Common use of Over-Hedging Clause in Contracts

Over-Hedging. If on any date after the Closing Date the notional amounts under the Permitted Swap Agreements, in the aggregate, are greater than 105% of the aggregate principal amount of the Loans, Borrower shall within a period of up to ten (10) days after any Mandatory Prepayment or otherwise within a period of up to thirty (30) days after the date on which such condition occurs take such action as may be necessary to ensure that the notional amounts under such Permitted Swap Agreements, in the aggregate, are not greater than 105% of the aggregate outstanding principal amount of the Loans (and, no breach under this Section 5.13.2 shall be deemed to have occurred during such ten (10) day or thirty (30) day period, as applicable); provided that Borrower shall not have to reduce such notional amounts or take any action therefor if the notional amounts under the Permitted Swap Agreements, in the aggregate, are greater than 105% of the aggregate outstanding principal amount of the Loans if the transactions under such Permitted Swap Agreements are interest rate caps (as opposed to swaps or other products).

Over-Hedging. If on any date after the Closing Date the notional amounts under the Permitted Swap Agreements, in the aggregate, are greater than 105% of the aggregate principal amount of the Loans, Borrower shall within a period of up to ten (10) days after any Mandatory Prepayment or otherwise within a period of up to thirty (30) days after the date on which such condition occurs take such action as may be necessary to ensure that the notional amounts under such Permitted Swap Agreements, in the aggregate, are not greater than 105% of the aggregate outstanding principal amount of the Loans (and, no breach under this Section 5.13.2 5.15.2 shall be deemed to have occurred during such ten (10) day or thirty (30) day period, as applicable); provided that Borrower shall not have to reduce such notional amounts or take any action therefor if the notional amounts under the Permitted Swap Agreements, in the aggregate, are greater than 105% of the aggregate outstanding principal amount of the Loans if the transactions under such Permitted Swap Agreements are interest rate caps (as opposed to swaps or other products).