ANY CHANGES TO STRUCTURE TO SELLER NOTES UNDER COVID-19?

How are folks thinking about structuring the seller note differently given the unusual circumstances? Historical guidance was 10-15% seller note ensuring the seller has skin in the game (assuming the remainder is financed through equity and sr. SBA debt.)

How are folks thinking about restructuring this - especially in industries that are considered "at-risk" to exposure to a downturn? Increase the note size? Change the amortization terms? Have some sort of balloon payment to the seller every 12 months (the payment to be financed by the lender or via an escrow?



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