Revolving Underwriting Facility - RUF

A form of revolving credit in which a group of underwriters agrees to provide loans in the event that a borrower is unable to sell in the Eurocurrency market. These loans are generally provided through the purchase of short-term Euronotes.

Investopedia Says:
A revolving underwriting facility differs from a note issuance facility (NIF) in that the underwriters provide loans instead of purchasing the outstanding notes that failed to sell. In either case, both RUF and NIF provide short- to medium-term credit in the Eurocurrency market.

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Medium-term Euronote facility, usually between three and seven years maturity, that guarantees the overseas sale of short-term promissory notes (the Euronotes) issued by the borrower at or below a predetermined interest rate. The revolving credit portion of an RUF is usually done through a single bank, known as the arranger. Typically, the arranger commits itself to a very small share of the total financing (less than 10%) and acts as placement agent for marketing the Euronotes. The Euronotes generally have maturities of one to six months, and are sold through a Tender Panel of commercial banks and investment banks. The revolving credit banks agree to purchase any unsold notes at a given Eurodollar spread over LIBOR. The borrower pays interest only on amounts actually drawn. See also Eurocommercial Paper; Standby Note Issuance Facility.