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The case requires that students decide, on behalf of a fictitious employee of Barclays Bank, Ian Morrison, assistant to the project finance division manager, whether or not to accept the invitation to join the Arranging Banks in underwriting the Eurotunnel syndicated project financing in the form of a "precommitment to commit" to participate in the transaction. The case contains a brief description of Barclays'' position as a sponsor of the competing EuroRoute project (which has just lost the bid to establish a fixed link across the English Channel), the nature of the invitation from Arranging Banks, the events which would have to occur between Barclays'' commitment (if given) and the signing of the underwriting agreement (by which the commitment would be made legally binding), the terms and conditions of the proposed credit agreement, the project sponsors'' description of the sensitivity of debt service cash flows to various project risks, and the task which Ian is to perform. This is part of a series, Eurotunnel (191-001-1 through 191-002-8). See also ''Eurotunnel - Equity'', reference number 295-030-1.