In the event that either party becomes aware of the need for any alteration, repair or replacement included in the other party’s maintenance obligations, it shall give written notice thereof, specifying in reasonable detail the need for alterations, repairs and/or replacements. Each party covenants and agrees to make and diligently pursue to completion all such alterations, repairs and replacements following such written notice. If either party fails to diligently pursue necessary alterations, repairs and/or replacements, the non-defaulting party shall be permitted to make necessary alterations, repairs and replacements and bill the defaulting party for the costs of the same. In the event of an emergency, the non-defaulting party shall attempt to provide the defaulting party with prompt notice, but shall be permitted to make necessary alterations or repairs and bill the defaulting party for the costs of the same, together with interest thereon at a rate of interest equal to one percent (1%) plus the New York prime rate or base rate (whichever is higher), as such rate is quoted in The Wall Street Journal .