Document:

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                                                                   Exhibit 10.30

                               I.C.H. CORPORATION

                           THIRD AMENDED AND RESTATED

                              EMPLOYMENT AGREEMENT

                                 JAMES R. ARABIA

         THIS THIRD AMENDED AND RESTATED EMPLOYMENT AGREEMENT ("Agreement") is
effective as of the 1st day of September, 1999, by and between I.C.H.
Corporation ("ICH"), a Delaware corporation with offices at 9255 Towne Centre
Drive, Suite 600, San Diego, CA 92121, and its subsidiaries, Sybra, Inc., a
Michigan corporation ("Sybra"), Lyon's of California, Inc., a California
corporation ("Lyons"), and Care Financial Corp., a Delaware corporation ("Care",
and collectively, with ICH, Sybra and Lyons, the "Companies"), each with offices
at c/o I.C.H. Corporation, 9255 Towne Centre Drive, Suite 600, San Diego,
California 92121 and James R. Arabia, an individual residing at 2174 Guy Street,
San Diego, CA 92103 (the "Executive").

         WHEREAS, Executive has served as Chairman, President and Chief
Executive Officer of ICH and in similar capacities for each of the other
Companies pursuant to his prior employment agreement with ICH and the other
Companies dated as of September 1, 1998 (the "Prior Agreement") and prior
thereto and has taken on and will be taking on certain additional
responsibilities, including, without limitation, additional responsibilities
related to impending acquisitions, and through such service, has acquired
special and unique knowledge, abilities and expertise; and

         WHEREAS, in recognition of Executive's past performance and
responsibilities and the additional responsibilities Executive has undertaken
and will be undertaking, ICH wishes to clarify certain terms set forth in the
Prior Agreement and desires to continue to employ Executive as its President and
Chief Executive Officer and to have Executive continue to serve as Chairman of
the Board of Directors of ICH (the "ICH Board") and the other Companies desire
to employ Executive in similar capacities and the Companies desire to employ
Executive in such capacities with any future subsidiaries of the Companies and
wish to be assured of his continued services on the terms and conditions
hereinafter set forth; and

         WHEREAS, Executive desires to continue to be employed by ICH as its
President and Chief Executive Officer and to serve as Chairman of the ICH Board,
and by the other Companies and any future subsidiaries of the Companies in
similar capacities and to perform and to serve the Companies on the terms and
conditions hereinafter set forth.

         NOW, THEREFORE, in consideration of the premises and of the mutual
promises, agreements and covenants set forth herein, the parties hereto agree as
follows:

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         1. EMPLOYMENT.

         The Prior Agreement is hereby amended and restated in its entirety as
of the date of this Agreement.

                  (a) DUTIES. The Companies hereby agree to continue to employ
Executive, and Executive hereby accepts such continued employment, as the
President and Chief Executive Officer of ICH and agrees to serve as Chairman of
the ICH Board and as President and Chief Executive Officer and Chairman of the
Board of Directors of each of the other Companies. In his role as President and
Chief Executive Officer of ICH and the other Companies, Executive shall be
responsible for such duties and functions of a supervisory or managerial nature
as may be directed from time to time by the ICH Board and each other respective
Board of Directors provided that such duties are reasonable and customary for a
President and Chief Executive Officer. Executive agrees that he shall, during
the term of this Agreement, except during reasonable vacation periods, periods
of illness and the like, devote substantially all his business time, attention
and ability to his duties and responsibilities hereunder; PROVIDED, HOWEVER,
that nothing contained herein shall be construed to prohibit or restrict
Executive from (i) serving as a director of any corporation, with or without
compensation therefor; (ii) serving in various capacities in community, civic,
religious or charitable organizations or trade associations or leagues; or (iii)
attending to personal business; PROVIDED, HOWEVER, that no such service or
activity permitted in this Section 1(a) shall materially interfere with the
performance by Executive of his duties hereunder. Executive shall report
directly to the ICH Board and each other respective Board of Directors.

                  (b) TERM.

                           (i) Except as otherwise provided in this Agreement to
the contrary, the terms and conditions of this Agreement shall be and remain in
effect during the period of employment (the "Employment Period") established
under this Section 1(b). The initial Employment Period shall be for a term
commencing on the date of this Agreement and ending on the third anniversary of
the date of this Agreement; provided, however, that commencing on the first day
after the date of this Agreement and on each day thereafter, the Employment
Period shall be extended for one additional day so that a constant three (3)
year Employment Period shall be in effect, unless (A) ICH (on its behalf and on
behalf of the other Companies) or Executive elects not to extend the term of
this Agreement by giving written notice to the other party in accordance with
Sections 5(b) and 12 hereof, in which case, the term of this Agreement shall
become fixed and shall end on the third anniversary of the date of such written
notice ("Notice of Non-Renewal"), or (B) Executive's employment terminates
hereunder.

                           (ii) Notwithstanding anything contained herein to the
contrary, (A) Executive's employment with the Companies may be terminated by ICH
(on its behalf and on behalf of the other Companies) or Executive during the
Employment

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Period, subject to the terms and conditions of this Agreement; and (B) nothing
in this Agreement shall mandate or prohibit a continuation of Executive's
employment following the expiration of the Employment Period upon such terms and
conditions as the ICH Board and Executive may mutually agree.

                           (iii) If Executive's employment with the Companies is
terminated, for purposes of this Agreement, the term "Unexpired Employment
Period" shall mean the period commencing on the date of such termination and
ending on the last day of the Employment Period.

                  (c) LOCATION/TRAVEL. Executive shall work at ICH's
headquarters in San Diego County, California. Executive shall not be required to
relocate from the San Diego area during the Employment Period.

         2. COMPENSATION. Subject to the provisions of Section 8 hereof, the
Companies shall each be responsible and have joint and several liability for all
compensation and benefits owed to Executive under this Agreement. A reference to
an ICH plan, program, obligation or commitment shall also be considered an
obligation or commitment of each of the other Companies but shall not result in
duplicate benefits being paid or provided to Executive.

                  (a) SALARY. Executive shall receive an annual base salary of
Five Hundred Twenty-Five Thousand Dollars ($525,000). The annual base salary
payable to Executive pursuant to this Section 2(a), which may be increased but
not decreased by the ICH Board or the Compensation Committee of the ICH Board
(the "ICH Compensation Committee"), as the case may be, shall be hereinafter
referred to as the "Annual Base Salary" (it being understood that if and when
such Annual Base Salary is increased, it may not be subsequently decreased below
such new Annual Base Salary).

                  (b) ANNUAL BONUS.

                           (i) Executive shall be entitled to receive an annual
cash bonus, hereinafter referred to as the "Annual Bonus," based upon a formula
and subject to certain performance goals having been achieved (the "Formula"),
determined by the ICH Board, in its sole discretion, by the end of the first
quarter of each year. The target bonus payable to Executive for each fiscal year
based upon the Formula established by the ICH Board shall be an amount equal to
at least forty percent (40%) of Executive's Annual Base Salary for such year.

                           (ii) Executive's Annual Bonus shall be paid to
Executive no later than forty five (45) days following the end of the period for
which the bonus is being paid.

                  (c) REIMBURSEMENT OF BUSINESS EXPENSES. ICH shall reimburse
Executive for all reasonable out-of-pocket expenses incurred by him during the
Employment Period, including, but not limited to, all reasonable travel and

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entertainment expenses. Executive may only obtain reimbursement under this
Section 2(c) upon submission of such receipts and records as may be required
under the reimbursement policies established by ICH.

                  (d) ADDITIONAL BENEFITS; GENERAL RIGHTS. During the Employment
Period, Executive shall be entitled to:

                           (i) participate in all employee stock option,
pension, savings, and other similar benefit plans of ICH and/or such other plans
or programs of the other Companies as ICH may designate from time to time;

                           (ii) participate in all welfare plans established by
ICH such as life insurance, medical, dental, disability, and business travel
accident plans and programs and/or such other plan or programs of the other
Companies as ICH may designate from time to time. In addition, ICH shall
reimburse Executive for (i) any premium costs Executive may incur with respect
to the health insurance plan currently maintained by ICH (and which may be
maintained by ICH from time to time) in which Executive (and his spouse and
children) participates and (ii) for all other medical and dental expenses not
covered by any medical or dental plan in which Executive (and his spouse and
children) participates, including, without limitation, deductibles and out of
pocket expenses;

                           (iii) reimbursement from ICH for any premium costs
associated with the term life insurance in the amount of one and one-half
million dollars ($1,500,000.00) issued by Security Connecticut and currently
owned by Executive;

                           (iv) a minimum eight hundred dollars ($800) per month
local travel allowance;

                           (v) four (4) weeks paid vacation per year; and

                           (vi) any other benefits provided by ICH to its
executive officers.

                  (e) WITHHOLDING. ICH and/or the other Companies, as the case
may be, shall deduct from all compensation paid to Executive under this
Agreement, any Federal, State or city withholding taxes, social security
contributions and any other amounts which may be required to be deducted or
withheld by the Companies pursuant to Federal, State or city laws, rules or
regulations.

         3. OPTION GRANT.

                  (a) (i) Executive has received options issued pursuant to
ICH's 1997 Employee Stock Option Plan, as amended (the "Stock Option Plan"), as
follows:

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<TABLE>
<CAPTION>

HEREIN REFERRED    GRANT DATE         NUMBER OF SHARES    EXERCISE       VESTING
TO AS                                 GRANTED             PRICE PER
                                                          SHARE ($)
------------------ ------------------ ------------------- -------------- ------------------------------
<S>                <C>                <C>                 <C>            <C>
1997 Options       February 11, 1997  176,000             2.17           58,667 on February 11, 1997
                                                                         58,667 on February 11, 1998
                                                                         58,666 on February 11, 1999
------------------ ------------------ ------------------- -------------- ------------------------------
1998 Options       September 1, 1998  74,000              4.00           18,500 on September 1, 1998
                                                                         18,500 on September 1, 1999
                                                                         18,500 on September 1, 2000
                                                                         18,500 on September 1, 2001
------------------ ------------------ ------------------- -------------- ------------------------------
1999 Options       May 7, 1999        100,000             12.25          25,000 on May 7, 1999
                                                                         25,000 on January 1, 2000
                                                                         25,000 on January 1, 2001
                                                                         25,000 on January 1, 2002
------------------ ------------------ ------------------- -------------- ------------------------------

</TABLE>

The terms and conditions of each option grant set forth above are memorialized
in written option grant agreements between ICH and Executive dated the dates
thereof. Such 1997 Options, 1998 Options and 1999 Options plus any additional
options granted to Executive in the future (collectively referred to herein as
the "Options") shall expire on the tenth anniversary of each respective grant
date.

                           (ii) The Options were and are intended to qualify as
incentive stock options within the meaning of Section 422(b) of the Internal
Revenue Code of 1986, as amended (the "Code"); PROVIDED, HOWEVER, that to the
extent that any Options do not satisfy the requirements of Section 422(b) of the
Code either at the time of grant or before or after exercise, including, without
limitation, upon disposition of the underlying stock acquired by the exercise of
Options prior to the requisite holding period, they shall be treated as
non-qualified stock options.

                  (b) In the event that Executive incurs taxable income as a
result of any or all of his Options being treated as non-qualified options (I.E.
Options have been exercised and the requirements of Section 422(b) of the Code
have not been or are no longer met) (the "Taxable Event") as soon as practicable
after a determination by ICH and Executive that the Options are non-qualified
and a Taxable Event has occurred, ICH shall make an additional single sum cash
payment to Executive in an amount equal to thirty percent (30%) of Executive's
taxable income resulting from the Taxable Event. Such payment shall only be made
in the event Executive's employment with ICH has not terminated for Cause within
the meaning of Section 5(a)(i) of this Agreement.

                  (c) Notwithstanding any provisions in an Option grant
agreement to the contrary, upon termination of his employment for any reason,
Executive shall have the right to exercise his Options at any time through the
tenth anniversary of the grant date of such Options. Executive understands that
the effect of exercising any incentive stock options on a day that is more than
ninety (90) days after the date of termination of

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employment (or, in the case of a termination of employment on account of death
or disability, on a day that is more than one (1) year after the date of such
termination) shall be to cause such incentive stock options to be treated as
non-qualified stock options.

                  (d) In the event ICH issues additional shares of Common Stock
and/or any class of stock convertible into Common Stock and/or any other
security convertible into Common Stock (including, without limitation, options
and warrants which may be granted to individuals or entities other than
employees and directors but excluding (i) the exercise of any currently
outstanding options or warrants, (ii) any future grants of options, but only to
the extent such grants relate to shares of Common Stock currently authorized to
be granted under the Stock Option Plan or the ICH 1997 Director Stock Option
Plan (collectively, the "Option Plans") (I.E. any options that may be granted by
virtue of an increase in the number of shares of Common Stock currently
authorized under the Option Plans shall not be excluded) and (iii) the exercise
of any of such options) at any time during the Employment Period and prior to
Executive's termination of employment and in connection with a public or private
equity offering or in connection with an acquisition (the "Issuance"), Executive
shall be granted additional stock options and/or provided with a loan to
purchase Common Stock, as determined by the ICH Board, in an amount equal to ten
percent (10%) of the number of shares issued pursuant to such Issuance. The
foregoing notwithstanding, in the event ICH repurchases any shares of Common
Stock, stock convertible into shares of Common Stock and/or any other security
convertible into shares of Common Stock, the anti-dilution provisions set forth
in this Section 3(d) shall not apply until an equal number of such shares of
Common Stock, stock convertible into shares of Common Stock and/or other
securities convertible into shares of Common Stock are first reissued by ICH. In
addition, equitable adjustments shall be made to such anti-dilution provisions
in the event ICH effectuates a stock split, reverse stock split, stock dividend
or other recapitalization transaction.

                  (e) To the extent any Options are not vested upon a "Change in
Control" of ICH, such unvested Options shall become fully vested and immediately
exercisable upon a "Change in Control" of ICH (whether or not such Change in
Control is approved of by the Continuing Directors of ICH (as defined in the
Rights Agreement between ICH and Mid-America Bank of Louisville and Trust
Company dated as of February 19, 1997 and amended as of February 10, 1998)). A
"Change in Control" of ICH shall be deemed to have occurred upon the happening
of any of the following events:

                           (i) approval by the ICH Board or stockholders of ICH
                           of a transaction that would result in the
                           reorganization, merger, or consolidation of ICH with
                           one or more other "Persons" within the meaning of
                           Sections 13(d)(3) or 14(d)(2) of the Securities
                           Exchange Act of 1934 ("Exchange Act"), other than a
                           transaction following which:

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                                    (A) at least seventy-one percent (71%) of
                                    the equity ownership interests of the entity
                                    resulting from such transaction are
                                    beneficially owned (within the meaning of
                                    Rule 13d-3 promulgated under the Exchange
                                    Act) in substantially the same relative
                                    proportions by Persons who, immediately
                                    prior to such transaction, beneficially
                                    owned (within the meaning of Rule 13d-3
                                    promulgated under the Exchange Act) at least
                                    seventy-one percent (71%) of the outstanding
                                    equity ownership interests in ICH; and

                                    (B) at least seventy-one percent (71%) of
                                    the securities entitled to vote generally in
                                    the election of directors of the entity
                                    resulting from such transaction are
                                    beneficially owned (within the meaning of
                                    Rule 13d-3 promulgated under the Exchange
                                    Act) in substantially the same relative
                                    proportions by Persons who, immediately
                                    prior to such transaction, beneficially
                                    owned (within the meaning of Rule 13d-3
                                    promulgated under the Exchange Act) at least
                                    seventy-one percent (71%) of the securities
                                    entitled to vote generally in the election
                                    of directors of ICH;

                           (ii)  the acquisition of all or substantially all of
                           the assets of ICH;

                           (iii) a complete liquidation or dissolution of ICH,
                           or approval by the stockholders of ICH of a plan for
                           such liquidation or dissolution;

                           (iv) the occurrence of any event in the nature of an
                           event described in this Section 3(e) if, immediately
                           following such event, at least seventy-five percent
                           (75%) of the members of the ICH Board do not belong
                           to any of the following groups:

                                    (A) individuals who were members of the ICH
                                    Board on the date of this Agreement; or

                                    (B) individuals who first became members of
                                    the ICH Board after the date of this
                                    Agreement either:

                                            (I) upon election to serve as a
                                            member of the ICH Board by
                                            affirmative vote of three-quarters
                                            of the members of such ICH Board, or
                                            of a nominating committee thereof,
                                            in office at the time of such first
                                            election; or

                                            (II) upon election by the
                                            stockholders of ICH to serve as a
                                            member of the ICH Board, but only if
                                            nominated for election by
                                            affirmative vote of three-quarters
                                            of the

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                                            members of the ICH Board, or of a
                                            nominating committee thereof, in
                                            office at the time of such first
                                            nomination; provided, however, that
                                            such individual's election or
                                            nomination did not result from an
                                            actual or threatened election
                                            contest (within the meaning of Rule
                                            14a-11 of Regulation 14A promulgated
                                            under the Exchange Act) or other
                                            actual or threatened solicitation of
                                            proxies or consents (within the
                                            meaning of Rule 14a-11 of Regulation
                                            14A promulgated under the Exchange
                                            Act) other than by or on behalf of
                                            the ICH Board.

                           (v) in a single transaction or a series of related
                           transactions, one or more other Persons, other than
                           an employee benefit plan sponsored by ICH, becomes
                           the "beneficial owner," as such term is used in
                           Section 13 of the Exchange Act, of shares of Common
                           Stock of ICH (including newly issued shares) which
                           equal thirty percent (30%) or more of the issued and
                           outstanding shares of Common Stock of ICH prior to
                           such person or persons becoming such a "beneficial
                           owner."

                  (f) In the event of a conflict between the terms of any Option
grant agreement or the Stock Option Plan and this Agreement, the terms of this
Agreement shall control.

         4. LOANS TO EXECUTIVE.

                  (a) RESIDENCE LOAN.

                           (i) ICH has previously made a loan to Executive in a
principal amount of $350,000 for the purchase of a principal residence (the
"Residence Loan"). The Residence Loan accrues interest at an annual rate equal
to the published applicable federal rate (AFR) for loans of similar maturity at
the time the Residence Loan was granted. Principal plus interest is repayable on
a self-amortizing basis in years eight (8) through ten (10).

                           (ii) In the event Executive's employment is
terminated by ICH in connection with a Change in Control which is not approved
by the Continuing Directors of ICH, ICH shall on the consummation of such Change
in Control, forgive all principal and accrued interest then outstanding on the
Residence Loan. Additionally, on the consummation of such Change in Control, ICH
shall pay Executive, in one lump sum, a cash amount sufficient to gross up
Executive for the full tax consequences of such forgiveness so that on a net
after tax basis Executive shall be in the same position as if no taxable event
had occurred upon such forgiveness. The forgiveness of the Residence Loan and
the related gross up payment shall hereinafter be referred to as the "Residence
Loan Forgiveness".

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                  (b) 1997 OPTION LOANS.

                           (i) ICH has collectively loaned Executive Three
Hundred Eighty-One Thousand Nine Hundred Twenty Dollars ( $381,920) in order to
enable Executive to exercise all his 1997 Options (the "1997 Option Loans").

                           (ii) In the event (A) Executive remains in the
continuous employ of ICH during the period beginning on September 1, 1999 and
ending on December 31, 2001, (B) Executive's employment is terminated by ICH in
connection with a Change in Control not approved by the Continuing Directors of
ICH or without Cause or by Executive for Good Reason or (C) Executive's
employment is terminated due to his death or disability, ICH shall, on December
31, 2001, or in the case of such Change in Control, on the consummation of such
Change in Control, or in the case of such termination of Executive's employment,
on the date of termination, forgive all principal and accrued interest then
outstanding on such 1997 Option Loans. Additionally, on January 15, 2002 , or in
the case of a Change in Control not approved of by the Continuing Directors of
ICH, on the consummation of such Change in Control, or in the case of such
termination of employment, on the date of termination, ICH shall pay Executive
in one lump sum, a cash amount sufficient to gross up Executive for the full tax
consequences of such forgiveness so that on a net after tax basis Executive
shall be in the same position as if no taxable event had occurred upon such
forgiveness. The forgiveness of the 1997 Option Loans and the related gross up
payment shall hereinafter be referred to as the "1997 Option Loan Forgiveness".

                           (iii) ICH has and will require Executive to pledge a
sufficient amount of shares of Common Stock acquired upon exercise of his 1997
Options (the "Option Shares") to secure the 1997 Option Loans. The 1997 Option
Loans shall be secured only by the lesser of the full amount of the Option
Shares acquired at the time each loan was made or the number of Option Shares
having a fair market value of one hundred and twenty percent (120%) of the
outstanding principal amount of the 1997 Option Loans, together with interest
projected to accrue thereon through December 31, 2001 ("Maximum Amount Due"). On
each March 1 and each September 1, through the date the 1997 Option Loans are
either repaid or forgiven (each such date a "Determination Date"), ICH shall
reasonably determine the aggregate fair market value of the collateral (the
"Market Value") being held. If on such Determination Date the Market Value
exceeds the Maximum Amount Due, ICH shall, unless otherwise requested by
Executive, automatically release to Executive such portion of the collateral the
aggregate fair market value of which equals the Market Value less one hundred
and twenty percent (120%) of the Maximum Amount Due, free and clear of any and
all encumbrances under the related stock pledge agreements.

         5. TERMINATION OF EMPLOYMENT; EVENTS OF TERMINATION.

                  (a) Executive's employment hereunder may be terminated during
the Employment Period under the following circumstances:

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                           (i) CAUSE. Executive's employment hereunder shall
                           terminate for "Cause" ten days after the date ICH
                           shall have given Executive notice of the termination
                           of his employment for "Cause". For purposes of this
                           Agreement, "Cause" shall mean (A) the commission by
                           Executive of fraud, embezzlement or an act of
                           serious, criminal moral turpitude against any of the
                           Companies; (B) the commission of an act by Executive
                           constituting material financial dishonesty against
                           any of the Companies; or (C) Executive's gross
                           neglect in carrying out his material duties and
                           responsibilities under this Agreement which has a
                           material adverse effect on any of the Companies and
                           which is not cured within thirty (30) days subsequent
                           to written notice from ICH to Executive of such
                           breach.

                           (ii) DEATH. Executive's employment hereunder shall
                           terminate upon his death.

                           (iii) DISABILITY. Executive's employment hereunder
                           shall terminate ten days after the date on which ICH
                           shall have given Executive notice of the termination
                           of his employment by reason of his physical or mental
                           incapacity or disability on a permanent basis. For
                           purposes of this Agreement, Executive shall be deemed
                           to be physically or mentally incapacitated or
                           disabled on a permanent basis if the ICH Board
                           determines he is unable to perform his duties
                           hereunder for a period exceeding six (6) months in
                           any twelve (12) month period.

                           (iv) GOOD REASON. Executive shall have the right to
                           terminate his employment for "Good Reason." This
                           Agreement shall terminate effective immediately on
                           the date Executive shall have given the ICH Board
                           notice of the termination of his employment with ICH
                           for "Good Reason." For purposes of this Agreement,
                           "Good Reason" shall mean (A) any material and
                           substantial breach of this Agreement by any of the
                           Companies, (B) a diminution of Executive's
                           responsibilities, loss of title or position in which
                           Executive currently serves, failure to reelect
                           Executive to the ICH Board or the Board of Directors
                           of any of the other Companies, reappoint Executive
                           Chairman of the ICH Board or Chairman of the Board of
                           Directors of any of the other Companies, or maintain
                           the composition of the Nomination Committee of the
                           ICH Board as it exists on the date hereof (I.E. with
                           Executive being its sole member), but not including
                           the loss of responsibilities and title associated
                           with any of the Companies other than ICH upon the
                           sale of the stock or substantially all of the assets
                           of such other Company, (C) a Change in Control occurs
                           and Executive voluntarily quits at any time within
                           the six (6) month period on or

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                           immediately following the Change in Control, (D) ICH
                           issues a Notice of Non-Renewal to Executive, (E) a
                           reduction in Executive's Annual Base Salary or a
                           material reduction in other benefits (except for
                           bonuses or similar discretionary payments) as in
                           effect at the time in question, or any other failure
                           by the Companies to comply with Sections 2 and 3,
                           hereof, (F) the relocation of Executive's office
                           outside the San Diego area, or (G) this Agreement is
                           not assumed by a successor to ICH.

                           (v) WITHOUT CAUSE. ICH shall have the right to
                           terminate Executive's employment hereunder without
                           Cause subject to the terms and conditions of this
                           Agreement. In such event, this Agreement shall
                           terminate, effective immediately upon the date on
                           which ICH shall have given Executive notice of the
                           termination of his employment for reasons other than
                           for Cause or due to Executive's Disability.

                           (vi) WITHOUT GOOD REASON. Executive shall have the
                           right to terminate his employment hereunder without
                           Good Reason subject to the terms and conditions of
                           this Agreement. This Agreement shall terminate,
                           effective immediately upon the date as of which
                           Executive shall have given the ICH Board notice of
                           the termination of his employment without Good
                           Reason.

                   (b) NOTICE OF TERMINATION. Any termination of Executive's
employment by ICH or any such termination by Executive (other than on account of
death) shall be communicated by written Notice of Termination to the other party
hereto. For purposes of this Agreement, a "Notice of Termination" shall mean a
notice which shall indicate the specific termination provision in this Agreement
relied upon and shall set forth in reasonable detail the facts and circumstances
claimed to provide a basis for termination of Executive's employment under the
provision so indicated. In the event of the termination of Executive's
employment on account of death, written Notice of Termination shall be deemed to
have been provided on the date of death.

         6. PAYMENTS UPON TERMINATION.

                  (a) WITHOUT CAUSE, FOR GOOD REASON OR DISABILITY. If
Executive's employment is terminated by ICH without Cause (pursuant to Section
5(a)(v)), by Executive for Good Reason (pursuant to Section 5(a)(iv)), or by ICH
due to Executive's Disability (pursuant to Section 5(a)(iii)), Executive, or in
the case of Executive's Disability, Executive's legal representative, shall be
entitled to receive from ICH (i) a lump sum payment in an aggregate amount equal
to four (4) times the sum of (A) then current Annual Base Salary and (B) the
average of all bonuses, including, without limitation, Executive's Annual Bonus
but excluding any loans forgiven or payments made by ICH pursuant to Section
4(b)(ii) hereof, earned by or paid to Executive during the two (2) immediately
preceding full fiscal years of employment ending prior to the

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date of termination (the "Severance Payment"); (ii) any bonuses which have been
earned but not been paid prior to such termination ("Prior Bonus Payment") and
(iii) reimbursement of expenses incurred prior to date of termination (the
"Expense Reimbursement"). The aforesaid amounts shall be payable in cash without
discount for early payment, at the option of Executive, either in full
immediately upon such termination or monthly over the Unexpired Employment
Period (the "Payment Election"). In addition, (x) Executive's fringe benefits
specified in Section 2 shall continue through the end of the Unexpired
Employment Period, provided, however, that such benefits which may not continue
pursuant to law, such as participation in a qualified pension plan, shall
terminate on the date of termination and further provided, that Executive shall
be entitled to COBRA continuation coverage and to continue the applicable life
insurance policies thereafter, at his cost ("Fringe Benefit Continuation); (y)
all outstanding Options which are not vested as of the date of termination, if
any, shall upon such date of termination vest and become immediately exercisable
in accordance with the terms of the Option grant agreements and this Agreement
("Vested Options") and (z) Executive shall be entitled to the 1997 Option Loan
Forgiveness as set forth in Section 4(b)(ii) hereof.

                  Any outstanding balance (principal and interest) of the
Residence Loan and any other loans made to Executive (except for the 1997
Options Loans which shall be forgiven as set forth in the paragraph above) by
ICH or any of the other Companies shall become due on the date of such
termination and shall be payable in a single sum payment. Any amounts owed by
Executive to ICH or the other Companies hereunder shall be set off against any
amounts payable from ICH or the other Companies to the Executive.

                  In the event Executive terminates his employment within the
six month period on or immediately following a Change in Control which
constitutes a termination for Good Reason under this Agreement pursuant to
Section 5(a)(iv)(C), Executive shall be entitled to receive from ICH an
additional lump sum cash payment in an amount sufficient to pay any excise taxes
which may be imposed on Executive pursuant to Section 4999 of the Code (or any
successor provisions) plus any excise or income tax liability on the gross up
payment itself so that on a net after tax basis Executive shall be in the same
position as if the excise tax under Section 4999 of the Code (or any successor
provisions) had not been imposed.

                  In the event Executive is terminated by ICH without Cause or
due to Executive's Disability, or Executive terminates his employment with ICH
for Good Reason, Executive shall have no duty to mitigate the amount of the
payment received pursuant to this Section 6(a), it being understood that
Executive's acceptance of other employment shall not reduce ICH's or the other
Companies' obligations hereunder.

                  (b) DEATH. If Executive's employment is terminated due to
death of Executive (pursuant to Section 5(a)(ii)), Executive's estate or
beneficiary(ies), as the case may be, shall be entitled to the proceeds of the
key man life insurance policy currently held by ICH (the "Death Benefit"). In
the event that the Death Benefit exceeds

                                      -13-
<PAGE>

the sum of (i) sixty percent (60%) of the value of the Severance Payment and
(ii) the outstanding balance (principal and interest) of the Residence Loan and
any other loans made to Executive (except the 1997 Option Loans) by ICH or any
of the other Companies ((i) and (ii) being collectively referred to as, the
"Target Death Benefit"), such excess amount shall be due and payable by the
Executive's estate or beneficiary(ies) to ICH or the other Companies, as the
case may be, on the date of such termination in a single sum payment; PROVIDED,
HOWEVER, that the amount of such payment by the Executive's estate or
beneficiary(ies) shall not exceed the outstanding balance (principal and
interest) of the Residence Loan and any other loans made to Executive (except
the 1997 Option Loans) by ICH or any of the other Companies. In the event that
the Death Benefit is less than the Target Death Benefit, ICH shall pay the
amount of such difference to the Executive's estate or beneficiary(ies) on the
date of such termination in a single sum payment.

                  In addition, Executive's estate or beneficiary(ies), as the
case may be, shall be entitled to receive Executive's Prior Bonus Payment,
Vested Options, Expense Reimbursement, and the 1997 Option Loan Forgiveness as
set forth in Section 4(b)(ii) hereof and Executive's spouse and covered children
shall be entitled to receive Fringe Benefit Continuation to the extent
applicable.

                  Any amounts owed by Executive's estate or beneficiary(ies) to
ICH or any of the other Companies hereunder shall be set off against any amounts
payable from the Companies to the Executive's estate or beneficiary(ies), as the
case may be.

                  (c) TERMINATION WITH CAUSE OR VOLUNTARY QUIT. If ICH
terminates Executive's employment for Cause (pursuant to Section 5(a)(i)) or in
the event Executive voluntarily terminates his employment without Good Reason
(pursuant to Section 5(a)(vi)) ("Voluntary Quit"), Executive shall be entitled
to his Annual Base Salary through the date of the termination of such employment
and Executive shall be entitled to any bonuses which have been earned but not
paid prior to such termination. Executive shall not be entitled to any other
bonuses. Executive's additional benefits specified in Section 2 shall terminate
at the time of such termination and the entire outstanding balance (principal
and interest) of the Residence Loan, the 1997 Option Loans and any other loans
from ICH or any of the other Companies to Executive shall be due and owing on
date of such termination. Any amounts owed by Executive to ICH or the other
Companies hereunder shall be set off against any amounts payable from the
Companies to the Executive. Additionally, Executive shall be entitled to all
Options that have vested as of the date of such termination. All outstanding
Options, which have not vested, if any, as of date of such termination shall be
forfeited, and if the termination is for Cause, no further payments pursuant to
Section 3(b) shall be made to Executive.

                  (d) TERMINATION BY ICH UPON CHANGE IN CONTROL. If ICH
terminates Executive's employment for any reason in connection with a Change in
Control which is not approved by the Continuing Directors of ICH, Executive
shall receive from ICH in one lump sum, payable on the consummation of the
Change in Control an amount

                                      -14-
<PAGE>

equal to the Severance Payment, the Prior Bonus Payment and the Expense
Reimbursement. The aforesaid amount shall be payable in cash without discount
for early payment on the consummation of such Change in Control. In addition,
any outstanding balances (principal and interest) of the Residence Loan, the
1997 Option Loans and any other loans made by ICH and any of the other Companies
to Executive shall be forgiven on the consummation of such Change in Control.
Executive shall be entitled to his Vested Options and Executive (and his spouse
and children) shall be entitled to Fringe Benefit Continuation. In addition to
the aforesaid cash payment, ICH shall pay Executive, on the consummation of the
Change in Control, in one lump sum, a cash payment (i) in an amount sufficient
to cover the full tax consequences of the forgiveness of any loans so that on a
net after tax basis Executive shall be the same as if no taxable events had
occurred upon such forgiveness (ii) in an amount sufficient to pay any excise
taxes which may be imposed on Executive pursuant to Section 4999 of the Code (or
any successor provisions) plus any excise or income tax liability on the gross
up payment itself so that on a net after tax basis Executive shall be the same
as if the excise tax under Section 4999 of the Code (or any successor
provisions) had not been imposed.

                  In the event Executive is terminated by ICH in connection with
a Change in Control which is not approved by the Continuing Directors of ICH,
Executive shall have no duty to mitigate the amount of the payment received
pursuant to this Section 6(d), it being understood that Executive's acceptance
of other employment shall not reduce the Companies obligations hereunder.

                  (e) VESTING TRUST. At Executive's option, the Companies shall
establish a vesting trust into which the Companies shall, to the extent
economically feasible, contribute and/or pledge assets to secure their severance
obligations to Executive under this Agreement.

         7. SUCCESSORS AND ASSIGNS.

                  (a) This Agreement shall be binding upon and inure to the
benefit of ICH, its successors and assigns. ICH shall require any successor
(whether direct or indirect, by purchase, merger, consolidation or otherwise) to
all or substantially all its assets to expressly assume and agree to perform
this Agreement in the same manner and to the same extent ICH would be required
to perform if no such succession had taken place.

                  (b) Executive agrees that this Agreement is personal to him
and may not be assigned by him other than by the laws of descent and
distribution. This Agreement shall inure to the benefit of and be enforceable by
Executive's legal representative.

                                      -15-
<PAGE>

         8. JOINT AND SEVERAL LIABILITY.

                  (a) NO DUPLICATION OF PAYMENTS. The Companies shall be jointly
and severally liable for any amounts payable to Executive under this Agreement.
Any amounts payable to Executive shall be paid in the first instance by ICH, and
to the extent not paid by ICH shall be paid by the other Companies. In no event
shall any amount payable pursuant to this Agreement be paid by ICH and any other
Company, or any two or more Companies and Executive shall not be entitled to
receive duplicate benefits or payments under any of the provisions of this
Agreement.

                  (b) NEW SUBSIDIARIES. Any subsidiary of the Companies that is
formed or acquired on or after the date hereof shall be required to become a
signatory to this Agreement and shall become jointly and severally liable with
the Companies for the obligations hereunder.

                  (c) SALE OF SUBSIDIARIES. Upon the sale of the stock or
substantially all of the assets of any subsidiary of the Companies, which is
approved by the ICH Board, such subsidiary shall be automatically released from
its obligations hereunder and shall not be considered as having any continuing
liability for the obligations hereunder, and Executive shall be released from
his obligations to such subsidiary hereunder.

         9. GOVERNING LAW. This Agreement shall be construed in accordance with,
and its validity, interpretation, performance and enforcement and shall be
governed by, the laws of the State of California without regard to conflicts of
law principles thereof. Each of the parties hereto hereby (a) irrevocably and
unconditionally submits to the non-exclusive jurisdiction of any California
State or Federal court sitting in San Diego County, California in any action or
proceeding arising out of or relating to this Agreement, (b) irrevocably waives,
to the fullest extent it may effectively do so, the defense of an inconvenient
forum to the maintenance of such action or proceeding, and (c) irrevocably and
unconditionally consents to the service of any and all process in any such
action or proceeding by the mailing of copies of such process by certified mail
to such party and its counsel at their respective addresses specified in Section
12 hereof.

         10. ENTIRE AGREEMENT.

                  (a) This instrument contains the entire understanding and
agreement among the parties relating to the subject matter hereof, except as
otherwise referred to herein, and supersedes all other prior agreements and
undertakings, both written and oral, among the parties with respect to the
subject matter hereof. The parties recognize that the Prior Agreement has been
amended and restated in its entirety by this Agreement and the terms of the
Prior Agreement are of no further force and effect.

                  (b) Neither this Agreement nor any provisions hereof may be
waived or modified, except by an agreement in writing signed by the party(ies)
against whom enforcement of any waiver or modification is sought.

                                      -16-
<PAGE>

         11. PROVISIONS SEVERABLE. In case any one or more of the provisions of
this Agreement shall be invalid, illegal or unenforceable in any respect, or to
any extent, the validity, legality and enforceability of the remaining
provisions contained herein shall not in any way be affected or impaired
thereby.

         12. NOTICES. Any notice required or permitted to be given under the
provisions of this Agreement shall be in writing and delivered by courier or
personal delivery, facsimile transmission (to be followed promptly by written
confirmation mailed by certified mail as provided below) or mailed by certified
mail, return receipt requested, postage prepaid, addressed as follows:

         If to ICH or any of the other Companies:

                  ICH Corporation
                  9255 Towne Centre Drive
                  Suite 600
                  San Diego, California  92121
                  Attention:  Corporate Secretary
                  Facsimile Number:  (619) 535-1634

         With a copy to:

                  Christopher J. Sues, Esq.
                  Pryor Cashman Sherman & Flynn LLP
                  410 Park Avenue
                  New York, New York 10022
                  Facsimile Number:  (212) 326-0806

         If to Executive:

                  Mr. James Arabia
                  2174 Guy Street
                  San Diego, California 92103
                  Facsimile Number:  (619) 298-3212

If delivered personally, by courier or facsimile transmission (confirmed as
aforesaid and provided written confirmation and receipt is obtained by the
sender), the date on which a notice is delivered or transmitted shall be the
date on which such delivery is made. Notices given by mail as aforesaid shall be
effective and deemed received upon the date of actual receipt or upon the third
business day subsequent to deposit in the U.S. mail, whichever is earlier.
Either party hereto may change its or his address specified for notices herein
by designating a new address by notice in accordance with this Section 12.

                                      -17-
<PAGE>

         13. COUNTERPARTS. This Agreement may be executed in separate
counterparts, each of which is deemed to be an original and both of which taken
together shall constitute one and the same agreement.

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

EXECUTIVE                                 ICH CORPORATION

   /S/                                         /S/
-------------------------                 --------------------------------------
JAMES R. ARABIA                           NAME:  John A. Bicks
                                          TITLE:   Executive Vice President and
                                                   General Counsel

                                          SYBRA, INC.

                                               /S/
                                          --------------------------------------
                                          NAME:  John A. Bicks
                                          TITLE: Executive Vice President and
                                                 General Counsel

                                          LYON'S OF CALIFORNIA, INC.

                                               /S/
                                          --------------------------------------
                                          NAME:  John A. Bicks
                                          TITLE: Executive Vice President and
                                                 General Counsel

                                          CARE FINANCIAL CORP.

                                               /S/
                                          --------------------------------------
                                          NAME:  John A. Bicks
                                          TITLE: Executive Vice President and
                                                 General Counsel

                                      -18-<PAGE>
                                                                   Exhibit 10.31

February 9, 2000

Mr. Glen Freter
Sybra, Inc.
9255 Towne Centre Drive, Suite 600
San Diego, CA  92121

Mr. Rob Drechsler
I.C.H. Corporation
780 Third Avenue, 43rd Floor
New York, NY  10017

Gentlemen:

Newcourt Commercial Finance Corporation (the "Lender") has approved your loan
application and is pleased to issue this commitment letter (THE "COMMITMENT")
SUBJECT TO AND CONDITIONED ON THE FOLLOWING TERMS AND CONDITIONS:

A.  BASIC CREDIT TERMS

LENDER:                              Newcourt Commercial Finance Corporation

BORROWER:                            Sybra, Inc.

GUARANTORS:                          I.C.H. Corporation

AMOUNT:                              $12,500,000 Line of Credit.  The facility
                                     shall be available until June 30,
                                     2001 unless extended at Lender's sole
                                     discretion. Each takedown / loan advance
                                     will be subject to Lender's review and
                                     approval of, but not limited to, the
                                     following:

                                      o   site selection approval of franchisor

                                      o   12 month income statement projection

                                      o   schedule of project costs

                                      o   quarterly financial statements

                                      o   financial statements for individual
                                          stores financed by Lender and/or for
                                          other stores operated by Borrower in
                                          same DMA.

TERM/                               Real Estate: 15-year term / 20-year
AMORTIZATION:                         amortization;
                                    Equipment: 7-year term / 7-year
                                      amortization;
                                    Blended: 12-year term / 12-year amortization

<PAGE>

USE OF PROCEEDS:                    Each Loan under the Line may be used to
                                    finance development costs of new Arby's
                                    restaurants. Advances shall be up to 90% of
                                    Total Project Costs ("Total Project Costs"
                                    shall be defined to include construction of
                                    improvements, FF&E, soft costs, franchise
                                    fees and pre-opening expenses), including up
                                    to 100% of costs for real estate,
                                    improvements, furniture, fixtures &
                                    equipment, architectural fees, professional
                                    and other fees.

COLLATERAL:                         The proposed facility is to be secured by a
                                    first security interest in favor of Lender
                                    on all Business Assets of Borrower
                                    associated with the site being financed by
                                    Lender, including any proceeds thereof. In
                                    addition, Lender shall be granted an ALTA
                                    insured first mortgage on all real property
                                    being financed with this acquisition. The
                                    facility will be subject to cross-default
                                    and cross-collateral provisions with present
                                    and future loans from Lender.

INTEREST RATE:                      Real Estate & Blended Loans: Fixed rate
                                    of 410 basis points above the published
                                    average yield on U.S. Treasury Notes
                                    maturing approximately ten (10) years from
                                    the date of closing. The fixed rate will be
                                    determined five (5) business days prior to
                                    closing and based on the then published
                                    yield on U.S. Treasury Notes maturing ten
                                    (10) years thereafter trading closest to
                                    par.

                                    Equipment Loans: Fixed rate of 410 basis
                                    points above the published average yield on
                                    U.S. Treasury Notes maturing approximately
                                    seven (7) years from the date of closing.
                                    The fixed rate will be determined five (5)
                                    business days prior to closing and based on
                                    the then published yield on U.S. Treasury
                                    Notes maturing seven (7) years thereafter
                                    trading closest to par.

                                    On construction loans, the interest rate for
                                    the construction period shall be the Prime
                                    Rate plus 1%, adjustable quarterly. The
                                    interest rate for the permanent loan is
                                    stated above and shall be set five business
                                    days prior to the closing date of such
                                    permanent loan.

ORIGINATION FEE:                    Borrower shall remit a non-refundable loan
                                    origination fee of 1.0% of the principal
                                    amount of each Loan under the Line, which
                                    shall be due at the initial disbursement of
                                    each Loan.

COMMITMENT FEE:                     A non-refundable commitment fee of $75,000
                                    (Lender hereby acknowledges receipt to date
                                    of $25,000 thereof) is due with the return
                                    of the signed Commitment Letter. The $75,000
                                    fee shall be applied to the 1.0% commitment
                                    fee that will be due for each loan under the
                                    Line of Credit, until such amount is
                                    exhausted. Thereafter, commitment fees of
                                    1.0% of each loan under the Line of Credit
                                    shall be due upon the return of each
                                    applicable commitment letter. This
                                    Commitment Fee shall be used to reimburse
                                    lender for all expenses described in the
                                    "costs" section

                                                                          Page 2
<PAGE>

                                    of this letter. The balance, if any, after
                                    these expenses shall be applied to the Loan
                                    Origination Fee.

PREPAYMENT:                         Prepayment premiums (together with an
                                    administrative fee of $4,000) will be
                                    assessed on the amount of the principal
                                    balance prepaid as follows:

                                    Year of Loan          % of Principal Balance
                                            1                 Not Allowed
                                            2                 Not Allowed
                                            3                 5%
                                            4                 4%
                                            5                 3%
                                            6                 2%
                                            7                 1%
                                    Thereafter                0%

LATE CHARGE AND                     A late payment charge of 5% of the payment
DEFAULT INTEREST:                   will be assessed on all payments received
                                    more than 10 days after its scheduled
                                    due date.

                                    In the event of default, the interest rate
                                    charged shall increase to a rate of 400
                                    basis points (i.e., 4%) over the rate
                                    otherwise payable, provided that in no event
                                    shall Borrower be obligated to pay a rate or
                                    an amount greater than that allowed by
                                    applicable law.

ENVIRONMENTAL                       Evidence in form and substance satisfactory
REQUIREMENTS:                       to Lender that all real estate securing the
                                    proposed loan is free and clear of any
                                    environmental concerns. Borrower will
                                    complete an Environmental Questionnaire
                                    regarding the real property collateral and
                                    Borrower and Guarantors shall execute
                                    Environmental Warranty and Indemnification
                                    Agreements. In addition, an environmental
                                    site assessment (based on ASTM standards and
                                    acceptable to Lender) of such property may
                                    be necessary and any costs associated
                                    therewith shall be paid by Borrower.

                                    The real estate securing the proposed loan
                                    shall meet or exceed all federal, state and
                                    local requirements or regulations that are
                                    in effect and will meet or exceed all
                                    applicable future federal, state and local
                                    requirements or regulations as they become
                                    effective.

                                    Borrower will promptly take whatever action
                                    is necessary when an environmental issue has
                                    arisen including the financial
                                    responsibility for any clean-up process.

JUNIOR LIENS:                       No liens or encumbrances on the
                                    collateral will be permitted (except those
                                    in favor of Lender) without Lender's prior
                                    written permission (which permission may be
                                    withheld for any reason).

                                                                          Page 3
<PAGE>

                                    For each site financed, Lender shall allow
                                    up to $50,000 PMSI liens for collateral not
                                    financed by Lender.

B. FINANCIAL INFORMATION

FINANCIAL:                          Annual CPA-audited consolidated financial
                                    statements of I.C.H. Corporation shall be
                                    furnished to Lender within 120 calendar days
                                    of the end of each fiscal period, together
                                    with consolidating statements including
                                    Borrower. Interim semi-annual financial
                                    statements for Borrower shall be provided to
                                    Lender within 45 calendar days of the end of
                                    each 6-month period. In addition, so long as
                                    the Line of Credit is in effect, internally
                                    prepared quarterly financial statements
                                    shall be provided.

FINANCIAL
COVENANTS:                          Minimum Fixed Charge Coverage Ratio ("FCCR")
                                    of 1.1:1.0, measured annually. FCCR is
                                    defined as A) net income plus income taxes
                                    plus interest plus depreciation plus
                                    amortization plus rent expense plus
                                    extraordinary non-cash expenses minus
                                    extraordinary non-cash income, divided by B)
                                    the sum of required principal payments
                                    during such year (including capital lease
                                    payments), interest expense, and rent
                                    expense

C. CONDITIONS TO CLOSING

DOCUMENTATION:                      Documentation in the form and substance
                                    acceptable to Lender will be required,
                                    including assignment of leases.

INJECTION OF FUNDS:                 Prior to, or simultaneously with closing
                                    of each Loan, Borrower will provide
                                    evidence of non-borrowed funds utilized to
                                    pay for a minimum of 10% of total project
                                    costs.

FUNDING:                            Funding will take place upon Lender's
                                    confirmation of compliance with all terms
                                    and conditions of the Commitment.

COSTS:                              Borrower shall reimburse Lender for all
                                    reasonable "out of pocket" expenses and fees
                                    incurred which are necessary to close the
                                    transaction and perfect Lender's security
                                    interest, including but not limited to
                                    searches, inspections, title insurance,
                                    recording fees, mortgage taxes, surveys,
                                    inspection reports and legal fees, whether
                                    or not the loan is closed.

AUTOMATIC DEBITS:                   Borrower shall be required to make Loan
                                    payments via automatic electronic transfers
                                    from the Borrower's designated checking
                                    account.

                                                                          Page 4
<PAGE>

SURVEYS:                            Borrower will deliver a survey of all real
                                    estate securing the Loan, acceptable to
                                    Lender, showing all improvements thereon and
                                    all easements affecting the property with
                                    ALTA certification in favor of Lender and
                                    title insurer.

TITLE INSURANCE:                    A title insurance policy issued by a title
                                    company approved by Lender, including
                                    deletion of all exceptions requested by
                                    Lender; on all real estate offered as
                                    collateral.

RISK INSURANCE:                     The Borrower shall furnish to Lender such
                                    fire, hazard, special hazard, flood, general
                                    liability and any other insurance coverage
                                    as Lender may require on business assets and
                                    mortgaged properties. Lender to be named as
                                    mortgagee, loss payee and/or additional
                                    insured, as applicable. The minimum amounts
                                    of said insurance shall be in the amount of
                                    the loan, unless specified otherwise by
                                    Lender. Such insurance to be in form and
                                    substance acceptable to Lender.

CONSTRUCTION:                       Under the Preferred Customer Real Estate
                                    Development Program for ground lease
                                    construction program, Lender advances 80% of
                                    the total loan amount during the
                                    construction process and the remaining 20%
                                    at permanent loan closing. Ground lease
                                    term, including options, has to be at least
                                    150% of loan term. (NOTE: Only one
                                    construction loan under the ground lease
                                    program may be outstanding at one time.
                                    Borrower may instead utilize Lender's
                                    standard construction program.)

                                    Construction Fee: Prior to initial
                                    disbursement, Borrower shall pay to Lender a
                                    construction lending fee in an amount of one
                                    percent (1.00%) of that portion of the loan
                                    authorized for construction (including
                                    building and equipment).

                                    Ground lease transactions approved by Lender
                                    may be taken down in two (2) advances.

                                    FIRST ADVANCE:

                                    First advance under the loan will be up to
                                    40% of the building, site development and
                                    equipment costs. Funding will be subject to
                                    Lender's review and approval of satisfactory
                                    loan submissions including, but not limited
                                    to, the following:

                                      a)     Receipt of franchisor's site
                                             approval;

                                      b)     Receipt of executed lease
                                             agreement;

                                      c)     Receipt of the standard AIA form
                                             Contractor's Qualification
                                             Statement;

                                                                          Page 5
<PAGE>

                                      d)     Receipt of title insurance rundown
                                             evidencing no liens against the
                                             subject property;

                                      e)     A preliminary survey showing the
                                             improvements, easements, and
                                             restrictions of record;

                                      f)     Plans and Specifications - One (1)
                                             complete set of the final plans and
                                             specifications;

                                      g)     Construction budget - A complete
                                             budget breakdown in a standard CSI
                                             format for all on- site and
                                             off-site improvements, which are
                                             necessary for substantial
                                             completion of the project;

                                      h)     Copy of executed construction
                                             contract;

                                      i)     Letters of Certification from the
                                             design Architect and Engineer or
                                             the Project Manager indicating that
                                             the plans and specifications
                                             submitted for our review comply
                                             with all applicable codes including
                                             but not limited to earthquake,
                                             zoning, environmental and
                                             governmental requirements. If the
                                             property lies within a Flood Hazard
                                             Zone, submit a copy of the
                                             Elevation Certificate as required
                                             by Federal Flood Insurance. A
                                             complete list of the plans and
                                             specifications submitted should be
                                             included indicating the original
                                             and revision dates; and

                                      j)     Copies of the Building Permit
                                             Application, Building Permit,
                                             Zoning Board Approval and any and
                                             all variances granted for the
                                             property.

                                    SECOND ADVANCE:

                                    Second advance will be up to 80% of the
                                    building, site development and equipment
                                    costs. Funding of the second advance will be
                                    subject to Lender's review and approval of
                                    the following:

                                            Letter from the Borrower stating the
                                            percentage of completion (at least
                                            50% completed) with a back-up letter
                                            from the Contractor or Contractor's
                                            draw request, stating the same
                                            percentage of completion.

CONVERSION TO
PERMANENT LOAN
OR TAKE-OUT

                                                                          Page 6
<PAGE>

CONSTRUCTION:                       PRIOR TO CONVERSION TO A PERMANENT LOAN OR
                                    IF THE BORROWER IS UNDERTAKING A
                                    CONSTRUCTION PROJECT FINANCED BY AN INTERIM
                                    CONSTRUCTION LENDER, and because the
                                    successful completion of the construction
                                    project is a prerequisite to the closing of
                                    the permanent loan, Lender's approval is
                                    subject to the following added conditions:

                                            a)   Receipt of lien releases and
                                                 waivers and all other
                                                 documentation satisfactory to
                                                 Lender, to assure Lender's
                                                 first priority lien position
                                                 with respect to the real estate
                                                 collateral; and

                                            b)   The construction project shall
                                                 be completed in accordance with
                                                 the plans and specifications;
                                                 the necessary licenses and
                                                 permits must be obtained and an
                                                 unconditional final Certificate
                                                 of Occupancy and any other
                                                 certificates, licenses,
                                                 permits, or approvals necessary
                                                 to operate the Borrower's
                                                 business on the premises must
                                                 be issued by the appropriate
                                                 authority; and

                                            c)   An updated survey showing the
                                                 improvements, easements, and
                                                 restrictions of record,
                                                 satisfactory to Lender.

NON-CONVERSION FEE:                 Borrower understands and acknowledges the
                                    economic benefit Lender anticipates and
                                    expects to receive from Borrower's agreement
                                    to convert its construction loans with
                                    Lender to permanent loans with Lender upon
                                    completion of the construction projects.
                                    Borrower also understands, acknowledges and
                                    agrees that Lender would not extend the
                                    construction financing to Borrower BUT FOR
                                    the Borrower's agreement to convert the
                                    construction financing to a permanent
                                    financing status with the Lender. Borrower
                                    shall pay Lender a three percent (3.0%)
                                    non-conversion fee if the construction loan
                                    is not converted to a permanent loan within
                                    six (6) months. Moreover, if the
                                    construction loan does not timely convert to
                                    a permanent loan within six (6) months,
                                    Borrower understands, acknowledges and
                                    agrees that Lender shall have no duty or
                                    obligation to release the lien of its
                                    construction mortgage unless and until the
                                    three percent (3.0%) non-conversion fee has
                                    been paid in full to Lender.

INSPECTION:                         Lender may require inspections of all real
                                    estate collateral and the construction
                                    premises by Lender or Lender's designee.
                                    Borrower agrees to provide access at such
                                    times as required by Lender or Lender's
                                    designee.

                                                                          Page 7
<PAGE>

FRANCHISE                           Satisfactory evidence that Borrower has
AGREEMENT:                          been approved to operate as an Arby's
                                    franchise.

                                    Borrower acknowledges that the loan program
                                    designed for the franchise concept does not
                                    constitute an endorsement of the franchise
                                    concept or the franchiser by Lender. All
                                    franchise programs involve elements of risk
                                    to the franchisee, and prospective
                                    franchisees are cautioned to make a thorough
                                    and independent investigation of the
                                    franchiser and its franchise program.
                                    Borrower acknowledges that it is NOT relying
                                    upon Lender's willingness to provide
                                    financing as an endorsement by Lender of the
                                    franchiser or the franchise concept or
                                    program.

                                    Remaining term of franchise rights held by
                                    Borrower must be at least equal to the term
                                    of the loan.

ATTORNEY'S OPINION:
LETTER:                             Borrower's and Guarantor's counsel shall
                                    provide at closing an opinion of counsel in
                                    form acceptable to Lender.

EVIDENCE OF
AUTHORIZATION:                      Borrower and Guarantor's shall provide
                                    evidence satisfactory to the Lender that the
                                    Borrower (if a corporation or other form of
                                    organization) and all guarantors have taken
                                    all necessary corporate or other actions to
                                    authorize the transaction contemplated
                                    herein.

NO MATERIAL
ADVERSE CHANGE:                     Lender has issued this Commitment in
                                    reliance of the continuation of the present
                                    management, ownership and financial
                                    condition of the Borrower and guarantors.
                                    Accordingly, should any actual or threatened
                                    material adverse change affect the Borrower,
                                    any guarantor, or any collateral pledged as
                                    security, Lender shall have the right to
                                    withdraw its Commitment and shall have no
                                    further obligation to Borrower to make any
                                    loan, or otherwise. The determination of
                                    material adverse change shall be made in the
                                    reasonable discretion of Lender.
                                    Additionally, if Borrower or any guarantor
                                    is considered to be in default by Lender or
                                    any of Lender's affiliates under any
                                    agreement or other obligation now or
                                    hereafter in effect with Lender or Lender's
                                    affiliates, Lender shall be under no
                                    obligation to extend the credit contemplated
                                    herein.

                                    Further, Lender's obligation to fund the
                                    loan is expressly subject to there not
                                    having occurred at any time prior to the
                                    funding of the loan any adverse change in,
                                    deterioration of, or any occurrence which
                                    materially and adversely affects domestic or
                                    international financial, liquidity, banking,
                                    or syndication markets, or the Lender's
                                    availability or access thereto, either
                                    generally, or specifically with respect to
                                    the loan transaction described herein,
                                    which, in the reasonable judgment of the
                                    Lender, would materially

                                                                          Page 8
<PAGE>

                                    and adversely affect any of the parties to
                                    the transaction described herein or the
                                    transaction itself.

                                    In addition, if any of the foregoing
                                    material adverse changes occur, Lender, at
                                    its option, shall have the right, but not
                                    the obligation, to modify the pricing,
                                    structure or terms of the loan if the Lender
                                    determines that such changes are advisable
                                    in order to fund the loan. In the event that
                                    the Borrower does not consent to such
                                    modifications, either the Lender or the
                                    Borrower may terminate this Commitment,
                                    whereupon this Commitment shall be of no
                                    further force or effect (except that the
                                    Borrower shall remain obligated to pay the
                                    fees, costs and expenses as stated herein.).

TERM OF THE                         If this letter is not executed and returned
COMMITMENT:                         within seven (7) days from the date hereof,
                                    this Commitment will become null and void.
                                    Upon receipt of the commitment fee and this
                                    executed letter, this Commitment shall
                                    remain open until, and must close by, June
                                    30, 2001 whereupon this Commitment will
                                    expire and become null and void. Borrower
                                    may request in writing a 60 day extension of
                                    the closing date, which Lender in its sole
                                    discretion may allow.

NONASSIGNABILITY:                   This Commitment is not assignable by
                                    Borrower by operation of law or otherwise
                                    without the prior written consent of Lender,
                                    which may be withheld by Lender in its sole
                                    discretion, for any reason or no reason.

CHOICE OF LAW;                      This Commitment shall be governed by the
WAIVER:                             internal laws (as opposed to the conflicts
                                    of law provisions) and decisions of the
                                    State of New Jersey. Borrower waives all
                                    rights to special, incidental, punitive or
                                    consequential damages that may be alleged to
                                    arise out of or relate to this Commitment or
                                    any transaction contemplated hereunder.

SURVIVABILITY:                      The terms and conditions of this Commitment
                                    shall survive the closing of the loan, and
                                    to the extent any such terms and conditions
                                    conflict with the loan closing documents,
                                    the terms and conditions of the loan closing
                                    documents shall control.

We thank you for the opportunity to be of service. If the terms of this
Commitment are acceptable, please evidence your acceptance by signing below in
the space indicated and returning the executed copy of this letter to the
undersigned together with a check in the amount of $50,000, representing the
balance of the commitment fee.

This Commitment is solely for the use of the Borrower and, unless Lender agrees
in writing, it shall not be disclosed to any person or entity not affiliated
with the Borrower including, without limitation, any other potential financing
source.

You hereby recognize, acknowledge and agree that if the transaction contemplated
hereby is consummated on or after January 1, 2000, then at the sole discretion
of Newcourt Commercial

                                                                          Page 9
<PAGE>

Finance Corporation, the actual obligee may be The CIT
Group/Equipment Financing, Inc. rather than Newcourt Commercial Finance
Corporation.

If you have any questions concerning this Commitment, please call me at (973)
606-4891.

Sincerely,

NEWCOURT COMMERCIAL FINANCE CORPORATION

By:_______________________________
      Name: Mark L. Robinson
      Title:  Senior Credit Underwriter

Acknowledged and Accepted:
BORROWER: Sybra, Inc.

By:_______________________________
      Name:
      Title:

Acknowledged and Accepted:
GUARANTOR: I.C.H. Corporation

By:_______________________________
      Name:
      Title:

                                                                         Page 10

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