【正文】 oceeds, resulting to the amount to be disbursed to the Borrower (hereinafter referred to as the Net Disbursement Amount).5. The Net Disbursement Amount of the Tranche shall be transferred by the Lender39。 (9) The Commission will launch in due course, on behalf of the EC and after written agreement by the Borrower on the main terms as set out hereinafter, bond issues or any other appropriate financial transactions for the principal amount in Tranches, the proceeds of which shall be onlent to the Borrower。(3) The Council, by its Decision 5255/09 of 20 January 2009 (hereinafter referred to as the Decision) decided to grant Latvia under Regulation (EC) No 332/2002 a loan amounting to a maximum of EUR 3 100 000 000 with a maximum average maturity of seven years. The loan shall be made available in maximum six instalments。 (2) Latvia has requested mediumterm financial assistance。(8) The release of instalments subsequent to the first one is conditional upon the Commission deciding favourably, after consultation with the Economic and Financial Committee, on the basis of the findings of its verification that the economic policy of Latvia accords with the adjustment or backup programme or any other conditions laid down by the Council or in the Memorandum of Understanding。000 000 000 (one billion). The principal amount of any subsequent Instalment shall be laid down in the Memorandum of Understanding in accordance with Article 3 of the Decision. 3. An Instalment may consist of one or several tranches (hereinafter referred to as “Tranche(s)”). Article 2 – Maturity 1. The Average Maturity of the Loan shall not exceed seven years. It is calculated on the basis of the Disbursement Dates of the respective Tranches using the formulae indicated in paragraph 3. 2. The Average Maturity of the Tranches of an Instalment shall be set so that the Average Maturity of the Loan shall be, at any moment, in line with paragraph 1.3. In order to calculate the Average Maturities referred to in paragraphs 1 and 2, the following formulae will be used:Average Maturity of a Tranche is the period of time between the Disbursement Date of the respective Tranche and the weighted average of its capital reimbursements. If R1, R2... Rn are the capital reimbursements at times t1, t2, ... tn from the Disbursement Date, the Average Maturity of the Tranche equals Average Maturity of the Loan is the weighted average of the Average Maturity of the Tranches which constitute the Loan at any moment. If M1, M2, ... Mm is the Average Maturity of Tranches which amounted to A1, A2 ... Am then the Average Maturity of the Loan equals Article 3 – Drawdown, Net Disbursement Amount and Conditions Precedent1. Once the Lender has decided to release an Instalment in accordance with the Decision and the Memorandum of Understanding, the Borrower may request to the Lender in writing in the form of Annex 1 an Instalment or a Tranche of it, if the Instalment consists of more than one Tranches, and shall propose and preaccept, after consultation of the Lender, the size, maturity, maximum interest rate and whether fixed or variable, minimum net proceeds and other characteristics of it, acceptable to the Borrower (hereinafter the Request for Funds). The reference to a Tranche in this Agreement shall be understood to mean an Instalment if the latter consists of only one Tranche.2. Within the characteristics requested by the Borrower in the Request for Funds, the Lender shall transmit to the Borrower a notice in the form of Annex 2 setting out the main financial terms of the requested Tranche (hereinafter the “Acceptance Notice”). Once the Lender has served an Acceptance Notice relating to the Request for Funds, there shall, from the moment such Acceptance Notice is served, be a binding contract between the Lender and the Borrower. Nevertheless, the Lender39。 (2) the Lender having received from the Minister of Finance of the Borrower an official document indicating the persons authorised to sign the Requests for Funds and thus validly mit the Borrower in the Finance Contracts and containing the specimen signatures of these persons。s right to request any Tranche under this Agreement expires on 20s borrowings with respect to the Tranche, provided that the relevant Borrowing Contracts allow such a restructuring or that the Lender can renegotiate the Borrowing Contracts to such effect. 4. If the Borrower fails to pay principal or interest payable under this Agreement on the due date, the Borrower shall pay additional interest on such sum (or, as the case may be, the amount thereof for the time being due and unpaid) to the Lender from the due date to the date of actual payment in full, calculated by reference to successive interest periods (each of such length as the Lender may from time to time select, the first period beginning on the relevant due date and, wherever possible, the length of such period shall be that of one week) at the higher of a) the rate per annum being the aggregate of: (i) two per cent (2%) per annum, and (ii) the EURIBOR rate for the relevant duration, or b) two per cent (2%) per annum plus the interest rate of the respective Tranche as determined in paragraph 1 of this Article. So long as the failure to pay continues, such rate shall be refixed in accordance with the provisions of this paragraph on the last day of each such interest period and unpaid interest under this paragraph concerning previous interest periods shall be added to the amount of interest due at the end of each such interest period. If the Borrower fails to pay any other costs or expenses to be paid to the Lender at the date when these bee due and payable in accordance with this Agreement, then the Borrower shall pay in addition all costs and expenses, including legal fees, incurred by the Lender, due to such late payment and as determined by the Lender. In addition, the Borrower undert