EX-99.3 4 a08-20741_1ex99d3.htm EX-99.3

Exhibit 99.3

 

Monthly Servicing Report

For

IHOP Franchising, LLP & IHOP IP, LLC

 

For the Monthly Payment Date of:

June 20, 2008

For the Monthly Collection Period of:

May

 

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 Friday, June 20, 2008

For the Period of May 20, 2008 - June 19, 2008

 

 

 

Debit Account #

 

Total
Amount

 

Employer/
Tax ID#

 

Bank

 

ABA #

 

Account Name

 

Account #

 

Reference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wires

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

21499506

 

$

96,111.11

 

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 May 20 - June 19, 2008.

.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499508

 

$

750,166.67

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499519

 

$

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo Trust Services

 

21499503

 

$

14,093.75

 

 

 

Wells Fargo Bank

 

121-000-248

 

Wells Fargo Corporate Trust Services

 

1000031565

 

Payment of Invoice #420360 for 4/16/08-5/15/08 trust administration

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calyon Americas

 

21499513

 

$

38,904.17

 

 

 

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 May 20 - June 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calyon Americas

 

21499516

 

$

1,291.67

 

 

 

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 May 20 - June 19, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Wires

 

 

 

$

2,341,739.03

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2 Undrawn Portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For May 20 - June 19

 

 

 

10,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Day Calculation - For Series 2 Interest Calculation Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Start Date

 

 

 

05/20/08

 

 

 

 

 

 

 

 

 

 

 

 

 

End Date

 

 

 

06/19/08

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Days

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

175,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

5.1440

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense May 20 - June 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 May 20 - June 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 May 20 - June 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 May 20 - June 19

 

 

 

861.11

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

861.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for May 20 - June 19

 

 

 

7,750.00

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

7,750.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 2 Monoline Expense

 

 

 

$

8,611.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total FGIC

 

 

 

$

96,111.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense % on Undrawn Portion

 

 

 

0.150

%

 

 

 

 

 

 

 

 

 

 

 

Fee Expense for May 20 - June 19

 

 

 

1,291.67

 

 

 

 

 

 

 

 

 

 

 

 

Total Facility Fee

 

 

 

$

1,291.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense for May 20 - June 19

 

 

 

39,266.67

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense Credit Adjustment for Prior Period

 

 

 

(362.50

)

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 2 Interest Expense

 

 

 

$

38,904.17

 

 

 

 

 

 

 

 

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

June 20, 2008

&

 

For the Monthly Collection Period of:

 

May

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

Total Amounts Credited to the Lock-Box Account

 

 

 

$

23,005,291.96

 

Total Amounts Credited to the Advertising Funds Account Account

 

 

 

$

40,297.75

 

 

Deposits from Lock-Box to Collection Account

 

From Type 1 Stores

 

 

 

Counted for Purposes
of DSCR Only

 

A)

 

Franchise Payments

 

$

4,341,872.24

 

Yes

 

B)

 

License Payments

 

$

194,316.84

 

Yes

 

C)

 

Development Payments

 

$

230,000.00

 

Yes

 

D)

 

IHOP Operated Restaurant Sub-Licensing Fees

 

$

11,132.59

 

Yes

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

36,586.67

 

Yes

 

F)

 

Equipment Lease Payments

 

$

703,787.15

 

Yes

 

G)

 

Franchise Note Payments

 

$

341,331.11

 

Yes

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

634,769.93

 

 

 

 

 

Leased properties - Franchisee Sublease

 

$

3,226,391.26

 

 

 

 

 

Total Lease Payments

 

$

3,861,161.19

 

Yes

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

11,832.49

 

Yes

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

225,398.41

 

Yes

 

L)

 

Other

 

$

209,493.96

 

Yes

 

M)

 

(Less Returns, NSF etc.)

 

$

21,543.75

 

Yes

 

 

 

Total Type 1 Collections Received

 

$

10,188,456.40

 

 

 

 

 

 

 

 

 

 

 

 

From Type 2 Stores

 

 

 

 

 

A)

 

Franchise Payments

 

$

2,605,043.66

 

 

 

B)

 

License Payments

 

$

—

 

 

 

C)

 

Development Payments

 

$

—

 

 

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

33,749.35

 

 

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

127,507.63

 

 

 

F)

 

Equipment Lease Payments

 

$

991,204.44

 

 

 

G)

 

Franchise Note Payments

 

$

301,825.83

 

 

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

 

 

Leased properties - Franchisee Subleae

 

$

5,496,456.87

 

 

 

 

 

Total Lease Payments

 

$

5,496,456.87

 

 

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

—

 

 

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

271,570.47

 

 

 

L)

 

Other

 

$

94,175.70

 

 

 

M)

 

(Less Returns, NSF etc.)

 

$

39,001.27

 

 

 

 

 

Total Type 2 Collections Received

 

$

9,960,535.22

 

 

 

 

 

 

 

 

 

 

 

Other

 

 

 

 

 

To Be Deposited into the Collection Account

 

 

 

 

 

 

A)

 

Investment Income from all other Accounts (as applicable)

 

$

19,955.19

 

 

 

B)

 

(Less investment expenses and net losses)

 

$

—

 

 

 

 

 

Net Investment Income

 

$

19,955.19

 

Yes

 

C)

 

Distribution Payments

 

$

2,263,335.75

 

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

 

$

2,283,290.94

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly Cash Payments

 

$

22,432,282.56

 

 

 

 

 

Total Monthly Collections - Related to Collateral

 

$

12,471,747.34

 

 

 

 


 

 

 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

 

 

 

 

 

 

June 20, 2008

 

 

 

&

 

For the Monthly Collection Period of:

 

 

 

 

 

 

 

May

 

 

 

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Amount Owed

 

Collections 
Remaining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Collections to be applied in Accordance From All Weekly Waterfalls

 

$

22,432,282.56

 

 

 

$

22,432,282.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,442,682.35

 

$

12,989,600.21

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,810,664.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Type 2 Property Lease Payment Allocation Amount

 

$

5,370,909.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

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

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E

Supplier Payment Allocation Amount

 

$

1,261,108.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

12,989,600.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

12,989,600.21

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,076,615.38

 

$

10,912,984.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

10,912,984.83

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

50,000.00

 

$

10,862,984.83

 

$

25,000.00

 

$

50,000.00

 

$

75,000.00

 

$

500,000.00

 

$

425,000.00

 

 

B

To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

96,111.11

 

$

10,766,873.72

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

2,230,642.51

 

$

8,536,231.21

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

Senior Series Interest Allocation Amount (2007-1)

 

$

750,166.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

 

Senior Series Interest Allocation Amount (2007-2)

 

$

39,304.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

 

Senior Series Interest Allocation Amount (2007-3)

 

$

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,291.67

 

$

8,534,939.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

8,534,939.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

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

 

$

377,044.00

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

Interest Reserve Amount (2007-1)

 

$

37,333.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

 

Interest Reserve Amount (2007-2)

 

$

51,477.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

 

Interest Reserve Amount (2007-3)

 

$

288,234.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h)

A

To the Insurer Premium Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

To the Interest Reserve Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

8,157,895.54

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

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

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

To the Trigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

To the Interest Payment Account Payment Account

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount above the Cap

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

To The Issuer and Co-Issuer as Residual Payments

 

$

8,157,895.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly DSCR Expenses

 

$

6,198,388.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

 

 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

 

 

 

 

 

 

 

 

June 20, 2008

 

 

 

&

 

For the Monthly Collection Period of:

 

 

 

 

 

 

 

 

 

May

 

 

 

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

 

$

12,471,747.34

 

 

 

$

12,471,747.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

 I

To the Lease and Reimbursement Payment Account

 

$

4,071,772.79

 

$

8,399,974.55

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,810,664.75

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

Supplier Payment Allocation Amount

 

$

1,261,108.04

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

8,399,974.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

8,399,974.55

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,076,615.38

 

$

6,323,359.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

 

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

6,323,359.16

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

 

A

 

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

50,000.00

 

$

6,273,359.16

 

$

25,000.00

 

$

50,000.00

 

$

75,000.00

 

$

500,000.00

 

$

425,000.00

 

 

 

B

 

To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

96,111.11

 

$

6,177,248.05

 

 

 

 

 

 

 

 

 

 

 

 

 

C

 

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

 

$

2,230,642.51

 

$

3,946,605.54

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Senior Series Interest Allocation Amount (2007-1)

 

$

750,166.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Senior Series Interest Allocation Amount (2007-2)

 

$

39,304.17

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Senior Series Interest Allocation Amount (2007-3)

 

$

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

 

To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,291.67

 

$

3,945,313.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

3,945,313.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

 

 

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

 

$

377,044.00

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Interest Reserve Amount (2007-1)

 

$

37,333.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

Interest Reserve Amount (2007-2)

 

$

51,477.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

Interest Reserve Amount (2007-3)

 

$

288,234.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

h)

 

A

 

To the Insurer Premium Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

B

 

To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

C

 

To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

 

 

To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

 

 

To the Interest Reserve Account (Senior Subordinated)

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

 

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

3,568,269.87

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

 

 

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

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

 

A

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

B

 

To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

C

 

To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

 

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

 

 

To the Trigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

 

 

To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

 

 

To the Interest Payment Account Payment Account

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

3,568,269.87

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

 

 

To Applebee’s International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type 1 Residual

 

$

3,568,269.87

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Weekly DSCR Expenses

 

$

6,198,388.18

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,960,535.22

 

 

 

$

9,960,535.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

 

To the Lease and Reimbursement Payment Account

 

$

5,370,909.56

 

$

4,589,625.66

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 A

Type 2 Property Lease Payment Allocation Amount

 

$

5,370,909.56

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

 

 

To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

4,589,625.66

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 


 

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

 

$

477,765.88

 

$

477,765.88

 

Week 2

 

$

835,445.17

 

$

835,445.17

 

Week 3

 

$

262,688.02

 

$

262,688.02

 

Week 4

 

$

1,992,370.80

 

$

1,992,370.80

 

Week 5

 

N/A

 

N/A

 

Total

 

$

3,568,269.87

 

$

3,568,269.87

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

June 20, 2008

&

For the Monthly Collection Period of:

May

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Reconciliation of Indenture Trust Accounts

 

 

1   

Advertising Account

 

 

 

 

Beginning Balance

 

$

3,248,773.13

 

Plus Deposits

 

$

5,212,678.64

 

Less Withdrawals

 

$

(5,749,021.92

)

 

Ending Balance

 

 

 

$

2,712,429.85

 

 

 

 

 

 

 

2   

Insurance Proceeds Account

 

 

 

 

Beginning Balance

 

 

 

$

—

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

—

 

 

Ending Balance

 

 

 

$

—

 

 

 

 

 

 

 

3   

Lease and Reimbursements Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

7,709,890.51

 

Plus Deposits

 

$

9,259,443.93

 

Less Withdrawals

 

$

(8,998,156.91

)

 

Ending Balance

 

 

 

$

7,971,177.53

 

 

 

 

 

 

 

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

 

 

 

$

2,166,914.55

 

Plus Deposits

 

$

2,231,934.18

 

Less Withdrawals

 

$

(2,158,722.88

)

 

Ending Balance

 

 

 

$

2,240,125.85

 

 

 

 

 

 

 

6   

Hedge Agreement Expense Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

—

 

Plus Deposits

 

$

—

 

Less Withdrawals

 

$

—

 

 

Ending Balance

 

 

 

$

—

 

 

 

 

 

 

 

7   

Operating Expense Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

15,504.34

 

Plus Deposits

 

$

50,000.00

 

Less Withdrawals

 

$

(34,546.88

)

 

Ending Balance

 

 

 

$

30,957.46

 

 

 

 

 

 

 

8   

Insurer Payment Account

 

 

 

 

Beginning Balance

 

 

 

$

92,638.89

 

Plus Deposits

 

$

96,111.11

 

Less Withdrawals

 

$

(92,638.89

)

 

Ending Balance

 

 

 

$

96,111.11

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

June 20, 2008

&

For the Monthly Collection Period of:

May

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

 

$

377,044

 

Less Withdrawals

 

$

—

 

Ending Balance

 

$

5,572,882

 

 

 

 

 

 

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:

June 20, 2008

&

For the Monthly Collection Period of:

May

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

 

38,904.17

 

 


 

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:

June 20, 2008

 

For the Monthly Collection Period of:

May

 

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

 

 

 

 

 

 

 

May

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

12,471,747.34

 

 

-

Total Monthly DSCR Expenses

 

$

6,198,388.18

 

 

 

 

 

$

6,273,359.16

 

Denominator

 

 

 

 

 

 

 

Total Debt Service

 

$

2,328,045.29

 

 

 

 

 

 

 

 

 

Current Payment Date DSCR Ratio

 

3.330

 

 

 

 

 

 

% 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:

June 20, 2008

&

For the Monthly Collection Period of:

May

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

($ In Thousands)

 

 

 

Monthly

 

Numerator

 

 

 

 

 

 

Operating Lease Expense - (April 2008)

 

8,710

 

 

Annualized Operating Lease Expense (April 2008 * 12)

 

104,517

 

 

1

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

 

836,137

 

 

 

 

 

 

 

+

All Trust Debt

 

2,339,000

 

 

IHOP

 

445,000

 

 

Applebee’s

 

1,894,000

 

 

All Other IHOP Corp Debt

 

168,593

 

 

All Other Applebee’s Corp Debt

 

3,634

 

 

2

Total Indebtedness

 

2,511,227

 

 

 

 

 

 

 

Total Adjusted Debt

 

3,347,364

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

1

EBITDA

 

362,268

 

 

+

2

Operating Lease Expense

 

104,517

 

 

EBITDAR

 

466,785

 

 

 

 

 

 

 

Current Payment Date Leverage Ratio

 

7.2

 

 

Servicer Termination Event?

 

N

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

June 20, 2008

&

For the Monthly Collection Period of:

May

IHOP IP, LLC, as Co Issuer

 

 

 

Type I Stores

 

 

 

 

 

 

 

Beginning

 

891

 

Plus New Stores

 

7

 

Plus Converted Type II

 

0

 

Plus Converted Type III

 

0

 

Less Store Closures

 

3

 

Ending Balance

 

895

 

 

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

 

$

2,352,659,270

 

Current Sales Greater than or Equal to Sales at Closing

 

YES

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

June 20, 2008

&

For the Monthly Collection Period of:

May

IHOP IP, LLC, as Co Issuer

 

 

 

Deposits from Servicer to Collection Account

 

Misdirected Type 1 Payments

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

76,578.77

 

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

 

$

177,039.24

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

253,618.01

 

 

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

 

$

85,972.53

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 2 Collections Received

 

$

85,972.53

 

 


 

Deposits from Advertising Account to Collection Account

 

Misdirected Type 1 Payments

A)

 

Franchise Payments

 

$

5,209.52

 

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 1 Collections Received

 

$

5,209.52

 

 

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

 

$

19,245.75

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type 3 Collections Received

 

$

19,245.75

 

 


 

IHOP FRANCHISING LLC, as Issuer

For the Monthly Payment Date of:

June 20, 2008

&

For the Monthly Collection Period of:

May

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

 

4771 - Rochester, NY

 

Banana Nutz, Inc

 

2

 

4.500

%

4.500

%

1,673,101

 

223,600

 

40,789

 

223,831

 

-231

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

%

2,161,619

 

202,800

 

14,668

 

204,407

 

-1,607

 

#2

 

1728 - Salem, OR

 

Steven L. Graham

 

2

 

4.500

%

4.500

%

1,416,655

 

161,200

 

33,898

 

166,488

 

-5,288

 

#3

 

1930 - Baton Rouge, LA

 

1930 B.R., Inc.

 

2

 

4.500

%

4.500

%

2,695,126

 

215,610

 

41,753

 

220,104

 

-4,494

 

#4

 

3109 - Willoughby, OH

*

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

1,295,720

 

0

 

0

 

0

 

0

 

#5

 

3134 - Lexington, KY

*

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,011,827

 

0

 

0

 

0

 

0

 

#6

 

3135 - Clarksville, IN

*

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,279,646

 

0

 

0

 

0

 

0

 

#7

 

3170 - Cleveland, OH

*

River Road Restaurants, 3170, LLC

 

1

 

4.500

%

0.000

%

1,454,180

 

0

 

0

 

0

 

0

 

#8

 

5327 - La Vista, NE

 

Ashoori, Farshad Dan

 

1

 

1.500

%

0.250

%

823,690

 

141,027

 

15,461

 

152,975

 

-11,948

 

#9

 

5328 - St. Peters, MO

 

Sara Inc.

 

2

 

4.500

%

4.500

%

2,051,263

 

200,200

 

42,914

 

208,146

 

-7,946

 

#10

 

5330 - Shawnee, KS

 

Amjad M. Fraitekh

 

2

 

4.500

%

4.500

%

1,750,820

 

176,800

 

36,065

 

180,540

 

-3,740

 

#11

 

5339 - Springfield, MO

 

5339, Inc.

 

2

 

4.500

%

4.500

%

1,968,950

 

213,200

 

42,515

 

220,877

 

-7,677

 

#12

 

5415 - Aurora, IL

 

Ali Alforookh

 

2

 

4.500

%

4.500

%

1,365,093

 

176,375

 

42,550

 

176,500

 

-125

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previously Subtracted in prior 12 months:

 

#1

 

409 - Norcross, GA

 

Pancakes and More, LLC

 

1

 

4.500

%

4.500

%

1,800,204

 

144,926

 

0

 

128,847

 

16,080

 

#2

 

777 - Long Beach, CA

 

Long Beach Pancakes, Inc.

 

2

 

4.500

%

4.500

%

1,504,340

 

129,281

 

20,057

 

127,536

 

1,745

 

 

*  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:

June 20, 2008

&

For the Monthly Collection Period of:

May

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