On what date does the Big Apple Bagels Development Agreement term commence?

• (1) Subject to the provisions contained herein, this Agreement shall be for a term commencing on the date hereof and expiring on the last day of the last Development Period.
• (2) Franchisor (on behalf of itself and its affiliates) retains the right, in its sole discretion and without granting any rights to Developer: (a) to itself own and operate, or to grant other persons the right to own and operate, BAGELS Stores at such locations outside the Exclusive Area and on such terms and conditions as Franchisor deems appropriate in its sole discretion; and (b) to sell outside the Exclusive Area the services and products authorized for BAGELS Stores under the Marks or other trademarks, service marks and commercial symbols through dissimilar channels of distribution and pursuant to such terms and conditions as Franchisor deems appropriate.
• B. Rights During Development Periods. Provided Developer: (i) is in full compliance with the terms and conditions contained in this Agreement, including without limitation, the development obligations contained in Paragraph C of this Section 3; and (ii) is in full compliance with all obligations under all Franchise Agreements heretofore or hereafter entered into with Franchisor; then during the Development Periods, Franchisor: (1) will grant to Developer, in accordance with the provisions of Section 5 hereof, franchises for the ownership and operation of BAGELS Stores located within the Exclusive Area; and (2) will not operate (directly or through an affiliate), nor grant a franchise for the operation of, any BAGELS Stores to be located within the Exclusive Area, except such franchises as are granted to Developer.

Source: Item 23 — RECEIPTS (FDD pages 87–319)