Article 3
1. The loan shall be made available to Ukraine in at least two instalments. Subject to Article 2, the first instalment shall be released on the basis of a satisfactory track record of Ukraine's macroeconomic programme agreed with the IMF in the context of the present EFF or of a successor upper credit tranche arrangement. 2. Subject to Article 2, the later instalment(s) shall be released on the basis of a satisfactory continuation of the arrangements referred to in paragraph 1 and not before a period of three months has elapsed after the release of the previous instalment. 3. The funds shall be paid to the National Bank of Ukraine.