Andrew Gallo, a partner at Morgan Lewis specializing in bankruptcy litigation, shares his insights into the recent Hertz make-whole decision. He delves into the complexities of the solvent-debtor exception and its historical evolution. Gallo explores the legal implications of make-whole provisions and discusses how circuit court rulings impact loan agreements. He also highlights the unique situation of solvent debtors like Hertz and Ultra during bankruptcy proceedings, and examines how recent court rulings may reshape lending practices in the future.