EX-99.2 3 a08-20741_1ex99d2.htm EX-99.2

Exhibit 99.2

 

Monthly Servicing Report

For

IHOP Franchising, LLP & IHOP IP, LLC

 

For the Monthly Payment Date of:

May 20, 2008

For the Monthly Collection Period of:

April

 

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 Tuesday, May 20, 2008

For the Period of April 21, 2008 - May 19, 2008

 

 

 

Debit Account #

 

Total
Amount

 

Employer/
Tax ID#

 

Bank

 

ABA #

 

Account Name

 

Account #

 

Reference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wires

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

21499506

 

$

92,638.89

 

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 April 21 - May 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499508

 

$

725,161.11

 

 

 

 

 

 

 

 

 

 

 

Interest Payment on IHOP Series 2007-1 for the period of April 21 - May 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499519

 

$

1,393,132.61

 

 

 

 

 

 

 

 

 

 

 

Interest Payment on IHOP Series 2007-3 for the period of April 21 - May 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo Trust Services

 

21499503

 

$

14,546.88

 

 

 

Wells Fargo Bank

 

121-000-248

 

Wells Fargo Corporate Trust Services

 

1000031565

 

Payment of Invoice #413833 for 3/16/08-4/15/08 trust administration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Standard & Poor’s

 

21499503

 

$

20,000.00

 

 

 

Bank of America

 

0260-0959-3

 

Standard and Poor’s

 

12334-02500

 

Payment of Invoice #10173242 (acct #1000061946) for services to IHOP Franchising LLC Series-1 for 3/1/08-2/28/09

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calyon Americas

 

21499513

 

$

39,220.83

 

 

 

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 April 21 - May 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 April 21 - May 19, 2008.

 

Total Wires

 

 

 

$

2,285,908.65

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2 Undrawn Portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For April 21 - May 19

 

 

 

10,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Day Calculation - For Series 2 Interest Calculation Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Start Date

 

 

 

04/21/08

 

 

 

 

 

 

 

 

 

 

 

 

 

End Date

 

 

 

05/19/08

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Days

 

 

 

29

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

175,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

5.1440

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense April 20 - May 19

 

 

 

750,166.67

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense April 20 (paid last month)

 

 

 

(25,005.56

)

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 1 Interest Expense

 

 

 

$

725,161.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

245,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

7.0588

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense April 20 - May 19

 

 

 

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense April 20 (paid last month)

 

 

 

(48,039.06

)

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 3 Interest Expense

 

 

 

$

1,393,132.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Series 2007 - 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 1

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense April 20 - May 19

 

 

 

87,500.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense April 20 (paid last month)

 

 

 

(2,916.67

)

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 1 Monoline Expense

 

 

 

$

84,583.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Undrawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

 

0.100

%

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for April 21 - May 20

 

 

 

 

805.56

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

805.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for April 21 - May 20

 

 

 

 

7,250.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

7,250.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 2 Monoline Expense

 

 

 

$

8,055.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total FGIC

 

 

 

$

92,638.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense % on Undrawn Portion

 

 

 

 

0.150

%

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense for April 21 - May 20

 

 

 

 

1,208.33

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Facility Fee

 

 

 

$

1,208.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense for April 21 - May 20

 

 

 

 

39,754.17

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense Credit Adjustment for Prior Period

 

 

 

 

(533.34

)

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 2 Interest Expense

 

 

 

$

39,220.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Total Amounts Credited to the Lock-Box Account

 

$

24,098,027.81

 

Total Amounts Credited to the Advertising Funds Account Account

 

$

39,326.80

 

 

Deposits from Lock-Box to Collection Account

 

 

 

 

 

Counted for Purposes 
of DSCR Only

 

From Type 1 Stores

 

 

 

 

 

 

A)

 

Franchise Payments

 

$

4,637,904.44

 

Yes

 

B)

 

License Payments

 

$

214,243.68

 

Yes

 

C)

 

Development Payments

 

$

35,000.00

 

Yes

 

D)

 

IHOP Operated Restaurant Sub-Licensing Fees

 

$

16,677.18

 

Yes

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

41,262.74

 

Yes

 

F)

 

Equipment Lease Payments

 

$

714,337.22

 

Yes

 

G)

 

Franchise Note Payments

 

$

342,420.13

 

Yes

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

695,576.76

 

 

 

 

 

Leased properties - Franchisee Subleae

 

$

3,295,305.23

 

 

 

 

 

Total Lease Payments

 

$

3,990,881.99

 

Yes

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

393.90

 

Yes

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

268,258.09

 

Yes

 

L)

 

Other

 

$

120,268.27

 

Yes

 

M)

 

(Less Returns, NSF etc.)

 

$

62,118.77

 

Yes

 

 

 

Total Type 1 Collections Received

 

$

10,443,766.40

 

 

 

 

From Type 2 Stores

 

 

 

 

 

 

A)

 

Franchise Payments

 

$

2,799,843.28

 

 

 

B)

 

License Payments

 

$

—

 

 

 

C)

 

Development Payments

 

$

—

 

 

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

37,412.81

 

 

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

127,507.63

 

 

 

F)

 

Equipment Lease Payments

 

$

1,012,690.75

 

 

 

G)

 

Franchise Note Payments

 

$

311,371.19

 

 

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

 

 

Leased properties - Franchisee Subleae

 

$

5,716,773.26

 

 

 

 

 

Total Lease Payments

 

$

5,716,773.26

 

 

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

356.70

 

 

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

284,932.73

 

 

 

L)

 

Other

 

$

23,990.54

 

 

 

M)

 

(Less Returns, NSF etc.)

 

$

40,000.00

 

 

 

 

 

Total Type 2 Collections Received

 

$

10,354,878.89

 

 

 

 

Other

 

 

 

 

 

To Be Deposited into the Collection Account

 

 

 

 

 

A)

 

Investment Income from all other Accounts (as applicable)

 

$

29,579.34

 

 

 

B)

 

(Less investment expenses and net losses)

 

$

—

 

 

 

 

 

Net Investment Income

 

$

29,579.34

 

Yes

 

C)

 

Distribution Payments

 

$

2,809,103.33

 

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

 

$

2,838,682.67

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly Cash Payments

 

$

23,637,327.96

 

 

 

 

 

Total Monthly Collections - Related to Collateral

 

$

13,282,449.07

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

 

 

 

 

Amount Owed

 

Collections 
Remaining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Collections to be applied in Accordance From All Weekly Waterfalls

 

$

23,637,327.96

 

 

 

$

23,637,327.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,516,462.00

 

$

14,120,865.96

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,618,715.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Type 2 Property Lease Payment Allocation Amount

 

$

5,099,139.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

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

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E

Supplier Payment Allocation Amount

 

$

1,798,606.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

  To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

14,120,865.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

  To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

14,120,865.96

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,072,615.38

 

$

12,048,250.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

  To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

12,048,250.58

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

  To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

25,000.00

 

$

12,023,250.58

 

$

—

 

$

25,000.00

 

$

25,000.00

 

$

500,000.00

 

$

475,000.00

 

 

B

  To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

92,638.89

 

$

11,930,611.69

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

2,150,824.42

 

$

9,779,787.27

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Interest Allocation Amount (2007-1)

 

$

725,161.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Series Interest Allocation Amount (2007-2)

 

$

32,530.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Senior Series Interest Allocation Amount (2007-3)

 

$

1,393,132.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

  To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,208.33

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

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

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

B

  To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

C

  To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

  To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

  To the Interest Reserve Account (Senior Subordinated)

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

  To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

9,778,578.94

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

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

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

  To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

B

  To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

C

  To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

  To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

  To the Trigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

  To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

  To the Interest Payment Account Payment Account

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

9,778,578.94

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

  To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

9,778,578.94

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly DSCR Expenses

 

$

6,514,937.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

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

 

$

13,282,449.07

 

 

 

$

13,282,449.07

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

  To the Lease and Reimbursement Payment Account

 

$

4,417,322.34

 

$

8,865,126.73

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,618,715.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

Supplier Payment Allocation Amount

 

$

1,798,606.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

  To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

8,865,126.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

  To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

8,865,126.73

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,072,615.38

 

$

6,792,511.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

  To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

6,792,511.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

  To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

25,000.00

 

$

6,792,511.35

 

$

—

 

$

25,000.00

 

$

25,000.00

 

$

500,000.00

 

$

475,000.00

 

 

B

  To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

92,638.89

 

$

6,674,872.46

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

2,150,824.42

 

$

4,524,048.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Interest Allocation Amount (2007-1)

 

$

725,161.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Series Interest Allocation Amount (2007-2)

 

$

32,530.70

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Senior Series Interest Allocation Amount (2007-3)

 

$

1,393,132.61

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

  To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,208.33

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

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

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

B

  To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

C

  To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

  To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

  To the Interest Reserve Account (Senior Subordinated)

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

  To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

4,522,839.71

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

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

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

  To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

B

  To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

C

  To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

  To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

  To the Trigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

  To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

  To the Interest Payment Account Payment Account

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

4,522,839.71

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

  To Applebee’s International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type 1 Residual

 

$

4,522,839.71

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

  Total Weekly DSCR Expenses

 

$

6,514,937.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

10,354,878.89

 

 

 

$

10,354,878.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

  To the Lease and Reimbursement Payment Account

 

$

5,099,139.66

 

$

5,255,739.23

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 2 Property Lease Payment Allocation Amount

 

$

5,099,139.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

  To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

5,255,739.23

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 


 

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

 

$

760,749.29

 

$

760,749.29

 

 

 

 

Week 2

 

$

675,020.76

 

$

675,020.76

 

 

 

 

Week 3

 

$

851,037.44

 

$

851,037.44

 

 

 

 

Week 4

 

$

2,236,032.22

 

$

2,236,032.22

 

 

 

 

Week 5

 

$

N/A

 

$

N/A

 

 

 

 

Total

 

$

4,522,839.71

 

$

4,522,839.71

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Reconciliation of Indenture Trust Accounts

 

1

 

Advertising Account

 

 

 

 

 

Beginning Balance

 

$

4,369,967.64

 

 

 

Plus Deposits

 

$

5,626,727.47

 

 

 

Less Withdrawals

 

$

(6,747,921.98

)

 

 

Ending Balance

 

$

3,248,773.13

 

 

 

 

 

 

 

2

 

Insurance Proceeds Account

 

 

 

 

 

Beginning Balance

 

$

—

 

 

 

Plus Deposits

 

$

—

 

 

 

Less Withdrawals

 

$

—

 

 

 

Ending Balance

 

$

—

 

 

 

 

 

 

 

3

 

Lease and Reimbursements Payment Account

 

 

 

 

 

Beginning Balance

 

$

8,100,664.50

 

 

 

Plus Deposits

 

$

9,469,175.76

 

 

 

Less Withdrawals

 

$

(9,859,949.75

)

 

 

Ending Balance

 

$

7,709,890.51

 

 

 

 

 

 

 

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

 

$

2,326,914.74

 

 

 

Plus Deposits

 

$

2,152,032.75

 

 

 

Less Withdrawals

 

$

(2,312,032.94

)

 

 

Ending Balance

 

$

2,166,914.55

 

 

 

 

 

 

 

6

 

Hedge Agreement Expense Payment Account

 

 

 

 

 

Beginning Balance

 

$

—

 

 

 

Plus Deposits

 

$

—

 

 

 

Less Withdrawals

 

$

—

 

 

 

Ending Balance

 

$

—

 

 

 

 

 

 

 

7

 

Operating Expense Payment Account

 

 

 

 

 

Beginning Balance

 

$

4,144.97

 

 

 

Plus Deposits

 

$

25,000.00

 

 

 

Less Withdrawals

 

$

(13,640.63

)

 

 

Ending Balance

 

$

15,504.34

 

 

 

 

 

 

 

8

 

Insurer Payment Account

 

 

 

 

 

Beginning Balance

 

$

99,305.56

 

 

 

Plus Deposits

 

$

92,638.89

 

 

 

Less Withdrawals

 

$

(99,305.56

)

 

 

Ending Balance

 

$

92,638.89

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

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:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

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

 

39,220.83

 

 


 

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:

 

May 20, 2008

 

 

For the Monthly Collection Period of:

 

April

 

 

 

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

 

 

 

 

March

 

 

 

 

 

 

 

 

 

 

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

17,468,639.20

 

 

-

Total Monthly DSCR Expenses

 

$

7,261,220.37

 

 

 

 

 

$

10,207,418.83

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Total Debt Service

 

$

2,408,240.39

 

 

 

 

April

 

 

 

 

 

 

 

 

 

 

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

13,282,449.07

 

 

-

Total Monthly DSCR Expenses

 

$

6,514,937.72

 

 

 

 

 

$

6,767,511.35

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Total Debt Service

 

$

2,244,671.64

 

 

 

 

 

 

 

 

Current Payment Date DSCR Ratio

 

 

3.427

 

 

 

 

 

 

% 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:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

 

 

 

 

 

 

 

($ In Thousands)

 

 

 

 

 

 

 

 

Monthly

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease Expense - (April 2008)

 

8,818

 

 

 

 

 

 

Annualized Operating Lease Expense (April 2008 * 12)

 

105,815

 

 

 

 

1

 

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

 

846,523

 

 

 

 

 

 

 

 

 

 

 

+

 

 

 

All Trust Debt

 

2,339,000

 

 

 

 

 

 

IHOP

 

445,000

 

 

 

 

 

 

Applebee’s

 

1,894,000

 

 

 

 

 

 

All Other IHOP Corp Debt

 

169,055

 

 

 

 

 

 

All Other Applebee’s Corp Debt

 

3,654

 

 

 

 

2

 

Total Indebtedness

 

2,511,709

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted Debt

 

3,358,231

 

 

 

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

1

 

EBITDA

 

361,910

 

 

+

 

2

 

Operating Lease Expense

 

105,815

 

 

 

 

 

 

EBITDAR

 

467,725

 

 

 

 

 

 

 

 

 

 

Current Payment Date Leverage Ratio

 

7.2

 

Servicer Termination Event?

 

N

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Type I Stores

 

 

 

 

 

 

 

Beginning

 

887

 

Plus New Stores

 

4

 

Plus Converted Type II

 

0

 

Plus Converted Type III

 

0

 

Less Store Closures

 

0

 

Ending Balance

 

891

 

 

 

 

 

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

 

$

2,340,266,996

 

Current Sales Greater than or Equal to Sales at Closing

 

YES

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Deposits from Servicer to Collection Account

 

Misdirected Type 1 Payments

 

 

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

44,025.00

 

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 Subleae

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

174,472.61

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

218,497.61

 

 

 

 

 

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 Subleae

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

75,860.67

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 2 Collections Received

 

$

75,860.67

 

 


 

Deposits from Advertising Account to Collection Account

 

Misdirected Type 1 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 Subleae

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

223.77

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

223.77

 

 

 

 

 

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 Subleae

 

$

—

 

 

 

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 Subleae

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

14,812.89

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type 3 Collections Received

 

$

14,812.89

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

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

%

1,365,127

 

174,995

 

42,745

 

175,000

 

-5

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

2,165,498

 

202,800

 

15,035

 

204,543

 

-1,743

 

#2

 

1728 - Salem, OR

 

Steven L. Graham

 

2

 

4.500

%

4.500

%

1,402,607

 

161,200

 

34,093

 

165,839

 

-4,639

 

#3

 

1930 - Baton Rouge, LA

 

1930 B.R., Inc.

 

2

 

4.500

%

4.500

%

2,682,073

 

214,566

 

42,051

 

220,104

 

-5,538

 

#4

 

3109 - Willoughby, OH *

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

1,298,493

 

0

 

0

 

0

 

0

 

#5

 

3134 - Lexington, KY *

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,030,131

 

0

 

0

 

0

 

0

 

#6

 

3135 - Clarksville, IN *

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,287,259

 

0

 

0

 

0

 

0

 

#7

 

3170 - Cleveland, OH *

 

River Road Restaurants, 3170, LLC

 

1

 

4.500

%

0.000

%

1,323,891

 

0

 

0

 

0

 

0

 

#8

 

5327 - La Vista, NE

 

Ashoori, Farshad Dan

 

1

 

1.500

%

0.250

%

824,204

 

147,707

 

14,940

 

152,975

 

-5,268

 

#9

 

5328 - St. Peters, MO

 

Sara Inc.

 

2

 

4.500

%

4.500

%

2,047,866

 

200,200

 

43,201

 

208,146

 

-7,946

 

#10

 

5330 - Shawnee, KS

 

Amjad M. Fraitekh

 

2

 

4.500

%

4.500

%

1,756,847

 

176,800

 

36,344

 

180,540

 

-3,740

 

#11

 

5339 - Springfield, MO

 

5339, Inc.

 

2

 

4.500

%

4.500

%

1,960,695

 

213,200

 

42,800

 

219,475

 

-6,275

 

11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previously Subtracted in prior 12 months:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#1

 

409 - Norcross, GA

 

Pancakes and More, LLC

 

1

 

4.500

%

4.500

%

1,803,391

 

144,926

 

0

 

130,476

 

14,451

 

#2

 

777 - Long Beach, CA

 

Long Beach Pancakes, Inc.

 

2

 

4.500

%

4.500

%

1,497,112

 

129,007

 

20,107

 

127,536

 

1,471

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

*            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:

 

May 20, 2008

&

 

For the Monthly Collection Period of:

 

April

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