Article 4
1. Subject to the conditions laid down in paragraph 3, the Union's macro-financial assistance shall be made available by the Commission in three loan instalments. The size of each loan instalment shall be laid down in the Memorandum of Understanding. 2. The amounts of the Union's macro-financial assistance shall be provisioned, where required, in accordance with Council Regulation (EC, Euratom) No 480/2009 ( 8 ) . 3. The Commission shall decide on the release of the loan instalments subject to the fulfilment of all of the following conditions: (a) the pre-condition set out in Article 2; (b) a continuous satisfactory track record of Ukraine implementing a policy programme that contains strong adjustment and structural reform measures supported by a non-precautionary IMF credit arrangement; and (c) the implementation of the economic policy and financial conditions agreed in the Memorandum of Understanding within a specific time-frame. 4. The disbursement of the second loan instalment shall not take place on a date earlier than three months after the date of release of the first loan instalment. The disbursement of the third loan instalment shall not take place on a date earlier than three months after the date of release of the second loan instalment. 5. If the conditions laid down in paragraph 3 are not met, the Commission shall temporarily suspend or cancel the disbursement of the Union's macro-financial assistance. In such cases, it shall inform the European Parliament and the Council of the reasons for that suspension or cancellation. 6. The Union's macro-financial assistance shall be disbursed to the National Bank of Ukraine. Subject to provisions to be agreed in the Memorandum of Understanding, including confirmation of Ukraine's residual budgetary financing needs, the Union funds may be transferred to the Ukrainian Ministry of Finance as the final beneficiary.