At US Hotel Advisors, we are doing everything we can to help our clients during these tough times. We have been spending considerable time consulting with borrowers, lenders, servicers and attorneys to help our clients navigate through what will hopefully prove to be a relatively short-lived, yet unprecedented, liquidity crisis. If we can be of assistance, please do not hesitate to reach out. In the meantime, US Hotel Advisors has compiled a list of modification options that, based on preliminary conversations, may be available to borrowers to help generate liquidity, pay operating expenses and defer payments until cash flows normalize. At the moment there is no “global” relief modification being offered, so each modification needs to be handled on a case-by-case basis. It is important to note that we are still in the early stages of these modification requests and information can change at a rapid pace. We are also currently looking into how the SBA Section 7(a) Loan and Forgiveness Package (Paycheck Protection Program) and the revised Economic Injury Disaster Loan Program may work within the CMBS construct without violating SPE and related covenants, or whether servicers will agree to waive such covenants since they were clearly not designed to impede a government sponsored relief package. The first step in requesting any relief modification is to reach out to the Asset Manager at the Master Servicer in charge of your particular loan(s).