Common use of Alternative No Clause in Contracts

Alternative No. 2: 4.1 If Recipient does not complete the entire Family Practice or Family Medicine Residency Program, the Recipient shall repay to the Commission the entire amount of the Loan, including the principal with interest thereon at the rate of prime plus one percent per annum from and after the date Recipient receives the Loan. The Commission shall also be entitled to recover liquidated damages in an amount equal to 100% of the principal; collection costs; litigation costs; and reasonable attorney fees. Repayment in full, in lump sum is due within thirty (30) days unless the Recipient begins practicing medicine in a community approved by the Commission. 4.2 If Recipient does not practice medicine full-time in the Community at all, or if Recipient practices medicine full-time in the Community for a period of less than twelve (12) months, then no credit shall be given and Recipient shall repay to the Commission the entire amount of the Loan, including the principal with interest thereon at the rate of prime plus one percent per annum from and after the date Recipient receives the Loan. The Commission shall also be entitled to recover liquidated damages, an amount equal to 100% of the principal; collection costs; litigation costs and reasonable attorney fees. 4.3 If Recipient breaches any term or provision of this Agreement, or is in default, the Commission shall be entitled to recover liquidated damages in an amount equal to 100% of the principal which the parties agree shall compensate the State of Oklahoma and the Community for the loss of Recipient's medical services to the Community. 4.4 Any partial payment received under this Agreement shall be applied first toward payment of liquidated damages, then toward payment of the interest, collection costs, litigation costs, attorney fees and principal, in that order. 4.5 Recipient shall repay the Loan in lump sum within thirty (30) days after the date Recipient should have begun practicing medicine in the community as required in this Agreement, or within thirty (30) days after Recipient ceases to practice medicine full-time in the Community, whichever date is applicable. 4.6 Recipient shall repay the Loan to the Commission at ▇▇▇ ▇. ▇▇▇▇▇▇▇▇ Avenue, Suite 520, Oklahoma City, Oklahoma 73102. 4.7 If the Commission commences litigation or collection activities to recover the Loan, the Recipient will be liable to the Commission for the reasonable collection costs, litigation costs and attorney fees in addition to the balance of the Loan and liquidated damages.