How will peak margin affect margins for Hedge Positions?

If you have a hedged position, then you have taken a sell and buy position simultaneously. So, when you square off the hedge position then it is important for you to, first, square off the leg of the transaction which has higher margin requirements. If this method is not followed, your peak margin requirement may spike and when there is a shortfall in the margin, it may lead to a penalty that has to be paid by you.