TA » Topics » Events of Default.

This excerpt taken from the TA 10-K filed Mar 20, 2007.
Events of Default.   Events of default under the lease include the following:

·     our failure to pay rent or any other sum when due;

·     our failure to maintain the insurance required under the lease;

·     the occurrence of certain events with respect to our insolvency;

·     the institution of a proceeding for our dissolution;

·     our failure to continuously operate any leased travel center;

·     any person or group of affiliated persons acquiring ownership of more than 9.8% of us without Hospitality Trust’s consent;

·     any change in our control or sale of a material portion of our assets without Hospitality Trust’s consent;

·               our default under any indebtedness of $10 million or more which gives the holder the right to accelerate the maturity of the indebtedness; and

·               our failure to perform certain other covenants or agreements of the lease and the continuance thereof for a specified period of time after written notice.

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