Article 3
1. Subject to the conditions of paragraph 2, the Union macro-financial assistance to Moldova shall be made available by the Commission in not less than three grant instalments. The size of each instalment shall be laid down in the Memorandum of Understanding. 2. The Commission shall decide on the release of the instalments subject to satisfactory implementation of the economic policy conditions agreed in the Memorandum of Understanding. The disbursement of the second and the subsequent instalments shall not take place earlier than three months after the release of the previous instalment. 3. The Union funds shall be paid to the National Bank of Moldova. Subject to provisions to be agreed in the Memorandum of Understanding, including a confirmation of residual budgetary financing needs, the Union funds may be transferred to the State Treasury of Moldova as the final beneficiary.