Question-and-Answer Session
Operator
(Operator Instructions). Your first question comes from the line of David Tody with Citigroup. Your line is open.
David Tody - Citigroup
Good morning, everyone. Michael Bilerman is here with me as well. Thanks for your explanation on the line of credit. Just a couple of other questions, are there covenants that are close to limitations at this point or were during the quarter?
David Rogers
No. We're in good shape. That's always been the one that's limited us.
David Tody - Citigroup
And then can you tell us who the banks are on the line?
Kenneth Myszka
Well, there's two group, there is a bank lending group commercial bank, and there's a good group M&T Bank, Wells Fargo, HSBC, PMC, SunTrust. M&T Bank is the lead agent. We have BB&T, we have U.S. Bank, Bank of America and I'm going to be embarrassed by forgetting a couple, but I don't have the list. That's the commercial side.
On the long-term notes, we've typically done that with a group insurance companies, AIG, Principal, Prudential, MetLife and a host of a lot of agents and several others. So, there's two pools; the insurance notes are grouped into three distinct issues, one that expires in 2016 and two that expire on 2013.
Michael Bilerman - Citigroup
David, Michael Bilerman speaking, I guess if you don't get the waiver, what are you ... are you going to go ahead and try to raise other capital? It means the 25 million is stent ... don't you ... isn't there an eventual payout when the swap matures?
Kenneth Myszka
We pay it, David, as we go via the interest rate. So it's actually last I think March, a year ago, that was a $4 million asset. At September 30, for example, there was a $6 million liability. It grows ... we would only pay it off if we had to unwind.
Michael Bilerman - Citigroup
Right. But I guess I'm thinking about it from the perspective of, let's say, you can't get the waiver on it. And right now, it's about 200 basis points on that leverage ... where you're basically at the math. At what point will you say I need to put some more equity in or sell assets in order to get more comfort on that level?
David Rogers
Well, we were pretty confident we were going to get the waiver. We've been talking to ... unfortunately I put it to them quite late in the game because we really didn't realize the growth of the swap contract until last week. But I'm pretty confident we're going to get the waiver. We've had good discussions and that's in process right now.
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