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Email While the ramifications of the Covid-19 pandemic for real estate lenders and borrowers will unfold over time, at this point we know that lenders and borrowers will be communicating frequently and extensively regarding potential loan modifications and other accommodations. Lenders are well advised to insist on a pre-negotiation agreement, often referred to as a “PNA,” as a prerequisite to these communications. https://www.cadwalader.com/resources/clients-friends-memos/covid-19-update-revisiting-pre-negotiation-agreements-in-the-era-of-covid-19