaced
Store shall not exceed seventy percent (70.0%) of the value of such Substitute
Store, based on a current appraisal performed by such appraisal firm regularly
employed by Secured Party, (vi) the Substitute Store had Unit FCCR for the
twelve (12) month period preceding the date of substitution of at least 1.25 to
1.00, and (vii) the Replaced Store had Unit FCCR for the twelve (12) month
period preceding the date of substitution of less than 1.25 to 1.00. Borrower
shall pay all appraisal, legal and other reasonable expenses incurred by Secured
Party hereunder.

         3.10.    PERFECTED SECURITY INTEREST. This Security Agreement and the
grant and transfer of the Collateral hereunder creates a valid and enforceable
security interest in the Collateral. Upon filing of the Financing Statements in
the locations set forth on SCHEDULE 2 hereto, such security interest will be
perfected and subject to no prior or equal security interest other than and only
to the extent of the Permitted Liens. The execution and filing of the Financing
Statements has been duly authorized by all appropriate action on the part of the
Borrower (and any other Person named as debtor therein) and the Borrower (and
any other Person named as debtor therein) has duly executed the Financing
Statements.

         3.11.    NO VIOLATION; INDEMNITY. The Borrower has not and shall not
acquire, obtain, make, manufacture, produce, operate, hold, possess, maintain,
use, sell, transfer, grant, pledge, or dispose of (for purposes of this Section
3.11, collectively "the Borrower's use") any of its Business, (including any
proceeds of the Loan, the Collateral and the Property) in violation of any
statute, law, rule, ordinance, regulation, policy, procedure, injunction, award,
decree, judgment, contract, agreement (including the Franchise Agreement, if
applicable), understanding, or right or interest of any other Person (for
purposes of this Section 3.11, each such event a "violation"), and to the
Borrower's knowledge no such violation has been made by any other Person and no
basis for a claim of any such violation exists.

         3.12.    FRANCHISE AGREEMENT.

                  (a) The Borrower, if a franchisee or franchisor under a
Franchise Agreement, is and will continue to be in good standing under such
Franchise Agreement in all material respects. The termination date of such
Franchise Agreement is scheduled to occur after the maturity date of the
Promissory Note. The Borrower, if a franchisee or franchisor under a Franchise
Agreement, has not breached and is not in default under the Franchise Agreement
in any material respect; the Borrower shall not terminate, fail to renew, breach
or be in default under the Franchise Agreement in any material respect; and the
Borrower has no knowledge of any claim of (or basis for any claim of) any such
termination, non-renewal, material breach or default. The Borrower agrees to
fully comply, at the Borrower's own cost and expense, with the terms of the
License and the Franchise Agreement (including any renewal option) in all
material respects and to promptly notify the Secured Party of any material
adverse development with regard to the Franchise Agreement or the License,
including any claim of a material breach of or default under, or threat of
non-renewal or termination of or litigation involving the Franchise Agreement or
the License.

                  (b) Borrower agrees that until such time as Borrower's
Obligations under the Loan Documents (including the Promissory Note) have been
fully satisfied, if, whether because of a change in the Franchise Agreement,
applicable law or otherwise, Borrower is able to grant a security interest in
the Franchise Agreement to the Secured Party to secure its Obligations without
Franchisor's consent and without breaching or defaulting under the Franchise
Agreement, Borrower agrees to promptly grant such security interest in favor of
the Secured Party and to obtain, procure, execute and deliver, file and affix
such further agreements (including modification of the Security Agreement),
assignments, instruments, documents, notices, statements, writings (including
financing statements), powers (including

LOAN AND SECURITY AGREEMENT -- PAGE 12
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

stock and bond powers, and powers of attorney), tax stamps and information, and
to do or cause to be done all such further acts and things (including the
execution, delivery and filing of financing statements on Form UCC-1) as Secured
Party may reasonably request, from time to time, in its discretion, in
connection with such security interest and the perfection thereof. Without
limiting the foregoing, Borrower authorizes Secured Party to the extent
permitted by law to execute and file, or file without Borrower's signature, any
and all financing statements, amendments thereto and continuations thereof as
Secured Party deems necessary or appropriate in connection therewith.

                  (c) Until such time as the Obligations of Borrower under the
Loan Documents (including the Promissory Note) have been fully satisfied,
Borrower agrees to make one or more timely elections to renew the term of the
Franchise Agreement in accordance with the terms of the Franchise Agreement for
a period which extends beyond the Maturity Date (as defined in the Promissory
Note) of the Loan and shall use its reasonable best efforts to satisfy any and
all conditions to any such renewal, and to obtain, procure, execute and deliver,
file and affix such further agreement, instruments, documents, notices,
statements, writings, powers and information, and to do or cause to be done all
such further acts and things as Secured Party may reasonably request, from time
to time, in its discretion, in connection with Borrower's Obligations set forth
herein.

         3.13.    OPERATING EXPERIENCE. The Borrower has had at least three (3)
years' experience operating a business or businesses similar to the Business of
the Pledged Store.

         3.14.    FCCR. The Borrower shall maintain a Corporate FCCR of not less
than 1.10 to 1.00 to be tested annually on December 31st of each year for the
fiscal year then ended (the "Required Corporate FCCR"). The Borrower or an
Affiliate shall have the right to cure any breach by the Borrower of such
Required Corporate FCCR within forty-five (45) days of such breach, by
depositing into a segregated escrow account in Borrower's name (with
contemporaneous written notice to Secured Party of the deposit account and
amount escrowed): (i) if the Corporate FCCR is less than 1.00 to 1.00, an amount
in cash such that the interest income thereon is sufficient in amount to cause
the future Corporate FCCR to be equal to or greater than 1.10 to 1.00, or (ii)
if the Corporate FCCR is equal to or greater than 1.05 to 1.00, then an amount
in cash equal to the difference between the income of the Borrower assuming a
Corporate FCCR of 1.05 to 1.00 and the income of the Borrower assuming a
Corporate FCCR of 1.10 to 1.00. In no event shall the Borrower be required to
maintain funds in the escrow account in excess of the outstanding aggregate
principal balance of the Loan. Borrower shall grant Secured Party a perfected
first lien security interest in the escrow account to the extent allowable under
Borrower's financing arrangement with Atherton, Inc., as of the date of this
Security Agreement, or any refinancing thereof. Any amounts deposited into the
escrow account shall be returned to Borrower, if Borrower is not in default
hereunder after applicable notice and cure periods and upon compliance with the
Required Corporate FCCR for two (2) consecutive fiscal quarters.

         3.15.    LIMITATION ON INDEBTEDNESS, LEASE OBLIGATIONS AND
DISTRIBUTIONS. The Borrower shall not, directly or indirectly, incur any
Indebtedness, Lease Obligations or make or become obligated to make any
Distributions if after giving effect to such incurrence or payments, the
Corporate FCCR would be less than the Required Corporate FCCR. Notwithstanding
the foregoing to the contrary, Borrower may at any time incur Indebtedness to an
Affiliate of Borrower which is unsecured and with respect to which Secured Party
and the Affiliate making such loan have entered into an agreement subordinating
repayment of such loan to the Loan Amount in form reasonably acceptable to
Secured Party.

         3.16.    INSPECTION. The Borrower shall allow the Secured Party, its
agents and representatives, from time to time, to inspect the Collateral, the
Property and the Borrower's books and records pertaining thereto, to inspect the

LOAN AND SECURITY AGREEMENT -- PAGE 13
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

Business during normal business hours and unless an Event of Default has
occurred and is continuing, upon reasonable prior notice and in a reasonable
manner that will not unduly interfere with normal operations, and the Borrower
will assist (and permit abstracts and photocopies of the Borrower's books and
records to be taken and retained by) the Secured Party, its agents and
representatives in making any such inspection.

         3.17.    INSURANCE. At the Borrower's sole cost and expense, the
Borrower shall:

                      (i)   keep the Collateral (which for purposes of this
Section 3.17 includes the Property) insured against loss or damage by fire,
theft, collision and other hazards (including flood, if no certification or
other evidence satisfactory to the Secured Party is delivered to the Secured
Party to the effect that the Property is not located within a federally
designated special flood hazard area) and otherwise as may be required by the
Secured Party and shall maintain: (A) comprehensive general public liability
insurance covering all claims for bodily injury, death and property damage
occurring on, in or about the Property or in connection with the Business, with
a combined single limit of not less than $1,000,000.00 per occurrence; (B)
maintain business interruption insurance covering at least six (6) months of
operating costs and expenses, including finance costs for the Obligations; (C)
"all risk" extended coverage property insurance against loss or damage to the
tangible Collateral from fire, theft or any other cause, for one hundred percent
(100%) of the full replacement value with a deductible not exceeding $50,000 per
occurrence; (D) federal flood hazard insurance in the maximum amount obtainable
to the extent any of the Collateral is located in a federally designated flood
hazard area; (E) builder's risk insurance covering the Pledged Store during
construction, restoration or renovation; (F) workers' compensation insurance
covering all of the Borrower's employees at the Pledged Store; and (G) maintain
such other or additional insurance as may be required from time to time by
Secured Party against the same or similar risks;

                      (ii)  cause all insurance policies required hereunder to
be issued by financially sound and responsible insurance carriers authorized to
do business in the jurisdiction where the Property is located with a General
Policy Rating "A-8" or better as published in BEST'S KEY RATING GUIDE. Copies of
all insurance policies required to be maintained under this Security Agreement
shall be delivered to the Secured Party or its assigns prior to the execution
and delivery of this Security Agreement, together with evidence that premiums
have been paid in advance in full. Evidence of renewal or any modification to
any policy shall be delivered to Secured Party or its designees or assigns,
including the Servicer, not less than ten (10) days prior to the expiration
date, or modification, as applicable of such policy;

                      (iii) cause all policies to contain an endorsement or
agreement by the insurer that any loss will be paid to the Secured Party or its
designees or assigns in accordance with its interests and the terms of the
policy, notwithstanding any act or negligence of the Borrower or the Borrower's
agents or representatives that might otherwise result in denial or forfeiture of
coverage, and use reasonable efforts to obtain an agreement by the insurer
waiving all rights of recovery, setoff or counterclaim against the Secured Party
by way of subrogation or otherwise. Liability policies shall designate the
Secured Party or its designees and their respective successors and assigns as
additional named insureds. All other policies shall designate the Secured Party
or its designee and their respective successors and assigns as loss payees with
respect to the Collateral and all business interruption coverage, and shall
contain a standard noncontributory form of first mortgagee endorsement,
entitling the Secured Party to collect all proceeds, together with a standard
waiver of subrogation endorsement if available as above provided. All policies
shall provide for at least ten (10) days prior written notice to the Secured
Party and its designees or assigns of cancellation, non-renewal or modification
(including any reduction in the scope or limits of coverage or any increase in
deductible amounts). If any insurance coverage required to be maintained by
Borrower pursuant to this Security Agreement shall expire or lapse

LOAN AND SECURITY AGREEMENT -- PAGE 14
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

for any reason, the Secured Party shall have the right in its sole discretion
(but not the obligation), after notice of any impending lapse, cancellation or
non-renewal of coverage, to obtain replacement coverage in some or all of the
amounts and against any and all of the risk as required under this Security
Agreement. All costs and expenses incurred by the Secured Party in doing so
shall be paid or reimbursed by the Borrower immediately, together with interest
at the Default Rate, and until repaid shall constitute part of the Obligations
secured by the Collateral;

                      (iv)  timely pay all premiums, fees and charges required
in connection with all of its insurance policies and otherwise continue to
maintain such policies in full force and effect;

                      (v)   promptly deliver the insurance policies,
certificates (and renewals) thereof or other evidence of compliance herewith to
the Secured Party; and

                      (vi)  promptly notify the Secured Party of any loss
covered by such insurance policies and allow the Secured Party to join the
Borrower in adjusting any loss in excess of eighty percent (80.0%) of the Loan
Amount.

         3.18.    LOAN PROCEEDS. No part of the proceeds of the Loan will be
used, directly or indirectly, for the purpose of buying or carrying any "margin
stock" within the meaning of Regulation U of the Board of Governors of the
Federal Reserve System. The Borrower intends to and agrees to use the proceeds
of the Loan solely for the lawful, proper business or commercial purpose(s) set
forth in its application for the Loan and Secured Party's commitment letter.

         3.19.    CAPITALIZATION; SOLVENCY.

                  (a) All of the issued and outstanding capital stock,
partnership or membership interests of Borrower are directly and beneficially
owned and held by the Persons identified on the SCHEDULE 1 ("Control Persons")
and all of such capital stock, partnership or membership interests have been
duly authorized and are fully paid and non-assessable, free and clear of all
claims, liens, pledges and encumbrances of any kind.

                  (b) The Borrower is solvent and, after giving effect to the
Obligations, will continue to be solvent. The Borrower's financial statements
fairly present the financial position of Borrower and the results of operations
as of the dates and for the periods set forth therein. The Borrower has no
material obligations or liabilities (direct, indirect, contingent or
liquidated), or liabilities for taxes required to be reflected therein that are
not reflected.

         3.20.    REPORTING REQUIREMENTS. The Borrower agrees to provide to the
Secured Party within forty-five (45) days after the end of each fiscal quarter
during the term of this Security Agreement, a compliance certificate (in the
form attached hereto as EXHIBIT A) executed by Borrower, and at the end of the
fourth fiscal quarter for the prior year, a calculation of Corporate FCCR (the
form calculation is attached hereto as EXHIBIT B). The Borrower further agrees
to provide to the Secured Party: (i) within forty-five (45) days after the end
of each fiscal quarter and within one hundred twenty (120) days after the end of
each fiscal year, consolidated Borrower internally generated financial
statements covering the corresponding period then ended including a balance
sheet, income and expense, cash flow and operating statements for such period
and containing comparative data from prior periods and individual Pledged Store
internally generated income and expense, or operating statements for such
period; and (ii) such other information reasonably requested by the Secured
Party and reasonably available to the Borrower. The financial statements
furnished to the Secured Party in connection with the Borrower's application for
the Loan and hereunder shall be certified by the Borrower to fairly present the
financial condition of the Borrower and the results of operations and shall

LOAN AND SECURITY AGREEMENT -- PAGE
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ARBY'S/DALLAS, TEXAS
<PAGE>

reflect all Indebtedness and Lease Obligations of the Person covered thereby and
shall be sufficiently detailed to allow the Secured Party to calculate the Unit
FCCR of the Pledged Store (where required herein), the Consolidated FCCR (where
required herein) and the Corporate FCCR. Such financial statements shall be
prepared in accordance with GAAP or such other accounting principles customarily
used in the industry and reasonably acceptable to Secured Party.

         3.21.    ACCURACY OF INFORMATION. All information, reports, statements
and financial and other data furnished (or hereafter furnished) by the Borrower
to the Secured Party, its agents or representatives hereunder or in connection
with the Borrower's application for the Loan and the Obligations, are (and shall
be on the date so furnished) true, complete and correct in all material
respects. All financial projections that have been or are hereafter prepared by
or on behalf of Borrower, its Affiliates or their respective agents or
representatives have been and shall be prepared in good faith and based upon
reasonable assumptions. Borrower hereby authorizes Secured Party to request
credit bureau reports while any of the Obligations are outstanding.

         3.22.    FULL DISCLOSURE. Neither this Security Agreement nor any
instrument, document, certificate, schedule or statement delivered herewith or
heretofore by Borrower to Secured Party contains any material untrue statement
made by Borrower of a fact or omits to state any fact necessary to keep such
statements, in light of the circumstances in which they were made, from being
materially misleading.

         3.23.    EMPLOYEE BENEFIT PLANS. (a) Except as set forth in SCHEDULE
3.23, neither the Borrower nor any ERISA Affiliate (as hereinafter defined) is
currently obligated to contribute to an employee benefit plan subject to ERISA
(an "ERISA Plan"). Within the five (5) year period ending on the date hereof no
ERISA Affiliate has incurred any material liability to the U.S. Pension Benefit
Guaranty Corporation (the "PBGC"), the U. S. Internal Revenue Service (the
"IRS") or an ERISA Plan on account of any failure to meet the contribution
requirements or minimum funding standards of or prohibited transactions with
respect to, any ERISA Plan, the administration or termination of any single
employer pension plan which is an ERISA Plan, or any partial or complete
withdrawal from or the insolvency, reorganization or termination of a
multi-employer plan which is an ERISA Plan, and no event has occurred and no
condition exists which presents a material risk that the Borrower will incur
liabilities on account of the foregoing circumstances which are material in
aggregate. As used in this Agreement, the term "ERISA Affiliate" means the
Borrower and any other trade or business, whether or not incorporated which is
subject to ERISA and which is from time to time a member of a controlled group
or a group under common control with the Borrower (within the meaning of Section
414(b) or Section 414(c) of the Code or Section 4001(b) (1) of ERISA); and other
terms used in this Section 3.23 shall have the meanings assigned thereto in the
applicable provisions of ERISA and the Code.

                  (b) Solely for the purposes of making the representation in
the next sentence and only to the extent that the accuracy of the representation
made by this sentence affects the accuracy of the representation in the next
sentence, neither the Borrower nor any of its Affiliates is a "party in
interest" (within the meaning of Section 3(14) of ERISA) with respect to any
ERISA Plan, and none of their securities are "employer securities" (within the
meaning of Section 407(d) or ERISA) with respect to any ERISA Plan. The
acquisition of the Promissory Note by Secured Party or its assigns does not and
will not constitute a "prohibited transaction" (within the meaning of Section
4975 of the Code or Section 406 of ERISA).

         3.24.    TAXES. The Borrower and each entity which might have tax
liabilities for which the Borrower is liable, has filed all tax returns and paid
all taxes required by law to be filed or paid, which have become due pursuant to
said returns (or which to the knowledge of the Borrower are due and payable) and
on all assessments received by the Borrower or such entity, as the case may be.
As of the Funding Date, no extensions of the time for the assessment of

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ARBY'S/DALLAS, TEXAS
<PAGE>

deficiencies have been granted by the Borrower. There are no material Liens on
the Collateral imposed or arising as a result of the delinquent payment or the
nonpayment of any tax, assessment, fee or other governmental charge. As of the
Funding Date, the Borrower has not given or consented to any waiver of the
statute of limitations with respect to its tax liabilities for any fiscal year.
Adequate provision has also been made for all other taxes (whether past, current
or deferred, federal, provincial, local or foreign, due or to come due) on such
balance sheet, and the Borrower knows of no transaction or matter which might or
could result in additional tax assessments to the Borrower in the ordinary
course since the date of such balance sheet other than Permitted Liens. There
are no applicable taxes, fees or other governmental charges payable by the
Borrower in connection with the execution and delivery of this Agreement, and
the other Loan Documents by the Borrower or the offer, issuance, sale and
delivery of the Promissory Note by the Borrower. The Borrower shall pay all
taxes, assessments and governmental levies and all other claims that if unpaid
might result in the creation of a Lien upon the Collateral other than Permitted
Liens before they become delinquent and before interest or penalties accrue.

         3.25.    BENEFIT RECEIVED. Each signatory to this Security Agreement
acknowledges and agrees to all of the following: (a) that it has received a
direct or indirect benefit from the Loan as consideration for executing Loan
Documents providing Secured Party with collateral security for such Loan; and
(b) that it is not insolvent as of the date it executed such Loan Documents and
that providing such collateral security to Secured Party does not render such
signatory insolvent and was not done to hinder, delay, defraud or avoid any
other creditors of such signatory.

         3.26.    NO FURTHER DISPOSITION OR ENCUMBRANCES. Other than with
respect to the interest granted in favor of Secured Party, to the extent of the
Permitted Encumbrances, if any, and except as provided for in Section 4 hereof,
Borrower has not and, without the prior written consent of Secured Party (which
consent shall not be unreasonably withheld or delayed in connection with
encumbrances in favor of Secured Party or any of its Affiliates), will not enter
into any agreement or understanding or take, permit, or suffer to exist any
action (including the filing of a financing statement, agreement, pledge,
mortgage, notice or registration) or event (whether by operation of law or
otherwise) for the purpose of, or that may have the effect of, either directly
or indirectly, granting a security interest in or lien on (including any state
or federal tax lien), pledging, transferring, assigning, selling, disposing of,
or encumbering any Collateral or the Franchise Agreement, any interest herein or
rights pertaining thereof or involving the Pledged Store; PROVIDED, HOWEVER,
that the Borrower may transfer, assign, sell or otherwise dispose of (i)
Inventory and other assets in the ordinary course of business, (ii) Equipment
and other assets, provided that the net Proceeds of such transfer, assignment,
sale or other disposition are applied within one hundred twenty (120) days to
acquire Equipment and other assets of equal or greater value, or (iii) any
Collateral or the Franchise Agreement if in the case of a Substituted Store
pursuant to Section 3.9 or a casualty or damage pursuant to Section 5.

         3.27.    BROKERS AND FINANCIAL ADVISORS. Borrower represents and
warrants to Secured Party that no brokers or finders were used in connection
with the financing contemplated hereby and Borrower hereby agrees to indemnify
and hold Secured Party harmless from and against any and all liabilities, costs
and expenses (including attorneys' fees and court costs) suffered or incurred by
Secured Party as a result of or arising out of any of the transactions
contemplated hereby. The provisions of this Section shall survive the expiration
and termination of this Security Agreement and the repayment of the related
Indebtedness.

         3.28.    LITIGATION. Except as set forth on SCHEDULE F, as of the
Funding Date, there is no present investigation by any governmental agency
pending, or to the best of Borrower's knowledge threatened, against or affecting
Borrower, its assets or Business and there is no action, suit, proceeding or
claim by any Person pending, or to the best of Borrower's knowledge threatened,
against or affecting any transactions contemplated by this Agreement. None of

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ARBY'S/DALLAS, TEXAS
<PAGE>

the investigations, actions, suits, proceedings or claims identified on SCHEDULE
F would, if adversely determined, have a Material Adverse Effect. There is no
action, suit, proceeding or claim by any Person pending, or to the best of
Borrower's knowledge threatened, against Borrower or its assets or Business that
would, if adversely determined, have a Material Adverse Effect

         3.29.    TRANSACTIONS WITH AFFILIATES. Borrower shall not directly or
indirectly: (a) purchase, acquire or lease any property from, or sell, transfer
or lease any property to, any Affiliate or any officer, employee, member,
manager, director, or agent of any Affiliate of Borrower; or (b) make any
payments of management, consulting or other fees for management or similar
services, or of any indebtedness owing to any Affiliate or any officer,
employee, member, manager, director, agent of any Affiliate of Borrower, except
in the ordinary course of business and pursuant to agreements in writing on
terms no less favorable to Borrower than would be available in agreements with
Persons other than those referenced in (a) or (b).

                                   ARTICLE IV
             SPECIAL PROVISIONS CONCERNING INVENTORY, EQUIPMENT AND
                                  REAL PROPERTY

         4.       SPECIAL PROVISIONS CONCERNING INVENTORY, EQUIPMENT AND REAL
PROPERTY. The Borrower shall do nothing to impair the rights of the Secured
Party in the Inventory and the Equipment and shall cause the Inventory and the
Equipment to at all times be, constitute and remain personal property subject to
the security interest granted to the Secured Party. Notwithstanding the
preceding sentence, provided an Event of Default has not occurred and is not
continuing, in the ordinary course of the Borrower's Business, (i) the Borrower
may sell its Inventory, and (ii) the Borrower may, from time to time, refinance
existing Indebtedness secured by Permitted Liens in accordance with the terms
thereof, replace its Equipment, acquire new Equipment and accessions to its
Equipment, or acquire fee interest in (or ground lease of) any Property, subject
to purchase money security interests, if any; provided that if the Secured Party
has a leasehold mortgage or deed of trust on any lease of such Property, such
lease remains in full force and effect (or is spread to a fee mortgage on the
Property or on the ground lease of the Property), subject to the Secured Party's
security interest and any Person with a lien on the fee interest in (or ground
lease of such Property) provides the Secured Party with a nondisturbance
agreement and such other assurances as the Secured Party shall reasonably
request.

                                    ARTICLE V
                     SPECIAL PROVISIONS CONCERNING PROCEEDS

         5.       SPECIAL PROVISIONS CONCERNING PROCEEDS. Unless prohibited
under the terms of the Property lease, if applicable, the Borrower hereby
directs any and all transferors, distributors or payers (including insurance
companies with whom the Borrower maintains insurance) to make payment of all
Proceeds directly to the Secured Party or its designee, including the Servicer,
and authorizes the Secured Party or its designee, including the Servicer, (i) to
apply the same toward replacement and repair of the Collateral or (ii) in the
event the damage results in fifty percent (50.0%) or more in value of the
Pledged Store requiring replacement, and the Unit FCCR of the Pledged Store for
the twelve (12) month period preceding such casualty was less than 1.25 to 1.00,
then the Secured Party may, at its sole discretion, require the proceeds to be
applied to the repayment of the Loan. In any situation where the insurance
proceeds would be applied to the repayment of the Loan as described in clause
(ii) above, Borrower may, at its election, request

LOAN AND SECURITY AGREEMENT -- PAGE 18
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

Lender's consent (which consent shall not be unreasonably withheld or delayed)
to the insurance proceeds being paid to Borrower, with Borrower providing a
Substitute Store (as defined in Section 3.9) to replace the Pledged Store
subject to the casualty. In all cases other than as set forth in clause (ii)
above, the Borrower shall have the option of applying the proceeds to replacing
or repairing the Collateral/Pledged Store or repaying the Loan. Notwithstanding
the terms of the Property lease, if applicable, the Borrower will use its
reasonable best efforts and hereby assigns the Proceeds toward replacement of
the Collateral and shall keep any lease or options to extend the lease in effect
until the Loan is paid. All Proceeds, whether received by the Secured Party or
by the Borrower, or by any other Person will be included in the Collateral
subject to the security interest granted to the Secured Party hereunder. Upon
and during the continuation of an Event of Default the Borrower shall (i)
identify, earmark, segregate and keep separate all Proceeds received by it, (ii)
upon the Secured Party's request, promptly account to the Secured Party for all
Proceeds, and (iii) hold all Proceeds received by the Borrower in trust for the
benefit of the Secured Party and shall promptly (and in any event not later than
the fifth day after receipt) deliver (or cause to be delivered) the same to the
Secured Party and into its possession in the form received by the Borrower and
at a time and in a manner satisfactory to the Secured Party.

                                   ARTICLE VI
            SPECIAL PROVISIONS CONCERNING RIGHTS AND DUTIES WHILE IN
                            POSSESSION OF COLLATERAL

         6.       SPECIAL PROVISION CONCERNING RIGHTS AND DUTIES WHILE IN
POSSESSION OF COLLATERAL.

         6.1.     BORROWER'S POSSESSION. Upon and during the continuance of an
Event of Default to the extent the same shall, from time to time, be in the
Borrower's possession, the Borrower will hold all Instruments, Chattel Paper,
Documents, money on hand at the Pledged Store and other writings evidencing or
relating to the Collateral in trust for the Secured Party and, upon request or
as otherwise provided herein, promptly deliver the same to the Secured Party in
a form received and at a time and in a manner satisfactory to the Secured Party.
With respect to the Collateral in the Borrower's possession, the Borrower shall
at the Secured Party's request take such action as the Secured Party in its
discretion deems necessary or desirable to create, perfect and protect the
Secured Party's security interest in any of the Collateral.

         6.2. SECURED PARTY'S POSSESSION. With respect to all of the Collateral
delivered or transferred to, or otherwise in the custody or control of
(including any items in transit to or set apart for) the Secured Party or any of
its agents, associates or correspondents in accordance with this Security
Agreement, the Borrower agrees that upon the occurrence and during the
continuation of an Event of Default, (i) such Collateral will be and be deemed
to be in the sole possession of the Secured Party; (ii) subject to Section 4,
the Borrower has no right to withdraw or substitute any such Collateral without
the consent of the Secured Party, which consent may be withheld or delayed in
the Secured Party's sole discretion; (iii) the Borrower shall not take or permit
any action, or exercise any voting and other rights, powers and privileges in
respect of the Collateral inconsistent with the Secured Party's sole possession
thereof; and (iv) the Secured Party may in its sole discretion and without
notice, without obligation or liability except to account for property actually
received by it, and without affecting or discharging the Obligations, (x)
further transfer and segregate the Collateral in its possession; (y) receive
Proceeds and hold the same as part of the Collateral and/or apply the same as
hereinafter provided; and (z) exchange any of the Collateral for other property
upon reorganization, recapitalization or other readjustment. Following the
occurrence and during the continuation of an Event of Default, the Secured Party
is authorized (i) to exercise or cause its nominee to exercise all or any
rights, powers and privileges (including to vote) on or with respect to the
Collateral with the same force and effect as an absolute owner thereof; (ii)
whether any of the Obligations be due, in its name or in the Borrower's name or
otherwise, to demand, sue for, collect or receive any

LOAN AND SECURITY AGREEMENT -- PAGE 19
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

money or property at any time payable or receivable on account of or in exchange
for, or make any compromise or settlement with respect to, any of the
Collateral; and (iii) to extend the time of payment, arrange for payment in
installments, or otherwise modify the terms of or release, any of the
Collateral. Notwithstanding the rights accorded the Secured Party with respect
to the Collateral and except to the extent provided below or required by the UCC
or other applicable law (which requirement cannot be modified, waived or
excused), the Secured Party's sole duty with respect to the Collateral in its
possession (with respect to custody, preservation, safekeeping or otherwise)
will be to deal with it in the same manner that the Secured Party deals with
similar property owned and possessed by it. Without limiting the foregoing, the
Secured Party, and any of its officers, directors, partners, trustees, owners,
employees and agents, to the extent permitted by law (i) will not be required to
take any steps necessary to preserve any rights against prior parties to any of
the Collateral; and (ii) will not be liable for (or deemed to have made an
election of or exercised any right or remedy on account of) any delay or failure
to demand, collect or realize upon any of the Collateral. The Borrower agrees
that such standard of care is reasonable and appropriate under the
circumstances.

         6.3.     FUNDAMENTAL CHANGES. Without Secured Party's prior written
consent, which consent shall not be unreasonably withheld or delayed, Borrower
will not permit a Change in Control to occur. Borrower shall pay all reasonable
costs and expenses of the Secured Party incurred in connection with any proposed
Change in Control including, without limitation, the reasonable underwriting
costs, appraisal costs, the costs of Lien searches, recording and filing fees,
document preparation and reasonable attorneys' fees and expenses. No Change in
Control shall relieve Borrower or any other party liable for payment of the
Obligations including, any Guarantor, from liability for payment of the
Obligations. The Borrower and any such other party liable for payment of the
Obligations shall continue to be jointly and severally liable with any
transferee for the continued payment and performance of the Obligations.

                                   ARTICLE VII
                                EVENTS OF DEFAULT

         7.       EVENTS OF DEFAULT. The happening of any one or more of the
following events shall constitute an "Event of Default" hereunder:

                  (a) the Borrower shall fail to make any payment under this
Security Agreement, the Promissory Note or any Loan Document when the same
becomes due and payable and such failure shall continue for five (5) Business
Days after the Secured Party provides notice to the Borrower of such failure; or

                  (b) any representation, warranty or statement made by Borrower
or any Guarantor (or any of their respective officers) in any Loan Document or
in any certificate or financial statement furnished at any time in connection
with the Obligations or this Security Agreement shall be false, misleading or
erroneous in any material respect when made; or

                  (c) the Borrower shall default under, fail to perform or
observe in any material respect any covenant or condition of or agreement in
this Security Agreement, the Promissory Note or any other Loan Document, and
such default, failure, or breach shall continue unremedied for fifteen (15) days
following the date of such default, failure, or breach, or the Borrower shall
default in connection with an obligation with respect to the Pledged Store
secured by a Permitted Lien and such default shall continue beyond any
applicable grace or cure period, provided, however, that if such default or
breach is not capable of cure within the foregoing periods, and provided that
Borrower has diligently commenced and continues to pursue cure thereof then
Borrower shall have such additional time as is necessary in order to cure such
breach, but in no event in excess of forty-five (45) days; or

LOAN AND SECURITY AGREEMENT -- PAGE 20
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  (d) if the Borrower is a party to a Franchise Agreement as of
the execution of this Security Agreement with regard to the Pledged Store and
the Borrower or other party to such Franchise Agreement shall terminate or not
renew such Franchise Agreement other than in connection with a casualty or
substitution of a Substitute Store pursuant to Section 3.9; or

                  (e) the Borrower shall dissolve, liquidate or suspend for more
than fifteen (15) days the transaction of Business at the Pledged Store, other
than in connection with remodeling, casualty at the Pledged Store, to comply
with any provision of the Franchise Agreement (other than the termination
thereof) or applicable law, or subject to a permitted substitution of a
Substitute Store pursuant to Section 3.9; or

                  (f) a judgment shall be entered against the Borrower or any
Guarantor for the payment of money in excess of $1,000,000 and the same shall
not be discharged (or provision shall not be made for discharge), or a stay of
execution thereof shall not be procured, within thirty (30) days after being
entered, unless the amount of the judgment is fully covered by insurance and an
insurer has accepted in writing, responsibility for payment; or

                  (g) the Borrower or any Guarantor shall make or consent to an
assignment for the benefit of or composition with, creditors, or shall be or
become insolvent or unable, or admit in writing or generally fail, to pay its
debts when due, or shall be or become a party or subject to any bankruptcy,
reorganization, insolvency or other similar proceeding, or a receiver or
liquidator, custodian or trustee shall be appointed for the Borrower, any
Guarantor or any other liable party, or a substantial portion of any of the
Borrower's, any Guarantor's or their respective assets and, if any of the
foregoing shall occur involuntarily as to the Borrower or any Guarantor, it
shall not be dismissed with prejudice, stayed or discharged within ninety (90)
days; or

                  (h) the Borrower shall take any action to effect, or which
indicates its acquiescence in, any of (e) or (g) above; or

                  (i) subject to Borrower's right to provide a Substitute Store
pursuant to Section 3.9, the lease with respect to the Pledged Store is
terminated, and on or before the date of termination Borrower does not deposit
with Secured Party, as additional Collateral hereunder, cash or a letter of
credit in form reasonably acceptable to Secured Party, in the amount of the
unamortized Loan Amount allocated to such Pledged Store, or other property with
a value acceptable to Secured Party in its sole discretion; provided, however,
that if the lease is terminated because of a casualty or other similar event,
this paragraph shall not apply if Secured Party receives sufficient insurance or
other proceeds to repay the unamortized balance of the Loan Amount allocable to
such Pledged Store; or

                  (j) this Security Agreement or any other Loan Document shall
cease to be in full force and effect other than as a result of a voluntary
release, or this Security Agreement or any other Loan Document shall be declared
null and void or the validity or enforceability thereof shall be contested or
challenged by Borrower or any Guarantor or any of their respective shareholders
or Borrower or any Guarantor shall deny that it has any further liability or
obligation under any of the Loan Documents, or any Lien or security interest
created by the Loan Documents shall for any reason cease to be a first priority
perfected security interest in and Lien upon any of the Collateral purported to
be covered thereby, except for Permitted Liens; or

                  (k) there occurs any Change in Control without Secured Party's
prior written consent; or

LOAN AND SECURITY AGREEMENT -- PAGE 21
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                  (l) there occurs any "Event of Default" under any other Loan
Document; or

                  (m) there occurs a default beyond any applicable grace or cure
period on the part of Borrower or Guarantor under any other note, agreement or
instrument related to an Other Pledged Store, whether now existing or hereafter
entered into, with the Secured Party or any Affiliate of the Secured Party; or

                  (n) the Borrower fails to pay when due (after the lapse of any
applicable grace or cure periods) any principal of or interest on any
Indebtedness (other than the Obligations) the principal amount of which is in
excess of $1,000,000, or any event shall have occurred that permits any holder
or any Person acting on behalf of such holder to accelerate the maturity of such
Indebtedness or such Indebtedness shall have been required to be prepaid prior
to the stated maturity thereof; or

                  (o) the Borrower shall have defaulted, after any applicable
notice and cure period, under the Franchise Agreement; or

                   (p) the Borrower, or any Affiliate of Borrower shall have
          defaulted under any loan made by Secured Party to Borrower, or its
          Affiliate, dated contemporaneously with the date of this Agreement.

                                  ARTICLE VIII
             REMEDIES UPON OCCURRENCE AND CONTINUATION OF A DEFAULT

          8. REMEDIES UPON OCCURRENCE AND CONTINUATION OF EVENT OF DEFAULT.

         8.1. CUMULATIVE RIGHTS AND REMEDIES. Upon the occurrence of an Event of
Default, and at any time thereafter if any Event of Default shall then be
continuing, the Secured Party shall have the rights, powers and remedies (i)
granted to secured parties under the UCC; (ii) granted to the Secured Party
under any other applicable statute, law, rule or regulation; and (iii) granted
to the Secured Party under this Security Agreement, the Promissory Note or any
other Loan Document or any other agreement between the Borrower and the Secured
Party. In addition, all such rights, powers and remedies shall be cumulative and
not alternative. Any single or partial exercise of or forbearance, failure or
delay in exercising any right, power or remedy shall not be, nor shall any such
single or partial exercise of or forbearance, failure or delay be deemed to be a
limitation, modification or waiver of any right, power or remedy and shall not
preclude the further exercise thereof and every right power and remedy of the
Secured Party shall continue in full force and effect until such right, power
and remedy is specifically waived by an instrument in writing executed and
delivered with respect to each such waiver by the Secured Party.

         8.2. ACCELERATION OF OBLIGATIONS. Upon the occurrence of an Event of
Default, and at any time thereafter if any Event of Default shall then be
continuing, the Secured Party may, in its discretion, by written notice to the
Borrower declare the Promissory Note (including any Prepayment Amount required
to be paid upon prepayment of the Loan) and any other Obligations to be
immediately due and payable whereupon (and, automatically without any notice,
demand, notice of dishonor, notice of intent to accelerate, notice of
acceleration or other action by the Secured Party all of which are hereby
expressly waived, upon the occurrence of any Event of Default set forth in
subsections (e) through (g) of Section 7) such principal, interest and other
Obligations shall be immediately due and payable, without further notice,
presentment, demand, protest, notice of dishonor, notice of intent to
accelerate, notice of acceleration or other notice of any kind, all of which are
hereby expressly waived by the Borrower to the maximum extent permitted by law.

LOAN AND SECURITY AGREEMENT -- PAGE 22
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

         8.3.     ADDITIONAL RIGHTS OF THE SECURED PARTY. Upon the occurrence of
an Event of Default, and at any time thereafter if any Event of Default shall
then be continuing, the Secured Party may, from time to time, in its discretion,
and without the Borrower's assent, without advertisements or notices of any kind
(except for the notice specified in Section 8.5 below regarding notice required
in connection with a public or private sale), or demand of performance or other
demand, or obligation or liability (except to account for amounts actually
received) to or upon the Borrower or any other person (all such advertisements,
notices and demands, obligations and liabilities, if any, hereby being expressly
waived and discharged to the extent permitted by law), forthwith, directly or
through its agents or representatives, (i) disclose such default and other
matters (including the name, address and telephone number of the Borrower) in
connection therewith in the Secured Party's reasonable discretion to the
Borrower's franchisor or franchisee (if applicable) and other creditors or
obligors of the Borrower (and the Borrower understands that the Secured Party
intends to make such disclosure, from time to time); (ii) to the extent
permitted by applicable law enter any premises, with or without the assistance
of other persons or legal process; (iii) require the Borrower to account for
(including accounting for any products and Proceeds), segregate, assemble, make
available and deliver to the Secured Party, its agents or representatives, the
Collateral; (iv) take possession of, operate, render unusable, collect, transfer
and receive, recover, appropriate, foreclose, extend payment of, adjust,
compromise, settle, release any claims included in, and do all other acts or
things necessary or, in the Secured Party's sole discretion appropriate, to
protect, maintain, preserve and realize upon, the Collateral and any products
and Proceeds, in whole or in part; and (v) exercise all rights, powers and
interests with respect to any and all Collateral, and sell, assign, lease,
license, pledge, transfer, negotiate (including endorse checks, drafts, orders,
or instruments), deliver or otherwise dispose (by contract, option(s) or
otherwise) of the Collateral or any part thereof. Any such disposition may be in
one or more public or private sales, at or upon an exchange, board or system or
in the county, in the state set forth on SCHEDULE 1 or elsewhere, at such price,
for cash or credit (or for future delivery without credit risk) and upon such
other terms and conditions as it deems appropriate, with the right of the
Secured Party to the extent permitted by law upon any cash sale or sales, public
or private, to purchase the whole or any part of said Collateral, free of any
right, claim or equity of redemption of or in the Borrower (such rights, claims
and equity or redemption, if any, hereby being expressly waived).
Notwithstanding that the Secured Party, whether in its own behalf and/or on
behalf of another or others, may continue to hold the Collateral and regardless
of the value thereof or any delay or failure to dispose thereof unless and then
only to the extent that the Secured Party proposes to retain the Collateral in
satisfaction of the Obligations by written notice in accordance with the UCC,
the Borrower shall be and remain liable for the payment in full of any balance
of the Obligations and expenses at any time unpaid. Without limiting the
foregoing, upon the occurrence and continuation of an Event of Default, in
addition to its other rights and remedies, the Secured Party may (but is not
required to), in its sole discretion and to the extent it deems necessary,
advisable or appropriate, take or cause to be taken such actions or things to be
done (including the payment or advancement of funds, or requiring advancement of
funds to be held by the Secured Party to fund such obligations, including taxes
or insurance) as may be required hereby (or necessary or desirable in connection
herewith) to correct such failure (including causing the Collateral to be
maintained or insurance protection required hereby to be procured and
maintained) and any and all costs and expenses incurred (including attorney's
fees and disbursements) in connection therewith shall be included in the
Borrower's Obligations and shall be immediately due and payable and bear
interest at the Default Rate.

         8.4.     APPLICATION OF PROCEEDS. The Secured Party may apply the net
proceeds, if any, of any collection, receipt, recovery, appropriation,
foreclosure or realization, or from any use, operation, sale, assignment, lease,
pledge, transfer, delivery or disposition of all or any of the Collateral, after
deducting all reasonable costs and expenses (including reasonable attorneys'
fees, court cost and legal expenses) incurred in connection therewith or with
respect to the care, safekeeping, custody, maintenance, protection,
administration or otherwise of any and all of said Collateral

LOAN AND SECURITY AGREEMENT -- PAGE 23
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

or in any way relating to the rights of the Secured Party under this Security
Agreement, (i) first, to the satisfaction of the Obligations, in whole or in
part, in such order as the Secured Party may, in its discretion, elect; (ii)
second, to the payment, satisfaction or discharge of any other Indebtedness or
obligation as required by any law, rule or regulation; and (iii) lastly, the
surplus, if any, to the Borrower.

         8.5.     REQUIRED NOTICE OF SALE. In exercising its rights, powers and
remedies as secured party, the Secured Party agrees to give the Borrower ten
(10) days notice of the time and place of any public sale of Collateral or of
the time after which any private sale of Collateral may take place, unless the
Collateral is perishable or threatens to decline speedily in value or is of a
type customarily sold on a recognized market. The Borrower agrees that such
period and notice is commercially reasonable under the circumstances.

                                   ARTICLE IX
                         POST-DEFAULT POWER OF ATTORNEY

         9.       POST-DEFAULT POWER OF ATTORNEY. The Borrower hereby
irrevocably constitutes and appoints, effective on and after the occurrence of
an Event of Default and at anytime thereafter if any Event of Default shall then
be continuing, the Secured Party acting through any officer or agent thereof
with full power of substitution, as the Borrower's true and lawful
attorney-in-fact with full irrevocable power and authority in the Borrower's
place and stead and in the Borrower's name or in its own name, from time to time
in the Secured Party's discretion, to receive, open and dispose of mail
addressed to the Borrower, to take any and all action, to do all things, to
execute, endorse, deliver and file any and all writings, documents, instruments,
notices, statements (including financing statements, and writings to correct any
error or ambiguity in any Loan Document), applications and registrations,
checks, drafts, acceptances, money orders, or other evidence of payment or
proceeds, which may be or become necessary or desirable in the sole discretion
of the Secured Party to accomplish the terms, purposes and intent of this
Security Agreement and the other Loan Documents with respect to the Collateral,
including the right to appear in and defend any action or proceeding brought
with respect to the Collateral or Property, and to bring any action or
proceeding, in the name and on behalf of the Borrower, which the Secured Party,
in its discretion, deems necessary or desirable to protect its interest in the
Collateral or Property. Said attorney or designee shall not be liable for any
acts of commission or omission, nor for any error of judgment or mistake of fact
or law, unless and then only to the extent that the same constitutes its
negligence or willful misconduct. This power is coupled with an interest and is
irrevocable. THIS POWER DOES NOT AND SHALL NOT BE CONSTRUED TO AUTHORIZE ANY
CONFESSION OF JUDGMENT.

                                    ARTICLE X
                                 INDEMNIFICATION

         10. INDEMNIFICATION. THE BORROWER AGREES TO INDEMNIFY THE SECURED PARTY
AND EACH OF ITS AFFILIATES AND THEIR RESPECTIVE OFFICERS, DIRECTORS, EMPLOYEES,
ATTORNEYS AND AGENTS (COLLECTIVELY, THE "INDEMNIFIED PARTIES") FROM AND HOLD
EACH OF THEM HARMLESS AGAINST THIRD PARTY CLAIMS RESULTING IN ANY AND ALL
LIABILITIES (WHETHER IN CONTRACT OR TORT), OBLIGATIONS, LOSSES, CLAIMS, DAMAGES
(WHETHER SUCH THIRD PARTY CLAIMS ARE DIRECT, INDIRECT, CONSEQUENTIAL, PUNITIVE,
INCIDENTAL, SPECIAL OR OTHERWISE), PENALTIES, ACTIONS, JUDGMENTS, SUITS, COSTS,
EXPENSES (INCLUDING ATTORNEYS' FEES) OR DISBURSEMENTS OF ANY KIND OR NATURE
WHATSOEVER WHICH MAY BE IMPOSED ON, INCURRED BY, OR ASSERTED AGAINST ANY
INDEMNIFIED PARTY DIRECTLY OR INDIRECTLY RELATING TO, ARISING OUT OF OR IN
CONNECTION WITH THE BORROWER, THE

LOAN AND SECURITY AGREEMENT -- PAGE 24
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

COLLATERAL, THIS SECURITY AGREEMENT, THE LOAN DOCUMENTS OR THE TRANSACTIONS
CONTEMPLATED HEREBY OR THEREBY OTHER THAN THOSE CAUSED BY SECURED PARTY'S GROSS
NEGLIGENCE OR WILLFUL MISCONDUCT IN ITS OBLIGATIONS UNDER THIS SECURITY
AGREEMENT OR THE LOAN DOCUMENTS. WITHOUT LIMITATION OF THE FOREGOING, THE
BORROWER WILL REIMBURSE THE SECURED PARTY FOR ALL NECESSARY OR REASONABLE
EXPENSES (INCLUDING EXPENSES FOR LEGAL SERVICES OF EVERY KIND) OF, OR INCIDENTAL
TO, THE NEGOTIATION OF, ENTERING INTO AND ENFORCEMENT OF ANY OF THE PROVISIONS
HEREOF AND OF ANY OF THE OBLIGATIONS, AND ANY ACTUAL OR ATTEMPTED SALE, LEASE OR
OTHER DISPOSITION OF, AND ANY EXCHANGE, ENFORCEMENT, COLLECTION, COMPROMISE OR
SETTLEMENT OF ANY OF THE COLLATERAL AND RECEIPT OF THE PROCEEDS THEREOF, AND FOR
THE CARE OF THE COLLATERAL AND DEFENDING OR ASSERTING THE RIGHTS AND CLAIMS OF
THE SECURED PARTY IN RESPECT THEREOF, BY LITIGATION OR OTHERWISE, INCLUDING
EXPENSE OF INSURANCE, AND ALL SUCH EXPENSES SHALL BE THE BORROWER'S OBLIGATIONS.
WITHOUT PREJUDICE TO THE SURVIVAL OF ANY OTHER OBLIGATION OF THE BORROWER
HEREUNDER, THE OBLIGATIONS OF BORROWER UNDER THIS SECTION 10 SHALL SURVIVE
FORECLOSURE OR OTHER DISPOSITION OF THE COLLATERAL AND REPAYMENT IN FULL OF THE
OBLIGATIONS.

                                   ARTICLE XI
                              OBLIGATIONS ABSOLUTE

         11.      OBLIGATIONS ABSOLUTE. The Borrower's Obligations will be
absolute, unconditional and irrevocable and will be paid or satisfied strictly
in accordance with their respective terms under all circumstances whatsoever,
including: (i) the invalidity or unenforceability of all or any of, or any part
of this Security Agreement, the Promissory Note or any other Loan Document, or
any consent, waiver, amendment or modification thereof; (ii) the existence of
any claim, setoff, defense or other right which the Borrower may have at any
time against the Secured Party, or any other Person, whether in connection with
this Security Agreement, any other Loan Documents, the transactions contemplated
hereby, thereby or otherwise all of which the Borrower hereby waives to the
maximum extent permitted by law; or (iii) the loss, theft, damage, destruction
or unavailability of the Collateral to the Borrower for any reason whatsoever,
it being understood and agreed that the Borrower retains all liability and
responsibility with respect to the Collateral.

                                   ARTICLE XII
                   ASSIGNMENT AND DISSEMINATION OF INFORMATION

         12.      ASSIGNMENT AND DISSEMINATION OF INFORMATION.

         12.1     ASSIGNMENT. This Security Agreement is freely assignable, in
whole or in part, by the Secured Party and, to the extent of any such
assignment, the Secured Party shall be fully discharged from all responsibility.
The Borrower understands and agrees that the Secured Party intends to and may,
from time to time, sell, pledge, grant a security interest in and collaterally
assign, transfer and deliver or otherwise encumber or dispose of the Promissory
Note, this Security Agreement and the other Loan Documents and its rights and
powers hereunder and thereunder, in whole or in part, in connection with the
Securitization or any other assignment or other disposition of the Promissory
Note. For so long as Secured Party is the holder or servicing agent of the
Promissory Note, Secured Party shall designate one representative or contact
person to service the Loan underlying the Promissory Note. The Borrower may not,
in whole or in part, directly or indirectly, assign this Security Agreement or
any Loan Document or its rights hereunder or thereunder or delegate its duties
hereunder without, in each instance, the specific prior written consent

LOAN AND SECURITY AGREEMENT -- PAGE 25
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

of the Secured Party, which consent may be withheld or delayed in the Secured
Party's sole discretion, and payment of the amounts required under and
compliance with Section 11(b) of the Promissory Note. Notwithstanding the
foregoing to the contrary, Borrower may assign the rights and obligations under
this Security Agreement but not its obligation under the Promissory Note to a
subsidiary corporation which, at the time of assignment and at all times
thereafter, Borrower owns one hundred percent (100%) of the outstanding stock,
with Secured Party's prior written consent, which will not be unreasonably
withheld or delayed, but may be conditioned on: (i) all leases, Franchise
Agreements and other rights and obligations of Borrower with respect to the
Pledged Store being assigned to such subsidiary concurrently with the assignment
of the Security Agreement; (ii) Borrower providing certification to Secured
Party that all necessary consents to such assignment have been obtained; (iii)
Borrower providing Secured Party with such assurances that Secured Party may
reasonably request that Secured Party will have a perfected first lien security
interest in all items of Collateral which have been transferred; and (iv)
Borrower and Secured Party have agreed to all amendments to this Security
Agreement deemed reasonably necessary by Secured Party to effectuate the
assignment, including any amendments to Borrower's representations, warranties
and covenants. Borrower will pay all Secured Party's reasonable expenses
incurred in connection with this Section.

         12.2     DISSEMINATION OF INFORMATION. If Secured Party determines at
any time to sell transfer or assign the Promissory Note, Security Agreement, or
other Loan Documents, and any or all servicing rights with respect thereto, or
to otherwise issue a Securitization involving the Loan Documents, Secured Party
may forward to each purchaser, transferee, assignee, investor or their
prospective successors in such Securitization or any rating agency rating such
Securitization and each prospective investor, all documents and information
which Secured Party now has or may hereafter acquire relating to the Loan
Documents, the Borrower, any Guarantor and the Property, which shall have been
furnished by Borrower or any Guarantor, as Secured Party determines necessary or
desirable. The Borrower hereby consents to the Secured Party's disclosure of
such financial and other information about Borrower, any Guarantor, the Loan,
the Collateral and the Business in connection with such transfer or assignment
as Secured Party determines necessary or desirable.

                                  ARTICLE XIII
                                FURTHER ASSURANCE

         13.      FURTHER ASSURANCE. The Borrower agrees, that with respect to
the Collateral and the Pledged Store, at any time and from time to time, at the
Borrower's sole cost and expense, to promptly obtain, procure, execute and
deliver, file and affix such further agreements, bills of sale and assignments,
instruments, documents, warehouse receipts, bills of lading, vouchers, invoices,
notices, statements, writings, (including financing statements, and writings to
correct any error or ambiguity in any Loan Document), powers (including stock
and bond powers, and powers of attorney), tax stamps and information, and to do
or cause to be done all such further acts and things (including the execution,
delivery and filing of financing statements on Form UCC-1, payment of filing
fees and transfer, gains and recording taxes) as the Secured Party may
reasonably request, from time to time, in its discretion, including but not
limited to all such actions required to provide Secured Party with a perfected
security interest in the Collateral (including all General Intangibles).
Additionally, the Borrower agrees to fully cooperate with the Secured Party in
connection with any Securitization or other disposition, including, but not
limited to, providing the Secured Party with any information deemed necessary to
complete the Securitization or other disposition. Furthermore, Borrower agrees
to use its reasonable best efforts (provided, however, the Borrower shall not be
obligated to make any payments with respect hereto), to provide Secured Party
with fully-executed landlord estoppels and landlord consents to leasehold
mortgages, in form and substance acceptable to Secured Party for the Pledged
Store, if the Pledged Store is leased.

LOAN AND SECURITY AGREEMENT -- PAGE 26
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

Without limiting the foregoing, the Borrower authorizes the Secured Party to the
extent permitted under the UCC to execute and file, or file without the
Borrower's signature, any and all financing statements, amendments thereto and
continuations thereof as the Secured Party deems necessary or appropriate and
the Borrower shall pay and indemnify the Secured Party for and hold the Secured
Party harmless from any and all costs and expenses in connection therewith. The
Borrower agrees that it will promptly notify the Secured Party of and agree to
correct any defect, error or omission in the contents of any of the Loan
Documents or in the execution, delivery or acknowledgment thereof.

                                   ARTICLE XIV
                     TERM, PARTIAL RELEASE AND REINSTATEMENT

         14.      TERM, PARTIAL RELEASE AND REINSTATEMENT.

         14.1.    TERM. This Security Agreement shall be immediately in full
force and effect upon the Borrower's and Secured Party's execution below. Upon
indefeasible payment in full of the Obligations in accordance with the terms
thereof this Security Agreement and the security interest granted hereunder
shall terminate and the Secured Party, at the Borrower's expense, will execute
and deliver to the Borrower the proper instruments (including UCC termination
statements) acknowledging the termination of such security interest, and will
duly assign, transfer and deliver (without recourse, representation or warranty)
such Collateral as may be in the Secured Party's possession, and not to be
retained, sold, or otherwise applied or released pursuant to this Security
Agreement, to the Borrower, except that the Borrower's obligations under
Sections 10, 11, 13 and 15 shall survive indefinitely.

         14.2.    PARTIAL RELEASE. Upon the indefeasible payment in full of the
Loan (including, without limitation, any Prepayment Amount or other amounts
payable by the Borrower with respect to such Loan) in accordance with the
provisions of the Promissory Note evidencing such Loan, the security interest
hereunder with respect to the Collateral shall terminate, and the Secured Party,
at the expense of the Borrower, will execute and deliver to the Borrower the
proper instruments (including UCC partial release statements) acknowledging the
termination of such security interest, and will duly assign, transfer and
deliver (without recourse, representation or warranty) such of the Collateral as
may be in the possession of the Secured Party and has not theretofore been sold
or otherwise applied or released pursuant to this Security Agreement, to the
Borrower, and shall take such other action as the Borrower may reasonably
request to effectuate the foregoing. Notwithstanding the foregoing to the
contrary, Secured Party shall not be required to release its Lien as to any
Collateral, unless either: (a) (i) the Consolidated FCCR of the Consolidated
Pledged Stores which will not be released, exceeds 1.25 to 1.00 for the twelve
(12) month period immediately preceding the date of payment of such Loan; and
(ii) the aggregate indebtedness of Borrower to Secured Party (or its Affiliates
or assigns), with respect to the Consolidated Pledged Stores which will not be
released is less than seventy percent (70.0%) of the value of such Consolidated
Pledged Stores, based upon a current appraisal performed by such appraisal firm
regularly employed by Secured Party; and (b) the release of the Collateral and
Pledged Store would not result in a decrease in the Consolidated FCCR calculated
in clause (a)(i) above, or in the loan-to-value ratio calculated in (a)(ii)
above (calculated by first including the Unit FCCR and loan-to-value ratio of
the Pledged Store, and then excluding such amounts).

         14.3.    REINSTATEMENT. This Security Agreement shall continue to be
effective or be reinstated, as the case may be, if at any time any amount
received by the Secured Party in respect of the Obligations is rescinded or must
otherwise be restored or returned by the Secured Party upon the insolvency,
bankruptcy, dissolution, liquidation or reorganization of the Borrower or any
Guarantor or upon the appointment of any intervenor or conservator of or trustee

LOAN AND SECURITY AGREEMENT -- PAGE 27
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

or similar official for, the Borrower, Guarantor or any substantial part of the
Borrower's or any Guarantor's assets, or otherwise, all as though such payments
had not been made.

                                   ARTICLE XV
                                  MISCELLANEOUS

         15.      Miscellaneous.

         15.1.    FINAL AGREEMENT, AMENDMENTS, CONSENTS, AUTHORIZATIONS. THIS
SECURITY AGREEMENT, TOGETHER WITH THE OTHER LOAN DOCUMENTS, REPRESENTS THE FINAL
AGREEMENT BETWEEN THE BORROWER AND THE SECURED PARTY AND MAY NOT BE CONTRADICTED
BY EVIDENCE OF PRIOR CONTEMPORANEOUS OR SUBSEQUENT ORAL AGREEMENTS OF THE
BORROWER AND THE SECURED PARTY. THE BORROWER UNDERSTANDS AND AGREES THAT ORAL
AGREEMENTS AND ORAL COMMITMENTS TO LOAN MONEY, EXTEND CREDIT OR TO FORBEAR FROM
ENFORCING REPAYMENT OF A DEBT ARE NOT ENFORCEABLE. THE BORROWER ACKNOWLEDGES AND
AGREES THERE ARE NO ORAL AGREEMENTS BETWEEN THE BORROWER AND THE SECURED PARTY.
This Security Agreement and the Loan Documents represent the entire
understanding of the Secured Party and the Borrower with respect to the
transactions contemplated hereby and thereby. None of the terms or provisions of
this Security Agreement or any other Loan Document may be waived, altered,
modified, or amended except in each instance by a specific written instrument
duly executed by the Secured Party. Without limiting the foregoing, no action or
omission to act shall be deemed to be a consent, authorization, representation
or agreement of the Secured Party, under the UCC or otherwise, unless, in each
instance, the same is in a specific writing signed by the Secured Party. The
inclusion of Proceeds in the Collateral does not and shall not be deemed to
authorize the Borrower to sell, exchange or dispose of the Collateral or the
Franchise Agreement or otherwise use the Collateral in any manner not otherwise
specifically authorized herein.

         15.2.    NOTICES. All notices and other communications given pursuant
to or in connection with this Security Agreement shall be in writing delivered
to the parties at the addresses set forth below (or such other address as may be
provided by one party in a notice to the other party):

         If to the Secured Party:       12240 Inwood Road, Suite 200
                                        Dallas, Texas 75244
                                        Attn: Servicing Department

         If to the Borrower, to the Borrower's chief executive office (or
residence), as represented by the Borrower herein.

         Notice delivered in accordance with the foregoing shall be effective
(i) when delivered, if delivered personally or by receipted-for telex,
telecopier, or facsimile transmission, (ii) two (2) business days after being
delivered in the United States (properly addressed and all fees paid) for
overnight delivery service to a courier (such as Federal Express) which
regularly provides such service and regularly obtains executed receipts
evidencing delivery, or (iii) five (5) business days after being deposited
(properly addressed and stamped for first-class delivery) in a daily serviced
United States mail box.

LOAN AND SECURITY AGREEMENT -- PAGE 28
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

         15.3.    REASONABLENESS. If at any time the Borrower believes that the
Secured Party has not acted reasonably in granting or withholding any approval
or consent under the Promissory Note, this Security Agreement, or any other Loan
Document or otherwise with respect to the Obligations, as to which approval or
consent either the Secured Party has expressly agreed to act reasonably, or
absent such agreement, a court of law having jurisdiction over the subject
matter would require the Secured Party to act reasonably, then the Borrower's
sole remedy shall be to seek injunctive relief, specific performance or actual
damages, the Borrower hereby waiving any right to punitive or consequential
damages.

         15.4.    RECOVERY OF SUMS REQUIRED TO BE PAID. The Secured Party shall
have the right from time to time to take action to recover any sum or sums which
constitute a part of the Obligations as the same become due, without regard to
whether or not the balance of the Obligations shall be due, and without
prejudice to the right of the Secured Party thereafter to bring an action of
foreclosure, or any other action, for a default or defaults by the Borrower
existing at the time such earlier action was commenced.

         15.5.    WAIVERS. THE BORROWER HEREBY MAKES AND ACKNOWLEDGES THAT IT
MAKES ALL OF THE WAIVERS SET FORTH IN THIS SECURITY AGREEMENT, THE PROMISSORY
NOTE AND THE OTHER LOAN DOCUMENTS KNOWINGLY, INTENTIONALLY, VOLUNTARILY, WITHOUT
DURESS, AND ONLY AFTER EXTENSIVE CONSIDERATION OF THE RAMIFICATIONS OF SUCH
WAIVERS WITH ITS ATTORNEY; THE BORROWER FURTHER ACKNOWLEDGES THAT SUCH WAIVERS
ARE A MATERIAL INDUCEMENT TO THE SECURED PARTY TO MAKE THE LOAN TO THE BORROWER
AND THAT THE SECURED PARTY WOULD NOT HAVE MADE THE LOAN WITHOUT SUCH WAIVERS.

         15.6.    WAIVER OF TRIAL BY JURY. THE BORROWER HEREBY IRREVOCABLY AND
UNCONDITIONALLY WAIVES, AND THE SECURED PARTY BY ITS ACCEPTANCE OF THE
PROMISSORY NOTE AND THIS SECURITY AGREEMENT AND OTHER LOAN DOCUMENTS IRREVOCABLY
AND UNCONDITIONALLY WAIVES, ANY AND ALL RIGHTS TO TRIAL BY JURY IN ANY ACTION,
SUIT OR COUNTERCLAIM ARISING IN CONNECTION WITH, OUT OF OR OTHERWISE RELATING TO
THE PROMISSORY NOTE, THIS SECURITY AGREEMENT, OR ANY OTHER LOAN DOCUMENT OR THE
OBLIGATIONS.

         15.7.    RELATIONSHIP. The relationship of the Secured Party to the
Borrower hereunder is strictly and solely that of secured lender on the one hand
and borrower on the other and nothing contained in the Promissory Note, this
Security Agreement or any other Loan Document or otherwise in connection with
the Obligations is intended to create, or shall in any event or under any
circumstance be construed as creating, a partnership, joint venture,
tenancy-in-common, joint tenancy or other relationship of any nature whatsoever
between the Secured Party and the Borrower other than as secured lender on the
one hand and borrower on the other.

         15.8.    [Intentionally deleted].

         15.9.    GOVERNING LAW; BINDING EFFECT. BORROWER AND SECURED PARTY
AGREE THAT THE VALIDITY, ENFORCEABILITY, CONSTRUCTION AND INTERPRETATION OF THIS
SECURITY AGREEMENT, AND OF ALL TRANSACTIONS AND DOCUMENTS UNDER OR RELATING TO
IT, WILL BE CONSTRUED, APPLIED, ENFORCED AND GOVERNED UNDER THE LAWS OF THE
STATE OF NEW YORK (WITHOUT GIVING EFFECT TO PRINCIPLES OF CONFLICTS OF LAW),
PROVIDED HOWEVER, THAT WITH RESPECT TO THE CREATION, ATTACHMENT, PERFECTION,
PRIORITY AND

LOAN AND SECURITY AGREEMENT -- PAGE 29
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

ENFORCEMENT OF ANY LIENS CREATED BY THIS SECURITY AGREEMENT, THE LAWS OF THE
STATE WHERE THE APPLICABLE PROPERTY IS LOCATED SHALL APPLY. This Security
Agreement shall be binding upon the Borrower, and the heirs, devises,
administrators, executives, personal representatives, successors, receivers,
trustees, and (without limiting Section 12 hereof) assignees, including all
successors in interest of the Borrower in and to all or any part of the
Collateral, and shall inure to the benefit of the Secured Party, and the
successors and assignees of the Secured Party.

         15.10.   SEVERABILITY. Whenever possible this Security Agreement, the
Promissory Note and each Loan Document and each provision hereof and thereof
shall be interpreted in such manner as to be effective, valid and enforceable
under applicable law. If and to the extent that any such provision shall be held
invalid and unenforceable by any court of competent jurisdiction, such holding
shall not invalidate or render unenforceable any other provisions hereof or
thereof and any determination that the application of any provision hereof or
thereof to any person or under any circumstance is illegal and unenforceable
shall not affect the legality, validity and enforceability of such provision as
it may be applied to any other person or in any other circumstance.

         15.11.   HEADINGS DESCRIPTIVE. The headings, titles and captions used
herein are for convenience only and shall not affect the construction of this
Security Agreement or any term or provision hereof.

         15.12.   COUNTERPARTS. This Security Agreement may be executed in a
number of counterparts and each of such counterparts shall for all purposes be
deemed to be an original; and all such counterparts shall together constitute
but one and the same agreement.

         15.13.   ACKNOWLEDGMENT. Borrower acknowledges that Secured Party's
underwriting guidelines and standards are applied on a case-by-case basis and
that waivers may be granted in any particular case (including in the case of a
borrower to be included in a pool with Borrower). Borrower further acknowledges
that Secured Party's underwriting guidelines or standards may be modified at any
time by Secured Party without notice to Borrower.

         15.14.   COSTS AND EXPENSES. Borrower shall pay to Secured Party on
demand all reasonable costs, expenses, filing fees and taxes (other than income
and franchise taxes of Secured Party) paid or payable in connection with the
preparation, negotiation, execution, delivery, recording, administration,
collection, liquidation, enforcement and defense of the Obligations, Secured
Party's rights in the Collateral, this Security Agreement, the other Loan
Documents and all other documents related hereto or thereto, including any
amendments, supplements, restatements or consents which may be hereafter
contemplated (whether or not executed) or entered into in respect hereof and
thereof, including, but not limited to: (a) all reasonable costs and expenses of
filing or recording (including Uniform Commercial Code financing statement
filing taxes and fees, documentary taxes, intangible taxes and mortgage
recording taxes and fees, if applicable); (b) all title insurance and other
insurance premiums, Business Valuation fees and search fees; (c) to the extent
applicable, reasonable costs and expenses of remitting loan proceeds, collecting
checks and other items of payment, and establishing and maintaining any account
with any bank required to be listed on SCHEDULE 4 together with Secured Party's
customary charges and fees with respect thereto; (d) reasonable costs and
expenses of preserving and protecting the Collateral; (e) reasonable costs and
expenses paid or incurred in connection with obtaining payment of the
Obligations, enforcing the security interests and liens of Secured Party,
selling or otherwise realizing upon the Collateral, and otherwise enforcing the
provisions of this Security Agreement and the other Loan Documents or defending
any claims made or threatened against Secured Party arising out of the
transactions contemplated hereby and thereby (including, without limitation,
preparations for and consultations concerning any such matters); (f) all
reasonable out-of-pocket expenses and costs heretofore and from time to time
hereafter incurred by Secured Party

LOAN AND SECURITY AGREEMENT -- PAGE
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

during the course of periodic field examinations of the Collateral and
Borrower's operations; (g) survey costs for the Property; and (h) the actual and
reasonable fees and disbursements of counsel (including legal assistants) to
Secured Party in connection with any of the foregoing.

         15.15.   ACH AUTHORIZATION FOR REQUIRED PAYMENTS. Borrower agrees to
make each required payment due under the Promissory Note only by ACH Transfer
and in connection therewith, Borrower agrees to execute the ACH Authorization
Form attached hereto as EXHIBIT G.

         15.16.   PUBLIC ANNOUNCEMENT. Upon the closing of the Loan, Secured
Party is authorized in its discretion to issue news releases and at its own
expense to publish "tombstone ads" and other announcements in newspapers, trade
journals and other appropriate media, containing information about the Loan as
may be deemed noteworthy by Secured Party, including without limitation the
legal and trade name of Borrower, the amount of the Loan and the name, nature
and location of the Collateral.

         15.17.   SURVIVAL. All representations, warranties and agreements
contained in this Security Agreement or any other Loan Document or in any
certificate, document or statement furnished in connection with this Security
Agreement shall survive the execution and delivery of this Security Agreement
and the other Loan Documents and no investigation by the Secured Party or any
closing shall affect such representations, warranties or agreements or the
Secured Party's right to rely on them.

         NOTICE OF INDEMNIFICATION: It is expressly agreed and understood that
this Security Agreement includes indemnification provisions including, without
limitation, those contained in Article X.

         IN WITNESS WHEREOF, the Borrower has executed and entered into this
Security Agreement and delivered it to the Secured Party on and as of the date
set forth below. This document is executed under seal and intended to take
effect as a sealed instrument.

                            [Signature Page Follows]

LOAN AND SECURITY AGREEMENT -- PAGE 31
SYBRA, INC./LOAN NO. 163
ARBY'S/DALLAS, TEXAS
<PAGE>

                                        BORROWER:

                                        SYBRA, INC.

                                        By:
                                           -------------------------------------

                                        Name/Title:
                                                   -----------------------------

                                        SECURED PARTY:

                                        U.S. RESTAURANT LENDING GROUP I, L.P.
                                        BY: U.S. RESTAURANT LENDING GP, INC.,
                                            ITS GENERAL PARTNER

                                        By:
                                           -------------------------------------

                                        Name/Title:
                                                   -----------------------------

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