Common use of Procedure for Swing Line Borrowing Clause in Contracts

Procedure for Swing Line Borrowing. Whenever a Borrower desires that ---------------------------------- the Swing Line Lender make Swing Line Loans under Section 2.13, the Borrower (or the Fund of which it is an investment portfolio) shall give the Swing Line Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swing Line Lender not later than 3:00 p.m., New York City time, on the proposed Borrowing Date, and must specify the amount of each requested Swing Line Loan. Each borrowing under the Swing Line Commitment shall be in an amount equal to $50,000 or provided, however, that on -------- ------- the date of the making of any Swing Line Loan (1) the aggregate principal amount of all Swing Line Loans outstanding shall not exceed the Swing Line Commitment and (2) the sum of the aggregate principal amount of all outstanding Revolving Credit Loans and Swing Line Loans by the Swing Line Lender shall not exceed the total Commitment of the Swing Line Lender. The proceeds of such Swing Line Loan will then be made available to such Borrower on such Borrowing Date by the Swing Line Lender transferring by wire to the custodian of and for the account of such Borrower the aggregate of the amounts made available to the Swing Line Lender in immediately available funds.

Procedure for Swing Line Borrowing. Whenever a Borrower desires that ---------------------------------- the Swing Line Lender make Swing Line Loans under Section 2.13, the Borrower (or the Fund of which it is an investment portfolio) shall give the Swing Line Lender irrevocable telephonic notice confirmed promptly in writing (which telephonic notice must be received by the Swing Line Lender not later than 3:00 p.m., New York City time, on the proposed Borrowing Date, and must specify the amount of each requested Swing Line Loan. Each borrowing under the Swing Line Commitment shall be in an amount equal to $50,000 or provided, however, that on -------- ------- the date of the making of any Swing Line Loan (1) the aggregate principal amount of all Swing Line Loans outstanding shall not exceed the Swing Line Commitment and (2) the sum of the aggregate principal amount of all outstanding Revolving Credit Loans and Swing Line Loans by the Swing Line Lender shall not exceed the total Commitment of the Swing Line Lender. The proceeds of such Swing Line Loan will then be made available to such Borrower on such Borrowing Date by the Swing Line Lender transferring by wire to the custodian of and for the account of such Borrower the aggregate of the amounts made available to the Swing Line Lender in immediately available funds.