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with this Trust Agreement only to the payment of principal, premium, if any, and interest <br />with respect to the Bonds. • <br />ARTICLE VIII <br />DEFAULTS; REMEDIES <br />Section 8.01. Events of Default. An "Event of Default" is any of the following: <br />(a) Default in the payment of the principal with respect to any Bond when the <br />same becomes due and payable, whether at the stated maturity thereof or upon <br />proceedings for mandatory (but not optional) prepayment. <br />(b) Default in the payment of any installment of interest with respect to any <br />Bond when the same becomes due and payable. <br />(c) The occurrence of any Event of Default as defined in the Financing <br />Contract. <br />Section 8.02. Acceleration. If any Event of Default occurs and is continuing, then <br />(a) the Trustee, by notice to the County, or (b) the Majority Owners, by notice to the • <br />County and the Trustee, may declare the principal of and accrued interest with respect to <br />the Bonds to be due and payable immediately, and such principal and interest will <br />thereupon become and be immediately due and payable. The Trustee will immediately <br />give notice of any acceleration to the Owners. The Trustee may rescind an acceleration <br />and its consequences if all existing Events of Default have been cured or waived, if the <br />rescission would not conflict with any judgment or decree. <br />Section 8.03. Other Remedies. If an Event of Default occurs and is continuing, <br />the Trustee may pursue any available remedy by proceeding at law or in equity to collect <br />the principal or interest with respect to the Bonds or to enforce the performance of any <br />provision of this Trust Agreement, the Bonds, the Financing Contract or the Deed of <br />Trust. <br />The Trustee may maintain a proceeding even if it does not possess any of the <br />Bonds or does not produce any of them in the proceeding. A delay or omission by the <br />Trustee or any Owner in exercising any right or remedy accruing upon an Event of <br />Default will not impair the right or remedy or constitute a waiver of or acquiescence in <br />the Event of Default. No remedy is exclusive of any other remedy. All available remedies <br />are cumulative. <br />Section 8.04. Waiver of Past Defaults. The Majority Owners, by notice to the • <br />Trustee, may waive an existing Event of Default and its consequences. When an Event of <br />Default is waived, it is cured and stops continuing, but no such waiver will extend to any <br />subsequent or other Event of Default or impair any right consequent to it. <br />19 <br />