Article 3
1. The loan shall be made available to Bulgaria in two instalments. The first instalment shall be released as soon as: - a 'Stand-by Arrangement' has been concluded between Bulgaria and the IMF; - a rescheduling agreement on official debt has been concluded between Bulgaria and its Paris Club creditors; - a deferral of the commercial debt servicing payments has been concluded between Bulgaria and its commercial bank creditors, and progress has been made with a view to concluding a long-term rescheduling agreement for this debt. 2. The second instalment shall be released after a period of at least two quarters, subject to Article 2 (2). 3. The funds shall be paid to the National Bank of Bulgaria.