When does the title to the Equipment transfer to the buyer for a Golden Corral franchise?

an agreement made and entered into as of XX day of XXXX 20___ by and between Coastal Equipment Company (a Division of Golden Corral Corporation) having its office and principal place of business at 130 Coastal Lane, Suite C, Jacksonville, North Carolina 28546 ("Seller" or "CEC") and XXXXXXXXXXXXX having an address of XXXXXXXXXXXXXXXXXX, XXXXX, XX XXXXX ("Buyer").

In consideration of the promises, covenants and conditions contained in this Agreement, the parties hereto agree as follows:

1. Sale of Equipment. Seller agrees to sell and Buyer agrees to purchase the equipment listed in Exhibit "A" attached (the "Equipment"), upon the terms and conditions contained in this Agreement.

2. Purchase Price and Payment.

• (a) Purchase Price: The purchase price to be paid by Buyer to Seller for the Equipment is the sum of XXXXXXXXXXXXXXXXXXXXXXXXXXXX and XX/100 Dollars ($XXXXX.XX U.S.) (the "Purchase Price"), plus all applicable sales or similar taxes due, as stated in Exhibit "A" and any subsequent adjustment as described in this section. The Purchase Price shall be adjusted upon (1) any increase in the price charged to CEC by any vendor or manufacturer of any item of Equipment announced after the date of execution of this contract and the date of final invoicing and/or (2) any subsequent changes to the Equipment agreed to in writing by Buyer and Seller and/or (3) any increase due to changes to the Golden Corral® concept and/or changes precipitated by items present on the architectural drawings, but not listed in Exhibit A. The Final Purchase Price will be established by a final invoice with any sums remaining unpaid becoming due ten (10) days after final invoicing.
• (b) Purchase Price FOB Point of Origin, Freight Prepaid and Add: The Purchase Price is "FOB Point of Origin" for delivery to the address specified below in Section 3 as the Destination. Unless otherwise agreed in writing, freight charges which must be prepaid by Buyer.

(c) Terms of Payment:

• (1) Upon Buyer's execution of this Agreement, Buyer shall pay to Seller the Purchase Price in immediately available funds (certified check, company check, wire transfer or ACH transfer) of the United States of America.
• (2) Any update or modifications to balance of the Purchase Price shall be paid in immediately available funds to Seller ten (10) business days before the Final Shipment Date agreed to by Seller and Buyer. If such payment is not timely received, Seller may delay or cancel any further shipments until payment is received and accepted.
• (d) Late Payments: In the event that Buyer fails to pay any sum due hereunder when due, the portion of the unpaid Purchase Price then due shall thereafter accrue interest

at the rate of one and one half percent (1.5%) per month on the unpaid amount, or such lesser amount as equals the maximum interest rate allowed by law, until paid. In addition, Buyer shall pay to Seller a late payment charge of One Hundred Dollars ($100.00), together with any and all costs of collection of such past due amounts, including reasonable attorneys' fees.

1. Delivery, Transfer of Title and Risk of Loss. Buyer and Seller shall agree in writing within thirty (30) days after the date of this Agreement to a delivery schedule with respect to the Equipment.

Source: Item 23 — RECEIPTS (FDD pages 85–304)