Common use of Liquidation Costs Clause in Contracts

Liquidation Costs. Certain reasonable liquidation costs will be allowed during the liquidation process. The liquidation costs will be submitted as a part of the liquidation plan. Such costs will be deducted from gross proceeds from the disposition of collateral unless the costs have been previously deter- mined by the Lender (with FmHA or its suc- cessor agency under Public Law 103–354 writ- ten concurrence) to be protective advances. If changed circumstances after submission of the liquidation plan require a revision of liq- uidation costs, the Lender will procure FmHA or its successor agency under Public Law 103–354’s written concurrence prior to proceeding with the proposed changes. No in- house expenses of the Lender will be allowed. In-house expenses include, but are not lim- ited to, employee’s salaries, staff lawyers, travel and overhead.