Document:

Exhibit 4.4

EXECUTION COPY

GUARANTY

THIS GUARANTY
(this “Guaranty”) is made and entered into as of March 16, 2007, by IHOP
CORP., a Delaware corporation (the “Guarantor”) in favor of IHOP
HOLDINGS, LLC, a Delaware limited liability company (the “Beneficiary”).  This Guaranty constitutes the entire and full
agreement of the parties with respect to the subject matter hereof.  Capitalized terms used but not defined herein
are defined in (or incorporated by reference into) the Parent Asset Sale
Agreement (as defined below), including the Standard Terms of Asset Sale
Agreements attached as Annex A thereto (the “Standard Terms”)
(and including Appendix A, Appendix B or Appendix C to
such Standard Terms).

PRELIMINARY
STATEMENT

International
House of Pancakes, Inc., as seller (the “Seller”), and IHOP Holdings,
LLC, as purchaser, have entered into the Asset Sale Agreement, dated as of
March 16, 2007 (as may be amended, restated, supplemented or otherwise modified
from time to time, the “Parent Asset Sale Agreement”).

NOW, THEREFORE, in
consideration of the foregoing preliminary statement, and for other good and
valuable consideration, the receipt and sufficiency of which are hereby
acknowledged by the parties hereto, it is hereby agreed as follows:

ARTICLE I

GUARANTY

                                Section 1.1             Guarantee by IHOP Corp.  The Guarantor hereby
unconditionally and irrevocably guarantees the obligations of Seller under the
Parent Asset Sale Agreement.  This
Guarantee shall be a continuing and irrevocable guarantee of payment of all
amounts due by the Seller under the Parent Asset Sale Agreement, and the Guarantor shall
remain liable on its obligations hereunder until the payment in full of any
amounts due thereunder.  The Guarantor
hereby represents that it has all requisite corporate power and authority to
undertake its obligations set forth in this Section 1.1 and to guarantee
the full and prompt payment of any amounts due by the Seller under the Parent
Asset Sale Agreement.

                                Section
1.2             Liability of
Guarantor Absolute.  The Guarantor agrees that its obligations
under this Guaranty are irrevocable, absolute, independent and unconditional
and shall not be affected by any circumstance that constitutes a legal or
equitable discharge of a guarantor or surety. 
In furtherance of the foregoing and without limiting the generality
thereof, the Guarantor agrees as follows: 
(a)  the obligations of the
Guarantor hereunder are independent of the obligations of the Seller under the
Parent Asset Sale Agreement or under the other Transaction Documents; (b) the
obligations of the Guarantor hereunder shall be valid and enforceable and shall
not be subject to any reduction, limitation, impairment, discharge or
termination for any reason, including without limitation, the occurrence of any
of the following, whether or not the Guarantor shall have had notice or
knowledge of any of them:  (i) any
failure or omission to assert or enforce or agreement or election not to assert
or enforce, or the stay or enjoining, by order of court, by operation of law or
otherwise, of the exercise or enforcement of, any claim or demand or any right,
power or remedy (whether arising at law, in equity or otherwise) with respect
to any failure of the Seller under the Parent Asset Sale Agreement or under any
of the other Transaction Documents; (ii) any rescission, waiver, amendment or
modification of, or any consent to departure from any of the terms or
provisions (including, without limitation, provisions relating to events of
default) of the Servicing Agreement, any of the other Transaction Documents or
any of the Serviced Documents, the Franchise Documents or the Franchise
Arrangements; (iii) the Seller’s consent to the 

addition, change,
reorganization or termination of any of the Securitization Entities or to any
amendment to the documents governing the formation or organization and
operation of the Securitization Entities; (iv) any other act or thing or
omission, or delay to do any other act or thing, which may or might in any
manner or to any extent vary the risk of the Guarantor as an obligor in respect
of the Seller’s obligations under the Parent Asset Sale Agreement.

                                Section
1.3             Waivers by the
Guarantor.  The Guarantor agrees not to assert, and
hereby waives, all rights (whether by counterclaim, set-off or otherwise) and
defenses (including, without limitation, the defense of fraud), whether
acquired by subrogation, assignment or otherwise, to the extent that such
rights and defenses may be used by the Guarantor to avoid performance
hereunder, including but not limited to: 
(a) any defense arising by reason of the incapacity, lack of authority
or any disability or other defense of the Seller including, without limitation,
any defense based on or arising out of the lack of validity or the
unenforceability of the Parent Asset Sale Agreement or by cessation of
liability of the Seller for any cause other than the full performance of all
obligations of the Seller set forth in the Parent Asset Sale Agreement and
payment in full of all amounts due thereunder; (b) any defense based on the
Seller’s errors or omissions in the performance of its obligations or payment
of amounts due under the Servicing Agreement or under the other Transaction
Documents;  (c) any defenses or benefits
that may be derived from or afforded by law that would limit the liability of
or exonerate the Guarantor, (d) any legal or equitable discharge of the
Guarantor’s obligations hereunder; (e) the benefit of any statute of
limitations affecting the Guarantor’s liability hereunder or the enforcement
hereof;  (f) notices, demands,
presentments, protests, notices of protest, notices of dishonor and notices of
any action or inaction, including acceptance of this Guaranty, notices of
default under any of the other Transaction Documents; and (g) any rights to
set-offs, recoupments and counterclaims.

                                Section
1.4             Third-Party
Beneficiary.  Each Insurer shall
constitute an express third-party beneficiary of this Guarantee.

ARTICLE
II

REPRESENTATIONS AND WARRANTIES

Guarantor makes
the following representations and warranties to and in favor of the Beneficiary
which shall be continuing representations and warranties so long as any
obligations of the Seller guaranteed by the Guarantor hereunder shall remain
outstanding and unsatisfied or could become due or unsatisfied:

                                Section
2.1             Organization and
Good Standing.  The Guarantor (i) is
a corporation, duly formed and organized, validly existing and in good standing
under the laws of the State of Delaware, (ii) is duly qualified to do business
as a foreign corporation and in good standing under the laws of each
jurisdiction where the character of its property, the nature of its business or
the performance of its obligations hereunder make such qualification necessary
and (iii) has the power and authority to own its properties and to conduct its
business as such properties are currently owned and such business is currently
conducted and to perform its obligations under this Guaranty and any other
Transaction Document to which it is a party or in connection with which it acts
as guarantor.

                                Section
2.2             Power and
Authority; No Conflicts.  The execution and delivery by the Guarantor
of this Guaranty and any other Transaction Document to which it is a party and
its performance of, and compliance with, the terms hereof and any other Transaction
Document to which it is a party or in connection with which it acts as
guarantor are within the power of the Guarantor and have been duly authorized
by all necessary corporate action on the part of the Guarantor.  Neither the execution and 

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delivery of this Guaranty, nor the consummation of the
transactions herein contemplated to be consummated by the Guarantor, nor
compliance with the provisions hereof, will conflict with or result in a breach
of, or constitute a default (or an event which, with notice or lapse of time,
or both, would constitute a breach or default) under, any of the provisions of
any law, governmental rule, regulation, judgment, decree or order binding on
the Guarantor or its properties, or the charter or bylaws or other organizational
documents and agreements of the Guarantor, or any of the provisions of any
indenture, mortgage, lease, contract or other instrument to which the Guarantor
is a party or by which it or its property is bound or result in the creation or
imposition of any lien, charge or encumbrance upon any of its property pursuant
to the terms of any such indenture, mortgage, leases, contract or other
instrument.

                                Section
2.3             Consents.  The Guarantor is not required to obtain the
consent of any other party or the consent, license, approval or authorization
of, or registration or declaration with, any Governmental Authority in
connection with the execution, delivery or performance by the Guarantor of this
Guaranty and any other Transaction Document to which it is a party or in
connection with which it acts as guarantor, or the validity or enforceability
of this Guaranty and any other Transaction Document to which it is a party or
in connection with which it acts as guarantor against the Guarantor.

                                Section
2.4             Due Execution
and Delivery.  This Guaranty and any
other Transaction Document to which it is a party or in connection with which
it acts as guarantor has been duly executed and delivered by the Guarantor and
constitutes a legal, valid and binding instrument enforceable against the
Guarantor in accordance with its terms (subject to applicable insolvency laws
and to general principles of equity).

                                Section
2.5             Due
Qualification.  The Guarantor has
obtained or made all material licenses, registrations, consents, approvals,
waivers and notifications of creditors, lessors and other Persons, in each
case, in connection with the execution and delivery of this Guaranty and any
other Transaction Document to which it is a party or in connection with which
it acts as guarantor by the Guarantor, and the consummation by the Guarantor of
all the transactions herein contemplated to be consummated by the Guarantor and
the performance of its obligations hereunder and under any other Transaction
Document to which it is a party or in connection with which it acts as
guarantor.

ARTICLE
III

WAIVER OF CERTAIN CLAIMS

Section 3.1             The Guarantor agrees not to
assert, and hereby waives, any claims asserting any continuing rights in any of
the property or assets sold, contributed or otherwise transferred under the
Parent Asset Sale Agreement, or under any of the other Asset Sale Agreements or
Asset Contribution Agreements (each as defined in Appendix A to the
Standard Terms).

                                Section
3.2             Business
Operations.  At all times while any
Notes remain outstanding and/or the Servicing Agreement remains in effect,
except as otherwise provided in this Guaranty and in the other Transaction
Documents, the Guarantor shall not engage in any Competitive Business (as
defined in the Servicing Agreement).

                                Section
3.3             Indebtedness.  Neither the Guarantor nor any of its
Affiliates (other than the Securitization Entities, as and to the extent
permitted by the Transaction Documents) shall incur Debt (as defined in the
Servicing Agreement) (including, but not limited to, guaranties or pledges of
its property) other than (a) trade debt incurred in the ordinary course of
business, (b) debt and contingent liabilities, in existence on the date hereof
as set forth in Schedule 4.15 to the Servicing Agreement, (c) 

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additional debt for working capital or capital
improvements, in all cases not in excess of $25,000,000 in the aggregate
outstanding at any time, and (d) debt incurred in connection with any
indemnification obligations of the Guarantor.

[SIGNATURE PAGE
FOLLOWS]

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IN WITNESS WHEREOF, the
parties have caused this instrument to be executed this 16th day of March, 2007.

	
   

  	
  IHOP CORP., as Guarantor

  
	
   

  	
   

  	
   

  
	
   

  	
  By: 

  	
  /s/ THOMAS G. CONFORTI

  
	
   

  	
  Name: Thomas G. Conforti

  
	
   

  	
  Title: Chief Financial Officer

  

 

 

 

[SIGNATURE PAGE TO GUARANTY]Exhibit
4.5

EXECUTION COPY

IHOP FRANCHISING, LLC

IHOP IP, LLC

Series 2007-1
Fixed Rate Term Notes

Purchase Agreement

March 8, 2007

Goldman, Sachs & Co.,

85 Broad Street,

New York, New York 10004.

Ladies
and Gentlemen:

IHOP Franchising, LLC, a Delaware limited liability company (the “Issuer”) and IHOP IP, LLC, a
Delaware limited liability company (the “Co-Issuer”, and together with the Issuer, the “Co-Issuers”), each of
which is an indirect wholly-owned subsidiary of IHOP Corp., a Delaware
corporation (the “Company”), propose, subject to the terms and conditions
stated herein, to issue and sell to Goldman, Sachs & Co. (the “Purchaser”) an aggregate of
$175,000,000 principal amount of the Notes specified above (the “Securities”).  Capitalized terms used but not defined herein
have the meanings specified in the Offering Circular (as defined below).

1.                                       Each
of the Company and the Co-Issuers, jointly and severally, represents and
warrants to, and agrees with, the Purchaser that:

(a)                                  A preliminary base
offering circular, dated March 6, 2007 (as supplemented by the preliminary
supplemental offering circular, dated March 6, 2007, (the “Preliminary Offering Circular”)
and a base offering circular, dated March 8, 2007 (as supplemented by the
supplemental offering circular, dated March 8, 2007, the “Offering Circular”), have
been prepared in connection with the offering of the Securities.  The Preliminary Offering Circular, as amended
and supplemented immediately prior to the Applicable Time (as defined in
Section 1(b)), is hereinafter referred to the “Pricing Circular”. 
Any reference to the Preliminary Offering Circular, the Pricing Circular
or the Offering Circular shall be deemed to refer to and include any Additional
Co-Issuer Information (as defined in Section 5(f)) furnished by the
Co-Issuers prior to the completion of the distribution of the Securities.  The Preliminary Offering Circular or the
Offering Circular 

                                                and
any amendments or supplements thereto did not and will not, as of their
respective dates, contain an untrue statement of a material fact or omit to
state a material fact necessary in order to make the statements therein, in the
light of the circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply
to any statements or omissions made in reliance upon and in conformity with
information furnished in writing to the Company and the Co-Issuers by the
Purchaser expressly for use therein;

(b)                                 For the purposes of
this Agreement, the “Applicable Time”
is 1:20 pm (Eastern time) on the date of this Agreement; the Pricing Circular
as supplemented by the information set forth in Schedule II hereto, taken
together (collectively, the “Pricing
Disclosure Package”) as of the Applicable Time, did not include
any untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; and each such Co-Issuer
Supplemental Disclosure Document, as supplemented by and taken together with
the Pricing Disclosure Package as of the Applicable Time, did not include any
untrue statement of a material fact or omit to state any material fact
necessary in order to make the statements therein, in the light of the
circumstances under which they were made, not misleading; provided, however, that this representation and warranty shall not apply
to statements or omissions made in a Co-Issuer Supplemental Disclosure
Document in reliance upon and in conformity with information furnished in
writing to the Company and the Co-Issuers by the Purchaser expressly for
use therein;

(c)                                  Neither the Company
nor any of its subsidiaries (including the Co-Issuers) has sustained since the
date of the latest audited financial statements included in the Pricing
Circular any material loss or interference with its business from fire,
explosion, flood or other calamity, whether or not covered by insurance, or
from any labor dispute or court or governmental action, order or decree,
otherwise than as set forth or contemplated in the Pricing Circular; and, since
the respective dates as of which information is given in the Pricing Circular,
there has not been any change in the capital stock or long-term debt of the
Company or any of its subsidiaries (including the Co-Issuers) or any material
adverse change, or any development involving a prospective material adverse
change, in or affecting the general affairs, management, financial position,
stockholders’ equity or results of operations of the Company or any of its
subsidiaries (including the Co-Issuers), otherwise than as set forth or
contemplated in the Pricing Circular;

(d)                                 The Issuer and its
subsidiaries have good and marketable title in fee simple to all real property
and good and marketable title to all personal property owned by them, in each
case free and clear of all liens, encumbrances and defects except such as are
described in (or are 

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                                                described
as being permitted in) the Pricing Circular or such as do not materially affect
the value of such property and do not interfere with the use made and proposed
to be made of such property by the Issuer and its subsidiaries; and any real
property and buildings held under lease by each the Issuer and its subsidiaries
are held by them under valid, subsisting and enforceable leases with such
exceptions as are not material and do not interfere with the use made and
proposed to be made of such property and buildings by the Issuer and its
subsidiaries;

(e)                                  The Company has been
duly incorporated and is validly existing as a corporation in good standing
under the laws of the  State of
Delaware, with power and authority (corporate and other) to own its properties
and conduct its business as described in the Pricing Circular, and has been duly
qualified as a foreign corporation for the transaction of business and is in
good standing under the laws of each other jurisdiction in which it owns or
leases properties or conducts any business so as to require such qualification,
or is subject to no material liability or disability by reason of the failure
to be so qualified in any such jurisdiction; and each subsidiary of the Issuer
(other than the Co-Issuer) has been duly incorporated or organized and is
validly existing as a corporation or limited liability company in good standing
under the laws of its jurisdiction of incorporation or organization;

(f)                                    Each Co-Issuer
has been duly organized and is validly existing as a limited liability company
in good standing under the laws of the  State
of Delaware, with power and authority (limited liability company and other) to
own its properties and conduct its business as described in the Pricing
Circular, and has been duly qualified as a foreign limited liability company
for the transaction of business and is in good standing under the laws of each
other jurisdiction in which it owns or leases properties or conducts any
business so as to require such qualification, or is subject to no material
liability or disability by reason of the failure to be so qualified in any such
jurisdiction; and each subsidiary of each Co-Issuer has been duly
incorporated or organized and is validly existing as a corporation or limited
liability company in good standing under the laws of its jurisdiction of
incorporation or organization;

(g)                                 The Company has an
authorized capitalization as set forth in the Pricing Circular, and all of the
issued shares of capital stock of the Company have been duly and validly
authorized and issued and are fully paid and non-assessable; and all of the
issued shares of capital stock or issued membership interests of each
subsidiary of the Company (other than the Co-Issuers) have been duly and
validly authorized and issued, are fully paid and non-assessable and are
owned directly or indirectly by the Company, free and clear of all liens,
encumbrances, equities or claims;

 3
 

(h)                                 Each Co-Issuer
has an authorized capitalization as set forth in the Pricing Circular, and all
of the issued membership interests of each of the Co-Issuers have been duly and
validly authorized and issued and are fully paid and non-assessable; and
all of the issued shares of capital stock or issued membership interests of
each subsidiary of the Issuer (other than the Co-Issuer) have been duly and
validly authorized and issued, are fully paid and non-assessable and are
owned directly or indirectly by the applicable Co-Issuer, free and clear
of all liens, encumbrances, equities or claims;

(i)                                     The Securities
have been duly authorized and, when issued and delivered pursuant to this
Agreement, will have been duly executed, authenticated, issued and delivered
and will constitute valid and legally binding obligations of each of the
Co-Issuers entitled to the benefits provided by the base indenture, dated as of
March 16, 2007, and the series supplemental indenture thereto relating to the
Securities to be dated as of March 16, 2007 (together, the “Indenture”) by and among the
Co-Issuers and Wells Fargo Bank, National Association, as trustee (the “Trustee”), under which they
are to be issued, which will be substantially in the form previously delivered
to you; the Indenture has been duly authorized and, when executed and delivered
by the Co-Issuers and the Trustee, the Indenture will constitute a valid and
legally binding instrument, enforceable in accordance with its terms, subject,
as to enforcement, to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles; and the Securities and the Indenture will conform to the
descriptions thereof in the Pricing Disclosure Package and the Offering
Circular and will be in substantially the form previously delivered to you;

(j)                                     As of the Closing
Date, the Co-Issuers will have (i) no employees, (ii) no outstanding indebtedness
for borrowed money and (iii) no material liabilities of any kind other than as
described or contemplated in the Pricing Disclosure Package and the Offering
Circular.

(k)                                  None of the
transactions contemplated by this Agreement (including, without limitation, the
use of the proceeds from the sale of the Securities) will violate or result in
a violation of Section 7 of the Securities Exchange Act of 1934, as
amended (the “Exchange Act”), or any regulation promulgated thereunder,
including, without limitation, Regulations T, U, and X of the Board of
Governors of the Federal Reserve System;

(l)                                     Prior to the date
hereof, neither the Company nor any of its affiliates (including the
Co-Issuers) has taken any action which is designed to or which has constituted
or which might have been expected to cause or result in stabilization or
manipulation of the price of any security of the Company or the Co-Issuers
in connection with the offering of the Securities;

 4
 

(m)                               The issue and sale of
the Securities and the compliance by the Co-Issuers and their respective
affiliates, as applicable, with all of the provisions of the Securities, the
Indenture, the Transaction Documents and this Agreement and the consummation of
the transactions herein and therein contemplated will not conflict with or
result in a breach or violation of any of the terms or provisions of, or
constitute a default under, any indenture, mortgage, deed of trust, loan
agreement or other agreement or instrument to which the Company or any of its
subsidiaries (including the Co-Issuers) is a party or by which the Company or
any of its subsidiaries (including the Co-Issuers) is bound or to which any of
the property or assets of the Company or any of its subsidiaries (including the
Co-Issuers) is subject, nor will such action result in any violation of the
provisions of the Certificate of Incorporation, Certificate of Formation, By-laws
or Limited Liability Company Agreement or similar documents (together, the “Constituent
Documents”) of the Company or the Co-Issuers or any statute or any order,
rule or regulation of any court or governmental agency or body having
jurisdiction over the Company or any of its subsidiaries (including the
Co-Issuers) or any of their properties; and no consent, approval, authorization,
order, registration or qualification of or with any such court or governmental
agency or body is required for the issue and sale of the Securities or the
consummation by the Company,  the Co-Issuers
and their respective subsidiaries of the transactions contemplated by this
Agreement, the Indenture or the Transaction Documents except any such consents,
approvals, authorizations, registrations or qualifications as may be required
under state securities or Blue Sky laws in connection with the purchase and
distribution of the Securities by the Purchaser;

(n)                                 Neither the Company
nor any of its subsidiaries (including the Co-Issuers) is in violation of their
respective Constituent Documents or in default in the performance or observance
of any material obligation, covenant or condition contained in any indenture,
mortgage, deed of trust, loan agreement, lease or other agreement or instrument
to which it is a party or by which it or any of its properties may be bound;

(o)                                 The statements set
forth (i) in the supplemental offering circular forming part of the Pricing
Circular and the Offering Circular under the caption “Description of Principal
Terms of the Offered Notes”, insofar as they purport to constitute a summary of
the terms of the Securities, and under the captions “Description of the
Insurance Agreement and the Insurance Policy”, “Summary of Certain Agreements”,
“Certain Legal Aspects of the Franchise Assets”, “Certain U.S. Federal
Income Tax Consequences”, “Certain ERISA Considerations”, “Plan of Distribution
for the Offered Notes” and “Transfer Restrictions”, insofar as they purport to
describe the provisions of the laws and documents referred to therein; and (ii)
in the base offering circular forming part of the Pricing Circular and the
Offering Circular under the captions “Certain Relationships and Related-Party 

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                                                Transactions”,
“Description of the Securitization Entities and IHOP Holdings and their Charter
Documents”, “The Restructuring”, “Description of the Servicer and Servicing of
the Franchise Assets, the Real Estate Assets and the IP Assets”, “Description
of the Notes”, “Description of the Base Indenture”, “Description of the IP
License”, “Description of the Asset Transfer Agreements”, “Description of the
Credit Agreements”, “Certain Legal Aspects of the Franchise Assets”, “Certain
U.S. Federal Income Tax Consequences”, “Certain ERISA Considerations”, “Transfer
Restrictions”, insofar as they purport to describe the provisions of the laws
and documents referred to therein, are accurate, complete and fair;

(p)                                 Other than as set
forth in the Pricing Circular, there are no legal or governmental proceedings
pending to which the Company or any of its subsidiaries (including the
Co-Issuers) is a party or of which any property of the Company or any of its
subsidiaries (including the Co-Issuers) is the subject which, if determined
adversely to the Company or any of its subsidiaries (including the Co-Issuers),
would individually or in the aggregate have a material adverse effect on the
current or future financial position, members’ equity or results of operations
of the Company or any of its subsidiaries (including the Co-Issuers); and, to
the best of each of the Company’s or the Co-Issuers’ knowledge, no such
proceedings are threatened or contemplated by governmental authorities or
threatened by others;

(q)                                 As to each Franchise
Asset:  (i) the information pertaining to
the related Franchise Documents described in the base offering circular forming
part of the Pricing Circular and the Offering Circular is true and correct in
all material respects as of the Cut-Off Date, and since the Cut-Off Date there
has been no modification to any Franchise Asset which would have a material
adverse effect on the economic value of such Franchise Asset taken as a whole
as of the Cut-Off Date; (ii) all federal, state, local and foreign laws, rules
and regulations, including, without limitation, those relating to usury,
truth-in-lending, franchise regulatory statutes (including licensing
requirements) and the offer and sale of securities or franchises, applicable to
such Franchise Asset, have been complied with in all material respects; (iii)
the Issuer or the Co-Issuer, as applicable, owns full and legal and equitable
title to such Franchise Asset, free and clear of any material lien in favor of
any other person except for the lien created pursuant to the Indenture; (iv)
each Franchise Document has been duly authorized, executed and delivered and
constitutes a valid and legally binding instrument, enforceable in accordance
with its terms, subject, as to enforcement, to bankruptcy, insolvency,
reorganization and other laws of general applicability relating to or affecting
creditors’ rights and to general equity principles; (v) the Servicer has all of
the rights, properties and assets necessary to permit the Servicer to service
such Franchise Asset in the manner contemplated by the Servicing Agreement;
(vi) each Franchise Document was originated in material compliance with the 

 6
 

                                                guidelines
in place at the time of origination; (vii) except with respect to certain
remodeling and promotional credits 
granted to the related franchisee in the ordinary course of business,
the related franchisee has no defense or set-off rights with respect to its
obligation under the related Franchise Document; and (viii) except as set forth
in the relevant Transaction Documents, no Franchise Document is with a
franchisee that is delinquent on its Franchise Payments thereunder as of the
related Payment Date or Weekly Allocation Date on which they were due;

(r)                                    As of the Closing
Date, the Co-Issuer, through ownership of the IP Assets or its rights in
respect of the IP Assets pursuant to the IP License, will own and/or have the
right to use all intellectual property necessary for it to operate the
franchise system and conduct its business as described in the Pricing Circular
and the Offering Circular;

(s)                                  Each of the Company
and the Co-Issuers has filed prior to the date hereof all income tax returns of
any jurisdiction which, to the knowledge of its respective officers, are
required to be filed and has paid all taxes as shown on said returns and on all
assessments received by it to the extent that such taxes have become due, other
than any such taxes or assessment the amount, applicability or validity of
which is being contested by the relevant company in good faith and for which
appropriate reserves have been established;

(t)                                    Each of the Company
and the Co-Issuers is solvent and will not be rendered insolvent by the
Restructuring or the issuance of the Securities and, after giving effect to the
Restructuring and the issuance of the Securities, none of the Company, the
Co-Issuers or the Servicer will be left with an unreasonably small amount of
capital with which to engage in its business, nor does any of the Company, the
Co-Issuers or the Servicer intend to incur, or believe that it has incurred,
debts beyond its ability to pay as they mature. 
None of the Company, the Co-Issuers and the Servicer contemplates the
commencement of insolvency, bankruptcy, liquidation or consolidation
proceedings or the appointment of a receiver, liquidator, conservator, trustee
or similar official in respect of itself or any of its assets;

(u)                                 The Company and its
subsidiaries (including the Co-Issuers) possess all material licenses, certificates,
authorizations and permits issued by, and have made all declarations and
filings with, the appropriate federal, state or foreign regulatory agencies or
bodies which are necessary or desirable for the ownership of their respective
properties or the conduct of their respective businesses as described in the
Pricing Circular and the Offering Circular, and neither the Company nor any of
its subsidiaries (including the Co-Issuers) has received notification of any
revocation or modification of any such license, certificate, authorization or
permit or has 

 7
 

                                                any
reason to believe that any such license, certificate, authorization or permit
will not be renewed in the ordinary course;

(v)                                 At such time as each
item of Collateral is transferred to the Trustee for the benefit of the holders
of the Securities and the Insurer pursuant to the Indenture, and for so long as
such Collateral remains subject to the Indenture, such Collateral shall be free
and clear of any liens, claims, charges, encumbrances, restrictions on
transferability or any other interest of any person except for the lien created
under the Indenture.  The Trustee has,
and will at all times until the release thereof in accordance with the terms
and conditions of the Indenture have, a valid and perfected, first priority
security interest in the Collateral for the benefit of the holders of the
Securities and the Insurer pursuant to the Indenture;

(w)                               The Company and each of
its subsidiaries (including the Co-Issuers) have insurance covering their respective
properties, operations, personnel and businesses, which insurance is in amounts
and insures against at least such losses and risks as are customary for
companies engaged in the family dining restaurant business;

(x)                                   When the Securities
are issued and delivered pursuant to this Agreement, the Securities will not be
of the same class (within the meaning of Rule 144A under the United States
Securities Act of 1933, as amended (the “Act”)) as securities which are listed on a national
securities exchange registered under Section 6 of the Exchange Act or quoted in a
U.S. automated inter-dealer quotation system;

(y)                                 This Agreement has
been duly authorized, executed and delivered by each of the Company and the
Co-Issuers;

(z)                                   Each of the
Transaction Documents to which the Company or either of the Co-Issuers is a
party has been duly authorized by the Company or the applicable Co-Issuer, as
the case may be, and, when executed and delivered, will constitute a valid and
legally binding instrument, enforceable in accordance with its terms, subject,
as to enforcement, to bankruptcy, insolvency, reorganization and other laws of
general applicability relating to or affecting creditors’ rights and to general
equity principles;

(aa)                            None of the Company and the
Co-Issuers is, and after giving effect to the offering and sale of the
Securities and the application of the proceeds thereof, will be an “investment
company”, as such term is defined in the United States Investment Company Act
of 1940, as amended (the “Investment
Company Act”);

(bb)                          Neither of the Co-Issuers nor
any person acting on its or their behalf has offered or sold the Securities by
means of any general solicitation or 

 8
 

                                                general
advertising within the meaning of Rule 502(c) under the Act, or, with
respect to Securities sold outside the United States to non-U.S. Persons
(as defined in Rule 902 under the Act), by means of any directed selling
efforts within the meaning of Rule 902 under the Securities Act and each
of the Co-Issuers, any affiliate of the Co-Issuers and any person acting on its
or their behalf has complied with and will implement the “offering restriction”
within the meaning of such Rule 902;

(cc)                            Within the preceding six
months, except as set forth in the Pricing Circular and the Offering Circular,
neither of the Co-Issuers nor any other person acting on its or their
behalf has offered or sold to any person any Securities, or any securities of
the same or a similar class as the Securities, other than Securities offered or
sold to the Purchaser hereunder.  The Co-Issuers
will take reasonable precautions designed to insure that any offer or sale,
direct or indirect, in the United States or to any “U.S. Person” (as defined in
Rule 902 under the Act) of any Securities or any substantially similar security
issued by either of the Co-Issuers, within six months subsequent to the date on
which the distribution of the Securities has been completed (as notified to the
Co-Issuers by Goldman, Sachs & Co.), is made under restrictions and
other circumstances reasonably designed not to affect the status of the offer
and sale of the Securities in the United States and to U.S. Persons
contemplated by this Agreement as transactions exempt from the registration
provisions of the Securities Act;

(dd)                          Each of the Co-Issuers
reasonably believes that, based upon discussions with the Purchaser, the
representations and covenants of the Purchaser hereunder, the restrictions on
the sale of the Securities as described herein and other factors which the
Co-Issuers and their counsel have taken into consideration, all purchasers and
initial transferees of the Securities will be “qualified purchasers” within the
meaning of Section 2(a)(51) of the Investment Company Act (“QPs”) for purposes
of Section 3(c)(7) of the Investment Company Act that are also, in the case of
any such purchaser or transferee that is a U.S. Person, qualified institutional
buyers as defined in Rule 144A under the Act (“QIBs”);

(ee)                            The Company maintains a
system of internal control over financial reporting (as such term is defined in
Rule 13a-15(f) of the Exchange Act) that complies with the
requirements of the Exchange Act and has been designed by the Company’s
principal executive officers and principal financial officers, or under their
supervision, to provide reasonable assurance regarding the reliability of
financial reporting and the preparation of financial statements for external
purposes in accordance with generally accepted accounting principles.  The Company’s internal control over financial
reporting is effective and the Company is not aware of any material weaknesses
in their respective internal control over financial reporting;

 9
 

(ff)                                Since the date of the
latest audited financial statements included in the Pricing Circular, there has
been no change in the Company’s internal control over financial reporting that
has materially affected, or is reasonably likely to materially affect, the
Company’s internal control over financial reporting;

(gg)                          The Company maintains
disclosure controls and procedures (as such term is defined in Rule 13a-15(e)
of the Exchange Act) that comply with the requirements of the Exchange Act;
such disclosure controls and procedures have been designed to ensure that
material information relating to the Company and its subsidiaries is made known
to the Company’s principal executive officer and principal financial officer by
others within those entities; and such disclosure controls and procedures are
effective;

(hh)                          Neither the Company nor any
of its affiliates does business with the government of Cuba or with any person
or affiliate located in Cuba within the meaning of Section 517.075, Florida
Statutes; and

(ii)                                  Ernst & Young
LLP, which has audited certain financial statements of the Co-Issuers and their
respective subsidiaries is an independent registered public accounting firm as
required by the Act and the rules and regulations of the Commission thereunder.

2.                                       Subject
to the terms and conditions herein set forth, each of the Co-Issuers
agrees, jointly and severally, to issue and sell to the Purchaser, and the
Purchaser agrees to purchase from the Co-Issuers, at a purchase price of
99.9996% of the principal amount thereof, plus accrued interest,  if any, from March 16, 2007 to the Time of Delivery
hereunder, the principal amount of Securities set forth in the introductory
paragraph of this Agreement.

3.                                       Upon
the authorization by you of the release of the Securities, the Purchaser
proposes to offer the Securities for sale upon the terms and conditions set
forth in this Agreement and the Offering Circular and the Purchaser hereby
represents and warrants to, and agrees with the Company and each of the
Co-Issuers that:

(a)                                  It will offer and
sell the Securities only to: (i) persons who it reasonably believes are QIBs within the meaning of Rule 144A
under the Act who are also QPs
in transactions meeting the requirements of Rule 144A or (ii) upon
the terms and conditions set forth in Annex I to this Agreement;

(b)                                 It is an “institutional
accredited investor” within the meaning of Rule 501 under the Act and a
QP; and

(c)                                  It will not offer or
sell the Securities by any form of general solicitation or general advertising,
including but not limited to the methods described in Rule 502(c) under
the Act.

 10
 

4.                                       (a)           The Securities to be purchased by the
Purchaser hereunder will be represented by one or more definitive global
Securities in book-entry form which will be deposited by or on behalf of the Co-Issuers
with The Depository Trust Company (“DTC”)
or its designated custodian.  The Co-Issuers
will deliver the Securities to the Purchaser, for the account of the Purchaser,
against payment by or on behalf of the Purchaser of the purchase price therefor
by wire transfer in Federal (same day) funds, by causing DTC to credit the
Securities to the account of the Purchaser at DTC.  The Co-Issuers will cause the
certificates representing the Securities to be made available to the Purchaser
for checking at least twenty-four hours prior to the Time of Delivery (as
defined below) at the office of Skadden Arps, Slate, Meagher & Flom LLP,
Four Times Square, New York, New York 10036 (the “Closing Location”). 
The time and date of such delivery and payment shall be 9:30 a.m.,
New York City time, on March 16, 2007 or such other time and date as the
Purchaser and the Co-Issuers may agree upon in writing.  Such time and date are herein called the “Time
of Delivery”.

(b)                                 The documents to be
delivered at the Time of Delivery by or on behalf of the parties hereto
pursuant to Section 8 hereof, including the cross-receipt for the
Securities and any additional documents requested by the Purchaser pursuant to
Section 8(l) hereof, will be delivered at such time and date at the
Closing Location, and the Securities will be delivered at DTC or its designated
custodian), all at the Time of Delivery. 
A meeting will be held at the Closing Location at 5:00 p.m., New
York City time, on the New York Business Day next preceding the Time of
Delivery, at which meeting the final drafts of the documents to be delivered
pursuant to the preceding sentence will be available for review by the parties
hereto.  For the purposes of this
Section 4, “New York Business
Day” shall mean each Monday, Tuesday, Wednesday, Thursday and
Friday which is not a day on which banking institutions in New York are generally
authorized or obligated by law or executive order to close.

5.                                       Each
of the Company and the Co-Issuers, jointly and severally, agrees with the
Purchaser:

(a)                                  To prepare the
Offering Circular in a form approved by you; to make no amendment or any
supplement to the Offering Circular which shall be disapproved by you promptly
after reasonable notice thereof; and to furnish you with copies thereof;

(b)                                 Promptly from time to
time to take such action as you may reasonably request to qualify the
Securities for offering and sale under the securities laws of such
jurisdictions as you may request and to comply with such laws so as to permit
the continuance of sales and dealings therein in such jurisdictions for as long
as may be necessary to complete the distribution of the Securities, provided that in connection
therewith none of the 

 11
 

                                                Company
or the Co-Issuers shall be required to (i) qualify as a foreign
corporation or to file a general consent to service of process in any
jurisdiction or (ii) to file a registration statement or prospectus in any
jurisdiction;

(c)                                  To furnish the
Purchaser with written and electronic copies thereof in such quantities as you
may from time to time reasonably request, and if, at any time prior to the
expiration of nine months after the date of the Offering Circular, any event
shall have occurred as a result of which the Offering Circular as then amended
or supplemented would include an untrue statement of a material fact or omit to
state any material fact necessary in order to make the statements therein, in
the light of the circumstances under which they were made when such Offering
Circular is delivered, not misleading, or, if for any other reason it shall be
necessary or desirable during such same period to amend or supplement the Offering
Circular, to notify you and upon your request to prepare and furnish without
charge to the Purchaser and to any dealer in securities as many written and
electronic copies as you may from time to time reasonably request of an amended
Offering Circular or a supplement to the Offering Circular which will correct
such statement or omission or effect such compliance;

(d)                                 During the period
beginning from the date hereof and continuing until the date six months after
the Time of Delivery, not to offer, sell contract to sell or otherwise dispose
of, except as provided hereunder any securities of either of the Co-Issuers
that are substantially similar to the Securities without your prior written
consent;

(e)                                  Not to be or become,
at any time prior to the expiration of two years after the Time of Delivery, an
open-end investment company, unit investment trust, closed-end
investment company or face-amount certificate company that is or is required to
be registered under Section 8 of the Investment Company Act;

(f)                                    At any time when
either of the Co-Issuers is not subject to Section 13 or 15(d) of the
Exchange Act, for the benefit of holders from time to time of Securities, to
furnish at its expense, upon request, to holders of Securities and prospective
purchasers of securities information (the “Additional Co-Issuer Information”) satisfying the
requirements of subsection (d)(4)(i) of Rule 144A under the Act;

(g)                                 To furnish to the
holders of the Securities as soon as practicable after the end of each fiscal
year an annual report (including a balance sheet and statements of income,
stockholders’ equity and cash flows of the Co-Issuers and their consolidated
subsidiaries certified by independent public accountants) and, as soon as
practicable after the end of each of the first three quarters of each fiscal
year (beginning with the fiscal quarter ending after the date of the Offering
Circular), to make available to its 

 12
 

                                                stockholders
consolidated summary financial information of the Co-Issuers and their
respective subsidiaries for such quarter in reasonable detail;

(h)                                 During the period of
two years after the Time of Delivery, the Co-Issuers will not, and will
not permit any of their respective “affiliates” (as defined in Rule 144
under the Securities Act) to, resell any of the Securities which constitute “restricted
securities” under Rule 144 that have been reacquired by any of them;

(i)                                     To use the net
proceeds received by the Issuer, on behalf of itself and the Co-Issuer, from
the sale of the Securities pursuant to this Agreement in the manner specified
in the Pricing Circular under the caption “Use of Proceeds”.

6.                                       (a)           (i)            Each
of the Company and the Co-Issuers represents and agrees, jointly and
severally, that, without the prior consent of the Purchaser, it has not made
and will not make any offer relating to the Securities that, if the offering of
the Securities contemplated by this Agreement were conducted as a public
offering pursuant to a registration statement filed under the Act with the
Commission, would constitute an “issuer free writing prospectus,” as defined in
Rule 433 under the Act (any such offer is hereinafter referred to as a “Co-Issuer Supplemental Disclosure Document”);

(ii)                                  the Purchaser
represents and agrees that, without the prior consent of the Co-Issuers,
other than one or more term sheets relating to the Securities containing
customary information and conveyed to purchasers of securities, it has not made
and will not make any offer relating to the Securities that, if the offering of
the Securities contemplated by this Agreement were conducted as a public
offering pursuant to a registration statement filed under the Act with the
Commission, would constitute a “free writing prospectus,” as defined in
Rule 405 under the Act (any such offer (other than any such term sheets),
is hereinafter referred to as a “Purchaser
Supplemental Disclosure Document”); and

(iii)                               any Co-Issuer
Supplemental Disclosure Document or Purchaser Supplemental Disclosure Document
the use of which has been consented to by the Co-Issuers and the
Purchaser is listed on Schedule I(b) hereto;

7.                                       Each
of the Company and the Co-Issuers, jointly and severally, covenants and
agrees with the Purchaser that the Co-Issuers will pay or cause to be
paid the following:  (i) the fees,
disbursements and expenses of the Co-Issuers’ counsel and accountants in
connection with the issue of the Securities conversion and all other expenses
in connection with the preparation, printing, reproduction and filing of the
Preliminary Offering Circular and the Offering Circular and any 

 13
 

                                                amendments
and supplements thereto and the mailing and delivering of copies thereof to the
Purchaser and dealers; (ii) the cost of printing or producing this
Agreement, the Indenture, the other Transaction Documents, the Blue Sky Memorandum,
closing documents (including any compilations thereof) and any other documents
in connection with the offering, purchase, sale and delivery of the Securities;
(iii) all expenses in connection with the qualification of the Securities
for offering and sale under state securities laws as provided in
Section 5(b) hereof, including the fees and disbursements of counsel for
the Purchaser in connection with such qualification and in connection with the
Blue Sky and legal investment surveys; (iv) any fees charged by securities
rating services for rating the Securities; (v) the cost of preparing the
Securities; (vi) the fees and expenses of the Trustee and any agent of the
Trustee and the fees and disbursements of counsel for the Trustee in connection
with the Indenture and the Securities; and (vii) all other costs and expenses
incident to the performance of its obligations hereunder which are not
otherwise specifically provided for in this Section.  It is understood, however, that, except as
provided in this Section, and Sections 9 and 12 hereof, the Purchaser will
pay all of its own costs and expenses, including the fees of its counsel,
transfer taxes on resale of any of the Securities by it, and any advertising
expenses connected with any offers they may make.

8.                                       The
obligations of the Purchaser hereunder shall be subject, in its discretion, to
the condition that all representations and warranties and other statements of
the Co-Issuers herein are, at and as of the Time of Delivery, true and
correct, the condition that the Co-Issuers shall have performed all of
its obligations hereunder theretofore to be performed, and the following
additional conditions:

(a)                                  Cadwalader,
Wickersham & Taft LLP, counsel for the Purchaser, shall have furnished to
you such opinion or opinions, dated the Time of Delivery, in form and substance
satisfactory to you, with respect to such matters of as you may reasonably
request, and such counsel shall have received such papers and information as
they may reasonably request to enable them to pass upon such matters;

(b)                                 Skadden, Arps, Slate,
Meagher & Flom LLP, counsel for the Company and the Co-Issuers, and
Mark D. Weisberger, General Counsel to the Company shall have furnished to you
their written opinion or opinions, dated the Time of Delivery, in form and
substance satisfactory to you; provided, however, that the
condition set forth in this clause (b) with respect to the delivery by Skadden,
Arps, Slate, Meagher & Flom LLP of an opinion as of the Applicable Time
with respect to the Preliminary Offering Circular or any other part of the
Pricing Disclosure Package not including any untrue statement of a material
fact or omitting to state any material fact necessary in order to make the
statements therein, in light of the circumstances under which they were made,
not misleading shall not apply in the event (any such event, a “Time of Sale
Event”) that there have been material changes, other than with respect to
the addition of the 

 14
 

                                                information
contained in Schedule II hereto or other pricing information, between the
Preliminary Offering Circular and the Pricing Disclosure Package on the one
hand and the Offering Circular, which, in the reasonable opinion of Skadden,
Arps, Slate, Meagher & Flom LLP, would prohibit delivery of such opinion as
of the Applicable Time;

(c)                                  Laura Kegg, Esq.,
Counsel to the Insurer, shall have furnished to you their written opinion or
opinions, dated the Time of Delivery, in form and substance satisfactory to
you;

(d)                                 On the date of the
Offering Circular prior to the execution of this Agreement and also at the Time
of Delivery, Ernst & Young LLP shall have furnished to you a letter or
letters, dated the respective dates of delivery thereof, in form and substance
satisfactory to you;

(e)                                  (i)            Neither the Company nor any of its
subsidiaries (including the Co-Issuers) shall have sustained since the date of
the latest audited financial statements included in the Pricing Circular any
loss or interference with its business from fire, explosion, flood or other
calamity, whether or not covered by insurance, or from any labor dispute or
court or governmental action, order or decree, otherwise than as set forth or
contemplated in the Pricing Circular, and (ii) since the respective dates
as of which information is given in the Pricing Circular there shall not have
been any change in the capital stock or long-term debt of the Company or any
its subsidiaries (including the Co-Issuers) or any change, or any development
involving a prospective change, in or affecting the general affairs,
management, financial position, stockholders’ equity or results of operations
of the Company and its subsidiaries (including the Co-Issuers), otherwise than
as set forth or contemplated in the Pricing Circular, the effect of which, in
any such case described in clause (i) or (ii), is in your judgment so
material and adverse as to make it impracticable or inadvisable to proceed with
the offering or the delivery of the Securities on the terms and in the manner
contemplated in this Agreement and in the Offering Circular;

(f)                                    On or after the
Applicable Time (i) no downgrading shall have occurred in the rating
accorded the Company’s or the Co-Issuers’ debt securities by any “nationally
recognized statistical rating organization”, as that term is defined by the
Commission for purposes of Rule 436(g)(2) under the Act, and (ii) no
such organization shall have publicly announced that it has under surveillance
or review, with possible negative implications, its rating of any of the Co-Issuers’
debt securities;

(g)                                 On or after the
Applicable Time there shall not have occurred any of the following:  (i) a suspension or material limitation
in trading in securities generally on the New York Stock Exchange; (ii) a
suspension or material limitation in trading in the Company’s securities on the
New York Stock Exchange; (iii) a general moratorium on commercial banking
activities 

 15
 

                                                declared
by either Federal or New York State authorities or a material disruption in
commercial banking or securities settlement or clearance services in the United
States; (iv) the outbreak or escalation of hostilities involving the
United States or the declaration by the United States of a national emergency
or war or (v) the occurrence of any other calamity or crisis or any change
in financial, political or economic conditions in the United States or
elsewhere, if the effect of any such event specified in clause (iv) or (v)
in your judgment makes it impracticable or inadvisable to proceed with the
offering or the delivery of the Securities on the terms and in the manner
contemplated in the Offering Circular;

(h)                                 The Restructuring
shall have been completed;

(i)                                     All of the
Transaction Documents that are required to be executed by the Closing shall
have been executed and delivered; and

(j)                                     Each of the
Company and the Co-Issuers shall have furnished or caused to be furnished
to you at the Time of Delivery certificates of officers of the Company and the
Co-Issuers satisfactory to you as to the accuracy of the representations
and warranties of the Company and the Co-Issuers herein at and as of such
Time of Delivery, as to the performance by the Company and the Co-Issuers
of all of their obligations hereunder to be performed at or prior to such Time
of Delivery, as to the matters set forth in subsections (e), (h) and (i)
of this Section and as to such other matters as you may reasonably request.

9.                                       (a)         Each of the Company and the Co-Issuers,
jointly and severally, will indemnify and hold harmless the Purchaser against
any losses, claims, damages or liabilities, joint or several, to which the
Purchaser may become subject, under the Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in any Preliminary Offering Circular, the Pricing
Circular, the Offering Circular, any offering, roadshow and marketing materials
relating to the Securities  (the “Additional
Offering Materials”),  or any
amendment or supplement thereto, any Co-Issuer Supplemental Disclosure
Document, or arise out of or are based upon the omission or alleged omission to
state therein a material fact necessary to make the statements therein not
misleading, and will reimburse the Purchaser for any legal or other expenses
reasonably incurred by such Purchaser in connection with investigating or
defending any such action or claim as such expenses are incurred; provided, however, that none of the Company or the Co-Issuers shall be
liable in any such case to the extent that any such loss, claim, damage or
liability arises out of or is based upon an untrue statement or alleged untrue
statement or omission or alleged omission made in any Preliminary Offering
Circular, the Pricing Circular, the Offering Circular, the Additional Offering
Materials, or any such amendment or supplement, or 

 16
 

                                                              any Co-Issuer Supplemental
Disclosure Document, in reliance upon and in conformity with written
information furnished to the Company and the Co-Issuers by the Purchaser
expressly for use therein.

(b)                                 The Purchaser will
indemnify and hold harmless each of the Company and the Co-Issuers
against any losses, claims, damages or liabilities to which the Company or the
Co-Issuers may become subject, under the Act or otherwise, insofar as such
losses, claims, damages or liabilities (or actions in respect thereof) arise
out of or are based upon an untrue statement or alleged untrue statement of a
material fact contained in any Preliminary Offering Circular, the Pricing Circular,
the Offering Circular, the Additional Offering Materials or any amendment or
supplement thereto, or any Co-Issuer Supplemental Disclosure Document, or
arise out of or are based upon the omission or alleged omission to state
therein a material fact or necessary to make the statements therein not
misleading, in each case to the extent, but only to the extent, that such
untrue statement or alleged untrue statement or omission or alleged omission
was made in any Preliminary Offering Circular, the Pricing Circular, the
Offering Circular, the Additional Offering Materials, or any such amendment or
supplement, or any Co-Issuer Supplemental Disclosure Document in reliance
upon and in conformity with written information furnished to the Company and
the Co-Issuers by the Purchaser expressly for use therein; and will reimburse
each of the Company and the Co-Issuers for any legal or other expenses
reasonably incurred by each of the Company and the Co-Issuers in
connection with investigating or defending any such action or claim as such
expenses are incurred.

(c)                                  Promptly after
receipt by an indemnified party under subsection (a) or (b) above of
notice of the commencement of any action, such indemnified party shall, if a
claim in respect thereof is to be made against the indemnifying party under
such subsection, notify the indemnifying party in writing of the commencement
thereof; but the omission so to notify the indemnifying party shall not relieve
it from any liability which it may have to any indemnified party otherwise than
under such subsection.  In case any such
action shall be brought against any indemnified party and it shall notify the
indemnifying party of the commencement thereof, the indemnifying party shall be
entitled to participate therein and, to the extent that it shall wish, jointly
with any other indemnifying party similarly notified, to assume the defense
thereof, with counsel satisfactory to such indemnified party (who shall not,
except with the consent of the indemnified party, be counsel to the indemnifying
party), and, after notice from the indemnifying party to such indemnified party
of its election so to assume the defense thereof, the indemnifying party shall
not be liable to such indemnified party under such subsection for any legal
expenses of other counsel or any other expenses, in each case subsequently
incurred by such indemnified party, in connection with the defense thereof
other than reasonable costs of investigation. 
No indemnifying party shall, 

 17
 

                                                without
the written consent of the indemnified party, effect the settlement or
compromise of, or consent to the entry of any judgment with respect to, any
pending or threatened action or claim in respect of which indemnification or
contribution may be sought hereunder (whether or not the indemnified party is
an actual or potential party to such action or claim) unless such settlement,
compromise or judgment (i) includes an unconditional release of the
indemnified party from all liability arising out of such action or claim and
(ii) does not include a statement as to, or an admission of, fault,
culpability or a failure to act, by or on behalf of any indemnified party.

(d)                                 If the indemnification
provided for in this Section 9 is unavailable to or insufficient to hold
harmless an indemnified party under subsection (a) or (b) above in respect
of any losses, claims, damages or liabilities (or actions in respect thereof)
referred to therein, then each indemnifying party shall contribute to the
amount paid or payable by such indemnified party as a result of such losses,
claims, damages or liabilities (or actions in respect thereof) in such
proportion as is appropriate to reflect the relative benefits received by the
Co-Issuers on the one hand and the Purchaser on the other from the
offering of the Securities.  If, however,
the allocation provided by the immediately preceding sentence is not permitted
by applicable law or if the indemnified party failed to give the notice
required under subsection (c) above, then each indemnifying party shall
contribute to such amount paid or payable by such indemnified party in such
proportion as is appropriate to reflect not only such relative benefits but
also the relative fault of the Co-Issuers on the one hand and the
Purchaser on the other in connection with the statements or omissions which
resulted in such losses, claims, damages or liabilities (or actions in respect
thereof), as well as any other relevant equitable considerations.  The relative benefits received by the Co-Issuers
on the one hand and the Purchaser on the other shall be deemed to be in the
same proportion as the total net proceeds from the offering (before deducting
expenses) received by the Co-Issuers bear to the total underwriting
discounts and commissions received by the Purchaser, in each case as set forth
in the Offering Circular.  The relative
fault shall be determined by reference to, among other things, whether the
untrue or alleged untrue statement of a material fact or the omission or
alleged omission to state a material fact relates to information supplied by
the Co-Issuers on the one hand or the Purchaser on the other and the
parties’ relative intent, knowledge, access to information and opportunity to
correct or prevent such statement or omission. 
Each of the Company and the Co-Issuers, jointly and severally, and
the Purchaser agree that it would not be just and equitable if contribution
pursuant to this subsection (d) were determined by pro rata allocation or
by any other method of allocation which does not take account of the equitable
considerations referred to above in this subsection (d).  The amount paid or payable by an indemnified
party as a result of the losses, claims, damages or liabilities (or actions in
respect 

 18
 

                                                thereof)
referred to above in this subsection (d) shall be deemed to include any
legal or other expenses reasonably incurred by such indemnified party in
connection with investigating or defending any such action or claim.  Notwithstanding the provisions of this
subsection (d), the Purchaser shall not be required to contribute any
amount in excess of the amount by which the total price at which the Securities
underwritten by it and distributed to investors were offered to investors
exceeds the amount of any damages which the Purchaser has otherwise been
required to pay by reason of such untrue or alleged untrue statement or
omission or alleged omission.

(e)                                  The obligations of
the Company and the Co-Issuers under this Section 9 shall be in
addition to any liability which the Company and the Co-Issuers may
otherwise have and shall extend, upon the same terms and conditions, to any
affiliate of the Purchaser and each person, if any, who controls the Purchaser
within the meaning of the Act; and the obligations of the Purchaser under this
Section 9 shall be in addition to any liability which the Purchaser may
otherwise have and shall extend, upon the same terms and conditions, to each
officer and director of the Company and the Co-Issuers and to each
person, if any, who controls the Company or the Co-Issuers within the
meaning of the Act.

10.                                 The
respective indemnities, agreements, representations, warranties and other
statements of the Company, the Co-Issuers and the Purchaser, as set forth
in this Agreement or made by or on behalf of them, respectively, pursuant to
this Agreement, shall remain in full force and effect, regardless of any
investigation (or any statement as to the results thereof) made by or on behalf
of the Purchaser or any controlling person of the Purchaser, the Company, or
the Co-Issuers, or any officer or director or controlling person of the
Company, the Co-Issuers, and shall survive delivery of and payment for
the Securities.

11.                                 If
for any reason, the Securities are not delivered by or on behalf of the Co-Issuers
as provided herein, each of the Company and the Co-Issuers agree, jointly
and severally, to reimburse the Purchaser through you for all expenses approved
in writing by you, including fees and disbursements of counsel, reasonably
incurred by the Purchaser in making preparations for the purchase, sale and
delivery of the Securities, but the Company and the Co-Issuers shall then
be under no further liability to the Purchaser except as provided in
Sections 7 and 9 hereof.

12.                                 All
statements, requests, notices and agreements hereunder shall be in writing, and
if to the Purchaser shall be delivered or sent by mail, telex or facsimile
transmission to you at One New York Plaza, 42nd Floor, New York, New York 10004,
Attention:  Registration Department; and
if to the Company or the Co-Issuers shall be delivered or sent by mail,
telex or facsimile transmission to the address of the Company or the Co-Issuers
set forth in the Offering Circular.  

 19
 

                                                Any
such statements, requests, notices or agreements shall take effect upon receipt
thereof.

13.                                 This
Agreement shall be binding upon, and inure solely to the benefit of, the
Purchaser, the Company, the Co-Issuers and, to the extent provided in
Sections 9 and 11 hereof, the officers and directors of the Company, the
Co-Issuers and each person who controls the Company, the Co-Issuers
or the Purchaser, and their respective heirs, executors, administrators,
successors and assigns, and no other person shall acquire or have any right
under or by virtue of this Agreement.  No
purchaser of any of the Securities from the Purchaser shall be deemed a
successor or assign by reason merely of such purchase.

14.                                 Time
shall be of the essence of this Agreement.

15.                                 Each
of the Company and the Co-Issuers acknowledges and agrees, jointly and
severally, that (i) the purchase and sale of the Securities pursuant to
this Agreement is an arm’s-length commercial transaction between each of the Co-Issuers,
on the one hand, and the Purchaser, on the other, (ii) in connection
therewith and with the process leading to such transaction the Purchaser is acting
solely as a principal and not the agent or fiduciary of the Company or the Co-Issuers,
(iii)  the Purchaser has not assumed an advisory or fiduciary
responsibility in favor of the Company or the Co-Issuers with respect to
the offering contemplated hereby or the process leading thereto (irrespective
of whether the Purchaser has advised or is currently advising the Company or
the Co-Issuers or any of their respective affiliates on other matters) or
any other obligation to the Company or the Co-Issuers except the
obligations expressly set forth in this Agreement and (iv) the Company and
the Co-Issuers have consulted their own legal and financial advisors to
the extent it deemed appropriate.  Each
of the Company and the Co-Issuers agrees, jointly and severally, that it
will not claim that the Purchaser, or any of its affiliates, has rendered
advisory services of any nature or respect, or owes a fiduciary or similar duty
to the Company and the Co-Issuers, in connection with such transaction or
the process leading thereto.

16.                                 This
Agreement supersedes all prior agreements and understandings (whether written
or oral) by and among the Company, the Co-Issuers and the Purchaser, or
any of them, with respect to the subject matter hereof.

17.                               This
Agreement shall be governed by and construed in accordance with the laws of the
State of New York.

18.                                 Each
of the Company, the Co-Issuers and the Purchaser hereby irrevocably
waives, to the fullest extent permitted by applicable law, any and all right to
trial by jury in any legal proceeding arising out of or relating to this
Agreement or the transactions contemplated hereby.

19.                                 This
Agreement may be executed by any one or more of the parties hereto in any
number of counterparts, each of which shall be deemed to be an original, but
all 

 20
 

                                                such
respective counterparts shall together constitute one and the same instrument.

20.                                 Notwithstanding
anything herein to the contrary, the Company, the Co-Issuers (and the
Company and the Co-Issuers’ employees, representatives, and other agents,
as applicable) are authorized to disclose to any and all persons, the tax
treatment and tax structure of the potential transaction and all materials of
any kind (including tax opinions and other tax analyses) provided to the
Company and the Co-Issuers relating to that treatment and structure,
without the Purchaser’ imposing any limitation of any kind.  However, any information relating to the tax
treatment and tax structure shall remain confidential (and the foregoing
sentence shall not apply) to the extent necessary to enable any person to
comply with securities laws.  For this
purpose, “tax treatment” means US federal and state income tax treatment, and “tax
structure” is limited to any facts that may be relevant to that treatment.

 21
 

If the foregoing is in accordance with your understanding, please sign
and return to us five counterparts hereof, and upon the acceptance hereof by
you, on behalf of each of the Purchaser, this letter and such acceptance hereof
shall constitute a binding agreement by and among each of the Purchaser, the
Company and the Co-Issuers.

	
  

  	
  Very truly yours,

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
  IHOP Corp.

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK D.
  WEISBERGER

  
	
   

  	
   

  	
  Name: Mark D. Weisberger

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IHOP Franchising, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK D.
  WEISBERGER

  
	
   

  	
   

  	
  Name: Mark D. Weisberger

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  IHOP IP, LLC

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
   

  	
   

  
	
   

  	
  By:

  	
  /s/ MARK D.
  WEISBERGER

  
	
   

  	
   

  	
  Name: Mark D. Weisberger

  
	
   

  	
   

  	
  Title:   Vice
  President

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Accepted as of the date hereof:

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  Goldman, Sachs & Co.

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
   

  	
   

  
	
  By

  	
  /s/ CURTIS
  PROBST

  	
   

  
	
  (Goldman, Sachs
  & Co.)

  	
   

  
				

 

 22

SCHEDULE I

(a)                                  Additional Documents Incorporated by
Reference:  None.

(b)                                 Approved Supplemental Disclosure Documents:  None.

 SCH I-1

SCHEDULE II

	
  Title of Purchased Securities:

  	
   

  	
  Series 2007-1 Fixed Rate Term Notes

  
	
   

  	
   

  	
   

  
	
  Aggregate Principal Amount Offered:

  	
   

  	
  $175,000,000

  
	
   

  	
   

  	
   

  
	
  Price to Public:

  	
   

  	
  99.9996%

  
	
   

  	
   

  	
   

  
	
  Settlement Date:

  	
   

  	
  March 16, 2007

  
	
   

  	
   

  	
   

  
	
  Managing Underwriter:

  	
   

  	
  Goldman, Sachs & Co.

  
	
   

  	
   

  	
   

  
	
  Purchase Price by Underwriter:

  	
   

  	
  99.9996%

  
	
   

  	
   

  	
   

  
	
  Maturity Date:

  	
   

  	
  March 20, 2037

  
	
   

  	
   

  	
   

  
	
  Interest Rate:

  	
   

  	
  5.144%

  
	
   

  	
   

  	
   

  
	
  Interest Payment Dates:

  	
   

  	
  On the 20th day of each month, commencing April 20, 2007

  

 

 SCH II-1

ANNEX I

(1)                                  The Securities have not been and will not be
registered under the Act and may not be offered or sold within the United
States or to, or for the account or benefit of, U.S. Persons except in
accordance with Regulation S under the Act or pursuant to an exemption
from the registration requirements of the Act. 
The Purchaser represents that it has offered and sold the Securities,
and will offer and sell the Securities (i) as part of its distribution at
any time and (ii) otherwise until 40 days after the later of the
commencement of the offering and the Time of Delivery, only in accordance with
Rule 903 of Regulation S or Rule 144A under the Act (provided
that such sales are made to offerees who are also QPs).  Accordingly, the Purchaser agrees that neither
it, its affiliates nor any persons acting on its or their behalf has engaged or
will engage in any directed selling efforts with respect to the Securities, and
it and they have complied and will comply with the offering restrictions
requirement of Regulation S.  The
Purchaser agrees that, at or prior to confirmation of sale of Securities (other
than a sale pursuant to Rule 144A (provided that such sales under
Rule 144A are made to offerees who are also QPs)), it will have sent to
each distributor, dealer or person receiving a selling concession, fee or other
remuneration that purchases Securities from it during the restricted period a
confirmation or notice to substantially the following effect:

“The Securities covered hereby have not been registered under the U.S.
Securities Act of 1933 (the “Securities Act”) and may not be offered and sold
within the United States or to, or for the account or benefit of, U.S. Persons
(i) as part of their distribution at any time or (ii) otherwise until
40 days after the later of the commencement of the offering and the closing
date, except in either case in accordance with Regulation S (or
Rule 144A if available (provided that such sales under Rule 144A are
made to offerees who are also QPs)) under the Securities Act.  Terms used above have the meaning given to
them by Regulation S.”

Terms used in this paragraph have the meanings given to them by
Regulation S.

The Purchaser further agrees that it has not entered and will not enter
into any contractual arrangement with respect to the distribution or delivery
of the Securities, except with its affiliates or with the prior written consent
of the Co-Issuers.

(2)                                  Notwithstanding the foregoing, Securities in
registered form may be offered, sold and delivered by the Purchaser in the
United States and to U.S. Persons pursuant to Section 3 of this Agreement
without delivery of the written statement required by paragraph (1) above.

(3)                                  The Purchaser agrees that it will not offer,
sell or deliver any of the Securities in any jurisdiction outside the United
States except under circumstances that will 

 Annex I-1
 

                                                result in compliance with the applicable laws
thereof, and that it will take at its own expense whatever action is required
to permit its purchase and resale of the Securities in such jurisdictions.  The Purchaser understands that no action has
been taken to permit a public offering in any jurisdiction outside the United
States where action would be required for such purpose.  The Purchaser agrees to cause any
advertisement of the Securities to be published in any newspaper or periodical
or posted in any public place and to issue any circular relating to the
Securities only at its own risk and expense.

 Annex I-2

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