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

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