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) August 8, 2008
DineEquity, Inc.
(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 from April 2008 through July 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.
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ITEM 9.01. |
|
FINANCIAL STATEMENTS AND EXHIBITS. |
|
|
|
|
|
(d) |
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Exhibits. |
|
Exhibit No. |
|
Description |
|
99.1 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of April 21, 2008 |
|
99.2 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of May 20, 2008 |
|
99.3 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of June 20, 2008 |
|
99.4 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of July 21, 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 April 21, 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 May 20, 2008 |
|
99.7 |
|
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 June 20, 2008 |
|
99.8 |
|
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 July 21, 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: August 8, 2008 |
DineEquity, Inc. |
|
|
|
|
|
|
|
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 April 21, 2008 |
|
99.2 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of May 20, 2008 |
|
99.3 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of June 20, 2008 |
|
99.4 |
|
Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of July 21, 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 April 21, 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 May 20, 2008 |
|
99.7 |
|
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 June 20, 2008 |
|
99.8 |
|
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 July 21, 2008 |
4
Exhibit 99.1
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
For the Monthly Collection Period of: |
|
March |
|
Current Notes Outstanding: |
|
|
|
||
|
1 |
Series 2007-1 |
|
$ |
175,000,000 |
|
|
2 |
Series 2007-2 |
|
$ |
15,000,000 |
|
|
3 |
Series 2007-3 |
|
$ |
245,000,000 |
|
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Monday, April 21, 2008
For the Period of March 20, 2008 - April 20, 2008
|
|
|
|
|
Total |
|
Employer/ |
|
|
|
|
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|
|
|
|
|
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|
|
Debit Account # |
|
Amount |
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Tax ID# |
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Bank |
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ABA # |
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Account Name |
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Account # |
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Reference |
|
|
|
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|
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
99,305.56 |
|
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 March 20 - April 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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DTC |
|
21499508 |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of March 20 - April 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of March 20 - April 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
13,640.63 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate Trust Services |
|
1000031565 |
|
Payment of Invoice #407714 for 2/16/08-3/15/08 trust administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
46,316.67 |
|
|
|
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 March 20 - April 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,333.33 |
|
|
|
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 March 20 - April 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
2,424,979.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For March 20 - April 20 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation |
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|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
03/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
04/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
32 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense March 20 - April 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense April 20 |
|
|
|
25,005.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense March 20 - April 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense April 20 |
|
|
|
48,039.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense March 20 - April 19 |
|
|
|
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense April 20 |
|
|
|
2,916.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
90,416.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
Monoline Expense % Series 2 |
|
0.100 |
% |
|
|
Monoline Expense for March 20 - April 20 |
|
888.89 |
|
|
|
Total |
|
$ |
888.89 |
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
Monoline Expense % Series 2 |
|
0.600 |
% |
|
|
Monoline Expense for March 20 - April 20 |
|
8,000.00 |
|
|
|
Total |
|
$ |
8,000.00 |
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
$ |
8,888.89 |
|
|
|
|
|
|
|
|
Total FGIC |
|
$ |
99,305.56 |
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
Fee Expense |
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
0.150 |
% |
|
|
Fee Expense for March 20 - April 20 |
|
1,333.33 |
|
|
|
Total Facility Fee |
|
$ |
1,333.33 |
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
Interest Expense for March 20 - April 20 |
|
46,800.00 |
|
|
|
Interest Expense Credit Adjustment for Prior Period |
|
(483.33 |
) |
|
|
Total 2007 - 2 Interest Expense |
|
$ |
46,316.67 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
$ |
30,961,649.23 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
$ |
43,895.84 |
|
Deposits from Lock-Box to Collection Account
|
From Type 1 Stores |
|
|
|
Counted for Purposes |
|
|||
|
A) |
|
Franchise Payments |
|
$ |
5,910,704.69 |
|
Yes |
|
|
B) |
|
License Payments |
|
$ |
41,426.36 |
|
Yes |
|
|
C) |
|
Development Payments |
|
$ |
515,000.00 |
|
Yes |
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
13,873.65 |
|
Yes |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
11,222.00 |
|
Yes |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
905,908.99 |
|
Yes |
|
|
G) |
|
Franchise Note Payments |
|
$ |
435,607.66 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
833,765.51 |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
4,177,969.79 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
5,011,735.30 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
23,923.96 |
|
Yes |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
286,664.39 |
|
Yes |
|
|
L) |
|
Other |
|
$ |
83,350.52 |
|
Yes |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
3,149.94 |
|
Yes |
|
|
|
|
Total Type 1 Collections Received |
|
$ |
13,242,567.46 |
|
|
|
|
From Type 2 Stores |
|
|
|
|
|
|
||
|
A) |
|
Franchise Payments |
|
$ |
3,484,125.85 |
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
42,334.78 |
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
127,507.63 |
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
1,267,095.61 |
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
502,203.86 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
7,140,670.48 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
7,140,670.48 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
1,935.63 |
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
320,731.83 |
|
|
|
|
L) |
|
Other |
|
$ |
42,825.66 |
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
22,930.77 |
|
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
12,952,362.10 |
|
|
|
|
Other |
|
|
|
|
|
|||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
34,984.53 |
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
Net Investment Income |
|
$ |
34,984.53 |
|
Yes |
|
|
C) |
|
Distribution Payments |
|
$ |
4,191,087.21 |
|
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 |
|
$ |
4,226,071.74 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly Cash Payments |
|
$ |
30,421,001.30 |
|
|
|
|
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
17,468,639.20 |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
|
$ |
30,421,001.30 |
|
|
|
$ |
30,421,001.30 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
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 |
|
$ |
9,707,845.63 |
|
$ |
20,713,155.67 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,599,681.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,049,894.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
2,058,269.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
20,713,155.67 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
20,713,155.67 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,588,269.25 |
|
$ |
18,124,886.42 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
18,124,886.42 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
15,000.00 |
|
$ |
18,109,886.42 |
|
$ |
334,368.75 |
|
$ |
15,000.00 |
|
$ |
349,368.75 |
|
$ |
500,000.00 |
|
$ |
150,631.25 |
|
||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
99,305.56 |
|
$ |
18,010,580.86 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,307,601.50 |
|
$ |
15,702,979.36 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
i |
|
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
ii |
|
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
43,218.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
iii |
|
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,333.33 |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
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 |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
15,701,646.03 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
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) |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
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 |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
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 |
|
$ |
— |
|
$ |
15,701,646.03 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
All Remaining Funds |
|
$ |
15,701,646.03 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||
|
|
|
|
|
Total Monthly DSCR Expenses |
|
$ |
7,261,220.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
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 |
|
$ |
17,468,639.20 |
|
|
|
$ |
17,468,639.20 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
4,657,951.12 |
|
$ |
12,810,688.08 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,599,681.95 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
2,058,269.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
12,810,688.08 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
12,810,688.08 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
c) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,588,269.25 |
|
$ |
10,222,418.83 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
d) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
10,222,418.83 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
e) |
A |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
15,000.00 |
|
$ |
10,207,418.83 |
|
$ |
334,368.75 |
|
$ |
15,000.00 |
|
$ |
349,368.75 |
|
$ |
500,000.00 |
|
$ |
150,631.25 |
|
||||||||||||
|
|
B |
|
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
99,305.56 |
|
$ |
10,108,113.27 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
C |
|
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,307,601.50 |
|
$ |
7,800,511.77 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
43,218.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
D |
|
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,333.33 |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
f) |
|
|
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
g) |
|
|
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
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 |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
i) |
|
|
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
j) |
|
|
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
k) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
7,799,178.44 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
l) |
|
|
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
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) |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
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 |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
o) |
|
A |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
p) |
|
|
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
q) |
|
|
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
r) |
|
|
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
s) |
|
|
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
t) |
|
|
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
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 |
|
$ |
— |
|
$ |
7,799,178.44 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
v) |
|
|
|
To Applebee’s International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
Type 1 Residual |
|
$ |
7,799,178.44 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
Total Weekly DSCR Expenses |
|
$ |
7,261,220.37 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
12,952,362.10 |
|
|
|
$ |
12,952,362.10 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
a) |
I |
|
|
To the Lease and Reimbursement Payment Account |
|
$ |
5,049,894.51 |
|
$ |
7,902,467.59 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
A |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,049,894.51 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
v) |
|
|
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
All Remaining Funds |
|
$ |
7,902,467.59 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
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 |
|
$ |
890,173.92 |
|
$ |
890,173.92 |
|
|
Week 2 |
|
$ |
791,869.83 |
|
$ |
791,869.83 |
|
|
Week 3 |
|
$ |
561,798.70 |
|
$ |
561,798.70 |
|
|
Week 4 |
|
$ |
2,977,808.88 |
|
$ |
2,977,808.88 |
|
|
Week 5 |
|
$ |
2,577,527.11 |
|
$ |
2,577,527.11 |
|
|
Total |
|
$ |
7,799,178.44 |
|
$ |
7,799,178.44 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Reconciliation of Indenture Trust Accounts
|
1 |
|
Advertising Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
3,276,051.55 |
|
|
|
|
Plus Deposits |
|
$ |
7,213,558.10 |
|
|
|
|
Less Withdrawals |
|
$ |
(6,119,642.01 |
) |
|
|
|
Ending Balance |
|
$ |
4,369,967.64 |
|
|
|
|
|
|
|
|
|
|
2 |
|
Insurance Proceeds Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
3 |
|
Lease and Reimbursements Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
8,030,151.41 |
|
|
|
|
Plus Deposits |
|
$ |
10,393,264.43 |
|
|
|
|
Less Withdrawals |
|
$ |
(10,322,751.34 |
) |
|
|
|
Ending Balance |
|
$ |
8,100,664.50 |
|
|
|
|
|
|
|
|
|
|
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 |
|
$ |
2,256,297.04 |
|
|
|
|
Plus Deposits |
|
$ |
2,308,934.83 |
|
|
|
|
Less Withdrawals |
|
$ |
(2,238,317.13 |
) |
|
|
|
Ending Balance |
|
$ |
2,326,914.74 |
|
|
|
|
|
|
|
|
|
|
6 |
|
Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
7 |
|
Operating Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
15,091.91 |
|
|
|
|
Plus Deposits |
|
$ |
15,000.00 |
|
|
|
|
Less Withdrawals |
|
$ |
(25,946.94 |
) |
|
|
|
Ending Balance |
|
$ |
4,144.97 |
|
|
|
|
|
|
|
|
|
|
8 |
|
Insurer Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
95,555.55 |
|
|
|
|
Plus Deposits |
|
$ |
99,305.56 |
|
|
|
|
Less Withdrawals |
|
$ |
(95,555.55 |
) |
|
|
|
Ending Balance |
|
$ |
99,305.56 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
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: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
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 |
|
46,316.67 |
|
|
|
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: |
|
April 21, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
March |
|
|
|
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 |
|
|
|
|
|
March |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
17,468,639.20 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
7,261,220.37 |
|
|
|
|
|
|
$ |
10,207,418.83 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,408,240.39 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date DSCR Ratio |
|
|
3.373 |
|
|
|
|
|
|
|
% 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: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
|
|
Monthly |
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (March 2008) |
|
10,295 |
|
|
|
|
|
|
|
Annualized Operating Lease Expense (March 2008 * 12) |
|
123,535 |
|
|
|
|
|
1 |
|
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
988,278 |
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
|
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
|
|
Applebee’s |
|
1,894,000 |
|
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
169,512 |
|
|
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
3,674 |
|
|
|
|
|
2 |
|
Total Indebtedness |
|
2,512,186 |
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,500,465 |
|
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
EBITDA |
|
364,340 |
|
|
|
+ |
|
2 |
|
Operating Lease Expense |
|
123,535 |
|
|
|
|
|
|
|
EBITDAR |
|
487,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date Leverage Ratio |
|
7.2 |
|
|
|
|
|
|
|
Servicer Termination Event? |
|
N |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Type I Stores |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
885 |
|
|
|
Plus New Stores |
|
3 |
|
|
|
Plus Converted Type II |
|
0 |
|
|
|
Plus Converted Type III |
|
0 |
|
|
|
Less Store Closures |
|
1 |
|
|
|
Ending Balance |
|
887 |
|
|
|
|
|
|
|
|
|
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 |
|
$ |
2,330,763,802 |
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Deposits from Servicer 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 |
|
$ |
192,132.01 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
192,132.01 |
|
|
|
|
|
|
|||
|
Misdirected Type 2 Payments |
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
77,118.19 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
77,118.19 |
|
Deposits from Advertising Account to Collection Account
|
Misdirected Type 1 Payments |
|
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
75.00 |
|
|
|
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 |
|
$ |
332.43 |
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
407.43 |
|
|
|
|
|
|
|
|
|
|
|
|
Misdirected Type 2 Payments |
|
|
|
||||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
H) |
|
Lease Payments |
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
|
L) |
|
Other |
|
$ |
— |
|
|
|
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 |
|
$ |
30,506.67 |
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
|
Total Type 3 Collections Received |
|
$ |
30,506.67 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
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 |
|
5327 - La Vista, NE |
|
Ashoori, Farshad Dan |
|
1 |
|
1.500 |
% |
0.250 |
% |
828,373 |
|
154,507 |
|
14,421 |
|
152,975 |
|
1,532 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtractions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,364,881 |
|
173,615 |
|
42,938 |
|
173,500 |
|
115 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Listed in prior 12 months (Continues to be non-conforming): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
#1 |
|
1616 - N. Las Vegas, NV |
|
Craig Road Food Corp. |
|
1 |
|
4.500 |
% |
4.500 |
% |
2,165,374 |
|
202,800 |
|
15,399 |
|
204,587 |
|
-1,787 |
|
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,382,515 |
|
161,200 |
|
34,288 |
|
165,190 |
|
-3,990 |
|
|
#3 |
|
1930 - Baton Rouge, LA |
|
1930 B.R., Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,686,739 |
|
214,939 |
|
42,347 |
|
218,797 |
|
-3,858 |
|
|
#4 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,035,582 |
|
200,200 |
|
43,486 |
|
208,146 |
|
-7,946 |
|
|
#5 |
|
3109 - Willoughby, OH * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,304,612 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#6 |
|
3134 - Lexington, KY * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,049,270 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#7 |
|
3135 - Clarksville, IN * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,294,470 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#8 |
|
3170 - Cleveland, OH * |
|
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,194,061 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#9 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,761,261 |
|
176,800 |
|
36,621 |
|
179,756 |
|
-2,956 |
|
|
#10 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,948,303 |
|
213,200 |
|
43,082 |
|
217,903 |
|
-4,703 |
|
|
10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Subtracted in prior 12 months: |
|
||||||||||||||||||||
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,807,058 |
|
145,021 |
|
0 |
|
135,389 |
|
9,632 |
|
|
#2 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,493,863 |
|
128,871 |
|
20,157 |
|
127,536 |
|
1,335 |
|
|
* |
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: |
|
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
March |
|
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: |
May 20, 2008 |
|
For the Monthly Collection Period of: |
April |
|
Current Notes Outstanding: |
|
|
|
|
|
1 Series 2007-1 |
|
$ |
175,000,000 |
|
|
2 Series 2007-2 |
|
$ |
15,000,000 |
|
|
3 Series 2007-3 |
|
$ |
245,000,000 |
|
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Tuesday, May 20, 2008
For the Period of April 21, 2008 - May 19, 2008
|
|
|
Debit Account # |
|
Total |
|
Employer/ |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
92,638.89 |
|
N/A |
|
JP Morgan Chase |
|
021-000-021 |
|
Financial Guaranty Insurance Company Concentration Account |
|
904-951839 |
|
Insurance Premium -IHOP Series 2007-1 & Series 2007-2 for the period of April 21 - May 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499508 |
|
$ |
725,161.11 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of April 21 - May 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
1,393,132.61 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of April 21 - May 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
14,546.88 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate Trust Services |
|
1000031565 |
|
Payment of Invoice #413833 for 3/16/08-4/15/08 trust administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Standard & Poor’s |
|
21499503 |
|
$ |
20,000.00 |
|
|
|
Bank of America |
|
0260-0959-3 |
|
Standard and Poor’s |
|
12334-02500 |
|
Payment of Invoice #10173242 (acct #1000061946) for services to IHOP Franchising LLC Series-1 for 3/1/08-2/28/09 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
39,220.83 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00-001 |
|
Interest Payment on IHOP Series 2007-2 for the period of April 21 - May 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,208.33 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00-001 |
|
Fee Payment on IHOP Series 2007-2 for the period of April 21 - May 19, 2008. |
|
|
Total Wires |
|
|
|
$ |
2,285,908.65 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For April 21 - May 19 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation - For Series 2 Interest Calculation Only |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
04/21/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
05/19/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
29 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense April 20 - May 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense April 20 (paid last month) |
|
|
|
(25,005.56 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
725,161.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense April 20 - May 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense April 20 (paid last month) |
|
|
|
(48,039.06 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
1,393,132.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense April 20 - May 19 |
|
|
|
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense April 20 (paid last month) |
|
|
|
(2,916.67 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
84,583.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for April 21 - May 20 |
|
|
|
|
805.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
805.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for April 21 - May 20 |
|
|
|
|
7,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
7,250.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
|
|
$ |
8,055.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total FGIC |
|
|
|
$ |
92,638.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
|
|
|
0.150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense for April 21 - May 20 |
|
|
|
|
1,208.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Fee |
|
|
|
$ |
1,208.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense for April 21 - May 20 |
|
|
|
|
39,754.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense Credit Adjustment for Prior Period |
|
|
|
|
(533.34 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 2 Interest Expense |
|
|
|
$ |
39,220.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
$ |
24,098,027.81 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
$ |
39,326.80 |
|
Deposits from Lock-Box to Collection Account
|
|
|
|
|
Counted for Purposes |
|
|||
|
From Type 1 Stores |
|
|
|
|
|
|
||
|
A) |
|
Franchise Payments |
|
$ |
4,637,904.44 |
|
Yes |
|
|
B) |
|
License Payments |
|
$ |
214,243.68 |
|
Yes |
|
|
C) |
|
Development Payments |
|
$ |
35,000.00 |
|
Yes |
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
16,677.18 |
|
Yes |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
41,262.74 |
|
Yes |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
714,337.22 |
|
Yes |
|
|
G) |
|
Franchise Note Payments |
|
$ |
342,420.13 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
695,576.76 |
|
|
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
3,295,305.23 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
3,990,881.99 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
393.90 |
|
Yes |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
268,258.09 |
|
Yes |
|
|
L) |
|
Other |
|
$ |
120,268.27 |
|
Yes |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
62,118.77 |
|
Yes |
|
|
|
|
Total Type 1 Collections Received |
|
$ |
10,443,766.40 |
|
|
|
|
From Type 2 Stores |
|
|
|
|
|
|
||
|
A) |
|
Franchise Payments |
|
$ |
2,799,843.28 |
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
37,412.81 |
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
127,507.63 |
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
1,012,690.75 |
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
311,371.19 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
5,716,773.26 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
5,716,773.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
356.70 |
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
284,932.73 |
|
|
|
|
L) |
|
Other |
|
$ |
23,990.54 |
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
40,000.00 |
|
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
10,354,878.89 |
|
|
|
|
Other |
|
|
|
|
|
|||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
29,579.34 |
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
Net Investment Income |
|
$ |
29,579.34 |
|
Yes |
|
|
C) |
|
Distribution Payments |
|
$ |
2,809,103.33 |
|
Yes |
|
|
D) |
|
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
E) |
|
Defective Assets Payments |
|
$ |
— |
|
|
|
|
F) |
|
Any other Amounts owed relating to the Collateral |
|
$ |
— |
|
Yes |
|
|
|
|
Total “Other” Collections Received |
|
$ |
2,838,682.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly Cash Payments |
|
$ |
23,637,327.96 |
|
|
|
|
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,282,449.07 |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
|
$ |
23,637,327.96 |
|
|
|
$ |
23,637,327.96 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture |
|
|
|||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
9,516,462.00 |
|
$ |
14,120,865.96 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,618,715.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,099,139.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
1,798,606.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
14,120,865.96 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
14,120,865.96 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,072,615.38 |
|
$ |
12,048,250.58 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
12,048,250.58 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
25,000.00 |
|
$ |
12,023,250.58 |
|
$ |
— |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
500,000.00 |
|
$ |
475,000.00 |
|
||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
92,638.89 |
|
$ |
11,930,611.69 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,150,824.42 |
|
$ |
9,779,787.27 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
725,161.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
32,530.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,393,132.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,208.33 |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
9,778,578.94 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
i |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
9,778,578.94 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
All Remaining Funds |
|
$ |
9,778,578.94 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
Total Monthly DSCR Expenses |
|
$ |
6,514,937.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Waterfall for Determination of Type 1 Residual
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
13,282,449.07 |
|
|
|
$ |
13,282,449.07 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|
|
|
|||||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
4,417,322.34 |
|
$ |
8,865,126.73 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,618,715.73 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
1,798,606.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
8,865,126.73 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
8,865,126.73 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,072,615.38 |
|
$ |
6,792,511.35 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
6,792,511.35 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
25,000.00 |
|
$ |
6,792,511.35 |
|
$ |
— |
|
$ |
25,000.00 |
|
$ |
25,000.00 |
|
$ |
500,000.00 |
|
$ |
475,000.00 |
|
|||||||||||||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
92,638.89 |
|
$ |
6,674,872.46 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,150,824.42 |
|
$ |
4,524,048.04 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
725,161.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
32,530.70 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,393,132.61 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,208.33 |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
4,522,839.71 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
i |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
4,522,839.71 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
v) |
|
To Applebee’s International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
Type 1 Residual |
|
$ |
4,522,839.71 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
Total Weekly DSCR Expenses |
|
$ |
6,514,937.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
10,354,878.89 |
|
|
|
$ |
10,354,878.89 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
5,099,139.66 |
|
$ |
5,255,739.23 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
A |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,099,139.66 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
All Remaining Funds |
|
$ |
5,255,739.23 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
|
|
|
Type 1 Residual |
|
Wires |
|
|
|
|
||
|
|
|
Weekly |
|
Sent to |
|
|
|
|
||
|
|
|
Calculation |
|
Applebee’s |
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
||
|
Week 1 |
|
$ |
760,749.29 |
|
$ |
760,749.29 |
|
|
|
|
|
Week 2 |
|
$ |
675,020.76 |
|
$ |
675,020.76 |
|
|
|
|
|
Week 3 |
|
$ |
851,037.44 |
|
$ |
851,037.44 |
|
|
|
|
|
Week 4 |
|
$ |
2,236,032.22 |
|
$ |
2,236,032.22 |
|
|
|
|
|
Week 5 |
|
$ |
N/A |
|
$ |
N/A |
|
|
|
|
|
Total |
|
$ |
4,522,839.71 |
|
$ |
4,522,839.71 |
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Reconciliation of Indenture Trust Accounts
|
1 |
|
Advertising Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
4,369,967.64 |
|
|
|
|
Plus Deposits |
|
$ |
5,626,727.47 |
|
|
|
|
Less Withdrawals |
|
$ |
(6,747,921.98 |
) |
|
|
|
Ending Balance |
|
$ |
3,248,773.13 |
|
|
|
|
|
|
|
|
|
|
2 |
|
Insurance Proceeds Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
3 |
|
Lease and Reimbursements Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
8,100,664.50 |
|
|
|
|
Plus Deposits |
|
$ |
9,469,175.76 |
|
|
|
|
Less Withdrawals |
|
$ |
(9,859,949.75 |
) |
|
|
|
Ending Balance |
|
$ |
7,709,890.51 |
|
|
|
|
|
|
|
|
|
|
4 |
|
Principal Payment Account - 2007-1 & 2007-2 & 2007-3 |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Trigger Reserve Deposits |
|
$ |
— |
|
|
|
|
Plus Weekly Collection Account Deposits |
|
$ |
— |
|
|
|
|
Plus Any Defective Asset Damages Amount |
|
$ |
— |
|
|
|
|
Plus Capital Contributions relating to an Optional Redemption |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
5 |
|
Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3 |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
2,326,914.74 |
|
|
|
|
Plus Deposits |
|
$ |
2,152,032.75 |
|
|
|
|
Less Withdrawals |
|
$ |
(2,312,032.94 |
) |
|
|
|
Ending Balance |
|
$ |
2,166,914.55 |
|
|
|
|
|
|
|
|
|
|
6 |
|
Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
7 |
|
Operating Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
4,144.97 |
|
|
|
|
Plus Deposits |
|
$ |
25,000.00 |
|
|
|
|
Less Withdrawals |
|
$ |
(13,640.63 |
) |
|
|
|
Ending Balance |
|
$ |
15,504.34 |
|
|
|
|
|
|
|
|
|
|
8 |
|
Insurer Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
99,305.56 |
|
|
|
|
Plus Deposits |
|
$ |
92,638.89 |
|
|
|
|
Less Withdrawals |
|
$ |
(99,305.56 |
) |
|
|
|
Ending Balance |
|
$ |
92,638.89 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Series 2007-1 $175 Million Notes |
|
|
|
|
|
Series 2007-2 VFN $25 Million Note |
|
|
|
|
|
Series 2007-3 $245 Million Notes |
|
|
|
|
Reconciliation of Reserve Accounts
|
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
5,195,838 |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
5,195,838 |
|
|
|
|
|
|
|
|
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Series 2007-1 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
175,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
175,000,000.00 |
|
|
Series 2007-3 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
245,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
245,000,000.00 |
|
|
Series 2007-2 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
— |
|
|
Amortization |
|
$ |
— |
|
|
Draw Down |
|
$ |
15,000,000.00 |
|
|
Ending |
|
$ |
15,000,000.00 |
|
|
Series 2007-2 Draw #1 |
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
10,000,000.00 |
|
|
Date |
|
5/23/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
Series 2007-2 Draw #2 |
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
8,000,000.00 |
|
|
Date |
|
6/12/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
Series 2007-2 Draw #3 |
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
15,000,000.00 |
|
|
Date |
|
11/28/2007 |
|
|
|
Interest Due |
|
39,220.83 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
|
|
|
|
& |
|
|
|
|
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Calculation of DSCR
|
Monthly Periods used in calculation of DSCR |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
April |
|
|
|
February |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,373,742.56 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,913,194.48 |
|
|
|
|
|
|
$ |
6,460,548.08 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,185,185.50 |
|
|
|
|
March |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
17,468,639.20 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
7,261,220.37 |
|
|
|
|
|
|
$ |
10,207,418.83 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,408,240.39 |
|
|
|
|
|
April |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,282,449.07 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,514,937.72 |
|
|
|
|
|
|
$ |
6,767,511.35 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,244,671.64 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date DSCR Ratio |
|
|
3.427 |
|
|
|
|
|
|
|
% to Trap (if |
|
|
|
|
Event Occur? |
|
Applicable) |
|
|
Cash Trapping Event? |
|
N |
|
0.00 |
% |
|
Rapid Amortization Event? |
|
N |
|
|
|
|
Servicer Termination Event / EOD? |
|
N |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
|
|
|
Monthly |
|
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (April 2008) |
|
8,818 |
|
|
|
|
|
|
|
|
Annualized Operating Lease Expense (April 2008 * 12) |
|
105,815 |
|
|
|
|
|
|
1 |
|
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
846,523 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
|
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
|
|
|
Applebee’s |
|
1,894,000 |
|
|
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
169,055 |
|
|
|
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
3,654 |
|
|
|
|
|
|
2 |
|
Total Indebtedness |
|
2,511,709 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,358,231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
EBITDA |
|
361,910 |
|
|
|
|
+ |
|
2 |
|
Operating Lease Expense |
|
105,815 |
|
|
|
|
|
|
|
|
EBITDAR |
|
467,725 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date Leverage Ratio |
|
7.2 |
|
||||||
|
Servicer Termination Event? |
|
N |
|
||||||
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Type I Stores |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
887 |
|
|
|
Plus New Stores |
|
4 |
|
|
|
Plus Converted Type II |
|
0 |
|
|
|
Plus Converted Type III |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
891 |
|
|
|
|
|
|
|
|
|
Type II Stores |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
437 |
|
|
|
Plus New Stores |
|
0 |
|
|
|
Plus Converted Type III |
|
0 |
|
|
|
Less Converted to Type I |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
437 |
|
|
|
|
|
|
|
|
|
Type III Stores |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
17 |
|
|
|
Plus New Stores |
|
0 |
|
|
|
Less Stores Converted Out of Type III |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
17 |
|
|
|
|
|
|
|
|
|
IHOP System-Wide Sales As of Closing |
|
$ |
2,100,000,000 |
|
|
IHOP System-Wide Sales For Last 12 Months |
|
$ |
2,340,266,996 |
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Deposits from Servicer to Collection Account
|
Misdirected Type 1 Payments |
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
44,025.00 |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
174,472.61 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
218,497.61 |
|
|
|
|
|
|
|||
|
Misdirected Type 2 Payments |
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
75,860.67 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
75,860.67 |
|
Deposits from Advertising Account to Collection Account
|
Misdirected Type 1 Payments |
|
|
|
|
|||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
H) |
|
Lease Payments |
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
|
L) |
|
Other |
|
$ |
223.77 |
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
223.77 |
|
|
|
|
|
|
|
||||
|
Misdirected Type 2 Payments |
|
|
|
||||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
H) |
|
Lease Payments |
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
|
L) |
|
Other |
|
$ |
— |
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
— |
|
|
|
|
|||||||
|
Deposits To Servicer |
|||||||
|
|
|
|
|
||||
|
From Type 3 Stores |
|
|
|
||||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
H) |
|
Lease Payments |
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
|
L) |
|
Other |
|
$ |
14,812.89 |
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
|
Total Type 3 Collections Received |
|
$ |
14,812.89 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Non Conforming Assets
|
|
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
||||||
|
Count |
|
Store # |
|
Franchisee |
|
Store Type |
|
Previous |
|
Current |
|
Annual Sales |
|
Franchisee Lease |
|
Franchise & |
|
Master Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,365,127 |
|
174,995 |
|
42,745 |
|
175,000 |
|
-5 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtractions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Listed in prior 12 months (Continues to be non-conforming): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
#1 |
|
1616 - N. Las Vegas, NV |
|
Craig Road Food Corp. |
|
1 |
|
4.500 |
% |
4.500 |
% |
2,165,498 |
|
202,800 |
|
15,035 |
|
204,543 |
|
-1,743 |
|
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,402,607 |
|
161,200 |
|
34,093 |
|
165,839 |
|
-4,639 |
|
|
#3 |
|
1930 - Baton Rouge, LA |
|
1930 B.R., Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,682,073 |
|
214,566 |
|
42,051 |
|
220,104 |
|
-5,538 |
|
|
#4 |
|
3109 - Willoughby, OH * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,298,493 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#5 |
|
3134 - Lexington, KY * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,030,131 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#6 |
|
3135 - Clarksville, IN * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,287,259 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#7 |
|
3170 - Cleveland, OH * |
|
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,323,891 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#8 |
|
5327 - La Vista, NE |
|
Ashoori, Farshad Dan |
|
1 |
|
1.500 |
% |
0.250 |
% |
824,204 |
|
147,707 |
|
14,940 |
|
152,975 |
|
-5,268 |
|
|
#9 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,047,866 |
|
200,200 |
|
43,201 |
|
208,146 |
|
-7,946 |
|
|
#10 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,756,847 |
|
176,800 |
|
36,344 |
|
180,540 |
|
-3,740 |
|
|
#11 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,960,695 |
|
213,200 |
|
42,800 |
|
219,475 |
|
-6,275 |
|
|
11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Subtracted in prior 12 months: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,803,391 |
|
144,926 |
|
0 |
|
130,476 |
|
14,451 |
|
|
#2 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,497,112 |
|
129,007 |
|
20,107 |
|
127,536 |
|
1,471 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
* Contractual royalty rate is actually 4.5%. Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Type I Property Lease Credit Agreement |
|
|
|
|
|
|
|
|
|
|
|
Type I Property Lease Credit Agreement Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
77,058,215.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
70.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
350,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Type I Property Lease Credit Agreement Intercompany Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
77,058,215.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
|
Owned Real Property Credit Agreement |
|
|
|
|
|
|
|
|
|
|
|
Owned Real Property Credit Agreement Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
96,945,000.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
85.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
425,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Owned Real Property Credit Agreement Intercompany Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
96,945,000.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
Exhibit 99.3
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
|
For the Monthly Payment Date of: |
June 20, 2008 |
|
For the Monthly Collection Period of: |
May |
|
Current Notes Outstanding: |
|
|
|
|
|
1 Series 2007-1 |
|
$ |
175,000,000 |
|
|
2 Series 2007-2 |
|
$ |
15,000,000 |
|
|
3 Series 2007-3 |
|
$ |
245,000,000 |
|
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Friday, June 20, 2008
For the Period of May 20, 2008 - June 19, 2008
|
|
|
Debit Account # |
|
Total |
|
Employer/ |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
96,111.11 |
|
N/A |
|
JP Morgan Chase |
|
021-000-021 |
|
Financial Guaranty Insurance Company Concentration Account |
|
904-951839 |
|
Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of May 20 - June 19, 2008. |
. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499508 |
|
$ |
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of May 20 - June 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of May 20 - June 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
14,093.75 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate Trust Services |
|
1000031565 |
|
Payment of Invoice #420360 for 4/16/08-5/15/08 trust administration |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
38,904.17 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00-001 |
|
Interest Payment on IHOP Series 2007-2 for the period of May 20 - June 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,291.67 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00-001 |
|
Fee Payment on IHOP Series 2007-2 for the period of May 20 - June 19, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
2,341,739.03 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For May 20 - June 19 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation - For Series 2 Interest Calculation Only |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
05/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
06/19/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense May 20 - June 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense May 20 - June 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense May 20 - June 19 |
|
|
|
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
87,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for May 20 - June 19 |
|
|
|
861.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
861.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for May 20 - June 19 |
|
|
|
7,750.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
7,750.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
|
|
$ |
8,611.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total FGIC |
|
|
|
$ |
96,111.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
|
|
0.150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense for May 20 - June 19 |
|
|
|
1,291.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Fee |
|
|
|
$ |
1,291.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense for May 20 - June 19 |
|
|
|
39,266.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense Credit Adjustment for Prior Period |
|
|
|
(362.50 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 2 Interest Expense |
|
|
|
$ |
38,904.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
June 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
May |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
|
|
$ |
23,005,291.96 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
|
|
$ |
40,297.75 |
|
Deposits from Lock-Box to Collection Account
|
From Type 1 Stores |
|
|
|
Counted for Purposes |
|
||||
|
A) |
|
Franchise Payments |
|
$ |
4,341,872.24 |
|
Yes |
|
|
|
B) |
|
License Payments |
|
$ |
194,316.84 |
|
Yes |
|
|
|
C) |
|
Development Payments |
|
$ |
230,000.00 |
|
Yes |
|
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
11,132.59 |
|
Yes |
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
36,586.67 |
|
Yes |
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
703,787.15 |
|
Yes |
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
341,331.11 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
||
|
H) |
|
Lease Payments |
|
|
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
634,769.93 |
|
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
3,226,391.26 |
|
|
|
|
|
|
|
Total Lease Payments |
|
$ |
3,861,161.19 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
|
J) |
|
Training Fees |
|
$ |
11,832.49 |
|
Yes |
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
225,398.41 |
|
Yes |
|
|
|
L) |
|
Other |
|
$ |
209,493.96 |
|
Yes |
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
21,543.75 |
|
Yes |
|
|
|
|
|
Total Type 1 Collections Received |
|
$ |
10,188,456.40 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
From Type 2 Stores |
|
|
|
|
|
||||
|
A) |
|
Franchise Payments |
|
$ |
2,605,043.66 |
|
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
33,749.35 |
|
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
127,507.63 |
|
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
991,204.44 |
|
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
301,825.83 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
H) |
|
Lease Payments |
|
|
|
|
|
||
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
5,496,456.87 |
|
|
|
|
|
|
|
Total Lease Payments |
|
$ |
5,496,456.87 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
271,570.47 |
|
|
|
|
|
L) |
|
Other |
|
$ |
94,175.70 |
|
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
39,001.27 |
|
|
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
9,960,535.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Other |
|
|
|
|
|
||||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|
|||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
19,955.19 |
|
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
|
Net Investment Income |
|
$ |
19,955.19 |
|
Yes |
|
|
|
C) |
|
Distribution Payments |
|
$ |
2,263,335.75 |
|
Yes |
|
|
|
D) |
|
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
|
E) |
|
Defective Assets Payments |
|
$ |
— |
|
|
|
|
|
F) |
|
Any other Amounts owed relating to the Collateral |
|
$ |
— |
|
Yes |
|
|
|
|
|
Total “Other” Collections Received |
|
$ |
2,283,290.94 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Total Monthly Cash Payments |
|
$ |
22,432,282.56 |
|
|
|
|
|
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
12,471,747.34 |
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
|
|
|
|
|
|
June 20, 2008 |
|
|
|
|
& |
|
For the Monthly Collection Period of: |
|
|
|
|
|
|
|
May |
|
|
|
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
|
$ |
22,432,282.56 |
|
|
|
$ |
22,432,282.56 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture |
|
|
||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
9,442,682.35 |
|
$ |
12,989,600.21 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,810,664.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,370,909.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
1,261,108.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
12,989,600.21 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
12,989,600.21 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,076,615.38 |
|
$ |
10,912,984.83 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
10,912,984.83 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
50,000.00 |
|
$ |
10,862,984.83 |
|
$ |
25,000.00 |
|
$ |
50,000.00 |
|
$ |
75,000.00 |
|
$ |
500,000.00 |
|
$ |
425,000.00 |
|
|||||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
96,111.11 |
|
$ |
10,766,873.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,230,642.51 |
|
$ |
8,536,231.21 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
i |
|
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
ii |
|
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
39,304.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
iii |
|
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,291.67 |
|
$ |
8,534,939.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
8,534,939.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
377,044.00 |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
i |
|
Interest Reserve Amount (2007-1) |
|
$ |
37,333.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
ii |
|
Interest Reserve Amount (2007-2) |
|
$ |
51,477.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
iii |
|
Interest Reserve Amount (2007-3) |
|
$ |
288,234.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
8,157,895.54 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
i |
|
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
ii |
|
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
iii |
|
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
i |
|
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
ii |
|
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
iii |
|
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
i |
|
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
ii |
|
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
iii |
|
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
$ |
— |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
$ |
8,157,895.54 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
All Remaining Funds |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Total Monthly DSCR Expenses |
|
$ |
6,198,388.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
|
|
|
|
|
|
|
|
June 20, 2008 |
|
|
|
|
& |
|
For the Monthly Collection Period of: |
|
|
|
|
|
|
|
|
|
May |
|
|
|
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
|
Waterfall for Determination of Type 1 Residual
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
12,471,747.34 |
|
|
|
$ |
12,471,747.34 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|
|
|||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
4,071,772.79 |
|
$ |
8,399,974.55 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,810,664.75 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
1,261,108.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
8,399,974.55 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
8,399,974.55 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
c) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,076,615.38 |
|
$ |
6,323,359.16 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
d) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
6,323,359.16 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
e) |
|
A |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
50,000.00 |
|
$ |
6,273,359.16 |
|
$ |
25,000.00 |
|
$ |
50,000.00 |
|
$ |
75,000.00 |
|
$ |
500,000.00 |
|
$ |
425,000.00 |
|
|||||||||||||||||||
|
|
|
B |
|
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
96,111.11 |
|
$ |
6,177,248.05 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
C |
|
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,230,642.51 |
|
$ |
3,946,605.54 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
i |
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
ii |
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
39,304.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
iii |
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
D |
|
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,291.67 |
|
$ |
3,945,313.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
f) |
|
|
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
3,945,313.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
g) |
|
|
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
377,044.00 |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
i |
Interest Reserve Amount (2007-1) |
|
$ |
37,333.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
ii |
Interest Reserve Amount (2007-2) |
|
$ |
51,477.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
iii |
Interest Reserve Amount (2007-3) |
|
$ |
288,234.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||
|
h) |
|
A |
|
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
i) |
|
|
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
j) |
|
|
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
k) |
|
|
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
3,568,269.87 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
l) |
|
|
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
i |
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
ii |
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
iii |
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
m) |
|
|
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
i |
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
ii |
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
iii |
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
n) |
|
|
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
o) |
|
A |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
B |
|
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
C |
|
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
p) |
|
|
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
q) |
|
|
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
r) |
|
|
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
s) |
|
|
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
t) |
|
|
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
i |
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
ii |
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
iii |
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
u) |
|
|
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
3,568,269.87 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
v) |
|
|
|
To Applebee’s International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
Type 1 Residual |
|
$ |
3,568,269.87 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
|
|
|
|
|
|
Total Weekly DSCR Expenses |
|
$ |
6,198,388.18 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
|
$ |
9,960,535.22 |
|
|
|
$ |
9,960,535.22 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
a) |
I |
|
To the Lease and Reimbursement Payment Account |
|
$ |
5,370,909.56 |
|
$ |
4,589,625.66 |
|
|
|
|
|
|
|
|
|
|
|
|||
|
|
|
|
|
A |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,370,909.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
v) |
|
|
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
All Remaining Funds |
|
$ |
4,589,625.66 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
|
|
|
Type 1 Residual |
|
Wires |
|
||
|
|
|
Weekly |
|
Sent to |
|
||
|
|
|
Calculation |
|
Applebee’s |
|
||
|
|
|
|
|
|
|
||
|
Week 1 |
|
$ |
477,765.88 |
|
$ |
477,765.88 |
|
|
Week 2 |
|
$ |
835,445.17 |
|
$ |
835,445.17 |
|
|
Week 3 |
|
$ |
262,688.02 |
|
$ |
262,688.02 |
|
|
Week 4 |
|
$ |
1,992,370.80 |
|
$ |
1,992,370.80 |
|
|
Week 5 |
|
N/A |
|
N/A |
|
||
|
Total |
|
$ |
3,568,269.87 |
|
$ |
3,568,269.87 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts |
|
|
|
1 |
Advertising Account |
|
|
|
|||
|
|
Beginning Balance |
|
$ |
3,248,773.13 |
|
||
|
Plus Deposits |
|
$ |
5,212,678.64 |
|
|||
|
Less Withdrawals |
|
$ |
(5,749,021.92 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
2,712,429.85 |
|
|
|
|
|
|
|
|
||
|
2 |
Insurance Proceeds Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
— |
|
|||
|
|
Ending Balance |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
3 |
Lease and Reimbursements Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
7,709,890.51 |
|
|
Plus Deposits |
|
$ |
9,259,443.93 |
|
|||
|
Less Withdrawals |
|
$ |
(8,998,156.91 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
7,971,177.53 |
|
|
|
|
|
|
|
|
||
|
4 |
Principal Payment Account - 2007-1 & 2007-2 & 2007-3 |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
— |
|
|
Plus Trigger Reserve Deposits |
|
$ |
— |
|
|||
|
Plus Weekly Collection Account Deposits |
|
$ |
— |
|
|||
|
Plus Any Defective Asset Damages Amount |
|
$ |
— |
|
|||
|
Plus Capital Contributions relating to an Optional Redemption |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
— |
|
|||
|
|
Ending Balance |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
5 |
Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3 |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
2,166,914.55 |
|
|
Plus Deposits |
|
$ |
2,231,934.18 |
|
|||
|
Less Withdrawals |
|
$ |
(2,158,722.88 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
2,240,125.85 |
|
|
|
|
|
|
|
|
||
|
6 |
Hedge Agreement Expense Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|||
|
Less Withdrawals |
|
$ |
— |
|
|||
|
|
Ending Balance |
|
|
|
$ |
— |
|
|
|
|
|
|
|
|
||
|
7 |
Operating Expense Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
15,504.34 |
|
|
Plus Deposits |
|
$ |
50,000.00 |
|
|||
|
Less Withdrawals |
|
$ |
(34,546.88 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
30,957.46 |
|
|
|
|
|
|
|
|
||
|
8 |
Insurer Payment Account |
|
|
|
|||
|
|
Beginning Balance |
|
|
|
$ |
92,638.89 |
|
|
Plus Deposits |
|
$ |
96,111.11 |
|
|||
|
Less Withdrawals |
|
$ |
(92,638.89 |
) |
|||
|
|
Ending Balance |
|
|
|
$ |
96,111.11 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
Series 2007-1 $175 Million Notes |
|
|
|
Series 2007-2 VFN $25 Million Note |
|
|
|
Series 2007-3 $245 Million Notes |
|
|
|
Reconciliation of Reserve Accounts |
|
|
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts |
||||
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
5,195,838 |
|
|
Plus Deposits |
|
$ |
377,044 |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
5,572,882 |
|
|
|
|
|
|
|
|
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
Series 2007-1 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
175,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
175,000,000.00 |
|
|
|
|
|
|
|
|
Series 2007-3 |
|
|
|
|
|
Beginning |
|
$ |
245,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
245,000,000.00 |
|
|
|
|
|
|
|
|
Series 2007-2 |
|
|
|
|
|
Beginning |
|
$ |
— |
|
|
Amortization |
|
$ |
— |
|
|
Draw Down |
|
$ |
15,000,000.00 |
|
|
Ending |
|
$ |
15,000,000.00 |
|
|
Series 2007-2 Draw #1 |
|
|
|
|
|
Amount |
|
$ |
10,000,000.00 |
|
|
Date |
|
5/23/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
Series 2007-2 Draw #2 |
|
|
|
|
|
Amount |
|
$ |
8,000,000.00 |
|
|
Date |
|
6/12/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
Series 2007-2 Draw #3 |
|
|
|
|
|
Amount |
|
$ |
15,000,000.00 |
|
|
Date |
|
11/28/2007 |
|
|
|
Interest Due |
|
38,904.17 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
|
|
& |
|
|
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
Calculation of DSCR |
|
|
|
|
|
|
|
Monthly Periods used in calculation of DSCR |
For the Monthly Payment Date of: |
June 20, 2008 |
|
|
For the Monthly Collection Period of: |
May |
March
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
17,468,639.20 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
7,261,220.37 |
|
|
|
|
|
|
$ |
10,207,418.83 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,408,240.39 |
|
|
|
|
|
|
|
|
|
April
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,282,449.07 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,514,937.72 |
|
|
|
|
|
|
$ |
6,767,511.35 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,244,671.64 |
|
|
|
|
|
|
|
|
|
May
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
12,471,747.34 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,198,388.18 |
|
|
|
|
|
|
$ |
6,273,359.16 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,328,045.29 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date DSCR Ratio |
|
3.330 |
|
|
|
|
|
|
|
% to Trap (if |
|
|
|
|
Event Occur? |
|
Applicable) |
|
|
Cash Trapping Event? |
|
N |
|
0.00 |
% |
|
Rapid Amortization Event? |
|
N |
|
|
|
|
Servicer Termination Event / EOD? |
|
N |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
($ In Thousands) |
|
||||
|
|
|
Monthly |
|
||||
|
Numerator |
|
|
|
|
|
||
|
|
Operating Lease Expense - (April 2008) |
|
8,710 |
|
|||
|
|
Annualized Operating Lease Expense (April 2008 * 12) |
|
104,517 |
|
|||
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
836,137 |
|
||
|
|
|
|
|
|
|||
|
|
+ |
All Trust Debt |
|
2,339,000 |
|
||
|
|
IHOP |
|
445,000 |
|
|||
|
|
Applebee’s |
|
1,894,000 |
|
|||
|
|
All Other IHOP Corp Debt |
|
168,593 |
|
|||
|
|
All Other Applebee’s Corp Debt |
|
3,634 |
|
|||
|
|
2 |
Total Indebtedness |
|
2,511,227 |
|
||
|
|
|
|
|
|
|||
|
|
Total Adjusted Debt |
|
3,347,364 |
|
|||
|
|
|
|
|
|
|||
|
Denominator |
|
|
|
|
|
||
|
|
1 |
EBITDA |
|
362,268 |
|
||
|
|
+ |
2 |
Operating Lease Expense |
|
104,517 |
|
|
|
|
EBITDAR |
|
466,785 |
|
|||
|
|
|
|
|
|
|||
|
|
Current Payment Date Leverage Ratio |
|
7.2 |
|
|||
|
|
Servicer Termination Event? |
|
N |
|
|||
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
Type I Stores |
|
|
|
|
|
|
|
|
|
Beginning |
|
891 |
|
|
Plus New Stores |
|
7 |
|
|
Plus Converted Type II |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Store Closures |
|
3 |
|
|
Ending Balance |
|
895 |
|
|
Type II Stores |
|
|
|
|
|
|
|
|
|
Beginning |
|
437 |
|
|
Plus New Stores |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Converted to Type I |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
437 |
|
|
Type III Stores |
|
|
|
|
|
|
|
|
|
Beginning |
|
17 |
|
|
Plus New Stores |
|
0 |
|
|
Less Stores Converted Out of Type III |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
17 |
|
|
IHOP System-Wide Sales As of Closing |
|
$ |
2,100,000,000 |
|
|
IHOP System-Wide Sales For Last 12 Months |
|
$ |
2,352,659,270 |
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
Deposits from Servicer to Collection Account
Misdirected Type 1 Payments
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
76,578.77 |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
177,039.24 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
253,618.01 |
|
Misdirected Type 2 Payments
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
85,972.53 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
85,972.53 |
|
Deposits from Advertising Account to Collection Account
Misdirected Type 1 Payments
|
A) |
|
Franchise Payments |
|
$ |
5,209.52 |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
— |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
5,209.52 |
|
Misdirected Type 2 Payments
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
— |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
— |
|
Deposits To Servicer
From Type 3 Stores
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Subleae |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
19,245.75 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type 3 Collections Received |
|
$ |
19,245.75 |
|
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
Non Conforming Assets
|
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
|||||||||
|
Count |
|
Store # |
|
Franchisee |
|
Store Type |
|
Previous |
|
Current |
|
Annual Sales |
|
Franchisee
|
|
Franchise & |
|
Master
Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|||||||||||||||||||||
|
#1 |
|
4771 - Rochester, NY |
|
Banana Nutz, Inc |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,673,101 |
|
223,600 |
|
40,789 |
|
223,831 |
|
-231 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtractions: |
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Listed in prior 12 months (Continues to be non-conforming): |
|
|||||||||||||||||||||
|
#1 |
|
1616 - N. Las Vegas, NV |
|
Craig Road Food Corp. |
|
1 |
|
4.500 |
% |
4.500 |
% |
2,161,619 |
|
202,800 |
|
14,668 |
|
204,407 |
|
-1,607 |
|
|
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,416,655 |
|
161,200 |
|
33,898 |
|
166,488 |
|
-5,288 |
|
|
|
#3 |
|
1930 - Baton Rouge, LA |
|
1930 B.R., Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,695,126 |
|
215,610 |
|
41,753 |
|
220,104 |
|
-4,494 |
|
|
|
#4 |
|
3109 - Willoughby, OH |
* |
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,295,720 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#5 |
|
3134 - Lexington, KY |
* |
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,011,827 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#6 |
|
3135 - Clarksville, IN |
* |
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,279,646 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#7 |
|
3170 - Cleveland, OH |
* |
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,454,180 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
#8 |
|
5327 - La Vista, NE |
|
Ashoori, Farshad Dan |
|
1 |
|
1.500 |
% |
0.250 |
% |
823,690 |
|
141,027 |
|
15,461 |
|
152,975 |
|
-11,948 |
|
|
|
#9 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,051,263 |
|
200,200 |
|
42,914 |
|
208,146 |
|
-7,946 |
|
|
|
#10 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,750,820 |
|
176,800 |
|
36,065 |
|
180,540 |
|
-3,740 |
|
|
|
#11 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,968,950 |
|
213,200 |
|
42,515 |
|
220,877 |
|
-7,677 |
|
|
|
#12 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,365,093 |
|
176,375 |
|
42,550 |
|
176,500 |
|
-125 |
|
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Subtracted in prior 12 months: |
|
|||||||||||||||||||||
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,800,204 |
|
144,926 |
|
0 |
|
128,847 |
|
16,080 |
|
|
|
#2 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,504,340 |
|
129,281 |
|
20,057 |
|
127,536 |
|
1,745 |
|
|
* Contractual royalty rate is actually 4.5%. Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
June 20, 2008 |
|
& |
For the Monthly Collection Period of: |
May |
|
IHOP IP, LLC, as Co Issuer |
|
|
Type I Property Lease Credit Agreement
|
Type I Property Lease Credit Agreement Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
77,058,215.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
70.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
350,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Type I Property Lease Credit Agreement Intercompany Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
77,058,215.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
Owned Real Property Credit Agreement
|
Owned Real Property Credit Agreement Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
96,945,000.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
85.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
425,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Owned Real Property Credit Agreement Intercompany Loan |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
96,945,000.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
Exhibit 99.4
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
For the Monthly Collection Period of: |
|
June |
|
Current Notes Outstanding: |
|
|
|
||
|
1 |
Series 2007-1 |
|
$ |
175,000,000 |
|
|
2 |
Series 2007-2 |
|
$ |
15,000,000 |
|
|
3 |
Series 2007-3 |
|
$ |
245,000,000 |
|
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for
Wires on Monday, July 21, 2008
For the Period of June 20, 2008 - July 20, 2008
|
|
|
Debit Account # |
|
Total |
|
Employer/ |
|
Bank |
|
ABA # |
|
Account Name |
|
Account # |
|
Reference |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wires |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
FGIC |
|
21499506 |
|
$ |
116,527.78 |
|
N/A |
|
JP Morgan Chase |
|
021-000-021 |
|
Financial Guaranty Insurance Company Concentration Account |
|
904-951839 |
|
Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of June 20 - July 20, 2008. Includes make-up payment for 3/16/07-6/19/08 miscalculation of premium of $17,500. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499508 |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-1 for the period of June 20 - July 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
21499519 |
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
Interest Payment on IHOP Series 2007-3 for the period of June 20 - July 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo Trust Services |
|
21499503 |
|
$ |
16,620.38 |
|
|
|
Wells Fargo Bank |
|
121-000-248 |
|
Wells Fargo Corporate Trust Services |
|
1000031565 |
|
Payment of invoice #426712 for 5/16/08-6/15/08 trust administration. Payment of invoice #420274 for file safekeeping Aug 07- May 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Moody’s Investors Service |
|
21499503 |
|
$ |
15,000.00 |
|
|
|
Suntrust Bank, Atlanta, GA |
|
061000104 |
|
Moody’s Investors Service |
|
8801939847 |
|
Payment of annual fee for IHOP Franchising, LLC/IHOP IP, LLC - Series 2007-1, invoice #C1648538-000 dated 3/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499513 |
|
$ |
39,783.33 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00 |
|
Interest Payment on IHOP Series 2007-2 for the period of June 20 - July 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calyon Americas |
|
21499516 |
|
$ |
1,291.67 |
|
|
|
Calyon Americas New York Branch |
|
026-008-073 |
|
Atlantic Asset Securitization |
|
01-25680-0001-00 |
|
Fee Payment on IHOP Series 2007-2 for the period of June 20 - July 20, 2008. |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
2,453,606.10 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Calculations: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 Undrawn Portion |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For June 20 - July 20 |
|
|
|
10,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Day Calculation - For Series 2 Interest Calculation Only |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Start Date |
|
|
|
06/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
End Date |
|
|
|
07/20/08 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Number of Days |
|
|
|
31 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
175,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
5.1440 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense June 20 - July 19 |
|
|
|
750,166.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense July 20 |
|
|
|
25,005.56 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 1 Interest Expense |
|
|
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 3 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Principal |
|
|
|
245,000,000.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense % - Series 1 |
|
|
|
7.0588 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense June 20 - July 19 |
|
|
|
1,441,171.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense July 20 |
|
|
|
48,039.06 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 3 Interest Expense |
|
|
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007-1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 1 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense June 20 - July 20 |
|
|
|
90,416.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
One-time Makeup for Miscalculated Premium 3/16/07-6/19/08 |
|
|
|
17,500.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 1 Monoline Expense |
|
|
|
$ |
107,916.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Undrawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.100 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for June 20 - July 20 |
|
|
|
861.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
861.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense % Series 2 |
|
|
|
0.600 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Monoline Expense for June 20 - July 20 |
|
|
|
7,750.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total |
|
|
|
$ |
7,750.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtotal 2007 - 2 Monoline Expense |
|
|
|
$ |
8,611.11 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total FGIC |
|
|
|
$ |
116,527.78 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense % on Undrawn Portion |
|
|
|
0.150 |
% |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Fee Expense for June 20 - July 20 |
|
|
|
1,291.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Facility Fee |
|
|
|
$ |
1,291.67 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Series 2007 - 2 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense - Drawn |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense for June 20 - July 20 |
|
|
|
39,783.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Interest Expense Credit Adjustment for Prior Period |
|
|
|
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total 2007 - 2 Interest Expense |
|
|
|
$ |
39,783.33 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
Total Amounts Credited to the Lock-Box Account |
|
$ |
28,698,558.52 |
|
|
Total Amounts Credited to the Advertising Funds Account Account |
|
$ |
37,344.67 |
|
Deposits from Lock-Box to Collection Account
|
From Type 1 Stores |
|
|
|
Counted for Purposes |
|
|||
|
A) |
|
Franchise Payments |
|
$ |
5,506,723.47 |
|
Yes |
|
|
B) |
|
License Payments |
|
$ |
144,827.79 |
|
Yes |
|
|
C) |
|
Development Payments |
|
$ |
427,500.00 |
|
Yes |
|
|
D) |
|
IHOP Operated Restaurant Sub-Licensing Fees |
|
$ |
19,552.92 |
|
Yes |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
38,373.74 |
|
Yes |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
884,304.05 |
|
Yes |
|
|
G) |
|
Franchise Note Payments |
|
$ |
489,624.09 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
824,224.01 |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
4,035,885.97 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
4,860,109.98 |
|
Yes |
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
7,654.86 |
|
Yes |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
344,719.28 |
|
Yes |
|
|
L) |
|
Other |
|
$ |
78,964.00 |
|
Yes |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
25,405.69 |
|
Yes |
|
|
|
|
Total Type 1 Collections Received |
|
$ |
12,827,759.87 |
|
|
|
|
From Type 2 Stores |
|
|
|
|
|
|
||
|
A) |
|
Franchise Payments |
|
$ |
3,325,977.67 |
|
|
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
43,137.75 |
|
|
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
127,507.63 |
|
|
|
|
F) |
|
Equipment Lease Payments |
|
$ |
1,257,367.22 |
|
|
|
|
G) |
|
Franchise Note Payments |
|
$ |
412,484.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
7,011,320.15 |
|
|
|
|
|
|
Total Lease Payments |
|
$ |
7,011,320.15 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
J) |
|
Training Fees |
|
$ |
4,775.00 |
|
|
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
374,328.18 |
|
|
|
|
L) |
|
Other |
|
$ |
49,172.44 |
|
|
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
17,516.26 |
|
|
|
|
|
|
Total Type 2 Collections Received |
|
$ |
12,623,587.19 |
|
|
|
|
Other |
|
|
|
|
|
|||
|
To Be Deposited into the Collection Account |
|
|
|
|
|
|||
|
A) |
|
Investment Income from all other Accounts (as applicable) |
|
$ |
19,438.01 |
|
|
|
|
B) |
|
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
|
|
Net Investment Income |
|
$ |
19,438.01 |
|
Yes |
|
|
C) |
|
Distribution Payments |
|
$ |
2,934,443.12 |
|
Yes |
|
|
D) |
|
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
E) |
|
Defective Assets Payments |
|
$ |
— |
|
|
|
|
F) |
|
Any other Amounts owed relating to the Collateral |
|
$ |
— |
|
Yes |
|
|
|
|
Total “Other” Collections Received |
|
$ |
2,953,881.13 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly Cash Payments |
|
$ |
28,405,228.19 |
|
|
|
|
|
|
Total Monthly Collections - Related to Collateral |
|
$ |
15,781,641.00 |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Total Collections to be applied in Accordance From All Weekly Waterfalls |
$ |
28,405,228.19 |
|
|
|
$ |
28,405,228.19 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture |
|
|
|||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
9,263,812.85 |
|
$ |
19,141,415.34 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,631,097.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
B |
Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,068,460.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
C |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
D |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
E |
Supplier Payment Allocation Amount |
|
$ |
1,564,254.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
19,141,415.34 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
19,141,415.34 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount
Already |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,599,519.23 |
|
$ |
16,541,896.11 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
16,541,896.11 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
15,000.00 |
|
$ |
16,526,896.11 |
|
$ |
75,000.00 |
|
$ |
15,000.00 |
|
$ |
90,000.00 |
|
$ |
500,000.00 |
|
$ |
410,000.00 |
|
||||||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
116,527.78 |
|
$ |
16,410,368.33 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,300,057.94 |
|
$ |
14,110,310.39 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
i |
|
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
ii |
|
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
35,675.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
iii |
|
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,291.67 |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
i |
|
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
ii |
|
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
iii |
|
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
|
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
14,109,018.72 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
|||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
i |
|
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
ii |
|
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
iii |
|
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
i |
|
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
ii |
|
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
iii |
|
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
i |
|
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
ii |
|
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
iii |
|
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
14,109,018.72 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
v) |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
All Remaining Funds |
|
$ |
14,109,018.72 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||
|
|
|
|
|
Total Monthly DSCR Expenses |
|
$ |
6,809,871.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC , as Co Issuer |
|
|
|
|
Waterfall for Determination of Type 1 Residual
|
|
|
|
|
Amount Owed |
|
Collections |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
$ |
15,781,641.00 |
|
|
|
|
$ |
15,781,641.00 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties |
|
|
||||||||||||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
a) |
I |
To the Lease and Reimbursement Payment Account |
|
$ |
4,195,352.03 |
|
$ |
11,586,288.97 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
A |
Type 1 Property Lease Payment Allocation Amount |
|
$ |
2,631,097.89 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
B |
Training Fee Reimbursement Payment Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
C |
Third Party Reimbursement Payment Allocation Amount - Type 1’s only |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
D |
Supplier Payment Allocation Amount |
|
$ |
1,564,254.14 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
II |
To the Insurance Proceeds Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
i |
Insurance Restoration Payment Allocation Amount |
|
$ |
— |
|
$ |
11,586,288.97 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
b) |
|
To the Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
Defective Asset Damages Amounts |
|
$ |
— |
|
$ |
11,586,288.97 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
Amount |
|
Amount |
|
New
Amount |
|
Capped
Amount |
|
Amount
Avail under |
|
|||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
c) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
Weekly Servicer Fee |
|
$ |
2,599,519.23 |
|
$ |
8,986,769.74 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||
|
d) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
Hedge Agreement Allocation Amount |
|
$ |
— |
|
$ |
8,986,769.74 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
e) |
A |
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
Operating Expense Allocation Amount |
|
$ |
15,000.00 |
|
$ |
8,971,769.74 |
|
$ |
75,000.00 |
|
$ |
15,000.00 |
|
$ |
90,000.00 |
|
$ |
500,000.00 |
|
$ |
410,000.00 |
|
|||||||||||||||
|
|
B |
To the Insurer Premium Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
116,527.78 |
|
$ |
8,855,241.96 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
C |
To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
2,300,057.94 |
|
$ |
6,555,184.02 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
i |
|
Senior Series Interest Allocation Amount (2007-1) |
|
$ |
775,172.22 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
ii |
|
Senior Series Interest Allocation Amount (2007-2) |
|
$ |
35,675.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
iii |
|
Senior Series Interest Allocation Amount (2007-3) |
|
$ |
1,489,210.72 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
D |
To the Fee Payment Account (2007-2) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Senior Series Fee Allocation Amount (2007-2) |
|
$ |
1,291.67 |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
f) |
|
To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Senior Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
g) |
|
To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
i |
|
Interest Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
ii |
|
Interest Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
iii |
|
Interest Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
h) |
A |
To the Insurer Premium Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
C |
To the Fee Payment Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
i) |
|
To the Insurer Reimbursement and Expense Account (Senior Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
j) |
|
To the Interest Reserve Account (Senior Subordinated) |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
k) |
|
To the Servicer |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Supplemental Servicing Fee |
|
$ |
— |
|
$ |
6,553,892.35 |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
1,000,000.00 |
|
$ |
1,000,000.00 |
|
||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
l) |
|
To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
i |
|
Trigger Reserve Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
ii |
|
Trigger Reserve Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
iii |
|
Trigger Reserve Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
m) |
|
To the Principal Payment Account (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
i |
|
Principal Payment Amount (2007-1) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
ii |
|
Principal Payment Amount (2007-2) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
iii |
|
Principal Payment Amount (2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
n) |
|
To the Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Hedge Agreement Termination Payment |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
o) |
A |
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Insurance Premium Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
B |
To the Interest Payment Account Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Subordinated Series Interest Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
C |
To the Fee Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Subordinated Series Fee Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
p) |
|
To the Insurer Premium Payment Account (Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Subordinated Series Insurer Reimbursement and Expense Allocation Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
q) |
|
To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Interest Reserve Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
r) |
|
To the Trigger Reserve Account (Senior Subordinated & Subordinated) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Trigger Reserve Amount |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
s) |
|
To the Principal Payment Account (Senior Subordinated & Subordinated) |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Senior Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
Subordinated Principal Payment Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
t) |
|
To the Interest Payment Account Payment Account |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
i |
|
Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3) |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
ii |
|
Senior Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
iii |
|
Subordinated Additional Interest Allocation Amount |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
u) |
|
To the Operating Expense Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Operating Expense Allocation Amount above the Cap |
|
$ |
— |
|
$ |
6,553,892.35 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
v) |
|
To Applebee’s International |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||
|
|
|
|
|
Type 1 Residual |
|
$ |
6,553,892.35 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
Total Weekly DSCR Expenses |
|
$ |
6,809,871.26 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type |
$ |
12,623,587.19 |
|
$ |
12,623,587.19 |
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||
|
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
a) |
I |
|
|
To the Lease and Reimbursement Payment Account |
|
$ |
5,068,460.82 |
|
$ |
7,555,126.37 |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
|
|
|
|
|
A Type 2 Property Lease Payment Allocation Amount |
|
$ |
5,068,460.82 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||||||||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
v) |
|
|
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||||
|
|
|
|
|
All Remaining Funds |
|
$ |
7,555,126.37 |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||||||||
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC, as Co Issuer
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
|
|
|
Type 1 Residual |
|
Wires |
|
||
|
|
|
Weekly |
|
Sent to |
|
||
|
|
|
Calculation |
|
Applebee’s |
|
||
|
|
|
|
|
|
|
||
|
Week 1 |
|
$ |
609,501.49 |
|
$ |
609,501.49 |
|
|
Week 2 |
|
$ |
807,349.16 |
|
$ |
807,349.16 |
|
|
Week 3 |
|
$ |
192,711.50 |
|
$ |
192,711.50 |
|
|
Week 4 |
|
$ |
2,724,177.91 |
|
$ |
2,724,177.91 |
|
|
Week 5 |
|
$ |
2,220,152.27 |
|
$ |
2,220,152.27 |
|
|
Total |
|
$ |
6,553,892.35 |
|
$ |
6,553,892.35 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
Reconciliation of Indenture Trust Accounts
|
1 |
|
Advertising Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
2,712,429.85 |
|
|
|
|
Plus Deposits |
|
$ |
6,525,825.33 |
|
|
|
|
Less Withdrawals |
|
$ |
(6,550,207.41 |
) |
|
|
|
Ending Balance |
|
$ |
2,688,047.77 |
|
|
|
|
|
|
|
|
|
|
2 |
|
Insurance Proceeds Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
3 |
|
Lease and Reimbursements Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
7,971,177.53 |
|
|
|
|
Plus Deposits |
|
$ |
9,656,436.72 |
|
|
|
|
Less Withdrawals |
|
$ |
(9,506,856.54 |
) |
|
|
|
Ending Balance |
|
$ |
8,120,757.71 |
|
|
|
|
|
|
|
|
|
|
4 |
|
Principal Payment Account - 2007-1 & 2007-2 & 2007-3 |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Trigger Reserve Deposits |
|
$ |
— |
|
|
|
|
Plus Weekly Collection Account Deposits |
|
$ |
— |
|
|
|
|
Plus Any Defective Asset Damages Amount |
|
$ |
— |
|
|
|
|
Plus Capital Contributions relating to an Optional Redemption |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
5 |
|
Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3 |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
2,240,125.85 |
|
|
|
|
Plus Deposits |
|
$ |
2,301,349.61 |
|
|
|
|
Less Withdrawals |
|
$ |
(2,231,534.18 |
) |
|
|
|
Ending Balance |
|
$ |
2,309,941.28 |
|
|
|
|
|
|
|
|
|
|
6 |
|
Hedge Agreement Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
— |
|
|
|
|
Plus Deposits |
|
$ |
— |
|
|
|
|
Less Withdrawals |
|
$ |
— |
|
|
|
|
Ending Balance |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
7 |
|
Operating Expense Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
30,957.46 |
|
|
|
|
Plus Deposits |
|
$ |
15,000.00 |
|
|
|
|
Less Withdrawals |
|
$ |
(14,093.75 |
) |
|
|
|
Ending Balance |
|
$ |
31,863.71 |
|
|
|
|
|
|
|
|
|
|
8 |
|
Insurer Payment Account |
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
96,111.11 |
|
|
|
|
Plus Deposits |
|
$ |
116,527.78 |
|
|
|
|
Less Withdrawals |
|
$ |
(96,111.11 |
) |
|
|
|
Ending Balance |
|
$ |
116,527.78 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
Series 2007-1 $175 Million Notes |
|
|
|
|
|
Series 2007-2 VFN $25 Million Note |
|
|
|
|
|
Series 2007-3 $245 Million Notes |
|
|
|
|
Reconciliation of Reserve Accounts
|
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
$ |
5,572,882 |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
5,572,882 |
|
|
|
|
|
|
|
|
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts |
|
|
|
|
|
|
|
|
|
|
|
Beginning balance |
|
$ |
— |
|
|
Plus Deposits |
|
$ |
— |
|
|
Less Withdrawals |
|
$ |
— |
|
|
Ending Balance |
|
$ |
— |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
Series 2007-1 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
175,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
175,000,000.00 |
|
|
Series 2007-3 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
245,000,000.00 |
|
|
Amortization |
|
|
|
|
|
Ending |
|
$ |
245,000,000.00 |
|
|
Series 2007-2 |
|
|
|
|
|
|
|
|
|
|
|
Beginning |
|
$ |
— |
|
|
Amortization |
|
$ |
— |
|
|
Draw Down |
|
$ |
15,000,000.00 |
|
|
Ending |
|
$ |
15,000,000.00 |
|
|
Series 2007-2 Draw #1 |
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
10,000,000.00 |
|
|
Date |
|
5/23/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
Series 2007-2 Draw #2 |
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
8,000,000.00 |
|
|
Date |
|
6/12/2007 |
|
|
|
Interest Due |
|
$ |
0.00 |
|
|
Series 2007-2 Draw #3 |
|
|
|
|
|
|
|
|
|
|
|
Amount |
|
$ |
15,000,000.00 |
|
|
Date |
|
11/28/2007 |
|
|
|
Interest Due |
|
39,783.33 |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
|
|
|
|
& |
|
|
|
|
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
Calculation of DSCR
|
Monthly Periods used in calculation of DSCR |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
June |
|
|
|
April |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
13,282,449.07 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,514,937.72 |
|
|
|
|
|
|
$ |
6,767,511.35 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,244,671.64 |
|
|
|
|
May |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
12,471,747.34 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,198,388.18 |
|
|
|
|
|
|
$ |
6,273,359.16 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,328,045.29 |
|
|
|
|
|
June |
|
|
|
|
|
|
|
|
|
|
|
|
|
Adjusted Collections |
|
Total Monthly Collections - Related to Collateral |
|
$ |
15,781,641.00 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
6,809,871.26 |
|
|
|
|
|
|
$ |
8,971,769.74 |
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
Total Debt Service |
|
$ |
2,417,877.39 |
|
|
|
|
|
|
|
|
|
|
|
|
Current Payment Date DSCR Ratio |
|
|
3.149 |
|
|
|
|
|
|
|
% to Trap (if |
|
|
|
|
Event Occur? |
|
Applicable) |
|
|
Cash Trapping Event? |
|
N |
|
0.00 |
% |
|
Rapid Amortization Event? |
|
N |
|
|
|
|
Servicer Termination Event / EOD? |
|
N |
|
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
|
|
Monthly |
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (June 2008) |
|
9,166 |
|
|
|
|
|
|
|
Annualized Operating Lease Expense (June 2008 * 12) |
|
109,993 |
|
|
|
|
|
1 |
|
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
879,943 |
|
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
|
|
All Trust Debt |
|
2,036,200 |
|
|
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
|
|
Applebee’s |
|
1,591,200 |
|
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
168,110 |
|
|
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
342,550 |
|
|
|
|
|
2 |
|
Total Indebtedness |
|
2,546,860 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,426,803 |
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
|
|
1 |
|
EBITDA |
|
356,455 |
|
|
|
+ |
|
2 |
|
Operating Lease Expense |
|
109,993 |
|
|
|
|
|
|
|
EBITDAR |
|
466,448 |
|
|
Current Payment Date Leverage Ratio |
|
7.35 |
|
Servicer Termination Event? |
|
N |
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
Type I Stores
|
Beginning |
|
895 |
|
|
Plus New Stores |
|
4 |
|
|
Plus Converted Type II |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Store Closures |
|
3 |
|
|
Ending Balance |
|
896 |
|
Type II Stores
|
Beginning |
|
437 |
|
|
Plus New Stores |
|
0 |
|
|
Plus Converted Type III |
|
0 |
|
|
Less Converted to Type I |
|
0 |
|
|
Less Store Closures |
|
1 |
|
|
Ending Balance |
|
436 |
|
Type III Stores
|
Beginning |
|
17 |
|
|
Plus New Stores |
|
0 |
|
|
Less Stores Converted Out of Type III |
|
0 |
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
17 |
|
|
|
IHOP System-Wide Sales As of Closing |
|
$ |
2,100,000,000 |
|
|
|
IHOP System-Wide Sales For Last 12 Months |
|
$ |
2,368,512,751 |
|
|
|
Current Sales Greater than or Equal to Sales at Closing |
|
YES |
|
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
Deposits from Servicer to Collection Account
|
Misdirected Type 1 Payments |
|
|||||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
169,062.81 |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
200,015.62 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
369,078.43 |
|
|
|
|
|
|
|||
|
Misdirected Type 2 Payments |
|
|||||
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
85,360.40 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
85,360.40 |
|
Deposits from Advertising Account to Collection Account
|
Misdirected Type 1 Payments |
|
|||||
|
A) |
|
Franchise Payments |
|
$ |
1,163.98 |
|
|
B) |
|
License Payments |
|
$ |
–– |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
–– |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 1 Collections Received |
|
$ |
1,163.98 |
|
|
|
|
|
|
|||
|
Misdirected Type 2 Payments |
|
|||||
|
A) |
|
Franchise Payments |
|
$ |
5,749.72 |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
1,770.00 |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
–– |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type Misdirected Type 2 Collections Received |
|
$ |
7,519.72 |
|
|
|
|
|
|
|
|
|
|
Deposits To Servicer |
|
|||||
|
|
|
|
|
|
|
|
|
From Type 3 Stores |
|
|||||
|
|
|
|
|
|
|
|
|
A) |
|
Franchise Payments |
|
$ |
— |
|
|
B) |
|
License Payments |
|
$ |
— |
|
|
C) |
|
Development Payments |
|
$ |
— |
|
|
D) |
|
IHOP Operated Restaurant Licensing Fees |
|
$ |
— |
|
|
E) |
|
IHOP Operated Restaurant Lease Payments |
|
$ |
— |
|
|
F) |
|
Equipment Lease Payments |
|
$ |
— |
|
|
G) |
|
Franchise Note Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
H) |
|
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
I) |
|
Insurance Restoration Receipts |
|
$ |
— |
|
|
J) |
|
Training Fees |
|
$ |
— |
|
|
K) |
|
Any 3rd Party Reimbursement Amounts |
|
$ |
— |
|
|
L) |
|
Other |
|
$ |
26,431.51 |
|
|
M) |
|
(Less Returns, NSF etc.) |
|
$ |
— |
|
|
|
|
Total Type 3 Collections Received |
|
$ |
26,431.51 |
|
|
IHOP FRANCHISING LLC, as Issuer |
|
For the Monthly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
|
|
Non Conforming Assets
|
|
|
|
|
|
|
|
|
|
Most Recent Annual |
|
Most Recent Annual |
|
|||||||||
|
Count |
|
Store # |
|
Franchisee |
|
Store Type |
|
Previous |
|
Current |
|
Annual |
|
Franchisee |
|
Franchise & |
|
Master Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
5446 - Waite Park, MN |
|
Waite Park Food Corp. |
|
1 |
|
1.500 |
% |
0.250 |
% |
1,293,365 |
|
79,280 |
|
12,430 |
|
56,100 |
|
23,180 |
|
|
#2 |
|
1924 - Live Oak, TX |
|
Maraya, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,265,968 |
|
196,695 |
|
40,687 |
|
198,448 |
|
-1,753 |
|
|
#3 |
|
1925 - Weatherford, TX |
|
Osama Adi |
|
1 |
|
4.500 |
% |
4.500 |
% |
1,870,153 |
|
167,491 |
|
34,855 |
|
168,506 |
|
-1,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Subtractions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
5415 - Aurora, IL |
|
Ali Alforookh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,368,058 |
|
178,100 |
|
42,305 |
|
178,000 |
|
100 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Listed in prior 12 months (Continues to be non-conforming): |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
#1 |
|
1616 - N. Las Vegas, NV |
|
Craig Road Food Corp. |
|
1 |
|
4.500 |
% |
4.500 |
% |
2,147,902 |
|
202,800 |
|
14,206 |
|
203,928 |
|
-1,128 |
|
|
#2 |
|
1728 - Salem, OR |
|
Steven L. Graham |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,428,261 |
|
161,200 |
|
33,650 |
|
166,488 |
|
-5,288 |
|
|
#3 |
|
1930 - Baton Rouge, LA |
|
1930 B.R., Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,706,764 |
|
214,609 |
|
40,355 |
|
220,104 |
|
-5,495 |
|
|
#4 |
|
3109 - Willoughby, OH * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,306,271 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#5 |
|
3134 - Lexington, KY * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,001,160 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#6 |
|
3135 - Clarksville, IN * |
|
River Road Restaurants, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
2,290,307 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#7 |
|
3170 - Cleveland, OH * |
|
River Road Restaurants, 3170, LLC |
|
1 |
|
4.500 |
% |
0.000 |
% |
1,624,461 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
#8 |
|
4771 - Rochester, NY |
|
Banana Nutz, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,678,606 |
|
223,600 |
|
40,431 |
|
224,988 |
|
-1,388 |
|
|
#9 |
|
5327 - La Vista, NE |
|
Ashoori, Farshad Dan |
|
1 |
|
1.500 |
% |
0.250 |
% |
829,013 |
|
132,623 |
|
16,113 |
|
152,975 |
|
-20,352 |
|
|
#10 |
|
5328 - St. Peters, MO |
|
Sara Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
2,066,503 |
|
200,200 |
|
42,552 |
|
208,146 |
|
-7,946 |
|
|
#11 |
|
5330 - Shawnee, KS |
|
Amjad M. Fraitekh |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,737,843 |
|
176,800 |
|
35,713 |
|
180,540 |
|
-3,740 |
|
|
#12 |
|
5339 - Springfield, MO |
|
5339, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,973,456 |
|
213,200 |
|
42,155 |
|
221,066 |
|
-7,866 |
|
|
12 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Previously Subtracted in prior 12 months: |
|
||||||||||||||||||||
|
#1 |
|
409 - Norcross, GA |
|
Pancakes and More, LLC |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,785,689 |
|
144,842 |
|
0 |
|
125,349 |
|
19,494 |
|
|
#2 |
|
777 - Long Beach, CA |
|
Long Beach Pancakes, Inc. |
|
2 |
|
4.500 |
% |
4.500 |
% |
1,511,343 |
|
129,404 |
|
19,994 |
|
127,536 |
|
1,868 |
|
|
* |
Contractual royalty rate is actually 4.5%. Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement. |
|
IHOP FRANCHISING LLC, as Issuer |
For the Monthly Payment Date of: |
July 21, 2008 |
|
& |
For the Monthly Collection Period of: |
June |
|
IHOP IP, LLC, as Co Issuer |
|
|
Type I Property Lease Credit Agreement
|
Type I Property Lease Credit Agreement Loan |
|
|
|
|
|
Beginning |
|
77,058,215.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
70.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
350,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Type I Property Lease Credit Agreement Intercompany Loan |
|
|
|
|
|
Beginning |
|
$ |
77,058,215.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
77,058,215.00 |
|
Owned Real Property Credit Agreement
|
Owned Real Property Credit Agreement Loan |
|
|
|
|
|
Beginning |
|
96,945,000.00 |
|
|
|
Less Amortization |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
|
|
|
|
|
|
|
Aggregate Asset Valuation Amount |
|
$ |
500,000,000.00 |
|
|
Advance Cap |
|
85.00 |
% |
|
|
Maximum Loan Amount |
|
$ |
425,000,000.00 |
|
|
Early Amortization Event? |
|
NO |
|
|
|
Interest Owed |
|
|
|
|
|
|
|
|
|
|
|
Owned Real Property Credit Agreement Intercompany Loan |
|
|
|
|
|
Beginning |
|
$ |
96,945,000.00 |
|
|
Less Repayment |
|
$ |
— |
|
|
Less any Loan Foregiveness |
|
$ |
— |
|
|
Plus Any Advances |
|
$ |
— |
|
|
Plus Any New Loans |
|
$ |
— |
|
|
Ending |
|
$ |
96,945,000.00 |
|
Exhibit 99.5
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
For the Payment Date of: |
|
April 21, 2008 |
|
|
For the Monthly Collection Period of: |
|
March |
|
|
|
|
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 occurred |
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 |
|
2.704 |
|
2.354 |
|
|
Current 3-Month DSCR |
|
2.200 |
|
2.027 |
|
|
Current 12-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
U.S. 12-Month System-Wide Sales |
|
4,539,400,282 |
|
4,543,188,973 |
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
3.95 |
% |
|
Change in Franchised Stores |
|
5 |
|
6 |
|
|
Change in Company Owned Stores |
|
0 |
|
1 |
|
Monthly Servicing Report
For
Applebee’s 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 |
|
$ |
399,555.56 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Services, Inc. VFN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579602 |
|
$ |
9,881,682.71 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579609 |
|
$ |
861,217.54 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Subordinated Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579604 |
|
$ |
12,500.00 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Administrative Agent Fee - March 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assured Guaranty |
|
22579603 |
|
$ |
466,333.33 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s March 2008 premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579606 |
|
$ |
86,345.57 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579602 |
|
$ |
8,079.72 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579603 |
|
$ |
361.92 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579609 |
|
$ |
668.63 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579600 |
|
$ |
25.08 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
21,568,758.91 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee’s |
|
51-20314 |
|
March 2008 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
33,285,528.97 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
For the Payment Date of: |
|
April 21, 2008 |
|
|
For the Monthly Collection Period of: |
|
March |
|
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
|||||
|
Franchisees |
||||||||||
|
A) |
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
||||
|
Royalty Payment |
|
$ |
11,323,688 |
|
Yes |
|
||||
|
Initial Franchise Fees |
|
$ |
(17,500 |
) |
|
|
||||
|
Transfer Fees |
|
$ |
— |
|
|
|
||||
|
Renewal Fees |
|
$ |
— |
|
|
|
||||
|
Licensing Fees payable to Third parties |
|
$ |
— |
|
|
|
||||
|
Advertising Fees paid into the Concentration Account |
|
$ |
— |
|
|
|
||||
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
11,306,188 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
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 |
|
$ |
75,997 |
|
|
|
|||
|
K) |
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
|||
|
L) |
Other |
|
$ |
218,512 |
|
Yes |
|
|||
|
M) |
Any andvance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
|||
|
N) |
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
|||
|
Franchisee Collections Received |
|
$ |
11,600,697 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
From Restaurant Holder Accounts |
||||||||||
|
A) |
All Store Revenue - Cash Purchase |
|
$ |
41,554,522 |
|
Yes |
|
|||
|
I) |
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|||
|
Restaurant Holder Collections Received |
|
$ |
41,554,522 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
From Credit Card Accounts |
||||||||||
|
A) |
All Store Revenue - Credit Card Purchase |
|
$ |
76,213,314 |
|
Yes |
|
|||
|
Credit Card Collections Received |
|
$ |
76,213,314 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
From Gift Card Reserve Account |
||||||||||
|
A) |
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
5,878,372 |
|
Yes |
|
|||
|
B) |
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
|||
|
Credit Card Collections Received |
|
$ |
5,878,372 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
Other |
||||||||||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
|||||
|
A) |
Investment Income from all other Accounts (as applicable) |
|
$ |
91,534 |
|
|
|
|||
|
B) |
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|||
|
Net Investment Income |
|
$ |
91,534 |
|
Yes |
|
||||
|
C) |
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|||
|
D) |
Any other Amounts owed relating to the Collateral |
|
$ |
185,045 |
|
Yes |
|
|||
|
E) |
Vendor Rebates |
|
$ |
768,499 |
|
Yes |
|
|||
|
F) |
IHOP Residual Amount |
|
$ |
8,281,604 |
|
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 |
|
$ |
9,326,682 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
Misdirected Funds |
||||||||||
|
|
A) |
Funds deposited to Cencentration Account in Error |
|
$ |
1,327,962 |
|
|
|
||
|
|
|
|
|
|
|
|||||
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
145,901,549 |
|
|
|
||||
|
Gross Monthly Collections |
|
$ |
144,515,090 |
|
|
|
||||
|
Applebee’s Enterprises LLC as Issuer |
For the Payment Date of: |
|
April 21, 2008 |
|
|
And |
For the Monthly Collection Period of: |
|
March |
|
|
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 |
|
$ |
123,646,208 |
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(1,429,897 |
) |
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(8,311,807 |
) |
|
Restaurant Sales |
|
$ |
113,904,504 |
|
|
|
|
|
|
|
|
B) Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|
|
Food and Beverage |
|
$ |
33,508,296 |
|
|
Labor |
|
$ |
35,860,726 |
|
|
Utilities |
|
$ |
4,662,158 |
|
|
Other Controllables (including local advertising costs) |
|
$ |
9,812,893 |
|
|
Occupancy Costs |
|
$ |
2,659,510 |
|
|
Other Non-Controllables |
|
$ |
2,148,509 |
|
|
Less: Vendor Rebates |
|
$ |
(768,499 |
) |
|
Subtotal of Operating Expenses Attributable |
|
$ |
87,883,593 |
|
|
|
|
|
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
97,704 |
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
3,180,330 |
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
— |
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
91,161,627 |
|
|
|
|
|
|
|
|
C) Restaurant Holder Profits |
|
$ |
22,742,877 |
|
|
Percentage of Monthly Sales |
|
19.97 |
% |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
April 21, 2008 |
|
|
And |
|
For the Monthly Collection Period of: |
|
March |
|
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Week 5 |
|
Totals |
|
||||||||
|
Beginning Concentration Account Balance |
|
$ |
29,539,681 |
|
$ |
34,358,433 |
|
$ |
38,076,277 |
|
$ |
50,753,731 |
|
$ |
32,552,019 |
|
$ |
29,539,681 |
|
||
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
28,478,978 |
|
$ |
26,531,439 |
|
$ |
31,320,548 |
|
$ |
32,477,943 |
|
$ |
27,092,641 |
|
$ |
145,901,549 |
|
||
|
Other Cash Deposits |
|
$ |
(42,067 |
) |
$ |
(151,692 |
) |
$ |
255,603 |
|
$ |
(1,238,778 |
) |
$ |
(151,028 |
) |
$ |
(1,327,962 |
) |
||
|
Total Cumulative Weekly Collections |
|
$ |
28,478,978 |
|
$ |
26,531,439 |
|
$ |
31,320,548 |
|
$ |
32,477,943 |
|
$ |
27,092,641 |
|
$ |
145,901,549 |
|
||
|
Total Cumulative IHOP Residual Amounts Received |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
19,036,156 |
|
$ |
18,201,841 |
|
$ |
14,433,302 |
|
$ |
18,695,273 |
|
$ |
18,285,520 |
|
$ |
88,652,092 |
|
||
|
Prior Monthly Waterfall Payments |
|
|
|
|
|
|
|
$ |
26,241,619 |
|
$ |
— |
|
$ |
26,241,619 |
|
|||||
|
Prior Month weekly waterfall payments |
|
$ |
3,298,062 |
|
|
|
|
|
|
|
|
|
$ |
3,298,062 |
|
||||||
|
Prior Weekly Waterfall Payments |
|
|
|
$ |
3,320,104 |
|
$ |
3,415,098 |
|
$ |
3,487,149 |
|
$ |
3,535,327 |
|
$ |
13,757,678 |
|
|||
|
Prior week gift card redemptions due to Restaurant Holders |
|
$ |
1,283,941 |
|
$ |
1,139,958 |
|
$ |
1,050,297 |
|
$ |
1,016,836 |
|
$ |
904,105 |
|
$ |
5,395,137 |
|
||
|
Total expended and committed funds |
|
$ |
23,618,159 |
|
$ |
22,661,903 |
|
$ |
18,898,697 |
|
$ |
49,440,877 |
|
$ |
22,724,952 |
|
$ |
137,344,588 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
34,358,433 |
|
$ |
38,076,277 |
|
$ |
50,753,731 |
|
$ |
32,552,019 |
|
$ |
36,768,680 |
|
$ |
50,526,358 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||||
|
|
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 |
|
$ |
1,678,596 |
|
$ |
1,670,259 |
|
$ |
1,685,011 |
|
$ |
1,600,343 |
|
$ |
1,677,598 |
|
$ |
8,311,807 |
|
|
|
|
A |
Sales taxes payable |
|
$ |
1,678,596 |
|
$ |
1,670,259 |
|
$ |
1,685,011 |
|
$ |
1,600,343 |
|
$ |
1,677,598 |
|
$ |
8,311,807 |
|
|
|
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 |
|
$ |
(873,392 |
) |
$ |
(766,094 |
) |
$ |
(715,170 |
) |
$ |
(597,318 |
) |
$ |
(465,540 |
) |
$ |
(3,417,514 |
) |
|
|
|
A |
Gift Card Sales payable to ACMC |
|
$ |
266,566 |
|
$ |
284,203 |
|
$ |
301,666 |
|
$ |
306,787 |
|
$ |
270,675 |
|
$ |
1,429,897 |
|
|
|
B |
ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
(1,139,958 |
) |
$ |
(1,050,297 |
) |
$ |
(1,016,836 |
) |
$ |
(904,105 |
) |
$ |
(736,215 |
) |
$ |
(4,847,411 |
) |
|
|
C |
Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
V) |
To the Third Party Licensing Fee Account |
|
$ |
20,079 |
|
$ |
20,160 |
|
$ |
20,307 |
|
$ |
17,684 |
|
$ |
19,474 |
|
$ |
97,704 |
|
|
|
|
A |
Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
20,079 |
|
$ |
20,160 |
|
$ |
20,307 |
|
$ |
17,684 |
|
$ |
19,474 |
|
$ |
97,704 |
|
|
|
B |
Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VI) |
To the Advertising Fees Account |
|
$ |
639,082 |
|
$ |
638,523 |
|
$ |
644,751 |
|
$ |
620,312 |
|
$ |
637,662 |
|
$ |
3,180,330 |
|
|
|
|
A |
Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
639,082 |
|
$ |
638,523 |
|
$ |
644,751 |
|
$ |
620,312 |
|
$ |
637,662 |
|
$ |
3,180,330 |
|
|
|
B |
Any Advertising Fees owed but not paid in accordance with VI) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VII) |
To the Operating Expense Account |
|
$ |
3,489 |
|
$ |
— |
|
$ |
— |
|
$ |
24,556 |
|
$ |
— |
|
$ |
28,045 |
|
|
|
|
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) |
|
$ |
3,489 |
|
$ |
— |
|
$ |
— |
|
$ |
24,556 |
|
$ |
— |
|
$ |
28,045 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VIII) |
To the Servicer |
|
$ |
1,852,250 |
|
$ |
1,852,250 |
|
$ |
1,852,250 |
|
$ |
1,869,750 |
|
$ |
1,852,250 |
|
$ |
9,278,750 |
|
|
|
|
A |
Weekly Servicing Fee |
|
$ |
1,852,250 |
|
$ |
1,852,250 |
|
$ |
1,852,250 |
|
$ |
1,852,250 |
|
$ |
1,852,250 |
|
$ |
9,261,250 |
|
|
|
B |
Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
C |
Residual Certificates paid to Servicer |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
D |
Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
17,500 |
|
$ |
— |
|
$ |
17,500 |
|
|
|
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 |
|
$ |
3,320,104 |
|
$ |
3,415,098 |
|
$ |
3,487,149 |
|
$ |
3,535,327 |
|
$ |
3,721,444 |
|
$ |
17,479,122 |
|
||
|
Less: Non-DSCR Expense |
|
$ |
(1,139,958 |
) |
$ |
(1,050,297 |
) |
$ |
(1,016,836 |
) |
$ |
(886,605 |
) |
$ |
(736,215 |
) |
$ |
(4,829,911 |
) |
||
|
DSCR Expenses in Weekly Allocations |
|
$ |
4,460,062 |
|
$ |
4,465,395 |
|
$ |
4,503,985 |
|
$ |
4,421,932 |
|
$ |
4,457,659 |
|
$ |
22,309,033 |
|
||
|
Ending Concentration Account balance |
|
$ |
31,038,329 |
|
$ |
34,661,179 |
|
$ |
47,266,582 |
|
$ |
29,016,692 |
|
$ |
33,047,237 |
|
$ |
33,047,237 |
|
||
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
April 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
March |
|
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 |
|
$ |
33,047,236.62 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Servicing accounts to be distributed |
|
$ |
42,310.58 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
$ |
100,500.85 |
|
|
|
$ |
33,190,048.05 |
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
Total Amount to be distributed |
|
$ |
33,190,048.05 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
I |
|
To the Operating Expense Account* |
|
|
|
$ |
0.00 |
|
$ |
33,190,048.05 |
|
||
|
|
|
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 |
|
$ |
33,190,048.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
III |
|
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
$ |
0.00 |
|
$ |
33,190,048.05 |
|
||
|
|
|
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 |
|
$ |
33,190,048.05 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
V |
|
|
|
|
|
|
|
|
|
|
|||
|
|
A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Senior Notes Monthly Interest Amount |
|
|
|
$ |
9,881,682.71 |
|
$ |
23,308,365.34 |
|
|
|
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Accrued Insurer Premium Amount |
|
|
|
$ |
466,333.33 |
|
$ |
22,842,032.01 |
|
|
|
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
$ |
399,555.56 |
|
$ |
22,442,476.45 |
|
|
|
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
$ |
0.00 |
|
$ |
22,442,476.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
VI |
|
To each Insurer |
|
|
|
|
|
|
|
||||
|
|
|
|
Insurer Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
22,442,476.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
VII |
|
To each Insurer |
|
|
|
|
|
|
|
||||
|
|
|
|
Insurer Reimbursement Amount |
|
|
|
$ |
0.00 |
|
$ |
22,442,476.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
VIII |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
$ |
12,500.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
IX |
|
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
X |
|
To the Servicer |
|
|
|
|
|
|
|
||||
|
|
|
|
Any Supplemental Servicing Fee |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XI |
|
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XII |
|
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
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 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XIV |
|
To the Operating Expense Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
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 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XVI |
|
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XVII |
|
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
22,429,976.45 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XVIII |
|
Also, to the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes |
|
|
|
$ |
861,217.54 |
|
$ |
21,568,758.91 |
|
|
|
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 |
|
$ |
21,568,758.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XX |
A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
21,568,758.91 |
|
|
|
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
|
$ |
0.00 |
|
$ |
21,568,758.91 |
|
|
|
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
21,568,758.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XXI |
|
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
21,568,758.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XXII |
|
To Hedge Payment Account |
|
|
|
$ |
0.00 |
|
$ |
21,568,758.91 |
|
||
|
|
|
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 |
|
$ |
21,568,758.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XXIV |
|
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
i |
Lessor of |
|
|
|
$ |
0.00 |
|
$ |
21,568,758.91 |
|
|
|
|
|
|
(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 |
|
$ |
21,568,758.91 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
XXV |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
||||
|
|
|
|
All Remaining Funds |
|
|
|
$ |
21,568,758.91 |
|
$ |
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 |
|
|
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
April 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
March |
|
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 |
|
$ |
32,058,973 |
|
|
|
|
|
|
Plus Deposits |
|
$ |
86,346 |
|
|
|
|
|
|
Less Withdrawals |
|
$ |
(116,467 |
) |
|
|
|
|
|
Ending Balance |
|
$ |
32,028,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Excess(Deficit) |
|
$ |
86,346 |
|
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.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
April 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
March |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
|
|
For the Payment Date of: |
|
April 21, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
March |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
March |
|
||||||
|
Retained Collections |
|
$ |
— |
|
$ |
55,862,998 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
22,075,379 |
|
|
|
|
|
|
|
$ |
33,787,620 |
|
|
|
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
|
||
|
|
|
Total Debt Service |
|
$ |
10,760,072 |
|
|
|
|
|
|
|
|
|
||
|
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 |
|
|
|
|
|
|
|
|
|
||
|
Current Payment Date Adjusted DSCR Ratio |
|
2.704 |
|
||||
|
|
|
Event Occur? |
|
% to Trap (if |
|
|
|
|
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: |
|
April 21, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
March |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
||
|
|
|
|
|
|
|
||
|
March |
|
||||||
|
Retained Collections |
|
$ |
— |
|
$ |
47,581,394 |
|
|
|
- |
Total Monthly DSCR Expenses |
|
$ |
22,075,379 |
|
|
|
|
|
|
|
$ |
25,506,016 |
|
|
|
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
|
||
|
|
|
Total Debt Service |
|
$ |
10,760,072 |
|
|
|
|
|
|
|
|
|
||
|
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 |
|
|
|
|
|
|
|
|
|
||
|
Current Payment Date DSCR Ratio |
|
2.200 |
|
||||
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
April 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
March |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
Monthly |
|
|
|
Numerator |
|
|
|
|
|
|
Operating Lease Expense - (Current Month) |
|
10,295 |
|
|
|
Annualized Operating Lease Expense |
|
123,535 |
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
988,278 |
|
|
|
|
|
|
|
|
+ |
All Trust Debt |
|
2,339,000 |
|
|
|
IHOP |
|
445,000 |
|
|
|
Applebees |
|
1,894,000 |
|
|
|
All other Applebee’s Corporate Debt |
|
3,674 |
|
|
|
All Other IHOP Corp Debt |
|
169,512 |
|
|
2 |
Total Indebtedness |
|
2,512,186 |
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,500,465 |
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
1 |
EBITDA |
|
364,340 |
|
|
+ 2 |
Operating Lease Expense |
|
123,535 |
|
|
|
EBITDAR |
|
487,875 |
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio |
|
7.17 |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
April 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
March |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
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 |
|
0 |
|
|
|
Ending Balance |
|
510 |
|
|
|
|
|
|
|
|
|
Franchised Stores in U.S. |
||||
|
|
|
|
|
|
|
Beginning |
|
1,357 |
|
|
|
Plus New Stores |
|
4 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
1 |
|
|
|
Ending Balance |
|
1,360 |
|
|
|
|
|
|
|
|
|
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 |
|
113 |
|
|
|
Plus New Stores |
|
2 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
115 |
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,539,400,282 |
|
|
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 Payment Date of: |
|
April 21, 2008 |
|
LLC as Issuer |
|
For the Monthly Collection Period of: |
|
March |
|
& |
|
|
|
|
|
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 |
|
Unwrapped |
|
||
|
Amortization |
|
$ |
— |
|
|
|
||
|
Ending |
|
$ |
119,000,000 |
|
|
|
||
|
|
|
|
|
|
|
|||
|
Series 2007-1 A-1 -A Draw #1 |
||||||||
|
|
|
|
|
|
|
|||
|
Amount |
|
$ |
22,500,000 |
|
|
|
||
|
Date |
|
3/13/2008 |
|
|
|
|||
|
LIBOR |
|
2.8900 |
% |
|
|
|||
|
Spread |
|
2.2050 |
% |
|
|
|||
|
Total Coupon |
|
5.0950 |
% |
|
|
|||
|
Interest Due This Period |
|
$ |
22,291 |
|
|
|
||
|
Cumulative Interest Due |
|
$ |
54,134 |
|
17 days |
|
||
|
|
|
|
|
|
|
|||
|
Series 2007-1 A-1 -X Draw #1 |
||||||||
|
|
|
|
|
|
|
|||
|
Amount |
|
$ |
52,500,000 |
|
|
|
||
|
Date |
|
3/13/2008 |
|
|
|
|||
|
LIBOR |
|
2.8900 |
% |
|
|
|||
|
Spread |
|
2.8550 |
% |
|
|
|||
|
Total Coupon |
|
5.7450 |
% |
|
|
|||
|
Interest Due This Period |
|
$ |
58,647 |
|
|
|
||
|
Cumulative Interest Due |
|
$ |
142,428 |
|
17 days |
|
||
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
March |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - March |
|
|
|
|
|
|
|
|
w/e 3/2/2008 |
|
w/e 3/9/2008 |
|
w/e 3/16/2008 |
|
w/e 3/23/2008 |
|
w/e 3/30/2008 |
|
|
1 |
|
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
29,539,681 |
|
34,358,434 |
|
38,076,277 |
|
50,753,731 |
|
32,552,019 |
|
|
|
|
Plus Deposits |
|
28,478,978 |
|
26,531,439 |
|
31,320,548 |
|
32,477,943 |
|
27,092,641 |
|
|
|
|
Less Withdrawals |
|
(23,660,225 |
) |
(22,813,596 |
) |
(18,643,094 |
) |
(50,679,655 |
) |
(22,875,980 |
) |
|
|
|
Ending Balance |
|
34,358,434 |
|
38,076,277 |
|
50,753,731 |
|
32,552,019 |
|
36,768,680 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
|
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
3,489 |
|
3,489 |
|
3,489 |
|
|
|
|
Plus Deposits |
|
0 |
|
3,489 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
3,489 |
|
3,489 |
|
3,489 |
|
3,489 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
|
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
8,659,325 |
|
9,993,229 |
|
10,414,075 |
|
10,536,387 |
|
8,643,989 |
|
|
|
|
Plus Company Store Contribution |
|
1,748,809 |
|
1,678,596 |
|
1,670,259 |
|
1,685,011 |
|
1,617,717 |
|
|
|
|
Plus: Excluded Asset deposits |
|
28,574 |
|
11,101 |
|
10,488 |
|
11,887 |
|
39,893 |
|
|
|
|
Other deposits |
|
0 |
|
25,031 |
|
0 |
|
0 |
|
|
|
|
|
|
Less Withdrawals |
|
(443,479 |
) |
(1,293,882 |
) |
(1,558,435 |
) |
(3,589,296 |
) |
(689,632 |
) |
|
|
|
Ending Balance |
|
9,993,229 |
|
10,414,075 |
|
10,536,387 |
|
8,643,989 |
|
9,611,968 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
|
Lease Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
|
Gift Card Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
568,685 |
|
11,300,661 |
|
10,435,164 |
|
10,218,204 |
|
9,971,208 |
|
|
|
|
Plus Deposits |
|
12,015,917 |
|
757,696 |
|
833,337 |
|
819,089 |
|
796,146 |
|
|
|
|
Less Withdrawals |
|
(1,283,941 |
) |
(1,623,193 |
) |
(1,050,297 |
) |
(1,066,085 |
) |
(904,105 |
) |
|
|
|
Ending Balance |
|
11,300,661 |
|
10,435,164 |
|
10,218,204 |
|
9,971,208 |
|
9,863,250 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
|
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
468,023 |
|
518,562 |
|
539,669 |
|
650,537 |
|
755,269 |
|
|
|
|
Plus: Deposits |
|
31,560 |
|
919 |
|
90,599 |
|
84,306 |
|
15,267 |
|
|
|
|
Plus Company Store Contribution |
|
18,979 |
|
20,079 |
|
20,160 |
|
20,307 |
|
17,684 |
|
|
|
|
Plus: Excluded Asset deposits |
|
0 |
|
109 |
|
109 |
|
119 |
|
93 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Ending Balance |
|
518,562 |
|
539,669 |
|
650,537 |
|
755,269 |
|
788,314 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
|
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
8,814,735 |
|
10,601,126 |
|
11,222,423 |
|
14,395,354 |
|
12,959,693 |
|
|
|
|
Plus: Direct Deposits |
|
1,215,325 |
|
(21,816 |
) |
3,216,171 |
|
3,421,814 |
|
1,276,189 |
|
|
|
|
Plus Company Store Contribution |
|
659,346 |
|
639,082 |
|
638,523 |
|
644,751 |
|
620,312 |
|
|
|
|
Plus: Excluded Store Deposits |
|
4,523 |
|
4,031 |
|
3,953 |
|
4,256 |
|
3,822 |
|
|
|
|
Less Withdrawals |
|
(92,803 |
) |
0 |
|
(685,716 |
) |
(5,506,482 |
) |
(8,389,615 |
) |
|
|
|
Ending Balance |
|
10,601,126 |
|
11,222,423 |
|
14,395,354 |
|
12,959,693 |
|
6,470,401 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
|
Capital Expenditure Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
|
Indemnification / Insurance proceeds / Asset Disposition Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
|
|
0 |
|
|
|
|
|
|
|
|
|
|
Less Withdrawals |
|
|
|
0 |
|
0 |
|
|
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
|
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
2,006,974 |
|
2,006,974 |
|
2,012,439 |
|
2,012,439 |
|
2,005,465 |
|
|
|
|
Plus Deposits |
|
0 |
|
5,465 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(6,974 |
) |
0 |
|
|
|
|
Ending Balance |
|
2,006,974 |
|
2,012,439 |
|
2,012,439 |
|
2,005,465 |
|
2,005,465 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
|
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
26,095,017 |
|
20,798,676 |
|
20,798,676 |
|
26,147,376 |
|
27,147,376 |
|
|
|
|
Plus Deposits |
|
52,359 |
|
|
|
5,348,700 |
|
1,000,000 |
|
0 |
|
|
|
|
Less Withdrawals |
|
(5,348,700 |
) |
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
20,798,676 |
|
20,798,676 |
|
26,147,376 |
|
27,147,376 |
|
27,147,376 |
|
(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 Payment Date of: |
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
March |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For |
|
|
|
|
|
|
|
|
w/e 3/2/2008 |
|
w/e 3/9/2008 |
|
w/e 3/16/2008 |
|
w/e 3/23/2008 |
|
w/e 3/30/2008 |
|
|
12 |
|
Applebee’s Enterprises, LLC Main Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
10,034 |
|
10,034 |
|
10,059 |
|
10,059 |
|
10,025 |
|
|
|
|
Plus Deposits |
|
0 |
|
25 |
|
|
|
89,606 |
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
|
|
(89,640 |
) |
|
|
|
|
|
Ending Balance |
|
10,034 |
|
10,059 |
|
10,059 |
|
10,025 |
|
10,025 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
13 |
|
Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
890 |
|
890 |
|
5,910 |
|
5,910 |
|
5,021 |
|
|
|
|
Plus Deposits |
|
0 |
|
5,020 |
|
0 |
|
26,490,835 |
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
|
|
(26,491,724 |
) |
|
|
|
|
|
Ending Balance |
|
890 |
|
5,910 |
|
5,910 |
|
5,021 |
|
5,021 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
39,189 |
|
39,189 |
|
46,269 |
|
46,269 |
|
8,080 |
|
|
|
|
Plus Deposits |
|
0 |
|
8,080 |
|
|
|
9,562,919 |
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
(1,000 |
) |
|
|
(9,601,108 |
) |
0 |
|
|
|
|
Ending Balance |
|
39,189 |
|
46,269 |
|
46,269 |
|
8,080 |
|
8,080 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
1,691 |
|
1,691 |
|
2,053 |
|
2,053 |
|
362 |
|
|
|
|
Plus Deposits |
|
0 |
|
362 |
|
|
|
422,615 |
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
|
|
(424,306 |
) |
|
|
|
|
|
Ending Balance |
|
1,691 |
|
2,053 |
|
2,053 |
|
362 |
|
362 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
389,701 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(389,701 |
) |
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
32,058,973 |
|
32,058,973 |
|
32,145,319 |
|
32,145,319 |
|
32,028,852 |
|
|
|
|
Plus Deposits |
|
0 |
|
86,346 |
|
|
|
|
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
|
|
(116,467 |
) |
|
|
|
|
|
Ending Balance |
|
32,058,973 |
|
32,145,319 |
|
32,145,319 |
|
32,028,852 |
|
32,028,852 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
Senior Notes Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
Subordinated Note Interest Payment Acount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
2,228 |
|
2,228 |
|
3,897 |
|
3,897 |
|
669 |
|
|
|
|
Plus Deposits |
|
0 |
|
1,669 |
|
|
|
0 |
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
|
|
(3,228 |
) |
|
|
|
|
|
Ending Balance |
|
2,228 |
|
3,897 |
|
3,897 |
|
669 |
|
669 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
Subordinated Note Principal Payment Acount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
Subordinated Note Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
Hedge Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
Cash Trap Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
Series 2007-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
Series 2007-1 AI Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
Series 2007-1 A2IDistribution Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
Series 2007-1 A2II Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 |
|
Series 2007-1 Class M-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Senior Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Ending Balance |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Asset Dispositions
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.17 |
|
|
|
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 |
|
$ |
— |
|
|
|
|
|
|
|
|
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 |
|
$ |
— |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
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
|
|
|
|
|
|
Monthly |
|
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (current Month) |
|
$ |
10,295 |
|
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
123,535 |
|
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
988,278 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,339,000 |
|
|
|
|
|
IHOP |
|
$ |
445,000 |
|
|
|
|
|
Applebees |
|
$ |
1,894,000 |
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
3,674 |
|
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
169,512 |
|
|
|
|
2 |
Total Indebtedness |
|
$ |
2,512,186 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
$ |
3,500,465 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
1 |
EBITDA |
|
$ |
364,340 |
|
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
123,535 |
|
|
|
|
|
EBITDAR |
|
$ |
487,875 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio |
|
7.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Pro-Forma EBITDA |
|
$ |
364,340 |
|
|
|
|
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.17 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
7.17 |
|
|
|
Applebees Enterprises LLC as |
|
|
|
|
Issuer |
|
For the Payment Date of: |
April 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
March |
|
Applebee’s IP LLC & The |
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
Advertising fees paid into the concentration account |
|
$ |
2,166,108 |
|
|
B) |
Reimbursement of G&A costs |
|
$ |
233,496 |
|
|
C) |
Weight Watchers |
|
$ |
18,543 |
|
|
D) |
Miscellaneous |
|
$ |
144,536 |
|
|
|
|
|
|
||
|
Total Misdirected funds deposited to Concentration Account |
|
$ |
2,562,683 |
|
|
|
|
|
|
|
||
|
Less: |
|
|
|
||
|
Royalty deposits to a non-trust account (1) |
|
$ |
(1,234,721 |
) |
|
|
|
|
|
|
||
|
Net Misdirected funds - March |
|
$ |
1,327,962 |
|
|
(1) Funds transferred to Concentration account March 20, 2008
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
April 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
March |
|
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 & |
|
Master Lease |
|
Rent Margin |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Additions: |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
#1 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Ending Bucket |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Weighted Average Royalty Rate |
|
0.04 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
# of Stores under Premier Program or other
similar |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
Exhibit 99.6
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
|
|
For the Payment Date of: |
May 20, 2008 |
|
|
|
|
For the Monthly Collection Period of: |
April |
|
|
|
|
|
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 |
|
2.608 |
(1) |
2.704 |
|
|
|
Current 3-Month DSCR |
|
2.079 |
(1) |
2.200 |
|
|
|
Current 12-Month AdjustedDSCR |
|
N/A |
|
N/A |
|
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
|
U.S. 12-Month System-Wide Sales |
|
4,537,097,411 |
|
4,539,440,822 |
|
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
3.94 |
% |
|
|
Change in Domestic Franchised Stores |
|
2 |
|
5 |
|
|
|
Change in Domestic Company Owned Stores |
|
0 |
|
0 |
|
(1) - See the footnotes on the Restaurant Holder Profits and Payment Date DSCR Calculation pages.
Monthly Servicing Report
For
Applebee’s 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 |
|
$ |
351,826.39 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Services, Inc. VFN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579602 |
|
$ |
9,244,154.79 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579609 |
|
$ |
805,655.12 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Subordinated Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
DTC |
|
22579604 |
|
$ |
12,500.00 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Administrative Agent Fee - April 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Assured Guaranty |
|
22579603 |
|
$ |
422,614.58 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s April 2008 premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579606 |
|
$ |
84,569.68 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest ReserveAccount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579602 |
|
$ |
74.22 |
|
Wells Fargo |
|
|
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579603 |
|
$ |
3.28 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579609 |
|
$ |
5.66 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings -Subordinated Note Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Wells Fargo |
|
22579600 |
|
$ |
23.36 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Applebee’s Enterprises LLC Main Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
15,372,424.20 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee's |
|
51-20314 |
|
April 2008 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
Total Wires |
|
|
$ |
26,293,851.29 |
|
|
|
|
|
|
|
|
|
|
|
|
||
|
For the Payment Date of: |
|
May 20, 2008 |
|
For the Monthly Collection Period of: |
|
April |
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
||
|
Franchisees |
|||||||
|
A) |
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
|
|
Royalty Payment |
|
$ |
13,011,575 |
|
Yes |
|
|
|
Initial Franchise Fees |
|
$ |
30,000 |
|
|
|
|
|
Transfer Fees |
|
$ |
— |
|
|
|
|
|
Renewal Fees |
|
$ |
— |
|
|
|
|
|
Licensing Fees payable to Third parties |
|
$ |
— |
|
|
|
|
|
Advertising Fees paid into the Concentration Account |
|
$ |
— |
|
|
|
|
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
13,041,575 |
|
|
|
|
|
|
|
|
|
|
|
||
|
B) |
Development Payments |
|
$ |
— |
|
|
|
|
C) |
Lease Payments |
|
|
|
|
|
|
|
Owned properties - Franchisee Leases |
|
$ |
— |
|
|
|
|
|
Leased properties - Franchisee Sublease |
|
$ |
— |
|
|
|
|
|
Total Lease Payments |
|
$ |
— |
|
Yes |
|
|
|
|
|
|
|
|
|
||
|
I) |
Insurance Proceeds |
|
$ |
— |
|
|
|
|
J) |
Training Fees |
|
$ |
46,432 |
|
|
|
|
K) |
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
|
L) |
Other |
|
$ |
512,944 |
|
Yes |
|
|
M) |
Any advance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
|
N) |
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
|
Franchisee Collections Received |
|
$ |
13,600,951 |
|
|
|
|
|
From Restaurant Holder Accounts |
|||||||
|
|
|
|
|
|
|
|
|
|
A) |
All Store Revenue - Cash Purchase |
|
$ |
32,820,632 |
|
Yes |
|
|
I) |
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|
Restaurant Holder Collections Received |
|
$ |
32,820,632 |
|
|
|
|
|
From Credit Card Accounts |
|||||||
|
|
|
|
|
|
|
|
|
|
A) |
All Store Revenue - Credit Card Purchase |
|
$ |
59,419,224 |
|
Yes |
|
|
Credit Card Collections Received |
|
$ |
59,419,224 |
|
|
|
|
|
From Gift Card Reserve Account |
|||||||
|
|
|
|
|
|
|
|
|
|
A) |
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
3,666,054 |
|
Yes |
|
|
B) |
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
|
Credit Card Collections Received |
|
$ |
3,666,054 |
|
|
|
|
|
Other |
|||||||
|
|
|
|
|
|
|
||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
||
|
A) |
Investment Income from all other Accounts (as applicable) |
|
$ |
107,326 |
|
|
|
|
B) |
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|
Net Investment Income |
|
$ |
107,326 |
|
Yes |
|
|
|
C) |
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|
D) |
Any other Amounts owed relating to the Collateral |
|
$ |
199,900 |
|
Yes |
|
|
E) |
Vendor Rebates |
|
$ |
200,420 |
|
Yes |
|
|
F) |
IHOP Residual Amount |
|
$ |
4,864,334 |
|
Yes |
|
|
G) |
Any Equity contributions |
|
$ |
— |
|
Yes |
|
|
H) |
Return of cash deposit from Supplier |
|
$ |
3,864,000 |
|
|
|
|
To Be Deposited into the Principal Payment Account |
|
|
|
|
|
||
|
I) |
Asset Disposition Amounts |
|
$ |
— |
|
|
|
|
J) |
Defective Assets Payments / Indemnity Payments |
|
$ |
— |
|
|
|
|
Total “Other” Collections Received |
|
$ |
9,235,980 |
|
|
|
|
Misdirected Funds
|
|
A) Funds deposited to Concentration Account in Error |
|
$ |
4,933,603 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
123,676,444 |
|
|
|
|
|
Gross Monthly Collections |
|
$ |
114,802,409 |
|
|
|
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Holders as Co-Issuers |
|
|
|
|
Deposits to Concentration Account
|
|
|
April |
|
|||
|
A) Restaurant Sales |
|
|
|
|||
|
|
Restaurant Gross Receipts Deposited into the Concentration Account |
|
$ |
95,905,910 |
|
|
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(1,199,029 |
) |
|
|
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(6,451,808 |
) |
|
|
|
Restaurant Sales |
|
$ |
88,255,073 |
|
|
|
|
|
|
|
|
|
|
|
B) Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|||
|
|
Food and Beverage |
|
$ |
24,775,485 |
|
|
|
|
Labor |
|
$ |
36,223,734 |
(1) |
|
|
|
Utilities |
|
$ |
4,136,545 |
|
|
|
|
Other Controllables (including local advertising costs) |
|
$ |
6,388,937 |
|
|
|
|
Occupancy Costs |
|
$ |
2,977,997 |
|
|
|
|
Other Non-Controllables |
|
$ |
692,962 |
|
|
|
|
Less: Vendor Rebates |
|
$ |
(200,420 |
) |
|
|
|
Subtotal of Operating Expenses Attributable |
|
$ |
74,995,240 |
|
|
|
|
|
|
|
|
|
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
76,840 |
|
|
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
2,434,726 |
|
|
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
–– |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
77,506,806 |
|
|
|
|
|
|
|
|
|
|
|
C) Restaurant Holder Profits |
|
$ |
10,748,267 |
|
||
|
|
|
Percentage of Monthly Sales |
|
12.18 |
%(1) |
|
(1) An error in labor costs was detected during the completion of the weekly report for the week ended 4/27/08. This error resulted in an overpayment for reimbursement of labor related costs of $3.0MM during the April reporting period. The impact to restaurant holder profits as a percentage of monthly sales was 3.4%. Restaurant holder profits as a percentage of sales would have been 15.58% had this error had not occurred.
Payroll was notified of the potential issue on May 1, 2008. Payroll investigated the variance, quantified the amount of the error, and transferred the funds back to the Concentration account on May 2, 2008. Corrective measures have been taken to mitigate future errors in this calculation.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
Applebee’s IP LLC & The |
|
|
|
|
|
Restaurant Holders as Co-Issuers |
|
|
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Totals |
|
||||||
|
Beginning Concentration Account Balance |
|
$ |
36,768,680 |
|
$ |
38,461,948 |
|
$ |
47,609,683 |
|
$ |
28,837,277 |
|
$ |
36,768,680 |
|
|
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
29,037,684 |
|
$ |
27,551,762 |
|
$ |
38,229,222 |
|
$ |
28,857,776 |
|
$ |
123,676,444 |
|
|
|
Other Cash Deposits |
|
$ |
(2,135,371 |
) |
$ |
(323,381 |
) |
$ |
(2,464,784 |
) |
$ |
(10,067 |
) |
$ |
(4,933,603 |
) |
|
|
Total Cumulative Weekly Collections |
|
$ |
29,037,684 |
|
$ |
27,551,762 |
|
$ |
38,229,222 |
|
$ |
28,857,776 |
|
$ |
123,676,444 |
|
|
|
Total Cumulative IHOP Residual Amounts Received |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
20,751,386 |
|
$ |
13,705,171 |
|
$ |
17,126,133 |
|
$ |
23,612,970 |
|
$ |
75,195,660 |
(1) |
|
|
Prior Monthly Waterfall Payments |
|
|
|
|
|
$ |
33,047,237 |
|
|
|
$ |
33,047,237 |
|
||||
|
Prior Month weekly waterfall payments |
|
$ |
3,721,444 |
|
|
|
|
|
|
|
$ |
3,721,444 |
|
||||
|
Prior Weekly Waterfall Payments |
|
$ |
— |
|
$ |
3,161,789 |
|
$ |
3,479,066 |
|
$ |
3,525,501 |
|
$ |
10,166,356 |
|
|
|
Prior week gift card redemptions due to Restaurant Holders |
|
$ |
736,215 |
|
$ |
1,213,686 |
|
$ |
884,408 |
|
$ |
831,745 |
|
$ |
3,666,054 |
|
|
|
Total expended and committed funds |
|
$ |
25,209,045 |
|
$ |
18,080,646 |
|
$ |
54,536,844 |
|
$ |
27,970,216 |
|
$ |
125,796,751 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
38,461,948 |
|
$ |
47,609,683 |
|
$ |
28,837,277 |
|
$ |
29,714,770 |
|
$ |
39,881,126 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
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 |
|
$ |
1,622,227 |
|
$ |
1,634,632 |
|
$ |
1,597,933 |
|
$ |
1,597,016 |
|
$ |
6,451,808 |
|
|
|
A Sales taxes payable |
|
$ |
1,622,227 |
|
$ |
1,634,632 |
|
$ |
1,597,933 |
|
$ |
1,597,016 |
|
$ |
6,451,808 |
|
|
|
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 |
|
$ |
(956,418) |
|
$ |
(619,314 |
) |
$ |
(533,631 |
) |
$ |
(455,175 |
) |
$ |
(2,564,538 |
) |
|
|
A Gift Card Sales payable to ACMC |
|
$ |
257,268 |
|
$ |
265,094 |
|
$ |
298,114 |
|
$ |
378,553 |
|
$ |
1,199,029 |
|
|
|
B ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
(1,213,686 |
) |
$ |
(884,408 |
) |
$ |
(831,745 |
) |
$ |
(833,728 |
) |
$ |
(3,763,567 |
) |
|
|
C Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
V) |
To the Third Party Licensing Fee Account |
|
$ |
19,549 |
|
$ |
19,273 |
|
$ |
19,096 |
|
$ |
18,922 |
|
$ |
76,840 |
|
|
|
A Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
19,549 |
|
$ |
19,273 |
|
$ |
19,096 |
|
$ |
18,922 |
|
$ |
76,840 |
|
|
|
B Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
VI) |
To the Advertising Fees Account |
|
$ |
620,835 |
|
$ |
609,648 |
|
$ |
609,776 |
|
$ |
594,467 |
|
$ |
2,434,726 |
|
|
|
A Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
620,835 |
|
$ |
609,648 |
|
$ |
609,776 |
|
$ |
594,467 |
|
$ |
2,434,726 |
|
|
|
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 |
|
$ |
1,855,596 |
|
$ |
1,834,827 |
|
$ |
1,832,327 |
|
$ |
1,888,096 |
|
$ |
7,410,846 |
|
|
|
A Weekly Servicing Fee |
|
$ |
1,855,596 |
|
$ |
1,834,827 |
|
$ |
1,834,827 |
|
$ |
1,845,211 |
|
$ |
7,370,461 |
|
|
|
B Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
10,385 |
|
$ |
10,385 |
|
|
|
C Residual Certificates paid to Servicer |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
D Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
— |
|
$ |
— |
|
$ |
(2,500 |
) |
$ |
32,500 |
|
$ |
30,000 |
|
|
|
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 |
|
$ |
3,161,789 |
|
$ |
3,479,066 |
|
$ |
3,525,501 |
|
$ |
3,643,326 |
|
$ |
13,809,682 |
|
|
|
Less: Non-DSCR Expense |
|
$ |
(1,213,686 |
) |
$ |
(884,408 |
) |
$ |
(834,245 |
) |
$ |
(801,228 |
) |
$ |
(3,733,567 |
) |
|
|
DSCR Expenses in Weekly Allocations |
|
$ |
4,375,475 |
|
$ |
4,363,474 |
|
$ |
4,359,746 |
|
$ |
4,444,554 |
|
$ |
17,543,249 |
|
|
|
Ending Concentration Account balance |
|
$ |
35,300,159 |
|
$ |
44,130,617 |
|
$ |
25,311,776 |
|
$ |
26,071,444 |
|
$ |
26,071,444 |
|
|
(1) - See the footnotes on the Restaurant Holder Profits and Payment Date DSCR Calculation pages.
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
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 |
|
$ |
26,071,444.00 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Servicing accounts to be distributed |
|
$ |
53,044.39 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
$ |
84,686.70 |
|
|
|
|
|
$ |
26,209,175.09 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
Total Amount to be distributed |
|
$ |
26,209,175.09 |
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
|
|
||||||
|
I |
To the Operating Expense Account* |
|
|
|
|
|
$ |
0.00 |
|
$ |
26,209,175.09 |
|
|||
|
|
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 |
|
$ |
26,209,175.09 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
III |
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
|
|
$ |
0.00 |
|
$ |
26,209,175.09 |
|
|||
|
|
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 |
|
$ |
26,209,175.09 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
V A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Senior Notes Monthly Interest Amount |
|
|
|
|
|
$ |
9,244,154.79 |
|
$ |
16,965,020.30 |
|
||
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Accrued Insurer Premium Amount |
|
|
|
|
|
$ |
422,614.58 |
|
$ |
16,542,405.72 |
|
||
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
|
|
$ |
351,826.39 |
|
$ |
16,190,579.33 |
|
||
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,190,579.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
VI |
To each Insurer |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Insurer Expense Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,190,579.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
VII |
To each Insurer |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Insurer Reimbursement Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,190,579.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
VIII |
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
|
|
$ |
12,500.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
IX |
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
X |
To the Servicer |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Any Supplemental Servicing Fee |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XI |
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Any Partial Amortization Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XII |
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XIV |
To the Operating Expense Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XVI |
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XVII |
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Any Partial Amortization Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
16,178,079.33 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XVIII |
Also, to the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes |
|
|
|
|
|
$ |
805,655.12 |
|
$ |
15,372,424.20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
15,372,424.20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XX A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
15,372,424.20 |
|
||
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
$ |
0.00 |
|
$ |
15,372,424.20 |
|
||
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
15,372,424.20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXI |
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
|
|
$ |
0.00 |
|
$ |
15,372,424.20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXII |
To Hedge Payment Account |
|
|
|
|
|
$ |
0.00 |
|
$ |
15,372,424.20 |
|
|||
|
|
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 |
|
$ |
15,372,424.20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXIV |
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|||||
|
|
i |
Lessor of |
|
|
|
|
|
$ |
0.00 |
|
$ |
15,372,424.20 |
|
||
|
|
|
(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 |
|
$ |
15,372,424.20 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXV |
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
|
|
|||||
|
|
|
All Remaining Funds |
|
|
|
|
|
$ |
15,372,424.20 |
|
$ |
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 |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
May 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
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 |
|
$ |
32,028,852 |
|
|
Plus Deposits |
|
$ |
84,570 |
|
|
Less Withdrawals |
|
$ |
86,346 |
|
|
Ending Balance |
|
$ |
32,027,076 |
|
|
|
|
|
|
|
|
Excess(Deficit) |
|
$ |
84,570 |
|
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. |
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
Monthly Periods used in calculation of DSCR |
|
For the Payment Date of: |
|
May 20, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
April |
|
April |
||||||||||||
|
|
||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
39,606,749 |
|
||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
17,543,249 |
|
||||||
|
|
|
|
|
$ |
22,063,500 |
|
||||||
|
|
|
|
|
|
|
|||||||
|
Denominator |
|
|
|
|
|
|||||||
|
|
|
Total Debt Service |
|
$ |
10,031,096 |
|
||||||
|
|
|
|
|
|
|
|
||||||
|
March |
||||||||||||
|
|
||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
55,862,998 |
|
||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
22,075,379 |
|
||||||
|
|
|
|
|
$ |
33,787,619 |
|
||||||
|
|
|
|
|
|
|
|||||||
|
Denominator |
|
|
|
|
|
|||||||
|
|
|
Total Debt Service |
|
$ |
10,760,072 |
|
||||||
|
|
|
|
|
|
|
|||||||
|
February |
||||||||||||
|
|
||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
43,781,248 |
|
||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
18,342,852 |
|
||||||
|
|
|
|
|
$ |
25,438,396 |
|
||||||
|
|
|
|
|
|
|
|||||||
|
Denominator |
|
|
|
|
|
|||||||
|
|
|
Total Debt Service |
|
$ |
10,375,235 |
|
||||||
|
|
|
|
|
|
|
|||||||
|
Current Payment Date Adjusted DSCR Ratio |
|
2.608 |
(1) |
|||||||||
|
|
|
Event Occur? |
|
% to Trap (if |
|
|
|
|
Cash Trapping Event? |
|
No |
|
0.00 |
% |
|
|
Rapid Amortization Event? |
|
No |
|
|
|
|
|
Servicer Termination Event / EOD? |
|
No |
|
|
|
Calculation of 3-Month DSCR
|
Monthly Periods used in calculation of DSCR |
|
For the Payment Date of: |
|
May 20, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
April |
|
April |
|
||||||||||
|
|
|
||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
34,742,415 |
|
||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
17,543,249 |
|
|||||
|
|
|
|
|
$ |
17,199,166 |
|
|||||
|
|
|
|
|
|
|
||||||
|
Denominator |
|
|
|
|
|
||||||
|
|
|
Total Debt Service |
|
$ |
10,031,096 |
|
|||||
|
|
|
|
|
|
|
||||||
|
March |
|||||||||||
|
|
|||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
47,581,394 |
|
||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
22,075,379 |
|
|||||
|
|
|
|
|
$ |
25,506,015 |
|
|||||
|
|
|
|
|
|
|
||||||
|
Denominator |
|
|
|
|
|
||||||
|
|
|
Total Debt Service |
|
$ |
10,760,072 |
|
|||||
|
|
|
|
|
|
|
||||||
|
February |
|||||||||||
|
|
|||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
40,419,893 |
|
||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
18,342,852 |
|
|||||
|
|
|
|
|
$ |
22,077,041 |
|
|||||
|
|
|
|
|
|
|
||||||
|
Denominator |
|
|
|
|
|
||||||
|
|
|
Total Debt Service |
|
$ |
10,375,235 |
|
|||||
|
|
|
|
|
|
|
||||||
|
|
|
Current Payment Date DSCR Ratio |
|
2.079 |
(1) |
||||||
(1) The labor overstatement discussed on the restaurant holder profits page had a .096 impact on the DSCR calculations. Excluding the impacts of the overstatement the Adjusted 3-Month DSCR and 3-Month DSCR would have been 2.704 and 2.175 respectively.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
Applebee’s IP LLC & The Restaurant
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|||
|
|
|
Monthly |
|
|||
|
Numerator |
|
|
|
|
||
|
|
Operating Lease Expense - (Current Month) |
|
8,818 |
|
||
|
|
Annualized Operating Lease Expense |
|
105,815 |
|
||
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
846,523 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
Applebees |
|
1,894,000 |
|
|
|
|
|
All other Applebee’s Corporate Debt |
|
3,654 |
|
|
|
|
|
All Other IHOP Corp Debt |
|
169,055 |
|
|
|
|
2 |
Total Indebtedness |
|
2,511,709 |
|
|
|
|
|
|
|
|
||
|
|
Total Adjusted Debt |
|
3,358,231 |
|
||
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
||
|
|
1 |
EBITDA |
|
361,910 |
|
|
|
|
+ |
2 |
Operating Lease Expense |
|
105,815 |
|
|
|
EBITDAR |
|
467,725 |
|
||
|
|
|
|
|
|
||
|
|
Consolidated Leverage Ratio |
|
7.18 |
|
||
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
|
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 |
|
0 |
|
|
Ending Balance |
|
|
|
510 |
|
Franchised Stores in U.S.
|
Beginning |
|
|
|
1,360 |
|
|
|
|
Plus New Stores |
|
2 |
|
|
|
|
Plus Refranchised |
|
0 |
|
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
|
Less Store Closures |
|
0 |
|
|
Ending Balance |
|
|
|
1,362 |
|
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 |
|
|
|
115 |
|
|
|
|
|
Plus New Stores |
|
0 |
|
|
|
|
|
Plus Refranchised |
|
0 |
|
|
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
|
|
115 |
|
|
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,537,097,411 |
|
||
|
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion |
|
YES |
|
|||
|
Weighted Average Royalty Rate |
|
3.94 |
% |
|||
|
Applebees Enterprises LLC as |
|
For the Payment Date of: |
|
May 20, 2008 |
|
|
Issuer |
|
For the Monthly Collection Period of: |
|
April |
|
|
& |
|
|
|
|
|
|
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 |
|
Unwrapped |
|
|
Amortization |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
119,000,000 |
|
|
|
Series 2007-1 A-1 -A Draw#1
|
Amount |
|
$ |
22,500,000 |
|
|
|
|
Date |
|
4/13/2008 |
|
|
|
|
|
LIBOR |
|
2.7200 |
% |
|
|
|
|
Spread |
|
2.2050 |
% |
|
|
|
|
Total Coupon |
|
4.9250 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
21,547 |
|
|
|
|
Cumulative Interest Due |
|
$ |
43,094 |
|
14 days |
|
|
|
|
|
|
|
|
|
Series 2007-1 A-1 -X Draw#1
|
Amount |
|
$ |
52,500,000 |
|
|
|
|
Date |
|
4/13/2008 |
|
|
|
|
|
LIBOR |
|
2.7200 |
% |
|
|
|
|
Spread |
|
2.8550 |
% |
|
|
|
|
Total Coupon |
|
5.5750 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
56,911 |
|
|
|
|
Cumulative Interest Due |
|
$ |
113,823 |
|
14 days |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
5/20/2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Holders as Co-Issuers |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - April |
|
|
|
|
|
|
|
|
|
4/6/2008 |
|
4/13/2008 |
|
4/20/2008 |
|
4/27/2008 |
|
|
1 |
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
36,768,680 |
|
38,461,948 |
|
47,609,683 |
|
28,837,277 |
|
|
|
|
Plus Deposits |
|
29,037,684 |
|
27,551,762 |
|
38,229,222 |
|
28,857,776 |
|
|
|
|
Less Withdrawals |
|
(27,344,416 |
) |
(18,404,027 |
) |
(57,001,628 |
) |
(27,980,283 |
) |
|
|
Ending Balance |
|
|
38,461,948 |
|
47,609,683 |
|
28,837,277 |
|
29,714,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
3,489 |
|
3,612 |
|
3,612 |
|
3,612 |
|
|
|
|
Plus Deposits |
|
69,257 |
|
0 |
|
0 |
|
|
|
|
|
|
Less Withdrawals |
|
(69,134 |
) |
0 |
|
0 |
|
|
|
|
|
Ending Balance |
|
|
3,612 |
|
3,612 |
|
3,612 |
|
3,612 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
9,611,968 |
|
10,768,371 |
|
10,869,089 |
|
9,189,812 |
|
|
|
Plus Company Store Contribution |
|
1,660,224 |
|
1,622,227 |
|
1,634,632 |
|
1,597,933 |
|
|
|
|
|
Plus: Excluded Asset deposits |
|
11,350 |
|
12,602 |
|
11,798 |
|
11,250 |
|
|
|
|
Other deposits |
|
22,964 |
|
0 |
|
325 |
|
1 |
|
|
|
|
Less Withdrawals |
|
(538,135 |
) |
(1,534,111 |
) |
(3,326,032 |
) |
(2,831,256 |
) |
|
|
Ending Balance |
|
|
10,768,371 |
|
10,869,089 |
|
9,189,812 |
|
7,967,740 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
9,863,250 |
|
9,537,258 |
|
9,071,472 |
|
8,909,849 |
|
|
|
|
Plus Deposits |
|
410,223 |
|
747,900 |
|
734,599 |
|
739,677 |
|
|
|
|
Less Withdrawals |
|
(736,215 |
) |
(1,213,686 |
) |
(896,222 |
) |
(831,745 |
) |
|
|
Ending Balance |
|
|
9,537,258 |
|
9,071,472 |
|
8,909,849 |
|
8,817,781 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
788,314 |
|
811,515 |
|
846,811 |
|
1,003,935 |
|
|
|
|
Plus: Deposits |
|
3,619 |
|
15,631 |
|
137,729 |
|
38,453 |
|
|
|
Plus Company Store Contribution |
|
19,474 |
|
19,549 |
|
19,273 |
|
19,096 |
|
|
|
|
|
Plus: Excluded Asset deposits |
|
108 |
|
116 |
|
122 |
|
100 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(888,122 |
) |
|
|
Ending Balance |
|
|
811,515 |
|
846,811 |
|
1,003,935 |
|
173,462 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
6,470,401 |
|
4,821,706 |
|
5,885,549 |
|
12,621,958 |
|
|
|
|
Plus: Direct Deposits |
|
43,779 |
|
893,843 |
|
6,258,527 |
|
1,758,761 |
|
|
|
Plus Company Store Contribution |
|
637,662 |
|
620,835 |
|
609,648 |
|
609,776 |
|
|
|
|
|
Plus: Excluded Store Deposits |
|
4,191 |
|
4,494 |
|
4,300 |
|
4,047 |
|
|
|
|
Less Withdrawals |
|
(2,334,327 |
) |
(455,329 |
) |
(136,066 |
) |
(904,526 |
) |
|
|
Ending Balance |
|
|
4,821,706 |
|
5,885,549 |
|
12,621,958 |
|
14,090,016 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Ending Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
2,005,465 |
|
2,010,412 |
|
2,010,412 |
|
2,004,947 |
|
|
|
|
Plus Deposits |
|
4,947 |
|
|
|
|
|
|
|
|
|
|
Less Withdrawals |
|
0 |
|
|
|
(5,465 |
) |
|
|
|
|
Ending Balance |
|
|
2,010,412 |
|
2,010,412 |
|
2,004,947 |
|
2,004,947 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
27,147,376 |
|
26,000,000 |
|
26,055,835 |
|
26,055,835 |
|
|
|
|
Plus Deposits |
|
0 |
|
55,835 |
|
0 |
|
|
|
|
|
|
Less Withdrawals |
|
(1,147,376 |
) |
0 |
|
0 |
|
|
|
|
|
Ending Balance |
|
|
26,000,000 |
|
26,055,835 |
|
26,055,835 |
|
26,055,835 |
|
(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.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
5/20/2008 |
|
& |
|
For the Monthly Collection Period of: |
|
April |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Holders as Co-Issuers |
|
|
|
|
|
|
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - April |
|
|
|
|
|
|
|
|
|
4/6/2008 |
|
4/13/2008 |
|
4/20/2008 |
|
4/27/2008 |
|
|||||||||
|
12 |
Applebee’s Enterprises, LLC Main Account |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Beginning Balance |
|
|
10,025 |
|
48 |
|
48 |
|
48 |
|
|||||||||
|
|
|
Plus Deposits |
|
23 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
Less Withdrawals |
|
(10,000 |
) |
0 |
|
0 |
|
(25 |
) |
|||||||||
|
|
Ending Balance |
|
|
48 |
|
48 |
|
48 |
|
23 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
13 |
Collection Account |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Beginning Balance |
|
|
5,021 |
|
5,031 |
|
5,031 |
|
33,104,578 |
|
|||||||||
|
|
|
Plus Deposits |
|
10 |
|
0 |
|
33,099,547 |
|
95,482 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(33,200,049 |
) |
|||||||||
|
|
Ending Balance |
|
|
5,031 |
|
5,031 |
|
33,104,578 |
|
11 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
14 |
Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Beginning Balance |
|
|
8,080 |
|
8,154 |
|
8,154 |
|
8,154 |
|
|||||||||
|
|
|
Plus Deposits |
|
74 |
|
0 |
|
0 |
|
9,881,682 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(9,889,762 |
) |
|||||||||
|
|
Ending Balance |
|
|
8,154 |
|
8,154 |
|
8,154 |
|
74 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
15 |
Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Beginning Balance |
|
|
362 |
|
365 |
|
365 |
|
365 |
|
|||||||||
|
|
|
Plus Deposits |
|
3 |
|
|
|
|
|
466,333 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
|
|
(466,695 |
) |
|||||||||
|
|
Ending Balance |
|
|
365 |
|
365 |
|
365 |
|
3 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
16 |
Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
Beginning Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
412,056 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(412,056 |
) |
|||||||||
|
|
Ending Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
17 |
Senior Notes Principal 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
18 |
Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Beginning Balance |
|
|
32,028,852 |
|
32,113,422 |
|
32,113,422 |
|
32,113,422 |
|
|||||||||
|
|
|
Plus Deposits |
|
84,570 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(86,346 |
) |
|||||||||
|
|
Ending Balance |
|
|
32,113,422 |
|
32,113,422 |
|
32,113,422 |
|
32,027,076 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
19 |
Senior Notes Contingent Additional Interest 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
20 |
Subordinated Note Interest Payment Acount |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Beginning Balance |
|
|
669 |
|
674 |
|
674 |
|
675 |
|
|||||||||
|
|
|
Plus Deposits |
|
5 |
|
0 |
|
1 |
|
861,218 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(861,887 |
) |
|||||||||
|
|
Ending Balance |
|
|
674 |
|
674 |
|
675 |
|
6 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
21 |
Subordinated Note Principal Payment Acount |
|
|
|
|
|
|
|
|
|
||||||||||
|
|
Beginning Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
Ending Balance |
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
22 |
Subordinated Note Contingent Additional Interest 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
23 |
Hedge 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
24 |
Cash Trap 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
25 |
Series 2007-1 Distribution 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
26 |
Series 2007-1 AI Distribution 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
27 |
Series 2007-1 A2I Distribution 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
28 |
Series 2007-1 A2II Distribution 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
29 |
Series 2007-1 Class M-1 Distribution 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 |
|
|||||||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
30 |
Senior Notes Excess Adjusted Interest 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 |
|
|||||||||
|
Asset Dispositions |
||||
|
|
|
|
|
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.18 |
|
|
|
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 |
|
$ |
— |
|
|
|
|
|
|
|
|
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) |
|
|
% |
|
|
|
|
|
|
|
|
Insurance Proceeds |
||||
|
|
|
|
|
|
|
Insurance Proceeds Received in Monthly Collection Period |
|
$ |
— |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
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
|
|
|
|
|
|
Monthly |
|
|||
|
Numerator |
|
|
|
|
|
|
|||
|
|
|
|
Operating Lease Expense - (current Month) |
|
8,818 |
|
|||
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
105,815 |
|
||
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
846,523 |
|
||
|
|
|
|
|
|
|
|
|||
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,339,000 |
|
||
|
|
|
|
IHOP |
|
$ |
445,000 |
|
||
|
|
|
|
Applebees |
|
$ |
1,894,000 |
|
||
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
3,654 |
|
||
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
169,055 |
|
||
|
|
|
2 |
Total Indebtedness |
|
$ |
2,511,709 |
|
||
|
|
|
|
|
|
|
|
|||
|
|
|
|
Total Adjusted Debt |
|
$ |
3,358,231 |
|
||
|
|
|
|
|
|
|
|
|||
|
Denominator |
|
|
|
|
|
|
|||
|
|
|
1 |
EBITDA |
|
$ |
361,910 |
|
||
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
105,815 |
|
||
|
|
|
|
EBITDAR |
|
$ |
467,725 |
|
||
|
|
|
|
|
|
|
||||
|
Current Payment Date Leverage Ratio |
|
7.18 |
|
||||||
|
|
|
|
|
||||||
|
|
Pro-Forma EBITDA |
|
|
$ |
361,910 |
|
|||
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.18 |
|
||||||
|
|
|
|
|
||||||
|
|
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 |
|
7.18 |
|
||||||
|
Applebees Enterprises LLC as |
|
|
|
|
Issuer |
|
|
|
|
& |
|
For the Payment Date of: |
May 20, 2008 |
|
Applebee’s IP LLC & The |
|
For the Monthly Collection Period of: |
April |
|
Restaurant Holders as Co- |
|
|
|
|
Issuers |
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
Advertising fees paid into the concentration account |
|
$ |
1,760,871 |
|
|
B) |
Reimbursement of G&A costs |
|
$ |
150,320 |
|
|
C) |
State of Kansas Development Grant on new Support Center |
|
$ |
3,000,000 |
|
|
D) |
Weight Watchers |
|
$ |
22,412 |
|
|
|
|
|
|
|
|
|
|
Total Misdirected funds deposited to Concentration Account |
|
|
4,933,603 |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
May 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
April |
|
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 99.7
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
|
For the Payment Date of: |
|
June 20, 2008 |
|
|
For the Monthly Collection Period of: |
|
May |
|
|
|
|
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 |
(1) |
|
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 occurred |
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 Adjusted DSCR |
|
2.745 |
|
2.608 |
|
|
Current 3-Month DSCR |
|
2.201 |
|
2.079 |
|
|
Current 12-Month Adjusted DSCR |
|
N/A |
|
N/A |
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
U.S. 12-Month System-Wide Sales |
|
4,539,435,617 |
|
4,537,097,411 |
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
3.94 |
% |
|
Change in Domestic Franchised Stores |
|
1 |
|
2 |
|
|
Change in Domestic Company Owned Stores |
|
0 |
|
0 |
|
(1) - On June 20, 2008 approximately $303 million of Class 2007-1 Class A-2-I debt was repaid with proceeds from the sale leaseback of company owned stores.
Monthly Servicing Report
For
Applebee’s 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 |
|
$ |
365,111.11 |
|
|
|
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 |
|
22579616 |
|
$ |
302,800,000.00 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Principal Payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 - May 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assured Guaranty |
|
22579603 |
|
$ |
451,760.42 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s May 2008 premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579606 |
|
$ |
5,513,685.20 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
Release of Interest Reserve related to June 20, 2008 payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579606 |
|
$ |
53,340.41 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest ReserveAccount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579602 |
|
$ |
7.75 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579603 |
|
$ |
0.34 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579609 |
|
$ |
0.64 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings -Subordinated Note Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579600 |
|
$ |
1.43 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Applebee’s Enterprises LLC Main Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
24,120,183.46 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee’s |
|
51-20314 |
|
May 2008 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
343,712,945.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly Collections
|
For the Payment Date of: |
|
|
|
June 20, 2008 |
|
For the Monthly Collection Period of: |
|
|
|
May |
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
||||
|
Franchisees |
|||||||||
|
A) |
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
|||
|
Royalty Payment |
|
$ |
10,435,059 |
|
Yes |
|
|||
|
Initial Franchise Fees |
|
$ |
49,572 |
|
|
|
|||
|
Transfer Fees |
|
$ |
— |
|
|
|
|||
|
Renewal Fees |
|
$ |
— |
|
|
|
|||
|
Licensing Fees payable to Third parties |
|
$ |
— |
|
|
|
|||
|
Advertising Fees paid into the Concentration Account |
|
$ |
— |
|
|
|
|||
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
10,484,631 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
9,723 |
|
|
|
||
|
K) |
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
||
|
L) |
Other |
|
$ |
750,579 |
|
Yes |
|
||
|
M) |
Any andvance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
||
|
N) |
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
||
|
Franchisee Collections Received |
|
$ |
11,244,933 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
From Restaurant Holder Accounts |
|||||||||
|
A) |
All Store Revenue - Cash Purchase |
|
$ |
32,163,777 |
|
Yes |
|
||
|
I) |
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
||
|
Restaurant Holder Collections Received |
|
$ |
32,163,777 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
From Credit Card Accounts |
|||||||||
|
A) |
All Store Revenue - Credit Card Purchase |
|
$ |
61,226,860 |
|
Yes |
|
||
|
Credit Card Collections Received |
|
$ |
61,226,860 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
From Gift Card Reserve Account |
|||||||||
|
A) |
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
3,703,556 |
|
Yes |
|
||
|
B) |
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
||
|
Credit Card Collections Received |
|
$ |
3,703,556 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
Other |
|||||||||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
||||
|
A) |
Investment Income from all other Accounts (as applicable) |
|
$ |
68,532 |
|
|
|
||
|
B) |
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
||
|
Net Investment Income |
|
$ |
68,532 |
|
Yes |
|
|||
|
C) |
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
||
|
D) |
Any other Amounts owed relating to the Collateral |
|
$ |
111,565 |
|
Yes |
|
||
|
E) |
Vendor Rebates |
|
$ |
31,797 |
|
Yes |
|
||
|
F) |
IHOP Residual Amount |
|
$ |
3,811,931 |
|
Yes |
|
||
|
G) |
Any Equity contributions |
|
$ |
— |
|
Yes |
|
||
|
H) |
Return of cash deposit from Supplier |
|
$ |
— |
|
|
|
||
|
To Be Deposited into the Principal Payment Account |
|
|
|
|
|
||||
|
I) |
Asset Disposition Amounts |
|
$ |
— |
|
|
|
||
|
J) |
Defective Assets Payments / Indemnity Payments |
|
$ |
— |
|
|
|
||
|
Total “Other” Collections Received |
|
$ |
4,023,825 |
|
|
|
|||
|
|
|
|
|
|
|
||||
|
Misdirected Funds |
|||||||||
|
|
A) |
Funds deposited to Cencentration Account in Error |
|
$ |
2,231,227 |
|
|
|
|
|
|
|
|
|
|
|
||||
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
114,594,178 |
|
|
|
|||
|
Gross Monthly Collections |
|
$ |
112,303,656 |
|
|
|
|||
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
June 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Deposits to Concentration Account |
||||||
|
|
|
|
|
|
|
|
|
A) |
|
Restaurant Sales |
|
May |
|
|
|
|
|
Restaurant Gross Receipts Deposited into the Concentration Account |
|
$ |
97,094,193 |
|
|
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(1,737,958 |
) |
|
|
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(6,443,727 |
) |
|
|
|
Restaurant Sales |
|
$ |
88,912,508 |
|
|
|
|
|
|
|
|
|
|
B) |
|
Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|
|
|
|
Food and Beverage |
|
$ |
23,944,382 |
|
|
|
|
Labor |
|
$ |
26,319,039 |
(1) |
|
|
|
Utilities |
|
$ |
3,707,100 |
|
|
|
|
Other Controllables (including local advertising costs) |
|
$ |
5,998,151 |
|
|
|
|
Occupancy Costs |
|
$ |
3,999,642 |
|
|
|
|
Other Non-Controllables |
|
$ |
495,929 |
|
|
|
|
Less:Vendor Rebates |
|
$ |
(31,797 |
) |
|
|
|
Subtotal of Operating Expenses Attributable |
|
$ |
64,432,446 |
|
|
|
|
|
|
|
|
|
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
65,690 |
|
|
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
2,473,110 |
|
|
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
66,971,246 |
|
|
|
|
|
|
|
|
|
|
C) |
|
Restaurant Holder Profits |
|
$ |
21,941,262 |
|
|
|
|
Percentage of Monthly Sales |
|
24.68 |
% |
|
(1) As outlined in our April monthly report an error in labor costs was detected during the completion of the weekly report for the week ended 4/27/08. This error resulted in an overpayment for reimbursement of labor related costs of $3.0MM during the April reporting period. This was reversed in the May reporting period and had a 3.4% favorable impact to restaurant holder profits. Restaurant holder profits as a percentage of sales would have been 21.26% without this correction.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
June 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Totals |
|
|||||||||
|
Beginning Concentration Account Balance |
|
$ |
29,714,770 |
|
$ |
33,582,861 |
|
$ |
40,581,841 |
|
$ |
27,781,253 |
|
$ |
29,714,770 |
|
||||||
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
25,176,951 |
|
$ |
26,400,523 |
|
$ |
36,381,735 |
|
$ |
26,634,969 |
|
$ |
114,594,178 |
|
||||||
|
|
Other Cash Deposits |
|
$ |
(153 |
) |
$ |
(327,463 |
) |
$ |
(1,115,186 |
) |
$ |
(788,425 |
) |
$ |
(2,231,227 |
) |
|||||
|
|
Total Cumulative Weekly Collections |
|
$ |
25,176,951 |
|
$ |
26,400,523 |
|
$ |
36,381,735 |
|
$ |
26,634,969 |
|
$ |
114,594,178 |
|
|||||
|
|
Total Cumulative IHOP Residual Amounts Received |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
|
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
16,831,653 |
|
$ |
14,642,874 |
|
$ |
17,010,524 |
|
$ |
15,979,191 |
|
$ |
64,464,243 |
|
||||
|
|
|
Prior Monthly Waterfall Payments |
|
|
|
|
|
$ |
26,071,445 |
|
|
|
$ |
26,071,445 |
|
|||||||
|
|
|
Prior Month weekly waterfall payments |
|
$ |
3,643,326 |
|
|
|
|
|
|
|
$ |
3,643,326 |
|
|||||||
|
|
|
Prior Weekly Waterfall Payments |
|
$ |
— |
|
$ |
3,619,966 |
|
$ |
4,098,984 |
|
$ |
3,593,291 |
|
$ |
11,312,241 |
|
||||
|
|
|
Prior week gift card redemptions due to Restaurant Holders |
|
$ |
833,728 |
|
$ |
811,240 |
|
$ |
886,184 |
|
$ |
883,101 |
|
$ |
3,414,253 |
|
||||
|
|
|
Total expended and committed funds |
|
$ |
21,308,707 |
|
$ |
19,074,080 |
|
$ |
48,067,137 |
|
$ |
20,455,583 |
|
$ |
108,905,508 |
|
||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
33,582,861 |
|
$ |
40,581,841 |
|
$ |
27,781,253 |
|
$ |
33,172,214 |
|
$ |
44,484,455 |
|
||||||
|
|
|
|
|
|
|
|
|
|
|
|||||||||||||
|
|
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 |
|
$ |
1,588,005 |
|
$ |
1,753,646 |
|
$ |
1,579,372 |
|
$ |
1,522,704 |
|
$ |
6,443,727 |
|
|||||
|
|
|
A |
Sales taxes payable |
|
$ |
1,588,005 |
|
$ |
1,753,646 |
|
$ |
1,579,372 |
|
$ |
1,522,704 |
|
$ |
6,443,727 |
|
|||
|
|
|
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 |
|
$ |
(436,972 |
) |
$ |
(242,962 |
) |
$ |
(506,621 |
) |
$ |
(486,212 |
) |
$ |
(1,672,767 |
) |
|||||
|
|
|
A |
Gift Card Sales payable to ACMC |
|
$ |
374,268 |
|
$ |
643,222 |
|
$ |
376,480 |
|
$ |
343,988 |
|
$ |
1,737,958 |
|
|||
|
|
|
B |
ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
(811,240 |
) |
$ |
(886,184 |
) |
$ |
(883,101 |
) |
$ |
(830,200 |
) |
$ |
(3,410,725 |
) |
|||
|
|
|
C |
Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
V) |
To the Third Party Licensing Fee Account |
|
$ |
16,874 |
|
$ |
17,556 |
|
$ |
16,094 |
|
$ |
15,167 |
|
$ |
65,690 |
|
|||||
|
|
|
A |
Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
16,874 |
|
$ |
17,556 |
|
$ |
16,094 |
|
$ |
15,167 |
|
$ |
65,690 |
|
|||
|
|
|
B |
Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||
|
VI) |
To the Advertising Fees Account |
|
$ |
606,098 |
|
$ |
692,711 |
|
$ |
658,485 |
|
$ |
515,816 |
|
$ |
2,473,110 |
|
|||||
|
|
|
A |
Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
606,098 |
|
$ |
692,711 |
|
$ |
658,485 |
|
$ |
515,816 |
|
$ |
2,473,110 |
|
|||
|
|
|
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 |
|
$ |
1,845,962 |
|
$ |
1,878,034 |
|
$ |
1,845,962 |
|
$ |
1,863,462 |
|
$ |
7,433,418 |
|
|||||
|
|
|
A |
Weekly Servicing Fee |
|
$ |
1,845,962 |
|
$ |
1,845,962 |
|
$ |
1,845,962 |
|
$ |
1,845,962 |
|
$ |
7,383,846 |
|
|||
|
|
|
B |
Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|||
|
|
|
C |
Residual Certificates paid to Servicer |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|||
|
|
|
D |
Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
— |
|
$ |
32,072 |
|
$ |
— |
|
$ |
17,500 |
|
$ |
49,572 |
|
|||
|
|
|
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 |
|
$ |
3,619,966 |
|
$ |
4,098,984 |
|
$ |
3,593,291 |
|
$ |
3,430,937 |
|
$ |
14,743,178 |
|
||||
|
|
|
Less: Non-DSCR Expense |
|
$ |
(811,240 |
) |
$ |
(854,112 |
) |
$ |
(883,101 |
) |
$ |
(812,700 |
) |
$ |
(3,361,153 |
) |
||||
|
|
|
DSCR Expenses in Weekly Allocations |
|
$ |
4,431,206 |
|
$ |
4,953,096 |
|
$ |
4,476,393 |
|
$ |
4,243,637 |
|
$ |
18,104,331 |
|
||||
|
|
|
Ending Concentration Account balance |
|
$ |
29,962,895 |
|
$ |
36,482,857 |
|
$ |
24,187,961 |
|
$ |
29,741,277 |
|
$ |
29,741,277 |
|
||||
|
Applebees Enterprises LLC as Issuer |
For the Payment Date of: |
June 20, 2008 |
|
And |
For the Monthly Collection Period of: |
May |
|
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 |
|
$ |
29,741,276.67 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Net after-tax proceeds of storesale leaseback transaction from Capital Expenditure Reserve account. |
|
$ |
302,800,000.00 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Release of senor Note Interest Reserve related to Class A-2-1 payoff. |
|
$ |
5,513,685.20 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Servicing accounts to be distributed |
|
$ |
35,895.41 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
$ |
55,052.79 |
|
|
|
$ |
338,145,910.07 |
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
Total Amount to be distributed |
|
$ |
338,145,910.07 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
I |
|
To the Operating Expense Account* |
|
|
|
$ |
0.00 |
|
$ |
338,145,910.07 |
|
||
|
|
|
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 |
|
|
|
$ |
0.00 |
|
$ |
338,145,910.07 |
|
||
|
|
|
i |
Accrued plus unpaid Sales Taxes |
|
|
|
|
|
|
|
|||
|
|
|
|
|
|
|
|
|
|
|
||||
|
III |
|
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
$ |
0.00 |
|
$ |
338,145,910.07 |
|
||
|
|
|
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 |
|
$ |
338,145,910.07 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
V |
|
|
|
|
|
|
|
|
|
||||
|
|
A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Senior Notes Monthly Interest Amount |
|
|
|
$ |
9,562,918.75 |
|
$ |
328,582,991.32 |
|
||
|
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
||||
|
|
|
Accrued Insurer Premium Amount |
|
|
|
$ |
451,760.42 |
|
$ |
328,131,230.90 |
|
||
|
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
||||
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
$ |
365,111.11 |
|
$ |
327,766,119.79 |
|
||
|
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
$ |
0.00 |
|
$ |
327,766,119.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
VI |
|
To each Insurer |
|
|
|
|
|
|
|
||||
|
|
|
Insurer Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
327,766,119.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
VII |
|
To each Insurer |
|
|
|
|
|
|
|
||||
|
|
|
Insurer Reimbursement Amount |
|
|
|
$ |
0.00 |
|
$ |
327,766,119.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
VIII |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
$ |
12,500.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
IX |
|
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
||||
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
X |
|
To the Servicer |
|
|
|
|
|
|
|
||||
|
|
|
Any Supplemental Servicing Fee |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XI |
|
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XII |
|
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
||||
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XIV |
|
To the Operating Expense Account |
|
|
|
|
|
|
|
||||
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XVI |
|
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XVII |
|
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
327,753,619.79 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
326,920,183.46 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
326,920,183.46 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XX |
A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
326,920,183.46 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
$ |
0.00 |
|
$ |
326,920,183.46 |
|
||
|
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
326,920,183.46 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXI |
|
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
326,920,183.46 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXII |
|
To Hedge Payment Account |
|
|
|
$ |
0.00 |
|
$ |
326,920,183.46 |
|
||
|
|
|
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 |
|
|
|
$ |
302,800,000.00 |
|
$ |
24,120,183.46 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXIV |
|
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
i |
Lessor of |
|
|
|
$ |
0.00 |
|
$ |
24,120,183.46 |
|
|
|
|
|
|
(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 |
|
$ |
24,120,183.46 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXV |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
||||
|
|
|
All Remaining Funds |
|
|
|
$ |
24,120,183.46 |
|
$ |
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 |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
June 20, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Series 2007-1 Senior Interest Reserve Account |
|
|
|||||||||
|
|
|
|
|
|
|
|
|
May 25 2008 Balance |
|
June 20, 2008 Balance |
|
|
Wrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve(1) |
|
90 Day Interest Reserve |
|
|
Series 2007 - 1 A-1-A |
|
30,000,000 |
|
7.2725 |
% |
0.7500 |
% |
601,688 |
|
601,688 |
|
|
Series 2007 - 1 A-2-II-A |
|
675,000,000 |
|
6.4267 |
% |
0.7500 |
% |
12,110,681 |
|
12,110,681 |
|
|
|
|
|
|
|
|
|
|
12,712,369 |
|
12,712,369 |
|
|
Unwrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve |
|
90 Day Interest Reserve |
|
||
|
Series 2007 - 1 A-1-X |
|
70,000,000 |
|
7.9225 |
% |
n/a |
|
1,386,438 |
|
1,386,438 |
|
||
|
Series 2007 - 1 A-2-I-X |
|
350,000,000 |
|
7.2836 |
% |
n/a |
|
6,373,150 |
|
859,465 |
(2) |
||
|
Series 2007 - 1 A-2-II-X |
|
650,000,000 |
|
7.0588 |
% |
n/a |
|
11,470,550 |
|
11,470,550 |
|
||
|
Series 2007-1 M-1 |
|
119,000,000 |
|
8.4044 |
% |
n/a |
|
0 |
|
|
|
||
|
|
|
|
|
|
|
|
|
19,230,138 |
|
13,716,452 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
|
|
Reserve required |
|
31,942,506 |
|
26,428,821 |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
|
Beginning Balance |
|
$ |
32,027,076 |
|
$ |
32,027,076 |
|
||
|
|
|
|
|
Plus Deposits |
|
$ |
53,340 |
|
$ |
53,340 |
|
||
|
|
|
|
|
Less Withdrawals |
|
$ |
84,569 |
|
$ |
84,569 |
|
||
|
|
|
|
|
Ending Balance |
|
$ |
31,995,847 |
|
$ |
31,995,847 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
Excess(Deficit) |
|
$ |
53,341 |
|
$ |
5,567,026 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
|
|
|
|
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.
(2) - On June 20, 2008 approximately $303 million of Class 2007-1 Class A-2-I debt was repaid with proceeds from the sale leaseback of company owned stores. As a result of the debt reduction reserves of $5.5 million were released.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
June 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
|
|
For the Payment Date of: |
|
June 20, 2008 |
|
||
|
Monthly Periods used in calculation of DSCR |
|
For the Monthly Collection Period of: |
|
May |
|
||
|
|
|
|
|
|
|
||
|
|
|
May |
|
|
|
|
|
|
Retained Collections |
|
$ |
— |
|
$ |
47,839,414 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
18,104,331 |
|
|
|
|
|
|
|
$ |
29,735,082 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,392,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
April |
|
|
|
|
|
|
Retained Collections |
|
$ |
— |
|
$ |
39,606,749 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
17,543,249 |
|
|
|
|
|
|
|
$ |
22,063,500 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,031,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
March |
|
|
|
|
|
|
Retained Collections |
|
$ |
— |
|
$ |
55,862,998 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
22,075,379 |
|
|
|
|
|
|
|
$ |
33,787,619 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,760,072 |
|
|
|
Current Payment Date Adjusted DSCR Ratio |
|
2.745 |
|
|
|
|
Event Occur? |
|
% to Trap (if |
|
|
|
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: |
|
June 20, 2008 |
|
||
|
Monthly Periods used in calculation of DSCR |
|
For the Monthly Collection Period of: |
|
May |
|
||
|
|
|
|
|
|
|
||
|
|
|
May |
|
|
|
|
|
|
Retained Collections |
|
$ |
— |
|
$ |
44,027,483 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
18,104,331 |
|
|
|
|
|
|
|
$ |
25,923,151 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,392,290 |
|
|
|
|
|
|
|
|
|
|
|
|
|
April |
|
|
|
|
|
|
Retained Collections |
|
$ |
— |
|
$ |
34,742,415 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
17,543,249 |
|
|
|
|
|
|
|
$ |
17,199,166 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,031,096 |
|
|
|
|
|
|
|
|
|
|
|
|
|
March |
|
|
|
|
|
|
Retained Collections |
|
$ |
— |
|
$ |
47,581,394 |
|
|
|
|
- Total Monthly DSCR Expenses |
|
|
$ |
22,075,379 |
|
|
|
|
|
|
|
$ |
25,506,015 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
Total Debt Service |
|
|
$ |
10,760,072 |
|
|
|
|
Current Payment Date DSCR Ratio |
|
2.201 |
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
June 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
|
|
($ In Thousands) |
|
|
|
|
|
|
|
|
Monthly |
|
|
Numerator |
|
|
|
|
|
|
|
|
|
|
|
|
Operating Lease Expense - (Current Month) |
|
8,710 |
|
|
|
|
|
|
Annualized Operating Lease Expense |
|
104,517 |
|
|
|
|
1 |
|
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
836,137 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
|
All Trust Debt |
|
2,339,000 |
|
|
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
|
Applebees |
|
1,894,000 |
|
|
|
|
|
|
All other Applebee’s Corporate Debt |
|
3,634 |
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
168,593 |
|
|
|
|
2 |
|
Total Indebtedness |
|
2,511,227 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Adjusted Debt |
|
3,347,364 |
|
|
|
|
|
|
|
|
|
|
|
Denominator |
|
|
|
|
|
|
|
|
|
|
1 |
|
EBITDA |
|
362,268 |
|
|
|
+ |
2 |
|
Operating Lease Expense |
|
104,517 |
|
|
|
|
|
|
EBITDAR |
|
466,785 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Consolidated Leverage Ratio |
|
7.17 |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
June 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
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 |
|
0 |
|
|
Ending Balance |
|
510 |
|
Franchised Stores in U.S.
|
Beginning |
|
1,362 |
|
|
Plus New Stores |
|
2 |
|
|
Plus Refranchised |
|
0 |
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
Less Store Closures |
|
1 |
|
|
Ending Balance |
|
1,363 |
|
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 |
|
115 |
|
|
|
Plus New Stores |
|
1 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
116 |
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,539,435,617 |
|
|
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion |
|
YES |
|
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
|
|
Applebees Enterprises LLC as |
|
For the Payment Date of: |
|
June 20,
2008 |
|
& |
|
|
|
|
|
Applebee’s IP LLC & The |
|
|
|
|
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(1) |
|
|
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 |
|
3/13/2008 |
|
|
|
|
|
LIBOR |
|
2.5500 |
% |
|
|
|
|
Spread |
|
2.2050 |
% |
|
|
|
|
Total Coupon |
|
4.7550 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
20,803 |
|
|
|
|
Cumulative Interest Due |
|
$ |
35,663 |
|
12 days |
|
Series 2007-1 A-1 -X Draw #1
|
Amount |
|
$ |
52,500,000 |
|
|
|
|
Date |
|
3/2/2008 |
|
|
|
|
|
LIBOR |
|
2.5500 |
% |
|
|
|
|
Spread |
|
2.8550 |
% |
|
|
|
|
Total Coupon |
|
5.4050 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
55,176 |
|
|
|
|
Cumulative Interest Due |
|
$ |
94,588 |
|
12 days |
|
(1) - On June 20, 2008 approximately $303 million of Class 2007-1 Class A-2-I debt was repaid with proceeds from the sale leaseback of company owned stores.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
6/20/2008 |
|
& |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For
|
|
|
|
|
|
5/4/5008 |
|
5/11/5008 |
|
5/18/5008 |
|
5/25/5008 |
|
|
1 |
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
29,714,770 |
|
33,582,861 |
|
40,581,841 |
|
27,781,253 |
|
|
|
|
|
Plus Deposits |
|
25,176,951 |
|
26,400,523 |
|
36,381,735 |
|
26,634,969 |
|
|
|
|
|
Less Withdrawals |
|
(21,308,860 |
) |
(19,401,543 |
) |
(49,182,323 |
) |
(21,244,008 |
) |
|
|
Ending Balance |
|
|
|
33,582,861 |
|
40,581,841 |
|
27,781,253 |
|
33,172,214 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
3,612 |
|
3,612 |
|
3,612 |
|
3,612 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(1 |
) |
|
|
Ending Balance |
|
|
|
3,612 |
|
3,612 |
|
3,612 |
|
3,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
7,967,740 |
|
8,931,280 |
|
10,118,462 |
|
8,862,344 |
|
|
|
Plus Company Store Contribution |
|
1,597,016 |
|
1,588,005 |
|
1,726,086 |
|
1,579,372 |
|
||
|
|
Plus: Excluded Asset deposits |
|
|
|
10,167 |
|
10,425 |
|
12,308 |
|
||
|
|
|
|
Other deposits |
|
16,324 |
|
0 |
|
27,819 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
(649,801 |
) |
(410,990 |
) |
(3,020,447 |
) |
(2,506,311 |
) |
|
|
Ending Balance |
|
|
|
8,931,280 |
|
10,118,462 |
|
8,862,344 |
|
7,947,713 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
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 |
|
|
|
8,817,781 |
|
8,819,693 |
|
8,492,000 |
|
8,686,376 |
|
|
|
|
|
Plus Deposits |
|
835,640 |
|
772,850 |
|
1,105,694 |
|
852,381 |
|
|
|
|
|
Less Withdrawals |
|
(833,728 |
) |
(1,100,543 |
) |
(911,317 |
) |
(883,101 |
) |
|
|
Ending Balance |
|
|
|
8,819,693 |
|
8,492,000 |
|
8,686,376 |
|
8,655,656 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
173,462 |
|
201,049 |
|
219,230 |
|
353,883 |
|
|
|
|
|
Plus: Deposits |
|
|
|
1,228 |
|
117,015 |
|
49,494 |
|
|
|
Plus Company Store Contribution |
|
27,490 |
|
16,874 |
|
17,556 |
|
16,094 |
|
||
|
|
Plus: Excluded Asset deposits |
|
97 |
|
79 |
|
83 |
|
90 |
|
||
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
201,049 |
|
219,230 |
|
353,883 |
|
419,561 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
14,090,016 |
|
14,610,315 |
|
14,924,414 |
|
9,367,710 |
|
|
|
Plus: Direct Deposits |
|
36,266 |
|
181,438 |
|
4,573,599 |
|
1,776,327 |
|
||
|
|
Plus Company Store Contribution |
|
594,467 |
|
606,098 |
|
692,711 |
|
658,485 |
|
||
|
|
Plus: Excluded Store Deposits |
|
6,313 |
|
3,772 |
|
3,912 |
|
6,550 |
|
||
|
|
|
|
Less Withdrawals |
|
(116,746 |
) |
(477,209 |
) |
(10,826,927 |
) |
(949,190 |
) |
|
|
Ending Balance |
|
|
|
14,610,315 |
|
14,924,414 |
|
9,367,710 |
|
10,859,882 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Capital Expenditure Reserve Account |
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
250,000 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
250,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Indemnification / Insurance proceeds / Asset Disposition 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 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
2,004,947 |
|
2,008,442 |
|
2,008,442 |
|
2,003,495 |
|
|
|
|
|
Plus Deposits |
|
3,495 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
|
|
0 |
|
(4,947 |
) |
0 |
|
|
|
Ending Balance |
|
|
|
2,008,442 |
|
2,008,442 |
|
2,003,495 |
|
2,003,495 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
26,055,835 |
|
26,049,251 |
|
26,049,251 |
|
25,669,514 |
|
|
|
|
|
Plus Deposits |
|
49,250 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
(55,834 |
) |
0 |
|
(379,737 |
) |
0 |
|
|
|
Ending Balance |
|
|
|
26,049,251 |
|
26,049,251 |
|
25,669,514 |
|
25,669,514 |
|
(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.
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
6/20/2008 |
|
& |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The Restaurant
|
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For May
|
Asset Dispositions |
|
|
|
||
|
|
|
|
|
||
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
|
|
||
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.17 |
|
||
|
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 |
|
$ |
— |
|
|
|
|
|
|
|
||
|
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 |
|
$ |
— |
|
|
|
|
|
|
|
|
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 |
|
|
|
|
|
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) |
|
$ |
8,710 |
|
|
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
104,517 |
|
|
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
836,137 |
|
|
|
|
|
|
|
|
|
|
||
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,339,000 |
|
|
|
|
|
|
IHOP |
|
$ |
445,000 |
|
|
|
|
|
|
Applebees |
|
$ |
1,894,000 |
|
|
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
3,634 |
|
|
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
168,593 |
|
|
|
|
|
2 |
Total Indebtedness |
|
$ |
2,511,227 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Total Adjusted Debt |
|
$ |
3,347,364 |
|
|
|
Denominator |
|
|
|
|
|
|
||
|
|
|
1 |
EBITDA |
|
$ |
362,268 |
|
|
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
104,517 |
|
|
|
|
|
|
EBITDAR |
|
$ |
466,785 |
|
|
|
|
|
|
|
|
|
|
||
|
|
|
|
Consolidated Leverage Ratio |
|
7.17 |
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
Pro-Forma EBITDA |
|
$ |
362,268 |
|
|
|
|
|
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.17 |
|
||
|
|
|
|
|
|
|
|
||
|
|
|
|
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 |
|
7.17 |
|
||
DineEquity successfully completed a sale leaseback transaction for 181 Applebee’s company owned restaurant locations.Net proceeds from the deal were approximately $337 million and after-tax proceeds available to pay down debt totaled approximately $303 million.See the DineEquity, Inc. press release dated June 17, 2008 for details.Two million dollars remains in escrow at First American Title pending resolution of minor title issues on a few of the locations.If the remaining assets are cured within 120 days, the escrow will be remitted to Applebee’s Enterprises, LLC. and used for addtional debt reduction.
|
Applebees Enterprises LLC as |
|
For the Payment Date of: |
|
June 20, 2008 |
|
Issuer |
|
For the Monthly Collection Period of: |
|
May |
|
Applebee’s IP LLC & The |
|
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
|
Advertising fees paid into the concentration account |
|
$ |
1,891,930 |
|
|
B) |
|
Reimbursement of G&A costs |
|
$ |
15,161 |
|
|
C) |
|
Weight Watchers |
|
$ |
24,136 |
|
|
D) |
|
Receipt of escrow funds |
|
$ |
300,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Misdirected funds deposited to Concentration Account |
|
$ |
2,231,227 |
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
June 20, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
May |
|
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 Lease Payments |
|
Franchise & Equipment Note Payments |
|
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 99.8
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: |
|
July 21, 2008 |
|
|
For the Monthly Collection Period of: |
|
June |
|
|
|
|
|
Initial Balance |
|
Current Balance |
|
||
|
|
|
|
|
|
|
|
||
|
|
Total: |
|
$ |
1,869,000,000 |
|
$ |
1,556,200,000 |
|
|
|
Series 2007-1 A-1-A |
|
$ |
22,500,000 |
|
$ |
19,500,000 |
|
|
|
Series 2007-1 A-1-X |
|
$ |
52,500,000 |
|
$ |
45,500,000 |
|
|
|
Series 2007-1 A-2-I-X |
|
$ |
350,000,000 |
|
$ |
47,200,000 |
(1) |
|
|
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 occurred |
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 Adjusted DSCR |
|
2.633 |
|
2.745 |
|
|
Current 3-Month DSCR |
|
2.119 |
|
2.201 |
|
|
Current 12-Month Adjusted DSCR |
|
N/A |
|
N/A |
|
|
Current 12-Month DSCR |
|
N/A |
|
N/A |
|
|
U.S. 12-Month System-Wide Sales |
|
4,543,366,028 |
|
4,539,435,617 |
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
3.94 |
% |
|
Change in Domestic Franchised Stores |
|
1 |
|
1 |
|
|
Change in Domestic Company Owned Stores |
|
(2 |
) |
0 |
|
(1) - On July 21, 2008 the remaining $47.2 million of Class 2007-1 Class A-2-I debt will be repaid with proceeds from asset divestitures, the monthly residual and a capital contribution.
Monthly Servicing Report
For
Applebee’s 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 |
|
$ |
342,598.61 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Services, Inc. VFN |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579602 |
|
$ |
7,982,524.47 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579616 |
|
$ |
47,200,000.00 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Senior Note Principal Payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579609 |
|
$ |
861,217.54 |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Subordinated Note Interest |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
DTC |
|
22579604 |
|
$ |
12,500.00 |
|
|
|
Citibank |
|
021-0000-89 |
|
LCPI Bank Loans Agency |
|
30434141 |
|
Applebee’s Administrative Agent Fee - June 2008 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Assured Guaranty |
|
22579603 |
|
$ |
450,981.25 |
|
|
|
JPMorgan/Chase |
|
021000021 |
|
Operating Acct |
|
9102676450 |
|
Applebee’s June 2008 premiums |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579606 |
|
$ |
859,465.00 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
Release of Interest Reserve related to July 21, 2008 payment |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579606 |
|
$ |
48,172.86 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest ReserveAccount |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579602 |
|
$ |
0.07 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Sr. Note Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579609 |
|
$ |
0.01 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings -Subordinated Note Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Wells Fargo |
|
22579600 |
|
$ |
0.02 |
|
|
|
Wells Fargo |
|
|
|
|
|
22579601 |
|
TFR Interest Earnings - Applebee’s Enterprises LLC Main Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Services, Inc. |
|
22579600 |
|
$ |
0.00 |
|
26-0783903 |
|
JPMorgan/Chase |
|
021000021 |
|
Applebee’s |
|
51-20314 |
|
June 2008 Residual |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Total Wires |
|
|
|
$ |
57,757,459.84 |
|
|
|
|
|
|
|
|
|
|
|
|
|
Monthly collections
|
|
For the Payment Date of: |
|
|
July 21, 2008 |
|
|
For the Monthly Collection Period of: |
|
|
June |
|
|
|
|
|
|
Deposits to Concentration Account
|
|
|
|
|
Counted for Purposes |
|
|||||
|
Franchisees |
||||||||||
|
A) |
Franchise Payments from Third Party Franchisees |
|
|
|
|
|
|
|||
|
Royalty Payment |
|
$ |
11,069,696 |
|
Yes |
|
||||
|
Initial Franchise Fees |
|
$ |
35,000 |
|
|
|
||||
|
Transfer Fees |
|
$ |
262,500 |
|
|
|
||||
|
Renewal Fees |
|
$ |
— |
|
|
|
||||
|
Licensing Fees payable to Third parties |
|
$ |
— |
|
|
|
||||
|
Advertising Fees paid into the Concentration Account |
|
$ |
— |
|
|
|
||||
|
Total Franchise Payments from Third Party Franchisees |
|
$ |
11,367,196 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
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 |
|
$ |
96,823 |
|
|
|
|||
|
K) |
Any other Third Party Reimbursement Amounts |
|
$ |
— |
|
|
|
|||
|
L) |
Other |
|
$ |
268,863 |
|
Yes |
|
|||
|
M) |
Any andvance payments from Third Party Franchisees |
|
$ |
— |
|
|
|
|||
|
N) |
(Less Returns, NSF etc.) - enter as a positive number |
|
$ |
— |
|
Yes |
|
|||
|
Franchisee Collections Received |
|
$ |
11,732,882 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
From Restaurant Holder Accounts |
||||||||||
|
A) |
All Store Revenue - Cash Purchase |
|
$ |
41,016,667 |
|
Yes |
|
|||
|
I) |
Insurance Restoration Receipts |
|
$ |
— |
|
|
|
|||
|
Restaurant Holder Collections Received |
|
$ |
41,016,667 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
From Credit Card Accounts |
||||||||||
|
A) |
All Store Revenue - Credit Card Purchase |
|
$ |
73,928,882 |
|
Yes |
|
|||
|
Credit Card Collections Received |
|
$ |
73,928,882 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
From Gift Card Reserve Account |
||||||||||
|
A) |
Amount of Gift Card Receipts owed to the Rest. Holders |
|
$ |
4,887,739 |
|
Yes |
|
|||
|
B) |
Excess Gift Card Reserve Amount |
|
$ |
— |
|
|
|
|||
|
Credit Card Collections Received |
|
$ |
4,887,739 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
Other |
||||||||||
|
To Be Deposited into the Concentration Account |
|
|
|
|
|
|||||
|
A) |
Investment Income from all other Accounts (as applicable) |
|
$ |
45,539 |
|
|
|
|||
|
B) |
(Less investment expenses and net losses) |
|
$ |
— |
|
|
|
|||
|
Net Investment Income |
|
$ |
45,539 |
|
Yes |
|
||||
|
C) |
Series Hedge Agreements Receipts (as applicable) |
|
$ |
— |
|
Yes |
|
|||
|
D) |
Any other Amounts owed relating to the Collateral |
|
$ |
150,745 |
|
Yes |
|
|||
|
E) |
Vendor Rebates |
|
$ |
236,559 |
|
Yes |
|
|||
|
F) |
IHOP Residual Amount |
|
$ |
6,326,111 |
|
Yes |
|
|||
|
G) |
Any Equity contributions |
|
$ |
— |
|
Yes |
|
|||
|
H) |
Return of cash deposit from Supplier |
|
$ |
— |
|
|
|
|||
|
To Be Deposited into the Principal Payment Account |
|
|
|
|
|
|||||
|
I) |
Asset Disposition Amounts |
|
$ |
— |
|
|
|
|||
|
J) |
Defective Assets Payments / Indemnity Payments |
|
$ |
— |
|
|
|
|||
|
Total “Other” Collections Received |
|
$ |
6,758,954 |
|
|
|
||||
|
|
|
|
|
|
|
|||||
|
Misdirected Funds |
||||||||||
|
|
A) |
Funds deposited to Cencentration Account in Error |
|
$ |
1,400,640 |
|
|
|
||
|
|
|
|
|
|
|
|||||
|
Total Monthly monies collected (Inc. Excluded Amts) |
|
$ |
139,725,764 |
|
|
|
||||
|
Gross Monthly Collections |
|
$ |
137,930,801 |
|
|
|
||||
Restaurant Holder Profits
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
Deposits to Concentration Account
|
|
|
|
|
June |
|
|
|
A) |
|
Restaurant Sales |
|
|
|
|
|
|
|
Restaurant Gross Receipts Deposited into the Concentration Account |
|
$ |
119,833,288 |
|
|
|
|
Less: Gift Card Sales transferred to Gift Card Account |
|
$ |
(2,127,315 |
) |
|
|
|
Less: Sales Tax transferred to Sales Tax Account |
|
$ |
(8,138,619 |
) |
|
|
|
Restaurant Sales |
|
$ |
109,567,354 |
|
|
|
|
|
|
|
|
|
|
B) |
|
Restaurant Holder’s Expenses paid from Concentration Account |
|
|
|
|
|
|
|
Food and Beverage |
|
$ |
30,849,169 |
|
|
|
|
Labor |
|
$ |
37,910,893 |
|
|
|
|
Utilities |
|
$ |
4,788,592 |
|
|
|
|
Other Controllables (including local advertising costs) |
|
$ |
8,471,840 |
|
|
|
|
Occupancy Costs |
|
$ |
4,924,640 |
|
|
|
|
Other Non-Controllables |
|
$ |
577,682 |
|
|
|
|
Subtotal of Operating Expenses Attributable |
|
$ |
87,522,816 |
|
|
|
|
|
|
|
|
|
|
|
|
Less:Vendor Rebates |
|
$ |
(236,559 |
) |
|
|
|
Weight Watcher fees (paid to 3rd party account) |
|
$ |
72,924 |
|
|
|
|
Advertising (payable to the Advertising Reserve Account) |
|
$ |
3,094,269 |
|
|
|
|
Lease Payments payable to the Lease Payment Account |
|
$ |
2,628,520 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Expenses |
|
$ |
93,081,970 |
|
|
|
|
|
|
|
|
|
|
C) |
|
Restaurant Holder Profits |
|
$ |
16,485,384 |
|
|
|
|
Percentage of Monthly Sales |
|
15.05 |
% |
|
Weekly Waterfall Summary
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
Week 1 |
|
Week 2 |
|
Week 3 |
|
Week 4 |
|
Week 5 |
|
Totals |
|
|||||||
|
Beginning Concentration Account Balance |
|
$ |
33,172,214 |
|
$ |
34,769,445 |
|
$ |
41,760,179 |
|
$ |
50,706,246 |
|
$ |
28,616,485 |
|
$ |
33,172,214 |
|
|||
|
Total Cumulative monies collected (Inc. Excluded Amts) |
|
$ |
25,129,978 |
|
$ |
25,241,641 |
|
$ |
30,919,924 |
|
$ |
31,972,231 |
|
$ |
26,461,990 |
|
$ |
139,725,764 |
|
|||
|
|
Other Cash Deposits |
|
$ |
— |
|
$ |
(123,178 |
) |
$ |
(597,319 |
) |
$ |
(610,826 |
) |
$ |
(69,317 |
) |
$ |
(1,400,640 |
) |
||
|
|
Total Cumulative Weekly Collections |
|
$ |
25,129,978 |
|
$ |
25,241,641 |
|
$ |
30,919,924 |
|
$ |
31,972,231 |
|
$ |
26,461,990 |
|
$ |
139,725,764 |
|
||
|
|
Total Cumulative IHOP Residual Amounts Received |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
||
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay |
|
$ |
19,271,610 |
|
$ |
13,719,882 |
|
$ |
16,892,563 |
|
$ |
16,132,680 |
|
$ |
21,506,081 |
|
$ |
87,522,816 |
|
|
|
|
|
Prior Monthly Waterfall Payments |
|
|
|
|
|
|
|
$ |
29,741,277 |
|
|
|
$ |
29,741,277 |
|
|||||
|
|
|
Prior Month weekly waterfall payments |
|
$ |
3,430,937 |
|
|
|
|
|
|
|
|
|
$ |
3,430,937 |
|
|||||
|
|
|
Prior Weekly Waterfall Payments |
|
$ |
— |
|
$ |
3,556,486 |
|
$ |
3,590,611 |
|
$ |
6,590,645 |
|
$ |
3,438,409 |
|
$ |
17,176,151 |
|
|
|
|
|
Prior week gift card redemptions due to Restaurant Holders |
|
$ |
830,200 |
|
$ |
851,361 |
|
$ |
893,364 |
|
$ |
986,564 |
|
$ |
1,038,898 |
|
$ |
4,600,387 |
|
|
|
|
|
Total expended and committed funds |
|
$ |
23,532,747 |
|
$ |
18,127,729 |
|
$ |
21,376,538 |
|
$ |
53,451,166 |
|
$ |
25,983,388 |
|
$ |
142,471,568 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||
|
Total Collections to be applied in Accordance w/ Weekly Waterfall |
|
$ |
34,769,445 |
|
$ |
41,760,179 |
|
$ |
50,706,246 |
|
$ |
28,616,485 |
|
$ |
29,025,770 |
|
$ |
46,201,921 |
|
|||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||||||
|
|
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 |
|
$ |
1,584,348 |
|
$ |
1,580,680 |
|
$ |
1,719,636 |
|
$ |
1,619,507 |
|
$ |
1,634,448 |
|
$ |
8,138,619 |
|
||
|
|
|
A |
Sales taxes payable |
|
$ |
1,584,348 |
|
$ |
1,580,680 |
|
$ |
1,719,636 |
|
$ |
1,619,507 |
|
$ |
1,634,448 |
|
$ |
8,138,619 |
|
|
|
|
B |
Any sales tax owed but not paid in accordance with II) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
III) |
To the Lease Payment Account |
|
$ |
— |
|
$ |
— |
|
$ |
2,612,917 |
|
$ |
15,603 |
|
$ |
— |
|
$ |
2,628,520 |
|
||
|
|
|
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 |
|
$ |
— |
|
$ |
— |
|
$ |
2,612,917 |
|
$ |
15,603 |
|
$ |
— |
|
$ |
2,628,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
IV) |
To the Gift Card Reserve Account |
|
$ |
(481,533 |
) |
$ |
(458,791 |
) |
$ |
(307,815 |
) |
$ |
(701,752 |
) |
$ |
(609,423 |
) |
$ |
(2,559,314 |
) |
||
|
|
|
A |
Gift Card Sales payable to ACMC |
|
$ |
369,828 |
|
$ |
434,573 |
|
$ |
678,749 |
|
$ |
337,146 |
|
$ |
307,019 |
|
$ |
2,127,315 |
|
|
|
|
B |
ACMC Gift Card Redemptions due to restaurant holders |
|
$ |
(851,361 |
) |
$ |
(893,364 |
) |
$ |
(986,564 |
) |
$ |
(1,038,898 |
) |
$ |
(916,442 |
) |
$ |
(4,686,629 |
) |
|
|
|
C |
Any Gift Card Sales owed but not paid in accordance with IV) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
V) |
To the Third Party Licensing Fee Account |
|
$ |
14,685 |
|
$ |
15,457 |
|
$ |
14,613 |
|
$ |
14,080 |
|
$ |
14,089 |
|
$ |
72,924 |
|
||
|
|
|
A |
Accrued and unpaid licensing or royalties fees payable to third parties |
|
$ |
14,685 |
|
$ |
15,457 |
|
$ |
14,613 |
|
$ |
14,080 |
|
$ |
14,089 |
|
$ |
72,924 |
|
|
|
|
B |
Any licensing fees owed but not paid in accordance with V) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
VI) |
To the Advertising Fees Account |
|
$ |
592,524 |
|
$ |
606,803 |
|
$ |
687,332 |
|
$ |
627,009 |
|
$ |
580,601 |
|
$ |
3,094,269 |
|
||
|
|
|
A |
Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders |
|
$ |
592,524 |
|
$ |
606,803 |
|
$ |
687,332 |
|
$ |
627,009 |
|
$ |
580,601 |
|
$ |
3,094,269 |
|
|
|
|
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 |
|
$ |
1,846,462 |
|
$ |
1,846,462 |
|
$ |
1,863,962 |
|
$ |
1,863,962 |
|
$ |
2,108,962 |
|
$ |
9,529,810 |
|
||
|
|
|
A |
Weekly Servicing Fee |
|
$ |
1,846,462 |
|
$ |
1,846,462 |
|
$ |
1,846,462 |
|
$ |
1,846,462 |
|
$ |
1,846,462 |
|
$ |
9,232,310 |
|
|
|
|
B |
Any Servicing Fee owed but not paid in accordance with VIII) A above |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
C |
Residual Certificates paid to Servicer |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
$ |
— |
|
|
|
|
D |
Any initial franchise fees, transfer fees, territory fees, or renewal fees |
|
$ |
— |
|
$ |
— |
|
$ |
17,500 |
|
$ |
17,500 |
|
$ |
262,500 |
|
$ |
297,500 |
|
|
|
|
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 |
|
$ |
3,556,486 |
|
$ |
3,590,611 |
|
$ |
6,590,645 |
|
$ |
3,438,409 |
|
$ |
3,728,677 |
|
$ |
20,904,828 |
|
|
|
|
|
Less: Non-DSCR Expense |
|
$ |
(851,361 |
) |
$ |
(893,364 |
) |
$ |
(969,064 |
) |
$ |
(1,021,398 |
) |
$ |
(653,942 |
) |
$ |
(4,389,129 |
) |
|
|
|
|
DSCR Expenses in Weekly Allocations |
|
$ |
4,407,847 |
|
$ |
4,483,975 |
|
$ |
7,559,709 |
|
$ |
4,459,807 |
|
$ |
4,382,619 |
|
$ |
25,293,957 |
|
|
|
|
|
Ending Concentration Account balance |
|
$ |
31,212,959 |
|
$ |
38,169,568 |
|
$ |
44,115,601 |
|
$ |
25,178,076 |
|
$ |
25,297,093 |
|
$ |
25,297,093 |
|
|
Cash basis expenses during the month of June included a) one and one half months rent related to the sale-leaseback of 181 company owned Applebee’s restaurants and b) payroll timing which resulted in six weeks payroll for the five week period.
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
|
|
|
|
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 |
|
$ |
25,297,093.00 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Capital Contribution - not to be counted for purposes of calculating DSCR |
|
$ |
1,419,289.17 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Net after-tax proceeds of asset divestitures from Capital Expenditure Reserve account. |
|
$ |
29,200,000.00 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Release of senor Note Interest Reserve related to Class A-2-1 payoff |
|
$ |
859,465.00 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Servicing accounts to be distributed |
|
$ |
22,095.33 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
Interest Earnings on the Trust accounts to be distributed |
|
$ |
51,879.38 |
|
|
|
$ |
56,849,821.88 |
|
||||
|
|
|
|
|
|
|
|
|
||||||
|
Total Amount to be distributed |
|
$ |
56,849,821.88 |
|
|
|
|
|
|||||
|
|
|
|
|
|
|
|
|
||||||
|
I |
|
To the Operating Expense Account* |
|
|
|
$ |
0.00 |
|
$ |
56,849,821.88 |
|
||
|
|
|
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 |
|
$ |
56,849,821.88 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
III |
|
To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)** |
|
|
|
$ |
0.00 |
|
$ |
56,849,821.88 |
|
||
|
|
|
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 |
|
$ |
56,849,821.88 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
V |
|
|
|
|
|
|
|
|
|
||||
|
|
A |
To the Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Senior Notes Monthly Interest Amount |
|
|
|
$ |
7,982,524.47 |
|
$ |
48,867,297.41 |
|
||
|
|
B |
To the Insurer Premiums Account |
|
|
|
|
|
|
|
||||
|
|
|
Accrued Insurer Premium Amount |
|
|
|
$ |
450,981.25 |
|
$ |
48,416,316.16 |
|
||
|
|
C |
To the Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
||||
|
|
|
Class A-1 Monthly Commitment Fees Amount |
|
|
|
$ |
342,598.61 |
|
$ |
48,073,717.55 |
|
||
|
|
D |
To the Hedge Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Hedge Payment Amount (excluding any termination payments) |
|
|
|
$ |
0.00 |
|
$ |
48,073,717.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
VI |
|
To each Insurer |
|
|
|
|
|
|
|
||||
|
|
|
Insurer Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
48,073,717.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
VII |
|
To each Insurer |
|
|
|
|
|
|
|
||||
|
|
|
Insurer Reimbursement Amount |
|
|
|
$ |
0.00 |
|
$ |
48,073,717.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
VIII |
|
To the Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount) |
|
|
|
$ |
12,500.00 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
IX |
|
To the Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
||||
|
|
|
Senior Notes Interest Reserve Deficit Amount |
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
X |
|
To the Servicer |
|
|
|
|
|
|
|
||||
|
|
|
Any Supplemental Servicing Fee |
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XI |
|
To the Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Any Partial Amortization Amount |
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XII |
|
To the Cash Trap Reserve Account |
|
|
|
|
|
|
|
||||
|
|
|
Any Cash Trap Reserve Amount |
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XIV |
|
To the Operating Expense Account |
|
|
|
|
|
|
|
||||
|
|
|
Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount |
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
48,061,217.55 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XVI |
|
Also To Class A-1 Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
Any other amounts owed to the Class A-1 Note Administrative Agent |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
XVII |
|
To the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Any Partial Amortization Amount |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
$ |
0.00 |
|
$ |
48,061,217.55 |
|
||
|
XVIII |
|
Also, to the Subordinated Notes Interest Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes |
|
|
|
$ |
861,217.54 |
|
$ |
47,200,000.00 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
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 |
|
$ |
47,200,000.00 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XX |
A |
To the Class A-1 Excess Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
Class A-1 Excess Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
47,200,000.00 |
|
||
|
|
B |
To the Sr. Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
|
|
|
|
$ |
0.00 |
|
$ |
47,200,000.00 |
|
||
|
|
C |
To the Sr. Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
Sr Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
47,200,000.00 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXI |
|
To Sub Notes Monthly Contingent Additional Interest Account |
|
|
|
|
|
|
|
||||
|
|
|
Sub Notes Monthly Contingent Additional Interest Amount |
|
|
|
$ |
0.00 |
|
$ |
47,200,000.00 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXII |
|
To Hedge Payment Account |
|
|
|
$ |
0.00 |
|
$ |
47,200,000.00 |
|
||
|
|
|
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 |
|
|
|
$ |
47,200,000.00 |
|
$ |
0.00 |
|
||
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXIV |
|
To the Sub Notes Principal Payment Account |
|
|
|
|
|
|
|
||||
|
|
|
i |
Lessor of |
|
|
|
$ |
0.00 |
|
$ |
0.00 |
|
|
|
|
|
|
(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 |
|
$ |
0.00 |
|
|
|
|
|
|
|
|
|
|
|
|
|
||||
|
XXV |
|
To The Issuer and Co-Issuer as Residual Payments |
|
|
|
|
|
|
|
||||
|
|
|
All Remaining Funds |
|
|
|
$ |
0.00 |
|
$ |
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
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 |
|
|
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
|
Series 2007-1 Senior Interest Reserve Account |
|
|||||||||||||||
|
|
|
|
|
|
|
|
|
June 20, 2008 Balance |
|
July 21, 2008 Balance |
|
|||||
|
Wrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve (1) |
|
90 Day Interest Reserve |
|
|||||
|
Series 2007 - 1 A-1-A |
|
30,000,000 |
|
7.2725 |
% |
0.7500 |
% |
601,688 |
|
601,688 |
|
|||||
|
Series 2007 - 1 A-2-II-A |
|
675,000,000 |
|
6.4267 |
% |
0.7500 |
% |
12,110,681 |
|
12,110,681 |
|
|||||
|
|
|
|
|
|
|
|
|
12,712,369 |
|
12,712,369 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
Unwrapped Notes |
|
Amount |
|
Coupon |
|
Surety Fee |
|
90 Day Interest Reserve |
|
90 Day Interest Reserve |
|
|||||
|
Series 2007 - 1 A-1-X |
|
70,000,000 |
|
7.9225 |
% |
n/a |
|
1,386,438 |
|
1,386,438 |
|
|||||
|
Series 2007 - 1 A-2-I-X |
|
47,200,000 |
|
7.2836 |
% |
n/a |
|
859,465 |
|
0 |
(2) |
|||||
|
Series 2007 - 1 A-2-II-X |
|
650,000,000 |
|
7.0588 |
% |
n/a |
|
11,470,550 |
|
11,470,550 |
|
|||||
|
Series 2007-1 M-1 |
|
119,000,000 |
|
8.4044 |
% |
n/a |
|
0 |
|
|
|
|||||
|
|
|
|
|
|
|
|
|
13,716,453 |
|
12,856,988 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
|
|
Reserve required |
|
26,428,821 |
|
25,569,356 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|
|
|||||
|
|
|
|
|
Beginning Balance |
|
$ |
31,995,847 |
|
$ |
31,995,847 |
|
|||||
|
|
|
|
|
Plus Deposits |
|
$ |
48,173 |
|
$ |
48,173 |
|
|||||
|
|
|
|
|
Less Withdrawals |
|
$ |
(5,567,026 |
) |
$ |
(5,567,026 |
) |
|||||
|
|
|
|
|
Ending Balance |
|
$ |
26,476,994 |
|
$ |
26,476,994 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
|
|
|
|
Excess(Deficit) |
|
$ |
48,173 |
|
$ |
907,638 |
|
|||||
|
|
|
|
|
|
|
|
|
|
|
|||||||
|
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.
(2) - On July 21, 2008 the remaining $47.2 million of Class 2007-1 Class A-2-I debt will be repaid with proceeds from asset divestitures, the monthly residual and a capital contribution.
DSCR Calculations
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Calculation of Adjusted 3-Month DSCR
|
|
|
For the Payment Date of: |
|
July 21, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
June |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
|||||||||||
|
|
|
|
|
|
|
|||||||||||
|
June |
||||||||||||||||
|
|
||||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
50,407,985 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
25,293,957 |
|
||||||||||
|
|
|
|
|
$ |
25,114,028 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Denominator |
|
|
|
|
|
|||||||||||
|
|
|
Total Debt Service |
|
$ |
8,788,604 |
|
||||||||||
|
|
|
|
|
|
|
|
||||||||||
|
May |
||||||||||||||||
|
|
||||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
47,839,414 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
18,104,331 |
|
||||||||||
|
|
|
|
|
$ |
29,735,083 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Denominator |
|
|
|
|
|
|||||||||||
|
|
|
Total Debt Service |
|
$ |
10,392,290 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
April |
||||||||||||||||
|
|
||||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
|
39,606,749 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
17,543,249 |
|
||||||||||
|
|
|
|
|
$ |
22,063,500 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Denominator |
|
|
|
|
|
|||||||||||
|
|
|
Total Debt Service |
|
$ |
10,031,096 |
|
||||||||||
|
|
|
|
|
|
|
|||||||||||
|
Current Payment Date Adjusted DSCR Ratio |
|
2.633 |
|
|||||||||||||
|
|
|
Event Occur? |
|
% to Trap (if |
|
|
|
|
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: |
|
July 21, 2008 |
|
|
|
For the Monthly Collection Period of: |
|
June |
|
Monthly Periods used in calculation of DSCR |
|
|
|
|
|
||||||||||
|
|
|
||||||||||||||
|
June |
|
||||||||||||||
|
|
|
||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
44,081,874 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
25,293,957 |
|
|||||||||
|
|
|
|
|
$ |
18,787,917 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
Denominator |
|
|
|
|
|
||||||||||
|
|
|
Total Debt Service |
|
$ |
8,788,604 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
May |
|||||||||||||||
|
|
|||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
44,027,483 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
18,104,331 |
|
|||||||||
|
|
|
|
|
$ |
25,923,152 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
Denominator |
|
|
|
|
|
||||||||||
|
|
|
Total Debt Service |
|
$ |
10,392,290 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
April |
|||||||||||||||
|
|
|||||||||||||||
|
Retained Collections |
|
$ |
— |
|
$ |
34,742,415 |
|
||||||||
|
|
|
- Total Monthly DSCR Expenses |
|
$ |
17,543,249 |
|
|||||||||
|
|
|
|
|
$ |
17,199,166 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
Denominator |
|
|
|
|
|
||||||||||
|
|
|
Total Debt Service |
|
$ |
10,031,096 |
|
|||||||||
|
|
|
|
|
|
|
||||||||||
|
|
|
Current Payment Date DSCR Ratio |
|
2.119 |
|
||||||||||
Consolidated Leverage Ratio
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
|
|
|
($ In Thousands) |
|
|||
|
|
|
Monthly |
|
|||
|
Numerator |
|
|
|
|
||
|
|
Operating Lease Expense - (Current Month) |
|
9,166 |
|
||
|
|
Annualized Operating Lease Expense |
|
109,993 |
|
||
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
879,943 |
|
|
|
|
|
|
|
|
|
|
|
|
+ |
|
All Trust Debt |
|
2,036,200 |
|
|
|
|
IHOP |
|
445,000 |
|
|
|
|
|
Applebees |
|
1,591,200 |
|
|
|
|
|
All other Applebee’s Corporate Debt |
|
342,550 |
|
|
|
|
|
All Other IHOP Corp Debt |
|
168,110 |
|
|
|
|
2 |
Total Indebtedness |
|
2,546,860 |
|
|
|
|
|
|
|
|
||
|
|
Total Adjusted Debt |
|
3,426,804 |
|
||
|
|
|
|
|
|
||
|
Denominator |
|
|
|
|
||
|
|
1 |
EBITDA |
|
356,455 |
|
|
|
|
+ |
2 |
Operating Lease Expense |
|
109,993 |
|
|
|
EBITDAR |
|
466,448 |
|
||
|
|
|
|
|
|
||
|
|
Consolidated Leverage Ratio |
|
7.35 |
|
||
|
Store Count and System-Wide Sales |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The |
|
|
|
|
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 |
|
2 |
|
|
Ending Balance |
|
508 |
|
Franchised Stores in U.S.
|
Beginning |
|
1,363 |
|
|
Plus New Stores |
|
2 |
|
|
Plus Refranchised |
|
0 |
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
Less Store Closures |
|
1 |
|
|
Ending Balance |
|
1,364 |
|
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 |
|
116 |
|
|
|
Plus New Stores |
|
4 |
|
|
|
Plus Refranchised |
|
0 |
|
|
|
Less Stores taken by Franchisor |
|
0 |
|
|
|
Less Store Closures |
|
0 |
|
|
|
Ending Balance |
|
120 |
|
|
|
|
|
|
|
|
|
APPB U.S. System-Wide Sales For Last 12 Months |
|
$ |
4,543,366,028 |
|
|
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion |
|
YES |
|
|
|
Weighted Average Royalty Rate |
|
3.94 |
% |
|
|
Applebees Enterprises LLC as |
|
|
|
|
|
Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant
Holders as |
|
|
|
|
Series 2007-1 A-I-A
|
Beginning |
|
$ |
22,500,000 |
|
Wrapped |
|
|
Amortization |
|
$ |
3,000,000 |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
19,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
30,000,000 |
|
|
|
|
Available Amount |
|
$ |
10,500,000 |
|
|
|
Series 2007-1 A-1-X
|
Beginning |
|
$ |
52,500,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
7,000,000 |
|
|
|
|
Draw Down |
|
$ |
— |
|
|
|
|
Ending |
|
$ |
45,500,000 |
|
|
|
|
|
|
|
|
|
|
|
|
Commitment Amount |
|
$ |
70,000,000 |
|
|
|
|
Available Amount |
|
$ |
24,500,000 |
|
|
|
Series 2007-1 A-2-1-X
|
Beginning |
|
$ |
350,000,000 |
|
Unwrapped |
|
|
Amortization |
|
$ |
302,800,000 |
|
|
|
|
Ending |
|
$ |
47,200,000 |
|
(1) |
|
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 |
|
6/13/2008 |
|
|
|
|
|
LIBOR |
|
2.4800 |
% |
|
|
|
|
Spread |
|
2.2050 |
% |
|
|
|
|
Total Coupon |
|
4.6850 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
5,856 |
|
|
|
|
Cumulative Interest Due |
|
$ |
46,850 |
|
16 days |
|
Series 2007-1 A-1 -X Draw #1
|
Amount |
|
$ |
52,500,000 |
|
|
|
|
Date |
|
6/13/2008 |
|
|
|
|
|
LIBOR |
|
2.4800 |
% |
|
|
|
|
Spread |
|
2.8550 |
% |
|
|
|
|
Total Coupon |
|
5.3350 |
% |
|
|
|
|
Interest Due This Period |
|
$ |
15,560 |
|
|
|
|
Cumulative Interest Due |
|
$ |
124,483 |
|
16 days |
|
(1) - On July 21, 2008 the remaining $47.2 million of Class 2007-1 Class A-2-I debt will be repaid with proceeds from asset divestitures, the monthly residual and a capital contribution.
|
Account Reconciliation |
|
|
|
|
|
|
|
|
|
|
|
Applebee’s Enterprises LLC as Issuer |
|
For the Weekly Payment Date of: |
|
7/21/2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For June
|
|
|
|
|
|
6/1/2008 |
|
6/8/2008 |
|
6/15/2008 |
|
6/22/2008 |
|
6/29/2008 |
|
|
1 |
Concentration Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
33,172,214 |
|
34,769,445 |
|
41,760,179 |
|
50,706,246 |
|
28,616,485 |
|
|
|
|
|
Plus Deposits |
|
25,129,978 |
|
25,241,641 |
|
30,919,924 |
|
31,972,231 |
|
26,461,990 |
|
|
|
|
|
Less Withdrawals |
|
(23,532,747 |
) |
(18,250,907 |
) |
(21,973,857) |
|
(54,061,992 |
) |
(26,052,705 |
) |
|
|
Ending Balance |
|
|
|
34,769,445 |
|
41,760,179 |
|
50,706,246 |
|
28,616,485 |
|
29,025,770 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
2 |
Operating Expense Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
3,611 |
|
3,611 |
|
3,611 |
|
3,611 |
|
3,611 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
3,611 |
|
3,611 |
|
3,611 |
|
3,611 |
|
3,611 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
3 |
Sales Tax Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
7,947,713 |
|
8,895,778 |
|
8,936,139 |
|
8,149,986 |
|
7,640,449 |
|
|
|
Plus Company Store Contribution |
|
1,522,704 |
|
1,584,348 |
|
1,580,680 |
|
1,719,636 |
|
1,619,507 |
|
||
|
|
Plus: Excluded Asset deposits |
|
14,705 |
|
4,014 |
|
4,053 |
|
4,468 |
|
4,516 |
|
||
|
|
|
|
Other deposits |
|
0 |
|
9,997 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
(589,344 |
) |
(1,557,998 |
) |
(2,370,886 |
) |
(2,233,641 |
) |
(1,031,230 |
) |
|
|
Ending Balance |
|
|
|
8,895,778 |
|
8,936,139 |
|
8,149,986 |
|
7,640,449 |
|
8,233,242 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
4 |
Lease Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
2,612,917 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
2,612,917 |
|
15,603 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
2,612,917 |
|
2,628,520 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
5 |
Gift Card Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
8,655,656 |
|
8,619,293 |
|
8,304,039 |
|
8,285,855 |
|
8,454,560 |
|
|
|
|
|
Plus Deposits |
|
793,837 |
|
823,459 |
|
875,180 |
|
1,171,345 |
|
878,333 |
|
|
|
|
|
Less Withdrawals |
|
(830,200 |
) |
(1,138,713 |
) |
(893,364 |
) |
(1,002,640 |
) |
(1,038,898 |
) |
|
|
Ending Balance |
|
|
|
8,619,293 |
|
8,304,039 |
|
8,285,855 |
|
8,454,560 |
|
8,293,995 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
6 |
Third Party Licensing Fee Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
419,561 |
|
444,188 |
|
484,767 |
|
592,258 |
|
665,620 |
|
|
|
|
|
Plus: Deposits |
|
9,383 |
|
25,835 |
|
91,977 |
|
58,694 |
|
9,606 |
|
|
|
Plus Company Store Contribution |
|
15,167 |
|
14,685 |
|
15,457 |
|
14,613 |
|
14,080 |
|
||
|
|
Plus: Excluded Asset deposits |
|
77 |
|
59 |
|
57 |
|
55 |
|
58 |
|
||
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
444,188 |
|
484,767 |
|
592,258 |
|
665,620 |
|
689,364 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
7 |
Advertising Fees Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
10,859,882 |
|
12,255,450 |
|
8,381,667 |
|
6,638,968 |
|
10,443,824 |
|
|
|
Plus: Direct Deposits |
|
917,333 |
|
34,097 |
|
3,243,028 |
|
3,582,697 |
|
733,820 |
|
||
|
|
Plus Company Store Contribution |
|
515,816 |
|
592,524 |
|
606,803 |
|
687,332 |
|
627,009 |
|
||
|
|
Plus: Excluded Store Deposits |
|
1,333 |
|
2,219 |
|
2,240 |
|
2,478 |
|
2,497 |
|
||
|
|
|
|
Less Withdrawals |
|
(38,914 |
) |
(4,502,623 |
) |
(5,594,770 |
) |
(467,651 |
) |
(303,909 |
) |
|
|
Ending Balance |
|
|
|
12,255,450 |
|
8,381,667 |
|
6,638,968 |
|
10,443,824 |
|
11,503,241 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
8 |
Capital Expenditure Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
250,000 |
|
250,000 |
|
250,000 |
|
250,000 |
|
1,000,000 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
329,526,441 |
|
313,559,006 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
(329,526,441 |
) |
(312,809,006 |
) |
0 |
|
|
|
Ending Balance |
|
|
|
250,000 |
|
250,000 |
|
250,000 |
|
1,000,000 |
|
1,000,000 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
9 |
Capital Expenditure Reserve Investment Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
329,526,441 |
|
29,535,446 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
329,526,441 |
|
10,009,005 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(310,000,000 |
) |
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
329,526,441 |
|
29,535,446 |
|
29,535,446 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
10 |
Indemnification / Insurance proceeds / Asset Disposition Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
11 |
Franchise Holder Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
2,003,495 |
|
2,003,495 |
|
2,005,820 |
|
2,005,820 |
|
2,002,324 |
|
|
|
|
|
Plus Deposits |
|
0 |
|
2,325 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(3,496 |
) |
0 |
|
|
|
Ending Balance |
|
|
|
2,003,495 |
|
2,005,820 |
|
2,005,820 |
|
2,002,324 |
|
2,002,324 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
12 |
Collateral Account (a) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
25,669,514 |
|
25,713,061 |
|
25,713,061 |
|
25,713,061 |
|
25,713,061 |
|
|
|
|
|
Plus Deposits |
|
43,547 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
Ending Balance |
|
|
|
25,713,061 |
|
25,713,061 |
|
25,713,061 |
|
25,713,061 |
|
25,713,061 |
|
(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.
Account Reconciliation
|
Applebee’s Enterprises LLC as Issuer |
For the Weekly Payment Date of: |
7/21/2008 |
|
& |
For the Monthly Collection Period of: |
June |
|
Applebee’s IP LLC & The Restaurant |
|
|
|
Reconciliation of Indenture Trust Accounts - weekly For December |
|
|
|
|
|
|
|
|
|
6/1/2008 |
|
6/8/2008 |
|
6/15/2008 |
|
6/22/2008 |
|
6/29/2008 |
|
|
13 |
|
Applebee’s Enterprises, LLC Main Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
1 |
|
1 |
|
1 |
|
1 |
|
0 |
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(1 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
1 |
|
1 |
|
1 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
14 |
|
Collection Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
1,703 |
|
1,703 |
|
5,409 |
|
5,409 |
|
3,707 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
3,706 |
|
0 |
|
338,144,208 |
|
10,000,000 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(338,145,910 |
) |
(10,000,000 |
) |
||
|
|
|
Ending Balance |
|
|
|
1,703 |
|
5,409 |
|
5,409 |
|
3,707 |
|
3,707 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
15 |
|
Senior Notes Interest Payment Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
8 |
|
8 |
|
8 |
|
8 |
|
(0 |
) |
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
9,562,919 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(9,562,927 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
8 |
|
8 |
|
8 |
|
(0 |
) |
(0 |
) |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
16 |
|
Insurer Premiums Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
451,760 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(451,760 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
17 |
|
Class A-1 Commitment Fees Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
377,611 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(377,611 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
18 |
|
Senior Notes Principal Payment Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
302,800,000 |
|
10,000,000 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(302,800,000 |
) |
(10,000,000 |
) |
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
19 |
|
Senior Notes Interest Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
31,995,847 |
|
31,995,847 |
|
32,044,020 |
|
32,044,020 |
|
26,476,994 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
48,173 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
|
|
0 |
|
0 |
|
(5,567,026 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
31,995,847 |
|
32,044,020 |
|
32,044,020 |
|
26,476,994 |
|
26,476,994 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
20 |
|
Senior Notes Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
21 |
|
Subordinated Note Interest Payment Acount |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
1 |
|
1 |
|
1 |
|
1 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
833,436 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
(833,437 |
) |
0 |
|
||
|
|
|
Ending Balance |
|
|
|
1 |
|
1 |
|
1 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
22 |
|
Subordinated Note Principal Payment Acount |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
23 |
|
Subordinated Note Contingent Additional Interest Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
24 |
|
Hedge Payment Account |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
25 |
|
Cash Trap Reserve Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
26 |
|
Series 2007-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
27 |
|
Series 2007-1 AI Distribution Account |
|
0 |
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
28 |
|
Series 2007-1 A2IDistribution Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
29 |
|
Series 2007-1 A2II Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
30 |
|
Series 2007-1 Class M-1 Distribution Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
31 |
|
Senior Notes Excess Adjusted Interest Account |
|
|
|
|
|
|
|
|
|
|
|
||
|
|
|
Beginning Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
|
|
Plus Deposits |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
|
|
|
Less Withdrawals |
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
||
|
|
|
Ending Balance |
|
|
|
0 |
|
0 |
|
0 |
|
0 |
|
0 |
|
Asset Dispositions Insurance Proceeds
|
Asset Dispositions |
|||||||||
|
|
|
|
|
||||||
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
302,800,000 |
(1) |
|||||
|
Pro-Forma EBITDAR Consolidated Leverage Ratio |
|
7.35 |
|
||||||
|
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 |
|
$ |
302,800,000 |
|
|||||
|
|
|
|
|
||||||
|
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 |
|
$ |
302,800,000 |
(1) |
|||||
|
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes |
|
$ |
302,800,000 |
(1) |
|||||
|
|
|
|
|
||||||
|
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 |
|
$ |
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 |
|
|
|
||||||
|
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) |
|
$ |
9,166,078 |
|
||
|
|
|
|
Annualized Operating Lease Expense |
|
$ |
109,992,936 |
|
||
|
|
|
1 |
Grossed Up Annualized Operating Lease Expense - (Annual * 8) |
|
$ |
879,943,488 |
|
||
|
|
|
|
|
|
|
|
|||
|
|
+ |
|
All Trust Debt (before Asset Disposition) |
|
$ |
2,036,200,000 |
|
||
|
|
|
|
IHOP |
|
$ |
445,000,000 |
|
||
|
|
|
|
Applebees |
|
$ |
1,591,200,000 |
|
||
|
|
|
|
All Other Applebee’s Corp Debt |
|
$ |
342,550,350 |
|
||
|
|
|
|
All Other IHOP Corp Debt |
|
$ |
168,110,000 |
|
||
|
|
|
2 |
Total Indebtedness |
|
$ |
2,546,860,350 |
|
||
|
|
|
|
|
|
|
|
|||
|
|
|
|
Total Adjusted Debt |
|
$ |
3,426,803,838 |
|
||
|
|
|
|
|
|
|
|
|||
|
Denominator |
|
|
|
|
|
|
|||
|
|
|
1 |
EBITDA |
|
$ |
356,455,000 |
|
||
|
|
+ |
2 |
Operating Lease Expense |
|
$ |
109,992,936 |
|
||
|
|
|
|
EBITDAR |
|
$ |
466,447,936 |
|
||
|
|
|
|
|
||||||
|
Consolidated Leverage Ratio |
|
7.35 |
|
||||||
|
|
|
|
|
||||||
|
|
Pro-Forma EBITDA |
|
$ |
356,455,000 |
|
||||
|
|
Pro-Forma EBITDAR Leverage Ratio |
|
7.35 |
|
|||||
|
|
|
|
|
||||||
|
|
After-Tax Net Proceeds Received in Monthly Collection Period |
|
$ |
302,800,000 |
|
||||
|
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes |
|
$ |
302,800,000 |
|
|||||
|
|
|
|
|
||||||
|
Pro-Forma EBITDAR Leverage Ratio |
|
6.70 |
|
||||||
(1) In addition to the $303 million detailed on the May monthly report, DineEquity successfully completed a sale of 26 stores in the California market and the sale leaseback transaction for 1 additional Applebee’s company owned restaurant location. Net proceeds from these deals were approximately $30 million and after-tax proceeds available to pay down debt totaled approximately $29 million.
|
Applebees Enterprises LLC as |
|
For the Payment Date of: |
|
July 21, 2008 |
|
& |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The |
|
|
|
|
Non-trust deposits to Concentration Account
Amounts Previously Transferred
|
A) |
|
Advertising fees paid into the concentration account |
|
$ |
1,356,957 |
|
|
B) |
|
Reimbursement of G&A costs |
|
$ |
11,650 |
|
|
C) |
|
Weight Watchers |
|
$ |
32,033 |
|
|
|
|
|
|
|
|
|
|
|
|
Total Misdirected funds deposited to Concentration Account |
|
$ |
1,400,640 |
|
Non - Conforming Assets
|
Applebees Enterprises LLC as Issuer |
|
For the Payment Date of: |
|
July 21, 2008 |
|
And |
|
For the Monthly Collection Period of: |
|
June |
|
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers |
|
|
|
|
|
Non Conforming Assets |
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
|
||||||
|
|
|
|
|
|
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Count |
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||
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Beginning Bucket |
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0 |
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Most Recent Annual |
|
Most Recent Annual |
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Store # |
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Franchisee |
|
Store Type |
|
Reason |
|
Previous |
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Current |
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Annual |
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Franchisee |
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Franchise &
Equipment |
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Master Lease Payments |
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Rent Margin |
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|
Additions: |
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#1 |
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Ending Bucket |
|
0 |
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||
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|
Weighted Average Royalty Rate |
|
0.04 |
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|
# of Stores under Premier Program or other similar programs with a Royalty Holiday |
|
0 |
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