Note Issuance Facility (NIF) is the most common of several terms used to describe a medium-term arrangement under which a borrower can issue short-term paper, known as Euro-notes, backed up by commercial bank underwriting commitments. Other terms, which are specific to either particular organizations or to specialized types of facilities, include Revolving Underwriting Facility (RUF), note purchase facility and Euro-note facility. The NIF has been successful mainly because it allows the various functions performed by a single institution in a syndicated credit to be separated and performed by different institutions. Instead of lending money, as in a syndicated credit, the NIF arranger provides a mechanism for placing notes with other investors when funds are required. (Bank for International Settlements-Recent Innovations in International Banking)