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

Exhibit 99.4

Monthly Servicing Report
For
IHOP Franchising, LLP & IHOP IP, LLC

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

Current Notes Outstanding:
1	Series 2007-1	$	175,000,000
2	Series 2007-2	$	15,000,000
3	Series 2007-3	$	245,000,000

IHOP Franchising, LLP & IHOP IP, LLC
Instructions for Wires on Monday, July 21, 2008
For the Period of June 20, 2008 - July 20, 2008

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

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

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Total Amounts Credited to the Lock-Box Account	$	28,698,558.52
Total Amounts Credited to the Advertising Funds Account Account	$	37,344.67

Deposits from Lock-Box to Collection Account

From Type 1 Stores				Counted for Purposes  of DSCR Only
A)	Franchise Payments	$	5,506,723.47	Yes
B)	License Payments	$	144,827.79	Yes
C)	Development Payments	$	427,500.00	Yes
D)	IHOP Operated Restaurant Sub-Licensing Fees	$	19,552.92	Yes
E)	IHOP Operated Restaurant Lease Payments	$	38,373.74	Yes
F)	Equipment Lease Payments	$	884,304.05	Yes
G)	Franchise Note Payments	$	489,624.09	Yes
H)	Lease Payments
	Owned properties - Franchisee Leases	$	824,224.01
	Leased properties - Franchisee Sublease	$	4,035,885.97
	Total Lease Payments	$	4,860,109.98	Yes
I)	Insurance Restoration Receipts	$	—
J)	Training Fees	$	7,654.86	Yes
K)	Any 3rd Party Reimbursement Amounts	$	344,719.28	Yes
L)	Other	$	78,964.00	Yes
M)	(Less Returns, NSF etc.)	$	25,405.69	Yes
	Total Type 1 Collections Received	$	12,827,759.87

From Type 2 Stores
A)	Franchise Payments	$	3,325,977.67
B)	License Payments	$	—
C)	Development Payments	$	—
D)	IHOP Operated Restaurant Licensing Fees	$	43,137.75
E)	IHOP Operated Restaurant Lease Payments	$	127,507.63
F)	Equipment Lease Payments	$	1,257,367.22
G)	Franchise Note Payments	$	412,484.89
H)	Lease Payments
	Owned properties - Franchisee Leases	$	—
	Leased properties - Franchisee Sublease	$	7,011,320.15
	Total Lease Payments	$	7,011,320.15
I)	Insurance Restoration Receipts	$	—
J)	Training Fees	$	4,775.00
K)	Any 3rd Party Reimbursement Amounts	$	374,328.18
L)	Other	$	49,172.44
M)	(Less Returns, NSF etc.)	$	17,516.26
	Total Type 2 Collections Received	$	12,623,587.19

Other
To Be Deposited into the Collection Account
A)	Investment Income from all other Accounts (as applicable)	$	19,438.01
B)	(Less investment expenses and net losses)	$	—
	Net Investment Income	$	19,438.01	Yes
C)	Distribution Payments	$	2,934,443.12	Yes
D)	Series Hedge Agreements Receipts (as applicable)	$	—	Yes
E)	Defective Assets Payments	$	—
F)	Any other Amounts owed relating to the Collateral	$	—	Yes
	Total “Other” Collections Received	$	2,953,881.13
	Total Monthly Cash Payments	$	28,405,228.19
	Total Monthly Collections - Related to Collateral	$	15,781,641.00

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC , as Co Issuer

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

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC , as Co Issuer

Waterfall for Determination of Type 1 Residual

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

IHOP FRANCHISING LLC, as Issuer

&

IHOP IP, LLC, as Co Issuer

Summary of Monthly Type 1 Residual Calculations and Wire Transfers

	Type 1 Residual		Wires
	Weekly		Sent to
	Calculation		Applebee’s
Week 1	$	609,501.49	$	609,501.49
Week 2	$	807,349.16	$	807,349.16
Week 3	$	192,711.50	$	192,711.50
Week 4	$	2,724,177.91	$	2,724,177.91
Week 5	$	2,220,152.27	$	2,220,152.27
Total	$	6,553,892.35	$	6,553,892.35

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Reconciliation of Indenture Trust Accounts

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

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Series 2007-1 $175 Million Notes

Series 2007-2 VFN $25 Million Note

Series 2007-3 $245 Million Notes

Reconciliation of Reserve Accounts

Series 2007-1 & 2007-2 & 2007-3 Interest Reserve Accounts
Beginning Balance	$	5,572,882
Plus Deposits	$	—
Less Withdrawals	$	—
Ending Balance	$	5,572,882
Series 2007-1 & 2007-2 & 2007-3 Trigger Reserve Accounts
Beginning balance	$	—
Plus Deposits	$	—
Less Withdrawals	$	—
Ending Balance	$	—

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Series 2007-1
Beginning	$	175,000,000.00
Amortization
Ending	$	175,000,000.00

Series 2007-3
Beginning	$	245,000,000.00
Amortization
Ending	$	245,000,000.00

Series 2007-2
Beginning	$	—
Amortization	$	—
Draw Down	$	15,000,000.00
Ending	$	15,000,000.00

Series 2007-2 Draw #1
Amount	$	10,000,000.00
Date	5/23/2007
Interest Due	$	0.00

Series 2007-2 Draw #2
Amount	$	8,000,000.00
Date	6/12/2007
Interest Due	$	0.00

Series 2007-2 Draw #3
Amount	$	15,000,000.00
Date	11/28/2007
Interest Due	39,783.33

IHOP FRANCHISING LLC, as Issuer

&

IHOP IP, LLC, as Co Issuer

Calculation of DSCR

Monthly Periods used in calculation of DSCR	For the Monthly Payment Date of:	July 21, 2008
	For the Monthly Collection Period of:	June

		April
Adjusted Collections		Total Monthly Collections - Related to Collateral	$	13,282,449.07
	-	Total Monthly DSCR Expenses	$	6,514,937.72
			$	6,767,511.35
Denominator
		Total Debt Service	$	2,244,671.64

		May
Adjusted Collections		Total Monthly Collections - Related to Collateral	$	12,471,747.34
	-	Total Monthly DSCR Expenses	$	6,198,388.18
			$	6,273,359.16
Denominator
		Total Debt Service	$	2,328,045.29

		June
Adjusted Collections		Total Monthly Collections - Related to Collateral	$	15,781,641.00
	-	Total Monthly DSCR Expenses	$	6,809,871.26
			$	8,971,769.74
Denominator
		Total Debt Service	$	2,417,877.39
		Current Payment Date DSCR Ratio		3.149

		% to Trap (if
	Event Occur?	Applicable)
Cash Trapping Event?	N	0.00	%
Rapid Amortization Event?	N
Servicer Termination Event / EOD?	N

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

				($ In Thousands)
				Monthly
Numerator
			Operating Lease Expense - (June 2008)	9,166
			Annualized Operating Lease Expense (June 2008 * 12)	109,993
		1	Grossed Up Annualized Operating Lease Expense - (Annual * 8)	879,943
	+		All Trust Debt	2,036,200
			IHOP	445,000
			Applebee’s	1,591,200
			All Other IHOP Corp Debt	168,110
			All Other Applebee’s Corp Debt	342,550
		2	Total Indebtedness	2,546,860
			Total Adjusted Debt	3,426,803

Denominator
		1	EBITDA	356,455
	+	2	Operating Lease Expense	109,993
			EBITDAR	466,448

Current Payment Date Leverage Ratio	7.35
Servicer Termination Event?	N

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Type I Stores

Beginning	895
Plus New Stores	4
Plus Converted Type II	0
Plus Converted Type III	0
Less Store Closures	3
Ending Balance	896

Type II Stores

Beginning	437
Plus New Stores	0
Plus Converted Type III	0
Less Converted to Type I	0
Less Store Closures	1
Ending Balance	436

Type III Stores

Beginning	17
Plus New Stores	0
Less Stores Converted Out of Type III	0
Less Store Closures	0
Ending Balance	17

IHOP System-Wide Sales As of Closing	$	2,100,000,000
IHOP System-Wide Sales For Last 12 Months	$	2,368,512,751
Current Sales Greater than or Equal to Sales at Closing	YES

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Deposits from Servicer to Collection Account

Misdirected Type 1 Payments
A)	Franchise Payments	$	—
B)	License Payments	$	169,062.81
C)	Development Payments	$	—
D)	IHOP Operated Restaurant Licensing Fees	$	—
E)	IHOP Operated Restaurant Lease Payments	$	—
F)	Equipment Lease Payments	$	—
G)	Franchise Note Payments	$	—
H)	Lease Payments
	Owned properties - Franchisee Leases	$	—
	Leased properties - Franchisee Sublease	$	—
	Total Lease Payments	$	—
I)	Insurance Restoration Receipts	$	—
J)	Training Fees	$	—
K)	Any 3rd Party Reimbursement Amounts	$	—
L)	Other	$	200,015.62
M)	(Less Returns, NSF etc.)	$	—
	Total Type Misdirected Type 1 Collections Received	$	369,078.43
Misdirected Type 2 Payments
A)	Franchise Payments	$	—
B)	License Payments	$	—
C)	Development Payments	$	—
D)	IHOP Operated Restaurant Licensing Fees	$	—
E)	IHOP Operated Restaurant Lease Payments	$	—
F)	Equipment Lease Payments	$	—
G)	Franchise Note Payments	$	—
H)	Lease Payments
	Owned properties - Franchisee Leases	$	—
	Leased properties - Franchisee Sublease	$	—
	Total Lease Payments	$	—
I)	Insurance Restoration Receipts	$	—
J)	Training Fees	$	—
K)	Any 3rd Party Reimbursement Amounts	$	—
L)	Other	$	85,360.40
M)	(Less Returns, NSF etc.)	$	—
	Total Type Misdirected Type 2 Collections Received	$	85,360.40

Deposits from Advertising Account to Collection Account

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

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Non Conforming Assets

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

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

IHOP FRANCHISING LLC, as Issuer	For the Monthly Payment Date of:	July 21, 2008
&	For the Monthly Collection Period of:	June
IHOP IP, LLC, as Co Issuer

Type I Property Lease Credit Agreement

Type I Property Lease Credit Agreement Loan
Beginning	77,058,215.00
Less Amortization	$	—
Plus Any New Loans	$	—
Ending	$	77,058,215.00
Aggregate Asset Valuation Amount	$	500,000,000.00
Advance Cap	70.00		%
Maximum Loan Amount	$	350,000,000.00
Early Amortization Event?	NO
Interest Owed
Type I Property Lease Credit Agreement Intercompany Loan
Beginning	$	77,058,215.00
Less Repayment	$	—
Less any Loan Foregiveness	$	—
Plus Any Advances	$	—
Plus Any New Loans	$	—
Ending	$	77,058,215.00

Owned Real Property  Credit Agreement

Owned Real Property Credit Agreement Loan
Beginning	96,945,000.00
Less Amortization	$	—
Plus Any New Loans	$	—
Ending	$	96,945,000.00
Aggregate Asset Valuation Amount	$	500,000,000.00
Advance Cap	85.00		%
Maximum Loan Amount	$	425,000,000.00
Early Amortization Event?	NO
Interest Owed
Owned Real Property Credit Agreement Intercompany Loan
Beginning	$	96,945,000.00
Less Repayment	$	—
Less any Loan Foregiveness	$	—
Plus Any Advances	$	—
Plus Any New Loans	$	—
Ending	$	96,945,000.00