Borrowing and lending operations
Article 8
1. The borrowing and lending operations under the Instrument shall be carried out in euros. 2. The characteristics of the loan shall be agreed in a loan agreement between the beneficiary Member State and the Commission (the ‘loan agreement’). Such agreements shall contain the provisions set out in Article 220(5) of Regulation (EU, Euratom) 2018/1046. 3. At the request of the beneficiary Member State and where circumstances permit an improvement in the interest rate on the loan, the Commission may refinance all or part of its initial borrowing or restructure the corresponding financial conditions. 4. The Economic and Financial Committee shall be kept informed of a refinancing or restructuring as referred to in paragraph 3.