The Bank shall disburse the Credit in up to 15 (fifteen) Tranches. The amount (i) of a first Tranche shall be in a minimum amount of EUR 2,000,000.00 (two million euros) and (ii) of each following Tranche shall be in a minimum amount of EUR 10,000,000.00 (ten million euros) or (if less) the entire undrawn balance of the Credit.