EX-99.3 4 a08-8910_1ex99d3.htm EX-99.3

Exhibit 99.3

 

Monthly Servicing Report

For

IHOP Franchising, LLP & IHOP IP, LLC

 

For the Monthly Payment Date of:

March 20, 2008

For the Monthly Collection Period of:

February

 

Current Notes Outstanding:

 

 

 

1   Series 2007-1

 

$

175,000,000

 

2   Series 2007-2

 

$

15,000,000

 

3   Series 2007-3

 

$

245,000,000

 

 


 

IHOP Franchising, LLP & IHOP IP, LLC

Instructions for Wires on Thursday, March 20, 2008

For the Period of February 20, 2008 - March 19, 2008

 

 

 

Debit Account #

 

Total
Amount

 

Employer/
Tax ID#

 

Bank

 

ABA #

 

Account Name

 

Account #

 

Reference

 

Wires

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

21499506

 

$

95,555.56

 

N/A

 

JP Morgan Chase

 

021-000-021

 

Financial Guaranty Insurance Company Concentration Account

 

904-951839

 

Insurance Premium -IHOP Series 2007-1 & Series 2007-2 for the period of February 20 - March 19, 2008.

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499508

 

$

750,166.67

 

 

 

 

 

 

 

 

 

 

 

Interest Payment on IHOP Series 2007-1 for the period of February 20 -March 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499519

 

$

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

Interest Payment on IHOP Series 2007-3 for the period of February 20 - March 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo Trust Services

 

21499503

 

$

25,946.93

 

 

 

Wells Fargo Bank

 

121-000-248

 

Wells Fargo Corporate Trust Services

 

1000031565

 

Payment on invoice #395713 for 12/16/07-1/15/08 $245mm trust fee, invoice #401723 for 1/16/08-2/15/08, and invoice #395940 for $3488.60 Chapman  & Cutler.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calyon Americas

 

21499513

 

$

45,770.46

 

 

 

Calyon Americas New York Branch

 

026-008-073

 

Atlantic Asset Securitization

 

01-25680-0001-00-001

 

Interest Payment on IHOP Series 2007-2 for the period of February 20 - March 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calyon Americas

 

21499516

 

$

1,208.33

 

 

 

Calyon Americas New York Branch

 

026-008-073

 

Atlantic Asset Securitization

 

01-25680-0001-00-001

 

Fee Payment on IHOP Series 2007-2 for the period of February 20 -March 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Wires

 

 

 

$

2,359,819.62

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2 Undrawn Portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For February 20 - March 19

 

 

 

10,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Day Calculation

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Start Date

 

 

 

02/20/08

 

 

 

 

 

 

 

 

 

 

 

 

 

End Date

 

 

 

03/19/08

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Days

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

175,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

5.1440

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense February 20 - March 19

 

 

 

750,166.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 1 Interest Expense

 

 

 

$

750,166.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

245,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

7.0588

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense February 20 - March 19

 

 

 

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 3 Interest Expense

 

 

 

$

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 1

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense February 20 - March 19

 

 

 

87,500.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 1 Monoline Expense

 

 

 

$

87,500.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Undrawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

0.100

%

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for February 20 - March 19

 

 

 

805.56

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

805.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for February 20 - March 19

 

 

 

7,250.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

7,250.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 2 Monoline Expense

 

 

 

$

8,055.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total FGIC

 

 

 

$

95,555.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense % on Undrawn Portion

 

 

 

0.150

%

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense for February 20 - March 19

 

 

 

1,208.33

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Facility Fee

 

 

 

$

1,208.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense for February 20 - March 19

 

 

 

47,245.83

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense Credit Adjustment for Prior Period

 

 

 

(1,475.37

)

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 2 Interest Expense

 

 

 

$

45,770.46

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

March 20, 2008

&

 

For the Monthly Collection Period of:

 

February

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Total Amounts Credited to the Lock-Box Account

 

$

23,219,159.29

 

Total Amounts Credited to the Advertising Funds Account Account

 

$

37,012.24

 

 

Deposits from Lock-Box to Collection Account

 

From Type 1 Stores

 

 

 

Counted for Purposes
of DSCR Only

 

A)

 

Franchise Payments

 

$

4,482,806.59

 

Yes

 

B)

 

License Payments

 

$

1,644.72

 

Yes

 

C)

 

Development Payments

 

$

285,000.00

 

Yes

 

D)

 

IHOP Operated Restaurant Sub-Licensing Fees

 

$

16,251.68

 

Yes

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

21,388.00

 

Yes

 

F)

 

Equipment Lease Payments

 

$

706,543.61

 

Yes

 

G)

 

Franchise Note Payments

 

$

359,092.71

 

Yes

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

628,910.88

 

 

 

 

 

Leased properties - Franchisee Sublease

 

$

3,138,012.26

 

 

 

 

 

Total Lease Payments

 

$

3,766,923.14

 

Yes

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

275.00

 

Yes

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

180,648.08

 

Yes

 

L)

 

Other

 

$

99,877.35

 

Yes

 

M)

 

(Less Returns, NSF etc.)

 

$

(1,563.09

)

Yes

 

 

 

Total Type 1 Collections Received

 

$

9,918,887.79

 

 

 

 

From Type 2 Stores

 

 

 

 

 

A)

 

Franchise Payments

 

$

2,497,047.45

 

 

 

B)

 

License Payments

 

$

—

 

 

 

C)

 

Development Payments

 

$

—

 

 

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

45,773.10

 

 

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

139,418.26

 

 

 

F)

 

Equipment Lease Payments

 

$

986,159.30

 

 

 

G)

 

Franchise Note Payments

 

$

309,238.06

 

 

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

 

 

Leased properties - Franchisee Sublease

 

$

5,366,303.33

 

 

 

 

 

Total Lease Payments

 

$

5,366,303.33

 

 

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

—

 

 

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

210,912.54

 

 

 

L)

 

Other

 

$

52,093.78

 

 

 

M)

 

(Less Returns, NSF etc.)

 

$

38,337.72

 

 

 

 

 

Total Type 2 Collections Received

 

$

9,645,283.54

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

To Be Deposited into the Collection Account

 

 

 

 

 

 

A)

 

Investment Income from all other Accounts (as applicable)

 

$

48,884.74

 

 

 

B)

 

(Less investment expenses and net losses)

 

$

—

 

 

 

 

 

Net Investment Income

 

$

48,884.74

 

Yes

 

C)

 

Distribution Payments

 

$

3,405,970.03

 

Yes

 

D)

 

Series Hedge Agreements Receipts (as applicable)

 

$

—

 

Yes

 

E)

 

Defective Assets Payments

 

$

—

 

 

 

F)

 

Any other Amounts owed relating to the Collateral

 

$

—

 

Yes

 

 

 

Total “Other” Collections Received

 

$

3,454,854.77

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly Cash Payments

 

$

23,019,026.10

 

 

 

 

 

Total Monthly Collections - Related to Collateral

 

$

13,373,742.56

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

March 20, 2008

&

 

For the Monthly Collection Period of:

 

February

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

 

 

Amount Owed

 

Collections
Remaining

 

 

 

 

 

 

 

 

 

 

 

Total Collections to be applied in Accordance From All  Weekly Waterfalls

 

$

23,019,026.10

 

$

23,019,026.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

To the Lease and Reimbursement Payment Account

 

$

10,482,075.98

 

$

12,536,950.12

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount–

 

$

2,945,771.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Type 2 Property Lease Payment Allocation Amount

 

$

5,634,496.90

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

Third Party Reimbursement Payment Allocation Amount - Type 1’s only

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E

Supplier Payment Allocation Amount

 

$

1,901,807.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

12,536,950.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

12,536,950.12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount Already
Allocated

 

Amount
Allocated

 

New Amount
Allocated

 

Capped Amount
(where Applicable)

 

Amount Avail under
Cap (where
Applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Servicer Fee

 

$

2,065,615.40

 

$

10,471,334.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

10,471,334.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

—

 

$

10,471,334.72

 

$

334,368.75

 

$

—

 

$

334,368.75

 

$

500,000.00

 

$

165,631.25

 

 

B

To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)

 

$

89,722.22

 

$

10,381,612.50

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)

 

$

2,094,254.95

 

$

8,287,357.55

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Interest Allocation Amount (2007-1)

 

$

700,155.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Series Interest Allocation Amount (2007-2)

 

$

49,005.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Senior Series Interest Allocation Amount (2007-3)

 

$

1,345,093.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,208.33

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Interest Reserve Amount (2007-1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Interest Reserve Amount (2007-2)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Interest Reserve Amount (2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h)

A

To the Insurer Premium Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

To the Interest Reserve Account (Senior Subordinated)

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

8,286,149.22

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3)

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Trigger Reserve Amount (2007-1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Trigger Reserve Amount (2007-2)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Trigger Reserve Amount (2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

m)

 

To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Principal Payment Amount (2007-1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Principal Payment Amount (2007-2)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Principal Payment Amount (2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

n)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Termination Payment

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

To theTrigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

To the Interest Payment Account Payment Account

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Subordinated Additional Interest Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Subordinated Additional Interest Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

u)

 

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount above the Cap

 

$

—

 

$

8,286,149.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

8,286,149.22

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly DSCR Expenses

 

$

6,913,194.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

March 20, 2008

&

 

For the Monthly Collection Period of:

 

February

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Waterfall for Determination of Type 1 Residual

 

 

 

Amount Owed

 

Collections
Remaining

 

 

 

 

 

 

 

 

 

 

 

Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type

 

$

13,373,742.56

 

$

13,373,742.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

To the Lease and Reimbursement Payment Account

 

$

4,847,579.08

 

$

8,526,163.48

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,945,771.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

Third Party Reimbursement Payment Allocation Amount - Type 1’s only

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

Supplier Payment Allocation Amount

 

$

1,901,807.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

8,526,163.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

8,526,163.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount
Already
Allocated

 

Amount
Allocated

 

New Amount
Allocated

 

Capped Amount
(where Applicable)

 

Amount Avail under
Cap (where
Applicable)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

c)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Weekly Servicer Fee

 

$

2,065,615.40

 

$

6,460,548.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

6,460,548.08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

—

 

$

6,460,548.08

 

$

334,368.75

 

$

—

 

$

334,368.75

 

$

500,000.00

 

$

165,631.25

 

 

B

To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)

 

$

89,722.22

 

$

6,370,825.86

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)

 

$

2,094,254.95

 

$

4,276,570.91

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Interest Allocation Amount (2007-1)

 

$

700,155.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Series Interest Allocation Amount (2007-2)

 

$

49,005.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Senior Series Interest Allocation Amount (2007-3)

 

$

1,345,093.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,208.33

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Interest Reserve Amount (2007-1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Interest Reserve Amount (2007-2)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Interest Reserve Amount (2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h)

A

To the Insurer Premium Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

To the Interest Reserve Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

4,275,362.58

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3)

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Trigger Reserve Amount (2007-1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Trigger Reserve Amount (2007-2)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Trigger Reserve Amount (2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

m)

 

To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Principal Payment Amount (2007-1)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Principal Payment Amount (2007-2)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Principal Payment Amount (2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

n)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Termination Payment

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

To theTrigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

To the Interest Payment Account Payment Account

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Subordinated Additional Interest Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Subordinated Additional Interest Allocation Amount

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

u)

 

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount above the Cap

 

$

—

 

$

4,275,362.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

To Applebee's International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type 1 Residual

 

$

4,275,362.58

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Weekly DSCR Expenses

 

$

6,913,194.48

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type

 

$

9,645,283.54 

 

$

9,645,283.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

To the Lease and Reimbursement Payment Account

 

$

5,634,496.90

 

$

4,010,786.64

 

 

 

 

A

Type 2 Property Lease Payment Allocation Amount

 

$

5,634,496.90

 

 

 

 

v)

 

To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

4,010,786.64

 

$

—

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

&

IHOP IP, LLC, as Co Issuer

 

Summary of Monthly Type 1 Residual Calculations and Wire Transfers

 

 

 

Type 1 Residual

 

Wires

 

 

 

Weekly

 

Sent to

 

 

 

Calculation

 

Applebee’s

 

 

 

 

 

 

 

Week 1

 

$

326,540.94

 

$

326,540.94

 

Week 2

 

$

554,768.29

 

$

554,768.29

 

Week 3

 

$

334,101.30

 

$

334,101.30

 

Week 4

 

$

3,059,952.05

 

$

3,059,952.05

 

Week 5

 

N/A

 

N/A

 

Total

 

$

4,275,362.58

 

$

4,275,362.58

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

 

Reconciliation of Indenture Trust Accounts

 

 

1   

Advertising Account

 

 

 

 

Beginning Balance

 

$

4,984,348.62

 

Plus Deposits

 

$

5,294,550.61

 

Less Withdrawals

 

$

(7,002,847.68

)

 

Ending Balance

 

 

 

$

3,276,051.55

 

 

 

 

 

 

 

2   

Insurance Proceeds Account

 

 

 

 

Beginning Balance

 

 

 

$

—

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

—

 

 

Ending Balance

 

 

 

$

—

 

 

 

 

 

 

 

3   

Lease and Reimbursements Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

7,451,640.05

 

Plus Deposits

 

$

9,924,732.18

 

Less Withdrawals

 

$

(9,346,220.82

)

 

Ending Balance

 

 

 

$

8,030,151.41

 

 

 

 

 

 

 

4   

Principal Payment Account - 2007-1 & 2007-2 & 2007-3

 

 

 

 

Beginning Balance

 

 

 

$

—

 

Plus Trigger Reserve Deposits

 

$

—

 

Plus Weekly Collection Account Deposits

 

$

—

 

Plus Any Defective Asset Damages Amount

 

$

—

 

Plus Capital Contributions relating to an Optional Redemption

 

$

—

 

Less Withdrawals

 

$

—

 

 

Ending Balance

 

 

 

$

—

 

 

 

 

 

 

 

5   

Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3

 

 

 

 

Beginning Balance

 

 

 

$

2,265,213.34

 

Plus Deposits

 

$

2,095,463.28

 

Less Withdrawals

 

$

(2,104,379.58

)

 

Ending Balance

 

 

 

$

2,256,297.04

 

 

 

 

 

 

 

6   

Hedge Agreement Expense Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

—

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

—

 

 

Ending Balance

 

 

 

$

—

 

 

 

 

 

 

 

7   

Operating Expense Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

22,703.47

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

(7,611.56

)

 

Ending Balance

 

 

 

$

15,091.91

 

 

 

 

 

 

 

8   

Insurer Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

95,555.55

 

Plus Deposits

 

$

89,722.22

 

Less Withdrawals

 

$

(89,722.22

)

 

Ending Balance

 

 

 

$

95,555.55

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Series 2007-1 $175 Million Notes

 

 

Series 2007-2 VFN $25 Million Note

 

 

Series 2007-3 $245 Million Notes

 

 

 

Reconciliation of Reserve Accounts

 

 

Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts

 

 

 

 

Beginning Balance

 

$

5,195,838

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

—

 

Ending Balance

 

$

5,195,838

 

 

 

 

 

 

Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts

 

 

 

 

 

 

 

 

Beginning balance

 

$

—

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

—

 

Ending Balance

 

$

—

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

Series 2007-1

 

Beginning

 

$

175,000,000.00

 

Amortization

 

 

 

Ending

 

$

175,000,000.00

 

 

 

 

 

Series 2007-3

 

Beginning

 

$

245,000,000.00

 

Amortization

 

 

 

Ending

 

$

245,000,000.00

 

 

 

 

 

Series 2007-2

 

Beginning

 

$

—

 

Amortization

 

$

—

 

Draw Down

 

$

15,000,000.00

 

Ending

 

$

15,000,000.00

 

 

Series 2007-2 Draw #1

 

Amount

 

$

10,000,000.00

 

Date

 

5/23/2007

 

Interest Due

 

$

0.00

 

 

 

 

 

Series 2007-2 Draw #2

 

Amount

 

$

8,000,000.00

 

Date

 

6/12/2007

 

Interest Due

 

$

0.00

 

 

 

 

 

Series 2007-2 Draw #3

 

Amount

 

$

15,000,000.00

 

Date

 

11/28/2007

 

Interest Due

 

45,770.46

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

 

&

 

 

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Calculation of DSCR

 

 

 

 

 

Monthly Periods used in calculation of DSCR

For the Monthly Payment Date of:

March 20, 2008

 

For the Monthly Collection Period of:

February

 

December

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

14,844,772.35

 

 

-

Total Monthly DSCR Expenses

 

$

6,956,047.18

 

 

 

 

 

$

7,888,725.17

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

3,445,834.38

 

 

 

 

 

 

 

January

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

13,469,179.11

 

 

-

Total Monthly DSCR Expenses

 

$

6,456,378.18

 

 

 

 

 

$

7,012,800.93

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

2,426,507.96

 

 

 

 

 

 

 

February

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

13,373,742.56

 

 

-

Total Monthly DSCR Expenses

 

$

6,913,194.48

 

 

 

 

 

$

6,460,548.08

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

2,185,185.50

 

 

 

 

 

 

 

 

 

Current Payment Date DSCR Ratio

 

2.651

 

 

 

 

 

 

% to Trap (if

 

 

 

Event Occur?

 

Applicable)

 

Cash Trapping Event?

 

N

 

0.00

%

Rapid Amortization Event?

 

N

 

 

 

Servicer Termination Event / EOD?

 

N

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

($ In Thousands)

 

 

 

Monthly

 

Numerator

 

 

 

 

 

 

Operating Lease Expense - (Febuary 2008)

 

8,740

 

 

Annualized Operating Lease Expense (February 2008 * 12)

 

104,877

 

 

1

Grossed Up Annualized Operating Lease Expense - (Annual * 8)

 

839,012

 

 

 

 

 

 

 

+

All Trust Debt

 

2,339,000

 

 

IHOP

 

445,000

 

 

Applebee’s

 

1,894,000

 

 

All Other IHOP Corp Debt

 

169,971

 

 

All Other Applebee’s Corp Debt

 

3,728

 

 

2

Total Indebtedness

 

2,512,699

 

 

 

 

 

 

 

Total Adjusted Debt

 

3,351,711

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

1

EBITDA

 

362,327

 

 

+

2

Operating Lease Expense

 

104,877

 

 

EBITDAR

 

467,204

 

 

 

Current Payment Date Leverage Ratio

 

7.2

 

 

 

 

 

 

 

Servicer Termination Event?

 

N

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

Type I Stores

 

Beginning

 

880

 

Plus New Stores

 

6

 

Plus Converted Type II

 

0

 

Plus Converted Type III

 

0

 

Less Store Closures

 

1

 

Ending Balance

 

885

 

 

Type II Stores

 

Beginning

 

437

 

Plus New Stores

 

0

 

Plus Converted Type III

 

0

 

Less Converted to Type I

 

0

 

Less Store Closures

 

0

 

Ending Balance

 

437

 

 

Type III Stores

 

Beginning

 

17

 

Plus New Stores

 

0

 

Less Stores Converted Out of Type III

 

0

 

Less Store Closures

 

0

 

Ending Balance

 

17

 

 

IHOP System-Wide Sales As of Closing

 

$

2,100,000,000

 

IHOP System-Wide Sales For Last 12 Months

 

$

2,310,052,243

 

Current Sales Greater than or Equal to Sales at Closing

 

YES

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

Deposits from Servicer to Collection Account

 

Misdirected Type 1 Payments

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

78,003.74

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

299,890.25

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

377,893.99

 

 

Misdirected Type 2 Payments

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

165,171.02

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 2 Collections Received

 

$

165,171.02

 

 


 

Deposits from Advertising Account to Collection Account

 

Misdirected Type 1 Payments

 

A)

 

Franchise Payments

 

$

761.45

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

—

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

761.45

 

 

Misdirected Type 2 Payments

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

—

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 2 Collections Received

 

$

—

 

 

Deposits To Servicer

 

From Type 3 Stores

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties  - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

5,895.64

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type 3 Collections Received

 

$

5,895.64

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

Non Conforming Assets

 

 

 

 

 

 

 

 

 

 

 

Most Recent Annual

 

Most Recent Annual

 

Count

 

Store #

 

Franchisee

 

Store Type

 

Previous
Royalty Rate

 

Current
Royalty
Rate

 

Annual Sales

 

Franchisee Lease Payments

 

Franchise &
Equipment Note
Payments

 

Master Lease
Payments

 

Rent Margin

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Additions:

 

#1

 

5415 - Aurora, IL

 

Ali Alforookh

 

2

 

4.500

%

4.500

%

1,360,626

 

171,890

 

43,177

 

172,000

 

-110

 

#2

 

1930 - Baton Rouge, LA

 

1930 B.R., Inc.

 

2

 

4.500

%

4.500

%

2,692,271

 

215,382

 

42,713

 

217,490

 

-2,108

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtractions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previously Listed in prior 12 months (Continues to be non-conforming):

 

#1

 

1616 - N. Las Vegas, NV

 

Craig Road Food Corp.

 

1

 

4.500

%

4.500

%

2,161,044

 

202,800

 

15,849

 

204,383

 

-1,583

 

#2

 

1728 - Salem, OR

 

Steven L. Graham

 

2

 

4.500

%

4.500

%

1,363,329

 

161,200

 

34,529

 

164,541

 

-3,341

 

#3

 

3109 - Willoughby, OH*

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

1,323,530

 

0

 

0

 

0

 

0

 

#4

 

3134 - Lexington, KY*

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,089,661

 

0

 

0

 

0

 

0

 

#5

 

3135 - Clarksville, IN*

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,332,466

 

0

 

0

 

0

 

0

 

#6

 

3170 - Cleveland, OH*

 

River Road Restaurants, 3170, LLC

 

1

 

4.500

%

0.000

%

1,031,758

 

0

 

0

 

0

 

0

 

#7

 

5328 - St. Peters, MO

 

Sara Inc.

 

2

 

4.500

%

4.500

%

2,020,349

 

200,200

 

43,838

 

208,146

 

-7,946

 

#8

 

5330 - Shawnee, KS

 

Amjad M. Fraitekh

 

2

 

4.500

%

4.500

%

1,765,017

 

176,800

 

36,964

 

178,972

 

-2,172

 

#9

 

5339 - Springfield, MO

 

5339, Inc.

 

2

 

4.500

%

4.500

%

1,931,139

 

213,200

 

43,433

 

216,445

 

-3,245

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

9

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previously Subtracted in prior 12 months:

 

#1

 

409 - Norcross, GA

 

Pancakes and More, LLC

 

1

 

4.500

%

4.500

%

1,803,548

 

145,021

 

0

 

135,389

 

9,632

 

#2

 

777 - Long Beach, CA

 

Long Beach Pancakes, Inc.

 

2

 

4.500

%

4.500

%

1,478,264

 

128,712

 

20,218

 

127,536

 

1,176

 

 

* Contractual royalty rate is actually 4.5%.  Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

March 20, 2008

&

For the Monthly Collection Period of:

February

IHOP IP, LLC, as Co Issuer

 

 

 

Type I Property Lease Credit Agreement

 

Type I Property Lease Credit Agreement Loan

 

 

 

Beginning

 

77,058,215.00

 

Less Amortization

 

$

—

 

Plus Any New Loans

 

$

—

 

Ending

 

$

77,058,215.00

 

 

 

 

 

Aggregate Asset Valuation Amount

 

$

500,000,000.00

 

Advance Cap

 

70.00

%

Maximum Loan Amount

 

$

350,000,000.00

 

Early Amortization Event?

 

NO

 

Interest Owed

 

 

 

 

 

 

 

Type I Property Lease Credit Agreement Intercompany Loan

 

 

 

Beginning

 

$

77,058,215.00

 

Less Repayment

 

$

—

 

Less any Loan Foregiveness

 

$

—

 

Plus Any Advances

 

$

—

 

Plus Any New Loans

 

$

—

 

Ending

 

$

77,058,215.00

 

 

Owned Real Property  Credit Agreement

 

Owned Real Property Credit Agreement Loan

 

 

 

Beginning

 

96,945,000.00

 

Less Amortization

 

$

—

 

Plus Any New Loans

 

$

—

 

Ending

 

$

96,945,000.00

 

 

 

 

 

Aggregate Asset Valuation Amount

 

$

500,000,000.00

 

Advance Cap

 

85.00

%

Maximum Loan Amount

 

$

425,000,000.00

 

Early Amortization Event?

 

NO

 

Interest Owed

 

 

 

 

 

 

 

Owned Real Property Credit Agreement Intercompany Loan

 

 

 

Beginning

 

$

96,945,000.00

 

Less Repayment

 

$

—

 

Less any Loan Foregiveness

 

$

—

 

Plus Any Advances

 

$

—

 

Plus Any New Loans

 

$

—

 

Ending

 

$

96,945,000.00