Common use of Alternative No Clause in Contracts

Alternative No. 2: 4.1 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 one (1) year, then no credit shall be given and Recipient shall repay to the Commission the entire amount of the Loan, including the principal amount of Fifty Thousand ($50,000.00) Dollars, with interest thereon at the rate of prime plus one percent per annum from and after the date Recipient receives the Loan, plus liquidated damages, collection costs, litigation costs and attorney fees as provided in this Agreement. 4.2 If Recipient breaches any term or provision of this Agreement, or is in default, Recipient shall pay to the Commission liquidated damages equal to one hundred (100%) percent of the principal which shall compensate the State of Oklahoma and the Community for the loss of Recipient's medical services to the Community. 4.3 Any payment received under this Agreement shall be applied first toward payment of the liquidated damages, then toward payment of the interest, collection costs, litigation costs, attorney fees and principal, in that order. 4.4 Recipient shall repay the Loan in lump sum within thirty