EX-99.4 5 a08-20741_1ex99d4.htm EX-99.4

Exhibit 99.4

 

Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC

 

For the Monthly Payment Date of:

 

July 21, 2008

For the Monthly Collection Period of:

 

June

 

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 Monday, July 21, 2008
For the Period of June 20, 2008 - July 20, 2008

 

 

 

Debit Account #

 

Total
Amount

 

Employer/
Tax ID#

 

Bank

 

ABA #

 

Account Name

 

Account #

 

Reference

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wires

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

FGIC

 

21499506

 

$

116,527.78

 

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 June 20 - July 20, 2008. Includes make-up payment for 3/16/07-6/19/08 miscalculation of premium of $17,500.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499508

 

$

775,172.22

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

DTC

 

21499519

 

$

1,489,210.72

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Wells Fargo Trust Services

 

21499503

 

$

16,620.38

 

 

 

Wells Fargo Bank

 

121-000-248

 

Wells Fargo Corporate Trust Services

 

1000031565

 

Payment of invoice #426712 for 5/16/08-6/15/08 trust administration. Payment of invoice #420274 for file safekeeping Aug 07- May 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Moody’s Investors Service

 

21499503

 

$

15,000.00

 

 

 

Suntrust Bank, Atlanta, GA

 

061000104

 

Moody’s Investors Service

 

8801939847

 

Payment of annual fee for IHOP Franchising, LLC/IHOP IP, LLC - Series 2007-1, invoice #C1648538-000 dated 3/20/08

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calyon Americas

 

21499513

 

$

39,783.33

 

 

 

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 June 20 - July 20, 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 June 20 - July 20, 2008.

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Wires

 

 

 

$

2,453,606.10

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Calculations:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2 Undrawn Portion

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

For June 20 - July 20

 

 

 

10,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Day Calculation - For Series 2 Interest Calculation Only

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Start Date

 

 

 

06/20/08

 

 

 

 

 

 

 

 

 

 

 

 

 

End Date

 

 

 

07/20/08

 

 

 

 

 

 

 

 

 

 

 

 

 

Number of Days

 

 

 

31

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

175,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

5.1440

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense June 20 - July 19

 

 

 

750,166.67

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense July 20

 

 

 

25,005.56

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 1 Interest Expense

 

 

 

$

775,172.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 3

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Principal

 

 

 

245,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense % - Series 1

 

 

 

7.0588

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense June 20 - July 19

 

 

 

1,441,171.67

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense July 20

 

 

 

48,039.06

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 3 Interest Expense

 

 

 

$

1,489,210.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

Series 2007-1

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 1

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense June 20 - July 20

 

 

 

90,416.67

 

 

 

 

 

 

 

 

 

 

 

 

 

One-time Makeup for Miscalculated Premium 3/16/07-6/19/08

 

 

 

17,500.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 1 Monoline Expense

 

 

 

$

107,916.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Undrawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

0.100

%

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for June 20 - July 20

 

 

 

861.11

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

861.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense % Series 2

 

 

 

0.600

%

 

 

 

 

 

 

 

 

 

 

 

 

Monoline Expense for June 20 - July 20

 

 

 

7,750.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Total

 

 

 

$

7,750.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtotal 2007 - 2 Monoline Expense

 

 

 

$

8,611.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total FGIC

 

 

 

$

116,527.78

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense % on Undrawn Portion

 

 

 

0.150

%

 

 

 

 

 

 

 

 

 

 

 

 

Fee Expense for June 20 - July 20

 

 

 

1,291.67

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Facility Fee

 

 

 

$

1,291.67

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Series 2007 - 2

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense - Drawn

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense for June 20 - July 20

 

 

 

39,783.33

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Expense Credit Adjustment for Prior Period

 

 

 

0.00

 

 

 

 

 

 

 

 

 

 

 

 

 

Total 2007 - 2 Interest Expense

 

 

 

$

39,783.33

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Total Amounts Credited to the Lock-Box Account

 

$

28,698,558.52

 

Total Amounts Credited to the Advertising Funds Account Account

 

$

37,344.67

 

 

Deposits from Lock-Box to Collection Account

 

From Type 1 Stores

 

 

 

Counted for Purposes 
of DSCR Only

 

A)

 

Franchise Payments

 

$

5,506,723.47

 

Yes

 

B)

 

License Payments

 

$

144,827.79

 

Yes

 

C)

 

Development Payments

 

$

427,500.00

 

Yes

 

D)

 

IHOP Operated Restaurant Sub-Licensing Fees

 

$

19,552.92

 

Yes

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

38,373.74

 

Yes

 

F)

 

Equipment Lease Payments

 

$

884,304.05

 

Yes

 

G)

 

Franchise Note Payments

 

$

489,624.09

 

Yes

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

824,224.01

 

 

 

 

 

Leased properties - Franchisee Sublease

 

$

4,035,885.97

 

 

 

 

 

Total Lease Payments

 

$

4,860,109.98

 

Yes

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

7,654.86

 

Yes

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

344,719.28

 

Yes

 

L)

 

Other

 

$

78,964.00

 

Yes

 

M)

 

(Less Returns, NSF etc.)

 

$

25,405.69

 

Yes

 

 

 

Total Type 1 Collections Received

 

$

12,827,759.87

 

 

 

 

From Type 2 Stores

 

 

 

 

 

 

A)

 

Franchise Payments

 

$

3,325,977.67

 

 

 

B)

 

License Payments

 

$

—

 

 

 

C)

 

Development Payments

 

$

—

 

 

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

43,137.75

 

 

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

127,507.63

 

 

 

F)

 

Equipment Lease Payments

 

$

1,257,367.22

 

 

 

G)

 

Franchise Note Payments

 

$

412,484.89

 

 

 

 

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

 

 

Leased properties - Franchisee Sublease

 

$

7,011,320.15

 

 

 

 

 

Total Lease Payments

 

$

7,011,320.15

 

 

 

 

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

 

 

J)

 

Training Fees

 

$

4,775.00

 

 

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

374,328.18

 

 

 

L)

 

Other

 

$

49,172.44

 

 

 

M)

 

(Less Returns, NSF etc.)

 

$

17,516.26

 

 

 

 

 

Total Type 2 Collections Received

 

$

12,623,587.19

 

 

 

 

Other

 

 

 

 

 

To Be Deposited into the Collection Account

 

 

 

 

 

A)

 

Investment Income from all other Accounts (as applicable)

 

$

19,438.01

 

 

 

B)

 

(Less investment expenses and net losses)

 

$

—

 

 

 

 

 

Net Investment Income

 

$

19,438.01

 

Yes

 

C)

 

Distribution Payments

 

$

2,934,443.12

 

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

 

$

2,953,881.13

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly Cash Payments

 

$

28,405,228.19

 

 

 

 

 

Total Monthly Collections - Related to Collateral

 

$

15,781,641.00

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

IHOP IP, LLC , as Co Issuer

 

 

 

 

 

 

 

 

 

Amount Owed

 

Collections 
Remaining

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Collections to be applied in Accordance From All Weekly Waterfalls

$

28,405,228.19

 

 

 

$

28,405,228.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

9,263,812.85

 

$

19,141,415.34

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,631,097.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Type 2 Property Lease Payment Allocation Amount

 

$

5,068,460.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

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

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

E

Supplier Payment Allocation Amount

 

$

1,564,254.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

19,141,415.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

19,141,415.34

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,599,519.23

 

$

16,541,896.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

16,541,896.11

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

15,000.00

 

$

16,526,896.11

 

$

75,000.00

 

$

15,000.00

 

$

90,000.00

 

$

500,000.00

 

$

410,000.00

 

 

B

To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

116,527.78

 

$

16,410,368.33

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

2,300,057.94

 

$

14,110,310.39

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

Senior Series Interest Allocation Amount (2007-1)

 

$

775,172.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

 

Senior Series Interest Allocation Amount (2007-2)

 

$

35,675.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

 

Senior Series Interest Allocation Amount (2007-3)

 

$

1,489,210.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,291.67

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

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

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

To the Interest Reserve Account (Senior Subordinated)

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

 

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

14,109,018.72

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

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

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

To the Trigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

To the Interest Payment Account Payment Account

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

14,109,018.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

14,109,018.72

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Monthly DSCR Expenses

 

$

6,809,871.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

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

$

15,781,641.00

 

 

 

 

$

15,781,641.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

To the Lease and Reimbursement Payment Account

 

$

4,195,352.03

 

$

11,586,288.97

 

 

 

 

 

 

 

 

 

 

 

 

 

A

Type 1 Property Lease Payment Allocation Amount

 

$

2,631,097.89

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

B

Training Fee Reimbursement Payment Allocation Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

Supplier Payment Allocation Amount

 

$

1,564,254.14

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

II

To the Insurance Proceeds Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i

Insurance Restoration Payment Allocation Amount

 

$

—

 

$

11,586,288.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

b)

 

To the Principal Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Defective Asset Damages Amounts

 

$

—

 

$

11,586,288.97

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

2,599,519.23

 

$

8,986,769.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

d)

 

To the Hedge Agreement Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Hedge Agreement Allocation Amount

 

$

—

 

$

8,986,769.74

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

e)

A

To the Operating Expense Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Expense Allocation Amount

 

$

15,000.00

 

$

8,971,769.74

 

$

75,000.00

 

$

15,000.00

 

$

90,000.00

 

$

500,000.00

 

$

410,000.00

 

 

B

To the Insurer Premium Payment Account

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

116,527.78

 

$

8,855,241.96

 

 

 

 

 

 

 

 

 

 

 

 

C

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

 

$

2,300,057.94

 

$

6,555,184.02

 

 

 

 

 

 

 

 

 

 

 

 

 

i

 

Senior Series Interest Allocation Amount (2007-1)

 

$

775,172.22

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

ii

 

Senior Series Interest Allocation Amount (2007-2)

 

$

35,675.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

iii

 

Senior Series Interest Allocation Amount (2007-3)

 

$

1,489,210.72

 

 

 

 

 

 

 

 

 

 

 

 

 

 

D

To the Fee Payment Account (2007-2)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Fee Allocation Amount (2007-2)

 

$

1,291.67

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

f)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

g)

 

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

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Interest Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Fee Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

i)

 

To the Insurer Reimbursement and Expense Account (Senior Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

j)

 

To the Interest Reserve Account (Senior Subordinated)

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

k)

 

To the Servicer

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Supplemental Servicing Fee

 

$

—

 

$

6,553,892.35

 

$

—

 

$

—

 

$

—

 

$

1,000,000.00

 

$

1,000,000.00

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

l)

 

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

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

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)

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

o)

A

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Insurance Premium Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

B

To the Interest Payment Account Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Interest Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

C

To the Fee Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Fee Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

p)

 

To the Insurer Premium Payment Account (Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Series Insurer Reimbursement and Expense Allocation Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

q)

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Interest Reserve Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

r)

 

To the Trigger Reserve Account (Senior Subordinated & Subordinated)

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Trigger Reserve Amount

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

s)

 

To the Principal Payment Account (Senior Subordinated & Subordinated)

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Senior Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subordinated Principal Payment Amount

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

t)

 

To the Interest Payment Account Payment Account

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

$

—

 

$

6,553,892.35

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

To Applebee’s International

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Type 1 Residual

 

$

6,553,892.35

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Weekly DSCR Expenses

 

$

6,809,871.26

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

$

12,623,587.19

 

$

12,623,587.19

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

a)

I

 

 

To the Lease and Reimbursement Payment Account

 

$

5,068,460.82

 

$

7,555,126.37

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

A  Type 2 Property Lease Payment Allocation Amount

 

$

5,068,460.82

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

v)

 

 

 

To The Issuer and Co-Issuer as Residual Payments

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

All Remaining Funds

 

$

7,555,126.37

 

$

—

 

 

 

 

 

 

 

 

 

 

 

 


 

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

 

$

609,501.49

 

$

609,501.49

 

Week 2

 

$

807,349.16

 

$

807,349.16

 

Week 3

 

$

192,711.50

 

$

192,711.50

 

Week 4

 

$

2,724,177.91

 

$

2,724,177.91

 

Week 5

 

$

2,220,152.27

 

$

2,220,152.27

 

Total

 

$

6,553,892.35

 

$

6,553,892.35

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Reconciliation of Indenture Trust Accounts

 

1

 

Advertising Account

 

 

 

 

 

Beginning Balance

 

$

2,712,429.85

 

 

 

Plus Deposits

 

$

6,525,825.33

 

 

 

Less Withdrawals

 

$

(6,550,207.41

)

 

 

Ending Balance

 

$

2,688,047.77

 

 

 

 

 

 

 

2

 

Insurance Proceeds Account

 

 

 

 

 

Beginning Balance

 

$

—

 

 

 

Plus Deposits

 

$

—

 

 

 

Less Withdrawals

 

$

—

 

 

 

Ending Balance

 

$

—

 

 

 

 

 

 

 

3

 

Lease and Reimbursements Payment Account

 

 

 

 

 

Beginning Balance

 

$

7,971,177.53

 

 

 

Plus Deposits

 

$

9,656,436.72

 

 

 

Less Withdrawals

 

$

(9,506,856.54

)

 

 

Ending Balance

 

$

8,120,757.71

 

 

 

 

 

 

 

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

 

$

2,240,125.85

 

 

 

Plus Deposits

 

$

2,301,349.61

 

 

 

Less Withdrawals

 

$

(2,231,534.18

)

 

 

Ending Balance

 

$

2,309,941.28

 

 

 

 

 

 

 

6

 

Hedge Agreement Expense Payment Account

 

 

 

 

 

Beginning Balance

 

$

—

 

 

 

Plus Deposits

 

$

—

 

 

 

Less Withdrawals

 

$

—

 

 

 

Ending Balance

 

$

—

 

 

 

 

 

 

 

7

 

Operating Expense Payment Account

 

 

 

 

 

Beginning Balance

 

$

30,957.46

 

 

 

Plus Deposits

 

$

15,000.00

 

 

 

Less Withdrawals

 

$

(14,093.75

)

 

 

Ending Balance

 

$

31,863.71

 

 

 

 

 

 

 

8

 

Insurer Payment Account

 

 

 

 

 

Beginning Balance

 

$

96,111.11

 

 

 

Plus Deposits

 

$

116,527.78

 

 

 

Less Withdrawals

 

$

(96,111.11

)

 

 

Ending Balance

 

$

116,527.78

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

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

 

$

5,572,882

 

Plus Deposits

 

$

—

 

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:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

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

 

39,783.33

 

 


 

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:

 

July 21, 2008

 

 

For the Monthly Collection Period of:

 

June

 

 

 

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

 

 

 

 

June

 

 

 

 

 

 

 

 

 

 

 

Adjusted Collections

 

Total Monthly Collections - Related to Collateral

 

$

15,781,641.00

 

 

-

Total Monthly DSCR Expenses

 

$

6,809,871.26

 

 

 

 

 

$

8,971,769.74

 

 

 

 

 

 

 

Denominator

 

 

 

 

 

 

Total Debt Service

 

$

2,417,877.39

 

 

 

 

 

 

 

 

Current Payment Date DSCR Ratio

 

 

3.149

 

 

 

 

 

 

% 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:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

 

 

 

 

 

 

 

($ In Thousands)

 

 

 

 

 

 

 

 

Monthly

 

Numerator

 

 

 

 

 

 

 

 

 

 

 

 

 

Operating Lease Expense - (June 2008)

 

9,166

 

 

 

 

 

 

Annualized Operating Lease Expense (June 2008 * 12)

 

109,993

 

 

 

 

1

 

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

 

879,943

 

 

 

 

 

 

 

 

 

 

 

+

 

 

 

All Trust Debt

 

2,036,200

 

 

 

 

 

 

IHOP

 

445,000

 

 

 

 

 

 

Applebee’s

 

1,591,200

 

 

 

 

 

 

All Other IHOP Corp Debt

 

168,110

 

 

 

 

 

 

All Other Applebee’s Corp Debt

 

342,550

 

 

 

 

2

 

Total Indebtedness

 

2,546,860

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Total Adjusted Debt

 

3,426,803

 

 

Denominator

 

 

 

 

 

 

 

 

 

 

 

1

 

EBITDA

 

356,455

 

 

+

 

2

 

Operating Lease Expense

 

109,993

 

 

 

 

 

 

EBITDAR

 

466,448

 

 

Current Payment Date Leverage Ratio

 

7.35

Servicer Termination Event?

 

N

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Type I Stores

 

Beginning

 

895

 

Plus New Stores

 

4

 

Plus Converted Type II

 

0

 

Plus Converted Type III

 

0

 

Less Store Closures

 

3

 

Ending Balance

 

896

 

 

Type II Stores

 

Beginning

 

437

 

Plus New Stores

 

0

 

Plus Converted Type III

 

0

 

Less Converted to Type I

 

0

 

Less Store Closures

 

1

 

Ending Balance

 

436

 

 

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

 

$

2,368,512,751

 

 

Current Sales Greater than or Equal to Sales at Closing

 

YES

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

IHOP IP, LLC, as Co Issuer

 

 

 

 

 

Deposits from Servicer to Collection Account

 

Misdirected Type 1 Payments

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

169,062.81

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

200,015.62

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

369,078.43

 

 

 

 

 

Misdirected Type 2 Payments

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

85,360.40

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 2 Collections Received

 

$

85,360.40

 

 


 

Deposits from Advertising Account to Collection Account

 

Misdirected Type 1 Payments

 

A)

 

Franchise Payments

 

$

1,163.98

 

B)

 

License Payments

 

$

––

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

––

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 1 Collections Received

 

$

1,163.98

 

 

 

 

 

Misdirected Type 2 Payments

 

A)

 

Franchise Payments

 

$

5,749.72

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

1,770.00

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

––

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type Misdirected Type 2 Collections Received

 

$

7,519.72

 

 

 

 

 

 

 

 

Deposits To Servicer

 

 

 

 

 

 

 

 

From Type 3 Stores

 

 

 

 

 

 

 

A)

 

Franchise Payments

 

$

—

 

B)

 

License Payments

 

$

—

 

C)

 

Development Payments

 

$

—

 

D)

 

IHOP Operated Restaurant Licensing Fees

 

$

—

 

E)

 

IHOP Operated Restaurant Lease Payments

 

$

—

 

F)

 

Equipment Lease Payments

 

$

—

 

G)

 

Franchise Note Payments

 

$

—

 

 

 

 

 

 

 

H)

 

Lease Payments

 

 

 

 

 

Owned properties - Franchisee Leases

 

$

—

 

 

 

Leased properties - Franchisee Sublease

 

$

—

 

 

 

Total Lease Payments

 

$

—

 

 

 

 

 

 

 

I)

 

Insurance Restoration Receipts

 

$

—

 

J)

 

Training Fees

 

$

—

 

K)

 

Any 3rd Party Reimbursement Amounts

 

$

—

 

L)

 

Other

 

$

26,431.51

 

M)

 

(Less Returns, NSF etc.)

 

$

—

 

 

 

Total Type 3 Collections Received

 

$

26,431.51

 

 


 

IHOP FRANCHISING LLC, as Issuer

 

For the Monthly Payment Date of:

 

July 21, 2008

&

 

For the Monthly Collection Period of:

 

June

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

 

5446 - Waite Park, MN

 

Waite Park Food Corp.

 

1

 

1.500

%

0.250

% 

1,293,365

 

79,280

 

12,430

 

56,100

 

23,180

 

#2

 

1924 - Live Oak, TX

 

Maraya, Inc.

 

2

 

4.500

%

4.500

% 

2,265,968

 

196,695

 

40,687

 

198,448

 

-1,753

 

#3

 

1925 - Weatherford, TX

 

Osama Adi

 

1

 

4.500

%

4.500

% 

1,870,153

 

167,491

 

34,855

 

168,506

 

-1,016

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Subtractions:

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

#1

 

5415 - Aurora, IL

 

Ali Alforookh

 

2

 

4.500

%

4.500

%

1,368,058

 

178,100

 

42,305

 

178,000

 

100

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

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

% 

2,147,902

 

202,800

 

14,206

 

203,928

 

-1,128

 

#2

 

1728 - Salem, OR

 

Steven L. Graham

 

2

 

4.500

%

4.500

%

1,428,261

 

161,200

 

33,650

 

166,488

 

-5,288

 

#3

 

1930 - Baton Rouge, LA

 

1930 B.R., Inc.

 

2

 

4.500

%

4.500

%

2,706,764

 

214,609

 

40,355

 

220,104

 

-5,495

 

#4

 

3109 - Willoughby, OH *

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

1,306,271

 

0

 

0

 

0

 

0

 

#5

 

3134 - Lexington, KY *

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,001,160

 

0

 

0

 

0

 

0

 

#6

 

3135 - Clarksville, IN *

 

River Road Restaurants, LLC

 

1

 

4.500

%

0.000

%

2,290,307

 

0

 

0

 

0

 

0

 

#7

 

3170 - Cleveland, OH *

 

River Road Restaurants, 3170, LLC

 

1

 

4.500

%

0.000

%

1,624,461

 

0

 

0

 

0

 

0

 

#8

 

4771 - Rochester, NY

 

Banana Nutz, Inc.

 

2

 

4.500

%

4.500

%

1,678,606

 

223,600

 

40,431

 

224,988

 

-1,388

 

#9

 

5327 - La Vista, NE

 

Ashoori, Farshad Dan

 

1

 

1.500

%

0.250

%

829,013

 

132,623

 

16,113

 

152,975

 

-20,352

 

#10

 

5328 - St. Peters, MO

 

Sara Inc.

 

2

 

4.500

%

4.500

%

2,066,503

 

200,200

 

42,552

 

208,146

 

-7,946

 

#11

 

5330 - Shawnee, KS

 

Amjad M. Fraitekh

 

2

 

4.500

%

4.500

%

1,737,843

 

176,800

 

35,713

 

180,540

 

-3,740

 

#12

 

5339 - Springfield, MO

 

5339, Inc.

 

2

 

4.500

%

4.500

%

1,973,456

 

213,200

 

42,155

 

221,066

 

-7,866

 

12

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

 

Previously Subtracted in prior 12 months:

 

#1

 

409 - Norcross, GA

 

Pancakes and More, LLC

 

2

 

4.500

%

4.500

% 

1,785,689

 

144,842

 

0

 

125,349

 

19,494

 

#2

 

777 - Long Beach, CA

 

Long Beach Pancakes, Inc.

 

2

 

4.500

%

4.500

% 

1,511,343

 

129,404

 

19,994

 

127,536

 

1,868

 

 

*

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:

July 21, 2008

&

For the Monthly Collection Period of:

June

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