A Swingline Credit Facility is typically a sub-limit within a syndicated RCF, which allows a borrower to access larger amounts of cash at very short notice, and involves a syndicate of banks sharing the risk between them. There is typically a four-day notice period on a standard RCF, however, for a swingline facility, the funds can typically be drawn down on the same day. Within a syndicated FCF,. the swingline is only provided by the senior bank in the syndicate, to reduce the administrative complications of raising the funds from all members of the syndicate. However, the risk of default on the swingline is still shared among all of the members of the syndicate. Swingline facilities typically can only be used to repay debt rather than financing operational activities of the firm. The swingline will only be a small fraction of the overall RCF, for example, 3% of the total, and will only be drawn for short periods, usually no more than 15 days, and will also carry higher interest rates than the rest of the revolve. In this example, a swingline facility of 20 million has been drawn down and repaid 10 days later. With an interest rate of 3%, this results in an interest payment of 16,438.4.