UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) March 28, 2008
 
IHOP Corp.
(Exact Name of Registrant as Specified in Charter)
 
Delaware	 	001-15283	 	95-3038279	
(State or Other Jurisdiction
of Incorporation)	 	(Commission
File Number)	 	(IRS Employer
Identification No.)	
 
450 North Brand, Glendale, California	 	91203	
(Address of Principal Executive Offices)	 	(Zip Code)	
 
(818) 240-6055
(Registrant’s telephone number, including area code)
 
Not applicable
(Former Name or Former Address, if Changed Since Last Report)
 
Check the appropriate box below if the Form 8-K filing is intended to simultaneously satisfy the filing obligation of the Registrant under any of the following provisions:
 
o  Written communications pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
 
o  Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
 
o  Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
 
o  Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))

 
ITEM 7.01.	 	REGULATION FD DISCLOSURE.	
 
Pursuant to the terms of the IHOP Base Indenture and the Applebee’s Base Indenture (the “Base Indentures”), certain subsidiaries of IHOP Corp. and certain subsidiaries of Applebee’s International Inc., itself a wholly owned subsidiary of IHOP Corp., are required to provide Monthly Servicing Reports to the respective Indenture Trustees and other parties as described in the Base Indentures. The Company hereby furnishes (but does not file) the Monthly Servicing Reports provided to the Indenture Trustees during the first three months of 2008.
 
The information set forth in response to this item shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
 
ITEM 9.01.	 	FINANCIAL STATEMENTS AND EXHIBITS.	
 	 	 	
(d)	 	Exhibits.	
 
Exhibit No.	 	Description	
99.1	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of January 22, 2008	
99.2	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of February 20, 2008	
99.3	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of March 20, 2008	
99.4	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of January 22, 2008	
99.5	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of February 20, 2008	
99.6	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of March 20, 2008	
 
2

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: March 28, 2008	IHOP CORP.	
 	 	 	
 	By:	/s/ Thomas G. Conforti	
 	 	Thomas G. Conforti	
 	 	Chief Financial Officer (Principal	
 	 	Financial Officer)	
 
3

 
EXHIBIT INDEX
 
Exhibit No.	 	Description	
99.1	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of January 22, 2008	
99.2	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of February 20, 2008	
99.3	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of March 20, 2008	
99.4	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of January 22, 2008	
99.5	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of February 20, 2008	
99.6	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of March 20, 2008	
 
4

Exhibit 99.1
 
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
 
For the Monthly Payment Date of:	 	January 22, 2008	
For the Monthly Collection Period of:	 	December	
 
Current Notes Outstanding:	 	 	 	
1	Series 2007-1	 	$	175,000,000	 	
2	Series 2007-2	 	$	15,000,000	 	
3	Series 2007-3	 	$	245,000,000	 	

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Tuesday, January 22, 2008
For the Period of December 20, 2007 - January 21, 2008
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	102,500.00	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty Insurance Company Concentration Account	 	904-951839	 	Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of December 20, 2007 - January 21, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	800,177.78	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of December 20, 2007 - January 21, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	2,546,069.94	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of November 29, 2007 - January 21, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	6,250.00	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate Trust Services	 	1000031565	 	Attention Chad Schafer.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	77,099.57	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Interest Payment on IHOP Series 2007-2 for the period of December 20, 2007 - January 21, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,375.00	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Fee Payment on IHOP Series 2007-2 for the period of December 20, 2007 - January 21, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	3,533,472.29	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For December 20 - January 21	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	12/20/07	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	01/21/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense December 20 - January 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense January 20 - January 21	 	 	 	50,011.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	800,177.78	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense December 20 - January 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense January 20 - January 21	 	 	 	96,078.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense November 29 - December 19	 	 	 	1,008,820.17	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	2,546,069.94	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense December 20 - January 19	 	 	 	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense January 20 - January 21	 	 	 	5,833.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	93,333.33	 	 	 	 	 	 	 	 	 	 	 	 	 	

 

Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Undrawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.100	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for December 20 - January 21	 	 	 	916.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	916.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for December 20 - January 21	 	 	 	8,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	8,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	 	 	$	9,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total FGIC	 	 	 	$	102,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense % on Undrawn Portion	 	 	 	0.150	%	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense for December 20 - January 21	 	 	 	1,375.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Facility Fee	 	 	 	$	1,375.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense for December 20 - January 21	 	 	 	77,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustment for prior period estimate vs actual true-up	 	 	 	99.57	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 2 Interest Expense	 	 	 	$	77,099.57	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	$	27,872,587.46	 	
Total Amounts Credited to the Advertising Funds Account Account	 	$	98,402.19	 	
 
Deposits from Lock-Box to Collection Account
 
From Type 1 Stores	 	 	 	Counted for Purposes 
of DSCR Only	 	
A)	 	Franchise Payments	 	$	5,448,777.12	 	Yes	 	
B)	 	License Payments	 	$	—	 	Yes	 	
C)	 	Development Payments	 	$	230,000.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	40,329.79	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	16,250.00	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	908,766.98	 	Yes	 	
G)	 	Franchise Note Payments	 	$	468,644.64	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	804,246.58	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	4,046,658.35	 	 	 	
 	 	Total Lease Payments	 	$	4,850,904.93	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	2,708.72	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	417,378.16	 	Yes	 	
L)	 	Other	 	$	56,722.76	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	(65,943.85	)	Yes	 	
 	 	Total Type 1 Collections Received	 	$	12,374,539.25	 	 	 	
 
From Type 2 Stores	 	 	 	 	 	 	
A)	 	Franchise Payments	 	$	3,328,182.63	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	85,537.57	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	183,484.93	 	 	 	
F)	 	Equipment Lease Payments	 	$	1,281,455.01	 	 	 	
G)	 	Franchise Note Payments	 	$	425,664.84	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	6,964,938.45	 	 	 	
 	 	Total Lease Payments	 	$	6,964,938.45	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	3,275.75	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	365,199.69	 	 	 	
L)	 	Other	 	$	98,028.77	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	(48,628.70	)	 	 	
 	 	Total Type 2 Collections Received	 	$	12,687,138.94	 	 	 	
 
Other	 	 	 	 	 	
To Be Deposited into the Collection Account	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	34,875.43	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	34,875.43	 	Yes	 	
C)	 	Distribution Payments	 	$	2,435,357.67	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	2,470,233.10	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly Cash Payments	 	$	27,531,911.29	 	 	 	
 	 	Total Monthly Collections - Related to Collateral	 	$	14,844,772.35	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All Weekly Waterfalls	 	$	27,531,911.29	 	 	 	$	27,531,911.29	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	9,732,611.91	 	$	17,799,299.38	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,743,875.30	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,348,583.98	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	E	Supplier Payment Allocation Amount	 	$	1,640,152.63	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	17,799,299.38	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	17,799,299.38	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,572,019.25	 	$	15,227,280.13	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	15,227,280.13	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	—	 	$	15,227,280.13	 	$	329,368.75	 	$	—	 	$	329,368.75	 	$	500,000.00	 	$	170,631.25	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	99,305.56	 	$	15,127,974.57	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	3,346,528.82	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Series Interest Allocation Amount (2007-2)	 	$	73,325.71	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Senior Series Interest Allocation Amount (2007-3)	 	$	2,498,030.89	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	11,781,445.75	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	11,781,445.75	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	$	11,781,445.75	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Monthly DSCR Expenses	 	$	6,956,047.18	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Waterfall for Determination of Type 1 Residual

 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	 14,844,772.35	 	 	 	$	 14,844,772.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	4,384,027.93	 	$	10,460,744.42	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,743,875.30	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Supplier Payment Allocation Amount	 	$	1,640,152.63	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	10,460,744.42	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	10,460,744.42	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	Amount
Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Weekly Servicer Fee	 	$	2,572,019.25	 	$	7,888,725.17	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	7,888,725.17	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	 	A	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Expense Allocation Amount	 	$	—	 	$	7,888,725.17	 	$	329,368.75	 	$	—	 	$	329,368.75	 	$	500,000.00	 	$	170,631.25	 	 	
 	 	B	 	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	99,305.56	 	$	7,789,419.61	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	3,346,528.82	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	73,325.71	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	2,498,030.89	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	 	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	 	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	 	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	 	A	 	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	 	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	 	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	4,442,890.79	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	 	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	 	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	 	A	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	 	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	 	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Interest Reserve Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	 	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	 	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	 	 	To the Interest Payment Account Payment Account	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	 	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	4,442,890.79	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To Applebee’s International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Type 1 Residual	 	$	4,442,890.79	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	Total Weekly DSCR Expenses	 	$	6,956,047.18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	 12,687,138.94	 	 	 	$	 12,687,138.94	 	 	 	 	 	 	 	 	 	 	 	

Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	 	 	To the Lease and Reimbursement Payment Account	 	$	5,348,583.98	 	$	7,338,554.96	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 A	Type 2 Property Lease Payment Allocation Amount	 	$	5,348,583.98	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	All Remaining Funds	 	$	7,338,554.96	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	 	 	
 	 	Weekly	 	Sent to	 	 	 	
 	 	Calculation	 	Applebee’s	 	 	 	
 	 	 	 	 	 	 	 	
Week 1	 	$	600,182.86	 	$	—	 	Note: acquisition deal closed mid-week, so did not implement wiring schedule until following week.	 	
Week 2	 	$	(288,697.09	)	$	—	 	 	 	
Week 3	 	$	368,772.91	 	$	368,772.91	 	 	 	
Week 4	 	$	2,325,919.89	 	$	2,325,919.89	 	 	 	
Week 5	 	$	1,436,712.22	 	$	1,436,712.22	 	Note: Wire transfer misdirected by Wells Fargo, so Applebee’s did not receive this wire during the month of December.	 	
Total	 	$	4,442,890.79	 	$	4,131,405.02	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts
 
1	 	Advertising Account	 	 	 	
 	 	Beginning Balance	 	$	4,723,495.55	 	
 	 	Plus Deposits	 	$	6,346,234.29	 	
 	 	Less Withdrawals	 	$	(3,693,818.61	)	
 	 	Ending Balance	 	$	7,375,911.23	 	
 	 	 	 	 	 	
2	 	Insurance Proceeds Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
3	 	Lease and Reimbursements Payment Account	 	 	 	
 	 	Beginning Balance	 	$	7,199,779.10	 	
 	 	Plus Deposits	 	$	10,354,145.24	 	
 	 	Less Withdrawals	 	$	(9,518,808.80	)	
 	 	Ending Balance	 	$	8,035,115.54	 	
 	 	 	 	 	 	
4	 	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Trigger Reserve Deposits	 	$	—	 	
 	 	Plus Weekly Collection Account Deposits	 	$	—	 	
 	 	Plus Any Defective Asset Damages Amount	 	$	—	 	
 	 	Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
5	 	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	777,041.50	 	
 	 	Plus Deposits	 	$	3,387,657.58	 	
 	 	Less Withdrawals	 	$	(802,521.40	)	
 	 	Ending Balance	 	$	3,362,177.68	 	
 	 	 	 	 	 	
6	 	Hedge Agreement Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
7	 	Operating Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	20,104.51	 	
 	 	Plus Deposits	 	$	10,000.00	 	
 	 	Less Withdrawals	 	$	(6,151.04	)	
 	 	Ending Balance	 	$	23,953.47	 	
 	 	 	 	 	 	
8	 	Insurer Payment Account	 	 	 	
 	 	Beginning Balance	 	$	54,583.33	 	
 	 	Plus Deposits	 	$	101,688.89	 	
 	 	Less Withdrawals	 	$	(56,966.67	)	
 	 	Ending Balance	 	$	99,305.55	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Series 2007-1 $175 Million Notes	 	 	 	 	
Series 2007-2 VFN $25 Million Note	 	 	 	 	
Series 2007-3 $245 Million Notes	 	 	 	 	
 
Reconciliation of Reserve Accounts
 
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts	 	 	 	
 	 	 	 	
Beginning Balance	 	$	872,323	 	
Plus Deposits	 	$	4,323,515	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	5,195,838	 	
 	 	 	 	
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts	 	 	 	
 	 	 	 	
Beginning balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Series 2007-1	 	 	 	
 	 	 	 	
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 
Series 2007-3	 	 	 	
 	 	 	 	
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 
Series 2007-2	 	 	 	
 	 	 	 	
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
 
Series 2007-2 Draw #1	 	 	 	
 	 	 	 	
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #2	 	 	 	
 	 	 	 	
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #3	 	 	 	
 	 	 	 	
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	77,099.57	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	 	 	
&	 	 	 	 	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Calculation of DSCR
 
Monthly Periods used in calculation of DSCR	 	For the Monthly Payment Date of:	 	January 22, 2008	
 	 	For the Monthly Collection Period of:	 	December	
 
 	 	October	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	11,934,632.58	 	
 	-	Total Monthly DSCR Expenses	 	$	6,644,607.31	 	
 	 	 	 	$	5,290,025.27	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	753,482.50	 	
 
 	 	November	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,314,455.91	 	
 	-	Total Monthly DSCR Expenses	 	$	6,232,343.98	 	
 	 	 	 	$	7,082,111.93	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	851,387.09	 	
 
 	 	December	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	14,844,772.35	 	
 	-	Total Monthly DSCR Expenses	 	$	6,956,047.18	 	
 	 	 	 	$	7,888,725.17	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	3,445,834.38	 	
 	 	 	 	 	 	
 	Current Payment Date DSCR Ratio	 	 	4.011	 	
 
 	 	 	 	% to Trap (if	 	
 	 	Event Occur?	 	Applicable)	 	
Cash Trapping Event?	 	N	 	0.00	%	
Rapid Amortization Event?	 	N	 	 	 	
Servicer Termination Event / EOD?	 	N	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Lease Expense - (December 2007)	 	8,465	 	
 	 	 	 	 	Annualized Operating Lease Expense (December 2007 * 12)	 	101,585	 	
 	 	 	1	 	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	812,678	 	
 	 	 	 	 	 	 	 	 	
 	+	 	 	 	All Trust Debt	 	2,339,000	 	
 	 	 	 	 	IHOP	 	445,000	 	
 	 	 	 	 	Applebee’s	 	1,894,000	 	
 	 	 	 	 	All Other IHOP Corp Debt	 	170,460	 	
 	 	 	 	 	All Other Applebee’s Corp Debt	 	3,728	 	
 	 	 	2	 	Total Indebtedness	 	2,513,188	 	
 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Total Adjusted Debt	 	3,325,866	 	
 
Denominator	 	 	 	 	 	 	 	 	
 	 	 	1	 	EBITDA	 	362,087	 	
 	+	 	2	 	Operating Lease Expense	 	101,585	 	
 	 	 	 	 	EBITDAR	 	463,672	 	
 
Current Payment Date Leverage Ratio	 	7.2	
Servicer Termination Event?	 	N	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Stores	 	 	 	
 	 	 	 	
Beginning	 	869	 	
Plus New Stores	 	11	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	2	 	
Ending Balance	 	878	 	
 
Type II Stores	 	 	 	
 	 	 	 	
Beginning	 	438	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	437	 	
 
Type III Stores	 	 	 	
 	 	 	 	
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 
IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
IHOP System-Wide Sales For Last 12 Months	 	$	2,286,010,159	 	
Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	84,158.48	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	384,617.47	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	468,775.95	 	
 	 	 	 	
Misdirected Type 2 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	138,183.81	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	138,183.81	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments	 	 	 	 	
A)	 	Franchise Payments	 	$	13,409.92	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	13,409.92	 	

Misdirected Type 2 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	—	 	
 
Deposits To Servicer
 
From Type 3 Stores	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	35,817.56	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type 3 Collections Received	 	$	35,817.56	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual Sales	 	Franchisee Lease
Payments	 	Franchise &
Equipment Note
Payments	 	Master Lease
Payments	 	Rent Margin	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	3109 - Willoughby, OH*	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,392,376	 	0	 	0	 	0	 	0	 	
#2	 	3134 - Lexington, KY*	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,187,253	 	0	 	0	 	0	 	0	 	
#3	 	3135 - Clarksville, IN*	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,408,249	 	0	 	0	 	0	 	0	 	
#4	 	3170 - Cleveland, OH*	 	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	745,940	 	0	 	0	 	0	 	0	 	
#5	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,761,131	 	176,800	 	37,503	 	177,404	 	-604	 	
#6	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,938,790	 	213,200	 	43,986	 	214,291	 	-1,091	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	1	 	4.500	%	4.500	%	1,795,815	 	144,663	 	0	 	138,629	 	6,034	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	%	2,158,103	 	202,800	 	16,560	 	204,334	 	-1,534	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,336,078	 	161,200	 	34,909	 	163,243	 	-2,043	 	
#3	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,018,424	 	200,200	 	44,396	 	208,146	 	-7,946	 	
9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	
#1	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	%	1,479,417	 	127,939	 	20,315	 	127,536	 	403	 	
#2	 	5415 - Aurora, IL	 	Ali Alforookh	 	2	 	4.500	%	4.500	%	1,353,431	 	169,130	 	43,555	 	169,000	 	130	 	

*	Contractual royalty rate is actually 4.5%. Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Property Lease Credit Agreement
 
Type I Property Lease Credit Agreement Loan	 	 	 	
 	 	 	 	
Beginning	 	77,058,215.00	 	
Less Amortization	 	$	 —	 	
Plus Any New Loans	 	$	 —	 	
Ending	 	$	77,058,215.00	 	
 
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	70.00	%	
Maximum Loan Amount	 	$	350,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 
Type I Property Lease Credit Agreement Intercompany Loan	 	
 	 	
Beginning	 	$	77,058,215.00	 	
Less Repayment	 	$	 —	 	
Less any Loan Foregiveness	 	$	 —	 	
Plus Any Advances	 	$	 —	 	
Plus Any New Loans	 	$	 —	 	
Ending	 	$	77,058,215.00	 	
 
Owned Real Property Credit Agreement	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Loan	 	 	 	
 	 	 	 	
Beginning	 	96,945,000.00	 	
Less Amortization	 	$	 —	 	
Plus Any New Loans	 	$	 —	 	
Ending	 	$	96,945,000.00	 	
 
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	85.00	%	
Maximum Loan Amount	 	$	425,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 
Owned Real Property Credit Agreement Intercompany Loan	 	
 	 	
Beginning	 	$	96,945,000.00	 	
Less Repayment	 	$	 —	 	
Less any Loan Foregiveness	 	$	 —	 	
Plus Any Advances	 	$	 —	 	
Plus Any New Loans	 	$	 —	 	
Ending	 	$	96,945,000.00	 	

Exhibit 99.2
 
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
 
For the Monthly Payment Date of:	 	February 20, 2008	
For the Monthly Collection Period of:	 	January	
 	 	 	
Current Notes Outstanding:	 	 	
1	Series 2007-1	 	$	175,000,000	
2	Series 2007-2	 	$	15,000,000	
3	Series 2007-3	 	$	245,000,000	

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Thursday, February 20, 2008
For the Period of January 22, 2008 - February 19, 2008
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	89,722.22	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty
Insurance Company
Concentration Account	 	904-951839	 	Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of January 22 - February 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	700,155.56	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of January 22 - February 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	1,345,093.56	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of January 22 - February 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	7,611.56	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate
Trust Services	 	1000031565	 	Attention Chad Schafer. Reference invoice no 390405 (travel expenses for Melissa Philibert.)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	57,922.13	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset
Securitization	 	01-25680-0001-00-001	 	Interest Payment on IHOP Series 2007-2 for the period of January 22 - February 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,208.33	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset
Securitization	 	01-25680-0001-00-001	 	Fee Payment on IHOP Series 2007-2 for the period of January 22 - February 19, 2008.	 	
Total Wires	 	 	 	$	2,201,713.35	 	 	 	 	 	 	 	 	 	 	 	 	 	

Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For January 22 - February 19	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	01/22/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	02/19/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	29	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense January 20 - February 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense January 20 - January 21 (paid in previous month)	 	 	 	(50,011.11	) 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	700,155.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense January 20 - February 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense January 20 - January 21 (paid in previous month)	 	 	 	(96,078.11	) 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	1,345,093.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense January 20 - February 19	 	 	 	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense January 20 - January 21 (paid in previous month)	 	 	 	(5,833.33	) 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	81,666.67	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Undrawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.100	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for January 20 - February 19	 	 	 	805.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	 805.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for January 20 - February 19	 	 	 	7,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	 7,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	 	 	$	 8,055.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total FGIC	 	 	 	$	 89,722.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense % on Undrawn Portion	 	 	 	0.150	%	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense for January 20 - February 19	 	 	 	1,208.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Facility Fee	 	 	 	$	 1,208.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense for January 20 - February 19	 	 	 	58,750.38	 	 	 	 	 	 	 	 	 	 	 	 	 	
Adjustment for prior period estimate vs actual true-up	 	 	 	(828.25	) 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 2 Interest Expense	 	 	 	$	 57,922.13	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	$	 23,839,032.48	 	
Total Amounts Credited to the Advertising Funds Account Account	 	$	 44,244.40	 	
 
Deposits from Lock-Box to Collection Account
 
From Type 1 Stores
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
A)	 	Franchise Payments	 	$	4,602,139.14	 	Yes	 	
B)	 	License Payments	 	$	23,545.33	 	Yes	 	
C)	 	Development Payments	 	$	20,000.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	15,958.74	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	28,207.74	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	720,405.51	 	Yes	 	
G)	 	Franchise Note Payments	 	$	357,042.29	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	668,328.70	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	3,279,285.12	 	 	 	
 	 	Total Lease Payments	 	$	3,947,613.82	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	7,489.16	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	327,572.37	 	Yes	 	
L)	 	Other	 	$	65,501.82	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	(20,268.90	)	Yes	 	
 	 	Total Type 1 Collections Received	 	$	10,095,207.02	 	 	 	
 
From Type 2 Stores

A)	 	Franchise Payments	 	$	2,749,954.21	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	35,809.04	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	137,405.04	 	 	 	
F)	 	Equipment Lease Payments	 	$	1,004,386.77	 	 	 	
G)	 	Franchise Note Payments	 	$	323,729.22	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	5,647,036.38	 	 	 	
 	 	Total Lease Payments	 	$	5,647,036.38	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	3,292.69	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	373,389.03	 	 	 	
L)	 	Other	 	$	72,422.66	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	(12,717.16	)	 	 	
 	 	Total Type 2 Collections Received	 	$	10,334,707.88	 	 	 	
 
Other

To Be Deposited into the Collection Account	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$ 	 50,793.76	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	 —	 	 	 	
 	 	Net Investment Income	 	$	 50,793.76	 	Yes	 	
C)	 	Distribution Payments	 	$	 3,323,178.33	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	3,373,972.09	 	 	 	
 
Total Monthly Cash Payments	 	$	23,803,886.99	 	
Total Monthly Collections - Related to Collateral	 	$	13,469,179.11	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	
 
 	 	 	 	Amount Owed	 	Collections
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All Weekly Waterfalls	 	$	23,803,886.99	 	 	 	 	$	23,803,886.99	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	 	
 	 	
a)	 	I	 	To the Lease and Reimbursement Payment Account	 	$	 9,743,971.41	 	$	14,059,915.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,763,375.71	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,356,208.63	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	E	Supplier Payment Allocation Amount	 	$	1,624,387.07	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	II	 	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	14,059,915.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	 	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	14,059,915.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
 (where Applicable)	 	Amount Avail under
Cap (where
  Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Weekly Servicer Fee	 	$	2,063,615.40	 	$	11,996,300.18	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	11,996,300.18	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	 	A	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount	 	$	5,000.00	 	$	11,991,300.18	 	$	329,368.75	 	$	5,000.00	 	$	334,368.75	 	$	500,000.00	 	$	165,631.25	 	
 	 	B	 	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	98,750.00	 	$	11,892,550.18	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,326,549.63	 	$	9,566,000.55	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.23	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	62,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,489,210.73	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	 	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,208.33	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	 	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	 	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	 	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	 	A	 	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Senior Subordinated	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	 	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	 	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	9,564,792.22	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	 	 	To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	 	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	I	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	 	A	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	 	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	 	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	 	 	To theTrigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	 	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	 	 	To the Interest Payment Account Payment Account	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	 	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	9,564,792.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	$	9,564,792.22	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	Total Monthly DSCR Expenses	 	$	6,456,378.18	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	 	
 
Waterfall for Determination of Type 1 Residual
 
 	 	 	 	Amount Owed	 	Collections
Remaining	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	13,469,179.11	 	 	 	$	13,469,179.11	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	 	 	
 	 	 	 	
a)	 	I	 	To the Lease and Reimbursement Payment Account	 	$	4,387,762.78	 	$	9,081,416.33	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,763,375.71	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	D	Supplier Payment Allocation Amount	 	$	1,624,387.07	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	II	 	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	9,081,416.33	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	 	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	9,081,416.33	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
 (where Applicable)	 	Amount Avail under
Cap (where
  Applicable)	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Weekly Servicer Fee	 	$	2,063,615.40	 	$	7,017,800.93	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	7,017,800.93	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	 	A	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount	 	$	 5,000.00	 	$	7,012,800.93	 	$	 329,368.75	 	$	 5,000.00	 	$	 334,368.75	 	$	500,000.00	 	$	165,631.25	 	 	
 	 	B	 	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	 98,750.00	 	$	6,914,050.93	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,326,549.63	 	$	4,587,501.30	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i Senior Series Interest Allocation Amount (2007-1)	 	$	 775,172.23	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii Senior Series Interest Allocation Amount (2007-2)	 	$	62,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii Senior Series Interest Allocation Amount (2007-3)	 	$	 1,489,210.73	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	 	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,208.33	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	 	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	 	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	 	A	 	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	 	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	 	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	4,586,292.97	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	 	 	To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	 	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	I	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	 	A	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	 	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	 	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	 	 	To theTrigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	 	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	 	 	To the Interest Payment Account Payment Account	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	 	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	4,586,292.97	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To Applebee’s International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Type 1 Residual	 	$	4,586,292.97	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Weekly DSCR Expenses	 	$	6,456,378.18	 	 	 	 	 	 	 	 	 	 	 	 	 	 	

Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	10,334,707.88	 	 	 	$	10,334,707.88	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 	 	 	To the Lease and Reimbursement Payment Account	 	$	5,356,208.63	 	$	4,978,499.25	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	A	Type 2 Property Lease Payment Allocation Amount	 	$	5,356,208.63	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	All Remaining Funds	 	$	4,978,499.25	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	
 	 	Weekly	 	Sent to	 	
 	 	Calculation	 	Applebee’s	 	
 	 	 	 	 	 	
Week 1	 	$	(77,161.44	)	$	—	 	
Week 2	 	$	1,738,235.37	 	$	1,738,235.37	 	
Week 3	 	$	779,273.82	 	$	779,273.82	 	
Week 4	 	$	2,145,945.22	 	$	2,145,945.22	 	
Week 5	 	N/A	 	N/A	 	
Total	 	$	4,586,292.97	 	$	4,663,454.41	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	
 
Reconciliation of Indenture Trust Accounts	 	 	 	 	
 	 	 	 	 	
1	Advertising Account	 	 	 	
 	Beginning Balance	 	$	7,375,911.23	 	
 	Plus Deposits	 	$	5,123,364.43	 	
 	Less Withdrawals	 	$	(7,514,927.04	)	
 	Ending Balance	 	$	4,984,348.62	 	
 	 	 	 	 	
2	Insurance Proceeds Account	 	 	 	
 	Beginning Balance	 	$	—	 	
 	Plus Deposits	 	$	—	 	
 	Less Withdrawals	 	$	—	 	
 	Ending Balance	 	$	—	 	
 	 	 	 	 	
3	Lease and Reimbursements Payment Account	 	 	 	
 	Beginning Balance	 	$	8,035,115.54	 	
 	Plus Deposits	 	$	9,520,463.23	 	
 	Less Withdrawals	 	$	(10,103,938.72	)	
 	Ending Balance	 	$	7,451,640.05	 	
 	 	 	 	 	
4	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	Beginning Balance	 	$	—	 	
 	Plus Trigger Reserve Deposits	 	$	—	 	
 	Plus Weekly Collection Account Deposits	 	$	—	 	
 	Plus Any Defective Asset Damages Amount	 	$	—	 	
 	Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
 	Less Withdrawals	 	$	—	 	
 	Ending Balance	 	$	—	 	
 	 	 	 	 	
5	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	Beginning Balance	 	$	3,362,177.68	 	
 	Plus Deposits	 	$	2,327,757.96	 	
 	Less Withdrawals	 	$	(3,424,722.30	)	
 	Ending Balance	 	$	2,265,213.34	 	
 	 	 	 	 	
6	Hedge Agreement Expense Payment Account	 	 	 	
 	Beginning Balance	 	$	—	 	
 	Plus Deposits	 	$	—	 	
 	Less Withdrawals	 	$	—	 	
 	Ending Balance	 	$	—	 	
 	 	 	 	 	
7	Operating Expense Payment Account	 	 	 	
 	Beginning Balance	 	$	23,953.47	 	
 	Plus Deposits	 	$	5,000.00	 	
 	Less Withdrawals	 	$	(6,250.00	)	
 	Ending Balance	 	$	22,703.47	 	
 	 	 	 	 	
8	Insurer Payment Account	 	 	 	
 	Beginning Balance	 	$	99,305.55	 	
 	Plus Deposits	 	$	98,750.00	 	
 	Less Withdrawals	 	$	(102,500.00	)	
 	Ending Balance	 	$	95,555.55	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	
 
Series 2007-1 $175 Million Notes	 	 	
Series 2007-2 VFN $25 Million Note	 	 	
Series 2007-3 $245 Million Notes	 	 	
 	 	 	
Reconciliation of Reserve Accounts	 	 	
 
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts
 
Beginning Balance	 	$	5,195,838	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	5,195,838	 	
 
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts
 
Beginning balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	
 
Series 2007-1
 	 	 	 	
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 	 	 	 	
Series 2007-3
 	 	 	 	
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 	 	 	 	
Series 2007-2
 	 	 	 	
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
 
Series 2007-2 Draw #1
 
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #2
 
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	

Series 2007-2 Draw #3
 
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	57,922.13	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	
&	 	 	
IHOP IP, LLC , as Co Issuer	 	 	
 	 	 	
Calculation of DSCR	 	 	
 	 	 	
Monthly Periods used in calculation of DSCR	For the Monthly Payment Date of:	February 20, 2008	
 	For the Monthly Collection Period of:	January	
 
November
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,314,455.91	 	
 	-	Total Monthly DSCR Expenses	 	$	6,232,343.98	 	
 	 	 	 	$	7,082,111.93	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	851,387.09	 	
 	 	 	 	 	 	
December
 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	14,844,772.35	 	
 	-	Total Monthly DSCR Expenses	 	$	6,956,047.18	 	
 	 	 	 	$	7,888,725.17	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	3,445,834.38	 	
 	 	 	 	 	 	
January
 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,469,179.11	 	
 	-	Total Monthly DSCR Expenses	 	$	6,456,378.18	 	
 	 	 	 	$	7,012,800.93	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,426,507.96	 	
 
 	 	Current Payment Date DSCR Ratio	 	3.270	 	
 
 	 	Event Occur?	 	% to Trap (if
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:	February 20, 2008	
&	For the Monthly Collection Period of:	January	
IHOP IP, LLC , as Co Issuer	 	 	
 
 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	
 	 	 	Operating Lease Expense - (January 2008)	 	8,381	 	
 	 	 	Annualized Operating Lease Expense (January 2008 *  12)	 	100,568	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual *  8)	 	804,543	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt	 	2,339,000	 	
 	 	 	IHOP	 	445,000	 	
 	 	 	Applebee’s	 	1,894,000	 	
 	 	 	All Other IHOP Corp Debt	 	170,024	 	
 	 	 	All Other Applebee’s Corp Debt	 	3,728	 	
 	 	2	Total Indebtedness	 	2,512,752	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	3,317,295	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	366,042	 	
 	+	2	Operating Lease Expense	 	100,568	 	
 	 	 	EBITDAR	 	466,610	 	
 
 	 	 	Current Payment Date Leverage Ratio	 	7.1	 	
 	 	 	 	 	 	 	
 	 	 	Servicer Termination Event?	 	N	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	February 20, 2008	
&	 	For the Monthly Collection Period of:	 	January	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Stores
 
Beginning	 	878	 	
Plus New Stores	 	2	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	880	 	
 
Type II Stores
 
Beginning	 	437	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	437	 	
 
Type III Stores
 
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 	 	 	 	
IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
IHOP System-Wide Sales For Last 12 Months	 	$	2,297,344,416	 	
Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	February 20, 2008	
&	 	For the Monthly Collection Period of:	 	January	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments
 
A)	Franchise Payments	 	$	—	 	
B)	License Payments	 	$	59,635.93	 	
C)	Development Payments	 	$	—	 	
D)	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	Equipment Lease Payments	 	$	—	 	
G)	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	
H)	Lease Payments	 	 	 	
 	Owned properties - Franchisee Leases	 	$	—	 	
 	Leased properties - Franchisee Sublease	 	$	—	 	
 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	
I)	Insurance Restoration Receipts	 	$	—	 	
J)	Training Fees	 	$	—	 	
K)	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	Other	 	$	295,630.93	 	
M)	(Less Returns, NSF etc.)	 	$	—	 	
 	Total Type Misdirected Type 1 Collections Received	 	$	355,266.86	 	

Misdirected Type 2 Payments
 
A)	Franchise Payments	 	$	—	 	
B)	License Payments	 	$	—	 	
C)	Development Payments	 	$	—	 	
D)	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	Equipment Lease Payments	 	$	—	 	
G)	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	
H)	Lease Payments	 	 	 	
 	Owned properties - Franchisee Leases	 	$	—	 	
 	Leased properties - Franchisee Sublease	 	$	—	 	
 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	
I)	Insurance Restoration Receipts	 	$	—	 	
J)	Training Fees	 	$	—	 	
K)	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	Other	 	$	125,395.85	 	
M)	(Less Returns, NSF etc.)	 	$	—	 	
 	Total Type Misdirected Type 2 Collections Received	 	$	125,395.85	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments
 
A)	Franchise Payments	 	$	—	 	
B)	License Payments	 	$	—	 	
C)	Development Payments	 	$	—	 	
D)	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	Equipment Lease Payments	 	$	—	 	
G)	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	
H)	Lease Payments	 	 	 	
 	Owned properties - Franchisee Leases	 	$	—	 	
 	Leased properties - Franchisee Sublease	 	$	—	 	
 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	
I)	Insurance Restoration Receipts	 	$	—	 	
J)	Training Fees	 	$	—	 	
K)	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	Other	 	$	—	 	
M)	(Less Returns, NSF etc.)	 	$	—	 	
 	Total Type Misdirected Type 1 Collections Received	 	$	—	 	
 
Misdirected Type 2 Payments
 
A)	Franchise Payments	 	$	2,977.99	 	
B)	License Payments	 	$	—	 	
C)	Development Payments	 	$	—	 	
D)	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	Equipment Lease Payments	 	$	—	 	
G)	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	
H)	Lease Payments	 	 	 	
 	Owned properties - Franchisee Leases	 	$	—	 	
 	Leased properties - Franchisee Sublease	 	$	—	 	
 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	
I)	Insurance Restoration Receipts	 	$	—	 	
J)	Training Fees	 	$	—	 	
K)	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	Other	 	$	—	 	
M)	(Less Returns, NSF etc.)	 	$	—	 	
 	Total Type Misdirected Type 2 Collections Received	 	$	2,977.99	 	

Deposits To Servicer
 
From Type 3 Stores
 
A)	Franchise Payments	 	$	—	 	
B)	License Payments	 	$	—	 	
C)	Development Payments	 	$	—	 	
D)	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	Equipment Lease Payments	 	$	—	 	
G)	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	
H)	Lease Payments	 	 	 	
 	Owned properties - Franchisee Leases	 	$	—	 	
 	Leased properties - Franchisee Sublease	 	$	—	 	
 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	
I)	Insurance Restoration Receipts	 	$	—	 	
J)	Training Fees	 	$	—	 	
K)	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	Other	 	$	15,884.85	 	
M)	(Less Returns, NSF etc.)	 	$	—	 	
 	Total Type 3 Collections Received	 	$	15,884.85	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	February 20, 2008	
&	 	For the Monthly Collection Period of:	 	January	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual Sales	 	Franchisee Lease
Payments	 	Franchise &
Equipment Note
Payments	 	Master Lease
Payments	 	Rent Margin	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	%	2,161,523	 	202,800	 	16,206	 	204,334	 	-1,534	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,352,523	 	161,200	 	34,720	 	163,892	 	-2,692	 	
#3	 	3109 - Willoughby, OH *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,347,390	 	0	 	0	 	0	 	0	 	
#4	 	3134 - Lexington, KY *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,134,637	 	0	 	0	 	0	 	0	 	
#5	 	3135 - Clarksville, IN *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,353,777	 	0	 	0	 	0	 	0	 	
#6	 	3170 - Cleveland, OH *	 	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	884,206	 	0	 	0	 	0	 	0	 	
#7	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,012,262	 	200,200	 	44,118	 	208,146	 	-7,946	 	
#8	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,766,583	 	176,800	 	37,235	 	178,188	 	-1,388	 	
#9	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,922,273	 	213,200	 	43,711	 	215,187	 	-1,987	 	
9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	1	 	4.500	%	4.500	%	1,796,228	 	144,663	 	0	 	137,176	 	7,487	 	
#2	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	%	1,482,202	 	128,226	 	20,266	 	127,536	 	690	 	
#3	 	5415 - Aurora, IL	 	Ali Alforookh	 	2	 	4.500	%	4.500	%	1,352,166	 	170,510	 	43,367	 	170,500	 	10	 	

*       Contractual royalty rate is actually 4.5%.  Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	February 20, 2008	
&	 	For the Monthly Collection Period of:	 	January	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Property Lease Credit Agreement	 	 	 	
 	 	 	 	
Type I Property Lease Credit Agreement Loan	 	 	 	
Beginning	 	77,058,215.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	70.00	%	
Maximum Loan Amount	 	$	350,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Type I Property Lease Credit Agreement Intercompany Loan	 	 	 	
Beginning	 	$	77,058,215.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 
Owned Real Property Credit Agreement	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Loan	 	 	 	
Beginning	 	96,945,000.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	85.00	%	
Maximum Loan Amount	 	$	425,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Intercompany Loan	 	 	 	
Beginning	 	$	96,945,000.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	

Exhibit 99.3
 
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
 
For the Monthly Payment Date of:	March 20, 2008	
For the Monthly Collection Period of:	February	
 
Current Notes Outstanding:	 	 	 	
1   Series 2007-1	 	$	175,000,000	 	
2   Series 2007-2	 	$	15,000,000	 	
3   Series 2007-3	 	$	245,000,000	 	

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Thursday, March 20, 2008
For the Period of February 20, 2008 - March 19, 2008
 
 	 	Debit Account #	 	Total
Amount	 	Employer/
Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	95,555.56	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty Insurance Company Concentration Account	 	904-951839	 	Insurance Premium -IHOP Series 2007-1 & Series 2007-2 for the period of February 20 - March 19, 2008.	.	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	750,166.67	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of February 20 -March 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of February 20 - March 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	25,946.93	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate Trust Services	 	1000031565	 	Payment on invoice #395713 for 12/16/07-1/15/08 $245mm trust fee, invoice #401723 for 1/16/08-2/15/08, and invoice #395940 for $3488.60 Chapman  & Cutler.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	45,770.46	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Interest Payment on IHOP Series 2007-2 for the period of February 20 - March 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,208.33	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Fee Payment on IHOP Series 2007-2 for the period of February 20 -March 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	2,359,819.62	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For February 20 - March 19	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	02/20/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	03/19/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	29	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense February 20 - March 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense February 20 - March 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense February 20 - March 19	 	 	 	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
 
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Undrawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.100	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for February 20 - March 19	 	 	 	805.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	805.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for February 20 - March 19	 	 	 	7,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	7,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	 	 	$	8,055.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total FGIC	 	 	 	$	95,555.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense % on Undrawn Portion	 	 	 	0.150	%	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense for February 20 - March 19	 	 	 	1,208.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Facility Fee	 	 	 	$	1,208.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense for February 20 - March 19	 	 	 	47,245.83	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense Credit Adjustment for Prior Period	 	 	 	(1,475.37	)	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 2 Interest Expense	 	 	 	$	45,770.46	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	$	23,219,159.29	 	
Total Amounts Credited to the Advertising Funds Account Account	 	$	37,012.24	 	
 
Deposits from Lock-Box to Collection Account
 
From Type 1 Stores	 	 	 	Counted for Purposes
of DSCR Only	 	
A)	 	Franchise Payments	 	$	4,482,806.59	 	Yes	 	
B)	 	License Payments	 	$	1,644.72	 	Yes	 	
C)	 	Development Payments	 	$	285,000.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	16,251.68	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	21,388.00	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	706,543.61	 	Yes	 	
G)	 	Franchise Note Payments	 	$	359,092.71	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	628,910.88	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	3,138,012.26	 	 	 	
 	 	Total Lease Payments	 	$	3,766,923.14	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	275.00	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	180,648.08	 	Yes	 	
L)	 	Other	 	$	99,877.35	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	(1,563.09	)	Yes	 	
 	 	Total Type 1 Collections Received	 	$	9,918,887.79	 	 	 	
 
From Type 2 Stores	 	 	 	 	 	
A)	 	Franchise Payments	 	$	2,497,047.45	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	45,773.10	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	139,418.26	 	 	 	
F)	 	Equipment Lease Payments	 	$	986,159.30	 	 	 	
G)	 	Franchise Note Payments	 	$	309,238.06	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	5,366,303.33	 	 	 	
 	 	Total Lease Payments	 	$	5,366,303.33	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	—	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	210,912.54	 	 	 	
L)	 	Other	 	$	52,093.78	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	38,337.72	 	 	 	
 	 	Total Type 2 Collections Received	 	$	9,645,283.54	 	 	 	
 	 	 	 	 	 	 	 	
Other	 	 	 	 	 	
To Be Deposited into the Collection Account	 	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	48,884.74	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	48,884.74	 	Yes	 	
C)	 	Distribution Payments	 	$	3,405,970.03	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	3,454,854.77	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly Cash Payments	 	$	23,019,026.10	 	 	 	
 	 	Total Monthly Collections - Related to Collateral	 	$	13,373,742.56	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	Amount Owed	 	Collections
Remaining	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All  Weekly Waterfalls	 	$	23,019,026.10	 	$	23,019,026.10	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	To the Lease and Reimbursement Payment Account	 	$	10,482,075.98	 	$	12,536,950.12	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount–	 	$	2,945,771.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,634,496.90	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	E	Supplier Payment Allocation Amount	 	$	1,901,807.75	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	12,536,950.12	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	12,536,950.12	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Weekly Servicer Fee	 	$	2,065,615.40	 	$	10,471,334.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	10,471,334.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating Expense Allocation Amount	 	$	—	 	$	10,471,334.72	 	$	334,368.75	 	$	—	 	$	334,368.75	 	$	500,000.00	 	$	165,631.25	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	89,722.22	 	$	10,381,612.50	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,094,254.95	 	$	8,287,357.55	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	700,155.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	49,005.83	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,345,093.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,208.33	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Insurance Premium Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Supplemental Servicing Fee	 	$	—	 	$	8,286,149.22	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Hedge Agreement Termination Payment	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Insurance Premium Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Interest Reserve Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To theTrigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Trigger Reserve Amount	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	8,286,149.22	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	All Remaining Funds	 	$	8,286,149.22	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Monthly DSCR Expenses	 	$	6,913,194.48	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Waterfall for Determination of Type 1 Residual
 
 	 	Amount Owed	 	Collections
Remaining	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	13,373,742.56	 	$	13,373,742.56	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	To the Lease and Reimbursement Payment Account	 	$	4,847,579.08	 	$	8,526,163.48	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,945,771.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Supplier Payment Allocation Amount	 	$	1,901,807.75	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	8,526,163.48	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	8,526,163.48	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount
Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Weekly Servicer Fee	 	$	2,065,615.40	 	$	6,460,548.08	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	6,460,548.08	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating Expense Allocation Amount	 	$	—	 	$	6,460,548.08	 	$	334,368.75	 	$	—	 	$	334,368.75	 	$	500,000.00	 	$	165,631.25	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	89,722.22	 	$	6,370,825.86	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,094,254.95	 	$	4,276,570.91	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	700,155.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	49,005.83	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,345,093.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,208.33	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Interest Reserve Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Supplemental Servicing Fee	 	$	—	 	$	4,275,362.58	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To theTrigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Hedge Agreement Termination Payment	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Interest Reserve Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To theTrigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Trigger Reserve Amount	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Subordinated Additional Interest Allocation Amount	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	4,275,362.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To Applebee's International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Type 1 Residual	 	$	4,275,362.58	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Total Weekly DSCR Expenses	 	$	6,913,194.48	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	9,645,283.54 	 	$	9,645,283.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
a)	I	To the Lease and Reimbursement Payment Account	 	$	5,634,496.90	 	$	4,010,786.64	 	 	
 	 	A	Type 2 Property Lease Payment Allocation Amount	 	$	5,634,496.90	 	 	 	 	
v)	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	
 	 	 	All Remaining Funds	 	$	4,010,786.64	 	$	—	 	 	

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC, as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	
 	 	Weekly	 	Sent to	 	
 	 	Calculation	 	Applebee’s	 	
 	 	 	 	 	 	
Week 1	 	$	326,540.94	 	$	326,540.94	 	
Week 2	 	$	554,768.29	 	$	554,768.29	 	
Week 3	 	$	334,101.30	 	$	334,101.30	 	
Week 4	 	$	3,059,952.05	 	$	3,059,952.05	 	
Week 5	 	N/A	 	N/A	 	
Total	 	$	4,275,362.58	 	$	4,275,362.58	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 	 	
Reconciliation of Indenture Trust Accounts	 	
 
1   	Advertising Account	 	 	 	
 	Beginning Balance	 	$	4,984,348.62	 	
Plus Deposits	 	$	5,294,550.61	 	
Less Withdrawals	 	$	(7,002,847.68	)	
 	Ending Balance	 	 	 	$	3,276,051.55	 	
 	 	 	 	 	 	
2   	Insurance Proceeds Account	 	 	 	
 	Beginning Balance	 	 	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
 	Ending Balance	 	 	 	$	—	 	
 	 	 	 	 	 	
3   	Lease and Reimbursements Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	7,451,640.05	 	
Plus Deposits	 	$	9,924,732.18	 	
Less Withdrawals	 	$	(9,346,220.82	)	
 	Ending Balance	 	 	 	$	8,030,151.41	 	
 	 	 	 	 	 	
4   	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	Beginning Balance	 	 	 	$	—	 	
Plus Trigger Reserve Deposits	 	$	—	 	
Plus Weekly Collection Account Deposits	 	$	—	 	
Plus Any Defective Asset Damages Amount	 	$	—	 	
Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
Less Withdrawals	 	$	—	 	
 	Ending Balance	 	 	 	$	—	 	
 	 	 	 	 	 	
5   	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	Beginning Balance	 	 	 	$	2,265,213.34	 	
Plus Deposits	 	$	2,095,463.28	 	
Less Withdrawals	 	$	(2,104,379.58	)	
 	Ending Balance	 	 	 	$	2,256,297.04	 	
 	 	 	 	 	 	
6   	Hedge Agreement Expense Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
 	Ending Balance	 	 	 	$	—	 	
 	 	 	 	 	 	
7   	Operating Expense Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	22,703.47	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	(7,611.56	)	
 	Ending Balance	 	 	 	$	15,091.91	 	
 	 	 	 	 	 	
8   	Insurer Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	95,555.55	 	
Plus Deposits	 	$	89,722.22	 	
Less Withdrawals	 	$	(89,722.22	)	
 	Ending Balance	 	 	 	$	95,555.55	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 	 	 	
Series 2007-1 $175 Million Notes	 	 	
Series 2007-2 VFN $25 Million Note	 	 	
Series 2007-3 $245 Million Notes	 	 	
 
Reconciliation of Reserve Accounts	 	
 
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts	
 	 	 	 	
Beginning Balance	 	$	5,195,838	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	5,195,838	 	
 	 	 	 	 	
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts	 	 	 	
 	 	 	 	 	
Beginning balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 
Series 2007-1
 
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 	 	 	 	
Series 2007-3
 
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 	 	 	 	
Series 2007-2
 
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
 
Series 2007-2 Draw #1
 
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 	 	 	 	
Series 2007-2 Draw #2
 
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	
 	 	 	 	
Series 2007-2 Draw #3
 
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	45,770.46	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	
&	 	 	
IHOP IP, LLC, as Co Issuer	 	 	
 	 	 	
Calculation of DSCR	 	 	
 	 	 	
Monthly Periods used in calculation of DSCR	For the Monthly Payment Date of:	March 20, 2008	
 	For the Monthly Collection Period of:	February	
 
December
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	14,844,772.35	 	
 	-	Total Monthly DSCR Expenses	 	$	6,956,047.18	 	
 	 	 	 	$	7,888,725.17	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	3,445,834.38	 	
 	 	 	 	 	 	
January
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,469,179.11	 	
 	-	Total Monthly DSCR Expenses	 	$	6,456,378.18	 	
 	 	 	 	$	7,012,800.93	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,426,507.96	 	
 	 	 	 	 	 	
February
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,373,742.56	 	
 	-	Total Monthly DSCR Expenses	 	$	6,913,194.48	 	
 	 	 	 	$	6,460,548.08	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,185,185.50	 	
 	 	 	 	 	 	
 	 	Current Payment Date DSCR Ratio	 	2.651	 	
 
 	 	 	 	% to Trap (if	 	
 	 	Event Occur?	 	Applicable)	 	
Cash Trapping Event?	 	N	 	0.00	%	
Rapid Amortization Event?	 	N	 	 	 	
Servicer Termination Event / EOD?	 	N	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	 	
 	Operating Lease Expense - (Febuary 2008)	 	8,740	 	
 	Annualized Operating Lease Expense (February 2008 * 12)	 	104,877	 	
 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	839,012	 	
 	 	 	 	 	
 	+	All Trust Debt	 	2,339,000	 	
 	IHOP	 	445,000	 	
 	Applebee’s	 	1,894,000	 	
 	All Other IHOP Corp Debt	 	169,971	 	
 	All Other Applebee’s Corp Debt	 	3,728	 	
 	2	Total Indebtedness	 	2,512,699	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,351,711	 	
 	 	 	 	 	
Denominator	 	 	 	 	 	
 	1	EBITDA	 	362,327	 	
 	+	2	Operating Lease Expense	 	104,877	 	
 	EBITDAR	 	467,204	 	
 
 	Current Payment Date Leverage Ratio	 	7.2	 	
 	 	 	 	 	
 	Servicer Termination Event?	 	N	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 
Type I Stores
 
Beginning	 	880	 	
Plus New Stores	 	6	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	885	 	
 
Type II Stores
 
Beginning	 	437	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	437	 	
 
Type III Stores
 
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 
IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
IHOP System-Wide Sales For Last 12 Months	 	$	2,310,052,243	 	
Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments
 
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	78,003.74	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	299,890.25	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	377,893.99	 	
 
Misdirected Type 2 Payments
 
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	165,171.02	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	165,171.02	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments
 
A)	 	Franchise Payments	 	$	761.45	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	761.45	 	
 
Misdirected Type 2 Payments
 
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	—	 	
 
Deposits To Servicer
 
From Type 3 Stores
 
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties  - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	5,895.64	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type 3 Collections Received	 	$	5,895.64	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual Sales	 	Franchisee Lease Payments	 	Franchise &
Equipment Note
Payments	 	Master Lease
Payments	 	Rent Margin	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions:	 	
#1	 	5415 - Aurora, IL	 	Ali Alforookh	 	2	 	4.500	%	4.500	%	1,360,626	 	171,890	 	43,177	 	172,000	 	-110	 	
#2	 	1930 - Baton Rouge, LA	 	1930 B.R., Inc.	 	2	 	4.500	%	4.500	%	2,692,271	 	215,382	 	42,713	 	217,490	 	-2,108	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	%	2,161,044	 	202,800	 	15,849	 	204,383	 	-1,583	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,363,329	 	161,200	 	34,529	 	164,541	 	-3,341	 	
#3	 	3109 - Willoughby, OH*	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,323,530	 	0	 	0	 	0	 	0	 	
#4	 	3134 - Lexington, KY*	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,089,661	 	0	 	0	 	0	 	0	 	
#5	 	3135 - Clarksville, IN*	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,332,466	 	0	 	0	 	0	 	0	 	
#6	 	3170 - Cleveland, OH*	 	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	1,031,758	 	0	 	0	 	0	 	0	 	
#7	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,020,349	 	200,200	 	43,838	 	208,146	 	-7,946	 	
#8	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,765,017	 	176,800	 	36,964	 	178,972	 	-2,172	 	
#9	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,931,139	 	213,200	 	43,433	 	216,445	 	-3,245	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
9	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	1	 	4.500	%	4.500	%	1,803,548	 	145,021	 	0	 	135,389	 	9,632	 	
#2	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	%	1,478,264	 	128,712	 	20,218	 	127,536	 	1,176	 	

* Contractual royalty rate is actually 4.5%.  Royalty is being applied against franchise note balances on other restaurants according to the multi-store development agreement.

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
IHOP IP, LLC, as Co Issuer	 	 	
 
Type I Property Lease Credit Agreement
 
Type I Property Lease Credit Agreement Loan	 	 	 	
Beginning	 	77,058,215.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	70.00	%	
Maximum Loan Amount	 	$	350,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Type I Property Lease Credit Agreement Intercompany Loan	 	 	 	
Beginning	 	$	77,058,215.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 
Owned Real Property  Credit Agreement
 
Owned Real Property Credit Agreement Loan	 	 	 	
Beginning	 	96,945,000.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	85.00	%	
Maximum Loan Amount	 	$	425,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Intercompany Loan	 	 	 	
Beginning	 	$	96,945,000.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	

Exhibit 99.4
 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
For the Payment Date of:	 	January 22, 2008	 	
For the Monthly Collection Period of:	 	December	 	
 
 	 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	 	
 	Total:	 	$	1,869,000,000	 	$	1,869,000,000	 	
 	Series 2007-1 A-1-A	 	$	22,500,000	 	$	22,500,000	 	
 	Series 2007-1 A-1-X	 	$	52,500,000	 	$	52,500,000	 	
 	Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	350,000,000	 	
 	Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
 	Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
 	Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	 	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o  Yes	x  No	
 	 	 	 	 	
2)	 	Rapid Amortization Event occurred and continuing	o  Yes	x  No	
 	 	 	
 	 	Cause of Rapid Amortization (if any):	
 	 	a)	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	
 	 	b)	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	
 	 	c)	Servicer Termination Event has occured	o	
 	 	d)	Event of Default has occurred	o	
 	 	e)	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	
 	 	
 	 	Rapid Amortization DSCR One Time Cure Right Available	x  Yes	o  No	
 	 	 	 	 	
3)	 	Event of Default	o  Yes	x  No	

 	 	Current Payment Date	 	Last Payment Date	 	
Current 3-Month AdjustedDSCR	 	N/A	 	N/A	 	
Current 3-Month DSCR	 	N/A	 	N/A	 	
Current 12-Month AdjustedDSCR	 	N/A	 	N/A	 	
Current 12-Month DSCR	 	N/A	 	N/A	 	
12-Month System-Wide Sales	 	4,514,061,353	 	0	 	
Weighted Average Royalty Rate	 	3.95	%	0	 	
Change in Franchised Stores	 	10	 	0	 	
Change in Company Owned Stores Stores	 	1	 	0	 	

 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	783,277.78	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	16,894,489.79	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	$	1,472,404.19	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579601	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - Jan 2008	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	782,854.17	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s Dec 2007 preimums	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	7,722.39	 	 	 	Wells Fargo	 	 	 	 	 	22579600	 	TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	4,553,673.65	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee’s	 	51-20314	 	December 2007 Residual	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	24,506,921.97	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Monthly collections
 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
Franchisees	
A)	Franchise Payments from Third Party Franchisees	 	 	 	 	 	 	
Royalty Payment	 	$	9,508,341	 	Yes	 	
Initial Franchise Fees	 	$	121,175	 	 	 	
Transfer Fees	 	$	—	 	 	 	
Renewal Fees	 	$	—	 	 	 	
Licensing Fees payable to Third parties	 	 	 	 	 	
Advertising Fees paid into the Concentration Account	 	 	 	 	 	
Total Franchise Payments from Third Party Franchisees	 	$	9,629,516	 	 	 	
 	 	 	 	 	 	
B)	Development Payments	 	$	—	 	 	 	
C)	Lease Payments	 	 	 	 	 	
Owned properties - Franchisee Leases	 	$	—	 	 	 	
Leased properties - Franchisee Sublease	 	$	—	 	 	 	
Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	
I)	Insurance Proceeds	 	$	—	 	 	 	
J)	Training Fee s	 	$	83,613	 	 	 	
K)	Any other Third Party Reimbursement Amounts	 	$	—	 	 	 	
L)	Other	 	$	313,586	 	Yes	 	
M)	Any andvance payments from Third Party Franchisees	 	$	—	 	 	 	
N)	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
Franchisee Collections Received	 	$	10,026,715	 	 	 	
 	 	 	 	 	 	
From Restaurant Holder Accounts	
A)	All Store Revenue - Cash Purchase	 	$	43,220,685	 	Yes	 	
 I)	Insurance Restoration Receipts	 	$	—	 	 	 	
Restaurant Holder Collections Received	 	$	43,220,685	 	 	 	
 	 	 	 	 	 	
From Credit Card Accounts	
A)	All Store Revenue - Credit Card Purchase	 	$	76,661,059	 	Yes	 	
Credit Card Collections Received	 	$	76,661,059	 	 	 	
 	 	 	 	 	 	
From Gift Card Reserve Account	
A)	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	3,895,359	 	Yes	 	
B)	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
Credit Card Collections Received	 	$	3,895,359	 	 	 	
 	 	 	 	 	 	
Other	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	Investment Income from all other Accounts (as applicable)	 	$	—	 	 	 	
B)	(Less investment expenses and net losses)	 	$	—	 	 	 	
Net Investment Income	 	$	—	 	Yes	 	
C)	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	Any other Amounts owed relating to the Collateral	 	$	274,620	 	Yes	 	
E)	Vendor Rebates	 	$	20,969	 	Yes	 	
F)	IHOP Residual Amount	 	$	2,694,693	 	Yes	 	
G)	Any Equity contributions	 	$	—	 	Yes	 	
H)	Loan from Applebee’s Franchising, LLC	 	$	2,800,000	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	Asset Disposition Amounts	 	$	—	 	 	 	
J)	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
Total “Other” Collections Received	 	$	5,790,282	 	 	 	
 	 	 	 	 	 	
Misdirected Funds	
 	A)	Funds deposited to Cencentration Account in Error	 	$	5,944,644	 	 	 	
 	 	 	 	 	 	
Total Monthly monies collected (Inc. Excluded Amts)	 	$	145,538,744	 	 	 	
Gross Monthly Collections	 	$	136,589,312	 	 	 	

 
Resturant Holder Profits
 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account	
 	 	 	 	 	 	
A)	 	Resaurant Sales	 	 	 	
 	 	Restaurant Gross Receipts Deposited into the Concentration Account	 	$	123,777,103	 	
 	 	Less: Gift Card Sales transferred to Gift Card Account	 	$	(17,403,074	)	
 	 	Less: Sales Tax transferred to Sales Tax Account	 	$	(7,686,802	)	
 	 	Restaurant Sales	 	$	98,687,227	 	
 	 	 	 	 	 	
B)	 	Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
 	 	Food and Beverage	 	$	20,387,615	 	
 	 	Labor	 	$	40,033,279	 	
 	 	Utilities	 	$	3,239,125	 	
 	 	Other Controllables (including local advertising costs)	 	$	7,299,360	 	
 	 	Occupancy Costs	 	$	5,409,774	 	
 	 	Other Non-Controllables	 	$	615,735	 	
 	 	Less:Vendor Rebates	 	$	(20,969	)	
 	 	Subtotal of Operating Expenses Attributable	 	$	76,963,919	 	
 	 	 	 	 	 	
 	 	Weight Watcher fees (paid to 3rd party account)	 	$	66,595	 	
 	 	Advertising (payable to the Advertising Reserve Account)	 	$	2,961,022	 	
 	 	Lease Payments payable to the Lease Payment Account	 	$	—	 	
 	 	 	 	 	 	
 	 	Total Expenses	 	$	79,991,536	 	
 	 	 	 	 	 	
C)	 	Restaurant Holder Profits	 	$	18,695,691	 	
 	 	Percentage of Monthly Sales	 	18.94	%	

 
Weekly Waterfall Summary
 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Week 5	 	Totals	 	
Beginning Concentration Account Balance	 	$	0	 	$	0	 	$	26,742,371	 	$	15,582,715	 	$	25,093,347	 	$	0	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	0	 	$	49,998,209	 	$	30,699,027	 	$	35,897,584	 	$	28,943,924	 	$	145,538,744	 	
 	Other Cash Deposits	 	 	 	$	3,038,407	 	$	96,052	 	$	103,226	 	$	0	 	$	3,237,685	 	
 	Total Cumulative Weekly Collections	 	$	0	 	$	43,239,078	 	$	29,400,021	 	$	35,199,809	 	$	28,750,404	 	$	136,589,312	 	
 	Total Cumulative IHOP Residual Amounts Received	 	$	0	 	$	0	 	$	0	 	$	368,773	 	$	2,325,920	 	$	2,694,693	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	0	 	$	19,535,114	 	$	19,869,841	 	$	13,156,528	 	$	24,423,405	 	$	76,984,888	 	
 	 	Prior Week Debt Service Payments	 	 	 	 	 	$	7,717,742	 	$	3,858,871	 	$	3,858,871	 	$	15,435,484	 	
 	 	Prior Weekly Waterfall Payments	 	 	 	 	 	$	11,773,796	 	$	7,912,793	 	$	12,028,383	 	$	31,714,972	 	
 	 	Prior week gift card redemptions due to Restaurant Holders	 	 	 	 	 	$	1,294,350	 	$	864,211	 	$	1,736,798	 	$	3,895,359	 	
 	 	Total expended and committed funds	 	 	 	$	19,535,114	 	$	40,655,729	 	$	25,792,403	 	$	42,047,457	 	$	128,030,703	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	26,742,371	 	$	15,582,715	 	$	25,093,347	 	$	11,796,294	 	$	43,511,266	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
I)	To the Operating Expense Account Account	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	A	Accrued and unpaid Govt. Taxes	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	B	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
II)	To the Sales Tax Account	 	$	0	 	$	2,925,824	 	$	1,491,199	 	$	1,672,575	 	$	1,597,204	 	$	7,686,802	 	
 	 	A	Sales taxes payable	 	$	0	 	$	2,925,824	 	$	1,491,199	 	$	1,672,575	 	$	1,597,204	 	$	7,686,802	 	
 	 	B	Any sales tax owed but not paid in accordance with II) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
III)	To the Lease Payment Account	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	A	1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	B	Any Lease Payment owed but not paid in accordance with III) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
IV)	To the Gift Card Reserve Account	 	$	0	 	$	1,990,494	 	$	2,979,797	 	$	6,669,164	 	$	(2,273,526	)	$	9,365,929	 	
 	 	A	Gift Card Sales payable to ACMC	 	$	0	 	$	3,284,844	 	$	3,844,008	 	$	8,405,962	 	$	1,868,260	 	$	17,403,074	 	
 	 	B	ACMC Gift Card Redemptions due to restaurant holders	 	$	0	 	$	(1,294,350	)	$	(864,211	)	$	(1,736,798	)	$	(4,141,786	)	$	(8,037,145	)	
 	 	C	Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
V)	To the Third Party Licensing Fee Account	 	$	0	 	$	28,555	 	$	12,836	 	$	13,287	 	$	11,917	 	$	66,595	 	
 	 	A	Accrued and unpaid licensing or royalties fees payable to third parties	 	$	0	 	$	28,555	 	$	12,836	 	$	13,287	 	$	11,917	 	$	66,595	 	
 	 	B	Any licensing fees owed but not paid in accordance with V) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VI)	To the Advertising Fees Account	 	$	0	 	$	1,127,423	 	$	578,211	 	$	701,432	 	$	553,956	 	$	2,961,022	 	
 	 	A	Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	0	 	$	1,127,423	 	$	578,211	 	$	701,432	 	$	553,956	 	$	2,961,022	 	
 	 	B	Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VII)	To the Operating Expense Account	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	A	Previously accrued and unpaid Operating Expenses	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	B	Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VIII)	To the Servicer	 	$	0	 	$	5,701,500	 	$	2,850,750	 	$	2,971,925	 	$	2,850,750	 	$	14,374,925	 	
 	 	A	Weekly Servicing Fee	 	$	0	 	$	3,701,500	 	$	1,850,750	 	$	1,850,750	 	$	1,850,750	 	$	9,253,750	 	
 	 	B	Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	C	Residual Certificates paid to Servicer	 	$	0	 	$	2,000,000	 	$	1,000,000	 	$	1,000,000	 	$	1,000,000	 	$	5,000,000	 	
 	 	D	Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	0	 	$	0	 	$	0	 	$	21,175	 	$	0	 	$	21,175	 	
 	 	E	Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	0	 	$	0	 	$	0	 	$	100,000	 	$	0	 	$	100,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Cumulative Total Weekly Allocations	 	$	0	 	$	11,773,796	 	$	7,912,793	 	$	12,028,383	 	$	2,740,301	 	$	34,455,273	 	
 	 	Less: Non-DSCR Expense	 	 	 	$	705,650	 	$	135,789	 	$	(615,623	)	$	(3,141,786	)	$	(2,915,970	)	
 	 	DSCR Expenses in Weekly Allocations	 	 	 	$	11,068,146	 	$	7,777,004	 	$	12,644,006	 	$	5,882,087	 	$	37,371,243	 	
 	 	Ending Concentration Account balance	 	$	0	 	$	14,968,575	 	$	7,669,922	 	$	13,064,964	 	$	9,055,993	 	$	9,055,993	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	Previous Remittances	 	Amount Owed	 	Collections
Remaining	 	
 	 	 	 	 	 	 	 	 	 	
Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture	 	$	5,197,122.00	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	$	7,722.39	 	 	 	 	 	$	5,204,844.39	 	
 	 	 	 	 	 	 	 	 	 	
I	 	To the Operating Expense Account*	 	 	 	$	 0.00	 	$	5,204,844.39	 	
 	 	 	i	 Accrued and unpaid Govt. Taxes	 	 	 	$	0.00	 	 	 	
 	 	 	ii	 Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
II	 	To Sales Tax Account	 	 	 	 	 	 	 	
 	 	 	i	 Accrued plus unpaid Sales Taxes	 	 	 	$	0.00	 	$	5,204,844.39	 	
 	 	 	 	 	 	 	 	 	 	 	 	
III	 	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)**	 	 	 	$	0.00	 	$	5,204,844.39	 	
 	 	 	i	 Insurance Proceeds Amount	 	 	 	$	0.00	 	 	 	
 	 	 	ii	 Asset Disposition Prepayment Amount	 	 	 	$	0.00	 	 	 	
 	 	 	iii	 Indemnification Amount	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IV	 	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	
 	 	 	 	Previously accrued and unpaid Operating Expenses	 	 	 	$	0.00	 	$	5,204,844.39	 	
 	 	 	 	 	 	 	 	 	 	 	 	
V	A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	 	 	Senior Notes Monthly Interest Amount	 	17,094,109.00	 	$	583,658.57	 	$	4,621,185.82	 	
 	B	To the Insurer Premiums Account	 	 	 	 	 	 	 	
 	 	 	 	Accrued Insurer Premium Amount	 	755,625.00	 	$	27,229.17	 	$	4,593,956.65	 	
 	C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	
 	 	 	 	Class A-1 Monthly Commitment Fees Amount	 	 	 	$	0.00	 	$	4,593,956.65	 	
 	 	D	To the Hedge Payment Account	 	 	 	 	 	 	 	
 	 	 	 	Hedge Payment Amount (excluding any termination payments)	 	 	 	$	0.00	 	$	4,593,956.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VI	 	To each Insurer	 	 	 	 	 	 	 	
 	 	 	 	Insurer Expense Amount	 	 	 	$	0.00	 	$	4,593,956.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VII	 	To each Insurer	 	 	 	 	 	 	 	
 	 	 	 	Insurer Reimbursement Amount	 	 	 	$	0.00	 	$	4,593,956.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VIII	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	 	 	Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	$	12,500.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IX	 	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	
 	 	 	 	Senior Notes Interest Reserve Deficit Amount	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
X	 	To the Servicer	 	 	 	 	 	 	 	
 	 	 	 	Any Supplemental Servicing Fee	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XI	 	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	 	 	Any Partial Amortization Amount	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XII	 	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	
 	 	 	 	Any Cash Trap Reserve Amount	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIII	 	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	 	 	The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIV	 	To the Operating Expense Account	 	 	 	 	 	 	 	
 	 	 	 	Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XV	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	 	 	Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVI	 	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	 	 	Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVII	 	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	 	 	Any Partial Amortization Amount	 	1,444,621.19	 	$	27,783.00	 	$	4,553,673.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVIII	 	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	$	0.00	 	$	4,581,456.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIX	 	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	 	 	All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XX	A	To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	
 	 	 	 	Class A-1 Excess Interest Amount	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	
 	 	 	 	0	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	 	 	Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXI	 	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	 	 	Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXII	 	To Hedge Payment Account	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	i	 Any accrued and unpaid Series Hedge Payment	 	 	 	$	0.00	 	 	 	
 	 	 	ii	 Any other amounts payable to a Hedge Counterparty	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXIII	 	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	
 	 	 	 	Monthly Aggregate Extension Prepayment Amount	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXIV	 	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	 	i	 Lessor of	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	 	 (i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	
 	 	 	 	 (ii) Residual Threshold Amount	 	 	 	 	 	 	 	
 	 	 	ii	 Any accrued and unpaid Sub Notes Principal Amortization  Amount (provided Residual Amount > [8.333mm])	 	 	 	$	0.00	 	$	4,553,673.65	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXV	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	 	 	$	4,553,673.65	 	$	0.00	 	
Debt Service Payents remitted during December	 	19,294,355.19	 	 	 	 	 	

* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period.
** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account

 
Equity Contributions
 
1) Equity Contributions Made During Last 3 Months up to Maximum of 2
 
Date
Contributed	 	Amount
Contributed	 	Amount Able for
DSCR
Calculation	 	
1	 	$	0	 	$	0	 	
2	 	$	0	 	$	0	 	
 
2) Equity Contributions Made During Current Calendar Year up to Maximum of 2
 
Date
Contributed	 	Amount
Contributed	 	 	 	
1	 	$	0	 	 	 	
2	 	$	0	 	 	 	
 
3) Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity
 
Date
Contributed	 	Amount
Contributed	 	 	 	
1	 	$	0	 	 	 	
2	 	$	0	 	 	 	
3	 	$	0	 	 	 	
4	 	$	0	 	 	 	
5	 	$	0	 	 	 	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
 
Series 2007-1 Senior Interest Reserve Account
 
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve (1)	 	
Series 2007 - 1 A-1-A	 	30,000,000	 	7.2725	%	0.7500	%	601,688	 	
Series 2007 - 1 A-2-II-A	 	675,000,000	 	6.4267	%	0.7500	%	12,110,681	 	
 	 	 	 	 	 	 	 	12,712,369	 	
 
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	70,000,000	 	7.9225	%	n/a	 	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	350,000,000	 	7.2836	%	n/a	 	6,373,150	 	
Series 2007 - 1 A-2-II-X	 	650,000,000	 	7.0588	%	n/a	 	11,470,550	 	
Series 2007-1 M-1	 	119,000,000	 	8.4044	%	n/a	 	0	 	
 	 	 	 	 	 	 	 	19,230,138	 	
 	 	 	 	 	 	 	 	 	 	
 	 	Reserve required	 	31,942,506	 	
 
 	 	 	Beginning Balance	 	$	31,942,506	 	
 	 	 	Plus Deposits	 	$	7,723	 	
 	 	 	Less Withdrawals	 	$	—	 	
 	 	 	Ending Balance	 	$	31,950,229	 	
 	 	 	 	 	 	 	
 	 	 	Excess(Deficit)	 	$	7,723	 	
 
Series 2007-1 Senior Cash Trap Account
 
 	 	 	Beginning Balance	 	$	—	 	
 	 	 	Plus Deposits	 	$	—	 	
 	 	 	Less Withdrawals	 	$	—	 	
 	 	 	Ending Balance	 	$	—	 	
 	 	 	Required Amount	 	$	—	 	
 	 	 	Deposit Required	 	$	—	 	

(1) -   If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest.

 
DSCR Calculations
 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
 	 	For the Payment Date of:	 	January 22, 2008	
 	 	For the Monthly Collection Period of:	 	December	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	 	 	 	 	
December	
Retained Collections	 	$	—	 	$	59,604,424	 	
 	  	-Total Monthly DSCR Expenses	 	$	37,371,243	 	
 	 	 	 	$	22,233,181	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,456,484.00	 	
November	
Retained Collections	 	$	—	 	$	—	 	
 	  	-Total Monthly DSCR Expenses	 	$	—	 	
 	 	 	 	$	—	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	—	 	
October	
Retained Collections	 	$	—	 	$	—	 	
 	  	-Total Monthly DSCR Expenses	 	$	—	 	
 	 	 	 	$	—	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	—	 	
 	 	 	 	 	 	
Current Payment Date Adjusted DSCR Ratio	 	2.126	 	

 	 	Event Occur?	 	% to Trap (if
Applicable)	 	
 	Cash Trapping Event?	 	N	 	0.00	%	
 	Rapid Amortization Event?	 	N	 	 	 	
 	Servicer Termination Event / EOD?	 	N	 	 	 	
 
Calculation of 3-Month DSCR
 
 	 	0	 	January 0, 1900	
 	 	0	 	January 0, 1900	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	 	 	 	 	
December	
Retained Collections	 	$	—	 	$	56,909,731	 	
 	  	-Total Monthly DSCR Expenses	 	$	37,371,243	 	
 	 	 	 	$	19,538,488	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,456,484.00	 	
November	
Retained Collections	 	$	—	 	$	—	 	
 	  	-Total Monthly DSCR Expenses	 	$	—	 	
 	 	 	 	$	—	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	—	 	
October	
Retained Collections	 	$	—	 	$	—	 	
 	  	-Total Monthly DSCR Expenses	 	$	—	 	
 	 	 	 	$	—	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	—	 	
 	 	 	 	 	 	
 	 	Current Payment Date DSCR Ratio	 	1.869	 	
 
12-Month Adjusted DSCR
12-Month DSCR

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	
 	Operating Lease Expense - (Current Month)	 	8,465	 	
 	Annualized Operating Lease Expense	 	101,585	 	
1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	812,678	 	
 	 	 	 	 	
      +	All Trust Debt	 	2,339,000	 	
 	IHOP	 	445,000	 	
 	Applebees	 	1,894,000	 	
 	All other Applebee’s Corporate Debt	 	3,728	 	
 	All Other IHOP Corp Debt	 	170,460	 	
2	Total Indebtedness	 	2,513,188	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,325,866	 	
 	 	 	 	 	
Denominator	 	 	 	 	
1	EBITDA	 	362,087	 	
+     2	Operating Lease Expense	 	101,585	 	
 	EBITDAR	 	463,672	 	
 	 	 	 	 	
 	Consolidated Leverage Ratio	 	7.2	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Company Owned Stores in U.S.	
 	
Beginning	 	509	 	
Plus New Stores	 	2	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	510	 	
 	 	 	 	
Franchised Stores in U.S.	
 	
Beginning	 	1,348	 	
Plus New Stores	 	8	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	2	 	
Ending Balance	 	1,354	 	
 	 	 	 	
Company Owned Stores outside of U.S.	
 	
Beginning	 	1	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	1	 	
 	 	 	 	
Franchised Stores outside of U.S.	
 	
Beginning	 	107	 	
Plus New Stores	 	4	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	111	 	
 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,514,061,353	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.95	%	

 
Applebees Enterprises
LLC as Issuer	 	
For the Weekly Payment Date of:	 	
January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC &
The Restaurant Holders
as Co-Issuers	 	 	 	 	
 
Series 2007-1 A-I-A	
 	 	 	 	 	 	
Beginning	 	$	22,500,000	 	Wrapped	 	
Amortization	 	$	—	 	 	 	
Draw Down	 	$	—	 	 	 	
Ending	 	$	22,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	30,000,000	 	 	 	
Available Amount	 	$	7,500,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-1-X	
 	 	 	 	 	 	
Beginning	 	$	52,500,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Draw Down	 	$	—	 	 	 	
Ending	 	$	52,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	70,000,000	 	 	 	
Available Amount	 	$	17,500,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-2-1-X	
 	 	 	 	 	 	
Beginning	 	$	350,000,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	350,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1-A-2-II-A	
 	 	 	 	 	 	
Beginning	 	$	675,000,000	 	Wrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	675,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-2-II-X	
 	 	 	 	 	 	
Beginning	 	$	650,000,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	650,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1-M-1	
 	 	 	 	 	 	
Beginning	 	$	119,000,000	 	 	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	119,000,000	 	 	 	
 
Series 2007-1 A-1 -A Draw#1	
 	 	 	 	 	 	
Amount	 	$	22,500,000	 	 	 	
Date	 	11/29/2007	 	 	 	
LIBOR	 	5.0700	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	7.2750	%	 	 	
Interest Due This Period	 	$	31,828	 	 	 	
Cumulative Interest Due	 	$	209,156	 	46 days	 	
 	 	 	 	 	 	
Series 2007-1 A-1 -X Draw#1	
 	 	 	 	 	 	
Amount	 	$	52,500,000	 	 	 	
Date	 	11/29/2007	 	 	 	
LIBOR	 	5.0700	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	7.9250	%	 	 	
Interest Due This Period	 	$	80,901	 	 	 	
Cumulative Interest Due	 	$	531,635	 	46 days	 	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	January 22, 2008	
&	 	For the Monthly Collection Period of:	December	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	
Reconciliation of Indenture Trust Accounts - weekly For December	 	 	
 
 	 	 	 	 	 	Day 1 Funding	 	Nov. 26 thru Dec 9	 	Week Ended 12/16	 	Week ended 12/23	 	Week ended 12/30	 	
1	 	Concentration Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	26,848,639	 	15,582,715	 	25,687,896	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	46,383,753	 	29,496,073	 	35,897,584	 	28,943,924	 	
 	 	Less Withdrawals	 	$	0.00	 	(19,535,114	)	(40,761,997	)	(25,792,403	)	(42,642,006	)	
 	 	Ending Balance	 	 	 	$	0.00	 	26,848,639	 	15,582,715	 	25,687,896	 	11,989,814	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2	 	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3	 	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	5,800,000	 	5,800,000	 	8,758,301	 	9,452,827	 	
 	 	Plus Company Store Contribution	 	$	5,800,000.00	 	0	 	2,925,824	 	1,491,199	 	1,672,575	 	
 	 	Plus: Excluded Asset deposits	 	 	 	0	 	32,477	 	13,913	 	14,112	 	
 	 	Other deposits	 	 	 	0	 	0	 	25,862	 	 	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	(836,448	)	(1,998,918	)	
 	 	Ending Balance	 	 	 	$	5,800,000.00	 	5,800,000	 	8,758,301	 	9,452,827	 	9,140,596	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
4	 	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
5	 	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	6,100,000	 	6,100,000	 	8,090,494	 	11,934,502	 	
 	 	 	 	Plus Deposits	 	$	6,100,000.00	 	0	 	3,284,844	 	3,844,008	 	8,405,962	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	(1,294,350	)	 	 	(1,736,798	)	
 	 	Ending Balance	 	 	 	$	6,100,000.00	 	6,100,000	 	8,090,494	 	11,934,502	 	18,603,666	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
6	 	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	 	 	400,000	 	530,542	 	531,836	 	591,189	 	
 	 	 	 	Plus: Deposits	 	 	 	130,542	 	68,503	 	63,641	 	90,393	 	
 	 	Plus Company Store Contribution	 	$	400,000.00	 	0	 	28,555	 	12,836	 	13,287	 	
 	 	Plus: Excluded Asset deposits	 	 	 	0	 	288	 	101	 	100	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	(96,052	)	(17,225	)	0	 	
 	 	Ending Balance	 	 	 	$	400,000.00	 	530,542	 	531,836	 	591,189	 	694,969	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
7	 	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	4,000,000	 	4,000,000	 	3,309,222	 	10,073,575	 	
 	 	Plus: Direct Deposits	 	$	0.00	 	0	 	3,439,110	 	6,254,659	 	690,065	 	
 	 	Plus Company Store Contribution	 	$	4,000,000.00	 	0	 	1,127,423	 	578,211	 	701,432	 	
 	 	Plus: Excluded Store Deposits	 	$	0.00	 	0	 	12,498	 	5,039	 	5,762	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	(5,269,809	)	(73,556	)	(79,579	)	
 	 	Ending Balance	 	 	 	$	4,000,000.00	 	4,000,000	 	3,309,222	 	10,073,575	 	11,391,255	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
8	 	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
9	 	Indemnification / Insurance proceeds /
Asset Disposition Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	839,589	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	839,589	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
10	 	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	2,000,000	 	2,000,000	 	2,000,000	 	2,000,000	 	
 	 	 	 	Plus Deposits	 	$	15,000,000.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	(13,000,000.00	)	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	2,000,000.00	 	2,000,000	 	2,000,000	 	2,000,000	 	2,000,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
11	 	Collateral Account (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	20,746,329	 	20,750,522	 	20,750,522	 	20,750,522	 	
 	 	 	 	Plus Deposits	 	$	20,746,329.00	 	4,193	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	20,746,329.00	 	20,750,522	 	20,750,522	 	20,750,522	 	20,750,522	 	

(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an  unsecuritized entity.

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	January 22, 2008	
&	 	For the Monthly Collection Period of:	December	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	
Reconciliation of Indenture Trust Accounts - weekly For December	 	 	
 
 	 	 	 	 	 	Day 1 Funding	 	Nov. 26 thru Dec 9	 	Week Ended 12/16	 	Week ended 12/23	 	Week ended 12/30	 	
12	 	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	11,500	 	11,500	 	11,500	 	
 	 	Plus Deposits	 	$	0.00	 	11,500	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	(1,500	)	
 	 	Ending Balance	 	 	 	$	0.00	 	11,500	 	11,500	 	11,500	 	10,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
13	 	Collection Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	7,717,761	 	3,858,871	 	3,858,871	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	(7,717,761	)	(3,858,871	)	(3,858,871	)	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
14	 	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	6,837,643	 	10,256,465	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	6,837,643	 	3,418,822	 	3,418,822	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	6,837,643	 	10,256,465	 	13,675,287	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
15	 	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	302,250	 	453,375	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	302,250	 	151,125	 	151,125	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	302,250	 	453,375	 	604,500	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
16	 	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
17	 	Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
18	 	Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	31,942,506	 	31,950,229	 	31,950,229	 	31,950,229	 	
 	 	 	 	Plus Deposits	 	$	31,942,506.25	 	7,722	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	31,942,506.25	 	31,950,229	 	31,950,229	 	31,950,229	 	31,950,229	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
19	 	Senior Notes Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
20	 	Subordinated Note Interest Payment Acount	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	577,849	 	866,773	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	577,849	 	288,924	 	288,924	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	577,849	 	866,773	 	1,155,697	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
21	 	Subordinated Note Principal Payment Acount	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
22	 	Subordinated Note Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
23	 	Hedge Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
24	 	Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
25	 	Series 2007-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
26	 	Series 2007-1 AI Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
27	 	Series 2007-1 A2IDistribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
28	 	Series 2007-1 A2II Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
29	 	Series 2007-1 Class M-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
30	 	Senior Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	$	0.00	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	$	0.00	 	0	 	0	 	0	 	0	 	

 
Asset Dispositions	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period	 	$	—	 	
Pro-Forma EBITDAR Consolidated Leverage Ratio	 	7.2	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no)	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	0	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	0	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	0	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	0	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	0	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
Senior ABS Leverage Ratio(Sr APPB Sec Debt/ Securitization EBITDA)	 	 	%	
assumes that variable funding notes are fully drawn	 	 	 	
 	 	 	 	
Insurance Proceeds	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	0	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	0	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	0	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
Reinvested Amounts	
 	 	 	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	0	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	0	 	
 
Pro-Forma Consolidated Leverage Ratio	
 	 	 	 	
Numerator	 	 	 	 	Monthly	 	
 	 	 	Operating Lease Expense - (current Month)	 	8,465	 	
 	 	 	Annualized Operating Lease Expense	 	$	101,585	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	$	812,678	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	 2,339,000	 	
 	 	 	IHOP	 	$	445,000	 	
 	 	 	Applebees	 	$	1,894,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	3,728	 	
 	 	 	All Other IHOP Corp Debt	 	$	170,460	 	
 	 	2	Total Indebtedness	 	$	2,513,188	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	 3,325,866	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	362,087	 	
 	+	2	Operating Lease Expense	 	$	101,585	 	
 	 	 	EBITDAR	 	$	463,672	 	
 	 	 	 	
Consolidated Leverage Ratio	 	7.2	 	
 	 	 	 	
 	Pro-Forma EBITDA	 	$	 362,087	 	
 	Pro-Forma EBITDAR Leverage Ratio	 	7.2	 	
 	 	 	 	
 	After-Tax Net Proceeds Received in Monthly Collection Period	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
Pro-Forma EBITDAR Leverage Ratio	 	7.2	 	

 
Applebees Enterprises LLC as	 	 	 	 	
Issuer	 	For the Payment Date of:	 	January 22, 2008	
&	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The
Restaurant Holders as Co-
Issuers	 	 	 	 	
 
Non-trust deposits to Concentration Account
Amounts Previously Transferred
 
A)	Preclose store cash deposits deposited to concentration account	 	$	1,762,933.00	 	
B)	Advertising fees paid into the concentration account	 	$	1,974,352.00	 	
C)	Excluded Store credit card settlements	 	$	359,930	 	
D)	ACMC Credit Card sales	 	$	506,822	 	
E)	International Franchise Payments	 	$	395,241	 	
F)	Reimbursement of employee related costs	 	$	197,358	 	
G)	Income Tax Refunds	 	$	304,134	 	
H)	State of Kansas Development Grant on new Support Center	 	$	337,501	 	
I)	Vendor G&A reimbursements	 	$	43,200	 	
J)	Sales Tax Refund	 	$	25,862	 	
K)	Weight Watchers	 	$	2,781	 	
L)	Insurance proceeds	 	$	8,445	 	
M)	Miscellaneous	 	$	26,085	 	
 	 	 	 	 	
 	Total Misdirected funds deposited to Concentration Account	 	$	5,944,644	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	January 22, 2008	
And	 	For the Monthly Collection Period of:	 	December	
Applebee’s IP LLC & The Restaurant Holders as Co-	 	 	 	 	
Issuers	 	 	 	 	
 
Non Conforming Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Count	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Bucket	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
 	 	 	 	 	 	Store #	 	Franchisee	 	Store Type	 	Reason	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual
Sales	 	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 99.5
 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	For the Payment Date of:	February 20, 2008	 	
 	 	For the Monthly Collection Period of:	January	 	
 
 	 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	 	
 	Total:	 	$	1,869,000,000	 	$	1,869,000,000	 	
 	Series 2007-1 A-1-A	 	$	22,500,000	 	$	22,500,000	 	
 	Series 2007-1 A-1-X	 	$	52,500,000	 	$	52,500,000	 	
 	Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	350,000,000	 	
 	Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
 	Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
 	Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o Yes	x No	
 	 	 	 	
2)	Rapid Amortization Event occurred and continuing	o Yes	x No	
 	 	 	 	
 	 	 	Cause of Rapid Amortization (if any):	 	 	
 	 	 	 	 	
 	 	a)	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	
 	 	b)	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	
 	 	c)	Servicer Termination Event has occured	o	
 	 	d)	Event of Default has occurred	o	
 	 	e)	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	
 	 	 	 	
 	Rapid Amortization DSCR One Time Cure Right Available	x Yes	o No	
 	 	 	 	
3)	Event of Default	o Yes	x No	

 	 	Current Payment Date	 	Last Payment Date	 	
 	Current 3-Month DSCR	 	N/A	 	N/A	 	
 	Current 3-Month AdjustedDSCR	 	N/A	 	N/A	 	
 	Current 12-Month DSCR	 	N/A	 	N/A	 	
 	Current 12-Month AdjustedDSCR	 	N/A	 	N/A	 	
 	12-Month System-Wide Sales	 	4,529,029,246	 	0	 	
 	Weighted Average Royalty Rate	 	3.94	%	0	 	
 	Change in Franchised Stores	 	(1	)	0	 	
 	Change in Company Owned Stores Stores	 	(1	)	0	 	

 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	463,958.33	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	8,925,390.84	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	777,873.91	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - Jan 2008	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	423,125.00	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s Jan 2008 preimums	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	126,363.83	 	 	 	Wells Fargo	 	 	 	 	 	22579600	 	TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579602	 	$	15,880.03	 	 	 	Wells Fargo	 	 	 	 	 	22579600	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579603	 	$	701.96	 	 	 	Wells Fargo	 	 	 	 	 	22579600	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579609	 	$	1,342.02	 	 	 	Wells Fargo	 	 	 	 	 	22579600	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	9,422,239.53	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee’s	 	51-20314	 	January 2008 Residual	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	$	20,169,375.45	 	 	 	 	 	 	 	 	 	 	 	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
And	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
Franchisees	
A)	Franchise Payments from Third Party Franchisees	 	 	 	 	 	 	
Royalty Payment	 	$	11,118,296	 	Yes	 	
Initial Franchise Fees	 	$	17,056	 	 	 	
Transfer Fees	 	$	—	 	 	 	
Renewal Fees	 	$	—	 	 	 	
Licensing Fees payable to Third parties	 	$	—	 	 	 	
Advertising Fees paid into the Concentration Account	 	$	—	 	 	 	
Total Franchise Payments from Third Party Franchisees	 	$	11,135,352	 	 	 	
 	 	 	 	 	 	
B)	Development Payments	 	$	—	 	 	 	
C)	Lease Payments	 	 	 	 	 	
Owned properties - Franchisee Leases	 	$	—	 	 	 	
Leased properties - Franchisee Sublease	 	$	—	 	 	 	
Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	
I)	Insurance Proceeds	 	$	—	 	 	 	
J)	Training Fees	 	$	31,306	 	 	 	
K)	Any other Third Party Reimbursement Amounts	 	$	—	 	 	 	
L)	Other	 	$	156,494	 	Yes	 	
M)	Any andvance payments from Third Party Franchisees	 	$	—	 	 	 	
N)	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
Franchisee Collections Received	 	$	11,323,152	 	 	 	
 
From Restaurant Holder Accounts	
 	 	 	 	 	 	 	
A)	All Store Revenue - Cash Purchase	 	$	32,047,323	 	Yes	 	
I)	Insurance Restoration Receipts	 	$	848,034	 	 	 	
Restaurant Holder Collections Received	 	$	32,895,357	 	 	 	
 
From Credit Card Accounts	
 	 	 	 	 	 	 	
A)	All Store Revenue - Credit Card Purchase	 	$	54,803,060	 	Yes	 	
Credit Card Collections Received	 	$	54,803,060	 	 	 	

From Gift Card Reserve Account	
 	 	 	 	 	 	 	
A)	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	13,804,199	 	Yes	 	
B)	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
Credit Card Collections Received	 	$	13,804,199	 	 	 	
 
Other	
 	 	 	 	 	 	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	Investment Income from all other Accounts (as applicable)	 	$	93,186	 	 	 	
B)	(Less investment expenses and net losses)	 	$	—	 	 	 	
Net Investment Income	 	$	93,186	 	Yes	 	
C)	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	Any other Amounts owed relating to the Collateral	 	$	146,250	 	Yes	 	
E)	Vendor Rebates	 	$	507,934	 	Yes	 	
F)	IHOP Residual Amount	 	$	3,954,221	 	Yes	 	
G)	Any Equity contributions	 	$	—	 	Yes	 	
H)	Loan from Applebee’s Franchising, LLC	 	$	—	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	Asset Disposition Amounts	 	$	—	 	 	 	
J)	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
Total “Other” Collections Received	 	$	4,701,591	 	 	 	
 
Misdirected Funds
 
 	A)   Funds deposited to Cencentration Account in Error	 	$	2,845,599	 	 	 	
 	 	 	 	 	 	 	
Total Monthly monies collected (Inc. Excluded Amts)	 	$	120,372,958	 	 	 	
Gross Monthly Collections	 	$	117,478,997	 	 	 	
DSCR Receipts	 	$	116,630,963	 	 	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
And	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
A)  Resaurant Sales	 	 	 	
 	Restaurant Gross Receipts Deposited into the Concentration Account	 	$	100,654,582.00	 	
 	Less: Gift Card Sales transferred to Gift Card Account	 	$	(1,161,421	)	
 	Less: Sales Tax transferred to Sales Tax Account	 	$	(6,785,405	)	
 	Restaurant Sales	 	$	92,707,756.00	 	
 	 	 	 	 	 	
B)  Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
 	Food and Beverage	 	$	26,901,319.00	 	
 	Labor	 	$	33,306,126.00	 	
 	Utilities	 	$	3,646,618.00	 	
 	Other Controllables (including local advertising costs)	 	$	6,576,871.00	 	
 	Occupancy Costs	 	$	2,219,692.00	 	
 	Other Non-Controllables	 	$	611,651.00	 	
 	Subtotal of Operating Expenses Attributable	 	$	73,262,277.00	 	
 	 	 	 	 	 	
 	Weight Watcher fees (paid to 3rd party account)	 	$	82,539	 	
 	Advertising (payable to the Advertising Reserve Account)	 	$	2,580,035	 	
 	Lease Payments payable to the Lease Payment Account	 	$	0	 	
 	 	 	 	 	 	
 	Total Expenses	 	$	75,924,851.00	 	
 	 	 	 	 	 	
C)  Restaurant Holder Profits	 	$	16,782,905.00	 	
 	 	Percentage of Monthly Sales	 	18.10	%	
 	 	 	 	 	 	
      Non-Trust expenditures from concentration in January	 	862,857	 	
      Non-Trust expenditures from concentration account in December	 	498,920	 	
      Total misdirected funds (detail on misdirected funds page)	 	1,361,777	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
&	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The	 	 	 	 	
Restaurant Holders as Co-Issuers	 	 	 	 	
 
 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Totals	 	
Beginning Concentration Account Balance	 	$	11,796,294	 	$	13,767,489	 	$	14,501,921	 	$	18,741,410	 	$	11,796,294	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	28,138,498	 	$	28,366,498	 	$	36,904,980	 	$	26,962,982	 	$	120,372,958	 	
Other Cash Deposits	 	$	(80,909	)	$	(79,111	)	$	(2,660,570	)	$	(25,009	)	$	(2,845,599	)	
Total Cumulative Weekly Collections	 	$	28,138,498	 	$	28,366,498	 	$	36,904,980	 	$	26,962,982	 	$	120,372,958	 	
Total Cumulative IHOP Residual Amounts Received	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	15,345,436	 	$	19,078,367	 	$	16,506,037	 	$	23,195,294	 	$	74,125,134	 	
Prior Week Debt Service Payments	 	$	3,858,871	 	$	2,836,473	 	$	2,836,473	 	$	—	 	$	9,531,817	 	
Prior Monthly Waterfall Payments	 	 	 	 	 	$	5,197,122	 	$	0	 	$	5,197,122	 	
Prior Monthly weekly waterfall payments	 	$	2,740,301	 	 	 	 	 	 	 	$	2,740,301	 	
Prior Weekly Waterfall Payments	 	$	0	 	$	1,567,038	 	$	2,622,720	 	$	2,294,712	 	$	6,484,470	 	
Prior week gift card redemptions due to Restaurant Holders	 	$	4,141,786	 	$	4,071,077	 	$	2,842,569	 	$	2,110,266	 	$	13,165,698	 	
Total expended and committed funds	 	$	26,086,394	 	$	27,552,955	 	$	30,004,921	 	$	27,600,272	 	$	111,244,542	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	13,767,489	 	$	14,501,921	 	$	18,741,410	 	$	18,079,111	 	$	24,563,581	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
I)	To the Operating Expense Account Account	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	A   Accrued and unpaid Govt. Taxes	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	B   Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
II)	To the Sales Tax Account	 	$	1,723,061	 	$	1,664,777	 	$	1,648,262	 	$	1,749,305	 	$	6,785,405	 	
 	A   Sales taxes payable	 	$	1,723,061	 	$	1,664,777	 	$	1,648,262	 	$	1,749,305	 	$	6,785,405	 	
 	B   Any sales tax owed but not paid in accordance with II) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
III)	To the Lease Payment Account	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	A   1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	B   Any Lease Payment owed but not paid in accordance with III) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IV)	To the Gift Card Reserve Account	 	$	(3,700,807	)	$	(2,556,186	)	$	(1,858,745	)	$	(1,706,810	)	$	(9,822,548	)	
 	A   Gift Card Sales payable to ACMC	 	$	370,270	 	$	286,383	 	$	251,521	 	$	253,247	 	$	1,161,421	 	
 	B   ACMC Gift Card Redemptions due to restaurant holders	 	$	(4,071,077	)	$	(2,842,569	)	$	(2,110,266	)	$	(1,960,057	)	$	(10,983,969	)	
 	C   Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
V)	To the Third Party Licensing Fee Account	 	$	18,575	 	$	22,112	 	$	20,894	 	$	20,958	 	$	82,539	 	
 	A   Accrued and unpaid licensing or royalties fees payable to third parties	 	$	18,575	 	$	22,112	 	$	20,894	 	$	20,958	 	$	82,539	 	
 	B   Any licensing fees owed but not paid in accordance with V) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VI)	To the Advertising Fees Account	 	$	658,403	 	$	631,267	 	$	633,551	 	$	656,814	 	$	2,580,035	 	
 	A   Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	658,403	 	$	631,267	 	$	633,551	 	$	656,814	 	$	2,580,035	 	
 	B   Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VII)	To the Operating Expense Account	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	A   Previously accrued and unpaid Operating Expenses	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	B   Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VIII)	To the Servicer	 	$	2,867,806	 	$	2,860,750	 	$	1,850,750	 	$	1,850,750	 	$	9,430,056	 	
 	A   Weekly Servicing Fee	 	$	1,850,750	 	$	1,850,750	 	$	1,850,750	 	$	1,850,750	 	$	7,403,000	 	
 	B   Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	0	 	$	0	 	$	0	 	$	0	 	$	0	 	
 	C   Residual Certificates paid to Servicer	 	$	1,000,000	 	$	1,000,000	 	$	0	 	$	0	 	$	2,000,000	 	
 	D   Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	17,056	 	$	10,000	 	$	0	 	$	—	 	$	27,056	 	
 	E   Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	0	 	$	0	 	$	0	 	$	—	 	$	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Cumulative Total Weekly Allocations	 	$	1,567,038	 	$	2,622,720	 	$	2,294,712	 	$	2,571,017	 	$	9,055,487	 	
Less: Non-DSCR Expense	 	$	(3,054,021	)	$	(1,832,569	)	$	(2,110,266	)	$	(1,960,057	)	$	(8,956,913	)	
DSCR Expenses in Weekly Allocations	 	$	4,621,059	 	$	4,455,289	 	$	4,404,978	 	$	4,531,074	 	$	18,012,400	 	
Ending Concentration Account balance	 	$	12,200,451	 	$	11,879,201	 	$	16,446,698	 	$	15,508,094	 	$	15,508,094	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
And	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	Previous Remittances	 	Amount Owed	 	Collections
Remaining	 	
 	 	 	 	 	 	 	 	 	 	
Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture	 	$	14,146,318	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Interest Earnings on the Servicing accounts to be distributed	 	$	61,497	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	$	144,327	 	 	 	 	 	$	14,352,141.61	 	
 	 	 	 	 	 	 	 	 	 	
Total Amount to be distributed	 	$	14,352,142	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
I	To the Operating Expense Account*	 	 	 	 	 	$	0.00	 	$	14,352,141.61	 	
 	  i	Accrued and unpaid Govt. Taxes	 	 	 	 	 	$	0.00	 	 	 	
 	  ii	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
II	To Sales Tax Account	 	 	 	 	 	 	 	 	 	
 	  i	Accrued plus unpaid Sales Taxes	 	 	 	 	 	$	0.00	 	$	14,352,141.61	 	
 	 	 	 	 	 	 	 	 	 	 	 	
III	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account )**	 	 	 	 	 	$	0.00	 	$	14,352,141.61	 	
 	  i	Insurance Proceeds Amount	 	 	 	 	 	$	0.00	 	 	 	
 	  ii	Asset Disposition Prepayment Amount	 	 	 	 	 	$	0.00	 	 	 	
 	  iii	Indemnification Amount	 	 	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IV	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	 	 	
 	 	Previously accrued and unpaid Operating Expenses	 	 	 	 	 	$	0.00	 	$	14,352,141.61	 	
 	 	 	 	 	 	 	 	 	 	 	 	
V        A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Senior Notes Monthly Interest Amount	 	 	 	5,222,478.00	 	3,702,912.84	 	$	10,649,228.77	 	
B	To the Insurer Premiums Account	 	 	 	 	 	 	 	 	 	
 	 	Accrued Insurer Premium Amount	 	 	 	225,234.00	 	197,891.00	 	$	10,451,337.77	 	
C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	
 	 	Class A-1 Monthly Commitment Fees Amount	 	 	 	 	 	$	463,958.33	 	$	9,987,379.44	 	
D	To the Hedge Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Hedge Payment Amount (excluding any termination payments)	 	 	 	 	 	$	0.00	 	$	9,987,379.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VI	To each Insurer	 	 	 	 	 	 	 	 	 	
 	 	Insurer Expense Amount	 	 	 	 	 	$	0.00	 	$	9,987,379.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VII	To each Insurer	 	 	 	 	 	 	 	 	 	
 	 	Insurer Reimbursement Amount	 	 	 	 	 	$	0.00	 	$	9,987,379.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VIII	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	 	 	
 	 	Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	 	 	12,500.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IX	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	
 	 	Senior Notes Interest Reserve Deficit Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
X	To the Servicer	 	 	 	 	 	 	 	 	 	
 	 	Any Supplemental Servicing Fee	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XI	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Any Partial Amortization Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XII	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	
 	 	Any Cash Trap Reserve Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIII	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	 	 	
 	 	The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIV	To the Operating Expense Account	 	 	 	 	 	 	 	 	 	
 	 	Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XV	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	 	 	
 	 	Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVI	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	 	 	
 	 	Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVII	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Any Partial Amortization Amount	 	 	 	 	 	$	0.00	 	$	9,974,879.44	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVIII	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	225,234.00	 	552,639.91	 	$	9,422,239.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIX	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	 	 	
 	 	All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XX      A	 To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	 	 	
 	 	Class A-1 Excess Interest Amount	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	
 	 	0	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	
 	 	Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXI	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	
 	 	Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXII	To Hedge Payment Account	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	  i	Any accrued and unpaid Series Hedge Payment	 	 	 	 	 	$	0.00	 	 	 	
 	  ii	Any other amounts payable to a Hedge Counterparty	 	 	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXIII	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	 	 	
 	 	Monthly Aggregate Extension Prepayment Amount	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXIV	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	
 	  i	Lessor of	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	 	(i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	 	 	
 	 	(ii) Residual Threshold Amount	 	 	 	 	 	 	 	 	 	
 	  ii	Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm])	 	 	 	 	 	$	0.00	 	$	9,422,239.53	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXV	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	
 	 	All Remaining Funds	 	 	 	 	 	$	9,422,239.53	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	
Debt Service Payents remitted during December	 	 	 	5,672,946.00	 	 	 	 	 	
 	 	 	 	 	 	$	5,672,946	 	 	 	 	 	

* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period.	$	0	 	 	 	 	 	
** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account	 	

 
1)	Equity Contributions Made During Last 3 Months up to Maximum of 2	
 
 	 	Date
Contributed	 	Amount
Contributed	 	Amount Able for
DSCR
Calculation	 	
1	 	 	 	$	0	 	$	0	 	
2	 	 	 	$	0	 	$	0	 	
 
2)	Equity Contributions Made During Current Calendar Year up to Maximum of 2	
 
 	 	Date
Contributed	 	Amount
Contributed	 	
1	 	 	 	$	0	 	
2	 	 	 	$	0	 	
 
3)	Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity	
 
 	 	Date
Contributed	 	Amount
Contributed	 	
1	 	 	 	$	0	 	
2	 	 	 	$	0	 	
3	 	 	 	$	0	 	
4	 	 	 	$	0	 	
5	 	 	 	$	0	 	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	February 20, 2008	
&	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Series 2007-1 Senior Interest Reserve Account
 
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve (1)	 	
Series 2007 - 1 A-1-A	 	30,000,000	 	7.2725	%	0.7500	%	601,688	 	
Series 2007 - 1 A-2-II-A	 	675,000,000	 	6.4267	%	0.7500	%	12,110,681	 	
 	 	 	 	 	 	 	 	12,712,369	 	
 
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	70,000,000	 	7.9225	%	n/a	 	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	350,000,000	 	7.2836	%	n/a	 	6,373,150	 	
Series 2007 - 1 A-2-II-X	 	650,000,000	 	7.0588	%	n/a	 	11,470,550	 	
Series 2007-1 M-1	 	119,000,000	 	8.4044	%	n/a	 	0	 	
 	 	 	 	 	 	 	 	19,230,138	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Reserve required	 	31,942,506	 	
 
Beginning Balance	 	$	31,950,229	 	
Plus Deposits	 	$	126,364	 	
Less Withdrawals	 	$	7,723	 	
Ending Balance	 	$	32,068,870	 	
 	 	 	 	
Excess(Deficit)	 	$	126,364	 	
 
Series 2007-1 Senior Cash Trap Account
 
Beginning Balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	
Required Amount	 	$	—	 	
Deposit Required	 	$	—	 	

(1) -	 	If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest.	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
And	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
 	 	For the Payment Date of:	 	February 20, 2008	
 	 	For the Monthly Collection Period of:	 	January	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	 	 	 	 	
January	
 	
Retained Collections	 	$	—	 	$	 	42,505,829	 	
 	 	-   Total Monthly DSCR Expenses	 	$	18,012,400	 	
 	 	 	 	$	24,493,429	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	9,824,974.17	 	
 	 	 	 	 	 	 	
December	
 	
Retained Collections	 	$	—	 	$	 	59,604,424	 	
 	 	-   Total Monthly DSCR Expenses	 	$	37,371,243	 	
 	 	 	 	$	22,233,181	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,456,484	 	
 	 	 	 	 	 	
November	
 	
Retained Collections	 	$	—	 	$	 	—	 	
 	 	-   Total Monthly DSCR Expenses	 	$	—	 	
 	 	 	 	$	—	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	—	 	
 	 	 	 	 	 	
Current Payment Date Adjusted DSCR Ratio	 	2.304	 	

 	 	Event Occur?	 	% to Trap (if
Applicable)	 	
 	Cash Trapping Event?	 	N	 	0.00	%	
 	Rapid Amortization Event?	 	N	 	 	 	
 	Servicer Termination Event / EOD?	 	N	 	 	 	
 
Calculation of 3-Month DSCR
 
 	 	For the Payment Date of:	 	February 20, 2008	
 	 	For the Monthly Collection Period of:	 	January	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	
January	 	
 	 	
Retained Collections	 	$	—	 	$	38,551,608	 	
 	 	-   Total Monthly DSCR Expenses	 	$	18,012,400	 	
 	 	 	 	$	20,539,208	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	9,824,974.17	 	
 	 	 	 	 	 	
December	
 	
Retained Collections	 	$	—	 	$	56,909,731	 	
 	 	-   Total Monthly DSCR Expenses	 	$	37,371,243	 	
 	 	 	 	$	19,538,488	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,456,484	 	
 	 	 	 	 	 	
November	
 	
Retained Collections	 	$	—	 	$	—	 	
 	 	-   Total Monthly DSCR Expenses	 	$	—	 	
 	 	 	 	$	—	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	—	 	
 	 	 	 	 	 	
 	 	Current Payment Date DSCR Ratio	 	1.976	 	

12-Month DSCR	 	 	 	 	 	
12-Month Adjusted DSCR	 	 	 	 	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
And	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	
 	Operating Lease Expense - (Current Month)	 	8,381	 	
 	Annualized Operating Lease Expense	 	100,568	 	
 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	804,543	 	
 	 	 	 	 	 	
 	+	 	All Trust Debt	 	2,339,000	 	
 	 	IHOP	 	445,000	 	
 	 	Applebees	 	1,894,000	 	
 	 	All other Applebee’s Corporate Debt	 	3,728	 	
 	 	All Other IHOP Corp Debt	 	170,024	 	
 	2	Total Indebtedness	 	2,512,752	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,317,295	 	
 	 	 	 	 	
Denominator	 	 	 	 	
 	1	EBITDA	 	366,042	 	
 	+ 	2	Operating Lease Expense	 	100,568	 	
 	EBITDAR	 	466,610	 	
 	 	 	 	 	
 	Current Payment Date Leverage Ratio	 	7.1	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	 	
And	 	For the Monthly Collection Period of:	 	January	 	
Applebee’s IP LLC & The Restaurant Holders as	 	 	 	 	 	
Co-Issuers	 	 	 	 	 	
 
Company Owned Stores in U.S.
 
Beginning	 	 	 	510	 	
 	 	Plus New Stores	 	0	 	
 	 	Plus Stores taken back from Franchisee	 	0	 	
 	 	Less Refranchised	 	0	 	
 	 	Less Store Closures	 	1	 	
Ending Balance	 	 	 	509	 	
 
Franchised Stores in U.S.
 
Beginning	 	 	 	1,354	 	
 	 	Plus New Stores	 	2	 	
 	 	Plus Refranchised	 	0	 	
 	 	Less Stores taken by Franchisor	 	0	 	
 	 	Less Store Closures	 	2	 	
Ending Balance	 	 	 	1,354	 	
 
Company Owned Stores outside of U.S.
 
Beginning	 	 	 	1	 	
 	 	Plus New Stores	 	0	 	
 	 	Plus Stores taken back from Franchisee	 	0	 	
 	 	Less Refranchised	 	0	 	
 	 	Less Store Closures	 	0	 	
Ending Balance	 	 	 	1	 	
 
Franchised Stores outside of U.S.
 
Beginning	 	 	 	111	 	
 	 	Plus New Stores	 	0	 	
 	 	Plus Refranchised	 	0	 	
 	 	Less Stores taken by Franchisor	 	0	 	
 	 	Less Store Closures	 	1	 	
Ending Balance	 	 	 	110	 	
 	 	 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,529,029,246	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.94	%	

 
Applebees Enterprises	 	For the Weekly Payment Date of:	 	February 20, 2008	 	
LLC as Issuer	 	For the Monthly Collection Period of:	 	January	 	
&	 	 	 	 	 	
Applebee’s IP LLC &	 	 	 	 	 	
The Restaurant Holders	 	 	 	 	 	
as Co-Issuers	 	 	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-I-A
 
Beginning	 	$	 22,500,000	 	Wrapped	 	
Amortization	 	$	 —	 	 	 	
Draw Down	 	$	 —	 	 	 	
Ending	 	$	 22,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	 30,000,000	 	 	 	
Available Amount	 	$	 7,500,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-1-X
 
Beginning	 	$	 52,500,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Draw Down	 	$	 —	 	 	 	
Ending	 	$	 52,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	 70,000,000	 	 	 	
Available Amount	 	$	 17,500,000	 	 	 	
 
Series 2007-1 A-2-1-X
 
Beginning	 	$	 350,000,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 350,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1-A-2-II-A
 
Beginning	 	$	 675,000,000	 	Wrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 675,000,000	 	 	 	
 
Series 2007-1 A-2-II-X
 
Beginning	 	$	 650,000,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 650,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1-M-1
 
Beginning	 	$	 119,000,000	 	 	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 119,000,000	 	 	 	
 
Series 2007-1 A-1 -A Draw#1
 
Amount	 	$	 22,500,000	 	 	 	
Date	 	1/14/2008	 	 	 	
LIBOR	 	4.3200	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	6.5250	%	 	 	
Interest Due This Period	 	$	 28,547	 	 	 	
Cumulative Interest Due	 	$	 57,094	 	14 days	 	
 	 	 	 	 	 	
Series 2007-1 A-1 -X Draw#1
 
Amount	 	$	 52,500,000	 	 	 	
Date	 	1/14/2008	 	 	 	
LIBOR	 	4.3200	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	7.1750	%	 	 	
Interest Due This Period	 	$	 73,245	 	 	 	
Cumulative Interest Due	 	$	 146,490	 	14 days	 	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	
&	 	For the Monthly Collection Period of:	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	
 	 	 	
Reconciliation of Indenture Trust Accounts - weekly For January	 	 	
 
 	 	 	 	Wk1	 	Wk2	 	Wk3	 	Wk4	 	
1	Concentration Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	11,989,814	 	13,767,489	 	14,501,921	 	18,741,410	 	
 	 	Plus Deposits	 	28,138,498	 	28,366,498	 	36,904,980	 	26,962,982	 	
 	 	Less Withdrawals	 	(26,360,823	)	(27,632,066	)	(32,665,491	)	(27,625,281	)	
 	Ending Balance	 	 	13,767,489	 	14,501,921	 	18,741,410	 	18,079,111	 	
 	 	 	 	 	 	 	 	 	 	 	 	
2	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
3	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	9,140,596	 	10,256,653	 	10,863,663	 	10,430,539	 	
 	Plus Company Store Contribution	 	51,236	 	1,723,062	 	1,664,777	 	1,696,643	 	
 	 	Plus: Excluded Asset deposits	 	1,597,204	 	14,124	 	13,341	 	15,647	 	
 	 	Other deposits	 	24,155	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	(556,538	)	(1,130,176	)	(2,111,242	)	(3,489,110	)	
 	Ending Balance	 	 	10,256,653	 	10,863,663	 	10,430,539	 	8,653,719	 	
 	 	 	 	 	 	 	 	 	 	 	 	
4	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
5	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	18,603,666	 	16,361,312	 	15,168,864	 	12,612,678	 	
 	 	Plus Deposits	 	1,899,432	 	370,270	 	286,383	 	251,521	 	
 	 	Less Withdrawals	 	(4,141,786	)	(1,562,718	)	(2,842,569	)	(2,110,266	)	
 	Ending Balance	 	 	16,361,312	 	15,168,864	 	12,612,678	 	10,753,933	 	
 	 	 	 	 	 	 	 	 	 	 	 	
6	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	694,969	 	713,154	 	757,631	 	1,148,247	 	
 	 	Plus: Deposits	 	6,188	 	25,771	 	368,366	 	13,209	 	
 	Plus Company Store Contribution	 	11,917	 	18,575	 	22,112	 	20,894	 	
 	 	Plus: Excluded Asset deposits	 	80	 	131	 	138	 	141	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(272,763	)	
 	Ending Balance	 	 	713,154	 	757,631	 	1,148,247	 	909,728	 	
 	 	 	 	 	 	 	 	 	 	 	 	
7	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	11,391,255	 	4,765,488	 	6,757,852	 	8,152,609	 	
 	 	Plus: Direct Deposits	 	148,389	 	1,331,976	 	9,013,319	 	2,855,037	 	
 	Plus Company Store Contribution	 	553,956	 	658,403	 	631,267	 	633,551	 	
 	 	Plus: Excluded Store Deposits	 	5,007	 	5,317	 	5,222	 	5,678	 	
 	 	Less Withdrawals	 	(7,333,119	)	(3,332	)	(8,255,051	)	(979,942	)	
 	Ending Balance	 	 	4,765,488	 	6,757,852	 	8,152,609	 	10,666,933	 	
 	 	 	 	 	 	 	 	 	 	 	 	
8	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
9	Indemnification / Insurance proceeds / Asset Disposition Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	839,589	 	8,445	 	8,445	 	93,288	 	
 	 	Plus Deposits	 	8,445	 	0	 	93,288	 	0	 	
 	 	Less Withdrawals	 	(839,589	)	0	 	(8,445	)	0	 	
 	Ending Balance	 	 	8,445	 	8,445	 	93,288	 	93,288	 	
 	 	 	 	 	 	 	 	 	 	 	 	
10	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	2,000,000	 	2,006,170	 	2,006,170	 	2,006,170	 	
 	 	Plus Deposits	 	6,170	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	2,006,170	 	2,006,170	 	2,006,170	 	2,006,170	 	
 	 	 	 	 	 	 	 	 	 	 	 	
11	Collateral Account (a)	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	20,750,522	 	20,813,962	 	20,813,962	 	20,813,962	 	
 	 	Plus Deposits	 	67,646	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	(4,206	)	0	 	0	 	0	 	
 	Ending Balance	 	 	20,813,962	 	20,813,962	 	20,813,962	 	20,813,962	 	

(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an unsecuritized entity.

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	
&	 	For the Monthly Collection Period of:	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	
 	 	 	
Reconciliation of Indenture Trust Accounts - weekly For January	 	 	
 
 	 	 	 	Wk1	 	Wk2	 	Wk3	 	Wk4	 	
12	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	10,000.00	 	10,039	 	10,039	 	10,039	 	
 	 	Plus Deposits	 	39.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	10,039.00	 	$	10,039.00	 	$	10,039.00	 	$	10,039.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
13	Collection Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	5,097,122	 	
 	 	Plus Deposits	 	3,858,871.00	 	2,836,473.00	 	8,033,595.00	 	2,623,220.00	 	
 	 	Less Withdrawals	 	(3,858,871.00	)	(2,836,473.00	)	(2,936,473.00	)	(7,720,342.00	)	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	5,097,122.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
14	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	13,675,287.00	 	17,109,989	 	19,625,486	 	22,240,983	 	
 	 	Plus Deposits	 	3,434,702.00	 	2,515,497.00	 	2,615,497.00	 	3,099,155.47	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	(20,293,264.57	)	
 	Ending Balance	 	 	$	17,109,989.00	 	$	19,625,486.00	 	$	22,240,983.00	 	$	5,046,873.90	 	
 	 	 	 	 	 	 	 	 	 	 	 	
15	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	604,500.00	 	756,327	 	868,944	 	981,561	 	
 	 	Plus Deposits	 	151,826.96	 	112,617.00	 	112,617.00	 	27,229.17	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	(782,854.17	)	
 	Ending Balance	 	 	$	756,326.96	 	$	868,943.96	 	$	981,560.96	 	$	225,935.96	 	
 	 	 	 	 	 	 	 	 	 	 	 	
16	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
17	Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
18	Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	31,950,229.00	 	32,076,593	 	32,076,593	 	32,076,593	 	
 	 	Plus Deposits	 	126,364.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	(7,722.00	)	
 	Ending Balance	 	 	$	32,076,593.00	 	$	32,076,593.00	 	$	32,076,593.00	 	$	32,068,871.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
19	Senior Notes Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
20	Subordinated Note Interest Payment Acount	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	1,155,697.00	 	1,445,963	 	1,654,322	 	1,862,681	 	
 	 	Plus Deposits	 	290,266.00	 	208,359.00	 	208,359.00	 	27,783.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	(1,472,404.19	)	
 	Ending Balance	 	 	$	1,445,963.00	 	$	1,654,322.00	 	$	1,862,681.00	 	$	418,059.81	 	
 	 	 	 	 	 	 	 	 	 	 	 	
21	Subordinated Note Principal Payment Acount	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
22	Subordinated Note Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
23	Hedge Payment Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
24	Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
25	Series 2007-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
26	Series 2007-1 AI Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
27	Series 2007-1 A2IDistribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
28	Series 2007-1 A2II Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
29	Series 2007-1 Class M-1 Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	
30	Senior Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	$	0.00	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	 	Less Withdrawals	 	0.00	 	0.00	 	0.00	 	0.00	 	
 	Ending Balance	 	 	$	0.00	 	$	0.00	 	$	0.00	 	$	0.00	 	

 
Asset Dispositions	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period	 	$	—	 	
Pro-Forma EBITDAR Consolidated Leverage Ratio	 	7.1	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no)	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	0	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	0	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	0	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	0	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	0	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
Senior ABS Leverage Ratio(Sr APPB Sec Debt/ Securitization EBITDA)
assumes that variable funding notes are fully drawn	 	 	%	
 	 	 	 	
Insurance Proceeds	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period	 	$	848,034.00	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	848,034	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	0	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	0	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	
Reinvested Amounts	
 	 	 	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	0	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	0	 	
 
Pro-Forma Consolidated Leverage Ratio
 
 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	
 	 	 	Operating Lease Expense - (current Month)	 	8,381	 	
 	 	 	Annualized Operating Lease Expense	 	$	100,568	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual  *  8)	 	$	804,543	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	2,339,000	 	
 	 	 	IHOP	 	$	445,000	 	
 	 	 	Applebees	 	$	1,894,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	3,728	 	
 	 	 	All Other IHOP Corp Debt	 	$	170,024	 	
 	 	2	Total Indebtedness	 	$	2,512,752	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	3,317,295	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	366,042	 	
 	+	2	Operating Lease Expense	 	$	100,568	 	
 	 	 	EBITDAR	 	$	466,610	 	
 	 	 	 	 	 	
Current Payment Date Leverage Ratio	 	7.1	 	
 	 	 	 	
 	Pro-Forma EBITDA	 	 	$	366,042	 	
Pro-Forma EBITDAR Leverage Ratio	 	7.1	 	
 	 	 	 	
 	After-Tax Net Proceeds Received in Monthly Collection Period	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	0	 	
 	 	 	 	 	 	
Pro-Forma EBITDAR Leverage Ratio	 	7.1	 	

 
Applebees Enterprises LLC as	 	 	 	
Issuer	 	 	 	
&	 	For the Payment Date of:	February 20, 2008	
Applebee’s IP LLC & The	 	For the Monthly Collection Period of:	January	
Restaurant Holders as Co-	 	 	 	
Issuers	 	 	 	
 
Non-trust deposits to Concentration Account
Amounts Previously Transferred
 
A)	Preclose store cash deposits deposited to concentration account	 	$	—	 	
B)	Advertising fees paid into the concentration account	 	$	2,585,166.31	 	
C)	Excluded Store credit card settlements	 	$	—	 	
D)	ACMC Credit Card sales	 	$	2,560	 	
E)	International Franchise Payments	 	$	—	 	
F)	Reimbursement of employee related costs	 	$	15,033	 	
G)	Income Tax Refunds	 	$	—	 	
H)	State of Kansas Development Grant on new Support Center	 	$	—	 	
I)	Vendor G&A reimbursements	 	$	129,951	 	
J)	Sales Tax Refund	 	$	48,381	 	
K)	Weight Watchers	 	$	19,008	 	
L)	Insurance proceeds	 	$	—	 	
M)	Miscellaneous	 	$	 45,500	 	
 	 	 	 	 	
 	Total Misdirected funds deposited to Concentration Account	 	$	 2,845,599	 	
 
Non-Trust Expenditures from Concentration Account
Reduction of the Monthly Residual
 
A)	Professional Fees	 	1,040,600	 	
B)	Insurance Expenses	 	219,792	 	
C)	G&A Expenses	 	48,780	 	
D)	Capital Expenditures	 	47,250	 	
E)	International marketing expenses	 	5,354	 	
 	 	 	1,361,776	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	February 20, 2008	
And	 	For the Monthly Collection Period of:	 	January	
Applebee’s IP LLC & The Restaurant Holders as Co-	 	 	 	 	
Issuers	 	 	 	 	
 
Non Conforming Assets
 
 	 	Count	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Beginning Bucket	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	
 	 	 	 	 	 	 	Store #	 	Franchisee	 	Store Type	 	Reason	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual
Sales	 	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 99.6
 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
For the Payment Date of:	 	March 20, 2008	 	
For the Monthly Collection Period of:	 	February	 	
 
 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	
Total:	 	$	1,869,000,000	 	$	1,869,000,000	 	
Series 2007-1 A-1-A	 	$	22,500,000	 	$	22,500,000	 	
Series 2007-1 A-1-X	 	$	52,500,000	 	$	52,500,000	 	
Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	350,000,000	 	
Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	 	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o Yes     x No	 	
 	 	 	 	 	
2)	 	Rapid Amortization Event occurred and continuing	o Yes     x No	 	
 	 	 	 	
Cause of Rapid Amortization (if any):	 	
a)	 	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	 	
b)	 	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	 	
c)	 	Servicer Termination Event has occured	o	 	
d)	 	Event of Default has occurred	o	 	
e)	 	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	 	
 	 	 	 	 	
 	 	Rapid Amortization DSCR One Time Cure Right Available	x Yes     o No	 	
 	 	 	 	 	
3)	 	Event of Default	o Yes     x No	 	

 	 	Current Payment Date	 	Last Payment Date	 	
Current 3-Month AdjustedDSCR	 	2.354	 	N/A	 	
Current 3-Month DSCR	 	2.027	 	N/A	 	
Current 12-Month AdjustedDSCR	 	N/A	 	N/A	 	
Current 12-Month DSCR	 	N/A	 	N/A	 	
12-Month System-Wide Sales	 	4,543,188,973	 	0	 	
Weighted Average Royalty Rate	 	3.95	%	0	 	
Change in Franchised Stores	 	6	 	0	 	
Change in Company Owned Stores Stores	 	1	 	0	 	

 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	377,201.39	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	9,562,918.75	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	$	833,436.33	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - Jan 2008	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	422,614.58	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s February 2008 preimums	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	116,466.78	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579602	 	$	38,189.46	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579603	 	$	1,691.27	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579609	 	$	3,227.72	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579600	 	$	34.31	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	15,283,052.85	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee’s	 	51-20314	 	February 2008 Residual	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	26,651,333.45	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	March 20, 2008	
And	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
 	 	Franchisees	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	
A)	 	Franchise Payments from Third Party Franchisees	 	 	 	 	 	 	
 	 	Royalty Payment	 	$	10,395,258	 	Yes	 	
 	 	Initial Franchise Fees	 	$	52,500	 	 	 	
 	 	Transfer Fees	 	$	—	 	 	 	
 	 	Renewal Fees	 	$	—	 	 	 	
 	 	Licensing Fees payable to Third parties	 	$	—	 	 	 	
 	 	Advertising Fees paid into the Concentration Account	 	$	—	 	 	 	
 	 	Total Franchise Payments from Third Party Franchisees	 	$	10,447,758	 	 	 	
 	 	 	 	 	 	 	 	
B)	 	Development Payments	 	$	—	 	 	 	
C)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	 	 	
 	 	Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Proceeds	 	$	—	 	 	 	
J)	 	Training Fees	 	$	24,275	 	 	 	
K)	 	Any other Third Party Reimbursement Amounts	 	$	—	 	 	 	
L)	 	Other	 	$	185,014	 	Yes	 	
M)	 	Any andvance payments from Third Party Franchisees	 	$	—	 	 	 	
N)	 	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
 	 	Franchisee Collections Received	 	$	10,657,047	 	 	 	
 	 	 	 	 	 	 	 	
 	 	From Restaurant Holder Accounts	 	 	 	 	 	
 	 	 	 	 	 	 	 	
A)	 	All Store Revenue - Cash Purchase	 	$	34,741,048	 	Yes	 	
I)	 	Insurance Restoration Receipts	 	$	93,288	 	 	 	
 	 	Restaurant Holder Collections Received	 	$	34,834,336	 	 	 	
 	 	 	 	 	 	 	 	
 	 	From Credit Card Accounts	 	 	 	 	 	
 	 	 	 	 	 	 	 	
A)	 	All Store Revenue - Credit Card Purchase	 	$	61,526,005	 	Yes	 	
 	 	Credit Card Collections Received	 	$	61,526,005	 	 	 	
 	 	 	 	 	 	 	 	
 	 	From Gift Card Reserve Account	 	 	 	 	 	
 	 	 	 	 	 	 	 	
A)	 	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	7,152,315	 	Yes	 	
B)	 	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
 	 	Credit Card Collections Received	 	$	7,152,315	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Other	 	 	 	 	 	
 	 	 	 	 	 	 	 	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	93,113	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	93,113	 	Yes	 	
C)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	 	Any other Amounts owed relating to the Collateral	 	$	80,278	 	Yes	 	
E)	 	Vendor Rebates	 	$	4,428,078	 	Yes	 	
F)	 	IHOP Residual Amount	 	$	3,361,355	 	Yes	 	
G)	 	Any Equity contributions	 	$	—	 	Yes	 	
H)	 	Loan from Applebee’s Franchising, LLC	 	$	—	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	 	Asset Disposition Amounts	 	$	—	 	 	 	
J)	 	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
 	 	Total “Other” Collections Received	 	$	7,962,824	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Misdirected Funds	 	 	 	 	 	
 	 	 	 	 	 	 	 	
 	 	A)  Funds deposited to Concentration Account in Error	 	$	(582,276	)	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly monies collected (Inc. Excluded Amts)	 	$	121,550,251	 	 	 	
 	 	Gross Monthly Collections	 	$	121,962,464	 	 	 	

 
Applebees Enterprises LLC as Issuer	For the Payment Date of:	March 20, 2008	
And	For the Monthly Collection Period of:	February	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	
 
Deposits to Concentration Account
 
A)	 	Restaurant Sales	 	 	 	
 	 	Restaurant Gross Receipts Deposited into the Concentration Account	 	$	103,419,368	 	
 	 	Less: Gift Card Sales transferred to Gift Card Account	 	$	(1,145,785	)	
 	 	Less: Sales Tax transferred to Sales Tax Account	 	$	(7,042,726	)	
 	 	Restaurant Sales	 	$	95,230,857	 	
 	 	 	 	 	 	
B)	 	Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
 	 	Food and Beverage	 	$	27,591,470	 	
 	 	Labor	 	$	36,583,626	 	
 	 	Utilities	 	$	4,157,193	 	
 	 	Other Controllables (including local advertising costs)	 	$	6,775,958	 	
 	 	Occupancy Costs	 	$	2,718,645	 	
 	 	Other Non-Controllables	 	$	354,324	 	
 	 	Less: Vendor Rebates	 	$	(4,428,078	)	
 	 	Subtotal of Operating Expenses Attributable	 	$	73,753,138	 	
 	 	 	 	 	 	
 	 	Weight Watcher fees (paid to 3rd party account)	 	$	78,868	 	
 	 	Advertising (payable to the Advertising Reserve Account)	 	$	2,656,089	 	
 	 	Lease Payments payable to the Lease Payment Account	 	$	—	 	
 	 	 	 	 	 	
 	 	Total Expenses	 	$	76,488,095	 	
 	 	 	 	 	 	
C)	 	Restaurant Holder Profits	 	$	18,742,762	 	
 	 	Percentage of Monthly Sales	 	19.68	%	

 
Applebees Enterprises LLC as Issuer	For the Payment Date of:	March 20, 2008	
&	For the Monthly Collection Period of:	February	
Applebee’s IP LLC & The
Restaurant Holders as Co-Issuers	 	 	
 
 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Totals	 	
Beginning Concentration Account Balance	 	$	18,079,111	 	$	20,418,864	 	$	20,868,508	 	$	19,922,255	 	$	18,079,111	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	28,368,585	 	$	25,782,734	 	$	34,828,486	 	$	32,570,446	 	$	121,550,251	 	
Other Cash Deposits	 	$	(79,159	)	$	(212,855	)	$	31,997	 	$	842,293	 	$	582,276	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	21,418,599	 	$	20,677,885	 	$	17,142,476	 	$	18,942,256	 	$	78,181,216	 	
Prior Monthly Waterfall Payments	 	 	 	 	 	$	14,146,318	 	 	 	$	14,146,318	 	
Prior Month weekly waterfall payments	 	$	2,571,017	 	 	 	 	 	 	 	$	2,571,017	 	
Prior Weekly Waterfall Payments	 	 	 	$	3,088,476	 	$	3,181,535	 	$	3,260,627	 	$	9,530,638	 	
Prior week gift card redemptions due to Restaurant Holders	 	$	1,960,057	 	$	1,353,874	 	$	1,336,407	 	$	1,592,430	 	$	6,242,768	 	
Total expended and committed funds	 	$	25,949,673	 	$	25,120,235	 	$	35,806,736	 	$	23,795,313	 	$	110,671,957	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	20,418,864	 	$	20,868,508	 	$	19,922,255	 	$	29,539,681	 	$	39,070,319	 	
 
Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	
 
I)                To the Operating Expense Account Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
A  Accrued and unpaid Govt. Taxes	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
B  Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
II)            To the Sales Tax Account	 	$	1,692,059	 	$	1,701,892	 	$	1,899,966	 	$	1,748,809	 	$	7,042,726	 	
A  Sales taxes payable	 	$	1,692,059	 	$	1,701,892	 	$	1,899,966	 	$	1,748,809	 	$	7,042,726	 	
B  Any sales tax owed but not paid in accordance with II) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
III)        To the Lease Payment Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
A  1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
B  Any Lease Payment owed but not paid in accordance with III) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IV)          To the Gift Card Reserve Account	 	$	(1,106,244	)	$	(1,039,214	)	$	(1,238,991	)	$	(1,036,418	)	$	(4,420,867	)	
A  Gift Card Sales payable to ACMC	 	$	247,630	 	$	297,193	 	$	353,439	 	$	247,523	 	$	1,145,785	 	
B  ACMC Gift Card Redemptions due to restaurant holders	 	$	(1,353,874	)	$	(1,336,407	)	$	(1,592,430	)	$	(1,283,941	)	$	(5,566,652	)	
C  Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
V)              To the Third Party Licensing Fee Account	 	$	19,542	 	$	20,447	 	$	19,900	 	$	18,979	 	$	78,868	 	
A  Accrued and unpaid licensing or royalties fees payable to third parties	 	$	19,542	 	$	20,447	 	$	19,900	 	$	18,979	 	$	78,868	 	
B  Any licensing fees owed but not paid in accordance with V) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VI)          To the Advertising Fees Account	 	$	628,273	 	$	643,564	 	$	724,906	 	$	659,346	 	$	2,656,089	 	
A  Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	628,273	 	$	643,564	 	$	724,906	 	$	659,346	 	$	2,656,089	 	
B  Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VII)      To the Operating Expense Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
A  Previously accrued and unpaid Operating Expenses	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
B  Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VIII)  To the Servicer	 	$	1,854,846	 	$	1,854,846	 	$	1,854,846	 	$	1,907,346	 	$	7,471,884	 	
A  Weekly Servicing Fee	 	$	1,854,846	 	$	1,854,846	 	$	1,854,846	 	$	1,854,846	 	$	7,419,384	 	
B  Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
C  Residual Certificates paid to Servicer	 	$	—	 	$	—	 	$	—	 	$	52,500	 	$	52,500	 	
D  Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
E  Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Cumulative Total Weekly Allocations	 	$	3,088,476	 	$	3,181,535	 	$	3,260,627	 	$	3,298,062	 	$	12,828,700	 	
Less: Non-DSCR Expense	 	$	(1,353,874	)	$	(1,336,407	)	$	(1,592,430	)	$	(1,231,441	)	$	(5,514,152	)	
DSCR Expenses in Weekly Allocations	 	$	4,442,350	 	$	4,517,942	 	$	4,853,057	 	$	4,529,503	 	$	18,342,852	 	
Ending Concentration Account balance	 	$	17,330,388	 	$	17,686,973	 	$	16,661,628	 	$	26,241,619	 	$	26,241,619	 	

 
Applebees Enterprises LLC as Issuer	For the Payment Date of:	March 20, 2008	
And	For the Monthly Collection Period of:	February	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	
 
 	 	 	 	Amount Owed	 	Collections
Remaining	 	
 	 	 	 	 	 	 	 	
Collections transferred from Concentration Account to the Collection Account & to be applied as stated below and in accordance with Section 10.12 of the Indenture	 	 	 	$	26,241,619.18	 	 	 	
 	 	 	 	 	 	 	 	 	
Interest Earnings on the Servicing accounts to be distributed	 	 	 	$	89,605.75	 	 	 	
 	 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	 	 	$	160,498.98	 	$	26,491,723.91	 	
 	 	 	 	 	 	 	 	 	 	
Total Amount to be distributed	 	 	 	$	26,491,723.91	 	 	 	
 	 	 	 	 	 	 	 	
I	 	To the Operating Expense Account*	 	 	 	$	0.00	 	$	26,491,723.91	 	
 	 	i	  Accrued and unpaid Govt. Taxes	 	 	 	$	0.00	 	 	 	
 	 	ii	  Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
II	 	To Sales Tax Account	 	 	 	 	 	 	 	
 	 	i	  Accrued plus unpaid Sales Taxes	 	 	 	$	0.00	 	$	26,491,723.91	 	
 	 	 	 	 	 	 	 	 	 	
III	 	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)**	 	 	 	$	0.00	 	$	26,491,723.91	 	
 	 	i	  Insurance Proceeds Amount	 	 	 	$	0.00	 	 	 	
 	 	ii	  Asset Disposition Prepayment Amount	 	 	 	$	0.00	 	 	 	
 	 	iii	  Indemnification Amount	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
IV	 	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	
 	 	  Previously accrued and unpaid Operating Expenses	 	 	 	$	0.00	 	$	26,491,723.91	 	
 	 	 	 	 	 	 	 	 	 	
V	 	 	 	 	 	 	 	 	 	
 	A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Senior Notes Monthly Interest Amount	 	 	 	$	9,562,918.75	 	$	16,928,805.16	 	
 	B	To the Insurer Premiums Account	 	 	 	 	 	 	 	
 	 	  Accrued Insurer Premium Amount	 	 	 	$	422,614.58	 	$	16,506,190.58	 	
 	C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	
 	 	  Class A-1 Monthly Commitment Fees Amount	 	 	 	$	377,201.39	 	$	16,128,989.19	 	
 	D	To the Hedge Payment Account	 	 	 	 	 	 	 	
 	 	  Hedge Payment Amount (excluding any termination payments)	 	 	 	$	0.00	 	$	16,128,989.19	 	
 	 	 	 	 	 	 	 	 	 	
VI	 	To each Insurer	 	 	 	 	 	 	 	
 	 	  Insurer Expense Amount	 	 	 	$	0.00	 	$	16,128,989.19	 	
 	 	 	 	 	 	 	 	 	 	
VII	 	To each Insurer	 	 	 	 	 	 	 	
 	 	  Insurer Reimbursement Amount	 	 	 	$	0.00	 	$	16,128,989.19	 	
 	 	 	 	 	 	 	 	 	 	
VIII	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	$	12,500.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
IX	 	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	
 	 	  Senior Notes Interest Reserve Deficit Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
X	 	To the Servicer	 	 	 	 	 	 	 	
 	 	  Any Supplemental Servicing Fee	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XI	 	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	  Any Partial Amortization Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XII	 	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	
 	 	  Any Cash Trap Reserve Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XIII	 	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	  The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XIV	 	To the Operating Expense Account	 	 	 	 	 	 	 	
 	 	  Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XV	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XVI	 	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XVII	 	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Any Partial Amortization Amount	 	 	 	$	0.00	 	$	16,116,489.19	 	
 	 	 	 	 	 	 	 	 	 	
XVIII	 	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	$	833,436.33	 	$	15,283,052.85	 	
 	 	 	 	 	 	 	 	 	 	
XIX	 	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	  All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	 	 	 	 	 	 	 	 	
XX	A	To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	
 	 	  Class A-1 Excess Interest Amount	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	
 	 	0	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	  Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXI	 	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	  Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	 	 	 	 	 	 	 	 	
XXII	 	To Hedge Payment Account	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	i	  Any accrued and unpaid Series Hedge Payment	 	 	 	$	0.00	 	 	 	
 	 	ii	  Any other amounts payable to a Hedge Counterparty	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
XXIII	 	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	
 	 	  Monthly Aggregate Extension Prepayment Amount	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	 	 	 	 	 	 	 	 	
XXIV	 	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	i	  Lessor of	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	 	  (i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	
 	 	 	  (ii) Residual Threshold Amount	 	 	 	 	 	 	 	
 	 	ii	  Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm])	 	 	 	$	0.00	 	$	15,283,052.85	 	
 	 	 	 	 	 	 	 	 	 	
XXV	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	
 	 	  All Remaining Funds	 	 	 	$	15,283,052.85	 	$	0.00	 	
Debt Service Payents remitted during December	 	 	 	 	 	 	 	

* All amounts are paid after giving effect to the payment of such amounts on any Weekly Allocation Date during the preceeding Monthly Collection Period.
** Or if no Senior Notes are outstanding or the amounts on deposit in the Senior Notes Principal Payment Account equals the Aggregate Outstanding Principal Amount of the Senior Notes such amounts are to be deposited into the Subordinated Notes Payment Account

 
1)  Equity Contributions Made During Last 3 Months up to Maximum of 2
 
Date
Contributed	 	Amount
Contributed	 	Amount Able for
DSCR
Calculation	 	
1	 	 	$	0	 	$	0	 	
2	 	 	$	0	 	$	0	 	
 
2)  Equity Contributions Made During Current Calendar Year up to Maximum of 2
 
Date
Contributed	 	Amount
Contributed	 	
1	 	 	$	0	 	
2	 	 	$	0	 	
 
3)  Cumulative Equity Contributions Made up to Maximum of 5 prior to Legal Final Maturity
 
Date
Contributed	 	Amount
Contributed	 	
1	 	 	$	0	 	
2	 	 	$	0	 	
3	 	 	$	0	 	
4	 	 	$	0	 	
5	 	 	$	0	 	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant	 	 	 	 	

Series 2007-1 Senior Interest Reserve Account	
 	 	 	 	 	 	 	 	 	 	
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve(1)	 	
Series 2007 - 1 A-1-A	 	$	30,000,000	 	7.2725	%	0.7500	%	$	601,688	 	
Series 2007 - 1 A-2-II-A	 	$	675,000,000	 	6.4267	%	0.7500	%	$	12,110,681	 	
 	 	 	 	 	 	 	 	$	12,712,369	 	
 
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	$	70,000,000	 	7.9225	%	n/a	 	$	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	$	350,000,000	 	7.2836	%	n/a	 	$	6,373,150	 	
Series 2007 - 1 A-2-II-X	 	$	650,000,000	 	7.0588	%	n/a	 	$	11,470,550	 	
Series 2007-1 M-1	 	$	119,000,000	 	8.4044	%	n/a	 	$	—	 	
 	 	 	 	 	 	 	 	$	19,230,138	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Reserve required	 	$	31,942,506	 	
 
Beginning Balance	 	$	32,068,871	 	
Plus Deposits	 	$	116,466	 	
Less Withdrawals	 	$	126,364	 	
Ending Balance	 	$	32,058,973	 	
 	 	 	 	
Excess(Deficit)	 	$	116,467	 	
 
Series 2007-1 Senior Cash Trap Account
 
Beginning Balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	
Required Amount	 	$	—	 	
Deposit Required	 	$	—	 	

(1) - If DSCR exceeds 3.Ox for two consecutive months the reserve on the wrapped notes is reduced to 3D days interest.

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	March 20, 2008	
And	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
 	 	For the Payment Date of:	 	March 20, 2008	 	
Monthly Periods used in calculation of DSCR	 	For the Monthly Collection Period of:	 	February	 	
 	 	 	 	 	 	
 	 	February	 	 	 	
Retained Collections	 	$	-	 	$	43,781,248	 	
 	 	-  Total Monthly DSCR Expenses	 	 	$	18,342,852	 	
 	 	 	 	 	$	25,438,396	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,375,235	 	
 	 	 	 	 	 	 	
 	 	January	 	 	 	 	
Retained Collections	 	$	-	 	$	42,505,829	 	
 	 	-  Total Monthly DSCR Expenses	 	 	$	18,012,400	 	
 	 	 	 	 	$	24,493,429	 	
 	 	 	 	 	 	 	
Denominator	 	 	-	 	 	 	
 	 	Total Debt Service	 	 	$	9,824,974	 	
 	 	 	 	 	 	 	
 	 	December	 	 	 	 	
Retained Collections	 	$	-	 	$	59,604,424	 	
 	 	-  Total Monthly DSCR Expenses	 	 	$	37,371,243	 	
 	 	 	 	 	$	22,233,181	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,456,484	 	
 
 	Current Payment Date Adjusted DSCR Ratio	 	2.354	
 
 	 	Event Occur?	 	% to Trap (if Applicable)	 	
Cash Trapping Event?	 	NO	 	0.00	%	
Rapid Amortization Event?	 	NO	 	 	 	
Servicer Termination Event / EOD?	 	NO	 	 	 	
 
Calculation of 3-Month DSCR
 
 	 	For the Payment Date of:	 	March 20, 2008	 	
Monthly Periods used in calculation of DSCR	 	For the Monthly Collection Period of:	 	February	 	
 	 	 	 	 	 	
 	 	February	 	 	 	 	
Retained Collections	 	$	-	 	$	40,419,893	 	
 	 	-  Total Monthly DSCR Expenses	 	 	$	18,342,852	 	
 	 	 	 	 	$	22,077,041	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,375,235	 	
 	 	 	 	 	 	 	
 	 	January	 	 	 	 	
Retained Collections	 	$	-	 	$	38,551,608	 	
 	 	-  Total Monthly DSCR Expenses	 	 	$	18,012,400	 	
 	 	 	 	 	$	20,539,208	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	9,824,974	 	
 	 	 	 	 	 	 	
 	 	December	 	 	 	 	
Retained Collections	 	$	-	 	$	56,909,731	 	
 	 	-  Total Monthly DSCR Expenses	 	 	$	37,371,243	 	
 	 	 	 	 	$	19,538,488	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,456,484	 	
 
 	 	Current Payment Date DSCR Ratio	 	2.027	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	March 20, 2008	
And	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
 	 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	 	
 	 	 	 	Operating Lease Expense - (Current Month)	 	8,740	 	
 	 	 	 	Annualized Operating Lease Expense	 	104,877	 	
 	 	1	 	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	839,012	 	
 	 	 	 	 	 	 	 	
 	+	 	 	All Trust Debt	 	2,339,000	 	
 	 	 	 	IHOP	 	445,000	 	
 	 	 	 	Applebees	 	1,894,000	 	
 	 	 	 	All other Applebee’s Corporate Debt	 	3,728	 	
 	 	 	 	All Other IHOP Corp Debt	 	169,971	 	
 	 	2	 	Total Indebtedness	 	2,512,699	 	
 	 	 	 	 	 	 	 	
 	 	 	 	Total Adjusted Debt	 	3,351,711	 	
 	 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	 	
 	 	1	 	EBITDA	 	362,327	 	
 	+	2	 	Operating Lease Expense	 	104,877	 	
 	 	 	 	EBITDAR	 	467,204	 	
 	 	 	 	 	 	 	 	
 	 	 	 	Consolidated Leverage Ratio	 	7.2	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	March 20, 2008	
And	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Company Owned Stores in U.S.
 
Beginning	 	509	 	
Plus New Stores	 	1	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	510	 	
 
Franchised Stores in U.S.
 
Beginning	 	1,354	 	
Plus New Stores	 	5	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	2	 	
Ending Balance	 	1,357	 	
 
Company Owned Stores outside of U.S.
 
Beginning	 	1	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	1	 	
 
Franchised Stores outside of U.S.
 
Beginning	 	110	 	
Plus New Stores	 	3	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	113	 	
 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,543,188,973	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.95	%	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as
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	 	1/14/2008	 	 	 	
LIBOR	 	3.1400	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	5.3450	%	 	 	
Interest Due This Period	 	$	40,088	 	 	 	
Cumulative Interest Due	 	$	40,088	 	12 days	 	
 
Series 2007-1 A-1 -X Draw #1
 
Amount	 	$	52,500,000	 	 	 	
Date	 	1/14/2008	 	 	 	
LIBOR	 	3.1400	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	5.9950	%	 	 	
Interest Due This Period	 	$	104,913	 	 	 	
Cumulative Interest Due	 	$	104,913	 	12 days	 	

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts - weekly For January
 
 	 	 	 	 	Wk1	 	Wk2	 	Wk3	 	Wk4	 	
1	Concentration Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	18,079,111	 	20,418,864	 	20,868,508	 	19,922,255	 	
 	 	 	Plus Deposits	 	28,368,585	 	25,782,734	 	34,828,486	 	32,570,446	 	
 	 	 	Less Withdrawals	 	(26,028,832	)	(25,333,090	)	(35,774,739	)	(22,953,020	)	
 	Ending Balance	 	 	 	20,418,864	 	20,868,508	 	19,922,255	 	29,539,681	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
2	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
3	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	8,653,719	 	9,589,966	 	10,179,130	 	9,347,175	 	
 	Plus Company Store Contribution	 	1,749,305	 	1,692,059	 	1,701,892	 	1,899,966	 	
 	Plus: Excluded Asset deposits	 	55,589	 	11,988	 	11,598	 	13,138	 	
 	 	 	Other deposits	 	33,383	 	0	 	 	 	 	 	
 	 	 	Less Withdrawals	 	(902,030	)	(1,114,883	)	(2,545,445	)	(2,600,954	)	
 	Ending Balance	 	 	 	9,589,966	 	10,179,130	 	9,347,175	 	8,659,325	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
4	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
5	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	10,753,933	 	9,096,373	 	2,878,063	 	1,807,677	 	
 	 	 	Plus Deposits	 	302,496	 	247,630	 	297,193	 	353,438	 	
 	 	 	Less Withdrawals	 	(1,960,056	)	(6,465,940	)	(1,367,579	)	(1,592,430	)	
 	Ending Balance	 	 	 	9,096,373	 	2,878,063	 	1,807,677	 	568,685	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
6	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	909,728	 	247,636	 	267,306	 	366,365	 	
 	 	 	Plus: Deposits	 	33,477	 	0	 	78,492	 	81,642	 	
 	Plus Company Store Contribution	 	20,958	 	19,542	 	20,447	 	19,900	 	
 	Plus: Excluded Asset deposits	 	112	 	128	 	120	 	116	 	
 	 	 	Less Withdrawals	 	(716,639	)	0	 	 	 	 	 	
 	Ending Balance	 	 	 	247,636	 	267,306	 	366,365	 	468,023	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
7	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	10,666,933	 	5,462,667	 	1,327,986	 	4,822,362	 	
 	Plus: Direct Deposits	 	283,380	 	39,399	 	2,917,151	 	3,665,149	 	
 	Plus Company Store Contribution	 	656,814	 	628,273	 	643,564	 	724,906	 	
 	Plus: Excluded Store Deposits	 	4,186	 	4,158	 	4,133	 	4,654	 	
 	 	 	Less Withdrawals	 	(6,148,646	)	(4,806,511	)	(70,472	)	(402,336	)	
 	Ending Balance	 	 	 	5,462,667	 	1,327,986	 	4,822,362	 	8,814,735	 	

8	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
9	Indemnification / Insurance proceeds / Asset  Disposition Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	93,288	 	93,288	 	93,288	 	0	 	
 	 	 	Plus Deposits	 	 	 	0	 	 	 	 	 	
 	 	 	Less Withdrawals	 	 	 	0	 	(93,288	)	 	 	
 	Ending Balance	 	 	 	93,288	 	93,288	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
10	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	2,006,170	 	2,013,144	 	2,013,144	 	2,006,974	 	
 	 	 	Plus Deposits	 	6,974	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	(6,170	)	0	 	
 	Ending Balance	 	 	 	2,013,144	 	2,013,144	 	2,006,974	 	2,006,974	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
11	Collateral Account (a)	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	20,813,962	 	20,811,656	 	20,811,656	 	21,811,656	 	
 	 	 	Plus Deposits	 	65,339	 	 	 	1,000,000	 	4,283,361	 	
 	 	 	Less Withdrawals	 	(67,645	)	0	 	0	 	0	 	
 	Ending Balance	 	 	 	20,811,656	 	20,811,656	 	21,811,656	 	26,095,017	 	

(a) - The Collatereral Account is an excluded asset, required by JP Morgan, our primary banking partner, as collateral on Letters of Credit related to an  unsecuritized entity.

 
Applebees Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts - weekly For January
 
 	 	 	 	 	Wk1	 	Wk2	 	Wk3	 	Wk4	 	 	
12	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	10,039	 	10,073	 	10,073	 	10,073	 	 	
 	 	 	Plus Deposits	 	34	 	0	 	 	 	 	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	 	 	(39	)	 	
 	Ending Balance	 	 	 	10,073	 	10,073	 	10,073	 	10,034	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
13	Collection Account	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	890	 	890	 	14,208,705	 	 	
 	 	 	Plus Deposits	 	890	 	0	 	14,207,815	 	 	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	 	 	(14,207,815	)	 	
 	Ending Balance	 	 	 	890	 	890	 	14,208,705	 	890	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
14	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	5,046,874	 	5,085,063	 	5,085,063	 	5,085,063	 	 	
 	 	 	Plus Deposits	 	38,189	 	0	 	 	 	3,895,397	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	 	 	(8,941,271	)	 	
 	Ending Balance	 	 	 	5,085,063	 	5,085,063	 	5,085,063	 	39,189	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
15	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	225,936	 	227,627	 	227,627	 	227,627	 	 	
 	 	 	Plus Deposits	 	1,691	 	0	 	 	 	197,891	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	 	 	(423,827	)	 	
 	Ending Balance	 	 	 	227,627	 	227,627	 	227,627	 	1,691	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
16	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	476,458	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(476,458	)	 	
 	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	 	 	 	32,068,871	 	32,185,337	 	32,185,337	 	32,185,337	 	 	
 	 	 	Plus Deposits	 	116,466	 	0	 	 	 	 	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	 	 	(126,364	)	 	
 	Ending Balance	 	 	 	32,185,337	 	32,185,337	 	32,185,337	 	32,058,973	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	 	418,060	 	421,288	 	421,288	 	421,288	 	 	
 	 	 	Plus Deposits	 	3,228	 	0	 	 	 	552,640	 	 	
 	 	 	Less Withdrawals	 	0	 	0	 	 	 	(971,700	)	 	
 	Ending Balance	 	 	 	421,288	 	421,288	 	421,288	 	2,228	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
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 A2IDistribution 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	 	7.2	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?( yes or no )	 	NO	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	—	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	—	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	—	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
Senior ABS Leverage Ratio( Sr APPB Sec Debt/ Securitization EBITDA)	 	 	%	
assumes that variable funding notes are fully drawn	 	 	 	
 
Insurance Proceeds	 	 	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period	 	$	93,288	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	941,322	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	93,288	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	941,322	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 
Reinvested Amounts	 	 	 	
 	 	 	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	—	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	—	 	
 
Pro-Forma Consolidated Leverage Ratio	 	 	 	
 	 	 	 	
Numerator	 	 	 	 	Monthly	 	
 	 	 	Operating Lease Expense - (current Month)	 	$	8,740	 	
 	 	 	Annualized Operating Lease Expense  	 	$	104,877	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual *  8)	 	$	839,012	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	2,339,000	 	
 	 	 	IHOP	 	$	445,000	 	
 	 	 	Applebees	 	$	1,894,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	3,728	 	
 	 	 	All Other IHOP Corp Debt	 	$	169,971	 	
 	 	2	Total Indebtedness	 	$	2,512,699	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	3,351,711	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	362,327	 	
 	+	2	Operating Lease Expense	 	$	104,877	 	
 	 	 	EBITDAR	 	$	467,204	 	
 	 	 	 	 	 	 	
 	 	 	Consolidated Leverage Ratio	 	7.2	 	
 	 	 	 	 	 	 	
 	 	 	Pro-Forma EBITDA	 	$	362,327	 	
 	 	 	Pro-Forma EBITDAR Leverage Ratio	 	7.2	 	
 	 	 	 	 	 	 	
 	 	 	After-Tax Net Proceeds Received in Monthly Collection Period	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	 	
 	 	 	Pro-Forma EBITDAR Leverage Ratio	 	7.2	 	

 
Applebees Enterprises LLC as
Issuer	 	For the Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The
Restaurant Holders as Co-Issuers	 	 	 	 	
 
Non-trust deposits to Concentration Account
Amounts Previously Transferred
 
A)	 	Advertising fees paid into the concentration account	 	$	2,106,228	 	
B)	 	Reimbursement of G&A costs	 	$	268,365	 	
C)	 	Weight Watchers	 	$	43,081	 	
D)	 	Miscellaneous	 	$	(2,999,950	)	
 	 	 	 	 	 	
 	 	Total Misdirected funds deposited to Concentration Account	 	$	(582,276	)	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	March 20, 2008	
&	 	For the Monthly Collection Period of:	 	February	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Non Conforming Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Count	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Bucket	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	
 	 	 	 	 	 	Store #	 	Franchisee	 	Store Type	 	Reason	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual
Sales	 	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