In this podcast, Joanne De Silva and Alyson Gal discuss pro rata sharing provisions in loan agreements. Although the topic may seem straightforward, there are important variations in how broadly written these provisions are, as well as what lender consents are required to amend them. These variations can make material differences in whether non pro rata exchanges and other value swinging deals can be done. In this podcast, Joanne and Alyson review the nuances in the formulations of these provisions and why they matter to lenders and investors in distressed debt.