| | | | | | | | | | | | |
Debt Service Coverage Ratios and Senior ABS Leverage | | | | | | | | | | | | |
| | | |
| | | | | Senior ABS Leverage | | | Quarterly DSCR | |
Current Period | | | | | | | 4.55 | x | | | 3.32 | x |
| | | | | | | | | | | | |
One Period Prior | | | | | | | 4.51 | x | | | 3.46 | x |
| | | | | | | | | | | | |
Two Periods Prior | | | | | | | 4.56 | x | | | 3.28 | x |
| | | | | | | | | | | | |
Three Periods Prior | | | | | | | 4.61 | x | | | 3.55 | x |
| | | | | | | | | | | | |
| | | |
System Performance Domestic | | | | | | | | | | | | |
| | | |
| | Franchise | | | Company-Owned | | | Total Domestic | |
Open Stores at end of prior Quarterly Collection Period | | | 4,596 | | | | 390 | | | | 4,986 | |
Store Openings during Quarterly Collection Period | | | 14 | | | | — | | | | 14 | |
Store Transfers during Quarterly Collection Period | | | 14 | | | | (14 | ) | | | — | |
Permanent Store Closures during Quarterly Collection Period | | | (9 | ) | | | — | | | | (9 | ) |
| | | | | | | | | | | | |
Net Change in Open Stores during Quarterly Collection Period | | | 19 | | | | (14 | ) | | | 5 | |
Open Stores at end of Quarterly Collection Period | | | 4,615 | | | | 376 | | | | 4,991 | |
| | | |
International | | | | | | | | | | | | |
| | | |
| | Franchise | | | Company-Owned | | | Total International | |
Open Stores at end of prior Quarterly Collection Period | | | 5,900 | | | | — | | | | 5,900 | |
Store Openings during Quarterly Collection Period | | | 109 | | | | — | | | | 109 | |
Permanent Store Closures during Quarterly Collection Period | | | (12 | ) | | | — | | | | (12 | ) |
| | | | | | | | | | | | |
Net Change in Open Stores during Quarterly Collection Period | | | 97 | | | | — | | | | 97 | |
Open Stores at end of Quarterly Collection Period | | | 5,997 | | | | — | | | | 5,997 | |
| | | |
| | Franchise | | | Company-Owned | | | International | |
Same-Store Sales Growth for Quarterly Collection Period | | | 5.2 | % | | | 1.5 | % | | | 7.4 | % |
| | | |
Potential Events | | | | | | | | | | | | |
| | | |
| | | | | | | | Material Concern | |
i. Potential Rapid Amortization Event | | | | | | | | | | | No | |
ii. Potential Manager Termination Event | | | | | | | | | | | No | |
| | | |
Cash Trapping | | | | | | | | | | | | |
| | | |
| | | | | Commenced | | | Date of Commencement | |
i. a. Partial Cash Trapping Period | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
b. Full Cash Trapping Period | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
ii. Series 2012-1 Cash Trapping Percentage during Quarterly Collection Period | | | | | | | | | | | N/A | |
| | | | | | | | | | | | |
iii Series 2012-1 Cash Trapping Percentage following current Quarterly Payment Date | | | | | | | | | | | N/A | |
| | | | | | | | | | | | |
iv. Series 2012-1 Cash Trapping Percentage during prior Quarterly Collection Period | | | | | | | | | | | N/A | |
| | | | | | | | | | | | |
v. Series 2012-1 Partial Cash Trapping Release Event | | | | | | | | | | | N/A | |
| | | | | | | | | | | | |
vi. Series 2012-1 Full Cash Trapping Release Event | | | | | | | | | | | N/A | |
| | | | | | | | | | | | |
| | | |
Occurrence Dates | | | | | | | | | | | | |
| | | |
| | | | | Commenced | | | Date of Commencement | |
i. Rapid Amortization Event | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
ii. Default | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
iii. Event of Default | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
iv. Manager Termination Event | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
| | | |
Non-Amortization Test | | | | | | | | | | | | |
| | | |
| | | | | Commenced | | | Date of Commencement | |
i. Non-Amortization Period | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
| | | |
Extension Periods | | | | | | | | | | | | |
| | | |
| | | | | Commenced | | | Date of Commencement | |
i. Series 2012-1 Class A-1 first renewal period | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
ii. Series 2012-1 Class A-1 second renewal period | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | |
| | | | |
Allocation of Funds | | | | |
1. Outstanding Notes and Reserve Account Balances as of Prior Quarterly Payment Date: | | | | |
i. Outstanding Principal Balances | | | | |
a. Advances Under Series 2012-1 Class A-1 Notes | | $ | — | |
| | | | |
b. Series 2012-1 Class A-2 Notes | | $ | 1,527,750,000.00 | |
| | | | |
c. Senior Subordinated Notes | | $ | — | |
| | | | |
d. Subordinated Notes | | $ | — | |
| | | | |
ii. Reserve Account Balances | | | | |
a. Available Senior Notes Interest Reserve Account Amount(1) | | $ | 20,937,977.50 | |
| | | | |
b. Available Senior Subordinated Notes Interest Reserve Account Amount | | $ | — | |
| | | | |
c. Available Cash Trap Reserve Account Amount(1) | | $ | — | |
| | | | |
2. Retained Collections for Current Quarterly Payment Date: | | | | |
i. Franchisee Payments | | | | |
a. Domestic Continuing Franchise Fees | | $ | 98,146,714.45 | |
| | | | |
b. International Continuing Franchise Fees | | $ | 32,840,885.35 | |
| | | | |
c. Initial Franchise Fees | | $ | — | |
| | | | |
d. Other Franchise Fees | | $ | — | |
| | | | |
e. PULSE Maintenance Fees | | $ | 72.50 | |
| | | | |
f. PULSE License Fees | | $ | 383,057.50 | |
| | | | |
g. Technology Fees | | | 5,108,255.40 | |
| | | | |
h. Franchisee Insurance Proceeds | | $ | — | |
| | | | |
i. Other Franchisee Payments | | $ | — | |
| | | | |
ii. Company-Owned Stores License Fees | | $ | 4,438,008.96 | |
| | | | |
iii. Third-Party License Fees | | $ | — | |
| | | | |
iv. Product Purchase Payments | | $ | 310,612,766.75 | |
| | | | |
v. Co-Issuers Insurance Proceeds | | $ | — | |
| | | | |
vi. Asset Disposition Proceeds | | $ | — | |
| | | | |
vii. Excluded Amounts | | $ | 2,473,443.94 | |
| | | | |
viii. Other Collections | | $ | 153,612.00 | |
| | | | |
ix. Investment Income | | $ | 3,507.35 | |
| | | | |
x. HoldCo L/C Agreement Fee Income | | $ | 89,179.62 | |
| | | | |
Less: | | | | |
xiii. Excluded Amounts | | $ | 54,742,282.86 | |
| | | | |
a. Advertising Fees | | $ | 52,268,838.92 | |
| | | | |
b. Company-Owned Store Advertising Fees | | $ | — | |
| | | | |
c. Third-Party Matching Expenses | | $ | 2,473,443.94 | |
| | | | |
xiv. Product Purchase Payments | | $ | 310,612,766.75 | |
| | | | |
xiv. Bank Account Expenses | | $ | 40,978.28 | |
| | | | |
Plus: | | | | |
xvi. Aggregate Weekly Distributor Profit Amount | | $ | 25,554,101.70 | |
| | | | |
xvii. Retained Collections Contributions | | $ | — | |
| | | | |
xviii.Total Retained Collections | | $ | 114,407,577.63 | |
| | | | |
3. Adjusted Net Cash Flow for Current Quarterly Payment Date: | | | | |
i. Retained Collections for Quarterly Collection Period | | $ | 114,407,577.63 | |
| | | | |
Less: | | | | |
ii. Servicing Fees, Liquidation Fees and Workout Fees | | $ | 76,803.44 | |
| | | | |
iii. Securitization Entities Operating Expenses paid during Quarterly Collection Period | | $ | 7,469.00 | |
| | | | |
iv. Weekly Manager Fee Amounts paid during Quarterly Collection Period | | $ | 13,158,000.00 | |
| | | | |
v. Manager Advances Reimbursement Amounts | | $ | 17,724,409.72 | |
| | | | |
vi. PULSE Maintenance Fees | | $ | 72.50 | |
| | | | |
vii. Technology Fees | | $ | 5,108,255.40 | |
| | | | |
viii. Administrative Expenses | | $ | 25,000.00 | |
| | | | |
vix. Investment Income | | $ | 3,507.35 | |
| | | | |
vx. Retained Collections Contributions, if applicable, received during Quarterly Collection Period | | $ | — | |
| | | | |
viii. Net Cash Flow for Quarterly Collection Period | | $ | 78,304,060.22 | |
| | | | |
ix. Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period | | $ | 932,191.19 | |
| | | | |
x. Multiplied by 91 if 52 week fiscal year or 92.75 if 53 week fiscal year | | | 91 | |
| | | | |
xi. Adjusted Net Cash Flow for Quarterly Collection Period | | $ | 84,829,398.58 | |
| | | | |
| | | | |
4. Debt Service / Payments to Noteholders for Current Quarterly Payment Date: | | | | |
i. Required Interest on Senior and Senior Subordinated Notes | | | | |
Series 2012-1 Class A-1 Quarterly Interest | | $ | 69,816.47 | |
| | | | |
Series 2012-1 Class A-2 Quarterly Interest | | $ | 19,477,440.50 | |
| | | | |
Series 2012-1 Senior Subordinated Quarterly Interest | | $ | — | |
| | | | |
ii. Required Principal on Senior and Senior Subordinated Notes | | | | |
Series 2012-1 Class A-2 Quarterly Scheduled Principal | | $ | 5,906,250.00 | |
| | | | |
Series 2012-1 Senior Subordinated Scheduled Principal | | $ | — | |
| | | | |
iii. Other | | | | |
Series 2012-1 Class A-1 Quarterly Commitment Fees | | $ | 72,965.93 | |
| | | | |
iv. Total Debt Service | | $ | 25,526,472.90 | |
| | | | |
v. Other Payments to Noteholders Relating to Notes | | | | |
Series 2012-1 Subordinated Quarterly Interest | | $ | — | |
| | | | |
Series 2012-1 Subordinated Quarterly Scheduled Principal | | $ | — | |
| | | | |
Series 2012-1 Class A-1 Quarterly Contingent Additional Interest | | $ | — | |
| | | | |
Series 2012-1 Class A-2 Quarterly Contingent Additional Interest | | $ | — | |
| | | | |
Senior Subordinated Quarterly Contingent Additional Interest | | $ | — | |
| | | | |
Subordinated Quarterly Contingent Additional Interest | | $ | — | |
| | | | |
5. Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date: | | | | |
i. All available deposits in Series 2012-1 Class A-1 Distribution Account | | $ | 167,782.40 | |
| | | | |
ii. All available deposits in Series 2012-1 Class A-2 Distribution Account | | $ | 25,383,690.50 | |
| | | | |
iii. All available deposits in Senior Subordinated Distribution Account | | $ | — | |
| | | | |
iv. All available deposits in Subordinated Distribution Account | | $ | — | |
| | | | |
v. Total on Deposit in Distribution Accounts | | $ | 25,551,472.90 | |
| | | | |
6. Distributions for Current Quarterly Payment Date: | | | | |
Series 2012-1 Class A-1 Distribution Account | | | | |
i. Payment of interest and fees related to Series 2012-1 Class A-1 Notes | | $ | 167,782.40 | |
| | | | |
ii. Indemnification and Real Estate Disposition Proceeds Payments to reduce commitments under Series 2012-1 Class A-1 Notes | | $ | — | |
| | | | |
iii. Principal payments to Series 2012-1 Class A-1 Notes | | $ | — | |
| | | | |
iv. Payment of Series 2012-1 Class A-1 Notes Breakage Amounts | | $ | — | |
| | | | |
Series 2012-1 Class A-2 Distribution Account | | | | |
i. Payment of interest related to Series 2012-1 Class A-2 Notes | | $ | 19,477,440.50 | |
ii. Indemnification and Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes | | $ | — | |
| | | | |
iii. Principal payment to Series 2012-1 Class A-2 Notes | | $ | 5,906,250.00 | |
| | | | |
iv. Make-Whole Premium related to Series 2012-1 Class A-2 Notes | | $ | — | |
| | | | |
Senior Subordinated Distribution Account | | | | |
i. Payment of interest related to Senior Subordinated Notes | | $ | — | |
| | | | |
ii. Indemnification and Real Estate Disposition Proceeds payments to Senior Subordinated Notes | | $ | — | |
| | | | |
iii. Principal payment to Senior Subordinated Notes | | $ | — | |
| | | | |
iv. Make-Whole Premium related to Senior Subordinated Notes | | $ | — | |
| | | | |
Subordinated Distribution Account | | | | |
i. Payment of interest related to Subordinated Notes | | $ | — | |
| | | | |
ii. Indemnification and Real Estate Disposition Proceeds payments to Subordinated Notes | | $ | — | |
| | | | |
iii. Principal payment to Subordinated Notes | | $ | — | |
| | | | |
iv. Make-Whole Premium related to Subordinated Notes | | $ | — | |
| | | | |
Total Allocations from Distribution Accounts | | $ | 25,551,472.90 | |
| | | | |
7. Senior Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | | | | |
i. Deposits into Senior Notes Interest Reserve Account during Quarterly Collection Period | | $ | — | |
| | | | |
ii. Less draws on / releases from Available Senior Notes Interest Reserve Account Amount | | $ | 77,017.50 | |
| | | | |
iii. Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount | | $ | (77,017.50 | ) |
| | | | |
8. Senior Subordinated Notes Interest Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | | | | |
i. Deposits into Senior Subordinated Notes Interest Reserve Account during Quarterly Collection Period | | $ | — | |
| | | | |
ii. Less draws on Available Senior Subordinated Notes Interest Reserve Account Amount | | $ | — | |
| | | | |
iii. Total Increase (Reduction) of Available Senior Subordinated Notes Interest Reserve Account Amount | | $ | — | |
| | | | |
9. Cash Trap Reserve Account Deposits, Draws and Releases as of Current Quarterly Payment Date: | | | | |
i. Deposits into Cash Trap Reserve Account during Quarterly Collection Period | | $ | — | |
| | | | |
ii. Less draws on Available Cash Trap Reserve Account Amount | | $ | — | |
| | | | |
iii. Less Cash Trapping Release Amount | | $ | — | |
| | | | |
iv. Total Increase (Reduction) of Available Cash Trap Reserve Account Amount | | $ | — | |
| | | | |
| | | | |
10. Real Estate Disposition Proceeds | | | | |
i. Aggregate Real Estate Disposition Proceeds as of Prior Quarterly Payment Date | | $ | — | |
| | | | |
ii. Aggregate Real Estate Disposition Proceeds as of Current Quarterly Payment Date | | $ | — | |
| | | | |
11. Scheduled Principal Catch-Up Amounts | | | | |
i. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Prior Quarterly Payment Date | | $ | — | |
| | | | |
ii. Series 2012-1 Class A-2 aggregate Scheduled Principal Catch-Up Amounts as of Current Quarterly Payment Date | | $ | — | |
| | | | |
12. Outstanding Balances as of Current Quarterly Payment Date (after giving effect to payments to be made on such date): | | | | |
i. Series 2012-1 Class A-1 Notes | | $ | 42,268,716.65 | |
| | | | |
ii. Series 2012-1 Class A-2 Notes | | $ | 1,521,843,750.00 | |
| | | | |
iii. Senior Subordinated Notes | | $ | — | |
| | | | |
iv. Subordinated Notes | | $ | — | |
| | | | |
v. Reserve account balances: | | | | |
a. Available Senior Notes Interest Reserve Account Amount | | $ | 20,860,960.00 | |
| | | | |
b. Available Senior Subordinate Notes Interest Reserve Account Amount | | $ | — | |
| | | | |
c. Available Cash Trap Reserve Account Amount | | $ | — | |
| | | | |
IN WITNESS HEREOF, the undersigned has duly executed and delivered this Quarterly Noteholders’ Statement this 5/1/2014
Domino’s Pizza LLC as Manager on behalf of the Master Issuer and certain subsidiaries thereto,