A financial innovation based on an agreement between one or more financial institutions and a borrower which allows the borrower to borrow funds up to an upper limit through the revolving placement of Euronotes on the Euromarket within a time frame of five to seven years. A key feature is the obligation of participating banks (underwriters) to purchase the Euronotes at the contractually agreed interest rate or to make alternative backup or standby facilities available if the borrower is not able to sell the Euronotes on the market. Euronotes only have a maturity of a few months and must therefore - depending on demand - be reissued by the borrower upon expiry (revolving underwriting facility or note issuance facility).