| | | | | | | | | | | | | | | | | | |
Debt Service Coverage Ratios and Senior ABS Leverage | | | | |
| | | | | | | | | | | | | Senior ABS Leverage | | | | Quarterly DSCR | |
| | Current Period | | | | | | | 5.16 x | | | | 3.51 x | |
| | | | | | | | | | | | | | | | | | |
| | One Period Prior | | | | | | | 5.28 x | | | | 3.08 x | |
| | | | | | | | | | | | | | | | | | |
| | Two Periods Prior | | | | | | | 5.53 x | | | | 3.90 x | |
| | | | | | | | | | | | | | | | | | |
| | Three Periods Prior | | | | | | | 3.83 x | | | | 4.02 x | |
| | | | | | | | | | | | | | | | | | |
| | | |
System Performance | | | | | | | | | | | | |
| | | |
Domestic | | | | | | | | | | | | |
| | | | | | | | Franchise | | | Company-Owned | | | Total Domestic | |
| | Open Stores at end of prior Quarterly Collection Period | | | 4,816 | | | | 384 | | | | 5,200 | |
| | Store Openings during Quarterly Collection Period | | | 17 | | | | 1 | | | | 18 | |
| | Store Transfers during Quarterly Collection Period | | | — | | | | — | | | | — | |
| | Permanent Store Closures during Quarterly Collection Period | | | (2 | ) | | | — | | | | (2 | ) |
| | | | | | | | | | | | | | |
| | Net Change in Open Stores during Quarterly Collection Period | | | 15 | | | | 1 | | | | 16 | |
| | | | |
| | Open Stores at end of Quarterly Collection Period | | | 4,831 | | | | 385 | | | | 5,216 | |
| | | |
International | | | | | | | | | | | | |
| | | | | | | | Franchise | | | Company-Owned | | | Total International | |
| | Open Stores at end of prior Quarterly Collection Period | | | 7,330 | | | | — | | | | 7,330 | |
| | Store Openings during Quarterly Collection Period | | | 163 | | | | — | | | | 163 | |
| | Permanent Store Closures during Quarterly Collection Period | | | (17 | ) | | | — | | | | (17 | ) |
| | | | | | | | | | | | | | |
| | Net Change in Open Stores during Quarterly Collection Period | | | 146 | | | | — | | | | 146 | |
| | | | |
| | Open Stores at end of Quarterly Collection Period | | | 7,476 | | | | — | | | | 7,476 | |
| | | | | | |
| | | | | | | | Franchise | | | Company-Owned | | | International | |
| | Same-Store Sales Growth for Quarterly Collection Period | | | 6.6 | % | | | 4.0 | % | | | 7.9 | % |
| | | |
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 2015-1 Class A-1 first renewal period | | | | | | | No | | | | N/A | |
| | | | | | | | | | | | | | | | | | |
| | ii. | | | | Series 2015-1 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 2015-1 Class A-1 Notes | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | b. | | Series 2012-1 Class A-2 Notes | | | | | | $ | 938,573,644.60 | |
| | | | | | | | | | | | | | |
| | | | b. | | Series 2015-1 Class A-2-I Notes | | | | | | $ | 498,750,000.00 | |
| | | | | | | | | | | | | | |
| | | | b. | | Series 2015-1 Class A-2-II Notes | | | | | | $ | 798,000,000.00 | |
| | | | | | | | | | | | | | |
| | | | c. | | Senior Subordinated Notes | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | d. | | Subordinated Notes | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | ii. | | | | Reserve Account Balances | | | | |
| | | | a. | | Available Senior Notes Interest Reserve Account Amount(1) | | | | | | $ | 26,650,347.75 | |
| | | | | | | | | | | | | | |
| | | | 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 | | | | | | $ | 130,539,295.31 | |
| | | | | | | | | | | | | | |
| | | | b. | | International Continuing Franchise Fees | | | | | | $ | 37,101,513.07 | |
| | | | | | | | | | | | | | |
| | | | c. | | Initial Franchise Fees | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | d. | | Other Franchise Fees | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | e. | | PULSE Maintenance Fees | | | | | | $ | 2,552.65 | |
| | | | | | | | | | | | | | |
| | | | f. | | PULSE License Fees | | | | | | $ | 180,780.00 | |
| | | | | | | | | | | | | | |
| | | | g. | | Technology Fees | | | | | | | 616,320.43 | |
| | | | | | | | | | | | | | |
| | | | h. | | Franchisee Insurance Proceeds | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | i. | | Other Franchisee Payments | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | ii. | | | | Company-Owned Stores License Fees | | $ | 5,043,047.66 | |
| | | | | | | | | | | | | | |
| | iii. | | | | Third-Party License Fees | | $ | — | |
| | | | | | | | | | | | | | |
| | iv. | | | | Product Purchase Payments | | $ | 367,482,816.10 | |
| | | | | | | | | | | | | | |
| | v. | | | | Co-Issuers Insurance Proceeds | | $ | — | |
| | | | | | | | | | | | | | |
| | vi. | | | | Asset Disposition Proceeds | | $ | — | |
| | | | | | | | | | | | | | |
| | vii. | | | | Excluded Amounts | | $ | (1,927,382.64 | ) |
| | | | | | | | | | | | | | |
| | viii. | | | | Other Collections | | $ | 144,319.00 | |
| | | | | | | | | | | | | | |
| | ix. | | | | Investment Income | | $ | 49,499.32 | |
| | | | | | | | | | | | | | |
| | x. | | | | HoldCo L/C Agreement Fee Income | | $ | 58,823.40 | |
| | | | | | | | | | | | | | |
| | | | Less: | | | | | | |
| | xiii. | | | | Excluded Amounts | | $ | 67,458,740.83 | |
| | | | | | | | | | | | | | |
| | | | a. | | Advertising Fees | | | | | | $ | 69,386,123.47 | |
| | | | | | | | | | | | | | |
| | | | b. | | Company-Owned Store Advertising Fees | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | c. | | Third-Party Matching Expenses | | | | | | $ | (1,927,382.64 | ) |
| | | | | | | | | | | | | | |
| | xiv. | | | | Product Purchase Payments | | $ | 367,482,816.10 | |
| | | | | | | | | | | | | | |
| | xiv. | | | | Bank Account Expenses | | $ | 29,613.07 | |
| | | | | | | | | | | | | | |
| | | | Plus: | | | | | | |
| | xvi. | | | | Aggregate Weekly Distributor Profit Amount | | $ | 28,315,957.61 | |
| | | | | | | | | | | | | | |
| | xvii. | | | | Retained Collections Contributions | | $ | — | |
| | | | | | | | | | | | | | |
| | | | |
| | xviii. | | | | Total Retained Collections | | $ | 132,636,371.91 | |
| | | | | | | | | | | | | | |
| | |
3. | | Adjusted Net Cash Flow for Current Quarterly Payment Date: | | | | |
| | | | | |
| | i. | | Retained Collections for Quarterly Collection Period | | | | | | $ | 132,636,371.91 | |
| | | | | | | | | | | | | | |
| | | | Less: | | | | | | | | | | |
| | ii. | | | | Servicing Fees, Liquidation Fees and Workout Fees | | $ | 111,124.50 | |
| | | | | | | | | | | | | | |
| | iii. | | | | Securitization Entities Operating Expenses paid during Quarterly Collection Period | | $ | 40,000.00 | |
| | | | | | | | | | | | | | |
| | iv. | | | | Weekly Manager Fee Amounts paid during Quarterly Collection Period | | $ | 14,130,392.68 | |
| | | | | | | | | | | | | | |
| | v. | | | | Manager Advances Reimbursement Amounts | | $ | 2,603,350.69 | |
| | | | | | | | | | | | | | |
| | vi. | | | | PULSE Maintenance Fees | | $ | 2,552.65 | |
| | | | | | | | | | | | | | |
| | vii. | | | | Technology Fees | | $ | 616,320.43 | |
| | | | | | | | | | | | | | |
| | viii. | | | | Administrative Expenses | | $ | 12,500.00 | |
| | | | | | | | | | | | | | |
| | vix. | | | | Investment Income | | $ | 49,499.32 | |
| | | | | | | | | | | | | | |
| | vx. | | | | Retained Collections Contributions, if applicable, received during Quarterly Collection Period | | $ | — | |
| | | | | | | | | | | | | | |
| | | | | |
| | viii. | | Net Cash Flow for Quarterly Collection Period | | | | | | $ | 115,070,631.63 | |
| | | | | | | | | | | | | | |
| | | | | |
| | ix. | | Net Cash Flow for Quarterly Collection Period / Number of Days in Quarterly Collection Period | | | | | | $ | 1,369,888.47 | |
| | | | | | | | | | | | | | |
| | 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 | | | | | | $ | 124,659,850.94 | |
| | | | | | | | | | | | | | |
| |
1. Amounts calculated as of the close of business on the last Business Day of the preceding Quarterly Collection Period. | | | | |
| | | | | | | | | | | | | | |
4. | | Debt Service / Payments to Noteholders for Current Quarterly Payment Date: | | | | |
| | | | |
| | i. | | | | Required Interest on Senior and Senior Subordinated Notes | | | | |
| | | | | | Series 2015-1 Class A-1 Quarterly Interest | | | | | | $ | 59,182.09 | |
| | | | | | | | | | | | | | |
| | | | | | Series 2012-1 Class A-2 Quarterly Interest | | | | | | $ | 12,239,000.33 | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-2-I Quarterly Interest | | | | | | $ | 4,344,112.50 | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-2-II Quarterly Interest | | | | | | $ | 8,925,630.00 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Required Principal on Senior and Senior Subordinated Notes | | | | |
| | | | | | Series 2012-1 Class A-2 Quarterly Scheduled Principal | | | | | | $ | 6,398,437.50 | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-2-I Quarterly Scheduled Principal | | | | | | $ | 1,250,000.00 | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-2-II Quarterly Scheduled Principal | | | | | | $ | 2,000,000.00 | |
| | | | | | | | | | | | | | |
| | iii. | | | | Other | | | | |
| | | | | | Series 2015-1 Class A-1 Quarterly Commitment Fees | | | | | | $ | 299,365.10 | |
| | | | | | | | | | | | | | |
| | | | |
| | iv. | | | | Total Debt Service | | $ | 35,515,727.52 | |
| | | | | | | | | | | | | | |
| | | | |
| | v. | | | | Other Payments to Noteholders Relating to Notes | | | | |
| | | | | | |
| | | | | | Series 2012-1 Class A-2 Catch-Up Principal | | | | | | $ | 2,728,332.10 | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-1 Quarterly Contingent Additional Interest | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | | | Series 2012-1 Class A-2 Quarterly Contingent Additional Interest | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-2-I Quarterly Contingent Additional Interest | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | | | Series 2015-1 Class A-2-II Quarterly Contingent Additional Interest | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | |
5. | | Aggregate Weekly Allocations to Distribution Accounts for Current Quarterly Payment Date: | | | | |
| | | | |
| | i. | | | | All available deposits in Series 2015-1 Class A-1 Distribution Account | | $ | 371,047.19 | |
| | | | | | | | | | | | | | |
| | ii. | | | | All available deposits in Series 2012-1 Class A-2 Distribution Account | | $ | 21,365,769.93 | |
| | | | | | | | | | | | | | |
| | iii. | | | | All available deposits in Series 2015-1 Class A-2-I Distribution Account | | $ | 5,594,112.50 | |
| | | | | | | | | | | | | | |
| | iv. | | | | All available deposits in Series 2015-1 Class A-2-II Distribution Account | | $ | 10,925,630.00 | |
| | | | | | | | | | | | | | |
| | | | |
| | v. | | | | Total on Deposit in Distribution Accounts | | $ | 38,256,559.62 | |
| | | | | | | | | | | | | | |
| | |
6. | | Distributions for Current Quarterly Payment Date: | | | | |
| | | | |
| | Series 2015-1 Class A-1 Distribution Account | | | | | | | | |
| | i. | | | | Payment of interest and fees related to Series 2015-1 Class A-1 Notes | | $ | 371,047.19 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Indemnification & Real Estate Disposition Proceeds Payments to reduce commitments under Series 2015-1 Class A-1 Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | iii. | | | | Principal payments to Series 2015-1 Class A-1 Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | iv. | | | | Payment of Series 2015-1 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 | | $ | 12,239,000.33 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Indemnification & Real Estate Disposition Proceeds payments to Series 2012-1 Class A-2 Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | iii. | | | | Principal payment to Series 2012-1 Class A-2 Notes | | $ | 9,126,769.60 | |
| | | | | | | | | | | | | | |
| | iv. | | | | Make-Whole Premium related to Series 2012-1 Class A-2 Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | | | |
| | Series 2015-1 Class A-2-I Distribution Account | | | | | | | | |
| | i. | | | | Payment of interest related to Series 2015-1 Class A-2-I Notes | | $ | 4,344,112.50 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-I Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | iii. | | | | Principal payment to Series 2015-1 Class A-2-I Notes | | $ | 1,250,000.00 | |
| | | | | | | | | | | | | | |
| | iv. | | | | Make-Whole Premium related to Series 2015-1 Class A-2-I Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | | | |
| | Series 2015-1 Class A-2-II Distribution Account | | | | | | | | |
| | i. | | | | Payment of interest related to Series 2015-1 Class A-2-II Notes | | $ | 8,925,630.00 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Indemnification & Real Estate Disposition Proceeds payments to Series 2015-1 Class A-2-II Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | iii. | | | | Principal payment to Series 2015-1 Class A-2-II Notes | | $ | 2,000,000.00 | |
| | | | | | | | | | | | | | |
| | iv. | | | | Make-Whole Premium related to Series 2015-1 Class A-2-II Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | | | |
| | | | | | Total Allocations from Distribution Accounts | | $ | 38,256,559.62 | |
| | | | | | |
| | | | | | | | | | | | | | |
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 | | $ | 265,761.17 | |
| | | | | | | | | | | | | | |
| | iii. | | | | Total Increase (Reduction) of Available Senior Notes Interest Reserve Account Amount | | $ | (265,761.17 | ) |
| | | | | | | | | | | | | | |
| |
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 | | $ | 2,728,332.10 | |
| | | | | | | | | | | | | | |
| | 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 2015-1 Class A-1 Notes | | $ | 46,233,622.00 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Series 2012-1 Class A-2 Notes | | $ | 929,446,875.00 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Series 2015-1 Class A-2-I Notes | | $ | 497,500,000.00 | |
| | | | | | | | | | | | | | |
| | ii. | | | | Series 2012-1 Class A-2-II Notes | | $ | 796,000,000.00 | |
| | | | | | | | | | | | | | |
| | iii. | | | | Senior Subordinated Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | iv. | | | | Subordinated Notes | | $ | — | |
| | | | | | | | | | | | | | |
| | v. | | | | Reserve account balances: | | | | |
| | | | a. | | Available Senior Notes Interest Reserve Account Amount | | | | | | $ | 26,384,586.58 | |
| | | | | | | | | | | | | | |
| | | | b. | | Available Senior Subordinate Notes Interest Reserve Account Amount | | | | | | $ | — | |
| | | | | | | | | | | | | | |
| | | | c. | | Available Cash Trap Reserve Account Amount | | | | | | $ | — | |
| | | | | | | | | | | | | | |