Common use of Hedge Covenants Clause in Contracts

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the aggregate amount of the Class A Advances Outstanding of such Prime Rate Assets or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; or (2) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the projected aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets for the corresponding Collection Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and the Hedge Counterparties of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Prime Rate Assets will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, in accordance with the terms of the applicable Hedge Agreements so that, as applicable, the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Prime Rate Assets will be equal to the aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets at the end of the corresponding Collection Period or as projected to be outstanding at the end of the corresponding Collection Period, (ii) So long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Balance; or (2) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Balance for the corresponding Collection Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and the Hedge Counterparties of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Balance for the corresponding Collection Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Fixed Rate Assets (i) is less than Loans exceeds the aggregate amount then Outstanding Loan Balance of the Class A Advances Outstanding of such Prime Fixed Rate Assets or (ii) is greater than Loans for the amount specified in clause (i) above corresponding Due Period by more than the Floating Prime Fixed Rate Permitted Excess Amount; or (2B) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Fixed Rate Assets (i) is less than Loans exceeds the projected aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Prime Fixed Rate Assets Loans for the corresponding Collection Due Period by more than the Fixed Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Remittance Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and with effect on such next Remittance Date one or more of the Hedge Transactions (excluding any interest rate cap transactions) hedging the Fixed Rate Loans will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Fixed Rate Loans will not exceed the Outstanding Loan Balance of the Fixed Rate Loans at the end of the corresponding Due Period or as projected to be outstanding at the end of the corresponding Due Period. (ii) is greater So long as any of the Notes are outstanding, if on any date either: (A) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Loans exceeds the then Outstanding Loan Balance of the Floating Prime Rate Loans for the corresponding Due Period by more than the amount specified in clause Floating Prime Rate Permitted Excess Amount; or (iB) above the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Loans exceeds the projected Outstanding Loan Balance of the Floating Prime Rate Loans for the corresponding Due Period by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Remittance Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, and with effect on such next Payment Date, Remittance Date one or more of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, amended in accordance with the terms of the applicable Hedge Agreements so that, as applicable, that the Aggregate Notional Amount for each calculation period of the Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Assets Loans will be equal to not exceed the aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans at the end of the corresponding Collection Due Period or as projected to be outstanding at the end of the corresponding Collection Due Period,. (iiiii) So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) under all Hedge Agreements then in effect exceeds the then Aggregate Outstanding Asset Principal Balance; or (2B) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Principal Balance for the corresponding Collection Interest Accrual Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Remittance Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, and with effect on such next Payment Date, Remittance Date one or more of the Hedge Transactions (excluding any interest rate cap transactions) will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Principal Balance of the Notes for the corresponding Collection Interest Accrual Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so long as any of the Class A VFCs are outstanding, if on any date eithereither2: (1) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the aggregate amount of the Class A Advances Outstanding of such Prime Rate Assets or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; or (2) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the projected aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets for the corresponding Collection Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and the Hedge Counterparties of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Prime Rate Assets will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, in accordance with the terms of the applicable Hedge Agreements so that, as applicable, the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Prime Rate Assets will be equal to the aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets at the end of the corresponding Collection Period or as projected to be outstanding at the end of the corresponding Collection Period, (ii) So long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Balance; or (2) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Balance for the corresponding Collection Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and the Hedge Counterparties of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Balance for the corresponding Collection Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Fixed Rate Assets (i) is less Loans exceeds the then Outstanding Loan Balance of the Fixed Rate Loans for the corresponding Due Period by more than the aggregate amount Fixed Rate Permitted Excess Amount; or (B) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions hedging the Fixed Rate Loans exceeds the projected Outstanding Loan Balance of the Class A Advances Outstanding Fixed Rate Loans for the corresponding Due Period by more than the Fixed Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such Prime event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Fixed Rate Assets Loans will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Fixed Rate Loans will not exceed the Outstanding Loan Balance of the Fixed Rate Loans at the end of the corresponding Due Period or as projected to be outstanding at the end of the corresponding Due Period. (ii) is greater than So long as any of the amount specified in clause Notes are outstanding, if on any date either: (iA) above the then current Aggregate Notional Amount of all Hedge Transactions hedging the Floating Prime Rate Loans exceeds the then Outstanding Loan Balance of the Floating Prime Rate Loans for the corresponding Due Period by more than the Floating Prime Rate Permitted Excess Amount; or (2B) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Assets (i) is less than Loans exceeds the projected aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans for the corresponding Collection Due Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, amended in accordance with the terms of the applicable Hedge Agreements so that, as applicable, that the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be equal to not exceed the aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans at the end of the corresponding Collection Due Period or as projected to be outstanding at the end of the corresponding Collection Due Period,. (iiiii) So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Principal Balance; or (2B) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Principal Balance for the corresponding Collection Interest Accrual Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Principal Balance of the Notes for the corresponding Collection Interest Accrual Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the aggregate amount of the Class A Advances Outstanding of such Prime Rate Assets or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; or (2) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the projected aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets for the corresponding Collection Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Agent, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Prime Rate Assets will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, in accordance with the terms of the applicable Hedge Agreements so that, as applicable, the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Prime Rate Assets will be equal to the aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets at the end of the corresponding Collection Period or as projected to be outstanding at the end of the corresponding Collection Period, (ii) So long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Balance; or (2) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Balance for the corresponding Collection Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Agent, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Balance for the corresponding Collection Period.

Hedge Covenants. (i1) As of the initial Payment Date and thereafter, so So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1i) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Fixed Rate Assets (i) is less than Loans exceeds the aggregate amount then Outstanding Loan Balance of the Class A Advances Outstanding of such Prime Fixed Rate Assets or (ii) is greater than Loans for the amount specified in clause (i) above corresponding Due Period by more than the Floating Prime Fixed Rate Permitted Excess Amount; or (2ii) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Fixed Rate Assets Loans exceeds the projected Outstanding Loan Balance of the Fixed Rate Loans for the corresponding Due Period by more than the Fixed Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Remittance Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and with effect on such next Remittance Date one or more of the Hedge Transactions (excluding any interest rate cap transactions) hedging the Fixed Rate Loans will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Fixed Rate Loans will not exceed the Outstanding Loan Balance of the Fixed Rate Loans at the end of the corresponding Due Period or as projected to be outstanding at the end of the corresponding Due Period. (2) So long as any of the Notes are outstanding, if on any date either: (i) is less than the projected aggregate amount then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Loans exceeds the then Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans for the corresponding Collection Due Period or by more than the Floating Prime Rate Permitted Excess Amount; or (ii) is greater than the amount specified in clause Aggregate Notional Amount for any future calculation period of all Hedge Transactions (iexcluding any interest rate cap transactions) above hedging the Floating Prime Rate Loans exceeds the projected Outstanding Loan Balance of the Floating Prime Rate Loans for the corresponding Due Period by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Remittance Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, and with effect on such next Payment Date, Remittance Date one or more of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, amended in accordance with the terms of the applicable Hedge Agreements so that, as applicable, that the Aggregate Notional Amount for each calculation period of the Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Assets Loans will be equal to not exceed the aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans at the end of the corresponding Collection Due Period or as projected to be outstanding at the end of the corresponding Collection Due Period,. (ii3) So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1i) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) under all Hedge Agreements then in effect exceeds the then Aggregate Outstanding Asset BalancePrincipal Balance of the Class E Note; or (2ii) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Principal Balance of the Class E Note for the corresponding Collection Interest Accrual Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Remittance Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, and with effect on such next Payment Date, Remittance Date one or more of the Hedge Transactions (excluding any interest rate cap transactions) will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Principal Balance of the Notes for the corresponding Collection Interest Accrual Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Fixed Rate Assets (i) is less Loans exceeds the then Outstanding Loan Balance of the Fixed Rate Loans for the corresponding Due Period by more than the aggregate amount Fixed Rate Permitted Excess Amount; or (B) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions hedging the Fixed Rate Loans exceeds the projected Outstanding Loan Balance of the Class A Advances Outstanding Fixed Rate Loans for the corresponding Due Period by more than the Fixed Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Remittance Date, the Servicer will notify the Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such Prime event and, with effect on such next Remittance Date, one or more of the Hedge Transactions hedging the Fixed Rate Assets Loans will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Fixed Rate Loans will not exceed the Outstanding Loan Balance of the Fixed Rate Loans at the end of the corresponding Due Period or as projected to be outstanding at the end of the corresponding Due Period. (ii) is greater than So long as any of the amount specified in clause Notes are outstanding, if on any date either: (iA) above the then current Aggregate Notional Amount of all Hedge Transactions hedging the Floating Prime Rate Loans exceeds the then Outstanding Loan Balance of the Floating Prime Rate Loans for the corresponding Due Period by more than the Floating Prime Rate Permitted Excess Amount; or (2B) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Assets (i) is less than Loans exceeds the projected aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans for the corresponding Collection Due Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Remittance Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Remittance Date, one or more of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, amended in accordance with the terms of the applicable Hedge Agreements so that, as applicable, that the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be equal to not exceed the aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans at the end of the corresponding Collection Due Period or as projected to be outstanding at the end of the corresponding Collection Due Period,. (iiiii) So long as any of the Class A VFCs Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Principal Balance; or (2B) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Principal Balance for the corresponding Collection Interest Accrual Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Remittance Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Remittance Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Principal Balance of the Notes for the corresponding Collection Interest Accrual Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the aggregate amount of the Class A Advances Outstanding of such Prime Rate Assets or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; or (2) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Prime Rate Assets (i) is less than the projected aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets for the corresponding Collection Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Agent, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Prime Rate Assets will be reduced or amended, or the Seller will enter into one or more additional Hedge Transactions, as the case may be, in accordance with the terms of the applicable Hedge Agreements so that, as applicable, the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Prime Rate Assets will be equal to the aggregate amount of the Class A Advances Outstanding of the Prime Rate Assets at the end of the corresponding Collection Period or as projected to be outstanding at the end of the corresponding Collection Period, (ii) So long as any of the Class A VFCs are outstanding, if on any date either: (1) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Balance; or (2) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Balance for the corresponding Collection Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Agent, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Balance for the corresponding Collection Period.

Hedge Covenants. (i) As of the initial Payment Date and thereafter, so So long as any of the Class A VFCs Offered Notes are outstanding, with the exception of the initial Interest Accrual Period, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Assets Loans and the Blended Rate Loan Hedged Component (i) is less than the aggregate amount of the Class A Advances then Outstanding Loan Balance of such Floating Prime Rate Assets Loans and such Blended Rate Loan Hedge Component or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; or (2B) the Aggregate Notional Amount for any future calculation period of all Hedge Transactions (excluding any interest rate cap transactions) hedging the Floating Prime Rate Assets Loans and the Blended Rate Loan Hedged Component (i) is less than the projected aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans and such Blended Rate Loan Hedge Component for the corresponding Collection Due Period or (ii) is greater than the amount specified in clause (i) above by more than the Floating Prime Rate Permitted Excess Amount; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions hedging the Floating Prime Rate Assets Loans will be reduced or amended, or the Seller Issuer will enter into one or more additional Hedge Transactions, as the case may be, in accordance with the terms of the applicable Hedge Agreements so that, as applicable, the Aggregate Notional Amount for each calculation period of the Hedge Transactions hedging the Floating Prime Rate Assets Loans and the Blended Rate Loan Hedged Component will be equal to the aggregate amount Outstanding Loan Balance of the Class A Advances Outstanding of the Floating Prime Rate Assets Loans and such Blended Rate Loan Hedged Component at the end of the corresponding Collection Due Period or as projected to be outstanding at the end of the corresponding Collection Due Period,. (ii) So long as any of the Class A VFCs Offered Notes are outstanding, if on any date either: (1A) the then current Aggregate Notional Amount of all Hedge Transactions under all Hedge Agreements then in effect (excluding any interest rate cap transactions) exceeds the then Aggregate Outstanding Asset Principal Balance; or (2B) the Aggregate Notional Amount of all Hedge Transactions (excluding any interest rate cap transactions) for any future calculation period under all Hedge Agreements then in effect exceeds the projected Aggregate Outstanding Asset Principal Balance for the corresponding Collection Interest Accrual Period; then, not later than 1:00 p.m. (New York City time) on the Determination Date preceding the next Payment Date, the Servicer will notify the Administrative Agent and Indenture Trustee, the Hedge Counterparties and the Rating Agencies of such event and, with effect on such next Payment Date, one or more of the Hedge Transactions will be reduced or amended in accordance with the terms of the applicable Hedge Agreements so that the Aggregate Notional Amount of the Hedge Transactions for any future calculation period will not exceed the Aggregate Outstanding Asset Principal Balance of the Notes for the corresponding Collection Interest Accrual Period.