Owner Default and Remedies. (a ) A default by Owner under this HCRA Agreement shall occur if Owner violates, breaches, or fails to comply with any material provision of, or material obligation under, this HCRA Agreement (including, without limitation, by reason of its violation, breach, or failure to comply with any governing law, regulation, or agreement referenced in Section 5(a) and Section 6 hereof). A default by Owner which is attributable to an action or omission of the Management Agent shall be deemed a default by Owner for purposes of this section. Owner shall notify AHA of and fully disclose to AHA the nature of any default that Owner is aware of in connection with any financing documents applicable to the HCRA Unit. AHA may, in its sole discretion, determine that a default has occurred under this HCRA Agreement if a default has occurred under any other financing document for the HCRA Unit and such default is not cured within the applicable cure period or, if not cured, the Owner has not taken sufficient satisfactory action to cure such default.
Owner Default and Remedies. In the event that (a) Owner shall fail to timely make a progress payment as set forth in Section 3.3(e), and (b) Owner has failed to make the required progress payment within twenty (20) days following receipt of a written notice by the Shipyard that Owner has failed to timely make a progress payment, then Shipyard, in addition to any of the legal remedies and recourse available at the time, at its option, may terminate and cancel this Contract. Owner further agrees to pay to Shipyard interest at the prime rate of Citicorp Bank in New York, New York, plus Two Percent (2%) interest per annum on any sums of money not timely paid in accordance with Section 3.3(e), with interest being computed from the due date of such progress payment until the date on which payment is actually received by Shipyard.
