Article 15 — MFA Loan Agreement

1. The detailed financial terms of the MFA Loan shall be laid down in the MFA Loan Agreement. 2. In addition to the elements laid down in Article 223(4) of the Financial Regulation, the MFA Loan Agreement shall require that: (a) the rights, responsibilities and obligations provided for in the framework agreement under the Ukraine Facility referred to in Article 9 of Regulation (EU) 2024/792 apply to the MFA Loan Agreement and the funds therein; (b) Ukraine utilise the same management and control systems as proposed in the Ukraine Plan established under Regulation (EU) 2024/792; (c) it be ensured that the Union is entitled to early repayment of the MFA Loan where it has been established that, in relation to the management of the MFA Loan, Ukraine has engaged in any act of fraud or corruption or any other illegal activity detrimental to the financial interests of the Union; (d) Ukraine continue to respect the precondition set out in Article 11(1); (e) the excess amount referred to in Article 8(4) may be used in full or in part for the early repayment of the MFA Loan at the initiative of the Commission or, subject to the approval of the Commission, upon request of Ukraine; and (f) detailed arrangements for repayment be defined, based on a waterfall structure where: (i) non-repayable support under the Mechanism made available for the MFA Loan authorised in accordance with Article 8 is used to directly repay the MFA Loan; (ii) if no or only partial non-repayable support under the Mechanism is provided for reasons of insufficient amounts, amounts retained by the Union in accordance with Article 8(4) shall be used to directly repay the MFA Loan; (iii) if the amounts referred to in points (i) and (ii) are insufficient, in the event of an agreement being reached to provide Ukraine with war reparations or any equivalent financial settlement of war damages, Ukraine shall use such resources for the servicing of the MFA Loan; and (iv) if the amounts referred to in points (i), (ii) and (iii) are insufficient, Ukraine shall remain liable for any remaining amount due under the MFA Loan. 3. Non-compliance with the terms of the MFA Loan Agreement shall constitute a ground for the Commission to suspend or cancel the release of the instalment or tranches or, where warranted, to demand early repayment of the MFA Loan. 4. The MFA Loan Agreement shall be made available, upon request, simultaneously to the European Parliament and to the Council.