Article 3
1. The loan shall be made available to the former Yugoslav Republic of Macedonia in two tranches. The first tranche is to be released subject to the provisions of Article 2 and after the full settlement of all due financial obligations of the former Yugoslav Republic of Macedonia towards the Community and the European Investment Bank. 2. Subject to the provisions of Article 2, the second tranche shall be released on the basis of a satisfactory track record in the implementation of the ESAF programme and not before three months after the release of the first tranche. 3. The funds shall be paid to the National Bank of the former Yugoslav Republic of Macedonia.