Procedure for Swing Line Borrowing. The Swing Line Loans shall be made and maintained as Prime Rate Loans and, notwithstanding Section 2.6, shall not be entitled to be converted into Eurodollar Rate Loans. The Borrower shall give the Agent and the Swing Line Lender irrevocable notice (which notice must be received by the Agent and the Swing Line Lender prior to 1:00 p.m., New York City time), on the requested borrowing date (which shall be a Business Day) specifying the amount of each requested Swing Line Loan, which shall be in a minimum amount of $1,000,000 or an integral multiple thereof. The proceeds of each Swing Line Loan will then be made available to the Borrower by the Swing Line Lender by crediting the account of the Borrower on the books of the office of the Swing Line Lender specified in Section 2.7 with such proceeds.
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Sources: Credit Agreement (Stone Container Corp), Credit Agreement (Stone Container Corp)
Procedure for Swing Line Borrowing. The Swing Line Loans shall be made and maintained as Prime Rate Loans and, notwithstanding Section SECTION 2.6, shall not be entitled to be converted into Eurodollar Rate Loans. The Borrower shall give the Agent and the Swing Line Lender irrevocable notice (which notice must be received by the Agent and the Swing Line Lender prior to 1:00 p.m., New York City time), on the requested borrowing date (which shall be a Business Day) specifying the amount of each requested Swing Line Loan, which shall be in a minimum amount of $1,000,000 or an integral multiple thereof. The proceeds of each Swing Line Loan will then be made available to the Borrower by the Swing Line Lender by crediting the account of the Borrower on the books of the office of the Swing Line Lender specified in Section SECTION 2.7 with such proceeds.
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