SETTINGS frame payload commit behavior

Section 6.5 SETTINGS
   Each parameter in a SETTINGS frame replaces any existing value for
   that parameter.  Parameters are processed in the order in which they
   appear, and a receiver of a SETTINGS frame does not need to maintain
   any state other than the current value of its parameters.  Therefore,
   the value of a SETTINGS parameter is the last value that is seen by a
   receiver.

Let's say a SETTINGS frame has two values for SETTINGS_HEADER_TABLE_SIZE (i.e. specified twice).  The first value (e.g. at index=0) is 1KB and the second value (e.g. at index=1) is 60KB.

Does the receiver apply the table size change just once with a value of 60KB.  Or does he first shrink the table size to 1KB and then expand the table to 60KB?