EFTA Document EFTA01378353

INTERNAL USE ONLY DO NOT DISTRIBUTE IN PART OR IN WHOLE Structured Finance > Investment Grade ABS: Applebees/IHOP Funding LLC Series 2014-1 Class A2 Updated: Sep 24, 2015 Trade Idea: o Purchase class A2 Applebees/IHOP Funding ABS whole business securitization transaction which is essentially a secured corporate offering, with investment grade ratings to allow purchase by rating constrained accounts with a give in liquidity Investment Rationale: o Security: The class A2 notes are secured