Dine Brands Global (DIN) 8-K Regulation FD Disclosure

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