UNITED STATES
SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, DC 20549
 
FORM 8-K
 
CURRENT REPORT
Pursuant to Section 13 or 15(d) of the
Securities Exchange Act of 1934
 
Date of report (Date of earliest event reported) August 8, 2008
 
DineEquity, Inc.
(Exact Name of Registrant as Specified in Charter)
 
Delaware	 	001-15283	 	95-3038279	
(State or Other Jurisdiction
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 from April 2008 through July 2008.
 
The information set forth in response to this item shall not be deemed “filed” for purposes of Section 18 of the Exchange Act, and is not incorporated by reference into any filing under the Securities Act of 1933, as amended, or the Exchange Act, regardless of any general incorporation language in such filing.
 
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 April 21, 2008	
99.2	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of May 20, 2008	
99.3	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of June 20, 2008	
99.4	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of July 21, 2008	
99.5	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of April 21, 2008	
99.6	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of May 20, 2008	
99.7	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of June 20, 2008	
99.8	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of July 21, 2008	
 
2

 
SIGNATURE
 
Pursuant to the requirements of the Securities Exchange Act of 1934, the Registrant has duly caused this report to be signed on its behalf by the undersigned hereunto duly authorized.
 
Date: August 8, 2008	DineEquity, Inc.	
 	 	 	
 	By:	/s/ Thomas G. Conforti	
 	 	Thomas G. Conforti	
 	 	Chief Financial Officer (Principal	
 	 	Financial Officer)	
 
3

 
EXHIBIT INDEX
 
Exhibit No.	 	Description	
99.1	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of April 21, 2008	
99.2	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of May 20, 2008	
99.3	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of June 20, 2008	
99.4	 	Monthly Servicing Report for IHOP Franchising, LLP and IHOP IP, LLC, for payment date of July 21, 2008	
99.5	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of April 21, 2008	
99.6	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of May 20, 2008	
99.7	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of June 20, 2008	
99.8	 	Monthly Servicing Report for Applebee’s Enterprises LLC as Issuer and Applebee’s IP LLC & The Restaurant Holders as Co-Issuers, for payment date of July 21, 2008	
 
4

Exhibit 99.1
 
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
 
For the Monthly Payment Date of:	 	April 21, 2008	
For the Monthly Collection Period of:	 	March	
 
Current Notes Outstanding:	 	 	 	
1	Series 2007-1	 	$	175,000,000	 	
2	Series 2007-2	 	$	15,000,000	 	
3	Series 2007-3	 	$	245,000,000	 	

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Monday, April 21, 2008
For the Period of March 20, 2008 - April 20, 2008
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	99,305.56	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty Insurance Company Concentration Account	 	904-951839	 	Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of March 20 - April 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of March 20 - April 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of March 20 - April 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	13,640.63	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate Trust Services	 	1000031565	 	Payment of Invoice #407714 for 2/16/08-3/15/08 trust administration	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	46,316.67	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Interest Payment on IHOP Series 2007-2 for the period of March 20 - April 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,333.33	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Fee Payment on IHOP Series 2007-2 for the period of March 20 - April 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	2,424,979.13	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For March 20 - April 20	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	03/20/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	04/20/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	32	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense March 20 - April 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense April 20	 	 	 	25,005.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense March 20 - April 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense April 20	 	 	 	48,039.06	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
     Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense March 20 - April 19	 	 	 	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense April 20	 	 	 	2,916.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	90,416.67	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Series 2007 - 2	 	 	 	
Monoline Expense - Undrawn	 	 	 	
Monoline Expense % Series 2	 	0.100	%	
Monoline Expense for March 20 - April 20	 	888.89	 	
Total	 	$	888.89	 	
 	 	 	 	
Monoline Expense - Drawn	 	 	 	
Monoline Expense % Series 2	 	0.600	%	
Monoline Expense for March 20 - April 20	 	8,000.00	 	
Total	 	$	8,000.00	 	
 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	$	8,888.89	 	
 	 	 	 	
Total FGIC	 	$	99,305.56	 	
 	 	 	 	
Series 2007 - 2	 	 	 	
Fee Expense	 	 	 	
Fee Expense % on Undrawn Portion	 	0.150	%	
Fee Expense for March 20 - April 20	 	1,333.33	 	
Total Facility Fee	 	$	1,333.33	 	
 	 	 	 	
Series 2007 - 2	 	 	 	
Interest Expense - Drawn	 	 	 	
Interest Expense for March 20 - April 20	 	46,800.00	 	
Interest Expense Credit Adjustment for Prior Period	 	(483.33	)	
Total 2007 - 2 Interest Expense	 	$	46,316.67	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	$	30,961,649.23	 	
Total Amounts Credited to the Advertising Funds Account Account	 	$	43,895.84	 	
 
Deposits from Lock-Box to Collection Account
 
From Type 1 Stores	 	 	 	Counted for Purposes 
of DSCR Only	 	
A)	 	Franchise Payments	 	$	5,910,704.69	 	Yes	 	
B)	 	License Payments	 	$	41,426.36	 	Yes	 	
C)	 	Development Payments	 	$	515,000.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	13,873.65	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	11,222.00	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	905,908.99	 	Yes	 	
G)	 	Franchise Note Payments	 	$	435,607.66	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	833,765.51	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	4,177,969.79	 	 	 	
 	 	Total Lease Payments	 	$	5,011,735.30	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	23,923.96	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	286,664.39	 	Yes	 	
L)	 	Other	 	$	83,350.52	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	3,149.94	 	Yes	 	
 	 	Total Type 1 Collections Received	 	$	13,242,567.46	 	 	 	
 
From Type 2 Stores	 	 	 	 	 	 	
A)	 	Franchise Payments	 	$	3,484,125.85	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	42,334.78	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	127,507.63	 	 	 	
F)	 	Equipment Lease Payments	 	$	1,267,095.61	 	 	 	
G)	 	Franchise Note Payments	 	$	502,203.86	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	7,140,670.48	 	 	 	
 	 	Total Lease Payments	 	$	7,140,670.48	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	1,935.63	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	320,731.83	 	 	 	
L)	 	Other	 	$	42,825.66	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	22,930.77	 	 	 	
 	 	Total Type 2 Collections Received	 	$	12,952,362.10	 	 	 	
 
Other	 	 	 	 	 	
To Be Deposited into the Collection Account	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	34,984.53	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	34,984.53	 	Yes	 	
C)	 	Distribution Payments	 	$	4,191,087.21	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	4,226,071.74	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly Cash Payments	 	$	30,421,001.30	 	 	 	
 	 	Total Monthly Collections - Related to Collateral	 	$	17,468,639.20	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All Weekly Waterfalls	 	$	30,421,001.30	 	 	 	$	30,421,001.30	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	9,707,845.63	 	$	20,713,155.67	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,599,681.95	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,049,894.51	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	E	Supplier Payment Allocation Amount	 	$	2,058,269.17	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	20,713,155.67	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	20,713,155.67	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,588,269.25	 	$	18,124,886.42	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	18,124,886.42	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	15,000.00	 	$	18,109,886.42	 	$	334,368.75	 	$	15,000.00	 	$	349,368.75	 	$	500,000.00	 	$	150,631.25	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	99,305.56	 	$	18,010,580.86	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,307,601.50	 	$	15,702,979.36	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Series Interest Allocation Amount (2007-2)	 	$	43,218.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Senior Series Interest Allocation Amount (2007-3)	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,333.33	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	15,701,646.03	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	15,701,646.03	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	$	15,701,646.03	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Monthly DSCR Expenses	 	$	7,261,220.37	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Waterfall for Determination of Type 1 Residual
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	17,468,639.20	 	 	 	$	17,468,639.20	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	4,657,951.12	 	$	12,810,688.08	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,599,681.95	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Supplier Payment Allocation Amount	 	$	2,058,269.17	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	12,810,688.08	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	12,810,688.08	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	Amount
Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Weekly Servicer Fee	 	$	2,588,269.25	 	$	10,222,418.83	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	10,222,418.83	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Expense Allocation Amount	 	$	15,000.00	 	$	10,207,418.83	 	$	334,368.75	 	$	15,000.00	 	$	349,368.75	 	$	500,000.00	 	$	150,631.25	 	
 	B	 	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	99,305.56	 	$	10,108,113.27	 	 	 	 	 	 	 	 	 	 	 	
 	C	 	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,307,601.50	 	$	7,800,511.77	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	43,218.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	 	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,333.33	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	 	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	 	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	 	A	 	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	 	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	 	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	7,799,178.44	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	 	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	 	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	 	A	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	 	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	 	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Interest Reserve Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	 	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	 	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	 	 	To the Interest Payment Account Payment Account	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	 	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	7,799,178.44	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To Applebee’s International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Type 1 Residual	 	$	7,799,178.44	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	Total Weekly DSCR Expenses	 	$	7,261,220.37	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	12,952,362.10	 	 	 	$	12,952,362.10	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	 	 	To the Lease and Reimbursement Payment Account	 	$	5,049,894.51	 	$	7,902,467.59	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	A	Type 2 Property Lease Payment Allocation Amount	 	$	5,049,894.51	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	All Remaining Funds	 	$	7,902,467.59	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	
 	 	Weekly	 	Sent to	 	
 	 	Calculation	 	Applebee’s	 	
 	 	 	 	 	 	
Week 1	 	$	890,173.92	 	$	890,173.92	 	
Week 2	 	$	791,869.83	 	$	791,869.83	 	
Week 3	 	$	561,798.70	 	$	561,798.70	 	
Week 4	 	$	2,977,808.88	 	$	2,977,808.88	 	
Week 5	 	$	2,577,527.11	 	$	2,577,527.11	 	
Total	 	$	7,799,178.44	 	$	7,799,178.44	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts
 
1	 	Advertising Account	 	 	 	
 	 	Beginning Balance	 	$	 3,276,051.55	 	
 	 	Plus Deposits	 	$	 7,213,558.10	 	
 	 	Less Withdrawals	 	$	 (6,119,642.01	)	
 	 	Ending Balance	 	$	 4,369,967.64	 	
 	 	 	 	 	 	
2	 	Insurance Proceeds Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
3	 	Lease and Reimbursements Payment Account	 	 	 	
 	 	Beginning Balance	 	$	 8,030,151.41	 	
 	 	Plus Deposits	 	$	 10,393,264.43	 	
 	 	Less Withdrawals	 	$	 (10,322,751.34	)	
 	 	Ending Balance	 	$	 8,100,664.50	 	
 	 	 	 	 	 	
4	 	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Trigger Reserve Deposits	 	$	—	 	
 	 	Plus Weekly Collection Account Deposits	 	$	—	 	
 	 	Plus Any Defective Asset Damages Amount	 	$	—	 	
 	 	Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
5	 	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	 2,256,297.04	 	
 	 	Plus Deposits	 	$	 2,308,934.83	 	
 	 	Less Withdrawals	 	$	 (2,238,317.13	)	
 	 	Ending Balance	 	$	 2,326,914.74	 	
 	 	 	 	 	 	
6	 	Hedge Agreement Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
7	 	Operating Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	 15,091.91	 	
 	 	Plus Deposits	 	$	 15,000.00	 	
 	 	Less Withdrawals	 	$	 (25,946.94	)	
 	 	Ending Balance	 	$	 4,144.97	 	
 	 	 	 	 	 	
8	 	Insurer Payment Account	 	 	 	
 	 	Beginning Balance	 	$	 95,555.55	 	
 	 	Plus Deposits	 	$	 99,305.56	 	
 	 	Less Withdrawals	 	$	 (95,555.55	)	
 	 	Ending Balance	 	$	 99,305.56	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Series 2007-1 $175 Million Notes	 	 	 	 	
Series 2007-2 VFN $25 Million Note	 	 	 	 	
Series 2007-3 $245 Million Notes	 	 	 	 	
 
Reconciliation of Reserve Accounts
 
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts	 	 	 	
 	 	 	 	
Beginning Balance	 	$	 5,195,838	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	 5,195,838	 	
 	 	 	 	
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts	 	 	 	
 	 	 	 	
Beginning balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Series 2007-1	 	 	 	
 	 	 	 	
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 
Series 2007-3	 	 	 	
 	 	 	 	
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 
Series 2007-2	 	 	 	
 	 	 	 	
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
 
Series 2007-2 Draw #1	 	 	 	
 	 	 	 	
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #2	 	 	 	
 	 	 	 	
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #3	 	 	 	
 	 	 	 	
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	46,316.67	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	 	 	
&	 	 	 	 	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Calculation of DSCR
 
Monthly Periods used in calculation of DSCR	 	For the Monthly Payment Date of:	 	April 21, 2008	
 	 	For the Monthly Collection Period of:	 	March	
 
 	 	January	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	 13,469,179.11	 	
 	-	Total Monthly DSCR Expenses	 	$	 6,456,378.18	 	
 	 	 	 	$	 7,012,800.93	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	 2,426,507.96	 	

 	 	February	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	 13,373,742.56	 	
 	-	Total Monthly DSCR Expenses	 	$	 6,913,194.48	 	
 	 	 	 	$	 6,460,548.08	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	 2,185,185.50	 	
 
 	 	March	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	 17,468,639.20	 	
 	-	Total Monthly DSCR Expenses	 	$	 7,261,220.37	 	
 	 	 	 	$	 10,207,418.83	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	 2,408,240.39	 	
 	 	 	 	 	 	
 	Current Payment Date DSCR Ratio	 	 	3.373	 	
 
 	 	 	 	% to Trap (if	 	
 	 	Event Occur?	 	Applicable)	 	
Cash Trapping Event?	 	N	 	0.00	%	
Rapid Amortization Event?	 	N	 	 	 	
Servicer Termination Event / EOD?	 	N	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Lease Expense - (March 2008)	 	10,295	 	
 	 	 	 	 	Annualized Operating Lease Expense (March 2008 * 12)	 	123,535	 	
 	 	 	1	 	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	988,278	 	
 	 	 	 	 	 	 	 	 	
 	+	 	 	 	All Trust Debt	 	2,339,000	 	
 	 	 	 	 	IHOP	 	445,000	 	
 	 	 	 	 	Applebee’s	 	1,894,000	 	
 	 	 	 	 	All Other IHOP Corp Debt	 	169,512	 	
 	 	 	 	 	All Other Applebee’s Corp Debt	 	3,674	 	
 	 	 	2	 	Total Indebtedness	 	2,512,186	 	
 	 	 	 	 	Total Adjusted Debt	 	3,500,465	 	
 	 	 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	 	 	
 	 	 	1	 	EBITDA	 	364,340	 	
 	+	 	2	 	Operating Lease Expense	 	123,535	 	
 	 	 	 	 	EBITDAR	 	487,875	 	
 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Current Payment Date Leverage Ratio	 	7.2	 	
 	 	 	 	 	Servicer Termination Event?	 	N	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Stores	 	 	 	
 	 	 	 	
Beginning	 	885	 	
Plus New Stores	 	3	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	887	 	
 	 	 	 	
Type II Stores	 	 	 	
 	 	 	 	
Beginning	 	437	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	437	 	
 	 	 	 	
Type III Stores	 	 	 	
 	 	 	 	
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 	 	 	 	
IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
IHOP System-Wide Sales For Last 12 Months	 	$	2,330,763,802	 	
Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	 192,132.01	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	192,132.01	 	
 	 	 	 	
Misdirected Type 2 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	 77,118.19	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	77,118.19	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments	 	 	 	 	
A)	 	Franchise Payments	 	$	75.00	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	332.43	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	407.43	 	
 	 	 	 	 	 	 	
Misdirected Type 2 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	—	 	
 	 	 	 	 	 	 	
 	 	Deposits To Servicer	 	 	 	 	
 	 	 	 	 	 	 	
 	 	From Type 3 Stores	 	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	30,506.67	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type 3 Collections Received	 	$	30,506.67	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual Sales	 	Franchisee Lease
Payments	 	Franchise &
Equipment
Note Payments	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Master Lease
Payments	 	Rent Margin	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	5327 - La Vista, NE	 	Ashoori, Farshad Dan	 	1	 	1.500	%	0.250	%	828,373	 	154,507	 	14,421	 	152,975	 	1,532	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	5415 - Aurora, IL	 	Ali Alforookh	 	2	 	4.500	%	4.500	%	1,364,881	 	173,615	 	42,938	 	173,500	 	115	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	%	2,165,374	 	202,800	 	15,399	 	204,587	 	-1,787	 	 	 	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,382,515	 	161,200	 	34,288	 	165,190	 	-3,990	 	 	 	 	
#3	 	1930 - Baton Rouge, LA	 	1930 B.R., Inc.	 	2	 	4.500	%	4.500	%	2,686,739	 	214,939	 	42,347	 	218,797	 	-3,858	 	 	 	 	
#4	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,035,582	 	200,200	 	43,486	 	208,146	 	-7,946	 	 	 	 	
#5	 	3109 - Willoughby, OH *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,304,612	 	0	 	0	 	0	 	0	 	 	 	 	
#6	 	3134 - Lexington, KY *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,049,270	 	0	 	0	 	0	 	0	 	 	 	 	
#7	 	3135 - Clarksville, IN *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,294,470	 	0	 	0	 	0	 	0	 	 	 	 	
#8	 	3170 - Cleveland, OH *	 	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	1,194,061	 	0	 	0	 	0	 	0	 	 	 	 	
#9	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,761,261	 	176,800	 	36,621	 	179,756	 	-2,956	 	 	 	 	
#10	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,948,303	 	213,200	 	43,082	 	217,903	 	-4,703	 	 	 	 	
10	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	 	 	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	1	 	4.500	%	4.500	%	1,807,058	 	145,021	 	0	 	135,389	 	9,632	 	 	 	 	
#2	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	%	1,493,863	 	128,871	 	20,157	 	127,536	 	1,335	 	 	 	 	

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

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	April 21, 2008	
&	 	For the Monthly Collection Period of:	 	March	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Property Lease Credit Agreement	 	 	 	
 	 	 	 	
Type I Property Lease Credit Agreement Loan	 	 	 	
 	 	 	 	
Beginning	 	77,058,215.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	70.00	%	
Maximum Loan Amount	 	$	350,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Type I Property Lease Credit Agreement Intercompany Loan	 	 	 	
 	 	 	 	
Beginning	 	$	77,058,215.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 	 	 	 	
Owned Real Property Credit Agreement	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Loan	 	 	 	
 	 	 	 	
Beginning	 	96,945,000.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	85.00	%	
Maximum Loan Amount	 	$	425,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Intercompany Loan	 	 	 	
 	 	 	 	
Beginning	 	$	96,945,000.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	

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

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Tuesday, May 20, 2008
For the Period of April 21, 2008 - May 19, 2008
 
 	 	Debit Account #	 	Total
Amount	 	Employer/
Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	92,638.89	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty Insurance Company Concentration Account	 	904-951839	 	Insurance Premium -IHOP Series 2007-1 & Series 2007-2 for the period of April 21 - May 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	725,161.11	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of April 21 - May 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	1,393,132.61	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of April 21 - May 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	14,546.88	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate Trust Services	 	1000031565	 	Payment of Invoice #413833 for 3/16/08-4/15/08 trust administration	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Standard & Poor’s	 	21499503	 	$	20,000.00	 	 	 	Bank of America	 	0260-0959-3	 	Standard and Poor’s	 	12334-02500	 	Payment of Invoice #10173242 (acct #1000061946) for services to IHOP Franchising LLC Series-1 for 3/1/08-2/28/09	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	39,220.83	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Interest Payment on IHOP Series 2007-2 for the period of April 21 - May 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,208.33	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Fee Payment on IHOP Series 2007-2 for the period of April 21 - May 19, 2008.	 	
Total Wires	 	 	 	$	2,285,908.65	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For April 21 - May 19	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation - For Series 2 Interest Calculation Only	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	04/21/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	05/19/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	29	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense April 20 - May 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense April 20 (paid last month)	 	 	 	(25,005.56	)	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	725,161.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense April 20 - May 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense April 20 (paid last month)	 	 	 	(48,039.06	)	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	1,393,132.61	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense April 20 - May 19	 	 	 	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense April 20 (paid last month)	 	 	 	(2,916.67	)	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	84,583.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Undrawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	 	0.100	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for April 21 - May 20	 	 	 	 	805.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	805.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for April 21 - May 20	 	 	 	 	7,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	7,250.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	 	 	$	8,055.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total FGIC	 	 	 	$	92,638.89	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense % on Undrawn Portion	 	 	 	 	0.150	%	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense for April 21 - May 20	 	 	 	 	1,208.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Facility Fee	 	 	 	$	1,208.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense for April 21 - May 20	 	 	 	 	39,754.17	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense Credit Adjustment for Prior Period	 	 	 	 	(533.34	)	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 2 Interest Expense	 	 	 	$	39,220.83	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	$	24,098,027.81	 	
Total Amounts Credited to the Advertising Funds Account Account	 	$	39,326.80	 	
 
Deposits from Lock-Box to Collection Account
 
 	 	 	 	Counted for Purposes 
of DSCR Only	 	
From Type 1 Stores	 	 	 	 	 	 	
A)	 	Franchise Payments	 	$	4,637,904.44	 	Yes	 	
B)	 	License Payments	 	$	214,243.68	 	Yes	 	
C)	 	Development Payments	 	$	35,000.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	16,677.18	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	41,262.74	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	714,337.22	 	Yes	 	
G)	 	Franchise Note Payments	 	$	342,420.13	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	695,576.76	 	 	 	
 	 	Leased properties - Franchisee Subleae	 	$	3,295,305.23	 	 	 	
 	 	Total Lease Payments	 	$	3,990,881.99	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	393.90	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	268,258.09	 	Yes	 	
L)	 	Other	 	$	120,268.27	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	62,118.77	 	Yes	 	
 	 	Total Type 1 Collections Received	 	$	10,443,766.40	 	 	 	
 
From Type 2 Stores	 	 	 	 	 	 	
A)	 	Franchise Payments	 	$	2,799,843.28	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	37,412.81	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	127,507.63	 	 	 	
F)	 	Equipment Lease Payments	 	$	1,012,690.75	 	 	 	
G)	 	Franchise Note Payments	 	$	311,371.19	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Subleae	 	$	5,716,773.26	 	 	 	
 	 	Total Lease Payments	 	$	5,716,773.26	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	356.70	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	284,932.73	 	 	 	
L)	 	Other	 	$	23,990.54	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	40,000.00	 	 	 	
 	 	Total Type 2 Collections Received	 	$	10,354,878.89	 	 	 	
 
Other	 	 	 	 	 	
To Be Deposited into the Collection Account	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	29,579.34	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	29,579.34	 	Yes	 	
C)	 	Distribution Payments	 	$	2,809,103.33	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	2,838,682.67	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly Cash Payments	 	$	23,637,327.96	 	 	 	
 	 	Total Monthly Collections - Related to Collateral	 	$	13,282,449.07	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All Weekly Waterfalls	 	$	23,637,327.96	 	 	 	$	23,637,327.96	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	  To the Lease and Reimbursement Payment Account	 	$	9,516,462.00	 	$	14,120,865.96	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,618,715.73	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,099,139.66	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	E	Supplier Payment Allocation Amount	 	$	1,798,606.61	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	  To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	14,120,865.96	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	  To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	14,120,865.96	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	  To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,072,615.38	 	$	12,048,250.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	  To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	12,048,250.58	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	  To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	25,000.00	 	$	12,023,250.58	 	$	—	 	$	25,000.00	 	$	25,000.00	 	$	500,000.00	 	$	475,000.00	 	
 	B	  To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	92,638.89	 	$	11,930,611.69	 	 	 	 	 	 	 	 	 	 	 	
 	C	  To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,150,824.42	 	$	9,779,787.27	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	725,161.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	32,530.70	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,393,132.61	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	  To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,208.33	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	  To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	  To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	  To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	B	  To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	C	  To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	  To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	  To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	  To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Supplemental Servicing Fee	 	$	—	 	$	9,778,578.94	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	  To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	  To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	  To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	  To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	B	  To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	C	  To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	  To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	  To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Interest Reserve Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	  To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Trigger Reserve Amount	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	  To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	  To the Interest Payment Account Payment Account	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	  To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	9,778,578.94	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	  To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	All Remaining Funds	 	$	9,778,578.94	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Total Monthly DSCR Expenses	 	$	6,514,937.72	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Waterfall for Determination of Type 1 Residual

 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	13,282,449.07	 	 	 	$	13,282,449.07	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	  To the Lease and Reimbursement Payment Account	 	$	4,417,322.34	 	$	8,865,126.73	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,618,715.73	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Supplier Payment Allocation Amount	 	$	1,798,606.61	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	  To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	8,865,126.73	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	  To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	8,865,126.73	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount
Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	  To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,072,615.38	 	$	6,792,511.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	  To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	6,792,511.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	  To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	25,000.00	 	$	6,792,511.35	 	$	—	 	$	25,000.00	 	$	25,000.00	 	$	500,000.00	 	$	475,000.00	 	
 	B	  To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	92,638.89	 	$	6,674,872.46	 	 	 	 	 	 	 	 	 	 	 	
 	C	  To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,150,824.42	 	$	4,524,048.04	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	725,161.11	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	32,530.70	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,393,132.61	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	  To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,208.33	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	  To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	  To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	  To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	B	  To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	C	  To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	  To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	  To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	  To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Supplemental Servicing Fee	 	$	—	 	$	4,522,839.71	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	  To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	  To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	  To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	  To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	B	  To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	C	  To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	  To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	  To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Interest Reserve Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	  To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Trigger Reserve Amount	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	  To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	  To the Interest Payment Account Payment Account	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	  To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	4,522,839.71	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	  To Applebee’s International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Type 1 Residual	 	$	4,522,839.71	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	  Total Weekly DSCR Expenses	 	$	6,514,937.72	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	10,354,878.89	 	 	 	$	10,354,878.89	 	 	 	 	 	 	 	 	 	 	 	

Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	  To the Lease and Reimbursement Payment Account	 	$	5,099,139.66	 	$	5,255,739.23	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 2 Property Lease Payment Allocation Amount	 	$	5,099,139.66	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	  To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	All Remaining Funds	 	$	5,255,739.23	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	 	 	 	
 	 	Weekly	 	Sent to	 	 	 	 	
 	 	Calculation	 	Applebee’s	 	 	 	 	
 	 	 	 	 	 	 	 	 	
Week 1	 	$	760,749.29	 	$	760,749.29	 	 	 	 	
Week 2	 	$	675,020.76	 	$	675,020.76	 	 	 	 	
Week 3	 	$	851,037.44	 	$	851,037.44	 	 	 	 	
Week 4	 	$	2,236,032.22	 	$	2,236,032.22	 	 	 	 	
Week 5	 	$	N/A	 	$	N/A	 	 	 	 	
Total	 	$	4,522,839.71	 	$	4,522,839.71	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts
 
1	 	Advertising Account	 	 	 	
 	 	Beginning Balance	 	$	4,369,967.64	 	
 	 	Plus Deposits	 	$	5,626,727.47	 	
 	 	Less Withdrawals	 	$	(6,747,921.98	)	
 	 	Ending Balance	 	$	3,248,773.13	 	
 	 	 	 	 	 	
2	 	Insurance Proceeds Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
3	 	Lease and Reimbursements Payment Account	 	 	 	
 	 	Beginning Balance	 	$	8,100,664.50	 	
 	 	Plus Deposits	 	$	9,469,175.76	 	
 	 	Less Withdrawals	 	$	(9,859,949.75	)	
 	 	Ending Balance	 	$	7,709,890.51	 	
 	 	 	 	 	 	
4	 	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Trigger Reserve Deposits	 	$	—	 	
 	 	Plus Weekly Collection Account Deposits	 	$	—	 	
 	 	Plus Any Defective Asset Damages Amount	 	$	—	 	
 	 	Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
5	 	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	2,326,914.74	 	
 	 	Plus Deposits	 	$	2,152,032.75	 	
 	 	Less Withdrawals	 	$	(2,312,032.94	)	
 	 	Ending Balance	 	$	2,166,914.55	 	
 	 	 	 	 	 	
6	 	Hedge Agreement Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
7	 	Operating Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	4,144.97	 	
 	 	Plus Deposits	 	$	25,000.00	 	
 	 	Less Withdrawals	 	$	(13,640.63	)	
 	 	Ending Balance	 	$	15,504.34	 	
 	 	 	 	 	 	
8	 	Insurer Payment Account	 	 	 	
 	 	Beginning Balance	 	$	99,305.56	 	
 	 	Plus Deposits	 	$	92,638.89	 	
 	 	Less Withdrawals	 	$	(99,305.56	)	
 	 	Ending Balance	 	$	92,638.89	 	

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

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Series 2007-1	 	 	 	
 	 	 	 	
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 
Series 2007-3	 	 	 	
 	 	 	 	
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 
Series 2007-2	 	 	 	
 	 	 	 	
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
 
Series 2007-2 Draw #1	 	 	 	
 	 	 	 	
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #2	 	 	 	
 	 	 	 	
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #3	 	 	 	
 	 	 	 	
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	39,220.83	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	 	 	
&	 	 	 	 	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Calculation of DSCR
 
Monthly Periods used in calculation of DSCR	 	For the Monthly Payment Date of:	 	May 20, 2008	
 	 	For the Monthly Collection Period of:	 	April	
 
 	 	February	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,373,742.56	 	
 	-	Total Monthly DSCR Expenses	 	$	6,913,194.48	 	
 	 	 	 	$	6,460,548.08	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,185,185.50	 	
 
 	 	March	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	17,468,639.20	 	
 	-	Total Monthly DSCR Expenses	 	$	7,261,220.37	 	
 	 	 	 	$	10,207,418.83	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	2,408,240.39	 	
 
 	 	April	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,282,449.07	 	
 	-	Total Monthly DSCR Expenses	 	$	6,514,937.72	 	
 	 	 	 	$	6,767,511.35	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	2,244,671.64	 	
 	 	 	 	 	 	
 	Current Payment Date DSCR Ratio	 	 	3.427	 	
 
 	 	 	 	% to Trap (if	 	
 	 	Event Occur?	 	Applicable)	 	
Cash Trapping Event?	 	N	 	0.00	%	
Rapid Amortization Event?	 	N	 	 	 	
Servicer Termination Event / EOD?	 	N	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Lease Expense - (April 2008)	 	8,818	 	
 	 	 	 	 	Annualized Operating Lease Expense (April 2008 * 12)	 	105,815	 	
 	 	 	1	 	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	846,523	 	
 	 	 	 	 	 	 	 	 	
 	+	 	 	 	All Trust Debt	 	2,339,000	 	
 	 	 	 	 	IHOP	 	445,000	 	
 	 	 	 	 	Applebee’s	 	1,894,000	 	
 	 	 	 	 	All Other IHOP Corp Debt	 	169,055	 	
 	 	 	 	 	All Other Applebee’s Corp Debt	 	3,654	 	
 	 	 	2	 	Total Indebtedness	 	2,511,709	 	
 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Total Adjusted Debt	 	3,358,231	 	
 	 	 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	 	 	
 	 	 	1	 	EBITDA	 	361,910	 	
 	+	 	2	 	Operating Lease Expense	 	105,815	 	
 	 	 	 	 	EBITDAR	 	467,725	 	
 	 	 	 	 	 	 	 	 	
Current Payment Date Leverage Ratio	 	7.2	 	
Servicer Termination Event?	 	N	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Type I Stores	 	 	 	
 	 	 	 	
Beginning	 	887	 	
Plus New Stores	 	4	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	891	 	
 	 	 	 	
Type II Stores	 	 	 	
 	 	 	 	
Beginning	 	437	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	437	 	
 	 	 	 	
Type III Stores	 	 	 	
 	 	 	 	
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 	 	 	 	
IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
IHOP System-Wide Sales For Last 12 Months	 	$	2,340,266,996	 	
Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	44,025.00	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	174,472.61	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	218,497.61	 	
 	 	 	 	
Misdirected Type 2 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	75,860.67	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	75,860.67	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments	 	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	223.77	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	223.77	 	
 	 	 	 	
Misdirected Type 2 Payments	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	—	 	
 	
Deposits To Servicer	
 	 	 	 	
From Type 3 Stores	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	14,812.89	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type 3 Collections Received	 	$	14,812.89	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
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	%	1,365,127	 	174,995	 	42,745	 	175,000	 	-5	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	%	2,165,498	 	202,800	 	15,035	 	204,543	 	-1,743	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,402,607	 	161,200	 	34,093	 	165,839	 	-4,639	 	
#3	 	1930 - Baton Rouge, LA	 	1930 B.R., Inc.	 	2	 	4.500	%	4.500	%	2,682,073	 	214,566	 	42,051	 	220,104	 	-5,538	 	
#4	 	3109 - Willoughby, OH *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,298,493	 	0	 	0	 	0	 	0	 	
#5	 	3134 - Lexington, KY *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,030,131	 	0	 	0	 	0	 	0	 	
#6	 	3135 - Clarksville, IN *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,287,259	 	0	 	0	 	0	 	0	 	
#7	 	3170 - Cleveland, OH *	 	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	1,323,891	 	0	 	0	 	0	 	0	 	
#8	 	5327 - La Vista, NE	 	Ashoori, Farshad Dan	 	1	 	1.500	%	0.250	%	824,204	 	147,707	 	14,940	 	152,975	 	-5,268	 	
#9	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,047,866	 	200,200	 	43,201	 	208,146	 	-7,946	 	
#10	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,756,847	 	176,800	 	36,344	 	180,540	 	-3,740	 	
#11	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,960,695	 	213,200	 	42,800	 	219,475	 	-6,275	 	
11	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	1	 	4.500	%	4.500	%	1,803,391	 	144,926	 	0	 	130,476	 	14,451	 	
#2	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	%	1,497,112	 	129,007	 	20,107	 	127,536	 	1,471	 	

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

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

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

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Friday, June 20, 2008
For the Period of May 20, 2008 - June 19, 2008
 
 	 	Debit Account #	 	Total
Amount	 	Employer/
Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	96,111.11	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty Insurance Company Concentration Account	 	904-951839	 	Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of May 20 - June 19, 2008.	.	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	750,166.67	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of May 20 - June 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of May 20 - June 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	14,093.75	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate Trust Services	 	1000031565	 	Payment of Invoice #420360 for 4/16/08-5/15/08 trust administration	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	38,904.17	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Interest Payment on IHOP Series 2007-2 for the period of May 20 - June 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,291.67	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00-001	 	Fee Payment on IHOP Series 2007-2 for the period of May 20 - June 19, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	2,341,739.03	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For May 20 - June 19	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation - For Series 2 Interest Calculation Only	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	05/20/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	06/19/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	31	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense May 20 - June 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense May 20 - June 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense May 20 - June 19	 	 	 	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	87,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Undrawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.100	%	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for May 20 - June 19	 	 	 	861.11	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	861.11	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for May 20 - June 19	 	 	 	7,750.00	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	7,750.00	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	 	 	$	8,611.11	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total FGIC	 	 	 	$	96,111.11	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense % on Undrawn Portion	 	 	 	0.150	%	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense for May 20 - June 19	 	 	 	1,291.67	 	 	 	 	 	 	 	 	 	 	 	 	
Total Facility Fee	 	 	 	$	1,291.67	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense for May 20 - June 19	 	 	 	39,266.67	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense Credit Adjustment for Prior Period	 	 	 	(362.50	)	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 2 Interest Expense	 	 	 	$	38,904.17	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	June 20, 2008	
&	 	For the Monthly Collection Period of:	 	May	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	 	 	$	23,005,291.96	 	
Total Amounts Credited to the Advertising Funds Account Account	 	 	 	$	40,297.75	 	
 
Deposits from Lock-Box to Collection Account
 
From Type 1 Stores	 	 	 	Counted for Purposes
of DSCR Only	 	
A)	 	Franchise Payments	 	$	4,341,872.24	 	Yes	 	
B)	 	License Payments	 	$	194,316.84	 	Yes	 	
C)	 	Development Payments	 	$	230,000.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	11,132.59	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	36,586.67	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	703,787.15	 	Yes	 	
G)	 	Franchise Note Payments	 	$	341,331.11	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	634,769.93	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	3,226,391.26	 	 	 	
 	 	Total Lease Payments	 	$	3,861,161.19	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	11,832.49	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	225,398.41	 	Yes	 	
L)	 	Other	 	$	209,493.96	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	21,543.75	 	Yes	 	
 	 	Total Type 1 Collections Received	 	$	10,188,456.40	 	 	 	
 	 	 	 	 	 	 	 	 	
From Type 2 Stores	 	 	 	 	 	
A)	 	Franchise Payments	 	$	2,605,043.66	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	33,749.35	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	127,507.63	 	 	 	
F)	 	Equipment Lease Payments	 	$	991,204.44	 	 	 	
G)	 	Franchise Note Payments	 	$	301,825.83	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Subleae	 	$	5,496,456.87	 	 	 	
 	 	Total Lease Payments	 	$	5,496,456.87	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	—	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	271,570.47	 	 	 	
L)	 	Other	 	$	94,175.70	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	39,001.27	 	 	 	
 	 	Total Type 2 Collections Received	 	$	9,960,535.22	 	 	 	
 	 	 	 	 	 	 	 	
Other	 	 	 	 	 	
To Be Deposited into the Collection Account	 	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	19,955.19	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	19,955.19	 	Yes	 	
C)	 	Distribution Payments	 	$	2,263,335.75	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	2,283,290.94	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly Cash Payments	 	$	22,432,282.56	 	 	 	
 	 	Total Monthly Collections - Related to Collateral	 	$	12,471,747.34	 	 	 	

 
 	 	IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	 	 	 	 	 	 	June 20, 2008	 	
 	 	&	 	For the Monthly Collection Period of:	 	 	 	 	 	 	 	May	 	
 	 	IHOP IP, LLC , as Co Issuer	 	 	 	 	 	 	 	 	 	 	 	
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All Weekly Waterfalls	 	$	22,432,282.56	 	 	 	$	22,432,282.56	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	9,442,682.35	 	$	12,989,600.21	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,810,664.75	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,370,909.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	E	Supplier Payment Allocation Amount	 	$	1,261,108.04	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	12,989,600.21	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	12,989,600.21	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,076,615.38	 	$	10,912,984.83	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	10,912,984.83	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	50,000.00	 	$	10,862,984.83	 	$	25,000.00	 	$	50,000.00	 	$	75,000.00	 	$	500,000.00	 	$	425,000.00	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	96,111.11	 	$	10,766,873.72	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,230,642.51	 	$	8,536,231.21	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Interest Allocation Amount (2007-1)	 	$	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Series Interest Allocation Amount (2007-2)	 	$	39,304.17	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Senior Series Interest Allocation Amount (2007-3)	 	$	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,291.67	 	$	8,534,939.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	8,534,939.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	377,044.00	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Interest Reserve Amount (2007-1)	 	$	37,333.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Interest Reserve Amount (2007-2)	 	$	51,477.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Interest Reserve Amount (2007-3)	 	$	288,234.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	8,157,895.54	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	$	—	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To The Issuer and Co-Issuer as Residual Payments	 	$	8,157,895.54	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Monthly DSCR Expenses	 	$	6,198,388.18	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
 	 	IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	 	 	 	 	 	 	 	 	June 20, 2008	 	
 	 	&	 	For the Monthly Collection Period of:	 	 	 	 	 	 	 	 	 	May	 	
 	 	IHOP IP, LLC , as Co Issuer	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
Waterfall for Determination of Type 1 Residual
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	12,471,747.34	 	 	 	$	12,471,747.34	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	4,071,772.79	 	$	8,399,974.55	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,810,664.75	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Supplier Payment Allocation Amount	 	$	1,261,108.04	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	8,399,974.55	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	8,399,974.55	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	 	 	 	 	 	 	Amount
Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Weekly Servicer Fee	 	$	2,076,615.38	 	$	6,323,359.16	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	6,323,359.16	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	 	A	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Expense Allocation Amount	 	$	50,000.00	 	$	6,273,359.16	 	$	25,000.00	 	$	50,000.00	 	$	75,000.00	 	$	500,000.00	 	$	425,000.00	 	
 	 	B	 	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	96,111.11	 	$	6,177,248.05	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,230,642.51	 	$	3,946,605.54	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Interest Allocation Amount (2007-1)	 	$	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Series Interest Allocation Amount (2007-2)	 	$	39,304.17	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Senior Series Interest Allocation Amount (2007-3)	 	$	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	 	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,291.67	 	$	3,945,313.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	 	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	3,945,313.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	 	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	377,044.00	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Interest Reserve Amount (2007-1)	 	$	37,333.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Interest Reserve Amount (2007-2)	 	$	51,477.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Interest Reserve Amount (2007-3)	 	$	288,234.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	 	A	 	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	 	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	 	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	 	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	3,568,269.87	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	 	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	 	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	 	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	 	A	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	 	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	 	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	 	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	 	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Interest Reserve Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	 	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	 	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	 	 	To the Interest Payment Account Payment Account	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	i	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	ii	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	iii	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	 	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	3,568,269.87	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To Applebee’s International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Type 1 Residual	 	$	3,568,269.87	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 	 	 	 	 	 	Total Weekly DSCR Expenses	 	$	6,198,388.18	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	 	$	9,960,535.22	 	 	 	$	9,960,535.22	 	 	 	 	 	 	 	 	 	 	 	

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

a)	I	 	To the Lease and Reimbursement Payment Account	 	$	5,370,909.56	 	$	4,589,625.66	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 A	Type 2 Property Lease Payment Allocation Amount	 	$	5,370,909.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	All Remaining Funds	 	$	4,589,625.66	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC , as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	
 	 	Weekly	 	Sent to	 	
 	 	Calculation	 	Applebee’s	 	
 	 	 	 	 	 	
Week 1	 	$	477,765.88	 	$	477,765.88	 	
Week 2	 	$	835,445.17	 	$	835,445.17	 	
Week 3	 	$	262,688.02	 	$	262,688.02	 	
Week 4	 	$	1,992,370.80	 	$	1,992,370.80	 	
Week 5	 	N/A	 	N/A	 	
Total	 	$	3,568,269.87	 	$	3,568,269.87	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 	 	 	
Reconciliation of Indenture Trust Accounts	 	
 
1   	Advertising Account	 	 	 	
 	Beginning Balance	 	$	3,248,773.13	 	
Plus Deposits	 	$	5,212,678.64	 	
Less Withdrawals	 	$	(5,749,021.92	)	
 	Ending Balance	 	 	 	$	2,712,429.85	 	
 	 	 	 	 	 	
2   	Insurance Proceeds Account	 	 	 	
 	Beginning Balance	 	 	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
 	Ending Balance	 	 	 	$	—	 	
 	 	 	 	 	 	
3   	Lease and Reimbursements Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	7,709,890.51	 	
Plus Deposits	 	$	9,259,443.93	 	
Less Withdrawals	 	$	(8,998,156.91	)	
 	Ending Balance	 	 	 	$	7,971,177.53	 	
 	 	 	 	 	 	
4   	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	Beginning Balance	 	 	 	$	—	 	
Plus Trigger Reserve Deposits	 	$	—	 	
Plus Weekly Collection Account Deposits	 	$	—	 	
Plus Any Defective Asset Damages Amount	 	$	—	 	
Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
Less Withdrawals	 	$	—	 	
 	Ending Balance	 	 	 	$	—	 	
 	 	 	 	 	 	
5   	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	Beginning Balance	 	 	 	$	2,166,914.55	 	
Plus Deposits	 	$	2,231,934.18	 	
Less Withdrawals	 	$	(2,158,722.88	)	
 	Ending Balance	 	 	 	$	2,240,125.85	 	
 	 	 	 	 	 	
6   	Hedge Agreement Expense Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
 	Ending Balance	 	 	 	$	—	 	
 	 	 	 	 	 	
7   	Operating Expense Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	15,504.34	 	
Plus Deposits	 	$	50,000.00	 	
Less Withdrawals	 	$	(34,546.88	)	
 	Ending Balance	 	 	 	$	30,957.46	 	
 	 	 	 	 	 	
8   	Insurer Payment Account	 	 	 	
 	Beginning Balance	 	 	 	$	92,638.89	 	
Plus Deposits	 	$	96,111.11	 	
Less Withdrawals	 	$	(92,638.89	)	
 	Ending Balance	 	 	 	$	96,111.11	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 	 	 	
Series 2007-1 $175 Million Notes	 	 	
Series 2007-2 VFN $25 Million Note	 	 	
Series 2007-3 $245 Million Notes	 	 	
 
Reconciliation of Reserve Accounts	 	
 
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts	
 	 	 	 	
Beginning Balance	 	$	5,195,838	 	
Plus Deposits	 	$	377,044	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	5,572,882	 	
 	 	 	 	 	
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts	 	 	 	
 	 	 	 	 	
Beginning balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 
Series 2007-1	 	 	 	 	
 	 	 	 	 	
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 	 	 	 	
Series 2007-3	 	 	 	
 
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 	 	 	 	
Series 2007-2	 	 	 	
 
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
Series 2007-2 Draw #1	 	 	 	 	
 
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 	 	 	 	
Series 2007-2 Draw #2	 	 	 	
 
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	
 	 	 	 	
Series 2007-2 Draw #3	 	 	 	
 
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	38,904.17	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	
&	 	 	
IHOP IP, LLC, as Co Issuer	 	 	
 	 	 	
Calculation of DSCR	 	 	
 	 	 	
Monthly Periods used in calculation of DSCR	For the Monthly Payment Date of:	June 20, 2008	
 	For the Monthly Collection Period of:	May	
 
March
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	17,468,639.20	 	
 	-	Total Monthly DSCR Expenses	 	$	7,261,220.37	 	
 	 	 	 	$	10,207,418.83	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,408,240.39	 	
 	 	 	 	 	 	
April
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,282,449.07	 	
 	-	Total Monthly DSCR Expenses	 	$	6,514,937.72	 	
 	 	 	 	$	6,767,511.35	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,244,671.64	 	
 	 	 	 	 	 	
May
 
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	12,471,747.34	 	
 	-	Total Monthly DSCR Expenses	 	$	6,198,388.18	 	
 	 	 	 	$	6,273,359.16	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,328,045.29	 	
 	 	 	 	 	 	
 	 	Current Payment Date DSCR Ratio	 	3.330	 	
 
 	 	 	 	% to Trap (if	 	
 	 	Event Occur?	 	Applicable)	 	
Cash Trapping Event?	 	N	 	0.00	%	
Rapid Amortization Event?	 	N	 	 	 	
Servicer Termination Event / EOD?	 	N	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	 	
 	Operating Lease Expense - (April 2008)	 	8,710	 	
 	Annualized Operating Lease Expense (April 2008 * 12)	 	104,517	 	
 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	836,137	 	
 	 	 	 	 	
 	+	All Trust Debt	 	2,339,000	 	
 	IHOP	 	445,000	 	
 	Applebee’s	 	1,894,000	 	
 	All Other IHOP Corp Debt	 	168,593	 	
 	All Other Applebee’s Corp Debt	 	3,634	 	
 	2	Total Indebtedness	 	2,511,227	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,347,364	 	
 	 	 	 	 	
Denominator	 	 	 	 	 	
 	1	EBITDA	 	362,268	 	
 	+	2	Operating Lease Expense	 	104,517	 	
 	EBITDAR	 	466,785	 	
 	 	 	 	 	
 	Current Payment Date Leverage Ratio	 	7.2	 	
 	Servicer Termination Event?	 	N	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 
Type I Stores	 	 	 	
 	 	 	 	
Beginning	 	891	 	
Plus New Stores	 	7	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	3	 	
Ending Balance	 	895	 	
 
Type II Stores	 	 	 	
 	 	 	 	
Beginning	 	437	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	437	 	
 
Type III Stores	 	 	 	
 	 	 	 	
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 
IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
IHOP System-Wide Sales For Last 12 Months	 	$	2,352,659,270	 	
Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	76,578.77	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	177,039.24	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	253,618.01	 	
 
Misdirected Type 2 Payments
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	85,972.53	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	85,972.53	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments
A)	 	Franchise Payments	 	$	5,209.52	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	5,209.52	 	
 
Misdirected Type 2 Payments
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	—	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	—	 	
 
Deposits To Servicer
 
From Type 3 Stores
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties  - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Subleae	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	19,245.75	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type 3 Collections Received	 	$	19,245.75	 	

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	June 20, 2008	
&	For the Monthly Collection Period of:	May	
IHOP IP, LLC, as Co Issuer	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
Royalty Rate	 	Current
Royalty
Rate	 	Annual Sales	 	Franchisee
Lease
Payments	 	Franchise &
Equipment Note
Payments	 	Master Lease
Payments	 	Rent Margin	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions:	 	
#1	 	4771 - Rochester, NY	 	Banana Nutz, Inc	 	2	 	4.500	%	4.500	%	1,673,101	 	223,600	 	40,789	 	223,831	 	-231	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	%	2,161,619	 	202,800	 	14,668	 	204,407	 	-1,607	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,416,655	 	161,200	 	33,898	 	166,488	 	-5,288	 	
#3	 	1930 - Baton Rouge, LA	 	1930 B.R., Inc.	 	2	 	4.500	%	4.500	%	2,695,126	 	215,610	 	41,753	 	220,104	 	-4,494	 	
#4	 	3109 - Willoughby, OH	*	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,295,720	 	0	 	0	 	0	 	0	 	
#5	 	3134 - Lexington, KY	*	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,011,827	 	0	 	0	 	0	 	0	 	
#6	 	3135 - Clarksville, IN	*	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,279,646	 	0	 	0	 	0	 	0	 	
#7	 	3170 - Cleveland, OH	*	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	1,454,180	 	0	 	0	 	0	 	0	 	
#8	 	5327 - La Vista, NE	 	Ashoori, Farshad Dan	 	1	 	1.500	%	0.250	%	823,690	 	141,027	 	15,461	 	152,975	 	-11,948	 	
#9	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,051,263	 	200,200	 	42,914	 	208,146	 	-7,946	 	
#10	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,750,820	 	176,800	 	36,065	 	180,540	 	-3,740	 	
#11	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,968,950	 	213,200	 	42,515	 	220,877	 	-7,677	 	
#12	 	5415 - Aurora, IL	 	Ali Alforookh	 	2	 	4.500	%	4.500	%	1,365,093	 	176,375	 	42,550	 	176,500	 	-125	 	
12	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	1	 	4.500	%	4.500	%	1,800,204	 	144,926	 	0	 	128,847	 	16,080	 	
#2	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	%	1,504,340	 	129,281	 	20,057	 	127,536	 	1,745	 	

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

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

Exhibit 99.4
 
Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC
 
For the Monthly Payment Date of:	 	July 21, 2008	
For the Monthly Collection Period of:	 	June	
 
Current Notes Outstanding:	 	 	 	
1	Series 2007-1	 	$	175,000,000	 	
2	Series 2007-2	 	$	15,000,000	 	
3	Series 2007-3	 	$	245,000,000	 	

 
IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Monday, July 21, 2008
For the Period of June 20, 2008 - July 20, 2008
 
 	 	Debit Account #	 	Total
Amount	 	Employer/
Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
FGIC	 	21499506	 	$	116,527.78	 	N/A	 	JP Morgan Chase	 	021-000-021	 	Financial Guaranty Insurance Company Concentration Account	 	904-951839	 	Insurance Premium - IHOP Series 2007-1 & Series 2007-2 for the period of June 20 - July 20, 2008. Includes make-up payment for 3/16/07-6/19/08 miscalculation of premium of $17,500.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499508	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-1 for the period of June 20 - July 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	21499519	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	Interest Payment on IHOP Series 2007-3 for the period of June 20 - July 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo Trust Services	 	21499503	 	$	16,620.38	 	 	 	Wells Fargo Bank	 	121-000-248	 	Wells Fargo Corporate Trust Services	 	1000031565	 	Payment of invoice #426712 for 5/16/08-6/15/08 trust administration. Payment of invoice #420274 for file safekeeping Aug 07- May 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Moody’s Investors Service	 	21499503	 	$	15,000.00	 	 	 	Suntrust Bank, Atlanta, GA	 	061000104	 	Moody’s Investors Service	 	8801939847	 	Payment of annual fee for IHOP Franchising, LLC/IHOP IP, LLC - Series 2007-1, invoice #C1648538-000 dated 3/20/08	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499513	 	$	39,783.33	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00
001	 	Interest Payment on IHOP Series 2007-2 for the period of June 20 - July 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calyon Americas	 	21499516	 	$	1,291.67	 	 	 	Calyon Americas New York Branch	 	026-008-073	 	Atlantic Asset Securitization	 	01-25680-0001-00
001	 	Fee Payment on IHOP Series 2007-2 for the period of June 20 - July 20, 2008.	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	2,453,606.10	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Calculations:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2 Undrawn Portion	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
For June 20 - July 20	 	 	 	10,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Day Calculation - For Series 2 Interest Calculation Only	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Start Date	 	 	 	06/20/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
End Date	 	 	 	07/20/08	 	 	 	 	 	 	 	 	 	 	 	 	 	
Number of Days	 	 	 	31	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	175,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	5.1440	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense June 20 - July 19	 	 	 	750,166.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense July 20	 	 	 	25,005.56	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 1 Interest Expense	 	 	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 3	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Principal	 	 	 	245,000,000.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense % - Series 1	 	 	 	7.0588	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense June 20 - July 19	 	 	 	1,441,171.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense July 20	 	 	 	48,039.06	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 3 Interest Expense	 	 	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Series 2007-1	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 1	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense June 20 - July 20	 	 	 	90,416.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
One-time Makeup for Miscalculated Premium 3/16/07-6/19/08	 	 	 	17,500.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 1 Monoline Expense	 	 	 	$	107,916.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Undrawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.100	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for June 20 - July 20	 	 	 	861.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	861.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense % Series 2	 	 	 	0.600	%	 	 	 	 	 	 	 	 	 	 	 	 	
Monoline Expense for June 20 - July 20	 	 	 	7,750.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total	 	 	 	$	7,750.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtotal 2007 - 2 Monoline Expense	 	 	 	$	8,611.11	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total FGIC	 	 	 	$	116,527.78	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense % on Undrawn Portion	 	 	 	0.150	%	 	 	 	 	 	 	 	 	 	 	 	 	
Fee Expense for June 20 - July 20	 	 	 	1,291.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Facility Fee	 	 	 	$	1,291.67	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Series 2007 - 2	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense - Drawn	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense for June 20 - July 20	 	 	 	39,783.33	 	 	 	 	 	 	 	 	 	 	 	 	 	
Interest Expense Credit Adjustment for Prior Period	 	 	 	0.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total 2007 - 2 Interest Expense	 	 	 	$	39,783.33	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Total Amounts Credited to the Lock-Box Account	 	$	28,698,558.52	 	
Total Amounts Credited to the Advertising Funds Account Account	 	$	37,344.67	 	
 
Deposits from Lock-Box to Collection Account
 
From Type 1 Stores	 	 	 	Counted for Purposes 
of DSCR Only	 	
A)	 	Franchise Payments	 	$	5,506,723.47	 	Yes	 	
B)	 	License Payments	 	$	144,827.79	 	Yes	 	
C)	 	Development Payments	 	$	427,500.00	 	Yes	 	
D)	 	IHOP Operated Restaurant Sub-Licensing Fees	 	$	19,552.92	 	Yes	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	38,373.74	 	Yes	 	
F)	 	Equipment Lease Payments	 	$	884,304.05	 	Yes	 	
G)	 	Franchise Note Payments	 	$	489,624.09	 	Yes	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	824,224.01	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	4,035,885.97	 	 	 	
 	 	Total Lease Payments	 	$	4,860,109.98	 	Yes	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	7,654.86	 	Yes	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	344,719.28	 	Yes	 	
L)	 	Other	 	$	78,964.00	 	Yes	 	
M)	 	(Less Returns, NSF etc.)	 	$	25,405.69	 	Yes	 	
 	 	Total Type 1 Collections Received	 	$	12,827,759.87	 	 	 	
 
From Type 2 Stores	 	 	 	 	 	 	
A)	 	Franchise Payments	 	$	3,325,977.67	 	 	 	
B)	 	License Payments	 	$	—	 	 	 	
C)	 	Development Payments	 	$	—	 	 	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	43,137.75	 	 	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	127,507.63	 	 	 	
F)	 	Equipment Lease Payments	 	$	1,257,367.22	 	 	 	
G)	 	Franchise Note Payments	 	$	412,484.89	 	 	 	
 	 	 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	 	 	
 	 	Leased properties - Franchisee Sublease	 	$	7,011,320.15	 	 	 	
 	 	Total Lease Payments	 	$	7,011,320.15	 	 	 	
 	 	 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	 	 	
J)	 	Training Fees	 	$	4,775.00	 	 	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	374,328.18	 	 	 	
L)	 	Other	 	$	49,172.44	 	 	 	
M)	 	(Less Returns, NSF etc.)	 	$	17,516.26	 	 	 	
 	 	Total Type 2 Collections Received	 	$	12,623,587.19	 	 	 	
 
Other	 	 	 	 	 	
To Be Deposited into the Collection Account	 	 	 	 	 	
A)	 	Investment Income from all other Accounts (as applicable)	 	$	19,438.01	 	 	 	
B)	 	(Less investment expenses and net losses)	 	$	—	 	 	 	
 	 	Net Investment Income	 	$	19,438.01	 	Yes	 	
C)	 	Distribution Payments	 	$	2,934,443.12	 	Yes	 	
D)	 	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
E)	 	Defective Assets Payments	 	$	—	 	 	 	
F)	 	Any other Amounts owed relating to the Collateral	 	$	—	 	Yes	 	
 	 	Total “Other” Collections Received	 	$	2,953,881.13	 	 	 	
 	 	 	 	 	 	 	 	
 	 	Total Monthly Cash Payments	 	$	28,405,228.19	 	 	 	
 	 	Total Monthly Collections - Related to Collateral	 	$	15,781,641.00	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance From All Weekly Waterfalls	$	28,405,228.19	 	 	 	$	28,405,228.19	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pursuant to Sec. 10.9 of Base Indenture	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	 I	To the Lease and Reimbursement Payment Account	 	$	9,263,812.85	 	$	19,141,415.34	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,631,097.89	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Type 2 Property Lease Payment Allocation Amount	 	$	5,068,460.82	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	E	Supplier Payment Allocation Amount	 	$	1,564,254.14	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	19,141,415.34	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	19,141,415.34	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,599,519.23	 	$	16,541,896.11	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	16,541,896.11	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	15,000.00	 	$	16,526,896.11	 	$	75,000.00	 	$	15,000.00	 	$	90,000.00	 	$	500,000.00	 	$	410,000.00	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	116,527.78	 	$	16,410,368.33	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,300,057.94	 	$	14,110,310.39	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Series Interest Allocation Amount (2007-2)	 	$	35,675.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Senior Series Interest Allocation Amount (2007-3)	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,291.67	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	 	—	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	14,109,018.72	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	14,109,018.72	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	$	14,109,018.72	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Monthly DSCR Expenses	 	$	6,809,871.26	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC , as Co Issuer	 	 	 	 	
 
Waterfall for Determination of Type 1 Residual
 
 	 	 	 	Amount Owed	 	Collections 
Remaining	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 1 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	$	15,781,641.00	 	 	 	 	$	15,781,641.00	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 1 Properties	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	To the Lease and Reimbursement Payment Account	 	$	4,195,352.03	 	$	11,586,288.97	 	 	 	 	 	 	 	 	 	 	 	
 	 	A	Type 1 Property Lease Payment Allocation Amount	 	$	2,631,097.89	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	B	Training Fee Reimbursement Payment Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	C	Third Party Reimbursement Payment Allocation Amount - Type 1’s only	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	D	Supplier Payment Allocation Amount	 	$	1,564,254.14	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	II	To the Insurance Proceeds Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	Insurance Restoration Payment Allocation Amount	 	$	—	 	$	11,586,288.97	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
b)	 	To the Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Defective Asset Damages Amounts	 	$	—	 	$	11,586,288.97	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	Amount
Already
Allocated	 	Amount
Allocated	 	New Amount
Allocated	 	Capped Amount
(where Applicable)	 	Amount Avail under
Cap (where
Applicable)	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
c)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Weekly Servicer Fee	 	$	2,599,519.23	 	$	8,986,769.74	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
d)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Hedge Agreement Allocation Amount	 	$	—	 	$	8,986,769.74	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
e)	A	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Operating Expense Allocation Amount	 	$	15,000.00	 	$	8,971,769.74	 	$	75,000.00	 	$	15,000.00	 	$	90,000.00	 	$	500,000.00	 	$	410,000.00	 	
 	B	To the Insurer Premium Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	Insurance Premium Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	116,527.78	 	$	8,855,241.96	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Interest Payment Account Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	2,300,057.94	 	$	6,555,184.02	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Interest Allocation Amount (2007-1)	 	$	775,172.22	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Series Interest Allocation Amount (2007-2)	 	$	35,675.00	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Senior Series Interest Allocation Amount (2007-3)	 	$	1,489,210.72	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	D	To the Fee Payment Account (2007-2)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Fee Allocation Amount (2007-2)	 	$	1,291.67	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
f)	 	To the Insurer Reimbursement and Expense Account (2007-1 & 2007-2 & 2007-3)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
g)	 	To the Interest Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Interest Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Interest Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Interest Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
h)	A	To the Insurer Premium Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Interest Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Fee Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
i)	 	To the Insurer Reimbursement and Expense Account (Senior Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
j)	 	To the Interest Reserve Account (Senior Subordinated)	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
k)	 	To the Servicer	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Supplemental Servicing Fee	 	$	—	 	$	6,553,892.35	 	$	—	 	$	—	 	$	—	 	$	1,000,000.00	 	$	1,000,000.00	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
l)	 	To the Trigger Reserve Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Trigger Reserve Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Trigger Reserve Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Trigger Reserve Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
m)	 	To the Principal Payment Account (2007-1 & 2007-2 & 2007-3)	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Principal Payment Amount (2007-1)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Principal Payment Amount (2007-2)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Principal Payment Amount (2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
n)	 	To the Hedge Agreement Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Hedge Agreement Termination Payment	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
o)	A	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Insurance Premium Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	B	To the Interest Payment Account Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Interest Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	C	To the Fee Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Fee Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
p)	 	To the Insurer Premium Payment Account (Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Series Insurer Reimbursement and Expense Allocation Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
q)	 	To the Interest Reserve Account Payment Account (Senior Subordinated & Subordinated Series)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Interest Reserve Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
r)	 	To the Trigger Reserve Account (Senior Subordinated & Subordinated)	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Trigger Reserve Amount	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
s)	 	To the Principal Payment Account (Senior Subordinated & Subordinated)	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Senior Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Subordinated Principal Payment Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
t)	 	To the Interest Payment Account Payment Account	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	i	 	Senior Series Additional Interest-II Allocation Amount (2007-1 & 2007-2 & 2007-3)	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	ii	 	Senior Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	iii	 	Subordinated Additional Interest Allocation Amount	 	$	—	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
u)	 	To the Operating Expense Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Operating Expense Allocation Amount above the Cap	 	$	—	 	$	6,553,892.35	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	To Applebee’s International	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Type 1 Residual	 	$	6,553,892.35	 	$	—	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Total Weekly DSCR Expenses	 	$	6,809,871.26	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Type 2 Collections to be applied in Accordance w/ Weekly Waterfalls by Type	$	12,623,587.19	 	$	12,623,587.19	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Sum of Weekly Allocations from the Collection Account Pertaining to Type 2 Properties	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
a)	I	 	 	To the Lease and Reimbursement Payment Account	 	$	5,068,460.82	 	$	7,555,126.37	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	A  Type 2 Property Lease Payment Allocation Amount	 	$	5,068,460.82	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
v)	 	 	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	All Remaining Funds	 	$	7,555,126.37	 	$	—	 	 	 	 	 	 	 	 	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer
&
IHOP IP, LLC, as Co Issuer
 
Summary of Monthly Type 1 Residual Calculations and Wire Transfers
 
 	 	Type 1 Residual	 	Wires	 	
 	 	Weekly	 	Sent to	 	
 	 	Calculation	 	Applebee’s	 	
 	 	 	 	 	 	
Week 1	 	$	609,501.49	 	$	609,501.49	 	
Week 2	 	$	807,349.16	 	$	807,349.16	 	
Week 3	 	$	192,711.50	 	$	192,711.50	 	
Week 4	 	$	2,724,177.91	 	$	2,724,177.91	 	
Week 5	 	$	2,220,152.27	 	$	2,220,152.27	 	
Total	 	$	6,553,892.35	 	$	6,553,892.35	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts
 
1	 	Advertising Account	 	 	 	
 	 	Beginning Balance	 	$	2,712,429.85	 	
 	 	Plus Deposits	 	$	6,525,825.33	 	
 	 	Less Withdrawals	 	$	(6,550,207.41	)	
 	 	Ending Balance	 	$	2,688,047.77	 	
 	 	 	 	 	 	
2	 	Insurance Proceeds Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
3	 	Lease and Reimbursements Payment Account	 	 	 	
 	 	Beginning Balance	 	$	7,971,177.53	 	
 	 	Plus Deposits	 	$	9,656,436.72	 	
 	 	Less Withdrawals	 	$	(9,506,856.54	)	
 	 	Ending Balance	 	$	8,120,757.71	 	
 	 	 	 	 	 	
4	 	Principal Payment Account - 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Trigger Reserve Deposits	 	$	—	 	
 	 	Plus Weekly Collection Account Deposits	 	$	—	 	
 	 	Plus Any Defective Asset Damages Amount	 	$	—	 	
 	 	Plus Capital Contributions relating to an Optional Redemption	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
5	 	Interest Payment Account & Fee Payment Account 2007-1 & 2007-2 & 2007-3	 	 	 	
 	 	Beginning Balance	 	$	2,240,125.85	 	
 	 	Plus Deposits	 	$	2,301,349.61	 	
 	 	Less Withdrawals	 	$	(2,231,534.18	)	
 	 	Ending Balance	 	$	2,309,941.28	 	
 	 	 	 	 	 	
6	 	Hedge Agreement Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	—	 	
 	 	Plus Deposits	 	$	—	 	
 	 	Less Withdrawals	 	$	—	 	
 	 	Ending Balance	 	$	—	 	
 	 	 	 	 	 	
7	 	Operating Expense Payment Account	 	 	 	
 	 	Beginning Balance	 	$	30,957.46	 	
 	 	Plus Deposits	 	$	15,000.00	 	
 	 	Less Withdrawals	 	$	(14,093.75	)	
 	 	Ending Balance	 	$	31,863.71	 	
 	 	 	 	 	 	
8	 	Insurer Payment Account	 	 	 	
 	 	Beginning Balance	 	$	96,111.11	 	
 	 	Plus Deposits	 	$	116,527.78	 	
 	 	Less Withdrawals	 	$	(96,111.11	)	
 	 	Ending Balance	 	$	116,527.78	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Series 2007-1 $175 Million Notes	 	 	 	 	
Series 2007-2 VFN $25 Million Note	 	 	 	 	
Series 2007-3 $245 Million Notes	 	 	 	 	
 
Reconciliation of Reserve Accounts
 
Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts	 	 	 	
 	 	 	 	
Beginning Balance	 	$	5,572,882	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	5,572,882	 	
 	 	 	 	
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts	 	 	 	
 	 	 	 	
Beginning balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Series 2007-1	 	 	 	
 	 	 	 	
Beginning	 	$	175,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	175,000,000.00	 	
 
Series 2007-3	 	 	 	
 	 	 	 	
Beginning	 	$	245,000,000.00	 	
Amortization	 	 	 	
Ending	 	$	245,000,000.00	 	
 
Series 2007-2	 	 	 	
 	 	 	 	
Beginning	 	$	—	 	
Amortization	 	$	—	 	
Draw Down	 	$	15,000,000.00	 	
Ending	 	$	15,000,000.00	 	
 
Series 2007-2 Draw #1	 	 	 	
 	 	 	 	
Amount	 	$	10,000,000.00	 	
Date	 	5/23/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #2	 	 	 	
 	 	 	 	
Amount	 	$	8,000,000.00	 	
Date	 	6/12/2007	 	
Interest Due	 	$	0.00	 	
 
Series 2007-2 Draw #3	 	 	 	
 	 	 	 	
Amount	 	$	15,000,000.00	 	
Date	 	11/28/2007	 	
Interest Due	 	39,783.33	 	

 
IHOP FRANCHISING LLC, as Issuer	 	 	 	 	
&	 	 	 	 	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Calculation of DSCR
 
Monthly Periods used in calculation of DSCR	 	For the Monthly Payment Date of:	 	July 21, 2008	
 	 	For the Monthly Collection Period of:	 	June	
 
 	 	April	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	13,282,449.07	 	
 	-	Total Monthly DSCR Expenses	 	$	6,514,937.72	 	
 	 	 	 	$	6,767,511.35	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	2,244,671.64	 	
 
 	 	May	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	12,471,747.34	 	
 	-	Total Monthly DSCR Expenses	 	$	6,198,388.18	 	
 	 	 	 	$	6,273,359.16	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	2,328,045.29	 	
 
 	 	June	 	 	 	 	
 	 	 	 	 	 	 	
Adjusted Collections	 	Total Monthly Collections - Related to Collateral	 	$	15,781,641.00	 	
 	-	Total Monthly DSCR Expenses	 	$	6,809,871.26	 	
 	 	 	 	$	8,971,769.74	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	Total Debt Service	 	$	2,417,877.39	 	
 	 	 	 	 	 	
 	Current Payment Date DSCR Ratio	 	 	3.149	 	
 
 	 	 	 	% to Trap (if	 	
 	 	Event Occur?	 	Applicable)	 	
Cash Trapping Event?	 	N	 	0.00	%	
Rapid Amortization Event?	 	N	 	 	 	
Servicer Termination Event / EOD?	 	N	 	 	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
 	 	 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	 	 	
 	 	 	 	 	Operating Lease Expense - (June 2008)	 	9,166	 	
 	 	 	 	 	Annualized Operating Lease Expense (June 2008 * 12)	 	109,993	 	
 	 	 	1	 	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	879,943	 	
 	 	 	 	 	 	 	 	 	
 	+	 	 	 	All Trust Debt	 	2,036,200	 	
 	 	 	 	 	IHOP	 	445,000	 	
 	 	 	 	 	Applebee’s	 	1,591,200	 	
 	 	 	 	 	All Other IHOP Corp Debt	 	168,110	 	
 	 	 	 	 	All Other Applebee’s Corp Debt	 	342,550	 	
 	 	 	2	 	Total Indebtedness	 	2,546,860	 	
 	 	 	 	 	 	 	 	 	
 	 	 	 	 	Total Adjusted Debt	 	3,426,803	 	
 
Denominator	 	 	 	 	 	 	 	 	
 	 	 	1	 	EBITDA	 	356,455	 	
 	+	 	2	 	Operating Lease Expense	 	109,993	 	
 	 	 	 	 	EBITDAR	 	466,448	 	
 
Current Payment Date Leverage Ratio	 	7.35	
Servicer Termination Event?	 	N	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Type I Stores
 
Beginning	 	895	 	
Plus New Stores	 	4	 	
Plus Converted Type II	 	0	 	
Plus Converted Type III	 	0	 	
Less Store Closures	 	3	 	
Ending Balance	 	896	 	
 
Type II Stores
 
Beginning	 	437	 	
Plus New Stores	 	0	 	
Plus Converted Type III	 	0	 	
Less Converted to Type I	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	436	 	
 
Type III Stores
 
Beginning	 	17	 	
Plus New Stores	 	0	 	
Less Stores Converted Out of Type III	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	17	 	
 
 	IHOP System-Wide Sales As of Closing	 	$	2,100,000,000	 	
 	IHOP System-Wide Sales For Last 12 Months	 	$	2,368,512,751	 	
 	Current Sales Greater than or Equal to Sales at Closing	 	YES	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Deposits from Servicer to Collection Account
 
Misdirected Type 1 Payments	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	169,062.81	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	200,015.62	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	369,078.43	 	
 	 	 	 	
Misdirected Type 2 Payments	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	85,360.40	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	85,360.40	 	

 
Deposits from Advertising Account to Collection Account
 
Misdirected Type 1 Payments	 	
A)	 	Franchise Payments	 	$	1,163.98	 	
B)	 	License Payments	 	$	––	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	––	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 1 Collections Received	 	$	1,163.98	 	
 	 	 	 	
Misdirected Type 2 Payments	 	
A)	 	Franchise Payments	 	$	5,749.72	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	1,770.00	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	––	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type Misdirected Type 2 Collections Received	 	$	7,519.72	 	
 	 	 	 	 	 	 	
Deposits To Servicer	 	
 	 	 	 	 	 	 	
From Type 3 Stores	 	
 	 	 	 	 	 	
A)	 	Franchise Payments	 	$	—	 	
B)	 	License Payments	 	$	—	 	
C)	 	Development Payments	 	$	—	 	
D)	 	IHOP Operated Restaurant Licensing Fees	 	$	—	 	
E)	 	IHOP Operated Restaurant Lease Payments	 	$	—	 	
F)	 	Equipment Lease Payments	 	$	—	 	
G)	 	Franchise Note Payments	 	$	—	 	
 	 	 	 	 	 	
H)	 	Lease Payments	 	 	 	
 	 	Owned properties - Franchisee Leases	 	$	—	 	
 	 	Leased properties - Franchisee Sublease	 	$	—	 	
 	 	Total Lease Payments	 	$	—	 	
 	 	 	 	 	 	
I)	 	Insurance Restoration Receipts	 	$	—	 	
J)	 	Training Fees	 	$	—	 	
K)	 	Any 3rd Party Reimbursement Amounts	 	$	—	 	
L)	 	Other	 	$	26,431.51	 	
M)	 	(Less Returns, NSF etc.)	 	$	—	 	
 	 	Total Type 3 Collections Received	 	$	26,431.51	 	

 
IHOP FRANCHISING LLC, as Issuer	 	For the Monthly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
IHOP IP, LLC, as Co Issuer	 	 	 	 	
 
Non Conforming Assets
 
 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
Count	 	Store #	 	Franchisee	 	Store Type	 	Previous
Royalty
Rate	 	Current
Royalty
Rate	 	Annual
Sales	 	Franchisee
Lease
Payments	 	Franchise &
Equipment
Note
Payments	 	Master Lease
Payments	 	Rent Margin	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Additions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	5446 - Waite Park, MN	 	Waite Park Food Corp.	 	1	 	1.500	%	0.250	% 	1,293,365	 	79,280	 	12,430	 	56,100	 	23,180	 	
#2	 	1924 - Live Oak, TX	 	Maraya, Inc.	 	2	 	4.500	%	4.500	% 	2,265,968	 	196,695	 	40,687	 	198,448	 	-1,753	 	
#3	 	1925 - Weatherford, TX	 	Osama Adi	 	1	 	4.500	%	4.500	% 	1,870,153	 	167,491	 	34,855	 	168,506	 	-1,016	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Subtractions:	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	5415 - Aurora, IL	 	Ali Alforookh	 	2	 	4.500	%	4.500	%	1,368,058	 	178,100	 	42,305	 	178,000	 	100	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Listed in prior 12 months (Continues to be non-conforming):	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
#1	 	1616 - N. Las Vegas, NV	 	Craig Road Food Corp.	 	1	 	4.500	%	4.500	% 	2,147,902	 	202,800	 	14,206	 	203,928	 	-1,128	 	
#2	 	1728 - Salem, OR	 	Steven L. Graham	 	2	 	4.500	%	4.500	%	1,428,261	 	161,200	 	33,650	 	166,488	 	-5,288	 	
#3	 	1930 - Baton Rouge, LA	 	1930 B.R., Inc.	 	2	 	4.500	%	4.500	%	2,706,764	 	214,609	 	40,355	 	220,104	 	-5,495	 	
#4	 	3109 - Willoughby, OH *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	1,306,271	 	0	 	0	 	0	 	0	 	
#5	 	3134 - Lexington, KY *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,001,160	 	0	 	0	 	0	 	0	 	
#6	 	3135 - Clarksville, IN *	 	River Road Restaurants, LLC	 	1	 	4.500	%	0.000	%	2,290,307	 	0	 	0	 	0	 	0	 	
#7	 	3170 - Cleveland, OH *	 	River Road Restaurants, 3170, LLC	 	1	 	4.500	%	0.000	%	1,624,461	 	0	 	0	 	0	 	0	 	
#8	 	4771 - Rochester, NY	 	Banana Nutz, Inc.	 	2	 	4.500	%	4.500	%	1,678,606	 	223,600	 	40,431	 	224,988	 	-1,388	 	
#9	 	5327 - La Vista, NE	 	Ashoori, Farshad Dan	 	1	 	1.500	%	0.250	%	829,013	 	132,623	 	16,113	 	152,975	 	-20,352	 	
#10	 	5328 - St. Peters, MO	 	Sara Inc.	 	2	 	4.500	%	4.500	%	2,066,503	 	200,200	 	42,552	 	208,146	 	-7,946	 	
#11	 	5330 - Shawnee, KS	 	Amjad M. Fraitekh	 	2	 	4.500	%	4.500	%	1,737,843	 	176,800	 	35,713	 	180,540	 	-3,740	 	
#12	 	5339 - Springfield, MO	 	5339, Inc.	 	2	 	4.500	%	4.500	%	1,973,456	 	213,200	 	42,155	 	221,066	 	-7,866	 	
12	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Previously Subtracted in prior 12 months:	 	
#1	 	409 - Norcross, GA	 	Pancakes and More, LLC	 	2	 	4.500	%	4.500	% 	1,785,689	 	144,842	 	0	 	125,349	 	19,494	 	
#2	 	777 - Long Beach, CA	 	Long Beach Pancakes, Inc.	 	2	 	4.500	%	4.500	% 	1,511,343	 	129,404	 	19,994	 	127,536	 	1,868	 	

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

 
IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008	
&	For the Monthly Collection Period of:	June	
IHOP IP, LLC, as Co Issuer	 	 	
 
Type I Property Lease Credit Agreement
 
Type I Property Lease Credit Agreement Loan	 	 	 	
Beginning	 	77,058,215.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	70.00	%	
Maximum Loan Amount	 	$	350,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Type I Property Lease Credit Agreement Intercompany Loan	 	 	 	
Beginning	 	$	77,058,215.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	77,058,215.00	 	
 
Owned Real Property  Credit Agreement
 
Owned Real Property Credit Agreement Loan	 	 	 	
Beginning	 	96,945,000.00	 	
Less Amortization	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	
 	 	 	 	
Aggregate Asset Valuation Amount	 	$	500,000,000.00	 	
Advance Cap	 	85.00	%	
Maximum Loan Amount	 	$	425,000,000.00	 	
Early Amortization Event?	 	NO	 	
Interest Owed	 	 	 	
 	 	 	 	
Owned Real Property Credit Agreement Intercompany Loan	 	 	 	
Beginning	 	$	96,945,000.00	 	
Less Repayment	 	$	—	 	
Less any Loan Foregiveness	 	$	—	 	
Plus Any Advances	 	$	—	 	
Plus Any New Loans	 	$	—	 	
Ending	 	$	96,945,000.00	 	

Exhibit 99.5
 
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
For the Payment Date of:	 	April 21, 2008	 	
For the Monthly Collection Period of:	 	March	 	
 
 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	
Total:	 	$	1,869,000,000	 	$	1,869,000,000	 	
Series 2007-1 A-1-A	 	$	22,500,000	 	$	22,500,000	 	
Series 2007-1 A-1-X	 	$	52,500,000	 	$	52,500,000	 	
Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	350,000,000	 	
Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	 	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o Yes     x No	 	
 	 	 	 	 	
2)	 	Rapid Amortization Event occurred and continuing	o Yes     x No	 	
 	 	 	 	
Cause of Rapid Amortization (if any):	 	
a)	 	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	 	
b)	 	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	 	
c)	 	Servicer Termination Event has occurred	o	 	
d)	 	Event of Default has occurred	o	 	
e)	 	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	 	
 	 	 	 	 	
 	 	Rapid Amortization DSCR One Time Cure Right Available	x Yes     o No	 	
 	 	 	 	 	
3)	 	Event of Default	o Yes     x No	 	

 	 	Current Payment Date	 	Last Payment Date	 	
Current 3-Month AdjustedDSCR	 	2.704	 	2.354	 	
Current 3-Month DSCR	 	2.200	 	2.027	 	
Current 12-Month AdjustedDSCR	 	N/A	 	N/A	 	
Current 12-Month DSCR	 	N/A	 	N/A	 	
U.S. 12-Month System-Wide Sales	 	4,539,400,282	 	4,543,188,973	 	
Weighted Average Royalty Rate	 	3.94	%	3.95	%	
Change in Franchised Stores	 	5	 	6	 	
Change in Company Owned Stores	 	0	 	1	 	

 
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	399,555.56	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	9,881,682.71	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	$	861,217.54	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - March 2008	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	466,333.33	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s March 2008 premiums	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	86,345.57	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Reserve to Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579602	 	$	8,079.72	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579603	 	$	361.92	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579609	 	$	668.63	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579600	 	$	25.08	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Collection Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	21,568,758.91	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee’s	 	51-20314	 	March 2008 Residual	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	33,285,528.97	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
For the Payment Date of:	 	April 21, 2008	 	
For the Monthly Collection Period of:	 	March	 	
 
Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
Franchisees	
A)	Franchise Payments from Third Party Franchisees	 	 	 	 	 	
Royalty Payment	 	$	11,323,688	 	Yes	 	
Initial Franchise Fees	 	$	(17,500	)	 	 	
Transfer Fees	 	$	—	 	 	 	
Renewal Fees	 	$	—	 	 	 	
Licensing Fees payable to Third parties	 	$	—	 	 	 	
Advertising Fees paid into the Concentration Account	 	$	—	 	 	 	
Total Franchise Payments from Third Party Franchisees	 	$	11,306,188	 	 	 	
 	 	 	 	 	 	
B)	Development Payments	 	$	—	 	 	 	
C)	Lease Payments	 	 	 	 	 	
Owned properties - Franchisee Leases	 	$	—	 	 	 	
Leased properties - Franchisee Sublease	 	$	—	 	 	 	
Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	
I)	Insurance Proceeds	 	$	 —	 	 	 	
J)	Training Fee s	 	$	 75,997	 	 	 	
K)	Any other Third Party Reimbursement Amounts	 	$	 —	 	 	 	
L)	Other	 	$	 218,512	 	Yes	 	
M)	Any andvance payments from Third Party Franchisees	 	$	 —	 	 	 	
N)	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
Franchisee Collections Received	 	$	11,600,697	 	 	 	
 	 	 	 	 	 	
From Restaurant Holder Accounts	
A)	All Store Revenue - Cash Purchase	 	$	41,554,522	 	Yes	 	
 I)	Insurance Restoration Receipts	 	$	—	 	 	 	
Restaurant Holder Collections Received	 	$	41,554,522	 	 	 	
 	 	 	 	 	 	
From Credit Card Accounts	
A)	All Store Revenue - Credit Card Purchase	 	$	76,213,314	 	Yes	 	
Credit Card Collections Received	 	$	76,213,314	 	 	 	
 	 	 	 	 	 	
From Gift Card Reserve Account	
A)	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	5,878,372	 	Yes	 	
B)	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
Credit Card Collections Received	 	$	5,878,372	 	 	 	
 	 	 	 	 	 	
Other	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	Investment Income from all other Accounts (as applicable)	 	$	91,534	 	 	 	
B)	(Less investment expenses and net losses)	 	$	—	 	 	 	
Net Investment Income	 	$	91,534	 	Yes	 	
C)	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	Any other Amounts owed relating to the Collateral	 	$	185,045	 	Yes	 	
E)	Vendor Rebates	 	$	768,499	 	Yes	 	
F)	IHOP Residual Amount	 	$	8,281,604	 	Yes	 	
G)	Any Equity contributions	 	$	—	 	Yes	 	
H)	Loan from Applebee’s Franchising, LLC	 	$	—	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	Asset Disposition Amounts	 	$	—	 	 	 	
J)	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
Total “Other” Collections Received	 	$	9,326,682	 	 	 	
 	 	 	 	 	 	
Misdirected Funds	
 	A)	Funds deposited to Cencentration Account in Error	 	$	1,327,962	 	 	 	
 	 	 	 	 	 	
Total Monthly monies collected (Inc. Excluded Amts)	 	$	145,901,549	 	 	 	
Gross Monthly Collections	 	$	144,515,090	 	 	 	

 
Applebee’s Enterprises LLC as Issuer	For the Payment Date of:	 	April 21, 2008	 	
And	For the Monthly Collection Period of:	 	March	 	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
A)  Restaurant Sales	 	 	 	
Restaurant Gross Receipts Deposited into the Concentration Account	 	$	123,646,208	 	
Less: Gift Card Sales transferred to Gift Card Account	 	$	(1,429,897	)	
Less: Sales Tax transferred to Sales Tax Account	 	$	(8,311,807	)	
Restaurant Sales	 	$	113,904,504	 	
 	 	 	 	
B)  Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
Food and Beverage	 	$	33,508,296	 	
Labor	 	$	35,860,726	 	
Utilities	 	$	4,662,158	 	
Other Controllables (including local advertising costs)	 	$	9,812,893	 	
Occupancy Costs	 	$	2,659,510	 	
Other Non-Controllables	 	$	2,148,509	 	
Less: Vendor Rebates	 	$	(768,499	)	
Subtotal of Operating Expenses Attributable	 	$	87,883,593	 	
 	 	 	 	
Weight Watcher fees (paid to 3rd party account)	 	$	97,704	 	
Advertising (payable to the Advertising Reserve Account)	 	$	3,180,330	 	
Lease Payments payable to the Lease Payment Account	 	$	—	 	
 	 	 	 	
Total Expenses	 	$	91,161,627	 	
 	 	 	 	
C)  Restaurant Holder Profits	 	$	22,742,877	 	
Percentage of Monthly Sales	 	19.97	%	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	April 21, 2008	 	
And	 	For the Monthly Collection Period of:	 	March	 	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	 	
 
 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Week 5	 	Totals	 	
Beginning Concentration Account Balance	 	$	29,539,681	 	$	34,358,433	 	$	38,076,277	 	$	50,753,731	 	$	32,552,019	 	$	29,539,681	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	28,478,978	 	$	26,531,439	 	$	31,320,548	 	$	32,477,943	 	$	27,092,641	 	$	145,901,549	 	
Other Cash Deposits	 	$	(42,067	)	$	(151,692	)	$	255,603	 	$	(1,238,778	)	$	(151,028	)	$	(1,327,962	)	
Total Cumulative Weekly Collections	 	$	28,478,978	 	$	26,531,439	 	$	31,320,548	 	$	32,477,943	 	$	27,092,641	 	$	145,901,549	 	
Total Cumulative IHOP Residual Amounts Received	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	19,036,156	 	$	18,201,841	 	$	14,433,302	 	$	18,695,273	 	$	18,285,520	 	$	88,652,092	 	
Prior Monthly Waterfall Payments	 	 	 	 	 	 	 	$	26,241,619	 	$	—	 	$	26,241,619	 	
Prior Month weekly waterfall payments	 	$	3,298,062	 	 	 	 	 	 	 	 	 	$	3,298,062	 	
Prior Weekly Waterfall Payments	 	 	 	$	3,320,104	 	$	3,415,098	 	$	3,487,149	 	$	3,535,327	 	$	13,757,678	 	
Prior week gift card redemptions due to Restaurant Holders	 	$	1,283,941	 	$	1,139,958	 	$	1,050,297	 	$	1,016,836	 	$	904,105	 	$	5,395,137	 	
Total expended and committed funds	 	$	23,618,159	 	$	22,661,903	 	$	18,898,697	 	$	49,440,877	 	$	22,724,952	 	$	137,344,588	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	34,358,433	 	$	38,076,277	 	$	50,753,731	 	$	32,552,019	 	$	36,768,680	 	$	50,526,358	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
I)	To the Operating Expense Account Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	A	Accrued and unpaid Govt. Taxes	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	B	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
II)	To the Sales Tax Account	 	$	1,678,596	 	$	1,670,259	 	$	1,685,011	 	$	1,600,343	 	$	1,677,598	 	$	8,311,807	 	
 	A	Sales taxes payable	 	$	1,678,596	 	$	1,670,259	 	$	1,685,011	 	$	1,600,343	 	$	1,677,598	 	$	8,311,807	 	
 	B	Any sales tax owed but not paid in accordance with II) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
III)	To the Lease Payment Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	A	1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	B	Any Lease Payment owed but not paid in accordance with III) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
IV)	To the Gift Card Reserve Account	 	$	(873,392	)	$	(766,094	)	$	(715,170	)	$	(597,318	)	$	(465,540	)	$	(3,417,514	)	
 	A	Gift Card Sales payable to ACMC	 	$	266,566	 	$	284,203	 	$	301,666	 	$	306,787	 	$	270,675	 	$	1,429,897	 	
 	B	ACMC Gift Card Redemptions due to restaurant holders	 	$	(1,139,958	)	$	(1,050,297	)	$	(1,016,836	)	$	(904,105	)	$	(736,215	)	$	(4,847,411	)	
 	C	Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
V)	To the Third Party Licensing Fee Account	 	$	20,079	 	$	20,160	 	$	20,307	 	$	17,684	 	$	19,474	 	$	97,704	 	
 	A	Accrued and unpaid licensing or royalties fees payable to third parties	 	$	20,079	 	$	20,160	 	$	20,307	 	$	17,684	 	$	19,474	 	$	97,704	 	
 	B	Any licensing fees owed but not paid in accordance with V) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VI)	To the Advertising Fees Account	 	$	639,082	 	$	638,523	 	$	644,751	 	$	620,312	 	$	637,662	 	$	3,180,330	 	
 	A	Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	639,082	 	$	638,523	 	$	644,751	 	$	620,312	 	$	637,662	 	$	3,180,330	 	
 	B	Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VII)	To the Operating Expense Account	 	$	3,489	 	$	—	 	$	—	 	$	24,556	 	$	—	 	$	28,045	 	
 	A	Previously accrued and unpaid Operating Expenses	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	B	Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	3,489	 	$	—	 	$	—	 	$	24,556	 	$	—	 	$	28,045	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VIII)	To the Servicer	 	$	1,852,250	 	$	1,852,250	 	$	1,852,250	 	$	1,869,750	 	$	1,852,250	 	$	9,278,750	 	
 	A	Weekly Servicing Fee	 	$	1,852,250	 	$	1,852,250	 	$	1,852,250	 	$	1,852,250	 	$	1,852,250	 	$	9,261,250	 	
 	B	Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	C	Residual Certificates paid to Servicer	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	D	Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	—	 	$	—	 	$	—	 	$	17,500	 	$	—	 	$	17,500	 	
 	E	Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Cumulative Total Weekly Allocations	 	$	3,320,104	 	$	3,415,098	 	$	3,487,149	 	$	3,535,327	 	$	3,721,444	 	$	17,479,122	 	
Less: Non-DSCR Expense	 	$	(1,139,958	)	$	(1,050,297	)	$	(1,016,836	)	$	(886,605	)	$	(736,215	)	$	(4,829,911	)	
DSCR Expenses in Weekly Allocations	 	$	4,460,062	 	$	4,465,395	 	$	4,503,985	 	$	4,421,932	 	$	4,457,659	 	$	22,309,033	 	
Ending Concentration Account balance	 	$	31,038,329	 	$	34,661,179	 	$	47,266,582	 	$	29,016,692	 	$	33,047,237	 	$	33,047,237	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	April 21, 2008	
And	 	For the Monthly Collection Period of:	March	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	
 
 	 	 	 	Amount Owed	 	Collections
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	 	$	33,047,236.62	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Interest Earnings on the Servicing accounts to be distributed	 	$	42,310.58	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	$	100,500.85	 	 	 	$	33,190,048.05	 	
 	 	 	 	 	 	 	 	
Total Amount to be distributed	 	$	33,190,048.05	 	 	 	 	 	
 	 	 	 	 	 	 	 	
I	 	To the Operating Expense Account*	 	 	 	$	 0.00	 	$	33,190,048.05	 	
 	 	i	Accrued and unpaid Govt. Taxes	 	 	 	$	0.00	 	 	 	
 	 	ii	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
II	 	To Sales Tax Account	 	 	 	 	 	 	 	
 	 	i	Accrued plus unpaid Sales Taxes	 	 	 	$	 0.00	 	$	33,190,048.05	 	
 	 	 	 	 	 	 	 	 	 	 	
III	 	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)**	 	 	 	$	0.00	 	$	33,190,048.05	 	
 	 	i	Insurance Proceeds Amount	 	 	 	$	0.00	 	 	 	
 	 	ii	Asset Disposition Prepayment Amount	 	 	 	$	0.00	 	 	 	
 	 	iii	Indemnification Amount	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
IV	 	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	
 	 	 	Previously accrued and unpaid Operating Expenses	 	 	 	$	0.00	 	$	33,190,048.05	 	
 	 	 	 	 	 	 	 	 	 	 	
V	 	 	 	 	 	 	 	 	 	 	
 	A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	 	Senior Notes Monthly Interest Amount	 	 	 	$	9,881,682.71	 	$	23,308,365.34	 	
 	B	To the Insurer Premiums Account	 	 	 	 	 	 	 	
 	 	 	Accrued Insurer Premium Amount	 	 	 	$	466,333.33	 	$	22,842,032.01	 	
 	C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	
 	 	 	Class A-1 Monthly Commitment Fees Amount	 	 	 	$	399,555.56	 	$	22,442,476.45	 	
 	D	To the Hedge Payment Account	 	 	 	 	 	 	 	
 	 	 	Hedge Payment Amount (excluding any termination payments)	 	 	 	$	0.00	 	$	22,442,476.45	 	
 	 	 	 	 	 	 	 	 	 	 	
VI	 	To each Insurer	 	 	 	 	 	 	 	
 	 	 	Insurer Expense Amount	 	 	 	$	0.00	 	$	22,442,476.45	 	
 	 	 	 	 	 	 	 	 	 	 	
VII	 	To each Insurer	 	 	 	 	 	 	 	
 	 	 	Insurer Reimbursement Amount	 	 	 	$	0.00	 	$	22,442,476.45	 	
 	 	 	 	 	 	 	 	 	 	 	
VIII	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	 	Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	$	12,500.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
IX	 	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	
 	 	 	Senior Notes Interest Reserve Deficit Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
X	 	To the Servicer	 	 	 	 	 	 	 	
 	 	 	Any Supplemental Servicing Fee	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XI	 	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	 	Any Partial Amortization Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XII	 	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	
 	 	 	Any Cash Trap Reserve Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XIII	 	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	 	The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XIV	 	To the Operating Expense Account	 	 	 	 	 	 	 	
 	 	 	Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XV	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	 	Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XVI	 	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	 	Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XVII	 	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	 	Any Partial Amortization Amount	 	 	 	$	0.00	 	$	22,429,976.45	 	
 	 	 	 	 	 	 	 	 	 	 	
XVIII	 	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	 	Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	$	861,217.54	 	$	21,568,758.91	 	
XIX	 	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	 	All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	 	 	 	 	 	 	 	 	 	
XX	A	To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	
 	 	 	Class A-1 Excess Interest Amount	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	 	Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	 	 	 	 	 	 	 	 	 	
XXI	 	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	 	Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	 	 	 	 	 	 	 	 	 	
XXII	 	To Hedge Payment Account	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	i	Any accrued and unpaid Series Hedge Payment	 	 	 	$	0.00	 	 	 	
 	 	ii	Any other amounts payable to a Hedge Counterparty	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	
XXIII	 	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	
 	 	 	Monthly Aggregate Extension Prepayment Amount	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	 	 	 	 	 	 	 	 	 	
XXIV	 	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	i	Lessor of	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	 	(i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	
 	 	 	(ii) Residual Threshold Amount	 	 	 	 	 	 	 	
 	 	ii	Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm])	 	 	 	$	0.00	 	$	21,568,758.91	 	
 	 	 	 	 	 	 	 	 	 	 	
XXV	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	
 	 	 	All Remaining Funds	 	 	 	$	21,568,758.91	 	$	0.00	 	
Debt Service Payents remitted during December	 	 	 	 	 	 	 	

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

 
1) Equity Contributions Made During Last 3 Months up to Maximum of 2
 
Date
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	 	 	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	April 21, 2008	
And	 	For the Monthly Collection Period of:	 	March	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
 
Series 2007-1 Senior Interest Reserve Account
 
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve (1)	 	
Series 2007 - 1 A-1-A	 	30,000,000	 	7.2725	%	0.7500	%	601,688	 	
Series 2007 - 1 A-2-II-A	 	675,000,000	 	6.4267	%	0.7500	%	12,110,681	 	
 	 	 	 	 	 	 	 	12,712,369	 	
 
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	70,000,000	 	7.9225	%	n/a	 	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	350,000,000	 	7.2836	%	n/a	 	6,373,150	 	
Series 2007 - 1 A-2-II-X	 	650,000,000	 	7.0588	%	n/a	 	11,470,550	 	
Series 2007-1 M-1	 	119,000,000	 	8.4044	%	n/a	 	0	 	
 	 	 	 	 	 	 	 	19,230,138	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Reserve required	 	31,942,506	 	
 
 	 	 	 	Beginning Balance	 	$	32,058,973	 	
 	 	 	 	Plus Deposits	 	$	86,346	 	
 	 	 	 	Less Withdrawals	 	$	(116,467	)	
 	 	 	 	Ending Balance	 	$	32,028,852	 	
 	 	 	 	 	 	 	 	
 	 	 	 	Excess(Deficit)	 	$	86,346	 	
 
Series 2007-1 Senior Cash Trap Account
 
 	 	 	 	Beginning Balance	 	$	—	 	
 	 	 	 	Plus Deposits	 	$	—	 	
 	 	 	 	Less Withdrawals	 	$	—	 	
 	 	 	 	Ending Balance	 	$	—	 	
 	 	 	 	Required Amount	 	$	—	 	
 	 	 	 	Deposit Required	 	$	—	 	

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

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	April 21, 2008	
And	 	For the Monthly Collection Period of:	 	March	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
 	 	For the Payment Date of:	 	April 21, 2008	
 	 	For the Monthly Collection Period of:	 	March	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	 	 	 	 	
March	 	
Retained Collections	 	$	—	 	$	55,862,998	 	
 	 	- Total Monthly DSCR Expenses	 	$	22,075,379	 	
 	 	 	 	$	33,787,620	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,760,072	 	
 	 	 	 	 	 	
February	 	
Retained Collections	 	$	—	 	$	43,781,248	 	
 	 	- Total Monthly DSCR Expenses	 	$	18,342,852	 	
 	 	 	 	$	25,438,396	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,375,235	 	
 	 	 	 	 	 	
January	 	
Retained Collections	 	$	—	 	$	42,505,829	 	
 	 	- Total Monthly DSCR Expenses	 	$	18,012,400	 	
 	 	 	 	$	24,493,429	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	9,824,974	 	
 	 	 	 	 	 	
Current Payment Date Adjusted DSCR Ratio	 	2.704	 	
 
 	 	Event Occur?	 	% to Trap (if
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:	 	April 21, 2008	
 	 	For the Monthly Collection Period of:	 	March	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	 	 	 	 	
March	 	
Retained Collections	 	$	—	 	$	47,581,394	 	
 	-	Total Monthly DSCR Expenses	 	$	22,075,379	 	
 	 	 	 	$	25,506,016	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,760,072	 	
 	 	 	 	 	 	
February	 	
Retained Collections	 	$	—	 	$	40,419,893	 	
 	-	Total Monthly DSCR Expenses	 	$	18,342,852	 	
 	 	 	 	$	22,077,041	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,375,235	 	
 	 	 	 	 	 	
January	 	
Retained Collections	 	$	—	 	$	38,551,608	 	
 	-	Total Monthly DSCR Expenses	 	$	18,012,400	 	
 	 	 	 	$	20,539,208	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	9,824,974	 	
 	 	 	 	 	 	
Current Payment Date DSCR Ratio	 	2.200	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	April 21, 2008	
And	 	For the Monthly Collection Period of:	 	March	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	
 	Operating Lease Expense - (Current Month)	 	10,295	 	
 	Annualized Operating Lease Expense	 	123,535	 	
1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	988,278	 	
 	 	 	 	 	
      +	All Trust Debt	 	2,339,000	 	
 	IHOP	 	445,000	 	
 	Applebees	 	1,894,000	 	
 	All other Applebee’s Corporate Debt	 	3,674	 	
 	All Other IHOP Corp Debt	 	169,512	 	
2	Total Indebtedness	 	2,512,186	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,500,465	 	
 	 	 	 	 	
Denominator	 	 	 	 	
1	EBITDA	 	364,340	 	
+     2	Operating Lease Expense	 	123,535	 	
 	EBITDAR	 	487,875	 	
 	 	 	 	 	
 	Consolidated Leverage Ratio	 	7.17	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	April 21, 2008	
And	 	For the Monthly Collection Period of:	 	March	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Company Owned Stores in U.S.	
 	 	 	 	
Beginning	 	510	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	510	 	
 	 	 	 	
Franchised Stores in U.S.	
 	 	 	 	
Beginning	 	1,357	 	
Plus New Stores	 	4	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	1,360	 	
 	 	 	 	
Company Owned Stores outside of U.S.	
 	 	 	 	
Beginning	 	1	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	1	 	
 	 	 	 	
Franchised Stores outside of U.S.	
 	 	 	 	
Beginning	 	113	 	
Plus New Stores	 	2	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	115	 	
 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,539,400,282	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.94	%	

 
Applebees Enterprises	 	For the Payment Date of:	 	April 21, 2008	
LLC as Issuer	 	For the Monthly Collection Period of:	 	March	
&	 	 	 	 	
Applebee’s IP LLC &
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	 	3/13/2008	 	 	 	
LIBOR	 	2.8900	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	5.0950	%	 	 	
Interest Due This Period	 	$	22,291	 	 	 	
Cumulative Interest Due	 	$	54,134	 	17 days	 	
 	 	 	 	 	 	
Series 2007-1 A-1 -X Draw #1	
 	 	 	 	 	 	
Amount	 	$	52,500,000	 	 	 	
Date	 	3/13/2008	 	 	 	
LIBOR	 	2.8900	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	5.7450	%	 	 	
Interest Due This Period	 	$	58,647	 	 	 	
Cumulative Interest Due	 	$	142,428	 	17 days	 	

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	April 21, 2008	
&	 	For the Monthly Collection Period of:	March	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	
 	 	 	
Reconciliation of Indenture Trust Accounts - March	 	 	
 
 	 	 	 	w/e 3/2/2008	 	w/e 3/9/2008	 	w/e 3/16/2008	 	w/e 3/23/2008	 	w/e 3/30/2008	 	
1	 	Concentration Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	29,539,681	 	34,358,434	 	38,076,277	 	50,753,731	 	32,552,019	 	
 	 	Plus Deposits	 	28,478,978	 	26,531,439	 	31,320,548	 	32,477,943	 	27,092,641	 	
 	 	Less Withdrawals	 	(23,660,225	)	(22,813,596	)	(18,643,094	)	(50,679,655	)	(22,875,980	)	
 	 	Ending Balance	 	34,358,434	 	38,076,277	 	50,753,731	 	32,552,019	 	36,768,680	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2	 	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	3,489	 	3,489	 	3,489	 	
 	 	Plus Deposits	 	0	 	3,489	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	3,489	 	3,489	 	3,489	 	3,489	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3	 	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	8,659,325	 	9,993,229	 	10,414,075	 	10,536,387	 	8,643,989	 	
 	 	Plus Company Store Contribution	 	1,748,809	 	1,678,596	 	1,670,259	 	1,685,011	 	1,617,717	 	
 	 	Plus: Excluded Asset deposits	 	28,574	 	11,101	 	10,488	 	11,887	 	39,893	 	
 	 	Other deposits	 	0	 	25,031	 	0	 	0	 	 	 	
 	 	Less Withdrawals	 	(443,479	)	(1,293,882	)	(1,558,435	)	(3,589,296	)	(689,632	)	
 	 	Ending Balance	 	9,993,229	 	10,414,075	 	10,536,387	 	8,643,989	 	9,611,968	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
4	 	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
5	 	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	568,685	 	11,300,661	 	10,435,164	 	10,218,204	 	9,971,208	 	
 	 	Plus Deposits	 	12,015,917	 	757,696	 	833,337	 	819,089	 	796,146	 	
 	 	Less Withdrawals	 	(1,283,941	)	(1,623,193	)	(1,050,297	)	(1,066,085	)	(904,105	)	
 	 	Ending Balance	 	11,300,661	 	10,435,164	 	10,218,204	 	9,971,208	 	9,863,250	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
6	 	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	468,023	 	518,562	 	539,669	 	650,537	 	755,269	 	
 	 	Plus: Deposits	 	31,560	 	919	 	90,599	 	84,306	 	15,267	 	
 	 	Plus Company Store Contribution	 	18,979	 	20,079	 	20,160	 	20,307	 	17,684	 	
 	 	Plus: Excluded Asset deposits	 	0	 	109	 	109	 	119	 	93	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	 	 	
 	 	Ending Balance	 	518,562	 	539,669	 	650,537	 	755,269	 	788,314	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
7	 	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	8,814,735	 	10,601,126	 	11,222,423	 	14,395,354	 	12,959,693	 	
 	 	Plus: Direct Deposits	 	1,215,325	 	(21,816	)	3,216,171	 	3,421,814	 	1,276,189	 	
 	 	Plus Company Store Contribution	 	659,346	 	639,082	 	638,523	 	644,751	 	620,312	 	
 	 	Plus: Excluded Store Deposits	 	4,523	 	4,031	 	3,953	 	4,256	 	3,822	 	
 	 	Less Withdrawals	 	(92,803	)	0	 	(685,716	)	(5,506,482	)	(8,389,615	)	
 	 	Ending Balance	 	10,601,126	 	11,222,423	 	14,395,354	 	12,959,693	 	6,470,401	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
8	 	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
9	 	Indemnification / Insurance proceeds / Asset Disposition Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	 	 	0	 	 	 	 	 	 	 	
 	 	Less Withdrawals	 	 	 	0	 	0	 	 	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
10	 	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	2,006,974	 	2,006,974	 	2,012,439	 	2,012,439	 	2,005,465	 	
 	 	Plus Deposits	 	0	 	5,465	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(6,974	)	0	 	
 	 	Ending Balance	 	2,006,974	 	2,012,439	 	2,012,439	 	2,005,465	 	2,005,465	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
11	 	Collateral Account (a)	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	26,095,017	 	20,798,676	 	20,798,676	 	26,147,376	 	27,147,376	 	
 	 	Plus Deposits	 	52,359	 	 	 	5,348,700	 	1,000,000	 	0	 	
 	 	Less Withdrawals	 	(5,348,700	)	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	20,798,676	 	20,798,676	 	26,147,376	 	27,147,376	 	27,147,376	 	

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

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	April 21, 2008	
&	 	For the Monthly Collection Period of:	March	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	
 	 	 	
Reconciliation of Indenture Trust Accounts - weekly For	 	 	
 
 	 	 	 	w/e 3/2/2008	 	w/e 3/9/2008	 	w/e 3/16/2008	 	w/e 3/23/2008	 	w/e 3/30/2008	 	
12	 	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	10,034	 	10,034	 	10,059	 	10,059	 	10,025	 	
 	 	Plus Deposits	 	0	 	25	 	 	 	89,606	 	 	 	
 	 	Less Withdrawals	 	0	 	0	 	 	 	(89,640	)	 	 	
 	 	Ending Balance	 	10,034	 	10,059	 	10,059	 	10,025	 	10,025	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
13	 	Collection Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	890	 	890	 	5,910	 	5,910	 	5,021	 	
 	 	Plus Deposits	 	0	 	5,020	 	0	 	26,490,835	 	 	 	
 	 	Less Withdrawals	 	0	 	0	 	 	 	(26,491,724	)	 	 	
 	 	Ending Balance	 	890	 	5,910	 	5,910	 	5,021	 	5,021	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
14	 	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	39,189	 	39,189	 	46,269	 	46,269	 	8,080	 	
 	 	Plus Deposits	 	0	 	8,080	 	 	 	9,562,919	 	 	 	
 	 	Less Withdrawals	 	0	 	(1,000	)	 	 	(9,601,108	)	0	 	
 	 	Ending Balance	 	39,189	 	46,269	 	46,269	 	8,080	 	8,080	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
15	 	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	1,691	 	1,691	 	2,053	 	2,053	 	362	 	
 	 	Plus Deposits	 	0	 	362	 	 	 	422,615	 	 	 	
 	 	Less Withdrawals	 	0	 	0	 	 	 	(424,306	)	 	 	
 	 	Ending Balance	 	1,691	 	2,053	 	2,053	 	362	 	362	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
16	 	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	389,701	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(389,701	)	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
17	 	Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
18	 	Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	32,058,973	 	32,058,973	 	32,145,319	 	32,145,319	 	32,028,852	 	
 	 	Plus Deposits	 	0	 	86,346	 	 	 	 	 	 	 	
 	 	Less Withdrawals	 	0	 	0	 	 	 	(116,467	)	 	 	
 	 	Ending Balance	 	32,058,973	 	32,145,319	 	32,145,319	 	32,028,852	 	32,028,852	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
19	 	Senior Notes Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
20	 	Subordinated Note Interest Payment Acount	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	2,228	 	2,228	 	3,897	 	3,897	 	669	 	
 	 	Plus Deposits	 	0	 	1,669	 	 	 	0	 	 	 	
 	 	Less Withdrawals	 	0	 	0	 	 	 	(3,228	)	 	 	
 	 	Ending Balance	 	2,228	 	3,897	 	3,897	 	669	 	669	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
21	 	Subordinated Note Principal Payment Acount	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
22	 	Subordinated Note Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
23	 	Hedge Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
24	 	Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
25	 	Series 2007-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
26	 	Series 2007-1 AI Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
27	 	Series 2007-1 A2IDistribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
28	 	Series 2007-1 A2II Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
29	 	Series 2007-1 Class M-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
30	 	Senior Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	0	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	0	 	0	 	0	 	0	 	0	 	

 
Asset Dispositions
 
After-Tax Net Proceeds Received in Monthly Collection Period	 	$	—	 	
Pro-Forma EBITDAR Consolidated Leverage Ratio	 	7.17	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no)	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	—	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	—	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	—	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
Senior ABS Leverage Ratio(Sr APPB Sec Debt/ Securitization EBITDA)	 	 	%	
assumes that variable funding notes are fully drawn	 	 	 	
 
Insurance Proceeds
 
Insurance Proceeds Received in Monthly Collection Period	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	941,322	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	 	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	941,322	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 
Reinvested Amounts
 
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	—	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	—	 	
 
Pro-Forma Consolidated Leverage Ratio
 
 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	
 	 	 	Operating Lease Expense - (current Month)	 	$	10,295	 	
 	 	 	Annualized Operating Lease Expense	 	$	123,535	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	$	988,278	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	2,339,000	 	
 	 	 	IHOP	 	$	445,000	 	
 	 	 	Applebees	 	$	1,894,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	3,674	 	
 	 	 	All Other IHOP Corp Debt	 	$	169,512	 	
 	 	2	Total Indebtedness	 	$	2,512,186	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	3,500,465	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	364,340	 	
 	+	2	Operating Lease Expense	 	$	123,535	 	
 	 	 	EBITDAR	 	$	487,875	 	
 	 	 	 	 	 	 	
 	 	 	Consolidated Leverage Ratio	 	7.17	 	
 	 	 	 	 	 	 	
 	 	 	Pro-Forma EBITDA	 	$	364,340	 	
 	 	 	Pro-Forma EBITDAR Leverage Ratio	 	7.17	 	
 	 	 	 	 	 	 	
 	 	 	After-Tax Net Proceeds Received in Monthly Collection Period	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	 	 	 	
 	 	 	Pro-Forma EBITDAR Leverage Ratio	 	7.17	 	

 
Applebees Enterprises LLC as	 	 	 	
Issuer	 	For the Payment Date of:	April 21, 2008	
&	 	For the Monthly Collection Period of:	March	
Applebee’s IP LLC & The
Restaurant Holders as Co-
Issuers	 	 	 	
 
Non-trust deposits to Concentration Account
Amounts Previously Transferred
 
A)	Advertising fees paid into the concentration account	 	$	2,166,108	 	
B)	Reimbursement of G&A costs	 	$	233,496	 	
C)	Weight Watchers	 	$	18,543	 	
D)	Miscellaneous	 	$	144,536	 	
 	 	 	 	
Total Misdirected funds deposited to Concentration Account	 	$	2,562,683	 	
 	 	 	 	
Less:	 	 	 	
Royalty deposits to a non-trust account (1)	 	$	(1,234,721	)	
 	 	 	 	
Net Misdirected funds - March	 	$	1,327,962	 	

(1) Funds transferred to Concentration account March 20, 2008

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	April 21, 2008	
And	 	For the Monthly Collection Period of:	 	March	
Applebee’s IP LLC & The Restaurant Holders as Co-	 	 	 	 	
Issuers	 	 	 	 	
 
Non Conforming Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Count	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Bucket	 	0	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	Most Recent Annual	 	Most Recent Annual	 	
 	 	 	 	 	 	Store #	 	Franchisee	 	Store Type	 	Reason	 	Previous
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
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	For the Payment Date of:	May 20, 2008	 	
 	 	For the Monthly Collection Period of:	April	 	
 
 	 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	 	
 	Total:	 	$	1,869,000,000	 	$	1,869,000,000	 	
 	Series 2007-1 A-1-A	 	$	22,500,000	 	$	22,500,000	 	
 	Series 2007-1 A-1-X	 	$	52,500,000	 	$	52,500,000	 	
 	Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	350,000,000	 	
 	Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
 	Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
 	Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o Yes	x No	
 	 	 	 	
2)	Rapid Amortization Event occurred and continuing	o Yes	x No	
 	 	 	 	
 	 	 	Cause of Rapid Amortization (if any):	 	 	
 	 	 	 	 	 	
 	 	a)	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	
 	 	b)	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	
 	 	c)	Servicer Termination Event has occured	o	
 	 	d)	Event of Default has occurred	o	
 	 	e)	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	
 	 	 	 	
 	Rapid Amortization DSCR One Time Cure Right Available	x Yes	o No	
 	 	 	 	
3)	Event of Default	o Yes	x No	

 	 	Current Payment Date	 	Last Payment Date	 	
 	Current 3-Month AdjustedDSCR	 	2.608	(1)	2.704	 	
 	Current 3-Month DSCR	 	2.079	(1)	2.200	 	
 	Current 12-Month AdjustedDSCR	 	N/A	 	N/A	 	
 	Current 12-Month DSCR	 	N/A	 	N/A	 	
 	U.S. 12-Month System-Wide Sales	 	4,537,097,411	 	4,539,440,822	 	
 	Weighted Average Royalty Rate	 	3.94	%	3.94	%	
 	Change in Domestic Franchised Stores	 	2	 	5	 	
 	Change in Domestic Company Owned Stores	 	0	 	0	 	

(1) - See the footnotes on the Restaurant Holder Profits and Payment Date DSCR Calculation pages.

 
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	

Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	351,826.39	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	9,244,154.79	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	$	805,655.12	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - April 2008	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	422,614.58	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s April 2008 premiums	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	84,569.68	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest ReserveAccount	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579602	 	$	74.22	 	Wells Fargo	 	 	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579603	 	$	3.28	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Insurer Premiums Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579609	 	$	5.66	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings -Subordinated Note Interest Payment Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579600	 	$	23.36	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Applebee’s Enterprises LLC Main Account	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	15,372,424.20	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee's	 	51-20314	 	April 2008 Residual	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	$	26,293,851.29	 	 	 	 	 	 	 	 	 	 	 	 	

 
For the Payment Date of:	 	May 20, 2008	
For the Monthly Collection Period of:	 	April	
 
Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
Franchisees	
A)	Franchise Payments from Third Party Franchisees	 	 	 	 	 	 	
Royalty Payment	 	$	13,011,575	 	Yes	 	
Initial Franchise Fees	 	$	30,000	 	 	 	
Transfer Fees	 	$	—	 	 	 	
Renewal Fees	 	$	—	 	 	 	
Licensing Fees payable to Third parties	 	$	—	 	 	 	
Advertising Fees paid into the Concentration Account	 	$	—	 	 	 	
Total Franchise Payments from Third Party Franchisees	 	$	13,041,575	 	 	 	
 	 	 	 	 	 	
B)	Development Payments	 	$	—	 	 	 	
C)	Lease Payments	 	 	 	 	 	
Owned properties - Franchisee Leases	 	$	—	 	 	 	
Leased properties - Franchisee Sublease	 	$	—	 	 	 	
Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	
I)	Insurance Proceeds	 	$	—	 	 	 	
J)	Training Fees	 	$	46,432	 	 	 	
K)	Any other Third Party Reimbursement Amounts	 	$	—	 	 	 	
L)	Other	 	$	512,944	 	Yes	 	
M)	Any advance payments from Third Party Franchisees	 	$	—	 	 	 	
N)	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
Franchisee Collections Received	 	$	13,600,951	 	 	 	
 
From Restaurant Holder Accounts	
 	 	 	 	 	 	 	
A)	All Store Revenue - Cash Purchase	 	$	32,820,632	 	Yes	 	
I)	Insurance Restoration Receipts	 	$	—	 	 	 	
Restaurant Holder Collections Received	 	$	32,820,632	 	 	 	
 
From Credit Card Accounts	
 	 	 	 	 	 	 	
A)	All Store Revenue - Credit Card Purchase	 	$	59,419,224	 	Yes	 	
Credit Card Collections Received	 	$	59,419,224	 	 	 	

From Gift Card Reserve Account	
 	 	 	 	 	 	 	
A)	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	3,666,054	 	Yes	 	
B)	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
Credit Card Collections Received	 	$	3,666,054	 	 	 	
 
Other	
 	 	 	 	 	 	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	Investment Income from all other Accounts (as applicable)	 	$	107,326	 	 	 	
B)	(Less investment expenses and net losses)	 	$	—	 	 	 	
Net Investment Income	 	$	107,326	 	Yes	 	
C)	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	Any other Amounts owed relating to the Collateral	 	$	199,900	 	Yes	 	
E)	Vendor Rebates	 	$	200,420	 	Yes	 	
F)	IHOP Residual Amount	 	$	4,864,334	 	Yes	 	
G)	Any Equity contributions	 	$	—	 	Yes	 	
H)	Return of cash deposit from Supplier	 	$	3,864,000	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	Asset Disposition Amounts	 	$	—	 	 	 	
J)	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
Total “Other” Collections Received	 	$	9,235,980	 	 	 	
 
Misdirected Funds
 
 	A)   Funds deposited to Concentration Account in Error	 	$	4,933,603	 	 	 	
 	 	 	 	 	 	 	
Total Monthly monies collected (Inc. Excluded Amts)	 	$	123,676,444	 	 	 	
Gross Monthly Collections	 	$	114,802,409	 	 	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	
And	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
 	 	April	 	
A)  Restaurant Sales	 	 	 	
 	Restaurant Gross Receipts Deposited into the Concentration Account	 	$	95,905,910	 	
 	Less: Gift Card Sales transferred to Gift Card Account	 	$	(1,199,029	)	
 	Less: Sales Tax transferred to Sales Tax Account	 	$	(6,451,808	)	
 	Restaurant Sales	 	$	88,255,073	 	
 	 	 	 	 	 	
B)  Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
 	Food and Beverage	 	$	24,775,485	 	
 	Labor	 	$	36,223,734	(1)	
 	Utilities	 	$	4,136,545	 	
 	Other Controllables (including local advertising costs)	 	$	6,388,937	 	
 	Occupancy Costs	 	$	2,977,997	 	
 	Other Non-Controllables	 	$	692,962	 	
 	Less: Vendor Rebates	 	$	(200,420	)	
 	Subtotal of Operating Expenses Attributable	 	$	74,995,240	 	
 	 	 	 	 	 	
 	Weight Watcher fees (paid to 3rd party account)	 	$	76,840	 	
 	Advertising (payable to the Advertising Reserve Account)	 	$	2,434,726	 	
 	Lease Payments payable to the Lease Payment Account	 	$	––	 	
 	 	 	 	 	 	
 	Total Expenses	 	$	77,506,806	 	
 	 	 	 	 	 	
C)  Restaurant Holder Profits	 	$	10,748,267	 	
 	 	Percentage of Monthly Sales	 	12.18	%(1)	

(1)         An error in labor costs was detected during the completion of the weekly report for the week ended 4/27/08.  This error resulted in an overpayment for reimbursement of labor related costs of $3.0MM during the April reporting period.  The impact to restaurant holder profits as a percentage of monthly sales was 3.4%.  Restaurant holder profits as a percentage of sales would have been 15.58% had this error had not occurred.
 
Payroll was notified of the potential issue on May 1, 2008.  Payroll investigated the variance, quantified the amount of the error, and transferred the funds back to the Concentration account on May 2, 2008.  Corrective measures have been taken to mitigate future errors in this calculation.

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	
And	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The	 	 	 	 	
Restaurant Holders as Co-Issuers	 	 	 	 	
 
 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Totals	 	
Beginning Concentration Account Balance	 	$	36,768,680	 	$	38,461,948	 	$	47,609,683	 	$	28,837,277	 	$	36,768,680	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	29,037,684	 	$	27,551,762	 	$	38,229,222	 	$	28,857,776	 	$	123,676,444	 	
Other Cash Deposits	 	$	(2,135,371	)	$	(323,381	)	$	(2,464,784	)	$	(10,067	)	$	(4,933,603	)	
Total Cumulative Weekly Collections	 	$	29,037,684	 	$	27,551,762	 	$	38,229,222	 	$	28,857,776	 	$	123,676,444	 	
Total Cumulative IHOP Residual Amounts Received	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	20,751,386	 	$	13,705,171	 	$	17,126,133	 	$	23,612,970	 	$	75,195,660	(1)	
Prior Monthly Waterfall Payments	 	 	 	 	 	$	33,047,237	 	 	 	$	33,047,237	 	
Prior Month weekly waterfall payments	 	$	3,721,444	 	 	 	 	 	 	 	$	3,721,444	 	
Prior Weekly Waterfall Payments	 	$	—	 	$	3,161,789	 	$	3,479,066	 	$	3,525,501	 	$	10,166,356	 	
Prior week gift card redemptions due to Restaurant Holders	 	$	736,215	 	$	1,213,686	 	$	884,408	 	$	831,745	 	$	3,666,054	 	
Total expended and committed funds	 	$	25,209,045	 	$	18,080,646	 	$	54,536,844	 	$	27,970,216	 	$	125,796,751	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	38,461,948	 	$	47,609,683	 	$	28,837,277	 	$	29,714,770	 	$	39,881,126	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
I)	To the Operating Expense Account Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	A   Accrued and unpaid Govt. Taxes	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	B   Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
II)	To the Sales Tax Account	 	$	1,622,227	 	$	1,634,632	 	$	1,597,933	 	$	1,597,016	 	$	6,451,808	 	
 	A   Sales taxes payable	 	$	1,622,227	 	$	1,634,632	 	$	1,597,933	 	$	1,597,016	 	$	6,451,808	 	
 	B   Any sales tax owed but not paid in accordance with II) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
III)	To the Lease Payment Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	A   1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	B   Any Lease Payment owed but not paid in accordance with III) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IV)	To the Gift Card Reserve Account	 	$	(956,418)	 	$	(619,314	)	$	(533,631	)	$	(455,175	)	$	(2,564,538	)	
 	A   Gift Card Sales payable to ACMC	 	$	257,268	 	$	265,094	 	$	298,114	 	$	378,553	 	$	1,199,029	 	
 	B   ACMC Gift Card Redemptions due to restaurant holders	 	$	(1,213,686	)	$	(884,408	)	$	(831,745	)	$	(833,728	)	$	(3,763,567	)	
 	C   Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
V)	To the Third Party Licensing Fee Account	 	$	19,549	 	$	19,273	 	$	19,096	 	$	18,922	 	$	76,840	 	
 	A   Accrued and unpaid licensing or royalties fees payable to third parties	 	$	19,549	 	$	19,273	 	$	19,096	 	$	18,922	 	$	76,840	 	
 	B   Any licensing fees owed but not paid in accordance with V) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VI)	To the Advertising Fees Account	 	$	620,835	 	$	609,648	 	$	609,776	 	$	594,467	 	$	2,434,726	 	
 	A   Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	620,835	 	$	609,648	 	$	609,776	 	$	594,467	 	$	2,434,726	 	
 	B   Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VII)	To the Operating Expense Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	A   Previously accrued and unpaid Operating Expenses	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	B   Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VIII)	To the Servicer	 	$	1,855,596	 	$	1,834,827	 	$	1,832,327	 	$	1,888,096	 	$	7,410,846	 	
 	A   Weekly Servicing Fee	 	$	1,855,596	 	$	1,834,827	 	$	1,834,827	 	$	1,845,211	 	$	7,370,461	 	
 	B   Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	—	 	$	—	 	$	—	 	$	10,385	 	$	10,385	 	
 	C   Residual Certificates paid to Servicer	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	D   Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	—	 	$	—	 	$	(2,500	)	$	32,500	 	$	30,000	 	
 	E   Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Cumulative Total Weekly Allocations	 	$	3,161,789	 	$	3,479,066	 	$	3,525,501	 	$	3,643,326	 	$	13,809,682	 	
Less: Non-DSCR Expense	 	$	(1,213,686	)	$	(884,408	)	$	(834,245	)	$	(801,228	)	$	(3,733,567	)	
DSCR Expenses in Weekly Allocations	 	$	4,375,475	 	$	4,363,474	 	$	4,359,746	 	$	4,444,554	 	$	17,543,249	 	
Ending Concentration Account balance	 	$	35,300,159	 	$	44,130,617	 	$	25,311,776	 	$	26,071,444	 	$	26,071,444	 	

(1) - See the footnotes on the Restaurant Holder Profits and Payment Date DSCR Calculation pages.

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	
And	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	 	 	Amount Owed	 	Collections
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	 	$	26,071,444.00	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Interest Earnings on the Servicing accounts to be distributed	 	$	53,044.39	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	$	84,686.70	 	 	 	 	 	$	26,209,175.09	 	
 	 	 	 	 	 	 	 	 	 	
Total Amount to be distributed	 	$	26,209,175.09	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
I	To the Operating Expense Account*	 	 	 	 	 	$	0.00	 	$	26,209,175.09	 	
 	  i	Accrued and unpaid Govt. Taxes	 	 	 	 	 	$	0.00	 	 	 	
 	  ii	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
II	To Sales Tax Account	 	 	 	 	 	 	 	 	 	
 	  i	Accrued plus unpaid Sales Taxes	 	 	 	 	 	$	0.00	 	$	26,209,175.09	 	
 	 	 	 	 	 	 	 	 	 	 	 	
III	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account )**	 	 	 	 	 	$	0.00	 	$	26,209,175.09	 	
 	  i	Insurance Proceeds Amount	 	 	 	 	 	$	0.00	 	 	 	
 	  ii	Asset Disposition Prepayment Amount	 	 	 	 	 	$	0.00	 	 	 	
 	  iii	Indemnification Amount	 	 	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IV	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	 	 	
 	 	Previously accrued and unpaid Operating Expenses	 	 	 	 	 	$	0.00	 	$	26,209,175.09	 	
 	 	 	 	 	 	 	 	 	 	 	 	
V        A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Senior Notes Monthly Interest Amount	 	 	 	 	 	$	9,244,154.79	 	$	16,965,020.30	 	
B	To the Insurer Premiums Account	 	 	 	 	 	 	 	 	 	
 	 	Accrued Insurer Premium Amount	 	 	 	 	 	$	422,614.58	 	$	16,542,405.72	 	
C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	
 	 	Class A-1 Monthly Commitment Fees Amount	 	 	 	 	 	$	351,826.39	 	$	16,190,579.33	 	
D	To the Hedge Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Hedge Payment Amount (excluding any termination payments)	 	 	 	 	 	$	0.00	 	$	16,190,579.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VI	To each Insurer	 	 	 	 	 	 	 	 	 	
 	 	Insurer Expense Amount	 	 	 	 	 	$	0.00	 	$	16,190,579.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VII	To each Insurer	 	 	 	 	 	 	 	 	 	
 	 	Insurer Reimbursement Amount	 	 	 	 	 	$	0.00	 	$	16,190,579.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
VIII	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	 	 	
 	 	Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	 	 	$	12,500.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
IX	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	
 	 	Senior Notes Interest Reserve Deficit Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
X	To the Servicer	 	 	 	 	 	 	 	 	 	
 	 	Any Supplemental Servicing Fee	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XI	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Any Partial Amortization Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XII	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	
 	 	Any Cash Trap Reserve Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIII	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	 	 	
 	 	The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIV	To the Operating Expense Account	 	 	 	 	 	 	 	 	 	
 	 	Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XV	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	 	 	
 	 	Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVI	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	 	 	
 	 	Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVII	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Any Partial Amortization Amount	 	 	 	 	 	$	0.00	 	$	16,178,079.33	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XVIII	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	 	Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	 	 	$	805,655.12	 	$	15,372,424.20	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XIX	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	 	 	
 	 	All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XX      A	 To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	 	 	
 	 	Class A-1 Excess Interest Amount	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	
 	 	Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXI	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	
 	 	Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXII	To Hedge Payment Account	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	  i	Any accrued and unpaid Series Hedge Payment	 	 	 	 	 	$	0.00	 	 	 	
 	  ii	Any other amounts payable to a Hedge Counterparty	 	 	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXIII	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	 	 	
 	 	Monthly Aggregate Extension Prepayment Amount	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXIV	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	
 	  i	Lessor of	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	 	(i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	 	 	
 	 	(ii) Residual Threshold Amount	 	 	 	 	 	 	 	 	 	
 	  ii	Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm])	 	 	 	 	 	$	0.00	 	$	15,372,424.20	 	
 	 	 	 	 	 	 	 	 	 	 	 	
XXV	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	 	 	
 	 	All Remaining Funds	 	 	 	 	 	$	15,372,424.20	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	
Debt Service Payents remitted during December	 	 	 	 	 	 	 	 	 	

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

 
1)	Equity Contributions Made During Last 3 Months up to Maximum of 2	
 
 	 	Date
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	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	May 20, 2008	
&	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
 
Series 2007-1 Senior Interest Reserve Account
 
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve (1)	 	
Series 2007 - 1 A-1-A	 	30,000,000	 	7.2725	%	0.7500	%	601,688	 	
Series 2007 - 1 A-2-II-A	 	675,000,000	 	6.4267	%	0.7500	%	12,110,681	 	
 	 	 	 	 	 	 	 	12,712,369	 	
 
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	70,000,000	 	7.9225	%	n/a	 	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	350,000,000	 	7.2836	%	n/a	 	6,373,150	 	
Series 2007 - 1 A-2-II-X	 	650,000,000	 	7.0588	%	n/a	 	11,470,550	 	
Series 2007-1 M-1	 	119,000,000	 	8.4044	%	n/a	 	0	 	
 	 	 	 	 	 	 	 	19,230,138	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Reserve required	 	31,942,506	 	
 
Beginning Balance	 	$	32,028,852	 	
Plus Deposits	 	$	84,570	 	
Less Withdrawals	 	$	86,346	 	
Ending Balance	 	$	32,027,076	 	
 	 	 	 	
Excess(Deficit)	 	$	84,570	 	
 
Series 2007-1 Senior Cash Trap Account
 
Beginning Balance	 	$	—	 	
Plus Deposits	 	$	—	 	
Less Withdrawals	 	$	—	 	
Ending Balance	 	$	—	 	
Required Amount	 	$	—	 	
Deposit Required	 	$	—	 	

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

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	
And	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
Monthly Periods used in calculation of DSCR	 	For the Payment Date of:	 	May 20, 2008	
 	 	For the Monthly Collection Period of:	 	April	
 
April	
 	
Retained Collections	 	$	—	 	$	 	39,606,749	 	
 	 	-   Total Monthly DSCR Expenses	 	$	17,543,249	 	
 	 	 	 	$	22,063,500	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,031,096	 	
 	 	 	 	 	 	 	
March	
 	
Retained Collections	 	$	—	 	$	 	55,862,998	 	
 	 	-   Total Monthly DSCR Expenses	 	$	22,075,379	 	
 	 	 	 	$	33,787,619	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,760,072	 	
 	 	 	 	 	 	
February	
 	
Retained Collections	 	$	—	 	$	 	43,781,248	 	
 	 	-   Total Monthly DSCR Expenses	 	$	18,342,852	 	
 	 	 	 	$	25,438,396	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,375,235	 	
 	 	 	 	 	 	
Current Payment Date Adjusted DSCR Ratio	 	2.608	(1)	

 	 	Event Occur?	 	% to Trap (if
Applicable)	 	
 	Cash Trapping Event?	 	No	 	0.00	%	
 	Rapid Amortization Event?	 	No	 	 	 	
 	Servicer Termination Event / EOD?	 	No	 	 	 	
 
Calculation of 3-Month DSCR
 
Monthly Periods used in calculation of DSCR	 	For the Payment Date of:	 	May 20, 2008	
 	 	For the Monthly Collection Period of:	 	April	
 
April	 	
 	 	
Retained Collections	 	$	—	 	$	34,742,415	 	
 	 	-   Total Monthly DSCR Expenses	 	$	17,543,249	 	
 	 	 	 	$	17,199,166	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,031,096	 	
 	 	 	 	 	 	
March	
 	
Retained Collections	 	$	—	 	$	47,581,394	 	
 	 	-   Total Monthly DSCR Expenses	 	$	22,075,379	 	
 	 	 	 	$	25,506,015	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,760,072	 	
 	 	 	 	 	 	
February	
 	
Retained Collections	 	$	—	 	$	40,419,893	 	
 	 	-   Total Monthly DSCR Expenses	 	$	18,342,852	 	
 	 	 	 	$	22,077,041	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,375,235	 	
 	 	 	 	 	 	
 	 	Current Payment Date DSCR Ratio	 	2.079	(1)	

(1) The labor overstatement discussed on the restaurant holder profits page had a .096 impact on the DSCR calculations.  Excluding the impacts of the overstatement the Adjusted 3-Month DSCR and 3-Month DSCR would have been 2.704 and 2.175 respectively.

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	
And	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	
 	Operating Lease Expense - (Current Month)	 	8,818	 	
 	Annualized Operating Lease Expense	 	105,815	 	
 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	846,523	 	
 	 	 	 	 	 	
 	+	 	All Trust Debt	 	2,339,000	 	
 	 	IHOP	 	445,000	 	
 	 	Applebees	 	1,894,000	 	
 	 	All other Applebee’s Corporate Debt	 	3,654	 	
 	 	All Other IHOP Corp Debt	 	169,055	 	
 	2	Total Indebtedness	 	2,511,709	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,358,231	 	
 	 	 	 	 	
Denominator	 	 	 	 	
 	1	EBITDA	 	361,910	 	
 	+ 	2	Operating Lease Expense	 	105,815	 	
 	EBITDAR	 	467,725	 	
 	 	 	 	 	
 	Consolidated Leverage Ratio	 	7.18	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	 	
And	 	For the Monthly Collection Period of:	 	April	 	
Applebee’s IP LLC & The Restaurant Holders as	 	 	 	 	 	
Co-Issuers	 	 	 	 	 	
 
Company Owned Stores in U.S.
 
Beginning	 	 	 	510	 	
 	 	Plus New Stores	 	0	 	
 	 	Plus Stores taken back from Franchisee	 	0	 	
 	 	Less Refranchised	 	0	 	
 	 	Less Store Closures	 	0	 	
Ending Balance	 	 	 	510	 	
 
Franchised Stores in U.S.
 
Beginning	 	 	 	1,360	 	
 	 	Plus New Stores	 	2	 	
 	 	Plus Refranchised	 	0	 	
 	 	Less Stores taken by Franchisor	 	0	 	
 	 	Less Store Closures	 	0	 	
Ending Balance	 	 	 	1,362	 	
 
Company Owned Stores outside of U.S.
 
Beginning	 	 	 	1	 	
 	 	Plus New Stores	 	0	 	
 	 	Plus Stores taken back from Franchisee	 	0	 	
 	 	Less Refranchised	 	0	 	
 	 	Less Store Closures	 	0	 	
Ending Balance	 	 	 	1	 	
 
Franchised Stores outside of U.S.
 
Beginning	 	 	 	115	 	
 	 	Plus New Stores	 	0	 	
 	 	Plus Refranchised	 	0	 	
 	 	Less Stores taken by Franchisor	 	0	 	
 	 	Less Store Closures	 	0	 	
Ending Balance	 	 	 	115	 	
 	 	 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,537,097,411	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.94	%	

 
Applebees Enterprises LLC as	 	For the Payment Date of:	 	May 20, 2008	 	
Issuer	 	For the Monthly Collection Period of:	 	April	 	
&	 	 	 	 	 	
Applebee’s IP LLC & The	 	 	 	 	 	
Restaurant Holders as Co-Issuers	 	 	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-I-A
 
Beginning	 	$	 22,500,000	 	Wrapped	 	
Amortization	 	$	 —	 	 	 	
Draw Down	 	$	 —	 	 	 	
Ending	 	$	 22,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	 30,000,000	 	 	 	
Available Amount	 	$	 7,500,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1 A-1-X
 
Beginning	 	$	 52,500,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Draw Down	 	$	 —	 	 	 	
Ending	 	$	 52,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	 70,000,000	 	 	 	
Available Amount	 	$	 17,500,000	 	 	 	
 
Series 2007-1 A-2-1-X
 
Beginning	 	$	 350,000,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 350,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1-A-2-II-A
 
Beginning	 	$	 675,000,000	 	Wrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 675,000,000	 	 	 	
 
Series 2007-1 A-2-II-X
 
Beginning	 	$	 650,000,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 650,000,000	 	 	 	
 	 	 	 	 	 	
Series 2007-1-M-1
 
Beginning	 	$	 119,000,000	 	Unwrapped	 	
Amortization	 	$	 —	 	 	 	
Ending	 	$	 119,000,000	 	 	 	
 
Series 2007-1 A-1 -A Draw#1
 
Amount	 	$	 22,500,000	 	 	 	
Date	 	4/13/2008	 	 	 	
LIBOR	 	2.7200	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	4.9250	%	 	 	
Interest Due This Period	 	$	21,547	 	 	 	
Cumulative Interest Due	 	$	 43,094	 	14 days	 	
 	 	 	 	 	 	
Series 2007-1 A-1 -X Draw#1
 
Amount	 	$	 52,500,000	 	 	 	
Date	 	4/13/2008	 	 	 	
LIBOR	 	2.7200	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	5.5750	%	 	 	
Interest Due This Period	 	$	56,911	 	 	 	
Cumulative Interest Due	 	$	113,823	 	14 days	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	5/20/2008	
&	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 	 	 	 	 	
Reconciliation of Indenture Trust Accounts - April	 	 	 	
 
 	 	 	 	4/6/2008	 	4/13/2008	 	4/20/2008	 	4/27/2008	 	
1	Concentration Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	36,768,680	 	38,461,948	 	47,609,683	 	28,837,277	 	
 	 	Plus Deposits	 	29,037,684	 	27,551,762	 	38,229,222	 	28,857,776	 	
 	 	Less Withdrawals	 	(27,344,416	)	(18,404,027	)	(57,001,628	)	(27,980,283	)	
 	Ending Balance	 	 	38,461,948	 	47,609,683	 	28,837,277	 	29,714,770	 	
 	 	 	 	 	 	 	 	 	 	 	 	
2	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	3,489	 	3,612	 	3,612	 	3,612	 	
 	 	Plus Deposits	 	69,257	 	0	 	0	 	 	 	
 	 	Less Withdrawals	 	(69,134	)	0	 	0	 	 	 	
 	Ending Balance	 	 	3,612	 	3,612	 	3,612	 	3,612	 	
 	 	 	 	 	 	 	 	 	 	 	 	
3	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	9,611,968	 	10,768,371	 	10,869,089	 	9,189,812	 	
 	Plus Company Store Contribution	 	1,660,224	 	1,622,227	 	1,634,632	 	1,597,933	 	
 	 	Plus: Excluded Asset deposits	 	11,350	 	12,602	 	11,798	 	11,250	 	
 	 	Other deposits	 	22,964	 	0	 	325	 	1	 	
 	 	Less Withdrawals	 	(538,135	)	(1,534,111	)	(3,326,032	)	(2,831,256	)	
 	Ending Balance	 	 	10,768,371	 	10,869,089	 	9,189,812	 	7,967,740	 	
 	 	 	 	 	 	 	 	 	 	 	 	
4	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
5	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	9,863,250	 	9,537,258	 	9,071,472	 	8,909,849	 	
 	 	Plus Deposits	 	410,223	 	747,900	 	734,599	 	739,677	 	
 	 	Less Withdrawals	 	(736,215	)	(1,213,686	)	(896,222	)	(831,745	)	
 	Ending Balance	 	 	9,537,258	 	9,071,472	 	8,909,849	 	8,817,781	 	
 	 	 	 	 	 	 	 	 	 	 	 	
6	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	788,314	 	811,515	 	846,811	 	1,003,935	 	
 	 	Plus: Deposits	 	3,619	 	15,631	 	137,729	 	38,453	 	
 	Plus Company Store Contribution	 	19,474	 	19,549	 	19,273	 	19,096	 	
 	 	Plus: Excluded Asset deposits	 	108	 	116	 	122	 	100	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(888,122	)	
 	Ending Balance	 	 	811,515	 	846,811	 	1,003,935	 	173,462	 	
 	 	 	 	 	 	 	 	 	 	 	 	
7	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	6,470,401	 	4,821,706	 	5,885,549	 	12,621,958	 	
 	 	Plus: Direct Deposits	 	43,779	 	893,843	 	6,258,527	 	1,758,761	 	
 	Plus Company Store Contribution	 	637,662	 	620,835	 	609,648	 	609,776	 	
 	 	Plus: Excluded Store Deposits	 	4,191	 	4,494	 	4,300	 	4,047	 	
 	 	Less Withdrawals	 	(2,334,327	)	(455,329	)	(136,066	)	(904,526	)	
 	Ending Balance	 	 	4,821,706	 	5,885,549	 	12,621,958	 	14,090,016	 	
 	 	 	 	 	 	 	 	 	 	 	 	
8	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
9	Indemnification / Insurance proceeds / Asset Disposition Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	 	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	 	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
10	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	2,005,465	 	2,010,412	 	2,010,412	 	2,004,947	 	
 	 	Plus Deposits	 	4,947	 	 	 	 	 	 	 	
 	 	Less Withdrawals	 	0	 	 	 	(5,465	)	 	 	
 	Ending Balance	 	 	2,010,412	 	2,010,412	 	2,004,947	 	2,004,947	 	
 	 	 	 	 	 	 	 	 	 	 	 	
11	Collateral Account (a)	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	27,147,376	 	26,000,000	 	26,055,835	 	26,055,835	 	
 	 	Plus Deposits	 	0	 	55,835	 	0	 	 	 	
 	 	Less Withdrawals	 	(1,147,376	)	0	 	0	 	 	 	
 	Ending Balance	 	 	26,000,000	 	26,055,835	 	26,055,835	 	26,055,835	 	

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

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	5/20/2008	
&	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
Holders as Co-Issuers	 	 	 	 	
 	 	 	 	 	
Reconciliation of Indenture Trust Accounts - April	 	 	 	
 
 	 	 	 	4/6/2008	 	4/13/2008	 	4/20/2008	 	4/27/2008	 	
12	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	10,025	 	48	 	48	 	48	 	
 	 	Plus Deposits	 	23	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	(10,000	)	0	 	0	 	(25	)	
 	Ending Balance	 	 	48	 	48	 	48	 	23	 	
 	 	 	 	 	 	 	 	 	 	 	 	
13	Collection Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	5,021	 	5,031	 	5,031	 	33,104,578	 	
 	 	Plus Deposits	 	10	 	0	 	33,099,547	 	95,482	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(33,200,049	)	
 	Ending Balance	 	 	5,031	 	5,031	 	33,104,578	 	11	 	
 	 	 	 	 	 	 	 	 	 	 	 	
14	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	8,080	 	8,154	 	8,154	 	8,154	 	
 	 	Plus Deposits	 	74	 	0	 	0	 	9,881,682	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(9,889,762	)	
 	Ending Balance	 	 	8,154	 	8,154	 	8,154	 	74	 	
 	 	 	 	 	 	 	 	 	 	 	 	
15	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	362	 	365	 	365	 	365	 	
 	 	Plus Deposits	 	3	 	 	 	 	 	466,333	 	
 	 	Less Withdrawals	 	0	 	0	 	 	 	(466,695	)	
 	Ending Balance	 	 	365	 	365	 	365	 	3	 	
 	 	 	 	 	 	 	 	 	 	 	 	
16	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	412,056	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(412,056	)	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
17	Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
18	Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	32,028,852	 	32,113,422	 	32,113,422	 	32,113,422	 	
 	 	Plus Deposits	 	84,570	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(86,346	)	
 	Ending Balance	 	 	32,113,422	 	32,113,422	 	32,113,422	 	32,027,076	 	
 	 	 	 	 	 	 	 	 	 	 	 	
19	Senior Notes Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
20	Subordinated Note Interest Payment Acount	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	669	 	674	 	674	 	675	 	
 	 	Plus Deposits	 	5	 	0	 	1	 	861,218	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(861,887	)	
 	Ending Balance	 	 	674	 	674	 	675	 	6	 	
 	 	 	 	 	 	 	 	 	 	 	 	
21	Subordinated Note Principal Payment Acount	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
22	Subordinated Note Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
23	Hedge Payment Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
24	Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
25	Series 2007-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
26	Series 2007-1 AI Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
27	Series 2007-1 A2I Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
28	Series 2007-1 A2II Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
29	Series 2007-1 Class M-1 Distribution Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	
30	Senior Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	0	 	0	 	0	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	0	 	0	 	0	 	0	 	

 
Asset Dispositions	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period	 	$	—	 	
Pro-Forma EBITDAR Consolidated Leverage Ratio	 	7.18	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?(yes or no)	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	—	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	—	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	—	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
Senior ABS Leverage Ratio(Sr APPB Sec Debt/ Securitization EBITDA)
assumes that variable funding notes are fully drawn	 	 	%	
 	 	 	 	
Insurance Proceeds	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	941,322	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	 	 	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	941,322	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
Reinvested Amounts	
 	 	 	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	—	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	—	 	
 
Pro-Forma Consolidated Leverage Ratio
 
 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	
 	 	 	Operating Lease Expense - (current Month)	 	8,818	 	
 	 	 	Annualized Operating Lease Expense	 	$	105,815	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual  *  8)	 	$	846,523	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	2,339,000	 	
 	 	 	IHOP	 	$	445,000	 	
 	 	 	Applebees	 	$	1,894,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	3,654	 	
 	 	 	All Other IHOP Corp Debt	 	$	169,055	 	
 	 	2	Total Indebtedness	 	$	2,511,709	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	3,358,231	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	361,910	 	
 	+	2	Operating Lease Expense	 	$	105,815	 	
 	 	 	EBITDAR	 	$	467,725	 	
 	 	 	 	 	 	
Current Payment Date Leverage Ratio	 	7.18	 	
 	 	 	 	
 	Pro-Forma EBITDA	 	 	$	361,910	 	
Pro-Forma EBITDAR Leverage Ratio	 	7.18	 	
 	 	 	 	
 	After-Tax Net Proceeds Received in Monthly Collection Period	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	 	 	
Pro-Forma EBITDAR Leverage Ratio	 	7.18	 	

 
Applebees Enterprises LLC as	 	 	 	
Issuer	 	 	 	
&	 	For the Payment Date of:	May 20, 2008	
Applebee’s IP LLC & The	 	For the Monthly Collection Period of:	April	
Restaurant Holders as Co-	 	 	 	
Issuers	 	 	 	
 
Non-trust deposits to Concentration Account
Amounts Previously Transferred
 
A)	Advertising fees paid into the concentration account	 	$	1,760,871	 	
B)	Reimbursement of G&A costs	 	$	150,320	 	
C)	State of Kansas Development Grant on new Support Center	 	$	3,000,000	 	
D)	Weight Watchers	 	$	22,412	 	
 	 	 	 	 	 	
 	Total Misdirected funds deposited to Concentration Account	 	 	4,933,603	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	May 20, 2008	
And	 	For the Monthly Collection Period of:	 	April	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
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 99.7
 
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
For the Payment Date of:	 	June 20, 2008	 	
For the Monthly Collection Period of:	 	May	 	
 
 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	
Total:	 	$	1,869,000,000	 	$	1,869,000,000	 	
Series 2007-1 A-1-A	 	$	22,500,000	 	$	22,500,000	 	
Series 2007-1 A-1-X	 	$	52,500,000	 	$	52,500,000	 	
Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	350,000,000	(1)	
Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	 	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o Yes     x No	 	
 	 	 	 	 	
2)	 	Rapid Amortization Event occurred and continuing	o Yes     x No	 	
 	 	 	 	
Cause of Rapid Amortization (if any):	 	
a)	 	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	 	
b)	 	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	 	
c)	 	Servicer Termination Event has occurred	o	 	
d)	 	Event of Default has occurred	o	 	
e)	 	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	 	
 	 	 	 	 	
 	 	Rapid Amortization DSCR One Time Cure Right Available	x Yes     o No	 	
 	 	 	 	 	
3)	 	Event of Default	o Yes     x No	 	

 	 	Current Payment Date	 	Last Payment Date	 	
Current 3-Month Adjusted DSCR	 	2.745	 	2.608	 	
Current 3-Month DSCR	 	2.201	 	2.079	 	
Current 12-Month Adjusted DSCR	 	N/A	 	N/A	 	
Current 12-Month DSCR	 	N/A	 	N/A	 	
U.S. 12-Month System-Wide Sales	 	4,539,435,617	 	4,537,097,411	 	
Weighted Average Royalty Rate	 	3.94	%	3.94	%	
Change in Domestic Franchised Stores	 	1	 	2	 	
Change in Domestic Company Owned Stores	 	0	 	0	 	

(1) - On June 20, 2008 approximately $303 million of Class 2007-1 Class A-2-I debt was repaid with proceeds from the sale leaseback of company owned stores.

 
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	365,111.11	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	9,562,918.75	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579616	 	$	302,800,000.00	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Principal Payment	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	$	833,436.33	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - May 2008	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	451,760.42	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s May 2008 premiums	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	5,513,685.20	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	Release of Interest Reserve related to June 20, 2008 payment	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	53,340.41	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest ReserveAccount	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579602	 	$	7.75	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579603	 	$	0.34	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Insurer Premiums Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579609	 	$	0.64	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings -Subordinated Note Interest Payment Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579600	 	$	1.43	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Applebee’s Enterprises LLC  Main Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	24,120,183.46	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee’s	 	51-20314	 	May 2008 Residual	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	343,712,945.84	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Monthly Collections
 
For the Payment Date of:	 	 	 	June 20, 2008	
For the Monthly Collection Period of:	 	 	 	May	
 
Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
Franchisees	
A)	Franchise Payments from Third Party Franchisees	 	 	 	 	 	
Royalty Payment	 	$	10,435,059	 	Yes	 	
Initial Franchise Fees	 	$	49,572	 	 	 	
Transfer Fees	 	$	—	 	 	 	
Renewal Fees	 	$	—	 	 	 	
Licensing Fees payable to Third parties	 	$	—	 	 	 	
Advertising Fees paid into the Concentration Account	 	$	—	 	 	 	
Total Franchise Payments from Third Party Franchisees	 	$	10,484,631	 	 	 	
 	 	 	 	 	 	
B)	Development Payments	 	$	—	 	 	 	
C)	Lease Payments	 	 	 	 	 	
Owned properties - Franchisee Leases	 	$	—	 	 	 	
Leased properties - Franchisee Sublease	 	$	—	 	 	 	
Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	
I)	Insurance Proceeds	 	$	—	 	 	 	
J)	Training Fee s	 	$	9,723	 	 	 	
K)	Any other Third Party Reimbursement Amounts	 	$	—	 	 	 	
L)	Other	 	$	750,579	 	Yes	 	
M)	Any andvance payments from Third Party Franchisees	 	$	—	 	 	 	
N)	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
Franchisee Collections Received	 	$	11,244,933	 	 	 	
 	 	 	 	 	 	
From Restaurant Holder Accounts	
A)	All Store Revenue - Cash Purchase	 	$	32,163,777	 	Yes	 	
 I)	Insurance Restoration Receipts	 	$	—	 	 	 	
Restaurant Holder Collections Received	 	$	32,163,777	 	 	 	
 	 	 	 	 	 	
From Credit Card Accounts	
A)	All Store Revenue - Credit Card Purchase	 	$	61,226,860	 	Yes	 	
Credit Card Collections Received	 	$	61,226,860	 	 	 	
 	 	 	 	 	 	
From Gift Card Reserve Account	
A)	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	3,703,556	 	Yes	 	
B)	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
Credit Card Collections Received	 	$	3,703,556	 	 	 	
 	 	 	 	 	 	
Other	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	Investment Income from all other Accounts (as applicable)	 	$	68,532	 	 	 	
B)	(Less investment expenses and net losses)	 	$	—	 	 	 	
Net Investment Income	 	$	68,532	 	Yes	 	
C)	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	Any other Amounts owed relating to the Collateral	 	$	111,565	 	Yes	 	
E)	Vendor Rebates	 	$	31,797	 	Yes	 	
F)	IHOP Residual Amount	 	$	3,811,931	 	Yes	 	
G)	Any Equity contributions	 	$	—	 	Yes	 	
H)	Return of cash deposit from Supplier	 	$	—	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	Asset Disposition Amounts	 	$	—	 	 	 	
J)	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
Total “Other” Collections Received	 	$	4,023,825	 	 	 	
 	 	 	 	 	 	
Misdirected Funds	
 	A)	Funds deposited to Cencentration Account in Error	 	$	2,231,227	 	 	 	
 	 	 	 	 	 	
Total Monthly monies collected (Inc. Excluded Amts)	 	$	114,594,178	 	 	 	
Gross Monthly Collections	 	$	112,303,656	 	 	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	June 20, 2008	
And	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account	
 	 	 	 	 	 	
A)	 	Restaurant Sales	 	May	 	
 	 	Restaurant Gross Receipts Deposited into the Concentration Account	 	$	97,094,193	 	
 	 	Less: Gift Card Sales transferred to Gift Card Account	 	$	(1,737,958	)	
 	 	Less: Sales Tax transferred to Sales Tax Account	 	$	(6,443,727	)	
 	 	Restaurant Sales	 	$	88,912,508	 	
 	 	 	 	 	 	
B)	 	Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
 	 	Food and Beverage	 	$	23,944,382	 	
 	 	Labor	 	$	26,319,039	(1)	
 	 	Utilities	 	$	3,707,100	 	
 	 	Other Controllables (including local advertising costs)	 	$	5,998,151	 	
 	 	Occupancy Costs	 	$	3,999,642	 	
 	 	Other Non-Controllables	 	$	495,929	 	
 	 	Less:Vendor Rebates	 	$	(31,797	)	
 	 	Subtotal of Operating Expenses Attributable	 	$	64,432,446	 	
 	 	 	 	 	 	
 	 	Weight Watcher fees (paid to 3rd party account)	 	$	65,690	 	
 	 	Advertising (payable to the Advertising Reserve Account)	 	$	2,473,110	 	
 	 	Lease Payments payable to the Lease Payment Account	 	$	—	 	
 	 	 	 	 	 	
 	 	Total Expenses	 	$	66,971,246	 	
 	 	 	 	 	 	
C)	 	Restaurant Holder Profits	 	$	21,941,262	 	
 	 	Percentage of Monthly Sales	 	24.68	%	

(1)          As outlined in our April monthly report an error in labor costs was detected during the completion of the weekly report for the week ended 4/27/08.  This error resulted in an overpayment for reimbursement of labor related costs of $3.0MM during the April reporting period.  This was reversed in the May reporting period and had a 3.4% favorable impact to restaurant holder profits.  Restaurant holder profits as a percentage of sales would have been 21.26% without this correction.

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	June 20, 2008	
And	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Totals	 	
Beginning Concentration Account Balance	 	$	29,714,770	 	$	33,582,861	 	$	40,581,841	 	$	27,781,253	 	$	29,714,770	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	25,176,951	 	$	26,400,523	 	$	36,381,735	 	$	26,634,969	 	$	114,594,178	 	
 	Other Cash Deposits	 	$	(153	)	$	(327,463	)	$	(1,115,186	)	$	(788,425	)	$	(2,231,227	)	
 	Total Cumulative Weekly Collections	 	$	25,176,951	 	$	26,400,523	 	$	36,381,735	 	$	26,634,969	 	$	114,594,178	 	
 	Total Cumulative IHOP Residual Amounts Received	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	16,831,653	 	$	14,642,874	 	$	17,010,524	 	$	15,979,191	 	$	64,464,243	 	
 	 	Prior Monthly Waterfall Payments	 	 	 	 	 	$	26,071,445	 	 	 	$	26,071,445	 	
 	 	Prior Month weekly waterfall payments	 	$	3,643,326	 	 	 	 	 	 	 	$	3,643,326	 	
 	 	Prior Weekly Waterfall Payments	 	$	—	 	$	3,619,966	 	$	4,098,984	 	$	3,593,291	 	$	11,312,241	 	
 	 	Prior week gift card redemptions due to Restaurant Holders	 	$	833,728	 	$	811,240	 	$	886,184	 	$	883,101	 	$	3,414,253	 	
 	 	Total expended and committed funds	 	$	21,308,707	 	$	19,074,080	 	$	48,067,137	 	$	20,455,583	 	$	108,905,508	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	33,582,861	 	$	40,581,841	 	$	27,781,253	 	$	33,172,214	 	$	44,484,455	 	
 	 	 	 	 	 	 	 	 	 	
 	Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
I)	To the Operating Expense Account Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	A	Accrued and unpaid Govt. Taxes	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	B	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
II)	To the Sales Tax Account	 	$	1,588,005	 	$	1,753,646	 	$	1,579,372	 	$	1,522,704	 	$	6,443,727	 	
 	 	A	Sales taxes payable	 	$	1,588,005	 	$	1,753,646	 	$	1,579,372	 	$	1,522,704	 	$	6,443,727	 	
 	 	B	Any sales tax owed but not paid in accordance with II) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
III)	To the Lease Payment Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	A	1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	B	Any Lease Payment owed but not paid in accordance with III) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
IV)	To the Gift Card Reserve Account	 	$	(436,972	)	$	(242,962	)	$	(506,621	)	$	(486,212	)	$	(1,672,767	)	
 	 	A	Gift Card Sales payable to ACMC	 	$	374,268	 	$	643,222	 	$	376,480	 	$	343,988	 	$	1,737,958	 	
 	 	B	ACMC Gift Card Redemptions due to restaurant holders	 	$	(811,240	)	$	(886,184	)	$	(883,101	)	$	(830,200	)	$	(3,410,725	)	
 	 	C	Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
V)	To the Third Party Licensing Fee Account	 	$	16,874	 	$	17,556	 	$	16,094	 	$	15,167	 	$	65,690	 	
 	 	A	Accrued and unpaid licensing or royalties fees payable to third parties	 	$	16,874	 	$	17,556	 	$	16,094	 	$	15,167	 	$	65,690	 	
 	 	B	Any licensing fees owed but not paid in accordance with V) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VI)	To the Advertising Fees Account	 	$	606,098	 	$	692,711	 	$	658,485	 	$	515,816	 	$	2,473,110	 	
 	 	A	Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	606,098	 	$	692,711	 	$	658,485	 	$	515,816	 	$	2,473,110	 	
 	 	B	Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VII)	To the Operating Expense Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	A	Previously accrued and unpaid Operating Expenses	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	B	Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VIII)	To the Servicer	 	$	1,845,962	 	$	1,878,034	 	$	1,845,962	 	$	1,863,462	 	$	7,433,418	 	
 	 	A	Weekly Servicing Fee	 	$	1,845,962	 	$	1,845,962	 	$	1,845,962	 	$	1,845,962	 	$	7,383,846	 	
 	 	B	Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	C	Residual Certificates paid to Servicer	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	D	Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	—	 	$	32,072	 	$	—	 	$	17,500	 	$	49,572	 	
 	 	E	Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Cumulative Total Weekly Allocations	 	$	3,619,966	 	$	4,098,984	 	$	3,593,291	 	$	3,430,937	 	$	14,743,178	 	
 	 	Less: Non-DSCR Expense	 	$	(811,240	)	$	(854,112	)	$	(883,101	)	$	(812,700	)	$	(3,361,153	)	
 	 	DSCR Expenses in Weekly Allocations	 	$	4,431,206	 	$	4,953,096	 	$	4,476,393	 	$	4,243,637	 	$	18,104,331	 	
 	 	Ending Concentration Account balance	 	$	29,962,895	 	$	36,482,857	 	$	24,187,961	 	$	29,741,277	 	$	29,741,277	 	

 
Applebees Enterprises LLC as Issuer	For the Payment Date of:	June 20, 2008	
And	For the Monthly Collection Period of:	May	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	
 
 	 	 	 	Amount Owed	 	Collections
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	 	$	29,741,276.67	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Net after-tax proceeds of storesale leaseback transaction from Capital Expenditure Reserve account.	 	$	302,800,000.00	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Release of senor Note Interest Reserve related to Class A-2-1 payoff.	 	$	5,513,685.20	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Interest Earnings on the Servicing accounts to be distributed	 	$	35,895.41	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	$	55,052.79	 	 	 	$	338,145,910.07	 	
 	 	 	 	 	 	 	 	
Total Amount to be distributed	 	$	338,145,910.07	 	 	 	 	 	
 	 	 	 	 	 	 	 	
I	 	To the Operating Expense Account*	 	 	 	$	0.00	 	$	338,145,910.07	 	
 	 	i	  Accrued and unpaid Govt. Taxes	 	 	 	$	0.00	 	 	 	
 	 	ii	  Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
II	 	To Sales Tax Account	 	 	 	$	0.00	 	$	338,145,910.07	 	
 	 	i	  Accrued plus unpaid Sales Taxes	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
III	 	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)**	 	 	 	$	0.00	 	$	338,145,910.07	 	
 	 	i	  Insurance Proceeds Amount	 	 	 	$	0.00	 	 	 	
 	 	ii	  Asset Disposition Prepayment Amount	 	 	 	$	0.00	 	 	 	
 	 	iii	  Indemnification Amount	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
IV	 	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	
 	 	  Previously accrued and unpaid Operating Expenses	 	 	 	$	0.00	 	$	338,145,910.07	 	
 	 	 	 	 	 	 	 	 	 	
V	 	 	 	 	 	 	 	 	 	
 	A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Senior Notes Monthly Interest Amount	 	 	 	$	9,562,918.75	 	$	328,582,991.32	 	
 	B	To the Insurer Premiums Account	 	 	 	 	 	 	 	
 	 	  Accrued Insurer Premium Amount	 	 	 	$	451,760.42	 	$	328,131,230.90	 	
 	C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	
 	 	  Class A-1 Monthly Commitment Fees Amount	 	 	 	$	365,111.11	 	$	327,766,119.79	 	
 	D	To the Hedge Payment Account	 	 	 	 	 	 	 	
 	 	  Hedge Payment Amount (excluding any termination payments)	 	 	 	$	0.00	 	$	327,766,119.79	 	
 	 	 	 	 	 	 	 	 	 	
VI	 	To each Insurer	 	 	 	 	 	 	 	
 	 	  Insurer Expense Amount	 	 	 	$	0.00	 	$	327,766,119.79	 	
 	 	 	 	 	 	 	 	 	 	
VII	 	To each Insurer	 	 	 	 	 	 	 	
 	 	  Insurer Reimbursement Amount	 	 	 	$	0.00	 	$	327,766,119.79	 	
 	 	 	 	 	 	 	 	 	 	
VIII	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	$	12,500.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
IX	 	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	
 	 	  Senior Notes Interest Reserve Deficit Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
X	 	To the Servicer	 	 	 	 	 	 	 	
 	 	  Any Supplemental Servicing Fee	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XI	 	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	  Any Partial Amortization Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XII	 	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	
 	 	  Any Cash Trap Reserve Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XIII	 	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	  The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XIV	 	To the Operating Expense Account	 	 	 	 	 	 	 	
 	 	  Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XV	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XVI	 	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XVII	 	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Any Partial Amortization Amount	 	 	 	$	0.00	 	$	327,753,619.79	 	
 	 	 	 	 	 	 	 	 	 	
XVIII	 	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	$	833,436.33	 	$	326,920,183.46	 	
 	 	 	 	 	 	 	 	 	 	
XIX	 	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	  All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	$	0.00	 	$	326,920,183.46	 	
 	 	 	 	 	 	 	 	 	 	
XX	A	To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	
 	 	  Class A-1 Excess Interest Amount	 	 	 	$	0.00	 	$	326,920,183.46	 	
 	 	 	 	 	 	 	 	 	 	
 	B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	$	0.00	 	$	326,920,183.46	 	
 	C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	  Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	326,920,183.46	 	
 	 	 	 	 	 	 	 	 	 	
XXI	 	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	  Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	326,920,183.46	 	
 	 	 	 	 	 	 	 	 	 	
XXII	 	To Hedge Payment Account	 	 	 	$	0.00	 	$	326,920,183.46	 	
 	 	i	  Any accrued and unpaid Series Hedge Payment	 	 	 	$	0.00	 	 	 	
 	 	ii	  Any other amounts payable to a Hedge Counterparty	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
XXIII	 	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	
 	 	  Monthly Aggregate Extension Prepayment Amount	 	 	 	$	302,800,000.00	 	$	24,120,183.46	 	
 	 	 	 	 	 	 	 	 	 	
XXIV	 	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	i	  Lessor of	 	 	 	$	0.00	 	$	24,120,183.46	 	
 	 	 	  (i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	
 	 	 	  (ii) Residual Threshold Amount	 	 	 	 	 	 	 	
 	 	ii	  Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm])	 	 	 	$	0.00	 	$	24,120,183.46	 	
 	 	 	 	 	 	 	 	 	 	
XXV	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	
 	 	  All Remaining Funds	 	 	 	$	24,120,183.46	 	$	0.00	 	
Debt Service Payents remitted during December	 	 	 	 	 	 	 	

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

 
1)  Equity Contributions Made During Last 3 Months up to Maximum of 2
 
Date
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	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	June 20, 2008	
&	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
 
Series 2007-1 Senior Interest Reserve Account	 	 	
 	 	 	 	 	 	 	 	May 25 2008 Balance	 	June 20, 2008 Balance	 	
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve(1)	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-A	 	30,000,000	 	7.2725	%	0.7500	%	601,688	 	601,688	 	
Series 2007 - 1 A-2-II-A	 	675,000,000	 	6.4267	%	0.7500	%	12,110,681	 	12,110,681	 	
 	 	 	 	 	 	 	 	12,712,369	 	12,712,369	 	
 
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	70,000,000	 	7.9225	%	n/a	 	1,386,438	 	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	350,000,000	 	7.2836	%	n/a	 	6,373,150	 	859,465	(2)	
Series 2007 - 1 A-2-II-X	 	650,000,000	 	7.0588	%	n/a	 	11,470,550	 	11,470,550	 	
Series 2007-1 M-1	 	119,000,000	 	8.4044	%	n/a	 	0	 	 	 	
 	 	 	 	 	 	 	 	19,230,138	 	13,716,452	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Reserve required	 	31,942,506	 	26,428,821	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Balance	 	$	32,027,076	 	$	32,027,076	 	
 	 	 	 	Plus Deposits	 	$	53,340	 	$	53,340	 	
 	 	 	 	Less Withdrawals	 	$	84,569	 	$	84,569	 	
 	 	 	 	Ending Balance	 	$	31,995,847	 	$	31,995,847	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Excess(Deficit)	 	$	53,341	 	$	5,567,026	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Series 2007-1 Senior Cash Trap Account	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Balance	 	$	—	 	$	—	 	
 	 	 	 	Plus Deposits	 	$	—	 	$	—	 	
 	 	 	 	Less Withdrawals	 	$	—	 	$	—	 	
 	 	 	 	Ending Balance	 	$	—	 	$	—	 	
 	 	 	 	Required Amount	 	$	—	 	$	—	 	
 	 	 	 	Deposit Required	 	$	—	 	$	—	 	

(1) - If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest.
 
(2) - On June 20, 2008 approximately $303 million of Class 2007-1 Class A-2-I debt was repaid with proceeds from the sale leaseback of company owned stores.  As a result of the debt reduction reserves of $5.5 million were released.

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	June 20, 2008	
And	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
 	 	For the Payment Date of:	 	June 20, 2008	 	
Monthly Periods used in calculation of DSCR	 	For the Monthly Collection Period of:	 	May	 	
 	 	 	 	 	 	
 	 	May	 	 	 	 	 	
Retained Collections	 	$	—	 	$	47,839,414	 	
 	 	-   Total Monthly DSCR Expenses	 	 	$	18,104,331	 	
 	 	 	 	 	$	29,735,082	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,392,290	 	
 	 	 	 	 	 	 	
 	 	April	 	 	 	 	 	
Retained Collections	 	$	—	 	$	39,606,749	 	
 	 	-   Total Monthly DSCR Expenses	 	 	$	17,543,249	 	
 	 	 	 	 	$	22,063,500	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,031,096	 	
 	 	 	 	 	 	 	
 	 	March	 	 	 	 	 	
Retained Collections	 	$	—	 	$	55,862,998	 	
 	 	-   Total Monthly DSCR Expenses	 	 	$	22,075,379	 	
 	 	 	 	 	$	33,787,619	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,760,072	 	
 
 	Current Payment Date Adjusted DSCR Ratio	 	2.745	
 
 	 	 	Event Occur?	 	% to Trap (if
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:	 	June 20, 2008	 	
Monthly Periods used in calculation of DSCR	 	For the Monthly Collection Period of:	 	May	 	
 	 	 	 	 	 	
 	 	May	 	 	 	 	 	
Retained Collections	 	$	—	 	$	44,027,483	 	
 	 	-   Total Monthly DSCR Expenses	 	 	$	18,104,331	 	
 	 	 	 	 	$	25,923,151	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,392,290	 	
 	 	 	 	 	 	 	
 	 	April	 	 	 	 	 	
Retained Collections	 	$	—	 	$	34,742,415	 	
 	 	-   Total Monthly DSCR Expenses	 	 	$	17,543,249	 	
 	 	 	 	 	$	17,199,166	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,031,096	 	
 	 	 	 	 	 	 	
 	 	March	 	 	 	 	 	
Retained Collections	 	$	—	 	$	47,581,394	 	
 	 	-   Total Monthly DSCR Expenses	 	 	$	22,075,379	 	
 	 	 	 	 	$	25,506,015	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	Total Debt Service	 	 	$	10,760,072	 	
 
 	 	Current Payment Date DSCR Ratio	 	2.201	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	June 20, 2008	
And	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	 	 	($ In Thousands)	 	
 	 	 	 	 	 	Monthly	 	
Numerator	 	 	 	 	 	 	 	
 	 	 	 	Operating Lease Expense - (Current Month)	 	8,710	 	
 	 	 	 	Annualized Operating Lease Expense	 	104,517	 	
 	 	1	 	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	836,137	 	
 	 	 	 	 	 	 	 	
 	+	 	 	All Trust Debt	 	2,339,000	 	
 	 	 	 	IHOP	 	445,000	 	
 	 	 	 	Applebees	 	1,894,000	 	
 	 	 	 	All other Applebee’s Corporate Debt	 	3,634	 	
 	 	 	 	All Other IHOP Corp Debt	 	168,593	 	
 	 	2	 	Total Indebtedness	 	2,511,227	 	
 	 	 	 	 	 	 	 	
 	 	 	 	Total Adjusted Debt	 	3,347,364	 	
 	 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	 	
 	 	1	 	EBITDA	 	362,268	 	
 	+	2	 	Operating Lease Expense	 	104,517	 	
 	 	 	 	EBITDAR	 	466,785	 	
 	 	 	 	 	 	 	 	
 	 	 	 	Consolidated Leverage Ratio	 	7.17	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	June 20, 2008	
And	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Company Owned Stores in U.S.
 
Beginning	 	510	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	510	 	
 
Franchised Stores in U.S.
 
Beginning	 	1,362	 	
Plus New Stores	 	2	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	1,363	 	
 
Company Owned Stores outside of U.S.
 
Beginning	 	1	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	1	 	
 
Franchised Stores outside of U.S.
 
Beginning	 	115	 	
Plus New Stores	 	1	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	116	 	
 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,539,435,617	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.94	%	

 
Applebees Enterprises LLC as
Issuer	 	For the Payment Date of:
For the Monthly Collection Period of:	 	June 20, 2008
May	
&	 	 	 	 	
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(1)	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	350,000,000	 	 	 	
 
Series 2007-1-A-2-II-A
 
Beginning	 	$	675,000,000	 	Wrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	675,000,000	 	 	 	
 
Series 2007-1 A-2-II-X
 
Beginning	 	$	650,000,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	650,000,000	 	 	 	
 
Series 2007-1-M-1
 
Beginning	 	$	119,000,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	119,000,000	 	 	 	
 
Series 2007-1 A-1 -A Draw #1
 
Amount	 	$	22,500,000	 	 	 	
Date	 	3/13/2008	 	 	 	
LIBOR	 	2.5500	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	4.7550	%	 	 	
Interest Due This Period	 	$	20,803	 	 	 	
Cumulative Interest Due	 	$	35,663	 	12 days	 	
 
Series 2007-1 A-1 -X Draw #1
 
Amount	 	$	52,500,000	 	 	 	
Date	 	3/2/2008	 	 	 	
LIBOR	 	2.5500	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	5.4050	%	 	 	
Interest Due This Period	 	$	55,176	 	 	 	
Cumulative Interest Due	 	$	94,588	 	12 days	 	

(1) - On June 20, 2008 approximately $303 million of Class 2007-1 Class A-2-I debt was repaid with proceeds from the sale leaseback of company owned stores.

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	6/20/2008	
&	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts - weekly For
 
 	 	 	 	 	5/4/5008	 	5/11/5008	 	5/18/5008	 	5/25/5008	 	
1	Concentration Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	29,714,770	 	33,582,861	 	40,581,841	 	27,781,253	 	
 	 	 	Plus Deposits	 	25,176,951	 	26,400,523	 	36,381,735	 	26,634,969	 	
 	 	 	Less Withdrawals	 	(21,308,860	)	(19,401,543	)	(49,182,323	)	(21,244,008	)	
 	Ending Balance	 	 	 	33,582,861	 	40,581,841	 	27,781,253	 	33,172,214	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
2	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	3,612	 	3,612	 	3,612	 	3,612	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(1	)	
 	Ending Balance	 	 	 	3,612	 	3,612	 	3,612	 	3,611	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
3	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	7,967,740	 	8,931,280	 	10,118,462	 	8,862,344	 	
 	Plus Company Store Contribution	 	1,597,016	 	1,588,005	 	1,726,086	 	1,579,372	 	
 	Plus: Excluded Asset deposits	 	 	 	10,167	 	10,425	 	12,308	 	
 	 	 	Other deposits	 	16,324	 	0	 	27,819	 	0	 	
 	 	 	Less Withdrawals	 	(649,801	)	(410,990	)	(3,020,447	)	(2,506,311	)	
 	Ending Balance	 	 	 	8,931,280	 	10,118,462	 	8,862,344	 	7,947,713	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
4	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
5	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	8,817,781	 	8,819,693	 	8,492,000	 	8,686,376	 	
 	 	 	Plus Deposits	 	835,640	 	772,850	 	1,105,694	 	852,381	 	
 	 	 	Less Withdrawals	 	(833,728	)	(1,100,543	)	(911,317	)	(883,101	)	
 	Ending Balance	 	 	 	8,819,693	 	8,492,000	 	8,686,376	 	8,655,656	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
6	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	173,462	 	201,049	 	219,230	 	353,883	 	
 	 	 	Plus: Deposits	 	 	 	1,228	 	117,015	 	49,494	 	
 	Plus Company Store Contribution	 	27,490	 	16,874	 	17,556	 	16,094	 	
 	Plus: Excluded Asset deposits	 	97	 	79	 	83	 	90	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	201,049	 	219,230	 	353,883	 	419,561	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
7	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	14,090,016	 	14,610,315	 	14,924,414	 	9,367,710	 	
 	Plus: Direct Deposits	 	36,266	 	181,438	 	4,573,599	 	1,776,327	 	
 	Plus Company Store Contribution	 	594,467	 	606,098	 	692,711	 	658,485	 	
 	Plus: Excluded Store Deposits	 	6,313	 	3,772	 	3,912	 	6,550	 	
 	 	 	Less Withdrawals	 	(116,746	)	(477,209	)	(10,826,927	)	(949,190	)	
 	Ending Balance	 	 	 	14,610,315	 	14,924,414	 	9,367,710	 	10,859,882	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
8	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	250,000	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	250,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
9	Indemnification / Insurance proceeds / Asset  Disposition Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
10	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	2,004,947	 	2,008,442	 	2,008,442	 	2,003,495	 	
 	 	 	Plus Deposits	 	3,495	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	 	 	0	 	(4,947	)	0	 	
 	Ending Balance	 	 	 	2,008,442	 	2,008,442	 	2,003,495	 	2,003,495	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
11	Collateral Account (a)	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	26,055,835	 	26,049,251	 	26,049,251	 	25,669,514	 	
 	 	 	Plus Deposits	 	49,250	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	(55,834	)	0	 	(379,737	)	0	 	
 	Ending Balance	 	 	 	26,049,251	 	26,049,251	 	25,669,514	 	25,669,514	 	

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

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	6/20/2008	
&	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts - weekly For May
 
 	 	 	 	 	5/4/5008	 	5/11/5008	 	5/18/5008	 	5/25/5008	 	
12	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	23	 	25	 	25	 	25	 	
 	 	 	Plus Deposits	 	2	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(24	)	
 	Ending Balance	 	 	 	25	 	25	 	25	 	1	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
13	Collection Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	11	 	1,713	 	1,713	 	26,126,202	 	
 	 	 	Plus Deposits	 	1,702	 	0	 	26,124,489	 	84,676	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(26,209,175	)	
 	Ending Balance	 	 	 	1,713	 	1,713	 	26,126,202	 	1,703	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
14	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	74	 	82	 	82	 	82	 	
 	 	 	Plus Deposits	 	8	 	0	 	0	 	9,244,155	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(9,244,229	)	
 	Ending Balance	 	 	 	82	 	82	 	82	 	8	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
15	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	3	 	4	 	4	 	4	 	
 	 	 	Plus Deposits	 	1	 	0	 	0	 	422,615	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(422,619	)	
 	Ending Balance	 	 	 	4	 	4	 	4	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
16	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	364,326	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(364,326	)	
 	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	 	 	 	32,027,076	 	32,080,416	 	32,080,416	 	32,080,416	 	
 	 	 	Plus Deposits	 	53,340	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	 	 	0	 	0	 	(84,569	)	
 	Ending Balance	 	 	 	32,080,416	 	32,080,416	 	32,080,416	 	31,995,847	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	 	6	 	6	 	6	 	6	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	805,655	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(805,660	)	
 	Ending Balance	 	 	 	6	 	6	 	6	 	1	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	
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	 	 	 	 	 	 	 	0	 	
 	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	 	7.17	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?( yes or no )	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	—	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	—	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	—	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
Senior ABS Leverage Ratio( Sr APPB Sec Debt/ Securitization EBITDA)	 	 	%	
assumes that variable funding notes are fully drawn	 	 	 	

Insurance Proceeds	 	 	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	941,322	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	 	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	941,322	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 
Reinvested Amounts	 	 	 	
 	 	 	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	—	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	—	 	
 
Pro-Forma Consolidated Leverage Ratio	 	 	 	
 	 	 	 	
Numerator	 	 	 	 	Monthly	 	
 	 	 	Operating Lease Expense - (current Month)	 	$	8,710	 	
 	 	 	Annualized Operating Lease Expense  	 	$	104,517	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual *  8)	 	$	836,137	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	2,339,000	 	
 	 	 	IHOP	 	$	445,000	 	
 	 	 	Applebees	 	$	1,894,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	3,634	 	
 	 	 	All Other IHOP Corp Debt	 	$	168,593	 	
 	 	2	Total Indebtedness	 	$	2,511,227	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	3,347,364	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	362,268	 	
 	+	2	Operating Lease Expense	 	$	104,517	 	
 	 	 	EBITDAR	 	$	466,785	 	
 	 	 	 	 	 	 	
 	 	 	Consolidated Leverage Ratio	 	7.17	 	
 	 	 	 	 	 	 	
 	 	 	Pro-Forma EBITDA	 	$	362,268	 	
 	 	 	Pro-Forma EBITDAR Leverage Ratio	 	7.17	 	
 	 	 	 	 	 	 	
 	 	 	After-Tax Net Proceeds Received in Monthly Collection Period	 	$	—	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	—	 	
 	 	 	Pro-Forma EBITDAR Leverage Ratio	 	7.17	 	

DineEquity successfully completed a sale leaseback transaction for 181 Applebee’s company owned restaurant locations.Net proceeds from the deal were approximately $337 million and after-tax proceeds available to pay down debt totaled approximately $303 million.See the DineEquity, Inc. press release dated June 17, 2008 for details.Two million dollars remains in escrow at First American Title pending resolution of minor title issues on a few of the locations.If the remaining assets are cured within 120 days, the escrow will be remitted to Applebee’s Enterprises, LLC. and used for addtional debt reduction.

 
Applebees Enterprises LLC as	 	For the Payment Date of:	 	June 20, 2008	
Issuer
&	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The
Restaurant Holders as Co-Issuers	 	 	 	 	
 
Non-trust deposits to Concentration Account
Amounts Previously Transferred
 
A)	 	Advertising fees paid into the concentration account	 	$	1,891,930	 	
B)	 	Reimbursement of G&A costs	 	$	15,161	 	
C)	 	Weight Watchers	 	$	24,136	 	
D)	 	Receipt of escrow funds	 	$	300,000	 	
 	 	 	 	 	 	
 	 	Total Misdirected funds deposited to Concentration Account	 	$	2,231,227	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	June 20, 2008	
And	 	For the Monthly Collection Period of:	 	May	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
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 99.8
 
Monthly Servicing Report
For
Applebees Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
For the Payment Date of:	 	July 21, 2008	 	
For the Monthly Collection Period of:	 	June	 	
 
 	 	 	Initial Balance	 	Current Balance	 	
 	 	 	 	 	 	 	
 	Total:	 	$	1,869,000,000	 	$	1,556,200,000	 	
 	Series 2007-1 A-1-A	 	$	22,500,000	 	$	19,500,000	 	
 	Series 2007-1 A-1-X	 	$	52,500,000	 	$	45,500,000	 	
 	Series 2007-1 A-2-I-X	 	$	350,000,000	 	$	47,200,000	(1)	
 	Series 2007-1 A-2-II-A	 	$	675,000,000	 	$	675,000,000	 	
 	Series 2007-1 A-2-II-X	 	$	650,000,000	 	$	650,000,000	 	
 	Series 2007-1 M-1	 	$	119,000,000	 	$	119,000,000	 	
 
1)	 	Partial Amortization Amount or Partial Amortization Shortfall Amount Due	o  Yes	x  No	
 	 	 	 	 	
2)	 	Rapid Amortization Event occurred and continuing	o  Yes	x  No	
 	 	 	
 	 	Cause of Rapid Amortization (if any):	
 	 	a)	Failure to maintain a Three-Month Adjusted DSCR of at least 1.50x	o	
 	 	b)	The 12-Month U.S. system-wide sales is less than $3.75 billion	o	
 	 	c)	Servicer Termination Event has occurred	o	
 	 	d)	Event of Default has occurred	o	
 	 	e)	Series 2007-1 Notes are outstanding after the Series Anticipated Repayment Date	o	
 	 	
 	 	Rapid Amortization DSCR One Time Cure Right Available	x  Yes	o  No	
 	 	 	 	 	
3)	 	Event of Default	o  Yes	x  No	

 	 	Current Payment Date	 	Last Payment Date	 	
Current 3-Month Adjusted DSCR	 	2.633	 	2.745	 	
Current 3-Month DSCR	 	2.119	 	2.201	 	
Current 12-Month Adjusted DSCR	 	N/A	 	N/A	 	
Current 12-Month DSCR	 	N/A	 	N/A	 	
U.S. 12-Month System-Wide Sales	 	4,543,366,028	 	4,539,435,617	 	
Weighted Average Royalty Rate	 	3.94	%	3.94	%	
Change in Domestic Franchised Stores	 	1	 	1	 	
Change in Domestic Company Owned Stores	 	(2	)	0	 	

(1) - On July 21, 2008 the remaining $47.2 million of Class 2007-1 Class A-2-I debt will be repaid with proceeds from asset divestitures, the monthly residual and a capital contribution.

 
Monthly Servicing Report
For
Applebee’s Enterprises LLC as Issuer
And
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers
 
 	 	 	 	Total	 	Employer/	 	 	 	 	 	 	 	 	 	 	 	
 	 	Debit Account #	 	Amount	 	Tax ID#	 	Bank	 	ABA #	 	Account Name	 	Account #	 	Reference	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wires	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	342,598.61	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Services, Inc. VFN	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579602	 	$	7,982,524.47	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579616	 	$	47,200,000.00	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Senior Note Principal Payment	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579609	 	$	861,217.54	 	 	 	 	 	 	 	 	 	 	 	Applebee’s Subordinated Note Interest	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
DTC	 	22579604	 	$	12,500.00	 	 	 	Citibank	 	021-0000-89	 	LCPI Bank Loans Agency	 	30434141	 	Applebee’s Administrative Agent Fee - June 2008	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Assured Guaranty	 	22579603	 	$	450,981.25	 	 	 	JPMorgan/Chase	 	021000021	 	Operating Acct	 	9102676450	 	Applebee’s June 2008 premiums	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	859,465.00	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	Release of Interest Reserve related to July 21, 2008 payment	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579606	 	$	48,172.86	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest ReserveAccount	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579602	 	$	0.07	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Sr. Note Interest Payment Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579609	 	$	0.01	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings -Subordinated Note Interest Payment Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Wells Fargo	 	22579600	 	$	0.02	 	 	 	Wells Fargo	 	 	 	 	 	22579601	 	TFR Interest Earnings - Applebee’s Enterprises LLC Main Account	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Applebee’s Services, Inc.	 	22579600	 	$	0.00	 	26-0783903	 	JPMorgan/Chase	 	021000021	 	Applebee’s	 	51-20314	 	June 2008 Residual	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Wires	 	 	 	$	57,757,459.84	 	 	 	 	 	 	 	 	 	 	 	 	 	

 
Monthly collections
 
 	For the Payment Date of:	 	 	July 21, 2008	
 	For the Monthly Collection Period of:	 	 	June	

Deposits to Concentration Account
 
 	 	 	 	Counted for Purposes
of DSCR Only	 	
Franchisees	
A)	Franchise Payments from Third Party Franchisees	 	 	 	 	 	 	
Royalty Payment	 	$	11,069,696	 	Yes	 	
Initial Franchise Fees	 	$	35,000	 	 	 	
Transfer Fees	 	$	262,500	 	 	 	
Renewal Fees	 	$	—	 	 	 	
Licensing Fees payable to Third parties	 	$	—	 	 	 	
Advertising Fees paid into the Concentration Account	 	$	—	 	 	 	
Total Franchise Payments from Third Party Franchisees	 	$	11,367,196	 	 	 	
 	 	 	 	 	 	
B)	Development Payments	 	$	—	 	 	 	
C)	Lease Payments	 	 	 	 	 	
Owned properties - Franchisee Leases	 	$	—	 	 	 	
Leased properties - Franchisee Sublease	 	$	—	 	 	 	
Total Lease Payments	 	$	—	 	Yes	 	
 	 	 	 	 	 	
I)	Insurance Proceeds	 	$	—	 	 	 	
J)	Training Fee s	 	$	96,823	 	 	 	
K)	Any other Third Party Reimbursement Amounts	 	$	—	 	 	 	
L)	Other	 	$	268,863	 	Yes	 	
M)	Any andvance payments from Third Party Franchisees	 	$	—	 	 	 	
N)	(Less Returns, NSF etc.) - enter as a positive number	 	$	—	 	Yes	 	
Franchisee Collections Received	 	$	11,732,882	 	 	 	
 	 	 	 	 	 	
From Restaurant Holder Accounts	
A)	All Store Revenue - Cash Purchase	 	$	41,016,667	 	Yes	 	
 I)	Insurance Restoration Receipts	 	$	—	 	 	 	
Restaurant Holder Collections Received	 	$	41,016,667	 	 	 	
 	 	 	 	 	 	
From Credit Card Accounts	
A)	All Store Revenue - Credit Card Purchase	 	$	73,928,882	 	Yes	 	
Credit Card Collections Received	 	$	73,928,882	 	 	 	
 	 	 	 	 	 	
From Gift Card Reserve Account	
A)	Amount of Gift Card Receipts owed to the Rest. Holders	 	$	4,887,739	 	Yes	 	
B)	Excess Gift Card Reserve Amount	 	$	—	 	 	 	
Credit Card Collections Received	 	$	4,887,739	 	 	 	
 	 	 	 	 	 	
Other	
To Be Deposited into the Concentration Account	 	 	 	 	 	
A)	Investment Income from all other Accounts (as applicable)	 	$	45,539	 	 	 	
B)	(Less investment expenses and net losses)	 	$	—	 	 	 	
Net Investment Income	 	$	45,539	 	Yes	 	
C)	Series Hedge Agreements Receipts (as applicable)	 	$	—	 	Yes	 	
D)	Any other Amounts owed relating to the Collateral	 	$	150,745	 	Yes	 	
E)	Vendor Rebates	 	$	236,559	 	Yes	 	
F)	IHOP Residual Amount	 	$	6,326,111	 	Yes	 	
G)	Any Equity contributions	 	$	—	 	Yes	 	
H)	Return of cash deposit from Supplier	 	$	—	 	 	 	
To Be Deposited into the Principal Payment Account	 	 	 	 	 	
I)	Asset Disposition Amounts	 	$	—	 	 	 	
J)	Defective Assets Payments / Indemnity Payments	 	$	—	 	 	 	
Total “Other” Collections Received	 	$	6,758,954	 	 	 	
 	 	 	 	 	 	
Misdirected Funds	
 	A)	Funds deposited to Cencentration Account in Error	 	$	1,400,640	 	 	 	
 	 	 	 	 	 	
Total Monthly monies collected (Inc. Excluded Amts)	 	$	139,725,764	 	 	 	
Gross Monthly Collections	 	$	137,930,801	 	 	 	

 
Restaurant Holder Profits
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Deposits to Concentration Account
 
 	 	 	 	June	 	
A)	 	Restaurant Sales	 	 	 	
 	 	Restaurant Gross Receipts Deposited into the Concentration Account	 	$	119,833,288	 	
 	 	Less: Gift Card Sales transferred to Gift Card Account	 	$	(2,127,315	)	
 	 	Less: Sales Tax transferred to Sales Tax Account	 	$	(8,138,619	)	
 	 	Restaurant Sales	 	$	109,567,354	 	
 	 	 	 	 	 	
B)	 	Restaurant Holder’s Expenses paid from Concentration Account	 	 	 	
 	 	Food and Beverage	 	$	30,849,169	 	
 	 	Labor	 	$	37,910,893	 	
 	 	Utilities	 	$	4,788,592	 	
 	 	Other Controllables (including local advertising costs)	 	$	8,471,840	 	
 	 	Occupancy Costs	 	$	4,924,640	 	
 	 	Other Non-Controllables	 	$	577,682	 	
 	 	Subtotal of Operating Expenses Attributable	 	$	87,522,816	 	
 	 	 	 	 	 	
 	 	Less:Vendor Rebates	 	$	(236,559	)	
 	 	Weight Watcher fees (paid to 3rd party account)	 	$	72,924	 	
 	 	Advertising (payable to the Advertising Reserve Account)	 	$	3,094,269	 	
 	 	Lease Payments payable to the Lease Payment Account	 	$	2,628,520	 	
 	 	 	 	 	 	
 	 	Total Expenses	 	$	93,081,970	 	
 	 	 	 	 	 	
C)	 	Restaurant Holder Profits	 	$	16,485,384	 	
 	 	Percentage of Monthly Sales	 	15.05	%	

 
Weekly Waterfall Summary
 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
 	 	 	 	Week 1	 	Week 2	 	Week 3	 	Week 4	 	Week 5	 	Totals	 	
Beginning Concentration Account Balance	 	$	33,172,214	 	$	34,769,445	 	$	41,760,179	 	$	50,706,246	 	$	28,616,485	 	$	33,172,214	 	
Total Cumulative monies collected (Inc. Excluded Amts)	 	$	25,129,978	 	$	25,241,641	 	$	30,919,924	 	$	31,972,231	 	$	26,461,990	 	$	139,725,764	 	
 	Other Cash Deposits	 	$	—	 	$	(123,178	)	$	(597,319	)	$	(610,826	)	$	(69,317	)	$	(1,400,640	)	
 	Total Cumulative Weekly Collections	 	$	25,129,978	 	$	25,241,641	 	$	30,919,924	 	$	31,972,231	 	$	26,461,990	 	$	139,725,764	 	
 	Total Cumulative IHOP Residual Amounts Received	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Operating expenses attributable to U.S. Company Owned Restaurants paid or committed to pay	 	$	19,271,610	 	$	13,719,882	 	$	16,892,563	 	$	16,132,680	 	$	21,506,081	 	$	87,522,816	 	
 	 	Prior Monthly Waterfall Payments	 	 	 	 	 	 	 	$	29,741,277	 	 	 	$	29,741,277	 	
 	 	Prior Month weekly waterfall payments	 	$	3,430,937	 	 	 	 	 	 	 	 	 	$	3,430,937	 	
 	 	Prior Weekly Waterfall Payments	 	$	—	 	$	3,556,486	 	$	3,590,611	 	$	6,590,645	 	$	3,438,409	 	$	17,176,151	 	
 	 	Prior week gift card redemptions due to Restaurant Holders	 	$	830,200	 	$	851,361	 	$	893,364	 	$	986,564	 	$	1,038,898	 	$	4,600,387	 	
 	 	Total expended and committed funds	 	$	23,532,747	 	$	18,127,729	 	$	21,376,538	 	$	53,451,166	 	$	25,983,388	 	$	142,471,568	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
Total Collections to be applied in Accordance w/ Weekly Waterfall	 	$	34,769,445	 	$	41,760,179	 	$	50,706,246	 	$	28,616,485	 	$	29,025,770	 	$	46,201,921	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	Weekly Allocations from the Concentration Account Pursuant to Section 10.1(b)(iii) of Base Indenture	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
I)	To the Operating Expense Account Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	A	Accrued and unpaid Govt. Taxes	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	B	Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
II)	To the Sales Tax Account	 	$	1,584,348	 	$	1,580,680	 	$	1,719,636	 	$	1,619,507	 	$	1,634,448	 	$	8,138,619	 	
 	 	A	Sales taxes payable	 	$	1,584,348	 	$	1,580,680	 	$	1,719,636	 	$	1,619,507	 	$	1,634,448	 	$	8,138,619	 	
 	 	B	Any sales tax owed but not paid in accordance with II) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
III)	To the Lease Payment Account	 	$	—	 	$	—	 	$	2,612,917	 	$	15,603	 	$	—	 	$	2,628,520	 	
 	 	A	1/3 of Lease Payments on sale/leaseback leases payable in immediately following Monthly Collection Period	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	B	Any Lease Payment owed but not paid in accordance with III) A above	 	$	—	 	$	—	 	$	2,612,917	 	$	15,603	 	$	—	 	$	2,628,520	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
IV)	To the Gift Card Reserve Account	 	$	(481,533	)	$	(458,791	)	$	(307,815	)	$	(701,752	)	$	(609,423	)	$	(2,559,314	)	
 	 	A	Gift Card Sales payable to ACMC	 	$	369,828	 	$	434,573	 	$	678,749	 	$	337,146	 	$	307,019	 	$	2,127,315	 	
 	 	B	ACMC Gift Card Redemptions due to restaurant holders	 	$	(851,361	)	$	(893,364	)	$	(986,564	)	$	(1,038,898	)	$	(916,442	)	$	(4,686,629	)	
 	 	C	Any Gift Card Sales owed but not paid in accordance with IV) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
V)	To the Third Party Licensing Fee Account	 	$	14,685	 	$	15,457	 	$	14,613	 	$	14,080	 	$	14,089	 	$	72,924	 	
 	 	A	Accrued and unpaid licensing or royalties fees payable to third parties	 	$	14,685	 	$	15,457	 	$	14,613	 	$	14,080	 	$	14,089	 	$	72,924	 	
 	 	B	Any licensing fees owed but not paid in accordance with V) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VI)	To the Advertising Fees Account	 	$	592,524	 	$	606,803	 	$	687,332	 	$	627,009	 	$	580,601	 	$	3,094,269	 	
 	 	A	Advertising Fees payable by the Restaurant Holders and Predecessor Restaurant Holders	 	$	592,524	 	$	606,803	 	$	687,332	 	$	627,009	 	$	580,601	 	$	3,094,269	 	
 	 	B	Any Advertising Fees owed but not paid in accordance with VI) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VII)	To the Operating Expense Account	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	A	Previously accrued and unpaid Operating Expenses	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	B	Operating Expenses expected to be payable prior to the immediately following Weekly Allocation Date (of Payment Date if Earlier)	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
VIII)	To the Servicer	 	$	1,846,462	 	$	1,846,462	 	$	1,863,962	 	$	1,863,962	 	$	2,108,962	 	$	9,529,810	 	
 	 	A	Weekly Servicing Fee	 	$	1,846,462	 	$	1,846,462	 	$	1,846,462	 	$	1,846,462	 	$	1,846,462	 	$	9,232,310	 	
 	 	B	Any Servicing Fee owed but not paid in accordance with VIII) A above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	C	Residual Certificates paid to Servicer	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	D	Any initial franchise fees, transfer fees, territory fees, or renewal fees	 	$	—	 	$	—	 	$	17,500	 	$	17,500	 	$	262,500	 	$	297,500	 	
 	 	E	Any initial franchise fees, territory fees, transfer fees, or renewal fees owed but not paid in accordance with VII) C above	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	$	—	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Cumulative Total Weekly Allocations	 	$	3,556,486	 	$	3,590,611	 	$	6,590,645	 	$	3,438,409	 	$	3,728,677	 	$	20,904,828	 	
 	 	Less: Non-DSCR Expense	 	$	(851,361	)	$	(893,364	)	$	(969,064	)	$	(1,021,398	)	$	(653,942	)	$	(4,389,129	)	
 	 	DSCR Expenses in Weekly Allocations	 	$	4,407,847	 	$	4,483,975	 	$	7,559,709	 	$	4,459,807	 	$	4,382,619	 	$	25,293,957	 	
 	 	Ending Concentration Account balance	 	$	31,212,959	 	$	38,169,568	 	$	44,115,601	 	$	25,178,076	 	$	25,297,093	 	$	25,297,093	 	
 
Cash basis expenses during the month of June included a) one and one half months rent related to the  sale-leaseback of 181 company owned Applebee’s restaurants and  b) payroll timing which resulted in six weeks payroll for the five week period.

 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant
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	 	$	25,297,093.00	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Capital Contribution - not to be counted for purposes of calculating DSCR	 	$	1,419,289.17	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Net after-tax proceeds of asset divestitures from Capital Expenditure Reserve account.	 	$	29,200,000.00	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Release of senor Note Interest Reserve related to Class A-2-1 payoff	 	$	859,465.00	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Interest Earnings on the Servicing accounts to be distributed	 	$	22,095.33	 	 	 	 	 	
 	 	 	 	 	 	 	 	
Interest Earnings on the Trust accounts to be distributed	 	$	51,879.38	 	 	 	$	56,849,821.88	 	
 	 	 	 	 	 	 	 	
Total Amount to be distributed	 	$	56,849,821.88	 	 	 	 	 	
 	 	 	 	 	 	 	 	
I	 	To the Operating Expense Account*	 	 	 	$	0.00	 	$	56,849,821.88	 	
 	 	i	  Accrued and unpaid Govt. Taxes	 	 	 	$	0.00	 	 	 	
 	 	ii	  Any filing &/or Registration fees (other than liquor license fees) payable to any Govt. entity	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
II	 	To Sales Tax Account	 	 	 	 	 	 	 	
 	 	i	  Accrued plus unpaid Sales Taxes	 	 	 	$	0.00	 	$	56,849,821.88	 	
 	 	 	 	 	 	 	 	 	 	
III	 	To the Senior Notes Principal Payment Account(or Sub Notes Principal Pmt Account)**	 	 	 	$	0.00	 	$	56,849,821.88	 	
 	 	i	  Insurance Proceeds Amount	 	 	 	$	0.00	 	 	 	
 	 	ii	  Asset Disposition Prepayment Amount	 	 	 	$	0.00	 	 	 	
 	 	iii	  Indemnification Amount	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
IV	 	To the Operating Expense Payment Account*	 	 	 	 	 	 	 	
 	 	  Previously accrued and unpaid Operating Expenses	 	 	 	$	0.00	 	$	56,849,821.88	 	
 	 	 	 	 	 	 	 	 	 	
V	 	 	 	 	 	 	 	 	 	
 	A	To the Senior Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Senior Notes Monthly Interest Amount	 	 	 	$	7,982,524.47	 	$	48,867,297.41	 	
 	B	To the Insurer Premiums Account	 	 	 	 	 	 	 	
 	 	  Accrued Insurer Premium Amount	 	 	 	$	450,981.25	 	$	48,416,316.16	 	
 	C	To the Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	
 	 	  Class A-1 Monthly Commitment Fees Amount	 	 	 	$	342,598.61	 	$	48,073,717.55	 	
 	D	To the Hedge Payment Account	 	 	 	 	 	 	 	
 	 	  Hedge Payment Amount (excluding any termination payments)	 	 	 	$	0.00	 	$	48,073,717.55	 	
 	 	 	 	 	 	 	 	 	 	
VI	 	To each Insurer	 	 	 	 	 	 	 	
 	 	  Insurer Expense Amount	 	 	 	$	0.00	 	$	48,073,717.55	 	
 	 	 	 	 	 	 	 	 	 	
VII	 	To each Insurer	 	 	 	 	 	 	 	
 	 	  Insurer Reimbursement Amount	 	 	 	$	0.00	 	$	48,073,717.55	 	
 	 	 	 	 	 	 	 	 	 	
VIII	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Accrued and unpaid Class A-1 Administrative Expenses due (to the capped amount)	 	 	 	$	12,500.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
IX	 	To the Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	
 	 	  Senior Notes Interest Reserve Deficit Amount	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
X	 	To the Servicer	 	 	 	 	 	 	 	
 	 	  Any Supplemental Servicing Fee	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
XI	 	To the Senior Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	  Any Partial Amortization Amount	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
XII	 	To the Cash Trap Reserve Account	 	 	 	 	 	 	 	
 	 	  Any Cash Trap Reserve Amount	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
XIII	 	To the Senior Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	  The lessor of (A) remaining amount in Collection account and (B) Aggregate outstanding Principal Amount	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
XIV	 	To the Operating Expense Account	 	 	 	 	 	 	 	
 	 	  Previously accrued and unpaid Operating Expenses in excess of the Capped Operating Expense Amount	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
XV	 	To the Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Accrued and unpaid Class A-1 Administrative Expenses due in excess of the Capped Class A-1 Note Administrative Expense Amount	 	 	 	$	0.00	 	$	48,061,217.55	 	
 	 	 	 	 	 	 	 	 	 	
XVI	 	Also To Class A-1 Administrative Agent	 	 	 	 	 	 	 	
 	 	  Any other amounts owed to the Class A-1 Note Administrative Agent	 	 	 	 	 	 	 	
 	 	 	 	 	 	$	0.00	 	$	48,061,217.55	 	
XVII	 	To the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Any Partial Amortization Amount	 	 	 	 	 	 	 	
 	 	 	 	 	 	$	0.00	 	$	48,061,217.55	 	
XVIII	 	Also, to the Subordinated Notes Interest Payment Account	 	 	 	 	 	 	 	
 	 	  Subordinated Notes Monthly Interest Amount for the Series 2007-1 Class M-1 Notes	 	 	 	$	861,217.54	 	$	47,200,000.00	 	
 	 	 	 	 	 	 	 	 	 	
XIX	 	To the Subordinated Notes Principal Payment Account if a Rapid Amortization Event has occurred and has not yet been waived or cured	 	 	 	 	 	 	 	
 	 	  All remaining funds up to the Aggregate Outstanding Principal Amount of Series 2007-1 Class M-1 Notes	 	 	 	$	0.00	 	$	47,200,000.00	 	
 	 	 	 	 	 	 	 	 	 	
XX	A	To the Class A-1 Excess Interest Account	 	 	 	 	 	 	 	
 	 	  Class A-1 Excess Interest Amount	 	 	 	$	0.00	 	$	47,200,000.00	 	
 	B	To the Sr. Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	
 	 	 	 	 	 	$	0.00	 	$	47,200,000.00	 	
 	C	To the Sr. Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	  Sr Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	47,200,000.00	 	
 	 	 	 	 	 	 	 	 	 	
XXI	 	To Sub Notes Monthly Contingent Additional Interest Account	 	 	 	 	 	 	 	
 	 	  Sub Notes Monthly Contingent Additional Interest Amount	 	 	 	$	0.00	 	$	47,200,000.00	 	
 	 	 	 	 	 	 	 	 	 	
XXII	 	To Hedge Payment Account	 	 	 	$	0.00	 	$	47,200,000.00	 	
 	 	i	  Any accrued and unpaid Series Hedge Payment	 	 	 	$	0.00	 	 	 	
 	 	ii	  Any other amounts payable to a Hedge Counterparty	 	 	 	$	0.00	 	 	 	
 	 	 	 	 	 	 	 	 	 	
XXIII	 	To Sr. Notes Principal Payment Account (and on and after Sr. Notes paid in full, the Sub Notes Princ. Pmt Account)	 	 	 	 	 	 	 	
 	 	  Monthly Aggregate Extension Prepayment Amount	 	 	 	$	47,200,000.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	
XXIV	 	To the Sub Notes Principal Payment Account	 	 	 	 	 	 	 	
 	 	i	  Lessor of	 	 	 	$	0.00	 	$	0.00	 	
 	 	 	  (i) Monthly Sub Notes Amortization Amount	 	 	 	 	 	 	 	
 	 	 	  (ii) Residual Threshold Amount	 	 	 	 	 	 	 	
 	 	ii	  Any accrued and unpaid Sub Notes Principal Amortization Amount (provided Residual Amount > [8.333mm])	 	 	 	$	0.00	 	$	0.00	 	
 	 	 	 	 	 	 	 	 	 	
XXV	 	To The Issuer and Co-Issuer as Residual Payments	 	 	 	 	 	 	 	
 	 	  All Remaining Funds	 	 	 	$	0.00	 	$	0.00	 	
Debt Service Payents remitted during December	 	 	 	 	 	 	 	

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

 
Equity Contributions
 
1) Equity Contributions Made During Last 3 Months up to Maximum of 2
 
Date
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	 	 	 	

 
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant	 	 	 	 	
 
Series 2007-1 Senior Interest Reserve Account	 	
 	 	 	 	 	 	 	 	June 20, 2008 Balance	 	July 21, 2008 Balance	 	
Wrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve (1)	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-A	 	30,000,000	 	7.2725	%	0.7500	%	601,688	 	601,688	 	
Series 2007 - 1 A-2-II-A	 	675,000,000	 	6.4267	%	0.7500	%	12,110,681	 	12,110,681	 	
 	 	 	 	 	 	 	 	12,712,369	 	12,712,369	 	
 	 	 	 	 	 	 	 	 	 	 	 	
Unwrapped Notes	 	Amount	 	Coupon	 	Surety Fee	 	90 Day Interest Reserve	 	90 Day Interest Reserve	 	
Series 2007 - 1 A-1-X	 	70,000,000	 	7.9225	%	n/a	 	1,386,438	 	1,386,438	 	
Series 2007 - 1 A-2-I-X	 	47,200,000	 	7.2836	%	n/a	 	859,465	 	0	(2)	
Series 2007 - 1 A-2-II-X	 	650,000,000	 	7.0588	%	n/a	 	11,470,550	 	11,470,550	 	
Series 2007-1 M-1	 	119,000,000	 	8.4044	%	n/a	 	0	 	 	 	
 	 	 	 	 	 	 	 	13,716,453	 	12,856,988	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	Reserve required	 	26,428,821	 	25,569,356	 	
 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Balance	 	$	31,995,847	 	$	31,995,847	 	
 	 	 	 	Plus Deposits	 	$	48,173	 	$	48,173	 	
 	 	 	 	Less Withdrawals	 	$	(5,567,026	)	$	(5,567,026	)	
 	 	 	 	Ending Balance	 	$	26,476,994	 	$	26,476,994	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Excess(Deficit)	 	$	48,173	 	$	907,638	 	
 	 	 	 	 	 	 	 	 	 	
Series 2007-1 Senior Cash Trap Account	 	
 	 	 	 	 	 	 	 	 	 	
 	 	 	 	Beginning Balance	 	$	—	 	$	—	 	
 	 	 	 	Plus Deposits	 	$	—	 	$	—	 	
 	 	 	 	Less Withdrawals	 	$	—	 	$	—	 	
 	 	 	 	Ending Balance	 	$	—	 	$	—	 	
 	 	 	 	Required Amount	 	$	—	 	$	—	 	
 	 	 	 	Deposit Required	 	$	—	 	$	—	 	

(1) - If DSCR exceeds 3.0x for two consecutive months the reserve on the wrapped notes is reduced to 30 days interest.
 
(2) - On July 21, 2008 the remaining $47.2 million of Class 2007-1 Class A-2-I debt will be repaid with proceeds from asset divestitures, the monthly residual and a capital contribution.

 
DSCR Calculations
 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Calculation of Adjusted 3-Month DSCR
 
 	 	For the Payment Date of:	 	July 21, 2008	
 	 	For the Monthly Collection Period of:	 	June	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	 	 	 	 	
June	
 	
Retained Collections	 	$	—	 	$	 	50,407,985	 	
 	 	-   Total Monthly DSCR Expenses	 	$	25,293,957	 	
 	 	 	 	$	25,114,028	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	8,788,604	 	
 	 	 	 	 	 	 	
May	
 	
Retained Collections	 	$	—	 	$	 	47,839,414	 	
 	 	-   Total Monthly DSCR Expenses	 	$	18,104,331	 	
 	 	 	 	$	29,735,083	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,392,290	 	
 	 	 	 	 	 	
April	
 	
Retained Collections	 	$	—	 	$	 	39,606,749	 	
 	 	-   Total Monthly DSCR Expenses	 	$	17,543,249	 	
 	 	 	 	$	22,063,500	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,031,096	 	
 	 	 	 	 	 	
Current Payment Date Adjusted DSCR Ratio	 	2.633	 	

 	 	Event Occur?	 	% to Trap (if
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:	 	July 21, 2008	
 	 	For the Monthly Collection Period of:	 	June	
 
Monthly Periods used in calculation of DSCR	 	 	 	 	 	
 	 	
June	 	
 	 	
Retained Collections	 	$	—	 	$	44,081,874	 	
 	 	-   Total Monthly DSCR Expenses	 	$	25,293,957	 	
 	 	 	 	$	18,787,917	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	8,788,604	 	
 	 	 	 	 	 	
May	
 	
Retained Collections	 	$	—	 	$	44,027,483	 	
 	 	-   Total Monthly DSCR Expenses	 	$	18,104,331	 	
 	 	 	 	$	25,923,152	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,392,290	 	
 	 	 	 	 	 	
April	
 	
Retained Collections	 	$	—	 	$	34,742,415	 	
 	 	-   Total Monthly DSCR Expenses	 	$	17,543,249	 	
 	 	 	 	$	17,199,166	 	
 	 	 	 	 	 	
Denominator	 	 	 	 	 	
 	 	Total Debt Service	 	$	10,031,096	 	
 	 	 	 	 	 	
 	 	Current Payment Date DSCR Ratio	 	2.119	 	

 
Consolidated Leverage Ratio
 
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
 	 	($ In Thousands)	 	
 	 	Monthly	 	
Numerator	 	 	 	 	
 	Operating Lease Expense - (Current Month)	 	9,166	 	
 	Annualized Operating Lease Expense	 	109,993	 	
 	1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	 	879,943	 	
 	 	 	 	 	 	
 	+	 	All Trust Debt	 	2,036,200	 	
 	 	IHOP	 	445,000	 	
 	 	Applebees	 	1,591,200	 	
 	 	All other Applebee’s Corporate Debt	 	342,550	 	
 	 	All Other IHOP Corp Debt	 	168,110	 	
 	2	Total Indebtedness	 	2,546,860	 	
 	 	 	 	 	
 	Total Adjusted Debt	 	3,426,804	 	
 	 	 	 	 	
Denominator	 	 	 	 	
 	1	EBITDA	 	356,455	 	
 	+ 	2	Operating Lease Expense	 	109,993	 	
 	EBITDAR	 	466,448	 	
 	 	 	 	 	
 	Consolidated Leverage Ratio	 	7.35	 	

 

 
Store Count and System-Wide Sales	 	 	 	 	
 	 	 	 	 	
Applebee’s Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The
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	 	2	 	
Ending Balance	 	508	 	
 
Franchised Stores in U.S.
 
Beginning	 	1,363	 	
Plus New Stores	 	2	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	1	 	
Ending Balance	 	1,364	 	
 
Company Owned Stores outside of U.S.
 
Beginning	 	1	 	
Plus New Stores	 	0	 	
Plus Stores taken back from Franchisee	 	0	 	
Less Refranchised	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	1	 	
 
Franchised Stores outside of U.S.
 
Beginning	 	116	 	
Plus New Stores	 	4	 	
Plus Refranchised	 	0	 	
Less Stores taken by Franchisor	 	0	 	
Less Store Closures	 	0	 	
Ending Balance	 	120	 	
 	 	 	 	
APPB U.S. System-Wide Sales For Last 12 Months	 	$	4,543,366,028	 	
Current Twelve Month US System-wide Sales Equal to or Greater then $3.75 billion	 	YES	 	
Weighted Average Royalty Rate	 	3.94	%	

 
Applebees Enterprises LLC as	 	 	 	 	
Issuer	 	For the Payment Date of:	 	July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant Holders as
Co-Issuers	 	 	 	 	
 
Series 2007-1 A-I-A
 
Beginning	 	$	22,500,000	 	Wrapped	 	
Amortization	 	$	3,000,000	 	 	 	
Draw Down	 	$	—	 	 	 	
Ending	 	$	19,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	30,000,000	 	 	 	
Available Amount	 	$	10,500,000	 	 	 	
 
Series 2007-1 A-1-X
 
Beginning	 	$	52,500,000	 	Unwrapped	 	
Amortization	 	$	7,000,000	 	 	 	
Draw Down	 	$	—	 	 	 	
Ending	 	$	45,500,000	 	 	 	
 	 	 	 	 	 	
Commitment Amount	 	$	70,000,000	 	 	 	
Available Amount	 	$	24,500,000	 	 	 	
 
Series 2007-1 A-2-1-X
 
Beginning	 	$	350,000,000	 	Unwrapped	 	
Amortization	 	$	302,800,000	 	 	 	
Ending	 	$	47,200,000	 	(1)	 	
 
Series 2007-1-A-2-II-A
 
Beginning	 	$	675,000,000	 	Wrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	675,000,000	 	 	 	
 
Series 2007-1 A-2-II-X
 
Beginning	 	$	650,000,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	650,000,000	 	 	 	
 
Series 2007-1-M-1
 
Beginning	 	$	119,000,000	 	Unwrapped	 	
Amortization	 	$	—	 	 	 	
Ending	 	$	119,000,000	 	 	 	
 
Series 2007-1 A-1 -A Draw #1
 
Amount	 	$	22,500,000	 	 	 	
Date	 	6/13/2008	 	 	 	
LIBOR	 	2.4800	%	 	 	
Spread	 	2.2050	%	 	 	
Total Coupon	 	4.6850	%	 	 	
Interest Due This Period	 	$	5,856	 	 	 	
Cumulative Interest Due	 	$	46,850	 	16 days	 	
 
Series 2007-1 A-1 -X Draw #1
 
Amount	 	$	52,500,000	 	 	 	
Date	 	6/13/2008	 	 	 	
LIBOR	 	2.4800	%	 	 	
Spread	 	2.8550	%	 	 	
Total Coupon	 	5.3350	%	 	 	
Interest Due This Period	 	$	15,560	 	 	 	
Cumulative Interest Due	 	$	124,483	 	16 days	 	

(1) - On July 21, 2008 the remaining $47.2 million of Class 2007-1 Class A-2-I debt will be repaid with proceeds from asset divestitures, the monthly residual and a capital contribution.

 
Account Reconciliation	 	 	 	 	
 	 	 	 	 	
Applebee’s Enterprises LLC as Issuer	 	For the Weekly Payment Date of:	 	7/21/2008	
&	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	 	 	
 
Reconciliation of Indenture Trust Accounts - weekly For June
 
 	 	 	 	 	6/1/2008	 	6/8/2008	 	6/15/2008	 	6/22/2008	 	6/29/2008	 	
1	Concentration Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	33,172,214	 	34,769,445	 	41,760,179	 	50,706,246	 	28,616,485	 	
 	 	 	Plus Deposits	 	25,129,978	 	25,241,641	 	30,919,924	 	31,972,231	 	26,461,990	 	
 	 	 	Less Withdrawals	 	(23,532,747	)	(18,250,907	)	(21,973,857)	 	(54,061,992	)	(26,052,705	)	
 	Ending Balance	 	 	 	34,769,445	 	41,760,179	 	50,706,246	 	28,616,485	 	29,025,770	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
2	Operating Expense Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	3,611	 	3,611	 	3,611	 	3,611	 	3,611	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	3,611	 	3,611	 	3,611	 	3,611	 	3,611	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
3	Sales Tax Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	7,947,713	 	8,895,778	 	8,936,139	 	8,149,986	 	7,640,449	 	
 	Plus Company Store Contribution	 	1,522,704	 	1,584,348	 	1,580,680	 	1,719,636	 	1,619,507	 	
 	Plus: Excluded Asset deposits	 	14,705	 	4,014	 	4,053	 	4,468	 	4,516	 	
 	 	 	Other deposits	 	0	 	9,997	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	(589,344	)	(1,557,998	)	(2,370,886	)	(2,233,641	)	(1,031,230	)	
 	Ending Balance	 	 	 	8,895,778	 	8,936,139	 	8,149,986	 	7,640,449	 	8,233,242	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
4	Lease Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	2,612,917	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	2,612,917	 	15,603	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	2,612,917	 	2,628,520	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
5	Gift Card Reserve Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	8,655,656	 	8,619,293	 	8,304,039	 	8,285,855	 	8,454,560	 	
 	 	 	Plus Deposits	 	793,837	 	823,459	 	875,180	 	1,171,345	 	878,333	 	
 	 	 	Less Withdrawals	 	(830,200	)	(1,138,713	)	(893,364	)	(1,002,640	)	(1,038,898	)	
 	Ending Balance	 	 	 	8,619,293	 	8,304,039	 	8,285,855	 	8,454,560	 	8,293,995	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
6	Third Party Licensing Fee Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	419,561	 	444,188	 	484,767	 	592,258	 	665,620	 	
 	 	 	Plus: Deposits	 	9,383	 	25,835	 	91,977	 	58,694	 	9,606	 	
 	Plus Company Store Contribution	 	15,167	 	14,685	 	15,457	 	14,613	 	14,080	 	
 	Plus: Excluded Asset deposits	 	77	 	59	 	57	 	55	 	58	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	444,188	 	484,767	 	592,258	 	665,620	 	689,364	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
7	Advertising Fees Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	10,859,882	 	12,255,450	 	8,381,667	 	6,638,968	 	10,443,824	 	
 	Plus: Direct Deposits	 	917,333	 	34,097	 	3,243,028	 	3,582,697	 	733,820	 	
 	Plus Company Store Contribution	 	515,816	 	592,524	 	606,803	 	687,332	 	627,009	 	
 	Plus: Excluded Store Deposits	 	1,333	 	2,219	 	2,240	 	2,478	 	2,497	 	
 	 	 	Less Withdrawals	 	(38,914	)	(4,502,623	)	(5,594,770	)	(467,651	)	(303,909	)	
 	Ending Balance	 	 	 	12,255,450	 	8,381,667	 	6,638,968	 	10,443,824	 	11,503,241	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
8	Capital Expenditure Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	250,000	 	250,000	 	250,000	 	250,000	 	1,000,000	 	
 	 	 	Plus Deposits	 	0	 	0	 	329,526,441	 	313,559,006	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	(329,526,441	)	(312,809,006	)	0	 	
 	Ending Balance	 	 	 	250,000	 	250,000	 	250,000	 	1,000,000	 	1,000,000	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
9	Capital Expenditure Reserve Investment Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	329,526,441	 	29,535,446	 	
 	 	 	Plus Deposits	 	0	 	0	 	329,526,441	 	10,009,005	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(310,000,000	)	0	 	
 	Ending Balance	 	 	 	0	 	0	 	329,526,441	 	29,535,446	 	29,535,446	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
10	Indemnification / Insurance proceeds / Asset Disposition Account	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
11	Franchise Holder Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	2,003,495	 	2,003,495	 	2,005,820	 	2,005,820	 	2,002,324	 	
 	 	 	Plus Deposits	 	0	 	2,325	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	(3,496	)	0	 	
 	Ending Balance	 	 	 	2,003,495	 	2,005,820	 	2,005,820	 	2,002,324	 	2,002,324	 	

12	Collateral Account  (a)	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	Beginning Balance	 	 	 	25,669,514	 	25,713,061	 	25,713,061	 	25,713,061	 	25,713,061	 	
 	 	 	Plus Deposits	 	43,547	 	0	 	0	 	0	 	0	 	
 	 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	Ending Balance	 	 	 	25,713,061	 	25,713,061	 	25,713,061	 	25,713,061	 	25,713,061	 	

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

 
Account Reconciliation
 
Applebee’s Enterprises LLC as Issuer	For the Weekly Payment Date of:	7/21/2008	
&	For the Monthly Collection Period of:	June	
Applebee’s IP LLC & The Restaurant
Holders as Co-Issuers	 	 	
Reconciliation of Indenture Trust Accounts - weekly For December	 	 	
 
 	 	 	 	 	 	6/1/2008	 	6/8/2008	 	6/15/2008	 	6/22/2008	 	6/29/2008	 	
13	 	Applebee’s Enterprises, LLC Main Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	1	 	1	 	1	 	1	 	0	 	
 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(1	)	0	 	
 	 	Ending Balance	 	 	 	1	 	1	 	1	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
14	 	Collection Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	1,703	 	1,703	 	5,409	 	5,409	 	3,707	 	
 	 	 	 	Plus Deposits	 	0	 	3,706	 	0	 	338,144,208	 	10,000,000	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(338,145,910	)	(10,000,000	)	
 	 	Ending Balance	 	 	 	1,703	 	5,409	 	5,409	 	3,707	 	3,707	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
15	 	Senior Notes Interest Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	8	 	8	 	8	 	8	 	(0	)	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	9,562,919	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(9,562,927	)	0	 	
 	 	Ending Balance	 	 	 	8	 	8	 	8	 	(0	)	(0	)	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
16	 	Insurer Premiums Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	451,760	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(451,760	)	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
17	 	Class A-1 Commitment Fees Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	377,611	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(377,611	) 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
18	 	Senior Notes Principal Payment Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	302,800,000	 	10,000,000	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(302,800,000	) 	(10,000,000	)	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
19	 	Senior Notes Interest Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	31,995,847	 	31,995,847	 	32,044,020	 	32,044,020	 	26,476,994	 	
 	 	 	 	Plus Deposits	 	0	 	48,173	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	 	 	0	 	0	 	(5,567,026	)	0	 	
 	 	Ending Balance	 	 	 	31,995,847	 	32,044,020	 	32,044,020	 	26,476,994	 	26,476,994	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
20	 	Senior Notes Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
21	 	Subordinated Note Interest Payment Acount	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	1	 	1	 	1	 	1	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	833,436	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	(833,437	) 	0	 	
 	 	Ending Balance	 	 	 	1	 	1	 	1	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
22	 	Subordinated Note Principal Payment Acount	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
23	 	Subordinated Note Contingent Additional Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
24	 	Hedge Payment Account	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
25	 	Cash Trap Reserve Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
26	 	Series 2007-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
27	 	Series 2007-1 AI Distribution Account	 	0	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
28	 	Series 2007-1 A2IDistribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
29	 	Series 2007-1 A2II Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
30	 	Series 2007-1 Class M-1 Distribution Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
31	 	Senior Notes Excess Adjusted Interest Account	 	 	 	 	 	 	 	 	 	 	 	
 	 	Beginning Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	
 	 	 	 	Plus Deposits	 	0	 	0	 	0	 	0	 	0	 	
 	 	Less Withdrawals	 	0	 	0	 	0	 	0	 	0	 	
 	 	Ending Balance	 	 	 	0	 	0	 	0	 	0	 	0	 	

 
Asset Dispositions Insurance Proceeds
 
Asset Dispositions	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period	 	$	302,800,000	(1)	
Pro-Forma EBITDAR Consolidated Leverage Ratio	 	7.35	 	
Is Consolidated Ratio Leverage Test of 6.0 times satisfied?( yes or no )	 	No	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	302,800,000	 	
 	 	 	 	
After-Tax Net Proceeds Received in Calendar Year	 	 	 	
Calendar Year Threshold (applicable only if Consolidated Leverage ratio is Below 6x)	 	$	—	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	$	—	 	
 	 	 	 	
After-Tax Net Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	—	 	
After-Tax Net Proceeds Received within 150-180 days	 	$	—	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	302,800,000	(1)	
After-Tax Net Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	302,800,000	(1)	
 	 	 	 	
Senior ABS Leverage Ratio( Sr APPB Sec Debt/ Securitization EBITDA)	 	 	%	
assumes that variable funding notes are fully drawn	 	 	 	
 	 	 	 	
Insurance Proceeds	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Calendar Year	 	$	941,322	 	
Calendar Year Threshold	 	$	10,000,000	 	
Amount Above Annual Threshold after taking into consideration amounts received this Month	 	$	—	 	
 	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied as Reinvested Amounts	 	 	 	
Insurance Proceeds Received in last 180 days to be applied as Reinvested Amounts	 	$	941,322	 	
 	 	 	 	
Pro-Forma DSCR as of Current payment date	 	 	 	
Pro-Forma DSCR as of Closing date	 	 	 	
Insurance Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	—	 	
Insurance Proceeds Received in Calendar Year to be applied to pay debt of Senior Notes	 	$	—	 	
 	 	 	 	
Reinvested Amounts	
 	 	 	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes on Current Payment Date	 	$	—	 	
Reinvested Amounts to be applied to pay Debt of Senior Notes in last 180 Days	 	$	—	 	
 	 	 	 	 	
Pro-Forma Consolidated Leverage Ratio	
 	 	 	 	
Numerator	 	 	 	 	Monthly	 	
 	 	 	Operating Lease Expense - (current Month)	 	$	9,166,078	 	
 	 	 	Annualized Operating Lease Expense  	 	$	109,992,936	 	
 	 	1	Grossed Up Annualized Operating Lease Expense - (Annual *  8)	 	$	879,943,488	 	
 	 	 	 	 	 	 	
 	+	 	All Trust Debt (before Asset Disposition)	 	$	2,036,200,000	 	
 	 	 	IHOP	 	$	445,000,000	 	
 	 	 	Applebees	 	$	1,591,200,000	 	
 	 	 	All Other Applebee’s Corp Debt	 	$	342,550,350	 	
 	 	 	All Other IHOP Corp Debt	 	$	168,110,000	 	
 	 	2	Total Indebtedness	 	$	2,546,860,350	 	
 	 	 	 	 	 	 	
 	 	 	Total Adjusted Debt	 	$	3,426,803,838	 	
 	 	 	 	 	 	 	
Denominator	 	 	 	 	 	 	
 	 	1	EBITDA	 	$	356,455,000	 	
 	+	2	Operating Lease Expense	 	$	109,992,936	 	
 	 	 	EBITDAR	 	$	466,447,936	 	
 	 	 	 	
Consolidated Leverage Ratio	 	7.35	 	
 	 	 	 	
 	Pro-Forma EBITDA	 	$	356,455,000	 	
 	Pro-Forma EBITDAR Leverage Ratio	 	7.35	 	
 	 	 	 	
 	After-Tax Net Proceeds Received in Monthly Collection Period	 	$	302,800,000	 	
After-Tax Net Proceeds Received in Monthly Collection Period to be applied to pay debt of Senior Notes	 	$	302,800,000	 	
 	 	 	 	
Pro-Forma EBITDAR Leverage Ratio	 	6.70	 	

(1)  In addition to the $303 million detailed on the May monthly report, DineEquity successfully completed a sale of 26 stores in the California market and the sale leaseback transaction for 1 additional Applebee’s company owned restaurant location.  Net proceeds from these deals were approximately $30 million and after-tax proceeds available to pay down debt totaled approximately $29 million.

 
Applebees Enterprises LLC as
Issuer	 	For the Payment Date of:	 	 
July 21, 2008	
&	 	For the Monthly Collection Period of:	 	June	
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	 	$	1,356,957	 	
B)	 	Reimbursement of G&A costs	 	$	11,650	 	
C)	 	Weight Watchers	 	$	32,033	 	
 	 	 	 	 	 	
 	 	Total Misdirected funds deposited to Concentration Account	 	$	1,400,640	 	

 
Non - Conforming Assets
 
Applebees Enterprises LLC as Issuer	 	For the Payment Date of:	 	July 21, 2008	
And	 	For the Monthly Collection Period of:	 	June	
Applebee’s IP LLC & The Restaurant Holders as Co-Issuers	 	 	 	 	
 
Non Conforming Assets	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	 	
 	 	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