Yes; "(except for redemptions and repurchases for nominal consideration with respect to share awards granted by TravelCenters under its equity compensation plans from time to time in effect)," this agreement is still in effect.
See 8K filing 1/25/11 5. Amendment of Deferral Agreement. Anything in the Deferral Agreement to the contrary notwithstanding: (a) beginning January 1, 2011, no interest shall accrue on the Deferred Rent absent acceleration as provided in this Section 5, (b) $107,085,000 of the Deferred Rent shall be due and payable on December 31, 2022, the expiration of the term of the TA Lease and (c) $42,915,000 of the Deferred Rent shall be due and payable on June 30, 2024, the expiration of the term of the Petro Lease, provided that upon (aa) the occurrence of an Event of Default under either the TA Lease or the Petro Lease, (bb) the election of any director to the Board of Directors of TravelCenters who was not nominated or appointed by the then members of the Board of Directors of TravelCenters, (cc) the adoption by the shareholders of TravelCenters, at an annual or special meeting, of any proposal, other than a precatory proposal, not recommended for adoption by the then members of the Board of Directors of TravelCenters, (dd) any declaration of a dividend or other distribution by TravelCenters or its subsidiaries in respect of TravelCenters’s common shares or any redemption or repurchase by TravelCenters or its subsidiaries of TravelCenters’s common shares (except for redemptions and repurchases for nominal consideration with respect to share awards granted by TravelCenters under its equity compensation plans from time to time in effect) prior to repayment in full of the Deferred Rent, (ee) the occurrence of any event which would require acceleration of repayment of Deferred Rent under the Deferral Agreement or (ff) any default under the Deferral Agreement, as amended by this Section 5, all Deferred Rent shall be immediately due and payable. Upon acceleration of all or any portion of the Deferred Rent under this Section 5, interest shall accrue on the Deferred Rent so accelerated at the rate of 1% per month on the accelerated Deferred Rent amounts from t
RDG's proposed $100 million share buyback is a non-starter, per the deferred rental agreement, of a few years ago. He is correct, however, when he states the "labyrinth of complex transactions has led to investor confusion."
TANN/TANO are notes, not preferreds. Thus, they pay interest, not dividends. They are indeed, callable, in very short order which, at least in theory, suggests they should remain price stable when/if Madam Yellin begins raising rates. They may be the best kept yield secret on the street.