Applebee's Funding LLC/IHOP Funding LLC's (the co-issuers) series 2023-1 issuance is a $400.0 million (can be upsized to $500.0 million) whole business securitization of Dine Brands Global Inc.'s (Dine) business, which currently comprises the domestic operations of two restaurant concepts: Applebee's Neighborhood Grill + Bar (Applebee's) and International House of Pancakes (IHOP).