EVENTS OF DEFAULT AND REMEDIES OF OBLIGATION OWNERS. Section 11.1. Seller’s Rights held in Trust 34 Section 11.2. Remedies Upon Default; No Acceleration 35 Section 11.3. Application of Funds 35 Section 11.4. Institution of Legal Proceedings 35 Section 11.5. Non-waiver 35 Section 11.6. Power of Trustee to Control Proceedings 36 Section 11.7. Limitation on Obligation Owners’ Right to Xxx. 36 ARTICLE XII MISCELLANEOUS Section 12.1. Defeasance. 37 Section 12.2. Notices 38 Section 12.3. Incorporation of State Statutes. 38 Section 12.4. Governing Law 39 Section 12.5. Binding Effect and Successors. 39 Section 12.6. Execution in Counterparts 39 Section 12.7. Destruction of Cancelled Obligations 39 Section 12.8. Headings 39 Section 12.9. Parties Interested Herein 39 Section 12.10. Waiver of Notice 40 Section 12.11. Severability of Invalid Provisions 40 EXHIBIT FORM OF OBLIGATION Page 1 of Exhibit * * * SECOND TRUST AGREEMENT THIS SECOND TRUST AGREEMENT, dated as of 1, 2016 (together with any duly authorized, executed and delivered supplement thereto, this “Trust Agreement”), by and between U.S. BANK NATIONAL ASSOCIATION, a national banking association, as trustee, or any successor thereto acting as trustee pursuant to this Trust Agreement and in its capacity as “Seller” pursuant to the hereinafter described Purchase Agreement (the “Trustee”), and the CITY OF AVONDALE, ARIZONA, a municipal corporation under the laws of the State of Arizona (the “City”);
EVENTS OF DEFAULT AND REMEDIES OF OBLIGATION OWNERS. Section 11.1. Seller’s Rights held in Trust. As provided herein, the Trustee holds in trust hereunder all of the Seller’s rights in and to the Purchase Agreement, including without limitation all of the Seller’s rights to exercise such rights and remedies conferred on the Seller pursuant to the Purchase Agreement as may be necessary or convenient to enforce payment of the Payments and any other amounts required to be deposited in the Payment Fund and enforcement of the pledge of the Excise Tax Revenues and the State Shared Revenues for the payment of the Obligations.
EVENTS OF DEFAULT AND REMEDIES OF OBLIGATION OWNERS. Section 11.1.
