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Swingline facility
A facility which is available immediately and without notice, and which will be used to overcome short-term liquidity issues.
For example, it may be used to pay commercial paper if it cannot be rolled over.
Such a facility can only be provided by lenders with access to immediate funds in the currency concerned.
So, if a Dollar facility is required, it cannot be funded in Eurodollars (which require a period of notice before they can be accessed) but must be provided by a lender with access to immediately available funds in sufficient quantities.
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