For a Bojangles restaurant subject to a development agreement, what is the deadline for site approval?

between [name of issuing corporation or limited liability company] and BOJANGLES OPCO, LLC, which, inter alia, restricts transfer, restricts activities in which [name of issuing corporation] may engage, and imposes restrictions on shareholders or members.

[For Bojangles Express Restaurants, delete Paragraph III.A.(6)]

• (7) Developer shall sign each Franchise Agreement for the Restaurants developed hereunder and may not form separate legal entities to operate the Restaurants. Developer shall not be owned by two (2) owners who each own fifty percent (50%) of the ownership interests in Developer. Developer shall maintain a current list of all owners of record, including all members if Developer is a limited liability company, and all beneficial owners of any class of securities of Developer and shall furnish the list to Franchisor at such time as Franchisor may request.
• (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.]
• B. Developer agrees to pay in full, and not lease or finance the equipment and fixtures in its first Bojangles restaurant.

IV. DEVELOPMENT SCHEDULE, SITE SELECTION AND MANNER FOR EXERCISING DEVELOPMENT RIGHTS

A. During the term of this Agreement, Developer shall develop, open and continuously operate in the Assigned Area the number of Restaurants specified in the Development Schedule. By the "Site Approval Deadline" noted in the Development Schedule for each Restaurant, Developer must: (i) locate a site for the Restaurant, (ii) obtain Franchisor's written approval of the site; (iii) provide Franchisor with the form letter of intent, proposed lease or purchase agreement for the site; and (iv) execute Franchisor's required form Franchise Agreement for the site. Upon request by Developer, Franchisor shall provide reasonable site selection assistance and counseling to Developer. Developer shall propose sites for approval by Franchisor on forms or in the manner designated from time to time by Franchisor. A site shall only be submitted to Franchisor after

Developer has carefully evaluated the site, determined that it meets the criteria for Restaurant sites which Franchisor has communicated to Developer, and determined that it may be acquired or leased by Developer. Franchisor shall review the application for site approval; and, within fortyfive (45) days of Franchisor's receipt of the application, Franchisor shall approve the proposed site or reject the site with comments as to why it was rejected.

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