Management Expenses

Management Expenses. Means any and all expenses not directly attributable to a particular franchised store, including salaries, bonuses or other compensation to non-store level personnel.

Management Expenses. The following expenses set forth in Section 107.520 of the Regulations required to be paid by Licensee's Investment Adviser/Manager: (i) Salaries; (ii) Office Expenses; (iii) Travel; (iv) Business development; (v) Office and equipment rental; (vi) Bookkeeping; and (vii) Expenses related to developing, investigating, and monitoring of investments.