UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
FORM 8-K
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
Date of report (Date of earliest event reported) March 28, 2008
IHOP Corp.
(Exact Name of Registrant as Specified in Charter)
|
Delaware |
|
001-15283 |
|
95-3038279 |
|
(State
or Other Jurisdiction |
|
(Commission
|
|
(IRS
Employer |
|
450 North Brand, Glendale, California |
|
91203 |
|
(Address of Principal Executive Offices) |
|
(Zip Code) |
(818) 240-6055
(Registrant’s telephone number, including area code)
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
o Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
o Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
o Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
o Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
|
ITEM 7.01. |
|
REGULATION FD DISCLOSURE. |
Pursuant to the terms of the IHOP Base Indenture and the Applebee’s Base Indenture (the “Base Indentures”), certain subsidiaries of IHOP Corp. and certain subsidiaries of Applebee’s International Inc., itself a wholly owned subsidiary of IHOP Corp., are required to provide Monthly Servicing Reports to the respective Indenture Trustees and other parties as described in the Base Indentures. The Company hereby furnishes (but does not file) the Monthly Servicing Reports provided to the Indenture Trustees during the first three months of 2008.
The information set forth in response to this item shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
|
ITEM 9.01. |
|
FINANCIAL STATEMENTS AND EXHIBITS. |
|
|
|
|
|
(d) |
|
Exhibits. |
|
Exhibit No. |
|
Description |
|
99.1 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of January 22, 2008 |
|
99.2 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of February 20, 2008 |
|
99.3 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of March 20, 2008 |
|
99.4 |
|
Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of January 22, 2008 |
|
99.5 |
|
Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of February 20, 2008 |
|
99.6 |
|
Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of March 20, 2008 |
2
SIGNATURE
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
|
Date: March 28, 2008 |
IHOP CORP. |
|
|
|
|
|
|
|
By: |
/s/ Thomas G. Conforti |
|
|
|
Thomas G. Conforti |
|
|
|
Chief Financial Officer (Principal |
|
|
|
Financial Officer) |
3
EXHIBIT INDEX
|
Exhibit No. |
|
Description |
|
99.1 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of January 22, 2008 |
|
99.2 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of February 20, 2008 |
|
99.3 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of March 20, 2008 |
|
99.4 |
|
Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of January 22, 2008 |
|
99.5 |
|
Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of February 20, 2008 |
|
99.6 |
|
Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of March 20, 2008 |
4
Exhibit 99.1
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
For the Monthly Collection Period of: |
|
December |
|
Current Notes Outstanding: |
|
|
|
||
|
1 |
Series 2007-1 |
|
$ |
175,000,000 |
|
|
2 |
Series 2007-2 |
|
$ |
15,000,000 |
|
|
3 |
Series 2007-3 |
|
$ |
245,000,000 |
|
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Tuesday, January 22, 2008
For the Period of December 20, 2007 - January 21, 2008
|
|
|
|
|
Total |
|
Employer/ |
|
|
|
|
|
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|
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|
|
|
|
|
|
|
Debit Account # |
|
Amount |
|
Tax ID# |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
102,500.00 |
|
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 December 20, 2007 - January 21, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499508 |
|
$ |
800,177.78 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of December 20, 2007 - January 21, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
2,546,069.94 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of November 29, 2007 - January 21, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
6,250.00 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate Trust Services |
|
1000031565 |
|
Attention Chad Schafer. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
77,099.57 |
|
|
|
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 December 20, 2007 - January 21, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,375.00 |
|
|
|
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 December 20, 2007 - January 21, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
3,533,472.29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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|
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|
|
|
|
|
|
Calculations: |
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|
|
|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For December 20 - January 21 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
12/20/07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
01/21/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense December 20 - January 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense January 20 - January 21 |
|
|
|
50,011.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
800,177.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense December 20 - January 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense January 20 - January 21 |
|
|
|
96,078.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense November 29 - December 19 |
|
|
|
1,008,820.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
2,546,069.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense December 20 - January 19 |
|
|
|
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense January 20 - January 21 |
|
|
|
5,833.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
93,333.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for December 20 - January 21 |
|
|
|
916.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
916.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for December 20 - January 21 |
|
|
|
8,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
8,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
|
|
$ |
9,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total FGIC |
|
|
|
$ |
102,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
|
|
0.150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense for December 20 - January 21 |
|
|
|
1,375.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Fee |
|
|
|
$ |
1,375.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense for December 20 - January 21 |
|
|
|
77,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for prior period estimate vs actual true-up |
|
|
|
99.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 2 Interest Expense |
|
|
|
$ |
77,099.57 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
$ |
27,872,587.46 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
$ |
98,402.19 |
|
Deposits from Lock-Box to Collection Account
|
From Type 1 Stores |
|
|
|
Counted for Purposes |
|
|||
|
A) |
|
Franchise Payments |
|
$ |
5,448,777.12 |
|
Yes |
|
|
B) |
|
License Payments |
|
$ |
— |
|
Yes |
|
|
C) |
|
Development Payments |
|
$ |
230,000.00 |
|
Yes |
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
40,329.79 |
|
Yes |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
16,250.00 |
|
Yes |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
908,766.98 |
|
Yes |
|
|
G) |
|
Franchise Note Payments |
|
$ |
468,644.64 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
804,246.58 |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
4,046,658.35 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
4,850,904.93 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
2,708.72 |
|
Yes |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
417,378.16 |
|
Yes |
|
|
L) |
|
Other |
|
$ |
56,722.76 |
|
Yes |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
(65,943.85 |
) |
Yes |
|
|
|
|
Total Type 1 Collections Received |
|
$ |
12,374,539.25 |
|
|
|
|
From Type 2 Stores |
|
|
|
|
|
|
||
|
A) |
|
Franchise Payments |
|
$ |
3,328,182.63 |
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
85,537.57 |
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
183,484.93 |
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
1,281,455.01 |
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
425,664.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
6,964,938.45 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
6,964,938.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
3,275.75 |
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
365,199.69 |
|
|
|
|
L) |
|
Other |
|
$ |
98,028.77 |
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
(48,628.70 |
) |
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
12,687,138.94 |
|
|
|
|
Other |
|
|
|
|
|
|||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
34,875.43 |
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
Net Investment Income |
|
$ |
34,875.43 |
|
Yes |
|
|
C) |
|
Distribution Payments |
|
$ |
2,435,357.67 |
|
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 |
|
$ |
2,470,233.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly Cash Payments |
|
$ |
27,531,911.29 |
|
|
|
|
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
14,844,772.35 |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
|
$ |
27,531,911.29 |
|
|
|
$ |
27,531,911.29 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
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 |
|
$ |
9,732,611.91 |
|
$ |
17,799,299.38 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,743,875.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,348,583.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
1,640,152.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
17,799,299.38 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
17,799,299.38 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,572,019.25 |
|
$ |
15,227,280.13 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
15,227,280.13 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
— |
|
$ |
15,227,280.13 |
|
$ |
329,368.75 |
|
$ |
— |
|
$ |
329,368.75 |
|
$ |
500,000.00 |
|
$ |
170,631.25 |
|
|||||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
99,305.56 |
|
$ |
15,127,974.57 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
3,346,528.82 |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
i |
|
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
ii |
|
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
73,325.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
iii |
|
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
2,498,030.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
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 |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
11,781,445.75 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
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) |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
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 |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
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 |
|
$ |
— |
|
$ |
11,781,445.75 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
All Remaining Funds |
|
$ |
11,781,445.75 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Total Monthly DSCR Expenses |
|
$ |
6,956,047.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Waterfall for Determination of Type 1 Residual
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
14,844,772.35 |
|
|
|
$ |
14,844,772.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
4,384,027.93 |
|
$ |
10,460,744.42 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,743,875.30 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
1,640,152.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
10,460,744.42 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
10,460,744.42 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
c) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,572,019.25 |
|
$ |
7,888,725.17 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
d) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
7,888,725.17 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
e) |
|
A |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
— |
|
$ |
7,888,725.17 |
|
$ |
329,368.75 |
|
$ |
— |
|
$ |
329,368.75 |
|
$ |
500,000.00 |
|
$ |
170,631.25 |
|
|
||||||||||||||||||
|
|
|
B |
|
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
99,305.56 |
|
$ |
7,789,419.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
C |
|
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
3,346,528.82 |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
73,325.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
2,498,030.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
D |
|
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
f) |
|
|
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
g) |
|
|
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
h) |
|
A |
|
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
i) |
|
|
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
j) |
|
|
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
k) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
4,442,890.79 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
l) |
|
|
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
m) |
|
|
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
n) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
o) |
|
A |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
p) |
|
|
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
q) |
|
|
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
r) |
|
|
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
s) |
|
|
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
t) |
|
|
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
u) |
|
|
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
4,442,890.79 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
v) |
|
|
|
To Applebee’s International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
Type 1 Residual |
|
$ |
4,442,890.79 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
Total Weekly DSCR Expenses |
|
$ |
6,956,047.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
12,687,138.94 |
|
|
|
$ |
12,687,138.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
a) |
I |
|
|
To the Lease and Reimbursement Payment Account |
|
$ |
5,348,583.98 |
|
$ |
7,338,554.96 |
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
A |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,348,583.98 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
v) |
|
|
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
All Remaining Funds |
|
$ |
7,338,554.96 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||
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 |
|
$ |
600,182.86 |
|
$ |
— |
|
Note: acquisition deal closed mid-week, so did not implement wiring schedule until following week. |
|
|
Week 2 |
|
$ |
(288,697.09 |
) |
$ |
— |
|
|
|
|
Week 3 |
|
$ |
368,772.91 |
|
$ |
368,772.91 |
|
|
|
|
Week 4 |
|
$ |
2,325,919.89 |
|
$ |
2,325,919.89 |
|
|
|
|
Week 5 |
|
$ |
1,436,712.22 |
|
$ |
1,436,712.22 |
|
Note: Wire transfer misdirected by Wells Fargo, so Applebee’s did not receive this wire during the month of December. |
|
|
Total |
|
$ |
4,442,890.79 |
|
$ |
4,131,405.02 |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Reconciliation of Indenture Trust Accounts
|
1 |
|
Advertising Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
4,723,495.55 |
|
|
|
|
Plus Deposits |
|
$ |
6,346,234.29 |
|
|
|
|
Less Withdrawals |
|
$ |
(3,693,818.61 |
) |
|
|
|
Ending Balance |
|
$ |
7,375,911.23 |
|
|
|
|
|
|
|
|
|
|
2 |
|
Insurance Proceeds Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
3 |
|
Lease and Reimbursements Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
7,199,779.10 |
|
|
|
|
Plus Deposits |
|
$ |
10,354,145.24 |
|
|
|
|
Less Withdrawals |
|
$ |
(9,518,808.80 |
) |
|
|
|
Ending Balance |
|
$ |
8,035,115.54 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
777,041.50 |
|
|
|
|
Plus Deposits |
|
$ |
3,387,657.58 |
|
|
|
|
Less Withdrawals |
|
$ |
(802,521.40 |
) |
|
|
|
Ending Balance |
|
$ |
3,362,177.68 |
|
|
|
|
|
|
|
|
|
|
6 |
|
Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
7 |
|
Operating Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
20,104.51 |
|
|
|
|
Plus Deposits |
|
$ |
10,000.00 |
|
|
|
|
Less Withdrawals |
|
$ |
(6,151.04 |
) |
|
|
|
Ending Balance |
|
$ |
23,953.47 |
|
|
|
|
|
|
|
|
|
|
8 |
|
Insurer Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
54,583.33 |
|
|
|
|
Plus Deposits |
|
$ |
101,688.89 |
|
|
|
|
Less Withdrawals |
|
$ |
(56,966.67 |
) |
|
|
|
Ending Balance |
|
$ |
99,305.55 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
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 |
|
$ |
872,323 |
|
|
Plus Deposits |
|
$ |
4,323,515 |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
5,195,838 |
|
|
|
|
|
|
|
|
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
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 |
|
77,099.57 |
|
|
|
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: |
|
January 22, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
December |
|
|
|
October |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
11,934,632.58 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,644,607.31 |
|
|
|
|
|
|
$ |
5,290,025.27 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
753,482.50 |
|
|
|
|
November |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,314,455.91 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,232,343.98 |
|
|
|
|
|
|
$ |
7,082,111.93 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
851,387.09 |
|
|
|
|
|
December |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
14,844,772.35 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,956,047.18 |
|
|
|
|
|
|
$ |
7,888,725.17 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
3,445,834.38 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date DSCR Ratio |
|
|
4.011 |
|
|
|
|
|
|
|
% 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: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
|
|
Monthly |
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (December 2007) |
|
8,465 |
|
|
|
|
|
|
|
Annualized Operating Lease Expense (December 2007 * 12) |
|
101,585 |
|
|
|
|
|
1 |
|
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
812,678 |
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
|
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
|
|
Applebee’s |
|
1,894,000 |
|
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
170,460 |
|
|
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
3,728 |
|
|
|
|
|
2 |
|
Total Indebtedness |
|
2,513,188 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,325,866 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
EBITDA |
|
362,087 |
|
|
|
+ |
|
2 |
|
Operating Lease Expense |
|
101,585 |
|
|
|
|
|
|
|
EBITDAR |
|
463,672 |
|
|
Current Payment Date Leverage Ratio |
|
7.2 |
|
Servicer Termination Event? |
|
N |
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Type I Stores |
|
|
|
|
|
|
|
|
|
Beginning |
|
869 |
|
|
Plus New Stores |
|
11 |
|
|
Plus Converted Type II |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Store Closures |
|
2 |
|
|
Ending Balance |
|
878 |
|
|
Type II Stores |
|
|
|
|
|
|
|
|
|
Beginning |
|
438 |
|
|
Plus New Stores |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Converted to Type I |
|
0 |
|
|
Less Store Closures |
|
1 |
|
|
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 |
|
$ |
2,286,010,159 |
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Deposits from Servicer to Collection Account
|
Misdirected Type 1 Payments |
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
84,158.48 |
|
|
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 |
|
$ |
384,617.47 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
468,775.95 |
|
|
|
|
|
|
|||
|
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 |
|
$ |
138,183.81 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
138,183.81 |
|
Deposits from Advertising Account to Collection Account
|
Misdirected Type 1 Payments |
|
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
13,409.92 |
|
|
|
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 |
|
$ |
13,409.92 |
|
|
|
Misdirected Type 2 Payments |
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
— |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
— |
|
Deposits To Servicer
|
From Type 3 Stores |
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
35,817.56 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type 3 Collections Received |
|
$ |
35,817.56 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Non Conforming Assets
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
|||||||||
|
Count |
|
Store # |
|
Franchisee |
|
Store Type |
|
Previous |
|
Current |
|
Annual Sales |
|
Franchisee Lease |
|
Franchise & |
|
Master Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
3109 - Willoughby, OH* |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,392,376 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#2 |
|
3134 - Lexington, KY* |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,187,253 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#3 |
|
3135 - Clarksville, IN* |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,408,249 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#4 |
|
3170 - Cleveland, OH* |
|
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
745,940 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#5 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,761,131 |
|
176,800 |
|
37,503 |
|
177,404 |
|
-604 |
|
|
#6 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,938,790 |
|
213,200 |
|
43,986 |
|
214,291 |
|
-1,091 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtractions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,795,815 |
|
144,663 |
|
0 |
|
138,629 |
|
6,034 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
2,158,103 |
|
202,800 |
|
16,560 |
|
204,334 |
|
-1,534 |
|
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,336,078 |
|
161,200 |
|
34,909 |
|
163,243 |
|
-2,043 |
|
|
#3 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,018,424 |
|
200,200 |
|
44,396 |
|
208,146 |
|
-7,946 |
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Subtracted in prior 12 months: |
|
||||||||||||||||||||
|
#1 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,479,417 |
|
127,939 |
|
20,315 |
|
127,536 |
|
403 |
|
|
#2 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,353,431 |
|
169,130 |
|
43,555 |
|
169,000 |
|
130 |
|
|
* |
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: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
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 |
|
Exhibit 99.2
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
|
For the Monthly Payment Date of: |
|
February 20, 2008 |
||
|
For the Monthly Collection Period of: |
|
January |
||
|
|
|
|
||
|
Current Notes Outstanding: |
|
|
||
|
1 |
Series 2007-1 |
|
$ |
175,000,000 |
|
2 |
Series 2007-2 |
|
$ |
15,000,000 |
|
3 |
Series 2007-3 |
|
$ |
245,000,000 |
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Thursday, February 20, 2008
For the Period of January 22, 2008 - February 19, 2008
|
|
|
|
|
Total |
|
Employer/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit Account # |
|
Amount |
|
Tax ID# |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
89,722.22 |
|
N/A |
|
JP Morgan Chase |
|
021-000-021 |
|
Financial Guaranty |
|
904-951839 |
|
Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of January 22 - February 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499508 |
|
$ |
700,155.56 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of January 22 - February 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
1,345,093.56 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of January 22 - February 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
7,611.56 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate |
|
1000031565 |
|
Attention Chad Schafer. Reference invoice no 390405 (travel expenses for Melissa Philibert.) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
57,922.13 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset |
|
01-25680-0001-00-001 |
|
Interest Payment on IHOP Series 2007-2 for the period of January 22 - February 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,208.33 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset |
|
01-25680-0001-00-001 |
|
Fee Payment on IHOP Series 2007-2 for the period of January 22 - February 19, 2008. |
|
|
Total Wires |
|
|
|
$ |
2,201,713.35 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For January 22 - February 19 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
01/22/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
02/19/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense January 20 - February 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense January 20 - January 21 (paid in previous month) |
|
|
|
(50,011.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
700,155.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense January 20 - February 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense January 20 - January 21 (paid in previous month) |
|
|
|
(96,078.11 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
1,345,093.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense January 20 - February 19 |
|
|
|
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense January 20 - January 21 (paid in previous month) |
|
|
|
(5,833.33 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
81,666.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for January 20 - February 19 |
|
|
|
805.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
805.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for January 20 - February 19 |
|
|
|
7,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
7,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
|
|
$ |
8,055.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total FGIC |
|
|
|
$ |
89,722.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
|
|
0.150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense for January 20 - February 19 |
|
|
|
1,208.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Fee |
|
|
|
$ |
1,208.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense for January 20 - February 19 |
|
|
|
58,750.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjustment for prior period estimate vs actual true-up |
|
|
|
(828.25 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 2 Interest Expense |
|
|
|
$ |
57,922.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
February 20, 2008 |
|
& |
For the Monthly Collection Period of: |
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
$ |
23,839,032.48 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
$ |
44,244.40 |
|
Deposits from Lock-Box to Collection Account
From Type 1 Stores
|
|
|
|
|
Counted for Purposes |
|
|||
|
A) |
|
Franchise Payments |
|
$ |
4,602,139.14 |
|
Yes |
|
|
B) |
|
License Payments |
|
$ |
23,545.33 |
|
Yes |
|
|
C) |
|
Development Payments |
|
$ |
20,000.00 |
|
Yes |
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
15,958.74 |
|
Yes |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
28,207.74 |
|
Yes |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
720,405.51 |
|
Yes |
|
|
G) |
|
Franchise Note Payments |
|
$ |
357,042.29 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
668,328.70 |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
3,279,285.12 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
3,947,613.82 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
7,489.16 |
|
Yes |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
327,572.37 |
|
Yes |
|
|
L) |
|
Other |
|
$ |
65,501.82 |
|
Yes |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
(20,268.90 |
) |
Yes |
|
|
|
|
Total Type 1 Collections Received |
|
$ |
10,095,207.02 |
|
|
|
From Type 2 Stores
|
|
|
|
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
2,749,954.21 |
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
35,809.04 |
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
137,405.04 |
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
1,004,386.77 |
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
323,729.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
5,647,036.38 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
5,647,036.38 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
3,292.69 |
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
373,389.03 |
|
|
|
|
L) |
|
Other |
|
$ |
72,422.66 |
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
(12,717.16 |
) |
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
10,334,707.88 |
|
|
|
Other
|
|
|
|
|
|
|
|||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
50,793.76 |
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
Net Investment Income |
|
$ |
50,793.76 |
|
Yes |
|
|
C) |
|
Distribution Payments |
|
$ |
3,323,178.33 |
|
Yes |
|
|
D) |
|
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
E) |
|
Defective Assets Payments |
|
$ |
— |
|
|
|
|
F) |
|
Any other Amounts owed relating to the Collateral |
|
$ |
— |
|
Yes |
|
|
|
|
Total “Other” Collections Received |
|
$ |
3,373,972.09 |
|
|
|
|
Total Monthly Cash Payments |
|
$ |
23,803,886.99 |
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,469,179.11 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
February 20, 2008 |
|
& |
For the Monthly Collection Period of: |
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
|
$ |
23,803,886.99 |
|
|
|
|
$ |
23,803,886.99 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
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 |
|
$ |
9,743,971.41 |
|
$ |
14,059,915.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,763,375.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,356,208.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
1,624,387.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
II |
|
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
14,059,915.58 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
b) |
|
|
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
14,059,915.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
c) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,063,615.40 |
|
$ |
11,996,300.18 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
d) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
11,996,300.18 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
e) |
|
A |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
5,000.00 |
|
$ |
11,991,300.18 |
|
$ |
329,368.75 |
|
$ |
5,000.00 |
|
$ |
334,368.75 |
|
$ |
500,000.00 |
|
$ |
165,631.25 |
|
|||||
|
|
|
B |
|
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
98,750.00 |
|
$ |
11,892,550.18 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
C |
|
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,326,549.63 |
|
$ |
9,566,000.55 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
62,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,489,210.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
D |
|
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,208.33 |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
f) |
|
|
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
g) |
|
|
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
h) |
|
A |
|
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
C |
|
To the Fee Payment Account (Senior Subordinated |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
i) |
|
|
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
j) |
|
|
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
k) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
9,564,792.22 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
l) |
|
|
|
To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
m) |
|
|
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
I |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
n) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
o) |
|
A |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
C |
|
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
p) |
|
|
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
q) |
|
|
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
r) |
|
|
|
To theTrigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
s) |
|
|
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
t) |
|
|
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
u) |
|
|
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
9,564,792.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
v) |
|
|
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
All Remaining Funds |
|
$ |
9,564,792.22 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Total Monthly DSCR Expenses |
|
$ |
6,456,378.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
February 20, 2008 |
|
|
& |
For the Monthly Collection Period of: |
January |
|
|
IHOP IP, LLC , as Co Issuer |
|
|
|
Waterfall for Determination of Type 1 Residual
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
13,469,179.11 |
|
|
|
$ |
13,469,179.11 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|
|
||||||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|||||||||||||||||||||||||||||||||||||||||||
|
a) |
|
I |
|
To the Lease and Reimbursement Payment Account |
|
$ |
4,387,762.78 |
|
$ |
9,081,416.33 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,763,375.71 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
1,624,387.07 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
II |
|
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
9,081,416.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
b) |
|
|
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
9,081,416.33 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
c) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,063,615.40 |
|
$ |
7,017,800.93 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
d) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
7,017,800.93 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
e) |
|
A |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
5,000.00 |
|
$ |
7,012,800.93 |
|
$ |
329,368.75 |
|
$ |
5,000.00 |
|
$ |
334,368.75 |
|
$ |
500,000.00 |
|
$ |
165,631.25 |
|
|
|||||||||||||||||||
|
|
|
B |
|
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
98,750.00 |
|
$ |
6,914,050.93 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
C |
|
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,326,549.63 |
|
$ |
4,587,501.30 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.23 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
ii Senior Series Interest Allocation Amount (2007-2) |
|
$ |
62,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
iii Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,489,210.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
D |
|
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,208.33 |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
f) |
|
|
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
g) |
|
|
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
h) |
|
A |
|
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
i) |
|
|
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
j) |
|
|
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
k) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
4,586,292.97 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
l) |
|
|
|
To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
m) |
|
|
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
I |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
n) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
o) |
|
A |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
p) |
|
|
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
q) |
|
|
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
r) |
|
|
|
To theTrigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
s) |
|
|
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
t) |
|
|
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
u) |
|
|
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
4,586,292.97 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
v) |
|
|
|
To Applebee’s International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Type 1 Residual |
|
$ |
4,586,292.97 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
Total Weekly DSCR Expenses |
|
$ |
6,456,378.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
10,334,707.88 |
|
|
|
$ |
10,334,707.88 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
a) |
|
|
|
To the Lease and Reimbursement Payment Account |
|
$ |
5,356,208.63 |
|
$ |
4,978,499.25 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
|
|
|
A |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,356,208.63 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
v) |
|
|
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
All Remaining Funds |
|
$ |
4,978,499.25 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
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 |
|
$ |
(77,161.44 |
) |
$ |
— |
|
|
Week 2 |
|
$ |
1,738,235.37 |
|
$ |
1,738,235.37 |
|
|
Week 3 |
|
$ |
779,273.82 |
|
$ |
779,273.82 |
|
|
Week 4 |
|
$ |
2,145,945.22 |
|
$ |
2,145,945.22 |
|
|
Week 5 |
|
N/A |
|
N/A |
|
||
|
Total |
|
$ |
4,586,292.97 |
|
$ |
4,663,454.41 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
February 20, 2008 |
|
& |
For the Monthly Collection Period of: |
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
Reconciliation of Indenture Trust Accounts |
|
|
|
|
||
|
|
|
|
|
|
||
|
1 |
Advertising Account |
|
|
|
||
|
|
Beginning Balance |
|
$ |
7,375,911.23 |
|
|
|
|
Plus Deposits |
|
$ |
5,123,364.43 |
|
|
|
|
Less Withdrawals |
|
$ |
(7,514,927.04 |
) |
|
|
|
Ending Balance |
|
$ |
4,984,348.62 |
|
|
|
|
|
|
|
|
||
|
2 |
Insurance Proceeds Account |
|
|
|
||
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
3 |
Lease and Reimbursements Payment Account |
|
|
|
||
|
|
Beginning Balance |
|
$ |
8,035,115.54 |
|
|
|
|
Plus Deposits |
|
$ |
9,520,463.23 |
|
|
|
|
Less Withdrawals |
|
$ |
(10,103,938.72 |
) |
|
|
|
Ending Balance |
|
$ |
7,451,640.05 |
|
|
|
|
|
|
|
|
||
|
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 |
|
$ |
3,362,177.68 |
|
|
|
|
Plus Deposits |
|
$ |
2,327,757.96 |
|
|
|
|
Less Withdrawals |
|
$ |
(3,424,722.30 |
) |
|
|
|
Ending Balance |
|
$ |
2,265,213.34 |
|
|
|
|
|
|
|
|
||
|
6 |
Hedge Agreement Expense Payment Account |
|
|
|
||
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
7 |
Operating Expense Payment Account |
|
|
|
||
|
|
Beginning Balance |
|
$ |
23,953.47 |
|
|
|
|
Plus Deposits |
|
$ |
5,000.00 |
|
|
|
|
Less Withdrawals |
|
$ |
(6,250.00 |
) |
|
|
|
Ending Balance |
|
$ |
22,703.47 |
|
|
|
|
|
|
|
|
||
|
8 |
Insurer Payment Account |
|
|
|
||
|
|
Beginning Balance |
|
$ |
99,305.55 |
|
|
|
|
Plus Deposits |
|
$ |
98,750.00 |
|
|
|
|
Less Withdrawals |
|
$ |
(102,500.00 |
) |
|
|
|
Ending Balance |
|
$ |
95,555.55 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
February 20, 2008 |
|
& |
For the Monthly Collection Period of: |
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
Series 2007-1 $175 Million Notes |
|
|
|
Series 2007-2 VFN $25 Million Note |
|
|
|
Series 2007-3 $245 Million Notes |
|
|
|
|
|
|
|
Reconciliation of Reserve Accounts |
|
|
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts
|
Beginning Balance |
|
$ |
5,195,838 |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
5,195,838 |
|
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts
|
Beginning balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
February 20, 2008 |
|
& |
For the Monthly Collection Period of: |
January |
|
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 |
|
57,922.13 |
|
|
|
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: |
February 20, 2008 |
|
|
For the Monthly Collection Period of: |
January |
November
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,314,455.91 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,232,343.98 |
|
|
|
|
|
|
$ |
7,082,111.93 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
851,387.09 |
|
|
|
|
|
|
|
|
|
December
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
14,844,772.35 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,956,047.18 |
|
|
|
|
|
|
$ |
7,888,725.17 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
3,445,834.38 |
|
|
|
|
|
|
|
|
|
January
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,469,179.11 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,456,378.18 |
|
|
|
|
|
|
$ |
7,012,800.93 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,426,507.96 |
|
|
|
|
Current Payment Date DSCR Ratio |
|
3.270 |
|
|
|
|
Event Occur? |
|
% to
Trap (if |
|
|
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: |
February 20, 2008 |
|
& |
For the Monthly Collection Period of: |
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
Monthly |
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (January 2008) |
|
8,381 |
|
|
|
|
|
Annualized Operating Lease Expense (January 2008 * 12) |
|
100,568 |
|
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
804,543 |
|
|
|
|
|
|
|
|
|
|
|
+ |
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
Applebee’s |
|
1,894,000 |
|
|
|
|
|
All Other IHOP Corp Debt |
|
170,024 |
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
3,728 |
|
|
|
|
2 |
Total Indebtedness |
|
2,512,752 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,317,295 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
1 |
EBITDA |
|
366,042 |
|
|
|
+ |
2 |
Operating Lease Expense |
|
100,568 |
|
|
|
|
|
EBITDAR |
|
466,610 |
|
|
|
|
|
Current Payment Date Leverage Ratio |
|
7.1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Servicer Termination Event? |
|
N |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
February 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Type I Stores
|
Beginning |
|
878 |
|
|
Plus New Stores |
|
2 |
|
|
Plus Converted Type II |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
880 |
|
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 |
|
$ |
2,297,344,416 |
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
February 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Deposits from Servicer to Collection Account
Misdirected Type 1 Payments
|
A) |
Franchise Payments |
|
$ |
— |
|
|
B) |
License Payments |
|
$ |
59,635.93 |
|
|
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 |
|
$ |
295,630.93 |
|
|
M) |
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
355,266.86 |
|
|
|
|
|
|
|
|
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 |
|
$ |
125,395.85 |
|
|
M) |
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
125,395.85 |
|
Deposits from Advertising Account to Collection Account
Misdirected Type 1 Payments
|
A) |
Franchise Payments |
|
$ |
— |
|
|
B) |
License Payments |
|
$ |
— |
|
|
C) |
Development Payments |
|
$ |
— |
|
|
D) |
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
H) |
Lease Payments |
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
Leased properties - Franchisee 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 |
|
$ |
— |
|
Misdirected Type 2 Payments
|
A) |
Franchise Payments |
|
$ |
2,977.99 |
|
|
B) |
License Payments |
|
$ |
— |
|
|
C) |
Development Payments |
|
$ |
— |
|
|
D) |
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
H) |
Lease Payments |
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
I) |
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
Training Fees |
|
$ |
— |
|
|
K) |
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
Other |
|
$ |
— |
|
|
M) |
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
2,977.99 |
|
|
|
|
|
|
|
|
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 |
|
$ |
15,884.85 |
|
|
M) |
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
Total Type 3 Collections Received |
|
$ |
15,884.85 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
February 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
January |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Non Conforming Assets
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
|||||||||
|
Count |
|
Store # |
|
Franchisee |
|
Store Type |
|
Previous |
|
Current |
|
Annual Sales |
|
Franchisee Lease |
|
Franchise & |
|
Master Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
% |
2,161,523 |
|
202,800 |
|
16,206 |
|
204,334 |
|
-1,534 |
|
|
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,352,523 |
|
161,200 |
|
34,720 |
|
163,892 |
|
-2,692 |
|
|
|
#3 |
|
3109 - Willoughby, OH * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,347,390 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#4 |
|
3134 - Lexington, KY * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,134,637 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#5 |
|
3135 - Clarksville, IN * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,353,777 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#6 |
|
3170 - Cleveland, OH * |
|
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
884,206 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#7 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,012,262 |
|
200,200 |
|
44,118 |
|
208,146 |
|
-7,946 |
|
|
|
#8 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,766,583 |
|
176,800 |
|
37,235 |
|
178,188 |
|
-1,388 |
|
|
|
#9 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,922,273 |
|
213,200 |
|
43,711 |
|
215,187 |
|
-1,987 |
|
|
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Subtracted in prior 12 months: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,796,228 |
|
144,663 |
|
0 |
|
137,176 |
|
7,487 |
|
|
|
#2 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,482,202 |
|
128,226 |
|
20,266 |
|
127,536 |
|
690 |
|
|
|
#3 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,352,166 |
|
170,510 |
|
43,367 |
|
170,500 |
|
10 |
|
|
* 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: |
|
February 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
January |
|
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 |
|
Exhibit 99.3
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
|
For the Monthly Payment Date of: |
March 20, 2008 |
|
For the Monthly Collection Period of: |
February |
|
Current Notes Outstanding: |
|
|
|
|
|
1 Series 2007-1 |
|
$ |
175,000,000 |
|
|
2 Series 2007-2 |
|
$ |
15,000,000 |
|
|
3 Series 2007-3 |
|
$ |
245,000,000 |
|
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Thursday, March 20, 2008
For the Period of February 20, 2008 - March 19, 2008
|
|
|
Debit Account # |
|
Total |
|
Employer/ |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
95,555.56 |
|
N/A |
|
JP Morgan Chase |
|
021-000-021 |
|
Financial Guaranty Insurance Company Concentration Account |
|
904-951839 |
|
Insurance Premium -IHOP Series 2007-1 & Series 2007-2 for the period of February 20 - March 19, 2008. |
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499508 |
|
$ |
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of February 20 -March 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of February 20 - March 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
25,946.93 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate Trust Services |
|
1000031565 |
|
Payment on invoice #395713 for 12/16/07-1/15/08 $245mm trust fee, invoice #401723 for 1/16/08-2/15/08, and invoice #395940 for $3488.60 Chapman & Cutler. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
45,770.46 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00-001 |
|
Interest Payment on IHOP Series 2007-2 for the period of February 20 - March 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,208.33 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00-001 |
|
Fee Payment on IHOP Series 2007-2 for the period of February 20 -March 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
2,359,819.62 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For February 20 - March 19 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
02/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
03/19/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense February 20 - March 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense February 20 - March 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense February 20 - March 19 |
|
|
|
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for February 20 - March 19 |
|
|
|
805.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
805.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for February 20 - March 19 |
|
|
|
7,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
7,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
|
|
$ |
8,055.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total FGIC |
|
|
|
$ |
95,555.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
|
|
0.150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense for February 20 - March 19 |
|
|
|
1,208.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Fee |
|
|
|
$ |
1,208.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense for February 20 - March 19 |
|
|
|
47,245.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense Credit Adjustment for Prior Period |
|
|
|
(1,475.37 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 2 Interest Expense |
|
|
|
$ |
45,770.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
$ |
23,219,159.29 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
$ |
37,012.24 |
|
Deposits from Lock-Box to Collection Account
|
From Type 1 Stores |
|
|
|
Counted for Purposes |
|
|||
|
A) |
|
Franchise Payments |
|
$ |
4,482,806.59 |
|
Yes |
|
|
B) |
|
License Payments |
|
$ |
1,644.72 |
|
Yes |
|
|
C) |
|
Development Payments |
|
$ |
285,000.00 |
|
Yes |
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
16,251.68 |
|
Yes |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
21,388.00 |
|
Yes |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
706,543.61 |
|
Yes |
|
|
G) |
|
Franchise Note Payments |
|
$ |
359,092.71 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
628,910.88 |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
3,138,012.26 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
3,766,923.14 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
275.00 |
|
Yes |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
180,648.08 |
|
Yes |
|
|
L) |
|
Other |
|
$ |
99,877.35 |
|
Yes |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
(1,563.09 |
) |
Yes |
|
|
|
|
Total Type 1 Collections Received |
|
$ |
9,918,887.79 |
|
|
|
|
From Type 2 Stores |
|
|
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
2,497,047.45 |
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
45,773.10 |
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
139,418.26 |
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
986,159.30 |
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
309,238.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
5,366,303.33 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
5,366,303.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
210,912.54 |
|
|
|
|
L) |
|
Other |
|
$ |
52,093.78 |
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
38,337.72 |
|
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
9,645,283.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Other |
|
|
|
|
|
|||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|
||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
48,884.74 |
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
Net Investment Income |
|
$ |
48,884.74 |
|
Yes |
|
|
C) |
|
Distribution Payments |
|
$ |
3,405,970.03 |
|
Yes |
|
|
D) |
|
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
E) |
|
Defective Assets Payments |
|
$ |
— |
|
|
|
|
F) |
|
Any other Amounts owed relating to the Collateral |
|
$ |
— |
|
Yes |
|
|
|
|
Total “Other” Collections Received |
|
$ |
3,454,854.77 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly Cash Payments |
|
$ |
23,019,026.10 |
|
|
|
|
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,373,742.56 |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
|
$ |
23,019,026.10 |
|
$ |
23,019,026.10 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture |
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
10,482,075.98 |
|
$ |
12,536,950.12 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount– |
|
$ |
2,945,771.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,634,496.90 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
1,901,807.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
12,536,950.12 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
12,536,950.12 |
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
Amount Already |
|
Amount |
|
New
Amount |
|
Capped Amount |
|
Amount Avail under |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Weekly Servicer Fee |
|
$ |
2,065,615.40 |
|
$ |
10,471,334.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
10,471,334.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Operating Expense Allocation Amount |
|
$ |
— |
|
$ |
10,471,334.72 |
|
$ |
334,368.75 |
|
$ |
— |
|
$ |
334,368.75 |
|
$ |
500,000.00 |
|
$ |
165,631.25 |
|
|||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
89,722.22 |
|
$ |
10,381,612.50 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,094,254.95 |
|
$ |
8,287,357.55 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
700,155.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
49,005.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,345,093.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,208.33 |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
8,286,149.22 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
l) |
|
To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
i |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
r) |
|
To theTrigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
8,286,149.22 |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
All Remaining Funds |
|
$ |
8,286,149.22 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||
|
|
|
Total Monthly DSCR Expenses |
|
$ |
6,913,194.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Waterfall for Determination of Type 1 Residual
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
13,373,742.56 |
|
$ |
13,373,742.56 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
4,847,579.08 |
|
$ |
8,526,163.48 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,945,771.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
1,901,807.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
8,526,163.48 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
8,526,163.48 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount |
|
Amount |
|
New Amount |
|
Capped Amount |
|
Amount Avail under |
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Weekly Servicer Fee |
|
$ |
2,065,615.40 |
|
$ |
6,460,548.08 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
6,460,548.08 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Operating Expense Allocation Amount |
|
$ |
— |
|
$ |
6,460,548.08 |
|
$ |
334,368.75 |
|
$ |
— |
|
$ |
334,368.75 |
|
$ |
500,000.00 |
|
$ |
165,631.25 |
|
|||||||||||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
89,722.22 |
|
$ |
6,370,825.86 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,094,254.95 |
|
$ |
4,276,570.91 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
700,155.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
49,005.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,345,093.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,208.33 |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
4,275,362.58 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
l) |
|
To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
r) |
|
To theTrigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
4,275,362.58 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
v) |
|
To Applebee's International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Type 1 Residual |
|
$ |
4,275,362.58 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
Total Weekly DSCR Expenses |
|
$ |
6,913,194.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
9,645,283.54 |
|
$ |
9,645,283.54 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
5,634,496.90 |
|
$ |
4,010,786.64 |
|
|
|||||||||||||||||||||||||||||||
|
|
|
A |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,634,496.90 |
|
|
|
|
|||||||||||||||||||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
All Remaining Funds |
|
$ |
4,010,786.64 |
|
$ |
— |
|
|
||||||||||||||||||||||||||||||
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC, as Co Issuer
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
|
|
|
Type 1 Residual |
|
Wires |
|
||
|
|
|
Weekly |
|
Sent to |
|
||
|
|
|
Calculation |
|
Applebee’s |
|
||
|
|
|
|
|
|
|
||
|
Week 1 |
|
$ |
326,540.94 |
|
$ |
326,540.94 |
|
|
Week 2 |
|
$ |
554,768.29 |
|
$ |
554,768.29 |
|
|
Week 3 |
|
$ |
334,101.30 |
|
$ |
334,101.30 |
|
|
Week 4 |
|
$ |
3,059,952.05 |
|
$ |
3,059,952.05 |
|
|
Week 5 |
|
N/A |
|
N/A |
|
||
|
Total |
|
$ |
4,275,362.58 |
|
$ |
4,275,362.58 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts |
|
|
|
1 |
Advertising Account |
|
|
|
|||
|
|
Beginning Balance |
|
$ |
4,984,348.62 |
|
||
|
Plus Deposits |
|
$ |
5,294,550.61 |
|
|||
|
Less Withdrawals |
|
$ |
(7,002,847.68 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
3,276,051.55 |
|
|
|
|
|
|
|
|
||
|
2 |
Insurance Proceeds Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
— |
|
|||
|
|
Ending Balance |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
3 |
Lease and Reimbursements Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
7,451,640.05 |
|
|
Plus Deposits |
|
$ |
9,924,732.18 |
|
|||
|
Less Withdrawals |
|
$ |
(9,346,220.82 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
8,030,151.41 |
|
|
|
|
|
|
|
|
||
|
4 |
Principal Payment Account - 2007-1 & 2007-2 & 2007-3 |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
— |
|
|
Plus Trigger Reserve Deposits |
|
$ |
— |
|
|||
|
Plus Weekly Collection Account Deposits |
|
$ |
— |
|
|||
|
Plus Any Defective Asset Damages Amount |
|
$ |
— |
|
|||
|
Plus Capital Contributions relating to an Optional Redemption |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
— |
|
|||
|
|
Ending Balance |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
5 |
Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3 |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
2,265,213.34 |
|
|
Plus Deposits |
|
$ |
2,095,463.28 |
|
|||
|
Less Withdrawals |
|
$ |
(2,104,379.58 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
2,256,297.04 |
|
|
|
|
|
|
|
|
||
|
6 |
Hedge Agreement Expense Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
— |
|
|||
|
|
Ending Balance |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
7 |
Operating Expense Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
22,703.47 |
|
|
Plus Deposits |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
(7,611.56 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
15,091.91 |
|
|
|
|
|
|
|
|
||
|
8 |
Insurer Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
95,555.55 |
|
|
Plus Deposits |
|
$ |
89,722.22 |
|
|||
|
Less Withdrawals |
|
$ |
(89,722.22 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
95,555.55 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
Series 2007-1 $175 Million Notes |
|
|
|
Series 2007-2 VFN $25 Million Note |
|
|
|
Series 2007-3 $245 Million Notes |
|
|
|
Reconciliation of Reserve Accounts |
|
|
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts |
||||
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
5,195,838 |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
5,195,838 |
|
|
|
|
|
|
|
|
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
Series 2007-1
|
Beginning |
|
$ |
175,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
175,000,000.00 |
|
|
|
|
|
|
|
Series 2007-3
|
Beginning |
|
$ |
245,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
245,000,000.00 |
|
|
|
|
|
|
|
Series 2007-2
|
Beginning |
|
$ |
— |
|
|
Amortization |
|
$ |
— |
|
|
Draw Down |
|
$ |
15,000,000.00 |
|
|
Ending |
|
$ |
15,000,000.00 |
|
Series 2007-2 Draw #1
|
Amount |
|
$ |
10,000,000.00 |
|
|
Date |
|
5/23/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
|
|
|
|
|
Series 2007-2 Draw #2
|
Amount |
|
$ |
8,000,000.00 |
|
|
Date |
|
6/12/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
|
|
|
|
|
Series 2007-2 Draw #3
|
Amount |
|
$ |
15,000,000.00 |
|
|
Date |
|
11/28/2007 |
|
|
|
Interest Due |
|
45,770.46 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
|
|
& |
|
|
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
Calculation of DSCR |
|
|
|
|
|
|
|
Monthly Periods used in calculation of DSCR |
For the Monthly Payment Date of: |
March 20, 2008 |
|
|
For the Monthly Collection Period of: |
February |
December
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
14,844,772.35 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,956,047.18 |
|
|
|
|
|
|
$ |
7,888,725.17 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
3,445,834.38 |
|
|
|
|
|
|
|
|
|
January
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,469,179.11 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,456,378.18 |
|
|
|
|
|
|
$ |
7,012,800.93 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,426,507.96 |
|
|
|
|
|
|
|
|
|
February
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,373,742.56 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,913,194.48 |
|
|
|
|
|
|
$ |
6,460,548.08 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,185,185.50 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date DSCR Ratio |
|
2.651 |
|
|
|
|
|
|
|
% to Trap (if |
|
|
|
|
Event Occur? |
|
Applicable) |
|
|
Cash Trapping Event? |
|
N |
|
0.00 |
% |
|
Rapid Amortization Event? |
|
N |
|
|
|
|
Servicer Termination Event / EOD? |
|
N |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
($ In Thousands) |
|
|||
|
|
|
Monthly |
|
|||
|
Numerator |
|
|
|
|
|
|
|
|
Operating Lease Expense - (Febuary 2008) |
|
8,740 |
|
||
|
|
Annualized Operating Lease Expense (February 2008 * 12) |
|
104,877 |
|
||
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
839,012 |
|
|
|
|
|
|
|
|
||
|
|
+ |
All Trust Debt |
|
2,339,000 |
|
|
|
|
IHOP |
|
445,000 |
|
||
|
|
Applebee’s |
|
1,894,000 |
|
||
|
|
All Other IHOP Corp Debt |
|
169,971 |
|
||
|
|
All Other Applebee’s Corp Debt |
|
3,728 |
|
||
|
|
2 |
Total Indebtedness |
|
2,512,699 |
|
|
|
|
|
|
|
|
||
|
|
Total Adjusted Debt |
|
3,351,711 |
|
||
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
|
|
|
|
1 |
EBITDA |
|
362,327 |
|
|
|
|
+ |
2 |
Operating Lease Expense |
|
104,877 |
|
|
|
EBITDAR |
|
467,204 |
|
||
|
|
Current Payment Date Leverage Ratio |
|
7.2 |
|
|
|
|
|
|
|
|
|
Servicer Termination Event? |
|
N |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
Type I Stores
|
Beginning |
|
880 |
|
|
Plus New Stores |
|
6 |
|
|
Plus Converted Type II |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Store Closures |
|
1 |
|
|
Ending Balance |
|
885 |
|
Type II Stores
|
Beginning |
|
437 |
|
|
Plus New Stores |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Converted to Type I |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
437 |
|
Type III Stores
|
Beginning |
|
17 |
|
|
Plus New Stores |
|
0 |
|
|
Less Stores Converted Out of Type III |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
17 |
|
|
IHOP System-Wide Sales As of Closing |
|
$ |
2,100,000,000 |
|
|
IHOP System-Wide Sales For Last 12 Months |
|
$ |
2,310,052,243 |
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
Deposits from Servicer to Collection Account
Misdirected Type 1 Payments
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
78,003.74 |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
299,890.25 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
377,893.99 |
|
Misdirected Type 2 Payments
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
165,171.02 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
165,171.02 |
|
Deposits from Advertising Account to Collection Account
Misdirected Type 1 Payments
|
A) |
|
Franchise Payments |
|
$ |
761.45 |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
— |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
761.45 |
|
Misdirected Type 2 Payments
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
— |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
— |
|
Deposits To Servicer
From Type 3 Stores
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
5,895.64 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type 3 Collections Received |
|
$ |
5,895.64 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
Non Conforming Assets
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
||||||||||
|
Count |
|
Store # |
|
Franchisee |
|
Store Type |
|
Previous |
|
Current |
|
Annual Sales |
|
Franchisee Lease Payments |
|
Franchise & |
|
Master
Lease |
|
Rent Margin |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Additions: |
|
||||||||||||||||||||||
|
#1 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,360,626 |
|
171,890 |
|
43,177 |
|
172,000 |
|
-110 |
|
||
|
#2 |
|
1930 - Baton Rouge, LA |
|
1930 B.R., Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,692,271 |
|
215,382 |
|
42,713 |
|
217,490 |
|
-2,108 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Subtractions: |
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Previously Listed in prior 12 months (Continues to be non-conforming): |
|
||||||||||||||||||||||
|
#1 |
|
1616 - N. Las Vegas, NV |
|
Craig Road Food Corp. |
|
1 |
|
4.500 |
% |
4.500 |
% |
2,161,044 |
|
202,800 |
|
15,849 |
|
204,383 |
|
-1,583 |
|
||
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,363,329 |
|
161,200 |
|
34,529 |
|
164,541 |
|
-3,341 |
|
||
|
#3 |
|
3109 - Willoughby, OH* |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,323,530 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
#4 |
|
3134 - Lexington, KY* |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,089,661 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
#5 |
|
3135 - Clarksville, IN* |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,332,466 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
#6 |
|
3170 - Cleveland, OH* |
|
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,031,758 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
#7 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,020,349 |
|
200,200 |
|
43,838 |
|
208,146 |
|
-7,946 |
|
||
|
#8 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,765,017 |
|
176,800 |
|
36,964 |
|
178,972 |
|
-2,172 |
|
||
|
#9 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,931,139 |
|
213,200 |
|
43,433 |
|
216,445 |
|
-3,245 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
9 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Previously Subtracted in prior 12 months: |
|
||||||||||||||||||||||
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,803,548 |
|
145,021 |
|
0 |
|
135,389 |
|
9,632 |
|
||
|
#2 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,478,264 |
|
128,712 |
|
20,218 |
|
127,536 |
|
1,176 |
|
||
* Contractual royalty rate is actually 4.5%. Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
IHOP IP, LLC, as Co Issuer |
|
|
Type I Property Lease Credit Agreement
|
Type I Property Lease Credit Agreement Loan |
|
|
|
|
|
Beginning |
|
77,058,215.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
70.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
350,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Type I Property Lease Credit Agreement Intercompany Loan |
|
|
|
|
|
Beginning |
|
$ |
77,058,215.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
Owned Real Property Credit Agreement
|
Owned Real Property Credit Agreement Loan |
|
|
|
|
|
Beginning |
|
96,945,000.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
85.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
425,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Owned Real Property Credit Agreement Intercompany Loan |
|
|
|
|
|
Beginning |
|
$ |
96,945,000.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
Exhibit 99.4
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
For the Payment Date of: |
|
January 22, 2008 |
|
|
For the Monthly Collection Period of: |
|
December |
|
|
|
|
|
Initial Balance |
|
Current Balance |
|
||
|
|
|
|
|
|
|
|
||
|
|
Total: |
|
$ |
1,869,000,000 |
|
$ |
1,869,000,000 |
|
|
|
Series 2007-1 A-1-A |
|
$ |
22,500,000 |
|
$ |
22,500,000 |
|
|
|
Series 2007-1 A-1-X |
|
$ |
52,500,000 |
|
$ |
52,500,000 |
|
|
|
Series 2007-1 A-2-I-X |
|
$ |
350,000,000 |
|
$ |
350,000,000 |
|
|
|
Series 2007-1 A-2-II-A |
|
$ |
675,000,000 |
|
$ |
675,000,000 |
|
|
|
Series 2007-1 A-2-II-X |
|
$ |
650,000,000 |
|
$ |
650,000,000 |
|
|
|
Series 2007-1 M-1 |
|
$ |
119,000,000 |
|
$ |
119,000,000 |
|
|
1) |
|
Partial Amortization Amount or Partial Amortization Shortfall Amount Due |
o Yes |
x No |
||||||
|
|
|
|
|
|
||||||
|
2) |
|
Rapid Amortization Event occurred and continuing |
o Yes |
x No |
||||||
|
|
|
|
||||||||
|
|
|
Cause of Rapid Amortization (if any): |
||||||||
|
|
|
a) |
Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x |
o |
||||||
|
|
|
b) |
The 12-Month U.S. system-wide sales is less than $3.75 billion |
o |
||||||
|
|
|
c) |
Servicer Termination Event has occured |
o |
||||||
|
|
|
d) |
Event of Default has occurred |
o |
||||||
|
|
|
e) |
Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date |
o |
||||||
|
|
|
|||||||||
|
|
|
Rapid Amortization DSCR One Time Cure Right Available |
x Yes |
o No |
||||||
|
|
|
|
|
|
||||||
|
3) |
|
Event of Default |
o Yes |
x No |
||||||
|
|
|
Current Payment Date |
|
Last Payment Date |
|
|
Current 3-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
Current 3-Month DSCR |
|
N/A |
|
N/A |
|
|
Current 12-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
12-Month System-Wide Sales |
|
4,514,061,353 |
|
0 |
|
|
Weighted Average Royalty Rate |
|
3.95 |
% |
0 |
|
|
Change in Franchised Stores |
|
10 |
|
0 |
|
|
Change in Company Owned Stores Stores |
|
1 |
|
0 |
|
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
|
|
|
|
Total |
|
Employer/ |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Debit Account # |
|
Amount |
|
Tax ID# |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579602 |
|
$ |
783,277.78 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Services, Inc. VFN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579602 |
|
$ |
16,894,489.79 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579609 |
|
$ |
1,472,404.19 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Subordinated Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579601 |
|
$ |
12,500.00 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Administrative Agent Fee - Jan 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Assured Guaranty |
|
22579603 |
|
$ |
782,854.17 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s Dec 2007 preimums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579606 |
|
$ |
7,722.39 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579600 |
|
TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
4,553,673.65 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee’s |
|
51-20314 |
|
December 2007 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total Wires |
|
|
|
$ |
24,506,921.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly collections
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
||||
|
Franchisees |
|||||||||
|
A) |
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
|
||
|
Royalty Payment |
|
$ |
9,508,341 |
|
Yes |
|
|||
|
Initial Franchise Fees |
|
$ |
121,175 |
|
|
|
|||
|
Transfer Fees |
|
$ |
— |
|
|
|
|||
|
Renewal Fees |
|
$ |
— |
|
|
|
|||
|
Licensing Fees payable to Third parties |
|
|
|
|
|
||||
|
Advertising Fees paid into the Concentration Account |
|
|
|
|
|
||||
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
9,629,516 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
B) |
Development Payments |
|
$ |
— |
|
|
|
||
|
C) |
Lease Payments |
|
|
|
|
|
|||
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|||
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|||
|
Total Lease Payments |
|
$ |
— |
|
Yes |
|
|||
|
|
|
|
|
|
|
||||
|
I) |
Insurance Proceeds |
|
$ |
— |
|
|
|
||
|
J) |
Training Fee s |
|
$ |
83,613 |
|
|
|
||
|
K) |
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
||
|
L) |
Other |
|
$ |
313,586 |
|
Yes |
|
||
|
M) |
Any andvance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
||
|
N) |
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
||
|
Franchisee Collections Received |
|
$ |
10,026,715 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
From Restaurant Holder Accounts |
|||||||||
|
A) |
All Store Revenue - Cash Purchase |
|
$ |
43,220,685 |
|
Yes |
|
||
|
I) |
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
||
|
Restaurant Holder Collections Received |
|
$ |
43,220,685 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
From Credit Card Accounts |
|||||||||
|
A) |
All Store Revenue - Credit Card Purchase |
|
$ |
76,661,059 |
|
Yes |
|
||
|
Credit Card Collections Received |
|
$ |
76,661,059 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
From Gift Card Reserve Account |
|||||||||
|
A) |
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
3,895,359 |
|
Yes |
|
||
|
B) |
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
||
|
Credit Card Collections Received |
|
$ |
3,895,359 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
Other |
|||||||||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
||||
|
A) |
Investment Income from all other Accounts (as applicable) |
|
$ |
— |
|
|
|
||
|
B) |
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
||
|
Net Investment Income |
|
$ |
— |
|
Yes |
|
|||
|
C) |
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
||
|
D) |
Any other Amounts owed relating to the Collateral |
|
$ |
274,620 |
|
Yes |
|
||
|
E) |
Vendor Rebates |
|
$ |
20,969 |
|
Yes |
|
||
|
F) |
IHOP Residual Amount |
|
$ |
2,694,693 |
|
Yes |
|
||
|
G) |
Any Equity contributions |
|
$ |
— |
|
Yes |
|
||
|
H) |
Loan from Applebee’s Franchising, LLC |
|
$ |
2,800,000 |
|
|
|
||
|
To Be Deposited into the Principal Payment Account |
|
|
|
|
|
||||
|
I) |
Asset Disposition Amounts |
|
$ |
— |
|
|
|
||
|
J) |
Defective Assets Payments / Indemnity Payments |
|
$ |
— |
|
|
|
||
|
Total “Other” Collections Received |
|
$ |
5,790,282 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
Misdirected Funds |
|||||||||
|
|
A) |
Funds deposited to Cencentration Account in Error |
|
$ |
5,944,644 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
145,538,744 |
|
|
|
|||
|
Gross Monthly Collections |
|
$ |
136,589,312 |
|
|
|
|||
Resturant Holder Profits
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Deposits to Concentration Account |
||||||
|
|
|
|
|
|
|
|
|
A) |
|
Resaurant Sales |
|
|
|
|
|
|
|
Restaurant Gross Receipts Deposited into the Concentration Account |
|
$ |
123,777,103 |
|
|
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(17,403,074 |
) |
|
|
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(7,686,802 |
) |
|
|
|
Restaurant Sales |
|
$ |
98,687,227 |
|
|
|
|
|
|
|
|
|
|
B) |
|
Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|
|
|
|
Food and Beverage |
|
$ |
20,387,615 |
|
|
|
|
Labor |
|
$ |
40,033,279 |
|
|
|
|
Utilities |
|
$ |
3,239,125 |
|
|
|
|
Other Controllables (including local advertising costs) |
|
$ |
7,299,360 |
|
|
|
|
Occupancy Costs |
|
$ |
5,409,774 |
|
|
|
|
Other Non-Controllables |
|
$ |
615,735 |
|
|
|
|
Less:Vendor Rebates |
|
$ |
(20,969 |
) |
|
|
|
Subtotal of Operating Expenses Attributable |
|
$ |
76,963,919 |
|
|
|
|
|
|
|
|
|
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
66,595 |
|
|
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
2,961,022 |
|
|
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
79,991,536 |
|
|
|
|
|
|
|
|
|
|
C) |
|
Restaurant Holder Profits |
|
$ |
18,695,691 |
|
|
|
|
Percentage of Monthly Sales |
|
18.94 |
% |
|
Weekly Waterfall Summary
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Week 5 |
|
Totals |
|
||||||||
|
Beginning Concentration Account Balance |
|
$ |
0 |
|
$ |
0 |
|
$ |
26,742,371 |
|
$ |
15,582,715 |
|
$ |
25,093,347 |
|
$ |
0 |
|
||||
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
0 |
|
$ |
49,998,209 |
|
$ |
30,699,027 |
|
$ |
35,897,584 |
|
$ |
28,943,924 |
|
$ |
145,538,744 |
|
||||
|
|
Other Cash Deposits |
|
|
|
$ |
3,038,407 |
|
$ |
96,052 |
|
$ |
103,226 |
|
$ |
0 |
|
$ |
3,237,685 |
|
||||
|
|
Total Cumulative Weekly Collections |
|
$ |
0 |
|
$ |
43,239,078 |
|
$ |
29,400,021 |
|
$ |
35,199,809 |
|
$ |
28,750,404 |
|
$ |
136,589,312 |
|
|||
|
|
Total Cumulative IHOP Residual Amounts Received |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
368,773 |
|
$ |
2,325,920 |
|
$ |
2,694,693 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
0 |
|
$ |
19,535,114 |
|
$ |
19,869,841 |
|
$ |
13,156,528 |
|
$ |
24,423,405 |
|
$ |
76,984,888 |
|
||
|
|
|
Prior Week Debt Service Payments |
|
|
|
|
|
$ |
7,717,742 |
|
$ |
3,858,871 |
|
$ |
3,858,871 |
|
$ |
15,435,484 |
|
||||
|
|
|
Prior Weekly Waterfall Payments |
|
|
|
|
|
$ |
11,773,796 |
|
$ |
7,912,793 |
|
$ |
12,028,383 |
|
$ |
31,714,972 |
|
||||
|
|
|
Prior week gift card redemptions due to Restaurant Holders |
|
|
|
|
|
$ |
1,294,350 |
|
$ |
864,211 |
|
$ |
1,736,798 |
|
$ |
3,895,359 |
|
||||
|
|
|
Total expended and committed funds |
|
|
|
$ |
19,535,114 |
|
$ |
40,655,729 |
|
$ |
25,792,403 |
|
$ |
42,047,457 |
|
$ |
128,030,703 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
26,742,371 |
|
$ |
15,582,715 |
|
$ |
25,093,347 |
|
$ |
11,796,294 |
|
$ |
43,511,266 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture |
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
I) |
To the Operating Expense Account Account |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|||
|
|
|
A |
Accrued and unpaid Govt. Taxes |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
B |
Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
II) |
To the Sales Tax Account |
|
$ |
0 |
|
$ |
2,925,824 |
|
$ |
1,491,199 |
|
$ |
1,672,575 |
|
$ |
1,597,204 |
|
$ |
7,686,802 |
|
|||
|
|
|
A |
Sales taxes payable |
|
$ |
0 |
|
$ |
2,925,824 |
|
$ |
1,491,199 |
|
$ |
1,672,575 |
|
$ |
1,597,204 |
|
$ |
7,686,802 |
|
|
|
|
|
B |
Any sales tax owed but not paid in accordance with II) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
III) |
To the Lease Payment Account |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|||
|
|
|
A |
1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
B |
Any Lease Payment owed but not paid in accordance with III) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
IV) |
To the Gift Card Reserve Account |
|
$ |
0 |
|
$ |
1,990,494 |
|
$ |
2,979,797 |
|
$ |
6,669,164 |
|
$ |
(2,273,526 |
) |
$ |
9,365,929 |
|
|||
|
|
|
A |
Gift Card Sales payable to ACMC |
|
$ |
0 |
|
$ |
3,284,844 |
|
$ |
3,844,008 |
|
$ |
8,405,962 |
|
$ |
1,868,260 |
|
$ |
17,403,074 |
|
|
|
|
|
B |
ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
0 |
|
$ |
(1,294,350 |
) |
$ |
(864,211 |
) |
$ |
(1,736,798 |
) |
$ |
(4,141,786 |
) |
$ |
(8,037,145 |
) |
|
|
|
|
C |
Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
V) |
To the Third Party Licensing Fee Account |
|
$ |
0 |
|
$ |
28,555 |
|
$ |
12,836 |
|
$ |
13,287 |
|
$ |
11,917 |
|
$ |
66,595 |
|
|||
|
|
|
A |
Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
0 |
|
$ |
28,555 |
|
$ |
12,836 |
|
$ |
13,287 |
|
$ |
11,917 |
|
$ |
66,595 |
|
|
|
|
|
B |
Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
VI) |
To the Advertising Fees Account |
|
$ |
0 |
|
$ |
1,127,423 |
|
$ |
578,211 |
|
$ |
701,432 |
|
$ |
553,956 |
|
$ |
2,961,022 |
|
|||
|
|
|
A |
Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
0 |
|
$ |
1,127,423 |
|
$ |
578,211 |
|
$ |
701,432 |
|
$ |
553,956 |
|
$ |
2,961,022 |
|
|
|
|
|
B |
Any Advertising Fees owed but not paid in accordance with VI) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
VII) |
To the Operating Expense Account |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|||
|
|
|
A |
Previously accrued and unpaid Operating Expenses |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
B |
Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier) |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
VIII) |
To the Servicer |
|
$ |
0 |
|
$ |
5,701,500 |
|
$ |
2,850,750 |
|
$ |
2,971,925 |
|
$ |
2,850,750 |
|
$ |
14,374,925 |
|
|||
|
|
|
A |
Weekly Servicing Fee |
|
$ |
0 |
|
$ |
3,701,500 |
|
$ |
1,850,750 |
|
$ |
1,850,750 |
|
$ |
1,850,750 |
|
$ |
9,253,750 |
|
|
|
|
|
B |
Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
C |
Residual Certificates paid to Servicer |
|
$ |
0 |
|
$ |
2,000,000 |
|
$ |
1,000,000 |
|
$ |
1,000,000 |
|
$ |
1,000,000 |
|
$ |
5,000,000 |
|
|
|
|
|
D |
Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
21,175 |
|
$ |
0 |
|
$ |
21,175 |
|
|
|
|
|
E |
Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
100,000 |
|
$ |
0 |
|
$ |
100,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
|
Cumulative Total Weekly Allocations |
|
$ |
0 |
|
$ |
11,773,796 |
|
$ |
7,912,793 |
|
$ |
12,028,383 |
|
$ |
2,740,301 |
|
$ |
34,455,273 |
|
||
|
|
|
Less: Non-DSCR Expense |
|
|
|
$ |
705,650 |
|
$ |
135,789 |
|
$ |
(615,623 |
) |
$ |
(3,141,786 |
) |
$ |
(2,915,970 |
) |
|||
|
|
|
DSCR Expenses in Weekly Allocations |
|
|
|
$ |
11,068,146 |
|
$ |
7,777,004 |
|
$ |
12,644,006 |
|
$ |
5,882,087 |
|
$ |
37,371,243 |
|
|||
|
|
|
Ending Concentration Account balance |
|
$ |
0 |
|
$ |
14,968,575 |
|
$ |
7,669,922 |
|
$ |
13,064,964 |
|
$ |
9,055,993 |
|
$ |
9,055,993 |
|
||
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
Previous Remittances |
|
Amount Owed |
|
Collections |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture |
|
$ |
5,197,122.00 |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
$ |
7,722.39 |
|
|
|
|
|
$ |
5,204,844.39 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
I |
|
To the Operating Expense Account* |
|
|
|
$ |
0.00 |
|
$ |
5,204,844.39 |
|
||||||
|
|
|
|
i |
Accrued and unpaid Govt. Taxes |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
ii |
Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
II |
|
To Sales Tax Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
i |
Accrued plus unpaid Sales Taxes |
|
|
|
$ |
0.00 |
|
$ |
5,204,844.39 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
III |
|
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
$ |
0.00 |
|
$ |
5,204,844.39 |
|
||||||
|
|
|
|
i |
Insurance Proceeds Amount |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
ii |
Asset Disposition Prepayment Amount |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
iii |
Indemnification Amount |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IV |
|
To the Operating Expense Payment Account* |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Previously accrued and unpaid Operating Expenses |
|
|
|
$ |
0.00 |
|
$ |
5,204,844.39 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
V |
A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Senior Notes Monthly Interest Amount |
|
17,094,109.00 |
|
$ |
583,658.57 |
|
$ |
4,621,185.82 |
|
||||
|
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Accrued Insurer Premium Amount |
|
755,625.00 |
|
$ |
27,229.17 |
|
$ |
4,593,956.65 |
|
||||
|
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
$ |
0.00 |
|
$ |
4,593,956.65 |
|
||||
|
|
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
$ |
0.00 |
|
$ |
4,593,956.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VI |
|
To each Insurer |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Insurer Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
4,593,956.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VII |
|
To each Insurer |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Insurer Reimbursement Amount |
|
|
|
$ |
0.00 |
|
$ |
4,593,956.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VIII |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
$ |
12,500.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IX |
|
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
X |
|
To the Servicer |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Any Supplemental Servicing Fee |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XI |
|
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XII |
|
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIII |
|
To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIV |
|
To the Operating Expense Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XV |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVI |
|
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVII |
|
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Any Partial Amortization Amount |
|
1,444,621.19 |
|
$ |
27,783.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVIII |
|
Also, to the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes |
|
|
|
$ |
0.00 |
|
$ |
4,581,456.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIX |
|
To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XX |
A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
0 |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXI |
|
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXII |
|
To Hedge Payment Account |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||||
|
|
|
|
i |
Any accrued and unpaid Series Hedge Payment |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
ii |
Any other amounts payable to a Hedge Counterparty |
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXIII |
|
To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account) |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
Monthly Aggregate Extension Prepayment Amount |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXIV |
|
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
||||||||
|
|
|
|
i |
Lessor of |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
(i) Monthly Sub Notes Amortization Amount |
|
|
|
|
|
|
|
||||||
|
|
|
|
|
(ii) Residual Threshold Amount |
|
|
|
|
|
|
|
||||||
|
|
|
|
ii |
Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm]) |
|
|
|
$ |
0.00 |
|
$ |
4,553,673.65 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXV |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
||||||||
|
|
|
|
|
All Remaining Funds |
|
|
|
$ |
4,553,673.65 |
|
$ |
0.00 |
|
||||
|
Debt Service Payents remitted during December |
|
19,294,355.19 |
|
|
|
|
|
||||||||||
* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period.
** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account
Equity Contributions
1) Equity Contributions Made During Last 3 Months up to Maximum of 2
|
Date |
|
Amount |
|
Amount Able for |
|
||
|
1 |
|
$ |
0 |
|
$ |
0 |
|
|
2 |
|
$ |
0 |
|
$ |
0 |
|
2) Equity Contributions Made During Current Calendar Year up to Maximum of 2
|
Date |
|
Amount |
|
|
|
|
|
1 |
|
$ |
0 |
|
|
|
|
2 |
|
$ |
0 |
|
|
|
3) Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity
|
Date |
|
Amount |
|
|
|
|
|
1 |
|
$ |
0 |
|
|
|
|
2 |
|
$ |
0 |
|
|
|
|
3 |
|
$ |
0 |
|
|
|
|
4 |
|
$ |
0 |
|
|
|
|
5 |
|
$ |
0 |
|
|
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
Series 2007-1 Senior Interest Reserve Account
|
Wrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve (1) |
|
|
Series 2007 - 1 A-1-A |
|
30,000,000 |
|
7.2725 |
% |
0.7500 |
% |
601,688 |
|
|
Series 2007 - 1 A-2-II-A |
|
675,000,000 |
|
6.4267 |
% |
0.7500 |
% |
12,110,681 |
|
|
|
|
|
|
|
|
|
|
12,712,369 |
|
|
Unwrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve |
|
|
Series 2007 - 1 A-1-X |
|
70,000,000 |
|
7.9225 |
% |
n/a |
|
1,386,438 |
|
|
Series 2007 - 1 A-2-I-X |
|
350,000,000 |
|
7.2836 |
% |
n/a |
|
6,373,150 |
|
|
Series 2007 - 1 A-2-II-X |
|
650,000,000 |
|
7.0588 |
% |
n/a |
|
11,470,550 |
|
|
Series 2007-1 M-1 |
|
119,000,000 |
|
8.4044 |
% |
n/a |
|
0 |
|
|
|
|
|
|
|
|
|
|
19,230,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve required |
|
31,942,506 |
|
||||
|
|
|
|
Beginning Balance |
|
$ |
31,942,506 |
|
|
|
|
|
Plus Deposits |
|
$ |
7,723 |
|
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
|
Ending Balance |
|
$ |
31,950,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess(Deficit) |
|
$ |
7,723 |
|
Series 2007-1 Senior Cash Trap Account
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
Required Amount |
|
$ |
— |
|
|
|
|
|
Deposit Required |
|
$ |
— |
|
(1) - If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest.
DSCR Calculations
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
|
|
For the Payment Date of: |
|
January 22, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
December |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|||||
|
December |
||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
59,604,424 |
|
|||
|
|
|
-Total Monthly DSCR Expenses |
|
$ |
37,371,243 |
|
||||
|
|
|
|
|
$ |
22,233,181 |
|
||||
|
Denominator |
|
|
|
|
|
|||||
|
|
|
Total Debt Service |
|
$ |
10,456,484.00 |
|
||||
|
November |
||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
— |
|
|||
|
|
|
-Total Monthly DSCR Expenses |
|
$ |
— |
|
||||
|
|
|
|
|
$ |
— |
|
||||
|
Denominator |
|
|
|
|
|
|||||
|
|
|
Total Debt Service |
|
$ |
— |
|
||||
|
October |
||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
— |
|
|||
|
|
|
-Total Monthly DSCR Expenses |
|
$ |
— |
|
||||
|
|
|
|
|
$ |
— |
|
||||
|
Denominator |
|
|
|
|
|
|||||
|
|
|
Total Debt Service |
|
$ |
— |
|
||||
|
|
|
|
|
|
|
|||||
|
Current Payment Date Adjusted DSCR Ratio |
|
2.126 |
|
|||||||
|
|
|
Event Occur? |
|
% to
Trap (if |
|
|
|
|
Cash Trapping Event? |
|
N |
|
0.00 |
% |
|
|
Rapid Amortization Event? |
|
N |
|
|
|
|
|
Servicer Termination Event / EOD? |
|
N |
|
|
|
Calculation of 3-Month DSCR
|
|
|
0 |
|
January 0, 1900 |
|
|
|
0 |
|
January 0, 1900 |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
December |
|||||||
|
Retained Collections |
|
$ |
— |
|
$ |
56,909,731 |
|
|
|
|
-Total Monthly DSCR Expenses |
|
$ |
37,371,243 |
|
|
|
|
|
|
|
$ |
19,538,488 |
|
|
|
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
|
||
|
|
|
Total Debt Service |
|
$ |
10,456,484.00 |
|
|
|
November |
|||||||
|
Retained Collections |
|
$ |
— |
|
$ |
— |
|
|
|
|
-Total Monthly DSCR Expenses |
|
$ |
— |
|
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
|
||
|
|
|
Total Debt Service |
|
$ |
— |
|
|
|
October |
|||||||
|
Retained Collections |
|
$ |
— |
|
$ |
— |
|
|
|
|
-Total Monthly DSCR Expenses |
|
$ |
— |
|
|
|
|
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
|
||
|
|
|
Total Debt Service |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
|
|
Current Payment Date DSCR Ratio |
|
1.869 |
|
||
12-Month Adjusted DSCR
12-Month DSCR
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
Monthly |
|
|
|
Numerator |
|
|
|
|
|
|
Operating Lease Expense - (Current Month) |
|
8,465 |
|
|
|
Annualized Operating Lease Expense |
|
101,585 |
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
812,678 |
|
|
|
|
|
|
|
|
+ |
All Trust Debt |
|
2,339,000 |
|
|
|
IHOP |
|
445,000 |
|
|
|
Applebees |
|
1,894,000 |
|
|
|
All other Applebee’s Corporate Debt |
|
3,728 |
|
|
|
All Other IHOP Corp Debt |
|
170,460 |
|
|
2 |
Total Indebtedness |
|
2,513,188 |
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,325,866 |
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
1 |
EBITDA |
|
362,087 |
|
|
+ 2 |
Operating Lease Expense |
|
101,585 |
|
|
|
EBITDAR |
|
463,672 |
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio |
|
7.2 |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
Company Owned Stores in U.S. |
||||
|
|
||||
|
Beginning |
|
509 |
|
|
|
Plus New Stores |
|
2 |
|
|
|
Plus Stores taken back from Franchisee |
|
0 |
|
|
|
Less Refranchised |
|
0 |
|
|
|
Less Store Closures |
|
1 |
|
|
|
Ending Balance |
|
510 |
|
|
|
|
|
|
|
|
|
Franchised Stores in U.S. |
||||
|
|
||||
|
Beginning |
|
1,348 |
|
|
|
Plus New Stores |
|
8 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
2 |
|
|
|
Ending Balance |
|
1,354 |
|
|
|
|
|
|
|
|
|
Company Owned Stores outside of U.S. |
||||
|
|
||||
|
Beginning |
|
1 |
|
|
|
Plus New Stores |
|
0 |
|
|
|
Plus Stores taken back from Franchisee |
|
0 |
|
|
|
Less Refranchised |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
1 |
|
|
|
|
|
|
|
|
|
Franchised Stores outside of U.S. |
||||
|
|
||||
|
Beginning |
|
107 |
|
|
|
Plus New Stores |
|
4 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
111 |
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,514,061,353 |
|
|
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion |
|
YES |
|
|
|
Weighted Average Royalty Rate |
|
3.95 |
% |
|
|
Applebees Enterprises |
|
|
|
|
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & |
|
|
|
|
|
Series 2007-1 A-I-A |
||||||
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
22,500,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
22,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
30,000,000 |
|
|
|
|
Available Amount |
|
$ |
7,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 A-1-X |
||||||
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
52,500,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
52,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
70,000,000 |
|
|
|
|
Available Amount |
|
$ |
17,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 A-2-1-X |
||||||
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
350,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
350,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1-A-2-II-A |
||||||
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
675,000,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
675,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 A-2-II-X |
||||||
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
650,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
650,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1-M-1 |
||||||
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
119,000,000 |
|
|
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
119,000,000 |
|
|
|
|
Series 2007-1 A-1 -A Draw#1 |
||||||
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
22,500,000 |
|
|
|
|
Date |
|
11/29/2007 |
|
|
|
|
|
LIBOR |
|
5.0700 |
% |
|
|
|
|
Spread |
|
2.2050 |
% |
|
|
|
|
Total Coupon |
|
7.2750 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
31,828 |
|
|
|
|
Cumulative Interest Due |
|
$ |
209,156 |
|
46 days |
|
|
|
|
|
|
|
|
|
|
Series 2007-1 A-1 -X Draw#1 |
||||||
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
52,500,000 |
|
|
|
|
Date |
|
11/29/2007 |
|
|
|
|
|
LIBOR |
|
5.0700 |
% |
|
|
|
|
Spread |
|
2.8550 |
% |
|
|
|
|
Total Coupon |
|
7.9250 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
80,901 |
|
|
|
|
Cumulative Interest Due |
|
$ |
531,635 |
|
46 days |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
December |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
||
|
Reconciliation of Indenture Trust Accounts - weekly For December |
|
|
|
|
|
|
|
|
|
|
Day 1 Funding |
|
Nov. 26 thru Dec 9 |
|
Week Ended 12/16 |
|
Week ended 12/23 |
|
Week ended 12/30 |
|
|
|
1 |
|
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
26,848,639 |
|
15,582,715 |
|
25,687,896 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
46,383,753 |
|
29,496,073 |
|
35,897,584 |
|
28,943,924 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
(19,535,114 |
) |
(40,761,997 |
) |
(25,792,403 |
) |
(42,642,006 |
) |
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
26,848,639 |
|
15,582,715 |
|
25,687,896 |
|
11,989,814 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
5,800,000 |
|
5,800,000 |
|
8,758,301 |
|
9,452,827 |
|
|
|
|
Plus Company Store Contribution |
|
$ |
5,800,000.00 |
|
0 |
|
2,925,824 |
|
1,491,199 |
|
1,672,575 |
|
||
|
|
|
Plus: Excluded Asset deposits |
|
|
|
0 |
|
32,477 |
|
13,913 |
|
14,112 |
|
|||
|
|
|
Other deposits |
|
|
|
0 |
|
0 |
|
25,862 |
|
|
|
|||
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
(836,448 |
) |
(1,998,918 |
) |
||
|
|
|
Ending Balance |
|
|
|
$ |
5,800,000.00 |
|
5,800,000 |
|
8,758,301 |
|
9,452,827 |
|
9,140,596 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
Lease Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Gift Card Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
6,100,000 |
|
6,100,000 |
|
8,090,494 |
|
11,934,502 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
6,100,000.00 |
|
0 |
|
3,284,844 |
|
3,844,008 |
|
8,405,962 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
(1,294,350 |
) |
|
|
(1,736,798 |
) |
||
|
|
|
Ending Balance |
|
|
|
$ |
6,100,000.00 |
|
6,100,000 |
|
8,090,494 |
|
11,934,502 |
|
18,603,666 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
|
|
400,000 |
|
530,542 |
|
531,836 |
|
591,189 |
|
|
|
|
|
|
|
Plus: Deposits |
|
|
|
130,542 |
|
68,503 |
|
63,641 |
|
90,393 |
|
|
|
|
|
Plus Company Store Contribution |
|
$ |
400,000.00 |
|
0 |
|
28,555 |
|
12,836 |
|
13,287 |
|
||
|
|
|
Plus: Excluded Asset deposits |
|
|
|
0 |
|
288 |
|
101 |
|
100 |
|
|||
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
(96,052 |
) |
(17,225 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
400,000.00 |
|
530,542 |
|
531,836 |
|
591,189 |
|
694,969 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
4,000,000 |
|
4,000,000 |
|
3,309,222 |
|
10,073,575 |
|
|
|
|
Plus: Direct Deposits |
|
$ |
0.00 |
|
0 |
|
3,439,110 |
|
6,254,659 |
|
690,065 |
|
||
|
|
|
Plus Company Store Contribution |
|
$ |
4,000,000.00 |
|
0 |
|
1,127,423 |
|
578,211 |
|
701,432 |
|
||
|
|
|
Plus: Excluded Store Deposits |
|
$ |
0.00 |
|
0 |
|
12,498 |
|
5,039 |
|
5,762 |
|
||
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
(5,269,809 |
) |
(73,556 |
) |
(79,579 |
) |
||
|
|
|
Ending Balance |
|
|
|
$ |
4,000,000.00 |
|
4,000,000 |
|
3,309,222 |
|
10,073,575 |
|
11,391,255 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
Capital Expenditure Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
Indemnification
/ Insurance proceeds / |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
839,589 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
839,589 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
2,000,000 |
|
2,000,000 |
|
2,000,000 |
|
2,000,000 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
15,000,000.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
(13,000,000.00 |
) |
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
2,000,000.00 |
|
2,000,000 |
|
2,000,000 |
|
2,000,000 |
|
2,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
20,746,329 |
|
20,750,522 |
|
20,750,522 |
|
20,750,522 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
20,746,329.00 |
|
4,193 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
20,746,329.00 |
|
20,750,522 |
|
20,750,522 |
|
20,750,522 |
|
20,750,522 |
|
(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an unsecuritized entity.
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
December |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For December |
|
|
|
|
|
|
|
|
|
|
Day 1 Funding |
|
Nov. 26 thru Dec 9 |
|
Week Ended 12/16 |
|
Week ended 12/23 |
|
Week ended 12/30 |
|
|
|
12 |
|
Applebee’s Enterprises, LLC Main Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
11,500 |
|
11,500 |
|
11,500 |
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
11,500 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
(1,500 |
) |
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
11,500 |
|
11,500 |
|
11,500 |
|
10,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
7,717,761 |
|
3,858,871 |
|
3,858,871 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
(7,717,761 |
) |
(3,858,871 |
) |
(3,858,871 |
) |
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
6,837,643 |
|
10,256,465 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
6,837,643 |
|
3,418,822 |
|
3,418,822 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
6,837,643 |
|
10,256,465 |
|
13,675,287 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
302,250 |
|
453,375 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
302,250 |
|
151,125 |
|
151,125 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
302,250 |
|
453,375 |
|
604,500 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
31,942,506 |
|
31,950,229 |
|
31,950,229 |
|
31,950,229 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
31,942,506.25 |
|
7,722 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
31,942,506.25 |
|
31,950,229 |
|
31,950,229 |
|
31,950,229 |
|
31,950,229 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
Senior Notes Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
Subordinated Note Interest Payment Acount |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
577,849 |
|
866,773 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
577,849 |
|
288,924 |
|
288,924 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
577,849 |
|
866,773 |
|
1,155,697 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
Subordinated Note Principal Payment Acount |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
Subordinated Note Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
Hedge Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
Cash Trap Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
Series 2007-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
Series 2007-1 AI Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
Series 2007-1 A2IDistribution Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
Series 2007-1 A2II Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 |
|
Series 2007-1 Class M-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Senior Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
Beginning Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
Asset Dispositions |
||||
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.2 |
|
|
|
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no) |
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Calendar Year |
|
|
|
|
|
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x) |
|
$ |
0 |
|
|
Amount Above Annual Threshold after taking into consideration amounts received this Month |
|
$ |
0 |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
After-Tax Net Proceeds Received within 150-180 days |
|
$ |
0 |
|
|
|
|
|
|
|
|
Pro-Forma DSCR as of Current payment date |
|
|
|
|
|
Pro-Forma DSCR as of Closing date |
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
|
|
|
|
|
|
Senior ABS Leverage Ratio(Sr APPB Sec Debt/ Securitization EBITDA) |
|
|
% |
|
|
assumes that variable funding notes are fully drawn |
|
|
|
|
|
|
|
|
|
|
|
Insurance Proceeds |
||||
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Calendar Year |
|
$ |
0 |
|
|
Calendar Year Threshold |
|
$ |
10,000,000 |
|
|
Amount Above Annual Threshold after taking into consideration amounts received this Month |
|
$ |
— |
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
|
|
|
|
|
|
Pro-Forma DSCR as of Current payment date |
|
|
|
|
|
Pro-Forma DSCR as of Closing date |
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
|
|
|
|
|
|
Reinvested Amounts |
||||
|
|
|
|
|
|
|
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date |
|
$ |
0 |
|
|
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days |
|
$ |
0 |
|
|
Pro-Forma Consolidated Leverage Ratio |
||||||||||
|
|
|
|
|
|||||||
|
Numerator |
|
|
|
|
Monthly |
|
||||
|
|
|
|
Operating Lease Expense - (current Month) |
|
8,465 |
|
||||
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
101,585 |
|
|||
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
812,678 |
|
|||
|
|
|
|
|
|
|
|
||||
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,339,000 |
|
|||
|
|
|
|
IHOP |
|
$ |
445,000 |
|
|||
|
|
|
|
Applebees |
|
$ |
1,894,000 |
|
|||
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
3,728 |
|
|||
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
170,460 |
|
|||
|
|
|
2 |
Total Indebtedness |
|
$ |
2,513,188 |
|
|||
|
|
|
|
|
|
|
|
||||
|
|
|
|
Total Adjusted Debt |
|
$ |
3,325,866 |
|
|||
|
|
|
|
|
|
|
|
||||
|
Denominator |
|
|
|
|
|
|
||||
|
|
|
1 |
EBITDA |
|
$ |
362,087 |
|
|||
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
101,585 |
|
|||
|
|
|
|
EBITDAR |
|
$ |
463,672 |
|
|||
|
|
|
|
|
|||||||
|
Consolidated Leverage Ratio |
|
7.2 |
|
|||||||
|
|
|
|
|
|||||||
|
|
Pro-Forma EBITDA |
|
$ |
362,087 |
|
|||||
|
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.2 |
|
||||||
|
|
|
|
|
|||||||
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
|
|
||||||
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
||||||
|
|
|
|
|
|||||||
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.2 |
|
|||||||
|
Applebees Enterprises LLC as |
|
|
|
|
|
Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The |
|
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
Preclose store cash deposits deposited to concentration account |
|
$ |
1,762,933.00 |
|
|
B) |
Advertising fees paid into the concentration account |
|
$ |
1,974,352.00 |
|
|
C) |
Excluded Store credit card settlements |
|
$ |
359,930 |
|
|
D) |
ACMC Credit Card sales |
|
$ |
506,822 |
|
|
E) |
International Franchise Payments |
|
$ |
395,241 |
|
|
F) |
Reimbursement of employee related costs |
|
$ |
197,358 |
|
|
G) |
Income Tax Refunds |
|
$ |
304,134 |
|
|
H) |
State of Kansas Development Grant on new Support Center |
|
$ |
337,501 |
|
|
I) |
Vendor G&A reimbursements |
|
$ |
43,200 |
|
|
J) |
Sales Tax Refund |
|
$ |
25,862 |
|
|
K) |
Weight Watchers |
|
$ |
2,781 |
|
|
L) |
Insurance proceeds |
|
$ |
8,445 |
|
|
M) |
Miscellaneous |
|
$ |
26,085 |
|
|
|
|
|
|
|
|
|
|
Total Misdirected funds deposited to Concentration Account |
|
$ |
5,944,644 |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
January 22, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
December |
|
Applebee’s IP LLC & The Restaurant Holders as Co- |
|
|
|
|
|
Issuers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
||||||
|
|
|
|
|
|
|
Store # |
|
Franchisee |
|
Store Type |
|
Reason |
|
Previous |
|
Current |
|
Annual |
|
Franchisee |
|
Franchise & Equipment |
|
Master Lease Payments |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Royalty Rate |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Stores under Premier Program or other similar programs with a Royalty Holiday |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Exhibit 99.5
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
|
|
For the Payment Date of: |
February 20, 2008 |
|
|
|
|
For the Monthly Collection Period of: |
January |
|
|
|
|
|
Initial Balance |
|
Current Balance |
|
||
|
|
|
|
|
|
|
|
||
|
|
Total: |
|
$ |
1,869,000,000 |
|
$ |
1,869,000,000 |
|
|
|
Series 2007-1 A-1-A |
|
$ |
22,500,000 |
|
$ |
22,500,000 |
|
|
|
Series 2007-1 A-1-X |
|
$ |
52,500,000 |
|
$ |
52,500,000 |
|
|
|
Series 2007-1 A-2-I-X |
|
$ |
350,000,000 |
|
$ |
350,000,000 |
|
|
|
Series 2007-1 A-2-II-A |
|
$ |
675,000,000 |
|
$ |
675,000,000 |
|
|
|
Series 2007-1 A-2-II-X |
|
$ |
650,000,000 |
|
$ |
650,000,000 |
|
|
|
Series 2007-1 M-1 |
|
$ |
119,000,000 |
|
$ |
119,000,000 |
|
|
1) |
Partial Amortization Amount or Partial Amortization Shortfall Amount Due |
o Yes |
x No |
|||||
|
|
|
|
|
|||||
|
2) |
Rapid Amortization Event occurred and continuing |
o Yes |
x No |
|||||
|
|
|
|
|
|||||
|
|
|
|
Cause of Rapid Amortization (if any): |
|
|
|||
|
|
|
|
|
|
||||
|
|
|
a) |
Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x |
o |
||||
|
|
|
b) |
The 12-Month U.S. system-wide sales is less than $3.75 billion |
o |
||||
|
|
|
c) |
Servicer Termination Event has occured |
o |
||||
|
|
|
d) |
Event of Default has occurred |
o |
||||
|
|
|
e) |
Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date |
o |
||||
|
|
|
|
|
|||||
|
|
Rapid Amortization DSCR One Time Cure Right Available |
x Yes |
o No |
|||||
|
|
|
|
|
|||||
|
3) |
Event of Default |
o Yes |
x No |
|||||
|
|
|
Current Payment Date |
|
Last Payment Date |
|
|
|
|
Current 3-Month DSCR |
|
N/A |
|
N/A |
|
|
|
Current 3-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
|
Current 12-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
|
12-Month System-Wide Sales |
|
4,529,029,246 |
|
0 |
|
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
0 |
|
|
|
Change in Franchised Stores |
|
(1 |
) |
0 |
|
|
|
Change in Company Owned Stores Stores |
|
(1 |
) |
0 |
|
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
|
|
|
|
Total |
|
Employer/ |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Debit Account # |
|
Amount |
|
Tax ID# |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579604 |
|
463,958.33 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Services, Inc. VFN |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579602 |
|
8,925,390.84 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Interest |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579609 |
|
777,873.91 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Subordinated Note Interest |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579604 |
|
$ |
12,500.00 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Administrative Agent Fee - Jan 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Assured Guaranty |
|
22579603 |
|
$ |
423,125.00 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s Jan 2008 preimums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579606 |
|
$ |
126,363.83 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579600 |
|
TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579602 |
|
$ |
15,880.03 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579600 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579603 |
|
$ |
701.96 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579600 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579609 |
|
$ |
1,342.02 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579600 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
9,422,239.53 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee’s |
|
51-20314 |
|
January 2008 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Wires |
|
|
$ |
20,169,375.45 |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Holders as Co-Issuers |
|
|
|
|
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
||
|
Franchisees |
|||||||
|
A) |
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
|
|
Royalty Payment |
|
$ |
11,118,296 |
|
Yes |
|
|
|
Initial Franchise Fees |
|
$ |
17,056 |
|
|
|
|
|
Transfer Fees |
|
$ |
— |
|
|
|
|
|
Renewal Fees |
|
$ |
— |
|
|
|
|
|
Licensing Fees payable to Third parties |
|
$ |
— |
|
|
|
|
|
Advertising Fees paid into the Concentration Account |
|
$ |
— |
|
|
|
|
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
11,135,352 |
|
|
|
|
|
|
|
|
|
|
|
||
|
B) |
Development Payments |
|
$ |
— |
|
|
|
|
C) |
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
Yes |
|
|
|
|
|
|
|
|
|
||
|
I) |
Insurance Proceeds |
|
$ |
— |
|
|
|
|
J) |
Training Fees |
|
$ |
31,306 |
|
|
|
|
K) |
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
|
L) |
Other |
|
$ |
156,494 |
|
Yes |
|
|
M) |
Any andvance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
|
N) |
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
|
Franchisee Collections Received |
|
$ |
11,323,152 |
|
|
|
|
|
From Restaurant Holder Accounts |
|||||||
|
|
|
|
|
|
|
|
|
|
A) |
All Store Revenue - Cash Purchase |
|
$ |
32,047,323 |
|
Yes |
|
|
I) |
Insurance Restoration Receipts |
|
$ |
848,034 |
|
|
|
|
Restaurant Holder Collections Received |
|
$ |
32,895,357 |
|
|
|
|
|
From Credit Card Accounts |
|||||||
|
|
|
|
|
|
|
|
|
|
A) |
All Store Revenue - Credit Card Purchase |
|
$ |
54,803,060 |
|
Yes |
|
|
Credit Card Collections Received |
|
$ |
54,803,060 |
|
|
|
|
|
From Gift Card Reserve Account |
|||||||
|
|
|
|
|
|
|
|
|
|
A) |
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
13,804,199 |
|
Yes |
|
|
B) |
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
|
Credit Card Collections Received |
|
$ |
13,804,199 |
|
|
|
|
|
Other |
|||||||
|
|
|
|
|
|
|
||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
||
|
A) |
Investment Income from all other Accounts (as applicable) |
|
$ |
93,186 |
|
|
|
|
B) |
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
Net Investment Income |
|
$ |
93,186 |
|
Yes |
|
|
|
C) |
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
D) |
Any other Amounts owed relating to the Collateral |
|
$ |
146,250 |
|
Yes |
|
|
E) |
Vendor Rebates |
|
$ |
507,934 |
|
Yes |
|
|
F) |
IHOP Residual Amount |
|
$ |
3,954,221 |
|
Yes |
|
|
G) |
Any Equity contributions |
|
$ |
— |
|
Yes |
|
|
H) |
Loan from Applebee’s Franchising, LLC |
|
$ |
— |
|
|
|
|
To Be Deposited into the Principal Payment Account |
|
|
|
|
|
||
|
I) |
Asset Disposition Amounts |
|
$ |
— |
|
|
|
|
J) |
Defective Assets Payments / Indemnity Payments |
|
$ |
— |
|
|
|
|
Total “Other” Collections Received |
|
$ |
4,701,591 |
|
|
|
|
Misdirected Funds
|
|
A) Funds deposited to Cencentration Account in Error |
|
$ |
2,845,599 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
120,372,958 |
|
|
|
|
|
Gross Monthly Collections |
|
$ |
117,478,997 |
|
|
|
|
|
DSCR Receipts |
|
$ |
116,630,963 |
|
|
|
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Holders as Co-Issuers |
|
|
|
|
Deposits to Concentration Account
|
A) Resaurant Sales |
|
|
|
|||
|
|
Restaurant Gross Receipts Deposited into the Concentration Account |
|
$ |
100,654,582.00 |
|
|
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(1,161,421 |
) |
|
|
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(6,785,405 |
) |
|
|
|
Restaurant Sales |
|
$ |
92,707,756.00 |
|
|
|
|
|
|
|
|
|
|
|
B) Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|||
|
|
Food and Beverage |
|
$ |
26,901,319.00 |
|
|
|
|
Labor |
|
$ |
33,306,126.00 |
|
|
|
|
Utilities |
|
$ |
3,646,618.00 |
|
|
|
|
Other Controllables (including local advertising costs) |
|
$ |
6,576,871.00 |
|
|
|
|
Occupancy Costs |
|
$ |
2,219,692.00 |
|
|
|
|
Other Non-Controllables |
|
$ |
611,651.00 |
|
|
|
|
Subtotal of Operating Expenses Attributable |
|
$ |
73,262,277.00 |
|
|
|
|
|
|
|
|
|
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
82,539 |
|
|
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
2,580,035 |
|
|
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
75,924,851.00 |
|
|
|
|
|
|
|
|
|
|
|
C) Restaurant Holder Profits |
|
$ |
16,782,905.00 |
|
||
|
|
|
Percentage of Monthly Sales |
|
18.10 |
% |
|
|
|
|
|
|
|
|
|
|
Non-Trust expenditures from concentration in January |
|
862,857 |
|
|||
|
Non-Trust expenditures from concentration account in December |
|
498,920 |
|
|||
|
Total misdirected funds (detail on misdirected funds page) |
|
1,361,777 |
|
|||
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The |
|
|
|
|
|
Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Totals |
|
||||||
|
Beginning Concentration Account Balance |
|
$ |
11,796,294 |
|
$ |
13,767,489 |
|
$ |
14,501,921 |
|
$ |
18,741,410 |
|
$ |
11,796,294 |
|
|
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
28,138,498 |
|
$ |
28,366,498 |
|
$ |
36,904,980 |
|
$ |
26,962,982 |
|
$ |
120,372,958 |
|
|
|
Other Cash Deposits |
|
$ |
(80,909 |
) |
$ |
(79,111 |
) |
$ |
(2,660,570 |
) |
$ |
(25,009 |
) |
$ |
(2,845,599 |
) |
|
|
Total Cumulative Weekly Collections |
|
$ |
28,138,498 |
|
$ |
28,366,498 |
|
$ |
36,904,980 |
|
$ |
26,962,982 |
|
$ |
120,372,958 |
|
|
|
Total Cumulative IHOP Residual Amounts Received |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
15,345,436 |
|
$ |
19,078,367 |
|
$ |
16,506,037 |
|
$ |
23,195,294 |
|
$ |
74,125,134 |
|
|
|
Prior Week Debt Service Payments |
|
$ |
3,858,871 |
|
$ |
2,836,473 |
|
$ |
2,836,473 |
|
$ |
— |
|
$ |
9,531,817 |
|
|
|
Prior Monthly Waterfall Payments |
|
|
|
|
|
$ |
5,197,122 |
|
$ |
0 |
|
$ |
5,197,122 |
|
|||
|
Prior Monthly weekly waterfall payments |
|
$ |
2,740,301 |
|
|
|
|
|
|
|
$ |
2,740,301 |
|
||||
|
Prior Weekly Waterfall Payments |
|
$ |
0 |
|
$ |
1,567,038 |
|
$ |
2,622,720 |
|
$ |
2,294,712 |
|
$ |
6,484,470 |
|
|
|
Prior week gift card redemptions due to Restaurant Holders |
|
$ |
4,141,786 |
|
$ |
4,071,077 |
|
$ |
2,842,569 |
|
$ |
2,110,266 |
|
$ |
13,165,698 |
|
|
|
Total expended and committed funds |
|
$ |
26,086,394 |
|
$ |
27,552,955 |
|
$ |
30,004,921 |
|
$ |
27,600,272 |
|
$ |
111,244,542 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
13,767,489 |
|
$ |
14,501,921 |
|
$ |
18,741,410 |
|
$ |
18,079,111 |
|
$ |
24,563,581 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture |
|
|
|
|
|
|
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
I) |
To the Operating Expense Account Account |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
A Accrued and unpaid Govt. Taxes |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
B Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
II) |
To the Sales Tax Account |
|
$ |
1,723,061 |
|
$ |
1,664,777 |
|
$ |
1,648,262 |
|
$ |
1,749,305 |
|
$ |
6,785,405 |
|
|
|
A Sales taxes payable |
|
$ |
1,723,061 |
|
$ |
1,664,777 |
|
$ |
1,648,262 |
|
$ |
1,749,305 |
|
$ |
6,785,405 |
|
|
|
B Any sales tax owed but not paid in accordance with II) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
III) |
To the Lease Payment Account |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
A 1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
B Any Lease Payment owed but not paid in accordance with III) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IV) |
To the Gift Card Reserve Account |
|
$ |
(3,700,807 |
) |
$ |
(2,556,186 |
) |
$ |
(1,858,745 |
) |
$ |
(1,706,810 |
) |
$ |
(9,822,548 |
) |
|
|
A Gift Card Sales payable to ACMC |
|
$ |
370,270 |
|
$ |
286,383 |
|
$ |
251,521 |
|
$ |
253,247 |
|
$ |
1,161,421 |
|
|
|
B ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
(4,071,077 |
) |
$ |
(2,842,569 |
) |
$ |
(2,110,266 |
) |
$ |
(1,960,057 |
) |
$ |
(10,983,969 |
) |
|
|
C Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
V) |
To the Third Party Licensing Fee Account |
|
$ |
18,575 |
|
$ |
22,112 |
|
$ |
20,894 |
|
$ |
20,958 |
|
$ |
82,539 |
|
|
|
A Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
18,575 |
|
$ |
22,112 |
|
$ |
20,894 |
|
$ |
20,958 |
|
$ |
82,539 |
|
|
|
B Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VI) |
To the Advertising Fees Account |
|
$ |
658,403 |
|
$ |
631,267 |
|
$ |
633,551 |
|
$ |
656,814 |
|
$ |
2,580,035 |
|
|
|
A Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
658,403 |
|
$ |
631,267 |
|
$ |
633,551 |
|
$ |
656,814 |
|
$ |
2,580,035 |
|
|
|
B Any Advertising Fees owed but not paid in accordance with VI) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VII) |
To the Operating Expense Account |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
A Previously accrued and unpaid Operating Expenses |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
B Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier) |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VIII) |
To the Servicer |
|
$ |
2,867,806 |
|
$ |
2,860,750 |
|
$ |
1,850,750 |
|
$ |
1,850,750 |
|
$ |
9,430,056 |
|
|
|
A Weekly Servicing Fee |
|
$ |
1,850,750 |
|
$ |
1,850,750 |
|
$ |
1,850,750 |
|
$ |
1,850,750 |
|
$ |
7,403,000 |
|
|
|
B Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
|
|
C Residual Certificates paid to Servicer |
|
$ |
1,000,000 |
|
$ |
1,000,000 |
|
$ |
0 |
|
$ |
0 |
|
$ |
2,000,000 |
|
|
|
D Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
17,056 |
|
$ |
10,000 |
|
$ |
0 |
|
$ |
— |
|
$ |
27,056 |
|
|
|
E Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above |
|
$ |
0 |
|
$ |
0 |
|
$ |
0 |
|
$ |
— |
|
$ |
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Cumulative Total Weekly Allocations |
|
$ |
1,567,038 |
|
$ |
2,622,720 |
|
$ |
2,294,712 |
|
$ |
2,571,017 |
|
$ |
9,055,487 |
|
|
|
Less: Non-DSCR Expense |
|
$ |
(3,054,021 |
) |
$ |
(1,832,569 |
) |
$ |
(2,110,266 |
) |
$ |
(1,960,057 |
) |
$ |
(8,956,913 |
) |
|
|
DSCR Expenses in Weekly Allocations |
|
$ |
4,621,059 |
|
$ |
4,455,289 |
|
$ |
4,404,978 |
|
$ |
4,531,074 |
|
$ |
18,012,400 |
|
|
|
Ending Concentration Account balance |
|
$ |
12,200,451 |
|
$ |
11,879,201 |
|
$ |
16,446,698 |
|
$ |
15,508,094 |
|
$ |
15,508,094 |
|
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Holders as Co-Issuers |
|
|
|
|
|
|
|
|
|
Previous Remittances |
|
Amount Owed |
|
Collections |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture |
|
$ |
14,146,318 |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest Earnings on the Servicing accounts to be distributed |
|
$ |
61,497 |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
$ |
144,327 |
|
|
|
|
|
$ |
14,352,141.61 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Amount to be distributed |
|
$ |
14,352,142 |
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
I |
To the Operating Expense Account* |
|
|
|
|
|
$ |
0.00 |
|
$ |
14,352,141.61 |
|
|||||
|
|
i |
Accrued and unpaid Govt. Taxes |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
ii |
Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
II |
To Sales Tax Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
i |
Accrued plus unpaid Sales Taxes |
|
|
|
|
|
$ |
0.00 |
|
$ |
14,352,141.61 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
III |
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
|
|
$ |
0.00 |
|
$ |
14,352,141.61 |
|
|||||
|
|
i |
Insurance Proceeds Amount |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
ii |
Asset Disposition Prepayment Amount |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
iii |
Indemnification Amount |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IV |
To the Operating Expense Payment Account* |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Previously accrued and unpaid Operating Expenses |
|
|
|
|
|
$ |
0.00 |
|
$ |
14,352,141.61 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
V A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Senior Notes Monthly Interest Amount |
|
|
|
5,222,478.00 |
|
3,702,912.84 |
|
$ |
10,649,228.77 |
|
|||||
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Accrued Insurer Premium Amount |
|
|
|
225,234.00 |
|
197,891.00 |
|
$ |
10,451,337.77 |
|
|||||
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
|
|
$ |
463,958.33 |
|
$ |
9,987,379.44 |
|
||||
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,987,379.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VI |
To each Insurer |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Insurer Expense Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,987,379.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VII |
To each Insurer |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Insurer Reimbursement Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,987,379.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VIII |
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
|
|
12,500.00 |
|
$ |
9,974,879.44 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IX |
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
X |
To the Servicer |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Any Supplemental Servicing Fee |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XI |
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Any Partial Amortization Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XII |
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIII |
To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIV |
To the Operating Expense Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XV |
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVI |
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVII |
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Any Partial Amortization Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,974,879.44 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVIII |
Also, to the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes |
|
|
|
225,234.00 |
|
552,639.91 |
|
$ |
9,422,239.53 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIX |
To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XX A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
0 |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXI |
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXII |
To Hedge Payment Account |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
|||||
|
|
i |
Any accrued and unpaid Series Hedge Payment |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
ii |
Any other amounts payable to a Hedge Counterparty |
|
|
|
|
|
$ |
0.00 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXIII |
To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account) |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Monthly Aggregate Extension Prepayment Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXIV |
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|||||||
|
|
i |
Lessor of |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
|
|
(i) Monthly Sub Notes Amortization Amount |
|
|
|
|
|
|
|
|
|
||||||
|
|
|
(ii) Residual Threshold Amount |
|
|
|
|
|
|
|
|
|
||||||
|
|
ii |
Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm]) |
|
|
|
|
|
$ |
0.00 |
|
$ |
9,422,239.53 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXV |
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
All Remaining Funds |
|
|
|
|
|
$ |
9,422,239.53 |
|
$ |
0.00 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Debt Service Payents remitted during December |
|
|
|
5,672,946.00 |
|
|
|
|
|
||||||||
|
|
|
|
|
|
|
$ |
5,672,946 |
|
|
|
|
|
|||||
|
* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period. |
$ |
0 |
|
|
|
|
|
|
** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account |
|
||||||
|
1) |
Equity Contributions Made During Last 3 Months up to Maximum of 2 |
|
|
|
Date |
|
Amount |
|
Amount Able for |
|
||
|
1 |
|
|
|
$ |
0 |
|
$ |
0 |
|
|
2 |
|
|
|
$ |
0 |
|
$ |
0 |
|
|
2) |
Equity Contributions Made During Current Calendar Year up to Maximum of 2 |
|
|
|
Date |
|
Amount |
|
|
|
1 |
|
|
|
$ |
0 |
|
|
2 |
|
|
|
$ |
0 |
|
|
3) |
Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity |
|
|
|
Date |
|
Amount |
|
|
|
1 |
|
|
|
$ |
0 |
|
|
2 |
|
|
|
$ |
0 |
|
|
3 |
|
|
|
$ |
0 |
|
|
4 |
|
|
|
$ |
0 |
|
|
5 |
|
|
|
$ |
0 |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
February 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Series 2007-1 Senior Interest Reserve Account
|
Wrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve (1) |
|
|
Series 2007 - 1 A-1-A |
|
30,000,000 |
|
7.2725 |
% |
0.7500 |
% |
601,688 |
|
|
Series 2007 - 1 A-2-II-A |
|
675,000,000 |
|
6.4267 |
% |
0.7500 |
% |
12,110,681 |
|
|
|
|
|
|
|
|
|
|
12,712,369 |
|
|
Unwrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve |
|
|
Series 2007 - 1 A-1-X |
|
70,000,000 |
|
7.9225 |
% |
n/a |
|
1,386,438 |
|
|
Series 2007 - 1 A-2-I-X |
|
350,000,000 |
|
7.2836 |
% |
n/a |
|
6,373,150 |
|
|
Series 2007 - 1 A-2-II-X |
|
650,000,000 |
|
7.0588 |
% |
n/a |
|
11,470,550 |
|
|
Series 2007-1 M-1 |
|
119,000,000 |
|
8.4044 |
% |
n/a |
|
0 |
|
|
|
|
|
|
|
|
|
|
19,230,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Reserve required |
|
31,942,506 |
|
|
Beginning Balance |
|
$ |
31,950,229 |
|
|
Plus Deposits |
|
$ |
126,364 |
|
|
Less Withdrawals |
|
$ |
7,723 |
|
|
Ending Balance |
|
$ |
32,068,870 |
|
|
|
|
|
|
|
|
Excess(Deficit) |
|
$ |
126,364 |
|
Series 2007-1 Senior Cash Trap Account
|
Beginning Balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
Required Amount |
|
$ |
— |
|
|
Deposit Required |
|
$ |
— |
|
|
(1) - |
|
If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest. |
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
|
|
For the Payment Date of: |
|
February 20, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
January |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|||||||||||
|
January |
||||||||||||||||
|
|
||||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
42,505,829 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
18,012,400 |
|
||||||||||
|
|
|
|
|
$ |
24,493,429 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Denominator |
|
|
|
|
|
|||||||||||
|
|
|
Total Debt Service |
|
$ |
9,824,974.17 |
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
December |
||||||||||||||||
|
|
||||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
59,604,424 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
37,371,243 |
|
||||||||||
|
|
|
|
|
$ |
22,233,181 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Denominator |
|
|
|
|
|
|||||||||||
|
|
|
Total Debt Service |
|
$ |
10,456,484 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
November |
||||||||||||||||
|
|
||||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
— |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
— |
|
||||||||||
|
|
|
|
|
$ |
— |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Denominator |
|
|
|
|
|
|||||||||||
|
|
|
Total Debt Service |
|
$ |
— |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Current Payment Date Adjusted DSCR Ratio |
|
2.304 |
|
|||||||||||||
|
|
|
Event Occur? |
|
% to Trap (if |
|
|
|
|
Cash Trapping Event? |
|
N |
|
0.00 |
% |
|
|
Rapid Amortization Event? |
|
N |
|
|
|
|
|
Servicer Termination Event / EOD? |
|
N |
|
|
|
Calculation of 3-Month DSCR
|
|
|
For the Payment Date of: |
|
February 20, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
January |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
||||||||||
|
|
|
||||||||||||||
|
January |
|
||||||||||||||
|
|
|
||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
38,551,608 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
18,012,400 |
|
|||||||||
|
|
|
|
|
$ |
20,539,208 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
Denominator |
|
|
|
|
|
||||||||||
|
|
|
Total Debt Service |
|
$ |
9,824,974.17 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
December |
|||||||||||||||
|
|
|||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
56,909,731 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
37,371,243 |
|
|||||||||
|
|
|
|
|
$ |
19,538,488 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
Denominator |
|
|
|
|
|
||||||||||
|
|
|
Total Debt Service |
|
$ |
10,456,484 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
November |
|||||||||||||||
|
|
|||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
— |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
— |
|
|||||||||
|
|
|
|
|
$ |
— |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
Denominator |
|
|
|
|
|
||||||||||
|
|
|
Total Debt Service |
|
$ |
— |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
Current Payment Date DSCR Ratio |
|
1.976 |
|
||||||||||
|
12-Month DSCR |
|
|
|
|
|
|
12-Month Adjusted DSCR |
|
|
|
|
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
|
|
($ In Thousands) |
|
|||
|
|
|
Monthly |
|
|||
|
Numerator |
|
|
|
|
||
|
|
Operating Lease Expense - (Current Month) |
|
8,381 |
|
||
|
|
Annualized Operating Lease Expense |
|
100,568 |
|
||
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
804,543 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
Applebees |
|
1,894,000 |
|
|
|
|
|
All other Applebee’s Corporate Debt |
|
3,728 |
|
|
|
|
|
All Other IHOP Corp Debt |
|
170,024 |
|
|
|
|
2 |
Total Indebtedness |
|
2,512,752 |
|
|
|
|
|
|
|
|
||
|
|
Total Adjusted Debt |
|
3,317,295 |
|
||
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
||
|
|
1 |
EBITDA |
|
366,042 |
|
|
|
|
+ |
2 |
Operating Lease Expense |
|
100,568 |
|
|
|
EBITDAR |
|
466,610 |
|
||
|
|
|
|
|
|
||
|
|
Current Payment Date Leverage Ratio |
|
7.1 |
|
||
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
|
Applebee’s IP LLC & The Restaurant Holders as |
|
|
|
|
|
|
Co-Issuers |
|
|
|
|
|
Company Owned Stores in U.S.
|
Beginning |
|
|
|
510 |
|
|
|
|
Plus New Stores |
|
0 |
|
|
|
|
Plus Stores taken back from Franchisee |
|
0 |
|
|
|
|
Less Refranchised |
|
0 |
|
|
|
|
Less Store Closures |
|
1 |
|
|
Ending Balance |
|
|
|
509 |
|
Franchised Stores in U.S.
|
Beginning |
|
|
|
1,354 |
|
|
|
|
Plus New Stores |
|
2 |
|
|
|
|
Plus Refranchised |
|
0 |
|
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
|
Less Store Closures |
|
2 |
|
|
Ending Balance |
|
|
|
1,354 |
|
Company Owned Stores outside of U.S.
|
Beginning |
|
|
|
1 |
|
|
|
|
Plus New Stores |
|
0 |
|
|
|
|
Plus Stores taken back from Franchisee |
|
0 |
|
|
|
|
Less Refranchised |
|
0 |
|
|
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
|
|
1 |
|
Franchised Stores outside of U.S.
|
Beginning |
|
|
|
111 |
|
|
|
|
|
Plus New Stores |
|
0 |
|
|
|
|
|
Plus Refranchised |
|
0 |
|
|
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
|
|
Less Store Closures |
|
1 |
|
|
|
Ending Balance |
|
|
|
110 |
|
|
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,529,029,246 |
|
||
|
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion |
|
YES |
|
|||
|
Weighted Average Royalty Rate |
|
3.94 |
% |
|||
|
Applebees Enterprises |
|
For the Weekly Payment Date of: |
|
February 20, 2008 |
|
|
LLC as Issuer |
|
For the Monthly Collection Period of: |
|
January |
|
|
& |
|
|
|
|
|
|
Applebee’s IP LLC & |
|
|
|
|
|
|
The Restaurant Holders |
|
|
|
|
|
|
as Co-Issuers |
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 A-I-A
|
Beginning |
|
$ |
22,500,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
22,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
30,000,000 |
|
|
|
|
Available Amount |
|
$ |
7,500,000 |
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 A-1-X
|
Beginning |
|
$ |
52,500,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
52,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
70,000,000 |
|
|
|
|
Available Amount |
|
$ |
17,500,000 |
|
|
|
Series 2007-1 A-2-1-X
|
Beginning |
|
$ |
350,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
350,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1-A-2-II-A
|
Beginning |
|
$ |
675,000,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
675,000,000 |
|
|
|
Series 2007-1 A-2-II-X
|
Beginning |
|
$ |
650,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
650,000,000 |
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1-M-1
|
Beginning |
|
$ |
119,000,000 |
|
|
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
119,000,000 |
|
|
|
Series 2007-1 A-1 -A Draw#1
|
Amount |
|
$ |
22,500,000 |
|
|
|
|
Date |
|
1/14/2008 |
|
|
|
|
|
LIBOR |
|
4.3200 |
% |
|
|
|
|
Spread |
|
2.2050 |
% |
|
|
|
|
Total Coupon |
|
6.5250 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
28,547 |
|
|
|
|
Cumulative Interest Due |
|
$ |
57,094 |
|
14 days |
|
|
|
|
|
|
|
|
|
Series 2007-1 A-1 -X Draw#1
|
Amount |
|
$ |
52,500,000 |
|
|
|
|
Date |
|
1/14/2008 |
|
|
|
|
|
LIBOR |
|
4.3200 |
% |
|
|
|
|
Spread |
|
2.8550 |
% |
|
|
|
|
Total Coupon |
|
7.1750 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
73,245 |
|
|
|
|
Cumulative Interest Due |
|
$ |
146,490 |
|
14 days |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
& |
|
For the Monthly Collection Period of: |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For January |
|
|
|
|
|
|
|
Wk1 |
|
Wk2 |
|
Wk3 |
|
Wk4 |
|
|
1 |
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
11,989,814 |
|
13,767,489 |
|
14,501,921 |
|
18,741,410 |
|
|
|
|
Plus Deposits |
|
28,138,498 |
|
28,366,498 |
|
36,904,980 |
|
26,962,982 |
|
|
|
|
Less Withdrawals |
|
(26,360,823 |
) |
(27,632,066 |
) |
(32,665,491 |
) |
(27,625,281 |
) |
|
|
Ending Balance |
|
|
13,767,489 |
|
14,501,921 |
|
18,741,410 |
|
18,079,111 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
9,140,596 |
|
10,256,653 |
|
10,863,663 |
|
10,430,539 |
|
|
|
Plus Company Store Contribution |
|
51,236 |
|
1,723,062 |
|
1,664,777 |
|
1,696,643 |
|
|
|
|
|
Plus: Excluded Asset deposits |
|
1,597,204 |
|
14,124 |
|
13,341 |
|
15,647 |
|
|
|
|
Other deposits |
|
24,155 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
(556,538 |
) |
(1,130,176 |
) |
(2,111,242 |
) |
(3,489,110 |
) |
|
|
Ending Balance |
|
|
10,256,653 |
|
10,863,663 |
|
10,430,539 |
|
8,653,719 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Lease Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Gift Card Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
18,603,666 |
|
16,361,312 |
|
15,168,864 |
|
12,612,678 |
|
|
|
|
Plus Deposits |
|
1,899,432 |
|
370,270 |
|
286,383 |
|
251,521 |
|
|
|
|
Less Withdrawals |
|
(4,141,786 |
) |
(1,562,718 |
) |
(2,842,569 |
) |
(2,110,266 |
) |
|
|
Ending Balance |
|
|
16,361,312 |
|
15,168,864 |
|
12,612,678 |
|
10,753,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
694,969 |
|
713,154 |
|
757,631 |
|
1,148,247 |
|
|
|
|
Plus: Deposits |
|
6,188 |
|
25,771 |
|
368,366 |
|
13,209 |
|
|
|
Plus Company Store Contribution |
|
11,917 |
|
18,575 |
|
22,112 |
|
20,894 |
|
|
|
|
|
Plus: Excluded Asset deposits |
|
80 |
|
131 |
|
138 |
|
141 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(272,763 |
) |
|
|
Ending Balance |
|
|
713,154 |
|
757,631 |
|
1,148,247 |
|
909,728 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
11,391,255 |
|
4,765,488 |
|
6,757,852 |
|
8,152,609 |
|
|
|
|
Plus: Direct Deposits |
|
148,389 |
|
1,331,976 |
|
9,013,319 |
|
2,855,037 |
|
|
|
Plus Company Store Contribution |
|
553,956 |
|
658,403 |
|
631,267 |
|
633,551 |
|
|
|
|
|
Plus: Excluded Store Deposits |
|
5,007 |
|
5,317 |
|
5,222 |
|
5,678 |
|
|
|
|
Less Withdrawals |
|
(7,333,119 |
) |
(3,332 |
) |
(8,255,051 |
) |
(979,942 |
) |
|
|
Ending Balance |
|
|
4,765,488 |
|
6,757,852 |
|
8,152,609 |
|
10,666,933 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Capital Expenditure Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Indemnification / Insurance proceeds / Asset Disposition Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
839,589 |
|
8,445 |
|
8,445 |
|
93,288 |
|
|
|
|
Plus Deposits |
|
8,445 |
|
0 |
|
93,288 |
|
0 |
|
|
|
|
Less Withdrawals |
|
(839,589 |
) |
0 |
|
(8,445 |
) |
0 |
|
|
|
Ending Balance |
|
|
8,445 |
|
8,445 |
|
93,288 |
|
93,288 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
2,000,000 |
|
2,006,170 |
|
2,006,170 |
|
2,006,170 |
|
|
|
|
Plus Deposits |
|
6,170 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
2,006,170 |
|
2,006,170 |
|
2,006,170 |
|
2,006,170 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
20,750,522 |
|
20,813,962 |
|
20,813,962 |
|
20,813,962 |
|
|
|
|
Plus Deposits |
|
67,646 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
(4,206 |
) |
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
20,813,962 |
|
20,813,962 |
|
20,813,962 |
|
20,813,962 |
|
(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an unsecuritized entity.
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
& |
|
For the Monthly Collection Period of: |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For January |
|
|
|
|
|
|
|
Wk1 |
|
Wk2 |
|
Wk3 |
|
Wk4 |
|
|||||||||||||
|
12 |
Applebee’s Enterprises, LLC Main Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
10,000.00 |
|
10,039 |
|
10,039 |
|
10,039 |
|
||||||||||||
|
|
|
Plus Deposits |
|
39.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
10,039.00 |
|
$ |
10,039.00 |
|
$ |
10,039.00 |
|
$ |
10,039.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
13 |
Collection Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
5,097,122 |
|
||||||||||||
|
|
|
Plus Deposits |
|
3,858,871.00 |
|
2,836,473.00 |
|
8,033,595.00 |
|
2,623,220.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
(3,858,871.00 |
) |
(2,836,473.00 |
) |
(2,936,473.00 |
) |
(7,720,342.00 |
) |
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
5,097,122.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
14 |
Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
13,675,287.00 |
|
17,109,989 |
|
19,625,486 |
|
22,240,983 |
|
||||||||||||
|
|
|
Plus Deposits |
|
3,434,702.00 |
|
2,515,497.00 |
|
2,615,497.00 |
|
3,099,155.47 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
(20,293,264.57 |
) |
|||||||||||||
|
|
Ending Balance |
|
|
$ |
17,109,989.00 |
|
$ |
19,625,486.00 |
|
$ |
22,240,983.00 |
|
$ |
5,046,873.90 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
15 |
Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
604,500.00 |
|
756,327 |
|
868,944 |
|
981,561 |
|
||||||||||||
|
|
|
Plus Deposits |
|
151,826.96 |
|
112,617.00 |
|
112,617.00 |
|
27,229.17 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
(782,854.17 |
) |
|||||||||||||
|
|
Ending Balance |
|
|
$ |
756,326.96 |
|
$ |
868,943.96 |
|
$ |
981,560.96 |
|
$ |
225,935.96 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
16 |
Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
17 |
Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
18 |
Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
31,950,229.00 |
|
32,076,593 |
|
32,076,593 |
|
32,076,593 |
|
||||||||||||
|
|
|
Plus Deposits |
|
126,364.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
(7,722.00 |
) |
|||||||||||||
|
|
Ending Balance |
|
|
$ |
32,076,593.00 |
|
$ |
32,076,593.00 |
|
$ |
32,076,593.00 |
|
$ |
32,068,871.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
19 |
Senior Notes Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
20 |
Subordinated Note Interest Payment Acount |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
1,155,697.00 |
|
1,445,963 |
|
1,654,322 |
|
1,862,681 |
|
||||||||||||
|
|
|
Plus Deposits |
|
290,266.00 |
|
208,359.00 |
|
208,359.00 |
|
27,783.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
(1,472,404.19 |
) |
|||||||||||||
|
|
Ending Balance |
|
|
$ |
1,445,963.00 |
|
$ |
1,654,322.00 |
|
$ |
1,862,681.00 |
|
$ |
418,059.81 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
21 |
Subordinated Note Principal Payment Acount |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
22 |
Subordinated Note Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
23 |
Hedge Payment Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
24 |
Cash Trap Reserve Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
25 |
Series 2007-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
26 |
Series 2007-1 AI Distribution Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
27 |
Series 2007-1 A2IDistribution Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
28 |
Series 2007-1 A2II Distribution Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
29 |
Series 2007-1 Class M-1 Distribution Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
30 |
Senior Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
Beginning Balance |
|
|
$ |
0.00 |
|
0 |
|
0 |
|
0 |
|
||||||||||||
|
|
|
Plus Deposits |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
|
Less Withdrawals |
|
0.00 |
|
0.00 |
|
0.00 |
|
0.00 |
|
|||||||||||||
|
|
Ending Balance |
|
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
$ |
0.00 |
|
|||||||||
|
Asset Dispositions |
||||
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.1 |
|
|
|
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no) |
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Calendar Year |
|
|
|
|
|
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x) |
|
$ |
0 |
|
|
Amount Above Annual Threshold after taking into consideration amounts received this Month |
|
$ |
0 |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
After-Tax Net Proceeds Received within 150-180 days |
|
$ |
0 |
|
|
|
|
|
|
|
|
Pro-Forma DSCR as of Current payment date |
|
|
|
|
|
Pro-Forma DSCR as of Closing date |
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
|
|
|
|
|
|
Senior ABS Leverage Ratio(Sr APPB Sec Debt/
Securitization EBITDA) |
|
|
% |
|
|
|
|
|
|
|
|
Insurance Proceeds |
||||
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period |
|
$ |
848,034.00 |
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Calendar Year |
|
$ |
848,034 |
|
|
Calendar Year Threshold |
|
$ |
10,000,000 |
|
|
Amount Above Annual Threshold after taking into consideration amounts received this Month |
|
$ |
— |
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts |
|
$ |
0 |
|
|
|
|
|
|
|
|
Pro-Forma DSCR as of Current payment date |
|
|
|
|
|
Pro-Forma DSCR as of Closing date |
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|
|
|
|
|
|
|
Reinvested Amounts |
||||
|
|
|
|
|
|
|
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date |
|
$ |
0 |
|
|
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days |
|
$ |
0 |
|
Pro-Forma Consolidated Leverage Ratio
|
|
|
|
|
|
Monthly |
|
|||
|
Numerator |
|
|
|
|
|
|
|||
|
|
|
|
Operating Lease Expense - (current Month) |
|
8,381 |
|
|||
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
100,568 |
|
||
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
804,543 |
|
||
|
|
|
|
|
|
|
|
|||
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,339,000 |
|
||
|
|
|
|
IHOP |
|
$ |
445,000 |
|
||
|
|
|
|
Applebees |
|
$ |
1,894,000 |
|
||
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
3,728 |
|
||
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
170,024 |
|
||
|
|
|
2 |
Total Indebtedness |
|
$ |
2,512,752 |
|
||
|
|
|
|
|
|
|
|
|||
|
|
|
|
Total Adjusted Debt |
|
$ |
3,317,295 |
|
||
|
|
|
|
|
|
|
|
|||
|
Denominator |
|
|
|
|
|
|
|||
|
|
|
1 |
EBITDA |
|
$ |
366,042 |
|
||
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
100,568 |
|
||
|
|
|
|
EBITDAR |
|
$ |
466,610 |
|
||
|
|
|
|
|
|
|
||||
|
Current Payment Date Leverage Ratio |
|
7.1 |
|
||||||
|
|
|
|
|
||||||
|
|
Pro-Forma EBITDA |
|
|
$ |
366,042 |
|
|||
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.1 |
|
||||||
|
|
|
|
|
||||||
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
|
|
|||||
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
0 |
|
|||||
|
|
|
|
|
|
|
||||
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.1 |
|
||||||
|
Applebees Enterprises LLC as |
|
|
|
|
Issuer |
|
|
|
|
& |
|
For the Payment Date of: |
February 20, 2008 |
|
Applebee’s IP LLC & The |
|
For the Monthly Collection Period of: |
January |
|
Restaurant Holders as Co- |
|
|
|
|
Issuers |
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
Preclose store cash deposits deposited to concentration account |
|
$ |
— |
|
|
B) |
Advertising fees paid into the concentration account |
|
$ |
2,585,166.31 |
|
|
C) |
Excluded Store credit card settlements |
|
$ |
— |
|
|
D) |
ACMC Credit Card sales |
|
$ |
2,560 |
|
|
E) |
International Franchise Payments |
|
$ |
— |
|
|
F) |
Reimbursement of employee related costs |
|
$ |
15,033 |
|
|
G) |
Income Tax Refunds |
|
$ |
— |
|
|
H) |
State of Kansas Development Grant on new Support Center |
|
$ |
— |
|
|
I) |
Vendor G&A reimbursements |
|
$ |
129,951 |
|
|
J) |
Sales Tax Refund |
|
$ |
48,381 |
|
|
K) |
Weight Watchers |
|
$ |
19,008 |
|
|
L) |
Insurance proceeds |
|
$ |
— |
|
|
M) |
Miscellaneous |
|
$ |
45,500 |
|
|
|
|
|
|
|
|
|
|
Total Misdirected funds deposited to Concentration Account |
|
$ |
2,845,599 |
|
Non-Trust Expenditures from Concentration Account
Reduction of the Monthly Residual
|
A) |
Professional Fees |
|
1,040,600 |
|
|
B) |
Insurance Expenses |
|
219,792 |
|
|
C) |
G&A Expenses |
|
48,780 |
|
|
D) |
Capital Expenditures |
|
47,250 |
|
|
E) |
International marketing expenses |
|
5,354 |
|
|
|
|
|
1,361,776 |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
February 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
January |
|
Applebee’s IP LLC & The Restaurant Holders as Co- |
|
|
|
|
|
Issuers |
|
|
|
|
Non Conforming Assets
|
|
|
Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
||||||
|
|
|
|
|
|
|
|
Store # |
|
Franchisee |
|
Store Type |
|
Reason |
|
Previous |
|
Current |
|
Annual |
|
Franchisee |
|
Franchise & Equipment |
|
Master Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Royalty Rate |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Stores under Premier Program or other similar programs with a Royalty Holiday |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
Exhibit 99.6
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
For the Payment Date of: |
|
March 20, 2008 |
|
|
For the Monthly Collection Period of: |
|
February |
|
|
|
|
Initial Balance |
|
Current Balance |
|
||
|
|
|
|
|
|
|
||
|
Total: |
|
$ |
1,869,000,000 |
|
$ |
1,869,000,000 |
|
|
Series 2007-1 A-1-A |
|
$ |
22,500,000 |
|
$ |
22,500,000 |
|
|
Series 2007-1 A-1-X |
|
$ |
52,500,000 |
|
$ |
52,500,000 |
|
|
Series 2007-1 A-2-I-X |
|
$ |
350,000,000 |
|
$ |
350,000,000 |
|
|
Series 2007-1 A-2-II-A |
|
$ |
675,000,000 |
|
$ |
675,000,000 |
|
|
Series 2007-1 A-2-II-X |
|
$ |
650,000,000 |
|
$ |
650,000,000 |
|
|
Series 2007-1 M-1 |
|
$ |
119,000,000 |
|
$ |
119,000,000 |
|
|
1) |
|
Partial Amortization Amount or Partial Amortization Shortfall Amount Due |
o Yes x No |
|
||||
|
|
|
|
|
|
||||
|
2) |
|
Rapid Amortization Event occurred and continuing |
o Yes x No |
|
||||
|
|
|
|
|
|||||
|
Cause of Rapid Amortization (if any): |
|
|||||||
|
a) |
|
Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x |
o |
|
||||
|
b) |
|
The 12-Month U.S. system-wide sales is less than $3.75 billion |
o |
|
||||
|
c) |
|
Servicer Termination Event has occured |
o |
|
||||
|
d) |
|
Event of Default has occurred |
o |
|
||||
|
e) |
|
Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date |
o |
|
||||
|
|
|
|
|
|
||||
|
|
|
Rapid Amortization DSCR One Time Cure Right Available |
x Yes o No |
|
||||
|
|
|
|
|
|
||||
|
3) |
|
Event of Default |
o Yes x No |
|
||||
|
|
|
Current Payment Date |
|
Last Payment Date |
|
|
Current 3-Month AdjustedDSCR |
|
2.354 |
|
N/A |
|
|
Current 3-Month DSCR |
|
2.027 |
|
N/A |
|
|
Current 12-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
12-Month System-Wide Sales |
|
4,543,188,973 |
|
0 |
|
|
Weighted Average Royalty Rate |
|
3.95 |
% |
0 |
|
|
Change in Franchised Stores |
|
6 |
|
0 |
|
|
Change in Company Owned Stores Stores |
|
1 |
|
0 |
|
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
|
|
|
|
Total |
|
Employer/ |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Debit Account # |
|
Amount |
|
Tax ID# |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579604 |
|
$ |
377,201.39 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Services, Inc. VFN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579602 |
|
$ |
9,562,918.75 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579609 |
|
$ |
833,436.33 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Subordinated Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579604 |
|
$ |
12,500.00 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Administrative Agent Fee - Jan 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assured Guaranty |
|
22579603 |
|
$ |
422,614.58 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s February 2008 preimums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579606 |
|
$ |
116,466.78 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579602 |
|
$ |
38,189.46 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579603 |
|
$ |
1,691.27 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579609 |
|
$ |
3,227.72 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579600 |
|
$ |
34.31 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
15,283,052.85 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee’s |
|
51-20314 |
|
February 2008 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
26,651,333.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
March 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
||||
|
|
|
Franchisees |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
A) |
|
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
|
|
|
|
|
Royalty Payment |
|
$ |
10,395,258 |
|
Yes |
|
|
|
|
|
Initial Franchise Fees |
|
$ |
52,500 |
|
|
|
|
|
|
|
Transfer Fees |
|
$ |
— |
|
|
|
|
|
|
|
Renewal Fees |
|
$ |
— |
|
|
|
|
|
|
|
Licensing Fees payable to Third parties |
|
$ |
— |
|
|
|
|
|
|
|
Advertising Fees paid into the Concentration Account |
|
$ |
— |
|
|
|
|
|
|
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
10,447,758 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
B) |
|
Development Payments |
|
$ |
— |
|
|
|
|
|
C) |
|
Lease Payments |
|
|
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Proceeds |
|
$ |
— |
|
|
|
|
|
J) |
|
Training Fees |
|
$ |
24,275 |
|
|
|
|
|
K) |
|
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
|
|
L) |
|
Other |
|
$ |
185,014 |
|
Yes |
|
|
|
M) |
|
Any andvance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
|
|
N) |
|
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
|
|
|
|
Franchisee Collections Received |
|
$ |
10,657,047 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
From Restaurant Holder Accounts |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
A) |
|
All Store Revenue - Cash Purchase |
|
$ |
34,741,048 |
|
Yes |
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
93,288 |
|
|
|
|
|
|
|
Restaurant Holder Collections Received |
|
$ |
34,834,336 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
From Credit Card Accounts |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
A) |
|
All Store Revenue - Credit Card Purchase |
|
$ |
61,526,005 |
|
Yes |
|
|
|
|
|
Credit Card Collections Received |
|
$ |
61,526,005 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
From Gift Card Reserve Account |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
A) |
|
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
7,152,315 |
|
Yes |
|
|
|
B) |
|
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
Credit Card Collections Received |
|
$ |
7,152,315 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Other |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
||||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
93,113 |
|
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
|
Net Investment Income |
|
$ |
93,113 |
|
Yes |
|
|
|
C) |
|
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
|
D) |
|
Any other Amounts owed relating to the Collateral |
|
$ |
80,278 |
|
Yes |
|
|
|
E) |
|
Vendor Rebates |
|
$ |
4,428,078 |
|
Yes |
|
|
|
F) |
|
IHOP Residual Amount |
|
$ |
3,361,355 |
|
Yes |
|
|
|
G) |
|
Any Equity contributions |
|
$ |
— |
|
Yes |
|
|
|
H) |
|
Loan from Applebee’s Franchising, LLC |
|
$ |
— |
|
|
|
|
|
To Be Deposited into the Principal Payment Account |
|
|
|
|
|
||||
|
I) |
|
Asset Disposition Amounts |
|
$ |
— |
|
|
|
|
|
J) |
|
Defective Assets Payments / Indemnity Payments |
|
$ |
— |
|
|
|
|
|
|
|
Total “Other” Collections Received |
|
$ |
7,962,824 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Misdirected Funds |
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
||
|
|
|
A) Funds deposited to Concentration Account in Error |
|
$ |
(582,276 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
121,550,251 |
|
|
|
|
|
|
|
Gross Monthly Collections |
|
$ |
121,962,464 |
|
|
|
|
|
Applebees Enterprises LLC as Issuer |
For the Payment Date of: |
March 20, 2008 |
|
And |
For the Monthly Collection Period of: |
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
Deposits to Concentration Account
|
A) |
|
Restaurant Sales |
|
|
|
|
|
|
|
Restaurant Gross Receipts Deposited into the Concentration Account |
|
$ |
103,419,368 |
|
|
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(1,145,785 |
) |
|
|
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(7,042,726 |
) |
|
|
|
Restaurant Sales |
|
$ |
95,230,857 |
|
|
|
|
|
|
|
|
|
|
B) |
|
Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|
|
|
|
Food and Beverage |
|
$ |
27,591,470 |
|
|
|
|
Labor |
|
$ |
36,583,626 |
|
|
|
|
Utilities |
|
$ |
4,157,193 |
|
|
|
|
Other Controllables (including local advertising costs) |
|
$ |
6,775,958 |
|
|
|
|
Occupancy Costs |
|
$ |
2,718,645 |
|
|
|
|
Other Non-Controllables |
|
$ |
354,324 |
|
|
|
|
Less: Vendor Rebates |
|
$ |
(4,428,078 |
) |
|
|
|
Subtotal of Operating Expenses Attributable |
|
$ |
73,753,138 |
|
|
|
|
|
|
|
|
|
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
78,868 |
|
|
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
2,656,089 |
|
|
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
76,488,095 |
|
|
|
|
|
|
|
|
|
|
C) |
|
Restaurant Holder Profits |
|
$ |
18,742,762 |
|
|
|
|
Percentage of Monthly Sales |
|
19.68 |
% |
|
|
Applebees Enterprises LLC as Issuer |
For the Payment Date of: |
March 20, 2008 |
|
& |
For the Monthly Collection Period of: |
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Totals |
|
|||||
|
Beginning Concentration Account Balance |
|
$ |
18,079,111 |
|
$ |
20,418,864 |
|
$ |
20,868,508 |
|
$ |
19,922,255 |
|
$ |
18,079,111 |
|
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
28,368,585 |
|
$ |
25,782,734 |
|
$ |
34,828,486 |
|
$ |
32,570,446 |
|
$ |
121,550,251 |
|
|
Other Cash Deposits |
|
$ |
(79,159 |
) |
$ |
(212,855 |
) |
$ |
31,997 |
|
$ |
842,293 |
|
$ |
582,276 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
21,418,599 |
|
$ |
20,677,885 |
|
$ |
17,142,476 |
|
$ |
18,942,256 |
|
$ |
78,181,216 |
|
|
Prior Monthly Waterfall Payments |
|
|
|
|
|
$ |
14,146,318 |
|
|
|
$ |
14,146,318 |
|
|||
|
Prior Month weekly waterfall payments |
|
$ |
2,571,017 |
|
|
|
|
|
|
|
$ |
2,571,017 |
|
|||
|
Prior Weekly Waterfall Payments |
|
|
|
$ |
3,088,476 |
|
$ |
3,181,535 |
|
$ |
3,260,627 |
|
$ |
9,530,638 |
|
|
|
Prior week gift card redemptions due to Restaurant Holders |
|
$ |
1,960,057 |
|
$ |
1,353,874 |
|
$ |
1,336,407 |
|
$ |
1,592,430 |
|
$ |
6,242,768 |
|
|
Total expended and committed funds |
|
$ |
25,949,673 |
|
$ |
25,120,235 |
|
$ |
35,806,736 |
|
$ |
23,795,313 |
|
$ |
110,671,957 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
20,418,864 |
|
$ |
20,868,508 |
|
$ |
19,922,255 |
|
$ |
29,539,681 |
|
$ |
39,070,319 |
|
|
Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture |
|
I) To the Operating Expense Account Account |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
A Accrued and unpaid Govt. Taxes |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
B Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
II) To the Sales Tax Account |
|
$ |
1,692,059 |
|
$ |
1,701,892 |
|
$ |
1,899,966 |
|
$ |
1,748,809 |
|
$ |
7,042,726 |
|
|
A Sales taxes payable |
|
$ |
1,692,059 |
|
$ |
1,701,892 |
|
$ |
1,899,966 |
|
$ |
1,748,809 |
|
$ |
7,042,726 |
|
|
B Any sales tax owed but not paid in accordance with II) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
III) To the Lease Payment Account |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
A 1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
B Any Lease Payment owed but not paid in accordance with III) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
IV) To the Gift Card Reserve Account |
|
$ |
(1,106,244 |
) |
$ |
(1,039,214 |
) |
$ |
(1,238,991 |
) |
$ |
(1,036,418 |
) |
$ |
(4,420,867 |
) |
|
A Gift Card Sales payable to ACMC |
|
$ |
247,630 |
|
$ |
297,193 |
|
$ |
353,439 |
|
$ |
247,523 |
|
$ |
1,145,785 |
|
|
B ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
(1,353,874 |
) |
$ |
(1,336,407 |
) |
$ |
(1,592,430 |
) |
$ |
(1,283,941 |
) |
$ |
(5,566,652 |
) |
|
C Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
V) To the Third Party Licensing Fee Account |
|
$ |
19,542 |
|
$ |
20,447 |
|
$ |
19,900 |
|
$ |
18,979 |
|
$ |
78,868 |
|
|
A Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
19,542 |
|
$ |
20,447 |
|
$ |
19,900 |
|
$ |
18,979 |
|
$ |
78,868 |
|
|
B Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
VI) To the Advertising Fees Account |
|
$ |
628,273 |
|
$ |
643,564 |
|
$ |
724,906 |
|
$ |
659,346 |
|
$ |
2,656,089 |
|
|
A Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
628,273 |
|
$ |
643,564 |
|
$ |
724,906 |
|
$ |
659,346 |
|
$ |
2,656,089 |
|
|
B Any Advertising Fees owed but not paid in accordance with VI) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
VII) To the Operating Expense Account |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
A Previously accrued and unpaid Operating Expenses |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
B Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier) |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
VIII) To the Servicer |
|
$ |
1,854,846 |
|
$ |
1,854,846 |
|
$ |
1,854,846 |
|
$ |
1,907,346 |
|
$ |
7,471,884 |
|
|
A Weekly Servicing Fee |
|
$ |
1,854,846 |
|
$ |
1,854,846 |
|
$ |
1,854,846 |
|
$ |
1,854,846 |
|
$ |
7,419,384 |
|
|
B Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
C Residual Certificates paid to Servicer |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
52,500 |
|
$ |
52,500 |
|
|
D Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
E Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Cumulative Total Weekly Allocations |
|
$ |
3,088,476 |
|
$ |
3,181,535 |
|
$ |
3,260,627 |
|
$ |
3,298,062 |
|
$ |
12,828,700 |
|
|
Less: Non-DSCR Expense |
|
$ |
(1,353,874 |
) |
$ |
(1,336,407 |
) |
$ |
(1,592,430 |
) |
$ |
(1,231,441 |
) |
$ |
(5,514,152 |
) |
|
DSCR Expenses in Weekly Allocations |
|
$ |
4,442,350 |
|
$ |
4,517,942 |
|
$ |
4,853,057 |
|
$ |
4,529,503 |
|
$ |
18,342,852 |
|
|
Ending Concentration Account balance |
|
$ |
17,330,388 |
|
$ |
17,686,973 |
|
$ |
16,661,628 |
|
$ |
26,241,619 |
|
$ |
26,241,619 |
|
|
Applebees Enterprises LLC as Issuer |
For the Payment Date of: |
March 20, 2008 |
|
And |
For the Monthly Collection Period of: |
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
||||||||
|
|
|
|
|
|
|
|
|
||||||||
|
Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture |
|
|
|
$ |
26,241,619.18 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest Earnings on the Servicing accounts to be distributed |
|
|
|
$ |
89,605.75 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
|
|||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
|
|
$ |
160,498.98 |
|
$ |
26,491,723.91 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Amount to be distributed |
|
|
|
$ |
26,491,723.91 |
|
|
|
|||||||
|
|
|
|
|
|
|
|
|
||||||||
|
I |
|
To the Operating Expense Account* |
|
|
|
$ |
0.00 |
|
$ |
26,491,723.91 |
|
||||
|
|
|
i |
Accrued and unpaid Govt. Taxes |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
ii |
Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
II |
|
To Sales Tax Account |
|
|
|
|
|
|
|
||||||
|
|
|
i |
Accrued plus unpaid Sales Taxes |
|
|
|
$ |
0.00 |
|
$ |
26,491,723.91 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
III |
|
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
$ |
0.00 |
|
$ |
26,491,723.91 |
|
||||
|
|
|
i |
Insurance Proceeds Amount |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
ii |
Asset Disposition Prepayment Amount |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
iii |
Indemnification Amount |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IV |
|
To the Operating Expense Payment Account* |
|
|
|
|
|
|
|
||||||
|
|
|
Previously accrued and unpaid Operating Expenses |
|
|
|
$ |
0.00 |
|
$ |
26,491,723.91 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
V |
|
|
|
|
|
|
|
|
|
||||||
|
|
A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
||||||
|
|
|
Senior Notes Monthly Interest Amount |
|
|
|
$ |
9,562,918.75 |
|
$ |
16,928,805.16 |
|
||||
|
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
||||||
|
|
|
Accrued Insurer Premium Amount |
|
|
|
$ |
422,614.58 |
|
$ |
16,506,190.58 |
|
||||
|
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
||||||
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
$ |
377,201.39 |
|
$ |
16,128,989.19 |
|
||||
|
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
||||||
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
$ |
0.00 |
|
$ |
16,128,989.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VI |
|
To each Insurer |
|
|
|
|
|
|
|
||||||
|
|
|
Insurer Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
16,128,989.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VII |
|
To each Insurer |
|
|
|
|
|
|
|
||||||
|
|
|
Insurer Reimbursement Amount |
|
|
|
$ |
0.00 |
|
$ |
16,128,989.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VIII |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
$ |
12,500.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
IX |
|
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
||||||
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
X |
|
To the Servicer |
|
|
|
|
|
|
|
||||||
|
|
|
Any Supplemental Servicing Fee |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XI |
|
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
||||||
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XII |
|
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
||||||
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIII |
|
To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured |
|
|
|
|
|
|
|
||||||
|
|
|
The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIV |
|
To the Operating Expense Account |
|
|
|
|
|
|
|
||||||
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XV |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVI |
|
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||||
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVII |
|
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||||
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
16,116,489.19 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XVIII |
|
Also, to the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||||
|
|
|
Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes |
|
|
|
$ |
833,436.33 |
|
$ |
15,283,052.85 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XIX |
|
To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured |
|
|
|
|
|
|
|
||||||
|
|
|
All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XX |
A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
||||||
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
||||||
|
|
|
0 |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||||
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXI |
|
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||||
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXII |
|
To Hedge Payment Account |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
|
i |
Any accrued and unpaid Series Hedge Payment |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
ii |
Any other amounts payable to a Hedge Counterparty |
|
|
|
$ |
0.00 |
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXIII |
|
To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account) |
|
|
|
|
|
|
|
||||||
|
|
|
Monthly Aggregate Extension Prepayment Amount |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXIV |
|
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
||||||
|
|
|
i |
Lessor of |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
|||
|
|
|
|
(i) Monthly Sub Notes Amortization Amount |
|
|
|
|
|
|
|
|||||
|
|
|
|
(ii) Residual Threshold Amount |
|
|
|
|
|
|
|
|||||
|
|
|
ii |
Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm]) |
|
|
|
$ |
0.00 |
|
$ |
15,283,052.85 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
XXV |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
||||||
|
|
|
All Remaining Funds |
|
|
|
$ |
15,283,052.85 |
|
$ |
0.00 |
|
||||
|
Debt Service Payents remitted during December |
|
|
|
|
|
|
|
||||||||
* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period.
** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account
1) Equity Contributions Made During Last 3 Months up to Maximum of 2
|
Date |
|
Amount |
|
Amount Able for |
|
|||
|
1 |
|
|
$ |
0 |
|
$ |
0 |
|
|
2 |
|
|
$ |
0 |
|
$ |
0 |
|
2) Equity Contributions Made During Current Calendar Year up to Maximum of 2
|
Date |
|
Amount |
|
||
|
1 |
|
|
$ |
0 |
|
|
2 |
|
|
$ |
0 |
|
3) Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity
|
Date |
|
Amount |
|
||
|
1 |
|
|
$ |
0 |
|
|
2 |
|
|
$ |
0 |
|
|
3 |
|
|
$ |
0 |
|
|
4 |
|
|
$ |
0 |
|
|
5 |
|
|
$ |
0 |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 Senior Interest Reserve Account |
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
||
|
Wrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve(1) |
|
||
|
Series 2007 - 1 A-1-A |
|
$ |
30,000,000 |
|
7.2725 |
% |
0.7500 |
% |
$ |
601,688 |
|
|
Series 2007 - 1 A-2-II-A |
|
$ |
675,000,000 |
|
6.4267 |
% |
0.7500 |
% |
$ |
12,110,681 |
|
|
|
|
|
|
|
|
|
|
$ |
12,712,369 |
|
|
|
Unwrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve |
|
||
|
Series 2007 - 1 A-1-X |
|
$ |
70,000,000 |
|
7.9225 |
% |
n/a |
|
$ |
1,386,438 |
|
|
Series 2007 - 1 A-2-I-X |
|
$ |
350,000,000 |
|
7.2836 |
% |
n/a |
|
$ |
6,373,150 |
|
|
Series 2007 - 1 A-2-II-X |
|
$ |
650,000,000 |
|
7.0588 |
% |
n/a |
|
$ |
11,470,550 |
|
|
Series 2007-1 M-1 |
|
$ |
119,000,000 |
|
8.4044 |
% |
n/a |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
$ |
19,230,138 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Reserve required |
|
$ |
31,942,506 |
|
|
|
Beginning Balance |
|
$ |
32,068,871 |
|
|
Plus Deposits |
|
$ |
116,466 |
|
|
Less Withdrawals |
|
$ |
126,364 |
|
|
Ending Balance |
|
$ |
32,058,973 |
|
|
|
|
|
|
|
|
Excess(Deficit) |
|
$ |
116,467 |
|
Series 2007-1 Senior Cash Trap Account
|
Beginning Balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
Required Amount |
|
$ |
— |
|
|
Deposit Required |
|
$ |
— |
|
(1) - If DSCR exceeds 3.Ox for two consecutive months the reserve on the wrapped notes is reduced to 3D days interest.
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
March 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
|
|
For the Payment Date of: |
|
March 20, 2008 |
|
||
|
Monthly Periods used in calculation of DSCR |
|
For the Monthly Collection Period of: |
|
February |
|
||
|
|
|
|
|
|
|
||
|
|
|
February |
|
|
|
||
|
Retained Collections |
|
$ |
- |
|
$ |
43,781,248 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
18,342,852 |
|
|
|
|
|
|
|
$ |
25,438,396 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,375,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
January |
|
|
|
|
|
|
Retained Collections |
|
$ |
- |
|
$ |
42,505,829 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
18,012,400 |
|
|
|
|
|
|
|
$ |
24,493,429 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
- |
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
9,824,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December |
|
|
|
|
|
|
Retained Collections |
|
$ |
- |
|
$ |
59,604,424 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
37,371,243 |
|
|
|
|
|
|
|
$ |
22,233,181 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,456,484 |
|
|
|
Current Payment Date Adjusted DSCR Ratio |
|
2.354 |
|
|
|
Event Occur? |
|
% to Trap (if Applicable) |
|
|
Cash Trapping Event? |
|
NO |
|
0.00 |
% |
|
Rapid Amortization Event? |
|
NO |
|
|
|
|
Servicer Termination Event / EOD? |
|
NO |
|
|
|
Calculation of 3-Month DSCR
|
|
|
For the Payment Date of: |
|
March 20, 2008 |
|
||
|
Monthly Periods used in calculation of DSCR |
|
For the Monthly Collection Period of: |
|
February |
|
||
|
|
|
|
|
|
|
||
|
|
|
February |
|
|
|
|
|
|
Retained Collections |
|
$ |
- |
|
$ |
40,419,893 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
18,342,852 |
|
|
|
|
|
|
|
$ |
22,077,041 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,375,235 |
|
|
|
|
|
|
|
|
|
|
|
|
|
January |
|
|
|
|
|
|
Retained Collections |
|
$ |
- |
|
$ |
38,551,608 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
18,012,400 |
|
|
|
|
|
|
|
$ |
20,539,208 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
9,824,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
December |
|
|
|
|
|
|
Retained Collections |
|
$ |
- |
|
$ |
56,909,731 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
37,371,243 |
|
|
|
|
|
|
|
$ |
19,538,488 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,456,484 |
|
|
|
|
Current Payment Date DSCR Ratio |
|
2.027 |
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
March 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
|
Monthly |
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (Current Month) |
|
8,740 |
|
|
|
|
|
|
Annualized Operating Lease Expense |
|
104,877 |
|
|
|
|
1 |
|
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
839,012 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
|
Applebees |
|
1,894,000 |
|
|
|
|
|
|
All other Applebee’s Corporate Debt |
|
3,728 |
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
169,971 |
|
|
|
|
2 |
|
Total Indebtedness |
|
2,512,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,351,711 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
1 |
|
EBITDA |
|
362,327 |
|
|
|
+ |
2 |
|
Operating Lease Expense |
|
104,877 |
|
|
|
|
|
|
EBITDAR |
|
467,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio |
|
7.2 |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
March 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Company Owned Stores in U.S.
|
Beginning |
|
509 |
|
|
Plus New Stores |
|
1 |
|
|
Plus Stores taken back from Franchisee |
|
0 |
|
|
Less Refranchised |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
510 |
|
Franchised Stores in U.S.
|
Beginning |
|
1,354 |
|
|
Plus New Stores |
|
5 |
|
|
Plus Refranchised |
|
0 |
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
Less Store Closures |
|
2 |
|
|
Ending Balance |
|
1,357 |
|
Company Owned Stores outside of U.S.
|
Beginning |
|
1 |
|
|
Plus New Stores |
|
0 |
|
|
Plus Stores taken back from Franchisee |
|
0 |
|
|
Less Refranchised |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
1 |
|
Franchised Stores outside of U.S.
|
Beginning |
|
110 |
|
|
|
Plus New Stores |
|
3 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
113 |
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,543,188,973 |
|
|
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion |
|
YES |
|
|
|
Weighted Average Royalty Rate |
|
3.95 |
% |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Series 2007-1 A-I-A
|
Beginning |
|
$ |
22,500,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
22,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
30,000,000 |
|
|
|
|
Available Amount |
|
$ |
7,500,000 |
|
|
|
Series 2007-1 A-1-X
|
Beginning |
|
$ |
52,500,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
52,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
70,000,000 |
|
|
|
|
Available Amount |
|
$ |
17,500,000 |
|
|
|
Series 2007-1 A-2-1-X
|
Beginning |
|
$ |
350,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
350,000,000 |
|
|
|
Series 2007-1-A-2-II-A
|
Beginning |
|
$ |
675,000,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
675,000,000 |
|
|
|
Series 2007-1 A-2-II-X
|
Beginning |
|
$ |
650,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
650,000,000 |
|
|
|
Series 2007-1-M-1
|
Beginning |
|
$ |
119,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
119,000,000 |
|
|
|
Series 2007-1 A-1 -A Draw #1
|
Amount |
|
$ |
22,500,000 |
|
|
|
|
Date |
|
1/14/2008 |
|
|
|
|
|
LIBOR |
|
3.1400 |
% |
|
|
|
|
Spread |
|
2.2050 |
% |
|
|
|
|
Total Coupon |
|
5.3450 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
40,088 |
|
|
|
|
Cumulative Interest Due |
|
$ |
40,088 |
|
12 days |
|
Series 2007-1 A-1 -X Draw #1
|
Amount |
|
$ |
52,500,000 |
|
|
|
|
Date |
|
1/14/2008 |
|
|
|
|
|
LIBOR |
|
3.1400 |
% |
|
|
|
|
Spread |
|
2.8550 |
% |
|
|
|
|
Total Coupon |
|
5.9950 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
104,913 |
|
|
|
|
Cumulative Interest Due |
|
$ |
104,913 |
|
12 days |
|
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For January
|
|
|
|
|
|
Wk1 |
|
Wk2 |
|
Wk3 |
|
Wk4 |
|
|
1 |
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
18,079,111 |
|
20,418,864 |
|
20,868,508 |
|
19,922,255 |
|
|
|
|
|
Plus Deposits |
|
28,368,585 |
|
25,782,734 |
|
34,828,486 |
|
32,570,446 |
|
|
|
|
|
Less Withdrawals |
|
(26,028,832 |
) |
(25,333,090 |
) |
(35,774,739 |
) |
(22,953,020 |
) |
|
|
Ending Balance |
|
|
|
20,418,864 |
|
20,868,508 |
|
19,922,255 |
|
29,539,681 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
8,653,719 |
|
9,589,966 |
|
10,179,130 |
|
9,347,175 |
|
|
|
Plus Company Store Contribution |
|
1,749,305 |
|
1,692,059 |
|
1,701,892 |
|
1,899,966 |
|
||
|
|
Plus: Excluded Asset deposits |
|
55,589 |
|
11,988 |
|
11,598 |
|
13,138 |
|
||
|
|
|
|
Other deposits |
|
33,383 |
|
0 |
|
|
|
|
|
|
|
|
|
Less Withdrawals |
|
(902,030 |
) |
(1,114,883 |
) |
(2,545,445 |
) |
(2,600,954 |
) |
|
|
Ending Balance |
|
|
|
9,589,966 |
|
10,179,130 |
|
9,347,175 |
|
8,659,325 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Lease Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Gift Card Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
10,753,933 |
|
9,096,373 |
|
2,878,063 |
|
1,807,677 |
|
|
|
|
|
Plus Deposits |
|
302,496 |
|
247,630 |
|
297,193 |
|
353,438 |
|
|
|
|
|
Less Withdrawals |
|
(1,960,056 |
) |
(6,465,940 |
) |
(1,367,579 |
) |
(1,592,430 |
) |
|
|
Ending Balance |
|
|
|
9,096,373 |
|
2,878,063 |
|
1,807,677 |
|
568,685 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
909,728 |
|
247,636 |
|
267,306 |
|
366,365 |
|
|
|
|
|
Plus: Deposits |
|
33,477 |
|
0 |
|
78,492 |
|
81,642 |
|
|
|
Plus Company Store Contribution |
|
20,958 |
|
19,542 |
|
20,447 |
|
19,900 |
|
||
|
|
Plus: Excluded Asset deposits |
|
112 |
|
128 |
|
120 |
|
116 |
|
||
|
|
|
|
Less Withdrawals |
|
(716,639 |
) |
0 |
|
|
|
|
|
|
|
Ending Balance |
|
|
|
247,636 |
|
267,306 |
|
366,365 |
|
468,023 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
10,666,933 |
|
5,462,667 |
|
1,327,986 |
|
4,822,362 |
|
|
|
Plus: Direct Deposits |
|
283,380 |
|
39,399 |
|
2,917,151 |
|
3,665,149 |
|
||
|
|
Plus Company Store Contribution |
|
656,814 |
|
628,273 |
|
643,564 |
|
724,906 |
|
||
|
|
Plus: Excluded Store Deposits |
|
4,186 |
|
4,158 |
|
4,133 |
|
4,654 |
|
||
|
|
|
|
Less Withdrawals |
|
(6,148,646 |
) |
(4,806,511 |
) |
(70,472 |
) |
(402,336 |
) |
|
|
Ending Balance |
|
|
|
5,462,667 |
|
1,327,986 |
|
4,822,362 |
|
8,814,735 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Capital Expenditure Reserve Account |
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Indemnification / Insurance proceeds / Asset Disposition Account |
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
93,288 |
|
93,288 |
|
93,288 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
Less Withdrawals |
|
|
|
0 |
|
(93,288 |
) |
|
|
|
|
Ending Balance |
|
|
|
93,288 |
|
93,288 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
2,006,170 |
|
2,013,144 |
|
2,013,144 |
|
2,006,974 |
|
|
|
|
|
Plus Deposits |
|
6,974 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
(6,170 |
) |
0 |
|
|
|
Ending Balance |
|
|
|
2,013,144 |
|
2,013,144 |
|
2,006,974 |
|
2,006,974 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
20,813,962 |
|
20,811,656 |
|
20,811,656 |
|
21,811,656 |
|
|
|
|
|
Plus Deposits |
|
65,339 |
|
|
|
1,000,000 |
|
4,283,361 |
|
|
|
|
|
Less Withdrawals |
|
(67,645 |
) |
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
20,811,656 |
|
20,811,656 |
|
21,811,656 |
|
26,095,017 |
|
(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an unsecuritized entity.
|
Applebees Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For January
|
Asset Dispositions |
|
|
|
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.2 |
|
|
|
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?( yes or no ) |
|
NO |
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
— |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Calendar Year |
|
|
|
|
|
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x) |
|
$ |
— |
|
|
Amount Above Annual Threshold after taking into consideration amounts received this Month |
|
$ |
— |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts |
|
$ |
— |
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts |
|
$ |
— |
|
|
After-Tax Net Proceeds Received within 150-180 days |
|
$ |
— |
|
|
|
|
|
|
|
|
Pro-Forma DSCR as of Current payment date |
|
|
|
|
|
Pro-Forma DSCR as of Closing date |
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
— |
|
|
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
— |
|
|
|
|
|
|
|
|
Senior ABS Leverage Ratio( Sr APPB Sec Debt/ Securitization EBITDA) |
|
|
% |
|
|
assumes that variable funding notes are fully drawn |
|
|
|
|
|
Insurance Proceeds |
|
|
|
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period |
|
$ |
93,288 |
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Calendar Year |
|
$ |
941,322 |
|
|
Calendar Year Threshold |
|
$ |
10,000,000 |
|
|
Amount Above Annual Threshold after taking into consideration amounts received this Month |
|
$ |
— |
|
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts |
|
$ |
93,288 |
|
|
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts |
|
$ |
941,322 |
|
|
|
|
|
|
|
|
Pro-Forma DSCR as of Current payment date |
|
|
|
|
|
Pro-Forma DSCR as of Closing date |
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
— |
|
|
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
— |
|
|
Reinvested Amounts |
|
|
|
|
|
|
|
|
|
|
|
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date |
|
$ |
— |
|
|
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days |
|
$ |
— |
|
|
Pro-Forma Consolidated Leverage Ratio |
|
|
|
||||
|
|
|
|
|
||||
|
Numerator |
|
|
|
|
Monthly |
|
|
|
|
|
|
Operating Lease Expense - (current Month) |
|
$ |
8,740 |
|
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
104,877 |
|
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
839,012 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,339,000 |
|
|
|
|
|
IHOP |
|
$ |
445,000 |
|
|
|
|
|
Applebees |
|
$ |
1,894,000 |
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
3,728 |
|
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
169,971 |
|
|
|
|
2 |
Total Indebtedness |
|
$ |
2,512,699 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
$ |
3,351,711 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
1 |
EBITDA |
|
$ |
362,327 |
|
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
104,877 |
|
|
|
|
|
EBITDAR |
|
$ |
467,204 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio |
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Forma EBITDA |
|
$ |
362,327 |
|
|
|
|
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
— |
|
|||
|
|
|
|
|
|
|||
|
|
|
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.2 |
|
|
|
Applebees Enterprises LLC as |
|
For the Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The |
|
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
|
Advertising fees paid into the concentration account |
|
$ |
2,106,228 |
|
|
B) |
|
Reimbursement of G&A costs |
|
$ |
268,365 |
|
|
C) |
|
Weight Watchers |
|
$ |
43,081 |
|
|
D) |
|
Miscellaneous |
|
$ |
(2,999,950 |
) |
|
|
|
|
|
|
|
|
|
|
|
Total Misdirected funds deposited to Concentration Account |
|
$ |
(582,276 |
) |
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
March 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
February |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Count |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Beginning Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
||||||||
|
|
|
|
|
|
|
Store # |
|
Franchisee |
|
Store Type |
|
Reason |
|
Previous |
|
Current |
|
Annual |
|
Franchisee |
|
Franchise & Equipment |
|
Master Lease Payments |
|
Rent Margin |
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Additions: |
|
#1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Ending Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Weighted Average Royalty Rate |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
# of Stores under Premier Program or other similar programs with a Royalty Holiday |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||