For a Bojangles Developer, what debt-to-equity ratio must be maintained at the execution of each Franchise Agreement, excluding land and building acquisition, but including equipment, inventory, and other specified costs?

• (8) At the date of execution of each Franchise Agreement executed pursuant hereto, Developer shall have, with respect to the Restaurant referred to in such Franchise Agreement, a ratio of debt to equity no greater than 1.5 to 1. Calculation of a debt to equity ratio for purposes hereof shall exclude equity interests in, and debts incurred as a result of, the acquisition of land and building, but shall include equity interests in, and debts incurred as a result of, the acquisition of equipment and inventory, training, franchise fees, start-up costs, initial point of purchase materials, landscaping, signage, and prepaid expenses. Developer shall, prior to the execution of each such Franchise Agreement, furnish Franchisor with evidence, satisfactory to Franchisor in its sole discretion, of its compliance with the requirement set forth in this paragraph. [For Bojangles Express Restaurants, delete Paragraph III.B.]

Source: Item 23 — RECEIPTS (FDD pages 82–573)